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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Bloomberg Tech is alive

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Speaker 1: from coast to coast with Caroline Hide in New York

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Speaker 1: and Ever though in Sent Francisco.

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Speaker 2: This is Bloomberg Tech coming up. Colweedlands another twenty one

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Speaker 2: billion dollar Meta deal in an AI computing push.

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Speaker 3: This compute needed.

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Speaker 4: As Meta debuts it's first closed AI model from the

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Speaker 4: new superintelligence group called new Spark. We'll discuss how it

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Speaker 4: used China's Queen model to train it.

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Speaker 2: And all eyes on Anthropic as it closes an inside

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Speaker 2: a share sale that leaves some investors without the stakes

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Speaker 2: they wanted.

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Speaker 4: Meanwhile, we look at what the market is up to

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Speaker 4: today because once again pessimism risker version concerns that there's

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Speaker 4: a moving away of backtracking by the US and Iran

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Speaker 4: about any sort of peace talk or enter this conflict.

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Speaker 4: We're currently up down six tens percent, though on in

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Speaker 4: particular moves on certain stocks. So as we move out

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Speaker 4: from the macro and into the micro, we.

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Speaker 3: Talk about Core.

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Speaker 4: Weave another huge deal with Meta twenty one billion dollars worth.

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Speaker 4: It's going to be issuing its own debt. On the

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Speaker 4: back of that, we're going to dig into that is

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Speaker 4: why we sink perhaps a.

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Speaker 3: Little bit on this stop.

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Speaker 4: But Meta up three percent and ED this is notable

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Speaker 4: on the back of a move, and not only to

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Speaker 4: be getting more compute, but why it's using that compute then.

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Speaker 2: Yeah, two days, two different stories. Meta unveiled a new

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Speaker 2: AI model, the companies first since that multi billion dollar

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Speaker 2: overhaul of the AI lab, and in reaction to that

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Speaker 2: news in yesterday's session, the stock jumping six percent. Today,

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Speaker 2: the core Weave news also a catalyst to push the

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Speaker 2: stock higher, up ten percent on a three day basis.

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Speaker 2: That's bring in Bloembos Riley Griffin, who leads the coverage

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Speaker 2: of Meta. Very simple. You know they need neo clouds,

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Speaker 2: they need core Weave for the compute. Give us the

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Speaker 2: basics of this deal.

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Speaker 5: Yeah, I mean this brings Corewave to thirty five billion

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Speaker 5: in total contracts from Meta. This is a amount and

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Speaker 5: it really tells us something that we've been talking about, ED,

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Speaker 5: which is that Zuckerberg really wants to front load capacity.

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Speaker 5: He thinks there's insatiable appetite for compute, and these deals

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Speaker 5: just don't stop. It's almost every other week now that

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Speaker 5: we're coming here talking about compute for Meta.

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Speaker 4: And it's every end of the day that we talk

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Speaker 4: about a new and updated model. So dig into the

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Speaker 4: model and the meuse spark and why this is so

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Speaker 4: significant for the beefed out super intelligence labs.

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Speaker 5: This is an incredibly important development. If you look at

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Speaker 5: the market reaction and listen to analysts, they're saying Meta is.

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Speaker 3: Back in the game. This comes after last year.

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Speaker 5: Early last year, Meta facing setbacks with their Lama models.

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Speaker 3: These are open.

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Speaker 5: Source models that just weren't performing at the frontier edge,

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Speaker 5: at the bleeding edge with its competitors, from OpenAI, from Anthropic,

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Speaker 5: from Google's Gemini. With the model that was released yesterday,

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Speaker 5: it's a closed model. That's a big departure in Meta strategy.

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Speaker 5: That means that developers can't get access to that back

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Speaker 5: end code, that blueprint. And really they're talking about monetization here.

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Speaker 5: And Alex Wang, who leads this unit, he actually instagrammed

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Speaker 5: last night a post that put Meta at number four.

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Speaker 5: They clearly don't think they are number one yet, but

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Speaker 5: back in the game.

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Speaker 2: I mean the stock reaction one point yesterday in the session,

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Speaker 2: the stock's up almost ten percent, like it was pretty big.

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Speaker 2: How the market reacted to the release. Very interesting. New

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Speaker 2: Spark was trained using several third party open source models,

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Speaker 2: but that included Quen from Ali Barber, Chinese technology company.

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Speaker 2: Why is that significant and what we need to know

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Speaker 2: about that.

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Speaker 5: Well, tension has emerged between the US and China in

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Speaker 5: this global AI race.

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Speaker 3: We're seeing several.

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Speaker 5: Big tech leaders come out and suggest that we need

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Speaker 5: to protect our national security in our leading edge. Also,

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Speaker 5: you are seeing them take efforts to ensure that Chinese

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Speaker 5: companies aren't training on their models. This is a a

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Speaker 5: different approach, right, This is learning from a Chinese model

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Speaker 5: that is saying that it is taking efforts to ensure security.

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Speaker 5: But the fact alone that they turned to Quin in

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Speaker 5: part to train their model, among others, is rather telling.

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Speaker 4: It's interesting after their purchase of Manners as well. Fascinating

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Speaker 4: Riley Griffin with all the news on the compute as

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Speaker 4: well as why they're getting the compute, Let's go back

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Speaker 4: to the compute side.

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Speaker 2: Call.

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Speaker 3: We've Meta latest deal.

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Speaker 4: And additional twenty one billion dollar agreement that we'll see

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Speaker 4: Corewy's supply computing power to Meta through twenty thirty two.

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Speaker 4: That's why and Robert Schiffman and blombag Intelligence to discuss

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Speaker 4: the financing of the deal because interesting core, We've also

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Speaker 4: plans to offer what three billion convertible senior notes due

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Speaker 4: twenty thirty two, one point twenty five billion, also in credit,

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Speaker 4: and maybe that's why the stock's down a bit because

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Speaker 4: of the convertible note.

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Speaker 3: It's not twenty one billion dollars worth. How is this

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Speaker 3: all being financed?

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Speaker 6: Yeah, well, listen to me. This is yet another wildly

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Speaker 6: bullish statement from the bondholder community, is that we are

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Speaker 6: willing to waive in bonds because we believe in the

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Speaker 6: AI growth or we've has a lot more to finance

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Speaker 6: over time. But they're being very creative. Today they're doing

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Speaker 6: a convertible deal. They're also doing a bond deal. Last

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Speaker 6: week they did a Urnalan backed by Metas cash flows

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Speaker 6: at investment grade ratings. So there's lots of different options

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Speaker 6: that they have over time. But what we're seeing deal

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Speaker 6: after deal after deal, when bondholders get offered bonds at

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Speaker 6: wider levels, they're going to wave them in and we're

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Speaker 6: seeing them perform.

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Speaker 2: Robert, we're showing your research. You know, you publish very

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Speaker 2: quickly when the news headlines hit, and you give the

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Speaker 2: credit perspective and that line in the middle there Meta

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Speaker 2: and call we'd likely to continue to tap debt markets.

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Speaker 2: Why do they need to keep doing that? You kind

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Speaker 2: of hinted it there, but their commitments are very large

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Speaker 2: and they're still kind of finding the capital to meet

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Speaker 2: those commitments.

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Speaker 7: Yeah.

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Speaker 6: Well that's what we do at BI We give opinions,

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Speaker 6: and we give them right away. I think if you look,

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Speaker 6: it's very simple, go on to the terminal check FA

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Speaker 6: look at consensus free cash flow for these names. You

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Speaker 6: know they're massively negative. And when the massively negative, you

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Speaker 6: need to borrow money. I think Meta could be lined

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Speaker 6: up to do an Amazon Google like fifty billion dollar

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Speaker 6: deal across dollars in euros within the next couple of months,

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Speaker 6: maybe even tomorrow if the if the borrow and window

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Speaker 6: stays open. So exactly what's going on is you're seeing

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Speaker 6: a tremendous amount of frontloading of capex. So spending is

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Speaker 6: happening now and cash flowers are going to follow later.

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Speaker 6: So in the meantime you'll fill it in with bonds,

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Speaker 6: and again there is a market for that.

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Speaker 2: Karen made really good point, like why would the stock

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Speaker 2: be down on good news? There's convertible like in pre

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Speaker 2: market when the newsity went aoush. But then there's some

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Speaker 2: dilution there and the credit perspective from Robert Schiffman of

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Speaker 2: BI Thank you very much. There's another big story out

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Speaker 2: this morning, and another pair of stocks are watching Intel

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Speaker 2: and Google. Google said it plans to use future generations

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Speaker 2: of Intel Xeon processes and other chips part of a

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Speaker 2: new multi year agreement. As part of that deal, Google

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Speaker 2: will work with Intel to customize its IPUs infrastructure processing

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Speaker 2: units that handle things like networking, security, and storage. The

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Speaker 2: companies didn't share financial terms or specific purchase agreements. Another

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Speaker 2: big story, let's pivot to investor demand free sources telling

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Speaker 2: Bloomberg that Entropic has completed a secondary share sale that

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Speaker 2: started earlier this year. Employees sold shares at the same

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Speaker 2: value as the company's most recent fundraising. Let's get more.

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Speaker 2: Bloomberg's Bench Capital reporter Rebecca tonces with us, what was

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Speaker 2: that valuation? Just to tie that up, But also like

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Speaker 2: the story here is that some employees chose not to sell,

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Speaker 2: and so you have investors that want the stock on

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Speaker 2: the secondary's market, but they didn't get what they wanted.

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Speaker 7: Anthropics growth this year has been remarkable ed and so understandably,

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Speaker 7: you have some employees that were seeing the valuation that

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Speaker 7: got done at this most previous round, which is three

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Speaker 7: hundred and fifty billion before the new money, and saying, okay,

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Speaker 7: that doesn't look quite high enough for what the growth

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Speaker 7: of this company has looked like. Anthropic just announced earlier

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Speaker 7: this week has exceeded a thirty billion dollar revenue run rate.

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Speaker 7: And so you know, investors head lined up about six

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Speaker 7: billion dollars for the share sale, but it came in

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Speaker 7: significantly undersubscribed, with employees you know, not trying to unload

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Speaker 7: just yet.

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Speaker 3: And it is the talk of the town.

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Speaker 4: I'm lucky enough to have you, Rebecca, usually in New

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Speaker 4: York for you're on the West coast, because there's.

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Speaker 3: A big event happening in human X, and.

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Speaker 4: All anyone wants to talk about is the growth of Anthropic,

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Speaker 4: it would seem. And indeed that run rate, no wonder,

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Speaker 4: employees are pretty bullish. Everyone else seems to be.

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Speaker 2: It's remarkable.

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Speaker 7: Honestly, nearly every single conversation I've had at this conference

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Speaker 7: has included an unprompted mention of Anthropic. It's become the

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Speaker 7: benchmark for a lot of investors and startups to measure

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Speaker 7: themselves against and for investors to evaluate startups against, both

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Speaker 7: in terms of the growth that it's seen, but also

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Speaker 7: where can startups fit into the market that Anthropic is

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Speaker 7: unlikely to touch. As of Nowanthropic has really dominated in

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Speaker 7: the AI coding space, but there's you know, projections that

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Speaker 7: it may look to expand into financial services and other areas.

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Speaker 7: And especially with the release of a new AI model

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Speaker 7: over this week, which had said it was too powerful

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Speaker 7: to be released to the broader public, it's got some

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Speaker 7: founders shaking in their boots a bit.

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Speaker 2: Rebecca, real quick, what's human X been like?

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Speaker 8: Like?

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Speaker 2: We have Nico Rosberg on the show later, former F

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Speaker 2: one world champion now bench capitalist and investor. The footfall

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Speaker 2: to me when I was on stage, like a lot

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Speaker 2: of people there lots.

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Speaker 7: Of people there. There were I want to say, about

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Speaker 7: seven thousand people or so on the ground, full conference

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Speaker 7: hall and just AI all the time, founders running around

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Speaker 7: trying to pull you into their booth. Tons of interesting

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Speaker 7: conversations happening left and right.

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Speaker 4: We'll let you continue to have them left and right.

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Speaker 4: Rebecca Torrens, thanks so much for joining us. It's a

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Speaker 4: great write up. What's happening on the West coast right

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Speaker 4: now with her coming up. Well, we've got a market

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Speaker 4: conversation with JP Morgan's Stephanie Aliaga. We've got to go

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Speaker 4: back to what's happening in geopolitics and have that fact

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Speaker 4: the world of tech is blue bag tech. Let's check

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Speaker 4: in on these markets because well, risk euphoria of yesterday

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Speaker 4: dialing back somewhere off by two tex percent on the

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Speaker 4: NASA that one hundred. It's not big moves in the

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Speaker 4: stock market, but it's bigger moods in the bond market.

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Speaker 4: It's bigger moods in the oil market. Brink Fude ninety

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Speaker 4: nine dollars. Look, we're retracing some of that set off yesterday.

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Speaker 4: We're up some five percent. Y well, because we're once

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Speaker 4: again seeing both sides when we think of US and

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Speaker 4: Iran accusing each other of violating the truth announced after

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Speaker 4: almost six weeks of fighting.

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Speaker 3: We want to get you up to speed with.

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Speaker 4: That being leg Washington correspondent Tyler Kendall has the latest,

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Speaker 4: and we're back on thin ice.

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Speaker 8: Yeah, hey, Caroline, Well, at this point, this White House

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Speaker 8: maintains that diplomatic efforts are indeed continuing confirming that the

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Speaker 8: US and Iran will hold direct talks this weekend led

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Speaker 8: by Vice President Jade Vance, and reporting from the region

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Speaker 8: does indicate to that Iran's attacks against golf energy sites

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Speaker 8: have ease. Still, at this point, the ceasefire is considered

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Speaker 8: to be very tenuous, and that is in part because

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Speaker 8: Iran is mandating that a tax stop in Lebanon in

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Speaker 8: order for this two week truce to take place. But still,

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Speaker 8: the US maintains that Israel's separate front against the Iranian

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Speaker 8: back militant group Hezblah was never part of a ceasefire,

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Speaker 8: and President Trump is downplaying the potential that this could

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Speaker 8: be a major roadblock to the discussions, as Israel actually

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Speaker 8: a few hours ago issued a new wave of evacuation

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Speaker 8: warnings in Lebanon, signaling the potential that we could still

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Speaker 8: see some more strikes there. President Trump, in a post overnight,

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Speaker 8: did say that the US military remains ready to resume

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Speaker 8: operations if needed, and he highlighted the importance of reopening

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Speaker 8: the Strait of Removes because I'm sure, as you saw,

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Speaker 8: Iranian state media is now reporting that any vessel that

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Speaker 8: wants to transit through the Strait has to liaise with

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Speaker 8: the Iranian military. Plus we also heard that they have

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Speaker 8: now opened up these designated passages in a bid to

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Speaker 8: make sure that vessels do not hit any potential minds

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Speaker 8: that may be in the strait. Ed and Caroline, we

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Speaker 8: heard earlier today from the head of the UAE's biggest

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Speaker 8: oil producer who said, quote conditional passage does not constitute

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Speaker 8: real passage.

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Speaker 4: Tyler Kendall with all the latest when it comes to geopolitics,

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Speaker 4: we so appreciate it.

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Speaker 3: Look, let's let's get to how that affects you in

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Speaker 3: the market.

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Speaker 4: Stephanie Aniagus with us Well market strategists for shaping Walgan

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Speaker 4: Asset Management been tracking the intersection really of geopolitics, of

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Speaker 4: earnings and fundamentals of AI driven market. Right now, let's

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Speaker 4: just focus on the Iran.

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Speaker 3: And the tensions.

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Speaker 4: How much is that seeping into the general optimism around

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Speaker 4: CAPAXAI and continuing to be in tech.

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Speaker 3: Yeah, markets are trying.

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Speaker 9: To use the ceasefire as a de facto end to

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Speaker 9: the war, and clearly we're not in the full like

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Speaker 9: coast is clear just yet. But we do think when

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Speaker 9: we think about the balance of race out here, it

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Speaker 9: is far more likely that this conflict winds down in

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Speaker 9: the matter of days or a couple of weeks than

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Speaker 9: the alternative scenario of this extending into the summer. And

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Speaker 9: when things extend into the summer, that is where the

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Speaker 9: macro picture really begins to dim and that flows through

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Speaker 9: to markets and earnings. However, the scenario that we think

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Speaker 9: we're in right now, it is one that is a

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Speaker 9: pretty constructive setup for equities from here. I mean, valuations

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Speaker 9: have contracted meaningfully.

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Speaker 3: We mentioned tech.

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Speaker 9: In the tech sector, valuations today are cheaper than consumer staples.

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Speaker 9: There's been a pretty meaningful decline there, and if you

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Speaker 9: look at even valuations for some of the individual names,

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Speaker 9: they're tracking below where they.

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Speaker 3: Were before this AI boom even got started.

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Speaker 9: So investors today are paying a cheaper price for robust earnings,

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Speaker 9: and we've seen earnings expectations actually climb throughout this war,

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Speaker 9: not because of the geopolitical headwinds, but because of the

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Speaker 9: continued strength and this AI narrative. We remain in a

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Speaker 9: deeply compute constrained environment, and many of those dynamics are

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Speaker 9: favorable for some companies to cross this AI value chain.

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Speaker 2: You look at tech right in terms of forward earnings

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Speaker 2: and there's being compression. But like other people on the

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Speaker 2: program in the last maybe seven days or so said,

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Speaker 2: look at the biggest names in the sector, maybe on

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Speaker 2: a waiting basis in next level, and they're back to

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Speaker 2: where they were before the war even started. So the

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Speaker 2: question that puts to you is the same I've done

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Speaker 2: to all the other byside and strategist names we've had,

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Speaker 2: is has this fundamentally altered the outlook for capex? Which

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Speaker 2: I think was Karry's question, Has it out altered the

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Speaker 2: growth outlook for the world's biggest technology names.

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Speaker 9: No, because we think that that growth outlook is inextricably

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Speaker 9: linked to demand and what we've learned. And you even

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Speaker 9: can look at revenue expectations and realize revenue from the

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Speaker 9: model abs as a signal of that demand, and that

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Speaker 9: demand continues to beat expectations. Every single hyperscaler this past

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Speaker 9: earning season said if we had more capacity on board today,

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Speaker 9: revenues would be higher. All of this is continuing to

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Speaker 9: funnel investment into AI capex. Where I think this geopolitical

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Speaker 9: situation is relevant and potentially a headwind is around the

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Speaker 9: cost of that capex. The economies that are most dependent

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Speaker 9: on oil from this region. Taiwan Korea are also some

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Speaker 9: of the most important bottlenecks and suppliers when it comes

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Speaker 9: to AI hardware, and if they continue to face elevated

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Speaker 9: prices for significantly longer, they're going to pass along those

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Speaker 9: prices to US buyers, which are start tech companies.

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Speaker 2: Just really quick, because I think we want to get

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Speaker 2: to what's happening in credit as well. But chips have

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Speaker 2: massively outperformed here today the socks is up more than

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Speaker 2: twenty percent, the rest of the indices down single digits.

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Speaker 9: Why markets are increasingly looking at this AI wave as

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Speaker 9: a bit zero sum and where caution has been concentrated

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Speaker 9: in the hyperscalers because of or turn on investment and

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Speaker 9: rising costs. Where we just continue to see constructive evidence

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Speaker 9: is around the need for AI infrastructure. This is going

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Speaker 9: to be the year that inference demand outpaces demand from

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Speaker 9: training and it's a pivot, but one that is expected

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Speaker 9: to continue to compound. All of that points to a

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Speaker 9: continued need for chips, and it's not just your GPUs

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Speaker 9: but also memory CPUs and a much broader custom silicon,

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Speaker 9: a much broader array of those chips that are needed

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Speaker 9: for AI zero.

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Speaker 4: Something is interesting because well software continues to sell off

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Speaker 4: when we're seeing anxiety around Carlisle's private credit fund today

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Speaker 4: and redemptions being there, but elsewhere in credit and elsewhere

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Speaker 4: in loans, for example, the fuel.

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Speaker 3: M and A we're actually looking like we're getting.

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Speaker 4: Towards an end game when it comes to paramount and

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Speaker 4: they're being able to syndicate out some of that debt efficiently.

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Speaker 4: How are you thinking about the mommarkets remaining open in

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Speaker 4: this moment.

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Speaker 9: We still think there's a lot of appetite from bond

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Speaker 9: markets to finance this AI boom. I mean, this is

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Speaker 9: such a different business model than what you typically see

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Speaker 9: in credits in credit. It's one that is potentially recipient

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Speaker 9: to significant demand and one where the fundamental so far

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Speaker 9: is still look quite solid. When I think about the

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Speaker 9: worries around private credit more broadly, Obviously they have catered

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Speaker 9: significantly towards software, and there is just this inherent unknown

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Speaker 9: of what the future of software is going to look

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Speaker 9: like around A. But we think that a lot of

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Speaker 9: that caution is already reflected in valuations for these publicly

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Speaker 9: traded BDCs, and instead we do see room for software

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Speaker 9: to reinvent itself too, and we just haven't seen this

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Speaker 9: play out just yet, which is why what we're seeing

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Speaker 9: in the market right now is actually a reflection of

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Speaker 9: that sentiment, of that caution, but not a real deterioration

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Speaker 9: and the fundamentals that's going to be a story for

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Speaker 9: the next few years.

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Speaker 2: Stephanie Aliaga of JP Morgan, thank you very much. Like

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Speaker 2: coming up, Inflection CEO Matt Kinsella, join us. Tell us

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Speaker 2: about the quantum economy. It's out of this world. That's next.

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Speaker 2: This is Bloomberg Tech.

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Speaker 4: From the front lines of the Iran conflict to the

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Speaker 4: International Space Station. A new kind of arms race is

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Speaker 4: heating up, and it isn't about traditional ballistics.

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Speaker 3: It's about quantum.

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Speaker 4: The ability to navigate without sacllite is no longer science

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Speaker 4: fiction is a national security mandate. And Matt can sell

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Speaker 4: a CEO of Inflection, the company deploy quantum clocks to

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Speaker 4: navigate without GPS on Earth, joins us now because in

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Speaker 4: a few days it was meant to be today weather

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Speaker 4: has denied you. You're going to send up some of

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Speaker 4: your technology to the International Space Station because we're updating

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Speaker 4: quantum research in space.

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Speaker 3: Why what is it giving people.

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Speaker 10: Well, first of all, thank you so much for having me, Caroline,

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Speaker 10: and let me tell you a little bit about Inflection,

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Speaker 10: just because that'll help inform the answer. So Inflection is

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Speaker 10: a quantum technologies company, and we create a suite of

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Speaker 10: products all based on these quantum cores, and inside these

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Speaker 10: quantum cores live millions of atoms, and we turn those

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Speaker 10: atoms into all sorts of products, ranging from clocks to

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Speaker 10: sensors like the one we're sending up into space, to computers.

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Speaker 10: And the reason that matters is because they can do

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Speaker 10: things that classical technologies can't do nor will ever be

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Speaker 10: able to do. And so what we're doing is, in

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Speaker 10: the case of sending this product up into space, is

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Speaker 10: to replace some technology we put into space back in

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Speaker 10: twenty eighteen.

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Speaker 2: Called the Cold Atom Lab.

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Speaker 10: And what that is doing is doing experimentation on quantum

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Speaker 10: because you can actually experiment on quantum better in microgravity

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Speaker 10: in space, and it's approving ground for being able to

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Speaker 10: sense what's happening on the world's surface or under the

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Speaker 10: surface with extreme precision, or sense what's happening around to

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Speaker 10: other spacecraft in space. And the level of precision that

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Speaker 10: we can bring with quantum is orders of magnitude bigger

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Speaker 10: than what you can do with classical technologies.

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Speaker 3: ISS NICE. It's role is changing.

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Speaker 4: It is so so where next there's a proving ground

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Speaker 4: for the tech's approving ground for where you put that tech.

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Speaker 2: Correct.

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Speaker 10: So in twenty eighteen, actually Christina Cook, the astronaut who's

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Speaker 10: currently on Artemis two, installed our tech on the ISS

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Speaker 10: and they've been working to make sure this technology works

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Speaker 10: on the International Space Station, so a human in the loop.

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Speaker 10: Next stop is to put what we call our quantum

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Speaker 10: gravity gradiometer into a satellite, which we're working with NASA

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Speaker 10: to do, and so we're taking it from research in

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Speaker 10: space to an application in space. And what that quantum

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Speaker 10: gravity gradiometer will do as it circles the Earth's orbit

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Speaker 10: from a satellite is sense changes in gravity on the

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Speaker 10: Earth's surface with extreme precision. And you can infer all

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Speaker 10: sorts of interesting things by the way gravity changes. So

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Speaker 10: you can infer the depletion of aquifers underneath the Earth's surface,

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Speaker 10: you can see what kind of things are being built

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Speaker 10: underneath the Earth's surface, sorts of very interesting use cases.

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Speaker 2: Hey, Matt, go ahead and hold that up again, because

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Speaker 2: Bloomberg Tech Executive producer Jackie Lopez wants to see it.

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Speaker 2: I think it's really important to let's go back to

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Speaker 2: space this this is not about putting the quantum computer

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Speaker 2: into space. It's about putting the sensor into space. Go

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Speaker 2: back to basics for our audience to explain that for

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Speaker 2: the data inputs. Absolutely so.

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Speaker 10: There are two broad technologies that quantum can create. One

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Speaker 10: is called a quantum sensor and the other is called

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Speaker 10: a quantum computer. Quantum computers are not yet useful. They

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Speaker 10: will be very useful in the not two distant future,

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Speaker 10: but quantum sensors are very useful today. And so what

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Speaker 10: we do, it's the same underlying technology, the same componentry inside,

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Speaker 10: but we can turn those atoms into extremely precise sensors

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Speaker 10: to sense what's happening on the Earth's surface and the

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Speaker 10: world around you. So in the case of what we're

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Speaker 10: sending up into space, it's indeed a quantum sensor.

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Speaker 2: Ed Matt real Quick, who's the launch provider who puts

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Speaker 2: you to orbit?

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Speaker 10: So we're on a SpaceX vehicle and then the spacecraft

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Speaker 10: itself is made by Northwork Crummen and real.

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Speaker 2: Quick, what's that like that experience is a customer the

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Speaker 2: door on being opened to be able to get into orbit.

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Speaker 2: It's incredible.

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Speaker 10: I mean, we wouldn't be able to get this technology

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Speaker 10: up unless that you know, the work that SpaceX and

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Speaker 10: other folks are doing to make launches less expensive, and

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Speaker 10: so our partners at nasav and have been wonderful and

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Speaker 10: getting that all set up for us.

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Speaker 4: Can I jump in and just aus very briefly from

441
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Speaker 4: quantum clocks to what because everyone's like, when is there

442
00:21:35,080 --> 00:21:36,600
Speaker 4: going to be a really useful quantum computer?

443
00:21:36,760 --> 00:21:39,040
Speaker 3: IBM saying twenty twenty nine, is that your business model?

444
00:21:39,600 --> 00:21:41,560
Speaker 10: So the business model is you know, you might say,

445
00:21:41,600 --> 00:21:42,920
Speaker 10: what the heck does a clock have to do with

446
00:21:42,960 --> 00:21:45,479
Speaker 10: a computer? They seem very different. Well, in quantum they

447
00:21:45,520 --> 00:21:47,680
Speaker 10: really aren't. Because what we're doing is we're taking advantage

448
00:21:47,680 --> 00:21:51,280
Speaker 10: of the quantum mechanical principles of atoms and then using

449
00:21:51,280 --> 00:21:54,520
Speaker 10: those quantum mechanical principles and in with slight tweaks to

450
00:21:54,600 --> 00:21:56,159
Speaker 10: what we're doing with lasers, can turn it into a

451
00:21:56,240 --> 00:21:59,359
Speaker 10: clock or in more call it precise use cases, turn

452
00:21:59,400 --> 00:22:01,480
Speaker 10: it into a compute. And so the clock is in

453
00:22:01,560 --> 00:22:03,840
Speaker 10: many ways a mini version of the computer. Your question

454
00:22:03,960 --> 00:22:07,119
Speaker 10: one will computers be useful. The timelines keep coming in

455
00:22:07,240 --> 00:22:09,240
Speaker 10: and coming in in the announcement that Google made on

456
00:22:09,440 --> 00:22:11,680
Speaker 10: QDA being here earlier and earlier, and QDA is the

457
00:22:11,760 --> 00:22:14,240
Speaker 10: day that we can break modern encryption with a quantum

458
00:22:14,240 --> 00:22:16,760
Speaker 10: computer getting pulled into twenty twenty nine. Our view is

459
00:22:16,800 --> 00:22:18,879
Speaker 10: that quantum computers will start to be useful in the

460
00:22:18,960 --> 00:22:22,080
Speaker 10: year twenty twenty eight, right, and that is at that

461
00:22:22,320 --> 00:22:24,159
Speaker 10: we'll get into what cubits are. But when you can

462
00:22:24,200 --> 00:22:26,359
Speaker 10: get to one hundred logical cubits, you can do interesting

463
00:22:26,440 --> 00:22:27,639
Speaker 10: things with quantum computers.

464
00:22:28,200 --> 00:22:30,959
Speaker 2: Oh, we know cubits. Matt Canseller, CEO of Inflection, it's

465
00:22:31,000 --> 00:22:33,400
Speaker 2: great to have you on Bloomberg Tech. Thank you very much.

466
00:22:33,400 --> 00:22:37,639
Speaker 2: That coming onlan a conversation with Niko Rosberg, Rosberg Ventures CEO.

467
00:22:38,119 --> 00:22:42,000
Speaker 2: As he said, builders are gaining more control because of

468
00:22:42,119 --> 00:22:45,479
Speaker 2: AI and with AI also of course former Formula one

469
00:22:45,560 --> 00:22:48,080
Speaker 2: World champion. I'm really looking forward to this one. That's

470
00:22:48,200 --> 00:23:02,480
Speaker 2: next halftime. This is Bloomberg Tech. Welcome back to Bloomberg Tech.

471
00:23:02,560 --> 00:23:04,359
Speaker 2: This is what equity markets look right now, and it's

472
00:23:04,400 --> 00:23:08,159
Speaker 2: a simple story where investors in the technology sector are

473
00:23:08,240 --> 00:23:11,399
Speaker 2: trying to gauge this ceasefire situation with the war in Iran.

474
00:23:11,680 --> 00:23:14,080
Speaker 2: Now's that one hundred is flat after a rally yesterday,

475
00:23:14,400 --> 00:23:17,600
Speaker 2: Still there outperformance in chip stocks. A big story overnight

476
00:23:17,760 --> 00:23:20,840
Speaker 2: was Amazon CEO Andy Jase putting out his annual shareholder

477
00:23:20,920 --> 00:23:24,640
Speaker 2: letter very simply defending capital expenditures at two hundred billion

478
00:23:24,640 --> 00:23:27,080
Speaker 2: dollars for this year, but also talking about the chip

479
00:23:27,160 --> 00:23:30,320
Speaker 2: business Trainium two in particular twenty billion dollar run rate

480
00:23:30,359 --> 00:23:33,119
Speaker 2: and Amazon's now ready to sell those chips out to

481
00:23:33,200 --> 00:23:36,120
Speaker 2: third parties more. The stocks up almost four percent. There's

482
00:23:36,119 --> 00:23:38,119
Speaker 2: a lot of pressure as well in software stocks, and

483
00:23:38,280 --> 00:23:41,480
Speaker 2: like look at the worst performers, Palenteer, Workday, z Scaler.

484
00:23:41,760 --> 00:23:44,719
Speaker 2: Those are big, high single digit declines. And as I'm

485
00:23:44,760 --> 00:23:47,040
Speaker 2: reading the cell side notes, Caro, it's a pretty simple

486
00:23:47,080 --> 00:23:50,040
Speaker 2: story as well, like that fear of AI disruption or

487
00:23:50,080 --> 00:23:54,120
Speaker 2: AI rendering legacy software obsolete is impacting. In Palenti's case.

488
00:23:54,160 --> 00:23:56,200
Speaker 2: That's kind of odd though, because like that is what

489
00:23:56,320 --> 00:23:57,720
Speaker 2: their pitch is. AI's made them a.

490
00:23:57,720 --> 00:24:00,280
Speaker 4: Lot better, and of course they're related to with the

491
00:24:00,320 --> 00:24:03,520
Speaker 4: geopolitical environment as well. But edit's so interesting. Sephanie Aliaga

492
00:24:03,600 --> 00:24:06,080
Speaker 4: just talking about the zero sum narrative. Let's talk about, well,

493
00:24:06,080 --> 00:24:08,639
Speaker 4: the upside the AI infrastructure trade because it's getting a

494
00:24:08,640 --> 00:24:10,680
Speaker 4: twenty one billion dollar shot in the arm. Meta core

495
00:24:10,760 --> 00:24:13,159
Speaker 4: Weave have inked a massive new deal to supply a

496
00:24:13,400 --> 00:24:16,840
Speaker 4: cloud capacity through twenty thirty two. Meanwhile, in video, of course,

497
00:24:16,960 --> 00:24:19,639
Speaker 4: chips for everyone nearing a critical technical breakout and more

498
00:24:19,680 --> 00:24:22,120
Speaker 4: than ten percent in the past six sessions. Let's bring

499
00:24:22,600 --> 00:24:24,720
Speaker 4: in Blue Meg's Ryan for Stellica, And it's so interesting

500
00:24:24,760 --> 00:24:27,000
Speaker 4: because a lot of the deal with core Weave and

501
00:24:27,119 --> 00:24:30,560
Speaker 4: Meta is around Rubin architecture. So that's another good narrative

502
00:24:30,640 --> 00:24:32,960
Speaker 4: for in video more broadly, Ryan, But talk us first

503
00:24:33,000 --> 00:24:36,520
Speaker 4: about core Weave. It's down because it's related to well

504
00:24:36,600 --> 00:24:39,440
Speaker 4: debt that might turn into equity, but it's another sign

505
00:24:39,480 --> 00:24:40,640
Speaker 4: that AI infrastructure is strong.

506
00:24:41,480 --> 00:24:43,000
Speaker 2: Yeah, absolutely, thanks for having me.

507
00:24:43,200 --> 00:24:45,160
Speaker 11: I would say that the major thing I've heard from

508
00:24:45,200 --> 00:24:49,280
Speaker 11: people is that this really reinforces that despite concerns about

509
00:24:49,480 --> 00:24:52,440
Speaker 11: AI spending potentially slowing down at some point, there's no

510
00:24:52,680 --> 00:24:55,920
Speaker 11: signs of that right now. AI spending remains extremely robust,

511
00:24:56,000 --> 00:24:59,320
Speaker 11: and you have these major companies like Meta, like Amazon

512
00:24:59,600 --> 00:25:03,600
Speaker 11: continue to hold very fast to their ambitious spending plants,

513
00:25:03,640 --> 00:25:05,960
Speaker 11: which is probably going to be a real positive for

514
00:25:06,080 --> 00:25:09,200
Speaker 11: these infrastructure providers over the longer term.

515
00:25:10,160 --> 00:25:12,240
Speaker 2: You're out with a really important piece focus on the

516
00:25:12,320 --> 00:25:15,200
Speaker 2: technicals around Video. And we're at a moment now where

517
00:25:15,960 --> 00:25:18,560
Speaker 2: if you look at the trading in this stock, you

518
00:25:18,680 --> 00:25:20,639
Speaker 2: might see a breakout from what has been a pretty

519
00:25:20,720 --> 00:25:24,360
Speaker 2: narrow trading range. What's the data telling you, Yeah.

520
00:25:24,240 --> 00:25:25,879
Speaker 11: So for about the past nine months or so in

521
00:25:26,000 --> 00:25:28,639
Speaker 11: Video shares have really done basically nothing. They're almost flat

522
00:25:28,760 --> 00:25:32,199
Speaker 11: over that period, despite some very strong earnings reports, despite

523
00:25:32,520 --> 00:25:35,320
Speaker 11: like we were talking about before, still very strong indications

524
00:25:35,359 --> 00:25:37,520
Speaker 11: about AI spinning going forward. But if you're looking at

525
00:25:37,520 --> 00:25:39,960
Speaker 11: it purely from a technical level, we had a little

526
00:25:39,960 --> 00:25:42,040
Speaker 11: bit of a scare last week or so when it

527
00:25:42,119 --> 00:25:46,040
Speaker 11: dipped below some recent lows, which was perhaps an indication

528
00:25:46,200 --> 00:25:48,320
Speaker 11: that the stock might be breaking down lower. But since

529
00:25:48,320 --> 00:25:51,280
Speaker 11: then we've seen a pretty aggressive move higher and we're

530
00:25:51,280 --> 00:25:53,200
Speaker 11: getting to a level I think it's one eighty five

531
00:25:53,600 --> 00:25:55,720
Speaker 11: on the stock price where people are saying, if it

532
00:25:55,840 --> 00:25:58,400
Speaker 11: holds this level, that really indicates if people are moving

533
00:25:58,440 --> 00:26:00,359
Speaker 11: back into the stock, and that could be an endection

534
00:26:00,840 --> 00:26:03,160
Speaker 11: that we could be poised to see a breakout higher,

535
00:26:03,400 --> 00:26:06,320
Speaker 11: potentially back towards a two hundred level, back maybe even

536
00:26:06,320 --> 00:26:07,320
Speaker 11: towards all time highs.

537
00:26:08,400 --> 00:26:10,639
Speaker 2: The most rhym lastellca, thank you very much. That was

538
00:26:10,840 --> 00:26:12,240
Speaker 2: kind of what's going on in public markets. I want

539
00:26:12,240 --> 00:26:14,639
Speaker 2: to get back to private markets venture capital. It's the

540
00:26:14,760 --> 00:26:18,400
Speaker 2: last day of the human X conference, where business venture

541
00:26:18,880 --> 00:26:22,640
Speaker 2: startup leaders have been gathering to discuss achieving real world

542
00:26:22,760 --> 00:26:26,560
Speaker 2: results from AI. One of the feature conversations included Rosvo

543
00:26:26,680 --> 00:26:29,719
Speaker 2: Venture's CEO and former F one world champion Nico Rosberg

544
00:26:29,720 --> 00:26:33,400
Speaker 2: alongside lovable CEO Antono Seka, with a focus on how

545
00:26:33,840 --> 00:26:36,680
Speaker 2: AI is shifting more control into the hands of builders.

546
00:26:36,720 --> 00:26:38,560
Speaker 2: Delighted to say that Nico joins us now here in

547
00:26:38,600 --> 00:26:41,280
Speaker 2: San Francisco. Welcome to Bloomberg Tech. I mean you and

548
00:26:41,320 --> 00:26:44,320
Speaker 2: I were reflecting off camera, like what it's been like

549
00:26:44,400 --> 00:26:46,960
Speaker 2: in San Francisco for the last few days. Let's start

550
00:26:46,960 --> 00:26:48,760
Speaker 2: with the conversation you had on stage. What was it

551
00:26:48,880 --> 00:26:51,480
Speaker 2: that you kind of wanted to get across and what

552
00:26:51,640 --> 00:26:52,960
Speaker 2: was it that you heard in response?

553
00:26:53,400 --> 00:26:56,359
Speaker 12: Well, first of all, the speed of innovation here at

554
00:26:56,359 --> 00:26:59,080
Speaker 12: the moment feels like it's even faster than driving a

555
00:26:59,119 --> 00:27:04,400
Speaker 12: Formula one cards. Pretty incredible, pretty scary at times, even

556
00:27:04,800 --> 00:27:08,440
Speaker 12: because especially, I mean it's anthropic, who's leading the charge

557
00:27:08,440 --> 00:27:12,520
Speaker 12: at the moment and disrupting one vertical after another. So yeah,

558
00:27:12,560 --> 00:27:17,240
Speaker 12: I mean it's impressive. And nevertheless, I think the value

559
00:27:17,320 --> 00:27:19,359
Speaker 12: creation is going to be insane. So you cannot sit

560
00:27:19,440 --> 00:27:21,240
Speaker 12: on the sidelines. You need to get involved, you need

561
00:27:21,320 --> 00:27:24,000
Speaker 12: to invest, be part of it. But yeah, I mean

562
00:27:24,160 --> 00:27:24,880
Speaker 12: interesting times.

563
00:27:25,160 --> 00:27:28,320
Speaker 2: You have a portfolio that has around thirty five direct

564
00:27:28,400 --> 00:27:31,680
Speaker 2: investments into all kinds of startups. Just on the Anthropic piece.

565
00:27:31,720 --> 00:27:34,040
Speaker 2: Real quick on stage, I was with Mike Krieger and

566
00:27:34,160 --> 00:27:36,560
Speaker 2: Thropic he leads the Labs team now, but was CPO

567
00:27:37,160 --> 00:27:39,480
Speaker 2: and Rebecca Torrents, our colleague, wrote that that's the talk

568
00:27:39,520 --> 00:27:43,040
Speaker 2: of human X. What Anthropic is doing mythos came out.

569
00:27:43,240 --> 00:27:44,960
Speaker 2: What was your sort of interpretation of that.

570
00:27:45,760 --> 00:27:48,040
Speaker 12: I was with a startup last night and they said

571
00:27:48,040 --> 00:27:51,040
Speaker 12: to me, WHOA, We've just reduced our spend on all

572
00:27:51,200 --> 00:27:55,119
Speaker 12: observability tools because now we have our age build agents

573
00:27:55,160 --> 00:27:58,600
Speaker 12: with Claude code who do the observability in an automated

574
00:27:58,640 --> 00:28:01,560
Speaker 12: way for us. Right, So that was another example of

575
00:28:01,560 --> 00:28:05,879
Speaker 12: another space that Anthropic broke into just recently. That's kind

576
00:28:05,920 --> 00:28:07,920
Speaker 12: of in the last days, you know, these things have

577
00:28:08,000 --> 00:28:11,320
Speaker 12: been happening and it's very difficult to predict how far

578
00:28:11,400 --> 00:28:13,199
Speaker 12: this is going to go, you know, and how much

579
00:28:13,240 --> 00:28:16,160
Speaker 12: of the value anthropic and the other frontier models are going.

580
00:28:16,160 --> 00:28:17,320
Speaker 2: To capture with time.

581
00:28:18,160 --> 00:28:21,320
Speaker 4: Nico, you do things differently, and I'm interested as to

582
00:28:21,400 --> 00:28:23,960
Speaker 4: what your philosophy is. You're someone who's bringing sort of

583
00:28:24,040 --> 00:28:28,440
Speaker 4: the expertise and the European perspective here over into the

584
00:28:28,520 --> 00:28:30,920
Speaker 4: West Coast. But also you have a fund of funds,

585
00:28:30,920 --> 00:28:33,360
Speaker 4: you also have direct investing. How are you thinking about

586
00:28:33,400 --> 00:28:35,919
Speaker 4: building out your exposure to the private side right now?

587
00:28:37,840 --> 00:28:40,600
Speaker 12: Very very important is always you have to diversify, you know,

588
00:28:40,720 --> 00:28:45,560
Speaker 12: That's that's essential, not only diversify across sectors, but also

589
00:28:45,880 --> 00:28:46,600
Speaker 12: across time.

590
00:28:47,160 --> 00:28:50,720
Speaker 2: So you do have to plan to deploy capital across.

591
00:28:50,600 --> 00:28:52,760
Speaker 12: Time into the private markets, and that's what we're what

592
00:28:52,840 --> 00:28:55,040
Speaker 12: we're trying to do because this is not going to

593
00:28:55,080 --> 00:28:58,120
Speaker 12: be a straight upward trajectory here. It's going to be

594
00:28:58,160 --> 00:29:01,280
Speaker 12: a very very bumpy ride. That's almost guaranteed. With the

595
00:29:01,320 --> 00:29:05,400
Speaker 12: pace of this innovation. The leaders are constantly changing as well,

596
00:29:05,480 --> 00:29:08,880
Speaker 12: every three months as a different leader, So I think

597
00:29:08,920 --> 00:29:11,880
Speaker 12: it's yeah, it's very very important to diversify, but it's

598
00:29:12,000 --> 00:29:15,280
Speaker 12: so important, especially to be involved in venture capital at

599
00:29:15,280 --> 00:29:17,680
Speaker 12: the moment, because so much more of the value creation

600
00:29:17,840 --> 00:29:22,280
Speaker 12: happens before going public in private markets and especially venture

601
00:29:22,360 --> 00:29:25,120
Speaker 12: capital is perhaps the only way to get exposure, you know,

602
00:29:25,240 --> 00:29:28,040
Speaker 12: to the likes of these frontier models and all the

603
00:29:28,080 --> 00:29:30,040
Speaker 12: other things that are that are happening now. So it's

604
00:29:30,080 --> 00:29:32,680
Speaker 12: a very very exciting time and I think huge potential

605
00:29:32,760 --> 00:29:35,640
Speaker 12: for this asset class in the next years, And already

606
00:29:35,880 --> 00:29:37,200
Speaker 12: the last two years have been incredible.

607
00:29:37,480 --> 00:29:40,959
Speaker 4: I mean, nic keep dropping in the odd little idea

608
00:29:41,080 --> 00:29:44,920
Speaker 4: around formula one and using that as some sort of

609
00:29:45,240 --> 00:29:48,240
Speaker 4: descriptive factor. What's also descriptive maybe is that, like in

610
00:29:48,320 --> 00:29:50,040
Speaker 4: Formula one, we have a lot of real leaders of

611
00:29:50,080 --> 00:29:51,800
Speaker 4: the pack when it comes to VC. You have companies

612
00:29:52,400 --> 00:29:55,160
Speaker 4: like Klein Perkins or like Thrive, like a sixteen Z

613
00:29:55,560 --> 00:29:58,640
Speaker 4: with enormous new fundraisers, and then you have everyone else

614
00:29:58,720 --> 00:30:02,160
Speaker 4: who's worried about liquidity, worried about being able to get

615
00:30:02,200 --> 00:30:02,760
Speaker 4: money into.

616
00:30:02,600 --> 00:30:03,320
Speaker 3: The LP's hands.

617
00:30:03,440 --> 00:30:05,320
Speaker 4: How are you distinguishing between those funds to be able

618
00:30:05,360 --> 00:30:07,240
Speaker 4: to allocate your fund into your fund of funds.

619
00:30:08,960 --> 00:30:11,320
Speaker 12: Yeah, at the moment, it definitely looks like the winning

620
00:30:11,360 --> 00:30:16,720
Speaker 12: strategies is to back those multi stage, large incumbent funds

621
00:30:17,000 --> 00:30:20,160
Speaker 12: because they're capturing more and more of the value creation

622
00:30:20,280 --> 00:30:24,600
Speaker 12: in this asset class. They are becoming bigger backing more

623
00:30:24,640 --> 00:30:27,640
Speaker 12: of the winning founders. So it's really the power law

624
00:30:27,760 --> 00:30:30,960
Speaker 12: is like exaggerating even more, it seems at the moment,

625
00:30:31,680 --> 00:30:35,320
Speaker 12: and the performance is being concentrated more into these top

626
00:30:35,400 --> 00:30:38,480
Speaker 12: funds out there, like even top ten, top twelve. That's

627
00:30:38,520 --> 00:30:40,440
Speaker 12: really where you needed to be in the last couple

628
00:30:40,480 --> 00:30:43,680
Speaker 12: of years. So we're pretty pleased with the strategy that

629
00:30:43,720 --> 00:30:45,600
Speaker 12: we've been that we've been going after.

630
00:30:45,840 --> 00:30:47,840
Speaker 2: I took a little bit about the technology in F one,

631
00:30:47,960 --> 00:30:50,400
Speaker 2: if we can your former F one World champion in

632
00:30:50,400 --> 00:30:53,880
Speaker 2: twenty sixteen, when you're retired, the powertrain already had an

633
00:30:53,920 --> 00:30:56,520
Speaker 2: element of being hybrid, but the new regulations this year

634
00:30:56,680 --> 00:31:01,360
Speaker 2: is smaller, lighter cars, active aero fifty fifty system, and

635
00:31:01,720 --> 00:31:04,640
Speaker 2: everyone talks about that, the drivers, the principles, and then

636
00:31:04,680 --> 00:31:08,880
Speaker 2: the fans, your your interpretation, your opinion you read on

637
00:31:09,240 --> 00:31:10,000
Speaker 2: these new rags.

638
00:31:10,360 --> 00:31:13,600
Speaker 12: Of course, if one is pursuing the technology that is

639
00:31:13,720 --> 00:31:17,560
Speaker 12: most relevant to society, yes, so these engines are probably

640
00:31:17,600 --> 00:31:19,600
Speaker 12: this power unit is probably one of the most efficient

641
00:31:19,640 --> 00:31:23,760
Speaker 12: there is in the world. Fifty fifty PC battery power.

642
00:31:24,080 --> 00:31:26,280
Speaker 12: That's of course a lot and also, as you know,

643
00:31:26,360 --> 00:31:31,240
Speaker 12: the fuels are COEO two neutral biofuels, synthetic fuels, a

644
00:31:31,320 --> 00:31:34,760
Speaker 12: mixture of that, so it's it's a COEO two neutral fuel.

645
00:31:35,920 --> 00:31:37,920
Speaker 12: But of course there's a lot of criticism at the

646
00:31:37,920 --> 00:31:40,360
Speaker 12: moment as well because you can see, like at the

647
00:31:40,440 --> 00:31:43,960
Speaker 12: last race they go down the straight through a flat

648
00:31:44,000 --> 00:31:47,280
Speaker 12: out bend and have to downshift after the bend whilst

649
00:31:47,320 --> 00:31:49,600
Speaker 12: is still in the straight because their battery power switches

650
00:31:49,640 --> 00:31:51,640
Speaker 12: off and they have time to get on. So of course,

651
00:31:52,080 --> 00:31:54,520
Speaker 12: so of course that like from a spectator point of view,

652
00:31:54,560 --> 00:31:56,640
Speaker 12: is a bit like that's a bit awkward when you're

653
00:31:56,640 --> 00:31:58,600
Speaker 12: supposed to be going flat out with the highest performing

654
00:31:58,640 --> 00:32:01,640
Speaker 12: Formula One car. What Nevertheless, I'm a bit more easy

655
00:32:01,680 --> 00:32:03,959
Speaker 12: going on that because from my point of view, it's

656
00:32:04,280 --> 00:32:08,720
Speaker 12: as long as there's great battles intra team, the other

657
00:32:08,800 --> 00:32:12,120
Speaker 12: teams into the battle. You know, hopefully Ferrari can use

658
00:32:12,160 --> 00:32:15,040
Speaker 12: this gap now to close up to Mercedes. McLaren was

659
00:32:15,040 --> 00:32:17,600
Speaker 12: there already now in the last race. So if we

660
00:32:17,680 --> 00:32:20,360
Speaker 12: get like a really cool battle there, then I think

661
00:32:20,480 --> 00:32:22,520
Speaker 12: all the fans won't mind, you know, where the technology

662
00:32:22,640 --> 00:32:25,120
Speaker 12: is and we'll just love and appreciate the racing and

663
00:32:25,160 --> 00:32:28,200
Speaker 12: the battles, and what an amazing story we have. Nineteen

664
00:32:28,320 --> 00:32:32,480
Speaker 12: year old Kimi Antonelli, the ultimate underdog, is leading this

665
00:32:32,560 --> 00:32:35,680
Speaker 12: World championship three races in, you know, so that's wonderful.

666
00:32:35,800 --> 00:32:38,080
Speaker 12: He has so many fans, even yesterday at the conference

667
00:32:38,160 --> 00:32:41,800
Speaker 12: here in San Francisco at Human X, loads of Mercedes

668
00:32:41,840 --> 00:32:44,000
Speaker 12: and Kimi Antonelli fans as I was as I was

669
00:32:44,040 --> 00:32:44,920
Speaker 12: walking up on stage.

670
00:32:44,960 --> 00:32:49,000
Speaker 4: So it's nice to see innovation storytelling sprinkling Hollywood.

671
00:32:49,000 --> 00:32:49,520
Speaker 3: We appreciate it.

672
00:32:49,600 --> 00:32:52,040
Speaker 4: Niko Rosberg of Rosberg Benure is great to have you

673
00:32:52,160 --> 00:32:56,320
Speaker 4: on the show. Coming up, Medicare Navigation Platform Chapter close.

674
00:32:56,320 --> 00:32:57,680
Speaker 3: There's one hundred million dollars in funding.

675
00:32:57,680 --> 00:32:58,960
Speaker 4: We're gonna be talking to the CEO and one of

676
00:32:59,000 --> 00:33:00,640
Speaker 4: its key investors, Oscar Uny.

677
00:33:00,840 --> 00:33:10,640
Speaker 3: That's next. As Bluebotech Markets.

678
00:33:10,680 --> 00:33:13,720
Speaker 4: Reacting to the latest headline regarding geopolitics, Israel says that

679
00:33:13,800 --> 00:33:17,680
Speaker 4: it agrees to direct talks with Lebanon. In fact, the

680
00:33:17,800 --> 00:33:20,400
Speaker 4: leader of Canada will support bring Hesbela under control as well.

681
00:33:20,440 --> 00:33:23,200
Speaker 4: We understand this is as Israel had been warning once

682
00:33:23,280 --> 00:33:24,640
Speaker 4: again to Lebanese residents.

683
00:33:24,720 --> 00:33:25,800
Speaker 3: Just a few hours after.

684
00:33:25,720 --> 00:33:29,000
Speaker 4: Ranium president stress the continued attacks in the country threaten

685
00:33:29,200 --> 00:33:30,440
Speaker 4: upcoming ceasefire talks.

686
00:33:30,480 --> 00:33:30,840
Speaker 3: The market.

687
00:33:30,880 --> 00:33:33,480
Speaker 4: We've been worried about this, but now we understand that

688
00:33:33,680 --> 00:33:36,880
Speaker 4: Israel says it will agree to direct talks with Lebanon. Therefore,

689
00:33:36,960 --> 00:33:39,880
Speaker 4: maybe we get some support that Benjamin Netanya, who will

690
00:33:40,040 --> 00:33:42,880
Speaker 4: indeed perhaps scale back those strikes, and market's rallied.

691
00:33:43,720 --> 00:33:45,720
Speaker 2: Okay, we're going to go from those public markets to

692
00:33:45,960 --> 00:33:48,520
Speaker 2: the private markets again. We have some funding. News Chapter

693
00:33:49,000 --> 00:33:53,480
Speaker 2: an AI platform for the navigating the notoriously complex processes

694
00:33:53,760 --> 00:33:56,600
Speaker 2: of the US Medicare system, as a one hundred million

695
00:33:56,600 --> 00:33:59,880
Speaker 2: dollar series E round. Chapter's CEO, Kobe Bloomful Gantz is

696
00:34:00,480 --> 00:34:02,640
Speaker 2: with us along with one of the investors, Ross Uvini,

697
00:34:02,720 --> 00:34:05,920
Speaker 2: managing partner at XYZ Bench Capital, known for writing early

698
00:34:06,040 --> 00:34:09,120
Speaker 2: checks to companies like Anderill, for example, but also like

699
00:34:09,600 --> 00:34:12,920
Speaker 2: those types of companies that are closely linked to the

700
00:34:13,239 --> 00:34:17,360
Speaker 2: government and government apparatus of this nation, and Medicare is

701
00:34:17,400 --> 00:34:19,360
Speaker 2: something that if you look over the course of decade,

702
00:34:19,800 --> 00:34:23,200
Speaker 2: it's trillions of dollars. You are trying to change how

703
00:34:23,280 --> 00:34:27,000
Speaker 2: the system works and access that capital. What are you

704
00:34:27,000 --> 00:34:28,560
Speaker 2: going to do with the one hundred million you raised?

705
00:34:29,280 --> 00:34:29,920
Speaker 2: Thanks for having me.

706
00:34:30,480 --> 00:34:32,719
Speaker 13: We are really focused on continuing to build the best

707
00:34:32,760 --> 00:34:35,880
Speaker 13: products we can for seniors, for American retirees because it

708
00:34:36,000 --> 00:34:39,799
Speaker 13: is the most underserved population in the US. So we're

709
00:34:39,840 --> 00:34:41,920
Speaker 13: investing in a lot of AI technology. We're investing in

710
00:34:42,000 --> 00:34:44,640
Speaker 13: new products to help people navigate Medicare and their healthcare

711
00:34:44,719 --> 00:34:47,160
Speaker 13: rit large, and we're really excited about it.

712
00:34:47,200 --> 00:34:49,480
Speaker 2: Let's do the basics. What is Chapter? What is Chatter do?

713
00:34:49,800 --> 00:34:51,759
Speaker 13: I started the company a few years ago after seeing

714
00:34:51,800 --> 00:34:55,320
Speaker 13: my parents struggle with the Medicare process. They received terrible

715
00:34:55,400 --> 00:34:59,000
Speaker 13: guidance working with a local Medicare broker, and as I

716
00:34:59,120 --> 00:35:01,919
Speaker 13: sort of peeled back the into how the ecosystem works,

717
00:35:02,000 --> 00:35:04,000
Speaker 13: I was just appalled at how bad the incentives are,

718
00:35:04,040 --> 00:35:05,160
Speaker 13: how bad the technology is.

719
00:35:05,560 --> 00:35:06,080
Speaker 8: So we do it.

720
00:35:06,200 --> 00:35:09,760
Speaker 13: Chapter is we are the only unbiased AI driven Medicare

721
00:35:09,800 --> 00:35:12,640
Speaker 13: guidance platform. So when you need help signing up for Medicare,

722
00:35:12,719 --> 00:35:15,960
Speaker 13: which every American senior needs, you call Chapter and we

723
00:35:16,080 --> 00:35:17,960
Speaker 13: help you enroll in the right plan for you. We

724
00:35:18,080 --> 00:35:21,080
Speaker 13: save people thousands of dollars a year when they enroll

725
00:35:21,160 --> 00:35:24,080
Speaker 13: in Medicare, and we help them navigate the entire ecosystem

726
00:35:24,120 --> 00:35:25,760
Speaker 13: throughout their Medicare journey.

727
00:35:26,239 --> 00:35:27,600
Speaker 3: One hundred million dollars Series E.

728
00:35:28,080 --> 00:35:29,880
Speaker 4: And whilst I want to go to you here because

729
00:35:30,200 --> 00:35:34,320
Speaker 4: you have come on and again you're an existing institutional investor,

730
00:35:34,360 --> 00:35:37,640
Speaker 4: our Goals Generation Investment Management has joined this particular round ross.

731
00:35:37,719 --> 00:35:40,239
Speaker 4: What has made you so committed to Chapter Why this

732
00:35:40,360 --> 00:35:42,200
Speaker 4: particular way of navigating healthcare?

733
00:35:43,440 --> 00:35:44,920
Speaker 2: Well, it's really two things.

734
00:35:45,560 --> 00:35:50,160
Speaker 14: One, as Kobe mentioned, everybody over sixty five in America

735
00:35:50,400 --> 00:35:54,360
Speaker 14: is going to get Medicare, So everyone in the US

736
00:35:54,520 --> 00:35:56,880
Speaker 14: is eventually going to be a Chapter a customer in

737
00:35:56,960 --> 00:36:00,480
Speaker 14: that scale of business, like that opportunity, like that to

738
00:36:00,520 --> 00:36:03,120
Speaker 14: the adventure scale business, and you want to be part

739
00:36:03,560 --> 00:36:06,120
Speaker 14: of companies that are building at that level.

740
00:36:06,239 --> 00:36:09,240
Speaker 4: Talk to that thesis though, why is every single American

741
00:36:09,320 --> 00:36:10,480
Speaker 4: going to be using Medicare?

742
00:36:12,400 --> 00:36:15,680
Speaker 14: Everyone over sixty five in the country is going to

743
00:36:16,040 --> 00:36:19,839
Speaker 14: enroll in Medicare services because it is the best way

744
00:36:19,920 --> 00:36:24,359
Speaker 14: to get healthcare for the agent population in the US

745
00:36:24,480 --> 00:36:30,200
Speaker 14: and not just a point of fact. Chapter enables enables

746
00:36:30,400 --> 00:36:34,320
Speaker 14: my mom my dad to make the best choice of

747
00:36:34,600 --> 00:36:38,359
Speaker 14: where they should get their Medicare services. Further, Chapter has

748
00:36:38,360 --> 00:36:41,680
Speaker 14: done a tremendous job in the last few years of growth.

749
00:36:41,800 --> 00:36:43,719
Speaker 2: We grow over three x last year.

750
00:36:43,880 --> 00:36:46,880
Speaker 14: One hundred million in revenue, and the reason that we

751
00:36:47,040 --> 00:36:50,760
Speaker 14: keep pushing more money and more excitement into chapters because

752
00:36:50,960 --> 00:36:53,719
Speaker 14: we see that growth continuing three and four x in

753
00:36:53,800 --> 00:36:55,759
Speaker 14: subsequent years. And that's really just the tip of the

754
00:36:55,800 --> 00:37:01,080
Speaker 14: iceberg of building out a solution for the entire US population.

755
00:37:02,000 --> 00:37:05,120
Speaker 2: One hundred million in revenue. You know that's no small feet.

756
00:37:05,200 --> 00:37:07,920
Speaker 2: You know there were headlines overnight Perplexities just hit five

757
00:37:08,040 --> 00:37:10,920
Speaker 2: hundred million ARR. But look at the coverage that they get.

758
00:37:11,360 --> 00:37:13,320
Speaker 2: What's your core competence? What is it that you and

759
00:37:13,440 --> 00:37:15,919
Speaker 2: the team are really good at. It's a great question.

760
00:37:16,760 --> 00:37:19,160
Speaker 13: I'm really proud of the team we have assembled. We've

761
00:37:19,200 --> 00:37:23,160
Speaker 13: assembled some of the best technologists around. I think generally

762
00:37:23,280 --> 00:37:25,440
Speaker 13: we focus on people who are really mission driven and

763
00:37:25,440 --> 00:37:27,920
Speaker 13: who are exceptional at working with AI. So what we're

764
00:37:27,960 --> 00:37:31,480
Speaker 13: really good at doing is structuring data, realigning incentives, and

765
00:37:31,560 --> 00:37:36,360
Speaker 13: then operationalizing that in a really efficient way. Our entire company,

766
00:37:36,760 --> 00:37:39,400
Speaker 13: our corporate headcount is about thirty people, and we've been

767
00:37:39,440 --> 00:37:42,360
Speaker 13: able to grow at that scale with this headcount because

768
00:37:42,400 --> 00:37:42,920
Speaker 13: of that ross.

769
00:37:43,160 --> 00:37:47,120
Speaker 2: I've always found the PXYZ model really interesting. I'm maybe oversimplifying,

770
00:37:47,400 --> 00:37:50,120
Speaker 2: but you write checks to companies that are going after

771
00:37:50,200 --> 00:37:53,160
Speaker 2: the public sector in many ways, it's different to going

772
00:37:53,200 --> 00:37:55,960
Speaker 2: after some startups that like may never need to have revenue,

773
00:37:56,000 --> 00:37:57,759
Speaker 2: and you know, we can get into that a later date,

774
00:37:58,200 --> 00:38:01,120
Speaker 2: But why does that present a real turn opportunity as

775
00:38:01,120 --> 00:38:05,000
Speaker 2: an investor to go after a startup whose dollars come

776
00:38:05,120 --> 00:38:06,800
Speaker 2: from one arm of government or another.

777
00:38:07,440 --> 00:38:11,320
Speaker 14: Yeah, And so our focus are XYZ has been largely

778
00:38:11,440 --> 00:38:15,160
Speaker 14: on building and supporting companies that are selling to the

779
00:38:15,200 --> 00:38:18,880
Speaker 14: government because it is the largest spender in the entire world.

780
00:38:19,480 --> 00:38:22,600
Speaker 14: So areas of defense spending is one of the largest

781
00:38:22,600 --> 00:38:24,719
Speaker 14: spends in the entire world, and that's where we backed

782
00:38:24,760 --> 00:38:28,480
Speaker 14: companies like Andrel. Areas of healthcare spend and medicare are

783
00:38:28,560 --> 00:38:31,480
Speaker 14: one of the largest spends in the entire world. And

784
00:38:31,600 --> 00:38:34,080
Speaker 14: so that's why we backed companies like Chapter And when

785
00:38:34,160 --> 00:38:37,360
Speaker 14: those companies are winning, when they're capturing hundreds of millions

786
00:38:37,360 --> 00:38:41,480
Speaker 14: and then billions of dollars, we dollar concentrate into those businesses.

787
00:38:41,719 --> 00:38:43,880
Speaker 2: And we get the right to do that because we've.

788
00:38:43,760 --> 00:38:46,800
Speaker 14: Been there since the beginning. And so that's our economic approach.

789
00:38:47,160 --> 00:38:49,680
Speaker 14: Find those exceptional people in those businesses.

790
00:38:50,320 --> 00:38:53,080
Speaker 4: Kobe, You're making it easier for people to try and

791
00:38:53,200 --> 00:38:56,160
Speaker 4: navigate a very complex system. But the narrative we hear

792
00:38:56,239 --> 00:38:57,759
Speaker 4: time and time again on the show at the moment

793
00:38:57,880 --> 00:39:00,800
Speaker 4: is abundance of AI being able to bring healthcare to

794
00:39:00,960 --> 00:39:03,840
Speaker 4: all and make you know what is your vision for

795
00:39:04,080 --> 00:39:06,279
Speaker 4: healthcare in the US looks like in five to ten

796
00:39:06,360 --> 00:39:06,839
Speaker 4: years time.

797
00:39:08,160 --> 00:39:11,560
Speaker 13: I want every American who's navigating Medicare and navigating healthcare

798
00:39:11,600 --> 00:39:15,120
Speaker 13: at large to a understand what they are buying, what

799
00:39:15,400 --> 00:39:18,520
Speaker 13: is their health coverage, and to be able to access

800
00:39:18,760 --> 00:39:22,120
Speaker 13: their healthcare in the simplest way. There's no reason people

801
00:39:22,160 --> 00:39:25,120
Speaker 13: should have to read hundreds of pages of documents and

802
00:39:25,280 --> 00:39:28,200
Speaker 13: go through tons of emails and faxes and phone calls

803
00:39:28,440 --> 00:39:31,160
Speaker 13: just to understand what they've already signed up for. And

804
00:39:31,239 --> 00:39:34,440
Speaker 13: so really we're trying to create a more equitable healthcare system,

805
00:39:34,680 --> 00:39:37,359
Speaker 13: a more efficient healthcare system, and one that drives down

806
00:39:37,400 --> 00:39:39,839
Speaker 13: the costs to the system and creates much better care

807
00:39:39,920 --> 00:39:41,120
Speaker 13: and coverage for every American.

808
00:39:42,000 --> 00:39:44,800
Speaker 4: Kobe Blumenfeld Gantz, CEO of Chapter Great to have you

809
00:39:44,880 --> 00:39:48,759
Speaker 4: with us, and Ross Fabini, managing partner at XYZ and

810
00:39:48,920 --> 00:39:52,520
Speaker 4: long term investor, thank you coming up open AI as

811
00:39:52,560 --> 00:39:53,840
Speaker 4: pausing Stargate project in the.

812
00:39:53,960 --> 00:39:56,800
Speaker 3: UK as it reigns in some of its ambitious spending.

813
00:39:57,080 --> 00:40:10,680
Speaker 3: We'll have the details next. This is BlueBag Tech time

814
00:40:10,719 --> 00:40:11,920
Speaker 3: now for Talking Tech and first Up.

815
00:40:11,960 --> 00:40:14,480
Speaker 4: Samsung is planning a four billion dollar outlay in to

816
00:40:14,520 --> 00:40:17,720
Speaker 4: build a chip packaging plant in Vietnam, continuing to expand

817
00:40:17,760 --> 00:40:19,400
Speaker 4: its country's largest foreign investor.

818
00:40:19,600 --> 00:40:19,719
Speaker 15: Now.

819
00:40:19,760 --> 00:40:22,239
Speaker 4: The investment will be implemented in several phases, with the

820
00:40:22,280 --> 00:40:24,640
Speaker 4: first consisting of a two billion dollar outlay, according to sources,

821
00:40:24,640 --> 00:40:26,719
Speaker 4: and the company has invested in fact more than twenty

822
00:40:26,760 --> 00:40:30,440
Speaker 4: three billion in Vietnam, creating ninety thousand jobs. Because Amazon

823
00:40:30,520 --> 00:40:33,800
Speaker 4: CEO and Jasse is doubling down on customs Silicon, revealing

824
00:40:33,840 --> 00:40:36,400
Speaker 4: the AWSS chip business now has an revenue run rate

825
00:40:36,440 --> 00:40:39,960
Speaker 4: exceeding twenty billion dollars, growing triple digit percentages year on year.

826
00:40:40,239 --> 00:40:42,960
Speaker 4: An Amazon's annuel shareholder letter, Jase noted that the division

827
00:40:43,000 --> 00:40:45,600
Speaker 4: sold its chips externally by in video or IMD and

828
00:40:45,719 --> 00:40:48,960
Speaker 4: that figure, if it happened, would likely hit fifty billion dollars.

829
00:40:49,480 --> 00:40:52,560
Speaker 4: And Open Ai said it is pausing its Stargate AI

830
00:40:52,640 --> 00:40:55,839
Speaker 4: infrastructure project in the UK, citing regulation and the cost

831
00:40:55,880 --> 00:40:56,319
Speaker 4: of energy.

832
00:40:56,440 --> 00:40:59,240
Speaker 3: Now, the company said they will continue to explore Stargate.

833
00:40:59,000 --> 00:41:01,800
Speaker 4: UK and we've forward when the right conditions enable the

834
00:41:01,800 --> 00:41:03,040
Speaker 4: long term infrastructure investment.

835
00:41:03,160 --> 00:41:03,200
Speaker 8: Ed.

836
00:41:03,880 --> 00:41:06,000
Speaker 2: Okay, let's stick with this story and bringing Bloomberg Tech

837
00:41:06,160 --> 00:41:09,239
Speaker 2: editor showing a ghost out of London, and you know,

838
00:41:09,520 --> 00:41:11,920
Speaker 2: what's the reporting here, Like, let's get into the reasons

839
00:41:12,000 --> 00:41:14,239
Speaker 2: why they're doing the pause, and I guess also a

840
00:41:14,360 --> 00:41:18,040
Speaker 2: sense of the scale that Stargate had hoped to achieve

841
00:41:18,120 --> 00:41:18,520
Speaker 2: in the UK.

842
00:41:20,120 --> 00:41:20,319
Speaker 8: Yeah.

843
00:41:20,440 --> 00:41:23,160
Speaker 15: I mean, firstly, it's a little hard to say exactly why.

844
00:41:23,280 --> 00:41:27,560
Speaker 15: The reasons given by open ai was the high cost

845
00:41:27,640 --> 00:41:30,640
Speaker 15: of energy in the UK, which is true. It's one

846
00:41:30,640 --> 00:41:34,760
Speaker 15: of the most expensive companies for energy costs in Europe.

847
00:41:34,880 --> 00:41:37,680
Speaker 15: So that's certainly one reason that may be causing delays

848
00:41:37,760 --> 00:41:40,800
Speaker 15: to the plans. And the other reason, you know, without

849
00:41:41,080 --> 00:41:46,040
Speaker 15: much further definition, was regulation that might be around, you know,

850
00:41:46,120 --> 00:41:49,759
Speaker 15: the difficulties of getting planning permission, et cetera to get say,

851
00:41:50,040 --> 00:41:53,960
Speaker 15: data center infrastructure up and running. So Stargate, as your

852
00:41:54,560 --> 00:41:59,239
Speaker 15: viewers probably know, is open aiy's large, many multiples of

853
00:41:59,280 --> 00:42:04,480
Speaker 15: billions of dollars project to build data center infrastructure all

854
00:42:04,520 --> 00:42:06,719
Speaker 15: over the world, beginning with the US. It's got the

855
00:42:06,800 --> 00:42:10,319
Speaker 15: first data center CAMPRA in the US, but expanding internationally,

856
00:42:10,480 --> 00:42:13,759
Speaker 15: so the UK Norway and other regions as well.

857
00:42:13,840 --> 00:42:16,359
Speaker 2: But it's sounding like this UK project is on hold.

858
00:42:16,680 --> 00:42:19,680
Speaker 4: I mean that cannot be great news for Kirstarma and

859
00:42:19,760 --> 00:42:21,880
Speaker 4: the government in terms of growth. I mean, how are

860
00:42:21,920 --> 00:42:24,400
Speaker 4: they thinking about navigating this because there is end Scale,

861
00:42:24,440 --> 00:42:27,600
Speaker 4: which is a more local builder of this infrastructure.

862
00:42:29,239 --> 00:42:31,520
Speaker 15: Yeah, I think it does raise a broader question about

863
00:42:31,560 --> 00:42:35,080
Speaker 15: how successful our infrastructure build out is going to be

864
00:42:35,200 --> 00:42:38,400
Speaker 15: out of the UK. You know, let's say predominantly it

865
00:42:38,480 --> 00:42:40,600
Speaker 15: is about energy costs. It's not just going to be

866
00:42:40,719 --> 00:42:44,759
Speaker 15: open AI that's impacted by that, but any local data

867
00:42:44,800 --> 00:42:47,680
Speaker 15: center provider like nd Scale, which is the local partner

868
00:42:47,800 --> 00:42:51,399
Speaker 15: that OpenAI had struck this deal with n Scale, has

869
00:42:51,440 --> 00:42:54,960
Speaker 15: other projects around the UK, and so potentially that that

870
00:42:55,160 --> 00:42:58,360
Speaker 15: raises questions about how quickly these other data center projects

871
00:42:58,400 --> 00:43:01,000
Speaker 15: are going to get up and running. The UK and

872
00:43:01,120 --> 00:43:03,640
Speaker 15: the Labor government has been very proud of lots of

873
00:43:03,719 --> 00:43:06,360
Speaker 15: these investments that have been announced, but you know, I

874
00:43:06,440 --> 00:43:09,480
Speaker 15: think we can see that the reality maybe that not

875
00:43:09,640 --> 00:43:11,640
Speaker 15: all of the not all of the investments, not all

876
00:43:11,640 --> 00:43:13,719
Speaker 15: of the infrastructure promises will materialize.

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Speaker 4: Bloomberg's showna gosh, thank you for bringing us up to

878
00:43:16,840 --> 00:43:20,279
Speaker 4: speed on that particular infrastructure build out and meanwhile, well

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Speaker 4: that is.

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00:43:20,800 --> 00:43:23,120
Speaker 3: It for this edition of Bloomberg Tech Ed.

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Speaker 4: It's interesting that there's a big piece on the Bloomberg

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Speaker 4: Today about G forty two and continuing to build out

883
00:43:28,239 --> 00:43:30,960
Speaker 4: in terms of infrastructure despite the Iranian conflict, whereas the

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00:43:31,080 --> 00:43:32,080
Speaker 4: energy prices hit the UK.

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Speaker 2: Yeah, it's a must read and it's based on some

886
00:43:34,840 --> 00:43:37,040
Speaker 2: important reporting from Tom Jarles Martberg. And also just what

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Speaker 2: shown has said. How often is a project announced and

888
00:43:39,719 --> 00:43:43,160
Speaker 2: then several months later either scaled back or changed happens

889
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Speaker 2: all the time at the moment recap on the podcast

890
00:43:45,239 --> 00:43:47,160
Speaker 2: like a really packed show, a lot of news, a

891
00:43:47,239 --> 00:43:49,560
Speaker 2: lot of insightful and important conversations as well. You know

892
00:43:49,640 --> 00:43:51,800
Speaker 2: where to find the pod so on the Bloomberg Terminal,

893
00:43:51,960 --> 00:43:56,239
Speaker 2: source of online on Apple, Spotify, and iHeart from New

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Speaker 2: York and San Francisco. This is Bloomberg Tech