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Speaker 2: This is the Bloomberg Daybreak Asia podcast. I'm Doug Krisner.
Speaker 2: You can join Brian Curtis and myself for the stories
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Speaker 3: Apple has rolled out its new artificial intelligence platform that
Speaker 3: includes a partnership with chat GPT maker open Ai. The
Speaker 3: market was a little bit sort of underwhelmed by what
Speaker 3: they got today, and so we bring in Mark German,
Speaker 3: now Bloomberg Chief correspondent on Global Technology, to perhaps explain
Speaker 3: a little bit why the stock was down two percent.
Speaker 3: I think a lot of people said, yeah, it was fine.
Speaker 3: It just wasn't anything too new or too surprising. But
Speaker 3: let me put this to you and you can push
Speaker 3: back hard if you want that Apple is the perfect
Speaker 3: company to consumerize AI and it will get it right.
Speaker 4: I have to tell you, we have these conversations every
Speaker 4: couple weeks or so, and it's not often that I'm
Speaker 4: going to agree with you as much as I do.
Speaker 4: I think you summed it up perfectly on the first point.
Speaker 4: It was fine, right, Everything they rolled out was fine.
Speaker 4: Everything they rolled out was expected. Apple did exactly what
Speaker 4: they needed to do. They needed to show Wall Street,
Speaker 4: consumers and the industry that they're here too. When it
Speaker 4: comes to artificial intelligence embedded in its operating system. It
Speaker 4: did that. It struck the deal with chat GPT to
Speaker 4: integrate a chat GPT chatbot into Shory and other parts
Speaker 4: of the new operating systems. But it didn't reveal anything new.
Speaker 4: It didn't reveal anything that hasn't been done before. It
Speaker 4: basically did it in a more of an Apple esque way,
Speaker 4: more privacy friendly, and things that it actually believes users
Speaker 4: will want to use on a day to day basis.
Speaker 4: So that's what they did here. Now in terms of
Speaker 4: consumerizing AI, I agree with you. Apple is the company
Speaker 4: that can make AI friendly. It's so funny the slogan
Speaker 4: they're using for Apple Intelligence, which by the way, a
Speaker 4: funny name, is AI for the rest of us. It's
Speaker 4: just like with computers back in the day, Max, we're
Speaker 4: you know, computers for the rest of us when they
Speaker 4: were trying to show how the MAC is different from
Speaker 4: the PC. So this is integrated in different use cases
Speaker 4: that you might want to use. You do a voice memo,
Speaker 4: you'll get a transcription. You read an article on the web,
Speaker 4: you'll get a summary. You'll want to create emojis on
Speaker 4: your own using artificial intelligence, it can do that too.
Speaker 4: So it's a suite of features that are all aiified,
Speaker 4: that all happens in the background on its own in
Speaker 4: a privacy and personalized way.
Speaker 2: So what do we know about the cost of that
Speaker 2: Apple is going to have to incur as a result
Speaker 2: of the partnership with opeen ai, And then if the
Speaker 2: company is effective in monetizing that, is it going to
Speaker 2: cover the expense of moving into this area.
Speaker 4: You know, it's so interesting they didn't get into the
Speaker 4: financial terms. I would imagine that open ai is going
Speaker 4: to revenue share with Apple on paid subscriptions that they
Speaker 4: offer through iOS. So CHATGBT will be free, no account
Speaker 4: required on iOS, but we will also be able to
Speaker 4: do is log into your paid open ai account and
Speaker 4: that costs about twenty dollars per month depending on the
Speaker 4: type of open ai subscription you have. So I would
Speaker 4: imagine if someone signs up for that subscription on iOS
Speaker 4: and uses it through iOS eighteen or the later versions,
Speaker 4: Apple will get a slice of that. On the other hand,
Speaker 4: there's a money making opportunity for open Ai here as well,
Speaker 4: in terms of monetization on advertising and subscriptions and what
Speaker 4: else is interesting, and this didn't come up in the keynote,
Speaker 4: is that chat GPTs on Microsoft Azure. So Microsoft is
Speaker 4: sort of a third party in this whole situation as well.
Speaker 3: So never mind the stock price and the implications for it.
Speaker 3: But let me just ask you this point blank. Will
Speaker 3: people buy new iPhones because they want access to this?
Speaker 3: Not immediately, but when the next one comes out, when
Speaker 3: the the sixteen or whatever it is next comes out.
Speaker 4: That's a good question. I did not see enough here.
Speaker 4: Or let me take a step back. Do you remember
Speaker 4: when Apple launched Siri in twenty eleven. I wasn't working
Speaker 4: with you guys back then, but certainly I was around.
Speaker 4: With this launch, the iPhone fours had serious sort of
Speaker 4: its premier new feature. Now Siri was a software based
Speaker 4: feature that required the new hardware. Now the iPhone fifteen,
Speaker 4: Pro and Pro Macs will be the only iPhones that
Speaker 4: can support these new Apple Intelligence features. And so what
Speaker 4: you're going to see is sort of a test. Are
Speaker 4: people willing to buy the new hard or because of
Speaker 4: these new Apple Intelligence software and services features. My guess,
Speaker 4: unlike with Siri is now, when Siri was launched in
Speaker 4: twenty eleven, that was hugely impressive. Nobody had ever seen
Speaker 4: anything like it before. I don't believe these Apple Intelligence
Speaker 4: features are unique enough to drive sales. But they are
Speaker 4: enough is to prevent people from leaving the Apple ecosystem,
Speaker 4: and they're enough to keep people in the Apple ecosystem
Speaker 4: and add new people. But I don't think it's necessarily
Speaker 4: going to spur upgrades. If you have an iPhone fourteen pro,
Speaker 4: I'm not sure you're going to buy an iPhone sixteen
Speaker 4: pro just because of Apple Intelligence.
Speaker 2: So I just want to make sure that I understand
Speaker 2: what's going on here. So there is the AI that's
Speaker 2: happening locally on the device. Do I understand it correctly?
Speaker 2: When you referred to the Microsoft component, the Azure cloud
Speaker 2: computing component, that the other part of AI, the calculation
Speaker 2: at the data center, is going to be farmed out
Speaker 2: to Microsoft.
Speaker 4: Uh, you're partially right. So there's three there's three components here.
Speaker 4: There's the on device artificial intelligence that's processed on the
Speaker 4: iPhone itself. There's the Apple Cloud artificial Intelligence. Those are
Speaker 4: for the Apple features. Those are powered on Apple's cloud
Speaker 4: using Apple chips in Apple Data centers specific to these features.
Speaker 4: And then third there's Chat GPT, which is of course
Speaker 4: a cloud based service from open Ai. Open Ai uses
Speaker 4: Microsoft Data Centers and Microsoft Azure to power the cloud
Speaker 4: component of Chat gp So it's a trio on device,
Speaker 4: Apple Cloud, Apple Cloud.
Speaker 3: Microsoft excellent. Mark. Thank you very much, Mark German, Bloomberg
Speaker 3: Chief correspondent on Global Technology, with me Brian Curtis and
Speaker 3: Doug Krisner taking a closer look here at what Apple
Speaker 3: rolled out today at the WWDC in Coopertino, California. Joining
Speaker 3: us in our studios is Helen je, Managing director and
Speaker 3: chief investment Officer at in F Trinity. Helen, thanks very
Speaker 3: much for coming in.
Speaker 1: Good morning.
Speaker 3: Some strategists are out there saying that the FED dot
Speaker 3: plots in the meeting this week could royal markets. There's
Speaker 3: another camp that thinks that that's kind of hokey, that
Speaker 3: one or two cuts is not really a big deal
Speaker 3: for the FED, but it's interesting it makes a market.
Speaker 3: Are you expecting volatility this week?
Speaker 5: I think it's not going to be a big deal.
Speaker 5: Everybody knows that there's no rate cuts coming in June.
Speaker 5: People are expecting that Powell is going to talk a
Speaker 5: little bit more on the hawkish side and say that
Speaker 5: everything's data dependent. But you know, in effect, basically, the
Speaker 5: market's pricing in one and a half cuts this year anyway,
Speaker 5: So if the dot plot moves to that, then we're
Speaker 5: basically marking to market to some extent. The market's really
Speaker 5: ignored the dot plot already. I mean, it has been
Speaker 5: at that like two to three cuts the entire year,
Speaker 5: but initially the market was expecting six cuts, and then
Speaker 5: now the market's expecting one and a half.
Speaker 1: So I don't think the dot plot is what's driving things.
Speaker 1: It would be more like a marked to market than
Speaker 1: anything else.
Speaker 2: So if the FED is not the big big risk,
Speaker 2: what is these days?
Speaker 1: I think the big risk is a couple of things.
Speaker 5: Right. One is, obviously geopolitical noises are still abound, and
Speaker 5: previously it was a lot of US China and US
Speaker 5: geo politics. Now we have some unexpected changes on the
Speaker 5: political side in Europe et cetera, and obviously the other
Speaker 5: conflicts in the Middle East et cetera, that we still
Speaker 5: have to keep a.
Speaker 1: Close eye on.
Speaker 5: I think the other thing is that from a market's perspective,
Speaker 5: I mean, people are expecting a Goldilock scenario pretty much,
Speaker 5: especially in the US, and so the index has performed
Speaker 5: relatively well this year. That's been led by a lot
Speaker 5: of AI and related names. People think that the US
Speaker 5: economy is not going to have any kind of landing.
Speaker 5: So I think weaker US data, we've gotten to the
Speaker 5: stage of bad as bad no longer bad is good
Speaker 5: in terms of, you know, bringing on dubbish policy or
Speaker 5: if there's any kind of miss in AI expectations, and
Speaker 5: some of those large names for company specific reasons correct
Speaker 5: a significant amount that could also bring some concern into
Speaker 5: the market and bring more of all.
Speaker 3: Yeah, so the earnings really have been very important, but
Speaker 3: we're in the quiet period.
Speaker 5: Now.
Speaker 3: We'll have a couple more, but then a long period
Speaker 3: of waiting. I think the macro backdrop is kind of interesting,
Speaker 3: almost extraordinary, in that you've got these very distinct camps.
Speaker 3: A group that thinks inflation is not tamed and that
Speaker 3: rates will be higher. Another camp that thinks the FED
Speaker 3: is too slow to cut in what they see is
Speaker 3: a weakening economy, and yet we're all looking at the
Speaker 3: same data and anyway. Then there's another camp that thinks that,
Speaker 3: you know, as you said, goldilocks, this kind of relaxed
Speaker 3: kids are okay, you know, we can just continue as
Speaker 3: we are.
Speaker 1: People kind of think one and three in combination.
Speaker 5: I think people think that inflation is still not tame,
Speaker 5: but that everything's still great, and therefore that's still goldilocks.
Speaker 4: Right.
Speaker 3: Interest rates where they are, yeah, And.
Speaker 5: I think for the second scenario that you talked about
Speaker 5: is less about whether the FED is going to rush
Speaker 5: to cut or not, because everybody knows that, you know,
Speaker 5: the FED can always cut very abruptly if they wanted
Speaker 5: to or needed to. So people are more watching the
Speaker 5: data itself to see if there's any meaningful signs of weakness.
Speaker 5: We did see some over the last couple of months,
Speaker 5: definitely more mixed data versus firmly strong data. But I
Speaker 5: think the market still is pricing in a no landing
Speaker 5: scenario and just assumes that if there is any kind
Speaker 5: of meaningful weakness, they'll just rush to cut immediately. So
Speaker 5: they're not too worried about the policy response, but rather
Speaker 5: about whether there is indeed meaningfully weak data.
Speaker 2: At what point does the bond market become concerned about
Speaker 2: the fiscal situation here in the US? Could that be
Speaker 2: problematic if yields in spite of the fact that inflation
Speaker 2: is on its way down, If yields spike is a
Speaker 2: result of the bond market becoming a little bit more
Speaker 2: focused on fiscal problems in the United.
Speaker 5: States, Well, it's been on and off concern, right, and
Speaker 5: the fiscal problems are nothing new. We've certainly had numerous
Speaker 5: fiscal cliffs that didn't seem to roil the bond market
Speaker 5: as much as it should. So that is a long
Speaker 5: term concern, but it's not something that's going to near
Speaker 5: term blow up. And in fact, the expectation that Trump
Speaker 5: is going to win certainly means that the fiscal you know,
Speaker 5: discipline may not come anytime soon, and the market doesn't
Speaker 5: seem to be too concerned about that. So I think
Speaker 5: in the near term it's still less concerned about those
Speaker 5: longer term issues like you know, loss of dollars supremacy
Speaker 5: or trust in the dollar because of fiscal instability over
Speaker 5: the medium to longer term, that that's not going to
Speaker 5: be something to drive things in the immediate future.
Speaker 3: We had a couple of interesting corporate stories today, one
Speaker 3: ten for one split at Nvidia and the stock traded
Speaker 3: reasonably well today, and then the Apple event. It seems
Speaker 3: like in listening to some of the comments that investors
Speaker 3: were a bit underwhelmed, not bad, but just you know,
Speaker 3: not all that exciting.
Speaker 1: Well.
Speaker 5: I think the expectation for AI and the near term
Speaker 5: is quite high. You know. Bill Gates has this famous
Speaker 5: quote about new trend saying that things are usually overestimated
Speaker 5: in a one to two year perspective and underestimated on
Speaker 5: a ten year perspective. So expectations of AI AI have
Speaker 5: really picked up substantially, but we don't actually know whether
Speaker 5: the applications are going to come through and whether they
Speaker 5: pick up, whether for software or for hardware. The take
Speaker 5: up is going to be as rapid as what the
Speaker 5: market is pricing in so I think that does leave
Speaker 5: some room for potential negatives prizes, and some room for possible.
Speaker 1: Profit taking for certain parts of the supply chain.
Speaker 5: You know, things like you know, what Nvidia makes has
Speaker 5: very high technology barriers, but a lot of other stuff
Speaker 5: like downstream and PCs and ODM, oem et cetera. Those
Speaker 5: don't have a lot of very high technology barriers. So
Speaker 5: even if the take up for the market overall is great,
Speaker 5: there could still be more competition and more price erosion
Speaker 5: versus what people are expecting. So I think there's more
Speaker 5: room to disappoint, and that's something that we have to
Speaker 5: actually keep a close eye on because it is a
Speaker 5: kind of a signal for the entire market that the
Speaker 5: market confidence and consumer confidence is partially built on.
Speaker 2: What might the catalyst be for that type of disappointment.
Speaker 2: Would it be in Vidia saying that revenue is beginning
Speaker 2: to slow a bit, or might it be something else.
Speaker 5: It's not necessarily going to be from the Nvidia front.
Speaker 5: I think people are going to be looking at the
Speaker 5: downstream as well. You know, if you're shipping a lot
Speaker 5: of stuff throughout the supply chain, is all the build
Speaker 5: out for so.
Speaker 2: The ROI just doesnt manifest.
Speaker 5: Yeah, is the actual implementation and installation happening, and more importantly,
Speaker 5: is the downstream software and application take up happening because
Speaker 5: that's the end driver of this whole thing, right, whether
Speaker 5: people are using it day to day and whether they
Speaker 5: can derive revenue from.
Speaker 3: It just quickly on China. Helen sneak this one in.
Speaker 3: We did have some domestic tourism spending numbers out from
Speaker 3: CCTV up pretty nicely, more than eight percent or so.
Speaker 3: Is the consumer alive and well or stunted?
Speaker 5: The consumer is not doing as great as it has
Speaker 5: done in the past, But I think one is that
Speaker 5: it's coming off a low base.
Speaker 1: Of expectations.
Speaker 5: And two, I do think that there's going to be
Speaker 5: more focus on consumption in the services and tourism front.
Speaker 5: It's very similar to what we saw in the US
Speaker 5: for a couple of years, right, all that pent up
Speaker 5: demand and less on goods.
Speaker 3: Yeah, all right, well that's one to watch, Helen. Thanks
Speaker 3: very much for coming into our studios. Helen Ju Managing
Speaker 3: director CIO at NF Trinity. Joining us now is Mary
Speaker 3: Nicola Bloomberg, m Live strategist with us in our studios
Speaker 3: in Singapore. So I know you've been a little cautious
Speaker 3: of late, Mary, So let me give you a question
Speaker 3: that's probably red meat to you. Are you concerned about
Speaker 3: complacency in markets? Is risk asleep at the wheel?
Speaker 6: Yeah, there is a bit of that, especially when you
Speaker 6: have the FED coming up and CPI coming so there
Speaker 6: is that risk of the FED coming out and saying
Speaker 6: that we're moving to likely to be two cuts rather
Speaker 6: than one cut. It wouldn't move so aggressively in one
Speaker 6: direction just within one meeting. But even if it moves
Speaker 6: to two cuts, there's still a likelihood that it could
Speaker 6: shift yet again if the data continues to move in
Speaker 6: that direction, and of course you have CPI data, if
Speaker 6: it shows its resilience, especially after average hourly earnings, there
Speaker 6: is still that risk for assets. But meanwhile it looks
Speaker 6: like equities continue to ignore it.
Speaker 2: So here we are talking about two rate cuts between
Speaker 2: now and the end of the year from the Fed,
Speaker 2: perhaps third quarter, definitely in the third quarter. Where are
Speaker 2: you with the dollar's strength? I mean, does that surprise
Speaker 2: you at all? That the dollar has been holding up
Speaker 2: as well as it has been.
Speaker 6: It's likely that the dollar strength is going to persist,
Speaker 6: And it is really about the fact that the Fed,
Speaker 6: of all the central banks, is maintaining that higher for longer.
Speaker 6: Mantra other central banks, whether it's the ECB, Bank of Canada,
Speaker 6: they've started cutting. Yes, the ECB hasn't told us what's
Speaker 6: going to happen thereafter, But the fact is that they're
Speaker 6: moving in that direction, while the FED is standing and
Speaker 6: is being a lot more resilient and looking at where
Speaker 6: inflation is headed, and that's what's going to keep the
Speaker 6: dollar pretty resilient going forward.
Speaker 3: So, Mary, there's several camps out there, and I'd like
Speaker 3: to get your view on which one do you believe
Speaker 3: is the most accurate assessment of what's happening. Because one
Speaker 3: camp thinks that inflation is just not tamed and it's
Speaker 3: going to be a feature for a long period of time.
Speaker 3: Another camp thinks that just the opposite is really happening,
Speaker 3: that the economy is weakening so dramatically that the FED
Speaker 3: is behind the curve and too slow in addressing it
Speaker 3: by cutting interest rates. And then there's the soft landing camp,
Speaker 3: that sort of complacent perhaps complacent camp, where you know,
Speaker 3: we sort of like the environment here and we're slowly
Speaker 3: edging into the stock market.
Speaker 6: I think more on the side of the fact that
Speaker 6: inflation is going to remain sticky and there is no
Speaker 6: signs that the inflation is coming off. If you look
Speaker 6: to average hourly earnings, let's say that is the projection
Speaker 6: of how prices evolve, that's not showing any signs of
Speaker 6: really coming off, and that's holding up fairly well, and
Speaker 6: if that continues, it's hard to see how the inflation
Speaker 6: trajectory hums off. But then there's also a part of
Speaker 6: inflation where you wonder where is the chicken. It's like
Speaker 6: a chicken and egg problem where there is the resilience
Speaker 6: of rents, and the resilience of rents really does have
Speaker 6: to do with higher interest rates. So how do you
Speaker 6: buy a house when rates are so high? So you'd
Speaker 6: rather instead of taking out a really high mortgage, you
Speaker 6: would prefer to rent. So it doesn't it's hard to
Speaker 6: assess which one would. It would have FED rate cut
Speaker 6: actually ease the impact of rents on inflation.
Speaker 2: So if you're right, if it's higher for longer, maybe
Speaker 2: there's a case to be made for a little bit
Speaker 2: of corrective behavior in the equity market. I think it
Speaker 2: was interesting today you have two key risk events on
Speaker 2: the horizon, the CPI print on Wednesday morning, and then
Speaker 2: later that same day the Fed decision. I mean, if
Speaker 2: CPI comes in on the hot side and the Feds
Speaker 2: dot plot maybe is a little more hawkish than the
Speaker 2: market is prepared for, could that destabilize things in some way.
Speaker 6: I think.
Speaker 2: So.
Speaker 6: I think the fact that if you see inflation coming
Speaker 6: on the hot side, and even if the Fed comes
Speaker 6: out as two rate cuts and they say, you know,
Speaker 6: we have to still see things and how prices evolve,
Speaker 6: and we're not seeing as much progression, although we did
Speaker 6: have a really good month last month, but you will
Speaker 6: need to see at least three consecutive months of the
Speaker 6: deceleration and inflation to really convince the Fed that it's
Speaker 6: time to take action. And we're still not there yet.
Speaker 6: So there's a lot of volatility that can come through.
Speaker 6: That was probably the main theme for us within Markets Live,
Speaker 6: is that there's going to be volatility that persists this week,
Speaker 6: especially with things like you know, the mounting risks not
Speaker 6: from CPI, from the Fed, and of course from what's
Speaker 6: happening in Europe as well.
Speaker 3: I was listening to Mark x Andy on Bloomberg Surveillance
Speaker 3: last night before going to bed, and you know, he
Speaker 3: talks about harmonized CPI, which is actually a thing, and
Speaker 3: they strip out ohe are owner's equivalent rents and you
Speaker 3: touched on it a few moments ago. Most other jurisdictions
Speaker 3: eure up. For instance, they don't use OEI, and if
Speaker 3: you do strip it out, then apparently CPI is around
Speaker 3: two percent. It's right around the target, and it's been
Speaker 3: there for a while. I know that that's an argument
Speaker 3: that the doves make and some people kind of slough
Speaker 3: it off a little bit. But does he have a point.
Speaker 6: Well, it's interesting because it's however you slice and dice
Speaker 6: the data, you can make the data come to your narrative, right.
Speaker 6: So I think it's important to look at what is
Speaker 6: the FED looking at, and the FED is looking at PCE,
Speaker 6: and that's what we should be focused on. And so
Speaker 6: if the PCE is not giving us that that narrative,
Speaker 6: it's hard to look at something else and try and say,
Speaker 6: oh yeah, but if we strip this out then it
Speaker 6: actually is okay. So there's a lot of hidden, i think,
Speaker 6: hidden issues behind looking at it in that direction, and
Speaker 6: we have to focus on PCE.
Speaker 2: So what take a step back and give us a
Speaker 2: little bit of insight into what you believe what we've
Speaker 2: been describing means for Asia and markets in your neck
Speaker 2: of the woods.
Speaker 4: Yeah.
Speaker 6: I think the main thing is the fact that the
Speaker 6: dollar's going to stay higher for longer and that US
Speaker 6: treasury yields just continue to inch higher. That puts a
Speaker 6: lot of pressure on central banks in this region and
Speaker 6: on the currencies as well. So central banks in this
Speaker 6: region are not going to be looking to cut even
Speaker 6: if they're seeing progress and inflation come through, but they're
Speaker 6: not going to want to go before the FED to
Speaker 6: risk any sort of currency weakness. We've seen it with
Speaker 6: let's say Bank in Indonesia. Bank Indonesia decided to hike even
Speaker 6: though they don't have an inflation problem, but they wanted
Speaker 6: to ensure that the currency maintains some sort of stability,
Speaker 6: and that's going to continue to be one of the
Speaker 6: key issues for central banks in this region. But also
Speaker 6: if you have yield differentials continue to be in favor
Speaker 6: of the dollar, that's going to weigh pressure on Asian currencies.
Speaker 3: Okay, going to get you out of your comfort zone
Speaker 3: a little bit here with a kind of a tricky story.
Speaker 3: She handles it so well, she's great. So I was
Speaker 3: just reading through some Bloomberg intelligence and apparently there's an
Speaker 3: AI price war underway in China. These large language models,
Speaker 3: they're having to cut prices so much to get business
Speaker 3: that it's hurting companies like bay Do and Ali Bomba.
Speaker 3: Is this something that is having a negative impact on
Speaker 3: equities when they don't need a negative impact, They've got
Speaker 3: enough others.
Speaker 6: Yeah, it's interesting the price swar factor and how it
Speaker 6: plays through. But I think at the end of the day,
Speaker 6: you know, the fundamentals for a lot of these companies,
Speaker 6: especially some of the companies that the earnings that came through,
Speaker 6: a lot of them were okay, they beat expectations, a
Speaker 6: lot of them didn't do so well. But still it's
Speaker 6: about getting the retail back into the market, into the
Speaker 6: equity markets, and that's still going to take the property.
Speaker 6: So unfortunately all stems back to property and really getting
Speaker 6: that equity market going in China.
Speaker 2: Yeah, let's not forget that China is still in deflation.
Speaker 2: I mean, will be data very quickly, Mary, that we
Speaker 2: get this week PPI CPI for China confirm that fact
Speaker 2: that China is still in deflation very quickly.
Speaker 6: That's probably likely.
Speaker 3: Yes, you know, be careful what you wish for. That's it,
Speaker 3: mister Kristner, You got it all right. Well, Mary, thanks
Speaker 3: very much for joining us, So Mary Nicola, Bloomberg m
Speaker 3: Live Strategists.
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