WEBVTT - US-China Tensions and NYC's New AI Law 0:00:00.080 --> 0:00:02.800 That's really what's so exciting about this launch for a 0:00:02.800 --> 0:00:05.800 lot of people who have been disillusioned with the updates 0:00:05.800 --> 0:00:09.040 at Twitter as of late. I mean, they have tried 0:00:09.160 --> 0:00:13.600 platforms like Masdon, like Blue Sky, like Post, you name it. 0:00:13.640 --> 0:00:18.080 There's so many Twitter competitors out there that haven't quite 0:00:18.239 --> 0:00:21.960 gotten the network that they need to truly be a 0:00:22.000 --> 0:00:26.320 threat to Twitter. And here is Meta, which has upwards 0:00:26.320 --> 0:00:29.480 of three billion users on its products around the world, 0:00:30.440 --> 0:00:34.680 and Instagram, which has a following structure similar to Twitter, 0:00:34.680 --> 0:00:38.360 where where unlike Facebook, where you're friends with the people 0:00:38.360 --> 0:00:41.520 who are friends with you, on Instagram you can follow 0:00:41.520 --> 0:00:44.120 people who are interesting. That is the same as a 0:00:44.159 --> 0:00:46.240 Twitter model. So it makes sense for them to say 0:00:46.440 --> 0:00:50.279 we're having a Twitter copycat app over here, and you 0:00:50.320 --> 0:00:54.200 can choose to follow the same people you follow on Instagram, 0:00:54.240 --> 0:00:57.360 connect with those same people, and keep your handle, keep 0:00:57.400 --> 0:01:03.240 your verification. That it's a very powerful head start for 0:01:03.280 --> 0:01:06.800 this app Threads if people choose to use it, and 0:01:07.640 --> 0:01:10.360 I do think it could be a major threat to Twitter. 0:01:10.480 --> 0:01:11.880 And that's ask you Asha Water. 0:01:12.319 --> 0:01:15.080 I mean, we know Twitter is had to sometimes elicit 0:01:15.280 --> 0:01:18.160 Eve's point, but since Linda Yakarinos come in and take 0:01:18.240 --> 0:01:21.200 over the CEOO role. They have been much more communicative. 0:01:21.640 --> 0:01:24.600 Are you finding that they're worried? People you speak to 0:01:25.000 --> 0:01:27.039 do they see it as a big threat? 0:01:27.840 --> 0:01:29.280 I mean, like Sarah said, I think it is a 0:01:29.319 --> 0:01:29.840 huge threat. 0:01:29.920 --> 0:01:30.120 Right. 0:01:30.240 --> 0:01:33.000 You have the alternatives, as she mentioned posts massed on 0:01:33.080 --> 0:01:35.640 Blue Sky that just did not take off in the 0:01:35.640 --> 0:01:39.240 way that people thought they would. People went to those platforms, 0:01:39.280 --> 0:01:42.160 but then we're not exactly enthused by maybe the user 0:01:42.200 --> 0:01:44.640 experience or not having enough people not being able to 0:01:44.680 --> 0:01:47.760 take over the same handle, and so Integram can come 0:01:47.840 --> 0:01:49.840 in with threads and do all of those things and 0:01:49.880 --> 0:01:51.240 sort of solve a lot of those problems. 0:01:51.680 --> 0:01:52.880 I could see people moving over. 0:01:53.200 --> 0:01:56.280 Twitter has had a lot of changes with the verification 0:01:56.400 --> 0:01:58.560 system and how you get blue check marks, having to 0:01:58.560 --> 0:02:01.800 pay for additional features over the past couple of days. 0:02:01.960 --> 0:02:04.800 Yeah, Asia, just dig into the limited usage because there's 0:02:04.840 --> 0:02:08.320 been more clarification over the holiday day yesterday and over 0:02:08.320 --> 0:02:10.359 the weekends. But what are you hearing about some of 0:02:10.400 --> 0:02:13.079 the pushback against the latest moves that Twitter itself says 0:02:13.160 --> 0:02:14.480 is to ensure authenticity. 0:02:16.120 --> 0:02:19.000 Yeah, I mean, people are not happy about the fact 0:02:19.000 --> 0:02:21.120 that you're gonna be limited in the amount of tweets 0:02:21.120 --> 0:02:23.040 that you can see. And it is supposed to be 0:02:23.040 --> 0:02:25.880 a temporary measure, but the reason people go to Twitter 0:02:25.960 --> 0:02:27.280 is to be able to see tweets and to be 0:02:27.320 --> 0:02:29.160 able to see activity going on, and so when you 0:02:29.160 --> 0:02:32.320 start limiting that, that's concerning. Some people have also said 0:02:32.520 --> 0:02:35.639 maybe advertisers could be concerned about that, right if if 0:02:35.880 --> 0:02:37.840 you there's less tweets, that means there's less ads that 0:02:37.880 --> 0:02:38.600 people are seeing. 0:02:38.919 --> 0:02:40.919 So it it's it's challenging. Now. 0:02:40.919 --> 0:02:42.919 It is temporary. We don't know how long it's gonna last. 0:02:43.000 --> 0:02:45.360 But there has been some pushback just on Twitter and 0:02:45.440 --> 0:02:46.680 just amongst users. 0:02:47.120 --> 0:02:50.960 Sarah talking of pushback, there's who is pushing back in 0:02:51.040 --> 0:02:54.600 the EU. We understand that threads isn't gonna be available 0:02:54.600 --> 0:02:57.280 there as soon as tomorrow. If you're in the EU, 0:02:57.560 --> 0:02:59.960 is this regulators saying no, you can't do this? Is 0:02:59.720 --> 0:03:02.720 a this meta saying we are not bringing our innovation 0:03:02.840 --> 0:03:03.920 to you because of. 0:03:03.840 --> 0:03:05.079 Your stricter regulations. 0:03:06.320 --> 0:03:09.080 I think that that there's a little bit of both 0:03:09.120 --> 0:03:12.280 going on. I think that you know, regulators are are 0:03:12.320 --> 0:03:14.920 certainly concerned and saying, you know, if you're going to 0:03:15.240 --> 0:03:17.919 add this new product in the EU. There are other 0:03:18.000 --> 0:03:22.040 considerations around competition, around the fact that Meta already has 0:03:22.600 --> 0:03:24.840 you know, all of the major social platforms. Do they 0:03:24.840 --> 0:03:28.200 really need another one? There are the concerns about the 0:03:28.639 --> 0:03:32.120 usual privacy details. I think there's just a little bit 0:03:32.200 --> 0:03:34.560 more to work out before they can launch their I 0:03:34.560 --> 0:03:37.880 think I think that, you know, given Meta's global focus, 0:03:37.880 --> 0:03:40.480 they're going to want to launch there eventually, but for now, 0:03:40.520 --> 0:03:44.840 they're going to want to establish this as a product 0:03:44.880 --> 0:03:47.160 that people want to use. And I think it's a 0:03:47.160 --> 0:03:50.920 really interesting time because on the across their other products, 0:03:51.200 --> 0:03:55.440 they're really moving away from tech spased communication in towards 0:03:55.440 --> 0:03:58.560 short form video, and they're trying to take on TikTok 0:03:59.000 --> 0:04:03.320 on Instagram and and Facebook right now, and so threads 0:04:03.400 --> 0:04:06.880 may be an option not just for people who use Twitter, 0:04:07.120 --> 0:04:10.760 but for people who want to just post about their 0:04:10.840 --> 0:04:14.200 lives in a tech based way and find that those 0:04:14.320 --> 0:04:17.599 kinds of content don't do as well on Instagram and 0:04:17.640 --> 0:04:19.960 Facebook the way that they used to. So it could 0:04:20.000 --> 0:04:24.440 be an interesting, more mainstream version of Twitter. 0:04:24.800 --> 0:04:29.160 What about the advertisers, Aisha, How much are companies looking 0:04:29.520 --> 0:04:32.520 to go towards a Meta visa via Twitter? 0:04:34.080 --> 0:04:37.360 Well, I think advertising is a huge opportunity for Meta 0:04:37.400 --> 0:04:40.720 with this right, we advertisers moved off of Twitter. Advertising 0:04:40.720 --> 0:04:43.960 revenue went down significantly since Must took over, he said. 0:04:43.960 --> 0:04:46.599 Some advertisers have come back. A lot of people left 0:04:46.760 --> 0:04:49.120 for all the reasons that we just outlined right, some 0:04:49.200 --> 0:04:52.560 of Must behavior, some of the changes to the platform. Already, 0:04:52.640 --> 0:04:56.800 advertisers are going to some Twitter alternatives. So it's a 0:04:56.880 --> 0:04:59.520 huge risk I think for Twitter if Meta can build 0:04:59.560 --> 0:05:01.880 a competitor and take away some of the issues that 0:05:01.920 --> 0:05:03.760 Twitter had with content moderation and so on. 0:05:03.640 --> 0:05:04.279 And so forth. 0:05:04.520 --> 0:05:07.880 However, Twitter does have Linda Yakarino, and she has a 0:05:07.920 --> 0:05:11.240 lot of industry experience, she has relationships. Twitter has made 0:05:11.320 --> 0:05:14.320 some changes recently. They've been talking more about brand safety, 0:05:14.640 --> 0:05:16.400 so they might be able to keep advertisers. 0:05:16.440 --> 0:05:16.760 I don't know. 0:05:16.880 --> 0:05:17.880 We'll see how it plays out. 0:05:18.480 --> 0:05:21.280 We'll have to wait with that cage match occurs as well, 0:05:21.400 --> 0:05:24.000 But for now, the figurative cage match is about to 0:05:24.279 --> 0:05:27.360 ensue as soon as tomorrow. Sarah fryar ash accounts, thank 0:05:27.400 --> 0:05:29.479 you both so much for breaking that down. 0:05:29.520 --> 0:05:31.000 Meanwhile, coming up, Rivian. 0:05:30.839 --> 0:05:33.359 Started delivering the electric bands it makes for Amazon to 0:05:33.480 --> 0:05:36.440 Europe and there's first commercial shipments outside of the US. 0:05:36.640 --> 0:05:52.719 More on that next. This is a Bloomberg time now 0:05:52.800 --> 0:05:53.479 for talking tech. 0:05:53.600 --> 0:05:57.320 First up, Meta CEO Mark Zuckerberg is facing strudiny in China. 0:05:57.640 --> 0:05:58.640 Social state backed. 0:05:58.560 --> 0:06:01.839 Social media account published is scathing editorial on the Facebook 0:06:01.880 --> 0:06:05.039 co founder. Now first reported by Hong Kong newspaper that 0:06:05.080 --> 0:06:07.800 the editorial emerged after The Wall Street Journal reported that 0:06:07.880 --> 0:06:10.839 Meta was in talks with ten Cent Holdings about selling 0:06:10.839 --> 0:06:13.440 its quest for the Yar headset in China. Ssuckerberg has 0:06:13.560 --> 0:06:17.360 openly criticized Chinese censorship. Meta and ten Cent didn't respond 0:06:17.360 --> 0:06:20.960 to requests for comment. Meanwhile, Spotify's CEO has raised over 0:06:21.040 --> 0:06:23.920 sixty five million dollars in venture capital to expand his 0:06:24.040 --> 0:06:27.240 medical startup. It's called Nico Health, and Tomaco Lakestar General 0:06:27.320 --> 0:06:30.479 Catalyst joining the investment and some of the company's biggest backers. 0:06:30.720 --> 0:06:34.120 The startup provides full body scans for skin and heart conditions. 0:06:34.160 --> 0:06:37.560 Over there in Sweden plus Rivian and it started delivering 0:06:37.560 --> 0:06:40.640 the electric vans it makes the Amazon to Europe's first 0:06:40.640 --> 0:06:43.520 commercial shipments outside of the United States. Amazon will roll 0:06:43.560 --> 0:06:45.800 out more than three hundred delivery vans in the coming 0:06:45.839 --> 0:06:49.480 weeks to German cities including Munich, Berlin and Dusseldulff joining 0:06:49.560 --> 0:06:51.120 us to just talk through that a little bit more 0:06:51.320 --> 0:06:52.920 as Spoomberg News is Craig Trudell. 0:06:53.000 --> 0:06:54.520 So how big a deal is this for Revian because 0:06:54.520 --> 0:06:55.160 the shareholder is. 0:06:55.160 --> 0:06:58.880 Like it, Yeah, it's absolutely a big deal for Rivian. 0:06:58.880 --> 0:07:01.480 I think anytime can be a sort of reminder of 0:07:02.040 --> 0:07:04.800 the ties to Amazon and the role that Amazon plays 0:07:04.839 --> 0:07:07.240 as a big customer is a good thing for Rivian. 0:07:07.279 --> 0:07:09.479 Not that folks who know this company well and have 0:07:09.520 --> 0:07:12.800 been following it closely will forget that, but I do 0:07:12.840 --> 0:07:14.400 think this is a company that, you know, if we 0:07:14.440 --> 0:07:16.800 take a sort of step back and think about, you know, 0:07:16.840 --> 0:07:20.240 what's happened since they're Blockbuster IPO in late twenty twenty one, 0:07:20.480 --> 0:07:22.800 they've had a heck of a time getting production up 0:07:22.880 --> 0:07:25.880 and rolling, and so this is an indication that, you know, 0:07:26.120 --> 0:07:29.080 yet another indication that you know, production is is kind 0:07:29.080 --> 0:07:31.120 of being smoothed out. We saw that a little bit 0:07:31.640 --> 0:07:34.840 earlier this week with the production numbers that they reported 0:07:34.880 --> 0:07:37.080 for the second quarter and the fact that they're able 0:07:37.120 --> 0:07:41.880 to now you know, not only you know, boost deliveries locally, 0:07:41.960 --> 0:07:45.360 but start some exporting is a positive sign for production 0:07:45.440 --> 0:07:46.000 going forward. 0:07:46.200 --> 0:07:48.640 I'm positive coming from the analyst as well, need amnalyst 0:07:48.720 --> 0:07:52.000 Chris Piers lifting the price target after those production numbers 0:07:52.040 --> 0:07:55.400 DA Davidson the analyst, they're really upgoading the Stockton neutral 0:07:55.440 --> 0:07:58.080 from an underperform and there in line is the fact 0:07:58.120 --> 0:08:01.040 that it has been underperforming, right, has been a lot 0:08:01.080 --> 0:08:03.920 of worries and concerns just remind us of what sort 0:08:03.960 --> 0:08:06.360 of being the choke hold on the production side of things. 0:08:07.480 --> 0:08:10.280 I mean, they were suffering from, you know, the issues 0:08:10.320 --> 0:08:13.600 that the broader industry had has for a couple of 0:08:13.720 --> 0:08:17.000 years now, right of just supply chain duress and the 0:08:17.080 --> 0:08:19.560 chip shortage, and just when we think that we're through that, 0:08:19.680 --> 0:08:22.200 now we have you know, these concerns about these metals 0:08:22.200 --> 0:08:24.200 in China and whether or not you know, that will 0:08:24.200 --> 0:08:27.320 be the latest, you know, thing to slow down supply 0:08:27.400 --> 0:08:30.080 of semiconductors. I think one of the things that this 0:08:30.440 --> 0:08:34.040 story speaks to, though, this idea of starting to ship 0:08:34.360 --> 0:08:39.000 vans to Europe, is just the need for electrification in 0:08:39.040 --> 0:08:41.680 this commercial vehicle space and this role that Rivian could 0:08:41.720 --> 0:08:43.840 play in that. When you think about sort of the 0:08:43.840 --> 0:08:46.440 biggest bang for your buck in electrifying things that are 0:08:46.480 --> 0:08:49.400 on the road, if you can electrify these vans that 0:08:49.480 --> 0:08:51.920 do a ton of miles a day that are doing 0:08:52.280 --> 0:08:55.280 increasingly these last mile deliveries because of the rise of 0:08:55.320 --> 0:08:58.439 online shopping and deliveries and city centers. We know for 0:08:58.480 --> 0:09:01.080 a fact that you know, cities want more of these 0:09:01.120 --> 0:09:04.640 on the roads. Incumbent manufacturers are having a hard time 0:09:04.679 --> 0:09:07.520 meeting demand. Startups are having a hard time meeting demand. 0:09:07.600 --> 0:09:11.480 So if Rivian can get cranking on these vans, we 0:09:11.559 --> 0:09:15.200 do know that there's a lot of interest in these 0:09:15.480 --> 0:09:18.280 if they can, you know, sort of follow through on 0:09:18.440 --> 0:09:21.640 this big order from Amazon for over the next half 0:09:21.679 --> 0:09:22.240 decade or. 0:09:22.160 --> 0:09:25.480 So, one hundred thousand big order for the vans, a 0:09:25.520 --> 0:09:28.360 lot of evans. There's a lot of vans most Craig Trudell, 0:09:28.640 --> 0:09:38.240 thank you so much for joining us. Welcome back to 0:09:38.240 --> 0:09:41.080 Bloomberg Technology. I'm Caroline Hide in New York, Ed Ludlow. 0:09:41.240 --> 0:09:43.439 He's currently on assignment. Let's check in on these markets 0:09:43.480 --> 0:09:45.800 today there, because we're pretty muted after the day of 0:09:45.800 --> 0:09:48.160 celebrations from July fourth, We're just off about a ten 0:09:48.240 --> 0:09:51.800 percent on the NASDAC and Ashley Tech is outperforming. 0:09:51.240 --> 0:09:52.000 The rest of the market. 0:09:52.080 --> 0:09:55.320 The rest of the market nervous about Chinese economy, the 0:09:55.320 --> 0:09:57.600 growth story lackluster there when you look at the services 0:09:57.679 --> 0:10:00.080 number also. Then then as that one hundred does managed to 0:10:00.120 --> 0:10:01.920 perform in terms of the big names, we'll get into 0:10:01.920 --> 0:10:04.400 the individual movers is to support there. But look at 0:10:04.400 --> 0:10:06.920 the tenure yield once again moving higher by six basis points. 0:10:07.000 --> 0:10:10.079 Remember we get those FOMC minutes from the previous rate 0:10:10.120 --> 0:10:12.600 decision where they stood pat They did nothing for the 0:10:12.600 --> 0:10:14.960 first time in ten rate hikes. So we're interesting to 0:10:14.960 --> 0:10:16.880 see if there's any steer, any color as to just 0:10:16.920 --> 0:10:19.840 how divided the FOMC is in terms of tackling inflation 0:10:19.880 --> 0:10:21.840 here in the United States. Let's move on and have 0:10:21.840 --> 0:10:23.640 a look at some of the individual movers, because we 0:10:23.720 --> 0:10:25.920 do have companies on the move metal platforms. As I say, 0:10:26.000 --> 0:10:28.120 really the Star performer today up more than three percent 0:10:28.160 --> 0:10:32.120 as we anticipate that unveiling of threads as soon as tomorrow. 0:10:32.120 --> 0:10:34.760 Of course, their Twitter take on Intel off by two percent, 0:10:34.760 --> 0:10:36.800 and in fact most of the chip stocks are down 0:10:36.800 --> 0:10:39.560 today as we worry about the geopolitical risk coming from China, 0:10:39.600 --> 0:10:42.160 the fact that they are limiting the materials the rarer 0:10:42.280 --> 0:10:44.880 in particular that go into semiconductors' evs, you name it. 0:10:45.080 --> 0:10:48.240 Those two key materials that are going to be even 0:10:48.280 --> 0:10:50.559 harder to get a hold of. Intel on the downside, 0:10:50.679 --> 0:10:53.040 and Pegger Systems just want to show off this particular 0:10:53.080 --> 0:10:56.640 software company and interestingly up fourteen percent. Of course, a 0:10:56.679 --> 0:10:59.480 small company that really getting a rating upgrade is some 0:10:59.559 --> 0:11:01.280 analysts out there and really feel that some of the 0:11:01.360 --> 0:11:04.400 legal headwinds are not something to be as agitated about 0:11:04.440 --> 0:11:06.440 as was previous at fourteen percent. 0:11:06.880 --> 0:11:08.840 Meanwhile, let's talk a little bit about. 0:11:08.880 --> 0:11:11.480 Software and hiring in particular here in New York City 0:11:11.880 --> 0:11:14.880 taking steps in fact, the city is to regulate artificial 0:11:14.880 --> 0:11:17.960 intelligence when it comes to hiring. Today, a new law 0:11:18.000 --> 0:11:21.520 comes into effect that requires companies using AI software in 0:11:21.600 --> 0:11:25.000 recruiting to notify candidates that an automated system is being used. 0:11:25.160 --> 0:11:26.600 It's also requiring. 0:11:26.200 --> 0:11:30.319 Companies to have independent auditors check their technology annually for bias. 0:11:30.760 --> 0:11:33.160 Let's talk about all of that with George Wycount of 0:11:33.200 --> 0:11:37.600 Bloomberg Law and George, why is there potentially the threat 0:11:37.640 --> 0:11:39.480 of bias within these AI systems? 0:11:40.160 --> 0:11:42.199 So yeah, AI is used in all kinds of hiring 0:11:42.200 --> 0:11:45.960 mechanisms around the country, ranging from resume reviews, for evaluating 0:11:46.280 --> 0:11:47.000 video interviews. 0:11:47.000 --> 0:11:47.880 It's all over the place. 0:11:48.240 --> 0:11:51.040 A twenty twenty two survey from the Society of Human 0:11:51.040 --> 0:11:54.640 Resource Management show that nearly one in four organizations use 0:11:54.960 --> 0:11:56.679 AI in some HR capacity. 0:11:56.760 --> 0:11:59.560 So it's really all over there's a lot. 0:11:59.440 --> 0:12:01.520 Of concern and with that, there's a lot of concerns 0:12:01.559 --> 0:12:04.600 about lawmakers and advocates. A like, these technologies, which are 0:12:04.640 --> 0:12:06.880 relatively novel, they haven't been in effect for that long, 0:12:07.280 --> 0:12:10.000 rely on data that bakes and prejudice. Because a lot 0:12:10.040 --> 0:12:11.880 of these systems, like a lot of other things, are 0:12:12.080 --> 0:12:15.319 being trained on historical data. This data is imperfect and 0:12:15.559 --> 0:12:16.880 could have a discriminatory event. 0:12:17.160 --> 0:12:19.920 Okay, so talk us through the new requirements. First of 0:12:19.960 --> 0:12:23.200 their coming from New York, what would a company have 0:12:23.320 --> 0:12:23.560 to do? 0:12:23.600 --> 0:12:25.000 How would they go about disclosing? 0:12:25.760 --> 0:12:28.040 Yeah, so the law on its face requires all New 0:12:28.120 --> 0:12:30.760 York City employees to independently audit their systems. That means 0:12:30.800 --> 0:12:33.480 they have to get an independent firm to audit, it 0:12:33.520 --> 0:12:34.840 has to be done once a year, and they need 0:12:34.880 --> 0:12:37.800 to publicly disclose the results on their employment website. And 0:12:37.880 --> 0:12:41.720 the law also requires that these employers inform job candidates 0:12:41.720 --> 0:12:44.200 that they are using AI prior to their use in 0:12:44.280 --> 0:12:47.199 any kind of hiring mechanism. The law does not currently 0:12:47.280 --> 0:12:50.240 have any private right of action, meaning an individual you 0:12:50.240 --> 0:12:52.000 cannot file an individual suit. 0:12:51.760 --> 0:12:53.760 Against organization if they don't comply. 0:12:54.160 --> 0:12:56.960 But if an employer is to be found in violation 0:12:57.000 --> 0:12:59.199 of the law, they will encoura a five hundred dollars 0:12:59.200 --> 0:13:01.480 fine on the first and a fifteen hundred dollars fine 0:13:01.480 --> 0:13:02.600 on each subsequent offense. 0:13:03.120 --> 0:13:06.120 And some companies had actually fought back against it, or 0:13:06.120 --> 0:13:08.640 at least lobbied against this new law, and it had 0:13:08.679 --> 0:13:12.440 been tweaked around the edges, George, But I'm interested about now. 0:13:12.320 --> 0:13:13.760 It's officially enforceable. 0:13:14.760 --> 0:13:17.960 Does this become the regerring across the rest of the states? 0:13:18.000 --> 0:13:19.880 What do we see in other cities? What do you 0:13:19.880 --> 0:13:20.640 think comes next? 0:13:21.320 --> 0:13:22.800 Yeah, so this is the first of the nation law 0:13:22.840 --> 0:13:24.880 and it's likely to be followed. There's been growing pressure 0:13:24.880 --> 0:13:27.520 in recent years for jurisdictions to regulate AI. It's been 0:13:27.520 --> 0:13:30.679 a high priority for the Equal for the Equal Employment 0:13:30.679 --> 0:13:33.480 Opportunity Commission, which is the agency that's in charge of 0:13:33.760 --> 0:13:36.760 enforcing Title seven of the Civil It's Act of nineteen 0:13:36.760 --> 0:13:37.199 sixty four. 0:13:37.240 --> 0:13:37.720 Excuse me. 0:13:38.160 --> 0:13:40.679 Some other states have laws on the books Illinois and 0:13:40.720 --> 0:13:42.960 Maryland in particular, they have laws and the books that 0:13:43.000 --> 0:13:46.440 regulate AI in some extent for video interviews, but this 0:13:46.559 --> 0:13:48.840 is likely to be followed in while right now this 0:13:49.240 --> 0:13:52.240 just applies to employers within New York City. Is the 0:13:52.240 --> 0:13:54.000 thing all employers need to be thinking about right now 0:13:54.040 --> 0:13:56.960 as they use artificial intelligence in the hiring capacity. 0:13:57.559 --> 0:13:59.839 Great round up, George Wykamp, Thank you so much of 0:14:00.160 --> 0:14:02.160 Berg Law of a feeling we might be coming back 0:14:02.160 --> 0:14:04.640 to you at some stage soon. Meanwhile, let's take a 0:14:04.679 --> 0:14:08.680 deep dive into a so called artificial intelligence whisperers. Look, 0:14:08.840 --> 0:14:11.320 you can earn six figure salaries and you don't even 0:14:11.360 --> 0:14:15.760 need any programming experience. Bloomberg's Conrad Quelty Harper one of 0:14:15.800 --> 0:14:18.040 these prompt engineers, as are known to find just how 0:14:18.040 --> 0:14:20.240 to coax the best out of those large language models. 0:14:22.480 --> 0:14:25.360 Albert Phelps is a full time prompt engineer, or, as 0:14:25.400 --> 0:14:28.720 he describes it, an AI whisperer. I sat down with 0:14:28.800 --> 0:14:32.120 him to understand what's behind this increasingly coveted role that 0:14:32.160 --> 0:14:33.520 can pay up to six figures. 0:14:34.320 --> 0:14:36.200 So we're saying, you know, you're a highly creative and 0:14:36.240 --> 0:14:38.320 talented journalist working for Bloomberg News. 0:14:38.320 --> 0:14:41.120 Thank you and you create. 0:14:40.960 --> 0:14:43.680 An introduction to an article on prompt engineering in the 0:14:43.720 --> 0:14:44.800 House of Bloomberg style. 0:14:47.720 --> 0:14:51.000 It's not got the kind of clean pros of Bloomberg, 0:14:51.080 --> 0:14:59.840 but it's a bit fowery, I'd say. With the rise 0:14:59.880 --> 0:15:03.440 of large language models like GPT three and GPT four, 0:15:03.720 --> 0:15:06.800 demand for a new kind of AI job is also growing. 0:15:07.560 --> 0:15:10.880 Prompt engineers spend their day coaxing the AI to produce 0:15:10.960 --> 0:15:14.640 better results and help companies train their workforce to harness 0:15:14.680 --> 0:15:17.440 the tools. The role can pay as much as three 0:15:17.520 --> 0:15:20.320 hundred and thirty five thousand dollars a year, and for 0:15:20.360 --> 0:15:23.320 many it doesn't even require a degree in computer engineering 0:15:23.440 --> 0:15:26.040 or advanced coding skills. I'd love to see how you 0:15:26.080 --> 0:15:28.880 spend your day. Could you maybe build me a demo 0:15:28.960 --> 0:15:32.520 of a Bloomberg editor. Let's say absolutely, Let's go and 0:15:32.560 --> 0:15:32.840 do that. 0:15:32.920 --> 0:15:33.160 Okay. 0:15:35.960 --> 0:15:40.040 Open AI's consumer facing tool chat GPT is pre prompted. 0:15:40.320 --> 0:15:43.000 It's set up to be a helpful assistant. To be 0:15:43.040 --> 0:15:45.440 a professional prompt engineer, you have to get into the 0:15:45.440 --> 0:15:48.840 guts of the large language model. That means changing the 0:15:48.920 --> 0:15:53.120 default prompt. This is the chat the open a AI playground. 0:15:53.600 --> 0:15:56.840 So this is a more advanced, more neutral more powerful, 0:15:57.000 --> 0:16:00.800 customizable version of what you see when you load uptrat GBT. 0:16:01.400 --> 0:16:03.880 Yeah, exactly what we're going to look to do is 0:16:04.480 --> 0:16:10.040 help you write some interesting content around different prompt engineering techniques. 0:16:10.320 --> 0:16:14.000 So this is you're making a sort of helpful assistant 0:16:14.080 --> 0:16:16.440 for me to write a story about prompt engineering as 0:16:16.440 --> 0:16:17.480 a Boomberg journalist. 0:16:17.680 --> 0:16:18.600 Yes, exactly. 0:16:18.680 --> 0:16:25.040 Yeah, a seemingly semi mystifying technique. Prompt engineering is an 0:16:25.040 --> 0:16:30.240 action packed interface between human creativity and AI's data crunching power. Yeah, 0:16:30.720 --> 0:16:31.760 it's making me a bit sick. 0:16:31.880 --> 0:16:34.640 Yeah, I think so, I think so. I think there's 0:16:34.680 --> 0:16:35.920 more work that we need to do. 0:16:36.200 --> 0:16:38.400 There are a few tips and tricks that Albert uses 0:16:38.440 --> 0:16:41.880 to improve as results change the temperature or the randomness 0:16:41.960 --> 0:16:44.960 of the output. Tell it to take things step by 0:16:45.040 --> 0:16:48.960 step and feed it a previously written article as an example. 0:16:51.240 --> 0:16:54.120 After thirty minutes of work, we didn't quite manage to 0:16:54.120 --> 0:16:57.600 replace my editor with AI, but the responses did get 0:16:57.600 --> 0:17:00.600 more useful as Albert added more context and instructions. 0:17:00.760 --> 0:17:02.520 The one thing that probably haven't done a lot of 0:17:02.560 --> 0:17:05.720 here is actually treating this as a dialogue is actually 0:17:05.760 --> 0:17:08.639 a really useful way often of getting better rest. 0:17:08.920 --> 0:17:11.760 Okay, we're getting somewhere. Now there's a germ of an 0:17:11.760 --> 0:17:15.280 idea that's interesting. Albert says PROMPT engineering has turned the 0:17:15.280 --> 0:17:19.200 English language into a programming language. He's had no technical 0:17:19.320 --> 0:17:23.200 education or programming experience. In fact, he studied history a 0:17:23.359 --> 0:17:27.440 university before starting his career as a consultant. He says 0:17:27.480 --> 0:17:30.920 his non scientific background mix him more not less qualified 0:17:30.960 --> 0:17:33.840 to wrangle AI tools. When it comes to fearing this 0:17:33.960 --> 0:17:37.600 technology replacing our jobs, he's not as concerned. And when 0:17:37.600 --> 0:17:41.439 will my editor just be a Tracy BT type model 0:17:41.440 --> 0:17:42.919 that we've developed together. 0:17:43.600 --> 0:17:45.439 I would probably think of it the other way around. 0:17:45.640 --> 0:17:49.439 I think we as humans actually might become more like 0:17:49.560 --> 0:17:52.760 than editor. Will outline what we want the model to do, 0:17:53.400 --> 0:17:56.000 we'll give it some test cases, we'll give it some examples, 0:17:56.560 --> 0:17:59.320 and then we'll be the ones essentially doing that that. 0:17:59.560 --> 0:18:01.119 Editing liberal arts. 0:18:01.200 --> 0:18:04.320 Back on the RST, Prompt Engineer Albert Feltz. They're speaking 0:18:04.359 --> 0:18:08.399 with Bloomberg's Conrad Cuilty Harper coming up runway securing an 0:18:08.400 --> 0:18:10.520 addition one hundred and forty million dollars in funding from 0:18:10.520 --> 0:18:12.639 some big names in the world of tech. You're going 0:18:12.680 --> 0:18:15.159 to sit down for an exclusive conversation with the CEO next, 0:18:15.480 --> 0:18:16.640 there's a Bloomberg. 0:18:32.200 --> 0:18:34.080 AI startup, Runway, whose. 0:18:33.840 --> 0:18:36.040 Software can create a short video from just a few 0:18:36.080 --> 0:18:38.520 type words, has raised one hundred and forty one million 0:18:38.600 --> 0:18:40.680 dollars in funding from the likes of Google and Video 0:18:40.760 --> 0:18:43.480 Salesforce and other investors joining us. Now, I'm pleased to 0:18:43.480 --> 0:18:45.919 say it's the CEO of Runway, Chris Valenzuela. 0:18:46.240 --> 0:18:48.200 Chris, congratulations. One hundred and forty. 0:18:47.960 --> 0:18:51.240 One million is actually an extension of your series C 0:18:51.640 --> 0:18:54.840 was this inbound interest coming from these big players? 0:18:55.800 --> 0:18:56.920 Yeah, thank you for having me. 0:18:57.440 --> 0:18:59.680 We've been working on Runway for now five years or 0:18:59.760 --> 0:19:02.680 so and so very thrill and excited to be partnering 0:19:02.680 --> 0:19:05.520 with with the likes of Google and Nvidia Saltfares on 0:19:05.560 --> 0:19:08.200 this new round that extends our kind of like bandwidth 0:19:08.280 --> 0:19:11.440 and capacity to go continue innovating on core research that 0:19:11.520 --> 0:19:14.000 we're working on since the release of Gen one and 0:19:14.080 --> 0:19:17.320 Gen two, which are video generation models. There's still a 0:19:17.359 --> 0:19:19.240 long break to go, but we're excited about taking this 0:19:19.359 --> 0:19:22.680 new funding to improve and scale our research efforts. 0:19:23.000 --> 0:19:25.639 And it's interesting, isn't it that previously been raising money 0:19:25.640 --> 0:19:28.480 from the big VC names, but now it seems like 0:19:28.480 --> 0:19:31.800 it's strategic investors coming in, How do you think their 0:19:31.840 --> 0:19:34.159 interest was peaked and wanting to come in and do 0:19:34.200 --> 0:19:34.879 this extension? 0:19:35.680 --> 0:19:37.879 Sure, I mean there are different parts of if I 0:19:37.880 --> 0:19:40.000