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

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

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Speaker 1: Emily Jay. I'm Emily Jack in San Francisco, and this

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Speaker 1: is Bloomberg Technology. Coming up in the next hour, Snaps

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Speaker 1: sell off shares plummeting as much on a disappointing forecast,

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Speaker 1: catalyzing fresh turmoil in tech stocks. How much lower can

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Speaker 1: they go? We will discuss plus Twitter's annual shareholder meeting

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Speaker 1: coming up Wednesday, with Elon Musk still pressing pause on

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Speaker 1: a deal he hasn't tweeted about it recently either, will

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Speaker 1: preview what to expect. And California's landmark law requiring corporate

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Speaker 1: boards to include women is ruled un constitutional. We're going

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Speaker 1: to speak with California First partner Jennifer Siebel Newsom in

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Speaker 1: an exclusive interview, her take on why we need more

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Speaker 1: parity in the boardroom and the research that backs it up.

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Speaker 1: We will get to all of that in a moment.

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Speaker 1: The first stocks pairing their losses as a rebound in

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Speaker 1: defensive companies offset a slide, and tech shares triggered by

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Speaker 1: that profit warning from Snap shares plunging below the I

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Speaker 1: p O price after cutting their revenue, profit forecast, taking

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Speaker 1: other social media stocks and take more broadly down with it.

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Speaker 1: Jasmine Edinburgh of Insider Intelligence joins us now with more So, Jasmine,

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Speaker 1: just how bad does it get for Snap and the

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Speaker 1: rest of social media? Well, we will be hard pressed

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Speaker 1: to find any social platform that isn't struggling. In Q two.

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Speaker 1: The headwinds that we were warned about in Q one

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Speaker 1: have really turned into these gale force winds, and Snap

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Speaker 1: along with Meta, are right in the path of this

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Speaker 1: storm that is brewing now. Snap of course, is blaming

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Speaker 1: macro economic conditions, and while that is certainly part of it,

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Speaker 1: the reality is is that there is no shortage of

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Speaker 1: challenges right now for the social media platforms, whether that's

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Speaker 1: to do with ad targeting and online privacy, whether that

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Speaker 1: is the war in Ukraine that is making advertisers wary

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Speaker 1: of spending on social media, or whether that's the shift

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Speaker 1: in social media usage that is really leaving these established

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Speaker 1: players playing catch up to a newcomer called TikTok. So

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Speaker 1: would you say TikTok is the one platform that's winning

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Speaker 1: or are these dollars just going away across the board?

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Speaker 1: You know, going back to this storm analogy, if there

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Speaker 1: is one platform that is in the eye of the storm,

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Speaker 1: I would say that that is TikTok. We've actually just

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Speaker 1: released a new forecast at Insider Intelligence that shows that

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Speaker 1: TikTok's AD revenues will more than double this year and

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Speaker 1: in two it's ad revenues in the US is going

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Speaker 1: to be more than Snapchat and Twitters combined. Would you

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Speaker 1: say that this extends to not just Facebook and Twitter,

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Speaker 1: but also YouTube for example? Will we continue to see

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Speaker 1: what happened with YouTube last quarter again this quarter? Yeah,

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Speaker 1: you know, these struggles really extend across all of social media. Now,

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Speaker 1: YouTube is a major competitor to TikTok as well. Um,

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Speaker 1: it's really Shorts of course, which is it's TikTok clone.

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Speaker 1: But we're seeing that even you know, time that would

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Speaker 1: be spent on on YouTube, not within shorts, is going

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Speaker 1: towards TikTok. So there's definitely some competition there as well.

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Speaker 1: So yeah, I heard one of the skeptics today saying, look,

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Speaker 1: why should I be worried about all of tech or

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Speaker 1: really the rest of the markets just because Snap missed

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Speaker 1: its guidance. How would you respond to that well, you know,

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Speaker 1: it is a clear signal within the market that there

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Speaker 1: are these real issues that these social platforms are challenging,

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Speaker 1: are are are struggling with. You know, Snap is certainly

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Speaker 1: not the only one that has to grapple with all

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Speaker 1: of these problems. A lot of the larger ad players,

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Speaker 1: including Meta, are also dealing with the same ones. And

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Speaker 1: if it's impacting a platform like Snap, which has performed

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Speaker 1: relatively well over the past couple of quarters, you know,

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Speaker 1: it does show some warning signs for the rest of

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Speaker 1: these social platforms as well. Speaking of the rest of

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Speaker 1: these social platforms, we're looking ahead to Twitter's annual shareholder

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Speaker 1: meeting coming up tomorrow. Twitter stuck between Snap and Elon

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Speaker 1: Musk and this broader market meltdown. What are you expecting

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Speaker 1: to happen at this meeting, Well, I think it will

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Speaker 1: be a pretty tense meeting, you know. I mean the

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Speaker 1: big two big topics, of course, are going to be

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Speaker 1: Musk as well as the macroeconomic conditions that are really

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Speaker 1: putting pressure on the social media platforms. Now, these two

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Speaker 1: things are separate, but they're also related. The more that

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Speaker 1: Twitter takes a hit, the more fuel Musk has to

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Speaker 1: perhaps renegotiate his position, even walk away from the deal,

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Speaker 1: and if he does that, he will take his lofty

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Speaker 1: plans of making Twitter less reliant on advertising with him.

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Speaker 1: And that's going to leave Twitter in pretty much the

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Speaker 1: same position that it has been for a long time now,

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Speaker 1: which is under performance, and it's going to be competing

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Speaker 1: with all of these other social platforms, many of which

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Speaker 1: have um larger ad businesses um and in an incredibly

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Speaker 1: turbulent market. All right, Jasmine Enberg insider intelligence. Jasmin always

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Speaker 1: appreciate how your thoughts here on the show. Thank you. Meantime,

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Speaker 1: another story, we continue to watch Elon Musk's other company, Tesla,

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Speaker 1: isolating thousands of workers in China to make sure they

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Speaker 1: are COVID free. This is part of a large scale

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Speaker 1: plan by the electric car maker to ramp up production

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Speaker 1: at its planet in Shanghai after weeks of lockdown. These

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Speaker 1: workers are being housed in unused factories and an old

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Speaker 1: military camp, and they'll be allowed to join other workers

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Speaker 1: inside the production bubble after a two to three day

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Speaker 1: quarantine in accordance with government orders. Twitter's annual meeting kicks

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Speaker 1: off Wednesday, and the company continues to find itself and

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Speaker 1: quite the match. On one side of the ring stands

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Speaker 1: Elon Musk, which with his offer to buy the platform

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Speaker 1: on pause while he investigates the number of fake accounts.

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Speaker 1: On the other, a tech market meltdown in the wake

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Speaker 1: of Snap cutting its forecast to talk about what could

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Speaker 1: come out of tomorrow's meeting. Joining us now Jason Goldman,

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Speaker 1: one of the founding members of Twitter and former White

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Speaker 1: House Chief Digital Officer under President Obama. Jason, I'm sure

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Speaker 1: you've been through a few Twitter annual meetings and this

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Speaker 1: will surely be unlike any other. What are you expecting. Yeah,

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Speaker 1: this sort of feels like the Ragnarok of Twitter annual meetings,

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Speaker 1: where there's there's only sort of one option that shareholders

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Speaker 1: are looking for, which is to know that the deal

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Speaker 1: is going to go through, because now the deal price

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Speaker 1: looks like this amazing deal and the rest of the

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Speaker 1: world has melted down, and I think the questions are

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Speaker 1: just going to be can I get my money now?

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Speaker 1: And can Twitter board really answer that question? I think

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Speaker 1: the most important answer they can assert is that there's

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Speaker 1: no such thing as the deal being on hold that

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Speaker 1: they and this is what the g c F just

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Speaker 1: said in a in a Twitter meeting, the contents of

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Speaker 1: which was leaked that there's no such thing as the

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Speaker 1: deal being on hold. We have a deal for the

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Speaker 1: price that we agreed to, and we are going We

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Speaker 1: are committed to executing this deal, and we will force

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Speaker 1: compliance and execution of this deal if we have to.

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Speaker 1: So is Elon Musk just blessing? Well, I don't know.

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Speaker 1: I think it's interesting that he's been quiet on Twitter

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Speaker 1: for the last little while about this. I maybe, you know,

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Speaker 1: losing seventy billion dollars of your own net worth by

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Speaker 1: by posting about Twitter proved to be even a little

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Speaker 1: expensive for the world's richest man. Or he just figured

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Speaker 1: he was just creating more work for his lawyers in

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Speaker 1: the inevitable litigation that comes out of this. But I

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Speaker 1: think that he doesn't. I think sometimes folks think that

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Speaker 1: there's these you know, plans within plans or faints within faints,

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Speaker 1: and there's this five dimensional chess that people are playing.

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Speaker 1: And I really think that Ellen realized that a lot

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Speaker 1: of his argument about why he was buying the company

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Speaker 1: just wasn't holding water, and he was taking heat from

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Speaker 1: so many sides that he realized it would maybe just

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Speaker 1: be better to be a little quiet about this uh

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Speaker 1: and hope for a better position later. We've also learned

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Speaker 1: more details about just how this deal came about, How

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Speaker 1: it started with Ellen talking to Jack directly, then became

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Speaker 1: a discussion about him joining the board fairly quickly. What

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Speaker 1: do you find most significant about the timeline? I mean,

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Speaker 1: this is all from Twitter's proxy filing. This isn't based

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Speaker 1: on internal reporting or any sort of confidential sources. This

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Speaker 1: is according to Twitter, Twitter's own executives and board and lawyers.

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Speaker 1: What happened, and what happened according to them, was that

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Speaker 1: Jack and Ellen initiate a conversation on March twenty six

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Speaker 1: to pursue a strategy of Ellen says I'm interested in

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Speaker 1: buying some shares. I wanna uh, and Jack says, okay,

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Speaker 1: let's turn it over to the board and we can

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Speaker 1: see about getting you on the board. He's puts them

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Speaker 1: in conversation with Parrague and with Brett Taylor, the hand

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Speaker 1: picked folks that Jack has said is going to lead

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Speaker 1: the company to the next level of execution, and they

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Speaker 1: agree to a standstill provision that prevents Ellen for acquiring

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Speaker 1: more shares, and they agree to put Ellen on the board.

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Speaker 1: They execute this agreement with Ellen on the fourth of April.

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Speaker 1: The next day, on the fifth of April, they announced

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Speaker 1: this deal. The very same day, Jack re enters the

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Speaker 1: picture with Ellen and has a conversation with him in which,

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Speaker 1: according to the filing, he shared his personal view that

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Speaker 1: Twitter would be better able to focus on execution as

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Speaker 1: a private company, and then the deal is completely off

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Speaker 1: to put Ellen on the board, and Ellen says he

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Speaker 1: wants to take it to be a private company. So

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Speaker 1: that that, to me is just a clear backstabbing of

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Speaker 1: the board by the founder when they had a deal

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Speaker 1: in hand to come to a standstill. So do you

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Speaker 1: think there should be any consequences to that if you

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Speaker 1: believe that, as you're saying Jack backstabbed the board, what

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Speaker 1: I'm saying is that we need to look at we

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Speaker 1: need to look at the comments that Jack has made

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Speaker 1: here previously. He's always been committed to this notion of

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Speaker 1: Twitter should exist as a protocol and not a platform

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Speaker 1: or a company, and that he's also said later that

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Speaker 1: the board is the is the greatest dysfunction in the

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Speaker 1: history of the company, and that there shouldn't be a CEO.

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Speaker 1: But somehow he convinced himself that he's going to turn

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Speaker 1: over this company to the world's richest man as a

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Speaker 1: way of achieving this glorious decentralized transition to a protocol

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Speaker 1: that to me, that to me just doesn't make a

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Speaker 1: lot of sense. And there's nothing that Ellen has said

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Speaker 1: that shows that he's committed to Protocol Future. In fact,

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Speaker 1: he published this fairly ridiculous business plan that shows the

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Speaker 1: type of product that he wants to build on the

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Speaker 1: other side of this acquisition. And so I think the

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Speaker 1: questions that I would ask if I were at the

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Speaker 1: shareholder meeting is what was really going on in those

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Speaker 1: conversations between Ellen and Jack and Ellen and the board,

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Speaker 1: because I think that really affects the shareholder value here. Now,

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Speaker 1: last time you joined us, you said you felt that

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Speaker 1: Twitter faced a not good outcome either way. Do you

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Speaker 1: still believe that, given that the price that Ellen and

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Speaker 1: Twitter agreed on is actually much higher than the price

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Speaker 1: at which Twitter is trading at today, it would be

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Speaker 1: a great outcome for shareholders of Twitter. That's that's undisputed,

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Speaker 1: And like you know, you can't. I thought Jasmine did

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Speaker 1: a great job table setting sort of the vibe that's

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Speaker 1: out here right now in the valley in terms of

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Speaker 1: what we're headed into. It's very much a two thousand

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Speaker 1: dot bust feeling in the air. And you know, graybeards

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Speaker 1: like myself are sort of counseling younger folks talking about

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Speaker 1: the last bust as though it was the dust bowl

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Speaker 1: or something, and you know, like when we didn't have crawdad,

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Speaker 1: we ate sand and here's how survive and all this

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Speaker 1: like sort of received wisdom from the last of the

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Speaker 1: last bus. And so there's a lot of there's a

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Speaker 1: lot of feeling that this is would be a great

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Speaker 1: outcome for shareholders. It's, however, not a great outcome for

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Speaker 1: the product. It's not a great outcome for employees. So

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Speaker 1: because Ellen's plans for what he would do with it

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Speaker 1: have proven to be so un serious that he's just

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Speaker 1: simply shut up about them on Twitter altogether. How worried

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Speaker 1: Given what we just saw with Snap and what Jasmine

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Speaker 1: for Twitter? Yes? I I think that's coming. I think

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Speaker 1: that is a real macroeconomic effect, and I think there

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Speaker 1: is some validity to the point that the social media

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Speaker 1: it's valued by the stock market, but maybe even just

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Speaker 1: more generally in terms of what users want, and maybe

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Speaker 1: folks migrate instead, and instead of being in these arenas

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Speaker 1: just everyone all at once, maybe folks are looking for

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Speaker 1: more private experiences, are semi public experiences, and maybe there's

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Speaker 1: a new evolution of social media to come. As as

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Speaker 1: someone who's not a shareholder and not employee, this is

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Speaker 1: actually somewhat exciting to me because I think we've been

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Speaker 1: and it would be great to see some new experiences

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Speaker 1: come out of this. And as we know, a lot

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Speaker 1: of the best companies have been built during these downturns

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Speaker 1: have been built in the wake of these big corrections,

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Speaker 1: so that is a potential upside to all of this.

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Speaker 1: All right, well, we will be watching as it all

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Speaker 1: goes down tomorrow at the meeting. Jason Goldman, one of

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Speaker 1: the founding members of Twitter, former White House Chief Digital Officer,

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Speaker 1: are always great to have your colorful metaphors here on

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Speaker 1: the show, Jason, thank you. Meantime, Walmart and its partner

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Speaker 1: drone Up plan to expand their drone delivery hubs to

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Speaker 1: six states by the end of the year. The idea

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Speaker 1: is that you can have anything you order, from toothpaste,

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Speaker 1: diapers to hot dog buns delivered for three dollars and

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Speaker 1: cents as long as it's under ten pounds. Still, there

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Speaker 1: are big regulatory hurdles. Fa A rules to clear such

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Speaker 1: deliveries have yet to be written. Coming up, Zoom is

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Speaker 1: showing signs it can turn its pandemic boom into post

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Speaker 1: pandemic growth. We'll talk to the company's CFO, Kelly Steckelberg. Next.

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Speaker 1: This is Gloomberg, a rare bright spot in the markets today, Zoom,

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Speaker 1: which reported progress on customer growth. The video conferencing giant

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Speaker 1: projecting revenue will increase about ten percent in the current

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Speaker 1: current period, better than analysis estimates, but still see its

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Speaker 1: slowest quarterly sales growth. Joom CFO Kelly Stuckelberg joins us

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Speaker 1: now and Kelly Zoom shares up on the day, which

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Speaker 1: I'm sure is welcome news given almost everything else is

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Speaker 1: in the red. How is it that Zoom has been

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Speaker 1: April to weather these macroeconomic forces that Snap, for example,

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Speaker 1: has not well. Emily, we are successfully transitioning from being

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Speaker 1: this killer meeting app that everybody came to no one

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Speaker 1: loved during the pandemic, to an indispensable platform that is

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Speaker 1: comprised of not only Zoom Meetings, but also Zoom Phone,

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Speaker 1: which had an amazing quarter. We crossed over the three

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Speaker 1: million seats sold for Zoom Phone as well as Zoom

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Speaker 1: contact Center, our new product it was just recently re

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Speaker 1: released and had some great customer wins. And then Zoom Rooms,

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Speaker 1: which is going to be a really indispensable part of

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Speaker 1: organization strategy as they're navigating what the future of hybrid

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Speaker 1: work flight looks like and trying to make that as

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Speaker 1: inclusive as possible. So all of that together, um, you know,

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Speaker 1: resulted in a strong quarter. So I wonder if it's

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Speaker 1: time to get a little bolder. I mean, you did

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Speaker 1: recently purchase Solvy, but you still have six billion dollars

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Speaker 1: in cash on your balance She should we be expecting

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Speaker 1: you to make more deals? Yeah, so we're really excited.

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Speaker 1: Were recently close Solving which will bring conversational AI into

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Speaker 1: our Contact center so welcome to that team. And this

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Speaker 1: is absolutely a really important part of our strategy. As

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Speaker 1: you said, we have a very strong balance sheet and

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Speaker 1: are looking towards M and A to continue to accelerate

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Speaker 1: both our technology as well as our talent acquisition. And

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Speaker 1: then we also are in the middle of a stock

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Speaker 1: repurchase program. Our board approved a billion dollars that we

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Speaker 1: are executing against um huntering two million of stock with repurchase.

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Speaker 1: Last quarter, you did say you're starting to see the

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Speaker 1: impact of the war on Ukraine on sales in Europe,

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Speaker 1: and I'm wondering if you can give us any more

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Speaker 1: details on that. Sure, So, we certainly saw some headwinds

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Speaker 1: in our online segment of our business, and largely related

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Speaker 1: to the war in Russian Ukraine as well as FX

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Speaker 1: and so combined we in our guidance we indicated that

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Speaker 1: that's having about a one we sent impact of revenue.

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Speaker 1: And you know this is due to the sanctions that

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Speaker 1: we're seeing as well at in Russia specifically, as well

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Speaker 1: as the overall impact in Europe I think due to

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Speaker 1: uncertainty and that region is certainly having a dampening effect

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Speaker 1: on our online sayingment of our business. Meantime, Microsoft teams

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Speaker 1: seems to be gaining market share in video conferencing. What's

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Speaker 1: the plan to continue to fend them off? So we

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Speaker 1: have a natively built platform that brings together audio, video, chat,

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Speaker 1: contact center, and all of that brings a lot of

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Speaker 1: value to our customers. And every single day we're focusing

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Speaker 1: on delivering happiness to them by bringing them a lot

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Speaker 1: of value in this natively built platform. And we are

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Speaker 1: continued to innovate. We are investing and hiring in R

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Speaker 1: and D on a global basis and continuing to listen

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Speaker 1: to our customers and build the products that they need,

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Speaker 1: especially especially in this ever evolving world of work today.

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Speaker 1: And you're also planning to incorporate more AI features, but

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Speaker 1: privacy advocates seem to have a problem with some of

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Speaker 1: these new ideas. What's been your response to that. So

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Speaker 1: we're really focused on bringing AI into our products to

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Speaker 1: do things like live transcripts, um also analysis after the meeting.

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Speaker 1: And this is really helpful in terms of one of

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Speaker 1: our new products as well, zoom i Q for sales,

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Speaker 1: and this is really helpful the organizations as they're trying

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Speaker 1: to make their sales teams more productive and make sure

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Speaker 1: that they're focusing on the right things in their meetings,

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Speaker 1: and we are very thoughtful we think about bringing any

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Speaker 1: new feature to the market, and we'll continue to do

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Speaker 1: so in the area of AI. All Right, Keli Steckelberg,

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Speaker 1: CFO of zoom Kelly, thank you so much for joining us,

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Speaker 1: and I want to give you an update right now

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Speaker 1: on some breaking news coming out of Texas and that

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Speaker 1: devastating shooting at an elementary school and you'll al d Texas.

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Speaker 1: We've just been listening into a press conference by Governor

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Speaker 1: Greg Abbott who confirmed, uh, fifteen people were killed, most

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Speaker 1: of them children, elementary school children. The shooter in eighteen

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Speaker 1: year old was killed by responding police officers. A couple

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Speaker 1: of those officers were shot but not hurt. Seriously, We're

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Speaker 1: continuing to cover the headlines as we get them coming

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Speaker 1: in from Uvaldi, Texas at that elementary school and an

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Speaker 1: absolutely horrific shooting. More come up next on the show.

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Speaker 1: This is Bloomberg. Welcome back to Bloomberg Technology. We're continuing

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Speaker 1: to cover this breaking news out of Uvaldi, Texas, where

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Speaker 1: fifteen people have been killed by an eighteen year old shooter.

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Speaker 1: Fourteen of those fifteen dead as we understand it at

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Speaker 1: this point, our elementary school children in addition to a teacher.

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Speaker 1: We're continuing to wait for more details as we have

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Speaker 1: of them. The shooter was shot and killed by police,

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Speaker 1: and we're going to continue to follow this developing story

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Speaker 1: and bring you um more headlines. I do want to

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Speaker 1: get back to the markets now with our Ridika Gupta.

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Speaker 1: Ridika walk us through the movers on the day. Yes, Emily, well,

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Speaker 1: you do have a down day for US stocks, but

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Speaker 1: we really did see some of those losses start to

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Speaker 1: be a raise towards the end of the session, So

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Speaker 1: you saw the SMP five closing less than one percent

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Speaker 1: lower that we saw some of those defensive sectors starting

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Speaker 1: to perform higher. But of course then AzaC one hundred

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Speaker 1: was the under performer today, being waved down by some

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Speaker 1: of those heavyweights Tesla Apple. But we did see really

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Speaker 1: that safe Hayden bid coming into the treasury space, so

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Speaker 1: forty portfolio perhaps having a good day to day relatively

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Speaker 1: as we start to see some normalcy coming back in

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Speaker 1: between that correlation. But of course, really what was driving

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Speaker 1: the sentiment surprisingly was snapped and I say surprisingly because

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Speaker 1: it's not the biggest company, and it's not even in

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Speaker 1: the SMP five hundred emily, but it did plunge some

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Speaker 1: forty or more in fact on that session today. And

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Speaker 1: I did warn about the ad revenues going forward, and

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Speaker 1: it really is that macro environment that it was warning

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Speaker 1: about profit margins, inflation, and of course fears of a

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Speaker 1: slowdown lower consumer demand that could reduce the advertising spending

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Speaker 1: because of course, in terms of recession, that's usually what

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Speaker 1: companies are first to slash their budgets on. And you

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Speaker 1: see that really seeping in into those social media stocks today.

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Speaker 1: Pinterest down some twenty four percent in today's session, Twitter

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Speaker 1: down as well, these companies social media stocks as a

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Speaker 1: whole today wiping off more than a hundred and sixty

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Speaker 1: billion dollars worth of the market value today. But it's surprising,

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Speaker 1: and I say surprising how surprise investors were in fact,

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Speaker 1: because if I look at all of these names on

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Speaker 1: this board behind me there, they are all down in

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Speaker 1: the double digits on a year to date basis because

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Speaker 1: social media stocks haven't had the best start off to

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Speaker 1: the year. And you flip up the board, I'll show

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Speaker 1: you a chart really indicating that you see social media

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Speaker 1: group here that is that white line on the chart here.

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Speaker 1: It is now trading back at some of those pre

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Speaker 1: pandemic levels that we saw. And this is quite the change.

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Speaker 1: I mean, it's now trailing the SPA the thing back

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Speaker 1: to the height of the pandemic. Stay at Homestock, social

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Speaker 1: media was really soaring. It really was one of the outperformers,

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Speaker 1: shall we say. But now with that reopening, with those

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Speaker 1: fears of a slowdown what that could mean for advertising revenues,

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Speaker 1: we see that invest invested sentiment has really started to sour. Emily, indeed,

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Speaker 1: Ridika Kupta, thank you. Meantime, late last week, a Los

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Speaker 1: Angeles Superior Court judge invalidated a California law that required

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Speaker 1: gender parody on corporate boards set a bill eight to

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Speaker 1: six was signed in the laween by then Governor Jerry Brown,

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Speaker 1: making California the first state to require publicly traded companies

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Speaker 1: to include women on their boards, a law that judge

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Speaker 1: found to be unconstitutional. Here with me to talk about

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Speaker 1: that and more is California's first Partner, Jennifer Siebelnusom, who

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Speaker 1: was also the co founder of California Partner's Project, a

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Speaker 1: nonprofit dedicated to promoting gender equality and which is tracking

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Speaker 1: the progress and implementation of this bill. Jennifer, thank you

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Speaker 1: so much for joining us. So, first of all, what

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Speaker 1: has been your reaction to this, You know, a court

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Speaker 1: in l A striking this down and a judge saying

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Speaker 1: that this law is unconstitutional. Well, it's great to be

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Speaker 1: with you. Thanks so much. Look, I mean the law

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Speaker 1: has led to progress. We have around thirteen hundred seats

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Speaker 1: filled in the past few years, um, with women on

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Speaker 1: public companies in California. We've nearly doubled the numbers of

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Speaker 1: women or we've actually doubled the number the percentage of

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Speaker 1: women on public company boards from fifteen point five percent

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Speaker 1: in to uh this in one we have nearly tripled

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Speaker 1: the number of board seats held by women because we've

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Speaker 1: increased the number of public companies in California as well.

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Speaker 1: So the law has been a success, um. And you know,

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Speaker 1: I'm a firm believer that policy change leads to shifts

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Speaker 1: and hearts and minds and attitudes and behaviors, and so

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Speaker 1: it's been working. But here you have this law now

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Speaker 1: being overturned. Does this set progress back? And how much? Yeah? Well,

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Speaker 1: first of all, we're appealing the overturn because it ignores

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Speaker 1: the substantial discrimination against women in the selection process to

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Speaker 1: be on public company boards. We all know and research indicates,

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Speaker 1: UM that the board seats are are typically held by

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Speaker 1: men who have been conditioned or have biases towards UM

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Speaker 1: selecting women candidates for the board. So everything for misperceptions

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Speaker 1: of risks UH to just insular networks and artificially narrow searches,

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Speaker 1: so all of this contributes to UM a bar that

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Speaker 1: is raised in the selection process for women and a

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Speaker 1: bar that is lowered for men in the selection process.

432
00:24:17,600 --> 00:24:21,879
Speaker 1: So again I'm I'm confident UM in this appeal UH

433
00:24:22,040 --> 00:24:27,040
Speaker 1: that another UH court will will see the benefit of

434
00:24:27,080 --> 00:24:29,919
Speaker 1: this legislation. And again, we only have three in our

435
00:24:30,000 --> 00:24:33,680
Speaker 1: seats left to fill. And again I'm I'm confident that

436
00:24:34,119 --> 00:24:37,080
Speaker 1: everyone already sees that when you have more diversity, more

437
00:24:37,119 --> 00:24:42,600
Speaker 1: women in public company board seats, that there's greater profitability, sustainability, UM,

438
00:24:42,880 --> 00:24:46,919
Speaker 1: and ultimately it's just better for business all around. I

439
00:24:46,960 --> 00:24:49,840
Speaker 1: wonder though, if this is part of a disturbing trend

440
00:24:49,840 --> 00:24:54,280
Speaker 1: where we're seeing women backsliding. We saw them backslide in

441
00:24:54,320 --> 00:24:56,800
Speaker 1: the pandemic, you know, on the heels of of of

442
00:24:56,880 --> 00:25:00,000
Speaker 1: the me too movement. Now we're seeing, you know, company

443
00:25:00,160 --> 00:25:04,160
Speaker 1: is going through layoffs, heading into a tense macro economic environment.

444
00:25:04,200 --> 00:25:07,639
Speaker 1: The markets are melting down. Are you concerned that women

445
00:25:08,280 --> 00:25:14,760
Speaker 1: could be backsliding even more as we speak? So we're

446
00:25:14,760 --> 00:25:18,640
Speaker 1: living in really strange times. And again if we look

447
00:25:18,680 --> 00:25:23,119
Speaker 1: at you know, SMP, UM, uh C, e O, S

448
00:25:23,359 --> 00:25:28,000
Speaker 1: and and and broadly speaking the board representation and public companies,

449
00:25:28,000 --> 00:25:31,280
Speaker 1: so s of boards seats are held by men, and

450
00:25:32,440 --> 00:25:35,160
Speaker 1: of CEOs are are male. And we're living in these

451
00:25:35,200 --> 00:25:39,560
Speaker 1: times of crisis with incredible economic inequality, climate crisis, public

452
00:25:39,600 --> 00:25:44,080
Speaker 1: health crisis, is war um, mental health crisis, etcetera, etcetera

453
00:25:44,119 --> 00:25:48,200
Speaker 1: coming out of this pandemic um. And we're just there's

454
00:25:48,240 --> 00:25:51,119
Speaker 1: so much um that women haven't had seats at the

455
00:25:51,119 --> 00:25:55,119
Speaker 1: tables of power. And so all to me, all signs

456
00:25:55,200 --> 00:25:58,600
Speaker 1: point to you put more women and with their prospectives

457
00:25:58,680 --> 00:26:03,640
Speaker 1: and experiences decision making tables, and it's just better for business,

458
00:26:03,920 --> 00:26:07,240
Speaker 1: and it's better for our society, it's better for the environment,

459
00:26:07,280 --> 00:26:10,239
Speaker 1: it's better for everyone. All the studies again indicate that

460
00:26:10,320 --> 00:26:13,720
Speaker 1: women invest in not just profit, but they'll focus on

461
00:26:13,840 --> 00:26:16,720
Speaker 1: people and the planet at higher rates than men. Will

462
00:26:17,200 --> 00:26:20,040
Speaker 1: UM the e s G outcomes of having women sitting

463
00:26:20,080 --> 00:26:25,119
Speaker 1: on public company boards are substantially greater, so uh, and

464
00:26:25,119 --> 00:26:27,119
Speaker 1: I'm happy to talk about those in detail. But again,

465
00:26:27,160 --> 00:26:29,280
Speaker 1: I think this all points to the fact that what

466
00:26:29,640 --> 00:26:32,199
Speaker 1: the past hasn't been working, and so we need to

467
00:26:32,240 --> 00:26:35,960
Speaker 1: just keep um supporting and encouraging more women into leadership

468
00:26:35,960 --> 00:26:38,479
Speaker 1: and giving them seats at the tables where they deserve

469
00:26:38,560 --> 00:26:42,440
Speaker 1: to be. And I really think that women are primed

470
00:26:42,760 --> 00:26:46,040
Speaker 1: to solve some of these complex issues that have um

471
00:26:46,280 --> 00:26:51,160
Speaker 1: across our economy and society. Today, we're seeing companies increasingly

472
00:26:51,920 --> 00:26:54,600
Speaker 1: facing pressure to take a stand, whether it's Disney on

473
00:26:54,720 --> 00:26:59,040
Speaker 1: the don't say gay legislation, or companies in general on

474
00:26:59,080 --> 00:27:02,520
Speaker 1: the new potential or Row versus Wade to be overturned.

475
00:27:03,080 --> 00:27:05,960
Speaker 1: What do you think companies should do in the situation,

476
00:27:06,600 --> 00:27:11,880
Speaker 1: knowing that these are very polarizing issues. So you're talking

477
00:27:11,920 --> 00:27:15,639
Speaker 1: to someone who has always sort of believed in the

478
00:27:15,720 --> 00:27:19,000
Speaker 1: b court model or the as I said, the triple

479
00:27:19,040 --> 00:27:24,000
Speaker 1: bottom line model. UM that a successful company invests in

480
00:27:24,040 --> 00:27:28,679
Speaker 1: its employees and provides, you know, family friendly policies and

481
00:27:28,760 --> 00:27:32,960
Speaker 1: benefits to its employees, and pays its employees equitably. UM

482
00:27:33,080 --> 00:27:37,480
Speaker 1: A successful company. Uh, make sure that it's not harming

483
00:27:37,480 --> 00:27:39,960
Speaker 1: the environment and it's actually leaving the environment and the

484
00:27:40,000 --> 00:27:42,080
Speaker 1: local community in a better place than it found it.

485
00:27:42,600 --> 00:27:46,720
Speaker 1: Um so, and it's profitable. Um and so I think

486
00:27:46,760 --> 00:27:51,840
Speaker 1: that companies need to be bold and lean into their values,

487
00:27:51,920 --> 00:27:55,240
Speaker 1: just like we're leaning into our values in California. And

488
00:27:55,359 --> 00:27:58,359
Speaker 1: part of that is, as we all know, the greater

489
00:27:58,440 --> 00:28:01,399
Speaker 1: the diversity you have around its table, the greater the creativity,

490
00:28:01,400 --> 00:28:04,560
Speaker 1: productivity in the better bottom line. And so again, I

491
00:28:04,600 --> 00:28:06,879
Speaker 1: think Disney needs to be bold. All these companies need

492
00:28:06,960 --> 00:28:09,439
Speaker 1: to be bold, similar with Whew, we wait. They have

493
00:28:09,600 --> 00:28:13,040
Speaker 1: to lead and lean in with their values. Governor Newsom,

494
00:28:13,160 --> 00:28:16,840
Speaker 1: your husband is taking steps to make California kind of

495
00:28:16,880 --> 00:28:21,200
Speaker 1: a safe haven for abortion, recently proposing allocating a dwive

496
00:28:21,240 --> 00:28:24,359
Speaker 1: million dollars in the budget toward we productive health. What

497
00:28:24,480 --> 00:28:28,000
Speaker 1: more would you like to see California do? Probably speaking,

498
00:28:28,000 --> 00:28:31,240
Speaker 1: I want California to be the state where working moms

499
00:28:31,359 --> 00:28:34,199
Speaker 1: want to raise their families. UM. I really, and I

500
00:28:34,240 --> 00:28:37,760
Speaker 1: think that we're actually taking great strides um in that direction.

501
00:28:37,800 --> 00:28:40,240
Speaker 1: I'm really proud of the work again that we've been

502
00:28:40,240 --> 00:28:43,440
Speaker 1: doing with regards to pay equity and women in public

503
00:28:43,440 --> 00:28:47,240
Speaker 1: company boards. Again, UM, we're leading the nation and now

504
00:28:47,240 --> 00:28:49,040
Speaker 1: we're world leader when it comes to women in public

505
00:28:49,040 --> 00:28:51,120
Speaker 1: company boards. I mean, the strongest people pay laws in

506
00:28:51,160 --> 00:28:54,440
Speaker 1: the nation, UM. Just as I think we have incredible

507
00:28:54,880 --> 00:28:59,640
Speaker 1: um UM laws related to sexual harassment and assault, and

508
00:28:59,680 --> 00:29:03,800
Speaker 1: so I do think that we're creating environments where women

509
00:29:03,880 --> 00:29:08,280
Speaker 1: can thrive. And we're also so invested in ensuring that

510
00:29:08,360 --> 00:29:10,400
Speaker 1: kids get the best start in life. So part of

511
00:29:10,440 --> 00:29:14,400
Speaker 1: my work is also around UM children's mental health and

512
00:29:14,480 --> 00:29:17,400
Speaker 1: ensuring kids get the best nutrition and spend time outdoors

513
00:29:17,400 --> 00:29:20,640
Speaker 1: in our states parks. And I'm also cheering the physical

514
00:29:20,640 --> 00:29:22,640
Speaker 1: fitness and mental health counsel and so there's a lot

515
00:29:22,920 --> 00:29:25,920
Speaker 1: coming out of there. Really Again, I'm just really excited

516
00:29:25,960 --> 00:29:29,080
Speaker 1: for California to be a leader UM in terms of

517
00:29:29,320 --> 00:29:33,240
Speaker 1: centering women's perspectives and experiences and making sure that their

518
00:29:33,280 --> 00:29:37,480
Speaker 1: families really thrive. Well, speaking of children, I have to

519
00:29:37,480 --> 00:29:40,800
Speaker 1: ask you before you go about this absolutely horrific shooting

520
00:29:41,280 --> 00:29:45,680
Speaker 1: in Uvaldi, Texas where uh an eighteen year old shooter

521
00:29:45,920 --> 00:29:50,600
Speaker 1: gunned down fifteen people, fourteen of them we believe to

522
00:29:50,640 --> 00:29:54,400
Speaker 1: be elementary school students in addition to their teacher. What

523
00:29:54,600 --> 00:29:59,440
Speaker 1: is what is your reaction to this. Uh, I want

524
00:29:59,440 --> 00:30:06,200
Speaker 1: to cry. UM, it's horrifying. I'm a mother of four. UM.

525
00:30:06,280 --> 00:30:11,600
Speaker 1: We guns are a major, major, major problem in our country.

526
00:30:11,960 --> 00:30:15,520
Speaker 1: Toxic masculinity is a major, major, major problem in our country.

527
00:30:15,880 --> 00:30:20,560
Speaker 1: Misinformation is a major major problem in our country. Mental

528
00:30:20,560 --> 00:30:24,680
Speaker 1: health is a major problem. But guns and ammunition kill people,

529
00:30:24,880 --> 00:30:28,240
Speaker 1: and they don't belong in the hands of people that

530
00:30:28,920 --> 00:30:33,680
Speaker 1: UM have extreme beliefs, have a lot of hate. UM

531
00:30:33,680 --> 00:30:38,240
Speaker 1: are our bigots, are racists, are sexists, are violent offenders.

532
00:30:38,560 --> 00:30:41,360
Speaker 1: They don't belong in their hands. And semi automagmatic weapons

533
00:30:41,480 --> 00:30:44,719
Speaker 1: definitely do not belong in their hands. So I'm a

534
00:30:44,800 --> 00:30:47,960
Speaker 1: firm believer in common sense gun laws. And again, I

535
00:30:48,000 --> 00:30:51,440
Speaker 1: think California has been leading the nation, and some conservative

536
00:30:51,520 --> 00:30:54,200
Speaker 1: judges have been challenging us. But I'm really proud of

537
00:30:54,240 --> 00:30:56,360
Speaker 1: what we've done and what the governor has done with

538
00:30:56,400 --> 00:31:01,280
Speaker 1: regards to common sense gun legislation. And I my heart

539
00:31:01,320 --> 00:31:05,719
Speaker 1: goes out to every child and family member, UM who

540
00:31:05,720 --> 00:31:11,680
Speaker 1: has been impacted. Uh, it's horrible, Indeed, it is. It

541
00:31:11,800 --> 00:31:15,800
Speaker 1: is absolutely horrifying. UM. Jennifer Siebel Newsome, California's first partner

542
00:31:16,200 --> 00:31:18,480
Speaker 1: co founder of the California partner's project. Thank you for

543
00:31:18,560 --> 00:31:21,840
Speaker 1: sharing your thoughts here with us, and will continue to

544
00:31:21,880 --> 00:31:25,480
Speaker 1: bring you more details as we have them. This is Bloomberg.

545
00:31:28,120 --> 00:31:30,080
Speaker 1: I do want to move on to some of the

546
00:31:30,080 --> 00:31:33,680
Speaker 1: other stories of the day and our crypto rapport Crypto

547
00:31:34,200 --> 00:31:37,040
Speaker 1: keeping a low profile in midst of this broader market meltdown,

548
00:31:37,280 --> 00:31:43,440
Speaker 1: Bitcoin falling to a daily average below dollars. Bitcoins moves

549
00:31:43,760 --> 00:31:48,040
Speaker 1: showcasing a fairly strong correlation between cryptocurrencies and other equities,

550
00:31:48,200 --> 00:31:52,320
Speaker 1: even more so uh than between the coin and tech stocks.

551
00:31:52,320 --> 00:31:56,600
Speaker 1: This is institutional investors still spooked by that Tara Luna collapse.

552
00:31:56,680 --> 00:31:59,960
Speaker 1: Kristin Smith from the Blockchain Association Join My colleague Can

553
00:32:00,040 --> 00:32:04,240
Speaker 1: the Lines earlier in Davos talked about what it all means.

554
00:32:06,600 --> 00:32:09,760
Speaker 1: I think there are two primary issue shoes that get

555
00:32:09,760 --> 00:32:13,120
Speaker 1: the most attention for regulators. The first is having a

556
00:32:13,160 --> 00:32:16,920
Speaker 1: way to regulate the spot markets. Today crypto exchanges in

557
00:32:16,960 --> 00:32:21,680
Speaker 1: the US have money transmitter licenses, which isn't exactly directly

558
00:32:21,720 --> 00:32:24,680
Speaker 1: related to what they do most um. Instead, I think

559
00:32:24,720 --> 00:32:28,400
Speaker 1: what we need to see as a single uniform federal regulator. Uh.

560
00:32:28,440 --> 00:32:31,480
Speaker 1: The other issue is stable coin regulation, and there are

561
00:32:31,520 --> 00:32:35,040
Speaker 1: many different types of stable coins and having disclosures around

562
00:32:35,480 --> 00:32:38,920
Speaker 1: what are in those reserves, having audits of those and

563
00:32:39,000 --> 00:32:42,040
Speaker 1: making that information available to consumers would go a long

564
00:32:42,080 --> 00:32:46,920
Speaker 1: way towards preventing something like the U s T collapse. Kristen,

565
00:32:47,160 --> 00:32:50,920
Speaker 1: to what extent do you think that blockchain technology cryptocurrencies

566
00:32:50,960 --> 00:32:54,000
Speaker 1: at large have a reputation problem on Capitol Hill? I'm

567
00:32:54,040 --> 00:32:58,320
Speaker 1: just wondering how much is about perception versus real understanding

568
00:32:58,600 --> 00:33:01,040
Speaker 1: of how these ecosystems, or what is your sense on

569
00:33:01,120 --> 00:33:05,440
Speaker 1: how how great the level of understanding really is among lawmakers.

570
00:33:08,920 --> 00:33:11,880
Speaker 1: You know, we've made a tremendous amount of progress if

571
00:33:11,880 --> 00:33:14,080
Speaker 1: you compare where we're a year ago to where we

572
00:33:14,160 --> 00:33:18,360
Speaker 1: are today. The overall basic level of education and policymakers

573
00:33:18,360 --> 00:33:21,200
Speaker 1: have about this asset class has written quite a bit

574
00:33:21,480 --> 00:33:24,360
Speaker 1: the challenges that this is such a fast moving industry

575
00:33:24,400 --> 00:33:27,680
Speaker 1: that's constantly evolving and constantly changing that it takes a

576
00:33:27,720 --> 00:33:30,560
Speaker 1: lot of work for these policymakers to keep up. But

577
00:33:30,640 --> 00:33:33,720
Speaker 1: I think what policymakers on Capitol Hill realize is that

578
00:33:33,800 --> 00:33:37,120
Speaker 1: they have constituents in their district that are investing in

579
00:33:37,160 --> 00:33:40,360
Speaker 1: these assets that are building on top of these block chains,

580
00:33:40,680 --> 00:33:43,440
Speaker 1: and they're very passionate when it comes to public policy

581
00:33:43,480 --> 00:33:46,400
Speaker 1: in this space, and so I think we've caught as

582
00:33:46,400 --> 00:33:49,680
Speaker 1: an industry and as an ecosystem, we've caught the attention

583
00:33:49,720 --> 00:33:52,880
Speaker 1: of Congress, and with the exception of a few outliers,

584
00:33:52,960 --> 00:33:56,560
Speaker 1: most of them are, if not already crypto champions, they

585
00:33:56,560 --> 00:33:59,040
Speaker 1: are crypto curious and they want to learn about this.

586
00:33:59,160 --> 00:34:02,160
Speaker 1: So I think incumbent upon us in the industry and

587
00:34:02,200 --> 00:34:05,240
Speaker 1: in the crypto ecosystem to make sure that they continue

588
00:34:05,280 --> 00:34:07,320
Speaker 1: to grow and learn and understand. And that's a lot

589
00:34:07,320 --> 00:34:11,239
Speaker 1: of what we do here at the Blockchain Association. Christ

590
00:34:11,239 --> 00:34:14,200
Speaker 1: And Smith of the Blockchain Association there with my colleague

591
00:34:14,280 --> 00:34:17,000
Speaker 1: Kaylee Lines, will have much more on Bloomberg technology. Next

592
00:34:17,160 --> 00:34:25,200
Speaker 1: this is Bloomberg. I do want to move on to

593
00:34:25,640 --> 00:34:29,640
Speaker 1: Amazon Web Services. There's an AWS summit underway now in Washington,

594
00:34:29,760 --> 00:34:32,800
Speaker 1: d C. Taking a deep dive into how public sector

595
00:34:32,880 --> 00:34:35,640
Speaker 1: organizations are using and can use the cloud to innovate

596
00:34:35,920 --> 00:34:40,200
Speaker 1: and enhance their digital transformations. Here to talk about that

597
00:34:40,280 --> 00:34:44,080
Speaker 1: and more, AWS Vice President of Worldwide Public Sector Max Peterson.

598
00:34:44,560 --> 00:34:48,160
Speaker 1: Max give us a status check or a report card

599
00:34:48,840 --> 00:34:52,120
Speaker 1: of sorts on how companies are managing this this digital transformation,

600
00:34:52,200 --> 00:34:56,000
Speaker 1: especially as we come out of the pandemic. That's a

601
00:34:56,000 --> 00:34:59,360
Speaker 1: great question, Thanks Emily. We've had over seventeen thousand people

602
00:34:59,400 --> 00:35:02,640
Speaker 1: registered to attend the Public Sector Summit here in Washington,

603
00:35:02,840 --> 00:35:06,280
Speaker 1: d C. To understand exactly that question and a couple

604
00:35:06,320 --> 00:35:10,600
Speaker 1: of significant ways that people are transforming um public sector

605
00:35:10,640 --> 00:35:13,239
Speaker 1: business is in terms of speed. Let me give you

606
00:35:13,280 --> 00:35:17,719
Speaker 1: one quick example. At the in the UH University of

607
00:35:17,719 --> 00:35:21,880
Speaker 1: British Columbium, they were working to solve the COVID pandemic

608
00:35:21,920 --> 00:35:24,480
Speaker 1: problems that we've all had. They had to turn to

609
00:35:24,560 --> 00:35:27,640
Speaker 1: AWS to be able to provide some immense computing power,

610
00:35:28,040 --> 00:35:30,040
Speaker 1: and what they were able to do was take six

611
00:35:30,080 --> 00:35:35,320
Speaker 1: million public records about health information, put him into AWUS

612
00:35:35,480 --> 00:35:38,680
Speaker 1: where they were able to take these records and take

613
00:35:38,719 --> 00:35:41,560
Speaker 1: what would have been a lengthy process compressor to eleven

614
00:35:41,640 --> 00:35:45,879
Speaker 1: days and be able to identify seven new coronavirus variants.

615
00:35:45,920 --> 00:35:49,880
Speaker 1: That's the sort of power that AWS gives researchers to

616
00:35:50,000 --> 00:35:53,960
Speaker 1: understand and solve big problems. You're also announcing a new

617
00:35:54,080 --> 00:36:00,239
Speaker 1: healthcare accelerator that will look at specific healthcare star ups.

618
00:36:00,280 --> 00:36:02,640
Speaker 1: What are the goals for AWS when it comes to

619
00:36:02,960 --> 00:36:06,640
Speaker 1: the healthcare sector specifically. Yeah, that's a great question. The

620
00:36:06,680 --> 00:36:10,839
Speaker 1: Healthcare Accelerator is really designed to help small businesses who

621
00:36:10,880 --> 00:36:15,800
Speaker 1: are really innovative get a four week intensive on AWS.

622
00:36:15,840 --> 00:36:18,680
Speaker 1: We give them cloud credits, we give them technical assistance,

623
00:36:18,800 --> 00:36:22,399
Speaker 1: we connect them with others in the healthcare industry, all

624
00:36:22,480 --> 00:36:26,600
Speaker 1: to create new solutions. We find that these startup accelerators

625
00:36:26,600 --> 00:36:29,920
Speaker 1: are the things that really generate tremendous new opportunities and

626
00:36:30,000 --> 00:36:33,800
Speaker 1: solve really big problems in very innovative ways. We're excited

627
00:36:33,840 --> 00:36:37,080
Speaker 1: to announce it here. This accelerator is focused on health

628
00:36:37,080 --> 00:36:40,839
Speaker 1: equity in particular, and it's open for applications for now

629
00:36:40,920 --> 00:36:45,360
Speaker 1: until July one. So you know, I'm so curious for

630
00:36:45,400 --> 00:36:48,040
Speaker 1: your thoughts on the labor market and how it's shifting now,

631
00:36:48,440 --> 00:36:51,760
Speaker 1: especially as so many companies are now competing for talent

632
00:36:52,280 --> 00:36:55,799
Speaker 1: and companies in the clouds specifically. Are what are the

633
00:36:55,880 --> 00:37:00,000
Speaker 1: interesting trends that you're seeing. Yes, well, I would start

634
00:37:00,000 --> 00:37:03,520
Speaker 1: about by saying that there is a well recognized shortage

635
00:37:03,560 --> 00:37:05,640
Speaker 1: and tech skills, and it's one of the reasons why

636
00:37:05,680 --> 00:37:09,680
Speaker 1: Amazon took action back in nineteen to announce our program

637
00:37:09,719 --> 00:37:14,000
Speaker 1: to skill up twenty nine million people with free cloud skills.

638
00:37:14,000 --> 00:37:17,600
Speaker 1: By of course, as a result of the pandemic, there

639
00:37:17,680 --> 00:37:22,239
Speaker 1: was a temporary increase in the difficulty of obtaining and

640
00:37:22,280 --> 00:37:25,239
Speaker 1: retaining focus, but as we've come out of the pandemic,

641
00:37:25,239 --> 00:37:29,280
Speaker 1: we're starting to see these return to more normal circumstances.

642
00:37:29,440 --> 00:37:31,480
Speaker 1: But I think the key for all of us is

643
00:37:31,520 --> 00:37:36,000
Speaker 1: to focus on continued skilling, whether it is UH early

644
00:37:36,080 --> 00:37:39,600
Speaker 1: age like our get I T program which targets UH

645
00:37:40,239 --> 00:37:43,799
Speaker 1: thirteen fourteen year olds, largely targets women to be able

646
00:37:43,800 --> 00:37:45,799
Speaker 1: to get them into tech skills, whether it's at the

647
00:37:45,920 --> 00:37:50,960
Speaker 1: university level thing AWS Academy, or whether it's with states

648
00:37:51,080 --> 00:37:56,960
Speaker 1: that worked upon workforce training programs. Okay, Max Peterson AWS, Max,

649
00:37:57,160 --> 00:38:00,200
Speaker 1: thank you for your views across all of that. At

650
00:38:02,280 --> 00:38:06,920
Speaker 1: late last week, a Los Angeles Superior Court judge invalidated

651
00:38:07,040 --> 00:38:11,640
Speaker 1: a California law that required gender parity on corporate boards.

652
00:38:12,000 --> 00:38:14,359
Speaker 1: Set A Bill eight to six was signed into law

653
00:38:14,360 --> 00:38:18,160
Speaker 1: in eighteen by then Governor Jerry Brown, making California the

654
00:38:18,200 --> 00:38:22,520
Speaker 1: first state to require publicly traded companies to include women

655
00:38:22,760 --> 00:38:27,560
Speaker 1: on their boards, a law that judge found to be unconstitutional.

656
00:38:27,840 --> 00:38:29,880
Speaker 1: Here with me to talk about that and more is

657
00:38:29,920 --> 00:38:33,480
Speaker 1: California's first partner, Jennifer Siebelnusom, who is also the co

658
00:38:33,680 --> 00:38:38,440
Speaker 1: founder of California Partner's Project, a nonprofit dedicated to promoting

659
00:38:38,800 --> 00:38:42,400
Speaker 1: gender equality and which is tracking the progress and implementation

660
00:38:42,920 --> 00:38:45,680
Speaker 1: of this bill. Jennifer, thank you so much for joining us. So,

661
00:38:45,760 --> 00:38:48,439
Speaker 1: first of all, what has been your reaction to this,

662
00:38:48,880 --> 00:38:51,560
Speaker 1: You know, a court in l a striking this down

663
00:38:51,640 --> 00:38:55,040
Speaker 1: and a judge saying that this law is unconstitutional. Well,

664
00:38:55,200 --> 00:38:57,680
Speaker 1: it's great to be with you. Thanks so much. Look,

665
00:38:57,719 --> 00:39:00,920
Speaker 1: I mean, the law has led to progress. We have

666
00:39:01,360 --> 00:39:04,680
Speaker 1: um around thirteen hundred seats filled in the past few

667
00:39:04,760 --> 00:39:09,320
Speaker 1: years UM with women on public companies in California. We've

668
00:39:10,000 --> 00:39:13,680
Speaker 1: nearly doubled the numbers of women or we've actually doubled

669
00:39:13,680 --> 00:39:16,120
Speaker 1: the number the percentage of women on public company boards

670
00:39:16,120 --> 00:39:21,839
Speaker 1: from fifteen point five percent in eighteen to uh this

671
00:39:21,960 --> 00:39:26,719
Speaker 1: in one we have nearly tripled the number of boards

672
00:39:26,719 --> 00:39:29,600
Speaker 1: seats held by women because we've increased the number of

673
00:39:29,680 --> 00:39:33,839
Speaker 1: public companies in California as well. So the law has

674
00:39:33,840 --> 00:39:37,440
Speaker 1: been a success, um. And you know, I'm a firm

675
00:39:37,640 --> 00:39:42,480
Speaker 1: believer that policy change leads to shifts and hearts and

676
00:39:42,560 --> 00:39:45,800
Speaker 1: minds and attitudes and behaviors, and so it's been working.

677
00:39:46,920 --> 00:39:50,879
Speaker 1: But here you have this law now being overturned. Does

678
00:39:50,880 --> 00:39:55,160
Speaker 1: this set progress back and how much? Yeah? Well, first

679
00:39:55,160 --> 00:39:59,840
Speaker 1: of all, we're appealing the overturn because it ignores the

680
00:40:00,040 --> 00:40:04,920
Speaker 1: substantial discrimination against women in the selection process to be

681
00:40:05,080 --> 00:40:09,359
Speaker 1: on public company boards. UH. We all know, and research indicates,

682
00:40:09,760 --> 00:40:14,759
Speaker 1: UM that the board seats are are typically held by

683
00:40:14,960 --> 00:40:20,040
Speaker 1: men who have been conditioned or have biases towards UM

684
00:40:20,200 --> 00:40:24,880
Speaker 1: selecting women candidates for the board. So everything from misperceptions

685
00:40:24,880 --> 00:40:31,240
Speaker 1: of risks UH to just insular networks and artificially narrow searches,

686
00:40:31,760 --> 00:40:35,400
Speaker 1: so all of this contributes to UM a bar that

687
00:40:35,560 --> 00:40:38,400
Speaker 1: is raised in the selection process for women and a

688
00:40:38,440 --> 00:40:41,480
Speaker 1: bar that is lowered for men in the selection process.

689
00:40:41,600 --> 00:40:45,880
Speaker 1: So again I'm I'm confident UM in this appeal UH

690
00:40:46,080 --> 00:40:51,040
Speaker 1: that another UH court will will see the benefit of

691
00:40:51,080 --> 00:40:54,000
Speaker 1: this legislation. And again, we only have three in our

692
00:40:54,040 --> 00:40:57,680
Speaker 1: seats left to fill. And again I'm I'm confident that

693
00:40:58,120 --> 00:41:00,880
Speaker 1: everyone already sees that when you have more diversity and

694
00:41:00,920 --> 00:41:04,839
Speaker 1: more women in public company board seats, that there's greater profitability,

695
00:41:04,920 --> 00:41:10,160
Speaker 1: sustainability UM, and ultimately it's just better for business all around.

696
00:41:10,840 --> 00:41:13,520
Speaker 1: I wonder though, if this is part of a disturbing

697
00:41:13,560 --> 00:41:18,240
Speaker 1: trend where we're seeing women backsliding. We saw them backslide

698
00:41:18,239 --> 00:41:20,760
Speaker 1: in the pandemic, you know, on the heels of of

699
00:41:20,760 --> 00:41:23,680
Speaker 1: of the Me too movement. Now we're seeing you know,

700
00:41:23,719 --> 00:41:28,160
Speaker 1: companies going through layoffs, heading into a tense macro economic environment.

701
00:41:28,200 --> 00:41:31,640
Speaker 1: The markets are melting down. Are you concerned that women

702
00:41:32,280 --> 00:41:38,759
Speaker 1: could be backsliding even more as we speak? So we're

703
00:41:38,800 --> 00:41:42,640
Speaker 1: living in really strange times. And again, if we look

704
00:41:42,680 --> 00:41:47,720
Speaker 1: at you know, SMP, UM, C, e O S and

705
00:41:47,719 --> 00:41:52,000
Speaker 1: and and broadly speaking the board representation and public companies,

706
00:41:52,040 --> 00:41:56,560
Speaker 1: so of boards seats are held by men, and of

707
00:41:56,560 --> 00:41:59,520
Speaker 1: CEOs are are male. And we're living in these times

708
00:41:59,520 --> 00:42:03,280
Speaker 1: of crisis, this with incredible economic inequality, a climate crisis,

709
00:42:03,280 --> 00:42:07,640
Speaker 1: public health crisis, is war, um mental health crisis, etcetera,

710
00:42:07,680 --> 00:42:11,799
Speaker 1: etcetera coming out of this pandemic um and we're just

711
00:42:11,960 --> 00:42:15,080
Speaker 1: there's so much um that women haven't had seats at

712
00:42:15,080 --> 00:42:18,799
Speaker 1: the tables of power, and so all to me, all

713
00:42:18,800 --> 00:42:22,000
Speaker 1: signs point to you put more women and with their

714
00:42:22,040 --> 00:42:26,440
Speaker 1: perspectives and experiences a decision making tables, and it's just

715
00:42:26,640 --> 00:42:30,000
Speaker 1: better for business, and it's better for our society, it's

716
00:42:30,040 --> 00:42:33,040
Speaker 1: better for the environment, it's better for everyone. All the

717
00:42:33,040 --> 00:42:36,240
Speaker 1: studies again indicate that women invest in not just profit,

718
00:42:36,600 --> 00:42:39,799
Speaker 1: but they'll focus on people and the planet at higher

719
00:42:39,880 --> 00:42:42,840
Speaker 1: rates than men will. UM the E s G outcomes

720
00:42:42,880 --> 00:42:47,360
Speaker 1: of having women sitting on public company boards are substantially greater.

721
00:42:47,760 --> 00:42:50,680
Speaker 1: So uh, and I'm happy to talk about those in detail.

722
00:42:50,760 --> 00:42:52,919
Speaker 1: But again, I think this all points to the fact

723
00:42:52,960 --> 00:42:55,799
Speaker 1: that what the past hasn't been working, and so we

724
00:42:55,880 --> 00:42:59,080
Speaker 1: need to just keep um supporting and encouraging more women

725
00:42:59,160 --> 00:43:01,959
Speaker 1: into leadership and giving them seats at the tables where

726
00:43:01,960 --> 00:43:05,600
Speaker 1: they deserve to be. And I really think that women

727
00:43:05,719 --> 00:43:08,960
Speaker 1: are primed to solve some of these complex issues that

728
00:43:09,160 --> 00:43:13,640
Speaker 1: have um across our economy and society. Today, we're seeing

729
00:43:13,680 --> 00:43:18,000
Speaker 1: companies increasingly facing pressure to take a stand, whether it's

730
00:43:18,080 --> 00:43:22,359
Speaker 1: Disney on the don't say gay legislation or companies in

731
00:43:22,400 --> 00:43:25,000
Speaker 1: general on the new potential for a row versus Wade

732
00:43:25,280 --> 00:43:28,920
Speaker 1: to be overturned. What do you think companies should do

733
00:43:29,040 --> 00:43:33,640
Speaker 1: in the situation, knowing that these are very polarizing issues.

734
00:43:34,480 --> 00:43:39,000
Speaker 1: So you're talking to someone who has always sort of

735
00:43:39,040 --> 00:43:42,640
Speaker 1: believed in the b court model or the as I said,

736
00:43:42,680 --> 00:43:47,280
Speaker 1: the triple bottom line model. UM that a successful company

737
00:43:47,400 --> 00:43:51,320
Speaker 1: invests in its employees and provides you know, family friendly

738
00:43:51,840 --> 00:43:56,200
Speaker 1: policies and benefits to its employees, and pays its employees equitably.

739
00:43:57,080 --> 00:44:01,480
Speaker 1: A successful company, uh make sure that it's not harming

740
00:44:01,520 --> 00:44:04,000
Speaker 1: the environment and it's actually leaving the environment and the

741
00:44:04,000 --> 00:44:06,000
Speaker 1: local community in a better place than it found it.

742
00:44:06,600 --> 00:44:10,719
Speaker 1: Um so, and it's profitable. Um. And so I think

743
00:44:10,760 --> 00:44:15,840
Speaker 1: that companies need to be bold and lean into their values,

744
00:44:15,920 --> 00:44:19,239
Speaker 1: just like we're leaning into our values in California. And

745
00:44:19,400 --> 00:44:22,400
Speaker 1: part of that is, as we all know, the greater

746
00:44:22,440 --> 00:44:25,360
Speaker 1: the diversity you have around its table, the greater the creativity,

747
00:44:25,400 --> 00:44:28,600
Speaker 1: productivity in the better bottom line. And so again I

748
00:44:28,600 --> 00:44:30,920
Speaker 1: think Disney needs to be bold. All these companies need

749
00:44:30,960 --> 00:44:33,440
Speaker 1: to be bold, similar with Row we way, they have

750
00:44:33,600 --> 00:44:37,040
Speaker 1: to lead and lean in with their values. Governor Newsom,

751
00:44:37,160 --> 00:44:40,839
Speaker 1: your husband is taking steps to make California kind of

752
00:44:40,880 --> 00:44:45,479
Speaker 1: a safe haven for abortion, recently proposing allocating a million

753
00:44:45,480 --> 00:44:48,879
Speaker 1: dollars in the budget toward reproductive health. What more would

754
00:44:48,920 --> 00:44:52,319
Speaker 1: you like to see California do? Probably speaking, I want

755
00:44:52,320 --> 00:44:55,640
Speaker 1: California to be the state where working moms want to

756
00:44:55,719 --> 00:44:58,600
Speaker 1: raise their families. UM. I really, and I think that

757
00:44:58,680 --> 00:45:02,000
Speaker 1: we're actually taking rate strides um in that direction. I'm

758
00:45:02,000 --> 00:45:04,480
Speaker 1: really proud of the work again that we've been doing

759
00:45:04,520 --> 00:45:09,600
Speaker 1: with regards to pay equity and women in public company boards. Again, UM,

760
00:45:09,680 --> 00:45:11,960
Speaker 1: we're leading the nation and now we're a world leader

761
00:45:12,000 --> 00:45:13,840
Speaker 1: when it comes to women in public company boards. I mean,

762
00:45:13,920 --> 00:45:16,799
Speaker 1: the strongest equal pay laws in the nation, UM, just

763
00:45:16,960 --> 00:45:20,960
Speaker 1: as I think we have incredible um UM laws related

764
00:45:21,000 --> 00:45:24,919
Speaker 1: to sexual harassment and assault, and so I do think

765
00:45:25,000 --> 00:45:30,080
Speaker 1: that we're creating environments where women can thrive. And we're

766
00:45:30,120 --> 00:45:33,239
Speaker 1: also so invested in ensuring that kids get the best

767
00:45:33,280 --> 00:45:35,240
Speaker 1: start in life. So part of my work is also

768
00:45:35,320 --> 00:45:39,440
Speaker 1: around UM children's mental health and ensuring kids get the

769
00:45:39,440 --> 00:45:42,120
Speaker 1: best nutrition and spend time and outdoors in our states

770
00:45:42,160 --> 00:45:45,080
Speaker 1: parks and UM. I'm also cheering the physical fitness and

771
00:45:45,080 --> 00:45:47,520
Speaker 1: mental health counsel and so there's a lot coming out

772
00:45:47,520 --> 00:45:50,680
Speaker 1: of there. Really. Again, I'm just really excited for California

773
00:45:50,719 --> 00:45:54,120
Speaker 1: to be a leader UM in terms of centering women's

774
00:45:54,160 --> 00:45:59,920
Speaker 1: perspectives and experiences and making sure that their families really thrive. Well,

775
00:46:00,239 --> 00:46:02,279
Speaker 1: speaking of children, I have to ask you before you

776
00:46:02,320 --> 00:46:07,760
Speaker 1: go about this absolutely horrific shooting in Yuvaldi, Texas, where

777
00:46:07,880 --> 00:46:12,120
Speaker 1: uh an eighteen year old shooter gunned down fifteen people

778
00:46:12,360 --> 00:46:15,960
Speaker 1: fourteen of them we believe to be elementary school students

779
00:46:16,000 --> 00:46:19,319
Speaker 1: in addition to their teacher. What is what is your

780
00:46:19,320 --> 00:46:26,360
Speaker 1: reaction to this? Uh? I want to cry. Um, it's horrifying.

781
00:46:27,200 --> 00:46:33,680
Speaker 1: I'm a mother of four. UM. We guns are a major, major,

782
00:46:33,760 --> 00:46:37,880
Speaker 1: major problem in our country. Toxic masculinity is a major,

783
00:46:37,960 --> 00:46:42,160
Speaker 1: major major problem in our country. Misinformation is a major

784
00:46:42,239 --> 00:46:46,680
Speaker 1: major problem in our country. Mental health is a major problem.

785
00:46:46,719 --> 00:46:50,000
Speaker 1: But guns and ammunition kill people, and they don't belong

786
00:46:50,040 --> 00:46:54,920
Speaker 1: in the hands of people that UM have extreme beliefs,

787
00:46:55,360 --> 00:46:59,920
Speaker 1: have a lot of hate. UM are are bigots, are racist,

788
00:47:00,239 --> 00:47:03,799
Speaker 1: are sexists, are violent offenders. They don't belong in their hands,

789
00:47:03,840 --> 00:47:07,000
Speaker 1: and semi automagmatic weapons definitely do not belong in their hands.

790
00:47:07,000 --> 00:47:11,360
Speaker 1: So I'm a firm believer in common sense gun laws.

791
00:47:11,480 --> 00:47:13,720
Speaker 1: And again, I think California has been leading the nation,

792
00:47:14,440 --> 00:47:17,600
Speaker 1: and some conservative judges have been challenging us. But I'm

793
00:47:17,600 --> 00:47:19,440
Speaker 1: really proud of what we've done and what the governor

794
00:47:19,440 --> 00:47:23,880
Speaker 1: has done with regards to common sense gun legislation. And

795
00:47:24,280 --> 00:47:28,240
Speaker 1: I my heart goes out to every child and family member,

796
00:47:29,000 --> 00:47:35,279
Speaker 1: UM who has been impacted. Uh, it's horrible, indeed, it is.

797
00:47:35,640 --> 00:47:39,480
Speaker 1: It is absolutely horrifying UM. Jennifer Siebel Newsom, California's first

798
00:47:39,480 --> 00:47:42,239
Speaker 1: partner co founder of the California Partner's Project, thank you

799
00:47:42,320 --> 00:47:45,880
Speaker 1: for sharing your thoughts here with us, and I just

800
00:47:45,920 --> 00:47:48,600
Speaker 1: want to lay out what we know again about this

801
00:47:48,880 --> 00:47:54,520
Speaker 1: shooting in Uvalde, Texas. Fifteen people killed so far, fourteen

802
00:47:54,600 --> 00:47:58,200
Speaker 1: of them children in addition to their teacher. According to

803
00:47:58,239 --> 00:48:01,640
Speaker 1: the Governor of Texas UH, the shooter was an eight

804
00:48:01,960 --> 00:48:06,280
Speaker 1: teen year old person who was shot and killed by police.

805
00:48:06,320 --> 00:48:11,439
Speaker 1: A couple of police were also injured, but they were

806
00:48:11,520 --> 00:48:17,480
Speaker 1: not killed. UM. We're continuing to follow everything that UH

807
00:48:17,840 --> 00:48:22,080
Speaker 1: is happening at this UM, the site of this shooting

808
00:48:22,080 --> 00:48:24,440
Speaker 1: in Uvaldi, Texas, and will continue to bring you more

809
00:48:24,480 --> 00:48:31,840
Speaker 1: details as we have them. This is Bloomberg. We're continuing

810
00:48:31,880 --> 00:48:36,880
Speaker 1: to cover breaking headlines out of the shooting scene in Uvaldi, Texas,

811
00:48:36,920 --> 00:48:40,280
Speaker 1: where fourteen elementary school students have been killed in addition

812
00:48:40,320 --> 00:48:44,120
Speaker 1: to their teacher. The shooting suspect and eighteen year old

813
00:48:44,120 --> 00:48:48,600
Speaker 1: man also killed by police. Again, we'll bring you more

814
00:48:48,640 --> 00:48:51,560
Speaker 1: details as we have them. I do want to move

815
00:48:51,600 --> 00:48:54,040
Speaker 1: on to some of the other stories of the day

816
00:48:54,120 --> 00:48:58,040
Speaker 1: and our crypto rapport. Crypto keeping a low profile In

817
00:48:58,080 --> 00:49:01,960
Speaker 1: midst of this broader market meltdown, Bitcoin falling to a

818
00:49:02,120 --> 00:49:07,680
Speaker 1: daily average below d dollars. Bitcoins moves showcasing a fairly

819
00:49:07,719 --> 00:49:11,920
Speaker 1: strong correlation between cryptocurrencies and other equities, even more so

820
00:49:12,480 --> 00:49:15,319
Speaker 1: uh than between the coin and tech stocks. This is

821
00:49:15,360 --> 00:49:19,680
Speaker 1: institutional investors still spooked by that Tara Luna collapse. Kristin

822
00:49:19,760 --> 00:49:23,160
Speaker 1: Smith from the Blockchain Association Join My colleague Kayley Lines

823
00:49:23,239 --> 00:49:29,400
Speaker 1: earlier in Davos talked about what it all means. I

824
00:49:29,440 --> 00:49:32,560
Speaker 1: think there are two primary issue shoes that get the

825
00:49:32,560 --> 00:49:36,080
Speaker 1: most attention for regulators. The first is having a way

826
00:49:36,120 --> 00:49:39,759
Speaker 1: to regulate the spot markets. Today crypto exchanges in the

827
00:49:39,840 --> 00:49:44,800
Speaker 1: US have money transmitter licenses, which isn't exactly directly related

828
00:49:44,840 --> 00:49:47,480
Speaker 1: to what they do most um. Instead, I think what

829
00:49:47,560 --> 00:49:51,080
Speaker 1: we need to see as a single uniform federal regulator. Uh.

830
00:49:51,120 --> 00:49:54,200
Speaker 1: The other issue is stable coin regulation, and there are

831
00:49:54,239 --> 00:49:57,760
Speaker 1: many different types of stable coins and having disclosures around

832
00:49:58,200 --> 00:50:01,360
Speaker 1: what are in those reserve is. Having audits of those

833
00:50:01,520 --> 00:50:04,520
Speaker 1: and making that information available to consumers would go a

834
00:50:04,520 --> 00:50:09,640
Speaker 1: long way towards preventing something like the Ust collapse. Kristen,

835
00:50:09,840 --> 00:50:13,600
Speaker 1: to what extent do you think that blockchain technology cryptocurrencies

836
00:50:13,640 --> 00:50:16,719
Speaker 1: at large have a reputation problem on Capitol Hill. I'm

837
00:50:16,760 --> 00:50:21,040
Speaker 1: just wondering how much is about perception versus real understanding

838
00:50:21,320 --> 00:50:23,759
Speaker 1: of how these ecosystems work. What is your sense on

839
00:50:23,800 --> 00:50:28,160
Speaker 1: how how great the level of understanding really is among lawmakers.

840
00:50:31,600 --> 00:50:34,600
Speaker 1: You know, we've made a tremendous amount of progress if

841
00:50:34,600 --> 00:50:36,799
Speaker 1: you compare where we're a year ago to where we

842
00:50:36,840 --> 00:50:41,080
Speaker 1: are today. The overall basic level of education and policymakers

843
00:50:41,080 --> 00:50:43,919
Speaker 1: have about this asset class has written quite a bit

844
00:50:44,200 --> 00:50:47,040
Speaker 1: the challenges that this is such a fast moving industry

845
00:50:47,080 --> 00:50:50,400
Speaker 1: that's constantly evolving and constantly changing, that it takes a

846
00:50:50,400 --> 00:50:53,239
Speaker 1: lot of work for these policymakers to keep up. But

847
00:50:53,360 --> 00:50:56,400
Speaker 1: I think what policymakers on Capitol Hill realize is that

848
00:50:56,480 --> 00:50:59,759
Speaker 1: they have constituents in their district that are investing in

849
00:50:59,800 --> 00:51:03,120
Speaker 1: the assets that are building on top of these blockchains,

850
00:51:03,400 --> 00:51:06,160
Speaker 1: and they're very passionate when it comes to public policy

851
00:51:06,200 --> 00:51:09,080
Speaker 1: in this space. And so I think we've caught as

852
00:51:09,120 --> 00:51:12,400
Speaker 1: an industry and as an ecosystem, we've caught the attention

853
00:51:12,400 --> 00:51:15,560
Speaker 1: of Congress, and with the exception of a few outliers,

854
00:51:15,680 --> 00:51:19,239
Speaker 1: most of them are, if not already crypto champions. They

855
00:51:19,280 --> 00:51:21,759
Speaker 1: are crypto curious and they want to learn about this.

856
00:51:21,880 --> 00:51:24,440
Speaker 1: So I think it's incumbent upon us in the industry

857
00:51:24,760 --> 00:51:27,400
Speaker 1: and in the crypto ecosystem to make sure that they

858
00:51:27,440 --> 00:51:29,840
Speaker 1: continue to grow and learn and understand. And that's a

859
00:51:29,840 --> 00:51:32,080
Speaker 1: lot of what we do here at the Blockchain Association.

860
00:51:33,680 --> 00:51:36,480
Speaker 1: Christ And Smiths of the Blockchain Association there with my

861
00:51:36,520 --> 00:51:40,080
Speaker 1: colleague Kaylee Lines, will have much more on Bloomberg technology next. UM,

862
00:51:40,120 --> 00:51:42,960
Speaker 1: I do want to move on to Amazon Web Services.

863
00:51:43,000 --> 00:51:46,080
Speaker 1: There's an AWS summit underway now in Washington, d C.

864
00:51:46,360 --> 00:51:49,680
Speaker 1: Taking a deep dive into how public sector organizations are

865
00:51:49,760 --> 00:51:53,560
Speaker 1: using and can use the cloud to innovate and enhance

866
00:51:53,640 --> 00:51:56,799
Speaker 1: their digital transformations. Here to talk about that and more.

867
00:51:56,880 --> 00:52:00,200
Speaker 1: AWS Vice President of Worldwide Public Sector Max Peter Sin

868
00:52:00,680 --> 00:52:04,280
Speaker 1: Max give us a status check or a report card

869
00:52:04,960 --> 00:52:08,239
Speaker 1: of sorts on how companies are managing this digital transformation,

870
00:52:08,320 --> 00:52:12,120
Speaker 1: especially as we come out of the pandemic. That's a

871
00:52:12,160 --> 00:52:15,480
Speaker 1: great question. Thanks Emily. We've had over seventeen thousand people

872
00:52:15,560 --> 00:52:18,800
Speaker 1: registered to attend the Public Sector Summit here in Washington,

873
00:52:18,960 --> 00:52:22,399
Speaker 1: d C. To understand exactly that question and a couple

874
00:52:22,440 --> 00:52:26,720
Speaker 1: of significant ways that people are transforming. UM public sector

875
00:52:26,760 --> 00:52:29,400
Speaker 1: business is in terms of speed. Let me give you

876
00:52:29,440 --> 00:52:33,840
Speaker 1: one quick example. At the in the uh University of

877
00:52:33,840 --> 00:52:38,040
Speaker 1: British Columbium, they were working to solve the COVID pandemic

878
00:52:38,040 --> 00:52:40,600
Speaker 1: problems that we've all had. They had to turn to

879
00:52:40,680 --> 00:52:43,760
Speaker 1: AWS to be able to provide some immense computing power,

880
00:52:44,160 --> 00:52:46,160
Speaker 1: and what they were able to do was take six

881
00:52:46,200 --> 00:52:51,600
Speaker 1: million public records about health information, put him into AWS

882
00:52:51,600 --> 00:52:54,799
Speaker 1: where they were able to take these records and take

883
00:52:54,840 --> 00:52:57,200
Speaker 1: what would have been a lengthy process, compress it to

884
00:52:57,239 --> 00:53:00,319
Speaker 1: eleven days, and be able to identify set the new

885
00:53:00,360 --> 00:53:05,160
Speaker 1: coronavirus variants. That's the sort of power that AWS gives

886
00:53:05,239 --> 00:53:09,840
Speaker 1: researchers to understand and solve big problems. You're also announcing

887
00:53:09,840 --> 00:53:16,400
Speaker 1: a new healthcare Accelerator that will look at specific healthcare startups.

888
00:53:16,400 --> 00:53:18,799
Speaker 1: What are the goals for AWS when it comes to

889
00:53:19,080 --> 00:53:22,799
Speaker 1: the healthcare sector specifically, Yeah, that's a great question. The

890
00:53:22,800 --> 00:53:27,000
Speaker 1: Healthcare Accelerator is really designed to help small businesses who

891
00:53:27,040 --> 00:53:31,920
Speaker 1: are really innovative get a four week intensive on AWS.

892
00:53:31,960 --> 00:53:34,840
Speaker 1: We give them cloud credits, we give them technical assistance,

893
00:53:34,920 --> 00:53:38,520
Speaker 1: We connect them with others in the healthcare industry, all

894
00:53:38,600 --> 00:53:42,680
Speaker 1: to create new solutions. We find that these startup accelerators

895
00:53:42,719 --> 00:53:46,040
Speaker 1: are the things that really generate tremendous new opportunities and

896
00:53:46,120 --> 00:53:49,920
Speaker 1: solve really big problems in very innovative ways. We're excited

897
00:53:49,960 --> 00:53:53,200
Speaker 1: to announce it here. This accelerator is focused on health

898
00:53:53,239 --> 00:53:56,960
Speaker 1: equity in particular, and it's open for applications for now

899
00:53:57,040 --> 00:54:01,520
Speaker 1: until July one. So, you know, I'm so curious for

900
00:54:01,520 --> 00:54:04,160
Speaker 1: your thoughts on the labor market and how it's shifting now,

901
00:54:04,560 --> 00:54:07,920
Speaker 1: especially as so many companies are now competing for talent

902
00:54:08,400 --> 00:54:11,920
Speaker 1: and companies in the clouds specifically. Are what are the

903
00:54:12,000 --> 00:54:16,200
Speaker 1: interesting trends that you're seeing. Yes, well, I would start

904
00:54:16,200 --> 00:54:19,680
Speaker 1: off by saying that there is a well recognized shortage

905
00:54:19,680 --> 00:54:21,759
Speaker 1: and tech skills, and it's one of the reasons why

906
00:54:21,800 --> 00:54:25,960
Speaker 1: Amazon took action back in to announce our program to

907
00:54:26,000 --> 00:54:30,120
Speaker 1: skill up twenty nine million people with three cloud skills.

908
00:54:31,640 --> 00:54:33,840
Speaker 1: Of course, as a result of the pandemic, there was

909
00:54:33,880 --> 00:54:39,560
Speaker 1: a temporary increase in the difficulty of obtaining and retaining focus.

910
00:54:39,600 --> 00:54:41,799
Speaker 1: But as we've come out of the pandemic, we're starting

911
00:54:41,840 --> 00:54:45,799
Speaker 1: to see these return to more normal circumstances. But I

912
00:54:45,840 --> 00:54:48,200
Speaker 1: think the key for all of us is to focus

913
00:54:48,239 --> 00:54:52,960
Speaker 1: on continued skilling, whether it is UH early age like

914
00:54:52,960 --> 00:54:57,759
Speaker 1: our get I T program which targets UH fourteen year olds,

915
00:54:57,840 --> 00:55:00,520
Speaker 1: largely targets women to be able to get them into

916
00:55:00,560 --> 00:55:04,040
Speaker 1: tech skills, whether it's at the university level than at

917
00:55:04,200 --> 00:55:07,880
Speaker 1: a WS academy, or whether it's with states that worked

918
00:55:07,920 --> 00:55:13,520
Speaker 1: upon workforce training programs. Okay, Max Peterson AWS, Max, thank

919
00:55:13,600 --> 00:55:16,600
Speaker 1: you for your views across all of that. This is

920
00:55:16,600 --> 00:55:17,160
Speaker 1: Bloomberg