WEBVTT - GM Joins Tesla and AI Investing 0:00:01.400 --> 0:00:05.080 From Mahart that we're Innovation, Money and Power Collie in 0:00:05.200 --> 0:00:06.720 Silicon Valley, NBN. 0:00:07.040 --> 0:00:11.080 This is Bloomberg Technology with Caroline Hyde and Ed Ludlow. 0:00:25.320 --> 0:00:27.680 I'm Caroline hide a Bloomberg's World headquarters in New York, 0:00:28.080 --> 0:00:30.120 and I'm Ed Ludlow out here in San Francisco. 0:00:30.240 --> 0:00:32.720 This is Bloomberg Technology coming up. 0:00:32.920 --> 0:00:37.000 Ed will break down GM's decision to join Tesla's charging network. 0:00:37.280 --> 0:00:40.000 This is the ev makerheads for a record setting rally. 0:00:40.760 --> 0:00:44.000 Plus, we discuss all things AI, from its use cases 0:00:44.000 --> 0:00:46.440 in the field of law to investing in the space 0:00:46.479 --> 0:00:48.240 with venture capitalist Wesley. 0:00:48.000 --> 0:00:51.680 Chat And for today's Bloomberg Big Take, we'll discuss how 0:00:51.760 --> 0:00:57.120 artificial intelligence is taking racial and gender stereotypes to new extremes. 0:00:57.720 --> 0:00:59.880 But first let's check in on these markets. 0:01:00.440 --> 0:01:03.160 Ed, we're kind of muted ahead of the Federal Reserve 0:01:03.200 --> 0:01:05.360 next week. This is a macro perspective on how much 0:01:05.360 --> 0:01:07.960 the Federal Reserve will pause, will they then hike in July. 0:01:08.319 --> 0:01:10.120 But at the moment, we've have seen the downward trajectory 0:01:10.160 --> 0:01:11.360 for the dollar. On the Weekles's in the s and 0:01:11.400 --> 0:01:14.240 P five hundred, managing to get into that ballmarket territory 0:01:14.280 --> 0:01:17.039 twenty percent off of it's October lows. We're currently clinging 0:01:17.040 --> 0:01:18.800 to gains only up two and a half. Now's that 0:01:18.840 --> 0:01:21.280 one hundred up higher, up to tens percent, some big 0:01:21.319 --> 0:01:23.360 tech names. When you're driving us higher, I know you'll 0:01:23.360 --> 0:01:26.160 dig into that. Blubo Dollar Index actually just basically treading 0:01:26.200 --> 0:01:28.200 water on the day, but actually has been selling off 0:01:28.240 --> 0:01:30.200 over the course of the week as many start to 0:01:30.280 --> 0:01:32.640 buy in on the fact that maybe the FED can. 0:01:32.560 --> 0:01:33.840 Pause this hiking cycle. 0:01:34.040 --> 0:01:35.640 Now's some a little look at what's happening in terms 0:01:35.680 --> 0:01:36.200 of risk. 0:01:36.240 --> 0:01:36.640 As said of. 0:01:36.680 --> 0:01:40.000 Choice, we're currently seeing bitcoin having a pretty tortuous few 0:01:40.080 --> 0:01:42.200 days five day run and we're off by two point 0:01:42.280 --> 0:01:42.640 nine percent. 0:01:42.640 --> 0:01:45.119 We're still clinging to that twenty six thousand there and thereabouts, 0:01:45.280 --> 0:01:45.800 But all. 0:01:45.640 --> 0:01:48.640 Of this comes on the back of some significant regulatory headwinds. 0:01:48.680 --> 0:01:50.520 Look at that downward trajectory when we got the news 0:01:50.560 --> 0:01:52.560 on binance and of course some coinbas when it comes 0:01:52.600 --> 0:01:55.400 to what the SEC is doing. So notable that at 0:01:55.400 --> 0:01:58.400 the moment we're not seeing that move into textocs being 0:01:58.920 --> 0:02:00.800 reciprocated by moving in to bitcoin ed. 0:02:01.920 --> 0:02:05.000 One big influence on this market is Tesla up five percent. 0:02:05.040 --> 0:02:08.000 It's trading in its highest level since early October. End 0:02:08.000 --> 0:02:11.800 of September, the news General Motors is adopting Tesla's North 0:02:11.840 --> 0:02:16.160 America charging standard. It is also having upside impact for GM, 0:02:16.240 --> 0:02:16.760 up two percent. 0:02:16.840 --> 0:02:17.880 But look at the downside. 0:02:17.880 --> 0:02:23.720 Movers Evego charge Point principally CCS standard offerings for charging 0:02:23.760 --> 0:02:28.280 networks really taking a hit. The Tesla name has momentum. 0:02:28.280 --> 0:02:30.080 Just quickly look at this terminal chart. We're up for 0:02:30.080 --> 0:02:33.360 eleventh straight session. That matches the streak of games we 0:02:33.400 --> 0:02:35.799 saw at the beginning of twenty twenty one, eleven days 0:02:36.000 --> 0:02:39.000 that ended in early twenty twenty one. We don't often 0:02:39.040 --> 0:02:40.800 get technical on this show, and I'm not showing it 0:02:40.800 --> 0:02:43.160 in this chart, but I think about relative strength index. 0:02:43.440 --> 0:02:45.760 This is a stock that's at an eighty six level, 0:02:46.080 --> 0:02:49.160 very heavily and overbought territory. It is trading above its 0:02:49.200 --> 0:02:52.040 two hundred, one hundred and fifty day moving average. I 0:02:52.120 --> 0:02:54.399 raised that because it has momentum. But how long does 0:02:54.440 --> 0:02:58.480 this last? Really impressive outperformance, but what about the details here? 0:02:58.639 --> 0:03:01.880 We heard from GMCO Mary Barra on a Twitter spaces 0:03:02.000 --> 0:03:03.160 with Elon Musk. 0:03:03.800 --> 0:03:07.880 As we looked at this and realized we could really 0:03:07.919 --> 0:03:10.400 address one of the biggest issues that customers are telling 0:03:10.440 --> 0:03:13.000 us is, Hey, you know, I like evs, but if 0:03:13.040 --> 0:03:14.880 it's going to be my only vehicle, I need to 0:03:14.919 --> 0:03:18.959 know that there's a robust charging infrastructure. So I think 0:03:19.000 --> 0:03:23.000 this gives us a huge opportunity to do something that's 0:03:23.000 --> 0:03:25.680 better for customers and to drive it to be the standard. 0:03:27.360 --> 0:03:29.600 Is this just the next domino to fall? Is this 0:03:29.639 --> 0:03:32.520 something much bigger? Let's get the details with Bloomberg's Detroit 0:03:32.560 --> 0:03:36.000 Bura G David Welch. David tell us how GM's going 0:03:36.000 --> 0:03:36.760 to pull this off. 0:03:37.840 --> 0:03:40.320 Well, they're basically going to equip their cars starting in 0:03:40.360 --> 0:03:45.320 twenty twenty five with an import that can take Teslass chargers. 0:03:45.600 --> 0:03:49.080 Before then they'll have the customers, the owners of those vehicles. 0:03:49.080 --> 0:03:50.680 I have to use some kind of adapter so that 0:03:50.760 --> 0:03:53.200 they can use Testla's vehicles. But basically it gives these 0:03:53.480 --> 0:03:56.640 gives GM electric vehicle owners and forward for that matter, 0:03:56.680 --> 0:03:59.200 because they announce this deal is a similar deal previously 0:03:59.560 --> 0:04:04.680 gives them access to twelve thousand Tesla fast chargers and 0:04:04.800 --> 0:04:07.040 some more of their regular chargers. So it gives these 0:04:07.080 --> 0:04:10.920 people a lot of options with probably minimal impact on 0:04:11.000 --> 0:04:13.400 their lives and not a lot of investment either. 0:04:13.920 --> 0:04:17.400 Honest, David saying, another win for Tesla. How does this 0:04:17.520 --> 0:04:20.320 actually help the revenue of Tesla? How does this well 0:04:20.400 --> 0:04:21.840 help the business model of Tesla. 0:04:23.080 --> 0:04:25.800 So, Tesla, they still are going to make all of 0:04:25.800 --> 0:04:28.279 their money or most of their money selling cars, but 0:04:28.320 --> 0:04:30.880 they do have this business of charging where they do 0:04:30.920 --> 0:04:34.360 make some revenue. It's not huge money. Estimates are that 0:04:34.400 --> 0:04:37.080 Tesla can make it anywhere from one and a half 0:04:37.080 --> 0:04:39.560 billion to three billion by twenty thirty and even more 0:04:39.600 --> 0:04:43.080 after that with all of these customers of other companies 0:04:43.160 --> 0:04:45.960 cars that will use their charging network. And if you 0:04:46.000 --> 0:04:48.400 think about it, Tesla has by far right now the 0:04:48.440 --> 0:04:51.800 most reliable EV charging network and it's also the most 0:04:51.839 --> 0:04:56.520 mature compared to this patchwork quilt of other EV companies, 0:04:56.720 --> 0:05:00.400 ev Go, charge Point, others they either provide hardware services, 0:05:01.120 --> 0:05:03.960 and JD Power says Tesla is the most reliable. So 0:05:04.000 --> 0:05:06.280 I think more and more customers of other people's vehicles 0:05:06.320 --> 0:05:10.560 will start using Tesla chargers because the apps as they're available, 0:05:10.560 --> 0:05:12.800 they're actually available when the people get there, the charger 0:05:12.839 --> 0:05:16.000 actually works. It's a big problem for EV drivers. So 0:05:16.760 --> 0:05:19.080 with a better network, they'll went out and they will 0:05:19.160 --> 0:05:22.520 make revenue off of their rivals customers in the same 0:05:22.520 --> 0:05:26.919 way they've made revenue and profits off of regulatory credits 0:05:26.960 --> 0:05:29.440 for years. All this kind of it may not be 0:05:29.520 --> 0:05:34.080 huge money, but it's still helping Tesla at sort of 0:05:34.080 --> 0:05:36.400 an opportunity cost to the other car companies who don't 0:05:36.400 --> 0:05:37.400 have their own networks. 0:05:38.320 --> 0:05:42.400 David on that point about that Tesla's networks reach and maturity, 0:05:42.440 --> 0:05:44.279 We actually have this chart from Bloomberg and you Energy 0:05:44.320 --> 0:05:49.520 Finance which shows the Tesla fast charger network relative to ccs, 0:05:49.560 --> 0:05:52.640 and the chart tells the story, right, It is just 0:05:52.720 --> 0:05:55.400 so much bigger here in the United States. But the 0:05:55.440 --> 0:05:57.160 reason I bring up as well is the title of 0:05:57.200 --> 0:06:01.599 the Bloomberg NIF research. GM cruels back to Twitter and 0:06:01.680 --> 0:06:06.000 Tesla to save it's ev ambitions. You know GM better 0:06:06.000 --> 0:06:08.440 than anyone on the planet pretty much. What did you 0:06:08.520 --> 0:06:12.720 make of Mary barrr breaking her Twitter silence to make 0:06:12.760 --> 0:06:13.480 this announcement? 0:06:14.920 --> 0:06:15.200 Oh? 0:06:15.360 --> 0:06:19.000 Look, first off, when Ford made the announcement, I went 0:06:19.000 --> 0:06:21.440 to GM and said are you following next? And you 0:06:21.440 --> 0:06:24.240 know they sort of hemmed in had I think they 0:06:24.279 --> 0:06:26.880 realized once Ford did that, they had to go in. 0:06:27.560 --> 0:06:31.240 And you know, Tesla and GM I've sort of traded 0:06:31.279 --> 0:06:34.880 barbs over the years, subtly at times, not so subtly 0:06:34.920 --> 0:06:38.159 at others. So I do think they didn't love having 0:06:38.200 --> 0:06:41.599 to do this. But ultimately Mary Barr is an extremely 0:06:41.680 --> 0:06:46.120 pragmatic CEO, and if this will help her sell electric vehicles, 0:06:46.120 --> 0:06:49.640 if this will help her customers stay happy, I think 0:06:49.760 --> 0:06:52.600 she knows she has to do it, and I think, 0:06:52.680 --> 0:06:55.919 you know, going on Twitter to do it is probably 0:06:55.960 --> 0:06:59.240 not their favorite way of putting news out, but it 0:06:59.279 --> 0:07:04.360 would also also very very effective sitting on the stage, 0:07:04.880 --> 0:07:07.920 all right. Rather it was done by Zoomer actually, I think, 0:07:07.920 --> 0:07:10.600 but speaking with Elon Musk about this is going to 0:07:10.600 --> 0:07:12.200 give them a lot of publicity for the fact that 0:07:12.200 --> 0:07:14.200 they're changing their charging network. 0:07:14.920 --> 0:07:18.600 You know, Caroline, this is clearly giving Tesla Antiema boost. 0:07:18.640 --> 0:07:21.280 But again, let's go back to those movies to the 0:07:21.320 --> 0:07:23.880 downside and some of the rivals out there in the network. 0:07:24.040 --> 0:07:28.000 Yeah, Devid to that point, you mentioned EVgo, but also Pilot, 0:07:28.040 --> 0:07:30.280 there was a joint venture already announced by GM as 0:07:30.280 --> 0:07:33.360 you referenced. Who does this hurt perhaps more in the 0:07:33.360 --> 0:07:35.600 startup space and the areas that you know, I think 0:07:35.600 --> 0:07:37.600 of here in New York, the announcements that are being 0:07:37.600 --> 0:07:39.600 made of all the EV charging that's going to be 0:07:39.600 --> 0:07:42.480 put in the capacity, and it was helping players other 0:07:42.520 --> 0:07:44.880 than Tesla, who are the other battery operators, I mean 0:07:44.920 --> 0:07:48.840 the charging operators out there who perhaps stand to forfeit here. 0:07:49.960 --> 0:07:52.320 Yeah, look, this is going to be tough on them, 0:07:52.360 --> 0:07:55.080 at least in the near term, I think medium long 0:07:55.160 --> 0:07:58.760 term they can adapt if Tussel's chargers are more reliable 0:07:58.920 --> 0:08:01.600 and I on a Cadillac Lyric are a four one 0:08:01.680 --> 0:08:05.960 fifty lightning electric vehicle, and I can use it six 0:08:06.000 --> 0:08:08.960 months from now because I get an adapter. Why wouldn't 0:08:09.000 --> 0:08:10.720 I do that if I know it's a better network. 0:08:10.760 --> 0:08:14.000 So they're going to lose potential revenue on this thing, 0:08:14.040 --> 0:08:15.520 and that's what the market's looking at. I think it's 0:08:15.560 --> 0:08:17.440 going to be tough on all of these companies, and 0:08:17.480 --> 0:08:21.160 they're already in a not great financial position, you know, 0:08:21.240 --> 0:08:24.120 kind of speaking broadly as a charging industry, and the 0:08:24.160 --> 0:08:26.040 stocks are not doing that great either, So it's not 0:08:26.080 --> 0:08:28.840 like they have this amazing ability to raise capital because 0:08:28.840 --> 0:08:30.280 they're not loved as investments. 0:08:31.000 --> 0:08:36.439 David Welch, as you say, GM aficionado, EV aficionado charger Officionado, 0:08:36.480 --> 0:08:37.920 We thank you so much for Detroit. 0:08:47.000 --> 0:08:49.760 A New York lawyer told a judge he never meant 0:08:49.800 --> 0:08:52.440 to fool anybody when he filed a court brief full 0:08:52.480 --> 0:08:57.560 of phony legal precedents invented by chat GPT. The lawyer 0:08:57.600 --> 0:08:59.960 who faces punishment to the brief are the US district 0:09:00.120 --> 0:09:03.720 judge for leniency, claiming he had no idea the free 0:09:03.800 --> 0:09:08.439 artificial intelligence school could create fake case citations and court opinions. 0:09:08.880 --> 0:09:12.240 Generative AI tools promise to disrupt industries, but the technology 0:09:12.600 --> 0:09:16.520 also has many risks associated with it, so staying in 0:09:16.559 --> 0:09:19.080 the field of AI and the law. Even Up is 0:09:19.120 --> 0:09:23.240 a generative AI startup focused on personal injury cases with 0:09:23.400 --> 0:09:26.600 trained models using hundreds of thousands of pages of medical 0:09:26.640 --> 0:09:31.000 records cases compiled into possibly the largest ever repository of 0:09:31.080 --> 0:09:34.120 case data. The company just announced its series being round 0:09:34.240 --> 0:09:37.160 led by Best Adventure Partners and joining us now is 0:09:37.240 --> 0:09:41.199 Ramy Kareba bar even Up CEO and Samir de Lakia, 0:09:41.320 --> 0:09:43.400 partner with Best Some Adventures. 0:09:43.000 --> 0:09:44.320 And Sami, I'm going to start with you. 0:09:44.440 --> 0:09:47.320 Sure a month ago you came on this program and 0:09:47.400 --> 0:09:50.240 told Caroline and I, I have a billion dollars to 0:09:50.280 --> 0:09:53.120 invest in artificial intelligence yep, And I said, well, how 0:09:53.120 --> 0:09:55.760 are you going to do it? And you didn't fully 0:09:55.800 --> 0:09:59.480 answer the question. This goes some way to answering the question. 0:09:59.679 --> 0:10:03.400 In the there has been an outpouring of interest, of course, 0:10:03.480 --> 0:10:07.880 by entrepreneurs around the world inbound coming in saying, hey, 0:10:07.920 --> 0:10:10.120 this is exactly these are the folks to come and 0:10:10.160 --> 0:10:12.719 help us launch our ideas, and this is what we 0:10:12.840 --> 0:10:15.560 knew would happen. Whenever you have a paradigm shift as 0:10:15.600 --> 0:10:19.160 profound as large language models and generative AI, the creative 0:10:19.200 --> 0:10:21.560 juices of all the entrepreneurs around the world get going 0:10:21.559 --> 0:10:24.400 and they try to solve novel problems in a novel way. 0:10:24.720 --> 0:10:26.720 And that's what we've seen and even. 0:10:26.559 --> 0:10:29.000 Up as one of the very first examples we've seen 0:10:29.440 --> 0:10:31.640 coming out of this allocation of that billion. 0:10:31.320 --> 0:10:34.600 Dollars, Robbie, that creative juices that got flowing. We're actually 0:10:34.600 --> 0:10:38.240 started in twenty twenty, and I'm interested how much has 0:10:38.320 --> 0:10:40.040 generative AI changed the game for you? 0:10:40.200 --> 0:10:40.680 How much? 0:10:40.720 --> 0:10:44.360 And already you been iterating on making legal work in 0:10:44.400 --> 0:10:47.320 particular that much easier, and is sort of the momentum 0:10:47.320 --> 0:10:49.800 around chatchipt just helping with a cell cycle. 0:10:51.040 --> 0:10:53.400 For sure, we've been experimenting with generative models since the 0:10:53.440 --> 0:10:56.520 founding of the company, and we also use discriminative models 0:10:56.520 --> 0:10:56.920 as well. 0:10:57.040 --> 0:10:58.480 And the way you can think about. 0:10:58.280 --> 0:11:00.400 What we do is we turn raw case files, typically 0:11:00.480 --> 0:11:04.360 medical reports and police reports, into AI generated legal documents 0:11:04.400 --> 0:11:07.720 for injury attorneys. These legal documents value what these personal 0:11:07.720 --> 0:11:10.840 injury cases are worth, enabling injury attorneys not only to 0:11:10.840 --> 0:11:14.080 save time in legal drafting, but also maximize the value 0:11:14.080 --> 0:11:16.200 of their claims and helping the many millions of Americans 0:11:16.240 --> 0:11:17.720 they get injured every year in the US. 0:11:19.000 --> 0:11:21.720 Romie, what is your response to the story that we 0:11:21.800 --> 0:11:24.320 outlined at the beginning of this segment, a lawyer who 0:11:24.360 --> 0:11:28.480 now has to defend himself because he relied on fake 0:11:28.640 --> 0:11:33.480 legal precedence that chat GPT gave him. What is the 0:11:33.600 --> 0:11:35.880 risk for your company in that context? 0:11:37.040 --> 0:11:39.080 I think it really comes down to how you're using 0:11:39.120 --> 0:11:43.520 generative models. The way our approach to generative AI is 0:11:43.600 --> 0:11:46.319 very different than a lot of other companies were strictly 0:11:46.360 --> 0:11:48.959 focused on one type of legal letter called the demand letter, 0:11:49.320 --> 0:11:51.400 and this is where the way we use generative models 0:11:51.400 --> 0:11:51.600 is in a. 0:11:51.600 --> 0:11:52.600 Pretty confined way. 0:11:52.960 --> 0:11:55.280 We feuded a handful of inputs and we're asking it 0:11:55.320 --> 0:11:56.760 to summarize it in pros. 0:11:57.200 --> 0:11:57.680 Since we're not. 0:11:57.760 --> 0:12:00.439 Scaring the web or asking for or a lot of 0:12:00.520 --> 0:12:03.320 different types of use cases for general models, the risk 0:12:03.360 --> 0:12:07.920 of hallucinations is significantly less. And separately, our demands are 0:12:07.920 --> 0:12:10.680 acuated by a team of legal professionals. We've done thousands 0:12:10.720 --> 0:12:13.720 of these cases, and our clients haven't seen those types 0:12:13.760 --> 0:12:16.320 of results of hallucinations impacting their business. 0:12:16.880 --> 0:12:19.679 Submitted to that end, you know how, was even not 0:12:19.760 --> 0:12:24.160 attractive because it is such a specific application of generative 0:12:24.200 --> 0:12:27.320 AI and AI in general. Are you looking for those 0:12:27.360 --> 0:12:31.880 specific areas, particularly in healthcare, particularly in legal work, or 0:12:31.920 --> 0:12:34.640 are you seeing more broad applications that excite you to. 0:12:36.200 --> 0:12:38.559 Certainly all the above, although I would say even up 0:12:38.760 --> 0:12:42.520 is a perfect company for a Bessemer venture partners to 0:12:42.600 --> 0:12:45.280 invest in. Bestmer has for the last ten or fifteen 0:12:45.360 --> 0:12:48.000 years been I would argue, the leading venture capital firm 0:12:48.360 --> 0:12:51.840 investing in vertical SaaS companies. So whether it's Toast in 0:12:51.880 --> 0:12:56.760 the restaurant industry, Service Titan for plumbers and electricians, pro 0:12:56.920 --> 0:13:00.800 Core and construction Shopify for e commerce, been focused on 0:13:00.880 --> 0:13:03.880 investing in companies that solve the particular problem set of 0:13:03.920 --> 0:13:07.080 problems for a vertical industry. And of course the legal 0:13:07.120 --> 0:13:11.640 industry is the perfect vertical industry for this disruption in 0:13:11.720 --> 0:13:14.480 large language models. All they do every day as lawyers 0:13:14.520 --> 0:13:18.960 is deal in pros in language. And so this is 0:13:19.000 --> 0:13:22.200 at the absolute intersection sweet spot of what Bessemer likes 0:13:22.240 --> 0:13:24.080 to invest in Smith. 0:13:24.240 --> 0:13:26.400 What was doing this deal? Like what does the cap 0:13:26.440 --> 0:13:29.040 table look like at the moment as well? Like, yes, 0:13:29.120 --> 0:13:32.040 you're on this, so it's Spain. So are many others. Yeah, 0:13:32.400 --> 0:13:35.880 you know who's convincing? Who you convincing? Rammy, Remy convincing you. 0:13:36.679 --> 0:13:40.640 It is a very competitive environment. Ronny is an incredible entrepreneur. 0:13:40.880 --> 0:13:43.640 There were he could tell you how many venture capital 0:13:43.640 --> 0:13:46.840 firms he had interest in in it. We were privileged 0:13:46.840 --> 0:13:49.080 that he chose to work with us. 0:13:49.160 --> 0:13:51.520 Very polite answer, and and we have many friends. 0:13:51.720 --> 0:13:55.200 The folks of being capital ventures are friends of ours from. 0:13:55.320 --> 0:13:58.160 A decade long. So you're seeing more and more of that. 0:13:58.240 --> 0:14:02.400 I think partnering go on on, but in spirit of serving, 0:14:02.760 --> 0:14:05.199 and I think you'll always hear that from from Investmer. 0:14:05.559 --> 0:14:07.920 We're in service of our entrepreneurs and in service of 0:14:07.920 --> 0:14:08.440 those companies. 0:14:08.480 --> 0:14:10.720 So Romie, I'll give you the opportunity to give your 0:14:10.720 --> 0:14:11.480 perspective on that. 0:14:11.720 --> 0:14:13.400 I would note, you know, do not pay. 0:14:14.400 --> 0:14:16.240 Josh Brown has been on the show with Carolina and 0:14:16.320 --> 0:14:19.760 I they do something quite similar as well. So how 0:14:19.800 --> 0:14:22.160 did you stand out to all these bench catalysts that 0:14:22.200 --> 0:14:23.080 were fighting over you? 0:14:24.360 --> 0:14:24.720 For sure? 0:14:24.800 --> 0:14:26.920 And our approach was just to do one type of 0:14:26.960 --> 0:14:30.120 document and more affordably, more accurately and faster than a 0:14:30.200 --> 0:14:32.560 human can on their own. And knock on wood, we've 0:14:32.600 --> 0:14:35.160 had some pretty good traction. It speaks volumes, just at 0:14:35.200 --> 0:14:37.560 the value proposition, being able to deliver it to injury 0:14:37.560 --> 0:14:41.200 attorneys and again, ultimately their clients were injured us. What 0:14:41.320 --> 0:14:43.360 is most important is finding a partner that is online 0:14:43.360 --> 0:14:46.160 in that mission, and I think Samor sold them a 0:14:46.200 --> 0:14:48.239 little bit short there. But I think I think Investmor's 0:14:48.360 --> 0:14:51.280 lead in Vertical SaaS, I think Samir had more general 0:14:51.280 --> 0:14:54.320 to our investments in any other investor that we've spoken to. 0:14:54.440 --> 0:14:57.280 Specifically with Vertical SaaS, it admitted an easy decision for 0:14:57.360 --> 0:14:58.240 us to choose s Bestimer. 0:14:58.440 --> 0:15:01.240 Robbie, you just mentioned there quicker than a human can. 0:15:01.760 --> 0:15:02.960 Is this going to reduce jobs? 0:15:04.360 --> 0:15:05.320 We have not seen that. 0:15:05.800 --> 0:15:08.160 Ultimately, if you think about personal injury, you're talking about 0:15:08.200 --> 0:15:10.920 some of the most vonderable times in individuals' lives. You're 0:15:11.000 --> 0:15:12.560 living a normal life, then all of a sudden, something 0:15:12.560 --> 0:15:15.160 really had happened to you. I can't imagine a human 0:15:15.240 --> 0:15:17.680 not being there to help help these folks share through 0:15:17.680 --> 0:15:20.080 the personal injury claims process. From what we've seen from 0:15:20.080 --> 0:15:22.720 our clients, they're spending last time on document review and 0:15:22.760 --> 0:15:25.040 document drafting, and they're spending more times with our clients. 0:15:25.240 --> 0:15:27.480 We're taking on more clients that they've ever had before. 0:15:28.280 --> 0:15:32.240 Ami Caravaba, thank you very much. Indeed, even up CEO Sama, 0:15:32.360 --> 0:15:34.000 great to have some time with you as well. Sammy, 0:15:34.160 --> 0:15:36.920 are lacking a partner at best in the venture, but partners, 0:15:37.400 --> 0:15:39.160 that's so much for joining us. That was a really 0:15:39.240 --> 0:15:43.120 interesting roundtable about all things generative applications. Meanwhile, coming up, 0:15:43.480 --> 0:15:46.120 we're on the fallout actually from the Securities and Exchange 0:15:46.120 --> 0:15:50.040 Commissions lawsuit against Finance. What the crypto exchange platform is 0:15:50.040 --> 0:15:51.119 telling its customers. 0:15:51.480 --> 0:15:54.160 From New York. From San Francisco, Disi Bloomberg. 0:16:08.600 --> 0:16:10.440 It is time for talking tech. 0:16:10.480 --> 0:16:14.120 First up, Taiwan semiconductor Manufacturing, seeing a dip in revenue 0:16:14.360 --> 0:16:16.800 for a third straight month. Sales at the world's largest 0:16:16.800 --> 0:16:20.000 supplier have made to order. Chip slid five percent, which 0:16:20.000 --> 0:16:23.560 indicates that the sector's slump has yet to bottom. TSMC 0:16:23.640 --> 0:16:27.040 executive has signaled a gradual recovery in the second half 0:16:27.080 --> 0:16:29.600 of the year and a resumption of growth in twenty 0:16:29.640 --> 0:16:33.480 twenty four. And Binance US is telling its customers to 0:16:33.520 --> 0:16:36.360 take action in order to protect their assets following the 0:16:36.400 --> 0:16:39.520 SEC's lawsuit. This comes as its banking partners seek to 0:16:39.600 --> 0:16:43.360 pause US dollar channels for deposits and withdrawals as early 0:16:43.360 --> 0:16:45.960 as June thirteenth. In an email to customers which was 0:16:46.000 --> 0:16:48.800 also posted on Twitter, the company says, we are taking 0:16:48.840 --> 0:16:53.120 these proactive steps as we transition to a crypto only exchange. 0:16:53.120 --> 0:16:56.600 We will continue to vigorously defend ourselves, our customers, and 0:16:56.720 --> 0:17:00.000 industry against the meritless attacks of the SEC. 0:17:00.320 --> 0:17:01.440 End quote plus. 0:17:01.560 --> 0:17:04.560 Crypto firms are reshaping the landscape with its come to 0:17:04.640 --> 0:17:07.240 a banking system in the US. Firms are turning to 0:17:07.320 --> 0:17:11.160 smaller regional lenders to open accounts. Swiss and Asian banks 0:17:11.160 --> 0:17:13.880 were also playing a bigger role as to where assets 0:17:13.880 --> 0:17:17.640 are placed. The changes come amid increased scrutiny from regulators 0:17:17.920 --> 0:17:19.400 against that industry. 0:17:19.640 --> 0:17:24.160 Caroline, in fact, cryptoregulation and all that was being discussed 0:17:24.359 --> 0:17:27.159 in a venture capital conversation I had yesterday, Ed, I 0:17:27.200 --> 0:17:29.240 got a chance to sit down with Rebeca Cayden of 0:17:29.760 --> 0:17:32.000 Union Square Ventures based right here in New York. Dina 0:17:32.040 --> 0:17:34.600 Shaker of Lux Capital as well, had flown in from 0:17:34.600 --> 0:17:37.160 the West Coast where you are for the Bloomberg invest conference, 0:17:37.200 --> 0:17:40.159 and actually when it turned to AI, they expressed some 0:17:40.640 --> 0:17:43.560 optimism there the role in the shift that we're seeing 0:17:43.640 --> 0:17:44.640 in fintech and healthcare. 0:17:44.720 --> 0:17:48.119 Just ticul listen, I'm an optimist. I think I'm partly 0:17:48.160 --> 0:17:52.639 an optimist by trade and overall, but particularly here. I 0:17:52.680 --> 0:17:57.440 think the opportunities set to unmark and the efficiencies to create, 0:17:57.520 --> 0:18:01.439 and the skills and abilities that we can't think of 0:18:01.520 --> 0:18:07.360 yet are going to outweigh the risks which are there 0:18:07.400 --> 0:18:10.480 and are are relevant, but are going to be manageable. 0:18:11.040 --> 0:18:13.439 Okay, I like that they're manageable. Dan, Do you have 0:18:13.520 --> 0:18:16.480 that same optimism that ultimately all the ringing of hands, 0:18:16.520 --> 0:18:20.560 worries about job implications bias will ultimately be outweighed by 0:18:20.600 --> 0:18:23.120 the positives and productivity and how it's going to help 0:18:23.200 --> 0:18:24.680 your particular area of expertise, like. 0:18:24.640 --> 0:18:25.760 Healthcare, absolutely. 0:18:25.760 --> 0:18:27.760 I mean, we've been investing in AI for years, so 0:18:27.800 --> 0:18:30.080 if certainly there is a lot that's new now, it 0:18:30.080 --> 0:18:32.560 does feel like a paradigm shift. But we were early 0:18:32.600 --> 0:18:35.960 investors in Hugging Face and Runway. In the healthcare space, 0:18:35.960 --> 0:18:37.720 we actually sit on a board together of a company 0:18:37.720 --> 0:18:40.120 called a Life Health, which is using AI to transform 0:18:40.240 --> 0:18:41.040 fertility care. 0:18:41.680 --> 0:18:42.960 There is still so much. 0:18:42.800 --> 0:18:45.560 More and we're incredibly excited about the potential, of course, 0:18:45.640 --> 0:18:49.600 notwithstanding the regulatory environment that we're in right now and 0:18:49.640 --> 0:18:52.879 making sure that everything is done safely and also without bias. 0:18:53.320 --> 0:18:55.159 Go to regulation in a moment. 0:18:55.320 --> 0:18:58.879 But to the point of where AI is really disrupting? 0:18:58.960 --> 0:19:00.840 Are you where's your rain space app? 0:19:00.920 --> 0:19:04.159 Is it more inbound people wanting money, people cooling themselves, 0:19:04.240 --> 0:19:05.879 ultificial intelligence companies you try to. 0:19:05.960 --> 0:19:06.919 Sort wheat from chaff? 0:19:07.359 --> 0:19:09.000 Or is it how do I ensure the port photio 0:19:09.040 --> 0:19:12.280 Companies I have that aren't truly built on AI are 0:19:12.320 --> 0:19:13.240 ready for that disruption? 0:19:13.480 --> 0:19:14.640 I mean, I think it's a little of both. 0:19:14.680 --> 0:19:17.080 Obviously, as a consumer I love using it for bedtime 0:19:17.119 --> 0:19:19.920 stories for my kids and you know, recipes and so on. 0:19:20.119 --> 0:19:22.040 But as an investor, we're looking at what the really 0:19:22.040 --> 0:19:24.400 big platform shifts are going to be and I think 0:19:24.440 --> 0:19:26.280 any tech company right now needs to take a really 0:19:26.280 --> 0:19:28.800 close and deep look at how they're using AI to 0:19:28.840 --> 0:19:33.080 make themselves more efficient, particularly in well, frankly, in every field. 0:19:33.080 --> 0:19:34.560 But I would say when it comes to healthcare, there's 0:19:34.680 --> 0:19:38.640 so much opportunity, so much latency, so much bureaucracy. 0:19:39.040 --> 0:19:41.159 But it's a very different world when you're still. 0:19:40.880 --> 0:19:43.840 Talking about fax machines in the same sentence. 0:19:43.520 --> 0:19:47.280 As chat gpt Well said, And what about the fintech space, Rebecca, 0:19:47.320 --> 0:19:49.240 and in this is an area that you'll particularly got 0:19:49.240 --> 0:19:50.240 some expertise in as well. 0:19:50.280 --> 0:19:52.040 Across the board as well as healthcare. 0:19:52.600 --> 0:19:55.159