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Speaker 1: From the heart of where innovation, money and power collive

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Speaker 1: in Silicon Vallet and beyond. This is Bloomberg Technology with

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Speaker 1: Emily Jay. I'm Emily changing Chan Francisco in this sis

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Speaker 1: Bloomberg Technology coming up in the next hour. Apple announces

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Speaker 1: a rare sales promotion for the iPhone in China. But

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Speaker 1: is the discount a bad sign? We'll discuss plus. On

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Speaker 1: the latest episode of Keeping Up with TikTok, Meta introduces

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Speaker 1: a new revenue sharing feature to help creators make more

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Speaker 1: money from videos set to music. What it all means

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Speaker 1: for Facebooks and Instagram's efforts to outrun TikTok and the

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Speaker 1: flight of tech workers may well be leaving a hole

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Speaker 1: in San Francisco. Kanda City recover or the Silicon Valley

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Speaker 1: need to start rethinking reinventing itself as a tech huck.

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Speaker 1: We'll talk about that later this hour. All of that

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Speaker 1: in a moment, But first, I want to get a

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Speaker 1: look at Walmart. I want to bring in our Bloombook

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Speaker 1: consumer team leader John Edwards. John, what's I take on

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Speaker 1: these results? Uh? Well, yeah, it's it's uh, you know,

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Speaker 1: obviously to some extent of a surprise, given that Walmart

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Speaker 1: had expressed confidence uh previously in how it would handle uh,

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Speaker 1: you know, bringing its inventories down. You know, it was

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Speaker 1: something of a contrast with Target, which had uh, you know,

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Speaker 1: moved aggressively to start, you know, cutting prices more quickly

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Speaker 1: to really you know, slash those inventories which have had

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Speaker 1: built up at a lot of retailers. Walmart had said

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Speaker 1: that it would sort of let them ease down over

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Speaker 1: the next couple of quarters. But I think what they're

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Speaker 1: seeing is that consumers are even more hit by the

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Speaker 1: high inflation than they had expected at Walmart, and so uh,

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Speaker 1: you know, they are also having to move more aggressively

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Speaker 1: than they had hoped and thus cut prices uh deeper

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Speaker 1: than they had hoped to and um and thus you know,

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Speaker 1: cut into margins. This from Walmart CEO Doug McMillan. He

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Speaker 1: says the increasing levels of food and fuel inflation are

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Speaker 1: affecting how customers spend. We're now anticipating more pressure on

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Speaker 1: general merchandise in the back half. I mean, this isn't

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Speaker 1: going to assuage any fears about a recession, is it.

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Speaker 1: I mean, isn't this going to have potentially a big

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Speaker 1: impact on markets across the board. Yeah, No, I think

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Speaker 1: people are going to be pretty concerned by this because

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Speaker 1: you know, again, Walmart you know, had been you know

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Speaker 1: out there, uh you know, speaking you know, pretty uh

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Speaker 1: brashly about you know, how it was going to be

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Speaker 1: able to handle this, uh, this situation without taking any

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Speaker 1: drastic steps and uh but you know what, as as

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Speaker 1: McMillan was saying there, what they're seeing is that, um,

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Speaker 1: you know, the shift in in consumer behavior, which you know,

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Speaker 1: um is part of what led to the inventory build

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Speaker 1: up in the first place, as people started, uh going

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Speaker 1: out more and shifting away from the sort of spending

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Speaker 1: on the house and home that they've been doing in

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Speaker 1: the past. Now a further shift is happening as people realize,

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Speaker 1: you know, these uh you know, food prices and fuel

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Speaker 1: prices are really hurting them, and so they're shifting away

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Speaker 1: from big ticket items, continuing to spend on food and

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Speaker 1: things that they have to that they have to buy.

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Speaker 1: But you know, the margins are are lower on this. Yes, indeed,

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Speaker 1: Well the pressure is on. John. I really appreciate you

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Speaker 1: sharing some extra context there. I'm gonna let you get

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Speaker 1: back to covering those Walmart results. John Edwards, whose leads

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Speaker 1: are US consumer tech team at Bloomberg. Thank you, um.

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Speaker 1: Walmart's results not going to help quell any anxiety among

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Speaker 1: tech investors as we await more earnings this week, We're

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Speaker 1: expecting results from Apple, Alphabet, Amazon, Meta, all of which

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Speaker 1: could give more of an indication about just how large

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Speaker 1: or rest looms. Meantime, the market turmoil has sealed, the

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Speaker 1: I p O window almost completely shut. At this rate,

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Speaker 1: two will be one of the quietest years for public

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Speaker 1: offerings in recent memory. For more on this, I want

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Speaker 1: to bring in Phil has Like, founder and chief strategy

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Speaker 1: officer at Equities and Securities. So, Phil, I assume this

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Speaker 1: walmartin news not going to help. The I p O

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Speaker 1: window just gonna stay even tight more tightly shut, right.

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Speaker 1: I think that's absolutely right. This is kind of just

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Speaker 1: another month of more kind of hits to the ip

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Speaker 1: O market and its prospects. You know, Walmart maybe think

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Speaker 1: like a different company compared to technology companies where it's

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Speaker 1: selling milk and staples, but that's still going to feed

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Speaker 1: through to other companies as well. I think the real

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Speaker 1: eye is going to be on some of these tech stocks,

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Speaker 1: and as they report later to the week, I'm sure,

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Speaker 1: a lot of bankers and companies that were hoping to

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Speaker 1: tap the markets are waiting with dated breath. So are

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Speaker 1: is the I p O windows shut across the board

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Speaker 1: for all kinds of companies? Or for example, with this

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Speaker 1: walmartin news, does it more effect companies that are focused

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Speaker 1: on e commerce or you know, is this something happening

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Speaker 1: more broadly? Yeah, I think that's totally right. You know,

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Speaker 1: we we define so many different companies of being in technology,

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Speaker 1: So I think any company that's related to consumer spending,

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Speaker 1: maybe it's coming up with solutions for aviation or or

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Speaker 1: or groceries are going to be severely impacted. But on

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Speaker 1: the other hand, you've got a lot of companies that

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Speaker 1: are actually selling direct to enterprises, right, You've got traditional

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Speaker 1: software companies, they'll feel less impact from the Walmart news

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Speaker 1: that they're going to keep a really close eye on

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Speaker 1: some of the bigger tech names as they report. Um. However,

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Speaker 1: you know, it's it's kind of a perfect storm where

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Speaker 1: we've got still continuing uncertainty about inflation, you've got really

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Speaker 1: tough earnings updates and guidance given from companies like Walmart

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Speaker 1: and even Snap last week. Uh, and you've also got

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Speaker 1: a historically really slow part of the year for I

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Speaker 1: p O s as well, So that kind of all

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Speaker 1: comes together and you're probably not seeing anything go out

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Speaker 1: the door until key four KKR told the information that

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Speaker 1: I p O s are a year away. How far

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Speaker 1: away do you think they are? I think that's about right.

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Speaker 1: I think you've got companies that are preparing everything if

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Speaker 1: if the economy does turn around a little bit more quickly.

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Speaker 1: You've got UH finance teams at each of these pre

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Speaker 1: I p O companies. You know, we speak to them

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Speaker 1: a lot, and and they're gearing up to be ready

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Speaker 1: when that window kind of comes available. Maybe there's an

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Speaker 1: opportunity to que for for the strongest, most marquee names,

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Speaker 1: the companies that everyone's super familiar with UM. But other

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Speaker 1: than that, I tend to agree it's probably not going

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Speaker 1: to be until the closed IPO window. Is creating some

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Speaker 1: tension between employees and employers. You've got all of these

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Speaker 1: employees working at these startups who thought maybe they were

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Speaker 1: going to get an exit and soon that's not happening.

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Speaker 1: What are you seeing happening below the surface. Sure, so

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Speaker 1: it equities and we have a really good lens and

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Speaker 1: to kind of the feelings and the sentiment of employees

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Speaker 1: that hold these shares, and a lot of the conversations

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Speaker 1: that those employees had with their employer last year was

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Speaker 1: that everything's great, We're raising a lot of money, We're

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Speaker 1: gonna be able to go public soon and get liquidity,

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Speaker 1: and that's certainly not the case. And it's actually being

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Speaker 1: kind of exacerbated by the fact that there's been some

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Speaker 1: recent news coming out from some companies where insiders, mainly

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Speaker 1: executives or founders, actually took a lot of chips off

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Speaker 1: the table in two thousand twenty one and better times,

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Speaker 1: but didn't make that available to employees. And to me,

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Speaker 1: that's kind of serving is a bit of few on

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Speaker 1: the fire for what I imagine will be uh probably

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Speaker 1: an uprising is a bit extreme, but I think a

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Speaker 1: big movement from employees to ask their employers for more

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Speaker 1: opportunities for liquidity since it's so important, you know, in

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Speaker 1: the spurring economy. Right there's the company Data Robot. The

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Speaker 1: CEO just reportedly resigned there in part due to share

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Speaker 1: sales that executives were allowed to do that longtime lower

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Speaker 1: level employees were not allowed to do. What are the

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Speaker 1: ripple effects to see that you see happening here. I mean,

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Speaker 1: do you think employees will start walking out looking for

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Speaker 1: other jobs or do they not? There are there not

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Speaker 1: a lot of choices right now because the market is

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Speaker 1: so tight and you've got tech hiring freezes and layoffs

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Speaker 1: happening across the board. Well, if you ask any recruiter

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Speaker 1: at a you know, a venture back company, if it's

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Speaker 1: become easy or too higher engineers, it has not been.

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Speaker 1: So I think that the job market for those types

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Speaker 1: of folks is still really, really hot, and so I

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Speaker 1: think there will be some voting with their feet. The

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Speaker 1: data robot situation in particular was really bad in the

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Speaker 1: sense that these were executives that only joined the company

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Speaker 1: two years ago or so, you know at equities, and

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Speaker 1: we see founders that take chips off the table after

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Speaker 1: they've put their blood, sweat and tears and built the

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Speaker 1: business for the last eight, nine, time eleven years. And

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Speaker 1: I think that's actually pretty well received by employees and

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Speaker 1: it seems very justified. Um, but when you see some

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Speaker 1: senior executive haven't been around very long, that's what really

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Speaker 1: frustrates people. So I think, uh, founders and CEOs really

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Speaker 1: have a choice. You can be reactive and uh, you know,

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Speaker 1: hope that employees stick around, or you can be proactive

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Speaker 1: and start talking about liquidity um because it is a

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Speaker 1: valve that companies can use to retain their best, uh,

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Speaker 1: their best employees without having to dig into more money

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Speaker 1: out of their you know, their balance sheets that are

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Speaker 1: obviously getting hurt right now in the current economy. So

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Speaker 1: I think it's kind of a win win for everyone.

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Speaker 1: All Right, Well, it's good to hear about some win

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Speaker 1: wins in a situation where it sounds like there's a

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Speaker 1: lot of lose losing happening. Equities and Securities Founder and

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Speaker 1: CHI strategy officer Phil has always good to have your

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Speaker 1: context here on the show. Thanks coming up, iPhones for

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Speaker 1: sale but only in China. We will explain why next

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Speaker 1: this is Bloomberg. Well, in an unusual move, Apple is

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Speaker 1: offering a discount for a slew of products, but only

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Speaker 1: in China. iPhones, Apple watches, and air pods will be

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Speaker 1: on sale in China for four days as the company

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Speaker 1: prepares to roll out the next generation of Apple devices.

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Speaker 1: The discounts come as China's economy struggles under the weight

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Speaker 1: of multiple COVID lockdowns are Markerman, of course covers all

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Speaker 1: things Apple. So this is fairly rare, isn't it, Mark

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Speaker 1: This is incredibly rare, right, I mean, right now, in

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Speaker 1: the United States, Apples gearing up for a tax holiday. Right,

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Speaker 1: so in a handful of states you'll be able to

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Speaker 1: buy select Apple products without paying tax. You have Singles

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Speaker 1: Day in China, which is a popular shopping day. You

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Speaker 1: have Cyber Monday and Black Friday in the US. Right,

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Speaker 1: you have education discounts, but a one off, rare shopping

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Speaker 1: holiday for a few days in China. This is not

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Speaker 1: something I've ever seen before. Now here's something to point out.

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Speaker 1: On Thursday, that's Apple earnings day. On Friday is when

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Speaker 1: this sale kicks off. As you mentioned, there have been

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Speaker 1: economic issues, there have been sales slowdowns, there have been

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Speaker 1: economic concerns across China over the last several months. Perhaps

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Speaker 1: this might be timed in response the day after earnings

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Speaker 1: because maybe the China results, and of course this is

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Speaker 1: just speculation aren't going to be as hot as maybe

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Speaker 1: some people have expected. And this is a quick and

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Speaker 1: easy way to prepare investors, right in analysts to show

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Speaker 1: we have a quick solution here, and we think a

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Speaker 1: sale nearly hundred dollars in savings on some items right

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Speaker 1: on the high end iPhones in particular, those four days

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Speaker 1: could boost sales immediately into the fourth quarter. Tell obviously

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Speaker 1: looking ahead to earnings in the next two days, we'll

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Speaker 1: learn more. There are you saying this is potentially a

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Speaker 1: bad sign? I mean potentially a bad sign, right, I

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Speaker 1: mean if things are all perfect in terms of sales

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Speaker 1: right now in China, I don't know if Apple would

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Speaker 1: be doing a random sale like this, right. Their sales

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Speaker 1: are usually tied to a specific holiday or a specific event.

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Speaker 1: There's none going on in China at the end of

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Speaker 1: this week that I could particularly think of. So there's

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Speaker 1: a reason that you really want to drum up excitement

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Speaker 1: in sales over this, over these products right now, with

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Speaker 1: these discounts. I don't really see this as a reason

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Speaker 1: to clear inventory, right. I don't think that's necessary. The

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Speaker 1: new iPhones aren't going to go on sale for about

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Speaker 1: three months now, so they still need write a quarter

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Speaker 1: of a year worth of inventory. Many of the products

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Speaker 1: that are going on sale for this four day special,

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Speaker 1: those products are going to remain on sale even after

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Speaker 1: the iPhone fourteen and the other new products come out right,

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Speaker 1: the Apple Watches that they're handling with this discount, the

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Speaker 1: iPhone se, the iPhone thirteen, the third generation air pods,

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Speaker 1: those are all going to be on sale until next

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Speaker 1: year anyways. So I don't think this is clearly clearing inventory.

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Speaker 1: They clearly want to drop up sales somehow, someway with

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Speaker 1: this interesting. All right, we'll keep watching. Of course, We're

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Speaker 1: gonna be like watching your coverage of earnings later this week,

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Speaker 1: and then we'll be watching to see how this sales

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Speaker 1: promotion rolls out. Mark German, thank you well, just call

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Speaker 1: the latest episode of Keeping Up with TikTok. Meta is

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Speaker 1: now introducing music revenue sharing on Facebook, which will help

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Speaker 1: creators make money from videos that use licensed music. It

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Speaker 1: might also help Facebook compete with TikTok, or will it.

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Speaker 1: Last week, Facebook also changed its timeline algorithm to look

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Speaker 1: more like TikTok. Liz Pearl is a former head of

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Speaker 1: Team Community in Instagram and now consults with big tech

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Speaker 1: companies about the creator economy. Kirk Wagner cover social media

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Speaker 1: for US and Kurt I just realized when I read

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Speaker 1: that pun that it ties into Kylie Jenner, who just

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Speaker 1: tweeted or posted on Instagram saying, stop making Instagram look

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Speaker 1: like TikTok. That's right. I actually thought you did that

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Speaker 1: on her because he was talking about that was incredible,

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Speaker 1: totally unplanned. That's right. Kylie Jenner, obviously huge on Instagram,

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Speaker 1: UM said stop trying to make Instagram look like TikTok.

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Speaker 1: We just want to see, you know, our friends and

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Speaker 1: family on this sap. This is not what this is for.

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Speaker 1: You might remember a few years ago, I believe it

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Speaker 1: was her she tweeted about Snap and the redesign at

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Speaker 1: Snap set the stock down vomiting. That's right, and so

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Speaker 1: she has good timing. I think Facebook's earnings are in

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Speaker 1: two days, UM, so you know she's getting her voice

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Speaker 1: out early. So, Liz, is are all of these efforts

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Speaker 1: by Meta to make Facebook and Instagram more like TikTok?

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Speaker 1: Is this the right direction or should they be working

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Speaker 1: to differentiate Instagram and Facebook from TikTok? Well? I would

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Speaker 1: say that TikTok is the best place for views and

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Speaker 1: the worst place to build a sustained recurring audience, right,

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Speaker 1: And Instagram's identity for so long was as the place

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Speaker 1: for building a dedicated audience. It wasn't as susceptible to

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Speaker 1: virility or outside forces in general. Right, you can't even

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Speaker 1: share links on the platform. So if Reels really does

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Speaker 1: go all in for like a TikTok for you page,

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Speaker 1: like feed for you is what we call the TikTok

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Speaker 1: feed um, which essentially devalues followers. I think that's a

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Speaker 1: pretty big departure from the identity wise, and I'm really

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Speaker 1: curious to see how that plays out. So I wonder, Kurt,

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Speaker 1: you know, on that note, it should Instagram be leaning

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Speaker 1: into more of the things that make Instagram great rather

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Speaker 1: than just some say copy TikTok. Right. Well, on the

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Speaker 1: one hand, that's a way to kind of keep your

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Speaker 1: place in this world, right, if everyone's rushing towards the

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Speaker 1: same spot, uh, you know, they're kind of giving that up.

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Speaker 1: On the other hand, clearly what they're seeing behind the

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Speaker 1: scenes is motivating this, right, And so if your Instagram

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Speaker 1: and Liz would know this you know better than I would.

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Speaker 1: But if your Instagram and you're seeing people maybe leave

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Speaker 1: or spend more time somewhere else, the reality is Facebook

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Speaker 1: is always just chasing that attention, right, And so that's

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Speaker 1: what's going to happen, but you're right, maybe the long

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Speaker 1: term keeping that foothold kind of with friends and family

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Speaker 1: would be would be a smarter play given that you

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Speaker 1: worked at Instagram for so many years, Liz, is that

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Speaker 1: what's happening internally? Are they watching TikTok and just thinking

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Speaker 1: about how to keep up? Well, I can't speak to

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Speaker 1: what's happening internally there right now, but it reminds me

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Speaker 1: a bit of Stories Launched to be honest, which I was,

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Speaker 1: which I was there for. I mean, um, you know, people,

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Speaker 1: there's a lot of dialogue around that, people thinking it

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Speaker 1: wasn't going to be successful, and actually there was a

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Speaker 1: huge market for people who are not who that format

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Speaker 1: was perfect for. But we're not necessarily using Snapchat, and

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Speaker 1: I do think we think of TikTok is pretty ubiquitous,

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Speaker 1: but there is a market for people who love that

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Speaker 1: format and both creating a consuming content in that format

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Speaker 1: who might not necessarily got on TikTok, So there is

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Speaker 1: an opportunity area there. Of course, what is the value

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Speaker 1: proposition to creators at this point? You know, if if

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Speaker 1: you're a creator, where do you decide to invest your

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Speaker 1: time given the options right now? Really depends on what

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Speaker 1: your goal is and what type of content you want

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Speaker 1: to create. But I do think for younger people in general,

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Speaker 1: like I, I do believe in adapting to what young

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Speaker 1: people want. And you know, mobile video tools, really good

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Speaker 1: mobile video editing tools. I think it's very TikTok's very

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Speaker 1: underrated for for for the how good they're mobile, easy

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Speaker 1: and good their mobile video editing tools, or when they

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Speaker 1: launched just forced us all like every platform, that sort

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Speaker 1: of up their game there, and that's a net good, right,

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Speaker 1: giving Giving young people the tools that they want and

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Speaker 1: already are using to be able to communicate across more

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Speaker 1: platforms a good thing. I think competition is a really

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Speaker 1: good thing among social platforms. It might be an unpopular opinion,

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Speaker 1: but it's great for TikTok. I had some competition and Kent.

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Speaker 1: There's obviously a competition for eyeballs and attention, but there's

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Speaker 1: competition for creators. You know, talk to us about how

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Speaker 1: that competition is playing out. I mean, part of what

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Speaker 1: has made TikTok so successful is the music, which is

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Speaker 1: what these new changes that meta are geared towards, right,

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Speaker 1: and because that drives culture, right, those are the those

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Speaker 1: are the types of songs that people want to see

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Speaker 1: to pair that with your video. But also, I mean,

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Speaker 1: let's be real, this will also comes down to business, right,

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Speaker 1: if you're a creator, where can you not only get

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Speaker 1: the most views, but where you can you monetize those views?

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Speaker 1: And that's why YouTube has historically been such a great

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Speaker 1: place for creators, better than Facebook for video, because it's

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Speaker 1: easier to make money there. Right, we saw Vine, Vine

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Speaker 1: was great. Vine was TikTok. Before it was TikTok, there

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Speaker 1: wasn't a great way for any creators to make money

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Speaker 1: on Vine, and they went to other places, right, And

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Speaker 1: so I really think it's going to come down to

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Speaker 1: which platform can give people a chance to make a

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Speaker 1: living off. There's a whole graveyard of these social media

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Speaker 1: platforms there are. Because I wonder what you make of

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Speaker 1: Kylie Jenner's comments, I mean, Kurt brought up I mean

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Speaker 1: the Kylie curse Snap. Some people think Snap has never

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Speaker 1: been the same since what Kylie Jenner said about Snap.

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Speaker 1: But what do you think about this idea that at

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Speaker 1: least one celebrity power user doesn't want Instagram to look

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Speaker 1: more like TikTok and maybe once Instagram to be Instagram.

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Speaker 1: I mean, I think anybody who's business, which hers largely

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Speaker 1: is an Instagram a way that it wasn't even it

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Speaker 1: wasn't even the same on TikTok is predicated on having

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Speaker 1: this audience that you developed and having followers be really

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Speaker 1: really key in that main feed is going to be

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Speaker 1: resistant to this and it resistant to change in general. Right,

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Speaker 1: those older generations we are this is this is a

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Speaker 1: play that's really catering. Um, it seems like it's catering

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Speaker 1: for an audience that is that prefers a different format

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Speaker 1: something that I think we're talking about music rights and

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Speaker 1: sound like something that also also another very underrated thing

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Speaker 1: about TikTok when it launched actually as musically Right, which

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Speaker 1: was the first incarnation of TikTok that was really popular

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Speaker 1: with tweens, was how central sound was to the platform,

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Speaker 1: right like music lip sinking the very first foundational communities

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Speaker 1: and that platform where dancers, and there was like there's

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Speaker 1: no surprise there that was the case. Their biggest stars

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Speaker 1: came out of dancing. And when video became important on

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Speaker 1: Facebook and Instagram, sound sound as a feature, right not

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Speaker 1: not not the center of their video tools. So I

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Speaker 1: think that's been a defining difference between TikTok and these

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Speaker 1: other platforms, and it's going to be interesting to see

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Speaker 1: phase I hopefully this, you know, the music rights platform

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Speaker 1: will will be expanded to real soon and close that

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Speaker 1: gap a little quickly. Kurt, what is Facebook said in

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Speaker 1: response to the accusations that it's copying rather than developing

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Speaker 1: its own. It's not shy. It's not shy about this.

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Speaker 1: I spoke to them when they did the news feed

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Speaker 1: changes last week, and you know, I said, like, you know,

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Speaker 1: people are gonna identify that you're Copper and TikTok, you know,

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Speaker 1: and they were kind of like, there, these are good ideas, right,

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Speaker 1: same thing they said when stories came out, they said

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Speaker 1: simply this is this is a good idea. Right. So

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Speaker 1: maybe it's not just who can do it, but who

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Speaker 1: can do it best. We shall see, Okay, Kurt Wagner

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Speaker 1: for Bloomberg. Thank you Liz Pearl, former head of Team

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Speaker 1: Community at Instagram. Really interesting to have your insider perspective today.

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Speaker 1: Thank you for joining us. Welcome back to Bloomer Technology

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Speaker 1: and Emily Changing in San Francisco. Well, I want to

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Speaker 1: turn out to the booming digital health landscape with summer Health,

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Speaker 1: a pediatric telehealth startup that's aiming to make responses to

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Speaker 1: very common medical questions more accessible through a telehealth platform.

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Speaker 1: The idea seems to be resonating with investors. The startup

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Speaker 1: just raised a seed round led by Sequoia and Lux Capital.

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Speaker 1: Ellen da Silva, CEO and co founder of summer Health,

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Speaker 1: joins us now. So Ellen talked to us about the

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Speaker 1: idea here the driving premise of summer Health. Yeah, thanks

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Speaker 1: for having me, Emily. The idea of mind summer Health

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Speaker 1: is a very simple one. We believe that all Americans

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Speaker 1: should have a phone number they can text and get

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Speaker 1: an answer um staffed by a doctor within fifteen minutes

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Speaker 1: for any of their medical needs. This started out of

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Speaker 1: my own needs as a mother. So we're very excited

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Speaker 1: to launch summer Health today. And you're focusing on pediatric care.

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Speaker 1: Why is that? I mean, the idea that I could

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Speaker 1: just reach my pediatration in minutes is totally novel and

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Speaker 1: kind of amazing, But it also seems like a moon shot. Yeah,

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Speaker 1: I mean it sounds like you, as a mother, may

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Speaker 1: have also experienced this. UM. We're starting a pediatrics for

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Speaker 1: many reasons. Two of the primary reasons are that parents

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Speaker 1: are thirsty to get more medical attention for their children. UM.

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Speaker 1: There is no shortage of parenting questions that come up

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Speaker 1: around health and wellness that parents wish they could ask

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Speaker 1: a pediatrician, But because pediatricians offices tend to be overworked

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Speaker 1: and sometimes unfortunately understaffed, they have nowhere to turn. The

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Speaker 1: second reason is we want to give more access and

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Speaker 1: resources to pediatricians who want to work more. UM. We

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Speaker 1: have learned through starting Summer Health that one in five

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Speaker 1: medical professionals is planning to leave the industry in the

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Speaker 1: next two years according to the American Medical Association, and

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Speaker 1: anecdotally in pediatrics it's far worse. And so we know

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Speaker 1: that pediatricians are looking for alternate ways to practice medicine.

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Speaker 1: We believe that Summer Health is a great way for

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Speaker 1: them to do so why is that a providers are

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Speaker 1: leaving and that it's worse among pediatricians. COVID was tough

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Speaker 1: for everyone, most notably physicians. Physicians have been overworked, understaffed,

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Speaker 1: put through the ringer because of COVID. They also have

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Speaker 1: not necessarily benefited from the ability to work from home,

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Speaker 1: the way a lot of other professionals have been able

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Speaker 1: to do, and so many of them are now turning

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Speaker 1: to professions that would allow them to work from home.

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Speaker 1: And in fact, Summer Health you don't even necessarily need

429
00:22:32,920 --> 00:22:34,960
Speaker 1: to be face to face with a doctor. Your provider

430
00:22:35,040 --> 00:22:39,359
Speaker 1: can be at her child soccer game. Um in particular

431
00:22:39,400 --> 00:22:44,080
Speaker 1: with pediatrics, pediatricians tend to be disproportionately women, who as

432
00:22:44,119 --> 00:22:47,520
Speaker 1: we know, have been affected by COVID and lack of

433
00:22:47,600 --> 00:22:51,760
Speaker 1: child care resources. Of them are part time and so

434
00:22:51,960 --> 00:22:54,000
Speaker 1: look to fill the rest of their time with other

435
00:22:54,119 --> 00:22:57,080
Speaker 1: pediatric work, and we believe that Summer Health is the

436
00:22:57,119 --> 00:22:59,639
Speaker 1: best platform for them to do so. Interesting, all right,

437
00:22:59,640 --> 00:23:02,480
Speaker 1: Ellen to Silva, CEO and co founder of Summer Health.

438
00:23:02,600 --> 00:23:04,960
Speaker 1: Really interesting what you are starting, and we'll continue to

439
00:23:04,960 --> 00:23:08,600
Speaker 1: follow Meantime, Google has confirmed it fired a software engineer

440
00:23:08,600 --> 00:23:11,800
Speaker 1: who worked on the company's AI team over his public

441
00:23:11,960 --> 00:23:15,080
Speaker 1: contention that he had conversations with a bot that had

442
00:23:15,119 --> 00:23:19,960
Speaker 1: become sentient. Yes, he argued that computers have feelings. Google

443
00:23:20,000 --> 00:23:23,199
Speaker 1: says Blake LeMoyne's comments were wholly unfounded and that he

444
00:23:23,240 --> 00:23:28,480
Speaker 1: had shared confidential company information to third parties. Lemoine predicted

445
00:23:28,680 --> 00:23:31,600
Speaker 1: his own termination in an interview with me last month.

446
00:23:32,280 --> 00:23:34,240
Speaker 1: I don't think we need to be spending all of

447
00:23:34,240 --> 00:23:36,880
Speaker 1: our time figuring out whether I'm right about it being

448
00:23:36,880 --> 00:23:39,920
Speaker 1: a person. We need to start figuring out why Google

449
00:23:40,080 --> 00:23:43,680
Speaker 1: doesn't care about AI ethics in any kind of meaningful way.

450
00:23:44,000 --> 00:23:48,040
Speaker 1: Why does it keep firing AI ethicists each time we

451
00:23:48,160 --> 00:23:52,439
Speaker 1: bring up issues. You can watch that full interview at

452
00:23:52,480 --> 00:23:56,200
Speaker 1: Bloomberg dot com. It's also on YouTube. Coming up, with

453
00:23:56,240 --> 00:23:59,400
Speaker 1: the crypto winter taking hold after a massive crypto sell

454
00:23:59,440 --> 00:24:01,520
Speaker 1: off prompted by the Celsius tobacco, We're gonna take a

455
00:24:01,520 --> 00:24:05,359
Speaker 1: look at the future of crypto security with Ledger. Next.

456
00:24:05,680 --> 00:24:21,480
Speaker 1: This is Bloomberg Time now for our crypto report. With

457
00:24:21,520 --> 00:24:25,200
Speaker 1: Bitcoin sinking back into the nineteen thousand to twenty two

458
00:24:25,240 --> 00:24:28,480
Speaker 1: thousand dollar trading range and analysts expecting more swings ahead

459
00:24:28,480 --> 00:24:32,160
Speaker 1: of another federate HiPE. Question, everyone is wondering has bitcoin

460
00:24:32,280 --> 00:24:35,840
Speaker 1: found its floor yet? Our own crypto Contributortionale Bossi has

461
00:24:35,880 --> 00:24:39,919
Speaker 1: been investigating that very question for Snelling. What are we thinking?

462
00:24:40,280 --> 00:24:42,800
Speaker 1: So it's interesting, family. You did see last week bitcoin

463
00:24:42,880 --> 00:24:45,640
Speaker 1: flip up past twenty three thousand, and it has come

464
00:24:45,680 --> 00:24:48,840
Speaker 1: back down. It hasn't had several days here of muted

465
00:24:49,200 --> 00:24:52,359
Speaker 1: price pressure, and to your point, it has some catalysts

466
00:24:52,359 --> 00:24:54,760
Speaker 1: ahead that could make the ride ahead a little bit rocky.

467
00:24:54,960 --> 00:24:59,399
Speaker 1: But again, that dollar range has everyone wondering, is the

468
00:24:59,480 --> 00:25:02,120
Speaker 1: leverage completely out of the system. See if you take

469
00:25:02,119 --> 00:25:04,119
Speaker 1: a look there, Yes, we've had that pressure on pricing,

470
00:25:04,160 --> 00:25:06,520
Speaker 1: but over the last seven days you are still seeing

471
00:25:06,520 --> 00:25:09,280
Speaker 1: bitcoin trading higher than it was seven days ago. I

472
00:25:09,359 --> 00:25:11,280
Speaker 1: also want to show you a quick chart of ethereum

473
00:25:11,320 --> 00:25:13,480
Speaker 1: because even though you're seeing a bigger decline over twenty

474
00:25:13,480 --> 00:25:15,920
Speaker 1: four hours, and ethereum than you are seeing in Bitcoin

475
00:25:16,359 --> 00:25:20,320
Speaker 1: also up over the last seven days, as there is

476
00:25:20,359 --> 00:25:24,240
Speaker 1: some excitement about ethereum and around bitcoin. For ethereum, of course,

477
00:25:24,280 --> 00:25:28,000
Speaker 1: there's that merge date on the table now. And does

478
00:25:28,000 --> 00:25:30,400
Speaker 1: that excitement hold and does it push the prices back

479
00:25:30,480 --> 00:25:32,320
Speaker 1: up even in the face of all these uncertainties of

480
00:25:32,320 --> 00:25:35,080
Speaker 1: the big question. And one more time, is that leverage

481
00:25:35,080 --> 00:25:38,000
Speaker 1: out of the system? Indeed? All right, well, we're gonna

482
00:25:38,040 --> 00:25:40,600
Speaker 1: explore this a little bit more. Our next guest has

483
00:25:40,720 --> 00:25:42,480
Speaker 1: his own read on this, and that is Ian Rodgers,

484
00:25:42,600 --> 00:25:46,840
Speaker 1: chief experience officer at Ledger, a platform that provides hardware

485
00:25:46,840 --> 00:25:50,080
Speaker 1: wallets for securing crypto assets. We're gonna get into crypto

486
00:25:50,119 --> 00:25:51,560
Speaker 1: security in a moment, but first I just want to

487
00:25:51,560 --> 00:25:55,680
Speaker 1: get your read on the winter uh Ian as it were.

488
00:25:55,760 --> 00:25:57,760
Speaker 1: I mean, do you think bitcoin has hit the floor?

489
00:25:58,119 --> 00:26:00,600
Speaker 1: Is it only up from here or what we saw

490
00:26:00,920 --> 00:26:04,000
Speaker 1: over the last couple of weeks just ahead? Fake You know,

491
00:26:04,040 --> 00:26:06,240
Speaker 1: I don't think any of us know exactly what happens

492
00:26:06,240 --> 00:26:07,919
Speaker 1: in the short term. I mean, for us, it's a

493
00:26:08,080 --> 00:26:11,280
Speaker 1: it's a really long term bet on digital assets overall.

494
00:26:11,400 --> 00:26:13,359
Speaker 1: I think, you know, from our perspective, you have this

495
00:26:13,520 --> 00:26:16,879
Speaker 1: new human invention um and it's definitely going to have

496
00:26:17,320 --> 00:26:19,920
Speaker 1: a massive effect on humanity. So how what's the what's

497
00:26:19,960 --> 00:26:21,640
Speaker 1: the arc of that one of the ups and downs?

498
00:26:21,960 --> 00:26:24,600
Speaker 1: You know, very difficult to say, but you know, for me,

499
00:26:24,840 --> 00:26:27,119
Speaker 1: having lived through, you know, the the dot com bubble,

500
00:26:27,480 --> 00:26:29,679
Speaker 1: you know this is this is like asking, you know,

501
00:26:30,240 --> 00:26:32,160
Speaker 1: what was it going on at that moment in time

502
00:26:32,640 --> 00:26:35,159
Speaker 1: when you know the market had crashed, but you know,

503
00:26:35,200 --> 00:26:38,480
Speaker 1: the Internet was was inevitably and unquestionably you know, going

504
00:26:38,520 --> 00:26:40,600
Speaker 1: to have a massive impact of humanity. Now, you can

505
00:26:40,600 --> 00:26:43,359
Speaker 1: talk about bitcoin all day to that end, but what

506
00:26:43,440 --> 00:26:46,399
Speaker 1: about everything else? What about the n f T landscape,

507
00:26:46,520 --> 00:26:49,800
Speaker 1: what about Web three? Overall? How are you preparing for

508
00:26:49,840 --> 00:26:52,320
Speaker 1: what the industry might look like coming out of this

509
00:26:52,400 --> 00:26:56,919
Speaker 1: crypto winter. Well, just today at Ledger we launched Ledger Market.

510
00:26:57,480 --> 00:26:59,360
Speaker 1: That was five and a half hours ago, and we've

511
00:26:59,359 --> 00:27:01,720
Speaker 1: done three million dollars in business UM in the last

512
00:27:01,760 --> 00:27:05,040
Speaker 1: five and a half hours. UM. So I think, you know, again,

513
00:27:05,200 --> 00:27:08,840
Speaker 1: we're going through this once in a humanity digitization of

514
00:27:08,880 --> 00:27:11,880
Speaker 1: everything UM. And I think if you, if you fast

515
00:27:11,880 --> 00:27:14,120
Speaker 1: forward fifteen and twenty years from now, you know, your

516
00:27:14,160 --> 00:27:18,040
Speaker 1: passport is a digital document that is issued to your

517
00:27:18,040 --> 00:27:20,320
Speaker 1: digital wallet. And the way that you, you know, prove

518
00:27:20,400 --> 00:27:22,240
Speaker 1: you are who you say you are, is you prove

519
00:27:22,320 --> 00:27:24,480
Speaker 1: that you are the owner of the wallet containing that document.

520
00:27:24,680 --> 00:27:27,360
Speaker 1: I mean, that's the scale of what we're talking about here.

521
00:27:27,520 --> 00:27:29,560
Speaker 1: I think it's very difficult to pick winners and losers,

522
00:27:29,600 --> 00:27:32,439
Speaker 1: just like in the late nineties or two thousand two two,

523
00:27:32,720 --> 00:27:34,800
Speaker 1: it was very difficult to pick winners and losers, but

524
00:27:34,840 --> 00:27:37,360
Speaker 1: you could bet on the Internet long term. And from

525
00:27:37,359 --> 00:27:40,120
Speaker 1: my perspective, if you can bet on digital assets, UM,

526
00:27:40,160 --> 00:27:43,920
Speaker 1: security and self custody as as things that are there there,

527
00:27:43,960 --> 00:27:45,600
Speaker 1: these are these are long term and if you have

528
00:27:45,640 --> 00:27:49,840
Speaker 1: a portfolio UM that's focused on those things, it's likely

529
00:27:49,880 --> 00:27:53,479
Speaker 1: to return over time. You're talking about self custody and

530
00:27:53,800 --> 00:27:58,080
Speaker 1: storing at your own crypto here, what has this moment

531
00:27:58,080 --> 00:28:02,120
Speaker 1: in the industry taught people about ownership of crypto assets

532
00:28:02,160 --> 00:28:05,600
Speaker 1: themselves and the difficulties in doing so, especially as you

533
00:28:05,640 --> 00:28:09,200
Speaker 1: see so many exchanges really show you that they own

534
00:28:09,560 --> 00:28:12,760
Speaker 1: the crypto that you think you own. It's a great

535
00:28:12,800 --> 00:28:16,040
Speaker 1: question because I think, unfortunately people are you know, keep

536
00:28:16,040 --> 00:28:19,600
Speaker 1: equating the bankruptcy of you know, Celsius and Voyage or

537
00:28:19,920 --> 00:28:23,320
Speaker 1: with um, you know, with crypto overall, which is like

538
00:28:23,440 --> 00:28:27,000
Speaker 1: equating you know, Bernie made off with the stock uh,

539
00:28:27,200 --> 00:28:29,240
Speaker 1: you know, with with the stock industry overall. I mean,

540
00:28:29,600 --> 00:28:32,520
Speaker 1: it's it doesn't make any sense, you know. I think

541
00:28:32,840 --> 00:28:35,280
Speaker 1: what unfortunately it's done the hard way is it's taught

542
00:28:35,320 --> 00:28:37,359
Speaker 1: people what people in the crypto industry have known for

543
00:28:37,400 --> 00:28:40,120
Speaker 1: a long time, not your keys, not your coins. And

544
00:28:40,160 --> 00:28:42,760
Speaker 1: that is one of the great inventions here is that

545
00:28:42,840 --> 00:28:45,080
Speaker 1: you can actually hold onto your own assets so that

546
00:28:45,120 --> 00:28:48,320
Speaker 1: a run on the bank is impossible. But unfortunately, if

547
00:28:48,360 --> 00:28:50,480
Speaker 1: you just kind of go, you know, into a system

548
00:28:50,720 --> 00:28:52,880
Speaker 1: where you know, you give somebody else your money and

549
00:28:52,920 --> 00:28:55,239
Speaker 1: you ask them to manage it for you, well, you know,

550
00:28:55,800 --> 00:28:57,920
Speaker 1: I'll all kinds of things can happen from that moment.

551
00:28:58,760 --> 00:29:01,760
Speaker 1: And you're a former Apple Music executive, you worked at Beats,

552
00:29:01,760 --> 00:29:04,880
Speaker 1: and I'm so curious what the relationship is between what

553
00:29:04,920 --> 00:29:09,480
Speaker 1: you see as the potential relationship between music and crypto.

554
00:29:09,720 --> 00:29:12,480
Speaker 1: Are there any lessons that you learned in your former

555
00:29:12,520 --> 00:29:17,800
Speaker 1: life that you're applying to crypto security? But definitely, you know,

556
00:29:17,880 --> 00:29:21,680
Speaker 1: I left college in go On toward the Best Boys,

557
00:29:21,720 --> 00:29:23,960
Speaker 1: and then I was at at Beat. I worked with

558
00:29:24,200 --> 00:29:26,840
Speaker 1: UM the great talented team at lbm H the last

559
00:29:26,880 --> 00:29:29,440
Speaker 1: five years. And even though my background is computer science,

560
00:29:29,440 --> 00:29:32,520
Speaker 1: if I had learned nothing about marketing with those geniuses,

561
00:29:32,600 --> 00:29:35,240
Speaker 1: then you know, I'd be pretty stupid. So I think

562
00:29:35,560 --> 00:29:37,680
Speaker 1: one is just how do we, you know, take a

563
00:29:37,720 --> 00:29:39,840
Speaker 1: brand like this and bring it into culture and and

564
00:29:39,880 --> 00:29:42,320
Speaker 1: that's that's one of the things, UM, that we're trying

565
00:29:42,360 --> 00:29:44,800
Speaker 1: to do. But with respect the music specifically, I mean

566
00:29:44,880 --> 00:29:48,959
Speaker 1: music is already you know, ninety nine digital, and I

567
00:29:49,000 --> 00:29:51,600
Speaker 1: think that the Internet brought us this revolution of information,

568
00:29:51,960 --> 00:29:54,200
Speaker 1: and what we're going through now is a revolution of value.

569
00:29:54,560 --> 00:29:57,520
Speaker 1: So given that that music is on some level information,

570
00:29:57,600 --> 00:30:00,640
Speaker 1: it's kind of already been set free and digitized. UM,

571
00:30:00,680 --> 00:30:02,320
Speaker 1: you know, but to the degree that as you can see,

572
00:30:02,360 --> 00:30:05,200
Speaker 1: I'm I'm a record collector. You know, those are that

573
00:30:05,360 --> 00:30:07,680
Speaker 1: those are collectibles, and those will have you know, kind

574
00:30:07,720 --> 00:30:10,200
Speaker 1: of different levels of utility. I think what happens over

575
00:30:10,200 --> 00:30:13,000
Speaker 1: the next year is you get these these applications that

576
00:30:13,320 --> 00:30:15,720
Speaker 1: in some ways resemble my Space. You know, my Space

577
00:30:15,800 --> 00:30:18,880
Speaker 1: was early, it was messy, old, people didn't understand it

578
00:30:18,880 --> 00:30:21,560
Speaker 1: at first. Um, but people will use it as a

579
00:30:21,560 --> 00:30:24,360
Speaker 1: way to showcase their digital belongings, and then those digital

580
00:30:24,400 --> 00:30:27,560
Speaker 1: belongings will get them access to other parts of the world.

581
00:30:27,720 --> 00:30:30,160
Speaker 1: You know. Imagine that I buy that Louis Batan handbag,

582
00:30:30,560 --> 00:30:33,600
Speaker 1: it gives me a token. With that token, I can

583
00:30:33,600 --> 00:30:35,560
Speaker 1: get into Louis Baitan world, and I'm not waiting on

584
00:30:35,600 --> 00:30:37,760
Speaker 1: the street and line anymore. UM. This is the kind

585
00:30:37,760 --> 00:30:40,200
Speaker 1: of thing that this combination of kind of digital and

586
00:30:40,200 --> 00:30:42,600
Speaker 1: physical is is going to bring to us digital and

587
00:30:42,640 --> 00:30:45,720
Speaker 1: physical ownership. That is so, since we've gotten your thoughts

588
00:30:45,720 --> 00:30:47,520
Speaker 1: on the crypto industry, I'm curious for your thoughts on

589
00:30:47,560 --> 00:30:49,960
Speaker 1: the evolution of the music industry. Earlier in the show,

590
00:30:50,000 --> 00:30:53,800
Speaker 1: we were recovering um Facebook offering new tools to creators

591
00:30:53,840 --> 00:30:58,200
Speaker 1: who want to make licensed videos with licensed music in them. Obviously,

592
00:30:58,320 --> 00:31:03,360
Speaker 1: TikTok has totally kind of reinvented this category of social

593
00:31:03,400 --> 00:31:07,880
Speaker 1: media videos to musical tracks. You know, what do you

594
00:31:08,080 --> 00:31:10,920
Speaker 1: what do you see as the evolution of music combined

595
00:31:11,000 --> 00:31:16,480
Speaker 1: with social media? Well, I mean I think what's what

596
00:31:16,760 --> 00:31:18,920
Speaker 1: I've always said is whether when I was at lvm

597
00:31:18,960 --> 00:31:20,080
Speaker 1: AGE it was the same as when I was in

598
00:31:20,080 --> 00:31:22,840
Speaker 1: the music business in that we sold culture as a

599
00:31:22,840 --> 00:31:26,960
Speaker 1: prerequisite to selling product. Right when people are buying music, Um,

600
00:31:27,000 --> 00:31:29,080
Speaker 1: you know, even when they were buying compact discs, you

601
00:31:29,120 --> 00:31:31,640
Speaker 1: weren't buying you know, a compact disc you were buying

602
00:31:31,720 --> 00:31:33,680
Speaker 1: you know, when a when a teenager was buying an

603
00:31:33,680 --> 00:31:36,680
Speaker 1: Eminem c D, they were buying you know what Eminem

604
00:31:36,760 --> 00:31:38,880
Speaker 1: means to them, right, And I think it's the same

605
00:31:38,880 --> 00:31:41,760
Speaker 1: when somebody buys a d R handbag. Do your means

606
00:31:41,760 --> 00:31:45,040
Speaker 1: something in culture? Therefore, you know you purchased the product.

607
00:31:45,320 --> 00:31:47,840
Speaker 1: So now that we've had this revolution of information with

608
00:31:47,880 --> 00:31:52,560
Speaker 1: the Internet, um, you know, information is free and someone

609
00:31:52,960 --> 00:31:54,800
Speaker 1: in a small town in Indiana where I grew up

610
00:31:54,800 --> 00:31:57,680
Speaker 1: has the same access to culture that someone in New

611
00:31:57,760 --> 00:32:00,560
Speaker 1: York or London or Paris or Tokyo does. Um. I

612
00:32:00,560 --> 00:32:03,640
Speaker 1: think that's what's completely revolutionized, you know, and I think

613
00:32:03,680 --> 00:32:06,160
Speaker 1: you know math, you know, largely it's moved us kind

614
00:32:06,160 --> 00:32:09,680
Speaker 1: of away from these mass media sources and into kind

615
00:32:09,720 --> 00:32:11,920
Speaker 1: of tribes and clicks. We all feel that, you know,

616
00:32:11,960 --> 00:32:14,920
Speaker 1: coming out of out of the pandemic. But but that

617
00:32:15,040 --> 00:32:19,160
Speaker 1: of course affects, you know, it affects everything, including including music.

618
00:32:19,520 --> 00:32:22,920
Speaker 1: Music is it's not just sonic, it's a way of belonging.

619
00:32:25,200 --> 00:32:29,240
Speaker 1: That's kind of beautiful in Rogers, appreciate you taking a

620
00:32:29,320 --> 00:32:33,360
Speaker 1: swing at that with us chief experience officer at Ledger,

621
00:32:33,400 --> 00:32:44,240
Speaker 1: along with our very own Shinelle boss. Thank you. The

622
00:32:44,280 --> 00:32:46,560
Speaker 1: market downturn has hit the U S economy hard, but

623
00:32:46,640 --> 00:32:51,200
Speaker 1: it hit San Francisco's economy particularly hard, with local giants

624
00:32:51,200 --> 00:32:54,040
Speaker 1: like Apple and Google planning to slow hiring and more

625
00:32:54,040 --> 00:32:57,040
Speaker 1: tech workers working from home permanently. The tech sector that

626
00:32:57,560 --> 00:33:00,400
Speaker 1: supercharged the Bay Area economy is now leaving a vacuum

627
00:33:00,400 --> 00:33:03,320
Speaker 1: in Silicon Valley. Bloomers, Rolling of our Geese joins us

628
00:33:03,360 --> 00:33:06,280
Speaker 1: now to discuss roll. You've got a big piece out

629
00:33:06,320 --> 00:33:08,400
Speaker 1: on this now. Why does it seem like San Francisco

630
00:33:08,440 --> 00:33:13,120
Speaker 1: has been hit harder than other US cities? Absolutely, San

631
00:33:13,120 --> 00:33:16,760
Speaker 1: Francisco has been hit really hard, and that's because so

632
00:33:16,880 --> 00:33:21,360
Speaker 1: much of our economy is revolves around tech, and unlike

633
00:33:21,360 --> 00:33:25,120
Speaker 1: in New York, which is very finance dominated, tech companies

634
00:33:25,160 --> 00:33:28,680
Speaker 1: here have really embraced remote work policies. So that means

635
00:33:28,720 --> 00:33:33,440
Speaker 1: you have fewer employees taking transit, peer employees going to restaurants,

636
00:33:33,640 --> 00:33:38,520
Speaker 1: fewer employees taking um, you know, going and shopping and

637
00:33:38,560 --> 00:33:42,920
Speaker 1: supporting the economy that San Francisto depends on. And meanwhile,

638
00:33:43,280 --> 00:33:46,880
Speaker 1: you have a lack of international tourists and international terms

639
00:33:47,120 --> 00:33:50,160
Speaker 1: has not rebounded to the levels pre pandemic. So all

640
00:33:50,240 --> 00:33:52,400
Speaker 1: in all, that means that the recovery here in San

641
00:33:52,400 --> 00:33:57,000
Speaker 1: Francisco is trailing down many major US cities, and you're

642
00:33:57,000 --> 00:33:59,719
Speaker 1: seeing more and more companies offer more and more remote

643
00:33:59,720 --> 00:34:02,360
Speaker 1: work options. So I wonder if we can't depend on

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00:34:02,440 --> 00:34:05,880
Speaker 1: tech to revive the city, and if not, what can

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00:34:05,960 --> 00:34:10,120
Speaker 1: the city do to revive itself. The city is making

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00:34:10,320 --> 00:34:15,120
Speaker 1: its biggest push yet to revital revitalize downtown and to

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00:34:15,239 --> 00:34:19,680
Speaker 1: give office workers a reason to go downtown. So they

648
00:34:19,840 --> 00:34:24,560
Speaker 1: are going to emphasize let's take this vacant commercial space

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00:34:24,960 --> 00:34:29,600
Speaker 1: and have festivals and markets so that employee would think, well, yeah,

650
00:34:29,680 --> 00:34:31,920
Speaker 1: maybe I will go into the office today because I

651
00:34:31,920 --> 00:34:35,080
Speaker 1: can do something cool after work. Their hope is to

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00:34:35,160 --> 00:34:39,680
Speaker 1: get workers consistently going into the office three days a week.

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00:34:39,800 --> 00:34:43,160
Speaker 1: That would be a huge help to the local economy.

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00:34:43,200 --> 00:34:46,120
Speaker 1: Is there any hope that the tech scene could come

655
00:34:46,120 --> 00:34:51,120
Speaker 1: back to the rescue. I think that they are really

656
00:34:51,719 --> 00:34:55,239
Speaker 1: working on making the city seem safe and secure, and

657
00:34:55,280 --> 00:34:58,560
Speaker 1: that's why they had these so called ambassadors around transit

658
00:34:58,640 --> 00:35:02,480
Speaker 1: stations and major tourist sized cable cars to make it

659
00:35:02,520 --> 00:35:05,280
Speaker 1: seem like, no, you can come to the office. It's

660
00:35:05,360 --> 00:35:08,799
Speaker 1: it'll be fun. And if they can get tech workers

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00:35:08,920 --> 00:35:12,759
Speaker 1: and other people to mostly tech workers, to come three

662
00:35:12,800 --> 00:35:15,920
Speaker 1: days a week, that would be a huge benefit to

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00:35:15,960 --> 00:35:18,600
Speaker 1: the city. You know, it wasn't long ago that I

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00:35:18,600 --> 00:35:21,400
Speaker 1: saw a raccoon walking down the sidewalk in the middle

665
00:35:21,400 --> 00:35:25,239
Speaker 1: of San Francisco at eleven a M. Romy eleven a m.

666
00:35:25,320 --> 00:35:29,560
Speaker 1: There was a raccoon on the That's what this has

667
00:35:29,560 --> 00:35:33,480
Speaker 1: come to, all right, Um, well, great piece by you today.

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00:35:33,600 --> 00:35:36,040
Speaker 1: You can catch it at bloomberg dot com on how

669
00:35:36,080 --> 00:35:39,000
Speaker 1: San Francisco is dealing with this Bloomber's roomy Mark Varghese,

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00:35:39,200 --> 00:35:42,400
Speaker 1: thank you for joining us. That does it for this

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00:35:42,560 --> 00:35:46,560
Speaker 1: edition of Bloomberg Technology. This week we are all over earnings.

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00:35:47,040 --> 00:35:50,120
Speaker 1: Join us tomorrow. We've been breaking down alphabet results along

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00:35:50,160 --> 00:35:52,160
Speaker 1: with Microsoft. You don't want to miss that, and of

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00:35:52,200 --> 00:35:55,279
Speaker 1: course check out our podcast as always, wherever you get

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00:35:55,320 --> 00:35:58,560
Speaker 1: your podcast time. Emily Chang in the beautiful city of

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00:35:58,560 --> 00:36:01,160
Speaker 1: San Francisco is Bloomberg