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Speaker 1: From Mahard where Innovation of Money and Power colle 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 Caroline Hyde at Blomberg's World headquarters in New.

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Speaker 4: York and I'm Ed Ludlow in San Francisco. This is

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Speaker 4: Bloomberg Technology coming up.

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Speaker 3: Former Ali Baba heavyweights return to the company as the

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Speaker 3: technology giant prepares for its six way restructuring and spin off.

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Speaker 3: Will it stand? We discussed with Brian Wong himself of

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Speaker 3: previously at Ali Baba, an author of the Tao of

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Speaker 3: Ali Baba.

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Speaker 4: Plus we'll discuss AI regulation and investing in the technology

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Speaker 4: as President Biden prepares to meet with leaders here in

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Speaker 4: California this week, and.

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Speaker 3: We'll bring you updates on the missing titan submarine as

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Speaker 3: search as a race to find the diving vessel with

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Speaker 3: five people aboard that when missing on an expedition to

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Speaker 3: view the Titanic shipwreckord There.

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Speaker 4: Is one big technology story in the world and it

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Speaker 4: is Ali Barba. A shake up in Ali Barba management overnight.

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Speaker 4: You can see what it's doing to the ADRs down

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Speaker 4: five percent. That's the biggest decline in around a month.

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Speaker 4: What we see is Daniel Jung moves out of the

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Speaker 4: CEO role. He will head the cloud unit. Then you

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Speaker 4: have Jozai moving from being executive vice chair to being

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Speaker 4: chairman of the board. And they bring in Eddie Wu

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Speaker 4: who's basically led the core e commerce units and now

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Speaker 4: he becomes the CEO in this kind of split structure.

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Speaker 4: Lot's happening here is Ali Barba thinks about a complete

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Speaker 4: restructuring and hiving off of various businesses.

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Speaker 3: Caraen, it really is one to be watching. We've got

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Speaker 3: to dig in more with Wow, someone who's served for

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Speaker 3: a long time at the business has written about it.

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Speaker 3: Bran Wang and Plica says with us, author of The

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Speaker 3: Tower of Ali Baba, he was in fact the fifty

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Speaker 3: second employee to join the Ali Baba Group. Real focus

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Speaker 3: on globalization, very close relationship with that of Jack Maher.

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Speaker 3: And what's so interesting is well, when you look at

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Speaker 3: the analysts reviewing these moves, they feel as though the

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Speaker 3: spirit of Jack Maher is here, his lieutenants for years

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Speaker 3: come back. What do you think the signal is here?

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Speaker 5: Brian, Yeah, I do think. Well, first of all, it's

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Speaker 5: great to be with all of you and thank you

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Speaker 5: for having me. I think this decision is really an

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Speaker 5: important one and also a strong signal to the market

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Speaker 5: but also to the company that yes, it's back to

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Speaker 5: the roots of Ali Baba, the culture, the original sort

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Speaker 5: of drivers of what motivates the business and bringing in

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Speaker 5: those who really have a strong understanding of where that

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Speaker 5: all started and also individuals who contributed to building what

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Speaker 5: the company is today from the very start.

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Speaker 4: Brian, how closely did you work with Josiah Edi Wu

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Speaker 4: and Daniel Jung during your time at Ali Baba.

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Speaker 5: Well, Joe is actually the individual who hired me back

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Speaker 5: in nineteen ninety nine, and Jack I served as a

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Speaker 5: special assistant for globalization for a number of years. Daniel

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Speaker 5: I've known since the time he joined. So all of

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Speaker 5: these individuals our people, and Eddie Wu as well.

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Speaker 6: Eddie has been there from the start. He's one of

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Speaker 6: the co founders of the company.

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Speaker 5: He actually worked with Jack before Jack even started Ali

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Speaker 5: Baba when he was at the company at China Page's

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Speaker 5: Jack's first internet company. So I've known all these individuals

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Speaker 5: during my time at the company.

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Speaker 3: Let's dig in bron Therefore, with Eddie in particular, he

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Speaker 3: moves really to a focus to leadership. What do you

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Speaker 3: think at this moment we will be seeing from a

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Speaker 3: CEO when we are still thinking of the restructuring of

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Speaker 3: this business. Does that still stand as it had been

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Speaker 3: outlined by Daniel previously.

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Speaker 5: Yeah, obviously I think the decision to split the company

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Speaker 5: in six parts remains the plan.

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Speaker 6: The question is who would need the.

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Speaker 5: Holding company Ali Baba Group, which now is more of

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Speaker 5: an investment holding company than an operation operational comp company.

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Speaker 5: Eddie brings a number of strengths to the company today

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Speaker 5: in the leadership role. Obviously, he has a very strong

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Speaker 5: technology background. He's played the CTO role or tech technology

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Speaker 5: sort of leader for companies ranging from Alibaba dot Com

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Speaker 5: to Ali pay Ali Mama, which was the key driver

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Speaker 5: for the AD system for Talbo back in the day.

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Speaker 5: He's run all of these and also served on the

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Speaker 5: boards of companies like Ali Health.

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Speaker 6: But he also has a strong business acumen.

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Speaker 5: I mean to be able to construct this AD network

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Speaker 5: under Ali Mama and serve as general manager.

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Speaker 6: He also during his time has done investments.

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Speaker 5: He has his own fund that he set up in

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Speaker 5: twenty fifteen, so he's he's seen virtually every angle of

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Speaker 5: the business. But also not just in China, but he's

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Speaker 5: also seen the world outside of China from a technology standpoint,

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Speaker 5: from a business standpoint, I think Eddie has really gained

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Speaker 5: the skill that are required for a CEO in this

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Speaker 5: sort of role, and at the same time he brings

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Speaker 5: an understanding of Ali Baba's culture, which is so important

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Speaker 5: in terms of the longevity of the business.

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Speaker 4: Yeah, Brian woe coming to us from Shanghai, Caroline fifty

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Speaker 4: second employee at Ali Baba, I find Daniel Jung the

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Speaker 4: most interesting. He gets to take the lead of the

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Speaker 4: crown jewel, the cloud business. Do we read that as

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Speaker 4: a demotion, Brian?

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Speaker 5: I would actually see that as a vote of confidence.

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Speaker 5: I think that any individual who would be the CEO

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Speaker 5: and chairman of the most important business within this sort

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Speaker 5: of organization and try and run the holding company at

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Speaker 5: the same time is a superhuman and probably it's an

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Speaker 5: inhuman task to expect them to do both. I think

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Speaker 5: Daniel himself had suggested that he really focus on the

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Speaker 5: most important.

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Speaker 6: Operations, that being Ali Cloud and you know, managing that

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Speaker 6: business to success.

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Speaker 5: He's done that, improved he could do that in the

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Speaker 5: other businesses that he's run, so I.

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Speaker 6: Would not look at it as a demotion. I would

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Speaker 6: look at it as a vote of confidence and.

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Speaker 5: Allowing Daniel to really help the company take what is

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Speaker 5: most important forward and become successful, particularly when they're spinning

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Speaker 5: out the company.

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Speaker 4: Of those three individuals who can navigate the political landscape

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Speaker 4: of China most capably.

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Speaker 6: Well, you know, I think that in today's market, what's

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Speaker 6: really important is being able.

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Speaker 5: To build a business amidst a changing regulatory environment.

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Speaker 6: I think that requires skill.

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Speaker 5: And competency and understanding the technology, but also being able

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Speaker 5: to kind of work within the system. And I think

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Speaker 5: that's going to be a group effort, not one individual,

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Speaker 5: but probably a team as a whole that has.

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Speaker 6: Expertise in understanding different aspects of the fact is involved.

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Speaker 5: And I think Eddie, as I mentioned, has a collection

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Speaker 5: of those skills. But I think this also comes into

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Speaker 5: play where where the larger organization will assist in guiding

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Speaker 5: and also the six business unit heads, each of them

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Speaker 5: will be responsible for the individual units, and each of

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Speaker 5: those industries has unique regulatory considerations.

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Speaker 3: Let's focus in on the man who hired you, Joe Side,

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Speaker 3: because he really understands the relationship between the US and China.

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Speaker 3: Many know him here more aphably as the Brooklyn Nets owner,

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Speaker 3: as an owner of some significant real estate here in

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Speaker 3: New York City brand And I'm interested as to what

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Speaker 3: he does his relationship with investors, but also his relationship

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Speaker 3: navigating political and geopolitics at large when it comes to

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Speaker 3: the tensions between the US and China.

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Speaker 5: Yeah, I think Joe as chairman is a fantastic choice.

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Speaker 5: He's a consummate investor. That's where his or sort of

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Speaker 5: original sort of you know focus was prior to Ali Baba.

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Speaker 5: But he's also a trained lawyer who has an understanding

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Speaker 5: of good governance and you know, how to navigate these

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Speaker 5: regulatory systems. And he's, like you mentioned international, you know,

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Speaker 5: he's educated in the United States, worked you know, all

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Speaker 5: over the world, and he has the sensitivity and understanding

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Speaker 5: of how to kind of balance these things. I think

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Speaker 5: in a chairman role, that's exactly what an organization is

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Speaker 5: big as Ali Baba needs, and one that has international aspirations.

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Speaker 5: You know, he's in a very good position given his

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Speaker 5: background and skills to kind of play that role and

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Speaker 5: really help bridge the company from China to the world

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Speaker 5: and vice versa, the world to China.

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Speaker 4: Brian wog Or for of the Tao of Ali Baba

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Speaker 4: Ali Baba, employee number fifty two live from Shanghai.

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Speaker 6: Thank you so much for your time.

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Speaker 4: Now coming out, we get to that other big story

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Speaker 4: AI regulation. President Biden's in town here in San francisc

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Speaker 4: go meeting execs and academics from the field of artificial intelligence.

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Speaker 6: We'll discuss next.

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Speaker 4: This is Bloomberg, President Biding heading to California for a

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Speaker 4: meeting with business leaders and experts on artificial intelligence. As

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Speaker 4: later today here in San Francisco. The meeting comes is

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Speaker 4: his administration pushes companies to develop new security and privacy

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Speaker 4: safeguards for the technology. For more spring in Bloomberg's and

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Speaker 4: Edgerson in Washington, we have another meeting. We had one

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Speaker 4: six weeks ago, hosted by Vice President Harris. We had

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Speaker 4: some frameworks in the interim. Does this mean we might

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Speaker 4: get some concrete rules from this administration on the field

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Speaker 4: of AI.

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Speaker 7: Well, concrete rules are going to be up to Congress.

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Speaker 7: So what this administration has been very good at is

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Speaker 7: kind of gathering information like the President is doing today,

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Speaker 7: you know, talking to industry leaders, talking to the companies,

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Speaker 7: talking to civil society and trying to understand what we

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Speaker 7: hear all the time in Washington, risks and opportunities associated

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Speaker 7: with AI. And we've seen that in the framework from

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Speaker 7: the National Institute of Standards and Technology, from the White

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Speaker 7: House's very own Bill of Rights on AI. So you

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Speaker 7: see how they're kind of using this information to frame

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Speaker 7: the policies they're putting out. But this is all guiding documents.

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Speaker 7: It's going to in order to pass binding rules that

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Speaker 7: will obligate the companies to certain practices. That's going to

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Speaker 7: be up to Congress.

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Speaker 3: And what's interesting is sort of the agitation over AI

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Speaker 3: regulation in many ways has the ghost of social media

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Speaker 3: policy really in it. And I'm interested as to how

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Speaker 3: much Congress, lawmakers, regulators have got up that hill of

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Speaker 3: really what artificial intelligence is, how in ways in which

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Speaker 3: it perhaps poses risks and indeed might be regulated.

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Speaker 8: Really that is so true.

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Speaker 7: I mean, you definitely see lawmakers kind of haunted by

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Speaker 7: the ghosts of social media failures where they haven't been

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Speaker 7: able to pass even the most basic underlying data privacy

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Speaker 7: standard at.

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Speaker 9: The federal level.

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Speaker 7: And the Senators will be the first to say that

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Speaker 7: we haven't even done the most basic necessary to regulate

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Speaker 7: the Internet.

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Speaker 9: Since nineteen ninety six.

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Speaker 7: So there is this kind of defeat US attitude going

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Speaker 7: into discussions about AI technology and where they are now

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Speaker 7: is really at the education phase.

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Speaker 6: You know.

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Speaker 7: Senate Majority Leader Chuck Schumer has scheduled three briefings for

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Speaker 7: this summer to just explain to lawmakers what AI is,

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Speaker 7: where we are, the race of the innovation race, and

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Speaker 7: how it could we be used in military settings. So

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Speaker 7: we're really just still in this kind of information gathering

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Speaker 7: phase a lawmakers try to get a grasp on this

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Speaker 7: new technology.

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Speaker 3: Anna Edgerton, thank you for bringing us sort of some

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Speaker 3: of the sticking points for Congress and the White House.

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Speaker 3: Let's talk about ltificial intelligence a little bit more. Soft

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Speaker 3: Bank in particular, the found mss.

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Speaker 10: On Well's company is in the position to win, he says,

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Speaker 10: the race to master AI, thanks to of course of

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Speaker 10: dollars a tech investment, some of which some would say

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Speaker 10: have gone a little sour.

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Speaker 3: In fact, Soft bangaling won't be deterred by a few

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Speaker 3: short term losses. He says, we will rule the world

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Speaker 3: in the end. Fighting talk, Let's talk about if you

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Speaker 3: can ever rule the world, and thus far, who's been

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Speaker 3: ruling it in terms of investment. Hillary Fish is with

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Speaker 3: US senior research analyst Technology Software at Clearbridge.

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Speaker 9: You know, it's great to.

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Speaker 3: Have you here in the studio and the height cycle

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Speaker 3: is clear. Everyone's getting into various AI related names from

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Speaker 3: an investment thesis. How much you're thinking about future regulation

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Speaker 3: within that investment opportunity.

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Speaker 11: Sure, thanks, Caroline, It's so good to be here, thinks said,

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Speaker 11: it's a really terrific question.

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Speaker 8: We think about it quite a bit.

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Speaker 11: We're very early in the stages of discovering what regulation

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Speaker 11: will look like and how that will impact the sector. However,

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Speaker 11: I think in this particular case, there's going to be

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Speaker 11: quite a bit of help to the government provided to

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Speaker 11: the government by the companies that are actually the major

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Speaker 11: providers AI services and products Microsoft for one, Open Ai

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Speaker 11: for another, in conjunction with Microsoft, or big proponents for

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Speaker 11: government regulation. So I think you're going to see a

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Speaker 11: somewhat symbiotics situation between commercial and government entities in terms

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Speaker 11: of bringing proper, appropriate and.

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Speaker 8: Effect of regulation to AI.

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Speaker 3: But of course it's a global question, and as Masioshi

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Speaker 3: son of soft Bag, saying, we're going to rule the

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Speaker 3: world in terms of AI, I mean, a large part

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Speaker 3: of his investment is in Armholdings, a UK company. Like

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Speaker 3: all of these things are global in nature. Is there

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Speaker 3: sort of a race that's going on or is us

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Speaker 3: the dominant force? Does it matter from your investment thesis perspective,

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Speaker 3: I would.

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Speaker 11: Say there is a race going on, and I would

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Speaker 11: say that's going to form part of how that guides

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Speaker 11: regulation in terms of how it oversees AI's development. But

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Speaker 11: at the end of the day, a regulation is global

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Speaker 11: in nature as well as we're seeing in a variety

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Speaker 11: of instances. So I think we'll see the various governing

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Speaker 11: bodies come together to figure out how how to oversee AI,

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Speaker 11: at least in terms of Western nations, and then we'll

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Speaker 11: see who's leading.

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Speaker 8: In the end.

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Speaker 4: Hillary, good morning from San Francisco. Good Afsen into you

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Speaker 4: in New York. Does your research point you to any

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Speaker 4: single one name or couple of names that you think

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Speaker 4: are best positioned to win this AI race?

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Speaker 8: It's another great question, ed.

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Speaker 11: I think we think they are going to be a

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Speaker 11: variety of names who benefit. We are early on in

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Speaker 11: the process, and so far, clearly Nvidia and Microsoft have

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Speaker 11: stood out in terms of AI leaders positioning their product

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Speaker 11: lines early on for embedding AI services throughout and capitalizing

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Speaker 11: on the AI opportunity. But there are a variety of

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Speaker 11: them who are going to benefit up and down the chain.

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Speaker 11: And I think what it comes down to is if

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Speaker 11: a company has a unique and important data set, if

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Speaker 11: they're embedded in their customers customers processes and workflows, and

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Speaker 11: if they're equipped to actually help customers deploy in a

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Speaker 11: safe and efficient manner, they should win. And this is

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Speaker 11: going to involve all hyperscale platforms, including clearly Microsoft, Amazon

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Speaker 11: because of its incumbency in corporate networks, Google because of

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Speaker 11: its deep history, and AIML and also Oracle, who has

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Speaker 11: an interesting place on AI.

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Speaker 6: Hillary.

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Speaker 4: We actually talk about Oracle much less than any of

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Speaker 4: those names on this program Blombow Technology, and it has

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Speaker 4: just also hit a fresh record high. So play that

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Speaker 4: scenario out for us. Why is Oracle kind of a

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Speaker 4: winner in this AI debate?

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Speaker 11: Well, Oracle has re architected its cloud, offering its infrastructure

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Speaker 11: cloud as a next generation cloud, taking many of the

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Speaker 11: best practices that the original cloud providers learned during their process,

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Speaker 11: and it has a unique take on how it's architectur

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Speaker 11: that infrastructure with some i'd call it network heavy capabilities,

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Speaker 11: which should actually be quite valuable in because I think

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Speaker 11: we're going to have a period of proliferation of need

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Speaker 11: of base infrastructure build out to accommodate the very high

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Speaker 11: data volumes that AI will bring to us. I think

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Speaker 11: Oracle will be well equipped to handle that along with

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Speaker 11: Microsoft and others. And Oracle also recently announced some important

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Speaker 11: AI partnerships with an LLM model company called Cohere and

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Speaker 11: with Nvideo, which I think will bring big dividends to

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Speaker 11: them over time. So there are a more recent but

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Speaker 11: important emerging beneficiary.

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Speaker 3: I mean, not many people want to talk about how

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Speaker 3: expensive everything is, and we won't want to talk about

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Speaker 3: how expensive stalks are. We don't want to talk about

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Speaker 3: how expensive it is to run these large language models,

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Speaker 3: the amount of GPUs everyone's having to be buying. All

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Speaker 3: these companies pricing it right at the moment that seemed

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Speaker 3: to be making it up as they go on.

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Speaker 8: Well, it's such an interesting question.

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Speaker 11: They're thinking quite a bit about how to price it,

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Speaker 11: and we're starting to see emerging and pricing coming out

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Speaker 11: in the marketplace.

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Speaker 8: I think so far.

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Speaker 11: They're doing a good job in terms of pricing for

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Speaker 11: AI enabled services is actually quite high. In the case

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Speaker 11: of APIs on Azure op ai, they were multiples of

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Speaker 11: what a traditional AAPI would be to actually access marry

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Speaker 11: the data with the models and AI enabled applications or

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Speaker 11: priced anywhere from thirty to eighty plus percent what a

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Speaker 11: traditional application would be. But there's real value in them

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Speaker 11: because of the productivity benefits which will.

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Speaker 8: Accrue to the users.

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Speaker 11: So at the end of the day, I think they're

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Speaker 11: starting to do a good job of providing the opportunity

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Speaker 11: for profit as well as revenue. Acceleration is due to

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Speaker 11: the uptake of as a result of the uptake of AI. Similarly,

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Speaker 11: Salesforce just introduced their pricing of their AI enabled applications

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Speaker 11: last week and those applications are going to have a

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Speaker 11: perceipt component.

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Speaker 8: As well as a usage component.

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Speaker 11: I think you're going to see more and more creative

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Speaker 11: models around AI, and where there are productivity benefits to

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Speaker 11: be cornered, customers will pay for them.

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Speaker 4: Hilly Fresh clear Bridge just deep research in AI. Time

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Speaker 4: for talking tech. First up, the can Lines International Festival

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Speaker 4: of Creativity is underway, and while it usually attracts the

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Speaker 4: most influential executives in advertising and platforms. Two Notebaule names

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Speaker 4: will not be in attendance. Elon Musk and Twitter's new CEO,

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Speaker 4: Linda Yakarino this is the social network works to win

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Speaker 4: back spending on the platform. However, on Tuesday, Twitter announced

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Speaker 4: that it will explore solutions from companies that specialize in

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Speaker 4: tracking the quality of ads and sticking with Musk, according

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Speaker 4: to sources, he's likely to meet with India's Prime Minister

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Speaker 4: Arendramodi today on a visit to the US. The private

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Speaker 4: meeting is expected to take place early evening in New York.

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Speaker 4: Who comes after Tesla and India revived dialogue in May

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Speaker 4: following a year long standoff. Plus, Germany will funk a

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Speaker 4: finance a subsidy package worth ten point nine billion dollars

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Speaker 4: for a planned Intel facility in Magdeburg via it's Special

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Speaker 4: Climate and Transformation Fund that, according to people, formil of

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Speaker 4: the plans for more. Let's bring in Bloomberg's Aggie Cantrell

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Speaker 4: out in Berlin. Aggie, what's the latest on this one?

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Speaker 2: Yes?

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Speaker 12: So this this investment of billion ten billion euros in

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Speaker 12: subsidies from the German government is going to be also

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Speaker 12: brought forward by thirty billion thirty billion euros as a

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Speaker 12: direct investment, the largest foreign direct investment in Germany's history

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Speaker 12: from any company. And Intel is going to be putting

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Speaker 12: forward thirty billion euros of its own money into this investment.

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Speaker 12: And that is also critical because actually this is a

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Speaker 12: project that has been a long time in the works

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Speaker 12: and it was put on pause because Intel said the

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Speaker 12: costs were getting too high. Originally they committed to seventeen

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Speaker 12: billion dollars with subsidies of seventeen billion euros was six

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Speaker 12: point eight billion euros in subsidies from the German government,

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Speaker 12: and they went back to the negotiation table this year

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Speaker 12: because they were saying that it is costing them too much.

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Speaker 12: Economic headwinds are hitting the company and so they needed

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Speaker 12: more in terms subsidies. This is a question as well

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Speaker 12: for how much Germany is willing to front for these

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Speaker 12: companies to onshore a lot of this chip production.

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Speaker 3: Aggie, great round about. Thank you, Aggie Cantrell Baron Berlin for.

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Speaker 4: US, Welcome back to Bloomberg Technology. I'm Ed Lovelow in San.

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Speaker 3: Francisco, and I'm Caroline Hider, New Yord.

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Speaker 4: Let's stick with the geopolitical. US Secretary of State Anthony

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Speaker 4: Blincoln says he expects to see more communications between Washington

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Speaker 4: and Beijing following his visit to China, where he did

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Speaker 4: meet with President Jijingping. He spoke about it at a

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Speaker 4: press conference in London.

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Speaker 13: The relationship and the communication between the two leaders, between

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Speaker 13: President Biden and President she is most important of all.

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Speaker 13: That's why they've had a number of communications and meetings

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Speaker 13: to date, and that's why I expect you'll see more

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Speaker 13: of that in the time ahead.

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Speaker 4: There's a lot to go over in the context of

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Speaker 4: foreign relations. Also the regulatory angle to all of this

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Speaker 4: that ties in, of course artificial intelligence and joining us

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Speaker 4: now for more is Andrew Bradford, professor at Columbia Law

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Speaker 4: School and author of the upcoming book Digital Empires, The

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Speaker 4: Global Battle to Regulate Technology, coming out this September. Professor Bradford,

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Speaker 4: thank you for your time. I think we start with

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Speaker 4: technology at the heart of what's happening between the US

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Speaker 4: and China. What do you make of mister b Lincoln's

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Speaker 4: visit to China and what it may or may not

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Speaker 4: have achieved.

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Speaker 9: So thank you Ed for having me here.

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Speaker 14: And obviously it's a good sign that at least the

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Speaker 14: US and China are talking, but the gaps between the two,

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Speaker 14: the interest and the ideologies surrounding technology.

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Speaker 9: Are very part to bridge.

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Speaker 14: So there are fundamental differences, for instance, when it comes

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Speaker 14: to AI. So first there's an AI race, the battle

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Speaker 14: for technological supremacy, but there's also a battle on how

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Speaker 14: we should think about building digital societies by deploying AI.

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Speaker 14: So the US and the EU are very concern of

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Speaker 14: China's use of AI for digital surveillance and also the

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Speaker 14: exportation of those surveillance technologies around the world that then

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Speaker 14: increases China's influence and pushes the world towards potentially create

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Speaker 14: a digital authoritarianism.

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Speaker 9: So that is certainly one tension.

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Speaker 3: The other tension is how to regulate and protect people

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Speaker 3: in their own communities at a time where you also

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Speaker 3: don't want to stifle innovation as usual. It feels like

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Speaker 3: the EU is getting their first in terms of thinking

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Speaker 3: about and processing actual regulation. We're anticipating the AI Act

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Speaker 3: later this week. I mean, can you bring us up

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Speaker 3: to speed with just how aggressive they are about not

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Speaker 3: only regulating the application of AI, but the underlying models

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Speaker 3: the building of artificial intelligence too.

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Speaker 14: So that is exactly right, Caroline so as expected, the

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Speaker 14: EU is ahead of the game and much more willing

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Speaker 14: than the US to regulate AI. So the EO wants

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Speaker 14: to also be ahead and try to make sure that

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Speaker 14: innovation takes place. But there are some really deep concerns

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Speaker 14: about how the AI potentially has harmful implications, how it

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Speaker 14: might compromise the fundamental rights, how it might then have

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Speaker 14: an adverse effect on democracy. So the EO has now

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Speaker 14: moved along with a very ambitious I'm not sure if

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Speaker 14: I use the word aggressive, but very ambitious AI Act.

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Speaker 14: It was approved by the European Parliament this past week

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Speaker 14: and it's now up for a negotiations between the key legislators,

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Speaker 14: the Council and the Parliament and the Commission, and potentially

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Speaker 14: we might see that law be finalized by the end

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Speaker 14: of the year. But the big challenge, as you noted,

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Speaker 14: was that when we were already far along in the

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Speaker 14: legislative process, the CHAT, GPT and generative AI really to

445
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Speaker 14: the center stage in the conversations, and the legislative template

446
00:24:04,400 --> 00:24:09,000
Speaker 14: wasn't exactly designed for the kind of technology that generative

447
00:24:09,040 --> 00:24:12,480
Speaker 14: AI represents, so that the focus was really that we

448
00:24:12,560 --> 00:24:15,959
Speaker 14: look at how risky the application of the AI is

449
00:24:16,280 --> 00:24:20,960
Speaker 14: and then we adjust the regulatory applications accordingly. But obviously

450
00:24:21,320 --> 00:24:24,520
Speaker 14: these large language models can be used in very risky

451
00:24:24,560 --> 00:24:28,280
Speaker 14: settings or then in completely safe settings. And that is

452
00:24:28,320 --> 00:24:30,879
Speaker 14: now going to be one of the main conversations that

453
00:24:31,040 --> 00:24:34,600
Speaker 14: will be I believe, dominating the last steps in this

454
00:24:34,760 --> 00:24:38,439
Speaker 14: legislative process. But there will be a legislation forthcoming, and

455
00:24:38,720 --> 00:24:41,440
Speaker 14: the generative AI will not get a free pass.

456
00:24:41,680 --> 00:24:44,760
Speaker 3: I mean, and you and I are Europeans, even though

457
00:24:44,800 --> 00:24:48,120
Speaker 3: maybe it's not part of the EU. But Professor Bravn

458
00:24:48,440 --> 00:24:51,040
Speaker 3: wrote before the current book that's about to come up

459
00:24:51,240 --> 00:24:54,440
Speaker 3: about the Brussels effect, about the fact that Brussels getting

460
00:24:54,440 --> 00:24:56,800
Speaker 3: their first in times of regulation does set the standard,

461
00:24:56,840 --> 00:24:58,280
Speaker 3: doesn't I just think of GDPR.

462
00:24:59,240 --> 00:25:02,919
Speaker 4: Yeah, I spent many years in Brussels, Professor. It always

463
00:25:02,920 --> 00:25:06,159
Speaker 4: starts at a lower level. Twenty eighteen, the Expert Group

464
00:25:06,280 --> 00:25:10,439
Speaker 4: starts its work on AI. By comparison, your President Biden

465
00:25:10,480 --> 00:25:13,639
Speaker 4: flying into town this afternoon to San Francisco hosting a

466
00:25:13,720 --> 00:25:19,240
Speaker 4: meeting with these industry leaders. Which pathway is more effective

467
00:25:19,280 --> 00:25:22,360
Speaker 4: to getting actual oversight of the technology.

468
00:25:24,080 --> 00:25:27,760
Speaker 14: So I think whether there is an effective pathway that

469
00:25:27,880 --> 00:25:30,840
Speaker 14: would exclude the governments of the tech company so I

470
00:25:30,880 --> 00:25:34,719
Speaker 14: don't see that one way exclusively can necessarily work. But

471
00:25:34,760 --> 00:25:38,879
Speaker 14: the Europeans certainly are convinced that any governance of the

472
00:25:38,920 --> 00:25:43,280
Speaker 14: AI needs to be entrenched in legislation, in rule of law,

473
00:25:43,359 --> 00:25:47,399
Speaker 14: in democratic governance, and we certainly need to have transparency

474
00:25:47,680 --> 00:25:51,480
Speaker 14: and accountability so that we can have a democratic conversation

475
00:25:52,000 --> 00:25:55,119
Speaker 14: on how these companies are developing their models, how we

476
00:25:55,200 --> 00:25:59,159
Speaker 14: are deploying AI, so that it's consistent with our laws

477
00:25:59,160 --> 00:26:02,639
Speaker 14: and values. But at the same time, even the EU

478
00:26:02,960 --> 00:26:07,399
Speaker 14: is painfully aware of the challenges ahead the EU in

479
00:26:07,520 --> 00:26:12,080
Speaker 14: trying to legislate and to implement effectively this legislation, and

480
00:26:12,160 --> 00:26:15,480
Speaker 14: for that it does need the partnership of tech companies.

481
00:26:15,720 --> 00:26:17,280
Speaker 9: So I was encouraged to see.

482
00:26:17,119 --> 00:26:20,120
Speaker 14: That even now, when we don't yet have the AI

483
00:26:20,160 --> 00:26:23,359
Speaker 14: Act in force, the Europeans and Americans are having a

484
00:26:23,440 --> 00:26:27,439
Speaker 14: conversation together with the tech industry trying to come up

485
00:26:27,440 --> 00:26:29,680
Speaker 14: with the kind of code of conduct that we already

486
00:26:29,720 --> 00:26:33,400
Speaker 14: have some guardrails that we all agree upon. And hopefully

487
00:26:33,440 --> 00:26:37,880
Speaker 14: that dialogue will then continue as the eel's legislative process

488
00:26:37,920 --> 00:26:38,960
Speaker 14: moves forward, and.

489
00:26:38,920 --> 00:26:41,440
Speaker 3: We'll see if that dialogue in any way starts to

490
00:26:41,480 --> 00:26:44,000
Speaker 3: drift between China and the US and Europe as well.

491
00:26:44,200 --> 00:26:48,080
Speaker 3: Ernie Bradford, fascinating comeback pieceing. We thank you, professor at

492
00:26:48,080 --> 00:26:51,879
Speaker 3: Columbia Law School. And we're coming up from FTX Ventures

493
00:26:51,960 --> 00:26:55,000
Speaker 3: to Menlo Ventures. Partner Amy Wu tries us to talk

494
00:26:55,040 --> 00:26:58,040
Speaker 3: about her big move, where she's investing, and how the

495
00:26:58,080 --> 00:27:01,359
Speaker 3: consumer and AI are and twining moment. This is bringing

496
00:27:01,400 --> 00:27:13,920
Speaker 3: back It's that time BC Spotlight and I'm very pleased

497
00:27:13,920 --> 00:27:16,199
Speaker 3: to welcome to the show today. Amy Wu, you know,

498
00:27:16,320 --> 00:27:18,520
Speaker 3: of course, a former head of Ftxpensures and as of

499
00:27:18,640 --> 00:27:21,800
Speaker 3: last week, partner at Menlo Ventures, planning the flag of

500
00:27:21,800 --> 00:27:24,560
Speaker 3: one of Silicon Valley's oldest bench firms right here in

501
00:27:24,560 --> 00:27:27,760
Speaker 3: New York City, although ironically today Amy are over there

502
00:27:27,800 --> 00:27:31,119
Speaker 3: on the West Coast, and I'm interested therefore your thesis

503
00:27:31,200 --> 00:27:33,960
Speaker 3: where you're looking for founders, what kind of companies or

504
00:27:33,960 --> 00:27:35,119
Speaker 3: where you want them to be based.

505
00:27:36,520 --> 00:27:40,359
Speaker 15: Yeah, I recently started at Menlo Ventures, very excited, and

506
00:27:40,480 --> 00:27:44,080
Speaker 15: I'm going to be covering consumer and gaming investments over here.

507
00:27:44,400 --> 00:27:48,119
Speaker 15: Is actually you know, Menlo doubling down and consumer investments, interestingly,

508
00:27:48,160 --> 00:27:49,639
Speaker 15: at a time when a lot of funds for the

509
00:27:49,720 --> 00:27:52,119
Speaker 15: last few years have been rotating out of the category.

510
00:27:52,600 --> 00:27:56,440
Speaker 15: And and so you know, whether blockchain or non blockchain

511
00:27:57,160 --> 00:28:01,399
Speaker 15: ar VR, you know, it's a it's it's constantly an

512
00:28:01,480 --> 00:28:06,639
Speaker 15: area with new platforms and an innovation, new customer and

513
00:28:06,880 --> 00:28:07,880
Speaker 15: user experiences.

514
00:28:07,920 --> 00:28:10,840
Speaker 16: So I'm really excited to be focused on the space.

515
00:28:11,760 --> 00:28:14,280
Speaker 4: I guess Amy, it takes me to the why be

516
00:28:14,400 --> 00:28:17,000
Speaker 4: the GP for consumer and gaming. I'm assuming there will

517
00:28:17,040 --> 00:28:20,199
Speaker 4: be crossover in your previous work looking at blockchain. You know,

518
00:28:20,200 --> 00:28:21,919
Speaker 4: but I think about video games, as we know on

519
00:28:21,960 --> 00:28:26,640
Speaker 4: this program, video games is life. I think about collectibles

520
00:28:26,680 --> 00:28:29,560
Speaker 4: in games, tokens, things that you buy, security around that,

521
00:28:29,800 --> 00:28:32,720
Speaker 4: and blockchain technology is that kind of how you're thinking.

522
00:28:33,760 --> 00:28:35,040
Speaker 16: It's one of the areas.

523
00:28:35,080 --> 00:28:38,000
Speaker 15: So I would say that, you know, if you look

524
00:28:38,000 --> 00:28:43,080
Speaker 15: at the history of consumer and gaming investing, particularly consumer investing,

525
00:28:43,160 --> 00:28:46,560
Speaker 15: it's been driven new experiences have been driven.

526
00:28:46,280 --> 00:28:49,680
Speaker 16: By platform shifts. And I would say that, you know,

527
00:28:49,760 --> 00:28:51,760
Speaker 16: mobile was the last very large one.

528
00:28:52,480 --> 00:28:55,440
Speaker 15: A lot of the you know, most you know, interesting

529
00:28:55,480 --> 00:28:57,120
Speaker 15: companies of like the last ten years.

530
00:28:57,200 --> 00:29:00,480
Speaker 16: So if you look at Uber and in Airbnb, et cetera, I.

531
00:29:00,520 --> 00:29:05,880
Speaker 15: Really were created with you know, technology and innovations and mobile. Uh,

532
00:29:06,000 --> 00:29:10,000
Speaker 15: Bloching is a promising you know, platform shift I would say.

533
00:29:09,880 --> 00:29:11,080
Speaker 16: And still early.

534
00:29:11,280 --> 00:29:15,800
Speaker 15: There's been companies experimenting on you know, on chain, but

535
00:29:15,840 --> 00:29:17,640
Speaker 15: I think you know, it's said to be seen in

536
00:29:17,680 --> 00:29:20,360
Speaker 15: terms of mainstream adoption, and of course, you know, everyone

537
00:29:20,480 --> 00:29:23,120
Speaker 15: is very excited about the promises of Jenny I right

538
00:29:23,160 --> 00:29:23,680
Speaker 15: now as well.

539
00:29:24,920 --> 00:29:28,920
Speaker 4: I think about your background, because Menlo is a different

540
00:29:28,960 --> 00:29:32,600
Speaker 4: firm and you firm, you know, reflecting on what's happened

541
00:29:32,600 --> 00:29:36,240
Speaker 4: in recent years, how much of the conversation with Menlo

542
00:29:36,480 --> 00:29:39,200
Speaker 4: was about what happened to FTX ventures. Was it sort

543
00:29:39,200 --> 00:29:44,200
Speaker 4: of any kind of barrier to moving forward working with them?

544
00:29:44,360 --> 00:29:47,640
Speaker 15: The short answer is no, I think that you know

545
00:29:47,760 --> 00:29:51,040
Speaker 15: they they know that you know myself, and to be honest,

546
00:29:51,080 --> 00:29:55,200
Speaker 15: like most employees, uh, you know, unfortunately we're we're misled

547
00:29:55,440 --> 00:29:59,120
Speaker 15: by the founder and and so most of our conversation

548
00:29:59,200 --> 00:30:02,320
Speaker 15: frankly was in terms of what I will be covering

549
00:30:02,560 --> 00:30:05,120
Speaker 15: and uh in my thesis areas for the future.

550
00:30:05,880 --> 00:30:08,880
Speaker 3: You were actually only there for ten months. What do

551
00:30:08,920 --> 00:30:11,880
Speaker 3: you feel you've learned from the experience? An emotional one,

552
00:30:12,000 --> 00:30:16,040
Speaker 3: I'm sure, and one of great hurt. But how ultimately

553
00:30:16,080 --> 00:30:19,640
Speaker 3: do you feel you will do business differently post FT extensions?

554
00:30:22,080 --> 00:30:25,280
Speaker 15: You know, I've been I've been a venture investor for

555
00:30:25,320 --> 00:30:27,800
Speaker 15: a long time. You know, I previously spent a few

556
00:30:27,880 --> 00:30:30,959
Speaker 15: years at lf Speed and before that at Insight, and

557
00:30:31,040 --> 00:30:33,440
Speaker 15: so in terms of being an investor, you know, I

558
00:30:33,480 --> 00:30:37,240
Speaker 15: haven't lost any passion for that. Uh and uh and

559
00:30:37,360 --> 00:30:40,200
Speaker 15: you know, excited to continue working with great founders and

560
00:30:40,880 --> 00:30:43,480
Speaker 15: and I think you know, there's been a lot of

561
00:30:43,560 --> 00:30:47,120
Speaker 15: learnings from FTX. I mean, first and foremost, it was

562
00:30:47,160 --> 00:30:51,080
Speaker 15: a very fast growing company that did real revenues and

563
00:30:51,200 --> 00:30:54,040
Speaker 15: uh and you know profits in the years that it

564
00:30:54,080 --> 00:30:57,160
Speaker 15: was in operation. But I think, you know, there's a

565
00:30:57,160 --> 00:31:00,400
Speaker 15: lot of uncertainty and tech and in you.

566
00:31:00,400 --> 00:31:02,360
Speaker 16: Know, none of us really expected that to happen.

567
00:31:03,160 --> 00:31:06,360
Speaker 3: What's interesting is we find ourselves in a new AI

568
00:31:07,000 --> 00:31:10,320
Speaker 3: hype cycle. It feels like Crypto was the hype cycle previously.

569
00:31:10,480 --> 00:31:14,200
Speaker 3: AI is the new one, and you of course were

570
00:31:14,440 --> 00:31:17,360
Speaker 3: there within. Some of the savvy investments being made with

571
00:31:17,480 --> 00:31:20,000
Speaker 3: FTX Adventures was Yuga Labs, I think Aboard eight Yacht

572
00:31:20,000 --> 00:31:22,120
Speaker 3: Club and just how that sort of became the number

573
00:31:22,120 --> 00:31:25,040
Speaker 3: one NFT. Anyone could really think of Sober Studios, the

574
00:31:25,080 --> 00:31:28,680
Speaker 3: webinary platform to build your own games. Are you thinking

575
00:31:28,760 --> 00:31:30,920
Speaker 3: this feels like a hype cycle? Again, how do you

576
00:31:30,960 --> 00:31:34,000
Speaker 3: make sure you have long term investments in the world

577
00:31:34,040 --> 00:31:37,600
Speaker 3: of artificial intelligence and where that value rises Right now.

578
00:31:38,520 --> 00:31:39,560
Speaker 16: It's a really great question.

579
00:31:39,600 --> 00:31:42,400
Speaker 15: I mean, AI has been a technology and development for

580
00:31:42,760 --> 00:31:47,480
Speaker 15: decades at this point, and it certainly had its iPhone moment,

581
00:31:47,520 --> 00:31:50,720
Speaker 15: I would saying the last fall with the with the

582
00:31:50,800 --> 00:31:54,280
Speaker 15: launch of chat GBT, and so you know, when I

583
00:31:54,320 --> 00:31:57,240
Speaker 15: was at Less, we had long time been invested in

584
00:31:57,240 --> 00:32:00,240
Speaker 15: investing in AI, and Millow has also been as well well,

585
00:32:00,520 --> 00:32:03,760
Speaker 15: and so I would say that really the investment cycle continues.

586
00:32:04,760 --> 00:32:08,680
Speaker 15: You know, with with jen AI, there is uh sort

587
00:32:08,680 --> 00:32:10,480
Speaker 15: of new surface area I would say in terms of

588
00:32:10,520 --> 00:32:14,760
Speaker 15: both increasing productivity of workers for example artists and gaming,

589
00:32:15,120 --> 00:32:20,040
Speaker 15: but then also in terms of defining a new way

590
00:32:20,080 --> 00:32:23,560
Speaker 15: that people interact with computers and also you know converse

591
00:32:23,680 --> 00:32:26,400
Speaker 15: with computers, which is really interesting and has a lot

592
00:32:26,440 --> 00:32:27,960
Speaker 15: of ramifications.

593
00:32:27,280 --> 00:32:28,800
Speaker 16: And consumer experiences.

594
00:32:29,200 --> 00:32:32,800
Speaker 15: So those are all areas, Those are all areas that

595
00:32:32,800 --> 00:32:34,600
Speaker 15: will be really really interesting.

596
00:32:34,280 --> 00:32:34,800
Speaker 9: To track.

597
00:32:36,120 --> 00:32:37,560
Speaker 6: Amy within video games?

598
00:32:37,880 --> 00:32:42,000
Speaker 4: Are you interested in startups and companies that that want

599
00:32:42,040 --> 00:32:45,760
Speaker 4: to use generative AI progress on the content side? Where's

600
00:32:45,800 --> 00:32:48,640
Speaker 4: the opportunity in gaming?

601
00:32:48,720 --> 00:32:52,720
Speaker 15: So a lot of tech actually I think originates from

602
00:32:52,760 --> 00:32:56,160
Speaker 15: gaming as a use case and the concepts of I

603
00:32:56,200 --> 00:32:59,320
Speaker 15: would say, like two areas of a lot of intense interests,

604
00:32:59,320 --> 00:33:03,000
Speaker 15: which is procedure generation of content and games. And also uh,

605
00:33:03,440 --> 00:33:07,800
Speaker 15: you know, nvcs or interactions with bought players in the

606
00:33:07,840 --> 00:33:11,160
Speaker 15: game has actually been you know, in development for for

607
00:33:11,200 --> 00:33:14,240
Speaker 15: a couple of decades with the first Yablo game, you know,

608
00:33:14,320 --> 00:33:17,600
Speaker 15: with MMOs and uh. And so it's a concept that

609
00:33:17,600 --> 00:33:20,320
Speaker 15: I would say gaming founders and gamers know quite well.

610
00:33:20,800 --> 00:33:24,360
Speaker 15: And and as such, you know, they're both sort of

611
00:33:24,360 --> 00:33:27,200
Speaker 15: wary about the hype cycle right now and gen Ai

612
00:33:27,320 --> 00:33:32,040
Speaker 15: investing and the promises of that, but also very very

613
00:33:32,120 --> 00:33:34,640
Speaker 15: keen to I would say, experiment with the technology.

614
00:33:35,120 --> 00:33:37,160
Speaker 16: And at a higher level, I.

615
00:33:37,120 --> 00:33:39,960
Speaker 15: Think that you know, in these gaming studios have always

616
00:33:39,960 --> 00:33:44,640
Speaker 15: been uh disadvantage compared to incumbent large gaming companies when

617
00:33:44,640 --> 00:33:48,600
Speaker 15: it comes to budget, in in in sort of game design, marketing,

618
00:33:48,600 --> 00:33:49,200
Speaker 15: et cetera.

619
00:33:49,400 --> 00:33:54,240
Speaker 16: And so if gen Ai tooling is able to help, I.

620
00:33:54,240 --> 00:33:56,520
Speaker 15: Would say, like, you know, augment what they are able

621
00:33:56,520 --> 00:33:59,560
Speaker 15: to create from a content perspective at cheaper costs than

622
00:34:00,160 --> 00:34:02,400
Speaker 15: levels of playing ground. I think it allows a lot

623
00:34:02,440 --> 00:34:04,920
Speaker 15: more games to be a release of a really high

624
00:34:05,000 --> 00:34:08,400
Speaker 15: quality and that's a that's a net plus for players.

625
00:34:09,280 --> 00:34:12,239
Speaker 4: I love that your your mind went to non player characters.

626
00:34:12,560 --> 00:34:15,160
Speaker 4: There's a lot of discussion around how let's just make

627
00:34:15,200 --> 00:34:18,440
Speaker 4: games better and more challenging and dream up worlds to

628
00:34:18,520 --> 00:34:21,759
Speaker 4: play in. Gotta gotta are gonna get too involved in

629
00:34:21,760 --> 00:34:24,000
Speaker 4: this video game chat. Got to get to your take

630
00:34:24,040 --> 00:34:26,359
Speaker 4: on consumer You kind of start this conversation saying you're

631
00:34:26,440 --> 00:34:29,440
Speaker 4: kind of pivoting into something that others have pulled back on.

632
00:34:29,960 --> 00:34:31,000
Speaker 6: Is there a risk there?

633
00:34:33,280 --> 00:34:37,520
Speaker 16: So there's two things that are someone thinking has well.

634
00:34:37,560 --> 00:34:39,200
Speaker 16: The first is if you look.

635
00:34:39,080 --> 00:34:42,080
Speaker 15: At you know, just the Nasdaq and S and P,

636
00:34:42,280 --> 00:34:44,480
Speaker 15: you know, some of the largest market cap companies or

637
00:34:44,600 --> 00:34:48,279
Speaker 15: consumer tech companies. On the other hand, you know, if

638
00:34:48,320 --> 00:34:50,000
Speaker 15: you look at the last i would say six seven

639
00:34:50,080 --> 00:34:53,600
Speaker 15: years or there hasn't been a lot of I would

640
00:34:53,600 --> 00:34:57,880
Speaker 15: say very large consumer tech companies that were newly founded

641
00:34:58,560 --> 00:35:02,320
Speaker 15: that has reached you know the scale Facebook and Amazon

642
00:35:02,360 --> 00:35:04,200
Speaker 15: and others. And I think one of the reasons is

643
00:35:04,200 --> 00:35:07,800
Speaker 15: because you know, incumbents were founded with pretty deep network

644
00:35:07,840 --> 00:35:11,440
Speaker 15: effects that are very difficult, and they have massive distribution,

645
00:35:11,840 --> 00:35:14,560
Speaker 15: and it's difficult for a new company to compete, and

646
00:35:14,640 --> 00:35:18,279
Speaker 15: so it remains to be seen whether you know, jen

647
00:35:18,360 --> 00:35:23,560
Speaker 15: Ai as a platform in new technology is going to actually,

648
00:35:23,640 --> 00:35:25,560
Speaker 15: you know, benefit incumbents.

649
00:35:25,040 --> 00:35:27,239
Speaker 16: More or new startups.

650
00:35:27,560 --> 00:35:31,200
Speaker 15: And I generally believe that for a new consumer tech company,

651
00:35:31,840 --> 00:35:35,280
Speaker 15: you really need a dream about a very new surface

652
00:35:35,400 --> 00:35:40,080
Speaker 15: of consumer experience to compete against incumbents.

653
00:35:40,280 --> 00:35:42,840
Speaker 16: Otherwise it's it's pretty difficult even today.

654
00:35:43,719 --> 00:35:46,680
Speaker 4: All right, Menlo Benures partner Amy will thank you so

655
00:35:46,760 --> 00:35:49,279
Speaker 4: much for your time in telling us about your new role,

656
00:35:50,239 --> 00:35:53,320
Speaker 4: Caroline pivoting to another story a little bit AI related,

657
00:35:53,320 --> 00:35:57,360
Speaker 4: Bloomberg's reporting that Spotify is bringing out a premium tier

658
00:35:57,719 --> 00:36:01,560
Speaker 4: dubbed Sue Premium internally. According to sources, there will be

659
00:36:01,600 --> 00:36:05,200
Speaker 4: an element that includes Hi Fi audio, not doing much

660
00:36:05,239 --> 00:36:15,279
Speaker 4: though to support the shares down to percentage points or so.

661
00:36:17,640 --> 00:36:21,120
Speaker 4: It's taken over the web. A submersible carrying five people

662
00:36:21,200 --> 00:36:24,440
Speaker 4: to tour the wreck of this Titanic on the Atlantic seabed,

663
00:36:24,800 --> 00:36:29,640
Speaker 4: missing on Sunday, and extensive rescue operations are still underway.

664
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Speaker 4: Bloombog's John Gilterson joins us, John, what is the latest

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00:36:33,600 --> 00:36:34,240
Speaker 4: on this search?

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00:36:35,360 --> 00:36:38,399
Speaker 1: Well, the latest on the search is that there are

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00:36:38,560 --> 00:36:43,800
Speaker 1: more aircraft being dispatched to the region that are capable

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00:36:43,880 --> 00:36:47,560
Speaker 1: of searching below the surface. They've explored a lot of

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00:36:47,560 --> 00:36:52,960
Speaker 1: the surface with radar, with other search capabilities, but they

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00:36:52,960 --> 00:36:55,000
Speaker 1: haven't found any sign of it. So now they're looking

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00:36:55,239 --> 00:36:59,320
Speaker 1: deeper under the surface for this missing submersible.

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00:37:00,680 --> 00:37:06,480
Speaker 3: Has this happened before and could there be a chance

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00:37:07,040 --> 00:37:11,520
Speaker 3: that satellite starlink is reconnected in some way?

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00:37:11,920 --> 00:37:15,920
Speaker 1: I mean, I suppose there could be a chance. The

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00:37:16,000 --> 00:37:21,680
Speaker 1: craft itself has between seventy and ninety six hours of

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00:37:21,800 --> 00:37:25,319
Speaker 1: oxygen from when it went down. We're now more than

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00:37:25,360 --> 00:37:28,800
Speaker 1: forty eight hours into it, so the clock is definitely ticking.

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00:37:28,840 --> 00:37:30,359
Speaker 3: I mean, that's the key thing is, like.

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00:37:30,800 --> 00:37:35,440
Speaker 1: Can they locate this craft if it's still you know,

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00:37:35,640 --> 00:37:38,920
Speaker 1: a viable craft and bring the people back up to

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00:37:38,920 --> 00:37:41,759
Speaker 1: the surface and you have to unscrew.

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Speaker 2: All the.

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00:37:43,880 --> 00:37:45,480
Speaker 6: Port from the outside.

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00:37:45,640 --> 00:37:48,200
Speaker 1: Those people inside, even if they floated at the top,

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00:37:48,600 --> 00:37:51,759
Speaker 1: couldn't open it themselves.

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Speaker 4: John, A big part of this story is who is

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00:37:54,480 --> 00:37:57,760
Speaker 4: inside the submersible. That's why so many people are talking

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00:37:57,760 --> 00:37:59,440
Speaker 4: about it online on social media.

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Speaker 6: Who this crew is?

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00:38:02,120 --> 00:38:05,440
Speaker 1: Yeah, well it's a really you know, interesting international group.

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00:38:05,480 --> 00:38:09,520
Speaker 1: There's a guy named Hamish Harding who's a jet aircraft

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00:38:09,600 --> 00:38:13,640
Speaker 1: broker from He's from the UK, but he lives in Dubai.

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00:38:14,040 --> 00:38:19,399
Speaker 1: He also flew on Jeff Bezos's Blue Origin trip once. He's,

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00:38:19,480 --> 00:38:23,600
Speaker 1: you know, big explorer guy, the head of the company

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00:38:23,600 --> 00:38:28,279
Speaker 1: that runs this diver Oceangate expeditions. His name is Stockton Rush.

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00:38:28,360 --> 00:38:31,840
Speaker 1: He's like a pilot of this crew. There's a Frenchman

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00:38:32,560 --> 00:38:38,279
Speaker 1: Paul Enri Narjalais, who is like under sea explorer guy.

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00:38:38,560 --> 00:38:42,560
Speaker 1: And then there's a couple of two people from Pakistan,

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00:38:42,600 --> 00:38:46,680
Speaker 1: a father and son, Shizada and Suleiman Daoud, who are

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00:38:46,680 --> 00:38:49,000
Speaker 1: a prominent wealthy Pakistani family.

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Speaker 3: It's a story we're going to continue to track. We

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Speaker 3: thank you for taking some time out to join us

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Speaker 3: on television. Sean Girlson, thank you. And let's note that

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Speaker 3: the Coast Guard is scheduled to hold a press briefing

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00:38:59,640 --> 00:39:02,200
Speaker 3: involved the search efforts said in just a few minutes

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Speaker 3: from now over in Boston. Meanwhile, and that does it

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Speaker 3: for this addition of technology.

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Speaker 4: Yeah, a lots of recap from the show. Global technology

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Speaker 4: stories from around the world. Check out the podcast Apple, Spotify,

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Speaker 4: iHeart and on Bloomberg from New York and here in

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Speaker 4: San Francisco.

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Speaker 2: This is Bloomberg