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Speaker 1: From the heart of where innovation, money and power COLLI

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Speaker 1: in Silicon Valley and beyond. This is Bloomberg Technology with

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Speaker 1: Emily Jay I'm memorily check in San Francisco and this

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Speaker 1: is Bloomberg Technology. Coming up in the next hour. It

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Speaker 1: looks like we are in for a busy holiday travel season.

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Speaker 1: Airbnb is preparing a massive share buyback and anticipating the

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Speaker 1: best revenue in the company history in the current quarter.

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Speaker 1: We will get into the details, plus a being for

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Speaker 1: Uber send share story almost my conversation with CEO dar

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Speaker 1: Kasra Shai about the shift in demand supply and whether

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Speaker 1: Uber really is as he says, recession proof. And the

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Speaker 1: results are in Bloomberg survey more than fift hundred investors

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Speaker 1: about the musk Twitter saga, only one in four. I

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Speaker 1: believe the world which is man will actually end up

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Speaker 1: shelling out that four billion dollars. We'll talk about the

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Speaker 1: implications for musk Twitter and Tesla. I do want to

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Speaker 1: talk a little more about this big visit. US House

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Speaker 1: speaker Nancy Pelosi touching down in Taiwan. This makes her

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Speaker 1: the highest ranking American politician to visit the island in

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Speaker 1: twenty five years, and the timing of her visit is

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Speaker 1: particularly sensitive for China, coming one day after the anniversary

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Speaker 1: of the People's Liberation Army. I want to bring in

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Speaker 1: our Ian Marlow joining us from Washington, who's been covering

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Speaker 1: the story and how it is developing. Ian talk to

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Speaker 1: us about just how significant this visit is and and

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Speaker 1: what is at stake. We've got Isaac stone Fish, the

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Speaker 1: founder and CEO of Strategy Risks here as well. But Ian,

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Speaker 1: I want to start with you because I think it's

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Speaker 1: hard to overstate, uh, just how significant this visit is. Yeah,

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Speaker 1: I think it's significant for a couple of reasons. I mean, obviously,

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Speaker 1: she's the highest ranking of like the U s official

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Speaker 1: to visit in twenty five years, since Sitting House Speaker

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Speaker 1: New Grinkoch went in ninete. But it's also a sensitive

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Speaker 1: time in US China relations. You've got forces on both sides.

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Speaker 1: In the US, you've got midterm elections, you had a

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Speaker 1: lot of uh debate about whether she should go or

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Speaker 1: not go, and whether that would look weak on China.

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Speaker 1: And then in China itself you have Shi jimping kind

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Speaker 1: of balancing UH COVID zero policies with a bit of

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Speaker 1: a slowing economy, and also a really important party congress

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Speaker 1: coming up later in the fall where he's expected to

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Speaker 1: secure a third term. So you've got a lot of

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Speaker 1: sensitive dynamics internally. And then uh, you know, internationally, we

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Speaker 1: just have a situation with the US leaning on on

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Speaker 1: China over Russia and the war in Ukraine. You've got

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Speaker 1: a lot of high level dialogues that haven't particularly moved

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Speaker 1: the needle on the Biden administration's China policy. Uh. And

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Speaker 1: then you're playing with this extremely toxic situation with where

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Speaker 1: Taiwan is just the most sensitive issue in US China relations.

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Speaker 1: Uh and Pelosi visiting at this point, with the rhetoric

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Speaker 1: cranked up on on the Chinese side in particular in

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Speaker 1: US US officials kind of failing to calm down and

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Speaker 1: kind of convince the Chinese side that that they're not

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Speaker 1: trying to, you know, erase the status quo here, it's

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Speaker 1: kind of got a bit of a mix where we're

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Speaker 1: now seeing some of the more the most extreme sort

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Speaker 1: of Chinese military responses since since the mid nineties, in

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Speaker 1: decades now. ISAAC China has already announced these various military

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Speaker 1: drills at missile tests surrounding the island. How much retaliation

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Speaker 1: versus posturing are you expecting to see companies should shear

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Speaker 1: retaliation asymmetrically, So worry less about military drills, more about

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Speaker 1: executive from US corporations getting arrested or detained or harassed

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Speaker 1: in China, or Chinese companies treating US companies differently, or

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Speaker 1: Beijing suddenly discovering that a major US corporation committed tax

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Speaker 1: fraud or has some regularities in their books. Beijing loves

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Speaker 1: to play it this way so that there's plausible deniability,

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Speaker 1: and so that it reminds the business world that, in

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Speaker 1: Beijing's mind, the business world is also responsible for what

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Speaker 1: the US government is or isn't doing. We've already seen

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Speaker 1: some retaliation from this big battery company that's pushed back

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Speaker 1: its plans to announce a big plant UH in North America.

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Speaker 1: Of course, Taiwan is a huge tech hub, a huge

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Speaker 1: spoke in the global supply chain. What kind of disruption

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Speaker 1: potentially longer term, ISAAC, do you think there could be

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Speaker 1: to the global and tech economy. It's hard to imagine

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Speaker 1: a more concrete reminder that investing in China Chinese supply

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Speaker 1: chain U S China relations will be unstable for the

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Speaker 1: foreseeable future. Base case and now is these regular fluctuations,

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Speaker 1: the regular risk of not getting the goods when you

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Speaker 1: need them, not being able to parse or really understand

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Speaker 1: Chinese policy. So people just need to throw out their

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Speaker 1: old assumptions and work with the assumptions that supply chains

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Speaker 1: will continue to be disrupted. Certain companies that say they're

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Speaker 1: going to do something won't be able to do what

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Speaker 1: they're saying. And not to be alarmists, but it is

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Speaker 1: very possible that moves like these do lead to a war,

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Speaker 1: or at the very least the proxy war between the

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Speaker 1: U S and China, and if that happens, all of

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Speaker 1: the assumptions underpinning US China investments for decades will be

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Speaker 1: written off. I talk to us about the plans for

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Speaker 1: the rest of this trip and the kind of signaling

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Speaker 1: you're expecting to see, not just from Beijing but also

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Speaker 1: from the White House. Yeah, I mean, I think we've

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Speaker 1: seen the White House playbook. Over the last couple of days.

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Speaker 1: There was a shift for um, uh you know, denying

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Speaker 1: that the trip was even happening, possibly the worst kept

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Speaker 1: secret given it was the most tracked plane. Uh you know,

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Speaker 1: almost in history here. Um. I think at the moment,

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Speaker 1: we're looking at the White House shifting to uh, putting

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Speaker 1: the onus for escalation on on China itself, saying Pelosi's trip,

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Speaker 1: which we didn't have any say over, doesn't move the needle.

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Speaker 1: It doesn't change US policy towards Taiwan either way. And

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Speaker 1: so it's the kind of ball is in is in

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Speaker 1: China's court. So the the amount of escalation we see, uh,

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Speaker 1: you know. And some people are talking about the military

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Speaker 1: exercises off off the ports and off the coast amounting

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Speaker 1: to a sort of an effective sort of temporary blockade.

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Speaker 1: We're also going to see missiles potentially crossing over Taiwan

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Speaker 1: and landing off the coast. Um, so there's a potential

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Speaker 1: for miscalculation. I think at the moment we're just kind

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Speaker 1: of waiting to see how long this last. We know

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Speaker 1: there's going to be drills, uh you know, for the

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Speaker 1: next few days. Um. And now I think it's just

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Speaker 1: a matter of seeing whether China's telegraphing of this stuff

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Speaker 1: in advance is enough to allow US officials to sort

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Speaker 1: of manage the situation so that there's no you know,

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Speaker 1: as they always talk about in US China relations now

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Speaker 1: to make sure there's no miscalculation, uh, you know, and

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Speaker 1: veering the competition into conflict. As they also like to say,

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Speaker 1: all right, thank you both so much for weighing in here,

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Speaker 1: strategy risks CEO Isaac Stonefish, along with Bloomer's own in Marlow.

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Speaker 1: Of course, we're going to continue to follow every detail

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Speaker 1: of this visit as it plays out. Airbnb shares down

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Speaker 1: in late training after reporting second quarter results. This despite

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Speaker 1: the home sharing giant saying revenue in the current quarter

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Speaker 1: will be the highest in its history. Brent Phil Jeffrey's

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Speaker 1: managing director and analyst, joins us now to discuss So, look,

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Speaker 1: you've had AIRBNBI benefiting from the travel rebound, but investors

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Speaker 1: not happy with this report. Why is that booking's actually

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Speaker 1: fell emily for the third quarter in terms of below consensus,

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Speaker 1: about five percent below where the street was at. And

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Speaker 1: I think ultimately there's also a fear that this was

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Speaker 1: the summer of travel that everyone went to Europe. You

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Speaker 1: can see local destinations inside California, for example, saw their

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Speaker 1: bookings down, but Europe saw this huge boom. Many of us,

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Speaker 1: including my own family, who went to Europe came back

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Speaker 1: and started to look at our credit card and say, wow, okay,

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Speaker 1: we haven't been been anywhere for a couple of years

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Speaker 1: to look at the bill. And so I think there's

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Speaker 1: perhaps a little bit of a travel hangover coming in

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Speaker 1: the fall into the winner. And that may also be

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Speaker 1: a fear that many investors that are in my position

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Speaker 1: now have said, Hey, I just took the big trip,

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Speaker 1: tap time, tap the tap the air brakes and put

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Speaker 1: money into other things. Uh. That's that's one element. I think.

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Speaker 1: Ultimately the macro condition is starting to show signs of weakness.

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Speaker 1: You're seeing gas prices in the or uh you know,

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Speaker 1: shift where they're spending dollars. If Walmart called this out,

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Speaker 1: a lot of other companies are calling this the shift out.

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Speaker 1: Williamson our restoration of hardware obviously saying it's not can

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Speaker 1: be is good in the back half. You're you're just

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Speaker 1: seeing across many consumers. So we call it a discretionary

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Speaker 1: recession that many of us may start to rethink were

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Speaker 1: these dollars today that AIRBB for the most part, are

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Speaker 1: you know, is spent money that is for fun? It's

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Speaker 1: not it's not a must have, it's a it's nice

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Speaker 1: to have. They'll argue other otherwise for for myself, but

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Speaker 1: I'm trying to What I'm trying to put in is

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Speaker 1: what what Why would the stock be down? Why would

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Speaker 1: people be barished from here? I think those would be

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Speaker 1: the reasons to be bullish. Obviously, they're in an incredible position,

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Speaker 1: amazing management team, incredible selection of uh and portfolio, and

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Speaker 1: I think they're really innovating on the platform, and there's

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Speaker 1: just incredible innovation relative to any other consumer brand you

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Speaker 1: travel to on the web. I still think this is

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Speaker 1: the best you want, best experience. Some of the best

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Speaker 1: content They did come out with categories, which was their

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Speaker 1: big design change in the last few months. You do

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Speaker 1: cover Uber as well, and I'm kind of interested in

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Speaker 1: comparing them. But first I want you to hear this

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Speaker 1: quote from Dar cause were showing you from our interview

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Speaker 1: earlier today. He is said in the past he thinks

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Speaker 1: Uber is recession proof. Take a listen to why. Because

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Speaker 1: we're in multiple businesses, both in mobility and delivery. I

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Speaker 1: think we have a kind of business that can perform

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Speaker 1: in all weather. But at the same time, we are

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Speaker 1: being disciplined in terms of costs to make sure that

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Speaker 1: as the environment if it gets tougher, we are prepared.

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Speaker 1: Right you saw Uber's nembers today. Do you think Uber

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Speaker 1: really is recession proof and is it more recession proof

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Speaker 1: and air being be I think to some degree, because

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Speaker 1: we're starting to go back to work or going back

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Speaker 1: to events, we're traveling to kids sporting events, like we're

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Speaker 1: using we're using their transportation, not only the cars, but

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Speaker 1: the bikes and scooters. And again I was a huge

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Speaker 1: adopter of of of the line uh scooter line this

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Speaker 1: summer with my family in Europe and as a part

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Speaker 1: in the partnership with Uber, and and I think ultimately

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Speaker 1: I agree with that to to some degree. I think

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Speaker 1: ultimately the question mark is going to be around the

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Speaker 1: discretionary travel. And again when we look at Airbnb, if

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Speaker 1: you look at other travel names, if we start to

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Speaker 1: see a little bit of a travel hangover post this summer,

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Speaker 1: there could be a little bit of a setback on

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Speaker 1: that side. The positive thing for Uber is employers, including

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Speaker 1: in our own employer, is saying get back in the office.

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Speaker 1: We need you back multiple days a week. Obviously, we

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Speaker 1: still have COVID cases flaring, and I think ultimately people

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Speaker 1: are still reluctant to want to be a mass transport

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Speaker 1: in a big way, and they feel comfortable, you know,

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Speaker 1: perhaps being in the back of a car going into

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Speaker 1: the winter. If if, if we'd see another UH phase

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Speaker 1: of COVID cases. So I think, look, I I don't

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Speaker 1: disagree with them. I do think there's an element of

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Speaker 1: the business that I could feel the pain. But one

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Speaker 1: thing that's going for Uber right now is evaluation. It's

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Speaker 1: the worst sentiment of any Internet company and perhaps any

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Speaker 1: tech company we cover. And the sentiment going into this

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Speaker 1: print was awful, and now they're showing cash flow and

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Speaker 1: they're effectively doing what we think is the right thing

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Speaker 1: was that it's just not a top it's got a

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Speaker 1: bottom line, and they're showing they can be very profitable

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Speaker 1: with with their network. Interesting, all right, Brent Phil Jefferies,

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Speaker 1: managing Director, Thanks for giving us your quick reacts on

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Speaker 1: both of those companies. Coming up a tale of two coasts.

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Speaker 1: Uber is seeing a slowdown on the West coast but

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Speaker 1: a pickup in the East. I have more of my

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Speaker 1: post earnings conversation with Uber CEO dark cosbra Shy, who

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Speaker 1: was quite happy about the stock pop when we talked

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Speaker 1: this morning. He's coming up next. This is Bloomberg. Uber

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Speaker 1: defied inflation in the second quarter, reporting better than expected earnings.

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Speaker 1: Shares popped on that news that Lubers gross bookings including

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Speaker 1: ride sharing, food delivery, and frank rose to an all

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Speaker 1: time high. I spoke with CEO dar Causra Shay about

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Speaker 1: everything from surge pricing to a slowdown in demand on

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Speaker 1: the West Coast. Take a listen to some extent, it's

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Speaker 1: a continuation of the last few quarters, but we're really

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Speaker 1: hitting a scale point here. Like you said, twenty nine

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Speaker 1: billion dollars in gross bookings of thirty six percent on

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Speaker 1: a year on your basis, uh as, it relates on

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Speaker 1: a constant currency basis or three sixty two million, well

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Speaker 1: above our guidance range. And the guidance that we gave

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Speaker 1: forward was well above street estimates, etcetera. So an indication

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Speaker 1: of anticipated strength coming. And then a really important factor

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Speaker 1: for us is we're free cash full positive two million

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Speaker 1: dollars in free cash flow, which is a big positive

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Speaker 1: factor in our being self sustaining and profitable going forward.

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Speaker 1: And when we look at the environment, the marketplace is

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Speaker 1: more balanced. The number of new drivers that we're adding

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Speaker 1: in the US is up over seventy on a year

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Speaker 1: on your basis surges down E T A s or down. Uh,

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Speaker 1: So the business is really hitting on all cylinders and

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Speaker 1: it's reflected in the stock press, which is great. I

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Speaker 1: do want to ask you a little bit about the

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Speaker 1: broader environment, Dara. I still hear people say Uber is expensive,

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Speaker 1: and we're seeing Uber benefiting from this. When you look

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Speaker 1: at your earnings and the bottom line, how do you

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Speaker 1: think about this dynamic longer term? Do you worry at

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Speaker 1: all about alienating customers when they're already getting squeezed given

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Speaker 1: that this is the worst inflationary environment in Uber's history. Yeah,

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Speaker 1: I think inflation is hitting all of us, whether it's

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Speaker 1: grocery prices or fuel prices. And remember fuel is a

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Speaker 1: big component of our driver costs, so that affects Uber

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Speaker 1: prices as well, and you do see it in a result.

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Speaker 1: While trips were up, which is really really healthy growth growth,

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Speaker 1: bookings were up faster than that, which indicates some inflationary

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Speaker 1: effect on our results. I think the good news for

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Speaker 1: US is that surge levels are actually coming down E

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Speaker 1: T A s are coming down, so as the marketplace

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Speaker 1: becomes more balanced, we actually see strength in terms of

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Speaker 1: trip growth going forward, and we're hoping if we do

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Speaker 1: our jobs and so far, so good onboarding more and

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Speaker 1: more drivers, that prices on Uber will ease going forward.

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Speaker 1: At the same time, drivers will make really strong earnings

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Speaker 1: as well. At the same time, we've heard so many

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Speaker 1: dire warnings about the economy. Jamie Diamond has said he's

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Speaker 1: prepared for an economic hurricane. I just spoke to Apple

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Speaker 1: CEO Tim Cook, who said, you know, he plans to

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Speaker 1: be deliberate in Apple spending. You said in the past

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Speaker 1: that you think Uber is recession resistant. Do you still

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Speaker 1: believe that if we continue to see these down downward

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Speaker 1: trends and what is uber strategy to navigate continuing downward trends? Well,

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Speaker 1: I think you're certainly seeing in earn results, which is uh.

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Speaker 1: There's been a bunch of earnings results out there, and

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Speaker 1: and sometimes they've been less than great. I think Uber's

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Speaker 1: earnings have been terrific in every way, top line growth,

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Speaker 1: profitability growth as well. Um. At the same time, we

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Speaker 1: are being disciplined in terms of how we grow going forward.

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Speaker 1: This is why our margins are improving so much on

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Speaker 1: a year. On your basis free cash flow is now

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Speaker 1: positive as well. Because of the scale that we have,

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Speaker 1: because we're in multiple businesses, both in mobility and delivery.

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Speaker 1: I think we have a kind of business that can

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Speaker 1: perform in all weather. But at the same time, we

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Speaker 1: are being disciplined in terms of costs to make sure

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Speaker 1: that as the environment, if it gets tougher, we are prepared.

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Speaker 1: You mentioned on the call that West coast markets are

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Speaker 1: taking a little bit longer to come back, and I'm

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Speaker 1: I'm thinking about San Francisco and how it's been a

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Speaker 1: struggle to get workers back to the office. How are

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Speaker 1: you thinking about this and Uber's, for example, Uber's own

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Speaker 1: flexible work policies. Do you see the flexibility that you're

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Speaker 1: giving workers holding up into next year, for example? Does

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Speaker 1: it does feel like the tail of two coasts? You know,

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Speaker 1: when we look at the East coast New York, Miami,

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Speaker 1: even UH cities, Atlanta, Austin, Dallas. Our business is coming back,

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Speaker 1: is roaring back UH at this point, and we feel

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Speaker 1: great about that business. Now. The San Francisco market's Los Angeles, Seattle,

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Speaker 1: they're certainly coming back. But when you look at the

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Speaker 1: absolute levels versus pre pandemic levels, UH, it's a very

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Speaker 1: very different story. UM, and you know, we'll keep pushing

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Speaker 1: and we will do our part to make sure that

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Speaker 1: we've got an ample supply in those markets. Uh. And

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Speaker 1: the service works very well. You can check out the

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Speaker 1: full interview with uber ceo Dark Cause with Shaw here

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Speaker 1: at Bloomberg dot com. Welcome back to Bloomberg Technology. I'm

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Speaker 1: Emily checking in San Francisco. I want to get back

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Speaker 1: to our top story, and that is US House Speaker

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Speaker 1: Nancy Pelosi's visit to Taiwan. We are already seeing a

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Speaker 1: major company react. In a Bloomberg scoop c A t L,

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Speaker 1: the world's biggest maker of Evy battery cells, has pushed

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Speaker 1: back plans to announce a North American plant because of

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Speaker 1: this visit to Taiwan. Are at Ludlow help break this

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Speaker 1: story at what exactly do we know about this decision? Yes,

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Speaker 1: the sources say that CTL was considering sites in Mexico

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Speaker 1: and the United States. As we reported a month ago,

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Speaker 1: they were close, they were agreeing incentives, they were choosing

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Speaker 1: their preferred site. And given the geopolitical tension between the

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Speaker 1: United States and China due to Speaker Pelosi's business Taiwan,

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Speaker 1: they've decided to push it back to September October. So

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Speaker 1: they're not necessarily saying this is not going to happen.

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Speaker 1: It's just the announcement has been exactly So there's a

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Speaker 1: commitment from CTL, according sources, to do this right. They're

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Speaker 1: they're key customers are here. There are a big supplier

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Speaker 1: to Tesla for Tesla's China built vehicles. They have an

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Speaker 1: agreement to supply Forward in the future. And as we've reported,

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Speaker 1: Forward and Tesla were kind of key to those talks.

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Speaker 1: But it's too hot right now, and and and you know,

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Speaker 1: they are also trying to think about potential incentives in

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Speaker 1: the background from the federal government here in the United States.

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Speaker 1: They just don't want to get caught up in this

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Speaker 1: with what's happening. How strategically important is this company to

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Speaker 1: say a Tesla or Afford. Yeah, the reality is CTL

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Speaker 1: is a Chinese company. It is the kind of crown

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Speaker 1: jewel in China's EV industry. It's the biggest maker, as

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Speaker 1: you said, of EV battery cells. But the issue the

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Speaker 1: whole industry faces is there is not enough supply. We

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Speaker 1: need more battery cells, more players, and having that ct

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Speaker 1: L plant, whether it ends up being in the US

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Speaker 1: or in Mexico, nearer to where vehicles are actually being

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Speaker 1: built by tests or by ford is so important. If

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Speaker 1: we've learned one thing in the last two years, it's

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Speaker 1: supply chains can on revel really quickly overseas, So on

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Speaker 1: shoring this production would really help. Now we have these

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Speaker 1: geopolitical issues in the way. Long term though, are you

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Speaker 1: seeing this as a company that could have a very

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Speaker 1: significant presence on this side of the Pacific Ocean. So

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Speaker 1: the commitment that they're making initially is five billion dollars.

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Speaker 1: That gets you quite a lot of factory, you know,

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Speaker 1: quite a lot of plant. The footprint that we've reported

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Speaker 1: on is very big. You know, we're talking about EV

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Speaker 1: battery cells at a mass scale and for multiple players.

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Speaker 1: Think about the giga factories for example, that the Panasonic

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Speaker 1: has a Nevada and others have done deals on the

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Speaker 1: West coast, East coast. Sorry, so this is big and

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Speaker 1: it's important, all right, I'd love them, thank you well.

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Speaker 1: See Bloomberg terminal clients think Elon schiill be forced to

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Speaker 1: own Twitter by the end of this saga about and

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Speaker 1: more than respondents to include portfolio managers and retail traders

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Speaker 1: say Mask won't end up owning Twitter, the deal that

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Speaker 1: led Mosque to offload about eight and a half billion

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Speaker 1: dollars worth of Tesla shares back in April. One third

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Speaker 1: of respondents protect he'll settle with a social media company

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Speaker 1: for more than a billion dollars rather than seeing through

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Speaker 1: that forty four billion dollar takeover. Joining me now Grace

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Speaker 1: Capital founder and chief investment officer Katherine Faddis, who took

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Speaker 1: questions about the survey with Luke Ventures Gene Munster. Uh

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Speaker 1: this Tuesday morning. So what's your take, Katherine? How does

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Speaker 1: this play out in Delaware court? Yeah? I think I'm

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Speaker 1: going to agree with the respondents. I think ultimately this

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Speaker 1: deal doesn't happen. I'm not It's not clear to me

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Speaker 1: why it made sense to begin with. And I understand

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Speaker 1: um Elon Musk is very smart. He took testl off

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Speaker 1: from loss making deal and he's made it a success.

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Speaker 1: He made pay palace success. Maybe there's a theory he

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Speaker 1: was going turn around Twitter and you know, pull something

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Speaker 1: else out of his hat. But apparently he's lost interest

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Speaker 1: and I think it's time to move on Dot Org.

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Speaker 1: What does this mean for Twitter and what would it

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Speaker 1: mean for Tesla. You know, for Twitter, I think it's

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Speaker 1: been quite disruptive and I'm almost wondering if they're going

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Speaker 1: to try to get more than the billion dollars. And

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Speaker 1: I think if there was the people who believe in

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Speaker 1: Elon Must thought wow, he's going to get involved in

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Speaker 1: Twitter and he's going to turn it into a gold mine.

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Speaker 1: So I think for Twitter it's it's not good either way.

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Speaker 1: I think it's been disruptive. I think if there was hope,

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Speaker 1: you know, Twitter shareholders were going to get a lot

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Speaker 1: of money. Now they're not. It's just not good. And

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Speaker 1: I think Twitter's business model is struggling anyway. And for Tesla,

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Speaker 1: I think it might be good news because I think

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Speaker 1: that it was a distraction. It was a distraction for

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Speaker 1: Tesla shareholders. They want Elon must focusing on Tesla, solving

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Speaker 1: the problems, bringing you know, the wonderful things he's done operationally,

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Speaker 1: supply chain efficiency, all the great things that make Tesla

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Speaker 1: what it is. So I think it's good news for Tesla.

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Speaker 1: Tesla has a huge footprint in China, and I'm curious

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Speaker 1: how you think this big visit Nancy Pelosi going to

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Speaker 1: Taiwan against the wishes of the Chinese government. If there's

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Speaker 1: an impact for Tesla here, clearly there will be an

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Speaker 1: impact because I think China understands the importance of Tesla

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Speaker 1: um as an entity, and I think it's a Tesla

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Speaker 1: is in many senses, a crown jewel. So if China

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Speaker 1: wanted to retaliate, Tesla would be an easy target. And remember,

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Speaker 1: Tesla has big plans for China. Not only do they

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Speaker 1: produce a lot there, but it was going to be

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Speaker 1: a big market for them. So I think certainly this

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Speaker 1: would keep me up at night if I were on

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Speaker 1: the board of Tesla. But it is what it is,

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Speaker 1: and I think he's going to have to figure out

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Speaker 1: how to move forward. You wonder if it's keeping up

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Speaker 1: elon Musk, how dependent do you think Tesla's valuation, uh,

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Speaker 1: space x is valuation is on Musk alone. His cult

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Speaker 1: of personality, I think currently a lot, because he really

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Speaker 1: does have this fabulous track record and people look at

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Speaker 1: what he does. He can take anything and turn it

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Speaker 1: into gold, and he's done it, and so he deserves it.

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Speaker 1: He deserves the reputation. But I think a lot of

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Speaker 1: those things can be learned. So I go back to

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Speaker 1: Steve Jobs and Apple. I never thought Apple could make

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Speaker 1: it without Steve Jobs. Guess what I was wrong? Uh,

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Speaker 1: Since when he died, Apple has beaten the stock market

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Speaker 1: by a thousand percent. So there is life after Elon Musk.

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Speaker 1: There's life after all of us. But I don't want

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Speaker 1: to minimize its importance. Uh two space X and I

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Speaker 1: think it's real. I think he really has brought process improvements.

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Speaker 1: If it's and see, do you look at the way

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Speaker 1: the cars are manufacturers? Did you look at the way

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Speaker 1: he's locked up the supply chain for years and years

430
00:25:06,040 --> 00:25:10,520
Speaker 1: to come with lithium technology. I mean he's clearly very smart,

431
00:25:11,080 --> 00:25:16,360
Speaker 1: So he's important. All Right, Grace Capital founder and chief

432
00:25:16,359 --> 00:25:20,240
Speaker 1: investment officer Katherine Faddis really appreciate your thoughts here on

433
00:25:20,280 --> 00:25:22,800
Speaker 1: the show. Thank you for stopping by. All right, Coming

434
00:25:22,880 --> 00:25:27,399
Speaker 1: up over technologists signing a letter to Congress urging for

435
00:25:27,480 --> 00:25:31,800
Speaker 1: more skepticism in crypto. We've talked a lot about the optimists.

436
00:25:31,800 --> 00:25:34,240
Speaker 1: We're gonna talk a little bit about the pessimists. Next.

437
00:25:34,520 --> 00:25:56,640
Speaker 1: This is Bloomberg. The no intermediary system does not scale

438
00:25:56,880 --> 00:26:00,680
Speaker 1: that three to seven transactions per second world. Why that's

439
00:26:00,680 --> 00:26:04,359
Speaker 1: the hard limit? It doesn't do whatonents say it does.

440
00:26:04,760 --> 00:26:08,320
Speaker 1: It's not secure, it's not distributed, it's not reliable, it

441
00:26:08,359 --> 00:26:12,359
Speaker 1: doesn't scale, it doesn't actually do anything that they don't

442
00:26:12,400 --> 00:26:15,879
Speaker 1: actually work for payments if the payments would be processed

443
00:26:15,880 --> 00:26:18,119
Speaker 1: by the normal system. I think eventually it will crash,

444
00:26:18,200 --> 00:26:21,560
Speaker 1: because all bubbles will crash. Ethereum has been promising proof

445
00:26:21,600 --> 00:26:24,880
Speaker 1: of steaks since basically they started. Wake me up when

446
00:26:24,920 --> 00:26:29,320
Speaker 1: the transition happens. The problem is that blockchain adds in security,

447
00:26:29,640 --> 00:26:33,439
Speaker 1: it adds all sorts of inefficiencies and makes things worse.

448
00:26:33,560 --> 00:26:37,080
Speaker 1: It also creates another problem of he who has the

449
00:26:37,119 --> 00:26:39,760
Speaker 1: gold makes the rules. Right now, people are are losing

450
00:26:39,760 --> 00:26:42,880
Speaker 1: their money and people are really getting hurt because there's

451
00:26:42,880 --> 00:26:45,679
Speaker 1: so much fraud. So I think it needs serious regulation.

452
00:26:46,000 --> 00:26:50,600
Speaker 1: From a technological standpoint, there's no innovation. Economically, it is

453
00:26:50,640 --> 00:26:55,840
Speaker 1: a self assembled Ponzi scheme. Nicholas we were there, professor

454
00:26:55,880 --> 00:26:58,399
Speaker 1: in the computer science department at you See Berkeley, along

455
00:26:58,400 --> 00:27:01,919
Speaker 1: with Bruce Nyer, a computer security professional and public policy

456
00:27:02,000 --> 00:27:05,000
Speaker 1: lecture at the Harvard Kennedy School. They're both some of

457
00:27:05,040 --> 00:27:08,119
Speaker 1: the lead signatories of this open letter to Congress, signed

458
00:27:08,119 --> 00:27:13,080
Speaker 1: by fifteen hundred technologists and urging lawmakers to quote take

459
00:27:13,080 --> 00:27:17,240
Speaker 1: a critical skeptical approach toward industry claims that crypto assets

460
00:27:17,680 --> 00:27:22,360
Speaker 1: are an innovative technology that is unreservedly good. Let's break

461
00:27:22,359 --> 00:27:24,040
Speaker 1: it all down in today's Crypto Report with our own

462
00:27:24,080 --> 00:27:27,680
Speaker 1: crypto contributors Snale, Bostic, Shanale. We've talked a lot too.

463
00:27:27,760 --> 00:27:29,399
Speaker 1: We've talked to a lot of the bulls. I haven't

464
00:27:29,440 --> 00:27:31,959
Speaker 1: talked to so many of the bears talked to us

465
00:27:32,040 --> 00:27:35,480
Speaker 1: more about their message to Congress. And what's interesting here

466
00:27:35,480 --> 00:27:37,760
Speaker 1: to Emily is that it's important to remember there's a

467
00:27:37,760 --> 00:27:39,720
Speaker 1: bit of a war in Washington going on when you

468
00:27:39,720 --> 00:27:44,440
Speaker 1: think about cryptocurrency, the people who don't want congressmen and

469
00:27:44,480 --> 00:27:46,800
Speaker 1: women to be supporting them, and the people that do

470
00:27:46,920 --> 00:27:50,480
Speaker 1: and are pouring millions of dollars into lobbying campaigns to

471
00:27:50,640 --> 00:27:56,359
Speaker 1: that effect and into political campaigns to crypto friendly a lawmakers. Remember,

472
00:27:56,359 --> 00:27:59,240
Speaker 1: I talked to Anthony Scarammucci about this earlier this year too,

473
00:27:59,400 --> 00:28:01,359
Speaker 1: and there are men people who believe that this is

474
00:28:01,400 --> 00:28:03,199
Speaker 1: gonna be like him, that believe that this is going

475
00:28:03,280 --> 00:28:06,159
Speaker 1: to be a key issue leading into the midterms and otherwise.

476
00:28:06,200 --> 00:28:08,719
Speaker 1: So what is the problem here for the folks who

477
00:28:08,680 --> 00:28:11,040
Speaker 1: have signed this letter. Some of the issues are quite technical,

478
00:28:11,520 --> 00:28:16,440
Speaker 1: and concern about not being able to reverse transactions, concerns

479
00:28:16,440 --> 00:28:20,959
Speaker 1: about data privacy, and the sense that is crypto something

480
00:28:21,200 --> 00:28:25,200
Speaker 1: that is a solution looking for a problem? Why crypto

481
00:28:25,280 --> 00:28:28,479
Speaker 1: when fintech does the job. In the US we already

482
00:28:28,520 --> 00:28:31,919
Speaker 1: have digital payments at scale to some degree. It's interesting

483
00:28:31,960 --> 00:28:34,640
Speaker 1: because when you look at the data from it, it's

484
00:28:34,640 --> 00:28:39,760
Speaker 1: interesting because you know, you saw cryptocurrency transactions. Bitcoin transaction

485
00:28:39,880 --> 00:28:43,280
Speaker 1: volumes surpass that of VISA, but really come down a

486
00:28:43,320 --> 00:28:46,320
Speaker 1: little more this year. I think which will win out

487
00:28:46,360 --> 00:28:50,440
Speaker 1: at the end is interesting and which technology will be dominant.

488
00:28:50,480 --> 00:28:53,400
Speaker 1: The skeptics and this letter are really attest to the

489
00:28:53,480 --> 00:28:58,520
Speaker 1: idea that bitcoin and frankly blockchain more more broadly, is

490
00:28:58,520 --> 00:29:01,560
Speaker 1: not the solution to these problems. There's a lot of

491
00:29:01,560 --> 00:29:04,800
Speaker 1: complicated dynamics at play here. We've were reported on the

492
00:29:04,800 --> 00:29:08,720
Speaker 1: revolving door between the crypto industry and Capitol Hill. You've

493
00:29:08,760 --> 00:29:13,120
Speaker 1: got crypto companies making big donations ahead of the midterms.

494
00:29:13,320 --> 00:29:19,320
Speaker 1: You've got crypto lobbyists shaping policy. Is there enough skepticism

495
00:29:20,160 --> 00:29:23,480
Speaker 1: on Capitol Hill of this industry. I think time will

496
00:29:23,520 --> 00:29:25,760
Speaker 1: tell on how much there is a pusher of poll

497
00:29:25,800 --> 00:29:27,920
Speaker 1: I mean, you're you're asking this question where it seems

498
00:29:27,920 --> 00:29:30,520
Speaker 1: like there are a lot of lawmakers that very publicly

499
00:29:30,560 --> 00:29:32,920
Speaker 1: go out and support cryptocurrency. But we're also in a

500
00:29:32,960 --> 00:29:36,120
Speaker 1: regime where the head of the SEC has been cracking

501
00:29:36,200 --> 00:29:39,520
Speaker 1: down on massive enforcement issues in a way that we

502
00:29:39,600 --> 00:29:42,000
Speaker 1: have not seen to this scale, and the tensions really

503
00:29:42,040 --> 00:29:44,760
Speaker 1: boil over. So it's a great question, where is the

504
00:29:44,800 --> 00:29:47,880
Speaker 1: support in Washington when so many millions of dollars are

505
00:29:47,920 --> 00:29:52,360
Speaker 1: going into support the industry. Remember, this is not a panacea.

506
00:29:52,400 --> 00:29:54,560
Speaker 1: You're looking at the crypto industry, and really this is

507
00:29:54,560 --> 00:29:58,000
Speaker 1: a really um thorough and long critique of the blockchain

508
00:29:58,040 --> 00:30:02,600
Speaker 1: technology itself. U as as problematic is really how they're

509
00:30:02,600 --> 00:30:06,280
Speaker 1: phrasing this, because fraud mitigation is a big issue when

510
00:30:06,280 --> 00:30:08,840
Speaker 1: it comes to blockchain. Let me give you another perspective here.

511
00:30:08,840 --> 00:30:11,880
Speaker 1: In a conversation I had with the CEO of NASDAC recently,

512
00:30:12,200 --> 00:30:13,920
Speaker 1: she told me that she believes there could be a

513
00:30:14,000 --> 00:30:17,760
Speaker 1: day where every asset on the planet could be digitized. Clearly,

514
00:30:17,800 --> 00:30:21,000
Speaker 1: even current as CEOs of big financial firm seem used

515
00:30:21,040 --> 00:30:25,120
Speaker 1: to blockchain technology that these researchers are disputing, but that

516
00:30:25,200 --> 00:30:28,240
Speaker 1: fraud mitigation part is such a key argument to both

517
00:30:28,240 --> 00:30:30,160
Speaker 1: people who believe in it and the people who don't.

518
00:30:31,280 --> 00:30:33,880
Speaker 1: All right, Shinali, I want to touch you about another

519
00:30:33,920 --> 00:30:36,920
Speaker 1: developing story. I just got off a call with the

520
00:30:36,960 --> 00:30:39,160
Speaker 1: CEO of Robin Hood Lad ten Of and their CFO

521
00:30:39,640 --> 00:30:45,440
Speaker 1: Jason Warnick Robin Hood announcing they're laying off of the company.

522
00:30:45,520 --> 00:30:48,800
Speaker 1: Here are a couple of thoughts from Lad on that call,

523
00:30:48,880 --> 00:30:52,160
Speaker 1: he said, I anticipated that what we saw in one

524
00:30:52,160 --> 00:30:54,680
Speaker 1: in terms of the market conditions would lasts longer than

525
00:30:54,720 --> 00:30:58,960
Speaker 1: it turned out. That's on me. Employees from all functions

526
00:30:58,960 --> 00:31:02,560
Speaker 1: will be impacted by these changes. Are concentrated in OPTS marketing,

527
00:31:02,760 --> 00:31:07,000
Speaker 1: program management. They over hired in these supports functions. He says.

528
00:31:07,080 --> 00:31:12,560
Speaker 1: This is to right size and exercise cost discipline. This

529
00:31:12,640 --> 00:31:15,920
Speaker 1: is a big chunk of jobs from what was a

530
00:31:16,040 --> 00:31:19,360
Speaker 1: hot rising company. But you know they've only been public

531
00:31:19,400 --> 00:31:22,640
Speaker 1: for a year, still a fairly young company. What's your take. Yeah,

532
00:31:22,720 --> 00:31:24,760
Speaker 1: it's interesting because that comment that you had put out

533
00:31:24,760 --> 00:31:27,960
Speaker 1: there really has gone fairly viral online. It's being shared

534
00:31:28,000 --> 00:31:30,640
Speaker 1: pretty broadly that it's on me comment. So if it

535
00:31:30,760 --> 00:31:32,600
Speaker 1: is on him, then you know what other pressure is

536
00:31:32,600 --> 00:31:35,760
Speaker 1: there on him? To really change the course of this business. Uh,

537
00:31:35,800 --> 00:31:38,400
Speaker 1: they did false they pre reported. Remember they were not

538
00:31:38,440 --> 00:31:41,280
Speaker 1: even supposed to report their earnings today, and they did

539
00:31:41,320 --> 00:31:44,800
Speaker 1: fall short of expectations, including in kind of the core business,

540
00:31:44,880 --> 00:31:49,120
Speaker 1: that transaction based revenue, that payment for order flow, money

541
00:31:49,160 --> 00:31:53,240
Speaker 1: that comes in from the stocks and options business. In

542
00:31:53,280 --> 00:31:56,120
Speaker 1: addition to you know, remember that crypto business is still

543
00:31:56,160 --> 00:31:58,760
Speaker 1: a small fraction of what they make overall when you

544
00:31:58,800 --> 00:32:01,360
Speaker 1: compare it to the point I've been making all day, emilies.

545
00:32:01,400 --> 00:32:03,320
Speaker 1: If you look at f t X, and we know

546
00:32:03,360 --> 00:32:05,640
Speaker 1: Sam Bankman Freed is very exposed to Robin Hood. F

547
00:32:05,800 --> 00:32:09,640
Speaker 1: t X has grown massively with a few hundred employees,

548
00:32:09,760 --> 00:32:12,880
Speaker 1: essentially a lot smaller, a lot more nimble, but Robin

549
00:32:12,880 --> 00:32:17,280
Speaker 1: Hood has has hired many, many hundreds of people. And

550
00:32:17,320 --> 00:32:19,640
Speaker 1: now you're seeing such a sharp reversal of that that

551
00:32:19,760 --> 00:32:23,280
Speaker 1: is really going to impact an entire industry here, all right,

552
00:32:23,440 --> 00:32:25,840
Speaker 1: we are going to continue to watch that one play out. Shanali,

553
00:32:26,000 --> 00:32:29,840
Speaker 1: thank you for your insight there, Bloomberg's Shanali Bossi sticking

554
00:32:29,840 --> 00:32:32,560
Speaker 1: with Robin Hood, the company's crypto arm is gonna have

555
00:32:32,560 --> 00:32:35,720
Speaker 1: to pay thirty million dollars a penalty to New York

556
00:32:35,760 --> 00:32:38,080
Speaker 1: state more not good news. A statement from the New

557
00:32:38,120 --> 00:32:41,600
Speaker 1: York Department of Financial Services points to quote significant failures

558
00:32:41,600 --> 00:32:46,360
Speaker 1: in the areas of bank secrecy, anti money laundering obligations,

559
00:32:46,440 --> 00:32:50,280
Speaker 1: and cyber security. Robin Hood Crypto will also be required

560
00:32:50,280 --> 00:32:53,760
Speaker 1: to retain an independent consultant to perform a comprehensive evaluation

561
00:32:53,760 --> 00:33:07,040
Speaker 1: of the company's compliance with the Department's regulations. Cohe City

562
00:33:07,040 --> 00:33:09,800
Speaker 1: has a new CEO on board. Former vm Ware CEO

563
00:33:10,000 --> 00:33:12,320
Speaker 1: and SAP president san j pun And joining the data

564
00:33:12,360 --> 00:33:15,400
Speaker 1: management company as the cloud wars continue in the midst

565
00:33:15,400 --> 00:33:18,880
Speaker 1: of rising inflation ing and a looming macro economic downturn.

566
00:33:19,200 --> 00:33:23,320
Speaker 1: Newly minted Cohesity President and CEO, Sanja pun And joins us. Now,

567
00:33:23,360 --> 00:33:25,760
Speaker 1: it's always been good to get your thoughts on big

568
00:33:25,800 --> 00:33:29,000
Speaker 1: picture trends over the years, and in the middle of

569
00:33:29,040 --> 00:33:31,600
Speaker 1: the pandemic. I remember reading the story about you. You

570
00:33:31,760 --> 00:33:34,880
Speaker 1: voluntarily decided to leave your last job and take some

571
00:33:34,920 --> 00:33:38,200
Speaker 1: time off in the pandemic, and that was kind of

572
00:33:38,240 --> 00:33:43,240
Speaker 1: a trend among you know, tech veterans like yourself. How

573
00:33:43,280 --> 00:33:45,400
Speaker 1: did you decide that this was the right move. Yeah,

574
00:33:45,440 --> 00:33:46,960
Speaker 1: it's been great. It's a day two. I've got my

575
00:33:47,000 --> 00:33:50,440
Speaker 1: COHESI shirt. I'm excited. But it's been a great year sabbatical,

576
00:33:50,520 --> 00:33:53,440
Speaker 1: almost twenty since I took one. What did you learn

577
00:33:53,520 --> 00:33:55,600
Speaker 1: from your sabbatical? How to spend more time with family.

578
00:33:55,800 --> 00:33:58,200
Speaker 1: That's always the thing that all executives are hard charging

579
00:33:58,240 --> 00:34:00,440
Speaker 1: need to do. Spend more time with your o ones.

580
00:34:00,720 --> 00:34:02,440
Speaker 1: Kidding omen and that as I think the piece that

581
00:34:02,480 --> 00:34:04,880
Speaker 1: you read talked about executives doing that. So it's been

582
00:34:04,880 --> 00:34:07,280
Speaker 1: great investing in companies are joined two boards, met a

583
00:34:07,280 --> 00:34:09,759
Speaker 1: lot of entrepreneurs and it was in that context that

584
00:34:09,760 --> 00:34:13,600
Speaker 1: I met Mohi who is the current founder of Cohesively,

585
00:34:13,719 --> 00:34:15,960
Speaker 1: and I spent the last few months really vetting out.

586
00:34:16,040 --> 00:34:18,080
Speaker 1: I'd heard great things about them and followed them from

587
00:34:18,160 --> 00:34:20,000
Speaker 1: VM or was there a big partner of ours And

588
00:34:20,040 --> 00:34:22,280
Speaker 1: these guys are the best tech in the platform, obviously

589
00:34:22,280 --> 00:34:24,960
Speaker 1: doing credit will and data management, data security and a

590
00:34:24,960 --> 00:34:27,520
Speaker 1: few weeks ago decide today CS and today's day two.

591
00:34:27,680 --> 00:34:29,839
Speaker 1: So do you think burnout is real and that more

592
00:34:30,760 --> 00:34:34,960
Speaker 1: tech executives could use a break. I think all of

593
00:34:35,040 --> 00:34:37,080
Speaker 1: us need to build work life balance into our lives,

594
00:34:37,080 --> 00:34:39,040
Speaker 1: so it isn't burnout. I wasn't you know, taking that

595
00:34:39,080 --> 00:34:41,480
Speaker 1: down for burnout, But when you do have a point

596
00:34:41,520 --> 00:34:44,560
Speaker 1: in time where you can take that time off. What's

597
00:34:44,600 --> 00:34:47,160
Speaker 1: the things that are closest to you, whether it's family,

598
00:34:47,640 --> 00:34:49,600
Speaker 1: whether it's a hobby, whatever it is. And that's what

599
00:34:49,800 --> 00:34:51,560
Speaker 1: it was very fortunate we will do. But I was

600
00:34:51,600 --> 00:34:53,560
Speaker 1: also felt there was a lot of gas in my tank.

601
00:34:53,600 --> 00:34:55,080
Speaker 1: I wasn't ready to retire for life and I want

602
00:34:55,080 --> 00:34:56,799
Speaker 1: to get back in the saddle. So what's your take

603
00:34:56,840 --> 00:34:59,040
Speaker 1: on what's happening in the big cloud wars and the

604
00:34:59,040 --> 00:35:01,480
Speaker 1: trends that we should be watching, especially as you know

605
00:35:01,600 --> 00:35:04,680
Speaker 1: rising inflation, all of these businesses talking about being more disciplined.

606
00:35:04,719 --> 00:35:08,480
Speaker 1: We just talked about Robin Hood laying off of its workforce.

607
00:35:09,040 --> 00:35:10,919
Speaker 1: I think they out in the enterprise spending market. Yeah,

608
00:35:10,960 --> 00:35:12,480
Speaker 1: and the point is his enterprise. The B two B

609
00:35:12,600 --> 00:35:14,440
Speaker 1: enterprise side of cloud is doing well. You just look

610
00:35:14,480 --> 00:35:16,680
Speaker 1: at the recent results and even the last three quarters

611
00:35:16,680 --> 00:35:19,480
Speaker 1: of Amazon, Azure, Google, I build relationship with them. I

612
00:35:19,480 --> 00:35:21,840
Speaker 1: think that also has a tremendous opportunity for us at

613
00:35:21,920 --> 00:35:25,120
Speaker 1: Cohesive because we're at the junction of data, cloud and security.

614
00:35:25,160 --> 00:35:27,799
Speaker 1: So I think cloud and cybersecurity are doing well. So

615
00:35:27,840 --> 00:35:30,040
Speaker 1: if you're in those sectors and B two B there's

616
00:35:30,040 --> 00:35:33,040
Speaker 1: some resilience. You have to prepare for potentially recession, whether

617
00:35:33,080 --> 00:35:34,759
Speaker 1: we go through once, You've got to be careful about

618
00:35:34,800 --> 00:35:37,279
Speaker 1: your spending. This is a smaller company than what I've

619
00:35:37,280 --> 00:35:39,640
Speaker 1: seen before VM. We're n s a P. But if

620
00:35:39,680 --> 00:35:41,920
Speaker 1: you've got great customers like we do a global One

621
00:35:42,239 --> 00:35:44,840
Speaker 1: customer told me they haven't seen tech like this Emily

622
00:35:44,960 --> 00:35:47,799
Speaker 1: since VM. We're twenty years ago, Amazon ten years ago,

623
00:35:47,840 --> 00:35:50,040
Speaker 1: and most recently Go Easy. That's the list of customers

624
00:35:50,080 --> 00:35:52,120
Speaker 1: you want that will take you through even tough times.

625
00:35:52,200 --> 00:35:54,480
Speaker 1: The huge news today in the world and also the

626
00:35:54,520 --> 00:35:57,280
Speaker 1: business world is this visit by Nancy Pelosi to Taiwan,

627
00:35:57,400 --> 00:36:00,880
Speaker 1: which could have broad implications for the U. China relationship

628
00:36:00,960 --> 00:36:05,120
Speaker 1: and the tech industry, which obviously has deep ties to China.

629
00:36:05,200 --> 00:36:07,040
Speaker 1: What do you think the longer term implications of this

630
00:36:07,120 --> 00:36:09,040
Speaker 1: are you know, as a business leader, does it worry you?

631
00:36:09,400 --> 00:36:11,040
Speaker 1: I think we have to have an ad policy. I'm

632
00:36:11,040 --> 00:36:13,440
Speaker 1: super excited that Chip sack was was was signed and

633
00:36:13,440 --> 00:36:16,440
Speaker 1: it really strengthens companies like Intel, all the ones that

634
00:36:16,480 --> 00:36:19,120
Speaker 1: do manufacturing. That's good for us, but we also need

635
00:36:19,160 --> 00:36:21,720
Speaker 1: a strong tie with Taiwan and Taiwan s and a conductor.

636
00:36:21,719 --> 00:36:24,440
Speaker 1: They're also a somewhat of a beneficiary there, but a

637
00:36:24,560 --> 00:36:27,520
Speaker 1: strong relationship with especially Taiwan s and a conductor that's

638
00:36:27,560 --> 00:36:31,800
Speaker 1: super important. Chips are inside every fabric wildlife, whether it's cars,

639
00:36:31,880 --> 00:36:34,880
Speaker 1: or whether it's healthcare devices, whether it's your smartphones. And

640
00:36:34,920 --> 00:36:37,960
Speaker 1: a strong relations with Taiwan and US, I think signals

641
00:36:38,160 --> 00:36:40,120
Speaker 1: to other people who may not want to see that happen,

642
00:36:40,440 --> 00:36:43,239
Speaker 1: that we're standing by neighbor and friend. How concerned are

643
00:36:43,239 --> 00:36:45,160
Speaker 1: you about a recession? Are we already in a recession?

644
00:36:45,200 --> 00:36:47,640
Speaker 1: Should they just call it? I'm not an economist, so

645
00:36:47,640 --> 00:36:50,520
Speaker 1: I can't speculate. Many people do I I certainly think

646
00:36:50,560 --> 00:36:52,719
Speaker 1: you have to brace yourself when you have these for

647
00:36:52,880 --> 00:36:57,960
Speaker 1: these sort of trifactor of inflation, war in Russia, Ukraine. Uh.

648
00:36:58,000 --> 00:37:00,239
Speaker 1: You know all of these kinds of factors, and you

649
00:37:00,280 --> 00:37:02,720
Speaker 1: know the currency issues. So you're a brace for yourself.

650
00:37:02,760 --> 00:37:04,520
Speaker 1: And what do you do? The strong should hopefully get

651
00:37:04,520 --> 00:37:07,759
Speaker 1: stronger if you're a company, you learn how to. I've

652
00:37:07,760 --> 00:37:09,279
Speaker 1: seen this in two thousand eight, and I saw this

653
00:37:09,320 --> 00:37:11,080
Speaker 1: in two thousand It's not the first one I've seen.

654
00:37:11,440 --> 00:37:14,879
Speaker 1: I think great companies get stronger. Some great companies were

655
00:37:14,920 --> 00:37:18,040
Speaker 1: born during the recession. You talked to uber. Google was

656
00:37:18,080 --> 00:37:20,480
Speaker 1: formed in two thousands, so I think great companies ubers

657
00:37:20,480 --> 00:37:23,040
Speaker 1: in two thousand eight and Google was two thousand. So

658
00:37:23,239 --> 00:37:26,279
Speaker 1: that's my my message to our employees of Cohesive, great

659
00:37:26,280 --> 00:37:29,520
Speaker 1: companies can thrive you and further if you're focusing your customers,

660
00:37:29,719 --> 00:37:32,279
Speaker 1: if you use the ecosystem to force multiply you and

661
00:37:32,320 --> 00:37:35,760
Speaker 1: you keep retaining and recruiting good people. All right, Sanji Puna,

662
00:37:35,840 --> 00:37:39,440
Speaker 1: CEO and president of Cohesity, We'll be watching you on

663
00:37:39,600 --> 00:37:41,960
Speaker 1: your next adventure. Thank you, thank you very much everything.

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00:37:42,200 --> 00:37:45,240
Speaker 1: And that does it for this edition of Bloomberg Technology. Tomorrow,

665
00:37:45,239 --> 00:37:48,840
Speaker 1: I'm gonna be speaking with airbnbco Brian Chesky, also Anthony Nodo,

666
00:37:49,040 --> 00:37:52,839
Speaker 1: CEO of so FI post earnings results and well it's

667
00:37:52,840 --> 00:37:55,560
Speaker 1: a big day micro Strategies Michael Sailor about his clans

668
00:37:55,600 --> 00:38:00,000
Speaker 1: to step down and focus more on bitcoin acquisitions. Definitely

669
00:38:00,000 --> 00:38:02,640
Speaker 1: in a show you don't want to miss, and don't

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00:38:02,640 --> 00:38:05,799
Speaker 1: forget to check out our podcast wherever you get your podcasts.

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Speaker 1: I'm Emily checking in San Francisco. This is Bloomberg