Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: From Bahard where Innovation, money and power Collie in Silicon Valley, NBN.
Speaker 1: This is Bloomberg Technology with Caroline Hyde and Ed Ludlove.
Speaker 3: I'm Karen hide A, Bloomberg's World Headquarters in New York.
Speaker 3: Ed Ludlow, He's off today. This is Bloomberg Technology coming.
Speaker 4: Up in video.
Speaker 3: CEO Jason Wang says the company plans to upgrade its
Speaker 3: AI accelerators every year.
Speaker 4: We bring you the details.
Speaker 3: From Taiwan as he steals the limelight from AMD's Lisa
Speaker 3: sou Plus, we sit down with the CEO of Qualcom
Speaker 3: to discuss aipc's that's all amid the Computer Text conference
Speaker 3: over in Taiwan that kicks off and game Stop shares
Speaker 3: surge and new as Roaring Kitty unveils one hundred and
Speaker 3: sixteen million dollar position in the company. Well, that is
Speaker 3: so much more ahead. But first it's checking on these markets.
Speaker 3: It is a macro picture. It is a slow down
Speaker 3: in manufacturing that actually helps send stocks to the upside.
Speaker 3: And indeed, the borrowing market, the debt market ten year
Speaker 3: yeld carrying down by some nine basis points as some
Speaker 3: of the slowing in the economy seems to be good
Speaker 3: news for investors who want to see some ability for
Speaker 3: the FED to cut rates.
Speaker 4: Of course, we have some big labour data later in
Speaker 4: the week.
Speaker 3: Now is that coming off of its highs, we're up
Speaker 3: just a tenth of a percent. I want to shine
Speaker 3: a light on the parent company of the New York
Speaker 3: Stock Exchange here the Intercontinental Exchange off by three quarters
Speaker 3: a percent, actually hitting some of the lows of the day.
Speaker 3: That said, they seem to be having some technical glitches,
Speaker 3: as is currently being the technical phrase being used. But
Speaker 3: think of Berkshire, Hathaways, think of some of the stocks
Speaker 3: that have been impacted to the tune of a ninety
Speaker 3: nine percent drop. Just for a few seconds. We're currently
Speaker 3: off by eighteen percent. Will bring you updates throughout the hour. Meanwhile,
Speaker 3: I want to shine a line on some of the
Speaker 3: individual names that are on the move today. And look,
Speaker 3: GameStop has been where it's at. At one point, pre
Speaker 3: market was up more than one hundred percent. Now are
Speaker 3: up some thirty percent. As Roaring Kitty or deep value
Speaker 3: is is no one on Reddit took back to another
Speaker 3: form of social media, going on Reddit to post what
Speaker 3: seems to be one hundred and sixteen million dollar long
Speaker 3: position in game Stop, making him one of the top
Speaker 3: five holders of this name. The crowd goes world paramount
Speaker 3: up some seven percent as we understand that maybe we
Speaker 3: could be getting nearer that deal for sky Dance, as
Speaker 3: David Ellison offers a sweetened bid for some fifteen.
Speaker 4: Dollars a share.
Speaker 3: It's not at that level yet, so still some caution
Speaker 3: out there from investors and the socks off by half
Speaker 3: percentage point right now. AMD on the downside, but other
Speaker 3: chip names being galvanized by some of the announcements coming
Speaker 3: out of Taiwan. A big and a big set of announcements,
Speaker 3: but big key landmark focuses coming from both in Nvidio
Speaker 3: and indeed from AMD. The Computex trade show is fact underway.
Speaker 3: All the chip makers, the heavy hitters are present and
Speaker 3: in video CEO Joseph Wang basically took the stage last
Speaker 3: night when he stole the show somewhat introducing new tools
Speaker 3: and software models.
Speaker 5: Your future laptop, your future PC will become an AI.
Speaker 5: It'll be constantly helping you, assisting you in the background.
Speaker 5: The PC will also run applications that are enhanced by AI,
Speaker 5: and your PC will also host applications with digital humans
Speaker 5: that are AIS now.
Speaker 3: He announced a Blackwell Ultra chip set to debut in
Speaker 3: twenty twenty five, and the next generation platform another one
Speaker 3: in development called Rubin in twenty twenty six. Meanwhile, the
Speaker 3: actual keynote of the event was meant to be MDCO
Speaker 3: Lisa Sue. She announced the company will speed up the
Speaker 3: rollout of new AI processes too. Let's get the details
Speaker 3: of all of this bloombergs in. A woman is here
Speaker 3: to join us, and well, it felt as though Jensen
Speaker 3: Wang sort of organized himself an event a keynote speech,
Speaker 3: even though he was the keynote talker of the previous year.
Speaker 3: But it seems to be the pace of announcements that
Speaker 3: the investors like.
Speaker 6: Absolutely yes, I think it's going to be even trickier
Speaker 6: for tech reporters and editors such as myself to keep
Speaker 6: track of all these code names and project names. We're
Speaker 6: already talking Blackwell, Ultra and Reuben, even though the twenty
Speaker 6: twenty four ships are still forthcoming, so we're really the
Speaker 6: roadmap keeps getting longer and longer, and amb to its credit,
Speaker 6: is also committing to annual refresh cycles.
Speaker 3: Annual refresh seems to be what people want to see.
Speaker 3: What was it that maybe Lisa Sue lacked given the
Speaker 3: investors stop reaction that Jensen Wang is able to bring.
Speaker 3: Is it just that Nvidia is so dominant, particularly when
Speaker 3: it comes to day to them just right now?
Speaker 4: Absolutely?
Speaker 6: I mean, I think AMD is in a catch up
Speaker 6: position and Nvidia is the reigning leader in the AI space,
Speaker 6: and I don't know that that is changing anytime soon.
Speaker 6: I also think, interestingly, just on a personal note, this
Speaker 6: is a study in two different leadership styles. Huang is
Speaker 6: sort of seen as the embodiment of Nvidia itself, whereas
Speaker 6: Lisa Sue sort of surrounded herself by this really large
Speaker 6: collection of heavy hitter industry partners, from PC makers like
Speaker 6: HP and Lenovo to the Windows chief over at Microsoft.
Speaker 6: And not to denigrate that approach at all, but it
Speaker 6: is as really interesting to observe two very different approaches.
Speaker 3: Coming from two people who come from Taiwan, both speaking
Speaker 3: in Taiwan, in fact, are in some way related, which
Speaker 3: is an extraordinary thing to really consider the fact that
Speaker 3: Jensen Wang and Lisusu are vague cousins of one another.
Speaker 4: But what they're trying to steal.
Speaker 3: Is the limelight of artificial intelligence in the future. Is
Speaker 3: the AIPC managing to land.
Speaker 4: Because that seemed to also be where Lisa su was shining.
Speaker 6: I don't think just yet. And that's partly that they're
Speaker 6: not available, and partly that I don't think the companies
Speaker 6: involved can speak so clearly to what the software applications
Speaker 6: are exactly. So I think, rightfully or wrongly, it might
Speaker 6: seem to some people like a solution that's in need
Speaker 6: of a problem, and I don't know that that's going
Speaker 6: to be true in the long term.
Speaker 4: But I do think you've got these chips.
Speaker 6: They hold great promise. I don't think these software applications
Speaker 6: are as obvious. And meanwhile, I don't think Nvidia has
Speaker 6: to persuade anyone of the utility of its chips, whether
Speaker 6: the twenty twenty four chips, twenty twenty five, twenty six, etc.
Speaker 3: And always naming these with code names of well very
Speaker 3: prominent scientists, often diverse scientists, people of.
Speaker 4: Color with Blackwell or a female with Lubin.
Speaker 3: I'm interested in who wins from both, and there are
Speaker 3: suppliers who serve both in VIDIA and indeed AMD.
Speaker 6: With Taiwan Semi being the biggest, and actually their stock
Speaker 6: was up more this morning than even AMDs I noticed.
Speaker 3: And the fact that also, I mean, are we worrying
Speaker 3: about bottlenecks, because this seems to be a real focus,
Speaker 3: particularly some of the higher focus on memory.
Speaker 6: Nvidia did flick at that in their keynote yesterday, so
Speaker 6: I wouldn't say it's not a concern. I think it's
Speaker 6: been a strong concern, but in Nvidia is looking to
Speaker 6: assuage the public investors that memory won't be such a
Speaker 6: bottleneck going forward, particularly.
Speaker 3: If they're able to keep on promising these updates coming
Speaker 3: in twenty twenty five and twenty six.
Speaker 4: Great to have your take, Dana Welman.
Speaker 3: Bear with all what's happening in Taiwan, but not quite all,
Speaker 3: because we want to focus on another chip name, Qualcom's
Speaker 3: processes when they're now powering Microsoft and Dell's new aipcs
Speaker 3: as part of the company's years long effort to grab
Speaker 3: a foothold basically in the PC market. Please to say,
Speaker 3: our own ed Ludlow caught up with the Qualcom CEO
Speaker 3: Cristiano I'm on ahead of speaking at a computext conference
Speaker 3: in Taiwan this week.
Speaker 4: Just take a listen.
Speaker 2: So people are going to be able to not only
Speaker 2: have the best performance, not only have the ai use cage,
Speaker 2: not having a very small and thin laptop, but they're
Speaker 2: going to have battery life for everything they need to do.
Speaker 2: You're going to leave your charger at home.
Speaker 7: Christiano, from one technology nerd to another. When grandmothers all
Speaker 7: around the world go to the store and buy their
Speaker 7: first AIPC and they take it home and they try
Speaker 7: to plug in their print, will it work?
Speaker 2: Of course you will. So one of the things that
Speaker 2: it's important to understand the journey that we have been
Speaker 2: on Microsoft is it's a fundamental shift from Microsoft changing
Speaker 2: Windows from x eighty six to an ARM instruction set
Speaker 2: and it's changing into an AIPC. And part of what
Speaker 2: we have been doing is to bring the ecosystem along.
Speaker 2: Is not only the printers, it is not only the
Speaker 2: docking station, also the games. We've been working with Microsoft
Speaker 2: to have the top twelve hundred games optimized on the platform,
Speaker 2: and it's really about the future of the Windows ecosystem.
Speaker 2: So the thing to think about it is not only
Speaker 2: you'll be able to work for an old printer, but
Speaker 2: you'll be able to do things you were not able
Speaker 2: to do before with your old PC.
Speaker 7: Christiana, we recognize the following that snap Dragon Exley has.
Speaker 7: You can go on any social media platform. I see it.
Speaker 7: But Intel still sort of dominates the traditional set sales
Speaker 7: channels for PC. They've got their name on all the shelves.
Speaker 7: You know, Clowd cooms in a different part of its history.
Speaker 7: But do you think you can take them on on
Speaker 7: those sales channels the marketing spend the R and D
Speaker 7: where they're quite entrenched.
Speaker 2: Okay, So on the R and D I beg to differ.
Speaker 2: I think the performance leadership now is clearly within the
Speaker 2: Windows ecosystem and it's clearly worth accelete just looking on
Speaker 2: the CPU performance Orion's custom CPU developed by qualcoms the
Speaker 2: vested CPU out there for any personal computing, and then
Speaker 2: the NPU and EI engine it's only possible on a
Speaker 2: Qualcom platform. So I do beg to differ on the
Speaker 2: R and D. But let's just talk about the big question,
Speaker 2: which is it's a new market, it's a new channel
Speaker 2: for Qualcom. And I'll tell you what is different this time.
Speaker 2: There are two aspects. One aspect is consumers are more savvy,
Speaker 2: and consumers actually come from a phone. Actually, your most
Speaker 2: important purchase decision I will think today is your smartphone,
Speaker 2: and you have another knowledge coming from the phone. So
Speaker 2: stop Snapdragon is not something new to you. But the
Speaker 2: most important thing is exactly not that. Well, the most
Speaker 2: important thing when you usually see the incumbency position on
Speaker 2: PC is at the enterprise, but the enterprise actually has
Speaker 2: US and Microsoft one hundred percent aligne. Usually enterprises have
Speaker 2: been slower to adopt new version of Windows. But Microsoft
Speaker 2: actually is doing a great job with enterprises around the
Speaker 2: world to get them to embrace the Copilot in the
Speaker 2: Copilot Plus. So that's a big tailwind. The Microsoft is
Speaker 2: driving the enterprises into the future of AIPC. That's great
Speaker 2: news for Qualcom and that builds on the incredible platform
Speaker 2: with the Snapdragon accellete.
Speaker 3: Christiana, I'm on speaking with ED just last week. Up,
Speaker 3: we'll be joined by Kristin Smith, CEO Blockchain Association. We're
Speaker 3: going to be talking about crypto in the election, crypto
Speaker 3: in regulation.
Speaker 4: This is Bluemoe technology. Let's just talk about.
Speaker 3: Crypto and the lobby that is boosting its war Chester
Speaker 3: ahead of the US presidential and congressional elections in November
Speaker 3: Andreson Horowitz for example, Ripple another one that's just been
Speaker 3: announcing a donation of twenty five million dollars each that
Speaker 3: was just last week to the pro Cryptopac Fairshake, which
Speaker 3: aims to back candidates from both sides of the aisle
Speaker 3: will better represent the crypto industry's interests. Let's bring in
Speaker 3: someone who knows well what lobbying is like on the
Speaker 3: hell right now, Christi Smith, CEO Blockchain Association. Look at
Speaker 3: your members, including the sectors, leading investors, and companies in Kristin,
Speaker 3: is the lobbying landing all it feels to me given
Speaker 3: the action last week, that suddenly members of Congress are
Speaker 3: aligning themselves more with crypto.
Speaker 8: Yeah, no, great question, Caroline. I think it is clear
Speaker 8: that the month of May was a game changing month
Speaker 8: for the crypto industry. I think the industry has long
Speaker 8: felt that the SEC and other regulators really haven't been
Speaker 8: giving us a fair opportunity to work constructively to find
Speaker 8: the right kind of regulation, and the industry is upset.
Speaker 8: And I think over what we've seen over the past
Speaker 8: couple of years, and really just mostly in the past
Speaker 8: few months and weeks is a continued investment into the
Speaker 8: tools that can help bring more crypto forward policy makers
Speaker 8: into power and also constructively work to get the right
Speaker 8: kind of policies. So we've seen a tremendous amount of
Speaker 8: investment in the fair Shake pack. I think that, as
Speaker 8: you noted some very large investments over the past week,
Speaker 8: that is the largest industry pack out there of any industries.
Speaker 8: So obviously a wonderful tool for the industry. But I
Speaker 8: think more importantly what we're seeing is that individual crypto
Speaker 8: users are.
Speaker 4: Following these issues.
Speaker 8: Digital Currency Group did a poll with Harris X a
Speaker 8: couple of weeks ago that found one in five swing
Speaker 8: state voters consider crypto a major issue in the upcoming election,
Speaker 8: and I think what we're seeing is both at the
Speaker 8: presidential level and at the congressional level, that candidates and
Speaker 8: policymakers are seeing this and realizing that they need to
Speaker 8: be more responsive to working with a crypto industry to
Speaker 8: get better policy.
Speaker 4: But Christen, how then do.
Speaker 3: You push back on a discomfort? So basically you're buying
Speaker 3: a way to Congress listening to you, rather than it
Speaker 3: being coming from the users of crypto talking or wanting well.
Speaker 8: It is coming also though from the users of crypto, right,
Speaker 8: it is sort of a one two punch here. I
Speaker 8: think we've got, you know, the industry that is willing
Speaker 8: to put the investment in. But as I was saying before,
Speaker 8: we have individual voters that are writing their members of Congress,
Speaker 8: that are looking on congressional and presidential websites to see
Speaker 8: what does this candidate believe about crypto policy. You know,
Speaker 8: this is very unusual, right, Like we don't see bank
Speaker 8: customers going out and doing this, but we are seeing
Speaker 8: this in the crypto world. And it's because crypto is
Speaker 8: more than an industry. It is an ecosystem with users
Speaker 8: and creators and developers and a lot of independent people
Speaker 8: contributing to these networks. So, you know, we're very excited
Speaker 8: about this sort of newfound political power, at least I
Speaker 8: know I am as somebody who has seen both sides
Speaker 8: of it. But I have been telling people, you know,
Speaker 8: we have now gotten to like base camp of Mount Everest,
Speaker 8: and we need to get to the top of the summit.
Speaker 8: We have a long way to go. It's a hard
Speaker 8: journey ahead of us, but we're certainly in a much
Speaker 8: better position than we were even a couple of weeks ago.
Speaker 3: Is it a hot journey when it comes to the
Speaker 3: actual car and administration because we still had a veto,
Speaker 3: for example, coming from President Biden. When it comes to
Speaker 3: SAB one two one, can you just talk us through
Speaker 3: ultimately what SAB one to one was wanting to push for.
Speaker 3: It seemed to be well allowing wanting to allow more banks,
Speaker 3: institutional banks be able to offer crypto investments, but at
Speaker 3: the moment it's pretty costly for them to do so.
Speaker 8: Yeah, yeah, no, I think I think you said it
Speaker 8: exactly right. So Staff Accounting Bulletin one twenty one was
Speaker 8: a piece of guidance that came out of the SEC
Speaker 8: a couple of years ago. And what this is is
Speaker 8: it really puts in place an accounting policy that makes
Speaker 8: it impossible for banks to go into the business of
Speaker 8: custody and crypto you know, I think inherent in consumer
Speaker 8: protection is consumer choice, and we want to have more
Speaker 8: responsible institutions that have the ability to custody crypto assets,
Speaker 8: especially now that we not only have the spot Bitcoin
Speaker 8: of ETF, but we'll soon hopefully have an e ETF.
Speaker 8: You know, we want to have more custodian options out there,
Speaker 8: and so Congress realized that this policy was passed without
Speaker 8: any public input. The GAO viewed it as a rule
Speaker 8: which gave Congress the ability to use a special Congressional
Speaker 8: Review Act process in order to try to undo that rule.
Speaker 8: Both the House and Senate, in a bipartisan manner, voted
Speaker 8: to repeal the SAB one twenty one guidance, but unfortunately
Speaker 8: President Biden did sign that veto on Friday. So I think,
Speaker 8: you know, we've seen a lot of progress with the
Speaker 8: Biden administration and being a little bit more open minded
Speaker 8: towards working on crypto policy. But you know, without question,
Speaker 8: that veto was not received well within the crypto industry.
Speaker 8: In the crypto community, it's incredibly disappointing, and I still
Speaker 8: think we have some work to do with the administration.
Speaker 3: We want to thank you Christ Smiths a Rock Chane Association,
Speaker 3: really talking about how politics is infusing itself with crypto
Speaker 3: or vice versa, and let's just stick on politics for
Speaker 3: a moment. What's happening over the United Kingdom.
Speaker 4: Of course, he was.
Speaker 3: A key proponent of Brexit, of Britten exiting the European Union.
Speaker 3: Nigel Farage is now saying that he will stand as
Speaker 3: a candidate in the United Kingdom election, which of course
Speaker 3: is being fast tracked to this summer as it stands,
Speaker 3: far says he'll stand in Clacton on the coast of
Speaker 3: Essex and ultimately he's standing for a candidate in the
Speaker 3: UK election, so wanting to once again become a member
Speaker 3: of Parliament as it stands, So who was of course
Speaker 3: a Brexit champion.
Speaker 4: And we'll bring you more on that time now for
Speaker 4: talking tech.
Speaker 3: First up, online fashion retailer Sheen is set to file
Speaker 3: for an IPO in London as soon as this week.
Speaker 3: According to a person familiar with the matter, The offering
Speaker 3: could value the company as much as sixty four billion
Speaker 3: dollars and could become one of the UK's biggest IPOs ever.
Speaker 3: Bloombernus reported in February that Sheen was actively looking at
Speaker 3: London after it judged it unlikely that the SEC would
Speaker 3: approve in New York initial public offering. Meanwhile, shares a
Speaker 3: GameStop are surging after the redded account that fueled the
Speaker 3: twenty twenty one means stock Mania posted what appears to
Speaker 3: be one hundred and sixteen million dollar position in the
Speaker 3: retailer In a screenshot, the account operated by Keith Gill
Speaker 3: showed a stake of five million shares at twenty one
Speaker 3: dollars twenty seven a piece, positioning Gill at one of
Speaker 3: the company's five biggest investors.
Speaker 4: Will have more on that later.
Speaker 3: Meanwhile, shares a Paramount are trading higher. Bloomberg News has
Speaker 3: learned that the movie producer David Ellison's latest offer for
Speaker 3: Paramount Global includes an option for non voting shareholders to
Speaker 3: cash out on a portion of their stock for about
Speaker 3: fifteen dollars a share. The cash payout is the latest
Speaker 3: attempt by Ellison to basically sweeten the terms of a
Speaker 3: deal that he has faced opposition from some investors on.
Speaker 4: The offer is.
Speaker 3: Basically roughly twenty six percent premium to Friday's closing price
Speaker 3: and is only for some of the shares. For more
Speaker 3: on this story, were pleased to welcome Chris Palmery and look,
Speaker 3: is that why we haven't seen the shares immediately fling
Speaker 3: themselves two fifteen dollars for those known non voting ones.
Speaker 4: What is still the caution around it?
Speaker 9: Well, a people.
Speaker 10: Aren't going to be able to sell all of their
Speaker 10: shares at that price and for the rest of the company.
Speaker 10: There's still a lot of uncertainties overall uncertainties about the
Speaker 10: media business. But we know some of the points about
Speaker 10: this deal, but we really don't know everything. But the
Speaker 10: big picture here is this amounts to a giant takeover
Speaker 10: of this storied company. David Ellison will control not just
Speaker 10: the controlling shares of the company, but the majority of
Speaker 10: the stock and the business. Forty one years old, he's
Speaker 10: got a potentially long road ahead of him running this business.
Speaker 10: So that's kind of the big take here.
Speaker 4: He's not doing it alone.
Speaker 3: Redberg Capital there along with his father Larry Ellison of
Speaker 3: Oracle fame, that are putting up a lot of the
Speaker 3: cash here.
Speaker 4: Chris, I'm interested in the long term.
Speaker 3: Is that then Skydos gets folded into Paramount, some of
Speaker 3: the debt is paid off.
Speaker 4: But what's the future of this business look like.
Speaker 10: Well, that's kind of the next step that we've been asking.
Speaker 10: A lot of questions are of and we don't have
Speaker 10: answers entirely. We know that they're going to be making
Speaker 10: some changes. You know, there could be a deal for
Speaker 10: the Paramount Plus streaming service, a joint venture with Comcast
Speaker 10: or another streaming company. That's been a business that's losing
Speaker 10: a lot of money. You know, there could be some
Speaker 10: sales of other assets. That's something that has come up
Speaker 10: quite a lot. But I'm sure this will be positioned
Speaker 10: as David Ellison and his partners investing in the future
Speaker 10: of the content of paramounts. So there will be a
Speaker 10: lot of talk about movies and TV shows, you know,
Speaker 10: many of which you know we're familiar with, and one
Speaker 10: still to come.
Speaker 3: The holdouts, the value investors, the people who have been
Speaker 3: in this stock for a very long time and still
Speaker 3: need some persuading.
Speaker 4: What are they worried about here.
Speaker 10: Chris, massive dilution. So the Redstones are getting bought out
Speaker 10: at a premium. It might not has been as high
Speaker 10: as well as a while back, but it could be,
Speaker 10: you know, considerably higher than what this stock they have
Speaker 10: the voting A shares are trading at now, and so
Speaker 10: then everyone else will be able to get some of
Speaker 10: their money out, but are largely stuck with this business.
Speaker 10: They have even sort of less control over than they
Speaker 10: had before this deal was because Ellison will own so
Speaker 10: much of it.
Speaker 3: We have to see with the suitetened off of how
Speaker 3: Aerial Investments Strom Lodgers responds to it how Mary Bally
Speaker 3: does as well. I'm interesting to see how this continues
Speaker 3: to unfold. But Chris pal Mary your team has been
Speaker 3: leading a charge. We thank you very much for the
Speaker 3: latest on paramount.
Speaker 1: When Apple launched the new iPad Pro and May, one
Speaker 1: of the big questions was if the iPad can finally
Speaker 1: replace the laptop. After using it for about two weeks
Speaker 1: instead of primarily a map foot pro, I can confidently
Speaker 1: say that the new iPad can replace laptops for most
Speaker 1: people and many use cases. A big driver of that
Speaker 1: is the new Magic keyboard. It has a metal design
Speaker 1: but also a full function row and a bigger track pad,
Speaker 1: making it much more like a MacBook Air or a
Speaker 1: MacBook Pro. The other thing is stage Manager. Apple over
Speaker 1: the past year or so has made major improvements to
Speaker 1: stage Manager, a new multitasking interface that lets you run
Speaker 1: multiple windows side by side and move them around on
Speaker 1: your iPad display. But Apple will need to take that
Speaker 1: to the next level, enable to support for more than
Speaker 1: four windows at once, as well as a speedier interface,
Speaker 1: plus expose a multitasking like features from the Mac in
Speaker 1: order to really make the iPad Pro a true Pro device.
Speaker 1: The other thing a bigger screen. Well, thirteen inch displays
Speaker 1: might be enough for college students or people who are traveling,
Speaker 1: consumers who work from home, video editors, photographers, or people
Speaker 1: like myself won an even bigger display. For the iPad
Speaker 1: pro to really take off, it's going to need a
Speaker 1: combination of even better multitasking plus a sixteen inch version
Speaker 1: to match the MacBook Pro. I'm Mark Erman, this is
Speaker 1: power On.
Speaker 3: Welcome back to Blue Mere Technology. I'm Karen had in
Speaker 3: New York. Let's check in on those markets.
Speaker 4: They're doing well. If you're in tech, they have been
Speaker 4: managing to be higher than this.
Speaker 3: We're coming off of our highs, but we're still up
Speaker 3: two tents of percent on the Nasdaq one hundred, and
Speaker 3: we're seeing some optimism around well. Some of the data
Speaker 3: coming from the US economy.
Speaker 4: Not being quite as strong as we've seen.
Speaker 3: Does that leave the Federal reserve room to cut rates
Speaker 3: later in the year. Manufacturing seems to be speaking to
Speaker 3: that today, two ten percent high in the NASDAK Big
Speaker 3: tech is leading the charge tenure yield down by nine
Speaker 3: basis points on the back of that manufacturing data. Bitcoin
Speaker 3: up some two two percent in fact, just showing a
Speaker 3: little bit of risk on sentiment around crypto today. Let's
Speaker 3: move on and to have a look at some of
Speaker 3: the individual movers. Look, we're just hearing from Mark German
Speaker 3: all about Apple. We're up more than a percentage point.
Speaker 3: That's actually as Goldman SAX seems to be getting excited
Speaker 3: as well from its focus at WWDC. We're looking ahead to,
Speaker 3: of course, the announcements that Apple might make. We think
Speaker 3: AI is going to be largely one of them, interweaved
Speaker 3: within We're looking at In Video up more than three
Speaker 3: percent as well. Maybe Johnson Huang steals the show from
Speaker 3: a keynote that was meant to come from the key
Speaker 3: Taiwanese Computechs event from Lisa Su of AMD, but in
Speaker 3: Video makes their own event and announces yet further developments
Speaker 3: and chips coming on an annual basis were up more
Speaker 3: than three percent GameStop of twenty six percent.
Speaker 4: Why while they're surging.
Speaker 3: After Keith Gill aka Roaring Kitty shared a post actually
Speaker 3: on Reddit, this time showing what appears to be one
Speaker 3: hundred and sixteen million dollar position in the company.
Speaker 4: For more, let's bring in Bloomberg's Bailey Lipshaltz.
Speaker 3: His actual handle is a slightly expletive ridden deep Value
Speaker 3: Bailey and what.
Speaker 11: It seemed to show, Yeah, DFV is back and that
Speaker 11: is on Reddit, first time in almost three years posting
Speaker 11: on Reddit showing that potentially massive stake. There's a lot
Speaker 11: of uncertainty and inability to verify if that position is
Speaker 11: in fact Keith Gillen, if it is in fact real,
Speaker 11: and the mean uncertainty around that is the fact that
Speaker 11: the last time he posted an update on that portfolio,
Speaker 11: last time checking in on the portfolio was worth about
Speaker 11: thirty four million dollars, so a humongous jump in terms
Speaker 11: of the actual value underlying that position, in addition to
Speaker 11: the fact that there's some forty five million dollars potentially
Speaker 11: in cash. But nonetheless, it drove a flurry of trading
Speaker 11: activity this morning. At one point the stock was at
Speaker 11: one hundred and five percent, opened up seventy five percent,
Speaker 11: but as you mentioned at the top, closer to twenty
Speaker 11: seven to thirty percent gain four game stop tracking some
Speaker 11: of the buying and selling on apps like Fidelity, that
Speaker 11: platform showing modest buying orders outpacing those to sell, so
Speaker 11: it doesn't really feel like that twenty twenty one craze
Speaker 11: where a number of investors were rushing in to buy it.
Speaker 11: As you can see these stocks well below those all
Speaker 11: time highs back in twenty twenty one.
Speaker 3: I'm looking at the biggest holders. That's the joy of
Speaker 3: the Bloomberg terminal. You can see who the biggest holder
Speaker 3: is of a name like GameStop, and of course it's
Speaker 3: ars Aventures. Rog Cohen have made his name and becoming
Speaker 3: the game Stop lead a de facto with chairmanship and
Speaker 3: the like. But we've got Vanguard, black Rock, State Street.
Speaker 4: Where next? I mean, I love the story.
Speaker 3: From a technology perspective because it's being driven to us
Speaker 3: via social media. Originally it was x when the first
Speaker 3: excitement brewed in May.
Speaker 4: Now it turns to Reddit. I'm wondering when.
Speaker 3: YouTube is going to come into play again, That's what
Speaker 3: I'm wondering, And I just off of a hunch.
Speaker 11: It feels like with earnings and the company's AGM coming
Speaker 11: up in a few weeks, maybe Roring Kitty Keith Gill
Speaker 11: posts a YouTube video for the first time again in
Speaker 11: about three years, maybe that'll be the next driver.
Speaker 9: Carol.
Speaker 11: The main thing that stands out to me when I
Speaker 11: look at this stock and you look at the follow
Speaker 11: through this month compared to May that May Flurry really
Speaker 11: lasted two days, shares more than triple than a two
Speaker 11: day span, quickly gave back the bulk of those games.
Speaker 11: GameStop took advantage of that to sell shares to raise
Speaker 11: cash through and at the market offering. The question is,
Speaker 11: with today opening up seventy five percent giving back the
Speaker 11: bulk of those games, can Rooring Kitty, can Keith Gill
Speaker 11: find a way to keep the momentum going into the
Speaker 11: earnings and whether this is going to be again a
Speaker 11: flash in the pan that lasts two days, does it
Speaker 11: last one day or does it return to YouTube and
Speaker 11: potentially kind of opening the floodgates bring back a number
Speaker 11: of those retail investors, just given how different the underlying
Speaker 11: day dynamics are for the company, for short sellers, and
Speaker 11: for the world as a whole now compared to where
Speaker 11: it was at in early twenty twenty one.
Speaker 3: Well for now, AMC, BlackBerry, some of the other companies
Speaker 3: doing very well off the back of it to Bailey
Speaker 3: Lipshalt's great to have you back on the show.
Speaker 4: Thank you.
Speaker 3: Meanwhile, let's talk about Tesla for a moment is issued
Speaker 3: a statement against the ISS views on.
Speaker 4: Well his pay package, remember Elon Musks. That is after
Speaker 4: the proxy.
Speaker 3: Advisor ISS urged shareholders to reject Elol Musk's pay package.
Speaker 3: Of course, it's been coming back from previous years for more.
Speaker 3: Let's bring in Bloomberg's Max Jack Jaffrikin. Look, there's a
Speaker 3: long statement. This is all regarding a twenty eighteen performance
Speaker 3: award that ended up being ginormous, but largely because the
Speaker 3: market capitalization of Tesla and the stock performance became phenomenal.
Speaker 12: Yeah, So this award, as you say, five years ago,
Speaker 12: roughly was made with the idea that if Elon Musk
Speaker 12: were able to grow the market cap of Tesla by
Speaker 12: an enormous sum, he would get this gigantic paypacker. And
Speaker 12: you know, fifty six billion is the number you see
Speaker 12: thrown around. You know, at the time, these proxy advisor services,
Speaker 12: Glass Lewis which is another one, and ISS both advised
Speaker 12: against it.
Speaker 9: Shareholders voted for it. Anyway.
Speaker 12: The difference now, though, is that the gain in question
Speaker 12: has already happened. So you sort of have the board
Speaker 12: asking to pay Elon Musk even though the thing that he.
Speaker 9: Was supposed to achieve has already been achieved.
Speaker 12: And in that press release, a big part of Elon
Speaker 12: Musk's argument is like, hey, we had a deal.
Speaker 9: It's not fair to go back on that deal.
Speaker 12: And so he's sort of resorting to that, to this
Speaker 12: kind of basically like a moral point. And you have
Speaker 12: ISS and glass Lewis on the other hand saying, look,
Speaker 12: on one hand, this is an insane amount of money.
Speaker 12: It's too much money, even given the gain of the
Speaker 12: market cap, and also, you know, it's not clear that
Speaker 12: shareholders had enough information. And also again the gain has
Speaker 12: already been realized, so it's sort of a little bit
Speaker 12: hard to justify how to justify.
Speaker 3: Meanwhile, the board and indeed Tesla seems to be trying
Speaker 3: to justify that IS has got a lot of things
Speaker 3: right by saying this is a mountainous market cap growth
Speaker 3: and the twenty eighteen continues to create a strong incentive.
Speaker 4: For Elon overall.
Speaker 3: But they say, technically ISS is getting something wrong with
Speaker 3: how the payment is being made. What do you make
Speaker 3: of I mean, ISS is going to respond, I suppose,
Speaker 3: So whether they're technically right or wrong.
Speaker 12: Well, Tesla is engaged in what amounts to a marketing campaign.
Speaker 9: So we're going to have a vote in ten days.
Speaker 12: The vote is going to largely involve Elon Musk and
Speaker 12: his brother Kim Bulk are not going to be able
Speaker 12: to vote in this election or in this proxy vote.
Speaker 9: And Tesla is campaigning.
Speaker 12: You know, they're advertising, they're producing videos, and they're producing
Speaker 12: documents like this is press release. Probably more importantly, Elon
Speaker 12: Musk is tweeting about this all the time. And you
Speaker 12: see we've seen a lot of SEC filings that are
Speaker 12: essentially Elon Musk responding to various influencers sort of pro
Speaker 12: Tesla bulls, talking about this vote. So they're trying to
Speaker 12: reach you know, retail shareholders, which is the main of
Speaker 12: ownership of Tesla, And.
Speaker 3: Apparently they've got to decide whether or not Elon was
Speaker 3: actually galvanized by this stock compensation.
Speaker 12: The question is, well, you have like a fear among
Speaker 12: even Tesla bulls that if this pay package isn't approved
Speaker 12: that Elon Musk could just walk away. And that is
Speaker 12: something that Elon Musk himself has kind of helped stoke
Speaker 12: by saying, you know, hey, there's all this AI stuff,
Speaker 12: maybe I'll do it outside of Tesla maybe not. So
Speaker 12: you have this kind of a bit of a game
Speaker 12: of chicken, which is, on one hand, Elon is saying,
Speaker 12: I'm committed to Tesla. I love it, you know, it's
Speaker 12: I care so much about it. On the other hand,
Speaker 12: he's making these threats, and there is this fear that
Speaker 12: if he walked away that would hurt the share price
Speaker 12: because so much of Tesla's, you know, investors, so much
Speaker 12: of what is about the company has to do with
Speaker 12: Elon Musk's, you know, essentially his cult of personality and
Speaker 12: his reputation as an innovator.
Speaker 3: June thirteenth, we wait, we watch, and for the marketing
Speaker 3: ahead of it megs Max Chafkin.
Speaker 4: We thank him.
Speaker 3: Meanwhile, it has to talk about EV's in another way
Speaker 3: because Ford SEO Jim Farley says his company is just
Speaker 3: two years away from offering technology that will allow drivers
Speaker 3: to take their eyes off the road and the hands
Speaker 3: off the wheel. Caught up with Bloomberg's David Weston, just
Speaker 3: take a listen.
Speaker 13: We're getting really close. In fact, we can do it
Speaker 13: now pretty regularly with a prototype, but doing it in
Speaker 13: a cost effective way is just the progress we're going
Speaker 13: to need to make.
Speaker 5: To.
Speaker 13: We have to build the electric architecture inside the company.
Speaker 13: We can't delegate it to our suppliers anymore. We need
Speaker 13: all the software code in the company to control the car.
Speaker 9: But it's close.
Speaker 3: Coming out New York Tech Week. It kicks off right
Speaker 3: here in the Big Apple. We'll speak to some of
Speaker 3: the key participants from the event that's next. Meanwhile, let's
Speaker 3: just keep an eye on some of the stocks that
Speaker 3: are on the move. Auto Desk want to shine a
Speaker 3: light on this software company's.
Speaker 4: Higher to the tune of seven percent.
Speaker 3: No financial statements will be restated or adjusted following the
Speaker 3: results of an investigation by the Boards Audit Committee. We
Speaker 3: understand the CFO has been reassigned after the internal accounting probe,
Speaker 3: but a weight is lifted.
Speaker 4: This is Blouemoid Technology on New York Tech Week. It's
Speaker 4: back officially, kicking off today.
Speaker 3: In the Big Apple with Industry Titans, VC's startups gathering
Speaker 3: throughout this week for events, panels, conversations, so much more.
Speaker 3: All week long on Bluebog Technology, We're going to be
Speaker 3: speaking with those founders, those investors, those executors to discuss
Speaker 3: the ecosystem right here in New York City. Why they
Speaker 3: choose to call NYC home and pleased to say we're
Speaker 3: joining now. By Julie Samuels, CEO of Tech NYC. Look,
Speaker 3: it is the organization representing New York's fast growing entrepreneurial
Speaker 3: tech industry. You're also very much in the weeds of
Speaker 3: how we can support this, whether it's from self mentorship,
Speaker 3: whether it's from coming together as an industry, whether it's
Speaker 3: the government's role here. Why is New York City feeling
Speaker 3: like the place to build a startup right now?
Speaker 14: Well, I think there's so many reasons. It feels reredibly
Speaker 14: optimistic here. That energy is palpable tech Week especially, but
Speaker 14: even without Tech Week here it feels amazing. I think
Speaker 14: a big part of that reason, honestly is people want
Speaker 14: to live in New York. People want to live in
Speaker 14: New York. We've seen that there's a lot of net
Speaker 14: migration here. About in recent data show is about fifteen
Speaker 14: percent of relocating tech workers actually come to New York City.
Speaker 14: And because people want to be here, there's just an
Speaker 14: enormous amount of energy around what people are building, where
Speaker 14: they're plugging in, and we're seeing it at all ends
Speaker 14: of the spectrum. Huge companies, tiny startups, everything in between.
Speaker 4: Yeah, I've been.
Speaker 3: There's events coming from old school New York tech IBM
Speaker 3: what to be seen. Of course, currents still in modern
Speaker 3: day innovators but have been based in New York State
Speaker 3: for a long time.
Speaker 4: But then there's the founders and.
Speaker 3: The startups and the vcs that continue to come Andrews
Speaker 3: in a Horowitz, for example, putting their boots to the ground.
Speaker 3: I'm interested as to what people are building them from
Speaker 3: a startup perspective.
Speaker 4: Is it all about autificial intelligence?
Speaker 5: Hit too? So?
Speaker 14: Artificial intelligence is obviously booming here. There's well over a
Speaker 14: thousand venture backed startups. They've raised something like twenty seven
Speaker 14: billion dollars collectively. That's just the AI startup kind of
Speaker 14: the AI segment of our startup ecosystem. But the thing
Speaker 14: about New York I think that is incredibly special is
Speaker 14: because every other industry is headquartered here or has their
Speaker 14: center of gravity here. What we see is startups building
Speaker 14: in all of those segments. And that is that diversity
Speaker 14: of type of company is what really sets our New
Speaker 14: York tech sector apart in a way that I feel
Speaker 14: like is incredibly healthy.
Speaker 3: A diversity of industry and problems and solutions. What about
Speaker 3: diversity of actual talent.
Speaker 4: So obviously we have a lot of work to do there.
Speaker 14: I will say New York is better on that than
Speaker 14: any other major city in the US. We have something
Speaker 14: like twenty twenty two percent of the workforce here is
Speaker 14: from underrepresented groups, which is significantly higher than in the
Speaker 14: Valley or in Boston. We obviously have a lot more
Speaker 14: work to do, but our tech community here is pretty
Speaker 14: engaged there. We partner with New york'sity public schools to
Speaker 14: get the kids in the students, you know, into the companies,
Speaker 14: meeting the right people. There's a huge push to teach
Speaker 14: computer science in our schools. There's a huge push to
Speaker 14: work with nonprofits across the city to get more New
Speaker 14: Yorkers into the tech ecosystem. At the beginning, I talked
Speaker 14: about how we attract a lot of people who want
Speaker 14: to move here. We also need to make sure that
Speaker 14: New Yorkers who are born here and raised here have
Speaker 14: access to these jobs as well.
Speaker 3: I mean, what is it that we have a new
Speaker 3: focus on Startup NYC. That seems to be a support
Speaker 3: system for what.
Speaker 4: I've as founders.
Speaker 14: We're working on a project at Tech NYICE the organization
Speaker 14: I run called Startup NYC, where we kind of put
Speaker 14: a little bit of scaffolding around some programming for some
Speaker 14: underrepresented founders founders building in some really interesting, maybe non
Speaker 14: traditional spaces. We don't put money into those startups, but
Speaker 14: what we do is we kind of help them with
Speaker 14: our network. We help them understand how to navigate this space.
Speaker 14: I mean tech and Yc's network is amazing. It pretty
Speaker 14: much represents everyone in tech in New York. And what
Speaker 14: we do to these founders is say, hey, we're going
Speaker 14: to help you get access to those people, not just
Speaker 14: people in tech, but also the entire business sector here,
Speaker 14: which is their customers, their clients, their mentors going forward.
Speaker 14: And that to me is what's really exciting.
Speaker 3: I'm sad aed isn't here because at the moment we're
Speaker 3: two women in New York, and of course we're going
Speaker 3: to say that New York's the best and amazing to
Speaker 3: build technology companies in. But San Francisco is doing a
Speaker 3: mighty fine job at ensuring you feel really reinvigorated around AI.
Speaker 3: In particular, Open AI is out there and still all
Speaker 3: the headquarters of the biggest technology companies in the.
Speaker 4: US is West coast. Does it matter?
Speaker 9: Ultimately?
Speaker 4: You can all boats rise?
Speaker 3: Do we have to have this y versus La versus
Speaker 3: West Coast?
Speaker 14: Let me say this first of all, I think all
Speaker 14: boats have to rise. The technology jobs, however you define tech,
Speaker 14: these are the jobs of the future.
Speaker 4: This is what the.
Speaker 14: Economy, the world economy, looks like going forward.
Speaker 4: So we need across the country, across.
Speaker 14: The world, we need all boats to rise together. So
Speaker 14: I hear what you are saying, and I actually agree
Speaker 14: with you. I love New York. There are different versions
Speaker 14: for different people of how you want to build this.
Speaker 14: I think historically what we've seen is a lot of
Speaker 14: startups building kind of hard technology on the West Coast
Speaker 14: than they tend to expand here when they're ready to
Speaker 14: apply it, when they're ready to figure out how to
Speaker 14: make it profitable, who's going to buy the technology, what
Speaker 14: it's going to look like in practice. So I think
Speaker 14: we'll see a lot of that happening here in New York.
Speaker 14: There's one other this is kind of maybe this is
Speaker 14: a little trie there's this little kind of saying I
Speaker 14: like or not saying, this is how I think of
Speaker 14: the difference between the Valley and New York. I used
Speaker 14: to live in the valley when I lived there, and
Speaker 14: it was great for a lot of reasons. When you
Speaker 14: live there, you meet a lot of tech people who
Speaker 14: live in the valley. But when you're in New York,
Speaker 14: you meet a lot of New Yorkers who work in tech,
Speaker 14: and that I mean, that speaks to me and how
Speaker 14: I want.
Speaker 9: To be in the world.
Speaker 14: But again for everyone, you know, you should do it
Speaker 14: your own way.
Speaker 3: The most risings to all the eventency going to many
Speaker 3: gates sales through this week, Julie Samuels with all the
Speaker 3: energy this Monday, Tech NY CEO, We thanker. Meanwhile, let's
Speaker 3: have a quick look at what's happening in New York
Speaker 3: or the New York Stock Exchange, no less because equities
Speaker 3: the New York Stock Exchange basically saying that technical issues
Speaker 3: have been resolved. Look, there was a glitch, shall we say,
Speaker 3: earlier that was hitting companies such as Berkshire Hathaway, some volatilities,
Speaker 3: some halting that was happening. They now say that the
Speaker 3: technical issue has been resolved at the New York Stock
Speaker 3: Exchange parent company ICE. We want to continue our coverage
Speaker 3: of New York Tech Week, joining us on why he's
Speaker 3: building right.
Speaker 4: Here in the city is Michael Charlotte.
Speaker 3: Fire Blocks, the CEO five Blocks is actually.
Speaker 4: Found in twenty nineteen.
Speaker 3: It's a digital asset security platform that helps financial institutions
Speaker 3: protect digital assets from hackers from theft. Important problems you're solving,
Speaker 3: Why solve them?
Speaker 4: From New York?
Speaker 15: Thanks for having me here so great in the arc
Speaker 15: is the financial center globally, and it was really important
Speaker 15: for us to be as close as possible to the
Speaker 15: market basically where a lot of our clients are and
Speaker 15: our first design partners basically the first early adopters of
Speaker 15: our technology.
Speaker 3: We're here in New York, So fintech makes total sense. You,
Speaker 3: of course, your previous company was purchased by Checkpoint.
Speaker 4: And you've been building businesses for a long time.
Speaker 3: You understand what is necessary an the ecosystem that's needed
Speaker 3: to be bred. What is it that's here that also
Speaker 3: supports you other than your client base.
Speaker 15: Yeah, so actually it's a good point. With the previous
Speaker 15: company actually moved to San Francisco, and then Fireblocks we
Speaker 15: really started in New York, and really the main reason
Speaker 15: was first and foremost to be really close to the customers.
Speaker 15: When you're in San Francisco, and if you're doing a
Speaker 15: B to B startup, it's actually quite difficult to basically
Speaker 15: meet your customers where they are unless you're basically selling
Speaker 15: directly to the tech sector. All the other sectors are
Speaker 15: either on the East Coast or somewhere in the Midwest.
Speaker 15: And the second component is that actually, if you want
Speaker 15: to have global rich and firebooks today is really a
Speaker 15: global company, New York is much easier. First of all,
Speaker 15: more people transit through New York and you can meet
Speaker 15: them over here. And second level, it's actually easier to
Speaker 15: fly to Europe or Middle East and so on.
Speaker 4: Time zone is nice. I can imagine for sure. What
Speaker 4: about the talent base.
Speaker 3: We were just talking about how people perhaps there's net
Speaker 3: immigration for people wanting to be in the tech sect,
Speaker 3: to work within the tech sect to come into New York.
Speaker 4: Is it still tough to hire here.
Speaker 15: It's tough, But I will actually argue that at least
Speaker 15: for us, it's easier to hire here than in other areas.
Speaker 15: And the main reason is that we really trying to
Speaker 15: find people that have this combination of technology and finance
Speaker 15: right because basically there are not that many people who
Speaker 15: run crypto or digital asses companies at scale, and in
Speaker 15: New York you find you can find really great leadership
Speaker 15: and individuals that they have deep expertise in finance and
Speaker 15: I would say deep expertise in tech. Maybe slightly less
Speaker 15: than in SF or the Bay Area, but it's still enough.
Speaker 15: The combination is really crucial for US.
Speaker 3: I can imagine also it's relatively helpful being BUTTONN Amtrak
Speaker 3: ride away from Washington. At the moment, crypto is being
Speaker 3: regalvanized in some ways by changes in legislation.
Speaker 4: How is it affecting you?
Speaker 15: Yeah, that's true. Actually been on that trend quite a
Speaker 15: few times in the last couple of years. To be fair,
Speaker 15: I think we've seen pretty decent momentum the US clearly globally.
Speaker 15: I think that this is probably the most important thing
Speaker 15: that we still seeing. The global regulatory landscape front running
Speaker 15: the US. We hope that it will start catching up
Speaker 15: towards the end of the year. The approval of the
Speaker 15: ETFs by the SEC was a big, very strong tailwinds
Speaker 15: for the industry and for US and actually bringing it
Speaker 15: back to New York. I think that actually in New York,
Speaker 15: the New York, the FS, the New York Department of
Speaker 15: Financial Services. They've been probably one of the most thoughtful
Speaker 15: state regulators in the US that we've been working with
Speaker 15: closely for the last couple of years.
Speaker 3: Okay, I'm glad that we're managing to interweave how politics,
Speaker 3: of course, is intersecting with crypto and indeed with New York.
Speaker 4: Right here, Michael Shada, great to have some time with him,
Speaker 4: Fiblock CEO. Hope you come back.
Speaker 3: We can talk really about the business and how it
Speaker 3: continues to grow. But meanwhile, look that does it. From
Speaker 3: this edition of Bloomberg Technology right here from New York.
Speaker 4: Do not forget to check out our podcast.
Speaker 3: You can find it on the terminal as well as
Speaker 3: online on Apple, on Spotify, on iHeart, so many choices
Speaker 3: from New York and of course from San Francisco. Back
Speaker 3: there tomorrow. This is Bloomberg Technology.