1 00:00:01,400 --> 00:00:05,080 Speaker 1: From Marhard where Innovation of Money and Power Collie in 2 00:00:05,200 --> 00:00:10,120 Speaker 1: Silicon Vallet NBN. This is Bloomberg Technology with Caroline Hyde 3 00:00:10,160 --> 00:00:11,080 Speaker 1: and Ed Ludlow. 4 00:00:24,600 --> 00:00:27,160 Speaker 2: I'm Caroline Heindel Bloomugswelte Quarters in New York. 5 00:00:27,280 --> 00:00:30,160 Speaker 3: And I'm Ed Ludlow in San Francisco. This is Bloomberg 6 00:00:30,200 --> 00:00:31,280 Speaker 3: Technology coming up. 7 00:00:31,320 --> 00:00:33,559 Speaker 2: We go live to the White House to speak with 8 00:00:33,640 --> 00:00:36,720 Speaker 2: Heather Bouchet of the Council of Economic Advisors, her take 9 00:00:36,760 --> 00:00:39,600 Speaker 2: on today's CPI print and the impacts of the Inflation 10 00:00:39,680 --> 00:00:40,360 Speaker 2: Reduction Act. 11 00:00:41,240 --> 00:00:44,440 Speaker 3: Plus, Alphabet loses its anti trust fight with Epic Games 12 00:00:44,440 --> 00:00:47,720 Speaker 3: as a federal court jury in California rules Google Play 13 00:00:47,840 --> 00:00:50,120 Speaker 3: is a monopoly. Will break down the impact of the 14 00:00:50,120 --> 00:00:51,000 Speaker 3: antitrust ruling. 15 00:00:51,320 --> 00:00:55,120 Speaker 2: And space surveillance startup true anominally raises one hundred million 16 00:00:55,120 --> 00:00:57,440 Speaker 2: dollars in its latest funning round to ramp up output 17 00:00:57,480 --> 00:01:00,560 Speaker 2: of its satellite that can track national threats in orbit. 18 00:01:01,000 --> 00:01:04,360 Speaker 2: We'll discuss with that and so much more throughout this hour. First, 19 00:01:04,400 --> 00:01:07,680 Speaker 2: that's checking on these markets. And while the initial threat 20 00:01:07,880 --> 00:01:10,600 Speaker 2: over the CPI print just running ever so slightly hot, 21 00:01:10,600 --> 00:01:13,400 Speaker 2: and one particular point in the margin generally has died down, 22 00:01:13,480 --> 00:01:15,840 Speaker 2: and we see two tens of percent up on the NASDAK. 23 00:01:16,000 --> 00:01:18,320 Speaker 2: No great shapes we're seeing the two year you'll completely flat, 24 00:01:18,360 --> 00:01:20,520 Speaker 2: having originally just spiked high, we come back down. We 25 00:01:20,640 --> 00:01:23,000 Speaker 2: bribe Brieth what seems to be a bit of a size. 26 00:01:23,040 --> 00:01:25,760 Speaker 2: People take on board the fact that really CPI is 27 00:01:26,120 --> 00:01:29,520 Speaker 2: ultimately slowing, but still some areas are concerned maybe at 28 00:01:29,560 --> 00:01:30,960 Speaker 2: BE rent, maybe at be of course. 29 00:01:30,800 --> 00:01:31,520 Speaker 4: The cost of your cars. 30 00:01:31,520 --> 00:01:34,120 Speaker 2: We've got so much to discuss with this inflationary environment 31 00:01:34,200 --> 00:01:34,880 Speaker 2: core CPI. 32 00:01:34,959 --> 00:01:36,080 Speaker 4: Let's get back to it for a moment. 33 00:01:36,200 --> 00:01:38,800 Speaker 2: Ed The data they're coming in today basically matching estimates 34 00:01:38,800 --> 00:01:41,720 Speaker 2: and reinforcing bets that the Federal Reserve we'll have to 35 00:01:41,800 --> 00:01:45,280 Speaker 2: keep rates elevated to tame inflation in the longer term. 36 00:01:45,560 --> 00:01:47,400 Speaker 2: But in the here and the now, we just try 37 00:01:47,440 --> 00:01:50,560 Speaker 2: to really understand where we're dialing back on inflation. We 38 00:01:50,600 --> 00:01:52,600 Speaker 2: want to get the view from the White House Council 39 00:01:52,640 --> 00:01:55,240 Speaker 2: of Economic Advisors, to be precise, the member is Heather Bouchet. 40 00:01:55,320 --> 00:01:58,960 Speaker 2: You join us now and look consumer prices in general. 41 00:01:59,080 --> 00:02:01,760 Speaker 2: The print came in well where the market had seen it. 42 00:02:01,840 --> 00:02:03,960 Speaker 2: The headline take to bob expectations on the month a 43 00:02:03,960 --> 00:02:05,120 Speaker 2: month just episod slightly. 44 00:02:05,200 --> 00:02:07,400 Speaker 4: But what was your read on today's print. 45 00:02:08,880 --> 00:02:11,200 Speaker 1: Well, certainly, as you noted, the headline was a bit 46 00:02:11,240 --> 00:02:14,200 Speaker 1: above market expectations. But when you look at the whole report, 47 00:02:14,480 --> 00:02:17,320 Speaker 1: you see that the pace of inflation, you know, in 48 00:02:17,440 --> 00:02:20,080 Speaker 1: various parts of the report, has been coming down in 49 00:02:20,120 --> 00:02:23,560 Speaker 1: ways that are really important for consumers. So, for example, 50 00:02:23,840 --> 00:02:26,280 Speaker 1: the pace of inflation for groceries or slower than they 51 00:02:26,280 --> 00:02:28,880 Speaker 1: have been in over a year. And you know that 52 00:02:29,400 --> 00:02:31,640 Speaker 1: is consistent with news that we were talking about right 53 00:02:31,639 --> 00:02:34,679 Speaker 1: after Thanksgiving, where the price of a Thanksgiving dinner was 54 00:02:34,760 --> 00:02:37,400 Speaker 1: cheaper this year than it was last year. And as 55 00:02:37,440 --> 00:02:39,960 Speaker 1: we look forward to the holiday season, you see that 56 00:02:40,080 --> 00:02:42,160 Speaker 1: some goods that are going to be important for families, 57 00:02:42,200 --> 00:02:44,400 Speaker 1: sporting goods or toys or you know, things that they 58 00:02:44,480 --> 00:02:47,520 Speaker 1: might buy for Christmas, like televisions or whatnot, those prices 59 00:02:47,560 --> 00:02:50,280 Speaker 1: have also the pace is also slowed there as well. 60 00:02:50,720 --> 00:02:53,360 Speaker 1: So there is some good news for consumers in there. 61 00:02:53,440 --> 00:02:55,480 Speaker 1: And you know, when you look over the last quarter, 62 00:02:55,639 --> 00:02:58,600 Speaker 1: the annualized rate of headline inflation is about two point 63 00:02:58,639 --> 00:02:59,160 Speaker 1: two percent. 64 00:03:00,040 --> 00:03:03,040 Speaker 2: I would say, though a lot of consumers don't feel it. 65 00:03:03,080 --> 00:03:05,880 Speaker 2: Now you've rightly pointed out that consumer sentiment has been 66 00:03:05,880 --> 00:03:08,360 Speaker 2: picking up. In December, it's up about thirteen percent. I 67 00:03:08,360 --> 00:03:11,800 Speaker 2: think infation expectations they've been dialing back, but well to 68 00:03:11,960 --> 00:03:12,919 Speaker 2: use on the. 69 00:03:13,040 --> 00:03:15,360 Speaker 4: Day that we get yet another word of the year. 70 00:03:15,520 --> 00:03:17,800 Speaker 2: One word of the year has been this vibe session, 71 00:03:18,160 --> 00:03:20,720 Speaker 2: and the feeling is that people don't feel great, even 72 00:03:20,720 --> 00:03:23,920 Speaker 2: though the economy seemingly is going pretty great. What do 73 00:03:23,960 --> 00:03:27,120 Speaker 2: you say as an administration when that hits hard on 74 00:03:27,240 --> 00:03:30,160 Speaker 2: a consumer that doesn't feel the way that you're currently 75 00:03:30,880 --> 00:03:32,560 Speaker 2: talking about this economy right now. 76 00:03:33,480 --> 00:03:34,640 Speaker 4: Well, let's be very clear. 77 00:03:34,760 --> 00:03:37,360 Speaker 1: The President has been clear, his economic team has been clear. 78 00:03:37,480 --> 00:03:39,840 Speaker 1: We understand that high prices have been hard on families 79 00:03:39,840 --> 00:03:43,200 Speaker 1: and that this has post challenges. Pocketbook questions are really important. 80 00:03:43,600 --> 00:03:45,440 Speaker 1: It's one of the reasons why when I looked at 81 00:03:45,440 --> 00:03:49,160 Speaker 1: this report today, we see actually that wages have now 82 00:03:49,240 --> 00:03:52,880 Speaker 1: been increasing faster than the pace of inflation for seven 83 00:03:52,920 --> 00:03:55,280 Speaker 1: months now, and we know that it takes some time 84 00:03:55,360 --> 00:03:57,800 Speaker 1: for things to you know, kind of for people's perception 85 00:03:57,800 --> 00:04:00,800 Speaker 1: of what's happening in the economy to resonate. We're hopeful 86 00:04:00,840 --> 00:04:04,920 Speaker 1: that as we see wages continued hopefully to outpace inflation, 87 00:04:05,240 --> 00:04:08,320 Speaker 1: that'll help people be able to get their family budgets 88 00:04:08,320 --> 00:04:09,400 Speaker 1: back under control. 89 00:04:09,680 --> 00:04:09,920 Speaker 3: You know. 90 00:04:09,960 --> 00:04:11,800 Speaker 1: The other thing we see, of course, is for the 91 00:04:11,960 --> 00:04:15,200 Speaker 1: eighty percent of workers in the economy that are production 92 00:04:15,280 --> 00:04:17,919 Speaker 1: and non supervisory workers, so not the managers, but the 93 00:04:17,960 --> 00:04:21,400 Speaker 1: production and non supervisory workers, they have fully recovered their 94 00:04:21,440 --> 00:04:23,719 Speaker 1: real wages back to where they had been pre pandemic. 95 00:04:24,080 --> 00:04:26,360 Speaker 1: So that's certainly good news. But we know that the 96 00:04:26,400 --> 00:04:32,440 Speaker 1: path to recover from this historic virus induced recession that 97 00:04:32,480 --> 00:04:34,360 Speaker 1: we had and all of the challenges that we had 98 00:04:34,360 --> 00:04:36,919 Speaker 1: getting back up online and the supply chain challenges, so 99 00:04:37,040 --> 00:04:40,640 Speaker 1: much work went into making things function again in our economy, 100 00:04:40,760 --> 00:04:43,080 Speaker 1: and hopefully as people go into this holiday season, they'll 101 00:04:43,080 --> 00:04:45,880 Speaker 1: see that prices are that the pace is not as 102 00:04:45,960 --> 00:04:47,560 Speaker 1: high as it was last year, and that'll help with 103 00:04:47,600 --> 00:04:49,080 Speaker 1: consumer confidence over time. 104 00:04:50,440 --> 00:04:52,200 Speaker 3: Heather, thank you for your time. It's ed here in 105 00:04:52,200 --> 00:04:56,280 Speaker 3: San Francisco. Our technology audience its workers just have one 106 00:04:56,360 --> 00:05:00,159 Speaker 3: very simple question, what specifics what areas are you you 107 00:05:00,279 --> 00:05:05,120 Speaker 3: seeing the Inflation Reduction Act have a substantive impact in 108 00:05:05,960 --> 00:05:09,960 Speaker 3: lowering inflation? In other words, are there any specific data 109 00:05:10,000 --> 00:05:13,120 Speaker 3: points you can give us that show the IRA has worked. 110 00:05:14,560 --> 00:05:14,680 Speaker 5: Well? 111 00:05:14,760 --> 00:05:18,080 Speaker 1: Let me just focus on one today. So we saw 112 00:05:18,120 --> 00:05:21,880 Speaker 1: in today's report on inflation, that the price of new 113 00:05:21,920 --> 00:05:24,560 Speaker 1: cars has fallen for the past two months, and in fact, 114 00:05:24,640 --> 00:05:27,200 Speaker 1: actually it's fallen for four out of the last six months. 115 00:05:27,640 --> 00:05:29,560 Speaker 1: And one of the things that we've been tracking very 116 00:05:29,600 --> 00:05:32,240 Speaker 1: carefully because of the Inflation Reduction Act is what's been 117 00:05:32,240 --> 00:05:36,159 Speaker 1: happening with US auto industry as we've made these historic 118 00:05:36,279 --> 00:05:39,520 Speaker 1: investments and in batteries and in electric vehicles, and of 119 00:05:39,520 --> 00:05:42,400 Speaker 1: course we've seen that the number of electric vehicles has 120 00:05:42,480 --> 00:05:45,400 Speaker 1: been rising, and we see that actually the price of 121 00:05:45,440 --> 00:05:48,920 Speaker 1: those cars, because there's now more competition, has actually come down. 122 00:05:49,000 --> 00:05:51,119 Speaker 1: So now the price of an electric vehicle is about 123 00:05:51,120 --> 00:05:53,679 Speaker 1: within three thousand dollars of a car. 124 00:05:54,040 --> 00:05:55,479 Speaker 4: Then that's before the. 125 00:05:56,960 --> 00:05:59,280 Speaker 1: Tax credit that families can receive to buy those new 126 00:05:59,320 --> 00:06:02,880 Speaker 1: electric vehicles. So that's one place where those investments are 127 00:06:02,960 --> 00:06:06,200 Speaker 1: helping to bring changes for consumers and families while also 128 00:06:06,240 --> 00:06:08,080 Speaker 1: creating good jobs here in the United States. 129 00:06:08,720 --> 00:06:10,800 Speaker 3: In that case, he a what is the White House's 130 00:06:10,880 --> 00:06:15,240 Speaker 3: reactions the news overnight that Ford has cut its production 131 00:06:15,360 --> 00:06:18,440 Speaker 3: target for the F one to fifty lightning by fifty 132 00:06:18,520 --> 00:06:22,159 Speaker 3: percent twenty four And what they're saying is they're simply 133 00:06:22,279 --> 00:06:25,160 Speaker 3: matching their output to what is what they see as 134 00:06:25,160 --> 00:06:26,359 Speaker 3: being consumer demand. 135 00:06:27,760 --> 00:06:31,160 Speaker 1: Well, I can't comment on that today in the details, 136 00:06:31,200 --> 00:06:35,080 Speaker 1: but you know, we are seeing these historic investments as 137 00:06:35,080 --> 00:06:37,720 Speaker 1: a result of the Inflation Reduction Act. We are seeing 138 00:06:37,880 --> 00:06:41,360 Speaker 1: this uptick in sales for electric fields that we've seen 139 00:06:41,400 --> 00:06:43,720 Speaker 1: in the past. Of course, you know this is it 140 00:06:43,760 --> 00:06:47,160 Speaker 1: is challenging to reshape an entire economy, to build a 141 00:06:47,240 --> 00:06:50,599 Speaker 1: nuclear energy, clean energy economy. But knowing that the President 142 00:06:50,600 --> 00:06:52,960 Speaker 1: has done what he could do working with Congress to 143 00:06:53,040 --> 00:06:54,800 Speaker 1: be able to make sure that business has had the 144 00:06:54,800 --> 00:06:57,360 Speaker 1: support they need to be able to make these investments, 145 00:06:57,600 --> 00:06:59,719 Speaker 1: that's where our energy has been focused. 146 00:07:00,080 --> 00:07:03,680 Speaker 2: There is, of course that tension that ultimately inflationary pressure 147 00:07:03,720 --> 00:07:07,640 Speaker 2: hasn't been helped by geopolitics, by trade, in particular, by 148 00:07:07,640 --> 00:07:10,120 Speaker 2: the fact that we are having to slow in some 149 00:07:10,480 --> 00:07:13,320 Speaker 2: ways the supply chain between the US and China in particular. 150 00:07:13,640 --> 00:07:15,440 Speaker 2: How much of a help or a hindrance is that, 151 00:07:15,480 --> 00:07:17,240 Speaker 2: particularly the moment we think of what's happening in the 152 00:07:17,280 --> 00:07:17,880 Speaker 2: chip sector. 153 00:07:19,200 --> 00:07:20,720 Speaker 4: Well, let me just say a couple of things. 154 00:07:20,840 --> 00:07:22,680 Speaker 1: You know, when you look at the pace of inflation, 155 00:07:23,280 --> 00:07:27,400 Speaker 1: and if you were to overlay price changes along with 156 00:07:27,560 --> 00:07:31,800 Speaker 1: changes in what has happened in the supply chain index 157 00:07:31,840 --> 00:07:34,000 Speaker 1: that we look to. You actually see that a big 158 00:07:34,080 --> 00:07:36,400 Speaker 1: part of why we've been able to get prices down. 159 00:07:36,560 --> 00:07:38,960 Speaker 1: You know, right, they were at their peak nine point 160 00:07:38,960 --> 00:07:40,840 Speaker 1: one percent. Now we're at three point one percent for 161 00:07:40,880 --> 00:07:43,720 Speaker 1: headline inflation. You know, when you look at that shift, 162 00:07:43,800 --> 00:07:46,400 Speaker 1: a lot of that mirrors these challenges that we saw 163 00:07:46,400 --> 00:07:49,480 Speaker 1: in supply chains as an outcome of the pandemic, and 164 00:07:49,520 --> 00:07:51,520 Speaker 1: as businesses had to get up and running, and yet 165 00:07:51,600 --> 00:07:53,960 Speaker 1: there was still this virus around the world and upended 166 00:07:54,000 --> 00:07:55,240 Speaker 1: these global supply chains. 167 00:07:55,560 --> 00:07:56,360 Speaker 4: All the work that the. 168 00:07:56,320 --> 00:07:59,280 Speaker 1: President did to make sure that goods were able to 169 00:07:59,320 --> 00:08:01,840 Speaker 1: be transported, to make sure that the ports were working, 170 00:08:02,080 --> 00:08:05,440 Speaker 1: that played a key role in where we are today 171 00:08:05,480 --> 00:08:08,080 Speaker 1: and getting prices down. And of course global trade isn't 172 00:08:08,120 --> 00:08:10,520 Speaker 1: a really important part of those global supply. 173 00:08:10,280 --> 00:08:11,880 Speaker 4: Chains, Heather. 174 00:08:12,000 --> 00:08:14,880 Speaker 3: In the technology industry, there are still companies that are 175 00:08:14,880 --> 00:08:19,720 Speaker 3: reducing headcount and at the same time AI is driving 176 00:08:19,760 --> 00:08:23,080 Speaker 3: a number of postings which seems to be adding to 177 00:08:23,440 --> 00:08:27,120 Speaker 3: wage inflation because frankly, the numbers are astronomical on offer 178 00:08:27,360 --> 00:08:30,080 Speaker 3: to hire the best talent in AI. Does the White 179 00:08:30,080 --> 00:08:33,560 Speaker 3: House have any data that shows an AI impact on 180 00:08:33,600 --> 00:08:36,160 Speaker 3: the labor force and indeed the economy right now. 181 00:08:37,200 --> 00:08:39,360 Speaker 1: Well, at this moment, this technology is news. So I 182 00:08:39,400 --> 00:08:42,120 Speaker 1: can't we don't have like a specific estimate, but I 183 00:08:42,160 --> 00:08:44,400 Speaker 1: can tell you a couple of things. I mean, first, 184 00:08:44,600 --> 00:08:47,600 Speaker 1: this is an issue that the President takes seriously. In fact, 185 00:08:47,640 --> 00:08:50,520 Speaker 1: I believe today his AI Council is meeting and they're 186 00:08:50,520 --> 00:08:55,480 Speaker 1: having conversations about these technologies. But you know, one of 187 00:08:55,520 --> 00:08:58,120 Speaker 1: the things that we've seen in past instances where we've 188 00:08:58,120 --> 00:09:01,400 Speaker 1: seen new technologies is that people's jobs tend to change, 189 00:09:01,400 --> 00:09:03,080 Speaker 1: and it works its way as it works its way 190 00:09:03,120 --> 00:09:05,439 Speaker 1: through the system. So we expect that, you know, as 191 00:09:05,520 --> 00:09:08,600 Speaker 1: is new technologies come online that'll ship the composition of 192 00:09:08,640 --> 00:09:11,520 Speaker 1: skills that workers need and how they're they're performing on 193 00:09:11,559 --> 00:09:13,920 Speaker 1: the job. But just know that this is something that 194 00:09:13,960 --> 00:09:17,440 Speaker 1: the administration is certainly focused on, as if the President 195 00:09:17,520 --> 00:09:19,320 Speaker 1: is so focused on making sure that we're building an 196 00:09:19,360 --> 00:09:22,360 Speaker 1: economy from the middle out and bottom up and prioritizing 197 00:09:22,720 --> 00:09:24,880 Speaker 1: workers in our economic agenda. 198 00:09:28,280 --> 00:09:31,840 Speaker 3: Hebbalshi, the White House Council of Economic Advisors, Thank you 199 00:09:31,960 --> 00:09:35,079 Speaker 3: very much. Now, coming up, Google loses its a trust 200 00:09:35,120 --> 00:09:38,400 Speaker 3: court fight with Fortnite maker Epic Games. We'll discuss well 201 00:09:38,400 --> 00:09:40,840 Speaker 3: that all means for the two hundred billion dollars per 202 00:09:40,920 --> 00:09:53,600 Speaker 3: year app store industry. That's next. Google Play deliberately wields 203 00:09:53,640 --> 00:09:56,800 Speaker 3: monopoly power. That's what a federal court jury found yesterday 204 00:09:56,840 --> 00:10:00,280 Speaker 3: after liberating less than four hours following a month long 205 00:10:00,320 --> 00:10:03,520 Speaker 3: trial in San Francisco. The court fight was with Fortnite 206 00:10:03,520 --> 00:10:07,000 Speaker 3: maker Epic Games, which should accuse both Google and Apple 207 00:10:07,320 --> 00:10:10,440 Speaker 3: of being a duopoly in the app distribution marketplace and 208 00:10:10,559 --> 00:10:15,200 Speaker 3: enriching themselves by charging developers excessively high fees to this 209 00:10:15,400 --> 00:10:18,719 Speaker 3: games an Epic reminder actually lost it challenged Apple two 210 00:10:18,800 --> 00:10:21,679 Speaker 3: years ago, the Supreme Court reviewing that one. Let's bring 211 00:10:21,720 --> 00:10:24,000 Speaker 3: in Bloomberg's Mark German and Leah Nyland to break this 212 00:10:24,040 --> 00:10:27,280 Speaker 3: all down. Outline the logic of these nine jurors in 213 00:10:27,320 --> 00:10:30,000 Speaker 3: San Francisco. Leah, what was it that they decided on 214 00:10:30,080 --> 00:10:30,480 Speaker 3: and why? 215 00:10:32,120 --> 00:10:32,920 Speaker 4: Yeah, So they. 216 00:10:32,960 --> 00:10:36,160 Speaker 6: Found that Google wields monopoly power in the market for 217 00:10:36,200 --> 00:10:40,240 Speaker 6: app stores, and that it engaged in any competitive conduct 218 00:10:40,280 --> 00:10:44,920 Speaker 6: by paying different people, including gaming companies and smartphonemakers to 219 00:10:45,040 --> 00:10:48,720 Speaker 6: make the Google Play Store the Saul app store on 220 00:10:48,800 --> 00:10:52,400 Speaker 6: various Android phones. And so it's a little bit different 221 00:10:52,520 --> 00:10:53,120 Speaker 6: than in the. 222 00:10:53,080 --> 00:10:54,600 Speaker 4: Apple App Store. You know in the. 223 00:10:54,600 --> 00:10:57,880 Speaker 6: Apple case, you know, Apple does not allow any other 224 00:10:58,960 --> 00:11:01,960 Speaker 6: app stores on the phone, and that's long been its policy. 225 00:11:02,520 --> 00:11:04,800 Speaker 6: And Google, you know, there were all of these payments, 226 00:11:04,880 --> 00:11:07,280 Speaker 6: some worth a significant amount of money. They were paying 227 00:11:07,320 --> 00:11:10,080 Speaker 6: Samsung as much as eight billion dollars over four years 228 00:11:10,559 --> 00:11:13,439 Speaker 6: to ensure that the Google Place or really was the 229 00:11:13,840 --> 00:11:17,760 Speaker 6: best and most accessible access point for people using the 230 00:11:17,800 --> 00:11:20,680 Speaker 6: Android phone. So, I mean, those payments are really what 231 00:11:20,800 --> 00:11:24,760 Speaker 6: people think convinced this jury that you know, Google is 232 00:11:24,760 --> 00:11:27,640 Speaker 6: a monopoly, whereas in the Apple case they didn't really 233 00:11:27,679 --> 00:11:30,000 Speaker 6: have any of that type of evidence. 234 00:11:30,480 --> 00:11:33,480 Speaker 2: To that end, though Mark the reader cross is clear 235 00:11:34,160 --> 00:11:37,680 Speaker 2: and already actually we've seen both Alphabet and Apple having 236 00:11:37,720 --> 00:11:41,120 Speaker 2: to think about the business model and ultimately ultimately how 237 00:11:41,160 --> 00:11:41,760 Speaker 2: it evolves. 238 00:11:41,920 --> 00:11:43,600 Speaker 4: Does it change from here on out on the back 239 00:11:43,640 --> 00:11:44,439 Speaker 4: of this ruling. 240 00:11:46,000 --> 00:11:48,199 Speaker 7: Oh, I certainly think so. So there was one remaining 241 00:11:48,280 --> 00:11:51,000 Speaker 7: point in the Apple case with Epic Games, and that's 242 00:11:51,040 --> 00:11:53,520 Speaker 7: heading to the Supreme Court likely in a few months now, 243 00:11:54,080 --> 00:11:56,960 Speaker 7: and that is steering right the ability for any app 244 00:11:56,960 --> 00:11:59,160 Speaker 7: in the App store to point a user to the 245 00:11:59,200 --> 00:12:02,520 Speaker 7: web to complete transaction. That means the user wouldn't have 246 00:12:02,520 --> 00:12:06,160 Speaker 7: to use Apple's billing system therefore saving the developer between 247 00:12:06,200 --> 00:12:09,240 Speaker 7: fifteen and thirty percent off the top in terms of 248 00:12:09,240 --> 00:12:12,439 Speaker 7: that Apple revenue share. And now that this jury sided 249 00:12:12,480 --> 00:12:15,560 Speaker 7: with Google, potentially that puts this idea in the heads 250 00:12:15,559 --> 00:12:18,840 Speaker 7: of the decision makers, the lawmakers on this last point 251 00:12:19,160 --> 00:12:22,760 Speaker 7: to side with Epic Games and against Apple in this case. 252 00:12:22,800 --> 00:12:24,760 Speaker 7: But there's a couple things that I want to outline here. 253 00:12:24,800 --> 00:12:27,800 Speaker 7: I think Leigh is completely right. I think this came 254 00:12:27,840 --> 00:12:32,400 Speaker 7: down to optics pr and those side agreements that Google 255 00:12:32,440 --> 00:12:35,640 Speaker 7: had with Spotify, Google and other players to really promote 256 00:12:35,640 --> 00:12:38,760 Speaker 7: the Google Play Store. For those unfamiliar, there's a fundamental 257 00:12:38,760 --> 00:12:42,360 Speaker 7: difference between how app stores work on iOS, the iPhone platform, 258 00:12:42,360 --> 00:12:46,120 Speaker 7: and Android, the Google platform. Android devices have supported side loading, 259 00:12:46,240 --> 00:12:48,880 Speaker 7: third party app stores, the installation of apps from outside 260 00:12:48,880 --> 00:12:52,440 Speaker 7: Google Play from the beginning. So the idea here is 261 00:12:52,480 --> 00:12:56,679 Speaker 7: that Google doesn't necessarily have a monopoly on app stores. 262 00:12:57,280 --> 00:13:01,480 Speaker 7: Google has a monopoly on Android smartphones, right, they have 263 00:13:01,520 --> 00:13:04,160 Speaker 7: this ownership over the smartphones. They're paying, like le I said, 264 00:13:04,440 --> 00:13:08,000 Speaker 7: Google to promote Google Play over a Samsung app store, right, 265 00:13:08,280 --> 00:13:11,640 Speaker 7: They're pushing users towards the Google Play Store, right. So 266 00:13:11,720 --> 00:13:14,800 Speaker 7: that's really the fundamental issue here. And in terms of 267 00:13:14,840 --> 00:13:17,360 Speaker 7: how things are going to change. Google, they're probably going 268 00:13:17,400 --> 00:13:21,240 Speaker 7: to have to allow third party billing platforms globally or 269 00:13:21,240 --> 00:13:23,720 Speaker 7: at least in the US because of this lawsuit, and 270 00:13:23,720 --> 00:13:25,640 Speaker 7: in Europe because of the Digital Markets Act in the 271 00:13:25,679 --> 00:13:28,560 Speaker 7: European Union, they're going to have to stop those side deals. 272 00:13:28,600 --> 00:13:31,640 Speaker 7: So you're going to see a lot more flattening and 273 00:13:31,679 --> 00:13:34,400 Speaker 7: potentially more third party app Store is getting traction on 274 00:13:34,559 --> 00:13:37,600 Speaker 7: Android and on the Apple side. Outside of the US 275 00:13:37,720 --> 00:13:39,880 Speaker 7: in the European Union, you're likely to see the same 276 00:13:39,920 --> 00:13:41,280 Speaker 7: thing kickoff in March. 277 00:13:42,160 --> 00:13:44,160 Speaker 2: Well, we're going to wait for the new year, but 278 00:13:44,240 --> 00:13:46,480 Speaker 2: for now it looks as though the businesses are going 279 00:13:46,520 --> 00:13:48,400 Speaker 2: to have to realign somewhat. Bluem Meg's Mark Gumm and 280 00:13:48,480 --> 00:13:51,000 Speaker 2: great breakdown there, Len Island. As always, we thank you 281 00:13:51,040 --> 00:13:52,239 Speaker 2: so much for the expertise. 282 00:13:52,960 --> 00:13:55,280 Speaker 3: Okay, time for talking text so us like Sam Altman 283 00:13:55,440 --> 00:13:58,800 Speaker 3: is back on the conference circuit in touting AIS benefits 284 00:13:58,840 --> 00:14:02,839 Speaker 3: to humanity. In his first public appearance since Altman regained 285 00:14:02,840 --> 00:14:05,679 Speaker 3: control of Open AI, the CEO appeared at a forum 286 00:14:05,840 --> 00:14:10,000 Speaker 3: hosted by Operation Hope to discuss AI's advances. He announced 287 00:14:10,040 --> 00:14:12,280 Speaker 3: that he and John Hope Bryant, the founder of the 288 00:14:12,280 --> 00:14:15,840 Speaker 3: Hope Organization will co chair a new AI ethics council 289 00:14:16,120 --> 00:14:19,800 Speaker 3: based out of Atlanta. Plus, the world's most valuable chip maker, 290 00:14:19,840 --> 00:14:22,760 Speaker 3: in Vidia, has become one of the leading investors in 291 00:14:22,920 --> 00:14:26,120 Speaker 3: AI companies. That's according to estimates by Dealram. The chip 292 00:14:26,160 --> 00:14:29,760 Speaker 3: maker participated in thirty five deals this year, almost six 293 00:14:29,800 --> 00:14:32,640 Speaker 3: times more than last year, making in Vidia the most 294 00:14:32,640 --> 00:14:35,760 Speaker 3: active large scale investor in AI in what was a 295 00:14:35,800 --> 00:14:39,040 Speaker 3: banner year for deal making in the sector and speaking 296 00:14:39,040 --> 00:14:42,320 Speaker 3: of in video, US Commerce Secretary Gina Rimondo says the 297 00:14:42,400 --> 00:14:45,720 Speaker 3: US is looking into the specifics of three new AI 298 00:14:45,800 --> 00:14:49,880 Speaker 3: accelerators that the company is developing for China. The announcement 299 00:14:49,920 --> 00:14:52,880 Speaker 3: comes after vowing earlier this month to restrict any new 300 00:14:52,960 --> 00:14:56,320 Speaker 3: chips that give that country AI capabilities. 301 00:14:56,360 --> 00:14:58,760 Speaker 2: Caroline and that's stick on that one with the Commerce 302 00:14:58,760 --> 00:15:01,880 Speaker 2: Secretary of Momundo. So just warning the US efforts to 303 00:15:01,960 --> 00:15:05,960 Speaker 2: build out the domestic semiconductor industry could be delayed by 304 00:15:06,080 --> 00:15:10,280 Speaker 2: years if companies are required to go through standard environmental reviews. 305 00:15:10,360 --> 00:15:13,320 Speaker 2: Joining US now as someone who knows the space very well, 306 00:15:13,400 --> 00:15:17,040 Speaker 2: Ben Nicklish is the CEO of Element Solutions, which produces 307 00:15:17,120 --> 00:15:20,120 Speaker 2: chemicals in almost every EV but also in smartphones. Computers 308 00:15:20,160 --> 00:15:23,360 Speaker 2: and develop the next generation chemicals that are going to 309 00:15:23,440 --> 00:15:26,400 Speaker 2: enable tech advancements. And then to that end, how much 310 00:15:26,720 --> 00:15:31,240 Speaker 2: is there a local domestic supply chain issue from an environmental. 311 00:15:30,720 --> 00:15:31,520 Speaker 4: Perspective as well. 312 00:15:32,720 --> 00:15:36,400 Speaker 8: Yeah, so there's been a significant ramp and investment in 313 00:15:36,440 --> 00:15:40,520 Speaker 8: semiconductor capability in North America, but it's a muscle that 314 00:15:40,560 --> 00:15:42,600 Speaker 8: we haven't flexed in a long time, and so we 315 00:15:42,680 --> 00:15:45,240 Speaker 8: are bumping. We are seeing the supply chain bump into 316 00:15:45,240 --> 00:15:48,160 Speaker 8: some issues getting capacity online, but we're confident that it 317 00:15:48,200 --> 00:15:51,120 Speaker 8: will come online and there's a real need and capital 318 00:15:51,160 --> 00:15:51,640 Speaker 8: behind it. 319 00:15:53,080 --> 00:15:58,720 Speaker 3: There's just an absolute obsession with GPUs h one hundred 320 00:15:58,800 --> 00:16:03,080 Speaker 3: AMD's out of three under decks, less discussion about the 321 00:16:03,120 --> 00:16:06,040 Speaker 3: infinite list of other chips and the rule materials needed 322 00:16:06,680 --> 00:16:09,120 Speaker 3: to support that infrastructure build out. What is life like 323 00:16:09,200 --> 00:16:10,200 Speaker 3: for you? 324 00:16:10,200 --> 00:16:11,040 Speaker 9: You threw the. 325 00:16:11,120 --> 00:16:13,760 Speaker 3: Chaos of twenty twenty twenty twenty one, where there was 326 00:16:13,800 --> 00:16:15,920 Speaker 3: a real chip crunch industry wide. 327 00:16:17,240 --> 00:16:21,240 Speaker 8: Yeah, so the semiconductor industry has been through real volatility 328 00:16:21,280 --> 00:16:24,080 Speaker 8: in the past several years. There weren't enough chips and 329 00:16:24,120 --> 00:16:27,440 Speaker 8: then there was a big stockpile and so demand softened 330 00:16:27,560 --> 00:16:32,200 Speaker 8: and capacity additions were slowed down. It's been a roller coaster. 331 00:16:32,560 --> 00:16:37,640 Speaker 8: We're fortunate to see demand recovering, semiconductor fab utilization increasing, 332 00:16:38,240 --> 00:16:41,160 Speaker 8: and our business is very well poised to benefit from that. 333 00:16:41,520 --> 00:16:42,400 Speaker 5: From an element. 334 00:16:42,160 --> 00:16:47,880 Speaker 8: Solutions perspective, we sell very small quantities of critical materials 335 00:16:47,920 --> 00:16:51,359 Speaker 8: process chemistries that are used in the fabrication of semiconductors 336 00:16:51,360 --> 00:16:54,080 Speaker 8: and printed circuit boards and the assembly of electronics hardware. 337 00:16:54,320 --> 00:16:56,960 Speaker 8: Fortunately for us, we have ample capacity to meet the 338 00:16:57,000 --> 00:16:59,760 Speaker 8: increasing demand that we expect next year and for many years. 339 00:16:59,760 --> 00:17:05,800 Speaker 3: And trip you touch so many end markets smartphones, electric vehicles, 340 00:17:06,320 --> 00:17:09,240 Speaker 3: Are you so far kind of upstream that you don't 341 00:17:09,280 --> 00:17:12,639 Speaker 3: have the sensitivity to pressures on the end market or 342 00:17:12,720 --> 00:17:15,000 Speaker 3: are you recognizing some pain in the consumer? 343 00:17:16,320 --> 00:17:18,920 Speaker 8: So our business is unit driven, right, and we've been 344 00:17:19,640 --> 00:17:22,480 Speaker 8: living through a very significant draw down, one of the 345 00:17:22,720 --> 00:17:26,000 Speaker 8: largest drawdowns in the smartphone market in its history. Similarly 346 00:17:26,000 --> 00:17:29,840 Speaker 8: in the semiconductor market, the automotive market was soft for 347 00:17:29,880 --> 00:17:32,879 Speaker 8: a period back a few years ago. We're starting to 348 00:17:32,920 --> 00:17:35,240 Speaker 8: see that recover. What's great for our business is that 349 00:17:35,280 --> 00:17:37,720 Speaker 8: we're driven not just by units, but content per unit, 350 00:17:38,160 --> 00:17:42,280 Speaker 8: and as cars become computers, as computing power proliferates, and 351 00:17:42,320 --> 00:17:46,639 Speaker 8: as the technical requirements associated with that computing power become 352 00:17:46,680 --> 00:17:49,840 Speaker 8: more challenging. That's a gain for us in terms of 353 00:17:49,880 --> 00:17:53,679 Speaker 8: our volume and value in each unit and the margin 354 00:17:53,680 --> 00:17:55,120 Speaker 8: opportunity associated with it. 355 00:17:55,960 --> 00:17:59,520 Speaker 2: How much of a straight line is that inevitable move 356 00:17:59,600 --> 00:18:02,240 Speaker 2: towards evs? For example, we would just had head of 357 00:18:02,240 --> 00:18:04,919 Speaker 2: bouchet On of course, from the White House Council of 358 00:18:04,960 --> 00:18:07,480 Speaker 2: Economic Advisors, and we were putting to her like some 359 00:18:07,520 --> 00:18:10,280 Speaker 2: of the concerns surrounding the fact that the Ford lightning, 360 00:18:10,359 --> 00:18:12,880 Speaker 2: for example, the F one fifty has been cut back, 361 00:18:12,920 --> 00:18:14,960 Speaker 2: the twenty twenty four production has been cut. 362 00:18:14,760 --> 00:18:18,520 Speaker 4: Back and indeed in half. Is it that we will be. 363 00:18:18,880 --> 00:18:21,480 Speaker 2: Bumpy in the road towards the shift toward EV's. 364 00:18:21,680 --> 00:18:23,480 Speaker 4: What is it that you see as a key blocker here? 365 00:18:24,320 --> 00:18:27,560 Speaker 8: Sure if you think back three years ago, the rate 366 00:18:27,600 --> 00:18:30,720 Speaker 8: of penetration of electric vehicles to the global automotive fleet 367 00:18:31,000 --> 00:18:34,720 Speaker 8: wouldn't would have paled in comparison to what we've actually seen. Right, 368 00:18:34,800 --> 00:18:39,919 Speaker 8: So automotive electrification has accelerated relative to prior expectations, and 369 00:18:40,160 --> 00:18:42,840 Speaker 8: surely there will be bumps in the road as large 370 00:18:42,840 --> 00:18:45,919 Speaker 8: companies grapple with changing supply chains. 371 00:18:46,200 --> 00:18:47,840 Speaker 3: But the trend is there, you know. 372 00:18:47,800 --> 00:18:48,800 Speaker 4: It's not a straight line. 373 00:18:48,800 --> 00:18:51,680 Speaker 8: There's volatility around that line, but the trend is very positive. 374 00:18:51,680 --> 00:18:54,919 Speaker 8: And for Element, you know, we have really differentiated capabilities 375 00:18:54,960 --> 00:18:58,000 Speaker 8: that are enabling the high performance electric vehicles you see 376 00:18:58,040 --> 00:19:00,240 Speaker 8: on the road today, and we get about one have 377 00:19:00,280 --> 00:19:03,639 Speaker 8: to two times the value an electric vehicle versus a 378 00:19:03,680 --> 00:19:07,400 Speaker 8: comparable internal combustion car. So we're excited by that increasing 379 00:19:07,440 --> 00:19:09,960 Speaker 8: penetration and we see a lot of opportunity associated with. 380 00:19:09,960 --> 00:19:14,120 Speaker 2: It, the opportunity being I'm sure market capitalization boosting. 381 00:19:14,240 --> 00:19:16,119 Speaker 4: How are you seeing your investor base change. 382 00:19:15,880 --> 00:19:22,280 Speaker 8: Ben, Our investor base is solid, sturdy, and very compelled 383 00:19:22,440 --> 00:19:24,680 Speaker 8: by the opportunities we have in front of this company 384 00:19:24,680 --> 00:19:27,280 Speaker 8: and the way we've been deploying capital and support of it. 385 00:19:28,280 --> 00:19:32,400 Speaker 8: We are seeing more energy and attention towards our company 386 00:19:32,720 --> 00:19:37,960 Speaker 8: from electrification, from innovation in high end electronics. We talked 387 00:19:37,960 --> 00:19:40,960 Speaker 8: about AI or you were talking about AI earlier. In 388 00:19:41,000 --> 00:19:43,520 Speaker 8: the proliferation of computing power to the edge of the network, 389 00:19:43,640 --> 00:19:48,240 Speaker 8: those technical challenges are ripe for us to benefit from 390 00:19:48,280 --> 00:19:49,160 Speaker 8: and enable. 391 00:19:50,400 --> 00:19:52,800 Speaker 3: Bank the excitation development solutions, goods CAT shop. 392 00:19:52,840 --> 00:19:54,480 Speaker 2: Of course, AI has been all we've been talking about 393 00:19:54,520 --> 00:19:56,359 Speaker 2: for twenty twenty three. Back in twenty twenty two, it 394 00:19:56,400 --> 00:19:58,520 Speaker 2: was all about crypto and it was still kind of 395 00:19:58,640 --> 00:20:01,520 Speaker 2: all talking around the holiday table, as it seems to 396 00:20:01,560 --> 00:20:03,000 Speaker 2: have been a bit on a run at least bitcoin 397 00:20:03,080 --> 00:20:05,320 Speaker 2: or want to dig into that with Kristin Smith, CEO 398 00:20:05,320 --> 00:20:08,840 Speaker 2: of Lockchain Association, because really all eyes have been on 399 00:20:09,240 --> 00:20:12,160 Speaker 2: the price of bitcoin, but also and also a lot 400 00:20:12,200 --> 00:20:14,640 Speaker 2: of old coins as well. Exuberant seems to have been 401 00:20:14,760 --> 00:20:18,640 Speaker 2: cautiously creeping back. Whether or not that's fundamentally driven on 402 00:20:18,680 --> 00:20:22,439 Speaker 2: the Federal Reserve and inflation, but actually idiosyncratic views that 403 00:20:22,480 --> 00:20:25,760 Speaker 2: we might have more institutional interest from spot bitcoin ETF. 404 00:20:26,000 --> 00:20:27,520 Speaker 4: Is that really what's dictating trade for you? 405 00:20:27,680 --> 00:20:30,200 Speaker 10: I think there's a combination of factors. I think obviously 406 00:20:30,240 --> 00:20:34,160 Speaker 10: the Bitcoin ETF, there's a tremendous amount of excitement around that. 407 00:20:34,560 --> 00:20:36,200 Speaker 10: You know, as you recall a couple of months ago, 408 00:20:36,280 --> 00:20:38,800 Speaker 10: Gray Scale had a huge victory in the court that 409 00:20:39,119 --> 00:20:42,240 Speaker 10: is basically more or less forcing the SEC to consider 410 00:20:42,560 --> 00:20:47,000 Speaker 10: these applications more seriously. The next big sort of deadline 411 00:20:47,119 --> 00:20:50,199 Speaker 10: for when the SEC might make some move around that 412 00:20:50,320 --> 00:20:53,159 Speaker 10: is in early January, though it really could happen anytime. 413 00:20:53,520 --> 00:20:56,119 Speaker 10: But we're hearing that a lot of different applicants are 414 00:20:56,119 --> 00:20:59,600 Speaker 10: having very productive conversations with the SEC, and so there 415 00:20:59,640 --> 00:21:01,440 Speaker 10: is a lot of hope and optimism that we'll get 416 00:21:01,480 --> 00:21:04,320 Speaker 10: something like that done. I do think though, also that 417 00:21:04,960 --> 00:21:06,639 Speaker 10: you know, as you were saying, twenty twenty three was 418 00:21:06,640 --> 00:21:08,960 Speaker 10: not the great year for crypto, and twenty twenty three 419 00:21:09,000 --> 00:21:11,320 Speaker 10: is almost over. I think there is this real sense 420 00:21:11,520 --> 00:21:15,919 Speaker 10: that you know that the bad actors within the crypto 421 00:21:15,960 --> 00:21:18,840 Speaker 10: industry have been weeded out and what's left is really 422 00:21:18,880 --> 00:21:21,560 Speaker 10: the focus on what the technology can do. And so 423 00:21:21,600 --> 00:21:24,240 Speaker 10: we're seeing a lot of optimism not just around bitcoin 424 00:21:24,280 --> 00:21:28,600 Speaker 10: from institutional investors, but sort of returning to the technology 425 00:21:28,640 --> 00:21:31,520 Speaker 10: of crypto, what it can do and how it can 426 00:21:31,720 --> 00:21:35,199 Speaker 10: improve not just finance, but you know, the way that 427 00:21:35,200 --> 00:21:37,360 Speaker 10: we interact on the Internet. So very excited for twenty 428 00:21:37,400 --> 00:21:37,840 Speaker 10: twenty four. 429 00:21:38,000 --> 00:21:40,399 Speaker 2: We do end up rather than talking about blockchain and 430 00:21:40,440 --> 00:21:42,480 Speaker 2: the underlying technology, we talk a lot about the trading 431 00:21:42,480 --> 00:21:45,360 Speaker 2: of the assets, and just to go back to bitcoin 432 00:21:45,400 --> 00:21:48,800 Speaker 2: in and of itself a sport atf you're having discussions. 433 00:21:48,240 --> 00:21:50,760 Speaker 4: With members of your association. 434 00:21:50,359 --> 00:21:53,120 Speaker 2: Is just how quickly that can actually be enacted. Say 435 00:21:53,119 --> 00:21:56,920 Speaker 2: the SEC goes go for it, You're allowed how many days, weeks, 436 00:21:56,920 --> 00:21:58,200 Speaker 2: months is it until you can actually start. 437 00:21:58,240 --> 00:22:00,240 Speaker 10: Yeah, I think that's a little bit unclear. I think 438 00:22:00,240 --> 00:22:02,159 Speaker 10: a lot of it is actually going to depend on 439 00:22:02,640 --> 00:22:05,360 Speaker 10: the SEC and how quickly they move. I know that 440 00:22:05,480 --> 00:22:08,960 Speaker 10: most of the applicants can turn these around pretty quickly. 441 00:22:09,000 --> 00:22:10,919 Speaker 10: They have the you know, the infrastructure in place to 442 00:22:10,960 --> 00:22:13,520 Speaker 10: do so it's really getting the sign off, and so 443 00:22:13,600 --> 00:22:15,240 Speaker 10: I do think that is going to be something to 444 00:22:15,280 --> 00:22:18,639 Speaker 10: look for, you know, hopefully when the SEC makes this announcement. 445 00:22:20,200 --> 00:22:24,480 Speaker 3: The fourth Republican presidential debate they talked about crypto. Thought 446 00:22:24,480 --> 00:22:29,560 Speaker 3: that was interesting. Yes, twenty twenty four is ahead. It 447 00:22:29,680 --> 00:22:32,480 Speaker 3: seems like if twenty twenty three the bad actors have 448 00:22:32,560 --> 00:22:37,320 Speaker 3: been weeded out, twenty twenty four the congressional legislatory actors 449 00:22:37,400 --> 00:22:40,080 Speaker 3: might come in and do something for your industry. Yeah. 450 00:22:40,119 --> 00:22:40,760 Speaker 4: No, absolutely. 451 00:22:40,840 --> 00:22:44,760 Speaker 10: I think the politics around crypto are shifting more in 452 00:22:45,080 --> 00:22:49,560 Speaker 10: favor of the technology. As you mentioned, we have presidential 453 00:22:49,560 --> 00:22:52,080 Speaker 10: candidates that actually had a debate in New Hampshire on 454 00:22:52,160 --> 00:22:55,080 Speaker 10: this issue just last night, but it also came up 455 00:22:55,119 --> 00:22:57,760 Speaker 10: in the Republican debate with a question with for bag 456 00:22:57,800 --> 00:23:03,520 Speaker 10: Gramaswami and Montsantis. Also seeing congressional candidates include crypto positions 457 00:23:03,560 --> 00:23:06,919 Speaker 10: in their policy platforms, and I think with the next election, 458 00:23:07,080 --> 00:23:09,800 Speaker 10: we're going to see more candidates who are elected to 459 00:23:09,920 --> 00:23:14,080 Speaker 10: Congress who have a better understanding of this technology and 460 00:23:14,080 --> 00:23:17,560 Speaker 10: why it's important for the United States to be competitive 461 00:23:17,600 --> 00:23:20,159 Speaker 10: with this and so I think as we get closer 462 00:23:20,200 --> 00:23:22,200 Speaker 10: to the election, I think the tide is going to turn. 463 00:23:22,440 --> 00:23:24,560 Speaker 10: Certainly doesn't mean we don't have those in Congress right 464 00:23:24,600 --> 00:23:27,520 Speaker 10: now that are not excited about crypto. That is natural 465 00:23:27,560 --> 00:23:29,800 Speaker 10: to have, you know, folks on both sides of the issue. 466 00:23:29,840 --> 00:23:33,159 Speaker 10: But I think increasingly the trend is in favor of 467 00:23:33,320 --> 00:23:36,080 Speaker 10: the technology and the community and the ecosystem, and so 468 00:23:36,440 --> 00:23:38,399 Speaker 10: I think twenty twenty four is really going to be 469 00:23:38,800 --> 00:23:41,879 Speaker 10: sort of a turnaround year for the crypto industry and 470 00:23:41,920 --> 00:23:42,959 Speaker 10: we're very excited about that. 471 00:23:44,240 --> 00:23:47,680 Speaker 3: Kristen, does the Blockchain Association have a scenario for each 472 00:23:47,760 --> 00:23:52,200 Speaker 3: potential outcome? So if Biden is or is not re elected, 473 00:23:52,320 --> 00:23:54,840 Speaker 3: or there is a new administration in the White House, 474 00:23:55,240 --> 00:23:58,440 Speaker 3: do you see different avenues or paths forward for your industry? 475 00:23:58,760 --> 00:24:01,359 Speaker 10: Yeah, Well, I think there are are a couple of 476 00:24:01,480 --> 00:24:04,440 Speaker 10: key factors. I mean, a lot of personnel is policy, 477 00:24:04,560 --> 00:24:08,600 Speaker 10: and so the people who are appointed are nominated, I 478 00:24:08,600 --> 00:24:10,480 Speaker 10: should say, and then confirmed by the Senate to run 479 00:24:10,600 --> 00:24:13,879 Speaker 10: the independent agencies like the SEC and the CFTC have 480 00:24:13,920 --> 00:24:17,320 Speaker 10: an incredibly important role to play, and so I think, 481 00:24:17,760 --> 00:24:21,199 Speaker 10: you know, whether it's Biden or somebody else, you know, 482 00:24:21,280 --> 00:24:23,320 Speaker 10: Gary Gunsler's not going to be at the SEC forever, 483 00:24:23,400 --> 00:24:25,320 Speaker 10: and so we will see some changes at some point, 484 00:24:25,400 --> 00:24:27,480 Speaker 10: and so figuring out who those people are going to 485 00:24:27,480 --> 00:24:30,240 Speaker 10: be is incredibly important. But you know, we're also looking 486 00:24:30,240 --> 00:24:32,920 Speaker 10: at Congress. I think, you know, if the Senate flips, 487 00:24:32,960 --> 00:24:35,280 Speaker 10: that could have a huge impact. If the House flips, 488 00:24:35,280 --> 00:24:37,000 Speaker 10: that could have a huge impact. So yeah, we do 489 00:24:37,040 --> 00:24:39,520 Speaker 10: a lot of scenario planning. But I think the most 490 00:24:39,520 --> 00:24:41,399 Speaker 10: important thing that we're focused on right now with the 491 00:24:41,400 --> 00:24:46,880 Speaker 10: Blockchain Association is really getting the education across to policy makers, 492 00:24:46,880 --> 00:24:49,399 Speaker 10: Like this is an incredibly complex space. It's not something 493 00:24:49,440 --> 00:24:52,080 Speaker 10: that you can talk about in one conversation and have 494 00:24:52,160 --> 00:24:54,800 Speaker 10: everybody understand what the technology can do and what the 495 00:24:54,800 --> 00:24:58,280 Speaker 10: issues are. And so, you know, regardless of whether Republicans 496 00:24:58,320 --> 00:25:02,360 Speaker 10: or Democrats are in control of the White House or Congress, 497 00:25:02,400 --> 00:25:05,520 Speaker 10: I think there's a pathway forward to having you know, 498 00:25:05,560 --> 00:25:09,200 Speaker 10: sort of reasonable, successful policy, and the core the key 499 00:25:09,320 --> 00:25:11,560 Speaker 10: to that is having the right the right kind of 500 00:25:11,680 --> 00:25:13,199 Speaker 10: education and that that's where we're doing a lot of 501 00:25:13,200 --> 00:25:14,320 Speaker 10: our focus in twenty Wow. 502 00:25:14,200 --> 00:25:16,560 Speaker 2: How hard is that education made when one of the 503 00:25:16,600 --> 00:25:20,600 Speaker 2: most powerful executives and suddenly in banking, Jamie Diamonds, saysage 504 00:25:20,600 --> 00:25:22,000 Speaker 2: shut it down if he was in power when it 505 00:25:22,040 --> 00:25:22,840 Speaker 2: comes to bitcoin. 506 00:25:23,080 --> 00:25:25,520 Speaker 10: Yeah, you know, it's it's it's interesting to see Jamie 507 00:25:25,600 --> 00:25:27,879 Speaker 10: diamond on the same side as Elizabeth Warren. I mean, 508 00:25:27,920 --> 00:25:30,399 Speaker 10: Elizabeth Warren is supposed to be against the big banks, 509 00:25:30,400 --> 00:25:32,520 Speaker 10: and it's very clear they're in cahoots. So I think 510 00:25:32,560 --> 00:25:35,800 Speaker 10: the fact that he said that is is uh, raised 511 00:25:35,800 --> 00:25:39,040 Speaker 10: his eyebrows among you know, certain folks that don't know 512 00:25:39,080 --> 00:25:40,879 Speaker 10: a lot about this space, because it seems sort of 513 00:25:40,960 --> 00:25:44,120 Speaker 10: counterintuitive to have those two that are on the same 514 00:25:44,200 --> 00:25:46,400 Speaker 10: side on this front. And so you know, I think 515 00:25:46,920 --> 00:25:49,760 Speaker 10: I think it actually is a conversation starter and allows 516 00:25:49,840 --> 00:25:52,600 Speaker 10: us to come in and talk about this because you know, 517 00:25:52,680 --> 00:25:56,119 Speaker 10: half of it is you know, getting the attention, uh, 518 00:25:56,200 --> 00:25:58,359 Speaker 10: you know of the policy makers, and this is certainly 519 00:25:58,359 --> 00:25:59,440 Speaker 10: an opportunity for that. 520 00:26:00,080 --> 00:26:02,960 Speaker 2: Certainly caused a few headlines that one Blockchain Association CEO 521 00:26:03,040 --> 00:26:05,520 Speaker 2: Chris the Smith always great tab you on to reflect 522 00:26:05,600 --> 00:26:06,560 Speaker 2: on the industry all right. 523 00:26:06,600 --> 00:26:09,119 Speaker 3: Coming up on the program, there's a new satellite in town, 524 00:26:09,240 --> 00:26:12,960 Speaker 3: well in space that can track national threats in orbit. 525 00:26:12,960 --> 00:26:14,840 Speaker 3: We're going to talk with Evan Rodgers, CEO of the 526 00:26:14,880 --> 00:26:21,680 Speaker 3: startup True Anomaly that's up next. This is Bloomberg Technology. 527 00:26:35,200 --> 00:26:36,639 Speaker 4: Time now for our VC roundup. 528 00:26:36,680 --> 00:26:39,639 Speaker 2: General Atlantic, the investment firm whose bets have included Facebook, 529 00:26:39,720 --> 00:26:43,520 Speaker 2: now Meta, Airbnb, where it's confidentially filed for an IPO itself. 530 00:26:43,520 --> 00:26:46,160 Speaker 2: According to sources, the firm is considering listening as soon 531 00:26:46,160 --> 00:26:50,040 Speaker 2: as next year, depending on those market conditions. Meanwhile, Changshin 532 00:26:50,280 --> 00:26:53,440 Speaker 2: Memory Technologies is delaying its own IPO and when instead 533 00:26:53,480 --> 00:26:55,840 Speaker 2: consider raising funds privately at about a nineteen and a 534 00:26:55,880 --> 00:26:58,560 Speaker 2: half billion dollar valuation. So the latest Chinese company to 535 00:26:58,560 --> 00:27:02,639 Speaker 2: call of a debut because of volatile market conditions. Meanwhile, 536 00:27:02,880 --> 00:27:05,520 Speaker 2: Essential Ai it's an ay I start up founded by 537 00:27:05,560 --> 00:27:08,600 Speaker 2: two authors of a seminal research paper over at Google. 538 00:27:08,720 --> 00:27:11,159 Speaker 2: It's raised fifty six and a half million dollars in 539 00:27:11,240 --> 00:27:14,200 Speaker 2: new funding led by March Capital. The company will use 540 00:27:14,240 --> 00:27:18,000 Speaker 2: AI for corporate functions like data analysis and automating pretty 541 00:27:18,000 --> 00:27:19,240 Speaker 2: monotonous tasks. 542 00:27:19,560 --> 00:27:22,679 Speaker 3: Ed, all right, let's set out space True Anomaly a 543 00:27:22,800 --> 00:27:27,480 Speaker 3: US startup designing military and intelligence space reconnaissance systems raised 544 00:27:27,600 --> 00:27:30,200 Speaker 3: one hundred million dollars from investors to ramp up its 545 00:27:30,200 --> 00:27:34,080 Speaker 3: output of a satellite that can track national threats in orbit. 546 00:27:34,160 --> 00:27:37,200 Speaker 3: Right Ventures led the series be round, with participation from 547 00:27:37,200 --> 00:27:40,919 Speaker 3: Eclipse Ventures, ACME Capital, and Menlo Ventures joining us. Now delighted, 548 00:27:41,040 --> 00:27:45,399 Speaker 3: says true Anomally CEO and co founder Evan Rodgers. Let's 549 00:27:45,400 --> 00:27:49,160 Speaker 3: start with Jackal, the AOV, but the system more broadly 550 00:27:49,200 --> 00:27:50,560 Speaker 3: explained the technology to. 551 00:27:50,600 --> 00:27:53,760 Speaker 5: Us, Yeah, thank you, ed. So, Jackal is what we 552 00:27:53,800 --> 00:27:56,520 Speaker 5: call on our economous orbital vehicle designed to fly in 553 00:27:56,640 --> 00:28:01,000 Speaker 5: close proximity safely to other satellites as its own onboard 554 00:28:01,040 --> 00:28:04,040 Speaker 5: propulsion capability. That's a chemical system and is equipped with 555 00:28:04,119 --> 00:28:07,159 Speaker 5: five different cameras that allow us to maneuver safely and 556 00:28:07,280 --> 00:28:10,639 Speaker 5: image other satellites at a high resolution pretty much in 557 00:28:10,680 --> 00:28:14,480 Speaker 5: any orbital lighting conditions, whether it's an eclipse or whether 558 00:28:14,640 --> 00:28:18,159 Speaker 5: it's fully lit by the sun. It's designed at a 559 00:28:18,200 --> 00:28:21,159 Speaker 5: cost point that allows these systems to be proliferated at 560 00:28:21,200 --> 00:28:24,560 Speaker 5: a scale that's so far been unachievable by the defense 561 00:28:24,600 --> 00:28:28,000 Speaker 5: industrial base that's been supporting the Space Force and the 562 00:28:28,000 --> 00:28:30,560 Speaker 5: intelligence community to date, So. 563 00:28:30,480 --> 00:28:33,520 Speaker 3: If I'm the US government or I'm Space Force, how 564 00:28:33,520 --> 00:28:35,159 Speaker 3: do I get access to JACK or how do I 565 00:28:35,280 --> 00:28:37,199 Speaker 3: use it? And what are the threats in orbit that 566 00:28:37,240 --> 00:28:39,560 Speaker 3: I'm trying to gather data on? 567 00:28:40,760 --> 00:28:43,960 Speaker 5: Well, the Space Force is thinking about transacting with the 568 00:28:44,000 --> 00:28:47,960 Speaker 5: private sector in a variety of ways. We ultimately want 569 00:28:48,000 --> 00:28:51,200 Speaker 5: to transact with the DoD in a way that allows 570 00:28:51,240 --> 00:28:53,760 Speaker 5: us to align incentive so the true nominally can assume 571 00:28:53,840 --> 00:28:56,560 Speaker 5: some of the technical risk that allows us to target 572 00:28:56,640 --> 00:29:01,520 Speaker 5: margins that are interesting to particularly defense investors for future rounds. 573 00:29:02,200 --> 00:29:04,880 Speaker 5: The Space Force hasn't made it very very clear what 574 00:29:04,920 --> 00:29:08,320 Speaker 5: they intend to transact on a typical firm fixed price 575 00:29:08,400 --> 00:29:11,600 Speaker 5: contractor or delivering the satellite for commercial operations or for 576 00:29:11,720 --> 00:29:14,800 Speaker 5: government operations. The Space Force is working on a strategy 577 00:29:14,800 --> 00:29:16,600 Speaker 5: to date to think through that, and we hope to 578 00:29:16,600 --> 00:29:18,400 Speaker 5: be part of the conversation there. 579 00:29:19,200 --> 00:29:21,760 Speaker 3: One partnership you do have is you're going to ride 580 00:29:22,000 --> 00:29:25,480 Speaker 3: on SpaceX at some point next year on your first mission. 581 00:29:25,520 --> 00:29:28,880 Speaker 3: What's that experience like working with SpaceX and the ride 582 00:29:28,880 --> 00:29:30,960 Speaker 3: share context to get out to orbit. 583 00:29:32,360 --> 00:29:36,600 Speaker 5: SpaceX has been an absolutely fantastic partner. You know, the 584 00:29:36,880 --> 00:29:40,760 Speaker 5: reality is that SpaceX has provided launch at a cost 585 00:29:40,800 --> 00:29:43,960 Speaker 5: where companies like trinomily can get ready access to space 586 00:29:44,000 --> 00:29:46,680 Speaker 5: at a price point that doesn't break the bank. Ten 587 00:29:46,760 --> 00:29:49,200 Speaker 5: years ago, a company like trinomially couldn't exist because an 588 00:29:49,200 --> 00:29:54,480 Speaker 5: ecosystem of capabilities and infrastructure and subsystems didn't exist. For 589 00:29:54,840 --> 00:29:56,760 Speaker 5: ture only to have access to a supply chain that 590 00:29:56,840 --> 00:29:59,960 Speaker 5: really has been matured by low cost launch. 591 00:30:01,120 --> 00:30:05,080 Speaker 2: We're working with SpaceX and indeed well the US government. 592 00:30:05,280 --> 00:30:07,600 Speaker 4: What is the US government as an institution like to 593 00:30:07,600 --> 00:30:08,160 Speaker 4: deal with. 594 00:30:10,520 --> 00:30:14,280 Speaker 5: That's a great question, Caroline. It's a complicated relationship. The 595 00:30:14,400 --> 00:30:20,160 Speaker 5: DoD really has responded very positively to what Tronomi is building. 596 00:30:20,360 --> 00:30:23,560 Speaker 5: This company was founded by four co founders that spent 597 00:30:23,640 --> 00:30:25,960 Speaker 5: ten years each in the United States Space Force and 598 00:30:26,000 --> 00:30:29,360 Speaker 5: the Air Force Space as space operations officers. We saw 599 00:30:29,400 --> 00:30:33,320 Speaker 5: the transition of the DoD thinking about the space domain 600 00:30:33,360 --> 00:30:35,360 Speaker 5: as a peacetime domain to thinking about it as a 601 00:30:35,440 --> 00:30:38,240 Speaker 5: war fighting domain, and what we recognized is that that 602 00:30:38,320 --> 00:30:42,320 Speaker 5: required a new defense industrial partner explicitly focused and purpose 603 00:30:42,400 --> 00:30:46,080 Speaker 5: built for thinking about protecting the infrastructure that is in 604 00:30:46,160 --> 00:30:48,480 Speaker 5: space that we've spent hundreds of billions of dollars as 605 00:30:48,520 --> 00:30:51,160 Speaker 5: the United States and allies fielding and that really is 606 00:30:51,200 --> 00:30:54,720 Speaker 5: the backbone of global commerce and intelligence. So they've responded 607 00:30:54,800 --> 00:30:57,160 Speaker 5: very positively, and at the end of the day, it's 608 00:30:57,160 --> 00:31:00,000 Speaker 5: incumbent on turronomily to demonstrate that we can actually build 609 00:31:00,440 --> 00:31:02,680 Speaker 5: and fly safely the systems that we have designed. 610 00:31:02,960 --> 00:31:07,720 Speaker 2: And so, really this unnerving future that you paint of 611 00:31:08,120 --> 00:31:10,760 Speaker 2: war in space is that what it ends up looking 612 00:31:10,760 --> 00:31:13,520 Speaker 2: like is a protection of one's assets out there, rather 613 00:31:13,560 --> 00:31:15,800 Speaker 2: than it becoming some ultimate sort of war zone that 614 00:31:16,160 --> 00:31:18,720 Speaker 2: immediately makes one kind of go to Hollywood in one's 615 00:31:18,720 --> 00:31:19,600 Speaker 2: mind's eye at least. 616 00:31:20,600 --> 00:31:23,640 Speaker 5: Yeah, science fiction is sort of a complicated set of 617 00:31:23,640 --> 00:31:27,240 Speaker 5: imaginaries around this and isn't always useful. The truth is 618 00:31:27,280 --> 00:31:30,280 Speaker 5: that our adversaries have spent the last twenty years building 619 00:31:30,400 --> 00:31:34,280 Speaker 5: an arsenal of counterspace weapons designed to target and destroy satellites, 620 00:31:34,280 --> 00:31:36,840 Speaker 5: and that puts the United States and its allies ability 621 00:31:36,840 --> 00:31:40,320 Speaker 5: to project power globally significantly at risk. And these weapons 622 00:31:40,480 --> 00:31:43,840 Speaker 5: are really conventional weapons, everything from missiles that are designed 623 00:31:43,880 --> 00:31:45,440 Speaker 5: to be launched from the surface of the Earth to 624 00:31:45,520 --> 00:31:49,240 Speaker 5: satellites that are designed to attack other satellites. Nobody wants 625 00:31:49,240 --> 00:31:51,960 Speaker 5: a conflict that extends into space. If we have to 626 00:31:51,960 --> 00:31:53,880 Speaker 5: fight that conflict. It needs to be done in a 627 00:31:53,920 --> 00:31:57,560 Speaker 5: way that ultimately doesn't generate debreathe that prevents the access 628 00:31:57,560 --> 00:32:00,320 Speaker 5: to space for future generations. So we can't the words 629 00:32:00,360 --> 00:32:02,640 Speaker 5: have a pyrrhic victory what General Saltzman, who's the chief 630 00:32:02,680 --> 00:32:06,240 Speaker 5: of Space Operations, calls a pyrig victory. The ideal outcome 631 00:32:06,280 --> 00:32:08,440 Speaker 5: is to terrence where we have an infrastructure in the 632 00:32:08,480 --> 00:32:11,239 Speaker 5: space domain, the ability to gather information about what our 633 00:32:11,240 --> 00:32:13,760 Speaker 5: adversaries are doing, to hold them accountable, so that we 634 00:32:14,080 --> 00:32:16,640 Speaker 5: can hold them account on the public stage, understand the 635 00:32:16,640 --> 00:32:18,680 Speaker 5: next creation of systems that need to be built, and 636 00:32:18,760 --> 00:32:21,200 Speaker 5: ultimately deter evan. 637 00:32:21,280 --> 00:32:24,280 Speaker 3: This was a very oversubscribed round one hundred million dollar 638 00:32:24,400 --> 00:32:27,160 Speaker 3: Series B. I know you're yet to reach unicorn status, 639 00:32:27,400 --> 00:32:29,480 Speaker 3: but what we use the cash for? How do you 640 00:32:29,520 --> 00:32:30,240 Speaker 3: grow this year? 641 00:32:31,200 --> 00:32:33,760 Speaker 5: And we're really focused on delivering against the contracts that 642 00:32:33,800 --> 00:32:37,240 Speaker 5: we've signed. To date, we've had pretty exceptional revenue and 643 00:32:37,400 --> 00:32:40,000 Speaker 5: orders traction. We have some really exciting announcements that will 644 00:32:40,000 --> 00:32:41,440 Speaker 5: come out in the next couple of months. Around that, 645 00:32:42,280 --> 00:32:44,480 Speaker 5: I'm focused on investing in the team and delivering the 646 00:32:44,520 --> 00:32:46,320 Speaker 5: product and scaling production. 647 00:32:47,280 --> 00:32:47,760 Speaker 10: A right true. 648 00:32:47,840 --> 00:32:51,080 Speaker 3: Normally CEO and CO founder Evan Rogers call sign Jolly, 649 00:32:51,560 --> 00:32:53,960 Speaker 3: I'm told from his time in the Space Force. Thank 650 00:32:54,000 --> 00:32:55,680 Speaker 3: you for your time here on bloom bed technology. 651 00:32:55,920 --> 00:32:58,600 Speaker 2: Let's go back to talking space and because missions are 652 00:32:58,680 --> 00:33:03,040 Speaker 2: always physically taxed for astronauts, but those months long trips 653 00:33:03,080 --> 00:33:05,560 Speaker 2: away from friends, from family, they can also take a 654 00:33:05,560 --> 00:33:08,840 Speaker 2: really heavy emotional and mental toll on one's well being. 655 00:33:09,200 --> 00:33:12,400 Speaker 2: That's why hgc VIVE and its partners has sent the 656 00:33:12,400 --> 00:33:15,440 Speaker 2: first virtual reality headset for mental health usage to the 657 00:33:15,480 --> 00:33:18,520 Speaker 2: International Space Station. The headset is currently being used by 658 00:33:18,720 --> 00:33:22,360 Speaker 2: Danish astronaut Andreas Genson. Here to tell us a little 659 00:33:22,360 --> 00:33:24,160 Speaker 2: bit more about bridging the gap between the science and 660 00:33:24,200 --> 00:33:26,720 Speaker 2: mental health is Dan O'Brien. He's ahualc VIVE President of 661 00:33:26,760 --> 00:33:30,040 Speaker 2: the Americas. And Dan, what is complex? What is difficult 662 00:33:30,160 --> 00:33:32,440 Speaker 2: about sending such equipment to space? 663 00:33:32,720 --> 00:33:36,760 Speaker 9: Well, it's actually very challenging. One we use gravity for 664 00:33:36,840 --> 00:33:40,200 Speaker 9: pretty much all of our technology on the ground and 665 00:33:40,520 --> 00:33:43,200 Speaker 9: in space, we actually had to account for zero gravity 666 00:33:43,280 --> 00:33:45,280 Speaker 9: and actually have a point of reference so that we 667 00:33:45,320 --> 00:33:49,240 Speaker 9: don't have things like drifting away inside of a space station. 668 00:33:49,600 --> 00:33:53,880 Speaker 9: So just the technological achievement to actually send something into 669 00:33:53,920 --> 00:33:57,240 Speaker 9: space like this was pretty amazing. But it's also again 670 00:33:57,360 --> 00:33:59,120 Speaker 9: just like you said, on the mental health side, the 671 00:33:59,200 --> 00:34:04,360 Speaker 9: rigors of space is actually pretty isolating, very distracting, and 672 00:34:04,400 --> 00:34:07,440 Speaker 9: it's very challenging for the astronauts. They're dealing with stress 673 00:34:07,960 --> 00:34:10,440 Speaker 9: in minutes, you know, of what we deal with kind 674 00:34:10,440 --> 00:34:13,719 Speaker 9: of in hours or weeks or years. So it's a 675 00:34:13,800 --> 00:34:16,040 Speaker 9: very high stress environment. So we want to actually put 676 00:34:16,080 --> 00:34:18,520 Speaker 9: this product up there so that we could measure how 677 00:34:18,560 --> 00:34:22,960 Speaker 9: we can make it a more efficient and productive environment 678 00:34:23,000 --> 00:34:23,879 Speaker 9: for our astronauts. 679 00:34:24,640 --> 00:34:28,160 Speaker 3: Dan, I've spent many more hours this year using virtual 680 00:34:28,400 --> 00:34:32,200 Speaker 3: mixed augmented reality with my feet firmly planted on the 681 00:34:32,200 --> 00:34:34,359 Speaker 3: ground and Earth. I'm sure you have as well. Yes, 682 00:34:36,200 --> 00:34:40,120 Speaker 3: all their differences from the experience the astronauts go through 683 00:34:40,400 --> 00:34:44,200 Speaker 3: of a virtual reality environment in zero gravity, what if 684 00:34:44,200 --> 00:34:45,160 Speaker 3: they relate to you. 685 00:34:46,320 --> 00:34:48,040 Speaker 9: I think you can look at they're doing a lot 686 00:34:48,040 --> 00:34:51,600 Speaker 9: of video experiences as opposed to something that you might 687 00:34:51,640 --> 00:34:54,799 Speaker 9: be just walking around and experiencing. But you can see 688 00:34:54,840 --> 00:34:57,880 Speaker 9: here they actually do a lot of on ground training. 689 00:34:58,239 --> 00:35:00,719 Speaker 9: So here the commander you know, and that video was 690 00:35:00,760 --> 00:35:05,160 Speaker 9: actually doing all of the spacewalk experiences and training before 691 00:35:05,200 --> 00:35:07,799 Speaker 9: he went into that environment. So what we do on 692 00:35:07,840 --> 00:35:09,680 Speaker 9: Earth is the ability to actually do a lot of 693 00:35:09,719 --> 00:35:14,239 Speaker 9: training simulation with our healthcare applications, a lot of high 694 00:35:14,280 --> 00:35:17,800 Speaker 9: stress training that we can use across a lot of verticals, 695 00:35:17,840 --> 00:35:23,240 Speaker 9: not just for NASA, but for first responders, healthcare, defense, 696 00:35:23,760 --> 00:35:25,919 Speaker 9: and education. So we actually have a lot of ways 697 00:35:25,920 --> 00:35:27,400 Speaker 9: that we can use it on Earth that we can't 698 00:35:27,480 --> 00:35:29,640 Speaker 9: use it in the space station, but we can actually 699 00:35:29,680 --> 00:35:33,400 Speaker 9: bring those astronauts a lot of experiences that will just 700 00:35:33,400 --> 00:35:35,880 Speaker 9: bring them a lot of calm and serene that they 701 00:35:35,880 --> 00:35:37,200 Speaker 9: can use inside of that environment. 702 00:35:38,120 --> 00:35:41,200 Speaker 3: Then what's the HTC getting out of sending a headset 703 00:35:41,280 --> 00:35:44,000 Speaker 3: up to zero gravity environments? 704 00:35:44,360 --> 00:35:46,719 Speaker 9: Well, I think there's a lot for us to always learn. 705 00:35:46,880 --> 00:35:50,480 Speaker 9: We're an innovation company that delves into hardware and software 706 00:35:50,880 --> 00:35:54,040 Speaker 9: and we have been delivering new technology for the industry 707 00:35:54,120 --> 00:35:56,680 Speaker 9: for many years. We were the first company to bring 708 00:35:56,719 --> 00:36:01,200 Speaker 9: you a four GLT device or touchscreen device with our smartphones, 709 00:36:01,800 --> 00:36:03,400 Speaker 9: and then we were the first company to bring you 710 00:36:03,480 --> 00:36:06,960 Speaker 9: things like a full room scale walking around virtual environment. 711 00:36:07,080 --> 00:36:10,680 Speaker 9: So for us, it's always about being the innovation leader 712 00:36:10,840 --> 00:36:14,400 Speaker 9: in every aspect. And what we're learning now in space 713 00:36:14,440 --> 00:36:16,720 Speaker 9: and being able to actually have an object in space, 714 00:36:17,280 --> 00:36:19,520 Speaker 9: it teaches us a lot about different environments that we 715 00:36:19,560 --> 00:36:22,879 Speaker 9: can actually bring a virtual scenario to. But it's also 716 00:36:22,920 --> 00:36:24,960 Speaker 9: about that training and simulation. We can actually do a 717 00:36:25,000 --> 00:36:28,160 Speaker 9: lot in that space station with our headset and our technology. 718 00:36:28,560 --> 00:36:30,440 Speaker 4: Leader doesn't always mean winner. 719 00:36:30,840 --> 00:36:35,160 Speaker 2: And when we think of vr AR, certainly for this year, 720 00:36:35,239 --> 00:36:37,200 Speaker 2: one goes to meta then one goes to at least the. 721 00:36:37,200 --> 00:36:38,600 Speaker 4: Announcement coming from Apple. 722 00:36:38,880 --> 00:36:41,640 Speaker 2: Sure, do you feel that market share will ultimately be 723 00:36:41,760 --> 00:36:43,360 Speaker 2: yours by being a leader. 724 00:36:43,080 --> 00:36:45,880 Speaker 9: To Well, it's always good to be first, right, But 725 00:36:45,920 --> 00:36:47,960 Speaker 9: at the same time, we are the reference designed for 726 00:36:48,000 --> 00:36:51,200 Speaker 9: so many of those other companies. They usually follow us 727 00:36:51,200 --> 00:36:54,200 Speaker 9: about a year behind us, whether it comes to wireless, 728 00:36:54,200 --> 00:36:57,359 Speaker 9: connectivity and technology. But even looking at Apple, like their 729 00:36:57,360 --> 00:37:00,120 Speaker 9: headset that they're going to announce is already behind and 730 00:37:00,440 --> 00:37:03,640 Speaker 9: what is actually coming out when we look at Meadow, 731 00:37:03,719 --> 00:37:06,520 Speaker 9: they have a different, completely different business model. You know, 732 00:37:06,600 --> 00:37:10,600 Speaker 9: they're looking at the users, the product, they're looking at, 733 00:37:10,719 --> 00:37:13,520 Speaker 9: you know, selling ads. In the metaverse, we're a company 734 00:37:13,520 --> 00:37:16,879 Speaker 9: that actually stands for technology, innovation, humanity. So what we're 735 00:37:16,920 --> 00:37:20,120 Speaker 9: actually trying to accomplish with our brand and our technology 736 00:37:20,200 --> 00:37:23,280 Speaker 9: is actually bringing products and solutions that will actually benefit 737 00:37:23,360 --> 00:37:26,839 Speaker 9: humanity and our users, whether they're consumers or commercial users. 738 00:37:27,040 --> 00:37:30,000 Speaker 4: Cutting face a meta. We thank you for that. 739 00:37:30,160 --> 00:37:34,160 Speaker 2: Dan O'Brien really talking about the marketing landscape and indeed, 740 00:37:34,239 --> 00:37:37,320 Speaker 2: more broadly, the landscape for ARVR is of course HDC 741 00:37:37,600 --> 00:37:40,040 Speaker 2: Vibe President of the Americas. Then that does it for 742 00:37:40,080 --> 00:37:42,200 Speaker 2: this addition of Bloomberg Technology. Has been a lot about 743 00:37:42,200 --> 00:37:46,160 Speaker 2: space air as always fifty percent in orbit, fifty percent 744 00:37:46,200 --> 00:37:47,600 Speaker 2: on a there's a lot of recap. 745 00:37:47,680 --> 00:37:50,160 Speaker 3: Thank you to everyone that's listening to the podcast wherever 746 00:37:50,200 --> 00:37:53,399 Speaker 3: you're getting your podcasts, Apple, Spotify, iHeart, and we post 747 00:37:53,480 --> 00:37:56,319 Speaker 3: them every day on all of the Bloomberg platforms. Really 748 00:37:56,360 --> 00:37:58,960 Speaker 3: really appreciate the feedback on that one from San Francisco 749 00:37:59,280 --> 00:38:01,520 Speaker 3: and out in New York City. Here on planet Earth. 750 00:38:02,040 --> 00:38:04,239 Speaker 3: This is Bloomberg Technology.