Speaker 1: From Markhard We're Innovation of Money and Power colle in
Speaker 1: Silicon Valley, NBN.
Speaker 2: This is Bloomberg Technology with Caroline Hyde and Ed Ludlove.
Speaker 3: I'm Caroline Heid at Bloomberg's at World Headquarters in New York,
Speaker 3: and I'm Ed Ludlow in San Francisco.
Speaker 4: This has Beenberg Technology coming up.
Speaker 3: Full market coverage of a head of course, the largest
Speaker 3: US maker of chip making machinery fails to impress investors.
Speaker 3: What does it say around the rest of the chip sector.
Speaker 3: We talk applied materials.
Speaker 5: Plus open Ai and Reddit announce a partnership to bring
Speaker 5: its content to chat, GPT and other new products.
Speaker 3: Details ahead, and we sit down with the CEO of
Speaker 3: cloud computing company core Weave as it secures seven and
Speaker 3: a half.
Speaker 6: Billion dollars in private debt.
Speaker 3: All that and so much more coming up first, as
Speaker 3: check in on a market that has been ramping higher
Speaker 3: for four straight weeks, the longest winning street we see
Speaker 3: for the SMP and indeed the Nasdaq in well, at
Speaker 3: least since February.
Speaker 6: We're actually seeing the best months.
Speaker 3: So far for the entire year, and we're seeing again
Speaker 3: just tentative gains. We've called some of those gains as
Speaker 3: the week has progressed, but nevertheless still up almost ten
Speaker 3: points on the Nasdaq stock six hundred over in Europe.
Speaker 3: Less optimism on the day, we're off by a tenth
Speaker 3: of a percent, but again we've seen gains throughout the
Speaker 3: course of the week, and look, we're still near or
Speaker 3: at record highs for a.
Speaker 6: Lot of these benchmarks.
Speaker 3: Looking at ten year yields, actually just selling off a
Speaker 3: little bit on Neil's just pushing up somewhat, but this
Speaker 3: has been a reassessment of the Federal Reserve and whether
Speaker 3: we can still see cuts coming in for this year.
Speaker 3: Some of that data just showed a healthy cooling of
Speaker 3: the US economy. Move on, have a look at what's
Speaker 3: happened over the last five days, and we're looking at
Speaker 3: crypto and look on the up and up more than
Speaker 3: nine percent. We're at six hundred and seven, a way
Speaker 3: off far high as their ed but still notable risk
Speaker 3: on sentiment throughout this week. When it comes to crypto,
Speaker 3: what have you got on the micro Well.
Speaker 5: Let's start, we've read it and read it is up
Speaker 5: a lot, flirting with a record higher bound for four
Speaker 5: fourteen percent. Since it's ipo, which you know is in March.
Speaker 5: So the deal with open ai is kind of a
Speaker 5: two way deal. Open ai basically licenses Reddit forum posts
Speaker 5: to get that text data's train models, but it can
Speaker 5: also show Reddit posts in the consumer facing products. And
Speaker 5: what does Reddit get out of it, Well, according to analysts,
Speaker 5: like forty million dollars of high margin revenue every year,
Speaker 5: which is great.
Speaker 4: But also they are.
Speaker 5: Talking about building ai products into the forum on top
Speaker 5: of open AI's large language models. Let's talk about that
Speaker 5: later in the show. The other name we're talking about
Speaker 5: is in the chip space applied materials. As you point out,
Speaker 5: the story here is about a company that makes the
Speaker 5: machines that makes the chips. It sells to the contract
Speaker 5: manufacturers like TSMC higher three tensven percent. It beat estimates,
Speaker 5: but at the upper range of the estimates that were
Speaker 5: given by the street it fell a little short. The
Speaker 5: question is where are we at in chip demand through
Speaker 5: the proxy of the companies that buy the machines that
Speaker 5: make the chips.
Speaker 3: What a fun story it is, because ultimately, is this
Speaker 3: a bell weather? Is this some sort of ability for
Speaker 3: us to have a bird side perspective?
Speaker 6: Wear's hot, wet's not?
Speaker 3: Maybe not In autos, maybe not in connected devices, but
Speaker 3: certainly all things AI is still driving us. And what
Speaker 3: about the China exposure ed and pleased to say we
Speaker 3: can go broadly across the sector with Advisor's capital management
Speaker 3: partner and portfolio manager, Joe am Poenie. Always enjoyed to
Speaker 3: have you with us, Joeanne. And look, this is a
Speaker 3: chip equipment company. But what are you seeing in terms
Speaker 3: of where we are in chips more broadly?
Speaker 6: Right now?
Speaker 7: Yeah, good morning guys.
Speaker 8: Apply Materials results better than expected, but their guidance was
Speaker 8: a little bit soft, and in this kind of an economy, this.
Speaker 7: Kind of a market, that doesn't go over too well.
Speaker 8: But when you look into what Applied said, they indicated
Speaker 8: continued strong demand from several of their end markets, except
Speaker 8: for China. Obviously with the US trade policy really trying
Speaker 8: to crack down on exports that would enable China to
Speaker 8: have its own leading edge chip business. Applied Materials find
Speaker 8: yourself in the cross fair, no surprise, and so that
Speaker 8: part of their business is going to fall off pretty sharply.
Speaker 8: But what we're seeing is that global demand for equipment
Speaker 8: because of the global demand for high end chips for
Speaker 8: AI and other things is still going to remain robust
Speaker 8: for many years to come.
Speaker 4: That's really interesting.
Speaker 5: So around on Monday, I'm going to speak in a
Speaker 5: conversation with Jensen Wang, Michael Dell, and Bill McDermott for
Speaker 5: twenty five minutes, and what I'm trying to get out
Speaker 5: of it is this idea of when do we move
Speaker 5: beyond AI as a market AI accelerators just being the hyperscalers.
Speaker 4: So think about what you just said in demand, But.
Speaker 5: As far as I see, that's the only place it's going,
Speaker 5: and it's largely in the US. What's your kind of
Speaker 5: counter to that.
Speaker 8: Well, what we're seeing, I believe is that there's a
Speaker 8: demand beyond just the US hyperscalers for other entities to
Speaker 8: have their own AI training and inference capabilities, notably countries
Speaker 8: that want want to keep their data private, and so
Speaker 8: we're going to see entities there develop the infrastructure to
Speaker 8: run those models and to deploy those models. So your
Speaker 8: Jensen has mentioned that in the past, you could try
Speaker 8: to get some numbers out of him for how big
Speaker 8: that is currently and how big he expects it to be,
Speaker 8: because it should be the case that wants the hyperscalers
Speaker 8: build up their capabilities for training and for inference that
Speaker 8: will see that other end the sovereign investments or even
Speaker 8: company specific investments where again data is likely to be
Speaker 8: kept private, become the next buyer.
Speaker 4: You know what's so interesting?
Speaker 5: And maybe I'm getting a bit in the weeds here,
Speaker 5: but like think about Dell's history, they're really good at
Speaker 5: selling to SMEs and governments. They're great sales channels that
Speaker 5: maybe like Nvidia, has never really operated him. And that's
Speaker 5: the bit I'm trying to scratch away at. Like everyone
Speaker 5: else in the world who wants a part of the
Speaker 5: AI story, how do they actually do it right? From
Speaker 5: their CAPEX spend And where do you Jo Anthony position
Speaker 5: yourself if you think that they're going to get there right?
Speaker 8: So the others that they're going to do it, They're
Speaker 8: going to have to build the infrastructure ed if I
Speaker 8: understand your question correctly, And so whether it's through a
Speaker 8: Dell or a super micro or an HP or an IBM, right,
Speaker 8: they're going to have to bring the hardware in which
Speaker 8: will be powered by chips from Nvidia and the future
Speaker 8: AMD and perhaps.
Speaker 7: In the future from some of these startups we're hearing about.
Speaker 8: And how we position is we look at the fundamental
Speaker 8: suppliers that make it all possible, which are the chip
Speaker 8: guys and Vidia, AMD, Broadcom working in conjunction with Alphabet
Speaker 8: and others to bring the chips capable of this high
Speaker 8: end computing.
Speaker 7: That's kind of a clean way to invest.
Speaker 8: But also then on the application side, companies that are
Speaker 8: rolling out the capabilities to deploy AI like a service.
Speaker 7: Now is one example, but it's broader than that. It's
Speaker 7: beyond the technology sector, it's into industrials.
Speaker 9: It's into healthcare.
Speaker 8: So you really have to dig deep to find those
Speaker 8: individual companies that are being successful at this early stage
Speaker 8: and starting to deploy the AI capabilities that.
Speaker 9: Are just emerging.
Speaker 3: I'm loving this entire show because we're going to many
Speaker 3: ways pick away all these different ways of telling the story.
Speaker 3: We've got core Weave coming on, of course, one of
Speaker 3: these new hyperscale entrance almost offering new data center footprints
Speaker 3: that's going to be closer to the companies that need
Speaker 3: the access to the compute.
Speaker 6: You're then also going to be.
Speaker 3: Discussing this new AI push towards regulation, but ultimately standards
Speaker 3: and investment coming from the US government. We just had
Speaker 3: Chuck Schumer, of course, right, that key AI thought leadership piece.
Speaker 3: Basically there's no real regulation in it yet. Will we
Speaker 3: be delving into that. But all of this very much
Speaker 3: focuses on the US and bits China and the worry there.
Speaker 3: But what about Europe, what about Japan? What about other
Speaker 3: areas that you can invest geographically?
Speaker 7: Joanne, Yeah, I mean asking.
Speaker 8: One of the big trends that I'm going that's related
Speaker 8: to this space is the desire for let's call it
Speaker 8: self sufficiency regionally to have for countries and regions like
Speaker 8: the US and Europe to have their own capability to
Speaker 8: manufacture those high end chips.
Speaker 7: Whether regulation and how regulation evolves.
Speaker 8: Over time is really hard a hard thing to sort
Speaker 8: out at this point, and so we don't try to
Speaker 8: make bets based on regulation changes.
Speaker 7: It's just sort of too.
Speaker 8: Early to know what Chuck Schumer's and that bipartisan groups
Speaker 8: proposals will actually mean. So instead, again, what we can
Speaker 8: do is look at how the subsidies are.
Speaker 10: Evolving and how the tariff barriers and restrictions are evolving
Speaker 10: to push the manufacturing of advanced semiconductors around the world.
Speaker 10: And what it means, right is we're going to get
Speaker 10: more chip manufacturing, which is good for the equipment suppliers
Speaker 10: by the way, and probably get some cheaper chips as
Speaker 10: a result of a bit of overcapacity over time.
Speaker 3: When you therefore look at some of the startups coming in,
Speaker 3: when you think about where to allocate to, where's already done?
Speaker 6: Well?
Speaker 3: Is in Vidio ahead of its earnings next week, still
Speaker 3: at the right valuation point to enter.
Speaker 11: Well?
Speaker 8: You know, a company like in Nvidia has many years
Speaker 8: of growth head of it, and its valuation reflects the
Speaker 8: expectations about how high that growth will be and for
Speaker 8: how long it can be maintained. And right now, and
Speaker 8: Video with its chip technology is well ahead of competition. Yes,
Speaker 8: a m D is coming along, and they will they
Speaker 8: will definitely have a good chip in the race. And
Speaker 8: we talked about Broadcom with their teaming up with Google
Speaker 8: and others. But ultimately, and Vidia has not only the hardware,
Speaker 8: the most advanced chips with the most capability for training AI.
Speaker 12: But it also has the software that is needed to
Speaker 12: make all of that work, that Coupa software that it's
Speaker 12: been developing over decades. So it really does give Nvidia
Speaker 12: a substantial and defensive lead for several years to come.
Speaker 7: That doesn't mean that we're not going to get.
Speaker 8: Newsflow that disturbs those long term forecasts, and that could
Speaker 8: cause disruptions in the stock price. And that's why we
Speaker 8: think for Nvidia to be helped by clients. In our
Speaker 8: growth portfolio, it's a substantial position, But in our balanced strategy,
Speaker 8: where clients have a perhaps a more conservative view on
Speaker 8: what their portfolios need to do over time, it's a
Speaker 8: smaller position because of the volatility that we're likely to
Speaker 8: see as expectations can be disrupted at any time.
Speaker 5: M Foinie, how are you and Advisor's Capital using AI
Speaker 5: at home and at work?
Speaker 8: Well, I know from talking to the marketing guys, for example,
Speaker 8: that they're using AI to create We just had a conference,
Speaker 8: for example, they created a lot of the background material
Speaker 8: for the conference, the images. I worked with a colleague
Speaker 8: recently to do a podcast on behavioral finance, and he
Speaker 8: generated notes using AI.
Speaker 7: Questioning, Hey, what did Danny Kahneman contribute?
Speaker 8: And so I saw all these great notes, I'm like, wow,
Speaker 8: that's it's impressive. He said he did it in fifteen minutes.
Speaker 8: So it's an incredible time saver for folks. Quickly needing
Speaker 8: to generate content or get quick answers to questions and
Speaker 8: to generate images for marketing materials.
Speaker 5: J am Feenie Advisors Capital Management. Great to have you
Speaker 5: back on the show. Thank you so much. Now coming
Speaker 5: up from Bloomberg Technology, we have all the details on
Speaker 5: that open Ai and Reddit relationship and a new partnership.
Speaker 5: Stay with us, We will be right back. This is
Speaker 5: Bloomberg Technology. So open ai unveiled a partnership with Reddit
Speaker 5: that will bring the social networks content to chat, GPT
Speaker 5: and other products, but also allow Reddit to add new
Speaker 5: AI features to its online communities. That's bringing Bloomberg Sharen
Speaker 5: Gafari for more a bit of a scramble last night
Speaker 5: because the market reacted right. Reddit shares now really high.
Speaker 5: Just give us the basics of the deal in both directions.
Speaker 3: Sure.
Speaker 13: So open ai, which has kind of an insatiable desire
Speaker 13: for data right to train its models and to just
Speaker 13: show data within its chat GPT app, will now have
Speaker 13: access to Reddit posts, and that's going to happen through
Speaker 13: the Reddit api. So you know, whatever people post on Reddit,
Speaker 13: open ai now has the legal right through this deal
Speaker 13: to actually use that in its products and to train
Speaker 13: its products on Reddit side. You know, they are presumably
Speaker 13: getting some kind of financial benefit from this, although the
Speaker 13: terms of the deal have not been disclosed.
Speaker 3: Also, perhaps they fold in open AI's own large language
Speaker 3: model and AI applications within the use of Reddit. It
Speaker 3: seems as though there's going to be advertising involved, and
Speaker 3: the question to me sharing is what do they get
Speaker 3: that's different versus the Google agreement. We know the amount
Speaker 3: of money it seems that they got from Alphabet already,
Speaker 3: but why therefore so embed open ai from an actual
Speaker 3: AI architecture perspective and not Google's.
Speaker 13: I think that these media companies, social media companies, publishers,
Speaker 13: they're kind of looking to just get the most value
Speaker 13: that they can out of the data that they have, right,
Speaker 13: so I think the deals are very similar. I think,
Speaker 13: you know, we just have a little bit more information
Speaker 13: about how much the value of that Google deal was
Speaker 13: on the advertising front, because there was a mention in
Speaker 13: there in their release I actually clarified with open Ai.
Speaker 13: So all that means is that open ai is actually
Speaker 13: going to place ads on Reddit as part of the deal,
Speaker 13: So we're not seeing a kind of deeper ad integration
Speaker 13: that's that some may have had thought.
Speaker 6: Really fascinating.
Speaker 3: And I think also we've got to remember the history
Speaker 3: of Reddit and Sam Altman. Even though it says really
Speaker 3: that it is Brad Lightcap that forged this deal, certainly
Speaker 3: is one of the key investors in Reddit at the IPO.
Speaker 3: Those ties go deep, and the fact that he is
Speaker 3: interrom CEO for a short while putting the Suran Gafari.
Speaker 3: We thank you so much for talking us through the
Speaker 3: latest deal. Meanwhile, let's talk about the space race that's
Speaker 3: upon us, because we're just so you can look at
Speaker 3: Elil Musk's Starlink.
Speaker 6: It's launched, friends of competition for space dominance. Just take
Speaker 6: a listen.
Speaker 14: The largest single constellation of satellites orbiting our planet is
Speaker 14: run by a mercurial individual who needs no introduction. It's
Speaker 14: this guy. It achieves this by maintaining a vast relay
Speaker 14: network in low Earth orbit. That's the area higher than
Speaker 14: a jetliner but below a GPS satellite.
Speaker 15: Right now, Starlink has more than five six hundred satellites
Speaker 15: in orbit.
Speaker 14: And it accomplished all this in less time than it
Speaker 14: took James Cameron to make a second Avatar movie.
Speaker 15: At one point, SpaceX and vision launching up to forty
Speaker 15: two thousand satellites.
Speaker 14: But this speed and relative success has raised eyebrows, concerned
Speaker 14: ones in government and excited ones in the boardrooms of
Speaker 14: potential rivals.
Speaker 15: It's essentially a company trying to disrupt a somewhat complacent marketplace.
Speaker 5: So you can catch the full thing from Bloomberg originals
Speaker 5: at Bloomberg dot com.
Speaker 4: It's it must kind of watch.
Speaker 5: And the speed and relative success of elon musk Starlink
Speaker 5: has encouraged the deep pocketive rivals like Amazon co founder
Speaker 5: Jeff Bezos and his Blue Origin, which is actually slated
Speaker 5: to resume space tourist flights this Sunday after it had
Speaker 5: stopped crude operations two years ago following a mid flight mishap.
Speaker 5: I want to go out to Chicago and Bloombo's Kyle Porter.
Speaker 4: Let's start with the starlink doc.
Speaker 16: Right.
Speaker 5: That was one minute, but it's a longer thing. Tell
Speaker 5: us about the other items that you covered off in it.
Speaker 17: Well, thank you for having me on ed. We cover
Speaker 17: quite a bit of ground in those seven minutes. We
Speaker 17: look into how the service performs, Elon's plans for growth
Speaker 17: of the service, potential rivals, and as that one minute
Speaker 17: alluded to difficulties geopolitical and technical.
Speaker 4: With the service.
Speaker 3: Let's talk about technical difficulties because there's been a few
Speaker 3: launches that have been delayed of late. We're also anticipating
Speaker 3: the re launch or well certain regalvanization of Blue Origin
Speaker 3: this weekend.
Speaker 6: Things have been stopped start.
Speaker 17: They certainly have a little bit, and Elon's been a
Speaker 17: little bit frustrated in his getting approvals to build out
Speaker 17: the size of the network that he wants. Starlink's biggest
Speaker 17: problem is getting satellites in the air. Doing things in
Speaker 17: low earth orbit is fantastic and it decreases the latency,
Speaker 17: which is the time it takes for the signal to
Speaker 17: get back and down to your dish. However, you really
Speaker 17: need to think of it like filling off a bath.
Speaker 17: You need an awful lot more satellites in the air
Speaker 17: to stop your service slimming down. Frankly, they're not doing
Speaker 17: it as quickly as they'd like.
Speaker 5: Kyle, my understanding is you and I are under orders
Speaker 5: to be awake very early this Sunday because Blue Origin
Speaker 5: will try to launch its tourism offering again after two years.
Speaker 4: Just give us the basics of that mission.
Speaker 17: Yes, well you'll be earlier than I am. Thank goodness.
Speaker 17: The plan is after twenty twenty two. There was a
Speaker 17: mishapen I'm thankfully unmanned flight which saw Blue Origin ground
Speaker 17: its flights. This will mark the resumption. I believe it's
Speaker 17: the seventh flight to carry a crew, and it's also
Speaker 17: going to include someone rather special.
Speaker 9: Ed D.
Speaker 17: White, who was part of the original NASA program, would
Speaker 17: have been the first African American in space had he
Speaker 17: been picked.
Speaker 3: And then not to mention what happens early next week
Speaker 3: Boeing's first cruise space flight maybe just maybe using its
Speaker 3: Starliner craft. So that's been delayed a little bit. Maybe
Speaker 3: it'll come on May twenty first. There is a lot
Speaker 3: going on in space, has always been most Carl Porter
Speaker 3: helping us tell that story. I hope you both have
Speaker 3: to get up too early someday. Meanwhile, coming up after
Speaker 3: a volatile week of trading the Memestock rally, coming to
Speaker 3: back down to Earth.
Speaker 6: I could have used all the puns about to the moon,
Speaker 6: but I won't.
Speaker 3: We will bring you the latest next as a rumored technology.
Speaker 5: It is time for talking tech. These are some of
Speaker 5: the other stories we're following in the news. First up
Speaker 5: Snowflake is in talks to acquire startup Wreca Ai for
Speaker 5: more than one billion dollars. That's according to sources. RecA
Speaker 5: Ai is a producer of large language models and would
Speaker 5: enable software maker Snowflake to offer generative AI capabilities. Record
Speaker 5: Ai was founded in twenty twenty two and was valued
Speaker 5: at three hundred million dollars in a twenty twenty three
Speaker 5: investment round. Plus, Ingram Micro is preparing to move ahead
Speaker 5: with plans for an IPO that could raise more than
Speaker 5: one billion dollars. That also according to sources, who say
Speaker 5: Ingram's considering seeking evaluation of as much as ten billion dollars.
Speaker 5: The company has been working with Goldman Sachs and Morgan
Speaker 5: Stanley on the listing and is said to have added
Speaker 5: JP Morgan to its list of advisors, and Microsoft avoids
Speaker 5: a UK antitrust probe for its partnership with meestrel Ai.
Speaker 5: Last month, the UK Competition and Markets Authority announced that
Speaker 5: it was gathering information on whether the two companies threatened
Speaker 5: competition in the UK. The watchdog group reversed that decision,
Speaker 5: saying Microsoft does not have the ability to quote materially
Speaker 5: influence Miestrel's commercial policy.
Speaker 3: Caroline, Let's just go back to what was quite the
Speaker 3: frenzy at the start of the weekend, all the mean stops,
Speaker 3: but now that's come to a bit of an abrupt halt.
Speaker 3: Came so off as you see now only up sixteen percent,
Speaker 3: shares falling for a third secutive day. In fact, as
Speaker 3: a company pre announced earnings. So it may set up
Speaker 3: to fully five million shares. Let speke it all down
Speaker 3: in the most Bailey lipshals. And the point here is
Speaker 3: that we had GameStop.
Speaker 6: And AMC really soaring at the beginning of the week.
Speaker 6: AMC made the most of it. Now game stops trying
Speaker 6: to make the most.
Speaker 4: Of it exactly.
Speaker 18: AMC happened to have that at the market offering in
Speaker 18: the works before, so they were able to capitalize on
Speaker 18: that raise about one hundred and twenty five million.
Speaker 4: Dollars through sales of new shares. They also then.
Speaker 18: Announced a debt for equity swap, so diluting investors, but
Speaker 18: trying to shore up the fact that they had at
Speaker 18: least at the beginning of the week north of four
Speaker 18: and a half billion dollars in debt. Now game stop
Speaker 18: to be Fair doesn't really have debt, they don't need
Speaker 18: the cash. But when I talked to market watchers, they
Speaker 18: basically said, they are two times you sell shares, one
Speaker 18: when you're stupid not to and one when you need cash.
Speaker 18: And it does seem like games stop trying to move
Speaker 18: to capitalize on the rally. But as you mentioned, not
Speaker 18: only up seventeen percent this week, not up the two
Speaker 18: hundred and seventy percent it was at the start of
Speaker 18: the week on Tuesday, and.
Speaker 3: We got a little bit of fundamental news unlike what
Speaker 3: has driven this meme stock rally.
Speaker 6: And they pre announced their earnings. How do they fare?
Speaker 6: And it looks as though revenues are under pressure.
Speaker 18: Under pressure missed what Wall Street had penciled in. But
Speaker 18: they're only how many I would say there are two
Speaker 18: analysts who follow it, so it's not really like we
Speaker 18: can say there are dozens of analysts who kind of
Speaker 18: are sharpening their pencils to come up with what they
Speaker 18: should be reporting.
Speaker 4: But it is slowing.
Speaker 18: They are focused really on getting back to profitability. So
Speaker 18: the net loss was more narrow in the last three
Speaker 18: months than it was this time last year, but still
Speaker 18: fundamentally there are pressures there's kind of they need a
Speaker 18: new game cycle, They needed a new console cycle. They
Speaker 18: are also battling with the fact that people download games
Speaker 18: and don't go to stores, and that's really been the
Speaker 18: bare Case four game stop even well before twenty twenty one's.
Speaker 5: Craze Bailey, Hello Happy Friday. I was talking to somebody
Speaker 5: interesting last night, let's call them a market participant, and
Speaker 5: I asked about Roaring Kitty And I was like, has
Speaker 5: anyone yet worked out what Roaring Kitty was trying to
Speaker 5: communicate through social media? And this person, again let's call
Speaker 5: them a market participant, was like, do we even know
Speaker 5: that it is Roaring Kitty?
Speaker 18: If we don't, And that's why it's scary, because we
Speaker 18: haven't seen the person who operates under the moniker Raring Kitty.
Speaker 18: Keith Gill hasn't been on social media. He used to
Speaker 18: be streaming on YouTube and different means back in twenty
Speaker 18: twenty one. In twenty twenty he hasn't physically appeared, so
Speaker 18: that x handle was back to posting a number of videos.
Speaker 4: But to your point, no one's been able to confirm or.
Speaker 18: Talk to Gil himself to see if he actually has
Speaker 18: resurfaced after almost three years of being away from social media,
Speaker 18: or to read between the lines that what your source
Speaker 18: is pointing at.
Speaker 4: It could be other actors, but no one really knows.
Speaker 5: What is interesting is that loads of people tried to
Speaker 5: play the game this week.
Speaker 4: Right.
Speaker 5: People have taken to social media and said, oh, look,
Speaker 5: I made a small amount of money by buying or
Speaker 5: selling games of AMC shares. Is there any sense that
Speaker 5: there was something bigger than that, beyond just retail trade
Speaker 5: is playing the moment?
Speaker 15: Well?
Speaker 18: We wrote about this throughout the week, and when you
Speaker 18: look at the trading flows on the likes of a
Speaker 18: Fidelity or an interactive brokers, it's a small portion compared
Speaker 18: to what we saw in twenty twenty one. And if
Speaker 18: you look at Fidelity's platform over the past week, the
Speaker 18: number of buy and sell orders has basically been matched.
Speaker 18: So when you look at the hundreds of millions of
Speaker 18: shares that have traded four game stop in the north
Speaker 18: of a billion shares in AMC that have traded, the
Speaker 18: underlying factors would point towards this likely being some form
Speaker 18: of momentum or quantitative funds trading in it.
Speaker 4: Bloomberg's Bei lip Schultz, Well, week, it's been tha. Thank you.
Speaker 5: Now coming up on the show, cloud computing company Core.
Speaker 5: We've received seven point five billion in private debt. We're
Speaker 5: going to speak to the CEO next. Stay with us
Speaker 5: because we'll be right back.
Speaker 4: This is Bloomberg.
Speaker 5: Welcome back to Bloomberg Technology, Ed Lovelow here in San Francisco.
Speaker 6: Caroline had in New York.
Speaker 3: Let's get your cold check on these markets, because it
Speaker 3: has been a week, and it's been a macro fueled
Speaker 3: week in many ways, some of the data points shining
Speaker 3: a light that maybe the FAG can still cut. We've
Speaker 3: got therefore, benchmarks near or at record highs. There certainly
Speaker 3: have been for the Nasdaq one hundred, the Nasdaq SMP
Speaker 3: five hundred, of course, the Dow hitting more than forty thousand.
Speaker 6: We're just wavering on the days.
Speaker 3: Perhaps we just trade into this weekend and take a
Speaker 3: little bit of profit. But stock six hundred not as
Speaker 3: strong a week, up less than a percentage point, but
Speaker 3: still up for two straight weeks and still near a
Speaker 3: record high as well. Remember it was four straight weeks
Speaker 3: on the US benchmarks as the longest winning street that
Speaker 3: we've seen since February. I'm looking at Bitcoin up three
Speaker 3: hundred quarter percent. It's having a good week two and
Speaker 3: we're currently up at sixty seven thousand. Move on and
Speaker 3: have a look what's happening in terms of individual names
Speaker 3: that are on the move, and notably Take two is
Speaker 3: actually one of the best performers on the NASDAK one
Speaker 3: hundred gaming company coming out and saying sorry, we're delaying
Speaker 3: it again the latest grand theft auto. But at least
Speaker 3: we're getting a timetable a little bit more resolutely, and
Speaker 3: so investors seem to be in a forgiving mood when
Speaker 3: maybe some of the numbers did have to be daled
Speaker 3: back more broadly for this year, the school year's revenue
Speaker 3: because of the delay to the start of twenty twenty
Speaker 3: five PDD I'm looking at, of course, TMU ubs upgrading
Speaker 3: their stock saying that look, we're all over exaggerating the
Speaker 3: limitations of TEMU into geographical diversity on the back of
Speaker 3: geopolitical threats. In fact, they think that they're still going
Speaker 3: to be a winning formula. PDD get their numbers on
Speaker 3: the twenty second of May. Who else gives us their
Speaker 3: numbers next week in video we're currently down by eight
Speaker 3: tens percent, but ed we're looking at in terms of
Speaker 3: the world of AI.
Speaker 5: Well, a name that's very closely tied to in video.
Speaker 5: In one of the largest private financings to date, cloud
Speaker 5: computing company core Weave has received a seven point five
Speaker 5: billion dollar debt package led by Blackstone, Magnetar and Co.
Speaker 5: Two and please to say were join now by the
Speaker 5: core Weave CEO, Michael and Tranter. Okay, let me frame
Speaker 5: it this way. Seven point five billion dollars is a
Speaker 5: lot of debt financing. It's a very large number. You
Speaker 5: are an unusual company because you're doing something with pace
Speaker 5: but very closely tied to in video. So I think
Speaker 5: our audience would appreciate that you just kind of explain
Speaker 5: how you got the debt financing and how it's structured,
Speaker 5: because the cast of character in there are also unusual.
Speaker 11: Yeah, so first of all, thank you for having me
Speaker 11: back on again. They appreciate the opportunity to, uh to
Speaker 11: speak with you in your in your audience. So, uh,
Speaker 11: this is a very exciting financing for us, and it
Speaker 11: follows very closely on the coattails of a one point
Speaker 11: one billion dollar equity round that we.
Speaker 9: Completed last week.
Speaker 11: And so it's been a very very active period of
Speaker 11: time for for Core. We've in the capital markets, the
Speaker 11: the uh the.
Speaker 9: Syndicate of lenders, which is really who's who.
Speaker 11: Of private lending, including you know, as you said, Blackstone,
Speaker 11: magnutar Co two, but you also have Carlisle, CDPQ, Digital Bridge,
Speaker 11: black Rock, Eldridge, you know, like really wonderful names, really
Speaker 11: great supporters that that have a deep understanding of the
Speaker 11: business and you know, really provide in coordination with the
Speaker 11: equity round that closed last week and a deep validation
Speaker 11: for the solution that we are delivering to the market,
Speaker 11: our approach to building you know, ait cloud infrastructure. And
Speaker 11: so it's been really oneful few weeks here for the
Speaker 11: company as we really pushed towards enormous scale.
Speaker 6: I mean, this is a big pot of money.
Speaker 3: As you referenced one point one billion equity funding just
Speaker 3: done two weeks ago. You've now got the seven and
Speaker 3: a half billion dollars more of debt put to work,
Speaker 3: and it's about infrastructure. Seems to be the fact that
Speaker 3: you want to be doubling your.
Speaker 6: Footprint when it comes to data centers.
Speaker 3: You've already expanded into London outside of the US, You're
Speaker 3: going to be buying those chips the infrastructure, So where
Speaker 3: will you put the data centers first and foremost?
Speaker 7: Michael, Sure, So.
Speaker 9: A couple of things.
Speaker 1: One is, in total, over the past twelve months, we've
Speaker 1: raised twelve billion dollars into COREWAK and that is representative
Speaker 1: of an incredibly capital intensive build out of infrastructure, initially
Speaker 1: across the United States.
Speaker 11: But now, as you said, we're pushing into Europe. We've
Speaker 11: we've we've got too data centers that we're building in London,
Speaker 11: We've got.
Speaker 9: A footprint in Spain, will be up in the Nordics.
Speaker 11: In total, we'll have twenty eight data centers by the
Speaker 11: the end of this year that we will be providing
Speaker 11: our clients infrastructure from. You know, we try to build
Speaker 11: our data centers approximate population centers. You know, think to
Speaker 11: like as the you know, the NFL strategy, you know,
Speaker 11: in terms of trying to put our data our data
Speaker 11: centers so that they are relatively low latency providers of infrastructure.
Speaker 11: But you know, as I said, our footprint is getting
Speaker 11: much larger very quickly. And you know this, this this
Speaker 11: pool of capital here is seven and a half billion,
Speaker 11: is really focused on the physical infrastructure that we have
Speaker 11: to build in order to deliver our products to our clients.
Speaker 5: Michael, I think a lot of people are really starting
Speaker 5: to become concerned or at least inquisitive about energy and
Speaker 5: power consumption. Have you a clear strategy for energy and
Speaker 5: power sourcing and all the geographies you've just outlined, Yeah,
Speaker 5: we do.
Speaker 9: And it's a work in progress.
Speaker 11: You know, the rate at which we're scaling, we are
Speaker 11: continually addressing that. My background is actually from energy, and
Speaker 11: you know that's where I grew up, and prior to that,
Speaker 11: I really focused on environmental commodities, and so it's something.
Speaker 9: That's near and dear to me. It's near and dear
Speaker 9: to the company.
Speaker 11: We have an entire team internal to the company that
Speaker 11: are building a strategy we'll have in place by two
Speaker 11: thousand and thirty as we go through this rant. And so,
Speaker 11: you know, we understand that there is a moral imperative
Speaker 11: to take responsibility for the energy that is required to
Speaker 11: be able to deliver this type of resource to the world.
Speaker 6: So what is it? Is it nuclear?
Speaker 3: Is it just having to be more efficient with what
Speaker 3: you've got, go for more power efficient chips.
Speaker 11: Yeah, So the answer is is, like so many things
Speaker 11: around energy is it's a combination of a number of things, right.
Speaker 11: So a great example is in the next iteration of
Speaker 11: our technology build, we'll be moving from air cooled data
Speaker 11: centers into liquid cooled data centers, and the savings that
Speaker 11: are associated with liquid cooled provide maybe thirty percent more
Speaker 11: energy efficiency within the data center because you don't have
Speaker 11: to run all the air fans, you don't have to
Speaker 11: move so much cooling through it. It's just more efficient.
Speaker 11: And so there'll be a significant step function.
Speaker 19: That you will be able to achieve by just evolving
Speaker 19: the technology into the most modern energy efficient component.
Speaker 9: The other thing to think about is from computational perspective,
Speaker 9: the the.
Speaker 11: The hardware that that is being delivered, Yeah, right now
Speaker 11: is enormously more energy efficient per flop than it has
Speaker 11: ever been in the past.
Speaker 5: I know somebody that will make that argument. Next week
Speaker 5: on Monday, I'm going to speak to Jensen Wang, Michael Dell,
Speaker 5: and Bill McDermott, all at the same time. The success
Speaker 5: of those companies, Michael, to which one is your fate
Speaker 5: most closely tied?
Speaker 9: So look, you know we have a wonderful partnership with
Speaker 9: in Video.
Speaker 11: You know they are absolutely at the epicenter of anyone's
Speaker 11: approach to building out the physical infrastructure.
Speaker 9: For serving the AI markets.
Speaker 11: That is a reality of where we are right now
Speaker 11: and will be for for quite a while.
Speaker 9: You know, Michael dell.
Speaker 11: Is is you know, del is an extremely important partner
Speaker 11: of ours there. You know, we require them to be
Speaker 11: able to build, uh the infrastructure that that incorporates the
Speaker 11: the the the GPUs that we use, and so you know,
Speaker 11: we we are you know, working with with with many
Speaker 11: partners across the space.
Speaker 6: Are you too dependent Michael though, Are you too dependent
Speaker 6: on a video?
Speaker 9: Uh?
Speaker 11: So the world is dependent on in video at this juncture.
Speaker 11: Their technology is defining the space, and so we work
Speaker 11: with them because our clients demand the technology that they
Speaker 11: drive and deliver into the market.
Speaker 6: No I m D not any of us.
Speaker 20: So so we we we look at all different types
Speaker 20: of silicon, We look at all different types of solutions,
Speaker 20: but our clients have clearly indicated that for the time being,
Speaker 20: the type of.
Speaker 11: Silicon that they require to build their products, to build
Speaker 11: the artificial intelligence that's changing the world is currently being
Speaker 11: driven in large part by the Nvidio infrastructure.
Speaker 3: Well, the share price reflects at core Wee've CEO Michael
Speaker 3: and Treta, thanks so much for coming on to talk about.
Speaker 6: Your own funding.
Speaker 3: I mean, while coming up, we're going to be hearing
Speaker 3: from the Salesforce CEO Mark Benioff about the future of
Speaker 3: artificial intelligence.
Speaker 6: Who'd have thought it? This is Bloomberg Technology.
Speaker 5: In an exclusive interview with Bloomberg Salesforce CEO Mark Bennioff
Speaker 5: suppose to us about working with activist investors, competition with
Speaker 5: service Now, and his outlook for the future of artificial intelligence.
Speaker 4: Listen to this.
Speaker 2: I think I might be one of the few CEOs
Speaker 2: that actually really enjoyed working with these activist investors. I
Speaker 2: had never heard so many great new ideas in my career,
Speaker 2: including such out of the box thinking and look, we
Speaker 2: were able to really transform and evolve Salesforce over the
Speaker 2: last year, and you can see it with our incredible
Speaker 2: financial results that we had last year and our idea
Speaker 2: that we're able to continue to move forward with these
Speaker 2: incredible new characteristics of our company and our last earning
Speaker 2: result we'veven talked about that we've started to create a dividend.
Speaker 2: That's something that was beyond my imagination even just a
Speaker 2: few years ago. So it's exciting to be the number
Speaker 2: one CRM to help companies connect with our customers in
Speaker 2: a whole new way. Right now, we're about to enter
Speaker 2: an incredible new world, which is the world of artificial
Speaker 2: intelligence and how it's going to transform these customer relationships.
Speaker 2: And I think we're about to see some technology that
Speaker 2: we never thought we'd see in our lifetimes. We're going
Speaker 2: to see just some incredible new ways to run our businesses.
Speaker 16: Competition and CRM is feerce mark. You've got Service now
Speaker 16: trying to poach a bunch of salesforce employees. I believe
Speaker 16: they stopped using Slack after you bought it. They're trying
Speaker 16: to build more of a consumer brand. They started their
Speaker 16: own trailblazer program. Are they trying to pick a fight
Speaker 16: with you?
Speaker 2: Well, they're an interesting company, you know. I just think
Speaker 2: they need to be careful. They might be getting a
Speaker 2: little ahead of their skis. We just replaced them at Disney.
Speaker 2: Of course, we already had run Disney stores and Disney
Speaker 2: guides in the Park, and we had done a lot
Speaker 2: of things with Disney with their customer relationships. But I
Speaker 2: think everybody knows that when they went to have Disney
Speaker 2: Plus and wanted to have a call center, and they
Speaker 2: chose that company. Well, unfortunately, Salesforce had to come in
Speaker 2: and rescue the entire operation and rebuild all of the
Speaker 2: customer success and call centers for Disney and which was
Speaker 2: at that point had been called out as a marquee
Speaker 2: customer of their as well. Salesforce is actually a tremendous
Speaker 2: company that does real customers and delivers solutions in sales
Speaker 2: service marketing for so many great companies around the world.
Speaker 2: Now obviously standardized the Disney, but for so many other
Speaker 2: or great organizations, banks, insurance companies all over the world.
Speaker 2: And I think we're doing pretty well on.
Speaker 3: Our own iding talk coming from the Salesforce CEO Mark
Speaker 3: Benioff as if you expect anything less.
Speaker 6: Meanwhile, the Senate's bipart of some AI.
Speaker 3: Working Group finally released is AI roadmap this week, but
Speaker 3: it's getting some mixed reactions from civil groups, for example,
Speaker 3: who feel that the industry is playing.
Speaker 6: An outsized role in shaping this legislation. Let's dig deeper
Speaker 6: with all of it.
Speaker 3: Linda Moore is with US president and CEO of tech net,
Speaker 3: which represents bipartisan network of Innovation economy, CEOs, senior executives
Speaker 3: like the open aiyes of this world and Linda, I
Speaker 3: can imagine that thus far, what's being said, the thirty
Speaker 3: two billion dollars of investment coming for AI. The focus
Speaker 3: on innovation is music to your ears. But are you
Speaker 3: listening to what the civil side of the equation is
Speaker 3: and the fact that they feel that regulation and god
Speaker 3: rails aren't coming soon enough.
Speaker 21: Yes, I understand, and they were involved in all of
Speaker 21: the AI insight forums that were held in the US Senate,
Speaker 21: and I'm sure their voices will still be heard as
Speaker 21: we go through the process. One thing that I think
Speaker 21: that they need to understand and the public should understand
Speaker 21: is last summer, these big AI companies in America made
Speaker 21: voluntary commitments with the White House to secure the systems
Speaker 21: to mitigate bias, all the risks and harms that can
Speaker 21: be anticipated, and they also went beyond that to make
Speaker 21: their own internal evaluations on all the risk mitigation that
Speaker 21: need to be done.
Speaker 7: This will go through a committee.
Speaker 9: Process in the US Senate and also in the.
Speaker 21: House, and everyone's voice will be heard, including civil society
Speaker 21: and our companies. The tech companies in the US are
Speaker 21: working very closely with them and want to address all
Speaker 21: their concerns.
Speaker 5: Apologies for the sneeze to our Bloomberg technology audience around
Speaker 5: the world. It's allergies season, but I've recently discovered flow nase.
Speaker 4: Other products are available.
Speaker 5: Linda Caroline summed it up perfectly earlier when we were
Speaker 5: talking about Chuck Schumer. There's a lot of speak coming
Speaker 5: out of DC, but it's basically thought leadership. It's not substantive,
Speaker 5: codified rules or way forward with AI. When do we
Speaker 5: start seeing some concrete action.
Speaker 21: Well, we already saw concrete action just this week. On Wednesday,
Speaker 21: the Senate Rules Committee passed three bills related to the
Speaker 21: use of AI and elections. Eighteen states have already done that,
Speaker 21: and there will be another hearing on AI policy next.
Speaker 9: Week in the US Senate.
Speaker 7: So I expect some of this to move pretty quickly.
Speaker 7: There are other committees that will.
Speaker 21: Take a little bit more time, but I think you'll
Speaker 21: see pretty expeditious action here in the next few months.
Speaker 21: I can't say that every single part of AI policy
Speaker 21: this reflected in the roadmap will be addressed, but I
Speaker 21: think that they'll make good progress.
Speaker 9: In the next few months.
Speaker 21: I've been really pleased to see that AI is an
Speaker 21: area of great curiosity and cooperation across the aisle. We
Speaker 21: see such a partisanship in DC right now, and that's
Speaker 21: another case with AI policy. We see people working together
Speaker 21: and that's really great to see.
Speaker 5: Tech that President CEO, Linda Moore, we really appreciate your
Speaker 5: perspective and analysis. Thank you so much. Coming up on
Speaker 5: Bloomberg Technology, we're going to be joined by the CEO
Speaker 5: of Visco. Remember Visco, the company reached two hundred if
Speaker 5: well exactly it reads two hundred million users worldwide. Talk
Speaker 5: about photos, talk about their turnaround.
Speaker 4: That's coming up next. This is Bloomberg.
Speaker 5: Visco, a platform for photographers and visual storytellers, just announced
Speaker 5: first time profitability.
Speaker 4: Under its new leadership.
Speaker 5: But it's also a mass two hundred million users worldwide.
Speaker 5: I want to dig into that with Visco CEO Eric
Speaker 5: Whitman joining me here on set in San Francisco. So
Speaker 5: our producer John Highland was reflecting that, like in the
Speaker 5: early days of Visco, part of it was the technology
Speaker 5: offering right specific filters, photo editing, and imaging. Two hundred
Speaker 5: million users is a lot. The question is how they're
Speaker 5: using it, Are they paying users, where are they and
Speaker 5: principally what are they using it for?
Speaker 22: Yeah, great question, Thanks for having me on again too. Yeah,
Speaker 22: you know, I think Visco has had a very long journey.
Speaker 22: It's been around for ten years and we've seen multiple
Speaker 22: versions of the company. It's really started by creators for creators.
Speaker 22: So these were photographers, ad agency folks who are really
Speaker 22: trying to support more people like them. And you know,
Speaker 22: for a lot of these users, right, they come to
Speaker 22: Visco for the tools, for the looks. They come because
Speaker 22: they're trying to get a certain look and Visco is
Speaker 22: a really easy way for them to do that. What
Speaker 22: we find though, is people come for the tools and
Speaker 22: they ended up staying for this really healthy creative community
Speaker 22: where people can get to meet other people, get inspired
Speaker 22: by their work, collaborate on other projects. And that's what
Speaker 22: we're finding is where Visco is really sticking for a
Speaker 22: lot of folks. And as we've been making our transition
Speaker 22: more as a business to support more of those serious
Speaker 22: creators like photographers, they're staying around for more of that.
Speaker 5: Of those two hundred million, how many of them are
Speaker 5: a paying customer?
Speaker 4: Will subscribe it in some form?
Speaker 22: Yeah, so pay we primary our business models primarily subscription,
Speaker 22: primarily membership, so it's a fraction of that two hundred million.
Speaker 22: And where we're seeing most of our growth is actually
Speaker 22: with a professional tier, which we just introduced a year ago.
Speaker 3: Okay, and I'm assuming that the professional is more opportunity
Speaker 3: not only to be seeing business done between brands and photographers,
Speaker 3: but also you taking yet further opportunity to boost revenue.
Speaker 6: How do you do that?
Speaker 9: Yeah?
Speaker 22: I mean first is really spending some time listening to
Speaker 22: our customers, and what we're finding with a lot of them,
Speaker 22: especially pro photographers, is it's increasingly difficult for them to
Speaker 22: promote themselves, to find work to be discovered by brands
Speaker 22: or other potential clients, and especially with traditional social media
Speaker 22: and the algorithm's changing, where it's becoming increasingly harder for
Speaker 22: those people to be discovered.
Speaker 9: There.
Speaker 22: What Visco is doing is we're providing a great way
Speaker 22: for these people to create and express that creative identity
Speaker 22: and then be discovered by other people. And in our
Speaker 22: recent introduction of Visco Hub, which is this is a
Speaker 22: very smart and powerful AI driven engine that allows people
Speaker 22: to get discovered by brands and other potential people who
Speaker 22: want to hire them.
Speaker 6: Where are you, Eric?
Speaker 4: Though?
Speaker 6: In terms of those two hundred.
Speaker 3: Million, how many are actually just people in gen Z
Speaker 3: millennial wanting a different type of social media. That's how
Speaker 3: you initially catalyzed growth. You were an alternative where you
Speaker 3: didn't want to be garnering just likes and the anxiety
Speaker 3: that came with that. Do you benefit from the backlash
Speaker 3: that we can still see and the push out potentially
Speaker 3: of TikTok?
Speaker 5: Yeah.
Speaker 22: I still think that there's a lot of people who
Speaker 22: come to Visco because they want that safe place to
Speaker 22: engage and connect with other people.
Speaker 4: We get over a million.
Speaker 9: Signups a month.
Speaker 22: Organically, we don't do any paid advertising, and this is
Speaker 22: something that I think many people come to Visco for.
Speaker 4: However, that's not our focus.
Speaker 22: We do find that a lot of gen Z who
Speaker 22: want to increasingly become professional creators or professional photographers themselves.
Speaker 22: They come because they.
Speaker 5: Quick carry So I think there's a lot of skepticism
Speaker 5: about two hundred million, and so Visco uses two hundred
Speaker 5: million of view around the world which have a camera.
Speaker 5: I'm looking at If you are a Visco, use a
Speaker 5: contact us. I'd like to hear from you. Caaren mentioned
Speaker 5: one TikTok and one million on board a month.
Speaker 4: Are you onboarding from anywhere? Specifically? It's organic.
Speaker 22: I mean a lot of people are just right now.
Speaker 4: They've got to be coming from somewhere. It's a battle
Speaker 4: for eyeballs. Yeah.
Speaker 22: The biggest, the biggest place we're finding these customers is
Speaker 22: actually coming from Instagram. So that's our biggest referral source
Speaker 22: is people who are coming over from Instagram. Second is
Speaker 22: people just finding Visco on the web. They're looking for alternatives.
Speaker 22: They are looking for places where they can express themselves
Speaker 22: creatively in a healthy and authentic way, and Visco is
Speaker 22: that place fascinating.
Speaker 3: Risco CEO Eric Whitman on being a bit dea positive
Speaker 3: on a million people adopting your platform every single month.
Speaker 6: We thank you for talking us through where they're coming from. Now.
Speaker 3: That does it from this edition of Bluebod Technology, and
Speaker 3: what a week it has been, and we brace ourselves
Speaker 3: from an amazing conversation come Monday, ed.
Speaker 4: Yeah, yeah, just an incredible week.
Speaker 5: You know, earnings AI it all continues, and it does
Speaker 5: continue Monday.
Speaker 4: Thank you know.
Speaker 5: I'm having this big conversation with Jensen Wang and Mike
Speaker 5: Michael Dell recap today. Though we cover a lot of ground,
Speaker 5: you know where to find the pod. Thank you to
Speaker 5: everyone that tunes in, and thank you to those who
Speaker 5: listen to the podcast.
Speaker 4: That's where you can see it and hear it. This
Speaker 4: is Bloomberg