WEBVTT - AI's Impact on Hiring and Huawei Laptop Teardown 0:00:02.040 --> 0:00:05.720 From Marhard where Innovation of money and power Collie in 0:00:05.840 --> 0:00:07.360 Silicon Vallet NBN. 0:00:07.680 --> 0:00:11.720 This is Bloomberg Technology with Caroline Hyde and Ed Ludlow. 0:00:25.120 --> 0:00:27.479 I'm Caroline Heinde of Bluemug's world headquarters in New York 0:00:27.880 --> 0:00:28.160 and I. 0:00:28.120 --> 0:00:30.880 Met Ludlow in San Francisco. This has been big technology 0:00:30.960 --> 0:00:31.440 coming up. 0:00:31.680 --> 0:00:35.040 We have a mixed picture on US jobs and non 0:00:35.040 --> 0:00:37.600 farm payrolls. Plus the ism will get the read on 0:00:37.640 --> 0:00:40.159 the state of the labor market and how AI will 0:00:40.200 --> 0:00:41.600 impact hiring in twenty twenty four. 0:00:42.360 --> 0:00:45.519 Plus a tear down of Huawei's newest laptop reveals its 0:00:45.600 --> 0:00:50.040 chips empowered by TSMC, throwing cold water on chatter about 0:00:50.040 --> 0:00:54.320 another technological breakthrough for the sanctioned company. Details ahead and. 0:00:54.240 --> 0:00:56.000 An AI start up taking on Google. 0:00:56.240 --> 0:00:58.959 He gets fresh funding with backers including Jeff Bezos and 0:00:59.040 --> 0:01:02.480 Nvidia down with the CEO of Perplexity. AI is the 0:01:02.480 --> 0:01:05.200 company which is a half a billion dollar valuation just 0:01:05.240 --> 0:01:08.640 two years since its inception. And what is the read 0:01:08.920 --> 0:01:11.119 on the resilience of a consumer? What is the read 0:01:11.240 --> 0:01:14.560 on the resilience of the labor market? Very muney picture today, 0:01:14.680 --> 0:01:18.320 strong payrolls report, the nonfarm payrolls closing out twenty twenty three, 0:01:18.440 --> 0:01:20.839 just showing that the US adding two hundred and sixteen 0:01:20.880 --> 0:01:23.080 thousand jobs in the month of December and the jobless 0:01:23.160 --> 0:01:26.920 rate remaining unchanged. But then comes the US service sector 0:01:27.240 --> 0:01:30.160 number and that shows sagnation and the end of twenty 0:01:30.240 --> 0:01:33.280 twenty three and the gauge of employment and indeed that 0:01:33.840 --> 0:01:37.120 particular signal was its biggest contraction in more than three years. 0:01:37.560 --> 0:01:39.480 Glad that we've got some nuanced to be put to 0:01:39.600 --> 0:01:43.000 it with Corey Style an economist for the Indeed Hiring 0:01:43.080 --> 0:01:45.720 Lab and just wade through these waters right now, What 0:01:45.800 --> 0:01:48.720 are you seeing at your hiring lab in terms of 0:01:48.760 --> 0:01:50.559 the resilience of the US labor market. 0:01:51.880 --> 0:01:54.080 Yeah, I mean what we're seeing right now in our 0:01:54.160 --> 0:01:57.320 postings data from Indeed is very much what we've seen 0:01:57.440 --> 0:02:00.680 in the overall labor market picture from these government numbers, 0:02:00.680 --> 0:02:03.040 which is we've seen, you know, kind of a decline 0:02:03.040 --> 0:02:06.440 in job postings throughout the year, but still a much 0:02:06.480 --> 0:02:09.800 stronger labor market than we had pre pandemic. You know, 0:02:09.880 --> 0:02:12.600 So things have soppened over the last year, but we're 0:02:12.600 --> 0:02:15.160 still above where we were in early twenty twenty. 0:02:16.480 --> 0:02:20.279 Corey zeroing in on the sort of technology sectors perspective, 0:02:20.639 --> 0:02:25.920 it's actually interesting to look at where those gains were. 0:02:26.000 --> 0:02:28.200 They were not in the technology sector. To me, it. 0:02:28.160 --> 0:02:31.360 Seems like a lot of public sector jobs, right education, 0:02:31.440 --> 0:02:34.840 health services, government, and to some extent, leisure in hospitality. 0:02:35.160 --> 0:02:36.839 Give us the tech story if there is one. 0:02:38.040 --> 0:02:39.679 Yeah, So, I mean, I think the tech story is 0:02:39.720 --> 0:02:42.160 a big part of the story in the labor market, 0:02:42.520 --> 0:02:46.440 especially as we look back to kind of that pandemic baseline. 0:02:46.600 --> 0:02:48.680 You know, what we saw was is the pandemic hit, 0:02:49.160 --> 0:02:52.480 a lot of job postings fell together across all sectors. 0:02:52.880 --> 0:02:55.840 Then we started seeing those sectors kind of all come 0:02:55.919 --> 0:02:58.440 up together, and I think twenty twenty three really showed 0:02:58.520 --> 0:03:01.040 us it was a year of divergence where we started 0:03:01.080 --> 0:03:04.240 seeing more strength in these kind of in person type sectors. 0:03:04.480 --> 0:03:07.160 You know, healthcare has been kind of that perennial powerhouse 0:03:07.160 --> 0:03:09.840 in terms of adding jobs, but we definitely saw some 0:03:09.960 --> 0:03:12.799 kind of weakening demand in tech and some of these 0:03:12.840 --> 0:03:15.200 other areas. And so I think ultimately the tech story 0:03:15.200 --> 0:03:17.959 here is that, you know, tech has taken a little 0:03:18.000 --> 0:03:20.320 more of a brunt in terms of a drop in 0:03:20.440 --> 0:03:23.840 job postings over the last year, but really that's been 0:03:23.880 --> 0:03:27.000 a part of this larger divergence. So we're adding jobs 0:03:27.040 --> 0:03:28.840 over all at the top level once we roll it up, 0:03:29.160 --> 0:03:30.720 But once you kind of look under the hood, you 0:03:30.720 --> 0:03:32.920 can see kind of some of these differences that are 0:03:32.960 --> 0:03:35.480 beginning to emerge between different sectors. 0:03:35.920 --> 0:03:40.040 What's interesting is there's divergence within the tech space too. 0:03:40.200 --> 0:03:43.400 I'm pretty sure that anything with an AI name within 0:03:43.440 --> 0:03:46.400 it has been hiring pretty well, and other areas a 0:03:46.440 --> 0:03:49.320 little bit more bleak. Just start there, rather than how 0:03:49.360 --> 0:03:51.520 AI is affecting the rest of the labor market, let's 0:03:51.520 --> 0:03:54.000 just show how is it affecting tech jobs that aren't 0:03:54.000 --> 0:03:54.880 off OKOI. 0:03:56.240 --> 0:03:58.880 Yeah, I mean, so ultimately, we have seen a pretty 0:03:58.960 --> 0:04:02.920 dramatic increase in the number of job postings asking for 0:04:03.040 --> 0:04:05.520 you know, these types of generative AI type of skills, 0:04:05.560 --> 0:04:08.559 you know, really the new you know, the chat GPTs, 0:04:08.680 --> 0:04:12.320 the generative AI skills. Obviously, AI kind of in a 0:04:12.360 --> 0:04:15.400 broader sense of self driving cars and all those technologies 0:04:15.600 --> 0:04:17.840 have been something we've discussed for the past couple of years. 0:04:18.320 --> 0:04:20.920 But what's interesting to note is that in the trend 0:04:20.920 --> 0:04:24.360 of generative AI in particular, you know, last year there 0:04:24.360 --> 0:04:27.320 were basically no jobs talking about these technologies, and what 0:04:27.360 --> 0:04:29.400 we've seen is that in the last year, there's been 0:04:29.440 --> 0:04:31.840 a dramatic increase. You know, if you look at the 0:04:31.960 --> 0:04:36.279 graph for job postings with the genera of AI terms 0:04:36.279 --> 0:04:39.360 being asked or skills being asked by employers, it's basically 0:04:39.360 --> 0:04:42.400 a hockey stick. It was zero last year, and this 0:04:42.480 --> 0:04:44.400 is the first time we're kind of sharing this data 0:04:44.560 --> 0:04:47.640 publicly with the newest data from December, but at the 0:04:47.720 --> 0:04:51.000 end of December, there was about point zero five or 0:04:51.120 --> 0:04:54.920 point zero eighty five percent of jobs that were mentioning 0:04:55.000 --> 0:04:58.040 gener of AI. So still overall a pretty small portion 0:04:58.480 --> 0:05:00.240 of a labor market, but when you think about what 0:05:00.279 --> 0:05:02.600 it means to go from zero to almost a tenth 0:05:02.600 --> 0:05:05.520 of a percent in a year, that's starting to really 0:05:05.720 --> 0:05:08.280 show some momentum for these types of jobs. 0:05:09.560 --> 0:05:12.840 The other thing in the domain of technology that I've 0:05:12.839 --> 0:05:17.800 been thinking about is participation in the economy and particularly 0:05:17.839 --> 0:05:21.600 the age of workers. I think back to when we 0:05:21.640 --> 0:05:24.839 talked about the union efforts with regards to the automakers 0:05:24.880 --> 0:05:27.760 and ev and they'll concern down the line is that 0:05:27.800 --> 0:05:30.360 there is a whole generation of workforce that will retire 0:05:30.400 --> 0:05:32.800 in the coming years, and there are people sitting on 0:05:32.839 --> 0:05:35.600 the sidelines what you would call prime age workers. 0:05:37.800 --> 0:05:38.880 Yeah, and that's a great point. 0:05:38.920 --> 0:05:41.120 I think that's one of the kind of key points 0:05:41.120 --> 0:05:44.520 that we saw this morning in the jobs report is that, yes, 0:05:44.560 --> 0:05:47.279 it was a jobs report where the number of jobs 0:05:47.320 --> 0:05:50.160 we added really surpassed kind of a lot of expectations, 0:05:50.440 --> 0:05:52.920 which was kind of a fit for you know, kind 0:05:52.920 --> 0:05:55.039 of wrap up of what we saw in twenty twenty three. 0:05:55.400 --> 0:05:57.560 But I think what was different from what we saw 0:05:57.600 --> 0:05:59.640 in the rest of twenty twenty three is that in 0:05:59.640 --> 0:06:01.680 the last couple months, we have seen the labor force 0:06:01.720 --> 0:06:06.320 participation rate, especially among those primage workers, start to drop off, 0:06:06.560 --> 0:06:08.400 you know, and you talk about, you know, kind of 0:06:08.120 --> 0:06:12.479 the demographic headwinds as we have fewer workers aging in 0:06:13.120 --> 0:06:16.039 and many more workers aging out. You know, the US 0:06:16.120 --> 0:06:18.640 is really facing kind of an uphill battle in terms 0:06:18.680 --> 0:06:22.000 of making sure the labor supply is there, because adding 0:06:22.040 --> 0:06:24.760 the jobs and having the job openings is one thing, 0:06:25.200 --> 0:06:27.599 but finding the people to fill those jobs, you know, 0:06:27.760 --> 0:06:30.359 is a vital part of actually making sure that the 0:06:30.400 --> 0:06:32.760 economy and the labor market continues to be robust. 0:06:33.960 --> 0:06:37.520 Corey style of indeed hiring lab just terrific data granular 0:06:37.600 --> 0:06:40.200 data about the technology sector and jobs. Thank you, Let's 0:06:40.240 --> 0:06:43.280 keep the conversation going. Is the labor market show some 0:06:43.520 --> 0:06:47.680 signs of cooling? How is AI being implemented, particularly in 0:06:47.720 --> 0:06:51.880 the financial services industry to help consumers and workers build 0:06:51.920 --> 0:06:54.360 a safety net. Joining us now as Liz Davidson, founder 0:06:54.360 --> 0:06:58.520 and CEO of financial Finess, which offers personalized financial coaching, 0:06:58.960 --> 0:07:03.800 both live and AI powered to millions of employees, the 0:07:03.920 --> 0:07:07.160 job state always gives us an opportunity to ask about 0:07:07.200 --> 0:07:10.440 what is really happening right now in the way that 0:07:10.560 --> 0:07:14.120 AI is impacting our daily task, but also, as our 0:07:14.200 --> 0:07:16.360 last guest pointed out, hiring and I just asked you 0:07:16.360 --> 0:07:17.960 in the first instance and kind of give us a 0:07:18.000 --> 0:07:19.600 read of where you think that is. 0:07:21.840 --> 0:07:26.840 Yeah, it's very interesting those hiring numbers that were just articulated. 0:07:27.560 --> 0:07:31.400 What we're seeing is a whole lot of talk in 0:07:31.440 --> 0:07:37.360 the financial services industry about AI and things that will 0:07:37.360 --> 0:07:41.920 be happening in the future, but it's still very, very early, 0:07:42.240 --> 0:07:46.480 and there's a lot of concerns about compliance and how 0:07:46.480 --> 0:07:49.440 do you make this safe for consumers because we all 0:07:49.440 --> 0:07:54.440 know open AI can really be problematic. We work in 0:07:54.480 --> 0:07:58.920 the financial coaching industry, providing financial coaching as an employee 0:07:58.920 --> 0:08:04.720 benefit and have managed to leverage AI using vetted content, 0:08:04.880 --> 0:08:10.400 only vetted content from on staff certified financial planners, so 0:08:10.480 --> 0:08:13.800 that any questions that are asked in this virtual coaching 0:08:13.920 --> 0:08:17.520 process where it asks you questions and you ask you questions, 0:08:18.080 --> 0:08:21.640 any of that all points to our content and it's 0:08:21.680 --> 0:08:26.360 completely safe and contained. And I think that's really you know, 0:08:26.400 --> 0:08:29.840 one of the biggest hurdles that financial services companies need 0:08:29.880 --> 0:08:32.640 to get through is how do you leverage this powerful 0:08:32.679 --> 0:08:34.960 tool but make sure it's safe. 0:08:35.080 --> 0:08:39.240 And also how do you ensure you're building yourself security 0:08:39.360 --> 0:08:42.440 financial independence, particularly when you do start to see perhaps 0:08:42.520 --> 0:08:45.000 the overall jobs market soften a little bit, but you've 0:08:45.040 --> 0:08:47.440 actually managed to secure a bit of a wage increase 0:08:47.480 --> 0:08:50.280 and you're wanting it ensure that you've got your you know, 0:08:50.559 --> 0:08:53.160 underall overall safety net lined up list. 0:08:53.520 --> 0:08:54.360 You use something called the. 0:08:54.360 --> 0:08:58.240 Artificial intelligence motivating employees everywhere any basically is how you 0:08:58.280 --> 0:09:01.559 call it. Talk to us about how AI has really 0:09:01.600 --> 0:09:06.079 managed to either reduce the amount of financial advisors one 0:09:06.200 --> 0:09:08.240 needs to get the right information at the right time, 0:09:08.320 --> 0:09:11.480 How are employees engaging with this more now than ever 0:09:11.559 --> 0:09:14.040 because they feel a little bit less secure than perhaps 0:09:14.080 --> 0:09:14.440 lost you. 0:09:15.880 --> 0:09:21.400 Absolutely, And the great thing about AI is it allows 0:09:21.480 --> 0:09:24.480 what we call mass personalization, so you can reach an 0:09:24.480 --> 0:09:28.920 incredibly large number of people, but in an incredibly personalized way. 0:09:29.320 --> 0:09:33.400 And we always say people's favorite financial topic is themselves. 0:09:33.760 --> 0:09:37.120 It's not act allocation, and it's not stop actions, it's 0:09:37.160 --> 0:09:41.400 themselves and their families and their financial security. So having 0:09:41.440 --> 0:09:44.480 the ability to have a virtual financial coach that can 0:09:44.520 --> 0:09:47.439 walk you through these things, that you can ask questions 0:09:47.480 --> 0:09:52.520 too and get vetted answers that you are fully confident 0:09:52.600 --> 0:09:55.280 or in your best interests free you have any conflicts 0:09:55.320 --> 0:09:59.520 of interest, is tremendous. Now, the interesting question is how 0:09:59.559 --> 0:10:00.960 does this work with an advisor? 0:10:01.000 --> 0:10:01.880 And I would. 0:10:01.679 --> 0:10:04.719 Say, you know, in our model, we have seen that 0:10:04.960 --> 0:10:08.640 both leverage each other. Our financial coaches have trained the AI, 0:10:09.080 --> 0:10:13.200 but the AI is also helping them become better financial coaches, 0:10:13.559 --> 0:10:18.320 both in terms of understanding mass trends, aggregated trends, but 0:10:18.480 --> 0:10:24.720 also individuals, you know, profiles. So we've become more efficient, 0:10:24.760 --> 0:10:28.280 we've become able to help more people. AI has an 0:10:28.280 --> 0:10:32.120 exponential power that is tremendous for contexts. Last year we 0:10:32.160 --> 0:10:36.320 had one point six million interactions I'm sorry two thousand, 0:10:36.800 --> 0:10:40.680 twenty twenty two, one point six million interactions, twenty twenty three, 0:10:41.080 --> 0:10:42.880 eight point three million interactions. 0:10:43.600 --> 0:10:45.520 There is such an incredible. 0:10:45.000 --> 0:10:48.880 Snowball effect when you use this technology right, especially in 0:10:48.960 --> 0:10:51.240 tandem with human financial coaches or. 0:10:51.160 --> 0:10:55.200 Advisors, nesle, general Mills, NFL players, associations, some of those 0:10:55.200 --> 0:10:57.360 that you served as Davidson Financial Finness founder. 0:10:57.400 --> 0:10:58.839 We thank you and CEO. 0:10:59.240 --> 0:11:01.719 Meanwhile, to turn our attention to another story that we 0:11:01.800 --> 0:11:04.680 were following today, Tesla will deploy an over the air 0:11:04.720 --> 0:11:07.439 software fixed to more than one point six million vehicles 0:11:07.520 --> 0:11:10.040 in China, especially every car it's ever sold there. 0:11:10.280 --> 0:11:11.160 That's of course a mid. 0:11:11.040 --> 0:11:15.160 Heightened risk potentially with its autopilot functions and the move mirrors. 0:11:15.200 --> 0:11:18.640 That recall is sometimes they're called two million vehicles in 0:11:18.679 --> 0:11:19.760 the US last month. 0:11:19.800 --> 0:11:23.319 Then, sticking with Tesla in China, the other big story, 0:11:23.360 --> 0:11:27.200 the electric vehicle maker has been overtaken by China's BYD 0:11:27.320 --> 0:11:30.640 as the world's top selling electric car maker. Bloomberg's Weekly 0:11:30.720 --> 0:11:33.120 doc takes a look at how that happened. 0:11:36.640 --> 0:11:39.000 It likes to describe itself as. 0:11:39.040 --> 0:11:41.440 The biggest car brand you've never heard of. 0:11:44.600 --> 0:11:49.200 Now China's BYD has overtaken Tesla as the world's largest 0:11:49.240 --> 0:11:53.960 seller of electric vehicles. Its success is a root of 0:11:54.000 --> 0:11:56.960 long term strategic thinking on the part of BYD itself 0:11:57.160 --> 0:11:58.199 and the Chinese government. 0:11:58.679 --> 0:12:01.520 We've arguably never seen thing like this in terms of, 0:12:01.559 --> 0:12:05.599 you know, the amount of support that China has extended 0:12:05.880 --> 0:12:09.240 to automakers, specifically pertaining to evs. 0:12:10.320 --> 0:12:13.400 Most of BYD's cars are simply a lot cheaper than 0:12:13.480 --> 0:12:14.840 tesselas they. 0:12:14.720 --> 0:12:18.960 Have very cheap models starting from ten thousand US dollars. 0:12:19.640 --> 0:12:23.400 The most important factor is that BID is the only 0:12:23.480 --> 0:12:27.240 auto maker that produces all of its batteries in house. 0:12:28.080 --> 0:12:31.320 Making its own batteries and other components helps it reduce 0:12:31.480 --> 0:12:34.679 a lot of costs. All of this is setting China 0:12:34.800 --> 0:12:37.239 up to be the dominant global player in the transportation 0:12:37.480 --> 0:12:41.560 of the future electric vehicles, a business that could be 0:12:41.640 --> 0:12:44.000 worth eight point eight trillion dollars by the end of 0:12:44.000 --> 0:12:45.320 a decade. 0:12:47.080 --> 0:12:49.880 I highly recommend check out the full Dark eight minutes 0:12:50.000 --> 0:12:52.400 packed with data and analysis are coming up here On 0:12:52.440 --> 0:12:56.360 Bluebeo technology, a tear down of Huawei's newest laptop shows 0:12:56.360 --> 0:12:59.600 it's powered by a chip made in Taiwan, quashing talks 0:12:59.640 --> 0:13:03.320 of another mainland Chinese technological breakthrough. We got those details. Next, 0:13:03.520 --> 0:13:07.000 this is Bloomberg. 0:13:12.440 --> 0:13:16.040 Now as a new teardown video by tech Insights new 0:13:16.080 --> 0:13:20.200 findings showing that Huawei's latest laptop it's actually run on 0:13:20.240 --> 0:13:23.319 a chip made by Taiwan's Semiconductor to SMC. 0:13:23.640 --> 0:13:27.120 It throws cold water on well that talk that. 0:13:27.160 --> 0:13:31.040 Was happening about another big Chinese advance and technology amid 0:13:31.080 --> 0:13:33.320 this US China tech war. And we're going to break 0:13:33.320 --> 0:13:34.880 it down with you for a moment because this was 0:13:35.120 --> 0:13:38.439 commissioned by Bloomberg to do this tear down because suddenly 0:13:38.480 --> 0:13:41.160 there was this talk that maybe an even more advanced 0:13:41.240 --> 0:13:43.840 chip than have been thought it was inside this laptop. 0:13:43.920 --> 0:13:45.280 But not the case. 0:13:46.080 --> 0:13:48.800 So tech Insights is the same firm that Bloomberg News 0:13:48.840 --> 0:13:52.120 partnered with on the teardown of the Huawei Mate sixty 0:13:52.240 --> 0:13:54.840 or Mate sixty pro smartphone, and I would look at 0:13:54.880 --> 0:13:58.520 it paradoxically. First, if they had found that that five 0:13:58.600 --> 0:14:03.160 nanometer proessa in the laptop had indeed been made by SMICK, 0:14:03.640 --> 0:14:08.680 China's mainland domestic chipfab, that would be huge news because 0:14:08.720 --> 0:14:11.280 it would demonstrates and technological progress. 0:14:11.480 --> 0:14:12.160 But it wasn't. 0:14:12.240 --> 0:14:15.320 It was indeed made by TSMC a five and animeter 0:14:15.480 --> 0:14:17.000 node used to make the processor. 0:14:17.320 --> 0:14:18.079 But here's the thing. 0:14:18.160 --> 0:14:21.600 It was made that generation back in twenty twenty, so 0:14:21.640 --> 0:14:24.040 it's not even at the cutting edge, and it wasn't 0:14:24.080 --> 0:14:25.160 made in China. 0:14:25.200 --> 0:14:28.280 And also, what does it show about what Huawet's been 0:14:28.360 --> 0:14:31.760 up to since twenty twenty. Twenty nineteen was when, of 0:14:31.760 --> 0:14:34.320 course it was first ploll on the entities list. Twenty 0:14:34.360 --> 0:14:37.680 twenty is when TSMC was no longer allowed to basically 0:14:37.720 --> 0:14:40.440 sell to it. But they would just stop piling were 0:14:40.480 --> 0:14:41.680 they to be able to get this chip. 0:14:42.360 --> 0:14:47.240 Yeah, there is evidence that they had been stockpiling chips 0:14:47.240 --> 0:14:48.400 that at the time. 0:14:48.160 --> 0:14:49.800 Were at the cutting edge and now are not. 0:14:50.240 --> 0:14:53.040 The latest generation of node is three and animeter right, 0:14:53.080 --> 0:14:59.040 that is used by TSMC and prevalent in many consumer electronics, 0:14:59.040 --> 0:15:01.880 for example those made Apple. What we found in the 0:15:01.880 --> 0:15:04.840 teardown of the Huawei laptop was a five nanometer produced 0:15:05.040 --> 0:15:08.600 processor the care in nine hundred and six C. So 0:15:08.640 --> 0:15:12.080 it's two generations removed from the latest but one generation 0:15:12.160 --> 0:15:14.760 ahead of what we think China had access to, even 0:15:14.800 --> 0:15:15.680 though it's still dated. 0:15:16.240 --> 0:15:18.400 I love these teardowns are so useful. 0:15:18.480 --> 0:15:20.160 Yeah. 0:15:20.320 --> 0:15:22.160 Well, the thing about it as well, is that you 0:15:22.200 --> 0:15:25.000 lift the lid, you get the analysis from the experts, 0:15:25.240 --> 0:15:27.000 you answer a lot of questions about where we're at 0:15:27.040 --> 0:15:28.960 in this tech war and supply chain. 0:15:28.760 --> 0:15:31.480 And actually what sunk the share prices of some of 0:15:31.480 --> 0:15:33.920 those that were traded over in China. The anticipation had 0:15:33.960 --> 0:15:36.040 perhaps run up on smoke, and actually it pulled back 0:15:36.040 --> 0:15:36.520 a little bit. 0:15:44.880 --> 0:15:46.080 Time now for talking tech. 0:15:46.120 --> 0:15:49.640 First up, Fox con warned of its fourth consecutive decline 0:15:49.640 --> 0:15:52.120 and quarterly sales. Now the Apple partner reported a steep 0:15:52.160 --> 0:15:54.920 twenty seven percent drop in December sales. Now, is these 0:15:54.960 --> 0:15:57.040 sales falling in the current period as well? So I 0:15:57.160 --> 0:15:59.880 think to concerns about all that slowing demand we're talking 0:15:59.880 --> 0:16:03.800 on for the latest iPhone. And as Twitch tries to 0:16:03.840 --> 0:16:06.359 take on the likes of TikTok is a new discovery 0:16:06.400 --> 0:16:08.520 feed for short videos, well, it's raising. 0:16:08.360 --> 0:16:09.480 Concerns for kids safety. 0:16:09.680 --> 0:16:12.800 Now, an analysis by Bloomberg News of nearly eleven hundred clips 0:16:12.800 --> 0:16:15.320 on Twitch found that at least eighty three of the 0:16:15.360 --> 0:16:20.400 short videos contain sexualized content involving children. Once Bloomberg alar 0:16:20.480 --> 0:16:25.600 to the company, Twitch removed that prohibited content. Plus American Tower, well, 0:16:25.600 --> 0:16:27.600 it's agreed to sell its operations in India to an 0:16:27.640 --> 0:16:30.360 affiliate of Brookfield Asset Management. Is then a deal worth 0:16:30.400 --> 0:16:32.200 about two and a half billion dollars in the US 0:16:32.240 --> 0:16:34.480 networking company now. The deal is expected to close in 0:16:34.480 --> 0:16:35.560 the second half of this year. 0:16:35.800 --> 0:16:36.880 That's according to the company. 0:16:37.120 --> 0:16:37.160 Ed. 0:16:38.200 --> 0:16:40.320 Yeah, another news story we're tracking in the world of 0:16:40.440 --> 0:16:44.760 vc CO two closing its European office in London two 0:16:44.920 --> 0:16:47.120 years after they opened it. The move is part of 0:16:47.160 --> 0:16:50.800 a wider strategy overhaul to adjust to a downturn in 0:16:50.840 --> 0:16:53.680 the technology market. Let's bring in Bloombergs mark Bergen out 0:16:53.680 --> 0:16:57.640 there in London. I mean, the stated reason is streamlining 0:16:57.680 --> 0:17:00.520 the investment approach in Europe. But what else do we 0:17:00.560 --> 0:17:02.840 know about what was a short lived stay in London. 0:17:04.359 --> 0:17:05.959 Yeah, I think there's a couple off in factors. 0:17:06.040 --> 0:17:09.400 One say is unique to the fund SOKO two has 0:17:09.520 --> 0:17:12.639 been going through this big adjustment and they've lost a 0:17:12.680 --> 0:17:15.240 managing partner in last months. They had a write down 0:17:15.280 --> 0:17:18.840 of about thirty percent that we reported in November. 0:17:18.680 --> 0:17:19.480 On their portfolio. 0:17:19.560 --> 0:17:21.399 Some of that because they mark down some of their 0:17:21.400 --> 0:17:24.800 startup holdings as much as ninety percent. I think this 0:17:24.840 --> 0:17:27.280 is something a lot of firms are doing they've raised 0:17:27.280 --> 0:17:30.400 a new fund with this discount, this kind of rare, 0:17:30.560 --> 0:17:33.520 unusual move where they're letting the investors in their fund 0:17:33.520 --> 0:17:36.359 get into startups at a discounted rate in exchange for 0:17:36.400 --> 0:17:38.439 cutting some of the fees. And so they're making some 0:17:38.480 --> 0:17:41.960 different strategic changes. I think there's also a bigger trend, 0:17:42.000 --> 0:17:43.840 which is, you know, they're not the first VC fund 0:17:43.880 --> 0:17:46.240 in the past six months to pull out Omer's ventures. 0:17:47.080 --> 0:17:50.359 The Canadian Pension Fund left Europe. We reported that this 0:17:50.440 --> 0:17:53.840 summer there's not a lot of deal activity in. 0:17:53.920 --> 0:17:55.119 Anything but the early stage. 0:17:55.160 --> 0:17:58.600 So these later stage startups growth, it's been pretty quiet 0:17:58.640 --> 0:18:00.960 here and so maybe they're the tea leaves on that 0:18:01.000 --> 0:18:01.680 going forward. 0:18:01.840 --> 0:18:06.280 But why then, has iv P has Andrewson Horowitz just 0:18:06.320 --> 0:18:08.960 set up shop in London? What are they saying that 0:18:09.119 --> 0:18:10.600 perhaps while CO two. 0:18:10.520 --> 0:18:13.720 Isn't It's a really good question, I think, I mean, 0:18:13.760 --> 0:18:16.760 and Dresen came here at least they announced it as 0:18:17.240 --> 0:18:20.240 focused on crypto. As far as they know, they haven't 0:18:20.280 --> 0:18:23.840 made other investments, but they have, you know, they just 0:18:23.920 --> 0:18:27.320 we reported earlier they came in this big round from Mistral, 0:18:27.840 --> 0:18:31.359 the French company that was out of their California team. 0:18:31.720 --> 0:18:33.919 But you know they will CO two says the same thing. 0:18:33.960 --> 0:18:36.600 They're going to continue to invest in Europe out of California, 0:18:36.640 --> 0:18:39.560 out of New York. I think different funds have a 0:18:39.560 --> 0:18:42.280 different approach about whether or not it's worthwhile to have 0:18:42.359 --> 0:18:45.000 people on the ground where they can go and meet 0:18:45.040 --> 0:18:49.840 the startups in Paris, in Scandinavia, in Eastern Europe, where 0:18:49.920 --> 0:18:52.320 you know the UiPath which was a co to investment. 0:18:52.680 --> 0:18:54.960 That people here talk a lot about the value of 0:18:55.440 --> 0:18:57.439 being on the ground. And that being said, this is 0:18:57.480 --> 0:19:01.800 obviously some some ferns and maybe their LPs think it's worthwhile. 0:19:01.680 --> 0:19:05.040 Not to be there were early backer in Spotify and 0:19:05.119 --> 0:19:07.640 new iPath. We'll see how much they can continue to 0:19:07.840 --> 0:19:10.480 get in on some of these European startups, even though 0:19:10.480 --> 0:19:12.680 perhaps it's been a tougher time for these crossover funds. 0:19:12.680 --> 0:19:15.720 In particular Mattberg and brilliant and really well read story, 0:19:15.760 --> 0:19:18.240 we thank you so much for all the lives, comings 0:19:18.280 --> 0:19:21.160 and goings in BC in Europe. Meanwhile, let's go into 0:19:21.320 --> 0:19:24.840 this conversation with Catherine Dowling, general counsel and chief compliance 0:19:24.840 --> 0:19:28.320 Officer at bit Wise Asset Management, and you are gazing 0:19:28.320 --> 0:19:32.080 into those sec stars as well, and ultimately it is 0:19:32.160 --> 0:19:34.400 important as to whether or not we get the yay 0:19:34.480 --> 0:19:37.119 or nay by January the tenth. Are you more on 0:19:37.400 --> 0:19:39.400 the probabilities really stacked towards a yes. 0:19:40.600 --> 0:19:43.159 I am on record with your colleagues saying that my 0:19:43.200 --> 0:19:45.879 prediction was mid January, and I have not changed my 0:19:46.200 --> 0:19:49.719 opinion on that. I can't speak to our specific conversations 0:19:49.760 --> 0:19:52.480 with the SEC. But if you look at what's happening 0:19:52.480 --> 0:19:55.120 out in the public, yes, there's a lot of fake 0:19:55.200 --> 0:19:57.520 news and some fake bumps, but if you can do 0:19:57.640 --> 0:20:01.919 the actual documents being fun, you're seeing that there are 0:20:01.960 --> 0:20:04.520 fewer and fewer blanks in those documents, and you can 0:20:05.400 --> 0:20:09.240 look at those documents and see what the basics of 0:20:09.240 --> 0:20:12.879 the conversations are looking like with the SEC. The SEC 0:20:13.320 --> 0:20:15.960 is doing their job. They're working hard. They are working 0:20:16.000 --> 0:20:18.520 behind the scenes and did over the holidays to make 0:20:18.600 --> 0:20:21.199 sure that what's known as the s one side of 0:20:21.200 --> 0:20:24.880 the House, the disclosure document, has all the investor protections 0:20:24.920 --> 0:20:27.359 in it, all the disclosures. They've been pushing on the 0:20:27.359 --> 0:20:29.760 issuers as they should to make sure that all of 0:20:29.800 --> 0:20:32.960 the information is set forth in that document, that it's 0:20:33.080 --> 0:20:35.399 very clear. And on the other side of the house, 0:20:35.440 --> 0:20:39.000 we have the nineteen before document the exchange document, and 0:20:39.040 --> 0:20:42.439 you'll see that there's information that is being matched up 0:20:42.440 --> 0:20:45.080 between those two documents, so you can see that progression 0:20:45.640 --> 0:20:48.600 in the public record as issuers work to work on 0:20:48.640 --> 0:20:52.479 both sides of those documents, and the SEC also works 0:20:52.520 --> 0:20:56.399 to communicate with the various issuers behind the scenes, and 0:20:56.480 --> 0:20:58.360 all of this is going to be a huge win 0:20:58.480 --> 0:21:00.560 for investors when it does come out of the gates. 0:21:00.680 --> 0:21:05.720