Speaker 1: Bloomberg Audio Studios, podcasts, radio news, innovation.
Speaker 2: Money and power collide in Silicon Valley and beyond.
Speaker 3: This is Bloomberg Technology with Caroline Hyde and Ed.
Speaker 2: Ludlow live from New York and San Francisco. This is
Speaker 2: Bloomberg Technology coming up. The White House takes aim at
Speaker 2: Amazon after a reported play to display the cost of
Speaker 2: tariffs on certain products, but the tech giant denies the move.
Speaker 4: Plus, Spotify sees a surgeon subscribers in the first quarter,
Speaker 4: but shares slide and.
Speaker 2: The SOFI CEO joins us after posting the first quarter
Speaker 2: beat and raising guidance, showing resilience amid.
Speaker 5: The economic turmoil.
Speaker 2: But first way check in on these markets, which are
Speaker 2: also showing some resilience, said, we're up three tens of percent, but.
Speaker 5: Is it bad news? That is good news.
Speaker 2: We see woefully low consumer sentiment, the worst reading in
Speaker 2: terms of consumer sentiment in almost five years. But that
Speaker 2: fuels the desire and the hope that the Federal Reserve
Speaker 2: might indeed start to cut rates to support the economy.
Speaker 2: We're up three tens percent, but some notable names on
Speaker 2: the downside, and you're looking at one of them.
Speaker 4: Yeah, very quickly NXP Semiconductor. It's a story you may
Speaker 4: have missed among everything else. The stock was down significantly,
Speaker 4: paired some of the decline to six percent. Two pieces
Speaker 4: of news tariffs impact, an uncertain environment, hitting the outlook
Speaker 4: and performance in the quarter, key supply to the automotive sector,
Speaker 4: but also CEO Sivert's retiring and then promoting from within
Speaker 4: one that you want to keep an eye on key
Speaker 4: name in the supply chain.
Speaker 5: Carring you certainly do.
Speaker 2: Meanwhile, let's return to the White House because it is
Speaker 2: taking aim at Amazon.
Speaker 6: I just got off the Finn with the President about
Speaker 6: iaman Zan's announcement. This is a heartstyle in pull it
Speaker 6: a act by Amazon. It's another reason why we are
Speaker 6: on shoring critical supply chains here at home to shore
Speaker 6: up our own critical supply chain and boost our own manufacturing.
Speaker 2: The comments weighed on shares as the tech giant gears
Speaker 2: up to report results on Thursday after the closing bell.
Speaker 2: Numa's Kaylee Lines is said to break down the story.
Speaker 2: All of this based on reporting coming.
Speaker 5: From another source.
Speaker 2: Amazon has since denied that it was ever under consideration
Speaker 2: for the main site, that they would make it transparently
Speaker 2: clear that what taris add to the price of goods.
Speaker 5: Just give us the background, Yeah, Caroline.
Speaker 7: The White House was responding here to a report from
Speaker 7: punch Bowl News citing a source familiar with the matter
Speaker 7: that suggested Amazon was soon going to post a separate
Speaker 7: line item for the tariff charge on its website, akin
Speaker 7: to you, for example, what we've since seen Shean or
Speaker 7: Temu doing with import charges. Now the US has ended
Speaker 7: that demonimous exemption on cheaper goods coming out of China
Speaker 7: and Hong Kong. Now Amazon says that that was actually
Speaker 7: never under consideration for its website.
Speaker 5: That yes, the.
Speaker 7: Ultra low cost Amazon Hall team did discuss this, but
Speaker 7: ultimately it was never implemented on any Amazon property. So
Speaker 7: that hostile and political act that Caroline Lovitt referred to
Speaker 7: an act that not actually has been taken. And perhaps
Speaker 7: Amazon in this way is not yet actually going sideways
Speaker 7: with the White House. But the criticism of the company
Speaker 7: that Caroline lobbied today did not end there. I would
Speaker 7: note she also referred to Amazon as a China aligned
Speaker 7: company and referred back to a Reuters report going back
Speaker 7: to twenty twenty one about Amazon partnering with a Chinese
Speaker 7: propaganda arm. Essentially that Amazon allowed itself to respond to
Speaker 7: an edict from Beijing or cooperated with an edict from
Speaker 7: Beijing around negative views of a book published by the
Speaker 7: Chinese government of speeches from Chinese President Shi jin Ping,
Speaker 7: and she really pointed to that as an example of
Speaker 7: the China alignment of this company. She also, as we
Speaker 7: heard her say there, talked about the importance of turning
Speaker 7: away from China buying American and on shoring American manufacturing.
Speaker 7: So what this means for the company's relationship with this
Speaker 7: White House overall obviously a question now after it has
Speaker 7: gone to great links to ingratiate itself with this administration. Remember,
Speaker 7: Amazon donated a million dollars to Trump's inaugural committee. Jeff
Speaker 7: Bezos himself attended that inauguration, has spent time with President
Speaker 7: Trump trying to fortify their relationship, and that relationship the
Speaker 7: presidents in Bezos is one that Carolinelevitt said she did
Speaker 7: not want.
Speaker 5: To speak to this morning.
Speaker 2: The chairman and of course founder of the business, Katie Linesby,
Speaker 2: thank you. Let's turn our attention to another key story,
Speaker 2: Spotify shares as slipping off of the company reported operating
Speaker 2: profit that fell short of anast estimates that that's even
Speaker 2: a subscriber numbers. They grew here to discuss New Meg's
Speaker 2: Ashley Common and really felt that there was a lot
Speaker 2: of good news that ultimately was outshone by a profit hit.
Speaker 8: Yeah, I think investors are just a little bit jittery.
Speaker 8: They're seeing Spotify forecast potentially a miss in their estimates
Speaker 8: for gross profit margin as well as monthly active users.
Speaker 8: So I think they're just kind of like, is this
Speaker 8: going to be the future and the trend or is
Speaker 8: this just a one off kind of moment, And Spotify
Speaker 8: says this is a one off moment of course.
Speaker 4: Actually, the long term Spotify wants you to think about
Speaker 4: is a world where they move into podcasts, audio video more,
Speaker 4: and they might also raise prices along the way.
Speaker 5: Exactly.
Speaker 8: So, over the past couple of years, they've branched into audiobooks.
Speaker 8: They're now launching this creator partner program where they're trying
Speaker 8: to get essentially YouTubers and video podcasters to put videos
Speaker 8: on the service and compensate them based on consumption rather
Speaker 8: than advertisements. So they're really trying to pioneer some new
Speaker 8: format and diversify away from.
Speaker 4: Music bloomber has actually Camen thank you very much. In
Speaker 4: other earnings, new shares of so Far are higher after
Speaker 4: the fintech company raised its full year forecast. So Far
Speaker 4: CEO Anthony Nodo is here with us. Good morning to you,
Speaker 4: mister Noto. You know, I think there was a lot
Speaker 4: of focus in the quarter on the momentum from the
Speaker 4: loan platform business, particularly the interest and demand from private credit.
Speaker 4: Talks me more about that, Anthony, and where you see
Speaker 4: that business going forward.
Speaker 9: Sure, we had a tremendous quarter in a great start
Speaker 9: to twenty twenty five, with thirty three percent year of
Speaker 9: your growth in total revenue to seven hundred and seventy
Speaker 9: one million dollars, and that was up thirty three percent,
Speaker 9: our fastest growth in five quarters. The loan platform business,
Speaker 9: as you mentioned, was a key driver of that very
Speaker 9: strong results there. We basically get paid a fee by
Speaker 9: these asset buyers that want us to underwrite loans against
Speaker 9: a specific credit box that they outline. We leverage our
Speaker 9: underwriting capabilities, our marketing capabilities, and our servicing capabilities.
Speaker 3: And we get paid a fee for that.
Speaker 9: It's something we started about a year ago. We've already
Speaker 9: originated six billion dollars of loans in that particular business,
Speaker 9: and in the quarter is about ninety six million dollars
Speaker 9: or revenue, so it's almost four million dollars on an
Speaker 9: analyzed basis. We expected to be over a billion dollars
Speaker 9: or third billion dollar business over the course of time
Speaker 9: as the demand for that product continues to increase. One
Speaker 9: area that we haven't tapped into yet but that we
Speaker 9: will is taking some of the loans that we decline.
Speaker 9: We decline about one hundred million dollars of loans a
Speaker 9: year and making those available through the loan platform business
Speaker 9: as well for those that want a near prime type
Speaker 9: of credit asset.
Speaker 4: The other area you want to tap is crypto, right.
Speaker 4: You alluded to entering into stable coin markets to us.
Speaker 9: Moll Yeah, We're very fortunate in that we've built. This
Speaker 9: is another record quarter for member growth. We're at eleven
Speaker 9: million members now. We add an eight hundred thousand members
Speaker 9: in the quarter and one point two million products up
Speaker 9: thirty four percent, up thirty five percent, respectively. We want
Speaker 9: to continue to give our members a full suite of
Speaker 9: financial services products. SOFI Money is the largest product that
Speaker 9: we have today. It was up forty one percent, the
Speaker 9: pilots are up fifty two percent. Our this business are
Speaker 9: an acceleration up twenty one percent, and we expect that
Speaker 9: acceleration to continue. Crypto would be another asset class to
Speaker 9: add to the invest business, allowing people to buy, sell,
Speaker 9: and hold crypto coin. It's something we used to do
Speaker 9: and it was eliminated because of our bank license. But
Speaker 9: now that OCC has put out an interpretive letter that
Speaker 9: allows that business to be part of a bank again.
Speaker 9: So we'll continue to evaluate the landscape for changing regulatory environment.
Speaker 9: But we'd like to not just only offer crypto for buy,
Speaker 9: sell and hold, but also have it transcend all of
Speaker 9: our businesses, so using blockchain and crypto in the lending area,
Speaker 9: the spending area, in addition to our third party technology
Speaker 9: platform services offering those types of infrastructure services to financial
Speaker 9: service companies.
Speaker 2: Anthony, you've got a really optimistic tone, and of course
Speaker 2: you'd be, and you raised this on a day when
Speaker 2: consumer sentiment is basically the lowest in five years. How
Speaker 2: do you have that confidence that consumers are going to
Speaker 2: continue to be of demand for you?
Speaker 9: Yeah, we're seeing really strong demand for our goods and services.
Speaker 9: Our customer is a higher end customer than the typical
Speaker 9: average American about one hundred and fifty thousand dollars in
Speaker 9: household and come and a credit score on average at
Speaker 9: seven hundred and fifty. From a FICO standpoint, we're taking
Speaker 9: share from the five largest banks in the country, so
Speaker 9: we're not as dependent on the cyclical environment for our
Speaker 9: growth because we're really a secular grower. That said, you know,
Speaker 9: our credit performance has also been very strong, which is
Speaker 9: subject to the macroeconomic environment. But we saw in our
Speaker 9: fifth quarter in a row of improvement in ninety data delinquencies,
Speaker 9: we saw continued improvement our net charge offs. So overall,
Speaker 9: the consumer's looking quite strong as it relates to credit
Speaker 9: and the demand for our other products like SOFI Money
Speaker 9: and Sofi invest I mentioned deposit work quite quite meaningfully
Speaker 9: as well. The last data point is debit spending. We're
Speaker 9: annuallyzing about fourteen billion dollars of debit spending now from
Speaker 9: our installed base and that's been quite strong also.
Speaker 2: So you raise your guidance but really only reflecting the
Speaker 2: beat in this court are just gone, So why not
Speaker 2: raise more broadly? Are you being conservative here?
Speaker 10: Yeah?
Speaker 9: Well, we raised not just for what we beat. We
Speaker 9: also raise for the full year, and our guidance for
Speaker 9: Q two is above consensus on both revenue and profitability.
Speaker 9: You know, we have really strong momentum where we set
Speaker 9: on the call that we're going to step on the
Speaker 9: gas and accelerate our rate of product introductions and the
Speaker 9: iteration on our existing products. We feel like our competitive
Speaker 9: position is so strong and the opportunity is so significant
Speaker 9: in front of us that we should accelerate our level
Speaker 9: of investment and rate of innovation. So we feel great
Speaker 9: about it, and we want to make sure we can
Speaker 9: get a compound that these great growth rates of over
Speaker 9: thirty percent for a.
Speaker 4: While, anthy I like to check out what you're saying
Speaker 4: on social media as much as what you said in
Speaker 4: the earnings called transcript And you always use the phrase
Speaker 4: rapid innovation. Where are the rapid innovations And is that
Speaker 4: something you guys are focused on doing in house or
Speaker 4: is M and A going to be a part of
Speaker 4: your toolkit for the balance of the year.
Speaker 9: All of our products, we want them to be the fastest,
Speaker 9: We want them to be the most convenient, to have
Speaker 9: the best selection and the best content. So we're continuously
Speaker 9: iterating on each one of our products against those four
Speaker 9: dimensions in addition to making the products better when they're
Speaker 9: used together. As an example of that, we introduced a
Speaker 9: subscription product called Sofi Plus. It's the best value in
Speaker 9: America for a financial subscription product at over one thousand
Speaker 9: dollars of value. You pay ten dollars a month for
Speaker 9: and it gives you access to a number of different
Speaker 9: benefits that you would now otherwise get if you didn't
Speaker 9: use that product. Ninety percent of our existing members have
Speaker 9: signed up. Of those that have signed up for the product,
Speaker 9: ninety percent are from our existing member base, which says
Speaker 9: people want to use more of our products that we offer,
Speaker 9: and this product makes it more accessible for them to
Speaker 9: be able to get those great benefits and using our
Speaker 9: products together. So a really encouraging sign. And against the
Speaker 9: people that are already our members that are taking out
Speaker 9: Sofi Plus, it's actually triggering them taking out a third
Speaker 9: product thirty percent of the time. So pretty strong performance
Speaker 9: from that new product, which is an iteration that we're
Speaker 9: constantly trying to drive across the five dimensions that I mentioned.
Speaker 4: What's your interpretation of how this administration is looking at regulation,
Speaker 4: looking at supporting the crypto industry as it relates to you,
Speaker 4: But I think fintech broadly is a bit more under
Speaker 4: the microscope, Anthony.
Speaker 9: The early signs in the first one hundred days is
Speaker 9: that it is a more favorable environment from a regulatory standpoint.
Speaker 9: It's really critical that we can teue to provide a
Speaker 9: safe and secure way for our members to use our
Speaker 9: financial services products, and that is our priority, regardless of regulation.
Speaker 9: So we want to have great NPS scores, We want
Speaker 9: to be a trusted household brand name. But it does
Speaker 9: feel like the regulatory environment is going to allow us
Speaker 9: to offer more products to our members that they need,
Speaker 9: you know. As an example, you know, we'd love to
Speaker 9: be able to do secure lending off to cryptocurrency, which
Speaker 9: I believe it would be a great product, lower cost
Speaker 9: of debt for our members, you know, in addition to that,
Speaker 9: potentially being able to offer a stable coin that could
Speaker 9: have some type of interest bearing element to it and
Speaker 9: being used for payments.
Speaker 4: Anthony Notto, So far ceo. Good to have you back
Speaker 4: with us here on Bloomberg Technology.
Speaker 3: Thank you very much.
Speaker 4: Okay, some breaking news crossing the Bloomberg termin or. Russian
Speaker 4: President Vladimir Putin is insisting that Russia must take control
Speaker 4: of four regions of Ukraine that it doesn't currently fully
Speaker 4: occupy as part of any potential agreement to end the
Speaker 4: war in Ukraine. This is Bloomberg reporting, citing sources. Remember
Speaker 4: that the Administration of the United States has an April
Speaker 4: thirtieth target deadline for a ceasefire, as we report, the
Speaker 4: demand that the Russians are making deals a blow to
Speaker 4: President Trump's efforts to reach that cease fire negotiations. Bloomberg
Speaker 4: is reporting at an impass for now, but according to sources,
Speaker 4: Putin wanting to take control of four regents in Ukraine.
Speaker 3: Caroline.
Speaker 5: Now coming up President Trump.
Speaker 2: Well, he's also said to offer some taroff relief for
Speaker 2: Automaker's ed We'll have more on that next, but let's
Speaker 2: just get back to the fintech side of the space.
Speaker 2: PayPal are eight ten percent is out of volatile day
Speaker 2: of trade. It left it's full y air. Forecast for earnings
Speaker 2: unchanged unlike so far because they say they have uncertainty
Speaker 2: in the global macro environment, despite of course recording a
Speaker 2: pretty strong first quarter.
Speaker 5: This is Bloomberg technology.
Speaker 4: President Trump is set to offer some tariff reprieve for
Speaker 4: automakers lifting some levees on foreign parts for cars and
Speaker 4: trucks made in the US. The move comes as President
Speaker 4: Trump is set to travel to Michigan for a rally
Speaker 4: to mark his first one hundred days in office. For more,
Speaker 4: let's get out to Detroit and Bloomberg's David Welsh on
Speaker 4: Bloomberg Technology. We're probably principally interested in the ev supply chain, David,
Speaker 4: But what do we know about this levee reprieve and
Speaker 4: how does it impact the automakers you cover?
Speaker 11: So we know so far as that they will do something,
Speaker 11: probably to give a reprieve on tariff's on parts, which
Speaker 11: is one of the most difficult things for the administration
Speaker 11: anyone to calculate. They were going to tariff the non
Speaker 11: US content, even of vehicles that qualified for a teriffrey status,
Speaker 11: say under USMCA, and then they also are going to
Speaker 11: try to do something that it's called de stacking, where
Speaker 11: you remove tariffs or you give the automakers a credit
Speaker 11: back if they had already paid a tariff on medals
Speaker 11: used in a part that was coming across the border.
Speaker 11: So I think, for example of say a hood on
Speaker 11: a vehicle, if a company was paying a tariff on
Speaker 11: that because it's steel of twenty five percent, and another
Speaker 11: twenty five percent because it's a part that'd be fifty percent.
Speaker 11: So they're trying to eliminate that sort of double charge.
Speaker 11: But the bigger one would be if they give relief
Speaker 11: on parts. Now, the problem here at is we don't
Speaker 11: know the details of it, which is why when General
Speaker 11: Motors suspended guidance, they didn't give us new guidance. They
Speaker 11: may do that Thursday, but even I don't think they
Speaker 11: completely know yet because they need the details. So the
Speaker 11: car companies themselves are looking at this and saying, Okay,
Speaker 11: we need to know exactly what the administration is going
Speaker 11: to do with all of these tariffs before they can
Speaker 11: even give any kind of financial projections and understand the
Speaker 11: impact on their business.
Speaker 2: Yeah, briefly, whiplash, we're not seeing much well resolved for
Speaker 2: the stocks. We're still underwater on GM, for example, What
Speaker 2: more clara are you're expecting to get from any of
Speaker 2: these CEOs at this moment.
Speaker 11: I think they really want to know just how much
Speaker 11: of the parts themselves will get tariffs, and if there's
Speaker 11: also any change to the vehicles themselves. GM still antis.
Speaker 11: They bring in some very important vehicles from Canada and Mexico.
Speaker 11: GM brings in it's one of its best sellers, entry
Speaker 11: level vehicles from Korea, or any of that change. So,
Speaker 11: you know, the administration has said that they're for companies
Speaker 11: that make products here, they're going to give them a break.
Speaker 11: But we don't know exactly what it is yet, and
Speaker 11: I think parts is really the big one.
Speaker 2: Though Tesla's actually off by one and a half percent
Speaker 2: amid all of this news. David Welch, we thank you
Speaker 2: very much. I meanwhile, sticking with earnings and just the
Speaker 2: broader tech landscape right now, how to invest in it?
Speaker 2: Michael Reynolds is with US vice president of investment Strategy
Speaker 2: at glen Mead managing four to five point six billion
Speaker 2: dollars in assets, and look, the ongoing changes coming from
Speaker 2: the administration is exhausting for investors and in CEOs and
Speaker 2: anyone to keep track of. How therefore, are you're looking
Speaker 2: towards perhaps big tech earnings coming Wednesday Thursday, and how
Speaker 2: you price any of it?
Speaker 12: Yeah, so we're looking at tech perhaps for Q one
Speaker 12: putting fifteen percent earnings growth on a your ever year basis,
Speaker 12: But we're sort of in this situation where investors are
Speaker 12: asking them sells, well, does it really matter all that
Speaker 12: much what the results are when you know there's really
Speaker 12: big changes coming on the horizon when it comes to tariffs,
Speaker 12: and electronics aren't really exempt from that. I think a
Speaker 12: good analogy for that I've been using is actually a
Speaker 12: baseball analogy. You know, just say your pitcher got through
Speaker 12: a really tough inning. Well, okay, that's great, We're glad
Speaker 12: you did that, but their sluggers up next inning and
Speaker 12: you got to get through that. It's that sort of
Speaker 12: next piece when there's something on the horizon that really
Speaker 12: is a big risk that you want to hear more.
Speaker 3: From these C suites about.
Speaker 12: So we think it's actually more important to be parsing
Speaker 12: through the guidance and the statements out of C suites
Speaker 12: on what they see for the rest of the year,
Speaker 12: rather than the actual results themselves.
Speaker 3: From Q one.
Speaker 2: Yeah, for example, Apple likely to get a lot of
Speaker 2: pull forward as consumers rush to buy their phones before
Speaker 2: perhaps prices went up. What do you think in terms
Speaker 2: of the narrative we've got of steering into India in
Speaker 2: terms of supply chain. Our CEO is managing to get
Speaker 2: ahead of some of these names.
Speaker 12: Look, there's no shortage of businesses being dynamic in the
Speaker 12: US and that's something that you see really across the board,
Speaker 12: and tech is really behaving that way as well, perhaps
Speaker 12: trying to get ahead of some of these supply chain
Speaker 12: reconfigurations that's happening in real time, and I think investors
Speaker 12: are also thinking through when consumers may actually start to
Speaker 12: see these prices start to arrive in the stores with
Speaker 12: their tariff impacts, and electronics are probably some of the
Speaker 12: first places you could see it because a lot of
Speaker 12: our electronics come from abroad and there's actually decent turnover
Speaker 12: in terms of inventory. When it comes to electronics, there
Speaker 12: is a little bit of a reprieve because we got
Speaker 12: that exemption of some electronic parts for tech, which helps,
Speaker 12: but it's probably not going to be all encompassing. So
Speaker 12: it's actually electronics alongside apperil and toy and games, which
Speaker 12: could be one of the first places consumers could start
Speaker 12: seeing those higher prices, and it's going to be really
Speaker 12: important how they react to that. Are they going to
Speaker 12: balk at those prices or are they going to consume
Speaker 12: no matter.
Speaker 4: What, Mike, what you just said a moment ago. With
Speaker 4: big tech focus on guidance, what happens if big tech
Speaker 4: doesn't give us any.
Speaker 12: Well, that's just a really uncertain environment. And uncertainty has
Speaker 12: been the name of the game for all of April
Speaker 12: for certain, and investors have been repricing I think the
Speaker 12: evaluation multiples they've been awarding to the magnificent seven megacab
Speaker 12: tech whatever you want to call it, those.
Speaker 5: Have come down a lot.
Speaker 12: But rs by rs mist those are not actually really
Speaker 12: within the vicinity of fair value just yet, so you
Speaker 12: could start to see a little bit of a risk
Speaker 12: premium baked in if investors are still asking a lot
Speaker 12: of questions that can't be answered.
Speaker 4: Yet we're interested in course of the hyperscalers Amazon kind
Speaker 4: of at the core of that. The calculus seems pretty simple,
Speaker 4: not so much how much money they make or earn,
Speaker 4: but how much money they're willing to commit and spend.
Speaker 4: And that applies to Microsoft as well. How closely do
Speaker 4: you watch the capital expendages.
Speaker 12: We're watching Capex really closely. One of the big themes
Speaker 12: over really the last decade is the market's been punishing
Speaker 12: companies that have been really capital intensive and for quite
Speaker 12: some time. A lot of these MAGS seven companies really
Speaker 12: weren't all that capex intensive. But as you've had a
Speaker 12: lot of companies investing in AI, building out data centers,
Speaker 12: what have you, we would argue that at the MAG
Speaker 12: seven were their own sector, they'd be one of the
Speaker 12: most capital intensive in the S and P five hundred
Speaker 12: and save maybe utilities in real estate, which are classically
Speaker 12: capital intensive. So it sort of makes sense to see
Speaker 12: the market sort of repricing these companies on that capex
Speaker 12: intensity alone. Because you don't always have a guarantee that
Speaker 12: you have the earnings flow through on that investment. It's
Speaker 12: always pretty uncertain.
Speaker 4: Michael Reynolds, Vice president of investment Strategy, Glenn May, thank
Speaker 4: you very.
Speaker 3: Much, time for talking tech.
Speaker 4: First up, a judge in Spain's national courts has opened
Speaker 4: an investigation to determine whether the countrywide blackout on Monday
Speaker 4: was caused by a cyber attack. Spain's grid operator said
Speaker 4: the blackout they impacted Spain, Portugal and parts of France,
Speaker 4: was not due to any external attack based on preliminary analysis.
Speaker 4: Plas Sally Barber has unveiled its latest AI flagship model,
Speaker 4: called the Quen three. The company claims that its newest
Speaker 4: model rivals for performance of deep seek, including.
Speaker 3: In math and coding.
Speaker 4: It also introduces a mixture of expert model for an
Speaker 4: efficient way to mimic human reasoning. And Amazon's first batch
Speaker 4: of twenty seven production satellites have reached Low Earth orbit.
Speaker 4: Amazon's Kuiper satellites lifted off on Monday, with CEO Andy
Speaker 4: Jesse saying they were quote operating as expected just hours later.
Speaker 4: It's the first launch of a planned three two hundred
Speaker 4: and thirty six satellites that Amazon intends to use to
Speaker 4: sell Internet connectivity to rival Elon Musk Starling.
Speaker 2: Welcome back to Blue Meg Technology and Caroline Hyde in
Speaker 2: New York.
Speaker 3: And I'm Ed lod Low in San Francisco.
Speaker 2: Quick check on these markets end because we're clinging to
Speaker 2: gains when it comes to the Nasdaq one hundred and
Speaker 2: that as we see some pretty awful consumer sentiment heading overall,
Speaker 2: we're seeing a near a five year low. But will
Speaker 2: the FED step in? We're up a third, we call
Speaker 2: it a tenth of a percent right now. We're looking
Speaker 2: at Crypto still managing to outperform. We're at four tenths percent.
Speaker 2: We're at ninety eight and ninety four now so clearly
Speaker 2: been seen as some sort of haven amid the tariff turmoil.
Speaker 2: Move on, having look what's happening in terms of those
Speaker 2: earnings that we really do start to digest. I'm looking
Speaker 2: ultimately at the over Semiconductor Index which is lower to
Speaker 2: the tune of three quarters of percent.
Speaker 5: You call that NXP.
Speaker 2: We of course lose the CEO and he's handing over
Speaker 2: the reins even though.
Speaker 5: He's only fifty six years old. He's retiring.
Speaker 2: What does that mean about the place in which the
Speaker 2: business is that he leaves as we start to see,
Speaker 2: of course, real concern about the uncertainty amid these tariffs.
Speaker 2: I'm looking though at Cadence manages to outperform on its earnings.
Speaker 5: We're almost five percent. They beat the raised.
Speaker 2: They also see the Tesla on the downside one and
Speaker 2: a half percent off. That's as we see Redburn Atlantic
Speaker 2: an analyst coming out saying, I stick by my cell rating.
Speaker 2: This company is going to see volumes declines going forwardead Okay.
Speaker 3: Let's get back to today's top story.
Speaker 4: The White House denouncing Amazon's reported plan to display the
Speaker 4: costs of President Trump's tariffs on products listen to this.
Speaker 6: I just got off the phone with the President about
Speaker 6: Amazan's announcement. This is a hearttyle in political act via Amazon.
Speaker 6: It's another reason why we are on shoring critical supply chains.
Speaker 6: You're at home to shore up our own critical supply
Speaker 6: chain and boost our own manufacturing.
Speaker 4: The White House comments come as the tech giant getting
Speaker 4: ready to report results Thursday after the closing bell. Actually
Speaker 4: the stocks decline much more muted than it had been
Speaker 4: at the market open, now down about nine tenths of percent.
Speaker 4: Bluemokes Matt Day, who covers Amazon, joins us from with
Speaker 4: more and actually in the last twenty minutes, Amazon revived
Speaker 4: their statement. Their response to the White House just hit
Speaker 4: our inboxes. So let's start with that, Matt. What is
Speaker 4: Amazon saying in response to the White House's claim and
Speaker 4: give us the full details of the story.
Speaker 13: So Amazon says that they were never considering any sort
Speaker 13: of terrify like disclosure on their main retail sites. What
Speaker 13: they were considering was they've got a low cost goods
Speaker 13: service called Hall. It's very much in the mold of
Speaker 13: T mood designer ship things directly from China. They say
Speaker 13: they were considering some sort of disclosure they're related to
Speaker 13: closing the exemption on duties for a product shift in
Speaker 13: that manner, but that they have no plans to do
Speaker 13: anything on the main side. And now they're telling us
Speaker 13: that they don't plan to and there's no future for this.
Speaker 2: There is no story here despite the reporting coming from
Speaker 2: punch Bowl, Matt. But the damage almost already done when
Speaker 2: it comes to the narrative that was drawn upon by
Speaker 2: the White House administration.
Speaker 5: And it even went as.
Speaker 2: Though Caroline Leavitt went further, putting in a well an
Speaker 2: old report from Reuter's that was dated well in the
Speaker 2: previous administration.
Speaker 13: Yeah, a little bit of a shoot first asked questions
Speaker 13: later from the White House for sure on this before
Speaker 13: Amazon had cleared this up at all. But this kind of,
Speaker 13: you know, validates Amazon's been really quiet on tariffs, you know,
Speaker 13: since they've rolled out right not a whole lot of
Speaker 13: public statements. You know, we saw CEO Andy Jasse interviewed
Speaker 13: about this time a week ago and was asked on tariffs,
Speaker 13: and it was sort of vague on the company's plans.
Speaker 13: They don't see a whole lot of value being in
Speaker 13: the news at all on this and would rather stay
Speaker 13: out of it, and you're kind of seeing why this morning.
Speaker 4: I think it's helpful to our audience, Matt, to help
Speaker 4: them understand how Amazon dot Com works from the inventory standpoint,
Speaker 4: from the vendor standpoint.
Speaker 11: Right.
Speaker 4: So, on April ninth, we reported that Amazon canceled some
Speaker 4: inventory orders from China, and you included the reporting that
Speaker 4: those cancelations put the tariff exposure back on the vendors themselves.
Speaker 4: Just explain how that marketplace works.
Speaker 13: Yeah, So Amazon sells things in two primary ways.
Speaker 14: You know.
Speaker 13: One is they go and grab a bunch of goods
Speaker 13: in bulk, like any traditional retailer, Walmart, Target, they'd buy it.
Speaker 3: They import it.
Speaker 13: They also have third party sellers that sell directly that
Speaker 13: report that we had, you know. One in other way
Speaker 13: is Amazon gids its goods here is it consolidates shipments
Speaker 13: and it tells the sellers, hey, listen, just give it
Speaker 13: to us at the factory or thereabouts. We'll take it
Speaker 13: and we'll import it for you. They told some of
Speaker 13: their vendors. You know, listen, you guys are responsible for
Speaker 13: this yourselves, essentially putting them on the hook for tariffs.
Speaker 4: Bloomberg's Matt Day, Thank you, very much. Let's turn to cybersecurity.
Speaker 4: Demand for cloud protection is expected to surge as more
Speaker 4: businesses adopt AI capabilities. We discussed that with palle Outworks
Speaker 4: Alto Networks acquisition of protect Ai and yesterday's show. The
Speaker 4: biggest move in this space, however, is Google's thirty two
Speaker 4: billion dollar deal for Wiz.
Speaker 3: Joining us.
Speaker 4: To explain the strategy behind it all is raz Herzberg,
Speaker 4: chief marketing officer at Wiz, also VP of Products. The
Speaker 4: innovation that Wiz came up with was super fast way
Speaker 4: of scanning virtual machines, virtual machines cup cloud computing.
Speaker 3: That is what Wiz does.
Speaker 4: What is the benefit to Google in having that technology?
Speaker 3: Is it that Google.
Speaker 4: Uses it itself or is it something that gets offered
Speaker 4: through GCP. I think that's what people are trying to understand.
Speaker 5: So it's a very good question.
Speaker 14: Like the mission it was from day one from inception,
Speaker 14: was helping every organization in the world build securely on
Speaker 14: cloud and secure everything they built and around in cloud.
Speaker 14: And that means any cloud, right, it means like a yes,
Speaker 14: it means as or it also means DCP. And the
Speaker 14: mission was a big mission, I mean securing everything organization
Speaker 14: is building around the cloud means securing the modern development
Speaker 14: stack and Wiz I think the growth Liz had, I
Speaker 14: mean it was just found that we started like five
Speaker 14: years ago. It's a major rate of growth that I
Speaker 14: think proves how critical this mission and this problem is
Speaker 14: for modern organizations today. And Google truly shares that mission,
Speaker 14: and the mission they share with us is exactly that
Speaker 14: securing everything, securing every cloud, no matter what their an
Speaker 14: organization uses.
Speaker 5: Is little to enable it.
Speaker 14: I can say that on our side, the logic for
Speaker 14: the acquisition was we think we can actually support this
Speaker 14: exact mission of helping organizations secure everything much faster using
Speaker 14: the partnership with Google and the sense of you know,
Speaker 14: being on the bleeding edge of AI technology, which will
Speaker 14: enable us to build even faster and help ship that
Speaker 14: mission faster.
Speaker 4: There is a process that will play out. All deals
Speaker 4: have that there will be regulatory concerns.
Speaker 3: I get that.
Speaker 4: Give me the backstory, but how did it come together?
Speaker 4: Who came up with this great idea that Google and
Speaker 4: Whiz should be one.
Speaker 14: I think it really comes to sharing that mission, you know.
Speaker 14: I think the Google team is as committed and as
Speaker 14: passionate to really giving organizations freedom to build securely on
Speaker 14: cloud and to enable them to remain secure, and so
Speaker 14: the partnership is very natural for.
Speaker 2: Us in that sense, and freedom is also given RAZ
Speaker 2: to continue to serve on other cloud offerings as well.
Speaker 5: How much as a product.
Speaker 2: Strategist that you are you thinking about continuing to roll
Speaker 2: out for other organizations not just the enterprises at Google Service.
Speaker 14: No, absolutely, and this was also very clear. I think
Speaker 14: in the way that Google themselves talked about the acquisition,
Speaker 14: the mission is to support as to support Azure, not
Speaker 14: also to support GCP. But we are remaining with the
Speaker 14: exact same mission then Google shares that exact same view.
Speaker 14: So absolutely will continue being the best solution for any cloud.
Speaker 2: And Google Cloud platform perhaps which still like you to
Speaker 2: make M and A RAS. What's so interesting is the
Speaker 2: way in which you were organically growing.
Speaker 5: We're also inorganically growing.
Speaker 2: Are You're still gonna be able to do deals, You're
Speaker 2: still gonna be folding in new teams and aquahas.
Speaker 5: So that's a great point.
Speaker 14: Wiz has been very fortunate over the past year and
Speaker 14: a half. We've done really three acquisitions. In all three
Speaker 14: of those acquisitions, we've been I think we approach it
Speaker 14: in a very deliberate way, meaning was acquired companies where
Speaker 14: we really believed in the people and the technology, but
Speaker 14: then we didn't really we didn't really sell technology versus
Speaker 14: Like all three companies kind of joined Wiz and then
Speaker 14: stopped what they were doing and rebuild their product and
Speaker 14: rebuilt their solutions on top of the native Wiz product.
Speaker 14: Because one of the challenges we see in cybersecurity is
Speaker 14: actually giving end users, giving security teams, giving developers a
Speaker 14: really good product that has a seamless experience. So that's
Speaker 14: what we've been doing over the past three years, and
Speaker 14: nothing has changed in our strategy. I think we're always
Speaker 14: on the lookout for making the product even greater and
Speaker 14: for great teams and great solutions in this space.
Speaker 3: Rights.
Speaker 4: So you mentioned a moment ago you founded twenty twenty
Speaker 4: by usaf Yin and Roy Amy. In my career of
Speaker 4: covered companies that have grown very fast, and sometimes too fast,
Speaker 4: they stumbled along the way. What is it that you're
Speaker 4: is unique to It is like, what is the differentiator?
Speaker 4: Is it just the talent pool you hired, Is it
Speaker 4: the brainchild of the underlying code base? Just I think
Speaker 4: people don't understand how you pulled it off.
Speaker 14: It's a good question. I can share that even internally.
Speaker 14: It's some think we think about often, and I think
Speaker 14: about often. I think a lot of the secret is
Speaker 14: to really get to this level of fast based and excellence.
Speaker 14: There's many different things Liz had to execute on almost perfectly,
Speaker 14: and it's for sure the tech, but it's also the
Speaker 14: go to market strategy. I think one thing that always
Speaker 14: drove us from day one was really living the problem
Speaker 14: we're solving for. We are a team that lived cloud
Speaker 14: security for the past decade and deeply understood the core
Speaker 14: core challenges organizations face.
Speaker 5: And also from day one. I mean, Wiz.
Speaker 14: Today is proud to serve more than fifty percent of
Speaker 14: the fourtun one hundred companies. Wiz is their solution for
Speaker 14: cloud security. It's by partnering with those companies and really
Speaker 14: listening to our customers. From day one, our entire focus
Speaker 14: is solving for the problems. We wake up all. We
Speaker 14: care about the customers their problems, and that has driven
Speaker 14: every single decision this company made, including hiring, including go
Speaker 14: to market, including pricing everything.
Speaker 3: How do those customers feel right now?
Speaker 4: How willing are they to continue spending on relationships?
Speaker 3: With wiz perfect.
Speaker 5: I mean, we've seen.
Speaker 4: No economic uncertainty, tariff recession. Let's take a beat before
Speaker 4: we sign up to a new deal.
Speaker 14: You know, wiz was founded like the months we started
Speaker 14: was marked like when COVID hit that March, So that
Speaker 14: also seemed like a very bad time to be selling
Speaker 14: really anything ever or to start the company. So I
Speaker 14: think we've been you know, we're used to it. I
Speaker 14: think actually, if there's there's some things that never stop
Speaker 14: in some way, and like the technology progression that adoption we
Speaker 14: see across AI, there's a lot of incredible things that
Speaker 14: they're pushing companies even faster to the cloud and making
Speaker 14: them I think look for ways to build securely.
Speaker 2: Russ has worked great test some time with you, Cmo
Speaker 2: VP of Product trustgy Over at WIZ we appreciate it. Meanwhile,
Speaker 2: coming up one hundred days of Trump's second term, well.
Speaker 5: That's also mean one hundred days of DOGE.
Speaker 2: We'll discuss the impact on the tech sector and el
Speaker 2: mask as next as blue bed technology.
Speaker 15: You know, i'd say one hundred days in we need
Speaker 15: another one hundred days to kind of see where the
Speaker 15: policy directives are going. As we've tried to have a
Speaker 15: better understanding of how what's talked about so far, particularly
Speaker 15: with respect to trade, is ultimately going to be put
Speaker 15: in place.
Speaker 3: How it's going to play out.
Speaker 5: Got miss SAXEO.
Speaker 2: David Solomon speaking earlier today with Francin Laqua discussing the
Speaker 2: impact of President Trump's first one hundred days in office.
Speaker 5: Let's get the tech perspective, blom megs. Mike Sheppard joins.
Speaker 2: Us now the highs the lows the tech since January
Speaker 2: the twentieth, Mike, it's.
Speaker 16: Been quite a consequential stretch, CARO for the tech industry,
Speaker 16: and they've really been there from day one and January
Speaker 16: twenty through a recall, we saw all those high profile
Speaker 16: leaders from the industry, from Elon Musk, the Sundar Pichai
Speaker 16: to Mark Zuckerberg, to Jeff Bezos and even Tim Cook
Speaker 16: with prime seats at the inauguration, and since then it's
Speaker 16: taken off. The industry really got a seat at the table.
Speaker 16: The President made some early commitments on advancing and revamping
Speaker 16: artificial intelligence policy, and he was also able to claim
Speaker 16: some credit on big promises of investments in the US
Speaker 16: by companies like TSMC and Apple and so forth, and
Speaker 16: yet ed, we're hearing all of this concern now surrounding
Speaker 16: the industry because of trade, because of tariff's, the uncertainty
Speaker 16: economically that it creates overall for the US, and also
Speaker 16: the risk it it poses to supply chains and increasing
Speaker 16: costs for companies and consumers alike.
Speaker 4: One of the examples was Nvidia pledging to build five
Speaker 4: hundred billion dollars worth of goods five hundred billion dollars
Speaker 4: worth of AI sales, which the administration incorrectly claimed to
Speaker 4: be a five hundred billion dollar investment. Even so, you
Speaker 4: mentioned the word policy. Now, tariff's is one thing. You
Speaker 4: have people like David Sachs in the White House as
Speaker 4: the AI ZAR. Have we got anything codified yet?
Speaker 3: Anything through we really have to go through go for it.
Speaker 16: Yeah, you know, that's a great question because lost in
Speaker 16: the shuffle and all the turmoil surrounding tariffs are those
Speaker 16: policy efforts that we know are being worked on and
Speaker 16: crafted right now on artificial intelligence and also on crypto
Speaker 16: policy as well. David Sachs is theis are inside the
Speaker 16: White House for both of those areas, and they're crucial
Speaker 16: to the industry. How this policy gets defined could determine
Speaker 16: what regulations ultimately end up being, not only from a
Speaker 16: you know, an agency perspective, but also how Congress may
Speaker 16: try to legislate it. But of course, when we talk
Speaker 16: about Congress, they have so much on their plates now
Speaker 16: also that it's consequential as well for the tech industry,
Speaker 16: and that is a big tax package that they are
Speaker 16: trying to push through to get done by July fourth
Speaker 16: is at least according to Scott Besson, when you talk
Speaker 16: to lawmakers, it's a different question. They feel like they
Speaker 16: need a little bit more time.
Speaker 3: To be able to pull that all together.
Speaker 2: Meanwhile, of course companies trying to navigate all of these changes.
Speaker 2: I mean, one who's navigating it today and we reported
Speaker 2: on extensively is Amazon, of course getting course in the crosshairs.
Speaker 2: They've come back and said this was never going to
Speaker 2: happen in terms of identifying tariffs and how much it
Speaker 2: would add individual.
Speaker 5: Prices on the site.
Speaker 2: But we hear from CNN that in fact President Trump
Speaker 2: has called Jeff Bezos, the chairman of the company, the
Speaker 2: founder of the company, to complain. According to CNN, that's
Speaker 2: on a post on x about Trump's calls with Bezos.
Speaker 5: How are CEOs just trying.
Speaker 2: To navigate how are previous founders given how much money
Speaker 2: they previously gave to Trump in some cases, Well.
Speaker 16: This is such an interesting question now for companies because
Speaker 16: they are seeing the risk of what this administration is
Speaker 16: trying to bring in policy wise. The Press Secretary of
Speaker 16: this morning sent a very clear signal to Corporate America
Speaker 16: that disclosing the costs of those terrors would be considered
Speaker 16: a hostile political act. It was a shot across the bow,
Speaker 16: and they want to make sure that companies are falling
Speaker 16: into line with the policy and not working against it
Speaker 16: and complaining about it in public. And there are other
Speaker 16: ways that the administration has levers to pull one. We
Speaker 16: talked about the policy taking shape on AI, but there
Speaker 16: are other areas too, And antitrust and competition enforcement is
Speaker 16: another area that we have been paying attention to. There
Speaker 16: are two major antitrust trials underway right now, one involving
Speaker 16: Meta and the other the penalties that could be levied
Speaker 16: against Google over chrome and dominance in that area. And
Speaker 16: these are two areas where the industry has been trying
Speaker 16: to push for a break, but so far not seeing one.
Speaker 4: Bloombergs Mike Shephard in DC, thank you very much.
Speaker 3: Now.
Speaker 4: Meanwhile, Elon Musk's doge is reaching one hundred and thirty
Speaker 4: days since his formal inception. But the Tesla CEO's political
Speaker 4: ambitions have cost him nearly one hundred and thirteen billion
Speaker 4: dollars in his personal wealth, with Tesla stock falling thirty
Speaker 4: three percent since Trump's inauguration. For more, Bloombus Kurt Wagner
Speaker 4: joins us, you've been writing about this and done a
Speaker 4: hole about how through the lens of Tesla shares it's
Speaker 4: been painful for Musk. But if you look at some
Speaker 4: of his private companies we break the story Friday night
Speaker 4: about Xai potentially raising money, they've had some advantages their cut.
Speaker 10: Yeah, I think there's a lot of interest in being
Speaker 10: associated with Elon Musk right now. There has always been
Speaker 10: that way, you know ed, but even more so now
Speaker 10: that he's close to President Trump, and so we've seen
Speaker 10: him out raising for X and Xai, for SpaceX, for
Speaker 10: some of these other endeavors. And so I do think
Speaker 10: that despite all of the negative consumer backlast we've seen
Speaker 10: with Tesla, there's still a lot of interest on the
Speaker 10: business side, especially with investors to try and get into
Speaker 10: the Elon to orbits.
Speaker 2: What's now confusing people is how much Elon's time will
Speaker 2: be dedicated to the White House going forward. The one
Speaker 2: hundred and thirty days is what everyone keeps citing in
Speaker 2: terms of something tangible, But many closely with Elon will
Speaker 2: say no, no, He's going to still be a really
Speaker 2: big reasuurce to the White House going forward.
Speaker 5: And what does that mean to his brands.
Speaker 3: Not just people close to Elan.
Speaker 10: Elon himself right on the earnings call, I believe he said, hey,
Speaker 10: I am leaving. Bots will stick around one to two
Speaker 10: days per week as long as the President wants me
Speaker 10: to be here. He may even stick around through the
Speaker 10: entire administration to make sure that Doge continues to keep doging.
Speaker 3: And so it does feel we.
Speaker 10: Kind of I think refer to it as a soft
Speaker 10: exit from government. The mediate felt as much performative for
Speaker 10: TESLA investors as anything. Right, tell them, hey, I'm coming back,
Speaker 10: give them that news that they're craving, but also reiterate
Speaker 10: I'm not necessarily leaving entirely. And I think that's what
Speaker 10: you know, we will see.
Speaker 3: I think we will see him continue.
Speaker 5: To stick around ka Wagner, We thank you for the
Speaker 5: latest chatchipt users.
Speaker 2: Well, you can now go shopping using the chatbo Open
Speaker 2: AI and OUTI feature just yesterday and a move to
Speaker 2: challenge rivals like of course Google putting bogs.
Speaker 5: Rachel Metz is here with.
Speaker 2: More and technically speaking, you're sort of going to a
Speaker 2: different website via the app.
Speaker 1: Yeah, but this is similar to what a lot of
Speaker 1: companies that offer reviews online are already doing, such as
Speaker 1: the Wirecutter, for instance, which is on by the New
Speaker 1: York Times. They'll shore review and then there would be
Speaker 1: a link and you would click out to the website.
Speaker 1: And their Opening Eye is doing a similar thing now
Speaker 1: with chat GPT. So if you search for say, I
Speaker 1: think if you say, like, show me a nice nude
Speaker 1: lipstick for one hundred and twenty dollars, in theory, it
Speaker 1: would give you several options. It would give you sort
Speaker 1: of a condensed review of them, and then it would
Speaker 1: also have on a sidebar links to buy them from
Speaker 1: different websites.
Speaker 4: If you do buy that lipstick and you've clicked on
Speaker 4: the links through chat GPT. What I found interesting in
Speaker 4: your reporting is that Opening I won't collect affiliate revenue
Speaker 4: from that transaction. So what's your under standing of the
Speaker 4: business model plan going forward?
Speaker 1: I think right now, it's just like a lot of
Speaker 1: the things that Opening I does. They test a lot
Speaker 1: of things and then they expand them, so it could change.
Speaker 1: They could have some ideas for how they want to
Speaker 1: make money. I don't know if in the future they
Speaker 1: will also not be taking affiliate revenue. That actually surprised
Speaker 1: me a bit when I ask them, are you going
Speaker 1: to be making money off of this? Because that seems
Speaker 1: like a really easy way to make some money, right
Speaker 1: It seems like like passive, passive income stream.
Speaker 3: But they did. They did.
Speaker 1: They were very clear that they are not making money
Speaker 1: off of affiliate revenue when people so when people buy
Speaker 1: a product, and they also the products are showing you
Speaker 1: are not ads.
Speaker 2: Right Briefly, Rachel, I thought the long term goal was
Speaker 2: that my agent's going to go off and buy everything
Speaker 2: for me. I'm not even going to have to click
Speaker 2: out into a different website for example. Is this just
Speaker 2: like a stepping stone.
Speaker 1: I think that there's probably going to ultimately be a
Speaker 1: bunch of different ways that people are going to want
Speaker 1: to buy things. And I think that it is possible
Speaker 1: that at some point it'll be much more common for
Speaker 1: people to say, I want this kind of thing, go
Speaker 1: buy it. You know, I authorise make credit card and
Speaker 1: a MasterCard is trying out some ways to do payment
Speaker 1: via agents, So we could certainly see that in the
Speaker 1: next few years. But I think right now what we're
Speaker 1: seeing is just giving people more options to stay.
Speaker 5: In chat GBT.
Speaker 3: Bloomberg's Rachel Metz, thank you very much.
Speaker 4: Indeed, that does it for this edition of Bloomberg Technology.
Speaker 3: This is what markets look like right now. Is that
Speaker 3: one hundred sort.
Speaker 4: Of muted gains, even though well it's basically flat. Economic angst,
Speaker 4: Spotify downs, beat on subscribers, not on profit. There's some
Speaker 4: weakness there in Amazon. Our top story of the day
Speaker 4: the White House accusing them of hostile acts or report
Speaker 4: they deny.
Speaker 3: Caro