WEBVTT - Apple Slips on CEO Shakeup, Amazon Falls, Compass Pathways Soars 

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>The Stock Movers report, your roundup of companies making moves

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<v Speaker 2>in the stock market, harnessing the power of Bloomberg Data.

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<v Speaker 3>I'm Jim Stanovec along with Carol Masser, and we're joined

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<v Speaker 3>by Bloomberg News Equities reporter Avalon at per Now with

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<v Speaker 3>some stocks on the move, big news in the after

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<v Speaker 3>hours today.

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<v Speaker 4>Avalon absolutely, we can go ahead and start off with.

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<v Speaker 1>It was shocking after shining.

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<v Speaker 3>It's the right way to say.

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<v Speaker 1>Again, I think we know it was coming at some point.

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<v Speaker 1>Mark German did some great reporting back in mid March

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<v Speaker 1>about who might be the air apparent, But man, when

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<v Speaker 1>it hit the what we're talking about, Oh yeah, let's

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<v Speaker 1>break the news. Well it's been broken.

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<v Speaker 4>Very true. Apple ticker AAPL is now down about eight

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<v Speaker 4>tenths of a percentage point in extended day trading. That's after,

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<v Speaker 4>as you guys already mentioned, John Turnas is now going

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<v Speaker 4>to become CEO effective September first. Tim Cook is going

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<v Speaker 4>to be stepping aside and becoming Apple's executive chairman. So

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<v Speaker 4>definitely also worth noting that Apple shares are up more

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<v Speaker 4>than nineteen hundred percent since Tim Cook took over as

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<v Speaker 4>CEO in twenty eleven.

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<v Speaker 1>Yeah, quite a run. I mean he's been there for

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<v Speaker 1>a long time. And as it turns out, John turnas

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<v Speaker 1>who's been in charge of hardware. He's been at the

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<v Speaker 1>company for a long time. And our Mark Goverman, when

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<v Speaker 1>he did the reporting back in mid March, talked about

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<v Speaker 1>he wanted somebody who knew the company, an insider, but

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<v Speaker 1>he also wanted to be able to be there when

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<v Speaker 1>the time came to help with the transition. So he

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<v Speaker 1>will be there to help with the transition.

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<v Speaker 2>Yeah.

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<v Speaker 3>Tim Cook been at the helm of Apple, as you mentioned,

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<v Speaker 3>since twenty eleven, but he was COO before that. He's

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<v Speaker 3>been at the company since the nineties. John turnis the

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<v Speaker 3>hardware chief, but he's been at the company going back

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<v Speaker 3>to two thousand and one. The challenges remain though, for

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<v Speaker 3>whoever you know runs this company. Yeah, it's going to

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<v Speaker 3>be John Turnis. On September first, that transition to AI

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<v Speaker 3>that has a lot of analysts and observers asking, Okay,

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<v Speaker 3>how is Apple going to do this?

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<v Speaker 1>Yeah, this is a story we know we're going to

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<v Speaker 1>be talking about for some time, and terms is gonna

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<v Speaker 1>take over. I think on September first of this year,

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<v Speaker 1>so a little bit later on.

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<v Speaker 3>And speaking of AI, a big AI investment moving shares

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<v Speaker 3>of Amazon after hourstally.

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<v Speaker 4>That's ticker am ZN. It is gaining about two point

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<v Speaker 4>five percent also in the aftermarket period. That's after Ammon

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<v Speaker 4>and Sawn said that it plans to invest five billion

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<v Speaker 4>dollars in Anthropic well and up to an additional twenty

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<v Speaker 4>billion dollars in the future. And that's also in exchange

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<v Speaker 4>or as part of a plan. Anthropic plan to spend

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<v Speaker 4>over one hundred billion dollars on AWS technology over the

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<v Speaker 4>next decade. So just another example of these big deals

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<v Speaker 4>in tech.

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<v Speaker 1>That is big money massive, that is massive. What happened

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<v Speaker 1>like all of the mags seven waking up after hours today,

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<v Speaker 1>not all in the same time. It feels like, yeah,

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<v Speaker 1>so we.

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<v Speaker 3>Also had you know, Microsoft is a huge investor in

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<v Speaker 3>open AI. Amazon has the capacity for Anthropic to use

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<v Speaker 3>AWS for inference. So yeah, I mean this is a

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<v Speaker 3>big money, big money yeah.

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<v Speaker 1>I mean the AI spend man, especially among these big

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<v Speaker 1>tech companies, these big hyperscalers, it is out there aggressively

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<v Speaker 1>happening avalon.

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<v Speaker 3>Remind us what shares of Amazon are doing after hours.

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<v Speaker 4>Yes, they are up two point five percent.

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<v Speaker 1>All right, I almost feel like go ahead, I should

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<v Speaker 1>go ahead psychedelic drugs because this is like blowing my mind.

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<v Speaker 1>So you went there, and this is all ahead of

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<v Speaker 1>their earnings, right, this is going to be the next

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<v Speaker 1>week or so all about big tech earnings, and so

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<v Speaker 1>it'll be interesting that they're kind of getting all this

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<v Speaker 1>stuff out. All right, So let's go to those psychedelic

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<v Speaker 1>drugs because they were on the move.

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<v Speaker 4>Today absolutely, Compass Pathways as ticker CMPs jumping about forty

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<v Speaker 4>two percent into the close to not just biggest one

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<v Speaker 4>day leap since twenty twenty. And that's after President Trump

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<v Speaker 4>said that he signed an executive order to expedite research

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<v Speaker 4>and access to psychedelics used outside of the US. Countries

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<v Speaker 4>like Australia and Jamaica and even Canada already allow some

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<v Speaker 4>of the substances to be utilized for patients with PTSD

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<v Speaker 4>or major depressive disorder. And so Compass is pursuing clinical

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<v Speaker 4>trials of experimental therapies derived from psilocybin to treat PTSD

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<v Speaker 4>and treatment resistant depression. And you have a lot of

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<v Speaker 4>excitement in the space. Jeffrey's even writing that they expect

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<v Speaker 4>investor interests to continue to rise meaningfully before those potential

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<v Speaker 4>approvals that could happen as early as twenty twenty seven.

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<v Speaker 1>Yeah, this is fascinating and just a little cheap plug here,

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<v Speaker 1>but we talked to the Compass Pathways CEO ChB. R.

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<v Speaker 1>Math thank you very much about this, and he saw

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<v Speaker 1>this executive order as really a big move forward. There

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<v Speaker 1>are still some things to be worked out, but this

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<v Speaker 1>is pretty significant. But like you said, this name and

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<v Speaker 1>all the names in the space were really on a

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<v Speaker 1>tear today.

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<v Speaker 3>Yeah, surprised to see too. You know who was in

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<v Speaker 3>the Oval office on that all over the weekend.

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<v Speaker 1>Why were you surprised?

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<v Speaker 3>Well, first of all, was a weekend. The President typically

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<v Speaker 3>doesn't do those executive order signings, you know, open to

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<v Speaker 3>press on the weekend, like he's usually going somewhere. But look,

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<v Speaker 3>you know our White House team they were on it,

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<v Speaker 3>so they got to see it. But Joe Rogan was

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<v Speaker 3>in there. Yes, it's interesting.

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<v Speaker 1>Yeah, I think he's talked about it right a lot

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<v Speaker 1>on his podcast, Okay Hussey, Yeah.

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<v Speaker 4>Oh yeah, I mean biohackers are also very into the

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<v Speaker 4>idea of like what psychedelics and other substances can be

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<v Speaker 4>used for as alternatives to more traditional medicine.

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<v Speaker 3>So not not even beyond PTSD and treatment resistant depression.

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<v Speaker 3>Yeah wow, okay Avalon Prenell, Bloomberg News Equities Reporter. For

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<v Speaker 3>more conversations like this, check out our new Stock Movers podcast.

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<v Speaker 1>Mm hmm