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Speaker 2: All right, we got to Scarlet Foot Paul Sweeney live
Speaker 2: here in our Bloomberg Interactive Broker Studio or streaming live
Speaker 2: on YouTube and at Bloomberg dot com. Buffett goes out
Speaker 2: like a bear with five billion dollars in Q four sales.
Speaker 2: That's according to the thirteen f's Matthew Palizola Joints is
Speaker 2: here senior alys who covers the insurance companies, including Berkshire
Speaker 2: Hathaway for Bloomberg Intelligence. He's covered that company for decades.
Speaker 2: Here was this the last quarter where Warren Buffett was
Speaker 2: actively managing maybe I guess the account along with his
Speaker 2: co managers there. So this is maybe the last time
Speaker 2: we can say Warren Buffett sold this or bought this.
Speaker 3: Yes it is.
Speaker 4: So he was the CEO as of the fourth quarter.
Speaker 4: So these moves that were looking at in the thirteen
Speaker 4: F took place in the fourth quarter. Of last year.
Speaker 4: To be totally fair, he's been stepping back. He probably
Speaker 4: wasn't behind a lot of this anyway, but this is
Speaker 4: actually the last quarter that you could even attribute these
Speaker 4: things to him. He remains chairman, so you never know
Speaker 4: he'd be looming behind the scenes, but his last quarter
Speaker 4: is CEO.
Speaker 5: And the thing about his husband in Apple was that
Speaker 5: he famously said he was only investing in things that
Speaker 5: he understood in that typically did not include technology companies.
Speaker 5: But Apple, I guess he saw more as a consumer
Speaker 5: company than anything else.
Speaker 3: Yeah, I think so.
Speaker 4: And I think the you know, his thing was motes,
Speaker 4: right and probably still is, but the iPhone mote and
Speaker 4: the infrastructure built in I think those were appealing things.
Speaker 4: They have been pairing that that investment, as we know,
Speaker 4: part of that, and you know, it's it's kind of
Speaker 4: a twist because he had said this said of the
Speaker 4: annual meeting a couple of meetings ago, that it was
Speaker 4: a kind of tax reasons that they had these huge
Speaker 4: unrealized gains in there, and he thought taxes.
Speaker 3: Would be going up.
Speaker 4: Now they're certainly not going to go up under the
Speaker 4: current administration kind of anytime soon. But Buffett is always
Speaker 4: long term thinking, so I think that's what he was
Speaker 4: looking at as we've got, you know, tens of billions
Speaker 4: of dollars of unrealized gains that will be taxed. And
Speaker 4: I think it does still hold true that in ten
Speaker 4: years from now, probably the corporate tax rate could be higher,
Speaker 4: and I think that was his concern and part of
Speaker 4: the reason they were taking down those those big gains
Speaker 4: in those big positions.
Speaker 2: The Conglomberate also cut its Amazon steak by seventy five percent.
Speaker 4: They so Amazon. They initially got into Amazon him in
Speaker 4: twenty nineteen. That was one of his investment deputies, I
Speaker 4: think brought it to him. Then again also like tech,
Speaker 4: but a retailer. Right that position we calculated was up
Speaker 4: about one hundred and thirty to one hundred and forty
Speaker 4: percent over the time. They hold it nice but kind
Speaker 4: of in line with the S and P five hundred,
Speaker 4: So it didn't really outperform. So I think it was
Speaker 4: kind of taking some money off the table.
Speaker 3: I sold.
Speaker 4: I believe like one point seven billion worth of that
Speaker 4: stock cut, cutting most of the position, so that one
Speaker 4: I think was probably a company specific didn't really outperform. They
Speaker 4: bought four billion of Alphabet last quarter, so you know,
Speaker 4: the kind of tech aversion you know may be changing
Speaker 4: over time.
Speaker 6: What did he increase takes in?
Speaker 4: So two big ones, Chevron and Chubb. So Chevron is
Speaker 4: they their fifth biggest holding. I think they interestingly, I
Speaker 4: don't know if they were kind of betting on US
Speaker 4: intervention in Venezuela, which happened kind of after the quarter,
Speaker 4: so you can't say that like murderer got taken out
Speaker 4: and this stuff happened, and they did it and reaction
Speaker 4: they did it before. But maybe they were reading the
Speaker 4: tea leaves there. I don't know. It's a big holding
Speaker 4: for them. I think the the kind of geopolitical energy
Speaker 4: play makes total sense. The other one is Chubb, which
Speaker 4: you know, I don't want to get too excited thinking
Speaker 4: about insurance mega deal here, but they are now the
Speaker 4: second well they've been the second largest holder of Chub stock.
Speaker 3: Chub makes total sense.
Speaker 4: It is, in our view, BI a cream of the
Speaker 4: crop insurance company, Global reach, still growing nicely, great management.
Speaker 3: It's a company that Berkshire would want to own.
Speaker 4: Now Berkshire's got their own massive insurance business.
Speaker 3: Yes.
Speaker 4: The interesting thing is you've got two massive insurance businesses.
Speaker 3: They're actually quite.
Speaker 4: Complimentary if one were to want to put them together.
Speaker 4: So the Berkshire business very big personal atto in Geico,
Speaker 4: very big reinsurance, kind of global global reinsurance. Those are
Speaker 4: two businesses that Chubb is not really in. There's some
Speaker 4: overlap in the kind of US specialty businesses that they're
Speaker 4: both in, but it would be phenomenally complementary of those
Speaker 4: two businesses. I think there's probably a lot of hurdles
Speaker 4: to some sort of you know, total deal there Chubb's
Speaker 4: Chubb's market cap is one hundred thirty billion. Berkshire has
Speaker 4: three hundred billion of cash, so they theoretically could buy
Speaker 4: Chubb in cash if they wanted to. But I think
Speaker 4: it's probably some cultural issues and would Shubb really want
Speaker 4: to sell as the other thing? But you know, it
Speaker 4: is something as a stock something Berkshire would want on.
Speaker 5: Is that a strategy that Berkshire actually follows through on
Speaker 5: where it starts off with a steak and then eventually decides,
Speaker 5: you know what, we're just going to buy.
Speaker 7: The whole thing.
Speaker 3: Scarlett, Yeah, they do do that.
Speaker 4: So I think with Burlington Northern, which is a little
Speaker 4: bit before time when they bought it. They did things
Speaker 4: like that where they acquire the public steak and then
Speaker 4: they build it over time. That's why there was a
Speaker 4: lot of speculation about occidental. Buffett then came out and
Speaker 4: threw cold water on it, saying that, but it seemed
Speaker 4: like it was going along with their playbook of huge
Speaker 4: acquisitions that they made before.
Speaker 2: So now that warns out, can we have a serious
Speaker 2: discussion about a dividend?
Speaker 3: We can? I think, you know, we'll get you on
Speaker 3: the phone, grig Able. Let's see what he says.
Speaker 4: You know, I think our take has been in the
Speaker 4: early years. Able will probably adhere to the ethel of Berkshire.
Speaker 4: And I don't think he's going to come in and
Speaker 4: start breaking down walls. I don't think anyone would like
Speaker 4: to see that, especially Buffet's still there. I mean, they
Speaker 4: have tremendous excess capital. Buffett is praised Able as being
Speaker 4: a great capital allocator, great capital manager, and they've also
Speaker 4: said we literally can't there's so much money, we can't
Speaker 4: put it to work in a reasonable way. So it
Speaker 4: would make sense to see something happen there. And I think, look,
Speaker 4: the other thesis is they're not going to be as
Speaker 4: good as anything anymore. Right, there's no better investor than Buffett.
Speaker 3: Give a g.
Speaker 4: Jayne, who is the head of the insurance operations. He's
Speaker 4: been selling a lot of stock. Perhaps he's getting close
Speaker 4: to retirement, so not going to be good at any
Speaker 4: of these things anymore. Some sort of capital which are
Speaker 4: gonna be a big catalyst.
Speaker 2: Stay with us. More from Bloomberg Intelligence coming up after this.
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Speaker 2: Apple's correlation to the Nasdaq one hundred in next has
Speaker 2: tumbled to zero point two to one, it's lowest since
Speaker 2: two thousand and six, as the company's decision to mostly
Speaker 2: sit out the AI arms race has turned it into
Speaker 2: an outlier. Ryan of Lastelka, he's an equities reporter for
Speaker 2: Bloomberg NewCity Space out there in Chicago. Ryan, is this
Speaker 2: a good thing for Apple? A bad thing? Because historically
Speaker 2: it's been like, Hey, Apple, when are you guys going
Speaker 2: to get on this AI bandwagon? And then maybe now
Speaker 2: it's kind of working out to their benefit that they're
Speaker 2: not so much on that.
Speaker 7: Yeah, So in this market, obviously, there has been a
Speaker 7: lot of AI related volatility. There's been a lot of
Speaker 7: concern about the amount of money that big tech companies
Speaker 7: are spending on AI, but Apple isn't really spending on
Speaker 7: AI in that way. There's been a lot of concern
Speaker 7: about AI disrupting software companies. Apple isn't really software. There's
Speaker 7: a lot of concerns about AI disrupting all parts of
Speaker 7: the market, whether it's financial services, legal services, data, all
Speaker 7: these kinds of things, none of which really involve Apple.
Speaker 7: But at the same time, Apple is probably going to
Speaker 7: be the major way that people access AI services on
Speaker 7: their phones, on their computers, on their tablets, so on,
Speaker 7: and so forth, which means it has a certain amount
Speaker 7: of upside potential related to the technology without having to
Speaker 7: spend on it the way companies like Microsoft or Alphabet
Speaker 7: or Meta are. So it's kind of perfectly positioned in
Speaker 7: this current environment when there's concern about both AI spending
Speaker 7: but also AI disruption.
Speaker 5: So it kind of worked out that Apple hasn't made
Speaker 5: very much progress on AI, but on overall, the fact
Speaker 5: that it didn't do a lot on AI was kind
Speaker 5: of falling behind. In fact, losing talent was something that
Speaker 5: was a drag on the stock, say a year ago.
Speaker 7: Yeah, people were concerned about this. But a few weeks
Speaker 7: ago it announced a multi year partnership with Alphabet, where
Speaker 7: Google is going to be providing the technology behind Apple's AI,
Speaker 7: including Siri. That was seen as a way for the
Speaker 7: people to feel really relieved that they are going to
Speaker 7: be involved with a I have some kind of offering
Speaker 7: from a highly respected, you know, AI lab model provider
Speaker 7: in Alphabet without having to you know, pay for it
Speaker 7: or have developed their own in house stuff, which is
Speaker 7: obviously an area of huge competition, heavy expenses. I think
Speaker 7: the four major spenders this year are spending six hundred
Speaker 7: and fifty billions, so they are stepping out of that
Speaker 7: and they don't have to worry about that.
Speaker 2: Stay with us. More from Bloomberg Intelligence coming up after this.
Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android
Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever
Speaker 1: you get your podcasts, or watch us live on YouTube.
Speaker 5: What the big gainers today and it happened even before
Speaker 5: the market open. Paul is MSG s MSG Sports. It
Speaker 5: is the owner of the Knicks and the Rangers, not
Speaker 5: the owner of MSG Networks because that's another business. Yes,
Speaker 5: so there's a whole bunch of businesses within MSG. I
Speaker 5: mean it's difficult to follow.
Speaker 2: Yeah, and after they sold their cable business years ago,
Speaker 2: so now they just focus on their entertainment.
Speaker 5: And then there's Sphere Entertainment, which is the big spere
Speaker 5: in Las Vegas. Awesome, So all of James Dolan's media
Speaker 5: properties and assets in this suite of publicly traded companies.
Speaker 6: Let's bring in Randall Williams.
Speaker 5: He is our business of sports reporter here at Bloomberg
Speaker 5: and Randall, you have been following this story about this
Speaker 5: potential split of the New York Knicks and the New
Speaker 5: York Rangers within MSG Sports. This is something that a
Speaker 5: lot of people have been calling for for a long time.
Speaker 3: Yeah.
Speaker 8: You look at the enterprise value of the Knicks and
Speaker 8: Rangers and what they're traded at its seven billion dollars.
Speaker 8: But you look at what the Lakers sold for a
Speaker 8: loan ten billion dollars, and I think the Knicks obviously
Speaker 8: are in a larger market than New York. The Lakers
Speaker 8: have won more titles, but New York is New York,
Speaker 8: and so both the Knicks and the Rangers I think
Speaker 8: would carry a tremendous value, maybe twelve billion dollars combined,
Speaker 8: and that's on the low end.
Speaker 2: So is this maybe a first step for selling one
Speaker 2: of the teams? Selling a piece of one of them?
Speaker 8: Get to speculatative territory with James Dolan, that's always a
Speaker 8: fun place. Look, I mean Silver Lake owns a piece
Speaker 8: of MSG Sports, so that's five percent. It's a ten
Speaker 8: percent stake, but probably five percent each. And when you
Speaker 8: think about someone wanting to buy into that, you would
Speaker 8: want to know how much each individually is worth. If not,
Speaker 8: you're buying into something and it's like you could be
Speaker 8: buying in at a supreme price or maybe something that's
Speaker 8: a little bit lower. And I think buyers who are
Speaker 8: interested in there have been several over the years, want
Speaker 8: want a more precise price, and so do the shareholders
Speaker 8: of MSG Sports.
Speaker 5: So what's held up the company from being split up
Speaker 5: up until now because there's been a lot of calls
Speaker 5: for the enterprise value trading at a discount to the
Speaker 5: actual value of each franchise has been there for a while.
Speaker 2: I know the answer for voting stock is from the
Speaker 2: Dolan control.
Speaker 8: Yeah, I think that James Dolan has long been the
Speaker 8: controlling person for all of these companies. He decides where
Speaker 8: for worse, yes, exactly, he decides, you know what he
Speaker 8: wants to do. And there is a board of directors
Speaker 8: that voted on this. But this would have never been
Speaker 8: up been up for a vote had James Dolan and said,
Speaker 8: you know what, maybe we should consider this, and then
Speaker 8: from there on, you know, things happen.
Speaker 2: And then they vote on this. Madison Square Garden, James Stone,
Speaker 2: did they own the garden itself? The building? I believe so, yeah,
Speaker 2: because that's always a big that's always a big part
Speaker 2: of it too. Do you own the arena they plan or.
Speaker 6: Yes, a different publicly traded company. Exactly, the exactly.
Speaker 8: And I had a Bloomberg terminal reader and the original
Speaker 8: copy that I wrote this morning. I said Madison Square
Speaker 8: Garden was one of the most famous in the world,
Speaker 8: and someone quickly, someone quickly replied and said, no, it
Speaker 8: is the most famous arena in the world. So Madison
Speaker 8: Square Garden is a huge you know, attraction. When you
Speaker 8: think about arenas in New York. There's the Barclay Center,
Speaker 8: of course, which is newer, but the legacy of New
Speaker 8: York is often rooted in MSG and the events that
Speaker 8: it's held over many many years.
Speaker 2: Yeah, I mean, first of all, and they also put
Speaker 2: in I think close to a billion dollars in renov
Speaker 2: several years ago, so they've really upgraded the garden. What's
Speaker 2: one of the many great things about going to the
Speaker 2: garden is they have the photos on the wall, the concourses,
Speaker 2: all the great events, whether it's a concert, a game, whatever,
Speaker 2: and there's thousands of them.
Speaker 8: There's no there's no venue that has a greater history,
Speaker 8: I would argue than Madison Square Garden that is still
Speaker 8: you know, open and operational. And that's that's part of this.
Speaker 8: I mean, you think about the Knicks playoff end last year.
Speaker 8: You think about the Rangers and what they've done not
Speaker 8: the past coming the past two seasons, but in the
Speaker 8: seasons before that, all of these things. When they eventually win,
Speaker 8: you know, God willing, it isn't MSG. It isn't one
Speaker 8: of the deals where you know they're in away game
Speaker 8: and then they have to come back. If it happens
Speaker 8: in MSG that will probably be the biggest moment in
Speaker 8: that arena in the last twenty five years, and so
Speaker 8: whoever wants to buy into that potentially is going to
Speaker 8: want a good value at it.
Speaker 5: There is also a note from light Shed that pointed
Speaker 5: out that there's a new tax law that goes into
Speaker 5: effect for the twenty twenty eight fiscal year that were
Speaker 5: public companies limits deductions on one million dollars two one
Speaker 5: million dollars per covered employees.
Speaker 6: For sports teams, it's easy.
Speaker 5: To find a lot of employees that make at least
Speaker 5: a million dollars a year. So once this goes through
Speaker 5: in twenty twenty eight, that's going to put the company
Speaker 5: in a negative free cash flow situation unless the Knicks,
Speaker 5: for instance, go deep into a playoff run or the
Speaker 5: Rangers go deep into a playoff run. So it also
Speaker 5: allows the company, you know, for tax reasons, to be
Speaker 5: in a better position.
Speaker 3: Absolutely absolutely.
Speaker 8: I mean there's not a lot of publicly traded sports
Speaker 8: companies out there for this reason in particular, and you
Speaker 8: think about all of the big ones. You think about
Speaker 8: the Cranky Sports and Entertainment which houses the Rams, the Nuggets,
Speaker 8: I believe another soccer team and so many more. It's private,
Speaker 8: and that's that's for a reason. But this one is unique,
Speaker 8: and Madison's Square Garden is Madison Square Garden. The Knicks
Speaker 8: to the Knicks and the Rangers of the Rangers.
Speaker 2: Another big trade that a lot of people are thinking
Speaker 2: about in professional sports is in the NFL with the
Speaker 2: Seattle Seahawks. Yes, what's the status to that? Because that
Speaker 2: the NFL teams don't come along very often.
Speaker 8: Sure, so, the NFL's finance committee has been talking about
Speaker 8: this for over a year, and I think things just
Speaker 8: are at a point now where the ownership group in Seattle,
Speaker 8: the trust of Paul Allen, the former co founder of Microsoft,
Speaker 8: is at a point where they're ready to sell.
Speaker 6: Hired some lawyers, right they have.
Speaker 8: That's reported by SBJ. I don't believe the paperwork is
Speaker 8: signed just yet, but I trust beneficher, and you know,
Speaker 8: I think that that will happen later this year, whether
Speaker 8: that's at the NFL league meetings and Phoenix around the
Speaker 8: end of March and April, and then I think NFL
Speaker 8: owners would like to have a new owner by the
Speaker 8: time the new season starts.
Speaker 5: How much of a stake do they own in the Seahawks.
Speaker 5: I mean, is this, you know, like super stake or
Speaker 5: is it.
Speaker 3: Just you know, it's a control stake in the team.
Speaker 8: And that wouldn't have happened in you know, since the
Speaker 8: Commanders are sold for six billion dollars. So whoever buys
Speaker 8: the Seahawks shots? Yeah, exactly.
Speaker 2: And is it any sense whether it's going to be
Speaker 2: a billionaire financing group?
Speaker 3: Look, there's so many The.
Speaker 8: NFL's finance structure sees that a controlling owner has to
Speaker 8: have thirty percent of a team upfront. So it is
Speaker 8: in a situation where you know, you can take on
Speaker 8: some debt, but not a lot and thirty percent.
Speaker 3: I would imagine.
Speaker 8: I said this earlier, I think the Seahawks will trade
Speaker 8: for at minimum eight billion dollars. Thirty percent of that
Speaker 8: is going to be around two and a half in cash.
Speaker 8: There's not a lot of people who are willing to
Speaker 8: just write a two and a half billion dollar check
Speaker 8: in cash and then raise the money around it, because
Speaker 8: it isn't just raising the money, it's communicating to those
Speaker 8: people that you're trying to bring in your ownership group. Today,
Speaker 8: I run this, but you're welcome to come on board
Speaker 8: the ship, so long as you understand that you're not
Speaker 8: the captain. And that's tough for a lot of people.
Speaker 8: Josh Harris did it, but he did it without private equity.
Speaker 8: Private equity is an option now. And so whoever buys this,
Speaker 8: whether it be you know, Jeff Bezos or whoever who
Speaker 8: Jeff Bezos considered buying the commanders, is going to have
Speaker 8: to write they have to check.
Speaker 2: Stay with us. More from Bloomberg Intelligence coming up here
Speaker 2: for this.
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Speaker 2: Let's talk a little technology here. I got the SMP.
Speaker 2: I mean I get the Nasdaq, which is where you
Speaker 2: find a lot of the tech names. It's up one
Speaker 2: point four percent today, so that's a nice move. And
Speaker 2: there's always news in the text sector, which is why
Speaker 2: we have to chat with men deep Singing and on
Speaker 2: around run and all the folks at Bloomberg Intelligence to
Speaker 2: cover the tech space. So often. Meta platforms agreed to
Speaker 2: deploy millions of Nvidia processes over the next few years. Mandy,
Speaker 2: what does this mean? Is it new? What's going on here?
Speaker 9: Well, I mean it's not really new because Meta is
Speaker 9: among the top two customers for Invidia chips. So it's
Speaker 9: more to do with the fact that not only are
Speaker 9: they using the GPUs from Nvidia, they're also using the
Speaker 9: CPUs now and Intel and MD used to own that
Speaker 9: market off server CPUs, and what Nvidia is saying is
Speaker 9: give you a better throughput, a better performance if you
Speaker 9: end up using our GPU cluster complement CPUs. And I
Speaker 9: think overall, I mean that's Meta's way of making sure
Speaker 9: they get the supply from Nvidia, because we heard that
Speaker 9: at least ten times from Jensen this year. The demand
Speaker 9: is really strong, and you know, they get to decide
Speaker 9: who they allocate their chips to. So this is one
Speaker 9: way that Meta is making sure they have the upline.
Speaker 6: Yeah, all makes a lot of sense.
Speaker 5: So again the hyperscalers spending more and you know, striking
Speaker 5: up new deals. Let's talk a little bit about uber
Speaker 5: It's planning to spend more than one hundred million to
Speaker 5: really supercharges robotaxi charging stations. How do you think about
Speaker 5: whether This changes the profile of what Uber is as
Speaker 5: a company.
Speaker 9: I think for Uber, given the scale of their rides,
Speaker 9: you know, they do over thirteen billion rides a year.
Speaker 9: Compare that to a Weveimo that just did twenty million
Speaker 9: rides year.
Speaker 2: I mean, let's go back, yeah, sales numbers again.
Speaker 9: Thirteen billion rides for Uber and just to put it
Speaker 9: in context, that equates to maybe ten million rides a
Speaker 9: day and Vemo day twenty million rides in the whole
Speaker 9: year the past twelve months, which was phenomenal growth, you know,
Speaker 9: compare for them. But that's the scale that Uber is
Speaker 9: operating at, and that's their pitch that you know, if
Speaker 9: you've got two robot taxi players, they will eventually have
Speaker 9: to tap our network. If you've got five players, then
Speaker 9: there's all the more reason to use Uber as the
Speaker 9: network to deploy your robot taxi fleet, because the hard
Speaker 9: part in this business is managing the way times. You
Speaker 9: can have a fleet of Wemo cars, but people don't
Speaker 9: have the patience to wait for ten minutes, you know,
Speaker 9: for a Vemo. So that's the scale of which Uber operates.
Speaker 9: It allows them to keep the ETAs really low, which
Speaker 9: is why people use these services.
Speaker 2: And that's I think we're giving very dimensions of my
Speaker 2: lifetime the home ride sharing thing. Think about how it's
Speaker 2: changed your life, I.
Speaker 6: Know, I mean back in the day, what did you
Speaker 6: have to do?
Speaker 9: Right?
Speaker 2: Yeah, and you know we have with our kids, we
Speaker 2: have this thing. You know, don't drink and drive. Don't
Speaker 2: drink and dry. Feel like nobody drinks.
Speaker 5: Yeah, no, I know they look at you like you're crazy,
Speaker 5: because there's a solution for that.
Speaker 9: Yeah.
Speaker 6: Actually the people who drink and drive are full grown adults. Yes, yes,
Speaker 6: that's who does that. It's gen X.
Speaker 3: Yeah.
Speaker 2: And you can actually get parking on college campuses now
Speaker 2: and that was a huge problem with Duke. You can
Speaker 2: never get parking space. Now they're like, yeah, we got
Speaker 2: parking all over the place because the kids are ubering everywhere.
Speaker 2: Absolutely so uber technology.
Speaker 4: What's it?
Speaker 2: Are they fully globally penetrated right now? Or is there
Speaker 2: some big part of the world where like China, where
Speaker 2: they're just not a player.
Speaker 9: Yeah, they're not a player in China. And the big
Speaker 9: tread is what the Chinese autonomous driving companies are trying
Speaker 9: to do is they're trying to roll out their fleet
Speaker 9: not only in China, but outside in Europe as well,
Speaker 9: And that's the next leg of the competition is if
Speaker 9: you've got you know, Chinese companies that are in robotaxis
Speaker 9: that don't end up using Uber and you know, we
Speaker 9: know dd is a big right sharing company that's a
Speaker 9: similar size Tuber.
Speaker 6: So that's the thread.
Speaker 9: But so far, I mean, outside of except for China,
Speaker 9: Uber does has the scale when it comes to all
Speaker 9: the other markets. So I think it's a hard business
Speaker 9: to disrupt unless you've got scale.
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