1 00:00:00,040 --> 00:00:01,800 Speaker 1: This is new meg technology. I'm Caroline High. 2 00:00:01,840 --> 00:00:04,280 Speaker 2: Let's go straight to some of the key takeaways from 3 00:00:04,320 --> 00:00:07,920 Speaker 2: those very hearings Promotioninali Basek has been standing by also 4 00:00:08,080 --> 00:00:12,320 Speaker 2: on Capitol Hill and Jannali the takeaways you think in 5 00:00:12,440 --> 00:00:14,960 Speaker 2: terms of actually approaching Vasel three endgame. 6 00:00:15,600 --> 00:00:18,079 Speaker 3: Listen, On one hand, the lawmakers, some of them have 7 00:00:18,239 --> 00:00:20,959 Speaker 3: heard their cry, they heard the bank CEO's case, and 8 00:00:21,000 --> 00:00:23,240 Speaker 3: they believed it in some cases. But you know, they 9 00:00:23,239 --> 00:00:25,560 Speaker 3: would have to go to the Federal Reserve and the 10 00:00:25,640 --> 00:00:28,800 Speaker 3: FDIC and other regulators and make it sure that those 11 00:00:28,920 --> 00:00:31,880 Speaker 3: regulators waited to implement these rules and really push this 12 00:00:32,040 --> 00:00:34,280 Speaker 3: off now. On the other hand, one senator I spoke 13 00:00:34,320 --> 00:00:37,560 Speaker 3: to of particular interest was JD. Vance, the Ohio Republican 14 00:00:37,600 --> 00:00:39,920 Speaker 3: who you may remember was a venture capitalist himself. I 15 00:00:39,960 --> 00:00:42,839 Speaker 3: asked him whether the private credit industry, the private funds industry, 16 00:00:43,000 --> 00:00:45,600 Speaker 3: would also face their own regulation, and he said that 17 00:00:45,760 --> 00:00:48,360 Speaker 3: is very highly likely. He could see things going that way. 18 00:00:48,600 --> 00:00:50,959 Speaker 3: So this push poll between the banking industry and their 19 00:00:51,000 --> 00:00:54,560 Speaker 3: biggest clients are going to be very highly watched because 20 00:00:54,600 --> 00:00:57,279 Speaker 3: of course we know that. Of course, the meeting's ending 21 00:00:57,360 --> 00:00:58,680 Speaker 3: right now, and you're seeing the banks in just a 22 00:00:58,680 --> 00:01:00,880 Speaker 3: few minutes here are all about to walk behind me 23 00:01:01,160 --> 00:01:04,160 Speaker 3: as well, probably Caroline, But you know, you do see 24 00:01:04,240 --> 00:01:06,400 Speaker 3: this push pull between the biggest banks and their biggest 25 00:01:06,440 --> 00:01:09,000 Speaker 3: clients at this point in time, given the tension behind 26 00:01:09,040 --> 00:01:09,839 Speaker 3: the capital rules. 27 00:01:10,520 --> 00:01:11,320 Speaker 1: We're a tech show. 28 00:01:11,600 --> 00:01:15,760 Speaker 2: Let's talk about AI, the questioning that, crypto, the questioning that. 29 00:01:15,880 --> 00:01:18,720 Speaker 2: What did you take away from some of the thoughts 30 00:01:18,720 --> 00:01:21,119 Speaker 2: from Elizabeth Warren Senator Warren in particular. 31 00:01:21,240 --> 00:01:23,840 Speaker 3: Listen the feelings that have been left over from the 32 00:01:23,880 --> 00:01:26,440 Speaker 3: crypto crash and how many millions of Americans have lost 33 00:01:26,480 --> 00:01:29,080 Speaker 3: money and the finance settlement that we've seen so recently. 34 00:01:29,360 --> 00:01:33,200 Speaker 3: Elizabeth Warren agreeing with big banks and their biggest CEOs 35 00:01:33,200 --> 00:01:36,360 Speaker 3: never happens this way. But yet you have them agreeing 36 00:01:36,360 --> 00:01:38,559 Speaker 3: that the crypto company should be facing the anti Monday 37 00:01:38,600 --> 00:01:40,880 Speaker 3: laundering rules that these banks have had to face for decades, 38 00:01:41,080 --> 00:01:43,840 Speaker 3: and so that was someplace that they faced agreement. Elizabeth 39 00:01:43,840 --> 00:01:47,080 Speaker 3: Warren has turned her attention from the bank CEOs over 40 00:01:47,200 --> 00:01:49,520 Speaker 3: to the crypto industry. That has been made pretty clear 41 00:01:49,560 --> 00:01:52,120 Speaker 3: today and the rest of the Senators are very, very worried, 42 00:01:52,160 --> 00:01:54,720 Speaker 3: not just about crypto but about AI and whether you 43 00:01:54,840 --> 00:01:57,960 Speaker 3: are in an area where you're calling a bank and 44 00:01:58,000 --> 00:02:01,120 Speaker 3: you don't know whether you're speaking to our official intelligence 45 00:02:01,280 --> 00:02:04,080 Speaker 3: or a person with your personal financial information. 46 00:02:04,720 --> 00:02:06,760 Speaker 2: Sanalie, we're going to let you start running after some 47 00:02:06,800 --> 00:02:08,919 Speaker 2: of those bank CEOs and tis some of those senators 48 00:02:08,919 --> 00:02:10,680 Speaker 2: who've just seen more behind you. We thank you so much, 49 00:02:10,800 --> 00:02:14,639 Speaker 2: Nalie Bassek. Meanwhile, and let's talk the democratization of finance 50 00:02:14,760 --> 00:02:17,800 Speaker 2: retail access to certain assets in particular, Now retail investors 51 00:02:17,800 --> 00:02:20,840 Speaker 2: on publics Brokeridge will be able to buy slices of 52 00:02:20,840 --> 00:02:23,520 Speaker 2: corporate bonds just like they do with stocks, bringing a 53 00:02:23,560 --> 00:02:26,000 Speaker 2: wider buyabase to what is of course a multi trillion 54 00:02:26,000 --> 00:02:29,320 Speaker 2: dollar fixed income market joining us now Janick Malling his 55 00:02:29,400 --> 00:02:32,840 Speaker 2: public co CEO and co founder, and ultimately it is 56 00:02:32,880 --> 00:02:35,960 Speaker 2: a more in liquid asset class and equities. But you're 57 00:02:35,960 --> 00:02:38,600 Speaker 2: wanting to try and bring some sort of liquidity ability 58 00:02:38,639 --> 00:02:41,520 Speaker 2: to buy directly on your platform, why yeah. 59 00:02:41,560 --> 00:02:44,920 Speaker 4: I mean with this unprecedented rise we're seen in rates, 60 00:02:45,240 --> 00:02:47,280 Speaker 4: the retail community has grown a large you have a 61 00:02:47,280 --> 00:02:50,120 Speaker 4: tite for yield, and with that they've rediscovered the whole 62 00:02:50,120 --> 00:02:52,359 Speaker 4: world of bonds. We've we've seen that firsthand of public 63 00:02:52,400 --> 00:02:55,280 Speaker 4: back in March of this year, we announced the ability 64 00:02:55,320 --> 00:02:59,320 Speaker 4: to easily buy six months T bills and since went 65 00:02:59,360 --> 00:03:01,720 Speaker 4: on to become them bought asset on the platform year 66 00:03:01,760 --> 00:03:04,240 Speaker 4: to date. Now, I think when you look at the 67 00:03:04,280 --> 00:03:08,360 Speaker 4: experience around buying corporate bonds, the full universe of treasuries 68 00:03:08,360 --> 00:03:12,360 Speaker 4: and municipals, it's really still quite antiquated, I would say, 69 00:03:12,440 --> 00:03:14,720 Speaker 4: I mean, the last time race for this high was 70 00:03:14,760 --> 00:03:17,639 Speaker 4: literally before the iPhone, and so the sort of old 71 00:03:17,760 --> 00:03:20,600 Speaker 4: it's a little clunky, they're high minimums, they're difficult to use. 72 00:03:21,320 --> 00:03:24,360 Speaker 4: And what we're announcing today is that we're sort of 73 00:03:24,360 --> 00:03:28,480 Speaker 4: building a modern alternative for fixed income to really bring 74 00:03:28,520 --> 00:03:32,080 Speaker 4: the experience of finding, evaluating, and investing in bonds into 75 00:03:32,120 --> 00:03:33,000 Speaker 4: the twenty first center. 76 00:03:33,919 --> 00:03:36,040 Speaker 2: Tell us what technology is necessary to bring it into 77 00:03:36,080 --> 00:03:36,960 Speaker 2: the twenty first century. 78 00:03:37,000 --> 00:03:39,040 Speaker 1: I mean, the reason you're able to bring this. 79 00:03:38,920 --> 00:03:41,240 Speaker 2: Is because of your own sort of way in which 80 00:03:41,240 --> 00:03:44,120 Speaker 2: your platform is using apex for example. What are some 81 00:03:44,160 --> 00:03:47,640 Speaker 2: of the difficulties of providing such optionality to your users. 82 00:03:47,680 --> 00:03:48,200 Speaker 1: It's interesting. 83 00:03:48,240 --> 00:03:51,360 Speaker 4: So back in twenty nineteen, we I believe, were the 84 00:03:51,400 --> 00:03:54,520 Speaker 4: first to launch fractional stocks, like the ability to actually 85 00:03:54,560 --> 00:03:57,280 Speaker 4: buy slices of shares, and it really works in a 86 00:03:57,400 --> 00:04:01,080 Speaker 4: very similar way here. And we also Apix is also 87 00:04:01,120 --> 00:04:04,400 Speaker 4: our partner on the stocks business, and so after we 88 00:04:04,440 --> 00:04:07,520 Speaker 4: saw the huge takeup of our T build product, you know, 89 00:04:07,760 --> 00:04:10,560 Speaker 4: we reach out to them and we partnered on building 90 00:04:10,600 --> 00:04:13,080 Speaker 4: this kind of solution. Whereas obviously we're the prober dealer, 91 00:04:13,160 --> 00:04:17,400 Speaker 4: they're sort of more infrastructure and pipes and regulative reporting 92 00:04:17,440 --> 00:04:19,320 Speaker 4: and so forth. But it really works in a very 93 00:04:19,320 --> 00:04:24,000 Speaker 4: similar way in that the liquidity around buying, even like 94 00:04:24,080 --> 00:04:27,240 Speaker 4: these fractions, if it comes out of inventory, is actually 95 00:04:27,320 --> 00:04:29,320 Speaker 4: much better then if you have to go to the 96 00:04:29,360 --> 00:04:32,000 Speaker 4: market every time. And obviously the bond market is a 97 00:04:32,040 --> 00:04:34,039 Speaker 4: little bit different than the equities markets in terms of 98 00:04:34,040 --> 00:04:37,440 Speaker 4: how the liquidity deband works, and so one could argue 99 00:04:37,520 --> 00:04:40,279 Speaker 4: that it's potentially even more interesting for the bond market 100 00:04:40,279 --> 00:04:41,599 Speaker 4: than it might be for the equities market. 101 00:04:41,839 --> 00:04:44,320 Speaker 2: We'll come back tell us whether or not this outstrips 102 00:04:44,360 --> 00:04:45,880 Speaker 2: the demand that you've seen for the T bills. Thank 103 00:04:45,880 --> 00:04:48,040 Speaker 2: you very much and for your patients throughout a plus 104 00:04:48,080 --> 00:04:51,200 Speaker 2: of banking course. Hearing that we were sat through yannik Maning, 105 00:04:51,240 --> 00:04:54,160 Speaker 2: their public co CEO and co founder on that product launch. 106 00:04:54,200 --> 00:04:54,719 Speaker 1: I mean, while. 107 00:04:54,520 --> 00:04:58,040 Speaker 2: Sticking with the theme of maybe more the artificial intelligence 108 00:04:58,080 --> 00:05:00,359 Speaker 2: questioning that was going on in the banking hearing is 109 00:05:00,400 --> 00:05:02,520 Speaker 2: dominating the tech news flow today. 110 00:05:02,680 --> 00:05:04,479 Speaker 1: MD in particular, they're holding that. 111 00:05:04,600 --> 00:05:07,400 Speaker 2: Advancing AI event today where it will flesh out its 112 00:05:07,400 --> 00:05:09,600 Speaker 2: strategy for its high power AI accelerator. 113 00:05:09,640 --> 00:05:11,560 Speaker 1: It's the three hundred x ED. 114 00:05:11,880 --> 00:05:14,040 Speaker 2: You're standing by on the ground ahead of the event, 115 00:05:14,080 --> 00:05:17,200 Speaker 2: ahead of an interview with Anissa Su, the CEO of AMD, 116 00:05:17,520 --> 00:05:21,240 Speaker 2: and well, what's the anticipation. What are we really going 117 00:05:21,279 --> 00:05:23,720 Speaker 2: to be hearing from her about the excitement for the product. 118 00:05:24,040 --> 00:05:26,120 Speaker 5: Yeah, Look, it's really about the battle ground for the 119 00:05:26,160 --> 00:05:29,680 Speaker 5: market for AI accelerators, those high power GPUs that go 120 00:05:29,760 --> 00:05:33,120 Speaker 5: into data centers and are right now training large language 121 00:05:33,120 --> 00:05:36,640 Speaker 5: models or foundation models. Later when those models are developed, 122 00:05:36,680 --> 00:05:40,200 Speaker 5: powering the inference side of generative AI tools. That market 123 00:05:40,279 --> 00:05:42,720 Speaker 5: has an incumbent in video in the H one hundred 124 00:05:42,960 --> 00:05:45,160 Speaker 5: and this is really a side by psyche comparison in 125 00:05:45,240 --> 00:05:48,760 Speaker 5: videos H one hundred versus them three hundred x. The 126 00:05:48,800 --> 00:05:52,279 Speaker 5: technological advantage that three hundred x has is that it 127 00:05:52,360 --> 00:05:56,239 Speaker 5: has HBM three, the latest generation of high bandwidth memory. 128 00:05:56,560 --> 00:05:58,840 Speaker 5: That is a technology that's not going into in video 129 00:05:58,920 --> 00:06:01,599 Speaker 5: products until the second quarter when they come to market 130 00:06:01,640 --> 00:06:04,160 Speaker 5: with eight two hundred, but they still have that market 131 00:06:04,200 --> 00:06:07,920 Speaker 5: incumbent title. There's a lot of optimism and hype around 132 00:06:07,920 --> 00:06:11,880 Speaker 5: this because it's a big potential addressable market. The analysts 133 00:06:11,880 --> 00:06:14,520 Speaker 5: think that AMD can take some share in and. 134 00:06:14,480 --> 00:06:17,520 Speaker 2: Analy it's not trapping themselves for any updates on the financials, 135 00:06:17,520 --> 00:06:21,200 Speaker 2: but certainly about the specifics of this particular product launch. 136 00:06:21,240 --> 00:06:23,599 Speaker 2: We cannot waited for your interview a little bit later. 137 00:06:23,680 --> 00:06:26,320 Speaker 2: Make sure you tune in live to ed sit down 138 00:06:26,560 --> 00:06:30,640 Speaker 2: with the amdco Lisa Sue Banks ed Sweet you later. Meanwhile, 139 00:06:30,680 --> 00:06:35,000 Speaker 2: look Apple sinking to reverse a decline in Mac and 140 00:06:35,040 --> 00:06:38,720 Speaker 2: iPad sales, preparing several new models and upgrades early next year. 141 00:06:39,200 --> 00:06:40,400 Speaker 1: Of course he's behind the scoop. 142 00:06:40,440 --> 00:06:42,880 Speaker 2: Mark German joining us now to discuss and bring us 143 00:06:42,880 --> 00:06:45,760 Speaker 2: the latest what they're planning new iPad Air, iPad Pro, 144 00:06:45,920 --> 00:06:47,240 Speaker 2: MacBook Air models as well. 145 00:06:47,480 --> 00:06:49,320 Speaker 6: Yeah, Carolin, thank you so much for having me. Yes, 146 00:06:49,360 --> 00:06:51,680 Speaker 6: we have a bunch of new iPads in Max coming 147 00:06:51,680 --> 00:06:54,279 Speaker 6: out in the coming months. These releases are likely to 148 00:06:54,320 --> 00:06:56,960 Speaker 6: have to happen in the March timeframe, so in the spring, 149 00:06:57,080 --> 00:06:59,360 Speaker 6: just a few months from now, a little early on 150 00:06:59,400 --> 00:07:02,560 Speaker 6: the Apple typical product calendar. So there's a few things 151 00:07:02,560 --> 00:07:05,120 Speaker 6: happening here on the iPad side. There's going to be 152 00:07:05,200 --> 00:07:08,800 Speaker 6: a new strategy bigger displays at lower prices, So there's 153 00:07:08,839 --> 00:07:11,320 Speaker 6: going to be two new iPad Air models. These are 154 00:07:11,360 --> 00:07:13,640 Speaker 6: going to have the M two chip that came to 155 00:07:13,680 --> 00:07:15,800 Speaker 6: the iPad Pro at the end of last year, and 156 00:07:15,840 --> 00:07:17,559 Speaker 6: you're going to get a twelve point nine inch screen 157 00:07:17,600 --> 00:07:20,920 Speaker 6: for the first time on a cheaper iPad, so potentially 158 00:07:20,960 --> 00:07:23,720 Speaker 6: spending maybe five to seven hundred dollars less to get 159 00:07:23,720 --> 00:07:27,000 Speaker 6: that almost thirteen inch display a laptop size screen on 160 00:07:27,080 --> 00:07:29,440 Speaker 6: an iPad. And then at the high end new iPad 161 00:07:29,480 --> 00:07:33,080 Speaker 6: pros with O LED screens, new designs, and new external 162 00:07:33,160 --> 00:07:36,200 Speaker 6: keyboards that make the iPad pros function more like laptops. 163 00:07:36,520 --> 00:07:39,520 Speaker 6: And then speaking of laptops, new MacBook Airs coming in 164 00:07:39,560 --> 00:07:42,680 Speaker 6: the spring, new thirteen inch and fifteen inch models. So 165 00:07:42,800 --> 00:07:45,280 Speaker 6: the MacBook Air updated for the first time on the 166 00:07:45,320 --> 00:07:48,640 Speaker 6: thirteen size after year and a half, the fifteen inch 167 00:07:48,680 --> 00:07:51,440 Speaker 6: model being updated about after nine months, and the big 168 00:07:51,520 --> 00:07:54,120 Speaker 6: change there moving from the M two chip to the 169 00:07:54,240 --> 00:07:56,880 Speaker 6: M three chip that came to the MacBook Pro and 170 00:07:56,920 --> 00:07:58,280 Speaker 6: the iMac in October. 171 00:07:58,720 --> 00:08:01,320 Speaker 2: Chips the driving fulls of conversation so far today, Mark, 172 00:08:01,360 --> 00:08:03,960 Speaker 2: I'm interested though regulation is going to be fun incentive 173 00:08:04,040 --> 00:08:06,400 Speaker 2: or for us throughout the show, I'm interested as to. 174 00:08:06,280 --> 00:08:07,559 Speaker 1: What's happening over in the EU. 175 00:08:07,720 --> 00:08:09,840 Speaker 2: Apple, it seems, is managing perhaps to get a carve 176 00:08:09,880 --> 00:08:10,920 Speaker 2: out for its I messaging. 177 00:08:11,080 --> 00:08:13,440 Speaker 6: Yeah, what we reported earlier this morning our colleagues in 178 00:08:13,440 --> 00:08:15,240 Speaker 6: Europe is that there is a carve out in the 179 00:08:15,280 --> 00:08:18,360 Speaker 6: Digital Markets Act where Apple is not going to have 180 00:08:18,480 --> 00:08:22,840 Speaker 6: to make I Message interoperable as part of these new regulations. 181 00:08:22,920 --> 00:08:25,360 Speaker 6: This is an overhaul to how iPhones and iPads will 182 00:08:25,400 --> 00:08:29,080 Speaker 6: function in Europe. But this is super interesting because just 183 00:08:29,080 --> 00:08:31,360 Speaker 6: a couple of weeks ago, Apple announced it's going to 184 00:08:31,400 --> 00:08:35,720 Speaker 6: support OURCS or rich Communications services. This is a Google 185 00:08:35,800 --> 00:08:38,800 Speaker 6: sponsored or something led by Google, prode by Google that 186 00:08:38,920 --> 00:08:42,880 Speaker 6: allows I message to text message, or allows different phones 187 00:08:42,920 --> 00:08:45,640 Speaker 6: iPhones and Android phones to text message on a single 188 00:08:45,679 --> 00:08:50,240 Speaker 6: protocol or network. Apple's adding that essentially making I Message interoperable. 189 00:08:50,600 --> 00:08:52,640 Speaker 6: And it really shows that Apple made the right move here. 190 00:08:52,679 --> 00:08:55,400 Speaker 6: They got ahead of the Digital Markets Act and now 191 00:08:55,440 --> 00:08:57,720 Speaker 6: Europe is letting them off easy on messaging. 192 00:08:58,000 --> 00:09:01,079 Speaker 2: I believe versus a green Markama, thanks so much when 193 00:09:01,080 --> 00:09:03,559 Speaker 2: it comes to all things Apple. Meanwhile, let's talk a 194 00:09:03,600 --> 00:09:06,120 Speaker 2: little bit more about regulation in the European Union more broadly, 195 00:09:06,120 --> 00:09:08,559 Speaker 2: particularly when it comes to AI. Remember, they are racing 196 00:09:08,800 --> 00:09:11,439 Speaker 2: as of today to reach a deal on the world's 197 00:09:11,480 --> 00:09:14,679 Speaker 2: first major set of AI rules. Representaors meeting to try 198 00:09:14,720 --> 00:09:16,959 Speaker 2: and hammer out what's the EU's AI Act. It's actually 199 00:09:17,000 --> 00:09:19,079 Speaker 2: the first was proposed all the way back in twenty 200 00:09:19,080 --> 00:09:22,400 Speaker 2: twenty one, but boy has the technology changed beneath their feet, 201 00:09:22,400 --> 00:09:25,480 Speaker 2: Blue Moost Jillian Deutsche joining us now to really try 202 00:09:25,480 --> 00:09:27,440 Speaker 2: and see whether or not we'll get any sort of 203 00:09:27,520 --> 00:09:30,240 Speaker 2: agreement as of today, because past it it starts to 204 00:09:30,240 --> 00:09:31,280 Speaker 2: get difficult, right. 205 00:09:31,280 --> 00:09:33,199 Speaker 7: Absolutely, you know, this is a really big night and 206 00:09:33,240 --> 00:09:36,200 Speaker 7: possibly very very late night ear and Brussels as we 207 00:09:36,280 --> 00:09:40,280 Speaker 7: see negotiators come together and try to finalize this AI Act, which, 208 00:09:40,280 --> 00:09:42,080 Speaker 7: as you said, Caroline, has been in the work since 209 00:09:42,080 --> 00:09:45,520 Speaker 7: twenty twenty one. While this technology has been moving so fast, 210 00:09:45,640 --> 00:09:48,079 Speaker 7: regulators are trying to keep up, and then to be 211 00:09:48,200 --> 00:09:51,240 Speaker 7: around Generator BI in particular, has really thrown the conversation 212 00:09:51,320 --> 00:09:53,480 Speaker 7: into disarray. Today was supposed to be the day that 213 00:09:53,520 --> 00:09:55,760 Speaker 7: they walk out and easily have some kind of deal, 214 00:09:55,880 --> 00:09:57,439 Speaker 7: but we're I'm actually sure if they will come out 215 00:09:57,440 --> 00:10:00,440 Speaker 7: with one. We have lots of EU countries hereorried about 216 00:10:00,520 --> 00:10:05,559 Speaker 7: uber regulation passibly killing off doabstic competitors to OBANII. I 217 00:10:05,640 --> 00:10:07,680 Speaker 7: mean you also want makers who say this technology is 218 00:10:07,760 --> 00:10:11,720 Speaker 7: just too powerful, too risky to not put clear guardrails around. 219 00:10:11,960 --> 00:10:12,400 Speaker 1: We're going to be. 220 00:10:12,400 --> 00:10:14,840 Speaker 2: Having lots of conversation about the similar sort of discussion 221 00:10:14,880 --> 00:10:18,079 Speaker 2: happening over in Capitol Hill as well. Really the regulation 222 00:10:18,120 --> 00:10:20,240 Speaker 2: front and center. Gillian Deutsch, thank you so much. We'll 223 00:10:20,280 --> 00:10:22,920 Speaker 2: see whether we get a deal later. Let's talk about 224 00:10:23,080 --> 00:10:25,560 Speaker 2: bench capital right now. Shine a spotlight on it as 225 00:10:25,600 --> 00:10:28,400 Speaker 2: we do every day. And America's Frontier Fund or AFF, 226 00:10:28,679 --> 00:10:31,520 Speaker 2: has start to make some of its first startup investments 227 00:10:31,559 --> 00:10:34,320 Speaker 2: through a new VC firm. AFF, which is backed by 228 00:10:34,440 --> 00:10:36,960 Speaker 2: like Sir Peter Teel, Eric Schmidt and others, is a 229 00:10:37,000 --> 00:10:40,040 Speaker 2: non profit investment platform focused on tech breakthroughs. It deems 230 00:10:40,040 --> 00:10:42,800 Speaker 2: to be in the national interest now. The nonprofit sponsors 231 00:10:42,880 --> 00:10:45,800 Speaker 2: VC firms is part of a broader mission to boost 232 00:10:45,880 --> 00:10:48,200 Speaker 2: tech innovation in the United States. One of those is 233 00:10:48,280 --> 00:10:51,959 Speaker 2: road Run Adventure Studios. Now, road Runner co founder president 234 00:10:52,000 --> 00:10:54,880 Speaker 2: Adam Hammer joins us now for more on how you 235 00:10:54,960 --> 00:10:59,160 Speaker 2: are looking to allocate money to disruptive research. You're bringing 236 00:10:59,200 --> 00:11:02,240 Speaker 2: on board, well, your first three companies to join the 237 00:11:02,320 --> 00:11:04,400 Speaker 2: studio to not only get money, which I think you've 238 00:11:04,440 --> 00:11:08,559 Speaker 2: raised not only from New Mexico in particular, but you're 239 00:11:08,559 --> 00:11:11,240 Speaker 2: also looking at basically handholding them through their growth. 240 00:11:11,320 --> 00:11:15,120 Speaker 8: Right, that's right, Caroline. So we're on a mission to 241 00:11:15,200 --> 00:11:19,280 Speaker 8: partner with brilliant scientists, innovators and entrepreneurs to build new 242 00:11:19,320 --> 00:11:23,160 Speaker 8: disruptive companies in America for America. And to your point, 243 00:11:23,280 --> 00:11:26,439 Speaker 8: what's unique about our model is we're not only providing capital, 244 00:11:26,559 --> 00:11:30,679 Speaker 8: we're providing lab space, we're providing product management, talent resources, 245 00:11:30,720 --> 00:11:32,360 Speaker 8: and we're going to make sure that every company we 246 00:11:32,440 --> 00:11:34,440 Speaker 8: build is mapped to a first customer. 247 00:11:35,040 --> 00:11:37,120 Speaker 2: Let's talk about those first customers. Let's think about the 248 00:11:37,120 --> 00:11:40,520 Speaker 2: commercialization of these three companies. Where you've got hydrosonics, you've 249 00:11:40,520 --> 00:11:43,479 Speaker 2: got inadas so, you've got clean tech, you've got biotech, 250 00:11:43,520 --> 00:11:47,640 Speaker 2: you've also got manufacturing with fab Ai. How soon do 251 00:11:47,640 --> 00:11:50,520 Speaker 2: you think these companies will find customer product market fit. 252 00:11:51,520 --> 00:11:53,360 Speaker 8: So we're on a pathway to make sure that each 253 00:11:53,360 --> 00:11:55,880 Speaker 8: of these companies have a first customer within the next year. 254 00:11:56,440 --> 00:11:59,720 Speaker 8: We've built a proprietary method of commercialization here at Roadrunner, 255 00:12:00,080 --> 00:12:02,440 Speaker 8: we have key partners, both in government and in the 256 00:12:02,440 --> 00:12:05,160 Speaker 8: private sector that we work closely with to ask what 257 00:12:05,200 --> 00:12:07,400 Speaker 8: are your hardest problems and how can we be building 258 00:12:07,679 --> 00:12:09,280 Speaker 8: products and companies to solve those. 259 00:12:09,800 --> 00:12:12,199 Speaker 2: What's so interesting is not only your model, but where 260 00:12:12,240 --> 00:12:14,960 Speaker 2: you're based and how you're raising the money. You want 261 00:12:15,000 --> 00:12:18,240 Speaker 2: this studio concept to go outside of New Mexico. Right 262 00:12:18,240 --> 00:12:19,880 Speaker 2: where else would you look? Who have you been having 263 00:12:19,920 --> 00:12:20,520 Speaker 2: discussions with? 264 00:12:21,360 --> 00:12:24,560 Speaker 8: That's right, Karen So, Yes, this movement starts in New Mexico, 265 00:12:24,600 --> 00:12:27,559 Speaker 8: but it certainly won't end here. We're really privileged to 266 00:12:27,600 --> 00:12:31,120 Speaker 8: be part of this long tapestry of innovation and history 267 00:12:31,200 --> 00:12:33,719 Speaker 8: here in New Mexico and building upon it. But we're 268 00:12:33,760 --> 00:12:36,560 Speaker 8: headed national next, so looking at places like New Jersey, 269 00:12:36,960 --> 00:12:40,160 Speaker 8: in North Dakota and Florida, and Tulsa and Texas and 270 00:12:40,240 --> 00:12:42,840 Speaker 8: taking this to different regions and in other areas where 271 00:12:42,880 --> 00:12:46,000 Speaker 8: we feel like there's so many untapped resources that we 272 00:12:46,040 --> 00:12:49,480 Speaker 8: can come in build companies for those local communities and 273 00:12:49,520 --> 00:12:52,680 Speaker 8: make sure that they have that disruptive potential that's important 274 00:12:52,679 --> 00:12:53,880 Speaker 8: for American competitiveness. 275 00:12:54,480 --> 00:12:57,160 Speaker 2: What's interesting is course we named some of the big 276 00:12:57,840 --> 00:13:00,720 Speaker 2: tech players who are behind the nonprofit bit side of 277 00:13:00,800 --> 00:13:03,880 Speaker 2: affrom Thing and Marrig Schmidt, Peter Teel. Of course, this 278 00:13:04,000 --> 00:13:07,160 Speaker 2: is a for profit element. Have you spoken to them 279 00:13:07,280 --> 00:13:09,560 Speaker 2: about some of these allocations, about the companies that you're 280 00:13:09,600 --> 00:13:10,240 Speaker 2: going to be backing. 281 00:13:11,120 --> 00:13:13,200 Speaker 8: Well, we certainly have a lot of supporters Eric of 282 00:13:13,200 --> 00:13:16,360 Speaker 8: course as a friend and mentor whom I used to 283 00:13:16,360 --> 00:13:18,360 Speaker 8: work for. But what we try to do is make 284 00:13:18,400 --> 00:13:20,840 Speaker 8: sure that we have partners both in the venture capital 285 00:13:20,840 --> 00:13:24,480 Speaker 8: community again also in government and in private sector. A 286 00:13:24,520 --> 00:13:27,400 Speaker 8: lot of the technology we're building is critical tech. It's 287 00:13:27,400 --> 00:13:29,880 Speaker 8: again really important for the United States to lead on these, 288 00:13:29,920 --> 00:13:33,880 Speaker 8: both for national security and for American competitiveness. We're making 289 00:13:33,920 --> 00:13:36,720 Speaker 8: sure to share those deals, share what we're building, shop 290 00:13:36,760 --> 00:13:39,440 Speaker 8: at ahead of time with venture capital partners that are 291 00:13:39,520 --> 00:13:41,640 Speaker 8: friends of ours, and make sure that each of these 292 00:13:41,640 --> 00:13:43,560 Speaker 8: companies and founders are lined up for success. 293 00:13:44,080 --> 00:13:47,199 Speaker 2: You, of course previously managing director head of Strategy over 294 00:13:47,240 --> 00:13:50,360 Speaker 2: at Schmidt Futures. You've brought on others that have worked 295 00:13:50,400 --> 00:13:53,920 Speaker 2: at Schmidt Futures, those that have really deep tech knowledge 296 00:13:53,920 --> 00:13:57,840 Speaker 2: in particular places like Amazon and other key companies. Who 297 00:13:57,920 --> 00:13:59,960 Speaker 2: else are you bringing on? What expertise you look at 298 00:14:00,160 --> 00:14:01,880 Speaker 2: at for road Run Adventure Studios. 299 00:14:02,679 --> 00:14:05,520 Speaker 8: It's a great question. We're privileged to have a great 300 00:14:05,559 --> 00:14:09,560 Speaker 8: season team here, particularly folks that have commercialization experience, folks 301 00:14:09,559 --> 00:14:13,360 Speaker 8: that know how to translate deep tech to actually building products, 302 00:14:13,400 --> 00:14:16,720 Speaker 8: which is hard work. So a lot of product management experience, 303 00:14:16,720 --> 00:14:19,760 Speaker 8: a lot of commercialization experience. What talent is core to 304 00:14:19,760 --> 00:14:23,680 Speaker 8: building companies. Plenty of brilliant ideas die on the vine 305 00:14:23,680 --> 00:14:25,320 Speaker 8: if they don't have a champion, if they don't have 306 00:14:25,360 --> 00:14:28,640 Speaker 8: a CEO behind them. So we're building a talent infrastructure 307 00:14:28,640 --> 00:14:31,200 Speaker 8: and have a head of talent that's in studio. What 308 00:14:31,240 --> 00:14:35,400 Speaker 8: we'll be building with is continuing to bring in product managers, 309 00:14:35,400 --> 00:14:38,080 Speaker 8: continue to bring in scientists, and then folks that can 310 00:14:38,080 --> 00:14:40,880 Speaker 8: help us really do the business development around deep tech. 311 00:14:41,280 --> 00:14:43,840 Speaker 2: Road Run Adventure Studios co founder and president Adam Hammer. 312 00:14:44,040 --> 00:14:46,280 Speaker 2: Great to have some thoughts with you today, Thank you 313 00:14:46,360 --> 00:14:48,640 Speaker 2: very much. Indeed, meanwhile, well let's go back to the 314 00:14:48,680 --> 00:14:51,720 Speaker 2: world of AI, because Google is opening access to Gemini 315 00:14:51,960 --> 00:14:55,960 Speaker 2: and what is called its largest and most capable AI model. 316 00:14:56,360 --> 00:14:58,360 Speaker 1: This is as a search shod and because really. 317 00:14:58,120 --> 00:15:00,680 Speaker 2: Trying to catch up here to companies like AI with 318 00:15:00,800 --> 00:15:01,520 Speaker 2: GPT four. 319 00:15:01,760 --> 00:15:02,960 Speaker 1: Now this foot model. 320 00:15:02,760 --> 00:15:06,320 Speaker 2: Has three versions, including one that can run directly on smartphones, 321 00:15:06,320 --> 00:15:09,480 Speaker 2: for example, not just in the data centers. Meanwhile, the 322 00:15:09,520 --> 00:15:12,800 Speaker 2: application of AI is something that tech leaders, civil society, 323 00:15:12,800 --> 00:15:15,680 Speaker 2: advocates of academics are all trying to get their hands 324 00:15:15,720 --> 00:15:18,000 Speaker 2: around in terms of how you regulate it. Actually, on 325 00:15:18,040 --> 00:15:21,040 Speaker 2: Capital this Hill this week, they're all there and they're 326 00:15:21,040 --> 00:15:24,320 Speaker 2: discussing AI's implications, for example, for national security and the 327 00:15:24,320 --> 00:15:28,360 Speaker 2: potential threats posed by this rapidly advancing tools landing. AI 328 00:15:28,440 --> 00:15:31,480 Speaker 2: founder CEO Andrew Young is joining us now, you, of 329 00:15:31,600 --> 00:15:35,120 Speaker 2: course an academic yourself called colsera co founder as well. 330 00:15:35,920 --> 00:15:37,480 Speaker 1: What did you make of the. 331 00:15:37,480 --> 00:15:41,200 Speaker 2: Statements being made up on Capitol Hill with other leaders 332 00:15:41,200 --> 00:15:44,880 Speaker 2: of anthropic for example, and where did it land for those. 333 00:15:44,760 --> 00:15:47,160 Speaker 1: That are trying to regulate it? What was your message today? 334 00:15:48,520 --> 00:15:51,480 Speaker 9: Yea, Damiti just ended twenty minutes ago. I'm actually speaking 335 00:15:52,000 --> 00:15:55,480 Speaker 9: to you from the Senate Russell Halls where we're just 336 00:15:55,520 --> 00:15:58,640 Speaker 9: debating this vigorously for two hours. I feel like there's 337 00:15:58,640 --> 00:16:02,400 Speaker 9: a wide range of opinions, and I think that types 338 00:16:02,440 --> 00:16:06,600 Speaker 9: about AI doomsday scenario are overblown. When I look at 339 00:16:06,640 --> 00:16:09,080 Speaker 9: the common arguments or why AI could lead us to do, 340 00:16:09,280 --> 00:16:11,520 Speaker 9: it comes down to maybe three things one is it 341 00:16:11,560 --> 00:16:13,840 Speaker 9: could happen. We're not sure how, but it could happen, 342 00:16:13,920 --> 00:16:18,480 Speaker 9: and you can't disprove a negative. You can't prove a negative. Second, 343 00:16:18,520 --> 00:16:20,440 Speaker 9: a is a Peth authority. Some other people think it 344 00:16:20,440 --> 00:16:23,200 Speaker 9: could happen, so let's worry about that. And then lastly, 345 00:16:23,360 --> 00:16:26,720 Speaker 9: I think AI is a fantastic productivity too. And so 346 00:16:26,760 --> 00:16:29,600 Speaker 9: there's some arguments that if someone wants to do something 347 00:16:29,600 --> 00:16:32,520 Speaker 9: malicious that a productivity to could help them, But I 348 00:16:32,520 --> 00:16:35,280 Speaker 9: feel it was still falling short in terms of quantifying 349 00:16:35,560 --> 00:16:39,440 Speaker 9: what really are the realisticrets and just because of productivity 350 00:16:39,440 --> 00:16:42,400 Speaker 9: to may help someone do something bad. You know, how 351 00:16:42,440 --> 00:16:45,080 Speaker 9: should we think about regulating productivity tools? 352 00:16:45,640 --> 00:16:49,360 Speaker 2: So you're almost trying to take out, draw out rationalize 353 00:16:49,520 --> 00:16:53,040 Speaker 2: some of the so called hype around the doom of AI. 354 00:16:53,280 --> 00:16:56,080 Speaker 2: But at the same time, how do you practically think 355 00:16:56,240 --> 00:16:58,040 Speaker 2: the US And indeed, as we wait for the E 356 00:16:58,280 --> 00:17:01,360 Speaker 2: potentially to have some sort of initial on the EUAI Act, 357 00:17:01,800 --> 00:17:04,960 Speaker 2: how will regulation take form? Do they have to regulate 358 00:17:05,000 --> 00:17:08,399 Speaker 2: the foundational models or should they only regulate the application 359 00:17:08,520 --> 00:17:08,879 Speaker 2: of AI? 360 00:17:10,400 --> 00:17:13,400 Speaker 9: I think that was a great insight. One thing that's 361 00:17:13,440 --> 00:17:16,440 Speaker 9: important to note about AI is a general purpose technology, 362 00:17:16,520 --> 00:17:19,160 Speaker 9: meaning it's useful for so many different things, from copy 363 00:17:19,280 --> 00:17:22,680 Speaker 9: editing and chatting with people to answering questions the customer support, 364 00:17:23,080 --> 00:17:26,159 Speaker 9: and so regulating the core technology is very difficult to me. 365 00:17:26,320 --> 00:17:29,639 Speaker 9: Regulating the core technology makes as much sense as regulating 366 00:17:29,840 --> 00:17:32,160 Speaker 9: high powered electric motors, which could be used to all 367 00:17:32,160 --> 00:17:34,720 Speaker 9: sorts of things. But once you take that electric motor 368 00:17:34,800 --> 00:17:39,080 Speaker 9: and turn it into a electric vehicle or blender, you 369 00:17:39,200 --> 00:17:41,520 Speaker 9: can think about whether the rest of the applications the 370 00:17:41,600 --> 00:17:44,639 Speaker 9: car or the blender. When you take this AI technology 371 00:17:44,680 --> 00:17:46,840 Speaker 9: and you build it into medical device, let's make sure 372 00:17:47,040 --> 00:17:49,280 Speaker 9: the medical device is safe. You take AI and put 373 00:17:49,280 --> 00:17:51,320 Speaker 9: in the self driving car, let's make sure the self 374 00:17:51,400 --> 00:17:54,440 Speaker 9: driving cars safe. But I worry that we put owner's 375 00:17:54,520 --> 00:17:57,920 Speaker 9: regulation on the technology rather than the regulation, then we're 376 00:17:58,000 --> 00:18:01,040 Speaker 9: slowing down the hundreds of thousand and maybe even more 377 00:18:01,280 --> 00:18:04,520 Speaker 9: beneficial applications that we could and should be using AI for. 378 00:18:05,520 --> 00:18:08,879 Speaker 2: I mean, we turn to you because of the expertise 379 00:18:08,920 --> 00:18:11,720 Speaker 2: that you not only have at Stanford University as an academic, 380 00:18:11,800 --> 00:18:14,480 Speaker 2: but also as an innovator in and of yourself and 381 00:18:14,960 --> 00:18:19,159 Speaker 2: funding innovations with landing AI for example, I'm interested in 382 00:18:19,200 --> 00:18:22,160 Speaker 2: whether you think innovation thus far is being stifled by 383 00:18:22,680 --> 00:18:26,320 Speaker 2: pre enting regulation that isn't actually there because companies are 384 00:18:26,320 --> 00:18:28,840 Speaker 2: having to get on advice, they are turning to consultants, 385 00:18:28,840 --> 00:18:31,680 Speaker 2: they are trying to sort of ensure that they're building 386 00:18:31,720 --> 00:18:34,360 Speaker 2: in the right way ahead of any real rules coming 387 00:18:34,400 --> 00:18:34,920 Speaker 2: into place. 388 00:18:36,480 --> 00:18:40,280 Speaker 9: Yeah, the AI regulation space has been remarkable, with a 389 00:18:40,320 --> 00:18:44,560 Speaker 9: lot of fears about long term harms, even extinction risk. 390 00:18:44,600 --> 00:18:46,679 Speaker 9: And today one of the things that was discussed was 391 00:18:47,000 --> 00:18:49,720 Speaker 9: to ask not what do you think are the risk 392 00:18:49,720 --> 00:18:52,760 Speaker 9: of something leading to do, but whether your hopes for AI, 393 00:18:52,880 --> 00:18:54,760 Speaker 9: what do you think are the adser that AI will 394 00:18:54,960 --> 00:18:58,120 Speaker 9: need to much better future for everyone? And a lot 395 00:18:58,160 --> 00:19:01,320 Speaker 9: of us, including me gave Esmans, I think AI has 396 00:19:01,760 --> 00:19:04,600 Speaker 9: over seventy percent churns of building, letting us build a 397 00:19:04,680 --> 00:19:08,600 Speaker 9: much better world, and then regulation to hold us back 398 00:19:08,640 --> 00:19:11,160 Speaker 9: from that would be a problem. One of the things 399 00:19:11,160 --> 00:19:14,040 Speaker 9: that was discussed a lot was the concern of regulatory capture. 400 00:19:14,440 --> 00:19:16,760 Speaker 9: And I think there's actually one way to regulate to 401 00:19:16,880 --> 00:19:20,760 Speaker 9: avoid favoring bag tech companies while cyping innovation from startups, 402 00:19:20,800 --> 00:19:23,520 Speaker 9: and that is to take a tiered risks approach to 403 00:19:23,560 --> 00:19:26,800 Speaker 9: AI would regulate the more risky things. And I think 404 00:19:26,840 --> 00:19:28,960 Speaker 9: that if you're a social media company with one hundred 405 00:19:29,000 --> 00:19:32,720 Speaker 9: million users. Well, that has higher disinformation risk than a 406 00:19:32,760 --> 00:19:35,399 Speaker 9: small message wark with just one hundred users. So let's 407 00:19:35,640 --> 00:19:38,479 Speaker 9: regulate companies with a bigger reach more that allows us 408 00:19:38,480 --> 00:19:41,760 Speaker 9: to protect citizens while also avoiding regulatory capture. 409 00:19:42,359 --> 00:19:45,480 Speaker 2: Andrew, who's just come out of that meeting. We thank 410 00:19:45,520 --> 00:19:47,679 Speaker 2: you so much for spending some more time with us. 411 00:19:47,720 --> 00:19:50,960 Speaker 2: Of course, your landing AI founder, your co founder car Sarah, 412 00:19:51,040 --> 00:19:52,679 Speaker 2: and of course you're up on Capitol Hill at that 413 00:19:52,760 --> 00:19:55,960 Speaker 2: AI forum, Andrew, and we thank you meanwhile, Well, that 414 00:19:56,200 --> 00:19:58,680 Speaker 2: does it for a rather shortened edition of bloombag Technology. 415 00:19:58,760 --> 00:20:01,480 Speaker 2: We race through our whole most of types of conversations 416 00:20:01,520 --> 00:20:04,200 Speaker 2: around AI. Of course, do not miss that all important 417 00:20:04,640 --> 00:20:07,280 Speaker 2: interview that Ed has with Lisa Su of a m 418 00:20:07,359 --> 00:20:08,360 Speaker 2: D a little bit later, and. 419 00:20:08,359 --> 00:20:09,560 Speaker 1: Don't miss our podcast. 420 00:20:09,920 --> 00:20:11,639 Speaker 2: You can get it of course on Apple, Spotify and 421 00:20:11,720 --> 00:20:14,359 Speaker 2: iHeart this is Bloomberg Technology.