WEBVTT - Musk's Tesla Factory Closures, X Possibly Going Public 0:00:01.360 --> 0:00:05.680 This is Bloomberg Business Wait inside from the reporters and 0:00:05.880 --> 0:00:09.479 editors who bring you America's most trusted business magazine, plus 0:00:09.520 --> 0:00:13.680 global business finance and tech news. The Bloomberg Business Week 0:00:13.720 --> 0:00:19.000 Podcast with Carol Messer and Tim Stenebeck from Bloomberg Radio. 0:00:20.120 --> 0:00:22.200 So let's talk a bit about Tesla at its highest today, 0:00:22.200 --> 0:00:24.480 shares up about one point six percent, stuck pretty much 0:00:24.800 --> 0:00:26.799 unchanged on the day, but there was a flurry of 0:00:26.840 --> 0:00:32.200 news on the company decliners. Sorry, it's up point zero 0:00:32.240 --> 0:00:34.800 four percent. You can always hope we still have one 0:00:35.479 --> 0:00:40.080 about half an hour ago. Never Tesla, all right. So 0:00:40.120 --> 0:00:43.519 among the stories on Tesla and Elon, Tesla deliveries sliding. 0:00:43.640 --> 0:00:46.760 Bill Ackman telling CNBC today he would be interested in 0:00:46.800 --> 0:00:50.239 a deal to take Elon Musk's ex Corp public, but 0:00:50.280 --> 0:00:52.120 he said he hasn't talked to Elon yet. And then 0:00:52.159 --> 0:00:54.720 there's you know, maybe he wasn't watching the Jet Chiefs 0:00:54.760 --> 0:00:56.480 game and looking at for Taylor shift. Maybe he was 0:00:56.520 --> 0:00:57.560 doing something else last night. 0:00:57.600 --> 0:01:02.200 Tim, Yeah, he livestream himself playing through Diablo Dungeon late 0:01:02.280 --> 0:01:04.280 last night. It's a test of his social network's ability 0:01:04.280 --> 0:01:05.880 to handle game streaming. Did it go better than his 0:01:06.000 --> 0:01:07.080 visit to the border last week. 0:01:07.920 --> 0:01:09.840 Good question, good question, All right, So what does it 0:01:09.880 --> 0:01:11.680 all mean for the company and the priorities of its 0:01:11.920 --> 0:01:14.600 ever evolving and news generating leader. With that, returned to 0:01:14.640 --> 0:01:17.600 Bloomberg News EV reporter Sean o'caine on the phone out 0:01:17.600 --> 0:01:19.440 there in Austin, Texas, and then right here in our 0:01:19.480 --> 0:01:23.119 interactive broker studio, Bloomberg Business Wee columnist Max Chapkin. Let's 0:01:23.120 --> 0:01:25.759 get to the kind of news news, and that is 0:01:25.800 --> 0:01:28.399 the Tesla deliveries. Sean, what can you tell us about 0:01:28.400 --> 0:01:31.200 the news? And I thought Tesla had telegraphed. 0:01:30.680 --> 0:01:34.520 A lot of this, and I think the question was 0:01:34.520 --> 0:01:37.360 really just, you know, how big of a slowdown were 0:01:37.400 --> 0:01:40.080 they going to encounter? And I think, you know, we 0:01:40.240 --> 0:01:43.440 just we really saw that impact today. They did a 0:01:43.480 --> 0:01:47.760 pretty big changeover in China by getting that facility ready 0:01:47.760 --> 0:01:51.240 to produce what is not a dramatically new version of 0:01:51.280 --> 0:01:55.480 the Model three, but certainly something that required some downtime 0:01:55.520 --> 0:01:57.640 to get new tooling in. And they've also had some 0:01:57.720 --> 0:02:00.400 downtime here in Austin as they have been getting things 0:02:00.440 --> 0:02:04.240 ready to start production of the cyber truck. So you know, 0:02:04.280 --> 0:02:06.320 I think you're right they telegraphed it. I think it 0:02:06.400 --> 0:02:08.280 was just a little bit of surprise to Wall Street, 0:02:08.320 --> 0:02:10.600 maybe not to Tesla. How much of a miss it 0:02:10.639 --> 0:02:11.160 was sewn? 0:02:11.160 --> 0:02:12.519 You said cyber truck. So I got to ask you 0:02:12.560 --> 0:02:16.720 about the cyber truck. Sure, this thing was unveiled years ago. 0:02:17.760 --> 0:02:19.919 Is it actually going to start production in the fourth 0:02:20.000 --> 0:02:20.639 quarter this year? 0:02:22.800 --> 0:02:25.120 We well, I mean, you never know what Tesla, right, 0:02:25.160 --> 0:02:27.160 but yeah, I think we're probably going to see some 0:02:27.280 --> 0:02:29.760 limited production. I mean, even Elon Musk has said that 0:02:29.800 --> 0:02:31.160 they're not going to start They're not going to be 0:02:31.200 --> 0:02:35.359 in volume production for this thing until next year at 0:02:35.400 --> 0:02:38.200 some point. But we're seeing a lot of signs that 0:02:38.240 --> 0:02:41.120 they're actually getting close to that. There are some, you know, 0:02:41.919 --> 0:02:46.000 people who follow the company really closely, investors or fans 0:02:46.040 --> 0:02:48.080 who have been flying drones over the factory here in 0:02:48.120 --> 0:02:51.400 Austin who have seen some crash tested cyber trucks. We've 0:02:51.440 --> 0:02:53.920 seen some sort of you know, what they call release candidates, 0:02:53.919 --> 0:02:56.639 which is pretty close to production quality driving out in 0:02:56.639 --> 0:02:58.639 the wild. So that they're doing crash tests is a 0:02:58.639 --> 0:03:01.840 pretty good sign that they feel comfortable with the level 0:03:01.840 --> 0:03:04.000 that they're at and they're ready to start maybe shipping 0:03:04.000 --> 0:03:05.760 some of them soon, even if they are missing the 0:03:06.400 --> 0:03:09.239 third quarter target that they the most recent headline they've 0:03:09.240 --> 0:03:09.880 given themselves. 0:03:10.000 --> 0:03:11.880 All right, not to shame on toddlers, but sometimes it 0:03:11.880 --> 0:03:14.079 feels like watching Elon is like watching a toddler. He's 0:03:14.080 --> 0:03:17.160 the kind of all over the place. So Max Chafkin, 0:03:17.240 --> 0:03:19.040 come on in on here. We've got you know, the 0:03:19.040 --> 0:03:23.160 delivery news. We've got Bill Ackman out there on CNBC. 0:03:23.440 --> 0:03:27.600 Maybe I don't know regarding X. And then you've got 0:03:27.600 --> 0:03:30.400 Elon Musk late last night streaming. How do you think 0:03:30.400 --> 0:03:30.959 about him? 0:03:31.360 --> 0:03:34.920 Well, so I am not a Diablo expert. All I 0:03:34.960 --> 0:03:40.480 can say is that you know, for months Twitter now, 0:03:40.600 --> 0:03:42.800 the company now known as X, has been you know, 0:03:42.920 --> 0:03:45.480 trying to find ways to justify itself, trying to find 0:03:45.480 --> 0:03:50.080 ways to essentially turn the company around, turn perceptions about 0:03:50.080 --> 0:03:54.360 the company around, both among advertisers and users. And I 0:03:54.440 --> 0:03:59.040 think that is the most important asset that the company 0:03:59.080 --> 0:04:02.920 has is Elon muh skin, Elon Musk's own feed and 0:04:03.000 --> 0:04:06.840 so logging on to X to live stream a video 0:04:06.880 --> 0:04:11.000 game as he did the other night, or going to 0:04:11.040 --> 0:04:12.720 the border in Texas as he did on for I 0:04:12.760 --> 0:04:16.640 believe he's on Friday and sort of trying to, you know, 0:04:16.680 --> 0:04:21.000 do kind of like a weird political magazine things. It's 0:04:21.040 --> 0:04:24.760 all about just finding ways to again, to change the 0:04:24.839 --> 0:04:27.880 narrative here. I don't think it's totally clear that it's working, 0:04:27.920 --> 0:04:31.200 although the company definitely wants to. We have Linda Yakarino 0:04:31.760 --> 0:04:34.479 set to meet with bankers later in the week, and 0:04:34.560 --> 0:04:37.560 of course this kind of long running question about how 0:04:37.600 --> 0:04:39.760 long it's going to take for advertisers to to sort 0:04:39.800 --> 0:04:41.400 of come back in big numbers. 0:04:41.480 --> 0:04:45.560 But Max, is there any indication that he's built a 0:04:45.640 --> 0:04:48.880 viable business now that he's let so many people go 0:04:48.960 --> 0:04:51.560 and change the product so much since he took it private. 0:04:51.800 --> 0:04:53.760 Well, I think it's possible. You know, the other day, 0:04:53.920 --> 0:04:54.240 like are. 0:04:54.120 --> 0:04:55.680 We putting the cart before the horse here with talking 0:04:55.680 --> 0:04:56.880 about taking this company public. 0:04:57.680 --> 0:05:00.520 The most important asset that, as I said, you know, 0:05:00.640 --> 0:05:03.360 the most important asset this company has is Elon Musk's following. 0:05:03.480 --> 0:05:06.440 As we know, you know, Elon Musk is amazing at 0:05:06.440 --> 0:05:10.760 getting public market investors to put money into speculative investments. 0:05:10.800 --> 0:05:13.080 Here we are talking about the cyber truck, this thing that, 0:05:13.160 --> 0:05:17.280 as you said, is years years delayed, and investors are 0:05:17.320 --> 0:05:20.520 still sort of you know okay with it. So from 0:05:20.560 --> 0:05:23.320 from Bill Ackman's point of view. From Acman, of course, 0:05:23.360 --> 0:05:26.760 is basically has this investment vehicle that's a lot like 0:05:26.760 --> 0:05:29.600 an IPO. He needs a candidate company. If he were 0:05:29.640 --> 0:05:33.200 somehow able to persuade Elon Musk to you know, work 0:05:33.240 --> 0:05:36.240 with him on a on a spark deal, it's called 0:05:36.240 --> 0:05:38.440 a spark. It's basically a lot like an IPO or 0:05:38.480 --> 0:05:41.599 somewhere between an IPO and a spack. And if you 0:05:41.600 --> 0:05:44.280 were able to persuade Elon Musk to stay as CEO, 0:05:44.680 --> 0:05:47.440 that would probably you know, go over well with with 0:05:47.520 --> 0:05:51.799 public market shareholders. There still are a lot of right. 0:05:51.680 --> 0:05:55.960 Yes, yeah, Hey, Sean, I do wonder too in terms 0:05:55.960 --> 0:05:57.600 of there's always I feel like when we talk about 0:05:57.600 --> 0:05:59.800 Elon that he's got his hands into many pots. Although 0:05:59.800 --> 0:06:01.680 he's seems to do well with it, but there is 0:06:01.720 --> 0:06:04.200 always that point when there's maybe some concerns it's like, well, 0:06:04.240 --> 0:06:06.760 wait a minute, maybe he's just doing too much. What 0:06:06.800 --> 0:06:10.159 are investors, you know, thinking about how Tesla kind of 0:06:10.160 --> 0:06:12.440 longer term in terms of where it's going is it's 0:06:12.480 --> 0:06:13.320 still on track. 0:06:15.320 --> 0:06:19.040 I mean, I think there's always questions from some investors 0:06:19.080 --> 0:06:23.479 about succession planning and sort of the roadmap. You know, 0:06:23.520 --> 0:06:26.800 I think it'll be really interesting to see if those 0:06:26.880 --> 0:06:30.400 questions resurface in any sort of tangible way on this 0:06:30.480 --> 0:06:32.520 call later this month, as they had discussed the third 0:06:32.600 --> 0:06:34.720 quarter results, because this is going to be the first 0:06:34.760 --> 0:06:37.960 one since we find out that the CFO, Zach Kirkhorn, 0:06:38.120 --> 0:06:39.839 is leaving, and that's one of the big sort of 0:06:39.920 --> 0:06:42.760 questions hanging over the company right now and over the 0:06:42.800 --> 0:06:44.960 last couple of weeks, is what are the circumstances of 0:06:45.000 --> 0:06:49.160 that departure. Zach is someone who was making promises that, 0:06:49.279 --> 0:06:50.920 you know, Chris Margins were going to stay at a 0:06:50.960 --> 0:06:53.599 certain level and that you know, all the price cuts 0:06:53.600 --> 0:06:55.840 earlier this year really weren't going to eat into the business, 0:06:55.839 --> 0:06:58.680 and then that wound up actually not being exactly the case, 0:06:58.720 --> 0:07:01.240 and then a couple months later he's out saying he's 0:07:01.279 --> 0:07:03.440 out the door. So I think there are you know, 0:07:03.680 --> 0:07:06.000 maybe more than recently, over the last couple of months 0:07:06.400 --> 0:07:08.240 or a year or so, we're probably going to hear 0:07:08.279 --> 0:07:11.560 more of those questions about it. But you know, broadly, 0:07:12.000 --> 0:07:15.000 I don't think we see too much too much doubt 0:07:15.120 --> 0:07:18.320 in the in the outlook for them, because they the 0:07:18.400 --> 0:07:21.000 stock still sort of holds, and they've been able to 0:07:21.040 --> 0:07:24.360 deliver the vehicles that they have on the road in 0:07:24.480 --> 0:07:28.080 pretty pretty sizable numbers, right especially this year. 0:07:28.200 --> 0:07:30.080 Yeah, hey, Sean, give me like thirty seconds on the 0:07:30.120 --> 0:07:34.040 cyber truck here, because this thing is really important for Tesla, 0:07:34.080 --> 0:07:36.320 and it's entering a market that's dominated by Ford and 0:07:36.360 --> 0:07:39.040 GM that you know, Japanese automakers have tried to enter 0:07:39.200 --> 0:07:40.760 and dominate and they've failed. 0:07:42.160 --> 0:07:44.720 It's it's really a great unknown. I mean, there clearly 0:07:44.760 --> 0:07:46.360 seems to be a lot of interest. How much of 0:07:46.400 --> 0:07:48.920 that is just people liking to joke about how they 0:07:48.960 --> 0:07:52.560 have a pre order in for it or not is 0:07:52.960 --> 0:07:56.160 kind of hard to tell. But there's so much that 0:07:56.200 --> 0:07:58.120 we don't know about it. We don't really know the 0:07:58.160 --> 0:08:00.760 final base price because that's obviously going to be going 0:08:00.840 --> 0:08:04.200 up by the company's owned admission. We don't know, you know, 0:08:04.600 --> 0:08:06.480 how well it's going to perform in these crash tests. 0:08:06.560 --> 0:08:10.240 Deal is pretty heavy and pretty rigid compared to the 0:08:10.280 --> 0:08:12.360 cars that we're used to these days that crumple up 0:08:12.360 --> 0:08:14.640 pretty easily. To be able to displace all that energy, 0:08:15.280 --> 0:08:17.200 I'm sure Elon Musk would say, hey, look, we've got 0:08:17.240 --> 0:08:20.400 autopilot and maybe full self driving down the road, We're 0:08:20.400 --> 0:08:22.680 not going to need that, but I think there's just 0:08:22.720 --> 0:08:24.240 a lot we need to know. And that's one of 0:08:24.240 --> 0:08:27.800 the reasons that this delivery event, whenever it happens, is 0:08:27.840 --> 0:08:29.680 going to be so key to watch. How much more 0:08:29.680 --> 0:08:30.560 information do we get? 0:08:30.600 --> 0:08:31.520 Got about thirty five? 0:08:31.560 --> 0:08:33.760 Yeah, and there's also the question of demand. I mean, 0:08:33.960 --> 0:08:36.640 you know, going back six months or so, we were 0:08:36.640 --> 0:08:40.920 talking a lot about our Tesla buyers getting tired of 0:08:40.960 --> 0:08:43.160 Elon's antics. Is there is there demand for these things? 0:08:44.080 --> 0:08:47.440 Price cuts, these these massive price cuts on the Model 0:08:47.480 --> 0:08:51.120 three and Model Y in particular, have clearly helped address 0:08:51.160 --> 0:08:52.599 that problem, if it even was a problem. But the 0:08:52.640 --> 0:08:55.000 cyber truck presents, you know, a new challenge, right. This 0:08:55.080 --> 0:08:58.640 is a very very different looking car, a very different 0:08:58.679 --> 0:09:01.520 car from what the average truck buyer is into. And 0:09:01.559 --> 0:09:05.080 it's not clear that the combination of video games and 0:09:05.120 --> 0:09:08.880 weighing in on immigration policy is necessarily the best way 0:09:08.920 --> 0:09:10.280 to reach you know, the average. 0:09:09.960 --> 0:09:12.199 Truck buyer, but it's pretty normal for you, you. 0:09:12.200 --> 0:09:15.160 Look, definitely the best way to reach you on FAM 0:09:15.920 --> 0:09:16.320 all right. 0:09:16.200 --> 0:09:18.719 Gotta leave it there. Our thanks to Sean Okay in 0:09:18.720 --> 0:09:21.080 Bloomberg News EV reporter and of course, Bloomberg Business Wee 0:09:21.080 --> 0:09:22.360 columnist Max Shaftin. 0:09:22.840 --> 0:09:26.400 You're listening to the Bloomberg Business Week podcast. Catch us 0:09:26.440 --> 0:09:29.760 live weekday afternoons from three to six Eastern Listen on 0:09:29.840 --> 0:09:33.880 Bloomberg dot com, the iHeartRadio app, and the Bloomberg Business app, 0:09:34.160 --> 0:09:36.440 or watch us live on YouTube. 0:09:37.200 --> 0:09:38.800 All right, So, Tim, we've been talking a lot about 0:09:38.800 --> 0:09:42.320 this conversation that Jamie Diamond had with Bloomberg originals Emily 0:09:42.440 --> 0:09:46.480 Chang that over the next generation, AI, artificial intelligence is 0:09:46.520 --> 0:09:49.120 going to have a profound impact not just on the 0:09:49.160 --> 0:09:51.160 way we work, but also in a big way on 0:09:51.200 --> 0:09:51.520 our health. 0:09:51.600 --> 0:09:53.320 Yeah, here's what he said. Your children are going to 0:09:53.360 --> 0:09:56.400 live to one hundred and not have cancer because of technology, 0:09:56.640 --> 0:09:58.880 and literally they'll probably be working three and a half 0:09:58.960 --> 0:10:02.320 days a week, lived to one hundred, a world without cancer, 0:10:03.080 --> 0:10:04.520 three and a half day work weeks. 0:10:04.600 --> 0:10:05.120 Sign me up. 0:10:05.160 --> 0:10:06.200 Yeah sounds pretty great, right. 0:10:06.240 --> 0:10:07.679 All right, So let's see what our next guest has 0:10:07.679 --> 0:10:09.760 to say about the role AI will play in our health. 0:10:09.760 --> 0:10:13.280 Michael Dolling back with US president and CEO at Northwell Health, 0:10:13.360 --> 0:10:16.280 you know, the largest healthcare provider in New York. The 0:10:16.320 --> 0:10:19.400 Northwell System, treating over two million New Yorkers each year 0:10:19.440 --> 0:10:22.640 at twenty one hospitals eight hundred and ninety outpatient facilities. 0:10:22.880 --> 0:10:24.920 Michael Dowling joining us on the phone from Long Island 0:10:24.960 --> 0:10:27.800 this afternoon. Michael, it is great to be talking with 0:10:27.880 --> 0:10:31.240 you and not necessarily focused on the pandemic. So nice 0:10:31.240 --> 0:10:34.480 to be back with you once again. AI. You guys 0:10:34.520 --> 0:10:39.400 are hosting your annual Constellations forum that focuses on AI 0:10:39.440 --> 0:10:42.679 and healthcare Constellation Forum, I should say, And you are 0:10:42.720 --> 0:10:46.000 focusing on AI and healthcare. How are you guys and 0:10:46.040 --> 0:10:49.080 putting this together? Thinking about artificial intelligence, which is not 0:10:49.160 --> 0:10:51.959 a new science. You're actually on Zoom, so good to 0:10:51.960 --> 0:10:55.680 see you on camera. Yeah, tell us a little bit 0:10:55.679 --> 0:10:56.120 about well. 0:10:56.120 --> 0:10:58.600 I mean, as you just mentioned, is not new. 0:10:59.200 --> 0:11:04.280 The ability of it, the accelerated capability of it has 0:11:04.320 --> 0:11:06.880 been enhanced dramatically over the last couple of years, and 0:11:06.920 --> 0:11:09.920 that will continue and it's going to be an integral 0:11:09.920 --> 0:11:12.000 part of whatever everything that. 0:11:11.920 --> 0:11:15.040 We do going forward. So we have to decide. The 0:11:15.080 --> 0:11:17.520 big decision point for me is deciding what is it 0:11:17.559 --> 0:11:20.440 good for and what is it not so good for? 0:11:20.920 --> 0:11:23.160 And I think we will be going through that analysis 0:11:23.160 --> 0:11:27.120 for quite a time because it provides extraordinary opportunity to 0:11:27.200 --> 0:11:33.000 improve clinical care, improve diagnosis, analyze data. But it also 0:11:33.120 --> 0:11:37.080 brings with it some potential dangers. You don't want the 0:11:37.280 --> 0:11:41.640 machine brain to outpace the human brain so that the 0:11:41.760 --> 0:11:44.240 human brain can't figure out what the machine brain is 0:11:44.280 --> 0:11:46.880 doing to you. Okay, is something we have to be very, 0:11:46.960 --> 0:11:47.480 very careful. 0:11:47.559 --> 0:11:50.600 Let's talk about the pluses before we get into the 0:11:50.600 --> 0:11:53.440 potential dark side here, which sounds like, you know, something 0:11:53.480 --> 0:11:55.480 out of a sci fi movie. What do you make 0:11:55.520 --> 0:11:58.360 of what what Jamie Diamond said earlier today? Your children 0:11:58.400 --> 0:11:59.760 are going to lift to one hundred and not have 0:11:59.800 --> 0:12:03.640 care answer because of AI technology. Is that is that true? 0:12:03.800 --> 0:12:05.760 I want I want to live to be one hundred, folks. 0:12:06.080 --> 0:12:06.720 That's what we were. 0:12:06.600 --> 0:12:09.760 Talking about earlier, me too here here, But is that 0:12:09.800 --> 0:12:10.280 where we are? 0:12:10.360 --> 0:12:10.520 Is that? 0:12:10.600 --> 0:12:11.640 Is that an accurate thing to say? 0:12:11.640 --> 0:12:13.040 Do you think we're getting nothing class? 0:12:14.000 --> 0:12:16.560 And I think we just got to be careful not 0:12:16.679 --> 0:12:21.160 to over exaggerate. I think it can have wonderful potential 0:12:21.200 --> 0:12:26.280 to allow us to identify the diseases earlier on, especially 0:12:26.320 --> 0:12:31.559 with the genome sequencing. When you combine them the results 0:12:31.559 --> 0:12:34.480 of the mapping of the human genome. With AI, we 0:12:34.520 --> 0:12:37.240 will be able to predetermine way, way in advance, what 0:12:37.360 --> 0:12:40.560 you potentially could end up having problems with. 0:12:40.720 --> 0:12:43.280 Okay, so then what would you do about it to intervene? 0:12:43.520 --> 0:12:45.360 What would you do about that if you noticed somebody 0:12:45.440 --> 0:12:46.680 was set to get cancer. 0:12:47.440 --> 0:12:50.880 Well, then I think that you've got to determine. The 0:12:50.960 --> 0:12:54.640 clinical leadership has the determine how you intervene, how you 0:12:55.840 --> 0:12:59.040 how you change behavior, saw people act differently, What kind 0:12:59.080 --> 0:13:03.080 of clinical treatment that you have to engage in to 0:13:03.160 --> 0:13:06.280 allow people to live longer a member, In the last 0:13:06.960 --> 0:13:09.840 fifty years or sixty years, we've added about thirty years 0:13:09.840 --> 0:13:14.080 to life as life expectancy back in the nineteen thirties 0:13:14.160 --> 0:13:16.280 was around forty seven to fifty today's were in the 0:13:16.280 --> 0:13:19.040 seventies and eighties, so we've had major progress. 0:13:19.080 --> 0:13:20.400 I do want to push back on this a little 0:13:20.400 --> 0:13:22.199 bit because in recent years we've also seen it come 0:13:22.240 --> 0:13:24.880 down as a result of COVID and drug overdoses. 0:13:25.760 --> 0:13:28.680 Yeah, but that's a temporary thing. I mean that happens. 0:13:28.760 --> 0:13:31.880 You look at the long term trend, not the short terment. 0:13:32.440 --> 0:13:36.400 You know, births in a statistic, it's the long term trend. 0:13:36.920 --> 0:13:39.079 And sure when you have a thing that COVID is 0:13:39.080 --> 0:13:41.040 an increase of mortality, and it does come down a 0:13:41.080 --> 0:13:43.920 little bit, But I don't think that's something that will 0:13:43.960 --> 0:13:45.280 set a prediction for the future. 0:13:45.960 --> 0:13:49.960 What do you believe will be the most significant changes 0:13:50.640 --> 0:13:56.440 in healthcare that helps patients live longer and live a 0:13:56.480 --> 0:14:01.920 better longer life. Watching aging parents, grandparents, it isn't always 0:14:01.960 --> 0:14:04.520 pretty and it's often very difficult. So I would live 0:14:04.559 --> 0:14:06.760 to two hundred as long as I know I'm healthy 0:14:06.800 --> 0:14:08.080 and I can get around. 0:14:08.160 --> 0:14:09.760 Some of your friends were living at two hundred two. 0:14:10.160 --> 0:14:13.640 That would be kind. So how do we how are 0:14:13.720 --> 0:14:14.640 you thinking about that? 0:14:15.160 --> 0:14:18.160 The biggest change in my view, to make those results 0:14:18.800 --> 0:14:22.200 a reality. It goes beyond the delivery of medical care. 0:14:22.920 --> 0:14:26.840 It has to do with lifestyle and behavior, so all 0:14:26.840 --> 0:14:30.240 of the social determinants of health. It has to deal 0:14:30.280 --> 0:14:33.560 with some of the societal issues. I mean, we do 0:14:34.360 --> 0:14:37.040 a great job of taking care of you after you 0:14:37.120 --> 0:14:39.600 get sick, but we have to do a much better 0:14:39.680 --> 0:14:41.440 job of taking care of you before you get sick, 0:14:41.480 --> 0:14:46.040 so you can prolong life. But that involves finding ways 0:14:46.080 --> 0:14:49.160 to get people to improve their own health, but prove 0:14:49.200 --> 0:14:52.560 their own lifestyle. And that's just where AI can also 0:14:52.600 --> 0:14:55.680 be very very helpful to be able to do the 0:14:55.720 --> 0:14:58.080 analytics right, to be able to tell you what people 0:14:58.080 --> 0:15:00.680 should be doing to improve their own cas situations and 0:15:00.800 --> 0:15:02.360 not dependent upon all those old times. 0:15:02.360 --> 0:15:04.640 We'll go back to that idea of genetic mapping, and 0:15:04.800 --> 0:15:07.360 you know, we're born, we get a map and we 0:15:07.480 --> 0:15:10.960 can already see what might be the potential problems. Maybe 0:15:11.000 --> 0:15:13.000 it's hard problems, So then maybe we know from the 0:15:13.080 --> 0:15:15.760 get go that we have an awareness. I think about 0:15:15.840 --> 0:15:18.480 kids who are born, you know, who have you know, 0:15:18.880 --> 0:15:22.600 diabetes from a young age or or different issues if 0:15:22.640 --> 0:15:26.280 you will, you know, from a young age, they that's 0:15:26.320 --> 0:15:31.400 their life and they grow into or grow with that 0:15:31.560 --> 0:15:34.600 problem and just from the get go look at life 0:15:34.600 --> 0:15:36.280 differently in terms of what they eat and what they 0:15:36.320 --> 0:15:38.400 need to do. And I do wonder if we have 0:15:38.520 --> 0:15:42.440 that map from the get go, whether it's removing organs, 0:15:42.520 --> 0:15:45.400 treating things differently, like, I just wonder, can we do 0:15:45.440 --> 0:15:47.720 it better at a much earlier stage. 0:15:47.920 --> 0:15:52.120 Absolutely, I think that you'll be doing genome sequencing of 0:15:52.200 --> 0:15:55.640 all kids within a couple of years in most children's hospitals. 0:15:55.840 --> 0:15:59.360 We are investigating that possibility right now. We have it 0:15:59.480 --> 0:16:03.480 not well as part of our children's hospital, So I 0:16:03.680 --> 0:16:06.280 think that that's where it will start, mostly with children, 0:16:06.720 --> 0:16:08.840 and then I think it will expand to be doing 0:16:08.920 --> 0:16:14.440 genome sequencing with adults. But let's let's be cautious here 0:16:14.560 --> 0:16:18.880 because while it offers wonderful, wonderful potential, we don't fully 0:16:19.000 --> 0:16:22.160 know all of the implications yet, and we don't fully 0:16:22.240 --> 0:16:27.400 understand all of the ethical issues involved. So, you know, 0:16:27.520 --> 0:16:30.920 you find out something about somebody or some family member, 0:16:31.440 --> 0:16:33.840 to what extent do you disclose it, what extent do 0:16:33.880 --> 0:16:37.040 you share it, How should it be shared, and when 0:16:37.040 --> 0:16:39.160 should it be shared? All of these issues have to 0:16:39.200 --> 0:16:42.160 be worked out very very carefully over the next couple 0:16:42.160 --> 0:16:45.200 of years. So the enormous potential is here with the 0:16:45.240 --> 0:16:48.760 combination of genome secuencing and AI, but I think we're 0:16:48.800 --> 0:16:50.840 going to a process over the next couple of years 0:16:50.840 --> 0:16:53.800 to figure out how to make use of it as 0:16:53.800 --> 0:16:58.240 appropriately as we possibly can and not over react, not 0:16:58.280 --> 0:17:00.720 on the react either, but not overreach. A little bit 0:17:00.760 --> 0:17:04.680 of caution is important here here, especially given the situations 0:17:04.720 --> 0:17:08.399 you're seeing with chat chipec, where it produces lots of 0:17:09.200 --> 0:17:12.359 controversial information that's not correct. You cannot be doing that 0:17:12.440 --> 0:17:14.760 in the healthcare sphere. It's just too dangerous. 0:17:14.840 --> 0:17:17.400 But there's something kind of strange happening here where we're 0:17:17.400 --> 0:17:20.560 talking about AI, Carol and what it can do in 0:17:20.600 --> 0:17:22.919 the future, because you know, there's this article in the 0:17:22.920 --> 0:17:26.280 current edition of Bloomberg BusinessWeek about a moxicillin shortage here 0:17:26.280 --> 0:17:27.680 in the US. I mean, we're talking about a drug 0:17:27.680 --> 0:17:30.080 that was discovered more than fifty years ago. And I 0:17:30.160 --> 0:17:34.080 lived this nightmare on Friday when my son was diagnosed 0:17:34.080 --> 0:17:37.200 with an ear infection and the doctor had to spend 0:17:37.400 --> 0:17:41.200 a half hour of her time calling different pharmacies around 0:17:41.240 --> 0:17:45.320 Brooklyn trying to find a ten day supply of antibiotics 0:17:45.359 --> 0:17:48.600 a maxicillan that ended up costing me three dollars and 0:17:48.680 --> 0:17:52.560 sixteen cents when she finally found it. Michael, she wasted 0:17:52.600 --> 0:17:54.480 so much time doing this. How are we talking about 0:17:54.560 --> 0:17:57.520 world where AI helps us live to one hundred but 0:17:57.560 --> 0:17:58.760 we can't get a moxicillin. 0:18:00.440 --> 0:18:02.760 Well, But that's why you've got to be This is 0:18:02.760 --> 0:18:04.399 why you've got to be a little bit cautious. As 0:18:04.440 --> 0:18:07.080 I said, this is why you can automatically assume that 0:18:07.160 --> 0:18:10.119 there's a new technology coming into play that is going 0:18:10.160 --> 0:18:12.640 to just solve everything immediately. There's a lot of other 0:18:12.720 --> 0:18:15.679 issues involved. I mean, one of the biggest changes in 0:18:15.760 --> 0:18:18.080 healthcare is moving more and more health care out into 0:18:18.080 --> 0:18:23.000 the community, expanding ambulatory care, moving stuff out of the hospital, 0:18:23.119 --> 0:18:27.199 be less hospital centric, the whole supply chain issues, the 0:18:27.240 --> 0:18:30.880 whole labor cost issues, all of these things are all 0:18:30.920 --> 0:18:33.479 part of the complete package that you've got to deal with. 0:18:33.720 --> 0:18:37.840 There is no one magic and pure all just because 0:18:37.840 --> 0:18:39.800 you have a new technology, it's how we used it 0:18:39.920 --> 0:18:43.199 that technology in the context of the whole environment that 0:18:43.359 --> 0:18:47.000 makes If we do it right, we'll improve everything. But again, 0:18:47.280 --> 0:18:50.160 things are complicated. Health Care is not a simple business. 0:18:50.160 --> 0:18:54.760 It's much more complex than other businesses. And you know 0:18:55.080 --> 0:18:58.480 there is these days, there is, especially COVID. There's a 0:18:58.520 --> 0:19:02.240 growing mistrust of science. Got it, Michael, We've got to 0:19:02.280 --> 0:19:05.719 rebuild that trust at Michael, we've got to the discovery's work. 0:19:05.960 --> 0:19:08.040 We've got to run. Michael Dowling, of course, CEO at 0:19:08.080 --> 0:19:10.760 Northwell Health, joining us right here on Bloomberg. 0:19:11.960 --> 0:19:15.520 You're listening to the Bloomberg Business Week podcast. Catch us 0:19:15.560 --> 0:19:19.680 live weekday afternoons from three to six Easter on Bloomberg Radio, 0:19:19.800 --> 0:19:23.080 the Bloomberg Business app and YouTube. You can also listen 0:19:23.160 --> 0:19:26.280 live on Amazon Alexa from our flagship New York station, 0:19:26.720 --> 0:19:31.840 Just Say Alexa play Bloomberg eleven thirty from the pandemic. 0:19:31.520 --> 0:19:33.919 Pause on student loan payments that lasted for more than 0:19:33.960 --> 0:19:36.440 three years. It has come to an end, so Tim, 0:19:36.480 --> 0:19:39.360 starting this month, forty million people with outstanding student loan 0:19:39.359 --> 0:19:42.800 payments that collectively exceed more than one point six trillion dollars, 0:19:42.960 --> 0:19:44.479 They're going to have to start repaying them. 0:19:44.680 --> 0:19:47.760 There's a reason our market's guests keep talking about this effectingly. 0:19:47.880 --> 0:19:51.240