WEBVTT - Amazon Prime Data and Grayscale's SEC Feud 0:00:02.200 --> 0:00:05.520 From the heart of where innovation, money and power Collie 0:00:06.280 --> 0:00:10.760 in Silicon Valley and beyond. This is Bloomberg Technology with 0:00:10.840 --> 0:00:26.960 Emily Jay i'me Emily Chang in San Francisco, and this 0:00:27.000 --> 0:00:30.280 is Bloomberg Technology. Coming up the next hour. Early results 0:00:30.360 --> 0:00:34.319 from third party shows Amazon's latest prime day not much 0:00:34.360 --> 0:00:37.720 better than any other day, Amazon saying not so fast. 0:00:37.880 --> 0:00:41.479 Our conversation with a prime executive is coming up. Plus 0:00:41.680 --> 0:00:45.239 Gray Scale collapse back at the SEC after rejecting a 0:00:45.240 --> 0:00:48.560 Bitcoin e t F, I'll speak with CEO Michael Sonenshein 0:00:48.680 --> 0:00:52.760 about their legal challenge and ongoing friction between Gary Gensler 0:00:52.880 --> 0:00:57.920 and the crypto community. Plus Andrew Yang joins us to 0:00:57.960 --> 0:01:01.280 talk about the state of tech entrepreneur ship in a downturn, 0:01:01.280 --> 0:01:07.040 plus his outlook for president Meantime, this week's Bloomberg Business 0:01:07.080 --> 0:01:10.440 Week cover story focuses on the roller coaster ride that 0:01:10.520 --> 0:01:13.920 has been the Musk Twitter deal. Kurt Wagner writes that 0:01:14.040 --> 0:01:16.679 for Twitter, there are no good outcomes, no matter what 0:01:16.800 --> 0:01:21.200 path a deal with Elan takes. Musk has publicly trashed 0:01:21.280 --> 0:01:26.200 Twitter's top management and alienated thousands of its employees. Vowed 0:01:26.240 --> 0:01:28.840 to slash rules that were put in place after misinformation 0:01:28.880 --> 0:01:31.680 threatened election integrity and wants to make Twitter the everything app, 0:01:31.760 --> 0:01:34.360 but hasn't really explained what that means. Here to discuss 0:01:34.440 --> 0:01:37.600 Bloomberg's Kurt Wagner. So the headline, Kurt is that Twitter 0:01:37.640 --> 0:01:42.200 faces only bad outcomes if this still closes, why do 0:01:42.240 --> 0:01:46.479 you say so? Yeah? Well, remember, Emily, there's there's two 0:01:46.520 --> 0:01:50.040 options here. One, uh, you know, the deal falls apart, 0:01:50.320 --> 0:01:53.480 and this stock that has been sort of artificially inflated 0:01:53.640 --> 0:01:56.720 is going to crash um. Employees who have sent the 0:01:56.800 --> 0:01:58.480 last six to nine months, you know, just in this 0:01:58.640 --> 0:02:01.400 total state of certainty, are gonna have to pick up 0:02:01.400 --> 0:02:04.520 and pretend like, you know, nothing ever happened. Or if 0:02:04.560 --> 0:02:06.720 if things go the way Twitter wants, then they get 0:02:06.720 --> 0:02:09.160 the guy in charge, who, you know, for the last 0:02:09.240 --> 0:02:11.280 three months has been saying that Twitter has been lying 0:02:11.320 --> 0:02:13.840 about its user base and it's, uh, you know, it 0:02:13.880 --> 0:02:16.080 doesn't have the right business model and all these things right, 0:02:16.120 --> 0:02:18.520 So it's just sort of like it feels to me 0:02:18.600 --> 0:02:22.600 that there's not really a lot of good outcomes here. Now. 0:02:22.840 --> 0:02:25.400 I got a lot of fan mail after this story 0:02:25.480 --> 0:02:28.600 came today, Emily for people who disagreed that they think 0:02:28.639 --> 0:02:32.400 you know, the free speech uh kind of vision unmust 0:02:32.440 --> 0:02:34.400 keeps talking about is going to make Twitter a much 0:02:34.440 --> 0:02:38.080 better place very shortly. But you know, even that, I 0:02:38.120 --> 0:02:40.600 would probably argue is going to create a lot of 0:02:40.600 --> 0:02:43.799 other headaches for for this platform very soon. Well, and look, 0:02:43.919 --> 0:02:47.400 Musk does have millions and millions of fans, so that's 0:02:47.440 --> 0:02:50.360 certainly not you know, out of the question that you know, 0:02:50.400 --> 0:02:52.600 some folks are are going to be very happy if 0:02:52.600 --> 0:02:54.720 this deal gets done that side. You use the words 0:02:54.840 --> 0:02:57.519 very shortly there, and I'm curious, say, say the deal 0:02:57.560 --> 0:03:02.160 does get done before October, could Elon must make significant 0:03:02.240 --> 0:03:06.560 changes to the platform before the midterm elections before November eight? 0:03:07.760 --> 0:03:11.040 I mean, the deal is supposed to close by, right, 0:03:11.120 --> 0:03:13.560 and so to me that means that Elon Musk would 0:03:13.560 --> 0:03:15.960 be in charge, and therefore are they going to be 0:03:16.000 --> 0:03:18.799 able to, you know, bring President Tromp back on the 0:03:18.880 --> 0:03:22.480 Twitter within the next week like possibly it is possible. 0:03:22.520 --> 0:03:24.640 But how much of an impact is that going to have? 0:03:24.720 --> 0:03:27.359 I don't really know, right, but I do think that 0:03:27.600 --> 0:03:30.040 there could be changes to some of these policies. They 0:03:30.080 --> 0:03:32.480 could say, Hey, all the folks who have been looking 0:03:32.480 --> 0:03:36.560 for misinformation or hate speech or voter misinformation, stand down, 0:03:36.640 --> 0:03:39.120 don't don't bother, don't do your job, and all of 0:03:39.160 --> 0:03:41.240 a sudden, you know, we could have a very different 0:03:41.320 --> 0:03:44.080 level of content on the platform very soon. What's the 0:03:44.160 --> 0:03:47.440 latest negotiations between the two parties. What are they actually 0:03:47.440 --> 0:03:50.960 talking about right now? Yeah, I mean there has been 0:03:51.040 --> 0:03:54.040 some stuff that we have reported at Bloomberg that, you know, 0:03:54.240 --> 0:03:57.880 despite the fact that both sides want the same deal price, 0:03:58.480 --> 0:04:01.240 there have been some hang ups, right is specifically that 0:04:01.480 --> 0:04:03.440 you know, it sounds like Elon Musk wants to reserve 0:04:03.480 --> 0:04:06.920 his right to possibly sue some of these executives, wants 0:04:06.920 --> 0:04:09.800 to deal closes to go after you know, maybe people 0:04:10.240 --> 0:04:12.600 kind of personally UM as a way to say, hey, 0:04:12.640 --> 0:04:16.520 you've been misleading investors and misleading me, the potential buyer 0:04:16.600 --> 0:04:19.000 this whole time. Right. Twitter of course doesn't want to 0:04:19.000 --> 0:04:21.520 to have that in there. They're also worried about this 0:04:21.560 --> 0:04:24.840 debt contingency that Ellen had to add to um, you know, 0:04:24.920 --> 0:04:28.200 the negotiations. So I imagine at this point both sides 0:04:28.240 --> 0:04:30.880 are trying to iron through those types of details, right, 0:04:30.880 --> 0:04:33.240 I mean, they claim they want the same price. I 0:04:33.240 --> 0:04:36.000 think the debt is is for the most part locked 0:04:36.080 --> 0:04:38.720 up and so you think, like, Okay, they're really at 0:04:38.760 --> 0:04:41.040 the end here where they're kind of going over those 0:04:41.120 --> 0:04:45.440 those very minute elements of a deal. All right, Kurt Wagner, 0:04:45.640 --> 0:04:48.640 thanks for keeping us updated as always, and check out 0:04:48.640 --> 0:04:57.240 that story in the latest edition of Bloomberg Business Week. 0:05:00.320 --> 0:05:03.080 This week's Amazon Prime flash sale may not be all 0:05:03.120 --> 0:05:05.760 it's chopped up to be. Third party researchers are saying 0:05:05.800 --> 0:05:09.039 the Prime Day sales generating the same traffic as any 0:05:09.040 --> 0:05:12.840 regular day. Bloomberg's Had Ludlow asked Jamil Ghani, Amazon's head 0:05:12.839 --> 0:05:15.440 of Prime about the data. Here's how he responded, I 0:05:15.480 --> 0:05:18.360 don't know if that's the accurate read. We've been really 0:05:18.400 --> 0:05:21.440 impressed with how many Prime members are showing up, how 0:05:21.480 --> 0:05:25.719 they're engaging with the event, and how they're shopping. They're 0:05:25.720 --> 0:05:28.560 shopping the entire store. Some of the favorite categories so 0:05:28.680 --> 0:05:33.760 far are electronics, toys, home apparel, health and personal care, 0:05:33.880 --> 0:05:40.480 top brands like Apple, lenej HP, Shark, and many many others, 0:05:40.520 --> 0:05:45.000 including items off our curated top one hundred lists. So 0:05:45.240 --> 0:05:47.560 we've been really really happy with the event so far. 0:05:48.200 --> 0:05:51.640 Our members can engage through midnight tonight, so I encourage 0:05:51.680 --> 0:05:55.000 them to check it out. What is Amazon tracking to 0:05:55.080 --> 0:05:59.160 do for this October window in dollar turns relative to July. 0:05:59.320 --> 0:06:02.440 Can you give us some granularity about the impacts of 0:06:02.480 --> 0:06:06.000 having a second window in the same calendar year. Yeah, 0:06:06.040 --> 0:06:07.640 we have to keep in mind that Prime Day this 0:06:07.720 --> 0:06:09.880 year was the largest Prime Day we've ever had, one 0:06:09.880 --> 0:06:12.760 point seven billion dollars in savings for our members around 0:06:12.800 --> 0:06:15.320 the globe. And so what we're trying to do with 0:06:15.360 --> 0:06:19.080 this event is give our Prime members yet another opportunity 0:06:19.080 --> 0:06:22.280 to say, we know that our members are always looking 0:06:22.279 --> 0:06:25.400 for savings, but no more sort than now where you know, 0:06:25.440 --> 0:06:29.440 the macro economic environment um has everybody trying to make 0:06:29.440 --> 0:06:31.680 the dollar stretch a little bit further. And so this 0:06:31.720 --> 0:06:34.159 is an opportunity for forty eight hours for our members 0:06:34.160 --> 0:06:36.880 to get an exclusive jump on their holiday shopping, its 0:06:36.920 --> 0:06:39.680 needs and wants across the entire store. And so far 0:06:39.800 --> 0:06:42.719 the engagement has been really strong. So it's too early 0:06:42.760 --> 0:06:45.680 to tell, but I expect that there will be deals 0:06:45.680 --> 0:06:47.800 throughout the event. That's something that we learned in Prime 0:06:47.880 --> 0:06:50.080 Day that our members like top brands and they like 0:06:50.120 --> 0:06:52.520 having deals throughout the entire event. You're going to continue 0:06:52.520 --> 0:06:55.240 to see that through midnight tonight. So this window will 0:06:55.279 --> 0:06:58.760 not be as big as the July window. It's too 0:06:58.760 --> 0:07:01.200 early to tell, but we're very excited by the early 0:07:01.240 --> 0:07:04.479 engagement um and it is the kickoff to uh the 0:07:04.640 --> 0:07:08.279 entire holiday season. We're gonna have deals and discounts throughout 0:07:08.279 --> 0:07:12.120 the entire period. Black Friday Cyber Monday continue to be 0:07:12.160 --> 0:07:14.320 incredibly important, but we wanted to take care of our 0:07:14.400 --> 0:07:17.760 most engaged, are most important customers first, those are our 0:07:17.760 --> 0:07:20.040 Prime members, and so this is the kickoff to the season. 0:07:20.240 --> 0:07:23.720 That is interesting, right, the idea around the pool forward 0:07:23.920 --> 0:07:27.240 in holiday spending. He told me about how that might 0:07:27.320 --> 0:07:32.920 help clear out some inventories ahead of the holiday season. Yeah, 0:07:32.960 --> 0:07:36.280 you know, this event is not about inventory. This we 0:07:36.480 --> 0:07:39.560 built this event purpose built on the top brands that 0:07:39.640 --> 0:07:42.680 are members we know are looking for as they go 0:07:42.720 --> 0:07:45.560 into the shopping season. And so this is an exclusive 0:07:45.600 --> 0:07:48.360 for eight hours for our Prime members to get a 0:07:48.440 --> 0:07:51.120 jump on their holiday shopping, ensure that they get those 0:07:51.240 --> 0:07:54.960 must have giftable items, get some of the holiday rush 0:07:55.040 --> 0:07:57.040 out of the way earlier in the season. But we're 0:07:57.040 --> 0:07:59.520 going to continue the deals and discounts for all of 0:07:59.520 --> 0:08:02.640 our customer including Prime members, going into Black Friday and 0:08:02.680 --> 0:08:05.200 Cyber Monday. You alluded to it earlier, but what are 0:08:05.200 --> 0:08:08.640 you learning about the consumer based on what they're buying. 0:08:08.760 --> 0:08:11.320 It seems through third party data they might be going 0:08:11.400 --> 0:08:14.240 for this sort of cheaper ended the spectrum in terms 0:08:14.240 --> 0:08:16.800 of the items they're buying. Is there any sense that 0:08:16.880 --> 0:08:20.640 the consumer is feeling the pain of inflation. Well, I 0:08:20.640 --> 0:08:24.400 think all of us as Americans are feeling the pinch 0:08:24.440 --> 0:08:27.240 of inflation. Um, all of us want to stretch our 0:08:27.280 --> 0:08:29.080 dollar as far as we can. What we saw in 0:08:29.160 --> 0:08:35.120 Prime Day is that members engaged across all um sales prices, 0:08:35.160 --> 0:08:38.400 from consumables and everyday essentials all the way up through 0:08:38.440 --> 0:08:41.920 the electronic devices. It's needs through wants, and that's why 0:08:41.920 --> 0:08:44.760 we built Prime Early Access sale to have the top 0:08:44.800 --> 0:08:48.640 brands across the entire store so that members can meet 0:08:48.720 --> 0:08:52.640 those needs and wants. We've got top brands in health 0:08:52.760 --> 0:08:55.520 and personal care all the way to toys, to home 0:08:55.679 --> 0:08:59.120 apparel and electronics, which are you know, uh, clearly a 0:08:59.600 --> 0:09:03.120 member ever every holiday season and so we're seeing the 0:09:03.160 --> 0:09:06.240 same in engagement now. We expect that to continue over 0:09:06.280 --> 0:09:10.720 the next several hours through midnight tonight. Amazon's head of 0:09:10.760 --> 0:09:14.199 Prime there Jamil Ghani, with our own at Ludlow For 0:09:14.360 --> 0:09:16.520 more on this, I want to bring in our Bloomberg 0:09:16.600 --> 0:09:19.360 reporter Spencer, So we're who of course covers Amazon. So Spencer, 0:09:19.920 --> 0:09:22.880 let's talk about a potential disparity here and what the 0:09:22.920 --> 0:09:26.720 third party folks are saying and what Amazon is saying. 0:09:26.920 --> 0:09:31.280 Just how good has this prime day actually been so far? Yeah? 0:09:31.320 --> 0:09:34.200 I think it's uh, what we're hearing is that there's, 0:09:34.559 --> 0:09:36.959 you know, slight lift from a usual day. Now we're 0:09:36.960 --> 0:09:39.640 getting summer biased data from what we had earlier. You know, 0:09:39.720 --> 0:09:42.880 some uh you know deep a deeper look slight lift 0:09:42.960 --> 0:09:45.199 from from a typical day, but not nearly the same 0:09:45.240 --> 0:09:48.080 amount of lift as they had in the summer prime day. 0:09:48.280 --> 0:09:50.079 And I'm not sure that we're that far off. I mean, 0:09:50.080 --> 0:09:53.400 if you listen carefully to what the Amazon executive says, 0:09:53.440 --> 0:09:57.000 he uses words like shop, and he uses words like engagement, 0:09:57.559 --> 0:10:00.360 and so he doesn't use words like by and he 0:10:00.360 --> 0:10:04.199 doesn't use words like spend, you know, so so engagement 0:10:04.200 --> 0:10:06.360 can be just a cute way to say people. People 0:10:06.400 --> 0:10:08.240 are coming on the site, they're noodling around, they're looking 0:10:08.280 --> 0:10:09.960 at this, that and the other, but they're not really 0:10:09.960 --> 0:10:11.880 buying a whole lot. So What does this tell us 0:10:11.920 --> 0:10:15.880 about the state of the consumer potentially more broadly leading 0:10:15.920 --> 0:10:20.520 into the holidays, or doesn't tell us something more about Amazon? Well, 0:10:20.559 --> 0:10:22.319 I think it's a little of both, right. I Mean, 0:10:22.720 --> 0:10:25.280 it's not a secret that that consumers are pulling back, 0:10:25.320 --> 0:10:28.160 that they're dealing with higher food and fuel prices, things 0:10:28.200 --> 0:10:31.120 that they have to buy and have less money you know, 0:10:31.200 --> 0:10:33.280 to spend on things that they want to buy. And 0:10:33.320 --> 0:10:35.880 then on Amazon, we're learning like on these kind of things. 0:10:35.880 --> 0:10:38.720 Some of the top categories are like household essentials and 0:10:38.760 --> 0:10:41.280 pantry items and things people just kind of spending the 0:10:41.720 --> 0:10:44.760 stock up on things that otherwise buy and not necessarily 0:10:44.800 --> 0:10:48.160 splurging on things like electronics and whatnot. But then in 0:10:48.240 --> 0:10:51.079 terms of Amazon, is just they figured, hey, what the heck, 0:10:51.080 --> 0:10:53.360 will do another sale? And it was interesting he said 0:10:53.360 --> 0:10:56.319 it wasn't about inventory when it What it is about inventory. 0:10:56.480 --> 0:10:58.520 That's really why Amazon was able to spin this thing 0:10:58.600 --> 0:11:01.160 up so quickly, is because a lot of merchants, you know, 0:11:01.200 --> 0:11:03.960 the inventory is already there they have. Meantime, there's been 0:11:04.000 --> 0:11:08.440 some developments in unionization efforts at an Amazon warehouse in California. 0:11:08.559 --> 0:11:11.040 What's the latest on that. Yeah, this is pretty interesting 0:11:11.040 --> 0:11:14.520 to watch. So there's a one warehouse in Morino Valley 0:11:14.520 --> 0:11:17.040 in the Inland Empire, and that's a real stronghold for Amazon. 0:11:17.080 --> 0:11:19.040 That's that's probably where they where they've got the most 0:11:19.080 --> 0:11:22.680 concentrated number of facilities and employees. And so one of 0:11:22.679 --> 0:11:26.720 them just submitted signatures to push for a union election 0:11:26.800 --> 0:11:29.800 affiliated with this Amazon labor union, which was the one 0:11:29.840 --> 0:11:32.800 that uh, you know, one approval for union in in 0:11:32.840 --> 0:11:35.800 Saten Island, which Amazon is still contesting. And now there's 0:11:35.840 --> 0:11:39.200 another vote coming up next week in Albany, again affiliate 0:11:39.240 --> 0:11:41.680 with this Amazon labor union. So starting to look like 0:11:41.720 --> 0:11:44.480 this thing's spreading and and and Amazon is having a 0:11:44.480 --> 0:11:47.400 hard time containing it all right. Sponsor Soaper who covers 0:11:47.440 --> 0:11:50.880 Amazon for us, thank you. Coming up weeks after the 0:11:51.040 --> 0:11:55.480 massive Adobe figmdial, the other hot enterprise software startup has 0:11:55.520 --> 0:11:59.480 some news. Air Table CEO Howe lou is with us next. 0:11:59.679 --> 0:12:12.760 This is Bloomberg, the collaboration software startup. Air Table just 0:12:12.800 --> 0:12:15.760 announced its biggest launch of the year at its inaugural 0:12:15.840 --> 0:12:19.880 air Table Leaders Forum, coming up with a new connected 0:12:19.960 --> 0:12:23.720 apps platform that will help companies like Netflix, linked In, 0:12:23.840 --> 0:12:27.640 and i heart Media share data, manage workflows, track product 0:12:27.679 --> 0:12:31.040 roadmaps and more. Co founder and CEO, Howelu with me 0:12:31.120 --> 0:12:33.720 now for more on this, So, you know, talk to 0:12:33.760 --> 0:12:36.400 us about the trends that you're seeing an enterprise software 0:12:36.400 --> 0:12:40.559 and why an announcement like this in your mind is important, 0:12:40.559 --> 0:12:43.000 Like what problems does this solve? I mean, I think 0:12:43.000 --> 0:12:45.040 it's best to explain it in terms of where we 0:12:45.080 --> 0:12:47.400 came from and where we're going. So ten years ago, 0:12:47.440 --> 0:12:49.679 Marke and Reeson said software is eating the world. We 0:12:49.800 --> 0:12:52.520 created air Table really to kind of execute against that 0:12:52.559 --> 0:12:54.920 and empower the team's closest to the work in every 0:12:54.960 --> 0:12:57.560 company to be part of that disruption, to build the 0:12:57.559 --> 0:13:00.440 apps for themselves that they needed. Now we've seen this 0:13:00.440 --> 0:13:03.160 bigger problem within enterprises where it's not enough to just 0:13:03.240 --> 0:13:06.040 have individual apps, but those apps need to be connected 0:13:06.080 --> 0:13:08.720 and to allow the entire enterprise to all share a 0:13:08.720 --> 0:13:11.720 source of truth while enabling all those individual teams to 0:13:11.760 --> 0:13:14.400 still be really, really flexible and agile. So it's kind 0:13:14.400 --> 0:13:17.320 of the next frontier of air Table, you know, combining 0:13:17.320 --> 0:13:20.800 what we've already done literally in these connected apps across 0:13:20.800 --> 0:13:24.120 an enterprise. Air Table benefited from some of those pandemic 0:13:24.280 --> 0:13:27.559 tail winds, the shift to hybrid work has that kept up? 0:13:27.559 --> 0:13:30.560 What sort of workplace trends are you seeing now? I 0:13:30.559 --> 0:13:32.520 think a lot of what we're seeing now is that 0:13:32.559 --> 0:13:35.000 there is this huge need to rethink how work is 0:13:35.000 --> 0:13:38.280 being done right, especially in today's economy. It's not just 0:13:38.360 --> 0:13:40.600 about throwing more people at every problem. You can't just 0:13:40.920 --> 0:13:43.120 you know, double your your head count and every department 0:13:43.160 --> 0:13:46.040 to get more output. You need to rethink how efficiently 0:13:46.080 --> 0:13:48.320 you work. And that's where I think our our enterprise 0:13:48.400 --> 0:13:50.839 vision of connected apps is really going to come into plan. 0:13:50.920 --> 0:13:52.960 It's already showing up. And how we sell our table, 0:13:53.000 --> 0:13:55.480 how we're seeing our our customers adopt air table. It's 0:13:55.480 --> 0:13:58.920 really about enabling more agility and more output. Um. You know, 0:13:58.960 --> 0:14:01.640 we talked about this this customer case study during our 0:14:01.679 --> 0:14:05.080 event earlier today of Equinox actually accelerating their content production 0:14:05.080 --> 0:14:08.120 efforts by four with the same team and during a 0:14:08.120 --> 0:14:11.360 pandemic where they were all working from home, nonetheless using 0:14:11.360 --> 0:14:14.400 air table and connected apps. How do you see competition 0:14:14.520 --> 0:14:18.080 shaping up? There's a Sauna, Monday, dot Com others that 0:14:18.080 --> 0:14:21.840 are vying to be the project management tool of choice. 0:14:22.040 --> 0:14:25.160 What is air tables advantage? Yeah, I think the whole 0:14:25.160 --> 0:14:28.040 idea behind declaring our north star as connected apps is 0:14:28.040 --> 0:14:30.400 that we're actually elevating ourselves out of that world of 0:14:30.400 --> 0:14:33.320 project management. We actually don't really care as much about 0:14:33.360 --> 0:14:36.320 the task management small team use cases that I think 0:14:36.320 --> 0:14:39.000 a lot of the other products are are going after, 0:14:39.320 --> 0:14:41.400 and instead we're really trying to solve this bigger problem 0:14:41.480 --> 0:14:44.720 across an entire enterprise where you need these shared sources 0:14:44.760 --> 0:14:46.840 of truth, these high value golden data sets as we 0:14:46.880 --> 0:14:49.320 call them. You know, for instance, Netflix having this this 0:14:49.640 --> 0:14:52.360 master list of all the content titles they're producing and 0:14:52.400 --> 0:14:55.360 then wanting to manage all of their marketing, their post production, 0:14:55.440 --> 0:14:59.720 their legal rights management, etcetera. Workflows across that data set. UM. 0:14:59.720 --> 0:15:01.680 And so it's really you know, us going out and 0:15:01.720 --> 0:15:05.280 taking on more companies like service Now or even Salesforce 0:15:05.320 --> 0:15:07.680 with their app cloud efforts. UM. When we think about 0:15:07.720 --> 0:15:10.800 going and deploying apps across every other part of the enterprise, 0:15:11.080 --> 0:15:13.560 not just doing projects or tasks. I think some people 0:15:13.600 --> 0:15:17.320 are still recovering from the shock of the big Adobe 0:15:17.760 --> 0:15:21.120 Figma deal twenty billion dollars, and I just I'm dying 0:15:21.160 --> 0:15:23.560 to hear your thoughts on it. Given that air table 0:15:23.760 --> 0:15:27.200 is one of the few you know hot enterprise software 0:15:27.240 --> 0:15:30.240 startups that's often mentioned in the same breath as Figma. 0:15:30.280 --> 0:15:33.160 What's your take on this deal. I think Figma is 0:15:33.240 --> 0:15:37.160 an incredible product company, has a great team. Um you know, 0:15:37.200 --> 0:15:39.160 they started around the same time as us, so weirdly 0:15:39.160 --> 0:15:42.000 we've been parallel. I think we both started around both 0:15:42.040 --> 0:15:46.280 spent years building a pretty technically interesting product before launching. 0:15:46.520 --> 0:15:49.040 These were not products air Table nor Figma that were 0:15:49.160 --> 0:15:52.040 built overnight as a hack project, but really a deliberate 0:15:52.120 --> 0:15:55.000 taking on of a really, really large market opportunity. I 0:15:55.040 --> 0:15:57.680 think ultimately the trend that's really benefited both of us 0:15:57.760 --> 0:16:00.200 is that for the first time on the web, when 0:16:00.200 --> 0:16:02.640 both of us started, you could build these really rich 0:16:02.920 --> 0:16:06.040 desktop grade experiences, right Sigma could not have been built. 0:16:06.080 --> 0:16:08.080 You couldn't build that level of experience in the web, 0:16:08.280 --> 0:16:10.600 nor could you build air Table in the web. And 0:16:10.680 --> 0:16:13.000 so I think we're both bright place right time to 0:16:13.080 --> 0:16:16.920 take on really large market opportunities and disrupting some incumbents 0:16:17.000 --> 0:16:20.800 as a result. Is getting acquired like that something that's 0:16:20.840 --> 0:16:25.120 attractive to you. Are you on the I P O path? Instead? 0:16:25.520 --> 0:16:28.160 I think that the best companies have to think about 0:16:28.160 --> 0:16:30.480 how to build an independent business, right I mean, when 0:16:30.520 --> 0:16:32.400 you look at Figma, one of the reasons why it 0:16:32.480 --> 0:16:35.520 was so attractive as a business and why it's valued 0:16:35.560 --> 0:16:38.120 so much in this steal is because actually they could 0:16:38.200 --> 0:16:40.680 go to Long alone. They have the leverage. I mean, 0:16:40.720 --> 0:16:43.760 it's it's growing very quickly, it's an amazing business, there's 0:16:43.800 --> 0:16:47.280 a massive tam and it's truly a disruptive and delightful product, 0:16:47.400 --> 0:16:49.280 right And so I think if you can go out 0:16:49.280 --> 0:16:51.800 and build a company that is truly capable of being 0:16:52.160 --> 0:16:55.240 a star in a star independent business on the I 0:16:55.360 --> 0:16:58.440 P O path, then I think that also raises your attractiveness, 0:16:58.520 --> 0:17:00.600 in this case for Figma, through M and a deal. 0:17:00.680 --> 0:17:03.720 So we've always been squarely focused on just building the 0:17:03.800 --> 0:17:06.480 best product and ultimately business and company that we can 0:17:06.960 --> 0:17:10.280 and you know, we're not optimizing foreign acquisition. So we've 0:17:10.320 --> 0:17:13.879 seen valuations of tech startups fall across the board. You 0:17:14.000 --> 0:17:17.000 raised at an almost twelve billion dollar valuation at the 0:17:17.080 --> 0:17:19.720 end of last year. Does that number hold up in 0:17:19.760 --> 0:17:22.680 a downturn or is air table in the rare category 0:17:22.680 --> 0:17:27.320 of startups like Figma potentially where that number potentially goes up. 0:17:27.440 --> 0:17:29.359 So the way I've always thought about it is the 0:17:29.400 --> 0:17:32.359 short term valuation is just it's a point in time. 0:17:32.720 --> 0:17:36.360 And what really matters for both us as team members 0:17:36.359 --> 0:17:39.040 working on this company, for shareholders who may consider investing 0:17:39.040 --> 0:17:41.400 in our table is what is the long term expected 0:17:41.440 --> 0:17:44.119 value of this business? And especially since we're private and 0:17:44.119 --> 0:17:46.720 we don't have a public liquid value right now, what 0:17:46.800 --> 0:17:48.800 do we think this company will be worth in one year, 0:17:48.920 --> 0:17:51.560 two year, or three years, And especially as the operators 0:17:51.600 --> 0:17:54.000 within the business, what can we do to drive towards 0:17:54.080 --> 0:17:56.159 the best possible result? And so I think as we 0:17:56.200 --> 0:18:00.000 push into connected apps and this bigger and bigger possibility, 0:18:00.000 --> 0:18:03.120 you know, solving a problem for enterprises at large um 0:18:03.160 --> 0:18:07.040 actually generating you know, multimillion dollar contracts repeatedly. Uh and 0:18:07.080 --> 0:18:09.320 even you know, driving up are already best in class 0:18:09.400 --> 0:18:11.760 left dollar retention. I think we feel very good about 0:18:11.760 --> 0:18:14.280 the clear path that we can get to building a 0:18:14.320 --> 0:18:17.960 really extraordinary business that's highly differentiated as the unit economics 0:18:18.000 --> 0:18:20.960 to support a really freemium multiple. And you know, whether 0:18:21.000 --> 0:18:24.439 there's overall multiple compression in the public markets in the 0:18:24.520 --> 0:18:26.919 near term, you know, I think the great businesses that 0:18:27.040 --> 0:18:30.280 ultimately go after really large hands and have durable growth 0:18:30.280 --> 0:18:33.479 potential can outgrow any of that compression because they just 0:18:33.600 --> 0:18:37.360 keep growing and growing. All right, interesting, interesting response there, 0:18:37.400 --> 0:18:40.040 Air Table co founder and CEO, Howelu, good to have 0:18:40.080 --> 0:18:49.359 you back here on this show. Thank you for stopping by. 0:18:51.680 --> 0:18:54.240 Welcome back to Bloomer Technology and Emily Changing in San Francisco. 0:18:54.560 --> 0:18:58.080 The global self and semi conductor shares continues, but one 0:18:58.160 --> 0:19:01.800 name in Japan bucking the trend. Are all back with 0:19:01.840 --> 0:19:05.080 a look at Socio next. Ed. Yeah, we don't often 0:19:05.080 --> 0:19:07.760 talk about Japan, but let's look at Socio next in 0:19:07.760 --> 0:19:10.199 the context of this big sell off we've seen in 0:19:10.200 --> 0:19:12.800 global chip stocks. It had its trading debut in Japan 0:19:13.119 --> 0:19:18.040 in Tokyo on Wednesday, jumping a lot of investor interest here, 0:19:18.240 --> 0:19:21.119 generating around sixty seven billion yen or four hundred and 0:19:21.119 --> 0:19:24.520 fifty six million dollars of proceeds. And what's so interesting 0:19:24.560 --> 0:19:27.320 about this name. It's a maker of systems on a 0:19:27.400 --> 0:19:30.600 chip or logic processes for one of A better description 0:19:31.000 --> 0:19:32.800 is there's a lot of appetite right now for what 0:19:32.880 --> 0:19:34.639 it's offering in a market where we have a lot 0:19:34.680 --> 0:19:37.240 of questions about global chip demand. If we bring up 0:19:37.280 --> 0:19:39.640 the next chart, this was actually the biggest I PO 0:19:39.680 --> 0:19:42.359 in Japan, so far this year on a gross proceeds 0:19:42.400 --> 0:19:45.280 generated basis. It was the four f p O for 0:19:45.359 --> 0:19:47.439 a chip maker out of Japan this year. So it's 0:19:47.480 --> 0:19:50.160 really interesting to see that name buck the trend. We're 0:19:50.160 --> 0:19:52.800 also getting data points out of vander this Wednesday. They 0:19:52.840 --> 0:19:56.000 actually see retail investors taking a keen interest in the 0:19:56.080 --> 0:19:58.560 chip space, even if we see institutional money kind of 0:19:58.560 --> 0:20:01.159 sitting on the sidelines or pulling out because we have 0:20:01.280 --> 0:20:05.120 concerns about a global slowdown, and speaking about those concerns, 0:20:05.119 --> 0:20:07.600 we look at this terminal chart. It investors are really 0:20:07.640 --> 0:20:10.680 pulling back earnings expectations for the chip sector. We've had 0:20:10.680 --> 0:20:13.480 bad news from a broad range of names. We're concerned 0:20:13.520 --> 0:20:17.040 about a slowdown in demand for consumer electronics, for memory 0:20:17.160 --> 0:20:20.280 chips in particular Aro and the PC market that scoop 0:20:20.400 --> 0:20:24.119 overnight from Bloomberg. The Intel, according to sources, is going 0:20:24.160 --> 0:20:27.480 to cut thousands of jobs because of the PC slowdown. Well, 0:20:27.520 --> 0:20:30.240 this is the result the market pulling back its expectations. 0:20:30.400 --> 0:20:32.720 But one name in Japan's socio next, as we said, 0:20:32.840 --> 0:20:37.680 m bucking that trend. All right, ed, thank you a 0:20:37.800 --> 0:20:40.399 name we don't normally hear about. Appreciate it. I want 0:20:40.440 --> 0:20:42.680 to zoom out now of chip stocks and get back 0:20:42.720 --> 0:20:45.840 to the broader macro environment with rising inflation and a 0:20:45.920 --> 0:20:49.359 falling market. The state of valuations and venture capital and 0:20:49.440 --> 0:20:52.800 startup innovation on top of mind. At the Greenwich Economic 0:20:52.840 --> 0:20:56.160 Forum that is underway right now. Our next guest, entrepreneur 0:20:56.240 --> 0:21:02.359 and former presidential Canada, Andrew Yang, joins us from there. Now, So, Andrew, obviously, 0:21:02.640 --> 0:21:05.160 so much talk about what is going to happen with 0:21:05.200 --> 0:21:07.480 this economy. Are we or are we not going into 0:21:07.520 --> 0:21:12.040 a recession? Given your Venture for America background, I'm curious 0:21:12.280 --> 0:21:16.240 what your outlook is if you are an entrepreneur trying 0:21:16.280 --> 0:21:21.640 to get started in a downturn. Well, if you look 0:21:21.680 --> 0:21:25.560 at the track record of high growth companies, Emily, and 0:21:25.600 --> 0:21:28.600