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Speaker 2: Talks between the US and Ukraine are helping to advance
Speaker 2: oil prices this morning.
Speaker 3: Let's get some more insight now on this.
Speaker 2: Another commodity moves with Miami Mike mcgloone, Senior Commodity Strategies,
Speaker 2: a Bloomberg Intelligence located in Miami Beach.
Speaker 3: Mike, talk to us about just I'm seeing.
Speaker 2: You know, w chech crude oil fifty eight dollars of
Speaker 2: barrets up a buck.
Speaker 3: But this is really really low price for oil.
Speaker 2: Are good friends in the oil patch in Odessa and Midland, Texas?
Speaker 3: They are not happy, No.
Speaker 4: They aren't, and unfortunately still producing more oil now that
Speaker 4: is on decline. That should be it's responsive elasticity to
Speaker 4: lower prices.
Speaker 5: But what's happened in Russia Ukraine?
Speaker 4: If there's dayton, if there's significant peace, the first thing
Speaker 4: you should expect to go down is potentially gold and
Speaker 4: natural gas natural gas.
Speaker 5: Prices because we'll be bringing on more of that supply.
Speaker 4: So it's not really a good reason unless there's some
Speaker 4: kind of curtailment of supply for prices to go up.
Speaker 5: It's an overall bear market.
Speaker 4: But if you look over next year, I think the
Speaker 4: range and crudel can be from around forty to seventy.
Speaker 4: Now that's a normal first standard deviation move safely end
Speaker 4: the year between fifty five and sixty.
Speaker 5: But the bottom line, pol is the.
Speaker 4: Average cost of production to break even costs in this
Speaker 4: countries around.
Speaker 5: Fifty five, so they can do pretty well.
Speaker 4: In the point is you basically have to get below
Speaker 4: those levels for an elongated period to offset these excesses
Speaker 4: of global supply versus demand. So I'm still bears CRUDEIL,
Speaker 4: but I wouldn't be surprised we'd get it, you know,
Speaker 4: I think traders are looking for bounces to sell.
Speaker 6: Okay, let's talk about where perhaps geopolitical anxiety has fed
Speaker 6: into a rush to Haven's boy dof you see it
Speaker 6: in the run up in gold in well, we're having
Speaker 6: a little bit of is it profit taking happening right now?
Speaker 7: Mike?
Speaker 8: Where do you point.
Speaker 6: Us towards in terms of buying the dips or selling
Speaker 6: where we're at. I.
Speaker 5: Caroline, I love how you went there.
Speaker 4: The phrase that I keep thinking of is you're supposed
Speaker 4: to be selling when you're they're yelling. Particular in silver,
Speaker 4: silver is one of the most over blought commodities on
Speaker 4: the planet. You have to go back to nineteen seventy
Speaker 4: nine to get a similar stretch. Almost two times versus
Speaker 4: is fifty week moving average, and that peak we put
Speaker 4: in that we closed at thirty two dollars and thirty
Speaker 4: two cents that year. The next year that we close
Speaker 4: above that level was this year. So that's what happens
Speaker 4: when you get this stretch. So I'm very concerned about
Speaker 4: things like silver. Yeah, it could get to one hundred,
Speaker 4: but it typically will drop towards fifty. That's a full
Speaker 4: normal range for next year. It's what I expect. It's
Speaker 4: the number one metal expect to be down next year
Speaker 4: because it's a short squeeze. Now, now gold's a little
Speaker 4: different story, but gold's expensive too, So the whole precious
Speaker 4: metals to market market looks to me like, yes, it's
Speaker 4: been great for those of us who have been bullish forever,
Speaker 4: but it never hurts, it takes and profits, and right
Speaker 4: now I think we're seeing some of that.
Speaker 2: Mike, twenty twenty six. What's kind of the play in
Speaker 2: your world here? You're twenty twenty six out of look
Speaker 2: in global commodities? Am I buying pork bellies or where
Speaker 2: am I going?
Speaker 5: Yeah?
Speaker 4: I love how you always go to pork bellies plot
Speaker 4: because I don't really try. I don't know much about
Speaker 4: wyllies just to That's why you need to trip me off.
Speaker 5: That's important.
Speaker 4: The number one thing I'm worried about is this continued
Speaker 4: deflation in the elastic commodities, the grains, energy, crude oil,
Speaker 4: natural gas.
Speaker 5: I fully expect those to continue.
Speaker 4: So levels I'm looking for is crude oil to get
Speaker 4: to their forty natural gas to get in there too.
Speaker 4: That's not profound, It's what it's always happened. Corn corn
Speaker 4: to dropped down like three dollars and fifty cents.
Speaker 5: Those are break even costs.
Speaker 4: The key thing I'm worried about is this signals by
Speaker 4: having gold having its best year ever versus crude oil
Speaker 4: down that exceeded the extremely head in two thousand and eight,
Speaker 4: I'm really worried about this stock market problem. So right now,
Speaker 4: for industrumentals to go up, the stock market basically has
Speaker 4: to go up. But when here's a key thing I
Speaker 4: like to end with, we just never had this type
Speaker 4: of high velocity rally in gold and silver and precious
Speaker 4: metals with stock market volatilely this low. So typically it
Speaker 4: means stock market volatile will go up next year and
Speaker 4: that might be all that matters.
Speaker 8: What about digital gold like going down?
Speaker 5: It's still bear market. We peaked. I think we're gonna
Speaker 5: look at bitcoin. Likely looked at silver in nineteen seventy nine.
Speaker 5: This year it's a pretty significant peak. I think bitcoin's
Speaker 5: more like the head towards fifty.
Speaker 4: That's a normal correction, particularly if the stock market goes
Speaker 4: down and the whole rest of the space to continue
Speaker 4: that bear market. So good examples of Bloomberg Galaxy Crypto
Speaker 4: index is down about twenty percent this year.
Speaker 5: It's a key reversal. Was up about twenty percent this year.
Speaker 5: It looks just like this US stock market did in
Speaker 5: nineteen twenty nine. The difference is there's an unlimited supply
Speaker 5: of cryptocurrencies. There's only one in two thousand and nine
Speaker 5: that was Bigcoin.
Speaker 7: Stay with us.
Speaker 3: More from Bloomberg Intelligence coming up after this.
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Speaker 6: In many ways was not discerning. There were record highs,
Speaker 6: there were sudden reversals, there was years of conviction trades,
Speaker 6: there was costly comebacks, and it's all been written down
Speaker 6: by our wonderful colleagues at Bloomberg News, and we can
Speaker 6: sit down with one of them, Michael Reagan. Here's Bloomberg
Speaker 6: Managing editor for US Equities, who drills into the AI
Speaker 6: trade and whether now it's time for the big short.
Speaker 6: We all know what that word play is pointing towards
Speaker 6: and one Michael Berry. How did he really pour cold
Speaker 6: water on some of the big AI hag.
Speaker 9: Yeah, it was really interesting. I mean, you know, first,
Speaker 9: let's you know, to be fair, it was a great
Speaker 9: year to own AI SoC you know, as we get
Speaker 9: to the end of the year in videos up forty percent,
Speaker 9: pollunteers up one hundred and forty I think, but Burry
Speaker 9: really did throw some cold water on the trade in
Speaker 9: a very high profile matter in early November when he
Speaker 9: disclosed put positions in Palenteer and in Vidia in his
Speaker 9: hedgephund see on asset management. You know, since actually closed
Speaker 9: the fund, but it really sort of landed like a
Speaker 9: thud in the market. You know, both those stocks and
Speaker 9: the NASDAC were really setting record high after record high.
Speaker 9: You know, again, they're still going to have go into
Speaker 9: the books as very good years for both stocks, but
Speaker 9: they they haven't set a new high since then.
Speaker 7: They both took took a big dip.
Speaker 9: The Nasdaq hasn't set a new high since he disclosed
Speaker 9: these puts. So to me it was like, you know,
Speaker 9: he really sort of hit a raw nerve I think
Speaker 9: in what people's concerns were about the AI trade that
Speaker 9: you know, yes, there's a lot of promise there, much
Speaker 9: like the dot com era, but the winners and losers,
Speaker 9: you know, it's a.
Speaker 7: Long way from knowing who they will all be.
Speaker 9: I mean, obviously in Nvidia has a good case to
Speaker 9: be you know, one of the main winners. So so
Speaker 9: that was one of you know, to us, we love
Speaker 9: writing about a good trarian call, especially one that sort
Speaker 9: of hits the top of the market like that.
Speaker 7: So that was one of our big trans of the year.
Speaker 5: Mike.
Speaker 2: There's a lot of people in this market that don't
Speaker 2: recall a market where Tech was.
Speaker 3: Not leading this.
Speaker 2: That's true, I mean, and I'm quite frankly, I'm not
Speaker 2: sure if you're telling me that Tech's not going to
Speaker 2: be a driver in twenty twenty six.
Speaker 3: You know, you got to be cautious there, if that's
Speaker 3: kind of your belief.
Speaker 9: Yeah, yeah, And I wouldn't believe me. I would not
Speaker 9: be the one to say that. Yeah, to buck with
Speaker 9: the trend.
Speaker 3: And I heard that from the street, because the street's
Speaker 3: still very bold.
Speaker 9: Yeah, yeah, I think you know, what we've seen in
Speaker 9: the last couple of months is sort of this a
Speaker 9: little bit of a rotation into some of the other,
Speaker 9: you know, forgotten sectors, some of the more cyclical sectors.
Speaker 9: And you know, obviously Tech will go into the books
Speaker 9: as among the best gains of the year.
Speaker 7: You're totally right, most years they are.
Speaker 9: You know, you look at the NASDAQ one hundreds performance
Speaker 9: versus the S and P, and it's just on any
Speaker 9: given time frame, it's you know, I mean, that is
Speaker 9: our economy, right, that's where the growth is, is that
Speaker 9: that's where all the excitement is. You know, I'm not
Speaker 9: sure anyone expects, you know, a big correction in tech stocks.
Speaker 9: I think Alex has written about, you know, a lot
Speaker 9: of strategies though, are wondering if this rotation into other
Speaker 9: sort of least less loved pockets of the market could
Speaker 9: continue next year.
Speaker 6: Though, And at the moment, speaking to Mark how Marx's anxiety,
Speaker 6: everyone seems to be one side of this trade and
Speaker 6: the S and P five hundred is going to go higher,
Speaker 6: but towards us through some of It's just such a
Speaker 6: brilliant story that you've brought to us talking about all
Speaker 6: the ways in which twenty twenty five was defined by
Speaker 6: certain trades.
Speaker 8: Crypto was another huge one, and if.
Speaker 6: You look at me at Bitcoin, it's down on the year.
Speaker 6: You could have booked some enormous gains if you'd sold
Speaker 6: at the right time. Also, if you're training some of
Speaker 6: these mean coins, particularly the Trump related ones, you've basically
Speaker 6: lost endying gains if you'd held on to Yes.
Speaker 7: Yes, mind you, these are the big trades of the year.
Speaker 9: Not necessarily all winners, right, but they were sort of
Speaker 9: the trades that captivated, defining the defining.
Speaker 7: Trades of the year.
Speaker 9: And here President Trump came in promising to be the
Speaker 9: crypto president, you know, basically getting rid of all the
Speaker 9: regulatory actions against the major crypto players, pardoning a bunch
Speaker 9: of people who were in jail for crypto, launching his
Speaker 9: own mean coins, you know, the Trump coin and the
Speaker 9: Milania coin.
Speaker 5: I think that.
Speaker 9: Was pretty dramatically surprising to a lot of people to
Speaker 9: think with the President the full power of the White
Speaker 9: House behind digital assets that we wouldn't see just this
Speaker 9: blockbuster year. But it, you know, it just goes to
Speaker 9: show you markets are designed to surprise you and upset you.
Speaker 9: And you know, Trump's mean coin had a huge rally
Speaker 9: at the beginning.
Speaker 7: It's down something like eighty some percent.
Speaker 9: Now Malania is the same thing, down like I think
Speaker 9: ninety nine percent. So you know, you don't need me
Speaker 9: to tell you that crypto is risky. But you know
Speaker 9: there's there's exhibit A.
Speaker 3: Stay with us more from Bloomberg Intelligence coming up after this.
Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
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Speaker 2: Just turn out to the Big Takes story. We love
Speaker 2: the Big Takes stories that come out every day from
Speaker 2: Bloomberg News. Deeply sourced, just great, fascinating stories, really well done.
Speaker 2: This one goes to Wall Street's balance of powers shifting.
Speaker 2: Big banks are roaring back as as regulation eases, lending
Speaker 2: surges and private credit giants lose some of their luster.
Speaker 2: There Bloomber's Katherine Chiglinsky helps lead our investing coverage. She
Speaker 2: is a pride of the Wayman Mary University, but she
Speaker 2: leads our coverage on all that stuff and investing in banks.
Speaker 2: She joins us for more talk to us about kind
Speaker 2: of the big banks. Like when I graduated from business school,
Speaker 2: went to the Chase Manhattan Bank, we did leverage lending,
Speaker 2: we made a fortune, and to see private private credit
Speaker 2: take some of that business away, it.
Speaker 3: Really surprised me. Over the last fifteen years or so,
Speaker 3: how's that balance of power these days?
Speaker 8: Well, it was huge.
Speaker 10: I mean it was a huge shift to see all
Speaker 10: these private credit, private equity firms sort of really taking
Speaker 10: all this market share away from the banks. As the banks,
Speaker 10: you know, post financial crisis, we're sort of limited by
Speaker 10: regulations and also we're arguably trying to be a lot
Speaker 10: you know, safer overall.
Speaker 8: But now we're actually seeing it change a little bit.
Speaker 10: And I'm not trying to say, you know, banks are
Speaker 10: going hog wild on everything, but like they've been involved
Speaker 10: in a lot of the leverage loan deals this year,
Speaker 10: We've seen them in some of the major acquisition financing.
Speaker 10: And it's been a good year for the banks. I mean,
Speaker 10: regulations have pulled back. JP Morgan's on track to have
Speaker 10: its highest annual profit, so it's actually been a pretty
Speaker 10: good time now to be a bank. Yeah, the balance
Speaker 10: is really shifted.
Speaker 6: It's revenge of the banks, is how Mike Mayo, well
Speaker 6: known analyst Bank panast Over at Wells Fargo put it.
Speaker 6: These non banks, though, do they in return perform less,
Speaker 6: well have less of the pie? How does ultimately and
Speaker 6: distribute itself? Because so just the shist scale of non
Speaker 6: non usual assets so well turn into acets has just
Speaker 6: grown exponentially to like sixteen trillion.
Speaker 8: Grown exponentially.
Speaker 10: So obviously I still think those firms will be fine overall,
Speaker 10: but you're really seeing the stock price talk a little bit,
Speaker 10: so like the bank stock prices are up quite a bit.
Speaker 10: I mean, City Group we had their price to book
Speaker 10: ratio climb above one percent for all the time in
Speaker 10: a very long time. Like, I think you're starting to
Speaker 10: see them sort of get their mojo back a little
Speaker 10: bit and really find the groove and the businesses that
Speaker 10: they're you know, digging deeper into investment, banking, trading, et cetera.
Speaker 8: But I also think you're.
Speaker 10: Seeing you know, I think you'll still see these credit
Speaker 10: private credit firms you know, work really hard and like
Speaker 10: you know, find different deals.
Speaker 8: But I do think it's more challenging.
Speaker 10: I mean we've had that whole you know. I feel
Speaker 10: like this year it was the credit cockroach debate. Yeah,
Speaker 10: that really rained for a long time and involved some
Speaker 10: of the banks were involved in some of those cockroaches,
Speaker 10: like first brands.
Speaker 8: You know, I think there is.
Speaker 10: This growing sense that like, maybe we should be a
Speaker 10: little more, we should scrutinize a little bit more of
Speaker 10: these deals. And obviously the alternative asset managers got so
Speaker 10: big in the private credit space for so long that
Speaker 10: I think there's a little bit more of a scrutinizing
Speaker 10: eye on those well.
Speaker 2: I mean, even in a Warner Brothers Discovery deal, there's
Speaker 2: a lot of big banks bridge loans bring back terms
Speaker 2: we haven't heard in a while.
Speaker 3: You know, a bridge loan which will be refinanced with
Speaker 3: a you know, a bond deal or something like that.
Speaker 2: Some of the traditional MNA financing seems to be coming back.
Speaker 2: But these private credit folks, they're not going away because
Speaker 2: the money continues to flow into that asset.
Speaker 9: Last.
Speaker 8: Yeah, the money continues to flow.
Speaker 10: And I think, you know, I think every competitor of
Speaker 10: a private credit firm really understands that, you know, they're
Speaker 10: not going away, Like you should be very careful.
Speaker 8: You are.
Speaker 10: You know, if you're a bank for these financing deals,
Speaker 10: you're going up against a lot. I mean, yeah, you
Speaker 10: look at the Warner Brothers situation. I mean, the amount
Speaker 10: of firms that were involved in each of those bids.
Speaker 10: It's kind of crazy to say, you know, it was banks,
Speaker 10: but it was also private cat at firms and alternative
Speaker 10: asset managers.
Speaker 5: Stay with us.
Speaker 3: More from Bloomberg Intelligence coming up after this.
Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us Live
Speaker 1: weekdays at ten am Eastern on Applecarplay and Android Otto
Speaker 1: with the Bloomberg Business App, Listen on demand wherever you
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Speaker 6: I want to know who out there of our listeners
Speaker 6: and viewers was gifted an AI hardware product. Now many
Speaker 6: people already wear perhaps an AI ring or an or ring,
Speaker 6: but how is it starting to integrate more within your life?
Speaker 8: What options are.
Speaker 6: There at the moment, we're going to have a discussion
Speaker 6: about AI wearables, the promise and the hype. Is it
Speaker 6: living up to reality? We can ask Sandbar's CEO about
Speaker 6: his new smart ring because it's certainly on pre order already.
Speaker 6: The stream mena Famy is with us joining us, and look,
Speaker 6: you're talking about the stream ring in particular, that lives
Speaker 6: beyond the well your screen. More broadly, this is all
Speaker 6: about audio, all about speaking to your ring. Just talk
Speaker 6: us first through what exactly the stream ring is.
Speaker 5: Absolutely, thanks so much for having me.
Speaker 11: So stream has two parts. There's the stream app, which
Speaker 11: is kind of like a conversational notes app that will
Speaker 11: take notes silently, that will respond to questions in a
Speaker 11: voice that sounds a bit like your own, and you
Speaker 11: primarily interact with it using the stream ring. So it's
Speaker 11: this little device here with a touchpad on the side
Speaker 11: and a mic on top, and you just hold speak
Speaker 11: into it and release and it will vibrate to let
Speaker 11: you know that it heard you, and if you have
Speaker 11: earbuds in you can then hear a response.
Speaker 2: I'm seeing people wearing all kinds of rings here, So
Speaker 2: it's obviously that the market is ready for this type
Speaker 2: of hardware. Here, what we need, what problem does it solve?
Speaker 2: What does it really do for the user here? What
Speaker 2: are you trying to capture?
Speaker 11: Definitely? So Sandbar is based in New York City, and
Speaker 11: while on the go often ideas will pop up where
Speaker 11: you'll want to take a note of something for later,
Speaker 11: or you'll want to get a little bit of information
Speaker 11: like hey, tell me what's new in the markets today,
Speaker 11: and have that beam straight into your headphones while you're
Speaker 11: on your way into work. And being able to be
Speaker 11: in the moment and tap into those instances of flow
Speaker 11: without stopping and pulling out your phone makes a big
Speaker 11: difference to actually performing that interaction versus it getting lost
Speaker 11: in the moment.
Speaker 6: Davely All, Bloomberg opinion columnist, had the joy of using
Speaker 6: your ring and I did as well. I've played with
Speaker 6: it a little bit already, and he sort of described
Speaker 6: how it basically is not un drawing unwanted attention, and
Speaker 6: also key doesn't make others feel uncomfortable. For me, I'm
Speaker 6: an avid cyclist, Paul, and I get to in from
Speaker 6: the office with that. The amount of times I've wanted
Speaker 6: Siri to just answer something about biking docs or about
Speaker 6: where I'm doing, or the meeting I'm about to go to,
Speaker 6: and it just doesn't work.
Speaker 8: And I'm interested, meaning from.
Speaker 6: Your perspective, how much, given it's coming out I think
Speaker 6: in the summer of twenty twenty six, how much is
Speaker 6: this predicated on the fact that Apple doesn't get his
Speaker 6: act together.
Speaker 11: I think that there's a lot of opportunity for new
Speaker 11: companies to demonstrate new products that are focused on I guess,
Speaker 11: very specific applications to start that hopefully grow over time.
Speaker 11: A big limitation of existing AI products, especially those built
Speaker 11: into devices, is they'll give you a single response to
Speaker 11: a single query. But if I want to do a
Speaker 11: really fast back and forth, not only do I need
Speaker 11: great hardware, but I also need great software that's capable
Speaker 11: of a thoughtful response that's really high intelligence, that's emotionally aware,
Speaker 11: and solving all of those difficult personality challenges and hardware
Speaker 11: challenges is something we're excited to dedicate ourselves to and
Speaker 11: something we really haven't seen anyone do before.
Speaker 2: Some people with just devices in general, me to have
Speaker 2: a concern of it's always listening to me, and I'm
Speaker 2: not sure I like that from a security perspective.
Speaker 11: Address that issue absolutely so at Sandbar, we love thinking
Speaker 11: of the bar test, which is what would you wear
Speaker 11: at a bar and feel comfortable wearing and the people
Speaker 11: around you it also feel comfortable wearing. So the really
Speaker 11: nice thing about the stream ring is it only listens
Speaker 11: when this touch pad is held, and the mic only
Speaker 11: picks up basically what's right in front of it, So
Speaker 11: you really have to whisper into it.
Speaker 7: And that's great if you're on the subway.
Speaker 11: And it's really loud and you want to take a note,
Speaker 11: or that's great if you're walking on the street or
Speaker 11: you're driving and you don't want to disturb the people
Speaker 11: around you and mention something quietly. But it's really not
Speaker 11: designed for up what's around you or recording everything.
Speaker 6: What's so interesting is about where You've come from and
Speaker 6: a lot of work academically done, but also you were
Speaker 6: inside Meta. Meta bought your previous startup Control Labs, and
Speaker 6: in many ways, Meta's gone all in on the future
Speaker 6: of eyewear and the idea that you can have these
Speaker 6: ray bands that will interact with your surroundings visually and
Speaker 6: be able to talk to you as well. People have
Speaker 6: loved that product with you and the focus on audio.
Speaker 6: What I'm really interested in is that it speaks to
Speaker 6: you in your own voice, or like your voice. Why
Speaker 6: do people like that rather than an unfamiliar voice that
Speaker 6: perhaps they currently are using, whether it's a Google Home
Speaker 6: or an Amazon Alexa or indeed with Siri definitely so.
Speaker 11: Our core design philosophy is that we want stream to
Speaker 11: feel like an extension of your own thinking. And if
Speaker 11: we look at how the public and consumers are beginning
Speaker 11: to view AI, people are I think excited by the
Speaker 11: benefits that it brings, but they're also nervous about whether
Speaker 11: AI will replace their relationships or replace their jobs. And
Speaker 11: something nice about this extension framing is that the AI
Speaker 11: is always in your control. It only listens when you want.
Speaker 11: You know, you can tap to interrupt it. Really quickly.
Speaker 11: It responds when you ask things of it, and that
Speaker 11: changes the relationship from one of replacement to one of
Speaker 11: extending your own ability to think and answer questions. And remember,
Speaker 11: and when we were testing out different voices, one day
Speaker 11: my co founder Careoc suggest said, well, hey, why don't
Speaker 11: we just try a version of your own voice? And
Speaker 11: initially it was a bit strange, but quite quickly it
Speaker 11: feels much more natural than anything we had tried before,
Speaker 11: and so that became a surprising, really nice finish to
Speaker 11: that design philosophy.
Speaker 2: Mean it to what extent is AI in your here
Speaker 2: and where do you think it can take you? As
Speaker 2: more and more people get more and more comfortable in
Speaker 2: trusting some functionality to AI.
Speaker 11: Absolutely, I mean basically none of this product would be
Speaker 11: possible without all of the incredible advancements and models. Models
Speaker 11: handle creating notes and organizing them and providing the response
Speaker 11: and creating memories that your stream can draw on to
Speaker 11: continue conversations over time, and as those models get more
Speaker 11: intelligent and more useful, you could imagine this is becoming
Speaker 11: a portal to all kinds of things you're querying off
Speaker 11: your prepping, So you know, you could imagine saying, hey,
Speaker 11: give me a podcast of all of the things I
Speaker 11: have to get done today, and by the way, can
Speaker 11: you draft some of those so they're ready at my
Speaker 11: computer when I get to work, and then you sit
Speaker 11: down and things are basically already there for you. And
Speaker 11: those kinds of deeper action and sequential processing will require
Speaker 11: advancements beyond what we have today, but that'll just add
Speaker 11: to the experience over time.
Speaker 6: I'm not thinking it's two hundred and forty nine dollars,
Speaker 6: is that the asking price?
Speaker 11: That's right, two forty nine for the silver and then
Speaker 11: it'll be two ninety nine for gold.
Speaker 6: Well, I've got so I'm already wearing an Ora ring
Speaker 6: and I've already got some rings on some other things,
Speaker 6: luckily thanks to my husband and sister. And they're like, so,
Speaker 6: is your competition Aura and the health device or do
Speaker 6: you encompass.
Speaker 8: That space too.
Speaker 6: Is your competition really what some Altman's now building with
Speaker 6: Johnny Ive and the idea of future AI hardware.
Speaker 11: It's a good question, and I think that what we're
Speaker 11: offering today is pretty different than anything that exists so far.
Speaker 11: It's really an input focused wearable device that's centered around
Speaker 11: providing you control, and so I think that if you're
Speaker 11: looking for that kind of an experience, hopefully we're providing
Speaker 11: something special in the market. And in the same way
Speaker 11: that I continue to, you know, use my iPhone and
Speaker 11: I continue to use a lap top, we hope that
Speaker 11: other devices will coexist with their own philosophies of how
Speaker 11: humans and technology can relate.
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