Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2: From Mahart where Innovation, money and power Collie in Silicon
Speaker 2: Valley NBN. This is Bloomberg Technology with Caroline Hyde and
Speaker 2: Ed Ludlove.
Speaker 3: Live from New York. This is Bloomberg Technology coming up.
Speaker 3: Bitcoin saws close to ninety thousand and then pulls back
Speaker 3: as tech market shows signs of fatigue. We discuss where
Speaker 3: next for the Trump rally. Meanwhile, Tesla takes a breather
Speaker 3: after a forty percent surge since the election. Are the
Speaker 3: Elon Inc. Investments overdone? And fundamentals and focus as we
Speaker 3: dig into earnings with Shopify president among the executives joining
Speaker 3: the show. But first we just check in on what
Speaker 3: perhaps is a slight pullbuck for what has a phenomenal
Speaker 3: rally across tech companies and indeed across crypto. We're down
Speaker 3: just by about a ten per percent on the Nasdaq
Speaker 3: one hundred. Nvidia still on the higher side. Tesla drags
Speaker 3: us down from a points perspective after a real rapid
Speaker 3: run up. Says the election results on Wednesday, I'm looking
Speaker 3: what's happening in the world of crypto? What by one
Speaker 3: and a half percent at one point this number was
Speaker 3: so close to ninety thousand dollars in excess of eighty
Speaker 3: nine thousand, we draw back someone after we see technical
Speaker 3: signs of overbought if you're looking at the RSI, But
Speaker 3: overall we're also just seeing maybe a pause in the
Speaker 3: realities that have been a more than one hundred percent
Speaker 3: jump in bitcoin so far this year and a more
Speaker 3: than three trillion dollar market capitalization of the ecosystem in
Speaker 3: and of itself when you're looking at digital assets. Shanali
Speaker 3: Bassack is here for more, and boy have we come far,
Speaker 3: and maybe just.
Speaker 4: A bit of a pause here, a bit of a
Speaker 4: pause to your point, that ninety thousand dollars level is
Speaker 4: one to watch, I would say, Caroline. What it's incredible
Speaker 4: is even those in the crypto community watch what was
Speaker 4: happening this week with r because it was so stunning
Speaker 4: rise Jess yesterday alone. And you have to remember since
Speaker 4: before the election, bitcoin was trading at under seventy thousand
Speaker 4: dollars and so that rise to almost ninety thousand dollars.
Speaker 4: If you bought one bitcoin the day before the election,
Speaker 4: you're almost twenty thousand dollars richer for it. And you're
Speaker 4: seeing crypto link stocks also take a breather. The coin
Speaker 4: base for examples, take just their eight day gain. It
Speaker 4: is seventy five percent. So the run up you've seen
Speaker 4: is just tremendous, and you have to also take a note.
Speaker 5: How much news there still is to come.
Speaker 4: Typically in a new administration, you would see an SEC chair,
Speaker 4: for example, step down quite swiftly. We don't know how
Speaker 4: Gary Gensler is going to behave in this scenario, but
Speaker 4: any new SEC chief under a Trump administration would really
Speaker 4: be very telling for the direction of the industry. There
Speaker 4: are laws that are waiting to be passed when it
Speaker 4: comes to stable coin. There are questions about whether they
Speaker 4: will be a play out of the promise.
Speaker 5: Of a strategic bitcoin reserve.
Speaker 4: And later today we'll be talking to Marathon as well,
Speaker 4: and we'll talk a little bit about that mining promise,
Speaker 4: this kind of made in America crypto story, and how
Speaker 4: possible that is and how quickly that could.
Speaker 3: Ramp up as and when it becomes the crypto capital
Speaker 3: of the United States. At least that's the promise, Shanali.
Speaker 3: There are people though, in the meantime, making a whole
Speaker 3: lot of money. You just mentioned about how much you'd
Speaker 3: be up if you've been long bitcoined, But it took
Speaker 3: us through some of the billionaires doing well.
Speaker 4: Yeah, think about Mike Novogratz alone, for example, and he
Speaker 4: is a few billion dollars richer just off the most
Speaker 4: recent rally, and it really is just wealth simply tied
Speaker 4: to crypto. The Winklevi as well, Winklevoss twins of course,
Speaker 4: have had a tremendous comeback story. And you think about
Speaker 4: not just the most recent comeback and how much they've
Speaker 4: gained in the most recent rally, but where they were just.
Speaker 5: A couple of years before.
Speaker 4: The CEO of Binance as well, remember he had retained
Speaker 4: his stake in the cryptocurrency exchange.
Speaker 5: And when we think.
Speaker 4: About this as well, how are they making money? It's
Speaker 4: not just their holdings in bitcoin, but of course the
Speaker 4: enterprises that they oversee and the variety of assets they
Speaker 4: hold in the crypto community.
Speaker 5: You are seeing here.
Speaker 4: Now not just the surge you've seen in Bitcoin alone,
Speaker 4: but things like Solana and dogecoin, and then the exchanges,
Speaker 4: as we've talked about, that are owned by the likes
Speaker 4: of cz when it comes to finance and coinbase alone,
Speaker 4: and Brian Armstrong a billionaire as well.
Speaker 3: Shanali Beassek. You're going to want to hear more from
Speaker 3: her and her show Billibog Crypto twelve pm Eastern today,
Speaker 3: So appreciate you joining. Meanwhile, let's get to what it
Speaker 3: means for the rest of the market. Joe's as with us.
Speaker 3: He's managing partner at Millennia Capital, the tech fund focused
Speaker 3: on VC and growth equity investments. And Joe, we come
Speaker 3: to you not only because of your expertise in the
Speaker 3: world of enture capital, but also the former hat used
Speaker 3: to wear in monetary policy making over at the Federal Reserve.
Speaker 3: Many now wondering if these markets have rallied too far,
Speaker 3: particularly if you think about infraationy pressure is coming. What
Speaker 3: do you think is going on o the Fed right now?
Speaker 6: Look, let's start from the top.
Speaker 7: So I think the next two years are going to
Speaker 7: be really, really good for investments, So let's start with
Speaker 7: monitored policy. There's the easing cycle, not only in the
Speaker 7: US but globally, so capital is flowing back into financial markets,
Speaker 7: equity markets, and that will take kind of a year
Speaker 7: to materialize.
Speaker 3: But the easing cycle will continue even with tariffs.
Speaker 7: On them, because once the ship starts pivoting, it just
Speaker 7: doesn't stop overnight. And even if let's say we thought
Speaker 7: the terminal rate was going to be twenty a half,
Speaker 7: maybe now with teriffs and other stuff, maybe they'll end
Speaker 7: it at three percent. That's still going to be a
Speaker 7: lot easier than today at five percent. And then on
Speaker 7: the other side of fiscal policies, on the fiscal policy side,
Speaker 7: you're going to see the administration and the Congress working
Speaker 7: together to put a lot of I think stimulus into
Speaker 7: the economy, into the real economy. So when you come
Speaker 7: by monitor and fiscal you've got two things working at once.
Speaker 7: And that's why you know, I'd expect they're really economy
Speaker 7: to grow by two to three percent for the next
Speaker 7: few years. And if you're in tech investing, if you're kids,
Speaker 7: you'll probably benefit. So the rally we're seeing, I think
Speaker 7: is an early reflection of that. And I don't think
Speaker 7: this rallies even stop or past.
Speaker 3: Okay, so who leads us higher? And the moment on
Speaker 3: the day and video still manages to be above water
Speaker 3: when the rest of the tech market pulls back a bit,
Speaker 3: is it still the AI winners that lead the charge?
Speaker 7: It has to be because you know, AI is just
Speaker 7: the latest thing in tech, and you never want a
Speaker 7: short innovation human progress. AI is just the latest wave
Speaker 7: in innovation. And so we're in your or in the
Speaker 7: second ending of this AI cycle that's going to run
Speaker 7: for ten to fifteen years, and so AI is going
Speaker 7: to track Let's see, let's say real TDP is in
Speaker 7: a row two percent without AI. I think with AI,
Speaker 7: real TDP will probably grow by three percent approximately cager
Speaker 7: over the coming years. And AI is not only attracting
Speaker 7: a lot of investments, but it's also going to spin
Speaker 7: off a lot of applications.
Speaker 6: We're seeing someone that inventory capital.
Speaker 7: You see AI in robotics, you see AI in search,
Speaker 7: AI in healthcare, and AI AI agents.
Speaker 6: So in a coming two to five.
Speaker 7: Years, you're going to see a lot of new categories
Speaker 7: coming out and with a lot of new products, businesses
Speaker 7: and in bestwins. And that's kind of what's going to
Speaker 7: drive real GDP forward.
Speaker 3: So when people question the return on AI, when people
Speaker 3: are wondering, Okay, look, I see the hyperscale is putting
Speaker 3: ever more money into in video, but I'm not seeing
Speaker 3: impact my life or indeed broad now you say, just
Speaker 3: patients two things.
Speaker 7: One, these things grow like this, it's you know, we're
Speaker 7: at that early inflection point. The second thing, which I'll
Speaker 7: give like a very silly analogy that I've given our
Speaker 7: partners and I think my our.
Speaker 6: Partners love it.
Speaker 7: Let's say you have a few plans in your house
Speaker 7: you're looking at every single day.
Speaker 6: You're like, you're not growing.
Speaker 7: You go on vacation for weeks, you come back, the
Speaker 7: plan's gotten twice taller. So I think that the naysayers
Speaker 7: are looking at these things every single day. But what
Speaker 7: you got to do as an investor is to take
Speaker 7: a step back, check on these businesses and your portfolio
Speaker 7: companies every three to six nine months. You'll see that
Speaker 7: there's actually a lot of progress being made in our portfolio,
Speaker 7: in our ecosystem. We're seeing entrepreneurs coming out of incumbents
Speaker 7: every single day, coming out of some of the companies
Speaker 7: that STA build a landa and they're.
Speaker 6: Building new businesses.
Speaker 7: It does take two to five years to really building
Speaker 7: enduring business. Probably more so, I think we're just being
Speaker 7: a bit impatient.
Speaker 3: I'm looking at a portfailure. Now, we've got some interesting
Speaker 3: companies and let's just take for example, SpaceX, LED by
Speaker 3: one Elam Musk, who is now very close to the
Speaker 3: seat of power. How much does that make you feel
Speaker 3: as ultimately your view on Elon Musk being able to
Speaker 3: handle all these different roles is different job titles, whether
Speaker 3: or not it's an official role in the cabinet or not.
Speaker 3: Do you still want to be backing the companies that
Speaker 3: he builds?
Speaker 7: Well, Look, we're very fortunate to have invested in many
Speaker 7: companies that are category leaders in AI in various sector's cloud.
Speaker 7: And I think on this entrepreneur, and I can't talk
Speaker 7: too much about it. The one thing that I'll say is,
Speaker 7: and I'm gonna use another silly analogy, you don't bet
Speaker 7: against the greatest entrepreneur of all time before he's even
Speaker 7: hit his prime. And I think, you know, so, I
Speaker 7: think whether it's this company or other companies, we take
Speaker 7: a long view and in fact, post liquidity events for
Speaker 7: these investments with distribute stocks to our investors as the
Speaker 7: management from scaling offices and our capital.
Speaker 6: Base is long term focused.
Speaker 7: So I think we're going to be holding these stocks
Speaker 7: for the next five, ten, fifteen years, and we're really
Speaker 7: betting on what's coming for you know, down the pipeline.
Speaker 3: Do you bet against companies he's taken issue with because
Speaker 3: he's taking an issue with opening.
Speaker 7: No, No, like I think that in you know, again,
Speaker 7: we're long AI, We're long tech, we're long innovation, We're
Speaker 7: long of the American economy. And I think that I think,
Speaker 7: you know, there are some folks I've encounters who are
Speaker 7: really really negative on some of these things.
Speaker 6: And what I'll say is.
Speaker 7: You can short a stock in the short term, but
Speaker 7: you can't short any economy. If you're short innovation, human spirit,
Speaker 7: and the real economy, you might not do so well.
Speaker 7: So sometimes these stocks will come come up and down,
Speaker 7: both in public and private markets. But again, as a
Speaker 7: long term investor, we're supposed to hold a long view
Speaker 7: and just being these companies for five, ten, fifteen years,
Speaker 7: and I think we'll do fine.
Speaker 3: What about China or other countries that are trying to
Speaker 3: build tech ecosystems that the US is ultimately potentially going
Speaker 3: to start pushing against even harder.
Speaker 7: You look, I was in the UK, I was in Dubai,
Speaker 7: I was in Asia, and I think you know there's
Speaker 7: you know, we're in a UK based ad company, we're
Speaker 7: in one in Israel and you travel around the world,
Speaker 7: the US is by far the category leader in this
Speaker 7: AI race. Everybody else is miles behind, and there's two,
Speaker 7: three and four might not be you know, are probably
Speaker 7: very far behind. And I think that this race is
Speaker 7: only starting just I don't see sort of our positions
Speaker 7: being challenged yet. But I think competition is greatright because
Speaker 7: you makes you work harder. But I think if you
Speaker 7: look at our portfolio, our theusis is we think that
Speaker 7: this AI boom is going to drag tech earnings and
Speaker 7: tech growth by a big amount, and that I think
Speaker 7: in the next ten years we're going to look back
Speaker 7: like how we looked at the Internet and be like,
Speaker 7: why don't we invest more?
Speaker 3: That plant is going to grow a lot of wofully
Speaker 3: hopefully going to have him here in the studio. Managing
Speaker 3: partner and Millennium Capital Shopify shares say that twice plenty
Speaker 3: it's soaring at the moment. Look we're having the best days.
Speaker 3: It's May twenty twenty three, after the reported third quarter
Speaker 3: of sales that climbed twenty six percent. This is a
Speaker 3: sign that the Canadian e commerce company is really gaining
Speaker 3: momentum with big enterprise clients. European growth. We're going to
Speaker 3: dig into it with the shop OFFI President, Harley Finkelstein.
Speaker 3: Great to have you back on the show, Harley, and
Speaker 3: just talk to us about the growth trajectory here and
Speaker 3: how you're seeing a shift in particular to enterprise clients.
Speaker 3: Can you talk us through it?
Speaker 1: Absolutely, I mean it was a great quarter, certainly.
Speaker 8: GMV was up twenty four percent to sixty nine billion,
Speaker 8: revenue was up twenty six percent to two point two billion,
Speaker 8: and free cashual margin expanded in nineteen percent. So I
Speaker 8: think what you're seeing is you're seeing us grow both
Speaker 8: the top land but also the bottom line. And I
Speaker 8: think the other thing that, as you sort of point out,
Speaker 8: which we're really excited about, is that more merchants are
Speaker 8: coming to Shopify across verticals, across geography, and even across
Speaker 8: sizes of merchants. In one area that I'm especially proud
Speaker 8: of is the headway we're making bringing the biggest brands
Speaker 8: on the planet on to Shopify. In fact, this quarter alone,
Speaker 8: we saw sixteen enterprise launches on Shopify. Companies like Hanes
Speaker 8: and on Running and Off White and Victorious secret To
Speaker 8: coming to us as well. And so I think We're
Speaker 8: really substantial that we're not just an e commerce company
Speaker 8: for a domestic type of merchant, but we can handle
Speaker 8: the largest businesses that want to sell globally.
Speaker 3: And as you said, companies that are globally based as well.
Speaker 3: Europe really shining a light where many would perhaps feel
Speaker 3: that the European economy might not vindicate that. Tell us
Speaker 3: about the growth in Germany and France and the light.
Speaker 1: Yeah, it's remarkable.
Speaker 8: I mean, you know, we think about international from two
Speaker 8: sort of vectors. The first is when you set up
Speaker 8: for Shopify, how can we make it really easy to
Speaker 8: be default global as opposed to just think about your
Speaker 8: home country as your total adressable market on Shopify using
Speaker 8: things like managed markets, you can immediately sell everywhere. But
Speaker 8: the other vector is also merchants that come to Shopify.
Speaker 8: And if you look at international GMV that outpaced North
Speaker 8: America at over thirty percent year on year in Q three.
Speaker 8: European specific GMV grew over thirty five percent in Q
Speaker 8: three year on year, that was led by UK, Germany,
Speaker 8: France and the Netherlands. And if you look at the
Speaker 8: merchant base itself, international merchants increased by thirty six percent
Speaker 8: year over year.
Speaker 1: So we're seeing success, certainly in North.
Speaker 8: America and the English speaking world, but we're all seeing
Speaker 8: a lot of success right now in era.
Speaker 3: A lot of that has been perhaps you've been enticing
Speaker 3: these new clients because you in particular hardly have been
Speaker 3: willing to spend on sales and marketing. How much does
Speaker 3: that remain more than three hundred million dollar endeavor on
Speaker 3: a quarter?
Speaker 8: Yeah, I mean the way we think about first of all,
Speaker 8: up until very recently, you know, the focus on Shaft
Speaker 8: was product and we only started building our go to
Speaker 8: market engine specifically for the enterprise in the last you know,
Speaker 8: two years or so, and it's really starting to work.
Speaker 8: When you combine really good, strong execution on go to
Speaker 8: market with really great marketing, the results speak for themselves.
Speaker 1: The way we think about marketing, though, is very scientific.
Speaker 8: We have very strong guardrails in eighty month payback is
Speaker 8: that we look for and when we see opportunities to
Speaker 8: spend to get a proper return in a proper you know,
Speaker 8: payback period, we spend and if we don't, we do
Speaker 8: pull back. But the content that the entire philosophy around
Speaker 8: marketing is ROI driven. We experiment if we see results,
Speaker 8: we double.
Speaker 3: Down and many singling out the operating margin nineteen percent.
Speaker 3: Liking that. So sticking to that particular focus, I'm interested
Speaker 3: in the expansion. Basically, you've always been known as this
Speaker 3: provider of tools for mum and pop shops, and now
Speaker 3: clearly it is growing. The enterprise size is growing, the
Speaker 3: international focus is growing, and also wholesale is growing. What
Speaker 3: about this B to B element, It's pretty remarkable.
Speaker 8: I mean, you know, this all started because of existing
Speaker 8: merchants on Shopify who are very very strong and direct
Speaker 8: to consumer, you know, selling director to the end consumer
Speaker 8: began to ask us if we can also help them
Speaker 8: sell wholesale sell to their on the B to B
Speaker 8: side of things, and so we started probablybout two and
Speaker 8: a half years ago, put in together a very compelling product.
Speaker 8: You allow existing merchants to also sell to also sell
Speaker 8: to to in a B to B fashion. The end
Speaker 8: result is that a lot of B to B only
Speaker 8: exclusive merchants began to come to Shopify, companies like Carrier
Speaker 8: that are using shopla to sell industrial heating and cooling,
Speaker 8: you know, pieces of technology and engines. And the result
Speaker 8: is that B to B GMB grew over one hundred
Speaker 8: and forty five percent your of UR and Q three.
Speaker 8: That's five consecutive quarters of triple digit B to B
Speaker 8: GMB growth. And so you know, you use a great
Speaker 8: term before you said, you know, we started as as
Speaker 8: SMB and specific, but now we're also seeing a lot
Speaker 8: of success around B to B internationals we talked about,
Speaker 8: but also offline we are now powering many more large,
Speaker 8: complex multilocation merchants. In fact, offline GMB was a twenty
Speaker 8: seven percent year on year. And what you're seeing when
Speaker 8: you sort of bring this all together is we are
Speaker 8: creating this unified, single retail operating system so that large
Speaker 8: brands and small brands can come to us and sell
Speaker 8: across every single surface area.
Speaker 3: We've got very little time, Hallie, but what do you
Speaker 3: put in place if we are going to see more tariffs,
Speaker 3: how will that affect your business?
Speaker 8: I mean, we've been operating for twenty years. I've been
Speaker 8: a shop life for more than a third of my life,
Speaker 8: and we've seen a lot of administrations come in. Our
Speaker 8: job is not to try to predict exactly what's going
Speaker 8: to happen. Whatevery administration is going to do. Our job
Speaker 8: is to arm our merchants with everything you need to
Speaker 8: be successful no matter what comes out. And like I said,
Speaker 8: we've been doing that for more than two decades. We
Speaker 8: will continue to do that.
Speaker 3: Haney Finkelstein. Great to have you shop a five President.
Speaker 3: Thank you. Now let's turn our attention to this year
Speaker 3: Singles Day Hall. It appears to be one of the
Speaker 3: biggest yet all according to China's biggest e commace platforms
Speaker 3: like Ali Baba, like JD dot Com which all is
Speaker 3: you a raft of numbers showing robust growth showing the
Speaker 3: country's biggest anial online shopping Gala. But there are some
Speaker 3: selective disclosures going on from some of the tech leaders.
Speaker 3: An investors are at to concern they're getting a kind
Speaker 3: of incomplete picture. Henry Wren has got the inside track
Speaker 3: for us. What are we worried about? Henry?
Speaker 9: So Yeah, this year marks the fifteenth anniversary.
Speaker 6: Of Single Stay.
Speaker 9: But unlike the previous years where when you have those
Speaker 9: e commerce platforms throwing our huge watching parties disclosing sales
Speaker 9: states on our to hour basis, these companies just disclose
Speaker 9: data on selective basis. For example, JD dot Com said
Speaker 9: that shoppers on its platform increased by twenty percent, while
Speaker 9: premium shoppers on Ali Baba's team Ol platforms they increased
Speaker 9: fifty percent. But as you said, these are all selective disclosures.
Speaker 9: Alternative data. For example, third party providers said gmbs on
Speaker 9: e commerce platforms during period increased by twenty seven percent
Speaker 9: year over year.
Speaker 6: But we also have to take that with a pinch
Speaker 6: of salt as.
Speaker 9: Well, because these days e commerce platforms are elongating their
Speaker 9: double eleven discount period to almost a month, which is
Speaker 9: the longest in the fifteen years of history. So all
Speaker 9: those kinds of data need to take in with a
Speaker 9: pinch of salt. And as we know, the macro is
Speaker 9: still weak in China, the housing market is still in
Speaker 9: the downturn, and consumers are still cautious.
Speaker 3: So is just Singles Day losing significance.
Speaker 9: Yeah, you can say that because the Single Day has
Speaker 9: been running for almost a month and it came actually
Speaker 9: right after the National Day holiday, which is in early October,
Speaker 9: So you can say that those two events are just packed.
Speaker 6: Up along with each other, along with each other.
Speaker 9: But also in the meantime, we are having other shopping
Speaker 9: events around the year as well. For example, sixty one
Speaker 9: eight is another event that people are watching about. So
Speaker 9: we can say that there are indeed a sharper fatigue
Speaker 9: at this period of time because there are so many
Speaker 9: discounts going on.
Speaker 6: All over the year.
Speaker 3: Henry Wren, we so appreciate it. Meanwhile, let's turn our
Speaker 3: attention to Snap for a moment. Shares, as you'll see,
Speaker 3: under pressure by more than four percent. Reports that Trump
Speaker 3: is expected to try and holt a TikTok ban that
Speaker 3: been reported by the Washington Post affecting some of the
Speaker 3: social media companies today. This has been big technology. Make
Speaker 3: a quick look at Tesla shares because the stock is
Speaker 3: giving away a little bit of its past gains. Boy
Speaker 3: has it run up on the forty percent since Trump's election.
Speaker 3: The market cap in excess of one trillion dollars once again.
Speaker 3: But it's not just Hasler that we're focusing on the market.
Speaker 3: Love for Elon Musk has been focusing elsewhere as well.
Speaker 3: Support is buying up speculative assets linked to the billionaire,
Speaker 3: like dogecoin, like closed end fund Destiny Tech one hundred,
Speaker 3: the many retail investors hoping to profit from Donald Trump's reelection.
Speaker 3: Primbergstnitza Tagova is here with the inside track of what
Speaker 3: has the retail community and others been buying up.
Speaker 10: Yeah, we've really seen incredible euphorium among retail traders. Just
Speaker 10: to zoom out and look at retail trader activity, we're
Speaker 10: seeing a record to retail trailer activity and options, and
Speaker 10: retail traders got to options when they want to chase
Speaker 10: that upsite, when they want to chase the games we're
Speaker 10: seeing in Tesla. There is for example, a leverage the TESTWATF,
Speaker 10: which allows investors to get two times the games of Tesla.
Speaker 11: It's been one of the most traded tools.
Speaker 10: Investors are really looking to double their beds go and
Speaker 10: of course, looking at Destiny one hundred, the games have
Speaker 10: been incredible. We had more than two hundred and eighty
Speaker 10: percent today. Obviously some of the games have faded, but
Speaker 10: we had volatility so high that trading was halted, really
Speaker 10: really high retail activity. And of course dogecoin, which in
Speaker 10: the whole crypto space we're seeing really really strong activity.
Speaker 11: Dosh cooin is actually one of the currencies that.
Speaker 10: Was outperforming Bitcoin, so the speculity fever there is very
Speaker 10: very strong.
Speaker 3: Of course, go back to the Destiny one hundred. What
Speaker 3: exactly is this closed end fund and why when it's
Speaker 3: down twenty five percent? We know that it's a volatile
Speaker 3: kind of product to be trading. Why do people have
Speaker 3: concerns about it?
Speaker 10: Well, obviously this has exposure to a lot of private
Speaker 10: market companies that have our heart liquid vehicles and thirty.
Speaker 3: Loads to SpaceX for example. That's why people are betting on.
Speaker 11: It thirty eight percent of that front SpaceX. So when
Speaker 11: we see voltility in SpaceX, obviously the.
Speaker 10: Moves are so big on the upside and the downside.
Speaker 10: If we go back a few months back, we remember
Speaker 10: the stock was up more than thousand percent.
Speaker 11: It was really heavy volatility.
Speaker 10: And what we saw with Teswall in the much smaller
Speaker 10: scale is obviously the company was struggling for quite some
Speaker 10: time and now the games are much bigger. But of
Speaker 10: course in a company like SpaceX that is private and
Speaker 10: it's more liquid, we see a lot more volatility. But
Speaker 10: the fund of course is relatively small. But we see
Speaker 10: similar funds who have exposers to SpaceX. For example, there
Speaker 10: is a Barren fund that was down on the year.
Speaker 11: It's now up on the year just because of that
Speaker 11: SpaceX game. So It's incredible how much it can give
Speaker 11: in terms of performance.
Speaker 3: Sunny has whether there's a leverage three x Tesla ETP
Speaker 3: that's currently traded over in London, just down on the day,
Speaker 3: but well, they will get you a long term chart
Speaker 3: on some of these things, but they have certainly been
Speaker 3: a winning formula since the election. Denisa over great reporting.
Speaker 3: We appreciated. Welcome back to me med Technology. I'm Caroline
Speaker 3: Heide in New York. Let's get a quick check on
Speaker 3: these markets that are perhaps just taking a bit of
Speaker 3: a breather after a phenomenal run higher post the election
Speaker 3: results of Wednesday last week. We're just down by about
Speaker 3: two tens percent on the nastat one hundred. Some of
Speaker 3: the key names that drive us lower from the points
Speaker 3: of perspective is Tesla that we've just been shining a
Speaker 3: light on after a forty percent run higher since the election.
Speaker 3: Bitcoin off of those highs. At one point it was
Speaker 3: ever so close to ninety thousand dollars. We now pull
Speaker 3: back a little bit as the technical indicators show that
Speaker 3: we are overbought. We'll dig into it in a moment,
Speaker 3: but let's get on to some of the individual names,
Speaker 3: because there is some key news out Honeywell, the best
Speaker 3: points provider on the upside when you're looking at the
Speaker 3: nastat one hundred more than three percent. Elliot Investment Management
Speaker 3: and Activist Investors has built a five billion plus position
Speaker 3: in Honeywell, pushing for a breakup of the industrial giant
Speaker 3: that in our space is very focused on aerospace and automation.
Speaker 3: It is indeed a tech name. Nvidia up by two
Speaker 3: point two percent. We're seeing some chip strength above and
Speaker 3: beyond really for Nvidio, but not so for the rest
Speaker 3: of the market. Will dig into why chips have been
Speaker 3: a little bit weaker In a moment, Soft Bank off
Speaker 3: more up by more than a percentage point. We shine
Speaker 3: a light on the ADRs. This is it's reported its
Speaker 3: biggest quarterly profit in two years. Successful Indian listings are coming,
Speaker 3: but then really trying to get those coffers back so
Speaker 3: Massa can make his next beep, which is all around
Speaker 3: ai Remember they took a half billion dollar position in
Speaker 3: open Aiye's latest fundraising round. We want to talk about
Speaker 3: Asia a little bit more as well, and a key
Speaker 3: Southeast Asian tech company reported earnings grab shares really rising
Speaker 3: today after the right hailing and Delivery leader posted third
Speaker 3: quarter earnings that exceeded expectations. We said its earnings forecast
Speaker 3: for the year. Peter Ue joins us. He's grab CFO
Speaker 3: Peter Ooh, it's been a long day for you. We
Speaker 3: appreciate you coming on the show and just talk to
Speaker 3: us a little bit about what's driving the growth. We
Speaker 3: saw what seventeen percent increase in revenue and your forecasts
Speaker 3: to where everyone's exuberant.
Speaker 2: Sure, we saw very strong result in Q three, Caroline,
Speaker 2: and what we're seeing his strong momentum in our business.
Speaker 2: We have more users on our platform ever before, and
Speaker 2: we're seeing growth acceleration on our on demand business with
Speaker 2: some mobility and deliveries business, and a lot of this
Speaker 2: is really driven by all the new product sets that
Speaker 2: we've been rolling out over the last three quarters and
Speaker 2: those are really coming into action now. And also our
Speaker 2: financial services business continues to be our fastest growing segment today,
Speaker 2: So we're firing in all cylinders. Strong demand is we
Speaker 2: exit the year to one of our big most busiest quarter,
Speaker 2: which is the holiday season that.
Speaker 6: We have in front of us.
Speaker 3: How much are you still having to focus in on
Speaker 3: the cost cutting side, The focus on net profit over
Speaker 3: and above perhaps expanding the market share as it was
Speaker 3: before revenue growth at all costs.
Speaker 2: Sure. Yeah. So one of the things about Q three,
Speaker 2: which is was a very strong set of results, it
Speaker 2: was also not on the top of also on the
Speaker 2: bottom line.
Speaker 12: So what do we see.
Speaker 2: We saw high adjusted EBIDAB. We posted the highest ninety
Speaker 2: million dollar quarter adjusted EBIDA, which is the eleventh consecutive
Speaker 2: quarter EBIDA improvement. We also posted net profit for the
Speaker 2: business and also cash flow. Now we're balancing both growth
Speaker 2: and profitability, and what we're doing is making sure also
Speaker 2: that the top of the funnel, the demand is strong.
Speaker 2: We're continuing to capture those demands, but at the same
Speaker 2: time also balancing costs and also making sure that operating
Speaker 2: leverage as a business continues to continue to grow and
Speaker 2: continue to sustain. So we're balancing both and you've seen
Speaker 2: them in the third quarter of our results where you're
Speaker 2: seeing the growth in the top and also the profitability
Speaker 2: on the bottom.
Speaker 3: You're balancing investors' desires as well for all some returns
Speaker 3: when it comes to buybacks. For example, JP Morgan, analyst saying, look,
Speaker 3: with these healthy free cash flows, maybe you could raise
Speaker 3: prospects for an increase in buyback programs. Would you do that? Beta.
Speaker 2: We have a buyback program in place today and it's
Speaker 2: a five hundred million dollar buyback program. It's we initiated
Speaker 2: in the first quarter of this year. We're about forty
Speaker 2: percent of the way through there, so we still have
Speaker 2: some ways to go, and we're continuing to make good
Speaker 2: momentum in the buyback program. And what I would say is,
Speaker 2: think about our capital allocation framework is three things. One
Speaker 2: is making sure that we're investing in the organic growth
Speaker 2: of our business, and we're seeing that plan coming into
Speaker 2: play with all the new products that we've been investing in.
Speaker 2: Organic growth is our highest yield and we're going to
Speaker 2: continue to invest when it comes to more M and
Speaker 2: A opportunities in organic growth, the bar is extremely high
Speaker 2: for us now. When we do have excess liquidity, we
Speaker 2: do want to return them to our shareholders, and you've
Speaker 2: seen our first step in doing that earlier this year
Speaker 2: by this five hundred million dollar buyback program.
Speaker 3: Okay, JP, Morgan ANDAs might have to hold on a
Speaker 3: little bit longer for any articulation of arrays in the
Speaker 3: next one, But what about the areas of growth about it,
Speaker 3: whether it's the financial products, but also advertising as well
Speaker 3: coming to your platform. That's something we've seen with Uber,
Speaker 3: which is a big holder of your stock and back
Speaker 3: of the company. How are they going How much will
Speaker 3: we see that contribute to revenue going forward?
Speaker 2: Sure? Yeah, Advertising actually is a love component about business
Speaker 2: which is growing very.
Speaker 6: Fast at the moment.
Speaker 2: Actually we're at a clip now where it's doing two
Speaker 2: hundred million dollars from an annualized basis. Now, if you
Speaker 2: look at the penetration of advertising, we're continuing to grow
Speaker 2: that as a revenue as a percentage of our deliveries GMB.
Speaker 2: We finish the quarter at one point six percent and
Speaker 2: we continue to grow that and we're also up on
Speaker 2: a euro of a year basis. And one of the
Speaker 2: things that we're seeing also it's helping our merchants. We
Speaker 2: are bringing in more merchants onto our platform also for
Speaker 2: their advertising services. It's a win win situation. Also we
Speaker 2: bring them traffic back to them and we see actually
Speaker 2: the advertising to be still a lot of outside in
Speaker 2: front of us. So we're going to continue to double
Speaker 2: down an advertise as well as also as we continue
Speaker 2: to also look to expanding a growth street delivery also
Speaker 2: that will also bring another layer of advertising business for us.
Speaker 3: With overall, it feels as though, as you said, you're
Speaker 3: firing on all cylinders. The share price up a lot
Speaker 3: on the day, but I just want to take a
Speaker 3: longer term perspective here, because if you do put in
Speaker 3: a five year chart of your stock, it is down
Speaker 3: significantly from previous highs, and many have been trying to
Speaker 3: understand also just the extent of the growth in the market,
Speaker 3: particularly when you've got some macro headwinds for Southeast Asian consumers.
Speaker 3: Can you just tell us about where next for the
Speaker 3: next five years to get perhaps the share price back
Speaker 3: at those all time highs.
Speaker 2: Sure, I mean, if you step back on Southeast Asia,
Speaker 2: six hundred and sixty million people, fifty percent of those
Speaker 2: population are under the age of thirty. It's a smartphone
Speaker 2: and first Nations. We operate in eight country, seven hundred cities,
Speaker 2: which is pretty much the whole of Southeast Asia today,
Speaker 2: and we still believe that we're still underpenetrated where GRAP
Speaker 2: operates today. So if you look at my mobility business today,
Speaker 2: you're looking at high single digit penetration. If you look
Speaker 2: at deliveries business in the mid teen so there's still
Speaker 2: a long way to go. And if you look at
Speaker 2: the financial services side of our house, also, sixty percent
Speaker 2: of Southeast Asians are underbanked or underserved, so there's a
Speaker 2: big tam opportunity for us. And what we're seeing is
Speaker 2: from a macro perspective and from a demand it's not
Speaker 2: slowing down if anything. Actually it's going through a strong momentum.
Speaker 2: And one of the components that we're seeing actually is
Speaker 2: the level of tourism in Southeast Asia. Tourism is a
Speaker 2: very critical component, very influenced sector of Southeast Asian economy,
Speaker 2: and we're seeing continual increase of tourism into all the
Speaker 2: different countries in Southeast Asia, especially coming out of the
Speaker 2: COVID days to where we are today, and we're capturing
Speaker 2: those markets. But one of the biggest beneficiary actually of
Speaker 2: tourism in the right handling as well as the food
Speaker 2: delivery site. So if you look at from a longer
Speaker 2: term perspective, and I'll just side a third party report
Speaker 2: that came out last week that over the next five years,
Speaker 2: the digital economy of Southeast Asia, where their mobility deliveries
Speaker 2: will be growing at double digit kgar growth. So we're
Speaker 2: very bullish on Southeast Asia and we're going to continue
Speaker 2: to double down on Southeast Asia, and we're going to
Speaker 2: by doing actually more products and services for our customers.
Speaker 3: He recently brought that listeners to our CFO briefing recently
Speaker 3: and staying up for us and to hop us midnight
Speaker 3: in your time. We appreciate it. Peace ere we grab
Speaker 3: CFO now. In other earnings in Finia and Germany's biggest
Speaker 3: chip maker, says it sees a turnaround by the end
Speaker 3: of twenty twenty five fiscal year. The company forecasts they
Speaker 3: drop in sales in the first quarter, but then it
Speaker 3: expects a return to double digit growth by the fourth quarter.
Speaker 3: Gloomberg spoke with Infinian CFO a little bit earlier. Take listen, we.
Speaker 12: See a much more pronounced seasonality in terms of inventory
Speaker 12: management by major customers, so they are many their inventories
Speaker 12: very very strictly towards their kalinda and fiscal year end.
Speaker 3: Fininche has pushed high. Let's just take a look at
Speaker 3: the rest of the market in megxemniy graffeos with us
Speaker 3: and is it about earnings? Is it still about the election.
Speaker 3: What are you keeping around?
Speaker 13: It looks like the market is just taking a breather
Speaker 13: because we had the biggest five day run up in
Speaker 13: the S and P five hundred all year that concluded yesterday,
Speaker 13: So it seems like people had really been bidding up
Speaker 13: the Trump trade. Kinds of stocks, Internationals were lower, and
Speaker 13: now we're seeing a little bit more strength there. Bitcoin
Speaker 13: was one of the big Trump trades that we're also
Speaker 13: seeing take a breather. So I would say overall, long
Speaker 13: term investors are still pretty bullish that Trump's policies will
Speaker 13: support sectors like financials, tech names, bitcoin, but today people
Speaker 13: maybe taking some profits. There was a note from City
Speaker 13: that said that the post election advance in US stocks
Speaker 13: could run out of steam as investors start to take profits.
Speaker 13: Investors sent is favorable, but valuations overall looking stretched. And
Speaker 13: when I look in like some names in particular, the
Speaker 13: semiconductors are doing pretty poorly today. And what's really interesting, Caroline,
Speaker 13: is that in Vidia's higher, and Video is up over
Speaker 13: two percent, but the SAC Semiconductor index is lower. There's
Speaker 13: only four names in that index today that are higher,
Speaker 13: and you can really see that the weakness in the
Speaker 13: semi names is pretty broad based in video's games can't
Speaker 13: even carry that index into positive territory today.
Speaker 3: Micron one of the worst performers, and there're mad some
Speaker 3: notes out of some analysts about weakness and centain areas
Speaker 3: of particularly focused on chips, and overall we're seeing the
Speaker 3: weakness in certain chips and also maybe in some of
Speaker 3: the social media companies on the back of the Washington
Speaker 3: Post report that maybe we do see a TikTok ban
Speaker 3: overturned by Trump, But then we're next in terms of
Speaker 3: the next set of assets that you keep an eye on,
Speaker 3: and indeed the earnings the fundamentals that we're likely to
Speaker 3: still get from businesses.
Speaker 13: So I'm watching ten Cent because we have those earnings
Speaker 13: coming up pretty soon. This will be one that investors
Speaker 13: are watching because a lot of people are focused on
Speaker 13: China's macro economic picture and how companies in China are
Speaker 13: going to fare with more stimulus, Is it working, is
Speaker 13: it trickling down into businesses. Tencent is actually outperforming the
Speaker 13: US ad rs, are outperforming the S and P five
Speaker 13: hundred this year. They're up about thirty five percent, and
Speaker 13: analysts are actually saying that they expect Tencent to sustain
Speaker 13: or even accelerate the pace of revenue growth. And because
Speaker 13: they're not an e commerce company, they might not be
Speaker 13: as exposed to any weakness in China like some of
Speaker 13: their big megacap Chinese competitors are. But yeah, I guess
Speaker 13: I'm going to be watching that name watching.
Speaker 3: Disney for a little bit later in the week as well,
Speaker 3: Amanie Grafair. Always great to have on the show. We
Speaker 3: appreciate it. May while coming up a big announcement from
Speaker 3: a major player in the field of general to AI right,
Speaker 3: a CEO co founder may have been joins us next
Speaker 3: on a fundraising announcement. This is blue meg technology. AI
Speaker 3: startup Writer already helps clans like Loreal, like Spotify, like
Speaker 3: Uber produce corporate content and as major growth plans, and
Speaker 3: today the generative AI platform is announcing to spearhead that
Speaker 3: growth two hundred million dollars in a series C funding
Speaker 3: round here with more. Writer, CEO and co founder may
Speaker 3: have been congratulations, it's a big valuation as well of
Speaker 3: one point nine billion dollars. What are you going to
Speaker 3: use that two hundred million dollars to do?
Speaker 14: Oh, thank you so much, Caroline. It's wonderful to be here,
Speaker 14: We're going to use the money for the next buildout
Speaker 14: of the next phase of writer autonomous AI systems that
Speaker 14: can plan and execute complex enterprise workflows across systems, across teams.
Speaker 14: It's that across systems part that has gotten Adobe and
Speaker 14: Salesforce and Workday really excited. We have a shared vision
Speaker 14: for how systems can can talk to each other to
Speaker 14: make generative AI incredibly, incredibly valuable in the enterprise.
Speaker 3: Salesforce is actually one of your investors, and Salesforce is
Speaker 3: an area that is also focusing very much on agentic AI,
Speaker 3: building agents to make me and you and everyone far
Speaker 3: more productive when in the workplace. How are you different?
Speaker 3: How are you additive?
Speaker 6: Yeah?
Speaker 14: So four years ago, right, we started working on pioneering
Speaker 14: the enterprise generative AI category, and Salesforce has been a
Speaker 14: customer for a very long time, and what we have
Speaker 14: heard from them and others over those four years is
Speaker 14: enterprises want complete end to end solutions, right, and that's
Speaker 14: our full stack PLATH. It's LMS with retrieval, with observability,
Speaker 14: with guardrails, all in one package, helping them get to
Speaker 14: value faster. It's a little different than what Salesforce has
Speaker 14: built into their platform, which is very complementary, complimentary.
Speaker 3: Where is therefore the competition Is it an open AI
Speaker 3: which has been doubling down on its enterprise focus.
Speaker 14: So right now enterprise gener of AI is everything everywhere,
Speaker 14: all at once. It is very confusing for the enterprise buyer.
Speaker 14: But this is why architecture matters, and our architecture is winning.
Speaker 14: Investors in this round have underwritten, you know, extraordinary growth
Speaker 14: in the enterprise because we're helping folks get these mission
Speaker 14: critical use cases to production. Folks like Mars, like Uber,
Speaker 14: like Qualcom, like Kenview, very powerful use cases that are
Speaker 14: accelerating their businesses.
Speaker 3: So for those that are frustrated at the moment when
Speaker 3: they come on they say, I don't see the return
Speaker 3: on investment in AI, I want to know where it's
Speaker 3: making us all that much more productive. Is it all
Speaker 3: about content generation? Is it all about marketing? Where else
Speaker 3: do you expand to?
Speaker 6: Yeah?
Speaker 14: I mean we have helped companies cut down legal compliance
Speaker 14: reviews by more than seventy five percent. We've helped folks
Speaker 14: increase revenue on their retail channels more than twenty percent,
Speaker 14: from dog food to face creams. We've helped our customers
Speaker 14: get their products to market, So it goes way beyond
Speaker 14: the marketing function. Any function within your company that can
Speaker 14: use a knowledge assistant, a knowledge retrieval application is benefiting
Speaker 14: from writer.
Speaker 3: Therefore, this money does it get really attributed? It into
Speaker 3: talent at the moment? What is your blocker to scale
Speaker 3: at the pace that you want to scale at?
Speaker 12: May?
Speaker 14: Yeah, well, we're building our next generation of LLMS models
Speaker 14: that are trained on data that is vision, text and
Speaker 14: action together. So our vision is enterprises that are more intelligent,
Speaker 14: more creative, faster as a result of autonomous AI that
Speaker 14: can architect these complex workflows.
Speaker 3: So to that point, where do you attribute this money?
Speaker 3: Like you're talking about how the real focus is going
Speaker 3: to be on the product and invasion the lars language
Speaker 3: models that are the eye all of this. But is
Speaker 3: it therefore getting more salespeople out there? Is it about
Speaker 3: actually underlying engineering talent that.
Speaker 14: You need to be fun It is both engineering and
Speaker 14: go to market. On the engineering side, we are hiring
Speaker 14: AI engineers, we are hiring full stack engineers. On the
Speaker 14: go to market side, sales and CS people, we take
Speaker 14: a really differentiated approach to how we partner with customers.
Speaker 14: It's incredibly intimate and for us, the series C is
Speaker 14: really doubling down on our engineering talent and our go
Speaker 14: to market talent.
Speaker 3: May Heabib great to catch up with your congratulations, CEO
Speaker 3: and co founder of writer Time Now for talking tech.
Speaker 3: First up, Netflix says seventeen million viewers are watching it
Speaker 3: shows with advertising every single month, nearly double the total
Speaker 3: from May. Netflix plans to make advertising a major revenue
Speaker 3: source to complement subscriptions, though its ad business is still
Speaker 3: pretty small compared to its peers.
Speaker 5: Plus.
Speaker 3: Argentine fintech company Walla has raised three hundred million dollars
Speaker 3: from investors. Evaluation of two pint some five billion dollars
Speaker 3: is the latest funding hale of for one of the
Speaker 3: most valuable startups in that in America, backed by the
Speaker 3: likes of Soros Fund Management, Gold and Saxon Tencent. Meanwhile,
Speaker 3: sticking with VC, Donald Trump Junior won't be joining his
Speaker 3: father's administration, instead joining seventeen eighty nine Capital. It's a
Speaker 3: VC firm that invests in conservative leaning companies that call
Speaker 3: into sources when. The firm was founded by Trump donor
Speaker 3: Ome and Mallick and has essued ESG principles to instead
Speaker 3: follow its own acronym EIG Entrepreneurship, Innovation and Growth. Now
Speaker 3: let's just stick with the Trump impact on certain areas.
Speaker 3: And indeed you're on MUSK because Threads a Blue Sky,
Speaker 3: the rival social networks that look a lot likely on
Speaker 3: musks X have seen an influx of new users since
Speaker 3: election night in the US. That's says People's c alternatives
Speaker 3: and must small right leaning platform. Let's break it all
Speaker 3: down with Bloomberg's Kurt Wagner and Kurt anecdotally, I've seen
Speaker 3: it on Threads, people saying I'm joining post the election,
Speaker 3: But is it happening on mass Is their data to
Speaker 3: prove this out?
Speaker 15: Yeah, I'm seeing it anecdotally as well. My feed on
Speaker 15: both services has just been full of people sort of
Speaker 15: introducing themselves, saying, Hey, I'm just coming over to see
Speaker 15: you know, the water's warm on this side, leaving X.
Speaker 15: But the numbers seem to suggest this is happening as well.
Speaker 15: So Blue Sky says it has added seven hundred thousand
Speaker 15: new users in the last week. They now have fourteen
Speaker 15: point five million total accounts that have been created, so
Speaker 15: seven hundred thousand is a pretty significant jump. For them
Speaker 15: in one week, and then Threads was the number one
Speaker 15: free app in the US App Store yesterday, the first
Speaker 15: time it had been in that number one spot in
Speaker 15: a couple of weeks since before the election. So you
Speaker 15: can see, you know that both kind of rival services
Speaker 15: are having a little bit of a spike here, a
Speaker 15: little bit of a moment as people, as you say,
Speaker 15: are are looking for an alternative to X.
Speaker 3: How are they using things like threads. People have many
Speaker 3: ways of seeing that matters not wanted to be a
Speaker 3: place for political discussion. But is it therefore going to
Speaker 3: Threads or is it people behaving in a different manner.
Speaker 15: Yeah, I think people want to go to three and
Speaker 15: sort of feel like they're getting that Twitter experience. But
Speaker 15: to your point, because Meta is sort of leaning away
Speaker 15: from politics, they're not getting it for the most part,
Speaker 15: and so as a result, I see a lot of
Speaker 15: mixed kind of bag, right. I see some people who
Speaker 15: who try to talk politics they're not really getting that
Speaker 15: engagement and they're complaining about it. I know, for me,
Speaker 15: on election night, I remember, excuse me, the day after
Speaker 15: the election, I pulled something up on Threads that I
Speaker 15: thought was brand new, you know, election related information I
Speaker 15: found it, it was more than twenty four hours old, right,
Speaker 15: so it's not really a great place right now for
Speaker 15: breaking news. I think for people who used Twitter and
Speaker 15: use x for news and especially political news, they're probably
Speaker 15: not going to scratch that itch over on threads right now.
Speaker 15: But remember this platform is not even two years old.
Speaker 15: It's not even a year and a half old, so
Speaker 15: it's still sort of figuring out exactly what it's for.
Speaker 6: But it does have a large audience to do that.
Speaker 3: And briefly, I mean, it hasn't switched on ads yet. Interestingly,
Speaker 3: in Europe, we've been reporting that there's going to be
Speaker 3: less personalized ads for Meta in Europe. But there's also
Speaker 3: news that maybe we see TikTok not banned in the US.
Speaker 3: That's something that you've been talking about a lot. Is
Speaker 3: that impacting Meta and other social media companies?
Speaker 15: It very well could, right because if TikTok does ultimately
Speaker 15: get banned in January, the number one company that should
Speaker 15: benefit would be Meta because they have a direct clone
Speaker 15: of the TikTok product with reels in Instagram. Right, So
Speaker 15: if TikTok kind of survives and continues, a lot of
Speaker 15: that upside that people might be baking into MetaStock price
Speaker 15: is going to go away, so I think it's logical
Speaker 15: to think that if Meta is down, it could be
Speaker 15: related to this idea that Trump might try.
Speaker 3: To save TikTok Cut Wagner. Great reporting, We appreciate it. Meanwhile,
Speaker 3: that does it for this edition of blombg Technology. Do
Speaker 3: not forget to check out our podcast. You can find
Speaker 3: it on the terminal as well as online on Apple, Spotify,
Speaker 3: and iHeart from New York. This is the blomleg Technology