Speaker 1: Bloomberg Tech is alive from coast to coast with Caroline
Speaker 1: Hide in New York and Eva Low in Sent Francisco.
Speaker 2: This is Bloomberg Tech coming up another day, another deal.
Speaker 2: Samsung and sk Heiniz forge initial agreements to supply chips
Speaker 2: and other gear to open AI's Stargate projects.
Speaker 3: Plus Peloton shares drop after hiking prices and announcing an
Speaker 3: overhaul of its hardware lineup and a new AI system.
Speaker 2: And Google also introduces new Nest branded hardware, including video cameras,
Speaker 2: a doorbell, and a compact speaker, as the company advised
Speaker 2: to integrate AI throughout the smart home.
Speaker 1: Hardware abound. But let's get to the hard fact of
Speaker 1: the day.
Speaker 3: When it comes to the markets, we are flat on
Speaker 3: the nastat one hundred.
Speaker 1: A lot to digest for investors.
Speaker 3: Whether we're looking at weaker jobs data once again signaling
Speaker 3: weakness that the Federal Reserve might cut rates into.
Speaker 1: But will we get of course, the non.
Speaker 3: Farm payrolls on Friday, we are amid a government shut down,
Speaker 3: and we will go to that best conferences and when
Speaker 3: it starts with the leaders of the Democrats in the House.
Speaker 1: But I'm looking at gold Spot currently get a.
Speaker 3: Record high that anxiety fueling a bid for a haven
Speaker 3: ED But what are you looking at?
Speaker 2: Yeah, I think we've got to get out to talk
Speaker 2: more about what's happening with this shutdown because it's impacting
Speaker 2: markets right now, including the tech sector. Bloombergs Tyler Kendall
Speaker 2: is at the White House in DC for more. Sorry, Tyler,
Speaker 2: explain the basics of where we stand in the shutdown
Speaker 2: and what we're expecting to happen next.
Speaker 4: Right, So, ED, at this point, we haven't seen any
Speaker 4: side really budge on their main points here. So at
Speaker 4: this point, negotiations are continuing, but the government is shut down,
Speaker 4: and we did hear from Republican leadership earlier today, including
Speaker 4: House Speaker Mike Johnson and his words, more pain will
Speaker 4: be inflicted the longer this shutdown goes on. It's our
Speaker 4: understanding that House Republicans will hold a call later today
Speaker 4: with the O and B Director of US Vote about
Speaker 4: the potential for permanent layoffs. This has been a threat
Speaker 4: that has been issued from this White House, essentially as
Speaker 4: an ego shaving tactic.
Speaker 5: In these talks.
Speaker 4: But we should note at this point we haven't actually
Speaker 4: seen the agency's outline plans for permanent firings. As of now,
Speaker 4: Republicans are really standing firm behind this idea that they
Speaker 4: want to see what's known as a clean continuing resolution
Speaker 4: that would fund the government until mid November with no
Speaker 4: other provisions attached. The Democrats say they want to see
Speaker 4: policy changes now, and they all have to do with healthcare.
Speaker 4: Really at the heart of this, the chief concern is
Speaker 4: extending those expiring Obamacare premium tax subsidies that are set
Speaker 4: to end at the end of this year. I would
Speaker 4: watch out on that front because we have heard from
Speaker 4: Senate Majority Leader John Thune there could be some room
Speaker 4: for negotiation on that, but the government has to reopen
Speaker 4: first in order for those talks to start.
Speaker 2: We were just showing some live picks of what we
Speaker 2: expect to be House Democrats in a press conference on
Speaker 2: the shutdown, and Askar said earlier, when it happens, will
Speaker 2: bring you what you need to know. Bloombers Tyler Kendall
Speaker 2: staying in DC for US, that's kind of the big
Speaker 2: picture of what's happening in tech markets, but there are
Speaker 2: stories out there that are driving specific moves as well.
Speaker 2: I'm looking at Micron moving pretty much six percent to
Speaker 2: the upside, like it was lower in pre market on
Speaker 2: the news that it's big rivals in memory, sk Heinix
Speaker 2: and Samsung have won the Stargate deal. Do you expect
Speaker 2: it to be up six percent? Well, it is, and
Speaker 2: then there is tension between the United States and Taiwan.
Speaker 2: Taiwan pushing back on the idea. There's an agreement here
Speaker 2: that they will push more manufacturing to be on shore
Speaker 2: in the United States through TSMC. TSMC's usadrs are up
Speaker 2: two percent. We need to get the details.
Speaker 3: There is a through line between these two key stories,
Speaker 3: and Michael Shepherd, as always, can talk us through the
Speaker 3: nuances and what's happening when it comes to the chip
Speaker 3: industry and Washington's into play.
Speaker 1: So talk us through first and foremost.
Speaker 3: You've got Samsung Shynix of course, basically Asian players winning
Speaker 3: contracts with Open AI and Stargate. But this is as
Speaker 3: the leadership in Washington and really pushing for more domestic manufacturing.
Speaker 1: Just talk us through it.
Speaker 6: Well, when you think think about it, you have to
Speaker 6: look at it in the broader AI context, and for
Speaker 6: the Trump administration, this would certainly support their goal of
Speaker 6: propelling investment in Stargate in Open Ai, in that big
Speaker 6: data center project that the President heralded at the beginning
Speaker 6: of his term. But there were a few questions left unanswered.
Speaker 6: One is the price tag and will this help support
Speaker 6: what is part of a trade deal with South Korea
Speaker 6: that calls for as much as three hundred and fifty
Speaker 6: billion dollars in South Korean investment in the US over
Speaker 6: the next several years. Also left unanswered is where all
Speaker 6: of this high bandwidth memory is going to be produced, Caro.
Speaker 6: We don't know whether this is going to be made
Speaker 6: in Asia or if they may try to do some
Speaker 6: of this production in the US.
Speaker 5: And that is certainly a goal of.
Speaker 6: The US and of the Trump administration to onshore more
Speaker 6: of that chip production. And so there may be more
Speaker 6: pressure from the administration on these two companies, on the
Speaker 6: government and SOUL to try to make some more of
Speaker 6: that happen.
Speaker 2: Shap headline out of DC Trump's proposed changes to VISA
Speaker 2: rules assailed by the chip industry.
Speaker 5: What's the team been reporting on here.
Speaker 6: Well, this is another cross current that we're seeing here
Speaker 6: in Washington, and that is, namely that for all of
Speaker 6: the push on getting manufacturing on short here. There is
Speaker 6: a tension over the workforce, and we have heard administration
Speaker 6: officials talk about trying to develop the workforce, but the
Speaker 6: industry has outlined a major challenge, and that is simply
Speaker 6: that the country is not producing enough graduates here in
Speaker 6: the US to meet the potential demand of all of
Speaker 6: that manufacturing and data center and AI expansion that is
Speaker 6: projected to happen over the next five years. There is
Speaker 6: an estimated sixty seven thousand job gap according to the
Speaker 6: semiconductor makers. Now, what we're seeing is pushback from chip
Speaker 6: makers against an administration plan the crackdown on the F
Speaker 6: one student visa. This is a key pipeline for talent
Speaker 6: in the tech industry. It is something that they have
Speaker 6: relied on for years. Students currently are able to say
Speaker 6: for an indefinite period as long as they're actively in
Speaker 6: a course of study, but the administration wants to shorten
Speaker 6: that to four years, and industry is saying, look, a
Speaker 6: less friendly approach to immigration will drive away talent to
Speaker 6: other countries that are more welcoming, and it will hurt competition,
Speaker 6: one CEO wrote in An unnamed chief executive from a
Speaker 6: semiconductor company wrote in to say that they were deeply
Speaker 6: troubled to see this and that it will harm competitiveness
Speaker 6: for the industry here in the US. And this comes
Speaker 6: as also the administration is raising the fee for H
Speaker 6: onebvs's to one hundred thousand dollars for new applications and
Speaker 6: for chip companies that could mean one hundreds of millions
Speaker 6: of dollars in additional fees. Trying to get all that
Speaker 6: talent here in the US to meet this demand that they.
Speaker 5: Have for jobs.
Speaker 2: Bluembogs Mike Shechpad with two critical stories out of DC
Speaker 2: and there are several that we didn't touch on. We'll
Speaker 2: try to throughout the hour. Energy Secretary Chris Wright says
Speaker 2: the US has taken an equity stake in Lithium Americas
Speaker 2: in a bid to level the competitive playing field with China.
Speaker 2: Wright said on the close that the US government will
Speaker 2: have a five percent stake in the company and a
Speaker 2: five percent stake in the actual mind all with an
Speaker 2: exit strategy.
Speaker 7: So we did was a creative deal engaged with GM
Speaker 7: and Lithium Americas to find a way to bring more capital,
Speaker 7: equity capital into the mine. Yes, for US to take
Speaker 7: an equity stake in the mind and to do those things.
Speaker 7: So the mind's going to be viable, economically sound, it's
Speaker 7: not going to be the next Cylindra. And then we
Speaker 7: can advance the loan capital that will help that mind
Speaker 7: get finished.
Speaker 3: And you have creative deals coming from the administration. Let's
Speaker 3: get to the broader tech readA cross therefore with Frea Sincotos,
Speaker 3: your senior market analyst at City Index. Look, we talk
Speaker 3: about anxiety in the market, we talk about a government shutdown.
Speaker 3: We worry about maybe the push and the pull of
Speaker 3: trade deals, whether it's with Taiwan, whether it's with South Korea.
Speaker 1: And yet videos.
Speaker 3: At a record high today, Micron's had a record high today. Fiona,
Speaker 3: do you just keep on allocating to the ai trade?
Speaker 8: It feels like it's that way. I mean, whilst we
Speaker 8: are seeing pockets of safe haven demand. So obviously we've
Speaker 8: seen goals trading at record high, We've seen the Japanese
Speaker 8: Yenni's strengthening against the US dollar. We're seeing equities still
Speaker 8: remaining very well supported. So I think there is very
Speaker 8: much this sense that particularly tech stocks are still attracting
Speaker 8: a lot of attention because investors want to put their
Speaker 8: money somewhere, and big tech in the US remains a
Speaker 8: solid trade, you know, and we've still got the outlooks,
Speaker 8: will be getting more information of that when we get
Speaker 8: into earning season. But it does feel that we've had
Speaker 8: this sort of you know, gradual climb higher that's not
Speaker 8: really letting up, even though there are clearly plenty of
Speaker 8: risks out there, the shutdown of the US government, but
Speaker 8: still those you know, optimism surrounding those fed rate cuts
Speaker 8: is still helping the sector as well.
Speaker 3: It is about the macro policy making, whether or not
Speaker 3: we get the jobs data on Friday or not. Fiona,
Speaker 3: what's happening in Europe because I'm looking at ASML is
Speaker 3: also at one point three percent. Are you getting a
Speaker 3: pull across to other regions right now?
Speaker 8: Yes? I think there has been, And you know, it's
Speaker 8: quite interesting because I think there was a period just
Speaker 8: recently where Europe was struggling against the US. We were
Speaker 8: seeing the US climbing fresh record highs. We were seeing
Speaker 8: the nasdak Art, we were seeing the s and P
Speaker 8: five hundred up, and yet in Europe we were sort
Speaker 8: of suffering a little bit on down days. But I
Speaker 8: think there is a sense now that that is starting
Speaker 8: to turn around again. As you said, there is that
Speaker 8: sort of pull across that we're getting from the US
Speaker 8: into tech stocks in Europe, which is helping. As far
Speaker 8: as sort of other sectors. There had been a strength
Speaker 8: in defense stocks in Europe, which I think has just
Speaker 8: sort of wound down a little bit. But yeah, as
Speaker 8: far as techook are concerned, we are seeing some encouraging signs. Again.
Speaker 2: A story we did not get to with Bloomberg's Mike
Speaker 2: Shepherd was Taiwan's Vice Premier coming out and saying that
Speaker 2: the country rejects the United States demand for Taiwan to
Speaker 2: actively help in bringing fifty percent half of semiconductor manufacturing
Speaker 2: for the US supply base into the United States. This
Speaker 2: is a sort of part of the negotiation broadly on
Speaker 2: trade with that nation. But it speaks to other things
Speaker 2: that Caroline outline to you, which is the impact of
Speaker 2: this administration's policy on the technology sector.
Speaker 5: What do you make of that?
Speaker 8: Yeah, you know, I think with this administration, policy is
Speaker 8: very much a central part of how markets are responding
Speaker 8: as to the outlook for stocks and also for sentiment.
Speaker 8: As we've talked about, you know, it does feel like
Speaker 8: the a saidministration is having a very active role, as
Speaker 8: we know, in setting out policy and involving themselves in policy,
Speaker 8: which is affecting stocks. It's affecting sentiment to a degree.
Speaker 8: But I think also that there is a little bit
Speaker 8: of court and we're not seeing the same rapid, quick
Speaker 8: responses that we used to see at the beginning of
Speaker 8: Trump's administration, where he would make these announcements and we
Speaker 8: would see a big reaction in stock, big reaction in
Speaker 8: the markets. We're seeing more relaxed response, I would say
Speaker 8: to the comments that come out from Trump, although they
Speaker 8: are still there, they're just not making the same impact
Speaker 8: that perhaps they have previously.
Speaker 2: Fiona, did technology investors start looking for opportunities in sectors
Speaker 2: and companies where a US government might take a stake.
Speaker 8: Yeah, that does seem to feel like it could be
Speaker 8: the next one to be watching for. You know. I
Speaker 8: think they have been much more pro active in looking
Speaker 8: for stakes as we've had with the lithium deal as well,
Speaker 8: that they are keen to get a foot in and
Speaker 8: perhaps make the US potentially even more competitive than it
Speaker 8: is against peers such as China. So that could be
Speaker 8: the next one to be watching out for.
Speaker 1: Peer and a duty signs of a bubble.
Speaker 8: I see that we are high value. There are high
Speaker 8: valuations at the moment. I mean that was something that
Speaker 8: was noted by Federal Reserve Chair Jerome pal just a
Speaker 8: few weeks ago. But I think really what we need
Speaker 8: to see is what earnings are going to be telling us.
Speaker 8: You know, I think there's going to be a lot
Speaker 8: of focus on earning season, on forward guidance. I don't
Speaker 8: think we're in bubble territory, but I do feel that
Speaker 8: we are quite overstretched in some areas. But that doesn't
Speaker 8: mean to say that we necessarily are going to see
Speaker 8: a big collapse here at all. I think there is
Speaker 8: potential for some consolidation. And if we do get okay
Speaker 8: readings from the earnings at the end of this month
Speaker 8: going to November, then I think that could potentially be
Speaker 8: a reasoner catalyst for another like high especially if we're
Speaker 8: seeing the Federal Reserve cutting interest.
Speaker 2: Rates further ASML earnings on October fourteenth, how is it
Speaker 2: earning season already? Fionasencoda from City Index, thank you, We're
Speaker 2: ready coming up why some investors are rethinking their private
Speaker 2: market play. But we're going to speak with Matt with Eiler,
Speaker 2: Wellington Management late stage growth lead. This is where the
Speaker 2: conversation is right now, and as you know, I want
Speaker 2: to talk about debt.
Speaker 5: This is momboke tech.
Speaker 2: There's a lot happening in technology and private markets today
Speaker 2: from London to LA. Startups are raising money and in
Speaker 2: some cases, like the UK's n Scale in the former
Speaker 2: quick follow on round around the world, pension fund state
Speaker 2: back investment firms, venture catalysts are rethinking the private market's playbook.
Speaker 2: Matt with Hyler, Wellington Management's late stage growth lead joins
Speaker 2: us now. Wellington Management has more than nine point six
Speaker 2: billion dollars in assets under management in the private investment bucket.
Speaker 2: I have so much to ask you, but we were
Speaker 2: showing a really well read story on the Bloomberg about
Speaker 2: any participant in private markets after an era of easy
Speaker 2: gains is now changing approach. Is that true of you
Speaker 2: and what you're doing in your strategy?
Speaker 9: Well, I think for us, similar to what we've seen
Speaker 9: over the last multiple decades is companies are just staying
Speaker 9: private longer, right, and as that happens, then the historic
Speaker 9: returns and public market investors would have gotten as companies
Speaker 9: went public and then appreciating the public market those are
Speaker 9: really only available those returns in the private market as
Speaker 9: those companies continue to grow. So for us, it's more
Speaker 9: of the same, continuing to capitalize on that trend and
Speaker 9: apply the kind of full picture of Wellington, which is
Speaker 9: seeing the public markets and applying that knowledge to the
Speaker 9: private markets.
Speaker 2: Matt across infrastructure projects largely relating to AI and m
Speaker 2: and A debt is in the headlines on a daily
Speaker 2: basis at the moment different types of mechanisms. I'm trying
Speaker 2: to understand how worried or not private market participants are
Speaker 2: about the use of debt, Like the CLO market must
Speaker 2: be like this is great. The m and A market
Speaker 2: is claiming it's the connective tissue issuance giving life to it,
Speaker 2: but others are saying this is really worrying.
Speaker 9: I mean, I think the amount of leverage we see
Speaker 9: being deployed as capex expense for AI and all things
Speaker 9: AI continues to increase, I think that the debt service
Speaker 9: for that will be wholly determined by the revenue streams
Speaker 9: that AI in general is creating. And so assuming AI
Speaker 9: continues to deliver on the dream and continues to deliver
Speaker 9: on the revenue forecasts, then I think that that leverage
Speaker 9: in that debt is probably okay. But obviously if the
Speaker 9: secular shift in AI doesn't act result in the revenue
Speaker 9: that people are expecting, then that overleverage will be a challenge.
Speaker 1: So what is your base case for whether we meet
Speaker 1: the hype.
Speaker 9: I think we believe that AI is a once in
Speaker 9: a decade, maybe once in a generation technology shift, and
Speaker 9: that as a result, a lot of this leverage and
Speaker 9: a lot of the death that's put into the system
Speaker 9: actually will be fine.
Speaker 5: I would say.
Speaker 9: I think our take is really that this trend of
Speaker 9: companies staying private longer does have implications for the availability
Speaker 9: of AI businesses in the public market, which is I
Speaker 9: think a really interesting topic.
Speaker 1: Let's delve into that topic.
Speaker 3: If we look at your portfolio, we can see the
Speaker 3: companies that you did back from an early stage and
Speaker 3: well a late stage growth area in the private markets
Speaker 3: and have successfully gone public, most recently Klana, but Airbnb affirm.
Speaker 3: I'm also thinking about the ones that still haven't gone public. Stripe,
Speaker 3: I mean, massive company that many would have thought would
Speaker 3: have gone to IPO and it hasn't as yet. Data
Speaker 3: Bricks just an one hundred billion dollar valuation. When is
Speaker 3: it likely that the IPO market will open for these companies?
Speaker 3: Is there just too much to be gained from remaining private. Look,
Speaker 3: we've just had EA return to the private market, so
Speaker 3: that the deal goes through.
Speaker 9: Well, I think there's two ways to answer your question.
Speaker 9: The first way is to say that over the last
Speaker 9: three years we had a historically low period of IPO activity.
Speaker 9: You all talk about it on the show all the time.
Speaker 9: Q three there were thirteen venture backed IPOs. Those companies
Speaker 9: raised thirty six billion dollars in the public market or
Speaker 9: have a combined market value of thirty.
Speaker 5: Six billion dollars.
Speaker 9: That's three thousand percent more than happened last year at
Speaker 9: this time. So the IPO market is absolutely coming back,
Speaker 9: and we're starting to see signs so that.
Speaker 1: If the SEC is opened.
Speaker 9: If the SEC reopens, that will throw a wrench in
Speaker 9: companies like NAVAN, companies like Ethos, companies like wealth Front
Speaker 9: that have filed their S one and are waiting. The
Speaker 9: SEC is not open for business, so new issuances will
Speaker 9: be down.
Speaker 2: Matt, has your definition of a late stage growth investment
Speaker 2: changed definitely?
Speaker 9: And it has because companies stay private longer.
Speaker 2: So I know, to be fair, you've said that before,
Speaker 2: So I'm trying tounstand, like, what specific company fits your
Speaker 2: profile right now?
Speaker 9: Yeah, So let's talk about data bricks, which I think
Speaker 9: is a great example. When I started a decade ago
Speaker 9: investing in late stage private companies, the idea that we'd
Speaker 9: be investing in a sixty plus billion dollar now one
Speaker 9: hundred billion dollar private company was really hard to wrap
Speaker 9: my head around. But as companies stay private longer, the
Speaker 9: larger companies are just commanding more market cap in the
Speaker 9: private market.
Speaker 5: And that's a big, big.
Speaker 9: Change from where things were a decade ago. There was
Speaker 9: no sixty or one hundred billion dollar private companies ten
Speaker 9: years ago. Today we sit and we can count dozen,
Speaker 9: probably of them.
Speaker 3: What's interesting is Wellington does well in both scenarios as
Speaker 3: we said, and you've well haven't exited yet Klana because
Speaker 3: Klana goes public, you still hold, but there's a lock
Speaker 3: up situation. Eventually, maybe Wellington on the one point three
Speaker 3: trillion dollar assets on a management side, starts buying that
Speaker 3: up in.
Speaker 1: The public markets.
Speaker 3: But when is it that you decide to exit from
Speaker 3: the late stage growth perspective? Is it always when the
Speaker 3: lock up expires, how long do you want to ride
Speaker 3: these companies once they do go public?
Speaker 9: For us, we think about holistically as a firm where
Speaker 9: the return characteristics for specific strategy lie and are we
Speaker 9: able to achieve those return objectives? And so oftentimes it
Speaker 9: will happen is one of our companies on the private
Speaker 9: side will go public, we will have generated sufficient return
Speaker 9: to what we underwrite two that may still leave plenty
Speaker 9: of opportunity for the public market side to be buying.
Speaker 9: And it's that combination of again, as I said before,
Speaker 9: seeing the full picture of here's how they operate in
Speaker 9: the private markets, in how they executed, and here's what
Speaker 9: we believe can happen in the public markets mean that
Speaker 9: although we may be selling out of the private side,
Speaker 9: our one point three trillion on the public side may
Speaker 9: be potentially buying those companies.
Speaker 2: And really quick we break the story in July SpaceX
Speaker 2: at four hundred billion dollars it was a tender secondary
Speaker 2: as a case study with your assets on the management.
Speaker 2: Can you even get into something like that at that valuation?
Speaker 9: And at that stage the answer is yes, assuming that
Speaker 9: we think that the return potential is there, and I
Speaker 9: think One of the really interesting trends is companies stay
Speaker 9: private longer. Is really to highlight the fact that perpetually
Speaker 9: private for the vast majority of companies is not a
Speaker 9: thing because the volume of liquidity in the private markets
Speaker 9: is not sufficient to give employees, founders, and investors return
Speaker 9: of capital that they need. The best way to illustrate that,
Speaker 9: in my mind, is to point out the fact that
Speaker 9: the entire private market transacts in a year volume that
Speaker 9: equals five business days of trading in the public market.
Speaker 9: So all the private universe transacts in just five days
Speaker 9: in the public market. So liquidity in the private markets
Speaker 9: isn't there to stay private forever.
Speaker 3: And only for a few really big key names. Matt
Speaker 3: with Hyler a wedding to management. Always fascinating to have
Speaker 3: him on the show.
Speaker 1: It is time now talking tech and first up.
Speaker 3: Intel says it remains committed to its plans for building
Speaker 3: out its brawling chip manufacturing plant in Ohio. This after
Speaker 3: US Senator Bernierino pressed the company about delays in the project.
Speaker 3: In a statement released, Intel says the Ohio one initiatives quote.
Speaker 1: Remain an important part of our long term plans.
Speaker 3: Plus, Apple defended its decision to use open Ai over Elon.
Speaker 1: Musk's Xai in their iPhone software.
Speaker 3: This after Xai sued the company in August, alleging favoritism, stifling.
Speaker 1: Innovation, and reducing consumer choice.
Speaker 3: In a Tuesday court filing, Apple said it's quote widely
Speaker 3: known it plans to partner with other AI chatbots in
Speaker 3: the future. A Meta is said to be acquiring chip
Speaker 3: start up Rebos to strengthen its in house semiconductor effort.
Speaker 1: That's according to sources now.
Speaker 3: The move aims to cut Meta's reliance on Nvidia, lower
Speaker 3: AI costs, and support the company's push towards superintelligence.
Speaker 5: Welcome back to Bloomberg Tech.
Speaker 2: There's just so many technology news stories to get in today.
Speaker 2: Here's a couple that I'm looking at. Qualcomm allow it
Speaker 2: by about a percentage point. They said overnight that a
Speaker 2: Delaware court has dismissed Arm's legal challenge again them. You'll
Speaker 2: remember that the district court was looking at a case
Speaker 2: where ARM had accused Qualcom and its subsidiary Nuvia of
Speaker 2: breaching licensing agreements, and according to Qualcom, that case has
Speaker 2: been thrown out. Although it's not doing anything to support
Speaker 2: the stock now. Reddit is down ten percent on social media,
Speaker 2: there is some discussion about a drop incitations that Reddit's
Speaker 2: getting on the open Ai platforms. Our analysts a Bloomberg
Speaker 2: Intelligence have also cited that data, saying that it is
Speaker 2: a concern the stock is down ten percent, though we've
Speaker 2: heard nothing official from either Reddit nor open Ai. And
Speaker 2: you know, we're going to continue to look into this one.
Speaker 2: But that's the basic logic. It's a data relating to
Speaker 2: the drop incitations that Reddit's getting on open Ai platforms,
Speaker 2: and we'll find out more current.
Speaker 3: We will in our Let's just talk about a stock
Speaker 3: that has run up in recent days, maybe taking a
Speaker 3: breather today. It's Core Weave. It's winning over Wall Street.
Speaker 3: Nearly half of all analysts covering this stock now have
Speaker 3: a buy equivalent rating. That's after the company announced a
Speaker 3: slew of new business deals, including one.
Speaker 1: Just yesterday with Meta.
Speaker 3: Remember now for more meg Equity's reporter come and Renekey
Speaker 3: is here to join us. It was fourteen billion with Meta,
Speaker 3: but they'd already just done an extension with open Ai.
Speaker 3: They've been beefing up outside of Microsoft. The analysts the
Speaker 3: notes were suddenly seeing more positive read across.
Speaker 10: Yeah, so we've seen a slew of upgrades to buy
Speaker 10: ratings for core Weave. As you said, nearly half of
Speaker 10: all analysts now have a buy equivalent rating. That's up
Speaker 10: from just twenty percent just a few months ago. Now,
Speaker 10: Corey went public in March, so you know, analyst ratings
Speaker 10: and coverage sort of trickles in as a company, you know,
Speaker 10: goes along its lifetime. But this is really a shift
Speaker 10: in sentiment, and as you said, these deals are making
Speaker 10: Wall Street analysts feel more secure, more bullish about the
Speaker 10: future of the company and that it has a diversified
Speaker 10: revenue stream.
Speaker 5: That's not just focused on mistering trades.
Speaker 2: The CEO has done a couple of interviews with Bloomberg
Speaker 2: in the last two weeks, one on TV and one
Speaker 2: with Brody Ford in the print domain.
Speaker 5: But his point's really clear.
Speaker 2: Post IPO, he felt they were getting dinged, or at
Speaker 2: least the stock could have gone higher had they demonstrated
Speaker 2: a diverse customer base.
Speaker 5: Now they are. That's kind of what the market's fixated on, right, Yeah.
Speaker 1: That's really what we're seeing.
Speaker 10: It's this idea that the long term, you know, in
Speaker 10: the future, things are going to get better for this company,
Speaker 10: and right now that's really overshadowing sort of some of
Speaker 10: the concerns that more bearish analysts have brought up around
Speaker 10: the level of debt that they have versus the amount
Speaker 10: of revenue that they're bringing in. So it seems like
Speaker 10: a lot of those fears have been quelled, at least
Speaker 10: in the near term. And the other thing that's interesting is,
Speaker 10: you know, the average price target is bumped up to
Speaker 10: one hundred and forty one dollars. That's the highest so
Speaker 10: far and at least for now. The last time that
Speaker 10: I checked it was above the current stock price. So
Speaker 10: analysts have even been seeing some upside for shares, which
Speaker 10: they weren't for months, you know, when it had this
Speaker 10: huge run up after its IPO.
Speaker 1: I mean, that is competition.
Speaker 3: It's interesting that n Scale, still private in Europe, has
Speaker 3: just raised a pre Series C, having just days ago
Speaker 3: completed their Series B. All of this speaks to the
Speaker 3: furious nature or trying to get AI compute right now,
Speaker 3: and that is what's also helping the wind in call
Speaker 3: Weyse sales, right.
Speaker 10: Yeah, exactly, it's and I think it's one of the
Speaker 10: first ones to sort of come public and be a
Speaker 10: very well known name in this space, and obviously it
Speaker 10: has these great deals, but it has great partnerships as well.
Speaker 10: You know, it's been linked with Nvidia Open AI. You
Speaker 10: knows are really the key names in this space.
Speaker 1: Carmen Branicky always love her reporting me. Thank you.
Speaker 3: Meanwhile, Microsoft it's just unveiled new agentic security capabilities to
Speaker 3: its Sentinel platform, hoping to offer a unified security offering
Speaker 3: in this age of AI. We spoke with Microsoft Security
Speaker 3: Corporate Vice President Basio Jakhar about the updates and to
Speaker 3: discuss how AI is actually impacting a new age of cybersecurity.
Speaker 11: We're very excited about the superpowers that AI brings for defenders,
Speaker 11: because you're right, we need to use AI for defense
Speaker 11: and it is going to change this asymmetry in the
Speaker 11: threat landscape. This is why we're introducing the Security Store,
Speaker 11: because now anyone can build an agent through Security Copilot
Speaker 11: and they can publish it in the Security Store. It
Speaker 11: it enables organizations to quickly discover what agents are available
Speaker 11: to them right in the tools like Defender and Purview
Speaker 11: that Microsoft supports.
Speaker 3: How much have you had to beef up talent within
Speaker 3: your know the hiring practices at the moment, because all
Speaker 3: we talk of is talent wars at the moment. Is
Speaker 3: it really faced within the cybersecurity area as well?
Speaker 1: Yeah, it is.
Speaker 11: Cybersecurity is a cultural transformation, and as part of Secure
Speaker 11: Future initiative, we've taken a big initiative on skilling and upskilling.
Speaker 11: We have a security Academy at Microsoft where we have
Speaker 11: we are training every single employee to learn about how
Speaker 11: to do security in this new age of AI. And
Speaker 11: we also extend that training to our partner ecosystem and
Speaker 11: our customer ecosystem, so we all can learn AI and
Speaker 11: we can learn security together.
Speaker 2: That was Microsoft Security Corporate Vice President Vasu Jacau, Google
Speaker 2: stop executive in Europe, said the continent should simplify complex
Speaker 2: and conflicting rules on AI and technology. This is Silicon
Speaker 2: Valley's biggest companies gripe about their impacts and their ability
Speaker 2: to do business.
Speaker 5: In the EU.
Speaker 2: She spoke with Bloomberg's Francine Lacroix at Bloomberg's Women, Money
Speaker 2: and Power Conference earlier today.
Speaker 5: Listen to this.
Speaker 12: I really think it's problematic that we have so much
Speaker 12: regulation that is inconflicable with another. So I am eager
Speaker 12: to engage in my new role.
Speaker 1: With sort of.
Speaker 12: I would say industry broadly, because whenever I talked to
Speaker 12: business leaders there's universal frustration. I would say about sixty percent.
Speaker 12: I think of a recent survey of business leaders say
Speaker 12: they'd like simplification of regulation in the European Union. I'd
Speaker 12: like to join arms with other fellow interested parties and
Speaker 12: really advocate for a simpler regime here.
Speaker 2: Okay, be sure to catch more of Bloomberg's Women, Money
Speaker 2: and Power conference. Tune in on the terminal live, Go Carot.
Speaker 2: What's next coming up?
Speaker 3: UKAI startup synth Percia is launching video agents. We'll talk
Speaker 3: to the CEO about the tools aimed it making videos
Speaker 3: easier to create and interact with Q your avatar ed
Speaker 3: this is green mag Tech. AI video startup Synthesia is
Speaker 3: introducing an updated version of its platform. It's three point
Speaker 3: zero the company known for creating AI clones for corporate videos.
Speaker 3: It counts in video Adobe among its backers, and it
Speaker 3: serves eighty percent of the top one hundred companies with
Speaker 3: its video offerings. Cynthesia co founder CEO Victor Riverbelli joins
Speaker 3: us now. Congratulations on the launch, Victor, what am I
Speaker 3: going to get with three point zero.
Speaker 1: It's a bit of an overhaul here.
Speaker 13: Thank you so much, thanks for having me on to
Speaker 13: be to be back here. So three point zero is
Speaker 13: a bunch of different things. The main thing is that
Speaker 13: we're evolving video from being kind of a static broadcast format.
Speaker 13: Right you recorded once and everybody essentially watched it is
Speaker 13: the exact same version of that video into video that's conversational.
Speaker 13: And we're launching this new product called Video Agents, where
Speaker 13: you're going to be able to create your videos like
Speaker 13: you've always created your videos, but then you can insert
Speaker 13: these agents at different points in your video and they
Speaker 13: can serve different purposes. If you're doing a training video,
Speaker 13: for example, you can have an agent that actually checks
Speaker 13: if the person watching the video has understood the content.
Speaker 14: If you're doing recruiting.
Speaker 13: For examples, you could have an agent that interviews it's
Speaker 13: a case stunt, a candidate that's kind of on the spot.
Speaker 13: So lose video way for being static to something that's
Speaker 13: much more dynamic and conversational. And then in the wake
Speaker 13: of that, roles and launching a whole bunch of new
Speaker 13: features just make the core product better. So launching a
Speaker 13: new copilot making it easier for people to create video
Speaker 13: in a chat style interface, Launching new avatar technologies where
Speaker 13: you can take and prompt new avatars into exist, and
Speaker 13: you can take the avatart that you already have of
Speaker 13: yourself and you can say, hey, I want to be
Speaker 13: on a boat, I want to be in a corporate office,
Speaker 13: I want to change my outfit, And it cerentually just
Speaker 13: opens up a whole bunch of new creative possibilities.
Speaker 3: New possibilities at a time where we're questioning the effectiveness
Speaker 3: of these AI agents and indeed adoption within enterprise.
Speaker 1: Factor, just talk to us about how you've been talking
Speaker 1: to your customers.
Speaker 3: We've had the MIT report saying ninety five percent of
Speaker 3: pilots aren't working.
Speaker 1: How is it working within your clients?
Speaker 13: We've always had this manager cold utility of a novelty.
Speaker 13: You know, We've always said technology is amazing and it's cool.
Speaker 13: That of course is what we build our company around.
Speaker 13: But Alsomate we have a solved to have to solve
Speaker 13: the problem for them customer, right. I think that the
Speaker 13: MIT reporters is pretty bang on in my own personal experience,
Speaker 13: I think that like eighty percent of AI tools so
Speaker 13: they simply just don't work. Fifteen percent of them kind
Speaker 13: of stumble their way there. The last five percent actually work.
Speaker 13: When you look at our business and I think the
Speaker 13: kind of numbers that we're delivering, it's very clear that
Speaker 13: our product really truly works. We increased our NR to
Speaker 13: one hundred and forty two percent from up thirteen percent
Speaker 13: from from twelve months ago. We have you know, four
Speaker 13: time to spending, customers pay us small than one hundred
Speaker 13: care that we did twelve months ago. And all these
Speaker 13: things only happen because people actually get bye out of
Speaker 13: the product. Right now, I think what we've discovered at
Speaker 13: some DSA is that as important as the models a
Speaker 13: right like of course, generating the avatars, generating these video
Speaker 13: clips for people is really important. But ultimately it's about
Speaker 13: a workflow. Why do you make a video? You make
Speaker 13: a video because you want to communicate something to someone.
Speaker 13: But we spent the last couple of years building out
Speaker 13: as a platform that helps you with that entire process.
Speaker 13: You create the video, you edit it this PowerPoint soft
Speaker 13: style interface, you collaborate with your colleagues, You have content management,
Speaker 13: translation with a publishing platform, with our own video tare
Speaker 13: and so what we've managed to do is to take
Speaker 13: that process and make it as quickly as we can.
Speaker 2: You quantified that the market for these tools and gave
Speaker 2: numbers and those that you feel don't work, and we
Speaker 2: as a team can go away and check that math.
Speaker 2: But for Synthesia three point zero, do you have some
Speaker 2: benchmarking data that that is evidence of its performance and
Speaker 2: capability against the large field that is text to video?
Speaker 14: Well, I think the way you bench back these things
Speaker 14: depends very much on the use case.
Speaker 13: Right If I'm creating a training video, that's a very
Speaker 13: different benchmark down creating a marketing for example. I think
Speaker 13: what we're seeing very clearly, like you know three point zero,
Speaker 13: a lot of these things, we're literally releasing them as
Speaker 13: we go right now, so they haven't been in the
Speaker 13: market for twelve months.
Speaker 14: But what we see is.
Speaker 13: That if you do training content, for example, engagement is
Speaker 13: increased by thirty percent versus.
Speaker 14: Sharing at as normal.
Speaker 13: Text's what benchmark is other text to video tools, but
Speaker 13: we're really good at is avatars.
Speaker 14: That's the thing that we deeply care about.
Speaker 13: We're now integrating other models as well, So if you
Speaker 13: want to use vio free in the product, you can
Speaker 13: use that. We're adding a bunch of other models as well.
Speaker 13: So I think for us as a company, I don't
Speaker 13: really think it makes sense to benchmarkets against text to
Speaker 13: video tools. You know, for us about the process of
Speaker 13: communicating something to someone, and that goes much deeper than
Speaker 13: just to models themselves.
Speaker 2: This week, the big focus has been on Meta's Vibes
Speaker 2: it's a funny name, and the reporting that open ai
Speaker 2: is looking at a video tool in conjunction with being
Speaker 2: a social media platform. You've been on this program and discussed,
Speaker 2: you know, the risks of AI generated video content in
Speaker 2: social domains.
Speaker 5: But what's your reaction to.
Speaker 2: Those two moves by those two players.
Speaker 14: I think it's very predictable.
Speaker 13: I'm quoted, you know, I think four or five years
Speaker 13: ago and in a book say that I think by
Speaker 13: twenty twenty six, ninety five percent of all content and
Speaker 13: incident's going to be AI generated, And I think that's
Speaker 13: that's where we're moving toward style. It feels odd, it
Speaker 13: feels weird. I think that we're going to be watching
Speaker 13: AI generator content. But I think, you know, ultimately will
Speaker 13: care less about how something was produced, will came more
Speaker 13: about the content itself. A lot of the content people
Speaker 13: make with AI today is what most people would call
Speaker 13: slub right. It's not very high quality. It's kind of
Speaker 13: like engagement farming, engagement baiting. But I think they'll eventually
Speaker 13: be replaced by people using these tools to create awesome content.
Speaker 13: There's so many great creators an incident, they'll pick up
Speaker 13: these tools and they'll they'll and they'll use them to
Speaker 13: create great content. As for the big platforms moving into
Speaker 13: this space, I think again highly predictable. These companies ultimately
Speaker 13: make their money off ads, right, and to launch an
Speaker 13: AD in one of these networks, you want that to
Speaker 13: be video in twenty twenty five because that performs way better.
Speaker 13: And these platforms they want to offer you the tools
Speaker 13: who make those videos for those ads, right, which is
Speaker 13: exactly like Google owning the platform to create appwords for
Speaker 13: search engine marketing, for example.
Speaker 14: I think it's very particularly going to move into this space.
Speaker 13: I think also predictable that they're going to offer these
Speaker 13: tools inside their apps. You know, it feels new maybe
Speaker 13: that they're adding AI video, but really they've been doing
Speaker 13: this for six seven years, you know, like putting dog
Speaker 13: gears on yourself with face filters. All this stuff is
Speaker 13: roughly the same technology, right, So I think it's just
Speaker 13: it's just like this of trajectory of you know, more
Speaker 13: and more AI being part of the content creation flows
Speaker 13: both in our personal lives but also very much in
Speaker 13: our in our corporate life.
Speaker 3: And boy am I getting sore to maine videos coming
Speaker 3: my way and the standalone app has been announced just yesterday, Victim.
Speaker 1: But I'm interested.
Speaker 3: In your story with at the moment avatars and being
Speaker 3: liked by in video known less. We said that you're
Speaker 3: already back by in video and Adobe. Jensen's just went
Speaker 3: on stage last week in the UK. Thing is going
Speaker 3: to get into your next round? When's that next running
Speaker 3: round happening?
Speaker 13: Time will show you know, we're very appreciative of Jenson
Speaker 13: now in video partnership, and I I think, if anything
Speaker 13: for us as a testament to the fact that we
Speaker 13: drive so much real value for our clients that we're
Speaker 13: way past the kind of demo stage. I think, you know,
Speaker 13: we're all capitalize. We've raised a bunch of funding rounds.
Speaker 13: Who knows where the next one is kind of calm,
Speaker 13: but but you know, we we've give you our word
Speaker 13: that he'll get to participate in.
Speaker 2: A Victor ripperbelly CEO Synthesia. Great to have you back
Speaker 2: on the show. Thank you. Amazon has overhauled devices, including
Speaker 2: its Echo and Echo Studio. We spoke with the company's
Speaker 2: head of Devices and Services, Panels pan A, who says
Speaker 2: the products were built to be showcased in the home
Speaker 2: and could help customers stop glancing at their smartphones.
Speaker 15: A lot of times we take out our phone, we
Speaker 15: get distracted. I'm at the dinner table with my kids.
Speaker 15: We have this idea that we want to keep our
Speaker 15: phones down right because we want to be present with
Speaker 15: each other. And there's so many times where you pull
Speaker 15: out your phone to answer a question, almost like you
Speaker 15: just said, but now it's just changed, it's completely different.
Speaker 5: Just say a like, so have the conversation.
Speaker 15: It's quite literally all the information there and it's conversational.
Speaker 15: Not only that she can then get the next thing
Speaker 15: done for you.
Speaker 2: Bloomberg's Mart gum And has written and it's based in
Speaker 2: part on a conversation with you, that Amazon's overhauling its
Speaker 2: device is to take on Apple in this AI era.
Speaker 15: Do you agree with that? I haven't seen it? Can
Speaker 15: I say that? Let me read that article that here's
Speaker 15: what I'd say. We build our products for our customers
Speaker 15: and for people. My whole goal is quite simple. We
Speaker 15: want AI to be useful for people, end of story.
Speaker 15: And I think we're building devices to do just that.
Speaker 15: And I do believe they're beautiful. I think they fit
Speaker 15: in the home. I think they're so well thought through
Speaker 15: that when people use these devices d They're going to
Speaker 15: love them. They're just going to love them. I can't
Speaker 15: like this is something. I just want people to get
Speaker 15: their hands on them.
Speaker 1: Great conversation.
Speaker 3: Amazon's SVP of Devices and Services, Panaspan a look right
Speaker 3: off the heels that Amazon launch, Google out with its
Speaker 3: new smart devices powered by Gemini AI as being gam
Speaker 3: Bluemag's Dana Woman for more. So, there's doorbells, cameras, there's
Speaker 3: speakers what call you right.
Speaker 16: Right, So there's two cameras in a doorbell and a
Speaker 16: smart speaker, which actually isn't coming out until spring of
Speaker 16: next year, which is going to give Amazon quite the
Speaker 16: head start with its own smart home lineup, which, as
Speaker 16: you noted, was unveiled yesterday.
Speaker 2: So we have a little bit of competition here on
Speaker 2: our hands team Amazon, then Google. They both seem to
Speaker 2: be making a claim Dana to the home, the AI
Speaker 2: in the home. What's kind of your reflection on the
Speaker 2: last two days of announcements.
Speaker 16: So both companies have the challenge of making exciting devices
Speaker 16: that really are designed to blend into the home. I
Speaker 16: don't think people tend to get as excited about a
Speaker 16: smart video camera or smart doorbell as they would let's
Speaker 16: say a new iPhone. And so both companies have overhauled
Speaker 16: their lineups and both are really staking the future or
Speaker 16: at least the near term future of their ranges on
Speaker 16: artificial intelligence and weaving an AI in a way that
Speaker 16: is useful for consumers. Google, for instance, is saying that
Speaker 16: you can ask if there's a new feature called Ask
Speaker 16: Home where you can literally ask your products. Let's say,
Speaker 16: what happened with the vase, and it will sort of
Speaker 16: dial back the footage and tell you why an item
Speaker 16: is misplaced or broken. Let's say, in a really extreme example.
Speaker 3: It is about an ecosystem, though, and keeping old uses engaged.
Speaker 3: That seems to me why they're saying they speak is
Speaker 3: delayed right, because it is quite a delay until Spring
Speaker 3: twenty twenty six.
Speaker 16: That is the way Google has positioned it. They are
Speaker 16: saying that they are prioritizing current users of the ecosystem,
Speaker 16: many of whom have devices that go back, if not
Speaker 16: a decade, close to a decade, So trying to roll
Speaker 16: out those AI features to as wide of a population
Speaker 16: of devices as possible. And then they say eventually unveiling
Speaker 16: this new and shiny smart speaker that's coming.
Speaker 2: Bloomberg's Daniel Wilman with the reporting across devices, thank you
Speaker 2: very much. Sticking on the devices front, Peloton is raising
Speaker 2: prices both hardware and membership fees as part of a
Speaker 2: product overhaul. The news sending shares down significantly, although they
Speaker 2: paid some of that decline in the last few minutes
Speaker 2: or so. Our consumer tech reporter Samantha Kelly joins us,
Speaker 2: what do we need to understand here? Kara and I
Speaker 2: are both hardware users of Peloton, we both as subscribers.
Speaker 2: What's new in our use of this text?
Speaker 17: Yeah, so it's a revamp across its entire line. So
Speaker 17: five new products. That's a traditional base level bike, a
Speaker 17: bike plus premium model. There's the tread treadmill, the tread
Speaker 17: plus premium again, and the Row plus. So the big
Speaker 17: differences here are the premium line. All of them really
Speaker 17: get a new swivel screen, which might not sound so exciting,
Speaker 17: but the idea here is you can turn it around
Speaker 17: and it opens you up to doing you know, yoga classes,
Speaker 17: strength classes. The premium line has had this before, and
Speaker 17: now it comes to the base level the premium line.
Speaker 17: What's really kind of special here is the new camera system.
Speaker 17: It tracks you, checks your movements, its AI to give
Speaker 17: you personalized custom workouts, really gets to know your your movements,
Speaker 17: gives you PEP talks and counts your reps. And this
Speaker 17: is sort of what the company is banking here on AI.
Speaker 17: It is interesting, you know, just following up on Amazon
Speaker 17: and Google infused AI, even Peloton, you wouldn't necessarily think
Speaker 17: there would be an integration here is also embracing AI as.
Speaker 3: Well plotan IQ, and it's kind of meant to be
Speaker 3: like a cross trainer in many ways. The thing is,
Speaker 3: I think you get new people drawn in or is
Speaker 3: it just getting at an eye to upgrade all the time.
Speaker 1: Yeah, it's a great question.
Speaker 17: So all the models, even existing ones, can upgrade to
Speaker 17: have this AI system now. But again the premium models
Speaker 17: can have the camera movements, but it's not necessarily something
Speaker 17: you know, you're going to drop thousands of dollars to
Speaker 17: get a new camera system if you have equipment that
Speaker 17: maybe you're not even using right now.
Speaker 1: So it's it's.
Speaker 17: Definitely to drum up excitement and that is pretty fun.
Speaker 1: I got to try it yesterday.
Speaker 17: It is kind of the Yeah, it's pretty neat. The
Speaker 17: way it works is basically there's like almost like a
Speaker 17: selfie camera and they put you next to a pre
Speaker 17: recorded instructor and you know, I was lifting weights and
Speaker 17: it was caping track of it and it was giving
Speaker 17: me some suggestions and so pretty useful depending on what
Speaker 17: you're looking for.
Speaker 3: It's so interesting though, I'm using Hinge Health when it
Speaker 3: comes to physical therapy, you can just use.
Speaker 1: Your own phone. Yeah, as a camera medicine.
Speaker 3: And so there is going to be this sales pitch
Speaker 3: they're going to have to do, is why build it
Speaker 3: into the product?
Speaker 1: Why can't I?
Speaker 2: Now you and I are stuck right so I have
Speaker 2: bike in tread. I think you have bike right in tread,
Speaker 2: So like, okay, we face a choice, but I go
Speaker 2: back to the stock reaction very quickly. Sam Imi Mark
Speaker 2: was on the show earlier this week. It's the latest
Speaker 2: turnaround and investors are selling that.
Speaker 17: Yeah, yeah, I mean it's also it's like, are people
Speaker 17: going to actually do this? It's like fifty dollars a
Speaker 17: month they're in. They're increasing the subscriptions also, so five
Speaker 17: extra dollars to even keep you in these classes, and
Speaker 17: that that really adds up. Although Peloton says, you know,
Speaker 17: you can drop forty dollars on a standalone class, so
Speaker 17: maybe it really depends sort.
Speaker 1: Of what you're looking for.
Speaker 3: So true, forty dollars if you want to go to
Speaker 3: the latest bar class in New York, or you do
Speaker 3: a Peloton Blug's Sam Kelly, I'm glad that you were
Speaker 3: trying it out for us. Meanwhile, that does it for
Speaker 3: this edition a Bloomberg Tech right here from New York
Speaker 3: and coming up in fact in the next hour. You
Speaker 3: don't want to miss our talk with Peloton CEO Peter
Speaker 3: Stern's joining and these new devices.
Speaker 1: Don't want to miss it.
Speaker 5: Edge that pace, that power, that focus. That's a big interview.
Speaker 2: The show had pace, power and focus. Check out the pod.
Speaker 2: You know where to find it. It's on the Bloomberg terminal,
Speaker 2: It's online on Apple, Spotify, and iHeart It's Wednesday. I've
Speaker 2: got a couple more days here in New York. We've
Speaker 2: got a lot more to come in the week. Stay
Speaker 2: with us. This is Bloomberg Tech