Speaker 1: Bloomberg Audio Studios, podcasts, radio news from the heart of
Speaker 1: where innovation, money and power collide in Silicon Valley and beyond.
Speaker 1: This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.
Speaker 2: Good morning.
Speaker 3: I'm Tim Stenebeck and I'm Katie Grefeld Greifeld. It is Friday.
Speaker 3: We're both in New York City. Welcome to Bloomberg Technology.
Speaker 4: Coming up metas Nick Klegg steps down as president of
Speaker 4: Global Affairs and is replaced by a longtime exec with
Speaker 4: Republican ties ahead of Trump's second term.
Speaker 3: Plus TikTok in focus with a lumin ban later this month,
Speaker 3: will the Supreme Court.
Speaker 5: Save the day?
Speaker 4: And China flex is its lithium dominance by planning tougher
Speaker 4: scrutiny on next sport so technology to make battery materials.
Speaker 4: All that and more over the next hour on Bloomberg Technology.
Speaker 4: First though, a check on the markets. Megamp tech right
Speaker 4: now driving stocks hire today. Look at that the NASZAQ
Speaker 4: one hundred doll a full percentage point eighty six stocks higher,
Speaker 4: led by Nvidia, Tesla, Amazon, Microsoft. On the downside, we
Speaker 4: got Apple lower again. We're going to be speaking with
Speaker 4: Ryan Vestelica in just a few minutes on the company's
Speaker 4: longest losing streak since November, down more than six percent
Speaker 4: from that post Christmas all time high. As far as
Speaker 4: the index go, the big question, Katie, can today's gains
Speaker 4: hold because we saw the same thing play out yesterday
Speaker 4: when stocks started out a little higher than closed lower.
Speaker 3: Absolutely, yesterday was actually the worst trading day of the year. Yeah,
Speaker 3: thank you for laughing.
Speaker 2: You got it.
Speaker 4: I got to check out on big quite higher by
Speaker 4: half a percentage point right now, arising for a fourth
Speaker 4: day in a row. Still investors pulling money from that
Speaker 4: ibit ETF three hundred and thirty three million dollars yesterday.
Speaker 4: That's according to data compiled by Bloomberg.
Speaker 3: I will say that was its worst outflow ever. But
Speaker 3: for a fifty billion dollar plus fund, it's amazing that
Speaker 3: only three hundred million dollar counts as a record outflow.
Speaker 5: But in any case, let's talk about.
Speaker 3: Some individual names here, and we have to talk about
Speaker 3: what's going on with Nvidia shares. You talk about big
Speaker 3: tech driving the day, it's in Nvidia that is driving.
Speaker 3: The index is higher right now, up about three and
Speaker 3: a half percent. Not a huge move in the grand scheme.
Speaker 5: Of life.
Speaker 3: But that is your biggest points contributor to the S
Speaker 3: and P five hundreds gain right now. Similar story if
Speaker 3: you take a look at the NASAQ one hundred.
Speaker 5: So that's some good news.
Speaker 3: Let's talk about Apple though, because of course, Tim, you
Speaker 3: mentioned that in.
Speaker 5: Apple there's a lot of fears about China right now,
Speaker 5: and you.
Speaker 3: Can see that those fears if you take a look
Speaker 3: at the five day chart right now, down six percent
Speaker 3: over the last five days. That is its longest such
Speaker 3: streak since April. So definitely a lot of concerns about Apple.
Speaker 3: Let's talk about them all now with Ryan Vlastelica joining
Speaker 3: us and Ryan when it comes to Apple and China fears,
Speaker 3: of course, remember Ruter's reported on Thursday that the company
Speaker 3: is offering discounted smartphones in China. It feels like this
Speaker 3: has been the baarcase for a while for this company.
Speaker 6: Yeah, good morning, thanks for having me.
Speaker 5: So.
Speaker 7: Yeah, China is a major market for Apple, no surprise
Speaker 7: about that. And the latest data on you know, monthly
Speaker 7: sales and shipments of iPhones in the country, you know.
Speaker 2: Have been sort of muted.
Speaker 7: Is sort of just sort of the overall takeaway and
Speaker 7: given just the size of that market, given the importance
Speaker 7: of the iPhone sixteen, which is of course the first
Speaker 7: one to have AI features, the fact that that is
Speaker 7: being met with some you know, weak sales data out
Speaker 7: of China, that's a little bit of a cause for concern,
Speaker 7: especially when you're looking at a backdrop that could have
Speaker 7: elevated terraf risks, you know, slower growth potential and just
Speaker 7: whole you know, general list of concerns out there. So
Speaker 7: the fact that you're seeing weakness in China is certainly
Speaker 7: just a reason for people to start the year off
Speaker 7: on a little bit of a more cautious note, especially
Speaker 7: given how strong it performed going into the you know,
Speaker 7: the end of twenty twenty four.
Speaker 4: I feel like this is how we started last year, Ryan,
Speaker 4: with all these concerns about China, and then Apple just
Speaker 4: you know, hit it out of the park, as it
Speaker 4: does seemingly all the time.
Speaker 7: What's going on here, Well, you certainly have plenty of
Speaker 7: reasons for people to be optimistic, because you do have
Speaker 7: this sort of long term story of AI entering the iPhone,
Speaker 7: you know, more applications being released with AI features. That's
Speaker 7: something that's going to be playing out over the course
Speaker 7: of not only twenty twenty five, but you know, twenty
Speaker 7: twenty six and twenty twenty seven, and it's likely we'll
Speaker 7: start to see more upgrades over time. So that's something
Speaker 7: for people to be optimistic about. AI probably means higher
Speaker 7: services growth or maybe more cloud growth. There's all kinds
Speaker 7: of potential tail ones associated with it.
Speaker 6: But just for the time.
Speaker 7: Being, given you have such a major market out there
Speaker 7: seeing a little bit of a shakiness, it's probably not surprising,
Speaker 7: you know, can as people continue to wonder about what
Speaker 7: is Apple's overall growth rate going to be? Is it
Speaker 7: going to be as strong at other names within big tech?
Speaker 7: How does evaluation look relative to other names within big tech?
Speaker 7: Just reasons maybe again for people maybe to be easing
Speaker 7: off a little bit in the first days of the year.
Speaker 2: Bloomberg's Ryan Bostelica, thanks so much. Appreciate it.
Speaker 4: For more on the broader tech market, Mark Mahaney, Evercore
Speaker 4: ISI Senior Managing director joins us now Mark good as
Speaker 4: always to see you.
Speaker 2: Nazak one hundred last.
Speaker 4: Year, up by close to twenty five percent in twenty
Speaker 4: twenty three, high by more than fifty percent. The tech
Speaker 4: stocks that you follow still room to run higher in
Speaker 4: twenty twenty five.
Speaker 6: I think so.
Speaker 8: But look the setup here, as we were in a
Speaker 8: two and a half years into a major bull market.
Speaker 8: It started in the middle of twenty twenty two after
Speaker 8: we'd had this shock of this dramatic ramp in interest rates,
Speaker 8: and since then tech stocks have done really nothing but
Speaker 8: go up. At some point that'll fade, and I think
Speaker 8: it'll face start fading this year. I don't think you'll
Speaker 8: have the outperformance going into this year's you had the
Speaker 8: last two years. Maybe that's an easy statement to make.
Speaker 8: I look at the fundamentals of the group. I look
Speaker 8: at the Internet names, and I look at online retail,
Speaker 8: online travel, cloud computingising, and I think the growth rates
Speaker 8: there are relatively sustainable. All of the checks we had
Speaker 8: at the end of last year going in the beginning
Speaker 8: of this year have been relatively constructive. We also had
Speaker 8: record high margins, and I think those margins are largely
Speaker 8: sustainable because I think the sector as a whole is
Speaker 8: just being more judicious about headcount ads than they were
Speaker 8: in the past. And I do think the third factor
Speaker 8: here is this Ai jen Ai. I think it's a
Speaker 8: gift that keeps on is going to keep on giving
Speaker 8: for quite some time. It just leads to more efficient processes,
Speaker 8: better revenue streams, etc. So there's a couple of reasons
Speaker 8: to stay fundamentally constructive. I just there's very little dislocation.
Speaker 8: There's very little. Very few of the major tech stocks
Speaker 8: that I look at really look dislocated. The one that
Speaker 8: I really like here that I think is is Uber.
Speaker 3: Well, talk to us about that because ubert it's so
Speaker 3: dominant compared to Lift, but the fact that it hasn't
Speaker 3: exactly kept up with some of the other Internet large
Speaker 3: cap names that you cover that have seen the really
Speaker 3: dramatic multiple expansion. What is the bowl case for Uber
Speaker 3: going forward?
Speaker 6: Well, let me start with the barecases.
Speaker 8: You know, you did have a slow down in mobility
Speaker 8: bookings that's their ride share business in the back half
Speaker 8: of last year of twenty four. And then there's really
Speaker 8: the concern over robotaxis and whether they'll obviate the need
Speaker 8: to ever have ride sharing networks in the future.
Speaker 6: I mean, it's possible that that happens.
Speaker 8: I'm taking the other side on that, But those are
Speaker 8: the two factors that have cost the stock to correct
Speaker 8: from like mid eighties down to sixty sixty dollars, a
Speaker 8: pretty material correction. The stocks I look at is the
Speaker 8: only one that's really materially corrected. But I think that
Speaker 8: creates the opportunity because I think as the largest demand
Speaker 8: aggregator out there, I think that robotaxis will find a
Speaker 8: place on ubers network. We got two cities Austin in
Speaker 8: Atlanta where we're going to see Weimo robotaxis on ubers network.
Speaker 8: And my guess is that you know, I'm a big
Speaker 8: fan of robotaxis here and of Weimo here in San Francisco,
Speaker 8: and I think you're going to see more competition in
Speaker 8: that space in the future, and I think you'll see
Speaker 8: more of those cars on Uber's network. And evidence that
Speaker 8: they will be on Uber's network is the catalyst on
Speaker 8: the shares.
Speaker 9: Well.
Speaker 3: I've never been in a way though, but I'll be
Speaker 3: in sanfor in about two weeks.
Speaker 2: Should do it. It's awesome. Yeah, it's so cool.
Speaker 3: I have a real fear of my own mortality, so well,
Speaker 3: we'll put a pin in that. But in any case, Mark,
Speaker 3: I'm taking a look at your notes.
Speaker 5: You mentioned.
Speaker 3: Of course those dislocated high quality stocks. Uber is among them,
Speaker 3: so is ARABNB so is Alphabet, And that caught my
Speaker 3: attention because Alphabet is in a bit of a different
Speaker 3: league than the airbnbs and the ubers of this market.
Speaker 8: Well Google, I would say that Google at one sixty
Speaker 8: was dislocated a one ninety. I'm not sure it is,
Speaker 8: but we've got some events coming up. There's two particular
Speaker 8: of this is all getting out of fundamentals. This is
Speaker 8: all regulatory. First is the DOJ's anti trust case against
Speaker 8: Google and Google asst this in terms of its search business.
Speaker 8: We're not going to get really great visibility into this
Speaker 8: until August unless there's some sort of settlements, and I
Speaker 8: think the chances of the settlements went up when we
Speaker 8: had the US electoral results. Well, you know, that's a
Speaker 8: very hard thing to handicap. But that's one factor out there.
Speaker 8: And then the other one is the TikTok ban, and
Speaker 8: you know we're days away from this band going into effect.
Speaker 6: Now.
Speaker 8: It's possible to get stayed. There is a provision in
Speaker 8: the law for that. It's possible to get stayed. And
Speaker 8: it's possible that there's some sort of force sale or
Speaker 8: a sale of TikTok. But if there is a TikTok ban,
Speaker 8: and I think the market is really heavily discounting this
Speaker 8: by more than they probably should. If there is a
Speaker 8: banning of TikTok, I think the beneficiaries of this are
Speaker 8: going to be Google YouTube YouTube shorts okay, and reels
Speaker 8: at meta.
Speaker 4: Who's the bigger beneficiary if the band goes into effecting
Speaker 4: meta platforms because of what's going on with Instagram and reels?
Speaker 6: Yeah, I think so.
Speaker 8: I mean, just you know, users, if you really can't,
Speaker 8: if I can't really use TikTok like you're gonna there's
Speaker 8: a wonderful value proposition to TikTok, and so people will
Speaker 8: look for other short form video places. Reels is kind
Speaker 8: of the topless, but those YouTube shorts, so just meta
Speaker 8: by hair over Google.
Speaker 6: But they both are beneficiaries.
Speaker 8: And then advertisers have got these ad format's nailed, They've
Speaker 8: got them locked in.
Speaker 6: They can't put them on TikTok. They're going to have
Speaker 6: to find other.
Speaker 8: Places, and the two obvious places are Google and Meta.
Speaker 4: What's the percentage chance mark that you think this ban
Speaker 4: actually goes through with TikTok, I don't know.
Speaker 8: I guess it's still a minority chance, So you know,
Speaker 8: I don't think it's a probability. It's less than fifty
Speaker 8: percent chance. Maybe it's twenty twenty five percent. I'm just
Speaker 8: struck by talking with investors as a belief that there's
Speaker 8: single digital percent chance that it goes through. But it
Speaker 8: is the law of the land, and this is not
Speaker 8: a First Amendment issue. I know this First Amendment aspects
Speaker 8: to it. It's really national security, and this was this
Speaker 8: was a pretty broad bipartisan congressional law that went into effect.
Speaker 8: I mean that was pretty well voted on by both
Speaker 8: Democrats and Republicans, and so you know, this is the
Speaker 8: law of the land that's going to go into effect.
Speaker 6: It, but who knows what happens in the next couple
Speaker 6: of weeks. So I'm a little baffled by this.
Speaker 8: But anyway, that's the law of land, and if it
Speaker 8: does go into effect, it you know there's a clear
Speaker 8: positive catalyst for both Google and Meta.
Speaker 3: Yeah, it'll be fascinating to see how that actually shakes out.
Speaker 3: But Mark, before we let you go, when it comes
Speaker 3: to TikTok and potential beneficiaries of a band, we were
Speaker 3: actually talking about this in one of our morning meetings,
Speaker 3: that you take a look at the content on reels,
Speaker 3: for example, A lot of it is recycled content from TikTok.
Speaker 3: So how urgent of a question is it for Meta
Speaker 3: to actually attract the creators onto their own platform.
Speaker 8: Oh, it's critical for them to do that. I mean
Speaker 8: whether or not there's a TikTok ban. I just think
Speaker 8: if there's a TikTok ban, those creators are going to
Speaker 8: be forced to take their audiences and build them somewhere else.
Speaker 8: And I'd be surprised if major TikTok A lot of
Speaker 8: TikTok creators. I think you are somewhat diversified anyway. I
Speaker 8: know there's some that aren't, but I think there's a
Speaker 8: good number that are so anyway.
Speaker 6: Yeah, this has always been the drive of Meta is.
Speaker 8: To attract more more short form video content and talent
Speaker 8: over to its network.
Speaker 6: I think they'll be able to do that.
Speaker 8: They've been pretty successful at doing it in a lot
Speaker 8: of different areas.
Speaker 6: Yeah.
Speaker 3: Well, Mark, great point to leave it on. Really appreciate
Speaker 3: the time that is. Mark Behiney of Evercore isi A.
Speaker 2: You're gonna be okay if TikTok ats man, I'm.
Speaker 3: Going to be pretty sad. I spent about three hours
Speaker 3: there a day, So I mean, maybe it'll be good.
Speaker 4: For me, Katie to real's it'll be that'll be huge.
Speaker 3: Bomtas Nick Clegg is stepping down from his role as
Speaker 3: president of Global Affairs and will be replaced by Joel Kaplan.
Speaker 3: He is a longtime executive with Republican ties. Now this
Speaker 3: move marks a shift by the social media giant, so
Speaker 3: it prepares for a second Trump presidency. For more, We're
Speaker 3: joined now by Bloomberg's Kurt Wagner, and of course Clegg
Speaker 3: said of Kaplan that he was clearly the right person
Speaker 3: for the right job at the right time.
Speaker 5: Kurt tell us, why.
Speaker 10: Yeah, Well, as you mentioned, Katie, this is a transition
Speaker 10: into you know, Trump's second term, and this is someone
Speaker 10: who is you know, Joel Kaplan being someone with Republican ties,
Speaker 10: with a lot of history with the Republican Party.
Speaker 6: You know, works for George W.
Speaker 10: Bush's administration way back in the day. So someone who
Speaker 10: I think can maybe speak that language better than Nick Clegg,
Speaker 10: who you know, came over from the UK. I do
Speaker 10: think that this sort of signals, you know, that Meta
Speaker 10: certainly sees the most important relationships right now being domestic right,
Speaker 10: and not necessarily what's going on in Europe where there's
Speaker 10: a ton of regulatory issues, which is something I think
Speaker 10: Nick Clegg was very well positioned to handle.
Speaker 4: Kurt Joel Kaplan may be somebody with Republican Party ties,
Speaker 4: but the Republican Party that he was part.
Speaker 2: Of the George W.
Speaker 4: Bush administration, for example, is a far cry from Donald
Speaker 4: Trump's Republican Party, and in fact, many of the folks
Speaker 4: in the Republican Party now criticize that administration. And I'm
Speaker 4: wondering if you think there's going to be any tension there,
Speaker 4: If there is any tension there, if it still represents
Speaker 4: a disconnect between meta platforms and the Republican Party of today, yehossibly.
Speaker 10: But this is what every big tech company is going
Speaker 10: to be dealing with, right, which is that the more
Speaker 10: traditional folks that they have in their policy divisions might
Speaker 10: not necessarily be the Maga Trump candidate party that we're
Speaker 10: starting to see really emergent take off.
Speaker 6: Now.
Speaker 10: It's closer, right, Joel Kaplan is going to be closer
Speaker 10: in alignment with those types of issues, I think than
Speaker 10: maybe someone like Nick Klegg. So maybe that helps, But
Speaker 10: I think the key here is really Mark Zuckerberg's role.
Speaker 10: Right For the last four years, he has been saying, Hey,
Speaker 10: I want to be hands off. This is this policy
Speaker 10: stuff is not for me. I want to focus on product.
Speaker 10: I want to focus on the business. But now we
Speaker 10: see him show up in mar A Lago, we see
Speaker 10: him calling Donald Trump personally, and I think that Mark
Speaker 10: Zuckerberg will likely handle the line's share of the relationship
Speaker 10: with Donald Trump himself, and then you let Joel Kaplan
Speaker 10: sort of deal with all of this stuff on Capitol
Speaker 10: Hill where he is very well connected. It's just given
Speaker 10: all the years that he's been working in this industry.
Speaker 2: Bloomberg's Ker Wagner joining us this morning. Thanks so much, Kurt,
Speaker 2: do appreciate it.
Speaker 4: Well, It's not just Metta that is preparing for Trump's
Speaker 4: second administration. Other big tech leaders have met with the
Speaker 4: President elect, including the likes of Jeff Bezos, Sunder Pachai,
Speaker 4: and Tim Cook, all ahead of his return to the
Speaker 4: White House. For more on the future of Silicon Valley's
Speaker 4: relationship with Trump. Adam Kavakovich is a Chamber of Progress
Speaker 4: CEO and he joins us now. Adam, how would you
Speaker 4: describe the relationship between technology and the incoming Trump administration,
Speaker 4: because a lot has changed over the last four years,
Speaker 4: especially with the rhetoric out of Silicon Valley more pro Trump,
Speaker 4: I think now than it ever has been.
Speaker 11: Yeah, I think you have to factor in two things. One,
Speaker 11: there's a lot of unhappiness in the tech industry with
Speaker 11: how the Biden administration has targeted tech and seen tech
Speaker 11: more as an industry to trash rather than than an
Speaker 11: industry to champion. And so frankly, I think there's a
Speaker 11: lot of frustration from people in Silicon Valley who are
Speaker 11: not necessarily Trump supporters or even right leaning, but there's
Speaker 11: been a lot of frustration that the administration hasn't champion
Speaker 11: in basically, you know, us the country's biggest export, So
Speaker 11: that's number one. Number Two, everyone has the benefit of
Speaker 11: having learned from the first Trump term in terms of
Speaker 11: what worked and what didn't. In terms of how to
Speaker 11: deal with president and work with him. I think a
Speaker 11: lot of tech CEOs look to Tim Cook for this
Speaker 11: as the CEO who probably managed the first Trump administration
Speaker 11: the best, and a lot of that, frankly, came down
Speaker 11: to direct contact between the CEO and Trump himself. As
Speaker 11: you said, that's not something that can be easily designated
Speaker 11: to a deputy. Trump really cares about meeting with the CEO,
Speaker 11: and in fact, that kind of meeting often works that
Speaker 11: succeeds with him. So I think that's what a lot
Speaker 11: of companies are meeting with.
Speaker 3: Let's go to what Trump himself has said. Of course,
Speaker 3: this is a post on social media in late December.
Speaker 3: Big tech has run wild for years, stifling competition in
Speaker 3: our most innovative sector, and as we all know, using
Speaker 3: its market power to crack down on the rights of
Speaker 3: so many Americans, as well as those of little tech.
Speaker 3: Which is not a phrase that I've heard before.
Speaker 2: But reading maybe truth social is a little tech.
Speaker 5: That's true.
Speaker 3: Maybe he's talking his book there, but reading between the lines,
Speaker 3: it seems like that would suggest that this anti trust
Speaker 3: pressure that has been on these big tech names is
Speaker 3: going to continue.
Speaker 12: Oh.
Speaker 13: I don't think there's any doubt about that.
Speaker 11: The fact is, you know, the Biden administration has been
Speaker 11: prosecuting anti trust cases against all of the big tech companies.
Speaker 11: Some of those started under Trump's first term. I don't
Speaker 11: expect any of that to go away. But I will
Speaker 11: say I don't think Trump particularly cares about antitrust as
Speaker 11: an issue. What I think he really cares about is
Speaker 11: are these companies.
Speaker 13: Nice to him? And I think he's views anti.
Speaker 11: Trust lawsuits as leverage, and so I don't think you'll
Speaker 11: see a lot of settlements, even though you know they'll
Speaker 11: be sort of right leaning people may not agree with
Speaker 11: the substance of the suit. I think you will see
Speaker 11: the Trump administration enforceers keep these suits going because they
Speaker 11: are leverage over the companies over things like content atoation
Speaker 11: and speech.
Speaker 13: But I do think there's a real interesting question here,
Speaker 13: which is this little tech question.
Speaker 6: You said right.
Speaker 11: The Biden administration has had a chill over mergers and acquisitions,
Speaker 11: and that's been intentional. That's part of their approach to
Speaker 11: tech m and A and but little tech companies benefit
Speaker 11: when big tech companies are able to acquire them. In fact,
Speaker 11: many companies startups want the ability to be acquired as
Speaker 11: an exit path.
Speaker 13: And so this is going to be.
Speaker 11: A real test for the Trump administration. Does little tech
Speaker 11: do do they or do they not want big tech
Speaker 11: to be free to acquire small companies. Again, I think
Speaker 11: that's going to be a big tension within their administration's
Speaker 11: antitrust enforcement.
Speaker 4: Adam, what Adam, very quickly, what has been your conversations
Speaker 4: with members of the incoming Trump administration thus far?
Speaker 11: Well, you know, it's been very interesting because I do
Speaker 11: think they have people who really do want to get
Speaker 11: it right on things like AI and crypto, people like
Speaker 11: David Sachs.
Speaker 13: They are they are talking to people in the administration.
Speaker 11: I think there's frankly, a lot of optimism that on
Speaker 11: things like crypto, the Trump folks will reverse the hostility
Speaker 11: that the Biden administration has brought towards the crypto industry.
Speaker 13: I think there's a lot of optimism that things.
Speaker 11: Like the Biden Executive Order on artificial intelligence will be overturned.
Speaker 11: And there's a lot of optimism we can shift to
Speaker 11: a kind of a more of a mode of let's
Speaker 11: go beat China and other countries on technology. But there's
Speaker 11: a lot of debates that are going to be kind
Speaker 11: of up for grabs. There's a big debate about H
Speaker 11: one b's right now and where you have elements of
Speaker 11: the Republican Coalition against each other.
Speaker 13: So we'll see how those unfold.
Speaker 3: All right, Adam, great to get some time with you.
Speaker 3: That is Adam Kovakovic of the Chamber of Progress Now
Speaker 3: coming up.
Speaker 5: Turow's safety under scrutiny.
Speaker 3: After it was revealed that the platform was used for
Speaker 3: current vehicles in both the New Orleans and the Las
Speaker 3: Vegas attacks. More next.
Speaker 4: Well, Turro's safety team scrambled to return to work after
Speaker 4: the latest attacks in Las Vegas and New Orleans, where
Speaker 4: it was revealed that the attackers use the car rental
Speaker 4: platform to procure their vehicles for more. Bloomberg's Dana Wolman
Speaker 4: joins us Now, Dan, I think for a lot of
Speaker 4: people watching these attacks unfold over the last couple of days,
Speaker 4: this was the first time they heard about Turow. I've
Speaker 4: been describing it as the kind of like Airbnb of
Speaker 4: vehicle rentals.
Speaker 2: That's how it work.
Speaker 14: That is the perfect way to describe it. It is
Speaker 14: people choosing to rent their own vehicles when and how
Speaker 14: and at what price they choose, and that makes it
Speaker 14: a little different from a car rental fleet, where car
Speaker 14: rental services obviously own the vehicles, so it's really inherently
Speaker 14: a different level of liability.
Speaker 3: I also had not heard about Turow, but this is
Speaker 3: a company that has been an IPO candidate for a while.
Speaker 3: And it was interesting to see that in its paperwork
Speaker 3: to go public, it actually noted that vehicle damage and
Speaker 3: other safety and security issues could harm their reputation, and
Speaker 3: that's what.
Speaker 5: We saw absolutely.
Speaker 14: I don't think these are the exact kind of incidents
Speaker 14: they had in mind, but yes, it is people renting
Speaker 14: each other's vehicles, and there's a similar risk as Tim
Speaker 14: said on Airbnb, where someone could trash someone else's property,
Speaker 14: word could get out, and to the extent that the
Speaker 14: service might grow through word of mouth, the reputation could
Speaker 14: also sour through word of mouth.
Speaker 4: There are questions about background checks coming out now. We're
Speaker 4: given that these two vehicles were used by folks who
Speaker 4: ended up causing loss of life, whether it was their
Speaker 4: own or others. The thing is they don't do background
Speaker 4: checks with a normal rental car company. I don't think so.
Speaker 4: I don't know if that's necessarily apples and oranges here
Speaker 4: apples to apples right.
Speaker 14: What the company would say and has said publicly, is
Speaker 14: that the suspects in both attacks did not have criminal
Speaker 14: records that would have shown up in any.
Speaker 5: Sort of checks.
Speaker 14: That said, our team is very interested and is continuing
Speaker 14: to report on exactly how the checks work at Touro.
Speaker 14: Like so many algorithms out there in different services, the
Speaker 14: algorithm here seems pre nebulous. It seems to be dozens
Speaker 14: of different data points that are checked very quickly, even
Speaker 14: by the company's own admission and regulatory filings. Most users
Speaker 14: are approved within seconds, how exactly and based on what criteria?
Speaker 14: We're trying to find that out as well.
Speaker 3: All right, Dana, look forward to more reporting from you
Speaker 3: and your team, that is Bloomberg's Dana Lman, Welcome back
Speaker 3: to Bloomberg Technology.
Speaker 5: I'm Katie Greifelp and.
Speaker 2: I'm Jim Steinovic, both here in New York City.
Speaker 5: Let's go to check on these markets.
Speaker 3: Of course, we have green on the screen, a nice
Speaker 3: turnaround from yesterday's closed. You can see the NASAQ one
Speaker 3: hundred up by more than one percent one point two
Speaker 3: percent right now. A lot of those games being led
Speaker 3: by Nvidio, of course, having a good day today, pulling
Speaker 3: its my but pretty broad breath in the technology sector overall.
Speaker 3: You take a look at the risk appetite being expressed
Speaker 3: in bitcoin right now. Bitcoin also higher to the tune
Speaker 3: about nine tenths of a person, and of course we're
Speaker 3: still below one hundred thousand dollars per coin, but never
Speaker 3: said ever. Maybe we'll get back there, maybe even today,
Speaker 3: given how volatile bitcoin is. But let's talk about Rivian.
Speaker 3: Of course, this was one of the big stories from
Speaker 3: this morning. Rivian out with its fourth quarter production numbers
Speaker 3: beating estimates. Production came out with about twelve seven hundred vehicles.
Speaker 3: The estimate had been for eleven four hundred. So you're seeing,
Speaker 3: of course, Rivian shares being rewarded in a big way
Speaker 3: right now, up about twenty one point six percent.
Speaker 5: Tesla getting in on the action.
Speaker 3: Remember that disappointment that we saw with deliveries fourth quarter
Speaker 3: deliveries for Tesla yesterday a distant memory. Tesla shares also
Speaker 3: up by about four point six percent right now.
Speaker 4: Tim CFIA actually reiterating its sell opinion on shares of Rivian,
Speaker 4: a price target of eight dollars.
Speaker 2: Look at that hikes. Yeah, shares trading at sixteen dollars
Speaker 2: right now.
Speaker 4: We're talking to Garret Nelson a little later on a
Speaker 4: Bloomberg and BusinessWeek. Hey, let's get on over to tech
Speaker 4: and rising global trade tensions, with China planning tougher scrutiny
Speaker 4: on xt of technology to make battery materials. This as
Speaker 4: Beijing looks to protect its grip on the crucial supply chain.
Speaker 4: This is according to a notice seeking public opinion from
Speaker 4: the Ministry of Commerce on Thursday. Bloomberg's Mike Shepard joins
Speaker 4: us for more Mike when it comes to rising trade tensions,
Speaker 4: when it comes to tariffs and protectionism, it certainly is
Speaker 4: a game that two can play. How much leverage does
Speaker 4: China have when it comes to exports of these critical materials.
Speaker 15: Well, it matters because these are the essential ingredients to
Speaker 15: a lot of things, and in this case, they're focusing
Speaker 15: on what goes into the batteries that will be essential
Speaker 15: and critical to powering this next generation of electric vehicles,
Speaker 15: not only here in the US.
Speaker 2: But elsewhere around the world. This is.
Speaker 15: A field and industry, a sector that China really has
Speaker 15: developed a strong advantage in developing the technology needed to
Speaker 15: refine the chemicals used in making a car battery, you know,
Speaker 15: the kind that you'd see in the electric vehicles on
Speaker 15: our streets. It's also been behind the rise of their
Speaker 15: electric vehicle makers, most notably byd which have emerged as
Speaker 15: global leaders. So this is an area where they can
Speaker 15: actually say, oh no, we're going to try to fence
Speaker 15: you off to protect our advantage. And in turn, the
Speaker 15: US has seen a risk coming from car makers like BYD.
Speaker 15: Earlier this year, we saw the Biden administration impose steep
Speaker 15: tariffs on imports into the US of Chinese electric vehels,
Speaker 15: really designed to keep them out of this market, to
Speaker 15: avoid undercutting the efforts to get domestic car makers here
Speaker 15: to develop evs of their own, with advanced technology of
Speaker 15: their own.
Speaker 3: And of course we're talking just more than two weeks
Speaker 3: before Trump's inauguration for his second term. I mean, what
Speaker 3: is the mood music when it comes to the second
Speaker 3: Trump administration and China. Of course, being hawkish on China.
Speaker 3: That is sort of a bipartisan vibe that we have
Speaker 3: going on here. But what would you imagine the Trump
Speaker 3: administration's response would be to action such as this?
Speaker 15: Well, okay, I think it's time to pull the lens
Speaker 15: back a little bit and see this in the broader
Speaker 15: context of the US China relationship on technology. The Biden
Speaker 15: administration has been imposing restrictions on a lot of sensitive technology,
Speaker 15: and that includes exports of advanced semiconductor making equipment and
Speaker 15: also high bandwidth memory chipsy's are the two of the
Speaker 15: most notable moves made by the US in recent months,
Speaker 15: and those are designed to undercut Beijing's ability to stoke
Speaker 15: a semiconductor manufacturing base of its own at an advanced
Speaker 15: level and advanced enough to develop artificial intelligence that would
Speaker 15: help its military. And that's an advantage that the US
Speaker 15: does not want to see developed by Beijing. And certainly
Speaker 15: the Trump administration will not alter course on that, and
Speaker 15: we will expect to see the Trump administration not only
Speaker 15: embrace certain types of export controls applied by the Biden administration,
Speaker 15: but perhaps try to expand them and look for ways
Speaker 15: to retaliate as well, and try to maybe foster some
Speaker 15: domestic investment in these areas as well.
Speaker 3: All Right, my great perspective, as always, that is Bloomberg's
Speaker 3: Mike Sheppard joining us from Washington. Let's keep the conversation going,
Speaker 3: because another story we're keeping an eye on is the
Speaker 3: future of H one B visas and America's tech industry
Speaker 3: under the new administration. Here's former US Representative Denver Riggleman
Speaker 3: of Virginia weighing in on Elon Musk's influence on the matter.
Speaker 3: He spoke with Bloomberg's Balance of Power co host Joe
Speaker 3: Matthew earlier this week.
Speaker 2: Yeah, I'd have lunch with Elon and Jlad.
Speaker 16: I thought, what's going on with Elon Musk here? We're
Speaker 16: already seeing a little bit of a breakdown over the
Speaker 16: H one B situation. Yeah, the Maga versus Musk situation tenuous. Well,
Speaker 16: a year or two from now, will he still have
Speaker 16: the president's year?
Speaker 17: No, no, no, I mean the thing about H one
Speaker 17: B's what's interesting. You know, he's going again some really
Speaker 17: big packs on the far right, like Numbers USA and
Speaker 17: things like that. But for me, I'm an H one
Speaker 17: BH two, a an HTV supporter based on our district's
Speaker 17: very rural. But we also have a lot of technology
Speaker 17: in Virginia and the Commonwealth.
Speaker 3: Let's bring in now ericson immigration group partner at HIBBA
Speaker 3: ANDVERT joining us now. Great to have you with us.
Speaker 3: And it's interesting because after you saw Elon Musk's comments
Speaker 3: on social media over the holiday period, you had Donald
Speaker 3: Trump kind of fall in line and voice his own
Speaker 3: support for H one B Visas of course, it'll be
Speaker 3: interesting to see if he sticks to that view as
Speaker 3: we get deeper into his administration.
Speaker 5: But give us some context here.
Speaker 3: We talk about H one B visas in the context
Speaker 3: of the tech industry all the time.
Speaker 5: What role do they play though?
Speaker 18: So H one B visas actually play a very critical role.
Speaker 18: American companies are the most scessful companies in the world
Speaker 18: in a variety of industries and sectors, and part of
Speaker 18: their success is attributed to their ability to hire the
Speaker 18: best and brightest from around the world. Now, the H
Speaker 18: one B visa is one of the ways in which
Speaker 18: companies are able to hire and retain talent from around
Speaker 18: the world and remain competitive and global leaders in industries
Speaker 18: ranging from technology to semiconductor to AI to the financial industry,
Speaker 18: a variety of industries.
Speaker 4: We know we have the first Trump administration to look
Speaker 4: back to for data for context. You were kind of
Speaker 4: have to share some numbers with our team ahead of this,
Speaker 4: and you noted that the denial rate for these H
Speaker 4: one B visas before Trump took office with six percent,
Speaker 4: then it increased to an all time high of twenty
Speaker 4: four percent in twenty eighteen, then immediately dropped down to
Speaker 4: four percent during Biden's first year in office. Can we
Speaker 4: look to that happening again, or do you think this
Speaker 4: time will be different given that Elon Musk has the
Speaker 4: year of the president and he's so supportive of this
Speaker 4: type of visa.
Speaker 18: I think it remains to be seen whether or not
Speaker 18: the second Trump administration is in any way going to
Speaker 18: be different. Obviously, folks that are in the industry are
Speaker 18: watching the way in which the Trump administration and the
Speaker 18: immigration restrictionists reconcile with the fact that there are certain
Speaker 18: tech leaders that are close to President Trump. But if
Speaker 18: we have, you know, if basically what we have to
Speaker 18: go on is what happened during the first Trump administration,
Speaker 18: And to your point, the denial rates did increase to
Speaker 18: an all time high, and then overall processing times increased,
Speaker 18: and it was just more inefficient and difficult to obtain
Speaker 18: the same visas for the foreign workers on the part
Speaker 18: of a lot of these companies. And so what a
Speaker 18: lot of us in the industry are watching is to
Speaker 18: see whether or not there's going to be a repeat
Speaker 18: of that the second time around.
Speaker 4: Do you believe that within a short period of time,
Speaker 4: say the next Trump administration, the US will be able
Speaker 4: to put an infrastructure in place to actually train Americans
Speaker 4: to do this type of work or did that ship sail.
Speaker 18: Actually, what I think a lot of people don't realize
Speaker 18: is that the H one V VISA program itself contains
Speaker 18: protections that are designed just for that. The H one
Speaker 18: B VISA program has numerous protections that are designed to
Speaker 18: ensure that if a company is going to hire a
Speaker 18: foreign worker, no harm is coming to a US worker.
Speaker 18: There are also certain fees that need to be paid
Speaker 18: to the government to a company that H one B filing.
Speaker 18: The purpose of some of those fees is to be
Speaker 18: able to fund the training of American workers. So I
Speaker 18: think that the investment and training in the US workforce
Speaker 18: is ongoing, and I think most people would be surprised
Speaker 18: to learn that the H one B VISA petition actually
Speaker 18: plays a role in that.
Speaker 3: I want to talk too about the fact that you
Speaker 3: have a lot of big tech leaders kind of coming
Speaker 3: to Mara a Lago and kind of kissing the ring
Speaker 3: when it comes to Donald Trump, of course, and he
Speaker 3: also is surrounded by the likes of Elon Musk and
Speaker 3: other big supporters of the H one B VISA process.
Speaker 5: And we were talking about the fact that for now.
Speaker 3: Donald Trump does seem to support the initiative despite what
Speaker 3: we saw in the first term. What's your outlook for
Speaker 3: whether that remains the case.
Speaker 18: So what I'm going to be watching out for is
Speaker 18: a repeat of the first Trump administration, and what we're
Speaker 18: ensuring is that companies that we work with are properly
Speaker 18: prepared for some of the same things happening a second
Speaker 18: time around. Honestly, I think it remains to be seen
Speaker 18: the way that the tech leaders that are close to
Speaker 18: President Trump reconcile with the folks that have a little
Speaker 18: bit of a different stance when it comes to legal immigration.
Speaker 18: I of course am optimistic and hoping that it's not
Speaker 18: necessarily going to be an exact repeat, because if we
Speaker 18: take a step back, I think folks will realize that
Speaker 18: this is actually a economic win win on all sides.
Speaker 18: In order for our companies to continue to be global leaders,
Speaker 18: we need to be able to hire the best and
Speaker 18: brightest from around the world, and the H one b
Speaker 18: V says a really important way in which we do that.
Speaker 2: Eric's an Immigration Group partner. He abat Enver. Thanks so
Speaker 2: much for joining us. Do appreciate it coming up. But
Speaker 2: we're going to be.
Speaker 4: Joined by Kathy Gal from Sapphire Ventures to share some
Speaker 4: of the firm's predictions for AI in twenty twenty five.
Speaker 2: This is Bloomberg, Well, the.
Speaker 3: Race to AI enhanced human productivity is on. The coming
Speaker 3: year will feature AI companies grappling with pushing out software
Speaker 3: that can do more with less help from humans and
Speaker 3: figuring out how to train the most powerful models. Bloomberg's
Speaker 3: Rachel Metz has more on AI predictions for twenty twenty five. Rachel,
Speaker 3: Happy New year to you. What can we expect from
Speaker 3: the world of AI when it comes to the coming year.
Speaker 9: I think we're going to see a couple of things.
Speaker 9: One is a lot of focus on so called agents.
Speaker 9: This would be systems that use AI to accomplish tasks,
Speaker 9: either with no help or with just a little bit
Speaker 9: of help from humans. AI software that can go out
Speaker 9: and do something like us, say, help you plan a trip,
Speaker 9: or help you to process certain kinds of information more
Speaker 9: efficiently in a more complicated way than just like looking
Speaker 9: over a document.
Speaker 13: So we've been talking to people a lot about that.
Speaker 9: One of the other things that we're probably going to
Speaker 9: be seeing more hearing people talk more about is data.
Speaker 9: Data Very clearly became a issue for a lot of
Speaker 9: companies this year, not having more data if they want
Speaker 9: to train even more powerful systems than what they've already built.
Speaker 9: So it'll be interesting to see how companies find new
Speaker 9: sources of data if they look at synthetic data, which
Speaker 9: would be in some cases data that's generated by aisystems themselves.
Speaker 4: Bloomberg's Rachel Metz out there in San Francisco. Got to
Speaker 4: leave it there, Thanks Rachel, Well, JENNAI has been a
Speaker 4: dominant force in tech in twenty twenty four, but also
Speaker 4: in VC, and it might remain that way in twenty
Speaker 4: twenty five. That's according to the venture capital firm Sapphire Ventures.
Speaker 4: Kathy Galo's partner at Sapphire Adventures, and she joins us
Speaker 4: now to share some of the firm's predictions. Kathy, I
Speaker 4: want to start with something that Rachel said about this
Speaker 4: being the year where we see more and more AI agents.
Speaker 4: One of Sapphire Adventures predictions is that agents will begin
Speaker 4: to deliver on hype. I got to tell you Katie
Speaker 4: Gridfield sitting right next to me, she's not impressed with
Speaker 4: AI agents right now?
Speaker 2: Is she going to be this year?
Speaker 12: Well, that's a great question. I have to agree with Rachel.
Speaker 12: I think you're going to start to see agents come
Speaker 12: into the scene in a very, very big way. In
Speaker 12: many ways, the AI agent is a natural evolution of
Speaker 12: what we saw with AI copilots and AI chatbots. So
Speaker 12: another example would be, whereas AI agents are able to
Speaker 12: autonomously execute actions or entire workflows, chatboss and co pilots
Speaker 12: were really more Q and A. And where I get
Speaker 12: really excited is the fact that if we can automate
Speaker 12: entire workflows, that frees up so much human capacity to
Speaker 12: do the more creative and more strategic work. Now that
Speaker 12: being said, I do also agree with Katie right A
Speaker 12: lot of the challenges with widespread adoption and implementation of
Speaker 12: agents will be in what I call kind of the
Speaker 12: blast mile problems. This is the governance, the privacy, the protections,
Speaker 12: the devils in the details, and that has yet to
Speaker 12: be seen.
Speaker 2: Okay, agents.
Speaker 4: One of your predictions, what about when it comes to
Speaker 4: AI generated video? Because twenty twenty four was the year
Speaker 4: we saw a wider release of Sora from Open AI.
Speaker 4: I think a lot of people were pretty impressed by that.
Speaker 4: How are we going to see AI generated video this year?
Speaker 12: I think we're going to see a lot of multimodal
Speaker 12: in general, tim but we're going to see a lot
Speaker 12: more video and we're going to see a lot more voice.
Speaker 12: The models have been developing extremely rapidly. I don't know
Speaker 12: if you guys have seen some of the recent AI
Speaker 12: generated videos from Sora and other video models, but they're incredible.
Speaker 12: They are starting to feel a lot more lifelike. The
Speaker 12: latency is being reduced. The same goes with voice, So
Speaker 12: I think we're going to see much more widespread adoption
Speaker 12: as individual video and voice applications as well as full
Speaker 12: multimodal applications, which means there will be voice, they'll be text,
Speaker 12: there'll be video and images combined into one.
Speaker 3: Yeah. I've seen some of those videos and they're pretty creepy.
Speaker 3: They're very realistic.
Speaker 19: Yess.
Speaker 5: So just if you call on Twitter or x.
Speaker 3: Right now, you can find a whole bunch of them.
Speaker 3: But Kathy, I want to talk a little bit more
Speaker 3: about how companies might use AI in the year ahead
Speaker 3: because I speak to a lot of investors and they
Speaker 3: want to stay in the hardware space, investing in the
Speaker 3: chip makers because they're not clear yet on how companies
Speaker 3: will actually use AI and maybe actually boost productivity. Do
Speaker 3: we get further along in that investment timeline in twenty
Speaker 3: twenty five.
Speaker 12: That's such a great question, Katie. Well, let's talk about
Speaker 12: what happened in twenty twenty four to set the stage
Speaker 12: for what we think might happen in twenty twenty five.
Speaker 12: In my view, twenty twenty four is a year where
Speaker 12: Ai really went mainstream. Ninety two percent of the Fortune
Speaker 12: five hundred adopted Jenai solutions internally and spent around fourteen
Speaker 12: billion dollars on these solutions. But what's even more importantly,
Speaker 12: a lot of major companies, so think Walmart, JP, Morgan, Chase, Microsoft, Google,
Speaker 12: all announced in their public earnings calls that they've had
Speaker 12: significant success in significant measurable ROI using their Genai projects internally.
Speaker 12: So that gives me a lot of hope and confidence
Speaker 12: that a budgets will continue to expand into twenty twenty five. Now,
Speaker 12: the big question is can the hype turn into actual
Speaker 12: proof in a wide scale manner in twenty twenty five.
Speaker 12: And in order to see that, we're going to have
Speaker 12: to see more adoption amongst all the employees at a company,
Speaker 12: not just within certain functions or certain specific projects, and
Speaker 12: we have to see more guidelines on how we actually
Speaker 12: measure ROI.
Speaker 3: All right, Kathy, great to speak with you, looking forward
Speaker 3: to checking in as we get deeper into twenty twenty five.
Speaker 5: That is Kathy Gal.
Speaker 3: She is partner over at Sapphire Ventures.
Speaker 4: Let's talk media deals because Paramount and Skuidance responded to
Speaker 4: critics of their pending merger, arguing that the critics filings
Speaker 4: are defective and lack merit. The company's claim critics fail
Speaker 4: to show how they will be harmed by the deal
Speaker 4: and that some of the proposed measures are unconstitutional. Paramount
Speaker 4: agreed to merge with Skydance back in July, and the
Speaker 4: deal would make Skydance's founder David Ellison the controlling shareholder
Speaker 4: and CEO of Paramount. Now, let's take a little wider
Speaker 4: look into the world of entertainment and the box office
Speaker 4: this coming year with Bloomberg's Chris Palmery, Chris, I want
Speaker 4: to talk about the box office this year as well
Speaker 4: as what's happening with Paramount and Skuydance, because this is
Speaker 4: the deal that really, as you know, just never ends.
Speaker 4: What specifically did the critics do the critics have a
Speaker 4: problem with when it comes to this pending merger.
Speaker 20: Well, there was some sort of a smattering of opponents,
Speaker 20: I guess most notably is a group that is challenging them.
Speaker 20: It's supposedly a nonpartisan political political group, but tends to
Speaker 20: side with conservatives and saying that the you know, big
Speaker 20: media is biased and said that you know, CBS News
Speaker 20: you know needs to you know, speak to everybody in
Speaker 20: the country, and that we actually got a conciliatory sort
Speaker 20: of statement from them today saying that they liked what
Speaker 20: they heard in Paramounts filing yesterday to the FCC. So
Speaker 20: you know, that was one of the hurdles. We'll still
Speaker 20: likely hear more from the FCC. Brendan car, the incoming chairman,
Speaker 20: is of early outspot on this issue of fairness in
Speaker 20: the media, and that will be sort of the final
Speaker 20: hurdle probably for.
Speaker 3: Paramount so TVD what happens there. I will note that
Speaker 3: Paramount Chairs fell twenty nine percent last year. They actually
Speaker 3: haven't posted a positive year since twenty sixteen, Tim, so
Speaker 3: some good news is needed for that company.
Speaker 5: We'll see.
Speaker 3: I do want to talk about the box office though,
Speaker 3: while we have you Chris because there's this frustration out
Speaker 3: there that I'm sure you're well acquainted with, is that
Speaker 3: there's nothing original anymore. It's just all sequels and it's
Speaker 3: reimaginations of old movies. Are we expecting more of the
Speaker 3: same in twenty twenty five?
Speaker 13: Yes and no.
Speaker 20: There are certainly gonna be a lot of sequels. You know,
Speaker 20: Mission Imposswell, Captain America Avatar, so we'll be plenty of that.
Speaker 20: There are a bunch of movies coming out f One
Speaker 20: for example. Once it won't resonate until you start to
Speaker 20: see the ads, but original movies from all tour directors,
Speaker 20: you know who may stand out. And that's why analysts
Speaker 20: are predicting that this year will be a little bit
Speaker 20: better than last year. Still not back to the pre
Speaker 20: pandemic levels, but you know, the potentially the best year
Speaker 20: for the box office since the pandemic.
Speaker 4: You say, still not back to do we ever get
Speaker 4: back to pre pandemic levels?
Speaker 19: An I was saying, well, I mean if you look
Speaker 19: at the actual attendance numbers, it is way down, I
Speaker 19: mean almost half the level of people going to the
Speaker 19: theaters that they used to.
Speaker 20: I mean, ticket prices are up and that sort of
Speaker 20: helps some of it.
Speaker 2: More people are.
Speaker 20: Going to these big screen at a higher price ticket formats,
Speaker 20: so that's helping the overall Fox office number. But yeah, no,
Speaker 20: Americans are definitely not going.
Speaker 13: To the movies like they used to.
Speaker 20: There's just so much alternatives online and in many cases
Speaker 20: that those movies come online in just a matter of weeks.
Speaker 3: All right, Chris, gott to leave it there. Really appreciate
Speaker 3: your time. That is Bloomberg's Chris Paul Mary.
Speaker 2: Do you ever go to the movies?
Speaker 3: I went to the movies on Christmas Day. I saw
Speaker 3: a Complete Unknown starring Timothy shell May.
Speaker 5: It was really good.
Speaker 2: Actually, that's the Bob Dylan one.
Speaker 5: Yeah, and I guess that is new.
Speaker 3: I mean, Bob Dylan's been alive for a while, but
Speaker 3: it's new content in any case.
Speaker 5: That does it for this edition of Bloomberg Technology.
Speaker 3: Next week, be Tech is heading out to see us
Speaker 3: in Las Vegas two in for conversations with some of
Speaker 3: the biggest names in AI, chicks and more.
Speaker 4: And don't forget to check out our podcast. You can
Speaker 4: find it on the terminal as well as online on Apple, Spotify,
Speaker 4: and iHeart This is Bloomberg