WEBVTT - Boeing Delivers Most Jets in 18 Months 

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<v Speaker 2>Boeing shares have really been under pressure lately, investors waiting

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<v Speaker 2>detail to from flight data equipment. So here to tell

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<v Speaker 2>us more about it, break it all down for us.

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<v Speaker 2>George Ferguson Bloomberg Intelligence, Senior Aerospace Defense Airlines analyst, George,

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<v Speaker 2>I want to start with the flight data equipment to

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<v Speaker 2>start here. Have they found all of them? And what

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<v Speaker 2>particularly will they be looking for when it comes to

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<v Speaker 2>this equipment.

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<v Speaker 3>Yeah, so I'm not totally sure if they've found all

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<v Speaker 3>the equipment anything, had found some of the recorders. I

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<v Speaker 3>think once they get into it, I assume you're talking

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<v Speaker 3>about the Air India crash, right, correct, correct, When they

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<v Speaker 3>get into it, I think one of the items are

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<v Speaker 3>absolutely going to focus on is going to be what

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<v Speaker 3>was going on in the engines and that Air India

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<v Speaker 3>seven eighty seven. You know, look at Boeing seventy seven

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<v Speaker 3>can lose one engine and still take off and gain altitude.

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<v Speaker 3>So the videos we saw circumstances indicate that both engines

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<v Speaker 3>potentially were not producing enough lift. So my guess is

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<v Speaker 3>that's where the focus is going to be is on

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<v Speaker 3>what was going on in the engines. It was eleven

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<v Speaker 3>year old airplane, so we think that what it all

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<v Speaker 3>is said and done, probably not going to be a

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<v Speaker 3>manufacturing issue, either at Boeing or ge from original manufacturer,

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<v Speaker 3>and probably going to be some sort of engine issue,

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<v Speaker 3>which I think would probably you know, put Boeing not

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<v Speaker 3>in the responsible category, you know, for that that crash,

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<v Speaker 3>even though obviously something we're never happy to see and

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<v Speaker 3>you know, very sorry about that.

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<v Speaker 4>George, You've in your coverage of Boeing and your discussions

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<v Speaker 4>with us, you've always made sure that we focus on

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<v Speaker 4>what's important. That is the deliveries of aircraft. June was

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<v Speaker 4>a great month, wasn't.

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<v Speaker 3>It looked pretty good. So we see about US sixty deliveries.

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<v Speaker 3>Of that, I think we had maybe forty two or

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<v Speaker 3>so seven thirty seven deliveries. Seven thirty seven is the

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<v Speaker 3>money maker, so that's super important. Of those forty two,

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<v Speaker 3>we're focusing very closely on how many were first flown

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<v Speaker 3>in twenty twenty five. And the reason we're doing that

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<v Speaker 3>is we know Boeing has a lot of inventory airplanes,

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<v Speaker 3>so if they're boosting deliveries through inventory airplanes, that's indicating

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<v Speaker 3>to us that the factory isn't as strong as we

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<v Speaker 3>would hope. What we're seeing right now when we look

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<v Speaker 3>at Syrium data is five of those forty two airplanes

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<v Speaker 3>are inventory deliveries airplanes that were flown previous to this year,

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<v Speaker 3>So that indicates it something around thirty seven Max's came

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<v Speaker 3>through the rentin factory in June. That's a pretty nice number.

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<v Speaker 3>That corresponds pretty well with Boeing CEO's indication that they

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<v Speaker 3>were producing at a thirty eight ish through put in

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<v Speaker 3>the factory and that they were going to be breaking

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<v Speaker 3>into forty two's levels sort of in the back half

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<v Speaker 3>of the year. And so this absolutely confirms I think

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<v Speaker 3>the improving health of the Boeing production system and that

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<v Speaker 3>retin factory.

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<v Speaker 2>Now, George, you mentioned CEO Kelly Ordberg. What's the war

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<v Speaker 2>on the street. How has he been handling this new role?

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<v Speaker 2>I mean, a lot of pressures on him.

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<v Speaker 3>Yeah, I mean, I think when it's all done, it's

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<v Speaker 3>going to be a function of did he get quality improved,

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<v Speaker 3>did he improve throughput? Did he generate cash? Did he

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<v Speaker 3>improve the balance sheet of Boeing, you know, sort of

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<v Speaker 3>stave off any downgrades? And right now I'd say the

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<v Speaker 3>report card would be pretty good for what Kelly Orbrick

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<v Speaker 3>is doing.

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<v Speaker 4>And George, you also told us that, you know, tooling

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<v Speaker 4>up these factors to crank a production, it's not as

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<v Speaker 4>easy as it sounds. It's a little bit more difficult

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<v Speaker 4>in manufacturing and automobile coming down the line here, and

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<v Speaker 4>that goes to the labor issue. You need some pretty

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<v Speaker 4>highly trained labor and coming out of the pandemic, that

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<v Speaker 4>was a challenge. How is Boeing doing these days on

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<v Speaker 4>that front?

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<v Speaker 3>Yeah, So, you know, if we measure it from the

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<v Speaker 3>throughput in the factory, it looks like it's it's doing better.

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<v Speaker 3>We're hearing, you know, better sort of noises from the

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<v Speaker 3>supply chain that labor is stabilizing. I think we see

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<v Speaker 3>in the country right the labor market isn't as sort

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<v Speaker 3>of white hot as it was coming right out of

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<v Speaker 3>the pandemic, especially for you know, some of this manual

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<v Speaker 3>labor that they're looking for and so I think that

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<v Speaker 3>helps stability. That stability allows you to go ahead and

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<v Speaker 3>train people and through put. So it appears to us

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<v Speaker 3>all all those indicators that you know, labor stabilizing qualities improving,

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<v Speaker 3>and that's definitely having Boweing benefiting from it.

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<v Speaker 2>George, you mentioned deliveries earlier. The Paris Air Show is

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<v Speaker 2>a huge event for these airlines. Yes, yes, how did

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<v Speaker 2>how did Boeing fair coming out of that?

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<v Speaker 3>Yeah, So we haven't seen a lot of orders for

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<v Speaker 3>Boeing recently, and we you know, we didn't see any

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<v Speaker 3>Paris air Show right they had pulled out. I think

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<v Speaker 3>just as they're monitoring the developments of that Air India crash.

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<v Speaker 3>But we really haven't seen a lot of orders recently

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<v Speaker 3>for Boeing. I suspect that given the tariff backdrop, you're

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<v Speaker 3>just not going to see a lot of orders for

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<v Speaker 3>Boeing until that tariff backdrop gets cleared right. Boeing has

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<v Speaker 3>one factory they build seven thirty sevens at it's in

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<v Speaker 3>the US, So terraffs between US and the rest of

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<v Speaker 3>the world always get in the way. That has to

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<v Speaker 3>get cleared.

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<v Speaker 4>Up, George. Great stuff has always George Ferguson's senior airspace

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<v Speaker 4>depends in airlines unels.

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<v Speaker 1>You're listening to the Bloomberg Intelligence podcast. Catch us live

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<v Speaker 2>We're going to keep it here kind of in that

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<v Speaker 2>AI tech space. I want to go to Man Deep thing.

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<v Speaker 2>He's Bloomberg Intelligence senior tech industry analysts. So Man Deep,

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<v Speaker 2>we have this sign of just how competitive the AI

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<v Speaker 2>space is for talent. So you have Meta possibly poaching

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<v Speaker 2>Apple's top AI executive, offering this big, big, big payout.

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<v Speaker 2>Explain to us first of all, who this guy is

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<v Speaker 2>and how much are they offering him.

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<v Speaker 5>Well, I don't know the exact dollar amount what they're offering,

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<v Speaker 5>but clearly Meta is going big in terms of poaching

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<v Speaker 5>the top AI researchers. We saw that with the scale

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<v Speaker 5>AI aquahars, they pretty much post the founder and look,

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<v Speaker 5>I think they want to assemble the top fifty AI

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<v Speaker 5>researchers that are out there who have got published papers.

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<v Speaker 5>And they are paying up in this case because they've

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<v Speaker 5>made all the big investments in terms of compute, in

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<v Speaker 5>terms of infrastructure, but they don't have a cloud business

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<v Speaker 5>or some other form of monetization that you know Google

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<v Speaker 5>has or a Microsoft has. So from that perspective, I

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<v Speaker 5>think it's crunched time for them to really show that,

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<v Speaker 5>you know, they can develop an ecosystem with their large

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<v Speaker 5>aguage model, which has been underperforming relative to OpenAI, Google

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<v Speaker 5>and Cloud. And I think it's the founder Mark Zuckerberg

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<v Speaker 5>who really is going all out. I mean, you can't

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<v Speaker 5>expect any other CEO to be that aggressive with paying

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<v Speaker 5>five billion dollars for fifty people. Literally, that's what the

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<v Speaker 5>expense that we are talking about Facebook. A Meta as

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<v Speaker 5>a company has over seventy six thousand employees with an

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<v Speaker 5>expense space of one hundred and fifteen billion. They're adding

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<v Speaker 5>five more billion for fifty people. That's all we're talking about.

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<v Speaker 4>Wow, that's an order magnifade. Yeah, all right, so it's

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<v Speaker 4>clear that metas all in. What does this mean for Apple?

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<v Speaker 3>This?

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<v Speaker 4>If I were an Apple Cheryl, I'd be concerned here A,

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<v Speaker 4>I'm losing talent, but B I've already it's coming from

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<v Speaker 4>an area where I feel like I'm under invested already

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<v Speaker 4>perhaps I'm already behind. What do you think this means

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<v Speaker 4>for Apple?

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<v Speaker 5>I mean, clearly everyone on the research site realizes that

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<v Speaker 5>Apple doesn't have the big AI cluster that these companies have,

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<v Speaker 5>and you know, generative AI is all about having a

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<v Speaker 5>large cluster, training your model on that cluster, and then

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<v Speaker 5>really building from there. So from that perspective, Apple has

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<v Speaker 5>lagged behind. And if you're a top AI researcher, there

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<v Speaker 5>are better companies to work for right now, so I'm

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<v Speaker 5>not surprised, you know, a top AI researcher has ended

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<v Speaker 5>up taking up the offer. But for Apple, look, they're

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<v Speaker 5>going to use a combination of partnerships and some on

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<v Speaker 5>device AI investment, which is what they have done in

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<v Speaker 5>terms of, you know, their own model efforts. They're going

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<v Speaker 5>to partner with cloud open AI, probably Google as well

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<v Speaker 5>once the anti trust issues are over, and that's how

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<v Speaker 5>they're going to provide the functionality. As long as it's

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<v Speaker 5>cloud based. They have the app infrastructure to offer AI

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<v Speaker 5>for on device AI, they have to do it natively

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<v Speaker 5>at the operating system level. You can't really leverage the

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<v Speaker 5>large acreage model from open AI on device because you

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<v Speaker 5>have to really open up your operating system, which Apple

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<v Speaker 5>won't do.

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<v Speaker 2>I have to add some kind of AI in my resume.

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<v Speaker 6>I think.

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<v Speaker 2>On this, Maddie, what kind of tone does this set

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<v Speaker 2>for the industry, what kind of messages sending?

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<v Speaker 5>I mean, to my mind, this is a very high

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<v Speaker 5>risk play right now. The market sentiment is Meta can

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<v Speaker 5>do no wrong. They are making all the right moves

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<v Speaker 5>with getting these you know, big AI researchers, but at

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<v Speaker 5>the end of the day, it is you know, they're

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<v Speaker 5>doubling down on capex, adding more opics. So from a

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<v Speaker 5>spending perspective, Meta is going all in, and so you know,

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<v Speaker 5>once it starts to weigh on free cash flow and

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<v Speaker 5>the returns are not there, which is why I said,

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<v Speaker 5>you know, with everyone else, you see the AI monetization.

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<v Speaker 5>You know, if you have a coding agent from Microsoft

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<v Speaker 5>or Google, they are monetizing it with Meta. All these

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<v Speaker 5>are upfront investments with the hope that if we'll add

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<v Speaker 5>more engagement time across their family of apps, they will

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<v Speaker 5>probably have a killer AI product that they'll be able

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<v Speaker 5>to monetize with in addition to their recommendation systems. So

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<v Speaker 5>the stakes are getting higher and higher, but clearly they

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<v Speaker 5>are doubling down in terms of their investment, and at

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<v Speaker 5>some point the monetization question, kay King, Probably not this

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<v Speaker 5>earning season, but maybe a couple of quarters from now.

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<v Speaker 4>All right, Man deep Seeing, big, big numbers. That's his companies, folks.

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<v Speaker 4>They just they traffic in huge numbers, huge investments, huge revenue, huge,

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<v Speaker 4>huge free cash flow. That is the state of global

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<v Speaker 4>technology these days, centered in the United States. Men Deep

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<v Speaker 4>Seeing senior techannels for Bloomberg Intelligence. We appreciate that, and

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<v Speaker 4>again Meta going all in, not that they weren't before,

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<v Speaker 4>but it's just kind of another example the type of

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<v Speaker 4>investments they are making there.

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<v Speaker 1>You're listening to the Bloomberg Intelligence podcast. Catch us live

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<v Speaker 1>weekdays at ten am Eastern on Applecarclay, and Android Auto

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<v Speaker 4>I think from the pandemic, we all became familiar with

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<v Speaker 4>this concept of supply chains and global supply chains and

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<v Speaker 4>where stuff comes from. And boy, when the ship stops sailing,

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<v Speaker 4>that's a problem. And do we need to bring some

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<v Speaker 4>of that stuff closer to home? And that's one of

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<v Speaker 4>the reasons I think for President Trump and his focus

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<v Speaker 4>on tariffs here. But let's get a sense of what

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<v Speaker 4>the global supply chains are looking at now and how

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<v Speaker 4>they may react in a world where tariffs are higher.

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<v Speaker 4>Brandon Daniels joins the CEO of EXEG. He joins us

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<v Speaker 4>from Chicago. Brandon, how do you put into context all

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<v Speaker 4>this talk about tariffs and kind of what it means

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<v Speaker 4>for the global supply chain and how we get stuff,

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<v Speaker 4>where we make stuff, where we import stuff from. How

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<v Speaker 4>do you guys think about that?

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<v Speaker 6>Absolutely? Well, thank you for having me on. It's good

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<v Speaker 6>to talk to you guys today. I think when we

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<v Speaker 6>think about it, it is a reflection of a major

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<v Speaker 6>shift in priorities across across all countries from a global

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<v Speaker 6>commerce perspective. Right, Like, when you think about what the

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<v Speaker 6>United States is doing and what the administration is doing,

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<v Speaker 6>is there they're trying to prioritize three things, right. The

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<v Speaker 6>first thing that we've in our discussions and in our

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<v Speaker 6>talks with the administration, they want to bring back manufacturing

0:13:10.679 --> 0:13:14.120
<v Speaker 6>where the United States can be competitive. And that's that's

0:13:14.120 --> 0:13:17.600
<v Speaker 6>what our customers are utilizing our AI tools today and

0:13:17.679 --> 0:13:22.760
<v Speaker 6>our multi tier supply chain visibility to understand where can

0:13:22.880 --> 0:13:25.839
<v Speaker 6>they actually source in the United States in a way

0:13:26.480 --> 0:13:29.800
<v Speaker 6>that is at parity with their global sourcing requirements. And

0:13:29.880 --> 0:13:33.959
<v Speaker 6>so that is mostly focused on where labor arbitrage has

0:13:34.000 --> 0:13:36.680
<v Speaker 6>been taken out of the equation. So think things like

0:13:36.800 --> 0:13:43.240
<v Speaker 6>additive manufacturing, Think things like you know, largely automated production floors.

0:13:44.120 --> 0:13:47.120
<v Speaker 6>You know, those are the areas where you're starting to

0:13:47.160 --> 0:13:54.520
<v Speaker 6>see major cost collapse in between emerging markets and more

0:13:54.520 --> 0:13:58.199
<v Speaker 6>sophisticated markets, because the cost of the manufacturing equipment it's

0:13:58.200 --> 0:14:02.640
<v Speaker 6>the same across the globe, the cast of the land.

0:14:02.960 --> 0:14:05.600
<v Speaker 6>I mean, there's there's parts of North Texas that are

0:14:05.679 --> 0:14:08.960
<v Speaker 6>cheaper than parts of heav A, China. And with the

0:14:09.040 --> 0:14:13.720
<v Speaker 6>volume of operators necessary in these factories going down and

0:14:13.760 --> 0:14:18.640
<v Speaker 6>them having to be also more higher skilled, uh, the

0:14:18.400 --> 0:14:23.480
<v Speaker 6>the major labor arbitrage effect kind of dwindles, and so

0:14:23.680 --> 0:14:27.200
<v Speaker 6>they want to move those areas of automated manufacturing back

0:14:27.280 --> 0:14:29.920
<v Speaker 6>to the United States. And so I see our customers

0:14:30.800 --> 0:14:35.200
<v Speaker 6>focused on those commodity areas as well as you know,

0:14:35.240 --> 0:14:39.920
<v Speaker 6>some of the more specialized areas that require automated manufacturing floors. Uh,

0:14:40.080 --> 0:14:42.800
<v Speaker 6>that stuff coming back to the US. The second thing

0:14:42.880 --> 0:14:46.480
<v Speaker 6>is national security and economic security. So from a national

0:14:46.560 --> 0:14:49.720
<v Speaker 6>security perspective, you know, there's a there's a core focus

0:14:49.840 --> 0:14:55.000
<v Speaker 6>on semiconductors because AI is the future of our national

0:14:55.040 --> 0:14:59.280
<v Speaker 6>security capacity, whether it's in managing you know, UA s

0:14:59.360 --> 0:15:02.520
<v Speaker 6>and drones, or it's in you know, fighting cyber attacks.

0:15:02.800 --> 0:15:05.920
<v Speaker 6>AI is where it's at. And then the other area

0:15:06.080 --> 0:15:10.560
<v Speaker 6>is in pharmaceuticals. It's actually keeping our you know, medical

0:15:10.560 --> 0:15:15.680
<v Speaker 6>supply chains clean UH and independent. And you know, obviously

0:15:15.720 --> 0:15:18.440
<v Speaker 6>we pulled back the veil on that in COVID Exeger

0:15:18.640 --> 0:15:21.600
<v Speaker 6>was the technology utilized by the federal government to purchase

0:15:21.920 --> 0:15:24.960
<v Speaker 6>seven billion dollars of goods and to do it in

0:15:25.000 --> 0:15:27.840
<v Speaker 6>a way that didn't in a way that we could

0:15:27.880 --> 0:15:30.600
<v Speaker 6>get it to the healthcare frontlines quickly and in a

0:15:30.600 --> 0:15:34.160
<v Speaker 6>way that didn't allow for fraud, waste, abuse, and adversarial investment.

0:15:34.640 --> 0:15:37.440
<v Speaker 6>And I think they're looking to try to expand that

0:15:38.120 --> 0:15:42.440
<v Speaker 6>and trying to bring back pharmaceutical manufacturing, medical device manufacturing

0:15:42.480 --> 0:15:45.600
<v Speaker 6>to the United States. And so when when I look

0:15:45.640 --> 0:15:50.040
<v Speaker 6>at this, I see those two first strategies getting you know,

0:15:50.080 --> 0:15:54.000
<v Speaker 6>sort of being prioritized. The last one is honestly to

0:15:54.480 --> 0:16:00.160
<v Speaker 6>ramp up our actual external UH tariff collection. You know,

0:16:00.280 --> 0:16:03.680
<v Speaker 6>there have been estimates between thirty and one hundred billion

0:16:03.800 --> 0:16:06.960
<v Speaker 6>dollars of transhipment per year. You saw this in the

0:16:07.000 --> 0:16:10.680
<v Speaker 6>deal with Vietnam, where it was twenty percent tariffs and

0:16:10.720 --> 0:16:17.280
<v Speaker 6>then forty percent tariffs on expected or potential transshipment goods. Right.

0:16:17.720 --> 0:16:20.120
<v Speaker 6>So one of the things that we've seen is China

0:16:20.160 --> 0:16:24.600
<v Speaker 6>has used this sort of global economic coercion to create

0:16:24.760 --> 0:16:28.240
<v Speaker 6>veneer centers of manufacturing across the globe, and the US

0:16:28.320 --> 0:16:31.200
<v Speaker 6>is trying to crack down on that to level the

0:16:31.200 --> 0:16:31.840
<v Speaker 6>playing field.

0:16:32.200 --> 0:16:33.800
<v Speaker 2>All right, bern I hear you got to talk about

0:16:33.800 --> 0:16:37.080
<v Speaker 2>a couple of things, so AI pharmaceuticals. One of the

0:16:37.080 --> 0:16:39.640
<v Speaker 2>things you mentioned in your notes is how auto is

0:16:39.680 --> 0:16:41.120
<v Speaker 2>there going to be the best case study and how

0:16:41.200 --> 0:16:44.120
<v Speaker 2>nuanced this policy really is? Can you dig into that

0:16:44.200 --> 0:16:44.760
<v Speaker 2>for us?

0:16:45.560 --> 0:16:45.880
<v Speaker 5>Yeah?

0:16:45.920 --> 0:16:49.960
<v Speaker 6>Absolutely, so auto manufacturing is a great case study of

0:16:50.000 --> 0:16:52.600
<v Speaker 6>where all of this might be going. I don't think

0:16:52.640 --> 0:16:59.440
<v Speaker 6>we'll end up with just blanket country level policies. And

0:16:59.480 --> 0:17:03.960
<v Speaker 6>I think those blanket country level policies will get nuanced

0:17:04.119 --> 0:17:07.840
<v Speaker 6>down to the HTS code or to the actual sort

0:17:07.840 --> 0:17:11.760
<v Speaker 6>of segment or sector of goods, right. And I think

0:17:11.800 --> 0:17:15.480
<v Speaker 6>that they will get nuanced down to a place where

0:17:15.760 --> 0:17:19.919
<v Speaker 6>you know, the recognized dependencies we have on critical minerals

0:17:20.040 --> 0:17:24.160
<v Speaker 6>or specialty alloys, or on specific goods that are indigenous

0:17:24.200 --> 0:17:27.280
<v Speaker 6>to some of our allies, you know, where those are

0:17:27.400 --> 0:17:30.440
<v Speaker 6>necessary for us to do the manufacturing in the United States.

0:17:30.720 --> 0:17:34.840
<v Speaker 6>I think those goods will become subject to exceptions or

0:17:34.880 --> 0:17:38.520
<v Speaker 6>exemptions very similar to USMCA so. So automotive is a

0:17:38.560 --> 0:17:42.000
<v Speaker 6>great example of this because basically, you can have fifteen

0:17:42.160 --> 0:17:46.920
<v Speaker 6>percent of your auto that's being manufactured in the United States.

0:17:47.160 --> 0:17:51.080
<v Speaker 6>You can have fifteen percent of it be parts, components,

0:17:51.080 --> 0:17:55.240
<v Speaker 6>and goods from other places, and your entire tariff burden

0:17:55.280 --> 0:17:58.880
<v Speaker 6>can be offset by the three point seventy five percent

0:17:59.720 --> 0:18:04.000
<v Speaker 6>tear credit you get on the vehicle's MSRP, right, and

0:18:04.040 --> 0:18:08.920
<v Speaker 6>so it's almost like you have your tariff free if

0:18:09.000 --> 0:18:11.680
<v Speaker 6>you have fifteen percent of the goods coming from everywhere else.

0:18:11.960 --> 0:18:15.359
<v Speaker 6>And that's because we realize that in many cases there

0:18:15.359 --> 0:18:17.800
<v Speaker 6>are things that the US doesn't make yet, and it's

0:18:17.840 --> 0:18:20.360
<v Speaker 6>going to take a while for the US or allies

0:18:20.400 --> 0:18:22.840
<v Speaker 6>to build those things right, and we want to give

0:18:23.080 --> 0:18:26.720
<v Speaker 6>you know, people the ability to have some leniency there.

0:18:27.040 --> 0:18:29.760
<v Speaker 4>Red headline crossing the Bloomberg terminal, Trump says August one,

0:18:29.840 --> 0:18:34.320
<v Speaker 4>tariff deadline won't be extended. We'll have more reporting on that.

0:18:34.359 --> 0:18:36.359
<v Speaker 4>Brandom got thirty seconds left here. When you talk to

0:18:36.359 --> 0:18:41.159
<v Speaker 4>your customers, who's going to pay tariff costs? Is there

0:18:41.160 --> 0:18:43.760
<v Speaker 4>going to be the importer or the manufacturer, the distributor

0:18:43.960 --> 0:18:46.280
<v Speaker 4>or the consumer or how are these tariffs going to

0:18:46.280 --> 0:18:47.480
<v Speaker 4>be worn by the economy.

0:18:48.280 --> 0:18:50.359
<v Speaker 6>I think the consumer is going to be the last

0:18:50.359 --> 0:18:53.959
<v Speaker 6>to feel it. And I think, you know, the fact

0:18:54.080 --> 0:18:56.919
<v Speaker 6>is this is going to be absorbed somewhere in the

0:18:56.920 --> 0:19:00.359
<v Speaker 6>supply chain. In twenty eighteen, when we had the regional

0:19:00.840 --> 0:19:05.919
<v Speaker 6>Trump tariffs on steel, you know, the entire defense industry,

0:19:06.040 --> 0:19:09.960
<v Speaker 6>the entire automotive industry, airline industry, they all ate it,

0:19:10.080 --> 0:19:14.480
<v Speaker 6>right because you just needed the steel, yeah, and you

0:19:14.520 --> 0:19:16.399
<v Speaker 6>didn't and you didn't want to affect the end market.

0:19:16.520 --> 0:19:18.159
<v Speaker 6>I think that the consumer is going to be the

0:19:18.200 --> 0:19:19.480
<v Speaker 6>last the feeling on this fr I.

0:19:19.440 --> 0:19:21.680
<v Speaker 4>Hopefully that is the case. Brandon Daniels, Thank you so much.

0:19:21.880 --> 0:19:25.320
<v Speaker 4>Brandon Daniels. He's the CEO of Exeger, joining us from Chicago,

0:19:25.600 --> 0:19:28.879
<v Speaker 4>Vias zoom talking about tariff talk about supply chains, fascinating

0:19:29.119 --> 0:19:30.120
<v Speaker 4>and fluid situation.

0:19:30.520 --> 0:19:35.200
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0:19:35.400 --> 0:19:39.360
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