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Speaker 1: From Marhart where Innovation, Money and Power Collie in Silicon Valley, NBN.

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Speaker 2: This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.

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Speaker 3: I'm Caroline Hinde at Bloomberg's Weldtay quarters in New York.

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

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Speaker 3: all the artificial intelligence throughout the show you need, from

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Speaker 3: a potential bubble in AI stocks to an AI girlfriend,

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Speaker 3: We've got you covered. Plus States versus companies will break

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Speaker 3: down Disney's decision to pull back in Florida, look at

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Speaker 3: the legal challenges facing Montana as TikTok users sue the

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Speaker 3: state over the band. And in today's VC Spotlight will

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Speaker 3: speak with the founder of Atomic Labs, one of the

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Speaker 3: original backers of Hymns and hers Is. They announced their

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Speaker 3: new three hundred and twenty million dollar fund. But first,

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Speaker 3: let's check your on these markets and look nervousness. Nervousness

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Speaker 3: about a debt ceiling demarcle continuing to erode some of

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Speaker 3: that confidence as we go into a weekend. We're off

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Speaker 3: by a tenth of a percent in terms of the NASDAK,

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Speaker 3: just coming off of those lowers. But still worries about

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Speaker 3: what Ja Powell is saying, of course, speaking the Fed chair,

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Speaker 3: really looking as though he's in track for some sort

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Speaker 3: of pause in June. That of course implicates what's happening

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Speaker 3: with the two year yield and the ten year yield

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Speaker 3: at the moment. Seeing a bit of a steepening of

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Speaker 3: the curve, we're basically flapped down by about Wembus's point

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Speaker 3: on the two year yield KBW Banking Index. Interesting one

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Speaker 3: Treasury Secretary Janet Yellen maybe hinting at further deals M

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Speaker 3: and A needed in the banking sectors. So the small

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Speaker 3: regional lenders they drop one and a half percent. Move

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Speaker 3: it on. Let's dig into some of the individual movers though,

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Speaker 3: because we have seen actually Apple managing to probably even

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Speaker 3: got the biggest, most impactful stock on the green. It's

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Speaker 3: going to be helping big tech in general. Apple sort

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Speaker 3: of bouncing back a little bit. Cisco bouncing back after

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Speaker 3: that erosion in its market capitalization yesterday as we worried

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Speaker 3: about its future. Sales are up two percent. Amazon though

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Speaker 3: down one point four percent as we worry more about

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Speaker 3: the inflationary consumer environment upon us. And let's dig into

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Speaker 3: the macro picture right here, right now, because we want

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Speaker 3: to give you the perspective on the Hill GOP debt

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Speaker 3: ceiling negotiators, we understand abruptly just well leaving a closed

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Speaker 3: door meeting with the White House representatives soon after it

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Speaker 3: began really throwing the status of how we avoid a

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Speaker 3: US to fault into doubt once again. Bloomberg's Kaylee lines

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Speaker 3: some polace to say, Russia is to set for us

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Speaker 3: and what do you think at the moment, what we're

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Speaker 3: expecting to come out of today's discussion.

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Speaker 4: Well, up until we got these headlines crossed within just

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Speaker 4: the last hour in Change, Caroline, it was feeling much

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Speaker 4: more positive. The mood music seemed much more optimistic. Speaker

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Speaker 4: Tomcarthy himself was talking about the idea of having a

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Speaker 4: deal in principle by the end of this weekend. That

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Speaker 4: all seems to have changed as of this morning, which,

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Speaker 4: as you say, saw that the negotiators on behalf of

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Speaker 4: the speaker, led by Congressman Garrett Graves, walked out of

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Speaker 4: this meeting saying the White House was being unreasonable, and

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Speaker 4: Graves went on to say he didn't know if they

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Speaker 4: were going to be meeting later today or even at

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Speaker 4: all over the weekend, So that clearly throws the timeline

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Speaker 4: into a bit of luck here. And we have to

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Speaker 4: keep in mind that at the end of this weekend

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Speaker 4: as well, the President is scheduled to return on Sunday

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Speaker 4: from the G seven summit in Japan, where he currently is.

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Speaker 4: Where it is right now about one in the morning,

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Speaker 4: he is in all likelihood sleeping at the moment as

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Speaker 4: this is crossing. And I would point to a tweet

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Speaker 4: from the Senate Minority Leader Mitch McConnell saying it is

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Speaker 4: only the President and Speaker McCarthy who can make a

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Speaker 4: deal on this. They are the only two who can

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Speaker 4: reach an agreement. Is past time for the White House

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Speaker 4: to get serious. Time is of the essence, because remember

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Speaker 4: Caroline Will less than two weeks away from June first.

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Speaker 3: Well pointed out so sticking points that these two individuals

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Speaker 3: need to unblok at the moment, Well.

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Speaker 2: There's a few.

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Speaker 4: One really big sticking point that seems to have emerged

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Speaker 4: is around stricter work requirements for entitlements. This is something

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Speaker 4: that Speaker McCarthy has previously described as a red line.

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Speaker 4: It is something the President himself has signaled openness to

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Speaker 4: except for in the cases of health related benefits like Medicaid.

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Speaker 4: Yet many in the Democratic Party have pushed back against

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Speaker 4: this idea. I've spoken with a number of progressive Democrats

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Speaker 4: members of the Congression Black Caucus as well, who said

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Speaker 4: they would vote no for any deal that included those

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Speaker 4: stricter requirements. Then there's also just the question of spending caps,

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Speaker 4: what the duration of them should be, where they should be,

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Speaker 4: and Jivilie just the timeline for how long into the

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Speaker 4: future the debt ceiling should be raised twenty twenty five

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Speaker 4: after the elections of next year or sooner than that.

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Speaker 4: So those are some of the points that need to

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Speaker 4: be ironed out, and clearly they are having difficulty moving

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Speaker 4: forward on those. As again, those negotiating on behalf of

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Speaker 4: the speaker say that the White House is not being

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Speaker 4: reasonable on this, will look for reaction from the White

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Speaker 4: House negotiators themselves, Caroline.

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Speaker 3: And reaction on market and asset prices at the moment

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Speaker 3: then ASDAK bouncing off of its lows, but big implications

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Speaker 3: for tech dot Colder is Kaylee brilliant, Thank you so

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Speaker 3: much for joining us. Meanwhile, must turn our attention to

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Speaker 3: the text stories that we've got to be digesting on

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Speaker 3: the day Open Ai. It's bought that chatchebt genitor ai

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Speaker 3: tool now to your smartphones more easily. We've got finally

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Speaker 3: the iPhone version available of course to service Android Google

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Speaker 3: owned Android devices in the future. Let's break it all down,

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Speaker 3: Rachel met some place to say is here, and I'm

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Speaker 3: sure it's a less clunky feel to sort of the

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Speaker 3: user that is so addicted to chat GBT in all

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Speaker 3: its forms at the moment. Just how broad is this going?

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Speaker 3: Is it just in the US thus far? Yeah?

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Speaker 5: Right now, it's just available in the US. It's a

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Speaker 5: free app, but they said that they're planning to roll

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Speaker 5: it out to more countries in the near future. And

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Speaker 5: as you mentioned, there is an Android app planned in

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Speaker 5: the near future as well.

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Speaker 3: And yeah, the delay often companies make an Apple iOS

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Speaker 3: app available before a Google Android. But is there something

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Speaker 3: to be read into that in some way the competition

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Speaker 3: of course between being Microsoft and Google in the like.

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Speaker 5: Oh perhaps, I think that's actually a really good point.

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Speaker 5: I mean, I think part of what we're seeing here

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Speaker 5: is there's so many iOS users and they often you

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Speaker 5: often have a lot of them that are using the

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Speaker 5: same version of the souper at the same time, so

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Speaker 5: it might be easier to hit a lot more people

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Speaker 5: at the same time. Android can be a little bit

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Speaker 5: more stratified.

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Speaker 3: So that might be some of it. I think we'll

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Speaker 3: have to.

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Speaker 5: See when the Android out comes out with the difference is,

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Speaker 5: you know.

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Speaker 3: And just as we still try and work out just

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Speaker 3: the unrolling of this particular app. It's interesting and kind

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Speaker 3: of ironic, right that Apple itself has done what many

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Speaker 3: companies are doing and just putting pools on using Chatchipt

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Speaker 3: within its own walls.

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Speaker 5: I'm so sorry that I couldn't hear the end of

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Speaker 5: what you said. Could you repeat that?

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Speaker 3: Of course, Rachel is Apple itself. It feels kind of

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Speaker 3: ironic that Apple is perhaps stopping its own employees use chatchipt.

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Speaker 5: Oh yes, we yeah, we've heard that that is going

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Speaker 5: on there. And I mean, on the one hand, that's ironic,

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Speaker 5: but I think it also speaks to the fact that

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Speaker 5: a lot of companies are really trying to figure out

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Speaker 5: how and if they can use this software, you know,

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Speaker 5: and they don't want employees pushing through either personally identifiable

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Speaker 5: information or company secret kind of stuff. But yes, it

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Speaker 5: is a little ironic. That then there is an app

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Speaker 5: available through the app Store for iOS so which you

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Speaker 5: know a lot of Apple employees use iPhones.

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Speaker 3: Yeah, and just from a consumer perspective, of course, Open

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Speaker 3: AI Chat GPT. It was the fuel to the far

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Speaker 3: of why we now talk about artificial intelligence day in

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Speaker 3: day out. It really called the consumer imagination. The people

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Speaker 3: you talk with, the consumer is using it at the moment,

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Speaker 3: Are they in any way worried about privacy about their

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Speaker 3: own chats, about the way in which it follows them

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Speaker 3: around from one device to the next and they can't

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Speaker 3: delete them.

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Speaker 5: I mean, I think it sort of depends on the person.

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Speaker 5: I haven't looked at the app into the app settings

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Speaker 5: yet myself that specifically, but you may be able to

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Speaker 5: turn off of the like the gathering of the data

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Speaker 5: by opening eye, which you can do on the web.

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Speaker 3: It wouldn't surprise me if there's that kind.

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Speaker 2: Of setting in there.

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Speaker 5: I mean, I think people definitely are thinking about where

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Speaker 5: is my information going when I'm using this, But sometimes

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Speaker 5: it's like, Hey, I just really want to get an

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Speaker 5: interesting margarita recipe, and I think to actually.

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Speaker 3: Be ticking helping with that. That's what I was doing

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Speaker 3: yesterday sir, you are speaking my kind of language. Rachel.

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Speaker 3: Let's thank you as we head towards this weekend. Forever

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Speaker 3: Voices AI, you would have been reading about it, of

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Speaker 3: course in the last few days. They're best known for

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Speaker 3: a forever companion service, but it's working with some of

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Speaker 3: the hottest influences on social media to allow users to

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Speaker 3: interact with them using I guess their artificial intelligence. Just

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Speaker 3: announced a new partnership with the twitch star amaranth joining

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Speaker 3: us now for more on the experience. How it's continued

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Speaker 3: to Snowball is John Mayer's founder and CEO of Forever

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Speaker 3: Voices AI. It all started with Karen Marjorie was the

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Speaker 3: one that really caught my attention. She now has eighteen

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Speaker 3: thousand boyfriends through her own AI. Just have you been

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Speaker 3: surprised by the uptick The desire to be having these

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Speaker 3: sort of really in depth conversations with is someone you

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Speaker 3: feel that you know.

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Speaker 6: We've been absolutely astonished. You know. This whole story started

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Speaker 6: with me wanting to reconnect with my late father in

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Speaker 6: AI form using his voice and his personality. It turned

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Speaker 6: out that was such a powerful technology that we then

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Speaker 6: apply it to influencers that have these large followings fans

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Speaker 6: that we'd love to meet and talk to and interact

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Speaker 6: with these people. And so with our latest launch today

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Speaker 6: with Amaranth, one of the top Twitch streamers in the world,

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Speaker 6: you know, we're sort of further defining this new era

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Speaker 6: of AI to human interaction where you can interact with

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Speaker 6: an AI copy of the person you admire most.

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Speaker 3: How do you, in fact some of the technology behind this,

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Speaker 3: John just ultimately, how are you producing these voices? What

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Speaker 3: sets you apart from others?

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Speaker 6: So what we've done here is we've taken a baseline

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Speaker 6: large language model and we've applied these proprietary layers on

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Speaker 6: top of that that we built, such as a personality

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Speaker 6: engine that develops these immerse, deep personalities of ais in

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Speaker 6: this case Amaranth or Karen that we launched last week,

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Speaker 6: where they exhibit feelings, you know, they can connect with

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Speaker 6: you on a deep level, they can share insights. So

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Speaker 6: that's what our personality engine does. And then we also

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Speaker 6: have our voice engine, which is really powerful. So that

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Speaker 6: allows us to take really just about ten minutes, let's say,

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Speaker 6: of audio of an influencer that we sign a deal

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Speaker 6: with where we're getting their rights to their likeness and

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Speaker 6: voice and actually replicate their voice in AI form to

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Speaker 6: democratize access to their fan base, trying to interact with them.

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Speaker 3: John, you share in a motive story as to why

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Speaker 3: you first started this wanting to continue a relationship in

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Speaker 3: an AI form with your late father. Similar story for

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Speaker 3: the founder of Replica and her lost friend and a

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Speaker 3: car crash. Now, a lot of Replica's viewpoint is this

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Speaker 3: is about mental health as well as having companionship. I'm

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Speaker 3: interested in the safeguards that you can in place because ultimately,

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Speaker 3: if you'll, as you say, blurring the lines between reality

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Speaker 3: and virtual interaction, there must be some super fans who

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Speaker 3: could get a bit confused here.

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Speaker 6: Absolutely. So what we've done is out of the conversations

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Speaker 6: with our ais develop if you're speaking to our Karen

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Speaker 6: AI or today now with amirants from Twitch, what we've

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Speaker 6: done is we've implemented procedures that have automatic detection of

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Speaker 6: a variety of situations from mental health situations to overuse,

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Speaker 6: and so the AI will actually in real time either

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Speaker 6: slow the conversation down if a conversation is going too long,

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Speaker 6: or if it appears someone might be getting let's say addicted,

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Speaker 6: And then what we've also done is built a mental

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Speaker 6: health engine to detect various states of depression, anxiety, and

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Speaker 6: soon to be even cases of bipolar disorder among users

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Speaker 6: so that we can in real time connect them with

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Speaker 6: human therapists and human RAN emerge hotlines if it's ever needed.

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Speaker 3: Totally can understand the building of the business for i'mn

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Speaker 3: for example, on only fans already just supplementing how much

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Speaker 3: she can go out and build and profit from this.

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Speaker 3: But who else are you speaking to? And how many

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Speaker 3: actually celebrities are worried about their voices being generated without

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Speaker 3: their rights involved. How people trying to get ahead of

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Speaker 3: the curve with it.

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Speaker 6: Well, you know, before this whole story went viral last

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Speaker 6: week of us at Forever Voices AI turning you know,

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Speaker 6: the first influencer into an AI girlfriend, we've seen hundreds

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Speaker 6: of other influencers and celebrities reach out in a matter

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Speaker 6: of you know, the first forty eight hours, and so

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Speaker 6: there's been a bit of a transformation over this last

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Speaker 6: you know, seven to ten days since since this whole

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Speaker 6: story went around the world, that has opened up people's

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Speaker 6: minds to the idea of replicating themselves in AI form,

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Speaker 6: not only as a means of adding additional revenue to

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Speaker 6: your you know, your content creator business, but as a

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Speaker 6: way again of interacting with fans in this entirely new

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Speaker 6: way via you know, this immersive two way audio experience

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Speaker 6: and even soon to be video as well.

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Speaker 3: In your original business, did you have rights to those

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Speaker 3: celebrities when you were building those voices?

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Speaker 6: So what we started with with Forever Voices was really

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Speaker 6: a series of demos that you know, leverage the technology

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Speaker 6: to show the world what is possible. And so what

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Speaker 6: we've done is we simply donated any proceeds from let's say,

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Speaker 6: an unlicensed demo of let's say Grimes before you know,

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Speaker 6: we get a deal done with our to charity. But

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Speaker 6: the core of our business is through these signed license

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Speaker 6: deals with influencers and celebrities such as the one you

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Speaker 6: know we're announcing.

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Speaker 3: Today with m Own. Okay, so Grimes, there's a hint

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Speaker 3: there that's discussions. What about your own discussions, what about

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Speaker 3: your own fundraising? Because I'm sure there might have been

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Speaker 3: a few vcs picking up the phone too as well

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Speaker 3: as celebrities.

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Speaker 6: Yeah, it's been a whirlwind of a week. I mean,

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Speaker 6: we've been in talk with everyone from you know, index to.

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Speaker 3: And so on.

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Speaker 6: And you know, we are in a position now where

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Speaker 6: we're you know, really turning this into a hyperd scalable

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Speaker 6: business where we see a future in the very near

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Speaker 6: future and I'm talking next two years where every significant

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Speaker 6: influencer that is, you know, looking to make a living

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Speaker 6: off of content or you know, let's say YouTube, Twitch, Instagram,

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Speaker 6: what have you, we'll raise their hand up and say

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Speaker 6: I want to create an AI version of myself. We

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Speaker 6: see every influencer having these in the next one to

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Speaker 6: two years.

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Speaker 3: John Mayer, keep us in the loop on it. Found

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Speaker 3: our CEO Forever Voices AI. Thanks for your time there

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Speaker 3: from Austin today. Meanwhile, coming up new voices and new

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Speaker 3: moves from Disney that will reshape its business in Florida

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Speaker 3: or amid an intense battle with the state's governor, Let's

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Speaker 3: just take a quick check on Tesla, because we've got

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Speaker 3: more on a key story of international growth or indeed

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Speaker 3: supply chain for this particular business. How are they eyeing

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Speaker 3: India at the moment? All in Talking Tech that's up

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Speaker 3: next from New York. That's a bloomberg. It is time

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Speaker 3: now for Talking tech. First up by Jews Alpha, one

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Speaker 3: of India's hottest tech companies. It's been accused of hiding

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Speaker 3: five hundred million dollars from its lenders now. The allegation

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Speaker 3: came out of a court hearing on Thursday, where by

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Speaker 3: Jews Alpha faces a lawsuit over who should control the company.

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Speaker 3: The dispute is the latest setback for the self proclaimed

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Speaker 3: biggest education technology company in the world. Meanwhile, sticking with India,

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Speaker 3: a group of Tesla executives traveled to the country talk

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Speaker 3: about locally sourcing components and government incentives, but stop short

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Speaker 3: of proposing any sort of manufacturing its cars in the country.

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Speaker 3: That's while Tesla will eventually look to establish domestic factory

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Speaker 3: in India, sources say the automaker is actually still concerned

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Speaker 3: about India's high tariffs on important cars. And another mask

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Speaker 3: related news, his lawyer apparently has puned the CEO of Microsoft,

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Speaker 3: accusing the company of violating its data agreement with Twitter.

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Speaker 7: Now.

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Speaker 3: The letter says that Microsoft has excessed to access to

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Speaker 3: Twitter's data for an extended period of time and comes

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Speaker 3: on the hills of course, the Microsoft moves to drop

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Speaker 3: Twitter from its own platform. In a mask course, He's

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Speaker 3: been pretty vocal critic of Microsoft's investment in Open Ai. Meanwhile,

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Speaker 3: let's just talk about Disney for a moment, because it's closing.

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Speaker 3: That much discussed the luxury hotel at Walt Disney World

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Speaker 3: in Florida. It's actually Nixon plans to relocate two thousand

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Speaker 3: workers to the state, and it's all amid this embroiled

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Speaker 3: battle with the governor DeSantis, and all is carrying on

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Speaker 3: present to get us up to speak, Chris Maum Murray

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Speaker 3: now joins us, of course, of Bloomberg and Chris, I

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Speaker 3: remember the fanfare around that Star Wars related hotel. It

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Speaker 3: was extraordinarily expensive. I seem to remember, why are we

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Speaker 3: thinking it's being closed? Was it because it's Bob japex

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Speaker 3: baby or it's too expensive?

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Speaker 8: Certainly was Bob JPEG's idea. It began when he was

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Speaker 8: heading the park, so even before he was CEO. It

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Speaker 8: takes a long time to build those things. Okay, it

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Speaker 8: was a risky project. And you know this totally immersive hotel.

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Speaker 8: He doesn't even have windows in the rooms. You're going

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Speaker 8: there for two days and just spend pretending you're going

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Speaker 8: in space and a Star Wars experience. It was very expensive.

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Speaker 8: Started at almost five thousand dollars a couple for two days.

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Speaker 8: And so it started off initially, you know, pretty strong,

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Speaker 8: but then very quickly you started to see plenty of

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Speaker 8: dates available. They never lowered the price, which I thought

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Speaker 8: was interesting, and I think it's just such an odd

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Speaker 8: ball property, only one hundred rooms. There's not a lot

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Speaker 8: you could do with that space. So right now they're

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Speaker 8: just shutting it down and figuring out what's next.

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Speaker 3: And at the same time, they're not going to be

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Speaker 3: spending a lavish amount of money on new h well,

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Speaker 3: new office digs. They're going to be amid this ongoing

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Speaker 3: narrative that they've basically falling out big time with Rondo Sanders.

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Speaker 3: We know that they've sued him. How is this all

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Speaker 3: playing out in terms of just the relationship with such

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Speaker 3: a key employer in the state of Florida.

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Speaker 8: Well, Bob Iger Disney CEO's directly turning up the heat.

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Speaker 8: I mean, he said on the earnings call last week

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Speaker 8: that hey, folks, their jobs and investment dollars at State

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Speaker 8: here at Florida, and this week he really backed it up.

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Speaker 8: So total reversal on the plan to move two thousand

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Speaker 8: employees from California to Florida, you as a governor. Desantisis

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Speaker 8: spokesperson noted this is happening at a time general up

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Speaker 8: people at Disney. They're looking for ways to cut costs.

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Speaker 8: But you know, Disney's even flagged that they want to

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Speaker 8: invest seventeen billion dollars in Florida over the next ten years.

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Speaker 8: But maybe they won't be able to do that anymore.

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Speaker 8: The reality is they have to keep investing in the parts.

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Speaker 8: But if there's a project like this move that's unpopular

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Speaker 8: internally and expensive, maybe they'll just mix that.

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Speaker 3: Overall. How much do you think this is ultimately costing

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Speaker 3: the company in terms of well, either distraction to a

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Speaker 3: certain degree or just an unknown for those that they

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Speaker 3: employ there.

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Speaker 8: It's a huge unknown. You saw a Macquarie down grade

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Speaker 8: to the stock today in Disney's down of bits. There's

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Speaker 8: a lot of uncertainty. The traditional TV networks profits are falling,

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Speaker 8: the streaming business still losing money. The parks have been

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Speaker 8: the star, but how long can that continue? So there's

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Speaker 8: definitely an impact on this when you enter the world

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Speaker 8: of politics. There are some people maybe won't go to

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Speaker 8: the parks, won't see their movies because of the stance

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Speaker 8: the company is taking, and so it's it's a difficult

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Speaker 8: world for Bob vigrating them.

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Speaker 3: Yeah, we see near ten uncertainties weighing on earnings, valuation

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Speaker 3: and sentiment. So says Timothy Nolan, he's ever at mcquarie

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Speaker 3: at the moment we reference. Do you think ultimately we're

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Speaker 3: likely to see still focus on cost cutting, still worry

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Speaker 3: of course about the issue of whether they have to

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Speaker 3: far more talent and let go of more people. Are

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Speaker 3: we through the worst of it now? Do you think

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Speaker 3: in terms of the trimming down of this business.

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Speaker 8: Well, there's no doubt Bob Iger's being very aggressive. A

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Speaker 8: thousand people being laid off. We broke the news yesterday

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Speaker 8: that they're pulling all these TV shows for Disney Plus

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Speaker 8: and Hulu. These were shows that they've made in this

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Speaker 8: great early push and this streaming to sign up as

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Speaker 8: many subscribers as we can, and it's cost money to

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Speaker 8: keep these shows on the service, So they're looking for

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Speaker 8: ways to cut all over the company. My guess is

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Speaker 8: that we'll start to see that improvement in you know,

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Speaker 8: not this fiscal year next one, and so that may

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Speaker 8: be the story for twenty twenty four. A Disney the

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Speaker 8: great turnaround, but right now it's definitely work in progress.

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Speaker 3: Chris, it's always great to catch up with you. Thank you,

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Speaker 3: Chris Peal Murray on the enormous amount of business and

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Speaker 3: issues that Disney is currently facing in Florida thus far.

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Speaker 3: Welcome back to bloom Bag Technology. I'm Caroline Hyde in

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Speaker 3: New York. Let's get a quick check on your markets,

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Speaker 3: because we've got a macro story that is pulling back

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Speaker 3: some risk sentiment today. It is the worries about the

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Speaker 3: debt ceiling at the moment, and the news still coming

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Speaker 3: thick and fast, and we understand the White House is

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Speaker 3: saying there's real differences between the two sides on a budget.

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Speaker 3: They're working hard on a bipartisan debt solution where they

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Speaker 3: say the budget talks will be difficult. As far as

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Speaker 3: we know that the negotiator sort of Republican Party, did

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Speaker 3: just walk out of a very short meeting but an

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Speaker 3: hour or so ago, Naszak off by three tens and percent.

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Speaker 3: Mis seeing the ten yure yield react. We're getting a

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Speaker 3: steepening of the yield curve, so heels coming down on

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Speaker 3: the two year. We're up on the longer end maybe

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Speaker 3: that's also something to do with some of the data

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Speaker 3: that we continue to digest. The focus on j Powell saying, look,

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Speaker 3: he will likely pause. That seemed to be the way

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Speaker 3: he was spinning it in his conversation earlier today, felt

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Speaker 3: as though who was looking very much at how far

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Speaker 3: and how fast the Fed has already moved k dowly

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Speaker 3: bank X. On the downside, that says Janet Yellen sort

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Speaker 3: of been hinting behind closed doors with other bank executives

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Speaker 3: that maybe more consolidation is to come that's hitting the

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Speaker 3: regional lenders. Moving on, Let's look at was something in

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Speaker 3: the world of crypto, because some great stories out today

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Speaker 3: Yuchi Yang of our Bloomberg reporting team really talking about

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Speaker 3: the lack of liquidity there is in this particular asset

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Speaker 3: class dropping off, retrenchment from Jane Street, from Jump in particular,

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Speaker 3: and as we see these market makers pulling back, it's

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Speaker 3: really bad for the industry. So trade to say for

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Speaker 3: the past five days, basically treading water at about twenty

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Speaker 3: and ninety nine is where we stand. Let's get back

435
00:22:20,040 --> 00:22:24,000
Speaker 3: into the world though of well states versus companies. Montana,

436
00:22:24,080 --> 00:22:26,880
Speaker 3: of course, marking the first US state to ban TikTok

437
00:22:27,200 --> 00:22:30,240
Speaker 3: now a diverse group of creators with hundreds of thousands

438
00:22:30,280 --> 00:22:32,720
Speaker 3: of followers. They're suing to challenge the first state wide

439
00:22:32,720 --> 00:22:35,320
Speaker 3: ban of the popular app arguing that the law violates

440
00:22:35,359 --> 00:22:38,560
Speaker 3: through speech rights and will disrupt their livelihoods with us.

441
00:22:38,560 --> 00:22:41,920
Speaker 3: Some always Bloomberg's Alex Barinka, and certainly TikTok was making

442
00:22:41,920 --> 00:22:43,720
Speaker 3: that case. Do you think they've gone to their content

443
00:22:43,760 --> 00:22:45,240
Speaker 3: creators to help win that over?

444
00:22:46,480 --> 00:22:47,920
Speaker 2: It wouldn't be the first time.

445
00:22:47,960 --> 00:22:50,359
Speaker 9: Back in twenty twenty, the League council for this suit

446
00:22:50,440 --> 00:22:53,439
Speaker 9: was actually on another suit against Trump's ordered to block TikTok.

447
00:22:53,520 --> 00:22:55,440
Speaker 2: So it is a little bit of deja view.

448
00:22:55,520 --> 00:22:58,840
Speaker 9: This time we have five creators, a reiner, a veteran,

449
00:22:59,240 --> 00:23:02,040
Speaker 9: someone who does Dei swimwear, a wide group of people

450
00:23:02,080 --> 00:23:05,280
Speaker 9: who are coming forward basically saying that Montana is not

451
00:23:05,320 --> 00:23:08,760
Speaker 9: only infringing on their freedom of speech First Amendment right,

452
00:23:09,040 --> 00:23:12,240
Speaker 9: they're also running a foul of the fourteenth Amendment, the

453
00:23:12,400 --> 00:23:15,640
Speaker 9: right to do process. And they're also saying, hey, Montana,

454
00:23:15,680 --> 00:23:17,880
Speaker 9: I know that the governor is saying that they need

455
00:23:17,920 --> 00:23:21,280
Speaker 9: to protect their residence from the Chinese Communist Party, but

456
00:23:21,320 --> 00:23:24,080
Speaker 9: that's actually the federal government's job, and it also runs

457
00:23:24,080 --> 00:23:29,440
Speaker 9: astray of the federal government's job to oversee national security

458
00:23:29,680 --> 00:23:32,760
Speaker 9: and foreign policy and also interstate commerce. So this isn't

459
00:23:32,800 --> 00:23:35,200
Speaker 9: the first time this is the argument TikTok has made,

460
00:23:35,400 --> 00:23:38,160
Speaker 9: but this is the first real legal fight that will

461
00:23:38,200 --> 00:23:42,040
Speaker 9: be set up in this latest kind of aim to

462
00:23:42,119 --> 00:23:44,120
Speaker 9: ban TikTok from a number of US states.

463
00:23:44,600 --> 00:23:47,200
Speaker 3: And at the moment, have we heard from all the

464
00:23:47,320 --> 00:23:50,240
Speaker 3: voices sort of showing that this is going to be

465
00:23:50,280 --> 00:23:54,080
Speaker 3: an incredibly difficult plan, whether it's legally speaking to argue,

466
00:23:54,119 --> 00:23:57,439
Speaker 3: but also from just a way of actually doing it.

467
00:23:57,600 --> 00:23:59,960
Speaker 3: Have we had yet from Apple and Google of course,

468
00:24:00,200 --> 00:24:02,080
Speaker 3: to in many ways on the line if it does

469
00:24:02,080 --> 00:24:03,639
Speaker 3: get banned from January first.

470
00:24:04,400 --> 00:24:08,240
Speaker 9: These two companies have declined to comment, so they haven't

471
00:24:08,240 --> 00:24:10,760
Speaker 9: actually gone out and said, you know what could happen here?

472
00:24:10,840 --> 00:24:13,720
Speaker 2: And you're right, Caroline, the actual.

473
00:24:13,600 --> 00:24:16,360
Speaker 9: Mechanism for putting this law in place is a little

474
00:24:16,400 --> 00:24:20,080
Speaker 9: bit unclear. They're not actually saying that Montana would find

475
00:24:20,320 --> 00:24:23,040
Speaker 9: users or users would run astray for using it, but

476
00:24:23,080 --> 00:24:26,640
Speaker 9: Montana is actually targeting TikTok. Apple, Google, the App Store

477
00:24:26,680 --> 00:24:29,359
Speaker 9: is saying, hey, if TikTok's able to be accessed able

478
00:24:29,400 --> 00:24:31,760
Speaker 9: to be downloaded. We're going to find you ten thousand

479
00:24:31,800 --> 00:24:34,199
Speaker 9: dollars a day. It won't start until January when this

480
00:24:34,240 --> 00:24:37,280
Speaker 9: goes into effect. This legal process might actually slow that

481
00:24:37,359 --> 00:24:40,520
Speaker 9: down if there is an injunction. But that being said,

482
00:24:40,560 --> 00:24:42,840
Speaker 9: the onus will definitely be on the companies and not

483
00:24:42,920 --> 00:24:45,359
Speaker 9: the users, even though we have the users here bringing

484
00:24:45,400 --> 00:24:47,000
Speaker 9: this lawsuit forward and go back.

485
00:24:46,840 --> 00:24:50,160
Speaker 3: To those users because we know that everyone perhaps can

486
00:24:50,240 --> 00:24:53,959
Speaker 3: uses TikTok, loves the experience, but whats of businesses are

487
00:24:53,960 --> 00:24:56,240
Speaker 3: being built on it. We've just been hearing about how

488
00:24:56,440 --> 00:24:59,840
Speaker 3: someone's creating voice AI to be able to expand on

489
00:24:59,880 --> 00:25:03,280
Speaker 3: that relationships with their fans, whether they're a Twitch influencer

490
00:25:03,359 --> 00:25:05,760
Speaker 3: or Snapchat influencer. But how much money is being built

491
00:25:05,760 --> 00:25:07,120
Speaker 3: by some of these influences on TikTok.

492
00:25:07,840 --> 00:25:09,800
Speaker 9: Well, there's one hundred and fifty million users, and a

493
00:25:09,840 --> 00:25:11,879
Speaker 9: slew of those are small businesses.

494
00:25:12,160 --> 00:25:13,560
Speaker 2: I've chatted to a lot of them.

495
00:25:13,840 --> 00:25:16,240
Speaker 9: You see it from the small businesses like the swimmer

496
00:25:16,240 --> 00:25:18,480
Speaker 9: designer in Montana who's come forward as a part of

497
00:25:18,480 --> 00:25:21,280
Speaker 9: the suit, but you also see it with large businesses.

498
00:25:21,320 --> 00:25:24,360
Speaker 9: You might have a beter creator like Mikhaela and Mguera

499
00:25:24,560 --> 00:25:28,560
Speaker 9: out of Boston post about Amascara from lorel and it

500
00:25:28,640 --> 00:25:32,399
Speaker 9: sells out basically globally on all platforms. So the power

501
00:25:32,400 --> 00:25:35,679
Speaker 9: and the money that actually moves through this platform is

502
00:25:35,800 --> 00:25:38,280
Speaker 9: pretty large. And that's a little bit of the argument

503
00:25:38,359 --> 00:25:42,560
Speaker 9: here saying, hey, you're actually taking away opportunities for creators,

504
00:25:42,560 --> 00:25:46,240
Speaker 9: for businesses who are using this to find their livelihoods,

505
00:25:46,320 --> 00:25:49,280
Speaker 9: or at least that's the argument that TikTok is putting forth,

506
00:25:49,359 --> 00:25:53,080
Speaker 9: saying we're protecting them from national security risks. Don't take

507
00:25:53,119 --> 00:25:55,800
Speaker 9: these things away from Americans who are finding opportunity on

508
00:25:55,840 --> 00:25:56,680
Speaker 9: our platform.

509
00:25:56,880 --> 00:25:59,160
Speaker 3: Alex Beranka, thank you so much for breaking that down.

510
00:25:59,200 --> 00:26:02,000
Speaker 3: And I'm very places Alex is going to be covering

511
00:26:02,280 --> 00:26:04,400
Speaker 3: for N and I next week as I head out

512
00:26:04,440 --> 00:26:07,520
Speaker 3: to Kata. The Catter Economic Forum is almost upon us,

513
00:26:07,520 --> 00:26:09,479
Speaker 3: and I'm lucky enough to be interviewing CEO of TikTok

514
00:26:09,520 --> 00:26:12,000
Speaker 3: over there, so we'll get plenty of questions his direction

515
00:26:12,560 --> 00:26:17,000
Speaker 3: after this move by Montana. Meanwhile, let's think about more

516
00:26:17,040 --> 00:26:19,520
Speaker 3: social media activity this week, but in particular when it

517
00:26:19,520 --> 00:26:21,840
Speaker 3: comes to deal making. I'm inactive, so two of some

518
00:26:21,880 --> 00:26:23,840
Speaker 3: other businesses and pleas to say right here in New

519
00:26:23,920 --> 00:26:26,119
Speaker 3: York is Katie Roof usually based out in La but

520
00:26:26,880 --> 00:26:29,560
Speaker 3: you are deals focused kind of a woman. And I'm

521
00:26:29,600 --> 00:26:32,240
Speaker 3: interested at the moment what you made of Twitter's deal,

522
00:26:32,280 --> 00:26:34,320
Speaker 3: for example, because that sort of went under the radar.

523
00:26:34,400 --> 00:26:37,280
Speaker 3: We're so busy thinking about what Elon Musk is creating,

524
00:26:37,320 --> 00:26:41,960
Speaker 3: who's hiring, but he's also buying what a tech talent company.

525
00:26:42,040 --> 00:26:44,520
Speaker 1: Exactly, And so it gave us a glimpse into the

526
00:26:44,560 --> 00:26:47,280
Speaker 1: new direction of Twitter. Who wants this to be part

527
00:26:47,320 --> 00:26:50,280
Speaker 1: of the X app, the everything app, and so it's

528
00:26:50,320 --> 00:26:53,800
Speaker 1: a recruiting startup. They actually shut down the business in

529
00:26:53,840 --> 00:26:56,199
Speaker 1: conjunction with this deal, so it's probably more of an

530
00:26:56,200 --> 00:26:59,320
Speaker 1: Apple hire of sorts. He acquired Chris Fagy in his

531
00:26:59,400 --> 00:27:04,080
Speaker 1: business life to be part of the new vision for Twitter,

532
00:27:04,800 --> 00:27:07,720
Speaker 1: you know, pairing talent and jobs. And this comes right

533
00:27:07,760 --> 00:27:12,560
Speaker 1: on the heels of the new CEO, Linda Yakarino taking over, Yeah.

534
00:27:12,359 --> 00:27:14,680
Speaker 3: As he's been finding his own talent thus far. I'm

535
00:27:14,680 --> 00:27:19,080
Speaker 3: interested in what's happening with Meta, another key company that's

536
00:27:19,080 --> 00:27:21,280
Speaker 3: I'm sure thinking sadly of having to unwind a lot

537
00:27:21,280 --> 00:27:23,240
Speaker 3: of the talent that it has in house. But well

538
00:27:23,280 --> 00:27:24,800
Speaker 3: they've been unwinding all.

539
00:27:24,640 --> 00:27:27,400
Speaker 1: The deals yeah, and so this is part of Meta's

540
00:27:27,440 --> 00:27:31,080
Speaker 1: broader cost cutting measures. They are spinning off Customer, which

541
00:27:31,280 --> 00:27:34,439
Speaker 1: they actually just acquired last year. They announced it a

542
00:27:34,480 --> 00:27:36,200
Speaker 1: few years ago, but it took a while to get

543
00:27:36,200 --> 00:27:39,479
Speaker 1: approved by regulators. And so after spending a billion dollars

544
00:27:39,520 --> 00:27:42,760
Speaker 1: on this customer service software, which was designed to be

545
00:27:43,400 --> 00:27:48,520
Speaker 1: for metas advertisers, they've decided to part ways and Customer

546
00:27:48,600 --> 00:27:51,920
Speaker 1: is now going to be backed by its original VC

547
00:27:52,119 --> 00:27:55,119
Speaker 1: backers all over again, full circle. They're going to be

548
00:27:55,160 --> 00:27:58,040
Speaker 1: backed by Battery Venors and some others, and they received

549
00:27:58,080 --> 00:28:01,080
Speaker 1: a new cash infusion of two million dollars as part

550
00:28:01,080 --> 00:28:01,760
Speaker 1: of that investment.

551
00:28:01,960 --> 00:28:04,720
Speaker 3: Since of Deja vous, I'm sure. What's also interesting is

552
00:28:04,720 --> 00:28:06,360
Speaker 3: spinning off is a bit of a theme right now,

553
00:28:06,400 --> 00:28:08,840
Speaker 3: and in particular I'm thinking what happened over with Ali Baba, right,

554
00:28:08,920 --> 00:28:11,800
Speaker 3: I mean, how much is the focus on in particularly

555
00:28:11,800 --> 00:28:15,080
Speaker 3: the cloud business, being one of government oversight or indeed

556
00:28:15,160 --> 00:28:17,360
Speaker 3: just basic revenue at the moment. Yeah.

557
00:28:17,400 --> 00:28:20,040
Speaker 1: Sure, So we got more details this week with Ali Baba.

558
00:28:20,080 --> 00:28:21,879
Speaker 1: They had previously announced that they were splitting in the

559
00:28:21,960 --> 00:28:24,359
Speaker 1: six different units, and so now they are going to

560
00:28:24,800 --> 00:28:29,240
Speaker 1: fully divest their cloud unit. There has been a lot

561
00:28:29,240 --> 00:28:33,160
Speaker 1: of oversight there. They also announced that they are going

562
00:28:33,200 --> 00:28:36,560
Speaker 1: to be ipoing their grocery business as soon as six

563
00:28:36,560 --> 00:28:40,160
Speaker 1: months from now, and they're going to also ipo their

564
00:28:40,200 --> 00:28:42,840
Speaker 1: logistics business within the next eighteen months.

565
00:28:43,960 --> 00:28:46,280
Speaker 3: I like that Baby Bubba's as they were being called.

566
00:28:46,320 --> 00:28:47,880
Speaker 3: Talk to us a little bit about what's happening with

567
00:28:47,920 --> 00:28:49,920
Speaker 3: the Russian tech giant. I mean, really, it was the

568
00:28:49,960 --> 00:28:53,080
Speaker 3: only one that we associated with key success in Russia

569
00:28:53,120 --> 00:28:54,400
Speaker 3: was Yandex Sure.

570
00:28:54,520 --> 00:28:59,080
Speaker 1: Yeah, sometimes nicknamed the Google of Russia. Bloomberg reported today

571
00:28:59,160 --> 00:29:02,120
Speaker 1: that a couple full of Russian billionaires could take a

572
00:29:02,160 --> 00:29:06,120
Speaker 1: majority stake in this business. Vadimere Potentin, not to be

573
00:29:06,160 --> 00:29:09,120
Speaker 1: confused with Wadimere Putin, is one of the potential bidders,

574
00:29:09,360 --> 00:29:11,920
Speaker 1: which would have to be approved by the Kremlin. But

575
00:29:12,080 --> 00:29:15,160
Speaker 1: they're valuing the business about seven billion, and it would

576
00:29:15,160 --> 00:29:18,760
Speaker 1: include the ride healing business as part of the index.

577
00:29:18,880 --> 00:29:22,120
Speaker 1: The company is actually headquartered in the Netherlands, fight it

578
00:29:22,200 --> 00:29:24,840
Speaker 1: has a long history in Russia and targets the Russian

579
00:29:24,840 --> 00:29:26,560
Speaker 1: market and is listed in Moscow.

580
00:29:27,480 --> 00:29:30,040
Speaker 3: What a global conversation. Thanks for bringing it from the

581
00:29:30,200 --> 00:29:32,200
Speaker 3: la here to New York to talk about around the

582
00:29:32,200 --> 00:29:34,160
Speaker 3: world deal making. Katie Ruth, great to have some time

583
00:29:34,200 --> 00:29:36,400
Speaker 3: with you. Thank you. We'll go sickly at global for

584
00:29:36,440 --> 00:29:39,800
Speaker 3: a minute because the globe. The crypto investment firm Hashki

585
00:29:39,880 --> 00:29:42,720
Speaker 3: Group plans to raise funds at evaluation about a billion dollars,

586
00:29:42,840 --> 00:29:45,560
Speaker 3: seeking advantage of course, of Hong Kong's digital asset Push

587
00:29:46,000 --> 00:29:49,880
Speaker 3: is trying to entice potential investors. Hashkei, which operates one

588
00:29:49,920 --> 00:29:52,960
Speaker 3: of the city's only two licensed digital coin forses, is

589
00:29:53,040 --> 00:29:55,080
Speaker 3: in some early stage talks to raise one hundred to

590
00:29:55,080 --> 00:29:57,720
Speaker 3: two hundred million dollars. We understand that's all according to

591
00:29:57,720 --> 00:30:01,080
Speaker 3: people familiar with the matter. Up. Well, we'll bring it

592
00:30:01,120 --> 00:30:04,080
Speaker 3: back to the us atomics latest fund. We're joined via

593
00:30:04,160 --> 00:30:07,640
Speaker 3: the CEO, Jack Abraham, on Well, why he thinks now

594
00:30:07,800 --> 00:30:11,160
Speaker 3: is the best time in history to build companies. This

595
00:30:11,240 --> 00:30:22,480
Speaker 3: is a Bloomberg. Let's talk about the venture studio Atomic

596
00:30:22,560 --> 00:30:24,680
Speaker 3: It's just raised three hundred and twenty million for its

597
00:30:24,680 --> 00:30:27,000
Speaker 3: fourth fund, bringing the firm to over seven hundred and

598
00:30:27,000 --> 00:30:29,800
Speaker 3: fifty million dollars in total assets in management. Joining us

599
00:30:29,800 --> 00:30:32,120
Speaker 3: now in today's VC Spotlight for more on the strategy

600
00:30:32,360 --> 00:30:34,680
Speaker 3: for this new fund is Atomic Lab CEO and managing

601
00:30:34,680 --> 00:30:37,120
Speaker 3: partner Jack Abraham. It's great to have you in town. Jack,

602
00:30:37,160 --> 00:30:38,800
Speaker 3: great to be here. Thanks for having me split your

603
00:30:38,800 --> 00:30:41,600
Speaker 3: time between Miami and New York. And I'm interested in

604
00:30:41,920 --> 00:30:44,960
Speaker 3: just what was the funning environment like because it feels

605
00:30:45,000 --> 00:30:47,120
Speaker 3: as we've got AI related everyone wants to be writing

606
00:30:47,200 --> 00:30:49,400
Speaker 3: checks and to be putting into your funds. But what

607
00:30:49,520 --> 00:30:51,920
Speaker 3: was what was the uptake like for you? How quickly

608
00:30:51,960 --> 00:30:52,560
Speaker 3: could you raise?

609
00:30:53,560 --> 00:30:56,400
Speaker 7: Yeah, the funding environment, I'd say it is a little

610
00:30:56,400 --> 00:30:59,360
Speaker 7: bit of the haves and the have nots. We've been

611
00:30:59,360 --> 00:31:01,400
Speaker 7: somewhat fortunate in our history because we have such a

612
00:31:01,440 --> 00:31:04,520
Speaker 7: unique and differentiated strategy that most people have actually come

613
00:31:04,560 --> 00:31:07,880
Speaker 7: to us asking to invest, including actually our largest investor

614
00:31:07,880 --> 00:31:09,640
Speaker 7: reach out to us cold on LinkedIn. If you can

615
00:31:09,720 --> 00:31:10,240
Speaker 7: believe that.

616
00:31:10,280 --> 00:31:12,960
Speaker 3: No, who I can't say.

617
00:31:13,120 --> 00:31:14,640
Speaker 7: I don't think I can say, but you would know

618
00:31:14,640 --> 00:31:17,840
Speaker 7: them if I mentioned them to you. So for us,

619
00:31:17,880 --> 00:31:20,520
Speaker 7: it was a great process and we're really happy with

620
00:31:20,560 --> 00:31:23,920
Speaker 7: the outcome. We love our LPs and they're really enamored

621
00:31:23,960 --> 00:31:24,760
Speaker 7: with our strategy.

622
00:31:25,120 --> 00:31:27,080
Speaker 3: What sort of LPs are you talking about? Who wants

623
00:31:27,160 --> 00:31:30,120
Speaker 3: to be putting money into startups and diversification in that

624
00:31:30,160 --> 00:31:31,040
Speaker 3: way At the moment.

625
00:31:31,280 --> 00:31:33,520
Speaker 7: It's a range of your usual cast of characters, you

626
00:31:33,600 --> 00:31:39,400
Speaker 7: have you know, university endowments, foundations, you have insurance companies, corporations,

627
00:31:39,440 --> 00:31:42,720
Speaker 7: but also sovereign wealth funds actually interestingly are wanting to

628
00:31:42,760 --> 00:31:44,960
Speaker 7: employ a lot more capital into innovation, which I think

629
00:31:45,000 --> 00:31:45,920
Speaker 7: is really smart for them.

630
00:31:46,640 --> 00:31:49,200
Speaker 3: Anyone you wouldn't take money from. I had a conversation

631
00:31:49,240 --> 00:31:51,640
Speaker 3: with Lexisirhonian, for example, who didn't want to take Souding

632
00:31:51,680 --> 00:31:52,480
Speaker 3: money for example.

633
00:31:54,080 --> 00:31:57,240
Speaker 7: Yeah, we'd be careful about anyone that we'd bring in. Actually,

634
00:31:57,240 --> 00:32:00,360
Speaker 7: our processes, we like to get to know our LPs really,

635
00:32:00,640 --> 00:32:04,080
Speaker 7: you know, three six months at a year plus in advance,

636
00:32:04,320 --> 00:32:06,920
Speaker 7: so we would have to feel really comfortable and due

637
00:32:06,920 --> 00:32:09,040
Speaker 7: diligence before bringing anyone into our fund.

638
00:32:09,480 --> 00:32:14,160
Speaker 3: And then the unique selling point is that you basically

639
00:32:14,280 --> 00:32:19,280
Speaker 3: help bring in talent and build businesses. How unique is

640
00:32:19,360 --> 00:32:21,360
Speaker 3: that still, because I've been talking to a lot more

641
00:32:21,400 --> 00:32:24,400
Speaker 3: of the growth funds for very early early stage funds

642
00:32:24,440 --> 00:32:27,520
Speaker 3: who are basically bringing on want to be CEOs or

643
00:32:27,520 --> 00:32:29,560
Speaker 3: people that they feel could build a business without actually

644
00:32:29,600 --> 00:32:30,640
Speaker 3: the business idea in place.

645
00:32:30,720 --> 00:32:30,920
Speaker 6: Yet.

646
00:32:32,040 --> 00:32:34,440
Speaker 7: Yeah, it's actually very unique. It's a model that we

647
00:32:34,520 --> 00:32:36,720
Speaker 7: started in twenty twelve, so we created what's now called

648
00:32:36,760 --> 00:32:39,160
Speaker 7: the studio fund model. There are now hundreds of these

649
00:32:39,160 --> 00:32:41,840
Speaker 7: studios that have emerged, and I think what's unique about

650
00:32:41,880 --> 00:32:44,000
Speaker 7: us is it's the only thing we do. We focus

651
00:32:44,040 --> 00:32:46,640
Speaker 7: on it, we nail it right now. What's happened over

652
00:32:46,680 --> 00:32:49,640
Speaker 7: time is technology risk has come down. So what you

653
00:32:49,680 --> 00:32:52,480
Speaker 7: can build, you can build anything. Their building blocks are incredible.

654
00:32:52,520 --> 00:32:55,000
Speaker 7: What you can solve is incredible. There's so much open source,

655
00:32:55,040 --> 00:32:57,480
Speaker 7: there's a lot of AI that's available. Obviously, there's a

656
00:32:57,520 --> 00:33:00,720
Speaker 7: lot of APIs that you can plug and Play's paramount

657
00:33:00,760 --> 00:33:03,800
Speaker 7: is testing market risk. And what we've really validated is

658
00:33:03,800 --> 00:33:07,760
Speaker 7: we have an exceptional process for validating and invalidating ideas

659
00:33:07,800 --> 00:33:12,080
Speaker 7: early on how we'll do a combination of quantitative and

660
00:33:12,160 --> 00:33:15,640
Speaker 7: qualitative analyses on markets. We have a team of seventy

661
00:33:15,640 --> 00:33:17,880
Speaker 7: five people, which is pretty large for our fun size

662
00:33:17,880 --> 00:33:21,520
Speaker 7: that we'll go and look into ideas and run tests.

663
00:33:21,720 --> 00:33:24,800
Speaker 7: Oftentimes will actually pre sell products to customers, validate that

664
00:33:24,840 --> 00:33:27,160
Speaker 7: there's demand so that we know, Okay, if we're going

665
00:33:27,200 --> 00:33:28,880
Speaker 7: to spend all the time and the energy to build this,

666
00:33:28,960 --> 00:33:31,120
Speaker 7: it's going to be worth it, and it's going to

667
00:33:31,160 --> 00:33:31,800
Speaker 7: be worth scaling.

668
00:33:32,080 --> 00:33:33,600
Speaker 3: Of course, one of the one that you're most well

669
00:33:33,600 --> 00:33:36,160
Speaker 3: known for is hymns and hers. I've had a lot

670
00:33:36,200 --> 00:33:39,600
Speaker 3: of reticence from vcs to do anything really with a

671
00:33:39,600 --> 00:33:42,160
Speaker 3: consumer right now unless it's celebrity backed in some way,

672
00:33:42,160 --> 00:33:44,800
Speaker 3: shape or form, or or Kim Kardashian. How are you

673
00:33:44,960 --> 00:33:48,320
Speaker 3: thinking about where the opportunity is to build right now?

674
00:33:49,400 --> 00:33:51,720
Speaker 7: I think that there's a really big opportunity right now.

675
00:33:51,760 --> 00:33:54,880
Speaker 7: A lot of people are talking about AI things like chat, GPT.

676
00:33:56,800 --> 00:33:59,560
Speaker 7: The consumer side of that is interesting and it's happening,

677
00:33:59,560 --> 00:34:01,840
Speaker 7: and people are using that. It's really growing. But I

678
00:34:01,840 --> 00:34:04,800
Speaker 7: think the bigger opportunity actually lies in the enterprise. I

679
00:34:04,840 --> 00:34:07,000
Speaker 7: think AI is going to be deployed into every facet

680
00:34:07,000 --> 00:34:08,319
Speaker 7: of work you can think of it.

681
00:34:08,600 --> 00:34:09,440
Speaker 2: Every job to be.

682
00:34:09,440 --> 00:34:11,759
Speaker 7: Done in a company, there's going to be some AI

683
00:34:11,840 --> 00:34:14,480
Speaker 7: layer on it. Every function of a company, every industry,

684
00:34:14,520 --> 00:34:18,080
Speaker 7: every vertical there is going to be some specialized implementation

685
00:34:18,120 --> 00:34:20,880
Speaker 7: of AI, not generalized, but very specialized and unique to

686
00:34:20,920 --> 00:34:23,799
Speaker 7: a company in an industry and a job that's going

687
00:34:23,840 --> 00:34:26,960
Speaker 7: to make people faster and better at their jobs, more accurate,

688
00:34:27,400 --> 00:34:30,359
Speaker 7: and ultimately increase productivity across the economy in a really

689
00:34:30,360 --> 00:34:33,280
Speaker 7: interesting way. We're creating a lot of companies in that space.

690
00:34:33,320 --> 00:34:35,719
Speaker 7: We have a history of creating companies like Replicant, which

691
00:34:35,760 --> 00:34:39,280
Speaker 7: is used AI to automate call center technology like Butter

692
00:34:39,320 --> 00:34:42,400
Speaker 7: that's used AI to help payments go through online and

693
00:34:42,440 --> 00:34:45,480
Speaker 7: can increase companies revenue by five or ten percents with

694
00:34:46,080 --> 00:34:49,239
Speaker 7: just plugging in technology for a twenty four to forty

695
00:34:49,280 --> 00:34:51,680
Speaker 7: eight hour period. Imagine if your top line can go

696
00:34:51,760 --> 00:34:53,880
Speaker 7: up that much. So there's going to be a lot

697
00:34:53,960 --> 00:34:57,000
Speaker 7: more interesting ways to deploy that across every sector, in

698
00:34:57,040 --> 00:34:58,600
Speaker 7: every place in the economy.

699
00:34:59,239 --> 00:35:01,839
Speaker 3: This is as we sink a tougher environment from an

700
00:35:01,840 --> 00:35:05,279
Speaker 3: economic perspective, and there's a lot of work that's been

701
00:35:05,320 --> 00:35:07,520
Speaker 3: done to show out of the ashes of a difficult

702
00:35:07,520 --> 00:35:11,200
Speaker 3: economy come some brilliant businesses. We've seen the latter day

703
00:35:11,239 --> 00:35:14,920
Speaker 3: crop of Airbnb and Uber be born into that difficult environment.

704
00:35:15,840 --> 00:35:18,640
Speaker 3: Where are you seeing this talent grow? Where are you

705
00:35:18,640 --> 00:35:21,360
Speaker 3: seeing these businesses most fruitfully be built.

706
00:35:22,760 --> 00:35:26,000
Speaker 7: Yeah, So in a downturn, there's more talent availability than

707
00:35:26,080 --> 00:35:28,719
Speaker 7: in other periods of time. We have a flood of talent.

708
00:35:28,760 --> 00:35:31,560
Speaker 7: We have thousands of people applying to build companies with us,

709
00:35:31,600 --> 00:35:33,719
Speaker 7: which is incredible. And where's that talent coming from? Some

710
00:35:34,160 --> 00:35:36,919
Speaker 7: is companies downsizing, but a lot of it is toward

711
00:35:37,000 --> 00:35:39,400
Speaker 7: the end of the last cycle, people are really gravitating

712
00:35:39,440 --> 00:35:42,040
Speaker 7: toward the growth stage. They were figuring, you know, look,

713
00:35:42,080 --> 00:35:43,400
Speaker 7: I can go work at a company for a year

714
00:35:43,440 --> 00:35:44,880
Speaker 7: or two. It's going to go public. I'll have a

715
00:35:44,960 --> 00:35:48,040
Speaker 7: nice payday, and then I'll be done. Since then, you know,

716
00:35:48,080 --> 00:35:50,319
Speaker 7: that's been delayed. Some of those stocks have come down.

717
00:35:50,640 --> 00:35:53,120
Speaker 7: So all of that talent, which is an incredible group

718
00:35:53,160 --> 00:35:56,040
Speaker 7: of talent that knows how to scale companies, they're boomeranging

719
00:35:56,120 --> 00:35:57,799
Speaker 7: back to the early stage. So I think I think

720
00:35:57,840 --> 00:36:01,279
Speaker 7: that's one thing. The second thing is there's dramatically less

721
00:36:01,320 --> 00:36:04,680
Speaker 7: competition in an environment like this, as you'd imagine in

722
00:36:04,719 --> 00:36:08,080
Speaker 7: a crazy environment, everyone's getting funded. People are copying your ideas.

723
00:36:08,120 --> 00:36:10,719
Speaker 7: Every VC wants to fund number two, number three, number four.

724
00:36:10,960 --> 00:36:13,319
Speaker 7: It can actually destroy the market, which is pretty bad.

725
00:36:13,840 --> 00:36:16,719
Speaker 7: And then the third thing that I'd say, you know

726
00:36:16,840 --> 00:36:20,400
Speaker 7: is really important in a downturn is you learn the

727
00:36:20,480 --> 00:36:22,040
Speaker 7: right habits as a company.

728
00:36:22,200 --> 00:36:23,160
Speaker 2: Yeah, you're forced to.

729
00:36:23,400 --> 00:36:26,240
Speaker 7: Actually half of the fortune five hundred companies were created

730
00:36:26,320 --> 00:36:29,719
Speaker 7: in downturns or recessions. According to Morgan Stanley's are very

731
00:36:29,840 --> 00:36:33,319
Speaker 7: unique discrete periods of time in our economic history. If

732
00:36:33,360 --> 00:36:36,520
Speaker 7: you can measure unit economics, make sure it's a good model,

733
00:36:36,560 --> 00:36:38,600
Speaker 7: make sure that it can scale on its own. You're

734
00:36:38,640 --> 00:36:40,759
Speaker 7: bound to build a good business in good times in

735
00:36:40,800 --> 00:36:43,080
Speaker 7: bad times, and we're really leaning into that as a firm.

736
00:36:43,280 --> 00:36:44,960
Speaker 3: Come tell us about the ones that you're building in

737
00:36:45,000 --> 00:36:47,520
Speaker 3: the future. Atomic CEO, Managing partment. Great to how you

738
00:36:47,560 --> 00:36:58,880
Speaker 3: hear Jack's right, Abraham, Let's talk biotech. Describe Therapeutics a

739
00:36:58,920 --> 00:37:02,040
Speaker 3: platform for chris genetic medicine. It's just locked in a

740
00:37:02,120 --> 00:37:05,640
Speaker 3: deal with Prevail Lily to create genetic medicines for neurological

741
00:37:05,760 --> 00:37:08,839
Speaker 3: for neuromuscular diseases. This is the company is actually getting

742
00:37:08,840 --> 00:37:10,480
Speaker 3: ready to give a talk a little later today on

743
00:37:10,520 --> 00:37:13,760
Speaker 3: the potential of its platform and of Chrisper technology more broadly,

744
00:37:14,040 --> 00:37:16,520
Speaker 3: and the American Society of Gene and Cell Therapy's annual

745
00:37:16,560 --> 00:37:20,080
Speaker 3: meeting amid this busy day an afternoon with please say skribe.

746
00:37:20,120 --> 00:37:22,799
Speaker 3: CEO Benox joins us now for more on all of this,

747
00:37:22,920 --> 00:37:27,120
Speaker 3: and I mean then, just remind us what you're telling

748
00:37:27,680 --> 00:37:30,680
Speaker 3: at this event, the power of this technology. Ultimately, your

749
00:37:30,719 --> 00:37:32,719
Speaker 3: ex editor, what are you going to be saying? Makes

750
00:37:32,719 --> 00:37:33,160
Speaker 3: it different?

751
00:37:34,160 --> 00:37:34,359
Speaker 10: Yeah?

752
00:37:34,400 --> 00:37:36,319
Speaker 3: So Caroline, great to be here with you.

753
00:37:37,000 --> 00:37:39,640
Speaker 10: What we're actually talking about at the Merchant Society for

754
00:37:39,680 --> 00:37:43,759
Speaker 10: Selling Gene Therapy later today is really laying out our

755
00:37:44,320 --> 00:37:46,680
Speaker 10: crisper by design approach, which is an approach that I've

756
00:37:46,680 --> 00:37:50,120
Speaker 10: been pioneering with Nobel Laurea, Jennifer GAWDNA and co founder

757
00:37:50,160 --> 00:37:54,040
Speaker 10: of Scribe really for the past decade. Our approach has

758
00:37:54,080 --> 00:37:57,680
Speaker 10: been to use holistic molecular engineering, or the ability to

759
00:37:57,880 --> 00:38:02,360
Speaker 10: change these crisper molecular machines at every single location to

760
00:38:02,520 --> 00:38:05,839
Speaker 10: create more active and more specific and therefore safer therapeutics.

761
00:38:06,280 --> 00:38:08,879
Speaker 10: So one of our scientists will be laying that out today, and.

762
00:38:09,040 --> 00:38:12,919
Speaker 3: You have designed by approach has been well Eli now

763
00:38:12,960 --> 00:38:16,520
Speaker 3: working withl Eli Lilly of course as a parent company,

764
00:38:16,560 --> 00:38:20,759
Speaker 3: exclusive rights really to focus on your technology and use

765
00:38:20,800 --> 00:38:25,160
Speaker 3: it within a neurological and neuromuscular disease context. How is

766
00:38:25,200 --> 00:38:26,959
Speaker 3: this going to drive this forward? Why do the deal

767
00:38:27,000 --> 00:38:28,320
Speaker 3: now with this particular company?

768
00:38:29,480 --> 00:38:31,320
Speaker 10: Yeah, so I think you know there's a couple of

769
00:38:31,360 --> 00:38:35,720
Speaker 10: reasons here. First, obviously, our technologies have continued to advance

770
00:38:36,000 --> 00:38:38,640
Speaker 10: and we've been proving them out in vivo models, really

771
00:38:38,680 --> 00:38:42,160
Speaker 10: demonstrating their ability to be delivered into these organ systems.

772
00:38:42,239 --> 00:38:48,680
Speaker 10: Namely you know, neurological and neuromuscular diseases more specifically, I

773
00:38:48,719 --> 00:38:51,719
Speaker 10: think it also represents a change in the field and

774
00:38:51,760 --> 00:38:54,680
Speaker 10: thinking about how we can start to apply these technologies

775
00:38:55,239 --> 00:39:00,000
Speaker 10: for really more more complicated and more difficult to treat disorder.

776
00:39:01,680 --> 00:39:06,280
Speaker 3: Sense of timing here, Ben, because much enthusiasm around Crisper

777
00:39:06,320 --> 00:39:09,359
Speaker 3: and around how it can change medicine, But is all

778
00:39:09,360 --> 00:39:11,160
Speaker 3: this happen in the next year, the next ten years?

779
00:39:12,680 --> 00:39:15,359
Speaker 10: So I think it's somewhere in between the two. There's

780
00:39:15,360 --> 00:39:16,920
Speaker 10: still a lot of work to do. And will I

781
00:39:16,960 --> 00:39:18,840
Speaker 10: do not want to say that this is simple. That

782
00:39:18,920 --> 00:39:22,360
Speaker 10: being said, we have seen Crisper go from really publication

783
00:39:22,520 --> 00:39:25,640
Speaker 10: within the past decade to really making huge differences in

784
00:39:25,719 --> 00:39:28,920
Speaker 10: patients more recently, and that is incredibly rapid. I think

785
00:39:28,960 --> 00:39:32,319
Speaker 10: that just demonstrates the power of this technology. And that's

786
00:39:32,360 --> 00:39:36,080
Speaker 10: the first generation, right, what we're building really you know,

787
00:39:36,200 --> 00:39:39,200
Speaker 10: light years ahead of what's come before. We're very excited

788
00:39:39,239 --> 00:39:42,239
Speaker 10: about our ability to move this rapidly and into diseases

789
00:39:42,440 --> 00:39:43,960
Speaker 10: really at a much broader scale.

790
00:39:44,080 --> 00:39:46,319
Speaker 3: Can you give us a sense of how it is

791
00:39:46,360 --> 00:39:49,040
Speaker 3: to do that within America visa the other countries? How

792
00:39:49,120 --> 00:39:52,320
Speaker 3: is this sort of technology being the ability to quickly

793
00:39:52,920 --> 00:39:55,120
Speaker 3: start to target these sorts of illnesses, the sort of

794
00:39:55,120 --> 00:39:57,160
Speaker 3: partners that you get. Where do you think is the

795
00:39:57,160 --> 00:39:58,719
Speaker 3: most practical and most efficient to do it.

796
00:40:00,280 --> 00:40:03,359
Speaker 10: Ah, that's a deep question and one that actually has

797
00:40:03,360 --> 00:40:06,600
Speaker 10: many layers. Right, If we're talking about more basic technology

798
00:40:06,640 --> 00:40:10,560
Speaker 10: building in the United States has incredibly powerful universities which

799
00:40:10,560 --> 00:40:13,080
Speaker 10: we get to work with and we do quite regularly.

800
00:40:13,360 --> 00:40:15,560
Speaker 10: So we have a very close collaboration with UC Berkeley

801
00:40:16,600 --> 00:40:22,160
Speaker 10: obviously where Jennifer works, and the Innovative Genomics Institute as well. Now,

802
00:40:22,200 --> 00:40:24,840
Speaker 10: when you start to think about regulatory and moving beyond

803
00:40:25,400 --> 00:40:28,120
Speaker 10: just building these technologies, I think that's where the world

804
00:40:28,160 --> 00:40:31,919
Speaker 10: is also moving very rapidly, perhaps in some instances even

805
00:40:31,920 --> 00:40:33,000
Speaker 10: more quickly than we.

806
00:40:32,960 --> 00:40:35,719
Speaker 3: Are in the United States. Thank you for keeping it

807
00:40:35,760 --> 00:40:37,759
Speaker 3: global for us. Thank you for fitting us in on

808
00:40:37,800 --> 00:40:40,960
Speaker 3: a very busy day for us. Subscribe CEO, Ben Oaks,

809
00:40:41,000 --> 00:40:43,040
Speaker 3: we wish you well, Thank you very much. Indeed, Meanwhile,

810
00:40:43,120 --> 00:40:45,120
Speaker 3: when that does it for this edition of Blomberg Technology,

811
00:40:45,160 --> 00:40:47,760
Speaker 3: you do not want to forget to check out the podcast.

812
00:40:47,840 --> 00:40:50,319
Speaker 3: The way that you can absorb all that we've been

813
00:40:50,360 --> 00:40:53,800
Speaker 3: discussing in an audio way, of course, go to Apple Spotify,

814
00:40:53,920 --> 00:40:58,000
Speaker 3: iHeart even of course, on Bloomberg dot Com, and stay

815
00:40:58,040 --> 00:41:00,520
Speaker 3: tuned for next week. We're after Kata and bring some

816
00:41:00,520 --> 00:41:03,560
Speaker 3: great conversations from New York. As a Bloomberg