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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: From Marhard where Innovation, money and power Collie in Silicon Valley, NBN.

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Speaker 2: This is Bloomberg Technology with Caroline Hyde and Ed Love Love.

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Speaker 3: I'm Caroline Heind of blomgg's world headquarters in New York.

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Speaker 4: Now I'm Ed Lodlow in San Francisco. This is Bloomberg Technology.

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Speaker 3: Coming up, we'll break down to t SMC's first quarter

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Speaker 3: earning support. This is the company scales up profit, but

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Speaker 3: scales back. It's outlook for a chip market expansion.

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Speaker 4: Plus, Google fires twenty eight employees after they were involved

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Speaker 4: in protests against Project Nimbus to provide Israel's government and

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Speaker 4: military with AI and cloud services. Will bring you the details.

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Speaker 3: And Cisco's plan for keeping AI systems safe from attack

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Speaker 3: artificial intelligence itself. Of course, we'll discuss the company's new

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Speaker 3: safeguarding approach and so much more throughout this app. At first,

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Speaker 3: and we check in on these markets and actually a

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Speaker 3: little bit of optic in the NASZAC in some of

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Speaker 3: those technology stocks to say we're up about five tens

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Speaker 3: per percent.

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Speaker 1: Now elsewhere, we've sort of been trending water.

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Speaker 3: We'd been digesting what has been quite a harsh sell

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Speaker 3: off throughout the week in stocks and indeed in bonds

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Speaker 3: as we really start to digest just two cuts for

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Speaker 3: the rest of the year, if that coming from the

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Speaker 3: Federal Reserve tenure yields still up again four basis points

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Speaker 3: four point six three is kort of where we currently

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Speaker 3: are standing. We lost some of our technology. We'll get

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Speaker 3: it back in a minute. We're currently seeing the vics

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Speaker 3: on the downside, though, so some of that volatility that

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Speaker 3: we've seen in the fear index in that gauge just

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Speaker 3: dampening down. We're down just about seventeen level. Remember we

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Speaker 3: spike to nineteen on the back of geopolitical risks at

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Speaker 3: the beginning of this week.

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Speaker 1: Move on, have a little look at what's happening in

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Speaker 1: the world of.

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Speaker 3: Crypto, because we had been, in fact seeing a bit

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Speaker 3: of a rebound. We're up almost five percent on the day,

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Speaker 3: but look we're still languishing out about a sixty three

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Speaker 3: sixty four thousand dollar level. We dig into crypto a

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Speaker 3: little bit more in a moment, and what are you

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Speaker 3: watching on the micro.

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Speaker 4: Well, we are going to look at alphabet pairent of Google.

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Speaker 4: The shares a higher half percent they have been down

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Speaker 4: earlier in the session. Very shortly in the program, we're

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Speaker 4: going to go to our reporter davely Album and find

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Speaker 4: out about these jobs that were cut or the firing

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Speaker 4: as a result from the protests. Very well read Bloomberg,

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Speaker 4: Terminal and online. A lot of interest in that story.

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Speaker 4: The chip sector is the main focus of readers again

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Speaker 4: this Thursday. Let's start with TSMC. It's now down on

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Speaker 4: the ADR's three point eight percent have been much lower,

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Speaker 4: giving us a maintenance of that capex guidance. Very strong

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Speaker 4: in AI, weakness in smartphones. Remember this is the world's

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Speaker 4: biggest contract manufacturer of semiconductors. And then a Bloomberg exclusive,

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Speaker 4: Micron is softer half a percent. Bloomberg reporting that it's

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Speaker 4: going to get about six point one billion dollars in

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Speaker 4: grants from the US government as part of the Chips Act.

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Speaker 4: Grants only, but there's a loan component as well, and

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Speaker 4: it could come as soon next week. There's a lot

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Speaker 4: to discuss, and for that we go to Bloomberg's Ian King,

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Speaker 4: who leads our semiconductor coverage. Let's start with TSMC. The

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Speaker 4: world pays attention at the moment when TSMC gives US numbers.

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Speaker 4: We learned that AI is strong, high performance computer is strong,

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Speaker 4: potentially smartphone is weak. What was your takeaway?

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Speaker 5: Yeah, I know, that's absolutely right. They've confirmed basically the

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Speaker 5: fears and hopes of everybody who's watching semiconductors right now.

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Speaker 5: Smartphones were down steeply, and people will be concerned that

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Speaker 5: that to read on Apple and what's happening to the iPhone,

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Speaker 5: particularly in China. On the flip side of that, HPC

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Speaker 5: high performance computing, which is obviously in video, AMD and

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Speaker 5: all of the very large, very expensive chips were strongly.

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Speaker 3: Pair that then with the news that we had with

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Speaker 3: ASML yesterday and the fact that chip equipment perhaps isn't

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Speaker 3: so in demand.

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Speaker 1: What ISSMC really trying to signal here?

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Speaker 5: What they're trying to signal really is you know that,

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Speaker 5: as usual, they have the best read on what's going on,

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Speaker 5: and they're really confirming what's going on in terms of

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Speaker 5: these end market forces. We've been waiting for the smartphone

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Speaker 5: market to come back for a long time. It is

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Speaker 5: coming back in China, but unfortunately it's coming back for

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Speaker 5: chips that are probably being made outside the Western ecosystem.

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Speaker 5: So that's a concern there for the geopolitics, ASML is

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Speaker 5: a longer term read on the confidence of a small

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Speaker 5: group of companies, doesn't have as much of an indication

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Speaker 5: on what's happening in the short term.

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Speaker 4: Let's talk about Micron and Bloomberg's reporting that it will

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Speaker 4: get six point one billion grant allocation from the Chips

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Speaker 4: Act to build capacity in the United States. There's a

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Speaker 4: loans component as well. The sources are telling us this

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Speaker 4: we get announced next week. What do we know about

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Speaker 4: the package Micron's been awarded.

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Speaker 5: Yeah, I mean, as ever, the companies want more, They

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Speaker 5: want as much as they can probably get. This is

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Speaker 5: being seen as roughly what commensurate with sort of microns

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Speaker 5: role in the value chain here. Remember they make memory chips.

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Speaker 5: That production, as with advanced logic, has been moving to

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Speaker 5: East Asia for the last few decades. This is the

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Speaker 5: Biden administration saying, hey, we haven't forgotten about memory. That's

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Speaker 5: important to You need that in your phone, you need

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Speaker 5: that in your data center. So they're enabling Micron to

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Speaker 5: at least bring some production back to this country.

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Speaker 3: And we've heard time and time again from the CEO

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Speaker 3: Motor really talking about you need to make it worth

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Speaker 3: my while though I could be building manufacturing abroad for

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Speaker 3: much cheaper, where in the US is he going to

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Speaker 3: be putting it? And really does it make economic sense?

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Speaker 5: It makes economic sense if you get the government subsidies.

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Speaker 5: What Sanjay has said all along, as you pointed out,

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Speaker 5: and a lot of his colleagues have said the same thing.

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Speaker 5: The government here needs to do the bare minimum, which

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Speaker 5: is to close that gap in terms of what it

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Speaker 5: costs between the US and places like Singapore, South Korea,

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Speaker 5: Taiwan where those facilities are currently being made with a

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Speaker 5: lot of government support, with tax regimes, with all of

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Speaker 5: these things which helped large capital projects like that. He's

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Speaker 5: looking at upstate New York, and he's looking at the

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Speaker 5: home base of Micron, which is in Boise, Idaho.

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Speaker 3: Bloomberg Ian king always on for us. We so appreciate

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Speaker 3: the analysis when it comes thick and fast across the

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Speaker 3: trip sector.

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Speaker 2: Meanway.

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Speaker 1: Meanwhile, let's get to Huawei.

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Speaker 3: Let's release its latest series of smartphones today, sustaining its

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Speaker 3: momentum after that breakthrough Mate sixty, Remember that device that

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Speaker 3: helped erode Apple's dominance over in China.

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Speaker 1: In that high end segment.

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Speaker 3: Now the poorer seventy smartphone series starts at seven hundred

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Speaker 3: and sixty dollars, then goes up from them, matching in fact,

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Speaker 3: the price point of an iPhone fifteen n.

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Speaker 4: All right. Coming up on the program, Google fires employees

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Speaker 4: staging protests from California to New York over a contract

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Speaker 4: with Israel. We can have that report next. A quick

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Speaker 4: check on Trump Media and Technology shares hire fourteen percent

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Speaker 4: in the session, adding to the gains of yesterday. Class

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Speaker 4: expect trading. There's a lock up until September. A lot

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Speaker 4: of activity in warrants market. This is the Spack one

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Speaker 4: oh one. We're seeing a big deer, now a big rebound.

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Speaker 4: This is Bloomberg technology. Time for Talking tech. And in

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Speaker 4: the news, Elon Musk is apologizing for incorrectly low severance packages.

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Speaker 4: The Testa CEO made the rare apology via email and

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Speaker 4: said it has come to his attention that some severance

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Speaker 4: packages were incorrectly low and it will be corrected immediately.

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Speaker 4: The news comes after Tesla slashed global headcomt by more

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Speaker 4: than ten percent as the ev baker struggles with slowing

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Speaker 4: demand for electric vehicles. Plus, Apple CEO Tim Cook is

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Speaker 4: meeting Singapore's incoming Prime Minister at the tail end of

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Speaker 4: his most extensive Southeast Asia tour in years. There's the

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Speaker 4: company searches for new growth markets and manufacturing locations to

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Speaker 4: offset headwinds in China. The trip could pave the way

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Speaker 4: for a more aggressive sales campaign in a densely populated

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Speaker 4: region where Android phones from Samsung, Chaomi and the Oppo

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Speaker 4: dominate the market. And Delivery said orders return to growth

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Speaker 4: with a two percent increase in the first quarter, driven

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Speaker 4: by strong progress in the food delivery company's international segment.

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Speaker 4: Users place seventy three point five million orders in the

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Speaker 4: first quarter. The London based company kept its guidance for

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Speaker 4: the year unchanged.

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Speaker 1: Carro.

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Speaker 3: Now, there's another story that we're currently following ed and

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Speaker 3: Google has fired twenty eight employees after they were involved

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Speaker 3: in protests against a one point two billion dollar joint

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Speaker 3: contract with Amazon to provide the Israeli government and military

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Speaker 3: AI and cloud services.

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Speaker 1: Now.

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Speaker 3: The protests took place across Google offices in New York

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Speaker 3: and Seattle and California, and were led by the No

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Speaker 3: Tech for Apartheid organization. Google said physically in other employees

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Speaker 3: work and preventing them from accessing our facilities is a

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Speaker 3: clear violation of our policies and completely unacceptable behavior. Joining

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Speaker 3: us nay now A please to welcome Davey Albert, who

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Speaker 3: has helped report on this very sensitive story ultimately daily.

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Speaker 3: And the protests came a day before an all important

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Speaker 3: Israeli government approval right for a five year strategic plan

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Speaker 3: to transition to cloud. It's called Project Nimbus, and this

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Speaker 3: was sensitive for certain employees.

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Speaker 6: Yeah, absolutely, I mean especially in the in the midst

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Speaker 6: of the war between.

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Speaker 1: Israel and Gaza.

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Speaker 6: Employees have really been activated about this issue and have

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Speaker 6: been organizing to try to protest the way that their

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Speaker 6: work contributes to tools that would then serve the Israeli government,

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Speaker 6: which again is engaged in war. And so they say

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Speaker 6: that they have a right to you know, ban to

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Speaker 6: get and object to this use of their work, and

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Speaker 6: that US labor law actually protects them from sort of

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Speaker 6: consequences from the company, discipline from the company, because they

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Speaker 6: believe they are within the rights to come together over

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Speaker 6: this issue.

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Speaker 4: Davey, in your story, you present a very clear chronology

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Speaker 4: of what happened and the perspective of both sides of

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Speaker 4: the situation. When I put on social media you were

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Speaker 4: coming on the show. One of the questions I got

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Speaker 4: most commonly was could you tell us a bit more

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Speaker 4: about the roles of those that were fired, what we

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Speaker 4: know about those specifically, because it was quite a broad

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Speaker 4: protest and we're saying less than fewer than thirty people

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Speaker 4: actually lost their jobs.

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Speaker 1: Yeah.

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Speaker 6: So from the workers we spoke to, several of them

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Speaker 6: were software engineers, some of them worked on cloud, and

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Speaker 6: there were even some employees who were involved in speaking

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Speaker 6: out against Project Nimbus who work for DeepMind, which is

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Speaker 6: Google's AI lab. You know, these these workers tend to

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Speaker 6: not have specific visibility into exactly what Israel is doing

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Speaker 6: with their technology because these contracts are so siloed and

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Speaker 6: workers don't you know, directly work on on the tools

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Speaker 6: that the Israeli government might use, but they build the

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Speaker 6: tools that the Israeli government can then use for any purpose.

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Speaker 6: There's been prior reporting that, you know, the cloud services

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Speaker 6: that the Israeli government uses is on their own instance,

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Speaker 6: private instance of Google Cloud, and so from that perspective,

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Speaker 6: you know, employees can't see inside of that cloud that's

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Speaker 6: on Israeli soil and being used by Israeli government. But

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Speaker 6: these employees have in obviously following the news and believe

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Speaker 6: that their work may be not so in a straight

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Speaker 6: direct line, but still does contribute significantly to the way

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Speaker 6: that the technology that Israel is now using and deploying

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Speaker 6: in the war with Gaza.

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Speaker 3: When you say Gaza actually not quite right, the war

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Speaker 3: between Israel and Hamas. Of course, Hamas deemed of course

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Speaker 3: a an issue a terrorist organization by the EU and

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Speaker 3: the United States. Davey, I'm really interested in perhaps is

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Speaker 3: this a tone shift in any way coming from the

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Speaker 3: very leadership of Alphabet and indeed Google. I mean, so Nopitchai,

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Speaker 3: how much has he had to weigh in here and

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Speaker 3: decide what the outcome is.

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Speaker 6: Yeah, it absolutely is a shift in tone. For so long, really,

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Speaker 6: the founding culture of Google has been, you know, to

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Speaker 6: foster this sense of open debate and employees are encouraged

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Speaker 6: to speak out about anything really having to do with

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Speaker 6: their work. Those were in the early days, but then

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Speaker 6: over the years employees have really started to ban together

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Speaker 6: over important social issues. You know, in twenty eighteen or so,

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Speaker 6: there was organizing around sexual harassment allegations from leadership at

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Speaker 6: the company and sort of the way that they wanted

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Speaker 6: women to be able to speak out about their experiences,

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Speaker 6: so there was a walkout from employees around that issue,

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Speaker 6: and other issues have also galvanized these employees, you know,

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Speaker 6: in twenty twenty, with the killing of George Floyd and

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Speaker 6: organizing around the Black Lives Matter protests, that was another issue.

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Speaker 6: But this really has emerged as a particularly sensitive point

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Speaker 6: for Google, this particular issue with Israel, and the company

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Speaker 6: appears to be sending a message that they aren't going

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Speaker 6: to tolerate this kind of workplace activism anymore.

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Speaker 4: Davey, you talked about how that the workforce has been galvanized.

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Speaker 4: You note in the final paragraph of your report that

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Speaker 4: despite the response from Google, many employees feel that they're

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Speaker 4: getting support. Is that happening contemporary eraneously and is there

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Speaker 4: any sense that these strikes or sit ins will continue

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Speaker 4: or if this is the end of it now? It's

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Speaker 4: hard to say.

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Speaker 6: Google sent a very strongly worded message to all employees,

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Speaker 6: essentially saying this is not this is not something they

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Speaker 6: will tolerate, that it is against company policy. At the

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Speaker 6: same time, you know, we've heard from employees who have

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Speaker 6: been keeping an eye on the internal messaging that's been

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Speaker 6: happening at the company, and several people are actually quite

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Speaker 6: upset by this move from the company, and maybe it'll

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Speaker 6: take a while for them to do another action, but

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Speaker 6: it's not out of the realm of possibility.

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Speaker 1: This could continue on for many more months.

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Speaker 4: We showed Google's full response and communication at the top

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Speaker 4: of the segment, and you can go and read Davey

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Speaker 4: and Julia's story and see it in Writing for Yourself

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Speaker 4: on bloomberg dot com. Bloomberg's Davy outur thank you harnessing

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Speaker 4: the power of AI to keep AI software safe from attack.

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Speaker 4: That's the promise of Cisco's latest product, Hypershield. I want

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Speaker 4: to go straight to Cisco's exiti Vice president and general

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Speaker 4: manager of Security and Collaboration G two Patel. This is

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Speaker 4: classic Cisco, right. You want to do more on services

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Speaker 4: and software, but just explain the technology you're going to use.

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Speaker 4: AI is the defense tool against an attack on AI infrastructure.

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Speaker 7: Well, security is actually one of the most pressing issues

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Speaker 7: of our time, and AI is actually being weaponized quite

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Speaker 7: a bit by malicious actors, so it only makes sense

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Speaker 7: for us to also use AI effectively to provide machine

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Speaker 7: scale defenses to organizations.

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Speaker 2: So we launched what I.

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Speaker 7: Would call probably one of the most consequential innovations in

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Speaker 7: the history of Cisco in the area of cybersecurity in

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Speaker 7: the past forty years, and it's called Cisco Hypershield. And

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Speaker 7: our goal over there is to fundamentally re imagine security

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Speaker 7: for this AI world web at AI scale, because it's

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Speaker 7: very hard to go out and handle these threats at

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Speaker 7: human scale GJU.

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Speaker 3: It's been interesting because time and time again people have

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Speaker 3: come on saying, look, with AI as the aggressor, we

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Speaker 3: can also use AI as the protector. You really talk

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Speaker 3: about this being a radically new approach. How is it radical?

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Speaker 3: How is it that new from what's already.

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Speaker 1: On the market.

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Speaker 7: Yeah, I think it's important because you need to make

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Speaker 7: sure that there's a certain set of building blocks that

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Speaker 7: are built on top of which you can build these solutions.

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Speaker 7: And we now have some very advanced technologies around hardware acceleration,

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Speaker 7: around AI that can allow us to build these very

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Speaker 7: sophisticated capabilities.

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Speaker 2: There's many examples.

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Speaker 7: I'll give you one particular one the amount of time

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Speaker 7: that it takes from when a vulnerability is announced in

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Speaker 7: the market, two when an exploit happens by malicious actors

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Speaker 7: is now down to single digit days, and I think

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Speaker 7: I wouldn't be surprised if it goes down to hours

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Speaker 7: or minutes in the next few in the near future.

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Speaker 7: And so what we've done is we've actually seen that

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Speaker 7: the amount of time it takes to patch that infrastructure

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Speaker 7: is actually still twenty two to forty five days.

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Speaker 2: So you've got this massive.

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Speaker 7: Gap from when an exploit happens and how long it

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Speaker 7: takes to patch the infrastructure.

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Speaker 2: We've solved that problem because what.

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Speaker 7: We can do now is within minutes, have a shield

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Speaker 7: that can put in front of infrastructructure that has not

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Speaker 7: been updated, that has not been patched, so that you

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Speaker 7: can protect the organization from critical infrastructure attacks that might

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Speaker 7: happen to hospitals or financial services organizations and so on.

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Speaker 4: You talk u about the building blocks, what we're talking

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Speaker 4: about is data centers, rows and rows of service stacks.

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Speaker 4: And we know that that infrastructure build out is happening.

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Speaker 4: It's happened, and the spend is committed for more of it,

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Speaker 4: is the spend committed to hypershield? Is anyone actually buying

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Speaker 4: this service from you in parallel with that infrastructure build out?

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Speaker 7: Well, This was the first day that we announced it

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Speaker 7: to our customers. We had about we had many of

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Speaker 7: the leading chief information security officers over here in the

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Speaker 7: UK where we announced this product, and the most common

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Speaker 7: phrase that I heard was this is completely game changing.

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Speaker 7: And in fact, one of the customers told me I'd

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Speaker 7: like to have two and so I think if you

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Speaker 7: care about cybersecurity and if you care about your critical

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Speaker 7: infrastructure being protected, it's going to be very obvious for

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Speaker 7: you to make sure that you can allocate some focus

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Speaker 7: on something like Cisco hypershield. And the reality is is

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Speaker 7: this is the only one in the market. There's no

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Speaker 7: one else who quite handles the problem the way that

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Speaker 7: we are over here.

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Speaker 3: Of course, all of this is surrounding the partnership and

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Speaker 3: increasing partnership that you've been talking through with in Video.

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Speaker 1: How integral is in Video's practice beIN within this.

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Speaker 7: And the way that we think about this is you

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Speaker 7: have to work with the ecosystem at large rather than

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Speaker 7: being completely kind of a wall garden. So and Video

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Speaker 7: is a very important player in AI, and we want

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Speaker 7: to make sure that we partner with them so that

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Speaker 7: we can build security specific models. We actually take our

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Speaker 7: technology and optimize it for their GPUs and so we

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Speaker 7: will continue to work with Nvideo and others in video.

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Speaker 7: We've enjoyed a great partnership with them already and this

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Speaker 7: one just extends that further.

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Speaker 3: GD what in video offers is expensive, and everyone's been

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Speaker 3: talking about the rush to harness chips, to harness energy,

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Speaker 3: the expense that's coming in this new world of general

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Speaker 3: to aire.

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Speaker 1: How expensive?

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Speaker 3: What can you price point your new AI cybersecurity prevention.

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Speaker 7: App So the way that we are going to go

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Speaker 7: out and price this is by workload. We haven't announced

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Speaker 7: the exact pricing yet. This is going to be general

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Speaker 7: availability around the August timeframe, and so between now and

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Speaker 7: August we will make sure that we actually have more

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Speaker 7: information on pricing. But our philosophy is the price for

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Speaker 7: mass market, right. We want to make sure that we

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Speaker 7: have high unit volume so we can get to many,

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Speaker 7: many customers within a very quick amount of time.

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Speaker 4: So you see, there is a human safety net element

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Speaker 4: of this. You're not handing over complete control to the

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Speaker 4: defense of critical infrastructure. Just explain the safety net.

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Speaker 7: The way I think about this is humans are always

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Speaker 7: apprehensive of something automated taking over and so remember the

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Speaker 7: day's ed when you actually had to update your iPhone

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Speaker 7: and you would actually back it up three times before

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Speaker 7: you started updating it. Now you don't worry about it

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Speaker 7: because there's that trust that gets built over time. And

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Speaker 7: so what we've done is we've actually made sure that

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Speaker 7: customers have the option of having a human in the loop,

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Speaker 7: so if you do want to auto update your systems,

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Speaker 7: that you actually have the ability to make sure that

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Speaker 7: that can be approved by you and it doesn't happen automatically,

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Speaker 7: but when you feel comfortable, you have the option of

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Speaker 7: having that be completely transparent to you so that you

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Speaker 7: can then start focusing on higher order bid items.

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Speaker 4: Tit. You've used the word customers a lot. We just

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Speaker 4: have thirty seconds, but just explain who the market is here.

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Speaker 4: The users you're selling to.

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Speaker 2: Our market is.

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Speaker 7: Every large organization, mid sized organization and small organization that's

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Speaker 7: interested in making sure that they can protect the data

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Speaker 7: centers from attacks from a cybersecurity standpoint at aiscale.

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Speaker 4: G two.

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Speaker 3: So great to spend some time with you live from

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Speaker 3: your garage.

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Speaker 1: We joke you're actually at the McLaren Center over in

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Speaker 1: the UK. We've got some nice parts in the background.

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Speaker 3: So is Goo Executive vice president and general manager of

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Speaker 3: Security and Collaboration Cheta Fintel.

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Speaker 1: Thanks for joining us on the day of the announcement.

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Speaker 4: Welcome back to Bloomberg Technology. Ed Ludlow here in San

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Speaker 4: Francisco and.

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Speaker 1: Karen Hyder in New York.

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Speaker 3: Let's get you a quick check on these markets because actually,

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Speaker 3: well still the economic data comes strong.

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Speaker 1: Ah, there you are, Joel. Nice to see you, our for.

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Speaker 3: Mour manager, just shining a light on some of our

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Speaker 3: market check. I want to go back though to the

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Speaker 3: macro for a moment, because before we get into the

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Speaker 3: individual names, I want to shine light the fact that

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Speaker 3: we have been seeing overall the Nasdaq on the higher

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Speaker 3: side of things, are up about five tens aer percent

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Speaker 3: of there or thereabouts. We've also seen, of course, an

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Speaker 3: introduction to the bomb market just selling a little bit.

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Speaker 3: We seeing a bit of a sell off. We seem

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Speaker 3: to be wanting to commit to some of the individual

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Speaker 3: names that are on the move today. So I'm going

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Speaker 3: to shine a light on Netflix earnings coming thick and

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Speaker 3: fast after the bell, up six tens of a percent.

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Speaker 3: We're expecting about a fourteen percent increase in revenue for

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Speaker 3: its fiscal first quarter. Netflix juggernaut faces a high barbow

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Speaker 3: after one hundred and twelve billion dollar rally. We've got

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Speaker 3: emphasis on the downside after its numbers. Of course, Indian

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Speaker 3: key player in the technology space, actually underwhelming when it

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Speaker 3: came to overall revenues. We're looking at MicroStrategy up more

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Speaker 3: than six percent, some of the individual crypto names doing

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Speaker 3: well ed Why because crypto is bouncing on the day

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Speaker 3: at least, although we see and of course some profit

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Speaker 3: taking of late.

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Speaker 4: All right, let's keep the conversation going around cryptso and

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Speaker 4: bringing Thomas Perfumo crack in head of strategy to mass.

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Speaker 4: I have been invited to not one, but two bitcoin

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Speaker 4: harving parties tonight. Whether I go to either of them

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Speaker 4: remains to be seen. But it got me thinking that

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Speaker 4: for many this is something that is interesting to be celebrated,

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Speaker 4: you know, it's coming in the calendar. For others they

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Speaker 4: focus on the supply mechanics of what it does to

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Speaker 4: the market. Where do you focus your attentions?

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Speaker 8: So for me, I think of the takeaways for the

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Speaker 8: bitcoin having and falling into two different spectrums. Firstly, it

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Speaker 8: underpins why we believe bitcoin is the soundest form of money.

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Speaker 8: There's a whole host of reasons why on the demand

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Speaker 8: side of teams like global liquidity, twenty four seven, three

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Speaker 8: sixty five, market access, permission, permission lists and so ship resistant,

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Speaker 8: like all these nice qualities for why bitcoin served as

442
00:24:03,720 --> 00:24:06,400
Speaker 8: a good form of money. But on the supply side,

443
00:24:06,680 --> 00:24:10,240
Speaker 8: you know, how reliably can you plan around a currency

444
00:24:10,280 --> 00:24:13,520
Speaker 8: and bitcoin because of the having, you know that there's

445
00:24:13,560 --> 00:24:16,439
Speaker 8: only ever going to be twenty one million bitcoin in existence,

446
00:24:16,880 --> 00:24:19,840
Speaker 8: and so on. The second part of the takeaway here

447
00:24:19,920 --> 00:24:22,800
Speaker 8: is that this Bitcoin having in particular, you know, we

448
00:24:22,880 --> 00:24:25,679
Speaker 8: celebrated every roughly four years, but this one is the

449
00:24:25,720 --> 00:24:28,880
Speaker 8: most symbolic, in my opinion, in bitcoin's history and even

450
00:24:28,920 --> 00:24:32,159
Speaker 8: looking forward, because at a time when you have people

451
00:24:32,200 --> 00:24:35,760
Speaker 8: who are looking at their conventional currencies, inflation, interest rates,

452
00:24:35,800 --> 00:24:38,840
Speaker 8: and the economic environment that they live in, they see

453
00:24:38,840 --> 00:24:42,159
Speaker 8: this alternative form of currency, Bitcoin, and it's something that

454
00:24:42,200 --> 00:24:45,560
Speaker 8: has this really crisp story, this idea that as of tomorrow,

455
00:24:45,600 --> 00:24:48,400
Speaker 8: when the having takes place, ninety four percent of all

456
00:24:48,400 --> 00:24:51,199
Speaker 8: bitcoins that will ever exist will have been mined, and

457
00:24:51,280 --> 00:24:54,600
Speaker 8: less than one percent. We'll see less than one percent

458
00:24:54,640 --> 00:24:57,399
Speaker 8: inflation in the circulating supply of bitcoin going forward, so

459
00:24:57,400 --> 00:25:00,240
Speaker 8: that's a really powerful story I think for people, yes,

460
00:25:00,280 --> 00:25:01,200
Speaker 8: and why they're having is so.

461
00:25:01,119 --> 00:25:03,760
Speaker 4: Important tom Us, there will be a big section of

462
00:25:03,760 --> 00:25:06,399
Speaker 4: our audience watching thinking what has this got to do

463
00:25:06,520 --> 00:25:09,080
Speaker 4: with me? Is there a chance that they wake up

464
00:25:09,200 --> 00:25:13,200
Speaker 4: in global financial markets? The world has been changed by

465
00:25:13,200 --> 00:25:13,720
Speaker 4: this harving.

466
00:25:14,520 --> 00:25:16,480
Speaker 8: No, the having in of itself isn't going to be

467
00:25:16,480 --> 00:25:18,880
Speaker 8: a cataclysmic event. We're not talking about a raptor here.

468
00:25:19,400 --> 00:25:21,800
Speaker 8: But what it is doing is it's reinforcing the narrative

469
00:25:22,000 --> 00:25:25,119
Speaker 8: of bitcoin as sound money, and in our opinion, the

470
00:25:25,160 --> 00:25:28,080
Speaker 8: adoption of bitcoin and of crypto takes time. This is

471
00:25:28,119 --> 00:25:31,399
Speaker 8: something that is a very innovative technology. It's very different

472
00:25:31,400 --> 00:25:34,320
Speaker 8: from how people use money today. And so this is

473
00:25:34,359 --> 00:25:36,879
Speaker 8: something that's going to take place over five, ten years,

474
00:25:36,920 --> 00:25:37,960
Speaker 8: twenty years, et cetera.

475
00:25:38,400 --> 00:25:39,960
Speaker 2: And you're going to think of it as.

476
00:25:39,800 --> 00:25:42,520
Speaker 8: Almost like a change in culture and a change in

477
00:25:42,600 --> 00:25:45,479
Speaker 8: understanding of how people transact with one another. And so

478
00:25:45,920 --> 00:25:49,359
Speaker 8: when we think about this having in particular, nothing super special,

479
00:25:49,400 --> 00:25:52,640
Speaker 8: but again like an important milestone, particularly in this time

480
00:25:52,680 --> 00:25:54,640
Speaker 8: and age, and we love to celebrate it.

481
00:25:54,880 --> 00:25:57,640
Speaker 3: Thomas, I want to get a glimpse of what you're

482
00:25:57,720 --> 00:25:59,960
Speaker 3: seeing in this unique position over at kracken at the moment.

483
00:26:00,080 --> 00:26:03,399
Speaker 3: Because yes, the reason many have said that this harving

484
00:26:03,440 --> 00:26:06,160
Speaker 3: is unprecedented is because where crypto has been priced at before,

485
00:26:06,280 --> 00:26:08,160
Speaker 3: where Bitcoin has been at all time highs, that hasn't

486
00:26:08,200 --> 00:26:09,399
Speaker 3: happened before in the other times.

487
00:26:10,040 --> 00:26:12,560
Speaker 1: But there has been money taken off the table of late.

488
00:26:13,160 --> 00:26:18,160
Speaker 3: Why has there been new money just trying to resettle

489
00:26:18,200 --> 00:26:21,240
Speaker 3: when we have this risk occurrence, we've had geopolitical tensions,

490
00:26:21,440 --> 00:26:23,440
Speaker 3: Why do we suddenly see such a fallen price.

491
00:26:23,840 --> 00:26:26,600
Speaker 8: Yeah, so there's definitely a lot of volatility when it

492
00:26:26,600 --> 00:26:28,680
Speaker 8: comes to bitcoin in general. I wouldn't say that we've

493
00:26:28,720 --> 00:26:31,600
Speaker 8: reached any kind of peaks. So historically, if we look

494
00:26:31,640 --> 00:26:34,280
Speaker 8: at prior all time highs, we start to see these

495
00:26:34,359 --> 00:26:37,080
Speaker 8: massive sessions of all time highs, so like fifteen twenty

496
00:26:37,160 --> 00:26:39,840
Speaker 8: all time highs within a single month on a day

497
00:26:39,840 --> 00:26:41,879
Speaker 8: to day basis, and that's when you see in the

498
00:26:42,040 --> 00:26:45,040
Speaker 8: volatility peak to one hundred percent or so. With bitcoin,

499
00:26:45,080 --> 00:26:47,000
Speaker 8: we've only seen a handful of all time highs in

500
00:26:47,040 --> 00:26:49,080
Speaker 8: the last month. It is a little bit of head

501
00:26:49,080 --> 00:26:51,720
Speaker 8: of schedule versus the other three having events we've seen,

502
00:26:51,720 --> 00:26:53,600
Speaker 8: but nothing crazier out of the ordinary.

503
00:26:53,680 --> 00:26:54,879
Speaker 2: Yet, what I like to.

504
00:26:54,880 --> 00:26:57,320
Speaker 8: Think about when it comes to the price action, is

505
00:26:57,920 --> 00:27:00,760
Speaker 8: it's a momentous occasion. You will come in, they see

506
00:27:00,760 --> 00:27:02,879
Speaker 8: the price level, they're like, I want to participate, and

507
00:27:03,080 --> 00:27:04,800
Speaker 8: you get a little bit of that momentum play. But

508
00:27:05,800 --> 00:27:08,720
Speaker 8: we still have a lot of new entrants coming into space.

509
00:27:08,760 --> 00:27:11,280
Speaker 8: The Bitcoin ETF for example, twelve billion dollars a new

510
00:27:11,280 --> 00:27:14,160
Speaker 8: NetFlow coming into the cryptocurrency sector.

511
00:27:14,560 --> 00:27:15,800
Speaker 2: A whole lot of people are.

512
00:27:15,640 --> 00:27:18,119
Speaker 8: Coming in, signing up for accounts and buying bitcoin for

513
00:27:18,160 --> 00:27:20,320
Speaker 8: the first time. So this is just something you have

514
00:27:20,400 --> 00:27:22,040
Speaker 8: to kind of space out over the long term, and

515
00:27:22,080 --> 00:27:23,920
Speaker 8: you're going to have these ups and downs along the way.

516
00:27:24,840 --> 00:27:27,400
Speaker 3: More broadly, how have you been thinking about that new

517
00:27:27,400 --> 00:27:30,800
Speaker 3: inflow into Bitcoin coming into other parts of the crypto ecosystem.

518
00:27:30,840 --> 00:27:33,640
Speaker 3: What's been interesting is perhaps and the other old coins,

519
00:27:33,800 --> 00:27:37,000
Speaker 3: we've just seen a churn a movement within it, rather

520
00:27:37,080 --> 00:27:39,320
Speaker 3: than perhaps money coming into Bitcoin and then going, oh,

521
00:27:39,359 --> 00:27:41,160
Speaker 3: I'm going to play in their worlds of Salona. Now,

522
00:27:41,520 --> 00:27:44,000
Speaker 3: what do you think about that movement coming from Bitcoin

523
00:27:44,040 --> 00:27:45,440
Speaker 3: eight into the other or coins.

524
00:27:45,520 --> 00:27:48,639
Speaker 8: Yeah, these rotations ebb and flow, and it depends on

525
00:27:48,920 --> 00:27:52,040
Speaker 8: the trend at the time. And so when we see

526
00:27:52,240 --> 00:27:54,840
Speaker 8: in twenty twenty For example, we had that momentous occasion

527
00:27:54,960 --> 00:27:57,440
Speaker 8: called de five Summers, so everyone was going and playing

528
00:27:57,440 --> 00:28:00,159
Speaker 8: around with ethereum tokens, and the reason was because you

529
00:28:00,240 --> 00:28:03,560
Speaker 8: had the maturation of those applications that had been invested

530
00:28:03,560 --> 00:28:06,280
Speaker 8: in back in twenty seventeen twenty eighteen, so they were launching.

531
00:28:06,840 --> 00:28:08,920
Speaker 8: You started to see the application and the network FECs

532
00:28:08,920 --> 00:28:11,639
Speaker 8: built up from there, and then that led into rotation

533
00:28:11,720 --> 00:28:14,960
Speaker 8: into bitcoin, etc. Here we have the having event, the

534
00:28:15,119 --> 00:28:19,479
Speaker 8: US Bitcoin etf as the catalysts for people getting interested

535
00:28:19,520 --> 00:28:20,919
Speaker 8: in so bitcoin comes first.

536
00:28:21,560 --> 00:28:24,000
Speaker 2: As far as other alternative.

537
00:28:23,520 --> 00:28:27,320
Speaker 8: Currencies, whether they're tokens or other layer ones like solana ethereum.

538
00:28:27,720 --> 00:28:30,199
Speaker 8: A lot of that's driven by whatever application exists that

539
00:28:30,200 --> 00:28:33,040
Speaker 8: people are starting to really adopt early on. And one

540
00:28:33,080 --> 00:28:35,800
Speaker 8: of the interesting things, in my opinion, is that the

541
00:28:35,880 --> 00:28:38,360
Speaker 8: last cycle back in twenty one, you had tens of

542
00:28:38,360 --> 00:28:41,200
Speaker 8: billions of dollars come into the space to develop new

543
00:28:41,200 --> 00:28:44,000
Speaker 8: projects and whatnot. We're talking at this point about three

544
00:28:44,120 --> 00:28:47,560
Speaker 8: years of maturation, and so that investment cycle, we kind

545
00:28:47,560 --> 00:28:49,400
Speaker 8: of have these dark horses. We don't know exactly what

546
00:28:49,480 --> 00:28:51,479
Speaker 8: application is going to come out, but we're really excited

547
00:28:51,520 --> 00:28:54,200
Speaker 8: about it, and some stuff that's proliferating right now would

548
00:28:54,200 --> 00:28:56,560
Speaker 8: be things around like GameFi in the crypto space. So

549
00:28:56,840 --> 00:29:00,520
Speaker 8: we'll have to see from bitcoin where it goes come back.

550
00:29:00,680 --> 00:29:02,880
Speaker 3: It's been too too long time us for FuMO of

551
00:29:02,880 --> 00:29:04,200
Speaker 3: Atkrack and he's head a strategy.

552
00:29:04,520 --> 00:29:06,560
Speaker 1: We thank him for talking all things crypto with us.

553
00:29:06,600 --> 00:29:10,000
Speaker 3: Now let's talk all things IPOs because we've started to

554
00:29:10,000 --> 00:29:11,920
Speaker 3: get a few more. The CEO of I Bought A,

555
00:29:12,240 --> 00:29:14,800
Speaker 3: Brian Leach, is joining us straight from the New York

556
00:29:14,880 --> 00:29:15,760
Speaker 3: Stock Exchange.

557
00:29:16,240 --> 00:29:18,760
Speaker 1: Why have you decided that.

558
00:29:18,680 --> 00:29:21,520
Speaker 3: For your business model, which is all about giving cash

559
00:29:21,520 --> 00:29:25,200
Speaker 3: back rewards when you're purchasing groceries, maybe even your gas,

560
00:29:25,600 --> 00:29:27,920
Speaker 3: Why is it now the time to show your technology

561
00:29:27,960 --> 00:29:30,280
Speaker 3: solution on the public markets?

562
00:29:30,920 --> 00:29:31,760
Speaker 2: Thanks for having me.

563
00:29:31,920 --> 00:29:34,520
Speaker 9: We think it's the perfect time because our mission is

564
00:29:34,560 --> 00:29:38,160
Speaker 9: make every purchase rewarding. Sixty percent of Americans are living

565
00:29:38,200 --> 00:29:42,280
Speaker 9: paycheck to paycheck, Seventy five percent are financially insecure. We've

566
00:29:42,280 --> 00:29:44,680
Speaker 9: given away one point eight billion dollars to help people

567
00:29:44,720 --> 00:29:45,600
Speaker 9: make those ends meet.

568
00:29:46,440 --> 00:29:47,600
Speaker 2: We've also gotten.

569
00:29:47,320 --> 00:29:49,040
Speaker 9: To a point in our company where we've built out

570
00:29:49,040 --> 00:29:52,120
Speaker 9: a large network and are beginning to see those network effects.

571
00:29:52,280 --> 00:29:53,960
Speaker 2: We've had six straight quarters where.

572
00:29:53,760 --> 00:29:57,000
Speaker 9: We've been profitable on an adjusted ebit our basis cash

573
00:29:57,040 --> 00:29:59,600
Speaker 9: flow positive, net income positive, so we feel it's a

574
00:29:59,600 --> 00:30:01,840
Speaker 9: great time to come to the markets, raise some money,

575
00:30:01,840 --> 00:30:04,640
Speaker 9: and invest even more in our platform.

576
00:30:05,520 --> 00:30:08,720
Speaker 4: One of our social media editors, DM Martine, poses a

577
00:30:08,720 --> 00:30:12,840
Speaker 4: big picture question for you around extreme couponing. She is

578
00:30:12,840 --> 00:30:15,320
Speaker 4: a self confessed I bought a user. Is that a

579
00:30:15,360 --> 00:30:19,120
Speaker 4: story you're telling the street that it made economic difficulty

580
00:30:19,240 --> 00:30:22,680
Speaker 4: or how consumers behave extreme couponing's coming back.

581
00:30:24,360 --> 00:30:26,480
Speaker 9: It's true that there are certain people who we like

582
00:30:26,560 --> 00:30:30,000
Speaker 9: to think of as professional savers head on our platform.

583
00:30:30,120 --> 00:30:33,160
Speaker 9: Our direct to consumer app has fifty million registered users,

584
00:30:33,400 --> 00:30:35,520
Speaker 9: many of them are proud extreme savers.

585
00:30:35,760 --> 00:30:37,600
Speaker 2: However, it's also important to note.

586
00:30:37,360 --> 00:30:41,200
Speaker 9: That we power the first ever manufacturer offer cash back

587
00:30:41,280 --> 00:30:45,920
Speaker 9: program for Walmart, for Dollar General, for Family Dollar, for Kroger,

588
00:30:46,040 --> 00:30:49,360
Speaker 9: and these are much more everyday purchases occurring from people

589
00:30:49,360 --> 00:30:52,520
Speaker 9: with a lot broader type of background, not all of

590
00:30:52,520 --> 00:30:56,000
Speaker 9: whom are shopping to the sale. They're encountering these offers

591
00:30:56,040 --> 00:30:59,200
Speaker 9: as they're searching for products online, as they're building a basket,

592
00:30:59,240 --> 00:31:01,760
Speaker 9: and we're able to move markets for the largest brands

593
00:31:01,800 --> 00:31:04,360
Speaker 9: in the world. So it's a combination. But I do

594
00:31:04,400 --> 00:31:07,560
Speaker 9: think that in environments that are like this one inflationary

595
00:31:08,280 --> 00:31:12,120
Speaker 9: as well as every day environments, it's always something that's relevant.

596
00:31:12,160 --> 00:31:14,880
Speaker 9: You know, people shop for groceries one point six times

597
00:31:14,960 --> 00:31:17,680
Speaker 9: a week. Eighty seven percent of Americans use at least

598
00:31:18,120 --> 00:31:20,480
Speaker 9: one coupon a year on their groceries, so it's not

599
00:31:20,520 --> 00:31:23,320
Speaker 9: a discretionary category and it's relevant in all climates.

600
00:31:23,800 --> 00:31:25,680
Speaker 3: You took a risk coming to the market at this moment,

601
00:31:25,680 --> 00:31:26,960
Speaker 3: and it looks like it's going to be paying off.

602
00:31:26,960 --> 00:31:29,040
Speaker 3: Your shares indicated at one hundred and seven hundred and

603
00:31:29,080 --> 00:31:30,880
Speaker 3: twelve being reported at the moment.

604
00:31:30,920 --> 00:31:32,240
Speaker 1: You priced at eighty eight.

605
00:31:32,400 --> 00:31:35,800
Speaker 3: So having marketed below that, there's been real interest in

606
00:31:35,840 --> 00:31:36,680
Speaker 3: your company.

607
00:31:36,960 --> 00:31:39,240
Speaker 1: Tell us the marketing pitch now.

608
00:31:39,280 --> 00:31:42,720
Speaker 3: Because you are very integral within a relationship to Walmart,

609
00:31:43,080 --> 00:31:48,080
Speaker 3: can you therefore get other big grocery stage practitioners on board.

610
00:31:48,320 --> 00:31:50,880
Speaker 3: Can you white label for others out there at the moment?

611
00:31:52,000 --> 00:31:55,480
Speaker 9: Absolutely, Caroline, We've already begun to build a network with

612
00:31:55,680 --> 00:31:59,040
Speaker 9: Walmart at the center. They are strategic investors in Ibada,

613
00:31:59,120 --> 00:32:03,560
Speaker 9: but we also have Kroger Dollar, General Family, Dollar, Exxon

614
00:32:03,720 --> 00:32:07,000
Speaker 9: Shell and app Card, which represents over three hundred other

615
00:32:07,040 --> 00:32:11,240
Speaker 9: grocery retailers using our network to pull in rewards content on.

616
00:32:11,200 --> 00:32:12,400
Speaker 2: A white label basis.

617
00:32:12,720 --> 00:32:14,520
Speaker 9: We think that that's going to be a very broad

618
00:32:14,560 --> 00:32:17,520
Speaker 9: and attractive network, and it's really a network effect business.

619
00:32:17,560 --> 00:32:20,000
Speaker 9: The more of these publishers sign up, the more we're

620
00:32:20,000 --> 00:32:22,920
Speaker 9: able to attract advertisers to bring offers in, the more

621
00:32:22,960 --> 00:32:25,000
Speaker 9: we're able to fulfill our mission on behalf of the

622
00:32:25,080 --> 00:32:27,680
Speaker 9: end consumer, which is to make every purchase rewarding.

623
00:32:28,600 --> 00:32:30,960
Speaker 4: Brian, what's the Ibada AI story.

624
00:32:32,520 --> 00:32:32,960
Speaker 2: That's right?

625
00:32:33,120 --> 00:32:35,840
Speaker 9: AI is critical to the future of Ibada. We are

626
00:32:35,840 --> 00:32:39,239
Speaker 9: really helping to create a next generation platform for what

627
00:32:39,240 --> 00:32:42,560
Speaker 9: we call performance marketing, meaning we don't charge for impressions

628
00:32:42,560 --> 00:32:45,400
Speaker 9: and clicks. We only get paid when our clients sell

629
00:32:45,400 --> 00:32:48,120
Speaker 9: a product. They want to put the right offer with

630
00:32:48,240 --> 00:32:50,360
Speaker 9: the right amount in front of the right consumer at

631
00:32:50,360 --> 00:32:53,440
Speaker 9: the right time. Gone are the days of your grandmother's coupon.

632
00:32:53,680 --> 00:32:56,040
Speaker 9: This is not a one size fits all solution. The

633
00:32:56,120 --> 00:32:59,360
Speaker 9: level of sophistication we have is because forty five percent

634
00:32:59,360 --> 00:33:02,239
Speaker 9: of our eight hundred employees are technologists and we've been

635
00:33:02,240 --> 00:33:05,840
Speaker 9: doing AI for years, using it to find personalization algorithms,

636
00:33:05,880 --> 00:33:08,240
Speaker 9: machine learning, and we'll continue to invest.

637
00:33:07,920 --> 00:33:11,640
Speaker 3: In that ED, we want to be thank you. I

638
00:33:11,720 --> 00:33:15,200
Speaker 3: bought a CEO Ran Leach, thank you so much. Meanwhile,

639
00:33:15,240 --> 00:33:17,320
Speaker 3: coming up, well, we're going to be talking to a company, ED.

640
00:33:17,520 --> 00:33:18,480
Speaker 3: Who are we gonna be speaking with?

641
00:33:19,640 --> 00:33:23,320
Speaker 4: The Maving Clinic CEO Kate Ryder. Big expansion on a

642
00:33:23,320 --> 00:33:26,640
Speaker 4: fertility program, really impoort New York City conversation is coming

643
00:33:26,720 --> 00:33:28,880
Speaker 4: up next Carriage and stock Marketing news.

644
00:33:29,120 --> 00:33:31,120
Speaker 3: Yeah, this is a company that you know we're just

645
00:33:31,160 --> 00:33:34,920
Speaker 3: talking about IPOs. There one that opod not long ago,

646
00:33:35,240 --> 00:33:37,440
Speaker 3: not more than a few years ago, is thinking about

647
00:33:37,440 --> 00:33:40,680
Speaker 3: actually going private twenty three and meters speaking with Jaki

648
00:33:40,800 --> 00:33:42,960
Speaker 3: of course, the woman behind this business that more than

649
00:33:43,280 --> 00:33:46,600
Speaker 3: almost fifty percent reports that look, she's not liking it

650
00:33:46,680 --> 00:33:48,360
Speaker 3: being undervalued in the public markets.

651
00:33:48,440 --> 00:33:49,920
Speaker 1: We see a pop on the idea that it might

652
00:33:49,960 --> 00:33:51,520
Speaker 1: be taking private. This is Groom Meg.

653
00:33:51,440 --> 00:34:04,960
Speaker 3: Technology, New York Tech Unicorn Maven Clinic, it's the largest

654
00:34:05,040 --> 00:34:08,359
Speaker 3: virtual clinic for women and family health announced that there's

655
00:34:08,400 --> 00:34:11,560
Speaker 3: expanding it's award winning fertility and family building program. The company,

656
00:34:11,600 --> 00:34:13,879
Speaker 3: which is founded back in twenty fourteen, it's raised three

657
00:34:13,960 --> 00:34:17,280
Speaker 3: hundred million dollars. They're about investors including General Catalyst, Sequoya

658
00:34:17,280 --> 00:34:19,480
Speaker 3: Looks Capital, to name but a few, and well peace

659
00:34:19,520 --> 00:34:21,440
Speaker 3: to welcome to the show. Mavin Clinic founder and CEO

660
00:34:21,600 --> 00:34:24,359
Speaker 3: Kate Ryder for more and Kate, You've got more than

661
00:34:24,400 --> 00:34:27,239
Speaker 3: two thousand clients using your product, and I want to

662
00:34:27,280 --> 00:34:29,799
Speaker 3: understand when you go to them and say, this is

663
00:34:29,840 --> 00:34:32,120
Speaker 3: the benefit that you're going to garner by offering this,

664
00:34:32,239 --> 00:34:32,680
Speaker 3: what is it?

665
00:34:33,640 --> 00:34:35,920
Speaker 10: Well, you know, clients right now are really interested in

666
00:34:35,960 --> 00:34:38,319
Speaker 10: supporting their working families, and so I think it's been

667
00:34:38,360 --> 00:34:41,400
Speaker 10: you know, COVID was certainly a moment where working families

668
00:34:41,440 --> 00:34:44,320
Speaker 10: were really stretched. And I think in general, women's health,

669
00:34:44,760 --> 00:34:48,560
Speaker 10: whether it's fertility, whether it's pregnancy, menopause, is just an

670
00:34:48,560 --> 00:34:52,680
Speaker 10: area that has been so underfunded, underserved from an experience standpoint,

671
00:34:52,680 --> 00:34:55,560
Speaker 10: that employers really lean in to support these journeys.

672
00:34:55,600 --> 00:34:57,080
Speaker 1: And so they can do that with MEMN so.

673
00:34:57,040 --> 00:35:00,239
Speaker 3: They can understand that they get talent talent acquisition to

674
00:35:00,280 --> 00:35:03,919
Speaker 3: have retention of gen z and millennial. But already statistics

675
00:35:03,920 --> 00:35:06,240
Speaker 3: you give clients like this is the return on investment

676
00:35:06,280 --> 00:35:07,880
Speaker 3: you get when bringing in Mayven Clinic.

677
00:35:08,160 --> 00:35:10,400
Speaker 10: Oh yeah, I mean fertility and maternity as a bundle

678
00:35:10,440 --> 00:35:12,279
Speaker 10: are often one of the top health care costs that

679
00:35:12,320 --> 00:35:15,000
Speaker 10: employers face and so with us, we're a triple bottom

680
00:35:15,040 --> 00:35:17,440
Speaker 10: line business. Number One, we can reduce costs and one

681
00:35:17,480 --> 00:35:20,160
Speaker 10: of the most costly areas of healthcare. Number two, we

682
00:35:20,239 --> 00:35:23,160
Speaker 10: can help attract and retain some of the most important talent.

683
00:35:23,200 --> 00:35:25,960
Speaker 10: I mean, forty five percent of workers say that they

684
00:35:26,120 --> 00:35:28,800
Speaker 10: really look for the fertility benefits and family building benefits

685
00:35:28,800 --> 00:35:30,759
Speaker 10: at companies today to see how they're going to be

686
00:35:30,800 --> 00:35:33,400
Speaker 10: cared for. And number three, from an equity lens and

687
00:35:33,400 --> 00:35:36,640
Speaker 10: a health equity lens, you know, employers can really lean

688
00:35:36,640 --> 00:35:38,960
Speaker 10: in here and solve some of I think our healthcare

689
00:35:38,960 --> 00:35:42,160
Speaker 10: system's biggest challenges when it comes to supporting you know,

690
00:35:42,200 --> 00:35:43,800
Speaker 10: women and families on these journeys.

691
00:35:44,040 --> 00:35:46,320
Speaker 3: Challenges being where do I get this sort of advice?

692
00:35:46,400 --> 00:35:48,479
Speaker 3: How do I get it for both men and women?

693
00:35:48,520 --> 00:35:50,919
Speaker 3: And indeed, how do I get the right, truthful, right

694
00:35:51,000 --> 00:35:55,400
Speaker 3: advice The business that you'll building, I mean, Boyce is

695
00:35:55,400 --> 00:35:56,040
Speaker 3: twenty fourteen.

696
00:35:56,080 --> 00:35:58,640
Speaker 1: We have been through some different economic environments. How is

697
00:35:58,640 --> 00:35:59,040
Speaker 1: it going.

698
00:35:59,080 --> 00:36:02,160
Speaker 3: How you seeing adoption in the US and indeed from

699
00:36:02,200 --> 00:36:03,160
Speaker 3: international businesses.

700
00:36:03,239 --> 00:36:05,239
Speaker 10: Yeah, Well, we grew our revenue to ninety five percent

701
00:36:05,320 --> 00:36:06,879
Speaker 10: last year, and so even though it was a year

702
00:36:06,880 --> 00:36:08,560
Speaker 10: where I think there was a lot of uncertainty about

703
00:36:08,560 --> 00:36:11,960
Speaker 10: the macroeconomy. This is still an area where employers and

704
00:36:12,000 --> 00:36:14,799
Speaker 10: health plans are really leaning in because again there's just

705
00:36:14,840 --> 00:36:17,400
Speaker 10: so much catch up to do. Twelve percent of our

706
00:36:17,440 --> 00:36:20,120
Speaker 10: member base is international, and so that's another big area

707
00:36:20,120 --> 00:36:23,880
Speaker 10: that we're seeing continued growth in. You know, the a

708
00:36:23,960 --> 00:36:27,480
Speaker 10: multinational is looking to bring again that equitable lens to

709
00:36:27,560 --> 00:36:30,480
Speaker 10: family building and across the world. It's you know, that's

710
00:36:30,520 --> 00:36:32,799
Speaker 10: really different whether you're in a public system, what the

711
00:36:32,840 --> 00:36:35,480
Speaker 10: regulations are, and so how do you how do you

712
00:36:35,520 --> 00:36:38,000
Speaker 10: bring that same access to everybody? And so you know,

713
00:36:38,040 --> 00:36:40,840
Speaker 10: we work, we were we were we were talking with

714
00:36:40,880 --> 00:36:44,560
Speaker 10: our client Amazon about our global family building benefit with

715
00:36:44,560 --> 00:36:47,000
Speaker 10: them and our partnership over the summer, and so we

716
00:36:47,280 --> 00:36:48,520
Speaker 10: work with a lot of companies like that.

717
00:36:48,800 --> 00:36:50,719
Speaker 3: Having birthed in the UK and the US, I can

718
00:36:50,800 --> 00:36:54,399
Speaker 3: attest the slightly different talking about your business stuff.

719
00:36:54,400 --> 00:36:56,840
Speaker 1: Well, we just had a border on they've just gone public.

720
00:36:57,040 --> 00:36:58,279
Speaker 1: How much all the.

721
00:36:58,320 --> 00:37:00,600
Speaker 3: Companies that are invested in you, the VS see saying

722
00:37:00,640 --> 00:37:02,640
Speaker 3: hey you ordering so what with a ninety five percent

723
00:37:02,719 --> 00:37:05,520
Speaker 3: increase in revenue last year that you were able to say, look,

724
00:37:05,560 --> 00:37:07,200
Speaker 3: we're almost profitable, we should be going.

725
00:37:07,040 --> 00:37:09,440
Speaker 10: Public or you're like, no, no, wait, wait this up, well

726
00:37:10,200 --> 00:37:13,600
Speaker 10: not this year, but you know, I think that it's

727
00:37:13,600 --> 00:37:16,000
Speaker 10: certainly where we would like to end up. You know,

728
00:37:16,080 --> 00:37:17,880
Speaker 10: for us, we're really lucky to have a board that

729
00:37:17,920 --> 00:37:21,200
Speaker 10: really sees the long term and so we're certainly headed

730
00:37:21,200 --> 00:37:24,000
Speaker 10: in that direction. But I think we there's just there's

731
00:37:24,040 --> 00:37:26,000
Speaker 10: a lot of products we're still launching at the moment,

732
00:37:26,160 --> 00:37:28,359
Speaker 10: and you know, the markets are different these days than

733
00:37:28,400 --> 00:37:31,200
Speaker 10: they were three years ago, and so we would you know,

734
00:37:31,239 --> 00:37:34,000
Speaker 10: we're holding ourselves to a very high standard so for

735
00:37:34,120 --> 00:37:36,040
Speaker 10: when we get to the public markets will continue to

736
00:37:36,080 --> 00:37:38,560
Speaker 10: grow versus I think what's happened in the past with

737
00:37:38,600 --> 00:37:41,240
Speaker 10: some companies where after the six month b lockup ends,

738
00:37:41,280 --> 00:37:43,480
Speaker 10: you know, the share price kind of falls.

739
00:37:44,080 --> 00:37:45,600
Speaker 1: And what about competition?

740
00:37:46,920 --> 00:37:49,880
Speaker 10: Competition? I mean, honestly, our biggest competition is still the

741
00:37:49,920 --> 00:37:50,520
Speaker 10: status quo.

742
00:37:51,320 --> 00:37:51,480
Speaker 2: You know.

743
00:37:51,600 --> 00:37:54,520
Speaker 10: There there it's hard to change a build a category

744
00:37:54,560 --> 00:37:57,400
Speaker 10: and change mindset and you know, that's what we've been

745
00:37:57,480 --> 00:38:00,279
Speaker 10: working on for ten years. And I feel like five

746
00:38:00,280 --> 00:38:02,200
Speaker 10: percent and run the way into the product romot. But

747
00:38:02,200 --> 00:38:04,719
Speaker 10: but yeah, I would say satus Quo is the biggest,

748
00:38:05,120 --> 00:38:08,880
Speaker 10: the biggest challenge, and it's something that you know as

749
00:38:08,880 --> 00:38:12,600
Speaker 10: we continue to see more brand awareness and more celebrities

750
00:38:12,719 --> 00:38:19,000
Speaker 10: and more member stories around why fertility benefits matter, why menopause, pregnancy, pediatrics.

751
00:38:19,520 --> 00:38:21,960
Speaker 10: You know that that's that's that's really helpful.

752
00:38:22,719 --> 00:38:23,359
Speaker 1: It takes a while.

753
00:38:23,480 --> 00:38:25,839
Speaker 3: It's just shift a mindset. We thank you for coming

754
00:38:25,880 --> 00:38:28,680
Speaker 3: on talking all about it. As new products get rolled out,

755
00:38:28,800 --> 00:38:32,000
Speaker 3: name in clinic founder and CEO, Kate Rider, we thank her.

756
00:38:39,440 --> 00:38:41,440
Speaker 1: Congress it's on fast track.

757
00:38:41,280 --> 00:38:44,520
Speaker 3: To approve a bill aimed at forcing TikTok's Chinese parent

758
00:38:44,560 --> 00:38:49,240
Speaker 3: that's White Dance to divest it's controversial ownership stake or indeed,

759
00:38:49,400 --> 00:38:51,480
Speaker 3: you know, we'll have to see an exit of the business.

760
00:38:51,560 --> 00:38:54,799
Speaker 3: Let's bring in Bloomberg's Alex Brunker for all the details. Now,

761
00:38:55,000 --> 00:38:58,080
Speaker 3: this suddenly injects new life into this conversation we're having

762
00:38:58,120 --> 00:39:00,239
Speaker 3: a lot a month or so ago. The how is

763
00:39:00,239 --> 00:39:03,000
Speaker 3: looking at fast tracking it by tying it to well

764
00:39:03,120 --> 00:39:07,360
Speaker 3: relief or money towards Ukraine and indeed towards Israel.

765
00:39:07,440 --> 00:39:09,560
Speaker 1: Correct, that's exactly right.

766
00:39:09,600 --> 00:39:12,200
Speaker 11: We had a prior bill that did basically the same

767
00:39:12,239 --> 00:39:14,239
Speaker 11: thing that this one looks to do pass in the

768
00:39:14,280 --> 00:39:17,560
Speaker 11: House already. It ran into some pushback from senators who

769
00:39:17,600 --> 00:39:20,240
Speaker 11: thought that the timeline for divestiture was too short.

770
00:39:20,480 --> 00:39:21,799
Speaker 1: So what House Speaker.

771
00:39:21,480 --> 00:39:23,799
Speaker 11: Mike Johnson has done is basically put this in a

772
00:39:23,800 --> 00:39:26,920
Speaker 11: wrapper with really key items like aid for Ukraine and

773
00:39:27,000 --> 00:39:29,560
Speaker 11: aid for Israel, things that appeal to both sides of

774
00:39:29,600 --> 00:39:33,080
Speaker 11: the aisle, and made some of those changes. They've extended

775
00:39:33,280 --> 00:39:37,040
Speaker 11: the deliberation period for a divestiture to kind of satiate

776
00:39:37,080 --> 00:39:38,880
Speaker 11: some of the concerns from key senators.

777
00:39:38,880 --> 00:39:40,000
Speaker 1: So we do.

778
00:39:40,040 --> 00:39:43,000
Speaker 11: Expect this to be voted on on Saturday. We do

779
00:39:43,120 --> 00:39:46,239
Speaker 11: believe that this will pass the House again in this

780
00:39:46,320 --> 00:39:50,400
Speaker 11: wrapper of bills, and in a very DC fashion the

781
00:39:50,480 --> 00:39:54,040
Speaker 11: Senate and Joe Biden said they would both quickly take

782
00:39:54,080 --> 00:39:56,360
Speaker 11: this effort up if it passes the House on Saturday.

783
00:39:57,480 --> 00:40:00,480
Speaker 4: I think there's just still so many questions how this

784
00:40:00,520 --> 00:40:03,719
Speaker 4: would work, whether it's next month, next year. You make

785
00:40:03,719 --> 00:40:06,880
Speaker 4: a really interesting observation in your Tech Daily that the

786
00:40:06,960 --> 00:40:10,080
Speaker 4: concern is Chinese interference, which is you write, is largely

787
00:40:10,160 --> 00:40:14,280
Speaker 4: hypothetical at this point. So TikTok's face with a divest

788
00:40:14,360 --> 00:40:17,200
Speaker 4: or ban. You and I reported last month of the

789
00:40:17,239 --> 00:40:19,480
Speaker 4: month before that the company's position is we're just not

790
00:40:19,520 --> 00:40:20,120
Speaker 4: going to do it.

791
00:40:21,880 --> 00:40:22,359
Speaker 1: That's right.

792
00:40:22,480 --> 00:40:26,640
Speaker 11: They will push for legal challenges before this becomes a

793
00:40:26,719 --> 00:40:31,120
Speaker 11: divestiture situation. Byte Dan certainly does not want to actually

794
00:40:31,160 --> 00:40:34,680
Speaker 11: carve out this really valuable asset, and I do expect

795
00:40:34,719 --> 00:40:37,920
Speaker 11: that in that year long almost a year that they

796
00:40:37,960 --> 00:40:41,080
Speaker 11: would have to fight this or figure out some kind

797
00:40:41,120 --> 00:40:43,560
Speaker 11: of separation, they will be fighting tooth and nail. We've

798
00:40:43,600 --> 00:40:45,880
Speaker 11: heard from the company that they plan on leaning into

799
00:40:45,960 --> 00:40:49,520
Speaker 11: a First Amendment argument. I'm sure that both them and

800
00:40:49,560 --> 00:40:53,040
Speaker 11: their supporters will be picking apart the specific language of

801
00:40:53,080 --> 00:40:55,319
Speaker 11: the bill because ed as we wrote back then, this

802
00:40:55,440 --> 00:40:59,080
Speaker 11: still remains a really unprecedented situation to have such a

803
00:40:59,160 --> 00:41:04,040
Speaker 11: large consumer tech company actually forced to separate from its

804
00:41:04,040 --> 00:41:08,239
Speaker 11: owner by any country, particularly the US, where the social

805
00:41:08,320 --> 00:41:10,720
Speaker 11: media industry kind of has its home.

806
00:41:11,160 --> 00:41:14,759
Speaker 4: In TikTok's competitors, and what if there's a ban. You

807
00:41:14,960 --> 00:41:17,880
Speaker 4: cite some data for the Center for Economic Policy Research

808
00:41:18,400 --> 00:41:22,560
Speaker 4: that you'd literally have to pay college students, as an example,

809
00:41:22,960 --> 00:41:24,480
Speaker 4: to delete the app from their phone.

810
00:41:25,600 --> 00:41:26,040
Speaker 1: That's right.

811
00:41:26,160 --> 00:41:29,239
Speaker 11: They say fifty nine dollars a month or over seven

812
00:41:29,360 --> 00:41:31,799
Speaker 11: hundred dollars a year is what you'd have to pay them.

813
00:41:32,040 --> 00:41:34,120
Speaker 11: That's no small dollar amount for a college student.

814
00:41:34,280 --> 00:41:35,719
Speaker 1: But this ban is actually.

815
00:41:35,400 --> 00:41:38,480
Speaker 11: Not going to be paying its users to relinquish TikTok.

816
00:41:38,520 --> 00:41:41,120
Speaker 11: It's almost a payment in kind. Congress is saying we'll

817
00:41:41,160 --> 00:41:44,239
Speaker 11: protect you from this kind of invisible existential threat of

818
00:41:44,360 --> 00:41:49,239
Speaker 11: China and their potential influence or data hoovering capabilities. So

819
00:41:49,520 --> 00:41:52,080
Speaker 11: I do expect that folks could be pretty upset. But

820
00:41:52,440 --> 00:41:55,480
Speaker 11: with the new deadline, there's an important distinction in timing.

821
00:41:55,800 --> 00:41:59,200
Speaker 11: Had the original bill passed along this same timeframe, had

822
00:41:59,239 --> 00:42:02,239
Speaker 11: sent it, passed the bill and Biden signed it into law,

823
00:42:02,560 --> 00:42:05,760
Speaker 11: that deadline for a divestiture would have come right around

824
00:42:05,880 --> 00:42:09,760
Speaker 11: the election. With this extension and timing, this actually pushes

825
00:42:09,800 --> 00:42:14,480
Speaker 11: that decision into the next presidential administration past the election.

826
00:42:14,719 --> 00:42:17,800
Speaker 11: And I'm sure that politicians don't want to be making

827
00:42:17,840 --> 00:42:20,399
Speaker 11: the argument right around election day to their important young

828
00:42:20,440 --> 00:42:24,560
Speaker 11: constituents why they shouldn't be, you know, looked at negatively

829
00:42:24,880 --> 00:42:27,640
Speaker 11: if they in fact voted to pass this bill.

830
00:42:28,200 --> 00:42:31,400
Speaker 3: Alex Brunke bringing it to us and in her Tech Daily,

831
00:42:31,600 --> 00:42:32,120
Speaker 3: go read it.

832
00:42:32,200 --> 00:42:33,200
Speaker 1: We thank you so much.

833
00:42:33,640 --> 00:42:36,600
Speaker 3: Meanwhile, that does it for this incredibly busy edition of

834
00:42:36,600 --> 00:42:37,680
Speaker 3: Bloomberg Technology Yet.

835
00:42:38,040 --> 00:42:40,200
Speaker 4: Yeah, lots of recap in the podcast. You know where

836
00:42:40,200 --> 00:42:42,560
Speaker 4: to find it. On the Bloomberg platforms, as well as

837
00:42:42,560 --> 00:42:46,480
Speaker 4: on Apple, Spotify, and iHeart. From New York City and

838
00:42:46,520 --> 00:42:48,960
Speaker 4: San Francisco, this is Bloomberg technology.