Speaker 1: From Marhart where Innovation of Money and Power Collie in
Speaker 1: Silicon Valley, NBN. This is Bloomberg Technology with Caroline Hyde
Speaker 1: and Ed Ludlow.
Speaker 2: I'm Caroline Heindel Bloomberg's world headquarters in New York and
Speaker 2: I met Ludlow in San Francisco.
Speaker 3: This is Bloomberg Technology coming.
Speaker 2: Up Microsoft, it unveils its first custom designed AI and
Speaker 2: cloud chips. Will discuss what the move means for the
Speaker 2: company and its.
Speaker 4: Competitors, and SpaceX planning to spin off its Starlink unit
Speaker 4: for a public listing as soon as late twenty four.
Speaker 4: Will bring you the details from our scoop as Elon
Speaker 4: Musk denies the reporting.
Speaker 2: And we'll break down what do you expect from the
Speaker 2: meeting between President Biden and she in San Francisco, as
Speaker 2: well as what it means for tech's cities future. But
Speaker 2: let's have a quick check in on these markets, because
Speaker 2: we're just calming down after a rampant rally that we've
Speaker 2: seen in the world of stocks, but still holding onto gains.
Speaker 2: On the nawdslack we're up a tenth of a percent
Speaker 2: tense that's called it, and in notable we're seeing gains
Speaker 2: over in China, whether or not we're seeing the fuel
Speaker 2: feed over from the US into China, but also some
Speaker 2: of the economic data coming in strong when it comes
Speaker 2: to retail, when it comes to the consumer there and
Speaker 2: notably around some of the companies have been reporting their earnings.
Speaker 2: Of course, we see ten Cent beat, we see JD
Speaker 2: de Coom beat in terms of their earnings, and therefore
Speaker 2: we push ahead to what's happening with Ali Baba so
Speaker 2: green on the screen in China. We're looking at the
Speaker 2: ten year yield just managing to rise up quite a
Speaker 2: lot today though remember after we've seen really yields come
Speaker 2: crashing down as many anticipate that the Federal Reserve is
Speaker 2: done with its hiking cycle, an indeed many a central
Speaker 2: bank around the world move Honestly, what's happening in terms
Speaker 2: of the world a bitcoin actually, for once, we're getting
Speaker 2: a bit of a bid. Having yesterday been relatively calm,
Speaker 2: We're at thirty six three hundred and eighty three. We're
Speaker 2: up more than two point two on the day.
Speaker 5: Ed.
Speaker 2: What have you've got in the.
Speaker 4: Micro Yeah, the story that's broken in the last hour
Speaker 4: is Microsoft unveiling its first kind of custom sill and
Speaker 4: it's two chips. In fact, Maya is the AI accelerator
Speaker 4: for both training and inference, and then you have Cobalt,
Speaker 4: which sees Microsoft moved into kind of the more generic
Speaker 4: server design chip space. It's interesting who it's impacted that
Speaker 4: the news didn't really move the needle. For Microsoft, We're
Speaker 4: softer three tenths of one percent. I would say that
Speaker 4: in the last thirty minutes or so, declines on Innvidia
Speaker 4: have accelerated. We're going to look a bit closer to
Speaker 4: VideA in just a second. But I would point out
Speaker 4: that Maya the AI accelerator, it's kind of looking at
Speaker 4: the specs not the same.
Speaker 3: As your H one hundred.
Speaker 4: It's more general use on both the training and inference
Speaker 4: side rather than that kind of high spec H one hundred.
Speaker 4: But it's interesting to see the market play out the
Speaker 4: fact that Invidia is down this Wednesday's session. Well, I'm
Speaker 4: very sorry to say, Caroline, that the record equalling streak
Speaker 4: for Nvidia is over as it stands. If we close
Speaker 4: in the red, Nvidia snaps those ten straight days of gains,
Speaker 4: which matched its longest streak of winds going back to
Speaker 4: December twenty sixteen, and eleventh day of gains have been
Speaker 4: a new record for video. So much momentum though about
Speaker 4: what they're doing in new chips for China, the H
Speaker 4: one hundred is still pretty much the only game in
Speaker 4: town when you're training those foundation models with billions and
Speaker 4: billions of parameters. But what does this Microsoft mean news mean?
Speaker 4: For kind of more general AI, Let's bring in Richie Juluria,
Speaker 4: Managing director and software exit research analysts at RBC Capital Markets,
Speaker 4: currently has an outperformed rating on shares of Microsoft a
Speaker 4: three hundred and ninety dollars price target. Richie, you kind
Speaker 4: of heard my explanation and my reaction to both.
Speaker 3: Myra and Cobolt. What is yours?
Speaker 6: Yeah? And then thanks so much for having me really
Speaker 6: appreciate it.
Speaker 7: I'm actually here in New York at our RISI's low
Speaker 7: tech confer concreates and as he can imagine Generator VII
Speaker 7: front and center and all our conversations and look, one
Speaker 7: of the themes that we hear from a lot of
Speaker 7: companies is it is prohibibly expensive to do generative right,
Speaker 7: not just the training, but the inferencing, trying to add
Speaker 7: domain extra keys connecting all these different systems and so
Speaker 7: what I think Microsoft brings here is they can help
Speaker 7: themselves and other companies overcome this big GPU sort this
Speaker 7: out there. As you said, respects aren't quite the same
Speaker 7: exactly as an A one hundred. But I think what's
Speaker 7: what's interesting is you don't necessarily need only eight hundreds
Speaker 7: to do all your training, especially if you're thinking about
Speaker 7: you know, more domain specific models or trying to do
Speaker 7: some you know, additional tooling on top of TPT for
Speaker 7: or LAMA too, and so this creates I think, more
Speaker 7: accessibility for large language models, for you know, software companies,
Speaker 7: for industry companies to enbridge generate b I without seeing
Speaker 7: a huge cost drag.
Speaker 6: So I'm really excited to see this news.
Speaker 7: This is something that we suspected for a long time,
Speaker 7: but I think it is ultimately going to make ANYI more.
Speaker 2: Accessible TSMC, I think making the chips sort of behind
Speaker 2: from a technology perspective. But I'm interested in rich as
Speaker 2: to what this does mean for competitors. Amazon has already
Speaker 2: been doing this, Alphabet's Google has already been doing this
Speaker 2: with their cloud provisions. Does it who does it impact?
Speaker 2: It feels like maybe Intel's the one to be watching.
Speaker 7: Yeah, Look, I think it impacts everyone, right, I think,
Speaker 7: you know, we're gonna have to see how this specs
Speaker 7: between a WUSS chips and GCPS chips and Microsoft chip compare.
Speaker 7: But Microsoft has already this kind of pole position as
Speaker 7: being the leader when it comes to enterprise generative AI,
Speaker 7: and I think there's only bolts that that companies now
Speaker 7: that they can go to Microsoft and they may not
Speaker 7: need to go to someone like Oracle that has excess
Speaker 7: GPU capacity. They can stick with Microsoft because now Microsoft
Speaker 7: has the capacity, given they's some of the ability to
Speaker 7: develop this in house. So this is probably I think
Speaker 7: positive for Microsoft. Probably it's going to be you know,
Speaker 7: as you said, there are absolute direct complications for Intel,
Speaker 7: for AMD, for others within the chip space, But overall,
Speaker 7: I think.
Speaker 6: This is just going to be positive for Microsoft and OI.
Speaker 4: It's so interesting to see what some of these names
Speaker 4: and trading right now. Intel's up two percent in the session.
Speaker 4: Krror makes such a good point that this battle ground
Speaker 4: seems like the lower end of the ex elerate A market.
Speaker 4: I'm looking specifically at Microsoft though, right, Richie, That's why
Speaker 4: we're here. It's down two tents of what at percent
Speaker 4: is kind of like a muted reaction. Does that signal
Speaker 4: that this just isn't a game changer for Microsoft's cloud business, Like,
Speaker 4: why is there not a more significant reaction in the
Speaker 4: stock heare.
Speaker 7: Yeah, look, I think people are the jury is still
Speaker 7: out right. As you correctly pointed out, these specs aren't
Speaker 7: exactly up to the top of the line GPUs from Nvideo,
Speaker 7: and you know, given Microsoft's pace of innovation, perhaps investors
Speaker 7: we were expecting something like that. I think Microsoft will
Speaker 7: eventually get there. I think they've shown they have the
Speaker 7: ability to innovate and move very quickly, and that might
Speaker 7: explain why.
Speaker 6: There's maybe a little bit of media reaction.
Speaker 7: I'll also say, beyond the chips, some of the product
Speaker 7: announcements we've seen so far out of Big Night may
Speaker 7: not be as exciting as people were hoping to see.
Speaker 6: I think on in my view.
Speaker 7: There's a lot of exciting stuff that we're already seeing.
Speaker 7: And you know, obviously this keynote is about to kick off.
Speaker 7: I think we're going to.
Speaker 6: See a lot more.
Speaker 7: So I wouldn't be surprised as as the conference and
Speaker 7: the date goes on, Microsoft stock actually moves up, assuming
Speaker 7: that they continue to make you know, I think announced
Speaker 7: with that excite people. Gives some stats around M three
Speaker 7: sixty five adoption. I really like that they've rebranded being
Speaker 7: Enterprise Chat as Microsoft Copilot. I think that makes it
Speaker 7: a much more digestible, kind of straightforward value proposition, and
Speaker 7: I think this just opens up a lot of innovation
Speaker 7: from Microsoft.
Speaker 2: We see as we do anticipate what Satya is going
Speaker 2: to say on stage, it is interesting that it looks
Speaker 2: like it's the price that is becoming front and center.
Speaker 2: Now we have that with open Ayes Developers Day as well.
Speaker 2: It all seemed to be suddenly a bit of a
Speaker 2: race to offer more and accessibility and GPTs and chats.
Speaker 2: As we're seeing more more assistance, but with a cheaper
Speaker 2: price point, a new lower price for clients. For example
Speaker 2: of Microsoft three six y five copilot product for the
Speaker 2: office software and the sales copilot. Is it going to
Speaker 2: be a bit of a rush down? Onds do you
Speaker 2: think in the price point of all of these.
Speaker 6: I actually don't think so.
Speaker 7: In fact, I would argue, I mean, going to open
Speaker 7: Ai twenty dollars a month is actually too cheap for
Speaker 7: what you're getting out of chatting PG four Assuming you're
Speaker 7: a power user, which I would consider myself to be
Speaker 7: one of those. For Microsoft Copilot, the name of the
Speaker 7: game here is not about lowering the price. It's about
Speaker 7: adding new features and adding new capabilities. And so now
Speaker 7: you know, with the announcements today what you used to
Speaker 7: call being at a price chat now is Microsoft Copilot
Speaker 7: is part of that thirty dollars per user per month
Speaker 7: that was in the M through sixty five steed that
Speaker 7: got released earlier this month. You also have connectivity of
Speaker 7: ent through sixty five Copilot too, systems of record like
Speaker 7: service now on workday and so to me, as long
Speaker 7: as Microsoft continues to grow what is included in that
Speaker 7: s few in that thirty dollars per user per month,
Speaker 7: I think people are going to be able to justify
Speaker 7: that price pretty easily. And look, look no further than
Speaker 7: getthub Copilot. Get up Copilt has been a you know,
Speaker 7: the most mature enter a product for Microsoft.
Speaker 6: It's been you know, I think a slam dunk in chef.
Speaker 7: You look at the metrics in terms of developing productivity,
Speaker 7: new code generation, and I wouldn't be surprised if we
Speaker 7: start to see the same out of M through six
Speaker 7: SOL code Pilot as it continue to innovate, you know,
Speaker 7: maybe you know, for an Excel junkie like me, we'll
Speaker 7: get an Excel copilot that makes my life of building
Speaker 7: financial models and doing data analysis a lot easier over
Speaker 7: the next year. So really the name of the game
Speaker 7: is going to be innovation and adding more features, not
Speaker 7: lowering price.
Speaker 4: Okay, I just want to jump in and point out
Speaker 4: that the open ai is going to be testing the
Speaker 4: Azure and Maya one hundred, and the relationship is so
Speaker 4: interesting because open ai relies on Microsoft not just for
Speaker 4: cash but compute credits. They also like rely on Nvidia
Speaker 4: the badge of honor of the h one hundred. It's complicated,
Speaker 4: but it's going to be interesting to see in the
Speaker 4: end who's going to win the computing ward just wanted
Speaker 4: to say, yeah.
Speaker 2: A lot of friends or a frenemies, and a lot
Speaker 2: of deal making. I mean, we heard earlier this week
Speaker 2: that someone when I'm still banking on Microsoft, perhaps injecting
Speaker 2: more money as it.
Speaker 3: Goes forwards and grows.
Speaker 2: Richie, Julia, it's so great. We'll let you get back
Speaker 2: to the conference go into all the conversations around untender
Speaker 2: to AI. We thank you for the LBC Capital Markets.
Speaker 2: China's President Hijingping has touchdown in San Francisco for APEX,
Speaker 2: where he's expected to sit down with the US President
Speaker 2: Joe Biden. Today. Joining us now is Blomberg's Amory Holden,
Speaker 2: and it was three pm local time that we saw
Speaker 2: these pictures of him exiting his plane. Of course, Treasury
Speaker 2: Secretary Ellen there to help greet as well as Gavin Newsom. Amri.
Speaker 2: There is a whole lot widing on this, and a
Speaker 2: whole lot of protection as well going on. Yeah, there's
Speaker 2: a lot of protection.
Speaker 8: I can tell you that it took a while actually
Speaker 8: to get to where I'm standing right now. A ton
Speaker 8: of security in San Francisco, and Ed can attest to
Speaker 8: that as well. But this is a high stakes meeting
Speaker 8: and it's actually happening outside of San Francisco proper, at
Speaker 8: an estate a little bit more relaxed feel, has sixteen
Speaker 8: acres of gardens. It kind of is reminiscent of when
Speaker 8: Xi Jinping came during the Obama administration and they met
Speaker 8: in Palm Springs and really lived physically. They were rolling
Speaker 8: off their sleeves to get to work. So for the
Speaker 8: Biden administration, we heard from President Biden before he departed
Speaker 8: the White House to San Francisco yesterday, talking about the
Speaker 8: fact that he just wants to get relationships to a
Speaker 8: normal correspondence, to be able to pick up the phone
Speaker 8: during times of conflict, to make sure that their militaries
Speaker 8: go back to normal communication, a normal dialogue, a normal
Speaker 8: cadence of that dialogue that we saw really just ripped
Speaker 8: apart following former Speaker Nancy Pelosi's visit to Taiwan last summer.
Speaker 8: And for Shijingpeng, he's obviously dealing domestically with an economy
Speaker 8: that hasn't bounced back as some were hoping following the pandemic,
Speaker 8: a property market that is dismal at the moment, and
Speaker 8: a very high youth unemployment rate this summer is at
Speaker 8: twenty percent now was the last time we saw the data.
Speaker 2: So for Shijingping, this is a moment of potentially trying.
Speaker 8: To open up some more goodwill on the economic front,
Speaker 8: not just with President Biden, but also this evening when
Speaker 8: he meets with chief executive officers, right.
Speaker 4: I mean, we've heard from sources that you know, the
Speaker 4: who's who of tech execs are trying to get into
Speaker 4: that dinner. The aim is to thaw relationships, particularly on
Speaker 4: the economic side, right, amh. But the battleground here is
Speaker 4: that the US has these technology export curves on China
Speaker 4: in the context of AI and chips. Is that going
Speaker 4: to be a factor here, Well, this.
Speaker 8: Is something that Shijingping would love to get rid of.
Speaker 8: But we already heard from the Treasury Secretary Janet Yellen,
Speaker 8: and we heard from President Biden himself, and Biden Yesterudary
Speaker 8: was saying how it is in the US interest if
Speaker 8: an average Chinese citizen is able to go out and
Speaker 8: have a working wage and make a decent living. But
Speaker 8: Biden was very clear he will not move economically if
Speaker 8: it impedes US national security interest. So those export controls,
Speaker 8: those penalties, those types of sanctions, they're not going anywhere
Speaker 8: anytime soon.
Speaker 4: All right, Bloomberg's Amory Horden will be on the ground
Speaker 4: at APEC all week. We will continue to bring you
Speaker 4: that reporting. Thank you so much. Let's get more and
Speaker 4: bring in doctor Oriana Skyla Mastro, a Center Fellow at
Speaker 4: the Freeman's Folly Institute for International Studies at Stanford University, DODR.
Speaker 4: Mastro also for of Upstart. How China became a great power.
Speaker 4: Welcome to the program, Dr Mastro. You heard a Marie
Speaker 4: set out the discussion points between Biden and g For you,
Speaker 4: what is the most significant point of discussion between those
Speaker 4: two leaders.
Speaker 9: Well, I think both sides are saying the fact that
Speaker 9: they're even meeting to discuss anything is the biggest takeaway.
Speaker 9: We are facing a bunch of issues right now, security, economic,
Speaker 9: that as the two most powerful countries in the world,
Speaker 9: the United States and China, need to be able to
Speaker 9: collaborate and talk about.
Speaker 5: These issues together.
Speaker 9: And if we don't have routine and sustain and predictable
Speaker 9: visits between the two leaders, this becomes increasingly difficult and
Speaker 9: it's hard to sustain anything that they might even agree
Speaker 9: to add this visit. And so really what I'll be
Speaker 9: looking for is not only the types of topics that
Speaker 9: they're going to discuss and what's on the agenda for
Speaker 9: whether or not they actually have any sort of frank exchange.
Speaker 2: I'm interested to dig into really the perfect points around
Speaker 2: your book that's forthcoming, the idea that through they've built
Speaker 2: up China in particular, it's built up this power, whether
Speaker 2: it be militarily, whether it be economically, whether it be
Speaker 2: entrepreneurially in many ways, but you sort of outline how,
Speaker 2: and it's through strategic emulation, through exploitation, through entrepreneurship. And
Speaker 2: I'm interested in from the tech perspective whether all this
Speaker 2: tip for tat that we continue to see, particularly when
Speaker 2: it's limitations to access to chips, for example, just is
Speaker 2: going to be the normal? Would that be your policy recommendation.
Speaker 9: Well, I think the prediction would be that China is
Speaker 9: going to be somewhat entrepreneurial and its approach to this
Speaker 9: tech competition. In many cases, when I talk to investors,
Speaker 9: they often express some frustration with the economic decisions that
Speaker 9: China makes at home. But as I lay out in
Speaker 9: the book, party control is one of the main factors
Speaker 9: that decides for China which strategy they're going to pursue.
Speaker 5: And a lot of times they can't emulate what the.
Speaker 9: United States is doing because it doesn't it's not conducive
Speaker 9: for their domestic political system at home, so they have
Speaker 9: to go another route. Sometimes that route is relatively ineffective,
Speaker 9: like we see with soft power and perhaps the speed
Speaker 9: at which the Renman b is becoming a reserve.
Speaker 5: Currency without loosening capital controls that's going to be difficult
Speaker 5: for China, but.
Speaker 9: I have no doubt that as they face these new challenges,
Speaker 9: they're going to try to think of new ways to
Speaker 9: exploit their own competitive advantages gaps in the international system,
Speaker 9: for example, and standards and other areas that are important
Speaker 9: for technology to still try to get ahead.
Speaker 4: Dodr Mashtro Corporate America, according to our reporting, is doing
Speaker 4: everything it can to get into that room and have
Speaker 4: dinner with President G. You heard us outline earlier in
Speaker 4: the program about the technology export curves in place. Do
Speaker 4: you think that g can have any kind of leverage
Speaker 4: he can use the interest of technology CEOs in meeting
Speaker 4: him to go to Biden and say, look, everyone wants
Speaker 4: to do business here.
Speaker 9: I am highly doubtful that that would work, honestly speaking,
Speaker 9: not only from the US restricted but also from the
Speaker 9: Chinese perspective. With Chijenping, power is more important than prosperity.
Speaker 9: There's many decisions that we have seen him make that
Speaker 9: if economic prosperity with a number one priority, he would
Speaker 9: have done something completely different. I think the COVID zero
Speaker 9: policy is a perfect example of that, and the same
Speaker 9: for the United States national security now Trump's all things.
Speaker 9: The Chinese military has been modernizing at a pace and
Speaker 9: a speed and at a level that it now presents
Speaker 9: a threat to the United States, and so we can
Speaker 9: no longer turn a blind eye to certain technologies that
Speaker 9: can be dual use.
Speaker 5: And so perhaps those.
Speaker 9: Leaders will get into the room and have a very
Speaker 9: pleasant meeting with Chigenping. But I don't think he's going
Speaker 9: to change his approach to technology control at home. That
Speaker 9: is important for his own control over the country, and
Speaker 9: it's not going to convince the United States to put itself.
Speaker 5: At risk for the sake of economic prosperity.
Speaker 2: We have seen such a change in supply chains. It's
Speaker 2: been focused through COVID, whether or not it's been the
Speaker 2: geopolitics at play. Ultimately the corporates that you speak to
Speaker 2: about this, is that just going to be the narrative
Speaker 2: going forward? We are going to see more of a
Speaker 2: bifurcation or not.
Speaker 9: Well, I really hope it doesn't get to that level
Speaker 9: of a complete bifurcation in two different blocks. I was
Speaker 9: in China two weeks ago having a dialogue with the Chinese,
Speaker 9: and they have the often.
Speaker 5: Retort that the United States is trying to contain them.
Speaker 9: You know, US policy and limited export controls is no
Speaker 9: way a containment of China, and I hope we don't
Speaker 9: move in that direction because our economies are quite interdependent.
Speaker 9: But I think what we're seeing is a lot of
Speaker 9: leaders understand that de risking is important, whether it's supply
Speaker 9: chains for the United States so we can continue to.
Speaker 5: Fight wars if we have to, or for leaders that
Speaker 5: might have manufacturing hubs within China.
Speaker 9: It is important to have a plan B because this
Speaker 9: is not the Cold War. The United States and China
Speaker 9: have some conflicting interests, and it's possible.
Speaker 5: That the two sides find themselves at blows.
Speaker 2: Doctor Rianna Skylo Mastro fascinating me. Thank you so much
Speaker 2: of Stanford University, and of course much more. Meanwhile, coming up,
Speaker 2: let's talk a little bit about the private markets. SpaceX
Speaker 2: considering spinning off its Starlink unit to a public company
Speaker 2: as soon as twenty twenty four. Well, guess who's behind that,
Speaker 2: reporting One Ed Ludlow. We'll speak about it in a minute.
Speaker 2: This is Bloomberg Technology.
Speaker 4: Okay, Bloomberg reporting this morning SpaceX is discussing an IPO
Speaker 4: for its Starlink satellite business. As soon as the end
Speaker 4: of next year twenty twenty four, on robust demand. Elon
Speaker 4: Musk responded almost immediately after we published that story in
Speaker 4: response to a user on x, the platform formerly known
Speaker 4: as Twitter, saying false.
Speaker 3: That's all.
Speaker 4: He said, without elaborating. Let's bring in bloombo Ryan Gord,
Speaker 4: who is one of the reporters that report this story
Speaker 4: with me. Right, let's go over the mechanics of what
Speaker 4: we know.
Speaker 10: Yeah, that's right, Ed. Obviously, great to share a byline
Speaker 10: with you. It's the technology. But last night we reported
Speaker 10: that this morning, even though we reported that SpaceX has
Speaker 10: started discussing a potential of public offering for Starlink as
Speaker 10: soon as the end of next year, it has started
Speaker 10: to move the satellites satellite Company's assets into a wholly
Speaker 10: owned subsidiary that would eventually be spun off in an IPO.
Speaker 3: Obviously, you just mentioned that.
Speaker 10: The Mask himself said this morning that you know this
Speaker 10: reporting was false. But you know, we just say that,
Speaker 10: of course, no final decisions have been made, and that
Speaker 10: SpaceX could opt to attain the unit. But you know,
Speaker 10: this is something that I think Musk has, as we know,
Speaker 10: spoken about over some times sort of hinted at this
Speaker 10: at various occasions.
Speaker 3: He has said that, you.
Speaker 10: Know, in twenty twenty one, as far back as twenty
Speaker 10: twenty one, that starlink with list shares once it could
Speaker 10: make predictions reasonably well about cash flow. Of course, on
Speaker 10: the and he said that starlink had reached cash flow
Speaker 10: break even. So for all of the posturing and the gesturing,
Speaker 10: I think, you know, it's interesting that you know, we
Speaker 10: put out the support yesterday this morning, I keep saying,
Speaker 10: and you know, yeah, we'll see.
Speaker 2: I mean, the reporting takes a little bit of time. Ryan,
Speaker 2: I'm interested in, ed, is what an about turn this
Speaker 2: actually sort of is. I mean, it's not that long
Speaker 2: ago since we used to discuss well, concerns around just
Speaker 2: trying not to get bankrupt basically in starlink. But what
Speaker 2: fueled its sudden.
Speaker 4: Growth, Well, it's consistent with what we reported, right, must
Speaker 4: saying that it has reached cash flow break even, but
Speaker 4: that reporting last week. Starlink could bring in ten billion
Speaker 4: dollars a revenue next year. That would make it the
Speaker 4: vast majority of SpaceX revs overall. And it's working. You know,
Speaker 4: if you look at a map of where Starlink's deployed
Speaker 4: around the world. It is widespread. It offers connectivity satellite
Speaker 4: based internet for people around the world that have not
Speaker 4: been able to get access to fast feed internet before.
Speaker 4: The demand is there, and we know that the rollout
Speaker 4: has been careful and slow because there's a regulatory component,
Speaker 4: but there is demand for this and it's the centerpiece
Speaker 4: of SpaceX's future, right the cash cow.
Speaker 3: The musters will take us to Mars.
Speaker 2: And just think how slow competitors have been there, like
Speaker 2: Amazon Stalls cautiously going through it with Project Kuiper, but
Speaker 2: not coming anytime soon. In terms of the pace that
Speaker 2: we've really seen from SpaceX. We want to thank you
Speaker 2: for all of your bylines. There are another couple Gillian
Speaker 2: and Esteban on.
Speaker 3: It as well.
Speaker 2: Great reporting, Ryan Geld, We thank you, Anadin of course.
Speaker 4: And Ludlow, Welcome back to Bloomberg Technology.
Speaker 3: I'm Ed Ludlow in San Francisco.
Speaker 2: I'm parent I had in New York. Let's get to
Speaker 2: you a quick check on these markets. Halfway through this
Speaker 2: training day, we are managing to sustain some sort of
Speaker 2: gains in the Nasdaq and the Nasdaq one hundred. We're
Speaker 2: currently up about a tenth percent. Now, remember we were
Speaker 2: up more than two percent on this benchmark yesterday, so
Speaker 2: just cooling after the rampant growth. We've got a little
Speaker 2: bit of a Goldilock scenario going on with the data
Speaker 2: once again today. Retail sales are calling a little bit,
Speaker 2: but still looking resilient into the holiday period. And that
Speaker 2: PPI number those producer price is actually showing some pullback.
Speaker 2: That inflationary anxiety dialing down will market it sells off,
Speaker 2: but the Golden dragon over of course, then thea's that
Speaker 2: golden dragon really showing some fuel and buying of Chinese
Speaker 2: related companies that are traded here in the United States.
Speaker 2: We're up three and a half percent after we have
Speaker 2: beat some ten cent JD dot Com in particular, we
Speaker 2: all look at Ali Baba also. Of course, there's still
Speaker 2: hope that we might see some stimulus going into the
Speaker 2: Chinese economy. Big day for US and China. Of course,
Speaker 2: from a geopolitical perspective, Bitcoin currently up two point three percent.
Speaker 2: Go into the individual movers though on the day, and
Speaker 2: we do want to highlight some of the individual idiosyncratic
Speaker 2: news coming from well, the likes of JD dot Com
Speaker 2: with its numbers doing well We're up more than seven percent.
Speaker 2: All eyes on Alibaba for after the bell. I'm looking
Speaker 2: at Amazon down by one point eight percent, and this
Speaker 2: is related to what's happening with Microsoft. Potentially Microsoft now
Speaker 2: going in with its own chips making sure that its
Speaker 2: supply chain is under control when it comes to AI
Speaker 2: related chips, those in data centers. Amazon has already been
Speaker 2: doing that. Who is alphabet as of course Google and
Speaker 2: many of the cloud providers. Amazon just down by one
Speaker 2: point seven percent. Maybe that's also about the retail data
Speaker 2: that just showed a little bit of calling so appetite
Speaker 2: for some retail related names in China not so much
Speaker 2: here in the United States. But then while we're going
Speaker 2: to be going into where some of these companies heil from,
Speaker 2: we're all talking about Silicon Valley day in, day out.
Speaker 2: From a geopolitical perspective, we talk about San Francisco on
Speaker 2: the day as well.
Speaker 4: So there's a spotlight on this city this week because
Speaker 4: of APEX. But I want to bring you another story
Speaker 4: that was in Bloomberg BusinessWeek this morning. Michael Moritz, the
Speaker 4: prominent venture investor who became known basically for making early
Speaker 4: investments in Google LinkedIn PayPal, Yahoo. That was during the
Speaker 4: years where he was a partner at SCA Capital. Moritz
Speaker 4: is now focusing on investing his time and money in
Speaker 4: remaking San Francisco, a city that he thinks has lost
Speaker 4: its way. Moritz has lived there here for four decades
Speaker 4: and is dedicated get this, carry more than three hundred
Speaker 4: million dollars since twenty twenty to both social and political
Speaker 4: causes in this city, basically funding hundreds of nonprofits in
Speaker 4: different advacy advocacy groups.
Speaker 3: The spotlights here in SF.
Speaker 2: It is the spotlight is also on ultimately the remaking
Speaker 2: of the city. Particularly as we keep talking about generative
Speaker 2: of ai is, Suddenly it becomes more of a hub
Speaker 2: cerebral value as we talk about it, the scale of
Speaker 2: appetite for a rental space. We're going to have so
Speaker 2: much of this conversation throughout the show. Let's keep talking
Speaker 2: about San Francisco's future and revival right now when Natalie
Speaker 2: is sendover, executive director of the Urban Land Institute San Francisco,
Speaker 2: a network of cross disciplinary real estate land news experts
Speaker 2: which is working towards this exact goal, this rejuvenation. Maybe
Speaker 2: it's a pr effort, maybe it's a reality effort that
Speaker 2: people haven't been coming back to San Francisco proper in
Speaker 2: terms of the office space. What was it, thirty percent
Speaker 2: of office space just unleashed as it stands. Is that
Speaker 2: changing at all?
Speaker 11: Natalie, Yeah, thank you for inviting me. I think you know,
Speaker 11: you and I recently brought together a group of national
Speaker 11: experts from around the country to talk about just that
Speaker 11: downtown revitalization and you know, what can be the future
Speaker 11: for San Francisco. And what was interesting is we had
Speaker 11: all of these folks come in from around the country
Speaker 11: expecting this horrid environment and really they were surprised. They
Speaker 11: were like, it's not that bad. And you know, with
Speaker 11: every crisis comes opportunity. And I really do think coming
Speaker 11: out of the recommendations from this panel, there really is
Speaker 11: a lot of opportunity for downtown San Francisco, particularly thinking
Speaker 11: about how we can diversify the mix of uses to
Speaker 11: really make it a great neighborhood.
Speaker 4: Natalie, good morning. You're over in Oakland. I'm here in
Speaker 4: San Francisco. I just want to go back on what
Speaker 4: you just said. So earlier this year, ULI convened this
Speaker 4: group of people and you basically showed them San Francisco,
Speaker 4: and they were pleasantly surprised. I understand on the health
Speaker 4: and state of this city. I sawed this week by
Speaker 4: speaking to the mayor and said, look, everyone is asking
Speaker 4: how you were suddenly able to clear up the city
Speaker 4: in a week because the president is in town and
Speaker 4: the president of China is in town. To be very clear,
Speaker 4: your findings well before APEC were that San Francisco is
Speaker 4: making improvement.
Speaker 11: Yes, absolutely, And I think that the narrative around San
Speaker 11: Francisco and the doom loop is really a narrative that
Speaker 11: isn't quite accurate. I think the city has actually been
Speaker 11: hard at work at making changes.
Speaker 12: For a while now.
Speaker 11: Particularly, you know, our work has been focused on the
Speaker 11: financial district of downtown San Francisco, and that's where our
Speaker 11: panelists spent their time, and there was really a general
Speaker 11: consensus that it felt pretty clean and safe.
Speaker 12: You know, there was some activity on the street.
Speaker 11: It obviously wasn't exactly like it was in the pre
Speaker 11: pandemic days. You know, there's still some work to be
Speaker 11: done on the kind of gateways and the connectors to
Speaker 11: the financial district of downtown San Francisco. But I do
Speaker 11: think that the city has been hard at work making
Speaker 11: some changes well in advance of Apec coming to town.
Speaker 11: Apec coming to town, just like any city when they're
Speaker 11: going to have a glow spotlight on them, are going
Speaker 11: to go through some you know, more extreme measures.
Speaker 12: To clean up the city. And I think that's only
Speaker 12: a good thing for San Francisco.
Speaker 2: Everyone loves a bit of chadenfreude. Everyone loves to sit
Speaker 2: in one city and bad mouth another. And I am
Speaker 2: interested though. It was but a few months ago that
Speaker 2: I was in San Francisco walking across that very street
Speaker 2: that we just saw in the imbook Idea, and I'm
Speaker 2: afraid there were still so many signs of such sadness.
Speaker 2: People still very much living on the street, a lot
Speaker 2: of what people call tense city. How is there a
Speaker 2: long term, ultimate fix to that, and how do we
Speaker 2: start to see some of the areas of focus really
Speaker 2: feel rejuvenated, not only on Market Street, but more broadly
Speaker 2: when it comes to art, to culture and and really
Speaker 2: what makes the city thrive.
Speaker 11: Yeah, absolutely, I think that when we're talking about downtown,
Speaker 11: the financial district in particular, you know, it's really been
Speaker 11: a single use district. It's been commercial office and catering
Speaker 11: to people from the nine to five. So I think
Speaker 11: the first step there and this is what our analysts
Speaker 11: found as we really need to think about diversifying this area,
Speaker 11: which you know, bringing in residential is you know, one
Speaker 11: piece of that puzzle. But conversion isn't a silver bullet.
Speaker 11: All of these buildings can't be turned to housing. But
Speaker 11: you know it will help not only with our housing crisis,
Speaker 11: but to diversify the area in downtown. But you can't
Speaker 11: just fill a bunch of these office spaces with the
Speaker 11: housing units.
Speaker 3: Call of a day, Well, NATSI I just reflect.
Speaker 4: Look, I am a resident of San Francisco and I
Speaker 4: work in San Francisco, and you know a lot of
Speaker 4: the doom loop discussion that is not universally the experience
Speaker 4: that everyone lives here. Right, there's a lot that's good
Speaker 4: about the city. But you just made a point and
Speaker 4: diversify and the navy that you hood you're talking about
Speaker 4: Uber salesforce X, the company formerly known as Twitter, it
Speaker 4: is still largely tech or it's vacant.
Speaker 3: Is AI changing that?
Speaker 11: You know, I'm not an expert on what's going to
Speaker 11: happen with AI. I know there's a lot of hope
Speaker 11: for AI there is still You know, San Francisco has
Speaker 11: been the text center of the world for a number
Speaker 11: of years.
Speaker 12: I don't think that's going to change.
Speaker 11: I think that AI will likely be interested in coming
Speaker 11: to San Francisco, but I also think other things and
Speaker 11: other types of businesses need to come to San Francisco,
Speaker 11: and the city is working on figuring out how to
Speaker 11: incentivize those other types of businesses to be interested as well.
Speaker 12: And it's not only these big companies.
Speaker 11: We're also talking about San Francisco locally made businesses to
Speaker 11: support the arts and culture, as you said earlier, and
Speaker 11: bring them to downtown.
Speaker 4: All right, Natalie Sandobal, executive director of the Urban Land
Speaker 4: Institute San Francisco, Thank you so much.
Speaker 3: Let's stick with this city.
Speaker 4: Another fixture of San Francisco's landscape is all has been robotaxis,
Speaker 4: and until recently it was the only city in the
Speaker 4: world that had two robotaxis operate in twenty four to
Speaker 4: seven and charging a fair to the public. But some
Speaker 4: issues led to cruises permit being removed, and now hundreds
Speaker 4: of emails between Cruz and the city's police department give
Speaker 4: us a window into the relation ship between those two groups,
Speaker 4: ranging from contentious to the collaborative. I want to bring
Speaker 4: in Junior Love who, Julia Love, who did such a
Speaker 4: deep dive on these documents and emails?
Speaker 3: What have you found out?
Speaker 13: Well, this was really a fascinating glimpse into the relationship
Speaker 13: between CRUSE and the San Francisco Police Department at a
Speaker 13: really pivotal time for the service, and SFPD raised some concerns.
Speaker 13: There were multiple times when the vehicles disrupted crime scenes, barrelings,
Speaker 13: or caution tape. There were also and there was also
Speaker 13: an incident in which First Lady Jill Biden was visiting
Speaker 13: the city and the vehicles got confused by the motorcade
Speaker 13: and disrupted its path. So some new windows into the
Speaker 13: bumps on the road that we have been seeing for
Speaker 13: some time now with CRUSE. There were also some signs
Speaker 13: though that the police does have an interest in the
Speaker 13: data that CRUZ obtains. They wrote to CRUZ multiple times
Speaker 13: expressing an interest in obtaining its footage after the vehicles
Speaker 13: were spotted near crime scenes, and CRUZ did appear to
Speaker 13: be upholding its practice of making the officers get warrants.
Speaker 13: But I think it just understores that this is a
Speaker 13: multifaceted relationship it is.
Speaker 2: And one that well the police also have with alphabets
Speaker 2: weimo and I'm sure there are plenty of back and
Speaker 2: forth and sometimes celebration le relationships and other other times
Speaker 2: more difficult intense relationships. Ultimately, does this shine a light
Speaker 2: on any way in which we'll see Cruz back in
Speaker 2: San Francisco, They remain in Phoenix or amazing in Austin.
Speaker 2: Is it going to come back to the city, Well,
Speaker 2: I think it.
Speaker 13: The emails show just how hard Cruse worked to maintain
Speaker 13: a good relationship with SFPD despite these troubles that arose,
Speaker 13: and experts tell me that that relationship really will be
Speaker 13: the key to Cruz returning to San Francisco. SFPD won't
Speaker 13: be the one that ultimately restores its PERI meant to
Speaker 13: operate in the state, But police really do help shape
Speaker 13: locals of view of a company, and so if Cruz
Speaker 13: can earn the trust of SFPD, then that is a
Speaker 13: step toward earning the trust of everyday San Franciscans.
Speaker 2: And of course, Ed you were just with the mayor
Speaker 2: London Reed talking about how they have to work to
Speaker 2: regain trust, so notable that that is certainly an effort
Speaker 2: they are on with the city Julia Love, thank you
Speaker 2: so much for that reporting. Meanwhile, coming up, but we're
Speaker 2: going to take a look at an aviation company archer
Speaker 2: from self driving cars. Now we're looking at getting in
Speaker 2: the air and how the CFO is doing finances through
Speaker 2: the pre revenue phase. It's coming from blumas Leita's chief
Speaker 2: financial officer. Episode coming up tonight, gust who's in it
Speaker 2: as well. This is Bluemotechnology time now for talking tech.
Speaker 2: First up, open Ai has had to press pause on
Speaker 2: accepting new users for its paid chatchpt plus service due
Speaker 2: to overwhelming demand. A scording to the CEO, Sam Altman,
Speaker 2: who's put in on a post on Tuesday to marsw
Speaker 2: open aied tools and services rose after the company, of
Speaker 2: course introduced new features and upgrades as first ever Developer
Speaker 2: Day that was last week and from APEC to the
Speaker 2: Singapore Fintech Festival. In just well an hour after delivering
Speaker 2: a speech in California, the Philippine President Ferdinand Macross Junior,
Speaker 2: appeared halfway across the globe in Singapore using a hologram
Speaker 2: that takes me back. He was the first of all's
Speaker 2: only speaker to tap into that technology. Plus Byte Dance
Speaker 2: is considering selling Shanghai Moonton technology. It's the gaming studio
Speaker 2: behind popular game like mobile Legends. Bang Bang So also
Speaker 2: say Bike Dancer Quad Moonton in twenty twenty one on
Speaker 2: a valuation of about four billion dollars, but is now
Speaker 2: looking to streamline its operation focus more on the core
Speaker 2: businesses and of course e commerce. Meanwhile, ed, well, you've
Speaker 2: got something on the future technology too.
Speaker 4: Yeah, I've kind of been up in the air sort of. Archer,
Speaker 4: the Eve Toll Company is getting ready to bring its
Speaker 4: aircraft to market in twenty twenty five. That's when the
Speaker 4: FAA has said it will begin to allow limited operation
Speaker 4: of those vehicles as air taxis. In the latest episode
Speaker 4: of Bloomberg's Chief Future Officer, I took a look at
Speaker 4: their air taxi called Midnight and a chat with Archer's
Speaker 4: CFO Mark Mesler, chief Commercial Officer Nikhil Goel, and CEO
Speaker 4: and founder Adam Goldsein.
Speaker 3: Have a listen to this all right, this is it.
Speaker 3: This is inside Midnight Welcome.
Speaker 4: The design is four passenger seats front road, back row
Speaker 4: and one pilot.
Speaker 3: How after all.
Speaker 4: This time did you arrive that configuration four passengers one pilot.
Speaker 3: Our goal is to be the Uber Vier.
Speaker 14: But when I was at Uber, we took all the
Speaker 14: data of Uber trips going back and forth all over
Speaker 14: the world, and what we figured out was that four
Speaker 14: passengers was the optimal configuration to do one thing, which
Speaker 14: is lower the cost per passenger for these trips.
Speaker 15: So we understand what the cost of the aircraft is,
Speaker 15: we understand what the cost of the pilot is, we
Speaker 15: understand what the cost of the repair and maintenance of
Speaker 15: this is, we understand battery costs. All of that feeds
Speaker 15: into our unit level economic model and it does show
Speaker 15: that pricing ad ride sharing prices allows us to make
Speaker 15: an economic profit on the.
Speaker 16: Back at Archer headquarters, I actually got to fly midnight. Okay,
Speaker 16: not for real virtually in the company's E simulator. Training
Speaker 16: pilots is another hurdle the EV tool industry will have
Speaker 16: to clear how much burden are you going to take
Speaker 16: in the training process?
Speaker 3: You know, why does that fall to Archer? And if
Speaker 3: it does, what does it look like for you?
Speaker 15: Guys think we are going to be training our own pilots.
Speaker 15: This is our own technology. I think eventually as we
Speaker 15: look to scale and we're always talking about unlocking scale.
Speaker 15: We could look to partners to help us do some
Speaker 15: of the training early on. Pilot training will be a
Speaker 15: critical part of our own operations.
Speaker 17: The simulators really help you get a sense for how
Speaker 17: easy the vehicles are to fly. In fact, what we
Speaker 17: found is people with less flying experience are actually better
Speaker 17: at flying these planes because you don't have to unlearn
Speaker 17: as much.
Speaker 3: Does that include me?
Speaker 6: That includes you?
Speaker 17: So within five minutes you were able to take off,
Speaker 17: fly around the island of Manhattan and land successfully. And
Speaker 17: that's your first time you've ever been a simulator and
Speaker 17: that's pretty incredible.
Speaker 4: And I landed it safely. You can catch the full
Speaker 4: episode A Chief Future Opposite tonight at nine point thirty
Speaker 4: pm East in time, a lot of.
Speaker 2: Fun investment managers are releasing, of course, they're so called
Speaker 2: thirteen F filings for the third quarter as the quad
Speaker 2: by the SEC, and the findings give us kind of
Speaker 2: a taste of view into what these managers have been
Speaker 2: buying or they've been selling. Tuning us now as Hemapalma
Speaker 2: bunting Berg News and Porter covering hedge funds, who's really
Speaker 2: given us a beautiful roundup of Ultimately where the bets
Speaker 2: were placed. Its backward looking, but some notable standouts.
Speaker 18: Yes, So I would say one of the standouts is Meta.
Speaker 18: We've seen kind of across the board buying. If we
Speaker 18: look at the Tiger cubs, which are typically the hedge
Speaker 18: funds that are focusing on the tech stocks and quite
Speaker 18: keen on the rotation in that space. So if we
Speaker 18: look at loan Pine Capital, they started a brand new
Speaker 18: position in Meta and it's actually now their largest long
Speaker 18: holding the firm. They bought about two point seven million
Speaker 18: shares at about eight hundred million dollar valuation at the
Speaker 18: end of the last quarter, so they took a pretty chunky,
Speaker 18: sizable steak. If we look at some of the other funds,
Speaker 18: Tiger Global, Viking, CO two, they all increase their steak
Speaker 18: in Meta. It's now Tiger Global's biggest holding, and it's
Speaker 18: CO two's second biggest holding.
Speaker 4: It's it's the most wonderful time of the year thirteen
Speaker 4: out filings for so many But on the other side
Speaker 4: of the table you just mentioned them, Tiger Global.
Speaker 3: That's kind of a name that we jump on. What
Speaker 3: do we learn.
Speaker 18: Yeah, so Tiger Global, they increase their steak in see
Speaker 18: the Internet consumer company. They bought a ten more of
Speaker 18: that stock, up to about eleven million shares of it,
Speaker 18: and it's a company that's really struggled. Their stock price
Speaker 18: has struggled over the past quarter, so it looks like
Speaker 18: the company may have the firm may have bought the
Speaker 18: dip on that believing in the projections of how that
Speaker 18: company may look, but taking advantage of the share price.
Speaker 18: Another interesting thing with Tiger Global is you'll remember that
Speaker 18: they've been a long term investor in JDA dot Com.
Speaker 2: They got into JDA.
Speaker 18: Dot com well before it went public, and they've cut
Speaker 18: their steak in the shares of JDA dot com by
Speaker 18: about half, even more than half, and that bills on
Speaker 18: them cutting even the quarter before last, So we do
Speaker 18: see a bit of a trend there reducing that stake
Speaker 18: even though buying more c.
Speaker 2: Interesting as you see, it's not performed well all yet
Speaker 2: to day, but JD dot Com popping after its earnings,
Speaker 2: so maybe they want to be longer a little bit
Speaker 2: at the moment at least, or real being shorter on
Speaker 2: the day. What about those people generally sold out of
Speaker 2: was jdcolm the theme for example? What were the other names?
Speaker 18: So we saw some rotations If we look at Viking,
Speaker 18: they sold about thirteen stocks entirely Netflix and Ali Baba,
Speaker 18: but then also bought fifteen others. With Viking, they bought Workday, Amazon,
Speaker 18: and United Parcel. Those are now their top three biggest holdings.
Speaker 18: So you do see a lot of rotations across the portfolio.
Speaker 18: Sometimes you see aggregated buying and like a meta, we
Speaker 18: haven't seen a whole lot of other selling in JDA
Speaker 18: dot com. But each fund sort of has their own
Speaker 18: specific way that they look at the way that they
Speaker 18: approach tech.
Speaker 4: Wow, all right, bloom Oh, I'm sorry, Carry I'll jump in.
Speaker 4: But you know, thirty and f's you get a sense
Speaker 4: of what do people like or not like on a
Speaker 4: long term basis. And these are the guys deploying big
Speaker 4: sums of capital. Thank you so much for the Bloomberg's
Speaker 4: Heema Palmer has come back to San Francisco. The commercial
Speaker 4: real estate market is having a moment. While it's struggled
Speaker 4: more than any other US major city to recover from
Speaker 4: the pandemic, AI's startups have been breathing new life into
Speaker 4: the city's market.
Speaker 3: Let's go to Bloombergs preor and who's been writing about
Speaker 3: this this morning.
Speaker 4: What does the data tell us, Like, we know that
Speaker 4: AI is a thing, new companies being founded, but from
Speaker 4: a square footage perspective, something real is happening here.
Speaker 19: AI companies have added more than a million square feet
Speaker 19: of office space this year, and real estate agents telling
Speaker 19: me are telling me that every day they're touring when
Speaker 19: different companies looking at more and more office space. Clearly,
Speaker 19: in this industry, in the sub industry, within tech, people
Speaker 19: feel a need to be in person at least several
Speaker 19: days a week, if not most of the days of
Speaker 19: the week.
Speaker 2: And some of the names, like was it anthropic taking
Speaker 2: over Saxony Company h Q, it would feel like we've
Speaker 2: got other key AI names just building out secondary headquarters
Speaker 2: in SS even if it's not their first. But what
Speaker 2: about turning space to be fit for them? We were
Speaker 2: hearing what Ed was having a conversation with the mayor
Speaker 2: of San Francisco about making more space for AI labs.
Speaker 19: That's right, And what's interesting is actually a lot of
Speaker 19: these AI companies are not clustering downtown necessarily, or they're
Speaker 19: not necessarily attached to being specifically downtown. So open AI
Speaker 19: is in the Mission District and a lot of companies
Speaker 19: have sprouted up kind of near their office in the Mission.
Speaker 19: There's a part of town that's getting termed Area AI.
Speaker 19: It's sort of the eastern part of the Mission, a
Speaker 19: little bit of Soma and Petrero Hill, and that part
Speaker 19: of town is actually seeing a number of offices crop
Speaker 19: up and a number of companies sort of clustering there.
Speaker 19: Maybe it's the Open AI effect, right, wanting to be
Speaker 19: close to the center of gravity in this industry.
Speaker 2: And it's a great story. People should go read it.
Speaker 2: We thank you so much. Meanwhile, look that does it.
Speaker 2: From this edition of Bluebog Technology.
Speaker 4: Go out tell everyone about the podcast. Wherever you get
Speaker 4: yours Bloomberg, Apple, Spotify from SF in New York.
Speaker 3: This is Bloomberg Technology.