1 00:00:01,680 --> 00:00:02,400 Speaker 1: From Mahard. 2 00:00:02,560 --> 00:00:04,480 Speaker 2: We're Innovation, Money and Power. 3 00:00:04,600 --> 00:00:07,000 Speaker 3: Collie in Silicon Ballet NBN. 4 00:00:07,320 --> 00:00:11,360 Speaker 4: This is Bloomberg Technology with Caroline Hyde and Ed Lovedlove. 5 00:00:26,160 --> 00:00:29,000 Speaker 5: I had Lovelow in San Francisco. Caroline Hyde off today. 6 00:00:29,120 --> 00:00:32,640 Speaker 5: This is Bloomberg Technology coming up on the programmer warning 7 00:00:32,640 --> 00:00:36,960 Speaker 5: from the EU to Twitter, crackdown on disinformation or face 8 00:00:37,000 --> 00:00:39,800 Speaker 5: the consequences. We bring you our interview with the Block's 9 00:00:39,840 --> 00:00:44,640 Speaker 5: Internal Market Commissioner, Tieri Breton, plus tech executives descend on 10 00:00:44,720 --> 00:00:48,240 Speaker 5: the White House, our takeaways from Narendra Modi's state dinner 11 00:00:48,400 --> 00:00:51,600 Speaker 5: as the CEOs of Apple, Google, Microsoft and open Ai, 12 00:00:51,960 --> 00:00:55,040 Speaker 5: dying with the President and India's Prime Minister. And San 13 00:00:55,160 --> 00:00:58,640 Speaker 5: Francisco's driverless future. I'll take you behind the scenes of 14 00:00:58,720 --> 00:01:02,960 Speaker 5: my experience using autonomous vehicles. There's robotaxis. It's becoming a 15 00:01:03,000 --> 00:01:06,240 Speaker 5: reality for thousands in this city. First, let's get to 16 00:01:06,280 --> 00:01:07,520 Speaker 5: check on the market, so I want to get straight 17 00:01:07,520 --> 00:01:09,840 Speaker 5: to the technology sector in equities. Then as that one 18 00:01:09,920 --> 00:01:13,160 Speaker 5: hundred down this Friday, we're actually on track for our 19 00:01:13,160 --> 00:01:17,080 Speaker 5: biggest weekly drop since March. That week in March where 20 00:01:17,120 --> 00:01:18,880 Speaker 5: the banking crisis was unfolding. 21 00:01:19,200 --> 00:01:20,600 Speaker 6: There's a story playing out here. 22 00:01:20,640 --> 00:01:22,600 Speaker 5: You look at the performance of the NASA one hundred 23 00:01:22,800 --> 00:01:25,840 Speaker 5: year to date, it's about a forty percent gain near that, 24 00:01:26,640 --> 00:01:29,640 Speaker 5: echoing what we saw in nineteen ninety nine right before 25 00:01:29,920 --> 00:01:32,920 Speaker 5: that bubble. We've got strategists by Bank of America writing 26 00:01:33,000 --> 00:01:37,119 Speaker 5: that investors actually have started to flee technology stocks. They 27 00:01:37,160 --> 00:01:41,039 Speaker 5: cite data from EPFR Global Data two billion dollars of 28 00:01:41,120 --> 00:01:44,880 Speaker 5: outflows in the five trading days through June twenty first. 29 00:01:45,120 --> 00:01:47,840 Speaker 5: So there could be a shift here when you extrapolate, 30 00:01:47,880 --> 00:01:49,520 Speaker 5: when you zoom out and take a look at the 31 00:01:49,600 --> 00:01:52,040 Speaker 5: nas that one hundred in the moment, most names on 32 00:01:52,080 --> 00:01:54,800 Speaker 5: a single name basis in the red on that index. 33 00:01:54,840 --> 00:01:57,160 Speaker 5: And breaking news at the top of this hour, Bitcoin 34 00:01:57,480 --> 00:02:00,320 Speaker 5: has hit its highest level in one year. It's been 35 00:02:00,360 --> 00:02:02,920 Speaker 5: a lot of momentum, but a sharp gain sees us 36 00:02:02,920 --> 00:02:06,120 Speaker 5: above thirty one thousand, one hundred US dollars per token. 37 00:02:06,200 --> 00:02:09,400 Speaker 5: Go back to June fifteenth and that surprise black Rock 38 00:02:09,520 --> 00:02:13,360 Speaker 5: filing for a Bitcoin spot Exchange ETF. That's what a 39 00:02:13,400 --> 00:02:15,440 Speaker 5: lot of the story has been about, and it's a 40 00:02:15,480 --> 00:02:20,320 Speaker 5: remarkable turnaround for what we have seen in this particular 41 00:02:20,400 --> 00:02:23,760 Speaker 5: digital asset or digital token, but crypto more broadly, given 42 00:02:23,760 --> 00:02:27,239 Speaker 5: there are a number of structural and industry issues very quickly, 43 00:02:27,280 --> 00:02:28,840 Speaker 5: some names that we're watching. We're going to bring you 44 00:02:28,880 --> 00:02:33,359 Speaker 5: the details of that meeting between those technology CEOs, President 45 00:02:33,400 --> 00:02:36,880 Speaker 5: Biden and Therendromodi, Prime Minister of India. To the downside, 46 00:02:36,880 --> 00:02:39,000 Speaker 5: we see Apple a little softer alphabet off by a 47 00:02:39,040 --> 00:02:43,440 Speaker 5: percentage point, Tesla actually Interesting down almost two percentage points, 48 00:02:43,440 --> 00:02:45,720 Speaker 5: seeing a pretty marked decline. I think it's on track 49 00:02:45,720 --> 00:02:48,600 Speaker 5: for his biggest weekly drop in around six weeks. And 50 00:02:48,720 --> 00:02:52,480 Speaker 5: Nikola Interesting News down seven point six percent, the company 51 00:02:52,520 --> 00:02:55,880 Speaker 5: tweeting about a fire at their facility in Phoenix and 52 00:02:55,960 --> 00:03:00,840 Speaker 5: saying that they suspect foul play. Bloomberg is investigating that story. 53 00:03:01,000 --> 00:03:03,560 Speaker 5: From public markets to a name in the private space 54 00:03:03,600 --> 00:03:07,560 Speaker 5: and technology. Twitter needs to put more resources towards addressing 55 00:03:07,840 --> 00:03:11,079 Speaker 5: sensitive content ahead of elections if it wants to comply 56 00:03:11,520 --> 00:03:14,919 Speaker 5: with strict new European regulations ahead of a deadline in August. 57 00:03:15,320 --> 00:03:18,720 Speaker 5: We discuss the matter with Heierry Breton, the EU's Internal 58 00:03:18,760 --> 00:03:19,480 Speaker 5: Market Commissioner. 59 00:03:19,520 --> 00:03:19,960 Speaker 3: Have a listen. 60 00:03:20,520 --> 00:03:24,160 Speaker 7: He made very clear that he will he will comply 61 00:03:24,280 --> 00:03:27,799 Speaker 7: with our regulation and that he believes that DSA is 62 00:03:27,800 --> 00:03:30,200 Speaker 7: a good regulation. And this is what he wants to 63 00:03:30,240 --> 00:03:36,600 Speaker 7: do so again, I proposed to all of them, including Twitter, 64 00:03:37,320 --> 00:03:42,920 Speaker 7: to a a stress test in their headquarters to make 65 00:03:42,960 --> 00:03:45,760 Speaker 7: sure that they will understand what they have to do 66 00:03:45,800 --> 00:03:48,600 Speaker 7: to be ready. He accepted. He's the first one, by 67 00:03:48,640 --> 00:03:51,800 Speaker 7: the way to accept it, which is of course a 68 00:03:51,880 --> 00:03:55,600 Speaker 7: good time. And my team spent two days so and 69 00:03:55,760 --> 00:04:00,240 Speaker 7: reviewed many many programs saone to put in place. Is 70 00:04:00,240 --> 00:04:02,800 Speaker 7: going in the right direction. And of course I don't 71 00:04:02,840 --> 00:04:08,440 Speaker 7: have to comment, but uh, there's some work to be done, 72 00:04:09,320 --> 00:04:15,480 Speaker 7: but the programs are well identified. Of course you're mentioning 73 00:04:15,600 --> 00:04:18,440 Speaker 7: the code of Conduct CONN of connects something different color 74 00:04:18,560 --> 00:04:22,880 Speaker 7: conduct is a voluntary code. This is the difference between 75 00:04:23,000 --> 00:04:27,520 Speaker 7: a law and a voluntary code. I know that when 76 00:04:27,520 --> 00:04:29,400 Speaker 7: you don't have the time to make a law, you 77 00:04:29,520 --> 00:04:33,640 Speaker 7: proposed a voluntary code. But a voluntary code, per definition, 78 00:04:33,880 --> 00:04:35,839 Speaker 7: is voluntary. It's not biding. 79 00:04:37,000 --> 00:04:37,279 Speaker 8: Uh. 80 00:04:37,360 --> 00:04:43,000 Speaker 7: And and for this specificity in the digital space, it 81 00:04:43,120 --> 00:04:46,880 Speaker 7: is important now to have biding rules. It's difficult because 82 00:04:46,880 --> 00:04:50,320 Speaker 7: of course you need as a politician to convince everyone, 83 00:04:50,839 --> 00:04:56,360 Speaker 7: to convince your house, your Senate is complex, but that's 84 00:04:56,400 --> 00:04:57,160 Speaker 7: the only way to do. 85 00:04:57,880 --> 00:05:00,560 Speaker 9: And what was your impression of Linda Ya Koreena The 86 00:05:00,640 --> 00:05:01,800 Speaker 9: new CEO of Twitter. 87 00:05:02,680 --> 00:05:07,560 Speaker 7: I think she was very engaged. Of course, I understand 88 00:05:07,560 --> 00:05:13,359 Speaker 7: that it's her first month as a intraider as a CEO, 89 00:05:14,160 --> 00:05:17,719 Speaker 7: but she was really and on and she was attending 90 00:05:17,720 --> 00:05:23,279 Speaker 7: the meeting, and she gave me the feelings that she's 91 00:05:23,320 --> 00:05:28,599 Speaker 7: definitely willing to do everything everything text to him to 92 00:05:28,640 --> 00:05:29,680 Speaker 7: comply with our ours. 93 00:05:31,760 --> 00:05:35,799 Speaker 5: That was the European Commission Internal Market Commissioner Briton. 94 00:05:35,880 --> 00:05:37,599 Speaker 6: For more, we're joined by Bloomberg. 95 00:05:37,160 --> 00:05:40,440 Speaker 5: Sarah Fryer, the editor that conducted that interview. In Sarah, 96 00:05:40,480 --> 00:05:42,560 Speaker 5: thet's start with a stress test. You and I have 97 00:05:42,640 --> 00:05:45,120 Speaker 5: been covering Twitter, the ins and outs for years. 98 00:05:45,760 --> 00:05:47,279 Speaker 6: What is a stress test though? 99 00:05:47,480 --> 00:05:50,239 Speaker 5: What is a stress test of a social media platform 100 00:05:50,360 --> 00:05:50,880 Speaker 5: like Twitter? 101 00:05:52,200 --> 00:05:55,440 Speaker 9: Commissioner Britton told me that he spent the last couple 102 00:05:55,480 --> 00:05:58,360 Speaker 9: of days in his team as well, looking through and 103 00:05:58,400 --> 00:06:03,360 Speaker 9: seeing what actually does Twitter have built into its systems 104 00:06:03,400 --> 00:06:06,840 Speaker 9: to comply with the rules that will go into effect 105 00:06:06,920 --> 00:06:11,040 Speaker 9: in August on disinformation on harmful content. And Twitter does 106 00:06:11,080 --> 00:06:15,120 Speaker 9: not currently do that, by the way, and that doesn't 107 00:06:15,160 --> 00:06:18,920 Speaker 9: matter to Briton, he says, I don't need I asked him, 108 00:06:18,920 --> 00:06:22,040 Speaker 9: do you actually trust that, you know? Given how they've 109 00:06:22,080 --> 00:06:25,080 Speaker 9: been so permissive of certain kinds of content since must 110 00:06:25,160 --> 00:06:27,680 Speaker 9: take over. Do you actually trust that he is going 111 00:06:27,760 --> 00:06:31,520 Speaker 9: to follow through with this? They have declined to comply 112 00:06:31,680 --> 00:06:34,880 Speaker 9: with the Voluntary Disinformation Code as he was talking about, 113 00:06:35,120 --> 00:06:36,839 Speaker 9: and he says, you know what, I don't have to trust. 114 00:06:37,600 --> 00:06:40,080 Speaker 9: I just need them to be ready to follow the 115 00:06:40,200 --> 00:06:43,160 Speaker 9: law when it goes into effect. That's all that matters. 116 00:06:43,560 --> 00:06:48,960 Speaker 9: So basically his message is if they don't comply with 117 00:06:49,080 --> 00:06:51,719 Speaker 9: this law, they don't get access to the EU market. 118 00:06:52,120 --> 00:06:54,240 Speaker 9: And he thinks that that will be a big enough incentive, 119 00:06:54,680 --> 00:06:56,760 Speaker 9: not just her Twitter, but for Meta, for the other 120 00:06:56,800 --> 00:07:01,200 Speaker 9: social media companies that will be affected, to to follow 121 00:07:01,279 --> 00:07:05,080 Speaker 9: through on what he's what he is coming here to 122 00:07:05,440 --> 00:07:07,880 Speaker 9: San Francisco to say is going to be important. 123 00:07:08,600 --> 00:07:11,119 Speaker 5: Sarah, My understanding is the Commission has been pretty busy 124 00:07:11,200 --> 00:07:13,600 Speaker 5: while he's been out here in the Bay Area taking 125 00:07:13,640 --> 00:07:15,679 Speaker 5: other meetings with other technology names. 126 00:07:17,480 --> 00:07:20,520 Speaker 9: He's meeting today with Tam Altman of Open Ai. He's 127 00:07:20,560 --> 00:07:24,840 Speaker 9: meeting Mark Zuckerberg of Meta, and Jensen Wang of Nvidia. 128 00:07:25,600 --> 00:07:28,120 Speaker 9: So you know, Briton's not just talking about the Digital 129 00:07:28,160 --> 00:07:32,960 Speaker 9: Services Act. He's talking about the the AI regulation that 130 00:07:33,000 --> 00:07:34,800 Speaker 9: he wants to put into effect. Now that's not a 131 00:07:34,880 --> 00:07:40,280 Speaker 9: law yet, but that's going to require companies to think 132 00:07:40,320 --> 00:07:43,560 Speaker 9: about how they're building their AI. He wants to encourage 133 00:07:43,600 --> 00:07:46,600 Speaker 9: them to not build it in directions that he thinks 134 00:07:46,640 --> 00:07:51,560 Speaker 9: would be bad for society, such as social monitoring, you know, 135 00:07:51,600 --> 00:07:55,440 Speaker 9: grading people based on their social media habits or facial recognition. 136 00:07:55,480 --> 00:07:58,679 Speaker 9: There are some forms of AI that that he thinks 137 00:07:58,760 --> 00:08:01,160 Speaker 9: will be harmful, and so if he can put those 138 00:08:01,160 --> 00:08:05,440 Speaker 9: regulations into place early enough, then maybe when the companies 139 00:08:05,440 --> 00:08:07,800 Speaker 9: decide where they want to invest going forward, they won't 140 00:08:07,840 --> 00:08:10,760 Speaker 9: invest in those areas and they will put you know, 141 00:08:11,120 --> 00:08:14,360 Speaker 9: and this race to build AI products, they will put 142 00:08:14,360 --> 00:08:17,400 Speaker 9: their money into things that are a little bit better 143 00:08:17,440 --> 00:08:18,120 Speaker 9: for society. 144 00:08:18,760 --> 00:08:21,280 Speaker 5: Bloomberg's Big Tech editor Sarah for I thank you. It's 145 00:08:21,320 --> 00:08:24,400 Speaker 5: not the EU just visiting these shores. We also have 146 00:08:24,560 --> 00:08:28,120 Speaker 5: visitors from other nations. India Prime Minister or Andromody is 147 00:08:28,160 --> 00:08:30,559 Speaker 5: wrapping up his time in the US with a state 148 00:08:30,600 --> 00:08:33,360 Speaker 5: dinner at the White House, where tech leaders from Apple 149 00:08:33,520 --> 00:08:37,160 Speaker 5: to Google to Microsoft descended on the president's home. From 150 00:08:37,160 --> 00:08:40,280 Speaker 5: more that's bringing Bloomberg's Nick Wadhams out in Washington, d C. 151 00:08:40,400 --> 00:08:45,480 Speaker 5: It's interesting the Biden administration pulling two things together Nearendromod's 152 00:08:45,559 --> 00:08:48,280 Speaker 5: visit and technology executives. 153 00:08:48,480 --> 00:08:51,280 Speaker 1: Well, it's pretty fascinating because what you're seeing in real 154 00:08:51,320 --> 00:08:55,560 Speaker 1: time essentially is the entire tech sector saying, Oops, we 155 00:08:55,640 --> 00:09:01,000 Speaker 1: need to protect ourselves given the geopolitical life that's happening 156 00:09:01,040 --> 00:09:05,079 Speaker 1: with China, and hey, India looks like a really appealing alternative. 157 00:09:05,679 --> 00:09:08,360 Speaker 1: Still pretty tentative steps right now, but you know, in 158 00:09:08,400 --> 00:09:12,400 Speaker 1: all sorts of areas AI Semiconductor's defense, there are just 159 00:09:12,480 --> 00:09:15,240 Speaker 1: all sorts of partnerships and deals where they're essentially looking 160 00:09:15,280 --> 00:09:18,720 Speaker 1: to fulfill what they and the administration say as a 161 00:09:18,760 --> 00:09:22,880 Speaker 1: push toward friends shoring, so instead of offshoring, sending all 162 00:09:22,920 --> 00:09:26,880 Speaker 1: their production to China, cutting down some of their vulnerabilities 163 00:09:26,920 --> 00:09:28,800 Speaker 1: and going to a country that looks a little more 164 00:09:28,800 --> 00:09:29,760 Speaker 1: friendly to the US. 165 00:09:30,720 --> 00:09:33,479 Speaker 5: It's interesting you have the dinner last night. Our understanding 166 00:09:33,559 --> 00:09:36,080 Speaker 5: is that there'll be more meetings this morning with that 167 00:09:36,120 --> 00:09:39,320 Speaker 5: group of technology CEOs. Some of them have an interest, 168 00:09:39,440 --> 00:09:42,000 Speaker 5: right Sam Altman has been to India, the CEO of 169 00:09:42,040 --> 00:09:42,559 Speaker 5: Open AI. 170 00:09:42,679 --> 00:09:43,240 Speaker 6: There's been a. 171 00:09:43,160 --> 00:09:46,360 Speaker 5: Big emphasis and what Apple is doing both in that 172 00:09:46,520 --> 00:09:49,560 Speaker 5: market but also in its supply chains. It makes you 173 00:09:49,559 --> 00:09:53,040 Speaker 5: think about the relationship between the US and India. Strategically, Nick, 174 00:09:53,280 --> 00:09:56,040 Speaker 5: which is your domain, right, How does the US view 175 00:09:56,080 --> 00:09:59,599 Speaker 5: India as a technology partner, a supply chain partner, a 176 00:09:59,720 --> 00:10:02,120 Speaker 5: geo political partner in the context of Asia. 177 00:10:03,320 --> 00:10:07,800 Speaker 1: Well, it's really confusing, and in some ways the ground 178 00:10:07,840 --> 00:10:10,920 Speaker 1: is really shifting because for a while the US has 179 00:10:11,000 --> 00:10:15,199 Speaker 1: wanted to approach India as much more of a strategic partner, 180 00:10:15,240 --> 00:10:19,360 Speaker 1: partly as a counterbalance to China. But on the other hand, 181 00:10:19,720 --> 00:10:22,199 Speaker 1: in a lot of ways, India has not necessarily been 182 00:10:22,240 --> 00:10:24,920 Speaker 1: willing to play ball. So they're not willing to just say, hey, 183 00:10:24,920 --> 00:10:27,240 Speaker 1: we're going to form some big strategic alliance with the 184 00:10:27,360 --> 00:10:30,440 Speaker 1: United States. We have other interests. For example, they have 185 00:10:30,600 --> 00:10:34,520 Speaker 1: not condemned Russia's invasion of Ukraine. They've taken a much 186 00:10:34,520 --> 00:10:37,120 Speaker 1: more ambivalent stance. They see themselves in some way as 187 00:10:37,160 --> 00:10:41,240 Speaker 1: sort of a representative of what Narendramot he called yesterday 188 00:10:41,240 --> 00:10:44,400 Speaker 1: in his speech to Congress, the global South. So they 189 00:10:44,400 --> 00:10:48,560 Speaker 1: are not necessarily interested in just being this shoulder to 190 00:10:48,600 --> 00:10:51,280 Speaker 1: shoulder partner with the United States. But they do want 191 00:10:51,600 --> 00:10:56,480 Speaker 1: to bring in US money, US business advance their own economy, 192 00:10:56,600 --> 00:10:59,240 Speaker 1: so they are eager to play that role. And then 193 00:10:59,280 --> 00:11:02,720 Speaker 1: you see these tech companies essentially coming in and saying, Okay, well, look, 194 00:11:02,760 --> 00:11:05,520 Speaker 1: this is a partner where we could it could be 195 00:11:05,559 --> 00:11:08,200 Speaker 1: a lot safer for us than China, given off of 196 00:11:08,240 --> 00:11:14,199 Speaker 1: the problems that China has imposed on us companies, also 197 00:11:14,240 --> 00:11:17,440 Speaker 1: the intellectual property theft, a whole other range of issues 198 00:11:17,480 --> 00:11:19,960 Speaker 1: that's making them reconsider their connections to China. 199 00:11:20,920 --> 00:11:23,280 Speaker 5: The most Nick wardams out in DC, fascinating that we 200 00:11:23,320 --> 00:11:25,240 Speaker 5: have the EU here in the Bay Area, then DC, 201 00:11:25,360 --> 00:11:27,600 Speaker 5: we have all the tech executives from the Bay Area 202 00:11:27,960 --> 00:11:31,760 Speaker 5: in DC and President Biden really interacting with that sector. 203 00:11:31,760 --> 00:11:32,680 Speaker 6: Thank you for your time. 204 00:11:41,760 --> 00:11:46,439 Speaker 5: Pendulum Therapeutics is a biotech company specializing in metabolic health 205 00:11:46,720 --> 00:11:50,880 Speaker 5: through its micro bio targeted product products. Academy Award winning 206 00:11:50,880 --> 00:11:54,319 Speaker 5: actress Halle Berry joined the company as an equity investor 207 00:11:54,720 --> 00:11:58,520 Speaker 5: and chief Communications officer, also a director earlier this year 208 00:11:58,840 --> 00:12:02,520 Speaker 5: after prioritizing her own metabolic health with Pendulum's products. I 209 00:12:02,520 --> 00:12:05,480 Speaker 5: caught up with both her and Pendulum co founder and CEO, 210 00:12:05,800 --> 00:12:10,000 Speaker 5: doctor Colleen Cutliffe at the Bloomberg Technology Summit yesterday and 211 00:12:10,600 --> 00:12:13,000 Speaker 5: it was an interesting conversation. I said to her, how 212 00:12:13,000 --> 00:12:16,760 Speaker 5: did you get into this? And She basically is saying, well, 213 00:12:17,280 --> 00:12:20,160 Speaker 5: I had some problems, I used a product, it worked, 214 00:12:20,320 --> 00:12:23,319 Speaker 5: I became an investor. Now I'm all in. She described 215 00:12:23,320 --> 00:12:26,520 Speaker 5: it to me as her second act. She's still acting, 216 00:12:27,000 --> 00:12:29,240 Speaker 5: but now this is the first step into her becoming 217 00:12:29,240 --> 00:12:34,400 Speaker 5: an investor, a director of a company, and maybe something more. 218 00:12:34,440 --> 00:12:36,199 Speaker 6: She promises she'll come back. 219 00:12:36,480 --> 00:12:39,319 Speaker 5: AI also very much at the center of the discussions 220 00:12:39,360 --> 00:12:42,559 Speaker 5: we were having at the Bloomberg Technology Summit. Here's what's 221 00:12:42,559 --> 00:12:45,120 Speaker 5: something the speakers weighing in on the future of AI 222 00:12:45,400 --> 00:12:49,160 Speaker 5: had to say, from everything cybersecurity related to calling for 223 00:12:49,240 --> 00:12:52,520 Speaker 5: democratization of the technology. 224 00:12:54,040 --> 00:12:57,160 Speaker 10: We think this technology, the benefits that access to it, 225 00:12:57,200 --> 00:12:59,360 Speaker 10: the governance of it, belongs to him and they as 226 00:12:59,360 --> 00:12:59,680 Speaker 10: a whole. 227 00:13:00,120 --> 00:13:04,079 Speaker 11: This genitive of AI opportunity is huge. We don't know 228 00:13:04,320 --> 00:13:07,280 Speaker 11: yet all of the different applications that are going to 229 00:13:07,280 --> 00:13:10,400 Speaker 11: come up. We're seeing that just we mean, the past 230 00:13:10,480 --> 00:13:13,920 Speaker 11: six months is a revolution. The number of companies coming 231 00:13:14,000 --> 00:13:14,840 Speaker 11: with use cases. 232 00:13:15,360 --> 00:13:17,800 Speaker 12: We'll also see and I think people have heard a 233 00:13:17,800 --> 00:13:20,440 Speaker 12: lot of this today. AI coming more and more to 234 00:13:20,520 --> 00:13:24,800 Speaker 12: the forefront, both to help folks stay productive and from 235 00:13:24,800 --> 00:13:26,200 Speaker 12: a security perspective. 236 00:13:26,360 --> 00:13:28,760 Speaker 7: If we do our job right, I think it should 237 00:13:28,960 --> 00:13:30,840 Speaker 7: buttress our existing leadership position. 238 00:13:30,960 --> 00:13:33,720 Speaker 10: The cloud, it can detect a fair amount of stuff, 239 00:13:34,160 --> 00:13:36,520 Speaker 10: but there's a lot of subtle stuff that humans detect 240 00:13:36,640 --> 00:13:38,240 Speaker 10: that AI doesn't. And so I think we have to 241 00:13:38,240 --> 00:13:41,480 Speaker 10: ask ourselves are we happy with the road we're going down, 242 00:13:41,960 --> 00:13:44,320 Speaker 10: because we're about to accelerate that road, and if we 243 00:13:44,360 --> 00:13:47,440 Speaker 10: want to maybe make some course correction, now is the 244 00:13:47,480 --> 00:13:48,960 Speaker 10: time to do it. And this is why I think 245 00:13:49,040 --> 00:13:52,400 Speaker 10: discussion shouldn't just be about AI, but should be about 246 00:13:52,440 --> 00:13:53,320 Speaker 10: what kind of world. 247 00:13:53,080 --> 00:13:53,719 Speaker 3: Do we want to live in? 248 00:13:53,880 --> 00:13:56,640 Speaker 10: What do we want to do with this technology? 249 00:13:58,760 --> 00:14:01,600 Speaker 5: You know what's get some more of the conversation and 250 00:14:01,640 --> 00:14:04,520 Speaker 5: go back to that conversation with halle Berry and clean 251 00:14:04,520 --> 00:14:05,640 Speaker 5: cut lift of Pendulum. 252 00:14:05,640 --> 00:14:06,120 Speaker 3: Have a listen. 253 00:14:06,800 --> 00:14:09,640 Speaker 6: What was it like launching. 254 00:14:09,240 --> 00:14:12,360 Speaker 5: And growing a business at first, and including raising money 255 00:14:12,360 --> 00:14:15,559 Speaker 5: from a big name bench capital firm. You know, in 256 00:14:16,040 --> 00:14:22,920 Speaker 5: other even in the intersection of medicine and foods, you know, 257 00:14:23,080 --> 00:14:26,640 Speaker 5: there is issues of regulation non regulation. They are often 258 00:14:26,680 --> 00:14:30,800 Speaker 5: born out of academia. I'm just fascinated by the origin 259 00:14:30,840 --> 00:14:31,760 Speaker 5: story of this company. 260 00:14:32,720 --> 00:14:35,800 Speaker 4: Well, I think, as with any big initiative, when you started, 261 00:14:35,880 --> 00:14:38,080 Speaker 4: you don't necessarily know what you're taking on, and so 262 00:14:38,080 --> 00:14:40,840 Speaker 4: it's lessly ignorance and naivete that got us here. I 263 00:14:40,880 --> 00:14:44,400 Speaker 4: think it's you know, we knew that the gut microbiome 264 00:14:44,680 --> 00:14:47,760 Speaker 4: was a new frontier and science. Our first investors were 265 00:14:47,800 --> 00:14:49,840 Speaker 4: not an ABC's, it was the Male Clinic because they 266 00:14:49,840 --> 00:14:53,320 Speaker 4: agreed there's something really interesting about the gut and how 267 00:14:53,320 --> 00:14:55,760 Speaker 4: we can taggle diseases around it, and that was it. 268 00:14:55,760 --> 00:14:58,080 Speaker 2: It was a very simple premise. The gut microbiome is 269 00:14:58,080 --> 00:14:58,960 Speaker 2: an entirely new. 270 00:14:58,920 --> 00:15:01,400 Speaker 4: Organ that has never been targeting before that can help 271 00:15:01,400 --> 00:15:02,720 Speaker 4: people with a myriad of diseases. 272 00:15:03,080 --> 00:15:05,040 Speaker 2: And from there it just we step forward. 273 00:15:05,120 --> 00:15:07,240 Speaker 4: And I think when you have a vision like that 274 00:15:07,360 --> 00:15:10,480 Speaker 4: about looking at kind of shelves of probiotics and saying. 275 00:15:10,280 --> 00:15:11,320 Speaker 2: We're not even in there. 276 00:15:11,400 --> 00:15:14,840 Speaker 4: We're really a technology based company using DNA sequencing and 277 00:15:14,880 --> 00:15:18,200 Speaker 4: metabolic maps and you know, this high end manufacturing that 278 00:15:18,280 --> 00:15:20,360 Speaker 4: nobody else in the world is doing to create these products. 279 00:15:21,560 --> 00:15:25,520 Speaker 4: We ended up attracting the kind of investors that like 280 00:15:25,600 --> 00:15:28,680 Speaker 4: to see world changing in category creating products, and we 281 00:15:28,720 --> 00:15:31,120 Speaker 4: attract the kind of talent that wants to get involved 282 00:15:31,160 --> 00:15:34,200 Speaker 4: in something that they've seen that's different than anything else 283 00:15:34,200 --> 00:15:35,000 Speaker 4: they've experienced. 284 00:15:35,040 --> 00:15:36,480 Speaker 2: And so we've been very. 285 00:15:36,360 --> 00:15:39,200 Speaker 4: Fortunate in that it seemed from a science standpoint, there 286 00:15:39,240 --> 00:15:42,160 Speaker 4: was an obvious opportunity, and all along the way, we've 287 00:15:42,200 --> 00:15:45,400 Speaker 4: just been surrounded by amazing people who see that vision too. 288 00:15:45,480 --> 00:15:47,320 Speaker 5: You're part of your role is you know, thinking about 289 00:15:47,360 --> 00:15:49,880 Speaker 5: future investors, but also growing the brand. 290 00:15:49,880 --> 00:15:54,280 Speaker 6: It's a consumer product, right, so scale it for me. 291 00:15:54,680 --> 00:15:56,160 Speaker 6: Tell me how you take the mess out. 292 00:15:56,040 --> 00:15:59,600 Speaker 5: There but then get it in more lanes for sale 293 00:15:59,640 --> 00:16:01,560 Speaker 5: and more consumers stomachs. 294 00:16:02,160 --> 00:16:04,560 Speaker 13: Well, I think it all starts with, you know, communication, 295 00:16:04,960 --> 00:16:07,960 Speaker 13: talking about it, getting them to get interested in the brand, 296 00:16:07,960 --> 00:16:10,040 Speaker 13: getting them to go try it to see for themselves. 297 00:16:10,120 --> 00:16:12,400 Speaker 13: Like Colleen and I always talk about, don't just take 298 00:16:12,440 --> 00:16:14,720 Speaker 13: it because I say. What I would love people to 299 00:16:14,760 --> 00:16:16,480 Speaker 13: do is go try it because I ask them to, 300 00:16:16,800 --> 00:16:18,880 Speaker 13: and then they decide for themselves. And I think that's 301 00:16:18,880 --> 00:16:21,480 Speaker 13: how you start to scale it because it really does work. 302 00:16:21,880 --> 00:16:24,680 Speaker 2: You know, it's not one of these products that just 303 00:16:24,720 --> 00:16:25,720 Speaker 2: has a pretty package. 304 00:16:25,840 --> 00:16:27,160 Speaker 13: As a matter of fact, it didn't have such a 305 00:16:27,200 --> 00:16:29,080 Speaker 13: pretty package when I came along and I said, you need. 306 00:16:29,000 --> 00:16:30,400 Speaker 2: To put this product in a pretty package. 307 00:16:30,400 --> 00:16:33,240 Speaker 13: Because what I find is things that often sometimes scale 308 00:16:33,400 --> 00:16:34,400 Speaker 13: sometimes it's marketing. 309 00:16:34,640 --> 00:16:35,840 Speaker 2: You know, they have a pretty. 310 00:16:35,520 --> 00:16:38,359 Speaker 13: Bottle and it's marketed the right way, and as consumers, 311 00:16:38,520 --> 00:16:41,720 Speaker 13: we're often drawn to that. So now, knowing that she's 312 00:16:41,760 --> 00:16:44,760 Speaker 13: got this like old class product here, I said to her, 313 00:16:44,920 --> 00:16:46,760 Speaker 13: now it has to look like that too, because that 314 00:16:47,000 --> 00:16:49,680 Speaker 13: is very much a part of how we buy as consumers. 315 00:16:49,920 --> 00:16:54,080 Speaker 5: What's the future IPO raise more money, sell to a 316 00:16:54,120 --> 00:16:56,080 Speaker 5: bigger player in. 317 00:16:57,160 --> 00:16:58,240 Speaker 6: An an analogous field. 318 00:16:58,400 --> 00:17:00,560 Speaker 5: You know, how do you feel about that stage of 319 00:17:00,600 --> 00:17:01,680 Speaker 5: the company's life cycle. 320 00:17:02,640 --> 00:17:05,000 Speaker 4: I mean, from the day we started the company to 321 00:17:05,000 --> 00:17:06,800 Speaker 4: today to what I hope is going to be true 322 00:17:06,880 --> 00:17:09,919 Speaker 4: into the infinite future. The company has been centered and 323 00:17:09,960 --> 00:17:11,959 Speaker 4: grounded in how do we help people? 324 00:17:12,119 --> 00:17:13,720 Speaker 2: And so right now we're helping tens. 325 00:17:13,560 --> 00:17:15,280 Speaker 4: Of thousands of people, And so when I think about 326 00:17:15,280 --> 00:17:17,480 Speaker 4: the future is how do we get to hundreds of 327 00:17:17,480 --> 00:17:18,480 Speaker 4: thousands of people to. 328 00:17:18,480 --> 00:17:20,280 Speaker 2: Millions of people? And that's what it's all about. 329 00:17:20,280 --> 00:17:22,480 Speaker 4: And I think if you create a product that people 330 00:17:22,560 --> 00:17:25,199 Speaker 4: love and it's bringing benefits to the world, all of 331 00:17:25,240 --> 00:17:27,160 Speaker 4: that other financial stuff will just go on a place. 332 00:17:36,720 --> 00:17:39,800 Speaker 5: Cloud computing firm fastly holding its annual investor Day, with 333 00:17:39,840 --> 00:17:42,879 Speaker 5: the company projecting up to nine hundred million dollars in 334 00:17:43,000 --> 00:17:45,800 Speaker 5: twenty twenty six revenue for more. We're joined by Fastly 335 00:17:45,960 --> 00:17:49,440 Speaker 5: CEO Todd nineteen Gale. We joined the company last September. 336 00:17:49,440 --> 00:17:51,119 Speaker 5: We're going to go into some of what you discussed, 337 00:17:51,520 --> 00:17:55,440 Speaker 5: but there's only one question. How does fastly use artificial 338 00:17:55,480 --> 00:17:57,960 Speaker 5: intelligence to improve its products? 339 00:17:59,119 --> 00:18:01,680 Speaker 14: That is a great question and then obviously super top 340 00:18:01,720 --> 00:18:05,440 Speaker 14: of mind for everyone, of course, just like every other company, 341 00:18:05,520 --> 00:18:09,919 Speaker 14: especially tech companies, we use artificial intelligence to improve our offerings, 342 00:18:09,960 --> 00:18:13,880 Speaker 14: specifically in traffic engineering, which is really near and dear 343 00:18:13,960 --> 00:18:16,400 Speaker 14: to how we deliver best in class performance. 344 00:18:16,440 --> 00:18:18,000 Speaker 6: That's core to our value proposition. 345 00:18:18,359 --> 00:18:22,199 Speaker 14: But I think what's really interesting for Fastly especially is 346 00:18:22,240 --> 00:18:26,600 Speaker 14: the opportunity to bring our customers AI workloads into the edge. 347 00:18:26,840 --> 00:18:30,240 Speaker 14: We partner closely with centralized cloud providers where those models 348 00:18:30,240 --> 00:18:33,800 Speaker 14: are trains but trained, but running an inference model at 349 00:18:33,800 --> 00:18:37,119 Speaker 14: the edge has the power to deliver best in class 350 00:18:37,160 --> 00:18:42,119 Speaker 14: sort of next generation you know, AI user experience, and 351 00:18:42,320 --> 00:18:44,600 Speaker 14: user experience is what we focus on a Fastly, So 352 00:18:44,640 --> 00:18:47,399 Speaker 14: we're kind of super excited about this new focus on AI. 353 00:18:48,240 --> 00:18:51,199 Speaker 5: So the edge cloud market, you know, we discussed this 354 00:18:51,240 --> 00:18:54,840 Speaker 5: on the program all the time. Microsoft, Google AWS. It's 355 00:18:54,880 --> 00:18:57,159 Speaker 5: going to be hard, like how much of that market 356 00:18:57,160 --> 00:18:58,720 Speaker 5: are they going to allow you to have. 357 00:19:00,520 --> 00:19:02,920 Speaker 6: AWS gcp azure. 358 00:19:03,480 --> 00:19:08,199 Speaker 14: These are core cloud technology providers. I as providers that 359 00:19:08,240 --> 00:19:13,320 Speaker 14: operate these massive core cloud technologies, and every one of 360 00:19:13,320 --> 00:19:16,800 Speaker 14: our customers uses a central cloud provider. We don't compete 361 00:19:16,800 --> 00:19:22,440 Speaker 14: against those folks, and largely that's great. We believe deeply 362 00:19:22,480 --> 00:19:25,280 Speaker 14: in our customers, believe deeply in a multi cloud architecture 363 00:19:25,600 --> 00:19:28,399 Speaker 14: where they use those resources in the core and they 364 00:19:28,440 --> 00:19:32,680 Speaker 14: leverage the edge cloud for super low latency experiences to 365 00:19:32,840 --> 00:19:37,000 Speaker 14: drive content where the user experience, the speed, the performance 366 00:19:37,440 --> 00:19:40,959 Speaker 14: is important. That's why Fastly is focused on fast, safe, 367 00:19:41,280 --> 00:19:43,320 Speaker 14: and engaging end user experiences. 368 00:19:43,920 --> 00:19:46,280 Speaker 5: You know, the market love this number of putting out 369 00:19:46,280 --> 00:19:47,399 Speaker 5: for twenty twenty six. 370 00:19:47,960 --> 00:19:49,000 Speaker 6: It's a long way away. 371 00:19:49,400 --> 00:19:51,480 Speaker 5: I want to hear about what you're saying right now. 372 00:19:51,720 --> 00:19:54,480 Speaker 5: You know what's driving growth for you right now in. 373 00:19:54,400 --> 00:19:55,720 Speaker 6: This core to next quarter. 374 00:19:56,480 --> 00:20:02,000 Speaker 14: Yeah, we're really pivoting Fastly hard right now towards aggressive 375 00:20:02,040 --> 00:20:06,480 Speaker 14: customer acquisition, towards driving growth across our business and really 376 00:20:06,680 --> 00:20:10,320 Speaker 14: financial rigor not just top line growth, but improving our 377 00:20:10,320 --> 00:20:13,720 Speaker 14: bottom line as well. But really, what's driving the change 378 00:20:13,880 --> 00:20:17,159 Speaker 14: in so many ways is a refocus, a refocus on 379 00:20:17,240 --> 00:20:20,359 Speaker 14: delivering the best user experience with platform unifications, so that 380 00:20:20,359 --> 00:20:23,960 Speaker 14: our customers have a simpler experience end to end and 381 00:20:24,000 --> 00:20:26,720 Speaker 14: they can really partner with Fastly, not just on one 382 00:20:26,760 --> 00:20:30,679 Speaker 14: product line like content delivery, but across our portfolio. That 383 00:20:30,760 --> 00:20:33,720 Speaker 14: makes our sales teams, land and expand motion so much 384 00:20:33,760 --> 00:20:37,240 Speaker 14: easier as they expand from content delivery to security, to 385 00:20:37,320 --> 00:20:42,840 Speaker 14: compute to observability. It's also amazing We've just launched a 386 00:20:42,880 --> 00:20:47,280 Speaker 14: new partner program where our systems integrators systems integrator partners 387 00:20:47,320 --> 00:20:49,680 Speaker 14: can take to market not just content, not just security, 388 00:20:49,720 --> 00:20:53,640 Speaker 14: but our whole portfolio. That's driving amazing deal registration, which 389 00:20:53,680 --> 00:20:56,000 Speaker 14: is filling the top of our pipeline and I think 390 00:20:56,040 --> 00:20:58,800 Speaker 14: really setting us up to change the growth and the 391 00:20:58,840 --> 00:20:59,919 Speaker 14: acceleration of the company. 392 00:21:00,480 --> 00:21:03,440 Speaker 5: Todd, your core business is Content Delivery Network or CDN 393 00:21:03,520 --> 00:21:06,320 Speaker 5: to all the CTOs that check into to our show. 394 00:21:06,320 --> 00:21:09,120 Speaker 5: It's such a mature market. So how do you navigate 395 00:21:09,119 --> 00:21:10,040 Speaker 5: a mature market? 396 00:21:10,720 --> 00:21:10,879 Speaker 3: You know? 397 00:21:10,920 --> 00:21:12,320 Speaker 6: I think innovation is the key. 398 00:21:12,359 --> 00:21:17,200 Speaker 14: We're innovators at Fastly and CDN the kind of legacy 399 00:21:17,240 --> 00:21:21,080 Speaker 14: CDN technology that that is not what's happening at Faster 400 00:21:21,200 --> 00:21:23,399 Speaker 14: right now, That's not what customers come to Fastly for. 401 00:21:24,240 --> 00:21:27,960 Speaker 14: We're delivering not just static content, but the most real 402 00:21:28,080 --> 00:21:31,520 Speaker 14: time delivery, the most dynamic, the most engaging content in 403 00:21:31,520 --> 00:21:34,080 Speaker 14: the world. It's why compute is such an important part 404 00:21:34,080 --> 00:21:35,919 Speaker 14: of our business as well, and it's really always been 405 00:21:35,960 --> 00:21:39,919 Speaker 14: embedded within content delivery. It's also why people who are 406 00:21:39,920 --> 00:21:44,119 Speaker 14: streaming real time events have dynamic content. They want engaging 407 00:21:44,200 --> 00:21:47,359 Speaker 14: application experiences. Those are the customers that come to fastly, 408 00:21:47,400 --> 00:21:50,000 Speaker 14: and I believe over time, just about every organization in 409 00:21:50,040 --> 00:21:52,840 Speaker 14: the world is going to fit in that category fastly. 410 00:21:52,920 --> 00:21:54,840 Speaker 5: CEO, it's a nicey gale. Good to catch up out 411 00:21:54,840 --> 00:22:05,080 Speaker 5: of New York. Thank you for your time. Welcome back 412 00:22:05,080 --> 00:22:07,560 Speaker 5: to Bloomberg Technology. I'm ed Lovelow here in San Francisco, 413 00:22:07,680 --> 00:22:09,680 Speaker 5: going to get quick check on the markets. 414 00:22:09,720 --> 00:22:11,600 Speaker 6: The story of Friday tech lower. 415 00:22:11,600 --> 00:22:13,800 Speaker 5: Look at the NASDAT one hundred, off by seven tenths 416 00:22:13,920 --> 00:22:15,440 Speaker 5: of a percent as an index. 417 00:22:15,480 --> 00:22:16,600 Speaker 6: It's on track for its. 418 00:22:16,800 --> 00:22:19,560 Speaker 5: Biggest decline on a weekly basis since March when we 419 00:22:19,640 --> 00:22:20,960 Speaker 5: had the banking crisis. 420 00:22:21,240 --> 00:22:21,880 Speaker 6: That a lot of. 421 00:22:21,840 --> 00:22:25,720 Speaker 5: Writing about how investors are pulling out of the technology sector. 422 00:22:25,960 --> 00:22:27,919 Speaker 5: Look at the run up in that index year to 423 00:22:28,000 --> 00:22:31,880 Speaker 5: date and the worries about what we saw in parallel 424 00:22:31,880 --> 00:22:33,040 Speaker 5: with nineteen ninety nine. 425 00:22:33,119 --> 00:22:34,000 Speaker 6: That's the narrative. 426 00:22:34,240 --> 00:22:37,280 Speaker 5: Semiconductors also underperforming, down one point eight percent on the 427 00:22:37,320 --> 00:22:39,760 Speaker 5: socks as yields come a little low. We're moving into 428 00:22:39,760 --> 00:22:41,880 Speaker 5: bonds right three point seventy four percent on the US 429 00:22:41,960 --> 00:22:44,439 Speaker 5: ten year, as we reported at the top of the show, 430 00:22:44,680 --> 00:22:45,000 Speaker 5: and this. 431 00:22:45,119 --> 00:22:45,800 Speaker 6: Is breaking news. 432 00:22:45,840 --> 00:22:49,040 Speaker 5: Bitcoin now trading at its highest level in one year, 433 00:22:49,520 --> 00:22:53,440 Speaker 5: almost thirty one thousand US dollars per token. A lot 434 00:22:53,480 --> 00:22:57,159 Speaker 5: of that related to momentum in the ETF space and 435 00:22:57,200 --> 00:22:59,359 Speaker 5: what black Rock did in the June fifteenth filing. In 436 00:22:59,440 --> 00:23:01,720 Speaker 5: terms of the your name movers, there is some newsflow 437 00:23:01,760 --> 00:23:06,040 Speaker 5: element to what's happening. But I'm taking a look at Tesla, 438 00:23:06,119 --> 00:23:08,920 Speaker 5: down one point four three percent on the day. It's 439 00:23:09,000 --> 00:23:10,760 Speaker 5: on track for its biggest weekly drop I think in 440 00:23:10,840 --> 00:23:13,920 Speaker 5: six weeks. A lot of emphasis has been pulling back 441 00:23:13,960 --> 00:23:18,720 Speaker 5: on the momentum in the AI context because that name 442 00:23:18,800 --> 00:23:21,640 Speaker 5: was caught up in the rally, and also that it's 443 00:23:21,640 --> 00:23:26,200 Speaker 5: coming off some significant highs. Less focus though on its 444 00:23:26,359 --> 00:23:29,200 Speaker 5: energy business, and that's what I want to talk about 445 00:23:29,240 --> 00:23:32,240 Speaker 5: a little bit. When Tesla's former head of energy founded 446 00:23:32,320 --> 00:23:36,119 Speaker 5: startup Lunar Energy, he set out to bring sustainability and 447 00:23:36,160 --> 00:23:39,800 Speaker 5: convenience to the average US household. Now, the company is 448 00:23:39,880 --> 00:23:43,359 Speaker 5: launching its first product and all in one home energy 449 00:23:43,400 --> 00:23:46,560 Speaker 5: system and it's taped sun Run to help with the 450 00:23:46,600 --> 00:23:50,680 Speaker 5: solar panel installations. Joining us for more details on how 451 00:23:50,720 --> 00:23:54,720 Speaker 5: this system works is Lunar Energy CEO canal Ji Rotra 452 00:23:55,160 --> 00:23:58,680 Speaker 5: and Mary Powell, the CEO of sun Run. Two for one, 453 00:23:58,760 --> 00:24:02,119 Speaker 5: both CEOs at the same time. Let me ask you 454 00:24:02,160 --> 00:24:05,640 Speaker 5: this to start now, why did you need sun Run 455 00:24:06,280 --> 00:24:07,119 Speaker 5: to make this happen? 456 00:24:08,080 --> 00:24:09,840 Speaker 3: First of all, thank you for having me on the show. 457 00:24:10,000 --> 00:24:10,080 Speaker 13: ED. 458 00:24:10,359 --> 00:24:13,199 Speaker 15: It's a great opportunity. You know, sun Runs the largest 459 00:24:13,200 --> 00:24:18,479 Speaker 15: solar installer in the country, and you know renewable energies 460 00:24:18,520 --> 00:24:23,280 Speaker 15: on the rise and the future. Solar doesn't shine at night, 461 00:24:23,400 --> 00:24:26,600 Speaker 15: so you need batteries to help with the transition from 462 00:24:26,640 --> 00:24:29,040 Speaker 15: solar energy to battery energy. 463 00:24:29,200 --> 00:24:31,240 Speaker 5: To me, it's also a technology question, right, So let's 464 00:24:31,240 --> 00:24:37,119 Speaker 5: reflect on Tesla. Tesla's doing everything energy storage, solar. Was 465 00:24:37,400 --> 00:24:40,120 Speaker 5: there a temptation to go down that route yourself? 466 00:24:40,600 --> 00:24:40,919 Speaker 3: Yeah? 467 00:24:41,000 --> 00:24:43,840 Speaker 15: So there are seventy five million homes in the country, ED, 468 00:24:44,200 --> 00:24:47,440 Speaker 15: and only four million have solar and quarter million of 469 00:24:47,480 --> 00:24:50,200 Speaker 15: those have home batteries. If you want to decarbonize homes 470 00:24:50,720 --> 00:24:54,040 Speaker 15: which consume which emid twenty percent of greenhouse gas emissions. 471 00:24:54,240 --> 00:24:57,240 Speaker 15: We need every home in the country to have solar 472 00:24:57,280 --> 00:25:00,720 Speaker 15: and battery, and these products are not there today where 473 00:25:00,760 --> 00:25:03,560 Speaker 15: they're plug in play, and there should be like consumer products. 474 00:25:03,760 --> 00:25:07,000 Speaker 15: So Lunar Energy has design systems from the ground up 475 00:25:07,480 --> 00:25:10,480 Speaker 15: to make every home go solar and battery in a 476 00:25:10,600 --> 00:25:15,159 Speaker 15: very easy and seamless manner such that you know, consumers 477 00:25:15,200 --> 00:25:20,199 Speaker 15: want affordable clean energy. Energy builds are rising, power outages 478 00:25:20,240 --> 00:25:23,600 Speaker 15: are rising, but severe weather around the country. So consumers 479 00:25:23,600 --> 00:25:28,520 Speaker 15: have spoken they want simple, affordable clean energy and Lunar's 480 00:25:28,600 --> 00:25:32,920 Speaker 15: first system and all in one integrated solar battery load 481 00:25:32,920 --> 00:25:37,400 Speaker 15: control system allows every homeowner in California and California and 482 00:25:37,440 --> 00:25:40,199 Speaker 15: the rest of the country to avail this service. And 483 00:25:40,240 --> 00:25:43,119 Speaker 15: we're excited to partner with sun Run, who's going to 484 00:25:43,119 --> 00:25:47,119 Speaker 15: be our first installation partner, to install and bring these 485 00:25:47,640 --> 00:25:50,439 Speaker 15: products to the masses in the country. 486 00:25:50,840 --> 00:25:55,160 Speaker 5: Mary, welcome to the program, CEO of sun Run. From 487 00:25:55,200 --> 00:25:58,640 Speaker 5: your perspective, how does it help you. You know it's 488 00:25:58,680 --> 00:26:01,080 Speaker 5: going to customers and saying well, we'll give you the solar, 489 00:26:01,480 --> 00:26:04,440 Speaker 5: but have you checked out the energy storage solution as well. 490 00:26:05,000 --> 00:26:05,720 Speaker 3: Oh my goodness. 491 00:26:05,800 --> 00:26:08,320 Speaker 8: Well, first of all, we are so excited about this 492 00:26:08,359 --> 00:26:12,320 Speaker 8: opportunity to be partnering with Lunar. We are a strategic 493 00:26:12,359 --> 00:26:14,880 Speaker 8: partner of Lunar. We were one of the original investors 494 00:26:14,920 --> 00:26:18,879 Speaker 8: in Lunar because we see massive opportunity around storage in 495 00:26:18,920 --> 00:26:21,480 Speaker 8: the United States of America. Sunrun is not just the 496 00:26:21,560 --> 00:26:24,359 Speaker 8: leading solar company. We are actually the leading company in 497 00:26:24,400 --> 00:26:27,960 Speaker 8: America that provides solar plus storage, you know, that can 498 00:26:28,040 --> 00:26:32,120 Speaker 8: really help support not just our customers all around the country, 499 00:26:32,320 --> 00:26:35,120 Speaker 8: but frankly the grid. One of the reasons I am 500 00:26:35,320 --> 00:26:38,560 Speaker 8: so excited about what could All and his amazing team 501 00:26:38,560 --> 00:26:41,920 Speaker 8: at Lunar have done is that they have really created 502 00:26:42,280 --> 00:26:47,200 Speaker 8: that next level storage device that can also really integrate 503 00:26:47,240 --> 00:26:50,720 Speaker 8: in a sophisticated way with the grid and help us 504 00:26:50,840 --> 00:26:55,040 Speaker 8: make a more affordable, reliable grid for all of America. 505 00:26:56,720 --> 00:27:01,000 Speaker 5: The frustration that some Americans have and plays out in 506 00:27:01,200 --> 00:27:04,320 Speaker 5: jurisdictions all over the world, is that you install solar 507 00:27:04,800 --> 00:27:07,840 Speaker 5: and often there's help to do its subsidy, and in 508 00:27:08,040 --> 00:27:10,600 Speaker 5: you know, places like California where the sun does shine, 509 00:27:10,840 --> 00:27:16,040 Speaker 5: it's great, but often the electricity goes back to the 510 00:27:16,080 --> 00:27:19,159 Speaker 5: grid and you're compensated with a credit. It's not a 511 00:27:19,200 --> 00:27:22,000 Speaker 5: self contained system, Mary, and so I wonder how quickly 512 00:27:22,040 --> 00:27:26,359 Speaker 5: you see us moving to genuine households that can run 513 00:27:27,240 --> 00:27:29,480 Speaker 5: independently from electricity perspective. 514 00:27:29,720 --> 00:27:32,640 Speaker 8: Well, the cool thing is we're actually there, and I mean, 515 00:27:32,920 --> 00:27:37,840 Speaker 8: this kind of technology just accelerates that capability. But you know, 516 00:27:37,880 --> 00:27:39,920 Speaker 8: at the end of the day, one of the things 517 00:27:39,960 --> 00:27:44,600 Speaker 8: that we're most excited about isn't about providing opportunities for 518 00:27:44,720 --> 00:27:47,960 Speaker 8: customers to fully defect from the grid, which is sort 519 00:27:48,000 --> 00:27:50,920 Speaker 8: of what your question implies. You know, what is way 520 00:27:51,000 --> 00:27:54,280 Speaker 8: more powerful and what Canal and I were able to 521 00:27:54,320 --> 00:27:57,320 Speaker 8: prove so many years ago in Vermont, is that we 522 00:27:57,359 --> 00:28:00,320 Speaker 8: can create a more affordable, resilient grid for all of 523 00:28:00,400 --> 00:28:05,960 Speaker 8: Americans by leveraging the assets on so many roofs around America, 524 00:28:06,000 --> 00:28:10,720 Speaker 8: by harnessing that solar energy, storing it, and then dispatching. 525 00:28:10,119 --> 00:28:11,920 Speaker 3: It when the grid needs it the most. 526 00:28:11,960 --> 00:28:14,399 Speaker 8: I mean, look at what's happening in Texas real time 527 00:28:14,800 --> 00:28:18,560 Speaker 8: right now, and imagine a future as we dramatically accelerate 528 00:28:18,800 --> 00:28:22,240 Speaker 8: where all of those homes in Texas can be helping 529 00:28:22,280 --> 00:28:24,760 Speaker 8: to support the grid and make it more affordable and 530 00:28:24,840 --> 00:28:28,040 Speaker 8: reliable for all so you know, one Canel and I 531 00:28:28,119 --> 00:28:31,479 Speaker 8: go way back innovating in this space, and you know 532 00:28:31,600 --> 00:28:35,000 Speaker 8: he's just been, you know, just put together an amazing 533 00:28:35,119 --> 00:28:38,480 Speaker 8: team that is going to really help accelerate this customer 534 00:28:38,560 --> 00:28:42,280 Speaker 8: led revolution to a way more affordable, resilient way to 535 00:28:42,360 --> 00:28:44,560 Speaker 8: power homes and the American grid. 536 00:28:45,880 --> 00:28:48,120 Speaker 15: Yeah, and just just to add to that, you know, 537 00:28:48,200 --> 00:28:51,520 Speaker 15: imagine a future where you have a million homes with 538 00:28:51,640 --> 00:28:54,560 Speaker 15: home batteries. You know, each battery is about ten kilowatts. 539 00:28:54,800 --> 00:28:58,560 Speaker 15: You suddenly have ten gigawatts of power available for the 540 00:28:58,600 --> 00:29:00,360 Speaker 15: grid at any given point of time time when the 541 00:29:00,400 --> 00:29:01,000 Speaker 15: grid needs it. 542 00:29:01,400 --> 00:29:02,640 Speaker 3: What does that mean for the grid. 543 00:29:03,000 --> 00:29:05,840 Speaker 15: The grid doesn't need to build dirty, fossil fuel based 544 00:29:05,880 --> 00:29:09,960 Speaker 15: peaker plans to provide peak energy, which is when energy 545 00:29:10,160 --> 00:29:11,120 Speaker 15: crisis is the most. 546 00:29:11,240 --> 00:29:13,920 Speaker 3: So think of solar and home batteries. 547 00:29:14,200 --> 00:29:18,320 Speaker 15: We're gunning for the future where every home in America 548 00:29:18,480 --> 00:29:20,960 Speaker 15: has solar in battery and it is part of a 549 00:29:21,080 --> 00:29:24,720 Speaker 15: distributed and decentralized grid and the technologies there. 550 00:29:24,960 --> 00:29:28,120 Speaker 3: We need to get the product simple and easy and. 551 00:29:29,120 --> 00:29:32,640 Speaker 15: As fast as possible in consumers' homes, and you'll see 552 00:29:32,680 --> 00:29:35,800 Speaker 15: that we can. It's a win win for the planet. 553 00:29:35,960 --> 00:29:38,320 Speaker 15: It's a wind win for the consumers and it's wind 554 00:29:38,360 --> 00:29:39,360 Speaker 15: win for the electric grid. 555 00:29:40,160 --> 00:29:45,680 Speaker 5: Tesla is the market opportunity big enough such that a 556 00:29:45,840 --> 00:29:50,360 Speaker 5: Lunar Sunrun partnership can grow a business alongside Tesla offering 557 00:29:50,800 --> 00:29:51,760 Speaker 5: essentially the same thing. 558 00:29:53,200 --> 00:29:55,480 Speaker 15: I think so Again, I said, there are seventy five 559 00:29:55,520 --> 00:29:58,160 Speaker 15: million homes just in the US, and only four million 560 00:29:58,240 --> 00:30:01,600 Speaker 15: have solar and quarter million have battery. And Tessa is 561 00:30:01,600 --> 00:30:03,880 Speaker 15: a great company. Lunar is going to be great, and 562 00:30:04,000 --> 00:30:06,920 Speaker 15: I think we need a lot more companies innovating. The 563 00:30:07,000 --> 00:30:09,960 Speaker 15: reason we started Lunar ED is because you know, three 564 00:30:10,040 --> 00:30:12,360 Speaker 15: years back, I was looking around the space. There were 565 00:30:12,520 --> 00:30:15,840 Speaker 15: so many companies providing the next best electric car and 566 00:30:16,280 --> 00:30:21,120 Speaker 15: very few companies focused on the home. And that's why 567 00:30:21,200 --> 00:30:24,040 Speaker 15: the opportunity was so great. I think Sun Runs a 568 00:30:24,120 --> 00:30:28,080 Speaker 15: fantastic partner to start our relationship with, and we'll be 569 00:30:28,200 --> 00:30:30,400 Speaker 15: enrolling a lot of other partners as we expand in 570 00:30:30,480 --> 00:30:31,080 Speaker 15: the coming years. 571 00:30:31,560 --> 00:30:33,920 Speaker 5: All Right, Well, thanks to the CEO of Lunar Energy, 572 00:30:33,960 --> 00:30:37,120 Speaker 5: Canal Girotra and the CEO some run out of New York, 573 00:30:37,200 --> 00:30:38,400 Speaker 5: Mary Pal, thank you for your time. 574 00:30:38,600 --> 00:30:38,840 Speaker 3: Thank you. 575 00:30:39,080 --> 00:30:40,800 Speaker 6: Ed all right, So coming up, which. 576 00:30:40,680 --> 00:30:44,920 Speaker 5: Companies were really saved after the FDIC stepped in to 577 00:30:45,120 --> 00:30:49,880 Speaker 5: backstop Silicon Valley Banks deposits. A new document tells us 578 00:30:49,960 --> 00:30:53,720 Speaker 5: more about the top ten customer balances at that failed lender, 579 00:30:54,120 --> 00:30:58,200 Speaker 5: plus our conversation about Generative AI's impact on healthcare with 580 00:30:58,400 --> 00:31:00,000 Speaker 5: VJ Panda, General. 581 00:30:59,760 --> 00:31:01,600 Speaker 6: Park At Andresen Horowitz. 582 00:31:02,000 --> 00:31:03,640 Speaker 5: I've got to go back to bitcoin, so we've been 583 00:31:03,680 --> 00:31:06,640 Speaker 5: talking all throughout Bloomberg Technology. We are at the highest 584 00:31:06,720 --> 00:31:09,640 Speaker 5: level in around a year on bitcoin, just below thirty 585 00:31:09,680 --> 00:31:13,040 Speaker 5: one thousand US dollars per token, as Bloomberg's writing about 586 00:31:13,080 --> 00:31:15,680 Speaker 5: on the terminal on dot com. Part of this story 587 00:31:15,800 --> 00:31:18,480 Speaker 5: is a recovery from the scandals in that industry. Some 588 00:31:18,640 --> 00:31:20,400 Speaker 5: of it is more short term momentum. Go back to 589 00:31:20,480 --> 00:31:24,120 Speaker 5: June fifteenth and Black Rocks filing on a bitcoin related 590 00:31:24,200 --> 00:31:27,280 Speaker 5: ETF that seems to be adding some momentum as well, 591 00:31:27,320 --> 00:31:29,520 Speaker 5: but a pretty sharp jump. This morning, we're at thirty 592 00:31:29,960 --> 00:31:32,520 Speaker 5: eight hundred and ninety US dollars per token. 593 00:31:32,600 --> 00:31:33,320 Speaker 6: This is Bloomberg. 594 00:31:55,080 --> 00:31:58,240 Speaker 5: A document from the FDIC, which the agency said it 595 00:31:58,400 --> 00:32:02,520 Speaker 5: mistakenly released unre adapted in response to a Bloomberg News 596 00:32:02,880 --> 00:32:06,080 Speaker 5: Freedom of Information Act request, provides one of the most 597 00:32:06,160 --> 00:32:09,920 Speaker 5: detailed glimpses yet into the bank's biggest customers. And it 598 00:32:10,000 --> 00:32:13,600 Speaker 5: turns out the decision to guarantee all accounts above the 599 00:32:13,680 --> 00:32:17,240 Speaker 5: two hundred and fifty thousand Federal Deposit Insurance limit also 600 00:32:17,360 --> 00:32:21,040 Speaker 5: helped bigger companies that were in no real danger, like 601 00:32:21,520 --> 00:32:25,360 Speaker 5: Soquoia Capital. That's bringing Bloomberg's Hannah Miller to go over this. 602 00:32:26,400 --> 00:32:30,000 Speaker 5: What did the document we obtained for the FDIC actually 603 00:32:30,080 --> 00:32:30,479 Speaker 5: tell us. 604 00:32:31,240 --> 00:32:33,880 Speaker 16: Yes, So it listed out who the top depositors were 605 00:32:34,040 --> 00:32:36,560 Speaker 16: with Silicon Valley Bank, and it's a reminder that it 606 00:32:36,640 --> 00:32:39,920 Speaker 16: wasn't just fledgling startups that got helped out here, it 607 00:32:40,040 --> 00:32:42,720 Speaker 16: was big companies that really didn't actually need that kind 608 00:32:42,760 --> 00:32:43,120 Speaker 16: of aid. 609 00:32:43,640 --> 00:32:45,760 Speaker 2: So the top of the list was Circle. 610 00:32:46,560 --> 00:32:50,680 Speaker 16: They had three point three billion dollars of their reserves 611 00:32:50,720 --> 00:32:54,480 Speaker 16: for their USDC stable coin with SVB, so they topped 612 00:32:54,520 --> 00:32:57,080 Speaker 16: the list. And you also, like you mentioned, had Sequoia 613 00:32:57,200 --> 00:33:00,560 Speaker 16: with one billion dollars and they have eighty five billion 614 00:33:00,560 --> 00:33:03,160 Speaker 16: dollars dollars in assets under management, so that's just a 615 00:33:03,200 --> 00:33:05,520 Speaker 16: small fraction of what they had at SVB. 616 00:33:05,760 --> 00:33:07,920 Speaker 5: You know, it's one of the most read stories on 617 00:33:08,840 --> 00:33:11,400 Speaker 5: the Bloomberg terminal on dot com for obvious. 618 00:33:11,120 --> 00:33:12,840 Speaker 6: Reasons, even though it happened in the past. 619 00:33:12,880 --> 00:33:16,760 Speaker 5: We're learning so much about what happened, but why does 620 00:33:16,840 --> 00:33:19,360 Speaker 5: it matter what's contained within that? 621 00:33:20,040 --> 00:33:23,200 Speaker 16: Yeah, so this is a reminder that the tech industry 622 00:33:23,280 --> 00:33:26,360 Speaker 16: is still feeling the effects of the collapse of Silicon 623 00:33:26,480 --> 00:33:30,040 Speaker 16: Valley Bank, that essential changes have been made here, that 624 00:33:30,200 --> 00:33:32,000 Speaker 16: it's not going to be the same. They're not going 625 00:33:32,080 --> 00:33:35,240 Speaker 16: to have those same comfortable banking relationships that they had 626 00:33:35,360 --> 00:33:38,720 Speaker 16: prior to svb's collapse. So I think this is you know, 627 00:33:38,800 --> 00:33:42,239 Speaker 16: even though this happened in March, this shows the impact here. 628 00:33:42,440 --> 00:33:44,320 Speaker 16: It tells us that this is something that we need 629 00:33:44,400 --> 00:33:46,720 Speaker 16: to be we need to keep tracking, and that the 630 00:33:46,800 --> 00:33:49,160 Speaker 16: tech industry isn't going to be the same moving forward. 631 00:33:49,560 --> 00:33:52,240 Speaker 5: You and I were at the Bloomberg Technology Summit yesterday 632 00:33:52,320 --> 00:33:54,000 Speaker 5: and you know, this, the SVB story area in the 633 00:33:54,080 --> 00:33:57,120 Speaker 5: year kind of put into question the health of Silicon 634 00:33:57,240 --> 00:33:59,560 Speaker 5: Valley so to speak. What did you make of the 635 00:33:59,600 --> 00:34:01,040 Speaker 5: health as the can Valley that I had a lot 636 00:34:01,080 --> 00:34:04,640 Speaker 5: of interesting conversations where people are saying, like talents here, 637 00:34:05,080 --> 00:34:07,520 Speaker 5: all the access to money is here, this is great, 638 00:34:07,560 --> 00:34:10,200 Speaker 5: and others that were saying San Francisco is dead. You know, 639 00:34:10,360 --> 00:34:13,080 Speaker 5: it was very difficult to discern the mood music. 640 00:34:13,800 --> 00:34:16,279 Speaker 16: Yes, I mean it was really refreshing to see people 641 00:34:16,360 --> 00:34:18,920 Speaker 16: at a conference. You know, there were some great conversations. 642 00:34:19,960 --> 00:34:22,200 Speaker 16: You know, I think people were excited and happy to 643 00:34:22,280 --> 00:34:25,120 Speaker 16: be there. But I think there's still this tense undercurrent. 644 00:34:25,400 --> 00:34:27,840 Speaker 16: You know, people are worried about the fate of San Francisco. 645 00:34:28,760 --> 00:34:30,759 Speaker 16: There are people who are not back to work or 646 00:34:30,840 --> 00:34:34,000 Speaker 16: they've moved out of the city, including the talent that 647 00:34:34,160 --> 00:34:36,560 Speaker 16: powers the tech industry. So I think there are still 648 00:34:36,600 --> 00:34:39,680 Speaker 16: some questions ahead as to you know, how Aseppa's going 649 00:34:39,680 --> 00:34:40,680 Speaker 16: to fare moving forward. 650 00:34:42,040 --> 00:34:44,880 Speaker 5: Bloomberg's Hannah Miller terrific reporting. Great to be out and 651 00:34:44,880 --> 00:34:47,920 Speaker 5: about with you in San Francisco talking all things tech now. 652 00:34:48,000 --> 00:34:51,000 Speaker 5: Generative AI is the latest craze in the tech world, 653 00:34:51,080 --> 00:34:55,560 Speaker 5: but not necessarily in the healthcare industry. VJ Pandey general 654 00:34:55,680 --> 00:34:58,799 Speaker 5: partner in Dreesen Horowitz is trying to change that. He's 655 00:34:58,840 --> 00:35:01,000 Speaker 5: been thinking about AIS for ten impact in health and 656 00:35:01,080 --> 00:35:04,279 Speaker 5: medicine for years. We sat down with him earlier this 657 00:35:04,440 --> 00:35:08,040 Speaker 5: week to discuss the intersection of artificial intelligence and health. 658 00:35:08,160 --> 00:35:08,600 Speaker 3: Have a listen. 659 00:35:09,280 --> 00:35:11,920 Speaker 17: Prior to joining Andrews and Horowitz, I was a professor 660 00:35:11,960 --> 00:35:15,880 Speaker 17: at Stanford in actually many departments in chemistry, computer science, 661 00:35:16,040 --> 00:35:19,239 Speaker 17: structure biology, and ours ter biophysics. And the result of 662 00:35:19,280 --> 00:35:22,000 Speaker 17: that actually was almost four hundred papers, seven patents, three 663 00:35:22,040 --> 00:35:25,000 Speaker 17: books at this intersection. So what we're seeing today is 664 00:35:25,040 --> 00:35:27,160 Speaker 17: something that in some ways I've been waiting for for decades. 665 00:35:28,520 --> 00:35:32,360 Speaker 5: The cynic and the skeptic says, you're jumping on the bandwagon. 666 00:35:32,400 --> 00:35:34,400 Speaker 5: Now you yourself have been looking at this area for 667 00:35:34,440 --> 00:35:37,480 Speaker 5: a while. But give me some concrete examples in the 668 00:35:37,560 --> 00:35:41,680 Speaker 5: theater of healthcare, the area of healthcare where a large 669 00:35:41,760 --> 00:35:46,600 Speaker 5: language model or a foundation model can improve a process 670 00:35:46,640 --> 00:35:47,719 Speaker 5: of products, whatever it may be. 671 00:35:48,080 --> 00:35:51,080 Speaker 17: Yeah, to kick it off, I think these large language 672 00:35:51,120 --> 00:35:53,320 Speaker 17: models are very exciting, and what they can do is 673 00:35:53,360 --> 00:35:55,359 Speaker 17: they can act as an interface where you can finally 674 00:35:55,480 --> 00:35:57,600 Speaker 17: talk to the computer in a way that you couldn't before. 675 00:35:58,000 --> 00:36:00,319 Speaker 17: But it's worth emphasizing that AI is much more broad 676 00:36:00,360 --> 00:36:03,480 Speaker 17: than that. AI is something where it can impact drug design, 677 00:36:03,600 --> 00:36:06,480 Speaker 17: where we can develop new drugs faster. It can impact 678 00:36:06,520 --> 00:36:09,799 Speaker 17: how we think about healthcare, how we allocate healthcare resources. 679 00:36:10,080 --> 00:36:12,800 Speaker 3: These are things that go beyond the LMS. As exciting 680 00:36:12,840 --> 00:36:14,160 Speaker 3: as lllms are, I. 681 00:36:14,239 --> 00:36:19,239 Speaker 5: Believe you phrase it as specialist ais. Yes, but is 682 00:36:19,320 --> 00:36:22,360 Speaker 5: that going as far as to say an AI doctor 683 00:36:23,000 --> 00:36:24,840 Speaker 5: or are we talking about an AI back office? 684 00:36:25,080 --> 00:36:25,279 Speaker 8: Yeah? 685 00:36:25,360 --> 00:36:27,720 Speaker 17: I think you'd want both, right, And so the beauty 686 00:36:27,760 --> 00:36:30,520 Speaker 17: of AI back office today is that you can solve 687 00:36:30,560 --> 00:36:33,080 Speaker 17: problems that are not clinically relevant but are still very 688 00:36:33,120 --> 00:36:36,280 Speaker 17: important and still huge top line and bottom line issues 689 00:36:36,320 --> 00:36:39,400 Speaker 17: for companies. But in time, as AI gets smarter, it 690 00:36:39,440 --> 00:36:42,120 Speaker 17: becomes a specialist. We can get to the more critical 691 00:36:42,200 --> 00:36:45,160 Speaker 17: clinical areas where maybe it's not an AI doctor at first, 692 00:36:45,200 --> 00:36:47,680 Speaker 17: maybe it's someone who helps the doctor, who scales the doctor. 693 00:36:47,840 --> 00:36:50,200 Speaker 17: Instead of one doctor seeing eight patients a day, maybe 694 00:36:50,239 --> 00:36:53,400 Speaker 17: they could see ten or twenty or eighty. That scaling 695 00:36:53,480 --> 00:36:55,800 Speaker 17: alone would be exciting and also it up levels the 696 00:36:55,880 --> 00:36:58,440 Speaker 17: quality that perhaps we can all get the best doctors 697 00:36:58,480 --> 00:36:59,960 Speaker 17: because now AI is helping everybody. 698 00:37:00,160 --> 00:37:02,800 Speaker 5: How does vj, PUANDATE make money? Like, what is the 699 00:37:02,920 --> 00:37:08,360 Speaker 5: exit strategy in this world? Because you quickly encounter regulatory headwinds, 700 00:37:08,600 --> 00:37:11,759 Speaker 5: the need for approvals and if we think about in 701 00:37:11,800 --> 00:37:17,719 Speaker 5: the context of drugs, medicines, trials, yes, how does that 702 00:37:17,800 --> 00:37:19,160 Speaker 5: all square as a bench capitalist? 703 00:37:19,360 --> 00:37:22,120 Speaker 17: Well, what's interesting for AI in life sciences and healthcare 704 00:37:22,200 --> 00:37:25,680 Speaker 17: is that we have this very robust regulatory infrastructure already there. 705 00:37:26,000 --> 00:37:26,839 Speaker 6: You know what you're going to get. 706 00:37:26,960 --> 00:37:27,839 Speaker 3: We know what we're going to get. 707 00:37:27,960 --> 00:37:30,040 Speaker 17: And actually, the amazing thing is that the regulators are 708 00:37:30,080 --> 00:37:32,759 Speaker 17: excited about AI when we talk to them. They see 709 00:37:33,040 --> 00:37:35,160 Speaker 17: that AI can do things for human health. They want 710 00:37:35,200 --> 00:37:37,640 Speaker 17: to see how they can change regulations to allow AI 711 00:37:37,960 --> 00:37:39,600 Speaker 17: to be able to have its greatest impact. 712 00:37:40,160 --> 00:37:44,480 Speaker 5: So you're in recent Horowitz and big firm. That's not 713 00:37:44,800 --> 00:37:48,160 Speaker 5: understating it really, but there are many partners who are 714 00:37:48,200 --> 00:37:51,520 Speaker 5: interest in artificial intelligence. How do you all work together 715 00:37:52,280 --> 00:37:54,920 Speaker 5: and how do you stay in your lane thematically in 716 00:37:55,040 --> 00:37:56,160 Speaker 5: this case bio and health. 717 00:37:56,440 --> 00:37:58,920 Speaker 17: Yeah, so we're broken into a series of funds, and 718 00:37:59,040 --> 00:38:01,840 Speaker 17: so I founded the Life Sciences and Healthcare Fund, and 719 00:38:01,960 --> 00:38:03,759 Speaker 17: so for anything that's in the area of life science 720 00:38:03,800 --> 00:38:06,439 Speaker 17: and healthcare with AI, that would fall to our team. 721 00:38:06,920 --> 00:38:09,800 Speaker 17: And what I'm excited about that combination is that that 722 00:38:09,960 --> 00:38:13,640 Speaker 17: space has been so resistant to tech for decades and 723 00:38:13,800 --> 00:38:16,719 Speaker 17: AI is making such a dramatic change that it could 724 00:38:16,760 --> 00:38:18,520 Speaker 17: have some of it's biggest impacts on that space. 725 00:38:20,680 --> 00:38:21,239 Speaker 6: That was VJ. 726 00:38:21,400 --> 00:38:24,719 Speaker 5: Punday, General partner at Indres and Horoitz. I want to 727 00:38:24,719 --> 00:38:26,759 Speaker 5: go back really quickly and correct something that I said 728 00:38:26,800 --> 00:38:29,279 Speaker 5: earlier in the program. I said that Tesla on a 729 00:38:29,360 --> 00:38:32,719 Speaker 5: weekly basis had its biggest decline in six weeks. It's 730 00:38:32,840 --> 00:38:34,920 Speaker 5: down modestly on the week, just a tenth of a 731 00:38:35,000 --> 00:38:37,319 Speaker 5: percent at current levels. But what I should have said 732 00:38:37,680 --> 00:38:39,920 Speaker 5: is that it is down on a weekly basis for 733 00:38:40,040 --> 00:38:42,400 Speaker 5: the first time in six weeks. In other words, it 734 00:38:42,560 --> 00:38:45,960 Speaker 5: is snapped a five week gain streak. And there's still 735 00:38:46,000 --> 00:38:48,040 Speaker 5: some of the sessions a go, so a little clarification 736 00:38:48,560 --> 00:38:49,160 Speaker 5: on that one. 737 00:38:49,600 --> 00:39:04,719 Speaker 6: This is Bloomberg time for talking tech. 738 00:39:04,840 --> 00:39:08,960 Speaker 5: First up TikTok's political troubles seemed far away in can At. 739 00:39:09,040 --> 00:39:12,279 Speaker 5: Executives swarmed the company's glitzy pop up stage during a 740 00:39:12,320 --> 00:39:15,839 Speaker 5: week long industry extravaganza in southern France, and many said 741 00:39:15,880 --> 00:39:19,120 Speaker 5: they actually planned to send more business to the platform. 742 00:39:19,560 --> 00:39:23,120 Speaker 5: And Deloitte, the auditor of Indian tech firm by Jews quit. 743 00:39:23,680 --> 00:39:26,880 Speaker 5: That's according to a letter seen by Bloomberg and confirmed 744 00:39:26,880 --> 00:39:29,640 Speaker 5: by officials. This is the latest setback for the once 745 00:39:29,680 --> 00:39:32,960 Speaker 5: high flying startup that's had its offices searched by anti 746 00:39:33,080 --> 00:39:36,000 Speaker 5: money laundering officials and is embroiled in a tussle with 747 00:39:36,120 --> 00:39:39,080 Speaker 5: creditors over a one point two billions doll alone, plus 748 00:39:39,200 --> 00:39:43,239 Speaker 5: an early morning fire that broke out at Nikola's Phoenix headquarters, 749 00:39:43,280 --> 00:39:46,239 Speaker 5: affecting several of its battery electric big rigs. More than 750 00:39:46,280 --> 00:39:50,640 Speaker 5: fifty firefighters were dispatched at the scene. The company, which 751 00:39:50,680 --> 00:39:53,520 Speaker 5: suspects foul play, said today in a tweet that no 752 00:39:53,640 --> 00:39:56,279 Speaker 5: one was injured in the blaze and that an investigation 753 00:39:56,440 --> 00:39:59,160 Speaker 5: is underway after a vehicle was seen in the area 754 00:39:59,280 --> 00:40:03,400 Speaker 5: of the trucks prior to the incident. Now, San Franciscans 755 00:40:03,600 --> 00:40:07,279 Speaker 5: are finally getting used to seeing electric cars cruising along 756 00:40:07,320 --> 00:40:10,279 Speaker 5: the streets with no one in the driver's seat. 757 00:40:10,320 --> 00:40:12,240 Speaker 6: Of course, i'd see it myself. 758 00:40:12,560 --> 00:40:15,000 Speaker 5: This past week, I've been making my way around, using 759 00:40:15,120 --> 00:40:19,040 Speaker 5: mostly rides from Alphabet's Weimo and its ride heading service. 760 00:40:19,080 --> 00:40:19,680 Speaker 6: Here's how it went. 761 00:40:20,120 --> 00:40:22,640 Speaker 5: So, seeing a driverless car in San Francisco with no 762 00:40:22,719 --> 00:40:24,920 Speaker 5: one in the front seat is kind of becoming normal. 763 00:40:25,120 --> 00:40:26,399 Speaker 6: But what about riding in one. 764 00:40:26,640 --> 00:40:29,479 Speaker 5: This was my first time in a driverless Weymo Step 765 00:40:29,560 --> 00:40:32,279 Speaker 5: one hailer ride via the weimo one app form minute 766 00:40:32,320 --> 00:40:34,680 Speaker 5: wait time not bad. You can track the car's progress 767 00:40:34,840 --> 00:40:37,399 Speaker 5: it arrives and next unlock the doors with the app 768 00:40:37,600 --> 00:40:40,360 Speaker 5: and get in don't forget seat belt. The ride is 769 00:40:40,400 --> 00:40:42,640 Speaker 5: started by touching a screen in the car or in 770 00:40:42,719 --> 00:40:49,160 Speaker 5: the app. Hello, look along the way, it's pretty smooth. 771 00:40:49,640 --> 00:40:52,880 Speaker 5: Remember Cruise is also offering driverless rides in SF, and 772 00:40:52,880 --> 00:40:54,719 Speaker 5: Bloomberg's Emily Chang has done that. 773 00:40:55,000 --> 00:40:58,200 Speaker 3: This is actually my very first time without a human driver. 774 00:40:58,560 --> 00:40:59,160 Speaker 6: Back to Weimo. 775 00:40:59,400 --> 00:41:01,759 Speaker 5: At times the car plays it's safe, it travels below 776 00:41:01,800 --> 00:41:04,839 Speaker 5: the speed limit, and sometimes it takes unusually wide berth. 777 00:41:04,960 --> 00:41:08,120 Speaker 5: Sometimes it signals randomly to change lanes or even tries 778 00:41:08,200 --> 00:41:10,520 Speaker 5: to change lanes for no clear reason, and a lot 779 00:41:10,560 --> 00:41:13,240 Speaker 5: of road users around You do get frustrated and honk 780 00:41:13,440 --> 00:41:17,200 Speaker 5: at the Weimo, but pedestrians don't seem to even notice 781 00:41:17,280 --> 00:41:19,480 Speaker 5: that no one's in the driver's seat, or they just 782 00:41:19,560 --> 00:41:21,879 Speaker 5: don't care. So last minute, I get to Ocean Beach 783 00:41:21,920 --> 00:41:24,160 Speaker 5: and I decide it's too cold, so we change plans, 784 00:41:24,280 --> 00:41:24,919 Speaker 5: go to the app. 785 00:41:25,200 --> 00:41:26,400 Speaker 6: Let's go to Twin Peaks. 786 00:41:26,600 --> 00:41:29,320 Speaker 5: Get dropped off, but there's a limitation WAYMO can't go 787 00:41:29,400 --> 00:41:31,279 Speaker 5: all the way, so it drops me near and the 788 00:41:31,400 --> 00:41:33,680 Speaker 5: app tells me how to walk the extra part time 789 00:41:33,760 --> 00:41:36,400 Speaker 5: to go back home. Wait times do vary depending on 790 00:41:36,480 --> 00:41:38,960 Speaker 5: where you are. Right now, there's no fee in SF, 791 00:41:39,040 --> 00:41:41,120 Speaker 5: but weaimo shows us what the trip would have cost, 792 00:41:41,280 --> 00:41:43,719 Speaker 5: also doesn't ask for a tip. The service runs twenty 793 00:41:43,760 --> 00:41:45,759 Speaker 5: four to seven in SF, where weimo has around two 794 00:41:45,840 --> 00:41:48,600 Speaker 5: hundred cars, but the waitlist for San Francisco more than 795 00:41:48,680 --> 00:41:53,200 Speaker 5: eighty thousand people. You can read more about my story 796 00:41:53,280 --> 00:41:55,239 Speaker 5: and what it's like to ride in an autonomous car 797 00:41:55,560 --> 00:41:58,759 Speaker 5: on the Bloomberg tamoan, of course, on Bloomberg dot com. 798 00:41:58,920 --> 00:42:02,400 Speaker 5: Let's get a final check in on bitcoin throughout Bloomberg Technology. 799 00:42:02,480 --> 00:42:05,040 Speaker 5: This how we've been talking about bitcoin trading at its 800 00:42:05,160 --> 00:42:09,000 Speaker 5: highest level in a year now, back above thirty one 801 00:42:09,120 --> 00:42:13,040 Speaker 5: thousand US dollars per token. The longer term story that 802 00:42:13,080 --> 00:42:16,480 Speaker 5: Bloomberg's writing about on this Friday morning is getting over 803 00:42:16,600 --> 00:42:19,759 Speaker 5: some of the scandal in the industry. That we've seen 804 00:42:19,840 --> 00:42:22,919 Speaker 5: some kind of longer term momentum shorter term. That June 805 00:42:22,960 --> 00:42:27,120 Speaker 5: fifteenth regulatory filing from black Rocks seeking an ETF product 806 00:42:27,520 --> 00:42:31,480 Speaker 5: in the bitcoin domain a pretty sharp spike though at 807 00:42:31,520 --> 00:42:35,799 Speaker 5: one point in Friday session, no headline or catalyst per se, 808 00:42:35,920 --> 00:42:40,279 Speaker 5: but we do see these kind of timed swings. 809 00:42:40,080 --> 00:42:43,640 Speaker 6: In the price of bitcoin. What a week that does 810 00:42:43,680 --> 00:42:46,799 Speaker 6: it for this edition of Bloomberg Technology. Don't forget. 811 00:42:46,840 --> 00:42:50,480 Speaker 5: You can recap everything from this show in our podcast. 812 00:42:50,640 --> 00:42:53,800 Speaker 5: Wherever you get your podcast. We're on Apple, we're on Spotify, 813 00:42:54,120 --> 00:42:56,719 Speaker 5: we're on iHeart and our podcast. Of course, we're on 814 00:42:56,760 --> 00:42:59,399 Speaker 5: Bloomberg dot com and the Bloomberg Business app. 815 00:43:00,000 --> 00:43:03,680 Speaker 6: San Francisco. This is Bloomberg Technology m