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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news from Mahard.

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Speaker 2: We're Innovation, Money and Power Collie in Silicon Valley, NBN.

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Speaker 3: This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.

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Speaker 4: Live from New York and San Francisco. This is Bloomberg

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Speaker 4: Technology coming up. President electrom and Elon Musk are in

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Speaker 4: Washington today. We dissect the tech founder's extraordinary political role.

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Speaker 5: Plus we speak with a key investor in Swiggy about

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Speaker 5: the latest landmark Indian IPO.

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Speaker 4: And SoftBank will be the first to build a supercomputer

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Speaker 4: with chips using Nvidia's new Blackwell design.

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Speaker 5: President electromp is due to meat with President Biden. Let's

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Speaker 5: get out to Washington, DC and Bloomberg. Katie Lyones, who

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Speaker 5: joins us from right outside of the White House. A

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Speaker 5: meeting there was telegraphed. We've known about it being on

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Speaker 5: the schedule for a few days. But significant, Kayley, Yeah.

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Speaker 6: It is significant, Ed, mostly because this is not something

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Speaker 6: we saw in twenty twenty. Donald Trump did not extend

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Speaker 6: an invitation to Joe Biden to meet him at the

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Speaker 6: White House like this, as is American tradition. But now

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Speaker 6: Biden has done the same or rather, she was in

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Speaker 6: differently as he invited Donald Trump to be here with

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Speaker 6: him today for what is a typical part of the

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Speaker 6: transition process. This administration, of course, has pledged that there

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Speaker 6: will be a peaceful transition of power for President elect

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Speaker 6: Donald Trump. As for what they will talk about in

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Speaker 6: this meeting, the White House has been pretty tight lid

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Speaker 6: about that. The Press Secretary Karine Jean Pierre yesterday and

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Speaker 6: the Press briefing was asked about the subject matter and

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Speaker 6: she said they prefer to keep private conversations private. As

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Speaker 6: for some educated guesses as to what they could talk about.

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Speaker 6: In addition to of course domestic issues preserving American democratic institutions,

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Speaker 6: there could be some foreign policy in this meeting as well,

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Speaker 6: as we've seen in the past, like for example, in

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Speaker 6: twenty sixteen when then President Barack Obama met with Donald

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Speaker 6: Trump after his first election victory. So we'll wait to

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Speaker 6: see if we get any characterization of this meeting from

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Speaker 6: either the current president or the President elect. But obviously

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Speaker 6: it is going to be an important photo opportunity and

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Speaker 6: assigned to the American people that the democratic process is

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Speaker 6: working as usual.

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Speaker 4: Kayleie involved in toe Leta with House Republicans is el

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Speaker 4: mask Can you just tell us a little bit about

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Speaker 4: what you're hearing with a relationship that and who else

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Speaker 4: Trump president elect Trump is assigning roles.

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Speaker 6: Well, certainly we got some big news pertaining to Elon

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Speaker 6: Musk and another high profile Republican Vivek Ramaswami, who of

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Speaker 6: course ran against Donald Trump during the primary campaign earlier

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Speaker 6: this year. They will be heading up together the Department

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Speaker 6: of Government Efficiency or DOGE you might be able.

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Speaker 7: To call it.

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Speaker 6: Essentially given until July fourth, twenty twenty six, to help

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Speaker 6: cut waste in government and deregulate things. Present a proposal

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Speaker 6: essentially for how that can be done. I would just

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Speaker 6: point out though that this of course is not a

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Speaker 6: direct government role. It may avoid some of the conflict

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Speaker 6: of issues or conflict of interest issues that could arise

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Speaker 6: if Elon Musk was given a more direct role in

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Speaker 6: government by Donald Trump, but by and large they will

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Speaker 6: not actually have the power to exercise these spending cuts.

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Speaker 6: That is still going to be up to the appropriators,

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Speaker 6: which is Congress. Is they set their budgets and appropriate

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Speaker 6: the money that is there to be spent accordingly. So

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Speaker 6: while they can make recommendations, this isn't necessarily giving him

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Speaker 6: direct clear power over the way in which money is

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Speaker 6: spent or not in the federal government. All that said,

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Speaker 6: it does clearly underscore the very close relationship that Donald

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Speaker 6: Trump now has with the richest man in the.

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Speaker 4: World, Katie Lines outside the White House, we appreciate it.

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Speaker 4: Let's bring more on this growing clout that Elon Musk

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Speaker 4: has over in Washington. Bluembgs, Michael Shepherd is with us

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Speaker 4: and to that point, the doge or doge however, we're

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Speaker 4: going to be discussing it. Michael, just where do you

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Speaker 4: think the rubber hits the road from the perspective of Washington.

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Speaker 4: Because we all know Elon Musk demon mode. We know

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Speaker 4: how focus he can be on stripping out costs, how

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Speaker 4: he can really focus in and hone a particular issue

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Speaker 4: and manage to ultimately provide, whether it be cars or

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Speaker 4: whether it be rockets. But what about efficiency cuts and

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Speaker 4: two trillion dollars worth.

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Speaker 8: Well, it's a great question, Caroline, and it really cuts

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Speaker 8: to the heart of whether this effort will actually produce

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Speaker 8: the kind of results that Elon Musk expects and may

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Speaker 8: be seeding with Donald Trump in expectation of his own

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Speaker 8: that he would be able to replicate what he has

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Speaker 8: done in the private sector here in the public sector.

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Speaker 8: And the truth is, every expert who understands government spending

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Speaker 8: and government performance sees a vast difference between how an

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Speaker 8: agency operates and how a corporate entity is run. In

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Speaker 8: many ways, the differences are so historic when it comes

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Speaker 8: to how employees are contracted, paid, what they're judged on,

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Speaker 8: but also just simply what kind of service or good

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Speaker 8: or product they're trying to provide.

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Speaker 5: Michael, I want to be clear with a Bloomberg Technology

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Speaker 5: audience that the Department of Government Efficiency, per the details

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Speaker 5: that President elect Trump team put out, is not a department.

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Speaker 5: It acts outside of government, which is interesting, right. There

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Speaker 5: are lots of questions about whether must continues the CEO

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Speaker 5: of TESLA, But what is it that he's going to

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Speaker 5: target from outside of government?

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Speaker 8: Well, again, there are so many questions about this initiative

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Speaker 8: that still have to be answered, the structure of it,

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Speaker 8: how many people will be working on this effort to

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Speaker 8: see it through, who will write the recommendations, Will Musk

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Speaker 8: be pulling in people and the Vekaramaswami be pulling in

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Speaker 8: people from their own ventures and entities and maybe structuring

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Speaker 8: some of these quests for efficiency in a way that

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Speaker 8: benefit the companies that they work at. For instance, Tesla

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Speaker 8: and SpaceX are heavily regulated and overseen by agencies including

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Speaker 8: NITZA and the FAA, And these are things that Elon

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Speaker 8: Musk has complained about, and he has said, Look, if

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Speaker 8: I want to get the MARS, I need the shackles

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Speaker 8: of regulation removed.

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Speaker 2: But at the same time.

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Speaker 8: People out there in the countryside really do benefit from

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Speaker 8: those regulations when it comes to environmental protections, when it

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Speaker 8: comes to other things that maybe breaks misbehavior in the markets,

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Speaker 8: for example. So some of what he is seeking in

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Speaker 8: terms of efficiency could actually create harms for people who

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Speaker 8: don't have the same degree of insulation from some of

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Speaker 8: life's inconveniences that the world's richest man does enjoy.

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Speaker 4: Mike, it was said that Peter til reminded us to

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Speaker 4: not take President electrom literally, but to take him seriously.

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Speaker 4: Now do we take literally a cunt of at least

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Speaker 4: two trillion dollars that Elon Musk said while out on

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Speaker 4: the campaign stage, or is that more we take it seriously?

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Speaker 9: The direction of.

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Speaker 8: Travel, The direction of travel certainly is something to watch.

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Speaker 8: But in terms of taking it seriously or literally, that

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Speaker 8: is going to be a very difficult number to reach.

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Speaker 2: And here's why.

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Speaker 8: That is more than the government spends annually on operations.

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Speaker 8: They simply can't find enough savings at all the agencies

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Speaker 8: to be able to hit that number. You would have

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Speaker 8: to start cutting into benefits that are considered sacred here,

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Speaker 8: really Medicare, social Security, veterans aid, all of those things,

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Speaker 8: and people out the voters who put Donald Trump in

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Speaker 8: office would very quickly see the pain and feel the

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Speaker 8: pain back home in their own lives. So it's more

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Speaker 8: a direction of travel, more notional target. And again that

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Speaker 8: was something he said at Madison Square Garden. Now putting

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Speaker 8: that onto paper and making it a goal and over

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Speaker 8: how long too, I mean two trillion dollars, maybe over

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Speaker 8: ten years might be something a little bit more achievable,

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Speaker 8: depending on what they decided to.

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Speaker 5: Go after Bloomberg's Michael Shepard, thank you very much. Mike

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Speaker 5: mentioned Knitzer the National Highway Traffic Safety Administration. This morning,

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Speaker 5: that agency communicated a sixth recall via Tesla for the

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Speaker 5: cyber truck, the six prequel they've done in the last

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Speaker 5: twelve months.

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Speaker 7: A physical defect.

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Speaker 5: But again one of the agencies that one of Musk

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Speaker 5: companies is subject to. The stock down one percent having

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Speaker 5: opened significantly higher. Carro will keep an eye on it's

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Speaker 5: important coming up what lies ahead for tech M and A.

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Speaker 5: We speak with Sam Stovell of c RFRA what you got.

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Speaker 9: Let's have a look at other earnings.

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Speaker 4: Spotify decidedly higher, up more than nine percent, two and

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Speaker 4: fifty two million paying subscribers, better than had been anticipated,

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Speaker 4: six round and forty million monthly active users. And they've

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Speaker 4: been cost cutting, stripping out people and it's proving itself

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Speaker 4: in the margins. This is bloombog technology.

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Speaker 5: We're waiting a potential outcome or comments from the meeting

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Speaker 5: between President Biden and President elect Donald Trump at the

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Speaker 5: White House. You see the images there of the White

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Speaker 5: House in Washington, DC, and we will bring that to

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Speaker 5: you as soon as we have it. In the meantime,

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Speaker 5: Caroline much more in the financial markets when it comes

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Speaker 5: to tech.

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Speaker 4: When it comes to media stocks and M and A

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Speaker 4: ed on again or off again, Direct TV intending to

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Speaker 4: terminate its planned acquisition of Dish Network in ten days

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Speaker 4: if bondholders don't agree to a dead exchange. Remember that's

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Speaker 4: Echo Stars Dish TV bondholders we all turn our attention to. Meanwhile,

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Speaker 4: Charter announced its planned to buy a Liberiting broadband in

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Speaker 4: an all stock deal earlier today. There is so much

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Speaker 4: focus post the election last week of what M and

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Speaker 4: A means. Let's dig into it, Sam Stovell, chief Investment

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Speaker 4: stratechers at CFRA, Look, M and A is happening, and

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Speaker 4: A potentially been put on ice. What do you see

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Speaker 4: for the next administration in terms of allowing M and

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Speaker 4: A to become well more fervent here in the United States.

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Speaker 10: Well, we certainly think that with the lifting of the

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Speaker 10: regulations restrictions that that should be very beneficial to these

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Speaker 10: companies involved in M and A, the asset managers and

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Speaker 10: investment banks, et cetera. We recently raised prior to the

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Speaker 10: election our outlook on KKR, But we also have strong

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Speaker 10: investment recommendations on other companies like Black Rock, like Alliance Bernstein,

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Speaker 10: et cetera. So our belief is that financials in general,

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Speaker 10: but these type of companies in particular, should do well.

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Speaker 4: Let's hone in a little bit more on the technology trade,

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Speaker 4: and ultimately we're seeing risk on perpetuate whether you're looking

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Speaker 4: at crypto, whether you're looking at Tezza down on the

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Speaker 4: day but up significantly since the election results.

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Speaker 9: Any areas of technology.

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Speaker 4: That you think haven't been in the eye of the

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Speaker 4: storm post election, Well.

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Speaker 10: Obviously the eye of the storm really for tech is

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Speaker 10: whether the mag seven is going to continue to be

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Speaker 10: a leader, whether we are going to be seeing companies

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Speaker 10: in the system software, the semiconductor area continue to lead

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Speaker 10: the pack if they have, or whether we end up

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Speaker 10: more with cybersecurity and other areas like that. So companies

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Speaker 10: such as the geogroup, Core Civic, other companies in the

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Speaker 10: defense area, especially if it has to do with security,

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Speaker 10: we think will do fairly well.

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Speaker 5: Sam, you wrote in your latest research titled Waves and

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Speaker 5: Tides that this was all wrapped up pretty quickly the

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Speaker 5: political process. When you think about the technology investors' perspective,

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Speaker 5: what's the risk of a surprise going forward? Do you

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Speaker 5: have a high degree of conviction that you understand the

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Speaker 5: world we're now operating in.

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Speaker 10: Well, we still have an overweight recommendation on tech. It

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Speaker 10: is a group that shows the greatest growth potential in

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Speaker 10: our opinion. In calendar years twenty four, twenty five, and

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Speaker 10: twenty six, which is where most of our analysts are

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Speaker 10: focusing their valuation attention. Certainly, near term tech looks a

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Speaker 10: bit pricey. It's trading at a near sixty five percent

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Speaker 10: premium to its longer term forward pe. That compares also

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Speaker 10: with the forty percent premium we see in the market itself,

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Speaker 10: numbers that rival where we were just before the eight

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Speaker 10: and a half percent pullback in July of this.

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Speaker 5: Year, Sam, do you need to be quickly in names

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Speaker 5: like Tesla?

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Speaker 7: If Mosk is going to have a role in this government.

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Speaker 10: Well, we have a hold recommendation on Tesla, but I think,

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Speaker 10: certainly knowing that he has not only the president alects Eir,

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Speaker 10: but probably a spot in the guesthouse, that Tesla is

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Speaker 10: something that is going to be in the news on

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Speaker 10: a daily basis.

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Speaker 9: Sound stoveall calling it. We thank you as cfra ed.

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Speaker 9: What have we've got coming up?

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Speaker 5: Yeah, we've got some news headlines coming up on the show.

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Speaker 5: And first off, in Talking Tech in videos, Jensen Huang

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Speaker 5: announces a huge partnership in Japan.

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Speaker 7: Listen to this.

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Speaker 2: I have a very big announcement to Mike.

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Speaker 7: Today.

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Speaker 2: We're announcing that we're partnering with SoftBank to bring and

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Speaker 2: to build an AI infrastructure for Japan.

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Speaker 5: And in Video's AI summit in Tokyo, Quang unveiled new

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Speaker 5: plans for SoftBank's AI supercomputer build out. They're set to

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Speaker 5: usefuse new Blackwell chips and we're part of a larger

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Speaker 5: effort to create an AI grid that runs across Japan.

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Speaker 5: Plus Apple's readying a smart home push. According to sources,

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Speaker 5: the tech giant is set to announce a new command

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Speaker 5: center wall mounted display to control appliances, handle video, and

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Speaker 5: use AI to navigate apps. This is the company hopes

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Speaker 5: to catch up with the likes of Alphabet and Amazon

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Speaker 5: in the smart home space, and shares.

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Speaker 7: Of just Eat are soaring. The food delivery company announced

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Speaker 7: it will.

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Speaker 5: Sell grub Hub to Mark Laws Wonder Group for an

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Speaker 5: enterprise value of six hundred and fifty million dollars. Wonder

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Speaker 5: will pay one hundred and forty two million dollars in

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Speaker 5: cash and take on five hundred million dollars in Grubhub debt.

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Speaker 7: The deal is.

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Speaker 5: Expected to be completed during the first quarter of twenty

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Speaker 5: twenty five.

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Speaker 4: CARA, of course, the all important meeting which is currently

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Speaker 4: occurring between President and Electrump going back to the White

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Speaker 4: House to meet with President Biden a historic moment.

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Speaker 5: Yeah, I mean this is unorthodox, but let's listen in

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Speaker 5: to the comments that dis is tough.

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Speaker 11: And it's many cases not a very nice world, but

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Speaker 11: it is a nice world today, and I appreciate very

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Speaker 11: much a transition that's so small it'll be as smooth

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Speaker 11: as it can get.

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Speaker 2: Very much appreciated that job you are, Thank you all.

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Speaker 5: President elect Donald Trump meeting with President Biden in the

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Speaker 5: White House carry the key line around politics being tough,

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Speaker 5: but President elect Trump appreciating a peaceful transition, and the

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Speaker 5: written correspondence very early following the election result also talked

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Speaker 5: about peaceful transition from both President elect Trump's camp and

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Speaker 5: also that of President Biden, who has already spoken with

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Speaker 5: Trump more than once in recent days.

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Speaker 4: The chaos of the political gaggle that currently groups itself,

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Speaker 4: and for that historic moment, as you say, we really

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Speaker 4: get to see how the sausage is made. From a

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Speaker 4: media perspective, we also have an awful lot to do

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Speaker 4: be discussing when it comes to artificial intelligence.

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Speaker 9: What we do day in, day out on the show.

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Speaker 5: Yeah, day in, day out, and is subject to change

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Speaker 5: under this coming administration, but.

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Speaker 7: The struggle is real.

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Speaker 5: Open AI, Google and Anthropic, the key leading names are

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Speaker 5: all facing roadblocks and seeing diminishing returns from their costly

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Speaker 5: efforts to develop newer models. And these setbacks rights Bloomberg's

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Speaker 5: Rachel Mets raised doubts about the heavy investment in AI

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Speaker 5: and very feasibility of one day reaching so called artificial

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Speaker 5: general intelligence. Bloomberg's Rachel Mets has been writing about this,

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Speaker 5: and when we posted on social media that you were

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Speaker 5: coming on, I was a bit surprised really by the

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Speaker 5: number of questions and reaction. But if you could distill

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Speaker 5: what the single challenges between those leading names, what is it.

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Speaker 12: It sounds like bigger is not always better for the price,

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Speaker 12: and data is increasingly becoming an issue having enough data,

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Speaker 12: the right kind of data.

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Speaker 4: It's really interesting, Rachel, that we've had sort of Samalmon

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Speaker 4: discuss this, that it's become this weird Moore's law within

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Speaker 4: AI general to AI that just the more you bombard

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Speaker 4: the data, the more you throw at it, the more

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Speaker 4: sophisticated the large language models have become. But does it

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Speaker 4: feel like we're hitting a point here and add to

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Speaker 4: your point, do we need more synthetic data. Is it

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Speaker 4: any clear clarity coming from Anthropic or open AI as

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Speaker 4: to what the limitations are.

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Speaker 12: Yeah, I mean it sounds like there are some problems

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Speaker 12: and there's also some solutions. Like this, This is not

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Speaker 12: the end of the road RAI development, but what it

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Speaker 12: does mean is that companies we should expect to see

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Speaker 12: companies concentrating more on the kinds of things that they

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Speaker 12: do later in the process of building these models, what's

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Speaker 12: often known as post training, the things that they do

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Speaker 12: to treat the models, fine tune them, get them ready

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Speaker 12: to be released to the public. Open Ai released a

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Speaker 12: model called one that does what it calls reasoning. This

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Speaker 12: is doing some compute near the end of the process.

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Speaker 12: I guess you would say. It takes in a prom

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Speaker 12: from a user and then it does a bunch of

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Speaker 12: calculations before it gives the result. So I would expect

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Speaker 12: to see more of that. Sam Altman also recently talking

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Speaker 12: in on Reddit about agents. We also know that Anthropic

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Speaker 12: is an an agent. There's been some reporting that Google

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Speaker 12: is working on a similar kind of thing, So I

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Speaker 12: would expect that we see people working a lot more

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Speaker 12: on later on in the process here.

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Speaker 4: Maybe patients is what we're all going to have to

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Speaker 4: have a little bit more of Rachel mess We appreciate it,

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Speaker 4: Thank you so much. Meanwhile, sticking with large language models

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Speaker 4: and actually language AI because the company deep L is

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Speaker 4: releasing a pair of new features that are meant to

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Speaker 4: help break down language barriers. One feature provides real time

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Speaker 4: translated captions during virtual meetings. The other is targeted on

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Speaker 4: one on one conversations happening in different languages as well.

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Speaker 4: Here with more deep L CEO and founder Jerk Kurtilowski.

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Speaker 9: Now, Jerk, just talk us through what these two.

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Speaker 4: Products are that you're releasing and how different they are

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Speaker 4: from what's already on the market.

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Speaker 7: Yes, hi, Caroline.

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Speaker 13: So deepel has been since twenty seventeen facilitating businesses to

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Speaker 13: communicate much better with text translation. So think about the

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Speaker 13: email that you want to send to a customer on

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Speaker 13: the other side of the ocean, or think about document

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Speaker 13: that you've just received which is in Japanese, and we've

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Speaker 13: been helping our customers with that. And the next logical

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Speaker 13: kind of frontier for us has been spoken language.

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Speaker 7: Think of all of those.

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Speaker 13: Meetings that you might be in where there is a

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Speaker 13: person who doesn't understand English, and how can they follow,

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Speaker 13: how can they be included that in that conversation. This

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Speaker 13: is something that we're really focusing on right now. The

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Speaker 13: second challenge out there, we have people who are kind

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Speaker 13: of coming in into retail stores, coming maybe to a

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Speaker 13: healthcare provider, and they have to they have to participate

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Speaker 13: in a conversation in a language that they potentially do

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Speaker 13: not know. Technology can solve that, and with the quality

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Speaker 13: that we have that that improves it quite a lot.

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Speaker 5: Yeah, in the context of the one on one conversation

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Speaker 5: and translation, I'm so interested in that. You know, when

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Speaker 5: I was at Medacan act frankly, I've seen it already done,

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Speaker 5: but the form factor was the ray band, Meta smart glasses. Right,

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Speaker 5: So Zuckerberg's on stage, he speaks in English that the

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Speaker 5: person stood in front of him answered in Spanish, etc. Again,

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Speaker 5: going kind of back to the carriage question, how is

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Speaker 5: yours any different to what's been demonstrated already.

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Speaker 13: Yeah, I think what we are doing here is we're

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Speaker 13: applying the quality of textual translation that you bel is

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Speaker 13: known in the market for, bringing in the security functionalities

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Speaker 13: that we have. We are providing our services to a

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Speaker 13: broad range of industries which are highly regulated, be it

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Speaker 13: financial or legal, and bringing that now to the realm

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Speaker 13: of voice translation.

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Speaker 9: So security is your edge.

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Speaker 4: Perhaps already the market that you own with certain clients

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Speaker 4: is already your edge. Where next and how ultimately difficult

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Speaker 4: is this, Yrek. We can all suddenly be like, oh, well, translation,

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Speaker 4: and why do I am I not getting better and

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Speaker 4: quicker and voice translation rather than it just written. But

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Speaker 4: how difficult is this to train your latest large language

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Speaker 4: models on the variety of languages out there.

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Speaker 13: Spoken language is so much inherently more complicated than written language.

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Speaker 13: It's just the sentences are much more unclear. There's like

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Speaker 13: even finding out where the comma where the full stop

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Speaker 13: is in a spoken sentence, it's it's It's much more complicated,

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Speaker 13: and therefore the technology still has to develop over the

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Speaker 13: next years to get to a level where we'll be

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Speaker 13: fully confident in having those conversations. But already now for

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Speaker 13: our customers this is bringing a lot of value in

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Speaker 13: their daily lives.

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Speaker 5: Deep l CEO and founder Yarak Kutilowski, thank you very much.

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Speaker 5: I mean, look at how zoom change meetings around the world.

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Speaker 5: Can you imagine simultaneous AI translation.

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Speaker 4: Welcome back to Blue Bag Technology. I'm Caroline Hide in

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Speaker 4: New York.

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Speaker 5: Alamed Ludlow in San Francisco. President Elect Trump has met

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Speaker 5: with President Biden.

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Speaker 4: Also in Washington today is Ela Musk and we want

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Speaker 4: to discuss his role in politics. We understand he's going

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Speaker 4: to be meeting with House Republicans with Donald Trump a

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Speaker 4: little bit later the President elect.

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Speaker 9: Let's bring in lumoxt Tom Jiles.

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Speaker 4: I mean, I jokingly say that we almost anticipated Leland

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Speaker 4: Must to be sat next to Donald Trump in that

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Speaker 4: meeting with Biden. He has literally been by his side.

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Speaker 4: And he's not getting a formal role in the government

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Speaker 4: from a cabinet perspective, but he is taking a leadership

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Speaker 4: role from a cost cutting perspective.

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Speaker 14: He is all over the place, he's on calls with

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Speaker 14: world leaders. And yes, he's going to head the Department

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Speaker 14: of Government Efficiency, whatever that means. And if you could

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Speaker 14: make it a cabinet level, why not whatever level it is,

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Speaker 14: whatever they're going to call it, it's really going to

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Speaker 14: be about coming in and shaking things up and really

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Speaker 14: disrupting government agencies that he sees that they together see.

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Speaker 14: Don't forget vivek Ramaswami will be part of this in consultation,

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Speaker 14: presumably with the President.

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Speaker 2: Where can we find efficiency?

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Speaker 14: Now, on one level, there's probably a lot of fat

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Speaker 14: you can cut. On the other hand, taking the ax

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Speaker 14: to a government agency is nothing like what it's like

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Speaker 14: to cut jobs in the private sector, like he's done

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Speaker 14: at Tesla, like he's done at X.

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Speaker 5: Yeah, I mean that is the easiest case study in

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Speaker 5: terms of coming in and shaking it up Twitter, the

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Speaker 5: company now known as X comparisons Tom in the actions

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Speaker 5: he took in the days following that acquisition.

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Speaker 14: He came in and wielded an axe with so much

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Speaker 14: force that the workforce was cut dramatically, to the point

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Speaker 14: where they actually had to try to rehire some workers later.

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Speaker 14: But the way they went about it was so dramatic,

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Speaker 14: so comprehensive, and almost willy nilly taut, taking out entire sections.

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Speaker 14: There was pr was eliminated, marketing, things like content.

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Speaker 2: Moderation were completely removed.

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Speaker 14: Wholesale they and in many cases the employees allege and

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Speaker 14: they're alleging it.

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Speaker 2: In court, they weren't paid.

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Speaker 14: There was no sense of they weren't even given the

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Speaker 14: disseverance that they're worth.

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Speaker 2: And the result has.

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Speaker 14: Been a company, as we've talked about before, that has

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Speaker 14: lost tremendous value. Sure you can cut costs, Sure there

442
00:24:20,800 --> 00:24:24,280
Speaker 14: were probably efficiencies, there was probably some bloat, but that

443
00:24:24,440 --> 00:24:27,199
Speaker 14: company is a shadow of its former self. It is

444
00:24:27,320 --> 00:24:31,639
Speaker 14: valued eighty percent less than it used to be, and

445
00:24:31,720 --> 00:24:34,840
Speaker 14: it's become a very different business and one that's not

446
00:24:35,080 --> 00:24:36,879
Speaker 14: operating well as a business.

447
00:24:36,960 --> 00:24:38,480
Speaker 2: Do you want to have that same impact on the

448
00:24:38,480 --> 00:24:39,520
Speaker 2: federal government.

449
00:24:40,080 --> 00:24:42,960
Speaker 5: To We made clear earlier that the Department of Government Efficiency,

450
00:24:43,040 --> 00:24:46,040
Speaker 5: per the release that was put out from the Trump camp, will.

451
00:24:45,880 --> 00:24:47,240
Speaker 7: Work outside of government.

452
00:24:47,240 --> 00:24:49,240
Speaker 5: But it is a big question whether this will be

453
00:24:49,560 --> 00:24:52,880
Speaker 5: an advisory or formal role and where the musk can

454
00:24:52,920 --> 00:24:54,160
Speaker 5: stay at the helm of Tesla.

455
00:24:54,480 --> 00:24:56,320
Speaker 7: And then some news out.

456
00:24:56,119 --> 00:25:00,600
Speaker 5: Today KNITS communicating a recall on cybertruck sick in the

457
00:25:00,680 --> 00:25:04,600
Speaker 5: last twelve months, NITSA also being an agency that musk,

458
00:25:04,720 --> 00:25:07,080
Speaker 5: I guess we'll look at explain it.

459
00:25:08,680 --> 00:25:09,160
Speaker 2: That's right.

460
00:25:09,920 --> 00:25:14,120
Speaker 14: There are problems with the cyber truck, and you have

461
00:25:14,200 --> 00:25:18,119
Speaker 14: to ask the question, would they be encountering some of

462
00:25:18,160 --> 00:25:23,119
Speaker 14: these same issues if you had somebody at in leadership

463
00:25:23,320 --> 00:25:26,000
Speaker 14: who was dedicated to who knows the product, who cares

464
00:25:26,000 --> 00:25:28,800
Speaker 14: about the product, and the way that Elon Musk deeply,

465
00:25:28,880 --> 00:25:31,520
Speaker 14: deeply cares about the products that he says, he cares

466
00:25:31,520 --> 00:25:34,440
Speaker 14: about what's happening at SpaceX. He cares about the quality

467
00:25:34,760 --> 00:25:38,119
Speaker 14: of the cars and the vehicles that come out of Tesla.

468
00:25:38,520 --> 00:25:42,399
Speaker 14: That passion is really important, that mission, sending that mission,

469
00:25:42,560 --> 00:25:45,399
Speaker 14: making it clear to all of your employees. Can you

470
00:25:45,520 --> 00:25:50,120
Speaker 14: do that at multiple companies and working at the government

471
00:25:50,320 --> 00:25:54,119
Speaker 14: at the same time. Right now, things seem to be

472
00:25:54,160 --> 00:25:56,919
Speaker 14: going well at some of these companies. Again not at

473
00:25:57,119 --> 00:25:59,399
Speaker 14: X if you look at it from a business perspective,

474
00:26:00,119 --> 00:26:03,600
Speaker 14: But at what point do Tesla's shareholders take a look

475
00:26:03,600 --> 00:26:08,680
Speaker 14: at any problems that emerge and say, we need Trump, sorry,

476
00:26:08,680 --> 00:26:11,520
Speaker 14: we need Elon back at the helm And what's he

477
00:26:11,640 --> 00:26:14,639
Speaker 14: doing at the government getting on these calls with Zelenski.

478
00:26:14,920 --> 00:26:17,440
Speaker 14: He should be running this business that we are shareholder,

479
00:26:17,480 --> 00:26:18,320
Speaker 14: We are owners of.

480
00:26:18,920 --> 00:26:21,480
Speaker 9: Tom Giles breaking it down. Great to have him in

481
00:26:21,520 --> 00:26:22,280
Speaker 9: New York. We thank you.

482
00:26:23,000 --> 00:26:25,760
Speaker 4: Now let's just talk about another election impact, this time

483
00:26:25,760 --> 00:26:29,000
Speaker 4: on crypto, because boy, bitcoin just continues to rise today

484
00:26:29,040 --> 00:26:31,200
Speaker 4: above ninety thousand at one point in excess of ninety

485
00:26:31,240 --> 00:26:31,879
Speaker 4: three thousand.

486
00:26:31,880 --> 00:26:33,359
Speaker 9: It's just below that level at the moment.

487
00:26:33,520 --> 00:26:36,080
Speaker 4: Coelect Jovon putre is with US, founder and managing partner

488
00:26:36,119 --> 00:26:38,399
Speaker 4: of Future Perfect Ventures and an early stage VC fund

489
00:26:38,440 --> 00:26:41,520
Speaker 4: investing in decentralized technologies. You focus on crypto, you focus

490
00:26:41,520 --> 00:26:44,119
Speaker 4: on AI, focus on blockchain technology. And the moment, I

491
00:26:44,119 --> 00:26:46,399
Speaker 4: have a feeling you're very absorbed with the price points

492
00:26:46,440 --> 00:26:50,720
Speaker 4: across decentralized finance. What do you make of whether the

493
00:26:51,080 --> 00:26:52,840
Speaker 4: too much is priced in right now?

494
00:26:54,840 --> 00:26:59,840
Speaker 1: Well, after the atfs were approved earlier this year, we

495
00:27:00,320 --> 00:27:02,920
Speaker 1: saw the price rise, we saw demand continue to grow

496
00:27:03,000 --> 00:27:06,639
Speaker 1: for bitcoin, and then the Ethereum ETF but there was

497
00:27:06,640 --> 00:27:09,280
Speaker 1: the election still looming, and then there's a lot of

498
00:27:09,320 --> 00:27:11,800
Speaker 1: uncertainty on whether we would have a crypto friendly ad

499
00:27:11,800 --> 00:27:16,040
Speaker 1: administration here in the US. The answer is a resounding yes,

500
00:27:16,480 --> 00:27:18,520
Speaker 1: And so I think we're seeing all this pent up

501
00:27:18,520 --> 00:27:21,320
Speaker 1: demand the fact that we continue to see it rise.

502
00:27:21,359 --> 00:27:23,359
Speaker 1: I mean, we've seen a little bit of profit taking,

503
00:27:23,359 --> 00:27:27,040
Speaker 1: but overall, Ethereum, Bitcoin, Solana, which is the base of

504
00:27:27,119 --> 00:27:31,240
Speaker 1: a lot of these DeFi applications, They're all up significantly

505
00:27:31,240 --> 00:27:33,720
Speaker 1: and continue to rise. So I think we're going to

506
00:27:33,760 --> 00:27:36,200
Speaker 1: continue to see a lot of demand here.

507
00:27:37,320 --> 00:27:40,159
Speaker 4: I hate to say it, but doze up ten percent

508
00:27:40,200 --> 00:27:44,760
Speaker 4: on the day, extraordinary rally the Department of Government Efficiency

509
00:27:44,800 --> 00:27:47,160
Speaker 4: happens to spell out doge do you think that there's

510
00:27:47,240 --> 00:27:49,840
Speaker 4: any real fundamental reason you should be in that particular

511
00:27:49,840 --> 00:27:51,160
Speaker 4: project and protocol right now?

512
00:27:53,680 --> 00:27:58,720
Speaker 1: We personally don't hold any at Future Perfect Ventures. There's

513
00:27:58,760 --> 00:28:02,680
Speaker 1: been an explosion of meme coins, people looking for speculation

514
00:28:02,960 --> 00:28:09,240
Speaker 1: and assets. I mean, obviously dochecoin was kind of endorsed

515
00:28:09,280 --> 00:28:12,200
Speaker 1: in some ways by Elon Musk and everything that Elon touches.

516
00:28:12,400 --> 00:28:16,760
Speaker 1: As you know the previous segment mentioned is arising, so

517
00:28:17,960 --> 00:28:21,000
Speaker 1: you know, we don't see fundamentals personally there, but I

518
00:28:21,040 --> 00:28:24,120
Speaker 1: think there is obviously a momentum move and if your

519
00:28:24,280 --> 00:28:27,840
Speaker 1: interested in mean coins, the certainly have the momentum right now.

520
00:28:29,200 --> 00:28:31,919
Speaker 5: Okayl like Jeman Puncher, a founder and managing partner of

521
00:28:31,960 --> 00:28:34,359
Speaker 5: Future Perfect Ventures. Great to have you back on the program.

522
00:28:34,359 --> 00:28:36,679
Speaker 5: Thank you very much. So coming up on the program

523
00:28:36,920 --> 00:28:40,880
Speaker 5: Swiggy's big IPO debut in India. Next back a Process

524
00:28:41,000 --> 00:28:44,800
Speaker 5: two billion dollars we speak a Process Group Chief Investment

525
00:28:44,800 --> 00:29:00,080
Speaker 5: Officer irv Into. That's next. This is Bloomberg Technology.

526
00:29:02,560 --> 00:29:06,360
Speaker 4: Chinese internet giant Tencent reported revenue growth for the third

527
00:29:06,440 --> 00:29:09,840
Speaker 4: quarter with its domestic gaming business, Real Bright spot.

528
00:29:10,080 --> 00:29:11,560
Speaker 9: Let's bring in Bloomberg's Henry Ren.

529
00:29:11,600 --> 00:29:14,040
Speaker 4: Interestingly, the ADRs traded here in the US are off

530
00:29:14,040 --> 00:29:16,680
Speaker 4: by about six tens percent, so there with some worries

531
00:29:16,680 --> 00:29:21,000
Speaker 4: about basically the consumer sentiment in China still Henry Yeah.

532
00:29:21,040 --> 00:29:24,520
Speaker 15: So there are certainly something good and bad for both

533
00:29:24,560 --> 00:29:27,160
Speaker 15: the balls and the beers for this result. So we

534
00:29:27,240 --> 00:29:29,720
Speaker 15: start from the more positive part, which is the domestic

535
00:29:29,760 --> 00:29:33,600
Speaker 15: gaming business. That segment grew revenue by fourteen percent year

536
00:29:33,600 --> 00:29:36,200
Speaker 15: over year during a quarter, and that's helped by some

537
00:29:36,360 --> 00:29:39,840
Speaker 15: newly released games, including the Dungeon and Fighter mobile game,

538
00:29:40,040 --> 00:29:42,760
Speaker 15: which was released in the summer. Now, the company said

539
00:29:42,800 --> 00:29:45,320
Speaker 15: that that will go through some consolidation period for that

540
00:29:45,360 --> 00:29:48,080
Speaker 15: game going forward, but in the Lunar New Year period

541
00:29:48,080 --> 00:29:50,880
Speaker 15: of next year they will push out to new content

542
00:29:51,000 --> 00:29:54,719
Speaker 15: to drive more user engagement. The more worrying part, however,

543
00:29:54,880 --> 00:29:57,880
Speaker 15: is about their fintech and payment business. So that part

544
00:29:57,880 --> 00:30:00,920
Speaker 15: of business is hurt by a weaker MAC environment and

545
00:30:00,960 --> 00:30:02,240
Speaker 15: weiker consumer spending.

546
00:30:02,880 --> 00:30:03,640
Speaker 7: It's not the news.

547
00:30:03,720 --> 00:30:06,160
Speaker 15: Actually last quarter the company has already said that the

548
00:30:06,160 --> 00:30:09,320
Speaker 15: gross has been slowing down, but this quarter we're seeing

549
00:30:09,400 --> 00:30:12,800
Speaker 15: further gross moderation and that part of business is growing

550
00:30:12,920 --> 00:30:15,400
Speaker 15: just two percent year over year in terms of revenue,

551
00:30:15,400 --> 00:30:17,960
Speaker 15: which is the slowest pace we've been seeing since the

552
00:30:17,960 --> 00:30:19,880
Speaker 15: COVID lockdown days of twenty twenty two.

553
00:30:20,920 --> 00:30:23,800
Speaker 5: Bimbogs Henry ran out of London. Thank you very much

554
00:30:23,840 --> 00:30:27,280
Speaker 5: that stick with tech. In Asia, Swiggybacker Process saw a

555
00:30:27,360 --> 00:30:30,480
Speaker 5: two billion dollar gain from its investment in the Indian

556
00:30:30,480 --> 00:30:33,880
Speaker 5: food delivery platform. This is Swiggy made its stock market

557
00:30:34,000 --> 00:30:37,760
Speaker 5: debut in India with a seventeen percent gain. For more

558
00:30:37,960 --> 00:30:41,600
Speaker 5: Process Group, Chief Investment Observing too joins us in you know,

559
00:30:41,840 --> 00:30:44,800
Speaker 5: it's a significant moment for you, clearly a good return

560
00:30:44,920 --> 00:30:48,240
Speaker 5: on an investment, but a significant moment all the same

561
00:30:48,400 --> 00:30:51,880
Speaker 5: for the markets and the technology sector in India.

562
00:30:52,320 --> 00:30:56,000
Speaker 16: Your reaction person, It's great to be with you in

563
00:30:56,040 --> 00:30:59,200
Speaker 16: the audience here today. It is an important day, I

564
00:30:59,200 --> 00:31:02,160
Speaker 16: would say, principally an important day and a milestone for

565
00:31:02,360 --> 00:31:05,560
Speaker 16: the company. So we should applaud and celebrate the company's

566
00:31:05,600 --> 00:31:08,560
Speaker 16: achievement to get to this step in the journey. And

567
00:31:08,680 --> 00:31:11,760
Speaker 16: for us as a long term investor, we think about it.

568
00:31:11,960 --> 00:31:14,120
Speaker 16: The topic very much is our long term one, right

569
00:31:14,160 --> 00:31:18,000
Speaker 16: and we consider the potential here and when we think

570
00:31:18,040 --> 00:31:20,479
Speaker 16: about today, we talk about the magnificent seven. No one

571
00:31:20,480 --> 00:31:23,080
Speaker 16: talks about their IPO evaluation, right, we want to be

572
00:31:23,720 --> 00:31:26,520
Speaker 16: in the future ten years, hence twenty years, hence considering

573
00:31:26,560 --> 00:31:29,360
Speaker 16: what the valuation Squeaky can be then and not just

574
00:31:29,440 --> 00:31:32,080
Speaker 16: where it went public at. Today, So an important day,

575
00:31:32,160 --> 00:31:35,000
Speaker 16: and yet I know we and the company are also

576
00:31:35,040 --> 00:31:37,000
Speaker 16: focused on the future, which is promising.

577
00:31:38,160 --> 00:31:41,080
Speaker 5: Ivan we're talking about an Indian company listing in India

578
00:31:41,160 --> 00:31:43,720
Speaker 5: and for our Bloombog technology audience watching here in North

579
00:31:43,720 --> 00:31:46,520
Speaker 5: America or Europe, wherever it may be. Why was that

580
00:31:46,560 --> 00:31:51,000
Speaker 5: an important step for a domestic name to look inward

581
00:31:51,320 --> 00:31:52,080
Speaker 5: for its listing.

582
00:31:52,840 --> 00:31:55,440
Speaker 17: Well, I think you alluded to the topic in your

583
00:31:55,480 --> 00:32:00,280
Speaker 17: first question. Right, the Indian markets are healthy, but there's

584
00:32:00,320 --> 00:32:03,440
Speaker 17: nothing better than seeing a class of exceptional companies go

585
00:32:03,600 --> 00:32:07,320
Speaker 17: public to signify further health in a market. And while

586
00:32:07,480 --> 00:32:11,280
Speaker 17: the strength of the Indian economy and the trajectory of

587
00:32:11,320 --> 00:32:14,800
Speaker 17: growth is well understood, I think from a capital market standpoint,

588
00:32:14,880 --> 00:32:18,800
Speaker 17: seeing successful companies list and trade well, today was a

589
00:32:18,800 --> 00:32:21,880
Speaker 17: successful day, but we've all seen the proof of we

590
00:32:22,040 --> 00:32:24,040
Speaker 17: in putting we hope they will continue to trade well

591
00:32:24,320 --> 00:32:27,600
Speaker 17: over time. That's also an important signifier of a market.

592
00:32:27,640 --> 00:32:28,520
Speaker 17: And then accounting itself.

593
00:32:29,120 --> 00:32:32,080
Speaker 4: You hold winning bets for the long term. Ervin you

594
00:32:32,160 --> 00:32:35,479
Speaker 4: hold Tencent. That is how we associate process in many ways,

595
00:32:35,880 --> 00:32:38,000
Speaker 4: like it all Loathed is that you made an extraordinary

596
00:32:38,000 --> 00:32:40,320
Speaker 4: early bet on Tencent and now it is the biggest

597
00:32:40,680 --> 00:32:44,560
Speaker 4: giant in China. How do you keep on replicating these hits?

598
00:32:44,600 --> 00:32:46,680
Speaker 4: Where are the exact areas? It seems to be a

599
00:32:46,720 --> 00:32:50,680
Speaker 4: commerce with ten Cent, it's gaming and just the whole

600
00:32:50,760 --> 00:32:53,840
Speaker 4: of China's focus on a consumer.

601
00:32:54,120 --> 00:32:55,120
Speaker 9: Where else do you repeat?

602
00:32:56,360 --> 00:33:00,200
Speaker 17: Well, it's not an easy task, and we dedicate a

603
00:33:00,200 --> 00:33:03,479
Speaker 17: lot of effort to try and to find exceptional companies

604
00:33:03,520 --> 00:33:06,600
Speaker 17: wherever they are outside of China as well. You say

605
00:33:06,640 --> 00:33:09,600
Speaker 17: we are most well known for investment intents, which represents

606
00:33:09,640 --> 00:33:12,040
Speaker 17: a large percentage of our map today, but our NAB

607
00:33:12,120 --> 00:33:13,760
Speaker 17: is one hundred and fifty hundred and sixty billion and

608
00:33:13,800 --> 00:33:16,720
Speaker 17: we have thirty five and change billion of other stuff

609
00:33:16,760 --> 00:33:20,480
Speaker 17: which is important and growing, and we look to find

610
00:33:20,480 --> 00:33:23,720
Speaker 17: those opportunities in growth markets around the world.

611
00:33:23,840 --> 00:33:25,360
Speaker 7: In India like Swiggy.

612
00:33:25,800 --> 00:33:28,120
Speaker 17: In Brazil we have a company called Ifood.

613
00:33:28,600 --> 00:33:29,760
Speaker 2: In Europe we have.

614
00:33:29,680 --> 00:33:33,600
Speaker 17: A classified platform called OLX, and so we seek growth

615
00:33:33,640 --> 00:33:36,680
Speaker 17: in exceptional founders and companies wherever they are. You're right,

616
00:33:36,720 --> 00:33:39,320
Speaker 17: it's our goal to try to find the next tensent.

617
00:33:39,320 --> 00:33:41,480
Speaker 17: It's not easy, but we think we're making progress.

618
00:33:42,200 --> 00:33:44,600
Speaker 4: Okay, let's hone in on the exact areas you want

619
00:33:44,640 --> 00:33:47,600
Speaker 4: to be aiming and putting money to work, because you

620
00:33:47,720 --> 00:33:52,360
Speaker 4: have now of course e commerce and fast delivery with Swiggy.

621
00:33:53,400 --> 00:33:55,200
Speaker 9: Is it about fintech?

622
00:33:55,480 --> 00:33:58,360
Speaker 4: Is it about areas of growth in the emerging markets

623
00:33:58,440 --> 00:34:00,400
Speaker 4: that you cannot get that sort of out side return

624
00:34:00,440 --> 00:34:01,840
Speaker 4: here in the United States.

625
00:34:02,600 --> 00:34:04,959
Speaker 17: Well, I'd say you name a couple of them, right,

626
00:34:05,040 --> 00:34:09,200
Speaker 17: Fintech is very important to us, so to food delivery.

627
00:34:08,840 --> 00:34:09,440
Speaker 13: As a sector.

628
00:34:09,480 --> 00:34:12,160
Speaker 17: Now we think about food delivery is broader than just food.

629
00:34:12,239 --> 00:34:15,799
Speaker 7: It's a local commerce play. If you've talked to Tony.

630
00:34:15,480 --> 00:34:18,839
Speaker 17: At door Dash and Dara at uber or long Seeing

631
00:34:18,840 --> 00:34:20,960
Speaker 17: at Maitland, they'd say the same thing. So don't just

632
00:34:21,000 --> 00:34:23,120
Speaker 17: take my word for it. But it's a way of

633
00:34:23,239 --> 00:34:26,759
Speaker 17: taking a high frequency, high engagement offering, which is food.

634
00:34:26,800 --> 00:34:28,200
Speaker 7: Everyone needs food, and.

635
00:34:28,120 --> 00:34:30,880
Speaker 17: Broadening that to a whole suite of services and offerings

636
00:34:30,880 --> 00:34:34,480
Speaker 17: that people also need. So, yes, food, what we think

637
00:34:34,520 --> 00:34:37,799
Speaker 17: about is local commerce, yes, fintech and beyond. I think

638
00:34:37,840 --> 00:34:40,840
Speaker 17: marketplaces generally we still believe have a lot of growth

639
00:34:40,840 --> 00:34:43,440
Speaker 17: in them. We will look to find opportunities which can

640
00:34:43,480 --> 00:34:46,719
Speaker 17: connect to our broader ecosystem of businesses. We have over

641
00:34:46,760 --> 00:34:50,400
Speaker 17: one hundred positions to both enhance our ecosystem and hopefully

642
00:34:50,440 --> 00:34:53,759
Speaker 17: our ecosystem can enhance them as well.

643
00:34:53,920 --> 00:34:56,880
Speaker 5: Evan has the risk profile of some of those technology

644
00:34:56,960 --> 00:35:00,520
Speaker 5: names and geography. Geography is like India and China changed

645
00:35:00,600 --> 00:35:03,960
Speaker 5: following the outcome of the US election, I.

646
00:35:03,960 --> 00:35:05,160
Speaker 7: Think it's too early to tell.

647
00:35:05,200 --> 00:35:08,480
Speaker 17: I mean, there's a lot of speculation about where the

648
00:35:08,520 --> 00:35:11,640
Speaker 17: administration will go. When we've seen some of the cabinet

649
00:35:11,840 --> 00:35:14,239
Speaker 17: positions start to fill at least the names start to

650
00:35:14,239 --> 00:35:17,480
Speaker 17: be floated, and we saw the announcement of course related

651
00:35:17,520 --> 00:35:22,120
Speaker 17: to Musket Rahmaswami overnight. So it's too early to tell

652
00:35:22,480 --> 00:35:25,239
Speaker 17: whether that will have an effect on where markets go

653
00:35:25,400 --> 00:35:26,880
Speaker 17: and the risk profile of those markets.

654
00:35:27,239 --> 00:35:28,160
Speaker 7: All we can control.

655
00:35:28,280 --> 00:35:30,799
Speaker 17: All we're focused on is ensuring that we do the

656
00:35:30,800 --> 00:35:33,239
Speaker 17: best job we can to find those exceptional companies and

657
00:35:33,440 --> 00:35:36,440
Speaker 17: ensure that the performance under our watches as strong as

658
00:35:36,440 --> 00:35:37,440
Speaker 17: it can be, and.

659
00:35:37,480 --> 00:35:41,160
Speaker 4: Find those extraordinary companies at the right valuation. Evn, what

660
00:35:41,239 --> 00:35:44,120
Speaker 4: sort of valuations you're seeing when you're first getting into

661
00:35:44,120 --> 00:35:44,720
Speaker 4: these businesses.

662
00:35:44,840 --> 00:35:46,440
Speaker 9: It as lofty, is it? Here's the US if it's

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00:35:46,480 --> 00:35:47,240
Speaker 9: AI related.

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00:35:47,960 --> 00:35:51,440
Speaker 17: Yeah, So it's a very rich topic for a discussion,

665
00:35:51,480 --> 00:35:54,680
Speaker 17: because yes, the US is expensive, not just in the

666
00:35:54,680 --> 00:35:57,359
Speaker 17: public domain, but of course in the private domain, particularly

667
00:35:57,440 --> 00:36:00,960
Speaker 17: with respect to a opportunities. We're looking at them, we're

668
00:36:01,000 --> 00:36:04,600
Speaker 17: monitoring closely, and at the same time we think there's

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00:36:04,640 --> 00:36:09,560
Speaker 17: better risk reward outside of the US. Think Latin, think Europe,

670
00:36:09,719 --> 00:36:14,240
Speaker 17: think India. Of course, yes, valuations are also more elevated

671
00:36:14,239 --> 00:36:16,279
Speaker 17: in India, but we think the risk of war in

672
00:36:16,320 --> 00:36:18,799
Speaker 17: some of these other markets is more promising, which is why,

673
00:36:19,200 --> 00:36:21,640
Speaker 17: as a matter of relative effort and attention, we're spending

674
00:36:21,680 --> 00:36:22,439
Speaker 17: more time there.

675
00:36:23,400 --> 00:36:26,080
Speaker 4: Come back when the next IPO is up, when the

676
00:36:26,160 --> 00:36:29,160
Speaker 4: next investment is made of into a process. We thank

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00:36:29,200 --> 00:36:31,640
Speaker 4: you for joining us. Now turning our attention to Europe

678
00:36:31,680 --> 00:36:33,759
Speaker 4: for a moment, because there's IPO news there as well.

679
00:36:33,760 --> 00:36:37,320
Speaker 4: We just filed Klana for an IPO in the United States,

680
00:36:37,360 --> 00:36:39,239
Speaker 4: though the number of shares to be offered and the

681
00:36:39,360 --> 00:36:41,960
Speaker 4: price range for the proposed offering has not yet been determined.

682
00:36:42,200 --> 00:36:45,280
Speaker 4: The move ends months to speculation that the European company

683
00:36:45,320 --> 00:36:47,319
Speaker 4: was readying a stock market listing.

684
00:36:47,160 --> 00:36:49,440
Speaker 7: Ed Okay, coming up on the program.

685
00:36:49,480 --> 00:36:53,200
Speaker 5: Could brain implants help restore site for the blind?

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00:36:53,640 --> 00:36:55,880
Speaker 7: We'll discuss next. This has been bag.

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00:37:06,000 --> 00:37:10,040
Speaker 5: Restoring site for the blind. It's a science fiction like ambition,

688
00:37:10,239 --> 00:37:13,040
Speaker 5: but a growing number of tech style clubs are now

689
00:37:13,200 --> 00:37:16,680
Speaker 5: plowing resources into that new field. Bloomberg Sera McBride is

690
00:37:16,719 --> 00:37:18,680
Speaker 5: here and has been writing about it. I mean, when

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00:37:18,680 --> 00:37:20,320
Speaker 5: we think about this sort of let's call them brain

692
00:37:20,400 --> 00:37:26,040
Speaker 5: implant companies, we've discussed all kinds of use cases, largely

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00:37:26,080 --> 00:37:28,160
Speaker 5: related to movement in the human body.

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00:37:28,520 --> 00:37:31,080
Speaker 7: Now, Site, what prompts you to write about that?

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00:37:31,600 --> 00:37:32,879
Speaker 9: Well, just what you said.

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00:37:32,920 --> 00:37:35,760
Speaker 3: There's been so much focus on movement, but Elon Muskin

697
00:37:35,840 --> 00:37:39,800
Speaker 3: particular keeps talking about all the other uses these implants

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00:37:39,800 --> 00:37:45,600
Speaker 3: will have, and some of them are very remote telepathy

699
00:37:45,680 --> 00:37:48,680
Speaker 3: and so on. But Site did seem like a next

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00:37:48,760 --> 00:37:53,200
Speaker 3: step where a number of companies were working and achievable.

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00:37:53,360 --> 00:37:56,640
Speaker 3: Some of them have made some really exciting breakthroughs. And

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00:37:57,800 --> 00:38:01,839
Speaker 3: there's some thought that working with the visual cortex it's

703
00:38:01,960 --> 00:38:04,279
Speaker 3: going to take a few years, but there have been

704
00:38:04,320 --> 00:38:06,640
Speaker 3: some experiments with it for twenty years, and the more

705
00:38:06,680 --> 00:38:10,600
Speaker 3: electrodes you put in your visual cortex. Perhaps the better

706
00:38:10,640 --> 00:38:11,920
Speaker 3: you can help people see.

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00:38:12,360 --> 00:38:14,279
Speaker 9: So let's talk about those strategies.

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00:38:15,040 --> 00:38:17,640
Speaker 4: Very often we get all consumed with Neuralink, but there

709
00:38:17,640 --> 00:38:19,799
Speaker 4: are a breadth of other companies that you've highlighted in

710
00:38:19,840 --> 00:38:21,680
Speaker 4: your story, but also a breadth of strategies.

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00:38:21,719 --> 00:38:23,880
Speaker 9: Can you just talk us through some of the most promising.

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00:38:24,960 --> 00:38:25,240
Speaker 5: Sure.

713
00:38:25,719 --> 00:38:25,799
Speaker 17: So.

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00:38:26,600 --> 00:38:30,480
Speaker 3: One of the most promising strategies UH is actually not

715
00:38:30,640 --> 00:38:35,400
Speaker 3: to put electrodes in the brain, to start by putting

716
00:38:35,440 --> 00:38:39,279
Speaker 3: them on the retina, and that's been happening for some time,

717
00:38:39,320 --> 00:38:45,000
Speaker 3: in particular for conditions like macular degeneration. One company Science,

718
00:38:45,040 --> 00:38:48,040
Speaker 3: which is run by the former president of Neuralink who

719
00:38:48,120 --> 00:38:51,600
Speaker 3: left the company a few years ago, just unveiled some

720
00:38:51,719 --> 00:38:55,759
Speaker 3: quite promising UH data based on an experiment with a

721
00:38:55,800 --> 00:38:59,680
Speaker 3: few dozen people who had implants in their retina and

722
00:38:59,760 --> 00:39:03,480
Speaker 3: were able to focus on letters and see much larger

723
00:39:03,560 --> 00:39:06,160
Speaker 3: letters and read in a way in many cases that

724
00:39:06,360 --> 00:39:13,120
Speaker 3: wasn't possible before. Other companies are working on techniques that

725
00:39:13,200 --> 00:39:17,080
Speaker 3: might help people who are completely blind, and for a

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00:39:17,160 --> 00:39:20,320
Speaker 3: lay person who can see reasonably well. Some of these

727
00:39:20,360 --> 00:39:25,480
Speaker 3: breakthroughs seem very kind of baby steps. It's just getting

728
00:39:25,560 --> 00:39:29,120
Speaker 3: people to be able to see flashes of light, for example,

729
00:39:30,120 --> 00:39:36,160
Speaker 3: rather than fully formed images. But these technologies just kind

730
00:39:36,160 --> 00:39:38,920
Speaker 3: of take it one step at a time, and they're promising.

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00:39:39,360 --> 00:39:42,760
Speaker 5: Bloomberg Sarah McBride with a must read out on Bloomberg today.

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Speaker 7: Thank you very much, Caro.

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00:39:44,560 --> 00:39:46,680
Speaker 5: I want to quickly go to shares of AMD, the

734
00:39:46,800 --> 00:39:50,000
Speaker 5: chip maker, down two percent. News in the last hour

735
00:39:50,120 --> 00:39:53,520
Speaker 5: or so that AMD is cutting about four percent of

736
00:39:53,560 --> 00:39:58,359
Speaker 5: its workforce, largely focused on cuts in sales and marketing positions.

737
00:39:59,000 --> 00:40:01,920
Speaker 5: Interesting a company that has around twenty six thousand staff,

738
00:40:02,200 --> 00:40:05,400
Speaker 5: so four percent, what about headcount reduction of a one thousand.

739
00:40:05,719 --> 00:40:08,440
Speaker 5: But it's tough out there in the market for AI accelerators,

740
00:40:08,640 --> 00:40:12,040
Speaker 5: this deep push into data centers and now them trimming

741
00:40:12,040 --> 00:40:15,240
Speaker 5: in some areas, as I said, in sales and in marketing.

742
00:40:15,640 --> 00:40:18,680
Speaker 4: Keep and I on AMD as we wrap up this show.

743
00:40:19,280 --> 00:40:22,560
Speaker 4: That is the end of the addition of Bloomberg technology

744
00:40:22,880 --> 00:40:25,880
Speaker 4: from the White House from Washington across to some of

745
00:40:25,920 --> 00:40:28,400
Speaker 4: the latest developments in brain technology.

746
00:40:28,520 --> 00:40:29,239
Speaker 9: Extraordinary show.

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00:40:30,040 --> 00:40:33,040
Speaker 5: Yeah, an important image of President elect Trump sat next

748
00:40:33,080 --> 00:40:34,920
Speaker 5: to President Biden in the White House.

749
00:40:35,160 --> 00:40:36,600
Speaker 7: Brief comments. But as we've.

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00:40:36,440 --> 00:40:39,640
Speaker 5: Reported, our sources say Elon Musk is also in DC

751
00:40:40,160 --> 00:40:45,480
Speaker 5: and may likely meet with House Republicans alongside President elect Trump. Wow,

752
00:40:45,520 --> 00:40:48,040
Speaker 5: there's a lot to recap therefore, so you must check

753
00:40:48,040 --> 00:40:51,080
Speaker 5: out the Bloomberg Technology podcast and you know exactly where

754
00:40:51,120 --> 00:40:53,239
Speaker 5: to find it on Apples, Spotify, iHeart, and all the

755
00:40:53,280 --> 00:40:56,080
Speaker 5: Bloomberg platforms. Thank you, Team New York. Thank you to

756
00:40:56,080 --> 00:40:58,600
Speaker 5: everyone here in San Francisco. Much more to come this

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00:40:58,719 --> 00:41:07,319
Speaker 5: week on Bloomberg Technology. Yeah.

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Speaker 2: Im