WEBVTT - Paramount and Skydance Revive Deal, Apple and OpenAI's Relationship Deepens 0:00:01.440 --> 0:00:05.120 From Mahart where Innovation of Money and Power Collie in 0:00:05.240 --> 0:00:10.160 Silicon Valley NBN. This is Bloomberg Technology with Caroline Hyde 0:00:10.200 --> 0:00:11.600 and Ed Ludlow. 0:00:24.760 --> 0:00:26.920 And Caroline Heide a Bloomberg's weld headquarters in New York. 0:00:27.000 --> 0:00:30.200 Ed Ludlow He's off. This is bloomg Technology coming up. 0:00:30.240 --> 0:00:34.840 Paramount and Skydance reach a merger agreement after collapsing last month. 0:00:35.400 --> 0:00:38.120 For coverage ahead, plus Apple and open Ai deep in 0:00:38.159 --> 0:00:40.040 their relationship as the iPhone maker gets. 0:00:39.880 --> 0:00:41.720 An observer on the company's board. 0:00:42.400 --> 0:00:45.120 And we'll turn to the intersection of health and technology 0:00:45.280 --> 0:00:48.480 as we sit down with the CEO SENOFIE. But first 0:00:48.560 --> 0:00:51.960 quick check on these markets, because even without the play 0:00:51.960 --> 0:00:54.720 of Nvidia, we're managing to break new records. We're currently 0:00:54.800 --> 0:00:56.640 up three tenths of percent on the nastag up fifty 0:00:56.720 --> 0:00:59.440 nine points. You're looking at the tenure yield screeching down 0:00:59.440 --> 0:01:01.880 some nine points. Why will the bad news is good news? 0:01:01.880 --> 0:01:03.760 The economy is showing some signs of slow and when 0:01:03.760 --> 0:01:06.400 it comes to services, and indeed on those jobless claims 0:01:06.520 --> 0:01:08.600 we fall some nine basis points. As maybe the Fed 0:01:08.640 --> 0:01:10.360 can indeed start to cut for the rest of the year, 0:01:10.360 --> 0:01:12.600 the stock six hundred actually in Europe doing well seven 0:01:12.640 --> 0:01:15.640 tens percent higher. Of course, the day before the UK 0:01:15.760 --> 0:01:17.600 heads to the polls, the foot seat one of the 0:01:17.600 --> 0:01:20.040 only benchmarks seeing any sort of volume on the day. 0:01:20.200 --> 0:01:21.640 Let's move on and have a look at what's happening 0:01:21.680 --> 0:01:24.440 on the individual assets of choice. I'm looking at crypto 0:01:24.440 --> 0:01:26.800 Bitcoin under pressure by two point eight percent, six one 0:01:26.880 --> 0:01:27.640 hundred and fifty six. 0:01:27.680 --> 0:01:31.000 The line to look at fifty hundred and thirty five. 0:01:31.360 --> 0:01:33.000 What is that? You say, one hundred and eighty three 0:01:33.040 --> 0:01:34.080 daily moving average? 0:01:34.240 --> 0:01:36.559 Basically that is when we start to see more bearer 0:01:36.640 --> 0:01:38.319 signals from the rest of the year if we break 0:01:38.319 --> 0:01:40.960 below that. Move on to the individual stocks a choice 0:01:41.040 --> 0:01:42.440 and look, there's a lot to be keeping an eye 0:01:42.480 --> 0:01:44.160 on Tesla once again on the higher side, up more 0:01:44.200 --> 0:01:46.800 than five percent and raising this year's losses as we 0:01:46.800 --> 0:01:49.120 get deliveries that were better than expected but still falling. 0:01:49.280 --> 0:01:51.280 Amazon off by one and a half percent. Bezos, he's 0:01:51.280 --> 0:01:53.680 selling shares as we reached that record high yesterday. In 0:01:53.720 --> 0:01:55.840 paramount We're going to dig into this deal. 0:01:56.080 --> 0:01:57.440 Is there one? Can it last? 0:01:57.520 --> 0:02:00.560 Will Skidans finally manage to buy out show Redstone? 0:02:00.800 --> 0:02:01.880 We're up seven percent. 0:02:02.280 --> 0:02:05.080 But we've got some key political news for you, and 0:02:05.120 --> 0:02:06.760 before we get to all of the markets, who want 0:02:06.800 --> 0:02:09.280 to really understand what's haidling out of Washington. The New 0:02:09.360 --> 0:02:11.519 York Times, of course, has been reporting that President Biden 0:02:11.760 --> 0:02:15.160 has indeed told an ally that well, he's wondering whether 0:02:15.200 --> 0:02:17.840 to continue running for president, joining us some more as 0:02:17.880 --> 0:02:20.639 a host of Bloomberg's Wall Street Week, David Weston intimately 0:02:21.120 --> 0:02:24.120 understanding of the functioning of the White House and politics, 0:02:24.120 --> 0:02:26.040 and this does seem to be the first time we've 0:02:26.080 --> 0:02:28.320 heard from Biden's team at least that there's questions. 0:02:28.520 --> 0:02:30.440 Well, there's a New York Times report that a close 0:02:30.440 --> 0:02:32.760 ally said that, as you say, Carolyn, at the same time, 0:02:33.040 --> 0:02:35.520 we now have the White House itself as spokespun prison 0:02:35.680 --> 0:02:38.079 coming out and saying the President is not considering what's 0:02:38.120 --> 0:02:40.520 drawing from the race at all. But the report was 0:02:40.560 --> 0:02:43.280 actually a little more nuanced, I believe, which is, he 0:02:43.440 --> 0:02:45.520 knows that he's in trouble and he's going to have 0:02:45.560 --> 0:02:47.680 to do something to turn it around. Was more than 0:02:47.720 --> 0:02:50.480 gist of the report. Again, a true to this close ally, 0:02:50.600 --> 0:02:52.480 and that shouldn't come as a big surprise. I mean 0:02:52.520 --> 0:02:55.120 that the President understands as a problem. In fact, there 0:02:55.120 --> 0:02:56.880 were some Democrats who were trying to say, does he 0:02:56.960 --> 0:02:58.920 not get it, there's a problem. So now they're coming 0:02:59.000 --> 0:03:00.640 and saying, yes, I get it, there's a problem. The 0:03:00.720 --> 0:03:03.799 question is what can he do to turn this perception around? 0:03:04.000 --> 0:03:05.840 After that really unfortunate for him. 0:03:05.840 --> 0:03:08.760 Debate Katie Rogers doing the reporting over at the New 0:03:08.840 --> 0:03:12.480 York Times, and she articulates that there's a lot that 0:03:12.560 --> 0:03:14.480 we can hear from the president in the next few days. 0:03:14.480 --> 0:03:16.520 He has decided to go back out on the trail 0:03:16.560 --> 0:03:19.840 in a significant way and do other key interviews to 0:03:19.840 --> 0:03:22.080 try and prove that he's ready, willing and enable. 0:03:22.280 --> 0:03:24.359 Exactly right, Colin, I think that's the key thing, is 0:03:24.400 --> 0:03:26.040 the interviews. It's one thing to go out and give 0:03:26.080 --> 0:03:28.960 a scripted speech to a rally. I'm not sure that 0:03:29.040 --> 0:03:31.680 they believe that will really turn things around. But he 0:03:31.800 --> 0:03:34.480 has agreed to do a sit down interview with my 0:03:34.560 --> 0:03:37.920 old chop ABC News and George Stephanopolis, the close friend 0:03:37.920 --> 0:03:40.760 and colleague, to sit down, and I believe I'm speculating 0:03:40.800 --> 0:03:43.160 now that they decided we really need to go out 0:03:43.200 --> 0:03:46.240 and prove credibly that this person is up to the job. 0:03:46.280 --> 0:03:48.480 At this point, and they chose George I believe at 0:03:48.560 --> 0:03:51.480 least I'm prejudice because they thought he will be a 0:03:51.480 --> 0:03:53.520 tough interview and he'll put him through his paces, and 0:03:53.520 --> 0:03:56.440 then they can assess can the president dig himself out 0:03:56.440 --> 0:03:59.560 of this hole by a performance with someone like Georgetefanopolis 0:03:59.560 --> 0:04:00.520 in a one on one. 0:04:00.440 --> 0:04:03.800 Extended interview that last line in the story clear eyed, 0:04:03.960 --> 0:04:06.880 They said that he has an uphill battle to convince voters, donors, 0:04:07.040 --> 0:04:09.920 and indeed political class. We thank you for bringing us 0:04:09.960 --> 0:04:12.040 to your insight knowledge when it comes to ABC and 0:04:12.120 --> 0:04:15.120 indeed what's happening when it comes to debates in politics. 0:04:15.160 --> 0:04:17.080 David Weston there, we thank him. 0:04:17.520 --> 0:04:20.000 Look, markets, they are going to be affected by the 0:04:20.000 --> 0:04:23.000 presidential election, They're going to be affected by worldwide elections. 0:04:23.040 --> 0:04:25.360 In fact, let's bring in Melissa Otto, head of TMT 0:04:25.520 --> 0:04:26.640 Research and Visible Alpha. 0:04:26.800 --> 0:04:28.440 Look, we want to talk to you, Melissa. 0:04:28.120 --> 0:04:29.960 About whether you should be going along in video in 0:04:30.000 --> 0:04:31.680 this market, whether we should be getting more into this 0:04:31.760 --> 0:04:35.200 chip stocks, but just more macro perspective. Are you thinking 0:04:35.240 --> 0:04:38.760 about the presidential election? How does it affect your your research? 0:04:40.760 --> 0:04:45.279 Yeah, I would say that markets are terrible at discounting 0:04:45.720 --> 0:04:50.520 political risk in general. Ultimately, I think fundamentals are what 0:04:50.880 --> 0:04:53.640 drive starts, and there tends to be what we're focused on. 0:04:54.480 --> 0:04:58.480 It is notable that many feel whether it's a Biden 0:04:58.560 --> 0:04:59.920 or if it he's in binding, whether it's a dumb, 0:05:00.000 --> 0:05:03.560 cractical Republican president in the Weiss House, they will focus 0:05:03.600 --> 0:05:06.760 in on technology, they will continue to invest and it 0:05:06.800 --> 0:05:08.920 has all been about supply chains of late. Just tell 0:05:08.960 --> 0:05:11.440 us a little bit about well, where you've been looking 0:05:11.440 --> 0:05:13.599 from a chip perspective, how much you've been factoring in 0:05:13.640 --> 0:05:16.920 geopolitics to in video's ability to sell into China for example. 0:05:18.279 --> 0:05:20.280 Yeah, I would say it's a very interesting time right 0:05:20.279 --> 0:05:25.800 now for the broad AI landscape. I think the million 0:05:25.839 --> 0:05:28.240 dollar question that we're very focused on at the moment 0:05:28.440 --> 0:05:32.120 is what is ultimately going to drive broad adoption, what's 0:05:32.160 --> 0:05:35.680 going to get users around the world really fired up 0:05:35.720 --> 0:05:40.440 about generative AI, its capabilities, its ability to summarize, to 0:05:40.520 --> 0:05:43.920 save time, to make people more productive. And so there's 0:05:43.960 --> 0:05:46.920 two angles to this. One is a consumer angle and 0:05:46.960 --> 0:05:50.719 one is an enterprise angle, and it could be a 0:05:50.760 --> 0:05:53.120 hybrid of both. And I think this is the broad 0:05:53.200 --> 0:05:54.440 landscape that we're looking at. 0:05:55.560 --> 0:05:59.840 I think what's interesting is that what could really infuse 0:06:00.440 --> 0:06:03.840 our own use case is, of course Apple the partnership 0:06:03.839 --> 0:06:05.680 with open Ai. We're going to be debating that later 0:06:05.760 --> 0:06:08.799 in the show as to that board presence or board 0:06:08.839 --> 0:06:12.480 observation that Apple now has with open Ai. But to 0:06:12.560 --> 0:06:15.839 your point, where is the infrastructure investment still needed? Look, 0:06:15.920 --> 0:06:19.039 people are amazed that today we're still breaking new records 0:06:19.200 --> 0:06:20.480 even though Nvidia. 0:06:20.240 --> 0:06:21.719 Is trading to the downside. 0:06:21.839 --> 0:06:24.880 Have we seen all the value already accreted into these 0:06:24.880 --> 0:06:27.200 prices right now when it comes to the infrastructure, the 0:06:27.240 --> 0:06:28.600 picks and the shovels or more to go. 0:06:30.920 --> 0:06:34.640 It's hard to say. I mean, I mean, based based 0:06:34.640 --> 0:06:38.800 on the analysis that we have done, their expectations have 0:06:38.920 --> 0:06:45.240 come up significantly since December. We've seen in our estimates 0:06:45.320 --> 0:06:49.000 revisions of in the ballpark of two hundred billion dollars 0:06:49.080 --> 0:06:53.560 since last year. So, you know, I think we thought 0:06:53.600 --> 0:06:56.120 it looked a bit long in the tooth last December, 0:06:56.200 --> 0:06:59.359 but it continued to rally. You know, estimates continued to 0:06:59.480 --> 0:07:04.479 rise another fifty to seventy five billion dollars into this year. 0:07:04.560 --> 0:07:08.520 So it's it's really hard to say. However, there we 0:07:08.640 --> 0:07:11.720 take a step back and think about where we are 0:07:11.760 --> 0:07:16.720 in a hardware replacement cycle and what role AI may 0:07:16.760 --> 0:07:20.440 play in this. This could be a very interesting place 0:07:20.480 --> 0:07:24.840 to look in and where expectations have remained fairly muted 0:07:25.040 --> 0:07:27.400 for the moment, and it'll be interesting to see if 0:07:27.440 --> 0:07:32.160 that changes over the next six to eighteen months. What 0:07:32.200 --> 0:07:33.520 are you watching them very carefully? 0:07:33.640 --> 0:07:35.000 What are the stumbling rocks with that? 0:07:35.080 --> 0:07:38.080 I mean, Melissa, many talk to ultimately an issue with energy, 0:07:38.360 --> 0:07:42.280 but where can one be putting money to work that 0:07:42.280 --> 0:07:45.720 perhaps has been overlooked to late with that replacement cycle, 0:07:45.760 --> 0:07:47.720 with the need to refresh, with the need to invest. 0:07:48.880 --> 0:07:51.680 Yeah, I mean, if we I mean the hardware cycle 0:07:51.720 --> 0:07:56.840 went bonkers in in the COVID era. You know, I 0:07:56.880 --> 0:08:02.520 think consumers enterprises just rush to get the latest laptops, 0:08:02.520 --> 0:08:07.760 smartphones to really equip people to be more connected, more mobile, 0:08:09.000 --> 0:08:11.400 and to be able to work without having to worry 0:08:11.400 --> 0:08:13.880 about going into the office. And so that was an 0:08:14.040 --> 0:08:18.000 enormous catalyst for driving that replacement cycle. Now, a normal 0:08:18.040 --> 0:08:22.480 replacement cycle is normally around three to five years. And 0:08:22.600 --> 0:08:26.680 you know, given that COVID started in twenty twenty, we're 0:08:26.720 --> 0:08:31.080 squarely in that, you know, that area. So I think, 0:08:31.120 --> 0:08:33.120 you know, as we look out over the next year 0:08:33.200 --> 0:08:37.520 or so, it'll be interesting to see how companies start 0:08:37.520 --> 0:08:41.559 to think about spending and where they where they want 0:08:41.559 --> 0:08:44.719 to upgrade. Now, we've had a couple of compelling announcements 0:08:44.840 --> 0:08:51.199 by Microsoft and other laptop manufacturers, you know, showcasing their 0:08:51.360 --> 0:08:55.400 new AI laptops. Now, are these new AI laptops potentially 0:08:55.440 --> 0:08:59.760 going to get enterprises excited about the capabilities of Generative 0:08:59.760 --> 0:09:04.080 A to make their employees more empowered, more productive in 0:09:04.120 --> 0:09:06.400 a way they could really hit their bottom lines and 0:09:06.800 --> 0:09:11.720 ultimately drive that replacement cycle more than expectations. Current expectations 0:09:11.760 --> 0:09:15.360 are right around fifteen to twenty percent below where the 0:09:15.360 --> 0:09:19.960 peak COVID units were, So what could potentially drive. 0:09:19.800 --> 0:09:21.079 It some upside? 0:09:21.559 --> 0:09:23.920 Well, Best Buy certainly investing in their talent pool to 0:09:23.960 --> 0:09:26.760 be able to help sell those aipcs. When I say also, 0:09:26.880 --> 0:09:28.959 we thank you so much. Had a TMT researcher for 0:09:29.160 --> 0:09:32.760 Visible Alpha, all things markets and focus there coming up 0:09:32.880 --> 0:09:35.000 that we've got to get into the deal paramounts deal 0:09:35.080 --> 0:09:35.760 with s guidance. 0:09:35.880 --> 0:09:38.679 It's been revived. We'll have all the details next. 0:09:39.200 --> 0:09:53.560 This is BlueBag Technology. Shares of Paramount absolutely popping today. 0:09:54.040 --> 0:09:57.360 Once again, Speculation is rife. Have we got a deal 0:09:57.800 --> 0:10:01.040 between the company and the independent film and TV producers 0:10:01.040 --> 0:10:05.040 Skuydance Media. They've been revived looking to buy out Sharry Redstone, 0:10:05.080 --> 0:10:09.440 of course her particular controlling stake, and the deal reports 0:10:09.520 --> 0:10:14.400 continue to drive shares higher and indeed well analysts trying 0:10:14.440 --> 0:10:17.200 to understand whether this is in any way longer term 0:10:17.200 --> 0:10:20.360 good fundamental for paramount National Amusements. Of course, in Skydance 0:10:20.400 --> 0:10:23.520 re engaging in those talks. Laura Martin, the senior entertainment 0:10:23.559 --> 0:10:26.880 internet analyst and niederm and Co. Has been following this 0:10:27.040 --> 0:10:29.679 saga that will eventually be a movie for the last 0:10:29.679 --> 0:10:33.560 seven months, and Laura, I mean, we get hints from 0:10:33.559 --> 0:10:36.040 the Wall Street Journal that of a price point of 0:10:36.120 --> 0:10:39.160 one point seventy five billion dollars for the National Amusement stake, 0:10:39.520 --> 0:10:41.280 is that enough and what does it mean for the 0:10:41.559 --> 0:10:43.079 non voting shareholders? 0:10:44.240 --> 0:10:47.319 Right, so, the rumors is that the non voting shareholders 0:10:47.320 --> 0:10:49.800 in the second step would get fifty half of their 0:10:49.840 --> 0:10:50.760 shares taken out at. 0:10:50.640 --> 0:10:53.080 Fifteen dollars a share, which is quite a bit higher. 0:10:53.240 --> 0:10:56.560 Than today's move, which means that Wall Street's skeptical this 0:10:56.640 --> 0:10:58.880 deal will go through too. Otherwise, I think that gap 0:10:58.920 --> 0:11:03.720 would be narrower. So I think I think that Skydance. Look, 0:11:03.760 --> 0:11:05.920 two things changed in this deal compared to the deal 0:11:06.000 --> 0:11:08.040 Shearing walked away from a couple of weeks ago. 0:11:08.480 --> 0:11:10.200 One is it doesn't require the. 0:11:10.200 --> 0:11:13.599 Approval of the Independent Committee, but it all Instead, what 0:11:14.200 --> 0:11:17.200 she got was a forty five day shopping period. So 0:11:17.320 --> 0:11:19.600 in litigation, because she's going to get sued over this, 0:11:19.640 --> 0:11:23.160 because she's getting better terms than public shareholders, that when 0:11:23.240 --> 0:11:26.560 they get to court where the public shareholders are suing 0:11:26.840 --> 0:11:30.160 her for taking a sweetheart deal from Skydance, she can say, look, 0:11:30.240 --> 0:11:32.920 we shopped her for forty five days. No one else 0:11:32.960 --> 0:11:36.200 stepped in at this price point or more, and therefore 0:11:36.360 --> 0:11:38.240 we didn't screw you over public shareholders. 0:11:38.640 --> 0:11:41.880 So in that anticipation, the worry, the anxiety that Sharry 0:11:41.920 --> 0:11:44.800 Redstone has that she will be taken to court, what 0:11:44.920 --> 0:11:47.520 do you think that forty five day shopping experience will 0:11:47.960 --> 0:11:50.280 garne in any way? Laurie, You just give the viewpoint 0:11:50.320 --> 0:11:51.640 that no one's going to step forward. 0:11:52.960 --> 0:11:56.400 You know, I think most other companies would rather just 0:11:56.480 --> 0:11:59.960 buy Paramount and not give the money to National Amusement 0:12:00.160 --> 0:12:04.160 to her, But I don't expect them to go away 0:12:04.200 --> 0:12:06.680 because as you say, this saga is like the Boy 0:12:06.679 --> 0:12:08.840 who Cried Wolf. I mean, this deal's been on and 0:12:08.880 --> 0:12:10.640 off at least four times that I can think of. 0:12:10.800 --> 0:12:14.640 So if I was somebody else, I wouldn't stop doing 0:12:14.679 --> 0:12:15.360 trying to do deals. 0:12:15.360 --> 0:12:18.000 And you saw the Warner headline today that Warner is 0:12:18.040 --> 0:12:20.840 thinking of trying to put it streaming businesses together, specifically 0:12:20.960 --> 0:12:23.160 HBO Max with Paramount Plus to try to create a 0:12:23.200 --> 0:12:26.280 bundle to comb out the Disney bundle with Hulu. 0:12:26.600 --> 0:12:28.240 And so that's a smart idea. 0:12:28.360 --> 0:12:31.319 So other business is going to get done here while 0:12:31.360 --> 0:12:34.560 the fight for the top of who actually owns controls 0:12:34.600 --> 0:12:36.480 the entity continues. 0:12:36.240 --> 0:12:39.319 And potentially a sell off of BT we were expecting 0:12:39.360 --> 0:12:41.840 that and senior management looking to take that over in 0:12:41.880 --> 0:12:44.280 some way, Laura. So there are different parts of the 0:12:44.320 --> 0:12:46.800 asset pile here, and yesterday we're all talking about the 0:12:46.880 --> 0:12:49.120 room and that Barrydilla was eyeing, and of course previously 0:12:49.160 --> 0:12:51.360 had run the problem at movie part of the business 0:12:52.040 --> 0:12:54.440 when you're looking at the share price and you're saying, 0:12:54.440 --> 0:12:56.560 at the moment it doesn't go all the way to 0:12:56.679 --> 0:13:00.640 potentially fifteen dollars a share, that the voting on voting 0:13:00.800 --> 0:13:03.000 b class would get what. 0:13:03.000 --> 0:13:03.600 Should they do? 0:13:03.720 --> 0:13:07.880 If I am an investor, a significant investor in the costbiches, 0:13:08.200 --> 0:13:09.160 what do I do at this moment? 0:13:10.320 --> 0:13:12.959 So I would wait to see who's the president of 0:13:12.960 --> 0:13:15.760 the United States because as it currently so, the problem 0:13:15.840 --> 0:13:20.880 right now the Biden administration has really negative M and 0:13:20.920 --> 0:13:23.000 A people at the head of all these agencies. But 0:13:23.040 --> 0:13:26.440 if we get a presidential switch, this industry we're talking 0:13:26.440 --> 0:13:28.319 about right here all needs to consolidate. 0:13:28.360 --> 0:13:29.600 They all need to buy each other. 0:13:29.679 --> 0:13:31.680 There needs to be three competitors where they can rip 0:13:31.679 --> 0:13:34.880 out costs, and Disney gets needs to get bought by Apple. 0:13:35.360 --> 0:13:38.319 None of that consolidation can happen under the Biden administration. 0:13:38.360 --> 0:13:40.440 But if we get a flip in presidency, I would 0:13:40.440 --> 0:13:42.920 wait for that, And if the day that happens, I 0:13:42.920 --> 0:13:45.760 think they'll be massive consolidation in media over the next. 0:13:45.679 --> 0:13:48.000 Four years because all those all. 0:13:48.040 --> 0:13:49.720 The head of the DJ will change, the head of 0:13:49.720 --> 0:13:52.079 the FTC will change, the head of the FCC will 0:13:52.120 --> 0:13:54.800 change to a Republican, and I think they'll be far 0:13:54.880 --> 0:13:58.760 more sympathetic to allowing these the consolidation to occur to 0:13:58.760 --> 0:13:59.400 cut costs. 0:14:00.120 --> 0:14:02.480 Laura, we love it because you bring the viewpoints so 0:14:02.520 --> 0:14:05.920 who remains on top. Who eventually in four years time, 0:14:06.120 --> 0:14:08.600 if we do indeed get a change in the White 0:14:08.640 --> 0:14:10.080 House wins out. 0:14:10.120 --> 0:14:11.280 Who survives. 0:14:12.840 --> 0:14:16.760 YouTube number one streamer, Amazon Prime, number two streamer? I 0:14:16.760 --> 0:14:20.120 think the Disney Empire number three streamer, although I think 0:14:20.120 --> 0:14:24.640 Apple should buy Disney, and I think these other ones. 0:14:24.680 --> 0:14:25.440 I think Peacock. 0:14:25.680 --> 0:14:29.560 Peacock can't buy CBS, which Paramount owns, but Warner Brothers can, 0:14:29.720 --> 0:14:32.720 so maybe Paramount. Ultimately it doesn't go to sky Dance 0:14:33.200 --> 0:14:35.400 because I'm sort of skeptical after they're on and off 0:14:35.440 --> 0:14:36.280 all the time. 0:14:36.480 --> 0:14:38.800 Then it should go in pieces to different people. 0:14:38.920 --> 0:14:40.800 I think they if they waited to see what happened 0:14:40.800 --> 0:14:42.160 in the election, they might be able to get a 0:14:42.160 --> 0:14:44.600 better price. But I understand that Sherry wants to get 0:14:44.600 --> 0:14:46.200 this done. She's got a lot of debt do it's 0:14:46.280 --> 0:14:48.359 unclear she can pay unless she gets the steal. 0:14:48.120 --> 0:14:50.920 Done precisely, so she can't wait. We all look to 0:14:50.960 --> 0:14:54.680 what's happening in some valley. Will a deal be announced 0:14:54.720 --> 0:14:55.200 this weekend? 0:14:55.200 --> 0:14:55.640 Do you think? 0:14:55.720 --> 0:14:58.160 And ultimately talk us through the next steps of your 0:14:58.200 --> 0:14:59.760 own research at this point. 0:15:00.480 --> 0:15:03.320 Right so, you know there's no Harvard Business School case 0:15:03.360 --> 0:15:06.000 ever that says three. A three person committee is a 0:15:06.000 --> 0:15:08.400 better form of leadership than a single leader, and that's 0:15:08.440 --> 0:15:09.320 what we have at Paramount. 0:15:09.360 --> 0:15:10.840 We have a three person committee. 0:15:11.160 --> 0:15:14.080 So really there's no management, like there's no government, so 0:15:14.240 --> 0:15:16.840 it needs to go. And they've just just destroyed like 0:15:16.880 --> 0:15:19.280 seventy percent of the value. Oh well, and then if 0:15:19.280 --> 0:15:22.160 Trump gets in and everybody's consolidating. It just took the 0:15:22.480 --> 0:15:25.520 the worst possible price because it had to at Paramount. 0:15:25.960 --> 0:15:28.120 But then I think we get a lot of consolidation 0:15:28.360 --> 0:15:30.040 over the next four years and we end up at 0:15:30.040 --> 0:15:31.920 the end of the true if there's a Trump administration, 0:15:32.000 --> 0:15:35.240 we would end up with three competitors, maybe four, including 0:15:35.520 --> 0:15:41.600 Apple and Amazon. I'm sorry, Amazon and Comcast, Peacock and Disney. 0:15:42.280 --> 0:15:46.680 So what eleven dollars do we buy. 0:15:46.600 --> 0:15:49.680 At eleven dollars? No, I don't think you do. 0:15:50.440 --> 0:15:52.320 I think they've gone on and off with this deal 0:15:52.480 --> 0:15:55.080 too many times, so no, I don't think you buy it. 0:15:55.120 --> 0:15:58.600 Here, Laura Martin, we love having on the show. Thank you, 0:15:58.640 --> 0:16:09.680 Seing Entertainment and Internet over Anina and Co. Following the 0:16:09.680 --> 0:16:14.120 Supreme Court's decision to overturn that Chevron doctrine, lawmakers will 0:16:14.160 --> 0:16:16.760 now be forced to become or more specific about how 0:16:16.800 --> 0:16:19.280 they regulate AI, and for at least the past four years, 0:16:19.360 --> 0:16:22.720 judges have deferred to administrative agencies to interpret vague laws 0:16:22.760 --> 0:16:25.000 written by Congress. But now with the overturning of the 0:16:25.080 --> 0:16:27.760 Chevron doctrine, it raises the states for Congress to write 0:16:27.840 --> 0:16:30.800 legislation more efficiently, which could prove difficult in the field 0:16:30.840 --> 0:16:33.640 of artificial intelligence. Of of course, the rapid development and the 0:16:33.680 --> 0:16:38.600 volatility of the technology. I'm talking with the technology and 0:16:38.640 --> 0:16:41.080 how it's being adopted. It's time now for our weekly 0:16:41.120 --> 0:16:44.120 AI in Action segment for more insight on basically how 0:16:44.160 --> 0:16:46.240 you the enterprise are adopting AI. 0:16:46.280 --> 0:16:46.840 And please to say. 0:16:46.880 --> 0:16:49.760 We're joined by Glean, CEO of in Jane and you're 0:16:49.840 --> 0:16:52.680 talking about well, a new launch, your new platform which 0:16:52.720 --> 0:16:55.320 is going to be helping companies build custom AI apps, 0:16:55.560 --> 0:16:57.920 maybe some AI agents. We have been talking about AI 0:16:58.000 --> 0:17:01.400 agents for months of in but there are still blockers. 0:17:01.520 --> 0:17:03.720 Is to really make them effective? How will you help 0:17:03.760 --> 0:17:04.600 businesses adopt it? 0:17:06.760 --> 0:17:10.879 So, Gleen, AI agents are connected with all of it 0:17:11.080 --> 0:17:14.359 enterprise knowledge and think of them like humans that can 0:17:14.400 --> 0:17:16.720 actually use all of that knowledge to help you do 0:17:16.840 --> 0:17:17.480 your work. 0:17:18.600 --> 0:17:20.040 How who do they work. 0:17:20.080 --> 0:17:23.800 Who have you been already working with to ensure that 0:17:24.160 --> 0:17:26.119 when they're looking at their slack, when they're looking at 0:17:26.119 --> 0:17:30.560 their intercompany and communication, the agency AI they bring to 0:17:30.640 --> 0:17:33.640 bear really works with them. 0:17:34.000 --> 0:17:37.239 So Gleen AI agents are actually used by almost all 0:17:37.320 --> 0:17:40.600 the people inside any enterprise. You know. Think about engineers, 0:17:41.040 --> 0:17:44.959 support people, your salespeople, all of them have you know, 0:17:45.320 --> 0:17:48.679 different needs. You know that now AI is actually you know, 0:17:48.800 --> 0:17:51.639 very capable of helping them with and like save a 0:17:51.680 --> 0:17:53.640 lot of time for them. So, you know, for example, 0:17:53.640 --> 0:17:56.879 think about engineers. You know, they're always like you know, 0:17:57.400 --> 0:18:01.880 wanting to sort of get help writing code, helping toubleshoot issues, 0:18:02.280 --> 0:18:05.720 and so glean AI agents can actually help them, you 0:18:05.720 --> 0:18:07.720 know sort of do you know, work work on that 0:18:07.800 --> 0:18:11.440 much faster than they could before. Think about customer care agents, 0:18:11.480 --> 0:18:14.000 you know, day and day out, they are looking for 0:18:15.560 --> 0:18:18.520 like how to resolve questions that the customers ask, and 0:18:18.680 --> 0:18:21.840 Glean AI assistant will actually help them answer those questions 0:18:21.880 --> 0:18:22.200 for them. 0:18:22.520 --> 0:18:24.520 I believe you've got over two hundred customers. We're talking 0:18:24.640 --> 0:18:30.359 data bricks, Camevra bill. But why would a company choose 0:18:30.400 --> 0:18:35.000 glean over I don't know, chatchypt enterprise or Microsoft suffering. 0:18:36.960 --> 0:18:39.960 So Glean has some of the world's leading enterprise companies, 0:18:40.119 --> 0:18:43.280 many companies in the you know, you know, you know 0:18:43.359 --> 0:18:47.040 Global two thousand that used to you know, Glean and 0:18:47.080 --> 0:18:49.439 bring the product to all of their customers. Some of 0:18:49.480 --> 0:18:53.439 the key reasons why Glean works better than Microsoft you 0:18:53.440 --> 0:18:58.240 know Copilot or or Chat GPT is Gleen actually comes 0:18:58.280 --> 0:19:01.600 with deep integration, you know, built into all of your 0:19:01.720 --> 0:19:05.760 enterprise systems, like systems like Slack or sales Force or 0:19:06.200 --> 0:19:09.000 Google Drive or Microsoft systems. Like if you think about 0:19:09.040 --> 0:19:11.440 any large enterprise, you know, they have knowledge, there's you 0:19:11.520 --> 0:19:14.840 know that's spread across many of these different systems, and 0:19:14.960 --> 0:19:17.399 you know, and and actually to make AI work on 0:19:17.480 --> 0:19:20.080 all of that knowledge and do useful things for you, 0:19:20.080 --> 0:19:22.840 you have to first go and connect with those systems 0:19:23.040 --> 0:19:24.880 and do it in a secure and safe way. And 0:19:24.920 --> 0:19:28.280 that's where you know that Glink comes really handy, you know, 0:19:28.320 --> 0:19:30.120 with our enterprise integrations. 0:19:30.200 --> 0:19:32.600 Okay, so you've got the integrations. Maybe that could be 0:19:32.640 --> 0:19:37.480 replicated replicated by others, but I'm interested is what perhaps 0:19:37.560 --> 0:19:40.640 they can't replicate over at Microsoft is well using other 0:19:40.800 --> 0:19:43.399 large language models. They're fully embedded with open AI whereas 0:19:43.400 --> 0:19:45.480 you're kind of more agnostic. You've got open AI, you've 0:19:45.480 --> 0:19:48.159 got anthropic Why go that route? 0:19:49.960 --> 0:19:51.520 Well, I mean, like you said, I mean all of 0:19:51.560 --> 0:19:54.080 these models, like there's so much competition in the market 0:19:54.520 --> 0:19:58.320 and and you'll see, you know, each model having like 0:19:58.400 --> 0:20:01.560 you know, some you know unique strength, and you know, 0:20:01.760 --> 0:20:04.199 as a customer, like you want to make sure that 0:20:04.240 --> 0:20:06.160 you know you have access to the best of all 0:20:06.200 --> 0:20:08.240 the models that are out there. And that's what Gleen 0:20:08.280 --> 0:20:10.600 actually helps you do. We work with all the different 0:20:10.880 --> 0:20:14.360 AI models and depending on like your use case, your environment, 0:20:14.680 --> 0:20:16.680 like there's a particular model that you know suits your 0:20:16.760 --> 0:20:19.760 needs the most and will actually use that model for 0:20:19.800 --> 0:20:21.280 you and give you that flexibility. 0:20:21.880 --> 0:20:23.560 Great to have some time with you. Thank you for 0:20:23.560 --> 0:20:25.960 coming to us live from India today. Glean CEO OF 0:20:26.119 --> 0:20:29.680 and Jaine say, well, meanwhile, it's time now for talking 0:20:29.760 --> 0:20:30.679 tech and first up. 0:20:30.720 --> 0:20:31.879 Keywords Studios. 0:20:32.280 --> 0:20:34.240 Let's agreed to a two and a half billion dollar 0:20:34.320 --> 0:20:37.960 offer from investment firm EQT. Investors will get about twenty 0:20:38.000 --> 0:20:40.600 six dollars forty per share in a cashdown from an 0:20:40.600 --> 0:20:44.080 earlier offer of twenty seven dollars fifty. That's because Keywords 0:20:44.119 --> 0:20:46.600 worked on popular titles such as Fortnite in Call of Duty, 0:20:46.840 --> 0:20:49.560 but accepted the lower price after the gaming services industry 0:20:49.720 --> 0:20:54.400 was hit with delays and canceled orders. Now Jim Rackliss 0:20:54.520 --> 0:20:58.040 Inears Group is delaying its electric suv. Production of the 0:20:58.119 --> 0:21:00.960 vehicle was expected to begin in twenty twenty seven, but 0:21:01.080 --> 0:21:03.240 the company has now put the car on the back burner, 0:21:03.440 --> 0:21:05.879 citing waning consumer demand for ebs and. 0:21:06.000 --> 0:21:07.359 Uncertainty around tariffs. 0:21:07.680 --> 0:21:11.600 No new timeline for production was specified, and shares a 0:21:11.680 --> 0:21:15.320 soft Bank rising to an all time high. Look the 0:21:15.400 --> 0:21:17.280 rally has been indicating a vote of confidence in CEO 0:21:17.320 --> 0:21:19.760 Masayoshi San as he's really been ramping up investments in 0:21:19.840 --> 0:21:23.360 oddificial intelligence and semiconductors. Soft Bank also getting a lift 0:21:23.359 --> 0:21:25.760 with a help from the nickety two pis recovery. Of course, 0:21:25.760 --> 0:21:36.200 it's expected to help boost the firm's earnings. Welcome back 0:21:36.200 --> 0:21:38.440 to Bluemog Technology and Karen Hide in New York. Quick 0:21:38.520 --> 0:21:41.400 check on these markets because a lot of political anxiety 0:21:41.440 --> 0:21:43.560 here in the United States, But more broadly, we're focused 0:21:43.600 --> 0:21:45.439 on the macro data fact that we've got perhaps some 0:21:45.480 --> 0:21:48.280 slowing services data and indeed a little bit of calling 0:21:48.320 --> 0:21:49.840 going on in the labor market. All eyes on non 0:21:49.880 --> 0:21:52.000 farm pay rolls later this week. Now's that one hundred 0:21:52.000 --> 0:21:53.879 and up to five tenths of a percent. Can the 0:21:53.920 --> 0:21:56.679 FED cut into a scenario where services is cooling? 0:21:56.800 --> 0:21:57.920 That is currently the bed on Wall. 0:21:57.840 --> 0:21:59.639 Street, I'm looking at ten yure yield crushing down some 0:21:59.680 --> 0:22:01.880 eight points on the back of some of that data. 0:22:02.000 --> 0:22:03.920 But interestingly, we're looking at what's happening in Europe. We 0:22:04.040 --> 0:22:05.560 close out the day on the higher side on the 0:22:05.560 --> 0:22:07.800 stock six hundred and indeed on the foote one hundred 0:22:07.800 --> 0:22:10.359 and six tens percent. That says, of course the UK 0:22:10.520 --> 0:22:13.359 population head to the polls come tomorrow. We're up six 0:22:13.400 --> 0:22:16.120 tenser percent because largely minus international company is doing well. 0:22:16.160 --> 0:22:17.680 Move on, have a look at some of the individual 0:22:17.720 --> 0:22:21.399 movers that I'm seeing and look four percent higher for Tesla, 0:22:21.480 --> 0:22:23.520 let's call it five percent, let's call it most of 0:22:23.520 --> 0:22:26.040 the losses of twenty twenty four are raised so far 0:22:26.160 --> 0:22:28.919 with Tesla, with all eyes on the Robotaxi event August 0:22:28.960 --> 0:22:31.160 the eighth, all eyes on the fact that actually deliveries 0:22:31.280 --> 0:22:33.480 came out better than expected, even if we did slow 0:22:34.320 --> 0:22:36.480 and quarter a year on year. I'm looking at Nvidia 0:22:36.680 --> 0:22:39.359 down well up two point seven percent, if we're now 0:22:39.600 --> 0:22:41.760 back on top. It was lower, and there was much 0:22:41.800 --> 0:22:43.040 being said about the fact that the S and P 0:22:43.080 --> 0:22:44.640 five hundred yesterday reached a. 0:22:44.600 --> 0:22:45.400 New record high. 0:22:45.440 --> 0:22:48.159 So did the naznag even within Vidia not playing Today 0:22:48.200 --> 0:22:50.040 we go along and again we're up at one hundred 0:22:50.040 --> 0:22:52.520 and twenty five dollars for the chip maker. And of 0:22:52.560 --> 0:22:55.280 course what's happening with Apple training flat on the day 0:22:55.320 --> 0:22:58.000 we had actually seen up about five ten percent in 0:22:58.080 --> 0:22:58.880 earlier trade. 0:22:59.040 --> 0:23:00.920 Much being made really on what's. 0:23:00.720 --> 0:23:03.879 Happening with Apple and it's AI play Apple Intelligence and 0:23:03.960 --> 0:23:07.159 indeed Open ai the relationship there we understand it secured 0:23:07.200 --> 0:23:10.040 an observer role on open AI's board as part of 0:23:10.080 --> 0:23:12.800 an agreement announced last month. Who had the scope of 0:23:12.800 --> 0:23:16.280 course ours our own Mark German And so is this 0:23:16.320 --> 0:23:20.360 impactful to almost be neck and neck with Microsoft here 0:23:20.400 --> 0:23:21.920 with an observer position on the board. 0:23:23.240 --> 0:23:25.159 Thank you so much for having me. Yeah, having an 0:23:25.160 --> 0:23:29.240 observer position on the open ai board means this partnership 0:23:29.280 --> 0:23:32.080 between Apple and open ai is a little bit tighter 0:23:32.119 --> 0:23:35.640 than we had anticipated. Right, This seemed like a simple 0:23:35.840 --> 0:23:41.359 integration of chat GPT into Apple Intelligence obviously the first 0:23:41.359 --> 0:23:44.960 partner here by by having a board observer role, Apple 0:23:45.000 --> 0:23:47.680 gets more insight into the decision making at the company, 0:23:47.920 --> 0:23:49.800 and this is something that probably came in response to 0:23:49.800 --> 0:23:53.479 all the controversy that was facing open AI in the 0:23:53.520 --> 0:23:56.040 months prior to the agreement between Apple. 0:23:55.720 --> 0:23:57.040 And the company being announced. 0:23:57.240 --> 0:23:59.560 Apple probably said, if you want this to go through, 0:24:00.200 --> 0:24:02.560 to know how your company is run and what's going on. 0:24:02.520 --> 0:24:05.879 There, and tell us about Phil Schiller, who they've chosen 0:24:05.920 --> 0:24:06.760 to be that observer. 0:24:08.080 --> 0:24:11.399 Still Schilder, his title is Apple Fellow. He's in charge 0:24:11.440 --> 0:24:15.320 of the app store and Apple's product presentations, including the 0:24:15.359 --> 0:24:18.399 one where the opening ideal was announced in June at 0:24:18.440 --> 0:24:22.120 its Worldwide Developers Conference. He's been at Apple about three decades, 0:24:22.760 --> 0:24:25.639 very much a top lieutenant still to Tim Cook and 0:24:25.920 --> 0:24:28.920 was one of the closest lieutenants and friends of Steve Jobs. 0:24:29.359 --> 0:24:33.320 He ran Apple's marketing organization for well over twenty years. 0:24:33.880 --> 0:24:36.320 He's known as one of the biggest defenders at the 0:24:36.359 --> 0:24:41.160 company of Apple's privacy stances is product development process, it's 0:24:41.400 --> 0:24:48.360 overall brand image and given the concerns over different concerns 0:24:48.359 --> 0:24:51.840 from open AI and the safety with AI training, concerns 0:24:51.840 --> 0:24:56.159 about Sam Altman, concerns about their technology concerns about ethics 0:24:56.200 --> 0:25:00.800 and artificial intelligence concerns about hallucinations. It doesn't make sense 0:25:00.840 --> 0:25:03.399 for someone like Schiller with that mindset to be the 0:25:03.400 --> 0:25:05.920 one in that board observe role, especially if they're looking 0:25:05.920 --> 0:25:08.959 for someone who's not from the AI sided Apple, who 0:25:09.000 --> 0:25:12.240 would be in direct competition with the AI side of 0:25:12.320 --> 0:25:12.800 open Ai. 0:25:13.359 --> 0:25:16.359 Yeah, some awkward moments where maybe you're having to be 0:25:16.400 --> 0:25:19.400 excused from certain board meetings when they really get into 0:25:19.400 --> 0:25:20.440 the nitty gritty of AI. 0:25:20.600 --> 0:25:20.840 Mark. 0:25:20.880 --> 0:25:23.880 I'm interested in whether or not it is all about 0:25:23.920 --> 0:25:26.480 open ai for Apple now because they were in talks 0:25:26.520 --> 0:25:28.280 with other providers for large rue which models. 0:25:29.280 --> 0:25:32.080 Yeah, open Ai certainly, they've said for a while offers 0:25:32.119 --> 0:25:35.239 the best chatbot with chat GPT and that feature that 0:25:35.320 --> 0:25:37.920 open Ai is integrated into. It's all about the chatbot, 0:25:38.080 --> 0:25:42.720 all about texting questions or voicing questions into Siri while 0:25:42.800 --> 0:25:45.840 using your iPhone, iPad or Mac and as a reporter. 0:25:45.920 --> 0:25:47.679 That's going to come to the Apple Vision pro as 0:25:47.680 --> 0:25:50.720 well as early as next year. But it doesn't stop 0:25:50.760 --> 0:25:53.560 at open Ai. Apple's goals to have an ecosystem of 0:25:53.560 --> 0:25:57.520 different chatbot providers that users can choose from, not dissimilar 0:25:57.560 --> 0:26:01.639 to how you can choose between Yahoo being Google, Duckdutgo 0:26:02.280 --> 0:26:05.640 as your search engine in Safari or any other mobile platform. 0:26:05.720 --> 0:26:09.760 So they're still engaged in conversations with Google Gemini as 0:26:09.800 --> 0:26:11.920 an alternative to Open AI for people who may want 0:26:11.920 --> 0:26:15.160 to use that platform. Obviously, that would be an extension 0:26:15.160 --> 0:26:16.960 of the Google Search deal, so it would makes sense 0:26:17.000 --> 0:26:19.680 that Google would get in there. The other company they've 0:26:19.680 --> 0:26:23.240 been talking to is Inthropic. They're also a big AI provider. 0:26:23.760 --> 0:26:26.480 One company that they're not talking to and you should 0:26:26.480 --> 0:26:29.720 not expect to be integrated into Apple platforms is Meta 0:26:29.840 --> 0:26:33.879 with Lama. That is something that is not happening. They 0:26:33.920 --> 0:26:37.879 had a brief conversation around February March timeframe when we 0:26:37.960 --> 0:26:42.280 reported on the Open AI and geminideal initially, but neither 0:26:42.359 --> 0:26:46.199 party moved to any sort of discussions or advanced negotiations. 0:26:47.080 --> 0:26:49.760 I would imagine there's going to be more providers down 0:26:49.800 --> 0:26:53.520 the road. Apple hinted at wanting some sort of specialized 0:26:53.600 --> 0:26:56.359 chatbots in there. For instance, maybe someone comes up with 0:26:56.400 --> 0:26:59.040 a chatbot that's all about food recipes. Maybe someone comes 0:26:59.119 --> 0:27:02.160 up with a chat pot that's all about medical terminology 0:27:02.200 --> 0:27:04.679 and medical information. Perhaps a doctor would want to use 0:27:04.680 --> 0:27:07.760 that during a doctor's visit. So there are many, many 0:27:07.840 --> 0:27:10.600 opportunities for more chatbots to be integrated. 0:27:10.160 --> 0:27:10.920 Into the OS. 0:27:11.280 --> 0:27:13.400 It's just to be seen how the integration is done 0:27:13.480 --> 0:27:16.480 and when it happens. I expect Google to be done 0:27:16.480 --> 0:27:17.119 before the end of the. 0:27:17.160 --> 0:27:20.119 Year an app store Forreyi chatbots. 0:27:20.320 --> 0:27:23.240 Marco Hemman, we thank you so much on all things 0:27:23.320 --> 0:27:26.760 open AI and Apple. Meanwhile, AI is everywhere we know, 0:27:26.840 --> 0:27:27.720 and it's particularly in the. 0:27:27.640 --> 0:27:28.560 World of bench capital. 0:27:28.800 --> 0:27:31.399 It would seem that venture deal making coming back, and 0:27:31.440 --> 0:27:34.320 it's all really thanks to artificial intelligence. Let's bring in 0:27:34.320 --> 0:27:37.760 Blomberg's Katie Ruth, who's deep within the VC team nowadays. 0:27:37.800 --> 0:27:40.119 And look, we're back. 0:27:39.880 --> 0:27:43.240 When it comes to VC deal making, but it's very specific. 0:27:44.640 --> 0:27:47.080 Right It's got to be AI or one of the 0:27:47.119 --> 0:27:50.160 other hot categories like defense tech right now. Otherwise it's 0:27:50.320 --> 0:27:52.760 really hard to raise money right now. 0:27:52.960 --> 0:27:54.600 I mean, if you look at the data. 0:27:54.560 --> 0:27:57.560 Yes, we're up from where we were two years ago. 0:27:57.800 --> 0:28:01.239 But two years ago was practically done Bust two point zero, 0:28:01.320 --> 0:28:05.040 So we're back from from dead. But you know, we're 0:28:05.040 --> 0:28:08.560 not back to normal or the ideal that many vcs 0:28:08.600 --> 0:28:09.040 are hoping. 0:28:09.560 --> 0:28:13.680 Fifty five point six billion dollars was invested by US 0:28:13.880 --> 0:28:17.040 vcs of about a half from a year earlier quarter, 0:28:17.119 --> 0:28:20.040 we understand. So this is all coming from pitchbook. Is 0:28:20.119 --> 0:28:23.280 this a global theme? Are we really thinking that? You know, 0:28:23.320 --> 0:28:27.000 we just had arvind On from Glenova based in India. 0:28:27.080 --> 0:28:32.280 Are we seeing VC US VC money back international AI stories. 0:28:33.520 --> 0:28:36.920 Yeah, it's more or less the same theme throughout the world. 0:28:37.080 --> 0:28:42.600 The VC ecosystems pretty interconnected. But yes, AI is exciting 0:28:42.680 --> 0:28:48.160 investors throughout the world, particularly the leading AI companies are 0:28:48.160 --> 0:28:51.440 getting lots of money, and that's partly worth skewing the data. 0:28:51.520 --> 0:28:55.880 And also you have companies like Elon Musk's Xai that 0:28:56.000 --> 0:28:59.520 raised six billion dollars, which you know accounts for a 0:28:59.560 --> 0:29:03.120 size of percentage of that. And so it's really that 0:29:03.600 --> 0:29:06.520 it's not that there are a large number of companies 0:29:06.640 --> 0:29:08.440 that are raising money. 0:29:08.680 --> 0:29:09.960 I think the data actually showed it. 0:29:10.000 --> 0:29:13.000 Was the lowest number since the second quarter of twenty twenty. 0:29:13.720 --> 0:29:17.360 But it's that it's concentrated in the heart companies that 0:29:17.480 --> 0:29:20.040 are bessers are excited about Katie Ruff. 0:29:20.280 --> 0:29:22.520 Great to have you on the VC beef with us, 0:29:22.600 --> 0:29:23.320 Thank you very much. 0:29:23.320 --> 0:29:26.920 Indeed, meanwhile, let's stick with venture Nick Stronski you know him, 0:29:26.960 --> 0:29:29.200 of course for the last decade shaking up banking with 0:29:29.280 --> 0:29:32.200 his financial services firm Revolute in the UK, while he's 0:29:32.200 --> 0:29:34.760 now looking to pull off a similar fee in venture capital. 0:29:34.960 --> 0:29:37.560 He's actually built a quantitive investment firm for early stage 0:29:37.600 --> 0:29:42.040 companies called quantum Light. It relies on algorithms AI over 0:29:42.160 --> 0:29:45.040 human input to source deeals and it's invested in almost 0:29:45.080 --> 0:29:47.680 a dozen startups in the past year after raising about two. 0:29:47.680 --> 0:29:49.200 Hundred million docs. 0:29:49.480 --> 0:29:51.479 I mean, while coming up, we're going to be talking 0:29:51.520 --> 0:29:54.520 big business and the adoption of AI. Paul Hudson's CEO 0:29:54.560 --> 0:29:56.640 of son off E. It's going to be discussing how 0:29:56.680 --> 0:29:59.560 he's integrating generative AI in the world of biofarmer. 0:30:00.080 --> 0:30:01.880 That's next. This is blom Make Technology. 0:30:12.600 --> 0:30:14.600 Look, we've got to talk about the impact of generator 0:30:14.680 --> 0:30:18.400 AI in real life across industries, biofarmer being one of them. 0:30:18.640 --> 0:30:20.440 And I'm priessed to welcome of the show. Paul Hudson, 0:30:20.560 --> 0:30:24.360 CEO of Sanofi, discuss how your enormous French bio farmer 0:30:24.400 --> 0:30:28.200 company has been leveraging the new technology in its operations. 0:30:28.520 --> 0:30:31.479 And yes there's drug discovery, but also what's so interesting, 0:30:31.480 --> 0:30:34.200 Paul is you're integrating it within the functionality of your 0:30:34.240 --> 0:30:36.160 business on a day to day basis. 0:30:36.840 --> 0:30:39.080 Yeah, thank you, and it's a pleasure to be here. 0:30:39.120 --> 0:30:41.440 We're really trying to do incredible things for patients and 0:30:41.480 --> 0:30:44.680 discovering new medicines. And you know, with AI being the 0:30:44.720 --> 0:30:48.080 great disruptor and all of the excitement last year, the 0:30:48.160 --> 0:30:50.600 wow of large anguish models, and this year for us, 0:30:50.640 --> 0:30:52.880 it's all about the how and how we can get 0:30:52.880 --> 0:30:57.280 our you know, the large amounts of our organization focused 0:30:57.680 --> 0:31:01.840 whether you're in a lab doing experts, whether using generative 0:31:01.880 --> 0:31:06.360 AI in regulatory or text driven parts of our business, 0:31:06.360 --> 0:31:10.320 and importantly snackable AI when we're looking at really trying 0:31:10.360 --> 0:31:13.360 to give better decision intelligence for almost everybody in the 0:31:13.480 --> 0:31:17.400 organization with the sole intent of becoming much more efficient 0:31:17.440 --> 0:31:19.440 effective in delivering HU meds. And it's amazing. 0:31:19.520 --> 0:31:22.440 Really, I love this snackable AI you're using play it's 0:31:22.440 --> 0:31:24.800 a proprietary app. But I've got to ask sort of, 0:31:25.080 --> 0:31:28.200 how have you thought about which underlying large language model you. 0:31:28.160 --> 0:31:28.760 Should look to. 0:31:29.000 --> 0:31:31.880 How you integrate this do you go to outsourced, do 0:31:31.880 --> 0:31:32.840 you build it from within? 0:31:32.920 --> 0:31:33.160 Point? 0:31:34.240 --> 0:31:38.040 Well, look, we're drug discoverers and developers. We're not coders 0:31:38.120 --> 0:31:41.200 at our heart. So we have this first of its 0:31:41.320 --> 0:31:44.959 kind relationship now with open Ai, a partnership with Formation 0:31:45.120 --> 0:31:47.920 Bio translating that for is to make sure that we 0:31:48.040 --> 0:31:52.040 can be customizing large language models to look at drug discovery, 0:31:52.400 --> 0:31:56.400 to try and drug undruggable diseases. To this point, and 0:31:56.440 --> 0:31:59.240 we're doing things that have really never been done before. 0:31:59.280 --> 0:32:03.080 It's early days, but it's extremely promising. And remember there's 0:32:03.120 --> 0:32:05.920 such a large amount of diseases that don't have medicines 0:32:05.920 --> 0:32:08.200 available for them because we simply have not had the 0:32:08.200 --> 0:32:12.480 computing pair of the opportunity to deploy ourselves. And now 0:32:12.560 --> 0:32:15.960 just now we're at this next great revolution in science. 0:32:16.040 --> 0:32:18.440 It's such a privilege actually to lead a company at 0:32:18.440 --> 0:32:23.040 this point. As for play, our sort of snackable approach, 0:32:23.560 --> 0:32:27.520 we've partnered with a small startup out of Germany, a ley. 0:32:27.880 --> 0:32:30.720 They've been working weathers, they've grown weathers, and that's by 0:32:30.760 --> 0:32:33.160 the way, open for everybody. We don't own it, we 0:32:33.320 --> 0:32:35.080 have it to share it. We want all boats to 0:32:35.200 --> 0:32:38.360 rise win healthcare after all, and so the more users, 0:32:38.400 --> 0:32:40.840 the more fun, the more accuracy, the more chance to 0:32:40.880 --> 0:32:41.920 discovering new medicines. 0:32:42.000 --> 0:32:44.880 So have your talent reacted because there's so much do 0:32:45.120 --> 0:32:47.280 mongering that AI is going to take all our jobs. 0:32:49.040 --> 0:32:51.400 Well, I think our approach has been how to weaponize 0:32:51.440 --> 0:32:53.680 our people to do better. Like you know, I don't 0:32:53.680 --> 0:32:56.160 know whether you're familiar with Ways, the driving app, but 0:32:56.240 --> 0:32:58.200 I see it very much like that. I got to 0:32:58.200 --> 0:32:59.960 get in the car, I'm going to start the end 0:33:00.120 --> 0:33:01.760 and drive to the end of the street. And if 0:33:01.760 --> 0:33:05.040 Ways says I'm statistically more likely to have an easier 0:33:05.080 --> 0:33:08.480 journey turning left rather than turning right, I want that 0:33:08.560 --> 0:33:12.080 advice as crowdsource large data, real time. I want our 0:33:12.120 --> 0:33:15.640 people to feel they are amplified or multiplied in that event. 0:33:16.120 --> 0:33:19.680 In that event too. The goal is not about less people. 0:33:19.720 --> 0:33:22.600 The goal is about putting our people to be more 0:33:22.640 --> 0:33:26.240 effective and to make and to have better decision intelligence 0:33:26.280 --> 0:33:30.160 than itself gives us a great opportunity to do something incredible, 0:33:30.200 --> 0:33:34.280 and we've only seen a huge Appetite's why on any 0:33:34.280 --> 0:33:38.640 given day we have eighteen thousand people in our organization 0:33:38.920 --> 0:33:41.080 using the EI we make available, and I think that's 0:33:41.080 --> 0:33:41.960 pretty fantastic. 0:33:42.400 --> 0:33:45.680 Let's talk about doing the amazing, the incredible, because we 0:33:45.760 --> 0:33:48.280 have just seen a push up in your share price 0:33:48.320 --> 0:33:51.240 on the day. And you've been reorientating this business of 0:33:51.280 --> 0:33:54.280 Sonofye and thinking about more R and D, about drug 0:33:54.280 --> 0:33:57.960 discovery and applicate and look some costly cases in the 0:33:58.000 --> 0:34:00.360 way that you have to experiment in clinical t but 0:34:00.360 --> 0:34:02.400 they've paid off today and we think about the drug 0:34:02.400 --> 0:34:06.000 discovery when it comes to a key lung chronic long disorder. 0:34:06.040 --> 0:34:07.320 Can you just tell us about what that means to 0:34:07.320 --> 0:34:07.760 the business. 0:34:08.520 --> 0:34:12.200 Well, in Europe, just yesterday today we got approval for 0:34:12.360 --> 0:34:15.799 chronic constructive coon me disease COPD ficks a huge number 0:34:15.840 --> 0:34:18.680 of people, third biggest killer. We're ready to go now 0:34:18.680 --> 0:34:21.360 in Europe to be able to provide an advanced therapy 0:34:21.400 --> 0:34:23.440 that will reduce their chance to go to hospital by 0:34:23.680 --> 0:34:26.279 a third, and that's a breakthrough when there's been so 0:34:26.320 --> 0:34:30.000 little innovation. We aspire to be the world's leading immnology company, 0:34:30.040 --> 0:34:33.520 and that's partly driven by moments like that that we 0:34:33.560 --> 0:34:36.880 live for in our industry to do things that transform 0:34:36.960 --> 0:34:40.840 or protect patients' lives, will prevent disease. You know, the 0:34:40.880 --> 0:34:45.160 reality is we're a very proud, huge, big company, but 0:34:45.640 --> 0:34:48.200 we wanted to be at the forefront of science again, 0:34:48.239 --> 0:34:51.120 and we've made some big bets, but appropriately so to 0:34:51.200 --> 0:34:53.440 try and make sure our science is some of the 0:34:53.560 --> 0:34:56.840 most exciting and it's first in class or best in class. 0:34:56.840 --> 0:34:59.480 And to couple it with our conversation of earlier. The 0:34:59.520 --> 0:35:02.960 more we add AI, the more we improve our decision intelligence, 0:35:03.360 --> 0:35:05.920 the more opportunity we have to do more. 0:35:05.760 --> 0:35:06.440 In that space. 0:35:06.480 --> 0:35:09.759 And I think that's what's catching the excitement in our organization, 0:35:09.880 --> 0:35:12.920 and we believe we're quite far ahead. I mean, of 0:35:12.920 --> 0:35:16.239 course we're very responsible about how we use AI, but 0:35:16.560 --> 0:35:19.759 others are still hesitating. We're taking our moment, but. 0:35:19.760 --> 0:35:22.600 Sometimes you need good data to feed in to these 0:35:22.680 --> 0:35:25.680 large language models. Paul, what about the data on viruses 0:35:25.680 --> 0:35:27.920 such as well bird flu at the moment here in 0:35:27.920 --> 0:35:30.759 the UK and the US. Indeed, Look, there is a 0:35:30.800 --> 0:35:32.680 worry that the data hasn't been good enough in the 0:35:32.719 --> 0:35:34.840 United States. Is that something that worries you and you 0:35:34.920 --> 0:35:36.640 need to be developing a new vaccine for that. 0:35:37.800 --> 0:35:40.279 Look, I mean, we've been through one pandemic. I think 0:35:40.320 --> 0:35:42.239 we've learned a great deal about trying to have the 0:35:42.239 --> 0:35:45.200 best data, and I think we position ourselves to take 0:35:45.239 --> 0:35:48.120 advantage of those opportunities on behalf of society. Frankly, we 0:35:48.200 --> 0:35:51.680 played a part small part in COVID, but we stand 0:35:51.719 --> 0:35:54.719 ready should we be asked the data and it's legitimacy, 0:35:54.800 --> 0:35:57.560 you know. We often that data comes in through government channels, 0:35:57.560 --> 0:36:00.239 through health systems, you know, and we work at real 0:36:00.480 --> 0:36:03.680 time speed to make sure that we have the very 0:36:03.760 --> 0:36:07.279 best data available in terms of large language models and 0:36:07.480 --> 0:36:10.840 the rest of the data sets. You know, we collaborate 0:36:10.960 --> 0:36:13.560 far and wide. We have punishes with oak in with 0:36:13.719 --> 0:36:17.680 atom wise, with excyensia. We really are trying to make 0:36:17.719 --> 0:36:21.240 sure that we have at our fingertips huge data sets 0:36:21.280 --> 0:36:24.680 to mean our accuracy and our predictive capability is far 0:36:24.760 --> 0:36:27.400 ahead of the competition. We won't get it right everywhere, 0:36:27.719 --> 0:36:32.160 but the data integrity of the absolute fundamental start in place. 0:36:32.400 --> 0:36:35.480 Our relationship with open AI and with formation by it, 0:36:35.520 --> 0:36:38.640 we're putting our own data at play to make sure 0:36:39.000 --> 0:36:41.520 that they can learn from it too. Again, all boats 0:36:41.520 --> 0:36:43.080 your rights. We're in healthcare to do good. 0:36:43.719 --> 0:36:46.160 You're also selling off bits of healthcare because you're focusing 0:36:46.200 --> 0:36:48.000 in on the R and D, the drug side, and 0:36:48.040 --> 0:36:51.160 maybe the consumer business goes for a hefty price tag. 0:36:51.239 --> 0:36:54.080 You've been thinking about IPO and you've been thinking about sale. 0:36:54.520 --> 0:36:55.839 How is that process going poor? 0:36:56.719 --> 0:36:58.840 Well, we announced that October that we were going to 0:36:58.840 --> 0:37:00.879 become a pure play by Farmer. You know, we want 0:37:00.880 --> 0:37:02.880 to double down on the things we just talked about, 0:37:02.880 --> 0:37:08.240 and we have an incredibly successful and energized consumer business. 0:37:08.920 --> 0:37:11.359 We feel that they feel, in fact, that they can 0:37:11.360 --> 0:37:13.560 stand better on their own two feet and be independent, 0:37:13.640 --> 0:37:16.239 raise their own capital, take on their own projects, and 0:37:16.520 --> 0:37:18.439 we want to support them in that. It's the right 0:37:18.480 --> 0:37:21.960 thing to do. Our capitals should be allocated towards discovering 0:37:21.960 --> 0:37:24.760 new medicines, and there should be about growing their business 0:37:24.760 --> 0:37:26.920 fast in the market, which by the way, they're doing 0:37:27.040 --> 0:37:30.279 very successfully. We've declared that buy as early as Q 0:37:30.360 --> 0:37:33.960 four twenty four will be ready to go to separate 0:37:34.000 --> 0:37:36.719 that business. We haven't shared how we will do it, 0:37:36.760 --> 0:37:39.680 but I think it's quite well known that, you know, 0:37:39.760 --> 0:37:43.680 we're talking to interesting parties, certainly Pe, and we have 0:37:43.760 --> 0:37:48.239 the capital markets vehicles available to us too. So no, 0:37:48.400 --> 0:37:51.600 we're excited for them. There's a huge amount of interest. 0:37:51.680 --> 0:37:54.520 It's a great business and we hope to create value 0:37:54.560 --> 0:37:57.480 for patients, for stakeholders, and indeed for the people in 0:37:57.480 --> 0:37:57.960 the business. 0:37:58.239 --> 0:38:03.279 Q four twenty four is pretty notable given that we're 0:38:03.320 --> 0:38:06.680 in quite a politically uncertain time. Look, we two bricks 0:38:06.719 --> 0:38:08.520 sit here looking that there's going to be an election 0:38:08.880 --> 0:38:11.440 and people voting in the UK tomorrow and then of 0:38:11.480 --> 0:38:14.239 course this weekend is all important for France. How as 0:38:14.280 --> 0:38:16.520 a leader of such a French giant, are you feeling 0:38:16.600 --> 0:38:19.440 about the political risk of doing a deal in this market? 0:38:21.080 --> 0:38:23.839 Well, look, you know, in terms of healthcare and being 0:38:23.840 --> 0:38:26.680 a leader of ann incredibly important French company, you know, 0:38:26.719 --> 0:38:30.040 our first priority is to ensure that whoever governs, they 0:38:30.080 --> 0:38:33.600 provide a predictable, stable environment because research is a ten 0:38:33.600 --> 0:38:37.040 to fifteen year process, so you know, we need to 0:38:37.080 --> 0:38:39.560 think long term. We hope that whoever leads the country 0:38:39.800 --> 0:38:42.120 will think long term. We know the current government has 0:38:42.120 --> 0:38:45.680 been incredibly supportive of innovation and creating that ecosystem. We 0:38:45.760 --> 0:38:49.279 hope that that would continue. Of course, you know, there 0:38:49.320 --> 0:38:52.680 are people trying to understand what it means for the economy, 0:38:52.800 --> 0:38:55.520 much like for the change in government. If it's to 0:38:55.600 --> 0:38:59.160 come about in the UK, and people want that predictability 0:38:59.200 --> 0:39:02.160 in the markets too, you know, we'll long term player 0:39:02.280 --> 0:39:04.279 trying to do the right things for patients, trying to 0:39:04.320 --> 0:39:07.480 drug the undruggable, and we hope to partner with whoever's 0:39:07.520 --> 0:39:10.360 in power, of course, because we have to be ready 0:39:10.400 --> 0:39:13.120 to do our part for society, and you know, so 0:39:13.320 --> 0:39:15.640 far we believe that can continue. 0:39:15.960 --> 0:39:19.120 Paul, it's been great talking to you the intersection of 0:39:19.200 --> 0:39:22.920 drug discovery of artificial intelligence snackable AI as you call it, 0:39:22.960 --> 0:39:25.640 Paul Hudson, great to have some time, CEO A Sanofie. 0:39:33.320 --> 0:39:36.160 Can you believe it? Today marks one year of the 0:39:36.200 --> 0:39:38.920 existence and metas Threads up in a bid of course 0:39:38.960 --> 0:39:40.759 at the time to capitalize on the struggles of Elon 0:39:40.840 --> 0:39:43.560 Musk's platform X number those cage fights and the talk 0:39:43.600 --> 0:39:46.600 of that when one year in, Threads may soon compete 0:39:46.600 --> 0:39:48.839 with X actually for advertising dollars as well. 0:39:49.040 --> 0:39:50.719 Let's discuss all of this in Bloomberg's Kurt. 0:39:50.640 --> 0:39:53.080 Wagner and what what was notable about Threads is there 0:39:53.120 --> 0:39:55.040 wasn't advertising and there still isn't. 0:39:55.200 --> 0:39:59.080 But will there be? Will that tap be turned on soon? Yeah, 0:39:59.120 --> 0:39:59.680 that's the plan. 0:40:00.120 --> 0:40:04.040 Conversation with Adam Assari who runs Instagram Instagram overseas Threads 0:40:04.520 --> 0:40:06.080 and you know he said they want to do ads 0:40:06.120 --> 0:40:08.680 sooner rather than later, right, And that's a big deal. 0:40:09.160 --> 0:40:12.319 If you are X because Meta's ad system is just 0:40:12.360 --> 0:40:15.280 so much more advanced. Advertisers are already used to spending 0:40:15.320 --> 0:40:18.920 on Facebook and reels and Instagram, and if you add 0:40:19.120 --> 0:40:21.399 you know, Threads into the mix, I really do think 0:40:21.440 --> 0:40:23.759 that could be the kind of thing that takes you know, 0:40:24.040 --> 0:40:26.239 money away from X, which is already struggling as you 0:40:26.280 --> 0:40:27.239 know what is. 0:40:27.360 --> 0:40:30.600 Adam and the team at Meta really sort of admitted 0:40:30.640 --> 0:40:33.000 to and learned because it was a fascinating launch. 0:40:33.360 --> 0:40:34.359 Threads sort of was. 0:40:34.320 --> 0:40:37.160 Almost iterated on and built while we all played with it. 0:40:37.520 --> 0:40:40.480 There was talk of decentralization. What has actually occurred with 0:40:40.480 --> 0:40:40.960 the product? 0:40:42.400 --> 0:40:44.120 Yeah, I mean they have moved quickly. There are there 0:40:44.120 --> 0:40:46.200 are some good things that they've done in the first year. 0:40:46.760 --> 0:40:49.799 You know, they did launch an API. Recently they've sort 0:40:49.840 --> 0:40:51.760 of came out with this like tweet deck like feature 0:40:51.800 --> 0:40:54.879 so that you could have multiple columns of you know, 0:40:55.080 --> 0:40:57.399 feeds at one time. But where I think they really 0:40:57.400 --> 0:40:59.640 struggled is to figure out, like what is the point 0:40:59.640 --> 0:41:00.960 of threat? What's the purpose? 0:41:01.080 --> 0:41:01.239 Right? 0:41:01.280 --> 0:41:03.760 I think Twitter, before Elon got there, we knew. 0:41:03.640 --> 0:41:04.000 What it was. 0:41:04.040 --> 0:41:05.920 It was the place you went for breaking news, and 0:41:05.960 --> 0:41:08.880 that was the specialty. I don't think Threads has a 0:41:08.880 --> 0:41:11.480 specialty right now, and it's kind of been reluctant to 0:41:11.520 --> 0:41:13.759 lean into breaking news in the way Twitter did, And 0:41:13.800 --> 0:41:16.359 so I worry for them. If they're not great at 0:41:16.360 --> 0:41:17.680 one thing, what do they. 0:41:17.520 --> 0:41:21.319 Become And to that point will that put off advertising 0:41:21.400 --> 0:41:24.400 or was there a threshold that Adam felt had been 0:41:24.480 --> 0:41:26.440 hit that then meant okay, we're good to go. 0:41:26.520 --> 0:41:28.200 We can lean into turning on the money now. 0:41:29.520 --> 0:41:29.640 Well. 0:41:29.680 --> 0:41:31.920 I think the benefit they have on the advertising the 0:41:31.920 --> 0:41:34.560 front is that people are familiar with their ads systems, right, 0:41:34.600 --> 0:41:36.239 so you could go and you could put money in, 0:41:36.440 --> 0:41:38.000 and you could just take a little sliver of that 0:41:38.080 --> 0:41:40.440 money and say, hey, send this over to Threads, right like, 0:41:40.480 --> 0:41:42.480 you don't have to if you're an advertiser learn something 0:41:42.520 --> 0:41:45.160 brand new, which I think is a huge advantage for them. 0:41:45.480 --> 0:41:47.799 You know, it'll determine It'll be interesting to see if 0:41:47.800 --> 0:41:51.600 advertisers think Threads is relevant enough for their ad dollars. 0:41:51.640 --> 0:41:54.000 But for now, I think it's a very interesting thing 0:41:54.040 --> 0:41:56.600 that people will eventually want to test out when they 0:41:56.880 --> 0:41:58.239 do choose to turn the ads on. 0:41:58.560 --> 0:42:00.760 It's meant to be a nicer pace place to play. 0:42:00.800 --> 0:42:01.840 And I know Kurt Wagner. 0:42:01.880 --> 0:42:04.680 You're out there on threads putting out some posts, so 0:42:04.840 --> 0:42:06.600 go check them out there. We love you for your work, 0:42:06.640 --> 0:42:08.400 Thank you for coming on. Meanwhile, that does it for 0:42:08.440 --> 0:42:10.759 this edition of Bloomberg Technology. Do not forget to check 0:42:10.760 --> 0:42:13.160 out on podcast Provide Not on the terminal, as well 0:42:13.160 --> 0:42:16.120 as online on Apple, Spotify, and iHeart. Meanwhile, we wish 0:42:16.160 --> 0:42:19.640 you are very happy July fourth tomorrow, but tune in 0:42:19.640 --> 0:42:20.360 if you want to catch me. 0:42:20.400 --> 0:42:26.520 I'm still on. This is Bloomberg Technology.