WEBVTT - Tech Selloff Continues and Bitcoin Goes Below $31K 0:00:02.160 --> 0:00:05.480 From the heart of where innovation, money and power. CALLI 0:00:06.320 --> 0:00:10.840 in Silicon Valley and beyond. This is Bloomberg Technology with 0:00:10.920 --> 0:00:26.720 Emily Jay. I'm Caroline Hide in New York game for 0:00:26.720 --> 0:00:29.240 Emily Chang and this is Bloomberg Technology coming up in 0:00:29.240 --> 0:00:32.440 the next hour. The sell off and continues across the board. 0:00:32.560 --> 0:00:35.040 Tech is in the crosshairs. Is fears Lingo over the 0:00:35.040 --> 0:00:38.680 fensibility to tackle inflation. Then as that one well now 0:00:38.720 --> 0:00:43.159 down in the last three training days plus Crypto not 0:00:43.320 --> 0:00:46.120 spared in this sell off. Bitcoin slipping down below thirty two, 0:00:46.560 --> 0:00:49.800 down more than from its all time high. My conversation 0:00:49.840 --> 0:00:53.199 with Galaxy Digitals Michael Novegratz about where he thinks the 0:00:53.200 --> 0:00:56.480 bottom might be, and look out below how the slide 0:00:56.480 --> 0:00:58.840 inequities is affecting the once hot I p O market. 0:00:58.880 --> 0:01:01.640 Will talk to one textio who says, with the traditional 0:01:01.680 --> 0:01:06.560 IPO press, it's actually a scam kicking things off. Victoria Green, 0:01:06.720 --> 0:01:08.920 she's a chief investment officer. I'm fanning partner over at 0:01:08.959 --> 0:01:12.319 g squad. Victoria perfect to have your voice, because what 0:01:12.400 --> 0:01:15.120 do you make of whether we're going to see capitulation 0:01:15.120 --> 0:01:17.720 in the market sometime soon, whether the correlations are all 0:01:17.760 --> 0:01:20.440 sort of working against the tech investor right now. I 0:01:20.440 --> 0:01:22.240 don't think it's going to capitulate yet. You know the 0:01:22.360 --> 0:01:25.559 number one invested adage right now, if don't fight the FED, 0:01:25.600 --> 0:01:27.679 and I think the FED is going up, they're gonna hike, 0:01:27.720 --> 0:01:30.000 They're gonna tighten. And that's a little bit tough on 0:01:30.000 --> 0:01:32.240 on tech and growth right now. And honestly, and not 0:01:32.319 --> 0:01:34.880 all stocks are created equal. Right now, I'm kind of 0:01:34.920 --> 0:01:36.760 staying out with the new and in with the old. 0:01:37.120 --> 0:01:39.520 Are of the new stuff, the pandemic darlings that are 0:01:39.520 --> 0:01:42.360 now pandemic duds are not really performing the same as 0:01:42.360 --> 0:01:44.240 some of the old tech. You look at your IBM, 0:01:44.319 --> 0:01:46.960 your Cisco, your broad cooms and and and more of 0:01:46.959 --> 0:01:49.720 the value text. So right now, we really do think 0:01:49.760 --> 0:01:51.600 you want to be owning companies that are giving you 0:01:51.640 --> 0:01:55.200 the earnings now, that have a sustainable path forward on 0:01:55.240 --> 0:01:57.080 how they're going to grow their earning, not just on 0:01:57.200 --> 0:01:59.320 a wing in a prayer and what they hope will happen. 0:01:59.440 --> 0:02:00.880 And so I think you see a lot of these 0:02:00.880 --> 0:02:04.320 stocks getting punished. I mean, Amazon down thirty three percent 0:02:04.440 --> 0:02:07.240 since the end of March, and that company obviously prints 0:02:07.240 --> 0:02:10.320 billions upon billions of cash. But I think investors are 0:02:10.320 --> 0:02:12.760 looking where are we going to find growths? How are 0:02:12.760 --> 0:02:16.040 you going to grow your earnings? Why is Microsoft off 0:02:16.120 --> 0:02:18.960 one of the four percent? People questioning the growth of 0:02:19.000 --> 0:02:20.800 that sort of a business as well? Or is this 0:02:20.880 --> 0:02:23.239 the sort of at the moment everything the baby goes 0:02:23.240 --> 0:02:26.919 out with a baffof it's a following tide following all boats. 0:02:26.960 --> 0:02:28.520 You know, that's a horrible way of putting it. But 0:02:28.600 --> 0:02:31.480 at baby and bathwater. Absolutely there's nowhere to hide right now. 0:02:31.520 --> 0:02:33.600 If you're looking for green on the screen, it is 0:02:33.760 --> 0:02:36.400 very minimal, especially in the tech sector. I don't think 0:02:36.400 --> 0:02:39.359 there's anything wrong with earning Microsoft. They had great earning 0:02:39.760 --> 0:02:42.280 uh and obviously they've got a good potential, but I 0:02:42.320 --> 0:02:44.880 think they're getting dragged down with everyone else. You're seeing 0:02:44.880 --> 0:02:47.960 this correlation with with bitcoin, with tech stocks, with the 0:02:48.080 --> 0:02:51.119 arc funds, and we actually con termed about the Holy trinity, 0:02:51.360 --> 0:02:53.639 and you're seeing that correlation live up to it. It's 0:02:53.680 --> 0:02:56.400 it's billing right now because you really can't see one 0:02:56.440 --> 0:02:59.200 move without the other one. And you're not seeing bitcoin 0:02:59.280 --> 0:03:01.959 be aheads at all. You're seeing it not in head inflation, 0:03:02.240 --> 0:03:04.280 and you're seeing it more and more developed into a 0:03:04.360 --> 0:03:08.360 tradeable stock type investment that has no earning, so you 0:03:08.400 --> 0:03:10.800 know what it is. I think we're finding out a 0:03:10.800 --> 0:03:14.079 little bit more what it is. When you're chief investment officer, 0:03:14.160 --> 0:03:16.720 are you looking at well, either is this a by 0:03:16.760 --> 0:03:19.120 the dip moment and you know when everyone else is 0:03:19.160 --> 0:03:21.240 fearful be greedy, or is there something that you need 0:03:21.280 --> 0:03:23.919 to see some sort of bottom, some sort of clearing 0:03:23.919 --> 0:03:25.720 of the deck by the Federal Reserve, some sort of 0:03:25.760 --> 0:03:29.239 sign of of peak inflation before you start thinking, Okay, 0:03:29.280 --> 0:03:32.959 now is a safe moment to be allocating cash. Uh, 0:03:33.000 --> 0:03:35.400 we're not quite buyed yet of the tech sector. I 0:03:35.440 --> 0:03:37.200 think it's a little early. I don't think we think 0:03:37.200 --> 0:03:40.240 of situation yet. The sad's not going to rescue us here. 0:03:40.360 --> 0:03:42.240 I think there are some people holding out, some hope 0:03:42.280 --> 0:03:44.280 that maybe they won't be as hawkish because look at 0:03:44.320 --> 0:03:47.360 how bad the markets then. But we're holding tight. We've 0:03:47.400 --> 0:03:50.120 been looking more at value. I think with tech, you 0:03:50.120 --> 0:03:51.880 know there are some selective names. You look at some 0:03:51.920 --> 0:03:54.360 of the semis that have sold off or cybersecurity that 0:03:54.600 --> 0:03:56.920 there are very good companies you're seeing it just it 0:03:56.920 --> 0:03:59.320 doesn't matter who you are, you're going down. I think 0:03:59.360 --> 0:04:00.960 it's early to come in, and if you look at 0:04:00.960 --> 0:04:03.760 the technicals, we're kind of in the middle ground right now, 0:04:03.800 --> 0:04:05.800 and and I think that means there's more to ball. 0:04:05.840 --> 0:04:09.120 There's nothing to rescue us really soon. What is the 0:04:09.160 --> 0:04:12.720 sign of capitulation for you, Victoria, I mean, I think 0:04:12.720 --> 0:04:15.120 we need a Billy show nine percent down there. I 0:04:15.120 --> 0:04:17.040 think we need to sign some support and some putting 0:04:17.040 --> 0:04:19.520 on the technical side. And I think, obviously, you know, 0:04:19.600 --> 0:04:22.800 have we reached Pete Pocket said, I don't think so. 0:04:22.880 --> 0:04:24.520 I think they're going to run off their balance sheet. 0:04:24.600 --> 0:04:26.800 So I think maybe this summer we can see it 0:04:26.880 --> 0:04:29.400 move around. You know, I don't see us avoiding a second. 0:04:29.600 --> 0:04:31.719 So I'm not moving very fast right now because I 0:04:31.760 --> 0:04:33.800 see a little bit more pain in the cards, especially 0:04:33.839 --> 0:04:39.039 for the sector. Meanwhile, forty five pm New York time, 0:04:39.600 --> 0:04:41.279 it was announced by Grinder that it is going to 0:04:41.320 --> 0:04:43.760 go public through a Tiger's back at two point one 0:04:43.800 --> 0:04:47.680 billions on evaluation. I mean, I've seen headline after headline, 0:04:47.720 --> 0:04:50.760 Bank of America, Goldman City, all these banks backing away 0:04:50.800 --> 0:04:55.120 from being exposed to special purpose acquisition companies. They're worried 0:04:55.160 --> 0:04:58.160 about the regulation effect right about being in some way 0:04:58.520 --> 0:05:01.520 affected by it, do this companies still coming to the market. 0:05:01.560 --> 0:05:05.680 Do you see still spacks but purchasing companies. I think 0:05:05.720 --> 0:05:08.479 stacks work when they have a target in mind and 0:05:08.520 --> 0:05:10.200 they can acquire it. You know, it's just kind of 0:05:10.200 --> 0:05:12.440 a backdoor I p O. I think what they're trying 0:05:12.480 --> 0:05:15.400 to limit is a spack raising capital on hopes and 0:05:15.480 --> 0:05:18.120 dreams and not really having a set target. And you 0:05:18.160 --> 0:05:20.880 saw a lot of SPACs fail and the banks got rich, 0:05:21.040 --> 0:05:23.919 the sponsors got rich, and the underlying clients tended to 0:05:23.960 --> 0:05:26.840 not do well. So obviously the SEC stepping in uh 0:05:26.920 --> 0:05:29.039 really made people back off the similar to other I 0:05:29.120 --> 0:05:30.560 p O s, I think the fact is not going 0:05:30.640 --> 0:05:32.039 to be dead, but I think it's going to go 0:05:32.120 --> 0:05:35.040 back to doing what it was supposed to do, which 0:05:35.120 --> 0:05:36.839 was kind of bring a company to market with a 0:05:36.839 --> 0:05:39.400 little bit of a backdoor. But then it became open 0:05:39.440 --> 0:05:42.039 season and everybody was just raising all this money to 0:05:42.120 --> 0:05:44.680 eventually go buy something, and there aren't enough targets, and 0:05:44.720 --> 0:05:47.560 you saw multiple SPACs fail, and you know you have 0:05:47.640 --> 0:05:50.400 to wonder. Obviously, with Bumble and everything else, this is 0:05:50.440 --> 0:05:53.360 a crowded space. But the Grinder has put a pretty 0:05:53.560 --> 0:05:55.680 decent niche in their market, and it is a is 0:05:55.720 --> 0:05:58.360 a viable product. Um. I think they're really targeting the 0:05:58.480 --> 0:06:02.159 facts that that didn't really have a target, and investors 0:06:02.200 --> 0:06:05.159 really got hurt by putting the money with This person 0:06:05.240 --> 0:06:07.240 knows what they're doing. They're going to be able to 0:06:07.279 --> 0:06:10.440 find this company for me and then eventually not finding 0:06:10.440 --> 0:06:15.040 what they wanted. There's a global element to this, of course, Yes, 0:06:15.080 --> 0:06:18.320 we're very fearful of the FED of inflation of very 0:06:18.360 --> 0:06:20.480 close to home things, but of course this is also 0:06:20.520 --> 0:06:23.640 the perfect year political storm. This is an inflationary pressure 0:06:23.640 --> 0:06:26.240 that is worldwide. This is also a story of slowdown, 0:06:26.279 --> 0:06:28.680 particularly in China. How much you're looking at those global 0:06:28.720 --> 0:06:30.600 effects from that at the moment, Victoria, are you very 0:06:30.640 --> 0:06:33.719 much focused on what's affecting the US economy? Well, I 0:06:33.720 --> 0:06:36.000 mean the supply chain issue in China is going to 0:06:36.040 --> 0:06:38.880 affect us greatly. You know, we we barely got out 0:06:38.920 --> 0:06:41.520 of COVID and we kind of ductap together this recovery. 0:06:41.760 --> 0:06:43.840 We weren't really on that pilt of a footing, even 0:06:43.880 --> 0:06:46.200 though the market had this tremendous rally off that mark, 0:06:47.600 --> 0:06:49.559 and then we look around and you see what's happening 0:06:49.560 --> 0:06:52.440 in Shanghai. The zero COVID policies in China and the 0:06:52.520 --> 0:06:55.240 supply chain back up. We're still very vulnerable to that 0:06:55.279 --> 0:06:57.919 supply chain back up, you know, moving a factory and 0:06:57.960 --> 0:07:00.520 actually shoring up your supply chain from maybe we have 0:07:00.640 --> 0:07:03.360 some other options and people are sitting on some more inventory. 0:07:03.960 --> 0:07:05.880 It's not easy to build. You can't build a factory 0:07:05.880 --> 0:07:08.880 and get it going in a year. So our supply 0:07:08.960 --> 0:07:11.680 chains better. No, you have pressure coming from the war 0:07:11.720 --> 0:07:14.560 in Ukraine. You're cutting rushed out of the market. You 0:07:14.600 --> 0:07:17.720 have China shutting down, Shanghai shutting down. You see all 0:07:17.760 --> 0:07:20.320 of those chips backed up at the Shanghai port, very 0:07:20.360 --> 0:07:22.480 revenuscent of what was happening outside of the port of 0:07:22.600 --> 0:07:25.200 l A and you're already putting pressure on on what 0:07:25.320 --> 0:07:27.800 wasn't really a great supply chain to begin with. So 0:07:28.160 --> 0:07:30.960 the world is getting smaller. And when the world gets smaller, 0:07:31.000 --> 0:07:33.560 you know we cut out Russia. China's shutting down a 0:07:33.640 --> 0:07:35.840 little bit. How are you going to find your growth 0:07:35.920 --> 0:07:38.200 right now? If you have less trading partners and you're 0:07:38.200 --> 0:07:40.120 paying more. So I think there's a lot of pain 0:07:40.200 --> 0:07:42.480 still to be had. I'm not uber bear. I think 0:07:42.480 --> 0:07:44.320 we can find footing. I don't think this is an 0:07:44.320 --> 0:07:46.200 o A, but I think you need to be very 0:07:46.280 --> 0:07:48.640 aware of what you own right now and how how 0:07:48.680 --> 0:07:51.280 at risk you are to your earnings holding up. Are 0:07:51.320 --> 0:07:53.840 they sustainable? You know? And then you look at a 0:07:53.920 --> 0:07:56.320 Netflix and realize that, hey, some of these these high 0:07:56.320 --> 0:07:59.040 fire megacaps. You know, it takes one or two bad 0:07:59.040 --> 0:08:03.640 earnings for Booker a Netflix and suddenly they lose value. 0:08:04.200 --> 0:08:07.000 Victoria Green can talk all afternoon to you. Thank you 0:08:07.040 --> 0:08:10.600 so much, Chief investment officer for g squared. Fascinating discussion, 0:08:10.600 --> 0:08:13.360 of course, coming from what is a boutique independent advisory 0:08:13.360 --> 0:08:16.000 fun Meanwhile, coming up more on the text sell off 0:08:16.160 --> 0:08:18.360 what that means for the I p O landscape. We're 0:08:18.360 --> 0:08:20.520 just talking about it with Victoria. We'll discuss all this 0:08:20.560 --> 0:08:24.520 and more with mobile analytics company Amplitude as net. This 0:08:24.600 --> 0:08:49.120 is a bloomberg. We're seeing the end of a long 0:08:49.240 --> 0:08:51.880 era of free money that our economy, in the global 0:08:51.880 --> 0:08:54.079 economy has been in, you know, going back all the 0:08:54.080 --> 0:08:55.880 way to September eleven. Well, it's a bit of a 0:08:55.880 --> 0:08:58.680 blood bath out there. So companies that were already in 0:08:58.760 --> 0:09:01.040 the ip O window hoping to go public this year, 0:09:01.320 --> 0:09:04.720 that window is shut late stage growth companies are pulling back. 0:09:05.200 --> 0:09:07.959 Early stage companies are not getting rounds done. I mean, 0:09:07.960 --> 0:09:12.880 there's a real venture chill afoot. Unfortunately, it's certainly a 0:09:12.920 --> 0:09:15.320 tough market out there, as you acknowledge. But you know, 0:09:15.360 --> 0:09:17.920 at the same time at DoorDash, we're focused on the fundermentals, 0:09:17.920 --> 0:09:20.400 and the fundomentals for doordesh are incredibly strong. You know, 0:09:20.440 --> 0:09:22.760 we're not happy about obviously what's been happening with tech 0:09:22.800 --> 0:09:25.560 stocks or our stock, but at the same time, you know, 0:09:25.679 --> 0:09:28.040 new world that we're entering, and I just think about 0:09:28.080 --> 0:09:30.760 the fundamental value proposition that Toyot provides, you know, to 0:09:30.800 --> 0:09:32.560 our customers. You know, we just keep our eye on 0:09:32.559 --> 0:09:34.240 the ball, which is serving our customers, and I think 0:09:34.280 --> 0:09:36.080 that's what a lot of companies are are probably just 0:09:36.120 --> 0:09:40.560 doing there in this time. A few tech executives there 0:09:40.640 --> 0:09:43.240 that we've been having across the Blue Bow Technology Show 0:09:43.600 --> 0:09:45.760 in the last week or so, reacting to the tech 0:09:45.840 --> 0:09:48.400 sell off. We want to talk to another CEO, Amplitudes. 0:09:48.640 --> 0:09:51.480 Spencer Skates is with us company joined the public market 0:09:51.559 --> 0:09:53.360 and or a direct listing less than a year ago 0:09:53.440 --> 0:09:55.360 back in September, and you go to the Heady Heights 0:09:55.400 --> 0:09:58.160 of about a ten billion dollar market cap and and 0:09:58.200 --> 0:10:00.600 I'm afraid it's a lot less than that now, Spencer, 0:10:00.640 --> 0:10:02.320 And of course, I'm sure you're gonna say, look, I 0:10:02.400 --> 0:10:05.000 on the prize, keep focused on the business, But what 0:10:05.080 --> 0:10:07.120 do you do when your investors must be a little 0:10:07.120 --> 0:10:11.160 shell shopped? Yeah, and again, I think we delivered a 0:10:11.160 --> 0:10:14.560 phenomenal Q one result on our last earnings call. We're 0:10:14.600 --> 0:10:17.360 really excited about being out in the public markets. One 0:10:17.400 --> 0:10:20.600 of the number one things I had to emphasize with 0:10:20.640 --> 0:10:24.160 the team is that short term market volatility is just 0:10:24.280 --> 0:10:27.160 not in your control. You can still deliver everything you 0:10:27.200 --> 0:10:29.400 commit to as a company. You can grow the business. 0:10:29.440 --> 0:10:32.120 We had one of our most phenomenal growth years last year, 0:10:32.160 --> 0:10:35.079 being up sixty every year, and you can still get 0:10:35.120 --> 0:10:37.240 hit in the public markets because of things outside of 0:10:37.240 --> 0:10:40.160 your control. And so we're seeing that happened very broadly 0:10:40.200 --> 0:10:44.040 across the sector. You know, even companies that meet or 0:10:44.080 --> 0:10:47.920 exceed earnings expectations get hit um and so it really 0:10:48.000 --> 0:10:50.600 tests what c e O s and what teams are 0:10:50.640 --> 0:10:53.040 in it for the long term versus short. Yeah, well 0:10:53.080 --> 0:10:54.760 said on that, and I'm interested is to how you 0:10:54.800 --> 0:10:57.760 make sure that your talent remains in the long term, 0:10:57.800 --> 0:11:00.760 because when you've had an exit moment, when you've of 0:11:00.800 --> 0:11:03.200 course people got a lot of money exposed to the 0:11:03.240 --> 0:11:06.720 share price. Now, how do you ensure that people remain 0:11:06.800 --> 0:11:09.760 as focused on the long term as you are. Well, 0:11:09.800 --> 0:11:13.280 we actually brought the entire company through a whole exercise 0:11:13.280 --> 0:11:15.960 where we actually pretended we were a public before we 0:11:16.000 --> 0:11:18.800 went out into the markets, where we simulated a stock 0:11:18.840 --> 0:11:20.920 price for the company, and we hadn't go way up, 0:11:21.240 --> 0:11:23.480 and then we had to go way down, um, and 0:11:23.480 --> 0:11:25.480 then we had to come back to the middle. And 0:11:25.520 --> 0:11:28.360 the key thing for everyone to understand and take away 0:11:28.520 --> 0:11:31.400 was that even if they delivered the results, even if 0:11:31.440 --> 0:11:34.040 they achieved their goals, even if they were successful as 0:11:34.040 --> 0:11:37.760 a company, that the stock price could have tremendous volatility. 0:11:38.160 --> 0:11:41.280 And so the only thing that we could control was 0:11:41.360 --> 0:11:44.040 whether we hit our goals, whether we ship products, whether 0:11:44.080 --> 0:11:47.960 we make customers happy, um. And to stay focused on that, 0:11:48.000 --> 0:11:50.440 and if you stay focused on that, that will result 0:11:50.720 --> 0:11:53.160 in success in the long term. Some of the best 0:11:53.200 --> 0:11:57.000 tech companies got started during down terms and recessions. Sales 0:11:57.080 --> 0:11:59.680 Force started in the early two thousand's, uh, you know, 0:11:59.720 --> 0:12:02.440 face books started around then as well. Lots of great 0:12:02.440 --> 0:12:05.480 companies like Airbnb started during the financial crisis in two 0:12:05.520 --> 0:12:08.040 thousand and eight UM and so it's really now is 0:12:08.080 --> 0:12:10.240 that is one of the best times to build and 0:12:10.280 --> 0:12:13.680 grow a large tech company. And so this is where 0:12:13.720 --> 0:12:15.960 you see a lot of noise being removed from the market, 0:12:16.000 --> 0:12:18.320 where companies who are not as good will have to 0:12:18.360 --> 0:12:21.120 go through layoffs, will have to kind of pull back 0:12:21.160 --> 0:12:24.439 their investments as money isn't available and as free as 0:12:24.440 --> 0:12:25.880 it is now as it was in the past. And 0:12:25.920 --> 0:12:28.920 it's really for those who have robust, durable businesses that 0:12:28.960 --> 0:12:31.400 will be able to weather the next few years. And 0:12:31.440 --> 0:12:33.280 so that's something that we've always done very well here 0:12:33.280 --> 0:12:36.800 at Amplitude. And the robustness of your business is also 0:12:36.920 --> 0:12:41.360 put determined by the demand and by companies willing to 0:12:41.400 --> 0:12:43.920 spend on products such as ourselves. Do you feel like 0:12:44.480 --> 0:12:46.960 the sentiment is there, that the confidence is there for 0:12:47.000 --> 0:12:50.280 people to be buying Amplitude services. Oh yeah, we had, 0:12:50.559 --> 0:12:52.439 you know, That's why we were very proud of the 0:12:52.520 --> 0:12:54.760 Q one results that we had. We had a lot 0:12:54.800 --> 0:12:57.839 of great companies decided to either come on to Amplitude 0:12:57.840 --> 0:13:00.439 for the first time, companies like Barnes and Noble or 0:13:00.520 --> 0:13:03.120 brain Security. We had a lot of companies expand on 0:13:03.200 --> 0:13:06.160 us in a big way. PayPal was a big uh 0:13:06.960 --> 0:13:09.760 as a big expansion growth this quarter. We had Square, 0:13:09.760 --> 0:13:12.160 we had Okay, Cupid, we had IBM, we had the 0:13:12.200 --> 0:13:15.240 weather channels. So tons and tons of companies out there 0:13:15.240 --> 0:13:17.960 really willing to make investments with Amplitude, and that goes 0:13:18.000 --> 0:13:21.880 back to the rising power of the product organization. So 0:13:22.200 --> 0:13:23.920 you know what we do here at Amplitude is we 0:13:23.960 --> 0:13:27.040 help companies build data driven products UM. And so what 0:13:27.160 --> 0:13:30.520 Adobe is for marketing and salesforces, for sales team, Amplitude 0:13:30.600 --> 0:13:33.599 is for product teams and so all the same megatrends 0:13:33.640 --> 0:13:37.600 around people driving growth through products. So product like growth, 0:13:37.840 --> 0:13:41.920 people needing data DRIM products UM, digital optimization being the 0:13:41.920 --> 0:13:45.360 next wave after digital transformation, all of those data points 0:13:45.360 --> 0:13:48.240 are still very much ringing, ringing true today. Okay, And 0:13:48.600 --> 0:13:52.440 do you have what is it that continues to perhaps 0:13:52.840 --> 0:13:54.720 be a limitation to you? Of course? Does it? Is 0:13:54.720 --> 0:13:57.400 it talent? I feel that everyone's talking about how facely 0:13:57.440 --> 0:13:59.319 everyone is fighting for at the moment, how having to 0:13:59.320 --> 0:14:01.480 pay up for the information rey pressures. That is that 0:14:01.520 --> 0:14:04.840 something you feel confident in a way you currently stand spensive. Yeah, 0:14:04.880 --> 0:14:07.400 you know, talent is always a challenge for every company 0:14:07.440 --> 0:14:09.920 and it's no different here at Amplitude. And that's honestly 0:14:09.920 --> 0:14:12.360 my number one concern before we went out into the 0:14:12.360 --> 0:14:14.280 public markets. People ask me, hey, what do you think 0:14:14.280 --> 0:14:16.800 the biggest risk to Amplitude is UM and I kept 0:14:16.880 --> 0:14:19.840 going back to talent and our ability to make them successful. 0:14:19.880 --> 0:14:22.720 Here in Amplitude. We're really confident UM in the market 0:14:22.760 --> 0:14:25.480 opportunity here, you know, thirty seven billion dollars of total 0:14:25.560 --> 0:14:28.440 adjustable market for what we do. We're really confident and 0:14:28.440 --> 0:14:30.520 that we have a best in class product. We had 0:14:30.520 --> 0:14:33.000 a number of awards that continue to come out about 0:14:33.400 --> 0:14:36.480 cementing Amplitude as the number one product analytics platform in 0:14:36.480 --> 0:14:39.040 the space UM. And so it really comes down to 0:14:39.120 --> 0:14:41.440 our ability to execute on that and that's that's the 0:14:41.480 --> 0:14:44.200 talent Now. I think in the sessiony environment, you know, 0:14:44.240 --> 0:14:47.120 a lot of ways, talent becomes cheaper and more accessible 0:14:47.120 --> 0:14:49.320 because there's less opportunities out there. So it's a it's 0:14:49.360 --> 0:14:51.880 a really great opportunity for us and to go play offense. 0:14:51.880 --> 0:14:54.720 We have this really strong balance sheet here at Amplitude, 0:14:54.720 --> 0:14:57.240 and you know, we are continuing to make investments in 0:14:57.240 --> 0:15:09.360 talent across the board, Spencer, Skates, Applitude CEO Mata. Of course, 0:15:09.560 --> 0:15:12.760 parent company of Facebook, is opening its first physical store 0:15:13.160 --> 0:15:15.720 and it's a brick and mortar bed on the metaverse 0:15:16.000 --> 0:15:19.360 Matter hopes giving consumers chance to try out the VR, 0:15:19.440 --> 0:15:21.960 the a R hardware, while the little boost interest in 0:15:22.000 --> 0:15:25.200 the future of digital interactions. Companies had a meta store. 0:15:25.200 --> 0:15:29.120 That's Martin Gilliad spoke to take a listen. What we 0:15:29.240 --> 0:15:31.600 learned from this store will definitely go into how we 0:15:31.720 --> 0:15:34.480 build the product and where we actually continue to sell it. 0:15:34.840 --> 0:15:38.440 Why Burling Game and not San Francisco or New York 0:15:38.520 --> 0:15:42.640 City or London. Yeah, this great question. So Burling Game 0:15:42.760 --> 0:15:45.520 is the headquarters of Reality ants, and we felt that 0:15:45.560 --> 0:15:48.520 it was important to have the customer experience that we're 0:15:48.520 --> 0:15:51.120 creating very closely. Where we're creating a product. We want 0:15:51.120 --> 0:15:53.080 that to be senator to how we continue to build 0:15:53.160 --> 0:15:55.560 innovation in the future, and so this felt like the 0:15:55.600 --> 0:16:00.400 perfect place to put our very first experience. I've been 0:16:00.440 --> 0:16:03.840 in a few different situations where you see a product 0:16:03.920 --> 0:16:06.600 in pop up format, right, you're in a mall, you're 0:16:06.600 --> 0:16:11.000 walking perhaps in some kind of outlets area. Could you 0:16:11.040 --> 0:16:13.400 guys look at pop ups maybe you know, doing temporary 0:16:13.400 --> 0:16:16.920 pop ups in different cities around the world. Well, I 0:16:17.280 --> 0:16:19.640 think what we will learn from this experience is where 0:16:19.680 --> 0:16:21.760 we should be in the kind of experiences we should create. 0:16:22.720 --> 0:16:25.200 A lot of the experiences that we've built in Browning 0:16:25.240 --> 0:16:27.800 Game Store are unique. It's the first time some of 0:16:27.800 --> 0:16:30.760 these have actually existed anywhere. And I'm sure as you 0:16:30.800 --> 0:16:34.120 saw from our our quest to a demo UM, and 0:16:34.160 --> 0:16:36.200 as we learn more, we'll decide where and how those 0:16:36.200 --> 0:16:40.560 who show up around the world. Is this a luxury experience? 0:16:40.920 --> 0:16:44.440 Do you want it to be a luxury experience? We 0:16:44.480 --> 0:16:47.320 actually wanted to be an approachable experience. We want people 0:16:47.360 --> 0:16:50.440 to feel comfortable asking questions. We've built it so that 0:16:50.480 --> 0:16:52.200 people can pick up the products and they can test 0:16:52.240 --> 0:16:54.360 it out, and we have these great associates so you 0:16:54.400 --> 0:16:57.560 can ask questions, UM, and it can be so much 0:16:57.600 --> 0:17:00.440 more um than what people read about. This one of 0:17:00.440 --> 0:17:02.000 those things where you have to experience. And that's what 0:17:02.120 --> 0:17:04.760 stores built around. Told me what it's like going into 0:17:04.800 --> 0:17:08.000 the stool, What am I going to touch? Feel? Experience? 0:17:08.080 --> 0:17:12.919 While I'm that Yeah, so there's a couple of things. Um. Obviously, 0:17:12.960 --> 0:17:15.560 we have our products here around our reband stories where 0:17:15.600 --> 0:17:19.520 you can try glasses on that offer the ability to 0:17:19.560 --> 0:17:23.040 take pictures and video, which I personally appreciated having intended 0:17:23.040 --> 0:17:24.920 a wedding last week where I was able to actually 0:17:25.280 --> 0:17:26.960 be at the wedding while I was actually sharing it 0:17:27.000 --> 0:17:29.680 with other people. We have portal which actually I'm speaking 0:17:29.720 --> 0:17:32.199 to you on today, UM, that allows you to have 0:17:32.280 --> 0:17:34.919 these conversations not just for work, but even with family. 0:17:35.080 --> 0:17:37.720 And I think about the pandemic when my my son 0:17:37.800 --> 0:17:40.440 had an opportunity to reach stories to his grandmother every night, 0:17:40.600 --> 0:17:43.720 which was amazing. And then obviously, UM, probably the most 0:17:43.760 --> 0:17:45.680 exciting thing that people say when they walk into store 0:17:46.160 --> 0:17:49.520 is a mixed reality screen with Quest two that allows 0:17:49.560 --> 0:17:51.920 them to actually not just try the product, but allow 0:17:52.000 --> 0:17:55.040 everyone who's with them to see how they are experiencing 0:17:55.040 --> 0:17:58.240 the game as well. And that experience allows it to 0:17:58.320 --> 0:18:01.000 be and one that is shared with many, even though 0:18:01.040 --> 0:18:05.040 it's experienced by a few. Martin, are you open to 0:18:05.040 --> 0:18:08.800 the idea that the store experiment might not work the 0:18:08.960 --> 0:18:12.720 actually the best way for Meta to grow its hardware 0:18:12.720 --> 0:18:17.560 reach virtual reality reach is online. Well, the store is 0:18:17.560 --> 0:18:20.360 not an experiment, it is it is a continued investment 0:18:20.400 --> 0:18:22.760 from us to make sure that we can get um 0:18:23.320 --> 0:18:26.040 feedback from our consumers, but also an opportunity for us 0:18:26.080 --> 0:18:27.919 to keep building and make sure the seas at the 0:18:27.920 --> 0:18:32.040 center of what people are experiencing with our hardware. And 0:18:32.080 --> 0:18:34.000 you're the head of Meta Store, so I'll ask you 0:18:34.040 --> 0:18:36.720 again you want to open some more stores and where 0:18:38.080 --> 0:18:41.119 I think as we learn more about how people are 0:18:41.119 --> 0:18:43.960 experiencing this will will be able to communicate with that 0:18:44.000 --> 0:18:47.119 means later. Right now, we're focused on what we are 0:18:47.200 --> 0:18:49.680 creating and growing gaming the experiences that people will have here. 0:18:51.720 --> 0:18:54.840 Martin gilliad that of course hand a Meta Store talking 0:18:54.880 --> 0:19:05.600 to our own ed Ludlow. Welcome back to Bluemberg Technology. 0:19:05.640 --> 0:19:07.639 I'm Caroline Hyde in New York. Let's get back to 0:19:07.680 --> 0:19:10.240 the markets, because well we've all been so focused on 0:19:10.280 --> 0:19:11.919 it for the day, for the last three days, and 0:19:11.960 --> 0:19:13.640 of course the shares a ribban I want to watch. 0:19:13.680 --> 0:19:16.720 The ev maker saw its biggest drop on record after 0:19:16.760 --> 0:19:19.000 a lock up on its shares expired on Sunday night. 0:19:19.840 --> 0:19:22.880 Ed Ludlow is here with the details. Remind us what 0:19:22.880 --> 0:19:25.720 what happened with the lock up expiry. This of course 0:19:25.720 --> 0:19:28.640 didn't go too well for Rivian Right. So, Ribban had 0:19:28.680 --> 0:19:31.400 this huge ip O in November, and as is often 0:19:31.480 --> 0:19:33.359 the case when they have an I p O, some 0:19:33.440 --> 0:19:37.280 of the biggest investors and insiders and employees are restricted 0:19:37.280 --> 0:19:39.560 in what they can do with their shares. Initially, the 0:19:39.640 --> 0:19:43.000 lock up on Sunday night basically meant that seven hundred 0:19:43.040 --> 0:19:46.199 and twenty million shares of Ribban suddenly became available for 0:19:46.240 --> 0:19:48.960