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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.

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Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Jonathan Ferrow, along

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Speaker 2: with Lisa Bromwitz and Amrie Hordernt. Join us each day

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Speaker 2: for insight from the best in markets, economics, and geopolitics

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Speaker 2: from our global headquarters in New York City. We are

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Speaker 2: live on Bloomberg Television weekday mornings from six to nine

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Speaker 2: am Eastern. Subscribe to the podcast on Apple, Spotify or

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Speaker 2: anywhere else you listen, and as always on the Bloomberg

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Speaker 2: Terminal and the Bloomberg Business app. We begin this out

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Speaker 2: where stocks pulling back to kick off the second half

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Speaker 2: of the year. Victoria fanadis across my global investments writing.

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Speaker 2: Rotation is the name of the game. Following an unwind

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Speaker 2: of momentum and beta, you can see weaker markets for

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Speaker 2: the next month. Victoria joins us now for more, Victoria, welcome.

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Speaker 2: Just elaborate a little bit more if you can. Where

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Speaker 2: are you expecting to see weakness? Yeah?

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Speaker 3: Well, I think, Jonathan, when you typically have this unwind

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Speaker 3: of moment of beta in the markets, you do have,

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Speaker 3: markets tend to go a little bit weaker for the

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Speaker 3: next thirty forty five days. Doesn't mean you have a

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Speaker 3: huge pullback, but you do have a little bit of

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Speaker 3: a consolidation. And I think we're seeing it within parts

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Speaker 3: of the market. Maybe we don't see it within the

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Speaker 3: entire market, but there are certain sectors and you guys

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Speaker 3: have been talking about them where we've been seeing some

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Speaker 3: of this come down, and you're also seeing within the

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Speaker 3: sectors not everything is responding the same.

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Speaker 4: So look semis.

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Speaker 3: You look at Simi's Russell three thousand semi industry group,

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Speaker 3: you only have about fifteen percent of those names above

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Speaker 3: their twenty day highs. So you had this big peak,

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Speaker 3: you had this bubble kind of formation going on here,

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Speaker 3: and now you're seeing the trends start to come down.

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Speaker 3: And that's some of the weakening that we expect to

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Speaker 3: see in the market. And maybe we'll see it in

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Speaker 3: other areas, but that's an example where you're seeing it.

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Speaker 4: And then you're seeing that.

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Speaker 3: Rotation into areas where sectors where they're actually having expanding

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Speaker 3: twenty day highs, healthcare, financials, industrials.

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Speaker 4: That's where the money is going.

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Speaker 3: And that tells us since money's not coming out of

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Speaker 3: the market, it's staying in and just rotating, we should

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Speaker 3: have a bull market longer term, but a little bit

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Speaker 3: of volatility and some weakness here in the near term.

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Speaker 2: If they sorry that pickup you're seeing in other sectors,

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Speaker 2: is it just the flavor of the same trait.

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Speaker 4: It's not the.

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Speaker 3: Same flavor, but I guess maybe it's kind of the

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Speaker 3: same meal that you're eating here. In terms of looking

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Speaker 3: for those trends in the market, where are you seeing them? Okay,

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Speaker 3: you started to see trends come off in momentum beta,

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Speaker 3: like we talked about. Where are you seeing the up trends?

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Speaker 3: Those are the sectors where people want to go. You

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Speaker 3: have pullbacks in up trends, Those are the technicals people

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Speaker 3: are looking for, and those are the sectors where you're

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Speaker 3: seeing it, those kind of beaten down sectors from before.

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Speaker 4: So similar in.

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Speaker 3: Terms of your looking at technical components to find where

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Speaker 3: to put money to work, but not that you're going

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Speaker 3: into any kind of bubble formation. You're finding those oversold

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Speaker 3: up trends. That's your entry point.

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Speaker 1: I keep wondering, Victoria, when are we going to run

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Speaker 1: out of money?

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Speaker 5: Because it feels like either there has to be some

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Speaker 5: sort of fiscal stimulus that's coming, that's getting pumped into markets,

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Speaker 5: or at some point you have to imagine that every

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Speaker 5: company that says I need another twenty billion dollars is

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Speaker 5: going to get a little bit more pushback, or that

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Speaker 5: semiconductor saying I need eighty five percent profit margin is

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Speaker 5: going to get.

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Speaker 1: A little bit of pushback. I mean, at what point.

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Speaker 5: Do some of these bills start adding up.

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Speaker 1: And becoming cost prohibitive.

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Speaker 3: Lisa, this is where I think the market is actually

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Speaker 3: underestimating some of the elements, some of the warning signs

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Speaker 3: here in the economy. We had a lot of liquidity

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Speaker 3: come into the market in the fourth quarter of last

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Speaker 3: year and beginning of this year, and that liquidity is

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Speaker 3: starting to come out, And obviously if we have changes

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Speaker 3: in the balance sheet you guys were talking about that earlier,

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Speaker 3: that's going to affect liquidity as well. You're having the

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Speaker 3: runoff of the benefits from the tax bill. You're having

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Speaker 3: savings that have already been pulled down by consumers. So

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Speaker 3: where's the money coming from is a good question, But

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Speaker 3: you flip that coin over.

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Speaker 4: We had over three hundred.

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Speaker 3: Billion in new issuance in investment grade in the fixed

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Speaker 3: income markets in the first quarter June alone, had almost

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Speaker 3: two hundred billion come in, so we're getting close to

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Speaker 3: seventeen and a half trillion, and there is no lack

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Speaker 3: of desire for people going in and demand in these markets.

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Speaker 3: Even when you're getting balance sheets that maybe aren't that strong,

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Speaker 3: right free cash flows don't look great, it doesn't matter.

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Speaker 3: They get investment grade ratings. People go in and they

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Speaker 3: buy it up. So money is coming in. Maybe it's

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Speaker 3: the rotation out of the tech component, Maybe it's some

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Speaker 3: money sitting on the sides, Maybe it's money coming out

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Speaker 3: of bitcoin or some of those other areas of the market.

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Speaker 4: But the demand is there.

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Speaker 5: At what point will all this money slashing around the

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Speaker 5: system feed its way into more persistent inflation, even putting

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Speaker 5: aside some of the disinflationary impulse from oil prices of

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Speaker 5: late This.

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Speaker 4: Is the key point I think that the FED is watching.

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Speaker 3: Look, before we had the war start earlier in the year,

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Speaker 3: inflation was already getting sticky, and people were trying to

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Speaker 3: look and see how much is that actually flowing down

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Speaker 3: into the core components of what we're having, core goods

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Speaker 3: and core services. That was already happening, And I think

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Speaker 3: that's the reason the FED is looking and maybe having

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Speaker 3: still of a more hawkish few. Yes, gas prices can

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Speaker 3: come down, but what about the rest of that. Look

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Speaker 3: at core in CPI, in PPI over five percent PCE

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Speaker 3: and okay, say you want to look at supercre right,

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Speaker 3: that was the name of the game for such a

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Speaker 3: long time for the Fed.

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Speaker 4: It's supercore.

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Speaker 3: Well, that's up to three point nine percent, and on

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Speaker 3: a three month average you're actually moving up on an

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Speaker 3: annual basis close to five percent there. So I think

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Speaker 3: there's a lot of concerns with what's flowing down into

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Speaker 3: the core components of our of our economy. That's what

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Speaker 3: the Fed's going to be watching, and that's why they're

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Speaker 3: remaining on hold and having that hawkish tilt that the

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Speaker 3: market seems to be ignoring right now.

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Speaker 6: Victoria, what do you expect to hear from Kevin Moore today?

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Speaker 1: For you?

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Speaker 6: Is this potentially a catalyst for market moves?

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Speaker 4: I'm not sure, Amory, that it's going to be a catalyst.

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Speaker 3: I think everyone's going to be listening because we did

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Speaker 3: get much right from the FOMC press conference or from

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Speaker 3: the statement itself, so maybe they're going to be listening

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Speaker 3: to see if he gives us little nuggets of information.

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Speaker 4: I feel like he's going to be very prepared and

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Speaker 4: have very.

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Speaker 3: Kind of answers that are going to fit what he

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Speaker 3: already spoke about at the FOMC. So I don't see

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Speaker 3: him coming out and giving us a lot of new information.

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Speaker 3: I think he'll be reiterating, but perhaps we get a

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Speaker 3: little more information on the task forces, what those look like,

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Speaker 3: what we're going to see in balance sheet, because look,

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Speaker 3: inflation's driven by money supply, right, and when we've got

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Speaker 3: a balance sheet that's affecting money supply, it's affecting what

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Speaker 3: into growth looks like, it's affecting what overnight lending rates

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Speaker 3: look like.

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Speaker 4: All of that feeds in.

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Speaker 3: Maybe we get a little bit of information there to

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Speaker 3: help the see where rates go ahead.

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Speaker 1: Stay with us.

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Speaker 2: Mulblenberg, Savannah's coming up off to this. Let's talk about chips.

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Speaker 2: What a run we've had, soaring demand for AI equipment

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Speaker 2: and memory, driving chip stocks to their best quarter on record.

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Speaker 2: Angelo Zeno of CFIRA with this to say, we remain

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Speaker 2: positive about the overall outlook for chip and ship equipment providers,

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Speaker 2: as we believe the first half of the year witness

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Speaker 2: a structural reset higher for data center spending. Angela joins

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Speaker 2: us now for more Angela, Welcome to the program. Do

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Speaker 2: you see any deceleration in that spending on the horizon?

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Speaker 7: I mean, John, I would say in terms of deceleration,

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Speaker 7: we'd expect to see some deceleration, just because the numbers

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Speaker 7: are going to get so large, right, But as we

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Speaker 7: kind of look here in the first half of the year,

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Speaker 7: I'd say it's been far from a deceleration. It's been

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Speaker 7: an acceleration in the spending levels. I'd say as we

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Speaker 7: kind of go into the second half, more so into

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Speaker 7: twenty twenty seven, yeah, there's going to be some deceleration,

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Speaker 7: but I think what's more important is the trajectory continues

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Speaker 7: to be positive, and as a result of that, you'll

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Speaker 7: continue to see the earnings growth across the space.

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Speaker 5: I was looking this morning at the job cut announcements

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Speaker 5: among big tech after the reporting on Microsoft cutting some

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Speaker 5: additional staff, Oracle twenty one thousand job cuts, Meta more

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Speaker 5: than eight thousand job cuts, Block more than four thousand

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Speaker 5: job cuts, all of this in part to help offset

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Speaker 5: the expense for all of the capex. How far are

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Speaker 5: we into this sort of capex over labor transition well.

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Speaker 7: If we're talking just the you know, it's interesting if

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Speaker 7: we're talking about just the cloud providers, you know, you know, clearly,

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Speaker 7: i'd say there's only so much you can kind of,

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Speaker 7: you know, take out of those companies. And we've taken

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Speaker 7: out a good amount of kind of the op X

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Speaker 7: costs or kind of the low hanging fruit, so i'd

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Speaker 7: say there's probably not much left. I mean, you'll probably

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Speaker 7: continue to see ongoing cuts from some of those cloud providers,

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Speaker 7: just on an as needed basis and ongoing efficiencies.

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Speaker 4: I'd say outside of.

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Speaker 7: You know, if we're talking more across the enterprise space,

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Speaker 7: that's probably early innings, and that's where you know, over

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Speaker 7: the next couple of years, we'd expect to see some

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Speaker 7: significant cost efficiencies. And that's where you would think some

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Speaker 7: of the you know, some of the help in terms

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Speaker 7: of paying for the stuff is going to come from.

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Speaker 7: It's going to come from a combination of you know,

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Speaker 7: higher revenue from these cloud companies, you know, just overall,

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Speaker 7: you know, improvement and being able to monetize this stuff,

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Speaker 7: as well as through cost efficiencies.

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Speaker 5: Angela John was mentioning this tours and slock note and

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Speaker 5: it was hinting at what we're seeing, which is an

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Speaker 5: increasing shift to Chinese open source models that essentially cause

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Speaker 5: very little or even potentially are free at a time

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Speaker 5: when they're really constrained about how many tokens they can

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Speaker 5: really spend. At what point do you see the cost

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Speaker 5: that people are willing to pay for the hyperscaler services

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Speaker 5: coming down so much that increasing volume isn't enough to

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Speaker 5: offset the declining revenues.

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Speaker 7: I mean, that's that's a great question. I mean, I

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Speaker 7: think when you kind of think about just how this

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Speaker 7: all this plays out, I mean, we continue to we

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Speaker 7: don't think there's an end insight in terms of the

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Speaker 7: new use cases that you know, when we think about

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Speaker 7: the what is driving demand, right, it is the fact

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Speaker 7: that you're going to continue to get new users that

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Speaker 7: start adapting to AI usage. I mean, even when you

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Speaker 7: start looking at the chat, GPTs, the Geminis users of

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Speaker 7: the world, you're still at fairly low levels on where

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Speaker 7: you can kind of get to here over the next

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Speaker 7: couple of years, let's call it a billion to potentially

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Speaker 7: four to five billion exiting the decade. When you start

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Speaker 7: thinking about just the frequency of use of the new

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Speaker 7: users as well as existing users, that's still got ways

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Speaker 7: to go, especially as the enterprise space just starts adopting

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Speaker 7: AI across their workloads. And then you know, of course

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Speaker 7: that compute per use is what's really kind of driven

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Speaker 7: this AI evolution here over the next couple of years,

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Speaker 7: the last couple of years, and we think still that's

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Speaker 7: you know, we think as you kind of go here

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Speaker 7: over the next couple of years, you're going to continue

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Speaker 7: to see greater usage of that. So, you know, I

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Speaker 7: think it's an interesting point. I think, you know, when

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Speaker 7: it's all said and done, I don't think it's going

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Speaker 7: to kind of stop when we stop the act AI

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Speaker 7: usage and kind of the adoption of AI and what

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Speaker 7: the potential here is going to be. And as a result,

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Speaker 7: I mean, you know, clearly as you start thinking about

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Speaker 7: the rest of the supply chain there there you would

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Speaker 7: think be you know, continued room to run when it comes.

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Speaker 1: To the end models.

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Speaker 6: I'd love to get your reaction on fable five now

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Speaker 6: being available once again to the public. This will include,

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Speaker 6: according to Anthropic, more collaboration with the United States, including

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Speaker 6: pre release access to models and safeguards for evaluation. Are

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Speaker 6: you expecting this across all AI models not just anthropic.

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Speaker 6: This closer relationship with the US government.

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Speaker 7: I think. So, I mean, I think you've also seen

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Speaker 7: open AI start to you know, make comments as well,

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Speaker 7: you know, as of late, you know, and them kind

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Speaker 7: of working closer with the US government as well. So

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Speaker 7: I would suspect as we kind of start thinking about

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Speaker 7: more of these leading edge models that are expected to

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Speaker 7: roll out here, you know, in the coming quarters and

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Speaker 7: years and what have you, I think there's there's going

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Speaker 7: to be greater scrutiny between you know, security and the

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Speaker 7: option you know, the the new capabilities that could come

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Speaker 7: out with these new models, and as a result, you're

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Speaker 7: going to have to work with the US government to

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Speaker 7: some extent or kind of you know, make insure clearance

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Speaker 7: on that end. So yeah, I mean i'd expect to

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Speaker 7: see more of that as we kind of look ahead.

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Speaker 7: I think it is a positive that we've we've kind

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Speaker 7: of gotten the thumbs up to roll this stuff out

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Speaker 7: in terms of you know, the ongoing adoption, the new

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Speaker 7: capabilities that we could potentially see here from AI stay with.

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Speaker 2: Us, more Bloomberg surveillance coming up after this, plus tend

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Speaker 2: to autos this and and Vanning gets vision for an

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Speaker 2: AI defined Vehicle, announcing plans to use kind of GAGE

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Speaker 2: software to strink development times and fast track autonomous driving

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Speaker 2: technology across ninety percent of its lineup. Joining us now

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Speaker 2: is this and president and CEO if An Espinosa. If

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Speaker 2: I'm good to see you, sir, Thanks for being us.

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Speaker 2: Good morning with us here in New York. One question, okay,

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Speaker 2: and then we're going to move on quickly. I promise

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Speaker 2: how many cars have you sold in sea breeze blue

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Speaker 2: pearl in the last few months since a well known

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Speaker 2: manufacturer came out with a very expensive car in what

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Speaker 2: looked like sea breeze blue pearl.

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Speaker 8: Well, it was a surprise for us to see this

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Speaker 8: car coming out because it is coincidentally the same color

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Speaker 8: emblematic color that we use for our launch of Veniss

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Speaker 8: and Leaves, So it was an interesting surprise.

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Speaker 2: I would say, I'll move on quickly for you so

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Speaker 2: we don't have to talk about it too much. Let's

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Speaker 2: talk about the new cars. Can you describe for our

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Speaker 2: audience the future of driving and what it's going to

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Speaker 2: look like, because if you think about what it's been

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Speaker 2: like for the last century, it really hasn't changed too much.

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Speaker 2: Four wheels a driver, a wheel. You know, that's how

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Speaker 2: it works. It gets better, technology improves, but we haven't

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Speaker 2: seen massive changes. How different is it going to be

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Speaker 2: in the future.

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Speaker 8: This is going to completely evolve. So we're working a

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Speaker 8: lot with AI technology to bring the cars into a

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Speaker 8: full autonomous end to end experience where you simply sit

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Speaker 8: in the car behind the wheel, the car will take

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Speaker 8: over for you. Let's say you know, I'm living in Japan,

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Speaker 8: and so let's say you go and play golf on

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Speaker 8: the weekend. If you enjoy driving, maybe you enjoy driving

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Speaker 8: in the morning towards the golf course, you drive by yourself,

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Speaker 8: but then on the way back there's usually a lot

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Speaker 8: of traffic, so you'll just ask the car to drive

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Speaker 8: for yourself, engage the autonomous mode, and then you can

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Speaker 8: just either relax, check your news. There's a lot of

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Speaker 8: things that you can do with the people's time while

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Speaker 8: they're sitting in the cabin because we have two massive

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Speaker 8: screens in front of them and then we can feed

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Speaker 8: a lot of information. We can make their lives more productive, entertainment.

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Speaker 8: There's a lot of things that we are we are

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Speaker 8: imagining for the future.

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Speaker 2: Development times or an interesting piece of this as well.

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Speaker 2: I'd love to bring some life into that conversation. If

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Speaker 2: you're in a car lot right now and you're trying

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Speaker 2: to sell individual cars, it's a dream. If you work

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Speaker 2: from manufacturer that can't lead times for development and bring

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Speaker 2: new cars to market, it has them sell, right, have

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Speaker 2: them sell. That's what a lot of companies are looking for.

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Speaker 2: How's this going to change too.

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Speaker 8: Well, we have evolved a lot, you know, in the

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Speaker 8: past eighteen months, we have shortened our development processes around

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Speaker 8: forty percent. So now we are able of putting new

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Speaker 8: cars on the road in thirty months from the concept

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Speaker 8: moment all the way to the startup production thirty months

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Speaker 8: for a global development car. So this is a speed

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Speaker 8: that Nissa has now and it's helping us adjust a

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Speaker 8: lot of our launching schedules. And it's the future because

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Speaker 8: the world is so unpredictable these days. We used to

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Speaker 8: be a company that put a lot of energy forecasting

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Speaker 8: and trying to predict what will happen in the future.

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Speaker 8: But this is impossible now, you know, with all the

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Speaker 8: geopolitics and play on the context in which we live

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Speaker 8: is very complicated. So we decided to put our energy

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Speaker 8: just on being a nibbler and quicker company because this

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Speaker 8: is a way to cope with the uncertainty of the world.

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Speaker 8: And as I said, we have reduced our development times

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Speaker 8: now at forty percent.

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Speaker 1: It does seem like these two things right. Odd's right.

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Speaker 1: On one hand, you've got the technological advancement that can.

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Speaker 5: Speed things up, and then you've got policy that's just

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Speaker 5: completely all over the place when it comes to things

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Speaker 5: like autonomous driving and how you even test it. I mean,

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Speaker 5: where do you think you're going to see the acceleration

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Speaker 5: of autonomous driving and nissance market? The fast is just

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Speaker 5: based on what you're allowed to test, you're allowed to

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Speaker 5: roll out.

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Speaker 8: Well, I think we need to go step by step.

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Speaker 8: That technology today is actually ready. You can with the

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Speaker 8: technology that we are working today with our partner Wave

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Speaker 8: actually it's almost level for ready, so it means completely

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Speaker 8: a driver less car. But we need to go step

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Speaker 8: by step, not only because of the regulators, but also

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Speaker 8: because of the consumers. We don't want the consumers to

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Speaker 8: suddenly be a verse of the technology. We need to

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Speaker 8: do one step at a time, and we will gradually

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Speaker 8: introduce this technology. We're starting with our products in Japan.

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Speaker 8: We will have a first end to end capable car,

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Speaker 8: which is called il Grand. We will launch at the

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Speaker 8: end of the next fiscal year twenty seven, and then

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Speaker 8: we will gradually roll out this technology all over the world.

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Speaker 8: We want to have the technology applied in as much

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Speaker 8: as ninety as much as ninety percent of our lineup.

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Speaker 8: So that technology is really promisingly, super exciting and it's

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Speaker 8: the future of the automobile.

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Speaker 5: There also have been all of these international modes that

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Speaker 5: have been created, particularly with the auto sector in the

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Speaker 5: United States.

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Speaker 1: How much do you see the week or.

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Speaker 5: Yet as an offset to that, given the fact that

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Speaker 5: maybe you could even offer cheaper price or you know,

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Speaker 5: have some sort of ability to maneuver on that competitive

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Speaker 5: a golf.

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Speaker 8: Well, actually, the world again, as I was saying, is

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Speaker 8: very unpredictable, so you need to head through vettes and

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Speaker 8: you need to remain flexible. And this is what we're

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Speaker 8: doing our industrial footprint. One of the beauties that it

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Speaker 8: has is that we are so widely spread around the

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Speaker 8: world that we have the ability to pivot depending on

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Speaker 8: what happens with One thing is a for X exchange,

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Speaker 8: but you have other things like policy like new rules, emissions,

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Speaker 8: there's so many things happening all over the place that

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Speaker 8: you need to remain very nimble and you know, very

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Speaker 8: widely spread and play a good strategy.

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Speaker 6: But specifically to Lisa's point, with the strengthening of the

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Speaker 6: dollar the weakening of the end, are you going to

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Speaker 6: at this moment change any of your plans to capitalize

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Speaker 6: on that?

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Speaker 8: No, we will continue the strategy that we have said

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Speaker 8: in the US, which is building cars in the US.

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Speaker 8: We have two very large manufacturing sites, one in Spyrna, Tennessee,

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Speaker 8: the other kind of Mississippi, and we will continue doing that.

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Speaker 8: So to give you some numbers, last year January, around

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Speaker 8: forty five percent of our product mix was built in

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Speaker 8: the US. The rest was imported from either Japan or Mexico.

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Speaker 8: And we close a year with sixty percent of our

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Speaker 8: product makes being built in the US. And we will

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Speaker 8: continue doing that because it makes sense. With the current

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Speaker 8: context in which we're living, it does make sense to

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Speaker 8: continue investing in the US and continue bringing more cars

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Speaker 8: into North America.

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Speaker 6: Given the current tariff environment. I believe for every auto

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Speaker 6: produced in Mexico's about two or three thousand dollars more.

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Speaker 1: What are you doing with that?

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Speaker 6: How much is being passed on to the consumer and

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Speaker 6: how much are you just absorbing.

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Speaker 8: Well, we have a very aggressive cost reduction program which

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Speaker 8: we started a year ago and I took over the company,

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Speaker 8: and we are focusing a lot on the products that

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Speaker 8: are built in Mexico because they are cost competitive. But

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Speaker 8: it's true they are currently tireth twenty five percent, which

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Speaker 8: is it is making part of the lineup that we're

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Speaker 8: being in for Mexico difficult to sell. So we have

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Speaker 8: a very strong cost reduction program in those vehicles because

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Speaker 8: we do see an opportunity, you know, looking at the

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Speaker 8: pressure that the US market has today in terms of affordability,

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Speaker 8: we see that potentially some of the buyers could be

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Speaker 8: moving into these.

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Speaker 1: Type of vehicles.

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Speaker 8: So we are working very strongly on making them more competitive,

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Speaker 8: so we can probably take advantage of that.

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Speaker 2: If you think, can we wrap it up by talking

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Speaker 2: about China? Sure, how difficult is it to compete with

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Speaker 2: Chinese or the manufacturers?

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Speaker 8: Well, China is a world of his zone. I would

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Speaker 8: say it's a very unique ecosystem. See unique, I think

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Speaker 8: the technology, speed costs are They're moving at the very

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Speaker 8: different speed than the rest of the world, and for me,

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Speaker 8: it's important to remain present in China because I believe

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Speaker 8: a lot of the future standards of the industry are

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Speaker 8: being set by some of the Chinese players today, again

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Speaker 8: in terms of speed, in terms of costs, and in

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Speaker 8: terms of technology. So for me, the role of China

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Speaker 8: is twofold. One is of course continuing to produce and

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Speaker 8: sell cars in China because we have over fifteen million

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Speaker 8: users of need some products in that country, so we

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Speaker 8: owe them product that is competitive and that is attractive

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Speaker 8: for them. But at the same time, it's a place

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Speaker 8: where you can learn a lot and you can start

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Speaker 8: exporting some of the methods, some of the processes and

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Speaker 8: new ways of working that we have discovered.

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Speaker 2: An example, what can we learn from what they've done

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Speaker 2: it and an industry right now that they seem to

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Speaker 2: be dominating.

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Speaker 4: Well.

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Speaker 8: One of the things is when you look at the

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Speaker 8: products in China today, almost eighty percent of the product

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Speaker 8: that are offered have autonomous technology embedded, and customers are

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Speaker 8: now not considering to buy a car if you don't

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Speaker 8: offer some level of autonomous technology. So this is just

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Speaker 8: an example of what can happen and what we can

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Speaker 8: imagine coming out from this unique ecosystem that they have.

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Speaker 2: This is the Bloomberg Savanics podcast, bringing you the best

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Speaker 2: in markets, economics, angio politics. You can watch the show

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Speaker 2: live on bloombog TV weekday mornings from six am to

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Speaker 2: nine am Eastern. Subscribe to the podcast on Apple, Spotify,

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Speaker 2: or anywhere else you listen, and as always, on the

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Speaker 2: Bloomberg Term and the Bloomberg Business out MHM