WEBVTT - Shoptalk 2022 and Will Smith's Slap 0:00:03.520 --> 0:00:06.880 From the heart of where innovation, money and power collive 0:00:07.640 --> 0:00:12.159 in Silicon Valley and beyond. This is Bloomberg Technology with 0:00:12.240 --> 0:00:28.040 Emily Jay. I'm Emily Changing in San Francisco, and this 0:00:28.080 --> 0:00:30.720 is Bloomberg Technology coming up in the next hour, from 0:00:30.760 --> 0:00:34.640 Google to Macy's, instatcart and Walmart. The power players of 0:00:34.680 --> 0:00:37.000 retail and those trying to break in are gathered at 0:00:37.000 --> 0:00:39.760 shop Talk in Las Vegas to talk about the future 0:00:39.760 --> 0:00:44.720 of commerce as interest rates and inflation squeeze consumer pocketbooks. 0:00:44.720 --> 0:00:48.640 We will take you there live plus the slap seeing 0:00:48.640 --> 0:00:52.280 around the world. Will Smith smacking Chris Rock at the Oscars, 0:00:52.360 --> 0:00:57.000 overshadowing his own oscar, women sparking memes for day, maybe decades. 0:00:57.320 --> 0:01:00.640 We'll have a report from Hollywood. I the future of 0:01:00.720 --> 0:01:03.800 gene editing and biotechnology. We will speak about the promise 0:01:03.880 --> 0:01:06.880 of new science in a post COVID world with Nobel 0:01:06.959 --> 0:01:10.760 Prize winner Jennifer Down. Now, all of that in a moment, 0:01:10.760 --> 0:01:12.360 but first it's going to look at the market and 0:01:12.400 --> 0:01:14.920 tech stuck starting the week on a high. Are at 0:01:14.959 --> 0:01:17.600 Ludlow here with the big movers, and yeah, we've got 0:01:17.600 --> 0:01:20.480 this continuation of the risk on sentiment we've seen particularly 0:01:20.480 --> 0:01:22.520 in equity markets over the last two weeks. You look 0:01:22.560 --> 0:01:24.360 at it then as that one d up one point 0:01:24.360 --> 0:01:27.760 six percent to its highest level in more than six weeks. 0:01:27.760 --> 0:01:29.640 And it's interesting. I put bitcoin on there as well. 0:01:29.640 --> 0:01:33.160 It's around forty eight thousand dollars per token token. It's 0:01:33.160 --> 0:01:35.080 been a little under the radar, but we're the highest 0:01:35.160 --> 0:01:37.839 level of the year two on bitcoin, and it's also 0:01:38.040 --> 0:01:41.440 raised it's year to date losses, So real momentum there. 0:01:41.440 --> 0:01:44.600 And you've got a flag oil not necessarily directly related 0:01:44.680 --> 0:01:47.720 to tech, but oil down sharply Monday. You see futures 0:01:47.760 --> 0:01:50.880 for W two. I what West Texas Intermediate down seven 0:01:50.920 --> 0:01:54.160 percent below ten dollars per barrel. But there's now a 0:01:54.240 --> 0:01:57.920 narrative around the question on global consumption, particularly China, the 0:01:57.920 --> 0:02:01.520 biggest consumer of energy products. Of course, m coming me, 0:02:01.800 --> 0:02:05.400 bobow terminal. Every so often a chart comes along, and 0:02:05.440 --> 0:02:07.840 I want to talk about Apple. Just look at this chart. 0:02:08.320 --> 0:02:11.520 Apple up on Monday for the tenth consecutive day. It's 0:02:11.600 --> 0:02:15.640 longest streak of gains since October two thousand and ten. 0:02:16.520 --> 0:02:18.800 Let that thinking, I'll let you have that sink in 0:02:18.840 --> 0:02:21.320 for a moment. And that's despite a report from Nicka 0:02:21.880 --> 0:02:25.760 that Apple's cut production of its iPhone sc by because 0:02:25.760 --> 0:02:28.959 of waning demand, waning demand because of inflation, the conflicts 0:02:28.960 --> 0:02:32.240 in Ukraine, and investors they didn't seem to mind. The 0:02:32.360 --> 0:02:34.760 rapid streak that's been going on in mega tech continues 0:02:34.800 --> 0:02:37.760 and Apple really leading that charge. Also worth noting very quickly, 0:02:37.800 --> 0:02:40.160 the Amazon is now positive year today as well. So 0:02:40.240 --> 0:02:43.600 despite that narrative about higher rates, really seeing investors look 0:02:43.639 --> 0:02:47.280 real close at megacap tech stucks are looking well quickly. 0:02:47.320 --> 0:02:49.640 Some movers Tesla up eight percent. We're gonna talk about 0:02:49.639 --> 0:02:51.840 this later in the show. It's gonna ask investors at 0:02:51.840 --> 0:02:54.680 this annual meeting for another stock split, the second in 0:02:54.760 --> 0:02:57.920 two years. Hping up three percent after a three billion 0:02:57.919 --> 0:03:00.440 dollar all cash deal to buy Polly. This is one 0:03:00.440 --> 0:03:03.320 of the makers of remote work tools like headsets and 0:03:03.440 --> 0:03:05.440 video cameras. An interesting all cash deal for them. But 0:03:05.480 --> 0:03:11.160 you see investors taking negatively and lass amc entertainment up end. 0:03:11.240 --> 0:03:15.359 Do you know why why? No idea means talks about Alright, 0:03:15.520 --> 0:03:19.160 thank you Ed. Always love those history lessons, appreciate it well. 0:03:19.200 --> 0:03:21.920 This week we are in Las Vegas at Shoptop where 0:03:21.960 --> 0:03:24.520 thousands of retail moguls are coming together to talk about 0:03:24.520 --> 0:03:28.079 the future of retail. The agenda covering the latest tech 0:03:28.160 --> 0:03:31.560 and trends from apparel and electronics to beauty and grocery. 0:03:31.960 --> 0:03:34.440 Connie Chance, general partner at entries in Horowitz, is in 0:03:34.720 --> 0:03:38.240 Vegas at the conference and joins us Now Live. Connie, you, 0:03:38.240 --> 0:03:40.360 we're a speaker on stage today, and I'm curious, what 0:03:40.400 --> 0:03:42.640 are some of the key themes and trends your most 0:03:42.640 --> 0:03:46.360 bullish on From day one? I mean, the energy here 0:03:46.560 --> 0:03:49.280 is so high. Everyone is talking about how to leverage 0:03:49.320 --> 0:03:52.120 more technology. One of the key trends I'm hearing all 0:03:52.160 --> 0:03:55.480 retailers talk about is how to use more video going forward. 0:03:55.920 --> 0:03:58.960 That could be a combination of short video, long video, 0:03:59.440 --> 0:04:03.680 live video. Lots of retailers are asking questions about these topics, 0:04:03.680 --> 0:04:06.120 how to find the right hosts, the right seller to 0:04:06.200 --> 0:04:08.920 host these videos. But there's a lot of talk about 0:04:08.960 --> 0:04:13.559 just incorporating more technology and to our everyday shopping experiences. 0:04:13.960 --> 0:04:18.000 That said, we're looking at inflation, we're looking at interest rates. 0:04:18.040 --> 0:04:21.279 All of us is really putting pressure on consumers. How 0:04:21.320 --> 0:04:24.919 are retail companies dealing with this and how are consumers 0:04:24.960 --> 0:04:28.919 going to respond? I think retailers are thinking about how 0:04:28.960 --> 0:04:33.359 to decrease the space between brand, retail and customer, to 0:04:33.440 --> 0:04:38.039 foster more brand loyalty, to deliver better customer experiences, to 0:04:38.120 --> 0:04:40.520 make sure customers have more confidence and the things they 0:04:40.520 --> 0:04:44.039 buy before they purchase them, and so examples like using 0:04:44.120 --> 0:04:47.560 video or using personalized chat or having these one on 0:04:47.560 --> 0:04:51.200 one expert recommendations are always that brands can make sure 0:04:51.240 --> 0:04:56.200 that consumers are more confident in their purchases. Now, your 0:04:56.240 --> 0:04:59.640 panel today focused on China as a global e commerce player, 0:04:59.760 --> 0:05:02.680 and we know that you know, in the Chinese economy, 0:05:02.839 --> 0:05:05.800 Chinese shopping economy, there are so many different kinds of 0:05:05.839 --> 0:05:08.839 experiences that have yet to sort of translate to a 0:05:08.839 --> 0:05:11.720 global audience. Talk to us about what you see there 0:05:11.720 --> 0:05:14.000 that has the most promise and whether or not you 0:05:14.040 --> 0:05:16.839 see some of these trends catching on around the world. 0:05:17.720 --> 0:05:20.400 For sure, I'd say the biggest e commerce trend in 0:05:20.480 --> 0:05:24.080 China over the last two three years would be live shopping. 0:05:24.480 --> 0:05:27.160 Live shopping has taken China by storm and it's really 0:05:27.240 --> 0:05:29.520 changed the way lots of brands and retailers are even 0:05:29.560 --> 0:05:32.400 thinking about their marketing budgets. And so you can buy 0:05:32.520 --> 0:05:36.320 everything on live video and China. Now everything from medical 0:05:36.360 --> 0:05:41.360 procedures to clothing to fruit farming. Anything you can think 0:05:41.400 --> 0:05:44.560 of that can be purchased online can be purchased through 0:05:44.600 --> 0:05:47.440 online video, and so I think that trend is now 0:05:47.520 --> 0:05:49.960 showing that it has lots of promise. In the US, 0:05:50.040 --> 0:05:53.320 there are plenty of companies now experimenting with live video 0:05:53.640 --> 0:05:57.000 and they're seeing really great results. You've talked about the 0:05:57.120 --> 0:06:00.600 rise of shop attainment in the past, and I'm curious 0:06:00.600 --> 0:06:04.359 which companies you think are at the forefront of this. 0:06:04.480 --> 0:06:08.080 How do you, for example, think about Instagram versus TikTok, 0:06:08.320 --> 0:06:12.960 versus Facebook versus Snapchat when it comes to video commerce. 0:06:14.240 --> 0:06:16.839 I think lots of companies are going to put video 0:06:16.880 --> 0:06:19.520 commerce at the forefront, just because videos such a fantastic 0:06:19.520 --> 0:06:22.520 way to sell things. If you grow up watching infomercials, 0:06:22.560 --> 0:06:27.120 you know they are effective. And having customer testimonials, having 0:06:27.200 --> 0:06:30.120 live demos on boxing, all of these things are just 0:06:30.160 --> 0:06:34.279 fantastic ways to sell product and get customers more excited 0:06:34.320 --> 0:06:36.840 about the things that they're buying. I think you're right, 0:06:36.880 --> 0:06:39.680 all of these large platforms are going to be experimenting 0:06:39.720 --> 0:06:43.560 with shop attainment and having more video enabled commerce. I 0:06:43.600 --> 0:06:45.600 also think lots of brands are going to attempt putting 0:06:45.640 --> 0:06:47.880 it on their own websites and on their own apps. 0:06:48.200 --> 0:06:50.200 And I also believe there's going to be third party 0:06:50.240 --> 0:06:54.560 apps that rise as new shop um shopping video platforms 0:06:54.600 --> 0:06:57.159 that are going to do tremendously well. Now I have 0:06:57.240 --> 0:06:59.480 to ask you about what's going on in the broader environment. 0:06:59.600 --> 0:07:03.279 What's happening with funding and valuations. We just saw Insta 0:07:03.360 --> 0:07:06.680 car markets own valuation down from thirty nine billion dollars 0:07:06.680 --> 0:07:09.080 to twenty four billion dollars. I know this is a 0:07:09.120 --> 0:07:12.600 company that entries in horrowits invested in at an earlier stage. 0:07:12.760 --> 0:07:15.560 Are we going to see a slew of other markdowns? 0:07:15.600 --> 0:07:18.320 I mean, is this happening at at a lot of companies? 0:07:19.640 --> 0:07:22.320 Like yn't speak about that particular company, but I will 0:07:22.360 --> 0:07:25.120 say that I tend to focus on the very early stage. 0:07:25.200 --> 0:07:29.080 So I'm talking about Precedes, Seeds and A's and so forth, 0:07:29.240 --> 0:07:31.360 and a lot of these companies have a really long 0:07:31.400 --> 0:07:35.120 time horizon five, ten, fifteen years, and so we're less 0:07:35.160 --> 0:07:37.760 concerned about near term shocks to the market, and that 0:07:37.760 --> 0:07:41.240 wouldn't change our focus on how we invest. So are 0:07:41.280 --> 0:07:44.600 you saying the broader economic environment the uncertainty that we're 0:07:44.600 --> 0:07:47.200 seeing what's happening with inflation and interest rates. That's not 0:07:47.280 --> 0:07:51.160 really factoring into your calculus at all at entries and 0:07:51.200 --> 0:07:53.880 horrowits in terms of the early investments that you're making 0:07:55.120 --> 0:07:57.239 at the early stage, I don't think we're that phase 0:07:57.360 --> 0:07:59.800 by near term changes to the market, because again, we 0:07:59.880 --> 0:08:02.640 have a very long term horizon, and so do our founders. 0:08:02.920 --> 0:08:06.000 Many of them are building for five, ten, fifteen years outward. 0:08:07.160 --> 0:08:09.720 So let's talk about what you are looking to invest 0:08:09.760 --> 0:08:12.760 in in terms of companies, in terms of trend what 0:08:12.800 --> 0:08:15.080 are you most bullish on as we come out of 0:08:15.120 --> 0:08:18.560 the pandemic hopefully uh, fingers crossed, But we are facing 0:08:18.560 --> 0:08:21.680 this kind of uncertainty of future of hybrid work. You know, 0:08:22.000 --> 0:08:25.120 where are you placing your bets. I think COVID brought 0:08:25.160 --> 0:08:27.480 a lot of behaviors forward in a really great way 0:08:27.480 --> 0:08:29.640 in the sense that now we're much more accustomed to 0:08:29.680 --> 0:08:32.840 doing things through video, We're more used to ordering things 0:08:32.840 --> 0:08:35.439 on our phone, So I actually think it accelerates a 0:08:35.480 --> 0:08:38.000 lot of the trends that we're going to happen. Anyways, 0:08:38.360 --> 0:08:41.200 I'm looking at new forms of commerce, how people are 0:08:41.600 --> 0:08:45.120 creating new formats, whether it's video or AI driven UM 0:08:45.160 --> 0:08:49.160 and the particularly excited about companies that use AI at 0:08:49.200 --> 0:08:52.920 the forefront, meaning how are they rethinking an entire experience 0:08:52.960 --> 0:08:55.320 with AI to begin with or video to begin with. 0:08:55.800 --> 0:08:58.960 So I'm excited about AI and video in particular. And 0:08:59.000 --> 0:09:01.320 how do you think, like, take us five years out, 0:09:01.520 --> 0:09:04.880 how will we be shopping differently because of AI, because 0:09:05.120 --> 0:09:08.160 of video? Let's say five years from now. I think 0:09:08.280 --> 0:09:12.400 video shopping is going to be very common mainstream behavior 0:09:12.400 --> 0:09:14.600 five years out, which means that you are going to 0:09:14.679 --> 0:09:17.560 be shopping from all kinds of platforms. Means you're not 0:09:17.600 --> 0:09:20.080 just going to be shopping on e commerce platforms. Even 0:09:20.120 --> 0:09:22.559 you'll be shopping from social media platforms. There are other 0:09:22.600 --> 0:09:25.120 platforms that you spend a lot of time on. UM. 0:09:25.160 --> 0:09:26.959 I also think with AI that means you're going to 0:09:27.040 --> 0:09:30.360 have much better personalization and that's going to improve the 0:09:30.760 --> 0:09:33.720 shopping experience for everyone across the board. Ideally that means 0:09:33.840 --> 0:09:37.160 for your returns. Ideally, that means you're buying things that 0:09:37.200 --> 0:09:40.200 fit your style, You're buying things that naturally delight you. 0:09:40.360 --> 0:09:42.600 So AI is just a wonderful way to give a 0:09:42.640 --> 0:09:46.240 more personalized shopping experience. So is this like a smarter 0:09:46.400 --> 0:09:51.000 version of QVC on social media. In some ways, QVC, 0:09:51.200 --> 0:09:54.320 of course is one of the original shopping video platforms. 0:09:54.720 --> 0:09:56.680 Um But I think if you look at what happened 0:09:56.679 --> 0:09:58.520 in China in the last two three years, you get 0:09:58.520 --> 0:10:01.360 a glimpse of what's possible in the US. And in 0:10:01.400 --> 0:10:04.560 many ways, China video shopping is now one of the 0:10:04.600 --> 0:10:08.040 most popular waste shop and people are doing it on 0:10:08.040 --> 0:10:10.800 their smartphones all throughout the day. And you can buy 0:10:10.920 --> 0:10:14.800 literally anything on an online video shopping and it's great 0:10:14.840 --> 0:10:17.079 because you can ask the host questions, you can get 0:10:17.120 --> 0:10:20.520 real time answers. There's a lot of limited time discounts. 0:10:20.520 --> 0:10:23.240 If you think back to your infomercial days, they would 0:10:23.240 --> 0:10:25.480 say or now or in the next fifteen minutes and 0:10:25.520 --> 0:10:28.240 get it a freebee or give one to you know, 0:10:28.280 --> 0:10:30.600 get an extra one to give to a friend. All 0:10:30.600 --> 0:10:34.960 of those limited time promotions, exclusive drops, special pricing, all 0:10:35.000 --> 0:10:38.280 of those things are much more possible through live video. 0:10:39.280 --> 0:10:41.640 And what is the role of the creator economy and 0:10:41.679 --> 0:10:44.439 all of this, I mean, our influencers were placed by 0:10:44.480 --> 0:10:47.240 AI s. I mean, are these real people still selling 0:10:47.480 --> 0:10:51.199 us stuff or not? I think influencers are still really 0:10:51.240 --> 0:10:55.240 important creators are important because they are curating products and 0:10:55.280 --> 0:10:58.520 they are building trusts with their end viewers. Right, there 0:10:58.520 --> 0:11:01.240 are particular folks that I want watch on YouTube, and 0:11:01.280 --> 0:11:04.440 I trust the recommendations they're making based off the background, 0:11:04.440 --> 0:11:07.520 based off the things they've recommended or didn't recommend in 0:11:07.559 --> 0:11:10.840 the past. And so creators are still really important as 0:11:10.920 --> 0:11:14.560 either creators of products or curators, and their curation is 0:11:14.600 --> 0:11:17.920 really valuable because it's giving me a better glimpse more 0:11:17.960 --> 0:11:22.520 information about what I'm purchasing. All right, Connie Chan of 0:11:22.800 --> 0:11:25.800 Entrees and Harrow, it's great to hear your view of 0:11:25.920 --> 0:11:30.560 the future. Thanks for stopping. By meantime, Netflix has headed 0:11:30.600 --> 0:11:33.880 for its biggest quarterly drop in a decade, entering the 0:11:33.880 --> 0:11:35.760 final week at the first quarter of the streaming video 0:11:35.800 --> 0:11:40.080 giant down percent. That makes Netflix one of the biggest 0:11:40.080 --> 0:11:43.920 losers in the NAZAC one hundred, investors largely wary about 0:11:44.000 --> 0:11:48.599 its disappointing growth outlook. Coming up, we'll head back to 0:11:48.679 --> 0:11:51.440 Las Vegas, where Bloomberg's Bradstone sat down with Insta cart 0:11:51.480 --> 0:11:55.040 CEO pg SMO days after the grocery tech giant slashed 0:11:55.080 --> 0:12:22.959 its valuation. That's next. This is Bloomberg and so as 0:12:22.960 --> 0:12:26.880 a private company, even though our businesses, you know, incredibly strong, 0:12:26.960 --> 0:12:29.720 we we really wanted to reflect the facts that, of 0:12:29.760 --> 0:12:33.240 course we're not immune to the volatility of the public markets, 0:12:33.760 --> 0:12:38.000 and so by proactively kind of taking down our valuation 0:12:38.120 --> 0:12:41.480 to reflect what it would be like if we were 0:12:41.480 --> 0:12:45.360 a publicly treated company. It's an employee first move so 0:12:45.400 --> 0:12:48.600 that we can start granting stock to our employees at 0:12:48.640 --> 0:12:51.960 this lower valuation and helps um, you know, participate in 0:12:52.040 --> 0:12:57.160 the upside. Insta Carcimo, they're at sharp talk with our 0:12:57.200 --> 0:13:00.199 very own grad Stone talking about the company's re sent 0:13:00.360 --> 0:13:04.240 mark down. Last week, Instacart slashed its valuation by almost 0:13:04.679 --> 0:13:08.360 to four billion dollars to reflect public market declines at 0:13:08.400 --> 0:13:12.720 companies like doordesh and Shopify, also Instacart and Semo, saying 0:13:12.720 --> 0:13:16.280 this is to give employees more upside. Our Bradstone joins 0:13:16.360 --> 0:13:18.880 us now to discuss and Brad the big question, is 0:13:18.920 --> 0:13:21.120 this the start of something that we're going to see 0:13:21.120 --> 0:13:24.920 happening more broadly at other companies besides Instacart. What more 0:13:24.960 --> 0:13:30.280 contacts context did she give you there? Well, you heard it. 0:13:30.360 --> 0:13:32.760 She called it an employee first move. She said it 0:13:32.760 --> 0:13:36.400 would help Instacart with retention but look, I think instacarts 0:13:36.400 --> 0:13:39.679 in a pretty unique position and it's going to be 0:13:39.880 --> 0:13:42.760 more difficult for other companies to follow. As you remember, Emily, 0:13:43.120 --> 0:13:45.280 last year, a poor of a meta, the CEO and 0:13:45.320 --> 0:13:48.840 founder of instacarts, stepped aside. They brought in Fiji. She 0:13:48.960 --> 0:13:52.160 really signaled, you know, a full pivot for the company 0:13:52.360 --> 0:13:55.640 from just a food delivery business into a more sort 0:13:55.679 --> 0:13:59.240 of full featured, enterprise looking business where Instacart is providing 0:13:59.280 --> 0:14:04.000 technology for supermarkets, building them ghost warehouses, helping with thirty 0:14:04.000 --> 0:14:06.960 minute delivery. I think that Reset bought a Fiji a 0:14:06.960 --> 0:14:11.320 lot more runway. It's allowed this private valuation Reset. Other 0:14:11.400 --> 0:14:14.360 companies that are facing more of a liquidity demand, who 0:14:14.440 --> 0:14:16.720 who might have to go public soon, who can't put 0:14:16.760 --> 0:14:18.800 it off as Fiji did last fall, are going to 0:14:18.880 --> 0:14:23.920 have less flexibility. She's pushing this idea of insta cart 0:14:23.960 --> 0:14:26.720 as an antidote to Amazon, and I'm curious what you 0:14:26.760 --> 0:14:29.040 think of that, given you know, the many many years 0:14:29.040 --> 0:14:32.840 that you've covered Amazon, Can insta cart really take on 0:14:32.920 --> 0:14:37.520 Amazon in the way that she is expressing. You know, 0:14:37.520 --> 0:14:39.760 It's it's funny because that's not really the right question, 0:14:39.800 --> 0:14:43.240 at least right now, because Amazon's a little measily two 0:14:43.280 --> 0:14:46.440 percent a player in the grocery business, whole foods. They 0:14:46.480 --> 0:14:49.400 really haven't invested all that much. They're doing some interesting 0:14:49.400 --> 0:14:53.080 things with the checkout technology, but really the boogeyman, if 0:14:53.120 --> 0:14:56.000 there is one, is an instat cart partner. It's Walmart. 0:14:56.080 --> 0:14:59.520 I mean, with a twenty percent plus market share in 0:14:59.560 --> 0:15:02.320 grocery is Kroger of course, another big giant. If you're 0:15:02.360 --> 0:15:05.720 a small supermarket, you know, maybe Amazon motivates you a 0:15:05.760 --> 0:15:08.320 little bit, but really, you know, the the the the 0:15:09.400 --> 0:15:12.840 dragon in the room are are these big scale players 0:15:12.880 --> 0:15:15.920 that are modernizing very fast. That's the real reason for 0:15:15.960 --> 0:15:20.440 the digital transition that's needed at small supermarkets. Now. Since 0:15:20.480 --> 0:15:22.680 I spoke with Fiji Cimo a couple of weeks ago 0:15:22.720 --> 0:15:24.800 for Studio one point Oh, we had a debate in 0:15:24.840 --> 0:15:28.120 that episode about what's a fair wage and shoppers who 0:15:28.240 --> 0:15:31.880 had told me, you know, their typical payment for a 0:15:32.000 --> 0:15:35.680 shop is seven dollars. She told me that that wasn't 0:15:35.720 --> 0:15:39.120 consistent with what is normal. But it sparked this frenzy 0:15:39.200 --> 0:15:42.640 of shoppers out there sending me screenshots of their orders, 0:15:42.680 --> 0:15:45.280 some many of them getting paid seven dollars. So I'm 0:15:45.280 --> 0:15:47.960 getting paid as low as five dollars. You know, what 0:15:48.040 --> 0:15:50.320 does she have to say about this about wages, whether 0:15:50.400 --> 0:15:52.440 or not they're fair, and whether or not this kind 0:15:52.480 --> 0:15:57.800 of economy is really sustainable? Right? And I mentioned that explicitly. 0:15:57.880 --> 0:16:00.480 I said, you know, if for anyone who who writes 0:16:00.600 --> 0:16:03.600 or reports about Instacart, you tend to get these testimonials 0:16:03.640 --> 0:16:06.240 and that their shoppers are kind of suffering. And you 0:16:06.280 --> 0:16:07.840 know from what I recall, and I want to go 0:16:07.920 --> 0:16:10.200 back and listen to the tape she really didn't talk 0:16:10.240 --> 0:16:12.720 about I I asked directly, can you raise the wage? 0:16:13.000 --> 0:16:16.120 And she talked more about the kinds of perks that 0:16:16.240 --> 0:16:19.840 come with being a shopper for Instacart, trying to instigate 0:16:19.840 --> 0:16:23.880 more demand because in times of peak demand you maximize savings. 0:16:24.120 --> 0:16:28.080 She talked about lots of features, specific features for female 0:16:28.120 --> 0:16:31.760 shoppers who are a preponderance of their of their labor ecosystem. 0:16:32.160 --> 0:16:33.960 You know, I have a feeling that they might be 0:16:34.000 --> 0:16:36.200 a little bit constrained at least on the economics. I mean, 0:16:36.400 --> 0:16:40.160 she talked about running the delivery business basically at cost 0:16:40.280 --> 0:16:45.080 and making instacarts margin on things like advertising and enterprise sales. 0:16:45.120 --> 0:16:47.880 So it might just be that you know, the economics 0:16:47.880 --> 0:16:50.720 of instacrt delivery aren't that great, and they find that 0:16:50.760 --> 0:16:53.160 they're they're limited what they can do for shoppers despite 0:16:53.200 --> 0:16:56.960 that vocal percentage of shoppers that are complaining. All right, 0:16:57.000 --> 0:17:00.000 Brad Stone joining us live from the shop top floor. 0:17:00.240 --> 0:17:02.840 Thanks Brad. That certainly an open question. I'll be with 0:17:02.880 --> 0:17:06.640 you tomorrow there to interview Uber CEO Dara Kasra Shah 0:17:06.680 --> 0:17:10.160 he and much more. Meantime, HP has agreed to buy 0:17:10.240 --> 0:17:13.120 plant Tronics, and at three point three billion dollar deal, 0:17:13.160 --> 0:17:15.760 the acquisition will help the laptop maker further capitalize on 0:17:15.800 --> 0:17:20.240 the pivot to hybrid work. Plantronics sells phone, headsets, and 0:17:20.440 --> 0:17:24.600 audio and video accessories. They all cash deal give shareholders 0:17:23.720 --> 0:17:28.960 a premium to plant Tronics closing price Friday. Coming up, 0:17:29.080 --> 0:17:33.040 it went viral in seconds. Will Smith slapping Chris Rock 0:17:33.119 --> 0:17:36.560 at the Oscars. We'll have more details on why and 0:17:36.920 --> 0:18:01.680 what's next coming up. This is Bloomberg. It is what 0:18:01.880 --> 0:18:05.440 everyone is talking about. Dub simply on social media as 0:18:05.720 --> 0:18:09.240 the slap. Will Smith smacking Chris Rock on stage in 0:18:09.280 --> 0:18:13.160 the middle of the Oscar ceremony. This after Chris Rock 0:18:13.280 --> 0:18:15.800 made a g I Joe g I Jane kind of 0:18:15.880 --> 0:18:18.800 joke about Will Smith's wife, Jada Pinkett Smith, who also 0:18:18.880 --> 0:18:21.800 suffers from alopecia and has been embracing it by going 0:18:21.880 --> 0:18:24.359 bald for the last several months. Let's dig into it 0:18:24.400 --> 0:18:27.520 all with Bloomberg's Lucas Shaw joining us straight from Hollywood 0:18:27.600 --> 0:18:30.320 and Lucas, I gotta ask you, twenty four hours later, 0:18:30.400 --> 0:18:34.280 are there any more details on what happened here? The backstory, 0:18:34.480 --> 0:18:40.080 what's next? No new details on exactly what happened on stage, 0:18:40.080 --> 0:18:42.800 and I think we we all saw. The real question 0:18:43.200 --> 0:18:46.280 is sort of what was happening behind the scenes, What 0:18:46.320 --> 0:18:49.439 did the Academy try to do or not try to 0:18:49.440 --> 0:18:51.480 do in the moment, and what is it going to 0:18:51.520 --> 0:18:54.040 do going forward? There have been some reports about how 0:18:54.080 --> 0:18:57.320 they had considered trying to intervene and maybe stop Will 0:18:57.320 --> 0:18:59.639 Smith's from speaking, or talk to him before he spoke. 0:19:00.000 --> 0:19:02.560 I think the question everyone has now is will he 0:19:02.640 --> 0:19:05.840 be punished in some way? Will they, you know, bar 0:19:06.040 --> 0:19:08.280 him from the Academy or suspend him for a couple 0:19:08.320 --> 0:19:11.159 of years. Normally, as the winner of the Best Actor Prize, 0:19:11.200 --> 0:19:13.920 he'd be at the ceremony next year presenting the Best Actress. 0:19:13.920 --> 0:19:16.800 Will they let him back for that, and we should know, 0:19:17.040 --> 0:19:19.040 probably not in the next day or two, but maybe 0:19:19.040 --> 0:19:23.120 in the next few weeks. The memes about this incident 0:19:23.240 --> 0:19:26.480 are insane. I'm pretty sure these will be going on 0:19:26.640 --> 0:19:32.600 for decades. This overshadowed Will Smith's own Oscar win. You know, 0:19:32.720 --> 0:19:36.679 in his own speech, he's he didn't totally apologize, he 0:19:36.960 --> 0:19:41.720 kind of apologized. Um, you know, what does this mean 0:19:41.920 --> 0:19:45.919 mean for Will Smith's career? Yeah, it is one of 0:19:45.960 --> 0:19:49.359 the most surreal moments in certainly in the history of 0:19:49.359 --> 0:19:54.600 the Oscars, arguably in TV history. Um, it marred what 0:19:54.680 --> 0:19:56.800 was supposed to be the culmination of his career. He's 0:19:56.800 --> 0:19:58.480 been one of the biggest movie starts in the world 0:19:58.560 --> 0:20:03.440 for years and you know, he tried to win Oscars before, 0:20:03.480 --> 0:20:05.840 but nominated a couple of times. His career had been 0:20:05.920 --> 0:20:07.800 on the downslope for a little bit, and he's really 0:20:07.840 --> 0:20:10.239 revived it in the last five or six years, and 0:20:10.280 --> 0:20:12.240 this was going to be the kind of the pinnacle 0:20:12.320 --> 0:20:14.439 of all that, and instead, to your point, we're just 0:20:14.520 --> 0:20:18.640 talking about this this one kind of unfortunate incident. Um. 0:20:18.720 --> 0:20:21.120 He's someone who's lived very much in the public eye 0:20:21.119 --> 0:20:23.240 over the last little bit, and I for one I'm 0:20:23.280 --> 0:20:25.960 curious to see how he tries to navigate this and 0:20:26.000 --> 0:20:28.040 what his response will be after he has some time 0:20:28.040 --> 0:20:31.560 to digest it. Meantime, Chris Rock had sort of remarkable 0:20:31.600 --> 0:20:34.440 composure in that moment. We still haven't heard from him yet, right, 0:20:34.520 --> 0:20:37.800 I mean, why hasn't he made a statement? I mean, 0:20:37.840 --> 0:20:40.359 he's probably waiting to see what will in the academy do. 0:20:40.440 --> 0:20:42.800 You're right? I mean, it's pretty amazing that he handled 0:20:42.800 --> 0:20:44.399 He handled it so well that there were a lot 0:20:44.480 --> 0:20:46.720 of people who thought that that was a bit including 0:20:46.720 --> 0:20:49.399 this morning. I got text messages at with people asking 0:20:49.440 --> 0:20:52.280 me um, But I don't expect he'll say a whole 0:20:52.320 --> 0:20:57.000 lot all right, Luca Shaw for us in l A. Lucas, 0:20:57.000 --> 0:21:00.679 Thanks for that update. This incident, of course, not the 0:21:00.760 --> 0:21:03.639 only thing of note that happened at the Asker is 0:21:03.720 --> 0:21:05.639 just the one that everyone is talking about. But my 0:21:05.720 --> 0:21:07.920 colleague Alex Webb points out there was a whole lot 0:21:07.960 --> 0:21:11.240 more to the ceremony. Take a listen. Much of the 0:21:11.240 --> 0:21:14.240 conversation around this is Oscars is focused on Will Smith 0:21:14.440 --> 0:21:17.480 hitting Chris Rock midway through the ceremony, but there was 0:21:17.520 --> 0:21:21.400 another really significant first from a business perspect The best 0:21:21.400 --> 0:21:25.160 picture Oscar went to Coda, which was the first film 0:21:25.200 --> 0:21:28.080 distributed by an online stream and it wasn't Netflix, it 0:21:28.160 --> 0:21:31.480 wasn't Amazon Prime, it was Apple. The reason that's significant 0:21:31.560 --> 0:21:33.520 is because it says a lot about the way the 0:21:33.560 --> 0:21:36.800 economics of film are changing. The upside for streamers to 0:21:36.800 --> 0:21:40.080 win awards is far greater than for the classic film studio. 0:21:40.200 --> 0:21:42.560 In the old model, if you convince more people to 0:21:42.560 --> 0:21:44.680 go to the cinema to see your film after having 0:21:44.760 --> 0:21:47.960 one a few awards, you might get fift dollar spend 0:21:47.960 --> 0:21:50.840 on the cinema ticket. The studio might take home half 0:21:50.840 --> 0:21:53.080 of that, so maybe seven or eight dollars. In the 0:21:53.119 --> 0:21:55.840 new model, you might be encouraging someone to sign up 0:21:55.840 --> 0:21:58.560 for your streaming service, in this case Apple tv Plus 0:21:58.720 --> 0:22:01.280 now Apple tv Plus it's about five dollars a month. 0:22:01.520 --> 0:22:03.119 If you convince someone to sign up for it and 0:22:03.160 --> 0:22:05.119 they stick around for two years, once they see all 0:22:05.119 --> 0:22:07.680 the other content you have, that customer could be worth 0:22:07.680 --> 0:22:09.679 a hundred and twenty dollars to you, so rather than 0:22:09.680 --> 0:22:12.280 seven or eight dollars, you're getting a hundred and twenty 0:22:12.480 --> 0:22:14.320 at On top of that, the cachet that comes with 0:22:14.400 --> 0:22:17.240 being an Oscar winning studio and the ability to bring 0:22:17.280 --> 0:22:20.879 in and encourage other filmmakers to bring their talent to 0:22:21.119 --> 0:22:25.119 your studio. And it has a real snowball effects further 0:22:25.160 --> 0:22:28.960 down the line and can benefit your output. Bloomberg's Alex 0:22:29.000 --> 0:22:32.239 Web there all right, coming out. Huawei earnings out at 0:22:32.280 --> 0:22:36.680