WEBVTT - Air Canada CEO Quits After Furor Over Crash Condolence Video

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<v Speaker 2>I don't really fully appreciate sensitivity to language in Canada,

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<v Speaker 2>and once again it came again today, and I don't

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<v Speaker 2>think the CEO of Air Canada does as.

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<v Speaker 3>Well, and that might be the problem.

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<v Speaker 2>Yes, exactly right. So the Air Canada CEO is gonna

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<v Speaker 2>stepping down after a furor over the crash condolence video

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<v Speaker 2>that it was only really in English, not in French,

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<v Speaker 2>and of course for the twenty one percent of the

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<v Speaker 2>people in Canada that have French as their primary language,

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<v Speaker 2>that's a problem.

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<v Speaker 4>And one of the two pilots who was killed in

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<v Speaker 4>the crash was from Quebec, and this flight was actually

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<v Speaker 4>headquartered in the Montreal region. I believe it came from

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<v Speaker 4>Montreal as well. He did say bonjour and mercy.

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<v Speaker 3>I can do that, but that's it.

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<v Speaker 5>Yeah.

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<v Speaker 2>Matthew Jon joins us here Bloomberg Montreal Bureau Chief. Matthew,

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<v Speaker 2>thanks so much for joining us. What's happening at Air Canada.

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<v Speaker 6>I think we have to go back a few years

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<v Speaker 6>ago to understand what's going on. So in twenty twenty one,

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<v Speaker 6>Michael Russeau was CFO and then became in twenty twenty

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<v Speaker 6>one the CEO of Eric Canada. He made a speech

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<v Speaker 6>in front of business leaders in Montreal. Montreal is a

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<v Speaker 6>bidy Goual city, right but within French speaking Quebec. It's

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<v Speaker 6>the only territory essentially in North America where people still

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<v Speaker 6>talk French and Quebri. Kars wants to preserve that, and

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<v Speaker 6>there are some laws in place to preserve it because

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<v Speaker 6>there's a lot of pressure from English coming in and

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<v Speaker 6>a lot of influence.

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<v Speaker 7>Right.

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<v Speaker 6>So after his speech, Michael Rousseau talks to reporters and

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<v Speaker 6>some reporters are asking him, why did you deliver your

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<v Speaker 6>speech only in.

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<v Speaker 8>Name, Why not even a few words in French? And

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<v Speaker 8>he's essentially said that he's been.

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<v Speaker 6>Able to live in Montreal for more than a decade

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<v Speaker 6>without speaking French.

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<v Speaker 8>It was proud of that.

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<v Speaker 6>That sparked outrage and over the years it was a

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<v Speaker 6>constant criticism about him from French Canadians.

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<v Speaker 8>French speaking Quebecers.

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<v Speaker 6>Then last Monday he makes this video statement entirely in English.

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<v Speaker 8>Like you said, he said, bonjour and mercy. That's high

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<v Speaker 8>and thank you. Right.

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<v Speaker 6>There was some captions in French at the bottom. But

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<v Speaker 6>considering that one of the boat pilots killed was a

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<v Speaker 6>French speaker, antoine fare and you have a lot of

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<v Speaker 6>employees working at Eric Canada or from Quebec, so it

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<v Speaker 6>sparked outrage in the province because it was the last stow. Essentially,

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<v Speaker 6>then you have Prime Minister Mark Karney coming in saying

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<v Speaker 6>that Eric Canada has a responsibility to always communicate in

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<v Speaker 6>both languages.

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<v Speaker 8>Regardless of the situation.

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<v Speaker 6>That is subject to the Official Languages Act in Canada.

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<v Speaker 6>There's a law in place the two languages in Canada

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<v Speaker 6>are French and English. So that's essentially what happened there.

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<v Speaker 6>And you even have the National Assembly of Quebec passing

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<v Speaker 6>a motion last week asking for Michael Rousseau to resign.

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<v Speaker 8>So that brought us essentially to today.

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<v Speaker 4>Matthew, I'm looking at the Airic Canada ticker on the

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<v Speaker 4>Bloomberg terminal. If you go to the DIES page, it

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<v Speaker 4>gives you all the basic information, and what you see

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<v Speaker 4>there is that Eric Canada is based in Quebec, in

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<v Speaker 4>Quebec city Saint Laurent, which I'm probably mispronouncing. So this

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<v Speaker 4>is a company that's probably based in Quebec itself.

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<v Speaker 3>Why was this not an issue from the get go?

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<v Speaker 4>Why did he become CEO even with this language deficiency.

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<v Speaker 8>That's a real good question.

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<v Speaker 6>A lot of CEOs are appointed in Montreal and with

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<v Speaker 6>the promise to learn a little bit of French. Michael

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<v Speaker 6>Russo said that he took more than three hundred hours

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<v Speaker 6>of classes in French and today all he's able to

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<v Speaker 6>say is bonjo and merci. So a lot of cuemakers

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<v Speaker 6>are just seeing that as a lack of consideration or

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<v Speaker 6>even something like that's very condescending on this part regarding

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<v Speaker 6>the French language. So, I mean, it was appointed with

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<v Speaker 6>the promise probably that it would learn French. I mean

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<v Speaker 6>as a CEO, it did deliver at the beginning with

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<v Speaker 6>our Canada delivering the company from the COVID pandemic. Over

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<v Speaker 6>the past few months year or so, the company has

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<v Speaker 6>underperformed global peers, but it delivered from a CEOs point

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<v Speaker 6>of view, if you want. But on the French Langritish

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<v Speaker 6>side like it really failed here and he failed especially

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<v Speaker 6>last week and today the company had to issue his

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<v Speaker 6>notice to shareholders for the annual meeting on May first,

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<v Speaker 6>and the documents and the filings you have the compensation

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<v Speaker 6>of the CEO in twenty two so Michael Russo earned

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<v Speaker 6>a compensation of thirteen point one million dollars Canadian dollars

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<v Speaker 6>in twenty twenty five, of five six percent from a

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<v Speaker 6>year ago. So that would have added another layer into

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<v Speaker 6>this debate. And it's our understanding that Eric and I

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<v Speaker 6>wanted to end this, and there was especially a global

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<v Speaker 6>search for a new CEO anyway because it was planning

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<v Speaker 6>to retire.

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<v Speaker 8>That search started in January.

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<v Speaker 6>So probably that they just announced this sooner than expected.

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<v Speaker 6>And now he's expected to retire at the end of

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<v Speaker 6>the third quarter of this year, which is on September.

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<v Speaker 3>Thurio Stay with us. More from Bloomberg Intelligence coming up

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<v Speaker 3>after this.

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<v Speaker 1>You're listening to the Bloomberg Intelligence podcast. Catch us live

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<v Speaker 1>weekdays at ten am Eastern on Apple, Cocklay and Android

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<v Speaker 2>Matter platforms at eighteen percent this month, putting them on

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<v Speaker 2>pace for the worst performance since October twenty two. I

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<v Speaker 2>think there's some legal risks in there, maybe some spending

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<v Speaker 2>on artificial intelligence. I don't know. Mandy sing joins us here.

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<v Speaker 2>He's Global tech research head for Bloomberg Intelligence. What's going

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<v Speaker 2>on with Meta these days? Because it was a story

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<v Speaker 2>that was working on cost cutting on number one and

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<v Speaker 2>number two AI seemed to be a really viable work

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<v Speaker 2>caase to augment their advertising platforms. It's gone on with

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<v Speaker 2>the stop yeah.

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<v Speaker 7>I mean, look, they have underperformed relative to the MACS

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<v Speaker 7>seven peers, and on top of that, they had that

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<v Speaker 7>addiction lawsuit that they lost along with the Google. So

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<v Speaker 7>from that perspective, it could create that negative sentiment that

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<v Speaker 7>I don't think is going away anytime soon, simply because

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<v Speaker 7>when you look at their free cash flow expectations for

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<v Speaker 7>this year, I mean they're spending almost one hundred and

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<v Speaker 7>thirty five billion dollars in capex. That'll take them to

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<v Speaker 7>almost you know, native free cash flow territory. And last

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<v Speaker 7>year they had almost forty five billion dollars in free

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<v Speaker 7>cash flow. So look, when you have you know, this

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<v Speaker 7>much investment and people aren't even clear what the focus

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<v Speaker 7>is on. Yes, they are building data centers. That's a

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<v Speaker 7>real asset, but we know it's a depreciating asset. And

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<v Speaker 7>when I look at their model relative to open Ai,

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<v Speaker 7>Google and Anthropic, they.

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<v Speaker 2>Don't even have a model, so they don't have a

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<v Speaker 2>large language model of their own.

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<v Speaker 7>They have a large angleg model, but in the leaderboards

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<v Speaker 7>it's nowhere. Okay, So from that perspective, like look at

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<v Speaker 7>how well Claude has done, you know, in terms of

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<v Speaker 7>coding agents and their anthropic claud is almost adding billion

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<v Speaker 7>dollars in.

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<v Speaker 3>Revenue every week.

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<v Speaker 5>I didn't know that.

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<v Speaker 7>Well, there are some league sources and when you look

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<v Speaker 7>at you know, the token usage, that's the one metric

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<v Speaker 7>that everyone is tracking right now for these llms is

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<v Speaker 7>how much is that token usage growing? And some of

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<v Speaker 7>that can be reflected in the revenue run rates, others

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<v Speaker 7>is tied to training these llms, But at the end

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<v Speaker 7>of the day, that's a real metric in terms of

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<v Speaker 7>how your model is getting used. Meta doesn't even have

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<v Speaker 7>a model that is being utilized externally. So the promise

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<v Speaker 7>was Meta will use the llms within their own ecosystem,

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<v Speaker 7>and that will drive revenue. And so what saved Meta,

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<v Speaker 7>otherwise the stock would have been down even more is

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<v Speaker 7>their top line is still quite healthy. You know, they've

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<v Speaker 7>guided to mid twenty percent top line growth, but that

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<v Speaker 7>will reduce in the back half because of tougher commps.

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<v Speaker 7>So I think that's the challenge. And that lawsuit. I mean,

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<v Speaker 7>this has never happened in terms of Meta losing a

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<v Speaker 7>lawsuit around their product being addictive and dangerous and so

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<v Speaker 7>we already know they are banned in Australia and in

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<v Speaker 7>the EU there is a proposal to ban the app

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<v Speaker 7>for under sixteen. So from that perspective, if you are

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<v Speaker 7>losing that demographic that is one of the highest using

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<v Speaker 7>demographics for your platform, that becomes a challenge. And now

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<v Speaker 7>there could be more lawsuits, you know, along the similar

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<v Speaker 7>lines to the ones where they had, you know, where

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<v Speaker 7>they go against them.

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<v Speaker 2>So the first time, really one of the first times,

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<v Speaker 2>I'm not to sayd for someone of the first time

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<v Speaker 2>were some of these the legal issues for a technology

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<v Speaker 2>company are really material potentially because I mean you asked myself,

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<v Speaker 2>included you ask everybody on the street. I spent too

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<v Speaker 2>much time on my phone. If they have children, they

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<v Speaker 2>will site that I'm thinking is one of their top

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<v Speaker 2>top worries.

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<v Speaker 8>Yeah, and.

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<v Speaker 2>I think that's a global situation. Any parent anyone in

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<v Speaker 2>the world would probably say that.

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<v Speaker 5>Yeah.

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<v Speaker 7>And now the judge said it actually harms in this case,

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<v Speaker 7>so it's true. And I mean, the million dollar fines

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<v Speaker 7>are not that big, but suddenly if you've got two

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<v Speaker 7>thousand more lawsuits like.

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<v Speaker 8>That, then it all adds on.

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<v Speaker 2>I was just similar risk for a Google for I

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<v Speaker 2>don't know. I mean, you could argue YouTube, you spend

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<v Speaker 2>too much time on YouTube.

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<v Speaker 7>But in YouTube's case, the you know, the harm was

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<v Speaker 7>more in terms of AutoPlay than the content or the filters.

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<v Speaker 7>So in terms of the you know, the type of content,

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<v Speaker 7>I think the verdict said that it was more harmful

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<v Speaker 7>from the meta side compared to YouTube, where it was

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<v Speaker 7>more like, yes, it shouldn't be autoplaying content or things

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<v Speaker 7>along those lines. Not not about the type of content,

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<v Speaker 7>but there's a very fine line. And I do agree,

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<v Speaker 7>you know, YouTube and Instagram are similar in that regard.

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<v Speaker 7>But we'll see more lawsuits.

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<v Speaker 2>All right, just real quicker you get an ai IPO

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<v Speaker 2>this year, like is it anthropic or is it.

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<v Speaker 7>Most likely it's going to be Entropic four q IPO

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<v Speaker 7>and they really at the rundred that they are in.

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<v Speaker 7>I mean everyone in the private market right now is

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<v Speaker 7>queuing to get you know, a small slice of that

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<v Speaker 7>a transaction which we're.

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<v Speaker 2>Expecting, so Entropic would be one.

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<v Speaker 3>What else does chpt goo?

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<v Speaker 7>Yeah, I mean if Entropic is going public, I think

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<v Speaker 7>right now open Ai fields they're losing share to Entropic

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<v Speaker 7>given they had a headstart. So from that perspective, I

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<v Speaker 7>do think open Ai will likely go public if Nthropic

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<v Speaker 7>announces they're going public.

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<v Speaker 3>Stay with us.

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<v Speaker 2>More from Bloomberg Intelligence coming up after this.

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<v Speaker 1>You're listening to the Bloomberg Intelligence podcast. Catch us live

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<v Speaker 1>weekdays at ten am Eastern on Apple Cockplay and Android

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<v Speaker 1>Auto with the Bloomberg Business App. Listen on demand wherever

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<v Speaker 1>you get your podcasts, or watch us live on YouTube.

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<v Speaker 2>Let's get right to it. Ed Price joins us here

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<v Speaker 2>in studio. He's a non resident senior fellow at NYU.

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<v Speaker 2>Edward day thirty one into this war and Iran. I

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<v Speaker 2>think if you ask ten different people out there, they

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<v Speaker 2>might give you ten different reasons. What are our objectives

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<v Speaker 2>for being there? I'm not sure they were clearly articulated,

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<v Speaker 2>so that makes it maybe even more difficult to articulate

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<v Speaker 2>how we get out of there. What's your view of

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<v Speaker 2>how the warn Iran has developed over the past four weeks.

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<v Speaker 5>Thanks Paul. Well. Let me first of all start by

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<v Speaker 5>saying that I hope and pray are a service personnel

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<v Speaker 5>as safe, so I don't revel in this at all.

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<v Speaker 5>I think that the initial strikes that we carried out

0:12:35.760 --> 0:12:38.280
<v Speaker 5>on Iran were successful in the sense, like I said

0:12:38.360 --> 0:12:40.760
<v Speaker 5>last time, they are our enemies and we killed them,

0:12:40.800 --> 0:12:42.840
<v Speaker 5>and we can't forget that as a bottom line. I

0:12:42.840 --> 0:12:44.720
<v Speaker 5>think you're right now to say what is the second

0:12:44.760 --> 0:12:46.840
<v Speaker 5>phase of this war? And it does look like there's

0:12:46.840 --> 0:12:49.559
<v Speaker 5>a growing consensus that it's not being handled very well

0:12:50.000 --> 0:12:52.960
<v Speaker 5>and possibly also a mistake. And you have people august,

0:12:53.000 --> 0:12:55.079
<v Speaker 5>people like Larry Fink pointing to the price of oil,

0:12:55.120 --> 0:12:57.760
<v Speaker 5>which does seem to be the coloration point, the muster

0:12:57.800 --> 0:13:01.440
<v Speaker 5>point for those who are concerned. Paint a quick counter factual.

0:13:01.840 --> 0:13:06.600
<v Speaker 5>In February twenty twenty two, Russia attacked Ukraine. Imagine if

0:13:07.000 --> 0:13:09.360
<v Speaker 5>China had gone after Taiwan and Iran had gone after

0:13:09.440 --> 0:13:11.640
<v Speaker 5>Israel on the same day. So I know that this

0:13:11.679 --> 0:13:15.040
<v Speaker 5>war looks messy right now, but there is a counterfactual

0:13:15.240 --> 0:13:18.760
<v Speaker 5>in which our enemies overwhelm us and we lose that war.

0:13:18.840 --> 0:13:21.000
<v Speaker 5>I think that Russia and Iran are losing.

0:13:20.800 --> 0:13:24.120
<v Speaker 4>Theirs, but that didn't happen, and right now the US

0:13:24.480 --> 0:13:28.040
<v Speaker 4>is in a bit of a mess, some would say,

0:13:28.320 --> 0:13:32.760
<v Speaker 4>and Americans are rightly questioning what the objective is at

0:13:32.760 --> 0:13:36.440
<v Speaker 4>this point to pass point, How does the US resolve

0:13:36.440 --> 0:13:37.079
<v Speaker 4>this in the end?

0:13:37.640 --> 0:13:38.679
<v Speaker 3>What does victory look like?

0:13:39.320 --> 0:13:42.080
<v Speaker 5>So the obvious is the obvious answer to that is

0:13:42.080 --> 0:13:44.040
<v Speaker 5>the one that Americans don't want to hear, which is

0:13:44.080 --> 0:13:46.720
<v Speaker 5>that there'll be an escalatory ladder in which the United

0:13:46.760 --> 0:13:49.600
<v Speaker 5>States has to pour more and more resource, more and

0:13:49.600 --> 0:13:51.959
<v Speaker 5>more blood and treasure. And that means boots on the ground,

0:13:51.960 --> 0:13:56.120
<v Speaker 5>and that means regime change. That is the way Thatgion

0:13:56.360 --> 0:13:58.200
<v Speaker 5>the regime would fall, right, and that's the way the

0:13:58.240 --> 0:14:02.000
<v Speaker 5>region would be reconfigured. I'm slightly stumbling of my words

0:14:02.000 --> 0:14:04.640
<v Speaker 5>because it's a terrifying prospect even to think about that,

0:14:04.880 --> 0:14:07.720
<v Speaker 5>But that is the way that this war ends very successfully.

0:14:07.880 --> 0:14:10.320
<v Speaker 5>I would say, however, that it's not a binary between

0:14:10.360 --> 0:14:13.079
<v Speaker 5>win and loss. If the United States and Israel have

0:14:13.200 --> 0:14:16.400
<v Speaker 5>degraded the power of the Iranian regime. They're not as

0:14:16.559 --> 0:14:19.080
<v Speaker 5>powerful a player in a future confrontation. That is a

0:14:19.080 --> 0:14:20.680
<v Speaker 5>general war scenario.

0:14:20.720 --> 0:14:23.680
<v Speaker 2>So could Some people are suggesting that at some point

0:14:24.160 --> 0:14:27.360
<v Speaker 2>President Trump will look at everything that's been accomplished militarily,

0:14:27.360 --> 0:14:32.280
<v Speaker 2>which is substantial, claim victory and leave that part of

0:14:32.320 --> 0:14:34.680
<v Speaker 2>the world. Is that a scenario I think is possible,

0:14:34.680 --> 0:14:35.800
<v Speaker 2>And I'm so under what time frame?

0:14:36.400 --> 0:14:40.000
<v Speaker 5>Well, President Trump, I mean, we've spent years discussing his

0:14:40.120 --> 0:14:44.480
<v Speaker 5>mind together, and it is another terrifying prospect. I'm not

0:14:44.520 --> 0:14:46.880
<v Speaker 5>sure what he's thinking. I think that he could very

0:14:46.880 --> 0:14:49.880
<v Speaker 5>well act like a wounded tiger. At this point. He's

0:14:49.920 --> 0:14:53.120
<v Speaker 5>an elderly gentleman. He's going to be out of power,

0:14:53.160 --> 0:14:55.920
<v Speaker 5>if not office, in November, and so I think he's thinking,

0:14:55.920 --> 0:14:58.960
<v Speaker 5>this is my last chance to make a splash. And

0:14:59.000 --> 0:15:02.560
<v Speaker 5>he made very well move up that escalatory ladder simply

0:15:02.600 --> 0:15:04.680
<v Speaker 5>through vanity. It's an ugly thing to say, but I

0:15:04.680 --> 0:15:06.440
<v Speaker 5>think he might do that. That would be my bet.

0:15:07.000 --> 0:15:09.120
<v Speaker 5>But again, he might get distracted by something else. I mean,

0:15:09.400 --> 0:15:13.520
<v Speaker 5>Rubio was talking about Cuba, and Trump is always thinking

0:15:13.560 --> 0:15:16.520
<v Speaker 5>about things like ballrooms. So there's another sort of ADHD

0:15:16.600 --> 0:15:18.760
<v Speaker 5>scenario here where he just loses interest.

0:15:19.000 --> 0:15:20.240
<v Speaker 3>What about oil prices?

0:15:20.560 --> 0:15:23.600
<v Speaker 4>We see oil prices surge and they're up I think

0:15:23.680 --> 0:15:26.720
<v Speaker 4>ninety percent so far since the start of the war.

0:15:28.960 --> 0:15:29.600
<v Speaker 3>How does this go?

0:15:29.680 --> 0:15:32.760
<v Speaker 4>I mean, even if the US decides to come up

0:15:32.800 --> 0:15:35.320
<v Speaker 4>with a definition for victory and retreat in any way

0:15:35.440 --> 0:15:38.560
<v Speaker 4>or wind things down and Trump says we got what

0:15:38.600 --> 0:15:41.560
<v Speaker 4>we wanted. If oil prices stay elevated because Iran controls

0:15:41.560 --> 0:15:43.920
<v Speaker 4>the seriit of horror moves, how does that shake out

0:15:44.000 --> 0:15:47.520
<v Speaker 4>for not just the global economy, but for geopolitics, for

0:15:47.600 --> 0:15:51.720
<v Speaker 4>who's got leverage, who doesn't bad for the economy.

0:15:52.160 --> 0:15:54.520
<v Speaker 5>JPM Morgan just released an excellent report which is kind

0:15:54.560 --> 0:15:57.640
<v Speaker 5>of like a doomsday scenario if oil gets anywhere near

0:15:57.640 --> 0:16:00.200
<v Speaker 5>one hundred and fifty hundred and eighty. But it's so

0:16:00.240 --> 0:16:02.480
<v Speaker 5>bad for China. So we talk a lot about how

0:16:02.520 --> 0:16:04.760
<v Speaker 5>this is good for Russia because their oil revenue is

0:16:04.800 --> 0:16:07.120
<v Speaker 5>funding their war in Ukraine. I imagine that's true at

0:16:07.200 --> 0:16:09.520
<v Speaker 5>least in the short term. But China gets a lot

0:16:09.560 --> 0:16:11.280
<v Speaker 5>of its oil, a lot of its energy out of

0:16:11.280 --> 0:16:14.720
<v Speaker 5>that area. And so one scenario is that China decides, look,

0:16:14.800 --> 0:16:17.600
<v Speaker 5>enough is enough and communicates with the Americans to try

0:16:17.600 --> 0:16:20.000
<v Speaker 5>and wind this thing up. It's also not in European interests,

0:16:20.280 --> 0:16:22.920
<v Speaker 5>so I'm always cautious of what I think about is

0:16:22.920 --> 0:16:28.280
<v Speaker 5>the financialization of geopolitics and strategy. Yes, the economists are

0:16:28.360 --> 0:16:30.200
<v Speaker 5>right to warn us about the price of oil, but

0:16:30.240 --> 0:16:32.240
<v Speaker 5>I think that's an independent variable. I think the most

0:16:32.280 --> 0:16:35.720
<v Speaker 5>important thing is Western security. And at the end of

0:16:35.760 --> 0:16:37.880
<v Speaker 5>the day, like I say, the Iranians have been at

0:16:37.880 --> 0:16:40.520
<v Speaker 5>war with US for effectively fifty years, and now we're

0:16:40.520 --> 0:16:41.080
<v Speaker 5>fighting back.

0:16:42.120 --> 0:16:46.680
<v Speaker 2>So if the US, if President Trump were to claim

0:16:46.760 --> 0:16:50.280
<v Speaker 2>victory and cease operations, is it a fair assumption that

0:16:50.400 --> 0:16:51.640
<v Speaker 2>Israel will follow our lead.

0:16:52.240 --> 0:16:56.000
<v Speaker 5>I have absolutely no idea. I don't think Israel follows

0:16:56.040 --> 0:16:59.640
<v Speaker 5>anybody's marching orders. If anything, we've followed theirs to some

0:16:59.680 --> 0:17:02.760
<v Speaker 5>extent in the timing and nature of this operation. I

0:17:02.760 --> 0:17:05.600
<v Speaker 5>don't think that's necessarily a bad thing, because Israel is

0:17:05.640 --> 0:17:08.040
<v Speaker 5>a foundation or ally of the United States and of

0:17:08.040 --> 0:17:11.280
<v Speaker 5>the West, and is effectively fighting people in that region

0:17:11.280 --> 0:17:14.359
<v Speaker 5>that would otherwise be in Europe or in the United States.

0:17:14.400 --> 0:17:18.600
<v Speaker 5>It's that simple. But I am not an analyst of Israel,

0:17:18.760 --> 0:17:20.879
<v Speaker 5>and I would defy anyone who claims they are to

0:17:21.280 --> 0:17:22.680
<v Speaker 5>guess at the next move. I mean, look at the

0:17:22.720 --> 0:17:26.359
<v Speaker 5>pager thing. Nobody saw that kind of behavior coming. So

0:17:27.000 --> 0:17:27.440
<v Speaker 5>no idea.

0:17:28.200 --> 0:17:29.080
<v Speaker 3>What are you thinking?

0:17:29.240 --> 0:17:32.480
<v Speaker 4>How are you preparing yourself, bracing yourself for what could come?

0:17:32.640 --> 0:17:36.160
<v Speaker 3>What's on your mind? As we as we enter into

0:17:36.200 --> 0:17:37.520
<v Speaker 3>the second month of this war.

0:17:39.280 --> 0:17:43.960
<v Speaker 5>We are struggling to describe World War three. Gary Kasparov

0:17:44.000 --> 0:17:46.000
<v Speaker 5>calls it world War four because the Russians think of

0:17:46.119 --> 0:17:48.400
<v Speaker 5>World War three has been the Cold War. I've called

0:17:48.440 --> 0:17:51.439
<v Speaker 5>it the Central War Ukraine and Iran's word war. But

0:17:51.520 --> 0:17:55.000
<v Speaker 5>this is a global conflict. It only gets worse, it

0:17:55.040 --> 0:17:58.560
<v Speaker 5>only gets bigger. And that's why, with that very zoomed

0:17:58.560 --> 0:18:01.040
<v Speaker 5>out lens, I look at what's going on in Iran

0:18:01.200 --> 0:18:04.200
<v Speaker 5>and think, on balance, this is the thing to do. Again,

0:18:04.359 --> 0:18:06.840
<v Speaker 5>I repeat myself, If we had waited, if we had

0:18:06.880 --> 0:18:09.399
<v Speaker 5>just sat in that boiling water like a frog and

0:18:09.440 --> 0:18:12.920
<v Speaker 5>waited for a much more coordinated attack through these three powers,

0:18:13.080 --> 0:18:15.280
<v Speaker 5>we could have been overwhelmed and morale could have been broken.

0:18:15.920 --> 0:18:18.720
<v Speaker 5>All credit to the president. I'm a massive critic of his,

0:18:19.240 --> 0:18:21.520
<v Speaker 5>but he is crazy enough to see a bad guy

0:18:21.560 --> 0:18:22.600
<v Speaker 5>and do something about it.

0:18:23.600 --> 0:18:28.240
<v Speaker 2>So again, what are the oar firstwhile airline allies around

0:18:28.280 --> 0:18:28.600
<v Speaker 2>the world.

0:18:28.600 --> 0:18:29.320
<v Speaker 8>What are they saying.

0:18:29.560 --> 0:18:32.480
<v Speaker 2>The only sense that they're saying, Okay, we're really getting

0:18:32.520 --> 0:18:35.040
<v Speaker 2>hurt by this energy situation more than you, the United States,

0:18:35.080 --> 0:18:37.959
<v Speaker 2>because you're net exporter of oil. Do you think that

0:18:37.960 --> 0:18:39.600
<v Speaker 2>pressure has any bearing at all.

0:18:39.720 --> 0:18:41.880
<v Speaker 5>I don't think that the president is subject to any

0:18:41.880 --> 0:18:45.560
<v Speaker 5>pressure of any kind. But the Germans are seriously rearming,

0:18:45.680 --> 0:18:47.480
<v Speaker 5>and they're talking about a war with Russia in the

0:18:47.520 --> 0:18:48.000
<v Speaker 5>near future.

0:18:48.920 --> 0:18:53.600
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