1
00:00:02,200 --> 00:00:05,560
Speaker 1: From the heart of where innovation, money and power callive

2
00:00:06,360 --> 00:00:10,880
Speaker 1: in Silicon Valley and beyond. This is Bloomberg Technology with

3
00:00:10,920 --> 00:00:30,960
Speaker 1: Emily Chay. Welcome to a very special edition of Bloomberg Technology.

4
00:00:30,960 --> 00:00:34,400
Speaker 1: I'm Emily Chang in San Francisco. We've got so much,

5
00:00:34,680 --> 00:00:36,880
Speaker 1: so much to cover today. In the next hour, Crypto

6
00:00:36,960 --> 00:00:40,280
Speaker 1: reeling from the f g X explosion. Sam Bankman freed

7
00:00:40,640 --> 00:00:45,480
Speaker 1: apologizing after allegedly using customer funds to invest in other projects.

8
00:00:45,600 --> 00:00:50,200
Speaker 1: Even the White House is monitoring this situation. Plus more

9
00:00:50,280 --> 00:00:53,800
Speaker 1: of Twitter's top executives leave the company, including the head

10
00:00:53,800 --> 00:00:56,480
Speaker 1: of trust and safety and Elon Musk Tell's employees at

11
00:00:56,480 --> 00:00:59,640
Speaker 1: an all hands meeting that bankruptcy is not out of

12
00:00:59,640 --> 00:01:03,400
Speaker 1: the question, and a not so cold war between the

13
00:01:03,480 --> 00:01:06,039
Speaker 1: U S and China along with a looming recession. Just

14
00:01:06,160 --> 00:01:09,200
Speaker 1: as the chip crisis was easy, a m D isn't

15
00:01:09,200 --> 00:01:11,800
Speaker 1: slowing down launching a new chip as it continues to

16
00:01:11,840 --> 00:01:14,520
Speaker 1: take share from Intel and a m D CEO Lisa

17
00:01:14,600 --> 00:01:19,880
Speaker 1: Sue joins us right here in an exclusive interview, and

18
00:01:20,040 --> 00:01:22,920
Speaker 1: the women investors of All Rays who started shaking up

19
00:01:22,959 --> 00:01:25,520
Speaker 1: Silicon Valleys grow culture share their thoughts on how much

20
00:01:25,560 --> 00:01:29,000
Speaker 1: progress has and hasn't been made, and how startups survived

21
00:01:29,400 --> 00:01:33,840
Speaker 1: their toughest test yet. But first, as you all know,

22
00:01:34,000 --> 00:01:35,640
Speaker 1: this is my last day sitting in this chair, and

23
00:01:35,680 --> 00:01:37,160
Speaker 1: I have to get through the next hour, So I'm

24
00:01:37,200 --> 00:01:39,640
Speaker 1: not going to get too deep right now, but I

25
00:01:39,640 --> 00:01:41,200
Speaker 1: want you to know that this show is going to

26
00:01:41,240 --> 00:01:44,000
Speaker 1: be special and we have a lot of news to

27
00:01:44,040 --> 00:01:47,240
Speaker 1: get through. We're getting more details on the crypto blow

28
00:01:47,319 --> 00:01:49,280
Speaker 1: up now. According to the Wall Street Journal, f t

29
00:01:49,640 --> 00:01:52,680
Speaker 1: X lent billions of dollars worth of customer assets to

30
00:01:52,680 --> 00:01:56,160
Speaker 1: pay for risky bets by its affiliated trading firm Alami.

31
00:01:56,200 --> 00:01:59,160
Speaker 1: To research Bloomberg, Shinali Bossik has been covering every step

32
00:01:59,480 --> 00:02:03,280
Speaker 1: of the story or Shinali, Wow, what has happened in

33
00:02:03,320 --> 00:02:06,240
Speaker 1: the last forty eight hours? Where does things stand right now? Emily,

34
00:02:06,280 --> 00:02:08,240
Speaker 1: just a breath taking amount of money that we are

35
00:02:08,280 --> 00:02:10,720
Speaker 1: talking about here. In addition to venture capitalists having to

36
00:02:10,800 --> 00:02:14,880
Speaker 1: mark down their state two zero uh sequoia really coming

37
00:02:14,960 --> 00:02:18,880
Speaker 1: up front on that note and other investors likely to follow,

38
00:02:19,240 --> 00:02:21,080
Speaker 1: you do have the Wall Street Journal reporting that of

39
00:02:21,080 --> 00:02:24,919
Speaker 1: the sixteen billion dollars in customer assets that were on

40
00:02:24,960 --> 00:02:27,720
Speaker 1: the f t X platform, more than half of the

41
00:02:27,720 --> 00:02:30,680
Speaker 1: customer funds were lent to the sister company, Alameda. So

42
00:02:30,760 --> 00:02:33,280
Speaker 1: obviously this is going to be a big question of discussion,

43
00:02:33,320 --> 00:02:35,520
Speaker 1: a question of concern as we keep on moving along.

44
00:02:35,840 --> 00:02:38,440
Speaker 1: We did see interestingly Sam bingg but Free to take

45
00:02:38,480 --> 00:02:42,280
Speaker 1: to Twitter today and start to address the idea that

46
00:02:42,480 --> 00:02:45,200
Speaker 1: he messed up. He said it over and over again,

47
00:02:45,520 --> 00:02:47,600
Speaker 1: but that he really wanted to still try to find

48
00:02:47,639 --> 00:02:51,560
Speaker 1: money to make investors, that investors clients rather whole, and

49
00:02:51,600 --> 00:02:54,800
Speaker 1: that those clients would be made whole before any investors

50
00:02:54,840 --> 00:02:58,040
Speaker 1: would be And again, remember this is not a bankruptcy

51
00:02:58,040 --> 00:03:00,240
Speaker 1: process yet by any means, but if it were to

52
00:03:00,280 --> 00:03:02,240
Speaker 1: be in a bankruptcy process, it would be much more

53
00:03:02,240 --> 00:03:05,000
Speaker 1: complicated in terms of figuring out who got assets and

54
00:03:05,040 --> 00:03:08,160
Speaker 1: who got them first. Now, f t X US was

55
00:03:08,200 --> 00:03:10,200
Speaker 1: never part of that deal that we were talking about

56
00:03:10,200 --> 00:03:12,040
Speaker 1: the last couple of days when it came to Finance

57
00:03:12,120 --> 00:03:14,880
Speaker 1: potentially buying f t X dot com assets outside of

58
00:03:14,880 --> 00:03:17,280
Speaker 1: the United States. But we are seeing that f t

59
00:03:17,520 --> 00:03:19,840
Speaker 1: X is saying now that they're going to be potentially

60
00:03:19,880 --> 00:03:23,880
Speaker 1: halting trading and withdrawals in the coming days here. Now

61
00:03:23,960 --> 00:03:27,880
Speaker 1: that is very important because if trading has halted there

62
00:03:27,960 --> 00:03:30,160
Speaker 1: as well, then you really have another part of the

63
00:03:30,200 --> 00:03:33,880
Speaker 1: ft X empire that was very connected to the financial industry,

64
00:03:34,200 --> 00:03:38,120
Speaker 1: had a different set of investors, and was also the

65
00:03:38,120 --> 00:03:41,840
Speaker 1: one that really helped facilitate the bailouts of some of

66
00:03:41,880 --> 00:03:46,000
Speaker 1: these other crypto firms also potentially in trouble here. So again,

67
00:03:46,040 --> 00:03:50,360
Speaker 1: the story really is just beginning, even though it feels

68
00:03:50,440 --> 00:03:54,640
Speaker 1: like it's been unraveling very, very drastically for the last

69
00:03:54,640 --> 00:03:58,160
Speaker 1: couple of days. Son, You've got investors, very prominent investors,

70
00:03:58,200 --> 00:04:00,720
Speaker 1: telling their clients that their investments and f t X

71
00:04:00,760 --> 00:04:05,320
Speaker 1: are now basically worthless. How are investors responding, How are

72
00:04:05,360 --> 00:04:09,560
Speaker 1: regulators responding? You know, we've spoken to a number of

73
00:04:09,560 --> 00:04:12,080
Speaker 1: investors and regulators. We have to remember that there is

74
00:04:12,120 --> 00:04:15,640
Speaker 1: an active investigation going on. This is the SEC, this

75
00:04:15,720 --> 00:04:19,320
Speaker 1: is the Department of Justice, this is the CFTC. And

76
00:04:19,360 --> 00:04:23,400
Speaker 1: what's remarkable about this emily is not very long ago,

77
00:04:23,640 --> 00:04:26,280
Speaker 1: I mean really days ago, when there was not this

78
00:04:26,400 --> 00:04:28,440
Speaker 1: type of trouble and f t X. You saw f

79
00:04:28,520 --> 00:04:30,880
Speaker 1: t X working with regulators to try to change the

80
00:04:30,960 --> 00:04:33,000
Speaker 1: rules of the game. Uh, they were working with the

81
00:04:33,120 --> 00:04:36,719
Speaker 1: SEC to to advance a proposal that would really reduce

82
00:04:36,760 --> 00:04:39,720
Speaker 1: a reliance on clearing houses for certain trades. Uh, and

83
00:04:39,760 --> 00:04:42,120
Speaker 1: it was something that the CFTC chair could really change

84
00:04:42,360 --> 00:04:44,520
Speaker 1: a broader part of the financial system if this word

85
00:04:44,520 --> 00:04:47,839
Speaker 1: to go through. So to your point here, regulators are

86
00:04:48,080 --> 00:04:52,000
Speaker 1: sitting here and not just investigating the circumstance circumstances at hand,

87
00:04:52,279 --> 00:04:54,640
Speaker 1: the use of the client funds, which is the primary

88
00:04:54,680 --> 00:04:57,680
Speaker 1: concern here, as well as what happens to the money.

89
00:04:57,680 --> 00:04:59,640
Speaker 1: How are people made whole and how did you keep

90
00:04:59,640 --> 00:05:03,640
Speaker 1: this from happening again when we've seen liquidity issues multiply

91
00:05:03,960 --> 00:05:07,800
Speaker 1: in the cryptocurrency industry throughout the entire year. As a

92
00:05:07,880 --> 00:05:11,640
Speaker 1: one crypto executive put it on Twitter today, people are

93
00:05:11,640 --> 00:05:14,520
Speaker 1: asking about contagion when you think about f t X,

94
00:05:15,040 --> 00:05:18,160
Speaker 1: isn't this the contagion We have been seeing it all year?

95
00:05:18,279 --> 00:05:21,440
Speaker 1: And the reality is one by one, customers that are

96
00:05:21,520 --> 00:05:26,440
Speaker 1: exposed to f t X are exposed, are are releasing

97
00:05:26,480 --> 00:05:29,680
Speaker 1: their exposures by the millions, and you have to wonder

98
00:05:30,320 --> 00:05:33,560
Speaker 1: what comes next. All right, bloombergsh Ally Bostic, thank you.

99
00:05:33,560 --> 00:05:36,719
Speaker 1: We're gonna stay tuned to your reporting on this story. Meantime,

100
00:05:36,880 --> 00:05:39,920
Speaker 1: Twitter owner Elon Musk emailed staff for the first time

101
00:05:39,920 --> 00:05:43,279
Speaker 1: and warned of quote difficult times ahead Musk, writing that

102
00:05:43,360 --> 00:05:46,560
Speaker 1: there is no way to sugarcoat the economic outlook. He

103
00:05:46,640 --> 00:05:49,760
Speaker 1: also said remote work not an option anymore on that

104
00:05:49,839 --> 00:05:53,320
Speaker 1: bankruptcy isn't out of the question. Meantime, the FTC says

105
00:05:53,320 --> 00:05:57,520
Speaker 1: it's tracking Twitter developments with concern. Bloomberg sprat Stone, our

106
00:05:57,560 --> 00:06:00,880
Speaker 1: senior executive tech editor, joining us now. I mean, in

107
00:06:00,920 --> 00:06:03,200
Speaker 1: my twelve years covering tech, I can't remember a more

108
00:06:03,800 --> 00:06:08,480
Speaker 1: disruptive time Twitter could go bankrupt. I mean, the news

109
00:06:09,000 --> 00:06:12,320
Speaker 1: coming out of Twitter seems more cataclysmic every single day.

110
00:06:12,400 --> 00:06:15,680
Speaker 1: And what has stuck out today are these resignations from

111
00:06:15,760 --> 00:06:20,039
Speaker 1: key Twitter personnel, the chief security officer, the chief privacy officer,

112
00:06:20,440 --> 00:06:23,880
Speaker 1: just now you l Roth, the head of trust and security,

113
00:06:24,400 --> 00:06:27,719
Speaker 1: showing an absolute lack of confidence in Twitter's ability to

114
00:06:27,760 --> 00:06:30,880
Speaker 1: secure user data and comply with an FDC consent decree.

115
00:06:31,000 --> 00:06:33,640
Speaker 1: And I've actually heard people who's left Twitter saying, at last,

116
00:06:33,680 --> 00:06:35,600
Speaker 1: yoel is still there now even you know all the

117
00:06:35,640 --> 00:06:37,920
Speaker 1: person who was in charge of trust and safety is gone.

118
00:06:38,000 --> 00:06:41,880
Speaker 1: The problem is Elon is conducting himself like Elon conducts himself.

119
00:06:41,960 --> 00:06:45,880
Speaker 1: He's an imperial CEO, accustomed to moving very quickly, working

120
00:06:45,880 --> 00:06:48,760
Speaker 1: at all hours of the night, not very accountable to

121
00:06:48,839 --> 00:06:51,520
Speaker 1: his board a Twitter and SpaceX and and you know,

122
00:06:51,600 --> 00:06:54,680
Speaker 1: in most cases not that interested with complying with the

123
00:06:54,760 --> 00:06:56,920
Speaker 1: letter of the law. I mean, we've seen that with Twitter,

124
00:06:57,279 --> 00:07:00,359
Speaker 1: with Tesla and the sec. The problem here is that

125
00:07:00,400 --> 00:07:04,120
Speaker 1: the FDC has a consent decree with Twitter requiring it

126
00:07:04,160 --> 00:07:08,320
Speaker 1: to document new products and how it's safeguarding customer information.

127
00:07:08,560 --> 00:07:11,880
Speaker 1: And clearly executives and Twitter are not very comfortable with

128
00:07:11,920 --> 00:07:14,800
Speaker 1: how Elon is conducting himself now two weeks into ownership, right,

129
00:07:14,840 --> 00:07:17,280
Speaker 1: it's only been it's been days, right that he has

130
00:07:17,320 --> 00:07:21,200
Speaker 1: owned this company. How do you even imagine that this

131
00:07:21,200 --> 00:07:24,840
Speaker 1: plays out? So you know this this show today is

132
00:07:24,880 --> 00:07:28,720
Speaker 1: about history. Right, You're almost twelve years anchoring the show. Um,

133
00:07:28,760 --> 00:07:31,120
Speaker 1: so let's go back to some history. Two twelve, one

134
00:07:31,160 --> 00:07:33,280
Speaker 1: year after we started the show, we did a cover

135
00:07:33,360 --> 00:07:35,720
Speaker 1: story in Business Week and called Twitter the company that

136
00:07:35,760 --> 00:07:38,840
Speaker 1: couldn't kill itself. And we we send that because of

137
00:07:38,880 --> 00:07:42,200
Speaker 1: all the chaos internally and its inability to come up

138
00:07:42,200 --> 00:07:45,120
Speaker 1: with new forms of revenue, new products, and yet there

139
00:07:45,200 --> 00:07:47,840
Speaker 1: was something about the company that users just can't look

140
00:07:47,880 --> 00:07:50,280
Speaker 1: away from. And that's certainly something we've seen this week

141
00:07:50,280 --> 00:07:54,640
Speaker 1: with the elections, with with Elon's display user growth is up,

142
00:07:54,760 --> 00:07:57,560
Speaker 1: and and maybe that's a little point of optimism that

143
00:07:57,600 --> 00:08:00,720
Speaker 1: despite all of this, as long as he doesn't bleed

144
00:08:00,720 --> 00:08:03,119
Speaker 1: out from shooting himself in the foot again and again,

145
00:08:03,440 --> 00:08:05,720
Speaker 1: you know, maybe he can rescue Tweeter even I tweeted

146
00:08:05,800 --> 00:08:07,200
Speaker 1: right before the show and I just thought, God, I

147
00:08:07,240 --> 00:08:10,840
Speaker 1: hope Twitter still exists when this show is over. It's

148
00:08:10,960 --> 00:08:14,680
Speaker 1: so important to so much of you know, Silicon Valley

149
00:08:14,680 --> 00:08:19,280
Speaker 1: and obviously dialogue around the world. You've been covering Silicon

150
00:08:19,360 --> 00:08:22,360
Speaker 1: Valley longer than I have. Eleven thousand people laid off

151
00:08:22,400 --> 00:08:27,080
Speaker 1: at Meta, thousands of people laid off at Twitter, Apple, Amazon, Alphabet,

152
00:08:27,200 --> 00:08:30,080
Speaker 1: everyone cutting costs and thinking how are we going to

153
00:08:30,120 --> 00:08:34,320
Speaker 1: get through a recession? How does this rank compared to

154
00:08:34,360 --> 00:08:37,760
Speaker 1: the financial crisis, the dot com bust? You know what,

155
00:08:37,920 --> 00:08:41,559
Speaker 1: this is just how the place works in Silicon Valley.

156
00:08:41,760 --> 00:08:46,320
Speaker 1: Tech is cyclical. It's happened again and again for for decades,

157
00:08:46,720 --> 00:08:50,280
Speaker 1: you know, the personal computer recession, the dot com bust,

158
00:08:50,600 --> 00:08:53,640
Speaker 1: the Great Recession. You know, if anything, those times might

159
00:08:53,640 --> 00:08:56,560
Speaker 1: have been worse in terms of the number of layoffs.

160
00:08:56,600 --> 00:08:58,080
Speaker 1: And the other thing I would point out now is

161
00:08:58,080 --> 00:09:01,360
Speaker 1: that Silicon Valley has about two percent unemployment in two

162
00:09:01,360 --> 00:09:04,920
Speaker 1: thousand nine. It was, so you know, the difference might

163
00:09:04,960 --> 00:09:07,440
Speaker 1: be that jobs are harder to come by for for

164
00:09:07,520 --> 00:09:09,680
Speaker 1: the recently laid off, I mean the other differences that

165
00:09:09,800 --> 00:09:12,760
Speaker 1: were coming off a very extraordinary period during the pandemic,

166
00:09:13,080 --> 00:09:17,920
Speaker 1: where you know, Twitter hired, Facebook hired employees, Amazon doubled

167
00:09:17,960 --> 00:09:20,960
Speaker 1: in size. So yes, these are significant cutbacks, but it

168
00:09:21,040 --> 00:09:24,440
Speaker 1: comes after a period of maybe overly optimistic growth. All right, well,

169
00:09:24,440 --> 00:09:26,360
Speaker 1: we're going to be watching how your team continues to

170
00:09:26,400 --> 00:09:38,720
Speaker 1: cover these stories, Bradstone, as always, thank you. Turning to

171
00:09:38,840 --> 00:09:42,520
Speaker 1: chips now, chip delivery times dropped by six days in October,

172
00:09:42,559 --> 00:09:47,679
Speaker 1: the most one survey showing chips supply across all major

173
00:09:47,760 --> 00:09:51,720
Speaker 1: product areas now more quickly available. Let's talk about this

174
00:09:51,760 --> 00:09:54,080
Speaker 1: and more with a m D CEO, Lisa Sue. Now,

175
00:09:54,280 --> 00:09:57,040
Speaker 1: am D just announced an update to its server chip

176
00:09:57,040 --> 00:10:00,880
Speaker 1: line up, taking another swing at rival Intel. And it's

177
00:10:00,880 --> 00:10:02,720
Speaker 1: so great to see you here at Lisa in person.

178
00:10:03,160 --> 00:10:05,920
Speaker 1: It's one time we did this a lot times virtually

179
00:10:05,960 --> 00:10:09,520
Speaker 1: in the pandemic, and I'm really glad that you're here today. UM,

180
00:10:09,559 --> 00:10:11,240
Speaker 1: I have to ask first what your take is on

181
00:10:11,280 --> 00:10:15,480
Speaker 1: what's happening in the market right now. What is your outlook? Yeah, absolutely, Well,

182
00:10:15,520 --> 00:10:17,120
Speaker 1: first of all, it's great to be here in person

183
00:10:17,200 --> 00:10:19,960
Speaker 1: with you, and by the way, congratulations on this very

184
00:10:19,960 --> 00:10:22,960
Speaker 1: special show. So we're excited to be here. Um. Look,

185
00:10:23,000 --> 00:10:24,920
Speaker 1: you know, when I look at the market, I would

186
00:10:24,960 --> 00:10:27,760
Speaker 1: say a couple of things. You know, the semiconductor market

187
00:10:27,880 --> 00:10:31,040
Speaker 1: has been so strong over the last several years, and

188
00:10:31,280 --> 00:10:34,280
Speaker 1: we've certainly been trying to ramp up production across the board.

189
00:10:34,840 --> 00:10:37,120
Speaker 1: When you look at today's market, you know, there's certain

190
00:10:37,840 --> 00:10:40,120
Speaker 1: portions of the market that are actually doing extremely well.

191
00:10:40,840 --> 00:10:43,840
Speaker 1: Things like you know, our data center business are embedded

192
00:10:43,880 --> 00:10:50,000
Speaker 1: business UM that services UM aerospace and defense, industrial, automotive,

193
00:10:50,120 --> 00:10:52,080
Speaker 1: you know, these parts of the businesses. And then there

194
00:10:52,120 --> 00:10:54,240
Speaker 1: are some part parts of the businesses that are you know,

195
00:10:54,280 --> 00:10:57,319
Speaker 1: going through a little bit of a lower demand period

196
00:10:57,360 --> 00:11:01,280
Speaker 1: and those are like you know PCs and UM consumer devices,

197
00:11:01,320 --> 00:11:03,679
Speaker 1: and so we're navigating through that. But you know, again

198
00:11:03,679 --> 00:11:05,520
Speaker 1: it's a very exciting day for us because we just

199
00:11:05,640 --> 00:11:08,480
Speaker 1: launched our new server chips UM. So I'm so glad

200
00:11:08,520 --> 00:11:09,959
Speaker 1: that we could talk to you a little bit about that.

201
00:11:10,320 --> 00:11:12,080
Speaker 1: So let's talk about the new chip. How do you

202
00:11:12,080 --> 00:11:14,560
Speaker 1: hope this one will change the game. Well, I have

203
00:11:14,640 --> 00:11:17,200
Speaker 1: to say, you know, you know, our server road DApp

204
00:11:17,280 --> 00:11:19,439
Speaker 1: has been like a five year journey. So we launched

205
00:11:19,480 --> 00:11:23,280
Speaker 1: the first EPIC server line in two thou seventeen and

206
00:11:23,320 --> 00:11:26,320
Speaker 1: over the last five years we've had three generations of

207
00:11:26,360 --> 00:11:30,720
Speaker 1: truly leadership performance. So with our new generation, fourth generation

208
00:11:30,760 --> 00:11:33,640
Speaker 1: EPIC and that we code name in GENERA, it's really

209
00:11:33,760 --> 00:11:35,920
Speaker 1: game changing for the server market. And you know when

210
00:11:35,920 --> 00:11:40,000
Speaker 1: I talk about things like you know, UM significantly higher performance,

211
00:11:40,240 --> 00:11:45,640
Speaker 1: UM significantly better UM overall energy efficiency, significantly lower operating

212
00:11:45,679 --> 00:11:49,320
Speaker 1: costs depending on which environment that you're in, and we're

213
00:11:49,320 --> 00:11:51,240
Speaker 1: talking about you know, two and a half to three

214
00:11:51,280 --> 00:11:55,559
Speaker 1: times the competition. So we're extremely excited with it. You've

215
00:11:55,559 --> 00:11:58,959
Speaker 1: gotten a lead now over Intel. How sustainable is that lead?

216
00:11:59,000 --> 00:12:01,160
Speaker 1: Because Pat Gelsinger has said, we're going to be in

217
00:12:01,160 --> 00:12:03,320
Speaker 1: the lead again, and what if this is just a

218
00:12:03,360 --> 00:12:06,000
Speaker 1: moment in the sun. Well, what I can say is

219
00:12:06,040 --> 00:12:08,320
Speaker 1: I think hopefully the last five years has been proof.

220
00:12:08,320 --> 00:12:11,240
Speaker 1: You know, you know, our goal has been to every

221
00:12:11,320 --> 00:12:15,360
Speaker 1: year have a stronger and stronger roadmap to broaden how

222
00:12:15,400 --> 00:12:17,800
Speaker 1: we work with our partners and customers. You know, if

223
00:12:17,800 --> 00:12:20,320
Speaker 1: you look across the world at cloud data centers. You know,

224
00:12:20,360 --> 00:12:23,480
Speaker 1: a m D is now the standard for cloud data centers,

225
00:12:23,520 --> 00:12:27,400
Speaker 1: and it's really because of our performance and our overall

226
00:12:27,440 --> 00:12:30,360
Speaker 1: efficiency and our total cost of ownership. So you know,

227
00:12:30,400 --> 00:12:33,360
Speaker 1: we are not taking our our foot off the gas pedal.

228
00:12:33,360 --> 00:12:36,520
Speaker 1: We're going to continue to innovate very strongly. So let's

229
00:12:36,559 --> 00:12:39,239
Speaker 1: talk about Look, if we are going into a prolonged recession,

230
00:12:39,520 --> 00:12:42,520
Speaker 1: how is your strategy evolving. Are you trying to cut costs?

231
00:12:42,559 --> 00:12:45,520
Speaker 1: Are you going to do layoffs? Well, it's a very

232
00:12:45,520 --> 00:12:47,920
Speaker 1: interesting point, Emily. You know, I think UM, a couple

233
00:12:47,920 --> 00:12:51,800
Speaker 1: of things we've been working on really diversifying our business.

234
00:12:51,880 --> 00:12:54,200
Speaker 1: So it's not just about you know, one product line.

235
00:12:54,240 --> 00:12:56,760
Speaker 1: We actually have a broad products a set of product

236
00:12:56,800 --> 00:13:00,560
Speaker 1: lines UM. As I said, data center embedded actually quite strong,

237
00:13:00,600 --> 00:13:03,080
Speaker 1: and we're gaining share UM. And then on the PC

238
00:13:03,240 --> 00:13:05,400
Speaker 1: market and consumer it's a little bit lower, and we're

239
00:13:05,480 --> 00:13:08,520
Speaker 1: navigating through that. And you know, our roadmaps take three

240
00:13:08,520 --> 00:13:11,000
Speaker 1: to five years to develop, so we are not at

241
00:13:11,000 --> 00:13:14,040
Speaker 1: all backing off of our roadmap. UM, We're gonna navigate

242
00:13:14,040 --> 00:13:17,200
Speaker 1: through this. We're going to be tighter on overall operat expenses,

243
00:13:17,240 --> 00:13:19,760
Speaker 1: but we're also gonna UM invest in R and D

244
00:13:19,920 --> 00:13:22,560
Speaker 1: so that we can keep increasing our lead. What about

245
00:13:22,679 --> 00:13:25,160
Speaker 1: rising tension between the US and China, How does that

246
00:13:25,240 --> 00:13:27,800
Speaker 1: change the game for you? Just as the chip crisis

247
00:13:27,880 --> 00:13:31,720
Speaker 1: was starting to ease. Well, we're always you know, very uh,

248
00:13:31,880 --> 00:13:35,160
Speaker 1: you know, watching the situation as it relates to the geopolitics.

249
00:13:35,200 --> 00:13:37,400
Speaker 1: I would say, you know, China is an important market,

250
00:13:37,480 --> 00:13:41,000
Speaker 1: but we're also very cognizant of, um, the US you

251
00:13:41,040 --> 00:13:43,400
Speaker 1: know restrictions, and we're operating within those. And I would

252
00:13:43,440 --> 00:13:46,160
Speaker 1: say that we've you know again navigating through you know

253
00:13:46,200 --> 00:13:49,360
Speaker 1: these things. How low can PCs go? So I think

254
00:13:49,360 --> 00:13:53,120
Speaker 1: there's this question, was this just a pandemic play? Well,

255
00:13:53,200 --> 00:13:56,960
Speaker 1: I think PCs are extremely important in the overall ecosystem.

256
00:13:57,000 --> 00:13:59,680
Speaker 1: Now there's no question, um that there was you know,

257
00:13:59,720 --> 00:14:01,960
Speaker 1: a it of excess you know, sort of very higher

258
00:14:02,000 --> 00:14:04,760
Speaker 1: demand over the last you know, eighteen months, two years,

259
00:14:05,120 --> 00:14:07,080
Speaker 1: and now we're in a period of lower demand. But

260
00:14:07,160 --> 00:14:10,040
Speaker 1: I still believe you know, the PC experience when you

261
00:14:10,080 --> 00:14:12,600
Speaker 1: talk about working from home, when you're talking about working

262
00:14:12,600 --> 00:14:15,560
Speaker 1: on the road, when you talk about enterprises and everything

263
00:14:15,559 --> 00:14:18,480
Speaker 1: that you have to do there, when you talk about gaming, um,

264
00:14:18,559 --> 00:14:21,960
Speaker 1: you know, there's definitely a very very good overall demand

265
00:14:21,960 --> 00:14:23,600
Speaker 1: and we just have to work through, you know, sort

266
00:14:23,640 --> 00:14:27,200
Speaker 1: of this next couple of quarters and ensure that you

267
00:14:27,240 --> 00:14:29,720
Speaker 1: know that the demand supply picture gets back into balance.

268
00:14:29,920 --> 00:14:32,360
Speaker 1: At the Fortune Most Powerful Woman's Summit recently, you said

269
00:14:32,400 --> 00:14:34,840
Speaker 1: running a m D is like running a new company

270
00:14:34,880 --> 00:14:38,360
Speaker 1: every two years. Explain that it is something like that.

271
00:14:39,000 --> 00:14:41,120
Speaker 1: But you know, the way I think about it is, Look,

272
00:14:41,160 --> 00:14:44,920
Speaker 1: technology is such fast paced, right if you think about

273
00:14:45,280 --> 00:14:47,280
Speaker 1: UM the technology trends, and if you think about the

274
00:14:47,320 --> 00:14:49,320
Speaker 1: size of our company. When I first took over as

275
00:14:49,400 --> 00:14:52,000
Speaker 1: CEO UM, we were a five billion dollar company. You

276
00:14:52,000 --> 00:14:53,600
Speaker 1: know this year will be a twenty three and a

277
00:14:53,640 --> 00:14:56,680
Speaker 1: half billion dollar company. We have a lot more employees,

278
00:14:56,720 --> 00:14:58,400
Speaker 1: we have a lot more product lines, and you know,

279
00:14:58,480 --> 00:15:00,880
Speaker 1: the world is a different place. So we love it.

280
00:15:00,960 --> 00:15:04,080
Speaker 1: You know, we love the dynamic nature of the business,

281
00:15:04,080 --> 00:15:06,520
Speaker 1: and we also believe that that's one of our core

282
00:15:06,600 --> 00:15:09,120
Speaker 1: strengths is we're able to really navigate through, you know,

283
00:15:09,160 --> 00:15:11,560
Speaker 1: sort of a lot of different things. Am D shares

284
00:15:11,600 --> 00:15:15,600
Speaker 1: were on a tear for so long and they have

285
00:15:15,720 --> 00:15:17,280
Speaker 1: taken a hit with the rest of the market. Is

286
00:15:17,320 --> 00:15:20,560
Speaker 1: that hard to watch? Does it doesn't change anything for

287
00:15:20,640 --> 00:15:23,960
Speaker 1: you as you run the company? Well, we certainly believe that,

288
00:15:24,160 --> 00:15:26,080
Speaker 1: you know, the right thing to do is to focus

289
00:15:26,120 --> 00:15:28,640
Speaker 1: on the long term strategy. And the long term strategy

290
00:15:28,920 --> 00:15:32,160
Speaker 1: is you know, product roadmaps, UM, you know, deep deep

291
00:15:32,160 --> 00:15:36,000
Speaker 1: customer relationships, continuing to innovate, and you know that's where

292
00:15:36,040 --> 00:15:39,360
Speaker 1: we spend our time. And of course, you know, we

293
00:15:39,400 --> 00:15:42,320
Speaker 1: all want to ensure that all of our stakeholders are

294
00:15:42,840 --> 00:15:45,280
Speaker 1: are happy with the progress, and so we're always you know,

295
00:15:45,560 --> 00:15:48,000
Speaker 1: working on those things. And I know I've asked you

296
00:15:48,040 --> 00:15:50,720
Speaker 1: this multiple times over the last several years, the state

297
00:15:50,760 --> 00:15:54,560
Speaker 1: of the chip crisis. What phase are we moving into now? Well,

298
00:15:54,560 --> 00:15:56,840
Speaker 1: I think you said it earlier. I think we are

299
00:15:56,640 --> 00:15:59,760
Speaker 1: we have gotten over the hump of you know, sort

300
00:15:59,760 --> 00:16:01,800
Speaker 1: of the the chip shortage as it was called. I

301
00:16:01,840 --> 00:16:04,640
Speaker 1: know you've asked me that several times over the last

302
00:16:04,640 --> 00:16:08,760
Speaker 1: couple of years, the question of the day and two

303
00:16:08,840 --> 00:16:11,280
Speaker 1: years now. And I think what I've said each time

304
00:16:11,520 --> 00:16:14,760
Speaker 1: is that the semiconductor industry knows how to do this.

305
00:16:14,920 --> 00:16:18,280
Speaker 1: We know how to put on enough capacity to satisfy demand. Um.

306
00:16:18,280 --> 00:16:21,400
Speaker 1: We have seen um, you know, a much better supply

307
00:16:21,600 --> 00:16:24,920
Speaker 1: demand balance of now and certainly over the last couple

308
00:16:24,960 --> 00:16:27,360
Speaker 1: of quarters. And I think we are, you know, for

309
00:16:27,400 --> 00:16:30,360
Speaker 1: the most part meeting supply. UM that that is a

310
00:16:30,360 --> 00:16:32,560
Speaker 1: meeting demand that's out there. Now. There are certain still

311
00:16:32,640 --> 00:16:35,120
Speaker 1: pockets of shortages and those will be worked through, you

312
00:16:35,120 --> 00:16:38,040
Speaker 1: know as well. So, so what does the chip industry

313
00:16:38,120 --> 00:16:42,280
Speaker 1: look like through a recession? How does the chip industry

314
00:16:42,400 --> 00:16:46,040
Speaker 1: in your view whether this we have certainly were very

315
00:16:46,080 --> 00:16:49,000
Speaker 1: familiar with these types of cycles and what it means is,

316
00:16:49,080 --> 00:16:51,440
Speaker 1: you know, we have periods of build phase, which is

317
00:16:51,480 --> 00:16:54,400
Speaker 1: what the last eighteen twenty four months were, and then

318
00:16:54,400 --> 00:16:58,400
Speaker 1: we have you know, a periods where there's less capacity

319
00:16:58,480 --> 00:17:00,840
Speaker 1: being brought on, and you know, again we know how

320
00:17:00,840 --> 00:17:03,840
Speaker 1: to manage through these things. Perhaps the most important thing

321
00:17:03,880 --> 00:17:06,680
Speaker 1: though is to focus on, you know, what are the

322
00:17:06,760 --> 00:17:09,680
Speaker 1: secular growth drivers that are going to continue to be important.

323
00:17:10,080 --> 00:17:13,639
Speaker 1: That's why data centers are so important, um, energy efficiency

324
00:17:13,680 --> 00:17:18,240
Speaker 1: becomes so important, business transformation for enterprises are so important.

325
00:17:18,280 --> 00:17:20,120
Speaker 1: And then you know things like you know, gaming and

326
00:17:20,200 --> 00:17:23,360
Speaker 1: you are also uh, you know, secular growth drivers. So

327
00:17:23,520 --> 00:17:26,400
Speaker 1: you know, I'm very optimistic about the long term and

328
00:17:26,440 --> 00:17:28,639
Speaker 1: we're you know, very well prepared to manage through the

329
00:17:28,640 --> 00:17:30,680
Speaker 1: short terms. At a time of m and a is

330
00:17:30,760 --> 00:17:33,680
Speaker 1: at a time of consolidation. Well, first of all, we're

331
00:17:33,760 --> 00:17:37,320
Speaker 1: extremely excited with how well are recent m and A

332
00:17:37,400 --> 00:17:39,480
Speaker 1: has done. So, you know, we close this is links

333
00:17:39,520 --> 00:17:42,919
Speaker 1: acquisition in February. They've now been part of the you know,

334
00:17:42,960 --> 00:17:44,920
Speaker 1: the am D family for the last you know, seven

335
00:17:44,960 --> 00:17:48,439
Speaker 1: eight months. It's gone fantastically well. UM. The business is

336
00:17:48,480 --> 00:17:52,880
Speaker 1: fantastics or above our acquisition case. We also acquired UM

337
00:17:52,920 --> 00:17:55,639
Speaker 1: a company called Pensando, which is a specialist in you know,

338
00:17:55,720 --> 00:17:58,960
Speaker 1: networking technologies as well. And so you know, m and

339
00:17:59,040 --> 00:18:01,400
Speaker 1: A has been very good for us. But I would say,

340
00:18:01,480 --> 00:18:05,560
Speaker 1: you know, running a very strong organic business is also

341
00:18:06,080 --> 00:18:08,280
Speaker 1: UM sort of front and center in what we do.

342
00:18:08,440 --> 00:18:11,600
Speaker 1: And d CEO Lisa Sue will have more to come together,

343
00:18:12,040 --> 00:18:14,760
Speaker 1: I hope, UM. But I really appreciate you coming to

344
00:18:14,800 --> 00:18:17,080
Speaker 1: talk to us today in San Francisco. Thank you so much,

345
00:18:17,520 --> 00:18:22,439
Speaker 1: so wonderful to see you in Congratulations again, thank you. Alright,

346
00:18:22,440 --> 00:18:25,080
Speaker 1: we've got more of Bloomberg Technology after this quick break.

347
00:18:25,160 --> 00:18:40,679
Speaker 1: This is Bloomberg Meta's first major job cuts might not

348
00:18:40,720 --> 00:18:43,440
Speaker 1: cut it. The Facebook parent laid off eleven thousand workers

349
00:18:43,440 --> 00:18:45,359
Speaker 1: this week, but a let's say that won't be nearly

350
00:18:45,480 --> 00:18:47,800
Speaker 1: enough to get the company back to being as profitable

351
00:18:47,840 --> 00:18:52,120
Speaker 1: as it was two years ago, revenue still falling, spending

352
00:18:52,480 --> 00:18:56,679
Speaker 1: has ballooned, and the money saved on job cuts just

353
00:18:56,760 --> 00:18:58,639
Speaker 1: to drop in a very large bucket, and it was

354
00:18:58,680 --> 00:19:02,760
Speaker 1: the largest single own art auction in history. In just

355
00:19:02,880 --> 00:19:05,040
Speaker 1: two and a half hours, Christie's presided over the sale

356
00:19:05,080 --> 00:19:07,680
Speaker 1: of sixty artworks for an unprecedented one and a half

357
00:19:07,680 --> 00:19:11,080
Speaker 1: billion dollars. They came from the collection of late Microsoft

358
00:19:11,080 --> 00:19:14,880
Speaker 1: co founder Paul Allen, among them works from Lucien Freud, Goos,

359
00:19:14,960 --> 00:19:27,919
Speaker 1: Dave Clint, and Paul says On. Okay, well, welcome back

360
00:19:27,920 --> 00:19:30,760
Speaker 1: to Bloomer Technology. I'm Emily Chang in San Francisco. Now

361
00:19:30,880 --> 00:19:34,480
Speaker 1: to the wave of tech layoffs, cryptocarnage, and Twitter tearing

362
00:19:34,520 --> 00:19:38,240
Speaker 1: on the possibility of bankruptcy. According to Elon Musk, what

363
00:19:38,280 --> 00:19:41,360
Speaker 1: does it all mean for startups that only just survived

364
00:19:41,359 --> 00:19:43,480
Speaker 1: a pandemic? I want to bring in Alien lead founder

365
00:19:43,480 --> 00:19:46,440
Speaker 1: and managing partner of Cowboy Ventures now who coined the

366
00:19:46,560 --> 00:19:49,399
Speaker 1: term unicorn almost ten years ago, and Jenny left Court,

367
00:19:49,400 --> 00:19:52,520
Speaker 1: general partner at Freestyle VC, both of whom have been

368
00:19:52,600 --> 00:19:55,439
Speaker 1: very very active in helping women get more access in

369
00:19:55,440 --> 00:19:57,840
Speaker 1: Silicon Valley. So first, thank you both for being here today.

370
00:19:58,520 --> 00:20:01,440
Speaker 1: Thank you for having us on a special day. Um,

371
00:20:01,440 --> 00:20:05,040
Speaker 1: it's truly an honor for both. Kiddy guys are so

372
00:20:05,080 --> 00:20:07,920
Speaker 1: sweet and it's it's it's it's a crazy newsday. It's

373
00:20:07,960 --> 00:20:11,840
Speaker 1: a crazy time for Silicon Valley. You've both been investing

374
00:20:11,840 --> 00:20:16,680
Speaker 1: a long time. What's your read on all of this? Sorry? Um,

375
00:20:17,119 --> 00:20:19,360
Speaker 1: I mean this is the correction that we've all been

376
00:20:19,359 --> 00:20:22,359
Speaker 1: talking about for years that there's just no way right

377
00:20:22,440 --> 00:20:25,720
Speaker 1: that you know, economies are cyclical. Tech has been cyclical,

378
00:20:26,400 --> 00:20:28,640
Speaker 1: and we've had a crazy bowl market for a really

379
00:20:28,680 --> 00:20:33,520
Speaker 1: long time and to the point where people only were

380
00:20:33,640 --> 00:20:35,560
Speaker 1: it lasted so long that people thought that this is

381
00:20:35,560 --> 00:20:39,080
Speaker 1: how companies traded forever. But it was such an anomaly.

382
00:20:39,200 --> 00:20:42,040
Speaker 1: So it's it's quite unfortunate, but it kind of had

383
00:20:42,080 --> 00:20:44,080
Speaker 1: to happen. So how bad does it get or how

384
00:20:44,119 --> 00:20:46,480
Speaker 1: bad are you preparing for it to get? I think

385
00:20:46,520 --> 00:20:48,440
Speaker 1: we're at the tip of the iceberg. I think it's

386
00:20:48,440 --> 00:20:50,760
Speaker 1: going to get a lot worse. It's we're just starting

387
00:20:50,760 --> 00:20:55,600
Speaker 1: with the reckoning of like years of going fast and loose. Uh.

388
00:20:55,640 --> 00:20:58,040
Speaker 1: And so I think now you see Stripe, you see

389
00:20:58,040 --> 00:21:01,080
Speaker 1: all the really good profitable company US making layoffs. There

390
00:21:01,160 --> 00:21:04,480
Speaker 1: isn't a company in town that is not cutting. And

391
00:21:04,520 --> 00:21:06,560
Speaker 1: I think you're gonna say a lot of startups have

392
00:21:06,680 --> 00:21:09,679
Speaker 1: to wind down. So how does this impact startups? I mean,

393
00:21:09,680 --> 00:21:11,560
Speaker 1: there's so much focus on the big names, but there

394
00:21:11,560 --> 00:21:15,320
Speaker 1: are all of these companies out there, the unicorns, the

395
00:21:15,400 --> 00:21:19,960
Speaker 1: newly anointed unicorns that are struggling. Yeah, and I think

396
00:21:20,000 --> 00:21:22,800
Speaker 1: the it's not going to happen in one fell swoop.

397
00:21:22,800 --> 00:21:25,119
Speaker 1: It's not going to be like yesterday. I was right

398
00:21:25,160 --> 00:21:27,040
Speaker 1: because a lot of companies has a lot of money

399
00:21:27,080 --> 00:21:29,320
Speaker 1: from private markets over the past three years and they're

400
00:21:29,359 --> 00:21:33,280
Speaker 1: kind of living off what they raised and they're cutting.

401
00:21:33,720 --> 00:21:36,160
Speaker 1: Some of them may not cut deep enough. And also

402
00:21:36,359 --> 00:21:38,080
Speaker 1: some of them were built for a different time when

403
00:21:38,080 --> 00:21:41,080
Speaker 1: budgets were a lot more flush. They built products that

404
00:21:41,119 --> 00:21:43,919
Speaker 1: were in some cases we have them. Tech has been

405
00:21:43,960 --> 00:21:46,680
Speaker 1: a little bit of a circular economy where there was

406
00:21:46,760 --> 00:21:48,640
Speaker 1: just a lot of private money. It was a lot

407
00:21:48,880 --> 00:21:50,480
Speaker 1: you know, a lot of people thought they were geniuses,

408
00:21:50,480 --> 00:21:52,720
Speaker 1: and a lot of them are geniuses, but also geniuses

409
00:21:52,720 --> 00:21:56,400
Speaker 1: in is like basically a zero interest rate environment and

410
00:21:56,800 --> 00:21:57,879
Speaker 1: a lot of things are going to change in the

411
00:21:57,880 --> 00:22:00,240
Speaker 1: next couple of years. Well, and there's also this attern

412
00:22:00,320 --> 00:22:03,280
Speaker 1: matching that goes on in silicon valid whereby you look

413
00:22:03,320 --> 00:22:06,879
Speaker 1: for founders who look a certain way, and maybe Sam

414
00:22:06,880 --> 00:22:09,880
Speaker 1: Bank been freed, for example, matched a pattern of what

415
00:22:09,960 --> 00:22:14,640
Speaker 1: investors think successful founders look like. What is the lesson here?

416
00:22:14,840 --> 00:22:17,600
Speaker 1: So hopefully the lesson is that we all have to

417
00:22:17,680 --> 00:22:20,399
Speaker 1: do more with less, and so those who have been

418
00:22:20,440 --> 00:22:23,560
Speaker 1: spending so much money and haven't actually gotten anywhere will

419
00:22:23,600 --> 00:22:26,119
Speaker 1: not continue to get the next check, and the people

420
00:22:26,119 --> 00:22:29,120
Speaker 1: who have done a lot with very little, let's say

421
00:22:29,119 --> 00:22:32,399
Speaker 1: women or people of color, will actually be given the

422
00:22:32,440 --> 00:22:35,840
Speaker 1: advantage in this new market. How are you changing? Are

423
00:22:35,840 --> 00:22:38,080
Speaker 1: you changing your strategy? Are you are you investing? Are

424
00:22:38,080 --> 00:22:41,080
Speaker 1: you waiting it out? I mean, I think both of

425
00:22:41,160 --> 00:22:43,720
Speaker 1: us are fairly disciplined investors. So we may be a

426
00:22:43,760 --> 00:22:45,800
Speaker 1: little old fashioned in that way, which maybe seemed a

427
00:22:45,840 --> 00:22:48,440
Speaker 1: little out of fashion a couple of years ago, but true,

428
00:22:48,960 --> 00:22:54,280
Speaker 1: you know, I think, uh, I'm optimistic. It's obviously it's

429
00:22:54,280 --> 00:22:56,159
Speaker 1: horrible for a lot of really talented people who have

430
00:22:56,240 --> 00:22:59,399
Speaker 1: gotten laid off. And you know, there's just been a

431
00:22:59,480 --> 00:23:01,560
Speaker 1: lot of x us and you mentioned mostly kind of

432
00:23:01,600 --> 00:23:05,439
Speaker 1: pattern matching, and a lot of people have walked into

433
00:23:05,560 --> 00:23:09,360
Speaker 1: venture capital pitch rooms or zooms and matched a pattern

434
00:23:09,560 --> 00:23:12,760
Speaker 1: of like you know, Voyd genius or kind of like

435
00:23:13,200 --> 00:23:15,560
Speaker 1: brilliant genius who often sometimes wind up being like a

436
00:23:15,560 --> 00:23:19,160
Speaker 1: brilliant jerk. And I don't know how many of these

437
00:23:19,160 --> 00:23:21,480
Speaker 1: stories it's going to take for people to realize that

438
00:23:21,560 --> 00:23:23,520
Speaker 1: that's not always the right, like, that's not always the

439
00:23:23,520 --> 00:23:27,080
Speaker 1: recipe for success. But now we're at least getting some

440
00:23:27,200 --> 00:23:30,560
Speaker 1: examples that people can think about and think, actually, a

441
00:23:30,600 --> 00:23:33,480
Speaker 1: person who's actually treats people with respect and builds a

442
00:23:33,520 --> 00:23:37,600
Speaker 1: resilient culture um and build a diverse team is actually

443
00:23:37,600 --> 00:23:41,280
Speaker 1: going to survive the ups and downs of economic cycles,

444
00:23:41,320 --> 00:23:45,040
Speaker 1: perhaps better than just move fast and break things. Since

445
00:23:45,080 --> 00:23:49,200
Speaker 1: you coined the term unicorn, yes to refer to companies

446
00:23:49,240 --> 00:23:52,359
Speaker 1: with you know, a billion dollar evaluation or more. My

447
00:23:52,440 --> 00:23:54,840
Speaker 1: colleague Katie Roof today, she she said, asked a leen

448
00:23:54,920 --> 00:23:58,760
Speaker 1: about unicorantine unicorps. I hadn't heard that. Yeah, yeah, yeah,

449
00:23:59,280 --> 00:24:01,960
Speaker 1: we actually I feel like I came up like years ago, right,

450
00:24:02,000 --> 00:24:06,000
Speaker 1: but then it didn't really happen. But it's happening. Yeah.

451
00:24:06,119 --> 00:24:08,600
Speaker 1: I think it's uh, I mean, I think there's gonna

452
00:24:08,600 --> 00:24:10,280
Speaker 1: be a lot of down rounds. So you know that

453
00:24:10,400 --> 00:24:13,320
Speaker 1: already this year, the number of unicorns being minted has

454
00:24:13,359 --> 00:24:17,320
Speaker 1: slowed considerably versus last year, but still like when we

455
00:24:17,440 --> 00:24:19,639
Speaker 1: did the analysis, it was almost ten years ago. Like

456
00:24:19,680 --> 00:24:22,719
Speaker 1: you mentioned, there was it was only US so and

457
00:24:22,760 --> 00:24:26,120
Speaker 1: also the global markets weren't what they are now. Uh,

458
00:24:26,119 --> 00:24:28,480
Speaker 1: the original set had about forty companies in it, right,

459
00:24:28,520 --> 00:24:30,560
Speaker 1: so if you look at like different sources right now,

460
00:24:30,600 --> 00:24:32,960
Speaker 1: the set has over a thousand now it's it's global,

461
00:24:33,080 --> 00:24:34,679
Speaker 1: so in the US is about half. So so it

462
00:24:34,680 --> 00:24:36,960
Speaker 1: means like about five dred at least five US based

463
00:24:37,040 --> 00:24:40,399
Speaker 1: Unicorn so more than ten x um. I think that

464
00:24:40,440 --> 00:24:43,199
Speaker 1: will come down. So it's funny. Next summer is like

465
00:24:43,280 --> 00:24:45,960
Speaker 1: the ten year anniversary of the original analysis, and I

466
00:24:46,000 --> 00:24:48,280
Speaker 1: was I'm planning on doing an update, but like I

467
00:24:48,280 --> 00:24:50,000
Speaker 1: thought about doing it this past summer, it would be

468
00:24:50,000 --> 00:24:52,040
Speaker 1: a very different update if I had done it less

469
00:24:52,240 --> 00:24:53,840
Speaker 1: this past summer than when I think, when we do

470
00:24:53,840 --> 00:24:57,080
Speaker 1: it next summer, how are you changing your strategy or

471
00:24:57,160 --> 00:25:00,320
Speaker 1: thinking of navigating through this? Would like a lean. I mean,

472
00:25:00,400 --> 00:25:02,639
Speaker 1: I was a founder in two thousand I was a

473
00:25:02,640 --> 00:25:05,560
Speaker 1: founder in two thousand eight. I've been kind of expecting this,

474
00:25:05,760 --> 00:25:07,879
Speaker 1: waiting for it, and kind of, like Alien said, feeling

475
00:25:07,920 --> 00:25:10,920
Speaker 1: foolish to not be playing as fast and loose as

476
00:25:10,920 --> 00:25:13,600
Speaker 1: some of our colleagues. And so right now, I guess

477
00:25:13,680 --> 00:25:15,639
Speaker 1: what I'm doing is I'm making sure our companies are

478
00:25:15,640 --> 00:25:18,480
Speaker 1: in really good shape, those who had the luck of

479
00:25:18,560 --> 00:25:21,840
Speaker 1: raising in the good times, making the most of that capital,

480
00:25:22,040 --> 00:25:25,480
Speaker 1: really getting just surgical and execution and making sure that

481
00:25:25,520 --> 00:25:28,400
Speaker 1: they make it last, maybe get to profitability, and then

482
00:25:28,560 --> 00:25:32,080
Speaker 1: being really careful with deploying capital, making sure they're great

483
00:25:32,080 --> 00:25:34,600
Speaker 1: companies that I believe in, that can go the long haul.

484
00:25:34,680 --> 00:25:37,400
Speaker 1: They were building for the right reasons, and um, well

485
00:25:37,720 --> 00:25:40,280
Speaker 1: we're going to be patient. We both have tons of

486
00:25:40,320 --> 00:25:44,159
Speaker 1: capital deploy or plenty of capital floy but no feeling,

487
00:25:44,160 --> 00:25:47,080
Speaker 1: no rush to do. So you're both founders of All Rays.

488
00:25:47,200 --> 00:25:50,600
Speaker 1: You've worked really hard to change the game for women

489
00:25:50,640 --> 00:25:54,760
Speaker 1: as investors and entrepreneurs in Silicon Valley. How much progress

490
00:25:54,800 --> 00:25:57,520
Speaker 1: has been made? And are you worried a downturn set

491
00:25:57,560 --> 00:26:00,679
Speaker 1: some of that progress back? So we were just reflecting

492
00:26:00,880 --> 00:26:03,880
Speaker 1: as we were watching you and the earlier segments that

493
00:26:03,920 --> 00:26:07,680
Speaker 1: you wrote, wrote Topia and published it around at the

494
00:26:07,760 --> 00:26:10,679
Speaker 1: same time that All Rays was launched, h and so

495
00:26:10,720 --> 00:26:12,800
Speaker 1: we're just so appreciative of all the work that you

496
00:26:12,880 --> 00:26:15,240
Speaker 1: have done. Both who you have on your show, how

497
00:26:15,280 --> 00:26:18,879
Speaker 1: you ask these questions. Um, it's really I mean it's

498
00:26:18,920 --> 00:26:21,240
Speaker 1: gonna we know you're you're not going anywhere, but um,

499
00:26:21,480 --> 00:26:24,560
Speaker 1: we've that's deeply appreciated because actually it made a huge

500
00:26:24,600 --> 00:26:26,920
Speaker 1: difference to us when we were launching. We were all

501
00:26:26,960 --> 00:26:30,639
Speaker 1: reading that book was around February and we launched in

502
00:26:30,760 --> 00:26:34,520
Speaker 1: April of Yeah. So the ripple effects of what you do,

503
00:26:34,720 --> 00:26:37,600
Speaker 1: what al Rays says keeps going and there's so much

504
00:26:37,640 --> 00:26:39,240
Speaker 1: more work to do, so much more to do. So

505
00:26:39,280 --> 00:26:41,800
Speaker 1: I think we have to all be cognizant as an industry,

506
00:26:41,880 --> 00:26:46,200
Speaker 1: as individuals and organizations. Uh Like Jenny said, like this

507
00:26:46,280 --> 00:26:49,080
Speaker 1: is a time where people have to get like grittier, right,

508
00:26:49,119 --> 00:26:51,560
Speaker 1: And if you're looking for people who have basically their

509
00:26:51,680 --> 00:26:54,440
Speaker 1: entire lives done more with less, you're looking at women

510
00:26:54,440 --> 00:26:56,760
Speaker 1: and people of color. So think it would be a

511
00:26:56,840 --> 00:27:01,240
Speaker 1: terrible mistake to actually cut those people from your talent

512
00:27:01,320 --> 00:27:04,520
Speaker 1: base and to go back to monocultures. Um. Like, I

513
00:27:04,560 --> 00:27:07,520
Speaker 1: think we need really resilient folks to help us lead

514
00:27:07,640 --> 00:27:10,959
Speaker 1: and manage and execute through this recession. Times are changing.

515
00:27:11,240 --> 00:27:14,720
Speaker 1: Elon Musk just told employees that Twitter could go bankrupt

516
00:27:15,000 --> 00:27:20,080
Speaker 1: and you've got almost the entire executive team now gone gone. Well,

517
00:27:20,119 --> 00:27:22,560
Speaker 1: I mean, how are you watching this? Any any any

518
00:27:22,560 --> 00:27:25,400
Speaker 1: advice for for Mr Musk. The one thing we were

519
00:27:25,440 --> 00:27:27,840
Speaker 1: talking about is it was in your book that you

520
00:27:27,920 --> 00:27:30,760
Speaker 1: talked about Dick Hostelo talking about they had a huge

521
00:27:30,800 --> 00:27:32,960
Speaker 1: they made a huge mistake not having women at that

522
00:27:33,040 --> 00:27:35,080
Speaker 1: table when they were dealing with all the issues. And

523
00:27:36,440 --> 00:27:38,360
Speaker 1: here we are, how many years later, and the same

524
00:27:38,400 --> 00:27:40,159
Speaker 1: thing is happening the people in the in the in

525
00:27:40,200 --> 00:27:42,040
Speaker 1: the war room. I don't think there are any women

526
00:27:42,080 --> 00:27:45,000
Speaker 1: around that table. So it's sort of like it's sometimes

527
00:27:45,080 --> 00:27:47,760
Speaker 1: you look and you're like, we've gone nowhere, right, where

528
00:27:47,800 --> 00:27:50,920
Speaker 1: is the progress we obviously needed to accelerate. But then

529
00:27:50,960 --> 00:27:53,280
Speaker 1: we were also talking about the fact that when Bain

530
00:27:53,359 --> 00:27:57,200
Speaker 1: Crypto Capital launched their fund with a picture of seven

531
00:27:57,400 --> 00:28:00,280
Speaker 1: dudes on it, they got obliterated, right, and not just

532
00:28:00,359 --> 00:28:03,480
Speaker 1: by women but by men. And everyone knew that wasn't okay.

533
00:28:03,520 --> 00:28:06,640
Speaker 1: So should it have happened, No, But ten years ago

534
00:28:06,720 --> 00:28:08,760
Speaker 1: I don't think they would have been obliterated. So in

535
00:28:08,800 --> 00:28:12,000
Speaker 1: some ways we've made progress in the world's getting educated

536
00:28:12,440 --> 00:28:15,359
Speaker 1: and it's not about altruism, right, it's about good business.

537
00:28:15,760 --> 00:28:18,640
Speaker 1: But in other ways, in the Twitter warm room right now,

538
00:28:19,640 --> 00:28:26,120
Speaker 1: haling Lee, Wait, you are our unicorn. Oh my god,

539
00:28:26,840 --> 00:28:34,600
Speaker 1: this little sore, but were you so care? She's so

540
00:28:34,720 --> 00:28:42,720
Speaker 1: cute and inside she nurtures baby. Just to thank you

541
00:28:42,800 --> 00:28:51,040
Speaker 1: to you for twelve years, happy last day, and thank

542
00:28:51,080 --> 00:28:53,880
Speaker 1: you for all you've done. All right, m ailing Lee,

543
00:28:54,000 --> 00:28:57,200
Speaker 1: Jenny left court. Thank you both for stopping by. More

544
00:28:57,200 --> 00:28:59,320
Speaker 1: of what work Tech after this break, we're talking crypto

545
00:28:59,800 --> 00:29:16,040
Speaker 1: and implosion and what's next. This is Bloomberg f t

546
00:29:16,280 --> 00:29:19,680
Speaker 1: X assets have been frozen by the Bahamas regulator. Bloomberg's

547
00:29:19,680 --> 00:29:22,760
Speaker 1: Handimiller covers crypto for us the New The headlines keep

548
00:29:22,760 --> 00:29:26,960
Speaker 1: pouring in. What's happening now? Yes, the situation keeps getting

549
00:29:27,000 --> 00:29:30,120
Speaker 1: more and more complicated. It's extremely fast moving. What we

550
00:29:30,160 --> 00:29:33,080
Speaker 1: do know is that Sam bankman Fried is under some

551
00:29:33,200 --> 00:29:36,640
Speaker 1: serious legal scrutiny and there still is an ongoing investigation

552
00:29:36,720 --> 00:29:41,280
Speaker 1: from the CFTC and the SEC. Could he face jail time? Yeah,

553
00:29:41,320 --> 00:29:43,120
Speaker 1: I mean, I can't even believe I'm saying that, but

554
00:29:43,440 --> 00:29:46,720
Speaker 1: it's unclear. Um, it's really gonna come down to whether

555
00:29:46,720 --> 00:29:49,720
Speaker 1: he mishandled customer funds. Um. They're also looking at the

556
00:29:49,720 --> 00:29:52,840
Speaker 1: relationship between f t X and allow me to research

557
00:29:52,880 --> 00:29:55,560
Speaker 1: the trading firm he helped found. We're also talking about

558
00:29:55,600 --> 00:30:00,320
Speaker 1: a potentially techtonic shift in the crypto landscape. What other

559
00:30:00,400 --> 00:30:03,800
Speaker 1: ripple effects of this? Everybody's reeling right now. You know,

560
00:30:04,000 --> 00:30:07,760
Speaker 1: the market is struggling. F t X and Sam bankman

561
00:30:07,800 --> 00:30:11,560
Speaker 1: Fried had an incredible reach over the industry. Um he

562
00:30:11,840 --> 00:30:15,560
Speaker 1: is invested in multiple companies, he has built out multiple companies.

563
00:30:16,080 --> 00:30:18,360
Speaker 1: Uh f t X also does a lot of business

564
00:30:18,360 --> 00:30:21,360
Speaker 1: with different players. So it's gonna be interesting to see

565
00:30:21,440 --> 00:30:24,200
Speaker 1: which dominoes fall and how quickly. What are we hearing

566
00:30:24,240 --> 00:30:26,840
Speaker 1: from the other exchanges? I mean, Brian Armstrong, the CEO

567
00:30:26,960 --> 00:30:31,200
Speaker 1: coin Base, was on the show earlier this week saying basically,

568
00:30:31,200 --> 00:30:32,680
Speaker 1: we looked at f t X, but there are some

569
00:30:32,720 --> 00:30:35,120
Speaker 1: things that will come to light and here we are.

570
00:30:35,200 --> 00:30:39,200
Speaker 1: Now what's the word from finance? Yeah, finance. I think

571
00:30:39,400 --> 00:30:42,120
Speaker 1: c Z is sort of basking in a victory right now.

572
00:30:42,280 --> 00:30:44,680
Speaker 1: As Sam bankman Fried put it in a tweet this morning,

573
00:30:44,920 --> 00:30:47,840
Speaker 1: he said, you want so well, victory in the crypto

574
00:30:47,880 --> 00:30:51,480
Speaker 1: space isn't necessarily long lived though, right, Like, how do

575
00:30:51,600 --> 00:30:54,960
Speaker 1: we know? Jesse Patt was on yesterday and say, I said,

576
00:30:54,960 --> 00:30:57,840
Speaker 1: we're going to see who swimming naked? Um, how do

577
00:30:57,920 --> 00:31:01,520
Speaker 1: we know who's swimming naked? Yes, that is very good question. Um.

578
00:31:01,640 --> 00:31:03,440
Speaker 1: And I think there's still going to be a lot

579
00:31:03,480 --> 00:31:07,360
Speaker 1: to unfold here, especially what are you looking at? I'm

580
00:31:07,360 --> 00:31:09,600
Speaker 1: looking at which players are being affected here? Who's on

581
00:31:09,640 --> 00:31:12,560
Speaker 1: the virtue of bankruptcy? Who's getting hit hard by f

582
00:31:12,680 --> 00:31:15,760
Speaker 1: tx's downfall? All right, Bloomer's had a miller. We will

583
00:31:15,760 --> 00:31:18,880
Speaker 1: stay tuned to your reporting. Thank you so much for

584
00:31:19,040 --> 00:31:29,680
Speaker 1: joining us. I'm Emily Chang, and this is the newly

585
00:31:29,800 --> 00:31:33,880
Speaker 1: named Bloomberg Technology. This is Bloomberg Technology. I'm Emily Chang.

586
00:31:33,960 --> 00:31:36,600
Speaker 1: We are live from the Vanity Fair New Establishment Summit

587
00:31:36,640 --> 00:31:38,960
Speaker 1: in Los Angeles. I'm Emily Changing at Facebook headquarters in

588
00:31:39,000 --> 00:31:42,080
Speaker 1: Menlo Park, California. Welcome to Bloomberg Technology. I'm Emily Chang,

589
00:31:42,200 --> 00:31:46,960
Speaker 1: live from Apple Park in Coupertino, California, Apple's brand new headquarters.

590
00:31:47,040 --> 00:31:49,760
Speaker 1: The smartphone has proven to be the undisputed king of

591
00:31:49,800 --> 00:31:54,400
Speaker 1: Apple products and in turn revolutionized an entire ecosystem. You know,

592
00:31:54,480 --> 00:31:57,800
Speaker 1: as time has gone on, the smartphone has become more

593
00:31:57,880 --> 00:32:01,680
Speaker 1: important to people's lives. Fay Book is now officially a

594
00:32:01,760 --> 00:32:04,800
Speaker 1: publicly traded company. The neat Deck had ruled out the

595
00:32:04,840 --> 00:32:07,920
Speaker 1: red carpet for a bill reading unlike any other. Someone

596
00:32:07,960 --> 00:32:11,720
Speaker 1: suggested a joint venture with Amazon, would that ever happen? Well, really,

597
00:32:11,760 --> 00:32:13,479
Speaker 1: I heard about it from you. I have never heard

598
00:32:13,520 --> 00:32:18,120
Speaker 1: about that. I would be interested in talking s s

599
00:32:18,160 --> 00:32:23,800
Speaker 1: always anything. Anybody that involving helping small business will feel excited.

600
00:32:24,200 --> 00:32:25,760
Speaker 1: A lot of people are looking at Square as an

601
00:32:25,760 --> 00:32:29,680
Speaker 1: example of that. These private tech unicorns are overmout what

602
00:32:29,720 --> 00:32:32,160
Speaker 1: do you think? I don't know. I'm not an economist.

603
00:32:32,280 --> 00:32:34,920
Speaker 1: We have an economist on our board. Talk to him.

604
00:32:34,960 --> 00:32:37,840
Speaker 1: But you've compared the company to Amazon. You've got some

605
00:32:37,880 --> 00:32:39,920
Speaker 1: investors out there who think it might be more like

606
00:32:40,000 --> 00:32:42,360
Speaker 1: an e Bay or just big questions about how big

607
00:32:42,360 --> 00:32:44,800
Speaker 1: the right hailing market can be. How do you deliver

608
00:32:45,200 --> 00:32:48,240
Speaker 1: on the Amazon? We just have to weave got We've

609
00:32:48,240 --> 00:32:51,160
Speaker 1: got to execute. And when you think about what Amazon did,

610
00:32:51,480 --> 00:32:54,640
Speaker 1: they went beyond the bookseller to other categories of retail.

611
00:32:54,960 --> 00:32:57,080
Speaker 1: We're doing the same thing. And I think that the

612
00:32:57,160 --> 00:32:59,120
Speaker 1: ones who've been on us, the investors have been on

613
00:32:59,200 --> 00:33:01,520
Speaker 1: us launch are going to be happy to share. Is

614
00:33:01,520 --> 00:33:03,719
Speaker 1: indicated to open right now at a hundred thirty nine

615
00:33:03,800 --> 00:33:06,400
Speaker 1: dollars a share, which is more than double what you've

616
00:33:06,440 --> 00:33:10,040
Speaker 1: priced at. I mean, are you at all concerned about froth?

617
00:33:10,520 --> 00:33:13,080
Speaker 1: What do you think about that number and the potential

618
00:33:13,760 --> 00:33:17,840
Speaker 1: that you're leaving billions of dollars on the table. That's

619
00:33:17,840 --> 00:33:20,680
Speaker 1: the first time I've heard that number. Um. That is

620
00:33:21,000 --> 00:33:28,360
Speaker 1: that's a you know, when we in April we raise money, um,

621
00:33:28,440 --> 00:33:31,680
Speaker 1: and it was a debt financing. That price would have

622
00:33:31,680 --> 00:33:34,280
Speaker 1: priced us around thirty bucks. Coming to you live from

623
00:33:34,280 --> 00:33:37,840
Speaker 1: the San Francisco Bay Area, where I am sheltering in place,

624
00:33:37,920 --> 00:33:40,440
Speaker 1: all of us at home in order to comply with

625
00:33:40,520 --> 00:33:43,560
Speaker 1: local orders that we not leave our homes in the

626
00:33:43,600 --> 00:33:47,840
Speaker 1: midst of this coronavirus outbreak in the interest of public safety.

627
00:33:47,840 --> 00:33:49,600
Speaker 1: Bear with us as we do our best to bring

628
00:33:49,600 --> 00:33:52,880
Speaker 1: you the news as best we can't. The power of

629
00:33:53,040 --> 00:33:56,640
Speaker 1: the people online forums on Reddit, Discord and more, fueling

630
00:33:56,760 --> 00:34:00,400
Speaker 1: massive market moves in game Stop, BlackBerry, A and See

631
00:34:00,400 --> 00:34:04,640
Speaker 1: and more, leaving hedge funds scrambling as they lose billions.

632
00:34:04,760 --> 00:34:08,840
Speaker 1: Jeff Bezos is formally stepping down as Amazon CEO, turning

633
00:34:08,840 --> 00:34:12,319
Speaker 1: the reins over to cloud computing boss Andy Jase on five.

634
00:34:12,880 --> 00:34:16,279
Speaker 1: That's twenty seven years to the day after Bezos Incorporated

635
00:34:16,400 --> 00:34:19,400
Speaker 1: Amazon dot Com. Jeff Bezos of Blue Origin and his

636
00:34:19,480 --> 00:34:23,200
Speaker 1: crew have pulled off a safe and successful launch, shuttling

637
00:34:23,480 --> 00:34:27,400
Speaker 1: human beings to space for the very first time, landing

638
00:34:27,920 --> 00:34:33,880
Speaker 1: without a hitch. Welcome back to Earth. How do you feel? Oh?

639
00:34:33,880 --> 00:34:38,480
Speaker 1: My goodness? Wow? I mean wow, this is your first

640
00:34:38,520 --> 00:34:42,440
Speaker 1: interview since landing. We all want to know the reality

641
00:34:42,480 --> 00:34:44,600
Speaker 1: of seeing the Earth from above? Did it live up

642
00:34:44,640 --> 00:34:49,400
Speaker 1: to the dream beyond? Honestly, I'm not talented enough to

643
00:34:49,440 --> 00:34:51,279
Speaker 1: describe this in words. Out with the old and in

644
00:34:51,400 --> 00:34:55,239
Speaker 1: with the Meta. Mark Zuckerberg goes all in on the metaverse,

645
00:34:55,560 --> 00:34:59,520
Speaker 1: doubling down on immersive reality and rebranding the entire platform.

646
00:34:59,719 --> 00:35:06,520
Speaker 1: What the serena slamb for business? What does that look like? Um?

647
00:35:06,560 --> 00:35:09,919
Speaker 1: I have never been asked that question, and I've never

648
00:35:10,000 --> 00:35:12,799
Speaker 1: thought about it, and I think that is such a

649
00:35:12,800 --> 00:35:16,520
Speaker 1: good idea of Twitter is now officially owned by Elon Musk.

650
00:35:16,680 --> 00:35:19,320
Speaker 1: The company moreover, is going to go through this completely

651
00:35:19,400 --> 00:35:23,080
Speaker 1: chaotic transition where it's essentially learning how to operate from

652
00:35:23,200 --> 00:35:25,760
Speaker 1: day one. Except it's already a going concern with thousands

653
00:35:25,760 --> 00:35:28,359
Speaker 1: of employees. It's it's just not going to end well

654
00:35:28,440 --> 00:35:32,320
Speaker 1: for him. Let's point your hand this way to have

655
00:35:32,400 --> 00:35:40,640
Speaker 1: him drive. Oh, we got around and that does it.

656
00:35:40,840 --> 00:35:44,120
Speaker 1: For this edition of Bloomberg Technology on Emily Chang in

657
00:35:44,160 --> 00:35:51,320
Speaker 1: San Francisco. This is Bloomberg twelve years. Twelve years. That

658
00:35:51,560 --> 00:35:54,520
Speaker 1: is how long I've been hosting this show, hosting the show.

659
00:35:55,040 --> 00:35:57,839
Speaker 1: Thank you, guys, Thank you. There's a lot of painople here.

660
00:35:58,320 --> 00:36:04,799
Speaker 1: Keep reading almost every day episodes. UM. This was my

661
00:36:04,880 --> 00:36:07,840
Speaker 1: first baby, my first rocket ship, and it's time to

662
00:36:07,920 --> 00:36:11,320
Speaker 1: launch the next one. Um. I'm going to be expanding

663
00:36:11,320 --> 00:36:13,840
Speaker 1: our coverage and launching news shows on Bloomberg focused on

664
00:36:13,880 --> 00:36:16,279
Speaker 1: the most important people and issues at the heart of tech,

665
00:36:16,440 --> 00:36:19,440
Speaker 1: business and culture. And that means moving on from this

666
00:36:19,560 --> 00:36:23,800
Speaker 1: daily show from My Family to a weekly show, New Family,

667
00:36:24,680 --> 00:36:28,040
Speaker 1: to get more in depth, to dive deeper, answer harder questions,

668
00:36:28,080 --> 00:36:30,160
Speaker 1: reinvent how we bring you these stories, and show you

669
00:36:30,160 --> 00:36:32,919
Speaker 1: more size of it all. Technology has thrust us into

670
00:36:32,960 --> 00:36:35,719
Speaker 1: a massive experiment in human history, and I want to

671
00:36:35,719 --> 00:36:39,360
Speaker 1: know how society life, how we are changing as a result,

672
00:36:39,440 --> 00:36:42,160
Speaker 1: and try to capture the site. Guys. When I came

673
00:36:42,200 --> 00:36:44,479
Speaker 1: to Silicon Valley in two thousand ten, Airbnb and Uber

674
00:36:44,520 --> 00:36:46,640
Speaker 1: were just starting to rise from the ashes of the

675
00:36:46,680 --> 00:36:50,480
Speaker 1: financial crisis. Apple's market cap was just two fifty million dollars,

676
00:36:50,560 --> 00:36:54,920
Speaker 1: Crypto barely existed, Nobody was even asking the question where

677
00:36:54,920 --> 00:36:58,040
Speaker 1: are all the women? At least not out loud, And

678
00:36:58,080 --> 00:37:00,719
Speaker 1: now Silicon Valley is at another inflection point. You've got

679
00:37:00,800 --> 00:37:05,480
Speaker 1: mass layoffs, crypto imploding, miss and disinformation algorithms gone wild,

680
00:37:06,200 --> 00:37:08,200
Speaker 1: power in the hands of a few companies and a

681
00:37:08,200 --> 00:37:12,280
Speaker 1: few people, and yet the power to do so much good,

682
00:37:13,440 --> 00:37:16,200
Speaker 1: so many problems, and yet the solutions could be just

683
00:37:16,320 --> 00:37:20,080
Speaker 1: two people in a garage away. So thank you for

684
00:37:20,120 --> 00:37:23,439
Speaker 1: helping me and our great team tell these stories. Thank

685
00:37:23,440 --> 00:37:25,960
Speaker 1: you for watching, for contributing, for sending tips to the

686
00:37:26,000 --> 00:37:29,400
Speaker 1: countless people and reporters who share their time and minds

687
00:37:29,440 --> 00:37:31,719
Speaker 1: to join us on the show. Thank you to the

688
00:37:31,760 --> 00:37:35,080
Speaker 1: viewer on Instagram who said he's watched our episodes from

689
00:37:35,080 --> 00:37:38,880
Speaker 1: halfway around the world, and um to my mom who's

690
00:37:38,880 --> 00:37:42,440
Speaker 1: maybe got you beat. Maybe Moving on to a new

691
00:37:42,480 --> 00:37:44,440
Speaker 1: chapter at Bloomberg is something that I chose to do,

692
00:37:44,520 --> 00:37:47,600
Speaker 1: but it wasn't easy. And this team is my family.

693
00:37:49,000 --> 00:37:51,560
Speaker 1: From everyone you see in front of the camera and

694
00:37:51,640 --> 00:37:54,320
Speaker 1: behind it, they all work so hard and I'm so

695
00:37:54,600 --> 00:37:59,080
Speaker 1: grateful for it, and I gonna get through this. In

696
00:37:59,120 --> 00:38:02,760
Speaker 1: twelve years, we've interviewed thousands of people, broken, countless stories,

697
00:38:02,800 --> 00:38:04,799
Speaker 1: and I realized that this was my dream job. I

698
00:38:04,840 --> 00:38:07,840
Speaker 1: wrote a book, I had four babies of my own

699
00:38:07,920 --> 00:38:10,600
Speaker 1: who are here, and I just want you to know

700
00:38:10,680 --> 00:38:13,239
Speaker 1: that every day has been an opportunity and every day

701
00:38:13,239 --> 00:38:16,919
Speaker 1: has been special, and there's so much more to come.

702
00:38:17,200 --> 00:38:21,400
Speaker 1: That's all from me for now. Tune into Bloomberg Technology tomorrow.

703
00:38:21,760 --> 00:38:25,239
Speaker 1: Thank you by che