1
00:00:01,480 --> 00:00:05,120
Speaker 1: From Markhard We're Innovation of Money and Power Collie in

2
00:00:05,240 --> 00:00:06,760
Speaker 1: Silicon Valley, NBN.

3
00:00:07,080 --> 00:00:11,120
Speaker 2: This is Bloomberg Technology with Caroline Hyde and Ed Ludlove.

4
00:00:25,079 --> 00:00:28,000
Speaker 3: I'm karenin Hide, Bloomberg's world headquarters in New York. Ed Ludlow,

5
00:00:28,080 --> 00:00:31,040
Speaker 3: He's off. This is Bloomberg Technology. Coming up. We go

6
00:00:31,120 --> 00:00:34,880
Speaker 3: live to Kubutuina, California, as Apple's Annual Developers Conference kicks off.

7
00:00:35,200 --> 00:00:38,760
Speaker 3: Full coverage ahead. Thus we sit down with DreamWorks founder

8
00:00:38,800 --> 00:00:42,160
Speaker 3: Jeffre Katzenberg. That's this. This venture firm raises nearly half

9
00:00:42,200 --> 00:00:44,720
Speaker 3: a billion dollars for a new fund, and we sit

10
00:00:44,800 --> 00:00:47,479
Speaker 3: down with Movie Past co founder Come It What to

11
00:00:47,520 --> 00:00:51,120
Speaker 3: discuss the new documentary on the company's dramatic rise. And

12
00:00:51,200 --> 00:00:54,160
Speaker 3: it's full first. That's checking on these markets. And look,

13
00:00:54,200 --> 00:00:56,320
Speaker 3: we have a lot to digest when it comes to

14
00:00:56,360 --> 00:00:58,840
Speaker 3: political risk over in Europe, when it comes to anticipating

15
00:00:58,840 --> 00:01:01,320
Speaker 3: what the Fed does, and indeed where CPI pushes us

16
00:01:01,320 --> 00:01:03,720
Speaker 3: from the US macro perspective. And we have some new

17
00:01:03,840 --> 00:01:05,280
Speaker 3: entrance to the S and P five hundred and some

18
00:01:05,280 --> 00:01:06,640
Speaker 3: of them are tech names and they're helping them in

19
00:01:06,640 --> 00:01:09,360
Speaker 3: the Nasdaq sustain a little bit of risk on attitude.

20
00:01:09,360 --> 00:01:11,360
Speaker 3: We're up just a tenth of fve percent on the

21
00:01:11,480 --> 00:01:14,320
Speaker 3: key tech benchmark. We're looking though at bond selling off

22
00:01:14,319 --> 00:01:17,479
Speaker 3: across the board, most notably in Europe, but US yields

23
00:01:17,480 --> 00:01:19,560
Speaker 3: also pushing up as we do or have some trepidation

24
00:01:19,640 --> 00:01:22,160
Speaker 3: about which direction the Federal Reserve points has come Wednesday

25
00:01:22,160 --> 00:01:25,680
Speaker 3: and Thursday throughout the week. Indeed, we euro under pressure

26
00:01:25,959 --> 00:01:28,280
Speaker 3: look down six tens percent. This is about France. This

27
00:01:28,319 --> 00:01:30,920
Speaker 3: is about political risk. This is about the right basically

28
00:01:31,040 --> 00:01:34,040
Speaker 3: gaining yet more power when it comes to European Parliament

29
00:01:34,160 --> 00:01:36,280
Speaker 3: and what the French President Macron is trying to do

30
00:01:36,520 --> 00:01:40,080
Speaker 3: to perhaps gain back the narrative, calling of course a

31
00:01:40,160 --> 00:01:42,560
Speaker 3: key legislative vote. Let's move on and have a look

32
00:01:42,560 --> 00:01:44,520
Speaker 3: at what's happening in terms of individual names on the

33
00:01:44,520 --> 00:01:46,800
Speaker 3: tech area though, because Microsoft up six tens one percent,

34
00:01:46,880 --> 00:01:48,800
Speaker 3: we've got a BI rating coming back on this company.

35
00:01:48,840 --> 00:01:51,880
Speaker 3: They're seeing. Further uptick on the share prices is all

36
00:01:51,920 --> 00:01:53,600
Speaker 3: around AI, of course, and it's leading us from a

37
00:01:53,640 --> 00:01:56,480
Speaker 3: points perspective. In Vidia actually turning to the upside rop

38
00:01:56,520 --> 00:01:58,840
Speaker 3: sevent tens percent, which have been down when trading first

39
00:01:58,840 --> 00:02:01,520
Speaker 3: started in what is now a much smaller price point

40
00:02:02,040 --> 00:02:04,680
Speaker 3: tenth of the price point that we'd seen currently on Friday.

41
00:02:04,680 --> 00:02:06,440
Speaker 3: Of course, because we've got that stock split. One hundred

42
00:02:06,440 --> 00:02:08,440
Speaker 3: and twenty one is where we currently trade. Maybe retail

43
00:02:08,560 --> 00:02:10,440
Speaker 3: liking this new price point. I'm looking at Apple though

44
00:02:10,480 --> 00:02:12,720
Speaker 3: one hundred ninety five were off by three quarters of percent.

45
00:02:13,200 --> 00:02:17,120
Speaker 3: We are all eyes on WWDC what we'll get in

46
00:02:17,320 --> 00:02:21,080
Speaker 3: Apple in terms of its AI focus, what Apple Intelligence

47
00:02:21,080 --> 00:02:23,400
Speaker 3: is there. Jackie Devlos is with us live from Couviutino

48
00:02:23,880 --> 00:02:26,240
Speaker 3: to discuss really what we're going to expect, a whole

49
00:02:26,360 --> 00:02:29,160
Speaker 3: raft of how AI is going to be injected into

50
00:02:29,200 --> 00:02:30,760
Speaker 3: the software and into the hardware.

51
00:02:30,840 --> 00:02:37,520
Speaker 4: Jackie, expectations are really high, Caroline. In just under two hours,

52
00:02:37,520 --> 00:02:40,000
Speaker 4: Tim Cook is going to deliver a keynote address which

53
00:02:40,000 --> 00:02:43,760
Speaker 4: will lay out this artificial intelligence vision. Now, thanks to

54
00:02:43,800 --> 00:02:47,040
Speaker 4: Mark German's reporting, we have a little bit of a preview.

55
00:02:46,760 --> 00:02:47,880
Speaker 3: For us what to expect.

56
00:02:48,160 --> 00:02:52,799
Speaker 4: The first being its AI system called Apple Intelligence. This

57
00:02:52,880 --> 00:02:56,520
Speaker 4: is where we will see some generative artificial intelligence features

58
00:02:56,560 --> 00:03:01,840
Speaker 4: being embedded across the iPhone, iPad and MAX with that

59
00:03:01,960 --> 00:03:05,520
Speaker 4: new operating system upgrade. There will also be a major

60
00:03:05,560 --> 00:03:09,520
Speaker 4: announcement with OpenAI. This is the technology, of course that

61
00:03:09,720 --> 00:03:13,160
Speaker 4: powers Chat GPT, which will bring a version of a

62
00:03:13,240 --> 00:03:16,720
Speaker 4: chatbot to Apple and perhaps even provide a makeover for

63
00:03:16,800 --> 00:03:21,320
Speaker 4: its current AI assistant SII. There's a lot hanging here, Carolina,

64
00:03:21,400 --> 00:03:24,040
Speaker 4: especially because Apple has been viewed as somewhat of a

65
00:03:24,120 --> 00:03:27,480
Speaker 4: laggard in comparison to tech peers like Microsoft and Google,

66
00:03:27,639 --> 00:03:30,640
Speaker 4: which it is also in conversations with for its large

67
00:03:30,680 --> 00:03:32,400
Speaker 4: language model technology Gemini.

68
00:03:32,680 --> 00:03:35,600
Speaker 3: I like that context, Jackie, because there has been a

69
00:03:35,640 --> 00:03:39,560
Speaker 3: lot in anticipation, most markedly in the share price managing

70
00:03:39,560 --> 00:03:42,720
Speaker 3: to push higher market capitalization back on top for Apple,

71
00:03:42,760 --> 00:03:45,480
Speaker 3: and I'm interested as to whether really we're going to

72
00:03:45,520 --> 00:03:48,520
Speaker 3: be able to steal the narrative back. Is having partnerships

73
00:03:48,560 --> 00:03:49,520
Speaker 3: good in the short.

74
00:03:49,360 --> 00:03:54,680
Speaker 4: Term, that's certainly the hope. But Apple really isn't fooling

75
00:03:54,720 --> 00:03:58,480
Speaker 4: anyone here. It is somewhat behind the curve, and this

76
00:03:58,720 --> 00:04:03,120
Speaker 4: keynote address will really show just exactly how it intends

77
00:04:03,400 --> 00:04:06,800
Speaker 4: to bring some of that momentum back. Think about exactly

78
00:04:06,880 --> 00:04:10,680
Speaker 4: what Apple excels at devices and really coupling that with

79
00:04:11,200 --> 00:04:15,920
Speaker 4: cutting edge software, but AI and specifically generative AI is

80
00:04:15,960 --> 00:04:19,080
Speaker 4: a whole new ball game. So just exactly how it

81
00:04:19,200 --> 00:04:23,719
Speaker 4: plans to integrate AI features across products like air pods

82
00:04:23,760 --> 00:04:27,360
Speaker 4: for example, or even bring it into augmented reality devices

83
00:04:27,680 --> 00:04:31,440
Speaker 4: or home robotics. That will really provide the longer term

84
00:04:31,480 --> 00:04:35,040
Speaker 4: picture for how AI will change Apple's future.

85
00:04:35,480 --> 00:04:38,599
Speaker 3: Jackie Devilos on the ground love the reporting for a

86
00:04:38,640 --> 00:04:41,919
Speaker 3: couple of hours. Still to wait, Let's keep this conversation going.

87
00:04:42,120 --> 00:04:44,360
Speaker 3: That's going to really feel for whether or not this

88
00:04:44,400 --> 00:04:47,359
Speaker 3: is going to help them shift more phones. Marabella Lopez

89
00:04:47,440 --> 00:04:50,120
Speaker 3: is with US Bounder and Principle Analysts that Lopez Research,

90
00:04:50,200 --> 00:04:52,839
Speaker 3: and Marabel is great to have your voice, because that's

91
00:04:52,839 --> 00:04:55,880
Speaker 3: what everyone's wandering is the AI announcement's going to be

92
00:04:55,960 --> 00:04:58,040
Speaker 3: enough to make us upgrade our phones right now.

93
00:05:00,080 --> 00:05:02,080
Speaker 5: We're seeing with the smartphone market right now, and it

94
00:05:02,080 --> 00:05:05,200
Speaker 5: has been driven primarily by AI features. We've seen the

95
00:05:05,240 --> 00:05:08,680
Speaker 5: camera features come into it, but I actually don't think

96
00:05:08,680 --> 00:05:11,279
Speaker 5: it's just the smartphones we're looking at. As mentioned earlier,

97
00:05:11,360 --> 00:05:14,760
Speaker 5: we're seeing the opportunity for Apple to infuse artificial intelligence

98
00:05:14,960 --> 00:05:18,520
Speaker 5: across this entire stack, including the Vision pro which when

99
00:05:18,560 --> 00:05:22,240
Speaker 5: you look at the augmented reality virtual reality market, we

100
00:05:22,320 --> 00:05:24,440
Speaker 5: still have a long way to go in terms of

101
00:05:24,480 --> 00:05:28,320
Speaker 5: customers adopting this in droves. So there's great opportunity across

102
00:05:28,360 --> 00:05:30,599
Speaker 5: the entire stack. I don't think anybody's really talked about

103
00:05:30,640 --> 00:05:34,680
Speaker 5: the opportunity to improve the services landscape with artificial intelligence.

104
00:05:34,680 --> 00:05:35,839
Speaker 6: So we're actually going.

105
00:05:35,720 --> 00:05:38,000
Speaker 5: To see a lot of activity I think with AI

106
00:05:38,040 --> 00:05:42,120
Speaker 5: across the entire Apple portfolio and including the developer landscape,

107
00:05:42,120 --> 00:05:45,719
Speaker 5: where we expect them to have easier to access software

108
00:05:45,760 --> 00:05:48,120
Speaker 5: coding tools using generative AI.

109
00:05:48,440 --> 00:05:50,000
Speaker 3: And this is what is meant to be about. Yes,

110
00:05:50,040 --> 00:05:52,159
Speaker 3: investors get excited, but we're meant to be seeing the

111
00:05:52,200 --> 00:05:55,160
Speaker 3: developers get excited. Here, Marma, I'm interested in what you're

112
00:05:55,160 --> 00:05:57,240
Speaker 3: saying about services. How will that shift?

113
00:05:58,800 --> 00:06:01,320
Speaker 5: So what we're saying right now services have looked pretty

114
00:06:01,360 --> 00:06:04,680
Speaker 5: much the same since the dawn of cable. We go in,

115
00:06:04,839 --> 00:06:08,680
Speaker 5: we select a program, there's a lot of pull, not

116
00:06:08,760 --> 00:06:12,400
Speaker 5: necessarily enough push or recommendations or guidance. So there's a

117
00:06:12,400 --> 00:06:15,400
Speaker 5: tremendous opportunity there in terms of how do we make

118
00:06:15,440 --> 00:06:17,320
Speaker 5: things more discoverable moving forward.

119
00:06:17,400 --> 00:06:19,560
Speaker 6: So that's one aspect of it. We haven't talked a

120
00:06:19,600 --> 00:06:20,880
Speaker 6: lot about healthcare yet.

121
00:06:21,080 --> 00:06:24,520
Speaker 5: There's a real opportunity with AI to fundamentally change what

122
00:06:24,560 --> 00:06:27,120
Speaker 5: could happen in some of the smart watch on health

123
00:06:27,120 --> 00:06:30,880
Speaker 5: apps going forward. So really, I know that everybody said

124
00:06:30,920 --> 00:06:34,440
Speaker 5: Apple is behind an AI, but I'd like to pose

125
00:06:34,560 --> 00:06:37,200
Speaker 5: the question of how much revenue they really lost by

126
00:06:37,279 --> 00:06:40,280
Speaker 5: quote unquote being behind. If you look at the only

127
00:06:40,320 --> 00:06:42,600
Speaker 5: person that's really making a ton of money on AI

128
00:06:42,680 --> 00:06:45,520
Speaker 5: right now, it's in Nvidia. If you're selling picks and shovels,

129
00:06:45,560 --> 00:06:47,719
Speaker 5: you make a lot of money in AI. Everybody else

130
00:06:47,800 --> 00:06:49,760
Speaker 5: is just still coming up with a strategy that they're

131
00:06:49,800 --> 00:06:52,880
Speaker 5: trying to propose to consumers to get them excited about

132
00:06:52,880 --> 00:06:53,800
Speaker 5: the new technology.

133
00:06:54,240 --> 00:06:57,240
Speaker 3: You might argue, maybe Microsoft's make some revenue, and certainly

134
00:06:57,279 --> 00:06:59,000
Speaker 3: they've been able to do so by teaming up with

135
00:06:59,080 --> 00:07:04,520
Speaker 3: open Ai. How Marvell should that ongoing partnership look like

136
00:07:04,640 --> 00:07:08,560
Speaker 3: if we do see the open Ai Apple convergence here.

137
00:07:09,560 --> 00:07:12,040
Speaker 5: Yeah, this is really interesting because I think we've seen

138
00:07:12,480 --> 00:07:15,600
Speaker 5: all the cloud competing providers tie up with foundation model

139
00:07:15,600 --> 00:07:17,600
Speaker 5: companies and it's been very good for them because the

140
00:07:17,640 --> 00:07:19,800
Speaker 5: money they have to invest to build the foundation models

141
00:07:19,800 --> 00:07:22,320
Speaker 5: themselves doesn't make any sense. I think this is the

142
00:07:22,360 --> 00:07:25,480
Speaker 5: same for Apple. They can tie up, they can use

143
00:07:25,520 --> 00:07:28,840
Speaker 5: the foundation models. We're seeing a wide range of innovation

144
00:07:28,920 --> 00:07:31,680
Speaker 5: that's happened over the past year so Caroline, so we

145
00:07:31,680 --> 00:07:34,720
Speaker 5: have many models. I expect Apple in the longer term

146
00:07:34,800 --> 00:07:37,320
Speaker 5: to be what we call AI engine agnostic. You know,

147
00:07:37,400 --> 00:07:41,000
Speaker 5: put in any foundation model. That's not where the differentiation comes.

148
00:07:41,120 --> 00:07:44,720
Speaker 5: The differentiation comes from not just them using the language

149
00:07:44,760 --> 00:07:47,320
Speaker 5: from generative AI, but from them actually building their own

150
00:07:47,360 --> 00:07:50,120
Speaker 5: AA models to layer on top of that. And you

151
00:07:50,120 --> 00:07:52,640
Speaker 5: would better bet that Apple is building its own AI

152
00:07:52,720 --> 00:07:55,320
Speaker 5: models as well to layer on top of this. So

153
00:07:55,400 --> 00:07:57,840
Speaker 5: the combination of these two means of things that are

154
00:07:58,120 --> 00:08:03,160
Speaker 5: say more pedestrian and generic in nature for AI, they

155
00:08:03,160 --> 00:08:06,240
Speaker 5: can outsource to a foundation model company, but the things

156
00:08:06,240 --> 00:08:08,440
Speaker 5: that would be more specific to Apple products, those are

157
00:08:08,440 --> 00:08:10,480
Speaker 5: the things that they're going to invest their AI talent in.

158
00:08:10,920 --> 00:08:12,960
Speaker 3: And maybe we've seen this time and time again that

159
00:08:13,400 --> 00:08:17,440
Speaker 3: Apple isn't first, but it's best, and we're waiting for

160
00:08:17,520 --> 00:08:20,280
Speaker 3: ultimately then to articulate what is going to be better then,

161
00:08:20,320 --> 00:08:25,720
Speaker 3: for example, how already Samsung's infused Google AI within its hardware.

162
00:08:25,920 --> 00:08:27,680
Speaker 3: Will it just beat out the competition.

163
00:08:29,080 --> 00:08:31,240
Speaker 5: I think what we're looking at right now is how

164
00:08:31,320 --> 00:08:36,200
Speaker 5: will Apple propose the use of multimodal models. So everyone

165
00:08:36,200 --> 00:08:38,160
Speaker 5: says that Apple's behind, but that was on the basic

166
00:08:38,240 --> 00:08:41,520
Speaker 5: generative AI chatbot style model. What we saw in Google

167
00:08:41,559 --> 00:08:44,240
Speaker 5: Io was really a new way to think about how

168
00:08:44,240 --> 00:08:47,959
Speaker 5: to use AI in terms of adding vision and imagery

169
00:08:48,240 --> 00:08:51,240
Speaker 5: and generating a wide range of things, or using it

170
00:08:51,320 --> 00:08:54,280
Speaker 5: to say change a process, look at an image and

171
00:08:54,320 --> 00:08:57,000
Speaker 5: suggest how to make it better if it were even.

172
00:08:56,840 --> 00:08:58,240
Speaker 6: A process or a workflow.

173
00:08:58,559 --> 00:09:00,880
Speaker 5: So I think there's a tremendous app oportunity for Apple

174
00:09:00,920 --> 00:09:03,720
Speaker 5: to show that across as stack, and this is what

175
00:09:03,800 --> 00:09:06,360
Speaker 5: I think is better. It's not enough to just layer

176
00:09:06,400 --> 00:09:08,600
Speaker 5: a chatbot on top of your software and say I've

177
00:09:08,600 --> 00:09:10,839
Speaker 5: made it better. You actually want to create a fundamentally

178
00:09:10,880 --> 00:09:13,439
Speaker 5: new experience, and this is I think where Apple excels

179
00:09:13,480 --> 00:09:17,120
Speaker 5: as creating that easier experience. So they're not first to

180
00:09:17,160 --> 00:09:19,280
Speaker 5: market with a lot of things, but they're the first

181
00:09:19,320 --> 00:09:21,679
Speaker 5: to try to make it the best to market.

182
00:09:22,000 --> 00:09:25,880
Speaker 3: We are seeing hope some exuberance factor back into the

183
00:09:25,880 --> 00:09:28,120
Speaker 3: overall market capitalization of Apple. We're back at a three

184
00:09:28,200 --> 00:09:31,560
Speaker 3: trillion dollar handle. We're looking at nearly eclipsing the record

185
00:09:31,600 --> 00:09:34,400
Speaker 3: high that we saw back in twenty twenty three. Marama,

186
00:09:34,920 --> 00:09:37,920
Speaker 3: do you think it will be revenue generating in the

187
00:09:38,000 --> 00:09:40,120
Speaker 3: near term from an AI perspective for Apple?

188
00:09:41,080 --> 00:09:43,560
Speaker 5: I absolutely think that AI will be revenue generating, because

189
00:09:43,559 --> 00:09:45,440
Speaker 5: if you don't have a good AI stack in your product,

190
00:09:45,480 --> 00:09:47,240
Speaker 5: you're actually not going to be able to sell a

191
00:09:47,280 --> 00:09:49,040
Speaker 5: product in twenty twenty four and beyond.

192
00:09:49,320 --> 00:09:51,000
Speaker 6: So therefore it will be revenue generating.

193
00:09:51,040 --> 00:09:53,320
Speaker 5: The question has always been how much and can it

194
00:09:53,440 --> 00:09:57,320
Speaker 5: outsize the competition, So this is still to be determined,

195
00:09:57,440 --> 00:10:00,040
Speaker 5: but we're all very optimistic that Apple spent a a

196
00:10:00,040 --> 00:10:01,160
Speaker 5: lot of time thinking about this.

197
00:10:01,280 --> 00:10:03,200
Speaker 6: They didn't race into the market, so.

198
00:10:03,120 --> 00:10:06,720
Speaker 5: They could come with a very solid showing at WWDC

199
00:10:07,200 --> 00:10:09,360
Speaker 5: in what I would consider the things that matter. I

200
00:10:09,400 --> 00:10:12,680
Speaker 5: do think that from a technical standpoint, we always expect

201
00:10:12,679 --> 00:10:14,520
Speaker 5: Apple to blow the doors off of it, but I

202
00:10:14,640 --> 00:10:17,040
Speaker 5: really think we have to look at would somebody really

203
00:10:17,080 --> 00:10:19,480
Speaker 5: be pleased with this as opposed to is it going

204
00:10:19,520 --> 00:10:20,960
Speaker 5: to revolutionize the world.

205
00:10:21,040 --> 00:10:23,000
Speaker 6: And I think if they can nail that, they can

206
00:10:23,080 --> 00:10:25,559
Speaker 6: nail people really wanting to use AI because.

207
00:10:25,280 --> 00:10:28,120
Speaker 5: It does something meaningful for them, then they will sell

208
00:10:28,200 --> 00:10:32,360
Speaker 5: a ton of iPhones, smart watches, they may even sell

209
00:10:32,520 --> 00:10:35,880
Speaker 5: a fair amount of vision pros, particularly in the enterprise market.

210
00:10:36,000 --> 00:10:38,520
Speaker 5: So we're really optimistic and excited to see what they

211
00:10:38,640 --> 00:10:39,400
Speaker 5: show us next.

212
00:10:39,640 --> 00:10:42,120
Speaker 3: A little lesson two hours ago Marvell Dave has thank

213
00:10:42,160 --> 00:10:44,559
Speaker 3: you so much for putting us towards that excitement. Found

214
00:10:44,559 --> 00:10:47,679
Speaker 3: a principle, analyst ever at Lopez Research. Meanwhile, coming up

215
00:10:48,440 --> 00:10:51,319
Speaker 3: some shareholders over at Tesla Key Highes this week too

216
00:10:51,360 --> 00:10:53,640
Speaker 3: the vote on the fifty six billion dollar pay package

217
00:10:53,920 --> 00:10:56,240
Speaker 3: for CEO Ino Mask. We'll get the latest on what

218
00:10:56,280 --> 00:10:59,480
Speaker 3: we can expect from the vote next. Well, let's just

219
00:10:59,559 --> 00:11:02,160
Speaker 3: shine up on the mean stock. There was all the

220
00:11:02,240 --> 00:11:05,000
Speaker 3: rator on Friday as Roaring Kitty came back to YouTube.

221
00:11:05,040 --> 00:11:07,880
Speaker 3: GameStop now under pressure still by more than three point

222
00:11:07,880 --> 00:11:10,280
Speaker 3: eight percent. That's as we know that they're selling more shares,

223
00:11:10,280 --> 00:11:11,880
Speaker 3: trying to make the most some of the hype within

224
00:11:11,920 --> 00:11:14,080
Speaker 3: the share price twenty seven dollars is where we trade

225
00:11:14,440 --> 00:11:18,400
Speaker 3: Beard analyst Colin Sebastian saying, look the results we got

226
00:11:18,440 --> 00:11:22,199
Speaker 3: on Friday. The disappointing results underscore ongoing challenges to the

227
00:11:22,240 --> 00:11:25,160
Speaker 3: company's retail business model. This is bruly med technology.

228
00:11:35,040 --> 00:11:35,160
Speaker 7: Now.

229
00:11:35,200 --> 00:11:37,800
Speaker 3: The Supreme Court has agreed to Meta's request to consider

230
00:11:37,920 --> 00:11:41,439
Speaker 3: killing a multi billion dollar shareholder lawsuit that accuses the

231
00:11:41,480 --> 00:11:44,360
Speaker 3: social media john of misleading investors about the data harvesting

232
00:11:44,440 --> 00:11:48,839
Speaker 3: scandal evolving political consulting firm Cambridge Analytica. Remember that one

233
00:11:49,120 --> 00:11:51,560
Speaker 3: joining us now to really go into why this is meaningful,

234
00:11:51,720 --> 00:11:54,280
Speaker 3: rugs Mike Shephard over in Washington, and actually is not

235
00:11:54,320 --> 00:11:56,600
Speaker 3: just Meta that perhaps once it's killed off, but certainly

236
00:11:56,800 --> 00:11:58,720
Speaker 3: the Chamber of Commerce wants to have this heard by

237
00:11:58,720 --> 00:12:01,359
Speaker 3: the Supreme Court because they're worried that there's a misreading

238
00:12:01,400 --> 00:12:03,240
Speaker 3: of what's happening with the sec And there's a lot

239
00:12:03,240 --> 00:12:06,520
Speaker 3: of well lawsuits, a wave of meritless securities fraud suits

240
00:12:06,559 --> 00:12:10,040
Speaker 3: they call.

241
00:12:08,520 --> 00:12:09,040
Speaker 2: Well, Carolyn.

242
00:12:09,120 --> 00:12:12,280
Speaker 1: When you look at the stakes for Meta, it is financial.

243
00:12:12,400 --> 00:12:15,240
Speaker 1: It's a two billion dollars potential settlement.

244
00:12:15,440 --> 00:12:17,480
Speaker 6: When you talk to our Bloomberg.

245
00:12:17,040 --> 00:12:22,360
Speaker 1: Intelligence analysts, our colleague Schttenhelm has analyzed this and found

246
00:12:22,440 --> 00:12:24,600
Speaker 1: that it could be that kind of a payout for

247
00:12:24,679 --> 00:12:27,840
Speaker 1: the company to those aggrieved shareholders. But the stakes are

248
00:12:27,880 --> 00:12:31,319
Speaker 1: far wider as alluded to, because look, since two thousand

249
00:12:31,360 --> 00:12:35,040
Speaker 1: and five, the Securities and Exchange Commission has required companies

250
00:12:35,320 --> 00:12:39,280
Speaker 1: to disclose the risks that could have a material impact

251
00:12:39,640 --> 00:12:41,680
Speaker 1: on a share price. It could be information, it could

252
00:12:41,679 --> 00:12:44,280
Speaker 1: be an event, and the shareholders in this case were

253
00:12:44,280 --> 00:12:48,760
Speaker 1: alleging that Facebook was too slow in disclosing those risks

254
00:12:48,760 --> 00:12:52,840
Speaker 1: from the Cambridge Analytica episode. Now the Chamber of Commerce

255
00:12:52,840 --> 00:12:55,280
Speaker 1: and others that are saying that those same rules have

256
00:12:55,400 --> 00:12:59,360
Speaker 1: been too widely applied and are generating a whole bunch

257
00:12:59,360 --> 00:13:03,160
Speaker 1: of rivolous and their view lawsuits that have no merit,

258
00:13:03,240 --> 00:13:05,920
Speaker 1: and they have sided with Meta in this case.

259
00:13:06,800 --> 00:13:09,080
Speaker 3: It is interesting just to go back to July twenty eighteen.

260
00:13:09,160 --> 00:13:12,880
Speaker 3: That was when we saw the biggest eroad and of

261
00:13:13,000 --> 00:13:16,120
Speaker 3: value with that stock plunge, as we started to perhaps

262
00:13:16,200 --> 00:13:19,520
Speaker 3: front run what ultimately the damage from Cambridge Analytica and

263
00:13:19,559 --> 00:13:22,960
Speaker 3: the reporting on it could mean for Meta A. Meta's

264
00:13:23,040 --> 00:13:26,360
Speaker 3: argument here is that we could never have anticipated how

265
00:13:26,400 --> 00:13:28,880
Speaker 3: babb this would get for a shareholder perspective.

266
00:13:29,800 --> 00:13:34,239
Speaker 1: And also they're seeing, Caroline that all of the information

267
00:13:34,360 --> 00:13:37,360
Speaker 1: and risks were out there already. They had been reported

268
00:13:37,400 --> 00:13:40,880
Speaker 1: publicly by The Guardian and then by the New York Times,

269
00:13:41,080 --> 00:13:45,400
Speaker 1: so that the element of surprise for shareholders was really

270
00:13:45,480 --> 00:13:48,479
Speaker 1: gone at least as far as this episode was concerned.

271
00:13:48,880 --> 00:13:53,160
Speaker 1: And the concern from the company is that they are

272
00:13:53,200 --> 00:13:56,439
Speaker 1: being punished for something that is so far back and

273
00:13:56,480 --> 00:14:00,240
Speaker 1: that maybe since then has been wiped out if you

274
00:14:00,240 --> 00:14:02,760
Speaker 1: look at how the company's shares have gained since then

275
00:14:02,840 --> 00:14:05,480
Speaker 1: thanks to acquisition and expansion other changes.

276
00:14:06,000 --> 00:14:09,239
Speaker 3: Meanwhile, of course, as shareholders say the company had inadequate disclosures,

277
00:14:09,400 --> 00:14:12,120
Speaker 3: we'll see how this goes. Mike Shepard, brilliant, Thank you

278
00:14:12,200 --> 00:14:15,160
Speaker 3: so much. Indeed, meanwhile, let's just talk about some other shareholders. Now,

279
00:14:15,200 --> 00:14:17,440
Speaker 3: Tesla's because they're voting this week on a fifty six

280
00:14:17,520 --> 00:14:21,160
Speaker 3: billion dollar pay package to CEO Elo Musk. Let's get

281
00:14:21,160 --> 00:14:23,040
Speaker 3: into the details. But me megs Max traffickin his hair.

282
00:14:23,040 --> 00:14:26,480
Speaker 3: And what's interesting is, well, this, even if it goes through,

283
00:14:26,520 --> 00:14:28,520
Speaker 3: it might not help Elon Musk get his fifty six

284
00:14:28,600 --> 00:14:29,640
Speaker 3: billion dollar pay package.

285
00:14:29,720 --> 00:14:29,880
Speaker 2: Yeah.

286
00:14:29,880 --> 00:14:32,800
Speaker 8: Absolutely, this is going to be settled in Delaware court,

287
00:14:32,880 --> 00:14:35,520
Speaker 8: and I suppose possibly in Texas court or maybe in

288
00:14:35,560 --> 00:14:38,120
Speaker 8: a federal court at some point, depending on how Elon

289
00:14:38,240 --> 00:14:42,000
Speaker 8: Musk responds. But what Tesla is trying to do is create,

290
00:14:42,040 --> 00:14:45,120
Speaker 8: as our colleagues Dana Hall and Jeff feely Road, is

291
00:14:45,160 --> 00:14:48,200
Speaker 8: to create a kind of way to explain this to

292
00:14:48,240 --> 00:14:50,400
Speaker 8: the court. They're going to say, look, our shareholders approved

293
00:14:50,440 --> 00:14:53,480
Speaker 8: it in twenty eighteen. Now they're approving it again, hopefully

294
00:14:53,680 --> 00:14:55,480
Speaker 8: as far as Elon Musk is concerned.

295
00:14:55,680 --> 00:14:57,280
Speaker 3: In twenty twenty four, So it's.

296
00:14:57,160 --> 00:15:00,240
Speaker 8: More about forming the appeal rather than some kind of

297
00:15:00,800 --> 00:15:02,640
Speaker 8: definitive resolution to this case.

298
00:15:02,760 --> 00:15:06,160
Speaker 3: It's like narrative basically one hundred percent. But the narrative

299
00:15:06,240 --> 00:15:10,440
Speaker 3: with some of the well proxy investigots and those advising

300
00:15:10,480 --> 00:15:13,080
Speaker 3: shareholders hasn't been great. I've been saying, don't go with this.

301
00:15:13,280 --> 00:15:17,960
Speaker 8: So these proxy advisors generally don't back these gigantic pay packages.

302
00:15:18,000 --> 00:15:20,400
Speaker 8: They did not back the twenty eighteen one. But what

303
00:15:20,480 --> 00:15:23,800
Speaker 8: is interesting here is that you have some major shareholders

304
00:15:24,000 --> 00:15:26,760
Speaker 8: coming out and saying we are against this. Over the weekend,

305
00:15:26,800 --> 00:15:30,000
Speaker 8: the Norwegian Sovereign Wealth Fund said that they're going to

306
00:15:30,040 --> 00:15:32,560
Speaker 8: vote against this pay package, or that as as far

307
00:15:32,560 --> 00:15:34,560
Speaker 8: as they're concerned right now, they're going to Maybe there'll

308
00:15:34,560 --> 00:15:38,040
Speaker 8: be some further negotiation between now and Thursday, but in

309
00:15:38,080 --> 00:15:42,280
Speaker 8: any case, that fund is a major shareholder, top ten shareholder.

310
00:15:42,400 --> 00:15:45,400
Speaker 8: Norway's also a huge market for Tesla, so that seems

311
00:15:45,400 --> 00:15:49,040
Speaker 8: like a significant kind of caution light for elon Musk

312
00:15:49,120 --> 00:15:49,440
Speaker 8: right now.

313
00:15:49,840 --> 00:15:52,080
Speaker 3: Thirteen can keep an eye MaTx Chafkin with all the

314
00:15:52,120 --> 00:16:02,000
Speaker 3: details on Tesla. There's a new documentary out there from

315
00:16:02,080 --> 00:16:04,760
Speaker 3: Max and it's highlighting the rise and then the fall

316
00:16:05,040 --> 00:16:08,080
Speaker 3: of Movie Past, the subscription app that allowed users to

317
00:16:08,120 --> 00:16:10,720
Speaker 3: go to as many movie showings as they want from

318
00:16:10,720 --> 00:16:14,600
Speaker 3: a monthly fee with highlighting also how the founders they

319
00:16:14,640 --> 00:16:18,160
Speaker 3: lost control of the company and it's narrative they're regaining it.

320
00:16:18,440 --> 00:16:20,840
Speaker 3: How may what was one of those founders? And indeed

321
00:16:20,960 --> 00:16:23,320
Speaker 3: you're now Upfront Ventures as a board partner. You've got

322
00:16:23,360 --> 00:16:25,560
Speaker 3: share ventures as well, where you're trying to reclaim the

323
00:16:25,640 --> 00:16:32,000
Speaker 3: narrative of allocating money and capital to minority founders in particularly.

324
00:16:32,000 --> 00:16:35,560
Speaker 3: How many out there might go, sorry, you're the founder,

325
00:16:35,640 --> 00:16:38,080
Speaker 3: you're a co founder. I thought it was Ted Farnsworth.

326
00:16:38,120 --> 00:16:40,160
Speaker 3: I thought it was Mitch low educate us.

327
00:16:40,560 --> 00:16:42,960
Speaker 2: Yeah, yeah, well it was a process.

328
00:16:43,080 --> 00:16:44,880
Speaker 9: My co founder and I, who were in love with

329
00:16:44,920 --> 00:16:47,840
Speaker 9: the movie going process, wanted to innovate on the model

330
00:16:48,040 --> 00:16:52,200
Speaker 9: and started a company twenty eleven. We raised a couple

331
00:16:52,160 --> 00:16:53,960
Speaker 9: of rounds of capital, but got to a place like

332
00:16:54,000 --> 00:16:56,880
Speaker 9: many other entrepreneurs, where we struggled, and so we had

333
00:16:56,920 --> 00:16:59,480
Speaker 9: to raise some capital from some folks that we probably

334
00:16:59,520 --> 00:17:01,000
Speaker 9: didn't know as well as we should have known.

335
00:17:02,240 --> 00:17:05,359
Speaker 2: And ultimately they were able to invest quite a bit of.

336
00:17:05,359 --> 00:17:08,280
Speaker 9: Money into the company and take over the company, and

337
00:17:08,359 --> 00:17:10,040
Speaker 9: it was just quite an experience.

338
00:17:10,040 --> 00:17:11,960
Speaker 2: You have to watch the movie get all the details.

339
00:17:12,400 --> 00:17:15,160
Speaker 3: And actually the documentary does a good bait and switch

340
00:17:15,200 --> 00:17:17,320
Speaker 3: in a way of allowing you to go with what

341
00:17:17,359 --> 00:17:20,720
Speaker 3: your own biases that there's these two white co founders,

342
00:17:20,720 --> 00:17:23,040
Speaker 3: and in fact, there were two black co founders who

343
00:17:23,080 --> 00:17:25,720
Speaker 3: were ousted. And I'm interested now as to what you

344
00:17:25,760 --> 00:17:28,479
Speaker 3: think the learning of the overall documentary is. Because you

345
00:17:28,520 --> 00:17:32,119
Speaker 3: say you struggle to make and get funding like many,

346
00:17:32,400 --> 00:17:34,400
Speaker 3: but do you think you were less likely to get

347
00:17:34,440 --> 00:17:36,560
Speaker 3: funding because the fact that you were black?

348
00:17:37,800 --> 00:17:40,080
Speaker 2: A little bit? But I was very mindful in this documentary.

349
00:17:40,080 --> 00:17:42,160
Speaker 2: I didn't want it to be a black versus white thing.

350
00:17:42,520 --> 00:17:45,879
Speaker 9: You know, all entrepreneurs struggle at some level raising capital,

351
00:17:45,880 --> 00:17:48,240
Speaker 9: and we were very fortunate in our early investors were

352
00:17:48,280 --> 00:17:53,880
Speaker 9: all white, so it really wasn't exactly that, but it's natural.

353
00:17:54,359 --> 00:17:56,600
Speaker 9: One of the things we talk about is just the

354
00:17:56,680 --> 00:17:58,960
Speaker 9: idea that sometimes we walk into the room raising capital.

355
00:17:59,000 --> 00:18:01,399
Speaker 9: We're probably the first time that at that time, at

356
00:18:01,480 --> 00:18:04,440
Speaker 9: least the two black co founders were walking in trying

357
00:18:04,440 --> 00:18:05,160
Speaker 9: to innovate on.

358
00:18:05,119 --> 00:18:07,240
Speaker 2: In an industry and trying to reimagine the industry. So

359
00:18:07,280 --> 00:18:08,360
Speaker 2: that's hard by itself.

360
00:18:08,800 --> 00:18:11,480
Speaker 9: It's also hard when you have the extra unfamiliarity of

361
00:18:11,600 --> 00:18:15,119
Speaker 9: not having invested, perhaps in folks that looked like us.

362
00:18:15,400 --> 00:18:17,720
Speaker 3: What's interesting, your other co founder, Stacy Spikes, has gone

363
00:18:17,760 --> 00:18:22,320
Speaker 3: back and bought the business afterwards raised its value, and

364
00:18:22,359 --> 00:18:25,640
Speaker 3: he's brought it back and he's still innovating. But almost

365
00:18:25,680 --> 00:18:29,119
Speaker 3: your premise was right. You just needed the movie theaters

366
00:18:29,240 --> 00:18:31,919
Speaker 3: not to build their own subscriptions, which they went and did,

367
00:18:32,440 --> 00:18:35,040
Speaker 3: But really the issue was about the price point here.

368
00:18:35,119 --> 00:18:37,240
Speaker 3: What do you think about the price points of moviegoing,

369
00:18:37,320 --> 00:18:39,320
Speaker 3: of content consuming, of the way in which we see

370
00:18:39,320 --> 00:18:40,320
Speaker 3: the landscape evolving.

371
00:18:41,400 --> 00:18:43,840
Speaker 9: Yeah, it felt like such an inevitable change to happen

372
00:18:43,880 --> 00:18:45,720
Speaker 9: in the movie going space. It's kind of why I

373
00:18:45,800 --> 00:18:47,560
Speaker 9: went out. I came to LA to begin with twenty

374
00:18:47,640 --> 00:18:49,960
Speaker 9: years ago because I felt like some of this industry

375
00:18:50,040 --> 00:18:52,840
Speaker 9: was slower to innovate. So we did feel like it

376
00:18:52,880 --> 00:18:55,960
Speaker 9: was inevitable. We felt like, really the opportunity to be

377
00:18:56,000 --> 00:18:59,640
Speaker 9: a Switzerland in the space was the sweet spot. Of course,

378
00:18:59,640 --> 00:19:02,120
Speaker 9: they're opportunities for silos and for folks to be able

379
00:19:02,160 --> 00:19:04,560
Speaker 9: to do it on their own, but we thought that

380
00:19:04,640 --> 00:19:07,160
Speaker 9: the idea that there could be a community that tied

381
00:19:07,200 --> 00:19:09,399
Speaker 9: it all together could be special, and then we were

382
00:19:09,440 --> 00:19:11,440
Speaker 9: also going to innovate. We did innovate quite a bit

383
00:19:11,480 --> 00:19:13,600
Speaker 9: more than a lot of the folks were individually.

384
00:19:14,359 --> 00:19:15,359
Speaker 2: It's been a great lesson.

385
00:19:15,440 --> 00:19:17,399
Speaker 9: I think it was a long time ago that we

386
00:19:17,440 --> 00:19:20,000
Speaker 9: started that company, and where movies was probably.

387
00:19:19,920 --> 00:19:21,200
Speaker 2: More centric to our world.

388
00:19:21,240 --> 00:19:23,480
Speaker 9: I've now moved on to focus on health and longevity

389
00:19:23,480 --> 00:19:24,320
Speaker 9: and things that I'm.

390
00:19:24,400 --> 00:19:25,560
Speaker 2: Much more passionate about.

391
00:19:25,600 --> 00:19:28,320
Speaker 9: But Stacey's making a go at it, and he's doing

392
00:19:28,320 --> 00:19:30,080
Speaker 9: a great job. I think he's turned the company to

393
00:19:30,119 --> 00:19:32,679
Speaker 9: be profitable, and he's figured out the pricing model that

394
00:19:32,720 --> 00:19:34,760
Speaker 9: will work long term.

395
00:19:35,000 --> 00:19:37,720
Speaker 3: How much do you think there's still an issue of

396
00:19:38,040 --> 00:19:41,800
Speaker 3: founders versus the money they raise? Who has the power

397
00:19:41,880 --> 00:19:44,879
Speaker 3: when ultimately some of these contracts are written.

398
00:19:47,680 --> 00:19:51,000
Speaker 2: Yeah, I think you know it ebbs and flows.

399
00:19:51,040 --> 00:19:52,840
Speaker 9: I mean, there are times where the founders and the

400
00:19:52,960 --> 00:19:56,120
Speaker 9: entrepreneurs have significantly more leverage because there's way more capital

401
00:19:56,160 --> 00:20:00,479
Speaker 9: than there is there is companies, and then sometimes capital

402
00:20:00,560 --> 00:20:02,639
Speaker 9: has a lot more control and power and say so,

403
00:20:03,119 --> 00:20:05,520
Speaker 9: I think ultimately it's it's you know, as a founder

404
00:20:05,560 --> 00:20:08,879
Speaker 9: and an investor, I try not to think about that.

405
00:20:08,960 --> 00:20:11,320
Speaker 9: I try not to take advantage of leveraging in a

406
00:20:11,359 --> 00:20:13,520
Speaker 9: way that's going to be unfair, because it's the tide

407
00:20:13,600 --> 00:20:16,480
Speaker 9: is going to change at some point anyway. And I

408
00:20:16,480 --> 00:20:19,240
Speaker 9: think we're seeing that play out now as the markets

409
00:20:19,240 --> 00:20:20,840
Speaker 9: are starting to come back in terms of the private

410
00:20:20,880 --> 00:20:25,840
Speaker 9: markets and investors becoming more aggressive again, and now entrepreneurs

411
00:20:25,880 --> 00:20:28,520
Speaker 9: and the leverage is starting to shift back and forth again.

412
00:20:28,960 --> 00:20:32,680
Speaker 3: You're focused on wellness, as you say, longevity those founders

413
00:20:32,680 --> 00:20:35,840
Speaker 3: out there, honey, And how are you seeing the ability

414
00:20:35,920 --> 00:20:38,200
Speaker 3: for yourself to write checks and how are you seeing

415
00:20:38,200 --> 00:20:40,320
Speaker 3: things different from when you were out there trying to fundraise?

416
00:20:41,640 --> 00:20:43,360
Speaker 9: Yeah, I'd say there are a couple of things. One

417
00:20:43,400 --> 00:20:45,280
Speaker 9: is my model is slightly different. I have a venture

418
00:20:45,320 --> 00:20:48,199
Speaker 9: studio and a fund, and so I like, I like

419
00:20:48,280 --> 00:20:50,280
Speaker 9: being on both sides of the table, so to speak.

420
00:20:50,359 --> 00:20:54,719
Speaker 9: I like inventing and reimagining new new businesses. And then

421
00:20:54,760 --> 00:20:57,280
Speaker 9: I also like supporting entrepreneurs, and I also like I

422
00:20:57,280 --> 00:21:01,200
Speaker 9: support entrepreneurs that oftentimes may not get that opportunity. I'm

423
00:21:01,200 --> 00:21:04,280
Speaker 9: looking for something different in many ways. I think it's

424
00:21:04,359 --> 00:21:06,760
Speaker 9: changing a lot. I hope we're going to see some

425
00:21:06,800 --> 00:21:10,600
Speaker 9: outcomes that start to prove that. But there's a tremendous

426
00:21:10,600 --> 00:21:13,399
Speaker 9: amount of talent and we're really looking at opening the

427
00:21:13,440 --> 00:21:16,479
Speaker 9: aperture now to figure out how to get more talented

428
00:21:16,640 --> 00:21:20,840
Speaker 9: entrepreneurs into the game. More talented operators, scientists, innovators, more

429
00:21:20,880 --> 00:21:24,360
Speaker 9: perspectives on problems leads to better solutions to problems.

430
00:21:24,800 --> 00:21:26,440
Speaker 2: So I'm excited about where we're going.

431
00:21:26,800 --> 00:21:28,600
Speaker 9: There's still a long way to go, don't get me wrong,

432
00:21:28,880 --> 00:21:30,119
Speaker 9: but I think we're in a good place.

433
00:21:30,680 --> 00:21:32,879
Speaker 3: Well, I'm excited about having some of those founders that

434
00:21:32,920 --> 00:21:36,840
Speaker 3: you're working with, having some of the studio comptanies that

435
00:21:36,880 --> 00:21:39,320
Speaker 3: you build and then birth and grow coming on the show.

436
00:21:39,400 --> 00:21:41,520
Speaker 3: How may we come back you? Of course a million

437
00:21:41,560 --> 00:21:51,640
Speaker 3: for past co founder. Welcome back to Bluemore Technology. I'm

438
00:21:51,640 --> 00:21:53,440
Speaker 3: Carolin Hide in New York. Quick check on these markets

439
00:21:53,480 --> 00:21:56,320
Speaker 3: because we'rewithstanding some of the overall pressure on the markets

440
00:21:56,320 --> 00:21:58,760
Speaker 3: coming over from risker version in Europe and actually pushing

441
00:21:58,800 --> 00:22:00,639
Speaker 3: higher in tech wet three times sent on the Nastak

442
00:22:00,680 --> 00:22:03,399
Speaker 3: one hundred, Microsofts, some of the other key names managing

443
00:22:03,440 --> 00:22:05,320
Speaker 3: to lead us higher on a points perspective. I'm looking

444
00:22:05,359 --> 00:22:08,800
Speaker 3: at the French tenure yield as Europe ends at day trading.

445
00:22:09,160 --> 00:22:11,960
Speaker 3: What a political upheaval day of trading it has been

446
00:22:12,080 --> 00:22:14,440
Speaker 3: and of course concerns about what's happening with Macron calling

447
00:22:14,440 --> 00:22:16,959
Speaker 3: that legislative vote, and we're seeing yields to push up

448
00:22:16,960 --> 00:22:19,800
Speaker 3: some twelve thirteen basis points. We're also looking though at Bitcoin,

449
00:22:19,840 --> 00:22:21,800
Speaker 3: managing to still be up about three tens percent. It's

450
00:22:21,800 --> 00:22:23,800
Speaker 3: allD off hard on Friday. We're now still gathering a

451
00:22:23,800 --> 00:22:26,040
Speaker 3: little bit of a steam at sixty nine thousand, near

452
00:22:26,080 --> 00:22:28,720
Speaker 3: that record high there or thereabouts. Move on, have a

453
00:22:28,720 --> 00:22:30,760
Speaker 3: look at what's happening on the individual movers at the moment.

454
00:22:30,800 --> 00:22:33,680
Speaker 3: I'm looking at Nvidio. It happened with stock split. We're

455
00:22:33,680 --> 00:22:35,760
Speaker 3: now up more than a percentage point, having actually just

456
00:22:35,800 --> 00:22:37,840
Speaker 3: sold off into that move that happened, of course on

457
00:22:38,000 --> 00:22:41,080
Speaker 3: Thursday Friday. We're currently one point five points higher the

458
00:22:41,160 --> 00:22:44,680
Speaker 3: SCILLA one hundred and twenty two, so well well ten

459
00:22:44,720 --> 00:22:47,080
Speaker 3: percent of where we were trading back on Friday. I'm

460
00:22:47,119 --> 00:22:49,560
Speaker 3: looking at Apple one hundred and ninety five. We're currently

461
00:22:49,600 --> 00:22:52,159
Speaker 3: down by seven tens of percent. We have built and

462
00:22:52,200 --> 00:22:56,280
Speaker 3: crescendoed in terms of market capitalization into today, which is WWDC.

463
00:22:56,680 --> 00:22:58,200
Speaker 3: We really want to understand what we're going to be

464
00:22:58,240 --> 00:23:01,399
Speaker 3: getting from AI from Apple. Intel legends over in Apple

465
00:23:01,440 --> 00:23:04,160
Speaker 3: Park now and we want to bring in Carolina Milanesy,

466
00:23:04,160 --> 00:23:07,200
Speaker 3: President and principal analyst that creative strategies for your take

467
00:23:07,520 --> 00:23:09,480
Speaker 3: and what to expect today, we are going to get

468
00:23:09,520 --> 00:23:11,639
Speaker 3: a whole host of the way in which developers are

469
00:23:11,680 --> 00:23:14,359
Speaker 3: going to be able to innovate across Apple, but also

470
00:23:14,640 --> 00:23:17,000
Speaker 3: what me as a consumer might want to therefore go

471
00:23:17,040 --> 00:23:18,639
Speaker 3: out and buy a new phone for what are you

472
00:23:18,800 --> 00:23:19,400
Speaker 3: excited for?

473
00:23:22,240 --> 00:23:25,240
Speaker 10: Absolutely, I think you're spot on in both today being

474
00:23:25,280 --> 00:23:28,600
Speaker 10: about the developers and how they can leverage artificial intelligence

475
00:23:28,640 --> 00:23:33,320
Speaker 10: to drive more experiences through their applications. But then is

476
00:23:33,320 --> 00:23:36,680
Speaker 10: about the consumer and for Apple is always about the hardware.

477
00:23:36,800 --> 00:23:37,960
Speaker 3: Is about bringing.

478
00:23:37,680 --> 00:23:40,840
Speaker 10: Value back to the hardware so that we want to upgrade,

479
00:23:40,880 --> 00:23:44,800
Speaker 10: so we want to stay up today as a consumer perspective,

480
00:23:44,880 --> 00:23:48,600
Speaker 10: so to me, is going to be about ease of views,

481
00:23:48,800 --> 00:23:52,000
Speaker 10: is going to be about really mass market things that

482
00:23:52,119 --> 00:23:56,600
Speaker 10: consumer want to do. Maybe around the camera is always

483
00:23:56,600 --> 00:24:00,960
Speaker 10: a big thing for consumers today, or the use of

484
00:24:01,040 --> 00:24:02,000
Speaker 10: the phone itself.

485
00:24:02,119 --> 00:24:03,600
Speaker 3: The phone gets to do.

486
00:24:03,560 --> 00:24:06,320
Speaker 10: More and more today in navigating it might become a

487
00:24:06,320 --> 00:24:07,080
Speaker 10: bit cumbersome.

488
00:24:07,560 --> 00:24:10,320
Speaker 3: It's interesting that you say the photo the camera. I

489
00:24:10,320 --> 00:24:14,400
Speaker 3: mean ostracial intelligence has been interlaced within Apple's products, particularly

490
00:24:14,440 --> 00:24:17,000
Speaker 3: when in the photo product for a long time. It's

491
00:24:17,040 --> 00:24:20,880
Speaker 3: just generative AI has brought about this idea that Apple's

492
00:24:20,880 --> 00:24:23,680
Speaker 3: behind the curve? Is it truly behind the curve? Karina?

493
00:24:26,960 --> 00:24:29,800
Speaker 10: I think no consumer is running into a store today

494
00:24:29,920 --> 00:24:33,520
Speaker 10: asking for genitive AI, right. I think from a street perspective,

495
00:24:33,680 --> 00:24:36,600
Speaker 10: there is a perception that Apple hasn't talked enough about

496
00:24:36,640 --> 00:24:39,439
Speaker 10: generative live, not at all up until now. But the

497
00:24:39,520 --> 00:24:41,960
Speaker 10: reality is there are different kinds of AIS, and as

498
00:24:42,000 --> 00:24:44,600
Speaker 10: you point out, Apple has been doing AI for a

499
00:24:44,600 --> 00:24:47,560
Speaker 10: long time, from machine learning from a silicon perspective into

500
00:24:47,800 --> 00:24:51,560
Speaker 10: their neural engine, so they're not behind from a technology

501
00:24:51,640 --> 00:24:55,480
Speaker 10: perspective per se. What we want to see is more

502
00:24:55,640 --> 00:24:58,240
Speaker 10: or actually what the streets wants to see is more

503
00:24:58,359 --> 00:25:01,399
Speaker 10: proof that they have all the ingredients in place to

504
00:25:01,520 --> 00:25:05,639
Speaker 10: deliver and stay in pace with the Microsoft and Google

505
00:25:05,680 --> 00:25:06,520
Speaker 10: of the world.

506
00:25:06,680 --> 00:25:10,240
Speaker 3: And also how long those ingredients last. Open AI a

507
00:25:10,280 --> 00:25:14,280
Speaker 3: partnership with that company short to medium term.

508
00:25:16,119 --> 00:25:19,560
Speaker 10: That's an interesting if it's true, it's a very interesting

509
00:25:19,640 --> 00:25:22,320
Speaker 10: collaboration because it's the first time that we would see

510
00:25:22,359 --> 00:25:25,400
Speaker 10: Apple really bringing a name. Obviously, we know that they're

511
00:25:25,400 --> 00:25:29,760
Speaker 10: collaborating with Google for parts of their search and everything else.

512
00:25:29,800 --> 00:25:32,560
Speaker 10: But you know, it's the first time that we will

513
00:25:32,600 --> 00:25:36,760
Speaker 10: see a name associated with Apple for a delivery of

514
00:25:36,800 --> 00:25:39,320
Speaker 10: an experience. And I do think this is much more

515
00:25:39,400 --> 00:25:41,000
Speaker 10: longer term than short term.

516
00:25:41,800 --> 00:25:45,560
Speaker 3: Creative strategies is in your business's name. So can you

517
00:25:46,080 --> 00:25:47,919
Speaker 3: tell us how Apple is going to get creative with

518
00:25:47,920 --> 00:25:50,080
Speaker 3: the way in which we use the phone going forward?

519
00:25:50,119 --> 00:25:52,639
Speaker 3: How will generative AI change the way in which I

520
00:25:52,760 --> 00:25:56,960
Speaker 3: use my next latest and greatest software and hardware from Apple.

521
00:26:00,080 --> 00:26:02,199
Speaker 10: You look at the history from an iPhone perspective, the

522
00:26:02,240 --> 00:26:05,000
Speaker 10: things that always resonated with consumers are things that you

523
00:26:05,119 --> 00:26:07,000
Speaker 10: use every day. You know, if you think about the

524
00:26:07,040 --> 00:26:10,000
Speaker 10: beauty of I, message for a lot of people is

525
00:26:10,119 --> 00:26:13,800
Speaker 10: about seamless experience in communicating is a rich experience in

526
00:26:13,840 --> 00:26:15,120
Speaker 10: the way that you communicate.

527
00:26:15,880 --> 00:26:16,040
Speaker 6: You know.

528
00:26:16,160 --> 00:26:21,240
Speaker 10: Emojis were that thing that Apple was just just got

529
00:26:21,280 --> 00:26:24,880
Speaker 10: everybody excited about, and there are rumors about a new

530
00:26:25,000 --> 00:26:29,240
Speaker 10: version of emojis that will leverage generality AI. You know,

531
00:26:29,280 --> 00:26:32,040
Speaker 10: it's the things that I use every day that are

532
00:26:32,080 --> 00:26:35,720
Speaker 10: going to get me even more entrenched into the ecosystem

533
00:26:35,760 --> 00:26:37,760
Speaker 10: that Apple is trying to do, because that at the

534
00:26:37,840 --> 00:26:41,000
Speaker 10: end of the day is what that engagement, that everyday

535
00:26:41,040 --> 00:26:44,280
Speaker 10: dependency is what is going to get consumers to continue

536
00:26:44,320 --> 00:26:47,920
Speaker 10: to look for the next device, the next experience.

537
00:26:48,400 --> 00:26:51,240
Speaker 3: Does Apple in its entirety have to shift. There's an

538
00:26:51,280 --> 00:26:53,400
Speaker 3: interesting line in some of the reporting done by Mark

539
00:26:53,440 --> 00:26:55,520
Speaker 3: Gumman and others here a Bloomberg that bas it's going

540
00:26:55,560 --> 00:26:58,040
Speaker 3: to have to shift from what is a hardware software

541
00:26:58,119 --> 00:27:01,800
Speaker 3: services business more to becoming like a hardware AI cloud

542
00:27:01,880 --> 00:27:04,240
Speaker 3: company and what does that distinction really mean?

543
00:27:07,840 --> 00:27:10,600
Speaker 10: The cloud part is going to be important going forward

544
00:27:10,640 --> 00:27:13,760
Speaker 10: for sure, because obviously from an generitivevi I perspective, you

545
00:27:13,840 --> 00:27:16,560
Speaker 10: do need a cloud component. I do think that there

546
00:27:16,760 --> 00:27:20,680
Speaker 10: is end versus or, and I do think the generative

547
00:27:20,720 --> 00:27:24,000
Speaker 10: VII is going to be pervasive across their experiences. From

548
00:27:24,080 --> 00:27:27,480
Speaker 10: a software perspective as well as services perspective. There's a

549
00:27:27,520 --> 00:27:30,080
Speaker 10: lot that GENERAITI VII for instance, can do as far

550
00:27:30,160 --> 00:27:35,840
Speaker 10: as music or Apple TV shows the recommendations. So there's

551
00:27:35,920 --> 00:27:38,840
Speaker 10: a lot there that the holy ecsystem can benefit from,

552
00:27:39,080 --> 00:27:42,359
Speaker 10: and the cloud will be a means to deliver that.

553
00:27:43,520 --> 00:27:46,800
Speaker 3: You're ultimately saying, we need to hear from them that

554
00:27:46,880 --> 00:27:50,520
Speaker 3: they've got all the bits in place, the infrastructure necessary

555
00:27:50,560 --> 00:27:53,480
Speaker 3: to leverage. What is this new generative AI reality we're

556
00:27:53,480 --> 00:27:55,560
Speaker 3: going to hit carry? But how quickly do you think

557
00:27:55,560 --> 00:27:58,240
Speaker 3: it will be ultimately revenue generating for Apple? How quickly

558
00:27:58,280 --> 00:28:03,440
Speaker 3: will they see the rewards of some these investments.

559
00:28:03,840 --> 00:28:05,639
Speaker 10: I would think that the first thing we're going to

560
00:28:05,640 --> 00:28:07,960
Speaker 10: see is a replacement cycle, right, That's going to be

561
00:28:08,200 --> 00:28:11,040
Speaker 10: the biggest way to see the return of investment from

562
00:28:11,080 --> 00:28:15,159
Speaker 10: a revenue perspective. Obviously, with a lot of compute necessary

563
00:28:15,240 --> 00:28:17,719
Speaker 10: on the device, you are going to need the latest

564
00:28:17,760 --> 00:28:21,320
Speaker 10: and greatest silicon on the device. So I think it

565
00:28:21,359 --> 00:28:24,479
Speaker 10: is natural to think that if you have a phone

566
00:28:24,520 --> 00:28:26,919
Speaker 10: that is three four years old, you will have to

567
00:28:27,040 --> 00:28:29,520
Speaker 10: upgrade in order to take advantage of a new features

568
00:28:29,560 --> 00:28:32,480
Speaker 10: that are coming that are based on generative AI. So

569
00:28:32,880 --> 00:28:36,160
Speaker 10: the first thing you'll see is an upgrade cycle across

570
00:28:36,240 --> 00:28:39,240
Speaker 10: the devices. We've seen it already with the M four

571
00:28:39,600 --> 00:28:42,440
Speaker 10: chip in the iPad that was launched just over a

572
00:28:42,440 --> 00:28:42,960
Speaker 10: month ago.

573
00:28:43,520 --> 00:28:50,920
Speaker 3: Will it make us buy a Vision Pro? I don't

574
00:28:50,920 --> 00:28:51,640
Speaker 3: know about that.

575
00:28:51,800 --> 00:28:54,920
Speaker 10: I think that for now, generative AI is really more

576
00:28:55,000 --> 00:28:58,720
Speaker 10: about the mass market and the everyday device. I think

577
00:28:58,720 --> 00:29:01,920
Speaker 10: for Vision Pro, I'm sure that we'll get there.

578
00:29:02,080 --> 00:29:02,880
Speaker 3: I don't know if.

579
00:29:02,720 --> 00:29:07,120
Speaker 10: It's necessarily the priority today, I think is more about

580
00:29:07,160 --> 00:29:09,880
Speaker 10: what we use every day, and I think that historically

581
00:29:09,920 --> 00:29:12,680
Speaker 10: that's what Apple has always done, is you know, taking

582
00:29:12,720 --> 00:29:18,200
Speaker 10: features or taking moments, and you know, it's example of things,

583
00:29:18,280 --> 00:29:21,200
Speaker 10: even from a technology perspective, that ours are brought to

584
00:29:21,280 --> 00:29:25,560
Speaker 10: market and really made that a mass market moment. And

585
00:29:25,640 --> 00:29:27,959
Speaker 10: that's what I'm expecting today.

586
00:29:28,600 --> 00:29:31,680
Speaker 3: Apparently in a milanacy, President Principal Anna say a creative

587
00:29:31,680 --> 00:29:36,719
Speaker 3: strategy waiting the all important WWDC kickoff. We thank you

588
00:29:37,120 --> 00:29:40,040
Speaker 3: for front running it for us. Meanwhile, time to go

589
00:29:40,120 --> 00:29:42,360
Speaker 3: to talking tech now. First that Microsoft says a core

590
00:29:42,440 --> 00:29:45,840
Speaker 3: feature in its AI branded PCs will be turned off

591
00:29:46,120 --> 00:29:49,080
Speaker 3: when it ships. The feature is actually called Recall and

592
00:29:49,160 --> 00:29:51,320
Speaker 3: it creates a record of everything users to do on

593
00:29:51,320 --> 00:29:53,320
Speaker 3: the PC now. The tool set off alarm bells for

594
00:29:53,360 --> 00:29:56,960
Speaker 3: security researchers, saying it could be used by bad actors

595
00:29:57,000 --> 00:30:00,960
Speaker 3: to access and scoop up data and information. Xbox announced

596
00:30:01,040 --> 00:30:04,840
Speaker 3: new entries to its popular gaming franchises and a showcase

597
00:30:04,880 --> 00:30:07,640
Speaker 3: over the weekend. New titles for Doom and Gears, a

598
00:30:07,680 --> 00:30:12,360
Speaker 3: war series, were announced. The presentation comes amid layoffs of,

599
00:30:12,360 --> 00:30:15,320
Speaker 3: of course, nineteen hundred employees in its gaming division. Earlier

600
00:30:15,320 --> 00:30:20,880
Speaker 3: this year, Volvo car is recalling nearly seventy two thousand

601
00:30:21,080 --> 00:30:24,320
Speaker 3: of its fully electric Ex thirty due to a software issue.

602
00:30:24,360 --> 00:30:26,160
Speaker 3: Now the car may have an error in their center

603
00:30:26,240 --> 00:30:29,360
Speaker 3: screen that causes a speedometer to go into testmo basically

604
00:30:29,400 --> 00:30:32,640
Speaker 3: when there started. According to Volvo, no other models were

605
00:30:32,640 --> 00:30:37,360
Speaker 3: affected and there have been no related accidents or injuries reported.

606
00:30:37,760 --> 00:30:41,040
Speaker 3: Coming up, Media veteran Jeffrey Hasenberg raises nearly half a

607
00:30:41,080 --> 00:30:43,920
Speaker 3: billion dollars for his new venture fund based in cybersecurity.

608
00:30:43,960 --> 00:30:46,880
Speaker 3: We're going to discuss with him and colleague next. Talking

609
00:30:47,080 --> 00:30:50,440
Speaker 3: of content creation. This is perhaps one of the messiest

610
00:30:50,480 --> 00:30:52,720
Speaker 3: deals of all time, but it feels as though Paramount

611
00:30:52,720 --> 00:30:56,560
Speaker 3: Global currently moving just down about a percentage point. A

612
00:30:56,640 --> 00:30:59,760
Speaker 3: former media executive Edgar Bronfman, you know, and from Warner

613
00:30:59,800 --> 00:31:02,680
Speaker 3: muse from the liquor giant Seagram. He's backed by private

614
00:31:02,720 --> 00:31:07,560
Speaker 3: equity firm Bane Capital, potentially to be buying National At

615
00:31:07,560 --> 00:31:11,960
Speaker 3: the overall parent company of Sherry Redstone instead maybe of

616
00:31:12,000 --> 00:31:14,640
Speaker 3: sky Dance. This is all about Egg of Rothman having

617
00:31:14,680 --> 00:31:16,840
Speaker 3: a two billion plus bid for the company that can

618
00:31:16,840 --> 00:31:18,000
Speaker 3: controls Paramount.

619
00:31:18,640 --> 00:31:18,720
Speaker 1: This.

620
00:31:19,280 --> 00:31:22,840
Speaker 3: We continue to watch National Amusements, of course, the key

621
00:31:22,880 --> 00:31:24,840
Speaker 3: one that they would be looking to purchase this Bloomberg

622
00:31:24,840 --> 00:31:37,600
Speaker 3: technology wonder Co. It's the investment firm and media veteran

623
00:31:37,680 --> 00:31:41,600
Speaker 3: Jeffreykatzenberg and tech entrepreneur Sujai Jasua has just announced that

624
00:31:41,600 --> 00:31:43,800
Speaker 3: it's raised nearly half a billion dollars for its latest

625
00:31:43,840 --> 00:31:47,120
Speaker 3: venture fund. We're very pleased to welcome to VC Spotlight

626
00:31:47,560 --> 00:31:51,520
Speaker 3: both founding partners, Jeffrey and Sujai. Welcome, gentlemen. And while

627
00:31:51,560 --> 00:31:54,280
Speaker 3: I want to ask you Suji first, the perspective is

628
00:31:54,320 --> 00:31:59,720
Speaker 3: on what security most importantly, cyber threats or artificial intelligence.

629
00:31:59,760 --> 00:32:01,360
Speaker 3: Where is your sweet spot in the moments?

630
00:32:01,360 --> 00:32:06,200
Speaker 7: S Jack, Well, We're I mean you actually covered it all.

631
00:32:06,240 --> 00:32:07,120
Speaker 7: That's a sweet spot.

632
00:32:07,640 --> 00:32:08,720
Speaker 3: Well, good, okay, Mike.

633
00:32:08,880 --> 00:32:11,320
Speaker 7: What we're trying to do is keep you and your

634
00:32:11,320 --> 00:32:14,440
Speaker 7: family safe online. You know, we start with the consumer.

635
00:32:14,800 --> 00:32:18,160
Speaker 7: That's obviously where Jeffrey's background and my background come from

636
00:32:18,520 --> 00:32:22,880
Speaker 7: is thinking about how to apply new technologies to solve problems.

637
00:32:22,400 --> 00:32:23,920
Speaker 2: For each of us at home and at work.

638
00:32:24,440 --> 00:32:27,880
Speaker 7: And when we think about cybersecurity, one of the crazier

639
00:32:27,920 --> 00:32:31,560
Speaker 7: things of the past couple decades is you can't think

640
00:32:31,600 --> 00:32:35,440
Speaker 7: of a great innovation that is designed to protect all

641
00:32:35,440 --> 00:32:38,920
Speaker 7: of us or our children or elderly relatives, and that

642
00:32:39,120 --> 00:32:41,479
Speaker 7: seems shocking and terrible to us, and so we decided

643
00:32:41,480 --> 00:32:42,320
Speaker 7: to go try to solve that.

644
00:32:42,920 --> 00:32:45,520
Speaker 3: Truffle hunting is how you describe what you're going to

645
00:32:45,560 --> 00:32:48,240
Speaker 3: go about and do. Jeffrey talk us through how that

646
00:32:48,400 --> 00:32:50,960
Speaker 3: is what a small amount of investments but more integral,

647
00:32:51,080 --> 00:32:52,480
Speaker 3: more important, more impactful.

648
00:32:53,760 --> 00:32:57,200
Speaker 11: Well, I think you know that's the opportunity today. You know,

649
00:32:57,240 --> 00:33:03,120
Speaker 11: there's so much incredible innovation going on, and we have

650
00:33:03,240 --> 00:33:09,640
Speaker 11: found for us staying quite focused picking a handful of

651
00:33:09,920 --> 00:33:13,120
Speaker 11: qual it five to seven investments each year, as well

652
00:33:13,120 --> 00:33:15,880
Speaker 11: as starting a company ourselves, we'd like to be builders

653
00:33:15,920 --> 00:33:19,680
Speaker 11: as well as investors, and so doing those things in

654
00:33:19,800 --> 00:33:24,560
Speaker 11: parallel has proved to be you know, quite quite successful

655
00:33:24,560 --> 00:33:25,120
Speaker 11: and quite.

656
00:33:25,000 --> 00:33:26,360
Speaker 2: Rewarding for us.

657
00:33:26,760 --> 00:33:30,520
Speaker 11: We all started as builders, we have founded companies ourselves,

658
00:33:31,760 --> 00:33:35,120
Speaker 11: and we want to do both those things in parallel.

659
00:33:35,600 --> 00:33:39,000
Speaker 3: So, Joy, I'm interested in, for example, as we came

660
00:33:39,000 --> 00:33:43,120
Speaker 3: out from WWDC or about to anticipate Apple's latest unveiling,

661
00:33:43,400 --> 00:33:45,760
Speaker 3: one of your big bets is one pass word. We're

662
00:33:45,800 --> 00:33:48,360
Speaker 3: looking at it now, but Apple is looking to take

663
00:33:48,400 --> 00:33:52,360
Speaker 3: that on with its own homegrown ability for storing your passwords.

664
00:33:52,800 --> 00:33:58,320
Speaker 3: How much do you worry about competition in this cyber area?

665
00:34:00,160 --> 00:34:02,640
Speaker 7: So I used to worry a lot about competition fifteen

666
00:34:02,720 --> 00:34:06,680
Speaker 7: years ago from big tech platforms and at Dropbox in

667
00:34:06,720 --> 00:34:08,719
Speaker 7: particular Steve Jobs last.

668
00:34:08,440 --> 00:34:10,440
Speaker 2: Speech he said, he was you know what do you

669
00:34:10,520 --> 00:34:11,040
Speaker 2: use right now?

670
00:34:11,160 --> 00:34:13,680
Speaker 7: Use your Dropbox. I'm going to change it all with iCloud,

671
00:34:14,239 --> 00:34:18,400
Speaker 7: and obviously dropbos did just find despite that competition. My

672
00:34:18,560 --> 00:34:22,200
Speaker 7: view is that the best product ultimately wins, and in

673
00:34:22,239 --> 00:34:24,400
Speaker 7: the case of one pass where they've built an amazing

674
00:34:24,480 --> 00:34:29,760
Speaker 7: solution for helping you cross platform across Apple devices, Android devices,

675
00:34:29,760 --> 00:34:32,720
Speaker 7: Microsoft devices, and so as long as you stay focused

676
00:34:32,760 --> 00:34:35,160
Speaker 7: on the customer, you'll be fine as an entrepreneur.

677
00:34:35,440 --> 00:34:38,200
Speaker 3: Jeffrey, it's a tough question to ask, but of course

678
00:34:38,239 --> 00:34:40,680
Speaker 3: many would associate of late you'll work with Quibi, and

679
00:34:40,719 --> 00:34:43,400
Speaker 3: of course that was a big bet and a building

680
00:34:43,480 --> 00:34:46,080
Speaker 3: bet and one that didn't pay off. Content is really

681
00:34:46,120 --> 00:34:47,840
Speaker 3: tough right now. But how has that been tough to

682
00:34:47,880 --> 00:34:49,920
Speaker 3: explain to the LPs And he brought over.

683
00:34:50,920 --> 00:34:54,239
Speaker 11: Well, first of all, I know feels to you like

684
00:34:54,280 --> 00:34:56,879
Speaker 11: it was yesterday. In fact it was four years ago.

685
00:34:57,960 --> 00:35:01,800
Speaker 11: It was a moonshot. That's part of being an entrepreneur.

686
00:35:01,840 --> 00:35:06,200
Speaker 11: It's also part of being an investor. You know, there

687
00:35:06,239 --> 00:35:10,120
Speaker 11: are it's a balance of the type of risk reward

688
00:35:10,200 --> 00:35:13,840
Speaker 11: you take. Certainly that was a risk and our investors

689
00:35:13,920 --> 00:35:18,840
Speaker 11: understood it. But digital media in general actually has turned

690
00:35:18,840 --> 00:35:22,360
Speaker 11: out to be a very very challenged area, both for

691
00:35:22,480 --> 00:35:26,200
Speaker 11: creators and for investors unless you own the control of

692
00:35:26,239 --> 00:35:31,040
Speaker 11: the platform itself. So we actually four years ago pivoted

693
00:35:31,160 --> 00:35:35,719
Speaker 11: out of digital media. We have no investments today in

694
00:35:36,320 --> 00:35:36,960
Speaker 11: digital media.

695
00:35:36,960 --> 00:35:38,280
Speaker 2: We continue to look at.

696
00:35:38,120 --> 00:35:40,359
Speaker 11: It because, honestly, as you were talking about in your

697
00:35:40,800 --> 00:35:44,880
Speaker 11: earlier segments, with the introduction of AI, there is going

698
00:35:44,960 --> 00:35:47,680
Speaker 11: to be a slew of new types of opportunities, new

699
00:35:47,719 --> 00:35:51,960
Speaker 11: types of content. I think ultimately a new and innovative

700
00:35:52,000 --> 00:35:55,600
Speaker 11: platform is coming our way sooner rather than later, and

701
00:35:55,640 --> 00:35:58,000
Speaker 11: we certainly will like to want to be on the

702
00:35:58,000 --> 00:36:02,120
Speaker 11: forefront of that. But as we see here today, that

703
00:36:02,160 --> 00:36:03,320
Speaker 11: opportunity hasn't.

704
00:36:03,080 --> 00:36:04,280
Speaker 2: Presented itself yet.

705
00:36:04,920 --> 00:36:09,360
Speaker 11: And again more importantly, for the last three or four years,

706
00:36:09,440 --> 00:36:13,759
Speaker 11: our focus is one hundred percent been in tech and

707
00:36:13,840 --> 00:36:17,440
Speaker 11: as a SJ outline to you, particularly consumer.

708
00:36:16,960 --> 00:36:23,280
Speaker 3: Techsjat how has the lp cohort been willing to jump

709
00:36:23,320 --> 00:36:26,279
Speaker 3: onto this new fundraise. Have you got new LPs that

710
00:36:26,360 --> 00:36:28,360
Speaker 3: come in to this latest fund.

711
00:36:29,840 --> 00:36:33,640
Speaker 7: Yeah, the answer is it's virtually entirely new from an

712
00:36:33,719 --> 00:36:37,080
Speaker 7: LP standpoint because Wondercoe it was originally set up as

713
00:36:37,080 --> 00:36:40,960
Speaker 7: a holding company, and so these are our first traditional

714
00:36:41,239 --> 00:36:44,640
Speaker 7: LPGP funds. And what I would say is that several

715
00:36:44,680 --> 00:36:48,120
Speaker 7: of our strongest supporters in the holding company again became

716
00:36:48,320 --> 00:36:51,400
Speaker 7: our big supporters in the new funds. But as you know,

717
00:36:51,480 --> 00:36:54,319
Speaker 7: it's been a difficult fundraising environment and we're thrilled with

718
00:36:54,360 --> 00:36:57,440
Speaker 7: the new partners that we have, but we also understand

719
00:36:57,440 --> 00:37:00,680
Speaker 7: that we're setting out to build these relationship with folks

720
00:37:00,680 --> 00:37:03,719
Speaker 7: that didn't come in for the long haul and hope

721
00:37:03,719 --> 00:37:04,960
Speaker 7: to get them in the future.

722
00:37:05,120 --> 00:37:06,799
Speaker 3: So, Joy, I'm going to ask you another one just

723
00:37:06,840 --> 00:37:10,120
Speaker 3: on exits therefore, because that's obviously what the LPs and

724
00:37:10,160 --> 00:37:12,480
Speaker 3: what you want to be seeing. It's interesting that Figma

725
00:37:12,600 --> 00:37:14,520
Speaker 3: was one of your big bets and that exit sort

726
00:37:14,560 --> 00:37:18,560
Speaker 3: of unwound due to regulatory issues for Adobe and Figma.

727
00:37:18,800 --> 00:37:21,040
Speaker 3: You've also done an exit, interesting one where you've tied

728
00:37:21,120 --> 00:37:24,359
Speaker 3: up two of your own home built companies together and

729
00:37:24,400 --> 00:37:27,080
Speaker 3: we're seeing the likes of Aura Bipango. That was all

730
00:37:27,080 --> 00:37:29,440
Speaker 3: the way back in twenty twenty. What is the direction

731
00:37:29,520 --> 00:37:32,080
Speaker 3: of travel for exits? Is it M and A? Is it?

732
00:37:32,440 --> 00:37:33,160
Speaker 3: Is it IPOs?

733
00:37:34,840 --> 00:37:36,640
Speaker 7: Yeah, when you build a great company, you'd like to

734
00:37:36,640 --> 00:37:40,040
Speaker 7: see it go public. In an ideal situation, you want

735
00:37:40,040 --> 00:37:43,799
Speaker 7: these companies to run for many decades. While exits are

736
00:37:43,840 --> 00:37:47,760
Speaker 7: always top of mind in a traditional fund, the best

737
00:37:47,760 --> 00:37:50,440
Speaker 7: technology companies get built over multiple decades.

738
00:37:50,840 --> 00:37:51,520
Speaker 2: And from our.

739
00:37:51,400 --> 00:37:55,600
Speaker 7: Standpoint, our ambition and goals are to build great technology companies,

740
00:37:55,800 --> 00:37:58,480
Speaker 7: So we don't look to the exit. Primarily, we look

741
00:37:58,520 --> 00:38:01,080
Speaker 7: to building a great company, and if the exit comes

742
00:38:01,120 --> 00:38:03,480
Speaker 7: in a near term, that's fine, but our ambition is

743
00:38:03,520 --> 00:38:05,000
Speaker 7: to build them for the long haul.

744
00:38:05,640 --> 00:38:08,319
Speaker 3: Jeffrey, We of course did introduce you as the fact

745
00:38:08,360 --> 00:38:10,640
Speaker 3: that everyone knows you from your media expertise. You're saying

746
00:38:10,680 --> 00:38:13,400
Speaker 3: the moment, it's very hard in the digital media space.

747
00:38:13,880 --> 00:38:16,640
Speaker 3: What is it from your mind? Is going on with Paramount?

748
00:38:16,640 --> 00:38:18,440
Speaker 3: We were just breaking to the Wall Street Journal is

749
00:38:18,920 --> 00:38:21,759
Speaker 3: articulating that Edgar Bronfman is de eying a two to

750
00:38:21,800 --> 00:38:24,799
Speaker 3: two and a half billion bill dollar bid for National Amusements.

751
00:38:25,040 --> 00:38:27,319
Speaker 3: I mean, is there any hope for em and A

752
00:38:27,440 --> 00:38:30,759
Speaker 3: within the content creation space? Will Paramount get a deal

753
00:38:30,840 --> 00:38:33,399
Speaker 3: that is a good one for investors, of.

754
00:38:33,400 --> 00:38:34,680
Speaker 2: Course it will.

755
00:38:34,840 --> 00:38:40,840
Speaker 11: Those assets are singular, they're unique, they're generational, and the

756
00:38:40,920 --> 00:38:44,280
Speaker 11: reason why there is so much focus and attention around

757
00:38:44,360 --> 00:38:50,279
Speaker 11: them is because of scarcity. And so you know, right

758
00:38:50,320 --> 00:38:55,239
Speaker 11: now today it's a pretty complicated set of circumstances. There

759
00:38:55,320 --> 00:39:00,560
Speaker 11: you have in Shari Redstone a controlling shareholder. They've actually

760
00:39:00,560 --> 00:39:03,480
Speaker 11: had obviously a very difficult time over this last year

761
00:39:03,560 --> 00:39:06,879
Speaker 11: or two. But make no mistake about it, these are

762
00:39:06,960 --> 00:39:12,399
Speaker 11: still very very uh strong assets, and maybe they need

763
00:39:12,440 --> 00:39:16,040
Speaker 11: to be reconfigured and redeployed in a you know, new

764
00:39:16,080 --> 00:39:21,480
Speaker 11: and and maybe somewhat innovative way. But foundationally, the reason

765
00:39:21,480 --> 00:39:24,839
Speaker 11: there is as much interest in them as you know,

766
00:39:25,000 --> 00:39:26,719
Speaker 11: there's there's good reason for it.

767
00:39:27,600 --> 00:39:31,600
Speaker 3: Wow, you'll know, having been of course with well Disney Studios,

768
00:39:31,680 --> 00:39:35,160
Speaker 3: having built over what was happening with DreamWorks, and your

769
00:39:35,160 --> 00:39:38,760
Speaker 3: experience continuing the content and now consumer cyberspace. Jeffrey catsenough

770
00:39:38,760 --> 00:39:39,400
Speaker 3: with us, of course.

771
00:39:40,120 --> 00:39:41,600
Speaker 2: I will tell it, and I will tell you.

772
00:39:41,719 --> 00:39:43,879
Speaker 11: I just literally I went to an early breakfast, ran

773
00:39:43,920 --> 00:39:46,880
Speaker 11: into Bob Iger, JEFFS Shell, and Brian Robbins all in

774
00:39:46,920 --> 00:39:47,640
Speaker 11: one room.

775
00:39:47,440 --> 00:39:48,080
Speaker 2: At one time.

776
00:39:48,360 --> 00:39:51,800
Speaker 11: The current president of Paramount, jeff Shell who's on Redbird,

777
00:39:52,040 --> 00:39:54,040
Speaker 11: and Bob Iger who's watching it all.

778
00:39:55,040 --> 00:39:58,360
Speaker 3: That feels like a movie score r a morning. Yeah,

779
00:39:58,840 --> 00:40:01,000
Speaker 3: next time invite us to that breakfast. We'd love to come.

780
00:40:01,120 --> 00:40:03,239
Speaker 3: Jeffrey is great to have some time with you. Thank you,

781
00:40:03,280 --> 00:40:06,440
Speaker 3: so Ja Jasa of Wonderco. We appreciate both of you

782
00:40:06,480 --> 00:40:17,080
Speaker 3: spending some time with us today. Apple Intelligence, What will

783
00:40:17,080 --> 00:40:18,880
Speaker 3: it look like? Feel like? What will we be announced

784
00:40:18,880 --> 00:40:23,879
Speaker 3: at WWDC Lumos Jackie Doavlas is live from Covatino and look,

785
00:40:24,000 --> 00:40:26,720
Speaker 3: we're almost an hour a little over away from today's

786
00:40:26,760 --> 00:40:28,960
Speaker 3: event kickoff. What are you expecting in terms of feat

787
00:40:29,040 --> 00:40:29,760
Speaker 3: just to be announced?

788
00:40:32,239 --> 00:40:34,480
Speaker 4: Well, the good thing is we have a lot together.

789
00:40:34,640 --> 00:40:37,640
Speaker 4: From from Mark German's reporting, the key thing will be

790
00:40:37,840 --> 00:40:41,319
Speaker 4: Apple Intelligence. That's the new AI system it plans to

791
00:40:41,400 --> 00:40:45,920
Speaker 4: roll out in the iPhone, iPad and macOS system, which

792
00:40:45,960 --> 00:40:49,040
Speaker 4: will get an upgrade. Now, the real key will be

793
00:40:49,120 --> 00:40:52,279
Speaker 4: the AI features embedded inside. Let's drill down into some

794
00:40:52,320 --> 00:40:54,680
Speaker 4: of those, because that's what people really want to know,

795
00:40:54,920 --> 00:40:57,879
Speaker 4: what will show up on our devices. A big part

796
00:40:57,880 --> 00:41:02,360
Speaker 4: of this push will be summarization. Think summarizing web articles,

797
00:41:02,440 --> 00:41:05,680
Speaker 4: other web pages, your text messages, making it easier for

798
00:41:05,760 --> 00:41:08,560
Speaker 4: you to dissect the information that you have to make

799
00:41:08,800 --> 00:41:12,080
Speaker 4: a few clicks on your phone to actually get to think. Also,

800
00:41:12,200 --> 00:41:15,160
Speaker 4: your mail app auto reply, the kind of thing that

801
00:41:15,239 --> 00:41:18,879
Speaker 4: Gmail already has, but Apple's creating its own version of this.

802
00:41:19,080 --> 00:41:21,920
Speaker 4: We'll also get voice memo transcription that will come in

803
00:41:21,960 --> 00:41:23,520
Speaker 4: handy for me, Caroline, I.

804
00:41:23,520 --> 00:41:24,280
Speaker 3: Use that a lot.

805
00:41:24,520 --> 00:41:26,880
Speaker 4: And so these are just a few of the AI

806
00:41:26,920 --> 00:41:29,040
Speaker 4: features we'll expect to see, but of course it's all

807
00:41:29,080 --> 00:41:32,040
Speaker 4: part of a broader AI vision. Tim Cooch will address

808
00:41:32,239 --> 00:41:34,440
Speaker 4: at ten am Pacific one pm Eastern.

809
00:41:34,760 --> 00:41:40,200
Speaker 3: I'm partnerships, an Open AI partnership. Perhaps that's the.

810
00:41:40,120 --> 00:41:42,640
Speaker 4: Big one who can forget because Apple can't do this

811
00:41:42,840 --> 00:41:45,640
Speaker 4: on their own. They need the help of open Ai,

812
00:41:45,800 --> 00:41:50,239
Speaker 4: which has the powerful chat GPT technology. We'll see some

813
00:41:50,440 --> 00:41:54,880
Speaker 4: kind of chatbot version also in Apple's new upgrade. But

814
00:41:54,960 --> 00:41:57,960
Speaker 4: of course the question is will this really revamp SERI

815
00:41:58,120 --> 00:42:00,239
Speaker 4: in the way that it really needs to. Kind of

816
00:42:00,239 --> 00:42:03,359
Speaker 4: been a disappointment since it's rollout nearly a decade ago,

817
00:42:03,600 --> 00:42:06,440
Speaker 4: And so here we'll have open Ai kind of taking

818
00:42:06,480 --> 00:42:07,040
Speaker 4: the lead.

819
00:42:06,880 --> 00:42:07,480
Speaker 3: In that way.

820
00:42:08,000 --> 00:42:12,120
Speaker 4: Apple's Apple Intelligence will also have Apple's own AI technology.

821
00:42:12,520 --> 00:42:16,040
Speaker 4: But here we'll wait to see exactly how this partnership

822
00:42:16,120 --> 00:42:16,760
Speaker 4: will unfold.

823
00:42:17,160 --> 00:42:18,920
Speaker 3: Jackie Devlos is going to be bringing it to us

824
00:42:18,960 --> 00:42:22,000
Speaker 3: throughout the next hour or so. We really appreciate it. Now.

825
00:42:22,040 --> 00:42:24,920
Speaker 3: That does it for this edition of bloombg Technology. Stay

826
00:42:24,960 --> 00:42:26,880
Speaker 3: tuned for all that's going to come out of Coopatino.

827
00:42:26,920 --> 00:42:29,200
Speaker 3: But if you miss it, go check out our podcast

828
00:42:29,400 --> 00:42:32,040
Speaker 3: find on the Terminal, online on Apple, Spotify, and iHeart

829
00:42:32,320 --> 00:42:35,800
Speaker 3: this is bloombgg Technology.