WEBVTT - Oracle to Recreate TikTok’s Algorithm in the US 0:00:02.520 --> 0:00:12.760 Bloomberg Audio Studios, podcasts, radio news. Bloomberg Tech is alive 0:00:12.760 --> 0:00:16.560 from coast to coast, with Caroline Hide in New York 0:00:16.880 --> 0:00:18.799 and Eva Low in Sent Francisco. 0:00:22.760 --> 0:00:24.400 This is Bloomberg Tech coming up. 0:00:24.440 --> 0:00:27.280 The US government will not take a stake in TikTok, 0:00:27.440 --> 0:00:30.360 but a deal with US investors is close, with Oracle 0:00:30.480 --> 0:00:34.560 powering the tech as the cloud computing company shuffles its CEOs, 0:00:34.760 --> 0:00:35.159 plus T. 0:00:35.280 --> 0:00:38.120 Mobile announcers and changing its leadership too. We sit down 0:00:38.120 --> 0:00:41.520 with the CEO, Mike Siebert and his successor, sereny Go Polan, 0:00:42.320 --> 0:00:42.519 and the. 0:00:42.520 --> 0:00:45.920 Trump administration plans to raise the H one B application 0:00:46.080 --> 0:00:49.479 fee to one hundred thousand dollars. We'll discuss the implications 0:00:49.520 --> 0:00:52.080 for workers in the tech industry, but for. 0:00:52.120 --> 0:00:54.600 Now, we look at the broader market said, and we 0:00:54.680 --> 0:00:57.000 turn a tide. We actually push back into the greens, 0:00:57.120 --> 0:00:58.960 a new record high for announced that one hundred and 0:00:58.960 --> 0:01:01.760 twenty seventh record hi for the S and P five hundred. 0:01:01.880 --> 0:01:04.720 Even though we started today in the red, so sentiment 0:01:04.840 --> 0:01:07.280 whipsawing little as we look ahead to federal reserves speak 0:01:07.319 --> 0:01:10.120 this week, inflation data as well, but the sentiment is 0:01:10.120 --> 0:01:11.840 sourd and crypto We're going to get into that a 0:01:11.880 --> 0:01:13.360 little bit more in the show progresses. 0:01:13.360 --> 0:01:15.880 We're down two percent on Bitcoin, even more on e 0:01:16.240 --> 0:01:17.080 What are you looking at? 0:01:17.680 --> 0:01:19.920 Okay, I'm going to Oracle as our big mover and 0:01:19.959 --> 0:01:21.400 our top story being TikTok. 0:01:21.440 --> 0:01:23.360 We're up three percent in the session, but. 0:01:23.360 --> 0:01:25.440 As you can see over the course of last week 0:01:25.680 --> 0:01:28.440 and this morning session, a lot of movement in Oracle 0:01:28.440 --> 0:01:31.240 that's pushed towards record highs. We now have a better 0:01:31.360 --> 0:01:35.039 understanding from the White House on the proposed technology structure 0:01:35.080 --> 0:01:37.480 for a TikTok deal in the US and the investors 0:01:37.480 --> 0:01:39.560 behind it, and it is Oracle at the harder that. 0:01:40.040 --> 0:01:42.600 We also learned this morning that Oracle is going to 0:01:42.640 --> 0:01:45.240 have two new co CEOs and then just a little 0:01:45.240 --> 0:01:47.120 bit of carrow. We're going to get more details on that. 0:01:47.200 --> 0:01:49.800 Let's start with TikTok. More details are coming out on 0:01:49.840 --> 0:01:53.000 the deal taking shape to sell TikTok to a consortium 0:01:53.000 --> 0:01:56.680 of American investors. US officials say they're confident China has 0:01:56.720 --> 0:02:00.320 approved the deal, under which Oracle would recreate and then 0:02:00.360 --> 0:02:04.080 provide security for a new US version of TikTok's algorithm. 0:02:04.280 --> 0:02:04.720 Bloombers. 0:02:04.760 --> 0:02:07.400 Kat Wagner who covers TikTok for US joints. The more 0:02:07.680 --> 0:02:09.360 there have been a lot of headlines this morning. What 0:02:09.400 --> 0:02:11.919 do we need to know about the status of TikTok 0:02:11.919 --> 0:02:12.880 in the United States? 0:02:14.400 --> 0:02:16.760 Well, I think you pointed out the algorithm has been 0:02:16.880 --> 0:02:19.920 a key sort of sticking point in this entire process 0:02:20.000 --> 0:02:24.639 because under US law, byte Dance, the owner of TikTok, 0:02:24.680 --> 0:02:27.000 is not allowed to have any say in the algorithm 0:02:27.080 --> 0:02:30.040 or the technology of this new US version, and Chinese 0:02:30.080 --> 0:02:33.160 law says you can't export this valuable technology. So it 0:02:33.200 --> 0:02:36.520 seems that they figured out some type of workaround where Oracle, 0:02:36.560 --> 0:02:39.440 as you mentioned, in this group of US investors will 0:02:39.560 --> 0:02:43.640 license the algorithm from Byteedance for a short time while 0:02:43.639 --> 0:02:47.519 they essentially recreate it and make it a brand new version, 0:02:47.560 --> 0:02:50.640 a brand new algorithm that's US trained, in US controlled, 0:02:50.960 --> 0:02:53.919 and then that will be what powers this new US 0:02:54.000 --> 0:02:56.160 version of TikTok. But again, this is all sort of 0:02:56.160 --> 0:02:59.880 a very unique, one of a kind deal, and so 0:03:00.000 --> 0:03:03.160 so while the framework has been announced, we are still 0:03:03.160 --> 0:03:08.320 waiting on formal approvals of this deal from leaders in Beijing. 0:03:08.680 --> 0:03:11.160 Yeah, and President Trump saying that she has approved the 0:03:11.160 --> 0:03:14.160 TikTok deal. They just have to get it signed, Kirt, 0:03:14.240 --> 0:03:17.640 There's still so many more questions. Indeed, who are the 0:03:17.760 --> 0:03:20.239 US participants, Who are the people who are going to 0:03:20.280 --> 0:03:22.440 control There are new names being thrown in the ring 0:03:22.560 --> 0:03:24.280 by the President of the course of the weekend. 0:03:25.680 --> 0:03:27.839 Yeah, so we know about Oracle of course, as being 0:03:28.040 --> 0:03:32.080 sort of the most notable name in this consortium. Silver 0:03:32.200 --> 0:03:35.240 Lake Partners was another that was I believe unveiled today. 0:03:35.320 --> 0:03:38.800 We had previously reported that andreesent Horowitz, the venture capital firm, 0:03:38.880 --> 0:03:40.920 we have reported at Bloomberg that they are going to 0:03:40.920 --> 0:03:43.480 be involved, But it sounds like it might still be 0:03:43.600 --> 0:03:46.840 sort of taking shape a little bit here. And you know, Carolina, 0:03:46.880 --> 0:03:50.680 as we mentioned this, just because the President says, hey, 0:03:50.720 --> 0:03:52.960 we have a deal and it will be signed. This 0:03:53.000 --> 0:03:56.960 has been such a contentious issue, contentious deal over many 0:03:57.000 --> 0:03:59.920 many years at this point that I think until everyone 0:04:00.080 --> 0:04:02.200 truly signs on the dotted line, we have to assume 0:04:02.240 --> 0:04:04.600 this is still being sort of negotiated and worked out 0:04:04.880 --> 0:04:07.000 in real time. So it seems we're the closest we've 0:04:07.040 --> 0:04:10.760 ever been. But again, until that deal is formally formally signed, 0:04:10.760 --> 0:04:12.680 I think we have to assume things are still moving 0:04:12.720 --> 0:04:13.360 a little bit. 0:04:13.400 --> 0:04:16.640 Bluemos, Kat Wagner, we thank you for the latest. Let's 0:04:16.680 --> 0:04:18.720 stick with one of the key players in the TikTok story, 0:04:18.720 --> 0:04:21.400 and it's Oracle, because the company has also just announced 0:04:21.520 --> 0:04:24.920 that its promoted Claim mcgork Mike Cecilia to the roles 0:04:24.920 --> 0:04:28.000 of co CEOs, replacing Saffrakatz, who has led the company 0:04:28.040 --> 0:04:31.240 since twenty fourteen and moves onto a board role. Let's 0:04:31.240 --> 0:04:34.240 bring in Bloomberg's Brody Ford, who covers Oracle, and it 0:04:34.360 --> 0:04:35.799 is a big change at the top. 0:04:37.720 --> 0:04:38.520 It is right. 0:04:38.600 --> 0:04:41.080 Saffra Katz has been one of the faces of Oracle 0:04:41.200 --> 0:04:45.600 for about a decade now, and folks familiar with Oracle's 0:04:45.600 --> 0:04:48.880 cloud business, which has become so important. Well, no, Claim 0:04:48.920 --> 0:04:52.080 mcgor k has led that unit for a while. The 0:04:52.200 --> 0:04:55.080 fact that he is being elevated in this way maybe 0:04:55.240 --> 0:04:59.320 isn't a shocker. The timing is they were both promoted 0:05:00.160 --> 0:05:04.040 Clay and Mike to president in June. Now all of 0:05:04.080 --> 0:05:06.800 a sudden they're becoming CEOs and so it's been a 0:05:06.800 --> 0:05:08.320 busy couple of months at Oracle. 0:05:09.640 --> 0:05:11.960 If you speak to anyone that's involved in this massive 0:05:12.000 --> 0:05:15.000 AI infrastructure build out right now, Clay's name comes up 0:05:15.080 --> 0:05:17.839 quite a lot. I was interested in reading your story 0:05:17.880 --> 0:05:21.159 that they are co CEOs, but the comp is different 0:05:21.560 --> 0:05:22.560 between the two of them. 0:05:22.600 --> 0:05:25.760 Can you just explain that a bit, Bradie, Right. 0:05:25.600 --> 0:05:28.320 They're co CEOs, they have the same title, but one 0:05:28.360 --> 0:05:30.080 of them is going to make one hundred and fifty 0:05:30.120 --> 0:05:33.719 million more in stock awards, and so that doesn't exactly 0:05:33.760 --> 0:05:34.560 sound equal to me. 0:05:35.000 --> 0:05:35.200 Right. 0:05:35.360 --> 0:05:37.840 What we know about Oracle right now is that the 0:05:37.839 --> 0:05:41.800 cloud infrastructure business is set to become their largest business 0:05:41.839 --> 0:05:45.279 by an incredible margin, and so the person who leads 0:05:45.320 --> 0:05:49.039 that unit is about to make significantly more money. Folks 0:05:49.120 --> 0:05:52.000 inside the company describe the dynamic to me as Clay 0:05:52.120 --> 0:05:54.760 is a kind of run through a brick wall to 0:05:54.800 --> 0:05:58.240 get something done engineering leader, whereas Mike Cecilia is more 0:05:58.240 --> 0:06:01.040 of the adult in the room. Any Ways, it mirrors 0:06:01.040 --> 0:06:04.760 a dynamic that Larry Ellison and Saffracats have had for years. 0:06:05.360 --> 0:06:09.159 It's interesting that Clay has got a board level as well, 0:06:09.240 --> 0:06:13.360 whereas and has for time, whereas perhaps Mike hasn't brody. 0:06:13.560 --> 0:06:16.240 It's notable that Suffracatz is still going to be there, 0:06:16.320 --> 0:06:18.560 and you also put the context in your story that 0:06:18.600 --> 0:06:22.560 she wasn't always totally behind the pivot towards data center 0:06:22.640 --> 0:06:24.280 is the pivot towards cloud offering. 0:06:25.560 --> 0:06:29.080 Absolutely. She was in the earlier days of cloud a 0:06:29.080 --> 0:06:31.159 little skeptical, right. I mean, she came up in the 0:06:31.200 --> 0:06:35.040 era where they were selling databases on prem for you know, 0:06:35.240 --> 0:06:37.200 margins that are some of the highest you can get 0:06:37.240 --> 0:06:40.560 on any product, and then comes data center infrastructure, where 0:06:40.560 --> 0:06:43.960 you're making pretty low gross margins and putting up billions 0:06:43.960 --> 0:06:46.839 at the forefront. She was a little anxious about this, 0:06:47.120 --> 0:06:51.360 and so as Oracle makes that their main business, it's 0:06:51.440 --> 0:06:53.440 not a shocker to me that we see a changing 0:06:53.480 --> 0:06:53.960 of the guard. 0:06:54.800 --> 0:06:55.640 Brady, real quick. 0:06:55.680 --> 0:06:59.600 You broke the story Friday that Oracles netted a deal 0:06:59.680 --> 0:07:02.000 with Meta, and I think, as you put it on air, 0:07:02.360 --> 0:07:06.039 Larry Ellison can't stop winning, right. 0:07:06.120 --> 0:07:08.720 Well, we all know that Oracle had this massive deal 0:07:08.760 --> 0:07:11.880 with open Ai, and the worry was that are they 0:07:11.920 --> 0:07:13.720 going to be a one trick pony? Are they going 0:07:13.760 --> 0:07:17.520 to have really bad customer concentration. We broke on Friday 0:07:17.520 --> 0:07:20.400 that they have another twenty billion deal with Meta seemingly 0:07:20.400 --> 0:07:24.040 coming down the pipeline, and so it shows that Oracle 0:07:24.160 --> 0:07:26.880 is seriously being taken as a provider of this kind 0:07:26.880 --> 0:07:28.040 of AI infrastructure. 0:07:29.040 --> 0:07:31.200 And a quick note that I'm now saying Mike Cecilia 0:07:31.240 --> 0:07:33.960 on the board as well as Clay, so both taking 0:07:34.040 --> 0:07:34.840 exciting roles. 0:07:34.880 --> 0:07:36.000 We really appreciate it. 0:07:36.320 --> 0:07:40.160 Ed Yeah, management Mayhem Monday, a lot of fun coming up. 0:07:40.240 --> 0:07:42.960 T Mobile announces a change in leadership as well with 0:07:43.160 --> 0:07:45.320 Mike see if it set to depart the CEO role. 0:07:45.360 --> 0:07:48.720 We speak with Mike and the successor, Shrini Gopalan, that's 0:07:48.720 --> 0:07:49.320 coming up next. 0:07:49.320 --> 0:07:51.440 You do not want to miss this conversation. This is 0:07:51.440 --> 0:07:52.160 bloombag Tech. 0:07:56.760 --> 0:07:59.360 T Mobile has announced that Mike's SAE it is set 0:07:59.400 --> 0:08:01.800 to transition away from as well as CEO well to 0:08:01.840 --> 0:08:05.280 stem a newly created vice chair management position set to 0:08:05.320 --> 0:08:08.440 take over as CEO November. The first is Strenie Goplan, 0:08:08.640 --> 0:08:12.040 Tmobile's current COO, and please to say they welcome us 0:08:12.440 --> 0:08:16.080 here in the studio both for Bloomberg's radio and TV audiences. 0:08:16.240 --> 0:08:18.560 Might I start with you, why is now the right 0:08:18.600 --> 0:08:20.760 time for you to hand over the reins in this way? 0:08:21.040 --> 0:08:24.600 Because Serenie's ready. You know, T mobile does it differently. 0:08:24.600 --> 0:08:28.360 We believe in thoughtful succession. I recruited Sereni to the 0:08:28.360 --> 0:08:32.080 COO position almost a year ago, and he has killed it, 0:08:32.240 --> 0:08:35.240 and he has an incredibly inspiring vision for the future. 0:08:35.559 --> 0:08:38.520 And I also wanted to pick a moment when the company. 0:08:38.280 --> 0:08:40.640 Is firing on all cylinders, because I think you should 0:08:40.640 --> 0:08:44.559 do succession amidst success. And so we picked our moment 0:08:44.600 --> 0:08:47.440 because Serenie's ready. He's the person to lead us into 0:08:47.440 --> 0:08:50.200 the future. And the company has put wind in his 0:08:50.320 --> 0:08:53.240 sales so that the team can continue to deliver outsize 0:08:53.240 --> 0:08:54.320 success going forward. 0:08:54.440 --> 0:08:57.640 And SERENI, Okay, the vision, the exciting vision for the future. 0:08:57.679 --> 0:08:59.440 How much is that about five or how much is 0:08:59.440 --> 0:09:02.280 that about the the real expertise you have in a 0:09:02.360 --> 0:09:03.959 more mature market having built that. 0:09:03.880 --> 0:09:04.920 With dewicha telecom. 0:09:05.320 --> 0:09:07.360 Look, when I look back up my career over the 0:09:07.400 --> 0:09:09.840 last thirty years, it feels like I've been preparing for 0:09:09.880 --> 0:09:12.800 this day acause what I've done over the last thirty 0:09:12.880 --> 0:09:17.839 years is really developed some real expertise at driving technology 0:09:17.920 --> 0:09:22.880 driven transformation, whether that's digital data, AI, fiber and networks. 0:09:23.120 --> 0:09:25.240 And that's really what the next stage of growth at 0:09:25.240 --> 0:09:26.640 T Mobile is going to be. It's going to be 0:09:26.640 --> 0:09:32.040 about bringing together this incredible culture, brand, everything that Mike's built, 0:09:32.080 --> 0:09:36.160 the great value we stand for together with amazing technology, 0:09:36.200 --> 0:09:38.840 making it easy for customers to do stuff, giving them 0:09:38.880 --> 0:09:42.160 a great experience, and America's best network. So there are 0:09:42.200 --> 0:09:44.400 no trade offs. You get all of that together at 0:09:44.440 --> 0:09:44.920 the same time. 0:09:44.920 --> 0:09:49.160 At T Mobile, Shaney, I'll start with you if I may. 0:09:49.360 --> 0:09:52.400 You know, in any life cycle of a company, there 0:09:52.440 --> 0:09:54.520 comes a point where it's just more mature, right, there's 0:09:54.720 --> 0:09:57.280 this corporate s curve, And so I think it's a 0:09:57.320 --> 0:09:59.680 really sensible place to start by asking you what you're 0:09:59.679 --> 0:10:03.079 going to do differently from Mike, given that the company 0:10:03.120 --> 0:10:05.600 is in a different stage to what it was over 0:10:05.640 --> 0:10:08.080 the period that might let it look. 0:10:08.120 --> 0:10:10.560 At T Mobile, we don't believe in kind of sitting 0:10:10.559 --> 0:10:12.880 on our hands and kind of waiting to see how 0:10:12.920 --> 0:10:16.520 the industry evolves. We define the industry. We define how 0:10:16.559 --> 0:10:19.360 this goes forward. Mike and the team have already been 0:10:19.400 --> 0:10:21.720 talking a lot about the transformation we want to drive 0:10:22.000 --> 0:10:26.520 about bringing America's best network together with great value, not 0:10:26.679 --> 0:10:30.800 just that taking the technology we have available today across AI, 0:10:31.160 --> 0:10:35.400 across our digital footprint, and building the best experience for 0:10:35.520 --> 0:10:38.520 T Mobile customers. So what you should expect is a 0:10:38.559 --> 0:10:42.880 lot of continuation of changing the industry for the good 0:10:42.880 --> 0:10:46.040 of the customer, and that means a continual transformation. So 0:10:46.120 --> 0:10:48.800 this is not a business that likes sort of sitting 0:10:48.840 --> 0:10:51.560 steady and kind of watching the dividends and growth come in. 0:10:51.880 --> 0:10:54.440 We're there to change the life of our customers, to 0:10:54.559 --> 0:10:56.880 change this industry for the better, and you should expect 0:10:56.920 --> 0:10:57.920 to see a lot more of that. 0:10:59.040 --> 0:10:59.240 Mike. 0:10:59.280 --> 0:11:01.880 When I was reading up on a shrine ahead of 0:11:01.920 --> 0:11:04.000 our conversation at Apple a couple of weeks ago, I 0:11:04.000 --> 0:11:06.800 didn't know that this was going to happen. But you know, 0:11:06.840 --> 0:11:09.280 there's a lot of focuses on his time in Europe. 0:11:09.480 --> 0:11:11.520 How much was that a big factor for you, because 0:11:11.520 --> 0:11:13.960 again it's a different market there in Europe to hear 0:11:14.000 --> 0:11:14.959 in the United States. 0:11:15.320 --> 0:11:17.360 Well, what was a factor for me was just what 0:11:17.480 --> 0:11:20.920 kind of an executive he is. Streeney is tenacious, he 0:11:21.200 --> 0:11:24.840 is hard charging, he is competitive, he's customer loving, and 0:11:24.880 --> 0:11:27.600 he attracts talent and he's got a vision for the 0:11:27.640 --> 0:11:29.760 future of our company that's exciting. So I've known this 0:11:29.840 --> 0:11:32.000 for years because we've been friends for a long time, 0:11:32.040 --> 0:11:33.880 we've been co workers on the board of directors of 0:11:33.920 --> 0:11:36.280 T Mobile. I've seen how he thinks, and so a 0:11:36.360 --> 0:11:38.720 year ago I convinced him to give all that europe 0:11:38.840 --> 0:11:41.120 stuff up and come to the US as our chief 0:11:41.120 --> 0:11:44.559 operating officer, very much with this day in mind, because 0:11:44.640 --> 0:11:46.360 I knew he was the right person to lead the 0:11:46.400 --> 0:11:47.439 company into the future. 0:11:48.080 --> 0:11:50.440 You've been bold, For example, Mike, I think of you 0:11:50.559 --> 0:11:52.760 being the first one to strike that deal with Starling, 0:11:52.800 --> 0:11:55.840 to think about director device satellite communication going forward. 0:11:56.520 --> 0:11:59.760 Just how is that partnership given you a competitive edge? 0:12:00.280 --> 0:12:01.760 Are you seeing people come on board because of the 0:12:01.840 --> 0:12:02.480 changes you made? 0:12:02.559 --> 0:12:02.719 Well? 0:12:02.760 --> 0:12:05.200 T Mobiles an innovator, you know, not just direct to sell. 0:12:05.240 --> 0:12:08.600 With Starlink, we created the home broadband five G category, 0:12:08.640 --> 0:12:12.080 which millions of people benefit from nationwide. We continue, as 0:12:12.080 --> 0:12:15.560 Srina was saying, to redefine what it means to compete 0:12:15.600 --> 0:12:18.800 in this category and then watch while everybody follows. That's 0:12:18.800 --> 0:12:22.640 why we're the world's most successful telecommunications company. So look 0:12:22.679 --> 0:12:24.800 on the on the T satellite. I mean, it's just 0:12:24.840 --> 0:12:27.880 been fantastic. Our dream when I announced that with Elon 0:12:28.000 --> 0:12:31.800 back in twenty twenty two, was to end dead zones, 0:12:32.240 --> 0:12:35.560 the end of dead zones, and today T Mobile customers 0:12:35.600 --> 0:12:38.200 can connect to six hundred satellites, the only one that 0:12:38.240 --> 0:12:42.160 connects your phone automatically if you fall off a terrestrial network, 0:12:42.360 --> 0:12:43.559 but soony for. 0:12:43.559 --> 0:12:46.160 Example, on first one or to do list might be 0:12:46.240 --> 0:12:49.400 the boost mobile is going to have potential offering because 0:12:49.400 --> 0:12:51.960 of the new spectrum that Elon Then's got with Starlink. 0:12:52.160 --> 0:12:56.120 How do you can consider the future evolution of direct 0:12:56.120 --> 0:12:59.199 to consumer satellite. 0:12:59.400 --> 0:13:01.960 When we start off with this vision of putting an 0:13:02.080 --> 0:13:04.719 end to dead zones, right, that's what we were going for. 0:13:05.080 --> 0:13:09.600 We're delighted that Starlink has now acquired more spectrum makes 0:13:09.640 --> 0:13:12.000 the service even better. Together, what we want to do 0:13:12.120 --> 0:13:14.480 is live true to that mission of putting an end 0:13:14.520 --> 0:13:17.360 to dead zones. As far as the competitive world is concerned, 0:13:17.400 --> 0:13:20.640 we love competition. We love switching. I mean we've always 0:13:20.679 --> 0:13:23.240 sweed as said this, the more jumpalls the better because 0:13:23.280 --> 0:13:26.040 there's only one place that you can get the best network, 0:13:26.120 --> 0:13:30.559 best value, and best experience. So we love competition. Anything 0:13:30.600 --> 0:13:32.559 that stimulates even more switching is a good thing. 0:13:33.800 --> 0:13:34.160 Shiny. 0:13:34.600 --> 0:13:36.800 A lot of questions that we get from the audience director, 0:13:36.840 --> 0:13:39.480 you are about fiber and so I would summarize T 0:13:39.600 --> 0:13:42.280 mobile strategy today little tiny pieces of M and A. 0:13:43.200 --> 0:13:45.080 How are you going to approach that going forward? You're 0:13:45.120 --> 0:13:46.600 just going to build this out yourself. 0:13:47.960 --> 0:13:50.640 Look, when we approach a new business, right, we approach 0:13:50.679 --> 0:13:54.200 it with a mix of conviction and humility. We're convinced 0:13:54.320 --> 0:13:57.959 that our brand, the distribution we bring, what we stand for, 0:13:58.200 --> 0:14:01.360 our culture of kind of smashing through customer pain points 0:14:01.559 --> 0:14:06.040 and really attacking incumbents is equally applicable to fiber as 0:14:06.040 --> 0:14:08.800 it was to fixed swiless. We're also humble enough to 0:14:08.840 --> 0:14:11.520 realize that we don't have a set of capabilities like 0:14:12.080 --> 0:14:14.760 local zoning and permitting, and we partner for that. And 0:14:14.800 --> 0:14:18.160 that's the logic for the JVS. The vision for fiber 0:14:18.360 --> 0:14:20.640 is not small. I think we've clearly showed our hand. 0:14:21.040 --> 0:14:24.240 We like being first to fiber, we like being a 0:14:24.280 --> 0:14:27.480 pure play fiber player, and we will continue to scale 0:14:27.520 --> 0:14:30.960 that business. On the acquisition questions, we'll see what's available. 0:14:31.160 --> 0:14:34.240 We'll take a hard nose look allocate capital well. But 0:14:34.320 --> 0:14:36.600 we do like a pure play fiber business and we 0:14:36.760 --> 0:14:38.720 think there's a lot of scale possible for that. 0:14:38.840 --> 0:14:41.960 And ED just remember that we're the leading broadband growth 0:14:42.000 --> 0:14:45.240 company in America even before the fiber pieces that you're 0:14:45.240 --> 0:14:47.840 now asking about, because five G broadband has become a 0:14:47.880 --> 0:14:51.720 phenomenon and overall, T Mobile has led broadband growth in 0:14:51.760 --> 0:14:55.040 this company, in this country for thirteen quarters in a row. 0:14:55.240 --> 0:14:57.360 And in a SMA matter of a few years. We're 0:14:57.400 --> 0:14:59.920 now three years, We're now the fifth largest is Spen 0:15:00.120 --> 0:15:01.640 country from a standing star. 0:15:01.800 --> 0:15:04.200 Hey gents, you make a good double act, but we're 0:15:04.200 --> 0:15:06.000 short on time. So Mike, I'm going to ask my 0:15:06.080 --> 0:15:09.480 final question to you. You're still in the role till November, 0:15:09.520 --> 0:15:11.200 first critical period of. 0:15:11.200 --> 0:15:13.080 The year for handset sales. 0:15:13.320 --> 0:15:17.000 What's the data telling you early about iPhone seventeen. What 0:15:17.120 --> 0:15:19.160 is going to do for T Mobile the behaviors of 0:15:19.200 --> 0:15:21.040 your existing in new customers. 0:15:21.240 --> 0:15:23.440 Well, it's only been three days, but we're killing it. 0:15:24.360 --> 0:15:26.440 You know, last year we had an all time record 0:15:26.520 --> 0:15:30.960 new iPhone introduction. This year we're beating that by double digits, 0:15:31.000 --> 0:15:34.120 and not just in terms of activating phones for our customers, 0:15:34.120 --> 0:15:37.720 but in terms of switchers, switchers to T Mobile who 0:15:37.800 --> 0:15:39.480 are coming at the moment that they get a new 0:15:39.480 --> 0:15:44.680 iPhone also up double digits this this this weekend. And 0:15:44.720 --> 0:15:47.480 so you know, we've had a great launch, and you know, 0:15:47.680 --> 0:15:50.160 a new phone is a great time for Americans to 0:15:50.160 --> 0:15:53.600 ask themselves do they have the right provider switches. 0:15:53.640 --> 0:15:55.240 What was the call that Shriney made when we spoke 0:15:55.240 --> 0:15:57.160 at Apple a couple of weeks ago, Mike Siebert, Tim 0:15:57.200 --> 0:16:00.000 Moo's outgoing CEO, Shriny Gopalan incoming. 0:16:00.400 --> 0:16:02.200 Just terrific conversation. Thank you to you. 0:16:02.240 --> 0:16:10.600 Both stock markets push higher, but let's focus on crypto 0:16:10.680 --> 0:16:14.040 because we're actually seeing a draw down significantly. We've seen 0:16:14.040 --> 0:16:16.960 about one and a half billion dollars in bullish wages. 0:16:17.000 --> 0:16:21.280 Those bullish bets have iniquidated on Monday, particularly across Eve, 0:16:21.360 --> 0:16:23.360 we saw it falling the hardest, nearly half a billion 0:16:23.360 --> 0:16:25.920 dollars worth of leverage a long positions. We understand pulled 0:16:25.920 --> 0:16:29.520 out of that second largest token, But is this a 0:16:29.560 --> 0:16:31.280 sign of just the changing of the guard. Are we 0:16:31.440 --> 0:16:35.640 questioning some of those theories around digital asset treasuries in particular? 0:16:35.920 --> 0:16:37.440 Now a we just taking some money off the table. 0:16:37.600 --> 0:16:41.720 Edd Let's get more on the broader markets, particularly on tech. 0:16:41.840 --> 0:16:44.480 Eric Bailey, wealth manager at Stewart Partners, and I find 0:16:44.520 --> 0:16:47.440 what Caroline was outlining there really interesting because right now 0:16:47.800 --> 0:16:49.520 you can either pick out that data set, you can 0:16:49.520 --> 0:16:52.320 say that equity markets continue to push records or hold 0:16:52.360 --> 0:16:55.320 at records. Do you have a summary of what the 0:16:55.440 --> 0:16:57.280 sentiment in the market is right now. 0:16:57.240 --> 0:17:02.520 Eric, Yeah, thanks having me. Clearly, the risk trade is on. 0:17:02.600 --> 0:17:06.760 Investors are taking risk and we've really seen this since 0:17:06.840 --> 0:17:10.720 I would say late July where the growth indexes took 0:17:10.720 --> 0:17:14.119 over value. Right we had that drop in April and 0:17:14.280 --> 0:17:16.879 value was kind of leading the markets, and that's really 0:17:16.920 --> 0:17:21.560 shifted and you've seen growth equity perform extremely well. And 0:17:21.600 --> 0:17:24.040 that's day to day. It keeps going higher. So you 0:17:24.119 --> 0:17:28.280 have the Russell one thousand growth indexes up I think 0:17:28.320 --> 0:17:30.840 over seventeen percent right now. You're to date and of 0:17:30.920 --> 0:17:35.480 late with the news and after earnings, growth is clearly 0:17:35.880 --> 0:17:38.200 you know where investors want to be. They're comfortable taking 0:17:38.280 --> 0:17:38.920 risk right now. 0:17:40.560 --> 0:17:43.000 Apple is up four percent in this session and the 0:17:43.080 --> 0:17:45.560 reason that that's notable is that it actually believe it 0:17:45.640 --> 0:17:48.560 or not most of the way through September. Takes it 0:17:48.600 --> 0:17:53.040 into positive territory for twenty twenty five. We talked a 0:17:53.080 --> 0:17:55.760 lot in the middle of the year about the contribution 0:17:55.880 --> 0:17:58.919 of the mag seven names to the market overall, but 0:17:59.320 --> 0:18:01.800 as a moment, time to do that at this part 0:18:01.840 --> 0:18:02.240 of the year. 0:18:02.280 --> 0:18:03.160 What do you make of it? 0:18:05.040 --> 0:18:07.560 Yeah, it's impressive, right, you mentioned Apple, I mean that 0:18:07.680 --> 0:18:11.920 stock not long ago was really you know, investors were 0:18:12.000 --> 0:18:16.239 checked out, analysts were negative, people were questioning Apple what 0:18:16.280 --> 0:18:18.560 they were doing. And now, as you said, it's positive 0:18:18.560 --> 0:18:20.640 on the ear just an incredible move. And the MAG 0:18:20.720 --> 0:18:23.840 seven even Tesla I name, that is still down for 0:18:23.880 --> 0:18:26.080 the year, but it's had a very big move here 0:18:26.720 --> 0:18:29.320 the last several weeks. And so the MAG seven is 0:18:29.359 --> 0:18:32.240 clearly leading to markets right now. You're seeing that day after. 0:18:32.200 --> 0:18:36.560 Day, Eric, Eric, should you stay committed to that? 0:18:36.600 --> 0:18:36.800 Then? 0:18:37.280 --> 0:18:41.159 Just the trend has been relentlessly high since April, but 0:18:41.200 --> 0:18:43.840 the valuation story just gets harder and harder to swallow. 0:18:45.080 --> 0:18:45.480 I agree. 0:18:45.560 --> 0:18:45.720 Yeah. 0:18:45.720 --> 0:18:48.760 As a financial advisor and I have lots of positions 0:18:48.840 --> 0:18:51.840 in these names, it is concerning because the valuations are 0:18:51.880 --> 0:18:55.560 just so high, and you ask, can this momentum continue? 0:18:55.960 --> 0:18:58.280 Our investors is going to continue to buy these names? 0:18:58.520 --> 0:19:00.760 And yeah, I mean, you don't see any science that's 0:19:00.760 --> 0:19:03.320 going to weaken. The trends are so powerfully on the upside. 0:19:03.840 --> 0:19:06.520 So I think you hold them. But clearly, you know, 0:19:06.640 --> 0:19:09.200 new money going in, I would be cautious because these 0:19:09.280 --> 0:19:10.200 valuations are so. 0:19:10.240 --> 0:19:14.160 High, and so you perhaps diversify, you don't re up 0:19:14.280 --> 0:19:16.720 your bets. If they've been winning of late, but his 0:19:16.840 --> 0:19:18.800 earning is going to be the tell? Is it going 0:19:18.840 --> 0:19:22.000 to be geopolitics that the tell what ultimately makes us 0:19:22.080 --> 0:19:25.080 question how valuable some of these companies are. 0:19:26.640 --> 0:19:28.560