1 00:00:02,520 --> 00:00:09,040 Speaker 1: Bloomberg Audio Studios, podcasts, radio news, The. 2 00:00:08,880 --> 00:00:13,160 Speaker 2: Stock Movers podcast, your roundup of companies making moves in 3 00:00:13,200 --> 00:00:16,480 Speaker 2: the stock market, harnessing the power of Bloomberg Data. 4 00:00:17,360 --> 00:00:18,799 Speaker 3: Let's take a look right now at some of the 5 00:00:18,800 --> 00:00:21,319 Speaker 3: stocks on the move today. I'm Paul swing Along without Steal, 6 00:00:21,360 --> 00:00:24,040 Speaker 3: and we're joined by Bloombergs. Isabelle Lee is what are 7 00:00:24,040 --> 00:00:24,440 Speaker 3: you looking at? 8 00:00:24,760 --> 00:00:26,960 Speaker 1: I'm looking at Paramount. So the stock is now flat 9 00:00:27,000 --> 00:00:29,040 Speaker 1: down by nearly just two tens of one percent. So 10 00:00:29,080 --> 00:00:32,360 Speaker 1: the company plans to cut several hundred employees due to 11 00:00:32,360 --> 00:00:35,400 Speaker 1: the economic landscape and just really the continuing decline in 12 00:00:35,400 --> 00:00:37,839 Speaker 1: cable TV. I mean now, when I talk to a 13 00:00:37,840 --> 00:00:40,920 Speaker 1: lot of my friends, not many of them have cable TV. 14 00:00:41,040 --> 00:00:42,960 Speaker 1: And the move will effects three point five percent of 15 00:00:43,000 --> 00:00:47,519 Speaker 1: the media company's workforce, according to an internal memo. So Paramount, 16 00:00:47,520 --> 00:00:50,519 Speaker 1: which is the parent of CBS and MTV, last year 17 00:00:50,600 --> 00:00:53,960 Speaker 1: already cut fifteen percent. So now majority of employees will 18 00:00:53,960 --> 00:00:56,880 Speaker 1: be notified immediately, says the CEO. This is just really 19 00:00:56,920 --> 00:00:57,920 Speaker 1: I think a challenging time. 20 00:00:58,040 --> 00:01:01,280 Speaker 3: Yeah, I've seen this before, as has in the newspaper business, 21 00:01:01,360 --> 00:01:04,399 Speaker 3: in the magazine business, in the radio business, and now 22 00:01:04,480 --> 00:01:07,160 Speaker 3: the cable televisioness. 23 00:01:06,400 --> 00:01:09,440 Speaker 4: Also, it's sort of like those industries don't disappear, they 24 00:01:09,520 --> 00:01:12,080 Speaker 4: just radically change. So there's only going to be a 25 00:01:12,080 --> 00:01:15,480 Speaker 4: few players in a very particular kind of content, right, 26 00:01:15,560 --> 00:01:18,399 Speaker 4: and the different people that work there and different needs. 27 00:01:18,400 --> 00:01:20,200 Speaker 4: So it's sort of like how to rethink. 28 00:01:19,840 --> 00:01:23,080 Speaker 3: That, Yeah, there's still going to be there, still is 29 00:01:23,120 --> 00:01:25,280 Speaker 3: content creation. There always will be content creation. It's just 30 00:01:25,280 --> 00:01:27,160 Speaker 3: a question how it gets to the consumer. And now 31 00:01:27,160 --> 00:01:28,800 Speaker 3: it's direct to the consumer via stream. 32 00:01:29,480 --> 00:01:32,200 Speaker 4: Okay, let's go to Apple. So I called WWDC the 33 00:01:32,200 --> 00:01:34,800 Speaker 4: Worldwide Developer Conference a dud? Was that fair of me? 34 00:01:35,600 --> 00:01:38,240 Speaker 1: For probably it's up. The stock is up one and 35 00:01:38,240 --> 00:01:41,200 Speaker 1: a half percent. AAPL is the ticker. So Apple introduced 36 00:01:41,240 --> 00:01:44,760 Speaker 1: a number of AI powered features during that conference, and 37 00:01:44,920 --> 00:01:48,360 Speaker 1: even after, investors are really waiting for the enhancements to 38 00:01:48,440 --> 00:01:52,280 Speaker 1: see ree, which is their assistant AI assistant. So that 39 00:01:52,440 --> 00:01:55,680 Speaker 1: the announcement included and expanded partnership and a relationship with 40 00:01:55,760 --> 00:01:59,360 Speaker 1: chat gpt, which is maker the chat GPT maker open Ai, 41 00:01:59,600 --> 00:02:02,280 Speaker 1: which for teamed up with Apple last year, and AI 42 00:02:02,360 --> 00:02:04,000 Speaker 1: wasn't really the main focus of the event, which is 43 00:02:04,000 --> 00:02:06,320 Speaker 1: why maybe Alex thought it was a dud. It Dwelt 44 00:02:06,360 --> 00:02:09,400 Speaker 1: more on operating system design changes and other features, but 45 00:02:09,800 --> 00:02:12,400 Speaker 1: they they talk about AI and how AI capabilities will 46 00:02:12,400 --> 00:02:15,480 Speaker 1: help Apples iOS begin to match more features offered by 47 00:02:15,480 --> 00:02:17,880 Speaker 1: Samsung and Android devices. This is always a debate with 48 00:02:17,960 --> 00:02:20,240 Speaker 1: me and my cousins. I have an iPhone and they 49 00:02:20,280 --> 00:02:23,079 Speaker 1: have an Android, and we always have a contest and 50 00:02:23,320 --> 00:02:26,880 Speaker 1: who will take better photo photos or like features and stuff. 51 00:02:26,919 --> 00:02:29,760 Speaker 1: And I'm just a lifelong Apple user, and I think 52 00:02:29,760 --> 00:02:32,919 Speaker 1: that's the strength of Apple. She's very sold on her Android. 53 00:02:33,080 --> 00:02:36,120 Speaker 3: It does make you all Apples, the exception of my 54 00:02:36,200 --> 00:02:38,720 Speaker 3: oldest son. He's Android and he's the engineer, and he 55 00:02:38,720 --> 00:02:41,600 Speaker 3: says it's a superior technology. And I'm like, all right, dude, 56 00:02:41,600 --> 00:02:43,000 Speaker 3: But the rest of us are on our little Apple 57 00:02:43,000 --> 00:02:44,000 Speaker 3: group chat and. 58 00:02:44,800 --> 00:02:47,880 Speaker 4: Wait, the Google Apple phone gives you better pictures? 59 00:02:48,240 --> 00:02:50,079 Speaker 1: Yes, Google or Apple. 60 00:02:50,440 --> 00:02:55,160 Speaker 4: One prettier to come into it, But which one the everything? 61 00:02:55,160 --> 00:02:58,200 Speaker 1: Except Apple? Because Apple is so clear. You see your pores, 62 00:02:58,560 --> 00:03:00,920 Speaker 1: and you see your imperfections. You don't want to see those. 63 00:03:01,720 --> 00:03:06,800 Speaker 4: So as I get older, have invested in my face. 64 00:03:09,760 --> 00:03:13,360 Speaker 4: For those of you not on television, John Tucker has 65 00:03:13,360 --> 00:03:16,800 Speaker 4: a picture of some birds. Okay, let's go, let's go 66 00:03:16,880 --> 00:03:21,160 Speaker 4: to meta. Let's go to meta. I've been investing even 67 00:03:21,200 --> 00:03:24,519 Speaker 4: more in AI in a particular way. Great story from Bloomberg. 68 00:03:24,120 --> 00:03:26,920 Speaker 1: News, it's an exclusive, it's so very fantastic story. But 69 00:03:26,919 --> 00:03:29,079 Speaker 1: shares are up just five tenths of one percent. So 70 00:03:29,120 --> 00:03:31,080 Speaker 1: the tick here is meta M E T A. So 71 00:03:31,120 --> 00:03:34,200 Speaker 1: Mark zucker Brig is assembling a team of experts to 72 00:03:34,280 --> 00:03:39,160 Speaker 1: achieve artificial general intelligence. So this he's recruiting from his 73 00:03:39,280 --> 00:03:42,160 Speaker 1: home in Lake Tahoe and Paulo Alto, and he's he 74 00:03:42,200 --> 00:03:44,880 Speaker 1: aims to hire around fifty people for the new team, 75 00:03:44,920 --> 00:03:47,960 Speaker 1: including a new head of AI research. He even rearranged 76 00:03:48,000 --> 00:03:50,280 Speaker 1: desk at his office in Menlo Park so that the 77 00:03:50,320 --> 00:03:52,480 Speaker 1: new staff will sit near him. So those are all 78 00:03:52,480 --> 00:03:55,560 Speaker 1: details from this fantastic Bloomberg story. So it's been said 79 00:03:55,560 --> 00:03:57,840 Speaker 1: that zucker Brick has been frustrated with the metas shortfall 80 00:03:57,880 --> 00:04:00,200 Speaker 1: in AI, and I guess now he's really planning to 81 00:04:00,240 --> 00:04:03,160 Speaker 1: take action and he is building the team in tandem 82 00:04:03,160 --> 00:04:06,400 Speaker 1: with a plan multi billion dollar investment in scale AI. 83 00:04:06,560 --> 00:04:08,120 Speaker 1: So I'm surprised that the share is only pop by 84 00:04:08,160 --> 00:04:11,080 Speaker 1: five tens of one percent, but maybe it's nice run. Yes, 85 00:04:11,120 --> 00:04:13,240 Speaker 1: and it's all talk for now, maybe. 86 00:04:13,240 --> 00:04:15,440 Speaker 3: And Yeah, I'm just glad he's not talking about the 87 00:04:15,440 --> 00:04:19,400 Speaker 3: metaphorse that was a soul crushing experience for shareholders. 88 00:04:20,080 --> 00:04:24,200 Speaker 2: The Stock Movers podcast from Bloomberg Radio. Check back with 89 00:04:24,279 --> 00:04:27,040 Speaker 2: us throughout the day for the latest roundup of companies 90 00:04:27,080 --> 00:04:30,160 Speaker 2: making news on Wall Street and for the latest market 91 00:04:30,160 --> 00:04:34,560 Speaker 2: moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, 92 00:04:34,600 --> 00:04:37,839 Speaker 2: Bloomberg dot com, and on Applecarplay and Android Auto with 93 00:04:37,920 --> 00:04:39,359 Speaker 2: the Bloomberg Business app.