1 00:00:01,440 --> 00:00:06,680 Speaker 1: From Hart of where Innovation, Money Empower, Colne in Silicone Valley, NBR. 2 00:00:07,040 --> 00:00:11,080 Speaker 1: This is Bloomberg Technology with Caroline Hyde and Ed Ludlow 3 00:00:24,200 --> 00:00:26,239 Speaker 1: and Caroline Hide of Bloomberg's World t head quarters in 4 00:00:26,239 --> 00:00:29,000 Speaker 1: New York and Imed Ludlow in San Francisco. This is 5 00:00:29,040 --> 00:00:31,800 Speaker 1: Bloomberg Technology coming up. We will bring you the latest 6 00:00:31,840 --> 00:00:34,120 Speaker 1: headlines in the world of technology, the run up in 7 00:00:34,159 --> 00:00:36,519 Speaker 1: the stocks, but also of course Donald Trump as he 8 00:00:36,600 --> 00:00:40,040 Speaker 1: prepares to surrender to law enforcement officers in Lower Manhattan, 9 00:00:40,800 --> 00:00:43,199 Speaker 1: and a deep dive into the world of electric vehicles. 10 00:00:43,240 --> 00:00:46,080 Speaker 1: This GM seeks to grow its market share. We discussed 11 00:00:46,080 --> 00:00:49,360 Speaker 1: with GM's North America president, Steve Carlisle, and we'll speak 12 00:00:49,360 --> 00:00:52,520 Speaker 1: to legendary athlete entrepreneur in fact he does everything nowadays, 13 00:00:52,520 --> 00:00:55,880 Speaker 1: Shaquille O'Neill, who's expanding his global empire in a partnership 14 00:00:55,920 --> 00:00:59,280 Speaker 1: with Genius Brands, discussed the announcement and so much more 15 00:00:59,360 --> 00:01:02,960 Speaker 1: throughout this all eyes on technology, all eyes on the markets, 16 00:01:02,960 --> 00:01:05,240 Speaker 1: all eyes on the NASDAC off by half a percentage 17 00:01:05,280 --> 00:01:07,640 Speaker 1: point on the day, ed interesting moves that we get. 18 00:01:07,680 --> 00:01:10,600 Speaker 1: Also across the banking index, we're seeing big banks under 19 00:01:10,600 --> 00:01:13,200 Speaker 1: pressure off by more than two at one point more 20 00:01:13,240 --> 00:01:15,160 Speaker 1: than three percent. We worry about the future of the 21 00:01:15,200 --> 00:01:20,319 Speaker 1: banking surviva overall sustainability at the moment. How strong is 22 00:01:20,560 --> 00:01:22,360 Speaker 1: the financial world at the moment? We hear from the 23 00:01:22,400 --> 00:01:25,400 Speaker 1: likes of Jamie Diamond in his annual letter really talking 24 00:01:25,440 --> 00:01:27,479 Speaker 1: that perhaps this isn't over yet. In terms of crisis 25 00:01:27,480 --> 00:01:29,319 Speaker 1: of confidence. We see two year yield actually a bid 26 00:01:29,319 --> 00:01:31,839 Speaker 1: coming is significantly to the two year bond market eleven 27 00:01:31,880 --> 00:01:34,160 Speaker 1: basis points on the downside that coming as we see 28 00:01:34,200 --> 00:01:36,319 Speaker 1: some weakness finally in the job market in the United 29 00:01:36,360 --> 00:01:38,959 Speaker 1: States that jolts data showing the openings are coming back 30 00:01:39,000 --> 00:01:40,840 Speaker 1: a little bit. Moving on, Let's look at what key 31 00:01:40,920 --> 00:01:44,080 Speaker 1: arriskasset that seems to be moving away from tech stocks. 32 00:01:44,120 --> 00:01:46,720 Speaker 1: We're still up on Bitcoin, up one and a half percent, 33 00:01:46,800 --> 00:01:48,720 Speaker 1: even as we see tex stocks on the downside. Ed 34 00:01:48,800 --> 00:01:51,200 Speaker 1: dig into the micro Yeah, we kind of turned a 35 00:01:51,240 --> 00:01:53,320 Speaker 1: corner on the NAZAC one hundred in the last hour. 36 00:01:53,520 --> 00:01:56,760 Speaker 1: Many few move is actually moving to the upside. Alphabet 37 00:01:56,760 --> 00:01:58,680 Speaker 1: pair of Google is one Tesla on track for its 38 00:01:58,680 --> 00:02:01,440 Speaker 1: worst two day drop since the start of the year. 39 00:02:01,480 --> 00:02:04,120 Speaker 1: The first two sessions of twenty twenty three. Virgin Orbit 40 00:02:04,120 --> 00:02:06,600 Speaker 1: down twenty two percent. A parsay is that it has 41 00:02:06,640 --> 00:02:08,920 Speaker 1: now filed for bankruptcy, which will dig into later in 42 00:02:08,960 --> 00:02:11,240 Speaker 1: the show. Bull Frog might be a new name to us. 43 00:02:11,240 --> 00:02:13,680 Speaker 1: Bull Frog AI up twenty five percent. It had been 44 00:02:13,760 --> 00:02:16,520 Speaker 1: up more than one hundred percent in the session. Caroline 45 00:02:16,600 --> 00:02:19,960 Speaker 1: on a licensing patch with JOHNS Hopkins the University. Going 46 00:02:20,000 --> 00:02:22,400 Speaker 1: to dig into that one later in the program as well. 47 00:02:22,520 --> 00:02:26,280 Speaker 1: We're tracking the special Purpose Acquisition Company which is due 48 00:02:26,280 --> 00:02:30,320 Speaker 1: to take True Social public The Trump backs conservative social 49 00:02:30,320 --> 00:02:34,000 Speaker 1: media platform actually interesting over the last five days, markedly 50 00:02:34,160 --> 00:02:37,120 Speaker 1: higher as the attention has been on former President Trump. 51 00:02:37,160 --> 00:02:39,520 Speaker 1: We're going to cover that story in just one moment's time, 52 00:02:39,680 --> 00:02:41,800 Speaker 1: but we're pretty sharp be lower in the session. It 53 00:02:41,880 --> 00:02:44,280 Speaker 1: has failed to file its ten K and the some 54 00:02:44,320 --> 00:02:47,000 Speaker 1: accounting work that needs to go on there. But interesting 55 00:02:47,000 --> 00:02:49,960 Speaker 1: the focus on conservative social media platforms right now because 56 00:02:49,960 --> 00:02:52,040 Speaker 1: of what's happening in New York. And we're soon going 57 00:02:52,040 --> 00:02:54,560 Speaker 1: to get just outside the Supreme Court of New York 58 00:02:54,600 --> 00:02:56,560 Speaker 1: in a moment. But first let's dig into the top 59 00:02:56,560 --> 00:03:00,200 Speaker 1: performing stock funds. What they say about tech stocks them 60 00:03:00,639 --> 00:03:02,920 Speaker 1: up in the risk ratty that we've seen many saying 61 00:03:02,919 --> 00:03:05,800 Speaker 1: it's gone too far Meanwhile, JP Mulgan structures Marko Klonovitch. 62 00:03:05,880 --> 00:03:08,120 Speaker 1: He's saying, the first goal to stock ratty is just 63 00:03:08,560 --> 00:03:11,000 Speaker 1: the come before the storm. Let's stick into it. None 64 00:03:11,000 --> 00:03:14,160 Speaker 1: of them bring bags, Katie Greifeld, the rally in tech 65 00:03:14,560 --> 00:03:18,320 Speaker 1: has some naysayers now Mike Wilson yesterday, and now some 66 00:03:18,440 --> 00:03:21,919 Speaker 1: key fund managers too. Yeah. The thing is, you've heard investors, 67 00:03:21,919 --> 00:03:24,880 Speaker 1: you've heard strategists say that this isn't something that you 68 00:03:24,919 --> 00:03:27,960 Speaker 1: want to touch. That basically, stocks have been sort of 69 00:03:27,960 --> 00:03:30,480 Speaker 1: operating in their own reality, and when you think about 70 00:03:30,520 --> 00:03:32,720 Speaker 1: all of the issues that were still issues. But then 71 00:03:32,760 --> 00:03:36,440 Speaker 1: if we think back before the banking crisis higher for longer, 72 00:03:36,480 --> 00:03:38,920 Speaker 1: we know that sort of the optimism that maybe this 73 00:03:38,960 --> 00:03:42,400 Speaker 1: would cause the FED to pivot was fueling tech socks 74 00:03:42,480 --> 00:03:44,480 Speaker 1: for a while for the bulk of March. But now 75 00:03:44,520 --> 00:03:46,960 Speaker 1: you're in a situation where you have the FED officials 76 00:03:47,000 --> 00:03:49,040 Speaker 1: from the top down really saying that we have a 77 00:03:49,040 --> 00:03:51,520 Speaker 1: lot more wood to chop. There's a lot more to 78 00:03:51,720 --> 00:03:54,839 Speaker 1: go here to really get inflation under control, and that's 79 00:03:54,880 --> 00:03:58,120 Speaker 1: still an issue for these big tech names. Katie, with 80 00:03:58,200 --> 00:04:00,400 Speaker 1: three tenths of a percent lower on the NASA one hundred, 81 00:04:00,400 --> 00:04:02,520 Speaker 1: but the run up and stocks this year, it is 82 00:04:02,600 --> 00:04:04,760 Speaker 1: megacap tech and tech that's been driving it. And as 83 00:04:04,800 --> 00:04:07,320 Speaker 1: we think about the FED, it's tech that's firmly in 84 00:04:07,400 --> 00:04:10,560 Speaker 1: focus on why we're making those bets exactly. And I 85 00:04:10,600 --> 00:04:12,800 Speaker 1: mean you've seen this in a few different notes across 86 00:04:12,880 --> 00:04:15,720 Speaker 1: Wall Street tourists and Slot from Apollo pointing it out 87 00:04:15,720 --> 00:04:17,919 Speaker 1: today that if you look under the surface of the rally, 88 00:04:17,960 --> 00:04:20,920 Speaker 1: it's a handful of names that's really driving it. It's 89 00:04:20,920 --> 00:04:24,119 Speaker 1: those megacap tech names to your point ed. But again, 90 00:04:24,160 --> 00:04:26,840 Speaker 1: if you bring it back into the macro situation, where 91 00:04:27,080 --> 00:04:29,440 Speaker 1: you do have a FED that's going to raise interest 92 00:04:29,560 --> 00:04:32,960 Speaker 1: rates here, that would become a problem for other parts 93 00:04:33,160 --> 00:04:35,960 Speaker 1: of the sector. Maybe rising interest rates aren't as much 94 00:04:35,960 --> 00:04:38,479 Speaker 1: of a problem for Amazon as they are for something 95 00:04:38,520 --> 00:04:42,280 Speaker 1: like Virgin Orbit, for example, but even still that is 96 00:04:42,320 --> 00:04:45,400 Speaker 1: a problem. And you now have a much more expensive 97 00:04:45,720 --> 00:04:48,640 Speaker 1: tech sector than you did perhaps a few months ago, 98 00:04:48,839 --> 00:04:51,920 Speaker 1: particularly twenty four times future earnings over in Europe. It's 99 00:04:51,960 --> 00:04:54,640 Speaker 1: not just a US rally we're seeing in technology. But 100 00:04:55,160 --> 00:04:57,200 Speaker 1: look at the Jolts data. Can you bring us back 101 00:04:57,200 --> 00:05:00,240 Speaker 1: to the economic perspective, because that seems to signal maybe 102 00:05:00,240 --> 00:05:02,280 Speaker 1: inflation isn't going to run so rampant. There's the thing. 103 00:05:02,279 --> 00:05:04,200 Speaker 1: And if you look at today's price action, sort of 104 00:05:04,200 --> 00:05:06,760 Speaker 1: the bond market is reacting how you would expect. You 105 00:05:06,800 --> 00:05:09,520 Speaker 1: have two year treasury yields, which are most sensitive to 106 00:05:09,640 --> 00:05:13,480 Speaker 1: rate expectations, down eleven basis points. But then you also 107 00:05:13,839 --> 00:05:16,359 Speaker 1: have tech down. And if you follow the logic that 108 00:05:16,600 --> 00:05:19,120 Speaker 1: you know, some of the balls on tech have been spinning, 109 00:05:19,120 --> 00:05:21,400 Speaker 1: which is that lower rates would be good for tech. 110 00:05:21,720 --> 00:05:24,200 Speaker 1: That doesn't seem to hold water today. So maybe you're 111 00:05:24,200 --> 00:05:26,680 Speaker 1: seeing some cracks in the armor of that ball case. 112 00:05:27,120 --> 00:05:29,279 Speaker 1: Quite often, the bond market and the equity market don't 113 00:05:29,320 --> 00:05:32,120 Speaker 1: always seem to agree. Katie Greifeld. You can catch up 114 00:05:32,160 --> 00:05:33,919 Speaker 1: so much more with her a little bit later in 115 00:05:33,960 --> 00:05:37,279 Speaker 1: programming that. Let's talk now about former President Donald Trump 116 00:05:37,320 --> 00:05:40,040 Speaker 1: preparing to surrender to authorities in New York City. His 117 00:05:40,200 --> 00:05:43,960 Speaker 1: arraignment scheduled for two fifteen pm Easton and Lower Manhattan. 118 00:05:44,240 --> 00:05:47,640 Speaker 1: Trance lawyer saying he will plead not guilty. Quote very 119 00:05:47,640 --> 00:05:50,919 Speaker 1: loudly and proudly. Let's get out to bring Mexamory Horden, 120 00:05:50,960 --> 00:05:54,279 Speaker 1: who is outside New York's Supreme Court. It is getting 121 00:05:54,279 --> 00:06:01,680 Speaker 1: busy there, Yeah, it certainly is just the park across 122 00:06:02,120 --> 00:06:04,560 Speaker 1: from the Supreme New York State Supreme Court. You have 123 00:06:04,960 --> 00:06:07,359 Speaker 1: probably a little bit over a thousand protesters. Some of 124 00:06:07,360 --> 00:06:10,599 Speaker 1: them are here in support of the former president and 125 00:06:10,720 --> 00:06:12,800 Speaker 1: against these charges, and some of them are here for 126 00:06:13,000 --> 00:06:15,880 Speaker 1: the charges and against the former president. And there was 127 00:06:15,960 --> 00:06:18,800 Speaker 1: moments where actually there was physical altercations. We also had 128 00:06:19,120 --> 00:06:22,880 Speaker 1: Congresswoman Marjorie Taylor Green, which represents a district in Georgia. 129 00:06:22,960 --> 00:06:25,000 Speaker 1: She was here for about ten minutes time. Very hard 130 00:06:25,040 --> 00:06:26,800 Speaker 1: to hear her though, because if you can hear now, 131 00:06:27,160 --> 00:06:30,360 Speaker 1: these bells, these whistles, drums, they were all going on 132 00:06:30,440 --> 00:06:33,599 Speaker 1: because those anti Trump supporters, they were the ones that 133 00:06:33,600 --> 00:06:36,400 Speaker 1: were year wanting to drown her out. All the action 134 00:06:36,520 --> 00:06:38,280 Speaker 1: is going to be taking place in a little over 135 00:06:38,360 --> 00:06:40,880 Speaker 1: two hours time. The president, as you said, Caroline, won't 136 00:06:40,880 --> 00:06:43,560 Speaker 1: be turning himself in, and then at two fifteen there 137 00:06:43,600 --> 00:06:46,440 Speaker 1: will be that arrangement. Already you are hearing helicopters around 138 00:06:46,440 --> 00:06:49,440 Speaker 1: Lower Manhattan. Former president will be making his way here 139 00:06:49,600 --> 00:06:53,279 Speaker 1: from Trump Tower to the Court House. We should note 140 00:06:53,360 --> 00:06:56,679 Speaker 1: this indictment is still under seal, so a lot of questions, 141 00:06:56,680 --> 00:06:58,760 Speaker 1: but the reports are that there's more than two dozen 142 00:06:58,800 --> 00:07:02,400 Speaker 1: felony charges. And then after his arrangement and all the 143 00:07:02,440 --> 00:07:05,080 Speaker 1: paperwork that has done and the fingerprinting, the president is 144 00:07:05,080 --> 00:07:07,400 Speaker 1: going back to morrow Agle to give a primetime address 145 00:07:07,640 --> 00:07:10,240 Speaker 1: this evening. Remember this is not just a former president, 146 00:07:10,560 --> 00:07:13,239 Speaker 1: This is the leader for the Republican Party in terms 147 00:07:13,240 --> 00:07:16,440 Speaker 1: of the front runner of the twenty twenty four presidential election. 148 00:07:17,280 --> 00:07:19,800 Speaker 1: All right, Bloomberg xam Reharden low mana and thank you. 149 00:07:19,800 --> 00:07:22,120 Speaker 1: We learned twenty four hours ago, Caroline that the judge 150 00:07:22,200 --> 00:07:26,679 Speaker 1: is barring broadcasters from broadcasting the arrangement, but will follow 151 00:07:26,720 --> 00:07:38,440 Speaker 1: the headlines as they come through. Tesla increased shipments in 152 00:07:38,480 --> 00:07:40,800 Speaker 1: March from its plant in Shanghai is the evmaker is 153 00:07:40,840 --> 00:07:44,000 Speaker 1: wrapping up a record quarter of vehicle deliveries. That's according 154 00:07:44,000 --> 00:07:47,520 Speaker 1: to prelim data from China's Passenger Car Association. The jump 155 00:07:47,760 --> 00:07:51,880 Speaker 1: in wholesale deliveries to dealers follows Tesla slashing prices of 156 00:07:52,000 --> 00:07:54,720 Speaker 1: its locally made these by as much as fourteen percent 157 00:07:55,000 --> 00:07:57,560 Speaker 1: at the beginning of the year and triggering a slew 158 00:07:57,600 --> 00:08:01,480 Speaker 1: of discounts and incentive offerings from other carmakers. Companies that 159 00:08:01,520 --> 00:08:05,000 Speaker 1: followed suit range from Chinese ev startups expong NEO to 160 00:08:05,120 --> 00:08:09,800 Speaker 1: international manufacturers like Vogswagen, Mercedes, Benz and Ford. Now Tesla's 161 00:08:09,840 --> 00:08:13,280 Speaker 1: monthly wholesale figures in China, they're probably a better indication 162 00:08:13,320 --> 00:08:16,920 Speaker 1: of production rather than deliveries because they're not deliveries direct 163 00:08:16,960 --> 00:08:21,160 Speaker 1: to consumers. However, actual Tesla global delivery figures Caroline hit 164 00:08:21,200 --> 00:08:24,560 Speaker 1: a new record over the weekend, but still falling short 165 00:08:24,600 --> 00:08:28,360 Speaker 1: of musks target fifty cent annual growth. And it's interesting, 166 00:08:28,400 --> 00:08:30,640 Speaker 1: isn't We're trying to get a full picture of where 167 00:08:30,680 --> 00:08:33,680 Speaker 1: ev demand is. Is it remaining with Tesla? Is it 168 00:08:33,760 --> 00:08:36,280 Speaker 1: going to rivals? Is it just generally down on the 169 00:08:36,280 --> 00:08:38,440 Speaker 1: fact that the economy is slowing somewhat? And we asked 170 00:08:38,440 --> 00:08:40,680 Speaker 1: our audience yesterday, we went to you, went to Twitter, 171 00:08:40,760 --> 00:08:43,240 Speaker 1: We asked you our usual daily pole, this time ask 172 00:08:43,320 --> 00:08:46,560 Speaker 1: you look demand for Tesla evis is is it going 173 00:08:46,600 --> 00:08:48,760 Speaker 1: to rivals? For thirty seven percent of you say it is? 174 00:08:49,160 --> 00:08:51,360 Speaker 1: Is it by the economy? Only about a quarter of 175 00:08:51,400 --> 00:08:54,160 Speaker 1: you think that, But actually thy nine percent pretty optimistic. 176 00:08:54,200 --> 00:08:56,360 Speaker 1: They still think we're still full on in terms of 177 00:08:56,400 --> 00:08:59,440 Speaker 1: demand for Tesla. What then of the rivals? What then 178 00:08:59,480 --> 00:09:02,880 Speaker 1: of the bill up in av sales coming from other companies? 179 00:09:02,920 --> 00:09:05,160 Speaker 1: Steve Carla Lampiece to say, is with us to discuss 180 00:09:05,320 --> 00:09:08,720 Speaker 1: the outlook from General Motors is executive vice president of course, 181 00:09:08,800 --> 00:09:12,480 Speaker 1: also the North American president, and recently updating the market 182 00:09:12,520 --> 00:09:16,400 Speaker 1: on your sales basically including what twenty thousand evs that 183 00:09:16,440 --> 00:09:19,520 Speaker 1: you've been selling. How do you see the market share 184 00:09:19,880 --> 00:09:22,840 Speaker 1: for GM at the moment, Well, the market share overall, 185 00:09:22,880 --> 00:09:26,480 Speaker 1: we had a pretty terrific quarter overall, including internal combustion. 186 00:09:26,559 --> 00:09:30,200 Speaker 1: We finished on top of the market in terms of 187 00:09:30,200 --> 00:09:32,120 Speaker 1: retail as well as fleet. We're very proud of that. 188 00:09:32,200 --> 00:09:34,960 Speaker 1: But to the pointier question, it's the first quarter that 189 00:09:35,000 --> 00:09:39,199 Speaker 1: we broke through twenty thousand electric vehicle sales. So and 190 00:09:39,600 --> 00:09:42,560 Speaker 1: that comes in a year where we see it as 191 00:09:42,600 --> 00:09:45,160 Speaker 1: a breakout opportunity for us. And the reason that I 192 00:09:45,240 --> 00:09:49,560 Speaker 1: say that is our ultium battery plants are just coming 193 00:09:49,559 --> 00:09:54,400 Speaker 1: online in Lordstown, Ohio, and then later on in spring 194 00:09:54,480 --> 00:09:57,440 Speaker 1: Hill in Tennessee and then in Michigan at the same 195 00:09:57,480 --> 00:10:00,720 Speaker 1: time as we start to increase production of Catalanc Lyric 196 00:10:00,800 --> 00:10:05,360 Speaker 1: and the Hummer truck and suv, and we have several 197 00:10:05,400 --> 00:10:08,199 Speaker 1: launches right behind that. So we see it as assigned 198 00:10:08,240 --> 00:10:11,439 Speaker 1: to come dig in the lyrics sales less than a thousand. Yeah, 199 00:10:11,840 --> 00:10:14,720 Speaker 1: what was it? Two Hammer EV pickups in the quarter? 200 00:10:15,080 --> 00:10:18,800 Speaker 1: When did these numbers become really real, really tangible. Very soon? 201 00:10:19,000 --> 00:10:22,360 Speaker 1: We're starting to see a Lyric shipments from the factory 202 00:10:22,360 --> 00:10:26,240 Speaker 1: and in the pipeline increased dramatically, and then beyond that, 203 00:10:26,640 --> 00:10:30,160 Speaker 1: we have a very solid order bank in committed customers 204 00:10:30,200 --> 00:10:36,719 Speaker 1: in the thousands. So I'm very excited about that that opportunity. 205 00:10:36,640 --> 00:10:40,600 Speaker 1: As Steve Caroline asked a key point, which is within 206 00:10:40,679 --> 00:10:43,320 Speaker 1: that twenty thousand EV number, a lot of that was 207 00:10:43,400 --> 00:10:47,040 Speaker 1: Chevy Bolt. It doesn't reflect the new models. Give me granularity, 208 00:10:47,280 --> 00:10:50,560 Speaker 1: Give me numbers on the production output currently for the 209 00:10:50,640 --> 00:10:55,319 Speaker 1: next gen Altium models and how that ramped through the year. Well, 210 00:10:55,360 --> 00:10:58,480 Speaker 1: if I take the twenty thousand that we did in 211 00:10:58,480 --> 00:11:01,079 Speaker 1: the first quarter, we see that growing to fifty thousand 212 00:11:02,160 --> 00:11:04,880 Speaker 1: by the end of June and then doubling again by 213 00:11:04,920 --> 00:11:08,480 Speaker 1: the end of the year, and the growth within that 214 00:11:08,520 --> 00:11:12,080 Speaker 1: will be one hundred percent plus of Lyric and Hummer 215 00:11:12,120 --> 00:11:16,280 Speaker 1: and Blazer and Equinox and and beyond that Bolt and Bolt. 216 00:11:16,280 --> 00:11:19,240 Speaker 1: TUV has done a tremendous job for us, particularly in 217 00:11:19,280 --> 00:11:22,840 Speaker 1: the affordable EV part of the market. But where we 218 00:11:22,880 --> 00:11:26,400 Speaker 1: see the huge volume opportunities in the in the latter 219 00:11:26,440 --> 00:11:30,280 Speaker 1: products that I mentioned, and that that continues to grow 220 00:11:29,800 --> 00:11:33,720 Speaker 1: into into twenty four where we see ourselves, uh you know, 221 00:11:33,720 --> 00:11:35,640 Speaker 1: at the end of that timeframe kind of into the 222 00:11:35,679 --> 00:11:39,040 Speaker 1: million range. So but just to scale it another, growing 223 00:11:39,040 --> 00:11:42,240 Speaker 1: to fifty thousand in the second quarter and then two 224 00:11:42,240 --> 00:11:44,960 Speaker 1: one hundred by the end of the year. And see 225 00:11:45,080 --> 00:11:48,760 Speaker 1: to be cleared that fifty thousand to one hundred thousand, 226 00:11:48,800 --> 00:11:52,160 Speaker 1: that's driven by new generation models, not just a ramping bolt, 227 00:11:52,280 --> 00:11:55,120 Speaker 1: that's correct. It's driven by LTIAM based models late Lyric 228 00:11:55,160 --> 00:11:57,680 Speaker 1: and Hummer and Blazer and Equinox and so on. Yes, 229 00:11:58,720 --> 00:12:03,720 Speaker 1: Steve taking market share from Tesla, well, we believe so. 230 00:12:03,920 --> 00:12:06,200 Speaker 1: We're our share of the EV market has grown to 231 00:12:07,280 --> 00:12:10,320 Speaker 1: eight or nine percent just in the past several months. 232 00:12:10,360 --> 00:12:13,199 Speaker 1: And as we look at the share of our competitors, 233 00:12:13,400 --> 00:12:16,320 Speaker 1: including Tesla, where we would appear to be gaining across 234 00:12:16,360 --> 00:12:19,880 Speaker 1: the board, and we see that in our reservations and 235 00:12:19,960 --> 00:12:22,040 Speaker 1: our trade ins I mentioned Lyric, When we look at 236 00:12:22,040 --> 00:12:25,439 Speaker 1: trades and in the like of that, we see a 237 00:12:25,480 --> 00:12:29,280 Speaker 1: preponderance of our competitors in that mix. So a lot 238 00:12:29,320 --> 00:12:32,160 Speaker 1: of plus business for general motor particularly in markets where 239 00:12:32,200 --> 00:12:37,400 Speaker 1: we've been admittedly challenged, the so called smile states, including California, 240 00:12:37,720 --> 00:12:40,480 Speaker 1: where we appear to be over indexing when it comes 241 00:12:40,520 --> 00:12:42,880 Speaker 1: to EV sales. And that comes at the expense of 242 00:12:42,920 --> 00:12:45,600 Speaker 1: some of those that we've just talked about. And that's 243 00:12:45,600 --> 00:12:48,520 Speaker 1: the next question, isn't it, Caroline. We're thinking about the 244 00:12:48,559 --> 00:12:53,120 Speaker 1: impacts of regulation, the impacts of government here. Steve just said, 245 00:12:53,200 --> 00:12:55,960 Speaker 1: California is where all the energies at. So what happens 246 00:12:55,960 --> 00:12:58,920 Speaker 1: when the IRA kicks him? Right? Yeah? Inflation Reduction Act? 247 00:12:58,960 --> 00:13:02,000 Speaker 1: What does that mean in terms of well, people's ability 248 00:13:02,040 --> 00:13:04,040 Speaker 1: to be able to form more calls? But ultimately, Steve, 249 00:13:04,360 --> 00:13:07,920 Speaker 1: what about commercial vehicles here as well? Because you've got 250 00:13:07,960 --> 00:13:10,040 Speaker 1: bright drop the electric commercial vans. Is that in any 251 00:13:10,080 --> 00:13:12,720 Speaker 1: way going to help by the government focus on the 252 00:13:12,760 --> 00:13:14,920 Speaker 1: IRA in particular, Yeah, for sure, And just to back 253 00:13:15,000 --> 00:13:18,000 Speaker 1: up in California, I use that as an example. That's 254 00:13:18,000 --> 00:13:20,640 Speaker 1: true across the country in terms of how we're over 255 00:13:20,800 --> 00:13:23,400 Speaker 1: over indexing. But when it comes to IRA, we feel 256 00:13:23,440 --> 00:13:27,040 Speaker 1: as though we're very well positioned, including the announcements that 257 00:13:27,040 --> 00:13:28,920 Speaker 1: we're made late in the week last week. And the 258 00:13:28,920 --> 00:13:30,960 Speaker 1: reason that I say that is how we've sourced the 259 00:13:31,080 --> 00:13:34,760 Speaker 1: battery raw materials and the processing and the post processing. 260 00:13:34,840 --> 00:13:37,679 Speaker 1: So we feel as though most of our models will 261 00:13:37,720 --> 00:13:41,400 Speaker 1: qualify for that treatment, which can only help the demand side, 262 00:13:41,760 --> 00:13:44,120 Speaker 1: including on the commercial side of the business. We've had 263 00:13:44,320 --> 00:13:48,200 Speaker 1: very good uptake on the bright Drop business, for instance, 264 00:13:48,200 --> 00:13:51,400 Speaker 1: and you know we're looking forward to we're down on 265 00:13:51,440 --> 00:13:54,880 Speaker 1: that plant right now retooling for even higher volumes. So 266 00:13:55,200 --> 00:13:57,840 Speaker 1: we see terrific opportunity there and talk to us about 267 00:13:57,880 --> 00:14:02,400 Speaker 1: ramp about volumes, about shortages, particularly in chips that many 268 00:14:02,440 --> 00:14:05,440 Speaker 1: auto companies faced. Well, the chip situation, i'd say is 269 00:14:05,440 --> 00:14:08,360 Speaker 1: normalized to a great degree. We still get in and 270 00:14:08,360 --> 00:14:10,240 Speaker 1: out of that on a day to day basis or 271 00:14:10,280 --> 00:14:13,719 Speaker 1: a week to week basis. But our availability, if I 272 00:14:14,000 --> 00:14:18,199 Speaker 1: measured in percent of production last year, if we ran 273 00:14:18,360 --> 00:14:22,040 Speaker 1: kind of in the hi eighties low nineties of available capacity, 274 00:14:22,320 --> 00:14:24,480 Speaker 1: we're much closer to one hundred this year. And that's 275 00:14:24,480 --> 00:14:27,640 Speaker 1: a reflection and it's a mix now. It's gone beyond chips, 276 00:14:27,960 --> 00:14:31,680 Speaker 1: logistics factors in to a much greater degree this year. 277 00:14:31,800 --> 00:14:34,960 Speaker 1: So it's just those challenges that we managed day to day, 278 00:14:35,040 --> 00:14:36,880 Speaker 1: which is why you know, we're pretty happy with our 279 00:14:36,920 --> 00:14:39,920 Speaker 1: performance so far, and that we can continue to gain share, 280 00:14:40,000 --> 00:14:44,680 Speaker 1: whether it's internal combustion engines or electric vehicles, particularly as 281 00:14:44,680 --> 00:14:48,520 Speaker 1: we're in this very rich launch Cadence Steve are coming 282 00:14:48,520 --> 00:14:50,840 Speaker 1: off a strong quarter for new US car sales, right 283 00:14:50,840 --> 00:14:55,400 Speaker 1: there's evidence there was pent up demand, higher rates, concern 284 00:14:55,480 --> 00:14:58,240 Speaker 1: about the duress the consumers. Under what is kind of 285 00:14:58,240 --> 00:15:02,720 Speaker 1: GM's economic outlook for the rest of the year. We'll 286 00:15:02,720 --> 00:15:06,720 Speaker 1: speak directly to the to the industry. We see we 287 00:15:06,840 --> 00:15:10,560 Speaker 1: finished the third quarter kind of in the fifteen point 288 00:15:10,600 --> 00:15:13,800 Speaker 1: three million unit range, and we would see that holding 289 00:15:14,440 --> 00:15:17,880 Speaker 1: in perhaps accelerating a little bit through the through the 290 00:15:17,960 --> 00:15:20,600 Speaker 1: end of the year. At the same time as transaction 291 00:15:20,640 --> 00:15:25,640 Speaker 1: prices are also holding, incentives are staying at moderate levels. 292 00:15:26,200 --> 00:15:31,720 Speaker 1: Dealer grosses appear to be stable, used car prices stable, 293 00:15:32,200 --> 00:15:34,880 Speaker 1: so all those ingredients to continue on a glide path 294 00:15:34,960 --> 00:15:39,160 Speaker 1: of good performance we see there. So uh, you know, 295 00:15:39,240 --> 00:15:41,760 Speaker 1: we're anxious to see what we see through the first 296 00:15:41,800 --> 00:15:44,880 Speaker 1: quarter is to help inform what we see through the 297 00:15:44,920 --> 00:15:47,520 Speaker 1: rest of the year. But in that on top of 298 00:15:47,600 --> 00:15:50,440 Speaker 1: we have some terrific launches, as I've mentioned, whether it's 299 00:15:50,440 --> 00:15:54,200 Speaker 1: internal combustion or evs. So we're feeling pretty good about 300 00:15:55,000 --> 00:15:59,640 Speaker 1: twenty twenty three, Steve called out General Moss, Executive Price 301 00:15:59,640 --> 00:16:02,560 Speaker 1: President North America present out in New York, Caroline, thank 302 00:16:02,560 --> 00:16:05,000 Speaker 1: you for your time. Now coming up, Apple and Walmart 303 00:16:05,160 --> 00:16:08,640 Speaker 1: slash in jobs while Virgin Orbit files for bankruptcy. We'll 304 00:16:08,640 --> 00:16:11,840 Speaker 1: bring you the details in Talking Tech next versus Bloomberg. 305 00:16:31,560 --> 00:16:34,000 Speaker 1: Time now for Talking Tech Today, We're honing in on 306 00:16:34,120 --> 00:16:37,160 Speaker 1: job cuts. First up, Walmart cutting at least two thousand 307 00:16:37,280 --> 00:16:40,920 Speaker 1: jobs at five US e commerce fulfillment centers that, according 308 00:16:40,960 --> 00:16:43,640 Speaker 1: to regulatory fighting to The losses include more than one 309 00:16:43,680 --> 00:16:46,880 Speaker 1: thousand positions at a center in Texas, six hundred jobs 310 00:16:46,880 --> 00:16:49,760 Speaker 1: in Pennsylvania at a warehouse, four hundred in Florida, and 311 00:16:49,760 --> 00:16:52,600 Speaker 1: about two hundred in New Jersey. And additional reduction is 312 00:16:52,640 --> 00:16:57,120 Speaker 1: planned in California. And Walmart isn't alone. Apple also making cuts, 313 00:16:57,160 --> 00:17:00,320 Speaker 1: eliminating a small number of roles within its co operate 314 00:17:00,400 --> 00:17:03,600 Speaker 1: retail teams that according to sources, this marks the first 315 00:17:03,720 --> 00:17:06,640 Speaker 1: known internal job cuts since it embarked on a belt 316 00:17:06,680 --> 00:17:09,720 Speaker 1: tightening effort last year. The company is shedding positions in 317 00:17:09,760 --> 00:17:13,080 Speaker 1: what it calls its development and preservation teams. Those groups 318 00:17:13,080 --> 00:17:16,199 Speaker 1: are responsible for the construction and upkeep really of Apple 319 00:17:16,280 --> 00:17:20,200 Speaker 1: retail stores and other facilities around the world. Finally, Virgin Orbit, 320 00:17:20,600 --> 00:17:23,919 Speaker 1: the satellite launch firm tied to British billionaire Wshar Branson, 321 00:17:24,000 --> 00:17:27,080 Speaker 1: failed to secure the funding needed to keep operating and 322 00:17:27,640 --> 00:17:30,399 Speaker 1: has filed for bankruptcy. Virgin Orbit had cut about eighty 323 00:17:30,400 --> 00:17:33,240 Speaker 1: five percent of its staff. The company listed two hundred 324 00:17:33,240 --> 00:17:35,840 Speaker 1: and forty three million dollars in assets and one hundred 325 00:17:35,840 --> 00:17:38,520 Speaker 1: and fifty three point five million for its total debt 326 00:17:38,640 --> 00:17:42,680 Speaker 1: in a Chapter eleven petition filed in Delaware Caroline. Now, 327 00:17:42,760 --> 00:17:45,400 Speaker 1: let's just shift gears a little bit time for Wall 328 00:17:45,440 --> 00:17:47,760 Speaker 1: Street Beat, and today we are focusing in on Jamie 329 00:17:47,840 --> 00:17:50,679 Speaker 1: Diamond's annual letter to shareholders, because not only did he 330 00:17:50,720 --> 00:17:53,760 Speaker 1: talk about banking collapses, he also talked a lot about tech, 331 00:17:53,800 --> 00:17:56,679 Speaker 1: a lot about chat chypt and let's run through it 332 00:17:56,760 --> 00:18:00,040 Speaker 1: all with Brilian Motionali Bassett. First, let's talk about the 333 00:18:00,119 --> 00:18:03,040 Speaker 1: banking implications, because we see big banks down once again 334 00:18:03,080 --> 00:18:06,119 Speaker 1: on the day. Absolutely he talked about things hiding in 335 00:18:06,240 --> 00:18:08,760 Speaker 1: plain sight. He mentioned that in terms of Silicon Valley Bank, 336 00:18:08,800 --> 00:18:12,320 Speaker 1: but also Credit Squeez. Remember this rising interest rate environment 337 00:18:12,320 --> 00:18:14,719 Speaker 1: has posed a lot of different risk for banks that 338 00:18:14,760 --> 00:18:17,720 Speaker 1: have seen deposit bases. Now we are paying attention to 339 00:18:17,800 --> 00:18:20,880 Speaker 1: this year, but really the deposit base across America's banks 340 00:18:20,880 --> 00:18:23,240 Speaker 1: have been reduced by about a trillion dollars since twenty 341 00:18:23,280 --> 00:18:25,800 Speaker 1: twenty two, and so a lot of pressure when you 342 00:18:25,840 --> 00:18:28,400 Speaker 1: look at the smaller banks, in particular, of which JP 343 00:18:28,520 --> 00:18:31,120 Speaker 1: Morgan banks three hundred and fifty of more than four 344 00:18:31,200 --> 00:18:35,800 Speaker 1: thousand in this country alone. Hashnali, we've got the Jamie 345 00:18:35,880 --> 00:18:39,920 Speaker 1: Diamonds take on artsfiicial intelligence. Yeah, it's pretty fascinating. Here 346 00:18:39,960 --> 00:18:41,920 Speaker 1: he goes into it quite a bit. And remember this 347 00:18:42,000 --> 00:18:44,480 Speaker 1: is a big deal for a few reasons. Ed one 348 00:18:44,560 --> 00:18:46,639 Speaker 1: because he gives you a number here, more than a 349 00:18:46,720 --> 00:18:50,560 Speaker 1: thousand people involved in data management, nine hundred data scientists, 350 00:18:50,880 --> 00:18:54,879 Speaker 1: machine learning experts, and more than six hundred machine learning engineers. 351 00:18:55,000 --> 00:18:58,000 Speaker 1: Remember JP Morgan has a workforce of about three hundred thousand. 352 00:18:58,000 --> 00:19:00,640 Speaker 1: But when I talk to you about my other conversations 353 00:19:00,640 --> 00:19:03,679 Speaker 1: I'm having, for example, with other banks, they'll tell me 354 00:19:03,760 --> 00:19:06,159 Speaker 1: now that it's been easier to hire from places like 355 00:19:06,240 --> 00:19:09,960 Speaker 1: Amazon than ever before, and they're finding a lot of 356 00:19:10,359 --> 00:19:12,560 Speaker 1: benefits to doing that sort of thing as they build 357 00:19:12,680 --> 00:19:16,080 Speaker 1: up their own ranks of technology to make their businesses 358 00:19:16,119 --> 00:19:19,320 Speaker 1: more efficient. But also more competitive. He also talks about 359 00:19:19,359 --> 00:19:23,480 Speaker 1: a two hundred person AI group within JP Morgan looking 360 00:19:23,480 --> 00:19:26,760 Speaker 1: at new frontiers. Lastly, in addition to AI and the 361 00:19:26,800 --> 00:19:29,680 Speaker 1: ability to use AI more within JP Morgan's own business, 362 00:19:29,680 --> 00:19:32,920 Speaker 1: he talks about the necessity of a cloud and spending 363 00:19:32,960 --> 00:19:36,880 Speaker 1: over two billion dollars on cloud infrastructure cloud based data 364 00:19:36,920 --> 00:19:40,240 Speaker 1: centers to make this transition, which he calls hard work 365 00:19:40,320 --> 00:19:43,919 Speaker 1: but necessary. It's interesting that at a time where we 366 00:19:43,960 --> 00:19:46,960 Speaker 1: know JP Morgan has in many ways said you can't 367 00:19:47,000 --> 00:19:50,120 Speaker 1: be using open aiyes technology when you're working within the bank, 368 00:19:50,240 --> 00:19:53,719 Speaker 1: but they're obviosly implicating and using it to fight forward 369 00:19:53,720 --> 00:19:56,240 Speaker 1: in particular, right, that seems to be a risk element here. Yeah, 370 00:19:56,240 --> 00:19:57,640 Speaker 1: I think you've hit the nail on the head here 371 00:19:57,680 --> 00:20:01,080 Speaker 1: the idea of open aiyes technology versus technology that is 372 00:20:01,119 --> 00:20:04,560 Speaker 1: self developed within JP Morgan. There are so many rules 373 00:20:04,600 --> 00:20:06,639 Speaker 1: around data and how data is communicated. This is a 374 00:20:06,640 --> 00:20:09,160 Speaker 1: different example, but think about what happened with the banks 375 00:20:09,200 --> 00:20:12,320 Speaker 1: and WhatsApp. Right, You're dealing with a lot of sensitive 376 00:20:12,359 --> 00:20:14,840 Speaker 1: data across the world's tied to deals or tied to customers. 377 00:20:14,880 --> 00:20:17,239 Speaker 1: So this is a matter of choosing which technology is right. 378 00:20:17,280 --> 00:20:20,080 Speaker 1: But the idea of AI changing this business is not 379 00:20:20,200 --> 00:20:23,320 Speaker 1: up for dispute, all right, Boombo Sinali ba'st with the 380 00:20:23,320 --> 00:20:34,600 Speaker 1: Wall Street Beats. Welcome back to Bloomberg Technology. I'm Caroline 381 00:20:34,640 --> 00:20:36,719 Speaker 1: Hyde in New York and I made lovelow in San 382 00:20:36,760 --> 00:20:39,320 Speaker 1: Francisco now at about a month ago, just a few 383 00:20:39,320 --> 00:20:42,360 Speaker 1: weeks before the administration unveiled some of its most aggressive 384 00:20:42,440 --> 00:20:47,160 Speaker 1: anti hacking measures yet chrissing this America's first cyber director, 385 00:20:47,200 --> 00:20:49,359 Speaker 1: as she stepped down from his post. Now appears the 386 00:20:49,400 --> 00:20:52,560 Speaker 1: reason was primarily due to clashes with another top officials. 387 00:20:52,600 --> 00:20:55,359 Speaker 1: All according to people familiar and indeed some correspondence that 388 00:20:55,440 --> 00:20:59,159 Speaker 1: Bloomberg saw in all highlights basically deep internal strife within 389 00:20:59,200 --> 00:21:02,879 Speaker 1: the president's new cyberteam between those. Katrina Manson joins us 390 00:21:02,880 --> 00:21:05,560 Speaker 1: for more on what is Bloomberg exclusive working closely with 391 00:21:05,600 --> 00:21:08,679 Speaker 1: your colleagues on this. Is it just friction at the 392 00:21:08,680 --> 00:21:12,359 Speaker 1: top that happened here? Well, if you go by what 393 00:21:12,440 --> 00:21:15,720 Speaker 1: Chris Inglis said in his email, which re reviewed in 394 00:21:15,760 --> 00:21:19,600 Speaker 1: this story that was led by my colleague William Turton, 395 00:21:19,960 --> 00:21:23,760 Speaker 1: he feels that and new Burger, the other top cyber 396 00:21:23,800 --> 00:21:27,720 Speaker 1: official at the White House, withheld information from him and 397 00:21:28,200 --> 00:21:30,920 Speaker 1: actually work to undermine the very strategy that he was 398 00:21:30,960 --> 00:21:32,639 Speaker 1: trying to roll out for the nation. This is the 399 00:21:32,720 --> 00:21:36,320 Speaker 1: nation's first cyber strategy under under his watch, and so 400 00:21:36,960 --> 00:21:40,000 Speaker 1: it's a huge accusation that he's making in private to 401 00:21:40,200 --> 00:21:43,280 Speaker 1: a former colleague, and certainly I think sending ripples through 402 00:21:43,359 --> 00:21:46,640 Speaker 1: this Biden administration that has talked so much about creating 403 00:21:46,920 --> 00:21:49,240 Speaker 1: a joined up team to tackle some of the big 404 00:21:49,280 --> 00:21:51,880 Speaker 1: cyber issues this country basis because it was seen as 405 00:21:51,880 --> 00:21:54,919 Speaker 1: a dream team, wasn't it. These three executives, all with 406 00:21:55,200 --> 00:21:58,480 Speaker 1: really deep intelligence experience, coming on at a time where 407 00:21:58,480 --> 00:22:02,920 Speaker 1: we were worried. We're worried about infrastructure being impacted by hacking. Yes, 408 00:22:02,960 --> 00:22:05,200 Speaker 1: and I think the US was not at the pace 409 00:22:05,240 --> 00:22:07,359 Speaker 1: of the threat. I think many people would say it 410 00:22:07,440 --> 00:22:09,800 Speaker 1: still isn't. So there is so much more to be done. 411 00:22:09,800 --> 00:22:12,800 Speaker 1: That's what this strategy is supposed to fix. And to 412 00:22:12,920 --> 00:22:15,880 Speaker 1: have had this problem at the top these claims that 413 00:22:16,480 --> 00:22:18,720 Speaker 1: a Newburger also made some claims. She said that the 414 00:22:18,880 --> 00:22:22,000 Speaker 1: new office that Chris Inglis was running, that they were 415 00:22:22,000 --> 00:22:25,200 Speaker 1: not that they were frequently unrealistic about timelines. There has 416 00:22:25,280 --> 00:22:28,879 Speaker 1: just clearly been discord between the two of them and 417 00:22:29,040 --> 00:22:31,240 Speaker 1: between their officers. I think the question is to what 418 00:22:31,320 --> 00:22:34,920 Speaker 1: extent does this undermine the actual effort to face off 419 00:22:34,920 --> 00:22:37,760 Speaker 1: this cyber threat. If you ask a Newburger, she says 420 00:22:37,760 --> 00:22:40,160 Speaker 1: in a statement to US, reports of discord have had 421 00:22:40,200 --> 00:22:42,880 Speaker 1: little if any impact on the proceedings. But I think 422 00:22:42,880 --> 00:22:45,200 Speaker 1: you've got to look to the fact that Chris Inglis 423 00:22:45,240 --> 00:22:49,320 Speaker 1: has resigned for six weeks, that post has gone unfilled. 424 00:22:49,359 --> 00:22:52,680 Speaker 1: There's an acting but the administration now needs to nominate 425 00:22:52,760 --> 00:22:56,800 Speaker 1: someone and they're congratsionally mandated to do that, and at 426 00:22:56,800 --> 00:22:59,760 Speaker 1: the moment, there's no one rolling out the clan to 427 00:23:00,040 --> 00:23:03,159 Speaker 1: actually implement that cyber strategy, and that's all to be 428 00:23:03,200 --> 00:23:05,960 Speaker 1: done under the oversight of the NSC. Where a new burgers. 429 00:23:06,160 --> 00:23:08,560 Speaker 1: So when we do speak to people, we do hear 430 00:23:08,600 --> 00:23:10,919 Speaker 1: that there is an expectation that this kind of friction, 431 00:23:11,400 --> 00:23:13,879 Speaker 1: maybe not on this same level, but certainly friction is 432 00:23:13,880 --> 00:23:17,040 Speaker 1: expected to continue. You've got two new officers in the 433 00:23:17,080 --> 00:23:20,320 Speaker 1: same White House trying to do some of the same job, 434 00:23:22,160 --> 00:23:24,320 Speaker 1: so good tre The core of this is a turf war, 435 00:23:24,600 --> 00:23:27,320 Speaker 1: which we love in the world of technology, but it's 436 00:23:27,320 --> 00:23:30,720 Speaker 1: also early days in the Biden strategy around cyber So 437 00:23:31,080 --> 00:23:35,360 Speaker 1: what's the reaction. What does President Biden do to resolve this? Well, 438 00:23:35,400 --> 00:23:38,760 Speaker 1: I think they have to appoint someone. We've heard that 439 00:23:38,800 --> 00:23:41,359 Speaker 1: they are planning to appoint someone soon. Who that person 440 00:23:41,480 --> 00:23:43,520 Speaker 1: is will be obviously very interesting. There are a lot 441 00:23:43,520 --> 00:23:48,320 Speaker 1: of people endorsing the acting director at the moment, Kember Walden. 442 00:23:48,440 --> 00:23:50,760 Speaker 1: She'd been in there for a long time. She'd been 443 00:23:50,800 --> 00:23:53,760 Speaker 1: working hand in hand with Chris inglis So. I think 444 00:23:53,800 --> 00:23:56,760 Speaker 1: Congress will be looking for who do they actually want 445 00:23:56,800 --> 00:23:59,440 Speaker 1: to give this role to in future and to what 446 00:23:59,600 --> 00:24:02,439 Speaker 1: extend anyone, especially now with all of this out in 447 00:24:02,480 --> 00:24:05,040 Speaker 1: the open, really going to try and make these teams 448 00:24:05,800 --> 00:24:10,639 Speaker 1: work together? All right? Bloom Birds, Katrina Manson, thank you 449 00:24:10,760 --> 00:24:22,640 Speaker 1: very much. The venture arm of Saudi Arabia's Sovereign Wealth 450 00:24:22,680 --> 00:24:25,840 Speaker 1: Fund disclosed its ties to more than fifty venture capital 451 00:24:26,080 --> 00:24:29,600 Speaker 1: and private equity firms, including Blackstone and KKI, and one 452 00:24:29,600 --> 00:24:32,720 Speaker 1: of the first public disclosures of its investments. The Saudi 453 00:24:32,800 --> 00:24:35,480 Speaker 1: Fund says it commits around two billion dollars each year 454 00:24:35,720 --> 00:24:40,080 Speaker 1: into quote, venture, growth and small buyout assets worldwide. Other 455 00:24:40,119 --> 00:24:44,920 Speaker 1: firms it names include Andresen Horowitz, General Atlantic, Hellman and Friedman, 456 00:24:45,280 --> 00:24:49,520 Speaker 1: and Plane Equity. A stick in the world of venture 457 00:24:49,560 --> 00:24:52,320 Speaker 1: capital in the US and bring in Union Square Ventures 458 00:24:52,320 --> 00:24:56,439 Speaker 1: managing partner Rebecca Caden for her read on what is 459 00:24:56,480 --> 00:24:59,879 Speaker 1: still a digest of the post SVB collapse and the 460 00:25:00,119 --> 00:25:04,480 Speaker 1: health of ecosystems of American startups. Rebecca, I want to 461 00:25:04,520 --> 00:25:08,600 Speaker 1: start right now with access to capital. Sure, what's your 462 00:25:08,640 --> 00:25:12,879 Speaker 1: read on the health of startups and their ability to 463 00:25:12,880 --> 00:25:15,600 Speaker 1: access capital in the weeks that have followed svb's collapse. 464 00:25:16,400 --> 00:25:20,440 Speaker 1: I think we're kind of slowly finding our norm there's 465 00:25:20,480 --> 00:25:23,880 Speaker 1: definitely ripple effects and it's not going to reverse so quickly. 466 00:25:24,040 --> 00:25:26,760 Speaker 1: People are trying to figure out the world we're living 467 00:25:26,800 --> 00:25:29,800 Speaker 1: in and the normal. But at the same time, there's 468 00:25:29,800 --> 00:25:33,040 Speaker 1: a lot of exciting innovation happening. There's platform shifts that 469 00:25:33,040 --> 00:25:35,680 Speaker 1: we haven't seen in a long time, and investments are 470 00:25:35,680 --> 00:25:39,000 Speaker 1: getting made. So it's a challenging ecosystem, but it's also 471 00:25:39,000 --> 00:25:41,600 Speaker 1: still an active ecosystem. You've been writing checks in twenty 472 00:25:41,640 --> 00:25:43,440 Speaker 1: twenty three. Who may I I see one of them, 473 00:25:43,520 --> 00:25:46,080 Speaker 1: Journey clinical one that you've written about and worked about. Yep, 474 00:25:46,200 --> 00:25:48,960 Speaker 1: this is about health mental well being in particular, but 475 00:25:49,000 --> 00:25:51,560 Speaker 1: there is, of course, you want important artificial intelligence sort 476 00:25:51,600 --> 00:25:54,119 Speaker 1: of being led in in certain areas right. Yes, absolutely, 477 00:25:54,200 --> 00:25:57,320 Speaker 1: I think you know, everyone is a buzz with AI 478 00:25:57,400 --> 00:26:00,200 Speaker 1: and for a good reason. I think we're seeing opportunity 479 00:26:00,200 --> 00:26:03,320 Speaker 1: and potential platform shift that we haven't seen in a 480 00:26:03,320 --> 00:26:06,680 Speaker 1: long time. So layered on a complicated economic environment, there's 481 00:26:06,720 --> 00:26:08,880 Speaker 1: a lot of cool stuff to be excited about. Can 482 00:26:08,920 --> 00:26:11,080 Speaker 1: you dig in into what the layer is all that 483 00:26:11,080 --> 00:26:13,119 Speaker 1: we should be looking at the cool stuff? Because is 484 00:26:13,160 --> 00:26:17,320 Speaker 1: it the modelmakers? Everyone whispering chachybt and open ai seems 485 00:26:17,320 --> 00:26:19,000 Speaker 1: to be the only company that we can really talk about. 486 00:26:19,080 --> 00:26:22,959 Speaker 1: But there are the applications. It's the people with the 487 00:26:23,000 --> 00:26:25,760 Speaker 1: bodies of data that these AIS models can get to 488 00:26:25,840 --> 00:26:28,000 Speaker 1: grips with. Who wins out here? Where is the actual 489 00:26:28,040 --> 00:26:30,080 Speaker 1: money going to be made? Yeah, I think we're in 490 00:26:30,119 --> 00:26:33,240 Speaker 1: the time with as many questions and kind of opportunities 491 00:26:33,280 --> 00:26:35,439 Speaker 1: to discover as we are answers to that. But the 492 00:26:35,480 --> 00:26:38,439 Speaker 1: first question is where will equity value accrue? And we 493 00:26:38,560 --> 00:26:42,600 Speaker 1: know the fundamental models and the lms are accruing a 494 00:26:42,600 --> 00:26:45,840 Speaker 1: lot of value. But over time, we believe the application 495 00:26:45,920 --> 00:26:50,000 Speaker 1: layer on top, how those lms interface with industry and 496 00:26:50,080 --> 00:26:53,960 Speaker 1: with consumer will get really interested. There's just a question 497 00:26:54,000 --> 00:26:57,480 Speaker 1: of timing and how long that takes to evolve, but 498 00:26:57,600 --> 00:27:00,440 Speaker 1: we think, you know, the consumer applications and also how 499 00:27:00,480 --> 00:27:03,960 Speaker 1: AI and some of these opportunities intersect things like education 500 00:27:04,040 --> 00:27:08,040 Speaker 1: and healthcare are going to provide major opportunities. A Life, 501 00:27:08,080 --> 00:27:10,040 Speaker 1: for example, I do just want to bring you in here. 502 00:27:10,160 --> 00:27:12,879 Speaker 1: A Life is one investment that Rebecca has talked about, 503 00:27:12,920 --> 00:27:15,960 Speaker 1: and that really is an application of artificial intelligence to 504 00:27:16,000 --> 00:27:18,400 Speaker 1: be able to actually increase your chances of getting pregnant. 505 00:27:18,400 --> 00:27:22,720 Speaker 1: This is AI within the healthcare scene, but we start 506 00:27:22,760 --> 00:27:26,280 Speaker 1: to see in some ways some marketing play here when 507 00:27:26,280 --> 00:27:29,880 Speaker 1: it comes to AI too, right, Yeah, that's what intrigues me, Rebecca. 508 00:27:30,000 --> 00:27:32,240 Speaker 1: Do you invest in companies that are working on the 509 00:27:32,320 --> 00:27:36,639 Speaker 1: underlying technology trying to move artificial intelligence as a field 510 00:27:36,680 --> 00:27:39,119 Speaker 1: forward or do you go to those companies that are 511 00:27:39,119 --> 00:27:42,880 Speaker 1: trying to seize the technology and offer a service using it. 512 00:27:43,440 --> 00:27:45,680 Speaker 1: You know, I think there's going to be major opportunities 513 00:27:45,720 --> 00:27:49,879 Speaker 1: in both. But for us, we're really interested in that 514 00:27:49,920 --> 00:27:53,879 Speaker 1: application layer and that intersection with industry as an A 515 00:27:53,960 --> 00:27:56,119 Speaker 1: life as a great example there. When you think about 516 00:27:56,200 --> 00:28:02,160 Speaker 1: how the opportunity for massive bodies of data to impact 517 00:28:02,240 --> 00:28:06,520 Speaker 1: how diagnosing works or how you know, women can get pregnant, 518 00:28:06,520 --> 00:28:09,960 Speaker 1: how you can take opportunities where people are making decisions 519 00:28:09,960 --> 00:28:13,080 Speaker 1: based on individual experience and bodies of knowledge and instead 520 00:28:13,119 --> 00:28:17,360 Speaker 1: apply vast universal data sets to personalize that. You can 521 00:28:17,359 --> 00:28:19,360 Speaker 1: think about how that applies to all kinds of different things, 522 00:28:19,400 --> 00:28:22,760 Speaker 1: and that application layer gets very exciting. You are a 523 00:28:22,800 --> 00:28:27,359 Speaker 1: thesis driven venture firm. How much were you paying attention 524 00:28:27,440 --> 00:28:31,800 Speaker 1: to those eleven hundred or so AI participants who said 525 00:28:32,280 --> 00:28:35,800 Speaker 1: time to hit pause on developing next gen tech? You know, 526 00:28:35,880 --> 00:28:38,080 Speaker 1: we're paying attention to that and also a lot of 527 00:28:38,080 --> 00:28:42,840 Speaker 1: the complexities here. I think, as with any technology shift, 528 00:28:43,080 --> 00:28:45,640 Speaker 1: there's opportunity and there's also a lot of questions. And 529 00:28:45,680 --> 00:28:48,680 Speaker 1: I think we've learned from prior technology shifts that maybe 530 00:28:48,680 --> 00:28:51,640 Speaker 1: we don't ask those questions enough, and AI is one 531 00:28:51,680 --> 00:28:54,280 Speaker 1: where I think we really do need to ask them. 532 00:28:54,320 --> 00:28:57,200 Speaker 1: Where there's going to be massive opportunity to drive value, 533 00:28:57,280 --> 00:29:00,600 Speaker 1: drive personalization, and drive access, but we also have to 534 00:29:00,600 --> 00:29:03,600 Speaker 1: think about the implications. I don't know if that answer 535 00:29:03,680 --> 00:29:06,239 Speaker 1: is the right answer, but it's on all of us 536 00:29:06,240 --> 00:29:09,680 Speaker 1: and particularly investors, to think about the questions and the 537 00:29:10,120 --> 00:29:13,120 Speaker 1: potential falls, you know, as well as all the opportunity 538 00:29:13,120 --> 00:29:16,680 Speaker 1: and value it creates. You know, we've been so busy. 539 00:29:16,720 --> 00:29:20,640 Speaker 1: Caroline recently uttering the words artificial intelligence. We haven't even 540 00:29:20,640 --> 00:29:22,960 Speaker 1: had any time to say the words crypto and currency. 541 00:29:23,800 --> 00:29:25,760 Speaker 1: We did a bit earlier with doscoin on the rise. 542 00:29:25,840 --> 00:29:28,640 Speaker 1: That seems to be the new Twitter theme of choice. 543 00:29:28,680 --> 00:29:32,480 Speaker 1: But Rebecca Unit Spare a Ventures is focused on Web 544 00:29:32,520 --> 00:29:35,320 Speaker 1: three has been very involved in the crypto ecosystem here 545 00:29:35,320 --> 00:29:37,680 Speaker 1: in New York as well. What do you make of 546 00:29:37,720 --> 00:29:39,640 Speaker 1: the hype cycle we see ANAI, the hype cycle was 547 00:29:39,680 --> 00:29:42,080 Speaker 1: sore in crypto and where the valuations are playing out 548 00:29:42,120 --> 00:29:45,160 Speaker 1: right now? Yeah, Look, crypto is in a challenging moment. 549 00:29:45,480 --> 00:29:49,040 Speaker 1: It's hard to argue with that, and partly for some 550 00:29:49,080 --> 00:29:53,200 Speaker 1: good reason, but USB's interest in crypto is really about 551 00:29:53,240 --> 00:29:58,440 Speaker 1: the underlying opportunity for decentralization and what decentralization can do 552 00:29:58,560 --> 00:30:05,000 Speaker 1: for innovation, technology, data drawing back power to the individual 553 00:30:05,080 --> 00:30:08,600 Speaker 1: out of platforms, and we think that opportunity is stronger 554 00:30:08,640 --> 00:30:11,920 Speaker 1: than ever, you know, just maybe not in those end 555 00:30:11,960 --> 00:30:14,480 Speaker 1: tokens right now. So we think these will be you know, 556 00:30:14,520 --> 00:30:19,640 Speaker 1: cyclical and seasonal, but we're still really excited about it. Cyclical, seasonal. 557 00:30:19,840 --> 00:30:23,320 Speaker 1: Where now in terms of where are you at in 558 00:30:23,400 --> 00:30:25,960 Speaker 1: terms of finding the right founda and where are you 559 00:30:26,000 --> 00:30:28,480 Speaker 1: finding that founda? You are based here in newal but 560 00:30:28,520 --> 00:30:31,120 Speaker 1: it's very much a global focus for you at the moment. 561 00:30:31,120 --> 00:30:33,600 Speaker 1: Where are people building great technology? I think one of 562 00:30:33,600 --> 00:30:35,760 Speaker 1: the most exciting things that's going on is that people 563 00:30:35,800 --> 00:30:39,680 Speaker 1: are building great technology everywhere. We're very excited about the 564 00:30:39,680 --> 00:30:42,600 Speaker 1: New York ecosystem. We think when entrepreneurs have had a 565 00:30:42,680 --> 00:30:44,360 Speaker 1: chance to choose where to live, many of them have 566 00:30:44,480 --> 00:30:48,160 Speaker 1: chosen New York even more than before, and we're excited 567 00:30:48,200 --> 00:30:51,640 Speaker 1: to contribute to that growth. But the USB portfolio is 568 00:30:51,680 --> 00:30:56,560 Speaker 1: increasingly global. We think teams are increasingly global, and innovation 569 00:30:56,680 --> 00:31:00,360 Speaker 1: is coming from lots of different corners, particularly as technology 570 00:31:00,360 --> 00:31:04,120 Speaker 1: and industry intersect, and we think that will continue. Rebecca, 571 00:31:04,160 --> 00:31:06,400 Speaker 1: We're trying to shape up the data. You know how 572 00:31:06,440 --> 00:31:08,880 Speaker 1: twenty twenty three is going to look relative to twenty 573 00:31:08,920 --> 00:31:12,360 Speaker 1: twenty one and twenty twenty two. Growth rounds in particular 574 00:31:12,400 --> 00:31:15,520 Speaker 1: seem to go away in twenty twenty two. Your industry 575 00:31:15,520 --> 00:31:19,440 Speaker 1: colleagues talk a lot with optimism about early stage. How 576 00:31:19,440 --> 00:31:23,120 Speaker 1: do you be nimble in that respect? Your USB is 577 00:31:23,160 --> 00:31:26,800 Speaker 1: a pretty focused fund. We really focus in on seed 578 00:31:26,840 --> 00:31:30,600 Speaker 1: in Series A investments and then only opportunistically go a 579 00:31:30,640 --> 00:31:34,920 Speaker 1: bit later. The early innovation ecosystem, there's a lot to 580 00:31:35,080 --> 00:31:38,120 Speaker 1: look for there. You know, we talked about AI, but 581 00:31:38,480 --> 00:31:40,360 Speaker 1: we talked about crypto, but there's a lot of other 582 00:31:40,440 --> 00:31:43,600 Speaker 1: corners as well where technology is really driving value. So 583 00:31:43,760 --> 00:31:47,440 Speaker 1: early stage we're seeing a lot of activity. Growth stage 584 00:31:47,480 --> 00:31:49,960 Speaker 1: is harder. Right now, you're seeing the market really clench 585 00:31:50,080 --> 00:31:53,720 Speaker 1: and wait to figure out where things land. And I'm 586 00:31:53,760 --> 00:31:55,920 Speaker 1: not so sure that's going to settle very soon. We 587 00:31:56,000 --> 00:31:59,080 Speaker 1: think there may be you know, it's still a stretch ahead, 588 00:31:59,160 --> 00:32:01,520 Speaker 1: so twenty twenty three may be slow there as well. 589 00:32:02,280 --> 00:32:04,680 Speaker 1: Hey Rebecca, you're out there in New York City with 590 00:32:04,800 --> 00:32:07,400 Speaker 1: my good friend Caroline Hide. What's it like being a 591 00:32:07,480 --> 00:32:10,000 Speaker 1: VC in New York right now? What's the scene like? 592 00:32:11,600 --> 00:32:15,120 Speaker 1: New York is thriving. I think it's an exciting place 593 00:32:15,160 --> 00:32:17,480 Speaker 1: to build and it's an exciting place to invest. The 594 00:32:17,520 --> 00:32:21,200 Speaker 1: community is really really strong. We are seeing lots of 595 00:32:21,240 --> 00:32:24,520 Speaker 1: people come through think that they're you know, stopping by, 596 00:32:24,560 --> 00:32:27,360 Speaker 1: and wind up making it their permanent home to build companies. 597 00:32:28,160 --> 00:32:31,000 Speaker 1: The talent ecosystem has grown tremendously. I think, you know, 598 00:32:31,040 --> 00:32:33,560 Speaker 1: coming out of the pandemic, people felt a lot more 599 00:32:33,640 --> 00:32:37,080 Speaker 1: choice about where they wanted to live and when that happened. 600 00:32:37,200 --> 00:32:39,480 Speaker 1: They love New York because New York is a fantastic city. 601 00:32:39,520 --> 00:32:43,440 Speaker 1: It's not without its challenges, but it's a great place 602 00:32:43,440 --> 00:32:46,240 Speaker 1: to live and to meet and to think about that 603 00:32:46,320 --> 00:32:49,880 Speaker 1: intersection of how technology crosses the other ways we live. 604 00:32:49,960 --> 00:32:52,840 Speaker 1: And so it's never been more exciting to be here 605 00:32:52,840 --> 00:32:55,120 Speaker 1: as an investor, and we love drilling into it. Hey 606 00:32:55,200 --> 00:32:58,120 Speaker 1: with you, Unions have Benches. Managing partner Rebecca Caden, a 607 00:32:58,240 --> 00:33:00,280 Speaker 1: joy to have you with us, Thank you, And well, 608 00:33:00,280 --> 00:33:02,240 Speaker 1: we talked about the New York scene, Ed, let's get 609 00:33:02,240 --> 00:33:04,520 Speaker 1: back to your scene, the San Francisco Bay area, when 610 00:33:04,520 --> 00:33:06,880 Speaker 1: in fact, two things you love you love soccer two 611 00:33:06,920 --> 00:33:09,320 Speaker 1: and it's getting a new women's professional soccer team. We're 612 00:33:09,360 --> 00:33:12,520 Speaker 1: backing from another former Meta executive, Cheryl Samberg, and with 613 00:33:12,600 --> 00:33:16,160 Speaker 1: former US national team stars including Brandy Chasten and founding 614 00:33:16,200 --> 00:33:18,640 Speaker 1: partners as well. The one hundred and twenty five million 615 00:33:18,840 --> 00:33:21,880 Speaker 1: dollar investment is being led by Sixth Street and the 616 00:33:21,920 --> 00:33:25,280 Speaker 1: group says it is the largest to date in women's soccer. 617 00:33:25,880 --> 00:33:28,320 Speaker 1: And let's take a look in fact at Alma Matter 618 00:33:28,800 --> 00:33:32,200 Speaker 1: Meta for Cheryl Samberg. Of course, the company is actually 619 00:33:32,280 --> 00:33:34,320 Speaker 1: just trading flat today, even though the rest of the 620 00:33:34,320 --> 00:33:37,479 Speaker 1: market is lower. Company has been actually relatively impressing all 621 00:33:37,480 --> 00:33:39,720 Speaker 1: Street of late analysts turning more bullish on the stock. 622 00:33:39,800 --> 00:33:42,960 Speaker 1: They're cutting costs. Of course, they're stabilizing advertising trends. We 623 00:33:43,000 --> 00:33:46,280 Speaker 1: understand Facebook's owner. Therefore the stock books more durable in 624 00:33:46,560 --> 00:33:51,440 Speaker 1: looming economic slowdown. So say those sell side analysts, all right, 625 00:33:51,600 --> 00:33:55,320 Speaker 1: coming up, Warner Brothers nearing a deal for that Harry 626 00:33:55,360 --> 00:33:58,040 Speaker 1: Potter TV show. We're going to bring you that Bloomberg reporting, 627 00:33:58,080 --> 00:33:59,840 Speaker 1: which I have to say took a lot of people 628 00:33:59,840 --> 00:34:03,680 Speaker 1: by surprise Friday night. Some headlines crossing the Bloomberg terminal. 629 00:34:03,760 --> 00:34:08,560 Speaker 1: Twitter has been sued for layoffs of contract workers without 630 00:34:08,600 --> 00:34:12,200 Speaker 1: giving notice. This is a class class action lawsuit, Caroline, 631 00:34:12,200 --> 00:34:15,600 Speaker 1: which follows on from those twenty twenty two mass layoffs 632 00:34:15,640 --> 00:34:19,080 Speaker 1: headlines crossing the Bloomberg. Twitter being sued for layoffs of 633 00:34:19,160 --> 00:34:21,960 Speaker 1: contract workers without notice. Of course, that was a big 634 00:34:22,000 --> 00:34:24,960 Speaker 1: part of Elon Musk's first action when he came into 635 00:34:25,400 --> 00:34:28,080 Speaker 1: Twitter after buying it some pretty deep cuts. We'll all 636 00:34:28,120 --> 00:34:39,920 Speaker 1: track that story for you. This is Bloomberg, Warner Brothers 637 00:34:39,960 --> 00:34:43,480 Speaker 1: nearing a deal for a new Harry Potter television series. 638 00:34:43,520 --> 00:34:46,239 Speaker 1: Each season of the series will be based on one 639 00:34:46,600 --> 00:34:51,200 Speaker 1: of JK rowling seven books, suggesting years of fresh content. 640 00:34:51,280 --> 00:34:54,560 Speaker 1: Bloombog's Chris pal Mary joins us with the details. The 641 00:34:54,560 --> 00:34:57,080 Speaker 1: Bloomberg reporting is quite detailed that this is part of 642 00:34:57,120 --> 00:35:01,440 Speaker 1: a broader streaming strategy. Chris, what do we know? Well, yeah, 643 00:35:01,520 --> 00:35:03,680 Speaker 1: I mean so, David says, all have the CEO of 644 00:35:03,680 --> 00:35:06,360 Speaker 1: Warner Brothers Discovery is you know, the company's had some 645 00:35:06,440 --> 00:35:09,960 Speaker 1: trouble since the big merger last year. People aren't convinced 646 00:35:10,000 --> 00:35:13,239 Speaker 1: that the strategy was a sound one to do this 647 00:35:13,239 --> 00:35:15,319 Speaker 1: big deal, take on fifty billion in debt. So what 648 00:35:15,360 --> 00:35:17,520 Speaker 1: he's really been trying to do is refocus the company 649 00:35:17,560 --> 00:35:20,000 Speaker 1: on some high profile franchises that are going to cut 650 00:35:20,040 --> 00:35:22,359 Speaker 1: through all the clutter. Certainly, it doesn't get much more 651 00:35:22,400 --> 00:35:26,000 Speaker 1: high profile than this Harry Potter. And how hard has 652 00:35:26,040 --> 00:35:29,840 Speaker 1: it been to convince JK Rowling to go this route again, 653 00:35:30,000 --> 00:35:34,680 Speaker 1: to focus in on more TV series. This has been 654 00:35:34,680 --> 00:35:37,759 Speaker 1: in the work for years, so previous management started it, 655 00:35:38,000 --> 00:35:40,879 Speaker 1: and you know, it's still not a done deal. We're 656 00:35:40,880 --> 00:35:44,840 Speaker 1: told it's it's pretty close. You know, there's some issues 657 00:35:44,880 --> 00:35:47,560 Speaker 1: that have emerged recently with Miss Rawlings. She's a very 658 00:35:47,680 --> 00:35:50,239 Speaker 1: opinionated woman and so Warner Brothers is going to have 659 00:35:50,239 --> 00:35:53,760 Speaker 1: to navigate that issue. Obviously, they want her a unique 660 00:35:53,760 --> 00:35:56,680 Speaker 1: storytelling skills involved in this project. We probably don't want 661 00:35:56,680 --> 00:35:59,000 Speaker 1: to make her the face of it, given her comments 662 00:35:59,239 --> 00:36:03,239 Speaker 1: about issues soum. So this is a complicated, you know, 663 00:36:03,320 --> 00:36:06,000 Speaker 1: big deal, but it looks to be close to being announced. 664 00:36:06,920 --> 00:36:10,240 Speaker 1: Myself and producer John Highland, we've been playing Hogwart's legacy 665 00:36:10,320 --> 00:36:14,680 Speaker 1: Chris on PS five, John on Xbox whatever. But the 666 00:36:14,760 --> 00:36:18,239 Speaker 1: point here is that this is a brand that that 667 00:36:18,480 --> 00:36:21,920 Speaker 1: is broader than just the films. Right, How is HBO 668 00:36:22,200 --> 00:36:26,680 Speaker 1: in particularly use that strategy? Well, you know, Warner Brothers 669 00:36:26,719 --> 00:36:28,560 Speaker 1: has had the film rights for a long time. You know, 670 00:36:28,600 --> 00:36:32,320 Speaker 1: they did the prequels, um and you know this fills 671 00:36:32,320 --> 00:36:35,520 Speaker 1: over into so many you know, Universal has the theme parts, 672 00:36:35,560 --> 00:36:38,239 Speaker 1: but you know as collapsed the book publishing, but there's 673 00:36:38,360 --> 00:36:40,480 Speaker 1: there's so many elements of this the Warner Brothers can 674 00:36:40,480 --> 00:36:43,239 Speaker 1: still tap and these companies, you know as they you know, 675 00:36:43,440 --> 00:36:45,680 Speaker 1: planned this big event on Wednesday, We're going to unveil 676 00:36:45,760 --> 00:36:49,399 Speaker 1: the new Max, the HBO Max's new name. They need 677 00:36:49,400 --> 00:36:52,640 Speaker 1: these sort of marquee properties these long live properties that 678 00:36:52,760 --> 00:36:56,759 Speaker 1: keep subscribers engaged. So that's really the big payoff for 679 00:36:56,880 --> 00:37:01,360 Speaker 1: Warner Brothers, this long term, high quality franchise seventh series. 680 00:37:02,719 --> 00:37:04,880 Speaker 1: See who can get their way through all of it. 681 00:37:04,880 --> 00:37:07,600 Speaker 1: I'm sure many will. Bloomberg's christ Palmery absolutely brilliant to 682 00:37:07,600 --> 00:37:10,760 Speaker 1: have you. Thank you. Now, let's return to what's happening 683 00:37:10,840 --> 00:37:13,280 Speaker 1: right here in New York City. Former President Donald Trump 684 00:37:13,320 --> 00:37:16,799 Speaker 1: preparing to surrender to authorities. His arraignment is scheduled for 685 00:37:16,800 --> 00:37:20,440 Speaker 1: two fifteen pm Easton and Lower Manhattan. Now, Trumps lawyers 686 00:37:20,480 --> 00:37:24,360 Speaker 1: saying he will plead not guilty. Bloomerg's Amory Howden is 687 00:37:24,400 --> 00:37:27,759 Speaker 1: there in the crowd outside New York's Supreme Court. It 688 00:37:27,840 --> 00:37:31,000 Speaker 1: really seems to be more people, more jostling. How does 689 00:37:31,000 --> 00:37:37,200 Speaker 1: it feel. Yeah, certainly since the last time we spoke 690 00:37:37,239 --> 00:37:40,080 Speaker 1: just about an hour ago, they're more people are starting 691 00:37:40,080 --> 00:37:42,400 Speaker 1: to gather. Many of these individuals, I would say the 692 00:37:42,400 --> 00:37:46,359 Speaker 1: crowd is split fifty fifty those in favor and are 693 00:37:46,520 --> 00:37:49,920 Speaker 1: here to support the former president and those that are 694 00:37:49,920 --> 00:37:53,479 Speaker 1: here to support his indictment and this arraignment and want 695 00:37:53,520 --> 00:37:56,560 Speaker 1: to see the end of Trump world. We also should 696 00:37:56,560 --> 00:38:00,360 Speaker 1: know there's been a higher presence of the SECURE and 697 00:38:00,400 --> 00:38:04,120 Speaker 1: the NYPD here and of course their journalists that want 698 00:38:04,160 --> 00:38:07,279 Speaker 1: to capture a moment of history, because this is not 699 00:38:07,400 --> 00:38:13,120 Speaker 1: just a former US president, but this is the presidential candidate, 700 00:38:13,160 --> 00:38:15,239 Speaker 1: a presidential canidate, but the one that's leading in the 701 00:38:15,280 --> 00:38:18,399 Speaker 1: polls for twenty twenty four. And one thing that has 702 00:38:18,400 --> 00:38:21,520 Speaker 1: certainly been very apparent since the news of the indictment 703 00:38:22,560 --> 00:38:26,080 Speaker 1: came about is Trump's campaign every day has been updating 704 00:38:26,160 --> 00:38:28,839 Speaker 1: us on how much money the campaign has been bringing in, 705 00:38:29,120 --> 00:38:32,520 Speaker 1: and at this moment it's north of eight million dollars. 706 00:38:32,920 --> 00:38:35,520 Speaker 1: He has a very strong base, about thirty percent of 707 00:38:35,520 --> 00:38:40,440 Speaker 1: the Republican Party, but this really has made other Republicans 708 00:38:40,480 --> 00:38:42,640 Speaker 1: come out and also go against the Manhattan DA and 709 00:38:42,719 --> 00:38:45,719 Speaker 1: in support of him and Marie. The judge is not 710 00:38:45,960 --> 00:38:50,000 Speaker 1: allowing broadcasters in for the arraignment, but do we expect 711 00:38:50,000 --> 00:38:56,400 Speaker 1: to hear from the former president? So I was speaking 712 00:38:56,400 --> 00:38:58,200 Speaker 1: to someone part of Trump world just a little bit 713 00:38:58,200 --> 00:39:01,120 Speaker 1: ago who was saying how there was this possibility the 714 00:39:01,160 --> 00:39:04,759 Speaker 1: president would the former president would address the crowd. That's 715 00:39:04,800 --> 00:39:07,480 Speaker 1: going to be obviously very difficult, right, this is a 716 00:39:08,239 --> 00:39:11,440 Speaker 1: high hostile place. At times. I did see a physical 717 00:39:11,480 --> 00:39:15,520 Speaker 1: altercation between two individuals earlier. But we do know that 718 00:39:15,560 --> 00:39:18,360 Speaker 1: the former president for sure will be giving this primetime 719 00:39:18,400 --> 00:39:21,680 Speaker 1: address at his residence in Florida mar Lago. So when 720 00:39:21,680 --> 00:39:24,440 Speaker 1: he leaves the courthouse behind me, he will go back 721 00:39:24,480 --> 00:39:28,239 Speaker 1: to Palm Beach and that is where he is going 722 00:39:28,320 --> 00:39:33,239 Speaker 1: to address supporters and also some very strong Republicans that 723 00:39:33,320 --> 00:39:36,600 Speaker 1: support him in Congress. We had here today the likes 724 00:39:36,600 --> 00:39:40,960 Speaker 1: that you'd probably would see in mar Lago. Marjorie Taylor Green, 725 00:39:41,080 --> 00:39:44,160 Speaker 1: a congresswoman from Georgia, as well as George Santos, a 726 00:39:44,160 --> 00:39:47,799 Speaker 1: congressman enough far from here, from Long Island. These individuals 727 00:39:47,800 --> 00:39:49,480 Speaker 1: came out and supported the president. You're going to see 728 00:39:49,480 --> 00:39:52,200 Speaker 1: similar faces in mar Lago, and you're gonna hear similar 729 00:39:52,239 --> 00:39:55,080 Speaker 1: rhetoric from the president. Remember he said that he was 730 00:39:55,120 --> 00:39:56,879 Speaker 1: going to be addresident. He said there would be death 731 00:39:56,880 --> 00:40:01,759 Speaker 1: and destruction Rivoden. Thank you, Caroline. That does it for 732 00:40:01,800 --> 00:40:03,960 Speaker 1: this addition of Bloomberg technology. You do not forget to 733 00:40:04,000 --> 00:40:08,759 Speaker 1: check out our podcast. There yeah so much to recap, Apples, Spotify, iHeart, 734 00:40:08,840 --> 00:40:10,760 Speaker 1: wherever you get your podcast. This is Bloomberg