1 00:00:02,240 --> 00:00:05,560 Speaker 1: From the heart of where innovation, money and power. CALLI 2 00:00:06,400 --> 00:00:10,879 Speaker 1: in Silicon Valley and beyond. This is Bloomberg Technology with 3 00:00:10,960 --> 00:00:27,240 Speaker 1: Emily jam I'm Caroline Hide in family Chat and this 4 00:00:27,280 --> 00:00:29,600 Speaker 1: is Bloomberg Technology. Coming up in the next hour. Media 5 00:00:29,600 --> 00:00:32,160 Speaker 1: Mogul's billionaires and some of the biggest names from tech, media, 6 00:00:32,240 --> 00:00:35,680 Speaker 1: business and finance and sports while they're converging in some valley. 7 00:00:35,720 --> 00:00:38,160 Speaker 1: This week, we'll get the latest from the ground. Last 8 00:00:38,200 --> 00:00:40,800 Speaker 1: one of the most famous apps in the world, It's TikTok. 9 00:00:41,000 --> 00:00:43,280 Speaker 1: It is under pressure with the challenge of its own 10 00:00:43,760 --> 00:00:46,600 Speaker 1: the SEC Commissioner. Pressure is big Tech to delete it 11 00:00:46,880 --> 00:00:49,000 Speaker 1: from its app stores. We speak with him live in 12 00:00:49,040 --> 00:00:52,239 Speaker 1: a moment And companies last year defied the pandemic to 13 00:00:52,240 --> 00:00:54,960 Speaker 1: go public at a record pace. Now inflation and recession 14 00:00:55,000 --> 00:00:57,760 Speaker 1: fears of caught up and brought the listing party to 15 00:00:57,840 --> 00:00:59,640 Speaker 1: a bit of a halt. We speak with the our 16 00:00:59,720 --> 00:01:02,280 Speaker 1: section of Commercial Officer Jeff Thomas. What to expect for 17 00:01:02,320 --> 00:01:04,760 Speaker 1: the second half get to all of that, but a 18 00:01:04,840 --> 00:01:07,120 Speaker 1: moment a first, let's gotta look in the markets. Crenny 19 00:01:07,160 --> 00:01:10,240 Speaker 1: Gupta in the house and text talk stuff pretty well. Yeah, 20 00:01:10,280 --> 00:01:13,360 Speaker 1: they made a complete turnaround Caroline's fascinating when you see 21 00:01:13,360 --> 00:01:14,880 Speaker 1: this because if you had looked at the market at 22 00:01:14,959 --> 00:01:17,679 Speaker 1: nine thirty am this morning, this is not what the 23 00:01:17,720 --> 00:01:19,720 Speaker 1: markets looked like. You did not see green on the screen. 24 00:01:19,720 --> 00:01:22,120 Speaker 1: You had an almost two percent decline in those opening bells. 25 00:01:22,280 --> 00:01:24,640 Speaker 1: A lot of that driven by the stronger dollar story 26 00:01:24,680 --> 00:01:26,760 Speaker 1: that we saw, but you kind of saw a turnaround 27 00:01:26,840 --> 00:01:29,080 Speaker 1: story in about i won't say, halfway through the session, 28 00:01:29,120 --> 00:01:31,640 Speaker 1: a lot of it driven by Big Tex, so much 29 00:01:31,680 --> 00:01:33,200 Speaker 1: to the point that you can actually see at the 30 00:01:33,319 --> 00:01:36,320 Speaker 1: SPI close to up only two tenths of one percent. 31 00:01:36,600 --> 00:01:39,480 Speaker 1: The NASDAC though outperforming in a very big way, up 32 00:01:39,520 --> 00:01:41,760 Speaker 1: one point seven percent on the day. But take a 33 00:01:41,760 --> 00:01:43,200 Speaker 1: look at these yields, because I bet some of the 34 00:01:43,240 --> 00:01:45,959 Speaker 1: yield picture is playing in two as well. Down only 35 00:01:46,000 --> 00:01:48,800 Speaker 1: six basis points, well seven, I should say seven basis points, 36 00:01:49,040 --> 00:01:51,520 Speaker 1: and I'm say only seven basis points, Caroline, because in 37 00:01:51,560 --> 00:01:54,760 Speaker 1: the last couple of days and weeks, we've had eleven, twelve, 38 00:01:54,880 --> 00:01:57,520 Speaker 1: even twenty basis point moves in just one day. So 39 00:01:57,560 --> 00:02:00,400 Speaker 1: it's almost a muted day for bonds, but perhaps lifting 40 00:02:00,480 --> 00:02:02,640 Speaker 1: the stock market just a little bit, especially those tech 41 00:02:02,680 --> 00:02:05,640 Speaker 1: stocks that we know are extremely ultra rate sensitive, which 42 00:02:05,680 --> 00:02:08,480 Speaker 1: brings me to the high beta stocks in particular. Let's 43 00:02:08,520 --> 00:02:10,640 Speaker 1: talk about ARC the R innovation E t F. We 44 00:02:10,720 --> 00:02:13,320 Speaker 1: know that's the trade that has not been working this year, 45 00:02:13,320 --> 00:02:16,040 Speaker 1: but today it actually performed well. And that's because the 46 00:02:16,120 --> 00:02:19,359 Speaker 1: lights of Tesla, Microsoft, Google, all the big technics have 47 00:02:19,480 --> 00:02:21,640 Speaker 1: been taking a baiting. They did really well today. But look, 48 00:02:21,919 --> 00:02:24,320 Speaker 1: isn't enough to have a tartground story for the lights 49 00:02:24,320 --> 00:02:26,760 Speaker 1: of our innovation. It doesn't seem so, at least on 50 00:02:26,800 --> 00:02:29,840 Speaker 1: this one day basis, just given the kind of blood 51 00:02:29,960 --> 00:02:32,760 Speaker 1: that we've seen in this particular market. So that's something 52 00:02:32,800 --> 00:02:34,200 Speaker 1: that we're gonna have to keep an eye on. And 53 00:02:34,280 --> 00:02:36,360 Speaker 1: let's get to actually the next slide, which I should 54 00:02:36,360 --> 00:02:39,560 Speaker 1: mention it's not just a small tech that's bounced, because 55 00:02:39,560 --> 00:02:41,720 Speaker 1: you saw that in cryptocurrency, you saw that in biotech 56 00:02:41,760 --> 00:02:44,560 Speaker 1: as well, but big tech really really lead the charge. 57 00:02:44,639 --> 00:02:46,600 Speaker 1: I want to emphasize as much as I can, Caroline, 58 00:02:46,600 --> 00:02:48,600 Speaker 1: because take a look at this. These are your biggest 59 00:02:48,840 --> 00:02:52,200 Speaker 1: movers on the day, but also your biggest index contributors 60 00:02:52,200 --> 00:02:54,680 Speaker 1: on the day. Your Amazon to your Apples, your Microsoft's, 61 00:02:54,680 --> 00:02:57,119 Speaker 1: your Tesla. Do we see this again tomorrow? How much 62 00:02:57,120 --> 00:02:59,400 Speaker 1: of this is a technical trade. Caroline, I don't have 63 00:02:59,400 --> 00:03:01,760 Speaker 1: those answers, are you, but I'm curious to see if 64 00:03:01,800 --> 00:03:05,120 Speaker 1: this is a sustainable move on wheel Creaty. Thank you 65 00:03:05,200 --> 00:03:07,560 Speaker 1: so much a great round up. Meanwhile, Tesla one of 66 00:03:07,600 --> 00:03:10,119 Speaker 1: the names could you just mentioned, actually higher that's even 67 00:03:10,120 --> 00:03:13,480 Speaker 1: after disappointing quarter of deliveries and record month of production. 68 00:03:13,880 --> 00:03:16,960 Speaker 1: Now factories in both China and Germany will remain idle 69 00:03:17,000 --> 00:03:19,400 Speaker 1: for several weeks. Joining us on the phone to discuss 70 00:03:19,440 --> 00:03:20,760 Speaker 1: all of this when I was down a hall who 71 00:03:20,800 --> 00:03:25,280 Speaker 1: covers the company, Danna. We've sort of had mixed messages 72 00:03:25,320 --> 00:03:27,400 Speaker 1: from Elon Musque about the cash burn that's going on, 73 00:03:27,480 --> 00:03:29,639 Speaker 1: and indeed they didn't seem to paint the picture that 74 00:03:29,639 --> 00:03:32,240 Speaker 1: will be closing down some of their manufacturing units for 75 00:03:32,240 --> 00:03:35,160 Speaker 1: for some sort of break. Yeah, they've been a coule 76 00:03:35,200 --> 00:03:38,120 Speaker 1: different reports out of China and Germany that the plants 77 00:03:38,160 --> 00:03:40,480 Speaker 1: are going to be offline for a couple of weeks. 78 00:03:40,720 --> 00:03:44,160 Speaker 1: Uh this this month, Um, you know, the half class 79 00:03:44,240 --> 00:03:47,240 Speaker 1: empty would say, oh god, this is what a terrible 80 00:03:47,240 --> 00:03:49,920 Speaker 1: time to be offline. Right, they just gave off of 81 00:03:49,960 --> 00:03:53,480 Speaker 1: this sort of bad quarter where production was paused because 82 00:03:53,480 --> 00:03:56,440 Speaker 1: of COVID. Now they're you know, shutting down production again 83 00:03:56,520 --> 00:03:59,119 Speaker 1: the glass how cool? Would say, well, this is all 84 00:03:59,160 --> 00:04:03,960 Speaker 1: built back better. You know, auto companies typically tick plans offline, 85 00:04:04,200 --> 00:04:06,480 Speaker 1: especially around the July was holiday here in the US, 86 00:04:06,560 --> 00:04:09,840 Speaker 1: to kind of do retooling, to do equipment maintenance, and 87 00:04:10,080 --> 00:04:12,800 Speaker 1: you could often get better production after you've had an 88 00:04:12,840 --> 00:04:14,760 Speaker 1: opportunity to kind of do that. So we'll just have 89 00:04:14,840 --> 00:04:17,960 Speaker 1: to wait and see what production is like going forward. Um, 90 00:04:18,400 --> 00:04:21,440 Speaker 1: the company did say that they had a really strong 91 00:04:21,480 --> 00:04:25,040 Speaker 1: production for June. Yeah, what was it, two d fifty 92 00:04:25,080 --> 00:04:28,520 Speaker 1: four thousand, six nine deliveries for June, which is the 93 00:04:28,520 --> 00:04:30,599 Speaker 1: most they've ever made in history, but it actually was 94 00:04:30,600 --> 00:04:34,960 Speaker 1: still less than the market wanted. Well, that was no excellent. No, Actually, 95 00:04:35,240 --> 00:04:37,839 Speaker 1: to fifty four was the was the deliveries for the quarter, 96 00:04:37,920 --> 00:04:40,279 Speaker 1: which was a dip from the first quarter. But but 97 00:04:40,360 --> 00:04:43,160 Speaker 1: the market kind of expected that because we knew that China, 98 00:04:43,600 --> 00:04:46,600 Speaker 1: which is their most productive factory, had been offline for 99 00:04:46,640 --> 00:04:50,040 Speaker 1: several weeks because of the COVID lockdown. Um. But yeah, no, 100 00:04:50,160 --> 00:04:52,080 Speaker 1: it's it's it's definitely a mixed bag. I mean, I 101 00:04:52,120 --> 00:04:54,440 Speaker 1: think there's gonna be a lot of questions about production 102 00:04:54,760 --> 00:04:57,640 Speaker 1: and the ramp up of the new factories in Austin 103 00:04:57,720 --> 00:05:02,359 Speaker 1: and Berlin. When the company reports earnings twenty Yeah, Berlin, 104 00:05:02,480 --> 00:05:05,240 Speaker 1: Austin losing billions of dollars right now because there's a 105 00:05:05,279 --> 00:05:08,760 Speaker 1: ton of expense and hardly any output. Musque seemed to 106 00:05:08,760 --> 00:05:11,800 Speaker 1: be telling Tesla owner's back on May thirty one. Is 107 00:05:11,839 --> 00:05:15,680 Speaker 1: he painting in general a gloomier picture or not beat one? 108 00:05:15,720 --> 00:05:18,680 Speaker 1: What do you think? Well, I mean he's I think 109 00:05:18,680 --> 00:05:20,880 Speaker 1: he's always been fairly you know, to his credit. I 110 00:05:20,880 --> 00:05:23,440 Speaker 1: think he's always been fairly frank about the state of 111 00:05:23,440 --> 00:05:25,440 Speaker 1: the economy as a whole. And this is a man 112 00:05:25,600 --> 00:05:30,040 Speaker 1: who is now the longest running auto auto industry CEO. 113 00:05:30,160 --> 00:05:32,200 Speaker 1: I mean, he's been the CEO of tessil two thousand 114 00:05:32,200 --> 00:05:34,880 Speaker 1: and eight. He steered the company through the first recession 115 00:05:35,160 --> 00:05:36,800 Speaker 1: or the most recent recession in two thousand and eight 116 00:05:36,800 --> 00:05:40,040 Speaker 1: two thousand nine, the company became very close to bankruptcy 117 00:05:40,160 --> 00:05:42,840 Speaker 1: during the Model three ramp and eighteen. And it is 118 00:05:42,920 --> 00:05:46,600 Speaker 1: this dance of like, you're investing all of this money 119 00:05:46,680 --> 00:05:50,440 Speaker 1: into getting new production capacity online, but until they're actually 120 00:05:50,520 --> 00:05:52,640 Speaker 1: producing cars and you're delivery in the cars, you're not 121 00:05:52,720 --> 00:05:55,520 Speaker 1: really making that much money. So I think he's actually 122 00:05:55,560 --> 00:05:58,800 Speaker 1: gotten fairly good at kind of managing cash and figuring 123 00:05:58,800 --> 00:06:01,400 Speaker 1: out which leverage to pull. Um, you know, demand is 124 00:06:01,520 --> 00:06:03,760 Speaker 1: not seen to be a problem at least the moment, 125 00:06:03,880 --> 00:06:06,520 Speaker 1: and Tesla has raised prices quite a bit to kind 126 00:06:06,520 --> 00:06:09,599 Speaker 1: of cover the costs of you know, higher energy costs 127 00:06:09,640 --> 00:06:12,120 Speaker 1: and higher commodity costs, and let's face it, making a 128 00:06:12,160 --> 00:06:15,120 Speaker 1: lot more revs than anyone else out there. Donna. Lastly, 129 00:06:15,200 --> 00:06:18,520 Speaker 1: just the moon music around Shanghai in general, because again 130 00:06:18,560 --> 00:06:21,800 Speaker 1: we were worrying about further lockdowns coming from those cities. 131 00:06:21,960 --> 00:06:24,880 Speaker 1: Is as a zero COVID policy seems very much still 132 00:06:24,920 --> 00:06:27,279 Speaker 1: in effect. How much are we worried about the longer 133 00:06:27,400 --> 00:06:31,919 Speaker 1: term meant that the Tesla has made. I mean, I 134 00:06:31,960 --> 00:06:35,640 Speaker 1: think that you know, Tesla's footprint in China is so 135 00:06:35,680 --> 00:06:38,400 Speaker 1: important to the company and then also just very important 136 00:06:38,400 --> 00:06:41,640 Speaker 1: to China. I can't see that they are gonna, you know, 137 00:06:41,839 --> 00:06:44,480 Speaker 1: let that plant you know fall by the wayside. I mean, 138 00:06:44,520 --> 00:06:46,560 Speaker 1: they were having people were living in the plant, you know, 139 00:06:46,560 --> 00:06:48,880 Speaker 1: in the closed loop system for as long as they 140 00:06:48,920 --> 00:06:52,159 Speaker 1: possibly could. So. Um, but you know, the I mean, 141 00:06:52,480 --> 00:06:55,360 Speaker 1: the geopolitical questions about China visity of the US are 142 00:06:55,360 --> 00:06:57,920 Speaker 1: always really interesting ones but no, it's it's a very 143 00:06:57,920 --> 00:07:01,880 Speaker 1: strategic plant for the company for sure. Danaha always love 144 00:07:01,960 --> 00:07:05,920 Speaker 1: her on to talk all things Tesla. We thank you indeed. Meanwhile, 145 00:07:06,360 --> 00:07:08,600 Speaker 1: well Elon Musk is actually meant to be out in 146 00:07:08,640 --> 00:07:11,360 Speaker 1: Sun Valley as our media moguls, billionaires, some of the 147 00:07:11,400 --> 00:07:14,920 Speaker 1: biggest names in tech, media, business and finance and sports, 148 00:07:15,040 --> 00:07:19,280 Speaker 1: and well our own notable attribute, which is Ed Ludlow 149 00:07:19,520 --> 00:07:21,679 Speaker 1: is on the ground there too, along with Shinali Bassa. 150 00:07:21,800 --> 00:07:24,120 Speaker 1: Can Ed talk to us about what's going on on 151 00:07:24,160 --> 00:07:26,120 Speaker 1: the ground. Who have you seen? What if you managed 152 00:07:26,120 --> 00:07:30,440 Speaker 1: to already? So Bob By, former Disney CEO of course 153 00:07:30,560 --> 00:07:33,440 Speaker 1: now upstairs, has just walked past me and I said 154 00:07:33,480 --> 00:07:35,400 Speaker 1: to him, Bob, what's top of mind for you? And 155 00:07:35,400 --> 00:07:37,920 Speaker 1: he said, Ed, I'm retired, having a good time in 156 00:07:37,960 --> 00:07:40,040 Speaker 1: the sun. Its top of mind for me. But you 157 00:07:40,080 --> 00:07:42,240 Speaker 1: do get people that come and talk about the industry, 158 00:07:42,320 --> 00:07:45,640 Speaker 1: right and one of those was one a Discovery CEO, 159 00:07:45,800 --> 00:07:48,760 Speaker 1: David doust Love, and he actually basically set the scene 160 00:07:48,760 --> 00:07:53,240 Speaker 1: of what's being discussed there having it. I think it's 161 00:07:53,280 --> 00:07:58,640 Speaker 1: going to be a great term. But that having a 162 00:07:58,640 --> 00:08:03,200 Speaker 1: lot of opportunity. One of rose Discover, who's got great 163 00:08:03,320 --> 00:08:07,560 Speaker 1: body content. I think the world's changed, and it's not 164 00:08:07,640 --> 00:08:11,440 Speaker 1: about how much, it's about how it work. The world's changed, 165 00:08:11,480 --> 00:08:13,840 Speaker 1: car but the vibe is very similar here this year 166 00:08:13,880 --> 00:08:17,160 Speaker 1: to last year. Really heavy COVID restrictions in place for attendees. 167 00:08:17,520 --> 00:08:20,320 Speaker 1: But there's there's a lot that they're discussing that's big picture, 168 00:08:20,760 --> 00:08:23,200 Speaker 1: and of course the backrupt drop that they're all competing 169 00:08:23,240 --> 00:08:26,560 Speaker 1: each other in a in a highly competitive streaming space 170 00:08:27,000 --> 00:08:29,400 Speaker 1: while the consumer is suffering with inflation and fears of 171 00:08:29,400 --> 00:08:32,959 Speaker 1: a recession overall. I mean, remember last time you were 172 00:08:33,480 --> 00:08:38,560 Speaker 1: looking at the relationships, for example, the fact that whether 173 00:08:38,840 --> 00:08:43,240 Speaker 1: indeed Mark Zuckerberg was indeed chhotting to Cheryl Samberg. There's 174 00:08:43,240 --> 00:08:45,080 Speaker 1: been a lot of change at the top since you 175 00:08:45,120 --> 00:08:48,880 Speaker 1: were last there. Yeah, and and those same awkward moments 176 00:08:48,880 --> 00:08:50,920 Speaker 1: are expected to happen, right, you know, I talked about 177 00:08:50,960 --> 00:08:54,720 Speaker 1: Bob Vigor what Bob j Peck from Disney the currency 178 00:08:54,840 --> 00:08:56,720 Speaker 1: over here as well. There have been rumors that their 179 00:08:56,760 --> 00:09:00,080 Speaker 1: relationship is under stress. You have Elon Musks due to 180 00:09:00,120 --> 00:09:03,840 Speaker 1: come here along with the Twitter CEO Paraga and CFO 181 00:09:03,960 --> 00:09:06,400 Speaker 1: Ned Segel. Of course they're going to talk about the 182 00:09:06,400 --> 00:09:08,880 Speaker 1: Twitter deal, and even if they are when they're walking 183 00:09:08,880 --> 00:09:11,520 Speaker 1: through the corridors to brunch, or they're out on their 184 00:09:11,559 --> 00:09:14,640 Speaker 1: mountain bike having an adventure, or their fly fishing whatever. 185 00:09:14,679 --> 00:09:17,679 Speaker 1: It is. Obviously that deal is going to be discussed 186 00:09:17,679 --> 00:09:20,440 Speaker 1: here because it's the one that everyone in this media 187 00:09:20,520 --> 00:09:23,240 Speaker 1: landscape talking about. Just remind us what everyone there is 188 00:09:23,240 --> 00:09:25,640 Speaker 1: actually meant to be doing, apart from fly fish is it? 189 00:09:25,800 --> 00:09:29,360 Speaker 1: Is it about relationship building? Is it about sharing knowledge? 190 00:09:29,360 --> 00:09:33,280 Speaker 1: What is actually the the overall impact of a Some Valley? Yeah? So, 191 00:09:33,280 --> 00:09:35,680 Speaker 1: so Some Valley is hosted by Alan and Co. And 192 00:09:35,720 --> 00:09:38,120 Speaker 1: Alan and Co is a boutique investment bank that it's 193 00:09:38,160 --> 00:09:41,280 Speaker 1: advised on some of the biggest deals in history. Right, 194 00:09:41,280 --> 00:09:43,400 Speaker 1: you look at their name and where the deals they've 195 00:09:43,400 --> 00:09:45,599 Speaker 1: been involved in this past year. They are advisors on 196 00:09:45,640 --> 00:09:47,560 Speaker 1: the Twitter deal, right, they have been involved in the 197 00:09:47,600 --> 00:09:51,040 Speaker 1: Microsoft Activision deal. The ideas that they bring together all 198 00:09:51,040 --> 00:09:54,680 Speaker 1: of these people principally from telecoms, media and tech, but 199 00:09:54,760 --> 00:09:56,959 Speaker 1: you see other people. Mary Barrett from gm IS used 200 00:09:56,960 --> 00:09:59,240 Speaker 1: to be here, and you know, the hope, let's not 201 00:09:59,240 --> 00:10:01,280 Speaker 1: beat around the bush. The hope is that this is 202 00:10:01,280 --> 00:10:03,960 Speaker 1: a place where future deals are born. You know, the 203 00:10:04,080 --> 00:10:07,240 Speaker 1: idea is discussed, then you know what's thrown in this 204 00:10:07,320 --> 00:10:09,320 Speaker 1: year is that the world is changing like that. As 205 00:10:09,320 --> 00:10:12,200 Speaker 1: I've said, markets are incredibly bollet ale Um. You know, 206 00:10:12,360 --> 00:10:16,160 Speaker 1: central banks around the world are fighting sort of seemingly 207 00:10:16,240 --> 00:10:20,520 Speaker 1: unpamable inflation, and they do have behind closed doors these 208 00:10:20,600 --> 00:10:23,520 Speaker 1: kind of big picture discussion with a number of speakers 209 00:10:23,559 --> 00:10:25,720 Speaker 1: basically giving their world view. That's kind of what the 210 00:10:25,720 --> 00:10:28,120 Speaker 1: premium access is. You get to get the thoughts of 211 00:10:28,120 --> 00:10:31,200 Speaker 1: the creme de la creme of Wall Street Company executive, 212 00:10:31,480 --> 00:10:35,360 Speaker 1: big thinkers and big thinking for us, we thank you 213 00:10:35,400 --> 00:10:45,400 Speaker 1: for meg, said Ludlow out there on the ground. In 214 00:10:45,480 --> 00:10:49,680 Speaker 1: the US. TikTok spin installed over three and twenty million times, 215 00:10:49,720 --> 00:10:51,680 Speaker 1: and now our next guest is calling on Apple and 216 00:10:51,679 --> 00:10:54,160 Speaker 1: Google to remove that app from the app store, is 217 00:10:54,200 --> 00:10:57,520 Speaker 1: calling it a sophisticated surveillance tool. John us Now as 218 00:10:57,600 --> 00:11:01,440 Speaker 1: SEC Commissioner, Running CAR Commissioner, thank you for joining us. Um. 219 00:11:03,080 --> 00:11:05,520 Speaker 1: Why would you want it removed from the app stores? 220 00:11:05,600 --> 00:11:08,920 Speaker 1: What power do you think that would have? Well, I 221 00:11:09,000 --> 00:11:11,280 Speaker 1: TikTok certainly isn't what it appears to be on the service. 222 00:11:11,280 --> 00:11:14,120 Speaker 1: It's not just another app for sharing plenty of videos 223 00:11:14,200 --> 00:11:16,920 Speaker 1: or memes. That's just the sheep's clothing. It really does 224 00:11:17,000 --> 00:11:20,160 Speaker 1: operate as a sophisticated surveillance to what's pulling all sorts 225 00:11:20,160 --> 00:11:24,440 Speaker 1: of information from UH web browsing, to biometrics like base 226 00:11:24,520 --> 00:11:29,320 Speaker 1: print and voice prints, to location information and some circumstances 227 00:11:29,360 --> 00:11:32,000 Speaker 1: draft messages. So that's a national security concern. But I 228 00:11:32,040 --> 00:11:34,360 Speaker 1: also think it comes into play with Google and apples 229 00:11:34,400 --> 00:11:37,640 Speaker 1: policies to your question, because there's been new revelations, particular 230 00:11:37,679 --> 00:11:39,760 Speaker 1: the last couple of weeks that more data has been 231 00:11:39,760 --> 00:11:43,040 Speaker 1: flowing back to Beijing and previously reported in data flows 232 00:11:43,040 --> 00:11:45,360 Speaker 1: are very important in terms of how the app stores 233 00:11:45,480 --> 00:11:48,959 Speaker 1: allow applications to continue to be on those platforms, and 234 00:11:49,040 --> 00:11:51,559 Speaker 1: so I've said, take a look at your app policies, UH, 235 00:11:51,559 --> 00:11:54,400 Speaker 1: and if these data flows are inconsistent with the representations 236 00:11:54,440 --> 00:11:56,320 Speaker 1: that TikTok has been making, and it seems to be 237 00:11:56,360 --> 00:11:58,040 Speaker 1: that way to me, then they could boot them from 238 00:11:58,080 --> 00:12:01,480 Speaker 1: the app store. You're referencing the reason BuzzFeed piece of course, 239 00:12:01,520 --> 00:12:04,080 Speaker 1: that looked at bite Dance saying it repeatedly access private 240 00:12:04,080 --> 00:12:07,400 Speaker 1: information on US uses despite company assurances to the contrary. 241 00:12:07,760 --> 00:12:10,680 Speaker 1: What data are you assessing to ensure that this is 242 00:12:10,720 --> 00:12:13,560 Speaker 1: factually correct and indeed some of the other accusations that 243 00:12:13,600 --> 00:12:16,920 Speaker 1: you have prior to that. Yeah. So the BuzzFeed news 244 00:12:16,960 --> 00:12:21,599 Speaker 1: story has internal communications from TikTok and bitte Dance officials, 245 00:12:21,880 --> 00:12:25,200 Speaker 1: including ones that say everything can be seen in China, 246 00:12:25,400 --> 00:12:27,760 Speaker 1: and also TikTok itself sent a letter to a number 247 00:12:27,800 --> 00:12:31,280 Speaker 1: of senators on Friday that for the first time indicated 248 00:12:31,600 --> 00:12:35,360 Speaker 1: again a lot of information going back to Beijing. So 249 00:12:35,520 --> 00:12:38,400 Speaker 1: some of their missions themselves, some of those information there 250 00:12:38,800 --> 00:12:42,000 Speaker 1: that was shared in the BuzzFeed article, And the administration, 251 00:12:42,080 --> 00:12:46,560 Speaker 1: through Sippius, an agency group out of Treasury, is also 252 00:12:46,640 --> 00:12:48,080 Speaker 1: taking a look at some of this, and I would 253 00:12:48,160 --> 00:12:51,080 Speaker 1: encourage that Sippius process to move swiftly in light of 254 00:12:51,120 --> 00:12:57,199 Speaker 1: these new revelations. Indeed, overrule the company, TikTok has said 255 00:12:57,280 --> 00:13:00,079 Speaker 1: China based employees can access use at US stay to 256 00:13:00,640 --> 00:13:04,640 Speaker 1: subject to series though of robust cybersecurity controls and authorization 257 00:13:04,679 --> 00:13:09,080 Speaker 1: approval protocols overseen by US bus based security team. The 258 00:13:09,160 --> 00:13:11,920 Speaker 1: CEO has come out saying, look, I'm being very willing 259 00:13:12,240 --> 00:13:15,080 Speaker 1: to engage with lawmakers and indeed what he said is 260 00:13:15,200 --> 00:13:18,320 Speaker 1: set the record straight. According to a spokesperson, have you 261 00:13:18,360 --> 00:13:20,840 Speaker 1: reached out TikTok to the leadership there, have they been 262 00:13:20,840 --> 00:13:23,000 Speaker 1: able to set you straight or at least have a conversation. 263 00:13:24,520 --> 00:13:26,679 Speaker 1: I've not been set straight by TikTok just yet, but 264 00:13:26,679 --> 00:13:29,440 Speaker 1: I'm happy to meet with TikTok officials and engaged directly 265 00:13:29,600 --> 00:13:31,559 Speaker 1: with them on this. I mean, again, there's two sort 266 00:13:31,600 --> 00:13:34,360 Speaker 1: of main functions here. One has been for years they 267 00:13:34,360 --> 00:13:38,200 Speaker 1: were asked directly by government officials. Are officials in Beijing 268 00:13:38,320 --> 00:13:42,240 Speaker 1: accessing private US user data? And every time instead of 269 00:13:42,280 --> 00:13:44,440 Speaker 1: saying yes, but it's not a problem for these reasons, 270 00:13:44,440 --> 00:13:46,960 Speaker 1: they would say, well, all U S data is stored 271 00:13:47,400 --> 00:13:50,079 Speaker 1: in the US, and now we find out that there's 272 00:13:50,120 --> 00:13:53,440 Speaker 1: apparently a tremendous amount of information that was flowing back 273 00:13:53,480 --> 00:13:55,880 Speaker 1: to Beijing, and that's those new protections are going to 274 00:13:55,920 --> 00:13:58,760 Speaker 1: be putting in place. I'm not so sure about that. Again, 275 00:13:58,760 --> 00:14:02,120 Speaker 1: that BuzzFeed News article how a TikTok official saying that 276 00:14:02,240 --> 00:14:04,800 Speaker 1: at the end of the day, these are tools built 277 00:14:04,920 --> 00:14:07,280 Speaker 1: by China and we'll see if they can continue to 278 00:14:07,280 --> 00:14:09,880 Speaker 1: get access even after those controls are put in place. 279 00:14:09,960 --> 00:14:12,240 Speaker 1: So frankly, this comes down to a matter of trust 280 00:14:12,280 --> 00:14:15,360 Speaker 1: and when there's been apparent misrepresentation, but how much data 281 00:14:15,440 --> 00:14:18,080 Speaker 1: is being pulled where it's going for years now. I 282 00:14:18,120 --> 00:14:20,320 Speaker 1: don't have a lot of trust left in TikTok. And 283 00:14:20,320 --> 00:14:22,000 Speaker 1: I'm not alone. There was a member of the Australian 284 00:14:22,000 --> 00:14:24,000 Speaker 1: Parliament that just wrote a letter saying, I see your 285 00:14:24,320 --> 00:14:26,360 Speaker 1: US user data is going to Beijing. I want to 286 00:14:26,400 --> 00:14:28,840 Speaker 1: know is Australia user data going there? So I think 287 00:14:28,880 --> 00:14:31,680 Speaker 1: this is probably broader effort to take a look with 288 00:14:31,720 --> 00:14:35,200 Speaker 1: more scrutiny at the data flows in TikTok. You're one 289 00:14:35,240 --> 00:14:38,040 Speaker 1: of the three FCC commissioners who are appointed under the 290 00:14:38,040 --> 00:14:40,720 Speaker 1: Trump administration. Of course, under the Trump administration we saw 291 00:14:41,480 --> 00:14:45,400 Speaker 1: bands floated of TikTok, but in general, it's not what 292 00:14:45,840 --> 00:14:48,720 Speaker 1: users want. And do you see any sort of middle 293 00:14:48,720 --> 00:14:51,560 Speaker 1: ground here and any assurances that the company could make 294 00:14:51,600 --> 00:14:56,240 Speaker 1: cause some sort of ability to maintain and use hair 295 00:14:56,280 --> 00:14:58,480 Speaker 1: in the US, but ensure that you're not worried about 296 00:14:58,480 --> 00:15:03,040 Speaker 1: information flows. I'm open minded, though obviously I'm skeptical. I 297 00:15:03,040 --> 00:15:04,880 Speaker 1: think step one has to be let's get a full 298 00:15:05,400 --> 00:15:08,120 Speaker 1: airing of the information that did flow before, we talk 299 00:15:08,200 --> 00:15:12,200 Speaker 1: about blessing through some sort of process, additional data flows 300 00:15:12,240 --> 00:15:14,360 Speaker 1: going forward. And you're right, I want of four STEC 301 00:15:14,400 --> 00:15:16,760 Speaker 1: commissioners we can only take official action as a body 302 00:15:16,800 --> 00:15:18,600 Speaker 1: through a vote of the four of US, and so 303 00:15:18,600 --> 00:15:20,400 Speaker 1: we'll see what happens here. But again I think there's 304 00:15:20,600 --> 00:15:23,200 Speaker 1: other agencies that hopefully can be stepping in as well 305 00:15:23,240 --> 00:15:25,840 Speaker 1: with these concerns. Have you had back from alphabet and 306 00:15:25,840 --> 00:15:29,240 Speaker 1: the parent company in Google and uncle's Apple about any 307 00:15:29,280 --> 00:15:32,040 Speaker 1: moves that make on the rap stoles I have, and 308 00:15:32,120 --> 00:15:34,400 Speaker 1: I've asked for a response by July eighth. Then there's 309 00:15:34,640 --> 00:15:38,480 Speaker 1: precedent for those app stores when data has flowed, for instance, 310 00:15:38,520 --> 00:15:41,320 Speaker 1: two servers in China without that being disclosed, to kick 311 00:15:41,400 --> 00:15:44,080 Speaker 1: that app out when there's other surreptitious uses of data 312 00:15:44,400 --> 00:15:46,720 Speaker 1: for them to take action. So I'm open for them 313 00:15:46,720 --> 00:15:48,200 Speaker 1: to tell me, you know, here's why it's a violation 314 00:15:48,240 --> 00:15:50,200 Speaker 1: our policies, or here's why it's not a violation of 315 00:15:50,200 --> 00:15:52,760 Speaker 1: our policies. But the national security question is pretty clear. 316 00:15:52,760 --> 00:15:56,120 Speaker 1: I mean, US military branches have almost all been TikTok 317 00:15:56,120 --> 00:15:59,440 Speaker 1: from their devices. UH, agencies that deal with national security 318 00:15:59,480 --> 00:16:02,640 Speaker 1: have banned them from their devices as well. We warned 319 00:16:02,960 --> 00:16:04,800 Speaker 1: families of US troops not to put it on their 320 00:16:04,840 --> 00:16:07,640 Speaker 1: personal devices either. So there's a lot of concern about 321 00:16:07,640 --> 00:16:12,280 Speaker 1: the national security threats. SEC Commissioner Brandon Carr, we thank you. 322 00:16:12,320 --> 00:16:14,200 Speaker 1: Come back when you perhaps her back from the companies, 323 00:16:14,200 --> 00:16:16,560 Speaker 1: and and indeed let us know if you do manage 324 00:16:16,600 --> 00:16:18,800 Speaker 1: to speak to some of those TikTok executives as well, 325 00:16:19,080 --> 00:16:30,200 Speaker 1: We thank you. Let's talk about deals. Broll com sixty 326 00:16:30,240 --> 00:16:32,440 Speaker 1: one billion dollar deal for vm Ware I was going 327 00:16:32,480 --> 00:16:35,080 Speaker 1: to move forward after a rival bidder failed to emerge 328 00:16:35,120 --> 00:16:37,280 Speaker 1: to break up the deal for the cloud computing company 329 00:16:37,480 --> 00:16:40,040 Speaker 1: during its so called go shop period. That's going into 330 00:16:40,040 --> 00:16:42,520 Speaker 1: people familiar with the matter and the exploration of the 331 00:16:42,560 --> 00:16:45,360 Speaker 1: goo shop gets broad Com past at least one hurdle 332 00:16:45,640 --> 00:16:49,320 Speaker 1: to the biggest ever takeover by semiconductor maker. Representatives for 333 00:16:49,400 --> 00:16:52,480 Speaker 1: vm Ware and broad Colm can immediately be reached for comment. 334 00:16:53,520 --> 00:16:56,840 Speaker 1: The UK or force owners of apps such as social 335 00:16:56,840 --> 00:17:01,000 Speaker 1: media and search engines to curb quote, state innked dis information. 336 00:17:01,400 --> 00:17:03,760 Speaker 1: If they don't, they face fines of as much as 337 00:17:03,800 --> 00:17:06,880 Speaker 1: ten percent of annual global sales. The crackdown is part 338 00:17:06,880 --> 00:17:10,800 Speaker 1: of the forthcoming Online Safety Bill. Meanwhile, the EU IT 339 00:17:10,920 --> 00:17:13,520 Speaker 1: wants to increase the number of tech startups in Europe, 340 00:17:13,880 --> 00:17:17,480 Speaker 1: doing this through the EU Listings app, which is saying 341 00:17:17,760 --> 00:17:20,119 Speaker 1: will make it easier for founders to keep control of 342 00:17:20,160 --> 00:17:22,879 Speaker 1: a firm once it goes public, as well as raising 343 00:17:22,920 --> 00:17:26,400 Speaker 1: some forty five billion in europs. The EU has far 344 00:17:26,480 --> 00:17:28,600 Speaker 1: fewer deep tech firms in the U S and China, 345 00:17:28,800 --> 00:17:30,920 Speaker 1: and the goal is to attract more tech and even 346 00:17:30,960 --> 00:17:33,680 Speaker 1: have them will relocate to Europe, as well as invest 347 00:17:33,760 --> 00:17:37,040 Speaker 1: in women and diverse founders f d x u S 348 00:17:37,080 --> 00:17:40,200 Speaker 1: the crypto exchange co founded by billionaire Sam Magma. Freed 349 00:17:40,560 --> 00:17:43,040 Speaker 1: signs an agreement with Block five that includes an option 350 00:17:43,080 --> 00:17:44,880 Speaker 1: to purchase the crypto lender for as much as two 351 00:17:45,400 --> 00:17:48,440 Speaker 1: million dollars and Bangma Freed spoke exclusively Women in Motion 352 00:17:48,480 --> 00:17:53,840 Speaker 1: aartibasek on Friday. There are synergies between the businesses A 353 00:17:54,040 --> 00:17:56,560 Speaker 1: you know, um, I you know, if you look at 354 00:17:56,600 --> 00:17:59,199 Speaker 1: what what you know Block fay is built out. I 355 00:17:59,240 --> 00:18:01,800 Speaker 1: think they have a loyal customer base. I think, you know, 356 00:18:02,000 --> 00:18:05,760 Speaker 1: they have a real business model. They have a hard 357 00:18:05,800 --> 00:18:08,800 Speaker 1: program that that people love. They's a strong you know, 358 00:18:08,840 --> 00:18:12,360 Speaker 1: they're strong leadership. And I think that we have been 359 00:18:12,400 --> 00:18:15,920 Speaker 1: focusing on a lot of the back end infrastructor right 360 00:18:16,040 --> 00:18:18,359 Speaker 1: on you know, everything from the exchange of matching engine, 361 00:18:18,680 --> 00:18:23,000 Speaker 1: risk engine and everything else. UM and and those match 362 00:18:23,080 --> 00:18:26,359 Speaker 1: up somewhat nicely. And so I think that there are 363 00:18:26,400 --> 00:18:29,359 Speaker 1: a lot of ways that our products can work together 364 00:18:29,400 --> 00:18:31,360 Speaker 1: and can mesh together, um, in a way that's sort 365 00:18:31,359 --> 00:18:34,479 Speaker 1: of better than you know, either would be independently. And 366 00:18:34,520 --> 00:18:36,879 Speaker 1: I will also say that you know, they've been working 367 00:18:37,119 --> 00:18:42,920 Speaker 1: really productively with regulators on you know, building out regulated 368 00:18:43,440 --> 00:18:47,159 Speaker 1: yield products and licensed yield products, which which you know 369 00:18:47,200 --> 00:18:50,439 Speaker 1: we're excited about and excited that they've been doing it 370 00:18:50,640 --> 00:18:53,720 Speaker 1: in a regulated way. I think that's a healthy way 371 00:18:53,720 --> 00:18:55,400 Speaker 1: to do it. And I think that's going to serve 372 00:18:55,400 --> 00:18:58,920 Speaker 1: them well, um, you know, long term um. And it's 373 00:18:58,960 --> 00:19:01,240 Speaker 1: something that you know work Sage work with as well. 374 00:19:01,359 --> 00:19:04,520 Speaker 1: You know you had told political that FTX is looking 375 00:19:04,560 --> 00:19:07,440 Speaker 1: for opportunities to bail out, you know, places where customers 376 00:19:07,440 --> 00:19:10,359 Speaker 1: would otherwise be underwater. But are you worried here about 377 00:19:10,359 --> 00:19:13,560 Speaker 1: moral hazard at all that bailing out a company may 378 00:19:13,560 --> 00:19:17,159 Speaker 1: not actually be what's best for the industry at large. 379 00:19:18,040 --> 00:19:20,639 Speaker 1: It's a good question, and you know, and and guessing 380 00:19:20,640 --> 00:19:23,280 Speaker 1: what you're getting at there is like does that bail 381 00:19:23,320 --> 00:19:25,919 Speaker 1: out a company that really should have failed? And and 382 00:19:25,960 --> 00:19:29,600 Speaker 1: teacher is the wrong lesson to that company? Um? And 383 00:19:29,960 --> 00:19:31,760 Speaker 1: I think what I would say there's two things. First 384 00:19:31,800 --> 00:19:34,800 Speaker 1: of all, I'm way more excited to bail out customers 385 00:19:34,840 --> 00:19:38,239 Speaker 1: than shareholders, right. And so the focus of this is 386 00:19:38,240 --> 00:19:42,840 Speaker 1: not how do we deliver as much shareholder value do 387 00:19:43,119 --> 00:19:47,080 Speaker 1: troubled assets as possible? Right, It's how do we protect customers? 388 00:19:47,600 --> 00:19:51,160 Speaker 1: And I think those imply pretty different things. Um Uh. 389 00:19:51,440 --> 00:19:53,720 Speaker 1: So that that's that's one thing that will say. And 390 00:19:54,080 --> 00:19:56,320 Speaker 1: I think that one of them is way more important 391 00:19:56,359 --> 00:19:57,960 Speaker 1: for the ecosystem, and the other is the one that 392 00:19:58,000 --> 00:20:02,159 Speaker 1: has the biggest moral hazard. Um. The older thing is 393 00:20:02,200 --> 00:20:06,960 Speaker 1: that um uh is that you know, we are trying 394 00:20:07,000 --> 00:20:11,480 Speaker 1: to find who were the responsible players who were building 395 00:20:11,520 --> 00:20:13,560 Speaker 1: out you know, a good business you know, how to 396 00:20:13,600 --> 00:20:18,600 Speaker 1: sustainable model and you know would use short term liquidity 397 00:20:18,720 --> 00:20:21,760 Speaker 1: um and and and that that could help protect customer 398 00:20:21,840 --> 00:20:26,880 Speaker 1: funds built you know, a a a real valuable business 399 00:20:26,960 --> 00:20:29,960 Speaker 1: that I think, um, you know, had something real to 400 00:20:30,000 --> 00:20:34,160 Speaker 1: offer to customers rather than you know, which companies honestly 401 00:20:34,760 --> 00:20:38,879 Speaker 1: should never have existed probably and um and you know 402 00:20:38,920 --> 00:20:41,680 Speaker 1: as of today, you know, maybe we should just let 403 00:20:42,480 --> 00:20:46,520 Speaker 1: let them sort of uh you know, die quiet death. UM. 404 00:20:46,800 --> 00:20:48,720 Speaker 1: I do think that's something that we have been thinking 405 00:20:48,720 --> 00:20:53,280 Speaker 1: about coming up. We're going to speak to the NASA 406 00:20:53,400 --> 00:20:56,920 Speaker 1: Chief Commercial Officer, Jeff Thomas on the abrupt halt companies 407 00:20:56,920 --> 00:20:58,800 Speaker 1: get in public and whether it will pick up in 408 00:20:58,840 --> 00:21:01,920 Speaker 1: the second half. Stay tuned for it. That's a bling bag. 409 00:22:07,160 --> 00:22:09,959 Speaker 1: Welcome back to BLW Technology. I'm Caroline Hind in New York. Now, 410 00:22:10,080 --> 00:22:12,959 Speaker 1: last year, companies defined the pandemic to go public at 411 00:22:13,000 --> 00:22:17,399 Speaker 1: a record pace. Now, macro volatility, inflation, recession phase, you 412 00:22:17,480 --> 00:22:19,520 Speaker 1: name it, it's kind of brought an abrupt end to 413 00:22:19,560 --> 00:22:22,639 Speaker 1: that listing party. Well, next, Jeff Thomas is here to 414 00:22:22,640 --> 00:22:25,919 Speaker 1: tell us nasta's chief Commercial officer joining us Now, Jeff 415 00:22:26,359 --> 00:22:28,159 Speaker 1: is a party of it. Well, if you look at 416 00:22:28,160 --> 00:22:31,120 Speaker 1: the first half, we had a hundred and eight new listings. 417 00:22:31,520 --> 00:22:34,000 Speaker 1: So while that's a dramatic fall off from last year, 418 00:22:34,200 --> 00:22:36,800 Speaker 1: if you go back historically, that was actually a pretty 419 00:22:36,800 --> 00:22:39,280 Speaker 1: good number of new listings for US. And by the way, 420 00:22:39,320 --> 00:22:41,479 Speaker 1: that's compared to twelve on the New York Stock Exchange, 421 00:22:41,480 --> 00:22:43,679 Speaker 1: so we had about an eight percent win rate in 422 00:22:43,680 --> 00:22:46,159 Speaker 1: the first half. What really fell off a cliff was 423 00:22:46,200 --> 00:22:49,520 Speaker 1: the capital raise. So we only saw twelve billion dollars 424 00:22:49,600 --> 00:22:51,600 Speaker 1: raised in the first half of last year, and so 425 00:22:51,680 --> 00:22:53,720 Speaker 1: that was a fraction of what we saw last year 426 00:22:53,720 --> 00:22:55,720 Speaker 1: what we've seen in a typical year, So still seeing 427 00:22:55,720 --> 00:22:57,679 Speaker 1: a number of new listings, but not a lot of 428 00:22:57,680 --> 00:23:01,200 Speaker 1: big listings. At one point it was very very much 429 00:23:01,200 --> 00:23:05,399 Speaker 1: felt like a spack party in one has that gone 430 00:23:05,400 --> 00:23:08,600 Speaker 1: the special purpose acquisition companies. So of the eight i 431 00:23:08,680 --> 00:23:10,359 Speaker 1: p o s we had in the first half, fifty 432 00:23:10,440 --> 00:23:12,639 Speaker 1: nine were spack I p o s. And so you 433 00:23:12,680 --> 00:23:15,800 Speaker 1: did still see new sponsors coming to market. There has 434 00:23:15,840 --> 00:23:17,879 Speaker 1: been a slowdown in that market compared to what we 435 00:23:17,920 --> 00:23:20,840 Speaker 1: saw last year based on kind of the market reception 436 00:23:20,920 --> 00:23:23,280 Speaker 1: on some of the recent spact business combinations as well 437 00:23:23,280 --> 00:23:26,520 Speaker 1: as some proposed new rules from the SEC over. We 438 00:23:26,560 --> 00:23:30,119 Speaker 1: did also see thirty one spack business combinations get completed 439 00:23:30,240 --> 00:23:32,280 Speaker 1: in the first half of this year. So it's still 440 00:23:32,280 --> 00:23:34,240 Speaker 1: a viable way for companies to come to market, but 441 00:23:34,240 --> 00:23:37,240 Speaker 1: definitely under a little bit more scrutiny suddenly, and we've 442 00:23:37,240 --> 00:23:40,399 Speaker 1: had sort of theorized likes of instacr, the likes of 443 00:23:40,480 --> 00:23:42,640 Speaker 1: Discord have made it known that they want to go public. 444 00:23:43,600 --> 00:23:45,800 Speaker 1: How are they now assessing the market, What does the 445 00:23:45,840 --> 00:23:48,600 Speaker 1: backlog look like. I think there's an enormous backlog of 446 00:23:48,640 --> 00:23:50,840 Speaker 1: companies that we've been working with since some of which 447 00:23:51,200 --> 00:23:53,440 Speaker 1: last year, right, So if the company went on file 448 00:23:53,520 --> 00:23:58,280 Speaker 1: confidentially in December, it typically takes two to three months 449 00:23:58,320 --> 00:24:00,760 Speaker 1: to work through the sec comment process. By the time 450 00:24:00,800 --> 00:24:02,880 Speaker 1: they got to the end of that process, they were 451 00:24:02,920 --> 00:24:05,080 Speaker 1: really not going to go into the market as choppy 452 00:24:05,119 --> 00:24:07,359 Speaker 1: it was as it was in Q two. So I 453 00:24:07,359 --> 00:24:09,680 Speaker 1: think everybody's looking for a little bit more stability in 454 00:24:09,720 --> 00:24:12,480 Speaker 1: the market. They want to see the volatility index or 455 00:24:12,480 --> 00:24:15,479 Speaker 1: the VIX come back down below twenty five or twenty 456 00:24:15,560 --> 00:24:17,560 Speaker 1: even um and they want to see some of the 457 00:24:17,640 --> 00:24:20,600 Speaker 1: macro uncertainty get flushed out of the market in terms 458 00:24:20,600 --> 00:24:22,920 Speaker 1: of what's the FED doing on rate hikes, the entire 459 00:24:22,960 --> 00:24:25,800 Speaker 1: geopolitical situation. So we're hopeful we're going to see some 460 00:24:25,800 --> 00:24:27,920 Speaker 1: big deal start to come back to market after Labor Day, 461 00:24:28,080 --> 00:24:30,479 Speaker 1: but it's still a bit uncertain. We'll talk to us 462 00:24:30,480 --> 00:24:34,680 Speaker 1: about therefore, how private companies can help their employee base 463 00:24:34,800 --> 00:24:37,199 Speaker 1: by having some sort of secondary offering, or how we 464 00:24:37,240 --> 00:24:40,240 Speaker 1: can have liquidity events for these businesses, many of which 465 00:24:40,240 --> 00:24:42,720 Speaker 1: have got talent and they need to keep incentivized. I 466 00:24:42,760 --> 00:24:45,080 Speaker 1: know that you were president in Liquidity Solutions before you 467 00:24:45,160 --> 00:24:47,439 Speaker 1: talked about you know, when you're in the private market, 468 00:24:47,480 --> 00:24:49,359 Speaker 1: how you can have these sorts of events. What are 469 00:24:49,359 --> 00:24:53,080 Speaker 1: people looking at? That's right, So NASDAC private market is 470 00:24:53,080 --> 00:24:56,000 Speaker 1: still a very viable alternative as long as the private 471 00:24:56,040 --> 00:24:58,040 Speaker 1: capital markets hold up. We still see a lot of 472 00:24:58,080 --> 00:25:00,719 Speaker 1: capital available in the private market. Gets although we are 473 00:25:00,760 --> 00:25:04,240 Speaker 1: starting to see valuations come down in the private markets 474 00:25:04,240 --> 00:25:07,080 Speaker 1: to follow along with the public markets. And so whether 475 00:25:07,160 --> 00:25:09,280 Speaker 1: companies are going to do a tender offer out to 476 00:25:09,320 --> 00:25:11,879 Speaker 1: give a broad based liquidity for their employees, whether they 477 00:25:11,880 --> 00:25:15,040 Speaker 1: want to run an auction to do some price discovery 478 00:25:15,040 --> 00:25:17,920 Speaker 1: and see what's the true value of their common stock now, 479 00:25:18,280 --> 00:25:20,359 Speaker 1: or just do one off block sales for some of 480 00:25:20,359 --> 00:25:23,159 Speaker 1: the founders in early execs. NASA Private Market has a 481 00:25:23,160 --> 00:25:26,640 Speaker 1: great platform to help companies achieve that liquidity while they're 482 00:25:26,640 --> 00:25:28,199 Speaker 1: waiting a little bit longer for the I p O. 483 00:25:28,400 --> 00:25:30,560 Speaker 1: How many of those companies actually want to look in 484 00:25:30,720 --> 00:25:32,800 Speaker 1: those sorts of new valuations though, because some of them 485 00:25:32,760 --> 00:25:35,359 Speaker 1: are eye watering. When we're looking at the reports about Klana, 486 00:25:35,400 --> 00:25:38,480 Speaker 1: for example, Well, I think you know, if you look 487 00:25:38,520 --> 00:25:40,800 Speaker 1: at it, there's a lot of companies on the public 488 00:25:40,800 --> 00:25:43,600 Speaker 1: side whose valuations have been compressed, and so it makes 489 00:25:43,600 --> 00:25:45,520 Speaker 1: sense that companies on the private side would see a 490 00:25:45,560 --> 00:25:49,280 Speaker 1: similar compression, especially those in a similar sector. And so 491 00:25:49,359 --> 00:25:51,879 Speaker 1: one of the things we track really closely is the 492 00:25:51,920 --> 00:25:55,439 Speaker 1: price to earnings multiple in the public markets relative to 493 00:25:55,480 --> 00:25:58,440 Speaker 1: the ten year interest rate. And there's a pretty clear 494 00:25:58,480 --> 00:26:00,879 Speaker 1: trend over time that has that tenure interest rate goes up, 495 00:26:01,280 --> 00:26:04,280 Speaker 1: pe multiples come down because those future cash flows or 496 00:26:04,359 --> 00:26:07,000 Speaker 1: lack thereof, are a little bit less valuable in a 497 00:26:07,080 --> 00:26:10,800 Speaker 1: high interest rate environment. Who are some of the pools 498 00:26:10,880 --> 00:26:13,000 Speaker 1: of money who are still willing to commit to this 499 00:26:13,680 --> 00:26:16,679 Speaker 1: private market at the moment, or indeed to new recent 500 00:26:16,760 --> 00:26:20,439 Speaker 1: I p O s. We've heard of certain institutions looking 501 00:26:20,480 --> 00:26:23,719 Speaker 1: to actually help bridge that gap when companies are unable 502 00:26:23,800 --> 00:26:26,520 Speaker 1: to raise new funding rounds or indeed go to the 503 00:26:26,520 --> 00:26:29,600 Speaker 1: public markets. That's right, I think a lot of folks 504 00:26:29,600 --> 00:26:31,919 Speaker 1: will look to step in. The question a lot of 505 00:26:31,960 --> 00:26:34,880 Speaker 1: companies are asking about is should I raise that new 506 00:26:34,960 --> 00:26:37,600 Speaker 1: round at equity where I have to price the round 507 00:26:38,000 --> 00:26:39,679 Speaker 1: or is it better to do some type of a 508 00:26:39,720 --> 00:26:42,760 Speaker 1: convertible debt security where I can bridge around without having 509 00:26:42,760 --> 00:26:45,879 Speaker 1: to price that. Part of this is the psychology of 510 00:26:45,920 --> 00:26:48,320 Speaker 1: the founders and ceo s out there. You know, they 511 00:26:48,400 --> 00:26:50,440 Speaker 1: just raised a round and funding. Last year they probably 512 00:26:50,440 --> 00:26:53,320 Speaker 1: announced that very proudly to their employees, and now they're 513 00:26:53,320 --> 00:26:55,960 Speaker 1: probably reticent to go out and announce a new lower 514 00:26:56,080 --> 00:26:59,359 Speaker 1: round valuation, even though that's probably where the market will clear. 515 00:26:59,720 --> 00:27:01,879 Speaker 1: So trade off between debt and equity is something we 516 00:27:01,920 --> 00:27:03,960 Speaker 1: hear a lot of companies talking about. And what about 517 00:27:04,040 --> 00:27:07,960 Speaker 1: where companies are coming from? Are they all US domestic based? 518 00:27:08,000 --> 00:27:09,920 Speaker 1: Of course there used to be that time where as 519 00:27:09,960 --> 00:27:12,240 Speaker 1: the Chinese based companies wanted to list in the US. 520 00:27:12,359 --> 00:27:15,680 Speaker 1: Is that sort of fall in a file as well? Well. 521 00:27:15,720 --> 00:27:18,680 Speaker 1: We definitely have seen some headwinds in terms of recruiting 522 00:27:18,760 --> 00:27:22,879 Speaker 1: international listings along with a lot of the geopolitical uncertainty, 523 00:27:22,920 --> 00:27:26,200 Speaker 1: there's been a lot of UH nationalism in the search 524 00:27:26,359 --> 00:27:28,879 Speaker 1: for new listings. So while things have slowed down a 525 00:27:28,920 --> 00:27:31,880 Speaker 1: bit with the Chinese listings, while we've been working through 526 00:27:31,920 --> 00:27:34,440 Speaker 1: some of the accounting issues that the SEC is working 527 00:27:34,440 --> 00:27:36,800 Speaker 1: with their regulators on, we have seen an increase in 528 00:27:36,840 --> 00:27:40,600 Speaker 1: demand from companies in Southeast Asia, Latin America and other 529 00:27:40,680 --> 00:27:44,080 Speaker 1: emerging markets. So for US investors, you know, we think 530 00:27:44,080 --> 00:27:47,119 Speaker 1: it's critical that we keep attracting these high growth companies 531 00:27:47,119 --> 00:27:49,600 Speaker 1: from emerging markets to the US capital markets, So we're 532 00:27:49,800 --> 00:27:53,440 Speaker 1: hard to work on that. And what about the innovation 533 00:27:53,480 --> 00:27:55,560 Speaker 1: on your side? What more are you looking to do 534 00:27:55,600 --> 00:27:58,160 Speaker 1: at the moment in terms of ensuring that they keep 535 00:27:58,200 --> 00:27:59,680 Speaker 1: on coming to NaSTA Because you say you've got a 536 00:27:59,680 --> 00:28:03,000 Speaker 1: big win rate, how are you looking to Joel, You're busy. 537 00:28:03,160 --> 00:28:05,280 Speaker 1: If indeed the pool of companies wanting to come to 538 00:28:05,280 --> 00:28:07,800 Speaker 1: market is a little bit smaller, well, we always like 539 00:28:07,840 --> 00:28:10,639 Speaker 1: to say we have solutions for companies at every stage 540 00:28:10,640 --> 00:28:12,199 Speaker 1: of their life cycle. So we talked a little bit 541 00:28:12,200 --> 00:28:15,280 Speaker 1: about how NAZDAC private market can help with liquidity pre 542 00:28:15,400 --> 00:28:18,240 Speaker 1: I p O. Once you're a public company, an issue 543 00:28:18,280 --> 00:28:20,199 Speaker 1: that's getting more and more important is what are you 544 00:28:20,240 --> 00:28:23,399 Speaker 1: doing around your E s G disclosures? The SEC has 545 00:28:23,440 --> 00:28:26,879 Speaker 1: proposed some rules around climate disclosure, so we're actively working 546 00:28:26,880 --> 00:28:29,119 Speaker 1: with our issuers to advocate on their behalf with the 547 00:28:29,200 --> 00:28:32,160 Speaker 1: SEC to make sure that those new regulations are reasonable. 548 00:28:32,560 --> 00:28:34,280 Speaker 1: At the same time, we're looking into what are the 549 00:28:34,280 --> 00:28:37,439 Speaker 1: commercially viable options for us to help our companies with 550 00:28:37,520 --> 00:28:41,720 Speaker 1: these new reporting requirements from regulators, investors, and all of 551 00:28:41,720 --> 00:28:45,080 Speaker 1: their stakeholders. So we recently completed the acquisition of Metrio 552 00:28:45,520 --> 00:28:48,400 Speaker 1: and E s G KPI reporting platform that's going to 553 00:28:48,480 --> 00:28:51,400 Speaker 1: help companies accelerate the way that they report their non 554 00:28:51,440 --> 00:28:53,720 Speaker 1: financial metrics. And let's just talk a little bit. When 555 00:28:53,720 --> 00:28:55,920 Speaker 1: you think of the S, G immediately started to think 556 00:28:55,960 --> 00:28:58,800 Speaker 1: of the moves that ASDA was making and showing that, well, 557 00:28:59,480 --> 00:29:03,320 Speaker 1: the s was uplifted as well, not just environmental, but 558 00:29:03,400 --> 00:29:05,880 Speaker 1: thinking about diversity on boards and who you have on 559 00:29:06,040 --> 00:29:09,040 Speaker 1: and listening, how is that conversation going. How much investors 560 00:29:09,320 --> 00:29:13,400 Speaker 1: sort to be blunt caring about that at the moment. Well, 561 00:29:13,440 --> 00:29:15,360 Speaker 1: I think one of the hallmarks of a great market 562 00:29:15,400 --> 00:29:17,800 Speaker 1: is to have great corporate governance standards, and that's why 563 00:29:17,840 --> 00:29:21,680 Speaker 1: we did introduce a new disclosure rule around board diversity. 564 00:29:21,960 --> 00:29:24,000 Speaker 1: We think it's a critical part for investors to be 565 00:29:24,040 --> 00:29:26,800 Speaker 1: informed about the diversity of companies boards and so we've 566 00:29:26,800 --> 00:29:28,720 Speaker 1: seen a great response from that in terms of both 567 00:29:28,760 --> 00:29:31,360 Speaker 1: companies UH and investors. And as you mentioned on the 568 00:29:31,600 --> 00:29:34,080 Speaker 1: S there is a lot of work that's going into 569 00:29:34,320 --> 00:29:37,880 Speaker 1: especially around human capital management within the issuers and how 570 00:29:37,880 --> 00:29:41,760 Speaker 1: they're thinking about their employee base, especially during this challenging time. Jeff, 571 00:29:41,920 --> 00:29:43,720 Speaker 1: it's great to catch up with you. Thank you spending 572 00:29:43,720 --> 00:29:57,760 Speaker 1: a time. Jeff thomasr VP at NASDAC. Let's talk about 573 00:29:57,760 --> 00:29:59,880 Speaker 1: crypto for a cause now, because in the world a 574 00:30:00,000 --> 00:30:03,920 Speaker 1: cryptocurrencies actually fundraising events have been forming around all types 575 00:30:03,920 --> 00:30:06,800 Speaker 1: of causes. Now with the overturn of rovers as way, 576 00:30:06,880 --> 00:30:11,360 Speaker 1: digital assets are being looked to potentially aid women around 577 00:30:11,400 --> 00:30:14,160 Speaker 1: the country with some of the costs that they might 578 00:30:14,200 --> 00:30:17,680 Speaker 1: have traveling outside of state. For example. Listen, Marcaline is 579 00:30:17,720 --> 00:30:20,880 Speaker 1: with us CEO of Women Labs and are we pleased 580 00:30:20,920 --> 00:30:22,320 Speaker 1: to have some time with you just talk to us 581 00:30:22,320 --> 00:30:25,000 Speaker 1: a little bit about what Women Labs is looking to 582 00:30:25,040 --> 00:30:28,720 Speaker 1: do in terms of while forming some sort of tao 583 00:30:29,040 --> 00:30:34,560 Speaker 1: of course around supporting from a decentralized, automous organization funding 584 00:30:34,680 --> 00:30:37,440 Speaker 1: women to be able to still access abortions. Yes. So, 585 00:30:37,480 --> 00:30:39,719 Speaker 1: I think one of the really interesting things we've started 586 00:30:39,760 --> 00:30:42,800 Speaker 1: to see as a surge in the world of n 587 00:30:42,840 --> 00:30:45,719 Speaker 1: f T s in crypto as a lever for social activism. 588 00:30:45,880 --> 00:30:49,040 Speaker 1: So people are now going to crypto, They're going to 589 00:30:49,160 --> 00:30:51,320 Speaker 1: n f T s as a way to donate money 590 00:30:51,400 --> 00:30:55,680 Speaker 1: in order to support causes like planned parenthood. We my 591 00:30:55,880 --> 00:30:59,240 Speaker 1: organization RANS an n f T project called crypto checks, 592 00:30:59,280 --> 00:31:01,840 Speaker 1: and we were actually back all the way back in January. 593 00:31:01,880 --> 00:31:05,280 Speaker 1: We were the first crypto donation ever to IPPF, which 594 00:31:05,280 --> 00:31:08,800 Speaker 1: is the parent organization of Planned Parenthood. So I think 595 00:31:08,800 --> 00:31:10,680 Speaker 1: we're starting to see n f t S as a 596 00:31:10,720 --> 00:31:14,000 Speaker 1: fundraising measure, but I believe we'll also start to see 597 00:31:14,000 --> 00:31:18,320 Speaker 1: one step further than that, where decentralized autonomous organizations, which 598 00:31:18,320 --> 00:31:22,440 Speaker 1: are basically self governed entities, will start to create this 599 00:31:22,600 --> 00:31:26,800 Speaker 1: network nationwide of people that live in safe states where 600 00:31:26,800 --> 00:31:29,640 Speaker 1: women can get an abortion in a safe clinic legally, 601 00:31:30,120 --> 00:31:32,680 Speaker 1: and people that live in states where they in the 602 00:31:32,720 --> 00:31:35,000 Speaker 1: past couple of weeks woke up in the morning and 603 00:31:35,040 --> 00:31:38,240 Speaker 1: realize that if they need access to to an abortion 604 00:31:38,440 --> 00:31:41,600 Speaker 1: or safe reproductive healthcare, they no longer can legally do 605 00:31:41,640 --> 00:31:44,240 Speaker 1: that in their state, and a DOW can provide the 606 00:31:44,280 --> 00:31:47,840 Speaker 1: mechanism to not only just connect women, but to be 607 00:31:47,880 --> 00:31:51,320 Speaker 1: able to sponsor emergency trips to states where women can 608 00:31:51,360 --> 00:31:54,640 Speaker 1: get access to safe healthcare. So the really interesting thing 609 00:31:54,680 --> 00:31:58,520 Speaker 1: with this is that for people who are upset about 610 00:31:58,560 --> 00:32:01,560 Speaker 1: what just happened with over Turning Road v Wade, now 611 00:32:01,600 --> 00:32:05,600 Speaker 1: there's an opportunity to really get involved in a mobilized, 612 00:32:05,720 --> 00:32:09,040 Speaker 1: action driven way instead of just getting out into the 613 00:32:09,040 --> 00:32:11,800 Speaker 1: streets and protesting, which we've seen over the past few 614 00:32:11,880 --> 00:32:15,479 Speaker 1: years with various different human rights causes, doesn't always have 615 00:32:15,600 --> 00:32:17,440 Speaker 1: as much of an impact as we would love to 616 00:32:17,480 --> 00:32:19,680 Speaker 1: see an actually driving change. So I think this is 617 00:32:19,720 --> 00:32:22,680 Speaker 1: a really great way to actually mobilize people who are 618 00:32:22,720 --> 00:32:25,320 Speaker 1: passionate about how can I wake up in the morning 619 00:32:25,440 --> 00:32:27,680 Speaker 1: and and actually do something that has a difference in 620 00:32:27,720 --> 00:32:29,560 Speaker 1: this cause. Do you think it brings new people to 621 00:32:29,680 --> 00:32:32,960 Speaker 1: the world of cryptoconnocies. I think it does. I think 622 00:32:33,000 --> 00:32:35,040 Speaker 1: there was this kind of misconception and a lot of 623 00:32:35,040 --> 00:32:38,560 Speaker 1: people's minds still about the fact that um crypto is 624 00:32:38,560 --> 00:32:42,120 Speaker 1: associated with the deep dark web, right, and now we 625 00:32:42,200 --> 00:32:45,920 Speaker 1: are seeing that yes, it is actually creating this this 626 00:32:46,040 --> 00:32:49,320 Speaker 1: underground network, but it's an underground network for good where 627 00:32:49,320 --> 00:32:51,800 Speaker 1: you're able to connect people from all around the world 628 00:32:51,920 --> 00:32:55,880 Speaker 1: to drive together towards something that is fundamentally what we 629 00:32:55,960 --> 00:32:59,040 Speaker 1: believe in driving human rights. So I think it is 630 00:32:59,080 --> 00:33:02,680 Speaker 1: bringing new people in. What is also a misconception is 631 00:33:02,680 --> 00:33:05,920 Speaker 1: that crypto is in some way anonymous, because the blockchain 632 00:33:06,000 --> 00:33:09,120 Speaker 1: makes it evidently clear that it's not anonymous. So how 633 00:33:09,160 --> 00:33:10,800 Speaker 1: do you work out how do you ensure that you're 634 00:33:10,800 --> 00:33:15,120 Speaker 1: protecting so the women who are actually using the funds 635 00:33:15,440 --> 00:33:19,000 Speaker 1: to ensure that they are legally protected in some way. Yes, 636 00:33:19,120 --> 00:33:21,520 Speaker 1: so I would I would strongly advise anyone who is 637 00:33:21,560 --> 00:33:24,280 Speaker 1: getting involved or the recipient of any of these types 638 00:33:24,280 --> 00:33:28,080 Speaker 1: of funds to use your crypto and a self hosted wallet, 639 00:33:28,200 --> 00:33:31,080 Speaker 1: so that means that you own the keys to your wallet, 640 00:33:31,440 --> 00:33:34,080 Speaker 1: using a cold wallet like Ledger or any of those 641 00:33:34,080 --> 00:33:38,760 Speaker 1: other providers, and not using in storing platforms that you 642 00:33:38,840 --> 00:33:42,000 Speaker 1: might be more traditionally familiar with like coin base. For 643 00:33:42,320 --> 00:33:45,320 Speaker 1: there's news recently that came out that coin based might 644 00:33:45,360 --> 00:33:47,960 Speaker 1: be selling geo tracking data to the government, and we're 645 00:33:48,000 --> 00:33:50,920 Speaker 1: waiting to hear on a Freedom of Information Act exactly 646 00:33:50,960 --> 00:33:53,240 Speaker 1: the extent of that information that's being shared. But I 647 00:33:53,240 --> 00:33:55,560 Speaker 1: would just caution people to realize that when you are 648 00:33:55,760 --> 00:33:59,920 Speaker 1: using a centralized body as a platform for sending crypto, 649 00:34:00,040 --> 00:34:03,320 Speaker 1: they are tracking your information. So if you're using something 650 00:34:03,320 --> 00:34:06,080 Speaker 1: that purely lives on the black chain that you manage 651 00:34:06,080 --> 00:34:08,880 Speaker 1: and host and story yourself, then you can maintain that 652 00:34:08,960 --> 00:34:12,160 Speaker 1: anonymity that you're looking for in a situation like this 653 00:34:12,239 --> 00:34:15,080 Speaker 1: where you're worried about potentially being tracked by the government, 654 00:34:15,760 --> 00:34:18,799 Speaker 1: And of course we'll we'll look to get some sort 655 00:34:18,800 --> 00:34:21,680 Speaker 1: of reaction from coin based and other more centralized entities 656 00:34:21,719 --> 00:34:24,759 Speaker 1: on that fact. But Alyssa, I'm I'm interested in your 657 00:34:24,800 --> 00:34:28,680 Speaker 1: perspective more broadly on when we're at a time of 658 00:34:28,920 --> 00:34:32,040 Speaker 1: great volatility. I mean, I look at, of course, crypto chicks. 659 00:34:32,040 --> 00:34:33,600 Speaker 1: What you've provided in a lot of it is n 660 00:34:33,640 --> 00:34:35,360 Speaker 1: f T projects. Of course, n f T s have 661 00:34:35,600 --> 00:34:37,560 Speaker 1: lost a lawful lot of their value and indeed an 662 00:34:37,600 --> 00:34:39,719 Speaker 1: awful lot of their minting. And I'm interested as to 663 00:34:39,760 --> 00:34:42,800 Speaker 1: whether that makes people less willing. I would think of 664 00:34:42,880 --> 00:34:45,560 Speaker 1: the height of the crypto craze, money was raised like 665 00:34:45,640 --> 00:34:49,600 Speaker 1: within a click of your thumbs about around, you know, 666 00:34:49,640 --> 00:34:52,600 Speaker 1: buying the constitution for example, how quickly you're able to 667 00:34:52,680 --> 00:34:57,480 Speaker 1: raise funds and this more difficult environment, we saw incredible 668 00:34:57,600 --> 00:34:59,920 Speaker 1: excitement from the market. I think there's a lot of 669 00:35:00,040 --> 00:35:02,200 Speaker 1: people in the crypto industry and even outside of the 670 00:35:02,200 --> 00:35:05,560 Speaker 1: crypto industry industry that we're just outraged with the news 671 00:35:05,600 --> 00:35:08,280 Speaker 1: that that came to light in the past couple of weeks, 672 00:35:08,320 --> 00:35:11,600 Speaker 1: and people who are thinking about this as an opportunity 673 00:35:11,640 --> 00:35:14,440 Speaker 1: to really be a part of driving change in history. 674 00:35:14,520 --> 00:35:18,680 Speaker 1: And so we had people just outpouring support from our community, 675 00:35:18,719 --> 00:35:20,759 Speaker 1: but from the broader community as well, and there's a 676 00:35:20,800 --> 00:35:24,520 Speaker 1: few other projects that are doing similar fundraising measures to 677 00:35:24,520 --> 00:35:26,919 Speaker 1: to raise to be able to donate back to organizations 678 00:35:26,960 --> 00:35:30,360 Speaker 1: like plant Parenthood, and the whole market has been rallying 679 00:35:30,440 --> 00:35:33,280 Speaker 1: and support behind these initiatives, which has been very heartwarming 680 00:35:33,280 --> 00:35:35,239 Speaker 1: to see, as you said, even in light of the 681 00:35:35,280 --> 00:35:37,800 Speaker 1: fact that there's a bear market happening right now in 682 00:35:37,840 --> 00:35:41,160 Speaker 1: the crypto world. Do you think dows in general will 683 00:35:41,200 --> 00:35:44,759 Speaker 1: be used more prominently going forward for chariteable endeavors need 684 00:35:44,800 --> 00:35:47,480 Speaker 1: not be about fundraising for something suchuch as this, but 685 00:35:47,600 --> 00:35:51,440 Speaker 1: just the more accountable way of raising funds from no 686 00:35:51,480 --> 00:35:55,600 Speaker 1: matter what way. Absolutely there's complete transparency with how the 687 00:35:55,640 --> 00:35:59,400 Speaker 1: funds are used, and every person that is donating and 688 00:35:59,480 --> 00:36:02,560 Speaker 1: participate in within the ecosystem gets to say and how 689 00:36:02,600 --> 00:36:05,800 Speaker 1: the funds are then distributed, and so for every individual 690 00:36:05,840 --> 00:36:08,600 Speaker 1: individual person to feel like they are a partial owner 691 00:36:08,719 --> 00:36:11,840 Speaker 1: of what's being created and then what's being distributed. I 692 00:36:11,840 --> 00:36:14,680 Speaker 1: think that's a lot more action oriented and from a 693 00:36:14,719 --> 00:36:17,640 Speaker 1: personal impact perspective, a lot of people feel like they're 694 00:36:17,680 --> 00:36:20,279 Speaker 1: actually really driving change and being a part of that, 695 00:36:20,360 --> 00:36:24,440 Speaker 1: and so having that sense of closeness towards the results 696 00:36:24,520 --> 00:36:27,719 Speaker 1: of what you're putting your funds towards does really help 697 00:36:27,800 --> 00:36:29,920 Speaker 1: to get people a little bit more involved. So I 698 00:36:29,920 --> 00:36:32,239 Speaker 1: think there will be plenty more initiatives that come out 699 00:36:32,280 --> 00:36:35,120 Speaker 1: of the world of Taos that are charitable or social 700 00:36:35,160 --> 00:36:38,400 Speaker 1: impact oriented in nature out of interest of you looked 701 00:36:38,440 --> 00:36:41,200 Speaker 1: for celebrity endorsement in any way of these funds going 702 00:36:41,239 --> 00:36:44,480 Speaker 1: towards a helping abortions. In some way, I felt like 703 00:36:44,600 --> 00:36:46,080 Speaker 1: n f T has got very much caught up in 704 00:36:46,120 --> 00:36:49,520 Speaker 1: the world of celebrity and kind of has back fard somewhat. 705 00:36:49,560 --> 00:36:52,600 Speaker 1: As everyone's taken off their their n f T s 706 00:36:52,640 --> 00:36:55,839 Speaker 1: from the Twitter handles and the light we we are 707 00:36:55,920 --> 00:36:58,879 Speaker 1: connected with a few very high profile women who are 708 00:36:58,960 --> 00:37:01,799 Speaker 1: excited to be involved off with what we're building, and 709 00:37:01,800 --> 00:37:04,160 Speaker 1: and we feel like that's been really helpful for us 710 00:37:04,280 --> 00:37:06,680 Speaker 1: because as a lot of women are kind of scared 711 00:37:06,719 --> 00:37:09,640 Speaker 1: of the world of crypto, seeing familiar faces that you 712 00:37:09,719 --> 00:37:14,080 Speaker 1: respect and know are really high profile individuals in in 713 00:37:14,200 --> 00:37:17,440 Speaker 1: the mass media world. Having those people be a part 714 00:37:17,520 --> 00:37:19,160 Speaker 1: of the ecosystem and a part of a part of 715 00:37:19,160 --> 00:37:21,879 Speaker 1: the community helps to to normalize it a little bit. 716 00:37:21,920 --> 00:37:24,400 Speaker 1: And so I think the people that have really been 717 00:37:24,480 --> 00:37:26,759 Speaker 1: interested in crypto and n f T s still are. 718 00:37:26,880 --> 00:37:29,920 Speaker 1: They're still active advocates and and we are connected with 719 00:37:30,000 --> 00:37:32,680 Speaker 1: quite a few of those that we are excited to 720 00:37:32,760 --> 00:37:36,120 Speaker 1: be to be sharing. Son, have you kind of changed 721 00:37:36,160 --> 00:37:39,040 Speaker 1: your narrative though a little bit as to you say, 722 00:37:39,160 --> 00:37:41,960 Speaker 1: people who are slightly scared of the world of crypto, 723 00:37:42,239 --> 00:37:44,439 Speaker 1: how do you ensure that people are doing this with 724 00:37:44,680 --> 00:37:47,400 Speaker 1: the financial literacy that you want to ensure that they have, 725 00:37:47,560 --> 00:37:49,480 Speaker 1: that they could lose an awful lot of money when 726 00:37:49,480 --> 00:37:52,000 Speaker 1: putting it to work in an investment perspective. I'm not 727 00:37:52,040 --> 00:37:54,480 Speaker 1: saying that your fundraising is in any way that related, 728 00:37:54,600 --> 00:37:57,360 Speaker 1: but for example and more of your older n f 729 00:37:57,400 --> 00:38:00,880 Speaker 1: T projects. Yeah, so I think it's really important to 730 00:38:01,000 --> 00:38:04,160 Speaker 1: educate specifically women who, as we know from public stock 731 00:38:04,200 --> 00:38:06,319 Speaker 1: market data, are a little bit more risk averse in 732 00:38:06,320 --> 00:38:10,040 Speaker 1: their investments, educating on what is the impact are you 733 00:38:10,120 --> 00:38:12,600 Speaker 1: investing in something that you view as a short term 734 00:38:12,680 --> 00:38:14,640 Speaker 1: r O I are you thinking about this from a 735 00:38:14,640 --> 00:38:18,520 Speaker 1: long term investment horizon and really encouraging people to do 736 00:38:18,560 --> 00:38:21,840 Speaker 1: a significant amount of research before they invest in anything 737 00:38:22,120 --> 00:38:24,760 Speaker 1: with the assumption that, yes, there may be a downturn 738 00:38:24,800 --> 00:38:26,840 Speaker 1: in the market right now, but as you look across 739 00:38:26,880 --> 00:38:29,520 Speaker 1: the whole, the whole, the whole tech market in terms 740 00:38:29,520 --> 00:38:32,799 Speaker 1: of risk assets in stocks, everything is down. And so 741 00:38:33,000 --> 00:38:35,680 Speaker 1: if we are encouraging people to spend this time doing 742 00:38:35,719 --> 00:38:38,560 Speaker 1: a lot of research and understanding what do they view 743 00:38:38,680 --> 00:38:42,640 Speaker 1: being around and being a really strong driving factor in 744 00:38:42,640 --> 00:38:44,640 Speaker 1: the n f T or crypto industry in one year 745 00:38:44,680 --> 00:38:47,120 Speaker 1: from now or two years from now. And if people 746 00:38:47,200 --> 00:38:49,839 Speaker 1: want to then invest, they invest with a lot more 747 00:38:49,880 --> 00:38:54,520 Speaker 1: conviction having had the time and energy invested in educating themselves. 748 00:38:54,600 --> 00:38:56,560 Speaker 1: And we, of course as a community, put a lot 749 00:38:56,560 --> 00:38:59,960 Speaker 1: of effort into making sure that women across the gamut 750 00:39:00,000 --> 00:39:02,719 Speaker 1: of Web three are well educated on what are all 751 00:39:02,800 --> 00:39:05,080 Speaker 1: the different terms, What are the ways that you can invest, 752 00:39:05,120 --> 00:39:07,200 Speaker 1: What are the ways that you can get involved in 753 00:39:07,200 --> 00:39:09,840 Speaker 1: the industry beyond just being a collector or an investor, 754 00:39:09,920 --> 00:39:14,360 Speaker 1: but also being an entrepreneur project builder as well. Women 755 00:39:14,440 --> 00:39:17,400 Speaker 1: lad CEO Alissa Martime, thank you so much spending some 756 00:39:17,480 --> 00:39:20,840 Speaker 1: time talking about some of your latest focus. Meanwhile, coming 757 00:39:20,920 --> 00:39:23,560 Speaker 1: up a Broomberg scoop details on how Washington wants to 758 00:39:23,800 --> 00:39:26,840 Speaker 1: Beijing's plan to become a world leader in chip production. 759 00:39:27,560 --> 00:39:47,120 Speaker 1: This is a Broomberg now to a Blueberg scoop the 760 00:39:47,200 --> 00:39:49,719 Speaker 1: US is pushing the Netherlands to van a s mL 761 00:39:50,080 --> 00:39:53,040 Speaker 1: from selling chip making gear to China. This is according 762 00:39:53,040 --> 00:39:54,839 Speaker 1: to people familiar with the matter joining US now as 763 00:39:54,840 --> 00:39:57,960 Speaker 1: blogs Eric Martin, who helped break that very story. So 764 00:39:58,080 --> 00:39:59,880 Speaker 1: this is at a time where we look at potentially 765 00:40:00,080 --> 00:40:02,800 Speaker 1: US we're using some tarifs from China, but still looking 766 00:40:02,840 --> 00:40:05,920 Speaker 1: to well ensure that some of the technology isn't going 767 00:40:06,000 --> 00:40:10,440 Speaker 1: that direction. That's absolutely right, Caroline Uh. This is something 768 00:40:10,480 --> 00:40:15,040 Speaker 1: that we've seen both the Trump administration and now the 769 00:40:15,080 --> 00:40:20,360 Speaker 1: Biden administration United in terms of trying to stop China's advance. 770 00:40:20,840 --> 00:40:23,759 Speaker 1: China looking to catch up and sort of pass the 771 00:40:23,840 --> 00:40:27,360 Speaker 1: US in terms of high technology, and one of the 772 00:40:27,480 --> 00:40:31,040 Speaker 1: choke points in their bid to do so is this 773 00:40:31,400 --> 00:40:36,719 Speaker 1: lithography equipment, this equipment for printing computer chips. And what 774 00:40:36,760 --> 00:40:40,279 Speaker 1: we understand is that US officials have been pressuring the 775 00:40:40,320 --> 00:40:45,040 Speaker 1: Netherlands and a s mL UH to stop providing China 776 00:40:45,120 --> 00:40:48,359 Speaker 1: with this equipment. China produces very little of its own 777 00:40:48,400 --> 00:40:52,040 Speaker 1: equipment for this process, and so this is really an 778 00:40:52,040 --> 00:40:55,359 Speaker 1: area where if China can't get access to it through 779 00:40:55,520 --> 00:41:00,320 Speaker 1: a s mL, which provides about of this UH equipment, 780 00:41:00,360 --> 00:41:05,120 Speaker 1: has market share globally. It really could put the brakes 781 00:41:05,239 --> 00:41:09,160 Speaker 1: on their ability to catch up with the US on printing, 782 00:41:09,200 --> 00:41:13,280 Speaker 1: not even just the most high tech kinds of computer chips, 783 00:41:13,320 --> 00:41:17,560 Speaker 1: but even kind of more mature, older computer chips as well. 784 00:41:17,960 --> 00:41:19,239 Speaker 1: Do you think has m L will do it? Do 785 00:41:19,239 --> 00:41:22,919 Speaker 1: you think the Netherlands will will agree? Well, that that's 786 00:41:22,960 --> 00:41:25,360 Speaker 1: something that we that we're under that we understand that 787 00:41:25,400 --> 00:41:28,640 Speaker 1: they have not yet agreed to what the US has 788 00:41:28,680 --> 00:41:32,040 Speaker 1: been asking for. But this is certainly a place where 789 00:41:32,080 --> 00:41:36,880 Speaker 1: the Biden administration has been looking to build consensus with allies. 790 00:41:37,200 --> 00:41:40,719 Speaker 1: We understand that a similar request has been made of 791 00:41:41,520 --> 00:41:46,280 Speaker 1: Japan and Nikon in terms of the one other major 792 00:41:46,320 --> 00:41:50,279 Speaker 1: company to have about uh the very small percentage, very 793 00:41:50,280 --> 00:41:53,279 Speaker 1: small minority of that market, the part that that a 794 00:41:53,400 --> 00:41:55,840 Speaker 1: SML does not have. But this has been an area 795 00:41:55,920 --> 00:41:59,080 Speaker 1: where the Biden administration has been working with allies globally 796 00:41:59,520 --> 00:42:03,480 Speaker 1: to try to align export controls to make sure that 797 00:42:03,640 --> 00:42:07,960 Speaker 1: something that trying to get from one country to prevent 798 00:42:08,000 --> 00:42:11,080 Speaker 1: them from getting it from another. Our Martin, it's a 799 00:42:11,120 --> 00:42:13,400 Speaker 1: great scoop. We thank you for bringing it a truly 800 00:42:13,440 --> 00:42:17,239 Speaker 1: global perspective coming from the chip industry, and indeed, as 801 00:42:17,280 --> 00:42:19,759 Speaker 1: we continue to keep abreast of what Washington is doing 802 00:42:19,760 --> 00:42:24,160 Speaker 1: in terms of those tariffs on Chinese goods. Meanwhile, well 803 00:42:24,200 --> 00:42:26,280 Speaker 1: that does it for this addition of Bloom Big Technology, 804 00:42:26,400 --> 00:42:29,239 Speaker 1: Well cook off our coverage from Sun Valley beginning Wednesday, 805 00:42:29,640 --> 00:42:33,240 Speaker 1: the number of great guests including twenty three and CEO 806 00:42:33,520 --> 00:42:37,600 Speaker 1: so Far, CEO, Event Rights, CEO, I've got a few 807 00:42:37,640 --> 00:42:41,200 Speaker 1: there for you, indeed, chairmans too. Don't forget to check 808 00:42:41,200 --> 00:42:42,920 Speaker 1: out our new podcasts as well. You can find it 809 00:42:42,960 --> 00:42:45,920 Speaker 1: on the terminal as well as online on Apple, Spotify. 810 00:42:46,360 --> 00:43:01,120 Speaker 1: And I heard from New York the subreme Berg pick 811 00:43:01,520 --> 00:43:07,959 Speaker 1: wi a pick wick, a kick, whip, a pick a whip, 812 00:43:08,400 --> 00:43:13,120 Speaker 1: hip a pip He would a hip wi a ship 813 00:43:14,520 --> 00:43:15,600 Speaker 1: stick to it