1 00:00:12,760 --> 00:00:15,480 Speaker 1: I'm Caroline High and bloom Bugs World headquarters in New York, 2 00:00:15,520 --> 00:00:17,520 Speaker 1: and I made Lovelow, also in New York. This is 3 00:00:17,520 --> 00:00:22,160 Speaker 1: Bloomberg technology coming up all in on AI. Artificial intelligence 4 00:00:22,200 --> 00:00:24,959 Speaker 1: is emerging as the next big investment in Silicon Valley. 5 00:00:25,160 --> 00:00:28,680 Speaker 1: That's Microsoft ways a ten billion dollar investment in the 6 00:00:28,800 --> 00:00:32,879 Speaker 1: chat GPT creator. But Crypto continues to make headlines with 7 00:00:32,960 --> 00:00:36,400 Speaker 1: coin based announcing layoffs and Cameron binkle Bloss pushing for 8 00:00:36,520 --> 00:00:39,760 Speaker 1: the ouster of d c g CEO Barry Silbert and 9 00:00:39,800 --> 00:00:42,959 Speaker 1: a lackluster launched from Virgin Orbit puts on a dent 10 00:00:43,120 --> 00:00:47,960 Speaker 1: into England's first ever space launch. And let's dig into 11 00:00:48,000 --> 00:00:49,639 Speaker 1: that so much more ed because it was the talk 12 00:00:49,680 --> 00:00:51,720 Speaker 1: of the town and talk of the world. There's all 13 00:00:51,760 --> 00:00:55,240 Speaker 1: eyes on whether Microsoft would put such an enormous chunk 14 00:00:55,240 --> 00:00:57,080 Speaker 1: of change to work when it comes to chat GPT. 15 00:00:57,480 --> 00:01:01,640 Speaker 1: Let's talk about it with bloombug Intelligences and run just 16 00:01:01,680 --> 00:01:05,240 Speaker 1: talk us through why Microsoft will put such a significant 17 00:01:05,240 --> 00:01:08,679 Speaker 1: amount of money, yes, distributed over several years. Why go 18 00:01:08,760 --> 00:01:12,480 Speaker 1: into this isn't all about being Oh no, not just 19 00:01:12,520 --> 00:01:14,720 Speaker 1: about being I think it's about every product that they have. 20 00:01:15,120 --> 00:01:17,200 Speaker 1: You know, I would say that you know, everybody's been 21 00:01:17,280 --> 00:01:20,760 Speaker 1: talking about AI for over the decade. We've heard Watson, 22 00:01:21,000 --> 00:01:24,040 Speaker 1: but I think this investment shows that, um, you know, 23 00:01:24,080 --> 00:01:26,759 Speaker 1: it is the season for AI going forward. Because one 24 00:01:26,800 --> 00:01:28,840 Speaker 1: of the things you have is you have a customer 25 00:01:29,120 --> 00:01:31,440 Speaker 1: that is taking your software product, or is you brought 26 00:01:31,440 --> 00:01:33,720 Speaker 1: a software product. Now you've got to give something more 27 00:01:33,800 --> 00:01:37,679 Speaker 1: and return to that particular person to enhance that productivity. 28 00:01:38,040 --> 00:01:40,920 Speaker 1: And AI or you know, natural ligumage processing is one 29 00:01:40,920 --> 00:01:43,679 Speaker 1: way to do it. You know, whether it's tails automation, 30 00:01:43,840 --> 00:01:47,840 Speaker 1: whether it's an email, whether it's office, you can see 31 00:01:47,880 --> 00:01:51,400 Speaker 1: any software backage. Microsoft has um this can enhance the 32 00:01:51,400 --> 00:01:55,800 Speaker 1: productively of that particular applicating and arractive reports suggests that 33 00:01:55,880 --> 00:01:59,560 Speaker 1: this transaction should value open ai it around twenty nine 34 00:01:59,600 --> 00:02:02,240 Speaker 1: billion U S dollars. I points out that both Open 35 00:02:02,280 --> 00:02:05,040 Speaker 1: ai Microsoft declined to comment on the story, which of 36 00:02:05,040 --> 00:02:08,760 Speaker 1: course is based on on Bloomberg sources. Is this chat 37 00:02:08,800 --> 00:02:14,120 Speaker 1: GPT the next big development in global technology? Is this 38 00:02:14,440 --> 00:02:17,079 Speaker 1: going to be the story of the year for your world? 39 00:02:18,720 --> 00:02:20,960 Speaker 1: So I don't think it's just chat GPT. I think 40 00:02:20,960 --> 00:02:25,320 Speaker 1: it's a question of whether there are certain advancements in AI. 41 00:02:25,440 --> 00:02:27,679 Speaker 1: You know, it could be natural language processing, it could 42 00:02:27,680 --> 00:02:30,080 Speaker 1: be vision, it could be other areas as well. You know, 43 00:02:30,120 --> 00:02:32,079 Speaker 1: what can you do with it in your normal day 44 00:02:32,080 --> 00:02:34,120 Speaker 1: to day products. You know, it's not that they're going 45 00:02:34,160 --> 00:02:37,280 Speaker 1: to sell this chack product to you know, somebody as 46 00:02:37,440 --> 00:02:40,200 Speaker 1: as a stand alone thing. But let's imagine that you 47 00:02:40,280 --> 00:02:44,000 Speaker 1: have a you're a salesperson and you're using Microsoft products 48 00:02:44,000 --> 00:02:46,480 Speaker 1: to manage all your sales lead and you walk into 49 00:02:46,520 --> 00:02:49,040 Speaker 1: the office and the and the system tells you that 50 00:02:49,120 --> 00:02:52,120 Speaker 1: your highest probability of closing the deal today is these 51 00:02:52,200 --> 00:02:55,600 Speaker 1: five people. And that's based on a lot of the emails, conversations, 52 00:02:55,639 --> 00:02:59,000 Speaker 1: what's happening outside um. All of those things can enhance 53 00:02:59,080 --> 00:03:02,239 Speaker 1: the value of your your thought with which then you're 54 00:03:02,240 --> 00:03:06,040 Speaker 1: allowed to sell much more than Let's take a competitor, 55 00:03:06,120 --> 00:03:09,919 Speaker 1: whether it's article, let's your push really fascinating as to 56 00:03:09,919 --> 00:03:11,440 Speaker 1: how this is going to be a creative and our 57 00:03:11,480 --> 00:03:14,520 Speaker 1: grandam we thank you was always bring back intelligence. Meanwhile, 58 00:03:14,600 --> 00:03:18,200 Speaker 1: let's dig into whether this is a movement in terms 59 00:03:18,240 --> 00:03:21,200 Speaker 1: of profitability, whether this is some sort of paradigm shift. 60 00:03:21,240 --> 00:03:25,200 Speaker 1: Even Nico nactusers with us is managing director at General Catalyst, 61 00:03:25,280 --> 00:03:27,880 Speaker 1: and you've been quoted as saying just that Nico talking 62 00:03:27,919 --> 00:03:30,200 Speaker 1: about how this might be some sort of new new 63 00:03:30,600 --> 00:03:34,680 Speaker 1: mobile kind of paradigm shift, the move to AI, generative AI. 64 00:03:34,960 --> 00:03:38,800 Speaker 1: Just talk to us about the opportunities you see. Yeah, Hi, 65 00:03:39,320 --> 00:03:41,880 Speaker 1: excited to be here. I has been a lot in 66 00:03:41,920 --> 00:03:45,360 Speaker 1: the news lately for a few reasons. There has been 67 00:03:45,360 --> 00:03:47,800 Speaker 1: a slew of big brave rut in the form of 68 00:03:47,840 --> 00:03:51,280 Speaker 1: foundation models, combined with all the useful demos that we've 69 00:03:51,280 --> 00:03:55,520 Speaker 1: seen recently like TRADGPTY where the profile fixture generators have 70 00:03:55,680 --> 00:03:59,840 Speaker 1: re literally captured the imagination of developers. This developer attempts 71 00:04:00,320 --> 00:04:04,480 Speaker 1: is always a great time of an emerging ecosystem. We're 72 00:04:04,480 --> 00:04:07,040 Speaker 1: saying that all these models are now tracting also a 73 00:04:07,120 --> 00:04:10,000 Speaker 1: different than the larger class of builders, more product people. 74 00:04:10,520 --> 00:04:13,640 Speaker 1: All the previous and reasons of AI and AMAL systems 75 00:04:13,960 --> 00:04:17,559 Speaker 1: before needed a lot of technical expertise that was mostly 76 00:04:17,640 --> 00:04:21,400 Speaker 1: PC students that were a PC folks that were working 77 00:04:21,440 --> 00:04:24,480 Speaker 1: for really big companies in order to create anything useful. 78 00:04:24,560 --> 00:04:28,000 Speaker 1: So now it's very much a question of imagination and 79 00:04:28,160 --> 00:04:30,200 Speaker 1: open AI is one of the few companies that have 80 00:04:30,320 --> 00:04:32,520 Speaker 1: been driving this way, one of the innovation, but we're 81 00:04:32,520 --> 00:04:35,760 Speaker 1: still in the very early days. We at GC are 82 00:04:35,839 --> 00:04:39,599 Speaker 1: seeing a lot of young technical gen z founders want 83 00:04:39,600 --> 00:04:42,000 Speaker 1: to build product for themselves, and oh my god, one 84 00:04:42,040 --> 00:04:44,240 Speaker 1: out of three of them that walked to our office 85 00:04:44,279 --> 00:04:47,240 Speaker 1: are pitching us ideas. Hen Karen and I have had 86 00:04:47,240 --> 00:04:49,839 Speaker 1: a lot of fun with chat GPT in our spare time. 87 00:04:50,000 --> 00:04:51,760 Speaker 1: We get the use cases, but I think we're kind 88 00:04:51,760 --> 00:04:55,120 Speaker 1: of really interested in the business model and the valuation 89 00:04:55,200 --> 00:04:59,160 Speaker 1: here right, the reported valuations for open aie billion dollars, 90 00:04:59,200 --> 00:05:02,279 Speaker 1: but the idea it right is the open AI licenses, 91 00:05:02,520 --> 00:05:06,960 Speaker 1: Chat GPT and the underlying algorithms to developers as a 92 00:05:07,040 --> 00:05:13,720 Speaker 1: venture capitalists, why is this such an attractive potential investment. Look, 93 00:05:13,960 --> 00:05:16,840 Speaker 1: I can't comment you on that particular you know, transaction, 94 00:05:17,160 --> 00:05:20,840 Speaker 1: because I'm mostly spending my time on all things you know, 95 00:05:20,920 --> 00:05:24,280 Speaker 1: early states. But AI indeed the new take part dying 96 00:05:24,440 --> 00:05:28,599 Speaker 1: that we've been waiting for, after mobile, after a cloud, um, 97 00:05:28,920 --> 00:05:31,599 Speaker 1: and it's going to change everything that we know it. 98 00:05:32,480 --> 00:05:37,240 Speaker 1: It's now happening for two major reasons, you know, especially 99 00:05:37,240 --> 00:05:39,760 Speaker 1: for all things generative. A. I. The output of these 100 00:05:39,800 --> 00:05:42,760 Speaker 1: models can have very clear practical applications. If you're a 101 00:05:42,760 --> 00:05:45,720 Speaker 1: creative person, for example, now you can have this set 102 00:05:45,760 --> 00:05:48,960 Speaker 1: of superintelligence that can help you have ideas, pat up 103 00:05:48,960 --> 00:05:52,320 Speaker 1: your work, and generally help you be more creative and productive, 104 00:05:52,360 --> 00:05:55,000 Speaker 1: so you can see results right away. You can produce 105 00:05:55,040 --> 00:05:57,800 Speaker 1: a new blog cost and your creative campaign with images 106 00:05:57,839 --> 00:06:01,279 Speaker 1: really quickly and triply. Um You can also interact with 107 00:06:01,320 --> 00:06:03,960 Speaker 1: these AI models and natural language. You don't need to 108 00:06:04,040 --> 00:06:07,719 Speaker 1: learn some complex computer applications to use them, which you 109 00:06:07,720 --> 00:06:11,560 Speaker 1: can be a game developer pretty much overnight, Nico. What's 110 00:06:11,560 --> 00:06:15,839 Speaker 1: so interesting is that, look, Google and Microsoft, these companies 111 00:06:15,839 --> 00:06:19,279 Speaker 1: are AI experts, and they've dominated the field and certainly 112 00:06:19,440 --> 00:06:21,039 Speaker 1: R and D in the space for a long time, 113 00:06:21,080 --> 00:06:24,480 Speaker 1: but hasn't been sort of the pr headaches in many 114 00:06:24,520 --> 00:06:28,000 Speaker 1: ways generative AI has exposed them to in the past. 115 00:06:28,000 --> 00:06:30,920 Speaker 1: That has left a space for some of this really 116 00:06:31,000 --> 00:06:37,320 Speaker 1: exciting startup culture to breed within AI. Absolutely so, when 117 00:06:37,440 --> 00:06:40,320 Speaker 1: you have like young founders who can now think you're 118 00:06:40,360 --> 00:06:44,800 Speaker 1: with all these foundational AI models and the question of imagination, 119 00:06:45,560 --> 00:06:48,599 Speaker 1: they're going to be able to build whatever they have 120 00:06:48,680 --> 00:06:51,360 Speaker 1: in mind. The youth live in the future in their heads, 121 00:06:51,800 --> 00:06:55,440 Speaker 1: and they're going to reinvent online dating. They're gonna reinvent 122 00:06:55,760 --> 00:06:57,760 Speaker 1: how they're going to do their homework. They're going to 123 00:06:57,839 --> 00:07:02,400 Speaker 1: reinvent how to build games. Um, if you work for 124 00:07:02,440 --> 00:07:06,440 Speaker 1: a big company, it's really tricky to build new products 125 00:07:06,480 --> 00:07:09,640 Speaker 1: because at the minimum you need to ask your attorneys. 126 00:07:10,160 --> 00:07:13,480 Speaker 1: G C would be living responsible innovation. That's our investment 127 00:07:13,520 --> 00:07:16,400 Speaker 1: pieces and we on inverst of course, and folks who 128 00:07:16,400 --> 00:07:19,800 Speaker 1: have good ethics and integrity. This old way of like 129 00:07:20,280 --> 00:07:22,800 Speaker 1: moving quickly and breaking things, that was the ear of 130 00:07:22,800 --> 00:07:25,880 Speaker 1: building products and siliconbild in the past has come to 131 00:07:25,920 --> 00:07:29,960 Speaker 1: an end when you gender racing the founders really, you know, 132 00:07:30,120 --> 00:07:33,440 Speaker 1: don't embrace that, Henico, we just had thirty seconds here. 133 00:07:33,640 --> 00:07:36,680 Speaker 1: What have you used chat GBT for? What's your favorite 134 00:07:36,720 --> 00:07:42,200 Speaker 1: use case? My favorite use case is to put together 135 00:07:42,280 --> 00:07:46,680 Speaker 1: investment memos. It's amazing. I have to do it, it's 136 00:07:46,720 --> 00:07:50,600 Speaker 1: part of my job, and with chatty, I can do 137 00:07:50,640 --> 00:07:55,120 Speaker 1: it in like three minutes. That's incredibly pragmatic. Well, have 138 00:07:55,240 --> 00:07:58,040 Speaker 1: you on again for a more robust discussion about how 139 00:07:58,280 --> 00:08:01,280 Speaker 1: to best use chat GBT? Nikko but not source, Managing 140 00:08:01,320 --> 00:08:05,320 Speaker 1: director at General Catalyst, Thank you very much, Gosh expect 141 00:08:05,400 --> 00:08:08,040 Speaker 1: something a little more exciting coming up. What's the future 142 00:08:08,040 --> 00:08:10,920 Speaker 1: of meme stocks as bed bath and beyond catches attention, 143 00:08:11,000 --> 00:08:13,240 Speaker 1: We'll discuss all this and more next with the CEO 144 00:08:13,320 --> 00:08:16,400 Speaker 1: of the social platform for traders stock twits. This is 145 00:08:16,440 --> 00:08:28,920 Speaker 1: Bloomberg in terms of a company that's teetering and probably 146 00:08:28,920 --> 00:08:31,480 Speaker 1: going to go over the bridge. I mean, there's one 147 00:08:31,520 --> 00:08:34,319 Speaker 1: copy that comes to mind. Uh, it's it's it's bed 148 00:08:34,360 --> 00:08:36,920 Speaker 1: Bath and Beyond. I think that you know, they're not 149 00:08:37,000 --> 00:08:39,240 Speaker 1: going to be around a year from now. I mean, 150 00:08:39,600 --> 00:08:43,240 Speaker 1: they have too much that they're they're irrelevant. Um and 151 00:08:43,360 --> 00:08:45,199 Speaker 1: uh and and by the way, the housing market, like 152 00:08:45,240 --> 00:08:46,760 Speaker 1: I said as well for clip and that's not going 153 00:08:46,800 --> 00:08:50,520 Speaker 1: to help them either. Blue Capital Markets analyst Anthony to 154 00:08:50,640 --> 00:08:53,960 Speaker 1: come with there pretty grim about bed Bath and Beyond 155 00:08:54,000 --> 00:08:56,440 Speaker 1: the fundamentals. At least, let's just take a look at 156 00:08:56,480 --> 00:08:59,480 Speaker 1: the shares because despite the fundamental story where we're worrying 157 00:08:59,480 --> 00:09:02,440 Speaker 1: about bank up, see you're actually seeing the company closing up. 158 00:09:03,880 --> 00:09:07,319 Speaker 1: Yes it's just two dollars, but still and I mean 159 00:09:07,360 --> 00:09:10,400 Speaker 1: continues to really rally on the back of well meme 160 00:09:10,640 --> 00:09:13,640 Speaker 1: stock investing. Is it back? Sask a man who knows 161 00:09:13,720 --> 00:09:15,240 Speaker 1: Rohi Kanno is with us. He is the CEO of 162 00:09:15,280 --> 00:09:18,600 Speaker 1: stock twitch. It's a real time social network for investors 163 00:09:18,600 --> 00:09:21,600 Speaker 1: and traders. Six million news is known ness. And we 164 00:09:21,679 --> 00:09:25,080 Speaker 1: asked our own audience whether they think meme stock trading 165 00:09:25,200 --> 00:09:28,640 Speaker 1: is back, and no, it would see you. We put 166 00:09:28,640 --> 00:09:30,880 Speaker 1: a pole outsw to Twitter and overall they said the 167 00:09:30,880 --> 00:09:33,240 Speaker 1: trend is dead. What are you seeing in terms of 168 00:09:33,280 --> 00:09:38,000 Speaker 1: a desire to be backing these meme companies again? You know, 169 00:09:38,080 --> 00:09:41,640 Speaker 1: I think the trend went compared to the context of 170 00:09:43,320 --> 00:09:45,640 Speaker 1: one and the game stop fiasco over early twenty one. 171 00:09:45,679 --> 00:09:47,440 Speaker 1: You know that that that I don't think we'll ever 172 00:09:47,480 --> 00:09:50,480 Speaker 1: see those kinds of craziness again. But you know, the 173 00:09:50,559 --> 00:09:53,559 Speaker 1: meme stocks, your bed Beth and Beyond and others are 174 00:09:53,640 --> 00:09:57,000 Speaker 1: very much still alive in the world of the trading 175 00:09:57,040 --> 00:10:00,560 Speaker 1: and investing community that's quite active. They're still here, um 176 00:10:00,600 --> 00:10:02,800 Speaker 1: and you know, alive and well might be aggressive. And 177 00:10:03,000 --> 00:10:04,599 Speaker 1: with these you know, as we just saw in the 178 00:10:04,640 --> 00:10:06,240 Speaker 1: segment there, Bed Bath and Beyond, there's a lot of 179 00:10:06,280 --> 00:10:09,280 Speaker 1: questions of whether it will be alive. You know, they 180 00:10:09,600 --> 00:10:12,640 Speaker 1: made their announcements last week around going concerns and you 181 00:10:12,640 --> 00:10:14,880 Speaker 1: know with the wider than expected loss that they posted 182 00:10:14,920 --> 00:10:18,880 Speaker 1: today and kind of misrevue expect expectations. Uh, you know, 183 00:10:18,960 --> 00:10:22,040 Speaker 1: there's a lot of barriers sentiment around there. But you know, 184 00:10:22,080 --> 00:10:24,480 Speaker 1: but the community is still actively talking about it, you 185 00:10:24,520 --> 00:10:28,040 Speaker 1: know from you know, from our community. The message volume 186 00:10:28,120 --> 00:10:30,920 Speaker 1: you know, the last few days has been extremely high. Um. 187 00:10:30,920 --> 00:10:33,480 Speaker 1: And with meme stocks in general, the message volumes have 188 00:10:33,840 --> 00:10:37,000 Speaker 1: retained for some So you know, AMC still finished last 189 00:10:37,080 --> 00:10:40,920 Speaker 1: year two as the number one most talked about Stockholm 190 00:10:40,960 --> 00:10:43,920 Speaker 1: stock wits. It was number one in one as well. 191 00:10:44,400 --> 00:10:47,440 Speaker 1: Uh so you know, still around um, you know, and 192 00:10:47,480 --> 00:10:50,800 Speaker 1: the conversations are still happening with these companies. Hey, Rischie, 193 00:10:50,880 --> 00:10:52,839 Speaker 1: good to see. We're just showing some of the top 194 00:10:53,400 --> 00:10:57,240 Speaker 1: stock tickers on your platform. And see another kind of 195 00:10:57,320 --> 00:11:00,160 Speaker 1: known meme stock, Tesla being another one. But where I 196 00:11:00,200 --> 00:11:02,440 Speaker 1: love your jumper, It says for our audience New York 197 00:11:02,840 --> 00:11:07,480 Speaker 1: or nowhere you just sweatshirt, sweatshot. Here we go. We 198 00:11:07,640 --> 00:11:10,560 Speaker 1: just talked about the energy on your platform, right. I 199 00:11:10,559 --> 00:11:12,640 Speaker 1: look at the headline. When when do you ever get headlined? 200 00:11:12,679 --> 00:11:15,520 Speaker 1: It says X company headed for bankruptcy and you see 201 00:11:15,520 --> 00:11:19,040 Speaker 1: a stock jump. My question is what is it that's 202 00:11:19,120 --> 00:11:22,120 Speaker 1: driving the energy on your platform? Is it this herd narrative? 203 00:11:22,440 --> 00:11:24,640 Speaker 1: Is it the idea that there are short sellers there? 204 00:11:24,720 --> 00:11:29,520 Speaker 1: What is it that is actually causing volume of conversation. Well, 205 00:11:29,640 --> 00:11:33,000 Speaker 1: I think it is the the volatility around it, right, 206 00:11:33,040 --> 00:11:36,280 Speaker 1: It is the combination of those. So you have you know, 207 00:11:36,320 --> 00:11:40,000 Speaker 1: those short sellers and those that are fundamental investors and 208 00:11:40,040 --> 00:11:42,079 Speaker 1: are telling us for all the reasons why you know, 209 00:11:42,120 --> 00:11:44,160 Speaker 1: bed bath and beyond likely you know, may not be 210 00:11:44,200 --> 00:11:46,680 Speaker 1: around in a year from now. At the same time, 211 00:11:46,720 --> 00:11:49,480 Speaker 1: you have those that you know, believe in you know, 212 00:11:49,520 --> 00:11:52,040 Speaker 1: look at the price action, believe in the opportunities, you know, 213 00:11:52,120 --> 00:11:54,520 Speaker 1: and get together and say, hey, you know this is 214 00:11:54,520 --> 00:11:57,199 Speaker 1: a company like they can reorganize, and you know, what 215 00:11:57,280 --> 00:12:00,680 Speaker 1: value can we find in this? And so the the debate, 216 00:12:00,760 --> 00:12:05,040 Speaker 1: the conversation remains, there's passion around moving these you know, 217 00:12:05,360 --> 00:12:07,760 Speaker 1: today's move, we don't you don't really know, like I mean, hey, 218 00:12:07,840 --> 00:12:09,560 Speaker 1: it was a pretty big move on a percentage basis. 219 00:12:09,559 --> 00:12:11,960 Speaker 1: Today is that short covering you know from the loads 220 00:12:12,000 --> 00:12:15,120 Speaker 1: of last week and the announcements of last week, right, uh, 221 00:12:15,160 --> 00:12:17,679 Speaker 1: you know, uh, and when the news finally coming out today, 222 00:12:17,679 --> 00:12:19,480 Speaker 1: so sell on the news or cover on the news. 223 00:12:19,800 --> 00:12:23,640 Speaker 1: So you know, the conversation continues to happen, and it's 224 00:12:23,679 --> 00:12:26,400 Speaker 1: this you know, discovery process between the bears and the bulls. 225 00:12:26,400 --> 00:12:28,880 Speaker 1: And while you know, the bears are very strong right now, 226 00:12:28,880 --> 00:12:33,600 Speaker 1: and the sentiment around bad bathroom beyond specifically is extremely bearish. Uh, 227 00:12:33,679 --> 00:12:36,240 Speaker 1: the conversation still happens. The markets are alive, right, people 228 00:12:36,280 --> 00:12:38,160 Speaker 1: are still trading it. It's you know, the volumes are 229 00:12:38,160 --> 00:12:41,320 Speaker 1: there and the cash tagging. I say, I didn't realize 230 00:12:41,360 --> 00:12:43,280 Speaker 1: that it was your guys. It was stock Twits that 231 00:12:43,320 --> 00:12:46,319 Speaker 1: came up with a when the cash tag I'm interested 232 00:12:46,360 --> 00:12:48,839 Speaker 1: in We talked sentiment, We've talked particular names. What was 233 00:12:48,880 --> 00:12:51,480 Speaker 1: so interesting in all the most active names on your 234 00:12:51,520 --> 00:12:54,400 Speaker 1: platform was a lot of them were evs, not just Tesla, 235 00:12:54,600 --> 00:12:57,000 Speaker 1: but ones that are based out in Asia and Vietnam, 236 00:12:57,160 --> 00:13:01,040 Speaker 1: some smaller known companies. Is the I'm gonna be evy? 237 00:13:01,160 --> 00:13:03,400 Speaker 1: Is it gonna be Ai? Can you see the beginning 238 00:13:03,720 --> 00:13:08,280 Speaker 1: the pickups and certain narratives, you know, we uh, we 239 00:13:08,360 --> 00:13:10,520 Speaker 1: are speaking of AI right, And I just saw the 240 00:13:10,520 --> 00:13:13,559 Speaker 1: second on chat ept fascinating. Um though I've also only 241 00:13:13,640 --> 00:13:16,880 Speaker 1: used it for boring things thus far. Um. But uh, 242 00:13:17,280 --> 00:13:19,040 Speaker 1: but you know, I think you look at that and 243 00:13:19,120 --> 00:13:20,959 Speaker 1: for us, actually we're that's the area that we want 244 00:13:20,960 --> 00:13:24,280 Speaker 1: to invest into, try to help us understand better. Even 245 00:13:24,320 --> 00:13:26,160 Speaker 1: all the data and the and the content that we 246 00:13:26,200 --> 00:13:28,520 Speaker 1: have underlying it. You know, we have our sentiment analytics 247 00:13:28,559 --> 00:13:30,960 Speaker 1: and some of these other things, but you can definitely 248 00:13:31,000 --> 00:13:35,000 Speaker 1: start to see trends. You know, maybe not far ahead, 249 00:13:35,040 --> 00:13:37,760 Speaker 1: but you know, in some cases you know a little 250 00:13:37,800 --> 00:13:39,200 Speaker 1: bit ahead of them. What you know, kind of the 251 00:13:39,240 --> 00:13:42,920 Speaker 1: maybe mainstream and media picks up on UM. And you know, 252 00:13:42,960 --> 00:13:46,199 Speaker 1: evs are a very interesting space because evs, a lot 253 00:13:46,200 --> 00:13:48,559 Speaker 1: of them went public through spacts. Spats have a large 254 00:13:48,600 --> 00:13:50,840 Speaker 1: retail community around them, and so there's a lot of 255 00:13:50,880 --> 00:13:54,880 Speaker 1: passion around the evs. Obviously, you have Tesla, which is 256 00:13:54,880 --> 00:13:57,280 Speaker 1: you know, kind of the godfather of not only just 257 00:13:57,360 --> 00:14:00,440 Speaker 1: all you know stocks, but the ev world. But you 258 00:14:00,480 --> 00:14:03,920 Speaker 1: have your Mullins and your Lucids, and you know, uh, 259 00:14:03,920 --> 00:14:07,120 Speaker 1: your Fhiskers, etcetera, etcetera. And you know we have we 260 00:14:07,160 --> 00:14:09,280 Speaker 1: have CEOs from them something that believe the CEO of 261 00:14:09,280 --> 00:14:12,440 Speaker 1: Fisker is active on stock to its um. But you know, 262 00:14:12,520 --> 00:14:18,559 Speaker 1: these these companies have really robust followings and highly engaged followings, 263 00:14:18,559 --> 00:14:20,680 Speaker 1: maybe because they got in at this back or maybe 264 00:14:20,960 --> 00:14:23,280 Speaker 1: because hey I love Tesla and I hate Mullen, or 265 00:14:23,320 --> 00:14:25,800 Speaker 1: I love you know what. You know, the next you know, 266 00:14:25,840 --> 00:14:28,600 Speaker 1: product to come out of Fisker and so you know, 267 00:14:28,640 --> 00:14:30,600 Speaker 1: I think that's gonna you know, destroy Mullin or whatever 268 00:14:30,600 --> 00:14:33,160 Speaker 1: the case may be, right, um. And so these are 269 00:14:33,240 --> 00:14:35,480 Speaker 1: very retail driven stocks. I think just you know, the 270 00:14:35,520 --> 00:14:36,840 Speaker 1: genesis for a lot of them coming out of the 271 00:14:36,880 --> 00:14:40,360 Speaker 1: back world being very spac retail driven. UM. And so 272 00:14:40,760 --> 00:14:43,920 Speaker 1: you will continue to I do think ine will continue 273 00:14:43,920 --> 00:14:46,720 Speaker 1: to see a lot of conversation around the EV world. 274 00:14:46,760 --> 00:14:48,440 Speaker 1: I think, you know, there's a lot of interesting things 275 00:14:48,440 --> 00:14:50,320 Speaker 1: that are gonna happen in the e V space. We're 276 00:14:50,360 --> 00:14:52,440 Speaker 1: gonna see, if you know, what happens with Tesla and 277 00:14:52,440 --> 00:14:55,560 Speaker 1: and that's gonna be a bell weather for the conversation there. 278 00:14:55,640 --> 00:14:59,560 Speaker 1: But uh, there's I don't know, the AI has really 279 00:14:59,560 --> 00:15:04,040 Speaker 1: made it in to um the kind of public stock 280 00:15:04,120 --> 00:15:06,960 Speaker 1: and public markets that guys, right, you know, I don't know, 281 00:15:07,280 --> 00:15:09,680 Speaker 1: there's not a lot of companies you'd trade on their Hey, Richie, 282 00:15:09,760 --> 00:15:12,200 Speaker 1: when when that moment happens? Though, come back on the 283 00:15:12,240 --> 00:15:14,360 Speaker 1: show and let us know, because we're trying to stay 284 00:15:14,360 --> 00:15:16,640 Speaker 1: on top of trends and this is the new era 285 00:15:16,840 --> 00:15:20,440 Speaker 1: of markets engagement. That's Rishi Kanna, the CEO of the 286 00:15:20,520 --> 00:15:23,000 Speaker 1: social platform stock Twits, is not the only social platform 287 00:15:23,040 --> 00:15:25,120 Speaker 1: and markets in the news will cover that later on. 288 00:15:25,240 --> 00:15:36,040 Speaker 1: Thank you very much. Over the last three years or so, 289 00:15:36,400 --> 00:15:40,160 Speaker 1: we've added forty billion dollars of organic revenue to that business, 290 00:15:40,160 --> 00:15:43,760 Speaker 1: so there's tremendous growth, and in part it's through innovation, 291 00:15:43,840 --> 00:15:47,000 Speaker 1: and you articulate an example, a digital formulary or the 292 00:15:47,040 --> 00:15:51,520 Speaker 1: evolution of our virtual care capabilities and taking virtual care 293 00:15:51,640 --> 00:15:54,280 Speaker 1: not just the Triagion urgent care event, but actually to 294 00:15:54,360 --> 00:15:58,160 Speaker 1: coordinate behavior health services who are virtual primary care from 295 00:15:58,200 --> 00:16:03,760 Speaker 1: that standpoint, so we see tremendous interest adoption for those services. 296 00:16:04,440 --> 00:16:08,880 Speaker 1: That was signal CEO David Cordani on expanding digital health services, 297 00:16:08,920 --> 00:16:12,720 Speaker 1: part of an interview from JPMorgan Healthcare conference in San Francisco, 298 00:16:12,960 --> 00:16:15,800 Speaker 1: which is well underway. Kaylee Lines is on the ground 299 00:16:15,880 --> 00:16:19,600 Speaker 1: braving the storm's wind, rain and hail. Is it like 300 00:16:19,720 --> 00:16:24,640 Speaker 1: that in the conference room? Kayley, Well, it's very crowded 301 00:16:24,640 --> 00:16:26,800 Speaker 1: in the conference room, and I will tell you that much, 302 00:16:26,840 --> 00:16:28,640 Speaker 1: and a lot of people walking in here with umbrellas 303 00:16:28,640 --> 00:16:30,960 Speaker 1: and raincoats over the last several hours because the rain 304 00:16:31,000 --> 00:16:33,400 Speaker 1: has been coming in sideways. But it's really noteworthy that 305 00:16:33,440 --> 00:16:35,960 Speaker 1: there are so many people here in San Francisco in 306 00:16:36,000 --> 00:16:38,080 Speaker 1: the middle of this storm. This is the largest in 307 00:16:38,160 --> 00:16:40,640 Speaker 1: person gathering of the health care industry we have seen 308 00:16:41,000 --> 00:16:43,280 Speaker 1: in about three years, and that really speaks to this 309 00:16:43,360 --> 00:16:46,320 Speaker 1: idea that the post COVID world and what that digital 310 00:16:46,320 --> 00:16:48,360 Speaker 1: health world really looks like is a key theme here 311 00:16:48,400 --> 00:16:50,400 Speaker 1: at this conference. This idea that you have to have 312 00:16:50,440 --> 00:16:54,680 Speaker 1: accessibility to healthcare remotely in a more expanded way, and 313 00:16:54,720 --> 00:16:56,680 Speaker 1: that also over the course of the pandemic, a lot 314 00:16:56,680 --> 00:16:59,800 Speaker 1: of those physicians we're dealing with burnout. What can you 315 00:16:59,880 --> 00:17:03,960 Speaker 1: do you from a technological innovation standpoint to help providers 316 00:17:04,000 --> 00:17:06,320 Speaker 1: in the industry but also really just accelerate the industry 317 00:17:06,320 --> 00:17:09,080 Speaker 1: going forward. In AI in particular is a big theme 318 00:17:09,119 --> 00:17:10,800 Speaker 1: that has been talked about over the last two days 319 00:17:10,840 --> 00:17:13,520 Speaker 1: here Cools. It is we've been talking about AI throughout 320 00:17:13,520 --> 00:17:16,480 Speaker 1: the entire show, so ALTI and Intenlligent is going to 321 00:17:16,560 --> 00:17:19,320 Speaker 1: meet from incenter and healthcare too. But one of the 322 00:17:19,359 --> 00:17:22,560 Speaker 1: applications that Katie on one other areas of technology of 323 00:17:22,600 --> 00:17:27,000 Speaker 1: being talked about, well, on the AI front, you are 324 00:17:27,000 --> 00:17:31,040 Speaker 1: seeing some deals to health existing companies accelerate their footprint 325 00:17:31,440 --> 00:17:34,040 Speaker 1: in that way. Beyond tech actually today announcing in six 326 00:17:34,760 --> 00:17:36,960 Speaker 1: four million dollar deal to buy Insta Deep, which is 327 00:17:37,000 --> 00:17:40,520 Speaker 1: a UK company really based on AI. You're seeing some 328 00:17:40,600 --> 00:17:44,320 Speaker 1: other deals actually taking shape as well. Granted they're relatively small. 329 00:17:44,320 --> 00:17:47,120 Speaker 1: We've only seen about a few billion dollars worth announced 330 00:17:47,119 --> 00:17:48,640 Speaker 1: over the course of this week, but this is still 331 00:17:48,680 --> 00:17:51,680 Speaker 1: an industry that has been very starved for deals. Over 332 00:17:51,720 --> 00:17:54,800 Speaker 1: the last year, two U S healthcare companies had forty 333 00:17:54,840 --> 00:17:58,359 Speaker 1: three fewer deals announced than in one for biopharma. It 334 00:17:58,400 --> 00:18:01,879 Speaker 1: was the lowest in numbers, and we're really looking to 335 00:18:01,880 --> 00:18:03,719 Speaker 1: see if there is kind of a pickup in that 336 00:18:03,800 --> 00:18:07,919 Speaker 1: deal making appetite in Hey, Kayleie, I think I'm right 337 00:18:07,920 --> 00:18:10,159 Speaker 1: and saying you spoke to the CEO of Novovacs, right, 338 00:18:10,280 --> 00:18:14,720 Speaker 1: what was the what was the takeaway? Well, it's really 339 00:18:14,840 --> 00:18:17,119 Speaker 1: for that company how they capture more share of the 340 00:18:17,240 --> 00:18:19,520 Speaker 1: endemic market since during the pandemic they were a bit 341 00:18:19,560 --> 00:18:21,800 Speaker 1: behind on their pure COVID vaccine. But we had an 342 00:18:21,840 --> 00:18:25,560 Speaker 1: interesting conversation around pricing now that that is going to 343 00:18:25,600 --> 00:18:27,680 Speaker 1: be shifted to the commercial market. Just take a listen 344 00:18:27,800 --> 00:18:31,359 Speaker 1: to what he said about his expectations. I think Weiser 345 00:18:31,400 --> 00:18:34,159 Speaker 1: and Maderna have set the stage and I think what 346 00:18:34,240 --> 00:18:36,439 Speaker 1: they've started at a reasonable level. If you look at 347 00:18:36,480 --> 00:18:40,680 Speaker 1: what the cost benefit analysis is for for that type 348 00:18:40,720 --> 00:18:44,560 Speaker 1: of pricing. I think it's reasonable, and there's always a 349 00:18:44,600 --> 00:18:48,000 Speaker 1: discount from that hundred hundred and thirty dollar rage, and 350 00:18:48,080 --> 00:18:53,640 Speaker 1: each company will find his own way. So it's really 351 00:18:53,640 --> 00:18:55,879 Speaker 1: going to be a conversation about what that private pricing 352 00:18:55,920 --> 00:18:59,080 Speaker 1: looks like. Frankly, what the appetite for COVID vaccines will 353 00:18:59,160 --> 00:19:01,480 Speaker 1: still continue to years we get further and further out 354 00:19:01,520 --> 00:19:04,439 Speaker 1: from the most most acute stages of the pandemic, and 355 00:19:04,480 --> 00:19:07,520 Speaker 1: how these companies reinvent themselves in a post COVID world 356 00:19:07,560 --> 00:19:10,600 Speaker 1: as well amy an area we can, despite a recession, 357 00:19:10,640 --> 00:19:14,160 Speaker 1: continue to be optimistic about sunny healthcare, so many applications. 358 00:19:14,200 --> 00:19:17,400 Speaker 1: Blue mos Kady lines weathering it out there in San Francisco. 359 00:19:17,480 --> 00:19:28,520 Speaker 1: We thank her for it. Stay well, keep drying. I'lcome 360 00:19:28,520 --> 00:19:30,760 Speaker 1: back to Bluemo Technology. I'm Karain High in New York 361 00:19:31,240 --> 00:19:34,560 Speaker 1: and one I love good afternoon. It is fun to 362 00:19:34,600 --> 00:19:36,720 Speaker 1: be in the same place and and I mean all 363 00:19:36,800 --> 00:19:40,439 Speaker 1: day we have been talking about one Microsoft potentially buying 364 00:19:40,560 --> 00:19:43,680 Speaker 1: while not buying, but investing some ten million dollars into 365 00:19:43,720 --> 00:19:47,399 Speaker 1: open Ai. Of course a parent chat GBT, but what 366 00:19:47,480 --> 00:19:50,520 Speaker 1: about actual startup acquisitions, what about big deals with about 367 00:19:50,520 --> 00:19:53,600 Speaker 1: activity there now? Actually we know that it dropped venture 368 00:19:53,640 --> 00:19:57,240 Speaker 1: backed M and A dropped some from twenty two, but 369 00:19:57,240 --> 00:19:59,680 Speaker 1: there are glimmers of hope and one Katie Ruth for 370 00:20:00,080 --> 00:20:03,280 Speaker 1: about it for this Business Week, Kasey just took us 371 00:20:03,320 --> 00:20:05,679 Speaker 1: through the thinking. So I POS kind of dead, But 372 00:20:05,800 --> 00:20:07,880 Speaker 1: does that mean what we get a little bit more 373 00:20:07,960 --> 00:20:11,639 Speaker 1: M and a intens of exits exactly? So you know, 374 00:20:11,680 --> 00:20:14,000 Speaker 1: as you know, venture capitalists can only make money in 375 00:20:14,040 --> 00:20:16,280 Speaker 1: two ways I p O S or M and A. 376 00:20:16,400 --> 00:20:19,600 Speaker 1: Those are the two primary types of liquidity events. And 377 00:20:19,640 --> 00:20:22,280 Speaker 1: so the I p O window has largely been closed 378 00:20:22,280 --> 00:20:24,960 Speaker 1: for over a year, and so that's going to put 379 00:20:25,040 --> 00:20:29,320 Speaker 1: pressure on more companies to sell. Even Adobe Figma, which 380 00:20:29,480 --> 00:20:33,159 Speaker 1: we broke the news of last year, they partly sold 381 00:20:33,280 --> 00:20:35,720 Speaker 1: because there was no I p O window. It was 382 00:20:35,760 --> 00:20:38,440 Speaker 1: a great price. They sold for twenty billion dollars that 383 00:20:38,560 --> 00:20:41,240 Speaker 1: was more than double their last private evaluation. But there 384 00:20:41,400 --> 00:20:43,920 Speaker 1: was no alternative in the near term and they knew that. 385 00:20:44,240 --> 00:20:46,840 Speaker 1: And so we're going to see some deals that are 386 00:20:46,840 --> 00:20:50,000 Speaker 1: going to sell maybe above their last private valuation. But 387 00:20:50,280 --> 00:20:52,199 Speaker 1: what we're probably going to see a lot more of 388 00:20:52,600 --> 00:20:55,720 Speaker 1: is companies recognizing that they have to sell for below 389 00:20:55,800 --> 00:21:00,560 Speaker 1: their last private valuation. Evaluations are obviously down significantly. There's 390 00:21:00,600 --> 00:21:03,359 Speaker 1: no I p O window, and there's also, you know, 391 00:21:03,440 --> 00:21:06,920 Speaker 1: a lot of investors skepticism about investing at the same 392 00:21:06,960 --> 00:21:10,240 Speaker 1: prices as before, and so that will lead to that. Hey, Katie, 393 00:21:10,280 --> 00:21:12,639 Speaker 1: you and I were both in Vegas last week, very busy, 394 00:21:12,760 --> 00:21:15,960 Speaker 1: and you're very busy. You go to all the parties 395 00:21:16,040 --> 00:21:17,960 Speaker 1: you know who to talk to. I kind of got 396 00:21:17,960 --> 00:21:21,520 Speaker 1: a mixed picture, right, There is some opportunities that folks 397 00:21:21,520 --> 00:21:23,879 Speaker 1: see in terms of deals that can get done. I 398 00:21:23,920 --> 00:21:26,280 Speaker 1: guess when Caroline and I are talking to venture capitis 399 00:21:26,359 --> 00:21:29,320 Speaker 1: in particular, they talk about kind of seed stage as 400 00:21:29,320 --> 00:21:32,199 Speaker 1: being an opportunity, for example, where you can make some 401 00:21:32,280 --> 00:21:34,000 Speaker 1: vets in an environment like this. But what kind of 402 00:21:34,000 --> 00:21:37,920 Speaker 1: deals where do you expect activity to happen at least 403 00:21:37,960 --> 00:21:41,960 Speaker 1: in the first half of this year. Sure, certainly investors 404 00:21:42,000 --> 00:21:46,200 Speaker 1: who invest early are less phased by the difficult exit 405 00:21:46,280 --> 00:21:49,840 Speaker 1: environment because they have a longer term um outlook. But 406 00:21:50,600 --> 00:21:53,960 Speaker 1: for companies that are growth stage, they're going to have 407 00:21:54,040 --> 00:21:59,399 Speaker 1: to be more open to potential buyers. There's unicorns on 408 00:21:59,520 --> 00:22:02,399 Speaker 1: paper and um, you know, that's that's too many in 409 00:22:02,400 --> 00:22:05,160 Speaker 1: this environment, and so we're going to see more consolidation. 410 00:22:05,359 --> 00:22:07,840 Speaker 1: I'm hearing maybe fintech is going to see, you know, 411 00:22:08,000 --> 00:22:10,399 Speaker 1: there's maybe too many payments companies and they're gonna have 412 00:22:10,400 --> 00:22:14,879 Speaker 1: to consolidate. I always hear that about cybersecurity, and um, 413 00:22:14,960 --> 00:22:16,400 Speaker 1: you know, I think we're going to see a few 414 00:22:16,400 --> 00:22:19,480 Speaker 1: different types of start up acquisitions. We're gonna see strategics 415 00:22:19,520 --> 00:22:22,159 Speaker 1: recognizing they can get a lower price than maybe they 416 00:22:22,160 --> 00:22:23,879 Speaker 1: could have last year or the year before. For some 417 00:22:23,920 --> 00:22:27,280 Speaker 1: of these companies. We're gonna see um, you know, unicorns 418 00:22:27,280 --> 00:22:29,120 Speaker 1: buying each other. And then we're also going to see 419 00:22:29,119 --> 00:22:33,320 Speaker 1: private equity firms buying private companies that are venture backed. 420 00:22:33,359 --> 00:22:36,720 Speaker 1: Maybe they see slowed growth, but they see some potential 421 00:22:36,760 --> 00:22:39,320 Speaker 1: there to help fix them and help them grow into 422 00:22:39,320 --> 00:22:42,920 Speaker 1: bigger businesses. Kasey. What has to happen though, is that 423 00:22:43,080 --> 00:22:44,879 Speaker 1: there has to be more of a meeting in the 424 00:22:44,880 --> 00:22:48,320 Speaker 1: middle of I'm pretty sure last year there was a 425 00:22:48,320 --> 00:22:50,680 Speaker 1: lot of money to be put to work and what 426 00:22:50,920 --> 00:22:54,440 Speaker 1: were many felt was cheap companies, But the founders aren't 427 00:22:54,440 --> 00:22:56,000 Speaker 1: going to want to let go of that company at 428 00:22:56,080 --> 00:22:59,040 Speaker 1: those sorts of valuations. What gets a founder there to 429 00:22:59,200 --> 00:23:01,679 Speaker 1: realize that they have to take that price point. Is 430 00:23:01,680 --> 00:23:06,080 Speaker 1: it ultimately that they've run out of runway exactly? And 431 00:23:06,119 --> 00:23:07,920 Speaker 1: I think that you're going to see more and more 432 00:23:07,960 --> 00:23:10,560 Speaker 1: of that. I mean, certainly a lot of companies raised 433 00:23:10,600 --> 00:23:14,720 Speaker 1: a lot of money in and so some still have 434 00:23:14,960 --> 00:23:16,720 Speaker 1: quite a bit of runway and they may not be 435 00:23:16,800 --> 00:23:20,000 Speaker 1: feeling that pressure yet. But when companies start to look 436 00:23:20,040 --> 00:23:22,719 Speaker 1: and say, oh, we you know, have less than yours runway, 437 00:23:22,720 --> 00:23:26,160 Speaker 1: we're having trouble raising, then a burden hand just looks attractive. 438 00:23:27,400 --> 00:23:29,280 Speaker 1: All right, bloom bers Katie Ruth, who was good to 439 00:23:29,320 --> 00:23:32,160 Speaker 1: hang out. Thank you, come back more scoops please, that's 440 00:23:32,160 --> 00:23:34,320 Speaker 1: what we like. I think it's interesting because CAA, you 441 00:23:34,359 --> 00:23:36,280 Speaker 1: and I have had a range of voices on right. 442 00:23:36,280 --> 00:23:39,399 Speaker 1: We had equities in on twenty four hours ago. Second 443 00:23:39,440 --> 00:23:41,760 Speaker 1: half of this year, I p o s but select names. 444 00:23:41,880 --> 00:23:44,360 Speaker 1: You know, they kind of investors looking for some quality, 445 00:23:44,520 --> 00:23:48,440 Speaker 1: you know, some some strong balance sheet revenue generating companies. 446 00:23:49,000 --> 00:23:50,760 Speaker 1: But there still deals out there to be done. That's 447 00:23:50,760 --> 00:23:53,520 Speaker 1: at least what the takeaway I get from Katie. Let's 448 00:23:53,520 --> 00:23:55,399 Speaker 1: hope that it's not all AI and that all we do, 449 00:23:55,480 --> 00:23:58,400 Speaker 1: every single show is going to be talking aboutficial intention 450 00:23:58,440 --> 00:24:00,200 Speaker 1: and I'm not going to knock it love a little 451 00:24:00,200 --> 00:24:01,679 Speaker 1: bit of sprinkling of AI, but it seems to be 452 00:24:01,720 --> 00:24:04,080 Speaker 1: the dominant force at the moment, certainly from the deals 453 00:24:04,080 --> 00:24:06,000 Speaker 1: we've been hearing about. And I do wonder where the 454 00:24:06,040 --> 00:24:09,120 Speaker 1: first areas to start to see that consolidation that Casey 455 00:24:09,200 --> 00:24:11,640 Speaker 1: was just talking about, and indeed where the cracks are 456 00:24:11,640 --> 00:24:13,199 Speaker 1: in the I p O market that is going to 457 00:24:13,240 --> 00:24:15,040 Speaker 1: see a shot of light that was being talked about 458 00:24:15,040 --> 00:24:17,240 Speaker 1: by equities. And I thought it was really interesting about 459 00:24:17,240 --> 00:24:21,440 Speaker 1: the conversation yesterday is the secondary market is still resolively active. 460 00:24:21,680 --> 00:24:23,120 Speaker 1: And look, there's still gonna be a lot of people 461 00:24:23,160 --> 00:24:26,880 Speaker 1: working for these companies that have life moments that need 462 00:24:26,960 --> 00:24:29,080 Speaker 1: to be able to have a liquidity event, right, and 463 00:24:29,160 --> 00:24:31,840 Speaker 1: you know, the secondary market can be a precursor to 464 00:24:31,920 --> 00:24:33,880 Speaker 1: activity in the I p O market down the line. 465 00:24:33,880 --> 00:24:37,040 Speaker 1: And as Richie said, e VS that play is still popular. 466 00:24:37,040 --> 00:24:39,240 Speaker 1: I'm talking shop a little bit, of course, but maybe 467 00:24:39,240 --> 00:24:41,760 Speaker 1: a big year three. Let's talk crypto that it's not 468 00:24:41,800 --> 00:24:43,280 Speaker 1: gonna be big, Oh, it's going to be a big 469 00:24:44,400 --> 00:24:47,920 Speaker 1: coin base. Just the latest company to announce another round 470 00:24:48,080 --> 00:24:51,120 Speaker 1: of job cards. Meanwhile, Gemini crypt are Exchange co founder 471 00:24:51,359 --> 00:24:54,160 Speaker 1: Cameron binkle Voss is calling on the board of DCG 472 00:24:54,359 --> 00:24:58,480 Speaker 1: to remove CEO Barry Silbert, accusing him of quote bad faith, 473 00:24:58,520 --> 00:25:01,600 Speaker 1: stool tactics, best person for the job here bloom bag 474 00:25:01,600 --> 00:25:07,480 Speaker 1: Shnati Bassak following these developments, Let's start with the accusation. Uh, 475 00:25:07,520 --> 00:25:11,040 Speaker 1: what is this all about. We've seen very open public 476 00:25:11,160 --> 00:25:14,680 Speaker 1: letters from Cameron win Boss that addresses Digital Currency Group 477 00:25:14,680 --> 00:25:19,080 Speaker 1: and Barry Silber here. Remember Genesis, the lending platform, was 478 00:25:19,119 --> 00:25:22,800 Speaker 1: the partner for the Gemini Earn product. And remember when 479 00:25:22,800 --> 00:25:25,000 Speaker 1: it comes that earned product, there are hundreds of thousands 480 00:25:25,000 --> 00:25:28,160 Speaker 1: of retail investors that had exposure to that lending product here. 481 00:25:28,520 --> 00:25:31,200 Speaker 1: So a lot of things have gone wrong in the 482 00:25:31,280 --> 00:25:34,119 Speaker 1: last couple of weeks, and now you have Cameron Winkle 483 00:25:34,160 --> 00:25:36,600 Speaker 1: Boss calling for Barry Solber to step down at the 484 00:25:36,640 --> 00:25:38,879 Speaker 1: CEO of DCG, really accusing him for a lot of 485 00:25:38,920 --> 00:25:43,119 Speaker 1: bad faith tactics, really getting to the edge of accusing 486 00:25:43,200 --> 00:25:47,640 Speaker 1: him misleading investors, really for engaging in something that was fraudulent. 487 00:25:47,720 --> 00:25:51,080 Speaker 1: Of course, we have DCG importantly also fighting back and 488 00:25:51,119 --> 00:25:54,240 Speaker 1: saying that this is also the Winkle Boss effort here 489 00:25:54,280 --> 00:25:57,320 Speaker 1: to deflect blame over to DCG, and at the end 490 00:25:57,359 --> 00:26:00,160 Speaker 1: of the day, what you have is to count our 491 00:26:00,160 --> 00:26:04,240 Speaker 1: parties here in a very difficult decision, both difficult position, 492 00:26:04,320 --> 00:26:06,959 Speaker 1: both on their own as well as together. It's interesting 493 00:26:07,000 --> 00:26:09,320 Speaker 1: DCG was sort of saying, look, behind the scenes, the 494 00:26:09,359 --> 00:26:12,800 Speaker 1: conversations are more productive, some you'd hope a little bit 495 00:26:12,800 --> 00:26:15,440 Speaker 1: more cordial, but in public it's an airing of grievances 496 00:26:15,560 --> 00:26:18,680 Speaker 1: that's painful to see. What's been interesting is amid all 497 00:26:18,720 --> 00:26:22,879 Speaker 1: this fallout, many looking to other areas of Barry Silbert's 498 00:26:22,920 --> 00:26:26,440 Speaker 1: empire to maybe be a place to take a bet, right, 499 00:26:26,560 --> 00:26:28,160 Speaker 1: can you just talk us about what's happening with gray 500 00:26:28,200 --> 00:26:31,200 Speaker 1: Scale and some of the bitcoin trust area. For weeks now, 501 00:26:31,560 --> 00:26:34,119 Speaker 1: maybe even months, really, there has been this really significant 502 00:26:34,119 --> 00:26:36,359 Speaker 1: discount and the gray Scale Trust, and there's this question 503 00:26:36,400 --> 00:26:38,680 Speaker 1: about whether you could take over the gray Scale Trust. 504 00:26:38,720 --> 00:26:40,880 Speaker 1: There's a question of that's even simpler. Is is worth 505 00:26:40,920 --> 00:26:43,320 Speaker 1: buying at these discounts? And has the meaning of the 506 00:26:43,359 --> 00:26:46,760 Speaker 1: Gray Scale Trust really changed? Before it was one of 507 00:26:46,760 --> 00:26:50,080 Speaker 1: the most significant institutional ways to get access to bitcoin, 508 00:26:50,480 --> 00:26:52,680 Speaker 1: and over time it became a bigger bet on whether 509 00:26:52,680 --> 00:26:54,840 Speaker 1: it would become an ETF approved by the SEC. At 510 00:26:54,840 --> 00:26:57,520 Speaker 1: some juncture and if that doesn't happen, what then is 511 00:26:57,600 --> 00:26:59,640 Speaker 1: the investment thesis and how does it change from there? 512 00:26:59,640 --> 00:27:01,359 Speaker 1: Remember this has been a cash count through the feed 513 00:27:01,359 --> 00:27:04,159 Speaker 1: product the fee pool for Digital Currency Group, but then 514 00:27:04,200 --> 00:27:07,360 Speaker 1: you have to look at how much it becomes necessary 515 00:27:07,400 --> 00:27:10,440 Speaker 1: for Digital Currency Group. We're talking about layoffs across the industry. 516 00:27:10,760 --> 00:27:13,000 Speaker 1: Digital Currency Group. You have an open letter from Barry 517 00:27:13,040 --> 00:27:16,280 Speaker 1: Sober out to investors today. Fascinating to see him be 518 00:27:16,359 --> 00:27:19,600 Speaker 1: public like this. He's not all that public usually, we 519 00:27:19,640 --> 00:27:22,479 Speaker 1: have not seen him out there on television or on 520 00:27:22,520 --> 00:27:25,000 Speaker 1: Twitter all that much like we've seen some others. But 521 00:27:25,080 --> 00:27:26,720 Speaker 1: he was talking about having to close down a wealth 522 00:27:26,760 --> 00:27:30,399 Speaker 1: management sin citiary as well as cut costs aggressively the 523 00:27:30,480 --> 00:27:32,760 Speaker 1: last couple of months, which makes a gray scale even 524 00:27:32,760 --> 00:27:37,280 Speaker 1: more important for him. Right cuts, layoffs, crypto, those are 525 00:27:37,280 --> 00:27:40,000 Speaker 1: the headlines right now. Let's let's talk about coin base. 526 00:27:40,440 --> 00:27:44,040 Speaker 1: Another round of layoffs, the latest round of layoffs. What 527 00:27:44,080 --> 00:27:48,359 Speaker 1: do we know about this particular round of layoffs? You know, 528 00:27:48,440 --> 00:27:51,240 Speaker 1: one thing to look at is how investors have reacted 529 00:27:51,280 --> 00:27:54,679 Speaker 1: to it. They reacted very positively today, and not just investors, 530 00:27:54,720 --> 00:27:58,639 Speaker 1: you have also cuth side analysts also reacting pretty positively 531 00:27:58,720 --> 00:28:02,359 Speaker 1: towards this because they believe that it will cut expenses 532 00:28:02,440 --> 00:28:05,160 Speaker 1: significantly enough for par on the screen right, the Stoll 533 00:28:05,240 --> 00:28:09,119 Speaker 1: cop thirteen percent in the session on Tuesday over a 534 00:28:09,160 --> 00:28:12,480 Speaker 1: two day basis, So you're right, positive reaction, very positive 535 00:28:12,520 --> 00:28:15,560 Speaker 1: reaction here. And the idea here is will this help 536 00:28:15,640 --> 00:28:18,640 Speaker 1: them reduce expenses enough to make it through the rest 537 00:28:18,720 --> 00:28:21,600 Speaker 1: of this crypto winter, this huge downturn, this downturn and 538 00:28:21,640 --> 00:28:24,480 Speaker 1: trading volumes that we're seeing now. The question then becomes 539 00:28:24,680 --> 00:28:26,600 Speaker 1: for coin based and all of them, is what does 540 00:28:26,600 --> 00:28:29,119 Speaker 1: this mean for the products that that they're building? Do 541 00:28:29,160 --> 00:28:33,280 Speaker 1: they still are they able to remain competitive here and 542 00:28:33,359 --> 00:28:36,760 Speaker 1: offer new innovative things when you're watching these massive massive 543 00:28:36,760 --> 00:28:42,120 Speaker 1: headcount reductions now. Interestingly, one crypto trade publication has accounted 544 00:28:42,760 --> 00:28:47,160 Speaker 1: twenty seven thousand cuts across the industry. So all in all, 545 00:28:47,240 --> 00:28:50,560 Speaker 1: with what we've seen so far, so we really definitely 546 00:28:50,720 --> 00:28:53,520 Speaker 1: have a lot of pain out there and at the 547 00:28:53,600 --> 00:28:55,760 Speaker 1: hundreds of people of our coin based in addition to 548 00:28:55,840 --> 00:29:00,400 Speaker 1: hundreds before the reality of it is even aces that 549 00:29:00,440 --> 00:29:02,920 Speaker 1: are growing. You take Galaxy Digital, they cut fifteen percent 550 00:29:03,000 --> 00:29:04,719 Speaker 1: of their head count. They think they're going to end 551 00:29:04,840 --> 00:29:07,480 Speaker 1: up gaining a lot of that back through acquisitions later. 552 00:29:07,920 --> 00:29:10,160 Speaker 1: So what do these cuts really mean in terms of 553 00:29:10,160 --> 00:29:13,080 Speaker 1: how they built through this cycle? Well, said Shinnale Bassa 554 00:29:13,080 --> 00:29:15,360 Speaker 1: and quick disclosure that my husband is the senior manage 555 00:29:15,400 --> 00:29:18,840 Speaker 1: over at coin Waste. But let's talk about perhaps the 556 00:29:18,880 --> 00:29:21,400 Speaker 1: movement of talent within this at the moment end, because 557 00:29:21,400 --> 00:29:24,920 Speaker 1: what's so interesting is that while many in fintech crypto 558 00:29:25,120 --> 00:29:27,360 Speaker 1: lose their jobs, there are areas in which maybe they 559 00:29:27,360 --> 00:29:29,840 Speaker 1: could find a head hunter in the future, and not 560 00:29:30,000 --> 00:29:34,360 Speaker 1: the most usual places the one you'd expect Liquidity, which 561 00:29:34,400 --> 00:29:37,120 Speaker 1: is I'm pretty sure most people in finn Twitter as 562 00:29:37,160 --> 00:29:40,320 Speaker 1: it's known Financial Twitter, follow it. It's a massive digital 563 00:29:40,400 --> 00:29:42,760 Speaker 1: media company basically set up by an ex fall street 564 00:29:42,760 --> 00:29:47,320 Speaker 1: guy or girl we don't know anonymously, but they're now 565 00:29:47,400 --> 00:29:52,080 Speaker 1: getting into the world of well jobs right, head hunting. 566 00:29:52,240 --> 00:29:55,160 Speaker 1: So unsurprisingly one of the best read stories of the 567 00:29:55,240 --> 00:29:59,440 Speaker 1: day Liquidity partnering partnering with Whitney Partners kind of classic 568 00:29:59,480 --> 00:30:02,040 Speaker 1: head hunt. Uh. You know what's so interesting. You know 569 00:30:02,080 --> 00:30:06,720 Speaker 1: we talked about crypto osnali job cards pay. What Liquidity 570 00:30:06,760 --> 00:30:09,360 Speaker 1: has done is amazing. You know, they get fed information 571 00:30:09,440 --> 00:30:14,680 Speaker 1: by everyone working in finance about opening salaries raises and 572 00:30:14,720 --> 00:30:16,360 Speaker 1: they've kind of taken that and said, well, how do 573 00:30:16,360 --> 00:30:19,360 Speaker 1: we move it forward. It's an astonishing platform. It is 574 00:30:19,480 --> 00:30:23,840 Speaker 1: very ridicule and meme and satire focus. But if all 575 00:30:23,840 --> 00:30:25,440 Speaker 1: these people are being laid off and they're looking for 576 00:30:25,480 --> 00:30:29,040 Speaker 1: a job, is liquidity now an option? And it just 577 00:30:29,120 --> 00:30:31,320 Speaker 1: also speaks to the growth of where you can take 578 00:30:31,480 --> 00:30:35,880 Speaker 1: what is a social media startup literally is a social 579 00:30:35,880 --> 00:30:39,080 Speaker 1: media start and then becomes a digital media company. I mean, 580 00:30:39,480 --> 00:30:43,440 Speaker 1: the founder has gone into angel investing, but notably is 581 00:30:43,480 --> 00:30:45,959 Speaker 1: now thinking how can I continue to expand how can 582 00:30:46,000 --> 00:30:49,000 Speaker 1: I serve this particular community of junior bankers many of 583 00:30:49,000 --> 00:30:52,120 Speaker 1: them are junior looking for expertise. And they said, well, 584 00:30:52,160 --> 00:30:56,240 Speaker 1: it was the adverts digital advertising that people kept coming to, 585 00:30:56,320 --> 00:31:00,680 Speaker 1: particularly around fostering their own skill base, being what to upskill, 586 00:31:00,760 --> 00:31:03,760 Speaker 1: being able to find out what the view on jobs, 587 00:31:03,800 --> 00:31:07,320 Speaker 1: and how to enhance their own experience. So it looks 588 00:31:07,320 --> 00:31:10,760 Speaker 1: as though millennials but also mainly gen z, are looking 589 00:31:10,800 --> 00:31:12,760 Speaker 1: not just to LinkedIn for networking when it comes to 590 00:31:12,800 --> 00:31:16,160 Speaker 1: a job, but to Instagram and to social medium more broadly. Yeah, 591 00:31:16,360 --> 00:31:18,760 Speaker 1: and you know, I'm a follower stock, Twits and other 592 00:31:18,800 --> 00:31:21,600 Speaker 1: platform don't put us out the job, please come on. 593 00:31:30,280 --> 00:31:31,400 Speaker 1: So I want to take a look at some of 594 00:31:31,440 --> 00:31:35,320 Speaker 1: the tech names that rely on advertising revenue. Right this 595 00:31:35,440 --> 00:31:37,760 Speaker 1: kind of pivotal year where we had the war in 596 00:31:37,920 --> 00:31:41,280 Speaker 1: Ukraine that dented the confidence of advertisers in Europe, we 597 00:31:41,280 --> 00:31:43,520 Speaker 1: had changes in the industry. Long Must buys Twitter, and 598 00:31:43,560 --> 00:31:45,520 Speaker 1: you can see on the chart behind me the kind 599 00:31:45,520 --> 00:31:48,840 Speaker 1: of state of play for what analysts think we end 600 00:31:49,440 --> 00:31:51,479 Speaker 1: two in in terms of sales. Of course, we're waiting 601 00:31:51,760 --> 00:31:54,760 Speaker 1: for those earnings reports from the last three months of 602 00:31:54,800 --> 00:31:57,600 Speaker 1: the year, but we're also thinking about how market share 603 00:31:57,680 --> 00:32:00,320 Speaker 1: might change, how the world of advertising has changed because 604 00:32:00,320 --> 00:32:03,200 Speaker 1: consumer trends are changed. This is data from the Loomberg 605 00:32:03,200 --> 00:32:07,400 Speaker 1: Intelligence Forecast two on kind of where market share lies. 606 00:32:07,560 --> 00:32:11,200 Speaker 1: Alphabet largely through Google Search, but don't forget YouTube kind 607 00:32:11,200 --> 00:32:14,200 Speaker 1: of dominates in that tech space away from traditional tech. 608 00:32:14,400 --> 00:32:17,000 Speaker 1: This data excludes China, by the way, where there are 609 00:32:17,000 --> 00:32:19,840 Speaker 1: many other players when it comes to search and domestic products. 610 00:32:19,960 --> 00:32:22,000 Speaker 1: Then you look at Meta that comes up a big 611 00:32:22,040 --> 00:32:24,200 Speaker 1: second wall. Is that going to change? There are names 612 00:32:24,200 --> 00:32:26,200 Speaker 1: out there in Wall Street that see Meta as a 613 00:32:26,280 --> 00:32:28,840 Speaker 1: top pick for three because we're coming off a low 614 00:32:28,880 --> 00:32:32,000 Speaker 1: base and we might see a rebound, and then there's 615 00:32:32,040 --> 00:32:34,080 Speaker 1: the optimists that look at Amazon and say that's a 616 00:32:34,120 --> 00:32:36,480 Speaker 1: sleeping giant when it comes to adds. I think it's 617 00:32:36,520 --> 00:32:40,720 Speaker 1: really interesting to take this as an inflection point twenty 618 00:32:40,760 --> 00:32:43,600 Speaker 1: three because that's the snapshot of the year as a whole. 619 00:32:43,640 --> 00:32:45,760 Speaker 1: But what we know in those final three months of 620 00:32:45,800 --> 00:32:47,680 Speaker 1: the year going into the first half of this year 621 00:32:47,920 --> 00:32:50,960 Speaker 1: that data carrow is changing, and actually we might see 622 00:32:51,200 --> 00:32:54,600 Speaker 1: some new names emerge and some legacy names suffer as 623 00:32:54,640 --> 00:32:59,480 Speaker 1: the advertising space changes, and the advertising space so richly 624 00:32:59,560 --> 00:33:03,600 Speaker 1: changing terms of players, not only with well the TikTok's 625 00:33:03,640 --> 00:33:06,160 Speaker 1: which keep on taking market share, but also the fact 626 00:33:06,200 --> 00:33:08,479 Speaker 1: that TV is getting into the space the Netflix of 627 00:33:08,480 --> 00:33:11,280 Speaker 1: this world, some other key advertising space that Amazon is 628 00:33:11,320 --> 00:33:13,720 Speaker 1: now owning. Please say A great story written by Alex 629 00:33:13,760 --> 00:33:16,200 Speaker 1: Brinka is on dot com and on the terminal today. 630 00:33:16,200 --> 00:33:19,560 Speaker 1: Certifi of course one of the key tech editors, going 631 00:33:19,560 --> 00:33:21,360 Speaker 1: to join us to talk through all of this and 632 00:33:21,400 --> 00:33:24,120 Speaker 1: the movements within Meta and very other various other social 633 00:33:24,120 --> 00:33:26,840 Speaker 1: players today just talk to us about the changing of 634 00:33:26,840 --> 00:33:31,080 Speaker 1: the guard and how much people are anticipating this three Well, 635 00:33:31,160 --> 00:33:35,440 Speaker 1: for the first time in two we've seen that Meta 636 00:33:35,520 --> 00:33:39,480 Speaker 1: and Google together are less than half of the overall 637 00:33:39,520 --> 00:33:42,880 Speaker 1: digital ad market according to Insider Intelligence, and that is 638 00:33:43,400 --> 00:33:47,800 Speaker 1: not happened since and they expect that share to continue 639 00:33:47,800 --> 00:33:52,040 Speaker 1: to erode as we go into three and beyond. And 640 00:33:52,120 --> 00:33:54,360 Speaker 1: that's due to a number of factors. You mentioned the 641 00:33:55,080 --> 00:33:59,040 Speaker 1: rise of more options on TV and with e commerce 642 00:33:59,040 --> 00:34:02,600 Speaker 1: players like Amazon on and I mentioned Walmart as well. Um, 643 00:34:02,600 --> 00:34:05,800 Speaker 1: but it's also because of some of the challenges in 644 00:34:05,880 --> 00:34:09,520 Speaker 1: the market. Um. Beyond the skittishness due to Ukraine and 645 00:34:09,560 --> 00:34:12,640 Speaker 1: other economic factors, you've got the fact that their ads 646 00:34:12,640 --> 00:34:17,400 Speaker 1: simply aren't as effective anymore because Apple has instituted some 647 00:34:17,400 --> 00:34:20,799 Speaker 1: some tracking changes so that they can't get as much 648 00:34:21,360 --> 00:34:24,920 Speaker 1: as much personal information to target those ads effectively. So 649 00:34:25,000 --> 00:34:27,759 Speaker 1: the same ads are not as useful to advertisers, so 650 00:34:27,760 --> 00:34:30,279 Speaker 1: they've been looking for elsewhere to put their money. Um. 651 00:34:30,440 --> 00:34:34,719 Speaker 1: So that's been really difficult for these big players who 652 00:34:34,840 --> 00:34:37,960 Speaker 1: at the same time or under under scrutiny by regulators, 653 00:34:38,600 --> 00:34:42,960 Speaker 1: especially for antitrust and m privacy. So it's it's going 654 00:34:43,000 --> 00:34:46,560 Speaker 1: to be different going forward. They may not be this 655 00:34:46,560 --> 00:34:49,160 Speaker 1: this big scary do woppoly that the regulators have been 656 00:34:49,160 --> 00:34:52,719 Speaker 1: telling us about for so long. Um. That share may 657 00:34:52,880 --> 00:34:55,360 Speaker 1: road and we may see players like Amazon and Netflix 658 00:34:55,440 --> 00:34:58,399 Speaker 1: and TikTok take up more. You're just talking about sort 659 00:34:58,400 --> 00:35:01,760 Speaker 1: of the data that a lot has sort of disappeared 660 00:35:02,320 --> 00:35:05,760 Speaker 1: from the likes of Meta, the ability to track certain 661 00:35:05,800 --> 00:35:11,239 Speaker 1: people given apples changes. But also there's some self regulation 662 00:35:11,360 --> 00:35:13,720 Speaker 1: going on perhaps as well as to who they target 663 00:35:13,760 --> 00:35:15,600 Speaker 1: how they target them. There's a great piece by cut 664 00:35:15,600 --> 00:35:19,160 Speaker 1: Wagner today about teenagers gender and whether or not that 665 00:35:19,239 --> 00:35:22,000 Speaker 1: can still be thought of as a data piece for 666 00:35:22,040 --> 00:35:24,719 Speaker 1: advertisers and marketers, and and now they're not going to 667 00:35:24,719 --> 00:35:27,440 Speaker 1: be able to look at that. Well. Mena's trying to 668 00:35:27,520 --> 00:35:31,760 Speaker 1: improve the way that it manages teens on the platform 669 00:35:31,760 --> 00:35:34,640 Speaker 1: after after a lot of scrutiny. We've heard a lot 670 00:35:34,719 --> 00:35:39,040 Speaker 1: about mental health online um and how Instagram in particular 671 00:35:39,440 --> 00:35:42,759 Speaker 1: has been affecting teen mental health. So they in part 672 00:35:42,760 --> 00:35:45,799 Speaker 1: because a lot of this pushback from advocates and regulators, 673 00:35:46,080 --> 00:35:50,360 Speaker 1: they have been reducing the ad targeting capabilities for teens. 674 00:35:50,360 --> 00:35:55,120 Speaker 1: So gender is one of those categories. They also reduced 675 00:35:55,160 --> 00:35:57,760 Speaker 1: the abilities to target teams based on their past behavior, 676 00:35:58,320 --> 00:36:01,879 Speaker 1: and that's all an attempt to try to make their 677 00:36:01,880 --> 00:36:06,319 Speaker 1: internet experience a little bit safer, and they didn't go 678 00:36:06,480 --> 00:36:08,920 Speaker 1: directly into whether there was a particular catalyst, But I 679 00:36:08,960 --> 00:36:11,880 Speaker 1: really think that it's been a theme for Meta over 680 00:36:11,960 --> 00:36:14,840 Speaker 1: the past few years, and they realized that the way 681 00:36:14,880 --> 00:36:18,680 Speaker 1: that young people are are operating on their app is 682 00:36:18,719 --> 00:36:22,480 Speaker 1: a matter of great concern to parents and regulators, and 683 00:36:22,480 --> 00:36:24,560 Speaker 1: they need to do something about it, all right. Leading 684 00:36:24,560 --> 00:36:27,240 Speaker 1: our big tech coverage out of San Francisco, Sarah Fryer, 685 00:36:27,600 --> 00:36:30,920 Speaker 1: thank you so much. Now coming up, what happened at 686 00:36:30,960 --> 00:36:35,319 Speaker 1: England's first space launched. The UK's first space Lawns had 687 00:36:35,320 --> 00:36:39,680 Speaker 1: a midflight mishap, smooth take off, you can see it 688 00:36:39,719 --> 00:36:43,120 Speaker 1: there will explain more, trust me, that's all. Next, this 689 00:36:43,280 --> 00:36:56,799 Speaker 1: is Bloomberg going viral, perhaps for a negative reason today 690 00:36:56,840 --> 00:37:00,359 Speaker 1: because Richard Branson's Virgin Orbit when it fell in terms 691 00:37:00,440 --> 00:37:04,080 Speaker 1: of share price, us off of the company's first launch 692 00:37:04,120 --> 00:37:07,760 Speaker 1: out of the United Kingdom, failed to reach said orbit 693 00:37:07,920 --> 00:37:09,520 Speaker 1: that it has in its name, and we can talk 694 00:37:09,600 --> 00:37:12,280 Speaker 1: to the reasons why and why everyone was therefore searching 695 00:37:12,280 --> 00:37:14,239 Speaker 1: in on Google and seeing it trend on Twitter. It's 696 00:37:14,239 --> 00:37:17,000 Speaker 1: putting bugs lawn rush, she covers space for us and 697 00:37:17,600 --> 00:37:20,319 Speaker 1: clearly the share price speaks a lot of words here. 698 00:37:20,360 --> 00:37:23,600 Speaker 1: It did not go as planned. No it did not, 699 00:37:23,800 --> 00:37:26,880 Speaker 1: and you know, unfortunately it's it did look as if 700 00:37:26,960 --> 00:37:28,640 Speaker 1: it was going to go as planned. The way that 701 00:37:28,880 --> 00:37:31,600 Speaker 1: Virgin Orbit launches, it's not what you typically think of 702 00:37:31,640 --> 00:37:34,239 Speaker 1: as a rocket launch, where the rocket takes off from 703 00:37:34,280 --> 00:37:37,680 Speaker 1: the ground. They do an air launch style. So what 704 00:37:37,800 --> 00:37:39,960 Speaker 1: they how they get into space? They have a seven 705 00:37:40,000 --> 00:37:44,080 Speaker 1: forty seven modified plane called Cosmic Girl, which carries their 706 00:37:44,160 --> 00:37:47,640 Speaker 1: rocket launcher one underneath its wing. That plane took off 707 00:37:47,680 --> 00:37:52,320 Speaker 1: as planned from spaceport Spaceport Cornwall. It reached its intended 708 00:37:52,400 --> 00:37:56,240 Speaker 1: drop zone, it reached the target altitude for dropping the rocket, 709 00:37:56,719 --> 00:37:59,680 Speaker 1: and then it ignited that engine. Everything looked fine, and 710 00:37:59,719 --> 00:38:03,000 Speaker 1: then something happened midflight. We don't exactly know what yet, 711 00:38:03,239 --> 00:38:05,400 Speaker 1: but it didn't reach orbit. It didn't make it to space, 712 00:38:05,520 --> 00:38:07,480 Speaker 1: but not to orbit. Yeah, I mean, this was supposed 713 00:38:07,480 --> 00:38:10,400 Speaker 1: to be a key moment for the UK space industry, 714 00:38:10,520 --> 00:38:14,240 Speaker 1: right the Cornwall new key. It's like the surf mecca 715 00:38:14,400 --> 00:38:17,520 Speaker 1: for for the UK. The UK was ready. The UK 716 00:38:17,560 --> 00:38:20,439 Speaker 1: Space Agency, which imagine hasn't been that busy for a while, 717 00:38:20,520 --> 00:38:23,440 Speaker 1: was sort of really excited. What is the response from 718 00:38:23,520 --> 00:38:25,560 Speaker 1: from the company been, Because this was only their sick 719 00:38:25,680 --> 00:38:29,040 Speaker 1: attempt at launching with the Boeing seven four seven mechanism 720 00:38:29,160 --> 00:38:32,759 Speaker 1: right for successes, but this is their second failure. I'm 721 00:38:32,760 --> 00:38:37,120 Speaker 1: trying to understand what went wrong. I think we're all 722 00:38:37,200 --> 00:38:40,000 Speaker 1: kind of trying to understand it as well. I think 723 00:38:40,040 --> 00:38:42,959 Speaker 1: we as the company has stated, something went wrong during 724 00:38:43,000 --> 00:38:46,640 Speaker 1: the second stage booster ignition UM and if you were 725 00:38:46,640 --> 00:38:49,800 Speaker 1: watching the live stream last night, there was some funky 726 00:38:49,880 --> 00:38:52,960 Speaker 1: data coming in. It looked as if the rocket was 727 00:38:53,000 --> 00:38:56,439 Speaker 1: trending in a wrong direction. However, the livestream hosts were 728 00:38:57,040 --> 00:39:00,239 Speaker 1: saying that everything was going well. The social media, the 729 00:39:00,280 --> 00:39:03,160 Speaker 1: Twitter account was tweeting out that they had actually reached orbit, 730 00:39:03,560 --> 00:39:06,080 Speaker 1: but then we learned, you know, that was a premature 731 00:39:06,120 --> 00:39:08,440 Speaker 1: tweet and they actually ended up de leating that tweet 732 00:39:08,480 --> 00:39:11,680 Speaker 1: once they found out that that was incorrect. So it's 733 00:39:11,680 --> 00:39:14,239 Speaker 1: still really unclear what happened. All we know is that 734 00:39:14,280 --> 00:39:17,520 Speaker 1: the all nine payloads were lost, and uh, they're gonna 735 00:39:17,600 --> 00:39:21,000 Speaker 1: be doing an investigation to really figure out what happened. Hey, Lauren, 736 00:39:21,160 --> 00:39:24,600 Speaker 1: irrespective of the failure, what was three D two be 737 00:39:24,840 --> 00:39:26,920 Speaker 1: for for the jin orbit in the UK? Were there 738 00:39:26,960 --> 00:39:30,600 Speaker 1: any kind of big milestones they were hoping to hit? Well, 739 00:39:30,600 --> 00:39:33,919 Speaker 1: they were definitely looking to increase their flight cadence for sure. 740 00:39:34,200 --> 00:39:36,239 Speaker 1: That's one of the benefits that they tout with this 741 00:39:36,320 --> 00:39:39,000 Speaker 1: air launch method is that they're able to be more 742 00:39:39,040 --> 00:39:42,080 Speaker 1: flexible and where they launched from. All they really need is, 743 00:39:42,280 --> 00:39:44,319 Speaker 1: you know, the right runway and then they can and 744 00:39:44,360 --> 00:39:47,200 Speaker 1: the right airspace and they could potentially launched from a 745 00:39:47,280 --> 00:39:49,919 Speaker 1: number of new locations. Plus, this was the first time 746 00:39:49,960 --> 00:39:53,640 Speaker 1: they had launched outside of their normal UH launch facility 747 00:39:53,680 --> 00:39:56,440 Speaker 1: in the Majabbi, California, So it was a big and 748 00:39:56,880 --> 00:39:59,800 Speaker 1: and you know, because of the national pride is so 749 00:40:00,040 --> 00:40:02,680 Speaker 1: created with it, there was a lot of big spotlight 750 00:40:02,719 --> 00:40:05,280 Speaker 1: on this launch, but so unfortunately a lot of people 751 00:40:05,320 --> 00:40:08,120 Speaker 1: did see it go right. So it's unclear if Virgin 752 00:40:08,200 --> 00:40:10,320 Speaker 1: Orbit is going to be able to expedite its launches 753 00:40:10,360 --> 00:40:12,920 Speaker 1: as it as it intended. However, it did only make 754 00:40:12,920 --> 00:40:15,920 Speaker 1: it to orbit twice last year, so it's not not 755 00:40:16,080 --> 00:40:18,640 Speaker 1: a high bar to clear. Yeah, a lot of dash hopes, 756 00:40:18,640 --> 00:40:21,600 Speaker 1: some afraid Bloomberg Space report to Lauren Groush. Thank you 757 00:40:21,719 --> 00:40:26,320 Speaker 1: very much, Caroline. Yeah, I mean knock for anyone in Cornwall. 758 00:40:26,480 --> 00:40:28,799 Speaker 1: We still love you. Meanwhile, that doesn't for this edition 759 00:40:28,800 --> 00:40:31,839 Speaker 1: of bloemag Technology. We Wednesday, and we've got some great conversations. 760 00:40:31,840 --> 00:40:34,319 Speaker 1: We're diving into crypto that little bit more. Salon has 761 00:40:34,320 --> 00:40:36,160 Speaker 1: Head of Strategy, is gonna be here in the studio. 762 00:40:36,719 --> 00:40:40,360 Speaker 1: He hit up podcasts, I Heart Radio, Spotify, Apple, This 763 00:40:40,520 --> 00:40:41,200 Speaker 1: is Bloomberg.