Speaker 1: From Mahart where Innovation, money and power Collie in Silicon
Speaker 1: Vallet and beyond. This is Bloomberg Technology with Caroline Hyde
Speaker 1: and Ed Ludlow.
Speaker 2: I'm Caroline hide a Bloomberg's WORLDEAD quarters in New York,
Speaker 2: and I'm Ed Load in San Francisco.
Speaker 3: We're back Carrow. This is Blueboy Technology and Ed coming up.
Speaker 4: The Tesla challenge that the company cuts.
Speaker 2: Its prices in China again, smoking worries of another global
Speaker 2: price war.
Speaker 3: Plus PayPal has a new CEO, finally details on the
Speaker 3: company's new leader and now he may be able to
Speaker 3: help a stock that's slumped. This growth slowed post pandemic.
Speaker 2: Oh and Zuckerberg telling speculators that it's time to move
Speaker 2: on from the potential cage fight with Elon Musk. But
Speaker 2: will we more on that later this hour, But first,
Speaker 2: let's check in on these markets. It's been a while
Speaker 2: since I've checked in on the men, and I'm looking
Speaker 2: at six tens percent higher on the Nasdaq, actually managing
Speaker 2: to pick ourselves up from some of the concerns we had,
Speaker 2: particularly anxiety around China. That is why I shine a
Speaker 2: light and what's happening with the big Chinese names that
Speaker 2: are traded here in the US. They are still under pressure,
Speaker 2: but as much as they were in earlier days trading
Speaker 2: they're off by more than one point three percent at
Speaker 2: one point, we're now off by about half of that.
Speaker 2: This still is the warriores, the anxiety around wealth management
Speaker 2: and exposure there in.
Speaker 4: Over in China, of course, was worrying.
Speaker 2: With the property market, basically how much the government will
Speaker 2: stimulate this particular economy.
Speaker 4: We are still seeing some anxiety in the bomb market
Speaker 4: that yields.
Speaker 2: What a couple of weeks I missed in terms of
Speaker 2: the tenure and the fact that we're now at four
Speaker 2: point almost two on the tenure that we're seeing we're
Speaker 2: basically at five percent on the two year, but we
Speaker 2: still see that yield move absolutely.
Speaker 4: Higher on the tenure as it stands.
Speaker 2: So still some warriors, I tell you, whether we've seen
Speaker 2: some resilience over the last few trading days, a little
Speaker 2: bit of a knockdown on Sunday trading, but remember that's
Speaker 2: because we have thin volumes, and.
Speaker 4: Look at the moment, we have thin volumes.
Speaker 2: No a matter really what asset class you look at,
Speaker 2: but I'm looking at what's happening is in Bitcoin, and
Speaker 2: we're still managed to tread water in that twenty nine
Speaker 2: thousand levels.
Speaker 4: So after the last few trading days.
Speaker 2: We very much feel range bound, a little bit pushing
Speaker 2: up on the higher side as we speak their ed.
Speaker 3: Yeah, three quick news stories we're going to give you
Speaker 3: more details on during the program. Tests down two percent,
Speaker 3: trimming prices on higher spec model wise in China. Steve Wesley,
Speaker 3: who's a former Tesla board member, is going to join
Speaker 3: us in just a moment. Sticking with the automotive theme.
Speaker 3: Ford is modestly higher. Peter Stern, longtime Apple alum, is
Speaker 3: joining Forward to lead the software and integrated services part
Speaker 3: of that business. We will bring you more details later on.
Speaker 3: And then PayPal finally has named it's CEO. We will
Speaker 3: tell you who that is later in the show. The
Speaker 3: big story overnight add at Asia is on high or
Speaker 3: fox Con is the unit we most closely cover. Shares
Speaker 3: actually up one point four percent. It's basically cut its
Speaker 3: sales outlook for the year, principally telling us that in
Speaker 3: the quarter and on a annual basis, the smartphone this
Speaker 3: is going to decline. In may Caro, they told us
Speaker 3: that it would be flat in terms of top line growth.
Speaker 3: This just adds to every story we've been covering in
Speaker 3: the last several weeks about the pain the smartphone market's
Speaker 3: feeling principally here in the United States. But remember Fox
Speaker 3: one or on Hi, the principal assembler of Apple's iPhone.
Speaker 3: It matches the narrative that we got from Apple execs
Speaker 3: just a week ago during earnings.
Speaker 1: Yeah.
Speaker 2: Apple, of course it's number one customer. But it also
Speaker 2: reflects what we've heard from quiralcom. When you've been hearing
Speaker 2: from TSMC this overall narrative that you and I the
Speaker 2: consumer are slow slowing our purchases of smartphones and the
Speaker 2: like electronics, but one also about business spend at the moment,
Speaker 2: how willing they are within this overall global economy.
Speaker 3: Ed, we're tracking kind of this like crystal ball of commentary.
Speaker 3: So Tim kirk Lukeameistrie saying two consecutive corners, a smartphone
Speaker 3: slow down here in the US. Sony, which people forget,
Speaker 3: is a massive supplier for the camera sensors the smartphone
Speaker 3: saying the rebounds coming twenty twenty. So it's a really
Speaker 3: dim outlook for what is a core piece of electronics
Speaker 3: for consumers and businesses globally.
Speaker 2: And I love the bluebug intelligence perspective always.
Speaker 4: You get it in the b wrap up and.
Speaker 2: Saying revenue could be affected by muted iPhone growth going
Speaker 2: into twenty twenty three margin pressure due to perhaps even
Speaker 2: a lockdown impact that we still remember of China, and.
Speaker 4: We want to stick on that theme.
Speaker 5: Ed.
Speaker 4: We want to stick on the.
Speaker 2: China because it's really the narrative of the day, isn't it.
Speaker 2: Tesla rolling out new rounds of price cuts over there,
Speaker 2: according to its Wabo account. Now it's reigniting those fears
Speaker 2: that we'd sort of pushed to the side for a minute.
Speaker 2: We thought this price war was on hold, But no, No,
Speaker 2: a whole host of watermakers over in Asia and then
Speaker 2: last week alone have been tapping back their prices.
Speaker 4: So we're really pleased to have.
Speaker 2: Well, a former insider, someone who knows the company very well,
Speaker 2: Wesley Group managing partner Steve Wesley, who served on the
Speaker 2: border Tesla you shared its audit committee for three years, Stephen,
Speaker 2: And really I thought we'd sort of put this anxiety
Speaker 2: to bed, some sort of agreement between the key players
Speaker 2: in China they wouldn't keep cutting prices, but it seems
Speaker 2: they have to.
Speaker 6: So resolution too. But Elon's hard to predict. But here's
Speaker 6: where I thing's happening. Every automaker in the world is
Speaker 6: going all electric. Tesla has a cost advantage over everybody else.
Speaker 7: They're simply put trying to grab market's share.
Speaker 6: What American investors, I think often don't understand is not
Speaker 6: only China the largest.
Speaker 7: Auto market in the world. Now you've got to win
Speaker 7: China if you're going to be the global winner. Tesla's
Speaker 7: being very aggressive.
Speaker 6: Interestingly, they make fifty four percent of all Tesla's made
Speaker 6: in China today. Part of the reason for that is
Speaker 6: they can make them less expensively, and I think if
Speaker 6: Elon's trying to take advantage of that price advantage she has,
Speaker 6: it's a low cost provider.
Speaker 2: I mean, you say they're going for market share, but
Speaker 2: bid is a face competitor. Ultimately, does it spell concerns
Speaker 2: more globally as well for ev competition.
Speaker 7: Look, yeah, no one's been crying for the Chinese.
Speaker 6: Of the top ten autograms in the world, seven of
Speaker 6: the ten are Chinese.
Speaker 7: So most Americans are thinking how afforded hum doing?
Speaker 6: The realist backdown is this it's Tesla Earth, the Chinese,
Speaker 6: the Volti Flaging coming in quickly because they the biggest
Speaker 6: solar vehicles in the world twenty twenty two.
Speaker 7: They've got deep pockets global manufacturing. Those are the big three.
Speaker 6: Everybody else is trying to catch up, so it'll be
Speaker 6: an interesting battle. What's so fascinating to me is Tesla
Speaker 6: really the leader in UBIS for a long time, the
Speaker 6: first ones to connect every vehicle. They've really led the world,
Speaker 6: not just to bring battery production in house, increase robotization
Speaker 6: and manufacturing, but probably most importantly, really taking the line's share.
Speaker 7: Of and optimizing for over the air software.
Speaker 6: That profit from software sales drops right to the bottom line.
Speaker 7: That's why the other use piece this morning.
Speaker 6: About Yes You've Got is for and hired Apple's Software
Speaker 6: Ahead to help them figure out their software pricing.
Speaker 7: They need that profitability.
Speaker 3: We're going to bring those details about Peter Stern later
Speaker 3: in the show. Here, Steve, let's remind our Bloomberg Technology
Speaker 3: audience about these specific cuts. It's a nineteen hundred dollars
Speaker 3: cut to the two highest spec model wise in China,
Speaker 3: so a four point five percent cut to the long
Speaker 3: range of three point eight percent to the performance spec
Speaker 3: of model. Ye, those are not the highest volume trims.
Speaker 3: But if Elon Musk came to you and said, you
Speaker 3: know what, I've changed my mind again. We're going to
Speaker 3: cut We're going to cut prices. We just keep targeting
Speaker 3: volume and growth, what would you have said to him.
Speaker 6: Well, OK, because I know better than most Elon's awfully
Speaker 6: hard to predict, fellow. But I'm looking at the market
Speaker 6: here and I'm just seeing Tell trade down a bit,
Speaker 6: and I know investors are thinking, gosh, reduce profitability. I
Speaker 6: think that's short sighted.
Speaker 7: Here. You have a global you know, battle, and.
Speaker 6: Testla has a chance to take more territory now, and
Speaker 6: I think they're doing precisely the right thing. Fifteen profitable quarters,
Speaker 6: close to twenty billion dollars in profitability last year. They
Speaker 6: can't afford it. Why not do the land grab now?
Speaker 6: I think that's what Tesla's thinking, and I think they're.
Speaker 7: Right to do it.
Speaker 3: Hey, Steve, How's how's China changed since the time you
Speaker 3: were on Tesla's forward as a priority for the company.
Speaker 7: China was not even a speck in the rear view mirror.
Speaker 6: You know, for the last fifty years, we've all been
Speaker 6: looking at the Japanese increasingly to the Koreans. They make
Speaker 6: out standing cars, and either way, Hundai and a key
Speaker 6: coming out of the iconic. These are great brands. They're
Speaker 6: going to be part of the picture. But China, simply put,
Speaker 6: was not in the picture. Fast forward twenty years. What's
Speaker 6: really changed? Those electric cars are really better virtually every way.
Speaker 6: The faster, the better for the planet. They're more reliable.
Speaker 6: The big fly in the oint minute is they just
Speaker 6: playing costs you much, but the cost per kilo one
Speaker 6: hour has gone down dramatically. Think about this, from eleven
Speaker 6: hundred dollars kill a lot hour down now to about ninety.
Speaker 6: The reason that Chinese are doing so well one, the
Speaker 6: Chinese government subsidizes to the auto companies. With two, most
Speaker 6: all of the auto batteries in the world are made
Speaker 6: in China, and that gives them a competitive edge in
Speaker 6: battery pricing. The real question is can the Chinese use
Speaker 6: their edge and lower cost batteries to catch up on
Speaker 6: the edge Tesla has in manufacturing and software.
Speaker 3: Hey, Caroline, Steve's got a great grasp on the data.
Speaker 3: He's talking about fifty four percent of production coming out
Speaker 3: of China, But it raises the question of warhod On,
Speaker 3: what have you cut back in China as well?
Speaker 2: Yeah, I mean when we're looking at what near third
Speaker 2: drop in shipments for the month of July coming from China, Steve,
Speaker 2: make this global for us for a moment, because they
Speaker 2: don't just produce in China. Yes, it's been a key
Speaker 2: area of focus, but they produce largely in the US.
Speaker 2: Also in Germany they're looking to expand how much are
Speaker 2: we going to see a curtailment of overall reduction or
Speaker 2: indeed a curtailment and overall profitability globally here?
Speaker 8: Well? Two points one, Tesla loves producing in China because
Speaker 8: costs here are so low. But you'd be foolish not
Speaker 8: to be aware of the Zeo political concerns on the lives.
Speaker 8: And that's why doubling down on the capacity size in
Speaker 8: the land, expanding capacity in China.
Speaker 6: You're about to break ground this month with a new
Speaker 6: plant in month ary in Mexico. So Tesla's not stup,
Speaker 6: but they're diversifying.
Speaker 9: They're going to other markets like Mexico they can enjoy
Speaker 9: the benefits lower cost vehicles. But I must say I
Speaker 9: think Elon having survived the tough times five, six, eight
Speaker 9: years ago where it wasn't even sure the company would survive.
Speaker 9: He's focused like a laser on making sure he has
Speaker 9: a cost advantage over the others. I think he's going
Speaker 9: to squeeze a lot of the new incumbents, and I
Speaker 9: think what you're going to see very quickly is this
Speaker 9: big global shakeout again between Tesla, we're sitting on top.
Speaker 7: The Chinese were coming quickly with very low cost batteries.
Speaker 6: Volkswagen, which is probably the other Western brand I think,
Speaker 6: has done the best at modernizing, bringing mattery production in house,
Speaker 6: and improving manufacturing capabilities.
Speaker 3: Steve very quickly a reaction to Zach Kirkhorm, the CFO
Speaker 3: of the last four years thirteen years of the company,
Speaker 3: leaving Tesla.
Speaker 6: Well, it's no surprise executives at Tesla tend to turn
Speaker 6: over fairly off of the fact that Zach survived as
Speaker 6: long as he did. It's a testament to him. But
Speaker 6: I don't think it's a surprise. You know, people tend
Speaker 6: to think Tesla is a one person company and Elon
Speaker 6: may be a visionary, but you got to give him
Speaker 6: and the Tesla board credit. They've built out their executive team.
Speaker 6: They're playing long ball here, and I think as you
Speaker 6: look at their revenues this year, I believe they'll crest
Speaker 6: one hundred billion dollars with the highest profitability in the
Speaker 6: auto industry.
Speaker 7: Hard to complain about what they're doing right now. They
Speaker 7: look a little smarter than.
Speaker 3: The rest Western Greek managing part of Steve Westley Greats.
Speaker 3: Have you back on the show, Caroline, and I thank
Speaker 3: you very much. All right, Time to move on here
Speaker 3: on Boombo Tech. That's what Meta CEO Mark Zuckerberg is
Speaker 3: telling the speculators about the cage fight between him and
Speaker 3: Elon Musk. Zuck took the threads on Sunday Nights, saying, quote,
Speaker 3: if Elon ever gets serious about a real date, an
Speaker 3: official event, he knows how to reach me. Otherwise, time
Speaker 3: to move on. I'm going to focus on competing with
Speaker 3: people who take the sports seriously reference to MMA. Elon
Speaker 3: Musk responded on X by saying he can't wait to
Speaker 3: bang on his door tomorrow, which today, And we're gonna
Speaker 3: have more in that story later this hour, Caroline, Real
Speaker 3: quick in the EV space, Nikola chees down significantly, almost
Speaker 3: nine percent, but they paired losses in this session. The
Speaker 3: reason I'm tracking this one is they buried the news
Speaker 3: frankly Friday night and said that a fire at their facility,
Speaker 3: which came from the battery packs of battery electric trucks,
Speaker 3: was not foul play as they previously said they suspected,
Speaker 3: but actually it was a malfunction in one of the
Speaker 3: suppliers of the battery pack. Again, this is a stock
Speaker 3: that's been an absolute roller coaster we've been talking about
Speaker 3: on the show. Amazon and US regulators are about to
Speaker 3: meet this week, the final step before a long shot
Speaker 3: bid to break up the tech giant. Amazon will try
Speaker 3: and argue that its behavior is harmless, seeking to avoid
Speaker 3: a full blown antitrust lawsuit in federal court. Will it work?
Speaker 3: It's the big question that's bringing in Bloomberg's senior executive
Speaker 3: editor for Technology. You're writing in Tech Daily about the showdown,
Speaker 3: and Bloomberg reported about the details of this meeting that
Speaker 3: the FTC commissioners and reps from Amazon. But it seems
Speaker 3: like despite the drama of the room, eyeball to eyeball,
Speaker 3: the FTC is going to go ahead anyway.
Speaker 1: Right, Yeah, I mean, it's interesting for what it represents.
Speaker 10: It's almost like the whistle at the beginning of the
Speaker 10: game and the formal of festivities.
Speaker 1: But it's a little bit of a ritual.
Speaker 10: In other cases that these meetings, also called last rites,
Speaker 10: can be significant. The company might bring a CEO, they
Speaker 10: might offer compromises to get out of the litigation. You know,
Speaker 10: in this case, it's very unlikely. I think that everybody
Speaker 10: is going through the motions here. The FTC has been
Speaker 10: on this course probably ever since Lena Khan was nominated
Speaker 10: as commissioner by the Biden administration. She made her name
Speaker 10: arguing that Amazon was a monopoly that behaved competitively, and
Speaker 10: so I think the company has probably assumed ever since
Speaker 10: then this day was coming.
Speaker 2: And you made some rather nice sporting analogies in your
Speaker 2: story about that one as well.
Speaker 4: Brad, just outline, if you.
Speaker 2: Will, just remind us where the key argument you think
Speaker 2: could land could stick.
Speaker 5: Yeah.
Speaker 10: I mean it's interesting, Caroline, because unlike other companies Microsoft
Speaker 10: in the nineties, maybe Googled today, I mean, Amazon doesn't
Speaker 10: have the kind of commanding market share that we think
Speaker 10: of as a monopoly. I mean, in some cases it's
Speaker 10: just a couple percentage points of overall retail. It's high
Speaker 10: forties in e commerce in general. But I think the
Speaker 10: FTC is likely to find this market as US retail marketplaces,
Speaker 10: so the likes of eBay or Walmart's marketplace new companies
Speaker 10: like Shean and Timu, and in this respect, Amazon really
Speaker 10: does have the kind of percentage market share we think
Speaker 10: of as a monopoly, high seventy percent. And what the
Speaker 10: FDC is likely to argue is that this situation isn't
Speaker 10: bad for consumers, which would be the traditional way to
Speaker 10: analyze antitrust, but it's bad for smaller businesses. It's bad
Speaker 10: for competition, and in particular it's bad for the small
Speaker 10: sellers that are forced to use Amazon, and that Amazon
Speaker 10: forces to use things like distribution fulfillment by Amazon or
Speaker 10: advertising is basically increasing the amount of take of percent
Speaker 10: of the commission that it takes from these sellers and
Speaker 10: creating a very unfavorable situation that at least will be
Speaker 10: the FDC's argument.
Speaker 3: We've been through this story with Meta in some sense, Apple,
Speaker 3: most recently market Soft and Activision, and investors don't seem
Speaker 3: to worry. Look at the shed performance you today. We
Speaker 3: always ask ourselves are they paying attention the upwood trajectory
Speaker 3: of this stock would suggest, even if they are, they
Speaker 3: sanguine about it.
Speaker 10: Yeah, two thirds increase this year in respect to Amazon.
Speaker 10: And look, judges haven't been all that favorable to this
Speaker 10: FDC either, right, I mean they've lost a lot of
Speaker 10: these cases, and all the anti trust experts I spoke
Speaker 10: to think that the odds are long for the FDC
Speaker 10: with this case as well. So no, I think that
Speaker 10: investors are paying attention. I think they realized that, you know,
Speaker 10: this FDC, the record hasn't been great, and what they're trying,
Speaker 10: which is a kind of wholesale reinterpretation of anti trust
Speaker 10: law you know, so far, hasn't been that successful in
Speaker 10: the courts.
Speaker 2: Even after that, stock wise, there are sixty buys from
Speaker 2: analysts on this stock, zero cells.
Speaker 11: Bradstone were neat to have you. Thank you so much
Speaker 11: as we look ahead to that this week.
Speaker 2: Meanwhile, coming up some strange live streaming trends that are
Speaker 2: taking off on TikTok.
Speaker 4: I'm going to discuss them a little bit more.
Speaker 2: And before we go to the robot dancers, let's get
Speaker 2: in on what is the dancer. We work a penny
Speaker 2: stock just twenty four cents and trades at was a
Speaker 2: record low last week, after, of course, it said it's
Speaker 2: got concerns about being a going concern, and it managed
Speaker 2: to rally once again on the day a third straight day.
Speaker 4: This is bluemog technology.
Speaker 3: Time for Talking tech First. Former Apple executive Peter Stern
Speaker 3: is getting a new start at Ford. Sterner's named president
Speaker 3: of the newly formed Ford Integrated Services, where he'll oversee
Speaker 3: software and services for some of Ford's key models. Stern
Speaker 3: served as Vice president of Services at Apple for more
Speaker 3: than six years, where he was a driving force behind
Speaker 3: the launch of Apple's portfolio of services like Apple TV
Speaker 3: plus plus. MasterCard is buying a minority stake in the
Speaker 3: financial technology unit of Africa's biggest wireless carrier MTN Group.
Speaker 3: While the size of MasterCard, Steak won't be disclosed until
Speaker 3: the transaction is closed, says that it's fintech unit values
Speaker 3: it at five point two billion dollars. And Elon Musk
Speaker 3: has been backing the Population Well Being Initiative Bloomberg's reporting
Speaker 3: in twenty twenty one, mustinated some ten million dollars to
Speaker 3: the research group at the University of Texas Austin devoted
Speaker 3: to the study of population. We now know where that
Speaker 3: money went. Musk has been outspoken about the dangers of
Speaker 3: population collapse for some time.
Speaker 4: Caroline fascinating one.
Speaker 2: Meanwhile, let's move on from an end, because we've got
Speaker 2: to talk about the latest TikTok trend for just a second.
Speaker 12: I didn't you love my dad?
Speaker 7: I just had an entanglement with a dollar.
Speaker 5: Thank you for the snapbed heart thinking of the pin
Speaker 5: pin pillar.
Speaker 4: H confused. That's okay. It's a relatively new trend.
Speaker 2: The users are live streaming themselves while acting like robots,
Speaker 2: reacting with robot like one liners as if they're kind
Speaker 2: of in a video game. That kind of stream might
Speaker 2: be a bit weird, but it's also the biggest live
Speaker 2: video trend to hit TikTok in the United States, So
Speaker 2: we've got to talk at all.
Speaker 4: It's a brilliant piece written by Alex bro In.
Speaker 2: Care to break down exactly antics what NPC non playable
Speaker 2: character trend is all about? Why is it going to
Speaker 2: help TikTok sell stuff here in the US?
Speaker 5: Well, if you're just somebody who's seeing that for the
Speaker 5: first time, it looks weird, it looks silly, but it's
Speaker 5: really potentially.
Speaker 13: Important for TikTok.
Speaker 5: As you mentioned, Caroline, this is the biggest trend on
Speaker 5: live stream video in the US for TikTok since it's
Speaker 5: really been pushing it, and live stream video for TikTok
Speaker 5: is more than just people you know, getting gifts sent
Speaker 5: to them making money off of those gifts. It's a
Speaker 5: key part of its global commerce strategy. TikTok's super strong
Speaker 5: in e commerce in places like Southeast Asia and live
Speaker 5: stream commerce live stream video where folks sell things, that
Speaker 5: is kind of the key to their commerce over there
Speaker 5: here in the US, though that hasn't worked.
Speaker 13: I talked to sources close to the company and they said,
Speaker 13: as they've.
Speaker 5: Moved commerce over here for TikTok, they've actually had to
Speaker 5: split their strategy. They're both educating and evangelizing live stream
Speaker 5: video while they're building.
Speaker 13: Out their commerce operations.
Speaker 5: So to see something like this where users are organically
Speaker 5: on their own really kind of creating a trend and
Speaker 5: giving people a reason to tune into live This brings
Speaker 5: TikTok that much closer to potentially becoming a global superpower
Speaker 5: in livestream shopping.
Speaker 3: I'm sorry, let's show let's bring it up again. Let's
Speaker 3: show it again and Alex just explain what is happening.
Speaker 3: I know MPC, I talk about MPC all the time.
Speaker 3: Just just literally explain what I'm looking at.
Speaker 13: Yeah, this is Crystal, one of the creators that I
Speaker 13: spoke to.
Speaker 5: She is on a live stream and people are sending
Speaker 5: her things like corn and she'll exclaim it's corn, or
Speaker 5: they'll spend, you know, ten cents to send her this
Speaker 5: cowboy hat that you see and she'll say the same
Speaker 5: kind of yeeha phrase. It's something that has gotten viewers
Speaker 5: really interested because they're curious if I spend six cents
Speaker 5: to send her a hot dog emoji, what will she
Speaker 5: do if I spend more? And it's actually for creators
Speaker 5: like Crystal who have found success here. Crystal told me
Speaker 5: she's making can make seven hundred dollars an hour. I
Speaker 5: chatted to another guy, John Moss. He's streamed for twenty
Speaker 5: one hours straight doing a similar kind of thing where
Speaker 5: he was just insulting people and made ten thousand dollars
Speaker 5: during that stream twenty one hours.
Speaker 4: I mean, cutos.
Speaker 2: What I'm interested in, Alex, is the talent that TikTok's
Speaker 2: bringing over, not just the entrepreneurs or indeed the creators,
Speaker 2: but just tell us about some of the people going
Speaker 2: to lead the money making just briefly.
Speaker 5: Yeah, absolutely, you have the stars, the big names that
Speaker 5: you've known, the Charlie Jamilio's and Addison Rays of the world.
Speaker 5: But trends like this and the algorithm on TikTok itself
Speaker 5: is really good at kind of birthing new stars.
Speaker 13: This live stream trend.
Speaker 5: We've seen kind of new people come into the limelight
Speaker 5: who are really good on live and could potentially be
Speaker 5: the future. But I will caution it's not all rainbows
Speaker 5: and butterflies. John Moss said he doesn't know if he'll
Speaker 5: sell things, even though he'll get on streams, so we'll
Speaker 5: see if that commerce crosses the rubicon.
Speaker 11: Not to mention that like Samani Levine and some of
Speaker 11: the executives joining too with Alex brancme.
Speaker 2: Brilliant reporting, go read it. I'll come back to the
Speaker 2: new technology.
Speaker 4: I'm Calline.
Speaker 3: Heind in New York, Ed Ludlow here in San Francisco,
Speaker 3: carracrit check in on the markets and as that one
Speaker 3: hundred actually tech heavy index, we go to it every time,
Speaker 3: up six ten to one percent. Importantly, we're rebounding off
Speaker 3: the first back to back weekly declined for then as
Speaker 3: that one hundred of twenty twenty three. If you go
Speaker 3: back to December, we had four straight weeks where the
Speaker 3: index declined on a weekly basis, everything from the FED
Speaker 3: to actually the tail end of last week, we started
Speaker 3: getting worried about China. You fold in the Tesla price
Speaker 3: cuts news overnight in China and it kind of adds
Speaker 3: to the economic discussion that we're having, and it impacts
Speaker 3: the technology sector. The other name that we're watching PayPal.
Speaker 3: We're going to get the details with Jenny Soraine Bloomberg
Speaker 3: News in just a minute. But the stock, it's up
Speaker 3: one point seven percent. Alex Chris is coming in as
Speaker 3: the CEO. Finally we know who new CEO of PayPal
Speaker 3: is going to be coming from into it. It's a
Speaker 3: stock that's kind of come out of the pandemic right
Speaker 3: and then slowed down because it hasn't maintained momentum that
Speaker 3: it saw in the depths of the pandemic era. But
Speaker 3: in the session we are up one point seventy five percent.
Speaker 4: Yeah, and let's stick with exactly that.
Speaker 2: The changing of the god of PayPal and place to say,
Speaker 2: Jenny Soerine is with us from Bluemberg News, and I mean,
Speaker 2: as Chris well known and into it, someone who helped
Speaker 2: do M and A drive small businesses.
Speaker 4: Why is that good for PayPal?
Speaker 14: Yeah, I mean I think there's a few different things here.
Speaker 14: So he led the QuickBooks business, which basically, you know,
Speaker 14: provides lots of different financial services to these small businesses all.
Speaker 4: Over the US.
Speaker 14: PayPal has been really focused on trying to get more
Speaker 14: of those small businesses to add the PayPal button to
Speaker 14: their website. So I think you're going to see some
Speaker 14: synergies there. I mean the fact that he led the
Speaker 14: mail Jump acquisition back in twenty twenty one. We have
Speaker 14: a clear season deal maker at the HELM and PayPal
Speaker 14: has been a company that's not afraid to do M
Speaker 14: and A. So I think between those two things you've
Speaker 14: got a lot of really interesting ingredients for a really
Speaker 14: cool mix year.
Speaker 3: Jenny does a question how settled this makes PayPal? Right,
Speaker 3: I think we'll get to the pandemic story in a second.
Speaker 3: But actually it's also a company that's seen a lot
Speaker 3: of departures. You know, longstanding executives have left PayPal in
Speaker 3: the last two years. How does Alex Chris stabilize that?
Speaker 14: Yeah, I mean this has been one of the main
Speaker 14: overhangs on the stock is the fact that you know,
Speaker 14: Dan announced earlier this year he would be stepping away,
Speaker 14: and so folks have been really curious, you know, what
Speaker 14: is a new leader going to look like? Is he
Speaker 14: going to take it in a new direction? Is this
Speaker 14: you know, gonna be a whole new strategy at a PayPal?
Speaker 14: And so I think that's actually still to be determined,
Speaker 14: you know, especially he's not a name that's very known
Speaker 14: to PayPal investors. He's not a payments guy, So I
Speaker 14: think there will be lots of questions still to come.
Speaker 14: But at least, you know, the name and having an
Speaker 14: executive and having a clear plan for when he's coming
Speaker 14: in that should help clear up at least some of it.
Speaker 14: But but there is still quite a few unanswered questions here.
Speaker 11: A lot have analysts been saying to the hot Yeah,
Speaker 11: I think, I mean, volks are really excited that they're
Speaker 11: bringing in someone with like this enterprise sales background and
Speaker 11: someone with you know, really a clear track record for delivering,
Speaker 11: especially on the small business front.
Speaker 4: But he's not a.
Speaker 14: Payment same he's not someone that people really know. So
Speaker 14: I think there's still a little bit of trepidation, which
Speaker 14: I think is why you see the start kind of
Speaker 14: just ching around, you know, up a little bit today.
Speaker 14: I think there's still a fair amount of questions from
Speaker 14: Volks kind of going ahead.
Speaker 3: Bloombox Jenny Serrain now in New York with all the details,
Speaker 3: and PayPal's new chief. The other big PayPal story that
Speaker 3: we've been covering here on Bloomberg Technology carries that PayPal's
Speaker 3: the first major US financial institution to introduce its stable
Speaker 3: coin called PayPal usd to dive into the long term
Speaker 3: goals for this new stable coin. That's bringing Kubta goop
Speaker 3: to Delta Blockchain fund founder in general partner. This is
Speaker 3: an area been covering so closely. All of the notes
Speaker 3: I read when this news came out last week was
Speaker 3: about adoption, adoption, headwinds, adoption concerns, adoption, adoption. You think
Speaker 3: that people will adopt it.
Speaker 15: I think if you live first of all, thank you
Speaker 15: for having me. But if you look within the crypto community,
Speaker 15: stable coins are here to stay. You're already looking at
Speaker 15: countries like France, Germany, UK, and China, which has been
Speaker 15: at the far ahead of the curb, already using stable
Speaker 15: coins and generating stable coins. I mean, the multi billion
Speaker 15: dollar empire which Circle has created has already proved the adoption.
Speaker 3: What's really fascinating.
Speaker 15: About the PayPal world is that it's not crypto building
Speaker 15: for crypto. I think PayPal is an amazing moment where
Speaker 15: now you're building for anybody sitting across the world and
Speaker 15: putting a dollar supremacy as a dollar peg coin, digital
Speaker 15: dollar coin all over the emerging markets. Because Paypall is
Speaker 15: one of those US financial institutions where you actually use
Speaker 15: it more to order merchandises and to have freelancer services
Speaker 15: across the world. So I think adoption is already there.
Speaker 15: Four hundred and fifty million more accounts now have the
Speaker 15: capacity to pay on stable coins using ethereum.
Speaker 3: So that's place.
Speaker 4: Oh sorry, go ahead entirely life both of you.
Speaker 2: Just to follow up as I step all over Ed's question.
Speaker 4: I'm interested in, Therefore, is it remittance?
Speaker 2: It's interesting on a day where we have, for example, Argentina,
Speaker 2: so clearly a country new reference emerging markets, but one
Speaker 2: has got huge instability in its own currency on the
Speaker 2: back of political headwinds or concerns and lack of security
Speaker 2: as it stands at the moment. I'm interested in is remittance,
Speaker 2: where it's going to be for PayPal. What really does
Speaker 2: it drive forward in terms of stable coins here.
Speaker 15: I think there are three big places where this is
Speaker 15: going to completely change. The first is your payment system
Speaker 15: within US or anywhere where you have US to currency.
Speaker 15: Going in today's world of Instagram, where I'm ordering stuff
Speaker 15: from all over the world, instead of waiting for three
Speaker 15: to five business days or looking at your verification of
Speaker 15: the cars, now you have a direct payment system, so
Speaker 15: the business payment system, especially for small businesses, This is
Speaker 15: a game changer, both domestically and globally.
Speaker 13: Second thing is it does change.
Speaker 15: It does take away technology wise, the amount of time
Speaker 15: it takes for your money to settle, for it to
Speaker 15: reach in a verified manner, but also the cost associated
Speaker 15: with it apart from a basic gas cost. Actually it
Speaker 15: doesn't take three percent of your visa fee or MasterCard fee,
Speaker 15: so that is a big game changer. And the third,
Speaker 15: as you said remittance is I think this is really
Speaker 15: going to be a big one coming from the World
Speaker 15: Bank IFC background, where we have still today have taken
Speaker 15: five business day to seven business days and.
Speaker 4: Created the world of money market and rebos.
Speaker 15: This completely changes the game with a less than thirty
Speaker 15: second settlements. So in all those three spaces technology wise,
Speaker 15: it's great. But one thing which most of the people
Speaker 15: are not talking about, Caroline, is something to something to
Speaker 15: look where our global politics are moving with respect to
Speaker 15: US our debt crisis. This becoming a pick point does
Speaker 15: really change and reinforces the usd as the digital as
Speaker 15: the most important currency and the supremacy of that currency
Speaker 15: in the payments is.
Speaker 2: And what's so interesting is many have been shining a
Speaker 2: lot more on the regulatory concerns of the US regarding
Speaker 2: all things crypto but also stable coins, the worry that
Speaker 2: these aren't transparently backed in some.
Speaker 3: Way ed Yeah, transparency or lack of right, I'm sorry,
Speaker 3: I just want to make one point. The question then,
Speaker 3: is do regulators look at PayPal and say credibility, PayPal
Speaker 3: is getting into this space. We're more interested now and
Speaker 3: engaging and seeing this through the lens of credibility.
Speaker 6: No.
Speaker 15: Absolutely right, And it's very very easy to put both
Speaker 15: the kic things and the idea that please every quarterly
Speaker 15: basis or every monthly basis show us how do you
Speaker 15: really have your reserves in your treasury management. I think
Speaker 15: those are the very easy things, which even for even
Speaker 15: for companies like Teether and Circle, they have gone to
Speaker 15: SEC and said, just tell us what's acceptable, Like any
Speaker 15: other bank have their dressery, whether those are pure and
Speaker 15: cash deposits, whether those are accounts receivable, whether those are
Speaker 15: in teresturies. Just tell us us, treasurees what are the
Speaker 15: acceptable ways and you can do a quarterly accounting outside. Anyways,
Speaker 15: Papal is already a public company and they will have
Speaker 15: their accounts made public, so I don't think that should
Speaker 15: be a concern. In fact, what if I would be
Speaker 15: on the regulatory body, what I would be seeing is
Speaker 15: how China has used their CBDC across Africa and across
Speaker 15: Latin America to make sure the payment over blockchain using
Speaker 15: their currency with the instant settlement now is becoming a
Speaker 15: bigger norm and norm in their international trade mechanisms. And
Speaker 15: why should us be behind and should use this as
Speaker 15: a way to completely go out and set themselves up.
Speaker 2: This is why we wanted your global experience having them
Speaker 2: with the world banged if SA, I'm interested in their
Speaker 2: caveature and your experience, like you back to what Polygon
Speaker 2: start were soah, like the company is well known in
Speaker 2: the crypto and blockchain space. Does this make crypto and
Speaker 2: blockchain more exciting for US investments?
Speaker 4: For you at the moment?
Speaker 15: The two I think, First of all, it definitely puts
Speaker 15: Ethereum where what it should be looked like, which is
Speaker 15: a technology based platform and not just a speculative ether
Speaker 15: technol ether financial acid. So I do think people will
Speaker 15: see that there is a lot of technology usage for blockchain,
Speaker 15: but we have been talking about whether you use just
Speaker 15: Ethereum and you use falling on on top of it,
Speaker 15: or stark Net or optimistic rollouts. The second thing which
Speaker 15: I'm very excited about is this opens up the whole
Speaker 15: regulatory conversations which SEC has for the longest time has
Speaker 15: been tiptoeing whether you're looking at it as a speculative
Speaker 15: financial needs or you're looking at it as a technology.
Speaker 15: So I'm very very excited that not only for US regulators,
Speaker 15: but for the whole that beyond certain individual flauds, there's
Speaker 15: a huge game changing technology which is here to stay
Speaker 15: and ready to roll out.
Speaker 3: Kavita, Goopta, Delta blockchain it's very good to catch up
Speaker 3: here on Bloomberg Technology. Thank you. They're coming up here
Speaker 3: on the program. Forty year old Silicon Valley VC firm
Speaker 3: IVP is heading Caro to London. More on that news
Speaker 3: next yeah, with IVP partner Eric law Real Quick one
Speaker 3: Important shares them Video up five percent. Morgan Stanley's out
Speaker 3: with a note saying buy the stock. This is a
Speaker 3: stock that's up more than one hundred and ninety percent
Speaker 3: year to date, but there's been a pullback in August.
Speaker 3: You know, we have earnings next week. It's a question
Speaker 3: and a time to see if people start putting their
Speaker 3: money where their AI mouth is. In other words, is
Speaker 3: all the hype around AI really translating to big growth
Speaker 3: for GPUs in the data center or other context. We're
Speaker 3: going to keep tracking it. This is Bloomberg. So, after
Speaker 3: nearly twenty years of investing in Europe, the Silicon Valley
Speaker 3: firm IVP finally takes the leap and it's opening an
Speaker 3: office in the UK, making its hub in London. Eric
Speaker 3: le our partner at IVP, who's relocating to London himself
Speaker 3: in twenty four hours time, joins us here on set
Speaker 3: in San Francisco. I want to start with a very
Speaker 3: big question actually, which is you have chosen London. Yep,
Speaker 3: but you're investing in Europe's right. Why London and not
Speaker 3: a capital of continental Europe?
Speaker 1: I think for a variety of reasons.
Speaker 16: London practically is an hour closer in time zone into
Speaker 16: the United the United States. Candidly, it's easier for my family.
Speaker 16: My wife and children will be joining me there. And well,
Speaker 16: I've discovered in my decade plus investing in London that
Speaker 16: I'm very lucky that most people in Europe doing business
Speaker 16: will speak English. There's still a lot of hours outside
Speaker 16: the day, and that'll be easier for us.
Speaker 3: There are many who say, not myself, many who say
Speaker 3: London is just fintech and nothing else. Your response, I'm not.
Speaker 1: Sure that's entirely true.
Speaker 16: Now, we certainly have seen a lot of fintech investing there.
Speaker 16: We've made our first London based investment in a fintech
Speaker 16: company just recently called bolt that Io. But I think
Speaker 16: you're actually seeing a lot of AI companies also attract
Speaker 16: talent and be built there, and we expect that to
Speaker 16: continue to.
Speaker 2: And of course I mean IVP no stranger to that
Speaker 2: fintech prowess that London managed to build. Also, of course
Speaker 2: they weren't British entrepreneurs, but the founders of why is
Speaker 2: You Batched? But there's also uipass, Supercell. You know, a
Speaker 2: lot of have exited some of these companies and you're
Speaker 2: writing new checks already, Eric, I would just think of well, Pigment,
Speaker 2: we had the co CEO on previously on this show
Speaker 2: when they did their latest round that you're in where
Speaker 2: are you thinking from an industry specific place to be
Speaker 2: putting money to work?
Speaker 4: Because they try and talk I as well.
Speaker 16: Across Europe, well AI is top of everyone's mind and
Speaker 16: we certainly will be looking at more investments there. We've
Speaker 16: actually already made two that are based in Europe, deep
Speaker 16: l which is in Cologne, Germany, and Grammarly, which has
Speaker 16: its roots in Ukraine. So we're very excited to see
Speaker 16: that trend continue. But I think what's also really captivated
Speaker 16: our imagination and has been a driver of the activity
Speaker 16: over the last dozen years or so for us, is
Speaker 16: that we're seeing investments across a variety of tech sectors,
Speaker 16: from mobile gaming in Helsinki and Istanbul, software companies like Pigment,
Speaker 16: as you mentioned in Paris and a variety of others.
Speaker 16: So we actually think that the entrepreneurs in Europe are
Speaker 16: quite creative and they're going to come up with solutions
Speaker 16: that we're going to want to evaluate.
Speaker 4: It's close.
Speaker 2: Look, you can tell from more accents to both and
Speaker 2: in my heart I mean as Welsh, but you know
Speaker 2: we come from Europe. We've both been talking about the
Speaker 2: European ecosystem for coming up to a decade, and yet
Speaker 2: there's never been this really standout company as much as
Speaker 2: they've wished it.
Speaker 4: You've seen, you know.
Speaker 2: They're much hand in when DeepMind was sold to Google.
Speaker 2: There's always been this desire to see the equivalent of
Speaker 2: a Silicon Valley giant.
Speaker 4: Will that happen in Europe? Does it have to happen?
Speaker 4: Does it not matter?
Speaker 16: I think it already has happened in many circumstances. I mean,
Speaker 16: we're not investors, but Spotify is a global leader in
Speaker 16: their category, so I think that that is sort of
Speaker 16: the tip of the iceberg. I'd say against Supercil, their
Speaker 16: aspiration was not to be the best gaming company in Finland,
Speaker 16: it was to be one of the best in the world,
Speaker 16: and they've been able to deliver on that. So I
Speaker 16: think that that trend will continue, and that's why we're
Speaker 16: doing this.
Speaker 3: Eric. A big story on Bloomberg Technology in the past
Speaker 3: couple of weeks has been political developments in Israel, the
Speaker 3: judicial overhaunt, its impact on the tech sect. How does
Speaker 3: IVP view Israel as a market?
Speaker 1: We find it quite interesting.
Speaker 16: We have a number of companies that also have a
Speaker 16: presence there, and it will be an area we're going
Speaker 16: to contain to spend time. I'm woefully underqualified to make
Speaker 16: observations about the constitutional system there, but certainly we do
Speaker 16: try and evaluate other risks, including political risks, and we're
Speaker 16: making investments and I hope that is.
Speaker 1: Real will come out on the other side of it.
Speaker 3: Let's get to the Eric Leao story and on the
Speaker 3: ground story. Are you going to get on an airplane
Speaker 3: and fly to each capital city in Europe over the
Speaker 3: next few weeks and months? How are you going to
Speaker 3: go and set up a new coverage area meet founders?
Speaker 16: Well, I feel like you must be reading our internal
Speaker 16: memos because that's exactly what we're going to be doing.
Speaker 16: So I'm moving with my family literally in.
Speaker 1: Thirty six hours.
Speaker 16: We have two of our team members on the ground already,
Speaker 16: and this morning we announced we are hiring back one
Speaker 16: of our former colleagues to help lead the effort in London.
Speaker 16: And I know you said capital cities, but I would
Speaker 16: actually put forth you know, we'll spend time in colomn
Speaker 16: which is I'm American enough to know that that is
Speaker 16: not the capital of Germany. But we will be spending
Speaker 16: time in major tech hubs all throughout the continent.
Speaker 2: Alex Limb of course, returning to IVP as a general partner, Eric,
Speaker 2: what is the valuation story like in Europe at the moment?
Speaker 2: What is the difference in culture of writing checks there?
Speaker 2: Do you think that you're looking to well become an
Speaker 2: expert in Well, I'd say the.
Speaker 16: Valuation environment more broadly has receded from the excesses of
Speaker 16: twenty twenty one, so that is also making this an
Speaker 16: interesting time to think about building our presence there. I
Speaker 16: would say that the also the change compared to say,
Speaker 16: the first five ten years of my career as far
Speaker 16: as investing in Europe goes, I think the opportunities, the visions,
Speaker 16: the aspirations are greater, and in many cases that will
Speaker 16: be justified by the exit valuations, which then trickles down
Speaker 16: to maybe the entry valuations new investors are paying today.
Speaker 4: I'm excited for you.
Speaker 2: I'm here, sat here with all my jet lag, having
Speaker 2: just flown over from London. Used to be based covering
Speaker 2: tech in Berlin. I'm sure and and I are excited
Speaker 2: to go out there and see you in Europe. Eric, Yeah,
Speaker 2: safe trip over to London tomorrow the IVB part. Thank
Speaker 2: you very much, brilliant to have that exclusive news here
Speaker 2: to Bloomberg at TV. Meanwhile, coming up thirteen F findings
Speaker 2: that trickling in more on what the reports are revealing about, well,
Speaker 2: how hedgeoms are investing in the second quarter.
Speaker 3: Read Yeah, it's interesting you bring up thirteen F. Some
Speaker 3: of the chip names moving to the upside. If you
Speaker 3: look on the Bloomberg terminal, there have been funds adding
Speaker 3: these names. Micronup five percent, Bridge Water has added to
Speaker 3: its Micron position. AMD another one where we see names
Speaker 3: adding or growing their positions in those stocks. What is
Speaker 3: it about these thirteen So we always do this every quarter,
Speaker 3: will continue to track it all right, going viral, Let's
Speaker 3: get back to the latest out of the Zuckerberg musk
Speaker 3: cage fight. METAICEO Mark Zuckerberg's telling speculators to move on
Speaker 3: from the cage fight between him and Elon Musk. He
Speaker 3: took to Thread Sunday night, saying He's going to focus
Speaker 3: on fighting people that actually want to fight Caroline, that
Speaker 3: are into MMA. It's time to move on. If Elon
Speaker 3: Musk is ever serious, he knows how to reach him.
Speaker 3: Musk had also said, as you probably saw that he
Speaker 3: had an MRI. He has a shoulder rubbing on the
Speaker 3: ribcage injury. It requires surgery.
Speaker 2: And Hanny also suggested ed that they have a practice
Speaker 2: at Limixed Martial Arts facility that sarcazard.
Speaker 4: His own house, and.
Speaker 2: So then he said, Oh, I'm going to come and
Speaker 2: knock on your door. But ultimately it feels as though
Speaker 2: Mark Zackobug doesn't think Elon Musk is being serious at
Speaker 2: all here.
Speaker 3: And he's been consistently skeptical. And the point is these
Speaker 3: are two of the world's wealthiest people CEOs of leading
Speaker 3: tech companies proposing to fight each other in a cage,
Speaker 3: which is one reason we track it. But right now
Speaker 3: it looks like it's not happening.
Speaker 2: What is happening is actually we're getting some deadlines, some
Speaker 2: real hard facts in terms of where people are allocating
Speaker 2: funds when they're taking money out of because it's a
Speaker 2: hedge funds disclosure period of course, equity investments for the
Speaker 2: second quarter in the so called thirteen F filings is
Speaker 2: coming drip feeding out US Securities and Exchange Commission. Look,
Speaker 2: tech stocks always in focus thanks to a lot of
Speaker 2: optimism that has been around artificial intelligence.
Speaker 4: Is it sticking?
Speaker 2: Hemapama is here with more and some key findings from
Speaker 2: your perspective. What big picture are we seeing in terms
Speaker 2: of tech buying or selling.
Speaker 12: Yes, so a lot of buying in the tech space.
Speaker 12: We're seeing that to be the most popular buyer sector
Speaker 12: amongst the hedge funds that are filed. So far, about
Speaker 12: more than five thousand hedge funds have filed. We still
Speaker 12: have a ways to go through the day. Many of
Speaker 12: them do wait till later in the day to file,
Speaker 12: but from what we're seeing already, Microsoft, Apple, Amazon, Navidia, Meta,
Speaker 12: these are the popular buys amongst a lot of the
Speaker 12: hedge funds. We're seeing some selling or reducing of stakes
Speaker 12: across energy, financials and healthcare, so like the non tech sectors.
Speaker 12: But interesting, you know, to see a push in towards
Speaker 12: the space.
Speaker 3: You know.
Speaker 12: For example, Rocos, a pretty big hedge fund, made a
Speaker 12: significant bet on the NASTEQ one hundred ETF, growing that
Speaker 12: position to about two point eight billion dollars. He also
Speaker 12: bought Microsoft and Amazon.
Speaker 3: What about co two. This is a big name tech investor.
Speaker 3: I've written about a lot. They've backed companies that I've
Speaker 3: covered as a Beat reporter. How have they been in
Speaker 3: this course have gone, yes.
Speaker 12: So they've been very interesting. They've continued their buyings free.
Speaker 12: If you remember last year they sat down a little bit,
Speaker 12: taking off their exposure as the market was unpredictable. Now
Speaker 12: they're jumping back in really increasing their fosure to the market.
Speaker 12: They took twenty three new positions in companies. They increase
Speaker 12: their stakes in twenty one others. Among some of the
Speaker 12: things that they boosted their investments in Microsoft, Amazon, some
Speaker 12: of their favorites. So we are seeing some interesting buying there.
Speaker 12: What about selling, Yes, so quite interesting. On the decreasing
Speaker 12: of their positions, they decrease their steak and some of
Speaker 12: these really hot tech companies right so, Navidia, Meta, Tesla,
Speaker 12: and Netflix. So the question would be are these is
Speaker 12: this a fundamental change in view, and it's unlikely. You know,
Speaker 12: Philippe has been a pretty vocal supporter of Navidia and
Speaker 12: some of the AI moves. It's a tech company like investor,
Speaker 12: So what may be happening here is some portfolio management,
Speaker 12: decreasing exposure to maybe lock in some profits, adjusting the
Speaker 12: portfolio so you're not oversized in some exposures. So that
Speaker 12: could be where we're seeing some of the pullback and
Speaker 12: some of these very.
Speaker 13: Hot hot times.
Speaker 4: We line.
Speaker 11: The Nasdaq one hundred did itself with its redistribution earlier
Speaker 11: in the month, bream.
Speaker 2: Bag teming Palmer with all those thirteen F filings. That
Speaker 2: does it for this addition of blombog Tchnology, Well we're
Speaker 2: back together again.
Speaker 13: Ed.
Speaker 3: Yeah, that's a reason to listen to the podcast and recap.
Speaker 3: You get both of our voices, Apple, Spotify, iHeart and Bloomberg.
Speaker 3: This is Bloomberg Technology.