Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Bloomberg Tech is a
Speaker 1: live from coast to coast with Caroline Hide in New
Speaker 1: York and Eva Low in Sentrancisco.
Speaker 2: This is Bloomberg Tech coming up.
Speaker 3: Mark Zuckerberg personally assembling a super intelligence team to help
Speaker 3: Meta hit artificial general intelligence.
Speaker 4: Plus.
Speaker 5: Apple expands its relationship with Open AI and introduces a
Speaker 5: new software redesign called liquid Glass. We'll recap WWDC.
Speaker 3: And we speak with the ULA CEO about the spat
Speaker 3: between Elon Musk and Donald Trump and what it means
Speaker 3: for the space industry.
Speaker 5: But first we check out what's happening in the markets,
Speaker 5: some cautious trading. We've got big bond sales, fifty eight
Speaker 5: billion dollars, a three year debt coming due. We keep
Speaker 5: an eye on what the yields are doing, but we
Speaker 5: also keep an eye on what's happening in London, China.
Speaker 5: The talks continue. We're cleaning onto games up about a
Speaker 5: tenth of a percent. Remember the S and P near
Speaker 5: a record high ed. What are you looking at?
Speaker 3: Our top story and that is Meta CEO Mark Zuckerberg
Speaker 3: assembling this super intelligence team. Bloomberg Reporting citing sources that
Speaker 3: he wants fifty people. He wants them sitting close to
Speaker 3: him at HQ all to go after Agi and in
Speaker 3: Meta's case, the stock kind of up with the focus
Speaker 3: of the markets on trade talks right now. But this
Speaker 3: is very much Caro founder mode activated.
Speaker 5: Let's tick in on the founder mode. Brnimbos kert Wagner
Speaker 5: joins us now, who helped break down this story, and
Speaker 5: it feels as Oh, Mark Zuckerberg is rallying his troops,
Speaker 5: has got his own personal WhatsApp for this well party,
Speaker 5: he calls it.
Speaker 2: That's right.
Speaker 6: We've been told that he's essentially more involved in recruiting
Speaker 6: for this team than he has ever been at the
Speaker 6: company in more than twenty years. This is something that
Speaker 6: has you know, he's had a fire lit under him
Speaker 6: back in April when their Lama four model was released
Speaker 6: and quite frankly disappointed people, right, not only disappointed experts
Speaker 6: outside the company who are reviewing the model, but disappointed
Speaker 6: people internally. And we're told that Zuckerberg at that time
Speaker 6: really said, Okay, I need to be heavily involved. I
Speaker 6: need to go out and recruit these people myself to
Speaker 6: get the absolute best talent and that is what he
Speaker 6: has spent his last two months doing, literally hosting people
Speaker 6: at his homes in Palo Alto and like Tahoe to
Speaker 6: try and close these deals and sign these these AI
Speaker 6: experts and scientists.
Speaker 3: I've been hearing for a while that Meta is offering
Speaker 3: like salaries of two million dollars plus to a lot
Speaker 3: of engineering talent. But Mark Zuckerberg is doing the phone
Speaker 3: calls right. The question now is what is the motivation,
Speaker 3: you know, Meta versus the rest of the field.
Speaker 2: When it comes to the pursuit of Agi.
Speaker 7: Yeah, everyone's going after Agi.
Speaker 6: And the way it was described to me by someone
Speaker 6: the other day is, look, you know, it doesn't matter
Speaker 6: if you're the third person, the third company to get
Speaker 6: to AGI. It only matters if you're first.
Speaker 7: Right.
Speaker 6: Not only is that going to be a feather in
Speaker 6: your cap for future recruiting for you know, kind of
Speaker 6: the symbolism of being the first company to get there,
Speaker 6: but it's also going to give you a massive head start,
Speaker 6: as you know, for your products. So if Meta is
Speaker 6: to get their first Meta AI's chatbot is going to
Speaker 6: be more widely adopted, their ray banglasses will be more
Speaker 6: widely adopted.
Speaker 7: So the idea of getting to AGI is.
Speaker 6: A massive race because of all of these other implications.
Speaker 6: And that's one of the reasons that Zuckerberg, who is
Speaker 6: super super competitive by the way, that's why he's putting
Speaker 6: himself at the forefront of this effort.
Speaker 7: At Meta right now, chez.
Speaker 5: Been winning nineteen percent if you're looking at the competitive
Speaker 5: street code. But what about Scale AI and the investment there,
Speaker 5: how does it fit in?
Speaker 6: Yeah, So, as we reported over the weekend, a multi
Speaker 6: billion dollar investment is expected to go into Scale AI.
Speaker 7: I think there's sort of two parts to this one.
Speaker 6: There's the investment in what SCALEI is doing as a business,
Speaker 6: the tech. Also the sort of relationships that they've developed
Speaker 6: with with the government and having clients like that, I
Speaker 6: think is something that's appealing to Meta, who has not
Speaker 6: historically been in that bitline of business. But I think
Speaker 6: there's also a recruiting element to this story. Right Alex Wang,
Speaker 6: the CEO of Scale AI, is expected to join this
Speaker 6: new super intelligence team that we reported about last night.
Speaker 6: I believe there are other Scale AI employees who were
Speaker 6: probably contribute to this team as well, So there's sort
Speaker 6: of a sharing of talent as well that I think
Speaker 6: is a part of this expected deal which I imagine
Speaker 6: we may hear about sometime in the very near future.
Speaker 3: Kurt, when Zuckerberg is inviting these engineers into his homes
Speaker 3: like in Lake Tahoe, What is his pitch? What a
Speaker 3: source is saying that he thinks Meta is doing well?
Speaker 3: What Meta has an advantage in over the rest of
Speaker 3: the field.
Speaker 7: He's leaning quite heavily into Meta's resources.
Speaker 6: You know, he's from what we've heard, he's talked about
Speaker 6: the cash flow at the company, the strong advertising business,
Speaker 6: and the fact that they have the tens of billions
Speaker 6: of dollars on hand to go pursue these very spense
Speaker 6: of AI improvements.
Speaker 7: Right.
Speaker 6: A lot of the other companies aired as you know,
Speaker 6: they're about raising money. They're out fundraising constantly to try
Speaker 6: and get that cash flow in the building. Meta already
Speaker 6: has that. So here's out saying, look, we have the resources.
Speaker 6: I'm giving you the runway to do all of this stuff.
Speaker 6: You know, come work for me where you will never
Speaker 6: want for anything, essentially, right, So a big part of
Speaker 6: the push is Meta as a financial behemoth here, who
Speaker 6: can actually get this thing done?
Speaker 3: Behemoth. I wish we had more time to discuss that.
Speaker 3: Bloombo's Kurt Wagner, thank you very much. Sticking with AI,
Speaker 3: Apple introduced AI powered features at its Developers conference, including
Speaker 3: an expanded relationship with open Ai, but a new software
Speaker 3: redesign called liquid Glass, with a transparent menu and a
Speaker 3: glassy look.
Speaker 2: Bloombo's Mark gum And has.
Speaker 3: All the details in our discussion of Apple WWDC. We
Speaker 3: say that liquid Glass is the most significant design overhaul
Speaker 3: for an OS interface ever.
Speaker 2: What did you make of it? And what do we
Speaker 2: need to know?
Speaker 8: Yeah, So the significance of this interface change is how
Speaker 8: broad it is.
Speaker 7: Right, It's available.
Speaker 8: On all of Apple's devices. This is the first time
Speaker 8: they're doing a user interface revamp across all the devices.
Speaker 8: And it's also interesting because it sets the stage for
Speaker 8: future Apple devices. Right in terms of hardware, the Apple
Speaker 8: devices are going to get more of glassy, Right. You're
Speaker 8: going to see curve glass edges on the twentieth anniversary
Speaker 8: iPhone in two years. So having an olive glass interface
Speaker 8: with a lot of transparency sets the stage for that.
Speaker 8: And so from that standpoint, it's great. I've been using
Speaker 8: the new UI on all of my devices since yesterday
Speaker 8: when the betas came out, and I think it's really great,
Speaker 8: and I think it's also going to improve dramatically between
Speaker 8: now in September when it's all released. And so if
Speaker 8: you're a developer and you have an extra phone or
Speaker 8: you want to take a little bit of a risk,
Speaker 8: I would encourage anyone to try out the new look.
Speaker 5: So that's cool. But why then, unless like Angelo Zino
Speaker 5: saying this whole event was a dud, why is there
Speaker 5: such a deafening silence around Siri?
Speaker 8: For example, Mark Well, because Wall Street basically cares about
Speaker 8: buzzwords because buzzwords are wike at the share price moving
Speaker 8: in either direction. And you didn't hear a whole lot
Speaker 8: as we anticipated and talked about in advance about AI
Speaker 8: or Siri. Apple is essentially taking an AI gap year
Speaker 8: at the worst possible time. They're not promising any new
Speaker 8: AI features right now. I don't anticipate that they're going
Speaker 8: to start doing so again until June of twenty twenty six.
Speaker 8: Apple Intelligence obviously was a flop. They're doing their best
Speaker 8: to try to show people that they are here too
Speaker 8: with AI without going too far and making these promises.
Speaker 8: What they have done is partnered with Chat GPT and
Speaker 8: a few more features, so you can take a screenshot
Speaker 8: now and chat, GPT can analyze what's on your screen.
Speaker 8: Of course you could have done that with the app already,
Speaker 8: but this is a bit of a shortcut. And then
Speaker 8: they have new developer tools that happened to third party lms,
Speaker 8: including JGBT. But yeah, to be clear, as we've been
Speaker 8: talking about the fact that Apple is nowhere near any
Speaker 8: of its competition in AI is a massive failure on
Speaker 8: all levels.
Speaker 3: The stock fell one point two percent yesterday Monday. It's
Speaker 3: now up around one point two percent, so we've kind
Speaker 3: of balanced out the trading in this Market's more to
Speaker 3: do with trade talks than I guess anything idiosyncratic. I
Speaker 3: found that probably the most significant piece of news relevance
Speaker 3: WWDC to be that access for third party developers to
Speaker 3: on device llms, because you think about the app store
Speaker 3: that we have today and the ecosystem across operating systems.
Speaker 3: The whole point of WWDC mark is the developers right
Speaker 3: explain that piece of news and why the developer community
Speaker 3: cheered it.
Speaker 8: So the foundation models that are available for Apple's own
Speaker 8: AI features are now available to third party developers, so
Speaker 8: there are frameworks and software tools now for developers to
Speaker 8: build their own AI Features'll be making it easier than
Speaker 8: ever for developers, and by the way, there's millions of
Speaker 8: them on the Apple platforms to develop AI futures for
Speaker 8: their own apps. But just a step back in terms
Speaker 8: of the features themselves, right, Most consumers who use these
Speaker 8: devices just want them to be better, want them to
Speaker 8: be easier, and so Apple went after the core competencies.
Speaker 7: If you look at the.
Speaker 8: Three apps that were revamped and improved yesterday, the three
Speaker 8: were Safari, Phone and Camera, which are probably the most
Speaker 8: used apps on most people's iPhones.
Speaker 7: And then two additional apps that.
Speaker 8: Got a little bit of love were Photos and Messages,
Speaker 8: which probably rand out the top five. They weren't as
Speaker 8: significant as the first three. So Apple made major improvements
Speaker 8: to the apps that people are using every day. For
Speaker 8: iPad users, the new iPad operating system finally makes the
Speaker 8: iPad like a computer, right, and so that is a
Speaker 8: huge feature that people, including myself, have been asking for
Speaker 8: for years. So there's a lot of us in the
Speaker 8: Apple community who are actually pretty thrilled with the improvements
Speaker 8: that were made. But taking a step back still, this
Speaker 8: is focusing on these os franchises that have been around
Speaker 8: for decades rather than pushing us into these next generation
Speaker 8: in our faces based around AI. So you have to
Speaker 8: juggle both. Apple's doing a great job managing the current,
Speaker 8: but we've not seen a lot that's giving us confidence
Speaker 8: about the future.
Speaker 5: Bloomberg's Mark German, We thank you so much on the
Speaker 5: Apple round up. Meanwhile, let's just look at what Alphabet,
Speaker 5: the parent company of Google, is up to in terms
Speaker 5: of it stop climbing following a report from Reuters that
Speaker 5: it has signed a deal to provide cloud services to
Speaker 5: open Ai. Open Ai will use the additional computing capacity
Speaker 5: for training and running its models. Both companies declining to
Speaker 5: comment Reuters it's a game of front of.
Speaker 3: Me zed okay, coming up, Trade talks resume in London
Speaker 3: between the United States and China. We're going to have
Speaker 3: the latest details next. This is Bloomberg Tech.
Speaker 9: We are doing well with chin China's not easy.
Speaker 4: We want to open up China, and if we don't
Speaker 4: open up China, maybe we won't do anything.
Speaker 9: But we want to open up China.
Speaker 4: It'll be a great thing for China, a great thing
Speaker 4: for the rest of the world.
Speaker 3: That was President Trump commenting after the first day of
Speaker 3: trade talks between the US and China in London, and
Speaker 3: day two is now underway. Bloomberg's Amory Horden joins US
Speaker 3: from London. Amh what do we need to know?
Speaker 10: Well, you need to know is at the moment there
Speaker 10: is no update. We still see both delegations having another
Speaker 10: day of trade talks. They did have a break around
Speaker 10: two o'clock local time. They have been back at the
Speaker 10: negotiating table inside Lancaster House. We were waiting to hear
Speaker 10: for potentially any breakouts in terms of the United States
Speaker 10: getting what they want, which is an advanced pace of
Speaker 10: rare earth and magnets, and the Chinese side getting a
Speaker 10: bit of an easing of export controls, which is what
Speaker 10: Kevin Hassett, the NEC director had said. At the moment,
Speaker 10: talk are still ongoing, but there is really a time
Speaker 10: clock to this because Treasury Secretary Scott Besson has to
Speaker 10: be back on Capitol Hill tomorrow he is testifying in
Speaker 10: front of the House Ways and Means Committee, So they
Speaker 10: really are in a time crunch to wrap up these negotiations.
Speaker 5: Talking of timing, Amory an interestingly timed piece in the
Speaker 5: People's Daily over in China the front page Huawei found
Speaker 5: us saying, look, these restrictions on us, then I'll say about.
Speaker 10: Right, And that's what a lot of people were talking about,
Speaker 10: remember during Deep Seek. And this is something that the
Speaker 10: Nvidia CEO, Jensen Wang had said to me when I
Speaker 10: caught up with him briefly before he had that meeting
Speaker 10: a month or so ago with Donald Trump in the
Speaker 10: Oval Office, the President of the United States. Obviously they
Speaker 10: likely were probably going to talk about their chip controls.
Speaker 10: And he told ed recently that China has become quite
Speaker 10: formidable and that China is neck and neck really with
Speaker 10: the United States. They are not far behind. And that's
Speaker 10: really what the Huawei founder was saying in this local daily.
Speaker 10: It is really notable that in these talks in London,
Speaker 10: very different than the talks four weeks ago in Geneva,
Speaker 10: that Commerce Secretary Howard Lutnik is here.
Speaker 5: It means that those chips.
Speaker 10: Potentially those export controls are on the table.
Speaker 5: I'm Marie Hoden doing amazing work in London. We really
Speaker 5: appreciate it. Look, let's just check in on how Chinese
Speaker 5: stocks have reacted to all of this. They have been volatile.
Speaker 5: We've been higher early in trade, but at the beginning
Speaker 5: it really was down and down. We remain in the
Speaker 5: red once again. This is the trade talks that we
Speaker 5: say have been resuming. You're seeing Golden Dragon index and
Speaker 5: as that golden draggoning an index off by three tenths
Speaker 5: of a percent as we speak, Ali Baba off by
Speaker 5: eight tenths. JD off by more than a percentage point.
Speaker 5: Tiffany Wade is here on place to say, senior portfolio
Speaker 5: manager at Columbia thread Needle Investments manages a cool six
Speaker 5: one hundred and twenty one billion dollars in assets. Tiffany,
Speaker 5: how much is riding on these days of talks? How
Speaker 5: much do you think ultimately does make a decision for
Speaker 5: you within your portfolio.
Speaker 11: Yeah, I think we've seen the market react really well
Speaker 11: over the last couple of weeks to certainly a reduction,
Speaker 11: and some of the terriffs are China and other companies
Speaker 11: countries as well. This would be very critical, I think,
Speaker 11: especially for the tech sector, especially talking about export restrictions.
Speaker 11: There are certainly parts of the tech sector, like Nvidia
Speaker 11: most recently the electronic design automation companies that have been
Speaker 11: very hurt by export restrictions in tariffs. So for certain
Speaker 11: pockets of the market, I think this would be very
Speaker 11: impactful to see some of these trade negotiations play out.
Speaker 3: Tiffany, how much of a risk premium is the president
Speaker 3: when you look at any corner of the technology market
Speaker 3: and you say, I am going to bet on a
Speaker 3: company that this president has recently spoken favorably about or
Speaker 3: not favorably about, as the case may be, and talking
Speaker 3: of course about the volatility that he brings to any
Speaker 3: trade negotiation, Yeah, I think.
Speaker 11: It creates a lot of pause when you're thinking about
Speaker 11: companies that may be in focus from the president. Companies
Speaker 11: that have been talked about are sectors that have been
Speaker 11: talked about recently. But the worry as an investor is
Speaker 11: what will happen next that we haven't planned for or
Speaker 11: that we didn't see coming. So I think that, you know,
Speaker 11: companies that have been spoken about, have been targeted, are
Speaker 11: reflecting a bit of a risk premium, and you see
Speaker 11: this in a lot of the tech companies that are trading,
Speaker 11: you know, at discounts to where they were trading over
Speaker 11: the last couple of years, certainly relative to their own multiples,
Speaker 11: but also relative to the index as well, so I
Speaker 11: think that's reflected in some of the stocks. But again,
Speaker 11: the concern is what happens next because it's hard to predict.
Speaker 5: Boy does Tim Cook want to know what happens next
Speaker 5: as well? And his own salt trading below usual multiples.
Speaker 5: They've been in the eye this storm. When it comes
Speaker 5: to the supply chain side of things, what do you
Speaker 5: make of the desire to make companies ultimately build a
Speaker 5: US perhaps be less profitable. Does that make them as
Speaker 5: appetizing as an investment?
Speaker 11: It certainly doesn't. It hurts the profit margins, as you mentioned.
Speaker 11: I think it'll be interesting to see how all of
Speaker 11: this plays out because it takes multiple years to build
Speaker 11: a factory here. It probably takes longer than you know
Speaker 11: President Trump is going to.
Speaker 12: Be in office.
Speaker 11: So the announcement we've seen from companies building here, you know,
Speaker 11: maybe some of them make sense economically, maybe some of
Speaker 11: them are paying lip service.
Speaker 12: To the administration. But it'll see.
Speaker 11: It'll be interesting to see how this plays out. But
Speaker 11: it's it's interesting that Apple specifically has has been a
Speaker 11: little bit more defiant.
Speaker 5: More defined, but perhaps more distracted. Is what people worry
Speaker 5: about the fact that they are not playing catch up
Speaker 5: to this AI game is people had hope with WWDC.
Speaker 5: What did you make the event?
Speaker 11: Yeah, I thought the event was a little bit disappointing
Speaker 11: for Apple. We were expecting to hear more exciting updates
Speaker 11: around Apple intelligence, around AI, maybe around AI being incorporated
Speaker 11: into Siri, and instead I think we saw more updates
Speaker 11: on improving the user interface, more features on existing applications.
Speaker 11: You know, the applications that maybe incorporate the most AI
Speaker 11: would be their updates on visual intelligence or live translation,
Speaker 11: but those also feel like they're playing a little bit
Speaker 11: of catch up versus applications that are already in the
Speaker 11: market from other providers.
Speaker 3: And my Bloomberg terminal, Apple seems to be the top
Speaker 3: holding in the Columbia Large Growth funds, so let me
Speaker 3: know if that's right. But I think like so far
Speaker 3: this year, Apple has been trading on trade risk, right
Speaker 3: on tariff risk, And when we were like literally in
Speaker 3: the car on the way to APPLEWWDC, we're asking ourselves,
Speaker 3: has this name started trading on that AI concern yet
Speaker 3: or not.
Speaker 11: I think we've seen that a little bit around the
Speaker 11: WWSDC event, and we certainly saw that after the event
Speaker 11: yesterday where people were a little bit disappointed that there
Speaker 11: wasn't a big AI announcement coming out of the keynote presentation.
Speaker 11: So I think we're seeing that a little bit. But Apple,
Speaker 11: like a lot of big tech companies, I think, are
Speaker 11: still trying to figure out their strategy around AI and
Speaker 11: are putting a lot of money behind it.
Speaker 3: Tiffany, you set yourself up for this by saying the
Speaker 3: big question is what happened happens next for the technology sector?
Speaker 2: What happens next?
Speaker 11: I think we're still very positive on the tech sector
Speaker 11: for the rest of the year. There's a lot of
Speaker 11: good tail wins for the sector. Obviously, tariffs and next
Speaker 11: four restrictions could come out of field for the rest
Speaker 11: of the year, but there's a lot of good tailwinds
Speaker 11: for earnings growth, including AI investment that continues to be
Speaker 11: very strong across multiple parts of the market. If we
Speaker 11: look at earnings growth expectations for the rest of the
Speaker 11: year or for the full year, the tech sector is
Speaker 11: still expected to grow much faster than the rest of
Speaker 11: the market. And as I mentioned before, a lot of
Speaker 11: the valuations across certain subgroups of tech look very attractive
Speaker 11: versus their history.
Speaker 12: So we're still very positive on the sector.
Speaker 5: Are you positive on the commitment of capital coming from
Speaker 5: these companies? Look at what Mount Zuckerbug's doing, devoting his
Speaker 5: own time, his own dining table, but also shape quantities
Speaker 5: of cash to make sure that he tries to win agis.
Speaker 4: Isn't it?
Speaker 12: Yeah? Absolutely? And he's not alone.
Speaker 11: Microsoft, Apple, Alphabet, Amazon are all making huge investments into AI,
Speaker 11: and I think that has a great knock on effect
Speaker 11: for parts of the semiconductor equipment, parts of software, other
Speaker 11: parts of the economy, including industrials that all feed into
Speaker 11: that AI infrastructure.
Speaker 3: Tiffany wade Be of fread Needo Investments, thank you very much.
Speaker 5: Uber and Wave. They are set to plan their first
Speaker 5: trial run of fully autonomous vehicles in London. It is
Speaker 5: a move that could pay the way for commercial robotaxi
Speaker 5: services in the United Kingdom. Let's get on what this
Speaker 5: really means with Andrew Grant of Bloomberg NEF and really
Speaker 5: your focus and analysis here is what London means for
Speaker 5: the growth story of robotaxes. More broadly, why is it
Speaker 5: difficult to trial run there?
Speaker 13: Well, I mean, let me start by saying that London
Speaker 13: is a big market for Uber. They often cited as
Speaker 13: one of their five most important cities globally and the
Speaker 13: earnings calls and their reports. So this is a big
Speaker 13: development that they are working with their partners to start
Speaker 13: deploying to planning to deploy robotaxes in London. But these
Speaker 13: types of streets are different from where we've seen the
Speaker 13: majority of robotaxes in the past, places like Phoenix, Arizona
Speaker 13: in Austin, Texas, where you have varying weather conditions, roads
Speaker 13: that haven't been around for nearly as long as some
Speaker 13: of the London streets which have their own quirks.
Speaker 3: You lead our coverage of mobility right at BNF, and
Speaker 3: you know that in any robotaxi setup, you have the
Speaker 3: self driving tech, hardware, software, somebody owns the vehicle, somebody
Speaker 3: operates the ride hailing app, and somebody manages the fleet.
Speaker 3: I'm looking at this announcement from Uber and Wave and
Speaker 3: I think there's a few names and pieces missing.
Speaker 2: Yeah, exactly.
Speaker 13: In a robotaxi service, it really does take a village.
Speaker 13: You need different parts of this value chain that are
Speaker 13: going to contribute different skill sets and different capital requirements
Speaker 13: and different payoff periods. So if you are looking at
Speaker 13: what is essentially a partnership here between two tech companies
Speaker 13: Wave and Uber that mostly work with software, there's a
Speaker 13: few other players that need to manage the hardware and
Speaker 13: manage the on the ground operations. So as you mentioned,
Speaker 13: that will be things like people like Company that will
Speaker 13: actually end up owning the vehicle. And in the past,
Speaker 13: Uber's been a bit hesitant to own and operate large
Speaker 13: fleets of vehicles, but they have shown that they are
Speaker 13: willing to take over some of the operational aspects with
Speaker 13: some of their partnerships, for instance, their partnership with Weimo
Speaker 13: in Austin, some of their partnership with with we Ride
Speaker 13: which is underway in the United Arab Emirates, where they're
Speaker 13: taking over some of the fleet operating aspects. But you
Speaker 13: did right there, we're missing kind of who's going to
Speaker 13: own these fleets, who they're going to work with on
Speaker 13: the charging side, if they are electric vehicles, which they
Speaker 13: do seem likely to be at this stage, and all
Speaker 13: the other details around maintenance and repair of these vehicles
Speaker 13: as they function as robotaxis.
Speaker 5: Andrew Grant, a Bloomberg ne ef these on ability coverage.
Speaker 5: We really appreciate it. Welcome actively Medtech and Caroline Hyder.
Speaker 2: New York and I Meed love Low in San Francisco.
Speaker 3: When I look at technology markets right now, it's kind
Speaker 3: of the mag seven, those big megacap tech names that
Speaker 3: are driving the narrative. Part of that is because investors
Speaker 3: keeping YEM trade talks in London. But there are some
Speaker 3: iliosyncretic items, some news items. We talked earlier about the
Speaker 3: reports of open Ai looking to Alphabet and Google for
Speaker 3: more cloud capacity.
Speaker 5: Sign called liquid Glass. We'll recap WWDC and.
Speaker 3: We speak with the ULA CEO about the spat between
Speaker 3: Elon Musk and Donald Trump and what it means for
Speaker 3: the space industry.
Speaker 5: But first we check out what's happening in the markets,
Speaker 5: some cautious trading. We've got big bond sales, fifty eight
Speaker 5: billion dollars, a three year debt coming due. We keep
Speaker 5: an eye on what the yields are doing, but we
Speaker 5: also keep an eye on what's happening in London, China, US.
Speaker 5: The talks continue. We're cleaning onto games up about a
Speaker 5: tenth of a percent. Remember the S and P near
Speaker 5: a record highed.
Speaker 3: What are you looking at our top story, and that
Speaker 3: is Meta CEO Mark zuckerberb assembling this super intelligence team.
Speaker 3: Bloomberg reporting citing sources that he wants fifty people, he
Speaker 3: wants them sitting close to him at HQ, all to
Speaker 3: go after AGI. And in Meta's case, the stock kind
Speaker 3: of up with the focus of the markets on trade
Speaker 3: talks right now. But this is very much Caro founder
Speaker 3: mode activated.
Speaker 5: Let's tick in on the founder mode. Primos kert Wagner
Speaker 5: joins us now, who helped break down this story, and
Speaker 5: it feels as oh, Mark Zuckerberg is rallying his troops,
Speaker 5: has got his own personal WhatsApp for this well party,
Speaker 5: he calls it.
Speaker 7: That's right.
Speaker 6: We've been told that he's essentially more involved in recruiting
Speaker 6: for this team than he has ever been at the
Speaker 6: company in more than twenty years. This is something that
Speaker 6: has you know, he's had a fire lit under him
Speaker 6: back in April when their LAMAFOV model was released and
Speaker 6: quite frankly disappointed people, right, not only disappointed experts outside
Speaker 6: the company who are reviewing the model, but disappointed people internally.
Speaker 6: And we're told that Zuckerberg at that time really said, Okay,
Speaker 6: I need to be heavily involved. I need to go
Speaker 6: out and recruit these people myself to get the absolute
Speaker 6: best talent. And that is what he has spent his
Speaker 6: last two months doing, literally hosting people at his homes
Speaker 6: in Palo Alto and like Tahoe to try and close
Speaker 6: these deals and sign these these AI experts and scientists.
Speaker 3: I've been hearing for a while that Meta is offering
Speaker 3: like salaries of two million dollars plus to a lot
Speaker 3: of engineering talent. But Mark Zuckerberg is doing the phone
Speaker 3: calls right. The question now is what is the motivation
Speaker 3: you know, Meta versus the rest of the field when
Speaker 3: it comes to the pursuit of Agi.
Speaker 7: Yeah, everyone's going after Agi.
Speaker 6: And the way it was described to me by someone
Speaker 6: the other day is, look, you know, it doesn't matter
Speaker 6: if you're the third person, the third company to get
Speaker 6: to Agi. It only matters if you're first.
Speaker 7: Right.
Speaker 6: Not only is that going to be a feather in
Speaker 6: your cap for future recruiting for you know, kind of
Speaker 6: the symbolism of being the first company to get there,
Speaker 6: but it's also going.
Speaker 7: To give you a massive head start, as you know,
Speaker 7: for your products.
Speaker 6: If Meta is to get their first Meta AI's chatbot
Speaker 6: is going to be more widely adopted. Their ray ban
Speaker 6: glasses will be more widely adopted. So the idea of
Speaker 6: getting to AGI is a massive race because of all
Speaker 6: of these other implications. And that's one of the reasons
Speaker 6: that Zuckerberg, who is super super competitive by the way,
Speaker 6: that's why he's putting himself at the forefront of this effort.
Speaker 7: At Meta right now, chez.
Speaker 5: Been winning nineteen percent if you're looking at the competitive
Speaker 5: street code. But what about Scale AI and the investment there,
Speaker 5: how does it fit in?
Speaker 6: Yeah, So, as we reported over the weekend, a multi
Speaker 6: billion dollar investment is expected to go into Scale AI.
Speaker 7: I think there's sort of two parts to this one.
Speaker 6: There's the investment in what SCALEAI is doing as a business,
Speaker 6: the tech. Also the sort of relationships that they've developed
Speaker 6: with with the government and having clients like that, I
Speaker 6: think is something that's appealing to Meta, who has not
Speaker 6: historically been in that bitline of business. But I think
Speaker 6: there's also a recruiting element to this story. Right Alex Wang,
Speaker 6: the CEO of Scale AI, is expected to join this
Speaker 6: new super intelligence team that we reported about last night.
Speaker 6: I believe there are other Scale AI employees who were
Speaker 6: probably contribute to this team as well. So there's sort
Speaker 6: of a sharing of talent as well that I think
Speaker 6: is a part of this expected deal, which I imagine
Speaker 6: we may hear about sometime in the very near future.
Speaker 3: Kurt, when Zuckerberg is inviting these engineers into his homes
Speaker 3: like in Lake Tahoe, what is his pitch? What a
Speaker 3: source is saying that he thinks Meta is doing well?
Speaker 3: What Meta has an advantage in over the rest of
Speaker 3: the field.
Speaker 7: He's leaning quite heavily into Meta's resources.
Speaker 6: You know, he's from what we've heard, he's talked about
Speaker 6: the cash flow at the company, the strong advertising business,
Speaker 6: and the fact that they have the tens of billions
Speaker 6: of dollars on hand to go pursue these very expensive
Speaker 6: AI improvements. Right, a lot of the other companies, and
Speaker 6: as you know, they're about raising money. They're out fundraising
Speaker 6: constantly to try and get that cash flow in the building.
Speaker 6: Meta already has that. So he's out saying, look, we
Speaker 6: have the resources. I'm giving you the runway to do
Speaker 6: all of this stuff. You know, come work for me
Speaker 6: where you will never want for anything, essentially, Right, So
Speaker 6: a big part of the push is meta as a
Speaker 6: financial behemoth here, who can actually get this thing done?
Speaker 3: Behemoth? I wish we had more time to discuss that.
Speaker 3: Bloombo's Kirk Wagner, thank you very much. Sticking with AI,
Speaker 3: Apple introduced AI powered features at its Developers conference, including
Speaker 3: an expanded relationship with open Ai, but a new software
Speaker 3: redesign called liquid Glass, with a transparent menu and a
Speaker 3: glassy look. Bloombo's Mark Gunman has all the details in
Speaker 3: our discussion of Apple WWDC. We say that liquid Glass
Speaker 3: is the most significant design overhaul for an OS interface ever.
Speaker 2: What did you make of it? And what do we
Speaker 2: need to know?
Speaker 8: Yeah, So the significance of this interface change is how
Speaker 8: broad it is. Right, it's available on all of Apple's devices.
Speaker 8: This is the first time user interface revamp across all
Speaker 8: the devices. And it's also interesting because it sets the
Speaker 8: stage for future Apple devices. Right in terms of hardware,
Speaker 8: the Apple devices are going to get more of glassy.
Speaker 7: Right.
Speaker 8: You're going to see curve glass edges on the twentieth
Speaker 8: anniversary iPhone in two years. So having an old glass
Speaker 8: interface with a lot of transparency sets the stage for that.
Speaker 8: And so from that standpoint, it's great I've been using
Speaker 8: the new UI on all of my devices since yesterday
Speaker 8: when the betas came out, and I think it's really great,
Speaker 8: and I think it's also going to improve dramatically between
Speaker 8: now in September when it's all released, and so if
Speaker 8: you're a developer and you have an extra phone or
Speaker 8: you want to take a little bit of a risk,
Speaker 8: I would encourage anyone to try out the new look.
Speaker 5: So that's cool. But why then analysts like Angelo Zino
Speaker 5: saying this whole event was a dud? Why is there
Speaker 5: such a deafening silence around Siri? For example, Mark.
Speaker 8: Well because Wall Street basically cares about buzzwords because buzzwords
Speaker 8: are wok at the share price moving in either direction.
Speaker 8: And you didn't hear a whole lot as we anticipated
Speaker 8: and talked about in advance about AI or Siri. Apple
Speaker 8: is essentially taking an AI gap year at the worst
Speaker 8: possible time. They're not promising any new AI features right now.
Speaker 8: I don't anticipate that they're going to start doing so
Speaker 8: again until June of twenty twenty six. Apple Intelligence obviously
Speaker 8: was a flop. They're doing their best to try to
Speaker 8: show people that they are here too, with AI without
Speaker 8: going too far and making these promises. What they have
Speaker 8: done is partnered with chat GPT in a few more features,
Speaker 8: so you can take a screenshot now and chat GPT
Speaker 8: can analyze what's on your screen. Of course you could
Speaker 8: have done that with the app already, but this is
Speaker 8: a bit of a shortcut. And then they have new
Speaker 8: developer tools that tap into third party lms, including jet
Speaker 8: GBT but yet to be clear. As we've been talking
Speaker 8: about the fact that Apple is nowhere near any of
Speaker 8: its competition in AI is a massive failure on all levels.
Speaker 3: The stock fell one point two percent yesterday Monday. It's
Speaker 3: now up around one point two percent, so we've kind
Speaker 3: of balanced out the trading in this market's more to
Speaker 3: do with trade talks than I guess anything idiosyncratic. I
Speaker 3: found probably the most significant piece of news relevance WWDC
Speaker 3: to be that access for third party developers to on
Speaker 3: device lllms, because you think about the app store that
Speaker 3: we have today and the ecosystem across operating systems. The
Speaker 3: whole point of WWDC mark is the developers right explain
Speaker 3: that piece of news and why the developer community cheered it.
Speaker 8: So the foundation models that are available for Apple's own
Speaker 8: AI features are now available to third party developers, so
Speaker 8: there are frameworks and software tools now for developers to
Speaker 8: build their own AI features. So this will be making
Speaker 8: it easier than ever for developers. By the way, there's
Speaker 8: millions of them on the Apple platforms to develop AI
Speaker 8: futures for their own apps. But just to step back
Speaker 8: in terms of the features themselves, right, most consumers who
Speaker 8: use these devices just want them to be better, want
Speaker 8: them to be easier, and so Apple went after the
Speaker 8: core competencies. If you look at the three apps that
Speaker 8: were revamped and improved yesterday, the three were Safari, Phone
Speaker 8: and Camera, which are probably the most used apps on
Speaker 8: most people's iPhones. And then two additional apps that got
Speaker 8: a little bit of love were Photos and Messages, which
Speaker 8: probably rund out the top five. They weren't as significant
Speaker 8: as the first three. So Apple made major improvements to
Speaker 8: the apps that people are using every day. For iPad users,
Speaker 8: the new iPad operating system finally makes the iPad like
Speaker 8: a computer, right, and so that is a huge feature
Speaker 8: that people, including myself, have been asking for for years.
Speaker 8: So there's a lot of us in the Apple community
Speaker 8: who are actually pretty thrilled with the improvements that were made, but.
Speaker 7: Taking a step back still.
Speaker 8: This is focusing on these OS franchises that have been
Speaker 8: around for decades rather than pushing us into these next
Speaker 8: generation in our faces based around AI.
Speaker 7: So you have to juggle both.
Speaker 8: Apple's doing a great job managing the currents, but we've
Speaker 8: not seen a lot that's giving us confidence about the future.
Speaker 5: Bloomberg's Mark German, We thank you so much on the
Speaker 5: Apple round up. Meanwhile, let's just look at what Alphabet,
Speaker 5: the parent company of Google, is up to in terms
Speaker 5: of its stock climbing. Following a report from Reuters, then
Speaker 5: it has signed a deal to provide cloud services to
Speaker 5: open Ai. Open Ai will use the additional computing capacity
Speaker 5: for training and running its models. Both companies declining to
Speaker 5: comment Reuters. It's a game of front of me zed okay.
Speaker 3: Coming up, Trade talks resume in London between the United
Speaker 3: States and China. We're going to have the latest details next.
Speaker 3: This is Bloomberg Tech.
Speaker 9: We are doing well with China. China is not easy.
Speaker 4: We want to open up China, and if we don't
Speaker 4: open up China, maybe we won't do anything.
Speaker 9: But we want to open up China.
Speaker 4: It'll be a great thing for China, a great thing
Speaker 4: for the rest of the world.
Speaker 3: Trump commenting after the first day of trade talks between
Speaker 3: the US and China in London, and day two is
Speaker 3: now underway. Bloomberg's Amory Horden joins US from London.
Speaker 2: Amh what do we need to know?
Speaker 5: Well, what you need to know is, at the moment,
Speaker 5: there is no update.
Speaker 10: We still see both delegations having another day of trade talks.
Speaker 10: They did have a break around two o'clock local time.
Speaker 10: They have been back at the negotiating table inside Lancaster House.
Speaker 10: We were waiting to hear for potentially any breakouts in
Speaker 10: terms of the United States getting what they want, which
Speaker 10: is an advanced pace of rare earths and magnets, and
Speaker 10: the Chinese side getting a bit of an easing of
Speaker 10: export controls, which is what Kevin Hassett, the NEC director
Speaker 10: had said. At the moment, talks are still ongoing, but
Speaker 10: there is really a time clock to this because Treasury
Speaker 10: Secretary Scott Bessett has to be back on Capitol Hill
Speaker 10: tomorrow he is testifying in front of the House Ways
Speaker 10: and Means Committee, So they really are in a time
Speaker 10: crunch to wrap up these negotiations.
Speaker 5: Talking of timing amory an interestingly timed piece in the
Speaker 5: People's Daily over in China, the front page, Huawei found
Speaker 5: us saying, look, these restrictions on us, then I'll say.
Speaker 10: Bad, right, And that's what a lot of people were
Speaker 10: talking about, remember during Deep Seek. And this is something
Speaker 10: that the Nvidia CEO, Jensen Wang had said to me
Speaker 10: when I caught up with him briefly before he had
Speaker 10: that meeting a month or so ago with Donald Trump
Speaker 10: in the Oval Office, the President.
Speaker 5: Of the United States.
Speaker 10: Obviously they likely were probably going to talk about their
Speaker 10: chip controls. And he told ed recently that China has
Speaker 10: become quite formidable and that China is neck and neck
Speaker 10: rearly with the United States. They are not far behind.
Speaker 10: And that's really what the Huawei founder was saying in
Speaker 10: this local daily. It is really notable that in these
Speaker 10: talks in London, very different than the talks four weeks
Speaker 10: ago in Geneva, that Commerce Secretary Howard Lutnik is here.
Speaker 10: It means that those chips, potentially those export controls are
Speaker 10: on the table.
Speaker 5: Iri and doing amazing work in London. We really appreciate it.
Speaker 5: Look let's just check in on how Chinese stocks have
Speaker 5: reacted to all of this. They have been volatile. We've
Speaker 5: been higher early in trade, but at the beginning it
Speaker 5: really was down and down. We remain in the red
Speaker 5: once again. This is the trade talks that we say
Speaker 5: have been resuming. You're seeing Golden Dragon index and as
Speaker 5: that golden dragging an index off by three tenths of
Speaker 5: a percent as we speak, Ali Baba off by eight tenths.
Speaker 5: JD off by more than a percentage point. Tiffany Wade
Speaker 5: is here when place to say, senior portfolio manager at
Speaker 5: Columbia thread Needle Investments Manages is a cool six one
Speaker 5: hundred and twenty one billion dollars in assets. Tiffany, how
Speaker 5: much is riding on these days of talks? How much
Speaker 5: do you think ultimately does make a decision for you
Speaker 5: within your portfolio.
Speaker 11: Yeah, I think we've seen the market react really well
Speaker 11: over the last couple of weeks to certainly a reduction
Speaker 11: in some of the tariffs on China and other companies
Speaker 11: countries as well. This would be very critical, I think,
Speaker 11: especially for the tech sector, especially talking about export restrictions.
Speaker 11: There are certainly parts of the text actor like Nvidia
Speaker 11: most recently the electronic design automation companies that have been
Speaker 11: very hurt by export restrictions in tariffs. So for certain
Speaker 11: pockets of the market, I think this would be very
Speaker 11: impactful to see some of these trade negotiations play out.
Speaker 3: Tiffany, how much of a risk premium is the president
Speaker 3: when you look at any corner of the technology market
Speaker 3: and you say, I am going to bet on a
Speaker 3: company that this president has recently spoken favorably about or
Speaker 3: not favorably about, as the case may be, and talking
Speaker 3: of course about the volatility that he brings to any
Speaker 3: trade negotiation.
Speaker 11: Yeah, I think it creates a lot of pause when
Speaker 11: you're thinking about companies that may be in focus from
Speaker 11: the president. Companies that have been talked about are sectors
Speaker 11: that have been talked about recently. But you know, the
Speaker 11: worry as an investor is what will happen next that
Speaker 11: we haven't planned for or that we didn't see coming.
Speaker 11: So I think that, you know, companies that have been
Speaker 11: spoken about, have been targeted, are reflecting a bit of
Speaker 11: a risk premium, and you see this in a lot
Speaker 11: of the tech companies that are trading, you know, at
Speaker 11: discounts to where they were trading over the last couple
Speaker 11: of years, certainly relative to their own multiples, but also
Speaker 11: relative to the index as well. So I think that's
Speaker 11: reflected in some of the stocks. But again, the concern
Speaker 11: is what happens next, because it's hard to predict.
Speaker 5: Boy does Tim Cook want to know what happens next
Speaker 5: as well? And his own stop trading below usual multiples.
Speaker 5: They've been in the eye this storm. When it comes
Speaker 5: to the supply chain side of things, what do you
Speaker 5: make of the desire to make companies ultimately build a
Speaker 5: US perhaps be less profitable. Does that make them as
Speaker 5: appetizing as an investment.
Speaker 12: It certainly doesn't. It hurts the profit margins.
Speaker 11: As you mentioned, I think it'll be interesting to see
Speaker 11: how all of this plays out because it takes multiple
Speaker 11: years to build a factory here. It probably takes longer
Speaker 11: than you know, President Trump is going to be in office.
Speaker 11: So do the announcement we've seen from companies building here.
Speaker 11: You know, maybe some of them make sense economically, maybe
Speaker 11: some of them are paying lip service to the administration,
Speaker 11: but it'll see. It'll be interesting to see how this
Speaker 11: plays out. But it's it's interesting that Apple specifically has
Speaker 11: has been a lot little bit more defiant.
Speaker 5: More defined, but also perhaps more distracted. Is what people
Speaker 5: worry about, the fact that they are not playing catch
Speaker 5: up to this AI game as people had hoped with WWDC.
Speaker 5: What did you make the event?
Speaker 11: Yeah, I thought the event was a little bit disappointing
Speaker 11: for Apple. We were expecting to hear more exciting updates
Speaker 11: around Apple Intelligence, around AI, maybe around AI being incorporated
Speaker 11: into Siri, and instead I think we saw more updates
Speaker 11: on improving the user interface, more features on existing applications.
Speaker 11: You know, the applications that maybe incorporate the most AI
Speaker 11: would be their updates on visual intelligence or live translation.
Speaker 11: But those also feel like they're playing a little bit
Speaker 11: of catch up versus applications that are already in the
Speaker 11: market from other providers.
Speaker 3: And my Bloomberg terminal, Apple seems to be the top
Speaker 3: holding in the Columbia large cap growth funds, so let
Speaker 3: me know if that's right. But I think like so
Speaker 3: far this year, Apple has been trading on trade risk,
Speaker 3: right on tariff risk, and when we were like literally
Speaker 3: in the car on the way to Apple WWDC, we're
Speaker 3: losing ourselves. Has this name started trading on that AI
Speaker 3: concern yet or not.
Speaker 11: I think we've seen that a little bit around the
Speaker 11: WWSDC event, and we certainly saw that after the event yesterday,
Speaker 11: where people were a little bit disappointed that there wasn't
Speaker 11: a big AI announcement coming out of the keynote presentation.
Speaker 12: So I think we're seeing that a little bit.
Speaker 11: But Apple, like a lot of big tech companies, I think,
Speaker 11: are still trying to figure out their strategy around AI
Speaker 11: and are putting a lot of money behind it.
Speaker 3: Tiffany, you set yourself up for this by saying the
Speaker 3: big question is what happens next for the technology sector?
Speaker 2: What happens next?
Speaker 11: I think we're still very positive on the tech sector
Speaker 11: for the rest of the year. There's a lot of
Speaker 11: good tailwinds for the sector. Obviously, tariffs and nextpoor restrictions
Speaker 11: could come out of left field for the rest of
Speaker 11: the year, but there's a lot of good tailwinds for
Speaker 11: earnings growth, including AI investment that continues to be very
Speaker 11: strong across multiple parts of the market. If we look
Speaker 11: at earnings growth expectations for the rest of the year
Speaker 11: or for the full year, the tech sector is still
Speaker 11: expected to grow much faster than the rest of the market,
Speaker 11: and as I mentioned before, a lot of the valuations
Speaker 11: across certain subgroups of tech look very attractive versus their history.
Speaker 11: So we're still very positive on the sector.
Speaker 5: Are you positive on the commitment of capital coming from
Speaker 5: these companies? Look at what mort Zuckerberg's doing devoting his
Speaker 5: own time, his own dining table, but also share quantities
Speaker 5: of cash to make sure that he tries to win agis.
Speaker 12: Isn't it? Yeah? Absolutely? And he's not alone.
Speaker 11: Microsoft to Apple, Alphabet, Amazon are all making huge investments
Speaker 11: into AI, and I think that has a great knock
Speaker 11: on effect for parts of the semiconductor equipment, parts of software,
Speaker 11: other parts of the economy, including industrials that all feed
Speaker 11: into that AI infrastructure.
Speaker 3: Tiffany Wade of Columbia Freadnido Investments, Thank you very much.
Speaker 5: Uber and Wave. They are set to plan their first
Speaker 5: trial run of fully autonomous vehicles in London. Move that
Speaker 5: could pay the way for commercial robotaxi services in the
Speaker 5: United Kingdom. Let's get on what this really means with
Speaker 5: Andrew Grant of Bloomberg NEF and really your focus and
Speaker 5: analysis here is what London means for the growth story
Speaker 5: of robotaxis More broadly, Why is it difficult to trial
Speaker 5: run that.
Speaker 2: Well?
Speaker 13: I mean, let me start by saying that London is
Speaker 13: a big market for Uber. They often cited as one
Speaker 13: of their five most important cities globally and the earnings
Speaker 13: calls and their reports. So this is a big development
Speaker 13: that they are working with their partners to start deploying
Speaker 13: or to planning to deploy robotaxis in London. But these
Speaker 13: types of streets are different from where we've seen the
Speaker 13: majority of robotaxis in the past, places like Phoenix, Arizona,
Speaker 13: in Austin, Texas, where you have varying weather conditions, roads
Speaker 13: that haven't been around for nearly as long as some
Speaker 13: of the London streets which have their own quirks.
Speaker 3: You lead our coverage of mobility right at BNF, and
Speaker 3: you know that in any robotaxi setup, you have the
Speaker 3: self driving tech, hardware, software, somebody owns the vehicle, somebody
Speaker 3: operates the ride hailing app, and somebody manages the fleet.
Speaker 3: I'm looking at this announcement from Uber and Wave and
Speaker 3: I think there's a few names and pieces missing.
Speaker 13: Yeah, exactly, in a robotaxi service, it really does take
Speaker 13: a village. You need different parts of this value chain
Speaker 13: that are going to contribute different skill sets and different
Speaker 13: capital requirements and different payoff periods. So if you are
Speaker 13: looking at what is essentially a partnership here between two
Speaker 13: take companies Wave and Uber that mostly work with software,
Speaker 13: there's a few other players that need to manage the
Speaker 13: hardware and manage the on the ground operations. So as
Speaker 13: you mentioned, that will be things like people like a
Speaker 13: company that will actually end up owning the vehicle. And
Speaker 13: in the past, Uber's been a bit hesitant to own
Speaker 13: and operate large fleets of vehicles, but they have shown
Speaker 13: that they are willing to take over some of the
Speaker 13: operational aspects with some of their partnerships, for instance, their
Speaker 13: partnership with Waimo in Austin, some of their partnership with
Speaker 13: will we Ride, which is underway in the United Arab Emirates,
Speaker 13: where they're taking over some of the fleet operating aspects.
Speaker 13: But you did right there, we're missing kind of who's
Speaker 13: going to own these fleets, who they're going to work
Speaker 13: with on the charging side, if they are electric vehicles,
Speaker 13: which they do seem likely to be at the stage,
Speaker 13: and all the other details around maintenance and repair of
Speaker 13: these vehicles as they function as robotaxis.
Speaker 5: Andrew Grant, a Bloomberg nef these on ability coverage, we
Speaker 5: really appreciate it. Now's the breaking news for you because
Speaker 5: talks are ongoing in London and according to US official
Speaker 5: US and China trade talks will continue. We're going to
Speaker 5: bring you any details of what is being discussed at
Speaker 5: the moment. Amory Horden has been outside of course Lancaster
Speaker 5: and been thinking about how these talks are evolving, what
Speaker 5: ultimately it means ed for the focus on semiconductors in particular.
Speaker 5: What's we got coming up?
Speaker 3: Okay, we're going to be joined by Tory Bruno, United
Speaker 3: Launch Aliance CEO to discuss the outlook for the space
Speaker 3: business in the midst of Trump and Elon's spat.
Speaker 2: This is Bloomberg Tech