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Speaker 1: This is Bloomberg Wall Street Week.

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Speaker 2: I mean may not have an overall recession. We're having

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Speaker 2: a rolling recession. To Kanye roll looks pretty strongly is

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Speaker 2: when it comes to jobs.

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Speaker 3: The financial story is that shape are worth.

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Speaker 2: Three major regional bank failures send shockwaves through the banking system.

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Speaker 2: We're all trying to figure out what to make of

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Speaker 2: generative AI.

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Speaker 3: Through the eyes of the most influential voices.

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Speaker 2: Welcome down, Doctor Paul Krugman, Ryan Moynahan, a Bank of America,

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Speaker 2: deebro Lair of the Paulson Institute, Len Hubbard of the

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Speaker 2: Columbia Business.

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Speaker 3: School, Bloomberg Wall Street Week with David Weston from Bloomberg Radio.

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Speaker 4: The Law of unintended consequences for the Fed, for Biden,

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Speaker 4: and for India. This is Wall Street Week. I'm Romain

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Speaker 4: Bosting in for David Weston this week, The geopolitical wins

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Speaker 4: blowing in India's favor. A conversation with Rockefeller International Chairman

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Speaker 4: Rasher Sharma on the Rendramodi's economic ambition.

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Speaker 5: You'd have to be a very big contradiant to take

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Speaker 5: a bit against India.

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Speaker 4: Plus The Business of Sports with Boston Celtics co founder

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Speaker 4: ce Felauca on the high stakes deal making in basketball

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Speaker 4: and soccer.

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Speaker 6: A lot of these valuations have been drown up by

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Speaker 6: the fact that certainly basketball and soccer are global game.

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Speaker 4: At HPE, CEO Antonio n on the rush to strike.

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Speaker 7: While the AI iron is high.

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Speaker 8: AI will be a huge boost of revenue growth.

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Speaker 4: It was a compressed trading week in US markets, markets

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Speaker 4: that for a second week in a row, orbited around

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Speaker 4: one J. Powell, the FED Chair, making a semi annual

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Speaker 4: pilgrimage to Congress, two days of questioning before the House

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Speaker 4: and the Senate on the outlook for interest rates.

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Speaker 9: It only makes common sense to move at a careful pace.

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Speaker 9: We don't want to do more than we have to,

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Speaker 9: but overwhelmingly people in the committee do think that there's

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Speaker 9: more rate hikes coming.

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Speaker 4: Lawmakers also press Powell to explain how the FED will

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Speaker 4: strengthen the supervision and regulation of our banks.

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Speaker 9: We need to update our thinking around liquidity regulation, which

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Speaker 9: was based on a certain speed of bank runs, which

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Speaker 9: now looks to be outdated. Really, the liquidity regulation was

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Speaker 9: just not It was not appropriate.

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Speaker 4: The rise of interest rates and the regional bank fauled

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Speaker 4: out have already had considerable consequence for the housing market,

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Speaker 4: the number of homes for sale in the US dropping

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Speaker 4: to a record low, homeowners opting to stay put since

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Speaker 4: moving would mean giving up a cheaper mortgage.

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Speaker 10: Those that have that three percent four percent mortgage are

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Speaker 10: going to be very reluctant.

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Speaker 8: To give up that interest rate.

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Speaker 1: They have equity in their home. They have equity in

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Speaker 1: their mortgage.

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Speaker 7: Then there are the consequences of high inflation.

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Speaker 4: Central bankers around the globe this week making clear that

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Speaker 4: the battle.

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Speaker 7: Decurb price pressures far from over. Fresh rate heights from Switzerland, Norway, Turkey,

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Speaker 7: and the UK.

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Speaker 4: The Bank of England unexpectedly boosting its benchmark rate by

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Speaker 4: a half percentage point, a day after core inflation unexpectedly

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Speaker 4: surge to a thirty one year high.

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Speaker 11: Well, today's figures strengthen the case for the government to

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Speaker 11: stick to its gums. No matter what the pressure from left,

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Speaker 11: right or center, we wouldn't be pushed off course.

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Speaker 4: Meanwhile, the consequence of a single word. The week started

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Speaker 4: with US Secretary of State Anthony Blincoln making progress on

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Speaker 4: thawing relations with China, but by the end of the

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Speaker 4: week that progress was undone. An unscripted comment from President

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Speaker 4: Biden at a campaign event, preferring to Jijian PINGUS quote

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Speaker 4: a dictator.

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Speaker 12: We had an incident that caused some confusion, it might say,

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Speaker 12: But the Secretary of Blincoln had a great trip to China.

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Speaker 12: I expect to be meeting with President she sometime on

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Speaker 12: a near term. And I don't think it's had any

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Speaker 12: real consequence and.

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Speaker 4: The consequence for poor US China relations. It's looking to

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Speaker 4: be advantageous for India Prime Minister voting in his first

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Speaker 4: official state visit to the US, making the case for

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Speaker 4: corporate CEOs and government officials to view India as a

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Speaker 4: partner in technology and a counterbalance to China in the pond.

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Speaker 7: Few YUS that have been many advances in AI E

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Speaker 7: at the same time that help been.

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Speaker 13: Even more momentous development in another AIA.

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Speaker 7: I made it long and India.

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Speaker 4: Meanwhile, back on Wall Street, global stocks notching their worst

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Speaker 4: week since March, the SMP and the Nasdaq down more

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Speaker 4: than a percent on the week, the socks six hundred,

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Speaker 4: Europe sliding three and the World beating NK in Japan

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Speaker 4: ending a run of ten straight week of gains. The

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Speaker 4: money flowing out of equities did find its way into

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Speaker 4: the perceived safety of government bonds, and that did push

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Speaker 4: yields lower, deepening the inversion of the treasury yield curve,

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Speaker 4: and that in turn prompted a flight into the dollar

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Speaker 4: and a flight out of commodities. It was a somewhat

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Speaker 4: confusing and chaotic week four financial markets. Financial markets that

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Speaker 4: have been on an unexpected rally this year in defiance

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Speaker 4: of mixed economic data and Hawker's central bank actions.

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Speaker 7: Investors now left.

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Speaker 4: To decide what's worse, the fear of missing out or

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Speaker 4: fear of the next shoe to drop. Joining us now

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Speaker 4: for our roundtable is Chris Alman, the chief investment officer

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Speaker 4: over at Calsters, and Sarah Ketter are the co founder

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Speaker 4: over at Causeway Capital. And Sarah, this is a question

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Speaker 4: that I think is going to be debated for weeks,

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Speaker 4: if not months to come here. Looking at this rally

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Speaker 4: that we've had so far this year, do you think

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Speaker 4: that whatever tail winds caused that rally will persist into

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Speaker 4: the second half.

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Speaker 1: Of the year.

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Speaker 14: Probably not, And for some of the reasons that you've

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Speaker 14: opened the show with today, the economic situation is likely

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Speaker 14: to slow, certainly overseas. Europe's already slowing. UK has a

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Speaker 14: terrible inflation problem, is doing its best to contain it.

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Speaker 14: And as for the US, I mean even more inverted

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Speaker 14: yield curve plus the fastest FED funds rate rise up

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Speaker 14: to five percentage points that we've seen. I don't know

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Speaker 14: how long. What's going on in credit and tightening a

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Speaker 14: credit and there are numerous reasons why the stock market

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Speaker 14: in the US and oversees may have gotten ahead of themselves.

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Speaker 14: It doesn't mean to say there aren't stocks to own,

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Speaker 14: just the broad indices might have a bit of a

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Speaker 14: setback ahead.

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Speaker 4: The KBW Bank index is falling more than five percent

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Speaker 4: this week amid what Wells Fargo analyst Mike Mayo said

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Speaker 4: is a combination of a bank crisis discount, a recession discount,

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Speaker 4: and a regulatory discount. The results of the stress tests

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Speaker 4: are set to be released next week and could provide

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Speaker 4: some insight into the potential for higher capital requirements for

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Speaker 4: the biggest lenders out there, and insight of course, and

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Speaker 4: to the feed through into bank lending and economic activity. Sarah,

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Speaker 4: there's sort of two components here when we talk about

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Speaker 4: the banks, and I guess what we want out of

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Speaker 4: the banks, right, there's that extension of credit, I guess,

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Speaker 4: to the economy, to folks that need to borrow. There's

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Speaker 4: also the issue of capital returns to shareholders.

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Speaker 14: Yes, and the conflict at present in the US. US banks,

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Speaker 14: certainly the regional level, are under quite a bit of

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Speaker 14: pressure and as long as rates remain high, they have

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Speaker 14: a series problem both their assets and their liabilities, flight

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Speaker 14: of liabilities and markdown and assets. So what are they

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Speaker 14: going to do? I think they just just embrace against time.

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Speaker 15: For them, they've got to hold it all together.

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Speaker 14: You think they're somewhat unsavory place to be investing at present.

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Speaker 14: In contrast, European banks over capitalized in general and returning

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Speaker 14: capitalist shareholders through dividends and share buybacks. That's you know,

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Speaker 14: it's interesting to see the turn of the tables. After

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Speaker 14: all those years of European banks being under performers versus

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Speaker 14: the US, it has all changed.

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Speaker 4: Chris, I am here is when we talk about economic conditions,

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Speaker 4: or at least we try to read the tea leads

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Speaker 4: of what those economic conditions might be. We do know

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Speaker 4: that well having credit, basically banks lending money to consumers

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Speaker 4: and to businesses is a big part of the grease

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Speaker 4: for our economy here and their concerns that that grease

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Speaker 4: just isn't there, at least not into the level that

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Speaker 4: we want it to be.

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Speaker 16: Well remain I think the banks have really slowed down

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Speaker 16: their corporate lending in their direct line programs as a

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Speaker 16: result of the regulations that came in two thousand and eight,

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Speaker 16: but I did definitely being more conservative. The regional banks.

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Speaker 10: Hold a lot of real estate debt in office real

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Speaker 10: estate debt, and you guys have talked a lot today

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Speaker 10: about how the real estate market is due for write

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Speaker 10: downs and declines in value. That's going to put pressure

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Speaker 10: on their balance sheets, as in some cases the owners

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Speaker 10: throw the keys at them.

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Speaker 7: So I'm worried.

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Speaker 10: You know, there's still a lot of private credit that

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Speaker 10: has now come in from institutional investors into the market

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Speaker 10: that can fill that financing gap. Those rates of return

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Speaker 10: look pretty attractive now that there really are yields and

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Speaker 10: fixed income. That said, I think the regional banks are

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Speaker 10: going to continue to feel pressure just because their natural

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Speaker 10: market is certainly compressed. They've got better interest rates to

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Speaker 10: help them, but it's going to be tough.

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Speaker 4: That natural market is compressed right now. Chris So and

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Speaker 4: you mentioned commercial real estate. That's obviously a big focus

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Speaker 4: as well. But then even j Powell, when he was

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Speaker 4: on Capitol Hill this week, was asked about the need

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Speaker 4: for additional or I should say, higher capital requirements, and

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Speaker 4: he pretty much, at least in the way that Jay

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Speaker 4: Powell speaks, affirm that.

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Speaker 7: He did.

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Speaker 10: Romaine and I think that you know, they would like

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Speaker 10: to see stronger, safer banks. We took a lot of

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Speaker 10: time to look deep into Silicon Valley Bank and understand

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Speaker 10: that exposure first reserve bank.

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Speaker 16: They really were outliers.

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Speaker 10: When you look at the inflows and outflows to banks,

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Speaker 10: their capital structure, the regional banks, there are some that

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Speaker 10: are weak and some that are strong.

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Speaker 16: The money center banks really are in very good shape

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Speaker 16: in the.

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Speaker 4: US, say Sarah, you're probably a little bit more of

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Speaker 4: an active manager than what Chris would be.

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Speaker 7: I am curious.

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Speaker 4: Does what happen with the banking crisis, the regional banking

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Speaker 4: crisis back in March and the potential sort of specter

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Speaker 4: of additional regulation, does that change your broader investment thesis overall?

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Speaker 15: No, it doesn't. That we're value managers.

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Speaker 14: It causeway in our fundamental portfolios, international and global and

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Speaker 14: We're no matter where we are in the economic cycle,

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Speaker 14: whether we're in a slowing phase or an expansion, We're

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Speaker 14: looking for companies engaged in operational restructuring, so something has

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Speaker 14: gone wrong with their earnings and then new management or

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Speaker 14: the reformed management is there to fix it and reaccelerate.

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Speaker 14: And those companies exist all over the world.

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Speaker 4: This is a great conversation. Sarah Ketterer over at Causeway Capital,

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Speaker 4: and there on the other side of your screen, Chris

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Speaker 4: Ailman over at Cawsters. Two big and really smart people

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Speaker 4: here to talk about the week that was and maybe

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Speaker 4: the weeks to come up ahead. Coming up, norendromodes high

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Speaker 4: fline ambitions and a fresh opportunity to sell the world.

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Speaker 4: On India's economic future, Rockefeller internationals Rashier Sharma says there's

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Speaker 4: still a long way to go.

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Speaker 5: India's China shouldn't be or wait, China was about twenty

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Speaker 5: years ago or so.

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Speaker 7: That's next on Wall Street Week on Bloomberg.

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Speaker 3: This is Bloomberg Wall Street Week with David Weston from

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Speaker 3: Bloomberg Radio.

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Speaker 4: India is now the world's fifth largest economy and it

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Speaker 4: is big plans to step out of China's shadow Prime

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Speaker 4: Minister Narendra Modi addressing Congress in.

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Speaker 7: His first official state visit here to the US.

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Speaker 4: Laying out an economic model for expanding India's manufacturing nohow

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Speaker 4: welcoming foreign capital and solidifying his government as a premier

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Speaker 4: partner for the US and his technology companies.

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Speaker 13: India willive be the our largest economics soon.

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Speaker 4: The World Bank estimates that India's GDP will expand by

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Speaker 4: six point three percent in twenty twenty three, outpacing China's

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Speaker 4: five point six percent forecastid growth. That's drawing a lot

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Speaker 4: of attention and a lot of money from foreign investors,

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Speaker 4: a rotation to India, particularly among those worried that China's

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Speaker 4: economic recovery is sputtering and in need of a fiscal boost.

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Speaker 11: I think the Chinese have a very difficult set of

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Speaker 11: challenges ahead of them.

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Speaker 17: They're very serious financial overhangs.

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Speaker 4: It's not just India's economic road that is giving China

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Speaker 4: a run for its money. India has taken away China's

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Speaker 4: title as the most populous country in the world. That's

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Speaker 4: according to estimates by the UN's World Population Dashboard.

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Speaker 18: Projections indicate that the size of the Chinese population could

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Speaker 18: drop below one billion before the end of the century.

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Speaker 18: In India, by contrast, the population is expected to continue

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Speaker 18: growing for several decades.

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Speaker 4: Its younger population gives it an edge attracting multinational companies

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Speaker 4: from Goldman Sachs to Rolls Royce to Rakuten make in India.

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Speaker 7: The world's back office.

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Speaker 4: Recent economic data highlighted a rapid service sector expansion that

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Speaker 4: can be attributed to the soul called global capability centers.

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Speaker 4: These gccs now count for more than one percent of

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Speaker 4: India's GDP.

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Speaker 18: You have to think about the labor productivity issues in

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Speaker 18: the country because it's already a services dominated economy in

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Speaker 18: terms of the share of GDP.

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Speaker 4: Apple is doing its part in heating up competition between

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Speaker 4: India and China. Apple's biggest supplier of Fox Con It's

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Speaker 4: set to start manufacturing iPhones in India by next year

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Speaker 4: as Apple diversifies away from China.

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Speaker 18: We've had considerable success and tailments in the smartphone segment,

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Speaker 18: and we have been great interest from the likes of

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Speaker 18: Apple and Samsung and expanding and growing here.

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Speaker 7: Investors appear to be all on board.

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Speaker 4: Rupee denominated bonds are on track for the longest streak

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Speaker 4: a monthly buying by overseas funds in almost four years.

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Speaker 7: The local currency is offering the.

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Speaker 4: Second best carrier returns in Asia this year, and equities

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Speaker 4: have loured almost ten billion dollars in net foreign inflows

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Speaker 4: this quarter, helping India's three point four trillion dollars stock

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Speaker 4: market reclaim its spot as the world's fifth largest.

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Speaker 6: See the great thing about India is that with one

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Speaker 6: point four billion, you could go into the penny industry.

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Speaker 7: There's a market domestic.

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Speaker 4: As it positions itself as a leader on the global stage,

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Speaker 4: India faces challenges at home with the withering scrutiny of

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Speaker 4: a Donni Group after a report from Hindenberg Research alleged

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Speaker 4: accounting fraud and stock manipulation.

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Speaker 15: These things don't happen every so often.

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Speaker 16: They're kind of rare, and our views that we need

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Speaker 16: to bet a little bit bigger when you do get

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Speaker 16: these outsize opportunities.

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Speaker 4: India's modern nations free must also confront some significant shortcomings,

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Speaker 4: the country's deadliest rail accident in nearly three decades raising

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Speaker 4: questions about outdated infrastructure.

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Speaker 17: It is a huge headpack find you.

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Speaker 14: They see federal elections with just a couple of months ago.

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Speaker 1: There they will be Nikiya.

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Speaker 6: For more.

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Speaker 4: We welcome Rashier Sharma, the chair of Rockefeller International. Rashier,

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Speaker 4: great to have you here on the program. You know

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Speaker 4: emerging markets better than anyone, and I'm sure you also

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Speaker 4: know that for years, decades, really investors have really been

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Speaker 4: interested in the promise of India. There is a focus

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Speaker 4: right now, if you will, on that country, on its

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Speaker 4: economy and on its cap markets that seems much different

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Speaker 4: than what that focus had been in the past.

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Speaker 7: What's changed?

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Speaker 5: Well, I think that this focus you're seeing on the

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Speaker 5: back of Prime Minister Moody's visit here has a lot

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Speaker 5: to do with.

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Speaker 17: Geography and size.

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Speaker 5: The fact that there is such disenchantment with China and

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Speaker 5: India's the only country of that kind of size, and

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Speaker 5: now also its economic size has become and made it

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Speaker 5: so relevant.

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Speaker 4: Are there lessons though, that Mody can take from Xijenping

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Speaker 4: and his move to globalize the Chinese economy and avoid

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Speaker 4: some of the maybe the missteps that Jijienping made.

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Speaker 5: Yeah, I think it's quite clear, which is that as

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Speaker 5: far as China is concerned, that if you look at

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Speaker 5: China's development path, it was a fantastic development path. It's

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Speaker 5: only in the last few years that it's got derailed.

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Speaker 5: And it's got derailed because they took on too much debt.

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Speaker 5: It's got derailed because the state there has decided to

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Speaker 5: become much more interventionist flex its muscle, and because China

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Speaker 5: is in a way also been retreating from the world

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Speaker 5: and turning more inward.

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Speaker 17: So what Mode needs to sort.

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Speaker 5: Of realize today is that India is where China should be,

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Speaker 5: or where China was about twenty years ago or so.

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Speaker 17: It should still be a country that's opening up.

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Speaker 5: It should still be a country that is backing its

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Speaker 5: private sector.

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Speaker 4: We were speaking a little bit earlier this week about

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Speaker 4: the unemployment rate in China, specifically among the youth, something over.

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Speaker 1: Twenty one percent.

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Speaker 4: India isn't that far behind, I think, depending on what

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Speaker 4: numbers are used, somewhere around seventeen eighteen percent here. So

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Speaker 4: that's something that has to be addressed. But it's also

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Speaker 4: those same demographics that I think attracts a lot of investors,

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Speaker 4: the idea that they have a younger population relative to China,

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Speaker 4: younger working age population, as you're saying, relative to China.

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Speaker 5: This is a country that has consistently disappointed the optimists

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Speaker 5: in the pessimists. So the last few years it has

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Speaker 5: clearly disappointed the pessimists because it's done much better than

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Speaker 5: what the worst forecasts were. Now, I think that we

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Speaker 5: just have to be careful that India doesn't follow its

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Speaker 5: past pattern and disappoint the optimists as well. So I

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Speaker 5: think that this is about expectations, about controlling that, about

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Speaker 5: letting the numbers come through, because if you look at

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Speaker 5: India today, the amount of foreign investment that India attracts

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Speaker 5: is still quite small as a share of its economy.

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Speaker 5: Look at numbers you know, such as foreign direct investment,

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Speaker 5: the amount that comes into India as is like around

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Speaker 5: one percent of GDP. Now, when China was booming and

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Speaker 5: really sort of growing at a nineteen percent clip, it

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Speaker 5: was attracting foreign investment or foreign direct investment in particular

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Speaker 5: of close to four percent of GDP. Even today, other

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Speaker 5: emerging markets are attracting foreign investment of around two two

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Speaker 5: and a half percent of GDP. So we need those

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Speaker 5: numbers now to come through after this incredible amount of

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Speaker 5: expectations and also outperformance that we have seen.

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Speaker 4: In order to do that, do they need to sort of,

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Speaker 4: I guess broad and what's available to invest in. One

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Speaker 4: criticism that I've heard from foreign investors is that the

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Speaker 4: Indian economy, at least in terms of what can be

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Speaker 4: invested in, and they're primarily talking about public markets, is

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Speaker 4: way narrower than what you're going to find in China

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Speaker 4: any other emerging markets. You even see that in a

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Speaker 4: market capitalization three trillion dollars stock market compared to mainland

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Speaker 4: China stock market which is like twelve or thirteen trillion.

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Speaker 5: Yeah, but that I think the stock market in India

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Speaker 5: has done very well because you know, the Indian economy

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Speaker 5: members also about three trillions.

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Speaker 17: So but if you.

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Speaker 4: Notice that where the growth is so the list being

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Speaker 4: in the publicly listed company. Yes, the criticism is that

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Speaker 4: a lot of the companies and industries they want to

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Speaker 4: invest in aren't public yet, so they either feel like

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Speaker 4: they have to find a direct way into those companies

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Speaker 4: or they have to sit on the sidelines until there's

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Speaker 4: a listening.

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Speaker 5: Well for foreign investors and their track record are big

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Speaker 5: private investments in India is quite mixed. So I think

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Speaker 5: that the public markets in India have done very well.

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Speaker 5: If you look at the breadth of companies in India

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Speaker 5: and the diversity of the stock market that's one of

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Speaker 5: the best I know of any country in the world.

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Speaker 5: There are so many sectors represented out there, from manufacturing

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Speaker 5: to healthcare to commodities. It's all their technology, like obviously

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Speaker 5: is known. If you look at other emerging markets, they

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Speaker 5: tend to be very concentrated. You know, Brazil has one

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Speaker 5: or two sectors which are make up the market, or

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Speaker 5: even China got so sort of taken up by tech.

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Speaker 17: As far as the good performing markets concerned.

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Speaker 5: So I don't think that's an issue as far as

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Speaker 5: India's concern. What's an issue today is just the fact

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Speaker 5: that the valuations are very high, which is reflective of

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Speaker 5: the fact that expectations are very high out of India,

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Speaker 5: and those is what those need to come through.

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Speaker 2: Now.

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Speaker 5: We need to see the numbers come through. And you

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Speaker 5: can never have an attitude that where else will the

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Speaker 5: money go, It's got to come to India. I think

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Speaker 5: that that attitude can be problematic. So we're all sort

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Speaker 5: of you know, I think that today you'll have to

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Speaker 5: be a very big contrariant to take a bet against

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Speaker 5: India because the fundamentals do look pretty good as far

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Speaker 5: as India's concerned, but also the fact that expectations and

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Speaker 5: the hype around India is something which is quite unprecedented.

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Speaker 4: All right, that's a great place to Endre Rashier really

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Speaker 4: appreciate you taking time for us.

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Speaker 7: Thanks Rushir Sharmerck.

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Speaker 4: Where's a chair of Rockefeller International and long career Morgan

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Speaker 4: Sanley and now of course the founder over at Breakout Capital.

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Speaker 4: Coming up, AI gets another champion. Hewlett Packard Enterprise CEO

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Speaker 4: Antonio Nerry on how HPE fits into the competition.

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Speaker 8: AI would be competitive too, but we always start from

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Speaker 8: the customer point of view.

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Speaker 4: That's next on Wall Street Week on Bloomberg. This is

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Speaker 4: Wall Street Week. I'm Romaine Boss again for David Weston.

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Speaker 4: This week, HPE pushed deeper into the AI fray an

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Speaker 4: announcement of a cloud service designed to handle the large

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Speaker 4: computing power needed to support generative artificial intelligence. I had

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Speaker 4: a chance to sit down with Antonio Nry, the CEO,

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Speaker 4: about HPE's long transition away from hardware to the cloud

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Speaker 4: and now to AI.

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Speaker 8: The announcement we made yesterday and AI completes our vision

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Speaker 8: and the execution of the strategy we have been through

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Speaker 8: over the last four to five years, which green Lake

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Speaker 8: is our cloud platform where we offer edge services, hybrid

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Speaker 8: cloud services, and now we're going to offer AI services,

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Speaker 8: so in many ways complete entire portfolio. Because in twenty

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Speaker 8: eighteen I stated that the enterprise of the future will

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Speaker 8: be edge centric, cloud enabled, and data driven, and obviously

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Speaker 8: AI is an accelerate of the data driven strategy. And

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Speaker 8: we made available an amazing set of services yesterday, with

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Speaker 8: the leading service being THEAI Cloud, meaning a public offer

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Speaker 8: so customers can come and privately to train their AI

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Speaker 8: models in the most sustainable infrastructure.

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Speaker 7: Well, let's talk about shareholder value.

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Speaker 4: What are we looking at in terms of the addition

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Speaker 4: to growth, whether it's profitability or revenue.

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Speaker 8: AI will be a huge boost of and your growth,

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Speaker 8: and we talked about this in the Q two earnings

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Speaker 8: where we specifically call out in ninety days, just in

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Speaker 8: Q two we booked an incremental eight hundred million dollars

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Speaker 8: just for this type of AI world loads. Since then,

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Speaker 8: our pipeline has grown out to over three billion dollars.

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Speaker 8: And so this is what you see the momental macell

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Speaker 8: rated and the reason why they're coming to us is

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Speaker 8: because they know we have the capabilities, but also we

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Speaker 8: have the trust. Trust is everything when it comes down

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Speaker 8: to AI, and to build trust, you need to have

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00:22:32,000 --> 00:22:34,919
Speaker 8: model completion, and to have model completion, need to have

446
00:22:35,000 --> 00:22:38,000
Speaker 8: this capability. So we expect this business to continue to

447
00:22:38,040 --> 00:22:39,840
Speaker 8: grow and write profitable growth for.

448
00:22:39,840 --> 00:22:41,840
Speaker 4: Our sholders well as you seek to get a little

449
00:22:41,840 --> 00:22:43,840
Speaker 4: bit more traction on this, particularly when it comes to

450
00:22:43,880 --> 00:22:46,359
Speaker 4: revenue growth. Is that going to be enough Antonio to

451
00:22:46,440 --> 00:22:48,040
Speaker 4: make up for some of the lack that we've been

452
00:22:48,080 --> 00:22:49,280
Speaker 4: seeing in the compute segment.

453
00:22:50,520 --> 00:22:53,640
Speaker 8: Now, listen, last year the compute business grew double digits

454
00:22:53,680 --> 00:22:56,720
Speaker 8: and we drove an amazing profitability.

455
00:22:56,800 --> 00:22:59,000
Speaker 7: And we know compute things to be cyclical.

456
00:22:59,720 --> 00:23:02,400
Speaker 8: You know, there are period of times where your modernize

457
00:23:02,920 --> 00:23:05,680
Speaker 8: and you add compute capacity depending on where you want

458
00:23:05,720 --> 00:23:08,159
Speaker 8: to host the worloads, and there periods that will go

459
00:23:08,200 --> 00:23:12,000
Speaker 8: through digestive. But remember Green Lake, and that's an accelerator

460
00:23:12,000 --> 00:23:16,320
Speaker 8: of our compute demand because ultimately that compute demand stays

461
00:23:16,320 --> 00:23:18,960
Speaker 8: there for a longer period of time with hybrid prosmologen

462
00:23:19,040 --> 00:23:22,560
Speaker 8: and honestly higher attached rates. So that's why we are

463
00:23:22,560 --> 00:23:25,240
Speaker 8: growing the edge, we are growing the hybrid cloud, and

464
00:23:25,280 --> 00:23:27,879
Speaker 8: now we're going to grow. The AI together with the

465
00:23:27,960 --> 00:23:30,600
Speaker 8: data and computer will continue to be a very important

466
00:23:30,640 --> 00:23:34,639
Speaker 8: aspect of portfolio, but over time the portfolio mix is

467
00:23:34,680 --> 00:23:37,679
Speaker 8: going to go to those line of businesses just mentioned.

468
00:23:39,400 --> 00:23:41,600
Speaker 7: That was HPE CEO Antonio Neri.

469
00:23:42,440 --> 00:23:45,880
Speaker 4: AI is attracting the tension across sectors, bringing from education

470
00:23:45,960 --> 00:23:48,639
Speaker 4: to healthcare. But while the use of the nascent technology

471
00:23:48,720 --> 00:23:52,600
Speaker 4: might vary, the concerns are similar. Some even characterize AI

472
00:23:53,000 --> 00:23:56,760
Speaker 4: as an existential threat. I sat down with Neurologic CEO

473
00:23:56,920 --> 00:23:59,120
Speaker 4: Janna Eggers a little bit earlier to ask her about

474
00:23:59,119 --> 00:23:59,960
Speaker 4: where AI is at.

475
00:24:02,040 --> 00:24:04,840
Speaker 13: In most people's opinion, you know, they think of AI

476
00:24:05,080 --> 00:24:06,960
Speaker 13: as when is it going to be like the human

477
00:24:07,040 --> 00:24:08,959
Speaker 13: I think we're very, very far from that.

478
00:24:09,119 --> 00:24:11,480
Speaker 15: But where we are, which is exciting.

479
00:24:11,200 --> 00:24:14,840
Speaker 14: Is we're at a point where AI can really augment.

480
00:24:14,520 --> 00:24:16,600
Speaker 15: Humans and help us out.

481
00:24:16,640 --> 00:24:18,600
Speaker 13: And you're seeing them with chat, GPT and some of

482
00:24:18,600 --> 00:24:21,840
Speaker 13: the excitements that people have around the things that it's

483
00:24:21,880 --> 00:24:24,560
Speaker 13: able to do for them as far as generating ideas

484
00:24:24,640 --> 00:24:27,679
Speaker 13: maybe for a vacation or for a new marketing campaign,

485
00:24:28,280 --> 00:24:31,280
Speaker 13: that it's coming up with different ways than they were thinking.

486
00:24:31,720 --> 00:24:34,520
Speaker 4: I well, speaking with the CEO of Hewlett Packard Enterprise.

487
00:24:34,560 --> 00:24:36,280
Speaker 4: They just had a big splash you roll out this

488
00:24:36,320 --> 00:24:38,920
Speaker 4: week of some new AI tools that they're integrating really

489
00:24:38,960 --> 00:24:42,879
Speaker 4: into their larger cloud and enterprise software products. Here, you

490
00:24:42,960 --> 00:24:44,760
Speaker 4: advise a lot of companies. You deal with a lot

491
00:24:44,760 --> 00:24:48,240
Speaker 4: of companies that are looking to build out into this space.

492
00:24:48,760 --> 00:24:50,679
Speaker 4: Is there sort of a scale up factor here that

493
00:24:50,760 --> 00:24:53,320
Speaker 4: you think is viable, particularly when it comes to software

494
00:24:53,359 --> 00:24:54,840
Speaker 4: and a lot of cloud services.

495
00:24:55,440 --> 00:25:01,800
Speaker 13: Well, I typically actually advise company is to scale back

496
00:25:01,920 --> 00:25:05,960
Speaker 13: rather than scale out. You know, most companies aren't going

497
00:25:06,000 --> 00:25:11,240
Speaker 13: to use something like chat GPT for their business unless

498
00:25:11,320 --> 00:25:15,640
Speaker 13: it's uh and HPE has an offering there, unless it's

499
00:25:15,680 --> 00:25:20,280
Speaker 13: really focused on their business. So they're training models not

500
00:25:20,520 --> 00:25:23,240
Speaker 13: to be the whole web of information, but to be

501
00:25:23,600 --> 00:25:28,359
Speaker 13: their corporate information. And I do think that's really important,

502
00:25:28,480 --> 00:25:32,399
Speaker 13: and so I wouldn't you know, obviously their use cases

503
00:25:32,440 --> 00:25:35,840
Speaker 13: will scale out, but I think the data self scales back,

504
00:25:36,440 --> 00:25:39,480
Speaker 13: even though again things like chat GPT give us those

505
00:25:39,520 --> 00:25:41,160
Speaker 13: ideas of what could be done.

506
00:25:41,240 --> 00:25:43,040
Speaker 4: Well, we have to talk a little bit here about

507
00:25:43,119 --> 00:25:45,040
Speaker 4: some of the risk, or at least the perceived risk

508
00:25:45,200 --> 00:25:48,600
Speaker 4: of this uh uh. This week, Bloomberg Technology held a

509
00:25:48,600 --> 00:25:50,840
Speaker 4: big AI summit. They had to sit down with the

510
00:25:50,840 --> 00:25:53,399
Speaker 4: open ai co founder and there was a little bit

511
00:25:53,400 --> 00:25:55,560
Speaker 4: of a pushback here to some of the I guess

512
00:25:55,560 --> 00:25:58,280
Speaker 4: worst case scenarios that have been positive about what AI

513
00:25:58,720 --> 00:26:00,320
Speaker 4: ends up being for us, for human being.

514
00:26:01,119 --> 00:26:05,119
Speaker 13: So I'm I'm again excited that consumers are able to

515
00:26:05,200 --> 00:26:07,359
Speaker 13: use it because they start seeing more of what's wrong

516
00:26:07,440 --> 00:26:13,000
Speaker 13: with it, and because of that, I think they'll learn

517
00:26:13,040 --> 00:26:14,520
Speaker 13: a bit more about AI and.

518
00:26:14,440 --> 00:26:16,560
Speaker 15: Start questioning, which I think is terrific.

519
00:26:17,040 --> 00:26:22,400
Speaker 13: I think, you know some of those fears. I'm more

520
00:26:22,400 --> 00:26:25,760
Speaker 13: worried about AI hype than I am actually worried about

521
00:26:25,800 --> 00:26:26,600
Speaker 13: AI itself.

522
00:26:27,080 --> 00:26:29,639
Speaker 15: So people start believing that it's something that it's not.

523
00:26:30,200 --> 00:26:31,320
Speaker 15: That's what worries me.

524
00:26:31,960 --> 00:26:35,920
Speaker 13: And so I'm I am more excited where people can

525
00:26:36,000 --> 00:26:37,480
Speaker 13: use it, understand that there's some.

526
00:26:37,600 --> 00:26:40,520
Speaker 15: Hype around it, and then they can.

527
00:26:40,440 --> 00:26:43,040
Speaker 14: Start questioning it more and.

528
00:26:42,960 --> 00:26:47,679
Speaker 13: Demanding more, demanding things like transparency and explainability, so that

529
00:26:47,760 --> 00:26:51,239
Speaker 13: we know what data's used, how it's used, and what

530
00:26:51,359 --> 00:26:56,320
Speaker 13: data was actually led to this suggestion or this information,

531
00:26:56,720 --> 00:26:57,320
Speaker 13: and whether it.

532
00:26:57,280 --> 00:26:57,960
Speaker 15: Was created or not.

533
00:26:57,960 --> 00:27:01,800
Speaker 13: I mean, you've see some examples of GPT making up

534
00:27:01,960 --> 00:27:04,400
Speaker 13: and people call it hallucinating.

535
00:27:05,320 --> 00:27:06,200
Speaker 15: Citations.

536
00:27:06,800 --> 00:27:09,840
Speaker 13: So if I know that that actually didn't come from

537
00:27:09,880 --> 00:27:12,239
Speaker 13: a real site. I should be able to see that,

538
00:27:12,400 --> 00:27:15,320
Speaker 13: So chat GPT should tell me that as an example.

539
00:27:15,440 --> 00:27:17,520
Speaker 4: Well, that gets to this whole idea of just how

540
00:27:17,760 --> 00:27:21,119
Speaker 4: reliable the use of this can be. Also, it raises

541
00:27:21,160 --> 00:27:23,919
Speaker 4: a lot of questions about bias. You know, the idea

542
00:27:24,000 --> 00:27:28,240
Speaker 4: that the chat GPT or whatever other generative AI products

543
00:27:28,240 --> 00:27:31,760
Speaker 4: are using. The output is only be as good or

544
00:27:31,800 --> 00:27:35,480
Speaker 4: as qualitative as the inputs, right, And I'd.

545
00:27:35,200 --> 00:27:37,960
Speaker 13: Even say if you have you may have some really

546
00:27:38,040 --> 00:27:39,959
Speaker 13: good data, but the question is is it good for

547
00:27:40,000 --> 00:27:40,840
Speaker 13: that use case?

548
00:27:41,440 --> 00:27:45,320
Speaker 15: So people understanding I always talk about AIS really three parts.

549
00:27:45,880 --> 00:27:48,919
Speaker 13: First part is the data, second part is the algorithm,

550
00:27:49,000 --> 00:27:50,639
Speaker 13: and the third part is the objective.

551
00:27:51,080 --> 00:27:52,560
Speaker 15: So making sure that those are.

552
00:27:52,440 --> 00:27:56,040
Speaker 13: All aligned and that this is good data for that

553
00:27:56,280 --> 00:27:58,440
Speaker 13: use case and of the right size.

554
00:27:58,600 --> 00:28:02,000
Speaker 15: Again, you may not need the whole internet of information.

555
00:28:02,119 --> 00:28:05,200
Speaker 13: You may just need your corporate information to actually give

556
00:28:05,200 --> 00:28:07,800
Speaker 13: you better answers than what the whole Internet would give.

557
00:28:08,240 --> 00:28:10,400
Speaker 15: And then back to my point.

558
00:28:10,160 --> 00:28:15,280
Speaker 13: About transparency and explainability. Being able to understand which data

559
00:28:15,320 --> 00:28:19,320
Speaker 13: from which data set or which aggregation of data sets

560
00:28:19,680 --> 00:28:23,159
Speaker 13: really drove that answer is actually quite important now and

561
00:28:23,280 --> 00:28:24,800
Speaker 13: becoming more important.

562
00:28:24,800 --> 00:28:26,840
Speaker 4: As we go down this path, and this does appear

563
00:28:26,880 --> 00:28:29,200
Speaker 4: to be kind of the future in some form or another.

564
00:28:29,280 --> 00:28:32,280
Speaker 4: There's been a lot of discussions about the data itself,

565
00:28:32,320 --> 00:28:34,800
Speaker 4: the ownership of that data. We know, at least with

566
00:28:34,840 --> 00:28:36,840
Speaker 4: some of these consumer products, if you're just scraping in

567
00:28:36,840 --> 00:28:38,840
Speaker 4: the web, the question is do you have a right

568
00:28:38,920 --> 00:28:42,280
Speaker 4: to use something that someone else produced without their permission

569
00:28:42,280 --> 00:28:44,960
Speaker 4: and more importantly, without compensation. How do you sort of

570
00:28:45,200 --> 00:28:49,240
Speaker 4: reconcile that given the large data needs that are required

571
00:28:49,240 --> 00:28:49,480
Speaker 4: for this.

572
00:28:50,240 --> 00:28:54,600
Speaker 13: Yeah, I am actually very much in the protect and

573
00:28:54,880 --> 00:28:58,160
Speaker 13: protect people's copyrights and really respect their data. This is

574
00:28:58,240 --> 00:29:01,080
Speaker 13: why when I talk about corporation and you know them

575
00:29:01,120 --> 00:29:03,480
Speaker 13: going with their own data. When our customers come to

576
00:29:03,600 --> 00:29:06,360
Speaker 13: us and say, hey, can you also help us find data,

577
00:29:06,440 --> 00:29:08,280
Speaker 13: I always push back and say, let's start with your

578
00:29:08,360 --> 00:29:08,880
Speaker 13: data first.

579
00:29:09,040 --> 00:29:12,120
Speaker 15: Maybe we'll need that eventually, but let's start with your

580
00:29:12,200 --> 00:29:12,680
Speaker 15: data first.

581
00:29:12,720 --> 00:29:15,840
Speaker 13: Because most corporations have plenty of data, they don't need

582
00:29:15,880 --> 00:29:18,920
Speaker 13: to go outside of their of their you know.

583
00:29:18,960 --> 00:29:22,719
Speaker 15: Corporate walls to do well with data. So that that

584
00:29:23,160 --> 00:29:24,640
Speaker 15: to me, the amount of data is.

585
00:29:24,960 --> 00:29:27,760
Speaker 7: A red herring that was narrow logic.

586
00:29:27,840 --> 00:29:30,720
Speaker 4: CEO Janna Eggers more coverage coming up here on Wall

587
00:29:30,760 --> 00:29:34,040
Speaker 4: Street Week on Bloomberg, including a look at turning around

588
00:29:34,040 --> 00:29:37,479
Speaker 4: a company and winning the NBA Finals. Believe it or not,

589
00:29:37,760 --> 00:29:40,120
Speaker 4: they actually have a lot in common. A conversation coming

590
00:29:40,200 --> 00:29:42,400
Speaker 4: up with Seve Palayuker, the co owner of the Boston

591
00:29:42,440 --> 00:29:46,360
Speaker 4: Celtics and of course, former co chair over at Bain Capital.

592
00:29:46,400 --> 00:29:48,719
Speaker 4: He's going to tell us how he applies his private

593
00:29:48,760 --> 00:29:50,920
Speaker 4: equity background to basketball.

594
00:29:51,240 --> 00:29:53,880
Speaker 7: That's coming up next on Wall Street Week on Bloomberg.

595
00:30:00,960 --> 00:30:03,320
Speaker 4: I'm here right now with Stephen Palayuka, of course, the

596
00:30:03,360 --> 00:30:06,600
Speaker 4: former co chairman of Bine Capital and co owner of

597
00:30:06,640 --> 00:30:09,480
Speaker 4: the Boston Celtics. We've been talking a lot about the

598
00:30:09,520 --> 00:30:13,600
Speaker 4: business of sports here, Steven. Probably no business has grown

599
00:30:14,120 --> 00:30:15,960
Speaker 4: as much, at least not here in the US as

600
00:30:16,000 --> 00:30:20,800
Speaker 4: a National Basketball Association. The current television broadcast rights set

601
00:30:20,840 --> 00:30:23,840
Speaker 4: to expire sometime in mid twenty twenty five. I know

602
00:30:23,960 --> 00:30:27,840
Speaker 4: negotiations have already begun, at least with current partners, but

603
00:30:27,880 --> 00:30:30,280
Speaker 4: there's a lot of speculation right now about how much

604
00:30:30,320 --> 00:30:32,840
Speaker 4: the NBA will broaden its reach in terms of the

605
00:30:32,880 --> 00:30:34,720
Speaker 4: TV rights and the TV partners it has.

606
00:30:35,160 --> 00:30:38,480
Speaker 1: Well, We're very optimistic. Viewership has never been higher.

607
00:30:38,520 --> 00:30:43,440
Speaker 6: It's been a fantastic season, great competitive balance and wonderful playoffs.

608
00:30:43,200 --> 00:30:45,280
Speaker 1: So singers looking up for the NBA.

609
00:30:45,440 --> 00:30:49,000
Speaker 6: It's a global game and we continue to build the

610
00:30:49,000 --> 00:30:53,520
Speaker 6: business in Africa overseas, and so really exciting times ahead in.

611
00:30:53,560 --> 00:30:55,560
Speaker 4: Order to sort of reach a lot of the new

612
00:30:55,600 --> 00:30:58,400
Speaker 4: folks as well as even the current crop of fans

613
00:30:58,400 --> 00:31:01,240
Speaker 4: that you have in the league. Here is some concern

614
00:31:01,320 --> 00:31:03,440
Speaker 4: here that over the last few years, if you wanted

615
00:31:03,440 --> 00:31:05,320
Speaker 4: to watch an NBA game, there were really only a

616
00:31:05,360 --> 00:31:07,440
Speaker 4: couple of places that you can do it. You know

617
00:31:07,560 --> 00:31:10,120
Speaker 4: that how we watch TV, how we consume media has

618
00:31:10,200 --> 00:31:13,320
Speaker 4: changed a lot, even over the last five years. When

619
00:31:13,360 --> 00:31:16,680
Speaker 4: you anticipate what a new contract, a new broadcast contract

620
00:31:16,760 --> 00:31:18,720
Speaker 4: looks like, do you think it's going to be a

621
00:31:18,760 --> 00:31:22,479
Speaker 4: much wider number of companies involved than what we currently have.

622
00:31:22,800 --> 00:31:25,000
Speaker 6: Yes, that's been the trend, trend in the NFL, the

623
00:31:25,000 --> 00:31:29,520
Speaker 6: trend in all sports, so more people can see more games. Fundamentally,

624
00:31:29,520 --> 00:31:31,280
Speaker 6: a lot of these valuations have been driven up by

625
00:31:31,320 --> 00:31:35,360
Speaker 6: the fact that certainly basketball and soccer are global games,

626
00:31:35,960 --> 00:31:40,280
Speaker 6: and with the streaming capability and ability to reach millions

627
00:31:40,280 --> 00:31:42,880
Speaker 6: and millions of customers. We used to measure the fan

628
00:31:42,920 --> 00:31:45,959
Speaker 6: base in millions, and now it's tens of millions, hundreds of millions,

629
00:31:45,920 --> 00:31:48,160
Speaker 6: and even billions as far as football goes.

630
00:31:48,440 --> 00:31:51,960
Speaker 4: As we see evaluation for the popular sports, the soccers

631
00:31:52,000 --> 00:31:54,600
Speaker 4: of the world, the nbas of the world, we've also

632
00:31:54,600 --> 00:31:56,640
Speaker 4: seen investors now start to look at I guess what

633
00:31:56,680 --> 00:31:59,320
Speaker 4: can be considered second tier sports, where you're talking about

634
00:31:59,320 --> 00:32:03,680
Speaker 4: something like lac or even something as what was once

635
00:32:03,680 --> 00:32:06,680
Speaker 4: obscure like pickleball, at least as a professional sport. Have

636
00:32:06,760 --> 00:32:09,640
Speaker 4: you taken any interest in that sort of tier of

637
00:32:09,640 --> 00:32:10,680
Speaker 4: sports leagues.

638
00:32:10,720 --> 00:32:13,760
Speaker 6: Yes, PAGs Group Sports our family office, we've looked at

639
00:32:13,760 --> 00:32:18,480
Speaker 6: several opportunities, and again, I think sports is compelling programming

640
00:32:18,880 --> 00:32:20,080
Speaker 6: and there's going to be a trickle down.

641
00:32:19,960 --> 00:32:21,360
Speaker 1: Effect into all these other leagues.

642
00:32:21,400 --> 00:32:24,520
Speaker 6: So people will start have the capability of watching lacrosse

643
00:32:24,560 --> 00:32:27,640
Speaker 6: or watching pickleball because it's compelling programming.

644
00:32:27,680 --> 00:32:29,280
Speaker 1: So I think you're going to see growth in those

645
00:32:29,280 --> 00:32:30,200
Speaker 1: ancillary sports.

646
00:32:30,920 --> 00:32:35,240
Speaker 4: I am curious about your career in private equity. I

647
00:32:35,240 --> 00:32:38,000
Speaker 4: know you've stepped away from your main role at Bain

648
00:32:38,080 --> 00:32:42,640
Speaker 4: Capital earlier this year. There are I think personally some

649
00:32:42,720 --> 00:32:45,400
Speaker 4: parallels to the growth that we've seen in the private

650
00:32:45,400 --> 00:32:47,720
Speaker 4: equity space over the last couple of decades and the

651
00:32:47,760 --> 00:32:50,960
Speaker 4: growth that we've seen in the interest and valuations in

652
00:32:51,120 --> 00:32:54,920
Speaker 4: sports franchises over that same period of time. Is there

653
00:32:55,080 --> 00:32:58,080
Speaker 4: a material difference in how you approach what you did

654
00:32:58,480 --> 00:33:00,680
Speaker 4: at Bain and the companies that you involved with the

655
00:33:00,800 --> 00:33:03,360
Speaker 4: Bane and what you're doing now in the world of sports.

656
00:33:03,720 --> 00:33:07,280
Speaker 6: It's actually very similar. There are similar dynamics in sports.

657
00:33:07,640 --> 00:33:09,840
Speaker 6: You need to have a great operation, you want to

658
00:33:09,840 --> 00:33:12,000
Speaker 6: build a championship team, you have to have fantastic management

659
00:33:12,080 --> 00:33:13,120
Speaker 6: like we have at the Celtics.

660
00:33:14,000 --> 00:33:15,440
Speaker 1: So there are a lot of parallels.

661
00:33:16,400 --> 00:33:19,360
Speaker 6: The great news is there is a tailwind in the

662
00:33:19,400 --> 00:33:21,320
Speaker 6: growth and private equity.

663
00:33:21,760 --> 00:33:23,160
Speaker 1: It's been a missing over in the past.

664
00:33:23,400 --> 00:33:26,080
Speaker 6: Maybe forty years ago, private equity was known for taking

665
00:33:26,080 --> 00:33:29,760
Speaker 6: out costs. Today the industry is competitive and really focused

666
00:33:29,800 --> 00:33:32,280
Speaker 6: on building businesses, and they want to build growth businesses.

667
00:33:32,600 --> 00:33:36,600
Speaker 1: So it's very similar in that aspect. People want to

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00:33:36,600 --> 00:33:38,000
Speaker 1: buy and invest in companies.

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00:33:37,640 --> 00:33:40,360
Speaker 6: That can grow, and sports is a very growing property

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00:33:40,400 --> 00:33:41,040
Speaker 6: throughout the world.

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Speaker 7: All right.

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Speaker 4: See Well, one of the reasons why we wanted to

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Speaker 4: talk to you specifically on this week is because the

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00:33:45,520 --> 00:33:49,840
Speaker 4: National Basketball Association Draft was held Thursday here in New

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00:33:49,960 --> 00:33:52,800
Speaker 4: York City. There was a lot of discussion about who

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00:33:52,880 --> 00:33:55,400
Speaker 4: would be picked first. I don't think the discussion really

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00:33:55,800 --> 00:33:58,280
Speaker 4: veered too far away from I guess the man that

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00:33:58,360 --> 00:33:59,800
Speaker 4: everyone thinks is going to be the future of this

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00:34:00,320 --> 00:34:02,720
Speaker 4: when Bamania, I think, is what they're calling it right now?

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00:34:02,840 --> 00:34:03,920
Speaker 7: What do you make of him?

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00:34:03,960 --> 00:34:06,320
Speaker 4: And more importantly, I think what he can mean for

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00:34:06,400 --> 00:34:08,240
Speaker 4: the league and what it can mean for new viewership.

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00:34:08,600 --> 00:34:10,600
Speaker 6: Well, the league has been fortunate in that, you know,

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00:34:10,840 --> 00:34:14,360
Speaker 6: I've been following it for forty years now, and we

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00:34:14,440 --> 00:34:18,480
Speaker 6: had the Larry Magic, you know, Michael Jordan Age, and

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00:34:18,680 --> 00:34:20,640
Speaker 6: now there are more stars than ever in the league.

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00:34:20,640 --> 00:34:23,040
Speaker 6: So if you look down the list, there are thirty

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00:34:23,080 --> 00:34:27,920
Speaker 6: forty what i'd call transcendent players. And when Bymania, you

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00:34:27,960 --> 00:34:28,960
Speaker 6: know is going to be amazing.

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00:34:29,000 --> 00:34:29,799
Speaker 1: He's one of.

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00:34:29,800 --> 00:34:32,200
Speaker 6: The most skilled big men we've ever seen. He can

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00:34:32,200 --> 00:34:35,399
Speaker 6: do it all, not unlike Lebron when he came in.

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00:34:35,440 --> 00:34:37,600
Speaker 7: All right, Steve, really appreciate you taking time for us.

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Speaker 4: Steven Peluca there he is, of course, the former co

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00:34:40,360 --> 00:34:43,960
Speaker 4: chairman of Bane Capitol, co owner of the Boston Celtics.

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Speaker 7: That does it.

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Speaker 4: For this episode of Wall Street Week, I'm Romaine Bostik,

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Speaker 4: This is Bloomberg,