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Speaker 1: From Mahart where Innovation, Money and Power Collie in Silicon Valley, NBN.

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Speaker 1: This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.

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Speaker 2: I'm Caroline Heine, Bloomberg's and World sid quarters in New York,

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Speaker 2: and I'm Ed Ludlow not in San Francisco, side by

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Speaker 2: side for the last time this week, and this is

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Speaker 2: Bloomberg Technology coming up.

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Speaker 3: Look.

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Speaker 4: Microsoft poised the clear it's final.

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Speaker 2: Hurdle for its sixty nine million dollar takeover of Activision.

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Speaker 4: Blizzard. We'll dig in.

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Speaker 5: And the UAW expands its strike against GM and Sotlantis

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Speaker 5: as talks progress with Ford.

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Speaker 3: We'll give you those latest details.

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Speaker 4: Plus iPhone fifteen.

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Speaker 2: Hence the shelves around the world today we'll get the

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Speaker 2: read on.

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Speaker 4: The state of demand for Apple's new products.

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Speaker 5: The UK Competition and Markets Authority is essentially green li

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Speaker 5: now microsoft sixty nine billion dollar purchase of Activision. They've

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Speaker 5: looked at the compromise, which is to sell cloud gaming

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Speaker 5: streaming rights to Ubisoft, the Paris or French based video developer.

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Speaker 5: Earlier on Bluemberg Television, we had the UKCMA CEO on

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Speaker 5: to react to that decision.

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Speaker 3: Have a Listen, the.

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Speaker 6: Content creation remains with that division, but the ability for

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Speaker 6: Ubisoft now to take independent decisions about how that content

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Speaker 6: is the distributed through third parties. So we know sort

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Speaker 6: of previously Microsoft control and limit the distribution channels for example,

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Speaker 6: that doesn't happen. Now that's all within the unilateral control of.

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Speaker 4: Ubisoft CMA CEO.

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Speaker 2: There. Now let's dig into well the ongoing narrative of

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Speaker 2: this story. Mark Bergen is standing by in London and

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Speaker 2: I mean, we still got months to go until it's

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Speaker 2: formerly green lit.

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Speaker 4: But you think we can read the tea leaves that

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Speaker 4: this is going to be good to go.

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Speaker 7: I think my impression is that microsoftops by October eighteenth,

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Speaker 7: so that's even less than a month. But you know,

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Speaker 7: these things, as always are up in the air, and

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Speaker 7: the regulatory environment, and certainly in the UK and Europe

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Speaker 7: can be a little bit more unpredictable when it comes

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Speaker 7: to tech.

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Speaker 5: You know, Mark, at the beginning of the summer, I

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Speaker 5: don't think anyone thought this deal was going to go through,

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Speaker 5: and they overcame the regulatory hurdles here in the United States.

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Speaker 5: Now the UK CMA was the final hurdle. What was

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Speaker 5: the CMA's argument or commentary on why they felt Ubisoft

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Speaker 5: was a good enough compromise.

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Speaker 7: I think this is a really interesting concession, and from

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Speaker 7: my understanding, it's like they're basically looking for a third

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Speaker 7: party that's not Microsoft here that can be making these

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Speaker 7: decisions around around cloud gaming. If you buy that the

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Speaker 7: Microsoft thesis, and certainly like other companies like Google have

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Speaker 7: tried and probably will continue to try in this world

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Speaker 7: of cloud gaming. Having giving Microsoft it feels like giving

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Speaker 7: Microsoft control of that. If you if you have Uboseelf involved,

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Speaker 7: then you have this third party company, a French company

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Speaker 7: that can sort of deny the ability for Microsoft to

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Speaker 7: manipulate the market.

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Speaker 2: Microsoft Bradsmith in particular comes out saying that they're still

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Speaker 2: going to be working towards this October the eighteenth deadline,

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Speaker 2: as you point out, Mark, But what a different environment.

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Speaker 4: I mean, this has been a.

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Speaker 2: Year and a half since they first wanted to get

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Speaker 2: this ninety five dollars a shared deal done.

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Speaker 4: What's changed?

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Speaker 2: I mean, it's still the business basis remaining the same.

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Speaker 4: Is it's still all about mobile gaming.

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Speaker 7: My impression there's an armchair of political analysis here, which

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Speaker 7: is that the CMA was sort of the only organization

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Speaker 7: in the US in even the EU, which is typically

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Speaker 7: sort of a much more willing to block these sort

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Speaker 7: of deals, gave the green light. What's happening here in

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Speaker 7: two months in London is the Prime Minister is holding

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Speaker 7: this big summer around AI, this focus on AI safety,

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Speaker 7: but also trying to build out the UK as at

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Speaker 7: home to innovation and industry. I think it was certainly

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Speaker 7: seen the messaging for Microsoft is that if the CMA

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Speaker 7: blocks this deal, that is very counterproductive to the ultimate aims,

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Speaker 7: and so that probably was maybe one of the factors

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Speaker 7: in this redirection here. And I'm sure we've we've done

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Speaker 7: some ex and my colleagues have done some excellent reporting

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Speaker 7: on what went on behind the scenes here. We saw

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Speaker 7: this morning that I think the activision price is now

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Speaker 7: back to where it would have been initially paid, which

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Speaker 7: just means a lot of lawyers made a lot of

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Speaker 7: money in the past year and a.

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Speaker 4: Half and they always mart Bergen, thank you very much. Indeed,

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Speaker 4: go have a good Friday night.

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Speaker 2: Meanwhile, let's talk about what's happening elsewhere in terms of

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Speaker 2: relationships between private and public. UAW expanding its strike against

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Speaker 2: the lantis En GM as I was just saying, Look,

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Speaker 2: the un union, in fact has announced that it's made

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Speaker 2: some real progress with Ford in talks over a new

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Speaker 2: labor contract for more.

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Speaker 4: Let's bring in Bluemos, Gabrielle.

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Speaker 2: Coverla and Gabby, we will try and put the tech

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Speaker 2: lens on this. And you did it so expertly last

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Speaker 2: time to shining a light and how much ev transition

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Speaker 2: is an issue for these car makers. What do you

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Speaker 2: think is the part of why Ford's making progress here?

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Speaker 8: Well, I think Ford traditionally has had a better relationship

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Speaker 8: with the UAW than the GM or Stilandis. The company

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Speaker 8: has said they spend about a billion dollars more on

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Speaker 8: labor than GM Orsialandis, and I think a big part

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Speaker 8: of that is they have fewer temporary workers. And that

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Speaker 8: is a key difference because there is basically a second

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Speaker 8: class of workers in America's auto plants, and that is

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Speaker 8: these temp workers who you know, they start out at

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Speaker 8: about fifteen seventy eight sixteen bucks an hour and they

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Speaker 8: talk out at twenty whereas if you're a full time worker,

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Speaker 8: you start out at around eighteen dollars. If you can

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Speaker 8: talk about at thirty two dollars. So for in some ways,

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Speaker 8: Ford was already there, but they are still making significant concessions.

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Speaker 8: They agreed to cost of living allowances, basically inflation protection

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Speaker 8: for the workers. That's something that went away in two

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Speaker 8: thousand and nine of GM and Chrysler and bankrupt. Ford

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Speaker 8: agreed to put it back. That was a major thing

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Speaker 8: for the union. And also another key thing is the union.

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Speaker 8: Sean Fay, the UAW president, said, for the first time

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Speaker 8: in history, the union has won the right to strike

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Speaker 8: over plant closures during the course of the four year contract.

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Speaker 8: Now that's a big deal because if you think about

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Speaker 8: the ev transition and the push for you know, lower

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Speaker 8: cost and lower labor costs. You know, there's been a

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Speaker 8: lot of new auto vans, you know, coming up to Mexico.

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Speaker 8: People all three of these companies are making electric cars

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Speaker 8: in Mexico, at least some of them, you know the

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Speaker 8: books saying it's made in Mexico. RAM has some of

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Speaker 8: their delivery vans electric being made in Mexico. So, I mean,

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Speaker 8: the UAW, I think, sees the writing on the wall

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Speaker 8: and they are really.

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Speaker 9: Pushing hard to stop that.

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Speaker 8: And with four they've made some progress. I don't know

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Speaker 8: if they're going to be able to pull that off

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Speaker 8: from gmrs. The land is but more in at a certain.

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Speaker 5: Open Gabby Sean Fain's kind of big picture argument has

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Speaker 5: been billions of dollars from the Inflation Reduction Act is

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Speaker 5: going into the infrastructure. The companies can take that, and

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Speaker 5: he's basically saying, like the labor has to go with it.

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Speaker 5: You know, you have to you have to take some

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Speaker 5: of that money and invest in the workforce long term.

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Speaker 5: My question is, like net net, do evs require the

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Speaker 5: same number of jobs on the assembly line as a

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Speaker 5: combustion edging a combustion engine card does well, you know.

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Speaker 8: There's been studies that suggest that no, you know, they

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Speaker 8: do require fewer workers, especially when you think about you know,

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Speaker 8: longer ready to make engines you know, or you know,

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Speaker 8: some of the transmission that you see in a combustion echin.

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Speaker 8: But you know, I would argue that we still don't

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Speaker 8: have a really clear picture on that. You know, it's

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Speaker 8: still early days in this, and there are you know,

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Speaker 8: there are new jobs. We look at the billions of

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Speaker 8: dollars in investments, you know, the companies are making to

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Speaker 8: build battery plants in the United States, know, I think

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Speaker 8: GM has talked about they're actually bringing more of some

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Speaker 8: of their kind of powertrain work in house so they

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Speaker 8: can have a place for union workers to go to

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Speaker 8: and the EV transitions.

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Speaker 4: The Lands has talked about that as well.

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Speaker 8: The question is what kind of jobs will those EV

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Speaker 8: jobs be, and that you know, that question is crucial

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Speaker 8: to the u a W members. It's crucial also to

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Speaker 8: our national politics. And you know you saw that, you know,

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Speaker 8: former President Donald Trump has come in the Detroit next week.

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Speaker 8: This morning, Sean Grain officially invited President Biden to come

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Speaker 8: visit the picket line. So whether or not these future

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Speaker 8: EV jobs are good jobs is critical not just to

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Speaker 8: the UAW and you know, these workers stand there living,

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Speaker 8: but also it's going to play It's going to be

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Speaker 8: a huge issue in our you know, presidential elections for

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Speaker 8: the whole coming years.

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Speaker 3: It's just a huge topic.

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Speaker 5: Bloomberg's Gota Coppola out there in Detroit. Just so good

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Speaker 5: to have you here on Bloomberg Technology bringing us the

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Speaker 5: breaking is coming out from the show. We're going to

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Speaker 5: talk about the broader health of the tech sector with

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Speaker 5: Denise Chishom Fidelity.

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Speaker 3: I love having Denise on the show. This is Bloomberg Technology.

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Speaker 4: What a week.

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Speaker 2: Whether you're looking at the FED, whether you look at

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Speaker 2: the UN, whether you're looking at IPO windows, but notably

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Speaker 2: also whether you're looking at money being drawn out of

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Speaker 2: the stock market. We're seeing the S and P five

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Speaker 2: hundred having the most amount of funds come out since

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Speaker 2: we understand in December.

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Speaker 4: That's according to Bank of American Merrill Lynch.

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Speaker 2: But let's dig into whether that's really coming out of

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Speaker 2: the tech sector, whether it should be Denise Chisholmers with us.

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Speaker 2: She's Fidelity head of Sector Strategy.

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Speaker 4: Denise is great to.

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Speaker 2: Have some time with you, and I'm just interested as

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Speaker 2: to when we've seen quite a hard shell off in

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Speaker 2: the last three days.

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Speaker 4: Today we steady a little bit. What do you make

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Speaker 4: of these valuations?

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Speaker 2: What do you make of a NASDAC basically was almost

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Speaker 2: an oversold territory or down at almost thirty.

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Speaker 10: Yeah, when you look back at the short term volatility

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Speaker 10: we're seeing now is exactly a surprise given a really

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Speaker 10: strong rotation we've seen in the overall market and then

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Speaker 10: obviously an economically sensitive sec like technology, So a little

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Speaker 10: bumping around over the short term isn't really a surprise

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Speaker 10: given the strength of that move. I think history can

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Speaker 10: help a little when you sort of step back and

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Speaker 10: zoom out. What's likely to happen in the future and

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Speaker 10: not the past is one hundred percent predictive of future performance.

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Speaker 10: But the stronger that cyclical rotation into economically oriented sectors,

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Speaker 10: the more likely it is to continue. And the reason

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Speaker 10: behind that is it's more likely that when stocks have

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Speaker 10: moved as strange as it seems, when earnings are actually

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Speaker 10: currently contracting, stocks more often than not get it right

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Speaker 10: and earnings do in fact recover, and then the risk

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Speaker 10: reward for those cyclical sectors like technology actually is still positive.

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Speaker 5: Hey, Denise Carrot kick us off with let's play a

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Speaker 5: game of technology risk factor BINGO.

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Speaker 3: Because you read everything out, so you add the IPO window.

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Speaker 5: We had China most recently the FED and then some

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Speaker 5: economic data in the twenty four hours that followed that

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Speaker 5: said the Fed's going to stay the course. What's BINGO

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Speaker 5: for you? Like, what is the biggest fact that you're

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Speaker 5: thinking about as it relates to tech.

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Speaker 10: Yeah, I think it all has to come back to earnings,

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Speaker 10: and that's the biggest factor one.

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Speaker 3: Sorry, So that's my pick for.

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Speaker 10: Bingo earnings, not any of that. I mean, I think

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Speaker 10: that the FED. It's interesting when you think about interest rates,

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Speaker 10: and I think people do think that they're very, very

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Speaker 10: correlated to technology stocks. And it's not to say that

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Speaker 10: they're not over short term periods. We obviously saw that

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Speaker 10: in twenty twenty two. But when you think about interest rates,

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Speaker 10: it's a very shifting correlation because the why behind higher

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Speaker 10: rates matters more than the level. Meaning when rates are

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Speaker 10: actually rising and growth is accelerating, then the technology sector

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Speaker 10: and the stock market overall really has had little problem

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Speaker 10: with higher rates. The problem comes in when you have

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Speaker 10: higher rates and lower growth. Now that's where we were

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Speaker 10: in twenty twenty two. So I think that you could

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Speaker 10: be looking at a very changing correlation where rates and

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Speaker 10: the FED were the only variable that you cared about

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Speaker 10: as an investor in inflation to a situation where that

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Speaker 10: might be more or less in the rear view mirror

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Speaker 10: and earnings needs to be the focus because if earnings

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Speaker 10: are going to recover, then interest rates and even valuations

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Speaker 10: is much much less predictive when you look at history.

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Speaker 2: What's so interesting is I'm interested in where you think

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Speaker 2: earnings I mean, upon us till what October thirteenth, I

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Speaker 2: was just immniant JP Morgan.

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Speaker 4: They sort of.

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Speaker 2: Tends to kick things off in the banking sector. Got

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Speaker 2: a couple of weeks to wait, We've just had a

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Speaker 2: name big in your town. Clavio come to the market,

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Speaker 2: Boston born and bred and now publicly traded. It's now

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Speaker 2: trading what at thirty two thirty three dollars versus its

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Speaker 2: pricing point? But where do we look for the investment

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Speaker 2: opportunities within technology because it all seemed to be about AI.

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Speaker 4: At one point.

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Speaker 10: Yeah, I don't know as much as it was about AIS.

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Speaker 10: We certainly saw the move and the stocks. I mean

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Speaker 10: that is more of a forward earnings story. And for me,

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Speaker 10: when I looked at the historical pattern, as much as

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Speaker 10: people were talking about it being all about five stocks,

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Speaker 10: really the historical pattern that we saw in technology is

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Speaker 10: fairly typical when you actually see an earnings contraction in

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Speaker 10: the stocks move before earnings growth does. And that's the

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Speaker 10: trickiest part about looking at multiples or looking at valuation

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Speaker 10: to see if whether or not that this move is done,

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Speaker 10: because more often than not, trough earnings is coincident with

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Speaker 10: peak multiples, and that isn't a great predictive factor when

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Speaker 10: you look at forward earnings. So the biggest moves that

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Speaker 10: you have seen in the technology sector from a forward

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Speaker 10: perspective when you're saying net revisions be positive, is in

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Speaker 10: semiconductors and software, and I think that that's the area

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Speaker 10: of the market that investors would qualify as expensive. And

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Speaker 10: the problem with that expensive is that it's usually not

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Speaker 10: a problem historically provided that earnings recover. Now there is

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Speaker 10: valuation support within technology, and that's more in the hardware sector,

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Speaker 10: so it's a little bit of a across the board.

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Speaker 10: The catalysts are slightly different. So for valuation support, you

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Speaker 10: actually don't have really the earnings momentum that other areas have.

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Speaker 10: But the places you have earnings momentum, you don't have

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Speaker 10: valuation support. But that isn't necessarily negative.

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Speaker 5: Learning from the earnings window just gone. You know, you

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Speaker 5: think about Video and Apple, what they had in common

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Speaker 5: twenty percent of sales coming from China, and they both

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Speaker 5: kind of were talked about in the context of long

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Speaker 5: term risk China. What's happening politically but also technologically right

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Speaker 5: access to technology markets. What does your research there tell

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Speaker 5: you about the risk in China.

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Speaker 10: Yeah, from a long term perspective, I think that we've

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Speaker 10: had a lot of risks in a lot of sectors

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Speaker 10: over a lot of years. I mean, what you can

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Speaker 10: see when you look back in the historical data for technology,

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Speaker 10: and we've got data going back to nineteen sixty two,

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Speaker 10: is each cycle, margins have been higher and higher. Right,

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Speaker 10: So this secular trend has been fairly consistent, which is

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Speaker 10: not to say that there won't be risks in the market.

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Speaker 10: And in some ways I'm the wrong person to ask

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Speaker 10: that question, because what I really focus on is not

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Speaker 10: all the things that could go and trying to discount

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Speaker 10: that back to present or even future earnings. But really

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Speaker 10: I concentrate around what is being discounted in the stock

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Speaker 10: market because we've seen and even over the last year,

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Speaker 10: we've seen this tricky scenario where stocks can advance quite

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Speaker 10: rapidly despite the fact that there is bad.

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Speaker 4: News and that's the wall of worry.

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Speaker 11: Right.

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Speaker 10: So when you think about risk from China, how do

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Speaker 10: I as an investor know if that's a wall of worry

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Speaker 10: issue or a real earnings hit. And I think, in

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Speaker 10: some ways, instead of sort of trying to figure out

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Speaker 10: whether or not it is is to think about what

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Speaker 10: the stocks have discounted.

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Speaker 5: Let's go from the wall of warry and end on

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Speaker 5: a happy note. This Friday, Caroline talks about claviy. I

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Speaker 5: just wanted to ask you about Boston and for you

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Speaker 5: to have the opportunity to give a shout out to

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Speaker 5: the tech sector in Boston.

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Speaker 10: Yes, I will definitely give a shout out to the

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Speaker 10: tech sector in Boston.

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Speaker 3: All right, Well, that was short and sweet. We love it.

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Speaker 5: Denise Chisholm, facility head of Strategy.

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Speaker 3: Thank you.

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Speaker 4: Caro yea, all eyes on. What a global text story.

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Speaker 2: Meanwhile, let's just go over to what we've been seeing

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Speaker 2: the home today. I cycled past the New York shop

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Speaker 2: of course store as you might call it in America

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Speaker 2: of Apple and the new iPhones.

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Speaker 4: They're on deck, the launchers there. Tim Cook was in town.

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Speaker 4: It was busy, The cues were enormous.

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Speaker 2: What does that signal about ali appetite for these particular

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Speaker 2: new phones.

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Speaker 4: I phoned fifteen in particular.

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Speaker 5: All right, time for talking tech and first up in

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Speaker 5: the news Canio. The logistics arm of Ali. Barber's planning

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Speaker 5: to file for its Hong Kong IPO as soon as

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Speaker 5: next week that according to sources, this would make it

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Speaker 5: among the first of the Chinese tech firms units to

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Speaker 5: go public. The company's sargoning a raise of at least

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Speaker 5: one billion dollars in the share sale, and the Biden

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Speaker 5: administration is limiting expansion in China by chip companies getting

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Speaker 5: federal funds to build plants. In the US, the announcement

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Speaker 5: comes as the Chips Program Office is getting ready to

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Speaker 5: give about thirty nine billion dollars in grants and seventy

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Speaker 5: five billion dollars in loans and loan guarantees. Plus, Amazon

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Speaker 5: will run ads on its Prime Video service in key

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Speaker 5: markets to help offset rising costs. Following the example, of course,

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Speaker 5: of other streaming platforms that are looking to further monetize

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Speaker 5: their content. The company says AD supporting streaming will be

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Speaker 5: the default on Prime Video in the US, UK, Germany

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Speaker 5: and Canada starting early next year.

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Speaker 4: Caroline, another one bites the dust.

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Speaker 2: Meanwhile, the iPhone fifteen, those watches they officially went on

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Speaker 2: sale today in the latest test for resilient consumer demand

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Speaker 2: here in the US and globally, and it's all about

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Speaker 2: Apple's devices. We're going to see how strong the start

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Speaker 2: has been. Let's bring in Bloomberg's Mark German and Mark.

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Speaker 2: I cycled on my way on my city BikeE passed

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Speaker 2: the one right by Central Park today and the queues

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Speaker 2: were enormous.

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Speaker 4: That's typical though, right, Yeah, we're.

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Speaker 12: Actually seeing lines that are a bit longer than we

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Speaker 12: did the last few years. Obviously, we had a few

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Speaker 12: pandemic years, so that sort of sucked the wind out

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Speaker 12: of you know, lines at Apple stores. But clearly and

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Speaker 12: seemingly the line are bigger than the past two years,

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Speaker 12: based on everything we're seeing from Mumbai to Sydney to

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Speaker 12: Japan to Los Angeles. Clearly there's a little bit more

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Speaker 12: momentum here. I think some of the reason is maybe

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Speaker 12: some of these people tried to pre order online but

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Speaker 12: they were quickly meant with delays into mid November or

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Speaker 12: even later in some regions, so they had no choice

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Speaker 12: if they.

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Speaker 13: Wanted one on day one to line up.

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Speaker 12: But clearly there is a strong amount of momentum, at

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Speaker 12: least for the new pro phones this year.

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Speaker 5: So here's the questions, right, the holiday season's key, So

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Speaker 5: do you frontload, do you buy it now or do

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Speaker 5: you wait? And then we call it iPhone fifteen? But

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Speaker 5: they're four handsets to choose from. Do they go Pro,

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Speaker 5: Promax or Base model.

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Speaker 12: Yeah, I think the Promax is actually especially important this year. Obviously,

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Speaker 12: they removed the one hundred and twenty eight gigabyte tier

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Speaker 12: that was the base tier for the phone in terms

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Speaker 12: of storage, that was eleven hundred dollars. Now they're starting

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Speaker 12: at twelve hundred dollars by eliminating that tier and starting

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Speaker 12: with a two hundred fifty six gigabyte model, and that

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Speaker 12: has additional functionality in addition to the bigger battery and

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Speaker 12: the bigger display. This new five X zoom on the

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Speaker 12: camera for the telephoto ones. So I think we're going

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Speaker 12: to see more people than typical upgrade to that biggest

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Speaker 12: size for that extra camera improvement.

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Speaker 2: Mark great to have for your expertise, online lengths and

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Speaker 2: everything else.

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Speaker 4: We appreciate it.

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Speaker 5: Welcome back to Bloomberg Technology. I'm and Dadlow here in

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Speaker 5: New York City, one last day.

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Speaker 2: Meanwhile, I'm karenin high Let's get a quick check on

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Speaker 2: these markets on this Friday play day. We're seeing currently

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Speaker 2: up a percentage point. Now's that one hundred managing to

401
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Speaker 2: get a little bit of risk appetite creeping in towards

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Speaker 2: the weekend. Now there aren't catalysts, whether it be some

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Speaker 2: slightly weaker economic data that means the Federal Reserve could

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Speaker 2: potentially hold for the rest of the year. Many are

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Speaker 2: betting on at least one more hike. But for now,

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Speaker 2: we get over the Federal Reserve hunt day and move

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Speaker 2: towards actually been of buying in the ten year yield.

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Speaker 2: We of course have been at high's for years on out,

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Speaker 2: but we're currently at four point four point four let's

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Speaker 2: call it. On the tenure, We're currently down by some

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Speaker 2: six basis points, so a little bit of appetite.

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Speaker 4: Having seen those yields push wider.

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Speaker 2: I'm interested with the China story, though, Crane shares that's

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Speaker 2: particular The next that I'm looking at up almost four percent.

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Speaker 2: These are internet names in China that are traded over

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Speaker 2: here in the United States and they get a bid

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Speaker 2: because actually, maybe tensions are easing a little bit between

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Speaker 2: US and China. There's going to be working groups discussions,

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Speaker 2: particularly at the Treasury level, between the United States and China.

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Speaker 2: Could that be easing some of the heated conversation we've

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Speaker 2: been having of late.

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Speaker 4: Move on to the individual movers PDD doing well on

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Speaker 4: the back of that Meta platforms.

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Speaker 2: Interesting by note coming from City as we look ahead

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Speaker 2: to meta Connects next week and.

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Speaker 4: I'm looking at Warner Brothers Discovery.

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Speaker 2: Not a huge amount of news lines around warners today.

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Speaker 2: We're down by some thirty percent worse performer on the

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Speaker 2: last that one hundred. Maybe we look towards whether those

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Speaker 2: striking actions, particularly between writers could be alleviated a little

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Speaker 2: bit more on the state of discussions.

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Speaker 5: Another favorite risk asset of choice of ours here on

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Speaker 5: the program, of course, is biggwen. I just checked it's

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Speaker 5: still at almost twenty seven US dollars for token. One

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Speaker 5: of Europe's largest cryptocurrency asset managers, coin Shares, is actually

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Speaker 5: looking to expand here in America with the launch of

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Speaker 5: a hedge fund division. Fortunately with us on set talk

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Speaker 5: through it all Gean Marie Magnetti Coinshares CEO. One would

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Speaker 5: imagine that if you're launching a hedge fund here in

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Speaker 5: the US, there is demand on the other side for

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Speaker 5: such a such an offering.

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Speaker 13: Yeah, thank you, thank you for having me.

443
00:21:25,200 --> 00:21:27,560
Speaker 14: You know, we started our journey in Europe and we

444
00:21:27,640 --> 00:21:30,879
Speaker 14: are as you mentioned, europe large asset management company in

445
00:21:30,960 --> 00:21:34,800
Speaker 14: crypto and you know, the US remain ninety percent of

446
00:21:34,800 --> 00:21:37,280
Speaker 14: the AUM allocation in the world, so you have to

447
00:21:37,320 --> 00:21:39,840
Speaker 14: get enough FORRON in the US. We focus our started

448
00:21:39,880 --> 00:21:42,320
Speaker 14: of our journey in Europe, and it's time for now.

449
00:21:42,160 --> 00:21:43,760
Speaker 13: To bridge into the US.

450
00:21:43,800 --> 00:21:46,040
Speaker 14: And we don't want to go into the US with

451
00:21:46,160 --> 00:21:49,600
Speaker 14: our traditional ETF program or ETP program like we get

452
00:21:49,600 --> 00:21:52,080
Speaker 14: in Europe and trying to find something different. Yeah, we've

453
00:21:52,080 --> 00:21:55,040
Speaker 14: been training our dna is asset management and hedgephone business.

454
00:21:55,119 --> 00:21:57,600
Speaker 14: We're doing community business before that in a hedge fund style.

455
00:21:58,000 --> 00:21:59,359
Speaker 14: So we say it's time to go back to our

456
00:21:59,400 --> 00:22:02,840
Speaker 14: roots and you know, offer the US market hedgepron offering,

457
00:22:03,000 --> 00:22:05,399
Speaker 14: especially when everybody is living in the US. So what

458
00:22:05,480 --> 00:22:07,280
Speaker 14: a better time to get in the US when everybody

459
00:22:07,359 --> 00:22:07,840
Speaker 14: is exiting.

460
00:22:08,680 --> 00:22:11,879
Speaker 2: Okay, so you're taking a sort of controversial.

461
00:22:11,240 --> 00:22:13,800
Speaker 4: Move because people are exiting because.

462
00:22:13,560 --> 00:22:16,879
Speaker 2: They're worried about regulation in particular perhaps people building their

463
00:22:16,920 --> 00:22:20,760
Speaker 2: businesses elsewhere. We're looking at Gary Gensler really talking tough

464
00:22:20,800 --> 00:22:25,359
Speaker 2: against the industry, what institutional clients, investors talk saying about this.

465
00:22:25,720 --> 00:22:28,720
Speaker 14: So I'm not sure if it's controversial or contrarian. You know, yes,

466
00:22:29,280 --> 00:22:31,560
Speaker 14: when we started our journey in twenty thirteen in crypto,

467
00:22:31,920 --> 00:22:34,280
Speaker 14: I guarantee you we were very contrariant and people were

468
00:22:34,280 --> 00:22:36,520
Speaker 14: telling us what are you doing? So it's kind of

469
00:22:36,600 --> 00:22:38,800
Speaker 14: part of our gain in DNA to be doing this

470
00:22:38,880 --> 00:22:42,080
Speaker 14: kind of move. You know, we're not building the hedgephne business.

471
00:22:42,080 --> 00:22:44,320
Speaker 14: A hedgeprohn not based in the US are distributed and

472
00:22:44,359 --> 00:22:47,840
Speaker 14: available for US investors, and that's very, very different. And

473
00:22:48,200 --> 00:22:50,040
Speaker 14: you know, our game is like how do we bring

474
00:22:50,080 --> 00:22:53,880
Speaker 14: this product and extend offering into the US. Our legacy

475
00:22:53,880 --> 00:22:56,040
Speaker 14: product and never been distributed in the US, never been

476
00:22:56,040 --> 00:22:57,480
Speaker 14: available to US investors.

477
00:22:57,800 --> 00:22:58,560
Speaker 13: This is the very.

478
00:22:58,400 --> 00:23:00,520
Speaker 14: First time now that we can bring this product to

479
00:23:00,560 --> 00:23:03,640
Speaker 14: market to a US audience, and there is an appetite

480
00:23:03,640 --> 00:23:05,080
Speaker 14: for that in the US. There is a lack of

481
00:23:05,119 --> 00:23:08,800
Speaker 14: product availability in the US. You obviously get the GBTC availability,

482
00:23:08,840 --> 00:23:11,840
Speaker 14: but beyond that, there's a few little number of players.

483
00:23:11,840 --> 00:23:15,280
Speaker 14: So bringing a bit of a diversity and different view

484
00:23:15,320 --> 00:23:17,200
Speaker 14: and different thinking is a great advantage.

485
00:23:17,680 --> 00:23:20,399
Speaker 2: Is it generally going to be exposure to bitcoin and

486
00:23:20,440 --> 00:23:25,199
Speaker 2: some of the clearly not expected to be deemed securities.

487
00:23:25,320 --> 00:23:25,480
Speaker 7: Yes.

488
00:23:25,680 --> 00:23:28,000
Speaker 14: First of all, this liquid, so everything we do is

489
00:23:28,000 --> 00:23:29,920
Speaker 14: like one hundred percent liquid. We don't do like ten

490
00:23:30,000 --> 00:23:33,399
Speaker 14: years vcphone in that approach. So it's like liquid investments,

491
00:23:34,080 --> 00:23:37,280
Speaker 14: monthly redemption, monster subscriptions, so very very kind of easy

492
00:23:37,320 --> 00:23:39,200
Speaker 14: to invest. And you know, at the end of the

493
00:23:39,240 --> 00:23:40,800
Speaker 14: day you have to be able to follow as well

494
00:23:41,160 --> 00:23:45,000
Speaker 14: market capital market market capitalization and liquidity. So so you know,

495
00:23:45,040 --> 00:23:48,440
Speaker 14: we're going to really focus on bigcoon if mainly, which

496
00:23:48,440 --> 00:23:50,480
Speaker 14: are like kind of the big timative we are seeing

497
00:23:50,520 --> 00:23:51,080
Speaker 14: interest from.

498
00:23:51,200 --> 00:23:54,119
Speaker 5: The thing is like the fundamental question whatever corner of

499
00:23:54,200 --> 00:23:58,359
Speaker 5: the investing university in is what is the value of

500
00:23:58,400 --> 00:24:02,160
Speaker 5: holding bitcoin in a portfolio from an asset allocation standpoint,

501
00:24:02,200 --> 00:24:05,080
Speaker 5: or if you're a retail investor, what's your argument.

502
00:24:05,160 --> 00:24:08,120
Speaker 14: It's a very interesting point because if you look at

503
00:24:08,400 --> 00:24:10,399
Speaker 14: our start of our journey, we come into it as

504
00:24:10,400 --> 00:24:13,120
Speaker 14: a deep deep value investor in Conciare with our coin

505
00:24:13,160 --> 00:24:15,439
Speaker 14: share eye. So we started buying bitcoin in twenty thirteen

506
00:24:15,920 --> 00:24:18,560
Speaker 14: seeing how it will transform and how a shock on

507
00:24:18,600 --> 00:24:21,280
Speaker 14: the demand side will have an immediate effect on the

508
00:24:21,320 --> 00:24:24,560
Speaker 14: price because the offer is constrained by code, constrained by

509
00:24:24,640 --> 00:24:27,760
Speaker 14: low it's twenty one million, nothing else, and fir ust

510
00:24:27,760 --> 00:24:30,600
Speaker 14: it was a very appealing process. I think that the

511
00:24:31,320 --> 00:24:33,560
Speaker 14: narrative got lost a little bit in the meantime because

512
00:24:33,560 --> 00:24:36,560
Speaker 14: of the speculation happening around crypto, and we can see

513
00:24:36,600 --> 00:24:38,920
Speaker 14: now that the stats on chain and also off chain

514
00:24:38,960 --> 00:24:41,760
Speaker 14: are showing that people are starting to hold to.

515
00:24:41,680 --> 00:24:43,000
Speaker 13: Their bigcoin and not letting them go.

516
00:24:43,240 --> 00:24:45,320
Speaker 14: There is a Concier research which come out this week

517
00:24:45,760 --> 00:24:47,719
Speaker 14: where we can see that the amount of bitcoin all

518
00:24:47,800 --> 00:24:50,200
Speaker 14: on chain for one year, not moving two years, three years,

519
00:24:50,240 --> 00:24:52,240
Speaker 14: four years up to five years are not at an

520
00:24:52,240 --> 00:24:55,959
Speaker 14: all time high. So people are starting to realize and

521
00:24:56,040 --> 00:24:58,359
Speaker 14: go back to the real principle of bitcoinferenceance. It was

522
00:24:58,359 --> 00:25:01,560
Speaker 14: a reserve, kind of a reserve of value, a way

523
00:25:01,600 --> 00:25:03,720
Speaker 14: of us storing value for them for long term and

524
00:25:03,800 --> 00:25:05,480
Speaker 14: not kind of just like a training asset.

525
00:25:05,560 --> 00:25:07,680
Speaker 13: So it's a very interesting.

526
00:25:07,359 --> 00:25:10,720
Speaker 14: Part for portfoliocation strategy and in our cent share model,

527
00:25:10,760 --> 00:25:12,440
Speaker 14: want people to be able to come to us say okay,

528
00:25:12,440 --> 00:25:14,679
Speaker 14: we want to allocate bitter with you, and if you

529
00:25:14,720 --> 00:25:16,840
Speaker 14: want to go beyond bitter, you go to our Hochelon

530
00:25:16,880 --> 00:25:20,560
Speaker 14: division and have an azone overlay or a complete alpha strategy.

531
00:25:20,880 --> 00:25:23,320
Speaker 3: What was it like setting up the business here?

532
00:25:23,359 --> 00:25:25,879
Speaker 5: I spoke to Chris Laston three weeks ago, the Ripple

533
00:25:25,920 --> 00:25:28,680
Speaker 5: co founder who you know he is one of the

534
00:25:28,680 --> 00:25:32,359
Speaker 5: biggest advocate advocates for the underlying blockchain technology has his

535
00:25:32,440 --> 00:25:35,040
Speaker 5: own token. But he told me the basically, the FED

536
00:25:35,600 --> 00:25:38,680
Speaker 5: Royal government and the FED and the Biden administration have

537
00:25:38,840 --> 00:25:41,960
Speaker 5: killed the prospects through regulation in this country.

538
00:25:42,400 --> 00:25:45,359
Speaker 13: So you know, a presence in the US.

539
00:25:45,400 --> 00:25:49,240
Speaker 14: Since twenty seventeen, we have a broker dealer in the US.

540
00:25:49,440 --> 00:25:53,160
Speaker 14: Since twenty eighteen, we have grown up this brocer dealer SOS.

541
00:25:53,160 --> 00:25:57,199
Speaker 14: We can distribute our product which are effectively offshore products,

542
00:25:57,200 --> 00:26:01,200
Speaker 14: so they are available for onshore investors. So the capacity

543
00:26:01,240 --> 00:26:03,400
Speaker 14: to do it is very available in the US. That's

544
00:26:03,400 --> 00:26:05,840
Speaker 14: to be done properly, done with the right people and

545
00:26:05,880 --> 00:26:07,639
Speaker 14: in the right manner. And if you just go on

546
00:26:07,680 --> 00:26:09,560
Speaker 14: this journey and accept to go on the journey and

547
00:26:09,600 --> 00:26:11,160
Speaker 14: not say we're just going to do it the way

548
00:26:11,160 --> 00:26:13,359
Speaker 14: we want, then there is a kind of a clear

549
00:26:13,400 --> 00:26:14,320
Speaker 14: bone that we can follow.

550
00:26:14,720 --> 00:26:17,560
Speaker 2: Can you tell us on your journey you're out here marketing.

551
00:26:17,800 --> 00:26:19,000
Speaker 13: I'm sure I'm not marketing.

552
00:26:19,400 --> 00:26:21,840
Speaker 2: You're out here having discussions about the offering that you're

553
00:26:21,880 --> 00:26:25,120
Speaker 2: going to be attracting investors.

554
00:26:24,640 --> 00:26:26,560
Speaker 4: Towards, of course, and therefore who are you.

555
00:26:26,520 --> 00:26:27,080
Speaker 9: Speaking to you?

556
00:26:27,760 --> 00:26:30,760
Speaker 14: I think that the people who are interesting if it's

557
00:26:30,840 --> 00:26:33,040
Speaker 14: kind of offering. You know, nothing we're doing here is

558
00:26:33,040 --> 00:26:35,639
Speaker 14: for retail. It's all a created investors, qualified buyer and

559
00:26:36,359 --> 00:26:39,440
Speaker 14: more sophisticated investors. And you can see like an interest

560
00:26:39,560 --> 00:26:42,119
Speaker 14: going from you know, our IEA at the bottom of

561
00:26:42,160 --> 00:26:45,120
Speaker 14: the stack up to very sophisticated. That's a management company

562
00:26:45,680 --> 00:26:48,240
Speaker 14: who are looking for sleevel diversification because it's not very

563
00:26:48,240 --> 00:26:50,520
Speaker 14: easy when you are a multi billion dollar hedphone to

564
00:26:50,680 --> 00:26:53,320
Speaker 14: just create a pocket of liquidity just for that. So

565
00:26:53,359 --> 00:26:55,280
Speaker 14: it's like, how do I find the right partner to

566
00:26:55,320 --> 00:26:57,679
Speaker 14: be able to go and allocate Jeh.

567
00:26:57,560 --> 00:26:59,439
Speaker 2: Mary create test some time with you on your journeys

568
00:26:59,440 --> 00:27:00,000
Speaker 2: across the America.

569
00:27:00,119 --> 00:27:00,800
Speaker 4: I have a feeling I'll be.

570
00:27:00,840 --> 00:27:03,720
Speaker 2: Back a few more times Jr. When yes, he's coinschaes

571
00:27:03,720 --> 00:27:06,040
Speaker 2: at CEO. Meanwhile, we did have a little bit of

572
00:27:06,080 --> 00:27:07,919
Speaker 2: breaking news and we just want to get you ahead

573
00:27:07,960 --> 00:27:10,600
Speaker 2: of what's happening next week. We understand that well the

574
00:27:10,680 --> 00:27:13,680
Speaker 2: FTC is poised to sue Amazon for a trust violations

575
00:27:13,680 --> 00:27:14,640
Speaker 2: as soon as next week.

576
00:27:14,640 --> 00:27:16,320
Speaker 4: That have been a report by Politico. This could come

577
00:27:16,359 --> 00:27:17,280
Speaker 4: as soon as Tuesday.

578
00:27:17,600 --> 00:27:19,800
Speaker 2: To keep a close eye on, of course, the ongoing

579
00:27:20,000 --> 00:27:22,160
Speaker 2: regulatory environment.

580
00:27:21,800 --> 00:27:23,679
Speaker 4: With which some of these big tech companies find themselves.

581
00:27:23,720 --> 00:27:25,679
Speaker 5: Well, yeah, and I think Bloomberg's now reporting that the

582
00:27:25,720 --> 00:27:28,480
Speaker 5: FTC is going to do this next week. And remember

583
00:27:28,760 --> 00:27:31,280
Speaker 5: this is going after the online retail part of the business,

584
00:27:31,320 --> 00:27:34,640
Speaker 5: the most sort of consumer facing bit. In our colleague Lyarlyland,

585
00:27:34,640 --> 00:27:36,520
Speaker 5: I think she reported in the first week of September,

586
00:27:36,560 --> 00:27:38,120
Speaker 5: so we thought this would come.

587
00:27:38,200 --> 00:27:40,240
Speaker 3: But yeah, specific right coming up here.

588
00:27:40,119 --> 00:27:42,159
Speaker 5: On Bloomberg Technology, we're going to talk about the future

589
00:27:42,440 --> 00:27:45,280
Speaker 5: of climate tech and how AI can impact that sector

590
00:27:45,320 --> 00:27:49,320
Speaker 5: its potential but also possibil drawbacks and then their impact ventures.

591
00:27:49,359 --> 00:27:52,280
Speaker 5: Zoey Pedden joins us. Next, this is Bloomberg Technology.

592
00:28:02,280 --> 00:28:04,680
Speaker 15: You need to have a dialogue with countries like China.

593
00:28:04,680 --> 00:28:07,080
Speaker 3: They're not going to go away, and there may be

594
00:28:07,200 --> 00:28:08,320
Speaker 3: things that we can work.

595
00:28:08,160 --> 00:28:11,280
Speaker 15: Together with China on, but you know, we have to

596
00:28:11,320 --> 00:28:13,160
Speaker 15: be very realistic and we have to have those.

597
00:28:12,960 --> 00:28:14,440
Speaker 13: Discussions with our eyes open.

598
00:28:14,880 --> 00:28:17,360
Speaker 15: What we're trying to see is if we can get

599
00:28:17,359 --> 00:28:21,000
Speaker 15: a global consensusus on how to make sure that artificial

600
00:28:21,040 --> 00:28:25,560
Speaker 15: intelligence remains a massive force for good in the world,

601
00:28:25,600 --> 00:28:27,520
Speaker 15: which I truly believe it can be.

602
00:28:29,280 --> 00:28:32,080
Speaker 5: That was UK Chancellor of the Exchequer Jeremy Hunt there

603
00:28:32,080 --> 00:28:34,480
Speaker 5: and as world leaders gathered at the UN General Assembly

604
00:28:34,560 --> 00:28:37,439
Speaker 5: in New York City this week, everyone seemed to agree

605
00:28:37,480 --> 00:28:40,960
Speaker 5: on one thing. Climate change is among the biggest problems

606
00:28:41,000 --> 00:28:44,400
Speaker 5: facing the planet. Maybe that's where AI could be a.

607
00:28:44,320 --> 00:28:44,880
Speaker 3: Force for good.

608
00:28:44,920 --> 00:28:47,840
Speaker 5: On today's VC Spotlight, we're taking a look at climate tech,

609
00:28:47,840 --> 00:28:51,120
Speaker 5: investing the impact of AI on that sector and much

610
00:28:51,120 --> 00:28:54,480
Speaker 5: more with Ananda Impact Ventures, a European VC firm with

611
00:28:54,560 --> 00:28:57,560
Speaker 5: two hundred and thirteen million dollars under management. They're investing

612
00:28:57,600 --> 00:29:00,600
Speaker 5: in startups with scalable missions for the plant its future.

613
00:29:00,800 --> 00:29:03,200
Speaker 5: Let's bring in an and a partner Zoe Peddam for more.

614
00:29:03,240 --> 00:29:06,960
Speaker 5: And you know Zoe, these meetings, these big, high profile,

615
00:29:07,120 --> 00:29:09,840
Speaker 5: week long, let's talk about the world kind of events.

616
00:29:10,040 --> 00:29:12,760
Speaker 5: As somebody invests in the early stage, do you see

617
00:29:12,800 --> 00:29:15,600
Speaker 5: a trickle down of benefit from something like that.

618
00:29:17,240 --> 00:29:19,640
Speaker 11: I think it's good to put the topic on the

619
00:29:19,680 --> 00:29:23,160
Speaker 11: world stage. The media, like yourself at picking it up

620
00:29:23,200 --> 00:29:26,360
Speaker 11: and talking about it, and it really helps the startups

621
00:29:26,360 --> 00:29:29,520
Speaker 11: that are already working in it to get some momentum

622
00:29:29,840 --> 00:29:34,320
Speaker 11: and get people talking about certain sectors that perhaps haven't.

623
00:29:34,000 --> 00:29:35,200
Speaker 9: Received such media.

624
00:29:35,360 --> 00:29:37,840
Speaker 11: As such a media exposure, there's been a lot of

625
00:29:37,840 --> 00:29:42,200
Speaker 11: focus on carbon and carbon accounting, but what about biodiversity,

626
00:29:42,280 --> 00:29:46,440
Speaker 11: what about nature? This is being put on the radar now,

627
00:29:46,480 --> 00:29:48,800
Speaker 11: so I think it's important that we do have these

628
00:29:48,840 --> 00:29:50,680
Speaker 11: meetings at this global stage.

629
00:29:50,880 --> 00:29:53,400
Speaker 2: What's interesting, as we just heard from Jeremy Hunt, meanwhile,

630
00:29:53,560 --> 00:29:55,240
Speaker 2: his leader of the Prime Minister of the UK is

631
00:29:55,240 --> 00:29:57,840
Speaker 2: getting a lot of heat for basically putting climate goals

632
00:29:57,880 --> 00:30:01,120
Speaker 2: to one side. And I'm interested in perspective of the

633
00:30:01,160 --> 00:30:03,600
Speaker 2: politicization of the space in with you work. I mean,

634
00:30:03,640 --> 00:30:05,720
Speaker 2: certainly that's here in the United States as well.

635
00:30:06,040 --> 00:30:06,800
Speaker 4: Has there been as.

636
00:30:06,760 --> 00:30:09,560
Speaker 2: Much interest in backing funds that want to invest in

637
00:30:09,720 --> 00:30:11,080
Speaker 2: climate startups?

638
00:30:12,560 --> 00:30:14,760
Speaker 11: I mean I was looking at pitch book the other

639
00:30:14,840 --> 00:30:17,200
Speaker 11: day and it reported that in Q one twenty twenty three,

640
00:30:17,240 --> 00:30:20,520
Speaker 11: climate tech startups raised five point seven billion, so two

641
00:30:20,560 --> 00:30:23,560
Speaker 11: hundred and seventy nine BC deals, which is a thirty

642
00:30:23,560 --> 00:30:26,920
Speaker 11: six percent decline in deal value and thirty one percent

643
00:30:27,000 --> 00:30:30,440
Speaker 11: that decline in deal count from the previous quarter. But

644
00:30:30,960 --> 00:30:34,480
Speaker 11: that's a lag indicator for me, because when I'm out

645
00:30:34,520 --> 00:30:38,000
Speaker 11: there and I see when we're raising our fund and

646
00:30:38,040 --> 00:30:42,080
Speaker 11: I meet people who want to invest in Nanda, I

647
00:30:42,120 --> 00:30:45,040
Speaker 11: don't see this hesitation. I just see more and more

648
00:30:45,120 --> 00:30:48,760
Speaker 11: money coming from many different areas coming into climate. So

649
00:30:49,320 --> 00:30:52,320
Speaker 11: I think the dip in climate investing of that last

650
00:30:52,360 --> 00:30:55,440
Speaker 11: quarter is just a general reflection of the dip in

651
00:30:55,600 --> 00:30:59,000
Speaker 11: VC funding overall and not an indicator of where things

652
00:30:59,000 --> 00:30:59,400
Speaker 11: are going.

653
00:31:00,160 --> 00:31:03,040
Speaker 2: So let's talk about how you stand out from the crowd.

654
00:31:03,080 --> 00:31:05,040
Speaker 2: At one point it felt like a very busy crowd.

655
00:31:05,040 --> 00:31:07,200
Speaker 2: But what's interesting about Nandrew is you sort.

656
00:31:07,000 --> 00:31:08,720
Speaker 4: Of put your money where your mouth is.

657
00:31:08,680 --> 00:31:11,680
Speaker 2: And you don't take fees unless, oh, the companies which

658
00:31:11,680 --> 00:31:13,440
Speaker 2: you're backing are saying what they're going to do, and

659
00:31:13,800 --> 00:31:16,800
Speaker 2: you're holding yourself towards some sort of transparency account Here

660
00:31:17,400 --> 00:31:19,040
Speaker 2: is that something that's been pipped by the rest of

661
00:31:19,040 --> 00:31:19,560
Speaker 2: the industry.

662
00:31:20,920 --> 00:31:23,920
Speaker 11: It's increasingly being copied and we wanted that. It's called

663
00:31:23,960 --> 00:31:26,960
Speaker 11: our Impact carry model. We created it back in twenty

664
00:31:27,120 --> 00:31:30,000
Speaker 11: fourteen alongside the European Investment Fund, so it's a co

665
00:31:30,120 --> 00:31:34,440
Speaker 11: creation where the carry is linked to the impact.

666
00:31:34,440 --> 00:31:37,200
Speaker 9: So we have impact KPIs and we need to meet at.

667
00:31:37,240 --> 00:31:40,280
Speaker 11: Least sixty percent of those targets from those predictions from

668
00:31:40,280 --> 00:31:43,560
Speaker 11: those startups to be able to see any carrier at all.

669
00:31:43,640 --> 00:31:46,600
Speaker 11: So it means you really values align and the founders

670
00:31:46,640 --> 00:31:49,040
Speaker 11: really like it, and of course our investors do. I

671
00:31:49,040 --> 00:31:52,160
Speaker 11: think it's really important that we have something like this

672
00:31:52,280 --> 00:31:58,000
Speaker 11: around accountability and governance in impact investing to stop impact washing,

673
00:31:58,400 --> 00:32:00,640
Speaker 11: which you know you've got green washing, thank you've also

674
00:32:00,680 --> 00:32:01,640
Speaker 11: got impact.

675
00:32:01,400 --> 00:32:02,480
Speaker 3: Washing, Zoe.

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00:32:02,520 --> 00:32:06,120
Speaker 5: What is the AI climate play for avenged capitalists like you?

677
00:32:07,360 --> 00:32:09,120
Speaker 9: Oh, there's lots of different things.

678
00:32:09,160 --> 00:32:12,440
Speaker 11: I think the biggest area is in machine learning.

679
00:32:13,120 --> 00:32:15,560
Speaker 9: That's what we've seen for the last few years. So

680
00:32:16,120 --> 00:32:16,760
Speaker 9: going from.

681
00:32:16,560 --> 00:32:21,680
Speaker 11: Looking at computer vision that's tracking had thermal cameras with nanosatellites,

682
00:32:21,760 --> 00:32:25,640
Speaker 11: being able to detect and look at prevention of wildfire

683
00:32:25,920 --> 00:32:30,760
Speaker 11: massive area, and then down to being able to predicting wastewater.

684
00:32:30,840 --> 00:32:34,960
Speaker 11: Wastewater surveilance is a big new area in climate tech,

685
00:32:35,280 --> 00:32:38,200
Speaker 11: and pathogens and being able to start to track different

686
00:32:38,240 --> 00:32:42,360
Speaker 11: pathogens like the covid virus which is viral but actual

687
00:32:42,440 --> 00:32:47,000
Speaker 11: bacterial ones, and being able to predict which areas might

688
00:32:47,040 --> 00:32:51,280
Speaker 11: not respond to antibiotics, so antibiotic resistance is massive. So

689
00:32:51,320 --> 00:32:54,240
Speaker 11: that's when you start to see the environment crossover into

690
00:32:54,600 --> 00:32:59,840
Speaker 11: population health and then regenitive ag what else. Lots of

691
00:32:59,840 --> 00:33:03,160
Speaker 11: things going on in ocean tech, very difficult area at

692
00:33:03,160 --> 00:33:07,440
Speaker 11: the moment and biodiversity nature as I was referring to.

693
00:33:07,520 --> 00:33:09,880
Speaker 9: Before, are wonderful. Wonderful.

694
00:33:09,920 --> 00:33:14,160
Speaker 11: You are in much more tangible to talk about carbon

695
00:33:14,360 --> 00:33:17,000
Speaker 11: and I think there's a lot we can do around

696
00:33:17,040 --> 00:33:20,880
Speaker 11: being able to track nature using environmental DNA on the

697
00:33:20,880 --> 00:33:23,360
Speaker 11: ground and being able to predict and.

698
00:33:23,880 --> 00:33:26,560
Speaker 9: What species have been removed either through.

699
00:33:27,280 --> 00:33:33,440
Speaker 11: Infrastructure or mining or something in the water, anything that's

700
00:33:33,480 --> 00:33:37,160
Speaker 11: being dug up and replacing that and making it better

701
00:33:37,160 --> 00:33:38,040
Speaker 11: than it was before.

702
00:33:38,080 --> 00:33:40,320
Speaker 9: Because those little microbes, So it's.

703
00:33:40,200 --> 00:33:43,440
Speaker 11: Not that the big species that you think about big animals,

704
00:33:43,480 --> 00:33:46,760
Speaker 11: it's actually the microbes in the water. They leave trails

705
00:33:46,800 --> 00:33:50,240
Speaker 11: of pieces of DNA and we can detect all of those,

706
00:33:50,280 --> 00:33:52,680
Speaker 11: and they're the ones that when you talk about our

707
00:33:52,720 --> 00:33:56,960
Speaker 11: food and our soil systems, they're absolutely essential for the

708
00:33:57,040 --> 00:33:59,320
Speaker 11: balance that we have in nature, and those are the

709
00:33:59,360 --> 00:33:59,680
Speaker 11: ones that.

710
00:33:59,720 --> 00:34:03,720
Speaker 2: Are anander impact venture partner, Zoe Peden, thanks for spending

711
00:34:03,720 --> 00:34:05,240
Speaker 2: some time with us, really tooking us through some of

712
00:34:05,240 --> 00:34:06,240
Speaker 2: the opportunities there.

713
00:34:14,160 --> 00:34:15,920
Speaker 4: So it's the Global Citizen Festival.

714
00:34:15,960 --> 00:34:18,360
Speaker 2: It's become the world's longest running global campaign calling for

715
00:34:18,360 --> 00:34:20,840
Speaker 2: an end to extreme poverty ever since its first installment

716
00:34:20,920 --> 00:34:23,080
Speaker 2: here in New York City in twenty twelve. Now for

717
00:34:23,160 --> 00:34:27,760
Speaker 2: this iteration, three million actions have been taken by global citizens.

718
00:34:27,320 --> 00:34:29,200
Speaker 4: Where it's app to ask global.

719
00:34:28,920 --> 00:34:31,200
Speaker 2: Leaders to defend the planet, to defeat poverty, to fight

720
00:34:31,239 --> 00:34:33,680
Speaker 2: for equity. Now, as we gear up for twenty twenty

721
00:34:33,680 --> 00:34:36,400
Speaker 2: three Global Citis Investival taking place tomorrow, to bring in

722
00:34:36,520 --> 00:34:39,479
Speaker 2: Michael Sheldren, his chief Policy Impact in Government Relations officer

723
00:34:39,560 --> 00:34:41,520
Speaker 2: over at Global Citizen. And we're going to put the

724
00:34:41,520 --> 00:34:43,800
Speaker 2: weather to one side, because it might be a little drizzily,

725
00:34:43,840 --> 00:34:47,759
Speaker 2: but ultimately you're fighting because of weather elements, because of

726
00:34:47,800 --> 00:34:50,279
Speaker 2: the climate, because of poverty. And what's so interesting about

727
00:34:50,280 --> 00:34:52,120
Speaker 2: Global Citizen And you were born in an iteration where

728
00:34:52,120 --> 00:34:54,920
Speaker 2: people used to perhaps tweet, or they'd write letters, or

729
00:34:54,920 --> 00:34:58,080
Speaker 2: they'd send emails. How have you used social media to

730
00:34:58,160 --> 00:34:59,839
Speaker 2: now bring your force to bear?

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00:35:00,160 --> 00:35:01,520
Speaker 13: Well, thank you for having me on.

732
00:35:01,600 --> 00:35:03,600
Speaker 16: And the first thing I will just say, if anyone's

733
00:35:03,600 --> 00:35:08,080
Speaker 16: coming tomorrow, the Global Citizen Festival continues, rain, shining, hail,

734
00:35:08,280 --> 00:35:08,880
Speaker 16: doesn't matter.

735
00:35:09,000 --> 00:35:09,919
Speaker 13: Everyone will be there.

736
00:35:10,120 --> 00:35:11,319
Speaker 3: And you're absolutely right.

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00:35:11,400 --> 00:35:13,920
Speaker 16: Around the world, extreme weather events are impacting the most

738
00:35:14,000 --> 00:35:16,840
Speaker 16: vulnerable communities. But the way to think about the Global

739
00:35:16,880 --> 00:35:20,719
Speaker 16: Citizen platform is, yes, people know us for our festivals.

740
00:35:20,719 --> 00:35:23,879
Speaker 16: But inherently we're a digital platform and we camp having

741
00:35:24,160 --> 00:35:24,840
Speaker 16: three hundred and.

742
00:35:24,880 --> 00:35:26,399
Speaker 3: Sixty five days a year.

743
00:35:26,480 --> 00:35:29,960
Speaker 16: People engage with our content and we're always finding ways,

744
00:35:30,080 --> 00:35:32,480
Speaker 16: novel ways to meet people where they're at. So we're

745
00:35:32,680 --> 00:35:36,200
Speaker 16: on TikTok, we're on Instagram, We're finding ways to engage

746
00:35:36,239 --> 00:35:39,919
Speaker 16: people who may not even have access to Wi Fi

747
00:35:40,480 --> 00:35:43,600
Speaker 16: in developing countries as well. And what we're seeing is

748
00:35:43,719 --> 00:35:48,799
Speaker 16: record levels of engagement. Even as social media becomes more fragmented,

749
00:35:49,120 --> 00:35:52,320
Speaker 16: we're actually seeing our citizens looking for a way to

750
00:35:52,400 --> 00:35:55,640
Speaker 16: express their agency to take action, such as calling on

751
00:35:55,680 --> 00:35:58,760
Speaker 16: the UK government to follow through on its commitments around

752
00:35:58,800 --> 00:35:59,839
Speaker 16: climate financing.

753
00:36:00,120 --> 00:36:02,440
Speaker 2: So where does Rischie Sunac, who at the moment perhaps

754
00:36:02,480 --> 00:36:05,160
Speaker 2: is getting a lot of criticism for not really focusing

755
00:36:05,200 --> 00:36:06,600
Speaker 2: on the climate agenda.

756
00:36:07,160 --> 00:36:08,000
Speaker 4: How do you tackle him?

757
00:36:08,040 --> 00:36:10,640
Speaker 2: Where are your citizens going to how you present your

758
00:36:10,680 --> 00:36:12,040
Speaker 2: case to Rishi that he should care.

759
00:36:12,400 --> 00:36:16,200
Speaker 16: So we have global citizens in every single constituency across

760
00:36:16,239 --> 00:36:19,000
Speaker 16: the United Kingdom, for instance, And what we see, and

761
00:36:19,040 --> 00:36:21,600
Speaker 16: this is mirrored around the world, is two thirds of

762
00:36:21,600 --> 00:36:24,600
Speaker 16: people around the world are saying that they favor clean power,

763
00:36:24,600 --> 00:36:27,600
Speaker 16: particularly solar energy, over fossil fuelds.

764
00:36:27,680 --> 00:36:28,800
Speaker 13: Right so we're actually seeing.

765
00:36:28,600 --> 00:36:30,680
Speaker 16: If you look at where people are at, it's an

766
00:36:30,800 --> 00:36:34,120
Speaker 16: entirely centrist message and we believe that the UK government,

767
00:36:34,280 --> 00:36:37,280
Speaker 16: especially with the Prime Minister's remarks over the last few days,

768
00:36:37,520 --> 00:36:40,040
Speaker 16: is on the wrong side of history and global citizens

769
00:36:40,040 --> 00:36:42,440
Speaker 16: have been calling him out. They've been contacting their local

770
00:36:42,480 --> 00:36:45,200
Speaker 16: member of parliament, and we're also calling on the Labor

771
00:36:45,360 --> 00:36:49,239
Speaker 16: opposition Sir Keir Starmer, if he's elected Prime Minister, to

772
00:36:49,320 --> 00:36:52,920
Speaker 16: stand up and not backtrack because you need Britain. Britain

773
00:36:52,920 --> 00:36:55,440
Speaker 16: has been a leader on climate change and through our

774
00:36:55,560 --> 00:36:58,719
Speaker 16: digital platform, it's a way for citizens not just too

775
00:36:59,120 --> 00:37:00,359
Speaker 16: whining and complying.

776
00:37:00,239 --> 00:37:02,239
Speaker 4: About these issues about that online pop I.

777
00:37:02,160 --> 00:37:03,680
Speaker 13: Know, I know, but we can take action.

778
00:37:03,760 --> 00:37:06,000
Speaker 16: We can actually do something and the data shows when

779
00:37:06,040 --> 00:37:08,480
Speaker 16: you do something that also gives us hope as well.

780
00:37:08,520 --> 00:37:10,439
Speaker 5: You know, Michael, in the last time when I was saying,

781
00:37:10,440 --> 00:37:12,560
Speaker 5: this is like live aid. But in the in the

782
00:37:12,640 --> 00:37:14,879
Speaker 5: social media era, we talk so much on the show

783
00:37:14,920 --> 00:37:17,640
Speaker 5: Carry don't we about the health of social media platforms

784
00:37:17,719 --> 00:37:21,839
Speaker 5: right now? Knowing that what stands out is authentic, legitimate,

785
00:37:22,719 --> 00:37:24,440
Speaker 5: you know, how do you feel about that? Do you

786
00:37:24,520 --> 00:37:26,920
Speaker 5: feel that you are able to get a direct message

787
00:37:26,960 --> 00:37:28,880
Speaker 5: out through the content that you're sharing.

788
00:37:29,320 --> 00:37:32,080
Speaker 16: So live Aid Bono, Bob Godoff. We always say we

789
00:37:32,160 --> 00:37:35,640
Speaker 16: stand on the shoulders of giants, but our evolution, we

790
00:37:35,680 --> 00:37:39,520
Speaker 16: see action as our currency. So rather than selling tickets,

791
00:37:39,920 --> 00:37:42,480
Speaker 16: you know, we could make a few million dollars, or

792
00:37:42,520 --> 00:37:45,200
Speaker 16: we can give people away to take action. And people

793
00:37:45,280 --> 00:37:47,680
Speaker 16: can take action on our platform and then take an

794
00:37:47,719 --> 00:37:50,239
Speaker 16: action their crew points and as we see tomorrow at

795
00:37:50,239 --> 00:37:53,120
Speaker 16: the Global Citizen Festival, they can exchange those points for

796
00:37:53,200 --> 00:37:56,239
Speaker 16: rewards like tickets as well. But we see people they

797
00:37:56,360 --> 00:37:58,839
Speaker 16: like to be rewarded for their action take in, but

798
00:37:58,880 --> 00:38:02,760
Speaker 16: they also like to they also like to engage throughout

799
00:38:02,800 --> 00:38:03,560
Speaker 16: the year as well.

800
00:38:03,760 --> 00:38:07,160
Speaker 2: So obviously you employ, well you don't employ, but you

801
00:38:07,360 --> 00:38:09,920
Speaker 2: stand on the shoulders the celebrities to get your message across.

802
00:38:10,000 --> 00:38:12,960
Speaker 2: How do you navigate the politicization of these social media outlets?

803
00:38:12,960 --> 00:38:14,520
Speaker 2: How do you decide or we're going to remain on

804
00:38:14,600 --> 00:38:17,000
Speaker 2: Twitter now x even though there seems to be a

805
00:38:17,000 --> 00:38:19,160
Speaker 2: blow up around now who owns it? Or indeed the

806
00:38:19,160 --> 00:38:21,920
Speaker 2: direction of travel of TikTok so I think.

807
00:38:21,880 --> 00:38:24,640
Speaker 16: You know a really interesting example is John Cook, right

808
00:38:24,960 --> 00:38:27,920
Speaker 16: of BTS fame. You know, they're citizens and you can

809
00:38:27,960 --> 00:38:30,719
Speaker 16: see the engagement going on. To be honest, they don't

810
00:38:30,760 --> 00:38:33,600
Speaker 16: really care which platform. I think what you see, whether

811
00:38:33,640 --> 00:38:35,880
Speaker 16: it's on Instagram or you see it on Twitter, you

812
00:38:35,920 --> 00:38:40,279
Speaker 16: see record numbers of engagement in the issues. And when

813
00:38:40,600 --> 00:38:43,359
Speaker 16: John Cook shares something about the issues on all of

814
00:38:43,360 --> 00:38:46,600
Speaker 16: his platforms, you see people not just engaging with their

815
00:38:46,640 --> 00:38:49,560
Speaker 16: content but also coming back to the platform to take action.

816
00:38:50,000 --> 00:38:52,520
Speaker 16: And I think for them, it's not about being political,

817
00:38:52,560 --> 00:38:55,520
Speaker 16: it's not about being left or right. Often the sentiment

818
00:38:55,640 --> 00:38:57,839
Speaker 16: is around the issues, and I think what they see

819
00:38:57,960 --> 00:39:01,280
Speaker 16: is they trust many of these influencers, trust these artists,

820
00:39:01,560 --> 00:39:03,680
Speaker 16: and so I think what they're seeing is the artists

821
00:39:03,719 --> 00:39:07,040
Speaker 16: being trustful custodians of the message.

822
00:39:07,239 --> 00:39:09,880
Speaker 2: Michael Sheldrick bringing your message today. We thank you, Chief Policy,

823
00:39:09,920 --> 00:39:12,920
Speaker 2: Impact and Government Relations Officer at Global Citizen, Kip and

824
00:39:12,920 --> 00:39:15,880
Speaker 2: I on that rainfall, it happens rainl shine apparently. Now

825
00:39:15,880 --> 00:39:18,280
Speaker 2: that does it for this a edition of Bluebook Technology

826
00:39:18,280 --> 00:39:19,280
Speaker 2: and the I can't get my words.

827
00:39:19,080 --> 00:39:20,040
Speaker 4: Out because you're about to leave.

828
00:39:20,080 --> 00:39:21,600
Speaker 5: I know, I'm going to go back to San Francisco,

829
00:39:21,680 --> 00:39:22,960
Speaker 5: but it's been good to be in New York.

830
00:39:22,960 --> 00:39:23,680
Speaker 3: Greek at the show.

831
00:39:23,680 --> 00:39:27,360
Speaker 5: We love that you guys are listening to the podcast apples, Spotify, iHeart,

832
00:39:27,400 --> 00:39:28,680
Speaker 5: wherever you get your podcasts.

833
00:39:28,880 --> 00:39:30,480
Speaker 3: Long week in New York City. What a week to

834
00:39:30,560 --> 00:39:31,879
Speaker 3: be in New York City.

835
00:39:31,960 --> 00:39:34,040
Speaker 2: Now, the listing to the pops, the fact that we're

836
00:39:34,040 --> 00:39:36,279
Speaker 2: going to be analyzing how that continues to evolve next

837
00:39:36,360 --> 00:39:36,680
Speaker 2: week