Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. Bloomberg Tech is live
Speaker 1: from coast to coast with Caroline Hyde in New York
Speaker 1: and Eva Though in San Francisco.
Speaker 2: This is Bloomberg Tech coming up.
Speaker 3: Apple holds exploratory talks with Intel and Samsung to build
Speaker 3: their processes for its US devices plus alphabet. Microsoft and
Speaker 3: Xai have agreed to give the US government early access
Speaker 3: to their models for review before a public release, joining
Speaker 3: Open Ai and Anthropic and Pinterest shares jumping after posting
Speaker 3: strong results and revenue forecast. We speak exclusively with the CEO,
Speaker 3: Bill Ready, let's come in and have a look at
Speaker 3: what's happening in terms of these markets.
Speaker 2: A little bit of a tech issue and the start.
Speaker 3: Of this tech show, but we dig into what's happening
Speaker 3: in terms of really the key story that was a
Speaker 3: huge scoop overnight the fact that Apple is starting to
Speaker 3: have conversations with getting production closer to home when it
Speaker 3: means for their own in house chips.
Speaker 2: They designed them, then who fabricates them?
Speaker 3: Maybe less so TSMC, Maybe it's a move more to
Speaker 3: Intel up thirteen percent on this news, looking at Samsung
Speaker 3: Electronics also up eight percent as we understand Apple executives
Speaker 3: have started to look at their production out of Texas.
Speaker 3: Let's get to the man who helps break down all
Speaker 3: these sorts of bits of news, Mark Goverman's with us.
Speaker 3: Mark talk to us about how Apple is rethinking its
Speaker 3: supply chain.
Speaker 4: Well, we've known for the last few years now that
Speaker 4: Apple is increasingly looking to do more in the United States.
Speaker 4: They've put out multiple announcements. They did a six hundred
Speaker 4: billion dollar investment alongside the Trump administration into the US,
Speaker 4: and now they're looking for secondary suppliers to its work
Speaker 4: on manufacturing its main processors. These are the SoCs, the
Speaker 4: engines that powered them back, the iPhone, the iPad, you
Speaker 4: name it. As you know, for well over a decade
Speaker 4: they've designed those processors in house, and they've relied on
Speaker 4: CSMC to produce them in Taiwan. They've been shifting some
Speaker 4: of that manufacturing to a TSMC fab in Phoenix, but
Speaker 4: additional fabs have been slow to come online, even though
Speaker 4: Apple says they'll have one hundred million chips out of
Speaker 4: the area by the end of this year. But they
Speaker 4: also need additional suppliers. Obviously, there's geopolitical tensions there's supply
Speaker 4: chain issues, and there's just the idea that it's not
Speaker 4: smart to have all your eggs in one basket, in
Speaker 4: one geography and in one supplier. So they've had early
Speaker 4: discussions with both Intel and Samsung about using new fabs
Speaker 4: that they're opening the United States to potentially down the
Speaker 4: road produce these A series and M series chips for Apple.
Speaker 3: Does it have to make sense that it's the AI
Speaker 3: hardware that the US SORRY hardware that this goes into,
Speaker 3: because is there going to be margin pressure here by
Speaker 3: making them in the United States.
Speaker 2: This is also sort of more of a political gamut.
Speaker 4: I mean, in some cases there are politics involved here,
Speaker 4: right Working with Intel will give Apple a better relationship
Speaker 4: or even better relationship they have already with the Trump administration,
Speaker 4: given they've sort of taken ownership through the US government
Speaker 4: of a stake of Intel, and obviously, you know Donald
Speaker 4: Trump has been touting Intel significantly in recent weeks, including
Speaker 4: its stock price and their investment growth given their recent
Speaker 4: market cap. So definitely there's a political factor here. But
Speaker 4: I think the biggest thing is concerns over what happened
Speaker 4: in Taiwan. If there's a situation with China. Obviously geopolitically
Speaker 4: it's not great. Many months ago there were concerns for
Speaker 4: Apple related to tariffs and needing to do more chips
Speaker 4: in the US to avoid those tariffs.
Speaker 5: But I think the.
Speaker 4: Bigger picture overall is wanting additional suppliers for perhaps the
Speaker 4: most critical component in the entire supply chain, even for
Speaker 4: things like displays or speakers. You see Apple using several
Speaker 4: different suppliers to offset supply chain issues. To not have
Speaker 4: all of their eggs in one geo or one basket.
Speaker 4: You never know what could happen. So it's really for
Speaker 4: Apple only smart business to have a backup here. If
Speaker 4: they're not able to get the chips they need out
Speaker 4: of Taiwan, they're not going to have a very good year.
Speaker 4: It's actually probably the biggest risk factor for Apple right
Speaker 4: now is getting all their chips out of Taiwan. So
Speaker 4: expansion from the silicon front is necessary because without the
Speaker 4: silicon the Apple products don't work.
Speaker 3: And it's not just Apple, the entire world relies upon Taiwan.
Speaker 3: About ninety percent of all chips made out of that
Speaker 3: extraordinary reporting As always, thank you Mark German. Now away
Speaker 3: from chips AI heavyweights including Alphabet, Microsoft, and Xai, have
Speaker 3: agreed to give the US government.
Speaker 2: Early access to their models before public release.
Speaker 3: Now, the deal allows the Commerce Department to conduct pre
Speaker 3: release reviews in advance.
Speaker 2: Let's get more with Bloomberg's Maggie Eastland and Adam Washington.
Speaker 3: Now this builds on where we were already going with
Speaker 3: open AI and Anthropic, right.
Speaker 2: Exactly.
Speaker 6: So open ai and Anthropic have already had agreements since
Speaker 6: twenty twenty four with specifically the Center for AI Standards
Speaker 6: and Innovation. That's an office within the Commerce Department that
Speaker 6: knows how to evaluate models. So now you see three
Speaker 6: more firms agree to allow the US to access their
Speaker 6: models early. Now, this does signal that there is at
Speaker 6: the very least appetite from US officials to know what
Speaker 6: these models are capable of before they reach a wider audience.
Speaker 3: We have seen more relationships, well more formalizing, more updated
Speaker 3: relationships being signed between the likes of Alphabet and the
Speaker 3: US government. We know XAI has been working within it,
Speaker 3: and we're starting to see it really being deployed in
Speaker 3: the departments of War or Defense, which, of a way,
Speaker 3: termit Maggie, well, broadly, how different is this from the
Speaker 3: way that they operated before. Is this just a formalization, Well,
Speaker 3: it's certainly an expansion of the firms that have agreed
Speaker 3: to allow this center to evaluate their models.
Speaker 2: Now I should note this center it.
Speaker 6: Doesn't do any sort of regulation. So separately, there have
Speaker 6: been reports from the New York Times and the Wall
Speaker 6: Street Journal that the White House is weighing a cybersecurity
Speaker 6: executive order that would include some sort of oversight mechanism.
Speaker 6: Now this news, these agreements could be part of the
Speaker 6: evaluation piece, but it's unlikely to be part of any
Speaker 6: sort of oversight mechanism, even though, of course more evaluation
Speaker 6: of models could pave the way for, at the very
Speaker 6: least new enforcement of existing laws.
Speaker 3: Even most Maggie Eastland always with the latest, Ala Washington
Speaker 3: for us, we appreciate it. Let's look as wels as
Speaker 3: moving in the tech markets. We hire more broadly, and
Speaker 3: that's not one hundred and one point three percent. Guess what,
Speaker 3: yet another record high. But look at the socks. This
Speaker 3: is all about semiconductors continuing to fly higher. We're up
Speaker 3: three point seven percent, yet another record high. We want
Speaker 3: to dig into just the insatiable demand. It feels like
Speaker 3: for tech stock and the bounce back. Lauren Webster's with
Speaker 3: us managing director of Investment Banking focused on technology at
Speaker 3: pypersanla and just break down what is amid geopolitical tensions,
Speaker 3: amid concerns over Iran and the conflict, we're still seeing
Speaker 3: tech managing to catch.
Speaker 2: A bid today.
Speaker 7: Yeah, it's a real turnaround from what we saw to
Speaker 7: start the year in terms of the massive sell off
Speaker 7: driven in part by uncertainty from the introduction of AI
Speaker 7: what that would do to traditional software companies, traditional software stocks.
Speaker 7: In April we really saw the first constructive tape for
Speaker 7: the software indices and moving higher, still lower than the
Speaker 7: broader market, but performing quite nicely. I think this is
Speaker 7: really where we're going to start to see a shift
Speaker 7: from kind of AI panic and uncertainty into AI execution
Speaker 7: and more discernment among investors around who's really going to
Speaker 7: be the winners the beneficiaries from AI and who may
Speaker 7: struggle to perform as we go into this new era.
Speaker 3: It's interesting we have earnings still coming thick and fast,
Speaker 3: and when we're thinking about Paneteer has been the EI
Speaker 3: of the storm in many ways of whether or not
Speaker 3: it's a software exposed stock and AI is going to
Speaker 3: manage to upset it in terms of competition coming from
Speaker 3: the front end model makers or if they're able to
Speaker 3: pass and look, the numbers were again extraordinary, but the
Speaker 3: earnings of down was seeing shopify also LOA. How are
Speaker 3: you discerning who is able to retain a mote?
Speaker 2: Yeah, So there's there's a few things that I look for.
Speaker 5: First is.
Speaker 7: Enterprise adoption, So are you selling more to the SMB
Speaker 7: are you selling more to the enterprise? And enterprise software
Speaker 7: rip and replace is hard to do. These are projects
Speaker 7: that have been budgeted, budgeted years in advance. Implementation timelines
Speaker 7: take a long time. You have a lot of services
Speaker 7: wrapped around that, so you can't rip that overnight. Things
Speaker 7: that are easier to deploy, you may be able to
Speaker 7: turn on a dime a bit more adopt some of
Speaker 7: the newer technology that's coming out of the foundational labs.
Speaker 2: So that's one.
Speaker 7: The second is you mentioned palent Heer, and there's a
Speaker 7: real rotation into the defense tech sector, particularly those names
Speaker 7: that have a software angle to them. So what is
Speaker 7: you know defense tech hardware now software getting a lot
Speaker 7: of focus and I expect will continue to see a
Speaker 7: lot of tailwinds there, given where you start in kind
Speaker 7: of the geopolitical landscape and the money that is pouring
Speaker 7: international security and particularly a new way of doing business
Speaker 7: in defense technology.
Speaker 3: Let's talk about the other theme about as we see
Speaker 3: more efficiency being sought by these companies, Unfortunately that often
Speaker 3: means job cuts. Some of it comes with the view
Speaker 3: that it's because of AI that we're disrupting the labor force.
Speaker 3: Do you believe when we're hearing the latest out of
Speaker 3: coinbase fourteen percent of workers to go, PayPal going to
Speaker 3: be letting go thousands of workers?
Speaker 2: Is this AI washing?
Speaker 3: Is this just a different kind of focus from fintech
Speaker 3: for example.
Speaker 7: You know, there's a couple interesting trends going on there. One,
Speaker 7: you definitely see investors pushing more towards profitability. The ratio
Speaker 7: of growth the profitability has changed over the past year,
Speaker 7: with a focus on profitability matter mattering more than ever
Speaker 7: and certainly looking for ways to make cuts that drive
Speaker 7: that profitability. Businesses are going to do that regardless of AI.
Speaker 2: But yes, AI is also.
Speaker 7: Going to displace certain types of tech workers. But there
Speaker 7: is going to be a new opportunity that opens up.
Speaker 7: One area that I'm really bullish on is the services
Speaker 7: sector that is going to emerge around AI adoption implementation projects. Again,
Speaker 7: some of these are hard to figure out. How do
Speaker 7: I want to put those in place? What are the
Speaker 7: security measures I need to have when I'm implementing AI?
Speaker 7: And that's where you're going to see a big services
Speaker 7: push and that requires some labor to do as well.
Speaker 3: On Webster, PYPASANLA, maybe some music to some of us
Speaker 3: in laborers out there, we appreciate it.
Speaker 2: Now, let's talk about Anthropic.
Speaker 3: It's unveiling new AI agents designed to handle a broader
Speaker 3: mikes of financial services tasks. It's part of the company's
Speaker 3: push to win over wool Street. Now CEO Daria Amide
Speaker 3: will join Jamie din of JP Morgan and an Anthropic
Speaker 3: event in New York today to discuss the move. As
Speaker 3: part of the new offerings, Anthropics says it also is
Speaker 3: enabling claud to work better across third party software like
Speaker 3: Excel or PowerPoint or Outlook from Microsoft, and integrate data
Speaker 3: from partners in the financial services industry such as Dunham,
Speaker 3: Bradstreet or Moody's Coming up. We're here from the CFO
Speaker 3: of GRABS Southeast Asia's leading right hailing and delivery app.
Speaker 3: It's a super app. Sublue Magtech Southeast Asian super ad
Speaker 3: grab top first quarter estimates and shares a jumping after
Speaker 3: a quick dip. This morning, Cfop de Uey joins us
Speaker 3: from Singapore to paint the full picture. What we have
Speaker 3: seen is we're twenty four percent growth in GMV, that
Speaker 3: sort of record. You just seeing that similar sort of
Speaker 3: run rate from revenue growth as well. You've got record
Speaker 3: high users, Peter. What drives that both.
Speaker 8: A lot of very exciting things Caroline. There was what
Speaker 8: usually is Q one a very soft quarter for us,
Speaker 8: just because of Ramadan, the lunar New Year. We saw
Speaker 8: the opposite. It was a very strong quarter. And this
Speaker 8: is despite some of the ad macro economic fuel prices
Speaker 8: that you're seeing towards the March period. But overall it
Speaker 8: was very strong on food, very strong on mobility, and
Speaker 8: also our financial services also where we've clipped over a
Speaker 8: billion dollars in loan dispersal. It was a very just
Speaker 8: strong quarter. And a lot of that Caroline comes to
Speaker 8: just a product that we've been rolling out and affordability
Speaker 8: has been really a critical piece that's really opened up
Speaker 8: the funnel for us that continues to grow the MTUs,
Speaker 8: the users on our platform. We have fifty two million
Speaker 8: monthly transacting users. One in thirteen Southeast Asians are using
Speaker 8: our product now, which is great to see. And this
Speaker 8: has really helped for us to really penetrate the market
Speaker 8: more and more.
Speaker 3: Let's talk about trying to penetrate the market more and
Speaker 3: more when you're also seeing some pressure coming from say
Speaker 3: fuel prices. At the moment, you are a very hard
Speaker 3: a mobility company. How is that going to impact longer terms?
Speaker 3: You think can you do to offset?
Speaker 5: Yeah?
Speaker 8: If you look at the markets that we're operating, we
Speaker 8: operated eight markets in Southeast Asia, not all of them
Speaker 8: are equal. Where certain markets, say the Philippine has been
Speaker 8: the hardest hit where fuel prices has been up two x,
Speaker 8: three x in some cases, when you have the other extreme,
Speaker 8: say Malaysia, Indonesia, where the increase has been very nominal,
Speaker 8: hardly any because just the way the structural macro has
Speaker 8: worked there from a fuel subsidy perspective. So it's very
Speaker 8: different markets to markets. But overall, we're pitching in, we're
Speaker 8: leaning in, and we're helping the drivers. How are we
Speaker 8: doing that we've been In March, we activated a number
Speaker 8: of initiatives where the it's fuel fuel voluchers helping them
Speaker 8: getting discounts at the pump, working with the oil refineries,
Speaker 8: the oil companies. We've also deployed multiple lending programs for
Speaker 8: drivers if they needed. But also at the same time,
Speaker 8: we're continuing to accelerate ev adoption. Actually, it's a great
Speaker 8: opportunity for us to accelerate ev adoption in two wheels
Speaker 8: and four wheels in our markets, and this is now
Speaker 8: an opportunity is to continue to pick up the pace.
Speaker 3: Talking about well picking up the pace, what's been interesting
Speaker 3: is the pace of regulatory change keeps shifting and we're
Speaker 3: seeing that over in Indonesia.
Speaker 2: Could you seem to soothe the.
Speaker 3: Market a lot about what has been a very recent
Speaker 3: change to basically the maximum amount of commission you're able
Speaker 3: to take over in Indonesia to just eight percent. How
Speaker 3: are you able to upset that and still drive for
Speaker 3: ultimate profitability?
Speaker 8: Yeah, So it's putting the perspective our Indonesia, which is
Speaker 8: where the government announced over the weekend the commission structural changes.
Speaker 8: It's roughly about less than six percent of our mobility
Speaker 8: GMB business. Overall, this is for the two Wheels Indonesian
Speaker 8: business and with the changes which we understand where it's
Speaker 8: coming from unexpected. Also at the same time we'll work
Speaker 8: with the government to roll it out. We're still getting
Speaker 8: clarity of what the mechanics are and working with our industry.
Speaker 8: PEE is also across the platform. But if you look
Speaker 8: at what we've been doing with our drivers there, we've
Speaker 8: always been giving benefits. We have medical insurance. We've also
Speaker 8: have incentives for our drivers, so we have a number
Speaker 8: of levers that we could use to actually help neutralize
Speaker 8: some of that. Now it does mean that we need
Speaker 8: to recalibrate some of the business model of two Wheels
Speaker 8: in Indonesia or worth of fair structure. But we want
Speaker 8: to make sure also that we're not just passing on
Speaker 8: to the consumers. That's the last thing we want to do.
Speaker 8: We want to make sure the marketplace can choose to
Speaker 8: be very healthy, but the drivers also benefiting. So we
Speaker 8: have enough leavers in the business Caroline to be able
Speaker 8: to upset this.
Speaker 3: We need to remember your big and fintech. How is
Speaker 3: the consumer feeling right now?
Speaker 8: Briefly, so far, the credit quality in the first quarter
Speaker 8: has been very strong. We haven't seen any impact.
Speaker 5: Now.
Speaker 8: Having said that, we're also very cautious with this macroeconomic situation,
Speaker 8: so we're doing a lot of stress testing. We're putting
Speaker 8: a lot of new variables into the input into the
Speaker 8: model itself, where there it's fuel prices increase, potential inflation,
Speaker 8: also the pot unemployment. All those factors are putting in
Speaker 8: so that we are a little bit more cautious and careful.
Speaker 8: But so far, actually we haven't seen any from the
Speaker 8: stress testing anything that's actually detrimental to the loan quality
Speaker 8: of our book. If anything, the loane disperson continues to
Speaker 8: be very healthy. But also we're very cautious also in
Speaker 8: certain countries where we might tie up the funnel a
Speaker 8: little bit more also just to make sure that our
Speaker 8: risk appetite continues to be very balanced.
Speaker 2: We alwaso balanced with us.
Speaker 3: It's very light late or say early in the morning
Speaker 3: for you that we appreciate you live from Singapore.
Speaker 2: CFO of GRAB coming up.
Speaker 3: We speak with the Pinterest CEO Bill Ready after the
Speaker 3: company beats quarterly sales estimates.
Speaker 2: To this is bring back tack.
Speaker 3: Chess Pinterest best day in a year. We're currently up
Speaker 3: eleven percent. The company reporting first quarter sales the top
Speaker 3: down assessments and forecast revenue exceeding all street expectations too. Already,
Speaker 3: pinterest CEO joins us now exclusively.
Speaker 2: It's great to speak with you, Bill. What's driving the growth?
Speaker 9: Thanks for having me on, So you know, we're really
Speaker 9: encouraged by the growth on the platform. It's eleven straight
Speaker 9: quarters of record high users, ten straight quarters of double
Speaker 9: disser growth in users, and at the core of that
Speaker 9: is that we've really turned Pinterest into an AI powered
Speaker 9: shopping assistant that is really really winning with users, especially
Speaker 9: gen Z that's now more than half our platform and
Speaker 9: our fastest growing demographic pinteresses where gen Z goes to shop,
Speaker 9: and that's been really great for users, and increasingly advertisers
Speaker 9: are leaning into that and you see that reflecting our results.
Speaker 3: So ad targeting improves, we can see more efficiency. But
Speaker 3: look at getting eighty billion monthly searches, as you say,
Speaker 3: record hive users. What is the AI strategy here longer term?
Speaker 3: Because already you're seeing the efficiency in a flywheel.
Speaker 9: That's right. So we've shared that we have more than
Speaker 9: eighty billion searches per month on the platform, which would
Speaker 9: have been unbelievable to say even a few years ago.
Speaker 9: And we've done that by really making it a visual
Speaker 9: first platform. So much of shopping is a visual journey,
Speaker 9: and so we are really focused on that. And I
Speaker 9: think in the world of AI, you've had a lot
Speaker 9: of discussion around general purpose winners, but you're also seeing
Speaker 9: specialization play out, and you're seeing that play out and
Speaker 9: sort of consumer versus enterprise. But even within consumer, there
Speaker 9: are a lot of different use cases and we've been
Speaker 9: really focused on shopping and visual search and discovery, and
Speaker 9: we're using AI to power that really based off the
Speaker 9: curation signal on our platform, and we're seeing that really
Speaker 9: really resonate with users. And O those eighty billion searches
Speaker 9: per month, more than half of them are commercial, which
Speaker 9: is a much more significant skew towards commerciality than most
Speaker 9: chatbots would have and that you would see in sort
Speaker 9: of historical general purpose search. So it really has become
Speaker 9: a great shopping destination for our users.
Speaker 3: It's interesting those chatbots had been sort of some of
Speaker 3: the investor anxiety that this is where competition.
Speaker 2: Is coming from in visual search. It is Google, It
Speaker 2: is opening on the others. But how dependent are you
Speaker 2: on are the frenemies?
Speaker 3: Shall we say, for the large language models, you're training
Speaker 3: your own, but how much you're using underlying models.
Speaker 9: Of others, that's right, So we primarily run our own
Speaker 9: compact fit for purpose models. I think this is one
Speaker 9: of the things that you will see over time is
Speaker 9: there's been so much discussion around AGI and general purpose models,
Speaker 9: but they can be really expensive to run, and we've
Speaker 9: demonstrated it through our own compact fit for purpose models
Speaker 9: as well as leveraging open source and retraining that off
Speaker 9: of our unique data set that we're able to see
Speaker 9: comparable or better results at oftentimes less than ten percent
Speaker 9: of the cost. And in terms of shopping, we've shared
Speaker 9: that we're able to get to thirty percent better relevancy
Speaker 9: of recommendations on shopping for our users than what we'd
Speaker 9: see from leading off the shelf proprietary model, which just
Speaker 9: really gets to the uniqueness of pinterest as a shopping destination.
Speaker 9: And it's important to note that what makes our models
Speaker 9: so powerful, it's not just the models themselves. The AI
Speaker 9: doesn't have taste or style. Humans have tastes in style,
Speaker 9: and so people come to Pinterest to figure out their taste,
Speaker 9: to figure out how they want to put outfits together,
Speaker 9: and we're able to learn from that and make better
Speaker 9: and better recommendations that are aligned.
Speaker 5: To a user's taste.
Speaker 9: And the result of that, as usually say things like well,
Speaker 9: Pinterest just gets me. And that's something that we think
Speaker 9: we're doing really uniquely here at pinterest and where we
Speaker 9: just have totally different signal based on what our users
Speaker 9: do on the platform, and that's what lets us take
Speaker 9: much smaller but really fit for purpose models and deliver
Speaker 9: better results for users.
Speaker 2: It's not just a signal on your platform.
Speaker 3: Though you've been doing M and A talk to us
Speaker 3: about TV scientific and while you're going into performance driven
Speaker 3: sort of TV ads.
Speaker 9: Yes, so you know we now objectively it's six hundred
Speaker 9: and thirty million plus users, you know, in eighty billion
Speaker 9: searches a month, more than half of them being commercial,
Speaker 9: have one of the highest commercial intent plots forms anywhere
Speaker 9: in the world. And so far we've been making that
Speaker 9: a really great platform for advertisers to connect with users
Speaker 9: here on Pinterest, but we're also looking at how we
Speaker 9: can make it so that we can help those advertisers
Speaker 9: meet those users in other places. Connected TV being one
Speaker 9: of the fastest growing areas of a of ad demand.
Speaker 9: It's projected to surpass linear TV in twenty twenty eight,
Speaker 9: and we're able to help advertisers show more relevant ads
Speaker 9: that deliver better returns for advertisers on TV and users
Speaker 9: get to see things that are actually helpful and useful
Speaker 9: to them. And we showed on this most recent call
Speaker 9: that when we add Pinterest audience data to TV scientifics capabilities,
Speaker 9: the company that we acquired in Q one, we see
Speaker 9: a sixty five percent improvement in the purchases that result
Speaker 9: from the ads that are shown, which is great for advertisers,
Speaker 9: but also just means as a user, when you're watching
Speaker 9: connected TV, you've actually seen more with THESA to say, oh,
Speaker 9: that's actually a product that would be useful for me,
Speaker 9: and so it's a great thing for users too.
Speaker 2: Thanks.
Speaker 3: It's interesting, it's almost it feels like divestification should briefly build,
Speaker 3: but there's also this moment of gen z and teen bands.
Speaker 3: How do you see that as your role in social
Speaker 3: media right now?
Speaker 2: Briefly, yes.
Speaker 9: So we've talked about this before, and I've been very
Speaker 9: out spoken on this publicly when I came into pinterests
Speaker 9: CEO nearly four years ago. I wanted to prove that
Speaker 9: there was a more positive business model possible in social media,
Speaker 9: and so youth online safety has been very out in
Speaker 9: front for us. We made pinterest private only for users
Speaker 9: under sixteen approximately three years ago. We're the first and
Speaker 9: still the only platform to do that, and so I
Speaker 9: have publicly advocated for the fact that social media as
Speaker 9: currently configured, it is not safe for users under sixteen.
Speaker 9: So we turned off social features three years ago, and
Speaker 9: we actually think it's quite an encouraging thing to see
Speaker 9: regulators around the world starting to really pay attention to that.
Speaker 2: We have to leave it there.
Speaker 3: Thank you so much for talking to us through your
Speaker 3: numbers and your focus. WI already Pinterest CEO. Up next,
Speaker 3: talenteer as a Bloombag Tech. Welcome back to Bloomberg Tech,
Speaker 3: and let's take a look at today's big number.
Speaker 2: It's nine billion euros.
Speaker 3: That is a record amount that Alphabet is issuing in
Speaker 3: euros in debt. They're also seeking up to three to
Speaker 3: five billion dollars in Canadian dollar denominated debt too. The
Speaker 3: proceeds of course, you know why. It's general corporate purposes,
Speaker 3: but it's AI. This is a company that's got planned
Speaker 3: capital expenditure bock to one hundred and ninety billion dollars.
Speaker 3: Now they sell debt, but the shares power to a
Speaker 3: new record high. We're up another one point four percent.
Speaker 3: We are inching closer to the Nvidia market cap. They're
Speaker 3: at four point sixty nine trillion for Alphabet and videos
Speaker 3: at four point seven nine trillion. We'll see if one
Speaker 3: starts to eclipse the other. Let's look elsewhere in the
Speaker 3: earning spectrum, though, because Palete is actually down some five percent,
Speaker 3: even though they posted numbers that were better than anticipated
Speaker 3: on most of the lines, whether it's revenue, whether it's
Speaker 3: what they're posting in terms of earnings. But there was
Speaker 3: perhaps a little bit of commercial weakness in the US
Speaker 3: that's drilled down into it. With bloembat Lizette Chapman, who
Speaker 3: covers this stop, which I might add, trades at an
Speaker 3: extraordinary level. I mean, I think it's more than eighty
Speaker 3: times future earnings.
Speaker 2: Did it need to be even more perfect?
Speaker 10: He nailed it it, absolutely did they again, you know,
Speaker 10: be even the raised revenue guidance that they provided, and
Speaker 10: they raised it again for twenty twenty seven, but they
Speaker 10: didn't raise it quite as much as they had the
Speaker 10: previous you know, previous earnings, and so it was good,
Speaker 10: but it wasn't as great as they had done in
Speaker 10: the past. That said, you know, carp kind of ended
Speaker 10: the conversation or it was, you know, at the end
Speaker 10: of the analyst call, and he was asked about hiring
Speaker 10: and about about some of the some of the other
Speaker 10: political wins that some bears say that is one of
Speaker 10: the factors here, and he said, Hey, nine tenths of
Speaker 10: the world love us, one tenth professionally hate us. So
Speaker 10: that might be what we're seeing right here as a
Speaker 10: lot of the bears, including the short sellers coming in
Speaker 10: to drive it down.
Speaker 3: Often a controversial stock off and controversial statement's coming the CEOs.
Speaker 3: But interesting to CTO using this ton of frame, it's
Speaker 3: a no slop zone. Now, what people have had anxiety
Speaker 3: around is that anthropic open AI they're using for deployed engineers,
Speaker 3: just as Palenteer has. They're starting to get into the
Speaker 3: space and maybe prove competitive. How is Paler trying to
Speaker 3: set itself apart?
Speaker 10: That's all right, and so that is a concern that
Speaker 10: some have raised. The way that Pallenteers executives explain it
Speaker 10: is that they've got something different, something special that they've
Speaker 10: worked on for several decades. It's called an ontology, which
Speaker 10: is a real time mapping of all of an organization's
Speaker 10: data within the enterprise, across apps, across different siloed information
Speaker 10: that they bring together in one real world view. They
Speaker 10: do this for defense purposes or you know, in wartime
Speaker 10: to find out where IEDs are and you know, improvised
Speaker 10: explosive devices. And they also do it to find out
Speaker 10: where supply chain hiccups are in things like airbus and
Speaker 10: things like that. So that's the way they would explain
Speaker 10: it would be that, you know, they've got something that
Speaker 10: is a layer that goes between you know, the the
Speaker 10: enterprise and the AI large language model that the Anthropic
Speaker 10: and some of the other ones have developed.
Speaker 3: There's always been this idea that they do very well
Speaker 3: in the United States.
Speaker 2: They've built a lot of business.
Speaker 3: I think of the NHS the United Kingdom, for example,
Speaker 3: is that but how are they showing foreign deployment and
Speaker 3: growth at the same paces of seeing in the US.
Speaker 10: Yeah, it's it is strong in some areas and not
Speaker 10: as strong as others, you know, definitely United, the US
Speaker 10: has been there their bright spot that has been called out,
Speaker 10: especially for commercial sales and previous quarters this year, this
Speaker 10: quarter as well. US concentration was a concerned because so
Speaker 10: much their business does come from the US, and I
Speaker 10: think that we talked about this yesterday and you even
Speaker 10: flagged that, you know, a lack of international growth going
Speaker 10: to be a worry, and it appears that that was
Speaker 10: something that you know, could be dragging it down today
Speaker 10: with the stock, you really never know because as you
Speaker 10: mentioned at the top of this, it's already been trading
Speaker 10: at such a large multiple tur forward earnings that a
Speaker 10: lot of the growth is already baked in.
Speaker 3: Twenty one buys on the stock though only two cells
Speaker 3: blom Buglazett Chapman. Great to get the breakdown, Thank you. Look,
Speaker 3: let's head actually over to the Milkene conferences on in California,
Speaker 3: where a Paleteer executive vice president's Josh Harris is.
Speaker 2: I'm on the CEOs.
Speaker 3: Speaking well, some of the company leaders speaking, and a
Speaker 3: panel focused on how builders and investors are shaping the
Speaker 3: future seamless.
Speaker 11: Not constantly having to re represent yourself and At this point,
Speaker 11: we've onboarded twenty six million people in the United States
Speaker 11: to cellbate these seamless experiences, and someone signs up on
Speaker 11: our platform every one to two seconds, twenty four hours
Speaker 11: a day this week.
Speaker 5: Now, each of you, I mean, have not.
Speaker 12: Only built businesses, but you've actually done things that.
Speaker 5: Took a long time to do.
Speaker 12: I mean, these weren't really sort of overnight successes. And
Speaker 12: I think about Palenteer, which is kind of you know,
Speaker 12: the overnight success. It took you know, you know, more
Speaker 12: than a decade to sort of get there, and the
Speaker 12: patient capital that was required, but more importantly really the idea,
Speaker 12: Josh of kind of staying the course when you know
Speaker 12: you have a good idea even if the initial traction
Speaker 12: wasn't necessarily there.
Speaker 13: Absolutely, I think, first all, thank you very much for
Speaker 13: having me.
Speaker 5: Sorry I was late, that's okay.
Speaker 13: The yeah, staying the course, And I think also it
Speaker 13: does require a huge amount of sort of internal self
Speaker 13: confidence to know that what you're working on is important,
Speaker 13: even if you're not necessarily hearing that. In like the
Speaker 13: broader tech echo chamber, which was very much our experience
Speaker 13: and just for to sort of sort of coming out
Speaker 13: with it early in the session. The only reason I
Speaker 13: know anything about what we do pound here is because
Speaker 13: of Aaron Preswright, who is a former colleague of mine.
Speaker 13: I was a little too late to the game and
Speaker 13: understanding I been of Pounds for fourteen years, but exactly
Speaker 13: what we do, so she very kindly explained it to
Speaker 13: me in the bottom room of a bar in Paris.
Speaker 2: I think it was like two am.
Speaker 13: Yeah, about ten years ago, and that is pretty much
Speaker 13: the pitch. I still use so much creditor and for
Speaker 13: anything I say correctly here incorrectly on this panel, but yes,
Speaker 13: staying the course and understanding that what you're doing is
Speaker 13: right and helpful, even if it's not what it looks
Speaker 13: like everyone else around you is doing. So it's very
Speaker 13: interesting for all of us, I'm sure, and feels the
Speaker 13: same way like Pounds here in this moment has a
Speaker 13: huge amount of attention on it. It's become an example.
Speaker 13: People are sort of taking things like FDEs, which were
Speaker 13: concepts that you know, we used and came up with,
Speaker 13: you know, decades ago that are now sort of commonplace
Speaker 13: in the vernacular, the techminnacular and ecosystem, but at the time,
Speaker 13: you know, we would go into meetings and people would
Speaker 13: be like, you know, what do you do? This doesn't
Speaker 13: fit into a certain box. You know this company can
Speaker 13: do this, so this company can do that. And while
Speaker 13: you know, talking about data integration and talking about Foundry
Speaker 13: didn't necessarily check a box that a CTO or a
Speaker 13: COO or a CEO was looking for when they were
Speaker 13: talking about business transformation, we had strong conviction because we
Speaker 13: went through the process ourselves, as you mentioned, over a
Speaker 13: decade much longer to say this is actually what's fundamental
Speaker 13: to allow things like a gentta gai and anything else
Speaker 13: you want to do on top of it. You need
Speaker 13: to have a reliable data asset that basically, you know,
Speaker 13: you need to have a single source of.
Speaker 5: Truth, right, which has been our thing for a long time.
Speaker 13: But that's a very hard concept to explain, and you know,
Speaker 13: we had everyone and anyone against us saying that it
Speaker 13: didn't work, it was consulting, it wasn't software, it wasn't necessary,
Speaker 13: and now you know, people are starting to be proven wrong.
Speaker 13: But it was very much saying the course and also making.
Speaker 2: Sure that our was palented.
Speaker 3: Executive vice president Josh Harris speaking at Milkine alongside my
Speaker 3: colleague Romain Bostic, who's helping orchestrate that. Wilso have Erin
Speaker 3: Price Wright, general partner of Andrews and Horowitz. You've got
Speaker 3: Bombardier there along with Metropolis. So more of that conversation
Speaker 3: you can go and check out on live go on
Speaker 3: the terminal.
Speaker 5: Coming up.
Speaker 3: We're actually going back to Milkan with a conversation with
Speaker 3: Seth Burrows, Tom Bravo managing partner.
Speaker 2: This is BlueBag Tech.
Speaker 3: Let's get back to the milkone conference serving in California
Speaker 3: where bloommeg of an Interest anchor Danny Berger standing by
Speaker 3: with a special guests.
Speaker 14: Hi, Kerlein, thank you so much. I am here with
Speaker 14: Seth Burrow, managing partner at Toma Bravo, so thank you
Speaker 14: so much for joining.
Speaker 5: Great to see you, Danny, thanks for having me.
Speaker 14: And I'm really I'm always excited to talk to you.
Speaker 14: But you oversee a lot of cybersecurity investments for Tom
Speaker 14: brav and I feel like now is kind of your
Speaker 14: moment to get peppered with questions about what in the
Speaker 14: world is going on. It feels like the peace of
Speaker 14: change is so rapid. Can you just contextualize your portfolio companies,
Speaker 14: the industry writ large just how fast things are moving
Speaker 14: right now.
Speaker 5: Incredibly fast.
Speaker 15: And you know, our portfolio companies, like you mentioned, have
Speaker 15: a deep expertise in cyber really across every facet of
Speaker 15: the cyber industry, which is a complex, very technical market
Speaker 15: to operate in. There's a lot of deep domain expertise
Speaker 15: there and they have been reacting over the last several
Speaker 15: years to what we have seen coming now. The latest
Speaker 15: model releases have expedited.
Speaker 5: All those and.
Speaker 15: Every other model that's going to come next, and there's
Speaker 15: going to be a lot of them. And we're talking
Speaker 15: about Mythos today mainly because that's the one that people
Speaker 15: have been talking about it in the news in terms
Speaker 15: of big cyber risk, but we see a lot more
Speaker 15: coming and our companies are preparing for that. You have
Speaker 15: to operate today at a speed that is different than
Speaker 15: we've ever seen before. Companies are going to be exposed
Speaker 15: to threats faster than they've ever seen before, and so
Speaker 15: you need a layered security approach that our portfolio companies,
Speaker 15: which in combination produce about eight billion of revenue, are
Speaker 15: providing to the market. But it's a really exciting time,
Speaker 15: but it's also one where our companies are needing to
Speaker 15: move very quickly to put the defenses up there for
Speaker 15: the industry and for our enterprise customers that really trust
Speaker 15: us to protect them.
Speaker 5: It seems like.
Speaker 14: Moving quickly is and even enough.
Speaker 8: Though.
Speaker 14: If you have these models that can find zero day
Speaker 14: vulnerabilities in minutes and see things that have been overlooked
Speaker 14: for twenty years of human history combing through it, I mean,
Speaker 14: how prepared are we in this world for that type
Speaker 14: of technology to be released?
Speaker 15: It's so true, and we're sitting in a place today
Speaker 15: that you know, companies have not had to operate this
Speaker 15: way before, and so we have companies like Proofpoint, for example,
Speaker 15: they have a massive network of fourteen thousand customers that
Speaker 15: every day they see all of the malicious emails that
Speaker 15: you know that are inbounded into those enterprises, and all
Speaker 15: of the behavior the way that their employees interact with
Speaker 15: those malicious emails. Those sorts of network effects give proof
Speaker 15: Point and their customers the ability to see zero day threats,
Speaker 15: which is what we call them, very very quickly and
Speaker 15: then respond very quickly.
Speaker 14: Truly, not as quickly as like a mythos though.
Speaker 15: Right the way that we see the threats is very
Speaker 15: quick and so of course mythos hasn't hit the market yet, true,
Speaker 15: but now we should all expect that it is out.
Speaker 5: There and that perhaps people are already using it.
Speaker 14: Oh, do you think any of it is just marketing
Speaker 14: ahead of IPOs? Do you think some of it is
Speaker 14: just whipping up excitement and obviously fear alongside of it.
Speaker 15: I've heard that, But I'm going to take the optimistic
Speaker 15: view that this is much more about protecting everybody who
Speaker 15: might be interacting with it in the future. But I
Speaker 15: also think it's been a really good heads up for
Speaker 15: the world, for enterprises, for consumers to see what else
Speaker 15: is coming right, because again, it might be the anthropic
Speaker 15: model today, but it's going to be someone else's model.
Speaker 5: You know.
Speaker 15: The big thing that comes out of all of this
Speaker 15: also is that as these agents get deployed, and today
Speaker 15: obviously we're in a world where it's very minimal agentic deployment,
Speaker 15: although we're starting to see it pick up quite a bit,
Speaker 15: the governance around that is going to become critical. So
Speaker 15: what are the agents doing, what information do they have,
Speaker 15: where's the data coming from?
Speaker 5: What are they doing after they get the information?
Speaker 15: Operating in the world, And that's what companies in our
Speaker 15: portfolio like sale Point and ping proof plant in dark
Speaker 15: trace are monitoring that environment to make sure that there's
Speaker 15: nothing malicious going on. And then you know, acting very quickly,
Speaker 15: and you're right that this is all new.
Speaker 5: It's happening very fast.
Speaker 15: But that's where you need incredible technologists, you know, behind
Speaker 15: the products that are in the market to react quickly.
Speaker 14: By the way, you've been one of the first to
Speaker 14: announce a partnership with one of the big llms.
Speaker 5: In your case, it was Google.
Speaker 14: We learned yesterday that Anthropics doing a partnership with Goldman, Sachs,
Speaker 14: H and F. Before that, there was this like Baine
Speaker 14: open ai JV going on. What is going on in
Speaker 14: this industry right now? It feels like every single day
Speaker 14: we're getting some sort of announcement of some sort of partnership.
Speaker 15: Yeah, I mean I can speak to our partnership with Google,
Speaker 15: which is, you know, we they approached us to engage
Speaker 15: with us in our portfolio in terms of deploying their
Speaker 15: full stack technologies. We have a great relationship, but then
Speaker 15: we moved really quickly to take the portfolio there. And
Speaker 15: then on the cyber side, we're going to work with
Speaker 15: him to identify early any threats through our portfolio. You know,
Speaker 15: I can't speak to the other jvs that might be
Speaker 15: going on in the industry. I'm sure everybody has their
Speaker 15: own reason. We are model agnostics. So we have great
Speaker 15: relationships with Open AI, with Anthropic, We know those companies
Speaker 15: very well. We you know, we have ongoing discussions all
Speaker 15: the time, and certainly our portfolio companies are big consumers
Speaker 15: of theirs also, And I think it's really just our industry,
Speaker 15: you know, trying to understand and figure out more where
Speaker 15: this is going, how to deploy the technology, working with
Speaker 15: experts to help us do that, and then also again
Speaker 15: on the cyberside, making sure that we can get as
Speaker 15: far ahead as we can of these next models as
Speaker 15: they get out into the market.
Speaker 14: So I was having conversation yesterday that was talking about
Speaker 14: how inference costs are really really high for you know,
Speaker 14: anthropic Googles of the world, but right now they're not
Speaker 14: passing that on that led by Google, They're trying to
Speaker 14: offer something more cheap.
Speaker 5: Are you preparing for a world in.
Speaker 14: Which these you know, Google what have you start to
Speaker 14: make their product more expensive and start to eat into
Speaker 14: more margins how are you thinking about where the pricing
Speaker 14: world heads for AI, which is a really expensive project
Speaker 14: that we're undertaking.
Speaker 5: Yeah, it's a great question.
Speaker 15: I think today people don't quite understand the cost of
Speaker 15: rolling out a lot of these solutions. And there's some,
Speaker 15: you know, pretty interesting research out there today that says currently,
Speaker 15: for most higher functioning roles, it's much more expensive to
Speaker 15: bring tokens into your organization to do it agentically than
Speaker 15: it is through a human.
Speaker 5: That's not true for everything, and of course it's not.
Speaker 15: Always going to be there, but I think it's unclear
Speaker 15: today how much this will all cost. I think the
Speaker 15: reality is, especially as you sit in the enterprise and
Speaker 15: you have to budget for these costs, and you have
Speaker 15: to re engineer process, all of this takes longer actually
Speaker 15: than people realize, and that's before really absorbing you know,
Speaker 15: what might be the true cost of deploying inference on
Speaker 15: a daily basis. Now, what you're seeing in reaction to
Speaker 15: that is very specific model use cases. So you see
Speaker 15: in our companies and both in our portfolio and their customers,
Speaker 15: they're deploying specific use case models that are much more efficient.
Speaker 15: I think we're going to end up in a place
Speaker 15: also where efficiency and power consumption end up being the focus,
Speaker 15: and there's going to be a lot of innovation around that, right,
Speaker 15: so you don't need to use for every function a
Speaker 15: general purpose model. That's where we are today, and you're
Speaker 15: right the true cost of what this ultimately will be
Speaker 15: on a marginal basis for enterprise customer, it's kind of
Speaker 15: unknown right now.
Speaker 14: True, Seth, this has been so fascinating. Thank you so
Speaker 14: much for winning. Appreciate your time here at the Milk
Speaker 14: in conference.
Speaker 5: Caroline. With that, I'll throw back to you. That is,
Speaker 5: of course Seth Borough.
Speaker 2: Of Tom Bravo.
Speaker 3: Fascinating discussions throughout. We so appreciate it. Danny Berge live
Speaker 3: from Milk and coming up markets well, they are braced
Speaker 3: for more tech earnings. I'll discuss what to expect from
Speaker 3: AMD and Disney.
Speaker 2: This is bloomet Tech checking in on Paramount's guideance shares.
Speaker 2: We're lower by four point six percent, even though.
Speaker 3: Many were impressed that the company had beaten certain expectations
Speaker 3: in their fiscal first quarter of results. But investors are
Speaker 3: really looking at how the company executes its acquisition and
Speaker 3: Warner Brothers Bloomberg. Hannah Miller is here with us, so
Speaker 3: we're all waiting on WBD, but there was real signs
Speaker 3: of strength in terms of streaming in particular.
Speaker 16: Yes, you know, Paramount's really happy with the momentum. It's
Speaker 16: weigh it's made since the murder with s guidance, and
Speaker 16: you know, we did see some an earning speech for
Speaker 16: the and also a strong outlook for this year. They
Speaker 16: think things are going really well.
Speaker 2: Why the stop pussure?
Speaker 3: I mean, were there any flies in the ointment? Is
Speaker 3: it more just about uncertainty looking forward?
Speaker 16: Yeah, there was a little bit of weakness on streaming.
Speaker 16: They lost some subscribers due to the end of an
Speaker 16: international streaming agreement, so they didn't see a ton of
Speaker 16: growth there. But they're expecting, you know, that to just
Speaker 16: be sort.
Speaker 3: Of a blimp, even though they saw a gain and
Speaker 3: average revenue for user and domestic subscribers.
Speaker 2: We look as to what the streaming pitch.
Speaker 3: For Paramount Skuydance means maybe for Disney, but Disney has
Speaker 3: just got so much exposure to the consumer right now.
Speaker 2: Is that what we're all watching?
Speaker 16: Yeah, we know with Disney that you know, they said
Speaker 16: that it was a tepid quarter for them in February.
Speaker 2: You know that they weren't.
Speaker 16: Expecting, you know, big results for what we're gonna hear
Speaker 16: about tomorrow. But all eyes are going to be on
Speaker 16: parks and cruises and streaming.
Speaker 3: And all eyes are gonna be on the new CEA
Speaker 3: exactly just tomorrow. We'll keep on how he reports in
Speaker 3: the morning. Hannah Miller with the latest on how Paramount
Speaker 3: performs after, of course, their numbers came out yesterday. Who
Speaker 3: else's numbers came out yesterday? Was AMD delivering its earnings
Speaker 3: and we're expecting that after bell today. Stock has had
Speaker 3: its biggest one month gain two thousand and one, but
Speaker 3: the company is facing some headwinds. Bloemgs Ian King is
Speaker 3: here to tell us all on how much the stock
Speaker 3: moved in April and how much it can price to perfection. Now,
Speaker 3: if the earnings are coming out tonight.
Speaker 17: Yeah, I mean that's the numbers are going to be good.
Speaker 17: It'll just be a case of are they good enough.
Speaker 17: You'll remember three months ago, Caroline, we had exactly the
Speaker 17: same scenario. Tremendous run up in the stark, A lot
Speaker 17: of strong reports around AMDA and d came in were bullish,
Speaker 17: but just not bullish enough and that's really the challenge
Speaker 17: that this company is facing right now. Thirty percent growth
Speaker 17: on a quarterly basis is fantastic, but maybe not fantastic
Speaker 17: enough for some.
Speaker 3: I mean, how does AMD basically signal that they can
Speaker 3: capture as much total addressable market on the shift to
Speaker 3: AI and the new trillions of dollars that are being invested.
Speaker 17: Yeah, I mean, this is it. The management team, Lisa Sue,
Speaker 17: who obviously has spoken to you know, she is innately conservative.
Speaker 17: She's not a kind of cheerleader. She's more of a
Speaker 17: sort of hey, we'll execute and them we'll show you
Speaker 17: how well we executed type person, rather than a shout
Speaker 17: about it person.
Speaker 5: But that's not the.
Speaker 17: Times we're living in, right. The times we're living in
Speaker 17: is everybody talks about multiple billion dollar agreements. Everybody makes
Speaker 17: very bullish forecasts, and that's what kind of investors are
Speaker 17: signing up for and acht that's kind of the frequency
Speaker 17: that they're tuned to. So if you're not saying that,
Speaker 17: if you're not doing that, then maybe you're missing out
Speaker 17: is a concern. But so far AMD has not missed out.
Speaker 3: They certainly haven't. How have we seen anyone miss out?
Speaker 3: Because ultimately the Semiconductor Index again and a new record
Speaker 3: high in Yeah.
Speaker 17: No, I mean we're seeing Intel shares up very strongly today.
Speaker 17: And if materially they had missed out their innings haven't
Speaker 17: yet caught up with the overall sort of cavalry charge
Speaker 17: up and to the right. But even they just on
Speaker 17: signs of promise, on signs that they're doing better, are
Speaker 17: being rewarded in the stock market.
Speaker 5: So that's really the environment that AMD is in.
Speaker 17: Expectations couldn't be any higher.
Speaker 3: And is there, more broadly a signal that more deal
Speaker 3: we were all worrying about circular financing in is that
Speaker 3: kind of like past tense now?
Speaker 5: Well.
Speaker 17: Jenson Lyne, the CEO of in Video, was at the
Speaker 17: Milk and Institute yesterday and he said, look, I've put
Speaker 17: a lot of money to work to help get this going.
Speaker 17: Hopefully I've done enough and hopefully we don't need this
Speaker 17: going forward. Hopefully these companies are now sort of on
Speaker 17: the gross margin bases doing much better and it kind
Speaker 17: of become self sustaining, then hopefully it won't be necessary.
Speaker 17: If that's a signal, then perhaps not as many deals
Speaker 17: going forward.
Speaker 3: Amagazine king always across those deals always across these earnings
Speaker 3: you'll be bracing after the bell tonight.
Speaker 2: We appreciate it. That does it for this edition at
Speaker 2: Blue Bag Tech. Do not forget to check out.
Speaker 3: Our podcast on the terminal, as well as online on Apple, Spotify,
Speaker 3: and i.
Speaker 2: Heeart from New York, This is Bloomberg Tech.
Speaker 16: M hm
Speaker 3: Mm hmm