Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. Bloomberg Tech is alive
Speaker 1: from coast to coast with Caroline Hyde in New York
Speaker 1: and ed La Loow in San Francisco.
Speaker 2: This is Bloomberg Tech coming up. Apple closes a retail
Speaker 2: store in China for the first time ever. What this
Speaker 2: means for the iPhone maker's plan to revive sales, Plus US.
Speaker 3: And Chinese officials continue talks to extend the tariff truth
Speaker 3: beyond mid August expiring with Tech Export Controls under the microscope, and.
Speaker 2: We discuss SOFI second quarter earnings with the CEO, Anthony Nodo.
Speaker 4: As the stock surges, Apple's.
Speaker 2: Kind of softer down seven ten to one percent, a
Speaker 2: big points drag at the index level, closing a store
Speaker 2: in China which we can get to, and then headlines
Speaker 2: in the last hour from the Wall Street Journal that
Speaker 2: JP Morgan is now the front runner to take over
Speaker 2: that Apple credit card business.
Speaker 3: There's a lot to discuss, there is, and there's a
Speaker 3: person to do it with. Bloomberg's Tom Giles joins us
Speaker 3: now and Tom just first of all, this signal that
Speaker 3: we're getting pulling back from one particular area bricks and
Speaker 3: water in China.
Speaker 5: Is it a big deal for Apple?
Speaker 6: China is a huge deal for Apple.
Speaker 7: Let's put it in perspective this one particular store.
Speaker 4: There's a question mark about this mall.
Speaker 7: You've had other retailers US based retailers like Coach, Hugo
Speaker 7: Boss have gotten out of there. So I'm not sure
Speaker 7: how much to read into those one particular mall. But
Speaker 7: let's dial the lens back and talk about the big
Speaker 7: picture in China. China is a huge market for Apple,
Speaker 7: and they have seen sales declining there for a whole.
Speaker 6: Host of reasons. Most recently.
Speaker 7: You have to look at the domestic economy in China.
Speaker 7: There are deflationary pressures. There are questions about how much
Speaker 7: the tariffs are going to affect that economy. Remember, exports
Speaker 7: are a huge part of China's global economy, so demand there.
Speaker 7: How big is demand for products like Apple's iPhone. That's
Speaker 7: what Apple needs to take into consideration. We're going to
Speaker 7: be hearing from them in the next couple of days
Speaker 7: to see how things are going in China. And don't
Speaker 7: forget there's a lot of competition domestically in China from
Speaker 7: names like Huawei and Opo and Viva We talked about
Speaker 7: them before, but the competition there is real and people
Speaker 7: are looking for alternatives to Apple because of this whole
Speaker 7: all these questions about US China relations and whether and
Speaker 7: how much pressure the government is putting on domestic markets
Speaker 7: to focus on China names and not Apple.
Speaker 4: That sets us up really well for earning.
Speaker 2: So I think analyst consensus is that they will swing
Speaker 2: back to revenue growth on a year on year basis
Speaker 2: in Greater China. So we wait for that. The headline
Speaker 2: this morning is from the Wall Sweet Journal and that
Speaker 2: JP Morgan, in a pack of many, is now the
Speaker 2: front runner to take over the credit card business. Interesting
Speaker 2: in a sense that SERVICESVA is important.
Speaker 4: But what do we need to know?
Speaker 7: Well, remember that this is an important relationship for the banks.
Speaker 7: Goldman tried it with Apple, it fizzled. There are questions
Speaker 7: about Goldman's consumer strategy and whether that was the right
Speaker 7: mix for them. It's a big deal for JP Morgan.
Speaker 7: Gives them opportunity to push financial services products to a
Speaker 7: whole new legions of Apple customers.
Speaker 4: Big deal for them.
Speaker 2: Bloomberg's Senior executive edit for Tech, Tom Giles here in
Speaker 2: San Francisco. Thank you very much, let's stick with that
Speaker 2: China story. US and Chinese officials are in their second
Speaker 2: day of trade talks in Stockholm, this to extend their
Speaker 2: tariff truce beyond an initial ninety day period. Let's get
Speaker 2: over to Stockholm where Blueberg's Oliver Crook is standing by.
Speaker 4: Oliver, what's the latest. Yeah, that's right.
Speaker 8: We're just in the briefing room here where were expecting
Speaker 8: Treasury Secretary Scott Bessett at any moment now in the
Speaker 8: next couple of minutes, Jamison Greer, who have been locked
Speaker 8: in discussions with their Chinese counterparts for the last two days,
Speaker 8: with the Vice Premiere of China five hours yea yesterday,
Speaker 8: about six hours so far today.
Speaker 9: In terms of the trade.
Speaker 8: Negotiations and the ambition, as you say it is, to
Speaker 8: extend that trade truth that currently stands between the United
Speaker 8: States and China. Those teriffs from the US have dropped
Speaker 8: down to thirty percent, twenty percent of those are fentanyl related,
Speaker 8: ten percent of those sort of baseline tariffs, and that's
Speaker 8: down from the one hundred and twenty five percent level
Speaker 8: we reached at the sort of fever pitch of the
Speaker 8: trade war between the two sides. That is set to
Speaker 8: expire on August the twelfth, and that is what they're
Speaker 8: sort of locked in the discussions to try to extend
Speaker 8: over another ninety days. There are plani play of other
Speaker 8: issues at as you cover every single day that they
Speaker 8: have to discuss. The question will be we did they
Speaker 8: make progress on any of those things? Is there enough
Speaker 8: progress to give a kind of timeline on when a
Speaker 8: comprehensive framework could potentially be happening with the Chinese? Could
Speaker 8: there be something of a timeline on the meeting between
Speaker 8: Shiji Ping and Trump. These are going to be all
Speaker 8: of the questions that are going to have for Treasury
Speaker 8: Secretary Scott Besson't and probably a few other questions on
Speaker 8: other issues of trade, the deal with the EU. There's
Speaker 8: still some open questions about steel tariffs, about pharmaceutical tarrafts,
Speaker 8: so great many questions to put to the Treasury Secretary
Speaker 8: when it comes out in the next few minutes.
Speaker 3: There certainly is Oliver just going back to our sweet
Speaker 3: spot of tech that has been a lot been made
Speaker 3: of rare earth metals, whether or not they've actually been
Speaker 3: able to get more swiftly from China into the United States,
Speaker 3: And of course there was that offering that olive branch
Speaker 3: of h twenties going back from Nvidia.
Speaker 8: Yeah, that's right, and that's really kind of the only
Speaker 8: place you've seen a great deal of olive branches extended
Speaker 8: from the US and from China.
Speaker 4: To one another.
Speaker 8: And we should say these are not just sort of
Speaker 8: acts of goodwill. These are two sectors in which each
Speaker 8: side is dependent on the other. Whether it's the Chinese
Speaker 8: who have a stranglehold on those rare earth metals, on
Speaker 8: those magnets, whether it's the United States that has a
Speaker 8: stranglehold on those advanced AI chips. And they've made those concessions,
Speaker 8: but not necessarily out of the goodness of their heart.
Speaker 8: There is going to be a question about whether or
Speaker 8: not those deliveries those rare earth metals have been flowing.
Speaker 4: I'm sure that will be one.
Speaker 8: Of the questions to Treasury Secretary Scott Besson. So we
Speaker 8: will get a little bit more detail on that, Caroline
Speaker 8: in the next couple of minutes. So stay tuned and
Speaker 8: we'll hear from the Treasury Secretary quite soon.
Speaker 3: We'll be coming back to you, Oliver Kruk, thank you
Speaker 3: from dot com. Let's get you bought a context now.
Speaker 3: Michelle Guide is with us. She is the CEO of
Speaker 3: the CROC Institute for Techti Promacy at Purdue. Served as
Speaker 3: Assistant Secretary of State for Global Public Affairs under the
Speaker 3: first Trump administration that was twenty eighteen to twenty twenty,
Speaker 3: and Michelle the context now is one of which US
Speaker 3: and China are setting themselves up for this race, whether
Speaker 3: it be in AI, whether it be in manufacturing, whether
Speaker 3: it be in energy, which is the most important outcomes
Speaker 3: you think in terms of where we take trade going forward, the.
Speaker 10: Most important outcome is going to be American security, prosperity,
Speaker 10: and leadership, and that's what all of these trade negotiations
Speaker 10: are about.
Speaker 11: There are means to that end.
Speaker 10: China has built a massive manufacturing economy, the United States
Speaker 10: has built a massive consumer economy.
Speaker 11: So they make stuff and we consume it and we
Speaker 11: buy it.
Speaker 10: And now, being a consumer at that scale is a
Speaker 10: big vulnerability when your largest supplier is an adversary, and
Speaker 10: we buy and consume three hundred billion dollars more stuff
Speaker 10: from China than they buy from US.
Speaker 11: And that matters.
Speaker 10: When it's not just toys at walm More, and it's
Speaker 10: not just home appliances.
Speaker 11: We are consuming things independent on them for.
Speaker 10: Things that are really important to our national security, as
Speaker 10: you had just mentioned rare earth magnets, it's batteries, it's
Speaker 10: pharmaceutical ingredients, it's the ability to make ships across the
Speaker 10: world that have a commercial and a defense implication. So
Speaker 10: rebalancing our trade relationship is key to making sure that
Speaker 10: we are reincentivizing our ability and making it more attractive
Speaker 10: to buy and to build these things at home than
Speaker 10: to rely on China to.
Speaker 11: Do those things.
Speaker 3: It's interesting we've of course had MPY Materials with an
Speaker 3: announcement that they as one of the only rare rev
Speaker 3: metal miners here in the United States, they're going to
Speaker 3: be supplying apple in some way. But are there enough incentives? Well,
Speaker 3: what is ultimately a very dirty process? Do we want
Speaker 3: to bring that home?
Speaker 10: Michelle more portly, Well, China is either going to do
Speaker 10: it in a very dirty process, because we have seen
Speaker 10: that the Chinese Communist Party does not.
Speaker 11: Have a lot of regard for the environment.
Speaker 10: Or we can incentivize American companies to do it here
Speaker 10: in a much cleaner and more efficient and effective way.
Speaker 11: And so I think have America lead in these things.
Speaker 10: Rare earth processing and other critical minerals is going to
Speaker 10: be really important. We'll do it much cleaner, more effectively, safely,
Speaker 10: and trustworthy than the Chinese Communist Party.
Speaker 4: Michelle, good morning, it's ed in San Francisco.
Speaker 2: I don't want to go broad that meeting that's happening
Speaker 2: right now in Stockholm between Chinese trade officials and American
Speaker 2: trade officials. Who is currently on top in this negotiation.
Speaker 10: Well, I think what we've seen is that everything is
Speaker 10: on the table, and the United States has a lot
Speaker 10: of leverage. As you said, you know, they want a
Speaker 10: lot of things from the United States, including our chips
Speaker 10: and including our consumer economy because they are largely export based, and.
Speaker 11: So we matter to them as much as they matter
Speaker 11: to us.
Speaker 10: And so I think everything's on the table, and ultimately
Speaker 10: here the goal is to walk out with a better
Speaker 10: deal for the United States, so we are more prosperous,
Speaker 10: more free, more secure, and we can incentivize building the
Speaker 10: sectors here that are going to be important to American leadership.
Speaker 10: The President last week just talked about our big AI
Speaker 10: Action plan and wanting to run on American tech, and
Speaker 10: so we need to incentivize the industries that are going
Speaker 10: to make that possible.
Speaker 2: And one of the pillars of that plan is for
Speaker 2: America to export technology to the world. How important an
Speaker 2: export market is China for the American technology stack.
Speaker 10: Well, the jury is still out on whether or not
Speaker 10: China is going to be an economy that wants the
Speaker 10: American technology stack. If you listen to what Hijin Ping
Speaker 10: has said, he wants an independent, controllable AI hardware and
Speaker 10: software foundational system.
Speaker 11: That means a Chinese tech stack.
Speaker 10: And so we'll see whether or not Chi Jianping and
Speaker 10: the Chinese economy wants American tech. It's all the more
Speaker 10: reason that deals with our allies like the EU that
Speaker 10: just happened, like Japan that just happened matter because if
Speaker 10: you look at the US and our top ten democratic
Speaker 10: allies the EU included, that's like sixty to seventy percent
Speaker 10: of global GDP. What a great place to start for
Speaker 10: us to deploy American technology is the backbone of the
Speaker 10: global economy and the free world and then start to
Speaker 10: work out from there.
Speaker 3: Michelle, it's almost the one area of bipartisanship has been
Speaker 3: a hawkish nature towards China. But I think about a
Speaker 3: potential ban on TikTok.
Speaker 5: Currently not happening.
Speaker 3: When we think about a potential meeting between Trump and jijingping,
Speaker 3: some China Hawks, some of the most odd and in
Speaker 3: the current administration for frustrated that actually President Trump is
Speaker 3: giving way too much for a deal.
Speaker 5: What do you make of it?
Speaker 10: Well, I think the big picture is all of these
Speaker 10: things are chips in the bargaining tools. They're all on
Speaker 10: the table and up for negotiation, so we can ultimately
Speaker 10: get to a deal that does make us more secure
Speaker 10: and more prosperous. And so we've seen back and forth
Speaker 10: on TikTok. We know that the Age twenty chips from
Speaker 10: Nvidia were under export controls in April, and then in
Speaker 10: July there were assurances that those licenses would be granted
Speaker 10: to export them.
Speaker 11: But all of these things are in flux.
Speaker 10: And it's part of the high stakes negotiations that are
Speaker 10: taking place. Ultimately that we want to get to a
Speaker 10: place where we are incentivizing American leadership and security first.
Speaker 3: And that takes regulation here at home as well. The
Speaker 3: AI Action Plan meant to foster growth, particularly when it
Speaker 3: comes to the underlying large language models and indeed the infrastructure.
Speaker 3: What's interesting is there is this game of cat and
Speaker 3: mouse and China yet more and more sophisticated models, open
Speaker 3: ones coming to the full. How do you measure how
Speaker 3: far China is in the generative AI race?
Speaker 10: Well, I think it's how many countries and partners across
Speaker 10: the world are adopting Chinese tech versus American tech. And
Speaker 10: our goal is to have more countries and more companies
Speaker 10: adopting American tech and in some cases Allied tech if
Speaker 10: we're not the category leader, so that the tech stack
Speaker 10: across the world is trusted. And so having a scorecard
Speaker 10: where we track how many companies and countries are adopting
Speaker 10: US and Allied technology versus Chinese technology is really important.
Speaker 10: And I think, as the President laid out in his
Speaker 10: AI Action Plan, what the administration is going to start
Speaker 10: to do is put together exportable AI packages to start
Speaker 10: to facilitate that more effectively.
Speaker 2: Michelle Geider of the CROC Institute of Tech Diplomacy at Purdue,
Speaker 2: thank you very much. Now, coming up, Spotify shares drop
Speaker 2: as the music streaming company disappoints investors with a surprise
Speaker 2: second quarter loss.
Speaker 4: We'll have the details next. This is Bloomberg Tech.
Speaker 3: Spotify shares having their worst day in two years, as
Speaker 3: the company reported a loss in the second quarter. Let's
Speaker 3: get more of Spotify's earnings or Bloomberg's Ashley Carmen, the
Speaker 3: scene seems to be about employee pay in some ways
Speaker 3: and taxes upon that.
Speaker 12: Yeah, in some ways, Spotify is a victim of its
Speaker 12: own success. They've basically said that because they've been doing
Speaker 12: so well on the stock market, they've had to pay
Speaker 12: out a.
Speaker 5: Lot more than they anticipated.
Speaker 12: To employees for payroll, taxes and whatnot, and so that
Speaker 12: ended up in a loss in earnings per share.
Speaker 2: There's a lot of like earnings mechanics and financial wizardry
Speaker 2: around this kind of stuff. Is there a kind of
Speaker 2: core Spotify story actually of how streaming audio is going
Speaker 2: for them, and maybe a little bit about their video
Speaker 2: strategy as well.
Speaker 12: Yeah, So Spotify keeps adding subscribers users like they keep.
Speaker 5: Growing every single quarter. It's pretty remarkable.
Speaker 12: But what's sort of been a challenge for them is
Speaker 12: figuring out what their next verticals are.
Speaker 5: And seeing that through successfully.
Speaker 12: So they've really made a push for advertising that hasn't
Speaker 12: really panned out. They said now they are going to
Speaker 12: be kind of rethinking.
Speaker 5: That approach with advertising.
Speaker 12: Their head of advertising actually stepped down yesterday. He's taking
Speaker 12: a job at DoorDash, So they sort of suggested that
Speaker 12: this is going to be a direction that they're going
Speaker 12: to change course. And then they're making a very concentrated
Speaker 12: push into video, and on today's earnings call, they said
Speaker 12: one of their co praresidents said that.
Speaker 5: This is a very exciting opportunity, but it's not a
Speaker 5: necessary opportunity.
Speaker 12: So I think they're still kind of figuring out where
Speaker 12: they want to move next.
Speaker 3: It's interesting that the week dollar, of course, plays into
Speaker 3: all of this, and the third quarter to forecasts not
Speaker 3: looking that pretty either. Ultimately, they are building more and
Speaker 3: more users. As they say, it's sort of growing like
Speaker 3: a weed, so that's going to be a positive momentum
Speaker 3: story for many longer term.
Speaker 12: Yeah, I think that that's how they're trying to position
Speaker 12: this is that in the long term they seem very bullish,
Speaker 12: they're excited, they feel like they've had a really great product.
Speaker 5: It's just these.
Speaker 12: Short term issues that they're kind of dealing with, and investors,
Speaker 12: we'll see how they're feeling about it.
Speaker 2: The stock's down almost eleven percent, which introday is the
Speaker 2: biggest drop since early April, but if it closed, there
Speaker 2: be the biggest drop since June of twenty twenty three,
Speaker 2: So it's.
Speaker 4: A strong reaction.
Speaker 2: I'm not asking you something to ask you every single
Speaker 2: quarter because this is how I listen to podcasts. How
Speaker 2: is Spotify doing in podcasts?
Speaker 12: They've really pivoted into video podcasts and they've been trying
Speaker 12: to recruit more video creators to the platform, so they
Speaker 12: really have not focused on these audio podcasts anymore. I've
Speaker 12: reported quite a bit on how this initiative is going
Speaker 12: for them. They're still missing quite a few of the
Speaker 12: largest podcasters on that service.
Speaker 5: For video, but they're still pushing and they're still trying.
Speaker 3: Where is the audience for them? Always the growth story
Speaker 3: at least it seems like.
Speaker 12: It's developing markets, Yeah, but then also just trying to
Speaker 12: get people to spend more time on the platform watch
Speaker 12: these video which they compensate based.
Speaker 5: That consumption rather than adds.
Speaker 12: They're really trying to appeal spend more time through audiobooks
Speaker 12: and maybe up level them to different tiers of subscriptions.
Speaker 12: So I think that's where they're eyeing some possible growth.
Speaker 2: Bluemogs actually Carmen on the streaming and Spotify beat. Thank
Speaker 2: you very much. We have another earning story in PayPal.
Speaker 2: Look at shares of the company down significantly, on track
Speaker 2: for their biggest drop in almost six months. In part,
Speaker 2: it's just the basics that they're seeing slow in growth
Speaker 2: and payment volumes. But what happened in the morning session
Speaker 2: was that the CEO on the call was talking about
Speaker 2: US retail spending and sort of softening economic consumer data.
Speaker 4: That kind thing.
Speaker 2: But he was basically saying that they see a slight
Speaker 2: acceleration and that's kind of worried people a little bit.
Speaker 2: It's going to be interesting later in the hour Carrier
Speaker 2: when we have Sofi, because it's somewhat analogous, right that
Speaker 2: we might get a similar or maybe different read on
Speaker 2: the strength of the consumer through the fintech lens.
Speaker 3: From a share performance is a very different story for
Speaker 3: so Far, which is up a whopping thirteen percent right now.
Speaker 3: That interview to come at right here, right now. Coming up,
Speaker 3: we've got open Ai back startup Ambient's healthcare. It was
Speaker 3: reaching a one billion dollars valuation. We speak the co
Speaker 3: founder Nik Kilberduma.
Speaker 4: That's an expertive roombed tech.
Speaker 2: Open AI back startup Ambience Healthcare has announced it's raised
Speaker 2: two hundred and forty three million dollars in a new
Speaker 2: funding round, valuing the administrative AI company at more than
Speaker 2: one billion dollars.
Speaker 4: For more.
Speaker 2: Nik Kilberduma, Ambience Healthcare co founder and chief scientists, joins
Speaker 2: us it's really interesting, you know, I actually go back
Speaker 2: to maybe even three years, and this is where a
Speaker 2: lot of people said the promise in the near term
Speaker 2: was AI and healthcare, you know, the administrative task.
Speaker 4: But the round is big.
Speaker 2: I mean, what do you need two hundred and forty
Speaker 2: three million dollars to do?
Speaker 4: Yeah.
Speaker 13: I think this round two hundred forty three million dollars
Speaker 13: values as the company at one point twenty five billion dollars.
Speaker 13: Now that round is led by oak HCFT and recent
Speaker 13: Horoitz and with participation from open AI. I think it's
Speaker 13: a testament to this platform that we've built for health systems,
Speaker 13: which liberates clinicians from the administrative burden and enables them
Speaker 13: to focus on their patient. And a big part of
Speaker 13: it is we've built the sort of busting class platform,
Speaker 13: which in practice what it does is before the patient
Speaker 13: walks into the room. The system actually summarizes all the
Speaker 13: context for the clinicians so they know what's going on
Speaker 13: with that particular patient in the visit. It's listening in
Speaker 13: the background, it's generating the documentation automatically for the clinician
Speaker 13: on behalf of them, as also summary for the patient
Speaker 13: and their families. And then afterwards it's automating all the
Speaker 13: downstream sort of revenue cycle, coding and billing prior authorization workflows,
Speaker 13: which is how health systems get paid. I think it's
Speaker 13: allowing us to essentially work with many more institutions. We
Speaker 13: work with some of the largest healthcare organizations, academic medical
Speaker 13: centers in the country Cleveland Clinic, UCSF, Houston Methodists.
Speaker 4: I think this surround is a testament to that way.
Speaker 2: What's the company's core competence? You know, I understand the platform,
Speaker 2: but what is it that you're good at that's allowed
Speaker 2: you to build the platform.
Speaker 13: I think a big part of it is we've built
Speaker 13: an incredibly deep working relationship with open AI and other
Speaker 13: foundation model makers to build the most capable foundation models
Speaker 13: for healthcare and medicine, and then we've taken that and
Speaker 13: packaged that into a series of workflows to help clinicians.
Speaker 13: So I'll give you one example. We work with Cleveland Clinic,
Speaker 13: one of the most sub specialized academic institutions in the country.
Speaker 13: They have one hundred plus different specialty and sub specialty areas,
Speaker 13: and you could imagine every single one of those specialists
Speaker 13: practices different medicine, they have different workflows, there's different administrative rules,
Speaker 13: and so what we've been able to do is create
Speaker 13: a platform that services the needs of every single one
Speaker 13: of those specialists. Over eighty percent of clinicians of Cleveland
Speaker 13: Clinic use the technology in clinic every single day for
Speaker 13: over seventy percent of those visits, and that's more than
Speaker 13: two to three times some of the other alternatives in
Speaker 13: the market.
Speaker 3: Nikill go to that relationship, that working relationship that you
Speaker 3: want to invest in further with open AI. What makes
Speaker 3: your business defensible versus open AI just sort of building
Speaker 3: it themselves.
Speaker 13: I think a big part of it is as you
Speaker 13: think about sort of the gap between general purpose reasoning
Speaker 13: models and models that are actually a clinical grade and
Speaker 13: compliance grade. There's a massive gap between models that truly
Speaker 13: understand the medicine that's happening in every single visit.
Speaker 4: We talked about Cleveland Clinic.
Speaker 13: And other academic medical centers. Just the level of depth
Speaker 13: and clinical reasoning that's happening across one hundred plus different specialties,
Speaker 13: and how that's different from primary care to if you
Speaker 13: have to go see an oncologist to even an oncological
Speaker 13: subspecialist who might specialize in a particular type of cancer.
Speaker 13: And it's bridging that gap in sort of the understanding
Speaker 13: and reasoning capabilities of these models that ultimately allows us
Speaker 13: to build software that really solves the problem for clinicians
Speaker 13: on the front lines.
Speaker 3: We are currently as we speak, just also seeing live
Speaker 3: pictures of President Trump, who is currently in Scotland. He's opened,
Speaker 3: of course, a new golf course, but he's also been
Speaker 3: negotiating with EU, continues to be discussing relationships with the
Speaker 3: UK going forward. We're going to be diving into that
Speaker 3: as and where necessary for you. But let's just return
Speaker 3: to you, Nikhil, as we hear, of course what President
Speaker 3: Trump has been doing. I want to go to the
Speaker 3: regulatory perspective here for your business at ambience, because I
Speaker 3: am thinking immediately about healthcare requirements. When it comes to privacy.
Speaker 3: How have you made sure that that's front and center
Speaker 3: when you're relying on so many different users who well,
Speaker 3: each hospital has a different rule case.
Speaker 4: I'm sure it's a great question.
Speaker 13: I think the idea of how do we build AI
Speaker 13: that's safe, how do we do it responsibly, how do
Speaker 13: we roll it out in a way that's effective. We're
Speaker 13: lucky to work with some of the premier academic institutions
Speaker 13: in the country, and that's allowed us to build infrastructure
Speaker 13: not only to create and train AI in a safe
Speaker 13: and private way, but also the governance processes to roll
Speaker 13: it out responsibly. But I think the opportunity getting this
Speaker 13: right is actually massive. You think about the ten thousand
Speaker 13: seniors aging into Medicare every single day, the fact that
Speaker 13: in every sort of virtual virtually every category of our
Speaker 13: healthcare workforce, we are projecting the shortage of one hundred
Speaker 13: plus thousand people over the next five to ten years,
Speaker 13: and we as a country spend one trillion on administrative waste.
Speaker 13: The opportunity to leverage AI to sort of help rehaul
Speaker 13: how the system works, have better tools for our clinicians,
Speaker 13: and actually take better care of our patients is pretty exciting.
Speaker 3: Nikail Baduma of Ambience Healthcare.
Speaker 5: Let's just shift gears into.
Speaker 3: The other of AI and the relationship between Microsoft and
Speaker 3: open Ai, because apparently when they're in advanced negotiations that
Speaker 3: could change that relationship and actually help inaugurate the AI age.
Speaker 3: The ongoing talks would give Microsoft access to open AI's
Speaker 3: tech even after the chatchipte maker has reached its goal
Speaker 3: of building artificial general intelligence. For more on what is
Speaker 3: going on spring Bloomberg's Map Day. Now, this is an
Speaker 3: age old relationship. It was the What bore really chatchipt
Speaker 3: to the fold was the financial backing of open ai.
Speaker 3: But the deal was always that they would have limited
Speaker 3: access to tech if open Ai did reach AGI.
Speaker 5: How is this going to change? Map?
Speaker 9: That's right.
Speaker 14: So Microsoft, as a condition of all the investment they
Speaker 14: poured into open ai, they have access to their technology.
Speaker 9: They can make it into their product.
Speaker 14: They're worried for some time about a potential cliff, you know,
Speaker 14: should open Ai say hey, we've you know, built an
Speaker 14: artificially general intelligence system, Microsoft.
Speaker 9: Would lose access to the tech.
Speaker 14: So what we're hearing recently is that Microsoft is getting
Speaker 14: more comfortable at the terms they're talking about now, I
Speaker 14: mean that cliff might not occur, there might be a
Speaker 14: way that they can continue to have access to some
Speaker 14: of open AI's technology, you know, should they hit that milestone.
Speaker 2: Matt, We've heard that talks of progressing, that they're positive
Speaker 2: that they're still ongoing. We heard from sources that in
Speaker 2: some valley, Sam Altman actually met with Sati Nadella to
Speaker 2: talk about the issue. The part of it that is
Speaker 2: on the open Ai side of this is that they
Speaker 2: want to change that corporate structure. What do we know
Speaker 2: about how these negotiations are moving toward that.
Speaker 14: So we know that first of all, Microsoft is is
Speaker 14: the biggest holdout to that re negotiation of open ai structure.
Speaker 14: We know that open ai wants to alter it's it's
Speaker 14: corporate charter. They want more flexibility, they want the ability
Speaker 14: to raise a whole lot more money. And that's really
Speaker 14: what's kind of ticking the clock here, particularly a bunch
Speaker 14: of cash from SoftBank, the big investor, has the authority
Speaker 14: to dial down some of that investment if opening Ey doesn't.
Speaker 9: Complete the restructure before at the end of the year.
Speaker 14: So it's just created this little bit of ticking clock
Speaker 14: in the background, putting pressure on both sides to come.
Speaker 3: Up with a deal and also revenue share. Right, Matt,
Speaker 3: it feels as though open ai is realizing, well, how
Speaker 3: much value they're adding and what's a little bit more
Speaker 3: of it?
Speaker 9: That's right.
Speaker 14: I mean, if you want back the clock to twenty
Speaker 14: nineteen when Microsoft first put cash in the open AI,
Speaker 14: Microsoft got a really good deal on kind of a
Speaker 14: flyer at this AI lab was going to be a
Speaker 14: big deal. Roll the clock forward. Turns out there an
Speaker 14: enormous deal and opening iye wants a bit more of
Speaker 14: that pie for sure.
Speaker 2: Bloomberg's Matt Day reporting with the rest of the AI
Speaker 2: and infrastructure team really appreciate it, Thank you very much.
Speaker 2: Just stick with Microsoft, which reports earnings tomorrow. Cashranging Global
Speaker 2: Investment Research Managing Director the Goldman Sachs joins us. He
Speaker 2: covers the software sector has a buy rating and a
Speaker 2: five hundred and fifty dollars price target for Microsoft TV
Speaker 2: time cash. But you heard the reporting there. When you
Speaker 2: are covering Microsoft, one assumes you have to model in
Speaker 2: this relationship with open AI, both the financial exposure but
Speaker 2: the technology exposure as well.
Speaker 4: What did you hear then and what do you make
Speaker 4: of it?
Speaker 9: Yeah?
Speaker 15: So, first of all, congratulations on breaking that news story.
Speaker 15: So that's incremental development. And we actually publish our note
Speaker 15: later yesterday and we didn't cover the detailed reporting that
Speaker 15: you guys did, so that certainly is a wrinkle, but
Speaker 15: it does not change the overall thesis. Our view has
Speaker 15: been that the partnership has more legs to it than
Speaker 15: commonly believed in the media and in the Wall Street community.
Speaker 15: There's a lot more to be gained on either side
Speaker 15: of the fence beat access to technology from Microsoft's perspective,
Speaker 15: or access to distribution and a work class customer base
Speaker 15: at Microsoft brings and the ability to certainly not to
Speaker 15: overemphasize the very common thing to train models.
Speaker 9: And run on work cus infrastructure.
Speaker 15: So I think if this word of progress to its
Speaker 15: ultimate fruition that of the deal word we signed, it
Speaker 15: would take away a at least an investor's perspective as
Speaker 15: to what is the time duration that you can bank
Speaker 15: and your model and what is the longevity of this partnership.
Speaker 15: Because the AI revenues have come out of nowhere seemingly,
Speaker 15: and I've scaled and helped Microsoft's Azzure business propel itself
Speaker 15: to a not to thirty percent growth through which we
Speaker 15: thought was unthinkable two years ago. So both parties have
Speaker 15: so much to be gained to gain from this, and
Speaker 15: I think it's incrementally.
Speaker 2: Let me ask it this way, what has the biggest
Speaker 2: net benefit to Microsoft been from the relationship with open Ai.
Speaker 15: Yeah, many things. First of all, that they are tech forward,
Speaker 15: and you could argue that in the cloud competing cycle
Speaker 15: that they were not exactly the first ones out of
Speaker 15: the gate, but in this AI cycle they are the
Speaker 15: first ones out of the gate. And there's so much
Speaker 15: of a cachet and boasting right that you have, especially
Speaker 15: with Ceosatin Adela, who is a ranking cider of the company,
Speaker 15: has been there for a long time. Being able to
Speaker 15: pivot the company at the right time. That of enormous
Speaker 15: strategic importance. Right from a financial perspective, what it has
Speaker 15: allowed the company to do is, although it has required
Speaker 15: a lot of capital build out of a scale that
Speaker 15: the world has never seen so far in the technology
Speaker 15: world and maybe in broader industry as well, it has
Speaker 15: allowed the Azure business to grow at scale. So depending
Speaker 15: on whose numbers you look at, we're roughly close to
Speaker 15: an eighty billion dollar run rate for the Azure business.
Speaker 15: And AI has helped keep that growth rate steadily in
Speaker 15: the thirty plus percent range, and if we get an
Speaker 15: inflection point with respect to AI moving up from golden sacks.
Speaker 15: We have this thing that AI is stuck at the
Speaker 15: infrastructure layer. For every computing cycle. You need to move
Speaker 15: to the platform and applications. When you make the progression,
Speaker 15: you see monumental shifts that are happening in the market.
Speaker 9: So that's all to myself's benefit.
Speaker 3: The eighty billion run rate for Azure comes in tandem
Speaker 3: cash with a more than eighty billion dollar need to
Speaker 3: spend on capital expenditure. Is that currently totally vindicated in
Speaker 3: your mind? Zyme when we see it increase.
Speaker 15: It's a dollar for dollar right of capis gives you
Speaker 15: a dollar of AS revenues roughly give or take, and
Speaker 15: there's within that there is a slightly more inefficient conversion
Speaker 15: of the dollar of capis into AI revenue and slightly
Speaker 15: more efficient conversion. So we think that it is the
Speaker 15: right trade off at this point in time. And the
Speaker 15: good news of your Microsoft is that you're running a
Speaker 15: very diversified business that all the capex is not extremely
Speaker 15: punitive to your free cash flowers. I mean, you could
Speaker 15: run a model where you're not generating any free cashlodob
Speaker 15: that's not Microsoft's things, so they do generate a pretty
Speaker 15: meaningful significant free capital margin because of the health of
Speaker 15: the overall business. You've got to look at Microsoft not
Speaker 15: just in the context of Azure, but there is a
Speaker 15: broader Microsoft Cloud business which has the M three sixty five,
Speaker 15: and then you have the server on premises business and
Speaker 15: a couple of other businesses that are equally significant in
Speaker 15: terms of revenue scope and significant drivers are profitable, so
Speaker 15: they've got the ability to generate the cash to be
Speaker 15: able to fund this capex.
Speaker 9: That's a very important consideration.
Speaker 15: Long as the returns keep coming and you're able to
Speaker 15: generate a dollar of revenue for every dollar of capiss,
Speaker 15: as long as that algorithm, broadly speaking, holes, I think
Speaker 15: it's the right trade off for the company.
Speaker 3: There have been concerns though, surrounding Microsoft, whether or not
Speaker 3: it's just how great the product is to use when
Speaker 3: you're sat within its ecosystem, but also the cyber issues
Speaker 3: that we've seen running front and center this month cash
Speaker 3: how much do you expect Satia to really talk.
Speaker 9: To those issues.
Speaker 15: I believe that there is a bit of a lag
Speaker 15: between the actual chat GPT technology that is open a
Speaker 15: I brought, broadly speaking technology and how much of that
Speaker 15: gets incorporated in the Microsoft Office Copilot, and I believe
Speaker 15: that that lag is likely to reduce over a period
Speaker 15: of time. And we're also implementing consumer grade technology in
Speaker 15: the enterprise. I mean, that is a completely different piece.
Speaker 15: So I'm not surprised to hear what you've heard with
Speaker 15: respective where the product is relative to enterprise expectations. And
Speaker 15: I would argue that the product is I use it personally, Goldman,
Speaker 15: and it's come a long way since about six months
Speaker 15: nine months ago, and it's likely to go a long.
Speaker 6: Way in the future.
Speaker 15: That version of co pilot that we used today is
Speaker 15: going to go through significant enhancements liberally to customize it
Speaker 15: tailor at your workflows. Oh, that's going to get significantly better.
Speaker 15: So the buzz is going to get better.
Speaker 2: One thing I've always wanted to ask you cash is
Speaker 2: present day, middle of twenty twenty five, Microsoft is the
Speaker 2: world's second most valuable company. Right, And if I think
Speaker 2: back to when I arrived in Silicon Valley in twenty eighteen,
Speaker 2: but even two years ago, did you see that coming
Speaker 2: where Microsoft would vie with Nvidia to be the most
Speaker 2: valuable company in the world based on the direction it
Speaker 2: was headed pre open AI and all of that.
Speaker 15: So when I launched coverage at Goldman in twenty twenty one,
Speaker 15: we had a big price target on Microsoft, and the
Speaker 15: pushback that we got was, you're implying that the market
Speaker 15: cap can grow by another half a trillion. Two it's
Speaker 15: already a multi trillion dollar market or what was And
Speaker 15: I think it was a couple of tillion. Yeah, And
Speaker 15: I think what it comes down to is, if you
Speaker 15: unlock a big tech cycle, the dollars at stake and
Speaker 15: every tech cycle are larger and larger.
Speaker 6: And if you are.
Speaker 15: Leading this cycle as opposed to being a fast.
Speaker 4: Follower, who is to say what the new market?
Speaker 15: Nobody envisioned this kind of playing out the way it
Speaker 15: did so, and we're still early in AI. So if
Speaker 15: you listen to the economist, they're talking about how the
Speaker 15: labor market could be incorporated by way of AI. If
Speaker 15: that were to happen, you got a lot more value
Speaker 15: creation along the way. So I'm not I'm pleasantly surprised
Speaker 15: about how quickly it has happened, but I was just
Speaker 15: remarking earlier that Microsoft stock has actually performed in line
Speaker 15: with the nastac finally, since the launch of Chat GPT.
Speaker 15: For a while, it was lagging, and I kept telling myself,
Speaker 15: this is the company that facilitated the birth of this
Speaker 15: AI revolution a long with Nvidia and Open Ai, and
Speaker 15: their stock is lagging.
Speaker 6: It doesn't make any sense right now.
Speaker 15: Finally we're just about even, Sophie vindication.
Speaker 2: Yashraan and Managing Director of Global Investment Research at Goldman's
Speaker 2: has great to have you here on Bloomberg Tech.
Speaker 4: Thank you very much. Carry some news.
Speaker 3: Yeah, it's time to talking tech now and first up,
Speaker 3: door Dash spotifflies Global of Advertising Lee Brown will join
Speaker 3: the food delivery company as chief revenue Officer starting in
Speaker 3: late August.
Speaker 13: Now.
Speaker 3: Brown previously led Spotify's two billion dollar ad business across
Speaker 3: ninety international markets and is set to oversee door Dash's
Speaker 3: revenue in the US, Canada, Australia and New Zealand.
Speaker 5: Whilst Weimo is set to.
Speaker 3: Launch its robo taxi service in Dallas next year in
Speaker 3: a partnership with rental cil company Avis. Now Weiver says
Speaker 3: Avis will serve as a pleat fleet partner providing infrastructure, maintenance,
Speaker 3: car management operations.
Speaker 4: The Dallas Deel.
Speaker 3: Marks a multi year partnership that Waimo and Avis plan
Speaker 3: to expand into more cities over time and venture debt
Speaker 3: firm to Cora, Hare's raised six hundred eighty five million
Speaker 3: dollars with the backings from the likes of Peter Teel
Speaker 3: and Marc Andreesen. Now, according to CEO Kerry Finley, the
Speaker 3: money will be used to make loans to about twenty
Speaker 3: to thirty million dollars to startups. Now, the latest investment
Speaker 3: brings the firm's assets and management to about one point
Speaker 3: four billion dollar zed.
Speaker 4: Okay, coming up.
Speaker 2: So FI CEO Anthony Noto joins us to discuss the company's.
Speaker 4: Second quarter result.
Speaker 2: An upbeat forecast and my goodness to shares already taking
Speaker 2: off this Tuesday.
Speaker 4: Stay with us.
Speaker 16: This is Bloomberg Tech shares are so far climbing off.
Speaker 2: The company reported second quarter revenue seventy two percent EU
Speaker 2: of year jump in fee based revenues. Let's discuss with
Speaker 2: the man in charge, SOFI CEO Anthony Noto. You know
Speaker 2: the SOFI story, Anthony, has become kind of simple. You've
Speaker 2: kind of invested in fee based business lines, many of
Speaker 2: them they've been consistent. But now what the market seems
Speaker 2: to be seeing is that flowing through to the bottom
Speaker 2: line as well. Would you just explain how that went
Speaker 2: in the quarter.
Speaker 17: Sure, we've made the conscious effort of diverse fire or
Speaker 17: business into these capital light, less credit risk a few
Speaker 17: revenue streams, one of which is our long platform business
Speaker 17: where people pay us to use our originations platform, which
Speaker 17: includes our underwriting capability, our marketing capabilities, and our servicing
Speaker 17: capabilities to produce loans for them.
Speaker 6: For a fee that they pay us.
Speaker 17: We also generate fees in our SOFI money account business
Speaker 17: through interchange, as well as our brokerage business, and then
Speaker 17: of course our credit card businesses. And so as we've
Speaker 17: diversified the products that we offer, the revenue streams have
Speaker 17: also diversified. We're about forty four percent of our revenue
Speaker 17: outcomes from these fees that are generated without use of
Speaker 17: capital and without credit risk, and so.
Speaker 6: That deversks the balance sheet quite a bit.
Speaker 17: So our ability to grow their overall business forty four
Speaker 17: percent with a twenty nine percent operating margin is reflective
Speaker 17: of that diversification and less risky revenue that's more visible
Speaker 17: as well.
Speaker 2: Anthony, you just talked about de risking. Elsewhere in the
Speaker 2: earnings domain, PayPal was asked about the strength of the
Speaker 2: US consumer and comments from that company with somewhat negative
Speaker 2: that they see some sort of cracks in the strength
Speaker 2: of the consumer from those that use your platfor your
Speaker 2: various financial offerings.
Speaker 4: What are you seeing present day?
Speaker 17: Yeah, they have a very different strategy and business than us,
Speaker 17: and a very different target audience. We're appealing to the
Speaker 17: overachievers in the United States that are looking for ways
Speaker 17: to be able to save, to achieve, and invest to
Speaker 17: achieve their long term ambitions, whatever their American dream may be.
Speaker 17: So we're helping them spend less than they make and
Speaker 17: invest the rest, and we're seeing really strong trends for them.
Speaker 17: We see them loaning their cost of debt by refinancing
Speaker 17: out of expensive credit card debt that charges twenty four
Speaker 17: to thirty percent interest into our loans that only charge
Speaker 17: twelve to thirty percent interest.
Speaker 6: We see them moving their money into SOFI money. We
Speaker 6: give three point.
Speaker 17: Eight percent interest on our savings account in SOFI money
Speaker 17: with it if you're a direct deposit customer or a
Speaker 17: SOFI plus customer, we offer them investment opportunities that are
Speaker 17: really attractive. We offer stocks without commissions, fractional shares, we
Speaker 17: have sofi ets that are award winning as well as
Speaker 17: robo accounts. But we also offer IPOs in addition to that,
Speaker 17: private equity, so you can invest in private credit, private
Speaker 17: real estate, venture capital funds as well as long short
Speaker 17: public hedge funds and then finally private growth, growth equity
Speaker 17: capabilities and so much more diverse business are consumers very strong, credits,
Speaker 17: performing very well, continues improved spending through SOFI money is
Speaker 17: also very strong. So we're seeing a consumer that's really
Speaker 17: trying to lower their costs and spend less than they
Speaker 17: make and invest the rest and the flywheel is really working.
Speaker 5: Avan.
Speaker 3: It's interesting that that flywheel comes at the same time
Speaker 3: as basically the market's got a flywheel of its own
Speaker 3: and seeing froth in certain sectors, Retail investors really wanted
Speaker 3: to get in on the latest meme stock as well
Speaker 3: as ipo. How are you thinking about general to AI,
Speaker 3: like helping with the education side of things. I know
Speaker 3: you're targeting over achievers, but are they diversified enough in
Speaker 3: their own investments?
Speaker 9: Sure?
Speaker 17: And let me take your question and talk about what
Speaker 17: I think are two technology supercycles that are unprecedented. We're
Speaker 17: driving the growth that we are over the last eight
Speaker 17: years without the benefit of crypto.
Speaker 4: Or blockchain or AI, but I think the combination.
Speaker 17: Of blockchain and crypto as well as AI are two
Speaker 17: super cycles that will put a tail wind behind our
Speaker 17: company and really help us really revolutionize the financial services
Speaker 17: industry in ways that continue to give people faster ways
Speaker 17: to send money at lower costs and to do it safer.
Speaker 6: In addition to.
Speaker 17: Being able to invest in this asset class, which does
Speaker 17: help as it relates to the areas outside of the
Speaker 17: country that may not have exposure to the US dollar
Speaker 17: and its stability. In addition to be able to invest
Speaker 17: in that asset, will allow people to borrow against that asset,
Speaker 17: which will lower their cost of funding and in addition
Speaker 17: to that will allow them to be able to pay
Speaker 17: across borders more easily and quicker. Artificial intelligence is helping
Speaker 17: us today across our entire business. We're using in the
Speaker 17: back office to resolve disputes faster, to file suspecify reports,
Speaker 17: to solve account takeover issues faster. On the consumer side,
Speaker 17: we're offering something called cash Coach, which is the ability
Speaker 17: to look at your cash crossed all your accounts. So
Speaker 17: it's really that's not impacting our results yet. It's on
Speaker 17: the com but they're both really exciting super cycles to
Speaker 17: see the benefits.
Speaker 2: From Anthony Nodo, CEO of sci Fi A Sofi, thank
Speaker 2: you very much joining us. We actually has some breaking
Speaker 2: news crossing the Bloomberg terminal and it comes from China's
Speaker 2: trade envoy Lee Chengyang. He's talking about the progress of
Speaker 2: talks in Stockholm. He says that the US and China
Speaker 2: have agreed to extend the trade truce. They have exchanged
Speaker 2: views on various macro economic issues, They agree on the
Speaker 2: importance of safeguarding soald trade, and that the talks have
Speaker 2: been constructive on major topics. The main headline I think
Speaker 2: right Carra, is that they have agreed to extend the
Speaker 2: trade truce and that the talks between the China, between
Speaker 2: China and US negotiators currently in Stockholm will continue. In
Speaker 2: what Lee calls close communication.
Speaker 3: Meta set to report earnings after the closing bell on Wednesday.
Speaker 3: I believe it is with investors closely watching its AI
Speaker 3: investments for more Blue megs, Kurt Wagner joins us, Look,
Speaker 3: we've got some big ends to think about more broadly, Kurt,
Speaker 3: and I'm interested as to where we go in terms
Speaker 3: of the spending that everyone's looking at is about talent,
Speaker 3: it's about capex.
Speaker 5: Will it be raised?
Speaker 18: I think that's the speculation, is that, especially once you
Speaker 18: saw what Google did last week raising their capital expenditure
Speaker 18: target for the year, I think there's some assumption that
Speaker 18: Meta might do the same, given the scale a ideal
Speaker 18: and all this very expensive hiring they're doing on the
Speaker 18: AI front.
Speaker 6: Now, remember they already raised.
Speaker 18: The range for their capex last quarter as well, So
Speaker 18: there was a different number in January, a different number
Speaker 18: in April, and now we'll be watching tomorrow to see
Speaker 18: if there's another new number. But given the spending AI,
Speaker 18: I would not be surprised if they go that route.
Speaker 2: And yet we're always reminded every quarter that Meta makes
Speaker 2: all its money from advertising, and so there's AI story
Speaker 2: where adds a better price more powerfully, and then there's like,
Speaker 2: is all this investment going to pay off?
Speaker 4: What is the street expecting?
Speaker 9: Well?
Speaker 18: I think the good news for them now is that
Speaker 18: the AI story they're telling today feels more urgent and
Speaker 18: more timely, I think than the one they've been telling
Speaker 18: for the last year or two, which was related to
Speaker 18: like the metaverse, and so here now they're talking about chatbots,
Speaker 18: they're talking about LMS, data centers, like things that people
Speaker 18: I think have a better understanding of what the potential
Speaker 18: outcome is.
Speaker 6: The metaverse was always ed.
Speaker 18: You will remember that the main thing that they were
Speaker 18: sinking all of this money into, and there was no real, you.
Speaker 6: Know, end insight to that.
Speaker 18: Now I don't think there's an end insight to AI either,
Speaker 18: but at least I think they're doing something that a
Speaker 18: bunch of other companies are doing.
Speaker 6: It's a little easier perhaps to wrap your head around.
Speaker 2: Blue Vers Kurt Wagner looking forward to meta after the
Speaker 2: bell tomorrow. Thank you very much, Caro. That does it
Speaker 2: for this additional Bloomberg Tech. But we had some big
Speaker 2: breaking news in the last few moments.
Speaker 3: We did, and it's so important to the tech eCos
Speaker 3: and more broadly the world economy. We're looking at China
Speaker 3: saying it does indeed agree with the United States to
Speaker 3: extend that tariff truce. Remember it was likely to expire
Speaker 3: in mid August as to where currently tariff's had been
Speaker 3: set at about the thirty percent level.
Speaker 2: We are going to read the language very carefully. All
Speaker 2: those experts on wording China and US talks with candid
Speaker 2: says Lee chain Gang candid good thing or bad thing?
Speaker 4: The markets will tell us in due course caract.
Speaker 3: And what does it mean for semiconductors? What does it
Speaker 3: mean for the flow of rare earth metals? Do not
Speaker 3: forget to check out our podcast. You can find it
Speaker 3: on the Terminal soll As, online on Apple, Spotify, and
Speaker 3: iHeart from New York from San Francisco.
Speaker 5: This is Bloomberg Tech