Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. Bloomberg Tech is alive
Speaker 1: from coast to coast with Caroline Hyde in New York
Speaker 1: and Eva low In sent Francesco.
Speaker 2: This is Bloomberg Tech coming up.
Speaker 3: Open AI releases a slew of policy recommendations to help
Speaker 3: navigate the AI era. We'll discuss its chief Global Affairs Officer,
Speaker 3: Chris Lahine later this hour.
Speaker 4: Plus Oracle names a new CFO to help the company
Speaker 4: navigate massive data center development plans and a cash crunch.
Speaker 3: And NASA's artemist too, is set for the first lunar
Speaker 3: flyby with astronauts on board in more than fifty years.
Speaker 2: We'll discuss what to expect.
Speaker 4: And all of this amid the context of global instability,
Speaker 4: concerns about the Middle East conflict, and indeed a market
Speaker 4: that's on edge, hopeful that cespig could be up on us,
Speaker 4: but still we're seeing the latest rebuttals.
Speaker 2: Coming from Iran.
Speaker 4: We're still holding onto games that four ten percent on
Speaker 4: the Nasdaq one hundred. I'm looking at Bitcoin holding above
Speaker 4: that level of two almost three percent higher but just
Speaker 4: sub the seventy thousand dollars. But there is optimism in
Speaker 4: the market is it right to be had at the.
Speaker 3: Moment ed the headlines on the term of this morning
Speaker 3: is about Iran rejecting a ceasefire and wanting a permanent
Speaker 3: end to the war in Iran. That's bringing bloembost Tyler
Speaker 3: Kendo out of Washington, DC.
Speaker 2: That's where we're at.
Speaker 3: You know, there is a back and forth between which
Speaker 3: each side wants from the President's perspective and from the
Speaker 3: United States of America's perspective.
Speaker 2: What is the latest, Tyler.
Speaker 5: Hey And Well, at this point, it's not necessarily surprising
Speaker 5: that we heard from Irani and state media within the
Speaker 5: last thirty minutes saying that Iran has rejected a ceasefire proposal,
Speaker 5: because earlier this morning, an Iranian official came out and
Speaker 5: said that quote, no rational person would agree to cease fire,
Speaker 5: accusing a short term agreement of being in favor of
Speaker 5: the US to give the US time to regroup. But
Speaker 5: this is really raising questions as we get closer to
Speaker 5: President Trump's now extended deadline of tomorrow at eight pm
Speaker 5: Eastern for Iran to make a deal amid US threats
Speaker 5: to hit Iranian civilian infrastructure. So we'll have to watch
Speaker 5: where this goes from here. President Trump is set to
Speaker 5: brief reporters at one pm Eastern, where we may be
Speaker 5: able to get some more of our questions answered, because
Speaker 5: Axios is now reporting that Iran has instead submitted a
Speaker 5: ten point plan to the US, which US officials are
Speaker 5: calling maximalist in their demands. We don't have the details
Speaker 5: quite yet on this proposal, but we know previously Iran
Speaker 5: has demanded, for example, to have sovereignty over the Strait
Speaker 5: of her moves, and that appears to still be the
Speaker 5: biggest sticking point. We've heard from Iranian state media over
Speaker 5: the weekend saying that Iran needs to have payments for
Speaker 5: war damages that they are seeking to be repaid through
Speaker 5: tolls charged on ships going through the Strait.
Speaker 2: There has been a little bit.
Speaker 5: Of progress, as you all know, Bloomberg News crunch the
Speaker 5: data and are now saying that we have seen the
Speaker 5: highest amount of traffic through the Strait at this weekend,
Speaker 5: but it is still falling well below those levels that
Speaker 5: we saw before the war began.
Speaker 4: The most Tyler Kendall with what you need to know
Speaker 4: in terms of geopolitics, we thank you. Look as tensions
Speaker 4: in the Middle East remain elevated to say the least.
Speaker 4: Investors are weighing what it means for the markets, full risk,
Speaker 4: apetite and the outlook of big tech.
Speaker 2: For us on this.
Speaker 4: Show, Jed Elbertson person to talk to about it. Urgent
Speaker 4: Capital Management joins us. Now, you help manage the large
Speaker 4: cap equity fund over there, and it's a tough time
Speaker 4: for anyone trying to navigate these markets. When will big
Speaker 4: tech manage to go back on the upside. We had
Speaker 4: a strong week last week or will that last?
Speaker 2: Yeah?
Speaker 6: I think that's probably the biggest question facing the market
Speaker 6: today heading into earning season here in two weeks. I
Speaker 6: think investors in big tech, the big CAPEX spenders, especially Amazon, Meta, Microsoft, Google,
Speaker 6: investors want more confidence that those humongous CAPEX spending plans
Speaker 6: are going to pay off in higher revenue and higher profits.
Speaker 6: And there are initial signs of that, but not enough
Speaker 6: to get investors over the hump. And so this is
Speaker 6: a really big earning season for them. They announced last quarter,
Speaker 6: you know, humongous increases sixty seventy eighty percent increases in
Speaker 6: capex for twenty twenty six. Investors want to see positive
Speaker 6: revenue estimate revisions you know, to follow that, and I
Speaker 6: think AWS and Google's GCP in particular are going to
Speaker 6: show us that in the first quarter, with more to
Speaker 6: come later in the year. And then Microsoft is more
Speaker 6: of a mixed picture because over the last year they've
Speaker 6: kind of reprioritized their own model development within the company
Speaker 6: after their Opening Eye agreement was renegotiated. So a little
Speaker 6: bit of a messy picture with Microsoft. But I think
Speaker 6: we're going to see clear signs of acceleration for AWS and.
Speaker 4: GCP, and that will be the catalyst enough to put
Speaker 4: the geopolitical acts to the sidelines for big fund managers,
Speaker 4: you think.
Speaker 6: I think it has the potential to be. Investors have
Speaker 6: been disappointed in Amazon and Google and Microsoft over the
Speaker 6: last year because their free cash flow estimates have been
Speaker 6: declining because of those really big catbacks increases. I think
Speaker 6: that trend is going to reverse here as twenty twenty
Speaker 6: six progresses, and I hope that the first quarter is
Speaker 6: kind of the first tangible side of.
Speaker 3: That jed state of play is then, as that one
Speaker 3: hundred down more than four percent, modestly underperforming the S
Speaker 3: and P five hundred chip stocks up eleven percent year today,
Speaker 3: in part because of memory probably earlier in the year.
Speaker 2: What I'm trying to get a.
Speaker 3: Sense of is how micro focused investors in the technology
Speaker 3: sector are on the war in Iran, where if they
Speaker 3: were already looking past it anyway at other structural and
Speaker 3: spending issues that you just outlined in part with the hyperscalers.
Speaker 6: Yeah, I think prior to the war breaking out, tech
Speaker 6: was underperforming meaningfully. From the start of the year to
Speaker 6: the start of the war. Since the war broke out,
Speaker 6: you know, the last you know, twenty five trading days
Speaker 6: or so, tech has performed better relative to other sectors.
Speaker 6: So you know, I interpret that as the market being
Speaker 6: more concerned with AI and it's really fast, you know,
Speaker 6: adoption within our economy and the positives and negatives there
Speaker 6: more so than the impact of war.
Speaker 3: I have to ask you about some of the IPOs
Speaker 3: waiting in the wings. There was a lot over the
Speaker 3: weekend on the social media is about the relative performance
Speaker 3: of some public names might be indicative of investors getting
Speaker 3: themselves ready for a SpaceX IPO in June. We reported
Speaker 3: just last week that the S one file confidentially it's
Speaker 3: going to be June. Is that something that actually happens
Speaker 3: in markets where people are like, I'd better have some
Speaker 3: cash ready for this.
Speaker 2: Yeah, yeah, I think you know.
Speaker 6: Perhaps the most fascinating tech question in twenty twenty six
Speaker 6: is where's the money going to come from for the SpaceX,
Speaker 6: Anthropic and Open AI IPOs. And I think an obvious
Speaker 6: first thought is the rest of publicly traded tech. Do
Speaker 6: investors pre trade that to the extent you're suggesting, you know,
Speaker 6: trade's happening in March and April for an IPO that
Speaker 6: will come in June and then perhaps the fourth quarter
Speaker 6: in the case of Anthropic.
Speaker 3: And I'm not suggesting, Jed, I'm asking. I've got no
Speaker 3: idea because I don't participate in the market, So that's
Speaker 3: why I want to ask you.
Speaker 6: Yeah, yeah, I doubt it. Personally, We're not doing that
Speaker 6: at Argent Capital. We will consider Anthropic and an Open
Speaker 6: AI and SpaceX, but we wouldn't pre trade it by
Speaker 6: a couple months and get that cash lined up with that,
Speaker 6: you know, duration, that's not necessary for us.
Speaker 4: What's so interesting is they are, yes, a space focused company,
Speaker 4: and I know you have exposure to space and aerospace
Speaker 4: more poorly in the fund. But we've got through the
Speaker 4: biggest players in AI all coming to the market at
Speaker 4: the same time.
Speaker 2: Now.
Speaker 4: Interestingly, Jamie Diamond's been putting his very long pen to
Speaker 4: paper or typing away for his annual letter to investors,
Speaker 4: and today he did talk about AI in many ways,
Speaker 4: and I want to focus in on the investment side
Speaker 4: because he's saying it's not a speculative bubble. But at
Speaker 4: the moment, you can't see who the winners and the
Speaker 4: losers are actually going to be in AI related industry.
Speaker 2: Do you think that's right?
Speaker 4: Can you not discern who the winners are yet?
Speaker 7: Yeah?
Speaker 6: I think those comments stuck out to me and really
Speaker 6: spoke to me. I think that he gave a pretty
Speaker 6: accurate description of what's happening in tech today. I think
Speaker 6: that they're you know, in any investing environment, there are
Speaker 6: certain companies that fit in the too hard bucket for investors.
Speaker 6: There are too many unanswered questions, there's too much uncertainty.
Speaker 6: Investors decide I'd rather be on the sideline. I don't
Speaker 6: want to invest in this right now. Today it feels
Speaker 6: like that too hard bucket is really large, much bigger
Speaker 6: than normal, And of course software is in the two
Speaker 6: hard bucket. I think insurance brokers are in the two
Speaker 6: hard bucket, and a whole bunch of other sectors and
Speaker 6: industries or investors are not sure if AI is going
Speaker 6: to be a net positive for these businesses and industries
Speaker 6: or if it will be a net negative. And so
Speaker 6: we've seen valuations compressed significantly for software most notably, but
Speaker 6: many other industries and sectors too. So his comments today just,
Speaker 6: you know, I think it was a good kind of
Speaker 6: description of ware markets to today. That too hard bucket
Speaker 6: is really big. His comments indicate, you know, he sees
Speaker 6: a lot of companies in that too hard bucket, and
Speaker 6: you know, me, as an investor, my response to that is,
Speaker 6: I think that.
Speaker 2: Smells like opportunity in many ways.
Speaker 6: I think investors are starting to pick through the rubble
Speaker 6: as it relates to software in particular, and I think
Speaker 6: there's a lot more of that to come in the future.
Speaker 6: There are software companies whose competitive position will erode because
Speaker 6: of AI and the reduced cost of software development, But
Speaker 6: I think there are other software companies that are going
Speaker 6: to adopt AI integrated into their products, set improve the
Speaker 6: offerings for consumers, and grow and thrive.
Speaker 3: Right Jed Elberate, Large and Capital Management, thank you very
Speaker 3: much now coming up the world face is an era
Speaker 3: of AI upheaval. But fear not, Open ai is out
Speaker 3: with a set of policy recommendations for people, real human
Speaker 3: people first will discuss that next.
Speaker 2: This has been bog tech.
Speaker 4: Open ai says it's working to quote ensure AI benefits everyone,
Speaker 4: and it's now rolling out policy recommendations to address the
Speaker 4: rapid social changes AI is driving, from jobs to regulation
Speaker 4: for more. Oplomerg's AI reporter Seth Figman, choices, now you're
Speaker 4: not a reporter, you're an editor, and you're help managing
Speaker 4: the team in many ways. Seth, I'm really interested in
Speaker 4: on the why now. This is a lot of proposals,
Speaker 4: conversation starters, the intertwining of public private partnerships.
Speaker 2: But why are they're putting it out now?
Speaker 8: Yeah, I mean, certainly the rhetoric from open ai and
Speaker 8: elsewhere is that we are moving very fast towards more
Speaker 8: advanced aisystems. Open ai specifically it's supposed to be working
Speaker 8: on a new model in the coming week, so it
Speaker 8: could partly be a way of getting ahead of that.
Speaker 8: Keep in mind that what they're saying here is still hypothetical.
Speaker 8: They're talking about a more advanced form I called super
Speaker 8: intelligence outperform any person on Earth, like any task. We're
Speaker 8: in that there yet, But these proposals are just that
Speaker 8: they're trying to shift the discourse a little bit and
Speaker 8: trying to incentivize bigger ideas a new social contract, if
Speaker 8: you will. That they seem to liken loftily to the
Speaker 8: new deal.
Speaker 3: So for a lot of open AI news over a
Speaker 3: long weekend in the United States, reshuffle in terms of
Speaker 3: leadership and manage to health related and one sort of
Speaker 3: strategic just update us as best you can.
Speaker 8: Yeah, a lot of news right before the holiday weekend.
Speaker 8: You know, Fiji Cimo, who has really been sort of
Speaker 8: a fast growing influential figure in the organization, is stepping
Speaker 8: back for a short term medical leave. She was previously
Speaker 8: the CEO of Instacart and has been really instrumental in
Speaker 8: a lot of their product and business initiatives. Brad Leikap,
Speaker 8: who we've certainly had on our air before, the CEO
Speaker 8: of the company, who have assumed some of the CEO
Speaker 8: responsibilities over the last year and change, is now stepping
Speaker 8: into a new special role where he'll help oversee partly
Speaker 8: the efforts to bring AI to more businesses through a
Speaker 8: joint venture with PE firms, and then their CMO is
Speaker 8: stepping down permanently to deal with her recovery from cancer.
Speaker 8: So it's a mix of factors here and stepping back.
Speaker 8: It's a meaningful shake up at the time when we
Speaker 8: understand this company is moving ahead with plans for possible
Speaker 8: IPO and just close the largest funding round that we
Speaker 8: have ever seen.
Speaker 3: All Right, Bloomberg's AI editor Seth Fighmann, thank you very much.
Speaker 3: Another story out this morning, Oracle has tapped former Schneider
Speaker 3: Electric EVP Hillary Maxon as CFO and that's effective immediately.
Speaker 3: For more on the move, let's get out to Bloomberg's
Speaker 3: Brady Ford, who covers Oracle Hillary Maxon. Interesting appointment, But
Speaker 3: I think the big story is, you know, Oracle has
Speaker 3: a new CFO at a critically important time for managing
Speaker 3: Oracle finances.
Speaker 2: What do we need to know?
Speaker 9: You get to remember Oracle is going through a pretty
Speaker 9: narrowly financial situation, right, I mean, they are transitioning from
Speaker 9: an asset lied database company, the one that is going
Speaker 9: through tens of billions of dollars in data center development,
Speaker 9: and they've had to issue equity. They're doing thousands of
Speaker 9: layoffs and so they're navigating a pretty complicated financial picture
Speaker 9: and it's not shocking to see a new leader for
Speaker 9: those finances.
Speaker 2: Yep.
Speaker 4: The expertise that she brings in particular the background and
Speaker 4: where really how focused will lie you think, Brady.
Speaker 9: Yeah, well I think that's really interesting because you know,
Speaker 9: they didn't pick a software CFO. They picked someone with
Speaker 9: heavy industrial experience, and that's effectively how the biggest tech companies.
Speaker 2: Are operating now right.
Speaker 9: They are heavy industrial companies with massive cap x books,
Speaker 9: and it makes sense that they would bring somebody kind
Speaker 9: of outside the software world to navigate that.
Speaker 4: Thirty four across all things, Oracle as well, if you
Speaker 4: always are, thank you very much. Indeedah Coming up SpaceX
Speaker 4: it prepares for its launch into the public markets. That
Speaker 4: says more than two trillion dollar valuation potentially. We'll discuss
Speaker 4: expectations for its listing and other mega public debuts. That's next.
Speaker 10: This is a.
Speaker 2: Brumbig tech.
Speaker 4: You know, masks SpaceX, but it's meeting with banks today.
Speaker 4: We understand as the world's most valuable startup gears to
Speaker 4: pitch potentially because ever market debut. Let's get the latest
Speaker 4: room Meg's Bailey Lipshalts.
Speaker 2: So we understand much.
Speaker 4: Is on the table, much has been asked of banks,
Speaker 4: not just only advice it would seem in some reporting,
Speaker 4: But what are we likely to get in terms of
Speaker 4: a sense of when they could come, how significantly they're
Speaker 4: going to get to this true trillion number.
Speaker 11: Yeah, So what you'll see play out over the coming
Speaker 11: weeks is these so called testing the waters meetings. So basically,
Speaker 11: bankers will meet with their pitch decks, show investors and say, hey,
Speaker 11: look at Tara fab, how exciting our orbital space data centers, and.
Speaker 2: What the ultimate vision could look like.
Speaker 11: It won't necessarily focus on actual valuation just yet, but
Speaker 11: it'll really center on the financials, financial forecast, what twenty seven,
Speaker 11: what twenty twenty eight could look like, given the expectations
Speaker 11: that this should price in June. So the next kind
Speaker 11: of march forward would be waiting for that formal flip public,
Speaker 11: which would then kick start Caught twenty two days to
Speaker 11: go in public.
Speaker 2: So that's the next key milestone.
Speaker 11: But we're going to be talking to investors, talking to sources,
Speaker 11: trying and to understand what these meetings look like while
Speaker 11: the company awaits a formal response from the SEC, which
Speaker 11: would then kind of.
Speaker 2: Move this along.
Speaker 3: We report right in the middle of last week that
Speaker 3: the confidential filings in Then we reported that the valuation
Speaker 3: being targeted is climbing above two trillion dollars. But all
Speaker 3: of those little bits of reporting would indicate what you
Speaker 3: just talked about, that June is happening. What else would
Speaker 3: give us confidence that a June IPO is realistic at
Speaker 3: this point?
Speaker 11: The big thing d is that it'll take a month
Speaker 11: typically for the SEC to give formal comments. So they
Speaker 11: filed the middle of last week, call it the early
Speaker 11: first few days of May. Is when they would get
Speaker 11: that filing response from the SEC. It would be up
Speaker 11: to the company and up to its lawyers to address
Speaker 11: any qualms from regulators to really set the stage for
Speaker 11: what we call a formal public flip, which then kicks
Speaker 11: off again a fifteen day waiting period before a formal
Speaker 11: marketing could take place and then the deal could be priced.
Speaker 11: So the big thing to keep in mind is if
Speaker 11: there's any hold up with the SEC that could delay
Speaker 11: this process. But from our understanding, the company wants to
Speaker 11: move as quickly as possible, which would then mean a
Speaker 11: public flip where you formally see that s one on
Speaker 11: Edgar kind of being breaking news sometime in mid to
Speaker 11: late May, which would then set the stage for an
Speaker 11: IPO two price in the company to start trading at
Speaker 11: some point in mid to late June.
Speaker 4: Obviously, retail investors get excited, but who are the big
Speaker 4: players that like you to be talking to at the moment.
Speaker 4: There has been reporting of big anchor investors who are
Speaker 4: being looked for.
Speaker 11: Anyone in everyone will be kind of tasked with investing.
Speaker 11: When you're looking to raise seventy five billion dollars, that's
Speaker 11: more than double the largest IPO of all time. And
Speaker 11: when you look at a book that, according to our reporting,
Speaker 11: they could try to sell about thirty percent to retail,
Speaker 11: that's more than twenty two billion dollars. So you're still
Speaker 11: solving for a fifty billion dollar problem, whether that's sovereign
Speaker 11: wealth funds around the world, whether that's institutional investors. And also, oh,
Speaker 11: by the way, probably being pitched to some of the
Speaker 11: largest strategic investors, just given the propensity for XAI orbital
Speaker 11: data centers and kind of the grand vision that Elon
Speaker 11: Musk is pitching.
Speaker 2: Bloomberg's beaty Lipschultz.
Speaker 3: Thank you very much that stick with expectations for a
Speaker 3: SPACEXIPO and other possible mega listings this year at lease
Speaker 3: Via is with us. She's the founder partner at IPO
Speaker 3: Advisory firm Class five Group. Bailey was just talking about
Speaker 3: the Test the Waters meetings and one of the things
Speaker 3: we've tried to report on in some detail over a
Speaker 3: number of years. It's not you is the revenues breakdown
Speaker 3: at SpaceX right there was a point where it went
Speaker 3: from mostly launched to mostly starlink. What I'm seeing and
Speaker 3: hearing right now is starlink at the top end tracking
Speaker 3: to maybe twenty billion dollars of revenues this year. You know,
Speaker 3: if they exceed, how do you price an IPO on
Speaker 3: that data?
Speaker 10: It's it's the perfect question, and thanks for having me here.
Speaker 10: First of all, all the numbers we've seen so far
Speaker 10: are leaked numbers or rumored numbers or through the great mind.
Speaker 10: Until they flipped that document public, we aren't really going
Speaker 10: to know what any of the numbers are. And then
Speaker 10: until they go out as you just heard, and meet
Speaker 10: with investors and the test the Waters, we're not going
Speaker 10: to know what the expect the Bank's expectations are for
Speaker 10: twenty twenty seven twenty twenty eight. I presume they'll go
Speaker 10: out much further. But none of them that are being
Speaker 10: bandied about in any way fundamentally correlate to a trillion
Speaker 10: dollar or a trillion and a half dollar or a
Speaker 10: two trillion dollar valuation. It's all, it's all hope. It's
Speaker 10: all do we believe the vision. It's all do we
Speaker 10: believe and believe that they will have limited competition, which
Speaker 10: we know there's more coming. So it's a leap of
Speaker 10: faith and there's going to be a lot of fomo here.
Speaker 10: And the best way to look at how to value
Speaker 10: it is to go way back to nineteen thirty four
Speaker 10: where you look at Graham and God who wrote the
Speaker 10: book on Fundamental Securities valuations, and they had a great
Speaker 10: comment that was applicable during the Internet phase, and it's
Speaker 10: applicable now and it's hey, look, there are times I'm paraphrasing,
Speaker 10: but there are times when there are new fields of endeavor,
Speaker 10: new companies in areas we've never seen before, and investors
Speaker 10: can in fact make a lot of money if they
Speaker 10: are involved early enough. But everybody needs to understand it
Speaker 10: is not a fundamental investment. It is a bet. It
Speaker 10: is a speculative bet, and that's what money at these
Speaker 10: valuations will be going into SpaceX. You roll a dice
Speaker 10: and you see, you know, Starlink's pretty cool, Lisa, this
Speaker 10: is rolling a dice situation that's suddenly not so.
Speaker 4: It's going to be being discussed with banks talking to
Speaker 4: investors today.
Speaker 10: There is no math that correlates the current revenues to
Speaker 10: two trillion dollars none. So Yes, it's a bet on
Speaker 10: the future, and it's a compelling and potentially fascinating and
Speaker 10: enormous and also very uncertain.
Speaker 2: Future, Lise.
Speaker 3: Typically before a big IPO of a late stage startup,
Speaker 3: they would raise a big round right, largely to bringing
Speaker 3: the crossover investors. In this case, SpaceX merged with XAI,
Speaker 3: which changed the valuation dynamic, brought debt onto the balance sheet,
Speaker 3: et cetera. What was your assessment at that transaction?
Speaker 2: Pre IPA.
Speaker 10: Typical mosque, I would say, I think again, until we
Speaker 10: know what the math looks like, it's very hard to
Speaker 10: make any sort of a sound assessment. It's clearly bundling
Speaker 10: things together, and heaven knows, he's done pretty astonishing things
Speaker 10: in the past that have worked out and some that haven't.
Speaker 10: So it's we don't yet know. And again I've not
Speaker 10: been on the test the waters meetings. Maybe they're explaining that,
Speaker 10: maybe they're explaining this, but how the two are going
Speaker 10: to interact such that one in one equal eight.
Speaker 4: Does this have read across to any of the others
Speaker 4: in the pipeline, Lisa, or is this very much your
Speaker 4: view on Elo Musk and this bet in SpaceX because
Speaker 4: it's also a beten XAI and we have plenty of
Speaker 4: the AI companies potentially waiting in the wings.
Speaker 10: So from a general sense, when you have a very
Speaker 10: large IPO, and we've never seen one like this before,
Speaker 10: but we've had attlee Baba, We've had Facebook, We've had
Speaker 10: other big we had Saudi a Ramco, although kind of
Speaker 10: a very different industry. When you have a big IPO
Speaker 10: that goes goes well as Ali Baba did, usually a
Speaker 10: number of the companies in the wings put the foot
Speaker 10: on the guests and say we're going to take advantage
Speaker 10: of the fact that investors are feeling good about ideos,
Speaker 10: and you see much more activity when you see a
Speaker 10: larger IPO that stumbles out of the Gate as Facebook did,
Speaker 10: people and companies go back into hibernation for a while.
Speaker 10: So this could be the opening of the door that
Speaker 10: certainly bankers would love to see, but we have to
Speaker 10: see how it plays.
Speaker 4: Is Abaya, It's been fascinating talking to you, partner and
Speaker 4: founder at Class five Group about the lineup, and that's
Speaker 4: currently happening with all things public markets. Let's so quick
Speaker 4: recap on the public markets right now as to what's
Speaker 4: happening when President Trump has been speaking. Some headlines have
Speaker 4: been coming out moments ago part of the White House
Speaker 4: East egg roll, but of course conversation has moved into
Speaker 4: the world of Iran. We understand that President Trump currently
Speaker 4: is saying that ron as some missiles and drones left,
Speaker 4: and the Runian people will fight the regime when it's
Speaker 4: safe for them to do so. But more broadly, he's
Speaker 4: talking about Iran cannot have a nuclear weapon ed. He's
Speaker 4: also talking about his popularity right now, the American people
Speaker 4: wanting the US to win and to come home, and
Speaker 4: more broadly that he'd like this end to the current conflict.
Speaker 2: D okay.
Speaker 3: Coming up on the program, we're speak of Chris Lahane,
Speaker 3: open AI's chief Global Affairs officer. As the company releases
Speaker 3: social and economic policy proposals for the AI era, it's
Speaker 3: half time in the program will be right back in.
Speaker 3: This is Bloomberg Tech. Welcome back to Bloomberg Tech. In
Speaker 3: an era of artificial intelligence, upheave or open ayes proposing
Speaker 3: ways to spread the benefits of the technology and put
Speaker 3: people first. To start, It's published a set of policy
Speaker 3: recommendations ranging from a public wealth fund and expanded safety
Speaker 3: nets to shorter work weeks and faster electrical grid development.
Speaker 2: For more.
Speaker 3: Open AI's chief Global Affairs Officer, Chris Lane is with
Speaker 3: us here on Bloomberg Tech. I mean they are proposals, they.
Speaker 2: Are not formal proposals.
Speaker 3: But what I'm trying to understand with this, Chris, if
Speaker 3: we get the idea is how everyday people would participate
Speaker 3: in it. Who enacts it Open AI or government? But
Speaker 3: you're talking about people whose lives are impacted themselves by
Speaker 3: AI participating in it.
Speaker 2: Explain it.
Speaker 12: Yeah, that's exactly right. Let me take a step back
Speaker 12: and Caroline, thanks for having me so first and foremost
Speaker 12: with this document. Really reflects is the work and thinking
Speaker 12: of open AIS researchers, the folks who are really building
Speaker 12: and innovating this AI technology, and I think they understand
Speaker 12: and recognize that this is technology that's on power with
Speaker 12: historic general purpose technologies are the past that weel, the
Speaker 12: printing press, combustion engine, electricity, you know, each of those
Speaker 12: ultimately drove the human condition forward by driving economic progress.
Speaker 12: But every time one of these technologies came along, there
Speaker 12: was obviously challenges they came with it. And so what
Speaker 12: this document really is attempting to do is to put
Speaker 12: out some concepts and ideas that are really as transformative
Speaker 12: as the actual underlying technology. And so it's divide into
Speaker 12: two sections. One section really deals with an open economy,
Speaker 12: which is what you are talking about. How do we
Speaker 12: make sure AI is free, fair safe, How can people
Speaker 12: participate as much as possible? And you know, the Software
Speaker 12: and Wealth Fund idea, you know, is something that we
Speaker 12: really took from what we had seen in Alaska with
Speaker 12: the Alaska Permanent Fund, where the entire population of Alaska
Speaker 12: gets to participate in the economics of the fossil fuel
Speaker 12: extraction in Alaska. But ultimately there's a whole range of ideas.
Speaker 12: One of the I think at the core of all
Speaker 12: of this, though particularly on the economic opportunity piece, is
Speaker 12: the understanding that AI needs to be understood as a
Speaker 12: right that everyone in this country, everyone in the world,
Speaker 12: has at least the opportunity to be able to participate in.
Speaker 12: And that's really what's fun of this.
Speaker 3: I mean, Chris, a public or sovereign wealth fund is
Speaker 3: a very specific proposal. Have you discussed that idea with
Speaker 3: anyone within the administration? Who within the administration have you
Speaker 3: discussed that with?
Speaker 12: Yeah, I'm not going to get into specific names, which
Speaker 12: may be a shock to you, but we have certainly
Speaker 12: had those conversations with folks both in the administration. You
Speaker 12: obviously have the Trump Accounts, which is a version of
Speaker 12: some kind of a fund. I think in the last
Speaker 12: two or three weeks, I've probably met with a dozen
Speaker 12: two dozen actually, as I think about it, members of
Speaker 12: the United States Senate where we've been talking about these
Speaker 12: types of concepts, And I think what's really going on
Speaker 12: right now is that there is a growing awareness from policymakers,
Speaker 12: particularly in Washington, DC, of just how fast this technology
Speaker 12: is accelerating, the scale that it's going to be impacting
Speaker 12: all of us, and an interest and desire to really
Speaker 12: up level the nature of the policy conversations. You know,
Speaker 12: to date, the conversations have really been almost binary. On
Speaker 12: one hand, there is, you know, an approach, keep your
Speaker 12: hands off, don't worry, everything's going to be great. On
Speaker 12: the other possible extreme, there is the doomer view, which
Speaker 12: is that this is technology that's so powerful only a
Speaker 12: small number of people should control it. We're really trying
Speaker 12: to put out a different approach, and this approach is
Speaker 12: based on actually offering solutions that are going to meet
Speaker 12: the technology where the technology is, but doing it in
Speaker 12: a way that's inherently small de democratic, working through the
Speaker 12: democratic process to actually identify the ideas to will allow
Speaker 12: this technology to benefit as many people as possible. And
Speaker 12: that's really what we're trying to put out here today.
Speaker 12: And this is a conversation starter, as you were alluding to.
Speaker 12: We don't pretend to have all the answers. Certainly people
Speaker 12: have smarter ideas, people will pressure test these, but we
Speaker 12: do think we need to open up that proverbial Overton
Speaker 12: window so that we begin having these conversations now, so
Speaker 12: that we can identify the solutions quickly.
Speaker 4: Amount of the now is interesting. Was the now prompted
Speaker 4: by this growing awareness that this isn't very popular with
Speaker 4: the general public right now, or is it now because
Speaker 4: you've got something coming, The models are updating, an IPO
Speaker 4: is on the diverge, and therefore you need to get
Speaker 4: ahead of the policy perspective too.
Speaker 12: It's really the ladder and not the former. And it's
Speaker 12: certainly when you talk about and you look at the
Speaker 12: underlying data, those who use AI tend to have a
Speaker 12: pretty positive to very positive perspective on it. And you know,
Speaker 12: we're nearing a billion folks who are using this on
Speaker 12: a regular basis, so it's more and where people use AI,
Speaker 12: obviously perceptions of it understand how it's can to impact education, healthcare,
Speaker 12: their daily lives grows. But this is really at the core,
Speaker 12: and again this came from our researchers who are really
Speaker 12: understanding where technology is going and how quickly it's moving
Speaker 12: in that direction that we do need to begin to
Speaker 12: identify those ideas, those solutions, those concepts that are going
Speaker 12: to meet the technology where it is. And I've said this,
Speaker 12: but Chris, technology is transformative. We're going to need policy
Speaker 12: ideas are equally transformative. And if I could, I mean
Speaker 12: maybe an analogy here is the New Deal. And I
Speaker 12: don't mean the New Deal in a sense that we
Speaker 12: believe that there's big government solutions for this. But what
Speaker 12: the New Deal ultimately recognized was that as technology drove industrialization,
Speaker 12: there really needed to be a calibration or perhaps a
Speaker 12: recalibration between the allocation of capital and labor to make
Speaker 12: sure that the social contract was really in balance.
Speaker 4: And you want labor to what we're thinking about it.
Speaker 2: I'm sorry, you.
Speaker 4: Want labor to have more of a voice, Chris. And
Speaker 4: what's interesting is others are speaking to this too. Jamie
Speaker 4: Diamond putting out his letter to shareholders today also talking
Speaker 4: about his view that this is moving quickly, it could
Speaker 4: eliminate some jobs and his therm has got definitive plans
Speaker 4: on how we can support and redeploy our affected workforce.
Speaker 4: How is other business going to play a role, Chris?
Speaker 4: And also what are the governments doing? You look at
Speaker 4: this from a global perspective, Where is doing this right
Speaker 4: versus the act?
Speaker 12: It's a great question, and I think you can see
Speaker 12: interesting pockets around the world. You know, when I travel
Speaker 12: to Asia, a Japan or a Korea, you see a
Speaker 12: real focus on driving up AI literacy, raising the amount
Speaker 12: of people in those countries who actually understand how to
Speaker 12: use AI. I think Japan has a goal of eighty
Speaker 12: percent of its country or graduating students literate by twenty thirty.
Speaker 12: You go to places like Estonia, which has always been
Speaker 12: a digital forward country, they're building AI into their actual
Speaker 12: government infrastructure. A Greece, We've spent a lot of time
Speaker 12: with the Prime Minister of Greece in his government. He's
Speaker 12: in the process of building AI into their public education system,
Speaker 12: and so you're seeing pockets of this. But again, I
Speaker 12: think part of what's bah behind this release of this
Speaker 12: particular document is our belief that we really do need
Speaker 12: to scale up the kinds of conversations that are taking
Speaker 12: place so that we're actually able to meet this technology
Speaker 12: where it is and moreover, where it's going.
Speaker 3: Chris, there's been some reporting from the Information that your
Speaker 3: CFO Sarah Fryer has some concerns about the spending plan
Speaker 3: over the next few years and the reality of a
Speaker 3: timeline to IPO this year, in disagreement with Sam Altman,
Speaker 3: your CEO. The report also details that Sarah Fryer was
Speaker 3: excluded from some finance or investor meetings as a result
Speaker 3: of that disagreement.
Speaker 2: What can you tell us please?
Speaker 12: So, first of all, I'm actually blessed in privilege to
Speaker 12: work with an incredible team, not just in terms of
Speaker 12: the talent, but how well everyone really works together. Perhaps
Speaker 12: the greatest validation of both the team are researchers and
Speaker 12: really our overall strategy is that last week, as you
Speaker 12: all covered right, we announced the single largest raise in
Speaker 12: history one hundred and twenty two billion dollars. And at
Speaker 12: the core of that I think was the validation of
Speaker 12: our of our focused or really laser focused strategy, which
Speaker 12: is on compute. Compute is really Sam's insight. He deserves
Speaker 12: enormous credit for this. He was there long before anyone
Speaker 12: else that it is the most finite and most precious
Speaker 12: resource when it comes to the intelligence age, and we
Speaker 12: have focused a lot of our work on making sure
Speaker 12: that we have access to that compute. That compute drives
Speaker 12: a flywheel. Right, for every quantum of compute we get,
Speaker 12: we effectively get a three x in revenue, and it
Speaker 12: works the following way. Compute drives innovation. When our researchers
Speaker 12: do that then leads to more tools. Those tools lead
Speaker 12: to more users. Right, we were the first to ten million,
Speaker 12: first one hundred million approaching.
Speaker 2: I think we've looked one hundred approaching. Chris, You're fine.
Speaker 3: Your your zoom froze for a moment there, But I'm
Speaker 3: going to go back to my question. Sarah I was
Speaker 3: or was not excluded from meetings because of a disagreement
Speaker 3: on strategy with Sam Oltman.
Speaker 12: We just raised one hundred and twenty two billion dollars
Speaker 12: and Sarah Fryar was at the center of all of
Speaker 12: those meetings, pulling all of those conversations together. It's awesome
Speaker 12: to see the teamwork that exists between her Sam Fiji,
Speaker 12: you know, our head of applications, and as I said,
Speaker 12: I get to work with a dream team in terms
Speaker 12: of talent and how well everyone works together. And again,
Speaker 12: one hundred and twenty two billion dollars, it's not the
Speaker 12: amount of money, though that is a large amount of money.
Speaker 12: It is the fact that you've had probably one of
Speaker 12: the most impressive cap tables in the world. Take a
Speaker 12: look at our business strategy, take a look at our leadership,
Speaker 12: take a look at our researchers, and really give us
Speaker 12: a huge vote of confidence. I mean, think about where
Speaker 12: we are from a revenue perspective in twenty twenty four,
Speaker 12: I'm doing this from kind of I think we had
Speaker 12: a billion dollars in revenue a quarter. We're now doing
Speaker 12: two billion dollars in revenue a month. I mean, you
Speaker 12: just haven't seen growth numbers like that historically.
Speaker 4: Let's talk about the time, because it's got bigger and
Speaker 4: that has been reshuffling, and our thoughts go to those
Speaker 4: with health issues, particularly fujis.
Speaker 6: She takes a step back.
Speaker 4: Chris, but TIVYPN if that's coming under your leadership, why I'm.
Speaker 12: So excited for this, Caroline, I am so excited for this.
Speaker 2: I'm excited for.
Speaker 12: It for two reasons. On one hand, you know, these
Speaker 12: guys Geordie and John and their whole team do as
Speaker 12: good a job as anyone out there and unpacking the
Speaker 12: why and the how behind technology and explicitly AI I
Speaker 12: think folks come on to other media outlets. I mean,
Speaker 12: you guys do an incredible job of breaking news and
Speaker 12: scoopy news. What these guys do is really break down
Speaker 12: ideas and scoop out what's behind those ideas and at
Speaker 12: a time, and you know, this even relates to the
Speaker 12: beginning of this conversation on the document that we put
Speaker 12: out today at a time when we really need to
Speaker 12: be scaling how the world understands AI. These folks do
Speaker 12: one of the best jobs out there. We want to
Speaker 12: give them the resources that their audience grows. This second
Speaker 12: point here is that I'm able to bring in house really,
Speaker 12: in my view, what is the leading agency when it
Speaker 12: comes to being content forward and digital first. You know
Speaker 12: a lot of analogies that have been used. I mean,
Speaker 12: Bloomberg is obviously owned by a financial services company and
Speaker 12: then has a media entity. In terms of you know
Speaker 12: analogies out there, I think there's actually a different analogy
Speaker 12: here that's a little bit more applicable, and that as
Speaker 12: you think about Apple under Steve Jobs in the nineteen
Speaker 12: eighties and early nineties, they actually brought in Shiat Day,
Speaker 12: which had been their outside marketing agency, and created something
Speaker 12: called the Apple Media Lab, and it really became a
Speaker 12: model for how to build in house marketing in an
Speaker 12: age when a lot of that marketing was done through
Speaker 12: what we are now called traditional advertising. We're in a
Speaker 12: different age today. Digital is at the center of the
Speaker 12: conversation and I see this as analogous to that but
Speaker 12: for the digital age we're bringing in really I think
Speaker 12: the best agency in the We're ad to help us
Speaker 12: do the best job we possibly can do as we
Speaker 12: could either grow in terms of how we market and communicate.
Speaker 12: So I'm totally punk for it. That's really excited when.
Speaker 4: You came on to talk about that communication, that potential
Speaker 4: of policy initiatives as well, Chris Lahne. We always wish
Speaker 4: we had another ten to fifteen minutes with you, Chrystalahane.
Speaker 12: I thought we were going to talk about the night.
Speaker 4: Next time we'll go affair for that, Affairs Officer. We
Speaker 4: so appreciate you tuning in today and joining us. I mean,
Speaker 4: while coming up a new show, well, it's making fun
Speaker 4: at the Silicon Valley so called bubble. We sit down
Speaker 4: with the creator and start of the new AMC show,
Speaker 4: The Audacity. As a Blueberg tech.
Speaker 13: Genius is not about figuring out the solution, It's about
Speaker 13: being unhinged.
Speaker 2: To do something outrageous with it. Fear in p innovation.
Speaker 2: I call that self police brutality. Tech lives matter exactly.
Speaker 4: I was a bit of the trailer for The Audacity,
Speaker 4: so you shall I say dark comedy coming to AMC,
Speaker 4: said inside the bubble of Silicon Valley, please to say
Speaker 4: the show's executive producer, don't think that says with us
Speaker 4: as well as one of the stars, Billy Magnuson, who
Speaker 4: had slightly longer locks.
Speaker 2: Great to have you, denti On, Thank you so much.
Speaker 4: Let's poke some fun or let's have some reality check
Speaker 4: as well. What a time to be writing about what
Speaker 4: maybe you're presenting as masters of the universe in some
Speaker 4: way here? How did this come to bear?
Speaker 2: How relevant is it for our time?
Speaker 14: I think it's extremely relevant, But it is one of
Speaker 14: these funny things with television. You rate it a year
Speaker 14: or so before it actually airs, so you're guessing at
Speaker 14: what might be relevant. Uh, and it's a difficult thing
Speaker 14: to chase. Obviously with tech, it's just moving way too
Speaker 14: fast to try to anticipate what the next thing is
Speaker 14: going to be. I think we managed to do that.
Speaker 14: It's kind of like sometimes the Defense Department brings in
Speaker 14: screenwriters to say, like, would what would a great weapon be?
Speaker 2: That of the future.
Speaker 14: In a lot of ways, that's what we did in
Speaker 14: terms of like where we thought tech was going. The
Speaker 14: therapy bought things like even aspects that were major news
Speaker 14: items like what happened with the VA and Doge and
Speaker 14: everything like that is a major story point for us,
Speaker 14: but we wrote it before that actually happened.
Speaker 2: Life imitating h indeed.
Speaker 4: But it was interesting is on the X Prize actually
Speaker 4: is going out there at the moment wanting people to
Speaker 4: come up with more positive views of how technology is
Speaker 4: going to change because they want the next phone in
Speaker 4: the way that was inspired by Star Trek. But for you,
Speaker 4: how did you get into character?
Speaker 2: How did you think about.
Speaker 4: This tension that we have of utopia versus well dystopia.
Speaker 2: Oh that's quite interesting.
Speaker 13: You know, basing as an actor, you know, you take
Speaker 13: in you decipher what you see out there.
Speaker 2: We know all the people on the headlines. We know
Speaker 2: who is in the tech Titans of who are you
Speaker 2: most fascinating?
Speaker 13: All of them to tell you too, I don't want
Speaker 13: to put names out there, but we know who they are.
Speaker 2: And then you just take the good.
Speaker 13: The bad, the ugly, and then you try to build
Speaker 13: a character through all that and make this milange with
Speaker 13: a character that I was like, Okay, what's interesting to me?
Speaker 2: What's scary to me? Yeah, it's just they're out there,
Speaker 2: we see them, we know who we.
Speaker 13: Are and the best part about Jonathan Glatz are making
Speaker 13: the story.
Speaker 9: Yeah, there's the.
Speaker 13: Tech Titans, but Duncan Park is right under them, and
Speaker 13: he is hungry for it. And it just kind of
Speaker 13: shows a little bit the toxic nature that can seep
Speaker 13: into these guys who probably genuinely when they started they
Speaker 13: had hope and had hoped to build something positive for
Speaker 13: the world, and then greed corruption all the beautiful things
Speaker 13: and we see out there seeps in so beautiful.
Speaker 14: Yeah, And I think it was important also for there
Speaker 14: to be for him to be a wanna be Titan,
Speaker 14: for that desperation to be there to fuel the story,
Speaker 14: but also to not necessarily be influent by the fame
Speaker 14: and the spotlight that the people at the very top
Speaker 14: of the ladder. We see them be like rock stars,
Speaker 14: and I feel like that desire to be amongst them
Speaker 14: it was so important, but not actually being one of
Speaker 14: them was was.
Speaker 2: I guess it's a fun world he's created. Actually it's not.
Speaker 13: It's just again, our job is to tow a little
Speaker 13: bit of a early the reality.
Speaker 3: Oh hey, I hear really no, I know you don't
Speaker 3: want to name names, right, So your character is an
Speaker 3: audacious data mining CEO.
Speaker 2: I can tell you.
Speaker 13: Decade that's like the or well industry.
Speaker 2: So how do you prepare for that character?
Speaker 3: So there are some real world examples out there of
Speaker 3: the audacious.
Speaker 2: Data mining CEO. Go through the process, the process of it.
Speaker 13: Honestly, it's just looking and regarding what's out there, and
Speaker 13: then you slowly just pull back each little layer of
Speaker 13: it and you make a beautiful dish out of it.
Speaker 2: And I think that that's the fun part.
Speaker 13: Again, the world was created in Jonathan Glatter's mind, and
Speaker 13: like to have one of the most profound writers of
Speaker 13: our time.
Speaker 2: And I'll quote me on that.
Speaker 13: I think he is absolutely exceptional. That playground then is
Speaker 13: created for me just to dance on, and I couldn't
Speaker 13: be more grateful to be a collaborator with this fine
Speaker 13: gentleman to my right.
Speaker 3: Likewise, Jonathan, I want to respect the specifics of the
Speaker 3: audacity and the distinction in genre almost but I came
Speaker 3: to San Francisco in twenty eighteen with several seasons of
Speaker 3: Silicon Valley under my belt, right, and that show so
Speaker 3: closely aligned with the culture satirical, poked fun at.
Speaker 2: At what it is to be at.
Speaker 3: Maybe the lower end of the spectrum, the startup, small scale,
Speaker 3: early stage. How conscious of that were you that that
Speaker 3: exists out there, and how much you wanted Audacity to
Speaker 3: be representative of all of the capital that's here, intellectual
Speaker 3: and financial capital that underpins the technology industry.
Speaker 14: That I was a huge fan of Silicon Valley myself.
Speaker 14: It's brilliant, brilliant satire. It definitely is about a time
Speaker 14: in the Valley that was a little bit more optimistic,
Speaker 14: the garage incubator type of culture, and that that striving
Speaker 14: to uh, you know, make it to a place, which is,
Speaker 14: as I said before, is part of what what Duncan
Speaker 14: is is going through. But Duncan already Duncan Park, the
Speaker 14: character that Billy plays so brilliantly. He he He had
Speaker 14: a company prior to this called Fathah, which was about
Speaker 14: bringing people together and you know, they would trading candles
Speaker 14: and canoes and stuff like that. And then he became
Speaker 14: a data merchant, h third party type of uh data merchant.
Speaker 14: And I think that what we're showing in our you know,
Speaker 14: it's a very different show. It's a much more of
Speaker 14: a families interacting as a psychiatrist is the second lead
Speaker 14: of the show. But the idea that everybody back in
Speaker 14: the day was truly optimistic in a genuine way, that
Speaker 14: they were going to be bringing people together. They're going
Speaker 14: to lower the barriers in terms of tolerance and people
Speaker 14: communicating together, and the idea of that information is going
Speaker 14: to be something that's reliable and accessible, and that all
Speaker 14: kind of went in the opposite direction for the most part,
Speaker 14: for the most part, right, But they made a lot
Speaker 14: of money doing it, and so it was kind of like, wait,
Speaker 14: are we We're sort of tearing at society in a
Speaker 14: lot of ways here, and communication has been completely bifurcated
Speaker 14: and people are don't seem to be any more tolerant,
Speaker 14: let alone all the other things that they that they
Speaker 14: talked about. But we're making so much money doing it.
Speaker 2: This is what people want, you know.
Speaker 14: And so that sort of cynicism and that, I think
Speaker 14: it just imbued a different chapter in the Silicon Valley story.
Speaker 14: And hopefully there's a chapter coming up. I don't know when,
Speaker 14: but hopefully there will be one where they realize that
Speaker 14: the power that they that they have is also the
Speaker 14: power to do Good's.
Speaker 13: The characters He's created, it is the culture you're examining
Speaker 13: the culture that lives inside the Silicon Valley now, and
Speaker 13: I love that that dynamic of the whole project. I
Speaker 13: feel lucky to be a part of this project.
Speaker 3: Honestly, gentlemen, we appreciate having you here on Bloomberg Tech.
Speaker 3: And I think I'm right and saying it's already been
Speaker 3: renewed for a second season as well.
Speaker 2: The Audacity premier.
Speaker 3: Is April twelfth on AMC Jonathan Glatzer, Billy magnuson Thank
Speaker 3: You for Coming by.
Speaker 2: NASA's Automus two.
Speaker 3: Is set to pass at the closest distance that humors
Speaker 3: have come to the lunar surface in fifty years. Seven
Speaker 3: PM New York Times tonight is the crew as it's
Speaker 3: fly by of the Moon. Let's bring in Bloomberg's Lauren
Speaker 3: Grush just back from first Florida, then Houston.
Speaker 2: Big moment seven PM. What do we need to know?
Speaker 7: There are quite a few big moments today.
Speaker 15: Actually, one thing that I'll start before even seven pm
Speaker 15: is around two pm Eastern, the crew will actually break
Speaker 15: the distance record previously set by apall of thirteen of
Speaker 15: the farthest any humans have traveled from Earth. So that
Speaker 15: will kind of be a nice little lead into the
Speaker 15: fly by, and then.
Speaker 7: Yeah, this is today is the day. What the Artemis
Speaker 7: two mission is all about.
Speaker 15: It's getting close to the Moon and being able to
Speaker 15: see the far side of the Moon, parts of the.
Speaker 7: Far side that humans have never seen before. So it's
Speaker 7: a really exciting day.
Speaker 4: And it's been so exciting to watch this minute by minute,
Speaker 4: take by take as this journey continues. Lauren, You've got
Speaker 4: some fascinating reporting on what's working well out there and
Speaker 4: also what's not working well.
Speaker 15: Right So, actually, I've been blown away by how smooth
Speaker 15: this mission has gone. Obviously, there's little glitches here and
Speaker 15: there that they'll be reporting to mission control, but overall
Speaker 15: it seems to be a relatively smooth mission.
Speaker 7: One thing that we have all.
Speaker 15: Noticed is that the biggest headache might be.
Speaker 7: The onboard toilet.
Speaker 15: So it kind of started acting up that first day
Speaker 15: of flight. They were able to fix it by helping
Speaker 15: to prime the pump, but then on the next day
Speaker 15: or a few days after, they had an issue with
Speaker 15: maybe some ice blockage from the vent line.
Speaker 7: They dump the.
Speaker 16: Contents overboard periodically, and there was kind of some blockage there,
Speaker 16: but they seem to get it working again, So it's
Speaker 16: just been it's been a nice comedic moment, you know,
Speaker 16: if that's if.
Speaker 7: The only issue is your toilet, obviously it's.
Speaker 15: Probably not something the astronauts want to be for malfunctioning,
Speaker 15: but at least that's the only thing that seems to
Speaker 15: be a real problem.
Speaker 4: Laura. It's been some beautiful writing, some incredible reporting throughout
Speaker 4: the weekend, and we so appreciate you joining us ahead
Speaker 4: of today's really important day of space ed. That does
Speaker 4: it with this edition, Boombog Tech back together again.
Speaker 3: Yeah, strong starts of the week, a lot to recap.
Speaker 2: Check out the podcast. You know exactly where to find it.
Speaker 3: On the Bloomberg terminal, as well as online on Apple, Spotify,
Speaker 3: and on iHeart. From New York and from San Francisco,
Speaker 3: this is Bloomberg Tech.