1 00:00:02,480 --> 00:00:09,120 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:09,119 --> 00:00:12,600 Speaker 2: Leaving having made his speech following signing of the bill 3 00:00:12,720 --> 00:00:16,200 Speaker 2: worth some ninety five billion dollars in aid to Ukraine, 4 00:00:16,440 --> 00:00:19,960 Speaker 2: of course, to Israel as well as the Indo Pacific. 5 00:00:20,520 --> 00:00:24,560 Speaker 2: Within that, of course is also the ban or diverst 6 00:00:24,640 --> 00:00:27,280 Speaker 2: of TikTok. Now Biden is saying that the US is 7 00:00:27,280 --> 00:00:29,280 Speaker 2: actually going to start sending military aid to. 8 00:00:29,360 --> 00:00:30,840 Speaker 3: Ukraine within hours. 9 00:00:31,320 --> 00:00:34,440 Speaker 2: He also goes on to say than regarding Israel, then 10 00:00:34,440 --> 00:00:36,520 Speaker 2: it must make sure that the US has provided aid 11 00:00:36,880 --> 00:00:39,520 Speaker 2: reaches Gaza. Let's get more of this with Klie lines 12 00:00:39,520 --> 00:00:41,040 Speaker 2: for more and first the aid. 13 00:00:41,159 --> 00:00:43,560 Speaker 3: Klie, what did you make of this speech from Biden. 14 00:00:44,800 --> 00:00:47,239 Speaker 4: Well, he clearly Caroline was trying to convey that this 15 00:00:47,280 --> 00:00:51,040 Speaker 4: aid package was just as much about US national security 16 00:00:51,040 --> 00:00:53,320 Speaker 4: interests as it was about the interests of our allies. 17 00:00:53,360 --> 00:00:56,800 Speaker 4: He said that repeatedly, specifically on the subject of Ukraine. 18 00:00:56,840 --> 00:00:59,360 Speaker 4: The idea that Russia initially thought it could break the 19 00:00:59,360 --> 00:01:01,440 Speaker 4: will of the Ukrainian people, then it thought it could 20 00:01:01,480 --> 00:01:03,680 Speaker 4: break the will of NATO and the United States. 21 00:01:03,360 --> 00:01:05,040 Speaker 3: And that resolve still stands. 22 00:01:05,080 --> 00:01:08,360 Speaker 4: In the words of Vladimir of President Biden, he said, 23 00:01:08,360 --> 00:01:11,080 Speaker 4: we bowed no one, certainly not Vladimir Putin. And as 24 00:01:11,080 --> 00:01:13,440 Speaker 4: you say, Caroline, he does indicate that within hours we 25 00:01:13,880 --> 00:01:17,440 Speaker 4: will see starts of this aid moving toward Ukraine. On 26 00:01:17,480 --> 00:01:19,959 Speaker 4: the subject of Israel, not only was he talking about 27 00:01:20,120 --> 00:01:22,960 Speaker 4: the defense it could provide Israel in terms of air defenses, 28 00:01:23,000 --> 00:01:25,640 Speaker 4: making sure that they can withstand a future attack like 29 00:01:25,640 --> 00:01:28,720 Speaker 4: the one Iran attempted just ten days ago, but he 30 00:01:28,800 --> 00:01:31,120 Speaker 4: also made the point to talk about humanitarian aid, the 31 00:01:31,160 --> 00:01:34,080 Speaker 4: idea that this will provide aid to Palestinian people, and 32 00:01:34,120 --> 00:01:36,119 Speaker 4: he had pretty sharp words for Israel. 33 00:01:36,200 --> 00:01:37,479 Speaker 3: They must make. 34 00:01:37,360 --> 00:01:39,840 Speaker 4: Sure all of this aid reaches the Palestinians in Gaza 35 00:01:40,120 --> 00:01:42,880 Speaker 4: without delay, going on to say he wants to see 36 00:01:42,920 --> 00:01:45,960 Speaker 4: the hostages that still remain in Hamas's hands returned and 37 00:01:46,040 --> 00:01:49,720 Speaker 4: a cease fire deal reached. It was also interesting that 38 00:01:49,800 --> 00:01:52,040 Speaker 4: he pointed out what this bill did not contain, which 39 00:01:52,080 --> 00:01:55,080 Speaker 4: of course, was any measures on border security. There had 40 00:01:55,120 --> 00:01:58,000 Speaker 4: been with the supplemental Aid package, a border deal that 41 00:01:58,080 --> 00:02:01,120 Speaker 4: was struck earlier this year between bipart negotiators in the 42 00:02:01,160 --> 00:02:03,240 Speaker 4: Senate in the White House. It ended up going nowhere 43 00:02:03,240 --> 00:02:05,800 Speaker 4: in Congress and part in the face of opposition from 44 00:02:05,800 --> 00:02:08,440 Speaker 4: former President Donald Trump and he made sure to call 45 00:02:08,480 --> 00:02:10,680 Speaker 4: that out. As we know, though, while border measures were 46 00:02:10,680 --> 00:02:12,520 Speaker 4: not in it, there were a number of other measures 47 00:02:12,880 --> 00:02:15,520 Speaker 4: that were that don't relate directly to aid to allies, 48 00:02:15,520 --> 00:02:18,880 Speaker 4: including the seizure of frozen Russian assets, which yes, can 49 00:02:19,000 --> 00:02:21,760 Speaker 4: be used to fund Ukraine's war effort. But then of 50 00:02:21,880 --> 00:02:25,360 Speaker 4: course also that TikTok Divestit Turbil Keayley. 51 00:02:25,440 --> 00:02:28,160 Speaker 5: One other area of importance to our audience as well 52 00:02:28,240 --> 00:02:32,400 Speaker 5: Bloomberg Technology is Indo Pacific Taiwan in particular a part 53 00:02:32,480 --> 00:02:36,400 Speaker 5: of this bill in the context of semiconductor electronics infrastructure. 54 00:02:36,760 --> 00:02:38,880 Speaker 5: Just explain the parameters of the bill that relate to 55 00:02:38,880 --> 00:02:39,359 Speaker 5: that region. 56 00:02:40,600 --> 00:02:42,760 Speaker 4: Yeah, this is a much smaller amount of money ed 57 00:02:42,800 --> 00:02:45,239 Speaker 4: than the money that's being provided to Ukraine or Israel, 58 00:02:45,400 --> 00:02:47,640 Speaker 4: to the tune of about sixty plus billion dollars in 59 00:02:47,720 --> 00:02:52,239 Speaker 4: Ukraine's case, twenty billion dollars plus humanitarian aid in Israel's case. 60 00:02:52,280 --> 00:02:56,200 Speaker 4: The Taiwan portion was much smaller, around nine billion dollars. 61 00:02:56,240 --> 00:02:58,760 Speaker 4: And it actually is more broadly about the Indo Pacific, 62 00:02:58,880 --> 00:03:04,080 Speaker 4: not Taiwan individually, although Taiwan certainly represents a big chunk 63 00:03:04,120 --> 00:03:06,040 Speaker 4: of this and that kind of speaks to this idea 64 00:03:06,080 --> 00:03:08,240 Speaker 4: that this in national security interest. They are trying to 65 00:03:08,240 --> 00:03:11,560 Speaker 4: combat many different fronts and many different theaters Russia on 66 00:03:11,600 --> 00:03:13,560 Speaker 4: the one hand in Ukraine, of course, the threat from 67 00:03:13,560 --> 00:03:15,840 Speaker 4: Iran and Iranian proxies in the Middle East, but then 68 00:03:15,840 --> 00:03:18,600 Speaker 4: also the ongoing threat in China, and making sure that 69 00:03:18,639 --> 00:03:21,960 Speaker 4: there is security given the importance of Taiwan not only 70 00:03:22,040 --> 00:03:24,720 Speaker 4: to the US in terms of symbolism and representation of 71 00:03:24,760 --> 00:03:28,160 Speaker 4: a democracy and wanting to maintain that, but then also 72 00:03:28,200 --> 00:03:30,080 Speaker 4: of course the security in that region, given it is 73 00:03:30,160 --> 00:03:32,360 Speaker 4: vital in terms of the supply chain, but also there 74 00:03:32,400 --> 00:03:35,440 Speaker 4: are concerns with other US allies and others in the region, 75 00:03:35,480 --> 00:03:38,080 Speaker 4: like the Philippines in regard to the South China Sea. 76 00:03:38,160 --> 00:03:40,360 Speaker 4: So that is why you see it more broadly be 77 00:03:40,480 --> 00:03:44,040 Speaker 4: the Indo Pacific region that was also addressed and talked 78 00:03:44,040 --> 00:03:47,320 Speaker 4: about a lot less when we were discussing this legislation. 79 00:03:47,240 --> 00:03:50,000 Speaker 2: Kaylene, when we think about Asia, when we think about 80 00:03:50,040 --> 00:03:52,160 Speaker 2: China e Also I think that at the moment of 81 00:03:52,240 --> 00:03:56,040 Speaker 2: President Biden speaking on this signing of the bill, show too. 82 00:03:56,360 --> 00:03:59,440 Speaker 2: The CEO of TikTok also put out his own statement, 83 00:04:00,120 --> 00:04:03,040 Speaker 2: actually using another social media platform of x to post 84 00:04:03,320 --> 00:04:06,520 Speaker 2: his video response saying no, this bill is a disappointing 85 00:04:06,560 --> 00:04:07,960 Speaker 2: moment outline. 86 00:04:08,280 --> 00:04:09,800 Speaker 3: Thus follow what this means the TikTok. 87 00:04:11,120 --> 00:04:13,400 Speaker 4: Well, it was interesting to listen to the language of 88 00:04:13,400 --> 00:04:15,600 Speaker 4: show Choo in this video, Caroline, because of course, what 89 00:04:15,680 --> 00:04:18,880 Speaker 4: this legislation actually does is say TikTok will be banned 90 00:04:18,880 --> 00:04:21,800 Speaker 4: in the US if it is not divested within the 91 00:04:21,839 --> 00:04:24,960 Speaker 4: requisite timeline, which is actually nine months, with the possibility 92 00:04:24,960 --> 00:04:28,520 Speaker 4: of a three month extension, should a sale process already 93 00:04:28,520 --> 00:04:31,760 Speaker 4: be underway, if TikTok or byte Dance specifically were to 94 00:04:31,920 --> 00:04:35,120 Speaker 4: move ahead with the sale of its US division byte Dance, 95 00:04:35,200 --> 00:04:37,680 Speaker 4: though specifically TikTok does not indicate that they are going 96 00:04:37,720 --> 00:04:40,360 Speaker 4: to do so, so Chu said, we will keep fighting 97 00:04:40,400 --> 00:04:42,359 Speaker 4: for these rights in court. He said, the facts in 98 00:04:42,400 --> 00:04:45,200 Speaker 4: the Constitution are on our side and that they expect 99 00:04:45,200 --> 00:04:47,560 Speaker 4: to prevail, basically just signaling that this is going to 100 00:04:47,560 --> 00:04:50,800 Speaker 4: be a protracted legal battle over this issue ahead. And 101 00:04:50,839 --> 00:04:53,080 Speaker 4: despite what lawmakers may say that they want to see 102 00:04:53,120 --> 00:04:55,880 Speaker 4: TikTok continuing to operate in the US, they just want 103 00:04:55,920 --> 00:04:58,400 Speaker 4: it in US hands rather than in the hands of 104 00:04:58,440 --> 00:05:00,560 Speaker 4: a Chinese company that could be shared data with the 105 00:05:00,640 --> 00:05:03,799 Speaker 4: Chinese Communist Party. Shoultchu seems like he begs to differ 106 00:05:03,839 --> 00:05:06,240 Speaker 4: on that he said in this video. Make no mistake, 107 00:05:06,360 --> 00:05:08,560 Speaker 4: this is a ban and a band on you and 108 00:05:08,600 --> 00:05:10,600 Speaker 4: your voice, which is one of the issues that opponents 109 00:05:10,600 --> 00:05:14,640 Speaker 4: of this legislation specifically pertaining to TikTok had around First 110 00:05:14,640 --> 00:05:16,680 Speaker 4: Amendment rates and the idea that this could maybe be 111 00:05:17,040 --> 00:05:19,560 Speaker 4: in violation of those content creators who are trying to 112 00:05:19,640 --> 00:05:22,919 Speaker 4: use this platform to share their voice. Obviously, those concerns 113 00:05:23,120 --> 00:05:25,880 Speaker 4: did not prevail over the wider concerns that proponents of 114 00:05:25,880 --> 00:05:29,280 Speaker 4: this legislation had about the data security of Americans and 115 00:05:29,400 --> 00:05:32,559 Speaker 4: potential Chinese manipulation of the content that they are seeing 116 00:05:32,560 --> 00:05:33,400 Speaker 4: on this platform. 117 00:05:34,080 --> 00:05:37,360 Speaker 5: We will continue to cover this very big TikTok story 118 00:05:37,440 --> 00:05:39,279 Speaker 5: later in the hour of Bloombo's klie Lions. 119 00:05:39,360 --> 00:05:40,440 Speaker 6: Thank you very much. 120 00:05:40,600 --> 00:05:44,360 Speaker 5: The other big in top technology story is Tesla. Tesla 121 00:05:44,360 --> 00:05:47,560 Speaker 5: shares are up twelve percent off session highs where they 122 00:05:47,560 --> 00:05:50,760 Speaker 5: were up sixteen percent and on track for their biggest 123 00:05:50,760 --> 00:05:51,880 Speaker 5: gain in. 124 00:05:52,080 --> 00:05:54,080 Speaker 6: Two years, more than two years. 125 00:05:54,360 --> 00:05:58,600 Speaker 5: Three key points from earnings Tesla is accelerating the introduction 126 00:05:59,120 --> 00:06:04,200 Speaker 5: of lower costs affordable EV platforms. There is in second point, 127 00:06:04,240 --> 00:06:08,000 Speaker 5: which is an absolute focus on AI and autonomous driving 128 00:06:08,040 --> 00:06:09,760 Speaker 5: and must spell that out for Wall Street. 129 00:06:09,800 --> 00:06:11,360 Speaker 6: And the third point is. 130 00:06:11,320 --> 00:06:15,839 Speaker 5: That the first quarter was absolutely disastrous and investors are 131 00:06:15,880 --> 00:06:19,200 Speaker 5: completely looking past it. Bloomberg's Dana Hole has been all 132 00:06:19,240 --> 00:06:21,760 Speaker 5: over the Tesla story for seven days straight and she 133 00:06:21,880 --> 00:06:24,480 Speaker 5: joins us, Now, let's start with what I think the 134 00:06:24,520 --> 00:06:29,040 Speaker 5: market zeroed in on Dana, which is, affordable evs are 135 00:06:29,080 --> 00:06:32,000 Speaker 5: coming sooner than we expected and not in the form 136 00:06:32,040 --> 00:06:32,920 Speaker 5: that we expected. 137 00:06:34,720 --> 00:06:37,800 Speaker 7: Yeah, that was the big surprise, And there were sort 138 00:06:37,839 --> 00:06:39,880 Speaker 7: of two things. The shareholder decks said that they were 139 00:06:39,920 --> 00:06:43,480 Speaker 7: accelerating their more affordable plans, and then on the call itself, 140 00:06:43,640 --> 00:06:45,960 Speaker 7: Musk was very bullish and said, well, we might even 141 00:06:46,000 --> 00:06:48,679 Speaker 7: see these more affordable models by the end of this year. 142 00:06:49,160 --> 00:06:52,240 Speaker 7: So that was a very big positive for investors that 143 00:06:52,279 --> 00:06:55,839 Speaker 7: have been worried that Tesla's slumping sales are because they 144 00:06:55,920 --> 00:06:59,400 Speaker 7: don't have a cheaper EV and you know, the market 145 00:06:59,440 --> 00:07:01,400 Speaker 7: is always very forward looking. I mean, there was a 146 00:07:01,400 --> 00:07:03,760 Speaker 7: lot of negative sentiment going into this call. I think 147 00:07:03,800 --> 00:07:06,600 Speaker 7: there's a sense now that maybe the shairs have hit 148 00:07:06,640 --> 00:07:11,600 Speaker 7: the bottom. And Musk has been Tesla's CEO since two 149 00:07:11,600 --> 00:07:14,960 Speaker 7: thousand and eight. He has been on every single earnings 150 00:07:14,960 --> 00:07:17,240 Speaker 7: call that this company he's had, except for one he 151 00:07:17,320 --> 00:07:20,800 Speaker 7: understands Wall Street psychology and he like pulled a rabbit 152 00:07:20,840 --> 00:07:22,600 Speaker 7: out of a hat and has them focused on the 153 00:07:22,600 --> 00:07:23,160 Speaker 7: bright future. 154 00:07:23,200 --> 00:07:27,040 Speaker 2: Yet again, yeah, not as bad as fed Dana. Can 155 00:07:27,080 --> 00:07:30,920 Speaker 2: you just outline how they accomplished there? For what questions 156 00:07:30,920 --> 00:07:34,600 Speaker 2: did he answer? What transparency did we get on this 157 00:07:34,720 --> 00:07:39,160 Speaker 2: new platform meets current method of manufacturing to create suddenly 158 00:07:39,160 --> 00:07:40,000 Speaker 2: a cheap of vehicle. 159 00:07:40,760 --> 00:07:43,000 Speaker 7: Well, to be clear that, I mean, the earnings print 160 00:07:43,040 --> 00:07:46,560 Speaker 7: was terrible, but he he kind of focused it on, 161 00:07:46,880 --> 00:07:49,640 Speaker 7: you know, on the future and and basically kind of 162 00:07:49,720 --> 00:07:53,080 Speaker 7: knocked down this Reuter's story which had said that there 163 00:07:53,160 --> 00:07:55,680 Speaker 7: is no more affordable car, that the more affordable. 164 00:07:55,200 --> 00:07:56,400 Speaker 3: Car is completely dead. 165 00:07:56,720 --> 00:07:58,960 Speaker 7: Tesla is now basically saying that they have been working 166 00:07:59,000 --> 00:08:02,200 Speaker 7: all along on bringing more affordable cars to market and 167 00:08:02,680 --> 00:08:04,960 Speaker 7: we're going to learn more about that on August eighth. 168 00:08:05,080 --> 00:08:06,360 Speaker 3: So that was a little bit that was still a 169 00:08:06,360 --> 00:08:07,440 Speaker 3: little bit murky. 170 00:08:07,200 --> 00:08:09,880 Speaker 7: But I think the reason why the stock is reacting 171 00:08:09,920 --> 00:08:13,000 Speaker 7: so positively is that he gave people hope that there 172 00:08:13,080 --> 00:08:16,160 Speaker 7: is going to be more affordable models. But also he 173 00:08:16,320 --> 00:08:18,800 Speaker 7: is just incredibly bullish on autonomy and he has been 174 00:08:18,800 --> 00:08:19,640 Speaker 7: for quite some time. 175 00:08:19,720 --> 00:08:21,680 Speaker 8: But the way in. 176 00:08:21,600 --> 00:08:24,280 Speaker 7: Which he spoke, the confidence with which he spoke, and 177 00:08:24,600 --> 00:08:26,440 Speaker 7: you know, he was basically saying, if you don't believe 178 00:08:26,480 --> 00:08:29,480 Speaker 7: that we can solve this autonomous problem, you shouldn't be 179 00:08:29,520 --> 00:08:32,600 Speaker 7: an investor in the spot in the stock was just 180 00:08:32,679 --> 00:08:35,120 Speaker 7: kind of an indication as to how confident he is 181 00:08:35,360 --> 00:08:37,559 Speaker 7: in the technology that Tesla has been working on for 182 00:08:37,600 --> 00:08:38,320 Speaker 7: over a decade. 183 00:08:38,360 --> 00:08:41,560 Speaker 5: Now, let's show a bit of what Musk had to 184 00:08:41,600 --> 00:08:44,679 Speaker 5: say about autonomy. You're exactly right. He spelled it out 185 00:08:44,720 --> 00:08:47,839 Speaker 5: for Wall Street in no uncertain terms. This is the plan, 186 00:08:48,200 --> 00:08:52,240 Speaker 5: it's AI, and it's autonomous driving, Donna. We did get 187 00:08:52,280 --> 00:08:55,119 Speaker 5: some specifics, though, I think that we're trying to understand 188 00:08:55,160 --> 00:08:58,160 Speaker 5: if we got clarity or any new information in the 189 00:08:58,600 --> 00:09:02,839 Speaker 5: shareholder deck has built robotaxi and then on the call 190 00:09:03,320 --> 00:09:07,200 Speaker 5: an explanation of how a robotaxi service would work. What 191 00:09:07,360 --> 00:09:08,000 Speaker 5: did you learn? 192 00:09:09,480 --> 00:09:11,080 Speaker 7: Yeah, I mean, I think the big takeaway is like 193 00:09:11,280 --> 00:09:14,000 Speaker 7: Tesla is coming for Uber. I mean, and they're they're 194 00:09:14,160 --> 00:09:17,000 Speaker 7: they're you know, they're Robotaxi, which must also called the 195 00:09:17,080 --> 00:09:22,760 Speaker 7: cyber cab, is like this combination Waymo slash Uber service 196 00:09:23,720 --> 00:09:26,000 Speaker 7: that will be fully electric and fully autonomous, and I 197 00:09:26,000 --> 00:09:28,240 Speaker 7: mean there's been some question as to how does this 198 00:09:28,360 --> 00:09:30,800 Speaker 7: like fit with the clean Energy mission. It does in 199 00:09:30,840 --> 00:09:34,080 Speaker 7: that if you can utilize vehicles to be their most 200 00:09:34,080 --> 00:09:37,360 Speaker 7: efficient and if the miles that are traveled are electric, 201 00:09:37,960 --> 00:09:41,240 Speaker 7: then you are diverting a large amount of carbon from 202 00:09:41,280 --> 00:09:44,400 Speaker 7: the atmosphere. And so you know, this is this has 203 00:09:44,440 --> 00:09:46,280 Speaker 7: been kind of part of the plan ever since master 204 00:09:46,360 --> 00:09:49,560 Speaker 7: Plan twenty sixty a master Plan Part two in twenty sixteen. 205 00:09:49,600 --> 00:09:52,240 Speaker 7: But the shareholder deck actually shows like the Tesla app 206 00:09:52,760 --> 00:09:55,840 Speaker 7: and I mean they're very much talking about a service 207 00:09:56,040 --> 00:09:58,320 Speaker 7: that sounds like it's going to come sooner rather than later. 208 00:09:59,320 --> 00:10:04,160 Speaker 2: Dnaho phenomenal reporting across the earnings with the podcast going 209 00:10:04,200 --> 00:10:07,439 Speaker 2: deep into really well the focus of email it is 210 00:10:07,559 --> 00:10:11,400 Speaker 2: your good, you mustpeak, take a rest. 211 00:10:11,440 --> 00:10:13,880 Speaker 3: We thank you so much. Let's go now. From an 212 00:10:13,920 --> 00:10:15,800 Speaker 3: investor perspective, look, is this. 213 00:10:15,800 --> 00:10:18,280 Speaker 2: A time to be plowing into Tesla stocks? Certainly the 214 00:10:18,280 --> 00:10:20,040 Speaker 2: market seems to be on the day Nazi Tangla's with 215 00:10:20,080 --> 00:10:23,280 Speaker 2: our CEO CIO of Laffatanga Investments in the house in 216 00:10:23,320 --> 00:10:23,760 Speaker 2: New York. 217 00:10:23,880 --> 00:10:25,920 Speaker 3: Thank you for joining us. Thank you, Caroline. 218 00:10:26,080 --> 00:10:30,880 Speaker 2: Is this reaction right, this increase in Tesla shares on 219 00:10:30,920 --> 00:10:31,840 Speaker 2: the day when. 220 00:10:32,000 --> 00:10:34,040 Speaker 3: Ultimately the court had just gone was ugly. 221 00:10:34,400 --> 00:10:37,000 Speaker 9: Yeah, yeah, well, I agree with Dana. 222 00:10:37,440 --> 00:10:38,400 Speaker 3: Sorry for my voice. 223 00:10:38,720 --> 00:10:42,480 Speaker 2: All good, We'll give you a moment to clear it. 224 00:10:43,720 --> 00:10:46,960 Speaker 9: Elon gave investors what they wanted to hear. He's excellent 225 00:10:46,960 --> 00:10:50,600 Speaker 9: at that, like any good founding CEO. But if you 226 00:10:50,720 --> 00:10:53,240 Speaker 9: look under the hood and you have a long term perspective, 227 00:10:53,720 --> 00:10:55,280 Speaker 9: we think this is a time when you want to 228 00:10:55,320 --> 00:10:58,200 Speaker 9: add to the name, and we've been doing that. It's 229 00:10:58,280 --> 00:11:01,640 Speaker 9: not just the autonomous drive, which by the way, they 230 00:11:01,640 --> 00:11:06,840 Speaker 9: have three hundred billion miles driven in their their models, 231 00:11:06,920 --> 00:11:11,199 Speaker 9: but also it's based on the megapack and the megapack 232 00:11:11,800 --> 00:11:15,040 Speaker 9: is growing at fifty percent a year. It's the most 233 00:11:15,040 --> 00:11:18,319 Speaker 9: profitable division and we think can be worth more than 234 00:11:18,360 --> 00:11:21,640 Speaker 9: the car business in the future. So and those are 235 00:11:22,000 --> 00:11:25,960 Speaker 9: utility grade batteries. So I think that the company is pivoting. 236 00:11:26,240 --> 00:11:29,160 Speaker 9: He's giving investors what they want to hear, and in 237 00:11:29,360 --> 00:11:30,640 Speaker 9: three to five years is going to be a very 238 00:11:30,640 --> 00:11:32,800 Speaker 9: different looking company. How interesting, because. 239 00:11:32,559 --> 00:11:35,240 Speaker 2: We are indeed going to be digging into the battery 240 00:11:35,280 --> 00:11:36,960 Speaker 2: side of the equation. A little bit later in the 241 00:11:37,000 --> 00:11:40,120 Speaker 2: show for the here and now, how cautiously. Do you 242 00:11:40,520 --> 00:11:43,480 Speaker 2: add to a position like Tesla. How much do you 243 00:11:43,520 --> 00:11:46,439 Speaker 2: see that the dipisorting more? Are you buying day in 244 00:11:46,559 --> 00:11:49,720 Speaker 2: day out? Do you suddenly see a moment where you 245 00:11:49,760 --> 00:11:52,480 Speaker 2: get that headlined? Do you then anticipate what happens in August? 246 00:11:52,559 --> 00:11:54,360 Speaker 2: How do you build up a stake in. 247 00:11:54,320 --> 00:11:55,480 Speaker 3: Tesla for you slowly? 248 00:11:55,720 --> 00:11:55,960 Speaker 2: Yeah? 249 00:11:56,040 --> 00:11:58,559 Speaker 9: Yeah, I don't think you want to chase this stock. Ever, 250 00:11:59,200 --> 00:12:02,280 Speaker 9: it's extraordinary early volatile. We were adding it in January 251 00:12:02,320 --> 00:12:04,520 Speaker 9: of last year at one hundred and four dollars a share. 252 00:12:04,760 --> 00:12:06,880 Speaker 9: It went up to two forty or two twenty. We 253 00:12:06,960 --> 00:12:09,640 Speaker 9: sold some and we bought some back a little too early. 254 00:12:10,040 --> 00:12:12,240 Speaker 9: But I think what you want to look for is 255 00:12:12,480 --> 00:12:17,000 Speaker 9: I mean, you know, for most of us ROBOTAXI sound crazy. 256 00:12:17,400 --> 00:12:19,440 Speaker 9: I commute a third of a mile every day and 257 00:12:20,360 --> 00:12:22,400 Speaker 9: coming and going. I see away monk, because I live 258 00:12:22,440 --> 00:12:26,040 Speaker 9: in Scottsdale every single day. You can't go anywhere without 259 00:12:26,080 --> 00:12:29,480 Speaker 9: seeing their ubiquitous and so being second to that market 260 00:12:29,960 --> 00:12:32,920 Speaker 9: is not a bad thing. And I think I think 261 00:12:32,960 --> 00:12:37,679 Speaker 9: Elon and the company has really been focused on improving 262 00:12:37,720 --> 00:12:41,480 Speaker 9: that software and FSD software is pretty slick, and about 263 00:12:41,520 --> 00:12:44,520 Speaker 9: fifty percent of Tesla drivers use it so the you know, 264 00:12:44,559 --> 00:12:47,440 Speaker 9: the adoption rate will increase and the rest of us 265 00:12:47,480 --> 00:12:49,640 Speaker 9: will come to the party at some point. 266 00:12:50,280 --> 00:12:52,640 Speaker 5: And Nancy, good morning, it is great to see you. 267 00:12:52,679 --> 00:12:54,360 Speaker 5: I want to I want to scratch a bit deeper 268 00:12:54,360 --> 00:12:58,400 Speaker 5: at that, because it is it is completely black and 269 00:12:58,440 --> 00:13:02,760 Speaker 5: white for a Musk couldn't be more clear to investors. 270 00:13:02,800 --> 00:13:05,560 Speaker 5: If you do not believe in the autonomous driving vision, 271 00:13:06,200 --> 00:13:09,920 Speaker 5: don't be an investor. But what's interesting, I guess you know, 272 00:13:10,000 --> 00:13:14,040 Speaker 5: for institutional professional investors like you, so many had an 273 00:13:14,040 --> 00:13:18,120 Speaker 5: affordable ev at the heart of their ball thesis. Musk 274 00:13:18,240 --> 00:13:20,800 Speaker 5: is basically saying, no, have autonomy at the heart of 275 00:13:20,840 --> 00:13:24,200 Speaker 5: your ball thesis. What's at the heart of your thesis 276 00:13:24,200 --> 00:13:24,760 Speaker 5: with Tesla. 277 00:13:25,640 --> 00:13:28,160 Speaker 9: Yeah, a good point ed And you know, coming from 278 00:13:28,200 --> 00:13:30,560 Speaker 9: San Francisco as you do, you probably don't see the 279 00:13:30,720 --> 00:13:33,720 Speaker 9: volume of self driving cars that we see, but it's 280 00:13:33,720 --> 00:13:36,720 Speaker 9: in our face every day in Arizona. So I think 281 00:13:36,760 --> 00:13:40,520 Speaker 9: it's an important component of growth. Some say it's sixty 282 00:13:40,559 --> 00:13:43,560 Speaker 9: percent of their number. What we're really focused on is 283 00:13:43,600 --> 00:13:46,840 Speaker 9: the vertical integration of the company, the vertical integration of 284 00:13:46,880 --> 00:13:48,960 Speaker 9: the megapac. I went to the factory. I think I 285 00:13:49,040 --> 00:13:52,239 Speaker 9: shared that with you not too long ago. It's compelling 286 00:13:52,720 --> 00:13:55,240 Speaker 9: and I think as we you know, as we sort 287 00:13:55,280 --> 00:13:59,959 Speaker 9: of grapple with green and renewables, you've got to have 288 00:14:00,120 --> 00:14:03,199 Speaker 9: a way to store that. And Tesla is the industry leader, 289 00:14:03,240 --> 00:14:05,920 Speaker 9: the low cost provider. So that's at the heart of 290 00:14:05,960 --> 00:14:08,480 Speaker 9: our thesis. But we know that it's a story stock 291 00:14:08,760 --> 00:14:11,360 Speaker 9: and you need EVS to come along and you need 292 00:14:11,440 --> 00:14:15,520 Speaker 9: him to be correct on robo. But let's also stipulate 293 00:14:15,960 --> 00:14:20,600 Speaker 9: he's never met his deadlines. He's directionally correct, but he's 294 00:14:20,680 --> 00:14:22,360 Speaker 9: not on time. 295 00:14:24,200 --> 00:14:27,640 Speaker 5: Nancy Tangler's CEO and CIO Lappitanger Investments, couldn't think of 296 00:14:27,680 --> 00:14:29,600 Speaker 5: a better person speak to you this morning. 297 00:14:29,640 --> 00:14:29,960 Speaker 6: Thank you. 298 00:14:30,160 --> 00:14:33,800 Speaker 5: Now, coming up the UK increases scrutiny of AI investments 299 00:14:33,800 --> 00:14:37,400 Speaker 5: from Microsoft and Amazon and their impact on competition. Bring 300 00:14:37,400 --> 00:14:52,640 Speaker 5: you the reporting next, This is Bloomberg Now. 301 00:14:52,640 --> 00:14:56,160 Speaker 2: The UK's antitrust watchdog, the CMA, is gathering information to 302 00:14:56,200 --> 00:14:59,680 Speaker 2: determine whether the four billion dollar collaboration between Amazon and 303 00:14:59,720 --> 00:15:02,320 Speaker 2: the A for amanthropic but that threatens competition in the 304 00:15:02,400 --> 00:15:05,000 Speaker 2: United Kingdom, and also said it was looking at Microsofts 305 00:15:05,000 --> 00:15:08,200 Speaker 2: partnership in mistral and with inflection AI with us. Some 306 00:15:08,280 --> 00:15:11,800 Speaker 2: more Luma's Catherine and Gamel, and the CMA is not holding. 307 00:15:11,520 --> 00:15:11,920 Speaker 3: Back on this. 308 00:15:11,960 --> 00:15:14,880 Speaker 2: They're worried about this interconnected web. Spit it out for us. 309 00:15:16,120 --> 00:15:18,480 Speaker 1: Yes, So last week the CMA said it was worried 310 00:15:18,480 --> 00:15:21,560 Speaker 1: about these interconnected waves of partnerships and investments into AI 311 00:15:21,600 --> 00:15:23,680 Speaker 1: companies by the big tech firms. 312 00:15:24,000 --> 00:15:25,040 Speaker 3: They're worried that. 313 00:15:24,960 --> 00:15:27,480 Speaker 1: You know, the big tech companies are using these as 314 00:15:27,560 --> 00:15:32,280 Speaker 1: covert merger opportunities to you know, really have influence over 315 00:15:32,320 --> 00:15:35,520 Speaker 1: this emerging technology and companies. So today, off the back 316 00:15:35,560 --> 00:15:37,880 Speaker 1: of that, they've opened three new probes and this adds 317 00:15:37,920 --> 00:15:40,480 Speaker 1: to the probe that was already in the works of 318 00:15:40,600 --> 00:15:42,400 Speaker 1: Microsoft's investment into open Ai. 319 00:15:44,520 --> 00:15:48,080 Speaker 5: Catherine very quickly. If the CMA moves forward, what are 320 00:15:48,080 --> 00:15:48,960 Speaker 5: the repercussions. 321 00:15:50,440 --> 00:15:52,920 Speaker 1: Yes, so right now it's just an invitation to comment stage, 322 00:15:53,320 --> 00:15:55,440 Speaker 1: and if they find out that this is a merger 323 00:15:55,520 --> 00:15:57,440 Speaker 1: under their different terms, then it will go to a 324 00:15:57,520 --> 00:15:58,040 Speaker 1: phase one. 325 00:15:58,560 --> 00:15:59,960 Speaker 3: So that'd be the first stage of the probe. 326 00:16:00,160 --> 00:16:02,200 Speaker 1: You know what, then seems it's more sedious and there's 327 00:16:02,240 --> 00:16:04,400 Speaker 1: going to be substantial listening competition, it can go to 328 00:16:04,400 --> 00:16:07,000 Speaker 1: a phase two probe and then obviously at that point 329 00:16:07,640 --> 00:16:09,440 Speaker 1: in marriage of probes in the UK. You know, they 330 00:16:09,440 --> 00:16:12,000 Speaker 1: can ask for divestments of certain things, or they can 331 00:16:12,040 --> 00:16:14,400 Speaker 1: block them altogether and tell them to unwind it. So, 332 00:16:14,720 --> 00:16:16,600 Speaker 1: I mean there's lots of different scenarios, but right now 333 00:16:16,600 --> 00:16:18,080 Speaker 1: it's very much in the early stages. 334 00:16:18,880 --> 00:16:22,120 Speaker 5: Bloombergs Catherine Gemo out of London. Great reporting, Thank you. 335 00:16:22,160 --> 00:16:24,680 Speaker 5: Coming up on the show, more on tech earnings with 336 00:16:24,760 --> 00:16:27,480 Speaker 5: Dan Newman of the Future and Group. Big conversation coming 337 00:16:27,560 --> 00:16:30,440 Speaker 5: up from San Francisco and New York City. This is 338 00:16:30,480 --> 00:16:47,840 Speaker 5: Bloomberg Technology. Welcome back to Bloomberg Technology. Ed Ludlow in 339 00:16:47,880 --> 00:16:48,600 Speaker 5: San Francisco. 340 00:16:48,760 --> 00:16:50,360 Speaker 2: I'm Caroline Hired in New York and let's get a 341 00:16:50,440 --> 00:16:53,040 Speaker 2: quick check on these markets, because well we are thick 342 00:16:53,080 --> 00:16:55,280 Speaker 2: and fast in earning season. We're also still trying to 343 00:16:55,320 --> 00:16:58,320 Speaker 2: digest some big bond market action. Big sales of five 344 00:16:58,360 --> 00:17:00,640 Speaker 2: year coming today after two year auction. Yes, then as 345 00:17:00,680 --> 00:17:03,040 Speaker 2: that one hundred managing to push above that three tenths 346 00:17:03,040 --> 00:17:05,119 Speaker 2: of a percent, and the moments are holding onto gains. 347 00:17:05,160 --> 00:17:07,240 Speaker 2: More broadly, as big tech wins out Teslo, we dug 348 00:17:07,280 --> 00:17:10,159 Speaker 2: into interesting moves with the Japanese yen basically weakening to 349 00:17:10,280 --> 00:17:13,080 Speaker 2: levels we haven't seen in two three decades, and we're 350 00:17:13,119 --> 00:17:15,679 Speaker 2: expecting maybe some intervention as we break through this one 351 00:17:15,800 --> 00:17:17,480 Speaker 2: five to five levels. So keep an eye on dollar 352 00:17:17,520 --> 00:17:21,840 Speaker 2: strength further versus Japanese yen. Bitcoin down versus the US 353 00:17:21,960 --> 00:17:24,479 Speaker 2: dollar today we're off by two point four percent, so 354 00:17:24,520 --> 00:17:26,959 Speaker 2: there is still some anxiety and risk assets more broadly, 355 00:17:27,359 --> 00:17:29,560 Speaker 2: move on, have a little look at what's happening in 356 00:17:29,640 --> 00:17:32,840 Speaker 2: terms of individual moves on the tech landscape now not 357 00:17:33,040 --> 00:17:35,080 Speaker 2: totally tech, but a lot to do with tech is Boeing, 358 00:17:35,200 --> 00:17:37,000 Speaker 2: and this is interesting as we suddenly take a leg 359 00:17:37,080 --> 00:17:39,399 Speaker 2: lower into the red. It had been flying high more 360 00:17:39,440 --> 00:17:41,880 Speaker 2: than four percent after earnings came in better than expected. 361 00:17:41,880 --> 00:17:44,200 Speaker 2: But then that headline, crucial headline, the seven eight to 362 00:17:44,240 --> 00:17:46,639 Speaker 2: seven is going to be produced on just five jets 363 00:17:46,640 --> 00:17:47,080 Speaker 2: per month. 364 00:17:47,320 --> 00:17:48,440 Speaker 3: That's a worry to investors. 365 00:17:48,480 --> 00:17:51,600 Speaker 2: Right now, Tesla just soaring up eleven percent after of 366 00:17:51,640 --> 00:17:55,280 Speaker 2: course awful first quarter in terms of revenue and profitability, 367 00:17:55,440 --> 00:17:58,440 Speaker 2: but pointing towards yet still a focus on those cheaper, 368 00:17:58,520 --> 00:17:59,480 Speaker 2: more affordable cars. 369 00:17:59,520 --> 00:18:00,920 Speaker 3: I'm looking at Texas instruments. 370 00:18:00,920 --> 00:18:03,560 Speaker 2: This is why we're seeing the socks generally, the benchmark 371 00:18:03,600 --> 00:18:06,760 Speaker 2: of Chips sucks all higher today, ups more than six 372 00:18:06,800 --> 00:18:09,560 Speaker 2: percent really some optimism coming after the bell yesterday with 373 00:18:09,600 --> 00:18:11,560 Speaker 2: its earnings spread across IBM. 374 00:18:12,000 --> 00:18:13,959 Speaker 3: Maybe there's a deal going on with IBM. 375 00:18:14,000 --> 00:18:16,320 Speaker 2: They're looking at hash you call, that's what's being currently 376 00:18:16,640 --> 00:18:18,880 Speaker 2: dibated by the market. We'll get more on earnings after 377 00:18:18,920 --> 00:18:20,560 Speaker 2: the well from IBM, and let's dig into some of 378 00:18:20,560 --> 00:18:21,120 Speaker 2: those earnings. 379 00:18:21,200 --> 00:18:23,720 Speaker 5: Yeah, there's a lot of names. IBM is a key 380 00:18:23,720 --> 00:18:26,720 Speaker 5: one after the bell. Meta is one that is absolutely 381 00:18:26,800 --> 00:18:28,639 Speaker 5: huge and we haven't touched on yet. Let's get to 382 00:18:28,680 --> 00:18:30,959 Speaker 5: the what to expect and bring in the future. From 383 00:18:31,000 --> 00:18:34,240 Speaker 5: group CEO Dan Newman, I think let's start with Meta 384 00:18:34,280 --> 00:18:38,359 Speaker 5: because everyone's talking about Meta in the AI context, huge 385 00:18:38,440 --> 00:18:42,320 Speaker 5: run up in market cap, It is completely outperforming its 386 00:18:42,359 --> 00:18:46,760 Speaker 5: social media peers because of AI. What are your expectations 387 00:18:46,760 --> 00:18:47,240 Speaker 5: for the name? 388 00:18:48,640 --> 00:18:50,159 Speaker 10: Yeah, first of all, good to see you both ed 389 00:18:50,320 --> 00:18:53,960 Speaker 10: in Carolina. It's always good to join the show. Meta 390 00:18:54,160 --> 00:18:56,800 Speaker 10: has been on an incredible run and what it's recently 391 00:18:56,840 --> 00:18:59,760 Speaker 10: been able to do both in the open source community 392 00:18:59,760 --> 00:19:01,880 Speaker 10: with the new Lama models and of course being able 393 00:19:01,880 --> 00:19:05,080 Speaker 10: to build on those models and apply them to their technology, 394 00:19:05,119 --> 00:19:06,600 Speaker 10: has been nothing short of astounding. 395 00:19:07,040 --> 00:19:08,440 Speaker 8: You know, last year it was all about. 396 00:19:08,280 --> 00:19:11,920 Speaker 10: The company getting operationally in line, they made the cuts 397 00:19:11,920 --> 00:19:14,000 Speaker 10: they had to make, they started growing. The market in 398 00:19:14,040 --> 00:19:16,840 Speaker 10: the street really reacted well. Now it's can they continue 399 00:19:16,840 --> 00:19:18,960 Speaker 10: that growth on a year over year basis, And they've 400 00:19:18,960 --> 00:19:22,359 Speaker 10: had several continuous quarters of really great growth. But I 401 00:19:22,359 --> 00:19:24,680 Speaker 10: think they can do it. And I think they did 402 00:19:24,720 --> 00:19:27,399 Speaker 10: get a boost with what's going on with TikTok as well, 403 00:19:27,680 --> 00:19:30,200 Speaker 10: And I don't know that that will immediately come into effect, 404 00:19:30,240 --> 00:19:33,400 Speaker 10: but I mean they are the biggest winner of that decision. 405 00:19:33,640 --> 00:19:36,160 Speaker 8: And so what the market really should. 406 00:19:35,960 --> 00:19:38,320 Speaker 10: Be is expecting is this company is gonna be talking 407 00:19:38,400 --> 00:19:40,199 Speaker 10: all about AI today. They're gonna be talking about how 408 00:19:40,240 --> 00:19:42,439 Speaker 10: that's going to create better experiences, and they have this 409 00:19:42,640 --> 00:19:47,520 Speaker 10: really committed platform, and unlike search, which generative AI is 410 00:19:47,560 --> 00:19:50,600 Speaker 10: going to disrupt, the reason people are on metas apps 411 00:19:50,640 --> 00:19:53,199 Speaker 10: and on Metas platform is more about community. It's more 412 00:19:53,200 --> 00:19:55,560 Speaker 10: about social and I think they're going to become the 413 00:19:55,600 --> 00:19:58,320 Speaker 10: biggest winner in this in this AI boom. 414 00:19:58,920 --> 00:20:01,040 Speaker 5: When METSA is earning Statement's hit and on the core, 415 00:20:01,080 --> 00:20:04,600 Speaker 5: I'm going to be looking for commentary around add pricing 416 00:20:04,720 --> 00:20:08,600 Speaker 5: growth from AI and impressions. But it's a different AI 417 00:20:08,720 --> 00:20:11,080 Speaker 5: story to Microsoft to Google. 418 00:20:12,000 --> 00:20:13,560 Speaker 6: That's that's next week. 419 00:20:13,600 --> 00:20:16,439 Speaker 5: But is there a commonality between those two names in 420 00:20:16,480 --> 00:20:18,919 Speaker 5: this earning season that you're focused on. 421 00:20:20,400 --> 00:20:22,960 Speaker 10: Yeah, I think it's the ability to apply the AI 422 00:20:24,000 --> 00:20:28,160 Speaker 10: technology that's being developed to driving that revenue, driving margin enhancement, 423 00:20:28,240 --> 00:20:31,399 Speaker 10: creating stickiness on the platforms across the board. You know, 424 00:20:31,480 --> 00:20:33,720 Speaker 10: we know that the search market is going to be 425 00:20:33,720 --> 00:20:37,800 Speaker 10: disrupted attribution click through, but people spending time on social 426 00:20:37,800 --> 00:20:40,520 Speaker 10: platforms AI is only making it stickier, which is going 427 00:20:40,560 --> 00:20:42,399 Speaker 10: to give pricing power to Meta and you've got to 428 00:20:42,480 --> 00:20:45,000 Speaker 10: like that a lot. I also really love what they're 429 00:20:45,040 --> 00:20:47,679 Speaker 10: doing in terms of building their own technology. 430 00:20:47,720 --> 00:20:49,879 Speaker 8: The company has become the open tech company. 431 00:20:49,880 --> 00:20:52,040 Speaker 10: I mean, who would have thunk that in the world 432 00:20:52,040 --> 00:20:54,240 Speaker 10: of Apple and Meta that Apple was going to go 433 00:20:54,359 --> 00:20:57,280 Speaker 10: closed and Meta was going to double down on going open. 434 00:20:57,560 --> 00:21:01,960 Speaker 10: They're building these really robust, high fidelity models with Lama three, 435 00:21:02,000 --> 00:21:03,400 Speaker 10: and then of course now it's Horizon. 436 00:21:03,440 --> 00:21:05,639 Speaker 8: They're doing it for AR and v are. They're basically 437 00:21:05,640 --> 00:21:06,320 Speaker 8: saying we're going to. 438 00:21:06,240 --> 00:21:10,480 Speaker 10: Be the open platform for developing these next generation technologies. 439 00:21:10,480 --> 00:21:11,800 Speaker 8: So there's just a lot to like. 440 00:21:11,920 --> 00:21:14,399 Speaker 10: The one concern I do have is that on a 441 00:21:14,480 --> 00:21:19,959 Speaker 10: year over year basis, they've grown so fast that this expectation. 442 00:21:19,359 --> 00:21:21,159 Speaker 8: From the street. They could have a great quarter and 443 00:21:21,240 --> 00:21:21,919 Speaker 8: still miss. 444 00:21:22,000 --> 00:21:24,360 Speaker 10: And I think you have to keep that into perspective 445 00:21:24,440 --> 00:21:27,800 Speaker 10: that they've had six tremendous quarters in a row. 446 00:21:28,240 --> 00:21:30,000 Speaker 8: At some point that music's going to stop. 447 00:21:30,040 --> 00:21:31,680 Speaker 10: I think we're gonna be asking that question about Nvidio 448 00:21:31,720 --> 00:21:32,760 Speaker 10: later this quarter as well. 449 00:21:33,240 --> 00:21:36,359 Speaker 2: Yeah, with such a huge market capitalization increase on meta, 450 00:21:36,440 --> 00:21:39,440 Speaker 2: can they live up to it? But Dan, in that breath, 451 00:21:39,800 --> 00:21:42,840 Speaker 2: we did hear ed mention Microsoft. 452 00:21:42,359 --> 00:21:43,640 Speaker 3: And Google Alphabet. 453 00:21:43,680 --> 00:21:45,800 Speaker 2: Both of those are cloud names too, and I want 454 00:21:45,800 --> 00:21:47,640 Speaker 2: to just spoken on the cloud name that's coming after 455 00:21:47,640 --> 00:21:51,040 Speaker 2: the bell today because IBM of course big ideal on 456 00:21:51,240 --> 00:21:55,359 Speaker 2: hybrid cloud on prem of course in and then bringing 457 00:21:55,440 --> 00:21:57,159 Speaker 2: it to the cloud where your data was going to 458 00:21:57,160 --> 00:21:59,760 Speaker 2: be stored. I'm interested in what you make of all 459 00:21:59,760 --> 00:22:02,560 Speaker 2: this rumor around deal with Hawshi call Movady. 460 00:22:02,600 --> 00:22:03,840 Speaker 3: What a you're expecting from the numbers. 461 00:22:05,040 --> 00:22:07,720 Speaker 10: Yeah, IBM's a really interesting one because I've been very 462 00:22:07,760 --> 00:22:10,520 Speaker 10: fond of their the growth and the strategy. I've spent 463 00:22:10,560 --> 00:22:13,639 Speaker 10: time with Arvin Krishna and he's really doubled down on 464 00:22:13,800 --> 00:22:16,800 Speaker 10: hybrid cloud and AI. It's not trying to be a 465 00:22:16,880 --> 00:22:20,119 Speaker 10: hyper scale hyperscale cloud provider like an AWS. 466 00:22:20,200 --> 00:22:21,159 Speaker 8: It's really saying we want. 467 00:22:21,040 --> 00:22:23,720 Speaker 10: To be the enterprise cloud provider and we're going to 468 00:22:23,760 --> 00:22:26,760 Speaker 10: double down on AI. And where's that coming through really 469 00:22:26,800 --> 00:22:30,040 Speaker 10: with their Watson X products. So Watson X on a 470 00:22:30,119 --> 00:22:33,359 Speaker 10: quarter to quarter basis has seen its numbers double the 471 00:22:33,440 --> 00:22:35,919 Speaker 10: last couple of quarters, and you're still talking hundreds of 472 00:22:35,920 --> 00:22:39,280 Speaker 10: millions of dollars. But this platform has a lot of 473 00:22:39,280 --> 00:22:42,760 Speaker 10: what you know, the enterprises need. It's the data strategy 474 00:22:42,800 --> 00:22:45,399 Speaker 10: and management, and it's also the governance and compliance. 475 00:22:45,480 --> 00:22:46,840 Speaker 8: We hear so much. 476 00:22:46,880 --> 00:22:50,040 Speaker 10: From these big cloud providers about issues and risks related 477 00:22:50,040 --> 00:22:52,399 Speaker 10: to how data is trained and how people. 478 00:22:52,119 --> 00:22:52,840 Speaker 8: Are consuming it. 479 00:22:52,920 --> 00:22:55,879 Speaker 10: IBM has really leaned in on that governance, and I 480 00:22:55,880 --> 00:22:58,919 Speaker 10: think large enterprises are giving the company a look and 481 00:22:58,960 --> 00:23:01,639 Speaker 10: saying we need someone that can really manage our data. 482 00:23:01,680 --> 00:23:04,840 Speaker 10: So I'm expecting that number from Arvind and CFO Jim 483 00:23:04,920 --> 00:23:08,640 Speaker 10: Cavnaw to be a big focus today. Having said that, 484 00:23:08,880 --> 00:23:11,160 Speaker 10: you know you asked about the Microsoft Googles. I mean, look, 485 00:23:11,240 --> 00:23:13,560 Speaker 10: those two have been the fastest growing two clouds. 486 00:23:13,920 --> 00:23:15,240 Speaker 8: I expect that to continue. 487 00:23:15,240 --> 00:23:18,119 Speaker 10: Google came off a really positive cloud next they're building 488 00:23:18,119 --> 00:23:20,960 Speaker 10: out their own Silicon they're vertically integrating. And the one 489 00:23:21,000 --> 00:23:23,240 Speaker 10: thing I'll say is, whether it's Open Ai, whether it's 490 00:23:23,320 --> 00:23:27,639 Speaker 10: Gemini and Vertex, all these large cloud providers are finding 491 00:23:27,680 --> 00:23:30,800 Speaker 10: that people are building on more than one cloud, and 492 00:23:31,280 --> 00:23:33,800 Speaker 10: AI has been the driver that's finally brought this multi 493 00:23:33,800 --> 00:23:35,320 Speaker 10: cloud strategy to life. 494 00:23:35,720 --> 00:23:37,160 Speaker 2: I just want to go back to what you're saying 495 00:23:37,600 --> 00:23:40,600 Speaker 2: almost with Meta, being like they can still have a 496 00:23:40,640 --> 00:23:44,960 Speaker 2: great quarter but miss the very heavy expectations. More broadly, 497 00:23:45,160 --> 00:23:48,760 Speaker 2: we have seen this market near record highs still because 498 00:23:48,760 --> 00:23:53,520 Speaker 2: of this aipay, this euphoria. Do you really put stock 499 00:23:53,560 --> 00:23:55,040 Speaker 2: in the fact that these companies can live up to 500 00:23:55,040 --> 00:23:56,399 Speaker 2: the high expectations of this quarter. 501 00:23:57,480 --> 00:24:00,680 Speaker 10: I'll tell you what the entire market is on stilts 502 00:24:00,920 --> 00:24:01,800 Speaker 10: that these quarters need. 503 00:24:01,880 --> 00:24:04,000 Speaker 8: These companies need to live up to the expectation. 504 00:24:04,560 --> 00:24:07,880 Speaker 10: There really is so much troubling economic data out there, 505 00:24:07,920 --> 00:24:10,920 Speaker 10: whether it's this sticky inflation, whether it's higher interest rates, 506 00:24:10,920 --> 00:24:14,480 Speaker 10: whether it's concerns about elections, you got, you know, geopolitical 507 00:24:15,040 --> 00:24:17,640 Speaker 10: issues around the world, and right now AI has been 508 00:24:17,800 --> 00:24:21,720 Speaker 10: the propellant of this industry. In Vidia's numbers will create 509 00:24:21,800 --> 00:24:25,480 Speaker 10: probably more concern than even these, But look, if Microsoft 510 00:24:26,080 --> 00:24:28,119 Speaker 10: and Google have a tough quarter and to. 511 00:24:28,160 --> 00:24:30,520 Speaker 8: Some extent Meta too, people are going to start to be. 512 00:24:30,560 --> 00:24:33,400 Speaker 10: Alarmed of whether or not this AI growth is going 513 00:24:33,400 --> 00:24:36,280 Speaker 10: to accelerate to this multi trillion dollar opportunity the near 514 00:24:36,359 --> 00:24:38,720 Speaker 10: term because with higher rates you've got to discount long 515 00:24:38,800 --> 00:24:42,000 Speaker 10: term cash flows. You have to look against the value 516 00:24:42,000 --> 00:24:44,720 Speaker 10: of growth the forward multiples. But AI has kind of 517 00:24:44,840 --> 00:24:48,280 Speaker 10: enabled us to all oversee it because Microsoft's Open AI 518 00:24:48,440 --> 00:24:52,320 Speaker 10: is accelerating, Google's AI is accelerating, Metas AI is accelerating. 519 00:24:52,400 --> 00:24:56,600 Speaker 10: So I actually think that this week and then next week, 520 00:24:56,640 --> 00:24:57,440 Speaker 10: with a couple. 521 00:24:57,160 --> 00:24:59,680 Speaker 8: Of the you know, the Amazons and the apples. 522 00:24:59,359 --> 00:25:01,240 Speaker 10: That are going to follow, well, if these don't come 523 00:25:01,240 --> 00:25:04,000 Speaker 10: out well, Caroline, I actually am concerned that this could 524 00:25:04,040 --> 00:25:08,040 Speaker 10: be what drives the next leg down. But having said that, 525 00:25:08,080 --> 00:25:10,040 Speaker 10: I am optimistic that these companies are going to get 526 00:25:10,080 --> 00:25:13,080 Speaker 10: more clear and prescriptive as to how AI is driving 527 00:25:13,119 --> 00:25:16,120 Speaker 10: growth and how it will continue to drive growth, productivity, 528 00:25:16,160 --> 00:25:18,240 Speaker 10: and efficiency because people want to see earnings. 529 00:25:18,680 --> 00:25:21,119 Speaker 2: Yeah, I want to see the proof that this is working. 530 00:25:21,320 --> 00:25:23,600 Speaker 2: Daniel Newman, great to have you back the Future and Group. 531 00:25:24,000 --> 00:25:26,679 Speaker 3: Thank you. Meanwhile, let's just turn our attention to the 532 00:25:26,680 --> 00:25:27,639 Speaker 3: future of entertainment. 533 00:25:27,640 --> 00:25:30,639 Speaker 2: The industry there could well depend on reaching a truly 534 00:25:30,800 --> 00:25:34,440 Speaker 2: worldwide audience, and so Netflix is doubling down on those 535 00:25:34,440 --> 00:25:35,240 Speaker 2: global ambitions. 536 00:25:35,280 --> 00:25:36,679 Speaker 3: Blomeg Original's host and Many. 537 00:25:36,600 --> 00:25:39,560 Speaker 2: Chang sat down on Netflix's chief content officer, that's Beloma 538 00:25:39,560 --> 00:25:42,720 Speaker 2: Bajaria for close to look at the entertainment chance a 539 00:25:42,800 --> 00:25:43,760 Speaker 2: global strategy. 540 00:25:43,840 --> 00:25:44,359 Speaker 3: Just take a listen. 541 00:25:46,800 --> 00:25:49,879 Speaker 11: I have had lots of jobs in Hollywood and linear 542 00:25:49,920 --> 00:25:52,720 Speaker 11: networks and studios, and I think there was a really 543 00:25:52,760 --> 00:25:57,080 Speaker 11: domestic focus and then you sell later. After the fact 544 00:25:57,080 --> 00:26:00,480 Speaker 11: that you sell, you can tell your title internationally. We're 545 00:26:00,520 --> 00:26:03,080 Speaker 11: a Horble service and we're in one hundred and eightty countries, 546 00:26:03,160 --> 00:26:05,919 Speaker 11: so we were always going to do storytelling, you know, 547 00:26:06,000 --> 00:26:07,960 Speaker 11: locally in that way. So that's always just been a 548 00:26:07,960 --> 00:26:09,639 Speaker 11: big part of our business in two thirds of our 549 00:26:09,680 --> 00:26:10,600 Speaker 11: members around sid anyway. 550 00:26:10,720 --> 00:26:12,280 Speaker 3: Right, Well, that was my next er, like is it 551 00:26:12,280 --> 00:26:18,760 Speaker 3: paying off? Yes, that I say, it's also. 552 00:26:18,640 --> 00:26:22,560 Speaker 11: Understanding that people in different countries. It's also the investment 553 00:26:22,640 --> 00:26:26,520 Speaker 11: in local storytelling right to spend time in those places, 554 00:26:27,119 --> 00:26:30,080 Speaker 11: not have a Western lens on what that is and 555 00:26:30,320 --> 00:26:33,959 Speaker 11: understand each you know, local kind of creative ecosystem and 556 00:26:34,040 --> 00:26:36,240 Speaker 11: so be close to the storytelling. 557 00:26:38,520 --> 00:26:41,960 Speaker 5: That was Netflix's Chief content of Sir Bella Bajaria now 558 00:26:42,000 --> 00:26:45,800 Speaker 5: coming up what the TikTok bill could mean for creators 559 00:26:45,880 --> 00:26:49,520 Speaker 5: and businesses they use the social media platform with LTK 560 00:26:49,600 --> 00:26:53,679 Speaker 5: co founder and president Amber Ven's box. That ain't Amber, 561 00:26:53,960 --> 00:26:58,360 Speaker 5: but I'm sure she'll appear momentarily Carrots. 562 00:26:57,080 --> 00:26:57,480 Speaker 1: So pick. 563 00:26:57,960 --> 00:27:00,879 Speaker 2: Meanwhile, let's just talk about another interesting story that's happening 564 00:27:00,920 --> 00:27:05,240 Speaker 2: in terms of the destination of where certain companies are located. 565 00:27:05,320 --> 00:27:06,399 Speaker 3: Oracle's doing again. 566 00:27:06,760 --> 00:27:09,920 Speaker 2: They moved from California to Texas and now well a 567 00:27:10,000 --> 00:27:13,600 Speaker 2: listener's moving Oracle to Nashville from Texas. Larry Alison making 568 00:27:13,600 --> 00:27:16,080 Speaker 2: that decision because look, this is about a bet on 569 00:27:16,119 --> 00:27:18,840 Speaker 2: the future of healthcare and provision of what he can do. 570 00:27:18,880 --> 00:27:27,480 Speaker 3: There are for a big deal. This is Bloomberg technology. 571 00:27:38,000 --> 00:27:41,200 Speaker 5: Let's get back to the legislation involving TikTok. Let's bring 572 00:27:41,200 --> 00:27:45,040 Speaker 5: in Bloomberg's Alex Brinka. Alex are in the program we 573 00:27:45,080 --> 00:27:48,320 Speaker 5: had that breaking news from show to the TikTok CEO 574 00:27:48,760 --> 00:27:52,760 Speaker 5: basically saying in summary, whatever happens, we're not going anywhere. 575 00:27:53,240 --> 00:27:55,639 Speaker 5: He really leaned on this idea that this was an 576 00:27:55,680 --> 00:27:59,040 Speaker 5: issue of freedom of speech. You've written a really smart piece. 577 00:27:59,080 --> 00:28:00,639 Speaker 5: In the last twenty four hour I was about the 578 00:28:01,080 --> 00:28:03,000 Speaker 5: two hundred and seventy day timeline. 579 00:28:03,080 --> 00:28:04,720 Speaker 6: So the bill signed. 580 00:28:04,440 --> 00:28:09,520 Speaker 5: Into law, but there is a curious chronological occurrence relating 581 00:28:09,560 --> 00:28:12,000 Speaker 5: to inauguration day post election. 582 00:28:12,160 --> 00:28:13,840 Speaker 6: Just explain you're reporting. 583 00:28:14,920 --> 00:28:17,600 Speaker 12: Yeah, So this bill gives two hundred and seventy days 584 00:28:17,600 --> 00:28:20,720 Speaker 12: for byte Dance to separate from TikTok or else face 585 00:28:20,760 --> 00:28:22,439 Speaker 12: a ban in the US, but there is a clause 586 00:28:22,480 --> 00:28:25,040 Speaker 12: in there that allows the president at the time to 587 00:28:25,200 --> 00:28:29,160 Speaker 12: extend that for an additional ninety days. Now, that two 588 00:28:29,240 --> 00:28:32,240 Speaker 12: hundred and seventy day deadline ends up being on January 589 00:28:32,320 --> 00:28:35,000 Speaker 12: nineteenth for the election savvy you'll know that's the day 590 00:28:35,040 --> 00:28:38,200 Speaker 12: before inauguration Day. So regardless of what happens in this 591 00:28:38,280 --> 00:28:41,760 Speaker 12: presidential election, President Biden will be on the hook for 592 00:28:41,920 --> 00:28:45,920 Speaker 12: deciding does TikTok and byte Dance get an additional extension 593 00:28:46,360 --> 00:28:49,040 Speaker 12: if there is no divestitor at that point. It's an 594 00:28:49,080 --> 00:28:51,880 Speaker 12: important distinction to make because of what we've seen out 595 00:28:51,880 --> 00:28:55,479 Speaker 12: of the leading Republican candidate for president, Donald Trump. Trump 596 00:28:55,520 --> 00:28:58,040 Speaker 12: is the man who did write the first executive order 597 00:28:58,080 --> 00:28:59,880 Speaker 12: to ban TikTok in the US in twenty. 598 00:28:59,640 --> 00:29:02,240 Speaker 3: Twenty but these days he's changed his tune. 599 00:29:02,280 --> 00:29:05,520 Speaker 12: He's actually said he thinks TikTok should stay. So this 600 00:29:06,640 --> 00:29:09,600 Speaker 12: kind of battle TikTok's had with DC has been very 601 00:29:09,680 --> 00:29:13,200 Speaker 12: much pulled around by whichever administration is in power, and 602 00:29:13,280 --> 00:29:17,320 Speaker 12: it seems with this happenstance timing that that is not 603 00:29:17,360 --> 00:29:19,040 Speaker 12: going to change through this next election. 604 00:29:19,840 --> 00:29:23,160 Speaker 2: Such smart reporting throughout this week and on long weekend, 605 00:29:23,200 --> 00:29:25,640 Speaker 2: Alex Brunka, we thank you so much for all the 606 00:29:25,720 --> 00:29:28,640 Speaker 2: nuances surrounding TikTok. Now we want to get the perspective 607 00:29:28,680 --> 00:29:32,360 Speaker 2: of the creator right now. Are they still really focusing 608 00:29:32,360 --> 00:29:35,240 Speaker 2: in on TikTok, on the shop, the commerce offerings? 609 00:29:35,600 --> 00:29:36,280 Speaker 3: Joining us now? 610 00:29:36,400 --> 00:29:38,920 Speaker 2: I'm a Ven's Box, president and co founder of influencer 611 00:29:38,960 --> 00:29:41,000 Speaker 2: shopping app and tech platform LTK. 612 00:29:41,360 --> 00:29:43,720 Speaker 3: You yourself, in many ways an influencer. 613 00:29:43,880 --> 00:29:47,000 Speaker 2: You're then building a business that supports influencers. What are 614 00:29:47,040 --> 00:29:50,600 Speaker 2: the questions you're currently fielding? Are people turning away from 615 00:29:50,640 --> 00:29:53,880 Speaker 2: TikTok amid the volatility the unknowns? 616 00:29:56,360 --> 00:29:58,960 Speaker 13: Right now, we're educating a whole new generation of creators 617 00:29:58,960 --> 00:30:01,239 Speaker 13: of what's it like to live and future proof your 618 00:30:01,280 --> 00:30:03,840 Speaker 13: business in the creator economy. We've seen this now we 619 00:30:03,920 --> 00:30:06,239 Speaker 13: launched our business in twenty eleven. At that point we 620 00:30:06,240 --> 00:30:09,480 Speaker 13: were talking about blogs and then you know, let's see 621 00:30:09,480 --> 00:30:12,640 Speaker 13: next came Pinterest, and then Instagram and then Snap and tiptok. 622 00:30:12,880 --> 00:30:15,080 Speaker 13: So I'm old enough to have lived through several several 623 00:30:15,160 --> 00:30:18,520 Speaker 13: generations of platforms, and I see them now where they 624 00:30:18,840 --> 00:30:20,160 Speaker 13: rise and then they maybe follow out. 625 00:30:20,000 --> 00:30:20,800 Speaker 3: A consumer favor. 626 00:30:20,920 --> 00:30:24,080 Speaker 13: Like to say, there's either an evolution of these platforms 627 00:30:24,120 --> 00:30:26,760 Speaker 13: or a revolution. This is something that we have built 628 00:30:26,760 --> 00:30:29,720 Speaker 13: for specifically at LTK. We're in kind of what i'd 629 00:30:29,720 --> 00:30:31,880 Speaker 13: call the third chapter. So moving from that first chapter 630 00:30:31,920 --> 00:30:35,320 Speaker 13: being blogs, second chapter social media, now third chapter where 631 00:30:35,360 --> 00:30:38,120 Speaker 13: creators need to find a home base. What we've seen 632 00:30:38,200 --> 00:30:41,080 Speaker 13: happen on TikTok, they've changed the paradigm for social media. 633 00:30:41,480 --> 00:30:44,800 Speaker 13: It's no longer about building community, it's about interest based feeds. 634 00:30:45,080 --> 00:30:46,840 Speaker 3: So as a creator, I then. 635 00:30:46,800 --> 00:30:49,200 Speaker 13: Have to hook someone based on their interest and then 636 00:30:49,280 --> 00:30:51,880 Speaker 13: bring them back to the home base. And so right 637 00:30:51,880 --> 00:30:54,160 Speaker 13: now we are in an effort to make sure that 638 00:30:54,240 --> 00:30:57,640 Speaker 13: our creators who have started their career on TikTok understand 639 00:30:57,680 --> 00:30:59,800 Speaker 13: that this is expected, it's prepared for, and they have 640 00:30:59,800 --> 00:31:01,000 Speaker 13: actionable next steps. 641 00:31:01,440 --> 00:31:04,080 Speaker 2: And that's really interesting and what I'm also wondering, is 642 00:31:04,120 --> 00:31:07,840 Speaker 2: how many questions you're fielding on whether the influencer's role 643 00:31:08,200 --> 00:31:12,000 Speaker 2: is to support one of their key platforms. What's been 644 00:31:12,040 --> 00:31:14,760 Speaker 2: so notable is this time round, this sudden flurry of 645 00:31:14,800 --> 00:31:16,640 Speaker 2: activity on the hill and it's. 646 00:31:16,760 --> 00:31:20,520 Speaker 3: Whizzing through Congress. We haven't heard much from the influencer base. 647 00:31:20,640 --> 00:31:23,080 Speaker 2: So too puts out a call to say, tell us 648 00:31:23,120 --> 00:31:26,240 Speaker 2: your stories make it clear to lawmakers as to why 649 00:31:26,280 --> 00:31:27,120 Speaker 2: this is so important. 650 00:31:27,200 --> 00:31:29,360 Speaker 3: Should you be fighting for TikTok? 651 00:31:31,320 --> 00:31:34,520 Speaker 13: Well, history also tells us that the platforms are ultimately 652 00:31:34,520 --> 00:31:36,840 Speaker 13: misaligned to creators. I hate to have to say that, 653 00:31:36,920 --> 00:31:39,160 Speaker 13: but it's true. The business models just don't work for 654 00:31:39,240 --> 00:31:41,360 Speaker 13: a creator. They're taking usually one hundred percent margin on 655 00:31:41,360 --> 00:31:43,520 Speaker 13: their ad revenue and not paying the creator. But the 656 00:31:43,560 --> 00:31:45,680 Speaker 13: creator gets out of this. What I would still say, 657 00:31:45,680 --> 00:31:49,760 Speaker 13: the symbiotic relationship is distribution and discoverability, and so a 658 00:31:49,840 --> 00:31:53,040 Speaker 13: creator's loyalty is truly to their audience and not to 659 00:31:53,080 --> 00:31:54,920 Speaker 13: the platform. And that's what they're feeling right now is 660 00:31:54,960 --> 00:31:56,800 Speaker 13: how do I make sure that my audience knows I'm here, 661 00:31:57,040 --> 00:31:59,160 Speaker 13: I'm not going anywhere, and where they can find me 662 00:31:59,200 --> 00:32:00,360 Speaker 13: because I want to conte you need to be in 663 00:32:00,400 --> 00:32:03,320 Speaker 13: a relationship with them, because ultimately that is what I 664 00:32:03,400 --> 00:32:05,720 Speaker 13: have to sell. It's the trust I have with that community, 665 00:32:05,720 --> 00:32:06,960 Speaker 13: which means I have to have one. 666 00:32:08,640 --> 00:32:13,440 Speaker 5: The technology secret source amber for TikTok seems to be algorithmic. 667 00:32:13,680 --> 00:32:13,840 Speaker 6: Right. 668 00:32:13,880 --> 00:32:19,120 Speaker 5: You've talked about interest based feeds and in a divest scenario, 669 00:32:19,160 --> 00:32:23,800 Speaker 5: there's a lot of concern that algorithmically China might act. 670 00:32:23,880 --> 00:32:26,080 Speaker 5: I don't expect you to weigh in on that, but 671 00:32:26,160 --> 00:32:28,520 Speaker 5: I think there's a value you add in explaining to 672 00:32:28,520 --> 00:32:34,280 Speaker 5: our audience how effective TikTok is algorithmically speaking in matching 673 00:32:34,320 --> 00:32:38,400 Speaker 5: the content to its target audiences. 674 00:32:38,400 --> 00:32:41,560 Speaker 13: Incredibly effective. It's absolutely changed what it means to be 675 00:32:41,600 --> 00:32:44,600 Speaker 13: a social media platform. Before this, you know, you didn't 676 00:32:44,600 --> 00:32:47,280 Speaker 13: really think or talk about like explore pages or discovery pages. 677 00:32:47,320 --> 00:32:49,880 Speaker 13: It was truly about finding someone that you like and 678 00:32:49,920 --> 00:32:52,320 Speaker 13: then be a recommended another person, which was really more 679 00:32:52,360 --> 00:32:55,760 Speaker 13: about machine learning than about AI. When TikTok entered the scene, 680 00:32:55,880 --> 00:32:58,640 Speaker 13: their algorithm is so far superior to what we're seeing 681 00:32:58,640 --> 00:33:02,080 Speaker 13: on any other platform that you could log into the platform, 682 00:33:02,160 --> 00:33:04,520 Speaker 13: actually not follow anyone, and have a feed that felt 683 00:33:04,520 --> 00:33:07,560 Speaker 13: like it was absolutely one hundred percent created just for 684 00:33:07,760 --> 00:33:10,120 Speaker 13: you like, this platform was made for you, and that's 685 00:33:10,160 --> 00:33:12,200 Speaker 13: why we see if you look across on average where 686 00:33:12,200 --> 00:33:15,200 Speaker 13: adults are spending their time, TikTok has almost an hour 687 00:33:15,240 --> 00:33:18,360 Speaker 13: a day on average for adults, and that's much greater 688 00:33:18,480 --> 00:33:20,440 Speaker 13: than I think YouTube's in second place behind them, and 689 00:33:20,440 --> 00:33:22,600 Speaker 13: then falling down behind her all of the other social 690 00:33:22,680 --> 00:33:23,640 Speaker 13: media platforms. 691 00:33:23,760 --> 00:33:25,040 Speaker 6: So that is their secret sauce. 692 00:33:25,080 --> 00:33:25,480 Speaker 9: We know that. 693 00:33:25,600 --> 00:33:28,719 Speaker 13: Of course, in China there's legislation that they are actually 694 00:33:28,720 --> 00:33:31,640 Speaker 13: not allowed to export their algorithms, and so in any 695 00:33:31,640 --> 00:33:34,280 Speaker 13: sort of a divestature from what the Chinese government is saying, 696 00:33:34,640 --> 00:33:36,360 Speaker 13: the algorithm would not come with. 697 00:33:36,280 --> 00:33:40,840 Speaker 5: The TikTok property amber very quick. If you can't use TikTok, 698 00:33:41,040 --> 00:33:42,160 Speaker 5: what's the next best thing? 699 00:33:44,560 --> 00:33:44,920 Speaker 6: Ltk? 700 00:33:45,200 --> 00:33:48,120 Speaker 13: Our creators are creating there every single day. They're making 701 00:33:48,120 --> 00:33:50,400 Speaker 13: it a place where they can connect with their audience. Again, 702 00:33:50,440 --> 00:33:52,680 Speaker 13: the most important thing that a creator has is trust, 703 00:33:53,000 --> 00:33:54,960 Speaker 13: and that's why we see that actually with gen z, 704 00:33:55,360 --> 00:33:58,240 Speaker 13: they're three times more likely to trust a creator over 705 00:33:58,280 --> 00:34:00,440 Speaker 13: an ad We now see that the vast joy the 706 00:34:00,480 --> 00:34:03,880 Speaker 13: population now says that they shop from creators. And so, 707 00:34:04,000 --> 00:34:06,360 Speaker 13: as a creator, if trust is what you're selling, how 708 00:34:06,400 --> 00:34:08,600 Speaker 13: do you stay in touch with that audience every day. 709 00:34:08,760 --> 00:34:09,239 Speaker 8: The job that. 710 00:34:09,320 --> 00:34:11,719 Speaker 13: Social media was doing last year, they're not doing for 711 00:34:11,760 --> 00:34:13,839 Speaker 13: you today. They're a discovery platform and so you've got 712 00:34:13,880 --> 00:34:14,920 Speaker 13: to have a place where you're. 713 00:34:14,760 --> 00:34:15,640 Speaker 3: Growing your community. 714 00:34:16,160 --> 00:34:19,120 Speaker 5: Amber Ven's Box, President co founder of LTK, Thank you 715 00:34:19,239 --> 00:34:20,680 Speaker 5: so much. Now, coming up on the show, we're going 716 00:34:20,719 --> 00:34:23,600 Speaker 5: to be joined by Science Co CEO ilam Cadre for 717 00:34:23,640 --> 00:34:38,279 Speaker 5: a discussion on EV batteries. This is Bloomberg technology EV 718 00:34:38,400 --> 00:34:41,600 Speaker 5: industry top of mind after Tessa's earning. Science Co is 719 00:34:41,640 --> 00:34:44,720 Speaker 5: a crucial player in all of that specialty. Keenalties Company 720 00:34:44,920 --> 00:34:47,759 Speaker 5: about to break ground on a flagship site in Augusta, 721 00:34:47,840 --> 00:34:48,760 Speaker 5: Georgia tomorrow. 722 00:34:48,960 --> 00:34:49,840 Speaker 6: It will serve as North. 723 00:34:49,719 --> 00:34:55,000 Speaker 5: America's largest capacity production facility for polyvinyl idin fluoride, a 724 00:34:55,040 --> 00:34:59,160 Speaker 5: critical component of EV batteries, joining US Science Co CEO 725 00:34:59,520 --> 00:35:03,600 Speaker 5: ilhum Cadri. The narrative from Tesla is demand on the 726 00:35:03,640 --> 00:35:07,400 Speaker 5: EV side, low hybrids are interfering. Why is the chemical 727 00:35:07,440 --> 00:35:10,239 Speaker 5: company specialize in important right now? 728 00:35:12,960 --> 00:35:13,200 Speaker 8: Yeah? 729 00:35:13,200 --> 00:35:14,920 Speaker 14: Well, hello and good morning. 730 00:35:15,000 --> 00:35:15,920 Speaker 3: Thank you for having me. 731 00:35:16,640 --> 00:35:20,239 Speaker 14: It's gonna be a great day tomorrow. Were groundbreaking in Augusta, 732 00:35:21,200 --> 00:35:26,120 Speaker 14: one of the largest material and the largest material manufacturing sights, 733 00:35:26,400 --> 00:35:28,960 Speaker 14: which is going to common stream in the next five 734 00:35:29,080 --> 00:35:33,000 Speaker 14: years to cater more or less five million ev cars. 735 00:35:33,160 --> 00:35:36,520 Speaker 14: We still believe that the long term fundamentals of the 736 00:35:36,520 --> 00:35:41,080 Speaker 14: electrification in Americas are still there. We believe that more 737 00:35:41,080 --> 00:35:44,000 Speaker 14: than thirty percent adoption will happen between now and twenty 738 00:35:44,120 --> 00:35:47,719 Speaker 14: thirty in the world, it's going to be more than 739 00:35:47,800 --> 00:35:52,439 Speaker 14: half of the production's fleet will move to EV or hybrid. So, yeah, 740 00:35:52,719 --> 00:35:56,920 Speaker 14: you are seeing some delays for good reasons, right, some 741 00:35:56,960 --> 00:35:59,479 Speaker 14: softness in says, but you know it takes three years 742 00:35:59,520 --> 00:36:02,000 Speaker 14: anyway to build the plant, and we believe in this 743 00:36:02,200 --> 00:36:07,759 Speaker 14: electrification fueled by consumers by the giga factories. Ten are 744 00:36:07,800 --> 00:36:11,160 Speaker 14: already in place, twenty seven are in construction, and our 745 00:36:11,239 --> 00:36:18,160 Speaker 14: customers are demanding on shoring domestic manufacturing materials like ours 746 00:36:18,360 --> 00:36:23,319 Speaker 14: to suppose the adoption and cost competitiveness. 747 00:36:22,480 --> 00:36:25,680 Speaker 2: Supply chain has been a constant headache for many. From 748 00:36:25,719 --> 00:36:29,800 Speaker 2: your perspective, what is needed to ensure that we hate 749 00:36:29,800 --> 00:36:32,120 Speaker 2: that level of adoptions of evy and hybrids over the 750 00:36:32,200 --> 00:36:34,080 Speaker 2: next cost the five years. 751 00:36:34,400 --> 00:36:37,520 Speaker 14: You need cheaper cars, ev cars and hybrid cars, right, 752 00:36:37,880 --> 00:36:40,759 Speaker 14: and you need this and the technology in batteries is 753 00:36:40,760 --> 00:36:43,919 Speaker 14: going to enable that. Right, just a few years back, 754 00:36:44,000 --> 00:36:45,960 Speaker 14: half of the cost of Tesla car used to be 755 00:36:46,000 --> 00:36:48,880 Speaker 14: a battery. Now it's twenty fifteen percent. We're going to 756 00:36:48,960 --> 00:36:52,040 Speaker 14: get it to a single digit. So our materials they 757 00:36:52,200 --> 00:36:57,320 Speaker 14: offer more efficiency in the batteries, higher elexical density actually, 758 00:36:57,640 --> 00:36:59,840 Speaker 14: and therefore more autonomy in driving. 759 00:37:00,120 --> 00:37:01,880 Speaker 3: Right, let's drive in eggs. 760 00:37:02,239 --> 00:37:04,600 Speaker 14: So I think the cost curve of the ivy and 761 00:37:04,719 --> 00:37:08,800 Speaker 14: hybrid cars are gonna come down, like any new technologies, 762 00:37:08,800 --> 00:37:12,319 Speaker 14: and we're an enablers today we commercialize the generation too 763 00:37:12,400 --> 00:37:15,440 Speaker 14: lethium ion batteries. We are agnostics to technology. We go 764 00:37:15,480 --> 00:37:18,760 Speaker 14: to LFPN, n C and others. But we are already 765 00:37:18,840 --> 00:37:22,120 Speaker 14: working on generation four and five solid batteries, which gonna 766 00:37:22,640 --> 00:37:26,920 Speaker 14: get even smaller batteries, cheaper, more affordable, safer. 767 00:37:28,040 --> 00:37:31,040 Speaker 2: Well, congratulations on breaking ground tomorrow. We look forward to 768 00:37:31,080 --> 00:37:34,400 Speaker 2: having on the show sunce Co CEO doctor Elm Calder. 769 00:37:34,760 --> 00:37:35,399 Speaker 3: We thank you. 770 00:37:35,880 --> 00:37:37,920 Speaker 2: Wow, what a well when that does a decosition of 771 00:37:37,920 --> 00:37:39,360 Speaker 2: bloom bang technology. 772 00:37:38,840 --> 00:37:40,440 Speaker 6: And we are in the thick of it. 773 00:37:40,480 --> 00:37:43,640 Speaker 5: Earnings wise, check out the podcast recapp in particular Tesla. 774 00:37:43,920 --> 00:37:47,000 Speaker 5: Find the pot on Apple, Spotify, iHeart and you can 775 00:37:47,040 --> 00:37:49,040 Speaker 5: also find it of course on the Bloomberg platforms. 776 00:37:49,080 --> 00:37:51,880 Speaker 6: Buckle up big week. This is Bloomberg Technology.