1 00:00:02,240 --> 00:00:05,600 Speaker 1: From the heart of where innovation, money and power live, 2 00:00:06,360 --> 00:00:10,879 Speaker 1: in Silicon Valley and beyond. This is Bloomberg technology with 3 00:00:10,960 --> 00:00:27,040 Speaker 1: Emily Jay. I'm at Ludlow in New York in Emily Chang. 4 00:00:27,080 --> 00:00:30,040 Speaker 1: This is Bloomberg Technology. Coming up in the next hour. 5 00:00:30,160 --> 00:00:33,160 Speaker 1: A major sell off hits tech and the markets at large, 6 00:00:33,400 --> 00:00:37,200 Speaker 1: nearing two lows. Will have the latest in a moment. Plus, 7 00:00:37,560 --> 00:00:40,400 Speaker 1: apple is jumping into the sports industry, from the Super 8 00:00:40,440 --> 00:00:44,640 Speaker 1: Bowl halftime show and NFL Sunday ticket to tonight's potentially 9 00:00:44,720 --> 00:00:48,080 Speaker 1: historic Major League baseball broadcast. We're talking about how the 10 00:00:48,120 --> 00:00:52,600 Speaker 1: company is eating away at traditional TV's most coveted assets. 11 00:00:53,320 --> 00:00:55,960 Speaker 1: and NASA hopes to launch the Artemis Mission to the 12 00:00:56,000 --> 00:00:59,200 Speaker 1: moon next week. We'll get the latest from our space reporter, 13 00:00:59,680 --> 00:01:02,320 Speaker 1: Laura Grush. We'll get to that in a moment, but 14 00:01:02,400 --> 00:01:05,759 Speaker 1: first let's talk markets. Friday was rough a sell off, 15 00:01:05,760 --> 00:01:08,640 Speaker 1: and risk your assets deepened as spheres of a global 16 00:01:08,680 --> 00:01:12,040 Speaker 1: recession intensified. Tech was not spared, with the NASDAC on 17 00:01:12,600 --> 00:01:16,080 Speaker 1: falling to its lowest level since June, the SMP touching 18 00:01:16,120 --> 00:01:20,200 Speaker 1: two year lows and wall streets fear gauge soaring toward 19 00:01:20,240 --> 00:01:22,440 Speaker 1: a three month high, joining me to go over this 20 00:01:22,680 --> 00:01:25,399 Speaker 1: less than happy and to the week. Who else but 21 00:01:25,480 --> 00:01:28,560 Speaker 1: bloom bows, Casey Gray felt? I'll ask you again, how 22 00:01:28,600 --> 00:01:31,839 Speaker 1: are you? I'm all tired. It was an intense day 23 00:01:31,920 --> 00:01:34,200 Speaker 1: to an intense week. I remember there was a fed 24 00:01:34,319 --> 00:01:35,840 Speaker 1: meeting all the way back on Wednesday. It feels like 25 00:01:35,880 --> 00:01:37,720 Speaker 1: a year ago. Let's go back to basics. There was 26 00:01:37,720 --> 00:01:40,160 Speaker 1: a fed meeting on Wednesday. The Fed raised rates by 27 00:01:40,160 --> 00:01:43,800 Speaker 1: seventy five basis points and the dot plot, the four 28 00:01:43,920 --> 00:01:46,920 Speaker 1: court cast, showed four point four percent rates by the 29 00:01:46,959 --> 00:01:50,480 Speaker 1: end of the year, four point six rates further out, 30 00:01:51,440 --> 00:01:54,520 Speaker 1: the terminal rate. Exactly? Why have markets reacted like this? Well, 31 00:01:54,600 --> 00:01:57,240 Speaker 1: Jeron power is pretty clear on Wednesday that this wouldn't 32 00:01:57,280 --> 00:02:00,560 Speaker 1: be a painless process. That big, aggressive vision up in 33 00:02:00,600 --> 00:02:04,080 Speaker 1: the dark plot. That's going to cause pain for the economy. 34 00:02:04,120 --> 00:02:07,120 Speaker 1: That's causing pain for the market. But today was especially 35 00:02:07,200 --> 00:02:10,600 Speaker 1: dramatic because it actually started over in England, and you 36 00:02:10,639 --> 00:02:14,080 Speaker 1: would liz trust's government unvel, I believe, the biggest tax 37 00:02:14,120 --> 00:02:19,760 Speaker 1: const since two this is into a economy that's already 38 00:02:19,800 --> 00:02:22,720 Speaker 1: dealing with ultra hot inflation. You have a very aggressive 39 00:02:22,760 --> 00:02:25,000 Speaker 1: Bank of England and again, if you think about the 40 00:02:25,000 --> 00:02:28,440 Speaker 1: global tightening that's going on. This is just another crank 41 00:02:28,639 --> 00:02:33,120 Speaker 1: tighter and that fear was definitely present across global assets. 42 00:02:33,160 --> 00:02:36,120 Speaker 1: So there was just another thing to add anxiety to 43 00:02:36,120 --> 00:02:37,840 Speaker 1: the market. So I'M gonna look at this chart on 44 00:02:37,880 --> 00:02:41,240 Speaker 1: the Bloomberg terminal, which shows the kind of decline we've 45 00:02:41,240 --> 00:02:44,120 Speaker 1: seen in tech stocks in particular, but also the push 46 00:02:44,200 --> 00:02:47,360 Speaker 1: higher in real yields. And we keep talking about the Fed. 47 00:02:47,480 --> 00:02:49,600 Speaker 1: Every week I'm here with Emily Chang, I'm talking about 48 00:02:49,639 --> 00:02:52,920 Speaker 1: the Fed. We talk about it because higher rates discount 49 00:02:52,960 --> 00:02:56,440 Speaker 1: the present value of future profits for tech stocks. But 50 00:02:56,520 --> 00:02:59,520 Speaker 1: it seems like a one to punch for the audience. 51 00:02:59,560 --> 00:03:01,640 Speaker 1: I just did a one too and it looks great 52 00:03:01,760 --> 00:03:04,919 Speaker 1: and you're exactly right. So you're using some C F 53 00:03:05,000 --> 00:03:07,680 Speaker 1: A terms here, but they're really important, and that real yield, 54 00:03:07,720 --> 00:03:10,280 Speaker 1: the fact that real yields have screened high again, the 55 00:03:10,360 --> 00:03:14,240 Speaker 1: yield that you get on bonds after accounting for inflation. 56 00:03:14,639 --> 00:03:19,119 Speaker 1: That is sort of the basis for valuing other assets, 57 00:03:19,200 --> 00:03:21,440 Speaker 1: and the fact that you are seeing those really yield 58 00:03:21,520 --> 00:03:25,160 Speaker 1: scream higher. That has a lot of implications for duration 59 00:03:25,280 --> 00:03:28,680 Speaker 1: heavy stocks such as tech stocks, those growth stocks, where 60 00:03:28,720 --> 00:03:31,160 Speaker 1: a lot of those cash flows are expected in the future. 61 00:03:31,560 --> 00:03:34,440 Speaker 1: They're worth less when you have that discount raycle and 62 00:03:34,480 --> 00:03:38,320 Speaker 1: speaking about growth, the fear is about slow down in 63 00:03:38,360 --> 00:03:41,280 Speaker 1: global growth. That's almost the other punch right that the 64 00:03:41,280 --> 00:03:43,440 Speaker 1: other consequences of the Fed is that actually, even if 65 00:03:43,480 --> 00:03:45,640 Speaker 1: you're a megacap tech stock like an apple and Amazon, 66 00:03:45,640 --> 00:03:48,640 Speaker 1: we've seen declines in those that the world's a different 67 00:03:48,640 --> 00:03:51,800 Speaker 1: place now, the economy slowing down and they might suffer 68 00:03:52,160 --> 00:03:55,120 Speaker 1: the other fear, so to speak, the fear games fear 69 00:03:55,240 --> 00:03:57,480 Speaker 1: here vix. Talk to me about the Vicks. We don't 70 00:03:57,520 --> 00:03:59,600 Speaker 1: cover it as much on the tech show, but briefly 71 00:03:59,600 --> 00:04:01,800 Speaker 1: explain what it is and what that is. So the VIX. 72 00:04:01,840 --> 00:04:05,440 Speaker 1: It's looking at expectations for volatility for the next thirty 73 00:04:05,520 --> 00:04:08,200 Speaker 1: days and it's been a bit of a frusting, frustrating 74 00:04:08,240 --> 00:04:10,680 Speaker 1: indicator to watch because if you look at the Vix, 75 00:04:10,760 --> 00:04:15,120 Speaker 1: it's been relattively low. I mean it was getting back 76 00:04:15,160 --> 00:04:18,560 Speaker 1: to thirties today, but it's been very low relative to 77 00:04:18,600 --> 00:04:21,120 Speaker 1: some of the levels that we saw during the pandemic 78 00:04:21,520 --> 00:04:24,279 Speaker 1: during the past two years. And you compare that to 79 00:04:24,320 --> 00:04:26,320 Speaker 1: what we've actually seen in the equity market, it doesn't 80 00:04:26,320 --> 00:04:28,839 Speaker 1: feel like it's matched the reality on the ground. But 81 00:04:28,880 --> 00:04:30,800 Speaker 1: you are starting to see some movement in the vix. 82 00:04:30,839 --> 00:04:33,360 Speaker 1: Today it got to a three month high, so some 83 00:04:33,440 --> 00:04:35,279 Speaker 1: of that fear is starting to show up in the 84 00:04:35,320 --> 00:04:37,839 Speaker 1: vix and what's been a very orderly sell off thus far. 85 00:04:38,240 --> 00:04:41,840 Speaker 1: It's the weekend. You can take a rest. The Fed 86 00:04:41,920 --> 00:04:45,400 Speaker 1: speak to come. Fed speak to come. My sources tell me, 87 00:04:45,520 --> 00:04:49,760 Speaker 1: Romaine postic specifically, that there's thirteen unique fed speakers next week. 88 00:04:49,800 --> 00:04:51,680 Speaker 1: This is going to be important to watch. Even if 89 00:04:51,720 --> 00:04:54,040 Speaker 1: you're a tech investor, you should keep an eye on 90 00:04:54,080 --> 00:04:56,160 Speaker 1: the Fed speak because it's going to be interesting to 91 00:04:56,200 --> 00:04:58,960 Speaker 1: see what any sort of message, any sort of crumbs, 92 00:04:58,960 --> 00:05:01,799 Speaker 1: they leave about how they feel about this market reaction. 93 00:05:01,839 --> 00:05:05,760 Speaker 1: If you go back to after Jackson Hole, this speech 94 00:05:05,800 --> 00:05:08,719 Speaker 1: that Jeron Powell gave, markets puked in the aftermath of 95 00:05:08,760 --> 00:05:11,159 Speaker 1: that and then you actually had minneapolis fed President Neil 96 00:05:11,240 --> 00:05:13,919 Speaker 1: Kash cary say that he was happy to see that 97 00:05:14,080 --> 00:05:16,000 Speaker 1: market reaction. I don't know if we're going to get 98 00:05:16,000 --> 00:05:19,159 Speaker 1: anything as explicit as that, but any sort of hints 99 00:05:19,200 --> 00:05:23,159 Speaker 1: along that line, that line would be very interesting. Puke, 100 00:05:23,760 --> 00:05:26,600 Speaker 1: what a happy way to end the week. Bloomberg's Katie Greifeld, 101 00:05:27,080 --> 00:05:38,920 Speaker 1: thank you very much. Apple has become a serious threat 102 00:05:39,120 --> 00:05:42,840 Speaker 1: to traditional cable providers propped up by live sports. Three 103 00:05:42,839 --> 00:05:45,680 Speaker 1: major storylines are playing out that could make apple a 104 00:05:45,720 --> 00:05:49,599 Speaker 1: real player in sports broadcasting. Apple TV has only aired 105 00:05:49,720 --> 00:05:52,640 Speaker 1: MLB Games for a few months, but tonight it could 106 00:05:52,640 --> 00:05:56,080 Speaker 1: have record viewership, with Aaron Judge One home run away 107 00:05:56,400 --> 00:06:00,560 Speaker 1: from MLB history. Apple Music will become the title sponsor 108 00:06:00,800 --> 00:06:03,960 Speaker 1: of the Super Bowl halftime show, taking over from Pepsi, 109 00:06:04,240 --> 00:06:06,840 Speaker 1: and Apple is in talks with the NFL to take 110 00:06:06,920 --> 00:06:10,320 Speaker 1: the AAL assets Sunday ticket package from direct TV and 111 00:06:10,360 --> 00:06:14,000 Speaker 1: a deal that could top two point five billion dollars. 112 00:06:14,240 --> 00:06:16,440 Speaker 1: Here's how crucial this could be for apple. A recent 113 00:06:16,520 --> 00:06:20,880 Speaker 1: survey of NFL fans found that forty percent of them 114 00:06:20,920 --> 00:06:24,960 Speaker 1: definitely will or are likely to subscribe to Sunday ticket 115 00:06:24,960 --> 00:06:28,159 Speaker 1: went offered by a major streaming provider. Here to discuss 116 00:06:28,240 --> 00:06:31,600 Speaker 1: is Bloomberg's apple reporter, Mark German, and Bloomberg business of 117 00:06:31,640 --> 00:06:35,200 Speaker 1: sports reporter Brandon Sapienza. Brandon, I'm gonna Start with you. 118 00:06:35,520 --> 00:06:39,039 Speaker 1: Big Game Friday night and it matters for a guy 119 00:06:39,080 --> 00:06:42,880 Speaker 1: called Aaron judge and it matters for Apple TV. Set 120 00:06:42,880 --> 00:06:44,960 Speaker 1: the stage for us. Why do we care? Well, I 121 00:06:45,000 --> 00:06:47,440 Speaker 1: mean Aaron Judge Could Tai Roger Marris with the sixty 122 00:06:47,480 --> 00:06:50,240 Speaker 1: one time run. Obviously that's really big news. Yankee fans 123 00:06:50,240 --> 00:06:52,479 Speaker 1: have been waiting a long season to see that happen, 124 00:06:52,920 --> 00:06:54,719 Speaker 1: but they might not get I'll get the chance to 125 00:06:54,720 --> 00:06:56,880 Speaker 1: do that tonight. So a lot of them are really upset. 126 00:06:56,920 --> 00:06:59,480 Speaker 1: They've personally attest to that they might not get the 127 00:06:59,560 --> 00:07:01,960 Speaker 1: chance to do the mock. Give us the specifics. Hey, 128 00:07:02,080 --> 00:07:04,799 Speaker 1: what is the deal that apple has with Major League Baseball? 129 00:07:06,000 --> 00:07:07,760 Speaker 1: So for the past few weeks, as you said, or 130 00:07:07,760 --> 00:07:09,760 Speaker 1: a few months I should say, through the Apple TV 131 00:07:09,840 --> 00:07:12,640 Speaker 1: APP on all of the supported devices, apple has aired 132 00:07:12,640 --> 00:07:15,880 Speaker 1: two MLB Games every Friday night. They put the schedules 133 00:07:15,880 --> 00:07:18,440 Speaker 1: out a few weeks in advance. It just so happens 134 00:07:18,440 --> 00:07:21,760 Speaker 1: that this agreed upon game featuring the Yankees and Aaron 135 00:07:21,840 --> 00:07:24,480 Speaker 1: judge tonight. That's the game that everyone in New York 136 00:07:24,520 --> 00:07:27,000 Speaker 1: wants to see and because of that agreement it won't 137 00:07:27,040 --> 00:07:29,520 Speaker 1: be aired on the Y S network. That's the local 138 00:07:29,560 --> 00:07:32,440 Speaker 1: network in New York. So if Brandon wants to watch that, 139 00:07:32,520 --> 00:07:34,240 Speaker 1: he won't be able to unless he signs up for 140 00:07:34,240 --> 00:07:38,080 Speaker 1: Apple TV. Now the positive year is that this goes 141 00:07:38,080 --> 00:07:40,520 Speaker 1: against some speculation I've seen, you don't actually have to 142 00:07:40,520 --> 00:07:42,480 Speaker 1: pay for it right. Some people thought you had to 143 00:07:42,520 --> 00:07:44,720 Speaker 1: pay the four day nine per month for Apple TV 144 00:07:44,800 --> 00:07:47,560 Speaker 1: plus to actually view it. That's not the case. Still, 145 00:07:47,800 --> 00:07:50,520 Speaker 1: the MLB deal is free. At some point, though, I 146 00:07:50,560 --> 00:07:52,880 Speaker 1: think they'll charge for it. But for tonight you really 147 00:07:52,920 --> 00:07:55,000 Speaker 1: just need an apple TV APP or access to the 148 00:07:55,000 --> 00:07:57,200 Speaker 1: APP in order to watch the game. Jens, I wanted 149 00:07:57,280 --> 00:07:59,960 Speaker 1: to get the mood music out there across New York. 150 00:08:00,000 --> 00:08:01,840 Speaker 1: So what did I do? I took to twitter and 151 00:08:01,920 --> 00:08:05,239 Speaker 1: I did a twitter poll and I asked Yankees Fans, 152 00:08:05,520 --> 00:08:09,560 Speaker 1: Major League baseball fans, WHO's watching the game tonight on 153 00:08:09,640 --> 00:08:12,640 Speaker 1: Apple TV plus? That's the results. Now, okay, Pinch your 154 00:08:12,680 --> 00:08:17,400 Speaker 1: salt here. It's not exactly scientific. Around six votes, but no, 155 00:08:18,000 --> 00:08:20,160 Speaker 1: forty three point five PC. I guess a lot of 156 00:08:20,160 --> 00:08:22,920 Speaker 1: people are going to go and see it themselves in person. 157 00:08:23,320 --> 00:08:25,760 Speaker 1: But if you are a Yankees fan or you're a 158 00:08:25,800 --> 00:08:30,800 Speaker 1: baseball fan, brandon, it's a complicated season. Yeah, what do 159 00:08:30,840 --> 00:08:33,360 Speaker 1: you need to do across the season if you live 160 00:08:33,360 --> 00:08:35,160 Speaker 1: in the state, in New York to Actually Watch a game? 161 00:08:35,320 --> 00:08:36,719 Speaker 1: So if you live in the city of New York, 162 00:08:36,720 --> 00:08:39,800 Speaker 1: you're actually for services to get you a Yankee game. 163 00:08:39,920 --> 00:08:42,200 Speaker 1: So either you need one of to view one of 164 00:08:42,200 --> 00:08:45,280 Speaker 1: the PEACR Games. Need Peacock, then you need Amazon TV, 165 00:08:45,480 --> 00:08:48,560 Speaker 1: Amazon prime. They needed a cable network or something that 166 00:08:48,600 --> 00:08:51,160 Speaker 1: has access to the yes network, which I think is 167 00:08:51,200 --> 00:08:54,679 Speaker 1: only direct TV stream in the case of if you 168 00:08:54,720 --> 00:08:57,079 Speaker 1: want to stream if you're unplugged from cable. And then 169 00:08:57,120 --> 00:08:59,520 Speaker 1: obviously you need apple TV, which I know, as Mark said, 170 00:08:59,520 --> 00:09:01,640 Speaker 1: it is free, but for a lot of fans it's 171 00:09:01,640 --> 00:09:03,360 Speaker 1: a lot of services and a lot of money that 172 00:09:03,400 --> 00:09:05,520 Speaker 1: may need to be laid out and it's it's obviously 173 00:09:05,600 --> 00:09:10,800 Speaker 1: not ideal in this inflationary environment. Mark, what is Apple's 174 00:09:11,640 --> 00:09:15,280 Speaker 1: play here? What is their strategy with sports more broadly, 175 00:09:15,280 --> 00:09:18,440 Speaker 1: because it's not just baseball. So you heard that problem, 176 00:09:18,440 --> 00:09:20,800 Speaker 1: the brandon outline where you need four different services to 177 00:09:20,840 --> 00:09:24,800 Speaker 1: catch all your Nikee Games? Right, that's not alone for MLB. Right, 178 00:09:24,840 --> 00:09:27,720 Speaker 1: I'm an NBA Fan. Sometimes you need lead pass. Sometimes 179 00:09:27,760 --> 00:09:30,360 Speaker 1: for the Lakers you need spectrum sports net, sometimes you 180 00:09:30,400 --> 00:09:33,800 Speaker 1: need ESPN. Right. And so apple's ideal world is you 181 00:09:33,840 --> 00:09:36,160 Speaker 1: throw all that away, right, you subscribe for one price 182 00:09:36,160 --> 00:09:38,679 Speaker 1: every month and you get every game you want across 183 00:09:38,760 --> 00:09:41,719 Speaker 1: every different sports league and they're gradually heading there. Right 184 00:09:41,760 --> 00:09:44,880 Speaker 1: this MLB partnership just the beginning. You mentioned the talks 185 00:09:44,880 --> 00:09:47,640 Speaker 1: to the NFL for Sunday ticket, just the beginning. The 186 00:09:47,760 --> 00:09:50,240 Speaker 1: MLS deal. It's a ten year deal. That's a component 187 00:09:50,240 --> 00:09:53,280 Speaker 1: of it. I think they'll eventually go after the NBA, college, 188 00:09:53,559 --> 00:09:56,600 Speaker 1: Maybe High School Sports, who knows? They want everything. They 189 00:09:56,640 --> 00:09:59,319 Speaker 1: want one single monthly price. Build your own all the 190 00:09:59,400 --> 00:10:01,920 Speaker 1: card system them where you can pay, you know, x 191 00:10:01,960 --> 00:10:05,560 Speaker 1: amount for M MLB, NBA, NFL. Pay a different price 192 00:10:05,600 --> 00:10:08,960 Speaker 1: for this. Build your own packages as standalone apple originals, 193 00:10:08,960 --> 00:10:12,280 Speaker 1: non sports package. They want to own everything right and 194 00:10:12,280 --> 00:10:14,319 Speaker 1: this has been a big week for them. Those talks 195 00:10:14,320 --> 00:10:17,400 Speaker 1: are ongoing. You mentioned that deal for about fifty million 196 00:10:17,679 --> 00:10:20,280 Speaker 1: where they're going to be replacing Pepsi right as a 197 00:10:20,320 --> 00:10:23,959 Speaker 1: sponsor for the, you know, halftime game right at the 198 00:10:24,000 --> 00:10:26,720 Speaker 1: Super Bowl. That's a big way to get apple's brand 199 00:10:26,720 --> 00:10:29,360 Speaker 1: out there, make more sports fans familiar with the apple brand, 200 00:10:29,559 --> 00:10:32,920 Speaker 1: apple music, apple TV, etcetera. And of course the situation 201 00:10:32,920 --> 00:10:35,199 Speaker 1: that brandon outline tonight. That's going to get the apple 202 00:10:35,280 --> 00:10:38,679 Speaker 1: name out there for a lot more people. And obviously 203 00:10:38,720 --> 00:10:41,719 Speaker 1: this Aeron Joe Situation is perfect marketing for apple and 204 00:10:41,760 --> 00:10:44,400 Speaker 1: apples are going to give in and let yes, Co 205 00:10:44,600 --> 00:10:47,240 Speaker 1: stream the game, that chart you see on your screen. 206 00:10:47,280 --> 00:10:50,760 Speaker 1: So a global audience seems so important, right. Apple's budget 207 00:10:50,800 --> 00:10:56,160 Speaker 1: six billion for streaming in prime video, fifteen billion brandon. 208 00:10:56,280 --> 00:11:01,560 Speaker 1: Isn't just inevitable the Apple Amazon streaming giants come to 209 00:11:01,640 --> 00:11:06,240 Speaker 1: dominate sports television? Absolutely. I mean, when you think about 210 00:11:06,280 --> 00:11:10,000 Speaker 1: who owns all these products, who owns an apple product? 211 00:11:10,080 --> 00:11:12,640 Speaker 1: Who owns a subscription to Amazon prime, you're talking about 212 00:11:12,640 --> 00:11:14,560 Speaker 1: a lot of people, with tens of millions of people, 213 00:11:14,960 --> 00:11:17,640 Speaker 1: and all of these people are also motivated by more 214 00:11:17,800 --> 00:11:20,760 Speaker 1: and more quality content, turning to streaming, turning off from 215 00:11:20,800 --> 00:11:23,400 Speaker 1: cable and just focusing all their attention and their money there. 216 00:11:23,679 --> 00:11:27,680 Speaker 1: So it is inevitable. Let's talk about apple mark and 217 00:11:27,720 --> 00:11:31,360 Speaker 1: its efforts around the NFL and halftime show for the 218 00:11:31,400 --> 00:11:34,680 Speaker 1: Super Bowl. Right. This is not a play for the broadcasting, 219 00:11:35,360 --> 00:11:39,200 Speaker 1: this is a play for advertising. This is a pure 220 00:11:39,200 --> 00:11:42,280 Speaker 1: advertising way, pure way to get their brand out there. 221 00:11:42,360 --> 00:11:45,240 Speaker 1: This is a five year deal. Obviously, anyone who watches 222 00:11:45,280 --> 00:11:47,560 Speaker 1: the Super Bowl knows that Pepsi has sponsored them for 223 00:11:47,600 --> 00:11:49,880 Speaker 1: many years now. Apple is going to be the forefront 224 00:11:49,920 --> 00:11:52,640 Speaker 1: of that and you can just probably imagine that Tim Cook, 225 00:11:53,080 --> 00:11:55,280 Speaker 1: Eddie Que, their head of services, you know, a lot 226 00:11:55,320 --> 00:11:57,080 Speaker 1: of their team will probably be there. You'll see them 227 00:11:57,120 --> 00:12:00,360 Speaker 1: on camera there. They'll see their brand plasted everywhere. They'll 228 00:12:00,360 --> 00:12:02,640 Speaker 1: make a whole big deal about it. I'm interested to 229 00:12:02,640 --> 00:12:04,040 Speaker 1: see if they're going to get back in the game 230 00:12:04,040 --> 00:12:07,080 Speaker 1: of making commercials right for the Super Bowl, something they 231 00:12:07,080 --> 00:12:10,440 Speaker 1: did many, many years ago, obviously with the original MC 232 00:12:10,720 --> 00:12:12,559 Speaker 1: but they haven't really done much of that since then. 233 00:12:12,960 --> 00:12:15,400 Speaker 1: So I think this is a big branding opportunity for apple. 234 00:12:15,480 --> 00:12:17,960 Speaker 1: And despite all the cash they have on hand right 235 00:12:18,200 --> 00:12:21,240 Speaker 1: a hundred billion plus. You know, fifty million dollars still 236 00:12:21,240 --> 00:12:23,760 Speaker 1: fifty million dollars. So I think they see this as 237 00:12:23,880 --> 00:12:26,280 Speaker 1: a significant way to put their foot down and say hey, 238 00:12:26,280 --> 00:12:29,000 Speaker 1: we're here too for sports. Uh. And I think Brandon's 239 00:12:29,040 --> 00:12:31,760 Speaker 1: point about all these other services is also pretty interesting. 240 00:12:32,240 --> 00:12:34,280 Speaker 1: And what's really cool about Apple TV is they have 241 00:12:34,320 --> 00:12:37,079 Speaker 1: a feature called Apple TV channels. Right, so, let's say 242 00:12:37,120 --> 00:12:41,040 Speaker 1: Amazon or another provider, Peacock Brandon mentioned, they get some 243 00:12:41,280 --> 00:12:44,480 Speaker 1: really cool deal with one of the major sports leagues. Potentially, 244 00:12:44,480 --> 00:12:47,000 Speaker 1: maybe that could be tapped through in Apple TV. So 245 00:12:47,040 --> 00:12:49,600 Speaker 1: the Apple TV APP you can access to apple services, 246 00:12:49,640 --> 00:12:53,079 Speaker 1: apple partnerships, but maybe those from NBC and Amazon and 247 00:12:53,120 --> 00:12:55,600 Speaker 1: the likes of those as well. Mark, you've got your 248 00:12:55,600 --> 00:12:57,440 Speaker 1: finger on the Pulic of Apple, not just in the 249 00:12:57,480 --> 00:13:00,600 Speaker 1: product perspective, but it kind of brewed a strategy. So 250 00:13:00,679 --> 00:13:03,839 Speaker 1: talk to me about Sunday ticket in NFL. Is Tim 251 00:13:03,920 --> 00:13:07,320 Speaker 1: Cook and Co really willing to just keep spending that 252 00:13:07,400 --> 00:13:11,160 Speaker 1: cash because they got cash to burn? They have a 253 00:13:11,200 --> 00:13:13,199 Speaker 1: lot of cash and they want to use that cash 254 00:13:13,240 --> 00:13:15,400 Speaker 1: to make even more cash, right and so right now 255 00:13:15,440 --> 00:13:18,959 Speaker 1: they're making about twenty billion dollars a quarter right on services, 256 00:13:19,080 --> 00:13:22,839 Speaker 1: about eighty billion dollars per year. Imagine that investment, that 257 00:13:22,920 --> 00:13:25,240 Speaker 1: two and a half billion dollar investment, what that will 258 00:13:25,280 --> 00:13:27,920 Speaker 1: do for apple's bottom line. Right. Maybe one day we'll 259 00:13:27,960 --> 00:13:32,000 Speaker 1: be talking about nine billion or hundred billion dollar annual 260 00:13:32,040 --> 00:13:35,199 Speaker 1: income from services, with NFL just the beginning of that. 261 00:13:35,200 --> 00:13:37,360 Speaker 1: That's a big deal. And, as we all know, NFL 262 00:13:37,400 --> 00:13:39,920 Speaker 1: Sunday games. That's the Holy Grail, not only of the 263 00:13:40,080 --> 00:13:42,880 Speaker 1: NFL for football, but the holy grail of all of sports. 264 00:13:43,160 --> 00:13:45,760 Speaker 1: Right even the NBA doesn't want to broadcast their games 265 00:13:45,960 --> 00:13:48,560 Speaker 1: to go up against Sunday games from the NFL. So 266 00:13:48,640 --> 00:13:51,320 Speaker 1: I think that would be pretty, pretty big for the company. Hey, 267 00:13:51,360 --> 00:13:54,280 Speaker 1: how often does it come down to cash on cash, 268 00:13:54,880 --> 00:13:58,199 Speaker 1: on cash? Boom bugs, malt gum and and Brandon Sapienza. 269 00:13:58,640 --> 00:14:00,520 Speaker 1: Thanks to you both, and be sure order to catch 270 00:14:00,600 --> 00:14:03,319 Speaker 1: the lineup tonight at seven pm New York time. It's 271 00:14:03,320 --> 00:14:06,760 Speaker 1: our new show focused on the sports betting industry. Tonight, 272 00:14:06,800 --> 00:14:10,880 Speaker 1: former Dallas Cowboys Dez Bryant joins the program coming up, 273 00:14:10,880 --> 00:14:13,640 Speaker 1: we'll take a look at the resurgence in climate focused 274 00:14:13,679 --> 00:14:17,720 Speaker 1: investing as companies and governments doubled down on lightening their 275 00:14:17,720 --> 00:14:22,320 Speaker 1: carbon footprints. Our discussion with climate focus firm voyage a ventures. Next, 276 00:14:22,760 --> 00:14:39,960 Speaker 1: this is Bloomberg. This Week is climate week in New York, 277 00:14:39,960 --> 00:14:43,200 Speaker 1: with the summit bringing together international leaders from business, government 278 00:14:43,240 --> 00:14:47,240 Speaker 1: and civil society to showcase global climate action. So let's 279 00:14:47,240 --> 00:14:49,720 Speaker 1: wrap the week up with voyage adventures, a new firm 280 00:14:49,760 --> 00:14:52,080 Speaker 1: that's raised a hundred million dollars for its first fund, 281 00:14:52,120 --> 00:14:56,880 Speaker 1: backing tech startups working on things like decarbonizing transportation, energy 282 00:14:56,960 --> 00:15:00,840 Speaker 1: systems and foods and materials production, to own name a few. 283 00:15:00,920 --> 00:15:03,360 Speaker 1: Let's say all about this with the CO founders and 284 00:15:03,360 --> 00:15:07,400 Speaker 1: managing partners, Sierra Peterson and Sarah's classic, joining me now. 285 00:15:07,800 --> 00:15:11,120 Speaker 1: Sarah I'll start with you. Climate Week. A whole week 286 00:15:11,240 --> 00:15:17,200 Speaker 1: the world is watching to events like this really induced change. Yeah, 287 00:15:17,280 --> 00:15:20,040 Speaker 1: I mean climate week is, I think, a good illustration 288 00:15:20,120 --> 00:15:23,480 Speaker 1: of the unparalleled momentum we've seen in this past year 289 00:15:24,000 --> 00:15:28,160 Speaker 1: in recognizing the opportunity in addressing climate change and climate 290 00:15:28,160 --> 00:15:32,400 Speaker 1: stabilization through investment and the policy that has shown up 291 00:15:32,400 --> 00:15:34,840 Speaker 1: in a major way in the United States to do so. 292 00:15:34,840 --> 00:15:38,160 Speaker 1: So every week it's climate week in some way. Sarah, 293 00:15:38,200 --> 00:15:41,240 Speaker 1: I think what I find so fascinating, especially in private markets, 294 00:15:41,280 --> 00:15:45,000 Speaker 1: venture capital, you're putting money in a portfolio of companies. 295 00:15:45,000 --> 00:15:46,880 Speaker 1: Some of them will make it, some of them won't, 296 00:15:47,200 --> 00:15:49,080 Speaker 1: and a lot of these ideas they always seem a 297 00:15:49,080 --> 00:15:52,640 Speaker 1: bit nascent, right. They always seem like things with great promise. 298 00:15:52,720 --> 00:15:57,800 Speaker 1: How do you decide to where you deploy capital? Yeah, 299 00:15:57,800 --> 00:16:00,840 Speaker 1: so we invest in companies building product and services that 300 00:16:00,920 --> 00:16:04,240 Speaker 1: are positioned to decarbonize some aspect of the global economy. 301 00:16:04,640 --> 00:16:07,880 Speaker 1: And these are the world's biggest markets for talking about energy, 302 00:16:08,000 --> 00:16:12,000 Speaker 1: food and materials, production, transportation. And what we recognized, and 303 00:16:12,080 --> 00:16:14,520 Speaker 1: part of the reason that we started voyager now when 304 00:16:14,560 --> 00:16:19,280 Speaker 1: we did, is that many of these foundational technologies are 305 00:16:19,320 --> 00:16:22,880 Speaker 1: reaching the point where they are cheaper and better performing 306 00:16:22,920 --> 00:16:25,320 Speaker 1: than their fossil field incumbents. Sore, of course, seeing this 307 00:16:25,800 --> 00:16:27,840 Speaker 1: in the area of electric vehicles, where the total cost 308 00:16:27,840 --> 00:16:30,640 Speaker 1: of ownership of light duty vehicle is less than that 309 00:16:31,080 --> 00:16:33,680 Speaker 1: of a combustion engine vehicle and the performance is better. 310 00:16:34,080 --> 00:16:36,920 Speaker 1: And so we look for opportunities in these expanding markets 311 00:16:36,920 --> 00:16:43,360 Speaker 1: where foundational technologies are positioned to Outcompete, in the near term, 312 00:16:43,440 --> 00:16:45,880 Speaker 1: in the next few years or even today, their fossil 313 00:16:45,920 --> 00:16:48,920 Speaker 1: field incumbents. And I think it's important to recognize these 314 00:16:48,920 --> 00:16:54,040 Speaker 1: technologies will continue to get better over time and the 315 00:16:54,080 --> 00:16:57,320 Speaker 1: fossil fuel based incumbents will continue to be ever more 316 00:16:57,400 --> 00:17:00,320 Speaker 1: or less competitive. Sarah, let me as see that question 317 00:17:00,360 --> 00:17:04,159 Speaker 1: in reverse. Where are you not investing? Where do you 318 00:17:04,240 --> 00:17:10,160 Speaker 1: not put your money within climate carbon reduction? And why? Yeah, 319 00:17:10,200 --> 00:17:13,960 Speaker 1: certainly so. We are an early stage venture capital firm. 320 00:17:14,040 --> 00:17:17,439 Speaker 1: So as a venture capital firm, we seek investments that 321 00:17:17,560 --> 00:17:21,560 Speaker 1: have a venture scale return profile. There are plenty of 322 00:17:21,600 --> 00:17:26,040 Speaker 1: opportunities for investing in the overall transition away from an 323 00:17:26,080 --> 00:17:31,400 Speaker 1: unsustainable and carbon intensive economy around the world. There are 324 00:17:31,480 --> 00:17:36,280 Speaker 1: infrastructure investments to be made. There are certainly interesting opportunities 325 00:17:36,320 --> 00:17:39,280 Speaker 1: to invest in the carbon markets themselves. We are investing 326 00:17:39,280 --> 00:17:43,080 Speaker 1: in early stage technology companies that hold, as I said, 327 00:17:43,480 --> 00:17:47,000 Speaker 1: an interesting and venture scale return profile. Out of fund one, 328 00:17:47,080 --> 00:17:50,240 Speaker 1: for example, we look for companies that we believe, through 329 00:17:50,280 --> 00:17:52,920 Speaker 1: a single investment, can return the entire hundred million dollar 330 00:17:53,000 --> 00:17:57,520 Speaker 1: fund through that investment. So you both raise around hundred 331 00:17:57,520 --> 00:18:00,600 Speaker 1: million in April, I believe. I want just take a 332 00:18:00,640 --> 00:18:03,800 Speaker 1: look on the screen at some of those backing you guys, 333 00:18:03,840 --> 00:18:09,280 Speaker 1: some of your lps, really interesting names from industry, for example. 334 00:18:09,600 --> 00:18:12,000 Speaker 1: You know one being Jeff M Ol of GE, Long 335 00:18:12,119 --> 00:18:16,240 Speaker 1: Time at G, one of these great big American companies, 336 00:18:16,440 --> 00:18:18,560 Speaker 1: and we talked in the intro about how climate week 337 00:18:18,840 --> 00:18:24,000 Speaker 1: brings together policymakers business. When you look across corporate America 338 00:18:24,240 --> 00:18:27,240 Speaker 1: at a General Electric for example, do you think that 339 00:18:27,280 --> 00:18:31,399 Speaker 1: they are a doing enough, Sarah, but be doing the 340 00:18:31,520 --> 00:18:38,080 Speaker 1: right things with their investment? Yeah, many companies are recognizing 341 00:18:38,119 --> 00:18:41,120 Speaker 1: the opportunity in the transition and they're seizing the opportunity. 342 00:18:41,280 --> 00:18:45,679 Speaker 1: I think certainly not every company is and all companies 343 00:18:45,720 --> 00:18:48,960 Speaker 1: could be doing more. What it's difficult to recognize is 344 00:18:49,000 --> 00:18:52,520 Speaker 1: that once technology is hit in flection points where they 345 00:18:52,600 --> 00:18:56,399 Speaker 1: are better performing and less expensive than the technology paradigm 346 00:18:56,440 --> 00:18:59,320 Speaker 1: they're replacing, they continue to get better and they can 347 00:18:59,359 --> 00:19:01,720 Speaker 1: continue to get are at a faster rate, and so 348 00:19:01,800 --> 00:19:05,480 Speaker 1: we think these transitions will happen linearly. In reality, they 349 00:19:05,520 --> 00:19:08,159 Speaker 1: actually can happen much, much faster than that, and so 350 00:19:08,320 --> 00:19:11,240 Speaker 1: timelines and inflection points that feel like they might be 351 00:19:11,320 --> 00:19:15,840 Speaker 1: twenty years out in decarbonization, in the transition from combustion 352 00:19:16,000 --> 00:19:19,920 Speaker 1: to clean electricity, might actually be happening in ten years 353 00:19:20,000 --> 00:19:23,080 Speaker 1: or five years. And corporations that don't prepare for that 354 00:19:23,680 --> 00:19:26,639 Speaker 1: UH and then, are not ready for what is potentially 355 00:19:26,680 --> 00:19:29,879 Speaker 1: the most rapid transition of economic activity the world has 356 00:19:29,880 --> 00:19:32,080 Speaker 1: ever seen, are not only going to be at risk 357 00:19:32,160 --> 00:19:33,840 Speaker 1: for their business, but they're also going to miss out 358 00:19:33,920 --> 00:19:36,840 Speaker 1: on a fifty trillion dollar opportunity. Sarah, it's been a 359 00:19:36,840 --> 00:19:40,480 Speaker 1: really interestingly digging into the actual technologies, the things that 360 00:19:41,000 --> 00:19:43,960 Speaker 1: the founders are trying to improve. Talk to me about 361 00:19:44,000 --> 00:19:46,840 Speaker 1: some of your portfolio companies, the areas and the technologies 362 00:19:46,840 --> 00:19:50,639 Speaker 1: that you're most excited about. Yeah, so we invest in 363 00:19:50,840 --> 00:19:55,000 Speaker 1: foundational decarbonization, that is, the technologies that are poised to 364 00:19:55,040 --> 00:19:59,680 Speaker 1: de carbonized big swaws to the global economy. These are mobility, 365 00:20:00,320 --> 00:20:05,560 Speaker 1: energy itself, food materials production, the built environment. We are 366 00:20:05,640 --> 00:20:09,840 Speaker 1: backing companies that are poised to, should they succeed in 367 00:20:09,880 --> 00:20:13,639 Speaker 1: these markets, really address emissions at scale across the global economy, 368 00:20:13,680 --> 00:20:17,360 Speaker 1: and I put fully reflects that. We invest in software companies, 369 00:20:17,480 --> 00:20:21,359 Speaker 1: we invest in deep technology companies, we invest in biotechnology 370 00:20:21,400 --> 00:20:25,639 Speaker 1: companies and all our positioned to compete with the fast 371 00:20:25,760 --> 00:20:30,960 Speaker 1: field paradigms of prior technology based on price and performance, 372 00:20:31,000 --> 00:20:35,280 Speaker 1: belong right. Voyager Co founders and managing partners, Sierra Peterson 373 00:20:35,600 --> 00:20:39,439 Speaker 1: and Sarah's classic. Thank you very much. Now Nicola, founded 374 00:20:39,480 --> 00:20:42,520 Speaker 1: Trevor Milton, had an odd reaction when shares plummeted on 375 00:20:42,560 --> 00:20:46,760 Speaker 1: their NASDAC debut. Back in Milton was, quote, hyper focused 376 00:20:46,760 --> 00:20:48,880 Speaker 1: on the company's stock price, so much so that when 377 00:20:48,920 --> 00:20:52,760 Speaker 1: the shares fell five on their first trading day of June, 378 00:20:52,840 --> 00:20:55,480 Speaker 1: he thought something was wrong with the NASDAK. Durors his 379 00:20:55,560 --> 00:20:59,280 Speaker 1: criminal fraud trial were told CFO can brady testified that 380 00:20:59,359 --> 00:21:03,440 Speaker 1: he explained to Milton the decline was simply supply and demand, 381 00:21:03,520 --> 00:21:07,440 Speaker 1: but Milton insisted brady contact the exchange. Brady told jurors 382 00:21:07,520 --> 00:21:10,080 Speaker 1: that it was a constant battle to get Milton, the 383 00:21:10,119 --> 00:21:13,359 Speaker 1: company's biggest shareholder, to focus on building long term value 384 00:21:13,480 --> 00:21:18,280 Speaker 1: rather than obsess over retail investors and stock price fluctuations. 385 00:21:18,960 --> 00:21:21,920 Speaker 1: And Ford has begun the largest factory project in its 386 00:21:21,920 --> 00:21:25,399 Speaker 1: one hundred and nineteen year history. The automaker has started 387 00:21:25,400 --> 00:21:28,840 Speaker 1: construction of its five point six billion dollar electric vehicle 388 00:21:28,920 --> 00:21:33,560 Speaker 1: manufacturing complex in western Tennessee. It's known as Blue Oval City. 389 00:21:33,600 --> 00:21:37,680 Speaker 1: By six thousand workers were expected to be building electric 390 00:21:37,720 --> 00:21:40,280 Speaker 1: pickup trucks and the batteries that power them in a 391 00:21:40,400 --> 00:21:52,920 Speaker 1: joint venture with South Korea's SK innovation. Now market loads 392 00:21:52,960 --> 00:21:55,199 Speaker 1: for the year are in sight after this week's sell off. 393 00:21:55,240 --> 00:21:58,000 Speaker 1: All three major indices dropped this week after the Fed 394 00:21:58,080 --> 00:22:01,760 Speaker 1: seventy five basis point hike and signaled higher rates will remain. 395 00:22:01,880 --> 00:22:05,440 Speaker 1: Tech was not spared. Our next guest says there could 396 00:22:05,440 --> 00:22:08,920 Speaker 1: be some bright spots along with challenges for everyone from 397 00:22:08,960 --> 00:22:12,960 Speaker 1: startup founders to chief executives. David Crawford is partner at 398 00:22:13,000 --> 00:22:16,440 Speaker 1: Bain and company as well as its global head of technology. 399 00:22:17,200 --> 00:22:19,280 Speaker 1: David the week that was what do you make of 400 00:22:19,320 --> 00:22:23,560 Speaker 1: what's going on in the world? Well, good question, I think. Um, 401 00:22:24,359 --> 00:22:27,520 Speaker 1: thanks for the question. I think we we see long term. 402 00:22:27,520 --> 00:22:30,000 Speaker 1: You know, Innovation and growth in the tech sector. That said, 403 00:22:30,640 --> 00:22:34,320 Speaker 1: we've already seen our clients swallow kind of equity and 404 00:22:34,960 --> 00:22:39,000 Speaker 1: reduction this year. That's mostly been multiple adjustment. The second 405 00:22:39,000 --> 00:22:41,639 Speaker 1: half of the year, we think, is actually about sorting 406 00:22:41,640 --> 00:22:44,760 Speaker 1: out how much demand pulls back. We we believe there 407 00:22:44,760 --> 00:22:47,720 Speaker 1: are major disruptions from supply chain as well as war 408 00:22:47,920 --> 00:22:50,879 Speaker 1: and now the recessionary effects of a demand pullback which, 409 00:22:50,960 --> 00:22:53,679 Speaker 1: as we look into our client base, we think that's 410 00:22:53,680 --> 00:22:55,560 Speaker 1: actually going to be revealed to be more substantial than 411 00:22:55,600 --> 00:22:59,760 Speaker 1: people think and surprise the markets more so. Volatility is 412 00:22:59,800 --> 00:23:02,920 Speaker 1: a US word again. The world is volatile, the markets 413 00:23:02,920 --> 00:23:06,919 Speaker 1: of volatile, but you see an opportunity to do what 414 00:23:07,000 --> 00:23:12,320 Speaker 1: you call kickstarting the rebuild. What do you mean by that? 415 00:23:14,000 --> 00:23:16,360 Speaker 1: What we talk about is that in a downturn there 416 00:23:16,440 --> 00:23:20,400 Speaker 1: is opportunity and particularly if you can be an incumbent 417 00:23:20,560 --> 00:23:23,520 Speaker 1: or someone who is strong in your sector, there's a 418 00:23:23,520 --> 00:23:26,560 Speaker 1: flight to quality. It creates more opportunities for you to grow. 419 00:23:26,760 --> 00:23:28,639 Speaker 1: It creates more opportunities for you to do m and a, 420 00:23:28,720 --> 00:23:31,600 Speaker 1: it creates more opportunities to do do deals. But there's 421 00:23:31,600 --> 00:23:33,919 Speaker 1: a process of managing through the downturn such that you 422 00:23:33,960 --> 00:23:37,240 Speaker 1: can gain share and gain market position. It's kind of 423 00:23:37,240 --> 00:23:39,080 Speaker 1: a double edged sword right were, especially when we talk 424 00:23:39,080 --> 00:23:42,639 Speaker 1: about growth equity, because a lot of these innovators they 425 00:23:42,640 --> 00:23:46,040 Speaker 1: need cash, they need money to to grow, to expand 426 00:23:46,040 --> 00:23:48,719 Speaker 1: what they're doing. But if you're an investor, that carries 427 00:23:48,840 --> 00:23:52,640 Speaker 1: risk in this environment. So how do you pass that? Yeah, 428 00:23:52,680 --> 00:23:56,520 Speaker 1: great question. We see growth equity as a direct result 429 00:23:56,560 --> 00:24:00,400 Speaker 1: of the unique innovative conditions in the tech sector today. 430 00:24:00,760 --> 00:24:02,719 Speaker 1: It turns out that the markets have put down, over 431 00:24:02,720 --> 00:24:07,120 Speaker 1: the last decade, enormous amounts of cloud computing, pervasive connectivity, 432 00:24:07,160 --> 00:24:09,639 Speaker 1: GPS infrastructure at center and it's created an environment in 433 00:24:09,640 --> 00:24:13,360 Speaker 1: which new companies can be built and scaled extremely rapidly. 434 00:24:13,840 --> 00:24:16,480 Speaker 1: And if you understand that playbook, you can invest behind 435 00:24:16,520 --> 00:24:19,640 Speaker 1: it with a growth equity formula that is extraordinarily high, 436 00:24:19,760 --> 00:24:23,960 Speaker 1: high payback Um. So I think that formula has not 437 00:24:24,040 --> 00:24:26,439 Speaker 1: gone away, those conditions have not gone away. We're going 438 00:24:26,480 --> 00:24:30,280 Speaker 1: to have to work through these uh, these uh difficult environment, 439 00:24:30,359 --> 00:24:32,000 Speaker 1: you know, in the next six to twelve months, but 440 00:24:32,040 --> 00:24:34,280 Speaker 1: after that I think we'll have a return of the 441 00:24:34,320 --> 00:24:37,480 Speaker 1: same extraordinary innovation conditions. David was showing a lot of 442 00:24:37,480 --> 00:24:39,840 Speaker 1: red on the screen on a year to date basis 443 00:24:39,840 --> 00:24:43,280 Speaker 1: and equity markets on a weekly basis. But it's Friday. 444 00:24:43,520 --> 00:24:46,679 Speaker 1: Let's let's think about the positive, the opportunity, and I 445 00:24:46,720 --> 00:24:49,960 Speaker 1: enjoyed your latest research right because you're talking about specific areas, 446 00:24:50,240 --> 00:24:52,800 Speaker 1: the role of web three in rewriting the rules of 447 00:24:52,920 --> 00:24:58,080 Speaker 1: digital user identity, you're excited about ai in customer success. 448 00:24:58,119 --> 00:25:01,840 Speaker 1: How do you convince invested that now is the time 449 00:25:02,320 --> 00:25:06,960 Speaker 1: to deploy capital to those areas? Yeah, I think it's 450 00:25:06,960 --> 00:25:11,000 Speaker 1: been interesting to watch equity multiple adjustments. The hardest hit 451 00:25:11,240 --> 00:25:14,159 Speaker 1: by far have been the smaller companies with the extraordinarily 452 00:25:14,240 --> 00:25:17,000 Speaker 1: high growth rates. There's been a flight to quality and 453 00:25:17,080 --> 00:25:21,200 Speaker 1: that just makes a number of extraordinarily innovative and important, frankly, 454 00:25:21,240 --> 00:25:24,480 Speaker 1: assets available at much cheaper prices than it would have 455 00:25:24,520 --> 00:25:28,720 Speaker 1: been otherwise. So I guess we would say innovation is 456 00:25:28,800 --> 00:25:31,800 Speaker 1: very much alive. We're looking down the barrel of a 457 00:25:31,840 --> 00:25:34,680 Speaker 1: massive growth in the metaverse, web three dot o being 458 00:25:34,920 --> 00:25:38,400 Speaker 1: one piece of that Um, and we just think that 459 00:25:38,920 --> 00:25:43,080 Speaker 1: this transitional effect creates opportunities for smart players to make 460 00:25:43,119 --> 00:25:45,359 Speaker 1: good bets. David, I'm going to bring up a chart 461 00:25:45,400 --> 00:25:49,520 Speaker 1: which I saw in your research which shows the growth 462 00:25:49,640 --> 00:25:54,800 Speaker 1: of growth equity relative to public markets, equity venture capital, 463 00:25:55,560 --> 00:25:58,320 Speaker 1: and what we see in terms of buyouts in the market. 464 00:25:59,119 --> 00:26:02,199 Speaker 1: What is this story that this chart is telling on 465 00:26:02,240 --> 00:26:07,000 Speaker 1: our screens? Yeah, great question. The basic story there is 466 00:26:07,080 --> 00:26:12,719 Speaker 1: the extraordinary growth of the growth equity investor trunch, you know, 467 00:26:12,960 --> 00:26:16,080 Speaker 1: and growth equity is not a new concept, but it's 468 00:26:16,080 --> 00:26:19,160 Speaker 1: it's meant to be targeted at a life stage that 469 00:26:19,320 --> 00:26:22,399 Speaker 1: you know, is going from, uh, you know, stability to 470 00:26:22,600 --> 00:26:26,240 Speaker 1: scale and, as I mentioned before, we just think it 471 00:26:26,320 --> 00:26:30,000 Speaker 1: reflects the growth here. Has Grown to of total capital deployed. 472 00:26:30,000 --> 00:26:33,160 Speaker 1: That's extraordinary. It's doubled since the last two years. So 473 00:26:33,760 --> 00:26:38,119 Speaker 1: we just think it reflects the conditions of innovation that 474 00:26:38,240 --> 00:26:42,720 Speaker 1: are ever present in tech right now. The pervasive availability 475 00:26:43,000 --> 00:26:50,080 Speaker 1: of cloud computing, of Um connectivity, of Ai, of technologies, 476 00:26:50,119 --> 00:26:54,000 Speaker 1: payment systems, you name it, just allows a good concept 477 00:26:54,119 --> 00:26:58,680 Speaker 1: to be created and scaled extremely rapidly and investors have 478 00:26:58,760 --> 00:27:01,320 Speaker 1: sort of bad out. They've actually that into a great business. 479 00:27:01,960 --> 00:27:04,199 Speaker 1: If you're an investor anywhere in the world in the 480 00:27:04,280 --> 00:27:07,159 Speaker 1: last two years you've done a bit of reading about 481 00:27:07,240 --> 00:27:11,520 Speaker 1: semiconductors and the global chip industry. Everyone is trying to 482 00:27:11,560 --> 00:27:14,600 Speaker 1: become an expert on the chip industry. Where do you 483 00:27:14,760 --> 00:27:19,359 Speaker 1: see the health of the chip industry in terms of supply, 484 00:27:19,480 --> 00:27:22,080 Speaker 1: bottle Max, but but also the story has turned so 485 00:27:22,200 --> 00:27:27,840 Speaker 1: quickly to demand. Yeah, the chips story is is a 486 00:27:27,920 --> 00:27:31,120 Speaker 1: multifaceted one. It's started out two and a half years 487 00:27:31,160 --> 00:27:34,719 Speaker 1: ago with the auto industry canceling is, its its orders 488 00:27:34,720 --> 00:27:38,359 Speaker 1: and those orders being reallocated to keep factories full. Um, 489 00:27:38,440 --> 00:27:41,640 Speaker 1: when the economy recovered more quickly than people thought, there 490 00:27:41,720 --> 00:27:45,200 Speaker 1: was just no availability because the factories protect themselves by backfilling. 491 00:27:45,760 --> 00:27:49,080 Speaker 1: Since then it's become, you know, an extraordinary story of 492 00:27:49,160 --> 00:27:56,480 Speaker 1: global disruption that occurs as, uh, individual players lose their orders, underproduced, overproduced, etcetera, 493 00:27:56,560 --> 00:27:59,600 Speaker 1: and it shows us that how dependent we really are 494 00:27:59,680 --> 00:28:01,879 Speaker 1: on hips. And it's not just leading edge chips, it's 495 00:28:01,960 --> 00:28:05,879 Speaker 1: chips at all Um at all places within in the 496 00:28:05,880 --> 00:28:09,400 Speaker 1: node progression of the fabrication and that is also, of course, 497 00:28:09,440 --> 00:28:12,639 Speaker 1: shone a light on the relationship between the United States 498 00:28:12,640 --> 00:28:14,600 Speaker 1: and China, and I know that your research is touched 499 00:28:14,600 --> 00:28:17,280 Speaker 1: on that as well. Yeah, there's a whole another layer 500 00:28:17,280 --> 00:28:19,560 Speaker 1: to this story, which is that, you know, the world 501 00:28:19,600 --> 00:28:22,600 Speaker 1: has found itself extremely dependent on a small number of 502 00:28:22,680 --> 00:28:24,920 Speaker 1: companies to produce these some of which, one of which 503 00:28:25,119 --> 00:28:28,560 Speaker 1: is very important, is Taiwan. Semiconductor in Taiwan and to 504 00:28:28,640 --> 00:28:31,600 Speaker 1: the extent Um there's a single point of failure in 505 00:28:31,600 --> 00:28:35,160 Speaker 1: your supply chain. Uh. This chip shortage has really highlighted 506 00:28:35,200 --> 00:28:39,440 Speaker 1: for folks how how dependent they really are on that 507 00:28:39,560 --> 00:28:42,680 Speaker 1: single company, and many companies are looking to diverse five. 508 00:28:43,360 --> 00:28:46,680 Speaker 1: With all that in mind, give me the David Crawford 509 00:28:46,680 --> 00:28:53,000 Speaker 1: projection for three in the world of tech. Yeah, simple, 510 00:28:53,680 --> 00:28:55,520 Speaker 1: in any of the back end of three will be 511 00:28:55,560 --> 00:28:58,360 Speaker 1: about innovation and Growth and and sorting out how to 512 00:28:58,360 --> 00:29:01,080 Speaker 1: win here. I think the next six to eight months 513 00:29:01,080 --> 00:29:05,680 Speaker 1: will be working through the disruptions that we're experiencing now, Um, 514 00:29:05,680 --> 00:29:08,880 Speaker 1: and those include everything from the Geo political environment too, 515 00:29:08,960 --> 00:29:11,320 Speaker 1: as you describe the supply chain shortages, one of which 516 00:29:11,400 --> 00:29:15,520 Speaker 1: is the chip shortage, Um, as well as the recessionary 517 00:29:15,520 --> 00:29:18,719 Speaker 1: effect of demand pulled back. All Right, David Crawford, partner 518 00:29:18,760 --> 00:29:22,000 Speaker 1: at Bain and company and head of its global technology practice. 519 00:29:22,040 --> 00:29:36,320 Speaker 1: Thank you. Time for our crypts I report, and today 520 00:29:36,520 --> 00:29:38,560 Speaker 1: we take a look at what we call oracles so 521 00:29:38,600 --> 00:29:42,000 Speaker 1: around crypto contribute to Shinali Bashak is here with our 522 00:29:42,040 --> 00:29:44,280 Speaker 1: guest Shal take it away. Thank you, ed. We're going 523 00:29:44,320 --> 00:29:46,640 Speaker 1: to talk to Mike K Hill. He's the Pith Data 524 00:29:46,760 --> 00:29:50,560 Speaker 1: Association director, and we're going to talk about oracles here, 525 00:29:50,600 --> 00:29:54,320 Speaker 1: because data is hard to combine the traditional financial system. 526 00:29:54,360 --> 00:29:56,400 Speaker 1: It's hard to combine in crypto because it's such a 527 00:29:56,480 --> 00:30:00,120 Speaker 1: vast landscape. So when we're talking about Oracles, what do 528 00:30:00,160 --> 00:30:02,800 Speaker 1: you really mean and what does it mean for the 529 00:30:02,880 --> 00:30:06,400 Speaker 1: universe of smart contracts that need that external data from 530 00:30:06,760 --> 00:30:10,840 Speaker 1: the real world services that really provide that gateway Um, 531 00:30:10,880 --> 00:30:14,160 Speaker 1: to each other? Sure, first out, thanks so much for 532 00:30:14,200 --> 00:30:17,680 Speaker 1: having me. On block chains, as you mentioned, we've got 533 00:30:17,720 --> 00:30:22,600 Speaker 1: smart contracts and the smart contracts will execute rules based 534 00:30:23,400 --> 00:30:26,560 Speaker 1: decision criteria that can move something of value. So it 535 00:30:26,560 --> 00:30:29,960 Speaker 1: could be bitcoins, it could be ethereum Um, and when 536 00:30:29,960 --> 00:30:32,640 Speaker 1: they are doing this, there's no third party intermediary that's 537 00:30:32,680 --> 00:30:35,320 Speaker 1: going to make any judgment calls. So they're dependent upon 538 00:30:35,640 --> 00:30:38,680 Speaker 1: the inputs and that inputs come from data Um, and 539 00:30:38,760 --> 00:30:42,160 Speaker 1: so that data is that the quality of that data 540 00:30:42,200 --> 00:30:46,520 Speaker 1: is paramount, and so oracle networks provide a way to 541 00:30:46,600 --> 00:30:49,520 Speaker 1: get high quality data. It's very trustworthy, and the way 542 00:30:49,520 --> 00:30:53,160 Speaker 1: that they do that is by having multiple contributors distribute 543 00:30:53,160 --> 00:30:55,760 Speaker 1: that data directly on chain and it becomes very robust 544 00:30:55,840 --> 00:30:59,880 Speaker 1: and resilient. Now how does this really help big institution 545 00:31:00,000 --> 00:31:04,040 Speaker 1: and high frequency traders really engage with the crypto universe 546 00:31:04,120 --> 00:31:07,480 Speaker 1: with a lot more rigor? Yeah, so what's really cool 547 00:31:07,480 --> 00:31:10,320 Speaker 1: about the pith network is it has attracted some of 548 00:31:10,320 --> 00:31:13,600 Speaker 1: the largest trading firms and exchanges to contribute their data 549 00:31:13,640 --> 00:31:17,240 Speaker 1: directly onto blockchain. We think about the pith network as 550 00:31:17,320 --> 00:31:21,400 Speaker 1: being really high quality infrastructure that can power the next 551 00:31:21,440 --> 00:31:25,840 Speaker 1: generation of decentralized applications empower the growth of web three. 552 00:31:26,240 --> 00:31:29,400 Speaker 1: So it's really the tooling that large trading firms and 553 00:31:29,440 --> 00:31:33,560 Speaker 1: exchanges come to expect to make this institutional grade so 554 00:31:33,600 --> 00:31:36,720 Speaker 1: that they can participate in future. You know, it's interesting 555 00:31:36,760 --> 00:31:38,680 Speaker 1: because when you think about how it used to work, 556 00:31:38,880 --> 00:31:43,000 Speaker 1: data is proprietary. Data is something that not a lot 557 00:31:43,000 --> 00:31:45,560 Speaker 1: of people like to traditionally share. So what do these 558 00:31:45,600 --> 00:31:48,160 Speaker 1: firms get out of it by starting to share data 559 00:31:48,200 --> 00:31:52,560 Speaker 1: and starting to amass more data altogether? That's a great question. 560 00:31:52,680 --> 00:31:55,600 Speaker 1: So there's a reward mechanism within the pith network where 561 00:31:55,840 --> 00:31:59,440 Speaker 1: the data providers are incentivized to provide that data on 562 00:31:59,560 --> 00:32:02,920 Speaker 1: chain Um. And what has been very exciting is, in 563 00:32:02,960 --> 00:32:06,880 Speaker 1: a similar capacity to how AIRBNB has enabled an entire 564 00:32:06,960 --> 00:32:11,680 Speaker 1: new inventory of places to stay. The Pith Network has 565 00:32:11,840 --> 00:32:15,880 Speaker 1: opened up and unlocked reserves of data that came from 566 00:32:15,880 --> 00:32:19,800 Speaker 1: trading firms that never ever distributed it for external use before. Um. 567 00:32:19,840 --> 00:32:23,280 Speaker 1: Some of the participants include jump trading, Jane Street Susquehanna, 568 00:32:23,560 --> 00:32:25,640 Speaker 1: and they're contributing their data directly on Shane and this 569 00:32:25,720 --> 00:32:28,800 Speaker 1: is something they've never once have used externally before. So 570 00:32:28,840 --> 00:32:31,160 Speaker 1: it's very cool. Mike, you used to work at Morgan 571 00:32:31,240 --> 00:32:33,200 Speaker 1: Stanley and you know, when you look at this kind 572 00:32:33,200 --> 00:32:35,640 Speaker 1: of high frequency trading world, all those companies that you 573 00:32:35,720 --> 00:32:39,080 Speaker 1: said that you work with, like Jane Street Susquehannah, why 574 00:32:39,240 --> 00:32:42,760 Speaker 1: is it that high frequency trading firms are more likely 575 00:32:42,840 --> 00:32:46,120 Speaker 1: to engage with this universe then a large firm like 576 00:32:46,280 --> 00:32:49,040 Speaker 1: Morgan Stanley? You see some of those big houses starting 577 00:32:49,080 --> 00:32:52,840 Speaker 1: to trade in Crypto, but it's really at the margins. Yeah, 578 00:32:52,880 --> 00:32:55,000 Speaker 1: I agree. I think that the first movers tend to 579 00:32:55,040 --> 00:32:59,800 Speaker 1: be ones that have um smaller committees around where they 580 00:32:59,800 --> 00:33:02,920 Speaker 1: can enter into markets. Um. So these are really the 581 00:33:03,000 --> 00:33:06,280 Speaker 1: nimble firms, Um, the ones that get in early. They're 582 00:33:06,320 --> 00:33:09,640 Speaker 1: comfortable with both the cryptography risk as well as potentially 583 00:33:09,640 --> 00:33:12,960 Speaker 1: some regulatory risks. Um, and then navigating that landscape is 584 00:33:13,000 --> 00:33:15,080 Speaker 1: never easy, but it's a calculated risk that they have 585 00:33:15,160 --> 00:33:17,080 Speaker 1: to take. For the banks, I think that they need 586 00:33:17,120 --> 00:33:20,200 Speaker 1: to get a little bit more comfortable with the caliber 587 00:33:20,240 --> 00:33:21,800 Speaker 1: and the scale of risks that they're going to get 588 00:33:21,800 --> 00:33:23,480 Speaker 1: into and I think they're making a lot of progress, 589 00:33:23,480 --> 00:33:25,600 Speaker 1: as you mentioned Um, and we will expect to see 590 00:33:25,600 --> 00:33:27,360 Speaker 1: them come in over time. And what would it take, 591 00:33:27,600 --> 00:33:30,760 Speaker 1: do you think, for decentralized finance to do everything that 592 00:33:30,760 --> 00:33:34,640 Speaker 1: you would see in the traditional financial system? Yeah, I 593 00:33:34,640 --> 00:33:36,640 Speaker 1: think it's going to take a lot of development Um. 594 00:33:36,640 --> 00:33:40,160 Speaker 1: There's some things that crypto does really well, which is like, 595 00:33:40,320 --> 00:33:43,720 Speaker 1: you know, sending things around the world of value Um, 596 00:33:43,760 --> 00:33:46,920 Speaker 1: with low friction Um and low fees Um. And then 597 00:33:46,920 --> 00:33:50,000 Speaker 1: there's some things that in centralized finance it does really well, 598 00:33:50,080 --> 00:33:54,080 Speaker 1: for instance, privacy. Everything is fully public on on blockchains 599 00:33:54,080 --> 00:33:57,239 Speaker 1: and that's not necessarily the best thing for um like 600 00:33:57,280 --> 00:34:00,800 Speaker 1: a trading engine, or for Um to send like your 601 00:34:00,920 --> 00:34:03,360 Speaker 1: Benmo account and have everything to be public Um. So 602 00:34:03,400 --> 00:34:05,920 Speaker 1: I think that we're going to see better technology emerge 603 00:34:06,400 --> 00:34:10,880 Speaker 1: Um and this infrastructure tooling is really designed to allow 604 00:34:10,960 --> 00:34:14,520 Speaker 1: people to build stuff and build stuff that can compete 605 00:34:14,560 --> 00:34:16,520 Speaker 1: with the real world of centralized follow ups I'd love 606 00:34:16,520 --> 00:34:19,200 Speaker 1: for you to talk about your work also with certain blockchains, 607 00:34:19,239 --> 00:34:22,200 Speaker 1: particularly Salana. Of course we've come off the merge. We're 608 00:34:22,200 --> 00:34:25,719 Speaker 1: talking a little earlier this week down totally, Yakovenko, you know, 609 00:34:25,800 --> 00:34:28,000 Speaker 1: what is it? What kind of data do you have? 610 00:34:28,120 --> 00:34:31,480 Speaker 1: What kind of decisions are you making as this ecosystem 611 00:34:31,560 --> 00:34:36,240 Speaker 1: evolves to know what's going to be more dominant moving forward? Yeah, 612 00:34:36,600 --> 00:34:39,000 Speaker 1: so pith started its life about a year ago on 613 00:34:39,440 --> 00:34:43,719 Speaker 1: the Salanta blockchain and it became very quickly the canonical 614 00:34:43,880 --> 00:34:47,840 Speaker 1: oracle to be used on chain over the applications or 615 00:34:47,880 --> 00:34:51,640 Speaker 1: securing their data with that network. Um, and it is 616 00:34:51,640 --> 00:34:54,640 Speaker 1: now going multi chain and it's really just if you 617 00:34:54,640 --> 00:34:58,440 Speaker 1: think about these chains being similar to operating systems, you 618 00:34:58,480 --> 00:35:01,440 Speaker 1: want to have the best possible toolings to attract users 619 00:35:01,440 --> 00:35:04,279 Speaker 1: to build applications on these operating systems, Um, and so 620 00:35:04,400 --> 00:35:07,759 Speaker 1: having pith available on chain is a very important component 621 00:35:08,239 --> 00:35:10,800 Speaker 1: um for these these layer ones to compete with one another. 622 00:35:10,840 --> 00:35:13,240 Speaker 1: So it goes to all the E v M chains 623 00:35:13,280 --> 00:35:16,880 Speaker 1: now and will extend to the new ones, some with 624 00:35:17,640 --> 00:35:21,440 Speaker 1: competitive aspects, to Salona, using different languages as well. I 625 00:35:21,480 --> 00:35:24,000 Speaker 1: have to admit, Mike, a data oracle sounds a bit 626 00:35:24,160 --> 00:35:28,239 Speaker 1: like a mythical creature. So what exactly what is the 627 00:35:28,280 --> 00:35:30,759 Speaker 1: function that you serve in this community? What kind of 628 00:35:30,880 --> 00:35:33,480 Speaker 1: data are we talking about here? You know what is 629 00:35:33,480 --> 00:35:37,120 Speaker 1: the ultimate goal? Yeah, it does sound like a mythical creature. 630 00:35:37,160 --> 00:35:39,520 Speaker 1: The name does come from Greek pathology and pith comes 631 00:35:39,560 --> 00:35:42,600 Speaker 1: from Pythia, so there are ties in there. But today 632 00:35:43,680 --> 00:35:48,600 Speaker 1: the fifth data Um Spans the sector of Crypto, US equities, 633 00:35:48,840 --> 00:35:51,480 Speaker 1: F X, metals Um. So you've got a bit of everything. 634 00:35:51,640 --> 00:35:54,120 Speaker 1: You can see the price of apple updating on chain 635 00:35:54,160 --> 00:35:57,040 Speaker 1: every four in the middle seconds and being used by 636 00:35:57,080 --> 00:35:59,440 Speaker 1: anybody Um. But you can go on on the website 637 00:35:59,480 --> 00:36:02,040 Speaker 1: and see this information. We expected to have that scale 638 00:36:02,040 --> 00:36:04,160 Speaker 1: out other categories that people are interested in using them 639 00:36:04,160 --> 00:36:06,279 Speaker 1: in smart contracts. I'm with you. If you can make 640 00:36:06,560 --> 00:36:09,800 Speaker 1: mythical creatures to make foreign exchange sound all the more exciting, 641 00:36:09,920 --> 00:36:12,200 Speaker 1: I am in for that. Mike Cahill, that's the CEO 642 00:36:12,360 --> 00:36:15,480 Speaker 1: of Pith Data Association. Thank you so much. Ed Back 643 00:36:15,520 --> 00:36:27,560 Speaker 1: to you. Thanks, Tony Mythical let's talk about space. NASA 644 00:36:27,600 --> 00:36:30,120 Speaker 1: said earlier today the long awaited launch of its space 645 00:36:30,360 --> 00:36:34,279 Speaker 1: launch system is still possible next week after a successful 646 00:36:34,360 --> 00:36:39,800 Speaker 1: fueling test on Wednesday. But bad weather is on the horizon. Meantime, 647 00:36:40,040 --> 00:36:43,920 Speaker 1: we might also be closer to SPACEX, is starship conducting 648 00:36:44,280 --> 00:36:47,120 Speaker 1: in orbit or test launch, just not as close as 649 00:36:47,160 --> 00:36:49,879 Speaker 1: you might think. To wrap the week in space, Bloomberg's 650 00:36:49,960 --> 00:36:53,120 Speaker 1: Lauren grush joins me on set in New York. Yes, 651 00:36:53,600 --> 00:36:57,120 Speaker 1: let's start with sls. What is going on? That's a 652 00:36:57,160 --> 00:36:59,440 Speaker 1: great question, something I'm kind of trying to wrap my 653 00:36:59,440 --> 00:37:02,640 Speaker 1: head around as well. So yes, NASA is trying for 654 00:37:02,719 --> 00:37:06,040 Speaker 1: their third launch attempt of the space launch system, the 655 00:37:06,080 --> 00:37:09,600 Speaker 1: first who had been scrubbed for various technical reasons, and 656 00:37:09,920 --> 00:37:15,840 Speaker 1: they gave an update today. They're still targeting Tuesday septem however, 657 00:37:16,160 --> 00:37:20,160 Speaker 1: as you mentioned, a tropical storm or tropical tropical depression 658 00:37:20,800 --> 00:37:23,600 Speaker 1: is brewing off the coast of South America. The latest 659 00:37:23,640 --> 00:37:27,080 Speaker 1: forecast shows it heading straight towards Florida. All sorts of 660 00:37:27,160 --> 00:37:30,680 Speaker 1: emergencies are being declared over there, so it's not looking 661 00:37:30,719 --> 00:37:33,879 Speaker 1: good weatherwise. NASA says they are they're keeping an eye 662 00:37:33,880 --> 00:37:37,160 Speaker 1: on it. They're still tracking towards a launch, but they'll 663 00:37:37,200 --> 00:37:40,680 Speaker 1: make a decision, hopefully by tomorrow morning or early afternoon, 664 00:37:40,880 --> 00:37:44,120 Speaker 1: if they need to roll the rocket back from its 665 00:37:44,200 --> 00:37:47,200 Speaker 1: launchpad into the hangar. So Wednesday was kind of key. 666 00:37:47,320 --> 00:37:50,480 Speaker 1: I think we have some video of it, this fueling test. Yes, 667 00:37:51,080 --> 00:37:54,320 Speaker 1: what is that? So Um, during their second launch attempt 668 00:37:54,400 --> 00:37:57,320 Speaker 1: they had a hydrogen leak and they found they needed 669 00:37:57,320 --> 00:38:01,200 Speaker 1: to replace a component on the rocket, and then what 670 00:38:01,280 --> 00:38:03,520 Speaker 1: they wanted to do was to test if that that 671 00:38:03,640 --> 00:38:05,879 Speaker 1: worth that they had done had actually worked, and so 672 00:38:05,920 --> 00:38:09,160 Speaker 1: what they did on Wednesday was basically simulate what they 673 00:38:09,200 --> 00:38:11,960 Speaker 1: do on launch day by filling the rocket with propellant 674 00:38:12,320 --> 00:38:15,520 Speaker 1: and making sure that there weren't any leaks. Unfortunately, there 675 00:38:15,560 --> 00:38:18,360 Speaker 1: were some leaks that propped up during that test, but 676 00:38:18,600 --> 00:38:21,720 Speaker 1: they were able to push past them after some troubleshooting 677 00:38:21,960 --> 00:38:24,799 Speaker 1: and they were able to successfully fuel the rocket just 678 00:38:24,920 --> 00:38:27,279 Speaker 1: as they would on a launch day. So they said 679 00:38:27,280 --> 00:38:30,040 Speaker 1: that they met all of their objectives despite those issues, 680 00:38:30,440 --> 00:38:32,960 Speaker 1: and so they're still they're ready to go. They want 681 00:38:32,960 --> 00:38:35,120 Speaker 1: to launch this thing, but there seems to be all 682 00:38:35,120 --> 00:38:38,919 Speaker 1: these different varia questions. Are you ready to go? I've 683 00:38:39,000 --> 00:38:42,200 Speaker 1: gone to Florida twice now. I'm ready to book my 684 00:38:42,280 --> 00:38:44,839 Speaker 1: ticket for the third time, but I would prefer not 685 00:38:44,920 --> 00:38:47,200 Speaker 1: to go in the in the path that there is 686 00:38:47,200 --> 00:38:50,040 Speaker 1: a serious reason why we're paying attention to this launch, right, 687 00:38:50,120 --> 00:38:53,359 Speaker 1: which is there a bigger goals ultimately? What are those 688 00:38:53,360 --> 00:38:55,320 Speaker 1: bigger goals? I think we have a map which shows 689 00:38:55,800 --> 00:38:59,920 Speaker 1: if and when this mission launches, it's for a reason, right. 690 00:39:00,160 --> 00:39:04,439 Speaker 1: So sls is part of NASA's plan called Artemis, which 691 00:39:04,480 --> 00:39:07,600 Speaker 1: is this big, ambitious program to send the first woman, 692 00:39:07,640 --> 00:39:10,240 Speaker 1: in the first person of color to the moon, and 693 00:39:10,320 --> 00:39:12,600 Speaker 1: this is just the first step. So what they want 694 00:39:12,600 --> 00:39:15,759 Speaker 1: to do with Artemis one this mission is show that 695 00:39:16,280 --> 00:39:18,800 Speaker 1: the S L S, and it's in NASA's Deep Space 696 00:39:19,200 --> 00:39:21,759 Speaker 1: Ryan crew capsule, can actually work. There won't be any 697 00:39:21,800 --> 00:39:23,879 Speaker 1: people on board, but they want to send it around 698 00:39:23,920 --> 00:39:26,279 Speaker 1: the moon to just kind of have this demonstration so 699 00:39:26,320 --> 00:39:28,880 Speaker 1: that when they do put people on board they're confident 700 00:39:28,960 --> 00:39:31,799 Speaker 1: that they'll be safe. Lauren, this week Elon Musk has 701 00:39:31,840 --> 00:39:36,880 Speaker 1: been tweetingcker and one of the things that he tweeted 702 00:39:36,960 --> 00:39:39,440 Speaker 1: was in response to a question on starship and when 703 00:39:39,480 --> 00:39:45,000 Speaker 1: starship will do its first orbital test flight. He says 704 00:39:45,640 --> 00:39:48,960 Speaker 1: November seems highly likely. We will have two boosters and 705 00:39:48,960 --> 00:39:53,759 Speaker 1: ships ready for orbital flight by then with full stack production. 706 00:39:54,800 --> 00:39:58,000 Speaker 1: What does that mean? Well, I if you've been following 707 00:39:58,040 --> 00:40:00,560 Speaker 1: Elon's tweets, which I'm sure you have. He does like 708 00:40:00,680 --> 00:40:05,319 Speaker 1: to make very aspirational goals for his flights. So you know, 709 00:40:05,360 --> 00:40:08,200 Speaker 1: I think he said earlier when March it was ready, 710 00:40:08,280 --> 00:40:11,840 Speaker 1: maybe April. I think back in even he said it 711 00:40:11,840 --> 00:40:14,680 Speaker 1: would be launching in six months. So every time he 712 00:40:14,719 --> 00:40:17,080 Speaker 1: gives us a launch date I take it with, you know, 713 00:40:17,600 --> 00:40:22,480 Speaker 1: a boulder sized grain of salt. However, that said, SPACEX 714 00:40:22,520 --> 00:40:25,600 Speaker 1: has been been making great progress on starship development. They 715 00:40:25,640 --> 00:40:29,959 Speaker 1: had recently had a seven engine raptor static fire next 716 00:40:30,040 --> 00:40:32,960 Speaker 1: the back. Next big goal would be to static fire 717 00:40:33,440 --> 00:40:36,000 Speaker 1: thirty three of those engines and that's that's a lot 718 00:40:36,040 --> 00:40:38,920 Speaker 1: of engines at once. So there'll be a lot of flames. 719 00:40:39,239 --> 00:40:42,800 Speaker 1: They've also been prone to set the Boca Chica area 720 00:40:42,960 --> 00:40:46,040 Speaker 1: around them on fire sometimes when that happens. So we'll 721 00:40:46,120 --> 00:40:48,360 Speaker 1: we'll be keeping an eye on that and once that happens, 722 00:40:48,400 --> 00:40:51,360 Speaker 1: then I think will be realistically getting closer. And to 723 00:40:51,480 --> 00:40:54,000 Speaker 1: end Friday on a positive note, I understand that there's 724 00:40:54,000 --> 00:40:58,560 Speaker 1: a meteor headling, headling, hurtling towards earth, but that we're 725 00:40:58,600 --> 00:41:01,200 Speaker 1: not in danger. Even so, NASA, we're going to try 726 00:41:01,280 --> 00:41:04,680 Speaker 1: and crash land something into it so it's not hurtling 727 00:41:04,719 --> 00:41:09,080 Speaker 1: towards earth. It's it's completely fine, completely benign. It's the 728 00:41:09,160 --> 00:41:13,320 Speaker 1: dark mission. NASA is testing out a method for potentially 729 00:41:13,440 --> 00:41:16,319 Speaker 1: nudging asteroids out of the way if we ever were 730 00:41:16,320 --> 00:41:18,480 Speaker 1: to find one coming towards earth in the future. So 731 00:41:18,520 --> 00:41:21,200 Speaker 1: this is just a test. Nobody needs to worry, no 732 00:41:21,239 --> 00:41:24,120 Speaker 1: one needs to, you know, pack up and head for 733 00:41:24,160 --> 00:41:27,719 Speaker 1: the hills, though I don't know if you'd be safe there. Um. No, 734 00:41:27,920 --> 00:41:29,520 Speaker 1: this is just a test, and what they're doing is 735 00:41:29,520 --> 00:41:34,120 Speaker 1: they're intentionally sending a spacecraft into an asteroid to nudge 736 00:41:34,120 --> 00:41:36,000 Speaker 1: it off of its course and then that way, if 737 00:41:36,040 --> 00:41:37,879 Speaker 1: we were to ever have an asteroid headed our way 738 00:41:37,880 --> 00:41:40,319 Speaker 1: that we knew about, that could just, you know, make 739 00:41:40,360 --> 00:41:43,840 Speaker 1: it veer away from Earth safely. This is just a test. 740 00:41:43,880 --> 00:41:46,040 Speaker 1: Blunt Bergs, Lauren Grush, thank you.