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Speaker 1: From Mahard. We're Innovation, Money and Power Collie in Silicon

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Speaker 1: Vallet NBN. This is Bloomberg Technology with Caroline Hyde and

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Speaker 1: Ed Ludlow.

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Speaker 2: Ed Ludlow here in San Francisco, Caroline hides off today.

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Speaker 2: This is Bloomberg Technology coming up on the program. Full

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Speaker 2: coverage of the tech companies making headlines, from Virgin Galactics

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Speaker 2: spaceflight to Micron's earnings, and even Coinbase calling for a

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Speaker 2: dismissal of its sec suit.

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Speaker 3: We got you covered.

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Speaker 2: Plus AI video startup Runway raising an additional one hundred

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Speaker 2: and forty million from Google, Nvidia and other investors. We

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Speaker 2: had the exclusive interview with the CEO and you may

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Speaker 2: know him from Man Versus Wild, but now Bear Grills

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Speaker 2: is tackling disinformation and pushing for digital literacy using AI.

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Speaker 2: He joins us later this hour to discuss his new initiative.

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Speaker 2: Let's get a check in on the Micron. Micron giving

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Speaker 2: a bullish outlook suggesting that we're coming out of the

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Speaker 2: trough when it comes from memory chips, but the market's

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Speaker 2: not buying it. There is debate on the street about

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Speaker 2: whether this recovery the micro has outlined is going to

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Speaker 2: happen as they suggest, Let's get the reaction in the

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Speaker 2: analysis and bring in Bloomberg's Mandeep saying of Bloomberg Intelligence

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Speaker 2: man deep the recovery the trough.

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Speaker 3: Are you buying it well? So they had some mixed

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Speaker 3: data points.

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Speaker 4: If you look at the guidance, clearly that was above consensus.

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Speaker 4: But when you look at the inventory days going up

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Speaker 4: to one sixty five from one fifty, we thought, you know,

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Speaker 4: their fiscal two Q the last quarter was going to

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Speaker 4: be the peak. So clearly they're writing down less inventory.

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Speaker 4: Last quarter they wrote about one point four billion. This quarter,

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Speaker 4: they only wrote four hundred million dollar off inventory. And

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Speaker 4: they didn't give us enough data points around their Generative

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Speaker 4: AI exposure. They talked about how bandwidth high bandwidth memory,

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Speaker 4: but they didn't give us like quantification of how much

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Speaker 4: exposure it is, how it's gonna ram. So that's why

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Speaker 4: I would say it was a mixed quarter. But look,

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Speaker 4: I mean, at the end of the day, there are

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Speaker 4: three players in memory, and if generative AI is a

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Speaker 4: secular Tilwyn and we are in the early innings, I

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Speaker 4: think you could extrapolate that there will be memory demand

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Speaker 4: just because it goes hand in hand with the chip

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Speaker 4: and the computer capacity.

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Speaker 2: I love nerding out on d RAM and nand I

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Speaker 2: always love nerding out in DRAM and Nand the thing is,

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Speaker 2: it's such a commoditized chip. And the story that Micron

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Speaker 2: was trying to paint was that all of the laptop makers,

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Speaker 2: PC makers, smartphone makers, they built up the inventory, and

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Speaker 2: they'd work through the inventory and they were going to

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Speaker 2: start ordering again. But actually that kind of contrasted with

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Speaker 2: the outlook for the markets. How many PCs we think

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Speaker 2: will ship this year, how many smartphones we think will

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Speaker 2: ship this year? What did you learn, Mandy through Micron's

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Speaker 2: commentary in that respect.

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Speaker 4: Yeah, so they lured their PC shipment forecast for this

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Speaker 4: year smartphone shipment as well. They lured it by a

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Speaker 4: couple of percentage points. So, look, I think near term,

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Speaker 4: given their high exposure to PCs and smartphones that makes

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Speaker 4: up almost seventy percent of you know, their DRAM sales.

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Speaker 4: So you could argue that given the high exposure they

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Speaker 4: have to these two pockets, which are unlikely to recover

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Speaker 4: in the second half, it makes sense, you know that

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Speaker 4: they still have work to do in terms of working

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Speaker 4: through the inventory and the orders aren't going to come

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Speaker 4: back so soon, and they're cutting back supply, which I

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Speaker 4: think is a positive. When you think about the dynamics

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Speaker 4: of a commoditized space, the supply demand balance is key.

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Speaker 4: So they are reducing their supply. They would hope Samsung

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Speaker 4: and s k Heinis are doing the same. And what

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Speaker 4: it could do down the line, you know, second half

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Speaker 4: to twenty twenty four or twenty twenty five, is you

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Speaker 4: could see a big pop in pricing because right now

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Speaker 4: pricing declines are moderating, but no one is expecting prices

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Speaker 4: to go up for memory. If the supply demand balance

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Speaker 4: is restored, you could see that pricing pop up given

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Speaker 4: the tail Vince we're talking about from generator to AI.

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Speaker 2: Here on Bloomberg Technology, we follow the d ram man

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Speaker 2: neat seeing of Bloomberg Intelligence.

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Speaker 3: Thank you very much. So let's get out to New Mexico.

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Speaker 2: Virgin Galactic officially launching and landing in the last few

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Speaker 2: minutes its first ever commercial spaceflight.

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Speaker 3: Bloomberg's Lauren Grush.

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Speaker 2: Space reporter in chief, out there in New Mexico. Lauren,

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Speaker 2: what just happened?

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Speaker 5: Well, actually you just missed it. The crew just arrived

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Speaker 5: back from their spaceflight here at the Spaceport America, everyone celebrating.

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Speaker 5: You might be able to hear some cheers next to me.

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Speaker 5: At the moment. It's all smiles as a picture perfect

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Speaker 5: flight today. Unfortunately you might see the clouds behind me.

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Speaker 5: They did obscure our view here from the ground, but

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Speaker 5: everything went smooth during the actual flight.

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Speaker 2: Okay, So the context of this mission is it's the

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Speaker 2: first commercial mission, the sixth in total that they've breached

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Speaker 2: the fifty mile mark above Earth's atmosphere. It seems strange

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Speaker 2: to kind of look so far ahead, but what's next?

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Speaker 2: I mean, what is Virgin Galactic going to do? Because

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Speaker 2: this is a company that has struggled for years, had

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Speaker 2: some real tragedy, and is way behind its original schedule.

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Speaker 5: I mean, it really was leading all to this point, right,

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Speaker 5: And so what happens next is they need to start

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Speaker 5: launching regularly, and then they need to up the frequency

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Speaker 5: of their launches. So the plan at the moment is

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Speaker 5: to do monthly launches here on out. The next one

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Speaker 5: is scheduled for August. This today's flight was a research

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Speaker 5: mission with the Italian Air Force, but soon they're going

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Speaker 5: to be opening up to that eight hundred list of

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Speaker 5: private astronauts that they signed up many years ago. So

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Speaker 5: soon we might be seeing some high earning flyers fly,

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Speaker 5: potentially as soon as August.

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Speaker 2: Okay, so the dual fusilage aeroplane takes the craft to

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Speaker 2: fifty thousand feet, they separate ignition seventy second, burn fifty miles.

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Speaker 2: What was that experience like on the ground? Is their

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Speaker 2: nervousness there at Spaceport America? How is your heart racing, Lauren?

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Speaker 5: Oh, definitely, there's a thing that I like to call

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Speaker 5: launch nerves that happens with every single flight, whether it's

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Speaker 5: say rocket that launches from the ground or one like

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Speaker 5: Virgin Galactics that takes off from the air. Definitely, in

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Speaker 5: the seconds beforehand, you can feel the energy kind of

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Speaker 5: started to tighten on the ground. We were hoping to

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Speaker 5: see the ignition ourselves, but we didn't see it.

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Speaker 1: However, we were able to watch.

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Speaker 5: It from the live stream. They had big cameras out here,

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Speaker 5: and once that happened, you know, everyone just kind of

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Speaker 5: let out that relief and cheers and claps and applause

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Speaker 5: were happening. So it was a really special moment to

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Speaker 5: be here among all of the employees who've worked really

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Speaker 5: hard to get to this point because it has been

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Speaker 5: a very long time in the making for them.

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Speaker 3: All Right, Bluemos Lauren Grush on the ground in New Mexico.

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Speaker 2: She messaged me in the moment and said, sonic boom

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Speaker 2: as it was coming back down. Thank you for your

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Speaker 2: live reporting. We'll stick with you throughout the day, I'm sure.

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Speaker 2: Now next up Coinbase looking to get their sec lawsuit dismissed,

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Speaker 2: saying it lacks merit. Earlier we spoke to the company's

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Speaker 2: chief legal off Sir Paul greul.

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Speaker 6: Or an exchange a commission to now claim two years later,

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Speaker 6: more than two years later, somehow we were running an

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Speaker 6: unlawful enterprise when their mandate requires to consider the protection

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Speaker 6: investors and their very namely requires them to apply the

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Speaker 6: expertise and securities and exchanges.

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Speaker 3: It doesn't, It doesn't make any sense.

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Speaker 2: Let's bring in Broomberg, Shnali Bassack, who conducted that interview.

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Speaker 3: Shnali, what else did you then?

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Speaker 1: Yeah, a few things.

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Speaker 7: First of all, remember our coinbasis stock has been flying

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Speaker 7: in the face of a lot of these crackdowns this year.

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Speaker 7: It's more than one hundred percent ed this year, and

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Speaker 7: at the same time you have it up today as well.

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Speaker 1: This is more than one hundred page.

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Speaker 7: Response that coinbas has filed against the SEC saying that

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Speaker 7: it intends to ask to dismiss this case, saying that

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Speaker 7: it goes beyond existing law. Now listen, One interesting part

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Speaker 7: of this is the argument that they make about the

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Speaker 7: SEC allowing for the IPO in the first place and

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Speaker 7: going through the disclosure forms already.

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Speaker 1: Our own Bloomberg reporter Oli Vspiel makes this great point.

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Speaker 7: That a lot of securities experts wonder whether you know,

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Speaker 7: really this is about the SEC requiring disclosure more than

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Speaker 7: identifying the legalities inside of a coinbase's business, which lists

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Speaker 7: more tokens now than it did at that time. It's

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Speaker 7: certainly a very interesting case and a bell weather for

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Speaker 7: so much of this industry. And it also comes at

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Speaker 7: the same time as coinbase being listed as the custodian

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Speaker 7: for black rocks ETF tied.

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Speaker 1: To spot Bitcoin.

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Speaker 7: So really, on two fronts here, one is a very

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Speaker 7: tense story, another one is one of hope that that

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Speaker 7: will be approved that bitcoining TF sometimes soon.

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Speaker 3: So I'm looking at shares.

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Speaker 2: We're up two point four percent in the session, right,

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Speaker 2: they want the suit thrown out. So is this a

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Speaker 2: real legal move or is this posturing in a bigger process.

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Speaker 7: Well, listen, not only do you have Paul Growell, who's

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Speaker 7: the chief legal officer formerly worked at Facebook, seriously in

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Speaker 7: tune with the innovative landscape out there, not his first rodeo.

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Speaker 7: You also have them working with Sullivan and Cromwell, which

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Speaker 7: is one of the biggest financial law firms in the world.

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Speaker 1: Walk tell more than Hudre and pay lawsuit.

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Speaker 7: We've had them tell us a few times now that

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Speaker 7: they would take this to the Supreme Court if need be.

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Speaker 7: So they're very serious about fighting this to the end,

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Speaker 7: no matter how much uncertainty that creates an interim.

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Speaker 2: All right, Bloomberg Shinali Bassak bringing us that reporting and

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Speaker 2: exclusive conversation.

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Speaker 3: Thank you. We will track that story now.

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Speaker 2: Coming up on Bloomberg Technology Chat GPT's open AI is

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Speaker 2: being accused of stealing vast amounts of personal information for

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Speaker 2: its artificial intelligence models. Will bring you the latest on

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Speaker 2: that next. I'm seeing some breaking news across the Bloomberg terminal.

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Speaker 2: Pokemon Go maker Neantic is closing the studio and canceling

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Speaker 2: the game Neantic CEO announcing that.

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Speaker 3: Move in a blog post. We will track that stories.

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Speaker 2: So many of you are tracking Pokemon Go some other

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Speaker 2: breaking news. We are getting Savers Value Village opening price

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Speaker 2: twenty four dollars seventy seven cents. It's IPO was eighteen

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Speaker 2: dollars a share, So Savers Value Village opening a twenty

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Speaker 2: four dollars seventy cents a share. This discount store that's

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Speaker 2: listing and pricing in this morning session. We will continue

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Speaker 2: to track how that performs. We've had some energy a

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Speaker 2: little bit in the IPO market in recent weeks. Wow

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Speaker 2: fast hearts of the show. This is Bloomberg Technology. Let's

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Speaker 2: go back to that breaking market's news. Savers Value Village

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Speaker 2: opened at twenty four dollars seventy seven cents a share,

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Speaker 2: having priced its IPO at eighteen dollars. That currently gives

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Speaker 2: it a market cap of about three point nine billion dollars.

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Speaker 2: We're trading in this moment at twenty four dollars forty

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Speaker 2: cents a share, bouncing around, but it's interesting some energy

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Speaker 2: in the IPO market. This is the fifth biggest side

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Speaker 2: of the year based on money raise. We talked about

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Speaker 2: Carver the fast casual restaurant chain with a Mediterranean slant

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Speaker 2: just a week ago, wasn't it. So we're seeing some

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Speaker 2: some back, not so much the technology sector, but get

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Speaker 2: on your Bloomberg terminal, and that is what Savers Value

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Speaker 2: Village looks like right now. Open in twenty four dollars

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Speaker 2: seventy seven cents, trading twenty four to forty one after

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Speaker 2: pricing at eighteen.

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Speaker 3: All right, let's move on. It's time for talking tech.

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Speaker 2: And first up chat GPT creator open ais being accused

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Speaker 2: of stealing vast amounts of personal information to train its

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Speaker 2: artificial intelligence models a one hundred and fifty seven page lawsuit.

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Speaker 2: Plaintiffs are alleging open ai violated privacy laws by secretly

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Speaker 2: scraping three hundred billion words from the Internet, tapping books, articles, websites,

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Speaker 2: and posts, including personal information that was obtained without consent.

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Speaker 2: We will continue to track that and seek OpenAI's comment.

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Speaker 2: And Microsoft CEO guaranteed that Activision, Blizzard's top selling Call

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Speaker 2: of Duty title will stay on rival Sony's PlayStation. This

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Speaker 2: comes after Microsoft called its own CEO and Activision CEO

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Speaker 2: to testify in San Francisco Federal court that the company

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Speaker 2: sixty nine billion dollar tie up won't hurt competition in

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Speaker 2: the markets for console and subscription based games, plus sticking

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Speaker 2: with gaming. Sega dismissed speculation it may be the target.

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Speaker 3: Of acquirers like Microsoft.

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Speaker 2: The studio behind Sonic the Hedgehog stressed it intends to

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Speaker 2: remain part of a bigger Japanese entertainment conglomerate. Co COO

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Speaker 2: Suji Utsumi told Bloomberg News. While the game publisher maintains

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Speaker 2: a close relationship with Microsoft, it is not open to

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Speaker 2: acquisition talks.

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Speaker 8: While we if you honor, I mean they are the

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Speaker 8: value us a lot. So you know, we we still

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Speaker 8: work force louse of Microsoft. They always show you know,

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Speaker 8: you know, our respect. So we've being you know, really

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Speaker 8: having you know, I meanship with them, and we really

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Speaker 8: appreciate that they, you know, somehow value us.

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Speaker 1: Does Sega have any intention to be acquired?

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Speaker 8: No, very simple not.

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Speaker 6: No.

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Speaker 3: Let's get to another top technology story.

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Speaker 2: Lena Khan's Federal Trade Commission has already filed three cases

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Speaker 2: against Amazon.

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Speaker 3: Now she's gearing up for the big one in the

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Speaker 3: coming weeks.

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Speaker 2: The FTC plans to file an antitrust lawsuit focused on

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Speaker 2: Amazon's core online marketplace. Joining us to talk more about

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Speaker 2: this reporting is Bloomberg News is Leah and Eiland.

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Speaker 3: Leah, We've learned a lot what a source is telling us.

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Speaker 9: Yeah, so we're expecting the big one sometime later this summer,

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Speaker 9: possibly as soon as next month. This is a long

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Speaker 9: running FTC investigation that actually started four years ago this month.

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Speaker 9: Our story this morning actually got a look at the

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Speaker 9: first information request the FTC sent to them, and it

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Speaker 9: was very broad. I asked a lot of questions about

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Speaker 9: their online marketplace, how they deal with third party sellers,

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Speaker 9: and the relationship they have with Apple over selling Apple

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Speaker 9: products on the marketplace.

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Speaker 3: Over the past two.

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Speaker 9: Years, since Lena Khan took over the FTC, they've really

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Speaker 9: focused a lot on Amazon. As you mentioned, they've now

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Speaker 9: sued the company three times in the past month over

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Speaker 9: consumer protection violations. But this one is sort of expected

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Speaker 9: to be the really big one that takes aim at

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Speaker 9: Amazon's big moneymaker.

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Speaker 2: We're looking at shares of Amazon down nine ten percent

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Speaker 2: in the session, but clearly a concern.

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Speaker 3: When I read the story.

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Speaker 2: On Bloomberg dot com, I thought a lot about Lena Khan,

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Speaker 2: the individual, what this means for her in her role

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Speaker 2: at the FTC. What have you learned about how active

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Speaker 2: and how involved she is in this process.

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Speaker 9: She's been very, very involved since taking over two years ago.

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Speaker 9: When she took over in June of twenty twenty one,

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Speaker 9: so two years ago. This month, she sort of reorganized

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Speaker 9: the entire way that the FTC has been looking at Amazon,

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Speaker 9: including giving the investigators some specific lines of questioning to

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Speaker 9: sort of look into. She put a new person in

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Speaker 9: charge of the case, a fellow academic by the name

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Speaker 9: of John Newman, and they really bulked up the number

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Speaker 9: of people who are involved in this case. The Trump

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Speaker 9: administration had opened it, but they had really focused a

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Speaker 9: lot of their resources in the case that the FTC

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Speaker 9: brought against Meta, and con has really moved to focus

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Speaker 9: the agency more on Amazon because she sort of believes

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Speaker 9: that the Trump administration really didn't give it the attention

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Speaker 9: that it deserved.

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Speaker 2: All Right, bloombos Lea and Iland with that exclusive reporting

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Speaker 2: alongside our own an edge and check it out on

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Speaker 2: Bloomberg dot com. All Right, the world's dealmakers are down

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Speaker 2: roughly a trillion dollars in one of the worst years

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Speaker 2: for takeovers and stock market listings in a decade.

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Speaker 3: That's the year on year.

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Speaker 2: Drop in the value of M and A and IPOs

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Speaker 2: in the first half, a period in which inflationary pressures,

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Speaker 2: financing constraints, geo political tensions. The list goes on mixed

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Speaker 2: activity across regions and sectors that according to Bloomberg data

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Speaker 2: excluding COVID impacted twenty twenty, it's the smallest first half

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Speaker 2: total in a decade and blow the average for the period.

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Speaker 2: All right, let's stay global and bring in Sekinder sne

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Speaker 2: Cassidy CEO of Zero, the cloud based small business platform

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Speaker 2: is based in New Zealand and bringing into accounting, payroll

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Speaker 2: and workforce management solutions to customers globally, which's also via

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Speaker 2: some of the largest tech companies in the worldlike Google

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Speaker 2: and Amazon. Good morning, warning it welcome to bin the technology.

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Speaker 2: When you heard that about the first half of this year,

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Speaker 2: I go straight to thinking about what you've seen. Broadly,

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Speaker 2: think about all of your customers and the platforms you offer.

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Speaker 2: You must get a pretty good lens into the health

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Speaker 2: of the tech sector.

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Speaker 10: We certainly do. Actually, I think we get a look

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Speaker 10: into the health of this small business economy globally. Because

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Speaker 10: of course Zero has over three point seven million subscribers

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Speaker 10: that are predominantly small businesses call it five to fifty employees.

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Speaker 10: And I think what we see is a pretty mixed picture.

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Speaker 10: On the one hand, and I'm sure this is no

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Speaker 10: surprise to you. On the one hand, you have rising inflation,

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Speaker 10: you know, supply chain getting more expensive with that high

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Speaker 10: interest rates, but on the other hand, still low unemployment rates,

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Speaker 10: new business formation is still happening, and of course you

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Speaker 10: have talent shortages.

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Speaker 3: So what we hear from.

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Speaker 10: Our small businesses is this is a time of uncertainty

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Speaker 10: and mixed signals, but it's also time where they really

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Speaker 10: need to manage their cash pretty carefully.

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Speaker 2: I'm really interested in the company global customer base, global footprint,

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Speaker 2: Australasian origins.

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Speaker 3: Yes, you're here with me in San Francisco. What's that like?

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Speaker 10: Well, I think this is about the company turning its

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Speaker 10: attention globally. I mean, if you look at zero, you know,

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Speaker 10: the original disruptor really in cloud based accounting started out

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Speaker 10: of New Zealand from Rodgery, an X accountant himself, but

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Speaker 10: really has grown the UK our second biggest market, North

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Speaker 10: America obviously a big home for small businesses worldwide, and

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Speaker 10: I'll sell important for zero.

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Speaker 3: We have to talk about the landscape.

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Speaker 2: I think about quick Books as an example here in

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Speaker 2: the US doing some battle with them.

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Speaker 6: Yeah.

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Speaker 10: Yes, Look I think around the world, Zero and QuickBooks

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Speaker 10: run into each other.

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Speaker 2: I'm not suggesting this is an Elon musk Mark zucker

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Speaker 2: Bog situation.

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Speaker 10: I'm just saying, and quite frankly, that is a total

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Speaker 10: distraction for us. We care about getting our business done

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Speaker 10: for our customers. Yes, of course we see them in

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Speaker 10: every market, but I think the most important thing to

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Speaker 10: land is that for all of us in this area,

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Speaker 10: the real big winner is just moving people from offline

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Speaker 10: to online. Cloud adoption of small business accounting is actually

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Speaker 10: for the behind things like website building, but it offers

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Speaker 10: so much efficiency for small businesses. So we're all just

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Speaker 10: trying to bring those small businesses online.

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Speaker 2: I think what we learned from the collapse of Silicon

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Speaker 2: Valley Bank, which was in the context of payroll and banking,

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Speaker 2: but under duress small technology business as well. They have

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Speaker 2: to pivot and they change. It is the tough macro

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Speaker 2: environment kind of acting as a catalyst among your customers

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Speaker 2: to kind of change how they do business.

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Speaker 10: Use technology of course, and it's a tale of two cities.

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Speaker 10: First of all, if you are not a venture backstartup,

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Speaker 10: and the majority of our customers, you're small businesses of

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Speaker 10: every dimension who have never had the benefit quite frankly,

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Speaker 10: venture funding. They're paranoid about cash and cash management all

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Speaker 10: the time.

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Speaker 3: I think we can.

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Speaker 10: Agree that Silicon Valley Bank and i'd say companies that

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Speaker 10: have been funded in tech are particularly nervous about their

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Speaker 10: cash management.

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Speaker 2: Right now, you've done some headcount trims. The sector is

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Speaker 2: looking at headcount reduction. How have you managed that? And

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Speaker 2: let me ask you very quickly, is that in response

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Speaker 2: to AI and the ability to use AI or is

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Speaker 2: it just a macro issue.

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Speaker 10: Actually, for us it was very simple. The company is

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Speaker 10: tremendously high growth, but we just want to get more

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Speaker 10: disciplined and create more operating leverage for our own business,

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Speaker 10: and so we're focused on profitable growth, but customer first.

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Speaker 2: So kinder syne Cassidy CEO zero giving us the global

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Speaker 2: take what it's like to be a global player in technology.

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Speaker 2: Now coming up, artificial intelligence company Seeker and acclaimed outdoorsman

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Speaker 2: Bear Grills a teaming up to combat misinformation in digital spaces.

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Speaker 2: He joins me next to talk about that new collaboration.

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Speaker 2: He's looking at AI and the new survival skill, and

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Speaker 2: as we had to break, we're watching shares of Netflix

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Speaker 2: after City raised its price target on the stock, saying

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Speaker 2: the streaming service has performed well since announcing that ad

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Speaker 2: supported subscription plan and the introduction of course paid sharing

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Speaker 2: the password crackdown. City now expects eighty two million new

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Speaker 2: subscribers and ten point six billion dollars of incremental revenue.

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Speaker 3: Based on the more bullish ad tier estimates.

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Speaker 2: The company increased the price target and opened a quote

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Speaker 2: positive catalyst watch ahead of second quarter results.

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Speaker 3: Netflix.

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Speaker 2: Yeah, look we're up four ten tove percent in the session.

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Speaker 2: Some values around the corner, and I think there's a

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Speaker 2: lot of conversation to be had around the competitive pressures

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Speaker 2: on some of these streamers. Welcome back to bloombow Technology,

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Speaker 2: ed love low here in San Francisco, thinking about the markets,

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Speaker 2: and look we're treading water. Think about the Nazet one

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Speaker 2: hundred very tech heavy index basically flat, up three tenths

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Speaker 2: up zero point zero three.

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Speaker 3: Percent in the session.

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Speaker 2: The story is really about the Fed and traders bedding

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Speaker 2: that we will get two rate hikes by year end

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Speaker 2: that sent yield higher. Sometimes when you push higher, you

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Speaker 2: look at those stretch valuation tech names on the nazet

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Speaker 2: one hundred. We see them come down, but we are

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Speaker 2: essentially flat. Some names in the green, some dames lower.

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Speaker 2: I'm checking Apple up two tents one percent. One hundred

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Speaker 2: and ninety dollars. Seventy cents a share would give Apple

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Speaker 2: market Kappa three trillion. We are on watch for that,

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Speaker 2: but some way off it. We need a few tenths

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Speaker 2: of a percent more of a gain to see that.

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Speaker 2: JD dot Com a US listed shares of the Chinese

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Speaker 2: company moving to the downside down two percent. Its founder

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Speaker 2: has registered to sell stock that may be having an impact.

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Speaker 2: And Microsoft also in seeing the big news story this

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Speaker 2: Thursday is that Microsoft and open ai are going to

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Speaker 2: help Moodies investor Services build a generative AI tool for

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Speaker 2: use in movie's customers. Not doing much taboost to stock

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Speaker 2: up two ten to one percent, just flagging it as

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Speaker 2: an example that some of the AI headline hype is

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Speaker 2: not necessarily moving the needle when it comes to these

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Speaker 2: equity markets. Now, I want to take a moment to

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Speaker 2: quickly highlight some of the content coming from Bloomberg Originals.

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Speaker 2: On tonight's episode of the Circuit, Emily Chang meets with

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Speaker 2: Hailey Beaber, who talks about founding her skincare company road

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Speaker 2: the bubble of celebrity beauty brands and social media backlash.

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Speaker 11: I do feel like there was a fatigue. I felt

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Speaker 11: like when I announced the brand. Of course, there was

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Speaker 11: people that were like, Oh, here we go, here's another one,

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Speaker 11: and I'm like, I get that, I understand. I'm also

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Speaker 11: coming from the point of view where I'm like, trust me,

441
00:22:52,800 --> 00:22:56,560
Speaker 11: I know, but this is my approach and it is

442
00:22:56,680 --> 00:22:57,840
Speaker 11: different to other people.

443
00:22:59,119 --> 00:23:01,080
Speaker 3: To watch more of that in you with Hailey Bieber.

444
00:23:01,119 --> 00:23:04,240
Speaker 2: Watched The Circuit with Emily Chang tonight ten pm in

445
00:23:04,320 --> 00:23:07,199
Speaker 2: New York on Bloomberg Television, or stream it from APM

446
00:23:07,240 --> 00:23:11,480
Speaker 2: Eastern on Bloomberg Originals. Let's get back to Bloomberg, Technology

447
00:23:11,520 --> 00:23:15,120
Speaker 2: and AI. One of the fears behind fully embracing artificial

448
00:23:15,160 --> 00:23:19,600
Speaker 2: intelligence is the spread of dis and miss information. It's

449
00:23:19,640 --> 00:23:23,480
Speaker 2: part of why digital AI company Seeker and acclaimed survivalists

450
00:23:23,640 --> 00:23:27,000
Speaker 2: Bear Grills have committed themselves to giving young people the

451
00:23:27,080 --> 00:23:31,960
Speaker 2: tools necessary to make informed decisions about online content. I'm

452
00:23:31,960 --> 00:23:34,359
Speaker 2: delighted to say that joining us now is Bear Grill's

453
00:23:34,400 --> 00:23:37,480
Speaker 2: TV hosts and of course author of You Versus the World,

454
00:23:37,800 --> 00:23:41,280
Speaker 2: the Bear Grills Guide to Never Giving Up. Let's get

455
00:23:41,359 --> 00:23:44,920
Speaker 2: right to it, Bere. I know you as somebody who

456
00:23:45,240 --> 00:23:51,280
Speaker 2: advocates the importance of survival skills. Why is computer literacy

457
00:23:51,440 --> 00:23:55,560
Speaker 2: or even engagement with AI the next survival skill to

458
00:23:55,640 --> 00:23:56,080
Speaker 2: your mind?

459
00:23:57,720 --> 00:24:00,520
Speaker 12: Because I think young people need to be in powered

460
00:24:00,560 --> 00:24:03,080
Speaker 12: with modern day survival skills that are going to be

461
00:24:03,119 --> 00:24:06,320
Speaker 12: relevant for their life and empowering for their life. And

462
00:24:06,359 --> 00:24:08,600
Speaker 12: in terms of survival, you're not going to get more

463
00:24:08,640 --> 00:24:12,960
Speaker 12: of a wild worth frontier than helping kids decipher and

464
00:24:13,040 --> 00:24:16,680
Speaker 12: discern and be wise and be smart about information about

465
00:24:16,720 --> 00:24:20,199
Speaker 12: where they're sourcing information from. And you know, I think

466
00:24:20,600 --> 00:24:22,679
Speaker 12: we've never had a time in history where it is

467
00:24:22,760 --> 00:24:28,480
Speaker 12: so challenging for young people to be smart, to be empowered,

468
00:24:28,520 --> 00:24:33,159
Speaker 12: to be digital survivors, to be digitally literate, and to

469
00:24:33,240 --> 00:24:36,040
Speaker 12: have an understanding of what is real and what is

470
00:24:36,440 --> 00:24:40,159
Speaker 12: you know, propaganda or misinformation. So Seeker speaks to that.

471
00:24:41,080 --> 00:24:43,040
Speaker 12: I'm really proud to partner with them because we've build

472
00:24:43,080 --> 00:24:46,240
Speaker 12: this whole thing called Mission Seeker. It's all about helping

473
00:24:46,280 --> 00:24:51,320
Speaker 12: young people go on their own little adventures, whether it's

474
00:24:51,320 --> 00:24:54,600
Speaker 12: a humanitarian thing or whether it's an environmental thing, and

475
00:24:54,720 --> 00:24:58,359
Speaker 12: build this community. But through this process, we're trying to

476
00:24:58,359 --> 00:25:01,560
Speaker 12: help them learn skills they're going to be really powerful

477
00:25:01,600 --> 00:25:04,560
Speaker 12: and relevant for their life. And Seekers clever, you know,

478
00:25:04,600 --> 00:25:08,639
Speaker 12: they kind of they score the reliability of all the

479
00:25:08,680 --> 00:25:11,720
Speaker 12: sourcing of information and try and use AI in a

480
00:25:11,760 --> 00:25:15,080
Speaker 12: positive way to help young people bear.

481
00:25:15,040 --> 00:25:17,560
Speaker 2: What are the basics from a technology standpoint If I'm

482
00:25:17,560 --> 00:25:20,680
Speaker 2: a young explorer, how do I engage with Mission Seeker?

483
00:25:20,760 --> 00:25:23,200
Speaker 2: What is it that I'm doing literally at the computer

484
00:25:23,320 --> 00:25:24,240
Speaker 2: or on my smartphone.

485
00:25:25,840 --> 00:25:28,960
Speaker 12: Well, first of all, Seeker is a search engine, you know,

486
00:25:29,000 --> 00:25:31,399
Speaker 12: that's what it is, a search age and this family

487
00:25:31,440 --> 00:25:33,520
Speaker 12: friendly is for young people, and it's going to use

488
00:25:33,560 --> 00:25:35,479
Speaker 12: this AI technology.

489
00:25:35,240 --> 00:25:38,280
Speaker 3: To help score the reliability.

490
00:25:37,560 --> 00:25:41,720
Speaker 12: Of information coming in everything from clickbait to sourcing, to transparency,

491
00:25:41,720 --> 00:25:44,239
Speaker 12: all of that. And then within that we've built this

492
00:25:44,400 --> 00:25:48,280
Speaker 12: Mission seeker dot Com, which is basically it's like an

493
00:25:48,400 --> 00:25:52,159
Speaker 12: education adventure platform for young people to share their adventures.

494
00:25:52,800 --> 00:25:55,440
Speaker 12: So it's sort of it's a motivating thing to get

495
00:25:55,600 --> 00:25:57,960
Speaker 12: young people to be able to then use the Seeker

496
00:25:58,000 --> 00:26:00,920
Speaker 12: technology in their life. But we've got some great young

497
00:26:00,960 --> 00:26:04,200
Speaker 12: ambassadors leading the way for us who are already out there

498
00:26:04,240 --> 00:26:09,120
Speaker 12: shooting really fun humanitarian and environmental missions. And every month

499
00:26:09,160 --> 00:26:11,280
Speaker 12: we're going to set a new one. And people all

500
00:26:11,280 --> 00:26:14,520
Speaker 12: around the world have started to get involved with this

501
00:26:14,640 --> 00:26:17,239
Speaker 12: to shoot them and film their own little adventures and

502
00:26:17,280 --> 00:26:19,639
Speaker 12: build this community. And like I say, you know, it's

503
00:26:19,680 --> 00:26:22,680
Speaker 12: trying to do something good in this AI space where

504
00:26:23,000 --> 00:26:25,480
Speaker 12: you obviously hear a lot of negativity and you know

505
00:26:25,760 --> 00:26:28,840
Speaker 12: AI is going to be so dangerous, and of course

506
00:26:28,960 --> 00:26:33,280
Speaker 12: new technology everyone's always nervous and new technology nobody likes change,

507
00:26:33,320 --> 00:26:35,800
Speaker 12: do they apart from a baby with a wet diaper?

508
00:26:37,359 --> 00:26:40,400
Speaker 3: An interesting analogy. What is the catalyst?

509
00:26:40,480 --> 00:26:43,560
Speaker 2: I mean here on Bloomberg Technology, we've been talking about

510
00:26:43,640 --> 00:26:46,080
Speaker 2: artificial intelligence day out, day and day out for a

511
00:26:46,080 --> 00:26:50,440
Speaker 2: long time, but we recognize that November and chat GPT

512
00:26:50,640 --> 00:26:53,919
Speaker 2: becoming available to the public had a global effect. What

513
00:26:54,040 --> 00:26:56,600
Speaker 2: was it for you that got you thinking that you

514
00:26:56,720 --> 00:26:58,160
Speaker 2: need to be involved here.

515
00:27:00,080 --> 00:27:02,359
Speaker 12: And the sort of the things that actually put some

516
00:27:03,320 --> 00:27:07,920
Speaker 12: you know, parameters and boundaries and positive you know things surrounded.

517
00:27:07,960 --> 00:27:09,960
Speaker 12: Technology is always the second phase to come.

518
00:27:10,040 --> 00:27:11,920
Speaker 3: You know. The first thing is the technology, isn't it?

519
00:27:11,920 --> 00:27:12,560
Speaker 3: And it goes at a.

520
00:27:12,560 --> 00:27:15,440
Speaker 12: Million miles an hour, and something like chat GBT comes

521
00:27:15,480 --> 00:27:17,760
Speaker 12: along and everyone's in it, and there's there's a good

522
00:27:17,800 --> 00:27:19,639
Speaker 12: part of that, but there's always going to be a

523
00:27:19,640 --> 00:27:22,240
Speaker 12: bad part as well. And you know, it really is

524
00:27:22,720 --> 00:27:24,960
Speaker 12: you know when I say it's a tsunami of information

525
00:27:25,040 --> 00:27:27,960
Speaker 12: not only coming at young people but also then being

526
00:27:28,040 --> 00:27:31,280
Speaker 12: generated and put out, and we're sort of trying to

527
00:27:31,320 --> 00:27:34,359
Speaker 12: then put some tools.

528
00:27:34,520 --> 00:27:35,360
Speaker 3: Is tools the right word?

529
00:27:35,400 --> 00:27:37,600
Speaker 12: I suppose it is tools around it to then help

530
00:27:38,280 --> 00:27:40,720
Speaker 12: kids are smart themselves, they know it, you know, they're

531
00:27:40,760 --> 00:27:43,159
Speaker 12: they're they're much smarter than we often give them credit for.

532
00:27:43,240 --> 00:27:45,439
Speaker 12: But you've got to resource them with the tools to

533
00:27:45,480 --> 00:27:48,200
Speaker 12: be able to be smart. And I think ultimately that's

534
00:27:48,240 --> 00:27:51,280
Speaker 12: what Seeker is about, and their mission, Seeker is about

535
00:27:51,280 --> 00:27:54,760
Speaker 12: trying to make a fun adventure platform to bring kids

536
00:27:54,800 --> 00:27:55,520
Speaker 12: into that space.

537
00:27:56,600 --> 00:28:00,280
Speaker 2: Bear Grylls, we are familiar with you and your programs

538
00:28:00,320 --> 00:28:03,399
Speaker 2: and your books going out into the wilderness and using

539
00:28:03,440 --> 00:28:08,000
Speaker 2: as few tools as possible. Paradoxically, I'd like to ask

540
00:28:08,040 --> 00:28:11,600
Speaker 2: you which artificial intelligence tools you do engage with yourself,

541
00:28:12,040 --> 00:28:14,679
Speaker 2: how you use the technology in your day to day life.

542
00:28:16,280 --> 00:28:17,960
Speaker 12: Well, first of all, I'm not a kind of a

543
00:28:18,080 --> 00:28:20,560
Speaker 12: digital dinosaur like that. I'm not like, oh, we've got to,

544
00:28:20,720 --> 00:28:22,080
Speaker 12: we can't. You know, you've got to.

545
00:28:22,240 --> 00:28:22,680
Speaker 3: You've got to.

546
00:28:23,040 --> 00:28:25,960
Speaker 12: You've got to embrace technology. You've got to embrace change.

547
00:28:25,960 --> 00:28:27,360
Speaker 12: You've got to use it. You know, if you think

548
00:28:27,400 --> 00:28:31,720
Speaker 12: survivors of old, they were always using the latest stuff,

549
00:28:32,000 --> 00:28:34,480
Speaker 12: whatever would help them. And I think as a modern

550
00:28:34,560 --> 00:28:36,960
Speaker 12: day explorer, we need to be the same as a

551
00:28:37,000 --> 00:28:39,360
Speaker 12: modern day survivor. We've got to be part of that.

552
00:28:39,440 --> 00:28:43,240
Speaker 12: You've got to use technology. I definitely use AI in

553
00:28:44,080 --> 00:28:46,680
Speaker 12: various ways. And I think as a parent it's our

554
00:28:46,720 --> 00:28:50,640
Speaker 12: responsibility to provide young people and to provide our kids

555
00:28:50,680 --> 00:28:53,760
Speaker 12: with with resources that are really practical and are going

556
00:28:53,800 --> 00:28:57,920
Speaker 12: to help our kids become digitally smart and literate. So

557
00:28:58,360 --> 00:29:02,240
Speaker 12: for me, I use before we partner with them, and

558
00:29:02,240 --> 00:29:04,600
Speaker 12: I thought, I really like this. This is actually a

559
00:29:04,720 --> 00:29:08,920
Speaker 12: family friendly search engine tool that is doing a lot

560
00:29:08,920 --> 00:29:11,280
Speaker 12: of the hard work for me. You know, in terms

561
00:29:11,320 --> 00:29:15,120
Speaker 12: of scoring, the reliability of information coming in. Nothing is

562
00:29:15,160 --> 00:29:17,560
Speaker 12: going to be perfect, but it's you know, and that

563
00:29:17,680 --> 00:29:20,200
Speaker 12: soon I was coming fast. But it's trying to do

564
00:29:20,280 --> 00:29:23,520
Speaker 12: something that speaks to that problem which all of us

565
00:29:23,600 --> 00:29:26,640
Speaker 12: know is an issue of young people and where they

566
00:29:26,640 --> 00:29:27,240
Speaker 12: source their.

567
00:29:27,120 --> 00:29:29,200
Speaker 3: Information bear grills.

568
00:29:29,200 --> 00:29:31,040
Speaker 2: So I was in no way suggesting that you're not

569
00:29:31,120 --> 00:29:34,280
Speaker 2: a technologist. And when you move into your next initiative

570
00:29:34,320 --> 00:29:36,760
Speaker 2: and you engage with technology, come back onto the show,

571
00:29:36,960 --> 00:29:39,640
Speaker 2: onto Bloomberg Technology and discuss it with you with us.

572
00:29:39,680 --> 00:29:42,120
Speaker 3: Thank you for your time. I love it, ed do

573
00:29:42,120 --> 00:29:43,920
Speaker 3: you take care of my friend all the best? Thank

574
00:29:43,960 --> 00:29:44,600
Speaker 3: you bye.

575
00:29:44,600 --> 00:29:47,280
Speaker 2: Now coming up, we'll sit with AI, but also bring

576
00:29:47,320 --> 00:29:50,680
Speaker 2: in crypto and we'll be joined by NFX partner Morgan Bella.

577
00:29:51,160 --> 00:29:51,520
Speaker 3: More on that.

578
00:29:51,680 --> 00:30:04,680
Speaker 2: Next, this is Bloomberg Technology. Let's bring in Morgan Bella,

579
00:30:04,920 --> 00:30:08,600
Speaker 2: general partner at NFX Capital Management, a VC firm investing

580
00:30:08,640 --> 00:30:11,120
Speaker 2: in gaming, generative, AI, fintech, crypto.

581
00:30:11,200 --> 00:30:12,000
Speaker 3: The list goes on.

582
00:30:12,360 --> 00:30:15,040
Speaker 2: So also the co founder, of course of Libra, which

583
00:30:15,080 --> 00:30:18,480
Speaker 2: was Facebook zone attempt at a cryptocurrency. It is today's

584
00:30:18,560 --> 00:30:21,200
Speaker 2: VC spotlight. Good to see you, Thank.

585
00:30:21,040 --> 00:30:22,760
Speaker 1: You for having me. Great to see you in person.

586
00:30:24,720 --> 00:30:27,400
Speaker 3: We could talk about anything. Let's talk about AI.

587
00:30:28,360 --> 00:30:32,200
Speaker 2: NFX is moving, is acting on what's happening all around

588
00:30:32,280 --> 00:30:34,840
Speaker 2: us here in San Francisco Silicon Valley. How are you

589
00:30:34,960 --> 00:30:37,760
Speaker 2: doing it from an investment standpoint of course?

590
00:30:38,200 --> 00:30:40,880
Speaker 13: So one question I have and that I've been asking

591
00:30:40,960 --> 00:30:42,719
Speaker 13: is what does it mean? People are like, are you

592
00:30:42,720 --> 00:30:45,800
Speaker 13: investing in AI? And like, yes, like what is an

593
00:30:45,840 --> 00:30:49,720
Speaker 13: AI company? In that every company kind of needs to

594
00:30:49,720 --> 00:30:50,920
Speaker 13: be an AI company?

595
00:30:51,000 --> 00:30:54,840
Speaker 2: Well, people differentiate though between AI native and AI adjacent

596
00:30:55,360 --> 00:30:56,440
Speaker 2: is one way of splitting it up.

597
00:30:56,520 --> 00:30:58,440
Speaker 3: Yes, so for you, what is the priority or what

598
00:30:58,520 --> 00:30:59,160
Speaker 3: is the focus?

599
00:30:59,240 --> 00:30:59,480
Speaker 4: There?

600
00:31:00,000 --> 00:31:03,280
Speaker 13: So two different answers. One is it feels similar to crypto? So,

601
00:31:03,320 --> 00:31:06,200
Speaker 13: as mentioned, I was spending most of my time in crypto,

602
00:31:06,240 --> 00:31:09,440
Speaker 13: and when we looked at a crypto company, we always said,

603
00:31:09,560 --> 00:31:12,800
Speaker 13: what is this company actually? Is it a marketplaces company?

604
00:31:12,880 --> 00:31:15,520
Speaker 13: Is it a fintech company? Is it a media company

605
00:31:15,520 --> 00:31:18,640
Speaker 13: for which crypto is the rails that enables it to

606
00:31:18,680 --> 00:31:21,200
Speaker 13: do something that couldn't be done before? And we're viewing

607
00:31:21,240 --> 00:31:24,240
Speaker 13: AI companies similarly, which is what is this actually? Is

608
00:31:24,240 --> 00:31:27,360
Speaker 13: it a legal tech company? Is it a fintech company?

609
00:31:27,400 --> 00:31:30,160
Speaker 13: Is it a marketplace company for which they are using

610
00:31:30,160 --> 00:31:33,960
Speaker 13: AI to do something that hasn't been done before? So

611
00:31:33,960 --> 00:31:36,320
Speaker 13: that's one lens and the second lens is this leap

612
00:31:36,360 --> 00:31:40,240
Speaker 13: frogging piece which I will shamelessly show that I wrote

613
00:31:40,240 --> 00:31:43,320
Speaker 13: about recently, which is the concept that AI will move

614
00:31:43,360 --> 00:31:47,600
Speaker 13: into industries that were were are underserved by SaaS.

615
00:31:48,040 --> 00:31:50,920
Speaker 3: Look, can you give me an example, a tangible example.

616
00:31:50,560 --> 00:31:52,200
Speaker 1: A legal industrys Okay.

617
00:31:52,840 --> 00:31:56,000
Speaker 2: Uh we we do not uh pay CEO Josh Browder

618
00:31:56,000 --> 00:31:57,480
Speaker 2: has but been on the show, and so it's about,

619
00:31:57,600 --> 00:31:59,760
Speaker 2: you know, kind of a similar use case you're all

620
00:31:59,800 --> 00:32:02,760
Speaker 2: fits is in Hayes Valley. We try to make this

621
00:32:02,800 --> 00:32:06,080
Speaker 2: show global, but what I keep hearing is that everything

622
00:32:06,120 --> 00:32:09,840
Speaker 2: that's happening in AI is happening here. And we had

623
00:32:09,880 --> 00:32:12,280
Speaker 2: Gary Tan of y Combinator on the show two days

624
00:32:12,280 --> 00:32:16,520
Speaker 2: ago and he called Hayes Valley cerebral Valley because to

625
00:32:16,600 --> 00:32:19,880
Speaker 2: his mind, all of the talent that are working on

626
00:32:20,000 --> 00:32:23,480
Speaker 2: llms and foundation models and the VC's backing them, you

627
00:32:23,560 --> 00:32:27,000
Speaker 2: can find in several isolated blocks of that neighborhood.

628
00:32:27,320 --> 00:32:29,560
Speaker 3: Do you recognize that? Do you agree with that statement?

629
00:32:29,920 --> 00:32:31,560
Speaker 1: I very much agree with that statement.

630
00:32:31,600 --> 00:32:34,480
Speaker 13: I didn't know we're going to be talking about Hayes

631
00:32:34,560 --> 00:32:36,640
Speaker 13: Valley in San Francisco, but I'm very happy too.

632
00:32:36,880 --> 00:32:39,240
Speaker 2: So why is it a thing, you know, for the

633
00:32:39,240 --> 00:32:42,560
Speaker 2: global audience. Why are we talking about this tiny neighborhood

634
00:32:42,960 --> 00:32:46,360
Speaker 2: in San Francisco which is a tiny city, geogra tiny city.

635
00:32:46,720 --> 00:32:49,480
Speaker 1: Yeah, the tiny neighborhood in a tiny city.

636
00:32:49,520 --> 00:32:52,120
Speaker 13: So I joined the firm about three years ago, and

637
00:32:52,200 --> 00:32:54,960
Speaker 13: our office was downtown, so near where we are right now,

638
00:32:55,280 --> 00:32:58,160
Speaker 13: and with all due respect, we're currently on the Embarcadera,

639
00:32:58,200 --> 00:32:59,800
Speaker 13: which is a beautiful part of downtown. We were in

640
00:32:59,840 --> 00:33:03,040
Speaker 13: a beautiful part of downtown, and I felt very strongly

641
00:33:03,040 --> 00:33:05,080
Speaker 13: that we had to move the office into a more

642
00:33:05,280 --> 00:33:08,280
Speaker 13: residential area in the heart of the city because I

643
00:33:08,280 --> 00:33:11,480
Speaker 13: felt that for the first time, people that were in

644
00:33:11,520 --> 00:33:14,040
Speaker 13: San Francisco were choosing to be here cause they wanted

645
00:33:14,040 --> 00:33:15,520
Speaker 13: to be here, versus they had to be here.

646
00:33:15,760 --> 00:33:16,920
Speaker 3: And this is first pandemic.

647
00:33:17,040 --> 00:33:22,040
Speaker 13: This was January twenty twenty one, okay, but that you

648
00:33:22,120 --> 00:33:25,240
Speaker 13: saw actually the residential areas coming to life in ways

649
00:33:25,240 --> 00:33:27,400
Speaker 13: that they weren't before. So we spent a lot of

650
00:33:27,400 --> 00:33:31,880
Speaker 13: time looking for commercial real estate in a residential neighborhood,

651
00:33:31,880 --> 00:33:34,760
Speaker 13: which is hard to find because of infrastructural reasons in

652
00:33:34,800 --> 00:33:37,680
Speaker 13: San Francisco, and we landed in Hayes Valley, which, for

653
00:33:37,680 --> 00:33:40,000
Speaker 13: those who don't know, San Francisco is like a hand

654
00:33:40,520 --> 00:33:42,920
Speaker 13: and Hayes Valley is right in the center of the hand.

655
00:33:42,920 --> 00:33:47,600
Speaker 13: We're currently over here like along the water and kind.

656
00:33:47,400 --> 00:33:48,040
Speaker 1: Of by Luck.

657
00:33:48,080 --> 00:33:50,280
Speaker 13: I like to think that maybe we wilded into existence

658
00:33:50,320 --> 00:33:53,040
Speaker 13: in some way. Hayes Valley is now known as Thribol Valley,

659
00:33:53,040 --> 00:33:55,720
Speaker 13: as you mentioned, which is a comment on all of

660
00:33:55,760 --> 00:33:57,840
Speaker 13: the AI companies and all of the AI talent that

661
00:33:57,840 --> 00:34:01,680
Speaker 13: you're seeing, And it really does feel alive in a

662
00:34:01,720 --> 00:34:04,240
Speaker 13: way that I haven't seen in a neighborhood in San Francisco,

663
00:34:04,280 --> 00:34:05,200
Speaker 13: and I've been here for ten years.

664
00:34:05,240 --> 00:34:07,880
Speaker 2: Real terms, a lot of people that watch Bloomberg Technology

665
00:34:08,040 --> 00:34:12,120
Speaker 2: are founders, early stage or otherwise. They are investors in vcs.

666
00:34:12,120 --> 00:34:15,080
Speaker 2: They're just people that enjoy technology. And the way that

667
00:34:15,120 --> 00:34:16,920
Speaker 2: Gary tampered it is that if you go to I'm

668
00:34:16,920 --> 00:34:18,120
Speaker 2: not going to name my favorite, if you go to

669
00:34:18,160 --> 00:34:21,239
Speaker 2: any cafe in Hayes Valley, you tell me you're after

670
00:34:21,239 --> 00:34:25,120
Speaker 2: the show that you can literally bump into a brilliant

671
00:34:25,160 --> 00:34:27,080
Speaker 2: mind in the field of AI. Is it literally as

672
00:34:27,120 --> 00:34:27,880
Speaker 2: granular as that?

673
00:34:27,920 --> 00:34:29,400
Speaker 1: It is literally as granular as that.

674
00:34:29,440 --> 00:34:32,920
Speaker 13: So you walk around Hayes Valley and you bump into

675
00:34:33,200 --> 00:34:36,760
Speaker 13: people that are working on interesting things. Like last week,

676
00:34:36,960 --> 00:34:38,680
Speaker 13: there's a little green area in the center of the

677
00:34:38,680 --> 00:34:41,200
Speaker 13: center of the neighborhood and I ran into someone who

678
00:34:41,239 --> 00:34:43,000
Speaker 13: I knew from the Crypto World who was speaking with.

679
00:34:42,960 --> 00:34:43,880
Speaker 1: This AI founder.

680
00:34:44,360 --> 00:34:47,360
Speaker 13: And then also like you'll walk around and literally, like

681
00:34:47,440 --> 00:34:50,080
Speaker 13: how they talked about in the nineties, you'll see garage

682
00:34:50,120 --> 00:34:52,640
Speaker 13: doors open and people on their computers, and you'll literally

683
00:34:52,719 --> 00:34:56,640
Speaker 13: see on the telephone polls flyers for AI Happy Hours,

684
00:34:56,680 --> 00:34:58,400
Speaker 13: AI Hakathans very quickly.

685
00:34:58,480 --> 00:35:00,640
Speaker 2: Are you seeing the same energy and crypt which is

686
00:35:00,680 --> 00:35:04,120
Speaker 2: your background, the same entrepreneurship and energy.

687
00:35:04,960 --> 00:35:08,240
Speaker 1: The energy is still there. However, there is this.

688
00:35:09,640 --> 00:35:13,000
Speaker 13: Classification of person that my partner James Currier calls fruitflies,

689
00:35:13,360 --> 00:35:15,440
Speaker 13: the people who you know fly around.

690
00:35:15,200 --> 00:35:17,160
Speaker 1: To the sweetest thing. And I think some of.

691
00:35:17,120 --> 00:35:20,200
Speaker 13: Those fruitflies have gone from crypto to AI to the

692
00:35:20,239 --> 00:35:23,640
Speaker 13: Hayes Valley comment though, my partner James Currier, who moved

693
00:35:23,640 --> 00:35:26,480
Speaker 13: here in the nineties, also talks about how Silk and

694
00:35:26,560 --> 00:35:30,480
Speaker 13: Valley and what brought him here was the creator culture

695
00:35:30,840 --> 00:35:32,879
Speaker 13: and how when you came here, anyone you would bump

696
00:35:32,880 --> 00:35:35,280
Speaker 13: into at a cafe or on the street was building

697
00:35:35,320 --> 00:35:37,759
Speaker 13: something and that was really exciting. And then he talks

698
00:35:37,800 --> 00:35:40,799
Speaker 13: about how it transitioned into the money culture and how

699
00:35:40,840 --> 00:35:43,040
Speaker 13: everyone you talked to was telling you about their Tesla.

700
00:35:42,760 --> 00:35:43,880
Speaker 1: Lamborghini or whatever.

701
00:35:44,360 --> 00:35:46,359
Speaker 13: And it feels like for the first time, he said,

702
00:35:46,400 --> 00:35:48,480
Speaker 13: in the past thirty years. It we're back at that

703
00:35:48,520 --> 00:35:52,600
Speaker 13: creator culture feeling in specifically Hayes Valley and that's nice

704
00:35:52,600 --> 00:35:53,279
Speaker 13: to feel, all.

705
00:35:53,280 --> 00:35:55,640
Speaker 2: Right and Facts General partner Morgan Bella, good to catch

706
00:35:55,719 --> 00:35:58,279
Speaker 2: up in person here in San Francisco. And now coming

707
00:35:58,360 --> 00:36:00,680
Speaker 2: up runway securing in a dish or one hundred and

708
00:36:00,719 --> 00:36:03,840
Speaker 2: forty million dollars in funding from some big names in

709
00:36:03,880 --> 00:36:05,279
Speaker 2: the world of tech. We're going to sit down and

710
00:36:05,360 --> 00:36:08,439
Speaker 2: exclusive with the CEO and Bloomboat's Rachel Metz, who leads

711
00:36:08,480 --> 00:36:09,200
Speaker 2: the AI charge.

712
00:36:09,239 --> 00:36:10,800
Speaker 3: That is next. This is Bloomberg