Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Bloomberg Tech is alive
Speaker 1: from coast to coast with Caroline Hyde in New York
Speaker 1: and Eva Low in San Francisco.
Speaker 2: This is Bloomberg Tech coming up in Video's latest sale
Speaker 2: forecast draws a bearish response from investors, with concerns over
Speaker 2: a potential bubbles still weighing on the company.
Speaker 3: Plus, we break down more tech earnings for the CEOs
Speaker 3: of Snowflake and Chime later this.
Speaker 2: Hour, and Warner Brothers, Discovery and Paramount both out with
Speaker 2: earnings too. As the bidding war drama continues. Let's get
Speaker 2: right to our top story, and Video is now down
Speaker 2: around five percent. Earlier in the session, it had been
Speaker 2: down and on track for its worst day since April
Speaker 2: of last year. It is a change of direction and
Speaker 2: sentiment from where we traded in after our in its
Speaker 2: earning sprint, the forecast for the fiscal first quarter is
Speaker 2: sales of seventy eight billion dollars plus or minus two percent.
Speaker 2: Interesting margin guidance that sales forecast does not include any
Speaker 2: contribution from data center revenues from China. Let's get to
Speaker 2: Bloombsie inking who leads our coverage of this name. It
Speaker 2: was all about the outlook. So that's the data points
Speaker 2: seventy eight billion dollars of sales there or thereabouts. Actually,
Speaker 2: Jensenwong and collect Crest. The CFO went beyond that to
Speaker 2: say that five hundred billion dollar guide, which is just
Speaker 2: Blackwel and Rubin. Actually they're probably tracking ahead of that now.
Speaker 2: The SOCK is down five percent.
Speaker 4: Yeah, you're breaking down the numbers. And we tried to
Speaker 4: do the same. I spoke to numerous people after the
Speaker 4: report yesterday, and nobody is pointing to any number and
Speaker 4: saying that's a problem. That's worse than what we're expecting.
Speaker 4: Across the board, they were saying other numbers were better
Speaker 4: than we expected if there is an identifiable problem. It
Speaker 4: was this amorphous idea that well, where's the news story,
Speaker 4: what's going to take.
Speaker 3: This to the next and is that GtC ian.
Speaker 4: That was the conclusion that people have come up with that.
Speaker 4: You know, they want Jensen to walk out on stage
Speaker 4: and santase like he does and tell them something new
Speaker 4: and exciting, show them a new path forward, and that
Speaker 4: was the end of it.
Speaker 5: Really.
Speaker 2: GtC is in Nvidia's big showcase for the audience and
Speaker 2: those aren't familiar with it, and often they do come
Speaker 2: out and say something quite big.
Speaker 6: There were other bits in there.
Speaker 2: For example, if we continue to talk about how this
Speaker 2: is a supply constrained industry, right detail about how they
Speaker 2: have inventory and capacity for several quarters, but are warning
Speaker 2: at the same time from collect press that actually supplies
Speaker 2: still something to think about, how are they managing the
Speaker 2: world of intense AI compute demand.
Speaker 4: Yeah, I mean, that's just one of the questions that
Speaker 4: they had to answer and did. And the answer was, look,
Speaker 4: we've spent a lot of money, We've got a lot
Speaker 4: of inventory ready. We can support growth into twenty twenty seven, right,
Speaker 4: as an answered. At the same time, people were like,
Speaker 4: what about memory chips, what about you know, high end capacity,
Speaker 4: and she did said, look, it is tight, but we
Speaker 4: have what we need for now.
Speaker 3: Glimpergsy and King with the breakdown. We thank you, let's
Speaker 3: get more in the video. Sereney Pajuria is with us
Speaker 3: OBBC Capital Markets research analyst. He has an outperform rating
Speaker 3: on the stock, has raised his price target from two
Speaker 3: hundred fourteen to two hundred and fifty. And You're not alone, shoney,
Speaker 3: because I'm looking at True Securities raising their price target,
Speaker 3: City did JP Morgan did Morgan Stanley raise their price target,
Speaker 3: called it the largest cleanest beat and raised in the
Speaker 3: history of semis industry.
Speaker 6: What was missing?
Speaker 7: Right? I mean, they delivered on everything. You know, they
Speaker 7: checked all the boxes. You know, for Nvidia, given their
Speaker 7: track record, the expectations are always high, and they were
Speaker 7: high this quarter. And you know, they came in well
Speaker 7: well even the high end of the so called whisper numbers.
Speaker 7: And also they talked about visibility extending well into you know,
Speaker 7: twenty twenty seven. And if you look at the breakdown
Speaker 7: of the quarter, you know what drew actually what led
Speaker 7: the growth was interestingly the non hyperscaler business, which is
Speaker 7: kind of you know, suggests that you know, the AI
Speaker 7: momentum is spreading into you know, the broader markets like
Speaker 7: enterprise and in a smaller cloud customers, et cetera. And
Speaker 7: then in addition to that, networking was particularly strong. That's
Speaker 7: also a positive sign in our view because networking is
Speaker 7: a market where and video is actually gaining share. You know,
Speaker 7: they don't have as dominant as a position as they
Speaker 7: as they do in compute, So you know, I would
Speaker 7: say those are actually, you know, definite incremental positives in
Speaker 7: the quarter, and then there were some concerns about gross
Speaker 7: margins heading into the print, and you know, they guide
Speaker 7: it to mid seventy percent despite the fact that memory
Speaker 7: pricing is up, you know, more than one hundred percent
Speaker 7: this year. So you know, as I said, you know,
Speaker 7: they checked every every box. I think I think the
Speaker 7: reason for the stock action, if I have to guess, is,
Speaker 7: you know, the concerns about the broader AI spending sustainability.
Speaker 7: So you know, that's more of a market concern as
Speaker 7: a post a thing that this said.
Speaker 3: Call about that sustainability, because you've just outlined how they
Speaker 3: managed to diversify their end customer. About fifty percent of
Speaker 3: data center demand was from hyperscalers, but they are looking
Speaker 3: for sovereign AI and the like. Are we needing to
Speaker 3: hear more about growth in China for example, which again
Speaker 3: isn't being factored into the forecast. How much can we
Speaker 3: support that the capital expenditure is going to last through
Speaker 3: twenty twenty seven.
Speaker 7: Fiscal Yeah, so look, you know it's it's the adaptation
Speaker 7: is broadening that there's no question about it. We are
Speaker 7: seeing that, you know, on the enterprise side. On this
Speaker 7: sovereign side, you know, China is going a little tricky
Speaker 7: because you know, there's a lot of geopolitical issues here.
Speaker 7: The good thing is that the management did not include
Speaker 7: any China revenue in the guidance. So if it comes through,
Speaker 7: it's it's upside to the model.
Speaker 5: I think.
Speaker 7: I think it's going to be incremental longer term. We're
Speaker 7: not counting on China. You know, look at the valuation.
Speaker 7: You know it's in the you know, a load of
Speaker 7: mid twenties today on forward numbers. You know, that's pretty
Speaker 7: attractive for a stock or a company that's growing. You know,
Speaker 7: it grew a seventy percent plus. Obviously that's not sustainable,
Speaker 7: but our expectation is that even in twenty seven this
Speaker 7: company can grow at least thirty percent, and at this
Speaker 7: level of gross margins and profitability, I think that's a
Speaker 7: particularly attractive valuation.
Speaker 2: In your risks rating column, in your research, not very clearly,
Speaker 2: hyper scale spending is a leading indicator for AI demand.
Speaker 2: Gensmung was asked that on the call. This is what
Speaker 2: he said.
Speaker 8: I am confident in their cash flow growing. You need
Speaker 8: compute capacity, and that translates directly to growth, and that
Speaker 8: translates directly to revenues.
Speaker 2: He was asked about capital expenditures growth going forward. His
Speaker 2: answer was confidence in cash flows because of course cash
Speaker 2: flows have been impacted by the capets commitment. He didn't
Speaker 2: really answer the question, but what did you interpret from
Speaker 2: what he did say.
Speaker 7: Look, at the end of the day, you know, the
Speaker 7: spending has to have a return, right The ROI is
Speaker 7: very important, But we're still very early in terms of
Speaker 7: the AI cycle. And part of the reason we are
Speaker 7: speeing we're seeing this, you know, elevated spending, is that
Speaker 7: the competition among these big four or five hyperscalers is
Speaker 7: pretty intense. You know, it's still the battle for leadership
Speaker 7: is still not settled. I mean, just recently, you know,
Speaker 7: Google took the lead in terms of the large language
Speaker 7: model performance, and you know you have open Ai Anthropic
Speaker 7: right behind them and x Ai. So there's the competition
Speaker 7: is quite intense and we don't expect that battle to
Speaker 7: settle anytime soon. So it's not so much about ROI
Speaker 7: right now. Longer term, it does matter, of course, you know,
Speaker 7: we need we need to generate free cashlows for the
Speaker 7: investments that these companies are making but at the same time,
Speaker 7: right now, it's more about the competition and the battle
Speaker 7: for leadership in AI in my view.
Speaker 2: Very quickly, Jensen Wong sprung to the defense of the
Speaker 2: software industry. Is the ecosystem of his other customers healthy.
Speaker 7: Yeah, I mean, look, I'm not an expert in software,
Speaker 7: but at the same time, we are seeing broadening adaptation
Speaker 7: of AI in the enterprise. His views, as he stated yesterday,
Speaker 7: is that you know, AI is you know, it is
Speaker 7: more of an agentic in nature. You know, the software
Speaker 7: essentially the tools. Our software team agrees with that. You know,
Speaker 7: our software has been you know, positive on the sector.
Speaker 7: But at the same time, I'm not an expert in
Speaker 7: that sector. So all right, I'll probably refrain from commenting
Speaker 7: on that.
Speaker 2: Shinny Bajeria Barbously Capital Markets, thank you very much for
Speaker 2: coming up. Snowflake CEO joins us to talk about his
Speaker 2: company's earnings and the fears of AI driven disruption. That's
Speaker 2: one move is to the upside. This is Bloomberg Tech.
Speaker 3: Snowflake another of the tech names that released earnings yesterday
Speaker 3: after the bell and as investors look for signs of
Speaker 3: AI adoption or disruption, it's forecast product revenue for the
Speaker 3: current quarter will be about one point two six billion dollars.
Speaker 3: That's up twenty seven percent. They reported more than nine
Speaker 3: thousand accounts using Snowflake AI features shares.
Speaker 6: You can see three.
Speaker 3: Point seven percent. Let's bringing the Snowflake CEO Shida Ramaswami Shida,
Speaker 3: I'm reading notes f mazoo Ho saying bookings were a standout.
Speaker 3: They're talking about the seven nine figure deals that have come.
Speaker 3: Where are those deals coming from? What are those customers
Speaker 3: demanding of you?
Speaker 9: Great to see you, Caroline. Yes, we had seven nine
Speaker 9: figure deals, including a man of four hundred million dollar deal.
Speaker 9: It reflects the confidence that our customers have, both in
Speaker 9: where Snowflake is right now, but importantly where we are going.
Speaker 9: We all understand that software is being disrupted by AI
Speaker 9: in a very very big way. But what our customers
Speaker 9: understand is that what enterprise AI to truly succeed, they
Speaker 9: need a single source of enterprise true. They need built
Speaker 9: in security, auditibility, trust and access. Of course, you also
Speaker 9: need the best models. That's what Snowflakes provides for them.
Speaker 9: And we're creating great products, products like Snowflake Intelligence that
Speaker 9: put the power of data into the hands of every
Speaker 9: business user. The healthcare company, I mean the health company
Speaker 9: loves using us, and there are lots of partners that
Speaker 9: are using products like Cortex Code to speed up what
Speaker 9: can be done with Snowflake. They're really looking to the
Speaker 9: future and making sure that we can deliver value with Snowflake,
Speaker 9: and we are creating the products that help them deliver
Speaker 9: that kind of value, Dane, and they are. That's why
Speaker 9: you are seeing companies, as you said, make commitments of
Speaker 9: four hundred plus million dollars with Snowflick.
Speaker 3: I'm really interested in codex code with something that was
Speaker 3: talked a lot about recall and people are adopting swiftly.
Speaker 3: But that partnership model that you have, the fact that
Speaker 3: you have integrations with Anthropic, Open ai Cloud, also Google
Speaker 3: how but some of these have very good coding tools
Speaker 3: of their own. How do you see this ecosystem evolving
Speaker 3: because customers get it, but the investments have been questioning
Speaker 3: whether they'll take away your market share.
Speaker 9: Well, so there are a lot of things that are
Speaker 9: specific to Snowflake and to data. Absolutely, there are coding
Speaker 9: agents that are often provided by the model companies themselves.
Speaker 9: But we know a lot about how data systems are
Speaker 9: supposed to work, about how Snowflake is supposed to work,
Speaker 9: and Cortex Code is super tightly integrated with the customer's
Speaker 9: Snowflake account. Data does not go anywhere. And remember we
Speaker 9: have earned the trust of all of these customers with certifications,
Speaker 9: with the guarantee around things like AIUS. We never use
Speaker 9: customer data for things like training models. They get the
Speaker 9: superior models that we get through partnerships with these folks,
Speaker 9: but we also add the secret sauce of data of
Speaker 9: how Snowflake works into products like Cortex Code, and we
Speaker 9: are seeing amazing wins both internally and also externally. One
Speaker 9: of our partners told us that having Cortex Code was
Speaker 9: like Snowflake supplying them with bulldozers were previously they had shovels.
Speaker 6: Shauda.
Speaker 2: One of the core pillars for you to grow is
Speaker 2: to go out and find new customers. And I wondered,
Speaker 2: if you just give some detail on what's happening in
Speaker 2: the world of technology in ai that would bring a
Speaker 2: customer to Snowflake for the first time. What is it
Speaker 2: that they need that they didn't before.
Speaker 9: Typically they come to us because they need better insight
Speaker 9: into data it is sitting somewhere. It's hard for them
Speaker 9: to get these insights. But increasingly what we're able to
Speaker 9: do is have our sales team build an honest to
Speaker 9: goodness customize demo of something like a Snowflake intelligence on
Speaker 9: data that on the kind of data that a customer
Speaker 9: is going to have. It is that easy access that really,
Speaker 9: you know, is the big winner for our customers. And
Speaker 9: smart customers are also quickly realizing that having data in
Speaker 9: snow means that they can think about how this data
Speaker 9: is going to be used in ways that they had
Speaker 9: not done before. Santa Fe, which is an existing customer,
Speaker 9: is now is now using Snowflake intelligence our AI products
Speaker 9: to redefine a lot of workflows, replacing a lot of
Speaker 9: existing software. These are the use cases that drive these
Speaker 9: customers to come to Snowflake and adopt it.
Speaker 6: Shrida.
Speaker 2: Last night, Jensen Wang, who you know very well, talked
Speaker 2: about profitable tokens, the idea that the output of an
Speaker 2: AI model is worth paying for. Customers do pay, and
Speaker 2: they pay it a price that is greater than the
Speaker 2: compute used to generate it.
Speaker 6: Are you able to give me any.
Speaker 2: Evidence through snowflakes lens that you actually see that in
Speaker 2: the real world.
Speaker 9: Well, what I can assure you is getting projects done
Speaker 9: as being changed dramatically. Something like setting up a pipeline
Speaker 9: used to be a multi week task, We can get
Speaker 9: that done in a small number of hours. My team's
Speaker 9: come to me just last weekend with speed ucks going
Speaker 9: from four weeks for a software engineering project that they
Speaker 9: did down to forty minutes. That is one hundred x
Speaker 9: speed up. And we are happy to spend any number
Speaker 9: of tokens in those forty minutes to save that kind
Speaker 9: of time. I think coding agents are really quite magical
Speaker 9: in the value that they deliver, and I think it's
Speaker 9: only going to accelerate from here, and so these investments
Speaker 9: are going to be pretty foundational in every company you
Speaker 9: know succeeding and thriving. And that's why we're so bullish
Speaker 9: about codex.
Speaker 3: Code and how much you have to invest in your
Speaker 3: own business. I mean, the bullet case for many is
Speaker 3: you need to keep up with a furious pace of innovation.
Speaker 3: Can you at this moment?
Speaker 9: Briefly, we can because we are organized to drive rapid innovation.
Speaker 9: The team that is driving a product like Snowflake Intelligence
Speaker 9: is not that large, but we have structured it in
Speaker 9: such a way that they can make rapid progress. And
Speaker 9: it is more the meta structure of how you set
Speaker 9: up environments where people can get work done quickly and effectively.
Speaker 9: That matters a lot more than things like how much
Speaker 9: hardware you are investing in and things like that. The
Speaker 9: current moment is magical because all of us have access
Speaker 9: to great tools. It really comes down to how effectively
Speaker 9: we set up teams on projects to get things done.
Speaker 9: And that's why we are very bullish on how we
Speaker 9: have set things up at Snowflake because we now have
Speaker 9: a demonstrated capability to be right at the cutting edge
Speaker 9: of where AI is having impact.
Speaker 2: Snowflake SEO shreet A Ramaswami. Great to have you back
Speaker 2: on Bloomberg Tech. Thank you very much. Now coming up
Speaker 2: continues and this time it's with Hollywood. We'll discuss results
Speaker 2: from Warner Brothers and Paramount. That's next. This is Bloomberg Tech.
Speaker 10: Ward continues to lead a rigorous, highly competitive and thorough
Speaker 10: sales process. We engage with four bidders which lent to
Speaker 10: eight pricing and have thus far achieved the sixty three
Speaker 10: percent increase in value for it's the first offer the
Speaker 10: seed in September, delivering significant value for WBD shareholders.
Speaker 3: Throughout the process, Warner Brothers Discovery CEO Davids Aslav, they're
Speaker 3: discussing the progress of deal talks. An increased offer from
Speaker 3: Paramount has renewed the take of attention, and it comes
Speaker 3: as Warner Brothers posted a six percent decline in revenue
Speaker 3: during the fourth quarter of Paramounts Guidance also came out
Speaker 3: with this numbers as bringing bring by media reporter Hannah Miller,
Speaker 3: and all of this speaks to still profitable cable companies
Speaker 3: where they're trying to subsidize basically revenue, well profits not
Speaker 3: showing up and streaming thus far. But subscriber growth is there.
Speaker 11: Yeah, this is subscriber growth is there, and you know,
Speaker 11: Warner Brothers has made a point that they want to
Speaker 11: build up that subscriber account. They're shooting for one hundred
Speaker 11: and fifty million people for their streaming services by the
Speaker 11: end of this year. And you know, we have seen
Speaker 11: these gains, but again they're overshadowed by the fact that
Speaker 11: revenue earnings have declined compared.
Speaker 8: To last year.
Speaker 2: There's also this idea of like what's happening with the
Speaker 2: bottom line, and we can't get away from what's happening
Speaker 2: in the background.
Speaker 6: You know, it's awkward when you have.
Speaker 2: Company earnings and all the players involved are in a
Speaker 2: kind of bidding war.
Speaker 6: Did they explain any of that, Hannah.
Speaker 11: Yeah, so, you know, all these earnings results, they've been
Speaker 11: overshadowed by this bidding war. And we saw on birth
Speaker 11: both earnings calls that you know, the CEOs were like,
Speaker 11: we don't really want to comment on this. Things are
Speaker 11: still underway. What's happening right now is the Warner Brothers
Speaker 11: board has to determine whether or not the most paramounts
Speaker 11: most recent offer could be considered superior to their current
Speaker 11: agreement with Netflix. If they do make that declaration, Netflix
Speaker 11: has four days to respond with either sweetened offer or
Speaker 11: just bowing out.
Speaker 6: Playbox.
Speaker 2: Hannah Miller, who's been across all of this in real time,
Speaker 2: Thank you very much. Let's move on to another big
Speaker 2: media named Paramount. It posted eight point one five billion
Speaker 2: dollars in revenue in the shares again, and it's kind
Speaker 2: of interesting they're reacting significantly. We're up eleven percent? Are
Speaker 2: we up eleven percent? Because of the health of the
Speaker 2: business and the content of earnings, or are we up
Speaker 2: for another reason. Let's discuss with Laura Martin, senior Entertainment
Speaker 2: and Internet analysts and Needham and Company. Laura, you're recommending
Speaker 2: fundamental investors. Hello, remain on the sidelines. I just showed
Speaker 2: the chart. Maybe they'll bring it back up sup eleven percent.
Speaker 2: Reconcile that please?
Speaker 5: Right?
Speaker 12: So, I think what Wall Street likes is the fact
Speaker 12: that this is company is subscale, and it looks like
Speaker 12: they're more likely to wish to win a bid for
Speaker 12: Warner Brothers, which would then not make them subscale because
Speaker 12: they would be like a third of total linear channels.
Speaker 12: They've owned two of the largest film studios and so
Speaker 12: and really their revenue was up two percent. They had
Speaker 12: a lot of positive comments about UFC, which was their
Speaker 12: top rated streaming channel, and streaming revenue is up seventeen
Speaker 12: percent at Paramount Plus in the fourth quarter, and it
Speaker 12: should so, I mean all of those numbers, fundamentally we're better.
Speaker 12: At least this business is growing. Warner Brothers is shrinking,
Speaker 12: but Paramount Peace Guy is growing still.
Speaker 2: I think we'll get to Warner Brothers in a moment,
Speaker 2: Like really simple question and it comes from a sincere place.
Speaker 2: A lot of our audience have this based on what
Speaker 2: you've just outlined with Paramount's guide. Once, what does doing
Speaker 2: the deal with Warner Brothers Discovery the whole entirety of
Speaker 2: it fix or improve or accelerate.
Speaker 12: Okay, So if they don't win, if Netflix wins instead,
Speaker 12: they're an eleven billion dollar market cap company and their
Speaker 12: primary competitors will be Netflix, which if affuys Warner will
Speaker 12: be a five hundred billion dollar market cap, and Amazon
Speaker 12: and Google, which are three trillion dollars round numbers, So
Speaker 12: it's competitive. It will be more subscale than it is today.
Speaker 12: If it wins Warner Brothers, it suddenly combines and cut
Speaker 12: costs from several of the largest streaming companies, several of
Speaker 12: the largest. It will be thirty percent of total linear
Speaker 12: TV ownership, and it will combine it will have two
Speaker 12: of the biggest studios, so there's a lot of cost
Speaker 12: cutting in that, and it will not be near a
Speaker 12: subscale round numbers, it will be around the same size
Speaker 12: as Disney and Netflix. If it wins Warners, so it
Speaker 12: basically it basically makes it a legitimate competitor to those
Speaker 12: other streaming companies.
Speaker 3: And I think what Paramount's guide once Laura did in
Speaker 3: its numbers was showed they can cut costs. And then
Speaker 3: some Sunday, when it comes to the cable pot of
Speaker 3: the business, how much does it need Warner Brother's Discovery.
Speaker 12: So good question because price is the thing you're not asking,
Speaker 12: but strategically it must have Warner Brothers Discovery. But of course,
Speaker 12: you know, we do stocks and we do valuations, and
Speaker 12: they're paying an awful premium for a shrinking business. As
Speaker 12: you saw, like every single business segment, every single advertising
Speaker 12: was down. You know, a lot a lot at Peace guys.
Speaker 12: So some of their businesses at Warner Brothers are shrinking
Speaker 12: or a lot of them are shrinking. Actually so I
Speaker 12: mean they're buying a business is weakening fundamentally every single quarter,
Speaker 12: and they're paying piece guys bidding higher and higher values,
Speaker 12: which it implies they're not going to get a good
Speaker 12: price on this asset because of the bidding more.
Speaker 3: I mean, Laurie, you're all about the fundamentals, but are
Speaker 3: we if they do have to pay over and above,
Speaker 3: they have to go to thirty two dollars for Warner
Speaker 3: by the discovery, is that a good deal fundamentally for
Speaker 3: the business longer term, and given maybe Netflix happens to
Speaker 3: be able to push them there.
Speaker 12: You know, I think the answer is if they didn't
Speaker 12: have a billionaire behind this, I cannot imagine a investor,
Speaker 12: a you know, a venture capitalist, a private equity guy,
Speaker 12: or public markets funding this stock price. But you've got
Speaker 12: a billionaire sitting behind them and he can spend his
Speaker 12: money the way he wants.
Speaker 3: I'm talking Larry Ellison, that of David Ellison, of course
Speaker 3: Laura Martin. So it's so great catching up with me.
Speaker 3: Thank you from Needham and Co. Coming up more earnings.
Speaker 3: How are results impacting the AI disruption fears that engulfed
Speaker 3: this market, particularly in the area of software.
Speaker 6: We're discussing that next.
Speaker 3: We're also talking hardware and in video we've got to
Speaker 3: talk about there.
Speaker 6: Yeah.
Speaker 2: Look, it's clearly having a drag on the market. We're
Speaker 2: not down as much as we were, but it's still
Speaker 2: down four percent, and like it is a sentiment change.
Speaker 2: We've gone from basically muted on what was a be
Speaker 2: even against bullish by side expectations to a very bearish
Speaker 2: reaction to what Nvidia had to say about the durability
Speaker 2: of this AI spend, and there is a lot more
Speaker 2: to unpick, so much more analysis and reaction to come.
Speaker 6: It is halftime and this is Bloomberg Tech.
Speaker 3: Welcome back to Bloomberg Tech. It is a big day
Speaker 3: in the markets because it's a big day of earnings
Speaker 3: and the number one most valuable company in the world
Speaker 3: has failed to impress.
Speaker 6: What more is in Vidia to do?
Speaker 3: So by three point nine percent, they saw seventy three
Speaker 3: percent increase in revenue for the quarter that they posted
Speaker 3: for a giant that is worth four point eight million dollars.
Speaker 3: They say that that's going to accelerate to seventy eight percent.
Speaker 3: They see margins that are expanding as well. But yet
Speaker 3: the market isn't convinced, and still we see the stocks
Speaker 3: roll over across the board when you're looking at AMD down, Broadcom, Micron,
Speaker 3: the Force hardware lower. Let's look at software though, because
Speaker 3: earnings have also been coming thick and fast. There both
Speaker 3: actually in the green snowplink. We just had the CEO
Speaker 3: one talking about how they're able to be at the
Speaker 3: epicenter of the enterprise AI adoption and the now investors
Speaker 3: believe that. But I'm looking at Salesforce managing to turn around.
Speaker 3: It was down after the market yesterday. They post a
Speaker 3: fifty billion dollar authorization to buy back shares. We're seeing
Speaker 3: an adoption of Agent Force that is now an eight
Speaker 3: hundred million dollar run rate, up from five hundred. We're
Speaker 3: up two point five percent. But both of these stocks
Speaker 3: have been battered over the course of the last few months.
Speaker 2: The Okay, let's get more on Salesforce's earnings and speak
Speaker 2: with Bloomberg's Brody Ford. In twenty four hours ago when
Speaker 2: you're on the show, we were saying this is going
Speaker 2: to be about them evidence seeing organic growth versus inorganic growth,
Speaker 2: and actually that did come up. They talked about, actually,
Speaker 2: you know, whatever's happening in AI, the thing that they're
Speaker 2: offering will help them grow as opposed to just buying
Speaker 2: up other companies that are growing fast.
Speaker 13: Absolutely, so, I mean, the big concern is that the
Speaker 13: core Salesforce products for let's say, managing your salesforce or
Speaker 13: managing your service, these are slowing down quite a bit.
Speaker 13: And so they're new AI tools. They are making some
Speaker 13: money one hundred million dollars per year at this point.
Speaker 13: Is that enough to offset the slowdown in the core business?
Speaker 13: I mean, they're in the green today, but we have
Speaker 13: to remember application software has been incredibly beat up this year,
Speaker 13: and if you zoom that chart out, it's still not
Speaker 13: an amazing picture as an ugly picture.
Speaker 3: In fact, if you're looking over the course of the
Speaker 3: last twelve months, Brody and in terms of Agent Force adoption,
Speaker 3: in terms of that average revenue run rate, are we
Speaker 3: seeing them being able to prove out that they're so intertwined.
Speaker 3: No one's going to be forcing out the platform, and
Speaker 3: it's more just a question of how much they can
Speaker 3: much for it going forward.
Speaker 13: They have proven at this point that agent Force is
Speaker 13: a real product. People are paying for it. That was
Speaker 13: an open question six twelve months ago. What's less clear
Speaker 13: is do they have a ton of pricing leverage our
Speaker 13: customers increasing total spend with salesforce?
Speaker 5: Right?
Speaker 13: I mean, is this a question of your spending money
Speaker 13: on agent Force but you're not expanding your seats on
Speaker 13: the core platform. The jury is still out on whether
Speaker 13: generative AI means that leading platforms remain this kind of
Speaker 13: center of gravity.
Speaker 3: Ready forward, We thank you, as you always for talking
Speaker 3: us through software. Let's talk about how the markets are
Speaker 3: digesting all of these earnings. We're going to go back,
Speaker 3: of course in videos results as well, with none of
Speaker 3: them than Nancy Tegla CEO CIO Techno Investments, which joins
Speaker 3: us on our birthday and also our super Bowl day
Speaker 3: that is in video. But let's just start with software
Speaker 3: for a minute. Nancy, what do you make of the
Speaker 3: software numbers that we saw from CRM, that we see
Speaker 3: from Snowflake as well. Did they manage to push back
Speaker 3: on this disastrous fear engulfing the market that General to
Speaker 3: AI is going to eat their lunch?
Speaker 14: Yeah, thanks Caroline for mentioning my birthday. Goodness Saints pretending
Speaker 14: like I don't have them anymore. I do think that
Speaker 14: some of these companies are facing some really strong headwinds.
Speaker 14: We got out of Salesforce a while ago, not because
Speaker 14: we knew this narrative would prevail, but we just didn't
Speaker 14: see an exciting growth trajectory for the company. We also
Speaker 14: became a client. It was not a great experience, and
Speaker 14: so we canceled our contract. But in terms of software
Speaker 14: in general, I think some of these companies are going
Speaker 14: to win. And I've talked with you in the past
Speaker 14: about Service. Now we still own it. We added to
Speaker 14: it recently. We think they are going to benefit from
Speaker 14: better margins in the future because they're pivoting and vertically integrating.
Speaker 14: But we got out of Adobe and that was because
Speaker 14: we didn't see the company pivoting, and that was a
Speaker 14: number of years ago.
Speaker 8: About it over a year.
Speaker 14: Ago, and so I think that's what investors have to
Speaker 14: digest is who are going to be the winners? And
Speaker 14: Salesforce will be in business, but they may not put
Speaker 14: up the kind of growth numbers they've put in the past,
Speaker 14: and we won't know for a couple of days because
Speaker 14: it was down pre market, then it's shot up.
Speaker 8: And now it's calling back.
Speaker 14: So I think you have to wait for the hedge
Speaker 14: funds and the algos to settle in and then we'll
Speaker 14: see if investors come back to the name long term investors.
Speaker 3: It's interesting, Natcy, you called out service. Now we know
Speaker 3: that you've caught out before, and indeed Jensen Hang has
Speaker 3: been on calling out service now himself. I'm the winner. Nazie,
Speaker 3: go back to your own well experience with using the
Speaker 3: Salesforce product. Why didn't you like it? Why didn't you
Speaker 3: cut it? What was it that we're not getting offered?
Speaker 3: That keeps it sticky.
Speaker 8: So this is interesting, Caroline.
Speaker 14: I think this is the story of this market. So
Speaker 14: we were going to use it internally and as for
Speaker 14: the obvious reason.
Speaker 8: And it took almost a year.
Speaker 14: They assign you to someone who helps you get set
Speaker 14: up and customize the product. Before we were even up
Speaker 14: and live, we had a price increase. It was very clunky.
Speaker 14: It was not a smooth process. A lot of hard sell,
Speaker 14: not a lot of delivery and service. We are shifting
Speaker 14: our investment management software away from Advent to Ridgeline. Ridgeline
Speaker 14: was founded, built from scratch, new technology, founded by David Duffield.
Speaker 8: He made the pivot.
Speaker 14: I mean he still obviously owns tons of shares in workday,
Speaker 14: but that firm is a joy and a privilege to
Speaker 14: work with. So I think that's what software providers are.
Speaker 8: Going to have to do. They're going to have to.
Speaker 14: Service and show that they add value to the underlying business.
Speaker 2: There is a link here between that and Nvidia's earnings.
Speaker 2: Your main takeaway from the call last night is the
Speaker 2: same that we've been talking about all morning. Computes equals inference,
Speaker 2: which equals revenues, and the way that Jensen Wong explained
Speaker 2: that was profitable tokens. In other words, customers of all
Speaker 2: kinds are willing to pay for the output of an
Speaker 2: AI model, and that actually the economics have improved. The
Speaker 2: thing is, I don't see any evidence of that in
Speaker 2: any of the software company's earnings yet, do you not?
Speaker 6: Yet?
Speaker 8: I don't think so.
Speaker 14: Part of that is capacity though, ed I mean, you
Speaker 14: heard Microsoft say they took some of their own capacity,
Speaker 14: but you heard them say and Amazon two, we can
Speaker 14: fill whatever we get immediately in terms of demand, but
Speaker 14: they don't have enough capacity. So I guess I would.
Speaker 9: Look at it two ways.
Speaker 14: One is, if you go back and look at Capex
Speaker 14: in the nineties, it was about a two standard deviation
Speaker 14: above the means spend in tech capex, we're not even
Speaker 14: one standard deviation away from the mean. And one man's
Speaker 14: Capex spend is another man's revenue. So AMD, Nvidia, broadcom
Speaker 14: names we all own will continue to benefit.
Speaker 8: And here's the last thing.
Speaker 14: I'll say, sixty percent earnings growth at Nvidia, a pe
Speaker 14: of somewhere around twenty three to twenty four Procter and Gamble,
Speaker 14: two percent earnings growth on next year's earnings, and a
Speaker 14: pe of twenty four, so I know which one I
Speaker 14: want to own for the long term. But there's a
Speaker 14: lot of trading going on. There's a lot of hiding
Speaker 14: in the defensive names. That's what happens during this period.
Speaker 14: It happened last year if you look at all these
Speaker 14: names after Deep Seek, where we thought the world was ending.
Speaker 14: I mean, we were buying a video at just over
Speaker 14: one hundred dollars a share. That's still a good investment.
Speaker 2: But you are in a video shareholder, I think you continued
Speaker 2: to like the name. Right, So what was your big
Speaker 2: takeaway from any of the earning sprint or the cool Yeah,
Speaker 2: I think.
Speaker 14: No one's really talking about the growth and Sovereign, which
Speaker 14: is just getting started. So I understand it's a small
Speaker 14: portion of total revenues. It was thirty billion dollars last quarter,
Speaker 14: up three x a year over year, though.
Speaker 6: And I think excluding China, right, yes.
Speaker 14: Yes, excluding China, I think that's important and the company
Speaker 14: It's just like when Tesla's megapack business got started, it
Speaker 14: became the fastest growing, most profitable business. I think we
Speaker 14: will continue to see these companies expand their reach and
Speaker 14: more compute is going to be more demand and we
Speaker 14: are going. You know, I think he made a really
Speaker 14: interesting comment. What if or what what if? When we
Speaker 14: have one hundred percent autonomous calls cars let's call it
Speaker 14: fifty or even thirty five cars that are autonomous, the
Speaker 14: compute demand is going to be great, and those data
Speaker 14: centers in space while super intriguing intellectually and capture the imagination,
Speaker 14: that's not going to happen very quickly.
Speaker 2: Nancy Tengler from LAFA Tengler Investments, thank you very much. Now,
Speaker 2: coming up more earnings, we're going to speak with chime
Speaker 2: CEO Chris Britt following that company's report.
Speaker 6: This is Bloomberg Tech Okay.
Speaker 2: Shares of chime Or up almost eleven percent, more than
Speaker 2: ten percent, on track for their best days since November
Speaker 2: earlier in the session of almost seventeen percent, and on
Speaker 2: track for their best day since the company ipoed last June.
Speaker 2: The fintech firm issued guidance that toppden this expectations, driven
Speaker 2: by rising user growth strong demand for digital banking products.
Speaker 2: Chime CEO Chris Britt joins us, Now, actually, the other
Speaker 2: thing you're getting a lot of credit for is a
Speaker 2: technology story. A lot of the transition to your own
Speaker 2: tech stack. How you've managed the company. You don't need
Speaker 2: to grow headcount necessarily because of the focus and investment
Speaker 2: you've made on take Do you mind if we start
Speaker 2: with that and explain a bit about the strategy behind that.
Speaker 6: Yeah.
Speaker 8: Absolutely, And first of all, thanks for having me today.
Speaker 5: I'm so proud of this team and the way that
Speaker 5: we've executed. I think we're shipping faster than ever. And
Speaker 5: you know, if you just think about this first year
Speaker 5: of this is the first time we're reporting as a
Speaker 5: public company our full year results, and they were outstanding.
Speaker 5: You know, we added a million five new active members
Speaker 5: who are now at nine point five million actives. We
Speaker 5: took the company public, we launched a range of new products,
Speaker 5: we launched a new business in our enterprise channel, and yes,
Speaker 5: to your point, we completed the conversion of our core
Speaker 5: processing and ledtering system onto our own in house tech stack,
Speaker 5: top to bottom, and that's really unleashed not only lowered costs,
Speaker 5: but also unleashed a whole set of new products and
Speaker 5: services for our members. That drove awesome results for the
Speaker 5: year of two point two billion dollars of top line revenue.
Speaker 8: Growing up, we're.
Speaker 5: Thirty percent and we got to a ten percent EBITA
Speaker 5: margin in Q four, So feeling good across the board,
Speaker 5: and this technology platform really is an enabler for our
Speaker 5: future growth.
Speaker 2: Last month I was on your own website. You did
Speaker 2: this kind of blog post. It was what is chime?
Speaker 2: Chime is not a bank, and if you consider, you
Speaker 2: know what the products you're offering are a big part
Speaker 2: of where the streets focused on is new products coming
Speaker 2: to market and how you've monetized that. So you take
Speaker 2: Chime card for example, through that lens, explain what you are,
Speaker 2: but also how you've been able to launch a sort
Speaker 2: of wider offering of financial services.
Speaker 6: Is a fintech company.
Speaker 8: Right, Chime at our core, we're a technology company.
Speaker 5: We partner with banks, and so when you sign up
Speaker 5: for a Chime account, think of it you're basically doing.
Speaker 5: There's a three way relationship between the consumer, Chime as
Speaker 5: the technology enabler and brand and the design and deliver
Speaker 5: delivery of all the actual experience, and then the bank.
Speaker 5: So we have some community bank partners that actually hold
Speaker 5: the deposits in FDIC insured accounts for our members. And
Speaker 5: this approach has worked really, really well, particularly for mainstream
Speaker 5: American people that oftentimes live paycheck to paycheck, basically the
Speaker 5: population that makes up to about one hundred thousand dollars
Speaker 5: a year. That's the segment that we serve, and we
Speaker 5: offer a range of core banking services, fee free checking accounts,
Speaker 5: the ability to get access to short term lines of
Speaker 5: credit at low cost or no cost, the ability to
Speaker 5: build your credit and to earn high real savings. And
Speaker 5: because we're a technology company, we don't have physical branches
Speaker 5: and a heavy infrastructure physical infrastructure, we're able to operate
Speaker 5: at a really low cost tr sure and we deliver
Speaker 5: that value back to our consumers, and that's allowed us
Speaker 5: to really outmaneuver the big banks.
Speaker 8: We've been continuing to increase.
Speaker 5: Our share of new accounts, new checking accounts in America,
Speaker 5: and third party research continues to show that we are
Speaker 5: having an outsized impact and increasing our share.
Speaker 3: Let's go to swipe fees because that is where you
Speaker 3: get a lot of the revenue. Is there any issue,
Speaker 3: any concern longer terms you scale that will become a
Speaker 3: regulatory issue as you hit certain benchmarks and pounds of
Speaker 3: money that you manage.
Speaker 9: Yeah.
Speaker 5: I think as we've grown over the past few years,
Speaker 5: you've seen an increasing balance in our business. So we
Speaker 5: were historically very heavily reliant on fees that we learned
Speaker 5: from Visa when our debit cards get used for everyday transactions,
Speaker 5: and we've now have a secured.
Speaker 8: Credit card product.
Speaker 5: We launched a product called Chimed Card last year that's
Speaker 5: a reward a secured card that has rewards, and that's
Speaker 5: kind of change the game for everyday transactions in America
Speaker 5: for average people, you know, average sort of mainstream consumers,
Speaker 5: and so that's also contributing revenue line. And then increasingly
Speaker 5: we have other services, our short term overdraft services, and
Speaker 5: our my pay product has been announcedstanding you know, just
Speaker 5: one year in. It's almost a half a billion dollar
Speaker 5: revenue run rate. That allows our members to get access
Speaker 5: to their paycheck essentially on demand, and that's also been
Speaker 5: a nice added, some additional balance to our revenue mix.
Speaker 3: I'm going to ask a sort of more complex and
Speaker 3: maybe a more emotive question. In some way, You've talked
Speaker 3: clearly about how your partnerships with banks. You're not the bank,
Speaker 3: you're not taking the details of the customer in so
Speaker 3: many ways. But there has been a consideration from the
Speaker 3: Trump administration that maybe banks should collect citizenship. Now, given
Speaker 3: the people that you serve at the moment, briefly, Chris,
Speaker 3: is this an issue for you?
Speaker 8: It's absolutely not an issue.
Speaker 5: First of all, we open up FDIC insured checking accounts
Speaker 5: in partnership with our bank partners, so we comply with
Speaker 5: the rules and regulations that are required as occ chartered
Speaker 5: banks that offer these FDIC insured accounts. So for every
Speaker 5: new Chime member, we collect the full Social Security number
Speaker 5: and comply with the Patriot Act and all of the
Speaker 5: KYC requirements to open up a checking account. So this
Speaker 5: any rule changes in this area have no impact on
Speaker 5: our business.
Speaker 3: I'm CEO Chris Britt. We thank you for joining us today.
Speaker 3: Now coming up, we'll come back on today's big story
Speaker 3: in video earnings. How investors are digesting the numbers at
Speaker 3: the moment. You can see they're pushing down the stock
Speaker 3: on the back of it. This is a blue bag tech.
Speaker 15: Nvidia continues to surprise and delight the market.
Speaker 8: Nvidia hit it out of the bar. Get again.
Speaker 16: We saw phenomenal result.
Speaker 15: It was a solid set of earnings and more importantly,
Speaker 15: they had a very confident outlook for how that we're
Speaker 15: going to sell more AI chips and data center product
Speaker 15: going forward, and I think we're all looking forward to
Speaker 15: seeing is that going to be a thing.
Speaker 16: I think what was particularly maybe not surprising, but impressive
Speaker 16: was seventy five percent growth you're owning, you're on the
Speaker 16: data center space.
Speaker 6: As the marketplace.
Speaker 17: Tug of war over is the AI economy booming or
Speaker 17: are there concerns around the A economy? And video continues
Speaker 17: to be regardless of what you know, this debate is
Speaker 17: concluding the stock just keeps getting cheaper and cheaper to
Speaker 17: the point where it's becoming an obvious vibe.
Speaker 16: They're still investing and these are going to, you know,
Speaker 16: signal good times to come for in video in our.
Speaker 15: Opinion, could it be any bigger than this? And they
Speaker 15: basically said yes.
Speaker 3: The reaction very positive from some of Bretting Big TV's
Speaker 3: guests after in video posted. It's whopping numbers, but the
Speaker 3: reaction in the shares is not or by four point
Speaker 3: five percent, that's bring able to make equity reporter common
Speaker 3: Rani King, but what your sources.
Speaker 6: Are telling you?
Speaker 3: Because the numbers with SELLA everyone agrees, So what more
Speaker 3: were they not able to demonstrate?
Speaker 6: Yeah?
Speaker 18: What I'm hearing from investors is that they're really worried
Speaker 18: about the cyclicality here. That's sort of what they're seeing is,
Speaker 18: you know, the thing that might be still concerning people.
Speaker 18: So obviously in Vidia continues to beat and raise, and
Speaker 18: Johnson even said, you know, they think that, you know,
Speaker 18: the hyperscialers are going to continue to spend, but investors
Speaker 18: are worried about that. They're worried that that's going to
Speaker 18: stop at some point and that then in Video will
Speaker 18: be impacted.
Speaker 2: Calm, and the market is now moving and the move
Speaker 2: is significant. What are the single names that you're tracking
Speaker 2: and what's the impact bim from in Nvidia's move lower.
Speaker 18: Yeah, so obviously in Vidia is the big one, but
Speaker 18: we're also looking at other chip makers, so shares of Broadcom,
Speaker 18: Micron we're also down today. You know, they spiked with
Speaker 18: in video sort of in after hours and then followed
Speaker 18: them lower. The other thing that's really interesting today is
Speaker 18: that software names are getting a little bit of buying here.
Speaker 18: So we saw salesforce up that's a reverse from what
Speaker 18: they're where they were after hours after their own earnings report.
Speaker 18: And then we're seeing things like service now higher. So
Speaker 18: that's interesting. We've obviously been seeing a lot of weakness
Speaker 18: in software and maybe a little bit more strength on
Speaker 18: you know, in the Nvidia side. All those shares have
Speaker 18: been in range for quite some time, so seeing a
Speaker 18: switch there today is really interesting.
Speaker 3: Was interested in some parts of the supply chain or
Speaker 3: other areas that have benefited from the AI capex spend
Speaker 3: are still showing resilience. I'm looking at some song traded
Speaker 3: in London, for example, is still holding on to gains.
Speaker 3: Schaheinis had whopping day over in Asia.
Speaker 6: So the still areas that resilient.
Speaker 3: The optical part of the equation for example.
Speaker 18: For sure, I think people still are looking at those
Speaker 18: sort of second derivative picks and shovels, kind of the
Speaker 18: other place where capex is going to be directed and saying, okay,
Speaker 18: we still think that there is strength here. There's still
Speaker 18: building data centers that's going to continue, and so maybe
Speaker 18: moving into that piece of the puzzle a little bit more.
Speaker 18: It's so interesting though, because Nvidia is getting really cheap.
Speaker 18: That's something we're going to keep watching. I mean, it's
Speaker 18: like twenty three times forward earnings. That's barely a premium
Speaker 18: to the s and P five hundred.
Speaker 2: Bimbos common Ranicky, thank you very much. Bloomberg Intelligence out
Speaker 2: within video earnings reaction, noting the beats in the fourth quarter,
Speaker 2: but more impressively that first quarter outlook, pointing to a
Speaker 2: stronger ramp of the GB three hundred system. Bloomberg Intelligence
Speaker 2: seen around this, congen Sabani with us. This was what
Speaker 2: they used to explain margins, you know, the Blackwell ramp.
Speaker 2: But then later this year we're going to get Vera Rubin.
Speaker 2: There will be a transition of technology for their biggest customers.
Speaker 6: How have you modeled for that.
Speaker 19: Yeah, So usually at the start of a new product ramp,
Speaker 19: your margins will get hit. But one key thing is
Speaker 19: different this time is the ramp of improvement of margins
Speaker 19: with the black Bel has been very impressive. We all
Speaker 19: know about the rising memory cost, the rising wavefor and
Speaker 19: package costs. Despite of that, and they don't pass on
Speaker 19: the cost to their customer. Despite of that, they've been
Speaker 19: able to hold that seventy five percent margins a software
Speaker 19: level growth margin. So that speaks to two things. Their
Speaker 19: pricing power and that ability to optimize for costs in
Speaker 19: their supply chain. Hence that large purchase commitment increase, which
Speaker 19: really lets them employ their balance sheet in their supply chain.
Speaker 3: I mean it's even the costs that they identify for
Speaker 3: stock recompense to those that work for them. I mean
Speaker 3: people saying, that's a really classy act from the CFO,
Speaker 3: from investor relations to be making that clear within the
Speaker 3: gap numbers congin. But where therefore are we lacking clarity?
Speaker 3: Is it from the China perspective? Is it future build?
Speaker 3: Where did we need a little bit more?
Speaker 19: I couldn't find anything negative in this print. I mean,
Speaker 19: looking at by set expectations, it very clearly cleared the
Speaker 19: most lofty bogies on the byside. I think this is
Speaker 19: just the reaction seems to be overall AI fritig on
Speaker 19: one end, when the top five customers who are raising
Speaker 19: CAPEX targets are being punished for spending that money. You
Speaker 19: can't have it both ways, where the company that's capturing
Speaker 19: all that revenue also does not gets rewarded for taking
Speaker 19: a lot of that high spend.
Speaker 2: Which is very quickly networking provided a lot of the
Speaker 2: outside just explain it.
Speaker 19: Yeah, you know, people have people don't pay it. A
Speaker 19: lot of attention to the networking. But networking has been
Speaker 19: surpassing expeditions every single quarter, and I think it will
Speaker 19: greatly because now they're networking, they can sell it even
Speaker 19: where their.
Speaker 6: GPUs don't go.
Speaker 19: So even like a six for an Amazon, which are
Speaker 19: supposed to be growing and taking share away from the
Speaker 19: Nvidia GPUs, they're going to plug it with Nvidia networking.
Speaker 19: So that's a new source of revenue even where they
Speaker 19: don't have the chips in the servers.
Speaker 3: Qunjian Savani is a bullish take from Bloomberg Intelligence, just
Speaker 3: not a bullish reaction on the stock.
Speaker 6: That does it.
Speaker 3: For this edition of Bloomberg Tech, Extraordinary day on these
Speaker 3: market seat, Yeah.
Speaker 2: We have reaction from the cell side, from the byside
Speaker 2: and in house, the reporting of the things you need
Speaker 2: to know. Recap that on the podcast. You know where
Speaker 2: to find it. It's from the Bloomberg terminal and online
Speaker 2: on Apple, Spotify and Ihea.
Speaker 6: This is Bloomberg Tech