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Speaker 1: From Bahard where Innovation, Money and power Collie in Silicon

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Speaker 1: Vallet NBN. This is Bloomberg Technology with Caroline Hyde and

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Speaker 1: Ed Ludlow.

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Speaker 2: Lie from New York and San Francisco. This is Bloomberg

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Speaker 2: Technology coming up. Ubisoft jumps on buy out reports as

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Speaker 2: Tencent and its founders I'm taking Assassin's Cream maker private.

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Speaker 3: And the EU votes to impose tariffs up to forty

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Speaker 3: five percent on Chinese electric vehicles.

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Speaker 4: We discussed the trade tensions.

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Speaker 2: And Meta unveils an AI video generator as it's AI

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Speaker 2: pushmak Zuckerberg the world's second richest position.

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Speaker 5: But first we go to our top stock story.

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Speaker 6: Ed.

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Speaker 3: Yes, French video game maker Ubisoft actually in the thirty

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Speaker 3: minutes left in European trading in Paris, the stock on

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Speaker 3: track for its biggest jump on record one day jump.

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Speaker 3: Bloomberg reporting in the last ninety minutes according to sources

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Speaker 3: that ten Cents, the Chinese technology company and the Guimo family,

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Speaker 3: the founding family behind Ubisoft, the French video game might

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Speaker 3: make a are considering a buyout of the company. There

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Speaker 3: are a number of factors behind that. Let's get right

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Speaker 3: out to our Paris bureau and bloom Bloomberg's Benoir Buttelo,

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Speaker 3: who broke this story with colleagues. It's been under pressure, right,

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Speaker 3: this is about stabilizing Ubisoft. What do we know from sources,

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Speaker 3: what's on the table here?

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Speaker 4: Yeah, exactly.

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Speaker 7: So it's a reflection that the biggest investors yourself right now,

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Speaker 7: the Guimo family, the funding family, and also shareholder ten

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Speaker 7: Cent are having at the moment because that follows a

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Speaker 7: rough time for the company and they had issued profit welling. Recently,

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Speaker 7: they've been disappointed by the release of an important game,

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Speaker 7: Star Wars game, and they delayed another important game as

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Speaker 7: since scret shadows to next year. That has sent the

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Speaker 7: shares plunging. The company has lost half of its market

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Speaker 7: value this year. So they are also activist investors at

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Speaker 7: the moment asking for either take private or sale of

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Speaker 7: the company. So this is all happening in this context.

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Speaker 7: One of the options they consider, as we report, according

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Speaker 7: to our sources, is take private joint take private of

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Speaker 7: the company. There are also other options being considered and

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Speaker 7: that are on the table.

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Speaker 5: Ultimately, ten Cents an interesting name.

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Speaker 2: We know they're already an investor alongside the Gemo family,

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Speaker 2: but would Chinese buyers be able to get their hands

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Speaker 2: on a prized French.

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Speaker 5: Treasure, they would do it.

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Speaker 4: So they are in a concert. They are in a

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Speaker 4: close collaboration with the more family.

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Speaker 7: They made a deal two years ago and they invested

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Speaker 7: actually in the family holding. There are five Givemo brothers

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Speaker 7: and also the extended family and Tencent already bought less

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Speaker 7: than half of their family holding, so they are they're

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Speaker 7: sort of intertwined. Uh and Tencent has been investing in

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Speaker 7: European video games company. Obviously ubi Soft is interesting for

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Speaker 7: them because of the ips they have. Assassins Creed, a

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Speaker 7: hugely popular game. Ubisoft has been developing a mobile version

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Speaker 7: of the game, especially for tencent Chinese Chinese market, and

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Speaker 7: also Raymond Rabbits. And it's one of the rare big

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Speaker 7: independent studios, let's say, in the world. So so yeah,

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Speaker 7: they sort of are close to the Gimo and evaluating

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Speaker 7: the situation. That was an important investment for them, and

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Speaker 7: they're figuring out the situation.

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Speaker 3: So Eve Gimo is the CEO of Ubersoft, And you're

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Speaker 3: absolutely right, Like the new Assassin's Creed Shadows coming Rayman,

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Speaker 3: so many people watching Bloomberg Technology excuse me, it would

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Speaker 3: have grown.

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Speaker 4: Up playing rayman.

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Speaker 3: I don't understand that though he's the CEO, the family

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Speaker 3: is part of the buyout. According to sources, just explain

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Speaker 3: the basics of how the company is structured in the governance.

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Speaker 7: Yeah, so they founded the Gimo brothers, they found the

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Speaker 7: ubis off almost forty years ago and they are still

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Speaker 7: very much in control of the company and they have

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Speaker 7: the five brothers are at the board of the company.

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Speaker 7: But if Gimo is now sixty four and they made

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Speaker 7: that deal with ten Cent to sort of protect the

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Speaker 7: company from buyout in twenty twenty two, at least it

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Speaker 7: was seen as such bi analysts and it's it's sort

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Speaker 7: of limiting what ten Cent can do. There are different timelines,

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Speaker 7: but ten cents cannot have a bigger than ten percent stake.

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Speaker 5: For example, the Gimo.

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Speaker 7: Familia still still has a majority of the voting rights.

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Speaker 7: Ten Cent has no vital voting rights. So it was

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Speaker 7: really a deal that was seen as killing speculation around

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Speaker 7: the company. But obviously times have a little changed recently

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Speaker 7: and they wonder if it would be a good moment

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Speaker 7: to make that move.

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Speaker 5: Manoir, We thank you Benwell Berfalo there.

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Speaker 2: Now let's have a quick check on these markets because

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Speaker 2: it is soft moving a lot, but actually the market's

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Speaker 2: steadily higher at the moment after what was a blowout

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Speaker 2: jobs report. We're just seeing the US hiring topped all estimates.

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Speaker 2: So what does that mean for rape bets when you've

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Speaker 2: got nonfarm payrolls coming in at two hundred and fifty

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Speaker 2: four thousand in September and indeed some inflationary pressure people

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Speaker 2: diving back the rate kept bets on the federal reserve

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Speaker 2: and that's that, though managing to be about eight tenser percent.

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Speaker 5: The bomb market is where the big moves are.

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Speaker 2: Let's go to see BIS Chief investment Officer Anna rathbun

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Speaker 2: so much to discuss whether it's M and A tach

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Speaker 2: privates and whether it's just ultimately the fundamentals. We start there.

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Speaker 2: This job market on fire? Do we still support big

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Speaker 2: tech investments?

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Speaker 1: Good morning, labor market is on fire, But we have

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Speaker 1: to remember it is one month release, so we can

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Speaker 1: take it at a base value because it's great and

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Speaker 1: let's celebrate it, but we can't extrapolate it way too

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Speaker 1: far because in totality there are definitely weaknesses. I believe

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Speaker 1: Reuters came out with some report about and the Challengers

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Speaker 1: report about losing tech jobs, right, Does that mean I

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Speaker 1: don't support tech investments? No, because I do think that

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Speaker 1: part of the tech job's loss is correction on over

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Speaker 1: hiring for AI. This is happening all over the world,

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Speaker 1: especially with Samsung coming out with some layof announcements. Tech

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Speaker 1: investments I would still support because I know a lot

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Speaker 1: of people think it's a bubble, but it's opposed to

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Speaker 1: be a bubble when you have something this innovative. This

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Speaker 1: is sort of part for the course, so I think

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Speaker 1: it's still worth it to go along for the ride.

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Speaker 1: But in the short term I do understand the concern,

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Speaker 1: but long term it's still an investment.

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Speaker 5: Let's just dwell on that for a moment.

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Speaker 2: In terms of the overall data, I think it was

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Speaker 2: what was it ed the Challenger data showing that half

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Speaker 2: of all the tech layoffs and tech layoffs have been

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Speaker 2: behind most of the layoffs this year, half of them

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Speaker 2: are because of artificial intelligence head.

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Speaker 3: Yeah, and then there's a difference, or you've got to

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Speaker 3: distinguish between layoffs that are announced and layoffs that are enacted.

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Speaker 3: I also just want to like spend a second on

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Speaker 3: the moment and how wild jobs. Dating is on social

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Speaker 3: media in particular. And I don't know what your life

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Speaker 3: is like before coming on Bloomboat Technology, but you'd think

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Speaker 3: that this was a once in a lifetime moment if

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Speaker 3: you go on X Bloomboat Joe Wisenthal going, this is

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Speaker 3: what we wake up for why we all go on.

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Speaker 4: To social media?

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Speaker 5: I mean he does do that every single job exactly.

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Speaker 3: Is that if you're a technology investor, is that what

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Speaker 3: it's really like when you get economic data like this?

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Speaker 8: Well, you know, maybe maybe not.

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Speaker 1: It's not like that for me. So we're long term investors.

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Speaker 1: So it is exciting, and I do participate in some

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Speaker 1: of the excitement in the short term. But again, like

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Speaker 1: if we're if I'm looking at AI, I'm looking at

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Speaker 1: the long term potential, This one job number is just

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Speaker 1: not going to really do anything for me, right, So

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Speaker 1: yes and no, I do participate, but it doesn't affect

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Speaker 1: what I do.

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Speaker 2: If it doesn't affect ultimately what you're up to, let's

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Speaker 2: think about what it affects in terms of market sentiment

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Speaker 2: for big tech and indeed the opportunity to see consolidation.

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Speaker 2: We've seen themes of M and A, whether it's out

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Speaker 2: of die need and distress like we saw ultimately in

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Speaker 2: the PayTV deals earlier this week, we now hear of

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Speaker 2: reports that companies that have been really beaten up from

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Speaker 2: a market cap perspective and now being allyed to take private.

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Speaker 5: It's not going to be something we see even as

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Speaker 5: rates come down.

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Speaker 1: Well, the rates have to come down considerably, and you know,

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Speaker 1: talking about the job market today, there's a lot of fear.

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Speaker 1: I mean, I think the market's repricing itself from fifty

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Speaker 1: basis point total for the rest of the year to

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Speaker 1: seventy five, and I think it's it's gonna matter how

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Speaker 1: far we go down. The FED should still cut because

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Speaker 1: I don't think the M and A market can be

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Speaker 1: healthy at this rate. There's a lot of liquidity, people say,

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Speaker 1: but there's liquidity for certain people, not enough liquidity for others.

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Speaker 1: It's not like, you know, you can't paint with a

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Speaker 1: single brush here. So for the market to be healthy again,

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Speaker 1: for there to be healthy level of M and A activity,

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Speaker 1: especially in the IPO market, I think the FED has

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Speaker 1: to continue cutting. And I don't think today's jobs number

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Speaker 1: is going to change the course of what the FED

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Speaker 1: has started.

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Speaker 3: We must look I guess forward to the rest of

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Speaker 3: the year where we have a presidential election here in

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Speaker 3: the United States. Does that impact the technology investor, even

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Speaker 3: if you're a long term investor, when you take into

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Speaker 3: account policy antitrust regulation in this.

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Speaker 1: Country, Yeah, I would watch for a one party rule

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Speaker 1: because any law that is passed in through Congress. There's

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Speaker 1: a lot of fear about AI. What we saw in

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Speaker 1: California about you know, and and it became a free

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Speaker 1: free speech issue. But there are a lot of these

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Speaker 1: fears about you know, what can be passed through in

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Speaker 1: terms of deep fakes and AI et cetera.

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Speaker 4: These things.

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Speaker 1: If we don't do it right, it can actually turn

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Speaker 1: into something that can be a regulate regulation that can

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Speaker 1: actually hinder innovation. So I think this is doesn't matter

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Speaker 1: which party it is right, but certainly if you have

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Speaker 1: one party rule, it would definitely increase the probability of

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Speaker 1: something like that getting passed.

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Speaker 2: Save It's Chief Investment Officer, Anna Rathbun, Thanks as always

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Speaker 2: for your time. Meanwhile, coming up, the EU preparing for

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Speaker 2: tarofs up to forty five percent on Chinese made electric vehicles.

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Speaker 2: That says Europe risks a broader trade conflict with China

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Speaker 2: and what are you looking at?

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Speaker 4: Well, I'm looking at EV's as well.

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Speaker 3: Rivian is down six percent off its session lows, but

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Speaker 3: it has cut its production outlook to forty seven thousand

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Speaker 3: to forty nine thousand EV's this year. It had been

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Speaker 3: fifty seven thousand. Why a specific supply chain issue they're

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Speaker 3: not disclosing. That became more acute in recent weeks. And

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Speaker 3: that's their two consumer models and the van they make

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Speaker 3: for Amazon, and the streets concerned.

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Speaker 4: I'm digging into it.

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Speaker 3: And by the way, if you're a Rivian employee that's

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Speaker 3: out there, you know something, phone me. I think a

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Speaker 3: lot of people want to know what's going on here.

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Speaker 3: It's a Rivian problem rather than an industry problem.

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Speaker 4: This is Bloomberg technology.

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Speaker 3: The European Union is voted to impose tariffs as high

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Speaker 3: as forty five percent on electric vehicles from China. Here's

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Speaker 3: how European Commission spokesperson Betrayed all off Gil explain the reasoning.

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Speaker 9: We do not and we never have wanted to impose

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Speaker 9: tariffs in this case for the sake of imposing tariffs.

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Speaker 9: What we want is to remove the injurious subsidization, the

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Speaker 9: effect of the injurious subsidization that are painstakingly detailed, wto

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Speaker 9: compatible and thorough investigation identified.

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Speaker 3: Let's discuss with Transport and Environment Senior Director Julia Poliskanova

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Speaker 3: up to forty five percent tariff on Chinese built and

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Speaker 3: imported electric vehicles. Your reaction and analysis of that number.

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Speaker 8: So overall, we do think that today is a good

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Speaker 8: day for European industrial policy. It means there's one single vision,

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Speaker 8: That means we are serious about trying to create the

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Speaker 8: business case for local manufacturing in Europe. We believe that,

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Speaker 8: and I certainly already see in some of the data

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Speaker 8: that some of the Chinese companies will still be doing

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Speaker 8: really well. They have a good product. We still will

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Speaker 8: see those brands on the European market, but they will

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Speaker 8: likely be producing here rather than importing it from China.

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Speaker 5: Julia, I push back.

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Speaker 2: On the one single vision a little bit sly because

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Speaker 2: when you look at how the vote went out, Yes,

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Speaker 2: ten came out and supported France here among them, but

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Speaker 2: twelve abstained and a whole number actually voted against, for

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Speaker 2: example Germany. How much behind the scenes work is there

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Speaker 2: now to try and iron this out that they don't

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Speaker 2: have to be imposed.

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Speaker 8: I think they're ultimately given the amount of pressure that

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Speaker 8: there has been against the terrorists, amount of negotiation, and

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Speaker 8: the fact that the largest European country have actually voted against.

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Speaker 8: Given all this, the fact that teriffts went through does

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Speaker 8: actually mean that behind the scenes there must be an

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Speaker 8: agreement that even though we continue negotiating, we are going

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Speaker 8: with the tariffs. So it means Europe did decide that

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Speaker 8: the case for local manufacturing is more important than the

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Speaker 8: risk of retaliation from China.

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Speaker 3: Julia Transport Environment call themselves the leading advocates for clean

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Speaker 3: energy and transport in Europe, and this morning you published

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Speaker 3: research that basically said these tariffs alone will not save

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Speaker 3: the EV industry in Europe.

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Speaker 4: If there is not a refocus.

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Speaker 3: I think is fair to say on broader COE two

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Speaker 3: targets and other climate targets. What else is it that

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Speaker 3: you're calling to be done alongside the imposition of these tariffs.

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Speaker 8: So tariffs only makes sense in tandem with a broader,

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Speaker 8: stronger climate policy that would push carmakers to actually manufacture

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Speaker 8: locally football electric vehicles as long as the wide industrial

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Speaker 8: policy would. So we need to onshore battery manufacturing. For example,

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Speaker 8: the battery input tariffs into Europe is one percent, while

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Speaker 8: a lot of local companies are struggling. So we also

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Speaker 8: need stronger defense measures there. We need to ramp up

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Speaker 8: charging stations, make it easier for people to charge, for example,

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Speaker 8: simplify the way we connect to the grid. So there's

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Speaker 8: a number of measures that all have to come together,

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Speaker 8: and alongside them, tariffs really help because they give a

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Speaker 8: chance to the European electric vehicle industry.

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Speaker 2: What's interesting is ultimately local analysts over in China saying

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Speaker 2: this is going to have a minor impact on the

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Speaker 2: Chinese ev names because when all taken in its totality,

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Speaker 2: their market share just isn't that significant to Europe. So

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Speaker 2: how impactful will this be on imports from Giele from BYD.

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Speaker 8: So actually we see that today, given that the US

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Speaker 8: market is closed automately to to Chinese manufacturers, and given

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Speaker 8: the huge over supply and over capacity, to the European

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Speaker 8: market is very important. Some data shows that up to

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Speaker 8: sixty percent today of all global evy experts from China

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Speaker 8: go to Europe, the EU, but of course also the

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Speaker 8: UK and Norwich. So it is a significant market. That's

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Speaker 8: why I think Europe shouldn't be so scared of retaliation.

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Speaker 8: Of course it's the risk, but China also needs Europe,

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Speaker 8: and ultimately, as I said before, we will see the

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Speaker 8: Chinese brands in Europe, but they will manufacture here, they

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Speaker 8: will build batteries here, and hopefully wild the Europeans benefit

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Speaker 8: from them in terms of it and value.

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Speaker 2: We really appreciate you sticking with a story throughout for

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Speaker 2: US Transport Environments Senior Director Julia ris Canova sticking with China.

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Speaker 2: Shanghai CSI three hundred index continues to surge. Investors see

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Speaker 2: government stimulus creating an opportunity for firms. Let's discuss all

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Speaker 2: of this and sustainability of the rally. Remergs Isabelle Lee

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Speaker 2: twenty six percent ten days.

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Speaker 5: Is this going to continue?

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Speaker 10: It's really spectacular. We've seen a wave of buying we've

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Speaker 10: never seen before or at least in decades. We have

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Speaker 10: economists capitulating, we have black Rocks now actually buying in

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Speaker 10: after being long a bear, but who knows. We have

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Speaker 10: Regiev Jane, he's the PM of a twenty five or

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Speaker 10: so billion dollar em and he's saying that this rally

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Speaker 10: will be fleeting. We have the more economists saying that

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Speaker 10: this reminds them somewhat of the twenty fifteen bear crash,

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Speaker 10: So it really I mean, if you rally this fastened,

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Speaker 10: this deep, where will this go? And we have Goldman

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Speaker 10: sac saying that, Okay, obviously this increases the optimism in

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Speaker 10: the market, but it remains another question whether the Beijing

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Speaker 10: will actually implement any of the stimulus.

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Speaker 5: So it's really wait.

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Speaker 10: And see now, and they will get back from their

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Speaker 10: goals and we Calliday next Tuesday. So I think that's

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Speaker 10: really the determinant.

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Speaker 3: Where does China's technology sector fit within this narrative. We've

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Speaker 3: been touching on it with you this week because there

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Speaker 3: is US investor interest in some of those names. But

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Speaker 3: does the same kind of broader philosophy apply.

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Speaker 10: I think with a Chinese tech sector, it's kind of

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Speaker 10: like the US tech sector. It's a little bit independent because,

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Speaker 10: if you must recall, the Chinese government approaches that segment

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Speaker 10: very differently in the past couple of years. They've doubled

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Speaker 10: down on it, then they east on it, and that's

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Speaker 10: why you see this kind of optimism. But for this one,

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Speaker 10: it goes beyond that. It's really the whole economy they're

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Speaker 10: definitely trying to really boost the sentiment, and this is

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Speaker 10: why it happened before the holiday, because they have a

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Speaker 10: tendency to do that so that people feel good when

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Speaker 10: they're off for that week or so, so that they spend.

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Speaker 10: And you have data from city groups saying that spending

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Speaker 10: is indeed robust. So I think that's a different approach.

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Speaker 10: But overall this seems to be more of a coordinated

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Speaker 10: measure and there's buy in from the government. This is

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Speaker 10: why banks, like again Goldman Sachs is saying that maybe

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Speaker 10: this is different, but it still remains to be seen before.

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Speaker 10: Now we have really ETFs having their best global flows

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Speaker 10: and we have a lot of that coming from ETFs

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Speaker 10: link to China.

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Speaker 3: In beks Isabellie super smart reporting focused on tech.

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Speaker 4: Really appreciate it. Thank you very much.

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Speaker 2: Meta it's announced it'll start to actually integrate an AI

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Speaker 2: movie generator similar to open Ai, Sora It's apps maybe

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Speaker 2: sometime in the next year.

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Speaker 5: Belue Most Kurt Wagner joins us for more.

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Speaker 2: Again, the focus on our AI is relentless over a

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Speaker 2: Meta it has been.

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Speaker 11: Right, I mean, it's been this story for Mark Zuckerberg

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Speaker 11: in this company for the whole year for sure, But

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Speaker 11: even just last week, Caroline, You'll remember we were talking

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Speaker 11: about Oriyan, these augmented reality glasses, you know, the ray band,

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Speaker 11: metas their AI powered smart glasses. Now they're coming out

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Speaker 11: with you know, video generated AI product. So this has

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Speaker 11: been a very steady stream of updates from them. That's not,

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Speaker 11: you know, a coincidence. Of course, this has been what

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Speaker 11: Mark Zuckerberg has been talking about for a long time now,

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Speaker 11: and now we're seeing some of the results of all

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Speaker 11: that topic.

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Speaker 3: It is a steady stream, and it is interesting because

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Speaker 3: you and I spent two days at Meta last week

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Speaker 3: and this wasn't shown to us, and now they've put

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Speaker 3: it out this morning. But I guess what I'd reflect

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Speaker 3: on is that they are doing all things with open

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Speaker 3: source being at front center. You have a sort of

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Speaker 3: consumer facing technology which you can access through the ray

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Speaker 3: bands or through the application. Then there is the sort

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Speaker 3: of more enterprise and industry leading stuff. Where does the

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Speaker 3: video tech fit in? Are they going off to developers

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Speaker 3: for example?

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Speaker 11: So the idea is to eventually make this a consumer product.

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Speaker 11: It will be integrated into their apps with the hope

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Speaker 11: that people will then create more video edit more of

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Speaker 11: their own videos to make them more fun or different

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Speaker 11: and increase sharing. At the same time, they're getting this

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Speaker 11: in the hands of some filmmakers. They wouldn't tell us

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Speaker 11: which ones, but they say they're out partnering with the

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Speaker 11: film industry because they want this to be a complimentary thing, right.

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Speaker 11: The last thing they want is to be seen is

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Speaker 11: going after the movie houses or being a threat to them.

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Speaker 11: They want to work with them. So it's a little

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Speaker 11: bit of a consumer thing, but also something that they're

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Speaker 11: trying to get in the hands of people who do

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Speaker 11: this for a living.

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Speaker 2: They've also got to be worried about fake images and

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Speaker 2: ultimately how they show this as AI.

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Speaker 11: Yeah, and this is a big reason that they haven't

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Speaker 11: rolled it out in the product just yet, that they're

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Speaker 11: still figuring out some of the safety elements of this.

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Speaker 11: You know, part of the feature here is you could

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Speaker 11: actually upload a picture of yourself, Caroline and say make

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Speaker 11: me into this movie or put me into this movie,

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Speaker 11: and it'll do it. You can imagine the consequences if

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Speaker 11: you're uploading photos of someone else, right, and you're putting

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Speaker 11: them in compromising situations, in appropriate situations. So they are

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Speaker 11: trying to figure out the safety elements of this as

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Speaker 11: they are going. It's a good sign I think that

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Speaker 11: they haven't rolled this out broadly if they haven't figured

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Speaker 11: that out yet, So you know, we'll take that as

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Speaker 11: perhaps a meta growing up a little bit from a

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Speaker 11: year's past.

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Speaker 4: Go to my Instagram.

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Speaker 3: I use that tool of uploading myself and making something

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Speaker 3: from it, and yeah, you need an imagination. Blue Bes

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Speaker 3: Kurt Wagner, thank you very much.

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Speaker 2: Welcome back to Bluemog Technology. I'm Caroline Hyde in New

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Speaker 2: York and.

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Speaker 4: I met love Loow in San Francisco.

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Speaker 5: Let's just check out on.

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Speaker 2: These markets on the weak ed because this week has

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Speaker 2: felt rather long. If you just cast your mind back

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Speaker 2: to the geopolitical tension we were facing at the start

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Speaker 2: of the week, the sell off that we had on Tuesday.

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Speaker 2: We manage somewhat of a bounce back on the nasat

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Speaker 2: one hundred, but we're still lower on the course of

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Speaker 2: the five trading days. Then we get the mega jobs

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Speaker 2: data print today much ahead of basically everyone's expectations.

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Speaker 5: More than two are a thousand jobs.

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Speaker 2: Added, and we actually managed to sustain a little bit

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Speaker 2: of buying on the equity front, even though we start

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Speaker 2: to dial back on those rate cup bets, move on

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Speaker 2: and have a look at what's.

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Speaker 5: Happening on the individual names.

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Speaker 2: Was leading from a points perspective is large part in Tesla,

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Speaker 2: even though we see that the EU is voting to

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Speaker 2: put forty five percent tariffs on certain Chinese car makers.

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Speaker 2: Now Tesla of course makes a lot of the cars

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Speaker 2: in China that ships to the EU, but many feeling

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Speaker 2: that they won't be so pointed at Tesla. Maybe there's

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Speaker 2: a bit of a relief rally on our hands, or

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Speaker 2: maybe we're just buying for the sake of buying. We're

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Speaker 2: looking at also Ubisoft up thirty two percent. Now this

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Speaker 2: is the ADRs traded in the US. They were higher

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Speaker 2: over in France as well.

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Speaker 5: This is Ubizoft.

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Speaker 2: Potentially is a take private target from Tencent and the

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Speaker 2: Guimo family. Reports coming from Blueberg. Lastly, I finishing what's

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Speaker 2: happening on the downside. Rivia new reported of course said

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Speaker 2: that production being cut back and curtailed it hits the stock.

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Speaker 5: What have you got?

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Speaker 3: Another name that's looking at our country of origin, Robin

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Speaker 3: Hood is exploring an entry into the British market. Is

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Speaker 3: the fintech giant continues to hunt for growth beyond the

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Speaker 3: United States. A few months ago, Robinhood rolled out commission

441
00:23:20,040 --> 00:23:23,520
Speaker 3: free trading for more than six thousand US listed stocks

442
00:23:23,760 --> 00:23:27,679
Speaker 3: to UK customers. Now is considering adding UK stocks to

443
00:23:27,720 --> 00:23:31,159
Speaker 3: the list. Bloomberg's Francine Lacroix caught up with Robinhood's CEO

444
00:23:31,160 --> 00:23:33,159
Speaker 3: of lad Tenev about the expansion.

445
00:23:34,520 --> 00:23:38,399
Speaker 12: The first priority is making all of the great functionality

446
00:23:38,640 --> 00:23:41,399
Speaker 12: that we became known for in the US available to

447
00:23:41,680 --> 00:23:46,159
Speaker 12: UK customers. So margin investing in particular is in the

448
00:23:46,160 --> 00:23:46,879
Speaker 12: coming weeks.

449
00:23:47,280 --> 00:23:49,080
Speaker 4: There's been a huge demand for.

450
00:23:49,040 --> 00:23:52,480
Speaker 12: Options as well, options on US equities because that's just

451
00:23:52,760 --> 00:23:55,800
Speaker 12: hard to come by here in the UK market. So

452
00:23:55,840 --> 00:23:59,200
Speaker 12: we really feel like we can differentiate with US offerings.

453
00:23:59,440 --> 00:24:03,439
Speaker 12: But of course we're looking ahead to multi currency wallet

454
00:24:03,520 --> 00:24:08,520
Speaker 12: support and local execution, including the London Stock Exchange at all.

455
00:24:08,720 --> 00:24:10,560
Speaker 5: It's exciting. So in what kind of timeframe?

456
00:24:10,640 --> 00:24:13,640
Speaker 1: I mean, so margin in a couple of weeks, yeah,

457
00:24:13,640 --> 00:24:16,920
Speaker 1: and then every couple every couple of months, something something more.

458
00:24:17,280 --> 00:24:19,920
Speaker 12: That's the idea. Yeah, every couple of months. I mean,

459
00:24:19,920 --> 00:24:24,160
Speaker 12: we have a long backlog of things and we're continuing

460
00:24:24,280 --> 00:24:26,919
Speaker 12: to build new things. So we've talked a little bit

461
00:24:26,920 --> 00:24:30,760
Speaker 12: about new asset classes that are likely going to come

462
00:24:30,800 --> 00:24:35,280
Speaker 12: to the US first, like futures trading. But really we

463
00:24:35,320 --> 00:24:40,080
Speaker 12: think Robinhood can offer a differentiated service for UK investors

464
00:24:40,119 --> 00:24:43,040
Speaker 12: who want exposure to broader global markets.

465
00:24:43,960 --> 00:24:45,520
Speaker 5: Robinhood's senior lad Tene.

466
00:24:46,080 --> 00:24:48,040
Speaker 2: And while the US is leading the charge in terms

467
00:24:48,080 --> 00:24:51,840
Speaker 2: of deployment of artificial intelligence, according to KKR's global head

468
00:24:51,880 --> 00:24:54,840
Speaker 2: of Digital Infrastructure, he told Ballymokes David Weston that a

469
00:24:54,880 --> 00:24:57,880
Speaker 2: similar playbook is being applied in Europe and Asia Pacific.

470
00:24:57,920 --> 00:25:02,480
Speaker 2: Bus scale of America's data is a clear strategic element

471
00:25:02,520 --> 00:25:02,920
Speaker 2: for growth.

472
00:25:02,920 --> 00:25:03,440
Speaker 5: Take a listen.

473
00:25:04,400 --> 00:25:08,040
Speaker 13: So US is definitely, at least from our perspective, well

474
00:25:08,080 --> 00:25:10,560
Speaker 13: ahead in terms of the deployment of AI. But just

475
00:25:10,560 --> 00:25:13,440
Speaker 13: to try to quantify the scale of it, US data

476
00:25:13,440 --> 00:25:16,119
Speaker 13: center market is about a fifteen gigle ad market growing

477
00:25:16,160 --> 00:25:20,720
Speaker 13: to forty gigabats. European market is about six gigo AID

478
00:25:20,800 --> 00:25:25,240
Speaker 13: market that's likely going to triple or quadruple over the

479
00:25:25,240 --> 00:25:27,680
Speaker 13: next four or five years to twenty gigabytes. And then

480
00:25:27,760 --> 00:25:31,120
Speaker 13: Asia Pacific x China is on a similar trajectory. So

481
00:25:31,160 --> 00:25:35,560
Speaker 13: the scale is really different between US and those other markets.

482
00:25:37,560 --> 00:25:39,159
Speaker 3: You can catch more of this interview on how to

483
00:25:39,240 --> 00:25:42,800
Speaker 3: overcome data center hurdles a mid growing demand tonight on

484
00:25:42,880 --> 00:25:47,359
Speaker 3: Wall Street week at six pm Eastern Time. But data

485
00:25:47,440 --> 00:25:50,800
Speaker 3: center hurdles not the only challenge to the deployment of AI.

486
00:25:50,960 --> 00:25:55,960
Speaker 3: Sometimes it's internal struggles within the AI companies themselves. Take

487
00:25:56,000 --> 00:25:59,879
Speaker 3: open Ai. The startup's been roiled by an exodus of

488
00:26:00,040 --> 00:26:03,600
Speaker 3: top executives and much of its original brain trust. The

489
00:26:03,640 --> 00:26:07,600
Speaker 3: company today bears little resemblance to its earlier self. This

490
00:26:07,760 --> 00:26:12,040
Speaker 3: is its CEO, Sam Altman, is increasingly concentrating power. I

491
00:26:12,080 --> 00:26:14,600
Speaker 3: want to bring in Bloomboa's Rachel Metz, who had the

492
00:26:14,680 --> 00:26:18,159
Speaker 3: deep dive. And I guess a picture says a thousand

493
00:26:18,240 --> 00:26:22,000
Speaker 3: words is the most appropriate idiom, because if you put

494
00:26:21,760 --> 00:26:24,199
Speaker 3: the pictures of the faces of all the people that

495
00:26:24,359 --> 00:26:27,680
Speaker 3: started open ai one against the other, you cross out

496
00:26:27,680 --> 00:26:30,320
Speaker 3: those that have gone and those that are left, it's

497
00:26:30,440 --> 00:26:32,760
Speaker 3: just three people and one of them's on a sabbatical.

498
00:26:33,080 --> 00:26:33,840
Speaker 4: What have you learned?

499
00:26:35,359 --> 00:26:37,399
Speaker 14: Yeah, I mean there were a lot of people at

500
00:26:37,400 --> 00:26:39,840
Speaker 14: the start of this company. There were actually eleven of them,

501
00:26:40,320 --> 00:26:42,840
Speaker 14: and now we're down to sort of three. We have

502
00:26:42,880 --> 00:26:45,960
Speaker 14: two people actively working at the company. Sam Altman. Of

503
00:26:46,000 --> 00:26:52,320
Speaker 14: course and Voyjexamember and Greg Brockman is currently on leave

504
00:26:52,440 --> 00:26:55,480
Speaker 14: until the end of the year. So it's been a

505
00:26:55,480 --> 00:26:57,840
Speaker 14: big change. I mean, and they're C suite as well

506
00:26:57,840 --> 00:27:01,040
Speaker 14: has also changed and evolved. They changed over a lot

507
00:27:01,119 --> 00:27:02,879
Speaker 14: of people and a lot of people have left, and

508
00:27:02,880 --> 00:27:05,040
Speaker 14: then they've also expanded the number of people that they

509
00:27:05,040 --> 00:27:07,600
Speaker 14: have in their C suite over the past year. What

510
00:27:07,640 --> 00:27:09,240
Speaker 14: I really wanted to do with this story was just

511
00:27:09,320 --> 00:27:11,640
Speaker 14: kind of look at how things have changed over time

512
00:27:11,720 --> 00:27:14,880
Speaker 14: and sort of where all the power is going at

513
00:27:14,880 --> 00:27:15,520
Speaker 14: this company.

514
00:27:16,680 --> 00:27:20,080
Speaker 2: Does the power residing in fewer hands mean they are

515
00:27:20,200 --> 00:27:24,560
Speaker 2: able to iterate to innovate faster because it doesn't feel

516
00:27:24,560 --> 00:27:26,840
Speaker 2: as though anything's been stopped in terms of the tidal

517
00:27:26,880 --> 00:27:30,080
Speaker 2: wave of new innovations coming from open Ai despite the

518
00:27:30,119 --> 00:27:31,280
Speaker 2: internal struggles.

519
00:27:32,080 --> 00:27:35,120
Speaker 14: Yeah, so a lot has changed both internally and sort

520
00:27:35,160 --> 00:27:38,000
Speaker 14: of like from the outside looking in at the company

521
00:27:38,040 --> 00:27:40,960
Speaker 14: over the past year since Sam Altman, the CEO, was

522
00:27:41,000 --> 00:27:45,840
Speaker 14: briefly ousted and then returned, they had a lot of

523
00:27:45,880 --> 00:27:48,800
Speaker 14: staff changeover. Also, just the number of employees there is

524
00:27:48,840 --> 00:27:50,840
Speaker 14: more than double what it was late last year. It's

525
00:27:50,880 --> 00:27:55,000
Speaker 14: at about seventeen hundred people at this point, So you

526
00:27:55,080 --> 00:27:57,879
Speaker 14: see these changes, and then you also see more people

527
00:27:57,880 --> 00:27:59,919
Speaker 14: are reporting to Sam. I mean he said that publicly,

528
00:28:00,760 --> 00:28:03,760
Speaker 14: so there's a bit of a flattening of the organization there.

529
00:28:03,920 --> 00:28:06,680
Speaker 14: And then they are pushing out these products, one after

530
00:28:06,720 --> 00:28:09,520
Speaker 14: the other after the other. There was one yesterday. Actually

531
00:28:10,400 --> 00:28:13,720
Speaker 14: they just keep coming, so you know, the push towards commercialization.

532
00:28:13,800 --> 00:28:17,639
Speaker 14: There is an internal consolidation and the power, and it

533
00:28:17,760 --> 00:28:20,240
Speaker 14: just shows that this company is really trying to move

534
00:28:20,240 --> 00:28:23,880
Speaker 14: toward making more money, becoming a larger company, becoming more

535
00:28:23,960 --> 00:28:26,600
Speaker 14: of like a corporate technology company.

536
00:28:27,080 --> 00:28:30,440
Speaker 5: Rachel Matt's busy life. We appreciate it.

537
00:28:30,640 --> 00:28:33,600
Speaker 2: Meanwhile, coming up, we're going to be joined by Vinodekosla

538
00:28:33,760 --> 00:28:38,160
Speaker 2: on open AI's internal changes. But it's massive funding round

539
00:28:38,480 --> 00:28:40,960
Speaker 2: and of course the future impact on society.

540
00:28:41,120 --> 00:28:49,360
Speaker 5: This is really the technology.

541
00:28:53,400 --> 00:28:55,760
Speaker 3: Open Ai just closed its latest round and it was

542
00:28:55,840 --> 00:28:59,120
Speaker 3: a historic one. In today's VC Spotlight, we're joined by

543
00:28:59,120 --> 00:29:02,840
Speaker 3: the founder of Coastal Adventures, which has a history with

544
00:29:02,960 --> 00:29:03,640
Speaker 3: open Ai.

545
00:29:03,480 --> 00:29:06,000
Speaker 4: Of its own. It wrote the first check into.

546
00:29:05,840 --> 00:29:09,280
Speaker 3: Open ai and is participating in this round as well.

547
00:29:09,760 --> 00:29:13,080
Speaker 3: Vino Kosler joins us now, and that's where I want

548
00:29:13,080 --> 00:29:16,240
Speaker 3: to start. We've discussed many times. You wrote the first

549
00:29:16,320 --> 00:29:21,960
Speaker 3: check into open Ai. What was the rationale behind participating

550
00:29:22,000 --> 00:29:24,920
Speaker 3: in this round And we've gone over the numbers, how

551
00:29:24,920 --> 00:29:27,120
Speaker 3: big they are, and why it is historic.

552
00:29:29,280 --> 00:29:31,960
Speaker 6: Well, the reason to put spate is because I'm pretty

553
00:29:32,000 --> 00:29:35,440
Speaker 6: optimistic about the impact that I can have in all

554
00:29:35,480 --> 00:29:40,160
Speaker 6: parts of society. It's very, very large over the next

555
00:29:40,240 --> 00:29:43,080
Speaker 6: ten or fifteen years. So if you're a long term investor,

556
00:29:43,160 --> 00:29:45,520
Speaker 6: as I am, it makes sense.

557
00:29:47,760 --> 00:29:51,479
Speaker 3: You have a fiduciary duty to your LPs and you

558
00:29:51,520 --> 00:29:54,680
Speaker 3: are a long term investor. And as always I always

559
00:29:54,680 --> 00:29:56,920
Speaker 3: put on social media that you're coming on the show,

560
00:29:57,400 --> 00:30:00,400
Speaker 3: and many people in the Bloomberg Technology audio and say

561
00:30:00,440 --> 00:30:04,360
Speaker 3: ah does denote coastless sense that an IPO is coming

562
00:30:04,440 --> 00:30:07,720
Speaker 3: for open Ai, and so he's got into this round

563
00:30:07,840 --> 00:30:08,960
Speaker 3: in preparation for that.

564
00:30:11,040 --> 00:30:15,280
Speaker 6: We haven't discussed an IPO. The structure today isn't set

565
00:30:15,360 --> 00:30:16,520
Speaker 6: up for an IPO.

566
00:30:17,240 --> 00:30:18,680
Speaker 5: Let's talk about that structure.

567
00:30:19,400 --> 00:30:22,280
Speaker 2: Have you been discussing turning into a b court, deciding

568
00:30:22,320 --> 00:30:23,360
Speaker 2: to be more for profit?

569
00:30:24,640 --> 00:30:30,320
Speaker 6: Well, Sam has publicly discussed changing the structure without talking

570
00:30:30,320 --> 00:30:34,760
Speaker 6: about the specifics, and that's probably all I can say.

571
00:30:34,840 --> 00:30:39,080
Speaker 6: I think it's a good idea for this company to

572
00:30:39,120 --> 00:30:40,880
Speaker 6: set up to be set up.

573
00:30:40,840 --> 00:30:42,960
Speaker 15: To raise more money when needed.

574
00:30:43,960 --> 00:30:47,800
Speaker 6: I think the way perspective on opening I is over

575
00:30:47,840 --> 00:30:51,960
Speaker 6: the last two years crap twenty years of rapid growth

576
00:30:52,080 --> 00:30:54,080
Speaker 6: in revenue into two years.

577
00:30:54,640 --> 00:30:57,640
Speaker 15: When you have that kind of growth from.

578
00:30:57,440 --> 00:31:01,000
Speaker 6: Almost no revenue to billions of revenue as has been reported,

579
00:31:03,000 --> 00:31:05,280
Speaker 6: you want to be set up and you will need

580
00:31:05,320 --> 00:31:09,200
Speaker 6: to consume capital, especially in data centers and some other

581
00:31:10,480 --> 00:31:15,080
Speaker 6: training centers, etc. So the perspective you should take is

582
00:31:16,120 --> 00:31:19,080
Speaker 6: twenty years of growth in a normal startup in two

583
00:31:19,120 --> 00:31:25,200
Speaker 6: years and rapid growth you would expectancye changes.

584
00:31:25,520 --> 00:31:26,480
Speaker 5: Internal as well.

585
00:31:26,520 --> 00:31:28,320
Speaker 2: How have you felt about the fact that the founding

586
00:31:28,360 --> 00:31:31,720
Speaker 2: team that you first invested in looks very different now

587
00:31:31,720 --> 00:31:34,640
Speaker 2: from the team that leads the business apart from Sam.

588
00:31:35,400 --> 00:31:38,840
Speaker 6: Well, I think the team looks different, but it's very

589
00:31:38,960 --> 00:31:42,720
Speaker 6: strong technical team and what has been happening is streamlining

590
00:31:42,760 --> 00:31:45,640
Speaker 6: it for rapid movement. As you know, the company has

591
00:31:45,680 --> 00:31:52,240
Speaker 6: been producing products at a blitz kind of pace. Very

592
00:31:52,280 --> 00:31:54,720
Speaker 6: few competitors have been able to keep up with the

593
00:31:54,720 --> 00:31:59,920
Speaker 6: wide range of products in pretty significant capability that the

594
00:32:00,040 --> 00:32:02,160
Speaker 6: company has dwell up. And I think the key in

595
00:32:02,200 --> 00:32:07,160
Speaker 6: this race is to beat the competition, not worry about others.

596
00:32:07,520 --> 00:32:11,680
Speaker 6: And frankly grow revenue very rapidly, and which is usage

597
00:32:11,800 --> 00:32:12,520
Speaker 6: very rapidly.

598
00:32:14,520 --> 00:32:18,120
Speaker 3: Then last month you wrote in your blog a piece

599
00:32:18,520 --> 00:32:21,840
Speaker 3: titled AI Dystopian or Utopian.

600
00:32:22,240 --> 00:32:23,760
Speaker 4: I read it. It's a long.

601
00:32:23,640 --> 00:32:27,480
Speaker 3: Read, but in conclusion you see a path to AI

602
00:32:27,680 --> 00:32:31,800
Speaker 3: unlocking wealth that is basically held by less than a

603
00:32:31,840 --> 00:32:36,360
Speaker 3: billion people being extended to nearer to seven eight billion

604
00:32:36,400 --> 00:32:40,200
Speaker 3: people through AI. That the bit that was missing from

605
00:32:40,200 --> 00:32:44,080
Speaker 3: the piece I felt is how does open AI get

606
00:32:44,200 --> 00:32:44,600
Speaker 3: us there?

607
00:32:44,840 --> 00:32:47,440
Speaker 4: You are very focused on open AI, I guess.

608
00:32:47,240 --> 00:32:52,640
Speaker 3: As a leader in getting human access to artificial technology,

609
00:32:52,800 --> 00:32:54,680
Speaker 3: artificial intelligence technology.

610
00:32:54,960 --> 00:32:55,360
Speaker 4: Forgive me.

611
00:32:57,640 --> 00:33:03,200
Speaker 6: Well, what I spoke to in this piece is AI

612
00:33:03,520 --> 00:33:06,960
Speaker 6: in address some of the critics concerns about the dystopian

613
00:33:07,280 --> 00:33:10,160
Speaker 6: thing that might happen, and I'm not saying there's no risk,

614
00:33:10,280 --> 00:33:14,520
Speaker 6: but I address all of them fairly specifically, and then

615
00:33:14,600 --> 00:33:18,680
Speaker 6: talk about the abundance it can provide. It's the most

616
00:33:19,440 --> 00:33:23,920
Speaker 6: important tool we've had in human history for creating abundance

617
00:33:24,560 --> 00:33:31,160
Speaker 6: and creating a fairer, more equitable, more well off society.

618
00:33:31,920 --> 00:33:35,000
Speaker 6: The company that wins in AI will lead this race.

619
00:33:35,200 --> 00:33:39,440
Speaker 6: I suspect more than one player will be participating, so

620
00:33:39,520 --> 00:33:42,440
Speaker 6: it's not just open ay, But I'm very very bullish.

621
00:33:42,680 --> 00:33:46,520
Speaker 6: Open Ai is executing extremely well on product, which is

622
00:33:46,560 --> 00:33:50,680
Speaker 6: what matters, and on revenue growth. So I'm excited for

623
00:33:50,720 --> 00:33:54,120
Speaker 6: openI as being a leader, but probably one of the

624
00:33:54,200 --> 00:33:54,920
Speaker 6: leaders in this.

625
00:33:55,040 --> 00:33:57,440
Speaker 5: Race to be a leader.

626
00:33:58,040 --> 00:34:02,520
Speaker 2: Do you think Sam should take equity himself in the company.

627
00:34:03,800 --> 00:34:06,360
Speaker 6: That's for the board to decide. I do think Sam

628
00:34:06,400 --> 00:34:09,360
Speaker 6: deserves something for what he's done, but it's.

629
00:34:09,239 --> 00:34:16,040
Speaker 15: Not his highest priority. As far from his highest priority.

630
00:34:16,680 --> 00:34:20,760
Speaker 3: You know, what is your assessment so far of Sarah Fryer?

631
00:34:21,239 --> 00:34:23,880
Speaker 3: My understanding standing speaking to some of your peers and

632
00:34:23,920 --> 00:34:27,719
Speaker 3: colleagues in industry, is that she prepared a pretty straightforward

633
00:34:27,719 --> 00:34:32,120
Speaker 3: presentation that tried to educate those that didn't have as

634
00:34:32,160 --> 00:34:35,040
Speaker 3: clear an understanding of the path forward and business model,

635
00:34:35,440 --> 00:34:38,080
Speaker 3: and actually a lot of investors got it. They looked

636
00:34:38,120 --> 00:34:41,080
Speaker 3: at the presentation and went, Okay, we're on board with this.

637
00:34:41,440 --> 00:34:45,120
Speaker 4: What was your reaction to her and to that, Well.

638
00:34:45,000 --> 00:34:46,680
Speaker 15: I've known Sarah for a long time.

639
00:34:46,719 --> 00:34:51,200
Speaker 6: I was on the board of Square now Blocked when

640
00:34:51,239 --> 00:34:55,919
Speaker 6: she was cfour there, so I've had a long relationship

641
00:34:55,920 --> 00:34:59,680
Speaker 6: with Sarah. She You're exactly right, she prepared a chrisp

642
00:35:00,960 --> 00:35:04,320
Speaker 6: It was simple, straightforward said here's where we are today,

643
00:35:04,440 --> 00:35:08,120
Speaker 6: Here's where we expect to be a year from now.

644
00:35:08,200 --> 00:35:11,320
Speaker 15: Much more than that is not that predictable.

645
00:35:12,239 --> 00:35:15,400
Speaker 6: Interest compelling Obviously its compelling to me.

646
00:35:15,480 --> 00:35:17,040
Speaker 15: Otherwise we wouldn't have invested.

647
00:35:18,360 --> 00:35:21,440
Speaker 2: And what's interesting is you say, look, it won't be

648
00:35:21,480 --> 00:35:23,840
Speaker 2: the only one, but you want it to be the

649
00:35:23,920 --> 00:35:27,640
Speaker 2: leading player. There was some consternation Veno that within the

650
00:35:27,719 --> 00:35:30,879
Speaker 2: documentation there was a push that anyone who backs open

651
00:35:30,920 --> 00:35:33,840
Speaker 2: Ai can't back its competitors in the future.

652
00:35:34,480 --> 00:35:35,480
Speaker 5: Is that normal?

653
00:35:35,840 --> 00:35:39,040
Speaker 2: Is that something that you want to see in such documents.

654
00:35:40,120 --> 00:35:43,320
Speaker 6: You know, in very large bets, this is pretty normal,

655
00:35:44,400 --> 00:35:45,879
Speaker 6: and it isn't a requirement.

656
00:35:46,080 --> 00:35:47,560
Speaker 15: It's not a legal commitment.

657
00:35:47,760 --> 00:35:51,560
Speaker 6: It's a mutual understanding, and we operate a lot on trust.

658
00:35:52,360 --> 00:35:56,560
Speaker 6: So investors committed to get behind Opening Eye and not

659
00:35:56,760 --> 00:35:58,400
Speaker 6: its competitors.

660
00:35:58,840 --> 00:36:00,480
Speaker 15: And that's pretty no word.

661
00:36:01,120 --> 00:36:04,480
Speaker 4: Especially at this skill, Venod.

662
00:36:04,480 --> 00:36:07,600
Speaker 3: I'd like to end our conversation by just talking about technology.

663
00:36:07,800 --> 00:36:11,520
Speaker 3: Every day I have a conversation with chat GPT four

664
00:36:11,520 --> 00:36:14,360
Speaker 3: to oh voice input, or I talked to Meta AI

665
00:36:14,400 --> 00:36:17,279
Speaker 3: through the ray bands, and sometimes my wife looks at

666
00:36:17,280 --> 00:36:21,600
Speaker 3: me baffled, and or in the street in San Francisco

667
00:36:21,800 --> 00:36:25,279
Speaker 3: or my colleagues here in the bureau. And I say

668
00:36:25,320 --> 00:36:27,239
Speaker 3: all that to ask the question of when you think

669
00:36:27,239 --> 00:36:30,440
Speaker 3: the tipping point is that the large body of people

670
00:36:30,480 --> 00:36:35,320
Speaker 3: out there either understand how they're supposed to be using

671
00:36:35,360 --> 00:36:39,320
Speaker 3: this daily or believe that they should be using it daily.

672
00:36:41,360 --> 00:36:45,360
Speaker 15: Well, they now put my email address on my business.

673
00:36:44,960 --> 00:36:48,160
Speaker 6: Card in the eighties and had a dinner with my

674
00:36:48,200 --> 00:36:51,719
Speaker 6: business school friends. They laughed at me all nine. So

675
00:36:52,800 --> 00:36:57,239
Speaker 6: I'm familiar things. I'm bearing the AirPods, which would have

676
00:36:57,440 --> 00:37:03,560
Speaker 6: seemed strange. So people do adjust. It's some people are

677
00:37:03,719 --> 00:37:06,600
Speaker 6: just faster. I think what the question you have to ask,

678
00:37:06,760 --> 00:37:10,360
Speaker 6: is chat cibuty useful to you? And it's extremely useful

679
00:37:10,400 --> 00:37:12,560
Speaker 6: to me in a wide range of casts. And yeah,

680
00:37:12,640 --> 00:37:16,640
Speaker 6: it's generally useful to me very broadly. Even my Tesla

681
00:37:16,800 --> 00:37:20,719
Speaker 6: driving is incredibly valuable to me. So that's all AI,

682
00:37:21,280 --> 00:37:25,000
Speaker 6: And so focus on what's useful, not the perception of it,

683
00:37:25,719 --> 00:37:28,479
Speaker 6: and in the end it will spread everywhere if it's

684
00:37:28,600 --> 00:37:30,120
Speaker 6: actually useful to more people.

685
00:37:31,239 --> 00:37:34,960
Speaker 2: Quick last on what's your favorite thing currently to use

686
00:37:35,080 --> 00:37:35,920
Speaker 2: chat shibut for.

687
00:37:38,239 --> 00:37:43,279
Speaker 6: Oh wide range from following scientific stuff. I participated in

688
00:37:43,320 --> 00:37:45,880
Speaker 6: a scientific meeting where I didn't have a background. It

689
00:37:46,040 --> 00:37:49,759
Speaker 6: was extremely useful in interpreting things that were being said

690
00:37:49,800 --> 00:37:50,040
Speaker 6: for me.

691
00:37:50,200 --> 00:37:52,120
Speaker 15: I also used it to design my garden.

692
00:37:52,680 --> 00:37:55,280
Speaker 2: Yeah, there we go. Well, if the orchids are anything

693
00:37:55,320 --> 00:37:57,840
Speaker 2: to go by, it's pretty great garden. No, Kosler, we

694
00:37:57,880 --> 00:38:08,600
Speaker 2: appreciate it. Founder A Coasler Ventures, Japanese also make a

695
00:38:08,680 --> 00:38:12,080
Speaker 2: Toyota when it's boosted its investment in Joby Aviation by

696
00:38:12,080 --> 00:38:14,560
Speaker 2: five hundred million dollars, bringing its total investment in the

697
00:38:14,600 --> 00:38:18,520
Speaker 2: air taxi manufacturer to eight hundred and ninety four million dollars.

698
00:38:18,520 --> 00:38:22,840
Speaker 2: Here to discuss is Joben ever Joby Aviation CEO, who's

699
00:38:22,840 --> 00:38:23,080
Speaker 2: had a.

700
00:38:23,040 --> 00:38:24,680
Speaker 5: Busy few days. You're getting male money.

701
00:38:24,680 --> 00:38:27,480
Speaker 2: You're putting your aircraft in Grand Central in New York

702
00:38:27,520 --> 00:38:29,600
Speaker 2: so people can see it, understand how it works, what

703
00:38:29,640 --> 00:38:32,480
Speaker 2: it's like to sit inside. What does the Toyota partnership

704
00:38:32,480 --> 00:38:34,680
Speaker 2: bring you? What nuts and bolts are they actually doing

705
00:38:34,680 --> 00:38:35,600
Speaker 2: behind the scenes with you.

706
00:38:36,160 --> 00:38:38,719
Speaker 16: So Toyta's an incredible investor. They've been with us for

707
00:38:38,840 --> 00:38:43,120
Speaker 16: seven years now, first Toyota Ventures, then Toyda Motor Corporation,

708
00:38:43,440 --> 00:38:48,120
Speaker 16: and that when they did the investment in twenty nineteen.

709
00:38:48,440 --> 00:38:50,920
Speaker 16: They send engineers that are working shoulder to shoulder with

710
00:38:50,960 --> 00:38:54,120
Speaker 16: our team in California. That's been an absolute game changer.

711
00:38:54,440 --> 00:38:57,800
Speaker 16: Last year we agreed to a part supply agreement with Toyota,

712
00:38:57,840 --> 00:39:02,239
Speaker 16: where Toyta's making incredible, really high quality parts for aircraft,

713
00:39:02,680 --> 00:39:07,600
Speaker 16: parts for our motors, and actuators for our battery systems.

714
00:39:08,160 --> 00:39:11,279
Speaker 16: They've been incredible, and now with this next five million

715
00:39:11,280 --> 00:39:13,160
Speaker 16: dollar investment, they're leaning in even more.

716
00:39:13,560 --> 00:39:15,560
Speaker 4: And one of the.

717
00:39:15,600 --> 00:39:18,400
Speaker 16: Key things we have this dream of taking this and

718
00:39:18,440 --> 00:39:22,319
Speaker 16: making it something accessible to everyone. And Toyta is known

719
00:39:22,360 --> 00:39:27,520
Speaker 16: around the world for making incredible cars with spectacular reliability

720
00:39:27,960 --> 00:39:28,640
Speaker 16: and safety.

721
00:39:28,920 --> 00:39:33,280
Speaker 5: But why won't the chairman get in one of Toyota?

722
00:39:33,400 --> 00:39:34,040
Speaker 5: Like how much are you.

723
00:39:34,160 --> 00:39:37,319
Speaker 2: Managing to convince him and others that this is the

724
00:39:37,400 --> 00:39:39,520
Speaker 2: safe and very real way to travel.

725
00:39:39,880 --> 00:39:42,480
Speaker 16: We are really excited about that, and he's really excited

726
00:39:42,520 --> 00:39:45,560
Speaker 16: about that. He asked me every time I meet with him,

727
00:39:45,719 --> 00:39:46,839
Speaker 16: when can I get in and fly?

728
00:39:47,320 --> 00:39:51,880
Speaker 3: Okay, Joe Ben, I'm super interested in the future of

729
00:39:51,880 --> 00:39:54,640
Speaker 3: this industry in Japan and the adoption there.

730
00:39:54,960 --> 00:39:56,240
Speaker 4: I think you're supposed to next.

731
00:39:56,160 --> 00:39:58,719
Speaker 3: Month even demo some tech right do you see it

732
00:39:59,200 --> 00:40:02,760
Speaker 3: superseding United States for ev toll?

733
00:40:03,120 --> 00:40:06,640
Speaker 16: We see spectacular lean in from countries around the world,

734
00:40:06,680 --> 00:40:10,160
Speaker 16: the regulators around the world. Just this morning you heard

735
00:40:10,239 --> 00:40:17,319
Speaker 16: the FA administrator say that he expected certification as early

736
00:40:17,360 --> 00:40:21,600
Speaker 16: as next year and that this technology was going to

737
00:40:21,640 --> 00:40:24,920
Speaker 16: have as large an impact as cell phones and automobiles

738
00:40:25,160 --> 00:40:28,719
Speaker 16: have had on our lives. And so just having lean

739
00:40:28,760 --> 00:40:32,840
Speaker 16: in from regulators like that from JCAB in Japan is

740
00:40:32,960 --> 00:40:35,520
Speaker 16: just a dream come true. I've been working on this

741
00:40:35,560 --> 00:40:38,160
Speaker 16: for more than fifteen years, and the momentum we're seeing

742
00:40:38,160 --> 00:40:39,680
Speaker 16: in this industry has never been greater.

743
00:40:40,719 --> 00:40:43,280
Speaker 3: Toyotes is going to do lithium ion out of Greensboro,

744
00:40:43,360 --> 00:40:44,120
Speaker 3: North Carolina.

745
00:40:44,480 --> 00:40:46,319
Speaker 4: Are they going to supply you? You're going to buy

746
00:40:46,360 --> 00:40:47,480
Speaker 4: lithium ion for them.

747
00:40:48,760 --> 00:40:51,600
Speaker 16: The investments that Toyda's make making in North Carolina are

748
00:40:51,600 --> 00:40:56,200
Speaker 16: just spectacular. The advances they're making in batteries are phenomenal.

749
00:40:56,360 --> 00:41:01,560
Speaker 16: They've been investing in hydrogen propulsion, which is going to

750
00:41:01,560 --> 00:41:06,520
Speaker 16: be the next age for aviation propulsion. So across the board,

751
00:41:06,560 --> 00:41:08,719
Speaker 16: we could not dream of a better supplier than the

752
00:41:08,719 --> 00:41:11,960
Speaker 16: world's number one automotive company, Toyota. I'd also like to

753
00:41:12,000 --> 00:41:15,920
Speaker 16: highlight that last night we had uber Ceo Dara in

754
00:41:16,000 --> 00:41:20,760
Speaker 16: Grand Central Station with US, and it is just spectacular

755
00:41:20,800 --> 00:41:23,960
Speaker 16: to have the number one automotive company, the number one

756
00:41:24,080 --> 00:41:26,760
Speaker 16: ride sharing company, and the number one airline with Delta,

757
00:41:26,840 --> 00:41:31,800
Speaker 16: who's also one of our investors and strategic partners. Jobe

758
00:41:31,840 --> 00:41:36,040
Speaker 16: is just continuing to deliver day after day and year

759
00:41:36,080 --> 00:41:39,560
Speaker 16: after year, and it's so wonderful to have incredible partners

760
00:41:39,840 --> 00:41:40,960
Speaker 16: like we do alongside us.

761
00:41:42,040 --> 00:41:44,120
Speaker 5: I ask again, when will I be in it?

762
00:41:44,680 --> 00:41:48,200
Speaker 16: So we brought our aircraft here to New York this

763
00:41:48,280 --> 00:41:51,680
Speaker 16: last fall, and we're able to show the community not

764
00:41:52,000 --> 00:41:56,680
Speaker 16: just how fast and efficient this new mode of transportation

765
00:41:56,960 --> 00:42:00,800
Speaker 16: will be, but also how quiet it is. Is critical

766
00:42:00,840 --> 00:42:02,960
Speaker 16: to opening up new takeoff and landing locations, so we're

767
00:42:03,000 --> 00:42:06,160
Speaker 16: working with the port authority here to get verteports permitted

768
00:42:06,360 --> 00:42:10,799
Speaker 16: at JFK Loguardia Newark and to be able to build

769
00:42:10,800 --> 00:42:14,520
Speaker 16: these best in class experiences. We're looking forward to providing

770
00:42:14,520 --> 00:42:19,360
Speaker 16: trips to upstate New York and connecting the entire region.

771
00:42:20,000 --> 00:42:21,200
Speaker 5: All eyes on the regulators.

772
00:42:21,239 --> 00:42:24,200
Speaker 2: Then, joe Vin Vivette, we thank you Job Aviation CEO

773
00:42:24,520 --> 00:42:27,040
Speaker 2: that does it for this edition of Bloomberg Technology.

774
00:42:27,600 --> 00:42:29,839
Speaker 4: Grecap on the pod. You know exactly where to find

775
00:42:29,880 --> 00:42:35,600
Speaker 4: it from New York and s. This is Bloomberg Technology,