1
00:00:03,520 --> 00:00:06,880
Speaker 1: From the heart of where innovation, money and power collive

2
00:00:07,640 --> 00:00:12,159
Speaker 1: in Silicon Valley and beyond. This is Bloomberg Technology with

3
00:00:12,240 --> 00:00:28,040
Speaker 1: Emily Jay. I'm Emily Changing in San Francisco, and this

4
00:00:28,080 --> 00:00:30,720
Speaker 1: is Bloomberg Technology coming up in the next hour, from

5
00:00:30,760 --> 00:00:34,640
Speaker 1: Google to Macy's, instatcart and Walmart. The power players of

6
00:00:34,680 --> 00:00:37,000
Speaker 1: retail and those trying to break in are gathered at

7
00:00:37,000 --> 00:00:39,760
Speaker 1: shop Talk in Las Vegas to talk about the future

8
00:00:39,760 --> 00:00:44,720
Speaker 1: of commerce as interest rates and inflation squeeze consumer pocketbooks.

9
00:00:44,720 --> 00:00:48,640
Speaker 1: We will take you there live plus the slap seeing

10
00:00:48,640 --> 00:00:52,280
Speaker 1: around the world. Will Smith smacking Chris Rock at the Oscars,

11
00:00:52,360 --> 00:00:57,000
Speaker 1: overshadowing his own oscar, women sparking memes for day, maybe decades.

12
00:00:57,320 --> 00:01:00,640
Speaker 1: We'll have a report from Hollywood. I the future of

13
00:01:00,720 --> 00:01:03,800
Speaker 1: gene editing and biotechnology. We will speak about the promise

14
00:01:03,880 --> 00:01:06,880
Speaker 1: of new science in a post COVID world with Nobel

15
00:01:06,959 --> 00:01:10,760
Speaker 1: Prize winner Jennifer Down. Now, all of that in a moment,

16
00:01:10,760 --> 00:01:12,360
Speaker 1: but first it's going to look at the market and

17
00:01:12,400 --> 00:01:14,920
Speaker 1: tech stuck starting the week on a high. Are at

18
00:01:14,959 --> 00:01:17,600
Speaker 1: Ludlow here with the big movers, and yeah, we've got

19
00:01:17,600 --> 00:01:20,480
Speaker 1: this continuation of the risk on sentiment we've seen particularly

20
00:01:20,480 --> 00:01:22,520
Speaker 1: in equity markets over the last two weeks. You look

21
00:01:22,560 --> 00:01:24,360
Speaker 1: at it then as that one d up one point

22
00:01:24,360 --> 00:01:27,760
Speaker 1: six percent to its highest level in more than six weeks.

23
00:01:27,760 --> 00:01:29,640
Speaker 1: And it's interesting. I put bitcoin on there as well.

24
00:01:29,640 --> 00:01:33,160
Speaker 1: It's around forty eight thousand dollars per token token. It's

25
00:01:33,160 --> 00:01:35,080
Speaker 1: been a little under the radar, but we're the highest

26
00:01:35,160 --> 00:01:37,839
Speaker 1: level of the year two on bitcoin, and it's also

27
00:01:38,040 --> 00:01:41,440
Speaker 1: raised it's year to date losses, So real momentum there.

28
00:01:41,440 --> 00:01:44,600
Speaker 1: And you've got a flag oil not necessarily directly related

29
00:01:44,680 --> 00:01:47,720
Speaker 1: to tech, but oil down sharply Monday. You see futures

30
00:01:47,760 --> 00:01:50,880
Speaker 1: for W two. I what West Texas Intermediate down seven

31
00:01:50,920 --> 00:01:54,160
Speaker 1: percent below ten dollars per barrel. But there's now a

32
00:01:54,240 --> 00:01:57,920
Speaker 1: narrative around the question on global consumption, particularly China, the

33
00:01:57,920 --> 00:02:01,520
Speaker 1: biggest consumer of energy products. Of course, m coming me,

34
00:02:01,800 --> 00:02:05,400
Speaker 1: bobow terminal. Every so often a chart comes along, and

35
00:02:05,440 --> 00:02:07,840
Speaker 1: I want to talk about Apple. Just look at this chart.

36
00:02:08,320 --> 00:02:11,520
Speaker 1: Apple up on Monday for the tenth consecutive day. It's

37
00:02:11,600 --> 00:02:15,640
Speaker 1: longest streak of gains since October two thousand and ten.

38
00:02:16,520 --> 00:02:18,800
Speaker 1: Let that thinking, I'll let you have that sink in

39
00:02:18,840 --> 00:02:21,320
Speaker 1: for a moment. And that's despite a report from Nicka

40
00:02:21,880 --> 00:02:25,760
Speaker 1: that Apple's cut production of its iPhone sc by because

41
00:02:25,760 --> 00:02:28,959
Speaker 1: of waning demand, waning demand because of inflation, the conflicts

42
00:02:28,960 --> 00:02:32,240
Speaker 1: in Ukraine, and investors they didn't seem to mind. The

43
00:02:32,360 --> 00:02:34,760
Speaker 1: rapid streak that's been going on in mega tech continues

44
00:02:34,800 --> 00:02:37,760
Speaker 1: and Apple really leading that charge. Also worth noting very quickly,

45
00:02:37,800 --> 00:02:40,160
Speaker 1: the Amazon is now positive year today as well. So

46
00:02:40,240 --> 00:02:43,600
Speaker 1: despite that narrative about higher rates, really seeing investors look

47
00:02:43,639 --> 00:02:47,280
Speaker 1: real close at megacap tech stucks are looking well quickly.

48
00:02:47,320 --> 00:02:49,640
Speaker 1: Some movers Tesla up eight percent. We're gonna talk about

49
00:02:49,639 --> 00:02:51,840
Speaker 1: this later in the show. It's gonna ask investors at

50
00:02:51,840 --> 00:02:54,680
Speaker 1: this annual meeting for another stock split, the second in

51
00:02:54,760 --> 00:02:57,920
Speaker 1: two years. Hping up three percent after a three billion

52
00:02:57,919 --> 00:03:00,440
Speaker 1: dollar all cash deal to buy Polly. This is one

53
00:03:00,440 --> 00:03:03,320
Speaker 1: of the makers of remote work tools like headsets and

54
00:03:03,440 --> 00:03:05,440
Speaker 1: video cameras. An interesting all cash deal for them. But

55
00:03:05,480 --> 00:03:11,160
Speaker 1: you see investors taking negatively and lass amc entertainment up end.

56
00:03:11,240 --> 00:03:15,359
Speaker 1: Do you know why why? No idea means talks about Alright,

57
00:03:15,520 --> 00:03:19,160
Speaker 1: thank you Ed. Always love those history lessons, appreciate it well.

58
00:03:19,200 --> 00:03:21,920
Speaker 1: This week we are in Las Vegas at Shoptop where

59
00:03:21,960 --> 00:03:24,520
Speaker 1: thousands of retail moguls are coming together to talk about

60
00:03:24,520 --> 00:03:28,079
Speaker 1: the future of retail. The agenda covering the latest tech

61
00:03:28,160 --> 00:03:31,560
Speaker 1: and trends from apparel and electronics to beauty and grocery.

62
00:03:31,960 --> 00:03:34,440
Speaker 1: Connie Chance, general partner at entries in Horowitz, is in

63
00:03:34,720 --> 00:03:38,240
Speaker 1: Vegas at the conference and joins us Now Live. Connie, you,

64
00:03:38,240 --> 00:03:40,360
Speaker 1: we're a speaker on stage today, and I'm curious, what

65
00:03:40,400 --> 00:03:42,640
Speaker 1: are some of the key themes and trends your most

66
00:03:42,640 --> 00:03:46,360
Speaker 1: bullish on From day one? I mean, the energy here

67
00:03:46,560 --> 00:03:49,280
Speaker 1: is so high. Everyone is talking about how to leverage

68
00:03:49,320 --> 00:03:52,120
Speaker 1: more technology. One of the key trends I'm hearing all

69
00:03:52,160 --> 00:03:55,480
Speaker 1: retailers talk about is how to use more video going forward.

70
00:03:55,920 --> 00:03:58,960
Speaker 1: That could be a combination of short video, long video,

71
00:03:59,440 --> 00:04:03,680
Speaker 1: live video. Lots of retailers are asking questions about these topics,

72
00:04:03,680 --> 00:04:06,120
Speaker 1: how to find the right hosts, the right seller to

73
00:04:06,200 --> 00:04:08,920
Speaker 1: host these videos. But there's a lot of talk about

74
00:04:08,960 --> 00:04:13,559
Speaker 1: just incorporating more technology and to our everyday shopping experiences.

75
00:04:13,960 --> 00:04:18,000
Speaker 1: That said, we're looking at inflation, we're looking at interest rates.

76
00:04:18,040 --> 00:04:21,279
Speaker 1: All of us is really putting pressure on consumers. How

77
00:04:21,320 --> 00:04:24,919
Speaker 1: are retail companies dealing with this and how are consumers

78
00:04:24,960 --> 00:04:28,919
Speaker 1: going to respond? I think retailers are thinking about how

79
00:04:28,960 --> 00:04:33,359
Speaker 1: to decrease the space between brand, retail and customer, to

80
00:04:33,440 --> 00:04:38,039
Speaker 1: foster more brand loyalty, to deliver better customer experiences, to

81
00:04:38,120 --> 00:04:40,520
Speaker 1: make sure customers have more confidence and the things they

82
00:04:40,520 --> 00:04:44,039
Speaker 1: buy before they purchase them, and so examples like using

83
00:04:44,120 --> 00:04:47,560
Speaker 1: video or using personalized chat or having these one on

84
00:04:47,560 --> 00:04:51,200
Speaker 1: one expert recommendations are always that brands can make sure

85
00:04:51,240 --> 00:04:56,200
Speaker 1: that consumers are more confident in their purchases. Now, your

86
00:04:56,240 --> 00:04:59,640
Speaker 1: panel today focused on China as a global e commerce player,

87
00:04:59,760 --> 00:05:02,680
Speaker 1: and we know that you know, in the Chinese economy,

88
00:05:02,839 --> 00:05:05,800
Speaker 1: Chinese shopping economy, there are so many different kinds of

89
00:05:05,839 --> 00:05:08,839
Speaker 1: experiences that have yet to sort of translate to a

90
00:05:08,839 --> 00:05:11,720
Speaker 1: global audience. Talk to us about what you see there

91
00:05:11,720 --> 00:05:14,000
Speaker 1: that has the most promise and whether or not you

92
00:05:14,040 --> 00:05:16,839
Speaker 1: see some of these trends catching on around the world.

93
00:05:17,720 --> 00:05:20,400
Speaker 1: For sure, I'd say the biggest e commerce trend in

94
00:05:20,480 --> 00:05:24,080
Speaker 1: China over the last two three years would be live shopping.

95
00:05:24,480 --> 00:05:27,160
Speaker 1: Live shopping has taken China by storm and it's really

96
00:05:27,240 --> 00:05:29,520
Speaker 1: changed the way lots of brands and retailers are even

97
00:05:29,560 --> 00:05:32,400
Speaker 1: thinking about their marketing budgets. And so you can buy

98
00:05:32,520 --> 00:05:36,320
Speaker 1: everything on live video and China. Now everything from medical

99
00:05:36,360 --> 00:05:41,360
Speaker 1: procedures to clothing to fruit farming. Anything you can think

100
00:05:41,400 --> 00:05:44,560
Speaker 1: of that can be purchased online can be purchased through

101
00:05:44,600 --> 00:05:47,440
Speaker 1: online video, and so I think that trend is now

102
00:05:47,520 --> 00:05:49,960
Speaker 1: showing that it has lots of promise. In the US,

103
00:05:50,040 --> 00:05:53,320
Speaker 1: there are plenty of companies now experimenting with live video

104
00:05:53,640 --> 00:05:57,000
Speaker 1: and they're seeing really great results. You've talked about the

105
00:05:57,120 --> 00:06:00,600
Speaker 1: rise of shop attainment in the past, and I'm curious

106
00:06:00,600 --> 00:06:04,359
Speaker 1: which companies you think are at the forefront of this.

107
00:06:04,480 --> 00:06:08,080
Speaker 1: How do you, for example, think about Instagram versus TikTok,

108
00:06:08,320 --> 00:06:12,960
Speaker 1: versus Facebook versus Snapchat when it comes to video commerce.

109
00:06:14,240 --> 00:06:16,839
Speaker 1: I think lots of companies are going to put video

110
00:06:16,880 --> 00:06:19,520
Speaker 1: commerce at the forefront, just because videos such a fantastic

111
00:06:19,520 --> 00:06:22,520
Speaker 1: way to sell things. If you grow up watching infomercials,

112
00:06:22,560 --> 00:06:27,120
Speaker 1: you know they are effective. And having customer testimonials, having

113
00:06:27,200 --> 00:06:30,120
Speaker 1: live demos on boxing, all of these things are just

114
00:06:30,160 --> 00:06:34,279
Speaker 1: fantastic ways to sell product and get customers more excited

115
00:06:34,320 --> 00:06:36,840
Speaker 1: about the things that they're buying. I think you're right,

116
00:06:36,880 --> 00:06:39,680
Speaker 1: all of these large platforms are going to be experimenting

117
00:06:39,720 --> 00:06:43,560
Speaker 1: with shop attainment and having more video enabled commerce. I

118
00:06:43,600 --> 00:06:45,600
Speaker 1: also think lots of brands are going to attempt putting

119
00:06:45,640 --> 00:06:47,880
Speaker 1: it on their own websites and on their own apps.

120
00:06:48,200 --> 00:06:50,200
Speaker 1: And I also believe there's going to be third party

121
00:06:50,240 --> 00:06:54,560
Speaker 1: apps that rise as new shop um shopping video platforms

122
00:06:54,600 --> 00:06:57,159
Speaker 1: that are going to do tremendously well. Now I have

123
00:06:57,240 --> 00:06:59,480
Speaker 1: to ask you about what's going on in the broader environment.

124
00:06:59,600 --> 00:07:03,279
Speaker 1: What's happening with funding and valuations. We just saw Insta

125
00:07:03,360 --> 00:07:06,680
Speaker 1: car markets own valuation down from thirty nine billion dollars

126
00:07:06,680 --> 00:07:09,080
Speaker 1: to twenty four billion dollars. I know this is a

127
00:07:09,120 --> 00:07:12,600
Speaker 1: company that entries in horrowits invested in at an earlier stage.

128
00:07:12,760 --> 00:07:15,560
Speaker 1: Are we going to see a slew of other markdowns?

129
00:07:15,600 --> 00:07:18,320
Speaker 1: I mean, is this happening at at a lot of companies?

130
00:07:19,640 --> 00:07:22,320
Speaker 1: Like yn't speak about that particular company, but I will

131
00:07:22,360 --> 00:07:25,120
Speaker 1: say that I tend to focus on the very early stage.

132
00:07:25,200 --> 00:07:29,080
Speaker 1: So I'm talking about Precedes, Seeds and A's and so forth,

133
00:07:29,240 --> 00:07:31,360
Speaker 1: and a lot of these companies have a really long

134
00:07:31,400 --> 00:07:35,120
Speaker 1: time horizon five, ten, fifteen years, and so we're less

135
00:07:35,160 --> 00:07:37,760
Speaker 1: concerned about near term shocks to the market, and that

136
00:07:37,760 --> 00:07:41,240
Speaker 1: wouldn't change our focus on how we invest. So are

137
00:07:41,280 --> 00:07:44,600
Speaker 1: you saying the broader economic environment the uncertainty that we're

138
00:07:44,600 --> 00:07:47,200
Speaker 1: seeing what's happening with inflation and interest rates. That's not

139
00:07:47,280 --> 00:07:51,160
Speaker 1: really factoring into your calculus at all at entries and

140
00:07:51,200 --> 00:07:53,880
Speaker 1: horrowits in terms of the early investments that you're making

141
00:07:55,120 --> 00:07:57,239
Speaker 1: at the early stage, I don't think we're that phase

142
00:07:57,360 --> 00:07:59,800
Speaker 1: by near term changes to the market, because again, we

143
00:07:59,880 --> 00:08:02,640
Speaker 1: have a very long term horizon, and so do our founders.

144
00:08:02,920 --> 00:08:06,000
Speaker 1: Many of them are building for five, ten, fifteen years outward.

145
00:08:07,160 --> 00:08:09,720
Speaker 1: So let's talk about what you are looking to invest

146
00:08:09,760 --> 00:08:12,760
Speaker 1: in in terms of companies, in terms of trend what

147
00:08:12,800 --> 00:08:15,080
Speaker 1: are you most bullish on as we come out of

148
00:08:15,120 --> 00:08:18,560
Speaker 1: the pandemic hopefully uh, fingers crossed, But we are facing

149
00:08:18,560 --> 00:08:21,680
Speaker 1: this kind of uncertainty of future of hybrid work. You know,

150
00:08:22,000 --> 00:08:25,120
Speaker 1: where are you placing your bets. I think COVID brought

151
00:08:25,160 --> 00:08:27,480
Speaker 1: a lot of behaviors forward in a really great way

152
00:08:27,480 --> 00:08:29,640
Speaker 1: in the sense that now we're much more accustomed to

153
00:08:29,680 --> 00:08:32,840
Speaker 1: doing things through video, We're more used to ordering things

154
00:08:32,840 --> 00:08:35,439
Speaker 1: on our phone, So I actually think it accelerates a

155
00:08:35,480 --> 00:08:38,000
Speaker 1: lot of the trends that we're going to happen. Anyways,

156
00:08:38,360 --> 00:08:41,200
Speaker 1: I'm looking at new forms of commerce, how people are

157
00:08:41,600 --> 00:08:45,120
Speaker 1: creating new formats, whether it's video or AI driven UM

158
00:08:45,160 --> 00:08:49,160
Speaker 1: and the particularly excited about companies that use AI at

159
00:08:49,200 --> 00:08:52,920
Speaker 1: the forefront, meaning how are they rethinking an entire experience

160
00:08:52,960 --> 00:08:55,320
Speaker 1: with AI to begin with or video to begin with.

161
00:08:55,800 --> 00:08:58,960
Speaker 1: So I'm excited about AI and video in particular. And

162
00:08:59,000 --> 00:09:01,320
Speaker 1: how do you think, like, take us five years out,

163
00:09:01,520 --> 00:09:04,880
Speaker 1: how will we be shopping differently because of AI, because

164
00:09:05,120 --> 00:09:08,160
Speaker 1: of video? Let's say five years from now. I think

165
00:09:08,280 --> 00:09:12,400
Speaker 1: video shopping is going to be very common mainstream behavior

166
00:09:12,400 --> 00:09:14,600
Speaker 1: five years out, which means that you are going to

167
00:09:14,679 --> 00:09:17,560
Speaker 1: be shopping from all kinds of platforms. Means you're not

168
00:09:17,600 --> 00:09:20,080
Speaker 1: just going to be shopping on e commerce platforms. Even

169
00:09:20,120 --> 00:09:22,559
Speaker 1: you'll be shopping from social media platforms. There are other

170
00:09:22,600 --> 00:09:25,120
Speaker 1: platforms that you spend a lot of time on. UM.

171
00:09:25,160 --> 00:09:26,959
Speaker 1: I also think with AI that means you're going to

172
00:09:27,040 --> 00:09:30,360
Speaker 1: have much better personalization and that's going to improve the

173
00:09:30,760 --> 00:09:33,720
Speaker 1: shopping experience for everyone across the board. Ideally that means

174
00:09:33,840 --> 00:09:37,160
Speaker 1: for your returns. Ideally, that means you're buying things that

175
00:09:37,200 --> 00:09:40,200
Speaker 1: fit your style, You're buying things that naturally delight you.

176
00:09:40,360 --> 00:09:42,600
Speaker 1: So AI is just a wonderful way to give a

177
00:09:42,640 --> 00:09:46,240
Speaker 1: more personalized shopping experience. So is this like a smarter

178
00:09:46,400 --> 00:09:51,000
Speaker 1: version of QVC on social media. In some ways, QVC,

179
00:09:51,200 --> 00:09:54,320
Speaker 1: of course is one of the original shopping video platforms.

180
00:09:54,720 --> 00:09:56,680
Speaker 1: Um But I think if you look at what happened

181
00:09:56,679 --> 00:09:58,520
Speaker 1: in China in the last two three years, you get

182
00:09:58,520 --> 00:10:01,360
Speaker 1: a glimpse of what's possible in the US. And in

183
00:10:01,400 --> 00:10:04,560
Speaker 1: many ways, China video shopping is now one of the

184
00:10:04,600 --> 00:10:08,040
Speaker 1: most popular waste shop and people are doing it on

185
00:10:08,040 --> 00:10:10,800
Speaker 1: their smartphones all throughout the day. And you can buy

186
00:10:10,920 --> 00:10:14,800
Speaker 1: literally anything on an online video shopping and it's great

187
00:10:14,840 --> 00:10:17,079
Speaker 1: because you can ask the host questions, you can get

188
00:10:17,120 --> 00:10:20,520
Speaker 1: real time answers. There's a lot of limited time discounts.

189
00:10:20,520 --> 00:10:23,240
Speaker 1: If you think back to your infomercial days, they would

190
00:10:23,240 --> 00:10:25,480
Speaker 1: say or now or in the next fifteen minutes and

191
00:10:25,520 --> 00:10:28,240
Speaker 1: get it a freebee or give one to you know,

192
00:10:28,280 --> 00:10:30,600
Speaker 1: get an extra one to give to a friend. All

193
00:10:30,600 --> 00:10:34,960
Speaker 1: of those limited time promotions, exclusive drops, special pricing, all

194
00:10:35,000 --> 00:10:38,280
Speaker 1: of those things are much more possible through live video.

195
00:10:39,280 --> 00:10:41,640
Speaker 1: And what is the role of the creator economy and

196
00:10:41,679 --> 00:10:44,439
Speaker 1: all of this, I mean, our influencers were placed by

197
00:10:44,480 --> 00:10:47,240
Speaker 1: AI s. I mean, are these real people still selling

198
00:10:47,480 --> 00:10:51,199
Speaker 1: us stuff or not? I think influencers are still really

199
00:10:51,240 --> 00:10:55,240
Speaker 1: important creators are important because they are curating products and

200
00:10:55,280 --> 00:10:58,520
Speaker 1: they are building trusts with their end viewers. Right, there

201
00:10:58,520 --> 00:11:01,240
Speaker 1: are particular folks that I want watch on YouTube, and

202
00:11:01,280 --> 00:11:04,440
Speaker 1: I trust the recommendations they're making based off the background,

203
00:11:04,440 --> 00:11:07,520
Speaker 1: based off the things they've recommended or didn't recommend in

204
00:11:07,559 --> 00:11:10,840
Speaker 1: the past. And so creators are still really important as

205
00:11:10,920 --> 00:11:14,560
Speaker 1: either creators of products or curators, and their curation is

206
00:11:14,600 --> 00:11:17,920
Speaker 1: really valuable because it's giving me a better glimpse more

207
00:11:17,960 --> 00:11:22,520
Speaker 1: information about what I'm purchasing. All right, Connie Chan of

208
00:11:22,800 --> 00:11:25,800
Speaker 1: Entrees and Harrow, it's great to hear your view of

209
00:11:25,920 --> 00:11:30,560
Speaker 1: the future. Thanks for stopping. By meantime, Netflix has headed

210
00:11:30,600 --> 00:11:33,880
Speaker 1: for its biggest quarterly drop in a decade, entering the

211
00:11:33,880 --> 00:11:35,760
Speaker 1: final week at the first quarter of the streaming video

212
00:11:35,800 --> 00:11:40,080
Speaker 1: giant down percent. That makes Netflix one of the biggest

213
00:11:40,080 --> 00:11:43,920
Speaker 1: losers in the NAZAC one hundred, investors largely wary about

214
00:11:44,000 --> 00:11:48,599
Speaker 1: its disappointing growth outlook. Coming up, we'll head back to

215
00:11:48,679 --> 00:11:51,440
Speaker 1: Las Vegas, where Bloomberg's Bradstone sat down with Insta cart

216
00:11:51,480 --> 00:11:55,040
Speaker 1: CEO pg SMO days after the grocery tech giant slashed

217
00:11:55,080 --> 00:12:22,959
Speaker 1: its valuation. That's next. This is Bloomberg and so as

218
00:12:22,960 --> 00:12:26,880
Speaker 1: a private company, even though our businesses, you know, incredibly strong,

219
00:12:26,960 --> 00:12:29,720
Speaker 1: we we really wanted to reflect the facts that, of

220
00:12:29,760 --> 00:12:33,240
Speaker 1: course we're not immune to the volatility of the public markets,

221
00:12:33,760 --> 00:12:38,000
Speaker 1: and so by proactively kind of taking down our valuation

222
00:12:38,120 --> 00:12:41,480
Speaker 1: to reflect what it would be like if we were

223
00:12:41,480 --> 00:12:45,360
Speaker 1: a publicly treated company. It's an employee first move so

224
00:12:45,400 --> 00:12:48,600
Speaker 1: that we can start granting stock to our employees at

225
00:12:48,640 --> 00:12:51,960
Speaker 1: this lower valuation and helps um, you know, participate in

226
00:12:52,040 --> 00:12:57,160
Speaker 1: the upside. Insta Carcimo, they're at sharp talk with our

227
00:12:57,200 --> 00:13:00,199
Speaker 1: very own grad Stone talking about the company's re sent

228
00:13:00,360 --> 00:13:04,240
Speaker 1: mark down. Last week, Instacart slashed its valuation by almost

229
00:13:04,679 --> 00:13:08,360
Speaker 1: to four billion dollars to reflect public market declines at

230
00:13:08,400 --> 00:13:12,720
Speaker 1: companies like doordesh and Shopify, also Instacart and Semo, saying

231
00:13:12,720 --> 00:13:16,280
Speaker 1: this is to give employees more upside. Our Bradstone joins

232
00:13:16,360 --> 00:13:18,880
Speaker 1: us now to discuss and Brad the big question, is

233
00:13:18,920 --> 00:13:21,120
Speaker 1: this the start of something that we're going to see

234
00:13:21,120 --> 00:13:24,920
Speaker 1: happening more broadly at other companies besides Instacart. What more

235
00:13:24,960 --> 00:13:30,280
Speaker 1: contacts context did she give you there? Well, you heard it.

236
00:13:30,360 --> 00:13:32,760
Speaker 1: She called it an employee first move. She said it

237
00:13:32,760 --> 00:13:36,400
Speaker 1: would help Instacart with retention but look, I think instacarts

238
00:13:36,400 --> 00:13:39,679
Speaker 1: in a pretty unique position and it's going to be

239
00:13:39,880 --> 00:13:42,760
Speaker 1: more difficult for other companies to follow. As you remember, Emily,

240
00:13:43,120 --> 00:13:45,280
Speaker 1: last year, a poor of a meta, the CEO and

241
00:13:45,320 --> 00:13:48,840
Speaker 1: founder of instacarts, stepped aside. They brought in Fiji. She

242
00:13:48,960 --> 00:13:52,160
Speaker 1: really signaled, you know, a full pivot for the company

243
00:13:52,360 --> 00:13:55,640
Speaker 1: from just a food delivery business into a more sort

244
00:13:55,679 --> 00:13:59,240
Speaker 1: of full featured, enterprise looking business where Instacart is providing

245
00:13:59,280 --> 00:14:04,000
Speaker 1: technology for supermarkets, building them ghost warehouses, helping with thirty

246
00:14:04,000 --> 00:14:06,960
Speaker 1: minute delivery. I think that Reset bought a Fiji a

247
00:14:06,960 --> 00:14:11,320
Speaker 1: lot more runway. It's allowed this private valuation Reset. Other

248
00:14:11,400 --> 00:14:14,360
Speaker 1: companies that are facing more of a liquidity demand, who

249
00:14:14,440 --> 00:14:16,720
Speaker 1: who might have to go public soon, who can't put

250
00:14:16,760 --> 00:14:18,800
Speaker 1: it off as Fiji did last fall, are going to

251
00:14:18,880 --> 00:14:23,920
Speaker 1: have less flexibility. She's pushing this idea of insta cart

252
00:14:23,960 --> 00:14:26,720
Speaker 1: as an antidote to Amazon, and I'm curious what you

253
00:14:26,760 --> 00:14:29,040
Speaker 1: think of that, given you know, the many many years

254
00:14:29,040 --> 00:14:32,840
Speaker 1: that you've covered Amazon, Can insta cart really take on

255
00:14:32,920 --> 00:14:37,520
Speaker 1: Amazon in the way that she is expressing. You know,

256
00:14:37,520 --> 00:14:39,760
Speaker 1: It's it's funny because that's not really the right question,

257
00:14:39,800 --> 00:14:43,240
Speaker 1: at least right now, because Amazon's a little measily two

258
00:14:43,280 --> 00:14:46,440
Speaker 1: percent a player in the grocery business, whole foods. They

259
00:14:46,480 --> 00:14:49,400
Speaker 1: really haven't invested all that much. They're doing some interesting

260
00:14:49,400 --> 00:14:53,080
Speaker 1: things with the checkout technology, but really the boogeyman, if

261
00:14:53,120 --> 00:14:56,000
Speaker 1: there is one, is an instat cart partner. It's Walmart.

262
00:14:56,080 --> 00:14:59,520
Speaker 1: I mean, with a twenty percent plus market share in

263
00:14:59,560 --> 00:15:02,320
Speaker 1: grocery is Kroger of course, another big giant. If you're

264
00:15:02,360 --> 00:15:05,720
Speaker 1: a small supermarket, you know, maybe Amazon motivates you a

265
00:15:05,760 --> 00:15:08,320
Speaker 1: little bit, but really, you know, the the the the

266
00:15:09,400 --> 00:15:12,840
Speaker 1: dragon in the room are are these big scale players

267
00:15:12,880 --> 00:15:15,920
Speaker 1: that are modernizing very fast. That's the real reason for

268
00:15:15,960 --> 00:15:20,440
Speaker 1: the digital transition that's needed at small supermarkets. Now. Since

269
00:15:20,480 --> 00:15:22,680
Speaker 1: I spoke with Fiji Cimo a couple of weeks ago

270
00:15:22,720 --> 00:15:24,800
Speaker 1: for Studio one point Oh, we had a debate in

271
00:15:24,840 --> 00:15:28,120
Speaker 1: that episode about what's a fair wage and shoppers who

272
00:15:28,240 --> 00:15:31,880
Speaker 1: had told me, you know, their typical payment for a

273
00:15:32,000 --> 00:15:35,680
Speaker 1: shop is seven dollars. She told me that that wasn't

274
00:15:35,720 --> 00:15:39,120
Speaker 1: consistent with what is normal. But it sparked this frenzy

275
00:15:39,200 --> 00:15:42,640
Speaker 1: of shoppers out there sending me screenshots of their orders,

276
00:15:42,680 --> 00:15:45,280
Speaker 1: some many of them getting paid seven dollars. So I'm

277
00:15:45,280 --> 00:15:47,960
Speaker 1: getting paid as low as five dollars. You know, what

278
00:15:48,040 --> 00:15:50,320
Speaker 1: does she have to say about this about wages, whether

279
00:15:50,400 --> 00:15:52,440
Speaker 1: or not they're fair, and whether or not this kind

280
00:15:52,480 --> 00:15:57,800
Speaker 1: of economy is really sustainable? Right? And I mentioned that explicitly.

281
00:15:57,880 --> 00:16:00,480
Speaker 1: I said, you know, if for anyone who who writes

282
00:16:00,600 --> 00:16:03,600
Speaker 1: or reports about Instacart, you tend to get these testimonials

283
00:16:03,640 --> 00:16:06,240
Speaker 1: and that their shoppers are kind of suffering. And you

284
00:16:06,280 --> 00:16:07,840
Speaker 1: know from what I recall, and I want to go

285
00:16:07,920 --> 00:16:10,200
Speaker 1: back and listen to the tape she really didn't talk

286
00:16:10,240 --> 00:16:12,720
Speaker 1: about I I asked directly, can you raise the wage?

287
00:16:13,000 --> 00:16:16,120
Speaker 1: And she talked more about the kinds of perks that

288
00:16:16,240 --> 00:16:19,840
Speaker 1: come with being a shopper for Instacart, trying to instigate

289
00:16:19,840 --> 00:16:23,880
Speaker 1: more demand because in times of peak demand you maximize savings.

290
00:16:24,120 --> 00:16:28,080
Speaker 1: She talked about lots of features, specific features for female

291
00:16:28,120 --> 00:16:31,760
Speaker 1: shoppers who are a preponderance of their of their labor ecosystem.

292
00:16:32,160 --> 00:16:33,960
Speaker 1: You know, I have a feeling that they might be

293
00:16:34,000 --> 00:16:36,200
Speaker 1: a little bit constrained at least on the economics. I mean,

294
00:16:36,400 --> 00:16:40,160
Speaker 1: she talked about running the delivery business basically at cost

295
00:16:40,280 --> 00:16:45,080
Speaker 1: and making instacarts margin on things like advertising and enterprise sales.

296
00:16:45,120 --> 00:16:47,880
Speaker 1: So it might just be that you know, the economics

297
00:16:47,880 --> 00:16:50,720
Speaker 1: of instacrt delivery aren't that great, and they find that

298
00:16:50,760 --> 00:16:53,160
Speaker 1: they're they're limited what they can do for shoppers despite

299
00:16:53,200 --> 00:16:56,960
Speaker 1: that vocal percentage of shoppers that are complaining. All right,

300
00:16:57,000 --> 00:17:00,000
Speaker 1: Brad Stone joining us live from the shop top floor.

301
00:17:00,240 --> 00:17:02,840
Speaker 1: Thanks Brad. That certainly an open question. I'll be with

302
00:17:02,880 --> 00:17:06,640
Speaker 1: you tomorrow there to interview Uber CEO Dara Kasra Shah

303
00:17:06,680 --> 00:17:10,160
Speaker 1: he and much more. Meantime, HP has agreed to buy

304
00:17:10,240 --> 00:17:13,120
Speaker 1: plant Tronics, and at three point three billion dollar deal,

305
00:17:13,160 --> 00:17:15,760
Speaker 1: the acquisition will help the laptop maker further capitalize on

306
00:17:15,800 --> 00:17:20,240
Speaker 1: the pivot to hybrid work. Plantronics sells phone, headsets, and

307
00:17:20,440 --> 00:17:24,600
Speaker 1: audio and video accessories. They all cash deal give shareholders

308
00:17:23,720 --> 00:17:28,960
Speaker 1: a premium to plant Tronics closing price Friday. Coming up,

309
00:17:29,080 --> 00:17:33,040
Speaker 1: it went viral in seconds. Will Smith slapping Chris Rock

310
00:17:33,119 --> 00:17:36,560
Speaker 1: at the Oscars. We'll have more details on why and

311
00:17:36,920 --> 00:18:01,680
Speaker 1: what's next coming up. This is Bloomberg. It is what

312
00:18:01,880 --> 00:18:05,440
Speaker 1: everyone is talking about. Dub simply on social media as

313
00:18:05,720 --> 00:18:09,240
Speaker 1: the slap. Will Smith smacking Chris Rock on stage in

314
00:18:09,280 --> 00:18:13,160
Speaker 1: the middle of the Oscar ceremony. This after Chris Rock

315
00:18:13,280 --> 00:18:15,800
Speaker 1: made a g I Joe g I Jane kind of

316
00:18:15,880 --> 00:18:18,800
Speaker 1: joke about Will Smith's wife, Jada Pinkett Smith, who also

317
00:18:18,880 --> 00:18:21,800
Speaker 1: suffers from alopecia and has been embracing it by going

318
00:18:21,880 --> 00:18:24,359
Speaker 1: bald for the last several months. Let's dig into it

319
00:18:24,400 --> 00:18:27,520
Speaker 1: all with Bloomberg's Lucas Shaw joining us straight from Hollywood

320
00:18:27,600 --> 00:18:30,320
Speaker 1: and Lucas, I gotta ask you, twenty four hours later,

321
00:18:30,400 --> 00:18:34,280
Speaker 1: are there any more details on what happened here? The backstory,

322
00:18:34,480 --> 00:18:40,080
Speaker 1: what's next? No new details on exactly what happened on stage,

323
00:18:40,080 --> 00:18:42,800
Speaker 1: and I think we we all saw. The real question

324
00:18:43,200 --> 00:18:46,280
Speaker 1: is sort of what was happening behind the scenes, What

325
00:18:46,320 --> 00:18:49,439
Speaker 1: did the Academy try to do or not try to

326
00:18:49,440 --> 00:18:51,480
Speaker 1: do in the moment, and what is it going to

327
00:18:51,520 --> 00:18:54,040
Speaker 1: do going forward? There have been some reports about how

328
00:18:54,080 --> 00:18:57,320
Speaker 1: they had considered trying to intervene and maybe stop Will

329
00:18:57,320 --> 00:18:59,639
Speaker 1: Smith's from speaking, or talk to him before he spoke.

330
00:19:00,000 --> 00:19:02,560
Speaker 1: I think the question everyone has now is will he

331
00:19:02,640 --> 00:19:05,840
Speaker 1: be punished in some way? Will they, you know, bar

332
00:19:06,040 --> 00:19:08,280
Speaker 1: him from the Academy or suspend him for a couple

333
00:19:08,320 --> 00:19:11,159
Speaker 1: of years. Normally, as the winner of the Best Actor Prize,

334
00:19:11,200 --> 00:19:13,920
Speaker 1: he'd be at the ceremony next year presenting the Best Actress.

335
00:19:13,920 --> 00:19:16,800
Speaker 1: Will they let him back for that, and we should know,

336
00:19:17,040 --> 00:19:19,040
Speaker 1: probably not in the next day or two, but maybe

337
00:19:19,040 --> 00:19:23,120
Speaker 1: in the next few weeks. The memes about this incident

338
00:19:23,240 --> 00:19:26,480
Speaker 1: are insane. I'm pretty sure these will be going on

339
00:19:26,640 --> 00:19:32,600
Speaker 1: for decades. This overshadowed Will Smith's own Oscar win. You know,

340
00:19:32,720 --> 00:19:36,679
Speaker 1: in his own speech, he's he didn't totally apologize, he

341
00:19:36,960 --> 00:19:41,720
Speaker 1: kind of apologized. Um, you know, what does this mean

342
00:19:41,920 --> 00:19:45,919
Speaker 1: mean for Will Smith's career? Yeah, it is one of

343
00:19:45,960 --> 00:19:49,359
Speaker 1: the most surreal moments in certainly in the history of

344
00:19:49,359 --> 00:19:54,600
Speaker 1: the Oscars, arguably in TV history. Um, it marred what

345
00:19:54,680 --> 00:19:56,800
Speaker 1: was supposed to be the culmination of his career. He's

346
00:19:56,800 --> 00:19:58,480
Speaker 1: been one of the biggest movie starts in the world

347
00:19:58,560 --> 00:20:03,440
Speaker 1: for years and you know, he tried to win Oscars before,

348
00:20:03,480 --> 00:20:05,840
Speaker 1: but nominated a couple of times. His career had been

349
00:20:05,920 --> 00:20:07,800
Speaker 1: on the downslope for a little bit, and he's really

350
00:20:07,840 --> 00:20:10,239
Speaker 1: revived it in the last five or six years, and

351
00:20:10,280 --> 00:20:12,240
Speaker 1: this was going to be the kind of the pinnacle

352
00:20:12,320 --> 00:20:14,439
Speaker 1: of all that, and instead, to your point, we're just

353
00:20:14,520 --> 00:20:18,640
Speaker 1: talking about this this one kind of unfortunate incident. Um.

354
00:20:18,720 --> 00:20:21,120
Speaker 1: He's someone who's lived very much in the public eye

355
00:20:21,119 --> 00:20:23,240
Speaker 1: over the last little bit, and I for one I'm

356
00:20:23,280 --> 00:20:25,960
Speaker 1: curious to see how he tries to navigate this and

357
00:20:26,000 --> 00:20:28,040
Speaker 1: what his response will be after he has some time

358
00:20:28,040 --> 00:20:31,560
Speaker 1: to digest it. Meantime, Chris Rock had sort of remarkable

359
00:20:31,600 --> 00:20:34,440
Speaker 1: composure in that moment. We still haven't heard from him yet, right,

360
00:20:34,520 --> 00:20:37,800
Speaker 1: I mean, why hasn't he made a statement? I mean,

361
00:20:37,840 --> 00:20:40,359
Speaker 1: he's probably waiting to see what will in the academy do.

362
00:20:40,440 --> 00:20:42,800
Speaker 1: You're right? I mean, it's pretty amazing that he handled

363
00:20:42,800 --> 00:20:44,399
Speaker 1: He handled it so well that there were a lot

364
00:20:44,480 --> 00:20:46,720
Speaker 1: of people who thought that that was a bit including

365
00:20:46,720 --> 00:20:49,399
Speaker 1: this morning. I got text messages at with people asking

366
00:20:49,440 --> 00:20:52,280
Speaker 1: me um, But I don't expect he'll say a whole

367
00:20:52,320 --> 00:20:57,000
Speaker 1: lot all right, Luca Shaw for us in l A. Lucas,

368
00:20:57,000 --> 00:21:00,679
Speaker 1: Thanks for that update. This incident, of course, not the

369
00:21:00,760 --> 00:21:03,639
Speaker 1: only thing of note that happened at the Asker is

370
00:21:03,720 --> 00:21:05,639
Speaker 1: just the one that everyone is talking about. But my

371
00:21:05,720 --> 00:21:07,920
Speaker 1: colleague Alex Webb points out there was a whole lot

372
00:21:07,960 --> 00:21:11,240
Speaker 1: more to the ceremony. Take a listen. Much of the

373
00:21:11,240 --> 00:21:14,240
Speaker 1: conversation around this is Oscars is focused on Will Smith

374
00:21:14,440 --> 00:21:17,480
Speaker 1: hitting Chris Rock midway through the ceremony, but there was

375
00:21:17,520 --> 00:21:21,400
Speaker 1: another really significant first from a business perspect The best

376
00:21:21,400 --> 00:21:25,160
Speaker 1: picture Oscar went to Coda, which was the first film

377
00:21:25,200 --> 00:21:28,080
Speaker 1: distributed by an online stream and it wasn't Netflix, it

378
00:21:28,160 --> 00:21:31,480
Speaker 1: wasn't Amazon Prime, it was Apple. The reason that's significant

379
00:21:31,560 --> 00:21:33,520
Speaker 1: is because it says a lot about the way the

380
00:21:33,560 --> 00:21:36,800
Speaker 1: economics of film are changing. The upside for streamers to

381
00:21:36,800 --> 00:21:40,080
Speaker 1: win awards is far greater than for the classic film studio.

382
00:21:40,200 --> 00:21:42,560
Speaker 1: In the old model, if you convince more people to

383
00:21:42,560 --> 00:21:44,680
Speaker 1: go to the cinema to see your film after having

384
00:21:44,760 --> 00:21:47,960
Speaker 1: one a few awards, you might get fift dollar spend

385
00:21:47,960 --> 00:21:50,840
Speaker 1: on the cinema ticket. The studio might take home half

386
00:21:50,840 --> 00:21:53,080
Speaker 1: of that, so maybe seven or eight dollars. In the

387
00:21:53,119 --> 00:21:55,840
Speaker 1: new model, you might be encouraging someone to sign up

388
00:21:55,840 --> 00:21:58,560
Speaker 1: for your streaming service, in this case Apple tv Plus

389
00:21:58,720 --> 00:22:01,280
Speaker 1: now Apple tv Plus it's about five dollars a month.

390
00:22:01,520 --> 00:22:03,119
Speaker 1: If you convince someone to sign up for it and

391
00:22:03,160 --> 00:22:05,119
Speaker 1: they stick around for two years, once they see all

392
00:22:05,119 --> 00:22:07,680
Speaker 1: the other content you have, that customer could be worth

393
00:22:07,680 --> 00:22:09,679
Speaker 1: a hundred and twenty dollars to you, so rather than

394
00:22:09,680 --> 00:22:12,280
Speaker 1: seven or eight dollars, you're getting a hundred and twenty

395
00:22:12,480 --> 00:22:14,320
Speaker 1: at On top of that, the cachet that comes with

396
00:22:14,400 --> 00:22:17,240
Speaker 1: being an Oscar winning studio and the ability to bring

397
00:22:17,280 --> 00:22:20,879
Speaker 1: in and encourage other filmmakers to bring their talent to

398
00:22:21,119 --> 00:22:25,119
Speaker 1: your studio. And it has a real snowball effects further

399
00:22:25,160 --> 00:22:28,960
Speaker 1: down the line and can benefit your output. Bloomberg's Alex

400
00:22:29,000 --> 00:22:32,239
Speaker 1: Web there all right, coming out. Huawei earnings out at

401
00:22:32,280 --> 00:22:36,680
Speaker 1: a seventy plus percent jump in private despite tightening US sanctions.

402
00:22:36,720 --> 00:22:40,960
Speaker 1: AIE party of Huawei joins US. Next, this is Bloomberg,

403
00:22:58,720 --> 00:23:00,760
Speaker 1: Welcome back to bloom More technolog gam emily changing San

404
00:23:00,800 --> 00:23:04,280
Speaker 1: Francisco shares a vv giant Tesla jumping eight percent after

405
00:23:04,320 --> 00:23:07,399
Speaker 1: the company said it would seek a shareholder approval for

406
00:23:07,440 --> 00:23:10,640
Speaker 1: another stocks plan, the news driving the stock higher despite

407
00:23:10,680 --> 00:23:15,840
Speaker 1: other negative headlines. Bloomberg sources say Tesla has halted production

408
00:23:15,880 --> 00:23:18,520
Speaker 1: at a Shanghai plant to comply with government lockdowns to

409
00:23:18,560 --> 00:23:22,199
Speaker 1: combat COVID. Are at ludlow here with the latest and

410
00:23:22,800 --> 00:23:26,040
Speaker 1: why another stock split? Yeah, it's interesting, you know. The

411
00:23:26,080 --> 00:23:28,840
Speaker 1: street is hypothesizing that the rationale is same as the

412
00:23:28,920 --> 00:23:31,960
Speaker 1: last stock split in August, which is to lower the

413
00:23:31,960 --> 00:23:36,119
Speaker 1: barrier for entry. Right. Elon Musk has talked regularly about

414
00:23:36,160 --> 00:23:40,919
Speaker 1: how Tessa investors on the retail side are often Tesla owners, Right,

415
00:23:40,920 --> 00:23:43,919
Speaker 1: they own the cars, they own the energy products um

416
00:23:44,000 --> 00:23:46,320
Speaker 1: and they have a better understanding of the company than

417
00:23:46,400 --> 00:23:48,639
Speaker 1: institutional investors. But with the stock at the level that

418
00:23:48,760 --> 00:23:51,320
Speaker 1: it is a thousand dollars a share, it might be

419
00:23:51,359 --> 00:23:53,639
Speaker 1: inaccessible to them. So by doing a stock split, you

420
00:23:53,720 --> 00:23:56,960
Speaker 1: lower that per unit price and it opens up the field,

421
00:23:57,000 --> 00:24:02,119
Speaker 1: democratizes access to the stock. What more details do we

422
00:24:02,240 --> 00:24:06,240
Speaker 1: have on how exactly this will work. Well, that's the

423
00:24:06,280 --> 00:24:09,679
Speaker 1: whole problem, and we don't have details. You know, Tesla

424
00:24:09,760 --> 00:24:12,119
Speaker 1: communicated this in a tweet right which we saw on

425
00:24:12,160 --> 00:24:14,600
Speaker 1: your screen a few seconds ago. Then they put out

426
00:24:14,600 --> 00:24:17,600
Speaker 1: a regulatory filing saying that they're going to ask investors

427
00:24:17,840 --> 00:24:20,399
Speaker 1: to approve the additional shares that need would need to

428
00:24:20,400 --> 00:24:22,840
Speaker 1: be offered for the stock split at their annual meeting.

429
00:24:23,080 --> 00:24:24,960
Speaker 1: But we don't know the date of the annual meeting.

430
00:24:25,040 --> 00:24:26,760
Speaker 1: Last year, it was in October. The year before, I

431
00:24:26,760 --> 00:24:29,200
Speaker 1: believe it was in June. So this is classic Tesla,

432
00:24:29,240 --> 00:24:31,800
Speaker 1: you know, they don't communicate like other public companies do.

433
00:24:32,080 --> 00:24:34,159
Speaker 1: We don't know what the ratio of stock splits will be.

434
00:24:34,200 --> 00:24:35,480
Speaker 1: We don't know if it'll be a five to one

435
00:24:35,560 --> 00:24:40,119
Speaker 1: three for one one like Alphabet Google Parent did earlier

436
00:24:40,160 --> 00:24:42,440
Speaker 1: this year. This is classic Testa and it's hard to track,

437
00:24:42,520 --> 00:24:45,760
Speaker 1: but clearly the share reaction took Testa into positive territory

438
00:24:45,800 --> 00:24:50,120
Speaker 1: for two and investors like the idea of another stock split. Now,

439
00:24:50,160 --> 00:24:52,800
Speaker 1: what do we know about what's happening in Shanghai and

440
00:24:52,840 --> 00:24:57,200
Speaker 1: how problematic is it? You know, it's problematic. Authorities in Shanghai,

441
00:24:57,280 --> 00:25:00,600
Speaker 1: basically half a city at a time are doing testing

442
00:25:00,640 --> 00:25:04,399
Speaker 1: because of a resurgence of COVID. The area east of

443
00:25:04,440 --> 00:25:06,879
Speaker 1: the Huangpo River where the Tesla plant is is the

444
00:25:06,920 --> 00:25:10,000
Speaker 1: focus of that testing. So according to sources, Teslas shut

445
00:25:10,000 --> 00:25:12,159
Speaker 1: down through April one. We don't know how long it

446
00:25:12,200 --> 00:25:14,560
Speaker 1: will go through until total. But look at your screen

447
00:25:14,640 --> 00:25:17,960
Speaker 1: right now, Shanghai accounts for almost half of production. The

448
00:25:18,080 --> 00:25:20,560
Speaker 1: difference is that the cars coming out of Shanghai and

449
00:25:20,600 --> 00:25:23,480
Speaker 1: more profitable. They have higher margins because the supply chain

450
00:25:23,840 --> 00:25:26,920
Speaker 1: is localized and it has advanced robotics compared to Fremont.

451
00:25:27,200 --> 00:25:31,200
Speaker 1: In February, Tesla delivered fifty six thousand vehicles from that plant,

452
00:25:31,200 --> 00:25:34,879
Speaker 1: which basically is indicative of them outperforming the factories in

453
00:25:34,920 --> 00:25:37,720
Speaker 1: stall capacity. So if this holt does go on, it

454
00:25:37,800 --> 00:25:40,720
Speaker 1: could really be disruptive for a company that has a

455
00:25:40,800 --> 00:25:43,560
Speaker 1: lot of momentum in terms of scaling production. As you know,

456
00:25:43,720 --> 00:25:45,840
Speaker 1: m Berlin's online and we expect the new plant in

457
00:25:45,840 --> 00:25:49,120
Speaker 1: Austin's come on online again soon. So this is when

458
00:25:49,119 --> 00:25:53,960
Speaker 1: we're watching closely. All right, Bloodlow, thanks for that update. Now,

459
00:25:54,119 --> 00:25:57,920
Speaker 1: Huawei out with the company's annual report and seeing net

460
00:25:57,960 --> 00:26:04,520
Speaker 1: profit surge see despite deep revenue declines as they navigate

461
00:26:04,600 --> 00:26:09,280
Speaker 1: geo political sanctions. Andy Petty, Quawei Technologies at USA, chief

462
00:26:09,280 --> 00:26:12,959
Speaker 1: security officer with US Now, so Andy curious how Huawei

463
00:26:13,080 --> 00:26:15,720
Speaker 1: managed to pull this off and how the company will

464
00:26:15,800 --> 00:26:22,439
Speaker 1: keep it up in such an uncertain economic and geopolitical environment. Well, actually,

465
00:26:22,440 --> 00:26:24,520
Speaker 1: you know, backing up my last trip to China, I

466
00:26:24,640 --> 00:26:28,560
Speaker 1: left January and attended meetings of four different business groups

467
00:26:28,600 --> 00:26:32,200
Speaker 1: as the company was planning their strategy to try to survive.

468
00:26:32,400 --> 00:26:34,720
Speaker 1: Frankly was what it was. So this is this is

469
00:26:34,880 --> 00:26:37,880
Speaker 1: very heartening. So part of that work, given the limitations

470
00:26:37,920 --> 00:26:40,919
Speaker 1: on our ability to buy a non sensitive technology from

471
00:26:40,960 --> 00:26:45,040
Speaker 1: American semiconductor industry, we had to realign our business portfolio.

472
00:26:45,840 --> 00:26:48,280
Speaker 1: We had to invest very heavily in R and D.

473
00:26:48,359 --> 00:26:52,439
Speaker 1: You saw we invested over our revenue this year in

474
00:26:52,600 --> 00:26:56,800
Speaker 1: R and D. We're emphasizing the importance of digitalization, the

475
00:26:56,800 --> 00:27:01,520
Speaker 1: importance of cloud, the importance of carbon uh and we

476
00:27:01,560 --> 00:27:04,960
Speaker 1: are pleased that we have over seven hundred cities and

477
00:27:05,000 --> 00:27:07,720
Speaker 1: two hundred and sixty seven of the Fortune Global five

478
00:27:07,760 --> 00:27:11,119
Speaker 1: hundred companies have chosen Huawei for their digital transformation. So

479
00:27:11,160 --> 00:27:13,280
Speaker 1: we've had to modify what we do and how we

480
00:27:13,359 --> 00:27:16,840
Speaker 1: do it. It's a long haul. We are making progress

481
00:27:17,119 --> 00:27:19,760
Speaker 1: and we are going to work our way towards a

482
00:27:19,880 --> 00:27:22,480
Speaker 1: flourishing future, and we can in the in the process,

483
00:27:22,720 --> 00:27:25,480
Speaker 1: we're providing real value to our partners and customers around

484
00:27:25,520 --> 00:27:29,160
Speaker 1: the world. Now we're facing another geopolitical crisis, and that

485
00:27:29,440 --> 00:27:33,640
Speaker 1: is Russia's war on Ukraine. How will this impact Huawei.

486
00:27:33,800 --> 00:27:36,920
Speaker 1: I know that Huawei has been known to increase its

487
00:27:37,119 --> 00:27:41,400
Speaker 1: investments in Russia given US sanctions and has become Russia's

488
00:27:41,480 --> 00:27:46,280
Speaker 1: largest equipment supplier. We are really upset about the about

489
00:27:46,280 --> 00:27:49,439
Speaker 1: the invasion of Personally, in twenty nineteen, I went to

490
00:27:49,520 --> 00:27:52,000
Speaker 1: Key of twice to visits and friends over there with

491
00:27:52,040 --> 00:27:54,760
Speaker 1: the World Bank, and learning about the history, going to

492
00:27:54,880 --> 00:27:56,879
Speaker 1: museums and seeing what they're going through now is just

493
00:27:56,960 --> 00:28:00,040
Speaker 1: absolutely shocking and horrendous, and hopefully there can be to

494
00:28:00,119 --> 00:28:02,560
Speaker 1: cease far and a withdrawal and they can return some

495
00:28:02,600 --> 00:28:06,760
Speaker 1: of the children who are apparently taken from Ukraine right now,

496
00:28:06,800 --> 00:28:10,320
Speaker 1: as you know, are rotating. Chairman earlier today said we're

497
00:28:10,320 --> 00:28:13,040
Speaker 1: studying the various approaches of companies and governments around the

498
00:28:13,080 --> 00:28:15,760
Speaker 1: world to try to come up with what our approach

499
00:28:15,840 --> 00:28:17,800
Speaker 1: is going to be on this is very troubling issue.

500
00:28:19,160 --> 00:28:21,760
Speaker 1: Does while we need to abide by sanctions imposed on

501
00:28:21,840 --> 00:28:25,240
Speaker 1: Russia by other nations, and what if China imposes sanctions

502
00:28:25,560 --> 00:28:28,959
Speaker 1: on Russia by your contingency plans. Well, that's part of

503
00:28:29,000 --> 00:28:31,560
Speaker 1: what we're studying, is what the terms are. One of

504
00:28:31,600 --> 00:28:34,240
Speaker 1: the things that we've been doing even before the pandemic

505
00:28:34,760 --> 00:28:37,879
Speaker 1: was improving the diversification of our supply chain, not just

506
00:28:37,960 --> 00:28:41,000
Speaker 1: for semiconductors, So if there's a destruction in certain areas,

507
00:28:41,440 --> 00:28:43,960
Speaker 1: we can pursue other areas with our investment in R

508
00:28:44,040 --> 00:28:47,320
Speaker 1: and D and some in pure research, having the ability

509
00:28:47,400 --> 00:28:51,840
Speaker 1: to find value, to create value, and frankly working as

510
00:28:51,880 --> 00:28:56,040
Speaker 1: part of the information and communication industry telecommunications industry to

511
00:28:56,240 --> 00:28:59,680
Speaker 1: help move towards carbon negative and our work and digital

512
00:28:59,720 --> 00:29:02,360
Speaker 1: power or uh so, we've got a lot of flexibility

513
00:29:02,400 --> 00:29:04,600
Speaker 1: and different kind of products and different kinds of components.

514
00:29:04,960 --> 00:29:07,520
Speaker 1: UH and we operate in a hundred seventy countries in

515
00:29:07,560 --> 00:29:09,680
Speaker 1: the world, so we're going to find a way although

516
00:29:09,720 --> 00:29:12,160
Speaker 1: it can be very, very difficult. The idea of dealing

517
00:29:12,160 --> 00:29:16,800
Speaker 1: with business disruptions, supply chain challenges, business continuity, they're all

518
00:29:16,920 --> 00:29:20,200
Speaker 1: part of what major companies have to do. So let's

519
00:29:20,240 --> 00:29:24,000
Speaker 1: talk about that way forward, especially with your overseas business strategy,

520
00:29:24,240 --> 00:29:28,160
Speaker 1: given that you know your telecom your smartphone businesses have

521
00:29:28,200 --> 00:29:31,920
Speaker 1: been really hard hit by US sanctions in particular, and

522
00:29:31,960 --> 00:29:34,640
Speaker 1: it doesn't seem like this geopolitical uncertainty is going to

523
00:29:34,880 --> 00:29:40,120
Speaker 1: end anytime soon. Yes, going from one kind of uncertainty

524
00:29:40,160 --> 00:29:44,360
Speaker 1: to another. We're pleased that with our work, for example,

525
00:29:44,400 --> 00:29:47,080
Speaker 1: in five G there was a recent study of the

526
00:29:47,160 --> 00:29:50,480
Speaker 1: five G networks in Switzerland, Germany, Finland, nether On, South

527
00:29:50,560 --> 00:29:52,680
Speaker 1: Korean and Saudi Arabia. They said the law it provides

528
00:29:53,160 --> 00:29:56,520
Speaker 1: the best user experience. And as you know, our consumer device,

529
00:29:56,560 --> 00:30:00,000
Speaker 1: our consumer business apart from the mobile devices, UH where

530
00:30:00,000 --> 00:30:05,120
Speaker 1: doable smart screens, entertainment sort of tremendous surge in that business.

531
00:30:05,360 --> 00:30:08,200
Speaker 1: So we're and we've got like six thousand partners in

532
00:30:08,240 --> 00:30:11,520
Speaker 1: the world coming up with these digitalization solutions, and last

533
00:30:11,560 --> 00:30:14,440
Speaker 1: year we had ten thousand, five G two b UH

534
00:30:14,520 --> 00:30:17,200
Speaker 1: deployments working with our partners. So there are a lot

535
00:30:17,240 --> 00:30:20,560
Speaker 1: of different ways that we can survive, and by heavily

536
00:30:20,560 --> 00:30:23,040
Speaker 1: investing in research and working with our partners, we're finding

537
00:30:23,080 --> 00:30:26,280
Speaker 1: ways to UH find our way what is while we're

538
00:30:26,320 --> 00:30:30,240
Speaker 1: doing to address the security concerns raised by foreign countries,

539
00:30:30,240 --> 00:30:32,520
Speaker 1: in particular the United States. I know you don't agree

540
00:30:32,960 --> 00:30:36,120
Speaker 1: necessarily with all of them, but clearly these concerns remain

541
00:30:36,800 --> 00:30:40,240
Speaker 1: well in light of the recent cyber attacks that demonstrated

542
00:30:40,240 --> 00:30:43,480
Speaker 1: that an old axiom about trusted suppliers is no longer valid.

543
00:30:44,080 --> 00:30:47,560
Speaker 1: We are working with our competitors, with the major carriers

544
00:30:47,560 --> 00:30:50,200
Speaker 1: in the world, with the major standards bodies to try

545
00:30:50,200 --> 00:30:53,160
Speaker 1: to strengthen and improve standards for five G and particularly

546
00:30:53,560 --> 00:30:57,640
Speaker 1: standards for the telecom equipment, and working to create conformance

547
00:30:57,680 --> 00:31:00,880
Speaker 1: programs and independent testing programs. We are very open to

548
00:31:00,960 --> 00:31:05,000
Speaker 1: the US government recently emphasized the importance of greater information

549
00:31:05,000 --> 00:31:07,120
Speaker 1: sharing when it comes to cyber incidents. In other words,

550
00:31:07,440 --> 00:31:09,720
Speaker 1: don't just wait to really bad things happen. Try to

551
00:31:09,760 --> 00:31:13,600
Speaker 1: share information more quickly and sooner so that dots can

552
00:31:13,600 --> 00:31:16,520
Speaker 1: be connected. We're very open to having the US government

553
00:31:16,520 --> 00:31:19,800
Speaker 1: come into our facilities and hopefully those of our competitors,

554
00:31:19,840 --> 00:31:22,440
Speaker 1: to give advice about how we and other companies can

555
00:31:22,440 --> 00:31:24,880
Speaker 1: be more transparent. How can we make sure that we

556
00:31:24,920 --> 00:31:28,800
Speaker 1: are doing what's necessary to address real risk, to promote resilience,

557
00:31:29,040 --> 00:31:32,640
Speaker 1: and helping to find ways to do that before really

558
00:31:32,680 --> 00:31:35,400
Speaker 1: bad things happen, whether it's state of breaches or cyber attacks.

559
00:31:35,600 --> 00:31:38,719
Speaker 1: We need a greater capabilities of global community to figure

560
00:31:38,720 --> 00:31:41,520
Speaker 1: out where we stand in terms out comparedness so that

561
00:31:41,560 --> 00:31:44,000
Speaker 1: we can avoid really bad things happening. And hopefully the

562
00:31:44,080 --> 00:31:46,360
Speaker 1: United States is going to get much more active internationally

563
00:31:46,680 --> 00:31:49,840
Speaker 1: in these efforts as well. Well. What about the Chinese government.

564
00:31:49,840 --> 00:31:54,560
Speaker 1: We've seen the Chinese government crackdown on Chinese tech companies.

565
00:31:54,720 --> 00:31:58,520
Speaker 1: How can you assure your your overseas partners, business partners

566
00:31:58,560 --> 00:32:02,320
Speaker 1: that you can avert this kind of infravention intervention and

567
00:32:02,400 --> 00:32:07,000
Speaker 1: that it won't negatively impact Huawei's business well, and that's

568
00:32:07,040 --> 00:32:09,600
Speaker 1: one of the reasons we're partnered with so many different companies.

569
00:32:09,600 --> 00:32:13,200
Speaker 1: We've got thirty thousand partners around the world covering every

570
00:32:13,440 --> 00:32:16,600
Speaker 1: every different line of business. UH. We are continuing to

571
00:32:16,640 --> 00:32:20,600
Speaker 1: strengthen the Global Assurance and Privacy Protection program that that

572
00:32:20,680 --> 00:32:23,960
Speaker 1: we launched shortly before I joined WAWEIH almost almost ten

573
00:32:24,000 --> 00:32:28,320
Speaker 1: years ago, and the idea of of internal testing, external

574
00:32:28,400 --> 00:32:32,200
Speaker 1: independent testing, participating in these standards bodies where you have

575
00:32:32,280 --> 00:32:35,240
Speaker 1: to have certifications of your products, of your requirements, and

576
00:32:35,280 --> 00:32:39,080
Speaker 1: trying to find ways to be increasingly transparent so our

577
00:32:39,120 --> 00:32:42,120
Speaker 1: customers and the customers of others know what we're doing.

578
00:32:42,160 --> 00:32:44,600
Speaker 1: And so we've been one of the most tested companies

579
00:32:44,600 --> 00:32:46,800
Speaker 1: in the world, and we believe that the folks that

580
00:32:47,000 --> 00:32:50,320
Speaker 1: have been our customers and stakeholdness in those countries recognize

581
00:32:50,360 --> 00:32:52,959
Speaker 1: that we are committed to following the laws in those countries,

582
00:32:52,960 --> 00:32:56,080
Speaker 1: and we are committed to the best practices and cybersecurity

583
00:32:56,120 --> 00:32:58,120
Speaker 1: and and we're open to ideas on how to improve.

584
00:32:59,400 --> 00:33:03,680
Speaker 1: Andy per Huawei Technologies USA Chief Security Officer, Good to

585
00:33:03,680 --> 00:33:07,400
Speaker 1: have you, Andy, thank you for joining us. Coming up

586
00:33:07,400 --> 00:33:10,200
Speaker 1: how crypto markets are continuing to be impacted by the

587
00:33:10,240 --> 00:33:13,920
Speaker 1: War on Ukraine and how they can recover one that

588
00:33:14,440 --> 00:33:42,880
Speaker 1: next to school work, time for our crypto report now,

589
00:33:42,880 --> 00:33:45,200
Speaker 1: and let's take a look back on the crypto market

590
00:33:45,280 --> 00:33:48,920
Speaker 1: since the start of the War on Ukraine. Bitcoins and others.

591
00:33:49,040 --> 00:33:51,840
Speaker 1: Bitcoin and others have been fluctuating ever since, caught in

592
00:33:51,880 --> 00:33:56,240
Speaker 1: the crosshairs between Russian sanctions abroad and rising interest rates

593
00:33:56,240 --> 00:33:58,520
Speaker 1: in the United States. Let's bring in our own crypto

594
00:33:58,560 --> 00:34:01,440
Speaker 1: contributors n Ali Bassik now for more on this. Quite

595
00:34:01,440 --> 00:34:04,120
Speaker 1: an interesting pattern, quite an interesting pattern. But I think

596
00:34:04,160 --> 00:34:07,640
Speaker 1: what's important to note here is that even when the volatility,

597
00:34:07,760 --> 00:34:11,439
Speaker 1: Bitcoin has erased his losses for the year and since

598
00:34:11,440 --> 00:34:14,400
Speaker 1: the war has started, you see that Bitcoin has raised

599
00:34:14,560 --> 00:34:17,840
Speaker 1: risen really significantly, more than twenty five percent over the

600
00:34:17,880 --> 00:34:20,120
Speaker 1: last couple of weeks. Of course, we know there's been

601
00:34:20,120 --> 00:34:23,799
Speaker 1: a really big buyer. The Luna Foundation has confirmed to

602
00:34:23,920 --> 00:34:26,960
Speaker 1: Bloomberg that they have been buying about more more than

603
00:34:27,000 --> 00:34:30,760
Speaker 1: one billion dollars worth bitcoin since last January, including millions

604
00:34:30,760 --> 00:34:34,120
Speaker 1: worth of purchases on Monday. So that's that's a steady

605
00:34:34,200 --> 00:34:36,680
Speaker 1: rise for bitcoin. Certainly in the last couple of weeks.

606
00:34:36,920 --> 00:34:39,960
Speaker 1: It really does emily outpaced the SMP five hundred since

607
00:34:39,960 --> 00:34:43,080
Speaker 1: the war started, which only rose about six percent in

608
00:34:43,160 --> 00:34:45,759
Speaker 1: that time frame. And if you take out a theory um,

609
00:34:46,200 --> 00:34:48,400
Speaker 1: take a look at the theoryum, it's risen even further

610
00:34:48,520 --> 00:34:51,200
Speaker 1: than Bitcoin has. Of course, we know that's around the

611
00:34:51,239 --> 00:34:54,880
Speaker 1: excitement around the merge among other things. However, we're seeing

612
00:34:54,920 --> 00:34:56,880
Speaker 1: if you take a look there, about a thirty percent

613
00:34:57,000 --> 00:34:59,840
Speaker 1: rise or so in the theory um now over the

614
00:35:00,080 --> 00:35:02,359
Speaker 1: last twenty four hours. Yes, we've seen a big jump,

615
00:35:02,440 --> 00:35:04,960
Speaker 1: but that has started to level off both with theory

616
00:35:05,000 --> 00:35:08,239
Speaker 1: um and with bitcoin, so we'll see how much room

617
00:35:08,239 --> 00:35:10,120
Speaker 1: it has to run. People who are watching the space

618
00:35:10,200 --> 00:35:13,400
Speaker 1: closely are waiting for it to get to fifty for bitcointe.

619
00:35:14,200 --> 00:35:16,560
Speaker 1: One of the biggest hurdles that remain for for bitcoin,

620
00:35:16,680 --> 00:35:19,560
Speaker 1: obviously there's a major regulatory one. Yeah, that is one

621
00:35:19,560 --> 00:35:22,040
Speaker 1: of the biggest things. The SEC has not yet approved

622
00:35:22,040 --> 00:35:25,480
Speaker 1: a spot bitcoin e t F. Even with the the

623
00:35:25,520 --> 00:35:28,960
Speaker 1: futures based ETFs really taking off here that pro shares

624
00:35:29,000 --> 00:35:32,840
Speaker 1: bitcoin et F again, not a huge rise since it

625
00:35:33,040 --> 00:35:36,399
Speaker 1: first really started, but we do see it coming back

626
00:35:36,560 --> 00:35:38,640
Speaker 1: up along with the rise in bitcoin for the year.

627
00:35:39,080 --> 00:35:41,600
Speaker 1: Something interesting, Emily, you can look at it both ways.

628
00:35:41,960 --> 00:35:45,280
Speaker 1: The big banks, Goldman Sachs among other big market makers

629
00:35:45,320 --> 00:35:47,280
Speaker 1: as well, have started to make a lot of bitcoin

630
00:35:47,360 --> 00:35:51,120
Speaker 1: derivative products that help institutions get exposure to bitcoin without

631
00:35:51,200 --> 00:35:54,959
Speaker 1: holding it itself. My sources say every day that there's

632
00:35:55,000 --> 00:35:57,799
Speaker 1: not a spot e t F. More people get into

633
00:35:57,880 --> 00:36:02,799
Speaker 1: these derivative products to get exposure to bitcoin while they

634
00:36:02,880 --> 00:36:05,200
Speaker 1: can't get exposure to a more direct body t F.

635
00:36:05,880 --> 00:36:08,560
Speaker 1: And what about n f T s We saw n

636
00:36:08,640 --> 00:36:11,680
Speaker 1: f T sales sputter a bit. Are we seeing any

637
00:36:11,760 --> 00:36:13,440
Speaker 1: kind of recovery there? You see a little bit of

638
00:36:13,520 --> 00:36:16,000
Speaker 1: a recovery there. As you saw in that last chart,

639
00:36:16,320 --> 00:36:19,400
Speaker 1: it's down significantly from the highs Emily and that's according

640
00:36:19,440 --> 00:36:23,160
Speaker 1: to n f T go dot io. But you're seeing

641
00:36:23,400 --> 00:36:26,319
Speaker 1: that then this is by volume to be certain, if

642
00:36:26,360 --> 00:36:28,520
Speaker 1: you look at by market cap it's still quite high.

643
00:36:29,000 --> 00:36:32,920
Speaker 1: But this all goes to say bitcoin itself has taken

644
00:36:32,960 --> 00:36:35,680
Speaker 1: a rise. All of these other products follow on the

645
00:36:35,760 --> 00:36:39,200
Speaker 1: heels of how fast Bitcoin can rise. Let's see if

646
00:36:39,280 --> 00:36:40,759
Speaker 1: n f T sales in the next couple of we

647
00:36:40,960 --> 00:36:44,120
Speaker 1: start to catch up. Should bitcoin keep its bid? Okay,

648
00:36:45,239 --> 00:36:48,239
Speaker 1: our crypto contributor, thank you, come up. The future of

649
00:36:48,280 --> 00:36:51,800
Speaker 1: biotech investing and of the crisper gene editing technology in

650
00:36:51,880 --> 00:36:55,960
Speaker 1: a post pandemic world. Biochemist and Nobel Prize winner Jennifer

651
00:36:56,000 --> 00:36:59,600
Speaker 1: Downnutt joins us to talk about all of that and more. Next,

652
00:37:00,040 --> 00:37:20,520
Speaker 1: this is Bloomberg. As we come out of the pandemic,

653
00:37:20,719 --> 00:37:23,920
Speaker 1: what the future of the biotech industry holds well? UC

654
00:37:24,040 --> 00:37:27,000
Speaker 1: Berkeley professor and Nobel Prize winner Jennifer Down is trying

655
00:37:27,520 --> 00:37:30,040
Speaker 1: to level the playing field by launching a new program

656
00:37:30,160 --> 00:37:34,360
Speaker 1: to help women founders in biotechnology. Joining us now to

657
00:37:34,400 --> 00:37:37,800
Speaker 1: talk about all that and more, Professor Down herself and

658
00:37:38,040 --> 00:37:41,400
Speaker 1: Dr Down, I think the world most people would probably

659
00:37:41,400 --> 00:37:43,879
Speaker 1: agree we need more Jennifer down as in this world.

660
00:37:43,920 --> 00:37:46,520
Speaker 1: Talk to us about this new program and what the

661
00:37:46,600 --> 00:37:51,000
Speaker 1: impact would be. Hi, Emily, we are so excited about

662
00:37:51,040 --> 00:37:54,320
Speaker 1: this program. At the Innovative Genomics Institute, we launched a

663
00:37:54,400 --> 00:38:01,080
Speaker 1: WISE program, Women in Entrepreneurial Science, founded by anerful female

664
00:38:01,480 --> 00:38:06,640
Speaker 1: entrepreneurial philanthropist. We have a incredible opportunity to recruit the

665
00:38:06,760 --> 00:38:11,839
Speaker 1: best female entrepreneurs to the institute, give them a head

666
00:38:11,920 --> 00:38:15,480
Speaker 1: start to get their ideas launched, and then found companies

667
00:38:15,640 --> 00:38:18,480
Speaker 1: off of those ideas. It's a It's an extraordinary opportunity.

668
00:38:18,520 --> 00:38:20,600
Speaker 1: I'm delighted to be part of it. Why do we

669
00:38:20,680 --> 00:38:24,440
Speaker 1: need more women in biotechnology in particular? I'm a big

670
00:38:24,520 --> 00:38:27,719
Speaker 1: believer that the best science gets done by a diverse team.

671
00:38:27,800 --> 00:38:30,319
Speaker 1: We have to have people from all walks of life

672
00:38:30,400 --> 00:38:34,320
Speaker 1: contributing to the future of biotech in genome engineering. With

673
00:38:34,400 --> 00:38:38,560
Speaker 1: Cristper technology, we've seen over the last decade the extraordinary

674
00:38:38,600 --> 00:38:41,719
Speaker 1: advance is made both on the innovative side and also

675
00:38:41,800 --> 00:38:44,080
Speaker 1: on the applied side. And I think that, you know,

676
00:38:44,440 --> 00:38:48,320
Speaker 1: going forward, we just want to have the most opportunity,

677
00:38:48,320 --> 00:38:52,120
Speaker 1: you know, the largest opportunity to recruit people from everywhere

678
00:38:52,320 --> 00:38:55,880
Speaker 1: to come into this field and work on opportunities and

679
00:38:55,920 --> 00:38:59,719
Speaker 1: geno medity. What's your assessment of where we are at

680
00:38:59,800 --> 00:39:04,040
Speaker 1: this phase of the pandemic, moving into hopefully post pandemic

681
00:39:04,160 --> 00:39:07,279
Speaker 1: and the role that CRISPER engene editing will play in

682
00:39:07,440 --> 00:39:11,560
Speaker 1: preventing the next pandemic from happening. Crisper is such an

683
00:39:11,600 --> 00:39:14,600
Speaker 1: extraordinary technology, I think, as you know, it came out

684
00:39:14,640 --> 00:39:17,840
Speaker 1: of a study of a bacterial immune system, so it

685
00:39:17,960 --> 00:39:21,080
Speaker 1: naturally works in nature as a as a way of

686
00:39:21,200 --> 00:39:25,719
Speaker 1: protecting cells against viral infection. And going forward, we're using

687
00:39:25,800 --> 00:39:29,600
Speaker 1: it not only as a way to detect the presence

688
00:39:29,719 --> 00:39:33,359
Speaker 1: of infectious agents, but also to use it to uh,

689
00:39:33,640 --> 00:39:36,720
Speaker 1: you know, make the kinds of changes in the genome

690
00:39:36,840 --> 00:39:39,759
Speaker 1: that could be protective against future infection. I think those

691
00:39:39,800 --> 00:39:42,480
Speaker 1: are the two ways that we'll see Crisper having an

692
00:39:42,560 --> 00:39:45,600
Speaker 1: impact in the future to prevent the kind of pandemic

693
00:39:45,719 --> 00:39:48,719
Speaker 1: that we've just been through. Now, there's been some controversy

694
00:39:48,760 --> 00:39:52,399
Speaker 1: in the crisper world recently. Berkeley recently lost a long

695
00:39:52,480 --> 00:39:55,080
Speaker 1: and drawn out patent battle with M. I. T. And

696
00:39:55,200 --> 00:39:59,200
Speaker 1: Harvard's Broad Institute over the ownership of this technology. What's

697
00:39:59,239 --> 00:40:02,920
Speaker 1: been your reaction to this, Oh, Emily, you know, I

698
00:40:03,040 --> 00:40:07,560
Speaker 1: think this this is a common theme in areas of

699
00:40:07,640 --> 00:40:13,240
Speaker 1: technology where there is extraordinary opportunity, there are always disputes about,

700
00:40:13,520 --> 00:40:16,279
Speaker 1: you know, intellectual property, and Cristper is no different in

701
00:40:16,360 --> 00:40:18,719
Speaker 1: that regard. I'm proud of the fact that U. C.

702
00:40:18,920 --> 00:40:24,200
Speaker 1: Berkeley University, California retains more than forty five issued patents

703
00:40:24,239 --> 00:40:26,360
Speaker 1: that are not part of the interference. So we have

704
00:40:26,480 --> 00:40:30,719
Speaker 1: a very strong intellectual property suite around Cristopher and we

705
00:40:30,840 --> 00:40:33,480
Speaker 1: continue to do our our work at the Innovative Genomics

706
00:40:33,520 --> 00:40:36,200
Speaker 1: Institute and with our partner companies. Were not impeded in

707
00:40:36,280 --> 00:40:39,839
Speaker 1: any way by that ongoing dispute. So on that note,

708
00:40:39,920 --> 00:40:43,600
Speaker 1: how does this impact your efforts too, and your dream

709
00:40:43,640 --> 00:40:47,680
Speaker 1: really to commercialize this technology and apply it to hard

710
00:40:47,760 --> 00:40:52,000
Speaker 1: problems for generations to come, not at all, you know,

711
00:40:52,080 --> 00:40:55,040
Speaker 1: I recently I was. I had a wonderful conversation just

712
00:40:55,239 --> 00:40:58,280
Speaker 1: last week with Victoria Gray. She was the first United

713
00:40:58,360 --> 00:41:03,560
Speaker 1: States uh resident who received a Crisper therapy for her

714
00:41:03,600 --> 00:41:07,799
Speaker 1: sickle cell disease. UM just incredible to talk with her

715
00:41:07,960 --> 00:41:10,960
Speaker 1: and hear about the impact on her family, her life.

716
00:41:11,320 --> 00:41:14,160
Speaker 1: She's now enrolling in business school, something she couldn't have

717
00:41:14,320 --> 00:41:17,640
Speaker 1: imagined doing when she was dealing with the ongoing impacts

718
00:41:17,680 --> 00:41:20,200
Speaker 1: of sickle cell disease. And I think that's the future

719
00:41:20,280 --> 00:41:22,760
Speaker 1: for Cristper. We're going to see more and more opportunities

720
00:41:22,840 --> 00:41:25,319
Speaker 1: to change people's lives in better way, for for the best.

721
00:41:26,040 --> 00:41:28,359
Speaker 1: Talk to us about your near term goals and your

722
00:41:28,440 --> 00:41:33,239
Speaker 1: long term goals on the therapeutic roadmap. Well, near term,

723
00:41:33,360 --> 00:41:37,040
Speaker 1: I think we're we're on a path to continue expanding

724
00:41:37,080 --> 00:41:40,040
Speaker 1: the kinds of applications that Cristopher will be used for,

725
00:41:40,280 --> 00:41:43,560
Speaker 1: not only for very rare disease, but I think in

726
00:41:43,680 --> 00:41:48,320
Speaker 1: the future using it as a way to protect against disease.

727
00:41:48,400 --> 00:41:51,080
Speaker 1: And they're already our companies, for example, Verve comes to

728
00:41:51,200 --> 00:41:55,239
Speaker 1: mind that are on that same path. And I think, then,

729
00:41:55,400 --> 00:41:58,480
Speaker 1: you know, further down the road. I think crisper eventually

730
00:41:58,560 --> 00:42:01,720
Speaker 1: becomes a standard of or for certain types of disease.

731
00:42:01,800 --> 00:42:04,480
Speaker 1: I think that's something that you know, I I can envision.

732
00:42:04,840 --> 00:42:08,000
Speaker 1: You know, it will only happen if it's developed with

733
00:42:08,120 --> 00:42:11,320
Speaker 1: an eye towards sustainability. It has to be affordable. You know,

734
00:42:11,480 --> 00:42:15,400
Speaker 1: Victoria Gray's treatment was close to two million dollars, So

735
00:42:15,560 --> 00:42:17,920
Speaker 1: clearly we need to bring down the cost. And we

736
00:42:18,080 --> 00:42:20,160
Speaker 1: think that one way to do that is to do

737
00:42:20,320 --> 00:42:22,480
Speaker 1: the kind of research that we have ongoing at the

738
00:42:22,520 --> 00:42:25,520
Speaker 1: Innovative Genomics Institute and then partner with companies when it

739
00:42:25,560 --> 00:42:29,160
Speaker 1: makes sense. And what's your outlook on the future of

740
00:42:29,520 --> 00:42:32,920
Speaker 1: biotech returns? I mean, for so many years this was

741
00:42:33,360 --> 00:42:36,160
Speaker 1: and under invested in part of the tech landscape, certainly

742
00:42:36,160 --> 00:42:39,400
Speaker 1: when you compare it to consumer and enterprise technology. Do

743
00:42:39,480 --> 00:42:43,520
Speaker 1: you see a new era for biotech investing being ushered

744
00:42:43,560 --> 00:42:46,600
Speaker 1: in over the next decade. I do. And part of

745
00:42:46,640 --> 00:42:49,320
Speaker 1: the reason, one thing I think is driving that actually

746
00:42:49,520 --> 00:42:53,080
Speaker 1: is the intersection of biotech with other kinds of technology.

747
00:42:53,200 --> 00:42:56,080
Speaker 1: Is hard tech for example, uh, computer science. You know,

748
00:42:56,160 --> 00:42:58,480
Speaker 1: I think we many of us see that there are

749
00:42:58,480 --> 00:43:03,759
Speaker 1: amazing opportunities when these areas of technology converge and that's

750
00:43:03,800 --> 00:43:05,759
Speaker 1: what we're seeing right now. So I think the next

751
00:43:05,880 --> 00:43:09,560
Speaker 1: decade in this area will be very, very exciting for

752
00:43:09,840 --> 00:43:13,319
Speaker 1: scientists and also for investors. So where the next big

753
00:43:13,360 --> 00:43:16,680
Speaker 1: bets wish and investors be putting their money quickly, Well,

754
00:43:16,880 --> 00:43:19,759
Speaker 1: one area I would I would recommend looking into is

755
00:43:20,239 --> 00:43:24,080
Speaker 1: is agriculture and synthetic biology. These are these are areas

756
00:43:24,160 --> 00:43:26,400
Speaker 1: where you know, we need crisper and we need other

757
00:43:26,480 --> 00:43:29,279
Speaker 1: technologies to address the challenges of climate change, of a

758
00:43:29,360 --> 00:43:32,279
Speaker 1: growing population on our planet. How do we keep people

759
00:43:32,360 --> 00:43:36,280
Speaker 1: fed with the you know, high nutritional value crops. Christopher

760
00:43:36,360 --> 00:43:40,480
Speaker 1: will play a big role there, all right. Dr Jennifer

761
00:43:40,680 --> 00:43:44,800
Speaker 1: dowdnat Nobel Prize winner, UC Berkeley Professor, always get to

762
00:43:44,840 --> 00:43:46,839
Speaker 1: have you here on the show. Thank you for joining us.

763
00:43:48,360 --> 00:43:51,080
Speaker 1: And that does it for this edition of Bloomberg Technology.

764
00:43:51,160 --> 00:43:53,920
Speaker 1: Tune in tomorrow for my exclusive interview with Uber CEO

765
00:43:54,000 --> 00:43:56,720
Speaker 1: Dara Kaswa Shahy. I'll be speaking with him at Shop

766
00:43:56,800 --> 00:43:59,640
Speaker 1: Talk in Las Vegas. We will be live with the

767
00:43:59,719 --> 00:44:02,680
Speaker 1: show Bloomberg Technology on the shop Talk floor and allays

768
00:44:02,719 --> 00:44:05,719
Speaker 1: at all tomorrow. And don't forget to check out our

769
00:44:05,760 --> 00:44:07,799
Speaker 1: new podcast. You can find it on the terminal, as

770
00:44:07,840 --> 00:44:10,960
Speaker 1: well as online at Apple, Spotify, our Heart Radio and

771
00:44:11,000 --> 00:44:14,239
Speaker 1: wherever you get your podcast. I'm Emily checking in San Francisco.

772
00:44:14,520 --> 00:45:46,920
Speaker 1: This is Bloomberg. Yeah. Yeah. Every art institution I know

773
00:45:47,040 --> 00:45:48,600
Speaker 1: I want you to serve on their board. And you're

774
00:45:48,719 --> 00:45:50,600
Speaker 1: very involved in the art world. What is it about

775
00:45:50,680 --> 00:45:56,240
Speaker 1: art that attracts you? Well? Art is essential in the democracy, David.

776
00:45:56,560 --> 00:46:00,880
Speaker 1: Art is so important. We know what our does to

777
00:46:01,080 --> 00:46:05,960
Speaker 1: young people. We know that exposure to art brings about

778
00:46:06,680 --> 00:46:13,120
Speaker 1: higher levels of empathy. Um. It helps people understand how

779
00:46:13,280 --> 00:46:18,880
Speaker 1: other cultures, other people live, um. And it just brings

780
00:46:19,000 --> 00:46:22,200
Speaker 1: out the kind of humanity and all of us. There

781
00:46:22,239 --> 00:46:27,759
Speaker 1: are times when I have observed leaders uh use um

782
00:46:29,160 --> 00:46:33,960
Speaker 1: language that is inhumane while talking about other human beings,

783
00:46:34,719 --> 00:46:38,279
Speaker 1: while while talking about the world. UM, And I think

784
00:46:38,360 --> 00:46:42,640
Speaker 1: to myself, this person has clearly never engaged in beautiful poetry.

785
00:46:42,800 --> 00:46:49,239
Speaker 1: They've never listened to the words of a great play, right,

786
00:46:49,360 --> 00:46:53,640
Speaker 1: They've never um sat and reflected on a beautiful painting

787
00:46:54,040 --> 00:47:00,920
Speaker 1: or picture. Because if they had been really educated, had

788
00:47:01,000 --> 00:47:05,440
Speaker 1: they really been exposed to the arts, UM, they wouldn't

789
00:47:06,000 --> 00:47:09,080
Speaker 1: find it possible to use this kind of language.