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

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

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Speaker 1: This is Bloomberg Technology with Caroline Hyde and Ed Ludlove.

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Speaker 3: I'm Karen hide A, Bloomberg's World Headquarters in New York.

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Speaker 3: Ed Ludlow, He's off today. This is Bloomberg Technology coming.

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Speaker 4: Up in video.

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Speaker 3: CEO Jason Wang says the company plans to upgrade its

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Speaker 3: AI accelerators every year.

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Speaker 4: We bring you the details.

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Speaker 3: From Taiwan as he steals the limelight from AMD's Lisa

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Speaker 3: sou Plus, we sit down with the CEO of Qualcom

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Speaker 3: to discuss aipc's that's all amid the Computer Text conference

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Speaker 3: over in Taiwan that kicks off and game Stop shares

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Speaker 3: surge and new as Roaring Kitty unveils one hundred and

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Speaker 3: sixteen million dollar position in the company. Well, that is

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Speaker 3: so much more ahead. But first it's checking on these markets.

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Speaker 3: It is a macro picture. It is a slow down

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Speaker 3: in manufacturing that actually helps send stocks to the upside.

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Speaker 3: And indeed, the borrowing market, the debt market ten year

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Speaker 3: yeld carrying down by some nine basis points as some

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Speaker 3: of the slowing in the economy seems to be good

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Speaker 3: news for investors who want to see some ability for

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Speaker 3: the FED to cut rates.

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Speaker 4: Of course, we have some big labour data later in

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Speaker 4: the week.

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Speaker 3: Now is that coming off of its highs, we're up

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Speaker 3: just a tenth of a percent. I want to shine

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Speaker 3: a light on the parent company of the New York

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Speaker 3: Stock Exchange here the Intercontinental Exchange off by three quarters

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Speaker 3: a percent, actually hitting some of the lows of the day.

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Speaker 3: That said, they seem to be having some technical glitches,

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Speaker 3: as is currently being the technical phrase being used. But

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Speaker 3: think of Berkshire, Hathaways, think of some of the stocks

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Speaker 3: that have been impacted to the tune of a ninety

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Speaker 3: nine percent drop. Just for a few seconds. We're currently

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Speaker 3: off by eighteen percent. Will bring you updates throughout the hour. Meanwhile,

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Speaker 3: I want to shine a line on some of the

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Speaker 3: individual names that are on the move today. And look,

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Speaker 3: GameStop has been where it's at. At one point, pre

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Speaker 3: market was up more than one hundred percent. Now are

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Speaker 3: up some thirty percent. As Roaring Kitty or deep value

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Speaker 3: is is no one on Reddit took back to another

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Speaker 3: form of social media, going on Reddit to post what

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Speaker 3: seems to be one hundred and sixteen million dollar long

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Speaker 3: position in game Stop, making him one of the top

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Speaker 3: five holders of this name. The crowd goes world paramount

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Speaker 3: up some seven percent as we understand that maybe we

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Speaker 3: could be getting nearer that deal for sky Dance, as

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Speaker 3: David Ellison offers a sweetened bid for some fifteen.

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Speaker 4: Dollars a share.

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Speaker 3: It's not at that level yet, so still some caution

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Speaker 3: out there from investors and the socks off by half

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Speaker 3: percentage point right now. AMD on the downside, but other

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Speaker 3: chip names being galvanized by some of the announcements coming

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Speaker 3: out of Taiwan. A big and a big set of announcements,

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Speaker 3: but big key landmark focuses coming from both in Nvidio

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Speaker 3: and indeed from AMD. The Computex trade show is fact underway.

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Speaker 3: All the chip makers, the heavy hitters are present and

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Speaker 3: in video CEO Joseph Wang basically took the stage last

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Speaker 3: night when he stole the show somewhat introducing new tools

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Speaker 3: and software models.

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Speaker 5: Your future laptop, your future PC will become an AI.

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Speaker 5: It'll be constantly helping you, assisting you in the background.

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Speaker 5: The PC will also run applications that are enhanced by AI,

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Speaker 5: and your PC will also host applications with digital humans

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Speaker 5: that are AIS now.

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Speaker 3: He announced a Blackwell Ultra chip set to debut in

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Speaker 3: twenty twenty five, and the next generation platform another one

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Speaker 3: in development called Rubin in twenty twenty six. Meanwhile, the

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Speaker 3: actual keynote of the event was meant to be MDCO

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Speaker 3: Lisa Sue. She announced the company will speed up the

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Speaker 3: rollout of new AI processes too. Let's get the details

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Speaker 3: of all of this bloombergs in. A woman is here

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Speaker 3: to join us, and well, it felt as though Jensen

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Speaker 3: Wang sort of organized himself an event a keynote speech,

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Speaker 3: even though he was the keynote talker of the previous year.

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Speaker 3: But it seems to be the pace of announcements that

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Speaker 3: the investors like.

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Speaker 6: Absolutely yes, I think it's going to be even trickier

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Speaker 6: for tech reporters and editors such as myself to keep

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Speaker 6: track of all these code names and project names. We're

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Speaker 6: already talking Blackwell, Ultra and Reuben, even though the twenty

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Speaker 6: twenty four ships are still forthcoming, so we're really the

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Speaker 6: roadmap keeps getting longer and longer, and amb to its credit,

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Speaker 6: is also committing to annual refresh cycles.

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Speaker 3: Annual refresh seems to be what people want to see.

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Speaker 3: What was it that maybe Lisa Sue lacked given the

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Speaker 3: investors stop reaction that Jensen Wang is able to bring.

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Speaker 3: Is it just that Nvidia is so dominant, particularly when

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Speaker 3: it comes to day to them just right now?

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Speaker 4: Absolutely?

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Speaker 6: I mean, I think AMD is in a catch up

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Speaker 6: position and Nvidia is the reigning leader in the AI space,

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Speaker 6: and I don't know that that is changing anytime soon.

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Speaker 6: I also think, interestingly, just on a personal note, this

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Speaker 6: is a study in two different leadership styles. Huang is

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Speaker 6: sort of seen as the embodiment of Nvidia itself, whereas

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Speaker 6: Lisa Sue sort of surrounded herself by this really large

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Speaker 6: collection of heavy hitter industry partners, from PC makers like

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Speaker 6: HP and Lenovo to the Windows chief over at Microsoft.

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Speaker 6: And not to denigrate that approach at all, but it

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Speaker 6: is as really interesting to observe two very different approaches.

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Speaker 3: Coming from two people who come from Taiwan, both speaking

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Speaker 3: in Taiwan, in fact, are in some way related, which

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Speaker 3: is an extraordinary thing to really consider the fact that

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Speaker 3: Jensen Wang and Lisusu are vague cousins of one another.

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Speaker 4: But what they're trying to steal.

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Speaker 3: Is the limelight of artificial intelligence in the future. Is

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Speaker 3: the AIPC managing to land.

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Speaker 4: Because that seemed to also be where Lisa su was shining.

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Speaker 6: I don't think just yet. And that's partly that they're

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Speaker 6: not available, and partly that I don't think the companies

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Speaker 6: involved can speak so clearly to what the software applications

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Speaker 6: are exactly. So I think, rightfully or wrongly, it might

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Speaker 6: seem to some people like a solution that's in need

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Speaker 6: of a problem, and I don't know that that's going

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Speaker 6: to be true in the long term.

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Speaker 4: But I do think you've got these chips.

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Speaker 6: They hold great promise. I don't think these software applications

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Speaker 6: are as obvious. And meanwhile, I don't think Nvidia has

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Speaker 6: to persuade anyone of the utility of its chips, whether

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Speaker 6: the twenty twenty four chips, twenty twenty five, twenty six, etc.

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Speaker 3: And always naming these with code names of well very

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Speaker 3: prominent scientists, often diverse scientists, people of.

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Speaker 4: Color with Blackwell or a female with Lubin.

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Speaker 3: I'm interested in who wins from both, and there are

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Speaker 3: suppliers who serve both in VIDIA and indeed AMD.

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Speaker 6: With Taiwan Semi being the biggest, and actually their stock

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Speaker 6: was up more this morning than even AMDs I noticed.

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Speaker 3: And the fact that also, I mean, are we worrying

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Speaker 3: about bottlenecks, because this seems to be a real focus,

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Speaker 3: particularly some of the higher focus on memory.

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Speaker 6: Nvidia did flick at that in their keynote yesterday, so

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Speaker 6: I wouldn't say it's not a concern. I think it's

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Speaker 6: been a strong concern, but in Nvidia is looking to

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Speaker 6: assuage the public investors that memory won't be such a

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Speaker 6: bottleneck going forward, particularly.

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Speaker 3: If they're able to keep on promising these updates coming

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Speaker 3: in twenty twenty five and twenty six.

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Speaker 4: Great to have your take, Dana Welman.

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Speaker 3: Bear with all what's happening in Taiwan, but not quite all,

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Speaker 3: because we want to focus on another chip name, Qualcom's

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Speaker 3: processes when they're now powering Microsoft and Dell's new aipcs

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Speaker 3: as part of the company's years long effort to grab

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Speaker 3: a foothold basically in the PC market. Please to say,

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Speaker 3: our own ed Ludlow caught up with the Qualcom CEO

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Speaker 3: Cristiano I'm on ahead of speaking at a computext conference

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Speaker 3: in Taiwan this week.

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Speaker 4: Just take a listen.

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Speaker 2: So people are going to be able to not only

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Speaker 2: have the best performance, not only have the ai use cage,

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Speaker 2: not having a very small and thin laptop, but they're

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Speaker 2: going to have battery life for everything they need to do.

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Speaker 2: You're going to leave your charger at home.

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Speaker 7: Christiano, from one technology nerd to another. When grandmothers all

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Speaker 7: around the world go to the store and buy their

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Speaker 7: first AIPC and they take it home and they try

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Speaker 7: to plug in their print, will it work?

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Speaker 2: Of course you will. So one of the things that

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Speaker 2: it's important to understand the journey that we have been

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Speaker 2: on Microsoft is it's a fundamental shift from Microsoft changing

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Speaker 2: Windows from x eighty six to an ARM instruction set

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Speaker 2: and it's changing into an AIPC. And part of what

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Speaker 2: we have been doing is to bring the ecosystem along.

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Speaker 2: Is not only the printers, it is not only the

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Speaker 2: docking station, also the games. We've been working with Microsoft

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Speaker 2: to have the top twelve hundred games optimized on the platform,

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Speaker 2: and it's really about the future of the Windows ecosystem.

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Speaker 2: So the thing to think about it is not only

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Speaker 2: you'll be able to work for an old printer, but

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Speaker 2: you'll be able to do things you were not able

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Speaker 2: to do before with your old PC.

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Speaker 7: Christiana, we recognize the following that snap Dragon Exley has.

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Speaker 7: You can go on any social media platform. I see it.

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Speaker 7: But Intel still sort of dominates the traditional set sales

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Speaker 7: channels for PC. They've got their name on all the shelves.

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Speaker 7: You know, Clowd cooms in a different part of its history.

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Speaker 7: But do you think you can take them on on

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Speaker 7: those sales channels the marketing spend the R and D

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Speaker 7: where they're quite entrenched.

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Speaker 2: Okay, So on the R and D I beg to differ.

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Speaker 2: I think the performance leadership now is clearly within the

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Speaker 2: Windows ecosystem and it's clearly worth accelete just looking on

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Speaker 2: the CPU performance Orion's custom CPU developed by qualcoms the

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Speaker 2: vested CPU out there for any personal computing, and then

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Speaker 2: the NPU and EI engine it's only possible on a

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Speaker 2: Qualcom platform. So I do beg to differ on the

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Speaker 2: R and D. But let's just talk about the big question,

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Speaker 2: which is it's a new market, it's a new channel

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Speaker 2: for Qualcom. And I'll tell you what is different this time.

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Speaker 2: There are two aspects. One aspect is consumers are more savvy,

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Speaker 2: and consumers actually come from a phone. Actually, your most

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Speaker 2: important purchase decision I will think today is your smartphone,

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Speaker 2: and you have another knowledge coming from the phone. So

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Speaker 2: stop Snapdragon is not something new to you. But the

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Speaker 2: most important thing is exactly not that. Well, the most

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Speaker 2: important thing when you usually see the incumbency position on

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Speaker 2: PC is at the enterprise, but the enterprise actually has

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Speaker 2: US and Microsoft one hundred percent aligne. Usually enterprises have

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Speaker 2: been slower to adopt new version of Windows. But Microsoft

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Speaker 2: actually is doing a great job with enterprises around the

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Speaker 2: world to get them to embrace the Copilot in the

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Speaker 2: Copilot Plus. So that's a big tailwind. The Microsoft is

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Speaker 2: driving the enterprises into the future of AIPC. That's great

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Speaker 2: news for Qualcom and that builds on the incredible platform

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Speaker 2: with the Snapdragon accellete.

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Speaker 3: Christiana, I'm on speaking with ED just last week. Up,

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Speaker 3: we'll be joined by Kristin Smith, CEO Blockchain Association. We're

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Speaker 3: going to be talking about crypto in the election, crypto

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Speaker 3: in regulation.

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Speaker 4: This is Bluemoe technology. Let's just talk about.

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Speaker 3: Crypto and the lobby that is boosting its war Chester

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Speaker 3: ahead of the US presidential and congressional elections in November

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Speaker 3: Andreson Horowitz for example, Ripple another one that's just been

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Speaker 3: announcing a donation of twenty five million dollars each that

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Speaker 3: was just last week to the pro Cryptopac Fairshake, which

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Speaker 3: aims to back candidates from both sides of the aisle

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Speaker 3: will better represent the crypto industry's interests. Let's bring in

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Speaker 3: someone who knows well what lobbying is like on the

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Speaker 3: hell right now, Christi Smith, CEO Blockchain Association. Look at

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Speaker 3: your members, including the sectors, leading investors, and companies in Kristin,

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Speaker 3: is the lobbying landing all it feels to me given

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Speaker 3: the action last week, that suddenly members of Congress are

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Speaker 3: aligning themselves more with crypto.

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Speaker 8: Yeah, no, great question, Caroline. I think it is clear

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Speaker 8: that the month of May was a game changing month

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Speaker 8: for the crypto industry. I think the industry has long

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Speaker 8: felt that the SEC and other regulators really haven't been

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Speaker 8: giving us a fair opportunity to work constructively to find

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Speaker 8: the right kind of regulation, and the industry is upset.

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Speaker 8: And I think over what we've seen over the past

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Speaker 8: couple of years, and really just mostly in the past

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Speaker 8: few months and weeks is a continued investment into the

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Speaker 8: tools that can help bring more crypto forward policy makers

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Speaker 8: into power and also constructively work to get the right

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Speaker 8: kind of policies. So we've seen a tremendous amount of

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Speaker 8: investment in the fair Shake pack. I think that, as

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Speaker 8: you noted some very large investments over the past week,

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Speaker 8: that is the largest industry pack out there of any industries.

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Speaker 8: So obviously a wonderful tool for the industry. But I

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Speaker 8: think more importantly what we're seeing is that individual crypto

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Speaker 8: users are.

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Speaker 4: Following these issues.

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Speaker 8: Digital Currency Group did a poll with Harris X a

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Speaker 8: couple of weeks ago that found one in five swing

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Speaker 8: state voters consider crypto a major issue in the upcoming election,

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Speaker 8: and I think what we're seeing is both at the

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Speaker 8: presidential level and at the congressional level, that candidates and

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Speaker 8: policymakers are seeing this and realizing that they need to

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Speaker 8: be more responsive to working with a crypto industry to

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Speaker 8: get better policy.

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Speaker 4: But Christen, how then do.

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Speaker 3: You push back on a discomfort? So basically you're buying

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Speaker 3: a way to Congress listening to you, rather than it

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Speaker 3: being coming from the users of crypto talking or wanting well.

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Speaker 8: It is coming also though from the users of crypto, right,

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Speaker 8: it is sort of a one two punch here. I

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Speaker 8: think we've got, you know, the industry that is willing

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Speaker 8: to put the investment in. But as I was saying before,

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Speaker 8: we have individual voters that are writing their members of Congress,

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Speaker 8: that are looking on congressional and presidential websites to see

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Speaker 8: what does this candidate believe about crypto policy. You know,

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Speaker 8: this is very unusual, right, Like we don't see bank

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Speaker 8: customers going out and doing this, but we are seeing

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Speaker 8: this in the crypto world. And it's because crypto is

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Speaker 8: more than an industry. It is an ecosystem with users

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Speaker 8: and creators and developers and a lot of independent people

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Speaker 8: contributing to these networks. So, you know, we're very excited

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Speaker 8: about this sort of newfound political power, at least I

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Speaker 8: know I am as somebody who has seen both sides

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Speaker 8: of it. But I have been telling people, you know,

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Speaker 8: we have now gotten to like base camp of Mount Everest,

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Speaker 8: and we need to get to the top of the summit.

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Speaker 8: We have a long way to go. It's a hard

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Speaker 8: journey ahead of us, but we're certainly in a much

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Speaker 8: better position than we were even a couple of weeks ago.

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Speaker 3: Is it a hot journey when it comes to the

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Speaker 3: actual car and administration because we still had a veto,

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Speaker 3: for example, coming from President Biden. When it comes to

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Speaker 3: SAB one two one, can you just talk us through

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Speaker 3: ultimately what SAB one to one was wanting to push for.

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Speaker 3: It seemed to be well allowing wanting to allow more banks,

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Speaker 3: institutional banks be able to offer crypto investments, but at

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Speaker 3: the moment it's pretty costly for them to do so.

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Speaker 8: Yeah, yeah, no, I think I think you said it

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Speaker 8: exactly right. So Staff Accounting Bulletin one twenty one was

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Speaker 8: a piece of guidance that came out of the SEC

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Speaker 8: a couple of years ago. And what this is is

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Speaker 8: it really puts in place an accounting policy that makes

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Speaker 8: it impossible for banks to go into the business of

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Speaker 8: custody and crypto you know, I think inherent in consumer

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Speaker 8: protection is consumer choice, and we want to have more

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Speaker 8: responsible institutions that have the ability to custody crypto assets,

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Speaker 8: especially now that we not only have the spot Bitcoin

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Speaker 8: of ETF, but we'll soon hopefully have an e ETF.

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Speaker 8: You know, we want to have more custodian options out there,

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Speaker 8: and so Congress realized that this policy was passed without

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Speaker 8: any public input. The GAO viewed it as a rule

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Speaker 8: which gave Congress the ability to use a special Congressional

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Speaker 8: Review Act process in order to try to undo that rule.

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Speaker 8: Both the House and Senate, in a bipartisan manner, voted

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Speaker 8: to repeal the SAB one twenty one guidance, but unfortunately

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Speaker 8: President Biden did sign that veto on Friday. So I think,

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Speaker 8: you know, we've seen a lot of progress with the

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Speaker 8: Biden administration and being a little bit more open minded

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Speaker 8: towards working on crypto policy. But you know, without question,

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Speaker 8: that veto was not received well within the crypto industry.

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Speaker 8: In the crypto community, it's incredibly disappointing, and I still

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Speaker 8: think we have some work to do with the administration.

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Speaker 3: We want to thank you Christ Smiths a Rock Chane Association,

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Speaker 3: really talking about how politics is infusing itself with crypto

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Speaker 3: or vice versa, and let's just stick on politics for

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Speaker 3: a moment. What's happening over the United Kingdom.

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Speaker 4: Of course, he was.

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Speaker 3: A key proponent of Brexit, of Britten exiting the European Union.

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Speaker 3: Nigel Farage is now saying that he will stand as

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Speaker 3: a candidate in the United Kingdom election, which of course

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Speaker 3: is being fast tracked to this summer as it stands,

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Speaker 3: far says he'll stand in Clacton on the coast of

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Speaker 3: Essex and ultimately he's standing for a candidate in the

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Speaker 3: UK election, so wanting to once again become a member

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Speaker 3: of Parliament as it stands, So who was of course

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Speaker 3: a Brexit champion.

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Speaker 4: And we'll bring you more on that time now for

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Speaker 4: talking tech.

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Speaker 3: First up, online fashion retailer Sheen is set to file

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Speaker 3: for an IPO in London as soon as this week.

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Speaker 3: According to a person familiar with the matter, The offering

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Speaker 3: could value the company as much as sixty four billion

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Speaker 3: dollars and could become one of the UK's biggest IPOs ever.

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Speaker 3: Bloombernus reported in February that Sheen was actively looking at

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Speaker 3: London after it judged it unlikely that the SEC would

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Speaker 3: approve in New York initial public offering. Meanwhile, shares a

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Speaker 3: GameStop are surging after the redded account that fueled the

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Speaker 3: twenty twenty one means stock Mania posted what appears to

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Speaker 3: be one hundred and sixteen million dollar position in the

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Speaker 3: retailer In a screenshot, the account operated by Keith Gill

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Speaker 3: showed a stake of five million shares at twenty one

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Speaker 3: dollars twenty seven a piece, positioning Gill at one of

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Speaker 3: the company's five biggest investors.

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Speaker 4: Will have more on that later.

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Speaker 3: Meanwhile, shares a Paramount are trading higher. Bloomberg News has

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Speaker 3: learned that the movie producer David Ellison's latest offer for

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Speaker 3: Paramount Global includes an option for non voting shareholders to

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Speaker 3: cash out on a portion of their stock for about

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Speaker 3: fifteen dollars a share. The cash payout is the latest

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Speaker 3: attempt by Ellison to basically sweeten the terms of a

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Speaker 3: deal that he has faced opposition from some investors on.

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Speaker 4: The offer is.

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Speaker 3: Basically roughly twenty six percent premium to Friday's closing price

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Speaker 3: and is only for some of the shares. For more

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Speaker 3: on this story, were pleased to welcome Chris Palmery and look,

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Speaker 3: is that why we haven't seen the shares immediately fling

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Speaker 3: themselves two fifteen dollars for those known non voting ones.

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Speaker 4: What is still the caution around it?

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Speaker 9: Well, a people.

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Speaker 10: Aren't going to be able to sell all of their

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Speaker 10: shares at that price and for the rest of the company.

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Speaker 10: There's still a lot of uncertainties overall uncertainties about the

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Speaker 10: media business. But we know some of the points about

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Speaker 10: this deal, but we really don't know everything. But the

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Speaker 10: big picture here is this amounts to a giant takeover

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Speaker 10: of this storied company. David Ellison will control not just

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Speaker 10: the controlling shares of the company, but the majority of

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Speaker 10: the stock and the business. Forty one years old, he's

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Speaker 10: got a potentially long road ahead of him running this business.

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Speaker 10: So that's kind of the big take here.

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Speaker 4: He's not doing it alone.

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Speaker 3: Redberg Capital there along with his father Larry Ellison of

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Speaker 3: Oracle fame, that are putting up a lot of the

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Speaker 3: cash here.

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Speaker 4: Chris, I'm interested in the long term.

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Speaker 3: Is that then Skydos gets folded into Paramount, some of

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Speaker 3: the debt is paid off.

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Speaker 4: But what's the future of this business look like.

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Speaker 10: Well, that's kind of the next step that we've been asking.

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Speaker 10: A lot of questions are of and we don't have

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Speaker 10: answers entirely. We know that they're going to be making

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Speaker 10: some changes. You know, there could be a deal for

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Speaker 10: the Paramount Plus streaming service, a joint venture with Comcast

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Speaker 10: or another streaming company. That's been a business that's losing

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Speaker 10: a lot of money. You know, there could be some

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Speaker 10: sales of other assets. That's something that has come up

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Speaker 10: quite a lot. But I'm sure this will be positioned

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Speaker 10: as David Ellison and his partners investing in the future

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Speaker 10: of the content of paramounts. So there will be a

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Speaker 10: lot of talk about movies and TV shows, you know,

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Speaker 10: many of which you know we're familiar with, and one

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Speaker 10: still to come.

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Speaker 3: The holdouts, the value investors, the people who have been

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Speaker 3: in this stock for a very long time and still

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Speaker 3: need some persuading.

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Speaker 4: What are they worried about here.

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Speaker 10: Chris, massive dilution. So the Redstones are getting bought out

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Speaker 10: at a premium. It might not has been as high

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Speaker 10: as well as a while back, but it could be,

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Speaker 10: you know, considerably higher than what this stock they have

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Speaker 10: the voting A shares are trading at now, and so

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Speaker 10: then everyone else will be able to get some of

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Speaker 10: their money out, but are largely stuck with this business.

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Speaker 10: They have even sort of less control over than they

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Speaker 10: had before this deal was because Ellison will own so

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Speaker 10: much of it.

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Speaker 3: We have to see with the suitetened off of how

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Speaker 3: Aerial Investments Strom Lodgers responds to it how Mary Bally

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Speaker 3: does as well. I'm interesting to see how this continues

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Speaker 3: to unfold. But Chris pal Mary your team has been

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Speaker 3: leading a charge. We thank you very much for the

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Speaker 3: latest on paramount.

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Speaker 1: When Apple launched the new iPad Pro and May, one

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Speaker 1: of the big questions was if the iPad can finally

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Speaker 1: replace the laptop. After using it for about two weeks

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Speaker 1: instead of primarily a map foot pro, I can confidently

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Speaker 1: say that the new iPad can replace laptops for most

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Speaker 1: people and many use cases. A big driver of that

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Speaker 1: is the new Magic keyboard. It has a metal design

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Speaker 1: but also a full function row and a bigger track pad,

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Speaker 1: making it much more like a MacBook Air or a

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Speaker 1: MacBook Pro. The other thing is stage Manager. Apple over

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Speaker 1: the past year or so has made major improvements to

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Speaker 1: stage Manager, a new multitasking interface that lets you run

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Speaker 1: multiple windows side by side and move them around on

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Speaker 1: your iPad display. But Apple will need to take that

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Speaker 1: to the next level, enable to support for more than

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Speaker 1: four windows at once, as well as a speedier interface,

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Speaker 1: plus expose a multitasking like features from the Mac in

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Speaker 1: order to really make the iPad Pro a true Pro device.

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Speaker 1: The other thing a bigger screen. Well, thirteen inch displays

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Speaker 1: might be enough for college students or people who are traveling,

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Speaker 1: consumers who work from home, video editors, photographers, or people

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Speaker 1: like myself won an even bigger display. For the iPad

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Speaker 1: pro to really take off, it's going to need a

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Speaker 1: combination of even better multitasking plus a sixteen inch version

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Speaker 1: to match the MacBook Pro. I'm Mark Erman, this is

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Speaker 1: power On.

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Speaker 3: Welcome back to Blue Mere Technology. I'm Karen had in

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Speaker 3: New York. Let's check in on those markets.

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Speaker 4: They're doing well. If you're in tech, they have been

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00:23:13,320 --> 00:23:14,399
Speaker 4: managing to be higher than this.

440
00:23:14,440 --> 00:23:15,959
Speaker 3: We're coming off of our highs, but we're still up

441
00:23:15,960 --> 00:23:18,520
Speaker 3: two tents of percent on the Nasdaq one hundred, and

442
00:23:18,640 --> 00:23:22,000
Speaker 3: we're seeing some optimism around well. Some of the data

443
00:23:22,200 --> 00:23:23,760
Speaker 3: coming from the US economy.

444
00:23:23,400 --> 00:23:24,880
Speaker 4: Not being quite as strong as we've seen.

445
00:23:25,119 --> 00:23:27,640
Speaker 3: Does that leave the Federal reserve room to cut rates

446
00:23:27,720 --> 00:23:29,840
Speaker 3: later in the year. Manufacturing seems to be speaking to

447
00:23:29,880 --> 00:23:32,400
Speaker 3: that today, two ten percent high in the NASDAK Big

448
00:23:32,440 --> 00:23:35,360
Speaker 3: tech is leading the charge tenure yield down by nine

449
00:23:35,359 --> 00:23:37,840
Speaker 3: basis points on the back of that manufacturing data. Bitcoin

450
00:23:37,920 --> 00:23:40,600
Speaker 3: up some two two percent in fact, just showing a

451
00:23:40,640 --> 00:23:43,120
Speaker 3: little bit of risk on sentiment around crypto today. Let's

452
00:23:43,119 --> 00:23:43,960
Speaker 3: move on and to have a look at some of

453
00:23:44,000 --> 00:23:46,359
Speaker 3: the individual movers. Look, we're just hearing from Mark German

454
00:23:46,440 --> 00:23:48,480
Speaker 3: all about Apple. We're up more than a percentage point.

455
00:23:48,680 --> 00:23:50,800
Speaker 3: That's actually as Goldman SAX seems to be getting excited

456
00:23:50,840 --> 00:23:54,879
Speaker 3: as well from its focus at WWDC. We're looking ahead to,

457
00:23:54,960 --> 00:23:57,560
Speaker 3: of course, the announcements that Apple might make. We think

458
00:23:57,600 --> 00:23:59,640
Speaker 3: AI is going to be largely one of them, interweaved

459
00:23:59,640 --> 00:24:01,680
Speaker 3: within We're looking at In Video up more than three

460
00:24:01,720 --> 00:24:04,880
Speaker 3: percent as well. Maybe Johnson Huang steals the show from

461
00:24:04,920 --> 00:24:06,800
Speaker 3: a keynote that was meant to come from the key

462
00:24:06,840 --> 00:24:11,399
Speaker 3: Taiwanese Computechs event from Lisa Su of AMD, but in

463
00:24:11,520 --> 00:24:14,800
Speaker 3: Video makes their own event and announces yet further developments

464
00:24:14,800 --> 00:24:16,520
Speaker 3: and chips coming on an annual basis were up more

465
00:24:16,560 --> 00:24:19,240
Speaker 3: than three percent GameStop of twenty six percent.

466
00:24:19,560 --> 00:24:21,280
Speaker 4: Why while they're surging.

467
00:24:21,000 --> 00:24:25,040
Speaker 3: After Keith Gill aka Roaring Kitty shared a post actually

468
00:24:25,080 --> 00:24:27,600
Speaker 3: on Reddit, this time showing what appears to be one

469
00:24:27,640 --> 00:24:29,720
Speaker 3: hundred and sixteen million dollar position in the company.

470
00:24:29,920 --> 00:24:32,200
Speaker 4: For more, let's bring in Bloomberg's Bailey Lipshaltz.

471
00:24:32,200 --> 00:24:36,880
Speaker 3: His actual handle is a slightly expletive ridden deep Value

472
00:24:37,000 --> 00:24:37,960
Speaker 3: Bailey and what.

473
00:24:38,000 --> 00:24:41,480
Speaker 11: It seemed to show, Yeah, DFV is back and that

474
00:24:41,600 --> 00:24:44,119
Speaker 11: is on Reddit, first time in almost three years posting

475
00:24:44,160 --> 00:24:47,000
Speaker 11: on Reddit showing that potentially massive stake. There's a lot

476
00:24:47,040 --> 00:24:50,679
Speaker 11: of uncertainty and inability to verify if that position is

477
00:24:50,720 --> 00:24:52,840
Speaker 11: in fact Keith Gillen, if it is in fact real,

478
00:24:52,880 --> 00:24:55,080
Speaker 11: and the mean uncertainty around that is the fact that

479
00:24:55,119 --> 00:24:57,760
Speaker 11: the last time he posted an update on that portfolio,

480
00:24:57,840 --> 00:24:59,960
Speaker 11: last time checking in on the portfolio was worth about

481
00:25:00,119 --> 00:25:03,240
Speaker 11: thirty four million dollars, so a humongous jump in terms

482
00:25:03,280 --> 00:25:06,280
Speaker 11: of the actual value underlying that position, in addition to

483
00:25:06,320 --> 00:25:09,520
Speaker 11: the fact that there's some forty five million dollars potentially

484
00:25:09,520 --> 00:25:12,399
Speaker 11: in cash. But nonetheless, it drove a flurry of trading

485
00:25:12,440 --> 00:25:14,439
Speaker 11: activity this morning. At one point the stock was at

486
00:25:14,480 --> 00:25:17,199
Speaker 11: one hundred and five percent, opened up seventy five percent,

487
00:25:17,320 --> 00:25:19,399
Speaker 11: but as you mentioned at the top, closer to twenty

488
00:25:19,440 --> 00:25:23,679
Speaker 11: seven to thirty percent gain four game stop tracking some

489
00:25:23,760 --> 00:25:26,280
Speaker 11: of the buying and selling on apps like Fidelity, that

490
00:25:26,359 --> 00:25:30,280
Speaker 11: platform showing modest buying orders outpacing those to sell, so

491
00:25:30,280 --> 00:25:33,320
Speaker 11: it doesn't really feel like that twenty twenty one craze

492
00:25:33,320 --> 00:25:35,760
Speaker 11: where a number of investors were rushing in to buy it.

493
00:25:35,920 --> 00:25:38,400
Speaker 11: As you can see these stocks well below those all

494
00:25:38,440 --> 00:25:40,040
Speaker 11: time highs back in twenty twenty one.

495
00:25:40,280 --> 00:25:42,200
Speaker 3: I'm looking at the biggest holders. That's the joy of

496
00:25:42,200 --> 00:25:44,320
Speaker 3: the Bloomberg terminal. You can see who the biggest holder

497
00:25:44,359 --> 00:25:46,040
Speaker 3: is of a name like GameStop, and of course it's

498
00:25:46,200 --> 00:25:50,240
Speaker 3: ars Aventures. Rog Cohen have made his name and becoming

499
00:25:50,560 --> 00:25:52,960
Speaker 3: the game Stop lead a de facto with chairmanship and

500
00:25:53,000 --> 00:25:55,200
Speaker 3: the like. But we've got Vanguard, black Rock, State Street.

501
00:25:55,880 --> 00:25:57,480
Speaker 4: Where next? I mean, I love the story.

502
00:25:57,280 --> 00:26:00,000
Speaker 3: From a technology perspective because it's being driven to us

503
00:26:00,119 --> 00:26:03,000
Speaker 3: via social media. Originally it was x when the first

504
00:26:03,920 --> 00:26:05,400
Speaker 3: excitement brewed in May.

505
00:26:05,640 --> 00:26:07,760
Speaker 4: Now it turns to Reddit. I'm wondering when.

506
00:26:07,640 --> 00:26:09,640
Speaker 3: YouTube is going to come into play again, That's what

507
00:26:09,680 --> 00:26:11,520
Speaker 3: I'm wondering, And I just off of a hunch.

508
00:26:11,680 --> 00:26:14,920
Speaker 11: It feels like with earnings and the company's AGM coming

509
00:26:15,000 --> 00:26:17,600
Speaker 11: up in a few weeks, maybe Roring Kitty Keith Gill

510
00:26:17,640 --> 00:26:20,159
Speaker 11: posts a YouTube video for the first time again in

511
00:26:20,200 --> 00:26:22,720
Speaker 11: about three years, maybe that'll be the next driver.

512
00:26:23,000 --> 00:26:23,240
Speaker 9: Carol.

513
00:26:23,280 --> 00:26:24,639
Speaker 11: The main thing that stands out to me when I

514
00:26:24,680 --> 00:26:26,200
Speaker 11: look at this stock and you look at the follow

515
00:26:26,200 --> 00:26:29,080
Speaker 11: through this month compared to May that May Flurry really

516
00:26:29,160 --> 00:26:31,360
Speaker 11: lasted two days, shares more than triple than a two

517
00:26:31,400 --> 00:26:33,720
Speaker 11: day span, quickly gave back the bulk of those games.

518
00:26:33,760 --> 00:26:36,600
Speaker 11: GameStop took advantage of that to sell shares to raise

519
00:26:36,600 --> 00:26:38,720
Speaker 11: cash through and at the market offering. The question is,

520
00:26:38,720 --> 00:26:41,200
Speaker 11: with today opening up seventy five percent giving back the

521
00:26:41,240 --> 00:26:44,120
Speaker 11: bulk of those games, can Rooring Kitty, can Keith Gill

522
00:26:44,280 --> 00:26:46,879
Speaker 11: find a way to keep the momentum going into the

523
00:26:46,920 --> 00:26:49,199
Speaker 11: earnings and whether this is going to be again a

524
00:26:49,240 --> 00:26:50,960
Speaker 11: flash in the pan that lasts two days, does it

525
00:26:51,040 --> 00:26:53,320
Speaker 11: last one day or does it return to YouTube and

526
00:26:53,359 --> 00:26:57,080
Speaker 11: potentially kind of opening the floodgates bring back a number

527
00:26:57,080 --> 00:26:59,680
Speaker 11: of those retail investors, just given how different the underlying

528
00:26:59,720 --> 00:27:02,919
Speaker 11: day dynamics are for the company, for short sellers, and

529
00:27:02,960 --> 00:27:05,440
Speaker 11: for the world as a whole now compared to where

530
00:27:05,440 --> 00:27:07,080
Speaker 11: it was at in early twenty twenty one.

531
00:27:07,560 --> 00:27:10,120
Speaker 3: Well for now, AMC, BlackBerry, some of the other companies

532
00:27:10,160 --> 00:27:11,720
Speaker 3: doing very well off the back of it to Bailey

533
00:27:11,760 --> 00:27:13,600
Speaker 3: Lipshalt's great to have you back on the show.

534
00:27:13,680 --> 00:27:14,080
Speaker 4: Thank you.

535
00:27:14,160 --> 00:27:16,879
Speaker 3: Meanwhile, let's talk about Tesla for a moment is issued

536
00:27:16,880 --> 00:27:19,960
Speaker 3: a statement against the ISS views on.

537
00:27:20,119 --> 00:27:22,960
Speaker 4: Well his pay package, remember Elon Musks. That is after

538
00:27:23,000 --> 00:27:23,919
Speaker 4: the proxy.

539
00:27:23,560 --> 00:27:28,360
Speaker 3: Advisor ISS urged shareholders to reject Elol Musk's pay package.

540
00:27:28,400 --> 00:27:31,320
Speaker 3: Of course, it's been coming back from previous years for more.

541
00:27:31,400 --> 00:27:34,199
Speaker 3: Let's bring in Bloomberg's Max Jack Jaffrikin. Look, there's a

542
00:27:34,200 --> 00:27:37,879
Speaker 3: long statement. This is all regarding a twenty eighteen performance

543
00:27:37,880 --> 00:27:41,679
Speaker 3: award that ended up being ginormous, but largely because the

544
00:27:41,720 --> 00:27:46,399
Speaker 3: market capitalization of Tesla and the stock performance became phenomenal.

545
00:27:46,640 --> 00:27:50,600
Speaker 12: Yeah, So this award, as you say, five years ago,

546
00:27:50,680 --> 00:27:55,080
Speaker 12: roughly was made with the idea that if Elon Musk

547
00:27:55,080 --> 00:27:57,280
Speaker 12: were able to grow the market cap of Tesla by

548
00:27:57,320 --> 00:28:00,159
Speaker 12: an enormous sum, he would get this gigantic paypacker. And

549
00:28:00,320 --> 00:28:02,240
Speaker 12: you know, fifty six billion is the number you see

550
00:28:02,280 --> 00:28:06,720
Speaker 12: thrown around. You know, at the time, these proxy advisor services,

551
00:28:06,760 --> 00:28:09,760
Speaker 12: Glass Lewis which is another one, and ISS both advised

552
00:28:09,760 --> 00:28:10,320
Speaker 12: against it.

553
00:28:10,840 --> 00:28:12,480
Speaker 9: Shareholders voted for it. Anyway.

554
00:28:12,840 --> 00:28:16,280
Speaker 12: The difference now, though, is that the gain in question

555
00:28:16,359 --> 00:28:19,119
Speaker 12: has already happened. So you sort of have the board

556
00:28:19,400 --> 00:28:23,000
Speaker 12: asking to pay Elon Musk even though the thing that he.

557
00:28:23,000 --> 00:28:24,520
Speaker 9: Was supposed to achieve has already been achieved.

558
00:28:24,600 --> 00:28:26,800
Speaker 12: And in that press release, a big part of Elon

559
00:28:26,880 --> 00:28:29,240
Speaker 12: Musk's argument is like, hey, we had a deal.

560
00:28:29,480 --> 00:28:31,320
Speaker 9: It's not fair to go back on that deal.

561
00:28:31,400 --> 00:28:33,679
Speaker 12: And so he's sort of resorting to that, to this

562
00:28:33,800 --> 00:28:37,199
Speaker 12: kind of basically like a moral point. And you have

563
00:28:37,280 --> 00:28:39,760
Speaker 12: ISS and glass Lewis on the other hand saying, look,

564
00:28:39,840 --> 00:28:42,040
Speaker 12: on one hand, this is an insane amount of money.

565
00:28:42,080 --> 00:28:45,600
Speaker 12: It's too much money, even given the gain of the

566
00:28:45,640 --> 00:28:48,360
Speaker 12: market cap, and also, you know, it's not clear that

567
00:28:48,360 --> 00:28:52,120
Speaker 12: shareholders had enough information. And also again the gain has

568
00:28:52,160 --> 00:28:53,959
Speaker 12: already been realized, so it's sort of a little bit

569
00:28:53,960 --> 00:28:56,760
Speaker 12: hard to justify how to justify.

570
00:28:57,280 --> 00:28:59,840
Speaker 3: Meanwhile, the board and indeed Tesla seems to be trying

571
00:28:59,840 --> 00:29:02,720
Speaker 3: to justify that IS has got a lot of things

572
00:29:02,800 --> 00:29:05,640
Speaker 3: right by saying this is a mountainous market cap growth

573
00:29:05,680 --> 00:29:09,520
Speaker 3: and the twenty eighteen continues to create a strong incentive.

574
00:29:09,080 --> 00:29:10,200
Speaker 4: For Elon overall.

575
00:29:10,400 --> 00:29:13,400
Speaker 3: But they say, technically ISS is getting something wrong with

576
00:29:13,880 --> 00:29:17,080
Speaker 3: how the payment is being made. What do you make

577
00:29:17,120 --> 00:29:19,760
Speaker 3: of I mean, ISS is going to respond, I suppose,

578
00:29:19,960 --> 00:29:21,760
Speaker 3: So whether they're technically right or wrong.

579
00:29:21,760 --> 00:29:24,640
Speaker 12: Well, Tesla is engaged in what amounts to a marketing campaign.

580
00:29:24,640 --> 00:29:26,000
Speaker 9: So we're going to have a vote in ten days.

581
00:29:26,240 --> 00:29:29,160
Speaker 12: The vote is going to largely involve Elon Musk and

582
00:29:29,200 --> 00:29:30,720
Speaker 12: his brother Kim Bulk are not going to be able

583
00:29:30,720 --> 00:29:33,720
Speaker 12: to vote in this election or in this proxy vote.

584
00:29:33,800 --> 00:29:35,840
Speaker 9: And Tesla is campaigning.

585
00:29:35,880 --> 00:29:39,480
Speaker 12: You know, they're advertising, they're producing videos, and they're producing

586
00:29:39,920 --> 00:29:43,600
Speaker 12: documents like this is press release. Probably more importantly, Elon

587
00:29:43,680 --> 00:29:45,880
Speaker 12: Musk is tweeting about this all the time. And you

588
00:29:45,960 --> 00:29:48,719
Speaker 12: see we've seen a lot of SEC filings that are

589
00:29:48,800 --> 00:29:52,440
Speaker 12: essentially Elon Musk responding to various influencers sort of pro

590
00:29:52,560 --> 00:29:57,080
Speaker 12: Tesla bulls, talking about this vote. So they're trying to

591
00:29:57,080 --> 00:30:00,520
Speaker 12: reach you know, retail shareholders, which is the main of

592
00:30:00,600 --> 00:30:02,640
Speaker 12: ownership of Tesla, And.

593
00:30:02,560 --> 00:30:05,080
Speaker 3: Apparently they've got to decide whether or not Elon was

594
00:30:05,120 --> 00:30:09,520
Speaker 3: actually galvanized by this stock compensation.

595
00:30:11,080 --> 00:30:13,960
Speaker 12: The question is, well, you have like a fear among

596
00:30:14,120 --> 00:30:17,200
Speaker 12: even Tesla bulls that if this pay package isn't approved

597
00:30:17,240 --> 00:30:20,239
Speaker 12: that Elon Musk could just walk away. And that is

598
00:30:20,240 --> 00:30:23,080
Speaker 12: something that Elon Musk himself has kind of helped stoke

599
00:30:23,200 --> 00:30:25,680
Speaker 12: by saying, you know, hey, there's all this AI stuff,

600
00:30:25,840 --> 00:30:27,840
Speaker 12: maybe I'll do it outside of Tesla maybe not. So

601
00:30:27,880 --> 00:30:29,720
Speaker 12: you have this kind of a bit of a game

602
00:30:29,760 --> 00:30:31,960
Speaker 12: of chicken, which is, on one hand, Elon is saying,

603
00:30:32,200 --> 00:30:34,200
Speaker 12: I'm committed to Tesla. I love it, you know, it's

604
00:30:35,400 --> 00:30:37,280
Speaker 12: I care so much about it. On the other hand,

605
00:30:37,400 --> 00:30:39,400
Speaker 12: he's making these threats, and there is this fear that

606
00:30:39,480 --> 00:30:41,800
Speaker 12: if he walked away that would hurt the share price

607
00:30:41,840 --> 00:30:44,960
Speaker 12: because so much of Tesla's, you know, investors, so much

608
00:30:44,960 --> 00:30:46,920
Speaker 12: of what is about the company has to do with

609
00:30:47,000 --> 00:30:49,840
Speaker 12: Elon Musk's, you know, essentially his cult of personality and

610
00:30:49,880 --> 00:30:51,480
Speaker 12: his reputation as an innovator.

611
00:30:51,960 --> 00:30:54,920
Speaker 3: June thirteenth, we wait, we watch, and for the marketing

612
00:30:54,960 --> 00:30:56,320
Speaker 3: ahead of it megs Max Chafkin.

613
00:30:56,400 --> 00:30:56,840
Speaker 4: We thank him.

614
00:30:56,840 --> 00:30:59,280
Speaker 3: Meanwhile, it has to talk about EV's in another way

615
00:30:59,320 --> 00:31:02,440
Speaker 3: because Ford SEO Jim Farley says his company is just

616
00:31:02,440 --> 00:31:05,080
Speaker 3: two years away from offering technology that will allow drivers

617
00:31:05,160 --> 00:31:07,400
Speaker 3: to take their eyes off the road and the hands

618
00:31:07,440 --> 00:31:10,320
Speaker 3: off the wheel. Caught up with Bloomberg's David Weston, just

619
00:31:10,360 --> 00:31:10,840
Speaker 3: take a listen.

620
00:31:11,880 --> 00:31:14,239
Speaker 13: We're getting really close. In fact, we can do it

621
00:31:14,280 --> 00:31:17,000
Speaker 13: now pretty regularly with a prototype, but doing it in

622
00:31:17,000 --> 00:31:19,840
Speaker 13: a cost effective way is just the progress we're going

623
00:31:19,880 --> 00:31:20,440
Speaker 13: to need to make.

624
00:31:20,840 --> 00:31:20,920
Speaker 5: To.

625
00:31:21,360 --> 00:31:24,760
Speaker 13: We have to build the electric architecture inside the company.

626
00:31:24,800 --> 00:31:27,320
Speaker 13: We can't delegate it to our suppliers anymore. We need

627
00:31:27,360 --> 00:31:30,000
Speaker 13: all the software code in the company to control the car.

628
00:31:30,680 --> 00:31:31,840
Speaker 9: But it's close.

629
00:31:32,840 --> 00:31:35,560
Speaker 3: Coming out New York Tech Week. It kicks off right

630
00:31:35,560 --> 00:31:36,960
Speaker 3: here in the Big Apple. We'll speak to some of

631
00:31:37,000 --> 00:31:40,400
Speaker 3: the key participants from the event that's next. Meanwhile, let's

632
00:31:40,440 --> 00:31:41,800
Speaker 3: just keep an eye on some of the stocks that

633
00:31:41,800 --> 00:31:43,560
Speaker 3: are on the move. Auto Desk want to shine a

634
00:31:43,600 --> 00:31:45,800
Speaker 3: light on this software company's.

635
00:31:45,240 --> 00:31:46,680
Speaker 4: Higher to the tune of seven percent.

636
00:31:47,240 --> 00:31:50,920
Speaker 3: No financial statements will be restated or adjusted following the

637
00:31:50,960 --> 00:31:53,600
Speaker 3: results of an investigation by the Boards Audit Committee. We

638
00:31:53,720 --> 00:31:58,160
Speaker 3: understand the CFO has been reassigned after the internal accounting probe,

639
00:31:58,160 --> 00:31:59,800
Speaker 3: but a weight is lifted.

640
00:32:00,200 --> 00:32:16,680
Speaker 4: This is Blouemoid Technology on New York Tech Week. It's

641
00:32:16,720 --> 00:32:18,440
Speaker 4: back officially, kicking off today.

642
00:32:18,280 --> 00:32:21,240
Speaker 3: In the Big Apple with Industry Titans, VC's startups gathering

643
00:32:21,240 --> 00:32:25,000
Speaker 3: throughout this week for events, panels, conversations, so much more.

644
00:32:25,320 --> 00:32:27,200
Speaker 3: All week long on Bluebog Technology, We're going to be

645
00:32:27,240 --> 00:32:30,920
Speaker 3: speaking with those founders, those investors, those executors to discuss

646
00:32:31,280 --> 00:32:33,560
Speaker 3: the ecosystem right here in New York City. Why they

647
00:32:33,600 --> 00:32:36,040
Speaker 3: choose to call NYC home and pleased to say we're

648
00:32:36,080 --> 00:32:39,200
Speaker 3: joining now. By Julie Samuels, CEO of Tech NYC. Look,

649
00:32:39,200 --> 00:32:42,400
Speaker 3: it is the organization representing New York's fast growing entrepreneurial

650
00:32:42,440 --> 00:32:45,160
Speaker 3: tech industry. You're also very much in the weeds of

651
00:32:45,440 --> 00:32:48,960
Speaker 3: how we can support this, whether it's from self mentorship,

652
00:32:49,000 --> 00:32:51,120
Speaker 3: whether it's from coming together as an industry, whether it's

653
00:32:51,160 --> 00:32:54,520
Speaker 3: the government's role here. Why is New York City feeling

654
00:32:55,000 --> 00:32:56,960
Speaker 3: like the place to build a startup right now?

655
00:32:57,560 --> 00:33:00,360
Speaker 14: Well, I think there's so many reasons. It feels reredibly

656
00:33:00,400 --> 00:33:04,120
Speaker 14: optimistic here. That energy is palpable tech Week especially, but

657
00:33:04,400 --> 00:33:06,800
Speaker 14: even without Tech Week here it feels amazing. I think

658
00:33:06,840 --> 00:33:09,440
Speaker 14: a big part of that reason, honestly is people want

659
00:33:09,480 --> 00:33:11,680
Speaker 14: to live in New York. People want to live in

660
00:33:11,720 --> 00:33:14,000
Speaker 14: New York. We've seen that there's a lot of net

661
00:33:14,040 --> 00:33:18,000
Speaker 14: migration here. About in recent data show is about fifteen

662
00:33:18,040 --> 00:33:21,640
Speaker 14: percent of relocating tech workers actually come to New York City.

663
00:33:22,120 --> 00:33:25,600
Speaker 14: And because people want to be here, there's just an

664
00:33:25,720 --> 00:33:28,280
Speaker 14: enormous amount of energy around what people are building, where

665
00:33:28,280 --> 00:33:31,440
Speaker 14: they're plugging in, and we're seeing it at all ends

666
00:33:31,480 --> 00:33:34,720
Speaker 14: of the spectrum. Huge companies, tiny startups, everything in between.

667
00:33:34,920 --> 00:33:35,520
Speaker 4: Yeah, I've been.

668
00:33:35,680 --> 00:33:39,200
Speaker 3: There's events coming from old school New York tech IBM

669
00:33:39,560 --> 00:33:41,760
Speaker 3: what to be seen. Of course, currents still in modern

670
00:33:41,840 --> 00:33:44,200
Speaker 3: day innovators but have been based in New York State

671
00:33:44,240 --> 00:33:44,920
Speaker 3: for a long time.

672
00:33:44,960 --> 00:33:46,160
Speaker 4: But then there's the founders and.

673
00:33:46,080 --> 00:33:48,520
Speaker 3: The startups and the vcs that continue to come Andrews

674
00:33:48,560 --> 00:33:52,000
Speaker 3: in a Horowitz, for example, putting their boots to the ground.

675
00:33:52,640 --> 00:33:54,960
Speaker 3: I'm interested as to what people are building them from

676
00:33:54,960 --> 00:33:55,840
Speaker 3: a startup perspective.

677
00:33:55,880 --> 00:33:57,160
Speaker 4: Is it all about autificial intelligence?

678
00:33:57,240 --> 00:33:57,760
Speaker 5: Hit too? So?

679
00:33:57,880 --> 00:34:01,440
Speaker 14: Artificial intelligence is obviously booming here. There's well over a

680
00:34:01,520 --> 00:34:04,080
Speaker 14: thousand venture backed startups. They've raised something like twenty seven

681
00:34:04,120 --> 00:34:07,680
Speaker 14: billion dollars collectively. That's just the AI startup kind of

682
00:34:07,680 --> 00:34:10,359
Speaker 14: the AI segment of our startup ecosystem. But the thing

683
00:34:10,360 --> 00:34:13,279
Speaker 14: about New York I think that is incredibly special is

684
00:34:13,280 --> 00:34:16,759
Speaker 14: because every other industry is headquartered here or has their

685
00:34:16,760 --> 00:34:19,920
Speaker 14: center of gravity here. What we see is startups building

686
00:34:19,960 --> 00:34:23,640
Speaker 14: in all of those segments. And that is that diversity

687
00:34:23,680 --> 00:34:26,400
Speaker 14: of type of company is what really sets our New

688
00:34:26,480 --> 00:34:29,200
Speaker 14: York tech sector apart in a way that I feel

689
00:34:29,200 --> 00:34:30,680
Speaker 14: like is incredibly healthy.

690
00:34:31,239 --> 00:34:35,239
Speaker 3: A diversity of industry and problems and solutions. What about

691
00:34:35,320 --> 00:34:36,920
Speaker 3: diversity of actual talent.

692
00:34:37,360 --> 00:34:39,080
Speaker 4: So obviously we have a lot of work to do there.

693
00:34:39,080 --> 00:34:42,200
Speaker 14: I will say New York is better on that than

694
00:34:42,280 --> 00:34:44,640
Speaker 14: any other major city in the US. We have something

695
00:34:44,719 --> 00:34:47,680
Speaker 14: like twenty twenty two percent of the workforce here is

696
00:34:48,800 --> 00:34:51,759
Speaker 14: from underrepresented groups, which is significantly higher than in the

697
00:34:51,840 --> 00:34:55,000
Speaker 14: Valley or in Boston. We obviously have a lot more

698
00:34:55,040 --> 00:34:57,759
Speaker 14: work to do, but our tech community here is pretty

699
00:34:57,800 --> 00:35:01,680
Speaker 14: engaged there. We partner with New york'sity public schools to

700
00:35:01,760 --> 00:35:04,760
Speaker 14: get the kids in the students, you know, into the companies,

701
00:35:04,800 --> 00:35:08,360
Speaker 14: meeting the right people. There's a huge push to teach

702
00:35:08,400 --> 00:35:11,200
Speaker 14: computer science in our schools. There's a huge push to

703
00:35:11,320 --> 00:35:15,040
Speaker 14: work with nonprofits across the city to get more New

704
00:35:15,120 --> 00:35:18,640
Speaker 14: Yorkers into the tech ecosystem. At the beginning, I talked

705
00:35:18,680 --> 00:35:21,000
Speaker 14: about how we attract a lot of people who want

706
00:35:21,040 --> 00:35:23,880
Speaker 14: to move here. We also need to make sure that

707
00:35:24,000 --> 00:35:26,520
Speaker 14: New Yorkers who are born here and raised here have

708
00:35:26,600 --> 00:35:28,040
Speaker 14: access to these jobs as well.

709
00:35:28,120 --> 00:35:29,959
Speaker 3: I mean, what is it that we have a new

710
00:35:30,200 --> 00:35:34,840
Speaker 3: focus on Startup NYC. That seems to be a support

711
00:35:34,920 --> 00:35:35,640
Speaker 3: system for what.

712
00:35:35,760 --> 00:35:36,560
Speaker 4: I've as founders.

713
00:35:36,680 --> 00:35:39,320
Speaker 14: We're working on a project at Tech NYICE the organization

714
00:35:39,360 --> 00:35:41,799
Speaker 14: I run called Startup NYC, where we kind of put

715
00:35:41,840 --> 00:35:44,319
Speaker 14: a little bit of scaffolding around some programming for some

716
00:35:44,440 --> 00:35:49,040
Speaker 14: underrepresented founders founders building in some really interesting, maybe non

717
00:35:49,080 --> 00:35:53,239
Speaker 14: traditional spaces. We don't put money into those startups, but

718
00:35:53,320 --> 00:35:55,200
Speaker 14: what we do is we kind of help them with

719
00:35:55,320 --> 00:35:59,120
Speaker 14: our network. We help them understand how to navigate this space.

720
00:36:00,160 --> 00:36:02,240
Speaker 14: I mean tech and Yc's network is amazing. It pretty

721
00:36:02,280 --> 00:36:04,640
Speaker 14: much represents everyone in tech in New York. And what

722
00:36:04,680 --> 00:36:06,799
Speaker 14: we do to these founders is say, hey, we're going

723
00:36:06,840 --> 00:36:09,239
Speaker 14: to help you get access to those people, not just

724
00:36:09,280 --> 00:36:12,600
Speaker 14: people in tech, but also the entire business sector here,

725
00:36:12,680 --> 00:36:16,000
Speaker 14: which is their customers, their clients, their mentors going forward.

726
00:36:16,080 --> 00:36:17,960
Speaker 14: And that to me is what's really exciting.

727
00:36:18,400 --> 00:36:21,279
Speaker 3: I'm sad aed isn't here because at the moment we're

728
00:36:21,320 --> 00:36:24,160
Speaker 3: two women in New York, and of course we're going

729
00:36:24,200 --> 00:36:26,080
Speaker 3: to say that New York's the best and amazing to

730
00:36:26,080 --> 00:36:29,719
Speaker 3: build technology companies in. But San Francisco is doing a

731
00:36:29,840 --> 00:36:34,200
Speaker 3: mighty fine job at ensuring you feel really reinvigorated around AI.

732
00:36:34,200 --> 00:36:36,480
Speaker 3: In particular, Open AI is out there and still all

733
00:36:36,520 --> 00:36:38,880
Speaker 3: the headquarters of the biggest technology companies in the.

734
00:36:38,960 --> 00:36:41,840
Speaker 4: US is West coast. Does it matter?

735
00:36:42,000 --> 00:36:42,360
Speaker 9: Ultimately?

736
00:36:42,360 --> 00:36:43,319
Speaker 4: You can all boats rise?

737
00:36:43,400 --> 00:36:46,200
Speaker 3: Do we have to have this y versus La versus

738
00:36:46,520 --> 00:36:47,080
Speaker 3: West Coast?

739
00:36:47,320 --> 00:36:48,440
Speaker 14: Let me say this first of all, I think all

740
00:36:48,480 --> 00:36:52,080
Speaker 14: boats have to rise. The technology jobs, however you define tech,

741
00:36:52,160 --> 00:36:53,360
Speaker 14: these are the jobs of the future.

742
00:36:53,400 --> 00:36:54,120
Speaker 4: This is what the.

743
00:36:54,040 --> 00:36:57,080
Speaker 14: Economy, the world economy, looks like going forward.

744
00:36:57,280 --> 00:36:59,840
Speaker 4: So we need across the country, across.

745
00:36:59,600 --> 00:37:01,680
Speaker 14: The world, we need all boats to rise together. So

746
00:37:01,800 --> 00:37:04,320
Speaker 14: I hear what you are saying, and I actually agree

747
00:37:04,360 --> 00:37:06,680
Speaker 14: with you. I love New York. There are different versions

748
00:37:06,680 --> 00:37:09,000
Speaker 14: for different people of how you want to build this.

749
00:37:09,719 --> 00:37:11,840
Speaker 14: I think historically what we've seen is a lot of

750
00:37:11,920 --> 00:37:15,720
Speaker 14: startups building kind of hard technology on the West Coast

751
00:37:15,840 --> 00:37:17,799
Speaker 14: than they tend to expand here when they're ready to

752
00:37:17,840 --> 00:37:21,400
Speaker 14: apply it, when they're ready to figure out how to

753
00:37:21,400 --> 00:37:24,279
Speaker 14: make it profitable, who's going to buy the technology, what

754
00:37:24,320 --> 00:37:26,640
Speaker 14: it's going to look like in practice. So I think

755
00:37:26,680 --> 00:37:29,839
Speaker 14: we'll see a lot of that happening here in New York.

756
00:37:30,080 --> 00:37:31,880
Speaker 14: There's one other this is kind of maybe this is

757
00:37:31,880 --> 00:37:34,040
Speaker 14: a little trie there's this little kind of saying I

758
00:37:34,120 --> 00:37:35,640
Speaker 14: like or not saying, this is how I think of

759
00:37:35,680 --> 00:37:37,920
Speaker 14: the difference between the Valley and New York. I used

760
00:37:37,920 --> 00:37:39,680
Speaker 14: to live in the valley when I lived there, and

761
00:37:39,719 --> 00:37:42,400
Speaker 14: it was great for a lot of reasons. When you

762
00:37:42,440 --> 00:37:44,200
Speaker 14: live there, you meet a lot of tech people who

763
00:37:44,280 --> 00:37:46,520
Speaker 14: live in the valley. But when you're in New York,

764
00:37:46,640 --> 00:37:48,800
Speaker 14: you meet a lot of New Yorkers who work in tech,

765
00:37:48,960 --> 00:37:51,160
Speaker 14: and that I mean, that speaks to me and how

766
00:37:51,239 --> 00:37:51,800
Speaker 14: I want.

767
00:37:51,640 --> 00:37:52,200
Speaker 9: To be in the world.

768
00:37:52,239 --> 00:37:54,920
Speaker 14: But again for everyone, you know, you should do it

769
00:37:54,920 --> 00:37:55,439
Speaker 14: your own way.

770
00:37:56,080 --> 00:37:59,000
Speaker 3: The most risings to all the eventency going to many

771
00:37:59,480 --> 00:38:02,319
Speaker 3: gates sales through this week, Julie Samuels with all the

772
00:38:02,400 --> 00:38:06,279
Speaker 3: energy this Monday, Tech NY CEO, We thanker. Meanwhile, let's

773
00:38:06,320 --> 00:38:07,920
Speaker 3: have a quick look at what's happening in New York

774
00:38:08,040 --> 00:38:10,080
Speaker 3: or the New York Stock Exchange, no less because equities

775
00:38:10,600 --> 00:38:12,880
Speaker 3: the New York Stock Exchange basically saying that technical issues

776
00:38:12,880 --> 00:38:16,479
Speaker 3: have been resolved. Look, there was a glitch, shall we say,

777
00:38:16,560 --> 00:38:20,440
Speaker 3: earlier that was hitting companies such as Berkshire Hathaway, some volatilities,

778
00:38:20,520 --> 00:38:22,920
Speaker 3: some halting that was happening. They now say that the

779
00:38:22,960 --> 00:38:25,279
Speaker 3: technical issue has been resolved at the New York Stock

780
00:38:25,280 --> 00:38:36,440
Speaker 3: Exchange parent company ICE. We want to continue our coverage

781
00:38:36,440 --> 00:38:39,160
Speaker 3: of New York Tech Week, joining us on why he's

782
00:38:39,160 --> 00:38:39,879
Speaker 3: building right.

783
00:38:39,800 --> 00:38:41,320
Speaker 4: Here in the city is Michael Charlotte.

784
00:38:42,280 --> 00:38:44,360
Speaker 3: Fire Blocks, the CEO five Blocks is actually.

785
00:38:44,080 --> 00:38:45,120
Speaker 4: Found in twenty nineteen.

786
00:38:45,320 --> 00:38:49,239
Speaker 3: It's a digital asset security platform that helps financial institutions

787
00:38:49,360 --> 00:38:53,760
Speaker 3: protect digital assets from hackers from theft. Important problems you're solving,

788
00:38:54,440 --> 00:38:55,319
Speaker 3: Why solve them?

789
00:38:55,480 --> 00:38:56,080
Speaker 4: From New York?

790
00:38:56,160 --> 00:38:58,640
Speaker 15: Thanks for having me here so great in the arc

791
00:38:58,760 --> 00:39:04,000
Speaker 15: is the financial center globally, and it was really important

792
00:39:04,000 --> 00:39:06,520
Speaker 15: for us to be as close as possible to the

793
00:39:06,560 --> 00:39:09,520
Speaker 15: market basically where a lot of our clients are and

794
00:39:09,560 --> 00:39:12,920
Speaker 15: our first design partners basically the first early adopters of

795
00:39:13,000 --> 00:39:13,840
Speaker 15: our technology.

796
00:39:13,840 --> 00:39:17,000
Speaker 3: We're here in New York, So fintech makes total sense. You,

797
00:39:17,080 --> 00:39:21,960
Speaker 3: of course, your previous company was purchased by Checkpoint.

798
00:39:21,800 --> 00:39:24,640
Speaker 4: And you've been building businesses for a long time.

799
00:39:24,680 --> 00:39:27,680
Speaker 3: You understand what is necessary an the ecosystem that's needed

800
00:39:27,719 --> 00:39:30,000
Speaker 3: to be bred. What is it that's here that also

801
00:39:30,080 --> 00:39:31,560
Speaker 3: supports you other than your client base.

802
00:39:31,719 --> 00:39:33,760
Speaker 15: Yeah, so actually it's a good point. With the previous

803
00:39:33,800 --> 00:39:36,640
Speaker 15: company actually moved to San Francisco, and then Fireblocks we

804
00:39:36,719 --> 00:39:39,480
Speaker 15: really started in New York, and really the main reason

805
00:39:39,680 --> 00:39:44,000
Speaker 15: was first and foremost to be really close to the customers.

806
00:39:44,239 --> 00:39:46,239
Speaker 15: When you're in San Francisco, and if you're doing a

807
00:39:46,239 --> 00:39:49,760
Speaker 15: B to B startup, it's actually quite difficult to basically

808
00:39:49,880 --> 00:39:52,920
Speaker 15: meet your customers where they are unless you're basically selling

809
00:39:52,960 --> 00:39:55,520
Speaker 15: directly to the tech sector. All the other sectors are

810
00:39:55,840 --> 00:39:59,080
Speaker 15: either on the East Coast or somewhere in the Midwest.

811
00:39:59,520 --> 00:40:02,279
Speaker 15: And the second component is that actually, if you want

812
00:40:02,280 --> 00:40:04,719
Speaker 15: to have global rich and firebooks today is really a

813
00:40:04,719 --> 00:40:07,480
Speaker 15: global company, New York is much easier. First of all,

814
00:40:07,480 --> 00:40:09,440
Speaker 15: more people transit through New York and you can meet

815
00:40:09,480 --> 00:40:11,840
Speaker 15: them over here. And second level, it's actually easier to

816
00:40:11,840 --> 00:40:13,759
Speaker 15: fly to Europe or Middle East and so on.

817
00:40:14,120 --> 00:40:16,640
Speaker 4: Time zone is nice. I can imagine for sure. What

818
00:40:16,719 --> 00:40:17,560
Speaker 4: about the talent base.

819
00:40:17,640 --> 00:40:19,560
Speaker 3: We were just talking about how people perhaps there's net

820
00:40:20,000 --> 00:40:22,640
Speaker 3: immigration for people wanting to be in the tech sect,

821
00:40:22,640 --> 00:40:24,480
Speaker 3: to work within the tech sect to come into New York.

822
00:40:25,040 --> 00:40:26,520
Speaker 4: Is it still tough to hire here.

823
00:40:27,800 --> 00:40:30,279
Speaker 15: It's tough, But I will actually argue that at least

824
00:40:30,320 --> 00:40:33,480
Speaker 15: for us, it's easier to hire here than in other areas.

825
00:40:33,840 --> 00:40:36,120
Speaker 15: And the main reason is that we really trying to

826
00:40:36,120 --> 00:40:39,640
Speaker 15: find people that have this combination of technology and finance

827
00:40:39,880 --> 00:40:42,360
Speaker 15: right because basically there are not that many people who

828
00:40:42,640 --> 00:40:46,239
Speaker 15: run crypto or digital asses companies at scale, and in

829
00:40:46,239 --> 00:40:49,520
Speaker 15: New York you find you can find really great leadership

830
00:40:49,560 --> 00:40:52,920
Speaker 15: and individuals that they have deep expertise in finance and

831
00:40:53,600 --> 00:40:56,480
Speaker 15: I would say deep expertise in tech. Maybe slightly less

832
00:40:56,520 --> 00:40:59,839
Speaker 15: than in SF or the Bay Area, but it's still enough.

833
00:41:00,040 --> 00:41:02,200
Speaker 15: The combination is really crucial for US.

834
00:41:02,640 --> 00:41:05,800
Speaker 3: I can imagine also it's relatively helpful being BUTTONN Amtrak

835
00:41:05,880 --> 00:41:08,399
Speaker 3: ride away from Washington. At the moment, crypto is being

836
00:41:08,440 --> 00:41:11,520
Speaker 3: regalvanized in some ways by changes in legislation.

837
00:41:11,680 --> 00:41:12,560
Speaker 4: How is it affecting you?

838
00:41:12,880 --> 00:41:15,360
Speaker 15: Yeah, that's true. Actually been on that trend quite a

839
00:41:15,400 --> 00:41:19,399
Speaker 15: few times in the last couple of years. To be fair,

840
00:41:19,480 --> 00:41:25,040
Speaker 15: I think we've seen pretty decent momentum the US clearly globally.

841
00:41:25,080 --> 00:41:27,399
Speaker 15: I think that this is probably the most important thing

842
00:41:27,440 --> 00:41:31,520
Speaker 15: that we still seeing. The global regulatory landscape front running

843
00:41:31,560 --> 00:41:34,160
Speaker 15: the US. We hope that it will start catching up

844
00:41:34,200 --> 00:41:37,120
Speaker 15: towards the end of the year. The approval of the

845
00:41:37,160 --> 00:41:42,160
Speaker 15: ETFs by the SEC was a big, very strong tailwinds

846
00:41:42,239 --> 00:41:45,759
Speaker 15: for the industry and for US and actually bringing it

847
00:41:45,800 --> 00:41:48,399
Speaker 15: back to New York. I think that actually in New York,

848
00:41:48,440 --> 00:41:50,440
Speaker 15: the New York, the FS, the New York Department of

849
00:41:50,480 --> 00:41:54,719
Speaker 15: Financial Services. They've been probably one of the most thoughtful

850
00:41:55,000 --> 00:41:58,440
Speaker 15: state regulators in the US that we've been working with

851
00:41:58,520 --> 00:41:59,879
Speaker 15: closely for the last couple of years.

852
00:42:00,440 --> 00:42:04,000
Speaker 3: Okay, I'm glad that we're managing to interweave how politics,

853
00:42:04,000 --> 00:42:06,680
Speaker 3: of course, is intersecting with crypto and indeed with New York.

854
00:42:06,760 --> 00:42:09,040
Speaker 4: Right here, Michael Shada, great to have some time with him,

855
00:42:09,040 --> 00:42:10,480
Speaker 4: Fiblock CEO. Hope you come back.

856
00:42:10,719 --> 00:42:12,400
Speaker 3: We can talk really about the business and how it

857
00:42:12,440 --> 00:42:14,879
Speaker 3: continues to grow. But meanwhile, look that does it. From

858
00:42:14,880 --> 00:42:17,279
Speaker 3: this edition of Bloomberg Technology right here from New York.

859
00:42:17,480 --> 00:42:19,160
Speaker 4: Do not forget to check out our podcast.

860
00:42:19,480 --> 00:42:21,239
Speaker 3: You can find it on the terminal as well as

861
00:42:21,239 --> 00:42:25,400
Speaker 3: online on Apple, on Spotify, on iHeart, so many choices

862
00:42:25,719 --> 00:42:28,200
Speaker 3: from New York and of course from San Francisco. Back

863
00:42:28,200 --> 00:42:36,400
Speaker 3: there tomorrow. This is Bloomberg Technology.