WEBVTT - Meta's Smart Watch Revealed to Compete With Apple 0:00:01.800 --> 0:00:04.440 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:04.480 --> 0:00:07.280 Bloomberg Quick Takes Tim Stanovk. We're here every day bringing 0:00:07.320 --> 0:00:09.840 you the latest news from the world to business and finance, 0:00:09.840 --> 0:00:13.680 plus technology, politics, economics, all purtnising the power of Business 0:00:13.680 --> 0:00:17.119 Week reporters and editors, not to mention our journalists and 0:00:17.120 --> 0:00:20.000 analysts in more than one twenty countries. You can download 0:00:20.000 --> 0:00:23.239 Bloomberg Business Week and iTunes, SoundCloud, or Bloomberg dot Com. 0:00:23.440 --> 0:00:25.200 You can also listen to our radio show at two 0:00:25.200 --> 0:00:27.880 pm Eastern Time on Bloomberg Radio or watch us on 0:00:27.920 --> 0:00:32.040 YouTube search Bloomberg Global News. Also never stopping are the 0:00:32.080 --> 0:00:35.159 headlines when it comes to the pandemic and the vaccine. 0:00:35.320 --> 0:00:37.560 Connecticut New York among the ten U S states with 0:00:37.680 --> 0:00:40.680 the biggest declines in new cases during the week through Wednesday. 0:00:40.680 --> 0:00:43.840 That's according to the CDC. They put that data out today. 0:00:43.880 --> 0:00:47.479 Infections in the US Northwest, though Tim they continue rising. 0:00:47.920 --> 0:00:51.960 Troubled spot though China, Yeah, Russia also suffering its deadliest 0:00:51.960 --> 0:00:54.440 September since World War To Denmark, one of the highest 0:00:54.480 --> 0:00:56.760 vaccination rates in the world, were more than double its 0:00:56.760 --> 0:00:59.560 testing capacity after a number of virus infections jumped in 0:00:59.640 --> 0:01:01.760 recent week seeing different things play out in different parts 0:01:01.800 --> 0:01:03.760 of the world and even different parts of the U S. 0:01:03.800 --> 0:01:05.839 Al right, so let's get to it. As he always 0:01:05.920 --> 0:01:08.200 joins us on Fridays, or at least typically, Dr Ian 0:01:08.280 --> 0:01:10.400 los bed or clitical professor of Medicine at n y 0:01:10.520 --> 0:01:12.760 U Land going back with us, and he's on the 0:01:12.760 --> 0:01:15.240 phone in New York City. Dr los Bed are nice 0:01:15.319 --> 0:01:18.720 to be back with you on this Friday. The China 0:01:18.800 --> 0:01:22.360 stuff is troubling to me because it feels like they 0:01:22.440 --> 0:01:24.680 have been on top of it. We know that they 0:01:24.760 --> 0:01:27.960 have kind of basically locked people into their homes when 0:01:28.000 --> 0:01:33.000 there's outbreaks. They have a vaccine, and yet China we 0:01:33.040 --> 0:01:36.240 saw intercepting two bullet trains headed Debijing on concerned staff 0:01:36.319 --> 0:01:39.039 may be infected. They now have cases in almost half 0:01:39.040 --> 0:01:42.640 of its provinces from the latest flare up China. Does 0:01:42.640 --> 0:01:44.760 that mean they're vaccine isn't working? How do you see that? 0:01:46.160 --> 0:01:50.600 Happy Friday guys? Yeah, definitely. Um. We we still are 0:01:50.640 --> 0:01:53.880 wrangling with COVID and it looks like we will globally 0:01:53.960 --> 0:01:58.920 still have quite a ways to go, certainly pandemic, perhaps endemic, 0:01:59.200 --> 0:02:02.400 but we're not done with viral mutations. Right, as long 0:02:02.600 --> 0:02:06.440 as there is not really herd immunity, there's the opportunity. 0:02:06.520 --> 0:02:09.960 We're seeing this in the UK with the Delta plus 0:02:10.080 --> 0:02:14.919 variant that's about six to that is somewhat resistant and 0:02:15.480 --> 0:02:18.440 to our alpha vaccines. That's really part of the problem 0:02:18.880 --> 0:02:24.400 is until you get everyone either infected or or vaccinated, 0:02:24.600 --> 0:02:27.919 you do risk having these mutations. To data from China 0:02:28.000 --> 0:02:31.000 has always been a little sketchy. Exactly how many cases, 0:02:31.320 --> 0:02:35.040 how well the vaccine works very unclear. It does appear 0:02:35.080 --> 0:02:38.520 that Sputnik and the Signo vac are not as effective 0:02:38.680 --> 0:02:41.200 as the uh, you know, M R and A vaccines 0:02:41.320 --> 0:02:44.000 or even a J and J vaccine that's been used. 0:02:44.040 --> 0:02:47.519 So I think that is potentially again a global risk, 0:02:47.680 --> 0:02:50.919 just like India when Delta first occurred, we were like, oh, 0:02:51.120 --> 0:02:54.800 just a few cases, and now that's a global dominant strain. 0:02:55.400 --> 0:02:58.600 What's happening in China could be another risk. Unfortunately, what 0:02:58.639 --> 0:03:02.320 about what's happening in the UK, Because I think about 0:03:03.000 --> 0:03:05.680 throughout the pandemic, we've sort of seen what happens in 0:03:05.720 --> 0:03:08.400 the UK start to happen in the United States a 0:03:08.400 --> 0:03:10.560 few weeks later. That's sort of how it's play out. 0:03:11.160 --> 0:03:14.680 Uh NBC is reporting that a sub variant of COVID 0:03:14.800 --> 0:03:20.720 nineteens delta strain is now emerging in the UK and 0:03:21.040 --> 0:03:24.720 it now makes up of cases there what's going on? 0:03:25.720 --> 0:03:28.480 So that is the a Y four point two variant, 0:03:28.600 --> 0:03:31.960 and it is a couple of mutations in the in 0:03:32.000 --> 0:03:37.640 the delta variant from our alpha original strain. Even though 0:03:37.640 --> 0:03:40.280 it's about ten it does and it appears to be 0:03:40.400 --> 0:03:43.680 slightly more infectious. It doesn't appear to be any more 0:03:43.840 --> 0:03:47.760 letho or have any any further complications. So I don't 0:03:47.800 --> 0:03:50.240 think that at this point is going to be a 0:03:50.280 --> 0:03:53.360 serious risk to US or to the UK. But it 0:03:53.440 --> 0:03:56.760 does show how over time you're just getting more mutations 0:03:57.280 --> 0:04:00.880 and potentially any one of them could be more adaptable 0:04:01.000 --> 0:04:06.000 or more um transmissible or more lethal um although over 0:04:06.120 --> 0:04:08.960 time we tend to see these viruses tend to mutate 0:04:09.200 --> 0:04:12.040 to be more infectious but less lethal, So that I 0:04:12.040 --> 0:04:16.040 guess is the good news. Um. I just feel like 0:04:16.080 --> 0:04:18.320 there's like the same headlines we're dealing with on a 0:04:18.360 --> 0:04:20.480 weekly basis, but we do get some more information whether 0:04:20.520 --> 0:04:23.320 it's mixed and match. You know you've had the virus. 0:04:23.320 --> 0:04:25.240 I don't need a vaccine. We just talked to him 0:04:25.240 --> 0:04:27.760 and I earlier about no, you actually still need to 0:04:27.760 --> 0:04:30.880 get the vaccine. As we all continue to kind of 0:04:30.960 --> 0:04:33.799 increasingly walk out into the world and start to resume 0:04:34.080 --> 0:04:36.640 our normal lives, what do we need to keep front 0:04:36.680 --> 0:04:40.039 and center here Ian when it comes to COVID. So 0:04:40.240 --> 0:04:43.320 certainly people who have had COVID, and many people don't 0:04:43.320 --> 0:04:46.400 know they've had COVID, they may be very They could 0:04:46.440 --> 0:04:49.479 have had a simple upper respiratory tract infection. Not everyone 0:04:49.560 --> 0:04:53.080 gets that seck, so we may have better heard immunity 0:04:53.120 --> 0:04:55.720 than we think. But for the people who do know 0:04:55.839 --> 0:04:58.159 they've had COVID, they may be able to get what's 0:04:58.160 --> 0:05:01.280 called hybrid immunity, which really just one m R and 0:05:01.360 --> 0:05:05.560 a shot. Hopefully there's not a lot of vaccine hesitancy, 0:05:05.640 --> 0:05:08.400 but you know, to get you to refiser and maderna 0:05:08.520 --> 0:05:12.800 shot if you've had COVID probably really boost your antibodies 0:05:12.839 --> 0:05:16.400 and certainly would boost your protection for a long period. 0:05:16.839 --> 0:05:18.880 But this is what we're seeing with some of the 0:05:18.960 --> 0:05:23.839 vaccine mandates, and healthcare workers and cops and firemen saying, hey, 0:05:23.920 --> 0:05:26.080 I might have had it. Why why you're making me 0:05:26.120 --> 0:05:28.680 go through a vaccine there's some data that it may 0:05:28.720 --> 0:05:31.400 be helpful, but there's also some data that if you've 0:05:31.400 --> 0:05:35.919 had it, you're reasonably protected for a while. But the 0:05:35.960 --> 0:05:40.360 CDC still says to get vaccinated even if you've had COVID. Yes, 0:05:40.440 --> 0:05:44.320 there's no question that getting the hybrid you know, vaccine 0:05:44.360 --> 0:05:49.000 meaning you've had COVID you most people lose their antibodies 0:05:49.040 --> 0:05:52.280 over time, even if they have cellular immunity. But getting 0:05:52.520 --> 0:05:57.840 a booster shot definitely improves um your antibody response and 0:05:57.920 --> 0:06:01.400 your survivability. So it it is, But do you really 0:06:01.400 --> 0:06:03.840 need two shots after that? Most people would say no. 0:06:04.000 --> 0:06:07.000 Probably one shot is all you need to boost your 0:06:07.000 --> 0:06:10.359 immunity and decrease your risk of transmission. So everybody should 0:06:10.360 --> 0:06:12.839 probably eventually get a booster. But that's you just need 0:06:12.880 --> 0:06:16.440 one booster. You don't need to write exactly. Those are 0:06:16.480 --> 0:06:19.800 the people who've who have had COVID or who've had antibodies, 0:06:20.000 --> 0:06:22.839 and it's certainly reasonable for some people to check antibodies. 0:06:22.880 --> 0:06:26.039 If you're antibodies are still positive, you know, yes you 0:06:26.040 --> 0:06:28.240 would get a boost, but that's you know, less of 0:06:28.240 --> 0:06:31.599 a serious concern. All right, really appreciate it, Ian, thank 0:06:31.600 --> 0:06:33.640 you have a great weekend. Dr Ian lesbad Our, clinical 0:06:33.640 --> 0:06:36.000 professor of Medicine at n y U Landgo Medical Center, 0:06:36.040 --> 0:06:37.680 on the phone from New York City. You know, I 0:06:37.720 --> 0:06:39.040 was at a point where was it racing to get 0:06:39.040 --> 0:06:41.440 a booster. I kind of pulled back and just thought, 0:06:41.480 --> 0:06:44.040 I gotta wait my turn. It's funny. Do you see 0:06:44.040 --> 0:06:46.080 this play out? My brother who's a teacher in Washington 0:06:46.240 --> 0:06:49.120 got his. My other brother who works in education, just 0:06:49.160 --> 0:06:54.000 got his today in California. Right, We're seeing them certainly happen. Alright, 0:06:54.040 --> 0:06:59.040 this is Bloomberg. This is Bloomberg Business Week with Carol 0:06:59.120 --> 0:07:03.560 Masser and Bomberg Quick Takes Tim Stinovic on Bloomberg Radio 0:07:04.160 --> 0:07:07.719 and Facebook Meta platforms is at about two pc as 0:07:07.760 --> 0:07:10.440 we speak on this Friday. Hey, there's some news out there. 0:07:10.680 --> 0:07:12.840 First up, we got the name check name change, I 0:07:12.840 --> 0:07:15.040 should say. Then we got the company going after the 0:07:15.080 --> 0:07:17.880 Apple Watch. Let's bring in Bloomberg News Technology report of 0:07:17.920 --> 0:07:20.560 Mark German joining us on Bloomberg Radio and on YouTube. 0:07:20.560 --> 0:07:24.680 So Mark, what do you know? Thanks for having me? 0:07:24.840 --> 0:07:27.080 I mean, who else to talk about an Apple Watch competitor? 0:07:27.120 --> 0:07:30.440 Then the guy who covers Apple right, So, um, we 0:07:30.520 --> 0:07:32.240 know we've known for a little bit of time now 0:07:32.280 --> 0:07:35.880 that Facebook is working on a smart watch. But yesterday 0:07:36.080 --> 0:07:38.800 we actually got our first look at the device. We 0:07:38.880 --> 0:07:42.920 obtained a photo or an official render of the Facebook 0:07:42.960 --> 0:07:45.720 smart watch. H this was this is actually really cool, 0:07:45.760 --> 0:07:48.240 this is really interesting. So we found it with the 0:07:48.280 --> 0:07:50.560 help of a friend of mine and developer named Steve Moser, 0:07:50.720 --> 0:07:54.360 inside of the Facebook app that the company offers to 0:07:54.480 --> 0:07:58.280 consumers today to control remember those rayband smart classes and 0:07:58.280 --> 0:08:01.120 Facebook launch a few weeks ago to troll those. So 0:08:01.160 --> 0:08:03.880 they did a software update earlier this week for that 0:08:03.920 --> 0:08:06.720 app called Facebook View and that image if you really 0:08:06.960 --> 0:08:09.920 deep dive in into the source code, into the file 0:08:10.000 --> 0:08:12.720 system of that application, it's just hiding in there, and 0:08:12.720 --> 0:08:16.640 they added it in there this week. So pretty remarkable stuff. Mark. 0:08:16.720 --> 0:08:18.080 The first thing that sticks out to me when I 0:08:18.080 --> 0:08:20.080 saw this image in the story that you published was 0:08:20.120 --> 0:08:22.440 the camera at the bottom of the smart watch. What 0:08:22.520 --> 0:08:24.200 is that for? Because that's different than an Apple Watch. 0:08:24.200 --> 0:08:26.960 There's no camera on an Apple Watch. Oh man, I 0:08:26.960 --> 0:08:29.160 don't know what they're thinking. So first of all, it's 0:08:29.200 --> 0:08:31.040 like a notch, right, It's like a little circle at 0:08:31.040 --> 0:08:33.440 the bottom of the screen. So they cut into the screen. However, 0:08:33.480 --> 0:08:35.880 what I will say is that I think people have 0:08:35.920 --> 0:08:37.959 been clamoring for video chat on the Apple Watch for 0:08:38.000 --> 0:08:39.880 a few years now. They haven't done it because of 0:08:39.920 --> 0:08:43.840 battery life concerns. They certainly tested it totally imagine. You're right, 0:08:43.920 --> 0:08:45.800 but like, imagine being able to do a video chat 0:08:45.840 --> 0:08:47.679 on your risk, not a one minute chat. I mean 0:08:47.679 --> 0:08:50.360 that would be kind of cool inspector Gadget style. Right, 0:08:50.480 --> 0:08:51.880 I've done the phone call on it. I feel a 0:08:51.880 --> 0:08:53.440 little bit like a nerd, but it's been kind of cool. 0:08:53.440 --> 0:08:55.240 But you're right. If we could get a video chat, 0:08:55.520 --> 0:08:57.480 oh my god, I would be all in. So that's 0:08:57.480 --> 0:09:00.480 Facebook's portal system. Facebook has this portal kind of like 0:09:00.520 --> 0:09:04.320 Alexa device that might work with it, right, yeah, I 0:09:04.320 --> 0:09:06.080 mean that would make sense to me, using the same 0:09:06.080 --> 0:09:08.760 protocols there is that the portal uses. Maybe they'll brand 0:09:08.760 --> 0:09:11.040 it as a portal watch or some sort of device. 0:09:11.520 --> 0:09:14.120 What's interesting to me is that a lot of the 0:09:14.160 --> 0:09:16.559 feedback I've been hearing on this product already has been 0:09:16.600 --> 0:09:19.400 people saying I don't want a camera from Facebook, let 0:09:19.440 --> 0:09:21.600 alone in my home. You're telling me I would want 0:09:21.640 --> 0:09:25.760 one on my body, thanks? Right? Um, these are there 0:09:25.760 --> 0:09:29.280 are real privacy concerns and the Facebook brand was so 0:09:29.360 --> 0:09:33.079 tarnished in terms of privacy. There's a reason they're Meta now, right, 0:09:33.920 --> 0:09:35.959 So we'll see how this does. If the ray bands 0:09:35.960 --> 0:09:37.960 are any indication, I don't think this is going to 0:09:38.000 --> 0:09:40.600 be a slam dunk. What I'm told is the Facebook 0:09:40.600 --> 0:09:42.839 has not made a final decision yet on if they're 0:09:42.840 --> 0:09:46.400 going to release this product, this particularly particular design. What 0:09:46.520 --> 0:09:52.920 I'm told they've developed models aimed at and when they 0:09:52.960 --> 0:09:55.400 decide to launch it, whether that's in twenty two or 0:09:55.400 --> 0:09:58.400 twenty four, they'll launch that corresponding model. So there's a 0:09:58.440 --> 0:10:01.400 possibility they skipped the twenty twenty two version and their 0:10:01.400 --> 0:10:03.679 first models the twenty three or twenty four versions. So 0:10:03.920 --> 0:10:06.040 we still may have a few years to go, but 0:10:06.640 --> 0:10:09.240 maybe some new found competition in the watch base for Apple. Well, 0:10:09.240 --> 0:10:11.280 that's what I'm wondering. Does it say something more broadly 0:10:11.320 --> 0:10:14.480 mark about what Meta wants to do when it comes 0:10:14.520 --> 0:10:16.880 to the wearables market and listen, they've got a great 0:10:16.920 --> 0:10:19.280 initially user base that they can tap, but I just 0:10:19.640 --> 0:10:21.520 I wonder about it. Would it still be if they 0:10:21.559 --> 0:10:23.800 get into it a niche market for them like it 0:10:23.880 --> 0:10:26.200 is too Somewhat I guess it's safe to say for Apple, 0:10:27.600 --> 0:10:29.760 Facebook is never going to win the phone. Sorry, Meta 0:10:29.960 --> 0:10:32.160 meta is never going to win the phone. It is 0:10:32.200 --> 0:10:35.600 way too saturated with iOS, Android and some of the 0:10:35.600 --> 0:10:37.880 other devices you see from Samsung and Google and such. 0:10:38.280 --> 0:10:40.560 So they're needing to pick up the edges, right, they 0:10:40.559 --> 0:10:42.960 need to invent this new category. So they're trying to 0:10:43.040 --> 0:10:46.600 own video devices with the portal, with this upcoming watch, 0:10:46.640 --> 0:10:48.560 and of course what they're calling the metaverse with these 0:10:48.640 --> 0:10:51.200 VR and a R devices. So they're really going for 0:10:51.240 --> 0:10:52.760 the edges, and they're trying to build up their own 0:10:52.760 --> 0:10:55.840 new ecosystem to pull people away from Apple. Right. The 0:10:55.840 --> 0:10:58.240 goal is is that Apple, that Facebook meta is going 0:10:58.280 --> 0:11:00.760 to kill the iPhone and Android with these other types 0:11:00.800 --> 0:11:03.800 of devices, replaced the phone with the metaverse with the watch. 0:11:04.120 --> 0:11:06.920 I know that sounds all kind of crazy, but this 0:11:07.000 --> 0:11:08.959 is what they're trying to do. We wait ahead, okay, 0:11:08.960 --> 0:11:10.679 ten seconds mark? What is Apple trying to do in 0:11:10.720 --> 0:11:15.040 the metaverse? Apple is going to announce its first mixed 0:11:15.080 --> 0:11:18.559 reality headset probably later next year. Is Apple going to 0:11:18.600 --> 0:11:23.599 rename itself then bring the computer back in Apple Computer Inc? Meat? 0:11:23.640 --> 0:11:27.840 Maybe look go to Meat. Isn't that what Wayne. Oh, 0:11:27.920 --> 0:11:30.560 Mark German, you are the best. Have a great weekend, 0:11:30.880 --> 0:11:34.439 Mark German. He's a Bloomberg News technology reporter, covers just 0:11:34.640 --> 0:11:36.760 all things Apple, but then when it's something going on 0:11:36.840 --> 0:11:39.360 that might defect Apple, he's on it as well and 0:11:39.400 --> 0:11:41.439 then includes that news out of Facebook, or at least 0:11:42.320 --> 0:11:48.199 speculation not Facebook. Sorry, you're listening to Bloomberg Business Week 0:11:48.400 --> 0:11:52.360 with Carol Messer and Bloomberg Quick Takes. Tim Stinovich on 0:11:52.480 --> 0:11:56.040 Bloomberg Radio. Let's get to it because one of our 0:11:56.040 --> 0:11:58.760 reporters writing for Bloomberg Business Week. In the current issue 0:11:58.760 --> 0:12:02.079 of the Bloomberg Business Week magazine, it's online on newsstands, 0:12:02.080 --> 0:12:04.680 also on the Bloomberg it's about Facebook now known as Meta, 0:12:04.760 --> 0:12:07.959 including how Meta needs to change more than it's named, 0:12:08.000 --> 0:12:10.719 Tim as the competition among the handful of big tech 0:12:10.760 --> 0:12:14.080 companies really is heating up. Alex Webs, a correspondent for 0:12:14.200 --> 0:12:18.520 Bloomberg Quick Take. He joins us on the phone from London. Alexi, Right, 0:12:18.559 --> 0:12:20.400 for the first time, all five of the U S 0:12:20.400 --> 0:12:23.680 tech giants are going to keep be competing directly. It's 0:12:23.720 --> 0:12:26.920 not clear though, that Mark Zuckerberg can't escape his past. 0:12:27.000 --> 0:12:30.960 How does this change that Zuckerberg outlined this week and 0:12:31.080 --> 0:12:34.440 subsequent name change, how does that put all five big 0:12:34.480 --> 0:12:38.959 tech companies competing with one another head to head? Well, 0:12:38.960 --> 0:12:41.439 I mean it's the name change and all of itself 0:12:41.440 --> 0:12:44.760 that renders the new competition active. But you know, we've 0:12:44.760 --> 0:12:48.520 got at this stage, Apple, Google, Amazon, Microsoft, and Facebook 0:12:48.600 --> 0:12:52.600 all developing products in the augmented and virtual reality space. 0:12:52.679 --> 0:12:55.560 They are on a collision course to be competing with 0:12:55.679 --> 0:12:59.360 one another. The danger, of course with Facebook that Facebook 0:12:59.360 --> 0:13:03.440 has into usually is that the name has become quite toxic. 0:13:03.640 --> 0:13:07.080 And when you're competing with Apple, which has really forged 0:13:07.440 --> 0:13:11.160 a kind of cachet as a company that values use 0:13:11.240 --> 0:13:15.439 a privacy and respects to use a data, that's something 0:13:15.480 --> 0:13:18.600 that Facebook has to deal with because really it's not 0:13:18.679 --> 0:13:21.319 something that we recognize faceboofore all staring so stead and 0:13:21.360 --> 0:13:23.920 giving itself a new name, it's an effort to shed 0:13:23.960 --> 0:13:27.040 itself in some of that toxicity. Join us also, Plumber 0:13:27.080 --> 0:13:30.560 business to get her Joe Webber Agel Hi, Hi, Alex, 0:13:30.640 --> 0:13:33.720 thanks again for this story. Um yeah, it's like this. 0:13:34.480 --> 0:13:36.520 It's the great thing of like, are you willing to 0:13:36.520 --> 0:13:39.680 throw all your cards in the air and just completely pivot? Well, you, 0:13:39.679 --> 0:13:41.920 you know, your your company, and your brain faces like 0:13:43.200 --> 0:13:46.120 the the most scrutiny it's ever phased, and the heat 0:13:46.160 --> 0:13:48.480 just gets turned up and it's like, well, let's just pivot. 0:13:48.920 --> 0:13:52.839 So so Alex. Like when you think about Mark Zuckerberg's 0:13:52.880 --> 0:13:55.800 movie here, like obviously he's been talking about this for 0:13:55.840 --> 0:14:00.200 a while, how quickly though, Like do people in the 0:14:00.240 --> 0:14:03.240 technical universe think that he actually maybe pulled all of 0:14:03.240 --> 0:14:06.680 this together in terms of like, you know, executing it 0:14:06.720 --> 0:14:10.160 as a masterstroke or attempting them to do so. And 0:14:10.360 --> 0:14:12.120 this has clearly been in the works for some time, 0:14:12.200 --> 0:14:16.000 you know, they have. They brought Oculus years ago, Oculus Ripped, 0:14:16.000 --> 0:14:19.560 which is now all being rebranded out as Meta Um 0:14:19.680 --> 0:14:22.000 the rebrand itself. It's hard to know how quickly that 0:14:22.040 --> 0:14:24.760 came together, but the timing is certainly opportunity and at 0:14:24.800 --> 0:14:29.160 the moment when the criticism seems to have reached its 0:14:29.200 --> 0:14:32.560 loudest crescendo to day um. You know, Facebook has been 0:14:32.560 --> 0:14:34.640 through plenty of crises in the past few years, but 0:14:34.920 --> 0:14:37.480 it really feels this time, and maybe I'm wrong, it 0:14:37.480 --> 0:14:39.320 just feels that there is something a bit different. There 0:14:39.400 --> 0:14:41.800 is real meat on the bones of the things that 0:14:41.800 --> 0:14:44.600 they've been doing wrong. There are concrete proposals for what 0:14:44.680 --> 0:14:47.040 they can fix and what they should fix, and um, 0:14:47.160 --> 0:14:49.760 there is legislation in the works both here and in 0:14:49.760 --> 0:14:52.920 the US which gives regulators more power to force them 0:14:52.920 --> 0:14:55.400 to do stuff. So all those things come together as 0:14:55.440 --> 0:14:59.040 a perfect storm. But the timing for changing the name 0:14:59.280 --> 0:15:02.040 is particularly appropriate. Well, so I think you say regulators too, 0:15:02.040 --> 0:15:04.840 and I feel like we have just problems getting basic 0:15:04.880 --> 0:15:07.760 stuff through sometimes in Congress, and I just think how 0:15:07.760 --> 0:15:09.640 a regulator is going to be able to really keep 0:15:09.720 --> 0:15:12.560 up with something like this that Facebook meta is working on. 0:15:14.280 --> 0:15:16.200 It was some point actually made by Nick Clegg, of course, 0:15:16.240 --> 0:15:19.440 the form of British Deputy Prime Minister who now heads um, 0:15:19.480 --> 0:15:23.240 you know, corporate affairs and communications on Facebook. He said 0:15:23.480 --> 0:15:25.680 that the metaverse is not going to arrive tomorrow. It's 0:15:25.720 --> 0:15:29.600 going to take perhaps a decade. That means, in his telling, 0:15:29.640 --> 0:15:32.000 that the regulators have more time to catch up with 0:15:32.040 --> 0:15:35.000 this than they might do normally. Uh, you know, we 0:15:35.040 --> 0:15:37.360 know that they tend to be five years behind any 0:15:37.360 --> 0:15:40.920 technological innovation when it comes to deciding how to regulate it. 0:15:41.320 --> 0:15:43.760 Perhaps this time around that won't be the case. That 0:15:43.840 --> 0:15:46.160 also might just be wished for thinking on our part 0:15:46.200 --> 0:15:49.680 and indeed his Yeah, so, Alex, let's the set Facebook's 0:15:49.760 --> 0:15:52.560 opportunity here compared to some of these other big tech 0:15:52.600 --> 0:15:55.760 players who we also know as you as you wrote, 0:15:56.520 --> 0:16:00.120 will end up in the same swimming pool. Uh, what 0:16:00.280 --> 0:16:03.080 advantages does Facebook have and how does that compare with 0:16:03.080 --> 0:16:05.200 with the other companies since everybody's going to end up 0:16:06.040 --> 0:16:13.760 perhaps having multi metaversees. I actually wonder what you know, 0:16:13.800 --> 0:16:16.800 it's clearly one of the risks with if you're running 0:16:16.800 --> 0:16:21.600 your own sort of metaverse metavirus and metaverse, then you 0:16:21.680 --> 0:16:24.000 are going to be having to manage that content and 0:16:24.000 --> 0:16:26.320 there are going to be content risks in this and 0:16:26.400 --> 0:16:29.560 for all of the problems that Facebook has had managing content, 0:16:29.920 --> 0:16:32.200 and it's got a lot more experience doing it than does, 0:16:32.280 --> 0:16:35.520 for example, Apple, And so that might actually prove to 0:16:35.520 --> 0:16:37.440 be an advantage if you find they are running the 0:16:37.480 --> 0:16:40.680 ecosystem themselves, that they have got people working on these 0:16:40.720 --> 0:16:43.440 problems already, that might give them a jump starts on Apple. 0:16:43.480 --> 0:16:46.160 Where they don't have is a distribution network in terms 0:16:46.160 --> 0:16:49.000 of actually selling devices. Apple and Amazon in particular have 0:16:49.120 --> 0:16:54.000 incredible sales networks. Um, but Facebook does have an interesting 0:16:54.040 --> 0:16:56.840 partnership that it is signed with Slow lux Otica. It's 0:16:56.880 --> 0:16:58.640 not a name that many people know, but it owns 0:16:58.720 --> 0:17:03.160 in the US Ray and Oakley Sunglass Heart. It controls 0:17:03.160 --> 0:17:05.399 of the global eyewear market. And you can imagine that 0:17:05.600 --> 0:17:07.560 you're going in to buy your glasses and there's also 0:17:07.640 --> 0:17:10.639 Facebook Smart glasses in there. Then all of a sudden 0:17:10.680 --> 0:17:12.920 has quite compelling sales channel. That is not, as I 0:17:13.000 --> 0:17:15.520 understand that, the scope of their agreement with a sort 0:17:15.520 --> 0:17:18.679 of good just yet, but it is something that could evolve. Hey, Alex, 0:17:18.680 --> 0:17:21.680 can you talk a little bit about the advertising opportunity 0:17:21.800 --> 0:17:24.760 in the metaverse because Facebook is an advertising company. In 0:17:25.040 --> 0:17:28.080 your story, you talk about the way that Facebook knows 0:17:28.119 --> 0:17:30.359 what you're doing because of what you're doing on Instagram 0:17:30.359 --> 0:17:32.919 and Facebook's apps, But how will it track you and 0:17:32.920 --> 0:17:36.600 then advertised to you in the metaverse? So that is 0:17:36.600 --> 0:17:40.200 absolutely the potentially really creepy thing in the metapurse right now. 0:17:40.440 --> 0:17:43.240 Facebook has pretty granular data on what you're browsing, not 0:17:43.359 --> 0:17:45.520 just what you click on and the accounts you follow, 0:17:45.760 --> 0:17:50.120 but what photos you linger on and therefore on Instagram, 0:17:50.320 --> 0:17:52.520 for example, it knows which things you look at a 0:17:52.560 --> 0:17:55.119 little bit more and is more likely to suggest that 0:17:55.160 --> 0:17:58.280 you follow similar content. Now with the Metaverse, they actually 0:17:58.280 --> 0:18:01.520 showed off technology which is sort of eye tracking m 0:18:01.880 --> 0:18:05.359 gauging your facial expressions. It showed them for different purposes 0:18:05.440 --> 0:18:06.960 to see what you're looking at in order that you 0:18:07.040 --> 0:18:10.960 could decide to, for instance, turn on a light, um 0:18:11.000 --> 0:18:14.240 and face tracking in order to show your expressions on Navatar. 0:18:14.560 --> 0:18:16.400 But it's not hard to imagine how that could also 0:18:16.440 --> 0:18:19.120 be used for advertising purposes, engaging your interest. If you're 0:18:19.119 --> 0:18:21.880 walking down the high street and you see a shop 0:18:21.920 --> 0:18:25.159 window and you think that Facebook that shot window is 0:18:25.160 --> 0:18:27.359 more appealing to you than another one, it can target 0:18:27.400 --> 0:18:30.560 adds theory to you based on that. I wish Facebook 0:18:30.600 --> 0:18:33.720 could see my face right now when you're describing this 0:18:33.760 --> 0:18:37.840 to me, Alex, I'm I'm looking at your face right now, 0:18:37.840 --> 0:18:42.399 and you look a little dubious, um seeing I was 0:18:42.440 --> 0:18:44.400 gonna ask you you want to do this program from 0:18:44.440 --> 0:18:50.000 the metaverse, because is like, I'm just I'm still really curious. 0:18:50.080 --> 0:18:53.360 Like the last time I really really really use Facebook 0:18:53.440 --> 0:18:57.320 was to like email a bunch of graduates from my 0:18:57.800 --> 0:19:00.480 high school class to like we're going to help organize 0:19:00.480 --> 0:19:03.040 a reunion. And now I'm like, well, the reunion was 0:19:03.119 --> 0:19:07.760 terrible anyway, and using you know, drawn back into all 0:19:07.760 --> 0:19:10.120 these old friends. What about Instagram? No, well, I guess 0:19:10.400 --> 0:19:12.239 here's the thing that was Like, could you imagine like 0:19:12.280 --> 0:19:14.960 a reunion that just took place in the metaverse and 0:19:14.960 --> 0:19:16.760 you didn't actually have to like go back to that 0:19:16.880 --> 0:19:18.600 high school, Like okay, that could get to be an 0:19:18.600 --> 0:19:20.919 avatar and look like you did when you're eighteen. Like 0:19:20.960 --> 0:19:23.439 that sounds better than dealing with reality anyway. Right, It 0:19:23.480 --> 0:19:26.199 sounds novel, but it doesn't. I don't know if it 0:19:26.200 --> 0:19:28.240 has staying power, if it's sticky, right, it sounds cool 0:19:28.240 --> 0:19:30.480 to do a few times. My dystopian view is that 0:19:30.520 --> 0:19:32.240 with climate change, we're not gonna be able to go outside, 0:19:32.240 --> 0:19:34.679 so all we're going to have is the metaverse. Happy 0:19:34.760 --> 0:19:38.640 Friday everyone, Sorry you would get teased for what we're 0:19:38.680 --> 0:19:42.320 talking about later on the show, Miss Sunshine. All right, 0:19:42.400 --> 0:19:45.479 Joe Webber, have a great, great weekend, Metaverse or not. 0:19:45.880 --> 0:19:48.960 Alex Web correspondent at Bloomberg Quick Takes. Check out everything 0:19:49.000 --> 0:19:50.480 and check out the new is shoe of Bloomberg Business 0:19:50.520 --> 0:19:55.960 Week magazine. This is Bloomberg Radio. This is Bloomberg Business 0:19:56.080 --> 0:19:59.840 Week with Carol Masser, and Bloomberg Quick Takes. Tim Stinovic 0:20:00.240 --> 0:20:02.720 from Bloomberg Radio. All right, so we talked about Ether, 0:20:02.880 --> 0:20:06.280 second largest cryptocurrency, staring to a record today, about it's 0:20:06.320 --> 0:20:08.280 backed off of that, but a lot of bullish sentiment 0:20:08.800 --> 0:20:11.480 around that because of an upgrade of the Ethereum network, 0:20:11.520 --> 0:20:14.480 and also we've just seen Bitcoin take off big time. 0:20:14.520 --> 0:20:16.879 In a weekly crypto segment, we've got back with us 0:20:17.280 --> 0:20:20.520 Matthew Segeal. Matthew Segel as head of digital Assets at 0:20:20.600 --> 0:20:22.920 van Ack. He joins us on the phone from New 0:20:23.000 --> 0:20:25.960 York City. Matthew, October has been a banner months. But 0:20:26.400 --> 0:20:30.200 for many cryptocurrencies, whether they're meme stock, meme coins I 0:20:30.200 --> 0:20:33.880 almost said meme stocks, they're meme coins, or more established 0:20:33.880 --> 0:20:38.520 cryptocurrencies like Bitcoin or ethereum. What is the next catalyst 0:20:38.560 --> 0:20:40.040 as we looked the remainder of the year that's going 0:20:40.080 --> 0:20:45.560 to continue to send cryptocurrencies higher, Hi can Tim? Hi? Yeah, 0:20:45.880 --> 0:20:50.000