WEBVTT - Nvidia's Struggle, SCOTUS and Social Media 0:00:00.880 --> 0:00:03.960 From Mahard where Innovation of Money and Power. 0:00:03.760 --> 0:00:06.160 Collie in Silicon Valley, NBN. 0:00:06.480 --> 0:00:10.520 This is Bloomberg Technology with Caroline Hyde and Ed Ludlow. 0:00:24.360 --> 0:00:26.800 I'm Caroline Heidel, Blomberg's World headquarters in New York. 0:00:27.040 --> 0:00:29.480 And I'm Ed Ludlow in San Francisco. This is Bloomberg 0:00:29.520 --> 0:00:30.520 Technology coming up. 0:00:30.560 --> 0:00:33.279 We bring you the latest in markets. As in video Struggles, 0:00:33.440 --> 0:00:35.520 We're going to talk macro and micro and Nazi Curtain 0:00:35.640 --> 0:00:38.000 from Ulti Tenam and Global Pus. 0:00:38.080 --> 0:00:40.440 We had the latest from Washington is the Supreme Court 0:00:40.600 --> 0:00:44.400 sends social media laws back to lower courts. 0:00:44.320 --> 0:00:47.280 And Qualcom It's become the new front of shirt sponsor 0:00:47.360 --> 0:00:51.560 from Manchester United, are Chips the new crypto? We discussed 0:00:51.560 --> 0:00:53.200 that and so much more throughout the app. At first, 0:00:53.200 --> 0:00:55.680 we check in on these markets and we're struggling for direction. 0:00:55.840 --> 0:00:58.400 I think can be what's the read across We start 0:00:58.560 --> 0:01:01.280 the new half of the year and we're up about 0:01:01.280 --> 0:01:03.080 a tenth of per percent on the NASAT more broadly, 0:01:03.120 --> 0:01:04.800 but it seems to be the bomb market that's dictating 0:01:04.920 --> 0:01:07.000 some of that caution in the equity market yields for 0:01:07.160 --> 0:01:09.800 hire some eight basis points read that what you will, 0:01:09.959 --> 0:01:11.920 is that caution as to what's happening over in Europe? 0:01:12.000 --> 0:01:13.839 Is it worries about what's happening in the United States 0:01:13.880 --> 0:01:17.119 in terms of ultimately fiscal spending coming with whoever runs 0:01:17.160 --> 0:01:19.880 the country post November. And I think also what's happening though, 0:01:20.000 --> 0:01:22.080 is the political risk actually a bit of a relief 0:01:22.160 --> 0:01:24.520 over in France the CAC forty rising more than a 0:01:24.560 --> 0:01:27.400 percentage point as we do see perhaps a push to 0:01:27.800 --> 0:01:30.800 curtail what might be the most right winger policies that 0:01:30.920 --> 0:01:33.640 could be enacted over in France as many rush to 0:01:33.680 --> 0:01:35.840 see what happens in the second round of voting. We 0:01:35.920 --> 0:01:38.160 look at the economic effect, not the political. Let's have 0:01:38.160 --> 0:01:39.880 a look at what's happening in terms of crypto though, 0:01:39.920 --> 0:01:42.040 because the risk asider choice here on the Technology Show, 0:01:42.120 --> 0:01:44.840 we're not one point four percent seven and fifty five 0:01:44.840 --> 0:01:46.200 a bit of a risk on attitude when it comes 0:01:46.240 --> 0:01:48.000 to bitcoin ed but way off our high as a 0:01:48.080 --> 0:01:49.760 previous What are you watching on the micro. 0:01:50.440 --> 0:01:52.400 There's a lot going on throughout they how let's start 0:01:52.400 --> 0:01:54.400 with Nvidia. A headline hit just before we came on 0:01:54.480 --> 0:01:59.840 air from Reuters, citing anonymous sources that French antitrust regulated 0:02:00.000 --> 0:02:04.360 are getting ready to charge in video over anti competitive practices. 0:02:04.400 --> 0:02:08.480 You'll remember in September those dawn raids in Nvidia's French. 0:02:08.520 --> 0:02:10.720 Offices or facilities. We'll continue to track it. 0:02:10.760 --> 0:02:12.919 I'd point out the stock is off session lows, and 0:02:13.080 --> 0:02:16.400 broadly speaking, chip stocks are lower anyway, there's been some 0:02:16.560 --> 0:02:18.960 selling across the Philadelphia Semiconductor Index. 0:02:19.280 --> 0:02:21.920 But we'll continue one of that monitor that one. Tessa's 0:02:21.919 --> 0:02:22.400 going to give. 0:02:22.360 --> 0:02:25.000 Us second quarter delivery numbers at some point in the 0:02:25.040 --> 0:02:27.000 next twenty four to four eight hours. We'll go to 0:02:27.080 --> 0:02:30.280 Craigtrudell and preview those. And then there's the quod Con Manchester, 0:02:30.440 --> 0:02:34.280 United front of shirt sponsorship tie up. It says Snapdragon, 0:02:34.440 --> 0:02:36.639 and we'll show it to you later on. By the way, 0:02:37.160 --> 0:02:41.200 it's July first, so happy third quarter to Caroline. Happy 0:02:41.280 --> 0:02:43.399 second half of the year. We got a data guy 0:02:43.600 --> 0:02:46.639 at Bloomberg Technology, Terrell Holt, and he's put together this 0:02:46.720 --> 0:02:49.639 fantastic chart. This is the S ANDP five hundred and 0:02:50.000 --> 0:02:51.600 at the start of the year, the first half of 0:02:51.680 --> 0:02:53.720 twenty four, the S and P five hundred is up 0:02:53.760 --> 0:02:56.519 about fourteen percent, right, So he went back and crunched 0:02:56.520 --> 0:02:59.040 the numbers where the S and P five hundred has 0:02:59.120 --> 0:03:01.959 risen by double j in the first half of the year. 0:03:02.520 --> 0:03:04.959 More often than not, it's gone on to have some 0:03:05.040 --> 0:03:06.800 pretty big gains in the second half of the year. 0:03:06.880 --> 0:03:09.160 So that's kind of the question, right, what happens next 0:03:09.440 --> 0:03:11.600 as we enter this second half of twenty twenty four. 0:03:12.040 --> 0:03:15.560 This chart, based on history would indicate we continue to 0:03:15.600 --> 0:03:16.160 climb higher? 0:03:16.320 --> 0:03:16.560 Do we? 0:03:16.919 --> 0:03:19.639 Who knows, well, there's someone who might well know or 0:03:19.680 --> 0:03:21.720 at least can align our bets a little bit clearer. 0:03:21.720 --> 0:03:25.079 And Nacy Kerstin Global, CEO for ltttam and Global, which 0:03:25.200 --> 0:03:27.919 manages the seventy billion dollars in assets, and Nancy, you're 0:03:27.919 --> 0:03:29.320 such a voice for us when it comes to out 0:03:29.360 --> 0:03:32.440 of shin intelligence where it's hyperreality. And I'm interested as 0:03:32.480 --> 0:03:34.800 to whether you think the second half will bode well 0:03:34.960 --> 0:03:36.840 if you're long some of these names, like in Video 0:03:36.880 --> 0:03:39.160 and the chip stocks, well. 0:03:39.080 --> 0:03:40.560 Look Treestone quote at the sky. 0:03:40.840 --> 0:03:43.480 So we need to recognize that these stocks have run 0:03:43.640 --> 0:03:47.880 a lot already. Having said that, you know, in Video 0:03:47.880 --> 0:03:50.160 has got a lot of a sleeve in terms of 0:03:50.320 --> 0:03:54.320 new product development. Right, We've got Blackwell coming on in 0:03:54.400 --> 0:03:59.480 twenty twenty five We've got Reuben there after, and so 0:03:59.720 --> 0:04:02.800 there there's quite a lot of product development in Nvidia 0:04:02.960 --> 0:04:07.240 does enjoy a competitive mode in both software and hardware, 0:04:07.760 --> 0:04:10.880 and I think we're just beginning of the purchase of 0:04:11.040 --> 0:04:16.520 these GPU chips from governments and other sectors like healthcare, 0:04:17.120 --> 0:04:20.680 the automotive sector. So look at the end of the day, 0:04:20.720 --> 0:04:23.040 when a stock has risen one hundred and fifty percent, 0:04:23.680 --> 0:04:26.680 there can always be a pullback. But I would say 0:04:26.720 --> 0:04:31.880 we're still pretty early innings here on the Nvidia story now. 0:04:31.800 --> 0:04:33.280 As we've done a lot on the show of late 0:04:33.320 --> 0:04:35.920 about how difficult it is, particularly for the cell side, 0:04:36.040 --> 0:04:40.120 to forecast top line growth. You talked about Blackwell coming online. 0:04:40.720 --> 0:04:43.440 You're in the camp of people that says jen Ai 0:04:43.600 --> 0:04:46.719 is going to change everything, but it's not yet priced in. 0:04:48.440 --> 0:04:50.560 Which sectors is it not yet priced in? 0:04:50.720 --> 0:04:50.760 For? 0:04:50.920 --> 0:04:52.680 Where is that not yet being reflected? 0:04:53.600 --> 0:04:57.000 Well, I think given what we've seen in the first 0:04:57.200 --> 0:05:00.720 quarter and the second quarter, in particularly the Its States, 0:05:00.800 --> 0:05:04.480 the second quarter all led by the magnificent five so 0:05:04.640 --> 0:05:07.440 to speak. You know, Apple and Tesla obviously lagged a bit, 0:05:08.040 --> 0:05:10.120 but it was tech, tech and tech, and so I 0:05:10.160 --> 0:05:13.200 would say that Jenai has been priced in to a 0:05:13.279 --> 0:05:16.840 certain extent to those stocks. They certainly are recognized as 0:05:16.920 --> 0:05:20.919 Genai beneficiaries. But I think the interesting thing is. 0:05:21.400 --> 0:05:25.160 You know, Jenai is value added across every sector of 0:05:25.279 --> 0:05:28.720 the economy, or at least that's what we think, And therefore, 0:05:28.920 --> 0:05:33.880 looking ahead, we think Genai and its implications for innovation, 0:05:34.240 --> 0:05:38.719 cost savings, productivity improvements in other parts of the economy 0:05:39.279 --> 0:05:42.200 is not yet priced in, and in any event, our view. 0:05:42.760 --> 0:05:45.520 Is that earnings growth will broaden and deepen as the 0:05:45.640 --> 0:05:48.840 year progresses. It's still about tech in the second quarter, 0:05:48.960 --> 0:05:51.760 by the way, but as the year progresses, and we 0:05:51.839 --> 0:05:55.400 think that will lead to a broadening in market participation. 0:05:55.640 --> 0:05:59.400 So actually, many of our managers, remember we're open architecture 0:05:59.400 --> 0:06:04.120 at all ttsman have been reducing technology to the benefit 0:06:04.240 --> 0:06:07.760 to other sectors of the economy that will overtime benefit 0:06:07.880 --> 0:06:11.680 from Jenai. But also we think we'll see an acceleration 0:06:11.839 --> 0:06:15.679 and earnings growth as the year progresses, and frankly, trade 0:06:15.720 --> 0:06:17.680 on a more attractive valuation. 0:06:17.839 --> 0:06:20.920 Really important when it comes to publicly traded equities. Nancy, Well, 0:06:20.960 --> 0:06:23.039 what's so great about you is we can go cross 0:06:23.120 --> 0:06:27.880 assets as well and to private assets into non public companies. 0:06:27.960 --> 0:06:31.240 It's interesting. We recently had Youma Crossing Capital Advisors head 0:06:31.240 --> 0:06:34.320 on recently, who've done a partnership with Alti Tetaman to 0:06:34.360 --> 0:06:37.440 look at well private companies from an exity perspective, but 0:06:37.480 --> 0:06:39.160 you're looking at it from a debt perspective as well. 0:06:39.400 --> 0:06:42.880 Where should one be allocating into technology or more broadly. 0:06:43.880 --> 0:06:47.920 So in technology and more broadly, let's just take private 0:06:48.000 --> 0:06:51.360 credit by way of example. We think private credit is 0:06:51.440 --> 0:06:55.599 super interesting because there's a retrenchment happening on the part 0:06:55.640 --> 0:06:58.000 of the banks. Now you all saw the stress test 0:06:58.120 --> 0:07:01.640 last week. Banks need more capital. Well, Basel three will 0:07:01.680 --> 0:07:06.080 be punitive in terms of ongoing capital requirements. There's mark 0:07:06.160 --> 0:07:09.680 to market pressures on bank balance sheets, and of course 0:07:09.720 --> 0:07:14.400 small to medium sized banks commercial banks that have very 0:07:14.520 --> 0:07:18.160 high exposure of the commercial real estate sector have been 0:07:18.240 --> 0:07:22.160 withdrawing from lending to mention funding costs going up. Okay, 0:07:22.360 --> 0:07:26.280 so what's happening here? Banks are retrenching from lending, but 0:07:26.640 --> 0:07:31.160 marquee credit names are coming in and filling the void. 0:07:31.720 --> 0:07:35.720 We initially invested in what are called private lending direct 0:07:35.800 --> 0:07:40.680 lending strategies. More recently we're evolving and moving into what 0:07:40.800 --> 0:07:43.120 I call asset back lending strategies. 0:07:43.440 --> 0:07:45.680 Again, these are kind of almost. 0:07:45.480 --> 0:07:49.440 Investment grade or in another name, investment grade senior secured 0:07:49.840 --> 0:07:53.520 high up in the capital structure, and direct lendings about 0:07:53.560 --> 0:07:57.680 a two percent premium to high yield, whereas asset back 0:07:57.760 --> 0:08:01.560 lendings about four percent premium to high yield. And by 0:08:01.640 --> 0:08:04.720 the way, these are being offered to weld channels in 0:08:04.840 --> 0:08:07.560 sort of semi liquid form, so it's not hugely be 0:08:07.720 --> 0:08:09.200 liquid and that's important as well. 0:08:10.280 --> 0:08:13.320 Nancy, how is a presidential election in the United States 0:08:13.720 --> 0:08:15.280 going to impact the technology sector? 0:08:17.080 --> 0:08:17.280 Wow? 0:08:17.600 --> 0:08:20.520 Well, the presidential election in the United States got rather 0:08:20.800 --> 0:08:25.280 entertaining last Thursday in a sort of cringe way. Dare 0:08:25.360 --> 0:08:27.520 I say, you know, we've got a long way to 0:08:27.600 --> 0:08:32.800 go here before we know whether either candidate or obviously 0:08:32.840 --> 0:08:35.599 if there's a replacement for Biden remains. 0:08:35.160 --> 0:08:35.800 To be seen. 0:08:36.559 --> 0:08:41.080 But look, I think tech companies remain strong. Neither candidate 0:08:41.280 --> 0:08:45.280 is anti tech, they both recognize this is a significant 0:08:45.559 --> 0:08:49.640 competitive advantage to the United States. I don't see IRA 0:08:50.080 --> 0:08:54.040 or the CHIPSAC being rolled back under either candidate. Clearly 0:08:54.640 --> 0:08:58.599 not a president Biden wins. And these are all important 0:08:59.160 --> 0:09:02.760 supports for the tech sector that in addition to the 0:09:02.840 --> 0:09:06.760 fact that these technology companies you know, are spending huge 0:09:06.800 --> 0:09:10.760 amounts on jen Ai two hundred billion dollars the four 0:09:10.920 --> 0:09:14.080 largest tech companies. Of course they are capax is. 0:09:14.640 --> 0:09:15.840 In Video's revenue. 0:09:16.400 --> 0:09:20.640 And so we think that continues irrespective of who wins 0:09:20.720 --> 0:09:24.040 the election. Now, this is a sector that's not really 0:09:24.480 --> 0:09:27.199 impacted by the election. There's a real secular trend here. 0:09:28.240 --> 0:09:32.440 Nancy kurtn Avelti team and Global just incredible breadth of conversation. 0:09:32.679 --> 0:09:32.959 Thank you. 0:09:33.440 --> 0:09:35.199 Has turned back to some of the breaking news that 0:09:35.360 --> 0:09:37.360 happened out of Washington in the last out of the 0:09:37.400 --> 0:09:40.800 Supreme Court out with multiple decisions this morning. Let's start 0:09:40.800 --> 0:09:44.120 with the ruling on immunity for former President Trump. Joining 0:09:44.200 --> 0:09:47.240 us from DC. Bloomber's Kdie lines, Wow, you had to 0:09:47.320 --> 0:09:49.559 process a lot of information in a very short period 0:09:49.559 --> 0:09:52.520 of time. The immunity decision, please. 0:09:53.960 --> 0:09:56.600 Well, the immunity decision is a partial win for Donald 0:09:56.640 --> 0:09:59.360 Trump and a partial loss. Essentially, what the Supreme Court 0:09:59.400 --> 0:10:02.359 has ruled as that Donald Trump is immune from prosecution 0:10:02.640 --> 0:10:05.679 for official acts that he took while in office, not 0:10:05.840 --> 0:10:08.640 though for unofficial acts. And this Court, in a six 0:10:08.760 --> 0:10:11.319 to three ruling, the Conservatives ruling in the majority. The 0:10:11.480 --> 0:10:15.120 liberal justices dissenting has essentially set this now down to 0:10:15.200 --> 0:10:18.400 lower court, specifically Judge Tanya Chutkin, who is overseeing this 0:10:18.559 --> 0:10:21.200 case brought against him here in Washington related to twenty 0:10:21.280 --> 0:10:22.480 twenty election subversion. 0:10:22.520 --> 0:10:24.200 It will be up to that lower court to decide 0:10:24.240 --> 0:10:24.600 what is. 0:10:24.640 --> 0:10:27.920 An official and unofficial act within these four counts that 0:10:28.000 --> 0:10:31.559 Donald Trump has been indicted with. Effectively, what this accomplishes 0:10:31.679 --> 0:10:34.600 is not only setting a precedent for all future presidents 0:10:34.640 --> 0:10:37.200 of the United States, is this is not just about 0:10:37.240 --> 0:10:41.920 Donald Trump, but about presidential authority broadly. It also, though effectively, 0:10:42.000 --> 0:10:44.480 make sure that this case will not go to trial 0:10:44.559 --> 0:10:47.400 for Donald Trump before the election in November. Judge Chuckkin 0:10:47.480 --> 0:10:49.240 has said that the parties will have at least three 0:10:49.320 --> 0:10:51.760 months to prepare for a trial, and of course all 0:10:51.800 --> 0:10:54.480 of this official versus unofficial matter will have to be 0:10:54.559 --> 0:10:57.199 sorted out as well. So effectively, this does provide a 0:10:57.240 --> 0:11:00.120 win to Donald Trump in delaying that trial to the 0:11:00.160 --> 0:11:02.640 point where it likely will not happen before voters make 0:11:02.679 --> 0:11:05.400 their choice between Donald Trump and Joe Biden in November. 0:11:05.480 --> 0:11:07.400 Donald Trump, of course, has spoken on this today. He 0:11:07.520 --> 0:11:10.400 calls it a big win for a constitution and democracy 0:11:10.440 --> 0:11:12.640 and ted on true social He is proud to be 0:11:13.000 --> 0:11:13.600 an American. 0:11:14.160 --> 0:11:16.520 Katie, You're busy. The Lowa cults are busy. The low 0:11:16.600 --> 0:11:19.079 cults are going to be busy thinking about social media 0:11:19.160 --> 0:11:21.439 as well. New laws that wanted to be put in 0:11:21.520 --> 0:11:24.120 place in Texas and Florida go back that too. 0:11:25.559 --> 0:11:28.040 Yeah, this is an interesting and complicated opinion that the 0:11:28.080 --> 0:11:29.160 court also handed down. 0:11:29.200 --> 0:11:29.960 So they related to. 0:11:30.000 --> 0:11:32.480 These laws that both Texas and Florida estates have put 0:11:32.480 --> 0:11:37.000 into place restricting social social media companies ability to restrict 0:11:37.080 --> 0:11:40.240 content on their platform. Essentially, what the Court has ruled 0:11:40.280 --> 0:11:42.880 for is that those courts need to have their cases 0:11:42.920 --> 0:11:46.240 thrown out and relook at the First Amendment question here, 0:11:46.320 --> 0:11:49.280 which of course is really the crux of this case. 0:11:49.360 --> 0:11:52.040 What does and does not violate the First Amendment rights 0:11:52.080 --> 0:11:55.040 given by the US Constitution. So they're effectively kicking the 0:11:55.120 --> 0:11:58.240 can back down, not making a decisive ruling, just as 0:11:58.320 --> 0:12:01.240 they did similarly in a separate social media case ruling 0:12:01.280 --> 0:12:03.480 earlier this term, in which they essentially handed a win 0:12:03.559 --> 0:12:06.640 to the Biden administration not restricting its ability to communicate 0:12:06.920 --> 0:12:10.640 with social media platforms about content that should be taken down. 0:12:10.679 --> 0:12:12.640 But in that decision, while it was a win for 0:12:12.760 --> 0:12:15.600 the administration, they just said that the defendants who brought 0:12:15.679 --> 0:12:18.120 the case lacked the legal standing to do so. So 0:12:18.240 --> 0:12:20.400 both in this case today and that other social media 0:12:20.440 --> 0:12:23.240 related case, they aren't actually ruling on the merits on 0:12:23.320 --> 0:12:26.200 that key First Amendment question and what crosses the line 0:12:26.240 --> 0:12:28.679 as you're trying to combat misinformation but also don't want 0:12:28.679 --> 0:12:31.079 to restrict the right to free speech. The court hasn't 0:12:31.120 --> 0:12:33.800 ruled on those things. It's just telling other courts they 0:12:34.120 --> 0:12:34.679 need to do so. 0:12:35.000 --> 0:12:38.320 Again, Kaylee Lines, you always break it down so adequately. 0:12:38.600 --> 0:12:41.080 Thank you a lot to digest there. We appreciate it. Mean, 0:12:41.120 --> 0:12:43.360 while coming up, we're going to be turning our attention 0:12:43.520 --> 0:12:46.800 to the sharing of your cause. Andrey Hadad's been at 0:12:46.840 --> 0:12:48.880 it for a while, CEO of Turo. He's got an 0:12:48.920 --> 0:12:51.679 outlook on the travel industry and his company's latest product 0:12:51.760 --> 0:12:52.880 updates and what have you. 0:12:52.920 --> 0:12:54.720 Got some quick breaking news. 0:12:54.840 --> 0:12:59.079 CDK, which is the software platform that supports car auto dealers, 0:12:59.400 --> 0:13:02.680 has issued us statement saying it sees its systems being 0:13:02.800 --> 0:13:06.160 restored by early July fourth. This is the platform that 0:13:06.360 --> 0:13:08.200 is front and back office for car dealers that were 0:13:08.240 --> 0:13:09.160 subject to a hack. 0:13:09.559 --> 0:13:10.360 Really important. 0:13:10.480 --> 0:13:14.199 July fourth is a key sales period in the United 0:13:14.240 --> 0:13:17.480 States for cars, alongside with Memorial Day Labor Day. 0:13:17.600 --> 0:13:18.480 So that's the update. 0:13:18.559 --> 0:13:21.000 The systems will be restored by a July fourth, and 0:13:21.120 --> 0:13:21.920 that's what we're watching. 0:13:22.160 --> 0:13:23.840 Sick with us. This is Blimberg Technology. 0:13:33.800 --> 0:13:37.000 Let's talk about technology, travel and the transportation industry and 0:13:37.080 --> 0:13:40.240 how Touro is trying to disrupt it. The company recently 0:13:40.280 --> 0:13:44.679 shared over seventy seven zero product updates aiming to make 0:13:44.800 --> 0:13:49.000 the rental car experience smooth. Look for consumers here with 0:13:49.160 --> 0:13:54.120 more Toro CEO and j Hadad. So normally you would 0:13:54.160 --> 0:13:56.679 say I'm going to go to a certain place and 0:13:56.800 --> 0:13:59.120 I know the date I'm going and then I'm going 0:13:59.160 --> 0:14:02.400 to try and book an car. You've decided one of 0:14:02.440 --> 0:14:05.679 the things you want to change is that process. You 0:14:05.800 --> 0:14:08.199 want to pick the car and then work out the 0:14:08.320 --> 0:14:11.520 location and date later. Just explain how that's going to 0:14:11.600 --> 0:14:14.599 work in practice. First of all, thanks for having me 0:14:14.679 --> 0:14:15.080 on the show. 0:14:15.679 --> 0:14:20.240 We're very excited about what we're calling our limitless search capabilities. 0:14:21.200 --> 0:14:22.880 Just to give you a bit of context, you know, 0:14:22.960 --> 0:14:24.800 the business has grown quite a bit over the last 0:14:24.800 --> 0:14:26.560 few years and now we have over three hundred and 0:14:26.560 --> 0:14:30.480 seventy thousand active listings across sixteen hundred makes and models, 0:14:31.200 --> 0:14:33.880 and many of our customers have been asking us, well, 0:14:33.920 --> 0:14:36.320 it's great that we can search by destination and date. 0:14:36.400 --> 0:14:39.560 As if I am already keen on going on a 0:14:39.640 --> 0:14:41.280 trip and I know what my dates are, I know 0:14:41.400 --> 0:14:44.640 my destination, but I'd like you to show me all 0:14:44.720 --> 0:14:45.640 the great cars that you've. 0:14:45.560 --> 0:14:46.840 Got, so it's more experiential. 0:14:46.880 --> 0:14:50.320 It's to take a luxury car exactly, try and evy 0:14:50.440 --> 0:14:52.160 for the first time, exactly that exactly. 0:14:52.280 --> 0:14:55.280 So you know, now we've reached a critical mass in 0:14:55.400 --> 0:14:57.600 all of our markets that we thought this is the 0:14:57.720 --> 0:15:00.120 moment in time where we can launch this capability. Now, 0:15:00.160 --> 0:15:03.320 if you're looking to, you know, experience that cyber truck, 0:15:04.520 --> 0:15:08.080 or if you want to, you know, maybe test drive 0:15:08.120 --> 0:15:10.880 a Rivian before you buy it, you can actually find 0:15:11.000 --> 0:15:13.560 all of these cyber trucks and Rivians across the country 0:15:13.840 --> 0:15:15.880 and then you can decide where to go in order 0:15:16.000 --> 0:15:16.520 to do that. 0:15:17.360 --> 0:15:19.320 It's interesting that you bring up cyber truck, and it's 0:15:19.360 --> 0:15:22.360 interesting that at this moment you're also putting out a 0:15:22.440 --> 0:15:26.400 note trying to describe what the future transport looks like. 0:15:27.000 --> 0:15:29.960 And you've really articulated how Turo has been through the 0:15:30.040 --> 0:15:32.800 highs and the lows, and the macroheadwinds of COVID, of 0:15:32.880 --> 0:15:35.520 then everyone wanting to get back into revenge spending. We're 0:15:35.520 --> 0:15:39.800 also now looking at ultimately robotaxis. How will Turo still 0:15:39.880 --> 0:15:41.720 survive that pivot in the future. 0:15:43.240 --> 0:15:45.880 You're right, Carol, and it's been quite the roller coaster 0:15:46.000 --> 0:15:49.120 the last few years for travel and transportation. You know, 0:15:49.280 --> 0:15:52.640 COVID hit in twenty twenty, then of course there was 0:15:52.720 --> 0:15:55.280 the collapse of Big Rental in twenty twenty twenty one, 0:15:55.400 --> 0:15:59.000 the return of travel, the revenge travel, but also the 0:15:59.080 --> 0:16:01.200 automotive industry has been changing quite a bit over the 0:16:01.320 --> 0:16:03.600 last few years, and as you know, there's been tremendous 0:16:03.640 --> 0:16:07.440 inflation and the costs of car ownership and car insurance recently. 0:16:08.000 --> 0:16:10.720 So within that roller coaster of a ride over the 0:16:10.800 --> 0:16:13.840 last three years, we were very pleased with our performance 0:16:13.880 --> 0:16:16.080 as a company. We've increased our revenue by over four 0:16:16.160 --> 0:16:18.920 hundred percent from one hundred and fifty million twenty twenty 0:16:19.000 --> 0:16:21.120 to eight hundred and eighty million and twenty twenty three, 0:16:21.640 --> 0:16:25.280 we've increased the reach of our community of house and guests. 0:16:25.320 --> 0:16:28.520 So we're very pleased with our performance, but it's not 0:16:28.640 --> 0:16:31.560 the end of the disruption. You know, the disruption continues 0:16:31.600 --> 0:16:34.000 in the space, and we're very excited to be part 0:16:34.040 --> 0:16:36.840 of this new class of companies that are helping, you know, 0:16:37.000 --> 0:16:42.000 evolve the transportation and travel industries. We think actually autonomy 0:16:42.120 --> 0:16:45.240 is a great thing for the industry. We see the 0:16:45.320 --> 0:16:47.840 future where we have a lot of these you know, 0:16:48.040 --> 0:16:52.760 ride hailing short trips being delivered by autonomous services. You know, 0:16:52.840 --> 0:16:55.800 our business is much more related to much longer trips. 0:16:56.560 --> 0:16:59.520 Our users tend to book a car for four and 0:16:59.560 --> 0:17:02.040 a half day on average, and they drive almost two 0:17:02.120 --> 0:17:04.560 hundred miles a day. So this is a segment that 0:17:04.720 --> 0:17:07.760 is I think independent of the evolution of robotaxes. 0:17:09.359 --> 0:17:12.000 You if you look at third party data, are the 0:17:12.080 --> 0:17:15.679 bigger player of two, maybe three get around, there are 0:17:15.680 --> 0:17:18.440 some others out there. You've just talked about how much 0:17:18.480 --> 0:17:21.159 your business is ramped up. So as this tradition on 0:17:21.200 --> 0:17:25.040 Bloomberg Technology when a founder CEO comes in, how's going 0:17:25.160 --> 0:17:27.040 public going and when's it going to happen? 0:17:28.240 --> 0:17:29.840 I thought we're going to talk more about the seventy 0:17:29.920 --> 0:17:30.880 product releases. 0:17:30.640 --> 0:17:32.600 Today we talked about one of the seventy quite a 0:17:32.600 --> 0:17:35.240 lot of detail, but yeah, it all points the idea. 0:17:35.280 --> 0:17:37.320 You've got momentum and there a lot of interest in 0:17:37.359 --> 0:17:38.880 you guys for that reason as well. 0:17:39.080 --> 0:17:42.040 Yes, you know we're we're ready to go public. You 0:17:42.119 --> 0:17:44.720 know RS one is ready. We've updated a few times already, 0:17:44.800 --> 0:17:47.080 as you know, over the last few years. But as 0:17:47.119 --> 0:17:49.400 you know, the financial markets have not been very keen 0:17:49.480 --> 0:17:51.840 on IPOs over the last couple of years. So as 0:17:52.200 --> 0:17:54.119 soon as that changes, I think we're going to be ready. 0:17:54.880 --> 0:17:56.240 Andre Hadad Tour CEO. 0:17:56.320 --> 0:17:58.040 As you know, I've been a user of Toro, not 0:17:58.240 --> 0:18:01.040 just in the United States, elsewhere as well, and it's 0:18:01.240 --> 0:18:03.160 that experienced bit that maybe we'll try out next. 0:18:03.480 --> 0:18:04.960 Thank you for coming on the program. 0:18:13.359 --> 0:18:16.320 It's signed for Talking Tech and first up, Bridgewater turns 0:18:16.560 --> 0:18:19.399 to machine learning. The hedge fund Giant is set to 0:18:19.520 --> 0:18:22.200 debut a new fund that will use AI as the 0:18:22.280 --> 0:18:26.159 primary basis of its decision making. According to sources, the 0:18:26.240 --> 0:18:29.240 fund will debut with two billion dollars of capital starting 0:18:29.320 --> 0:18:32.879 today and will utilize models developed by open Ai, Anthropic 0:18:33.000 --> 0:18:37.480 and Perplexity, among others, plus Japan's H three rocket takes 0:18:37.560 --> 0:18:38.359 flight again. 0:18:38.440 --> 0:18:40.919 The Japan Aerospace Exploration. 0:18:40.520 --> 0:18:44.000 Agency saw a successful launch which carried a satellite toward 0:18:44.240 --> 0:18:45.280 low Earth orbit. 0:18:45.560 --> 0:18:47.840 It's the second launch for the H three this year, 0:18:48.200 --> 0:18:49.400 with no crew on board. 0:18:49.480 --> 0:18:53.200 The flight comes after numerous blunders and delays for the agency, 0:18:53.520 --> 0:18:57.680 including an explosion of its smaller Epsilon rocket in twenty 0:18:57.720 --> 0:19:01.119 twenty two. In Amazon calls from an AI startup, the 0:19:01.200 --> 0:19:05.400 online retailer has hired top executives and employees from adebt 0:19:05.520 --> 0:19:08.680 ai Labs in a move that bossters the development of 0:19:08.720 --> 0:19:11.840 an advanced version of AI that can think like a human. 0:19:12.160 --> 0:19:15.280 According to a memo provided to Bloomberg, Amazon, we use 0:19:15.320 --> 0:19:20.080 a debt tech to develop products that help automate software workflows. 0:19:20.359 --> 0:19:23.399 Caraenen and these acclahias are interesting. Meanwhile, let's go to 0:19:23.480 --> 0:19:26.639 France because, following months long battle over the future of 0:19:26.640 --> 0:19:29.639 the French IT firm atos it is once held as 0:19:29.680 --> 0:19:31.600 the rising star of the country's tech industry, and well 0:19:31.640 --> 0:19:34.720 now creditors are set to take control of the company, 0:19:34.880 --> 0:19:38.080 joining us Bloomberg's Erny Gassier Perez and you really look 0:19:38.119 --> 0:19:41.120 at the company from a stressed debt perspective. That's boy, 0:19:41.280 --> 0:19:43.119 was it distressed and now creditors are the ones that 0:19:43.160 --> 0:19:45.159 are going to be the savior's That's right. 0:19:45.280 --> 0:19:48.879 It's been a monslong negotiation. The company has started to 0:19:49.160 --> 0:19:54.880 discuss the situation with creditorss in February and we're nearing Yeah, 0:19:55.400 --> 0:19:59.240 it's in July already and we finally have an agreement 0:19:59.400 --> 0:20:03.680 in princip and now it's about other creditors joining this deal, 0:20:04.520 --> 0:20:04.680 you know. 0:20:04.800 --> 0:20:06.440 Rene Later in the show, we're going to talk about 0:20:06.480 --> 0:20:08.840 UAF Euro twenty twenty four, of which Atos is the 0:20:08.920 --> 0:20:12.760 official IT partner and one of its main sponsors. We're 0:20:12.800 --> 0:20:16.679 reflecting off air that like, this has been a wild battle. 0:20:16.840 --> 0:20:20.440 It's been a really difficult and ongoing situation. Even that 0:20:20.520 --> 0:20:23.160