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Speaker 1: From Mahard where Innovation of Money and Power Collie in

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Speaker 1: Silicon Valley, NBN.

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Speaker 2: This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.

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Speaker 3: I'm Caroine Heidel, Bloomberg's world headquarters in New York, and

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Speaker 3: Ludlow He's off.

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Speaker 4: This is Bloomberg Technology.

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Speaker 3: Coming up, will bring you the full recap from Apple's

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Speaker 3: annual Developers Conference as shares rise to a record following

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Speaker 3: the company's event.

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Speaker 4: Plus will break down comments from Elon Muskers.

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Speaker 3: He says he would ban Apple devices from his companies

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Speaker 3: if open ai is integrated into the operating system and

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Speaker 3: troubled French IT firm atos it picks a winner for

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Speaker 3: its bailout. We'll discuss that and the state of French

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Speaker 3: tech and so much more throughout this hour. First, let's

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Speaker 3: check in on the French markets. Let's check in on

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Speaker 3: the macro perspective. More broadly, look a little bit of

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Speaker 3: anxiety as we run towards the federal reserve that CPI print,

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Speaker 3: but more broadly managing to see tech once again on top.

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Speaker 4: Thanks to Apple. Of course, We're up.

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Speaker 3: Two tenser percent on the NASDAK the cap forty, though

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Speaker 3: having a woe full time in France, political risk, some anxiety,

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Speaker 3: some rumors swirling that perhaps even Macron could step down

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Speaker 3: if indeed that legislative vote that he has just called

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Speaker 3: doesn't go his way, but that has been suppressed and

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Speaker 3: denied by people close to him. But it was still

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Speaker 3: off by one and a quarter percent in France. We

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Speaker 3: go to some interesting fundraising and news coming from France.

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Speaker 3: A little bit later in the show, Crypto is under pressure,

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Speaker 3: off by almost four percent. Interesting correlations. Basically, when bonds

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Speaker 3: sell off, so does bitcoin, and bonds are selling off today,

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Speaker 3: Crypto off by some four percent. As we head towards

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Speaker 3: those macro events, move on and have a look at

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Speaker 3: what's happening on individual movers, and I'm only singling out one.

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Speaker 3: I'm looking at Apple rising to yet a new record high.

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Speaker 3: We're now up more than five percent. I thought yesterday

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Speaker 3: we were a little bit like un or inspired by

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Speaker 3: some of the announcements coming from WWDC, but seemingly we

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Speaker 3: are now thinking this.

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Speaker 4: Will drive the purchases of new phones.

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Speaker 3: That stick with IT shares as we hit this record.

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Speaker 3: We want to delve into the AI announcements, some of

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Speaker 3: it mixed, but one tech Titan has a pretty hot take,

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Speaker 3: you know, Musk saying he'd ban Apple devices from his

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Speaker 3: companies if open AI's artificial intelligence software is integrated as

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Speaker 3: the operating system level, calling the tie up security risk.

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Speaker 4: We want to get into the announcements.

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Speaker 3: We want to get into Elon Musk's take, Bloomberg, Mark

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Speaker 3: German here with the AI breakdown. Kert Wagner, of course,

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Speaker 3: an author on all things Elon and Mark.

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Speaker 4: I want to start with you because surmise the market reaction.

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Speaker 3: You thought perhaps some of it was a bit lackluster,

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Speaker 3: but the market seems be liking the fact that we.

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Speaker 4: Might buy some new iPhones on this.

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Speaker 5: I definitely don't think this is going to drive iphon

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Speaker 5: sixteen sales this fall in any significant way. I do

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Speaker 5: think that over time, this is going to seriously drive

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Speaker 5: sales of follow up iterations of the iPhone, maybe the

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Speaker 5: one after maybe the one after that, maybe the one

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Speaker 5: after that, and.

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Speaker 6: Well into the future. I do believe it's going to

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Speaker 6: enable a set of new generation of.

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Speaker 5: Apple devices, things like arglasses, home robots, enhanced air pods

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Speaker 5: with AI, and cameras. So this really sets the stage

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Speaker 5: for Apple's future. Now, the most important part here is

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Speaker 5: Apple no longer has to worry about the risk of

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Speaker 5: people switching away from the Apple ecosystem seeking a more

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Speaker 5: aiified phone. Apple now has the same functionality that Samsung has,

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Speaker 5: that Google has, that other players have in terms of

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Speaker 5: deep AI integration into its devices. So I think from

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Speaker 5: that standpoint, it's a positive and that's making the street

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Speaker 5: quite happy. I think they're digesting. There was a lot

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Speaker 5: of stuff on Monday at the Worldwide Developers Conference. I

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Speaker 5: think they've been going through what the Apple announcements were

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Speaker 5: and they see how comprehensive the set of tools that

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Speaker 5: Apple's offering here with a quintessential Apple spin with its

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Speaker 5: privacy standpoint and very deep integration.

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Speaker 3: Let's talk about privacy and integration KAT, because privacy has

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Speaker 3: been called into question by one Elon Musk because of

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Speaker 3: the integration with chat ChiPT and can you just keep

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Speaker 3: us up to speed with what Elon Musk is accusing here?

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Speaker 7: Yeah, Well, Elon is basically saying that if chat GPT

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Speaker 7: is infused at the operating system level of these phones,

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Speaker 7: that you know, it would have access to all of

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Speaker 7: the data on the phone, which would go to Apple

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Speaker 7: and then go to Open AI. What you have to remember,

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Speaker 7: of course, is that Elon has a lot of incentive

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Speaker 7: to you know, seed this idea that this is an

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Speaker 7: unsafe in a privacy issue because he is building a

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Speaker 7: direct competitor to chat GPT with his you know, Xai

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Speaker 7: business that's building grock its own chat pots. So I

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Speaker 7: do think that this is the kind of thing that

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Speaker 7: he is you know, incentivized to do, to to kind

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Speaker 7: of pour cold water on this partnership, to you know,

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Speaker 7: make people question or doubt whether or not this is

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Speaker 7: done above board, because he stands the benefit here with

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Speaker 7: his own business and his own companies building a rival product.

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Speaker 3: Well, Mark, apart from going to Tim Cook with this,

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Speaker 3: we go to you because I don't know anyone who

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Speaker 3: can out square us up on whether this is a

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Speaker 3: key privacy risk better than you could. Mark. What do

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Speaker 3: you make of some of the accusations and whether or

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Speaker 3: not this integration would open up any privacy concerns.

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Speaker 5: Well, first of all, I completely agree with Kurt right.

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Speaker 5: Elon Moss doesn't have the best of relationships with open

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Speaker 5: Ai and Tim Altman, for one, doesn't have the best

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Speaker 5: relationship with Apple and Tim Cook.

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Speaker 6: He's not a fan of their app store, policies. He's

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Speaker 6: building grock.

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Speaker 5: Right through his own XAI company, right it's integrated for

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Speaker 5: some users into the exapp right now, so he has

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Speaker 5: an incentive to sort of pour cold water and this

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Speaker 5: idea and raise skepticism. On the other hand, I do

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Speaker 5: believe there are some privacy questions here. I don't think

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Speaker 5: there's many questions about Apple's in house AI large language models.

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Speaker 6: I think they showed in great in great ways how.

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Speaker 5: Private they're on device AI is their own iCloud based

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Speaker 5: AI protection. But once you start working with a third party,

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Speaker 5: you're talking about servers that are powered by Microsoft Azure,

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Speaker 5: you're talking about technology that's powered by OpenAI. There isn't

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Speaker 5: a clearly explained way how Apple can verify the privacy

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Speaker 5: of your data that's input into chat GPT. In fact,

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Speaker 5: when you start moving from Apple's AI models on the

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Speaker 5: phone to the chat GPT models the phone, makes it

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Speaker 5: very clear that you're now in open AI territory.

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Speaker 6: Right, So, I think the biggest thing you're.

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Speaker 5: Doing right now is warning consumers that your data is

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Speaker 5: being input into a third party provider.

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Speaker 6: But they hadn't showed a way to verify the privacy.

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Speaker 5: Of that information However, Apple and OpenAI have said that

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Speaker 5: they are keeping that data that's input from the iPhone

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Speaker 5: especially private. They're not logging it, they're not creating data profiles.

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Speaker 5: But it is really the onus really is on open

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Speaker 5: Ai to verify that, and Apple to keep on top

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Speaker 5: of open Ai to make sure that they don't breach

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Speaker 5: any of those terms on the privacy side of that partnership,

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Speaker 5: which I honestly think they'll do.

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Speaker 1: Cut.

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Speaker 3: Maybe therefore there is some reason to the shouting that's

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Speaker 3: going on on social media.

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Speaker 4: Buy it on must but also cut. We're a bit

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Speaker 4: immune to it. We've had it on musks.

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Speaker 3: Throw some Bob comments via to Tim Cook in the past,

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Speaker 3: of course, about perhaps the way in which the app

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Speaker 3: store is run. Know that he's actually suing open Ai.

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Speaker 3: How likely do you think it is that he would

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Speaker 3: pad Apple iPhones across these six companies.

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Speaker 7: I mean, this is someone who, as we know Caroline

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Speaker 7: is not afraid of controversy and conflict and picking fights

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Speaker 7: with other very rich and powerful people, Tim Cook being one,

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Speaker 7: Sam Altman, Mark Zuckerberg, the list goes on and on.

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Speaker 7: So I do think it's the kind of thing that

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Speaker 7: you know he might do to try to prove a

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Speaker 7: point or to make a point. And you know, for him,

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Speaker 7: he's now even sort of hinting at, oh, maybe maybe

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Speaker 7: he would build his own phone someday, right, like maybe

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Speaker 7: he would partner with someone for a phone. I think

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Speaker 7: this is very Elon. It's on brand for him, right.

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Speaker 7: He sort of picks these fights. He does it very publicly.

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Speaker 7: He makes these grand claims or aspirations, and then you know,

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Speaker 7: when push comes to show, we'll see what he does.

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Speaker 7: But I don't think it's the kind of thing that

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Speaker 7: you know, for him, it's not a huge skin off

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Speaker 7: his back, right if it makes the point he's trying

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Speaker 7: to make. And I think, as Mark and I have

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Speaker 7: pointed out, that's the goal here, is to sort of

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Speaker 7: cast doubt on this whole partnership, to cast down on

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Speaker 7: these other companies that are considered rivals of his, and

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Speaker 7: to do so in a very public public way.

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Speaker 3: Well, he's got the public's attention for now, so too

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Speaker 3: does Apple. From WWDC, Mark German, great round, Loock Kirk

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Speaker 3: Wagner with all the insights on Elon's ink, we appreciate it. Meanwhile,

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Speaker 3: we've just got some breaking news. We'll keep you up

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Speaker 3: to date with what is currently happening. From a legal perspective,

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Speaker 3: Hunter Biden's jury tells the court that it hasn't eed

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Speaker 3: reached a verdict in the gun case regarding Hunter Biden.

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Speaker 3: We will bring you the updates as and when we

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Speaker 3: receive them. For now, though, we stick to our knitting,

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Speaker 3: which is technology.

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Speaker 4: On this show. Navilla popol is with US.

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Speaker 3: Senior research director with IDC to get her read on

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Speaker 3: yesterday's anounments at WWDC. And I think what the question

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Speaker 3: for me in many ways is why the market is

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Speaker 3: loving it so much when initially we thought there's no

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Speaker 3: wild factor here.

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Speaker 1: Hi, Calyne, thanks for having me. You know you're so

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Speaker 1: right because I've been like absorbing all this information as

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Speaker 1: I'm sure everyone else here.

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Speaker 6: I think it was really big, is you know?

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Speaker 1: Yesterday there might have been a lackluster response because, like

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Speaker 1: you said, there wasn't any brand new feature or use

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Speaker 1: case that we haven't seen yet right from the other

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Speaker 1: platforms or the other players in the market. But what

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Speaker 1: to me really stood I No, I think what's catching on.

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Speaker 1: You know, the wave here is this is a big,

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Speaker 1: big move. It's a bold, you know, step forward for Apple.

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Speaker 1: They Yes, sure they were you know, behind the curve

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Speaker 1: a little bit. But I think the way they've come

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Speaker 1: out right now, they've told you know, what Apple does best, right,

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Speaker 1: They've told a really compelling consumer story most consumers aren't

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Speaker 1: really aware about, you know, what's generated AI and what

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Speaker 1: it can do. What I think Apple did that, you know,

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Speaker 1: was his unius on their part is the way they

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Speaker 1: integrated it into the user experience, which is of course

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Speaker 1: central to Apple's you know history, and now it's always

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Speaker 1: been about the user experience, and it's about how bring

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Speaker 1: me an AI on device with everything that we do

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Speaker 1: right and everyday apps that we have without having to

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Speaker 1: go somewhere click on a different app or chatbot. It's

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Speaker 1: just everything integrated. And then of course there's strong message

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Speaker 1: on you know, if you do it with Apple Intelligence,

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Speaker 1: it's going to be private and secure.

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Speaker 3: But that privacy and security issue, do you think that

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Speaker 3: that's in any way You're going to be questioned by

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Speaker 3: what Musk is currently saying. Do you think it might

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Speaker 3: put off people going for the iPhone sixteen?

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Speaker 1: You know, you know, Elon Musk will be Elon Musk right,

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Speaker 1: like you just said in the earlier segment, there's definitely

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Speaker 1: going to be a lot of talk going that it's

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Speaker 1: going to be around this, but I think Apple's messaging

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Speaker 1: was clear right that if you using AI, the way

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Speaker 1: they have shown this and everything that they've shown yesterday

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Speaker 1: was it's going to give you a personalized, customized experience.

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Speaker 1: It's going to keep most of things on device. It's

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Speaker 1: only when you because that's where they're not using. I

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Speaker 1: think there's a lot of confusion, and I was like

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Speaker 1: looking into this myself earlier this morning. We have our

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Speaker 1: team on ground at Apple Park to verify, you know,

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Speaker 1: what is it the models that are being used in

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Speaker 1: all of Apple Intelligence and all the features that we

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Speaker 1: saw right, what are the different whether it's gen mojis,

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Speaker 1: whether it's the summarization, description, search, everything that's on device,

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Speaker 1: it's based on Apple's own AI models. It's only the chat,

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Speaker 1: GPT and open AI comes in when you're trying to

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Speaker 1: prompt Siri for a question that serie can't use the

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Speaker 1: information that's on your device to answer, or Apple's own

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Speaker 1: AI model, and that's the opt in feature which you're

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Speaker 1: gonna give you user or serie access or you know,

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Speaker 1: give your permission to access chat GBT.

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Speaker 4: So I think the.

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Speaker 1: Way they have messaged it is pretty clear that everything

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Speaker 1: that you do on the Apple device will be secure.

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Speaker 1: And even when Apple or the device can't use its

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Speaker 1: own you know, on device AI model, it's going to

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Speaker 1: use Apples Secure cloud uh to you know, personalized clouds

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Speaker 1: to to be able to run those more complicated AI models.

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Speaker 1: But Chat g I think.

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Speaker 4: It's it was.

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Speaker 1: It was very segmented in a different way that only

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Speaker 1: you know used during serie prompts NEVLA.

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Speaker 3: What's interesting is this is a global company with a

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Speaker 3: lot of focus on China, and I'm interested is to

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Speaker 3: longer term, you know that going to perhaps be more

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Speaker 3: agnostic about which large language model they use, adopt or

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Speaker 3: indeed build their own.

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Speaker 4: But can this go live in China? Will it stimulate

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Speaker 4: demand in China?

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Speaker 1: So the key you know, and again like we were

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Speaker 1: talking to our China team this morning, because Chat GBT

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Speaker 1: isn't available in China right now. With this iteration, you know,

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Speaker 1: it's not going to benefit the upgrade cycle in China

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Speaker 1: with the with the device this year. However, the fact

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Speaker 1: that Apple's in AI, the fact that Apple is doing

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Speaker 1: these things, it's going to benefit the consumer perception which

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Speaker 1: was taking you know, a negative turn, especially in China

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Speaker 1: because consumers are you know, placing AI as a driving

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Speaker 1: factor in their device is in terms of purchasing. So

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Speaker 1: I think this this year, the upgrade cycle will probably

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Speaker 1: be more impacted because as they said, it's going to

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Speaker 1: be available in the fall and only in supporting the

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Speaker 1: English language. So countries like US, UK or any consumers

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Speaker 1: that are primarily English driven, it's going to drive because

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Speaker 1: there's plenty of you know users out there with iPhone

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Speaker 1: eleven and iPhone twelve. Because the average first cycle we're

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Speaker 1: still looking at about three to four years, right, so there's

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Speaker 1: any of those users that will you know, want these

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Speaker 1: new devices, even if it's just English support.

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Speaker 6: I'm our English speaking.

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Speaker 4: User, Nobela keeping it global for us. We thank you

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Speaker 4: so much.

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Speaker 3: Nombilla Popel, thank you, Senior research director with IDC. French

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Speaker 3: AI startup misrab It's raised six hundred and forty four

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Speaker 3: million dollars in a new funding round that now values

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Speaker 3: the company at close to six billion euros. The round,

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Speaker 3: led by Bench Capital Firm and General Catalyst, give us

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Speaker 3: a company additional resources to take on bigger global players

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Speaker 3: such as of course open AI here in the US,

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Speaker 3: mister Roll is France's prized AI champion. It's attracted more

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Speaker 3: than one billion euros in investment in this last year alone. Meanwhile,

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Speaker 3: there's a less prize French company right now.

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Speaker 4: Oh, indeed, we do have some breaking news.

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Speaker 3: Coming from the US, So before we head back out

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Speaker 3: to France, I just want to have a look that

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Speaker 3: Hunter Biden hasn't even convicted of gun charger by a

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Speaker 3: jury in a Delaware trial. The jury took three hours

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Speaker 3: to reach a verdict against the President's son, and Hunter

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Speaker 3: Biden still faces a separate tax crime trial in California.

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Speaker 3: We now want to go out to Katie Lyons, who

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Speaker 3: has been standing by for us in Washington, and Kayley.

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Speaker 4: The impact of this could be significant.

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Speaker 8: Caroline Hunter Biden here found guilty of all three counts

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Speaker 8: with which he was charged. This is the first time

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Speaker 8: in history that a child of a sitting president has

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Speaker 8: been convicted in federal court. Of course, this all stems

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Speaker 8: from his purchase of a gun in twenty eighteen when

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Speaker 8: he was addicted, according to prosecutors, to crack cocaine. And

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Speaker 8: this jury has indeed agreed with the prosecution, finding him

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Speaker 8: guilty of these three crimes, which he will be sentenced

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Speaker 8: for not today but in a number of weeks. It

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Speaker 8: potentially carries a maximum sentence of twenty five years in prison,

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Speaker 8: although it's unlikely that maximum sentence would be given for

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Speaker 8: a first time offender. But obviously this has massive both

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Speaker 8: personal and political implications for the incumbent president. Of course,

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Speaker 8: this is the son of Joe Biden we are talking about,

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Speaker 8: could potentially bring political ramification to him as well, in

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Speaker 8: addition to a great deal of personal difficulty. We have

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Speaker 8: heard from President Biden affirmed just days ago that he

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Speaker 8: would not intervene and pardon his son if he was

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Speaker 8: indeed found guilty as he has been today. There could

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Speaker 8: potentially be some political upside here in that This, of course,

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Speaker 8: follows just less than two weeks ago Donald Trump being

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Speaker 8: found guilty in the court in New York of thirty

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Speaker 8: four felony counts and allegations from Trump and other Republicans

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Speaker 8: that the justice system has been weaponized against Donald Trump.

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Speaker 8: But it's the same justice system that has now found

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Speaker 8: Hunter Biden guilty of a number of crimes, so potentially

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Speaker 8: it throws some cold water on that argument. Still, though

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Speaker 8: it does shine uncomfortable spotlight on the president's family. And

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Speaker 8: this also is just one case in which Hunter Biden

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Speaker 8: had been charged with crimes. He does face a separate

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Speaker 8: trial in September on tax crimes.

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Speaker 3: Caroline, Yes, exactly that one in California. Can you give

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Speaker 3: us a breakdown of what next? Then, Kaylee posts this verdict.

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Speaker 8: Be awaiting sentencing, Caroline, is really the question here? As

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Speaker 8: I mentioned, twenty five years is the maximum. Two of

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Speaker 8: these gun charges carries a maximum sentence of ten years each,

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Speaker 8: the third a maximum sentence of five years. But this

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Speaker 8: is the first time that Biden has a Hunter Biden

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Speaker 8: that is, has been convicted of a crime, so that

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Speaker 8: could bring potentially more leniency, But really will be looking

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Speaker 8: to see what ultimately the judge decides is it will

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Speaker 8: be up to that one individual in terms of the sentencing.

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Speaker 8: Will also be looking to see whether there is an

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Speaker 8: appeal on the part of the defense and whether or

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Speaker 8: not they then look ahead to that trial that is

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Speaker 8: set to happen in September. If there is an appellate

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Speaker 8: process still paying out in this case, could they successfully

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Speaker 8: delay that trial potentially though they have not yet had

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Speaker 8: success in doing so, And It's worth keeping in mind

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Speaker 8: that September tax trial he will be facing in California

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Speaker 8: brings us ever closer to the presidential election in which

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Speaker 8: Joe Biden, his father, is trying to seek a re

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Speaker 8: election for a second term, and that timing potentially could

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Speaker 8: add even greater political difficulty than what we're seeing here

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Speaker 8: today with the conviction of the president's son the first

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Speaker 8: time in history. Again, Caroline, that this has happened to.

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Speaker 3: The child of a sitting president, and as he said, already,

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Speaker 3: President Biden has said he would not pardon. But I'm

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Speaker 3: interested as to whether we will hear from him, if

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Speaker 3: there's any idea as to whether he will speak on

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Speaker 3: the matter.

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Speaker 8: Well, he does have a scheduled speaking engagement today, He'll

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Speaker 8: actually be speaking at a gun safety event here in Washington,

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Speaker 8: and he's set to travel to the G seven in Italy.

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Speaker 8: This is where the personal and the presidential duty potentially

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Speaker 8: come into conflict, Caroline is obviously this is likely a

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Speaker 8: very difficult day for the Biden family. We will see

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Speaker 8: if he makes any statement on this before departing to Italy,

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Speaker 8: but when he does so, attends the G seven that

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Speaker 8: will be carrying out the duties of the presidency, trying

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Speaker 8: to focus on geopolitics, foreign policy, all of the other

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Speaker 8: responsibilities of this office, while also having to deal with

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Speaker 8: the difficulty of having your son the only living person

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Speaker 8: from the car crash that killed his first wife and

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Speaker 8: daughter many years ago. And of course, Bobiden, who had

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Speaker 8: survived that crash, died of cancer back in twenty fifteen,

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Speaker 8: and that is when many of Hunter Biden's addiction problems

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Speaker 8: really began, and that really was what was at the

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Speaker 8: heart of this case, Caroline. This is a story of

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Speaker 8: someone who was struggling with an addiction. This was very

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Speaker 8: painful as we saw ex girlfriends, ex wives, even Naomi Biden,

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Speaker 8: hunter Biden's daughter, testifying throughout this trial about the personal

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Speaker 8: difficulty and what he was grappling with over the course

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Speaker 8: of those years that he was an addict, And obviously

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Speaker 8: just shines a very uncomfortable spotlight on the first family.

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Speaker 3: Very personal, Kayleie, but very political in nature. And I

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Speaker 3: therefore wonder what impact you think it will have longer

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Speaker 3: term as we enter the election.

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Speaker 8: It's going to be hard to tell immediately, Caroline, as

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Speaker 8: it has been hard to tell just in the last

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Speaker 8: few weeks what the real impact of Donald Trump's own

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Speaker 8: felony conviction has been, as we haven't seen any great

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Speaker 8: shift in pulling thus far, so we'll see if it

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Speaker 8: actually has a material impact on the way that Joe

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Speaker 8: Biden is pulling. What I would point out here is

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Speaker 8: there is a very important distinction. What we are talking

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Speaker 8: about in this case is a conviction of the sun

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Speaker 8: the president, not someone who has held the office himself

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Speaker 8: or seeking to be president. That is different than Donald Trump,

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Speaker 8: who not only is a former president of the United States,

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Speaker 8: but currently is the presumptive Republican nominee. So while this

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Speaker 8: may complicate the messaging that Joe Biden and other Democrats

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Speaker 8: may want it to have utilized in this election cycle,

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Speaker 8: the idea that Donald Trump is morally questionable by being

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Speaker 8: a convicted felon, perhaps that argument gets more difficult to

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Speaker 8: make when your own son is also convicted of crime,

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Speaker 8: So that could be politically complicated. And of course, there

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Speaker 8: has been a lot of scrutiny in Congress of Hunter

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Speaker 8: Biden and the entire Biden family, a lot of allegations

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Speaker 8: made by many different members as part of the impeachment

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Speaker 8: inquiry that largely seems to have died down, but it'll

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Speaker 8: be interesting to see if this revs anything up in

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Speaker 8: that regard further congressionally as well. All that said, we're

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Speaker 8: really just going to have to be paying attention to

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Speaker 8: the polls. As right now it is June, we still

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Speaker 8: have almost five full months to go before the election

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Speaker 8: on November fifth, and a lot could happen between now

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Speaker 8: and then, including a second criminal trial of Hunter Biden.

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Speaker 3: Kaylie, We are, of course a business network. Is there

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Speaker 3: any implication on companies surrounding gunlow and indeed the way

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Speaker 3: that might direct travel for purchases, for demand for.

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Speaker 8: Supply, That's an interesting question, Caroline. Obviously, Joe Biden is

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Speaker 8: largely a president who has spoken about gun safety. He

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Speaker 8: will in fact be doing so at in every town

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Speaker 8: for a gun safety event later on today, which of

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Speaker 8: course is affiliated with Michael Bloomberg, the founder and.

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Speaker 4: Majority owner of Bloomberg LP.

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Speaker 8: But largely he is a president that has advocated for

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Speaker 8: greater gun control measures, which is difficult for perhaps explanation wise,

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Speaker 8: when your own son illegally purchased a firearmist, as he

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Speaker 8: was found guilty of doing today with this crack cocaine addiction.

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Speaker 8: Will it, though, materially change anything around gun laws, Caroline,

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Speaker 8: It's very unlikely, given that no matter what developments we

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Speaker 8: have seen in the gun violence area, mass shooting after

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Speaker 8: mass shooting in the United States, nothing really has ever

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Speaker 8: done legislatively. Joe Biden has signed a number of executive

437
00:20:57,760 --> 00:21:02,000
Speaker 8: orders looking to restrain gun purchases in some areas, but

438
00:21:02,520 --> 00:21:04,840
Speaker 8: it's something that you really can't crack down on with

439
00:21:04,840 --> 00:21:07,840
Speaker 8: that congressional approval, and with Republicans in control of the House,

440
00:21:07,880 --> 00:21:10,960
Speaker 8: that is unlikely to be happening, at least in this Congress.

441
00:21:11,200 --> 00:21:13,920
Speaker 3: The coolest of being put through the test at the moment, Kaylee,

442
00:21:13,960 --> 00:21:16,879
Speaker 3: Are we likely to anticipate more of this as a

443
00:21:16,880 --> 00:21:19,520
Speaker 3: political narrative, as a political way of doing business here

444
00:21:19,560 --> 00:21:20,359
Speaker 3: in the United States.

445
00:21:20,880 --> 00:21:23,280
Speaker 8: Yeah, it's an interesting question, Caroline, because we are at

446
00:21:23,280 --> 00:21:25,399
Speaker 8: this really unique moment in time where we now have

447
00:21:25,560 --> 00:21:28,199
Speaker 8: not just a former president and presumptive nominee who has

448
00:21:28,240 --> 00:21:31,080
Speaker 8: been convicted of crimes, but a president's son convicted of

449
00:21:31,080 --> 00:21:33,600
Speaker 8: crimes within the same week, both or with two week period.

450
00:21:33,600 --> 00:21:36,440
Speaker 8: Both of these obviously incredibly historic. We have never seen

451
00:21:36,480 --> 00:21:39,120
Speaker 8: anything like this before. It will be interesting to see

452
00:21:39,160 --> 00:21:41,959
Speaker 8: how this alters the narrative because after Donald Trump's conviction

453
00:21:42,000 --> 00:21:44,959
Speaker 8: of thirty four accounts in New York just less than

454
00:21:44,960 --> 00:21:47,479
Speaker 8: two weeks ago, there has been a narrative about a

455
00:21:47,640 --> 00:21:50,840
Speaker 8: justice system that has been weaponized or targeting Donald Trump,

456
00:21:50,880 --> 00:21:52,639
Speaker 8: whether or not that is true. As Joe Biden did

457
00:21:52,640 --> 00:21:54,720
Speaker 8: not actually have the power to say direct a New

458
00:21:54,800 --> 00:21:58,119
Speaker 8: York State case against Donald Trump, he could theoretically have

459
00:21:58,160 --> 00:22:00,920
Speaker 8: the power to step in with this Special Council investigation

460
00:22:00,960 --> 00:22:03,399
Speaker 8: into Hunter Biden, with this trial, potentially with the pardon,

461
00:22:03,560 --> 00:22:05,600
Speaker 8: and he has declined to do so. He has declined

462
00:22:05,840 --> 00:22:08,680
Speaker 8: to intervene as he has really been trying to speak

463
00:22:08,720 --> 00:22:11,679
Speaker 8: a message of preserving faith in the justice system and

464
00:22:11,720 --> 00:22:14,000
Speaker 8: allowing it to do its work. So now that this

465
00:22:14,080 --> 00:22:16,400
Speaker 8: has happened to his son being found guilty of three

466
00:22:16,520 --> 00:22:18,920
Speaker 8: crimes here in Delaware, it will be interesting to see

467
00:22:18,920 --> 00:22:21,440
Speaker 8: if it does indeed alter the narrative around the way

468
00:22:21,440 --> 00:22:23,639
Speaker 8: the justice system is working. Because you can no longer

469
00:22:23,640 --> 00:22:25,600
Speaker 8: say it's only going after Donald Trump.

470
00:22:25,640 --> 00:22:27,600
Speaker 4: It has come for a Biden as well.

471
00:22:27,880 --> 00:22:31,680
Speaker 3: Kayleie Lynes, just so much information to digest and reacting

472
00:22:31,720 --> 00:22:35,280
Speaker 3: in the moment to this finding from the court and

473
00:22:35,320 --> 00:22:38,160
Speaker 3: from the jury We thank you very much. Indeed, all

474
00:22:38,200 --> 00:22:41,560
Speaker 3: Things Washington now we return to all Things Technology. Coming up,

475
00:22:41,600 --> 00:22:43,720
Speaker 3: we're going to be deciding, well the direction.

476
00:22:43,520 --> 00:22:44,800
Speaker 4: Of travel for Apple going forward.

477
00:22:44,880 --> 00:22:47,119
Speaker 3: Laura Martin and Needham joining us with her reaction on

478
00:22:47,160 --> 00:22:50,679
Speaker 3: Apple's long awaited AI strategy. Well, she makes the iPhone

479
00:22:50,680 --> 00:22:52,359
Speaker 3: maker partnership with open AI.

480
00:22:52,760 --> 00:22:53,359
Speaker 4: That's next.

481
00:22:53,800 --> 00:22:56,359
Speaker 3: Plus, we already know where Elon Musk stands on Apple's

482
00:22:56,440 --> 00:23:00,159
Speaker 3: newly announced partnership, but he's getting some empathy. New e

483
00:23:00,359 --> 00:23:02,840
Speaker 3: State Minister for AI and Digital Economy, who spoke to

484
00:23:02,880 --> 00:23:04,560
Speaker 3: Bloomberg earlier today, just.

485
00:23:04,560 --> 00:23:05,080
Speaker 4: Tic a listen.

486
00:23:05,600 --> 00:23:08,000
Speaker 9: What Elon said was, if it turns out that they're

487
00:23:08,000 --> 00:23:10,680
Speaker 9: going to deploy charg ept and open the eyes infrastructure

488
00:23:10,720 --> 00:23:14,359
Speaker 9: on the OS level, then there are some security risks.

489
00:23:14,440 --> 00:23:17,560
Speaker 9: I think given the quality of what they're doing and

490
00:23:17,640 --> 00:23:20,480
Speaker 9: the secrecy around the advancements that they're pushing forward, it

491
00:23:20,520 --> 00:23:22,160
Speaker 9: makes a lot of sense for him to think, aren't.

492
00:23:21,920 --> 00:23:39,040
Speaker 3: We welcome back to Bluemberg Technology. I'm Carolin Hide in

493
00:23:39,040 --> 00:23:41,720
Speaker 3: New York and moments ago with the breaking news that

494
00:23:41,760 --> 00:23:45,359
Speaker 3: a Delaware jury has reached a verdict finding Hunter Biden

495
00:23:45,480 --> 00:23:49,640
Speaker 3: guilty of gun charges. Now he was found guilty by

496
00:23:49,640 --> 00:23:52,120
Speaker 3: a federal court jury and has become the first child

497
00:23:52,160 --> 00:23:54,960
Speaker 3: of a sitting US president to be convicted of such crimes.

498
00:23:55,440 --> 00:23:57,320
Speaker 3: Now we know that the verdict came less than two

499
00:23:57,320 --> 00:24:00,160
Speaker 3: weeks after his father's chief rival for the president see

500
00:24:00,200 --> 00:24:02,520
Speaker 3: Donald Trump was found guilty by New York during his

501
00:24:02,640 --> 00:24:06,080
Speaker 3: thirty four counts of falsifying business records late last month.

502
00:24:07,000 --> 00:24:10,399
Speaker 3: Political system intertwines with the legal system, and to do

503
00:24:10,440 --> 00:24:14,320
Speaker 3: that with us, as bloombergs Greg Farrell, and extraordinary really

504
00:24:14,359 --> 00:24:19,159
Speaker 3: what we're currently seeing in terms of how the legal

505
00:24:19,200 --> 00:24:22,240
Speaker 3: system is becoming a focus for both presidential candidates. But

506
00:24:22,280 --> 00:24:24,159
Speaker 3: this one is novel in terms of the son of

507
00:24:24,200 --> 00:24:25,000
Speaker 3: a sitting president.

508
00:24:25,240 --> 00:24:30,280
Speaker 10: Yes, absolutely, Caroen, It's extraordinary. It's extraordinary because I think

509
00:24:30,320 --> 00:24:32,920
Speaker 10: Hunter Biden believed he had he you know, was totally

510
00:24:32,920 --> 00:24:34,760
Speaker 10: he had a deal a year ago to put this

511
00:24:34,840 --> 00:24:37,880
Speaker 10: behind him, and that fell apart. And it's a question

512
00:24:37,920 --> 00:24:41,200
Speaker 10: of timing with Donald Trump being charged in several places,

513
00:24:41,560 --> 00:24:45,240
Speaker 10: it's just so patently would be unfair. It looked the

514
00:24:45,280 --> 00:24:48,400
Speaker 10: optics would be terrible if Hunter Biden weren't charged and

515
00:24:49,400 --> 00:24:50,720
Speaker 10: you know, taken to trial.

516
00:24:52,119 --> 00:24:54,560
Speaker 4: How what did you make of the swiftness or not?

517
00:24:54,760 --> 00:24:57,080
Speaker 3: Many had felt that perhaps they're coming back a second day,

518
00:24:57,080 --> 00:24:59,159
Speaker 3: it hadn't been an immediate decision coming from the jury.

519
00:24:59,359 --> 00:25:01,439
Speaker 10: Well, I think it's of course, we don't know what

520
00:25:01,480 --> 00:25:03,560
Speaker 10: goes on in the room, but I think that if

521
00:25:03,600 --> 00:25:06,199
Speaker 10: they get it in the afternoon, let's think about it.

522
00:25:06,240 --> 00:25:09,080
Speaker 10: This is a serious thing. Let's not just drump fraternity conclusions.

523
00:25:09,119 --> 00:25:11,520
Speaker 10: Everybody sleeps on it. This is a normal thing, and

524
00:25:11,520 --> 00:25:13,320
Speaker 10: they all come back the next day. It's a pretty

525
00:25:13,320 --> 00:25:15,960
Speaker 10: simple case. And unfortunately for Hunter Biden, he wrote it

526
00:25:15,960 --> 00:25:18,359
Speaker 10: in a book what his condition was at the time,

527
00:25:18,680 --> 00:25:20,840
Speaker 10: and he didn't take the stand. So it's really not

528
00:25:20,880 --> 00:25:23,159
Speaker 10: a surprise in terms of the verdict. It's more, as

529
00:25:23,200 --> 00:25:26,480
Speaker 10: you pointed out, the magnitude of this, that this strangeness

530
00:25:26,480 --> 00:25:29,159
Speaker 10: of the world we're in where one former president's been

531
00:25:29,160 --> 00:25:31,119
Speaker 10: convicted one week and then the son of the current

532
00:25:31,160 --> 00:25:32,560
Speaker 10: president right now.

533
00:25:33,520 --> 00:25:35,720
Speaker 3: I asked this previously of Kayley, and I put it

534
00:25:35,720 --> 00:25:39,359
Speaker 3: to you as someone who so understands and embodies what

535
00:25:39,359 --> 00:25:41,960
Speaker 3: the legal system means for US politics, but the US

536
00:25:41,960 --> 00:25:42,760
Speaker 3: economy as well.

537
00:25:43,040 --> 00:25:45,560
Speaker 4: Is this the way of the land now?

538
00:25:45,600 --> 00:25:48,600
Speaker 3: Are we going to see far more legal system taking

539
00:25:48,640 --> 00:25:51,080
Speaker 3: action around political decision making?

540
00:25:51,320 --> 00:25:55,800
Speaker 10: Unfortunately, I don't believe necessary in the weaponization of the

541
00:25:56,040 --> 00:26:00,119
Speaker 10: Justice Department that's been claimed. However, now that we've gone there,

542
00:26:00,400 --> 00:26:04,119
Speaker 10: now that a local district attorney has riught charges against

543
00:26:04,119 --> 00:26:07,960
Speaker 10: the former president, it's you know, this is going to

544
00:26:07,960 --> 00:26:10,520
Speaker 10: get worse before it gets better. I don't think there's

545
00:26:10,520 --> 00:26:12,280
Speaker 10: going to be cooler heads that are going to prevail.

546
00:26:12,560 --> 00:26:17,040
Speaker 10: Whoever loses the election in November, might you know, get

547
00:26:17,040 --> 00:26:20,919
Speaker 10: even more galvanized, or whoever wins to you know, exact

548
00:26:20,960 --> 00:26:24,640
Speaker 10: some retribution. So it's a concerning time that way, Greg.

549
00:26:24,359 --> 00:26:28,879
Speaker 3: We really appreciate you analyzing what is another unprecedented finding

550
00:26:28,920 --> 00:26:32,040
Speaker 3: here Ander Biden found guilty of gun charges by a

551
00:26:32,040 --> 00:26:33,600
Speaker 3: federal court jury in Delaware.

552
00:26:34,119 --> 00:26:35,520
Speaker 4: Greg Farrell, we appreciate him.

553
00:26:35,560 --> 00:26:38,440
Speaker 3: Meanwhile, let's go back to what we do at Bloomberg.

554
00:26:38,440 --> 00:26:41,679
Speaker 3: The markets currently seeing course political risk evident over in

555
00:26:41,720 --> 00:26:44,439
Speaker 3: Europe and France in particular, under pressure, we close the

556
00:26:44,440 --> 00:26:46,639
Speaker 3: market down with the stocks it's undered off by almost

557
00:26:46,640 --> 00:26:49,879
Speaker 3: a percentage point France in particular, as Macron calls a

558
00:26:49,960 --> 00:26:53,360
Speaker 3: key vote and rumors did swirl as to what would

559
00:26:53,400 --> 00:26:55,600
Speaker 3: be the longevity of his own presidency. He of course

560
00:26:55,640 --> 00:26:57,920
Speaker 3: has refuted that for now and says that he would

561
00:26:58,000 --> 00:27:00,760
Speaker 3: remain Now's that one hundred the big tech benchmark currently

562
00:27:00,800 --> 00:27:02,879
Speaker 3: up at tenth f per percent. Apple guiding us higher.

563
00:27:03,040 --> 00:27:05,080
Speaker 3: Bitcoin on the downside of by more than four percent

564
00:27:05,119 --> 00:27:08,040
Speaker 3: as bonds sell off, a key correlation happening, and indeed

565
00:27:08,320 --> 00:27:11,520
Speaker 3: much trepidation as we look towards a federal reserve decision

566
00:27:11,560 --> 00:27:14,639
Speaker 3: this week and indeed an inflation print move on some

567
00:27:14,680 --> 00:27:16,879
Speaker 3: individual stocks for you. Look, we did get some earnings

568
00:27:16,920 --> 00:27:18,840
Speaker 3: coming out of Autodesk, and not good enough when it

569
00:27:18,840 --> 00:27:20,679
Speaker 3: comes to this software provider. We're off by five percent.

570
00:27:20,720 --> 00:27:23,760
Speaker 3: Tesla down by more than three percent. Interesting what we're

571
00:27:23,760 --> 00:27:26,640
Speaker 3: seeing currently with Tesla and JP Morgan having a note

572
00:27:26,640 --> 00:27:29,760
Speaker 3: out today really saying that having spoken to investor relations

573
00:27:29,760 --> 00:27:32,040
Speaker 3: over at the company, they worry that the revenue generation

574
00:27:32,080 --> 00:27:34,160
Speaker 3: of a robotaxi ain't coming anytime soon.

575
00:27:34,440 --> 00:27:35,560
Speaker 4: We're off by more than three percent.

576
00:27:35,600 --> 00:27:38,160
Speaker 3: But of course Elon Musk, the leader of Tesla, currently

577
00:27:38,200 --> 00:27:42,919
Speaker 3: distracted by well the frustrations he sees with Apple's relationship

578
00:27:42,960 --> 00:27:46,359
Speaker 3: with now Open ai and an integration of chatchpt within

579
00:27:46,680 --> 00:27:48,080
Speaker 3: Apple's operating system.

580
00:27:48,280 --> 00:27:49,320
Speaker 4: Apple currently up more.

581
00:27:49,160 --> 00:27:51,600
Speaker 3: Than six percent a new record high two hundred and

582
00:27:51,600 --> 00:27:53,680
Speaker 3: five is where we trade. And that's all because of

583
00:27:53,720 --> 00:27:57,480
Speaker 3: the WWDC conference, which of course opened yesterday with a

584
00:27:57,520 --> 00:28:00,679
Speaker 3: whole slate of software updates across products, partnership, as I

585
00:28:00,680 --> 00:28:03,160
Speaker 3: mentioned with Open AI, and of course it's long awaited

586
00:28:03,200 --> 00:28:05,560
Speaker 3: Apple Intelligence, his CEO Tim Cook.

587
00:28:06,600 --> 00:28:11,119
Speaker 2: Recent developments and generative intelligence and large language models offer

588
00:28:11,359 --> 00:28:15,920
Speaker 2: powerful capabilities that provide the opportunity to take the experience

589
00:28:15,960 --> 00:28:21,160
Speaker 2: of using Apple products to new heights. Introducing Apple Intelligence,

590
00:28:21,760 --> 00:28:25,320
Speaker 2: the new personal intelligence system that makes your most personal

591
00:28:25,440 --> 00:28:28,159
Speaker 2: products even more useful and delightful.

592
00:28:29,320 --> 00:28:31,840
Speaker 3: Apparently that video will being short in Apple devices as well.

593
00:28:31,920 --> 00:28:34,359
Speaker 3: Jackie Devlos who was there on the ground yesterday and

594
00:28:34,400 --> 00:28:37,199
Speaker 3: now life from San Francisco for us, and it felt

595
00:28:37,200 --> 00:28:40,000
Speaker 3: in the moment that perhaps there wasn't that wow factor,

596
00:28:40,040 --> 00:28:41,680
Speaker 3: but today the market showing there is.

597
00:28:42,040 --> 00:28:42,920
Speaker 4: That's right, Carolina.

598
00:28:42,920 --> 00:28:45,320
Speaker 11: It took the market a little while to catch up.

599
00:28:45,320 --> 00:28:49,680
Speaker 11: But notice how Tim Cook emphasized the word useful, that

600
00:28:49,880 --> 00:28:53,760
Speaker 11: theme utility. They mentioned AI for the rest of us,

601
00:28:53,760 --> 00:28:56,800
Speaker 11: and I think this really showed through in the features

602
00:28:56,800 --> 00:29:00,560
Speaker 11: that they highlighted yesterday as part of the Apple Intelligence rollout.

603
00:29:00,800 --> 00:29:04,320
Speaker 11: Let's like, look at the summarization capabilities that we now have,

604
00:29:04,480 --> 00:29:09,440
Speaker 11: transcription of audio. You can also personalize AI emojis. When

605
00:29:09,440 --> 00:29:11,640
Speaker 11: you think about just kind of the mass appeal that

606
00:29:11,720 --> 00:29:15,600
Speaker 11: can have, that was really key. They also emphasized privacy,

607
00:29:15,960 --> 00:29:19,520
Speaker 11: but outside of the AI features as well, that iOS

608
00:29:19,640 --> 00:29:23,720
Speaker 11: eighteen upgrade has some pretty cool things coming down the pipeline.

609
00:29:23,760 --> 00:29:27,280
Speaker 11: For example, you can tap back messages with different emojis,

610
00:29:27,320 --> 00:29:30,480
Speaker 11: You can schedule messages to be sent later. You can

611
00:29:30,560 --> 00:29:33,040
Speaker 11: access more apps in different ways in your control center,

612
00:29:33,440 --> 00:29:36,040
Speaker 11: organize them differently on the home screen. They really gave

613
00:29:36,080 --> 00:29:38,880
Speaker 11: a lot to people here in this rollout, but look,

614
00:29:38,960 --> 00:29:41,000
Speaker 11: we were sitting there for an hour and a half

615
00:29:41,040 --> 00:29:44,760
Speaker 11: before the AI highlights really came through, so there was

616
00:29:44,800 --> 00:29:47,680
Speaker 11: a lot of anticipation and look, this is their first swing,

617
00:29:48,120 --> 00:29:50,600
Speaker 11: and from what we could tell, you know, it's just

618
00:29:50,720 --> 00:29:53,880
Speaker 11: the first step in this broader AI rollout, and many.

619
00:29:53,720 --> 00:29:56,600
Speaker 3: Felt that actually only sort of name checking open AI

620
00:29:56,720 --> 00:30:00,800
Speaker 3: for two minutes within that ninety minute thereabouts present, it

621
00:30:00,880 --> 00:30:04,200
Speaker 3: was trying to suppress the actual real integration but really

622
00:30:04,280 --> 00:30:06,120
Speaker 3: lean into what it will do for you as a

623
00:30:06,160 --> 00:30:09,800
Speaker 3: consumer a user. I'm really trying to identify privacy and

624
00:30:09,880 --> 00:30:12,760
Speaker 3: protection being key, but you know, musk cooling that into.

625
00:30:12,720 --> 00:30:16,360
Speaker 11: Question exactly you know Siria was a major highlight because

626
00:30:16,960 --> 00:30:21,280
Speaker 11: that digital assistant will have the opportunity to basically be

627
00:30:21,320 --> 00:30:25,640
Speaker 11: able to pull information from Chat GPT when answering questions. Now,

628
00:30:25,800 --> 00:30:28,720
Speaker 11: you're absolutely right, privacy was highlighted, Caroline.

629
00:30:28,960 --> 00:30:30,480
Speaker 4: They made sure to note.

630
00:30:30,240 --> 00:30:32,800
Speaker 11: That you can opt out of this, that you have

631
00:30:32,880 --> 00:30:36,800
Speaker 11: to give Siri permission to tap into chat GPT and

632
00:30:36,840 --> 00:30:40,440
Speaker 11: when you think about the concerns that Elon Musk is raising, well,

633
00:30:40,440 --> 00:30:43,760
Speaker 11: it does also shine a spotlight on the other questions

634
00:30:43,760 --> 00:30:46,320
Speaker 11: that Apple has to answer. What exactly happens to the

635
00:30:46,440 --> 00:30:50,120
Speaker 11: data does open Ai have access to kind of seeing

636
00:30:50,120 --> 00:30:53,800
Speaker 11: how you interact with the app on the screen. There's

637
00:30:53,840 --> 00:30:56,040
Speaker 11: a lot that I think people want to know and

638
00:30:56,360 --> 00:30:58,080
Speaker 11: some of those details will come out, but they were

639
00:30:59,200 --> 00:31:02,720
Speaker 11: key to actually highlight that users will be asked for permission,

640
00:31:02,800 --> 00:31:06,240
Speaker 11: their request and informations will not be logged, so of course,

641
00:31:06,440 --> 00:31:09,560
Speaker 11: really keeping with that Apple privacy ethos.

642
00:31:09,520 --> 00:31:12,080
Speaker 3: Jackie Davis with a roundup, We thank you so much.

643
00:31:12,120 --> 00:31:14,240
Speaker 3: It was a long day yesterday and up early with

644
00:31:14,320 --> 00:31:16,680
Speaker 3: us today. We thank you. Let's keep this conversation going.

645
00:31:16,720 --> 00:31:19,120
Speaker 3: Laura Marson, Senior Entertainment and Internet Analyst. They wre at

646
00:31:19,200 --> 00:31:22,040
Speaker 3: Needham and Co. You join us for more after Well,

647
00:31:22,160 --> 00:31:24,720
Speaker 3: you're a buy on Apple, you've overall think that the

648
00:31:24,760 --> 00:31:26,400
Speaker 3: price point is going to go even higher than this,

649
00:31:26,440 --> 00:31:28,920
Speaker 3: to a two hundred and twenty dollars price point. But

650
00:31:29,560 --> 00:31:33,000
Speaker 3: what happened at the event yesterday and what galvanizes it today?

651
00:31:33,480 --> 00:31:33,680
Speaker 6: Right?

652
00:31:33,800 --> 00:31:35,760
Speaker 12: So, I mean, I think I think we were very

653
00:31:35,760 --> 00:31:39,280
Speaker 12: disappointed at the Apple generative of AI stuff. First they

654
00:31:39,320 --> 00:31:41,160
Speaker 12: put it last, As you said, they talked for sixty

655
00:31:41,200 --> 00:31:44,640
Speaker 12: five minutes about new colors and new things that felt

656
00:31:44,680 --> 00:31:48,320
Speaker 12: like Snapchat type of functionality, and then in minutes sixty

657
00:31:48,320 --> 00:31:50,600
Speaker 12: five they started talking about the only thing Wall Street

658
00:31:50,640 --> 00:31:54,400
Speaker 12: cares about because this company has very anemic growth. They're

659
00:31:54,440 --> 00:31:58,440
Speaker 12: going to report one percent revenue growth this year, and

660
00:31:59,160 --> 00:32:01,440
Speaker 12: what we really want to hear was what's going on

661
00:32:01,480 --> 00:32:04,000
Speaker 12: with jenerator of I that's going to force an iPhone

662
00:32:04,040 --> 00:32:08,240
Speaker 12: replacement cycle to drive that one percent revenue growth higher

663
00:32:08,320 --> 00:32:11,280
Speaker 12: to two three four percent? And there is nothing I

664
00:32:11,360 --> 00:32:14,600
Speaker 12: felt that they'd announced that made consumers want to run

665
00:32:14,640 --> 00:32:17,400
Speaker 12: out and replace their iPhone And now we have to

666
00:32:17,400 --> 00:32:20,320
Speaker 12: wait a year because they have an annual replacement cycle.

667
00:32:20,440 --> 00:32:22,480
Speaker 12: So now if you didn't like what you heard yesterday,

668
00:32:22,720 --> 00:32:24,600
Speaker 12: you have to wait a year till the next cool

669
00:32:24,680 --> 00:32:27,400
Speaker 12: generative AI stuff. So I mean, I thought it was

670
00:32:27,440 --> 00:32:29,520
Speaker 12: a very disappointing day, which is why the shares were

671
00:32:29,560 --> 00:32:32,120
Speaker 12: down two percent as soon as they finished speaking.

672
00:32:32,440 --> 00:32:33,680
Speaker 6: Today they're up six percent.

673
00:32:33,760 --> 00:32:36,480
Speaker 12: Maybe because the developers are finding cool ways that they

674
00:32:36,480 --> 00:32:40,360
Speaker 12: can integrate these functionality into their own individual apps. But

675
00:32:40,880 --> 00:32:42,920
Speaker 12: I thought it was too little, too late. They continue

676
00:32:42,960 --> 00:32:45,000
Speaker 12: to be way behind on janitor of AI and they

677
00:32:45,040 --> 00:32:45,880
Speaker 12: need to catch up.

678
00:32:45,800 --> 00:32:47,440
Speaker 3: And they seem to be trying to catch up with

679
00:32:47,560 --> 00:32:51,320
Speaker 3: for now third party relationships. What is the flow of

680
00:32:51,440 --> 00:32:54,000
Speaker 3: money here, Laura, Because they're not going to be charging

681
00:32:54,080 --> 00:32:56,800
Speaker 3: us for the joy of being suddenly able to use

682
00:32:57,120 --> 00:32:59,560
Speaker 3: chatchipts should we wish to do? How much are they

683
00:32:59,560 --> 00:33:01,480
Speaker 3: going to be paid and open a How much money

684
00:33:01,520 --> 00:33:03,000
Speaker 3: are they going to be having to spend or is

685
00:33:03,040 --> 00:33:05,640
Speaker 3: it good that they don't need all their own GPU

686
00:33:05,720 --> 00:33:08,200
Speaker 3: hole to a sad extent, Yeah, they say they're.

687
00:33:08,000 --> 00:33:10,840
Speaker 12: Going to be using their own servers within the to

688
00:33:10,880 --> 00:33:13,640
Speaker 12: so to hold on to the iOS data in their

689
00:33:13,680 --> 00:33:17,240
Speaker 12: own service in the cloud over at Microsoft. So I

690
00:33:17,280 --> 00:33:20,480
Speaker 12: do think they are still continuing to focus on privacy,

691
00:33:20,880 --> 00:33:23,720
Speaker 12: but I think the way the money works.

692
00:33:23,480 --> 00:33:24,160
Speaker 6: Is that they will.

693
00:33:24,200 --> 00:33:26,280
Speaker 12: The way these deals typically work is that Apple will

694
00:33:26,320 --> 00:33:29,840
Speaker 12: pay the Microsoft Cloud and Chat GPT probably a fixed

695
00:33:29,920 --> 00:33:32,800
Speaker 12: fee per month, and then they'll put it into your

696
00:33:32,840 --> 00:33:35,080
Speaker 12: iPhone price. So your iPhone price is going to go

697
00:33:35,120 --> 00:33:37,640
Speaker 12: from fourteen hundred dollars to fifteen hundred dollars and you'll

698
00:33:37,640 --> 00:33:41,160
Speaker 12: pay for it upfront. If they find there are heavy users,

699
00:33:41,200 --> 00:33:43,200
Speaker 12: my guess is they add a monthly tier. You know,

700
00:33:43,240 --> 00:33:45,360
Speaker 12: I pay twenty dollars a month right now for Chat

701
00:33:45,360 --> 00:33:48,480
Speaker 12: GPT four. My guess is Apple gets that for a

702
00:33:48,520 --> 00:33:51,840
Speaker 12: lower price, but they probably search charge heavy users of

703
00:33:51,840 --> 00:33:54,520
Speaker 12: that particular functionality. I think a lot of people because

704
00:33:54,560 --> 00:33:56,760
Speaker 12: of the privacy issue, will not use it, will not

705
00:33:56,840 --> 00:33:59,160
Speaker 12: call out to the cloud to chat GPT.

706
00:33:59,800 --> 00:34:01,280
Speaker 6: The Apple doesn't, isn't.

707
00:34:01,360 --> 00:34:03,640
Speaker 12: It's not costing Apple anymore for those users.

708
00:34:04,240 --> 00:34:07,680
Speaker 3: So maybe this key concern reference bytal Musk will be

709
00:34:07,800 --> 00:34:10,880
Speaker 3: listened to by some in the crowd. Laura, the reason

710
00:34:10,920 --> 00:34:12,920
Speaker 3: we love having on the show is the breadth of

711
00:34:12,920 --> 00:34:15,640
Speaker 3: analysis you do across so many of the tech pays

712
00:34:15,680 --> 00:34:16,400
Speaker 3: and entertainment.

713
00:34:16,600 --> 00:34:19,360
Speaker 4: I'm interested is to you know who is winning the.

714
00:34:19,440 --> 00:34:22,200
Speaker 3: Charge of any of the actual device makers or operating

715
00:34:22,239 --> 00:34:23,120
Speaker 3: system providers.

716
00:34:23,160 --> 00:34:25,640
Speaker 4: I mean, is alphabet doing any better with the Google offering?

717
00:34:25,920 --> 00:34:26,640
Speaker 4: The only thing.

718
00:34:26,480 --> 00:34:30,839
Speaker 12: That's strategic position for Google. Alphabet is better because they

719
00:34:30,880 --> 00:34:33,920
Speaker 12: have Cloud, so they get it cheaper because they own it.

720
00:34:34,160 --> 00:34:37,480
Speaker 12: They have Android, which is the direct competitor to iOS.

721
00:34:37,719 --> 00:34:40,120
Speaker 12: They have an ad driven business, which in search, which

722
00:34:40,160 --> 00:34:41,839
Speaker 12: means you have a lot of first party data. They

723
00:34:41,840 --> 00:34:44,080
Speaker 12: have YouTube in the world's moving to video. As we know,

724
00:34:44,239 --> 00:34:46,759
Speaker 12: YouTube is the number one streamer and makes a lot

725
00:34:46,800 --> 00:34:49,799
Speaker 12: of money now. It's the largest subscription streaming service as

726
00:34:49,800 --> 00:34:52,360
Speaker 12: well as the largest ad driven service, which gives them

727
00:34:52,400 --> 00:34:55,520
Speaker 12: first party data. So it feels like their strategic position

728
00:34:55,760 --> 00:34:58,600
Speaker 12: is a lot better. Even if they're sort of inferior

729
00:34:58,719 --> 00:35:01,040
Speaker 12: at every one of those things, they the fact they

730
00:35:01,080 --> 00:35:05,239
Speaker 12: do them all gives them really strong, better data on

731
00:35:05,280 --> 00:35:07,759
Speaker 12: you and also more ways to make money from you.

732
00:35:08,480 --> 00:35:11,000
Speaker 12: And they don't feel like they're strategically in a box.

733
00:35:11,120 --> 00:35:13,480
Speaker 12: Apple feels to me like it's strategically in a box.

734
00:35:13,520 --> 00:35:17,160
Speaker 12: It can't participate in Jenerator AI except for through it's

735
00:35:17,200 --> 00:35:21,160
Speaker 12: a million of billion five users, and that isn't really

736
00:35:21,160 --> 00:35:23,239
Speaker 12: true of Google. It feels like it's going to participate

737
00:35:23,440 --> 00:35:26,359
Speaker 12: across the globe and it's three billion users a day

738
00:35:26,600 --> 00:35:27,880
Speaker 12: that come in for search.

739
00:35:28,440 --> 00:35:30,120
Speaker 4: Such great context.

740
00:35:30,320 --> 00:35:32,799
Speaker 3: Laura Martin, thank you for joining us, senior Entertainment and

741
00:35:32,880 --> 00:35:35,759
Speaker 3: Internet Internet analyst over at Needham and Co. Didn't even

742
00:35:35,760 --> 00:35:38,560
Speaker 3: get onto paramount with her. Next time we were coming up,

743
00:35:38,680 --> 00:35:41,600
Speaker 3: Masha Boucher's Day one Ventures announces it's biggest fun yet.

744
00:35:42,080 --> 00:35:45,120
Speaker 4: We're backing from nine female limited partners. We sit down

745
00:35:45,120 --> 00:35:45,359
Speaker 4: with her.

746
00:35:46,120 --> 00:35:48,000
Speaker 3: I mean, well, let's just look at what's happening on

747
00:35:48,000 --> 00:35:51,760
Speaker 3: the stock market elsewhere. Spotify up a percentage point. Now

748
00:35:51,880 --> 00:35:54,320
Speaker 3: we're understanding here at Bloomberg. But the company will introduce

749
00:35:54,360 --> 00:35:57,520
Speaker 3: a new higher price premium plan for some of its

750
00:35:57,600 --> 00:35:59,399
Speaker 3: users later this year. The plan is going to cost

751
00:35:59,400 --> 00:36:02,279
Speaker 3: at least five dollars more per month, but it's going

752
00:36:02,320 --> 00:36:05,600
Speaker 3: to include access to high fidelity audio, to new playlisting tools.

753
00:36:05,800 --> 00:36:06,960
Speaker 4: If you're an addict, you're gonna want it.

754
00:36:07,000 --> 00:36:32,520
Speaker 3: Apparently from New York, this will been my technology.

755
00:36:22,600 --> 00:36:23,120
Speaker 4: At this stage.

756
00:36:23,200 --> 00:36:25,719
Speaker 3: VC firm Day one Ventures has announced it's raised one

757
00:36:25,760 --> 00:36:28,359
Speaker 3: hundred and fifty million dollars for its latest fun Fun

758
00:36:28,440 --> 00:36:31,880
Speaker 3: three joining us now Masha Buche, founder general partner at

759
00:36:31,960 --> 00:36:34,120
Speaker 3: Day one Ventures, and it is the biggest haul of

760
00:36:34,120 --> 00:36:36,759
Speaker 3: money thus far and some interesting LPs talk to us

761
00:36:36,760 --> 00:36:37,880
Speaker 3: about how you brought them together.

762
00:36:38,560 --> 00:36:41,200
Speaker 13: Hi, I think lots of nice to be here, and

763
00:36:41,239 --> 00:36:43,520
Speaker 13: I think a lot of that of what we have

764
00:36:43,600 --> 00:36:47,200
Speaker 13: accomplished this because of the great work of the founders

765
00:36:47,200 --> 00:36:49,920
Speaker 13: that we've had a luck investing in and working together with.

766
00:36:50,440 --> 00:36:53,480
Speaker 3: So interestingly, some of those founders are now your investors.

767
00:36:53,680 --> 00:36:56,800
Speaker 3: How many of your original portfolio companies from initial funds

768
00:36:57,080 --> 00:36:58,520
Speaker 3: have put money in you now?

769
00:36:59,719 --> 00:37:02,080
Speaker 13: We were likely to be backed by a few dozens

770
00:37:02,120 --> 00:37:07,040
Speaker 13: of founders, including ten Unicorn founders, and including fourteen founders

771
00:37:07,080 --> 00:37:09,840
Speaker 13: that were previously backed, which is beautiful to see because

772
00:37:10,120 --> 00:37:13,240
Speaker 13: it just approves that we, on the one hand, partnered

773
00:37:13,320 --> 00:37:17,640
Speaker 13: with very successful and promising entrepreneurs who became successful financially

774
00:37:17,880 --> 00:37:18,319
Speaker 13: so they.

775
00:37:18,239 --> 00:37:19,759
Speaker 4: Can afford to be backing the fund.

776
00:37:20,040 --> 00:37:21,960
Speaker 13: And on the other hand, it's also proved that we

777
00:37:21,960 --> 00:37:25,120
Speaker 13: were able to build this partnerships that's like were like

778
00:37:25,160 --> 00:37:27,360
Speaker 13: a very strong bond and they were happy with the

779
00:37:27,400 --> 00:37:29,360
Speaker 13: experience they got as founders.

780
00:37:29,520 --> 00:37:30,960
Speaker 4: Yeah, let's talk about the partnership.

781
00:37:30,960 --> 00:37:34,719
Speaker 3: Because you got an interesting route into venture funding, and

782
00:37:35,200 --> 00:37:38,279
Speaker 3: initially you built a public relations company. You help these

783
00:37:38,360 --> 00:37:42,200
Speaker 3: founders tell their stories, and did that allow you therefore

784
00:37:42,239 --> 00:37:45,640
Speaker 3: to get access to early opportunities to invest and you

785
00:37:45,680 --> 00:37:46,160
Speaker 3: built from that.

786
00:37:46,719 --> 00:37:49,720
Speaker 13: Yeah, I think what started I started, like I started

787
00:37:49,719 --> 00:37:53,239
Speaker 13: two companies before. In previous company was PR Studios that

788
00:37:53,440 --> 00:37:57,000
Speaker 13: I created, and we're out of thirty customers that I

789
00:37:57,080 --> 00:38:00,439
Speaker 13: took out of a few hundreds, ten became you Courns

790
00:38:00,440 --> 00:38:03,279
Speaker 13: in twenty seventeen. And it just brought me to understanding

791
00:38:03,320 --> 00:38:07,120
Speaker 13: that lots of companies im betting on as a PR

792
00:38:07,560 --> 00:38:10,719
Speaker 13: as a publicist of becoming successful. So I pivoted and

793
00:38:10,800 --> 00:38:13,520
Speaker 13: change your Investor, which also like went very well, and

794
00:38:13,560 --> 00:38:16,080
Speaker 13: I had a lot of exits and few unicorns, and

795
00:38:16,200 --> 00:38:19,000
Speaker 13: that enabled me to get experience to be able to

796
00:38:19,200 --> 00:38:21,600
Speaker 13: create new funds in twenty eighteen.

797
00:38:22,360 --> 00:38:23,800
Speaker 4: So that's how it happened.

798
00:38:23,840 --> 00:38:27,000
Speaker 13: But speaking about communication, I think if you look at

799
00:38:27,040 --> 00:38:29,799
Speaker 13: like any business problems that you want to solve, and

800
00:38:29,960 --> 00:38:32,000
Speaker 13: any business goal or task you want to solve, I

801
00:38:32,000 --> 00:38:36,440
Speaker 13: think ninety percent of business problems they actually communications problems.

802
00:38:36,520 --> 00:38:39,480
Speaker 13: And I think this is something that we train founders

803
00:38:39,520 --> 00:38:41,439
Speaker 13: to solve, and this is something that we help them

804
00:38:41,760 --> 00:38:43,000
Speaker 13: to do.

805
00:38:43,880 --> 00:38:45,160
Speaker 4: For video includes well.

806
00:38:45,200 --> 00:38:47,680
Speaker 3: Coin of course, the Cryptoi startup that was in some

807
00:38:47,719 --> 00:38:50,440
Speaker 3: ways co founded by Sam Altman. You've also got do

808
00:38:50,520 --> 00:38:53,680
Speaker 3: not Pay, You've got you dot Com. It's interesting that

809
00:38:53,719 --> 00:38:56,960
Speaker 3: these little male founders, but you focused on female LPs

810
00:38:57,000 --> 00:38:59,239
Speaker 3: to a certain extent. How many female founders do you

811
00:38:59,280 --> 00:39:00,319
Speaker 3: have within your full vido?

812
00:39:01,239 --> 00:39:05,239
Speaker 13: We are likely to beck over forty female founders, that's

813
00:39:05,400 --> 00:39:08,319
Speaker 13: our portfolio. I was also very proud that was Fund three,

814
00:39:08,360 --> 00:39:12,360
Speaker 13: we were able to bring nine female limited partners because

815
00:39:12,600 --> 00:39:15,160
Speaker 13: funds you had no limited partners and for Funds three,

816
00:39:15,200 --> 00:39:17,880
Speaker 13: I really had a big goal and North start to

817
00:39:17,920 --> 00:39:21,200
Speaker 13: be able to find their few female alps and quit

818
00:39:21,280 --> 00:39:24,080
Speaker 13: proud that we were able to find nine very successful,

819
00:39:24,280 --> 00:39:27,240
Speaker 13: mostly female interrepreneurs that decided to beg this fund.

820
00:39:27,840 --> 00:39:30,880
Speaker 3: We'll bring them on Masha Bucha. It's a really interesting story.

821
00:39:30,920 --> 00:39:32,719
Speaker 3: Biggest fun today, one hundred fifty million.

822
00:39:32,760 --> 00:39:33,560
Speaker 4: We thank you so much.

823
00:39:33,640 --> 00:39:43,960
Speaker 3: Day one Ventures, thanks for stopping Divide the studio. We

824
00:39:44,080 --> 00:39:46,680
Speaker 3: just want to return to that breaking news regarding the

825
00:39:46,719 --> 00:39:51,840
Speaker 3: Biden administration potentially considering further restrictions yet further on China's

826
00:39:51,840 --> 00:39:55,080
Speaker 3: access to chip technology use for artificial intelligence, that targetting

827
00:39:55,120 --> 00:39:59,200
Speaker 3: new hardware that's now only making its way very slowly

828
00:39:59,239 --> 00:40:02,400
Speaker 3: into the market, DEAA Gate all around, it's basically the

829
00:40:02,400 --> 00:40:06,080
Speaker 3: most cutting edge chip architecture that really at the moment

830
00:40:06,120 --> 00:40:08,719
Speaker 3: we're seeing semiconductive companies just starting to adopt and make

831
00:40:08,760 --> 00:40:11,120
Speaker 3: them more powerful. But this could be affecting the likes

832
00:40:11,120 --> 00:40:13,920
Speaker 3: of Nvidia in particular. We're seeing pressure on some of

833
00:40:13,920 --> 00:40:18,080
Speaker 3: these stocks. More broadly, let's talk about the ecosystem of

834
00:40:18,160 --> 00:40:21,880
Speaker 3: technology with Law Negier. It's an analyst portfolio manager of

835
00:40:21,920 --> 00:40:24,640
Speaker 3: at Comngest that's a boutique asset management group that's more

836
00:40:24,680 --> 00:40:27,239
Speaker 3: than thirty two billion dollars in assets under management and.

837
00:40:27,560 --> 00:40:30,240
Speaker 4: Some big great bets on some key.

838
00:40:30,040 --> 00:40:33,800
Speaker 3: Companies within the mag seven and more broadly, are you

839
00:40:33,840 --> 00:40:36,640
Speaker 3: anticipating yet more geopolitics to interfere with some of the

840
00:40:36,640 --> 00:40:38,000
Speaker 3: investing landscape here.

841
00:40:38,160 --> 00:40:38,719
Speaker 4: Yes, we do.

842
00:40:38,880 --> 00:40:41,759
Speaker 14: I mean we think it will affect sentiment. Now there

843
00:40:41,800 --> 00:40:45,080
Speaker 14: will be disentangling of sentiment and then hard reality and

844
00:40:45,120 --> 00:40:47,239
Speaker 14: the p and ls. But yes, we think geopolitics and

845
00:40:47,280 --> 00:40:49,080
Speaker 14: the impact on this sector is here to stay.

846
00:40:49,280 --> 00:40:51,520
Speaker 3: What's interesting is thus far in Video, even though it's

847
00:40:51,520 --> 00:40:54,759
Speaker 3: sold into China, significantly has not been buffeted around too

848
00:40:54,800 --> 00:40:57,000
Speaker 3: much in terms of its market capitalization because of this,

849
00:40:57,320 --> 00:41:00,120
Speaker 3: because they've had a bigger demand coming from the US

850
00:41:00,239 --> 00:41:04,680
Speaker 3: and well Western economies. Is that going to counterbalance? Is

851
00:41:04,680 --> 00:41:06,960
Speaker 3: that going to be enough to sustain these heavy valuations?

852
00:41:08,200 --> 00:41:11,319
Speaker 14: Tough one, but certainly you know the demand is very

853
00:41:11,480 --> 00:41:15,359
Speaker 14: very strong and projected to outstrip supply for a good

854
00:41:15,440 --> 00:41:15,879
Speaker 14: long while.

855
00:41:15,920 --> 00:41:19,200
Speaker 3: Yet TSMC, for example, I believe is one of the

856
00:41:19,280 --> 00:41:22,400
Speaker 3: key bets and beneficiaries you've called out in artificial intelligence?

857
00:41:22,640 --> 00:41:23,960
Speaker 4: Why those particular names.

858
00:41:23,960 --> 00:41:27,080
Speaker 3: Where are we seeing the money flow when it comes

859
00:41:27,120 --> 00:41:30,000
Speaker 3: to picks and shovels than into the application of AI.

860
00:41:30,320 --> 00:41:34,880
Speaker 14: Yeah, And when you think of Nvidia and then everything

861
00:41:35,000 --> 00:41:38,480
Speaker 14: that supplies into it, there's TSMC. Well, nvidia' is a

862
00:41:38,520 --> 00:41:41,680
Speaker 14: TSMC customer, then there's the suppliers to TSMC.

863
00:41:42,040 --> 00:41:43,640
Speaker 4: So there's very direct.

864
00:41:43,239 --> 00:41:45,200
Speaker 14: Plays in the sector, and then there's more and more

865
00:41:45,200 --> 00:41:48,279
Speaker 14: indirect place. And it's quite fun to be thinking not

866
00:41:48,360 --> 00:41:51,000
Speaker 14: just about those direct plays, but some of the indirect plays.

867
00:41:50,800 --> 00:41:53,160
Speaker 4: As yeah, has the other has a video got too crowded?

868
00:41:53,200 --> 00:41:55,839
Speaker 3: Have you felt that people aren't looking more broadly at

869
00:41:55,840 --> 00:41:57,720
Speaker 3: this overall ecosystem?

870
00:41:57,880 --> 00:41:58,600
Speaker 14: Well, it's hard to say.

871
00:41:58,640 --> 00:41:59,600
Speaker 4: Nvidia is not known.

872
00:42:00,239 --> 00:42:04,040
Speaker 14: So starting from that place, we like to think who's

873
00:42:04,120 --> 00:42:06,799
Speaker 14: supplying to them, who's a client of theirs, How can

874
00:42:06,840 --> 00:42:08,040
Speaker 14: we play this a bit differently.

875
00:42:08,080 --> 00:42:10,200
Speaker 4: Perhaps where else can you play it differently?

876
00:42:10,280 --> 00:42:13,120
Speaker 3: Because I know that we're thinking of Apple trying to

877
00:42:13,120 --> 00:42:15,600
Speaker 3: play catch up when it comes to application and use

878
00:42:15,760 --> 00:42:18,560
Speaker 3: real use case of ltificial intelligence by you and I

879
00:42:18,600 --> 00:42:21,640
Speaker 3: in a consumer way, But how is it being adopted

880
00:42:21,640 --> 00:42:23,480
Speaker 3: elsewhere and which companies are going to benefit?

881
00:42:23,920 --> 00:42:27,360
Speaker 14: So there's a supplier to TSMC that makes the EUV,

882
00:42:27,719 --> 00:42:31,879
Speaker 14: the extreme ultraviolet lithography equipment called ASML, which has become

883
00:42:31,960 --> 00:42:34,359
Speaker 14: quite well known, but just a few years ago was not.

884
00:42:35,440 --> 00:42:39,240
Speaker 14: There are companies like Hoya and Shinetsu Chemical and Japan.

885
00:42:39,840 --> 00:42:43,200
Speaker 14: They make Hoya makes the mask blanks that are used

886
00:42:43,239 --> 00:42:49,280
Speaker 14: to design the semiconductor circuits onto the wafers, and Shinetsu

887
00:42:49,360 --> 00:42:52,400
Speaker 14: Chemical is a leader in the wafer space. So those

888
00:42:52,480 --> 00:42:54,440
Speaker 14: tend to be a little bit less well known, and

889
00:42:54,520 --> 00:42:57,640
Speaker 14: yet they're very present in the supply chain and great beneficiaries.

890
00:42:57,719 --> 00:42:58,520
Speaker 4: Got to get global.

891
00:42:59,040 --> 00:43:01,400
Speaker 3: Have you got to trade and actively trade this market

892
00:43:01,600 --> 00:43:04,560
Speaker 3: or you just sit and wait for valuations to rise.

893
00:43:04,760 --> 00:43:06,880
Speaker 14: We think this has been a great buy and hold

894
00:43:07,000 --> 00:43:11,400
Speaker 14: space because you know, right now sentiment is very very buoyant,

895
00:43:11,680 --> 00:43:15,520
Speaker 14: but look back two three years ago, everyone was extremely depressed.

896
00:43:16,160 --> 00:43:18,719
Speaker 14: The geopolitics were weighing very heavily. So it's actually a

897
00:43:18,719 --> 00:43:21,000
Speaker 14: wonderful space to be a long term buy and hold

898
00:43:21,360 --> 00:43:25,000
Speaker 14: investor with the ability when you're brave to buy more

899
00:43:25,160 --> 00:43:26,239
Speaker 14: when the sentiment's down.

900
00:43:26,440 --> 00:43:27,520
Speaker 4: You're buying mil right now.

901
00:43:28,160 --> 00:43:31,000
Speaker 3: Hah, you just said sentiment results, so I suppose not.

902
00:43:32,320 --> 00:43:33,919
Speaker 4: It's great to have you here. Come back.

903
00:43:33,960 --> 00:43:37,200
Speaker 3: I know you're passing through New York, Lord Nejia talking

904
00:43:37,280 --> 00:43:40,239
Speaker 3: all things tech. Comeest analyst and portfolio manager. Meanwhile, that

905
00:43:40,280 --> 00:43:42,040
Speaker 3: does it for this edition of Blue Meg Technology. Do

906
00:43:42,080 --> 00:43:44,239
Speaker 3: not forget to check out our podcast. Provide it on

907
00:43:44,239 --> 00:43:46,880
Speaker 3: the terminal as well as online on Apple, Spotify, and

908
00:43:46,960 --> 00:43:48,840
Speaker 3: iHeart as a Blue meag Technology