WEBVTT - Biden's TSMC Tour and Apple's Electric Car 0:00:13.280 --> 0:00:16.120 I'm Caroline Hyde and Bloomberg's world headquarters in New York, 0:00:16.520 --> 0:00:19.880 and I'med Ludlow in San Francisco. This is Bloomberg Technology 0:00:20.000 --> 0:00:23.239 coming up Biden towards a new TSMC plant as chipmakers 0:00:23.560 --> 0:00:27.120 double down on American made semiconductors, more on its impact 0:00:27.160 --> 0:00:30.200 on the tech sector as well as the subsidy costs 0:00:30.440 --> 0:00:34.120 and the benefits. Then Bloomberg has the exclusive on the 0:00:34.159 --> 0:00:38.040 price and target launch date for Apple's electric car and 0:00:38.120 --> 0:00:42.479 Robin hood through retirement. Why the investing app is rolling 0:00:42.479 --> 0:00:45.440 out an i RA a feature for users will discuss 0:00:45.520 --> 0:00:47.559 that and user activity in the wake of the tech 0:00:47.600 --> 0:00:52.080 stock downturn with the chief brokerage officer. When first we're 0:00:52.080 --> 0:00:54.680 looking very closely what's happening in the Arizona Desert, the 0:00:54.760 --> 0:00:58.080 v I P list that's gathered there to witness the 0:00:58.160 --> 0:01:00.680 unveiling of T S M C S plans for the 0:01:00.720 --> 0:01:04.080 future to onshore manufacturing semi conductors, where that didn't help 0:01:04.080 --> 0:01:07.160 stocks at all. You look across the Philadelphia Semiconductor Index, 0:01:07.200 --> 0:01:09.479 all of those names that are president at that event 0:01:09.600 --> 0:01:12.360 involved are actually with some of the biggest percentage decliners 0:01:12.360 --> 0:01:16.160 and points drags on the socks. But generally speaking, as 0:01:16.200 --> 0:01:18.959 I look across the cull side, they're pretty optimistic. Optimistic. 0:01:18.959 --> 0:01:21.720 Care about what this means for the sector and domestic 0:01:21.760 --> 0:01:24.679 manufacturing going forward. What's the costs though, that's the key 0:01:24.760 --> 0:01:26.880 question for me ed, What about the substies? How much 0:01:26.880 --> 0:01:29.520 does end up being an economic benefit to the US 0:01:29.600 --> 0:01:32.600 in general. We just heard from President Biden and indeed 0:01:32.680 --> 0:01:35.640 some key CEO such as Apples leader Tim Cook, they 0:01:35.680 --> 0:01:37.240 were at that new plant that you speak of, t 0:01:37.400 --> 0:01:40.280 SMCS plant in Arizona, and of course we expect the 0:01:40.280 --> 0:01:43.480 company to now be announcing a cool forty billion dollars 0:01:43.720 --> 0:01:46.760 in terms of US based investment, and it plans to build, 0:01:46.880 --> 0:01:49.480 of course, the second facility. Here's some't what Tim Cook 0:01:49.720 --> 0:01:53.360 told the crowd. As many of you know, we work 0:01:53.440 --> 0:01:57.000 with tears m C to manufacture the chips that helped 0:01:57.040 --> 0:02:02.000 power our products all over the world, and we look 0:02:02.080 --> 0:02:04.840 forward to expanding this work in the years to come 0:02:05.360 --> 0:02:09.400 as t s MC forms new and deeper roots in America. 0:02:09.680 --> 0:02:13.239 When you stop and think about it, it's extraordinary what 0:02:13.320 --> 0:02:18.840 chip technology can achieve, and now, thanks to the hard 0:02:18.880 --> 0:02:23.280 work of so many people, these chips can be proudly 0:02:23.400 --> 0:02:30.600 stamped made in America. There was a big pr event 0:02:30.880 --> 0:02:34.680 in king our Chief Sinnekin and residents some places say 0:02:34.760 --> 0:02:36.919 joins US. Now the lineup of Britsk as ever bigger 0:02:36.960 --> 0:02:40.239 and I want your take care because what are this 0:02:40.440 --> 0:02:42.600 numbers that stood out to me was actually from a 0:02:42.680 --> 0:02:46.640 global production perspective, this is pretty small for t SMC. 0:02:46.919 --> 0:02:49.280 How big a deal is this actually for the US 0:02:49.320 --> 0:02:52.359 and for supply chains? I mean, it really depends on 0:02:52.400 --> 0:02:54.120 how you slice it. If you slice it in the 0:02:54.240 --> 0:02:56.880 terms you just gave, it's not really that big at all. 0:02:57.000 --> 0:03:00.720 This is a relatively modest size plant t SMC. Of 0:03:00.760 --> 0:03:02.520 course it's going to grow, but even if it grows 0:03:02.560 --> 0:03:05.360 to you know, the published full potential, we're looking at 0:03:05.560 --> 0:03:08.280 way less than ten percent of T S M T 0:03:08.440 --> 0:03:11.920 S overall production. And therefore it's it's it's a start, 0:03:12.000 --> 0:03:14.680 and that's probably the best way to describe it in 0:03:14.800 --> 0:03:18.639 terms of distributing that supply chain and bringing it back 0:03:18.680 --> 0:03:21.639 to the US. A start, A start, of course that 0:03:21.680 --> 0:03:24.840 takes years to build and then produce. But talk to 0:03:24.919 --> 0:03:28.320 us a little bit about therefore we think the overall 0:03:28.320 --> 0:03:30.800 supply chain looks like in the US, how much we 0:03:30.880 --> 0:03:33.720 start to see this creep expan. Is TSMC going to 0:03:33.800 --> 0:03:35.960 be joined by others? We know that Intel and local 0:03:36.040 --> 0:03:38.960 providers are also beefing up production, but how much will 0:03:39.000 --> 0:03:43.720 we see a reduction in well dependence on Taiwan and China. 0:03:43.920 --> 0:03:46.600 I mean, there's a there's a huge set of pushes 0:03:46.640 --> 0:03:49.440 and pulls going on right now, and obviously what's going 0:03:49.480 --> 0:03:53.200 on in Arizona is the latest example. Arguably that the 0:03:53.200 --> 0:03:56.880 most poignant example. Tim Cook, who is the CEO of 0:03:56.920 --> 0:04:00.240 Apple for arguably the greatest reason is that he's really 0:04:00.280 --> 0:04:03.320 good at supply of that supply chain management. He understands 0:04:03.360 --> 0:04:06.360 that process. He understands how the electronics world works better 0:04:06.400 --> 0:04:08.839 than anybody else. Why is he there, wisely to sue there? 0:04:09.240 --> 0:04:11.680 Why is General lying? They're they're there because they want 0:04:12.080 --> 0:04:16.320 greater diversity in their supply chain. But that's not necessarily 0:04:16.320 --> 0:04:20.520 what TSMC wants. T SMC wants more efficiency. The way 0:04:20.560 --> 0:04:22.440 to have plans to be more efficient is to have 0:04:22.480 --> 0:04:24.560 them in the same place. There's a lot of pushing 0:04:24.600 --> 0:04:27.400 pulls here, and then of course you've got geopolitics slid 0:04:27.440 --> 0:04:31.240 on top of that as well. Ian we're talking about 0:04:31.240 --> 0:04:34.760 a gathering of the great and good of global technology 0:04:34.839 --> 0:04:38.320 in a tiny patch of desert in the state of Arizona. 0:04:38.440 --> 0:04:43.239 But there's also a technology story that this what they're building, 0:04:43.279 --> 0:04:47.080 they're actually all told ends up being obsolete versus what 0:04:47.160 --> 0:04:50.400 Taiwan's doing. A t s MC is doing in Taiwan, 0:04:50.440 --> 0:04:53.279 Can you explain to us the difference between the initial 0:04:55.000 --> 0:04:59.599 plant doing four nanometer doing three n anime and what 0:04:59.680 --> 0:05:03.039 that means in the greater scheme of things. Yeah, again, 0:05:03.120 --> 0:05:05.159 back to the geo politics and back to the push 0:05:05.160 --> 0:05:07.480 and pull. Originally, this plant was going to be five 0:05:07.520 --> 0:05:11.479 an anime, which is two or three generations out of 0:05:11.560 --> 0:05:14.160 date by the time it comes online. Taiwanese got pushed 0:05:14.200 --> 0:05:16.479 by Apple, by Nvidia, and all of the big customers. 0:05:16.480 --> 0:05:18.760 Come on, we want more than this, we want leaning edge. 0:05:18.760 --> 0:05:20.680 So they pushed it a little bit further forward, but 0:05:20.720 --> 0:05:23.640 it's still not going to be cutting edge because, as 0:05:23.640 --> 0:05:26.360 we understand it, ts and sees under pressure from their 0:05:26.400 --> 0:05:29.839 own government not to stray too far from the nest. They, 0:05:30.040 --> 0:05:34.039 you know, the government of Taiwan want that island to 0:05:34.279 --> 0:05:37.359 retain its its status as the premier location for semi 0:05:37.360 --> 0:05:39.920 conducted production in the world. So again we've got the 0:05:39.960 --> 0:05:44.640 pushes and pools going on there, bloombergs Ian King, thank 0:05:44.680 --> 0:05:46.520 you very much. So let's stick with it, and we're 0:05:46.600 --> 0:05:51.120 joined by Interest CEO Jennifer Bisigley. Interest uses software to 0:05:51.200 --> 0:05:55.680 help companies manage their supply chains and business relationships global. 0:05:55.680 --> 0:05:57.200 I think it's also fair to say you have about 0:05:57.240 --> 0:06:01.359 twenty five years of experience in globe supply chains assessing 0:06:01.800 --> 0:06:03.960 risk in the economy. You heard there what Caroline I 0:06:04.120 --> 0:06:06.600 and I were discussing with the in Is this a 0:06:06.720 --> 0:06:11.279 significant step forward to onshore domestic production here in the 0:06:11.360 --> 0:06:14.279 United States. Well, I think it's the great first step 0:06:14.320 --> 0:06:16.760 as Ian just mentioned. I think it solves two of 0:06:16.800 --> 0:06:19.920 the big areas where the investments are happening in supply chain. 0:06:20.160 --> 0:06:23.520 One is around manufacturing and logistics, which is where you 0:06:23.560 --> 0:06:28.120 see the establishments of plants in country near shoring frenshuring um. 0:06:28.200 --> 0:06:30.200 The second one is labor. You're gonna have a lot 0:06:30.240 --> 0:06:32.039 of jobs that come out of this, a lot of 0:06:32.080 --> 0:06:34.880 reskilling of labor, and that's been a large gap for 0:06:34.920 --> 0:06:37.400 the supply chain as well. On that point, President Biden, 0:06:37.440 --> 0:06:39.440 as we know, is there in Arizona. He's actually been 0:06:39.480 --> 0:06:41.440 speaking in the last hours. So let's take a listen 0:06:41.480 --> 0:06:45.440 to what he had to say. Folks. As we see 0:06:45.520 --> 0:06:49.360 here in Phoenix, the United States is a top destination 0:06:49.400 --> 0:06:53.240 for companies across the globe looking to make investments because 0:06:53.279 --> 0:06:58.640 we have a world class, highly skilled, committed workforce, union labor, 0:07:00.680 --> 0:07:05.200 world class skilled workforce. Is this a game changer for 0:07:05.240 --> 0:07:10.000 the United States role in global semiconductor manufacturing? From that perspective, 0:07:10.280 --> 0:07:13.960 I do think again, we were a big manufacturing entity 0:07:14.040 --> 0:07:16.200 back in the World War One world War two, and 0:07:16.240 --> 0:07:18.280 it left and you see a large part of that 0:07:18.360 --> 0:07:20.720 coming back, and there was a cry from the consumers, 0:07:20.760 --> 0:07:22.680 and I think that's what you saw Tim Cook another 0:07:22.760 --> 0:07:25.400 speaking to today. So again, all of this is a start. 0:07:25.440 --> 0:07:27.360 We're going to really have to see how it shakes out. 0:07:27.880 --> 0:07:30.360 I can tell you that the CEOs that we work 0:07:30.400 --> 0:07:33.360 with that are very focused on the transparency of the 0:07:33.400 --> 0:07:36.800 extended supply chain, are not just concerned about the finished 0:07:36.840 --> 0:07:40.120 goods manufacturing, which is what's happening in Arizona right now, 0:07:40.400 --> 0:07:43.160 but also where are the raw materials coming from? And 0:07:43.200 --> 0:07:45.840 those are some of the geopolitical concerns and pinch points 0:07:45.880 --> 0:07:48.119 that Ian King was just talking about. And of course 0:07:48.160 --> 0:07:51.440 this is geopolitics abound whether it's China, US. We also 0:07:51.520 --> 0:07:54.560 think of Europe and the implications of Russia, Ukraine. Net 0:07:54.680 --> 0:07:57.600 of course INTERROS does some great studies. You of course 0:07:57.800 --> 0:08:02.000 use artificial intelligence weaving within your reports, but I'm looking 0:08:02.040 --> 0:08:05.520 at you resilience report for example. Just talk to us 0:08:05.560 --> 0:08:08.320 about how the US is faring right now with its 0:08:08.320 --> 0:08:10.880 own resiliency when it comes to global supply chains visa 0:08:10.960 --> 0:08:15.000 v the UK, Islands, Europe, some other key countries. Well, 0:08:15.120 --> 0:08:18.320 I think globally, over the last three years, we really 0:08:18.360 --> 0:08:20.880 figured out that we designed our supply chains to be 0:08:21.040 --> 0:08:24.800 very fragile, very brittle, brittle and very just in time. 0:08:24.880 --> 0:08:27.400 And you hear about that a lot. And so whether 0:08:27.440 --> 0:08:30.880 it be the US, UK trying to unhook from China, Taiwan, 0:08:30.960 --> 0:08:34.280 trying to unhook from other places, Ukraine, Russia, we all 0:08:34.360 --> 0:08:38.600 really need to understand what countries and what suppliers were 0:08:38.679 --> 0:08:41.839 tied to and reliant on, and can we near shore 0:08:41.960 --> 0:08:45.199 Rea shore, do we have alternative sources? Right now here 0:08:45.200 --> 0:08:48.160 in the U s we're feeling shocks almost once a quarter, 0:08:48.280 --> 0:08:50.280 to the tune of a hundred and eighty two million 0:08:50.320 --> 0:08:54.520 dollars every time. Businesses simply can't remain profitable when that 0:08:54.600 --> 0:08:57.520 keeps happening, Jennifer, what we want to always bring our 0:08:57.559 --> 0:09:01.320 audience is WASS the investment of tunity, And it seems 0:09:01.360 --> 0:09:03.319 to me like there is quite a big one hand. 0:09:03.320 --> 0:09:05.240 Whether or not of course the USC s it is 0:09:05.440 --> 0:09:08.439 an investment in subsidies, whether some of the internal US 0:09:08.720 --> 0:09:11.199 tech companies invest in themselves in terms of R and D. 0:09:11.360 --> 0:09:13.400 But for you, what are you seeing in terms of 0:09:13.400 --> 0:09:15.480 the CEO as you talk to and investing in their 0:09:15.480 --> 0:09:17.720 own supply chains the technology that might be able to 0:09:17.760 --> 0:09:22.360 help it. Yes, there's four big lines of investments happening 0:09:22.400 --> 0:09:24.680 right now. The first is, as we were just talking about, 0:09:25.000 --> 0:09:27.840 is really around labor. How do I retrain people so 0:09:27.920 --> 0:09:31.239 I can have that skilled workforce to support the throughput 0:09:31.600 --> 0:09:34.080 that I need to create from a supply chain. The 0:09:34.120 --> 0:09:37.280 second is really around manufacturing those finished goods like you're 0:09:37.320 --> 0:09:40.760 seeing with the semiconductors right now, or logistics lines. The 0:09:40.920 --> 0:09:43.520 third is really where in terrorists fits. And this is 0:09:43.559 --> 0:09:47.760 really understanding the transparency and mapping and monitoring that global 0:09:47.800 --> 0:09:51.920 supply chain. So when the hits happen, when the interruption occurs, 0:09:52.080 --> 0:09:55.120 how do I preempt that so I can continue to operate. 0:09:55.400 --> 0:09:57.440 And the fourth and the one that we are seeing 0:09:57.480 --> 0:10:00.839 our customers really pull us into and see eos every 0:10:00.840 --> 0:10:03.160 time I have a conversation or asking how do I 0:10:03.160 --> 0:10:06.280 get closer to my suppliers to collaborate so that we 0:10:06.280 --> 0:10:10.200 can actually make our supply chain more resilient. Together, Jennifer, 0:10:10.280 --> 0:10:12.280 it's been great having some time with you. Thank you, 0:10:12.440 --> 0:10:23.800 Thank you to our CEO, Jennifer Bisgnin there, Bloomberg has 0:10:23.880 --> 0:10:26.920 learned Apple plans to release a one hundred thousand dollar 0:10:27.000 --> 0:10:30.480 car just a little later than expected. The iPhone maker 0:10:30.760 --> 0:10:34.200 has scaled back ambitious plans for its electric vehicle, but 0:10:34.320 --> 0:10:38.800 postponed the car'st target launched date to that according to sources, 0:10:38.800 --> 0:10:42.400 Bloomberg's Mark German broke that story and joins us. Now, Mark, 0:10:42.480 --> 0:10:46.040 what are the key details of what you've reported? So 0:10:46.080 --> 0:10:48.400 the biggest new detail we have is that Apple has 0:10:48.480 --> 0:10:52.200 scaled back from a level five to a level four car. Now, 0:10:52.240 --> 0:10:54.839 what does that mean? The original approach that Apple have 0:10:54.920 --> 0:10:57.160 been working on for the past couple of years was 0:10:57.200 --> 0:11:01.120 a fully autonomous car with no steering wheel, no pedals, 0:11:01.280 --> 0:11:05.520 essentially downgrading or maybe upgrading the driver to a passenger, 0:11:05.920 --> 0:11:08.920 someone who could basically chill acts in the car while 0:11:08.920 --> 0:11:11.719 it's driving, right, But they've downgraded that's the level four. 0:11:11.760 --> 0:11:13.600 Now what does that mean. That means you're going to 0:11:13.640 --> 0:11:17.480 get full autonomous, full self driving functionality, but only in 0:11:17.559 --> 0:11:21.480 certain areas, that being at least to start freeways and highways. 0:11:21.679 --> 0:11:24.840 So the idea of this Apple car operating on city streets, 0:11:25.160 --> 0:11:28.160 complex roads, or an inclement weather like snow or rain, 0:11:28.600 --> 0:11:30.800 that's not going to happen, at least in the near 0:11:30.960 --> 0:11:34.480 term after the launch, but maybe eventually as they expand it. 0:11:34.760 --> 0:11:37.160 The other detail, of course, is that delay you mentioned. 0:11:37.480 --> 0:11:40.640 They had been most previous, most recently targeting a launch 0:11:40.760 --> 0:11:46.559 in sometime. That's now about just talk to us as 0:11:46.600 --> 0:11:48.680 to why. I mean, we can all imagine what a 0:11:48.679 --> 0:11:52.400 herculean task this is to pivot from phones to cause 0:11:52.720 --> 0:11:56.440 the injection of efficiency, and indeed R and D there 0:11:56.480 --> 0:12:00.240 must be needed. But just why the delay here? So 0:12:00.280 --> 0:12:03.839 the delay is mostly because they have a fundamental shift 0:12:03.920 --> 0:12:06.679 going on with the project. Right, A lot of the interior, 0:12:06.800 --> 0:12:10.600 the underlying mechanics, the software, A lot of redesigning and 0:12:10.640 --> 0:12:13.240 re architecting needs to go on. Now for that fundamental 0:12:13.240 --> 0:12:15.600 shift from a level five to a level four. In 0:12:15.679 --> 0:12:18.200 terms of what's taking Apple so long on this car, Well, 0:12:18.240 --> 0:12:20.160 one thing is they still need a partner, right, They 0:12:20.200 --> 0:12:22.600 need a partner to develop the underlying what is called 0:12:22.600 --> 0:12:25.400 in the industry as a skateboard. Right, that's the base 0:12:25.440 --> 0:12:29.000 of the car, that's the steering and wheel system, that's 0:12:29.040 --> 0:12:32.880 the parts that connect to the steering wheel, underlying electronics, 0:12:32.920 --> 0:12:36.440 parts of the drive train, and of course the battery. Right. 0:12:36.840 --> 0:12:39.640 Drive trains are very important to this. Battery is obviously 0:12:39.640 --> 0:12:41.800 an ev very important to this. So you need to 0:12:41.840 --> 0:12:44.520 do that. But then let's talk about the self driving technology, 0:12:44.720 --> 0:12:48.720 full level five autonomous driving. That's a dream and I 0:12:48.800 --> 0:12:52.280 personally don't think and clearly Apple agrees that's something that's 0:12:52.280 --> 0:12:54.920 going to be realized any time in the near term. 0:12:55.000 --> 0:12:57.280 I think it's going to be at least twenty thirty years, 0:12:57.559 --> 0:12:59.800 if not even in our lifetime. Where you get full 0:13:00.240 --> 0:13:02.120 five or you can plug in where you're going and 0:13:02.160 --> 0:13:04.120 know you're going to get there safely with no issue. 0:13:04.640 --> 0:13:07.840 That's certainly a trend we're saying. You know, from legacy 0:13:07.880 --> 0:13:10.880 Auto right through to startups, you've been a busy man. 0:13:11.200 --> 0:13:13.880 The other big story from Apple today is about the 0:13:13.920 --> 0:13:18.720 app store they've basically overhauled pricing. What's the news there. Yeah, 0:13:18.760 --> 0:13:20.560 so Apple is trying to make the app Store a 0:13:20.559 --> 0:13:23.480 bit more interesting to developers, right. They do these little 0:13:23.480 --> 0:13:27.160 incremental pushes to show developers why the thirty percent fee 0:13:27.200 --> 0:13:30.080 or the fift fee in some cases is worthwhile. They 0:13:30.120 --> 0:13:32.280 want to show developers why the app Store will remain 0:13:32.320 --> 0:13:35.800 the best store for developers. Now. Today the app Store 0:13:35.840 --> 0:13:38.240 is the only way to get apps, but there are 0:13:38.320 --> 0:13:42.920 potential reasons, and there's some site to say that there 0:13:43.000 --> 0:13:47.240 maybe alternatives in the future where the sideloading, different rules 0:13:47.280 --> 0:13:50.760 created by governments, the upcoming regulations in Europe. So they 0:13:50.760 --> 0:13:52.400 have to keep improving the app Store to make it 0:13:52.440 --> 0:13:55.280 more interesting to developers in terms of the news today. 0:13:55.320 --> 0:13:58.480 Really two things when they're expanding pricing, So before they 0:13:58.520 --> 0:14:01.640 went from forty nine cents to a thousand dollars, now 0:14:01.640 --> 0:14:04.520 they're going from nine cents to ten thousand dollars. Those 0:14:04.520 --> 0:14:07.120 tiers above a thousand, those have to get approval from 0:14:07.120 --> 0:14:09.960 Apple before you can price an app or subscription at 0:14:10.000 --> 0:14:12.439 that price. Right. They don't want someone creating a video 0:14:12.440 --> 0:14:15.120 player for ten grand. Uh. The other thing is is 0:14:15.160 --> 0:14:18.000 now you're going to have easier ways to convert taxes 0:14:18.080 --> 0:14:21.000 and currency fluctuations will be easier to handle globally as well, 0:14:21.320 --> 0:14:24.920 given the app stores available in nearly two countries. Mark 0:14:25.520 --> 0:14:27.880 Scoop after Scoop, Well, thank you for making the time 0:14:27.880 --> 0:14:29.880 to come and bring them on the television to Mark 0:14:30.040 --> 0:14:33.120 m and as always our apple man. Meanwhile coming up, Well, 0:14:33.480 --> 0:14:37.520 the self proclaimed crypto capital in Miami is now filled 0:14:37.560 --> 0:14:40.040 with pretty unwelcome reminders of the f t X empire, 0:14:40.200 --> 0:14:43.280 but some true relievers they still have faith in the 0:14:43.280 --> 0:14:46.120 digital currency doting. We're going to discuss that next. This 0:14:46.240 --> 0:14:59.920 is Blomberg. I think for us, crypto was the slingshot 0:15:00.160 --> 0:15:03.120 in the David and Goliath story, right if if, if 0:15:03.200 --> 0:15:07.000 we are competing with someone who is bigger and stronger, 0:15:07.520 --> 0:15:09.880 we have to be smarter. So that was our hack 0:15:10.520 --> 0:15:12.960 on how we were going to become prominent in a 0:15:13.480 --> 0:15:18.800 increasingly technological world, an ecosystem. Couple of months ago, the 0:15:18.840 --> 0:15:22.640 Miami Mayor Frances Suarez on the city's push into crypto. 0:15:22.800 --> 0:15:25.200 But what was supposed to be kind of the hotspot 0:15:25.240 --> 0:15:27.880 for digital assets is now the site of trash bags 0:15:27.880 --> 0:15:30.680 full of f t X freebees. It's an amazing story, 0:15:30.840 --> 0:15:33.640 is doing brilliantly on Bloomberg today, on dot com and 0:15:33.680 --> 0:15:35.480 on the terminal. We want to bring in there for 0:15:35.560 --> 0:15:39.360 the Miami Bureau Chief of Blomberg Chief Philip Marquez. Philip, 0:15:40.080 --> 0:15:43.920 talk to us about what is occurring during the glitz, 0:15:43.960 --> 0:15:46.480 the glamor of what was happening in art bars all 0:15:46.560 --> 0:15:49.280 over in Miami. There were some trash bags, there were 0:15:49.320 --> 0:15:52.080 some freebes f t X that were quietly being handed out. 0:15:52.440 --> 0:15:55.760 Just talk to us about what's been being built, which 0:15:55.800 --> 0:15:58.040 was meant to be a celebration of Solana and its 0:15:58.040 --> 0:16:02.600 ecosystem and instead sort of a bit of a hit it. Well, 0:16:02.640 --> 0:16:05.960 I'd still what I tell you is that the Miami 0:16:06.000 --> 0:16:09.000 Croups of community is trying to move on the Miami Way, 0:16:09.080 --> 0:16:11.040 So it's trying to get the party going as fast 0:16:11.080 --> 0:16:13.480 as it can. After ft X and after the whole 0:16:13.480 --> 0:16:16.480 same bank Refertein, trying to leave that behind in the 0:16:16.480 --> 0:16:19.520 Salona spaces, I think, which is very symbolical of what happens. 0:16:19.600 --> 0:16:22.400 That Salona Embassy was supposed to be store and an 0:16:22.480 --> 0:16:26.480 education space for the blockchain Salana, and it had the 0:16:26.560 --> 0:16:29.680 first ever f X launch. So when the whole left 0:16:29.880 --> 0:16:32.480 X to baccle happened. They had to basically get rid 0:16:32.520 --> 0:16:35.640 of a lot of FEX related stuff. They had hundreds 0:16:35.640 --> 0:16:38.080 of T shirts, they had a Magnus Carlton signed poster 0:16:38.200 --> 0:16:41.760 for an FTX event, they had Miamiat jerseys, and all 0:16:41.800 --> 0:16:43.960 of that was hurried to the store in the back 0:16:44.120 --> 0:16:48.040 that I and another reporter, a Mandagordon, were happy enough 0:16:48.120 --> 0:16:51.000 to stumble upon and report on, which we think it 0:16:51.120 --> 0:16:53.320 was very symbolical of the way they're trying to leave 0:16:53.520 --> 0:16:57.880 everything about that behind Salana Embassy. It's over in the 0:16:57.920 --> 0:17:02.320 Windward area, which is also marrier of Miami. Just tell 0:17:02.400 --> 0:17:04.919 us a little bit about we heard there from of 0:17:04.960 --> 0:17:08.880 course the Miami mayor previously the focus that the building 0:17:09.040 --> 0:17:12.360 of this community that was meant to be based upon crypto, 0:17:12.440 --> 0:17:15.640 and in many ways the Miami heat Stadium is clearly 0:17:15.760 --> 0:17:19.399 evidence of that. Ft X abound with its money poured 0:17:19.400 --> 0:17:22.800 into the space, and now perhaps even that we're trying 0:17:22.800 --> 0:17:25.159 to take that back off the stadium, I'm interested in 0:17:25.200 --> 0:17:28.680 what therefore the mayor does now. Are they still all 0:17:28.760 --> 0:17:32.720 focused on crypto? Are they pivoting somewhat? Is traditional finance 0:17:32.800 --> 0:17:39.440 TRADIFI coming back to play. So basically, I think the 0:17:39.480 --> 0:17:41.360 mayor story has made a joke that I think it's 0:17:41.480 --> 0:17:43.520 it helps explains a little bit of the mood. When 0:17:43.640 --> 0:17:45.560 we asked him which name he would like to see 0:17:45.640 --> 0:17:49.560 up in the sailing next, he jokingly said, Citadel, which 0:17:49.640 --> 0:17:51.840 is the heating for our house? Can We've been founded. 0:17:51.920 --> 0:17:54.920 So I guess a lot of the hopes now hinge 0:17:54.960 --> 0:17:58.000 on the fact that traditional finance firms will be able 0:17:58.119 --> 0:18:00.399 to take up a little bit of the slack that 0:18:00.680 --> 0:18:03.680 crypto brought in and still keep the whole Walter it 0:18:03.760 --> 0:18:08.840 South moved to Miami momentum going on, there are some opportunities. 0:18:08.880 --> 0:18:10.320 I guess it's one way to look at it. You 0:18:10.359 --> 0:18:14.320 think about NBA Miami Heat, you think about the kind 0:18:14.320 --> 0:18:16.639 of I guess sorrow among some of the parties that 0:18:16.760 --> 0:18:20.600 for them, it's over what is the community doing to 0:18:20.800 --> 0:18:25.080 kind of make the city the broader area long term 0:18:25.119 --> 0:18:28.119 and mainstay for the crypto community. And I guess the 0:18:28.200 --> 0:18:32.879 venture capitalists that back it, well, I'd say part of 0:18:32.920 --> 0:18:36.440 the answer is party. So it's I think a very 0:18:36.480 --> 0:18:40.440 Miami answer. But I think they're trying to show that 0:18:40.480 --> 0:18:44.560 there's more to the community than just f jacks and 0:18:44.600 --> 0:18:47.159 some big mon freed that they're artists with the n 0:18:47.200 --> 0:18:51.080 F to crowd that they're actually go way above and 0:18:51.119 --> 0:18:53.720 beyond what I have to ex represented. So I think 0:18:53.760 --> 0:18:56.560 the last week on Mark Basil, what we saw were 0:18:56.600 --> 0:19:00.760 like several ralling cries in a way of come to Miami, 0:19:00.800 --> 0:19:03.120 the community is here, let's do it it. I think 0:19:03.160 --> 0:19:06.080 they're trying to separate what they call a bad actor 0:19:06.880 --> 0:19:10.800 from the technology and kind of like keep the technology going. 0:19:11.160 --> 0:19:13.600 Obviously there's a lot of difficulty in doing that because 0:19:13.600 --> 0:19:16.320 the funding is an a much scared for. But I 0:19:16.359 --> 0:19:18.280 think that's what they're trying to do in the city, 0:19:18.640 --> 0:19:22.240 trying to make sure that Miami is still hub the 0:19:22.359 --> 0:19:25.800 talents here, that the community is here, and that it's 0:19:25.880 --> 0:19:30.639 way larger than some Bagma Food and FTX thanks to 0:19:30.640 --> 0:19:34.000 Bloomberg's Miami bureau chief Felipe Markets there. I mean carry 0:19:34.080 --> 0:19:39.679 for me, the crypto community is something that we we 0:19:39.760 --> 0:19:42.320 go to social media's talk about. Right. It reminds me 0:19:42.359 --> 0:19:44.480 a lot about the meme stock movement that kind of 0:19:44.480 --> 0:19:48.200 went before it. These are not your institutional, legacy Wall 0:19:48.200 --> 0:19:50.680 Street names. They're everyday people who are kind of flooding 0:19:50.680 --> 0:19:54.680 on mass somewhere else too. As he said, party whoa 0:19:54.760 --> 0:19:58.760 they camp party, sell the Bitcoin conference. Apparently Ed it's 0:19:58.800 --> 0:20:04.439 inviting to celebrate Bitcoin Winter in Miami and apparently can 0:20:04.440 --> 0:20:08.920 get well passed for six thousand dollars partying aside, there 0:20:08.920 --> 0:20:10.679 are still people who want to build in the space. 0:20:11.880 --> 0:20:21.600 All right, well I'll put it on the calendar. Welcome 0:20:21.600 --> 0:20:23.560 back to blue Bow Technology and Caroline Hyde in New 0:20:23.640 --> 0:20:26.160 York alongside Ed Ludlow is out in San Francisco. And 0:20:26.600 --> 0:20:28.879 let's talk about robin Hood for a moment, because it 0:20:28.960 --> 0:20:32.600 is hoping to keep users through retirement. The app, popular 0:20:32.640 --> 0:20:36.119 with young traders, is offering it's twenty two million users 0:20:36.119 --> 0:20:39.400 in IRA a option with a one match now. Robin 0:20:39.480 --> 0:20:41.800 Hood says this is the first of its kind for 0:20:41.840 --> 0:20:45.359 a brokerage. Our pleased to welcome. Steve Kirk is robin 0:20:45.440 --> 0:20:48.680 Hood's chief brokerage officer. Plenty of experience across the space. 0:20:48.680 --> 0:20:51.119 And what before we get onto the fact that the 0:20:51.160 --> 0:20:54.280 markets have been falling, it's been a more tumultuous time 0:20:54.320 --> 0:20:58.160 for users on robin Hood. Why now introduce this sort 0:20:58.200 --> 0:21:00.800 of a product? How a human? How we shifting our 0:21:00.800 --> 0:21:03.119 perspective on trading on a day to day manner to 0:21:03.160 --> 0:21:06.440 trying to save for the long haul. Hair. Yes, and 0:21:06.840 --> 0:21:08.520 first of all, it's so nice to be here, thanks 0:21:08.560 --> 0:21:11.199 for having me. Um, it's really if you, if you 0:21:11.240 --> 0:21:14.680 think about it, it's the next evolution of the journey 0:21:14.720 --> 0:21:19.000 for the twenty three million young, diverse customers that robin 0:21:19.040 --> 0:21:22.880 Hood has brought into the marketplace. And Um, they're at 0:21:22.920 --> 0:21:25.320 a point now where they want us to grow with them, 0:21:25.440 --> 0:21:29.000 and growing with them means UM, putting forth something in 0:21:29.040 --> 0:21:31.760 the offering that helps them and it sends them to 0:21:31.840 --> 0:21:34.679 save on their retirement journey. And that's the launch of 0:21:34.760 --> 0:21:38.000 robin Hood Retirement, which, as as you said, the first 0:21:38.000 --> 0:21:42.560 of its first and only match for a retirement. Your 0:21:42.720 --> 0:21:46.920 entire career, you've been really focused on making investing basically accessible, 0:21:46.960 --> 0:21:48.960 whether it's over a TV, and now with the robin Hood, 0:21:49.520 --> 0:21:52.560 are you worried at this moment where we see fools 0:21:52.600 --> 0:21:55.000 in the market led by technology stocks for example, that 0:21:55.080 --> 0:21:57.600 we are so focused on that that puts off the 0:21:57.600 --> 0:22:00.680 people who enter the market during and as they stayed 0:22:00.680 --> 0:22:02.920 at home during COVID, they're going to be put off 0:22:02.920 --> 0:22:06.240 from building wealth from looking in a long time respective it. No, 0:22:06.400 --> 0:22:09.320 I actually, Caroline, I would actually say the opposite. Um, 0:22:09.359 --> 0:22:12.840