Speaker 1: From Marhart.
Speaker 2: We're Innovation of Money and Power Collie in Silicon Valley, NBN.
Speaker 2: This is Bloomberg Technology with Caroline Hyde and Ed Ludlove.
Speaker 3: I'm Caroline Hyde of Bloomberg's world headquarters in New York,
Speaker 3: and I'm Ed Ludlow in San Francisco.
Speaker 4: This has been their technology coming up.
Speaker 3: Full earning's coverage ahead as we break down results from Google,
Speaker 3: Microsoft and Snap Plus.
Speaker 5: We'll preview what we can expect from Meta after the bell.
Speaker 5: Today we get a little look at the Quest three headset.
Speaker 3: And later in the hour we will have a conversation
Speaker 3: with the CEO of Qualcom as a chip Verm unveils
Speaker 3: a new processor to take on the likes of Apple
Speaker 3: and Intel. But first let's check in on these markets.
Speaker 3: And we're seeing my voice warming up as we start
Speaker 3: the show. The Nasdaq on the downside end of the moment,
Speaker 3: we're up by one point eight percent. This is as
Speaker 3: we see, of course, well some numbers coming out Google
Speaker 3: to the points. I know you'll get into the nittiqritty
Speaker 3: of the earnings. That just sink some of that well
Speaker 3: buoyancy that we've been seeing in some of the tech
Speaker 3: names of late a big tech on the downside is
Speaker 3: yield to push higher as well. This is actually your
Speaker 3: categorical sort of bear steepening going on at the moment.
Speaker 3: We actually see the yields that a long end of
Speaker 3: the curve, the tens the thirties really selling off more
Speaker 3: yields up some eight nine basis points. We've got a
Speaker 3: big five year auction coming up. We're down at like
Speaker 3: four point nine to one, so not off. We're still
Speaker 3: not those highs ahead of five percent, but still we're
Speaker 3: seeing some sell off in the bond market, and I'm
Speaker 3: looking at Bitcoin continuing to rally. We're up three and
Speaker 3: a half percent. But break down the individual micromoves at
Speaker 3: the moment.
Speaker 4: Ed, Yeah, I mean we are in it.
Speaker 5: This is earnings, and earnings matter again, not just if
Speaker 5: you're an investor, but you get a good lens into
Speaker 5: the end markets, particularly in all kinds of consumer electronics
Speaker 5: and electronics broadly. That's why I look at Texas Instruments
Speaker 5: gave a revenue forecast which suggests that actually those end
Speaker 5: markets are not recovering at the pace that we'd hope.
Speaker 5: Texas Instrument makes all kinds of semiconductors that go into
Speaker 5: all kinds of things. The big ones last night were
Speaker 5: Microsoft and Google. It was a tale of two clouds.
Speaker 5: Mega growth on the cloud side for Microsoft, powered by
Speaker 5: the hype around AI, but Google Cloud miss estimates all
Speaker 5: its other segments beat but Google Cloud missed. And we
Speaker 5: will get into that in just a moment. And as
Speaker 5: you said after the bell, you then have Meta and Snap.
Speaker 5: It's interesting to look at how they trade and the
Speaker 5: structure of this week because oftentimes Alphabet will report earnings first.
Speaker 5: That gives us a lens into the advertising industry resilience
Speaker 5: and stability in search and YouTube, but there is concern
Speaker 5: in Snap and Meta, both down more than two percent.
Speaker 5: We will also get the hardware story of Meta. How
Speaker 5: did Quest three go down on the mixed reality side?
Speaker 5: How much is it committed to spending on its metaverse
Speaker 5: vision alongside working in AI. So much going on, Let's
Speaker 5: digest it all and bring in Daniel Newman, the Future
Speaker 5: and Group CEO, And I think let's start on those
Speaker 5: kind of cloud names, the taiale of two cloud And
Speaker 5: I ask a simple question, why can Microsoft Azual grow
Speaker 5: and Corporate Cloud grow but Google Cloud platform not grow
Speaker 5: in the same way.
Speaker 6: Well, I think It's a bit of a tale of
Speaker 6: good and great. Right now, the market wants great. We
Speaker 6: know the macroeconomic environment is complicated, with interest rates still
Speaker 6: very sticky, we know that inflation is still here, and
Speaker 6: people want blowout results if they're going.
Speaker 7: To send those buy signals. I'm not as bearish on Google.
Speaker 6: I've looked at the technology, I've seen the adoption, I've
Speaker 6: talked to its customers, and twenty two percent growth isn't terrible.
Speaker 6: The company missed by twenty million dollars. Having said that,
Speaker 6: Microsoft returned to a faster pace of growth, and it
Speaker 6: wasn't just the faster pace of growth of Azure. And
Speaker 6: what I think it really was was the company's ability
Speaker 6: to explain how AI is driving revenue, how much Azure
Speaker 6: was being driven three percent versus two percent the.
Speaker 7: Thirty dollars ahead.
Speaker 6: The company's done a magnificent job of explaining its AI
Speaker 6: strategy and how AI is going to drive top line revenue.
Speaker 6: I just don't think Google's story was as compelling there.
Speaker 6: But I'm not as bearish on Google Cloud. There's so
Speaker 6: much cloud growth to come, and our forecasts at Future
Speaker 6: of our Intelligence forecasts say cloud is where it's going
Speaker 6: to happen, and I still think the.
Speaker 4: War is on a danue.
Speaker 5: I spiked rief Parat, who is now the president, chief
Speaker 5: investment officer, and CFO, and she gave me a very
Speaker 5: short answer, customer, cost optimization is what accounted for that
Speaker 5: cloud number?
Speaker 4: What does that mean to your mind?
Speaker 6: Well, so, right now, as I suggested, the macro is
Speaker 6: still complicated and businesses are still sort of weighing invest
Speaker 6: and grow, maybe go a little bit slower. We know
Speaker 6: that the opportunity around AI is very bullish, and companies
Speaker 6: see productivity gains, they see the opportunities to create efficiencies.
Speaker 6: But we're also still hearing about companies laye people off.
Speaker 6: They're weighing how quickly can we make an investment in
Speaker 6: AI and how quickly can we see a return? And
Speaker 6: are we looking to ten x productivity through the investment
Speaker 6: in these capabilities or are we potentially looking to optimize
Speaker 6: and reduce our cost structures. And until we see a
Speaker 6: little bit more stability in the macro environment, I think
Speaker 6: companies are going to be a little bit more cautious.
Speaker 6: So this is where Microsoft kind of stood out, and
Speaker 6: it looked across their portfolio it wasn't the same Like
Speaker 6: in Microsoft, everyone's just go, go go, but I don't
Speaker 6: necessarily know that that's true across the board.
Speaker 3: Okay, interesting that you're saying, Still the macro picture is mixed.
Speaker 3: Drill into what really Microsoft was showing that it's in
Speaker 3: the right markets at the right time.
Speaker 6: I think they have told the story longer. They have
Speaker 6: their numbers and their metrics well defined. We're talking about
Speaker 6: specifically being able to bear into what part of the business.
Speaker 6: I mean, you're talking about maybe a one to two
Speaker 6: percent depending on the currency adjustment on a year over
Speaker 6: year growth basis, But it was master growth than Google
Speaker 6: twenty two versus upper twenties, and so everyone's saying, Ooh,
Speaker 6: Google bad, Microsoft good. I actually think the weight went
Speaker 6: to the company being able to explain its Azure growth
Speaker 6: and the AI impact.
Speaker 7: Of it three percent versus two percent.
Speaker 6: Meaning more and more of the revenue in Azure is
Speaker 6: related to the company's AI. And then over the last quarter,
Speaker 6: it's been able to talk about its AIPC concepts. It's
Speaker 6: been able to talk about it's thirty dollars per head
Speaker 6: for Copilot, five dollars per head for being enterprise search.
Speaker 7: With Copilot.
Speaker 6: These capabilities are very easy for someone to plug into
Speaker 6: a spreadsheet and say, where's the growth going to come
Speaker 6: from the TAM expansion. And if Microsoft keeps going and
Speaker 6: getting their story out better, it puts all the other
Speaker 6: cloud players at a disadvantage. So that's why I said,
Speaker 6: it's not a tale of good and bad, but it
Speaker 6: is a tale of okay, good and great. And Microsoft
Speaker 6: did a great job of explaining their AI story.
Speaker 3: You did a great job explaining it to us. We
Speaker 3: thank you, Dan and Newman A feature and group of course,
Speaker 3: all things alphabet Microsoft. Let's turn to Snap because well
Speaker 3: this is kind of a macro picture for us as well.
Speaker 3: And but please to welcome Jasmin Emberg, a principle analyst
Speaker 3: in Insider Intelligence. You lead coverage for social media for
Speaker 3: Creator Economy, and well, Snap actually managing to initially rally
Speaker 3: on the fact that its numbers looked better than expected.
Speaker 3: But is this fragile or is this showing actually a
Speaker 3: return to growth when it comes to markets?
Speaker 8: Well, I look, the revenue growth in Q three was
Speaker 8: certainly good news for investors and others who've been wondering
Speaker 8: whether Snap has what it takes to turn its ad
Speaker 8: business around. I think there are some worries and some concerns,
Speaker 8: specifically around the impact of the Israel Hama's war on
Speaker 8: its ad business in Q four, which Snap itself warned about.
Speaker 8: Q four tends to be a quarter that is more
Speaker 8: heavily weighted towards brand advertising. Brands tend to be more
Speaker 8: risk averse, so it's possible that there will be some
Speaker 8: impact on it. But I think in three months from now,
Speaker 8: we also have to remember that Snap is on a
Speaker 8: good path and if it can continue this momentum, it
Speaker 8: will end the year in a better place than where
Speaker 8: it began.
Speaker 3: I'm interested as to where it's invested. We were just
Speaker 3: talking about how Microsoft got itself in the right place
Speaker 3: at the right time around AI, and Snap was really
Speaker 3: innovating in that space, but it didn't pay off. How
Speaker 3: are we seeing those innovations eventually looking to reap some reward.
Speaker 8: Well, I think AI is where Snap needs to be
Speaker 8: innovating right now, and it's definitely made some moves in
Speaker 8: that direction. At the end of Q three, it's shuttered
Speaker 8: it's ares areas, excuse me, it's ar licensing division, which
Speaker 8: when I saw the technology was really promising. But I
Speaker 8: think with the focus being on AI right now. Those
Speaker 8: investments were becoming really difficult to maintain and to justify
Speaker 8: it for the company.
Speaker 5: So the big one after the bell is Meta. And
Speaker 5: you heard me say at the top of the program,
Speaker 5: jazmind it. You know the shares are lower. I think
Speaker 5: folks look at Alphabet and think broadly about advertising, and
Speaker 5: then they think about Meta. But the meta story got
Speaker 5: so complicated metaverse or no metaverse? Then AI, and then
Speaker 5: the bread and butter is ads. What are you expecting?
Speaker 8: Well, in terms of the ad business, there is a
Speaker 8: lot to like about Meta right now. You know, it
Speaker 8: started its rebound already in Q two, and internally we're
Speaker 8: predicting more of the same this quarter. I'll be looking
Speaker 8: to see more about Real's monetization, which we know is
Speaker 8: monetizing at a better rate right now. I'm also curious
Speaker 8: to hear more about the subscription service that it's potentially
Speaker 8: rolling out in Europe, as well as Threads monetization. We've
Speaker 8: seen maybe perhaps a little bit of an uptick and
Speaker 8: engagement on that platform. At least Meta is trying to
Speaker 8: drive more usage there, so be curious to see how
Speaker 8: those things start playing out.
Speaker 5: All right, Jasmine Enberg of Insider Intelligence. Great to have
Speaker 5: you on the program. Let's stick with meta Its first
Speaker 5: truly mixed reality headset, The Quest three is available and
Speaker 5: the expectation is we'll be talking about it at earnings
Speaker 5: after the bell.
Speaker 4: I've got hands on check this out.
Speaker 5: Meta's Quest three, the latest mixed reality had set, is
Speaker 5: lighter and thinner than Quest two, but with similar video
Speaker 5: game style wireless controllers. Launching apps and games is smoother
Speaker 5: with improved graphics. That's partly down to an updated processor,
Speaker 5: a second generation Qualcomm Snapdragon.
Speaker 4: XR two chip.
Speaker 5: The five hundred dollars Quest three allows you to switch
Speaker 5: between augmented reality and virtual reality modes. You can play games, exercise,
Speaker 5: and explore virtual galaxies. Augmented reality is powered by dual
Speaker 5: colour pass through cameras. This game projects puffians you have
Speaker 5: to catch against the backdrop of the real world around you.
Speaker 5: The virtual world you can explore in the Quest three
Speaker 5: also have higher resolution. More games are coming. Metas partnered
Speaker 5: with Microsoft to bring Xbox Cloud Gaming to the device
Speaker 5: in December. I also got quite a workout boxing in
Speaker 5: full virtual reality. We also tested the latest Meta smart glasses,
Speaker 5: made in partnership with RayBan Metas upgraded the tech with
Speaker 5: a twelve megapixel camera and five microphones. The glasses can
Speaker 5: take photos, record video, and start a live stream through
Speaker 5: voice control. A static led light indicates a photo being taken,
Speaker 5: flashing light means a video is being captured. The glasses
Speaker 5: also come equipped with Meta AI, the company's AI assistant.
Speaker 5: Hey Meta, take a photo. You can send content directly
Speaker 5: from the glasses to a friend via a Messenger or WhatsApp,
Speaker 5: and live stream video to Instagram or Facebook.
Speaker 3: We've all been affected in it one way or another. Families, friends,
Speaker 3: fertility treatments. They're often very expensive and in some areas
Speaker 3: actually inaccessible. As why startups like Geya they aim to
Speaker 3: prioritize inclusivity for its customers. In fact, the company was
Speaker 3: launched in twenty twenty two and it's raised already twenty
Speaker 3: three million dollars. Has also been featured on Bloomberg's UK's
Speaker 3: list of startups to watch. Tell us a little bit more.
Speaker 3: Let's see Art's chief of staff over at Gaya and
Speaker 3: can you just explain a little bit about in at
Speaker 3: innovative model here? How are you enabling basically any partnership
Speaker 3: to be able to look at accessing IBF. Yeah, absolutely so.
Speaker 9: Guya was really born out of our founder and nadows
Speaker 9: like experience with IVF and he first hand went through
Speaker 9: five IVF cycles, four failed rounds, and he just realized
Speaker 9: how broken the system really was, and the first thing
Speaker 9: he wanted to improve was access because he saw the
Speaker 9: financial gamble that people take. You have to save up
Speaker 9: all this money upfront in order to go through treatment.
Speaker 9: And so what we've done at Gia's we've basically created
Speaker 9: the most affordable way to start and protect your treatment.
Speaker 9: So people will pay Gaya a small protection fee to
Speaker 9: start treatment, and then GIA pays the clinics and takes
Speaker 9: care of the whole administrative burden that goes on, you know,
Speaker 9: behind the scenes, like paying invoices and all of that,
Speaker 9: and the member just focuses on going through treatment and
Speaker 9: they pay Guya back in monthly installments if and when
Speaker 9: they have a child, and if they don't have a child,
Speaker 9: they have nothing more to pay.
Speaker 3: So, but how do you take on that financial burden
Speaker 3: if after desperately sad several rounds, they decided are they
Speaker 3: inevitably believe realized they can't have a chance.
Speaker 9: How does guya take on that pund Yeah, So we
Speaker 9: actually have insurers who underwrite the risk for us. So
Speaker 9: we've built a model based on you know, million data
Speaker 9: points from clinical data sets of all the IVF outcomes
Speaker 9: since the early nineties, and so we predict our members'
Speaker 9: chances of success over a certain number of rounds, and
Speaker 9: our underwriters take.
Speaker 3: On that risk. So how innovative was this story to
Speaker 3: be able to tell to vcs? How easy was it
Speaker 3: to convince and to raise money or not? As case maybe, so.
Speaker 9: I think it was quite difficult, and especially actually, you know,
Speaker 9: at first, to convince the underwriters this is like a
Speaker 9: new model. And so we feel very lucky to have
Speaker 9: been backed by three incredible underwriters who really understood and
Speaker 9: worked with us to build this product from the ground up.
Speaker 9: And we're also incredibly lucky to have vcs who really
Speaker 9: understand the space and you know, didn't dismiss it as
Speaker 9: a more niche sort of you know, woman's health topic
Speaker 9: and really understood like how big and important the topic was.
Speaker 9: And so we feel very lucky with our backers. Our
Speaker 9: underwriters are.
Speaker 3: Not our vcs, and it's notable that you know, might
Speaker 3: be labeled femtech, but male founder and IVF problems are
Speaker 3: also male and female in many ways. And I mean
Speaker 3: I'm sat here today because of IVF. So this is
Speaker 3: a long term set of data points you can lean
Speaker 3: on how easy or difficult was it to access that data?
Speaker 9: So you have to do sort of an application with
Speaker 9: a research you know, assistant who's helping us get access
Speaker 9: to it. And we've done a huge amount of research,
Speaker 9: you know, looking into whether it be AMI effects it,
Speaker 9: whether you should have BEMI cutoff points, age cut off
Speaker 9: points to really also increase access in that manner, and
Speaker 9: so you have to put an application to access it.
Speaker 9: And we you know, we get data from our partner
Speaker 9: clinics and all anonymous, but we work hard to get
Speaker 9: data to make sure we're increasing access.
Speaker 3: Is it all British data or a UK based company?
Speaker 3: Are you learned to go geographically wider?
Speaker 9: Yeah, we're currently based in the UK, but definitely also
Speaker 9: operate in Spain and Greece because there's a lot of
Speaker 9: IVF tourism to these countries and then we are looking
Speaker 9: to expand to more markets, So more news on that
Speaker 9: early next year.
Speaker 3: And how different is it accessing different markets in different
Speaker 3: ways in which IVF is offered and functions and indeed
Speaker 3: access to data in different geographies.
Speaker 9: Yeah, it's a good question. I mean, so in a
Speaker 9: lot of countries, you know, you have different funding by
Speaker 9: the states. Some countries are better than others. UK, like
Speaker 9: sixty five percent of IVF cycles are paid out of pocket.
Speaker 9: US is another high private pay market, and so you know,
Speaker 9: you do have to look at what exists in these
Speaker 9: market before before entering. In terms of getting access to data,
Speaker 9: it's about like working with our partners, working with researchers.
Speaker 9: The good thing about IVF is that it does have
Speaker 9: outcome data from since IVF started and then you know
Speaker 9: in the seventies, nineteen seventy eight. Yeah, exactly, So we
Speaker 9: do have all that outcome data that we have access
Speaker 9: to and that we that we can use in order
Speaker 9: to improve our models.
Speaker 3: And I'm pretty sure AI is going to be being
Speaker 3: pretty useful as well. Alexia, it's great to have some
Speaker 3: time with you. Thank you, of course, featured on our
Speaker 3: Startups to Watch list here in the UK, Alexia.
Speaker 10: Arts of Gaya. Time now for talking tech.
Speaker 3: First up, the Chinese government calling it's proven to fox
Speaker 3: con quote normal law enforcement Chinese state media announced this
Speaker 3: weekend that government regulators are conducting tax audits and reviewing
Speaker 3: land use of fox Con. Fox Con says it will
Speaker 3: work with authorities. Meanwhile, Japan is aiming to secure an
Speaker 3: additional ten billion dollars in subsidies for two semiconductor projects.
Speaker 3: More than half will be set aside for a second
Speaker 3: TSMC factory in southwestern Japan. The new factory is expected
Speaker 3: to make nanometer logic chips. Plus Apple Well, It's set
Speaker 3: to revamp its TV app as part of an effort
Speaker 3: to become well a larger player in the streaming world.
Speaker 3: Changes include discontinuing apps on the Apple TV set top
Speaker 3: box and let users buy and rent movies and shows.
Speaker 3: We'll also remove the movie and TV show sections from
Speaker 3: the iTunes store app and for more. Let's dig into
Speaker 3: this scoop one and only Mark German, and it's plenty
Speaker 3: talked about across online at the moment. Today, Mark just
Speaker 3: tell us a little bit about how they think these
Speaker 3: changes will help them compete.
Speaker 1: Yeah, this is a pretty big upgrade coming to the
Speaker 1: TV app on the Apple TV. They're adding a new
Speaker 1: sidebar and a new interface that makes it look more
Speaker 1: like Netflix. The current TV app, if anyone has used
Speaker 1: it on the Apple TV is not very intuitive. The
Speaker 1: idea is to aggregate content from a number of sources.
Speaker 1: TV Plus, which by the way, Apple announced this morning,
Speaker 1: is getting a price increase from seven dollars a month
Speaker 1: to ten dollars a month, and I'm sure we'll talk
Speaker 1: more about that over the course of the day. It
Speaker 1: integrates from there apps like ESPN, Amazon Prime Live News.
Speaker 7: Other live sports networks, but.
Speaker 1: It's a little confusing to navigate, so this is designed
Speaker 1: to simplify it. They're also going to be removing the
Speaker 1: iTunes Movie and iTunes TV Show apps from the Apple
Speaker 1: TV and from the iTunes Store app on iOS. The
Speaker 1: reason they're doing that is you can already buy that
Speaker 1: content in the TV app, and they want to push
Speaker 1: anyone looking to watch video on their devices to the
Speaker 1: TV app. Obviously that's the center of their video strategy.
Speaker 1: Now that's where you can sign up for these subscriptions,
Speaker 1: both Apple TV channel add ons plus the now ten
Speaker 1: dollars a month TV Plus service.
Speaker 4: You're right that we'll talk about it.
Speaker 5: The breaking news of the day is that Apple is
Speaker 5: raised prices marked across basically all of it services where
Speaker 5: the price increases and why really, Yeah, so.
Speaker 1: Going from seven a month to ten a month for
Speaker 1: Apple TV Plus. Now over the past year they've doubled
Speaker 1: the price because they increased it from five to seven
Speaker 1: dollars a month October last year, so now ten dollars
Speaker 1: a month for Apple TV plus Apple Music that price
Speaker 1: increase from ten to eleven dollars last year. That remains,
Speaker 1: but Newsplus is going from ten dollars a month to
Speaker 1: thirteen dollars per month, and Apple Arcade is going from
Speaker 1: five dollars a month to seven dollars a month now.
Speaker 1: These increases come as they've expanded the content offerings in
Speaker 1: both Apple Arcade as well as Apple TV Plus. Apple
Speaker 1: tv Plus is getting more shows very frequently. There have
Speaker 1: been hits lately. Obviously, everyone's been talking about the Scorsese.
Speaker 7: Movie on there.
Speaker 1: Apple Arcade, they've doubled the amount of games they've had
Speaker 1: on there since they launched it at five dollars a
Speaker 1: month in twenty nineteen. News Plus they need more revenue
Speaker 1: to pay publishers more money. Right, publishers are even losing
Speaker 1: money or not making so much money on Newsplus, so
Speaker 1: hopefully publishers are now going to get an increased revenue
Speaker 1: share because of this, rather than the money going into
Speaker 1: Apple's pocket. In terms of their other services, Apple one
Speaker 1: bundles those who went up quite significantly as well to
Speaker 1: incorporate those price increases. But Fitness Plus and iCloud.
Speaker 3: Stay the same.
Speaker 4: I think that's Mark German and all things Apple. Thank you.
Speaker 5: Also out across the Bloomberg universe, Ruin is the first
Speaker 5: documentary by Bloomberg originals that dives into the collapse of FTX,
Speaker 5: as narrated by Bloomberg journalists and some of the central
Speaker 5: players in the rise of these assets.
Speaker 4: Here's a sneak preview of the film.
Speaker 6: I don't think he even had almost a conception at
Speaker 6: some points that it was wrong or right.
Speaker 4: I think he just had the mentality that he has
Speaker 4: to win.
Speaker 1: It was almost like trying to explain like business ethics
Speaker 1: one O one to a baby.
Speaker 11: Sama has basically become a villain in everyone's minds.
Speaker 3: This committee will not stop until we uncover the bull
Speaker 3: through behind the collapse of FTX. Will this be the
Speaker 3: last of its kind?
Speaker 7: No, this is the nature of happened was and get.
Speaker 5: Over joining us with more Bloomberg's Max Chafkin, and my goodness,
Speaker 5: what a project to be involved and tell us about it.
Speaker 12: Yeah, I mean, and it's it's continuing on. I mean,
Speaker 12: we we just learned hours ago that we'll get testimony
Speaker 12: from Sam Bankman Freed in the trial. You know, this
Speaker 12: is has been a year of just crazy news, a
Speaker 12: time in which Sam Bankman Freed went from being you know,
Speaker 12: seen as as one of the members of the establishment,
Speaker 12: you know, the one of the youngest billionaires ever to
Speaker 12: being potentially facing a life sentence and we could you know,
Speaker 12: get a verdict as as early as next week, if
Speaker 12: not the week after. So so really a lot happening
Speaker 12: here in Crypto and a real reckoning after you know,
Speaker 12: years of really serious growth.
Speaker 3: And there was always sort of more and more extraordinary
Speaker 3: parts to this story, shocking anecdotes. What took you most
Speaker 3: by surprise, Max, when you were really deep diving into
Speaker 3: this making, I mean.
Speaker 12: To me, the most surprising thing here was just the
Speaker 12: way that Sam Bankmin Freed, of course, sort of talked
Speaker 12: his way into this amazing position, this position where he
Speaker 12: was in the room with famous venture capitalists and politicians
Speaker 12: and celebrities and Tom Brady and so on. And he
Speaker 12: essentially attempted the same strategy on the way down right.
Speaker 12: We saw him talking giving these kind of bizarre, meandering
Speaker 12: interviews in the month, weeks and months after FTX had
Speaker 12: gone bankrupt. And again I think we're going to see
Speaker 12: kind of a crescendo of that when he takes the stand.
Speaker 4: This is somebody who.
Speaker 12: Has you know, been able to wrap a lot of
Speaker 12: people around his finger and watching that all unravel again staggering.
Speaker 5: Moos mats Chefkin, thank you very much and ruin money,
Speaker 5: ego and deception at FTX as Wednesday at eight pm
Speaker 5: New York time here on Bloomberg Television, Welcome back to
Speaker 5: Bloomberg Technology. Ed Ludlow here in San Francisco.
Speaker 3: And I'm Karen Hyed right here in London. And in
Speaker 3: fact we want to be talking a little bit more
Speaker 3: about the world of the UK VC. In the UK
Speaker 3: it's VC spotlight. Just two months ago, Silicon Valley firm IVP,
Speaker 3: born in the nineteen eighties, took a leap across the pond,
Speaker 3: opening office right here in London. Nearly twenty years after
Speaker 3: it first aver actually started investing in Europe as a sphere.
Speaker 3: Ivp's Alex Lim joins us now to discuss what has
Speaker 3: been well. I decided boots on ground mentality like, why
Speaker 3: did you decide, having already had some big hits UiPath,
Speaker 3: you've been in Supercell, why did you need to be
Speaker 3: here to access European talent a bit more?
Speaker 7: Yeah.
Speaker 11: Absolutely, we've had some great successes in Europe over the years.
Speaker 11: We have been fortunate to be backers of companies like
Speaker 11: Wys and Supercell, UiPath, and that gives us increased confidence
Speaker 11: in the region that there will be more entrepreneurs that
Speaker 11: come up and build global businesses out of Europe. As
Speaker 11: it pertains to opening an office here in London, we
Speaker 11: want to be really close to the founders that we back.
Speaker 11: We often serve on the boards of the companies we
Speaker 11: invest in, and so having that close relationship where we're
Speaker 11: just a time zone or a short flight away from
Speaker 11: the founders we work with is really important to our strategy.
Speaker 3: I think also what's happening the sense of being close
Speaker 3: we're now though, are we ever hitting a tipping point
Speaker 3: where you think of some of the companies you're already
Speaker 3: backed that have shown exits, that have had liquidity events,
Speaker 3: that have therefore probably see people leave the companies and
Speaker 3: start building their own. Are you seeing that flywheel of
Speaker 3: like UiPath, but now you've decided to go build your
Speaker 3: own new startup?
Speaker 4: Absolutely.
Speaker 11: UiPath is spinning out a couple of great companies right now,
Speaker 11: which we're actively tracking, and I think there'll be more
Speaker 11: and more entrepreneurs technical people that come out of these
Speaker 11: companies and decide that entrepreneurship is their next career career path.
Speaker 11: We travel all over Europe. We've actually been since opening
Speaker 11: the office in August in eight different cities, so we're
Speaker 11: trying to find these entrepreneurs wherever they are, and they
Speaker 11: do come out of different places, not just the major
Speaker 11: tech hubs like Berlin, Paris and London.
Speaker 3: What's interesting is today, of all days, you're seeing one
Speaker 3: key fintech player listed in France. Worldline absolutely pummeled, largely
Speaker 3: the idiosyncratic some of it, but also an economic perspective
Speaker 3: that Germany is about to hit recession. It's an interesting
Speaker 3: time to be wanting to plowing into Europe at the moment.
Speaker 3: How has that economic macro backdrop affected some of the
Speaker 3: companies to support.
Speaker 11: We think a lot about the technology ecosystem and the
Speaker 11: markets that we serve, and so you can think of
Speaker 11: back to twenty twenty two, there was a reset in
Speaker 11: the equity markets for public technology stocks that has affected
Speaker 11: technology all across our region.
Speaker 4: In Europe.
Speaker 11: There is more and more realization that we might be
Speaker 11: entering a recessionary environment, so our entrepreneurs are starting to
Speaker 11: prepare for that.
Speaker 4: That said, a lot.
Speaker 11: Of our companies actually do well in recessionary environments. They
Speaker 11: are increasing productivity for businesses or providing valuable services to consumers,
Speaker 11: so that we do think there are some counter cyclical
Speaker 11: companies within our portfolio.
Speaker 4: Alex is, good to see you.
Speaker 5: Your business partner, Eric was on the show with us
Speaker 5: in August when you announced you'd open a London office.
Speaker 5: The next day, he jumped on a plane and moved
Speaker 5: his life to London. And I guess I want to
Speaker 5: know what you've been up to since you know. What
Speaker 5: is it like in London? Are there hackathons and mixers
Speaker 5: and drinks and you're making friends with all of the
Speaker 5: people you've been working with long distance on rounds.
Speaker 11: With Yeah, we're definitely getting out into the ecosystem. An
Speaker 11: important part of our business is to get out into
Speaker 11: the regions that we serve and meet the great founders,
Speaker 11: the great entrepreneurs, and then also venture backers. Each of
Speaker 11: these cities around Europe have local seed investors that we
Speaker 11: love to partner with because usually we're coming in as
Speaker 11: a second or third round of investment, so we're out
Speaker 11: there on planes making sure that we're face to face
Speaker 11: with those people, and it's definitely a huge priority for us.
Speaker 11: We're also have a large portfolio within Europe already, so
Speaker 11: we're traveling to these cities to go to board meetings.
Speaker 11: You're going to Paris to see pigment, or to Germany
Speaker 11: to see deep l There's a lot of different reasons
Speaker 11: why we get out into the region, and I think
Speaker 11: that's a real positive for us.
Speaker 5: Alex Is there the variety of technology in Europe that
Speaker 5: we have here in the Silicon Valley in the Bay Area,
Speaker 5: across software, hardware, everything that's happening in AI, you have
Speaker 5: the same things to pick from.
Speaker 11: Yeah, there's a huge variety, and it's funny that in
Speaker 11: individual cities there are different areas of expertise. Obviously London
Speaker 11: with the strong backing of financial services and great talent
Speaker 11: you have in that area. We back a lot of
Speaker 11: fintech companies here. So an example would be a Vault,
Speaker 11: which we backed earlier this year. They're a financial technology
Speaker 11: company working on account to account payments or see on,
Speaker 11: which is in the fraud verification space. But then you
Speaker 11: travel other places and you see different pockets of talent.
Speaker 11: One area that I'm really excited about right now is
Speaker 11: Paris and France. They have such strong AI talent and
Speaker 11: so we're seeing more and more companies come out of
Speaker 11: that ecosystem that we're trying to back.
Speaker 3: Great universities both UK, France and Europe. More broadly, alex
Speaker 3: though you put a very sort of positive spin on it.
Speaker 3: A macro environment that's challenging, but founders that are able
Speaker 3: to be sort of counters already preparing. But we hear
Speaker 3: more and more that there are a load of unicorns
Speaker 3: or a load of high valuations that are going to
Speaker 3: have to recalibrate. When is that reckoning going to happen?
Speaker 3: It feels like keeps being pushed off and pushed off,
Speaker 3: and special financing deals done in murkier corners.
Speaker 11: One thing we track very closely is the IPO market.
Speaker 11: That's a key barometer for the health of our business.
Speaker 11: IVP has had over one hundred and thirty companies go
Speaker 11: public over its history, but twenty twenty two and twenty
Speaker 11: twenty three there have been less of those offerings. You
Speaker 11: saw the recent offerings in Clavio, Instacart, and arm extremely
Speaker 11: high quality companies going public.
Speaker 4: And actually that's.
Speaker 11: Giving some confidence to the portfolio companies that we have,
Speaker 11: and three or four of those companies are already starting
Speaker 11: to prepare their documents to go public in twenty twenty four.
Speaker 11: So I think you could see more companies going flipping
Speaker 11: from private to public, and that'd be a great thing
Speaker 11: for venture overall.
Speaker 3: Arm men public in America, That's true the frustration of
Speaker 3: the London soop exchange. Will companies that you're backing, Pigment
Speaker 3: in France and like choose to go in public in
Speaker 3: their own European markets or will they always be attracted
Speaker 3: to American liquidity.
Speaker 11: If a company is going public right now, I think
Speaker 11: the Nasdaq on a nice is.
Speaker 4: The right place to go public.
Speaker 7: They should.
Speaker 11: The markets are deeper there, there's a more a deeper
Speaker 11: understanding of technology and the value that technology can bring. However,
Speaker 11: we are hopeful and we want to be part of
Speaker 11: this change here in London. That know, more and more
Speaker 11: companies will go public here in London and around Europe.
Speaker 11: It's great for the ecosystem if you can keep the
Speaker 11: listings here. We'd love to see reforms that help that
Speaker 11: few more deliveries.
Speaker 3: Like I was chatting with Willshoe yesterday, Alex Lam so
Speaker 3: great to have some time with you of ivp femail
Speaker 3: and we've got some interesting conversation coming from you.
Speaker 5: Yeah, let's go from London, Planet Earth to Space. United
Speaker 5: Launch Alliance is on track. I'm told to launch Vulcan
Speaker 5: in December. It's high energy rocket that it hopes can
Speaker 5: compete with Falcon Heavy SpaceX's heavy launch system. Tory Bruno,
Speaker 5: who's the Ulaco, visited us in New York and we
Speaker 5: talked about how reliant Ula has been on Jeff Bezos
Speaker 5: and Blue Origin have a listen.
Speaker 13: Well, it took a little bit longer to develop this
Speaker 13: rocket engine. It is the largest engine of that fuel
Speaker 13: type to be successfully put together, and that just took
Speaker 13: a little while longer. Now that the engine is developed
Speaker 13: and qualified, we love it. Great performance. It's going to
Speaker 13: be an awesome workhorse for us in terms of the
Speaker 13: Ukraine situation, we weren't really affected that would have affected
Speaker 13: the retiring Atlas five with its RD one to eighty
Speaker 13: rocket engine. But I had anticipated ahead of time not
Speaker 13: that Ukraine would be invaded, but that the relationship with
Speaker 13: Russia was on a downward trend.
Speaker 4: And once our.
Speaker 13: Future was clear, I ordered ahead and received all of
Speaker 13: the RD one eighties I would ever need to fly
Speaker 13: out atlyss Now I have them in a warehouse in
Speaker 13: Alabama and have just been flying them as I need them.
Speaker 5: Blue Origin is itself also going under some change, some
Speaker 5: transitions and new leadership, but the kind of constant is
Speaker 5: Jeff Bezos, and I wondered what your relationship with Jeff is.
Speaker 13: Like, Oh, very constructive. You know, it's a teeming arrangement.
Speaker 13: You know, your major suppliers are always really your strategic partners,
Speaker 13: and that's especially true for us because our big suppliers
Speaker 13: invest in our rocket and in their product along with us.
Speaker 13: Jeff is no different.
Speaker 4: I was speaking to him just a.
Speaker 13: Few days ago as we were working together to help
Speaker 13: them ramp up their production rate for our eventual needs,
Speaker 13: and like I said, we love the engine and I
Speaker 13: think we're going to have a bright future together.
Speaker 4: That's interesting. Do you find Jeff to kind of be
Speaker 4: hands on?
Speaker 5: Is he somebody that you can phone and sort of
Speaker 5: talk at a high level engine nearing basis with or
Speaker 5: is he kind of more strategic in how he deals.
Speaker 4: With you guys?
Speaker 13: Well, I think he is a very strategic person obviously,
Speaker 13: but I will tell you he's a very good engineer
Speaker 13: and he is not afraid to dive down into the details.
Speaker 13: You know, you might find it amusing that, you know,
Speaker 13: we nerds get together and we love to talk about
Speaker 13: propulsion technology, and I find Jeff very easy to discuss
Speaker 13: those issues with. He's fast, he picks them up, and he's.
Speaker 4: A good teammate.
Speaker 13: He'll work with you to, you know, get through the
Speaker 13: technical challenges of doing this sort of innovative in new work.
Speaker 5: Talking rocket so self described nerd Tory Bruno U la Ceo,
Speaker 5: Caroline ed you are.
Speaker 3: A self described nerd, and I'm pretty sure that they
Speaker 3: welcome you with open arms in those conversations. You'd love
Speaker 3: to be in them, I'm sure. Meanwhile, then let's get
Speaker 3: a check on these markets quickly, because nerding out on
Speaker 3: what's happening in public markets not a particular great day
Speaker 3: for the Nasdaq. We're off by one point eight percent
Speaker 3: on big tech at the moment. You know why, it's
Speaker 3: all about an earnings concern that we're not quite living
Speaker 3: up to the hype when it comes to Alphabet for example.
Speaker 3: Maybe that's dragging down the index more broadly five year
Speaker 3: yield as well, probably putting paid to some of the
Speaker 3: risk exuberance as the yields back up on the long end.
Speaker 3: Interesting in chips, We're going to be having a deep
Speaker 3: dive on chips that you're going to talk us through
Speaker 3: in a minute, ED. Or by three percent on the
Speaker 3: socks as we see TI Texas instruments not living up
Speaker 3: to expectations on earnings. Move on to some of the
Speaker 3: individual movers because interesting takes Microsoft course does do well
Speaker 3: on its earnings and Microsoft outperforms, but I've also been
Speaker 3: looking what's the world a PayPal? And overall look at
Speaker 3: what happened to this European fintech player. Worldline off by
Speaker 3: fifty nine percent as they call out a recession over
Speaker 3: in Germany.
Speaker 2: ED.
Speaker 5: Yeah, we are going to be talking chips coming up
Speaker 5: on the show. We're going to speak to the CEO
Speaker 5: of Qualcom Cristiano Ammon as the company unveils it's super
Speaker 5: Dragon X processor. This is a week about PCCPUS. This
Speaker 5: is Bloomberg Technology.
Speaker 4: Welcome to our Bloomberg.
Speaker 5: TV and radio audience worldwide. Qualcom is stepping up its
Speaker 5: efforts to break into the personal computer market by unveiling
Speaker 5: a new laptop processor designed to outperform rival products from
Speaker 5: Intel and Apple. Joining us to discuss the new snap
Speaker 5: Dragon X is Christiano. I'mon Qualcom CEO and you join
Speaker 5: us from Maui at the snap Dragon Summit. Christiano, The
Speaker 5: question that I hear over and over again, be it
Speaker 5: from your investors or be it from the millions of
Speaker 5: snap Dragon users and fans around the world, is how
Speaker 5: is this fundamentally going to change the operation and functioning
Speaker 5: of a personal computer?
Speaker 8: Oh?
Speaker 2: Yes, that's the reason we're very excited about what we're doing.
Speaker 2: And I think the endorsement we get from Microsoft, I
Speaker 2: think the presence of Microsoft in our event as well.
Speaker 2: We have been working to build the next generation computing
Speaker 2: device for the Windows ecosystem. Come with where we see
Speaker 2: the conversions between the mobile and the PC. It comes
Speaker 2: at a time that users want more mobility and more
Speaker 2: performance and the whole experience becomes an AI experience, and
Speaker 2: I think that's what we did with the.
Speaker 7: Snapdragon x Elite announcement.
Speaker 2: First of all, we're incredibly proud and especially as we've
Speaker 2: been talking the welcome is changing from a communications company
Speaker 2: to a connected processor company.
Speaker 7: We just unveiled the fastest CPU.
Speaker 2: Of any mobile computing device, of any laptop in the world,
Speaker 2: fastest CPU in terms of performance.
Speaker 7: We have the device here, people, we test it.
Speaker 2: That's going to allow for you to have a lot
Speaker 2: more performance for day applications, but also to have a
Speaker 2: lot of AI on the device.
Speaker 4: Christiana.
Speaker 5: We were submitted dozens of questions from our audience, including
Speaker 5: snap Dragon insiders on Discord for example, and actually a
Speaker 5: reoccurring question was how the latest generation CPU can handle
Speaker 5: specific AI functions like Microsoft Copilot.
Speaker 4: For example on device. Can you give us any insight.
Speaker 7: That absolutely so.
Speaker 2: What is interesting about what we've done with this processor
Speaker 2: not only has the fastest CPU for your everyday tasks
Speaker 2: and gaming and all of those things, but it has
Speaker 2: a separate engine and that is a unique differentiation from pocom.
Speaker 7: It's called the NPU.
Speaker 2: And it's about allowing your AI to run pervasively and
Speaker 2: always running on the device.
Speaker 7: So the copilot will be always running on the device.
Speaker 2: To assist you with every task. And the NPU is
Speaker 2: the biggest that you can performance you can find in
Speaker 2: the device. Just as an example, we can run large
Speaker 2: models of thirteen billion parameters natively on the device, and
Speaker 2: we show that we have been partnered with all the
Speaker 2: major ecosystem investing on AI from Microsoft to Meta to
Speaker 2: Google Go and many other companies and having all of
Speaker 2: those models running natively on the device.
Speaker 3: It's a fascinating moment in terms of competition. Cristiano as well,
Speaker 3: it has been a couple of days ago reports in
Speaker 3: Video is going to be challenging the space as well
Speaker 3: with its own ARM based processes for PCs. You've got
Speaker 3: Apple of course showing its prowess in the area. How
Speaker 3: do you set yourself apart from what is going to
Speaker 3: be a real rushed and PC area.
Speaker 2: I actually think the announcements to happen, especially the Vida announcement,
Speaker 2: is one of the best things that could have happened.
Speaker 7: For our efforts in the PC.
Speaker 2: We have been talking for a while since we embark
Speaker 2: on this journey with Microsoft that the PC market is
Speaker 2: moving to an ARMED compatible away from the x eighty
Speaker 2: six into an ARM compatible instruction set.
Speaker 7: The Nvidia announcement is.
Speaker 2: Devalidation that that is the new market and that is
Speaker 2: the new tam for welcoming. It comes at a perfect
Speaker 2: time that we have been diversifying the company in looking
Speaker 2: for new opportunities and in market for technology, and we
Speaker 2: had started on this journey for at least the past
Speaker 2: three to four years I think twenty four.
Speaker 7: With the new Windows and I Windows AI that comes
Speaker 7: to fruition.
Speaker 2: It starts to be at the end of the twenty
Speaker 2: twenty four material for Qualcom.
Speaker 7: So we're really excited about that.
Speaker 2: And we look at all those announcements and endorsement that
Speaker 2: this whole p SEE ecosystem is moving to one and
Speaker 2: we just developed the fastest ARMSCPU in the work.
Speaker 3: We've got well announcement potentially as soon as next week
Speaker 3: with Apple and three. When you've got a competitive but
Speaker 3: a validated space, as you seem to be articulating, what
Speaker 3: volumes do you anticipate in one for example.
Speaker 7: Well, we're not making projections.
Speaker 2: I think we have been very careful, especially because we
Speaker 2: have this is a new market for us, so we
Speaker 2: think of us as a new entrant, and if you
Speaker 2: look at of the size of this market, I think
Speaker 2: even if we get, you know, a smaller share, it's
Speaker 2: a significant growth opportunity for Quodcam.
Speaker 7: And we're excited about what we have developed.
Speaker 2: The parts competitive and one thing we haven't mentioned about
Speaker 2: it besides the performance, the power, which is our DNA
Speaker 2: of making very power efficient devices for better in life
Speaker 2: is incredible. We exceeded the performance of the fastest CPU
Speaker 2: you can get from Intel for gaming, but we do
Speaker 2: add a seventy percent less power as an example.
Speaker 5: For our Bloomberg television and radio audiences worldwide. We're joined
Speaker 5: by Quowcom CEO Christiano Amon from the snap Dragon conference
Speaker 5: in Maui. You just mentioned power. The claim is that
Speaker 5: it's about sixty eight percent less power than the comparable
Speaker 5: Intel processor. A really fair question is the price premium
Speaker 5: though that your latest chip has a lot of questions
Speaker 5: from global end market users, was like, well, how much
Speaker 5: am I going to have to pay over the nose
Speaker 5: to have access to a consumer electronic device that carries
Speaker 5: Snapdragon X relative to mid and lowers his smartphone or PC.
Speaker 2: I'm going to answer that question two weeks. The first
Speaker 2: one is we're going to enable with this product for
Speaker 2: you to have a thin and light laptop that you
Speaker 2: can have the performance that you would find otherwise on
Speaker 2: a high end gaming device. So I think, if anything,
Speaker 2: we're going to be democratizing technology and make that an
Speaker 2: AI running on device available for more people. And that's
Speaker 2: easy to understand giver mobile heritage. The other part of
Speaker 2: that is actually we look at the Snapdragon Elite x
Speaker 2: actally as a premium Snapdragon solution which improves dramatically or
Speaker 2: mixed and it has great financial contribution as we look
Speaker 2: at the margin of those products.
Speaker 7: So I think it's a win win for both sides.
Speaker 5: One thing that you guys do really well is look
Speaker 5: at snap Dragon and this kind of fan base you have.
Speaker 5: You know, everyone is raved about the h one hundred
Speaker 5: GPU from all year, but I've noticed this kind of
Speaker 5: deep reddit, forum, discussion, discord channels dedicated to snap Dragon.
Speaker 5: How much do you take into account the feedback from
Speaker 5: those community and your development of the products and what
Speaker 5: it can actually do a lot.
Speaker 2: I think one of the things we do well is
Speaker 2: we have been nurching this community by the way that
Speaker 2: both of you should be a Snapdragon insiders, you may
Speaker 2: be missing out, and we've been nurching this community.
Speaker 7: It's growing very fast, is over fourteen million, and those are.
Speaker 2: Tech enthusiasts and they really love the technology, your advanced users,
Speaker 2: and they give us a lot of insights and we
Speaker 2: really like that relationship.
Speaker 3: Oh ultimately, I mean I remember when we were first
Speaker 3: coming and sitting down with you a couple of years ago,
Speaker 3: it was all about supply chain issues when it came
Speaker 3: to chips and how you navigated that. Is there any
Speaker 3: sort of concern when you're thinking about unleashing these new,
Speaker 3: more powerful PC processes now.
Speaker 2: The supply chain I think crisis we had in some
Speaker 2: microductor industries behind us, and we actually look into the
Speaker 2: future as the most exciting thing now is how AI
Speaker 2: is developing on device outside the data center, and it's
Speaker 2: going to touch phones, going to touch PCs, is going
Speaker 2: to touch cars, and we're looking maybe we have an
Speaker 2: opportunity to create a whole new cycle and the.
Speaker 7: Phone business and generate growth in the phone business as
Speaker 7: well with AI.
Speaker 5: Cristiano, I want to be sort of reflective for a minute.
Speaker 5: You and many of your peers have tried to bring
Speaker 5: on based CPUs to PCs for a decade. And fundamentally,
Speaker 5: the personal computer has not changed for a decade. The
Speaker 5: ecosystem around X seven eighty six, for example, Massive, It's
Speaker 5: been tried, tested, Why now, why is this going to
Speaker 5: be any different from what you've tried in the last
Speaker 5: ten years?
Speaker 2: Okay, let me let me bring you a different perspective
Speaker 2: because there's a number of different vectors that are changing
Speaker 2: the PC. And by the way, I you know, I
Speaker 2: think we need to get We need to say Apple
Speaker 2: did a very good job when they developed the M
Speaker 2: series and creating a PC the base on a mobile
Speaker 2: SEC architecture and uh, and that's one of the things
Speaker 2: that we have been working to do the same and
Speaker 2: create the best possible performance next generation PC for the
Speaker 2: Windows ecosystem.
Speaker 7: But the reason this is different.
Speaker 2: First of all, I'm talking to you right now via
Speaker 2: my PC, and PC became a communication device.
Speaker 7: Uh.
Speaker 2: We we took working uh with mobility to the next level.
Speaker 2: And then the biggest piece is the fact that AI
Speaker 2: is changing the user experience. If you think about Microsoft's
Speaker 2: doing a co pilot, even with Microsoft said about the
Speaker 2: price of the co pilot, which I actually think is
Speaker 2: inexpensive if you think about the productivity increases that can
Speaker 2: do for many enterprises.
Speaker 7: Debt is changing.
Speaker 2: It's going to be a different type of device and
Speaker 2: that's what we're working on, and that's going to be
Speaker 2: a bright new feature. We're going to bring a lot
Speaker 2: of excitement and hopefully a new upgrade cycle for.
Speaker 4: PC's well come.
Speaker 5: CEO Christianamon from Snapdragon in MAUI, thank you for your time.
Speaker 4: Thank you, Caroline.
Speaker 5: You know, he's trying to outline a world where we're
Speaker 5: using a generative AI tool on our phone or PC,
Speaker 5: even in airplane mode, and you and I play with
Speaker 5: all these tools, chat gpt bard on our desktops right
Speaker 5: and is stable Internet? It's hard to imagine though, yeah
Speaker 5: it is.
Speaker 3: And ultimately many have been wondering when Apple really gets
Speaker 3: into the sphere of AI that little bit more. Much
Speaker 3: of it has been question about, of course, the privacy angle,
Speaker 3: the fact that you do want it within your actual device,
Speaker 3: and how much this is also intertwined with I just
Speaker 3: think about sitting down the arm CEO around the IPO
Speaker 3: they're listing and was all about moving into the world
Speaker 3: of PCs, the fact that they are diversifying it's not
Speaker 3: just about smartphone anymore.
Speaker 13: Ed.
Speaker 5: Yeah, and as a self described nerd, I've learned so
Speaker 5: much this year about specific CPUs, and I know our
Speaker 5: audience have so many questions that we got to there.
Speaker 3: I'm glad that you were, maybe on this occasion not
Speaker 3: going to have to do some weightlifting with them as
Speaker 3: well as you did with the in video one. Meanwhile,
Speaker 3: when that does it for this edition of Bloomberg Technology,
Speaker 3: buy from London.
Speaker 5: Check out the podcast wherever you get yours. This is
Speaker 5: Bloomberg Technology.