1 00:00:01,280 --> 00:00:04,240 Speaker 1: We're from Marhart where Innovation, money and power. 2 00:00:04,360 --> 00:00:06,680 Speaker 2: Collie in Silicon Valley, NBN. 3 00:00:07,080 --> 00:00:11,080 Speaker 1: This is Bloomberg Technology with Caroline Hyde and Ed Ludlow. 4 00:00:24,560 --> 00:00:26,720 Speaker 3: I'm Caroline Heider Bloomberg's world headquarters in New. 5 00:00:26,720 --> 00:00:29,400 Speaker 4: York, and I'm Ed Lovelow in San Francisco. This is 6 00:00:29,400 --> 00:00:31,120 Speaker 4: Bloomberg Technology. 7 00:00:30,640 --> 00:00:31,319 Speaker 5: And big Tech. 8 00:00:31,400 --> 00:00:34,519 Speaker 3: It's on deck Alphabet, AMD Microsoft, it is time to 9 00:00:34,600 --> 00:00:36,920 Speaker 3: show the impact of AI will get you what you 10 00:00:36,920 --> 00:00:37,239 Speaker 3: need to know. 11 00:00:37,280 --> 00:00:41,880 Speaker 4: Ahead of their earnings, Neuralink puts its brain implant technology 12 00:00:42,000 --> 00:00:44,479 Speaker 4: in its first patient. We have all the details on 13 00:00:44,560 --> 00:00:47,199 Speaker 4: a big step forward for Mus's company that aims to 14 00:00:47,280 --> 00:00:51,000 Speaker 4: let humans control computers with their minds and the. 15 00:00:50,960 --> 00:00:53,840 Speaker 3: Culture of crypto. How FOAM VC Chris Dixon sees the 16 00:00:53,880 --> 00:00:57,480 Speaker 3: current investment environment for the next era of the Internet. 17 00:00:57,600 --> 00:01:00,240 Speaker 4: This is day one of a massive week for the 18 00:01:00,280 --> 00:01:01,280 Speaker 4: megacat Tech earnings. 19 00:01:01,320 --> 00:01:03,320 Speaker 3: Car and We've got the perfect voice to just highlight 20 00:01:03,360 --> 00:01:06,119 Speaker 3: what we are expecting from these results from Alphabet Microsoft, 21 00:01:06,120 --> 00:01:09,160 Speaker 3: in particular, tech chants really, as we say, under pressure 22 00:01:09,200 --> 00:01:11,480 Speaker 3: to live up to that AI hype. Whither the breakdown 23 00:01:11,640 --> 00:01:14,200 Speaker 3: is Jackie devilas over there in Washington and Jackie just 24 00:01:14,240 --> 00:01:16,479 Speaker 3: how much we'd likely to see any sort of revenue 25 00:01:16,480 --> 00:01:18,040 Speaker 3: and profit being driven by this investment. 26 00:01:18,080 --> 00:01:21,000 Speaker 6: Thus far, it's a big show me the money moment, 27 00:01:21,080 --> 00:01:24,560 Speaker 6: and we're nearly a year into this AI boom. They 28 00:01:24,560 --> 00:01:27,720 Speaker 6: have to have some kind of evidence. There's a reason 29 00:01:27,760 --> 00:01:30,880 Speaker 6: it's a bit harder to quantify because AI is embedded 30 00:01:30,920 --> 00:01:33,200 Speaker 6: in so many different parts of the business. But there 31 00:01:33,240 --> 00:01:35,679 Speaker 6: are a few places where we can look to see 32 00:01:35,880 --> 00:01:39,080 Speaker 6: proof that their AI bets are paying off. For Microsoft, 33 00:01:39,400 --> 00:01:43,399 Speaker 6: it's that Office six three sixty five copilot product. They 34 00:01:43,480 --> 00:01:46,959 Speaker 6: made this widely available to more consumers and small businesses 35 00:01:47,000 --> 00:01:49,920 Speaker 6: earlier in January, but even before that, they launched it 36 00:01:49,960 --> 00:01:53,920 Speaker 6: in September and have really been amping up the hype 37 00:01:53,920 --> 00:01:56,400 Speaker 6: around how much it can impact productivity. 38 00:01:56,720 --> 00:01:58,800 Speaker 7: Those subscription figures will be key. 39 00:01:59,240 --> 00:02:02,120 Speaker 6: For Google, it's a little bit more complex because they 40 00:02:02,200 --> 00:02:05,080 Speaker 6: have been a little bit slower to push this out 41 00:02:05,080 --> 00:02:08,640 Speaker 6: into their search tools and their productivity suite. So but 42 00:02:08,760 --> 00:02:12,520 Speaker 6: here we can look at the Google Cloud profit numbers. 43 00:02:12,560 --> 00:02:16,560 Speaker 6: We saw that hit a new product profitability level last 44 00:02:16,639 --> 00:02:19,360 Speaker 6: year on the back of that AI startup business that 45 00:02:19,400 --> 00:02:22,440 Speaker 6: they were capturing. But again, they don't have a clean 46 00:02:22,560 --> 00:02:27,280 Speaker 6: figure like Nvidia has. Their A one hundred Blockbuster chip 47 00:02:27,360 --> 00:02:30,200 Speaker 6: to really point to for that AI evidence. 48 00:02:30,680 --> 00:02:32,400 Speaker 2: You've you've set us up really well. 49 00:02:32,480 --> 00:02:34,800 Speaker 4: In today's Tech Daily, I was looking at the EPs 50 00:02:34,840 --> 00:02:37,359 Speaker 4: forecast right, and it's a pretty big range, like Microsoft 51 00:02:37,680 --> 00:02:41,040 Speaker 4: fifty one percent EPs growth expected in the court gone. 52 00:02:41,160 --> 00:02:44,480 Speaker 4: Then you compare with sorry, nineteen percent of Microsoft fifty 53 00:02:44,480 --> 00:02:48,120 Speaker 4: one percent for Google. Alphabet the parent of Google, and 54 00:02:48,200 --> 00:02:51,760 Speaker 4: so let's shift to that Alphabet story, because we're super excited. 55 00:02:51,800 --> 00:02:58,960 Speaker 4: Caroline's excited, I'm excited, You're excited. Google is an advertising business, that's. 56 00:02:58,880 --> 00:03:02,200 Speaker 6: Right when you think about it, it's their juggernaut. They 57 00:03:02,200 --> 00:03:05,600 Speaker 6: have to be very strategic when it comes to how 58 00:03:05,639 --> 00:03:06,760 Speaker 6: they're deploying some of. 59 00:03:06,720 --> 00:03:07,800 Speaker 7: These AI features. 60 00:03:08,080 --> 00:03:11,600 Speaker 6: Unlike Microsoft, which is more than happy to boost its 61 00:03:11,639 --> 00:03:14,960 Speaker 6: being search engine only has three percent of the market share, it. 62 00:03:15,000 --> 00:03:16,560 Speaker 7: Don't really have much to lose. 63 00:03:16,919 --> 00:03:19,760 Speaker 6: Google here has been looking to kind of take a 64 00:03:19,800 --> 00:03:23,000 Speaker 6: more experimental approach, and now that you have Gemini coming 65 00:03:23,040 --> 00:03:25,839 Speaker 6: out in September, investors are going to want to see 66 00:03:25,880 --> 00:03:27,799 Speaker 6: a plan for how this is making a difference. You're 67 00:03:27,800 --> 00:03:31,120 Speaker 6: also going to be looking at YouTube figures. Are AI 68 00:03:31,200 --> 00:03:34,920 Speaker 6: features yielding any fruit when it comes to you know 69 00:03:35,000 --> 00:03:39,600 Speaker 6: that search advertising and the YouTube engagement levels. 70 00:03:39,880 --> 00:03:41,760 Speaker 7: Is that making a difference, But again. 71 00:03:41,640 --> 00:03:44,320 Speaker 6: It's a little bit early to tell from the Google front. 72 00:03:44,720 --> 00:03:46,800 Speaker 4: All right, in the few hours that remain before those 73 00:03:46,800 --> 00:03:50,360 Speaker 4: companies do post numbers, check out the preview that Jackiedavlos 74 00:03:50,360 --> 00:03:52,560 Speaker 4: wrote in that news letvel bling those JACKI Davelos out 75 00:03:52,560 --> 00:03:52,920 Speaker 4: at DC. 76 00:03:53,120 --> 00:03:54,480 Speaker 2: Thank you. Let's keep it going. 77 00:03:54,560 --> 00:03:57,200 Speaker 4: The conversation next is with Adam Benjamin for their disease 78 00:03:57,560 --> 00:04:00,240 Speaker 4: tech lead, and Adam, let's think about it a bit 79 00:04:00,240 --> 00:04:02,640 Speaker 4: more holistically. You know, if you go to the index 80 00:04:02,760 --> 00:04:06,360 Speaker 4: level S and P five hundred across that magnificent seven 81 00:04:06,840 --> 00:04:09,880 Speaker 4: bucket and let's strip out Tesla because it's been gone, 82 00:04:10,120 --> 00:04:13,600 Speaker 4: we see forty six percent EPs growth. Right, the only 83 00:04:13,640 --> 00:04:17,200 Speaker 4: comparable sector is utilities. So it's it's it is that 84 00:04:17,279 --> 00:04:21,440 Speaker 4: AI story on paper that's driving the gains. But do 85 00:04:21,480 --> 00:04:25,960 Speaker 4: you expect to see real terms contribution from AI products 86 00:04:26,279 --> 00:04:26,880 Speaker 4: this week? 87 00:04:28,839 --> 00:04:32,400 Speaker 8: Hi, good morning, thanks for having me. So look, I 88 00:04:32,440 --> 00:04:36,200 Speaker 8: think AI is obviously a big overarching trend that's going 89 00:04:36,279 --> 00:04:39,400 Speaker 8: to play out over many, many years, and we're really 90 00:04:39,440 --> 00:04:42,719 Speaker 8: early days in this in this evolution. So you know, 91 00:04:42,760 --> 00:04:45,040 Speaker 8: what I would say is clearly for your guests and 92 00:04:45,600 --> 00:04:48,760 Speaker 8: for your audience. You know, everybody's paying attention to what 93 00:04:49,000 --> 00:04:51,400 Speaker 8: this earning season is going to bring. But but this 94 00:04:51,440 --> 00:04:54,200 Speaker 8: is a journey, and what I would say is we're 95 00:04:54,240 --> 00:04:57,040 Speaker 8: at multiple phases of this. And you know how we 96 00:04:57,080 --> 00:04:59,240 Speaker 8: think about this trend, we've been tracking it for many 97 00:04:59,240 --> 00:05:01,680 Speaker 8: many years, is is really we're at sort of the 98 00:05:01,760 --> 00:05:04,560 Speaker 8: picks and shovels phase today in terms of the infrastructure 99 00:05:04,560 --> 00:05:07,719 Speaker 8: and compute that needs to get put in place to 100 00:05:07,839 --> 00:05:12,040 Speaker 8: train these models and eventually put these models in place 101 00:05:12,320 --> 00:05:16,080 Speaker 8: and for production like you mentioned Microsoft Copilot and to 102 00:05:16,160 --> 00:05:21,400 Speaker 8: get that productivity. So I think this is happening, but 103 00:05:21,560 --> 00:05:24,279 Speaker 8: it's taking time, Adam. 104 00:05:24,320 --> 00:05:27,200 Speaker 4: Earlier today we spoke with the chief of Norway's Sovereign 105 00:05:27,240 --> 00:05:31,279 Speaker 4: Wealth Fund and he reflected on what's been with the 106 00:05:31,320 --> 00:05:33,880 Speaker 4: AI contribution in the equities market and what's to come. 107 00:05:33,920 --> 00:05:34,600 Speaker 2: Have a listened to this. 108 00:05:35,600 --> 00:05:38,720 Speaker 9: We've had a huge rally last year and a very 109 00:05:38,800 --> 00:05:40,600 Speaker 9: large proportion of the returns we had in the fund 110 00:05:40,640 --> 00:05:44,200 Speaker 9: were from the top seven companies. Right now, if you 111 00:05:44,240 --> 00:05:47,919 Speaker 9: had just SMP for that, the return was something like 112 00:05:47,960 --> 00:05:50,359 Speaker 9: twelve percent instead of twenty six And you kind of 113 00:05:50,400 --> 00:05:52,800 Speaker 9: have to ask how long that's going to go on 114 00:05:52,880 --> 00:05:55,960 Speaker 9: for now, I'm a diehard believer in AI and the 115 00:05:55,960 --> 00:05:58,200 Speaker 9: effect it's going to have on our operations and the 116 00:05:58,240 --> 00:06:01,120 Speaker 9: world generally. But in terms of valuations of the companies, 117 00:06:01,160 --> 00:06:01,920 Speaker 9: that's a different question. 118 00:06:03,839 --> 00:06:06,680 Speaker 4: So that's Nikolai Tangen, and that's his thesis. Right he 119 00:06:06,800 --> 00:06:09,080 Speaker 4: sees the impact on AI in the real world, but 120 00:06:09,200 --> 00:06:12,120 Speaker 4: right now he's questioning the valuation of those companies that 121 00:06:12,160 --> 00:06:13,200 Speaker 4: are driving the story. 122 00:06:13,480 --> 00:06:14,400 Speaker 2: Are you questioning it? 123 00:06:16,080 --> 00:06:18,599 Speaker 8: I think the way I'm thinking about it is last 124 00:06:18,680 --> 00:06:23,480 Speaker 8: year was pretty much AI basket, right, Everything that had 125 00:06:23,560 --> 00:06:26,040 Speaker 8: some exposure to AI was a winner. You had a 126 00:06:26,080 --> 00:06:28,960 Speaker 8: lot of stocks, especially even in Q four up forty 127 00:06:28,960 --> 00:06:34,280 Speaker 8: some odd percent. I think twenty four is really about differentiation, 128 00:06:34,760 --> 00:06:37,039 Speaker 8: and the fundamentals are going to have to come through 129 00:06:37,080 --> 00:06:40,800 Speaker 8: for certain companies that are really true AI winners, and 130 00:06:41,640 --> 00:06:44,760 Speaker 8: where some will be determined that they really aren't true 131 00:06:44,800 --> 00:06:48,039 Speaker 8: AI beneficiaries. I mean, last week, for example, we saw 132 00:06:48,240 --> 00:06:50,919 Speaker 8: Intel report numbers and guidance and it was, you know, 133 00:06:50,960 --> 00:06:54,039 Speaker 8: pretty disappointing relative to what the street was expecting. And 134 00:06:54,080 --> 00:06:55,800 Speaker 8: that was a stock that was up forty some odd 135 00:06:55,839 --> 00:06:59,200 Speaker 8: percent in Q four of last year alone. So you know, 136 00:06:59,240 --> 00:07:01,640 Speaker 8: I think we're going to are seeing that differentiation as 137 00:07:01,680 --> 00:07:03,720 Speaker 8: you go through earnings, but it won't be just this 138 00:07:03,760 --> 00:07:06,719 Speaker 8: earnings period of be multiple earnings as we go forward 139 00:07:06,760 --> 00:07:07,440 Speaker 8: throughout the year. 140 00:07:08,080 --> 00:07:10,760 Speaker 3: I want to ask about concentration risk, and of course 141 00:07:10,880 --> 00:07:13,440 Speaker 3: you are someone who is really one out on some 142 00:07:13,480 --> 00:07:16,840 Speaker 3: of the allocations. Of course, when you're managing overall funds 143 00:07:16,840 --> 00:07:20,240 Speaker 3: that are of course named things like Fidelity Advisor Technology 144 00:07:20,280 --> 00:07:23,760 Speaker 3: Fund or the VIP Technology Portfolio, Semiconductor's portfolio. 145 00:07:23,800 --> 00:07:25,240 Speaker 5: These are names that have one adam. 146 00:07:25,520 --> 00:07:27,880 Speaker 3: But the quants over at JP Morgan, for example, are 147 00:07:27,880 --> 00:07:29,680 Speaker 3: really getting worried about concentration risk. 148 00:07:30,000 --> 00:07:31,560 Speaker 5: Is that something? Do you think these names. 149 00:07:31,360 --> 00:07:35,280 Speaker 3: Are vulnerable because they've just become so important to overall benchmarks? 150 00:07:36,440 --> 00:07:38,320 Speaker 8: Well, look, I mean I know a lot of people 151 00:07:38,440 --> 00:07:40,640 Speaker 8: focus on the MAG seven and they talk about the 152 00:07:40,640 --> 00:07:43,920 Speaker 8: concentration of technology. I have the benefit of being a 153 00:07:44,000 --> 00:07:48,120 Speaker 8: technology focused investment manager, and so I run, as you mentioned, 154 00:07:48,160 --> 00:07:51,880 Speaker 8: tech funds, just tech and then just semiconductors. So I 155 00:07:51,880 --> 00:07:54,640 Speaker 8: don't really really focus that much of the concentration as 156 00:07:54,640 --> 00:07:57,120 Speaker 8: it relates to tech, how it's concentrating the rest of 157 00:07:57,160 --> 00:07:59,760 Speaker 8: the market. What I would say is, you know, as 158 00:07:59,760 --> 00:08:02,440 Speaker 8: you look at the MAG seven, you know they're companies 159 00:08:02,480 --> 00:08:05,720 Speaker 8: that have a broad exposure. I mean, Tesla is focused 160 00:08:05,720 --> 00:08:09,840 Speaker 8: on the electric vehicle market. You know, Microsoft and AWS 161 00:08:10,480 --> 00:08:13,640 Speaker 8: and Google are overlapping in the cloud computing market, but 162 00:08:13,960 --> 00:08:16,400 Speaker 8: they're all different in terms of their core markets with 163 00:08:16,480 --> 00:08:19,120 Speaker 8: Google and search and so you know, really, I think 164 00:08:19,120 --> 00:08:21,640 Speaker 8: you got to look at them as independent companies that 165 00:08:21,800 --> 00:08:25,440 Speaker 8: have really amazing business models and that the overarching theme 166 00:08:25,520 --> 00:08:28,640 Speaker 8: is that they are benefiting and getting exposed to AI, 167 00:08:28,840 --> 00:08:31,400 Speaker 8: and in terms of how they're using that and how 168 00:08:31,400 --> 00:08:34,440 Speaker 8: they're going to change their businesses is super important. But 169 00:08:34,520 --> 00:08:37,280 Speaker 8: it's not just those companies that are gonna, you know, 170 00:08:37,360 --> 00:08:40,440 Speaker 8: adopt AI. It's everything in tech, and then it's every 171 00:08:40,440 --> 00:08:43,800 Speaker 8: company outside of tech, because if you're not adopting AI 172 00:08:44,080 --> 00:08:48,160 Speaker 8: and making your business more productive over time, you're probably 173 00:08:48,160 --> 00:08:49,760 Speaker 8: going to be a loser in your in market. So 174 00:08:49,800 --> 00:08:51,840 Speaker 8: I think it's it's this is the theme that's going 175 00:08:51,880 --> 00:08:55,160 Speaker 8: to touch all companies across all sub sectors of the market. 176 00:08:55,280 --> 00:08:57,920 Speaker 3: I mean, look just at ups today, twelve thousand jobs going, 177 00:08:57,920 --> 00:09:00,280 Speaker 3: but a real focus on generative AI coming from the 178 00:09:00,320 --> 00:09:04,520 Speaker 3: CEO Adam I'm interested. Therefore, when you're looking and anticipating 179 00:09:04,840 --> 00:09:07,280 Speaker 3: the calls, the analyst cools with CEOs. 180 00:09:07,720 --> 00:09:08,600 Speaker 5: What is it you want to hear? 181 00:09:08,679 --> 00:09:10,720 Speaker 3: Is it more about subscribe growth, is it more about 182 00:09:10,960 --> 00:09:14,080 Speaker 3: number of customers and overall market penetration or is it 183 00:09:14,120 --> 00:09:15,040 Speaker 3: bottom line impact? 184 00:09:15,120 --> 00:09:16,160 Speaker 5: You want to see the numbers. 185 00:09:17,520 --> 00:09:19,439 Speaker 8: Yeah, I mean it depends on the company, so it's 186 00:09:19,480 --> 00:09:22,880 Speaker 8: hard to say definitively. But look, we're looking for you know, 187 00:09:22,960 --> 00:09:25,560 Speaker 8: every ninety days. These are report cards for these companies, 188 00:09:25,600 --> 00:09:27,520 Speaker 8: so it's you know, how are they doing on the 189 00:09:27,520 --> 00:09:30,400 Speaker 8: revenue growth? You know, how are they doing profitability wise? 190 00:09:30,760 --> 00:09:34,280 Speaker 8: Obviously last year was a huge year for efficiency for 191 00:09:34,400 --> 00:09:36,720 Speaker 8: some of these companies in terms of the pull forward 192 00:09:36,720 --> 00:09:39,720 Speaker 8: that they saw during COVID on onbacks. So you know, 193 00:09:39,760 --> 00:09:42,040 Speaker 8: we need to see revenue growth from here. And a 194 00:09:42,040 --> 00:09:45,920 Speaker 8: lot of stocks that we saw significant outperformance was multiple 195 00:09:45,960 --> 00:09:48,680 Speaker 8: expansion in twenty twenty three, So you're going to have 196 00:09:48,760 --> 00:09:51,760 Speaker 8: to see, you know, the true fundamentals actually drive these 197 00:09:51,760 --> 00:09:54,280 Speaker 8: stocks in twenty twenty four, as your guest, you know, 198 00:09:54,320 --> 00:09:56,959 Speaker 8: indicated earlier. So I think that's what I'm looking for, 199 00:09:57,160 --> 00:09:59,520 Speaker 8: and it'll depend on the company. But you know, really, 200 00:09:59,679 --> 00:10:03,000 Speaker 8: you know, report card every ninety days and then you know, we're. 201 00:10:02,840 --> 00:10:03,760 Speaker 2: Long term investors. 202 00:10:03,800 --> 00:10:06,520 Speaker 8: We're trying to find companies that are going to be 203 00:10:06,520 --> 00:10:09,079 Speaker 8: the winners over the long term, and those are companies 204 00:10:09,080 --> 00:10:11,680 Speaker 8: that we've been investing in multiple years. We've cited these 205 00:10:12,040 --> 00:10:14,640 Speaker 8: as big trends and we've been there for a while, 206 00:10:14,679 --> 00:10:17,080 Speaker 8: and you know, we'll see where things progress. But this 207 00:10:17,160 --> 00:10:19,440 Speaker 8: is this AI is not going to be you know, 208 00:10:19,520 --> 00:10:21,760 Speaker 8: snap your fingers. It's going to take time, and so 209 00:10:21,880 --> 00:10:24,319 Speaker 8: I think people need to be patient about it and 210 00:10:24,760 --> 00:10:26,880 Speaker 8: see where things are progressing. And as long as they're 211 00:10:26,920 --> 00:10:29,680 Speaker 8: moving in the right direction, I think people will be 212 00:10:29,840 --> 00:10:31,040 Speaker 8: encouraged about this theme. 213 00:10:31,280 --> 00:10:31,720 Speaker 5: See how the. 214 00:10:31,720 --> 00:10:34,920 Speaker 3: Execs can articulate it today, Adam Benjamin, really great to 215 00:10:34,960 --> 00:10:36,560 Speaker 3: have some time with you. We thank you so much. 216 00:10:36,640 --> 00:10:39,480 Speaker 3: Fidelities tech le there, we thank you. Meanwhile, coming up 217 00:10:39,520 --> 00:10:43,320 Speaker 3: look to talk about underlying technology. Neuralink has its first 218 00:10:43,320 --> 00:10:46,160 Speaker 3: ever human patient, bringing must startup that a little bit 219 00:10:46,200 --> 00:10:48,040 Speaker 3: closer to its goal of letting people actually control their 220 00:10:48,040 --> 00:10:49,200 Speaker 3: devices with their minds. 221 00:10:49,559 --> 00:10:51,280 Speaker 5: We'll be back with more in a moment, But ed, 222 00:10:51,320 --> 00:10:52,040 Speaker 5: what have you got. 223 00:10:52,400 --> 00:10:54,080 Speaker 4: Well, just based on what Adam is saying, here's a 224 00:10:54,120 --> 00:10:57,440 Speaker 4: new name for you, potentially super micro computer. Four percent 225 00:10:57,520 --> 00:10:59,640 Speaker 4: right now have been up as much as eleven percent. 226 00:11:00,400 --> 00:11:04,840 Speaker 4: It's a AI server maker think Rack Design, and they've 227 00:11:04,880 --> 00:11:08,320 Speaker 4: significantly updated their sales forecast for this year. But the 228 00:11:08,360 --> 00:11:09,880 Speaker 4: real reason I bring it up is this is a 229 00:11:09,920 --> 00:11:11,960 Speaker 4: stock that's up more than eighty percent in the last 230 00:11:12,000 --> 00:11:15,800 Speaker 4: thirty days, more than six hundred percent year to day 231 00:11:15,880 --> 00:11:18,959 Speaker 4: over or over the last twelve months, massively outperforming in 232 00:11:19,040 --> 00:11:21,320 Speaker 4: video as an example, but we don't really talk about it. 233 00:11:21,320 --> 00:11:24,120 Speaker 4: Twenty nine billion dollar market cap. One of the winners 234 00:11:24,240 --> 00:11:27,560 Speaker 4: of what's happening in the real terms infrastructure play for 235 00:11:27,640 --> 00:11:46,920 Speaker 4: AI this is Bloomberg Musk's Neuralink has given an implant 236 00:11:46,960 --> 00:11:50,440 Speaker 4: to its first ever human patient, bringing his startup a 237 00:11:50,520 --> 00:11:54,199 Speaker 4: step closer to its goal of letting humans control computers 238 00:11:54,840 --> 00:11:57,679 Speaker 4: with their minds. Bloomberg's Lin Don't has the details and 239 00:11:57,720 --> 00:12:00,160 Speaker 4: joins us from New York. I mean, Lynn, this is 240 00:12:00,640 --> 00:12:03,200 Speaker 4: the first step. But it's the step, right. We've been 241 00:12:03,200 --> 00:12:05,200 Speaker 4: waiting for your link to this for a little while. 242 00:12:05,400 --> 00:12:08,480 Speaker 4: What do we know about the procedure, the patient, and 243 00:12:08,520 --> 00:12:09,680 Speaker 4: what the point of this was. 244 00:12:10,160 --> 00:12:12,760 Speaker 10: Yeah, it is the first step for Neuralink. And I 245 00:12:12,800 --> 00:12:15,520 Speaker 10: don't know about you, but at this point in our 246 00:12:16,200 --> 00:12:21,120 Speaker 10: adventures into neuroprosthetics, I'm impressed by any kind of brain 247 00:12:21,320 --> 00:12:25,200 Speaker 10: interface implant. So I'll call this a win. What do 248 00:12:25,200 --> 00:12:28,680 Speaker 10: we know about the procedure. Neuralinks in particular involves a 249 00:12:28,800 --> 00:12:31,880 Speaker 10: robot that funnels its way into a person's head. Sounds 250 00:12:31,880 --> 00:12:36,440 Speaker 10: a bit terrifying, but it uses a robot to implant 251 00:12:36,600 --> 00:12:39,160 Speaker 10: a little chip that's about the size of a quarter, 252 00:12:39,840 --> 00:12:43,520 Speaker 10: and that chip is connected by thousands of wires and 253 00:12:43,600 --> 00:12:47,840 Speaker 10: electrodes to the human brain, and in that way it allows, 254 00:12:47,960 --> 00:12:51,520 Speaker 10: hopefully theoretically, the human brain to be able to control 255 00:12:51,880 --> 00:12:54,559 Speaker 10: electronic devices with just a mere thought. 256 00:12:55,040 --> 00:12:57,480 Speaker 3: And that's why those that have been the patients have 257 00:12:57,520 --> 00:13:01,600 Speaker 3: been recruited are those with qultropriigia, those who suffer from als. 258 00:13:01,720 --> 00:13:04,080 Speaker 3: In fact, Musk wrote on his own social platform x 259 00:13:04,120 --> 00:13:07,120 Speaker 3: about sort of imagine Stephen Hawking being able to well, 260 00:13:07,240 --> 00:13:09,240 Speaker 3: be able to communicate far faster than any. 261 00:13:09,080 --> 00:13:11,360 Speaker 5: Sort of speed type writer. But he's not alone. 262 00:13:11,360 --> 00:13:13,760 Speaker 3: Neuralink isn't alone, and we sort of let it steal 263 00:13:13,800 --> 00:13:14,600 Speaker 3: a lot of the headlines. 264 00:13:14,640 --> 00:13:15,840 Speaker 5: But there are other companies doing. 265 00:13:15,760 --> 00:13:16,680 Speaker 11: This, that's right. 266 00:13:16,760 --> 00:13:20,040 Speaker 10: I was just talking earlier this morning about a company, 267 00:13:20,160 --> 00:13:24,360 Speaker 10: synchron who almost over a year now, announced that they 268 00:13:24,480 --> 00:13:29,040 Speaker 10: had done the first brain interface implant in the United States. 269 00:13:29,040 --> 00:13:32,840 Speaker 10: So certainly Neuralink is not the first company to enter 270 00:13:32,960 --> 00:13:33,480 Speaker 10: into this. 271 00:13:33,520 --> 00:13:35,160 Speaker 11: Era of actual implants. 272 00:13:35,360 --> 00:13:38,240 Speaker 10: Now, what some would argue is that it has more 273 00:13:38,280 --> 00:13:43,240 Speaker 10: advanced technology, that the devices themselves are more complex and 274 00:13:43,320 --> 00:13:45,760 Speaker 10: more capable than some of the others in the space. 275 00:13:46,000 --> 00:13:49,520 Speaker 10: Involves thousands of wires, Like imagine what that thing looks like, 276 00:13:50,240 --> 00:13:53,120 Speaker 10: a spider with thousands of legs versus some of the 277 00:13:53,200 --> 00:13:56,400 Speaker 10: other ones who may not make use of as many wires. 278 00:13:57,040 --> 00:14:01,720 Speaker 3: Once again, we'll see how telepathy as the continues to evolve, 279 00:14:01,840 --> 00:14:12,480 Speaker 3: brilliant as always to have Lindo and joining us Volkswagen VW. Well, 280 00:14:12,520 --> 00:14:14,720 Speaker 3: it's feeling the pressure of a slowing ev market and 281 00:14:14,760 --> 00:14:18,000 Speaker 3: twenty twenty three's dim ipo landscape that's continuing into twenty 282 00:14:18,040 --> 00:14:20,600 Speaker 3: twenty four. They're going to hold off on plans to 283 00:14:20,600 --> 00:14:23,240 Speaker 3: seek outside investors for its battery unit. Now that's also 284 00:14:23,320 --> 00:14:25,120 Speaker 3: say the carmaker worries and we'll be able to make 285 00:14:25,120 --> 00:14:27,720 Speaker 3: its own batteries that the scale and is no longer 286 00:14:27,760 --> 00:14:30,640 Speaker 3: prioritizing stake sales or a potential listing of power COO 287 00:14:30,800 --> 00:14:31,760 Speaker 3: business this. 288 00:14:31,760 --> 00:14:32,760 Speaker 5: Year or indeed next. 289 00:14:32,960 --> 00:14:35,800 Speaker 3: Now this is fresh off Renao's similar decision to Ice 290 00:14:35,920 --> 00:14:38,680 Speaker 3: it's ev arm listing a mid market volatility. 291 00:14:39,040 --> 00:14:41,080 Speaker 5: We're going to have a deep dive on the auto sector. 292 00:14:41,080 --> 00:14:42,160 Speaker 5: That's next end. What have you got. 293 00:14:42,520 --> 00:14:44,840 Speaker 4: Yeah, there's a bigger conversation to have here. In sticking 294 00:14:44,880 --> 00:14:48,240 Speaker 4: with the EV market, Mazda posted its best sales year 295 00:14:48,480 --> 00:14:52,280 Speaker 4: since best sales year and third best year overall. Today 296 00:14:52,280 --> 00:14:55,400 Speaker 4: they announced the release of a new vehicle, c X seventy. 297 00:14:55,480 --> 00:14:58,680 Speaker 4: President and CEO of MUSDA North American Operations Tom Donnelly 298 00:14:58,920 --> 00:15:02,160 Speaker 4: joins us to walk through the results and the latest launch. Tom, 299 00:15:02,440 --> 00:15:04,960 Speaker 4: this is how I think about it. CX seventy brings 300 00:15:05,000 --> 00:15:08,880 Speaker 4: you to the mid size SUV. You have the full 301 00:15:08,920 --> 00:15:13,280 Speaker 4: spectrum of hybrid options. But that's where it's at. It's 302 00:15:13,320 --> 00:15:16,360 Speaker 4: a hybrid option. You're still not there with pure PLAYEV. 303 00:15:16,880 --> 00:15:20,400 Speaker 4: So in the context of CX seventy, what's the strategy here. 304 00:15:21,280 --> 00:15:24,560 Speaker 12: Yeah, So we're very excited about what CX seventy represents 305 00:15:24,600 --> 00:15:26,720 Speaker 12: for our brand and our portfolio. As you said, we 306 00:15:26,800 --> 00:15:30,440 Speaker 12: had our global reveal today. We look at, let's say 307 00:15:30,480 --> 00:15:35,480 Speaker 12: the electrification market as that of an intentional follower. If 308 00:15:35,520 --> 00:15:38,280 Speaker 12: I look forward through twenty thirty, we're going to have 309 00:15:38,320 --> 00:15:42,440 Speaker 12: a full suite of electrified vehicles, and we have a 310 00:15:42,480 --> 00:15:47,440 Speaker 12: three phased approach to how we're going to introduce plug 311 00:15:47,520 --> 00:15:51,160 Speaker 12: in hybrids and hybrid vehicles. So we talked about CX 312 00:15:51,160 --> 00:15:54,600 Speaker 12: seventy and the introduction today. Last year we introduced c 313 00:15:54,840 --> 00:15:56,840 Speaker 12: X ninety with a plug in hybrid and a mild 314 00:15:56,920 --> 00:15:59,760 Speaker 12: hybrid version, and later this year we're going to introduce 315 00:15:59,800 --> 00:16:03,280 Speaker 12: C fifty with a hybrid version as well. So we 316 00:16:03,360 --> 00:16:06,239 Speaker 12: feel like we've got the right technologies for the marketplace 317 00:16:06,320 --> 00:16:09,840 Speaker 12: today and again by twenty thirty, we'll have a full 318 00:16:09,880 --> 00:16:11,760 Speaker 12: lineup of electrified vehicles. 319 00:16:12,600 --> 00:16:14,880 Speaker 4: Tom One of the questions from our audience on X 320 00:16:15,200 --> 00:16:18,200 Speaker 4: was what happens if long term the consumer just doesn't 321 00:16:18,200 --> 00:16:21,160 Speaker 4: go for EV that they do have a bias towards 322 00:16:21,200 --> 00:16:22,720 Speaker 4: hybrid and how would. 323 00:16:22,560 --> 00:16:23,640 Speaker 2: That impact your strategy. 324 00:16:23,640 --> 00:16:25,800 Speaker 4: I think about the comments from Toyota right where they 325 00:16:25,840 --> 00:16:29,560 Speaker 4: see this thirty percent cap on BEV and a future 326 00:16:29,720 --> 00:16:33,640 Speaker 4: well well into the future, multiple drive train formats. 327 00:16:34,480 --> 00:16:34,680 Speaker 1: Yeah. 328 00:16:34,960 --> 00:16:38,359 Speaker 12: Again, I use the term multi solution approach, and that's 329 00:16:38,400 --> 00:16:40,680 Speaker 12: what we've been working for for a number of years, 330 00:16:41,120 --> 00:16:46,080 Speaker 12: where by having hybrids and plug in hybrids and then 331 00:16:46,320 --> 00:16:49,440 Speaker 12: a full suite of battery electric vehicles as well, we 332 00:16:49,880 --> 00:16:52,240 Speaker 12: think we'll be able to pivot to the market and 333 00:16:52,280 --> 00:16:57,120 Speaker 12: what consumer demands will will gravitate towards. So we feel 334 00:16:57,160 --> 00:17:00,920 Speaker 12: really good about our overall strategy right now. Again, we're 335 00:17:00,960 --> 00:17:03,840 Speaker 12: excited about c X seventy, the mild hybrid and the 336 00:17:03,840 --> 00:17:06,840 Speaker 12: plug in hybrid, what that represents, and it's a new 337 00:17:06,880 --> 00:17:09,720 Speaker 12: segment for us, it's an merging segment in the industry, 338 00:17:09,760 --> 00:17:12,720 Speaker 12: so we're really optimistic about the impact it's going to 339 00:17:12,760 --> 00:17:13,439 Speaker 12: have on our brand. 340 00:17:13,720 --> 00:17:15,600 Speaker 3: I can kind of see why you're optimistic given your 341 00:17:15,600 --> 00:17:18,240 Speaker 3: sales number in December, record numbers. 342 00:17:18,600 --> 00:17:20,600 Speaker 5: I'm really interested as to what you're seeing from a 343 00:17:20,640 --> 00:17:21,480 Speaker 5: consumer right now. 344 00:17:21,520 --> 00:17:24,240 Speaker 3: Tom, We've just heard from Reno, as we're saying VW, 345 00:17:24,480 --> 00:17:26,720 Speaker 3: you've got, of course, GM being more cautious on out 346 00:17:26,720 --> 00:17:27,480 Speaker 3: and out evs. 347 00:17:28,040 --> 00:17:28,439 Speaker 5: What are you. 348 00:17:28,480 --> 00:17:31,199 Speaker 3: Seeing from a consumer adoption and desired to be spending 349 00:17:31,240 --> 00:17:33,240 Speaker 3: on big purchase such as new cars right now? 350 00:17:34,560 --> 00:17:37,879 Speaker 12: Yeah, the market's still as strong overall, I mean, the 351 00:17:37,920 --> 00:17:41,400 Speaker 12: industry is strong. There's definitely been a shift towards more 352 00:17:41,560 --> 00:17:45,880 Speaker 12: let's say affordability. So we've noticed from earlier in let's 353 00:17:45,880 --> 00:17:49,840 Speaker 12: say the calendar year. But you're right, we ended twenty 354 00:17:49,880 --> 00:17:53,040 Speaker 12: twenty three on a really high note of twenty three percent, 355 00:17:53,520 --> 00:17:55,679 Speaker 12: and I would say it's not just the quantity but 356 00:17:55,760 --> 00:18:00,119 Speaker 12: the business quality for US as well. More specifically, we've 357 00:18:00,119 --> 00:18:04,119 Speaker 12: had our best customer experience results ever, our best owner 358 00:18:04,160 --> 00:18:07,399 Speaker 12: loyalty results ever. So while we're growing the brand at 359 00:18:07,440 --> 00:18:11,439 Speaker 12: a pretty impressive rate twenty three percent, this is on 360 00:18:11,480 --> 00:18:16,240 Speaker 12: the heels of again, really strong performance across the breath 361 00:18:16,280 --> 00:18:16,960 Speaker 12: of our business. 362 00:18:17,560 --> 00:18:21,080 Speaker 3: And where is that brand really penetrating at the moment? 363 00:18:21,359 --> 00:18:23,960 Speaker 3: Is it about a US user, a European news and 364 00:18:24,040 --> 00:18:27,240 Speaker 3: more globally thinking about China and decompetition coming from there. 365 00:18:28,560 --> 00:18:32,639 Speaker 12: Well, my focus is primarily in the US market in 366 00:18:32,640 --> 00:18:36,439 Speaker 12: North America, and again we've achieved some really impressive results 367 00:18:36,440 --> 00:18:38,520 Speaker 12: over the last four years. Each of the last four 368 00:18:38,600 --> 00:18:42,919 Speaker 12: years we've gained market share, and obviously a very challenging 369 00:18:43,040 --> 00:18:47,600 Speaker 12: timeframe from COVID to supply chain issues, we've been able 370 00:18:47,920 --> 00:18:53,520 Speaker 12: to really be very nimble and improve our performance year 371 00:18:53,560 --> 00:18:57,359 Speaker 12: over year. And we're really optimistic about what twenty twenty 372 00:18:57,359 --> 00:19:00,480 Speaker 12: four represents. We think, if we execute our plan, we're 373 00:19:00,480 --> 00:19:02,960 Speaker 12: going to have our best year in the US market ever. 374 00:19:04,320 --> 00:19:07,160 Speaker 12: So we're really optimistic about the outlook. 375 00:19:09,320 --> 00:19:10,800 Speaker 5: Oh, we want to Thank you, Tom Donnelly. 376 00:19:10,880 --> 00:19:13,800 Speaker 3: Ending on our optimistic note, MASDA North American Operations President 377 00:19:13,840 --> 00:19:23,520 Speaker 3: and CEO, really seeing traction right here in the United States. 378 00:19:24,240 --> 00:19:26,760 Speaker 3: Welcome back to Bluemogo Technology. I'm Caroline had in New York. 379 00:19:27,480 --> 00:19:28,919 Speaker 2: Ed Ludlow in San Francisco. 380 00:19:29,000 --> 00:19:30,440 Speaker 3: Let's look at what's happening in the world a bitcoin, 381 00:19:30,480 --> 00:19:33,639 Speaker 3: because it has been five straight months, well on nine 382 00:19:33,680 --> 00:19:36,200 Speaker 3: four of gains for this particular asset, like we haven't 383 00:19:36,200 --> 00:19:38,320 Speaker 3: seen that back since the heady days of COVID when 384 00:19:38,320 --> 00:19:40,360 Speaker 3: everyone was plowing in their money. In twenty twenty, we're 385 00:19:40,440 --> 00:19:43,000 Speaker 3: up fifty percent, you'll see over that course of six months, 386 00:19:43,400 --> 00:19:44,399 Speaker 3: and a lot of that is to do with the 387 00:19:44,400 --> 00:19:45,440 Speaker 3: Spot bitcoin ETFs. 388 00:19:45,440 --> 00:19:46,720 Speaker 5: We've had volatility of late. 389 00:19:46,880 --> 00:19:49,159 Speaker 3: Let's talk to Aphilia Snyder for her thoughts on it, 390 00:19:49,160 --> 00:19:51,359 Speaker 3: of course, president of twenty one Shares, which offers crypto 391 00:19:51,400 --> 00:19:55,800 Speaker 3: etfctps for institutional and retail investors, including that recently launched 392 00:19:55,800 --> 00:19:58,280 Speaker 3: spot product. Our twenty one Shares bitcoin ETF developed with 393 00:19:58,359 --> 00:20:03,320 Speaker 3: Kathy wood Ark, and we have overall seen excitement, exuberance, 394 00:20:03,359 --> 00:20:05,240 Speaker 3: perhaps a run up and then a fall as people 395 00:20:05,280 --> 00:20:07,119 Speaker 3: digest what really happens. But what have you seen in 396 00:20:07,160 --> 00:20:09,000 Speaker 3: terms of flows, and are they making you confident? 397 00:20:09,760 --> 00:20:13,040 Speaker 13: Yes, is the extremely short answer to that question. At 398 00:20:13,040 --> 00:20:15,240 Speaker 13: the end of the day, these flows have been really promising. 399 00:20:15,280 --> 00:20:17,920 Speaker 13: It's one of the best ATF launches of all time. 400 00:20:18,720 --> 00:20:22,440 Speaker 13: We've seen north of six hundred million dollars in assets 401 00:20:22,480 --> 00:20:26,040 Speaker 13: come into our product just in the last couple of weeks. 402 00:20:26,400 --> 00:20:29,159 Speaker 13: That's really exciting cause it's coming from a diversified base. 403 00:20:29,680 --> 00:20:33,520 Speaker 13: And so while yes, you're seeing some turn through legacy products, 404 00:20:33,520 --> 00:20:38,480 Speaker 13: you're seeing movement towards new product in the market that 405 00:20:38,600 --> 00:20:41,680 Speaker 13: actually has a lot of really critical features towards welcoming 406 00:20:41,720 --> 00:20:45,800 Speaker 13: advisors into the community, which is ultimately, I think how 407 00:20:45,800 --> 00:20:48,680 Speaker 13: we're going to start to see the crypto ecosystem evolve 408 00:20:48,720 --> 00:20:49,160 Speaker 13: from here. 409 00:20:49,480 --> 00:20:52,400 Speaker 3: Of course, twenty one shares is crypt native, and you've 410 00:20:52,440 --> 00:20:54,680 Speaker 3: been doing a lot of the futures offerings already. You've 411 00:20:54,680 --> 00:20:57,280 Speaker 3: been bringing the first ever ETPs related to these sort 412 00:20:57,320 --> 00:21:00,240 Speaker 3: of ethan bitcoin futures, and now of course the sport 413 00:21:00,280 --> 00:21:04,399 Speaker 3: bitcoin what therefore of new sport products across other ELK coins. 414 00:21:04,840 --> 00:21:07,640 Speaker 13: So we've actually been doing this for more than five years. 415 00:21:07,640 --> 00:21:10,800 Speaker 13: So we brought the first physically backed spot products to 416 00:21:10,960 --> 00:21:13,840 Speaker 13: market in Europe about five years ago now, and we 417 00:21:13,960 --> 00:21:17,360 Speaker 13: cover a very wide range of assets through that platform, 418 00:21:17,359 --> 00:21:19,760 Speaker 13: and we run about forty products outside of the US, 419 00:21:20,119 --> 00:21:23,080 Speaker 13: so it's quite a big cohort, and there's a lot 420 00:21:23,119 --> 00:21:26,360 Speaker 13: of technical infrastructure that goes into supporting that, which we're 421 00:21:26,359 --> 00:21:29,080 Speaker 13: really excited about bringing to the US. I think in 422 00:21:29,119 --> 00:21:30,760 Speaker 13: the US it's going to take a little bit more time, 423 00:21:30,800 --> 00:21:33,520 Speaker 13: and we have some ethereum applications that are out there. 424 00:21:33,560 --> 00:21:36,160 Speaker 11: In terms of new ETFs coming. 425 00:21:35,960 --> 00:21:37,399 Speaker 5: To market the SEC, I'll go with that. 426 00:21:37,880 --> 00:21:40,879 Speaker 11: I think it's really hard to say at this stage. 427 00:21:41,520 --> 00:21:44,639 Speaker 13: It's going to come down to how the arguments that 428 00:21:44,680 --> 00:21:47,280 Speaker 13: were made in support of a spot pitcoin product actually 429 00:21:47,320 --> 00:21:50,040 Speaker 13: translate into ethereum and what the maturity of that market 430 00:21:50,040 --> 00:21:52,760 Speaker 13: looks like. We're obviously really optimistic about it, and we're 431 00:21:53,000 --> 00:21:55,840 Speaker 13: you know, looking forward to engaging with regulators on these topics. 432 00:21:56,000 --> 00:21:57,480 Speaker 11: But I do think it's after sharing in a. 433 00:21:57,440 --> 00:22:01,520 Speaker 13: New age of clarity which we seen in other markets 434 00:22:01,560 --> 00:22:03,760 Speaker 13: around what these regulations look like and what that means 435 00:22:03,760 --> 00:22:06,040 Speaker 13: for the development of crypto markets. And I think, you know, 436 00:22:06,240 --> 00:22:07,880 Speaker 13: as we've seen over the last five years while we've 437 00:22:07,920 --> 00:22:10,680 Speaker 13: been doing this, there's typically a process here where once 438 00:22:10,720 --> 00:22:13,639 Speaker 13: things start moving, it becomes much easier to have that ongoing. 439 00:22:13,280 --> 00:22:15,320 Speaker 2: Dialogue, Ophelia. 440 00:22:15,359 --> 00:22:18,520 Speaker 4: There's a lot of data at our disposal to judge 441 00:22:18,560 --> 00:22:21,600 Speaker 4: how is this going. You know, Bloomberg Crunch the numbers 442 00:22:21,600 --> 00:22:24,320 Speaker 4: and across the ten ETFs that are out in the market, 443 00:22:24,840 --> 00:22:27,240 Speaker 4: they attracted net one billion dollars. 444 00:22:27,280 --> 00:22:28,360 Speaker 1: But to me, that. 445 00:22:28,359 --> 00:22:29,600 Speaker 2: Doesn't seem like that much. 446 00:22:29,720 --> 00:22:31,720 Speaker 4: You know, after all the hype of recent weeks and 447 00:22:31,760 --> 00:22:34,520 Speaker 4: months and all the investors around the world that weighed 448 00:22:34,560 --> 00:22:36,480 Speaker 4: in and said, you know, we're looking at it is 449 00:22:36,480 --> 00:22:38,359 Speaker 4: a billion dollars a lot. What does it tell you 450 00:22:38,480 --> 00:22:41,840 Speaker 4: about current demand or appetite to get into this. 451 00:22:42,359 --> 00:22:44,159 Speaker 11: So what it tells me is it's very early. 452 00:22:44,960 --> 00:22:46,920 Speaker 13: I think one of the pieces that's often missing in 453 00:22:46,960 --> 00:22:50,840 Speaker 13: these narratives around these ETFs is actually there's an adoption cycle. 454 00:22:51,480 --> 00:22:53,800 Speaker 13: Just because the product exists doesn't mean everybody has access 455 00:22:53,800 --> 00:22:55,720 Speaker 13: to it. It takes a certain amount of time for these 456 00:22:55,720 --> 00:22:57,840 Speaker 13: products to be added to platforms, for advisors to get 457 00:22:57,880 --> 00:22:58,320 Speaker 13: them through. 458 00:22:58,200 --> 00:22:59,360 Speaker 11: Compliance and due diligence. 459 00:23:00,119 --> 00:23:02,600 Speaker 13: Really boring on paper, the reality is that's when they're 460 00:23:02,600 --> 00:23:04,200 Speaker 13: going to be looking under the hood and making sure 461 00:23:04,200 --> 00:23:05,800 Speaker 13: these products actually behave properly. 462 00:23:05,840 --> 00:23:07,440 Speaker 11: That's where you're really going to see. 463 00:23:07,359 --> 00:23:10,760 Speaker 13: Operational excellence and expertise like hours come to the forefront 464 00:23:10,800 --> 00:23:14,640 Speaker 13: and have those discussions as we bring these products. 465 00:23:14,160 --> 00:23:15,520 Speaker 11: Onto advisor platforms. 466 00:23:15,800 --> 00:23:18,639 Speaker 13: So for where we're standing today, the majority of the 467 00:23:18,680 --> 00:23:22,919 Speaker 13: sort of intermediated assets in the United States don't have 468 00:23:23,040 --> 00:23:25,720 Speaker 13: access yet. What you're seeing in that net a billion 469 00:23:25,760 --> 00:23:28,600 Speaker 13: dollars in just a couple of weeks is primarily being 470 00:23:28,680 --> 00:23:34,400 Speaker 13: driven by either independent platforms or quite a bit of retail, 471 00:23:34,560 --> 00:23:37,600 Speaker 13: quite a bit of self directed We haven't yet gotten 472 00:23:37,640 --> 00:23:40,400 Speaker 13: to the place where you're really seeing advisors or models 473 00:23:40,440 --> 00:23:42,200 Speaker 13: begin to include these types of assets. 474 00:23:42,480 --> 00:23:44,000 Speaker 11: You have to get through that diligent process. 475 00:23:44,040 --> 00:23:46,480 Speaker 13: They need to sort of batt'll test them and make 476 00:23:46,520 --> 00:23:49,639 Speaker 13: sure that you're bringing best in class infrastructure to these products, 477 00:23:49,680 --> 00:23:51,200 Speaker 13: and I think that's when you're going to actually see 478 00:23:51,200 --> 00:23:51,639 Speaker 13: that shift. 479 00:23:51,880 --> 00:23:53,440 Speaker 11: That process takes about three months. 480 00:23:54,160 --> 00:23:54,520 Speaker 2: Philly. 481 00:23:54,520 --> 00:23:56,880 Speaker 4: You wrote in your most recent newsletter about a bitcoin 482 00:23:56,920 --> 00:24:01,320 Speaker 4: dominated news cycle what happens next to another bitcoin dominated 483 00:24:01,359 --> 00:24:01,879 Speaker 4: news cycle? 484 00:24:02,640 --> 00:24:09,400 Speaker 13: So historically you see waves we're coming to we're sort 485 00:24:09,400 --> 00:24:12,359 Speaker 13: of midway through a bitcoin dominated news cycle that having 486 00:24:12,400 --> 00:24:16,760 Speaker 13: hasn't happened yet, That having being obviously when block rewards 487 00:24:16,760 --> 00:24:20,119 Speaker 13: to minors reduced by half, which is expected in April. 488 00:24:20,160 --> 00:24:22,720 Speaker 13: I think through that cycle you're typically going to see 489 00:24:22,720 --> 00:24:25,159 Speaker 13: a lot of focus on Bitcoin, or on what we 490 00:24:25,200 --> 00:24:27,320 Speaker 13: would call blue chips. You've seen quite a bit of 491 00:24:27,320 --> 00:24:29,560 Speaker 13: focus on things like Ethereum in Solana in the last 492 00:24:29,560 --> 00:24:34,040 Speaker 13: couple of months, both from the cryptonative community as well 493 00:24:34,040 --> 00:24:37,520 Speaker 13: as from advisors and investors outside of the United States 494 00:24:37,520 --> 00:24:40,200 Speaker 13: who have access to these investment vehicles, So I think 495 00:24:40,280 --> 00:24:43,760 Speaker 13: that's been very interesting. I will likely see that typically 496 00:24:44,119 --> 00:24:47,320 Speaker 13: you start to see more interest in alts, especially initially 497 00:24:47,320 --> 00:24:49,960 Speaker 13: the larger ones, but eventually down that longer chain as 498 00:24:49,960 --> 00:24:54,359 Speaker 13: you get further into a more positive cycle for crypto assets. 499 00:24:54,359 --> 00:24:56,560 Speaker 13: So I do think we'll likely stay in bitcoin for 500 00:24:56,640 --> 00:24:58,760 Speaker 13: a little while longer, but that will likely. 501 00:24:58,600 --> 00:24:59,280 Speaker 11: Expand from there. 502 00:25:00,280 --> 00:25:03,240 Speaker 4: Ophelia Snyder, president of twenty one Shares, warning us for 503 00:25:03,280 --> 00:25:07,320 Speaker 4: only halfway through a bitcoin dom dominated news cycle. More 504 00:25:07,359 --> 00:25:09,119 Speaker 4: to come, thank you very much. Now, coming up on 505 00:25:09,160 --> 00:25:11,919 Speaker 4: this program, we're going to dive even deeper into that 506 00:25:12,000 --> 00:25:15,440 Speaker 4: news cycle and into the crypto investing landscape with Chris Dixon, 507 00:25:15,840 --> 00:25:19,800 Speaker 4: founder of the ac A sixteen Z crypto practice. 508 00:25:20,359 --> 00:25:22,639 Speaker 2: This is Bloomberg Technology. 509 00:25:36,520 --> 00:25:38,960 Speaker 3: We're just talking about the dominance of bitcoin and the 510 00:25:39,040 --> 00:25:41,720 Speaker 3: lexicon and crypto recently, but what about the broader Web 511 00:25:41,720 --> 00:25:44,200 Speaker 3: three space where is the investing happening at the moment? 512 00:25:44,440 --> 00:25:47,359 Speaker 3: Got the perfect voice Chris Dixon, founder and managing partner 513 00:25:47,400 --> 00:25:49,400 Speaker 3: of a sixteen z crypto. It's the VC Fund out 514 00:25:49,400 --> 00:25:51,879 Speaker 3: in Dresen and Horowitz that is founded in twenty eighteen 515 00:25:52,160 --> 00:25:55,040 Speaker 3: seven billion dollars in committed capital, dedicator to crypto two 516 00:25:55,040 --> 00:25:57,560 Speaker 3: Web three technologies. But also on the author of a 517 00:25:57,560 --> 00:25:59,800 Speaker 3: new book exploring the impact of blockchains on the future 518 00:25:59,800 --> 00:26:03,400 Speaker 3: of the Internet. It's called Read, Write, Own Building the 519 00:26:03,440 --> 00:26:06,520 Speaker 3: Next Era of the Internet. It's out today because it's 520 00:26:06,520 --> 00:26:08,119 Speaker 3: a joy to have you on and congratulations sir. 521 00:26:08,720 --> 00:26:09,800 Speaker 5: I'm sure a labor of love. 522 00:26:10,000 --> 00:26:12,399 Speaker 3: Yeah, that labor of love is trying to talk about 523 00:26:12,600 --> 00:26:17,160 Speaker 3: some of, shall we say, the cultures within crypto. Thus far, 524 00:26:17,440 --> 00:26:18,840 Speaker 3: bitcoin crypto more. 525 00:26:18,680 --> 00:26:21,239 Speaker 5: Broadly has felt like a culture. As you put it, 526 00:26:21,280 --> 00:26:22,200 Speaker 5: is like maybe the casino. 527 00:26:22,240 --> 00:26:25,680 Speaker 3: It's more about investing, it's more about speculation. When does 528 00:26:25,720 --> 00:26:27,960 Speaker 3: it become about usability utility? 529 00:26:28,480 --> 00:26:29,919 Speaker 14: Yeah, And so that's what my book is about. It's 530 00:26:29,920 --> 00:26:31,919 Speaker 14: about the productive side of blockchains, not the sort of 531 00:26:31,920 --> 00:26:34,120 Speaker 14: specultive side that you see so much attention focused on. 532 00:26:34,520 --> 00:26:37,159 Speaker 14: I believe that blockchains can be the foundation of a 533 00:26:37,280 --> 00:26:40,040 Speaker 14: new era of the Internet, so that the Internet has 534 00:26:40,080 --> 00:26:45,040 Speaker 14: become increasingly consolidated's insolidated. The top five tech companies account 535 00:26:45,080 --> 00:26:47,040 Speaker 14: for fifty percent of the NAZEC market cap n as 536 00:26:47,040 --> 00:26:49,199 Speaker 14: like one on a market cap up double from what 537 00:26:49,240 --> 00:26:52,240 Speaker 14: it was a decade ago. The Google and Apple have 538 00:26:52,280 --> 00:26:54,480 Speaker 14: a duopoly am mobile operating systems, the top one percent 539 00:26:54,480 --> 00:26:56,320 Speaker 14: of social networks accunt for ninety five percent of social 540 00:26:56,359 --> 00:26:58,840 Speaker 14: networking traffic, and so forth. I think blockchains are the 541 00:26:58,880 --> 00:27:03,280 Speaker 14: only credible technology for countering that consolidation and returning the 542 00:27:03,320 --> 00:27:06,320 Speaker 14: Internet to its original ideals as an open and democratic network. 543 00:27:06,359 --> 00:27:08,399 Speaker 14: So that's what my book's about, not the kind of 544 00:27:08,440 --> 00:27:10,879 Speaker 14: speculative side, but the productive side. And that's why the 545 00:27:11,000 --> 00:27:12,880 Speaker 14: entrepreneurs I work with are excited about the space. That's 546 00:27:12,880 --> 00:27:15,040 Speaker 14: why we're investing in the space. And so I wanted 547 00:27:15,080 --> 00:27:16,520 Speaker 14: to tell that side of the story because I didn't 548 00:27:16,520 --> 00:27:17,439 Speaker 14: feel like it had been heard. 549 00:27:17,359 --> 00:27:19,520 Speaker 3: Enough, because I mean, you come from both sides. You 550 00:27:19,560 --> 00:27:23,080 Speaker 3: made your name with great bets on Kickstarter, on Pinterest, 551 00:27:23,160 --> 00:27:24,879 Speaker 3: but then you really started to double down in the 552 00:27:24,920 --> 00:27:27,600 Speaker 3: areas of coinba Solana. I mean the list goes on 553 00:27:27,600 --> 00:27:30,359 Speaker 3: of some of the exposure your portfolio has now uniswap 554 00:27:30,840 --> 00:27:33,160 Speaker 3: where is the energy going and how much is that 555 00:27:33,320 --> 00:27:37,320 Speaker 3: dare I say, starting to dovetail with the new explosion 556 00:27:37,320 --> 00:27:38,120 Speaker 3: of AI, for. 557 00:27:38,040 --> 00:27:41,440 Speaker 14: Example, Yeah, so we're you know, we're I view blockchains 558 00:27:41,440 --> 00:27:44,760 Speaker 14: as an expansive technology where you can build games, social networks. 559 00:27:45,160 --> 00:27:47,240 Speaker 14: A lot of interesting stuff is happening around new ways 560 00:27:47,240 --> 00:27:51,080 Speaker 14: for creative people to make new income streams. So for example, 561 00:27:51,119 --> 00:27:54,400 Speaker 14: by selling digital collectibles to their audiences, make music, which 562 00:27:54,440 --> 00:27:56,199 Speaker 14: is yeah, like music, which is particularly important I think 563 00:27:56,200 --> 00:27:57,760 Speaker 14: in an age of AI, because AI, I think we'll 564 00:27:57,760 --> 00:28:01,320 Speaker 14: put downward generative AI lets you create content very cheaply, 565 00:28:01,359 --> 00:28:03,199 Speaker 14: and therefore we'll put downward pressure on a lot of 566 00:28:03,280 --> 00:28:05,119 Speaker 14: creative people's business models. And so I think it's a 567 00:28:05,200 --> 00:28:07,520 Speaker 14: very important time to create new business models. Another example 568 00:28:07,520 --> 00:28:10,440 Speaker 14: of AI are things like deep fakes. Right, so we're 569 00:28:10,440 --> 00:28:12,600 Speaker 14: seeing the internet, you know, more and more deep fakes. 570 00:28:12,840 --> 00:28:14,640 Speaker 14: I think you're gon see more and more sophisticated things 571 00:28:14,680 --> 00:28:18,840 Speaker 14: like phishing attacks. And in that world, having a system 572 00:28:18,880 --> 00:28:20,719 Speaker 14: where you can have one of the things that blockchain 573 00:28:20,800 --> 00:28:22,639 Speaker 14: is very good at is keeping sort of the provenance 574 00:28:22,720 --> 00:28:24,480 Speaker 14: of a video, so you can say this video came 575 00:28:24,480 --> 00:28:27,840 Speaker 14: from Bloomberg and you can cryptographically prove that, and that 576 00:28:27,840 --> 00:28:30,359 Speaker 14: can be very important in a world where you know, 577 00:28:30,520 --> 00:28:33,919 Speaker 14: what was once ground truth video now becomes unreliable. So 578 00:28:34,160 --> 00:28:35,600 Speaker 14: and by the way, I'm very pro AI. I think 579 00:28:35,600 --> 00:28:38,040 Speaker 14: it's very exciting. But I do think it's important to 580 00:28:38,040 --> 00:28:42,520 Speaker 14: have counterbalancing technologies, and I believe blockchains are counterbalancing technology 581 00:28:42,560 --> 00:28:45,000 Speaker 14: to AI, Chris. 582 00:28:44,800 --> 00:28:46,320 Speaker 4: I want to go back to kind of the origin 583 00:28:46,560 --> 00:28:49,280 Speaker 4: of the rationale behind blockchain. Right, So if I apply 584 00:28:49,400 --> 00:28:53,560 Speaker 4: this blanket term DeFi to everything that we've just talked about, 585 00:28:54,000 --> 00:28:56,560 Speaker 4: what's the conclusion you reach in the book about your 586 00:28:56,560 --> 00:28:59,600 Speaker 4: own attitude towards the promise of DeFi. 587 00:29:00,360 --> 00:29:02,000 Speaker 14: Yeah, I mean so DeFi that you know, of course, 588 00:29:02,000 --> 00:29:04,840 Speaker 14: refers to the centralized finance, which has been an interesting area. 589 00:29:05,120 --> 00:29:06,880 Speaker 14: You know, I think, like with finance in particular, is 590 00:29:06,880 --> 00:29:09,080 Speaker 14: a highly regulated area. And so I think, you know, 591 00:29:09,120 --> 00:29:12,880 Speaker 14: we've been working very you know, very hard on sort 592 00:29:12,920 --> 00:29:15,200 Speaker 14: of policy matters and trying to put forth proposals, and 593 00:29:15,200 --> 00:29:17,240 Speaker 14: so I think for DeFi, I think there's a lot 594 00:29:17,240 --> 00:29:19,000 Speaker 14: of really innovative stuff that happened in DeFi, and I 595 00:29:19,040 --> 00:29:22,360 Speaker 14: think people underestimate how successful in a lot of ways 596 00:29:22,360 --> 00:29:23,960 Speaker 14: it was. So for example, with all of the market 597 00:29:24,040 --> 00:29:27,200 Speaker 14: volatility the last couple of years, these DeFi protocols like 598 00:29:27,280 --> 00:29:31,560 Speaker 14: UNISWAP and compound and others performed perfectly, did not have issues. 599 00:29:33,280 --> 00:29:35,840 Speaker 14: That said, I think to sort of realize it's true potential, 600 00:29:35,880 --> 00:29:36,200 Speaker 14: we have. 601 00:29:36,160 --> 00:29:38,080 Speaker 1: To figure out ways for DeFi to. 602 00:29:38,040 --> 00:29:40,600 Speaker 14: Expand beyond kind of the you know, the Internet culture 603 00:29:40,760 --> 00:29:43,080 Speaker 14: into the broader world. And I think that raises you know, 604 00:29:43,120 --> 00:29:45,640 Speaker 14: that's in that case, it's very important to work with regulators, 605 00:29:45,640 --> 00:29:48,680 Speaker 14: to work with existing institutions, to work with you know, 606 00:29:48,760 --> 00:29:51,160 Speaker 14: exchanges and all the other kind of participants in the 607 00:29:51,200 --> 00:29:52,520 Speaker 14: broader financial ecosystem. 608 00:29:53,440 --> 00:29:55,880 Speaker 4: Chris, what happened to the ecosystem of startups? 609 00:29:55,920 --> 00:29:56,880 Speaker 2: Then? Last year? 610 00:29:56,960 --> 00:29:59,360 Speaker 4: Caroline, and I look at all the backward looking data 611 00:30:00,040 --> 00:30:02,760 Speaker 4: shows that if you look at it from a venture back, 612 00:30:02,960 --> 00:30:05,800 Speaker 4: deal count or dollar perspective, twenty twenty three was a. 613 00:30:05,720 --> 00:30:06,760 Speaker 2: More difficult year. 614 00:30:07,240 --> 00:30:09,719 Speaker 4: How did your funds perform and what were the lessons 615 00:30:09,720 --> 00:30:10,480 Speaker 4: you learned through that? 616 00:30:10,800 --> 00:30:13,600 Speaker 14: Yeah, we're regulated ATRIA, so I'm not allowed to speak 617 00:30:13,600 --> 00:30:14,960 Speaker 14: about our own returns. 618 00:30:14,560 --> 00:30:16,080 Speaker 1: But I will say that that. 619 00:30:16,920 --> 00:30:18,360 Speaker 14: You know, my view if you look back kind of 620 00:30:18,360 --> 00:30:20,640 Speaker 14: at the history of technology is the innovation and financial 621 00:30:20,640 --> 00:30:23,800 Speaker 14: markets are pretty independent. And so for example, you know, 622 00:30:23,920 --> 00:30:26,320 Speaker 14: Facebook and YouTube were started in the sort of post 623 00:30:26,400 --> 00:30:29,640 Speaker 14: dot com after the dot com bubble, in the crash. 624 00:30:29,760 --> 00:30:32,440 Speaker 14: You know, Microsoft was started an Apple and the seventies 625 00:30:32,480 --> 00:30:35,479 Speaker 14: and a very high interest rate environment. So you know, 626 00:30:35,520 --> 00:30:37,160 Speaker 14: if you just kind of look at GET, what we 627 00:30:37,200 --> 00:30:39,840 Speaker 14: do mostly early stage investing, and we think that we 628 00:30:39,920 --> 00:30:43,080 Speaker 14: really look for technology trends and how they're moving and 629 00:30:43,200 --> 00:30:44,720 Speaker 14: less sort of the day to day. 630 00:30:44,600 --> 00:30:45,680 Speaker 1: Movements of the financial markets. 631 00:30:45,680 --> 00:30:48,200 Speaker 14: So we've been a very active We've been continuing very 632 00:30:48,200 --> 00:30:52,160 Speaker 14: consistently to deploy capital we find great entrepreneurs. I'm very 633 00:30:52,160 --> 00:30:54,200 Speaker 14: excited by the entrepreneurs that we see in the space. 634 00:30:54,720 --> 00:30:56,120 Speaker 14: That's what I try to talk about in the book 635 00:30:56,240 --> 00:30:58,600 Speaker 14: is just all of the new and exciting ideas. I 636 00:30:58,640 --> 00:31:01,200 Speaker 14: really feel like that some of that story hasn't been 637 00:31:01,200 --> 00:31:04,000 Speaker 14: fully told, and so I wanted to represent that and 638 00:31:04,440 --> 00:31:06,040 Speaker 14: show kind of all the new things that can be 639 00:31:06,080 --> 00:31:07,160 Speaker 14: built using this technology. 640 00:31:07,720 --> 00:31:10,160 Speaker 3: So when you are thinking of how much you've deployed already, 641 00:31:10,200 --> 00:31:12,080 Speaker 3: are you able to give us an update of whether 642 00:31:12,120 --> 00:31:15,800 Speaker 3: that cadence is growing at the moment, whether you've deployed most, 643 00:31:15,920 --> 00:31:17,920 Speaker 3: whether LPs are like, yeah, we love it, We're going 644 00:31:17,960 --> 00:31:18,520 Speaker 3: to commit more. 645 00:31:19,240 --> 00:31:22,080 Speaker 14: Well, we have I don't know what exactly we've a 646 00:31:22,640 --> 00:31:24,800 Speaker 14: close from a regulatory point of view, but we have 647 00:31:24,920 --> 00:31:29,000 Speaker 14: plenty of you know, we're well capitalized and we're excited 648 00:31:29,000 --> 00:31:30,520 Speaker 14: by Like the way I look at it is if 649 00:31:30,520 --> 00:31:32,560 Speaker 14: great entrepreneurs walk in the door, you know, we have 650 00:31:32,680 --> 00:31:35,280 Speaker 14: capital and we will give them capital, but we don't 651 00:31:35,280 --> 00:31:36,920 Speaker 14: try we don't have sort of a pace and try 652 00:31:36,920 --> 00:31:39,000 Speaker 14: to put money out out to work if we don't 653 00:31:39,040 --> 00:31:41,840 Speaker 14: find great people and great ideas. But we've I think 654 00:31:41,960 --> 00:31:44,720 Speaker 14: lately especially you know, there was sort of obviously like 655 00:31:44,840 --> 00:31:46,760 Speaker 14: FTX and a lot of you know, sort of negative 656 00:31:46,760 --> 00:31:49,520 Speaker 14: things that happen. I see a real kind of renaissance 657 00:31:49,560 --> 00:31:53,640 Speaker 14: beginning in the at the early stage with innovation and 658 00:31:53,720 --> 00:31:54,600 Speaker 14: just new ideas. 659 00:31:55,000 --> 00:31:56,200 Speaker 1: So I would expect that we would you. 660 00:31:56,200 --> 00:31:58,160 Speaker 14: Know, we have been, and I expect we continue to 661 00:31:58,200 --> 00:32:00,680 Speaker 14: remain very active in the in the early stage venture, 662 00:32:01,080 --> 00:32:03,080 Speaker 14: you know, in the activity. 663 00:32:03,640 --> 00:32:06,480 Speaker 2: Chris, it's an election year and. 664 00:32:07,800 --> 00:32:12,880 Speaker 4: Policy, future regulation, future legislation has been a discussion for 665 00:32:12,720 --> 00:32:14,560 Speaker 4: your for your industry for some time. How do you 666 00:32:14,640 --> 00:32:18,640 Speaker 4: approach your lobbying efforts this year or your communication with 667 00:32:18,720 --> 00:32:23,400 Speaker 4: both sides of this election race to build a long term. 668 00:32:23,360 --> 00:32:24,880 Speaker 14: Yeah, you know, I started going to DC a few 669 00:32:24,960 --> 00:32:27,720 Speaker 14: years ago to so talked to policymakers about these topics. 670 00:32:27,800 --> 00:32:30,960 Speaker 14: And one of my realizations is a big tech, big banks, 671 00:32:31,600 --> 00:32:34,160 Speaker 14: lots of other kinds of parts of the economy are 672 00:32:34,160 --> 00:32:37,040 Speaker 14: well represented in d C. We felt that small tech, 673 00:32:37,120 --> 00:32:39,680 Speaker 14: that startups did not have proper representation. So we as 674 00:32:39,680 --> 00:32:41,480 Speaker 14: a firm have decided that we, you know, we are 675 00:32:41,560 --> 00:32:43,720 Speaker 14: an institution that can help with that, and so we've 676 00:32:43,720 --> 00:32:45,880 Speaker 14: decided to get more active in politics. We're taking a 677 00:32:45,920 --> 00:32:49,720 Speaker 14: bipartisan approach. We you know, are our stances pro tech, 678 00:32:49,800 --> 00:32:52,760 Speaker 14: pro startup. You know, I think that a lot of 679 00:32:52,760 --> 00:32:55,400 Speaker 14: su particularly around blockchains and crypto, is playing out in courts. 680 00:32:55,840 --> 00:32:58,000 Speaker 14: And the problem with courts is it takes many, many years, 681 00:32:58,000 --> 00:33:01,160 Speaker 14: and that creates uncertainty, and uncertainty is you know, deters 682 00:33:01,200 --> 00:33:02,880 Speaker 14: good actors and attracts bad actors. 683 00:33:03,320 --> 00:33:04,440 Speaker 1: So, you know, I would. 684 00:33:04,240 --> 00:33:06,360 Speaker 14: Argue that the right way to sort of approach tech 685 00:33:06,400 --> 00:33:10,360 Speaker 14: policy is to look at a technology holistically. Every technology 686 00:33:10,400 --> 00:33:12,880 Speaker 14: has bad things and good things about it. AI does 687 00:33:13,040 --> 00:33:16,120 Speaker 14: you know, crypto does and the right policy you know, 688 00:33:16,440 --> 00:33:19,320 Speaker 14: sort of is crafted to maximize the good and minimize 689 00:33:19,360 --> 00:33:21,880 Speaker 14: the bad, and so that's what we advocate for. 690 00:33:22,640 --> 00:33:27,480 Speaker 3: I'm interested in ultimately where you're seeing this renaissance coming 691 00:33:27,760 --> 00:33:28,920 Speaker 3: coming from and happening. 692 00:33:29,040 --> 00:33:30,000 Speaker 5: But it's very nature. 693 00:33:30,440 --> 00:33:33,560 Speaker 3: Often those that are building in crypto are decentralized as well, 694 00:33:33,600 --> 00:33:36,280 Speaker 3: and the application they're off. I think of sky Mavis 695 00:33:36,320 --> 00:33:40,000 Speaker 3: and how Axioinfinity just blew up, and Asia in particular. 696 00:33:40,680 --> 00:33:43,320 Speaker 5: Where is the excitement right now and where do you invest? 697 00:33:43,400 --> 00:33:46,200 Speaker 3: Is it always in equity that token investments you still 698 00:33:46,200 --> 00:33:46,560 Speaker 3: want to make? 699 00:33:46,640 --> 00:33:48,280 Speaker 14: Yeah, we do both. We do so we do equity 700 00:33:48,280 --> 00:33:50,840 Speaker 14: and token investments. In terms of the location, in New 701 00:33:50,920 --> 00:33:52,560 Speaker 14: York is actually I would say in the US is 702 00:33:52,560 --> 00:33:55,600 Speaker 14: sort of the hub for this for blockchain activity, but 703 00:33:55,600 --> 00:33:58,040 Speaker 14: it's really a global movement. It's happening all over the place. 704 00:33:58,120 --> 00:34:00,120 Speaker 14: You know, China's doing a lot in Hong Kong, so 705 00:34:00,120 --> 00:34:03,880 Speaker 14: a lot of Asia is very active, Korea, Japan, we 706 00:34:03,960 --> 00:34:06,040 Speaker 14: just opened the UK office. There's a lot of things 707 00:34:06,080 --> 00:34:07,920 Speaker 14: in Europe. So it's a very global movement, I think, 708 00:34:07,960 --> 00:34:11,160 Speaker 14: more so than most technologies. And I think that also 709 00:34:11,680 --> 00:34:14,439 Speaker 14: maybe skews some of the perspective in the US because 710 00:34:14,480 --> 00:34:16,440 Speaker 14: like a lot of the technology, for example, stable coins, 711 00:34:16,880 --> 00:34:20,359 Speaker 14: which are basically digital dollars, are very popular. There are 712 00:34:20,360 --> 00:34:23,759 Speaker 14: six hundred billion in transactions last month alone, and a 713 00:34:23,760 --> 00:34:25,640 Speaker 14: lot of that happens around the world, and we don't 714 00:34:25,640 --> 00:34:27,200 Speaker 14: see it as much here because we have you know, 715 00:34:27,280 --> 00:34:29,759 Speaker 14: you have your your credit card, you have your fat 716 00:34:29,840 --> 00:34:32,240 Speaker 14: and your credit cards. You know, the financial the payment 717 00:34:32,239 --> 00:34:34,480 Speaker 14: systems work quite well here and as you know, we 718 00:34:34,560 --> 00:34:36,279 Speaker 14: obviously have access to the dollar. But that's a very 719 00:34:36,280 --> 00:34:37,960 Speaker 14: popular product around the world, so it really is a 720 00:34:38,000 --> 00:34:38,600 Speaker 14: global movement. 721 00:34:39,800 --> 00:34:42,759 Speaker 4: Chris, we have ten seconds. Do you hold bitcoin or 722 00:34:42,800 --> 00:34:44,560 Speaker 4: any other digital tokens personally? 723 00:34:46,560 --> 00:34:52,239 Speaker 1: Gosh, like, I'm very bullish, and you know, I do 724 00:34:52,400 --> 00:34:52,839 Speaker 1: have a lot. 725 00:34:53,680 --> 00:34:55,279 Speaker 14: I don't know, I'm not supposed to talk about my 726 00:34:55,640 --> 00:34:58,560 Speaker 14: particular holdings, but I am very I do have a 727 00:34:58,600 --> 00:34:59,160 Speaker 14: lot of crypto. 728 00:34:59,239 --> 00:35:03,160 Speaker 4: Yeah, all right, Christison, founder, managing partner over at A 729 00:35:03,280 --> 00:35:05,960 Speaker 4: sixteen Z crypto with a book out today. Great to 730 00:35:06,040 --> 00:35:07,360 Speaker 4: have you on the program. 731 00:35:07,400 --> 00:35:08,160 Speaker 1: Thank you, Thank. 732 00:35:08,040 --> 00:35:20,400 Speaker 4: You time now for talking tech. And first up, IBM 733 00:35:20,520 --> 00:35:23,640 Speaker 4: is giving its US managers who are still working remotely 734 00:35:23,760 --> 00:35:27,320 Speaker 4: and ultimatum either moved to a location near the office 735 00:35:27,880 --> 00:35:30,960 Speaker 4: or leave the company. This, according to an internal memo 736 00:35:31,080 --> 00:35:34,759 Speaker 4: seen by Bloomberg, managers must live within fifty miles of 737 00:35:34,760 --> 00:35:35,640 Speaker 4: an IBM. 738 00:35:35,320 --> 00:35:37,040 Speaker 2: Office by the start of August. 739 00:35:37,320 --> 00:35:41,799 Speaker 4: And social media platform X is reactivating searches related to 740 00:35:41,920 --> 00:35:46,399 Speaker 4: musician Taylor Swift. Searches for her name were temporarily disabled 741 00:35:46,719 --> 00:35:50,960 Speaker 4: after explicit AI generated images of Swift made the rounds 742 00:35:50,960 --> 00:35:54,000 Speaker 4: on X. Other public figures have recently become targets of 743 00:35:54,040 --> 00:35:57,600 Speaker 4: deep fakes, and that includes President Joe Biden. Plus TikTok 744 00:35:57,920 --> 00:36:01,880 Speaker 4: is testing a new feature that were made video posts shoppable. 745 00:36:01,960 --> 00:36:05,040 Speaker 4: The feature will use technology that can identify objects in 746 00:36:05,080 --> 00:36:08,799 Speaker 4: a video and encourage views to find similar items on 747 00:36:08,880 --> 00:36:12,480 Speaker 4: TikTok shop. The spokesperson confirmed the feature is in an 748 00:36:12,520 --> 00:36:13,120 Speaker 4: early test. 749 00:36:13,239 --> 00:36:15,480 Speaker 3: Karen, let's get more on that from the person who's 750 00:36:15,480 --> 00:36:17,440 Speaker 3: been writing all about it, Bloomberg's Alex Brinka. 751 00:36:17,560 --> 00:36:18,440 Speaker 5: And before we. 752 00:36:18,440 --> 00:36:21,200 Speaker 3: Delve into some of the focus of Washington in social 753 00:36:21,200 --> 00:36:24,120 Speaker 3: media land right now, focus on where they're trying to evolve. 754 00:36:24,160 --> 00:36:26,320 Speaker 5: I mean, so, what any any. 755 00:36:26,120 --> 00:36:29,399 Speaker 3: Post that I put on TikTok they can hunt maybe 756 00:36:29,440 --> 00:36:32,040 Speaker 3: the makeup that's behind me or whatever I might be wearing. 757 00:36:33,080 --> 00:36:34,759 Speaker 7: In theory, that's what this test would do. 758 00:36:35,200 --> 00:36:39,040 Speaker 15: TikTok technology basically looks at the post and they'll see, hey, 759 00:36:39,200 --> 00:36:41,600 Speaker 15: you're trying on a lipstick or you're walking your dog 760 00:36:41,680 --> 00:36:44,200 Speaker 15: with a leash, and link you to a shopping page 761 00:36:44,239 --> 00:36:47,279 Speaker 15: filled with items that are tagged with quote similar to 762 00:36:47,600 --> 00:36:50,200 Speaker 15: the video. Now, this is really interesting and a departure 763 00:36:50,280 --> 00:36:53,920 Speaker 15: from how shopping works on TikTok right now. Right now, currently, 764 00:36:54,480 --> 00:36:58,520 Speaker 15: brands and creators and influencers who are approved actually go 765 00:36:58,600 --> 00:37:01,520 Speaker 15: on and tag products to their video. And while that's 766 00:37:01,719 --> 00:37:03,800 Speaker 15: got a lot of people to purchase on the app, 767 00:37:03,840 --> 00:37:06,919 Speaker 15: it's also got some users complaining these influencers and brands 768 00:37:06,920 --> 00:37:09,640 Speaker 15: are obviously incentivized they want to drive revenue or make 769 00:37:09,640 --> 00:37:13,480 Speaker 15: commission in the influencer's perspective, So there is some complaints 770 00:37:13,520 --> 00:37:17,800 Speaker 15: there Layering on this technology, though, Will kind of ensure 771 00:37:17,960 --> 00:37:20,640 Speaker 15: that these videos are not just people trying to sell 772 00:37:20,640 --> 00:37:23,920 Speaker 15: you something you could actually shop from, something that is 773 00:37:24,239 --> 00:37:26,880 Speaker 15: not making a sales pitch, but just a video of 774 00:37:26,920 --> 00:37:30,360 Speaker 15: interesting rocks that a geologist is sharing on the internet. 775 00:37:31,160 --> 00:37:34,759 Speaker 4: The user sort of response is interesting because there's the 776 00:37:34,840 --> 00:37:37,719 Speaker 4: items themselves, some of them are not legit and then 777 00:37:37,760 --> 00:37:40,440 Speaker 4: in some cases, according to your reporting, the tech isn't 778 00:37:40,480 --> 00:37:42,040 Speaker 4: working one hundred percent. 779 00:37:43,440 --> 00:37:44,280 Speaker 7: Yeah, exactly. 780 00:37:44,800 --> 00:37:47,800 Speaker 15: There have been issues with both counterfeits and copycat items 781 00:37:47,800 --> 00:37:50,960 Speaker 15: that we've written about, particularly in the beauty space, people 782 00:37:51,000 --> 00:37:53,880 Speaker 15: purporting to sell brands like Charlotte Tilbray when it is 783 00:37:53,960 --> 00:37:56,239 Speaker 15: not in fact a brand like Charlotte Tilbray, or there 784 00:37:56,239 --> 00:37:58,719 Speaker 15: are examples like the one I saw before I wrote 785 00:37:58,719 --> 00:38:02,239 Speaker 15: this story where I mentioned a geologist showing off rocks. Well, 786 00:38:02,560 --> 00:38:07,480 Speaker 15: the technology tagged a bunch of nail products and rings 787 00:38:07,600 --> 00:38:11,440 Speaker 15: to that particular video. So if you're somebody who enjoys 788 00:38:11,480 --> 00:38:14,279 Speaker 15: pressish gems, I don't know if nail polish is the 789 00:38:14,320 --> 00:38:16,480 Speaker 15: right product for you. So it does seem to be 790 00:38:16,560 --> 00:38:18,879 Speaker 15: that this is going to be an evolving process. As 791 00:38:19,480 --> 00:38:21,520 Speaker 15: you mentioned, this is a test for them, But what 792 00:38:21,520 --> 00:38:25,319 Speaker 15: this would certainly do is kind of super charge their 793 00:38:25,320 --> 00:38:27,799 Speaker 15: e commerce push. I've been told by people familiar with 794 00:38:27,840 --> 00:38:30,920 Speaker 15: the matter that internally at the company, commerce, particularly in 795 00:38:30,960 --> 00:38:34,640 Speaker 15: the US, is top priority. So it seems like they're 796 00:38:34,640 --> 00:38:36,360 Speaker 15: trying to pull out all the stops to get people 797 00:38:36,360 --> 00:38:39,160 Speaker 15: purchasing off those entertaining videos on TikTok. 798 00:38:39,120 --> 00:38:41,760 Speaker 3: And of course we wait to see what the leaders 799 00:38:41,800 --> 00:38:45,440 Speaker 3: of these businesses, not just TikTok, but x and Instagram 800 00:38:45,480 --> 00:38:47,840 Speaker 3: Meta more broadly, what they have to say on Capitol 801 00:38:47,880 --> 00:38:49,600 Speaker 3: Hill tomorrow. I'm sure we'll be checking in with you then, 802 00:38:49,640 --> 00:38:52,360 Speaker 3: Alex Birinka, we thank you so much. Meanwhile, and that 803 00:38:52,400 --> 00:38:54,040 Speaker 3: does it for this edition of B New Me Technology. 804 00:38:54,080 --> 00:38:57,200 Speaker 4: And yeah, thank you to everyone this week that told 805 00:38:57,239 --> 00:38:59,279 Speaker 4: us you listen to the shows a podcasts. 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