Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Bloomberg Tech is alive
Speaker 1: from coast to coast with Caroline Hyde and New York
Speaker 1: and Eva Low in sentences, go.
Speaker 2: This is Bloomberg Tech coming up. Elon Musk's XAI taps
Speaker 2: big name investors, including Nvidia in a curious piece of
Speaker 2: financing for GPUs. Bloomberg breaks the story wide open.
Speaker 3: Plus, Tesla unveils cheaper versions of its top selling EV models.
Speaker 4: Will it help with falling sales numbers? We'll discuss.
Speaker 2: We sit down with the UK Minister for AI to
Speaker 2: discuss increased investment between the UK and US on tech
Speaker 2: innovation and a whole lot more.
Speaker 3: First, that's check in on these markets that rally once again,
Speaker 3: if you're looking in then aw's that one hundred ed
Speaker 3: It is your key players, it is the in video's mds.
Speaker 3: We're talking so much about the relentless intertwining of generative
Speaker 3: AI players at the moment in the market. But what's
Speaker 3: notable is we still are thinking about fundamentals. We are
Speaker 3: still thinking about how far we've come from the lows
Speaker 3: of April.
Speaker 4: But what are you looking at underneath the hood.
Speaker 2: Let's get to our top story overnight, Bloomberg broke details
Speaker 2: of a financing mechanism that Xai is using for the
Speaker 2: GPUs that are going in Colossus too. Our understanding from
Speaker 2: sources is that an SPV or special purpose vehicles formed.
Speaker 2: They use debt inequity to get the capitol by the GPUs.
Speaker 2: XAI rents or leases those GPUs from the investors and
Speaker 2: pays them that fee over time. In Video is involved,
Speaker 2: it's getting involved in the equity piece. This morning, in
Speaker 2: Video CEO Jensen one confirmed a whole chunk of our reporting. Carrow,
Speaker 2: this is very complicated. Let's get into the specifics.
Speaker 4: Let's do exactly that.
Speaker 3: Sticking with the two key players in Video and Xai,
Speaker 3: bloom most common.
Speaker 4: ROYO is with us.
Speaker 3: You help break the story with Ed and I just
Speaker 3: want to get to grips of how creative this financing
Speaker 3: actually is. How often do we see SPVs being set
Speaker 3: up to buy GPUs and use them as underlying assets.
Speaker 5: Hi, thank you for having me. We've seen aspvs in
Speaker 5: the past before used for other type of assets. It's
Speaker 5: quite common in Wall Street to basically use assets as
Speaker 5: collateral instead of putting corporate debt, but it's becoming much
Speaker 5: more interesting and much more common to see tech giants
Speaker 5: basically do this type of deals because they don't want
Speaker 5: to put a lot of debt on the corporate balance sheet.
Speaker 5: So I think we're going to see more of these
Speaker 5: in the future.
Speaker 2: Common It's been a busy couple of days chasing this one, right.
Speaker 2: So the structure is twenty billion dollars, most of it
Speaker 2: is debt and there is some equity in there. And
Speaker 2: this morning in Video's CEO Jensen One went on another
Speaker 2: network and in an interview essentially confirmed in vidious participation.
Speaker 2: Just give us the rest of the details that we
Speaker 2: put in that story.
Speaker 5: Sure, So it will be at least twenty billion of
Speaker 5: capital basically to buy the chips that xa I will
Speaker 5: use for this data center in Memphis. And there's going
Speaker 5: to be like a variety of Wall Street investors in
Speaker 5: the dead We know Apollo is in a diameter. We
Speaker 5: reported as well. The equity will have a number of
Speaker 5: investors as well, including Valor, who's leading the financing. But yeah,
Speaker 5: and Videos invested in the equity, which is really interesting
Speaker 5: given that they're basically using that money to buy their
Speaker 5: own chips.
Speaker 6: Where do we go from here?
Speaker 2: I mean It's really difficult because I feel there's a
Speaker 2: lot more reporting to be done. The piece of the
Speaker 2: mechanism that I'm trying to get my head around is
Speaker 2: that there's an SPV and Xai rents and leases the chips.
Speaker 2: We think over a five year period, what are the
Speaker 2: investors get in return, Like are they going to get
Speaker 2: a stake in Xai? Are they just being paid rent basically?
Speaker 2: And then that covers their debt obligations.
Speaker 5: What do we know, Well, well, from what do we know,
Speaker 5: they get the least payments, which is how they can
Speaker 5: amortiz with debt overtime. So basically you get like yeah,
Speaker 5: like monthly quarterly payments for the financing, so you kind
Speaker 5: of like pay down the debt that way. But the
Speaker 5: idea from what we understand is basically at the end
Speaker 5: of it, you still have like the chips that have
Speaker 5: some value right after the five years, so that stays
Speaker 5: within that SPV.
Speaker 2: I would say just very quick that we haven't heard
Speaker 2: from Elon Musk or Xai, Gensen, Wang and Nvidia haven't
Speaker 2: responded to us formerly other than declining to comment, so
Speaker 2: we'll keep a track of this one. Bloomberg's Carmen a Roya.
Speaker 2: It's great to work with you in the newsroom. Thank you.
Speaker 2: So that latest funding on Nvidia into ex Ai only
Speaker 2: adds into what is now complex web of aideals that
Speaker 2: have been occurring. It's the topic of today's Big Take,
Speaker 2: looking at the circular transactions happening within the AI market.
Speaker 2: Bloomberg's Ai editor Seth Figgerman joins us, Now there is
Speaker 2: this big one trillion dollar headline figure and if you
Speaker 2: draw up a mad web with red string on a
Speaker 2: ball of where everything's going, it all kind of touches
Speaker 2: in Nvidia and open Ai. Give us the top line
Speaker 2: of the big Take.
Speaker 7: Well, we did try to draw that mad web of
Speaker 7: red string and our graphic, and also thank YOUEV for
Speaker 7: the extra newspeg overnight with the great scoop on video.
Speaker 7: But yes, I think ultimately we have seen something resembling
Speaker 7: circular or interconnected deals for a lot of the A boom.
Speaker 7: But it's getting to the point where it's harder to ignore.
Speaker 7: There are just dozens of investments and business partnerships and
Speaker 7: chip agreements primarily that all lead back one or two
Speaker 7: steps are moved to Nvidia and open Ai, and the
Speaker 7: size and scope of these have just grown exponentially, particularly
Speaker 7: as open ai itself has kind of gone from saying
Speaker 7: we're going to spend billions to possibly trillions on the
Speaker 7: infrastructure of the support this sect. Also, I think, as
Speaker 7: in Vidia has become a four point five trillion dollar
Speaker 7: company that's very eager to keep the good times going
Speaker 7: by spreading the money around.
Speaker 3: Seth talk about the good times and really whether anxiety
Speaker 3: is vindicated here.
Speaker 4: The worry on open aiyes front, is that at the moment.
Speaker 3: It's loss making, and so how does it eventually pay
Speaker 3: this back? But you have to bet on its growth
Speaker 3: and its ability to get revenue. Nvidia has the money,
Speaker 3: and that's in many ways why Goldman, for example, is
Speaker 3: saying this is not like the dot com era, even
Speaker 3: if we are seeing these complex web of integrations and relationships.
Speaker 7: I think both things can be true. You know, ultimately,
Speaker 7: a lot of what's backstopping the AI boom, as we
Speaker 7: know are these very big tech companies with very healthy
Speaker 7: balance sheets and massive cash stockpiles, including in Nvidia. On
Speaker 7: the other hand, I think the graphic makes quite clear
Speaker 7: and the story itself that increasingly a lot of these
Speaker 7: companies are very bound up, particularly open AI affirmed that
Speaker 7: while it's a decade old and a household name everywhere,
Speaker 7: has never turned the profit and plans to spend you know,
Speaker 7: hundreds of billions if not more, including through debt. So
Speaker 7: you know, I think both things can be true. Is
Speaker 7: it in Vigia about to go bust tomorrow because of this? No?
Speaker 7: But is there a heightened exposure to all these companies
Speaker 7: because they're tethering themselves to a handful of you know,
Speaker 7: fast growing but still unprofitable AIS startups. Yeah, there's a
Speaker 7: risk in.
Speaker 3: Meg Seth Fiegeman, thank you for talking us through what
Speaker 3: is an amazing piece of data journalism as well.
Speaker 4: Go read it the Big Take.
Speaker 3: Let's get more investor analysis now, though carrosh life for
Speaker 3: more as chief market strategistic BIMO Private Wealth has one
Speaker 3: hundred fifteen million dollars in assets under management.
Speaker 4: And Carol, I'm interested in.
Speaker 3: There's a great line in that Big Take coming from
Speaker 3: Stacy Ragson over at Bernstein saying basically, Sam Altman is
Speaker 3: either going to drive this economy lower, We're going to
Speaker 3: see the world economy tank or he's taking us to
Speaker 3: the promised land.
Speaker 4: Which way are you seeing it going?
Speaker 8: I'm not sure it's either or First off, thanks for
Speaker 8: having me. I'm joining you from Toronto today. Or we're
Speaker 8: doing a Female Eurasia Group US Canada summit. So there's
Speaker 8: a lot of discussions on AI and other things like
Speaker 8: that going on here.
Speaker 5: But I'm not.
Speaker 8: Sure it's all good or all bad. It's someplace in between,
Speaker 8: and there are a lot of things to watch. I
Speaker 8: love the Big Take already. I caught it in the
Speaker 8: middle of the night and sent it out to a
Speaker 8: number of co workers, especially the graphic in they're showing
Speaker 8: that circular nature that's very much like some of the
Speaker 8: stuff we saw go on in previous bubbles. But as
Speaker 8: your reporter commented on, you've got right now. It's backed
Speaker 8: by big companies with very solid balance sheets, and they're
Speaker 8: generating revenue off of that. The one thing that we
Speaker 8: keep in mind for our investors, though, is that you've
Speaker 8: also got a very concentrated stock market because of that
Speaker 8: circular nature and the interrelated deals that they're all doing.
Speaker 8: If investors start questioning one, you could get a ripple effect,
Speaker 8: but it would be a rip effect. Perhaps you lead
Speaker 8: to some sort of pullback, which we haven't had since April,
Speaker 8: but we don't see it rippling through the economy and
Speaker 8: taking known major suads of the economy. So it's a
Speaker 8: very nuanced answer, but it's it's rarely ever all black
Speaker 8: or all.
Speaker 4: White, Carol.
Speaker 3: What we are trying to see though, is actually who
Speaker 3: takes the most the profits available from all these deals
Speaker 3: in video clearly massively revenue generating and profit generating. But
Speaker 3: then you think of Oracle and some of the questioning
Speaker 3: about how much of a margin they make on a
Speaker 3: three hundred billion dollar contract for open AI. How much
Speaker 3: do you have to do the due diligence on individual
Speaker 3: names right now?
Speaker 4: Well, I think you really do it.
Speaker 8: The market's not much because I mean one of the
Speaker 8: phrases we've been using all week is the market seems
Speaker 8: to be acting like no news on economic data or anything.
Speaker 8: No news is good news, and off we go to
Speaker 8: new highs. But you have to be very discerning. But
Speaker 8: we've always been a combination of top down and bottom
Speaker 8: up in what we're looking at things. And you also
Speaker 8: have to, especially in a diversified portfolio, realize you might
Speaker 8: be over concentrated even if you're doing individual securities. If
Speaker 8: you own a passive index fund. If you own an
Speaker 8: AI specific or a technology specific ETF, you've concentrated it
Speaker 8: even more. And so it's doing some of that and
Speaker 8: it's stepping back and doing some good portfolio hygiene looking
Speaker 8: back perhaps at where we started the year, taking some
Speaker 8: of those games off the table and shifting them around
Speaker 8: to other sectors that are potential beneficiaries. Because we have energy,
Speaker 8: we have nuclear, we have a lot of things that
Speaker 8: have to happen for those for the switches to go
Speaker 8: on in those data centers.
Speaker 2: Carol, you've had a decorated career of markets as a
Speaker 2: chief investment officer. I just want to run the mechanism
Speaker 2: that I reported overnight passed you again a special purpose
Speaker 2: vehicle where you have both debt inequity pulled together by
Speaker 2: a group of investors who buy GPUs and then in
Speaker 2: this case XAI rents those GPUs or leases them from
Speaker 2: the special purpose vehicle. I haven't heard of this structure before,
Speaker 2: but just as a structural consideration in financial markets and
Speaker 2: the debt load and where it's placed, how do you
Speaker 2: react to that?
Speaker 8: I think it'll be a really interesting earning season because
Speaker 8: I'm sure a lot of analysts will be asking those
Speaker 8: detailed questions because we're starting from a place with a
Speaker 8: lot of those companies other than perhaps Oracle, as I
Speaker 8: understand it, we're starting from a place of pretty pristine
Speaker 8: balance sheets. You also have tax benefits that accrue to
Speaker 8: some where. I'm not sure exactly how their accounting works
Speaker 8: in terms of who's expensing everything, who's capitalizing some but
Speaker 8: you have to capitalize less stuff now, so if you've
Speaker 8: got the earnings to support writing it off, it's less
Speaker 8: damaging to the balance sheet. But it is indicative of
Speaker 8: the fact that Wall Street staffed up at the end
Speaker 8: of less year with an awful lot of deal making
Speaker 8: people that I've had a lot of time to think
Speaker 8: really creatively about how to put this stuff together. So
Speaker 8: as an investor, it makes a job that much more
Speaker 8: difficult because to your point, you really have to figure
Speaker 8: out what's on the balance sheet, what's not on the
Speaker 8: balance sheet.
Speaker 2: Carol, there's a lot we don't know as well, like
Speaker 2: the tax consideration.
Speaker 6: I'm trying to get after it.
Speaker 2: Oracle one hundred billion dollar is a debt swinging to
Speaker 2: negative free cash flow for the first time since nineteen
Speaker 2: ninety two. I've been tracking the data do you.
Speaker 8: Yeah, we track some of it, and we've got a
Speaker 8: lot of analysts in our global asset management and capital
Speaker 8: markets units that get really specific about that. I don't
Speaker 8: as much anymore on a macro basis, but I listened
Speaker 8: really hard, and I asked the questions, and I started
Speaker 8: a couple of months ago asking the some of the
Speaker 8: research teams, how are they financing these deals? How are
Speaker 8: they dealing with you know, when does it shift to debt,
Speaker 8: because at the time it was all coming out of
Speaker 8: cash flow, and I wanted to understand too, what goes
Speaker 8: right through the income statement so it's never showing up
Speaker 8: on the balance sheet Because an Nvidia chip isn't going
Speaker 8: to last twenty years, and anything less than twenty years
Speaker 8: you can technically write off against earnings in the period
Speaker 8: you do.
Speaker 6: It twenty years.
Speaker 2: So most investors I speak to you say try five years.
Speaker 2: Carol Stone. Right, you've been brilliant. You've been brilliant. We're
Speaker 2: really grateful for your time here, BG Tech, be MO,
Speaker 2: Private Wealth Corosh Live.
Speaker 6: Thank you.
Speaker 2: Now, coming up on the program, we're going to take
Speaker 2: another look at Tesla's cheaper, cheaper version of its top
Speaker 2: selling EV models and if it can help with falling
Speaker 2: sales numbers.
Speaker 6: That's next. This is Bloomberg Tech.
Speaker 3: Kees Left just unveiled new cheaper versions of its top
Speaker 3: selling models, priced it under forty thousand dollars to make
Speaker 3: them well more affordable in an effort to counteract the
Speaker 3: loss of US incentives for electric cars.
Speaker 4: One of the most croterd L who covers Auto's joins
Speaker 4: US Now for more.
Speaker 3: How much cheaper? Let's get specific on some of the
Speaker 3: price data and what you're losing for that.
Speaker 9: Yeah, you know, it's somewhere in the range of eleven
Speaker 9: or thirteen percent cheaper relative to what the base model
Speaker 9: three and Model Y we're costing prior to this. However,
Speaker 9: when you take into account the seventy five hundred dollars
Speaker 9: text credit that's gone away and what it would have
Speaker 9: cost you to buy those base models, you know, even
Speaker 9: just you know, a week ago or so, these models
Speaker 9: are are you know, two thousand dollars more expensive and
Speaker 9: for less content? So you lose a second row screen,
Speaker 9: you lose ambient lighting, you have less battery range, slower accelerations,
Speaker 9: So you know, will this be helpful for the incremental
Speaker 9: consumer who was maybe on the sort of line of
Speaker 9: being able to afford versus not being able to afford
Speaker 9: a Tesla. I think it does help Tesla's you know,
Speaker 9: business in that regard. But it's also a case of,
Speaker 9: you know, not necessarily a slam dunk if you're a consumer,
Speaker 9: because you're giving up a lot for you know, for
Speaker 9: for a lower price, and you know, there is a
Speaker 9: real sort of value equation here here to do.
Speaker 2: We reported about twenty four hours ahead of time that
Speaker 2: there would be a standard model Y. We did not
Speaker 2: report that there would also be a three, and there was.
Speaker 2: But I think if you could recap some of the
Speaker 2: reporting we did on where they engineered out cost, because
Speaker 2: the reaction on social media at least has been like,
Speaker 2: hold on, so if you engineered out seventy percent of whatever,
Speaker 2: why is it only thirteen percent cheaper.
Speaker 9: Yeah, it's a really good question. And I think, you know,
Speaker 9: I go back even to April of last year and
Speaker 9: when you were reporting on the sort of idea that
Speaker 9: a twenty five thousand dollars Tesla was sort of falling
Speaker 9: by the wayside. You know, Tesla sort of came right
Speaker 9: out and sort of responded to those reports by saying
Speaker 9: that they were going to introduce more affordable models, and
Speaker 9: they sort of alluded to this idea of taking some
Speaker 9: elements of this next generation you know, vehicle that they
Speaker 9: were going to sort of incorporate into their existing lineup.
Speaker 9: I don't get a whole I don't really get much
Speaker 9: of a sense that they've actually done that.
Speaker 5: Here.
Speaker 9: It feels more like they've just decontented these vehicles. And so,
Speaker 9: you know, to the extent that I have questions for
Speaker 9: Musk and the management team, it's how much are you
Speaker 9: actually sort of innovating your vehicles versus just taking things
Speaker 9: out and then you know, charging consumers less because you've
Speaker 9: taken cost off of your own cost of goods sould
Speaker 9: And you know, that's pretty unclear at this juncture whether
Speaker 9: they've actually, you know, done things with the batteries, with
Speaker 9: the motors.
Speaker 6: Or have they just taken away content.
Speaker 2: Yeah, yeah, I mean the engineering side, that's what we
Speaker 2: had heard. Blue Bells creator ow our Global Autos editor,
Speaker 2: thank you so much. Let's continue the conversation with Steve Wesley,
Speaker 2: founder and managing partner of the Wesley Group, a venture
Speaker 2: firm with seven one hundred million dollars of assets, on
Speaker 2: the massive management but we go to Steve because at
Speaker 2: one time Steve sat on Tesla's board and shaired their
Speaker 2: audit committee. He's also been involved at state level finance
Speaker 2: at a high level for a long time.
Speaker 6: You heard all of the reporting.
Speaker 2: I'm sure you've been on Tesla's website and looked at
Speaker 2: the vehicles. The story here is the impact that is
Speaker 2: seventy five hundred dollar federal tax credit was having on
Speaker 2: the EV market in America?
Speaker 6: Is it not?
Speaker 10: Well, it's going to have a big impact. Look, the
Speaker 10: big question here is this is a step in the
Speaker 10: right direction. Tesla's bringing prices down, But at thirty seven
Speaker 10: K for the Model three, is that low enough to
Speaker 10: attract the new class of buyers? And step back a bit.
Speaker 10: Thirty seven k it's less than the average US internal
Speaker 10: combustion and engine vehicle, which day stands at forty eight k.
Speaker 10: But can Tesla's new model compete with the EV from
Speaker 10: Volkswagen at hyunda A and the US at twenty seven thousand?
Speaker 10: And how are they going to compete with those twenty
Speaker 10: thousand dollars Chinese evs that bid is bringing into Europe.
Speaker 10: So I think there's a chance the new slim down
Speaker 10: Model Y. It's going to bring in some new buyers
Speaker 10: for sure, but how much is it going to cut
Speaker 10: into the premium market and are they going to end
Speaker 10: up ahead at the end of the day. Looking forward,
Speaker 10: battery prices are going to continue to drop. This may
Speaker 10: be a stopgap measure, but Tesla, I believe, still needs
Speaker 10: that twenty five thousand dollars model to get into new
Speaker 10: developing markets and attract for first time entering buyers in
Speaker 10: the US.
Speaker 2: You know, Tesla considers itself a technology company and the
Speaker 2: leader in global engineering. Right when you were at Tesla,
Speaker 2: it was about Model S principally and like that was
Speaker 2: value for money because it was so performant and had
Speaker 2: all of these bells and whistles with it. I guess
Speaker 2: the root of my question is why would they release
Speaker 2: this vehicle? You know, to many people, it doesn't live
Speaker 2: up to that engineering or technology value that Tesla's given historically.
Speaker 10: I think you put your finger on the problem. Tesla's
Speaker 10: a premium vehicle. They charge a premium and people expect
Speaker 10: to have the latest and greatest, and I don't think
Speaker 10: they're really seeing that. You see these other brands like
Speaker 10: VIEID with twelve models and Swagen and the eight I
Speaker 10: Think and General Motors with ten ge Whiz. Tesla has
Speaker 10: only had five models in its history, and the cyber
Speaker 10: truck barely accounts because that was a flop. People want
Speaker 10: to see new technology, new products coming into market. I
Speaker 10: really think they need that twenty five thousand dollars car.
Speaker 10: But they've got to do both. They not only need
Speaker 10: to bring new models and lower cost cars to market.
Speaker 10: At the same time, they have to deliver on this
Speaker 10: promise of getting full self driving out there, staying competitive
Speaker 10: with Weemo. They've got some things to prove.
Speaker 3: Stee that is the technology that they're now betting on.
Speaker 3: The innovation cycle moves towards robotics and wards to automation.
Speaker 3: How integral is the cash cow of car sales to you.
Speaker 10: Well, again, they've got to do both. When you have
Speaker 10: a company that's trading at a two hundred and fifty
Speaker 10: price to earnings ratio, that's nosebleedy high. I mean, gosh,
Speaker 10: in VideA is only at fifty to one. So they've
Speaker 10: got to show that they can not only bring new
Speaker 10: products to market, stay in the ballpark price wise. I'm
Speaker 10: not sure a four k reduction really gets them there
Speaker 10: and get licensing in new cities so they could show
Speaker 10: that their full self driving is going national and hopefully international,
Speaker 10: and that they're going to be a deliver on this
Speaker 10: humanoid robots. They've got a tough road ahead to show
Speaker 10: that they can stand up to the evaluation they currently have.
Speaker 10: Now aren't argue with one point trillion dollar market cap,
Speaker 10: but I'm not sure investors will buy that for.
Speaker 3: A long I mean, briefly, you just mention the valuation
Speaker 3: difference between Nvidia and Tesla, but we know that Jensen
Speaker 3: Wang saying I wish I put more money into Xai,
Speaker 3: for example in the SPV because he wants to back
Speaker 3: anything Elon does. Steve, what would it take for you
Speaker 3: to be interested in buying back into Tesla as a shareholder, Well.
Speaker 10: You'd want to see real progress full self driving. You know,
Speaker 10: just as the world's going all electric, it's going autonomous
Speaker 10: faster than people realize. You're going to see that in
Speaker 10: the next year with way moost growth. The question is
Speaker 10: is Tesla going to be right in there as a
Speaker 10: major competitor or not. At the same time, you're absolutely right,
Speaker 10: we're heading into this new world of autonomy in everything
Speaker 10: from the factory floor to vehicles, and people are going
Speaker 10: to want to see this new humanoid robot can tessly
Speaker 10: be cutting edge at new areas. Now, who wants to
Speaker 10: bet against Elon Musk for all he's developed at SpaceX
Speaker 10: Starlink and frankly you've got to give him credit for
Speaker 10: reinventing the auto industry. But the last three years have
Speaker 10: been lean and you look at three years of flat revenues.
Speaker 10: People need to hear that new story and I think
Speaker 10: they need to hear it soon.
Speaker 3: Steve Westley of the Wesley Group always great catching up
Speaker 3: with the thank you now coming up. SoftBank gets in
Speaker 3: on robotics, talking of it in a new deal, furthering
Speaker 3: Masochi Soun's growing bets on the emerging tech and AI.
Speaker 4: Do's something that tech time now for talking.
Speaker 3: Tech and first up SoftBank as we used to buy
Speaker 3: ABB's robotics unit, which supplies industrial arms and robots to
Speaker 3: manufacturers in a factuck four million dollar deal.
Speaker 4: And this is says Softbag CEO.
Speaker 3: Masayoshi's son aims to build data centers across the US
Speaker 3: in partnership with Open Ai and Oracle Plus.
Speaker 4: Ali Baba has set up an.
Speaker 3: In house robotics team part of its effort to develop
Speaker 3: physical AI. The team sits within the unit responsible for
Speaker 3: the company's main AI foundation models units. Leader Justin Lynd
Speaker 3: says the focus will be motormodel models, which he predicted
Speaker 3: would become foundational agents.
Speaker 2: Okay, coming up, we're going to speak with Kristin Smith, Solana.
Speaker 6: Policy Institute President.
Speaker 2: As signs of some Bitcoin support begin to fade a little,
Speaker 2: a big crypto segment coming up next from San Francisco
Speaker 2: and Los Angeles.
Speaker 6: This is Bloomberg Tech.
Speaker 2: Welcome back to Bloomberg Tech if you're just joining us,
Speaker 2: So I thought'd give you a little bit of a
Speaker 2: flavor of what tech's doing in financial markets. And now's
Speaker 2: that one hundred up about a percentage point. There's buyers
Speaker 2: for stocks in tech right now. It's mostly the chip name,
Speaker 2: so they're pushing us higher, but some megacaps as well.
Speaker 2: And of course we've been talking all morning about what's
Speaker 2: happening with Xai and Nvidio and some other folks. And
Speaker 2: I'm sure we'll do a bit more. And there are
Speaker 2: one million bitcoin headlines on the Bloomberg terminal. That's not
Speaker 2: an exaggeration. If I had time, I'd read them all
Speaker 2: to you. But are about one hundred and twenty two thousand,
Speaker 2: five hundred dollars per token on bitcoin. Bitcoin's five this
Speaker 2: year right, rising thirty percent year to date, with the
Speaker 2: help of easier monetary policy. By the way, a lot
Speaker 2: of FED speakers over the next couple of days and
Speaker 2: also a week of dollars played its part, But the
Speaker 2: cryptocurrency's rally is poised to fizzle a support fades. A
Speaker 2: part of that is some of that headline that I
Speaker 2: was talking about on the Bloomberg terminal.
Speaker 6: Joining us now as.
Speaker 2: Kristen Smith, Solana Policy Institute President. Oftentimes when you come
Speaker 2: on the program, something has happened. It might be a
Speaker 2: piece of legislation or someone has said something. There are
Speaker 2: many news stories tangentially linked to bitcoin right now, but
Speaker 2: I don't see like one single catalyst that's holding up
Speaker 2: an entire crypto industry.
Speaker 11: Well, I do think there is one common thread right
Speaker 11: now among the crypto industry, and that's that this year
Speaker 11: we have seen tremendous progress on the public policy front.
Speaker 11: We've had a very strong leadership by the White House
Speaker 11: with the executive orders, We've had the stable coin legislation,
Speaker 11: the Genius Act sign into a lot this summer, and
Speaker 11: then we have the SEC's Project Crypto, which is issuing
Speaker 11: guidance for how securities laws apply to this space. And
Speaker 11: so I do think as we look across crypto generally,
Speaker 11: but specifically to Bitcoin and also Solana, which I care
Speaker 11: deeply about, we have this common thread of it's okay
Speaker 11: if you're an asset allocator or if you're in exchange
Speaker 11: or a bank to be looking at this sector because
Speaker 11: it's going to be a part of our financial future
Speaker 11: going forward.
Speaker 6: Kristen, we have a government shut down.
Speaker 11: We do, we do well. Crypto markets never sleep, but
Speaker 11: the government what the agencies do? Yes, I listen. I'm
Speaker 11: not going to allow to you. It is a short
Speaker 11: term setback to have the federal agencies shut down right now,
Speaker 11: particularly with the SEC and the CFTC. We have over
Speaker 11: ninety percent of the staff furloughed at those agencies right now,
Speaker 11: and so that means routine things like approval of new
Speaker 11: S ones or S three's have a real impact, particularly
Speaker 11: when it comes to things like Solona exchange traded products
Speaker 11: which are on the cusp of going live. We just
Speaker 11: need to get the corporate finance staff at the SEC back.
Speaker 11: Or Similarly, new IPOs in the cryptospace like bitco are
Speaker 11: impacted by the shutdown. But Congress is working, the Senate
Speaker 11: is in and the legislative discussions are continuing there, and
Speaker 11: so I think this is a short term set back
Speaker 11: and as soon as the government opens up, we'll be
Speaker 11: back on track.
Speaker 3: What's interesting is some of the froth or the constant headlines,
Speaker 3: a million of them as ed references, but they were
Speaker 3: all about digital asset treasuries at one point.
Speaker 4: And that seems to have cooled a lot.
Speaker 3: I'm even looking at Strategy, the office formerly known as
Speaker 3: MicroStrategy now off by about seven percent in the last
Speaker 3: few days alone. Is the wind coming out of that
Speaker 3: particular trade sales?
Speaker 11: Well, I think there was a lot of interest over
Speaker 11: the summer, and I think there is continued interest and
Speaker 11: there will be some consolidation. But if you step back,
Speaker 11: if you look at digital asset treasuries, what's going on
Speaker 11: here is that for a long time, there were no
Speaker 11: way for traditional investors to access exposure to crypto assets,
Speaker 11: and digital asset treasuries have kind of filled that void.
Speaker 11: In the more favorable regulatory environment, and I think what
Speaker 11: we're seeing these digital asset treasuries do is, yes, they
Speaker 11: are accumulating the token, but they're also participating in the network.
Speaker 11: So in the case of Solana, they are staking it.
Speaker 11: These stats are operating validators, and they're trying to be
Speaker 11: good stewards of the treasuries in ways that are a
Speaker 11: little bit more expansive than an ETF will be able
Speaker 11: to do once those are approved. So I do think
Speaker 11: dats are going to continue to play a role. I
Speaker 11: think will likely probably see some consolidation among the dats
Speaker 11: going forward. But I think if you think about it,
Speaker 11: for a long time, these treasuries were held largely with
Speaker 11: foundations that were limited in what they could do, and
Speaker 11: you know with the treasuries of tokens they were sitting on.
Speaker 11: So I think the dats are new and innovative model,
Speaker 11: but it's also a way for investors to have a
Speaker 11: different option for getting exposure to these assets. And with
Speaker 11: something like Solana, we think this is going to be
Speaker 11: the future rails for finance, and so it's a great
Speaker 11: way to get exposure to the asset class.
Speaker 3: I'm looking at Silana up one hundred percent in the
Speaker 3: last six months alone, Kristin. But this isn't just an
Speaker 3: American story. This isn't just about regulatory clarity in America.
Speaker 3: They see global assets. What are the countries are doing
Speaker 3: it right right now?
Speaker 11: Yeah, Well, I think Dubai is one hub that is
Speaker 11: particularly strong. I think Switzerland has also had a lot
Speaker 11: of interest, and there's incredible excitement coming out of different
Speaker 11: parts of Asia, and so yes, I think the fact
Speaker 11: that this is a global technology is what makes it
Speaker 11: so compelling. It means that you can have anyone who
Speaker 11: has access to a phone on the same set of
Speaker 11: rails and provide the same access to investors or access
Speaker 11: to investment opportunities, and so I think it's a really
Speaker 11: exciting potential. And I think as the US continues to
Speaker 11: move along and get these good policies in place, we're
Speaker 11: going to see more competition and maybe even a bit
Speaker 11: of freeing up of some of the more restrictive policies
Speaker 11: around the globe. But we are seeing competition, particularly out
Speaker 11: of the Middle East and Asia.
Speaker 3: Christian Smith said on a policy it's always great to
Speaker 3: have you back on the show.
Speaker 4: Thank you.
Speaker 3: Coming up, we continue the story of what's happening elsewhere
Speaker 3: outside of the US because it's the UK Minister of
Speaker 3: Aisha and Narayan is joining us.
Speaker 4: We're talking about the leeds.
Speaker 3: And the founders actually gathering in San Francisco for the
Speaker 3: Tech Week upon US right now is a grupo tech.
Speaker 2: San Francisco is host to Tech Week, bringing companies and
Speaker 2: leaders from around the globe. The discussion dominated by AI.
Speaker 6: Shocking.
Speaker 2: Joining us now is Kanishka Narayan, UK Minister for AI
Speaker 2: and also Parliamentary Undersecretary for the State in the Department
Speaker 2: of Science, Innovation and Technology and Minister welcome to the program.
Speaker 2: We heard you know it's timely your visit s F.
Speaker 2: Tech Week is a tech week, but you come here
Speaker 2: with a large delegation of both on the policy side
Speaker 2: but the companies themselves. Why what is it that you
Speaker 2: hope to get out of being here?
Speaker 12: Well, I think AI is a central focus for us
Speaker 12: in UK. It as a fundamental part of our growth mission.
Speaker 12: And one of the things I'm most focused on here
Speaker 12: is to talk up the UK US Tech Prosperity Deal.
Speaker 12: It is a historic deal in its scale. We have
Speaker 12: a record set of investments, the biggest ever investment by
Speaker 12: Microsoft and cumulatively tens of billions getting into the UK
Speaker 12: and deepening our collaboration. But fundamentally on scope, the UK
Speaker 12: and US have a deep history of a special relationship.
Speaker 13: We are renewing and rewiring.
Speaker 2: That for the AI economy, mister Narron, the United Kingdom,
Speaker 2: as Europe is, is very dependent on very large American
Speaker 2: technology companies making investments and innovating. Is that a fair
Speaker 2: statement to your mind? And how conscious is your government
Speaker 2: of a dependence on both the software and hardware side.
Speaker 2: What American companies are doing well?
Speaker 12: Again, I think in any marriage you talk about mutual
Speaker 12: dependence and a mutual sense of recognition and acknowledgemental strengths.
Speaker 12: In Britain we have an amazing AI economy. In particular,
Speaker 12: we have deep Mind, the home of a bunch of
Speaker 12: transformer models. We have a great chip design company in
Speaker 12: arm located in the UK, and we have a budding
Speaker 12: sense set of entrepreneurs for the future of AI as well.
Speaker 12: And so we have a lot to offer to the analysis.
Speaker 12: But of course we want to do it when recognizing
Speaker 12: the deep transfer of the US has That's why I'm
Speaker 12: here opening the doors for UK and US businesses to
Speaker 12: work more closely together.
Speaker 4: Kenichika.
Speaker 3: You mentioned great names, but Deep Minds Open, owned by
Speaker 3: Alphabet and Masioshi Son in Japan generally controls ARM a
Speaker 3: little bit of it trades, and it trades on US indices.
Speaker 4: And I'm interested from.
Speaker 3: Your perspective therefore, how much you're likely to see AI
Speaker 3: rewire that how much does the UK want them to
Speaker 3: be dependent on the UK or you ultimately all still
Speaker 3: about trade independence on other nations too well.
Speaker 12: I think Caroline as a great question, but the fundamental
Speaker 12: thing I'd say is that we want to be open
Speaker 12: to the world in terms of business. So if people
Speaker 12: want to come and invest in fantastic talent and fantastic
Speaker 12: businesses in the UK, we are open for business. At
Speaker 12: the same time, of course, we want to make sure
Speaker 12: that people coming through our universities, people wanting to build businesses,
Speaker 12: have capital, have compute, and fundamentally have a deep community of.
Speaker 13: Support in the UK as well.
Speaker 12: A lot of what I'm here to do is to
Speaker 12: try and be the drum for that and to make
Speaker 12: sure that we're attracting the best folks to come and
Speaker 12: build in the UK as well as built in the
Speaker 12: UK for countries abroad and.
Speaker 4: Can get across the UK. I think that's what's really interesting.
Speaker 3: There's been this focus on it, not like the services
Speaker 3: sector all being dominated in London, but spread out. I'm
Speaker 3: really interested in the AI growth zones. Have you thought
Speaker 3: about any more of the cities or the towns that
Speaker 3: are going to benefit from these data centers and really
Speaker 3: how much it does benefit those living there, because data
Speaker 3: centers don't add that many jobs, they're a big.
Speaker 4: Stuck on power and water.
Speaker 12: Well, this is a really really critical question, Caroen, because
Speaker 12: in the last wave of software and as a former
Speaker 12: assass investor, I saw a huge amount of the gains
Speaker 12: and the jobs concentrated in a very small number of
Speaker 12: places for a small number of people. The whole point
Speaker 12: of what we're doing on the AI revolution with our
Speaker 12: growth zones program is to spread opportunity right across the
Speaker 12: length and breast of Britain. And I represent a constituency
Speaker 12: in Wales which has a beating heart of the compound
Speaker 12: semiconductor industry. As exactly as you say, we are creating
Speaker 12: five thousand jobs in the northeast near Newcastle for Premier
Speaker 12: League followers. They'll know it very well and we are
Speaker 12: keen on making sure that whilst it's the case that
Speaker 12: there are some jobs with data centers, that that's the
Speaker 12: start or the end of the journey. We want to
Speaker 12: create a ton of jobs in adapting and using computed
Speaker 12: from data centers, not just building them.
Speaker 2: In South Wales formerly known as Newport Way for Fab
Speaker 2: now known as Vishay, I think that's right. I've got
Speaker 2: a newspaper clipping on a board in my kitchen about that, Minister.
Speaker 2: The financing of the infrastructure projects in the United States
Speaker 2: are getting interesting, to say the least. We are reporting
Speaker 2: on mechanisms where investors make a special vehicle raised capital
Speaker 2: XAI in that example, leases the capacity the US government
Speaker 2: has taking a stake in Intel for example. Caroline and
Speaker 2: I have been talking a lot about n scale recently.
Speaker 2: What options does the UK government see in accelerating the
Speaker 2: build out, but also any direct mechanism that you might
Speaker 2: be considering financially or otherwise to support those initiatives.
Speaker 12: Well, the broad thing I'd say is what is happening
Speaker 12: I think across the market in terms of financing is
Speaker 12: a recognition that there is very significant value creation and
Speaker 12: value uplift from building out AI infrastructure, and so that
Speaker 12: is the starting point for what is going on in
Speaker 12: the market, and whether we invest in companies or whether
Speaker 12: we invest more indirectly is an open question. The fundamental
Speaker 12: thing that we're focused on is making sure we create
Speaker 12: a fantastic scale of AI infrastructure. We have the right
Speaker 12: level of compute and we have talents that can make
Speaker 12: the most of it. N Scale is a great example,
Speaker 12: the largest ever Series B in Europe for a British
Speaker 12: company building outside of the United States, outside of the
Speaker 12: United States building building out in the UK. You know,
Speaker 12: I don't think there was a direct financing requirement there
Speaker 12: at all, and so we're not going to be playing
Speaker 12: with taxpayer money where.
Speaker 6: It's not required.
Speaker 12: What we are focused on is doing everything we can,
Speaker 12: and I speak to the founders of NSCARE regularly as well,
Speaker 12: everything we can on permitting, on planning, on wider support
Speaker 12: to make sure that the value uplift of AI is
Speaker 12: captured in the UK.
Speaker 2: This UK government has net zero obligations and so with AI,
Speaker 2: could you explain to our global audience many people, by
Speaker 2: the way, watch this program in the United Kingdom, how
Speaker 2: you're going to have an energy policy that supports AI
Speaker 2: and its energy demands well.
Speaker 13: Look, I think we have two things that we want
Speaker 13: to make sure we do.
Speaker 12: We have a clean power mission by twenty thirty, which
Speaker 12: is critical to what we ran the election on. We
Speaker 12: have a deep democratic mandate for and we have an
Speaker 12: AI revolution that we want to make the most of
Speaker 12: as well. The trick here is to make sure that
Speaker 12: the two of those reaffirm each other. We are building
Speaker 12: AI infrastructure in places with renewable energy, and in turn,
Speaker 12: we are using AI to make our renewable energy build
Speaker 12: out way more efficient as well.
Speaker 3: Minister, it's a tough time for governments around the world
Speaker 3: when it comes to spending versus the size of their
Speaker 3: deficits or they're borrowing. And it's interesting that Andrew Bailey,
Speaker 3: of course, the leader of the Bank of England, just
Speaker 3: this week, talking to Bloomberg and the Economy written large
Speaker 3: saying the UK must invest more in the AI if
Speaker 3: they're going to ride this wave. What do you, as
Speaker 3: someone who understands investment, tell the capital markets of the UK,
Speaker 3: and indeed pension funds and those that are base there
Speaker 3: in terms of actually driving capital investment not just coming
Speaker 3: from the big US players into the United Kingdom.
Speaker 13: Well, Caroline, I think this is a central question.
Speaker 12: And the thing I say to everyone in the capital
Speaker 12: markets in the UK and abroad.
Speaker 13: Is two things. One, it's time to put risk on.
Speaker 12: We want to try and make sure that we are
Speaker 12: investing in the future of our people in the UK,
Speaker 12: the future of our kids growing up and wanting to
Speaker 12: build fantastic AI companies, and I want the capital markets
Speaker 12: to be deep partners in that mission.
Speaker 13: But the second thing is there's not a one.
Speaker 12: Way ask, it's a two way exchange and the offer
Speaker 12: from government is a very clear one. We are laser
Speaker 12: sharp focused on making sure that when you invest with
Speaker 12: a clear sense of taking on more risk in AI
Speaker 12: infrastructure or we will be there hand in hand clearing
Speaker 12: the way for you in terms of making sure it's
Speaker 12: an efficient and easy.
Speaker 13: Build risk one.
Speaker 3: Kanishka and Iran, it's been great speaking with you. Enjoy
Speaker 3: your time in San Francisco. The UK Minister for AI
Speaker 3: now talking with AI Andthropic. It will open its first
Speaker 3: office in India, becoming the latest American AI company to
Speaker 3: expand in the rapidly growing market, known for, of course,
Speaker 3: its engineering talent, and Robert plans to hire a team
Speaker 3: to help build unique local applications will advance its capabilities
Speaker 3: in Indian languages ed okay.
Speaker 2: Coming up in the program, we're going to speak with
Speaker 2: Zendex CEO about new AI capabilities the company's launching and
Speaker 2: how it feels it differentiates itself and what is a
Speaker 2: very crowded AI powered service market. Final block of the
Speaker 2: show coming up this is Bloomberg.
Speaker 3: Tech customer relationship management provider Zendesk. It's unveiled new AI
Speaker 3: capabilities with its platform, aiming to offer clients tangible business
Speaker 3: results from an AI upgrade.
Speaker 4: These include new video.
Speaker 3: Voice tools as well as of course new AI agents.
Speaker 4: To help streamline workflows.
Speaker 3: Let's talk about all of this with zens CEO Tom Egemeier.
Speaker 3: Tom tangible, talk to us about what is tangible?
Speaker 4: How do you measure it?
Speaker 14: We measure it by something called automated resolutions. So the
Speaker 14: only way we charge one of our customers is if
Speaker 14: we solve the problem for their consumer, the business they're
Speaker 14: dealing with, or the employee.
Speaker 6: They're dealing with.
Speaker 14: And so it's a really unique model where it's all
Speaker 14: about AI actually working, not AI theoretically working.
Speaker 3: What does it allow your customers to do that they
Speaker 3: can't with rivals or that they haven't done before.
Speaker 6: Tom, It's really simple.
Speaker 14: Our customers are wanting a complete platform where sometimes they're
Speaker 14: going to want their customers to self serve, sometimes are
Speaker 14: going to want AI agents solving the problems, and sometimes
Speaker 14: they're going to want human agents solving the problems. Our
Speaker 14: platform is an end to end platform that our companies
Speaker 14: that we work with can choose how consumers, businesses, employees
Speaker 14: interact with them, and we have that whole platform, Tom.
Speaker 2: The promise and utility of an agent, everyone repeats time
Speaker 2: and time again is its ability to communicate outside of
Speaker 2: the system you're building. Right, It needs to be able
Speaker 2: to actually meaningfully, meaningfully access other systems. How hard has
Speaker 2: that been to build? Like, there's a real data and
Speaker 2: security challenge there.
Speaker 14: That's the core strength of zdesk. We're going to process
Speaker 14: about eight hundred billion API requests this year on pace
Speaker 14: for a trillion next year, and so the core foundation
Speaker 14: in our architecture is connecting to other systems, and so
Speaker 14: that's why we're now going to finish the year at
Speaker 14: about two hundred million dollars of aiarr twenty thousand customers
Speaker 14: that are both aid and unpaid. We believe the largest
Speaker 14: customer service AI provider in the world. And the reason,
Speaker 14: we think is that foundational element of security API requests
Speaker 14: connecting to different systems, because I totally agree with you, Ed,
Speaker 14: it's all about connecting to different systems.
Speaker 2: So you're going to run a trillion API request next year,
Speaker 2: how does that reflect in your operating costs? And literally
Speaker 2: give me more on the revenue number that I think
Speaker 2: you just flick that.
Speaker 14: Yeah, we're going to end the year about two hundred
Speaker 14: million dollars of arr for AI, and that is not
Speaker 14: allocating part of our existing revenue to AI. That's our
Speaker 14: new AI products that we've launched in the last two years,
Speaker 14: AI agents, AI Copilot.
Speaker 6: And quality assurance.
Speaker 14: We really believe those API requests are key. And how
Speaker 14: does that work is that we've got a foundational architecture
Speaker 14: that is dedicated to not just conversations, but making sure
Speaker 14: that you can have actions from our AI agents, and
Speaker 14: those actions are key to getting things done, key to
Speaker 14: getting those resolution rates up, automated resolution rate.
Speaker 6: And we think that's what differentiates us.
Speaker 3: I really feel it's your private equity background that leads
Speaker 3: you to bring us so much tangible, hard evidence whether
Speaker 3: it's what actually the clients are using it for on
Speaker 3: whether it's not your arr numbers but using your pee
Speaker 3: brain right now.
Speaker 4: I mean, we keep.
Speaker 3: Talking about a bubble, an AI bubble. The worry about
Speaker 3: future productivity and actual revenue streams from these startups.
Speaker 4: Tom, what do you say to those that are non believers?
Speaker 14: What I say to those that are non believers is
Speaker 14: what I tell my kids that are twenty three and twenty.
Speaker 14: You have to learn AI to succeed in the business
Speaker 14: world for the next twenty or thirty years. You need
Speaker 14: to be an AI prompt engineer yourself.
Speaker 3: We believe there's a.
Speaker 14: Course hype about AI right now, but that the fact
Speaker 14: that we're doing We just passed a trillion tokens with
Speaker 14: open Ai.
Speaker 6: They announced it two days ago at their developer conference.
Speaker 14: We're one of only about twenty or less companies that
Speaker 14: are doing that.
Speaker 6: That tells you the hype is not hype.
Speaker 14: The hype is real because we're able to go automate
Speaker 14: up to eighty per We have customers that are automitting
Speaker 14: eighty percent of interactions.
Speaker 6: Already with higher customer satisfaction.
Speaker 14: So of course there's hype about this, but there's actually
Speaker 14: tangible results that our customers are seeing with their consumers,
Speaker 14: businesses and employees.
Speaker 2: Tom, great to have you back on the program, CEO
Speaker 2: of Zendesk.
Speaker 6: We really appreciate your time. Thank you, Caro.
Speaker 2: I think we better go back to the broad idea
Speaker 2: of circular financing.
Speaker 6: But the XAISPV debt thing.
Speaker 2: You know, I'm just looking at markets, at what's up,
Speaker 2: and like not drawing a cause or link, but there
Speaker 2: seems to be a lot being placed in what Jensenmong
Speaker 2: said on another network this.
Speaker 3: Morning, and what he said is, oh, by the way, yes,
Speaker 3: we give money to these companies, and he wish you'd
Speaker 3: give more, perhaps to Elon Musk, but that they don't
Speaker 3: have to buy just En Vidio and GPUs. I think
Speaker 3: it's interesting that AMD's traveling so.
Speaker 2: Hard today and that is exactly where my mind was at.
Speaker 2: And AMD is kind of the outperformer in this session.
Speaker 2: We have a lot more to come this week. But yeah,
Speaker 2: six percent gain two in videos two percent. I think
Speaker 2: he couldn't have been any more clearly.
Speaker 6: Last thing. We're still concerned about debt.
Speaker 4: Yeah, I think more broadly.
Speaker 3: Sorry, you just cut out a little bit of their ed,
Speaker 3: but at the moment. I think we've got to keep
Speaker 3: on talking about where the investment a cycle is going
Speaker 3: and keep questioning it because we are healthy balance of
Speaker 3: cynicism and reality. But that does it for this edition
Speaker 3: of Bloomberg Tech Head.
Speaker 4: What for you got Tomorrow?
Speaker 6: Yeah?
Speaker 2: Huge balance of the week remains. We'll be live from
Speaker 2: Bloomberg screen Time in Los Angeles, speaking with the absolute
Speaker 2: best of the entertainment industry.
Speaker 6: And then something big happens after that.
Speaker 4: And Friday, Yeah big.
Speaker 3: After that we switch gears and go all in on
Speaker 3: defense tech, speaking with the leaders of Android, Palenteers so
Speaker 3: many more. You do not want to miss out on
Speaker 3: a phenomenal rest of the weekend.
Speaker 6: This was a big show. So recap the podcast.
Speaker 2: You know where to find it on the Bloomberg platforms, online, Apple, Spotify,
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