WEBVTT - OpenAI Boom and Coinbase Layoffs 0:00:12.760 --> 0:00:15.480 I'm Caroline High and bloom Bugs World headquarters in New York, 0:00:15.520 --> 0:00:17.520 and I made Lovelow, also in New York. This is 0:00:17.520 --> 0:00:22.160 Bloomberg technology coming up all in on AI. Artificial intelligence 0:00:22.200 --> 0:00:24.959 is emerging as the next big investment in Silicon Valley. 0:00:25.160 --> 0:00:28.680 That's Microsoft ways a ten billion dollar investment in the 0:00:28.800 --> 0:00:32.879 chat GPT creator. But Crypto continues to make headlines with 0:00:32.960 --> 0:00:36.400 coin based announcing layoffs and Cameron binkle Bloss pushing for 0:00:36.520 --> 0:00:39.760 the ouster of d c g CEO Barry Silbert and 0:00:39.800 --> 0:00:42.959 a lackluster launched from Virgin Orbit puts on a dent 0:00:43.120 --> 0:00:47.960 into England's first ever space launch. And let's dig into 0:00:48.000 --> 0:00:49.639 that so much more ed because it was the talk 0:00:49.680 --> 0:00:51.720 of the town and talk of the world. There's all 0:00:51.760 --> 0:00:55.240 eyes on whether Microsoft would put such an enormous chunk 0:00:55.240 --> 0:00:57.080 of change to work when it comes to chat GPT. 0:00:57.480 --> 0:01:01.640 Let's talk about it with bloombug Intelligences and run just 0:01:01.680 --> 0:01:05.240 talk us through why Microsoft will put such a significant 0:01:05.240 --> 0:01:08.679 amount of money, yes, distributed over several years. Why go 0:01:08.760 --> 0:01:12.480 into this isn't all about being Oh no, not just 0:01:12.520 --> 0:01:14.720 about being I think it's about every product that they have. 0:01:15.120 --> 0:01:17.200 You know, I would say that you know, everybody's been 0:01:17.280 --> 0:01:20.760 talking about AI for over the decade. We've heard Watson, 0:01:21.000 --> 0:01:24.040 but I think this investment shows that, um, you know, 0:01:24.080 --> 0:01:26.759 it is the season for AI going forward. Because one 0:01:26.800 --> 0:01:28.840 of the things you have is you have a customer 0:01:29.120 --> 0:01:31.440 that is taking your software product, or is you brought 0:01:31.440 --> 0:01:33.720 a software product. Now you've got to give something more 0:01:33.800 --> 0:01:37.679 and return to that particular person to enhance that productivity. 0:01:38.040 --> 0:01:40.920 And AI or you know, natural ligumage processing is one 0:01:40.920 --> 0:01:43.679 way to do it. You know, whether it's tails automation, 0:01:43.840 --> 0:01:47.840 whether it's an email, whether it's office, you can see 0:01:47.880 --> 0:01:51.400 any software backage. Microsoft has um this can enhance the 0:01:51.400 --> 0:01:55.800 productively of that particular applicating and arractive reports suggests that 0:01:55.880 --> 0:01:59.560 this transaction should value open ai it around twenty nine 0:01:59.600 --> 0:02:02.240 billion U S dollars. I points out that both Open 0:02:02.280 --> 0:02:05.040 ai Microsoft declined to comment on the story, which of 0:02:05.040 --> 0:02:08.760 course is based on on Bloomberg sources. Is this chat 0:02:08.800 --> 0:02:14.120 GPT the next big development in global technology? Is this 0:02:14.440 --> 0:02:17.079 going to be the story of the year for your world? 0:02:18.720 --> 0:02:20.960 So I don't think it's just chat GPT. I think 0:02:20.960 --> 0:02:25.320 it's a question of whether there are certain advancements in AI. 0:02:25.440 --> 0:02:27.679 You know, it could be natural language processing, it could 0:02:27.680 --> 0:02:30.080 be vision, it could be other areas as well. You know, 0:02:30.120 --> 0:02:32.079 what can you do with it in your normal day 0:02:32.080 --> 0:02:34.120 to day products. You know, it's not that they're going 0:02:34.160 --> 0:02:37.280 to sell this chack product to you know, somebody as 0:02:37.440 --> 0:02:40.200 as a stand alone thing. But let's imagine that you 0:02:40.280 --> 0:02:44.000 have a you're a salesperson and you're using Microsoft products 0:02:44.000 --> 0:02:46.480 to manage all your sales lead and you walk into 0:02:46.520 --> 0:02:49.040 the office and the and the system tells you that 0:02:49.120 --> 0:02:52.120 your highest probability of closing the deal today is these 0:02:52.200 --> 0:02:55.600 five people. And that's based on a lot of the emails, conversations, 0:02:55.639 --> 0:02:59.000 what's happening outside um. All of those things can enhance 0:02:59.080 --> 0:03:02.239 the value of your your thought with which then you're 0:03:02.240 --> 0:03:06.040 allowed to sell much more than Let's take a competitor, 0:03:06.120 --> 0:03:09.919 whether it's article, let's your push really fascinating as to 0:03:09.919 --> 0:03:11.440 how this is going to be a creative and our 0:03:11.480 --> 0:03:14.520 grandam we thank you was always bring back intelligence. Meanwhile, 0:03:14.600 --> 0:03:18.200 let's dig into whether this is a movement in terms 0:03:18.240 --> 0:03:21.200 of profitability, whether this is some sort of paradigm shift. 0:03:21.240 --> 0:03:25.200 Even Nico nactusers with us is managing director at General Catalyst, 0:03:25.280 --> 0:03:27.880 and you've been quoted as saying just that Nico talking 0:03:27.919 --> 0:03:30.200 about how this might be some sort of new new 0:03:30.600 --> 0:03:34.680 mobile kind of paradigm shift, the move to AI, generative AI. 0:03:34.960 --> 0:03:38.800 Just talk to us about the opportunities you see. Yeah, Hi, 0:03:39.320 --> 0:03:41.880 excited to be here. I has been a lot in 0:03:41.920 --> 0:03:45.360 the news lately for a few reasons. There has been 0:03:45.360 --> 0:03:47.800 a slew of big brave rut in the form of 0:03:47.840 --> 0:03:51.280 foundation models, combined with all the useful demos that we've 0:03:51.280 --> 0:03:55.520 seen recently like TRADGPTY where the profile fixture generators have 0:03:55.680 --> 0:03:59.840 re literally captured the imagination of developers. This developer attempts 0:04:00.320 --> 0:04:04.480 is always a great time of an emerging ecosystem. We're 0:04:04.480 --> 0:04:07.040 saying that all these models are now tracting also a 0:04:07.120 --> 0:04:10.000 different than the larger class of builders, more product people. 0:04:10.520 --> 0:04:13.640 All the previous and reasons of AI and AMAL systems 0:04:13.960 --> 0:04:17.559 before needed a lot of technical expertise that was mostly 0:04:17.640 --> 0:04:21.400 PC students that were a PC folks that were working 0:04:21.440 --> 0:04:24.480 for really big companies in order to create anything useful. 0:04:24.560 --> 0:04:28.000 So now it's very much a question of imagination and 0:04:28.160 --> 0:04:30.200 open AI is one of the few companies that have 0:04:30.320 --> 0:04:32.520 been driving this way, one of the innovation, but we're 0:04:32.520 --> 0:04:35.760 still in the very early days. We at GC are 0:04:35.839 --> 0:04:39.599 seeing a lot of young technical gen z founders want 0:04:39.600 --> 0:04:42.000 to build product for themselves, and oh my god, one 0:04:42.040 --> 0:04:44.240 out of three of them that walked to our office 0:04:44.279 --> 0:04:47.240 are pitching us ideas. Hen Karen and I have had 0:04:47.240 --> 0:04:49.839 a lot of fun with chat GPT in our spare time. 0:04:50.000 --> 0:04:51.760 We get the use cases, but I think we're kind 0:04:51.760 --> 0:04:55.120 of really interested in the business model and the valuation 0:04:55.200 --> 0:04:59.160 here right, the reported valuations for open aie billion dollars, 0:04:59.200 --> 0:05:02.279 but the idea it right is the open AI licenses, 0:05:02.520 --> 0:05:06.960 Chat GPT and the underlying algorithms to developers as a 0:05:07.040 --> 0:05:13.720 venture capitalists, why is this such an attractive potential investment. Look, 0:05:13.960 --> 0:05:16.840 I can't comment you on that particular you know, transaction, 0:05:17.160 --> 0:05:20.840 because I'm mostly spending my time on all things you know, 0:05:20.920 --> 0:05:24.280 early states. But AI indeed the new take part dying 0:05:24.440 --> 0:05:28.599 that we've been waiting for, after mobile, after a cloud, um, 0:05:28.920 --> 0:05:31.599 and it's going to change everything that we know it. 0:05:32.480 --> 0:05:37.240 It's now happening for two major reasons, you know, especially 0:05:37.240 --> 0:05:39.760 for all things generative. A. I. The output of these 0:05:39.800 --> 0:05:42.760 models can have very clear practical applications. If you're a 0:05:42.760 --> 0:05:45.720 creative person, for example, now you can have this set 0:05:45.760 --> 0:05:48.960 of superintelligence that can help you have ideas, pat up 0:05:48.960 --> 0:05:52.320 your work, and generally help you be more creative and productive, 0:05:52.360 --> 0:05:55.000 so you can see results right away. You can produce 0:05:55.040 --> 0:05:57.800 a new blog cost and your creative campaign with images 0:05:57.839 --> 0:06:01.279 really quickly and triply. Um You can also interact with 0:06:01.320 --> 0:06:03.960 these AI models and natural language. You don't need to 0:06:04.040 --> 0:06:07.719 learn some complex computer applications to use them, which you 0:06:07.720 --> 0:06:11.560 can be a game developer pretty much overnight, Nico. What's 0:06:11.560 --> 0:06:15.839 so interesting is that, look, Google and Microsoft, these companies 0:06:15.839 --> 0:06:19.279 are AI experts, and they've dominated the field and certainly 0:06:19.440 --> 0:06:21.039 R and D in the space for a long time, 0:06:21.080 --> 0:06:24.480 but hasn't been sort of the pr headaches in many 0:06:24.520 --> 0:06:28.000 ways generative AI has exposed them to in the past. 0:06:28.000 --> 0:06:30.920 That has left a space for some of this really 0:06:31.000 --> 0:06:37.320 exciting startup culture to breed within AI. Absolutely so, when 0:06:37.440 --> 0:06:40.320 you have like young founders who can now think you're 0:06:40.360 --> 0:06:44.800 with all these foundational AI models and the question of imagination, 0:06:45.560 --> 0:06:48.599 they're going to be able to build whatever they have 0:06:48.680 --> 0:06:51.360 in mind. The youth live in the future in their heads, 0:06:51.800 --> 0:06:55.440 and they're going to reinvent online dating. They're gonna reinvent 0:06:55.760 --> 0:06:57.760 how they're going to do their homework. They're going to 0:06:57.839 --> 0:07:02.400 reinvent how to build games. Um, if you work for 0:07:02.440 --> 0:07:06.440 a big company, it's really tricky to build new products 0:07:06.480 --> 0:07:09.640 because at the minimum you need to ask your attorneys. 0:07:10.160 --> 0:07:13.480 G C would be living responsible innovation. That's our investment 0:07:13.520 --> 0:07:16.400 pieces and we on inverst of course, and folks who 0:07:16.400 --> 0:07:19.800 have good ethics and integrity. This old way of like 0:07:20.280 --> 0:07:22.800 moving quickly and breaking things, that was the ear of 0:07:22.800 --> 0:07:25.880 building products and siliconbild in the past has come to 0:07:25.920 --> 0:07:29.960 an end when you gender racing the founders really, you know, 0:07:30.120 --> 0:07:33.440 don't embrace that, Henico, we just had thirty seconds here. 0:07:33.640 --> 0:07:36.680 What have you used chat GBT for? What's your favorite 0:07:36.720 --> 0:07:42.200 use case? My favorite use case is to put together 0:07:42.280 --> 0:07:46.680 investment memos. It's amazing. I have to do it, it's 0:07:46.720 --> 0:07:50.600 part of my job, and with chatty, I can do 0:07:50.640 --> 0:07:55.120 it in like three minutes. That's incredibly pragmatic. Well, have 0:07:55.240 --> 0:07:58.040 you on again for a more robust discussion about how 0:07:58.280 --> 0:08:01.280 to best use chat GBT? Nikko but not source, Managing 0:08:01.320 --> 0:08:05.320 director at General Catalyst, Thank you very much, Gosh expect 0:08:05.400 --> 0:08:08.040 something a little more exciting coming up. What's the future 0:08:08.040 --> 0:08:10.920 of meme stocks as bed bath and beyond catches attention, 0:08:11.000 --> 0:08:13.240 We'll discuss all this and more next with the CEO 0:08:13.320 --> 0:08:16.400 of the social platform for traders stock twits. This is 0:08:16.440 --> 0:08:28.920 Bloomberg in terms of a company that's teetering and probably 0:08:28.920 --> 0:08:31.480 going to go over the bridge. I mean, there's one 0:08:31.520 --> 0:08:34.319 copy that comes to mind. Uh, it's it's it's bed 0:08:34.360 --> 0:08:36.920 Bath and Beyond. I think that you know, they're not 0:08:37.000 --> 0:08:39.240 going to be around a year from now. I mean, 0:08:39.600 --> 0:08:43.240 they have too much that they're they're irrelevant. Um and 0:08:43.360 --> 0:08:45.199 uh and and by the way, the housing market, like 0:08:45.240 --> 0:08:46.760 I said as well for clip and that's not going 0:08:46.800 --> 0:08:50.520 to help them either. Blue Capital Markets analyst Anthony to 0:08:50.640 --> 0:08:53.960 come with there pretty grim about bed Bath and Beyond 0:08:54.000 --> 0:08:56.440 the fundamentals. At least, let's just take a look at 0:08:56.480 --> 0:08:59.480 the shares because despite the fundamental story where we're worrying 0:08:59.480 --> 0:09:02.440 about bank up, see you're actually seeing the company closing up. 0:09:03.880 --> 0:09:07.319 Yes it's just two dollars, but still and I mean 0:09:07.360 --> 0:09:10.400 continues to really rally on the back of well meme 0:09:10.640 --> 0:09:13.640 stock investing. Is it back? Sask a man who knows 0:09:13.720 --> 0:09:15.240 Rohi Kanno is with us. He is the CEO of 0:09:15.280 --> 0:09:18.600 stock twitch. It's a real time social network for investors 0:09:18.600 --> 0:09:21.600 and traders. Six million news is known ness. And we 0:09:21.679 --> 0:09:25.080 asked our own audience whether they think meme stock trading 0:09:25.200 --> 0:09:28.640 is back, and no, it would see you. We put 0:09:28.640 --> 0:09:30.880 a pole outsw to Twitter and overall they said the 0:09:30.880 --> 0:09:33.240 trend is dead. What are you seeing in terms of 0:09:33.280 --> 0:09:38.000 a desire to be backing these meme companies again? You know, 0:09:38.080 --> 0:09:41.640 I think the trend went compared to the context of 0:09:43.320 --> 0:09:45.640 one and the game stop fiasco over early twenty one. 0:09:45.679 --> 0:09:47.440 You know that that that I don't think we'll ever 0:09:47.480 --> 0:09:50.480 see those kinds of craziness again. But you know, the 0:09:50.559 --> 0:09:53.559 meme stocks, your bed Beth and Beyond and others are 0:09:53.640 --> 0:09:57.000 very much still alive in the world of the trading 0:09:57.040 --> 0:10:00.560 and investing community that's quite active. They're still here, um 0:10:00.600 --> 0:10:02.800 and you know, alive and well might be aggressive. And 0:10:03.000 --> 0:10:04.599 with these you know, as we just saw in the 0:10:04.640 --> 0:10:06.240 segment there, Bed Bath and Beyond, there's a lot of 0:10:06.280 --> 0:10:09.280 questions of whether it will be alive. You know, they 0:10:09.600 --> 0:10:12.640 made their announcements last week around going concerns and you 0:10:12.640 --> 0:10:14.880 know with the wider than expected loss that they posted 0:10:14.920 --> 0:10:18.880 today and kind of misrevue expect expectations. Uh, you know, 0:10:18.960 --> 0:10:22.040 there's a lot of barriers sentiment around there. But you know, 0:10:22.080 --> 0:10:24.480 but the community is still actively talking about it, you 0:10:24.520 --> 0:10:28.040 know from you know, from our community. The message volume 0:10:28.120 --> 0:10:30.920 you know, the last few days has been extremely high. Um. 0:10:30.920 --> 0:10:33.480 And with meme stocks in general, the message volumes have 0:10:33.840 --> 0:10:37.000 retained for some So you know, AMC still finished last 0:10:37.080 --> 0:10:40.920 year two as the number one most talked about Stockholm 0:10:40.960 --> 0:10:43.920 stock wits. It was number one in one as well. 0:10:44.400 --> 0:10:47.440 Uh so you know, still around um, you know, and 0:10:47.480 --> 0:10:50.800 the conversations are still happening with these companies. Hey, Rischie, 0:10:50.880 --> 0:10:52.839 good to see. We're just showing some of the top 0:10:53.400 --> 0:10:57.240 stock tickers on your platform. And see another kind of 0:10:57.320 --> 0:11:00.160 known meme stock, Tesla being another one. But where I 0:11:00.200 --> 0:11:02.440 love your jumper, It says for our audience New York 0:11:02.840 --> 0:11:07.480 or nowhere you just sweatshirt, sweatshot. Here we go. We 0:11:07.640 --> 0:11:10.560 just talked about the energy on your platform, right. I 0:11:10.559 --> 0:11:12.640 look at the headline. When when do you ever get headlined? 0:11:12.679 --> 0:11:15.520 It says X company headed for bankruptcy and you see 0:11:15.520 --> 0:11:19.040 a stock jump. My question is what is it that's 0:11:19.120 --> 0:11:22.120 driving the energy on your platform? Is it this herd narrative? 0:11:22.440 --> 0:11:24.640 Is it the idea that there are short sellers there? 0:11:24.720 --> 0:11:29.520 What is it that is actually causing volume of conversation. Well, 0:11:29.640 --> 0:11:33.000 I think it is the the volatility around it, right, 0:11:33.040 --> 0:11:36.280 It is the combination of those. So you have you know, 0:11:36.320 --> 0:11:40.000 those short sellers and those that are fundamental investors and 0:11:40.040 --> 0:11:42.079 are telling us for all the reasons why you know, 0:11:42.120 --> 0:11:44.160 bed bath and beyond likely you know, may not be 0:11:44.200 --> 0:11:46.680 around in a year from now. At the same time, 0:11:46.720 --> 0:11:49.480 you have those that you know, believe in you know, 0:11:49.520 --> 0:11:52.040 look at the price action, believe in the opportunities, you know, 0:11:52.120 --> 0:11:54.520 and get together and say, hey, you know this is 0:11:54.520 --> 0:11:57.199 a company like they can reorganize, and you know, what 0:11:57.280 --> 0:12:00.680 value can we find in this? And so the the debate, 0:12:00.760 --> 0:12:05.040 the conversation remains, there's passion around moving these you know, 0:12:05.360 --> 0:12:07.760 today's move, we don't you don't really know, like I mean, hey, 0:12:07.840 --> 0:12:09.560 it was a pretty big move on a percentage basis. 0:12:09.559 --> 0:12:11.960 Today is that short covering you know from the loads 0:12:12.000 --> 0:12:15.120 of last week and the announcements of last week, right, uh, 0:12:15.160 --> 0:12:17.679 you know, uh, and when the news finally coming out today, 0:12:17.679 --> 0:12:19.480 so sell on the news or cover on the news. 0:12:19.800 --> 0:12:23.640 So you know, the conversation continues to happen, and it's 0:12:23.679 --> 0:12:26.400 this you know, discovery process between the bears and the bulls. 0:12:26.400 --> 0:12:28.880 And while you know, the bears are very strong right now, 0:12:28.880 --> 0:12:33.600 and the sentiment around bad bathroom beyond specifically is extremely bearish. Uh, 0:12:33.679 --> 0:12:36.240 the conversation still happens. The markets are alive, right, people 0:12:36.280 --> 0:12:38.160 are still trading it. It's you know, the volumes are 0:12:38.160 --> 0:12:41.320 there and the cash tagging. I say, I didn't realize 0:12:41.360 --> 0:12:43.280 that it was your guys. It was stock Twits that 0:12:43.320 --> 0:12:46.319 came up with a when the cash tag I'm interested 0:12:46.360 --> 0:12:48.839 in We talked sentiment, We've talked particular names. What was 0:12:48.880 --> 0:12:51.480 so interesting in all the most active names on your 0:12:51.520 --> 0:12:54.400 platform was a lot of them were evs, not just Tesla, 0:12:54.600 --> 0:12:57.000 but ones that are based out in Asia and Vietnam, 0:12:57.160 --> 0:13:01.040 some smaller known companies. Is the I'm gonna be evy? 0:13:01.160 --> 0:13:03.400 Is it gonna be Ai? Can you see the beginning 0:13:03.720 --> 0:13:08.280 the pickups and certain narratives, you know, we uh, we 0:13:08.360 --> 0:13:10.520 are speaking of AI right, And I just saw the 0:13:10.520 --> 0:13:13.559 second on chat ept fascinating. Um though I've also only 0:13:13.640 --> 0:13:16.880 used it for boring things thus far. Um. But uh, 0:13:17.280 --> 0:13:19.040 but you know, I think you look at that and 0:13:19.120 --> 0:13:20.959 for us, actually we're that's the area that we want 0:13:20.960 --> 0:13:24.280 to invest into, try to help us understand better. Even 0:13:24.320 --> 0:13:26.160 all the data and the and the content that we 0:13:26.200 --> 0:13:28.520 have underlying it. You know, we have our sentiment analytics 0:13:28.559 --> 0:13:30.960 and some of these other things, but you can definitely 0:13:31.000 --> 0:13:35.000 start to see trends. You know, maybe not far ahead, 0:13:35.040 --> 0:13:37.760 but you know, in some cases you know a little 0:13:37.800 --> 0:13:39.200 bit ahead of them. What you know, kind of the 0:13:39.240 --> 0:13:42.920 maybe mainstream and media picks up on UM. And you know, 0:13:42.960 --> 0:13:46.199 evs are a very interesting space because evs, a lot 0:13:46.200 --> 0:13:48.559 of them went public through spacts. Spats have a large 0:13:48.600 --> 0:13:50.840 retail community around them, and so there's a lot of 0:13:50.880 --> 0:13:54.880 passion around the evs. Obviously, you have Tesla, which is 0:13:54.880 --> 0:13:57.280 you know, kind of the godfather of not only just 0:13:57.360 --> 0:14:00.440 all you know stocks, but the ev world. But you 0:14:00.480 --> 0:14:03.920 have your Mullins and your Lucids, and you know, uh, 0:14:03.920 --> 0:14:07.120 your Fhiskers, etcetera, etcetera. And you know we have we 0:14:07.160 --> 0:14:09.280 have CEOs from them something that believe the CEO of 0:14:09.280 --> 0:14:12.440 Fisker is active on stock to its um. But you know, 0:14:12.520 --> 0:14:18.559 these these companies have really robust followings and highly engaged followings, 0:14:18.559 --> 0:14:20.680 maybe because they got in at this back or maybe 0:14:20.960 --> 0:14:23.280 because hey I love Tesla and I hate Mullen, or 0:14:23.320 --> 0:14:25.800 I love you know what. You know, the next you know, 0:14:25.840 --> 0:14:28.600 product to come out of Fisker and so you know, 0:14:28.640 --> 0:14:30.600 I think that's gonna you know, destroy Mullin or whatever 0:14:30.600 --> 0:14:33.160 the case may be, right, um. And so these are 0:14:33.240 --> 0:14:35.480 very retail driven stocks. I think just you know, the 0:14:35.520 --> 0:14:36.840 genesis for a lot of them coming out of the 0:14:36.880 --> 0:14:40.360 back world being very spac retail driven. UM. And so 0:14:40.760 --> 0:14:43.920 you will continue to I do think ine will continue 0:14:43.920 --> 0:14:46.720 to see a lot of conversation around the EV world. 0:14:46.760 --> 0:14:48.440 I think, you know, there's a lot of interesting things 0:14:48.440 --> 0:14:50.320 that are gonna happen in the e V space. We're 0:14:50.360 --> 0:14:52.440 gonna see, if you know, what happens with Tesla and 0:14:52.440 --> 0:14:55.560 and that's gonna be a bell weather for the conversation there. 0:14:55.640 --> 0:14:59.560 But uh, there's I don't know, the AI has really 0:14:59.560 --> 0:15:04.040 made it in to um the kind of public stock 0:15:04.120 --> 0:15:06.960 and public markets that guys, right, you know, I don't know, 0:15:07.280 --> 0:15:09.680 there's not a lot of companies you'd trade on their Hey, Richie, 0:15:09.760 --> 0:15:12.200 when when that moment happens? Though, come back on the 0:15:12.240 --> 0:15:14.360 show and let us know, because we're trying to stay 0:15:14.360 --> 0:15:16.640 on top of trends and this is the new era 0:15:16.840 --> 0:15:20.440 of markets engagement. That's Rishi Kanna, the CEO of the 0:15:20.520 --> 0:15:23.000 social platform stock Twits, is not the only social platform 0:15:23.040 --> 0:15:25.120 and markets in the news will cover that later on. 0:15:25.240 --> 0:15:36.040 Thank you very much. Over the last three years or so, 0:15:36.400 --> 0:15:40.160 we've added forty billion dollars of organic revenue to that business, 0:15:40.160 --> 0:15:43.760 so there's tremendous growth, and in part it's through innovation, 0:15:43.840 --> 0:15:47.000 and you articulate an example, a digital formulary or the 0:15:47.040 --> 0:15:51.520 evolution of our virtual care capabilities and taking virtual care 0:15:51.640 --> 0:15:54.280 not just the Triagion urgent care event, but actually to 0:15:54.360 --> 0:15:58.160 coordinate behavior health services who are virtual primary care from 0:15:58.200 --> 0:16:03.760 that standpoint, so we see tremendous interest adoption for those services. 0:16:04.440 --> 0:16:08.880 That was signal CEO David Cordani on expanding digital health services, 0:16:08.920 --> 0:16:12.720 part of an interview from JPMorgan Healthcare conference in San Francisco, 0:16:12.960 --> 0:16:15.800 which is well underway. Kaylee Lines is on the ground 0:16:15.880 --> 0:16:19.600 braving the storm's wind, rain and hail. Is it like 0:16:19.720 --> 0:16:24.640 that in the conference room? Kayley, Well, it's very crowded 0:16:24.640 --> 0:16:26.800 in the conference room, and I will tell you that much, 0:16:26.840 --> 0:16:28.640 and a lot of people walking in here with umbrellas 0:16:28.640 --> 0:16:30.960 and raincoats over the last several hours because the rain 0:16:31.000 --> 0:16:33.400 has been coming in sideways. But it's really noteworthy that 0:16:33.440 --> 0:16:35.960 there are so many people here in San Francisco in 0:16:36.000 --> 0:16:38.080 the middle of this storm. This is the largest in 0:16:38.160 --> 0:16:40.640 person gathering of the health care industry we have seen 0:16:41.000 --> 0:16:43.280 in about three years, and that really speaks to this 0:16:43.360 --> 0:16:46.320 idea that the post COVID world and what that digital 0:16:46.320 --> 0:16:48.360 health world really looks like is a key theme here 0:16:48.400 --> 0:16:50.400 at this conference. This idea that you have to have 0:16:50.440 --> 0:16:54.680 accessibility to healthcare remotely in a more expanded way, and 0:16:54.720 --> 0:16:56.680 that also over the course of the pandemic, a lot 0:16:56.680 --> 0:16:59.800 of those physicians we're dealing with burnout. What can you 0:16:59.880 --> 0:17:03.960 do you from a technological innovation standpoint to help providers 0:17:04.000 --> 0:17:06.320 in the industry but also really just accelerate the industry 0:17:06.320 --> 0:17:09.080 going forward. In AI in particular is a big theme 0:17:09.119 --> 0:17:10.800 that has been talked about over the last two days 0:17:10.840 --> 0:17:13.520 here Cools. It is we've been talking about AI throughout 0:17:13.520 --> 0:17:16.480 the entire show, so ALTI and Intenlligent is going to 0:17:16.560 --> 0:17:19.320 meet from incenter and healthcare too. But one of the 0:17:19.359 --> 0:17:22.560 applications that Katie on one other areas of technology of 0:17:22.600 --> 0:17:27.000 being talked about, well, on the AI front, you are 0:17:27.000 --> 0:17:31.040 seeing some deals to health existing companies accelerate their footprint 0:17:31.440 --> 0:17:34.040 in that way. Beyond tech actually today announcing in six 0:17:34.760 --> 0:17:36.960 four million dollar deal to buy Insta Deep, which is 0:17:37.000 --> 0:17:40.520 a UK company really based on AI. You're seeing some 0:17:40.600 --> 0:17:44.320 other deals actually taking shape as well. Granted they're relatively small. 0:17:44.320 --> 0:17:47.120 We've only seen about a few billion dollars worth announced 0:17:47.119 --> 0:17:48.640 over the course of this week, but this is still 0:17:48.680 --> 0:17:51.680 an industry that has been very starved for deals. Over 0:17:51.720 --> 0:17:54.800 the last year, two U S healthcare companies had forty 0:17:54.840 --> 0:17:58.359 three fewer deals announced than in one for biopharma. It 0:17:58.400 --> 0:18:01.879 was the lowest in numbers, and we're really looking to 0:18:01.880 --> 0:18:03.719 see if there is kind of a pickup in that 0:18:03.800 --> 0:18:07.919 deal making appetite in Hey, Kayleie, I think I'm right 0:18:07.920 --> 0:18:10.159 and saying you spoke to the CEO of Novovacs, right, 0:18:10.280 --> 0:18:14.720 what was the what was the takeaway? Well, it's really 0:18:14.840 --> 0:18:17.119 for that company how they capture more share of the 0:18:17.240 --> 0:18:19.520 endemic market since during the pandemic they were a bit 0:18:19.560 --> 0:18:21.800 behind on their pure COVID vaccine. But we had an 0:18:21.840 --> 0:18:25.560 interesting conversation around pricing now that that is going to 0:18:25.600 --> 0:18:27.680 be shifted to the commercial market. Just take a listen 0:18:27.800 --> 0:18:31.359 to what he said about his expectations. I think Weiser 0:18:31.400 --> 0:18:34.159 and Maderna have set the stage and I think what 0:18:34.240 --> 0:18:36.439 they've started at a reasonable level. If you look at 0:18:36.480 --> 0:18:40.680 what the cost benefit analysis is for for that type 0:18:40.720 --> 0:18:44.560 of pricing. I think it's reasonable, and there's always a 0:18:44.600 --> 0:18:48.000 discount from that hundred hundred and thirty dollar rage, and 0:18:48.080 --> 0:18:53.640 each company will find his own way. So it's really 0:18:53.640 --> 0:18:55.879 going to be a conversation about what that private pricing 0:18:55.920 --> 0:18:59.080 looks like. Frankly, what the appetite for COVID vaccines will 0:18:59.160 --> 0:19:01.480 still continue to years we get further and further out 0:19:01.520 --> 0:19:04.439 from the most most acute stages of the pandemic, and 0:19:04.480 --> 0:19:07.520 how these companies reinvent themselves in a post COVID world 0:19:07.560 --> 0:19:10.600 as well amy an area we can, despite a recession, 0:19:10.640 --> 0:19:14.160 continue to be optimistic about sunny healthcare, so many applications. 0:19:14.200 --> 0:19:17.400 Blue mos Kady lines weathering it out there in San Francisco. 0:19:17.480 --> 0:19:28.520 We thank her for it. Stay well, keep drying. I'lcome 0:19:28.520 --> 0:19:30.760 back to Bluemo Technology. I'm Karain High in New York 0:19:31.240 --> 0:19:34.560 and one I love good afternoon. It is fun to 0:19:34.600 --> 0:19:36.720 be in the same place and and I mean all 0:19:36.800 --> 0:19:40.439 day we have been talking about one Microsoft potentially buying 0:19:40.560 --> 0:19:43.680 while not buying, but investing some ten million dollars into 0:19:43.720 --> 0:19:47.399 open Ai. Of course a parent chat GBT, but what 0:19:47.480 --> 0:19:50.520 about actual startup acquisitions, what about big deals with about 0:19:50.520 --> 0:19:53.600 activity there now? Actually we know that it dropped venture 0:19:53.640 --> 0:19:57.240 backed M and A dropped some from twenty two, but 0:19:57.240 --> 0:19:59.680 there are glimmers of hope and one Katie Ruth for 0:20:00.080 --> 0:20:03.280 about it for this Business Week, Kasey just took us 0:20:03.320 --> 0:20:05.679 through the thinking. So I POS kind of dead, But 0:20:05.800 --> 0:20:07.880 does that mean what we get a little bit more 0:20:07.960 --> 0:20:11.639 M and a intens of exits exactly? So you know, 0:20:11.680 --> 0:20:14.000 as you know, venture capitalists can only make money in 0:20:14.040 --> 0:20:16.280 two ways I p O S or M and A. 0:20:16.400 --> 0:20:19.600 Those are the two primary types of liquidity events. And 0:20:19.640 --> 0:20:22.280 so the I p O window has largely been closed 0:20:22.280 --> 0:20:24.960 for over a year, and so that's going to put 0:20:25.040 --> 0:20:29.320 pressure on more companies to sell. Even Adobe Figma, which 0:20:29.480 --> 0:20:33.159 we broke the news of last year, they partly sold 0:20:33.280 --> 0:20:35.720 because there was no I p O window. It was 0:20:35.760 --> 0:20:38.440 a great price. They sold for twenty billion dollars that 0:20:38.560 --> 0:20:41.240 was more than double their last private evaluation. But there 0:20:41.400 --> 0:20:43.920 was no alternative in the near term and they knew that. 0:20:44.240 --> 0:20:46.840 And so we're going to see some deals that are 0:20:46.840 --> 0:20:50.000 going to sell maybe above their last private valuation. But 0:20:50.280 --> 0:20:52.199 what we're probably going to see a lot more of 0:20:52.600 --> 0:20:55.720 is companies recognizing that they have to sell for below 0:20:55.800 --> 0:21:00.560 their last private valuation. Evaluations are obviously down significantly. There's 0:21:00.600 --> 0:21:03.359 no I p O window, and there's also, you know, 0:21:03.440 --> 0:21:06.920 a lot of investors skepticism about investing at the same 0:21:06.960 --> 0:21:10.240 prices as before, and so that will lead to that. Hey, Katie, 0:21:10.280 --> 0:21:12.639 you and I were both in Vegas last week, very busy, 0:21:12.760 --> 0:21:15.960 and you're very busy. You go to all the parties 0:21:16.040 --> 0:21:17.960 you know who to talk to. I kind of got 0:21:17.960 --> 0:21:21.520 a mixed picture, right, There is some opportunities that folks 0:21:21.520 --> 0:21:23.879 see in terms of deals that can get done. I 0:21:23.920 --> 0:21:26.280 guess when Caroline and I are talking to venture capitis 0:21:26.359 --> 0:21:29.320 in particular, they talk about kind of seed stage as 0:21:29.320 --> 0:21:32.199 being an opportunity, for example, where you can make some 0:21:32.280 --> 0:21:34.000