Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Bloomberg Tech is live
Speaker 1: from coast to coast with Caroline Hide in New York
Speaker 1: and Evvelow in San Francisco.
Speaker 2: This is Bloomberg Tech coming up tech stocks They waiver,
Speaker 2: I mean, the NASA one hundred's worst losing streak in
Speaker 2: five months. Concerns about AI valuations dominate that as we
Speaker 2: speak with Tom of Bravo about its acquisition of hr
Speaker 2: software provided day.
Speaker 3: Force in what is set to become one of the
Speaker 3: investment firm's largest ever deals.
Speaker 2: And Google introduces new consumer gadgets including smartphones, a watch,
Speaker 2: and wireless earbuzz with AI front and center. But first
Speaker 2: we turn our attention to these markets. We have been
Speaker 2: read throughout most of the training day, but certain stocks
Speaker 2: are doing their best to lift us into the green.
Speaker 2: We're off by only a tenth of a percent, but
Speaker 2: still that's three days of an ASA one hundred, the
Speaker 2: longest losing streak. Sains back in April in video doing
Speaker 2: its best to pullus higher.
Speaker 3: So two in fact is Palenteer.
Speaker 2: But check out how much Plenteer has been down over
Speaker 2: the course of what had been a six day losing streak.
Speaker 2: Eroding seven hundred billion dollars worth more than seventy three
Speaker 2: billion dollars worth sorry of its market valuation, and we
Speaker 2: have seen question marks over more broadly the evaluation among
Speaker 2: so many of these AI winners.
Speaker 3: But let's get a take on this.
Speaker 2: What prompted some of the questioning of the valuations and
Speaker 2: whether it will hold.
Speaker 3: Denny Fish is with US portfolio.
Speaker 2: Manager of course, of the Global Technology and Innovation team
Speaker 2: of rich Annis Henderson Investors. It's a firm with one
Speaker 2: and fifty seven billion dollars in assets and management. It
Speaker 2: just launched its own artificial intelligence ETF yesterday. We're looking
Speaker 2: at some of the names Denny in that ETF. Tough
Speaker 2: timing amid the current pressure on some of the companies.
Speaker 3: What do you make of this questioning?
Speaker 4: Yeah, so, you know, importantly, the reason we launched this
Speaker 4: fund is we believe this is the most profound technology
Speaker 4: shift that we will see in our lifetimes. So whatever
Speaker 4: happens over the next couple of months is going to happen.
Speaker 4: But the direction of travel over the next twenty years
Speaker 4: we think is very positive as it relates to AI.
Speaker 4: And if we just you know, reflect back over the
Speaker 4: last twenty five years and the cloud, the social and
Speaker 4: the mobile boom. You know, that was you know, twenty
Speaker 4: plus years of value creation. And you know, we think
Speaker 4: AI has the potential to be even larger than that.
Speaker 4: You know, and with that, you know, and and and
Speaker 4: you know, given you know your question on valuations, it depends,
Speaker 4: you know, I mean, they're clearly pockets of the market
Speaker 4: where things are more speculative and very highly valued. So
Speaker 4: you know, you you talked about Pollunteer for example, you know,
Speaker 4: is a good example of a company that trades it
Speaker 4: a very elevated multiple, great company, great fundamentals, extremely high valuation.
Speaker 4: And then you know, you can come back to names
Speaker 4: like Taiwan Semi Canductor, or you know, the trades at
Speaker 4: a team's earnings multiple, or you know Nvidia that's still
Speaker 4: trades that are reasonable multiple given its earnings growth rate
Speaker 4: with really powerful secular trends, and you can get more
Speaker 4: comfortable in areas like that, and so you know, our
Speaker 4: whole goal also, you know, just to put a finer
Speaker 4: point on this is you know, AI is going to
Speaker 4: affect the entire economy. So the purpose of our fund
Speaker 4: is it's going to be heavy with tech as you
Speaker 4: can see in terms of the top holdings, but also
Speaker 4: you'll find you know, names and financial services, consumer, healthcare,
Speaker 4: industrial and other areas of the economy as well.
Speaker 2: It's about where you think AI is going to enable
Speaker 2: enhancelled benefits. So I'm interested by the fact that you
Speaker 2: got eaten in their Blackstone with thinking real estate, with
Speaker 2: thinking power. How much has that not been priced into
Speaker 2: these sorts of companies yet, Denny.
Speaker 4: Well, I think if we're looking you know, at the
Speaker 4: next five to ten years, you can make a case
Speaker 4: for you know, the companies that you know, we've populated
Speaker 4: in the portfolio right out of the gate. And I mean,
Speaker 4: you know, you you mentioned power. You know, it's probably
Speaker 4: the single biggest constraint to deploying data centers right now
Speaker 4: at the scale that we need and the density that
Speaker 4: we need is getting you know, power available. And then
Speaker 4: once you can get the power available, then you have
Speaker 4: to cool the data centers. And there's an entire ecosystem
Speaker 4: around that that specializes in, you know, in those dynamics,
Speaker 4: and you know, clearly we want to participate in that,
Speaker 4: you know, over the longer term.
Speaker 2: What's really interesting is about the application of AI. So yes,
Speaker 2: it's about the infrastructure that goes in and the power
Speaker 2: that we talk about the real estate, but then it's
Speaker 2: actually what it does for businesses. You talk about financials,
Speaker 2: talk about healthcare. What do you make of this MIT
Speaker 2: research report that everyone seems to be worrying about the
Speaker 2: fact that ninety five percent of all pilots fail.
Speaker 4: Well, we're in that phase right now. And you know,
Speaker 4: you know, I was in the valley during the dawn
Speaker 4: of the commercial Internet, and there were a lot of
Speaker 4: failures at that point in time too. And you know,
Speaker 4: during that period, you know, we had a boom, we
Speaker 4: had a bust, and you know, and then it actually
Speaker 4: created some of the most powerful companies on the planet
Speaker 4: today and you know, laid the foundation for you know,
Speaker 4: these these multi year trends. And so I think kind
Speaker 4: of depends what you're doing. You know, there are clear
Speaker 4: applications out there. Clearly people are getting you know, value
Speaker 4: out of things like chat, GPT, deep research co pilots
Speaker 4: being widely deployed, and then you have a lot of
Speaker 4: experimental stuff that's going on in companies and it's the
Speaker 4: nature of the beast that you know, you're generally gonna
Speaker 4: you know, fail a little bit out of the gate,
Speaker 4: and you learn from that the technology gets better, people
Speaker 4: get sharper in terms of deploying the technology and figuring
Speaker 4: out how to use it, how to change their behaviors.
Speaker 4: And then you look back and you know, three or
Speaker 4: five years and you're like, wow, I kind of you know,
Speaker 4: misforced for the trees, Denny, what.
Speaker 3: Was interesting you referenced the dot com era.
Speaker 2: Just recently Intel was back at a profit in terms
Speaker 2: of its price versus future profit.
Speaker 3: It's valuation was akin to the dot com era. It
Speaker 3: was so high.
Speaker 2: What do you make of soft putting in money? I
Speaker 2: know that's in the latest fund and also the government.
Speaker 4: Yeah, so you know, Intel is an interesting one on
Speaker 4: the valuation. The reason the multiple so high is because
Speaker 4: earnings have absolutely collapsed. And so you know that that
Speaker 4: pe equation, when the ego is a lot lower, the
Speaker 4: pe goes up a lot. So not necessarily because the
Speaker 4: market's been enthusiastic about Intel, but rather you know the
Speaker 4: financial performance of the company. And then you know, I
Speaker 4: just think, you know, you know, SoftBank confessing in Intel.
Speaker 4: It's it's a little bit curious, you know, potentially or
Speaker 4: or particularly given that you know they have their ownership
Speaker 4: in arm uh. You know, they're participating in Stargate.
Speaker 3: UH.
Speaker 4: They bought amp here. So it's it almost feels like
Speaker 4: a little bit of a hedge just because we're going
Speaker 4: to be undersupplied with semiconductor content for years. It feels
Speaker 4: like and you know, that and power are very significant constraints.
Speaker 4: And I think if you just kind of look at
Speaker 4: the behaviors we've seen so far and some of the
Speaker 4: assets of soft banks selling down kind of feels like
Speaker 4: they're selling down some of their traditional holdings that they've
Speaker 4: had and things like you know, T Mobile for example,
Speaker 4: and they're redeploying that into AI infrastructure and then the
Speaker 4: US government. You know, I just don't know, because I mean,
Speaker 4: there's a reason a Taiwan semi conductor has done as
Speaker 4: well as they've done. They've just they've had leadership now
Speaker 4: for a decade. Their competencies are just you know, much
Speaker 4: more pronounced than Intel. Intel has been in a hole
Speaker 4: for a long time. You know, Pat Gelsinger gave it
Speaker 4: a shot for you know, almost five years. We have
Speaker 4: a lot of respect for lip Bhutan. We invested with
Speaker 4: him at Cadence Design for years. Exceptional leader but you know,
Speaker 4: Intel's not going to get fixed overnight, and there's nothing
Speaker 4: the government can do to change the disparity between Intel's
Speaker 4: process technology in Taiwan Semiconductor.
Speaker 2: Danny Fish of Janis Henderson Investors, fascinating to have you
Speaker 2: on and thanks for talking us through the new ETF.
Speaker 2: What name isn't in that ATF is Apple Many Field.
Speaker 2: Perhaps it's lagging you on AI. Some other news coming
Speaker 2: to us from Apple as Apple TV plus price is
Speaker 2: going to be on the rise thirty percent to thirteen
Speaker 2: dollars a month starting August the twenty first. Apple is
Speaker 2: saying it's annual price, more broadly for streaming services is unchanged.
Speaker 3: It's commenting on.
Speaker 2: The streaming price hike in an email statement, we're off
Speaker 2: by four tens percent.
Speaker 3: Coming up, we're going to be talking.
Speaker 2: To Toma Bravo managing partner there hold in Spain is
Speaker 2: the private equity giant agrees to.
Speaker 3: Buy HR software firm day Force. This is Blomberg Tech,
Speaker 3: Toma Bravo.
Speaker 2: It's just announced that it's agreed to purchase HR software
Speaker 2: day Force, paying seventy dollars a share in cash. Following
Speaker 2: day Force a twel point three billion dollars. Leased to
Speaker 2: say that blueberg Brief and kid Danny Berga joins us
Speaker 2: for a key conversation on the.
Speaker 5: Mattap Carolin, thank you so much, and yes, let's underscore
Speaker 5: how large this deal is. At twelve point three billion dollars,
Speaker 5: it is the largest deal ever for Toma Bravo and
Speaker 5: certainly one of the biggest this year for this market.
Speaker 5: I am pleased to say that joining Caroline and Us
Speaker 5: now is Toma Bravo managing partner hold in Space Holden.
Speaker 3: Thank you so much, and.
Speaker 5: Your biggest deal ever at a time when your rivals
Speaker 5: have kind of been languishing trying to even get deals done,
Speaker 5: and when they do it's kind of in the single
Speaker 5: digit billions. So why the size of deal and why
Speaker 5: this one now?
Speaker 6: Yeah, well, thank you so much, first of all, Danny
Speaker 6: for having me. It's a very exciting day, a very
Speaker 6: exciting transaction for Toma Bravo. And look, we don't think
Speaker 6: so much about, you know, the size of the deal.
Speaker 6: We think a lot more about the fundamentals and what
Speaker 6: we can do with the company. This company day for
Speaker 6: us is an incredibly special company. We have followed it.
Speaker 6: I met the founder who's still the CEO of the
Speaker 6: company before he even merged his company into Sarridian in
Speaker 6: twenty twelve. And so we've tracked this company for a
Speaker 6: very long time. It's a very unique company in a
Speaker 6: very important space. It's got product leadership in a big market,
Speaker 6: and so we've followed this This deal has been in
Speaker 6: the works for a long time with our firm, and
Speaker 6: it has all the characteristics and attributes that we look
Speaker 6: for in to Mobravo in terms of the quality of
Speaker 6: the revenue, in terms of the product leadership that it has,
Speaker 6: in terms of its AI roadmap, great management team, and
Speaker 6: so we're just really excited to be able to have
Speaker 6: this opportunity.
Speaker 5: Weld, And you've been following this company for a while,
Speaker 5: but a lot of folks have had their eyes on
Speaker 5: human capital management companies. Just earlier this year, Paychecks for example,
Speaker 5: acquired pay Core. A lot of public companies getting bought
Speaker 5: up in human capital management. What are you seeing and
Speaker 5: what are your peer seeing that public markets are not well?
Speaker 6: You know, that's an interesting question. You know, we've so
Speaker 6: day Force really fits our profile very well because it's
Speaker 6: because of its revenue quality characteristics. So you know, just
Speaker 6: to go back for the history for a minute, because
Speaker 6: it's important to realize how unique this company is. When
Speaker 6: David also founded this company, he codd an original product
Speaker 6: and his thesis was, you know, core HR systems and
Speaker 6: then payroll systems and workforce management systems were all separate systems,
Speaker 6: separate databases, separate architecture. And David came with a very
Speaker 6: innovative thought is why shouldn't all that exist in one database,
Speaker 6: in one system. It provides a lot more customer value
Speaker 6: one basically end the end unified platform and the employee
Speaker 6: life cycle. So he came in and built a product
Speaker 6: that does all of that, everything from recruiting performance management
Speaker 6: to if I'm an hourly worker, I clock in and
Speaker 6: I know in real time how much money I've earned,
Speaker 6: and if I need to get paid, I get paid immediately.
Speaker 6: They do the tax withholding for you. So it's a
Speaker 6: really unique that value proposition that he built the company
Speaker 6: on is still unique in this big growing market today.
Speaker 6: And so look, we and this company has been probably
Speaker 6: in the seventh or eighth inning of a services to
Speaker 6: software transformation, and so what we're what we're really looking
Speaker 6: to do is just accelerate what they're already doing as
Speaker 6: a public company in a private context. And just to
Speaker 6: answer maybe the last part of your question, this company
Speaker 6: is having a historic year, right So, a couple weeks
Speaker 6: ago they announced their earnings. They forty percent year over
Speaker 6: year bookings growth for the first half of the year.
Speaker 6: Recurring revenue is reaccelerating, which is kind of unusual in
Speaker 6: enterprise software right now, and the market kind of yawned,
Speaker 6: and we think there's a big disconnect and a big
Speaker 6: opportunity to basically continue on the path that the company's on,
Speaker 6: but accelerating it in a private context.
Speaker 2: To be fat, anst hadn't yawned, there's only one cell
Speaker 2: rating and they'd liked the earnings in many ways because,
Speaker 2: as you mentioned, David, who set up this business thirty
Speaker 2: years ago, has been able to take on the new iteration,
Speaker 2: this generative AI. And I'm really interested, therefore, holden as
Speaker 2: to how much generative AI can add value at this moment.
Speaker 2: Is that already baked in, because we're all questioning valuations
Speaker 2: of generative AI related companies right now.
Speaker 6: Yeah, So, generative AI is a huge part of our
Speaker 6: investment thesis here, as it is for most of our
Speaker 6: software companies. But we think, I mean, I'm just taking
Speaker 6: a step back in this human capital management space. Every
Speaker 6: company in the world right now is thinking about how
Speaker 6: to maybe reorganize themselves, how to infuse AI into their organization,
Speaker 6: maybe how to change their organizational structure and hierarchies to
Speaker 6: account for AI. What kind of skills are needed and
Speaker 6: how much do they need to pay for those skills.
Speaker 6: These are all people problems, and so we think this
Speaker 6: space of general human capital management should be is a
Speaker 6: great opportunity for AI. For those companies that have data,
Speaker 6: they know how to protect the data, that have customer relationships,
Speaker 6: and so we think it's a huge opportunity. They have
Speaker 6: a really ambitious AI roadmap. They're already selling some AI
Speaker 6: skews today, but there's a really ambitious roadmap for next
Speaker 6: year to roll this, to roll out a bunch of
Speaker 6: AI agents, and we think we can just help them
Speaker 6: accelerate that path to basically an agentic AI human capital
Speaker 6: management software company.
Speaker 5: Well, then, just on that point, we would love to
Speaker 5: get your views on an MIT related study that seems
Speaker 5: to have gotten this market maybe a little bit worked up.
Speaker 5: The study that ninety five percent of companies who took
Speaker 5: on AI generative AI pilots, ninety five percent of them
Speaker 5: sold zero return on investment. Given your work with these
Speaker 5: types of companies and incorporating genitive AI ninety five percent,
Speaker 5: does that number seem right to you?
Speaker 6: Look, well, I would say we we focus. That's really interesting,
Speaker 6: by the way, because I do think there has been
Speaker 6: an issue with people really trying to measure ROI on
Speaker 6: their projects. Everybody's using it, everybody is using it, everybody
Speaker 6: knows it's the next big thing. But is ROI really
Speaker 6: being you know, measured in it? And are people giving
Speaker 6: customers things that they may not they may not want,
Speaker 6: And so we've taken a very measured approach. We think
Speaker 6: there's a real benefit to these SaaS companies that have
Speaker 6: incumbency and they have data advantages. But I think at
Speaker 6: that enterprise level, I think, look, obviously there's been a
Speaker 6: lot of uh, the easy ones have been the call
Speaker 6: center and product development. Those have been the two biggest
Speaker 6: areas for AI. I'd say cases that have generated really
Speaker 6: positive ROI. But I think there's also a lot of
Speaker 6: sprawl too. There's a lot of tools being sold that
Speaker 6: maybe aren't being totally utilized. You see that in some
Speaker 6: of these earnings announcements. So I think it's just important
Speaker 6: to be careful to ensure that there's connectivity between the
Speaker 6: customer's roadmap and your roadmap. So we think it's really important,
Speaker 6: but we are taking a little bit more measured approach
Speaker 6: because if you sell something a customer that they're not
Speaker 6: using or don't need, that creates problems down the road.
Speaker 2: It's been great having you both join, in particular Danny Berger,
Speaker 2: thank you for helping us bring the conversation, Tom a
Speaker 2: brother managing partner Holden Spain fascinating, particularly on that MIT
Speaker 2: report coming up. The CEO of Data Breaks joins us
Speaker 2: to discuss the company's latest funding round and whapping valuation
Speaker 2: of over one hundred.
Speaker 3: Billion is a breen bag tech Data Bricks. It's raising
Speaker 3: new funding and evaluation.
Speaker 2: That tops one hundred billion dollars the series K investment
Speaker 2: marks get this more than sixty percent increase in the
Speaker 2: data analytics software providers value because it's.
Speaker 3: A last raised money in December. Data Bricks CEO Ali
Speaker 3: Godsi joins us.
Speaker 2: Now, extraordinary growth, but extraordinary growth in apples of ai
Speaker 2: that you're currently building and helping with businesses translate their data.
Speaker 3: How do you accelerate that?
Speaker 7: Yeah, that's why we did this investment round. We were
Speaker 7: looking at the product portfolio and there's two areas we
Speaker 7: really want to invest in, and that's how we did
Speaker 7: the fundraise.
Speaker 8: One islake Base.
Speaker 7: So agents and AI is also going to revolutionize databases.
Speaker 7: I know we're thinking about how it's affecting society, but
Speaker 7: the database market is one hundred and five billion dollars
Speaker 7: TAM and what.
Speaker 8: We saw in the data is that eighty percent of.
Speaker 7: The databases are now being created not by humans but
Speaker 7: by AI agents. So that's why we want to invest
Speaker 7: it in our database product called lake Base. And the
Speaker 7: other side is a product we have called Agent Bricks,
Speaker 7: where we really investing it in how do we actually
Speaker 7: help automate tasks with agents at enterprises with high quality
Speaker 7: and high fidelity without hallucinations. So that's why we're doing this.
Speaker 7: We're investing it in those two areas that we think
Speaker 7: have huge potential.
Speaker 2: I can you kind of translate for audience, how different
Speaker 2: the technology is needed to cater for an AIA rather
Speaker 2: than a human.
Speaker 7: Yeah, so the agents move much much much faster. You know,
Speaker 7: we think we're slower, we take our time. These things
Speaker 7: just go all the time, right, there's no stopping and
Speaker 7: they can do it in perils.
Speaker 8: So there's many, many of them doing it.
Speaker 7: So what you need to make sure, For instance, if
Speaker 7: you're providing infrastructure for them, like a database, you have
Speaker 7: to make sure that the cost of that is low
Speaker 7: because they're going to spawn up and try many many things.
Speaker 7: It's almost like you can imagine that you have, you know,
Speaker 7: one hundred interns unleashed, running off trying lots of different things.
Speaker 8: So you'd like to lower the cost of it.
Speaker 7: You want to make it super fast because if they're
Speaker 7: trying to use a database and the database.
Speaker 8: Is slow, now you've slowed down all of the interns.
Speaker 8: So you don't want to do that.
Speaker 7: So those are some of the things you have to
Speaker 7: do differently, move faster, lower the cost, and let them
Speaker 7: experiment more because they're going to try lots of stuff
Speaker 7: and then they're going to pick the best result. That's
Speaker 7: not how humans operate because we're more expensive. We take
Speaker 7: our time, and then we're sort of you know, measure twice,
Speaker 7: cut once kind of approach, which is not the case
Speaker 7: with the agents.
Speaker 2: Let's talk about expensive humans as you've been adding I
Speaker 2: think about fifty percent by the end of this year, right,
Speaker 2: adding three thousand to your headcount. How expensive are those
Speaker 2: humans at the moment? Ali, given the talent wars we.
Speaker 7: See, Yeah, I mean it's it's I thought already that
Speaker 7: things were very expensive a few years ago, and we
Speaker 7: pay top of the top of the market.
Speaker 8: We compete with say Google, Meta and so on.
Speaker 7: But I would say the last twelve months or six
Speaker 7: months even have been insane. I mean, it just keeps
Speaker 7: going higher and higher.
Speaker 2: Two hundred million, Hi, Ali, Like, are you having to
Speaker 2: counteract that?
Speaker 9: Yeah?
Speaker 7: I mean, look, we're seeing insane offers out there. If
Speaker 7: the talent is really that good, we will pay up. However,
Speaker 7: it is also the other side of it, which is
Speaker 7: they're going to work together with their coworkers, and you
Speaker 7: want to have equity and fairness. If you have two
Speaker 7: people that have the same background, that they're equally good
Speaker 7: just because someone started six months ago, you don't want
Speaker 7: to suddenly have them make one tent of the person
Speaker 7: that's sitting right next to them. So if you don't
Speaker 7: keep that equity in mind, then people get unhappy, they.
Speaker 8: Talk, and then they will move around.
Speaker 7: And that's why we' seeing so much char learn in
Speaker 7: the AI market right now. People are switching jobs, you know,
Speaker 7: from this company and then back again and so on.
Speaker 7: So you want to also be a little bit thoughtful
Speaker 7: about it. But yeah, you have to pay up otherwise
Speaker 7: that's the price to pay right now, What.
Speaker 2: About paying up for M and A because I know
Speaker 2: that you've raised funds potentially to do that.
Speaker 3: What sort of.
Speaker 7: Companies, Yeah, I mean, we're looking at across the board,
Speaker 7: right like this database technology I talked about right late, Base,
Speaker 7: which is separated computer storage for postcrafts. That's that's came
Speaker 7: through an acquisition that we did for you know, billion dollars.
Speaker 7: So we were continuing to be very very interested in these,
Speaker 7: you know, in Burder's talent. AI is very interesting because
Speaker 7: you know, on the one hand, we hear about these
Speaker 7: companies that have crazy evaluations, right one hundred billion plus.
Speaker 7: On the other hand, Yeah, but on the other hand,
Speaker 7: there's a lot of startups that started three years ago,
Speaker 7: two years ago, and you know, if the if the
Speaker 7: revenue is not there and the business isn't working out,
Speaker 7: but they have amazing talent and they have great, great
Speaker 7: ideas maybe they didn't just have channel distribution, that those
Speaker 7: are great and you can actually get them for you know,
Speaker 7: I guess in the big scheme of things that you
Speaker 7: could say cheap.
Speaker 2: Let's just talk about these so called crazy valuations AALI,
Speaker 2: because I know your phone has been running off the hook,
Speaker 2: and then particularly the last few weeks, people wanting to
Speaker 2: allocate more towards you.
Speaker 3: Do you think that would happen right here?
Speaker 2: Right now we suddenly see a slight rectification in valuations
Speaker 2: in the public markets.
Speaker 3: Are things cooling down? Are you worried by.
Speaker 2: MIT reports reporting of a lack of impact of AI
Speaker 2: pilots for example.
Speaker 8: No, I mean, I've been pretty vocal about this as well.
Speaker 7: You know, I'm very bullish on agents being able to
Speaker 7: do all kinds of tasks. But we're looking at very
Speaker 7: early innings and some people are already declaring success as
Speaker 7: if we were done.
Speaker 8: We're not. We're at the very beginning.
Speaker 7: When it comes to agents, for instance, one of the
Speaker 7: biggest challenges is that you know, when you unleash these agents,
Speaker 7: you know, the hundreds in terns that go off, they
Speaker 7: make errors, and you know, right out.
Speaker 8: Of the box you might have thirty percent errors.
Speaker 7: Would you hire a person that makes thirty percent of
Speaker 7: a time completely crazy mistakes?
Speaker 8: No, So we have to get the quality up.
Speaker 7: That's what Agent Bricks is focused on, how to we
Speaker 7: iterate and improve the quality. So I do think we
Speaker 7: have to pace the investments and the expectations on the ROI.
Speaker 7: What's timeline if we're thinking that, you know, these agents
Speaker 7: are just going to work everywhere right now, and that's
Speaker 7: not the case. It's going to take us years to
Speaker 7: be able to see the impact of AI across the
Speaker 7: board in organizations. You know, maybe even five years. It's
Speaker 7: still going to be very impactful. It's still something that's
Speaker 7: investing in. But you have to get that timeline right.
Speaker 2: Always talking straight to us, Sally god Sie, we so
Speaker 2: appreciate it.
Speaker 3: Day to Bricks CEO.
Speaker 2: Congrats on the series K Coming up, Google bets on
Speaker 2: AI for its new devices. Will have the details what
Speaker 2: the company has just launched. This is bloombag Tech. Welcome
Speaker 2: back to bloombag Tech. We take a look at these
Speaker 2: markets because it's been a volatile day of trade.
Speaker 3: More broadly, we could be on track for three days.
Speaker 2: Of losses on the Nastak one hundred worst stretch of
Speaker 2: losses going back to March of this year. We're currently
Speaker 2: off by three tens a percent Meta, dragging us a
Speaker 2: little bit lower Netflix one points perspective on the downside.
Speaker 2: On the higher side is like some nvidio. Let's look
Speaker 2: at a rebound for Pan Andeer as well, because it
Speaker 2: had had six straight days of losses running into today.
Speaker 2: We get a little bit of a reprieve, but only
Speaker 2: a tenth of a percent. More than seventy billion dollars
Speaker 2: of market cap wiped off of this retail fan favorite.
Speaker 2: As people question that valuation, you know, looking at profit
Speaker 2: to price, price to profit in the future, well it's
Speaker 2: training almost two hundred times. Looking at Intel on the downside,
Speaker 2: off by a quarter of percent one and a quarter.
Speaker 2: That's as we question what dilution or discount the US
Speaker 2: government might get after the euphoria, the soft bank and
Speaker 2: the US are indeed.
Speaker 3: Putting in money.
Speaker 2: And we finished on Google having a rather nice day,
Speaker 2: up by four tens percent, a come off of its highs.
Speaker 2: But all of this is following Google's introduction of new
Speaker 2: consuming gadgets including phones, earbuds, smart watch, all with the
Speaker 2: company's latest Gemini AI.
Speaker 3: Really at the heart of it all.
Speaker 2: We spoke with Rick Ostolo, his Google's SVP for Platforms
Speaker 2: and Devices, about the company's launch event.
Speaker 9: Gemini is a huge part of Google strategy. We've made
Speaker 9: so much progress with it. We've got the best models around,
Speaker 9: we have the best AI assistant. We are just so
Speaker 9: excited about what we've talked about today. And I personally
Speaker 9: love using the vo video model. You saw a video
Speaker 9: of my dog talking in the show, which was really
Speaker 9: fun to put together.
Speaker 3: Ke poodle across something.
Speaker 9: Yeah, he was his Portuguese water dog who somehow speaks English.
Speaker 9: But it was really really fun to put that together.
Speaker 9: And this is kind of the power of AI. Now
Speaker 9: you can do things for fun, you can be a
Speaker 9: lot more productive with it, and Gemini is the thing
Speaker 9: that powers it all for us.
Speaker 3: I mean, Steph Curry is doing things with sports.
Speaker 2: You had Alex Cooper there caller Daddy doing things with camera.
Speaker 2: I'm interested though, how this sets you apart. What are
Speaker 2: you offering do you think versus the competition? How am
Speaker 2: I going to be able to use it in a
Speaker 2: wholly different way than currently I could with a.
Speaker 3: Competitive out of that?
Speaker 9: Yeah, well, I mean I think AI in general just
Speaker 9: transforms all of these products on the phone. It's going
Speaker 9: to make it so much easier to interoperate with your phone.
Speaker 9: You just talk to the AI and it'll do things
Speaker 9: for you. You can show your camera to the AI and
Speaker 9: it'll give you hints about what to do, like if
Speaker 9: you're trying to do a project at home, like fix
Speaker 9: some plumbing or fix some shelves, whatever it is, AI
Speaker 9: can help. And we're really excited about our partnership with
Speaker 9: Stephen Curry to apply this AI technology to personal coaching.
Speaker 9: And you know, he's I can't think of a better
Speaker 9: person to work with than him. He has sleep coaches,
Speaker 9: nutrition coaches, fitness coaches, and he wanted to work with
Speaker 9: us to bring this kind of capability for personal coaching
Speaker 9: to everyone. And so that's what that partnership is all about.
Speaker 2: We're really excited to work with stuff and in many ways,
Speaker 2: what you were helping oversee the purchase of fitbit back
Speaker 2: in the day, it's now in the main factor of
Speaker 2: a watch that you've got on.
Speaker 3: What form factors are we yet to see?
Speaker 2: We've got you've got the pods in your ears, you've.
Speaker 3: Got the watch, you've got the phones right.
Speaker 9: And I think there might be a few coming next Well,
Speaker 9: we're bringing Gemini to a bunch of surfaces you use
Speaker 9: every day, but probably be used very differently, like automotive.
Speaker 9: There'll be Gemini in your car, on your television, in
Speaker 9: your smart speakers and smart displays. But I think a
Speaker 9: really exciting thing that'll come in the future is Gemini
Speaker 9: and classes. So we're working on smart classes that'll run
Speaker 9: Gemini as the main way you interact.
Speaker 3: And for a year that you think that that'll be
Speaker 3: coming out, is it?
Speaker 9: It'll be sometime next year. It will be pretty exciting
Speaker 9: to see.
Speaker 2: Costallone Google's SVP of Platforms and Devices. Let's talk a
Speaker 2: little bit more about all of this. Carolina Milanesi, she's
Speaker 2: the president and principal Analystic Creative Strategies.
Speaker 3: We were in Brooklyn together yesterday. Were I love reading.
Speaker 2: Your report on this, and you said, look, Google avoided
Speaker 2: any risky moves, so we didn't get the glasses in
Speaker 2: the here and now. But the prowess you see is
Speaker 2: that Gemini is just full force within these devices.
Speaker 3: Absolutely, it's all about AI.
Speaker 10: It's about really getting consumers to understand the power of
Speaker 10: that AI can bring and as Rick was saying, it's
Speaker 10: different things to different people. So what was amazing for
Speaker 10: me yesterday will see the breath of people that they
Speaker 10: were able to reach with all the guests that they had,
Speaker 10: both from an age demographic but also from what is
Speaker 10: the hook that you want? It can be editing, it
Speaker 10: can be taking the best shot, it can be getting fitter.
Speaker 2: And it can be photography. Andre de Wagner they had
Speaker 2: over there. They had of course sports when it came
Speaker 2: to Steph Curry or indeed Landon Norris was there. We
Speaker 2: also thought about the way in which community is going
Speaker 2: to use it for camera and for editing.
Speaker 3: Is that really that important?
Speaker 2: When do you think the camera is really going to
Speaker 2: be the standout feature of so.
Speaker 10: Many camera is already the sendout feature for so many consumers.
Speaker 2: They take pixels had a better camera than anyone for ages.
Speaker 3: That's what they kept on reminding us. But people are
Speaker 3: still buying apples as dead it is.
Speaker 10: But it's about what you can do from an editing perspective. Now,
Speaker 10: it's not just about taking the best shot and taking
Speaker 10: the friction away that there is today in getting to
Speaker 10: their editing. So being able to tell an AI agent
Speaker 10: Gemini or something else. How you want the picture to
Speaker 10: look like, and what.
Speaker 2: It really compares and contrast with is Apple's lacking right
Speaker 2: the fact that we're going to be so easily integrating
Speaker 2: Gemini AI from a spoken word perspective and it's Siri
Speaker 2: is just so behind the curve. Do you think they're
Speaker 2: going to eat any market share that?
Speaker 10: I think it's always hard from a high end perspective
Speaker 10: to see churm from Apple to anywhere else because user
Speaker 10: consumer have more device than just their phone, and so
Speaker 10: you're talking about a difficult choice to make.
Speaker 3: We also still have.
Speaker 10: A very beginning of DEI shift. Consumers are not walking
Speaker 10: into a store asking for an AI phone. We talked
Speaker 10: about is for Apple in June, but I do think
Speaker 10: that time is sticking for Apple and we need to
Speaker 10: see something sooner rather than later.
Speaker 2: Instead, this almost helps Google show off the Android ecosystem.
Speaker 2: You might not get a Google Pixel, but you might
Speaker 2: get a Samsung and probably through this demonstration you can
Speaker 2: see how well integrated that it's going to be as well.
Speaker 2: How do they navigate this sort of frenemie moment?
Speaker 10: Yeah, I think it's definitely first about the best of
Speaker 10: Google on Pixel, and then you started to see Samsung
Speaker 10: getting closer to their ecosystem and putting aside their aspirations
Speaker 10: with Bisbee and really building on the power of Gemini.
Speaker 10: So Motorola has been doing the same thing. So it's
Speaker 10: definitely about the ecosystem, but also feeling that in my view,
Speaker 10: Pixel is the answer to Apple within the Android world.
Speaker 2: And they got a foldable phone, which in any way
Speaker 2: goes head to head with the DOUGHI indorsed Samsung, but
Speaker 2: Apple has.
Speaker 3: No foldable right now.
Speaker 2: I thought what was really interesting was when they put
Speaker 2: them out on the market. Next week, we get the phones,
Speaker 2: but watch us. A little bit later, I asked Rick
Speaker 2: about whether it was a supply chain issue. He said, no,
Speaker 2: are there any supply chain issues for these companies right now?
Speaker 2: It guess it's chip correct designed and house what made
Speaker 2: my TSMC? How does this whole come together?
Speaker 10: I think, to be honest with you, as a marketing
Speaker 10: strategy is more of a supply issue. Is about getting
Speaker 10: before Apple and after Apple. Right we know that the
Speaker 10: expectation is beginning of September usually for Apple, and so
Speaker 10: getting in with the mass market product before the iPhone
Speaker 10: is out, and then with something that is more appealing
Speaker 10: to steal a niche market but very powerful users with
Speaker 10: the foldable towards holiday season.
Speaker 2: I think what really resonated did in your note was
Speaker 2: the confidence that Google had at this event. I mean
Speaker 2: it was just celebrity filled. It felt like you were
Speaker 2: at a TV event. That was the whole idea and
Speaker 2: narrative of it. Have they got the right to be
Speaker 2: this confident right now?
Speaker 3: Do you think?
Speaker 10: I think is empowering for them instead of always focusing
Speaker 10: on chasing Apple, to actually feel confidence in the product
Speaker 10: that they have, which are iterative from last year but solid.
Speaker 10: And I think that finding the confidence in their branding
Speaker 10: is very important and broadening the addressable market that they're
Speaker 10: aiming for is not just tech buyers anymore, is mass
Speaker 10: market consumers.
Speaker 2: Subway takes call a Daddy, had a lot for the
Speaker 2: gen Z and the younger millennials. Currently, a Melnac loved
Speaker 2: having a hair president and principal analyst at Creative Strategies
Speaker 2: coming up, Runway CEO Christoval Venezuela is joining us to
Speaker 2: talk about the company's blue tools for video.
Speaker 3: And games creation. Says Blomberg Tech.
Speaker 2: M AI startup Runway, which shook up Hollywood with a
Speaker 2: video generation tools centering the world of gaming. Announcing today
Speaker 2: is Runway Game World's beta, which.
Speaker 3: Takes a step towards real time game creation.
Speaker 2: Runway CEO and co founder Crystal Weal Venezuela joins us
Speaker 2: now and because, well, how changeable or what a complete
Speaker 2: shift is this for the gaming industry, because consumers are
Speaker 2: going to be able to use it, but what does
Speaker 2: it mean for the actual studios too?
Speaker 8: Yeah, it's massive.
Speaker 11: It's a big change in the same way that AI
Speaker 11: was a big change for Hollywood as well. And now
Speaker 11: it's important to understanding that organize. There are two parts
Speaker 11: of how AI is affecting games. On the one end,
Speaker 11: you have the real time rendering component of it that
Speaker 11: we're working towards, basically means you're going to be able
Speaker 11: to create pixels in a real time manner. And the
Speaker 11: other one is the mechanics. Right, so how do games
Speaker 11: manifest itself? What are the interactions that users would have
Speaker 11: with them? From consumers to preach everyone and so game
Speaker 11: World for us, it's kind of fland exploration and our
Speaker 11: first product and the mechanics of non linear stories with
Speaker 11: AI creating these worlds in real time and having players
Speaker 11: experiment with them.
Speaker 2: I mean, I think about the first time that we
Speaker 2: first started bringing you on the show and hearing from
Speaker 2: how much you were well disrupting Hollywood.
Speaker 3: But Hollywood has now come to embrace.
Speaker 2: You, using Amazon, using it in the latest works that
Speaker 2: they're doing, and creating Christa.
Speaker 7: Well.
Speaker 2: How has the gaming studio reaction been. Has it been
Speaker 2: bristling or has it been accepting.
Speaker 11: It's somehow very similar to what I think Hollywood went
Speaker 11: through a year and a half ago. I think it's
Speaker 11: totally new. It takes time, but now I think most
Speaker 11: of them have started to embrace it and understand it.
Speaker 11: It's a radical technology or changes how you do your
Speaker 11: work and need to embrace it. You need to understand it.
Speaker 11: There's things that work really well, there's some things that
Speaker 11: don't really work really well. But really it's about like
Speaker 11: using it more. And so I would say that games
Speaker 11: and the gaming world is where I would say Hollywood
Speaker 11: was a year ago, and now as models progress get better,
Speaker 11: become more usable, you start seeing most of those companies
Speaker 11: now starting to adopt it.
Speaker 2: I mean you can see the impact because it's being
Speaker 2: used in features by big tech companies and big filmmakers Christovelt,
Speaker 2: But how are you measuring impact for those that are
Speaker 2: about to take it on? We're all talking about this
Speaker 2: MIT study about whether or not ninety five percent of
Speaker 2: these pilots for general to AI are failing. How do
Speaker 2: you prove out that your technology as value?
Speaker 11: Yeah, well you have to make sure it helps users somehow.
Speaker 11: And look there's a challenge. And I think the challenge
Speaker 11: that I think media and Vollywood recognize overtirement is these
Speaker 11: are not tools that will make moves for you. And
Speaker 11: I think there was a big assumption another time where
Speaker 11: like many people thought, you just came into runway tight
Speaker 11: movie and you get a movie out. Unfortunately, that's not
Speaker 11: what the tchnology is doing. It's much more about you
Speaker 11: being in control and you friending the right time. But
Speaker 11: also you need to rewire your brain a little bit.
Speaker 11: You need to retrain the mental models of how this
Speaker 11: STAMLA you can help you. And that takes time. And
Speaker 11: so how we manage to do that change with our
Speaker 11: companies and customers and userss We help them and sometimes
Speaker 11: we go and work alongside them. We have technical artists
Speaker 11: that you can think about them as like for deploy
Speaker 11: engineers that sit together with our companies and users and
Speaker 11: enterprises and help them understand how run we can fit
Speaker 11: in particular parts of our workload. You're a left For example,
Speaker 11: it's our latest video generation model that allows you to
Speaker 11: edit video in ways that you just couldn't do before.
Speaker 11: And it works completely different from anything you've seen before,
Speaker 11: and so it's not going to work based on what
Speaker 11: you know you have to. There's an adjustment period, and
Speaker 11: that adjustment period is critical for me. It's very similar
Speaker 11: to perhaps how the cloud was a big change for
Speaker 11: companies like it requires you to redo and reorganize some
Speaker 11: of your teams to prepurpolous.
Speaker 3: I'm talking about reorganizing teams.
Speaker 2: I mean Mark Zuckerberg's been busy at that, and we
Speaker 2: understand that previously hid perhaps eyed up Runway wanting to
Speaker 2: be able to buy that to bring in for the
Speaker 2: AI prowess. You not to back that's off the table,
Speaker 2: But how many offers are you getting full runway? And
Speaker 2: how you putting your employees that you might not jump
Speaker 2: ship again.
Speaker 11: I've been working on this for like almost seven eight years,
Speaker 11: and I think we're now hitting an interesting inflection point.
Speaker 11: It's getting too exciting for us to think about not
Speaker 11: being independent like we want to remain independent. We have
Speaker 11: the resources need, We have the best team in the
Speaker 11: world doing that, some of the best research in the world.
Speaker 11: Now is an inflection point in both quality, adoption penetration.
Speaker 11: It's a really exciting time to build Runway, and I
Speaker 11: think there's still a long way to go for.
Speaker 3: Us first gaming product.
Speaker 2: We thank you for talking us to game wels and
Speaker 2: so much more that you've been doing with the LF
Speaker 2: model and plenty more. Crystaval Venezuela, CEO and co founder Runway,
Speaker 2: always great to catch up now. Sticking with AI deep Seek,
Speaker 2: it just unveils and update to an older model that
Speaker 2: it says surpasses a seminal are one on key benchmarks now.
Speaker 2: Deep Seat said in a we chat post that the
Speaker 2: new version answers queries much faster and marks the startup's
Speaker 2: first step towards creating an AI agent and close to
Speaker 2: the home in the US. Open AI CFO Sarah Fryar
Speaker 2: has just told Bloomberg that the company could take a
Speaker 2: page out of Amazon's playbook, following an approach inspired by Amazon,
Speaker 2: which found success renting out at spare Cloud computing capacity.
Speaker 2: Open ai could in the future sell access to data
Speaker 2: centers and other physical infrastructure needed for aims, showing KAfari
Speaker 2: was there for that conversation bringing out teasing out those
Speaker 2: pieces of information because so far really does have to
Speaker 2: think about the profitability of this business in the longer term.
Speaker 3: That's right if you think about it.
Speaker 12: So you know, I was also recently at a media
Speaker 12: dinner with Sam Maltman when he said we planned to
Speaker 12: spend trillions on infrastructure in the near future and that
Speaker 12: economists might call that crazy, but they are marching on.
Speaker 12: So as open ai starts to put this immense and
Speaker 12: precedence in amount of capital rate toward data center expansion,
Speaker 12: they're building expertise in that. And I think the long
Speaker 12: term play here as well, how could we in the
Speaker 12: future potentially market and capitalize on.
Speaker 2: That expertise and be able to drive up revenues to
Speaker 2: be getting better financing for the future of their own
Speaker 2: infrastructure spend. At the moment, they've been funding that spend
Speaker 2: by raising money and venture any nuance there, she really
Speaker 2: did talk about how they've been able to sort of
Speaker 2: raise more than they anticipated.
Speaker 12: Yes, you know, they were planning on ten billion, and
Speaker 12: one piece of THEIRNCH funding around. She said that they
Speaker 12: have actually gotten to eleven billion because of access investor interest,
Speaker 12: and more broadly, they're actually looking beyond just you know,
Speaker 12: equity financing at this point. They're also, as Friar told us,
Speaker 12: interested in debt and debt financing and they have said
Speaker 12: that banks and private equity firms have approached them about this.
Speaker 2: So interesting as we see how Metro has been financing
Speaker 2: some of its data center needs, getting into the world
Speaker 2: of private credit with Pimco and blue Out, what more
Speaker 2: about the growth of the business when we're just coming
Speaker 2: off the back of GPT five and some of the
Speaker 2: throws around that. And they had to make some difficult choices,
Speaker 2: particularly when it came to well, how nice the chatbot
Speaker 2: is the people and how they bring back other models
Speaker 2: and they're like.
Speaker 3: That's right.
Speaker 12: So it was definitely a bumpy rollout, I think bumpy
Speaker 12: or they expected right. Also at that dinner, Alman you know, said,
Speaker 12: we know, we messed up on.
Speaker 3: The emotional attachment.
Speaker 12: I think they did not realize that people fully had
Speaker 12: to the older version of the chatbot, and they were
Speaker 12: all sort of a lot of users were angry that
Speaker 12: Opening initially deprecated the older model. However, I think overall
Speaker 12: the bigger pictures that chat GBT is still you know,
Speaker 12: the market leader right on consumer usage, just on chatbot
Speaker 12: usage overall, and they still have this voracious demand as
Speaker 12: Fryer put it, for the use of their products that
Speaker 12: requires intensive compute and.
Speaker 2: As racious demand to fund it as we were talking about.
Speaker 2: And actually eventually retail want to be owning a piece
Speaker 2: of this company more people democratization so spoken about eventually
Speaker 2: they need to IPO.
Speaker 3: But as a CFO, how is she thinking about that?
Speaker 12: Sofra, I mean for Sarah fry Or, her job is
Speaker 12: both to raise these funds right for open A, but
Speaker 12: also be able to allocate that compute for these customers.
Speaker 12: Oftentimes they're having to decide in advance which customers are
Speaker 12: actually going to get the compute power they need to
Speaker 12: run all the chat shop t products.
Speaker 3: So it's it's a mix of fundraising.
Speaker 12: Of keeping customers happy, keeping consumers happy, and figuring out
Speaker 12: all the right the financing and money for it.
Speaker 2: And then leave us to pulls showing KAfari talking us
Speaker 2: through what was a fantastic conversation that she had with
Speaker 2: Sarah Phire, CFO of open Ai. Now coming up SpaceX
Speaker 2: other very highly valued private company tapping into luxury travel
Speaker 2: as it expands its starlink services.
Speaker 3: Were on that next as the bluebgg tech.
Speaker 2: SpaceX has steadily built up it's starlink in flight Wi
Speaker 2: Fi services for carriers like Air France, United, Virgin Atlantics
Speaker 2: signing up. Now the company what's allying a Middle East
Speaker 2: expansion as it holds discussions with the likes of Devi
Speaker 2: based Emirates, Bloombergs Space reporter Sana Pashanka joins us now
Speaker 2: with the details. How big a coup could this be
Speaker 2: to get in with the Middle East and flies.
Speaker 13: Yeah, it would be a really big moment for starlink.
Speaker 13: As you mentioned, these are luxury airlines and a lot
Speaker 13: of them are stopping points for really long haul international flights,
Speaker 13: So it could be, you know, bring in a lot of.
Speaker 3: Revenue for star languages.
Speaker 13: SpaceX's most profitable unit.
Speaker 3: Who has it been booting out the way?
Speaker 2: Which have been the previous Wi Fi offerers, which I
Speaker 2: say many would say they've been frustrated with in the past.
Speaker 2: His WiFi doesn't always feel that great on board.
Speaker 13: Yeah, so the previous The legacy operators are via sat SCS,
Speaker 13: Intel SAD which was actually SCS acquired Intel SAD and
Speaker 13: also Hughes, and those legacy operators have historically relied on
Speaker 13: geostationary satellites which are much further away from Earth to
Speaker 13: provide that Internet connectivity to airplanes.
Speaker 3: What does the negotiation period look like.
Speaker 2: How does Elon or indeed just SpaceX more broadly and
Speaker 2: going over there win over these carriers.
Speaker 3: What is it that they have to prove out.
Speaker 13: So SpaceX It's been shown by third parties that Starlink
Speaker 13: has delivered the fastest Wi Fi speeds across industry and
Speaker 13: compared to those legacy operators, and that is in part
Speaker 13: because their satellites are much closer to Earth, so you know,
Speaker 13: the Internet has less distance to travel to getting to
Speaker 13: those planes. But Starlink has a couple of negotiation tactics
Speaker 13: that they use. They don't really allow airlines to announce
Speaker 13: that they're using Starlink unless they'll equip on their whole fleet.
Speaker 13: They also have put in this request that airlines offer
Speaker 13: it to free for everyone on board, which you know
Speaker 13: some airlines have, but some airlines have pushed back on
Speaker 13: because they just want to offer it to their loyalty
Speaker 13: customers and their loyalty program. So you know, they have
Speaker 13: a couple of requests that they put in, but it
Speaker 13: seems like the negotiations are unique for every airline and
Speaker 13: every operator.
Speaker 2: Sana Pashanka bringing us the latest on that part of SpaceX.
Speaker 3: We appreciate it.
Speaker 2: Let's get back to the public markets right now, because
Speaker 2: we're back under pressure then, as back one hundred is,
Speaker 2: you'll see down now for three straight days, two and
Speaker 2: a half percent lower. We've been questioning above the board
Speaker 2: the frothy valuations. One of them we've really been keeping
Speaker 2: an eye out is on Palanteer. Now, its valuation, it's
Speaker 2: multiple is extraordinary. I mean trades two hundred times future profits.
Speaker 2: We're down fourteen percent in the last five days. In fact,
Speaker 2: it's been low for seven straight trading days, the longest
Speaker 2: sell off we've seen since March twenty twenty three. We'll
Speaker 2: see how Alex Karp is responding to some of those shorts,
Speaker 2: finally winning out some money, made about a billion one
Speaker 2: point six billion in the period of loss.
Speaker 3: Now that does it for this edition of Bloomberg Tech.
Speaker 2: Don't forget to check out the podcast, It's The Bloomberg
Speaker 2: Tech