1 00:00:02,720 --> 00:00:10,559 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the 2 00:00:10,600 --> 00:00:14,560 Speaker 1: Bloomberg Intelligence podcast. Catch us live weekdays at ten am 3 00:00:14,600 --> 00:00:17,880 Speaker 1: Eastern on Apple, Cocklay and Android Auto with the Bloomberg 4 00:00:17,920 --> 00:00:21,040 Speaker 1: Business app. Listen on demand wherever you get your podcasts, 5 00:00:21,360 --> 00:00:23,520 Speaker 1: or watch us live on YouTube. 6 00:00:24,320 --> 00:00:26,000 Speaker 2: Well, I was going to call it a merger Monday, 7 00:00:26,280 --> 00:00:28,320 Speaker 2: but it's Tuesday, so that doesn't work. But that doesn't 8 00:00:28,320 --> 00:00:31,960 Speaker 2: stop the pharmaceutical companies from doing more deals. As I'll 9 00:00:31,960 --> 00:00:33,880 Speaker 2: set it before, I'll say it again in the next life, 10 00:00:33,880 --> 00:00:36,080 Speaker 2: I'm coming back as a healthcare MNA banker because they 11 00:00:36,080 --> 00:00:38,080 Speaker 2: get paid every single week. 12 00:00:38,120 --> 00:00:39,640 Speaker 3: It seems like in this week's no different. 13 00:00:39,800 --> 00:00:42,040 Speaker 2: Madison Muller Joints. Is here a healthcare reporter for a 14 00:00:42,080 --> 00:00:45,519 Speaker 2: Bloomberg News Eli Lelei grees to buy three vaccine developers 15 00:00:45,520 --> 00:00:48,360 Speaker 2: for as much as three point eight billion dollars. Madison, 16 00:00:48,400 --> 00:00:50,040 Speaker 2: what's Elili looking to do here? 17 00:00:50,479 --> 00:00:52,879 Speaker 4: Yeah, I mean, it's definitely an interesting time to be 18 00:00:53,000 --> 00:00:55,600 Speaker 4: buying into the vaccine space, given sort of the political 19 00:00:55,640 --> 00:00:58,600 Speaker 4: climate that we have in the US with Health Secretary 20 00:00:58,680 --> 00:01:03,160 Speaker 4: Robert F. Kennedy Junior, who has pulled funding from various vaccines, 21 00:01:03,160 --> 00:01:05,920 Speaker 4: who and we've sort of lost seen a loss of 22 00:01:05,959 --> 00:01:09,119 Speaker 4: public support for vaccines, but that has not stopped Lily. 23 00:01:09,440 --> 00:01:11,399 Speaker 4: I mean, Lily has been on a tear recently with 24 00:01:11,680 --> 00:01:14,120 Speaker 4: m and A. The company has a lot of cash 25 00:01:14,160 --> 00:01:18,000 Speaker 4: on hand thanks to the popularity of its blockbuster obesity 26 00:01:18,040 --> 00:01:21,240 Speaker 4: and diabetes medications, and what it's looking to do now 27 00:01:21,400 --> 00:01:24,080 Speaker 4: is to build toward that next era of growth. What 28 00:01:24,200 --> 00:01:27,520 Speaker 4: happens after these medications that are fueling its growth right 29 00:01:27,560 --> 00:01:30,120 Speaker 4: now lose patent protection as they always do in the 30 00:01:30,120 --> 00:01:33,600 Speaker 4: pharmaceutical industry, and so vaccines are going to be at 31 00:01:33,680 --> 00:01:36,039 Speaker 4: least it appears to be part of Lily's sort of 32 00:01:36,120 --> 00:01:41,040 Speaker 4: next era. They hired former FDA official Peter Marx last 33 00:01:41,120 --> 00:01:43,720 Speaker 4: year to lead their infectious disease unit, and then this 34 00:01:43,880 --> 00:01:47,160 Speaker 4: is their first real foray into that space. So there 35 00:01:47,160 --> 00:01:49,480 Speaker 4: are three different companies as you saw that they are 36 00:01:49,640 --> 00:01:55,440 Speaker 4: buying as of today to target various different global health crises, 37 00:01:55,480 --> 00:01:59,840 Speaker 4: from antimicrobial resistance to epstein bar virus and others. 38 00:02:00,160 --> 00:02:02,320 Speaker 5: It will be pretty interesting to see what happens. 39 00:02:02,360 --> 00:02:05,559 Speaker 6: He shingles as well, one of that mic up against. 40 00:02:05,560 --> 00:02:07,880 Speaker 6: I guess the leader in that space is the is 41 00:02:07,920 --> 00:02:13,120 Speaker 6: it Shingris, Yeah, the Stringrix vaccine. So do we know 42 00:02:13,280 --> 00:02:14,919 Speaker 6: more about this deal? I mean, I know the three 43 00:02:15,000 --> 00:02:19,760 Speaker 6: companies that they're buying are privately held, but do we 44 00:02:19,800 --> 00:02:22,200 Speaker 6: know anything else about these deals are because usually with 45 00:02:22,240 --> 00:02:24,040 Speaker 6: these kinds of things, there are milestone so as you, 46 00:02:24,240 --> 00:02:26,080 Speaker 6: I guess, I don't know, set sales goals or what 47 00:02:26,160 --> 00:02:26,440 Speaker 6: have you. 48 00:02:26,600 --> 00:02:28,400 Speaker 4: Yeah, yeah, exactly, And that is a part of this. 49 00:02:28,800 --> 00:02:30,520 Speaker 4: There are going to be milestone payments. 50 00:02:30,880 --> 00:02:31,120 Speaker 2: Uh. 51 00:02:31,320 --> 00:02:34,480 Speaker 4: These various companies, I mean based sort of all over 52 00:02:34,480 --> 00:02:37,280 Speaker 4: the world, couple in the US. Outside of the US, 53 00:02:37,360 --> 00:02:40,400 Speaker 4: I think one is based in Zurich, and so they 54 00:02:40,680 --> 00:02:44,160 Speaker 4: you know, Lily has a track record of going earlier 55 00:02:44,440 --> 00:02:47,160 Speaker 4: in the you know, drug development process. 56 00:02:47,280 --> 00:02:50,040 Speaker 5: They like to go for these earlier. 57 00:02:49,639 --> 00:02:53,960 Speaker 4: Stage, cheaper deals versus later on sort of bigger mergers. 58 00:02:54,000 --> 00:02:56,280 Speaker 4: And that's this is the sort of the same pattern 59 00:02:56,320 --> 00:02:59,400 Speaker 4: that we're seeing here. A couple of them are in 60 00:02:59,440 --> 00:03:02,480 Speaker 4: clinical already, one of them is about to be ready 61 00:03:02,480 --> 00:03:05,280 Speaker 4: for phase one trials, and so Lily will be able 62 00:03:05,320 --> 00:03:07,840 Speaker 4: to really partner with them and take them through that process, 63 00:03:07,840 --> 00:03:10,840 Speaker 4: which is something that's often hard and expensive for biotechs 64 00:03:10,880 --> 00:03:11,679 Speaker 4: to do on their own. 65 00:03:12,480 --> 00:03:14,480 Speaker 2: So for these big former companies that are out there 66 00:03:14,480 --> 00:03:16,760 Speaker 2: in the marketplace with these weight loss drugs. They're not 67 00:03:16,800 --> 00:03:19,720 Speaker 2: standing still, are they. They're making them better, more powerful, 68 00:03:19,919 --> 00:03:20,680 Speaker 2: less side effects. 69 00:03:20,720 --> 00:03:21,799 Speaker 3: What's Lily doing for them? 70 00:03:22,080 --> 00:03:24,960 Speaker 4: Lily is basically doing everything. I mean, they have their 71 00:03:24,960 --> 00:03:28,960 Speaker 4: strategy and Obesity is to throw everything that they have 72 00:03:29,120 --> 00:03:30,920 Speaker 4: at this. They don't want to be left out of it. 73 00:03:30,960 --> 00:03:33,960 Speaker 4: They don't want what happened to Nova Nordisk to happen 74 00:03:34,000 --> 00:03:35,960 Speaker 4: to them. I mean, Novo has sort of been caught 75 00:03:36,000 --> 00:03:39,480 Speaker 4: flat footed just by how quickly this market has moved, 76 00:03:39,520 --> 00:03:41,840 Speaker 4: and there are a lot of competitors and a lot 77 00:03:41,840 --> 00:03:44,160 Speaker 4: of people, like you said, trying to develop better weight 78 00:03:44,200 --> 00:03:47,080 Speaker 4: loss drugs, whether that's you know, pill forms or less 79 00:03:47,080 --> 00:03:51,120 Speaker 4: side effects or taken monthly. Nova's sort of struggling to 80 00:03:51,400 --> 00:03:54,640 Speaker 4: figure out its next move and fill its pipeline. Lily has, 81 00:03:54,720 --> 00:03:58,800 Speaker 4: you know, strategically made the decision years ago to throw 82 00:03:58,880 --> 00:04:01,720 Speaker 4: everything that they had at over and so they are 83 00:04:01,760 --> 00:04:05,280 Speaker 4: looking at different types of molecules, something called amulin, which 84 00:04:05,320 --> 00:04:07,720 Speaker 4: is thought to maybe be a little bit gentler on 85 00:04:07,760 --> 00:04:10,480 Speaker 4: the stomach, maybe not have the same GI effects that 86 00:04:10,560 --> 00:04:14,160 Speaker 4: the current generation of weight loss drugs have. They're looking 87 00:04:14,200 --> 00:04:17,599 Speaker 4: at less frequent dosing, They're looking they just had a 88 00:04:17,640 --> 00:04:20,040 Speaker 4: new pill approved. They are looking at drugs that are 89 00:04:20,080 --> 00:04:22,480 Speaker 4: even more effective than the ones currently on the market. 90 00:04:22,560 --> 00:04:25,320 Speaker 4: So it's pretty much like everything under the sun. They 91 00:04:25,360 --> 00:04:27,320 Speaker 4: want to they want to be playing in. 92 00:04:26,920 --> 00:04:28,800 Speaker 2: The next area they need to focus on being the 93 00:04:28,800 --> 00:04:29,760 Speaker 2: pharmaceutical industry. 94 00:04:30,440 --> 00:04:35,120 Speaker 7: Baldness, baldness, huge opportunity to put the hair back on, 95 00:04:35,640 --> 00:04:40,800 Speaker 7: you know, half the most big I mean is that 96 00:04:40,880 --> 00:04:43,400 Speaker 7: something that's they're talking about is yes. 97 00:04:43,360 --> 00:04:47,560 Speaker 2: The same areas is like obesity exactly. 98 00:04:47,640 --> 00:04:50,320 Speaker 4: So Lily actually does have a drug drug for alopecia, 99 00:04:50,360 --> 00:04:53,160 Speaker 4: which is a little bit different. But there is another company, 100 00:04:53,160 --> 00:04:54,880 Speaker 4: and I'm blanking on the name, but I know the 101 00:04:54,920 --> 00:04:58,560 Speaker 4: ticker is Maine, which is pretty creative that has been 102 00:04:58,600 --> 00:05:02,760 Speaker 4: getting some hype re simply because they are developing supposedly 103 00:05:02,800 --> 00:05:05,359 Speaker 4: better hair loss treatment. So that's the one that I 104 00:05:05,400 --> 00:05:06,640 Speaker 4: know people have been watching. 105 00:05:06,839 --> 00:05:08,599 Speaker 6: But you know, when you look at these stocks like Eli, 106 00:05:08,680 --> 00:05:11,559 Speaker 6: Lilly has barely budged year to date, and you mentioned 107 00:05:11,560 --> 00:05:14,200 Speaker 6: Novo norda sort of being held flat footed here to date, 108 00:05:14,240 --> 00:05:16,200 Speaker 6: they're down almost twelve percent, which I mean, I guess 109 00:05:16,200 --> 00:05:18,479 Speaker 6: I get that, but I would I would expect a 110 00:05:18,520 --> 00:05:20,960 Speaker 6: more enthusiastic response to Eli Lad than for some reason, 111 00:05:20,960 --> 00:05:22,240 Speaker 6: the stock's just not moving much. 112 00:05:22,360 --> 00:05:24,960 Speaker 4: Yeah, I mean I think that's because at this point, 113 00:05:25,080 --> 00:05:29,479 Speaker 4: it's they've just grown so much. I mean, their valuation 114 00:05:29,600 --> 00:05:31,720 Speaker 4: is enormous. They hit a trillion dollar they were the 115 00:05:31,720 --> 00:05:34,680 Speaker 4: first healthcare company to hit a trillion dollar valuation last year, 116 00:05:35,640 --> 00:05:38,680 Speaker 4: and I think it's it's hard for investors to see 117 00:05:39,440 --> 00:05:41,880 Speaker 4: much more right now, Like when you're. 118 00:05:41,760 --> 00:05:44,880 Speaker 6: At the very they sort of top or they've peaked, right. 119 00:05:44,839 --> 00:05:47,400 Speaker 5: Like, what what is there to get excited about? 120 00:05:47,400 --> 00:05:49,919 Speaker 4: Which, you know, there is a lot that Lily is doing, 121 00:05:49,960 --> 00:05:52,520 Speaker 4: but I think to get it up from the high, 122 00:05:52,560 --> 00:05:54,360 Speaker 4: high high point that it's at now, I mean, it 123 00:05:54,400 --> 00:05:57,520 Speaker 4: has to be something pretty spectacular. So I think that 124 00:05:57,640 --> 00:06:00,080 Speaker 4: right now, investors are sort of just watching and waiting 125 00:06:00,120 --> 00:06:02,960 Speaker 4: to see what happens, Like are they eventually, you know, 126 00:06:03,040 --> 00:06:05,640 Speaker 4: is there a mistake or a hiccupcoming or are they 127 00:06:05,640 --> 00:06:08,240 Speaker 4: going to be able to sustain this incredible growth? And 128 00:06:08,279 --> 00:06:09,760 Speaker 4: so I think that that's sort of the moment we're 129 00:06:09,760 --> 00:06:10,240 Speaker 4: in right now. 130 00:06:10,920 --> 00:06:14,080 Speaker 2: Stay with us more from Bloomberg Intelligence coming up after this. 131 00:06:17,920 --> 00:06:21,600 Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us Live 132 00:06:21,680 --> 00:06:24,760 Speaker 1: weekdays at ten am Eastern on Apple Cocklay and Android 133 00:06:24,800 --> 00:06:28,080 Speaker 1: Auto with the Bloomberg Business app. Listen on demand wherever 134 00:06:28,160 --> 00:06:32,159 Speaker 1: you get your podcasts, or watch us live on YouTube, and. 135 00:06:32,240 --> 00:06:35,760 Speaker 2: We talk IPOs. We've been talking all about SpaceX over 136 00:06:35,760 --> 00:06:38,360 Speaker 2: the last and for good reason. It's gonna be some huge, 137 00:06:38,440 --> 00:06:40,719 Speaker 2: huge offering there and as well as maybe some AI 138 00:06:40,839 --> 00:06:41,840 Speaker 2: deals coming down to space. 139 00:06:41,880 --> 00:06:42,960 Speaker 3: But there's another one out there. 140 00:06:44,160 --> 00:06:47,920 Speaker 2: There's a quantum computing IPO. That's the other like secret 141 00:06:47,920 --> 00:06:50,560 Speaker 2: sauce out there edition to AI. You mentioned quantum computing 142 00:06:50,560 --> 00:06:53,360 Speaker 2: and that gets your attention. Here Anthony Edwards Joints is here, 143 00:06:53,400 --> 00:06:56,240 Speaker 2: equity capital markets reporter for Bloomberg News. Talk to us 144 00:06:56,240 --> 00:07:00,360 Speaker 2: about Honeywell this Honeywell back to deal Quantinium. What does 145 00:07:00,400 --> 00:07:03,120 Speaker 2: this company do and what are they coming public for? 146 00:07:03,839 --> 00:07:07,720 Speaker 8: Yes, well, Quantinum is another quantum computing company. I mean, 147 00:07:07,720 --> 00:07:10,400 Speaker 8: there's been quite a few that have gone public over 148 00:07:10,400 --> 00:07:12,960 Speaker 8: the last say three or four years, but most of 149 00:07:12,960 --> 00:07:17,520 Speaker 8: those have gone public SPAC mergers, which is probably you know, 150 00:07:17,600 --> 00:07:20,080 Speaker 8: sometimes that raises a question mark about their quality. And 151 00:07:20,120 --> 00:07:23,640 Speaker 8: obviously also the SPAC merger process sort of lends itself 152 00:07:23,680 --> 00:07:28,120 Speaker 8: to companies that perhaps don't have an established level of profitability. 153 00:07:28,120 --> 00:07:30,160 Speaker 8: But so the interesting thing here is that this is 154 00:07:30,200 --> 00:07:31,440 Speaker 8: a fairly large IPO. 155 00:07:31,880 --> 00:07:34,280 Speaker 9: This company will be looking at quantinium. 156 00:07:34,320 --> 00:07:36,520 Speaker 8: We'll be looking to raise about a billion dollars for 157 00:07:36,600 --> 00:07:40,200 Speaker 8: a sort of market value market cap of around sort 158 00:07:40,240 --> 00:07:44,040 Speaker 8: of twelve thirteen. And yeah, I mean the company is 159 00:07:44,760 --> 00:07:47,680 Speaker 8: not profitable, but it does. It is a bit more 160 00:07:47,680 --> 00:07:50,120 Speaker 8: mature than some of most of the other quantum computing 161 00:07:50,200 --> 00:07:52,720 Speaker 8: names out there. But you know, this is just going 162 00:07:52,760 --> 00:07:54,640 Speaker 8: to be another way for people to play quantal computing, 163 00:07:54,640 --> 00:07:56,840 Speaker 8: which has become one of these big themes. And you 164 00:07:56,840 --> 00:07:59,320 Speaker 8: know what is kinal computing? Well you sort of need 165 00:07:59,680 --> 00:08:02,800 Speaker 8: a agree and quantum mechanics to explain it to you. Well, 166 00:08:02,800 --> 00:08:07,440 Speaker 8: but basically these are very powerful computers that these companies 167 00:08:07,480 --> 00:08:10,440 Speaker 8: are developing, and you know it's a little bit way off, 168 00:08:10,520 --> 00:08:13,440 Speaker 8: but this can solve some really complex tasks that really 169 00:08:13,480 --> 00:08:16,320 Speaker 8: classical computing can't. So you know that's about those good 170 00:08:16,360 --> 00:08:17,720 Speaker 8: an explanations I can give you. 171 00:08:18,200 --> 00:08:21,240 Speaker 10: So what are some of the complex tasks they can solve? Like, 172 00:08:21,280 --> 00:08:24,160 Speaker 10: what are some of the whis that quantum computing can 173 00:08:24,320 --> 00:08:27,880 Speaker 10: make money or help businesses in kind of in this 174 00:08:27,920 --> 00:08:28,520 Speaker 10: moment we're in. 175 00:08:28,960 --> 00:08:32,280 Speaker 8: Yeah, well, I think the classic use case which people 176 00:08:32,280 --> 00:08:35,560 Speaker 8: have been talking about and certainly with this the marketing 177 00:08:35,559 --> 00:08:39,440 Speaker 8: of this IPO is around drug discovery, where basically that 178 00:08:39,640 --> 00:08:42,400 Speaker 8: has a process that takes you know, can take a 179 00:08:42,480 --> 00:08:45,480 Speaker 8: very long time to take a drug from from the 180 00:08:45,600 --> 00:08:49,320 Speaker 8: R and D to commercialization. And using these you know, 181 00:08:49,400 --> 00:08:53,440 Speaker 8: powerful powerful computing that's one you know, one idea I 182 00:08:53,440 --> 00:08:55,439 Speaker 8: guess is that you may be able to really speed 183 00:08:55,480 --> 00:08:57,760 Speaker 8: up the whole R and D process because the way 184 00:08:57,800 --> 00:09:00,719 Speaker 8: these computer work, these computers work that they can sort 185 00:09:00,760 --> 00:09:04,480 Speaker 8: of process so much information sort of simultaneously in a 186 00:09:04,520 --> 00:09:06,920 Speaker 8: way that classical computing card and you can really sort 187 00:09:06,920 --> 00:09:11,480 Speaker 8: of go through these trials and and much much quicker 188 00:09:11,520 --> 00:09:14,440 Speaker 8: and really get to you know, get through that process. 189 00:09:14,840 --> 00:09:16,120 Speaker 2: That's just one one area. 190 00:09:16,160 --> 00:09:20,280 Speaker 8: And obviously the full commercial adoption of quantum computing is 191 00:09:20,600 --> 00:09:23,960 Speaker 8: some way off, and obviously there's a view that there'll 192 00:09:24,000 --> 00:09:27,760 Speaker 8: be plenty of other, you know, ways in which quantum. 193 00:09:27,440 --> 00:09:29,480 Speaker 9: Computing can be deployed in the future as well. 194 00:09:29,920 --> 00:09:30,079 Speaker 1: Well. 195 00:09:30,120 --> 00:09:33,800 Speaker 2: The Trumpet Administration is supporting quantum computing. They're announced on 196 00:09:33,880 --> 00:09:37,160 Speaker 2: ME twenty first two billion dollars in funding for some 197 00:09:37,200 --> 00:09:37,880 Speaker 2: of these companies. 198 00:09:37,920 --> 00:09:41,440 Speaker 8: Is Quantinium part of that group, Yes, So Quantinium got 199 00:09:41,480 --> 00:09:44,440 Speaker 8: one hundred million out of that deal. So you know, 200 00:09:44,440 --> 00:09:47,199 Speaker 8: obviously in recent times the US government has put a 201 00:09:47,240 --> 00:09:51,120 Speaker 8: bit of money into some companies, and those companies like Intel, 202 00:09:51,240 --> 00:09:53,760 Speaker 8: and that's become obviously a very hot. 203 00:09:53,559 --> 00:09:56,080 Speaker 9: Stock after being very poor stuff a very long time. 204 00:09:56,440 --> 00:10:00,240 Speaker 8: But yeah, so the whole sector, well, there's two billion 205 00:10:00,280 --> 00:10:03,400 Speaker 8: dollars devoted to about nine different companies in IBM getting 206 00:10:03,400 --> 00:10:05,400 Speaker 8: a billion dollars was the line's share of it, but 207 00:10:05,640 --> 00:10:08,080 Speaker 8: there were some companies that actually missed out, so you know, 208 00:10:08,120 --> 00:10:11,560 Speaker 8: some people wondering why that was. But basically, the government's 209 00:10:11,559 --> 00:10:13,840 Speaker 8: prepared to invest a lot of money, and governments around 210 00:10:13,840 --> 00:10:16,360 Speaker 8: the world are actually by showing it preparedness to invest 211 00:10:16,400 --> 00:10:18,360 Speaker 8: a lot of money in quant computing because they feel 212 00:10:18,360 --> 00:10:21,520 Speaker 8: like it has a sort of an important industrial and 213 00:10:22,960 --> 00:10:26,480 Speaker 8: you know, national security relevance to them. 214 00:10:26,960 --> 00:10:28,360 Speaker 2: SpaceX, let's take it rep back. 215 00:10:28,360 --> 00:10:30,959 Speaker 3: There have we seen a schedule at road source schedule. 216 00:10:30,640 --> 00:10:34,760 Speaker 8: Yet, I know, But basically the expectation is that, I mean, 217 00:10:34,760 --> 00:10:38,920 Speaker 8: this IPA Quantinuum is going to price on Wednesday, Dune third, Okay, 218 00:10:38,960 --> 00:10:41,480 Speaker 8: but the current expectation is that SpaceX will be launching 219 00:10:41,520 --> 00:10:45,160 Speaker 8: its IPO, begin marketing its IPO on the day after 220 00:10:45,200 --> 00:10:48,479 Speaker 8: that potentially, and so really what we're seeing is Quntinium. 221 00:10:48,520 --> 00:10:51,960 Speaker 8: And then there's actually about a handful of other companies 222 00:10:52,000 --> 00:10:54,760 Speaker 8: that are looking to go public before SpaceX, which somewhat 223 00:10:55,440 --> 00:10:57,280 Speaker 8: lies in the face of the idea that other companies 224 00:10:57,320 --> 00:10:59,880 Speaker 8: were going to completely steer a wide berth of space 225 00:11:00,200 --> 00:11:02,120 Speaker 8: But you know, we don't expect to see a lot 226 00:11:02,160 --> 00:11:04,360 Speaker 8: of other IPOs on the road at the same time 227 00:11:04,400 --> 00:11:06,760 Speaker 8: as SpaceX. But we are going to see a decent 228 00:11:06,760 --> 00:11:08,800 Speaker 8: amount of companies here, about four or five billion dollars 229 00:11:08,800 --> 00:11:12,600 Speaker 8: worth of deals come right before SpaceX front or just 230 00:11:12,840 --> 00:11:14,439 Speaker 8: I'm not sure front run direct term, but just to 231 00:11:14,480 --> 00:11:16,080 Speaker 8: kind of get out there before. 232 00:11:15,800 --> 00:11:18,280 Speaker 2: SpaceX sucks all that capital out of the marketplace. 233 00:11:18,360 --> 00:11:18,920 Speaker 3: Presumably. 234 00:11:19,679 --> 00:11:22,319 Speaker 8: Well, you know, I think the early indications are that 235 00:11:22,360 --> 00:11:24,000 Speaker 8: there is going to be a lot of demand for SpaceX. 236 00:11:24,000 --> 00:11:25,280 Speaker 8: I think we're going to find out more about that 237 00:11:25,320 --> 00:11:26,679 Speaker 8: over the next week or so. I mean, it's been 238 00:11:26,720 --> 00:11:29,440 Speaker 8: interesting because when that filing came out last week, I mean, 239 00:11:29,480 --> 00:11:31,000 Speaker 8: I think a lot of people scratch their heads around 240 00:11:31,040 --> 00:11:33,200 Speaker 8: the financials and the like, but I think, you know, 241 00:11:33,240 --> 00:11:35,560 Speaker 8: there's a palpable sort of level of interest and hype 242 00:11:35,559 --> 00:11:38,280 Speaker 8: around the whole thing, which probably means that they are 243 00:11:38,360 --> 00:11:40,160 Speaker 8: going to be able to get the money fairly well. 244 00:11:40,240 --> 00:11:42,400 Speaker 9: And you know, we can. 245 00:11:42,280 --> 00:11:45,840 Speaker 8: See that the banks are showing I seem relatively confident 246 00:11:45,880 --> 00:11:48,200 Speaker 8: they can raise the pretty reasonable sums of money in 247 00:11:48,200 --> 00:11:49,200 Speaker 8: some of these other deals as well. 248 00:11:50,040 --> 00:11:53,160 Speaker 2: Stay with us. More from Bloomberg Intelligence coming up after this. 249 00:11:57,040 --> 00:12:00,760 Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live 250 00:12:00,840 --> 00:12:03,920 Speaker 1: weekdays at ten am Eastern on Apple, Coarclay, and Android 251 00:12:03,920 --> 00:12:07,240 Speaker 1: Auto with the Blueberg Business app. Listen on demand wherever 252 00:12:07,280 --> 00:12:10,400 Speaker 1: you get your podcasts, or watch us live on YouTube. 253 00:12:11,600 --> 00:12:13,480 Speaker 2: This next segment, this should really be Matt Miller. 254 00:12:13,480 --> 00:12:15,439 Speaker 3: I don't know where he is, but I'll try. We'll 255 00:12:15,480 --> 00:12:16,400 Speaker 3: try to do it justice. 256 00:12:16,440 --> 00:12:20,640 Speaker 2: Here, Craig Drudel joins his Global Autos editor for Bloomberg News. 257 00:12:20,640 --> 00:12:21,720 Speaker 3: I think you have another title. 258 00:12:21,559 --> 00:12:24,920 Speaker 2: Now right, Yeah, yeah, old notes what you need to 259 00:12:25,360 --> 00:12:26,080 Speaker 2: like grandpoo Bob. 260 00:12:26,120 --> 00:12:27,480 Speaker 3: We moved you back from London. 261 00:12:27,240 --> 00:12:30,319 Speaker 11: Managing editor for Business, very titled. 262 00:12:30,559 --> 00:12:31,559 Speaker 3: Yes, that's big. 263 00:12:31,600 --> 00:12:33,360 Speaker 2: We moved them back from London. So Craig here in 264 00:12:33,400 --> 00:12:35,360 Speaker 2: New York for better or worse. Craig talked to us 265 00:12:35,400 --> 00:12:37,679 Speaker 2: about Ferrari. That's all people are talking about here. They 266 00:12:37,840 --> 00:12:42,360 Speaker 2: launched their first fully electric car. Again, I'm not like 267 00:12:42,400 --> 00:12:44,880 Speaker 2: a Ferrari, dude, that's a Matt Miller's territory. But tell 268 00:12:44,920 --> 00:12:46,439 Speaker 2: us what you're saying. 269 00:12:46,960 --> 00:12:49,200 Speaker 11: I knew, no matter what, it was going to be 270 00:12:49,360 --> 00:12:51,080 Speaker 11: something that I would be talking with a lot of 271 00:12:51,080 --> 00:12:54,560 Speaker 11: people this morning, knowing that this unveiling was going to 272 00:12:54,559 --> 00:12:58,680 Speaker 11: be happening last night. But it absolutely has been you know, 273 00:12:59,160 --> 00:13:03,080 Speaker 11: universal and universally sort of what is this? You know, 274 00:13:03,400 --> 00:13:07,640 Speaker 11: how is this uh a Ferrari. It is very Unferrari 275 00:13:07,800 --> 00:13:11,880 Speaker 11: like in its exterior design. It looks like a just 276 00:13:12,000 --> 00:13:14,920 Speaker 11: more of a sort of typical car. I do think that, 277 00:13:15,480 --> 00:13:17,480 Speaker 11: you know, they do get some credit for, you know, 278 00:13:17,480 --> 00:13:20,360 Speaker 11: some of the details that they shared previously. The interior 279 00:13:20,480 --> 00:13:23,520 Speaker 11: I think is widely uh you know, widely you know, 280 00:13:23,559 --> 00:13:26,440 Speaker 11: well regarded and has some cool touches to it. But 281 00:13:26,520 --> 00:13:29,760 Speaker 11: from the outside it looks, you know, very Unferrari like 282 00:13:30,280 --> 00:13:31,719 Speaker 11: h and is very polarizing. 283 00:13:31,960 --> 00:13:34,760 Speaker 10: Okay, Yeah, the Ferrari is known for its like really sleek, 284 00:13:35,440 --> 00:13:38,679 Speaker 10: beautiful Italian lines, and this looks a little bit like 285 00:13:38,679 --> 00:13:39,439 Speaker 10: a Prius. 286 00:13:39,640 --> 00:13:39,880 Speaker 1: Yeah. 287 00:13:40,000 --> 00:13:43,839 Speaker 11: And and it's interesting that Johnny I've you know, was 288 00:13:43,880 --> 00:13:46,280 Speaker 11: brought in for the design of this, so you know, 289 00:13:46,520 --> 00:13:50,560 Speaker 11: maybe that was intentional to to sort of really shake 290 00:13:50,600 --> 00:13:54,480 Speaker 11: things up and and also perhaps to create some distance, 291 00:13:55,120 --> 00:13:57,360 Speaker 11: you know, given that no matter what, this was going 292 00:13:57,400 --> 00:13:59,760 Speaker 11: to have to be quite a departure from you know 293 00:13:59,760 --> 00:14:02,400 Speaker 11: what we've come to known from Ferrari for so many years. 294 00:14:02,480 --> 00:14:06,400 Speaker 2: How committed to evs are the Ferraris of the world, 295 00:14:06,480 --> 00:14:09,160 Speaker 2: the Lamborghinis of the world. I mean, when you're buying 296 00:14:09,240 --> 00:14:11,959 Speaker 2: a car, you know, you're like a Matt Miller. You 297 00:14:12,040 --> 00:14:14,040 Speaker 2: want to be seeing, you want to be heard, you 298 00:14:14,080 --> 00:14:16,280 Speaker 2: want to the roar of this thing and the distinctive 299 00:14:16,360 --> 00:14:19,760 Speaker 2: roars the sounds that these supercars make. How committed are 300 00:14:19,800 --> 00:14:20,960 Speaker 2: these manufacturers. 301 00:14:21,080 --> 00:14:25,160 Speaker 11: We've seen a lot of the higher end manufacturers actually 302 00:14:25,280 --> 00:14:28,000 Speaker 11: take steps back from from making this transition, and it 303 00:14:28,040 --> 00:14:30,680 Speaker 11: was always going to be complicated. I do think that 304 00:14:30,720 --> 00:14:32,400 Speaker 11: there are going to be some markets in the world 305 00:14:32,440 --> 00:14:35,040 Speaker 11: where they have to have a vehicle like this for 306 00:14:35,160 --> 00:14:38,720 Speaker 11: compliance reasons that you know, even for really low volume 307 00:14:38,760 --> 00:14:41,840 Speaker 11: manufacturers like Ferrari, which you know they will sell this 308 00:14:42,000 --> 00:14:44,440 Speaker 11: vehicle in the hundreds, as opposed to you know what 309 00:14:44,520 --> 00:14:47,440 Speaker 11: we're used to seeing from you know, the sort of 310 00:14:47,440 --> 00:14:51,560 Speaker 11: mass manufacturers, and so you know, this is not necessarily 311 00:14:51,760 --> 00:14:54,600 Speaker 11: a case where you know, ferraris going to live or 312 00:14:54,600 --> 00:14:56,920 Speaker 11: die based on the success of this vehicle. But there 313 00:14:56,920 --> 00:15:00,360 Speaker 11: are also going to be some countries where there is 314 00:15:00,360 --> 00:15:03,760 Speaker 11: not a sort of slack cut for even a high 315 00:15:03,800 --> 00:15:07,280 Speaker 11: you know, high value but low volume manufacturers like Ferrari, 316 00:15:07,640 --> 00:15:10,280 Speaker 11: and so they need to make this transition, even if 317 00:15:10,320 --> 00:15:12,120 Speaker 11: it's a very gradual in nature. 318 00:15:12,680 --> 00:15:16,440 Speaker 10: So in addition to the awesome rumbling engine, also the 319 00:15:16,480 --> 00:15:18,840 Speaker 10: cars are supposed to go really fast. They are built 320 00:15:18,920 --> 00:15:21,360 Speaker 10: for speed. What about this one? 321 00:15:21,760 --> 00:15:24,320 Speaker 11: Yeah, I think this is interesting. It's going to be 322 00:15:24,400 --> 00:15:27,120 Speaker 11: sort of commoditized that we see, you know, really quick 323 00:15:27,240 --> 00:15:30,600 Speaker 11: acceleration for electric vehicles. We've seen that for some time, right, 324 00:15:30,600 --> 00:15:32,640 Speaker 11: and I think that's something you have to give Elon 325 00:15:32,720 --> 00:15:36,520 Speaker 11: Musk credit for that. You don't have a situation where 326 00:15:36,520 --> 00:15:40,080 Speaker 11: electric cars need to be sort of compliance vehicles that 327 00:15:40,160 --> 00:15:44,360 Speaker 11: look like toasters and like science projects. You can make 328 00:15:44,440 --> 00:15:48,000 Speaker 11: an electric car, you know, not just a sexy but 329 00:15:48,360 --> 00:15:50,280 Speaker 11: you know, the instant torque that you get out of 330 00:15:51,080 --> 00:15:53,480 Speaker 11: out of an electric vehicle with you know, battery that 331 00:15:53,640 --> 00:15:56,800 Speaker 11: just that that power goes straight to the wheels. You're 332 00:15:56,840 --> 00:15:59,360 Speaker 11: going to get that, and you would expect that of 333 00:15:59,480 --> 00:16:01,600 Speaker 11: Ferrari's where they have they're going to have a motor 334 00:16:01,640 --> 00:16:04,840 Speaker 11: on each wheel for this vehicle. It is going to 335 00:16:04,880 --> 00:16:08,120 Speaker 11: be incredibly quick, about two and a half seconds from 336 00:16:08,200 --> 00:16:11,160 Speaker 11: zero to sixty. So this one will absolutely throw your 337 00:16:11,160 --> 00:16:13,920 Speaker 11: head back, even if you know, maybe it's it's not 338 00:16:14,000 --> 00:16:16,880 Speaker 11: the biggest looker, uh, you know, to to sort of 339 00:16:16,880 --> 00:16:18,440 Speaker 11: show off to your to your friends. 340 00:16:18,440 --> 00:16:20,360 Speaker 2: All right, while we got you here, you mentioned it 341 00:16:20,640 --> 00:16:21,400 Speaker 2: Tesla here. 342 00:16:22,200 --> 00:16:24,200 Speaker 3: I mean, what's going to happen with this company? 343 00:16:24,280 --> 00:16:29,240 Speaker 2: Because everybody's attention, including I'm assuming Elon Musk's attention is 344 00:16:29,280 --> 00:16:30,080 Speaker 2: on SpaceX. 345 00:16:30,400 --> 00:16:32,359 Speaker 3: What do you guys who followed Tesla. 346 00:16:32,160 --> 00:16:33,440 Speaker 2: To this day one, how do you think this is going 347 00:16:33,480 --> 00:16:34,120 Speaker 2: to play out? 348 00:16:34,320 --> 00:16:37,960 Speaker 11: I think it's it's fascinating that also that we probably 349 00:16:38,040 --> 00:16:40,440 Speaker 11: take for granted how long it's been the case that 350 00:16:40,480 --> 00:16:44,000 Speaker 11: this is the company that that Elon Musk is paid 351 00:16:44,160 --> 00:16:47,400 Speaker 11: most attention to. Uh, and that even for you know, 352 00:16:47,480 --> 00:16:50,720 Speaker 11: Tesla being as as successful as it has been and 353 00:16:51,200 --> 00:16:53,840 Speaker 11: built itself into you know, the far and away the 354 00:16:53,880 --> 00:16:57,800 Speaker 11: most valuable car manufacturer. SpaceX has long been his baby 355 00:16:57,840 --> 00:17:00,360 Speaker 11: and sort of you know what he's uh, sort of 356 00:17:00,480 --> 00:17:04,040 Speaker 11: focused on of, you know, taking us to other planets. 357 00:17:05,640 --> 00:17:08,040 Speaker 11: I do think that it's fascinating to me that some 358 00:17:08,080 --> 00:17:11,360 Speaker 11: of the people that are closest to Musk now are 359 00:17:11,440 --> 00:17:14,320 Speaker 11: sort of talking very openly about the notion that the 360 00:17:14,359 --> 00:17:17,840 Speaker 11: SpaceX IPO might be sort of step one in further 361 00:17:18,200 --> 00:17:24,439 Speaker 11: consolidation of his empire, and that perhaps a Tesla SpaceX 362 00:17:24,640 --> 00:17:26,800 Speaker 11: combination down the line. 363 00:17:28,080 --> 00:17:30,920 Speaker 2: Stay with us. More from Bloomberg Intelligence coming up here 364 00:17:30,960 --> 00:17:31,119 Speaker 2: for this. 365 00:17:34,240 --> 00:17:37,960 Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live 366 00:17:38,040 --> 00:17:41,080 Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android 367 00:17:41,119 --> 00:17:44,440 Speaker 1: Auto with the Bloomberg Business app. Listen on demand wherever 368 00:17:44,480 --> 00:17:47,600 Speaker 1: you get your podcasts, or watch us live on YouTube. 369 00:17:48,400 --> 00:17:52,080 Speaker 2: The World Cup is coming, starts June eleventh. First game 370 00:17:52,119 --> 00:17:55,800 Speaker 2: for the US of a June twelfth, US against Paraguay. 371 00:17:55,960 --> 00:17:56,960 Speaker 3: You got that going for you. 372 00:17:57,480 --> 00:18:01,080 Speaker 2: It's big business. It's big business globally. We're not really 373 00:18:01,119 --> 00:18:02,720 Speaker 2: into it so much yet here in the US, but 374 00:18:02,760 --> 00:18:04,840 Speaker 2: I'm sure we'll get there over the next few weeks. 375 00:18:04,920 --> 00:18:07,600 Speaker 2: Jen Bartasha, she's been crunching the numbers. She covers all 376 00:18:07,640 --> 00:18:10,919 Speaker 2: the retail stuff for Bloomberg Intelligence. Jen, I'm seeing some 377 00:18:11,000 --> 00:18:14,200 Speaker 2: huge numbers of what the world Cup means economic impact 378 00:18:14,840 --> 00:18:15,679 Speaker 2: across the globe. 379 00:18:15,960 --> 00:18:16,959 Speaker 3: How do you guys look at it? 380 00:18:17,880 --> 00:18:21,040 Speaker 12: Yeah, hi, Paul. So you know, the estimates this year 381 00:18:21,160 --> 00:18:23,879 Speaker 12: are that the World Cup around the world could be 382 00:18:24,240 --> 00:18:26,800 Speaker 12: a result in eighty billion dollars worth of spending. So 383 00:18:26,920 --> 00:18:30,159 Speaker 12: it's a huge sporting event. It's the biggest event for 384 00:18:30,240 --> 00:18:32,480 Speaker 12: a lot of countries around the world. But as you 385 00:18:32,520 --> 00:18:37,320 Speaker 12: alluded to in your warm up or entry, the United States, 386 00:18:37,600 --> 00:18:39,879 Speaker 12: we're not such a big soccer country, so it's going 387 00:18:39,960 --> 00:18:42,080 Speaker 12: to be very interesting to see how having the tournament 388 00:18:42,160 --> 00:18:45,119 Speaker 12: here plays out with regards to that anticipated spend. 389 00:18:46,200 --> 00:18:48,760 Speaker 6: I'm wondering if the NBA finals and I'm going to 390 00:18:48,760 --> 00:18:50,879 Speaker 6: be very New York centric right now for a moment, 391 00:18:50,960 --> 00:18:52,920 Speaker 6: but we've got the New York Knicks in the finals 392 00:18:52,920 --> 00:18:56,760 Speaker 6: for the first time since nineteen ninety nine over at MSG. 393 00:18:57,320 --> 00:19:00,119 Speaker 6: Is that going to take any of the thunder away 394 00:19:00,119 --> 00:19:02,840 Speaker 6: from the World Cup or these two different sets of 395 00:19:02,880 --> 00:19:05,560 Speaker 6: fans or maybe is that part of the problem. 396 00:19:05,960 --> 00:19:08,200 Speaker 12: Well, it's a good question, Alexis, and I think that 397 00:19:09,040 --> 00:19:12,480 Speaker 12: you're talking about kind of two sets of fans. Everybody's 398 00:19:12,560 --> 00:19:15,359 Speaker 12: very excited about the Nicks, and you know, as that 399 00:19:15,560 --> 00:19:18,880 Speaker 12: final comes through and we see what happens. I think 400 00:19:18,880 --> 00:19:21,960 Speaker 12: there's grounds and reason for the city to celebrate, But 401 00:19:22,160 --> 00:19:25,119 Speaker 12: the World Cup matches are actually happening outside of Manhattan. 402 00:19:25,160 --> 00:19:28,879 Speaker 12: They're happening in New Jersey and right now. One of 403 00:19:28,920 --> 00:19:30,679 Speaker 12: the challenges I think for the World Cup is that 404 00:19:30,760 --> 00:19:34,080 Speaker 12: none of the matches are sold out. Ticket prices are 405 00:19:34,280 --> 00:19:37,880 Speaker 12: way out of the reach of your average your average fan, 406 00:19:38,440 --> 00:19:41,440 Speaker 12: and so as we get closer to the tournament, part 407 00:19:41,440 --> 00:19:43,160 Speaker 12: of what we'll be seeing is, you know, do those 408 00:19:43,200 --> 00:19:46,639 Speaker 12: prices come down to help improve engagement and get people 409 00:19:46,680 --> 00:19:49,440 Speaker 12: in the stadia and get them excited about the tournament? 410 00:19:50,320 --> 00:19:53,280 Speaker 2: Jen Right now, what are the brands that are really 411 00:19:53,600 --> 00:19:55,840 Speaker 2: making big commitments to the World Cup these days? 412 00:19:56,680 --> 00:19:59,400 Speaker 12: Yeah, it's a it's it's obviously there are a lot 413 00:19:59,400 --> 00:20:02,440 Speaker 12: of partnerships. It happened with regards to brands on the 414 00:20:02,480 --> 00:20:05,400 Speaker 12: apparel side, Adidas is leading. You know, they have made 415 00:20:05,480 --> 00:20:08,480 Speaker 12: commentary from their management team that they expect the World 416 00:20:08,480 --> 00:20:10,920 Speaker 12: Cup to generate a billion euros and revenue for them. 417 00:20:11,520 --> 00:20:15,200 Speaker 12: Are analysts who's Punam Goyel are a lead analyst for Adidas. 418 00:20:15,280 --> 00:20:17,359 Speaker 12: She thinks it's closer to one point two billion euros. 419 00:20:18,320 --> 00:20:21,480 Speaker 12: You've also got brands that are doing other partnerships like 420 00:20:21,520 --> 00:20:23,840 Speaker 12: Old Navy and the Gap where they're at a much 421 00:20:23,840 --> 00:20:26,760 Speaker 12: lower price point, but they're having the ability for people 422 00:20:26,760 --> 00:20:28,280 Speaker 12: to just buy a T shirt for the team that 423 00:20:28,320 --> 00:20:32,480 Speaker 12: they're supporting. So you're seeing it across all different levels 424 00:20:32,480 --> 00:20:36,800 Speaker 12: within the retailer space, and I think that those are 425 00:20:36,840 --> 00:20:40,040 Speaker 12: the things that get people excited if they pick, if 426 00:20:40,080 --> 00:20:41,679 Speaker 12: they pick a team and they're able to follow it 427 00:20:42,200 --> 00:20:45,880 Speaker 12: and they're able to participate in some way. But those 428 00:20:45,920 --> 00:20:48,360 Speaker 12: are you know, when you look at the athletic brands, 429 00:20:48,640 --> 00:20:51,679 Speaker 12: Adidas and Nike are the ones who have the kits, 430 00:20:51,680 --> 00:20:55,240 Speaker 12: the uniforms for the most teams that are in the Cup. 431 00:20:55,320 --> 00:20:58,080 Speaker 12: So if people go out and they buy the actual jerseys, 432 00:20:58,560 --> 00:20:59,760 Speaker 12: that's a benefit for Adidas. 433 00:20:59,760 --> 00:21:02,640 Speaker 6: In ni Jen, I want to go back to ticket prices, 434 00:21:02,640 --> 00:21:05,680 Speaker 6: which has been a sore spot for fans that they've 435 00:21:05,720 --> 00:21:08,360 Speaker 6: just been you know through the roof in many places 436 00:21:08,960 --> 00:21:12,840 Speaker 6: because FIFA is using dynamic pricing. If there are a 437 00:21:12,840 --> 00:21:16,439 Speaker 6: lot of seats left just before these matches happen, you know, 438 00:21:16,520 --> 00:21:18,840 Speaker 6: are we going to see material drop in prices? 439 00:21:18,840 --> 00:21:21,359 Speaker 12: Do you think it is possible that we'll see a 440 00:21:21,400 --> 00:21:23,959 Speaker 12: dropped in prices as the matches become nearer because of 441 00:21:23,960 --> 00:21:27,440 Speaker 12: that dynamic pricing. But it's not just the match. If 442 00:21:27,440 --> 00:21:30,320 Speaker 12: you've seen any of the other media out there, it's 443 00:21:30,359 --> 00:21:33,080 Speaker 12: about getting to the match as well. So you know, 444 00:21:33,160 --> 00:21:36,040 Speaker 12: we've seen you know, New Jersey Transit for example, talking 445 00:21:36,040 --> 00:21:38,840 Speaker 12: about getting to Giants Stadium where there are going to 446 00:21:38,880 --> 00:21:41,479 Speaker 12: be matches. You know, the round trip train ticket at 447 00:21:41,480 --> 00:21:43,480 Speaker 12: one point was one hundred and fifty dollars. Now it's 448 00:21:43,520 --> 00:21:46,800 Speaker 12: closer to one hundred dollars, but that's still a big 449 00:21:46,840 --> 00:21:50,280 Speaker 12: outlay just to even get to the stadium where that's happening. 450 00:21:50,800 --> 00:21:54,040 Speaker 12: Not every city is doing the same thing, but there 451 00:21:54,040 --> 00:21:57,359 Speaker 12: are lots of ways that fans are getting gouged beyond 452 00:21:57,480 --> 00:21:59,320 Speaker 12: just the actual ticket price to be able to go 453 00:21:59,359 --> 00:22:00,840 Speaker 12: to the stadium and enjoy the show. 454 00:22:01,760 --> 00:22:04,320 Speaker 2: What did the retailers say, Does this drive sales like 455 00:22:04,320 --> 00:22:06,360 Speaker 2: the people come and buy jerseys and things like that. 456 00:22:08,200 --> 00:22:11,800 Speaker 12: It depends. I think it's the answer, Paul. In the 457 00:22:11,880 --> 00:22:15,240 Speaker 12: United States, I think that there's a little bit less 458 00:22:15,480 --> 00:22:18,800 Speaker 12: of that unless the US team happens to go far. 459 00:22:19,600 --> 00:22:21,600 Speaker 12: The further the US team goes in the tournament, I 460 00:22:21,600 --> 00:22:24,920 Speaker 12: think the better that is for US based retailers. Because 461 00:22:25,040 --> 00:22:29,959 Speaker 12: people will jump on that fanbag fan fan bandwagon and 462 00:22:30,000 --> 00:22:33,840 Speaker 12: purchase things to show support for the US team. Globally, however, 463 00:22:34,280 --> 00:22:37,040 Speaker 12: it's good for those brands that are, as I said, 464 00:22:37,080 --> 00:22:42,560 Speaker 12: Adidas and Nike, those brands that have the official jerseys. 465 00:22:42,760 --> 00:22:44,480 Speaker 12: There's a lot more of that kind of purchases that 466 00:22:44,520 --> 00:22:45,439 Speaker 12: happen overseas. 467 00:22:46,400 --> 00:22:51,119 Speaker 1: This is the Bloomberg Intelligence Podcast, available on Apple, Spotify, 468 00:22:51,280 --> 00:22:54,760 Speaker 1: and anywhere else you get your podcasts. Listen live each 469 00:22:54,800 --> 00:22:58,560 Speaker 1: weekday ten am to noon Eastern on Bloomberg dot com, 470 00:22:58,680 --> 00:23:02,160 Speaker 1: the iHeartRadio app, tune In, and the Bloomberg Business app. 471 00:23:02,600 --> 00:23:05,560 Speaker 1: You can also watch us live every weekday on YouTube 472 00:23:05,960 --> 00:23:08,200 Speaker 1: and always on the Bloomberg terminal