Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. Bloomberg Tech is live
Speaker 1: from coast to coast with Caroline Hyde in New York
Speaker 1: and v Lovelow in Sent Francisco.
Speaker 2: This is Bloomberg Tech. Coming up.
Speaker 3: China's Internet watchdog Taels, Ali Barber, Byte Dance and others
Speaker 3: to terminate orders for an Nvidia AI chip, plus.
Speaker 4: Microsoft OpenAI among the tech giants announcing plans to spend
Speaker 4: tens of billions on AI infrastructure in the UK and
Speaker 4: in President Trump's visit this week.
Speaker 3: And ticket reseller stub hub begins trading publicly today, will
Speaker 3: be joined by its CEO, Eric Baker, live from the NYC.
Speaker 4: Meanwhile, let's get to the rest of the public markets. Ed,
Speaker 4: we're in wait and see mode, maybe a bit of
Speaker 4: profit taking after what's been a significant run up in
Speaker 4: the nasback of late. We're down about five ten percent
Speaker 4: on the NASBAK one hun anticipate a fed rate cut
Speaker 4: that is being priced in by the market, But what
Speaker 4: does it signal for the rest of the year. That's
Speaker 4: a key question. On the macroside, what's you've.
Speaker 3: Got on the micro Well, a big part of the
Speaker 3: drag at the index level is in video. We are
Speaker 3: down almost three percent on a four trillion dollar market
Speaker 3: cap company, down for a third straight session, two hundred
Speaker 3: billion dollars in market cap loss. The headline's really simple,
Speaker 3: the ft, reporting that China's Internet regulator is saying to
Speaker 3: big Chinese tech companies cancel orders for the latest depowered.
Speaker 2: Variant of Nvidia's AI chip for that market.
Speaker 3: At the same time, Jensen Wong's in London with the
Speaker 3: President of the United States in the UK on that
Speaker 3: state visit. There's a lot of focus on this name
Speaker 3: right now.
Speaker 5: There certainly is. Let's get to it over in Washington.
Speaker 4: Our tech editor is with us Mike Shephard.
Speaker 5: Look, this is going.
Speaker 4: To be a key conversation that Jensen Wang is likely
Speaker 4: to be having with the President of the United States
Speaker 4: because once again another chip designed for China been pushed
Speaker 4: back by the country itself.
Speaker 6: Well, that's Ray Carol and Jensen Wang has been having
Speaker 6: those kinds of conversations with President Donald Trump since he
Speaker 6: took office in January. Jensen has been trying to reshape
Speaker 6: the picture when it comes to export controls in a
Speaker 6: way that's a little bit more advantageous for Nvidia. Over
Speaker 6: the past several years, we've seen the US Titan, China's
Speaker 6: access to Nvidia's most advanced AI chips, and they just
Speaker 6: wont back permission to sell the Age twenty in China,
Speaker 6: although now we are seeing China balk at that this
Speaker 6: latest turn of events so signals and escalating pressure campaign
Speaker 6: by China, and they feel like they have some leverage
Speaker 6: there because the local companies in China making semiconductors can
Speaker 6: now compete with some of those lower grade, lower performance
Speaker 6: AI chips from Nvidia, and now Nvidia would like to
Speaker 6: leapfrog that and sell something perhaps a little more advanced,
Speaker 6: but they would need President Donald Trump to get a
Speaker 6: board with that. So we'll have to be watching not
Speaker 6: only for whatever conversation takes place between Jensen Wong andsent
Speaker 6: than Trump, but the more important conversation on Friday care
Speaker 6: between Trump and his Chinese counterpart Shijianping to resolve a
Speaker 6: host of issues. We know about TikTok, but now in
Speaker 6: VideA is really emerging on the screen as a topic
Speaker 6: that they will discuss. Chines has expressed a lot of
Speaker 6: chagrin over export controls and this would be a moment
Speaker 6: to settle it all, including for video.
Speaker 3: And to be clear, the chipping question here is RTX
Speaker 3: pro six thousand and d, not h twenty, which is
Speaker 3: largely Blackwell architecture related and doesn't use HBM, and we're
Speaker 3: trying to get more on that story. Bloombergs Mike Shepherd,
Speaker 3: thank you very much. Microsoft, Open Ai, and other American
Speaker 3: companies announced plans to spend tens of billions of dollars
Speaker 3: on tech infrastructure in the UK, from AI to quantum computing.
Speaker 3: Other announcements include investments from companies like in Nvidia, Core Weave, Salesforce,
Speaker 3: and Google. This comes as President Trump is in the
Speaker 3: UK this week. Bloomberg Surveillance is a Marie horder and
Speaker 3: joins US from Windsor. The headlines are really clear capital
Speaker 3: commitments for the biggest technology names, but they are like
Speaker 3: attending this state visit with Trump almost in parallel.
Speaker 2: AMH.
Speaker 3: What do we need to know what happens in the
Speaker 3: next couple of days.
Speaker 7: Well, it's tens of billions of dollars, as you've said,
Speaker 7: when it comes to a massive dump of capital from
Speaker 7: these UK US tech firms into the United Kingdom, massive
Speaker 7: win for the Prime Minister Keir Starmer, especially at a
Speaker 7: time when he's dealing with a lot of political fallout
Speaker 7: here in the United Kingdom, really drowning in the polls
Speaker 7: and has been on thin ice.
Speaker 5: We've seen a.
Speaker 7: Number of individuals resigned or ousted from his government, most
Speaker 7: notably Lord Mandelssohn after revelations of his close relationship with
Speaker 7: Jeffrey Epstein in Bloomberg News reporting.
Speaker 5: So this idea that UK tech firms.
Speaker 7: Want to make sure that they are in the United
Speaker 7: Kingdom and building the United Kingdom is definitely a win
Speaker 7: for the Prime Minister. You have to think though, that
Speaker 7: given all of this money that is coming from the
Speaker 7: United States regarding artificial intelligence, regarding clown computing and quantum
Speaker 7: computing into the United Kingdom, that might give the President
Speaker 7: some wiggle room and leverage to feel emboldened to bring
Speaker 7: up once again at the negotiating table the Digital Services tax,
Speaker 7: which more than twenty Republicans in Washington are really urging
Speaker 7: the White House to do on this trip.
Speaker 5: So there's a lot of tech ticals to.
Speaker 7: Be had, and this evening, the President at a banquet
Speaker 7: is going to be flanked by Jensen Wang, who was
Speaker 7: of course with him as well on the Middle East trip,
Speaker 7: Sam Altman of Altman, Ai Sati Nadella of Microsoft. And
Speaker 7: also I think the name to watch, of course is
Speaker 7: Apple's Tim Cook, because notably, that was the individual that
Speaker 7: was missing in the Middle East that the President continuously
Speaker 7: wanted to remind everyone he was absent. He's joining him
Speaker 7: on this state visit to the United Kingdom.
Speaker 5: Blomberg Zamorie Horden.
Speaker 4: We thank you so much from Windsor Castle. Talk more
Speaker 4: about TikTok now, because it's US operations would be acquired
Speaker 4: by consulting that includes Oracle Andrewson Horowitz and a private
Speaker 4: equity firm Silver Lake, under a deal President Trump is
Speaker 4: set to discuss with Chinese President Hugime Ping this week.
Speaker 4: This framework agreement would create a US based version of
Speaker 4: the popular social media app that's bringing in Greenberg. Social
Speaker 4: media reporter Alexandra Levine. I mean, this whole segment is
Speaker 4: about how technology is at the heart of geopolitics.
Speaker 5: TikTok has been throughout many a year.
Speaker 4: Does it feel like we're getting some semblance of that
Speaker 4: framework that still might not actually occur.
Speaker 8: Well, Look, the issue has never been can the US
Speaker 8: come up with buyers that China likes the issue has
Speaker 8: really been the can China part with the algorithm, which
Speaker 8: is the secret sauce of TikTok, which is what makes
Speaker 8: it's so popular with half of the country. And so
Speaker 8: even though we now know that Oracle and Silver Lake
Speaker 8: Injury Center are sort of potentially at the finish line
Speaker 8: with this, there's very little detail about how Bydowance will
Speaker 8: be involved in this potential US app that US users
Speaker 8: might be asked to migrate to, and so without knowing
Speaker 8: the details around the algorithm and also by Dance's involvement,
Speaker 8: we really don't know if what we will end up
Speaker 8: seeing with this framework will even be compliant with the
Speaker 8: law exactly.
Speaker 3: So everything we're discussing is according to Bloomberg reporting and
Speaker 3: Bloomberg sources, and when we did speak to a White
Speaker 3: House official, they basically said that any details of this
Speaker 3: framework a speculation until such time that the White House
Speaker 3: confirms them. However, based on the reporting, Alex, something Caroline
Speaker 3: and I were discussing this morning is that the consumer,
Speaker 3: the TikTok user, will face a choice go to a
Speaker 3: new app, stay or not, you know, and just explain
Speaker 3: the kind of no man's land and confusion there is
Speaker 3: out there right now for TikTok as a platform.
Speaker 8: Well, look, I think that TikTok users have proven that
Speaker 8: they are an extremely loyal base. We saw that earlier
Speaker 8: this year when TikTok was on the verge or last
Speaker 8: year when TikTok was on the verge of being banned
Speaker 8: and TikTokers called their members of Congress and deluged them
Speaker 8: with messages saying keep the app, don't be on the app.
Speaker 8: But I think one thing that'll be really important to
Speaker 8: watch is just the limbo that the people working at
Speaker 8: the company will be in. And also, a lot can
Speaker 8: change between now and Friday. As we know, there's a
Speaker 8: lot going on within video right now, there's sort of
Speaker 8: other players that are percolating in the background that could
Speaker 8: completely change things between now and Friday, And then a
Speaker 8: lot could change between Friday and the middle of December,
Speaker 8: when this next phase of the extension will expire.
Speaker 3: Bloomberg's Alexandra Levine, thank you very much. Now coming up
Speaker 3: on Bloomberg Tech, shares of the ticket reseller stub Hub
Speaker 3: begin trading today. Stick with us for a front row
Speaker 3: seat to a conversation with CEO Eric Baker.
Speaker 2: No ticket required. As snacks. This is Bloomberg Tech.
Speaker 4: Shares of stub hub will start trading today with the
Speaker 4: shares haven't been priced at twenty three dollars fifty. That
Speaker 4: values a company in around eight point six million dollars.
Speaker 4: The ticket reseller is the latest company to go public
Speaker 4: in a USIPO.
Speaker 5: Market experience a bit of a hot streak.
Speaker 4: Let's speak with StubHub CEO Eric Baker, who joins us
Speaker 4: now from the NYSC Eric, the history. You set up
Speaker 4: this company in the year two thousand, sold it to eBay,
Speaker 4: bought it back, amalgamated with a European giant. You had
Speaker 4: already built a Now it goes public. How does it feel.
Speaker 9: It's tremendous, A lot of gratitude to reach the milestone
Speaker 9: for the company. It's certainly been a long journey, as
Speaker 9: you say, from two thousand, but now we're really focused
Speaker 9: on the next twenty five years and the bright future ahead.
Speaker 4: Take us to the next twenty five years. Because there
Speaker 4: are regulatory headwinds, there are people worrying about bots.
Speaker 5: There are a way in which you.
Speaker 4: Can beef up this business to add more things in
Speaker 4: secondary market ticket sales.
Speaker 5: Where do you go? Where do you focus.
Speaker 10: Yeah, So our.
Speaker 9: Focus really is we've always wanted to make it easier
Speaker 9: for people to access live events, and so what we
Speaker 9: started with is, as you noted many years ago, was
Speaker 9: to make the resale market safe and secure and easier
Speaker 9: for people to access tickets. What we're focused on now
Speaker 9: is we realize consumers don't care whether it's a primary
Speaker 9: ticket or a secondary ticket. They just want to access
Speaker 9: the live events that they want to go to and
Speaker 9: discover easily, safely, and so forth. And that system has
Speaker 9: been pretty broken for a long time how those tickets
Speaker 9: are originally distributed. So we're really working on creating a
Speaker 9: better experience. We've already had exciting partners like the Yankees
Speaker 9: and Major League Baseball. We started selling tickets directly in
Speaker 9: this open distribution network.
Speaker 3: You look at going public in a time where Taylor
Speaker 3: Swift had gone through the Ears tour, there was a
Speaker 3: lot of hype and mentum, and you hit pause. You're
Speaker 3: doing it now, And I think a big question everyone's
Speaker 3: got for you, Eric, whether they're a consumer or not,
Speaker 3: is what happens next with a regulatory crackdown, the practices
Speaker 3: of your industry are very much under the microscope at
Speaker 3: the moment.
Speaker 9: Well, I think, first of all, we're always excited to
Speaker 9: be at the intersection of technology and live events because
Speaker 9: we're very bullish on the future live events.
Speaker 10: And we think that doesn't change.
Speaker 9: To your question about regulatory focus, I think two of
Speaker 9: the things really people have looked at. One was transparency
Speaker 9: and pricing that we at subbub have always advocated for,
Speaker 9: and that all in pricing that we lobbied for a
Speaker 9: pass at the federal level in May, and that's just
Speaker 9: a better experience for consumers, and the key is it's
Speaker 9: now a level playing field for everyone in the market.
Speaker 9: The second real regulatory focus, quite frankly, has been what
Speaker 9: the Justice Department is looking at with the primary issuance
Speaker 9: of tickets and making sure that networks are open and
Speaker 9: fan friendly, and that is something we certainly applaud because
Speaker 9: you know, we're on the side of the fan.
Speaker 3: Eric he is also Fisher Intelligence a headwind or a
Speaker 3: tailwind for the secondary ticketing market.
Speaker 9: Yeah, we see it as a tremendous opportunity to tremendous tailwind.
Speaker 9: And I think if you think about it again, we're
Speaker 9: a technology and product company, and I think Alex Karp
Speaker 9: at Palentier.
Speaker 10: I don't want to miss a.
Speaker 9: Tribute and put it really well that he said, the
Speaker 9: artificial intalence technology for companies that have tremendous data allows
Speaker 9: you to provide a better product while increasing your revenue
Speaker 9: tremendously and reducing costs so.
Speaker 10: That everyone wins.
Speaker 9: And we're seeing that across the board, how we deal
Speaker 9: with customer service, how we're releasing new features in the
Speaker 9: product to make it easier for people to locate the
Speaker 9: tickets they want.
Speaker 10: So we're very excited about it.
Speaker 9: And again with the leadership position we have and the
Speaker 9: skilled propriety proprietary data we have, we think this guy's
Speaker 9: the limit.
Speaker 4: We are speaking with Eric Baker, found a CEO of
Speaker 4: stub Hub.
Speaker 5: To our radio and TV audiences.
Speaker 4: You say AI can help drive revenue tremendously. Let's talk
Speaker 4: about your revenue thus far, because in the first half
Speaker 4: of the year is about three percent growth. That is
Speaker 4: significantly slower than the previous Now we know that maybe
Speaker 4: we haven't had Taylor Swift on tour this year, but Eric,
Speaker 4: are you seeing a slow down in demand?
Speaker 10: Yeah? So, thank you.
Speaker 9: Note we're really seeing people continuing to buy tickets and growth.
Speaker 9: I think you note it's important to note two of
Speaker 9: the things that happened that are unique this year. One
Speaker 9: is Taylor Swift and her tours behind us, and there
Speaker 9: is only one Taylor Swift, so.
Speaker 10: I think she's so tremendous.
Speaker 9: We even broke her out in the s one, so
Speaker 9: it's great to be that popular. Second is, as I
Speaker 9: mentioned all in pricing past in May, and when we
Speaker 9: lobbied for it, we knew that creates a one time
Speaker 9: hit to the market as consumers just adjust. We've seen
Speaker 9: that already in states like New York that had passed
Speaker 9: it before. So when you look through those headwinds, the
Speaker 9: business is growing extremely nicely, north of twenty percent.
Speaker 4: I'm interested, though, on your profitability or lack thereof, Eric,
Speaker 4: because it's interesting you've gone to public without that story
Speaker 4: to tell. When will it become the story you can tell?
Speaker 10: Yeah?
Speaker 9: No, I think what you're referring to is by the
Speaker 9: accounting metrics like net income that it shows a loss.
Speaker 9: But I think when we went on the road show
Speaker 9: and when investors look, they really look at EBITDA, which
Speaker 9: is your earnings before interest, tax, depreciation amorization, as well
Speaker 9: as your cash flow and on that dimension, we've been
Speaker 9: profitable for a long time and generating hundreds of millions
Speaker 9: of dollars. That's the way we've been able to service
Speaker 9: the debt that we've had, and obviously now that we're
Speaker 9: deleveraging and taking the debt down, our cash flow will
Speaker 9: even go up further. So I think that's one of
Speaker 9: the many reasons that our story was very well received when.
Speaker 10: We went out on the road show and buy our
Speaker 10: new partners.
Speaker 3: Eric Bloomberg did some deep reporting on the FTC looking
Speaker 3: at ticket master arrival on the issue of bots who
Speaker 3: ring up sale tickets for resale and they're inaction. Have
Speaker 3: you discussed that issue with the regulator and how are
Speaker 3: you addressing the problem.
Speaker 9: Yes, we've always and bots, and it's interesting, as you note,
Speaker 9: is really about how these tickets are distributed in the
Speaker 9: first place, and so one of the things we've always
Speaker 9: lobbied for is enforcement of the Bots Act, and that's
Speaker 9: really because we believe that these tickets need to be
Speaker 9: distributed in a way that's safe, secure, democratic, through open channels.
Speaker 9: As you mentioned, they're looking at I believe ticket Master
Speaker 9: and others who are handling the primary issues of the
Speaker 9: tickets and they really need to make sure that their
Speaker 9: technology and safeguards are in place to make sure this
Speaker 9: doesn't happen. But again it's something that we're very pro consumer.
Speaker 9: That's how we win. So we hope that all that
Speaker 9: stuff gets cleaned up, Eric.
Speaker 2: Very quickly.
Speaker 3: Next year's soccer or football World Cup, how big an
Speaker 3: opportunity is that for sub Hub.
Speaker 10: Look, we love the World Cup.
Speaker 9: It's been a phenomenal event because think about it, we
Speaker 9: run the largest global platform in the world for ticket
Speaker 9: exchange for all kinds of events. And if you had
Speaker 9: to say what is the largest global event in the world,
Speaker 9: I think you can honymously say it's the World Cup.
Speaker 9: It's people from all over the world traveling to come
Speaker 9: see events.
Speaker 10: It's going to be in North America.
Speaker 9: It's extremely exciting and we're excited to hopefully help as
Speaker 9: many fans as possible make their dreams come true to
Speaker 9: access getting to the World Cup.
Speaker 10: So we're we're all football fans, so to speak. In
Speaker 10: twenty twenty six.
Speaker 2: We're football fans here too.
Speaker 3: Eric Baker, founder and CEO stub Upholding's great to have
Speaker 3: you on the program.
Speaker 2: Thank you. Compute provider Gros just closed.
Speaker 3: A new seven hundred and fifty million dollar funding round,
Speaker 3: valuing the company as six point nine billion dollars, highlighting
Speaker 3: investor interesting companies seeking to alleviate a shortage of chips
Speaker 3: and computing.
Speaker 2: Power for AI workloads.
Speaker 3: ROX CEO Jonathan Ross is with us, and I always
Speaker 3: like to go back to basics with Jonathan, Like, Rock
Speaker 3: stacks up against Nvidia and Google's TPU, and we're largely
Speaker 3: focused on inference. Why did you raise this round in
Speaker 3: that context? What is it going to allow you to
Speaker 3: do to be more competitive against those two giants.
Speaker 11: Well, the bottom line is that the demand for inference
Speaker 11: is insatiable. The total amount of capacity that people are
Speaker 11: trying to deploy is mind boggling, the numbers that people
Speaker 11: are putting up, and that's only growing. And in our case,
Speaker 11: we don't feel that we're competitive. We feel that we're differentiated.
Speaker 11: If you're not differentiated, there's no point. And in our case,
Speaker 11: what we're able to do is we're able to provide
Speaker 11: price performance. So when you're training these models, you don't
Speaker 11: need the chips to run particularly fast, You just need
Speaker 11: them to have a lot of throughput. And in our case,
Speaker 11: we're able to provide both speed and throughput, lowering the cost.
Speaker 11: And when you're spending money on every single query, the
Speaker 11: difference in that cost can be the difference between profitability
Speaker 11: and losing money.
Speaker 3: Inference meaning running the models as opposed to training. Have
Speaker 3: you done the math on that, Jonathan? How much inference
Speaker 3: does the world need.
Speaker 11: It's insatiable for the reason that, unlike with the industrial age,
Speaker 11: where as you're producing oil and compute is the new oil.
Speaker 11: Let's be clear about that, you can only consume as
Speaker 11: much oil as you had hardware built that it could
Speaker 11: consume it. In the generative age, every model that you train,
Speaker 11: you can scale it up to the amount of compute
Speaker 11: that you have available. As such, people are scaling as
Speaker 11: much as they can possibly get compute.
Speaker 4: And so that compute needs data center capacity. Where do
Speaker 4: you add that? How much is it the US or
Speaker 4: internationally focused?
Speaker 2: Jonathan?
Speaker 11: Actually, that's one of our primary advantages. So the GPUs
Speaker 11: that are being deployed today often need liquid cooling, and
Speaker 11: those are new data centers. In our case, we're deployed
Speaker 11: in North America, so the United States, Canada, we've deployed
Speaker 11: in Europe, We've deployed in the Middle East. Our first
Speaker 11: deployment in Europe was actually an air cool data center
Speaker 11: that one of the hyperscalers was moving out of because
Speaker 11: they couldn't with GPUs into it. Because we use so
Speaker 11: much less energy for our chips, because we produce so
Speaker 11: much less heat, we're able to take that data center
Speaker 11: on and so that gives us this ability to get
Speaker 11: access to data center capacity in a very competitive way.
Speaker 4: So the language processing unit, the LPU that you offer,
Speaker 4: I mean you're taking on the TPU that you helped
Speaker 4: design over at Google. We understand and indeed, in video
Speaker 4: technically speaking, how is it achieving this the run rate
Speaker 4: that you can get at a lower temperature point.
Speaker 11: Yeah, So the architecture is very different, and I took
Speaker 11: a page out of what I learned at Google. With
Speaker 11: respect to distributed systems. Everyone knows that Moore's law means
Speaker 11: that the number of transistors doubles roughly every eighteen to
Speaker 11: twenty four months. What I think not so many people
Speaker 11: have noticed is that the number of chips is more
Speaker 11: than doubling every eighteen to twenty four months.
Speaker 10: So we asked.
Speaker 11: Ourselves if we were going to be increasing the number
Speaker 11: of chips. Was there an architectural change that we could do,
Speaker 11: and the answer was yes, and so, without getting into
Speaker 11: the technical detail, what we do is we take the
Speaker 11: models AI models and we spread them out across a
Speaker 11: large number of chips, and that allows us to operate
Speaker 11: much like an automotive factory. And the more chips that
Speaker 11: we use, the cheaper it gets, the faster it gets,
Speaker 11: and our advantage is how many chips we can bring
Speaker 11: to bear on an inference problem. Now, typically when you're
Speaker 11: talking about a training cluster, you'll talk about sixteen thirty
Speaker 11: two thousand, sixty four thousand GPUs, and the more GPUs
Speaker 11: that you can.
Speaker 12: Bring to bear, the better.
Speaker 11: That hasn't been the case in inference. Typically you'll see
Speaker 11: eight GPUs, and it's just a technological limitation that prevents
Speaker 11: you from bringing more. In our case, we're running some
Speaker 11: models for inference with four thousand or more chips, and
Speaker 11: the more chips that we can bring to bear, the
Speaker 11: faster and the cheaper it gets.
Speaker 3: Jonathan has Grock signed any deals that would see you
Speaker 3: benefit from the commitments we've had in the last twenty
Speaker 3: four hours in the United Kingdom at the Hyperscala level
Speaker 3: and also some of the AI names that have committed
Speaker 3: tens of billions of capital to that market.
Speaker 13: Yeah.
Speaker 11: So Gronk has deployed some large clusters around the world,
Speaker 11: as an example in the Middle East, and so we
Speaker 11: worked with Commerce to be able to get that deployment
Speaker 11: done and they were very helpful and we appreciate that.
Speaker 11: And also in Finland. Of course, we're looking at the
Speaker 11: UK very closely and I'll actually be there in less
Speaker 11: than a week.
Speaker 3: The world right now is GPUs and XPUS or in
Speaker 3: your case LPUS.
Speaker 2: Why do we need both?
Speaker 11: The architectures are quite different and they have different bottlenecks.
Speaker 11: No architecture is perfect, right. This is why we don't
Speaker 11: use CPUs anymore.
Speaker 9: For AI.
Speaker 11: We use predominantly GPUs and now LPUS. The difference between
Speaker 11: the two is that GPUs are very good at parallel processing,
Speaker 11: that is, if there's no sequential component to it. But
Speaker 11: when you're talking about language or other reasoning or logic problems,
Speaker 11: you can't produce what's called a token. You can't produce
Speaker 11: the hundredth token until you've produced the ninety ninth, or
Speaker 11: you can't produce the hundredth word until you produce the
Speaker 11: ninety ninth and that brings in a sequential component. Now,
Speaker 11: CPUs have been good at sequential, but these problems also
Speaker 11: have a parallel component at the same time.
Speaker 10: What the LPU.
Speaker 11: Does is it's really good when you have both a
Speaker 11: lot of parallel and a lot of sequential components to
Speaker 11: the problem, and that allows us to output tokens at
Speaker 11: a very fast rate. And the experience difference. It's the
Speaker 11: difference between broadband and dial up, but at the much
Speaker 11: lower cost than you would expect given the speed.
Speaker 4: Jonathan Ross, CEO and founder of Grock on the latest fundraise,
Speaker 4: We thank you for joining us today.
Speaker 3: Welcome back to Bloomberg Tech. I'm going back to semiconductors.
Speaker 3: We talked in the show about how Nvidia shares are
Speaker 3: under pressure. Well at the index level, they're putting a
Speaker 3: drag on the sock. So Philadelphia se Conductor Index. Over
Speaker 3: the course of ten sessions, you're up eight point two percent.
Speaker 3: But actually, as of last night's close, the socks had
Speaker 3: its best streak of gain since twenty seventeen. As it
Speaker 3: stands that street's over, we're down four ten toeven percent
Speaker 3: in the session. So we've gone from a story where
Speaker 3: we had AI fueled growth on chips. Now we're again
Speaker 3: concerned about China in particular, and over the next few
Speaker 3: days we should hear more because Jensen one, the CEO
Speaker 3: of Nvidia, is in the United Kingdom with President Trump
Speaker 3: and in video is at the heart of these negotiations
Speaker 3: between the US and China. It's an index to watch
Speaker 3: going forward, but it has seen a lot of momentum
Speaker 3: of late character.
Speaker 4: It has someone who's not in the UK, is Mark Zuckerberg.
Speaker 4: Why because Metaconnect is kicking off later today, Analysts they're
Speaker 4: anxiously watching for any groundbreaking announcement like well, maybe some
Speaker 4: smart glasses project. Brad Erickson, internet analyst at RBC Capital Markets,
Speaker 4: joins us. Now smart glasses has been where it's at
Speaker 4: from a hardware perspective. For meta how can they push
Speaker 4: that story forward with?
Speaker 14: Yeah, I think it's just integrating more of the capability
Speaker 14: with Marcu's vision on Meta AI, right, Like they've given
Speaker 14: some applications in terms of some of the translation capabilities,
Speaker 14: being able to have some of the augmented reality capabilities,
Speaker 14: and I think you'll just see, you know, we expect
Speaker 14: to see more of that tonight.
Speaker 4: So really the vision of generative AI coming in the
Speaker 4: heart and why Meta AI is really amplified with the
Speaker 4: hardware story. But the competition's coming. We know Google's got
Speaker 4: them in the works. We know that, of course Apple
Speaker 4: might or might not in the future. But Brad, therefore,
Speaker 4: what sets their deal with ray ban apart? How can
Speaker 4: they continue to offer a little bit more to the
Speaker 4: experience than an augmented reality vibe.
Speaker 14: Yeah, it's always going to come down to the same
Speaker 14: things that arguably made Apples so successful over the last
Speaker 14: nearly twenty years, which is tight integration of hardware and software.
Speaker 6: Right.
Speaker 14: Meta has the platform that people already know it for
Speaker 14: for the various family of apps they've created AI have
Speaker 14: more than a billion users. The utility that that creates
Speaker 14: and the stickiness that that creates for their customers, that's
Speaker 14: going to be the key thing.
Speaker 12: The hardware everybody's going to be able to.
Speaker 14: Do right, just like they've always been with any piece
Speaker 14: of consumer electronics hardware. It's the software that's going to
Speaker 14: keep people coming back.
Speaker 3: If they're going to come back, Rad, thank you for
Speaker 3: bringing up Apple, and you also reference translation. Last week
Speaker 3: at the iPhone event, Apple shares swung from a decline
Speaker 3: to positive territory, and Duolingo shares plunged when Apple demonstrated
Speaker 3: simultaneous translation through the airport's Pro three a year ago,
Speaker 3: Meta demonstrated simultaneous translation through that generation of rayband metas.
Speaker 3: Why did Meta not get the same credit for that
Speaker 3: technology that Apple did a week ago?
Speaker 14: Yeah, I think part of it is just it was
Speaker 14: so new. Secondarily just relative to the stock. You've also
Speaker 14: got a giant core business right that you're compying, and
Speaker 14: that's clearly not going to be the focus of it,
Speaker 14: or is it necessarily clear how you would how you
Speaker 14: would yield an.
Speaker 12: Advertising business out of that.
Speaker 14: So I think that's just mechanically that's kind of the
Speaker 14: primary reason. But clearly this is going to be, you know,
Speaker 14: a capability for a lot of companies here going forward,
Speaker 14: and certainly could be a super cool compliment as you know, again,
Speaker 14: Meta looks to build in all these capabilities to these
Speaker 14: new glasses.
Speaker 3: A lot of people still don't understand the Meta AI story.
Speaker 3: With Chat GPT, I just have an app on my
Speaker 3: phone or on my MacBook. I use it every single day.
Speaker 3: Right With Meta, I have a standalone app. It's integrated
Speaker 3: into Instagram, WhatsApp. I am an owner of the RayBan
Speaker 3: metas a different interface or medium to use it. But
Speaker 3: do you see kind of what the end thing is
Speaker 3: going to be for meta how consumers actually interact with
Speaker 3: the work they've done on the model side.
Speaker 14: I don't think anybody does candidly. I think one of
Speaker 14: the things that I'm always struck by is we all
Speaker 14: stay and learn AI every day is that, you know,
Speaker 14: week by week, month by month, we kind of all
Speaker 14: have to expand our minds on what the capability is.
Speaker 14: Vibe coding is a great example something we've been spending
Speaker 14: a lot of time in lately with the web design companies.
Speaker 12: People are using these things to.
Speaker 14: Develop applications, not to build businesses necessarily in the traditional
Speaker 14: sense that's where everybody's brain would have gone.
Speaker 12: But they're creating daily productivity.
Speaker 14: Tools enterprises, they're using them to create actual internal work
Speaker 14: processes right unrelated to their core software. So there's all
Speaker 14: sorts of new things. I think METAAI is very similar
Speaker 14: in that, you know, we know that it's going to
Speaker 14: be able to provide like you said, chat GBT functionality
Speaker 14: with the app. What we don't know is how else
Speaker 14: might people build that into their day to day lives,
Speaker 14: whether it's for.
Speaker 12: Work, personal or productivity or what have you.
Speaker 14: That's going to be value add and get to a
Speaker 14: point where you're going to say, hey, I can't live
Speaker 14: without this new capability in my life.
Speaker 12: And we don't exactly know what that is yet.
Speaker 14: We're learning about it, we're trying to sort of expand
Speaker 14: our minds, but we haven't gotten there yet.
Speaker 4: Well, I mean, Mark Zuckerberg's been expanding the amount that
Speaker 4: he wants to spend on it and the appetite and
Speaker 4: ambition that's for sure brand and he's been given a pass.
Speaker 4: And you think the stock could climb even higher up
Speaker 4: to eight p fifty of another to nine percent gain.
Speaker 4: And where we currently are, how much does the TikTok
Speaker 4: story bear into its bread and butter right now?
Speaker 14: It matters, But TikTok is a very small business compared
Speaker 14: to the size of metas overall ad business.
Speaker 12: I will say that, you know, for a quarter or.
Speaker 14: Two now in our channel checks talking with advertisers, what
Speaker 14: we have heard was, you know, the stalled or the
Speaker 14: uncertain future of TikTok and really caused advertisers to pause
Speaker 14: any spending growth. They're still spending to be clear on
Speaker 14: ads on TikTok, but there wasn't nearly as much growth
Speaker 14: to the degree that we get a deal here at
Speaker 14: some point maybe that provides clarity becomes a little bit
Speaker 14: of a headwind. But I wouldn't I don't want to
Speaker 14: like overstate it because it is TikTok's still you know,
Speaker 14: somewhere in the call it ten percent of the business
Speaker 14: relative to the size of metas ad business.
Speaker 3: Brad Ericson of RBC Capital Markets, thank you very much.
Speaker 3: Lift and Weimo are partnering to bring self driving taxis
Speaker 3: to Nashville.
Speaker 2: Customers will be able to.
Speaker 3: Request driver US rides on both companies platforms, and Lift
Speaker 3: will provide fleet management for Waymo's national operations. Let's get
Speaker 3: to more with Lift CEO David Rischer. This is something
Speaker 3: you've been working on for some time. That's right, and
Speaker 3: the state of play is very clear. Weimo also has
Speaker 3: a partnership with Uber in different markets. You now have
Speaker 3: a partnership in Nashville. Just explain the rationale for you
Speaker 3: on why this is a great go to market for ROBOTAXI.
Speaker 13: Well, as you know, we've been saying for a while,
Speaker 13: we think self driving cars are going to be hugely
Speaker 13: market expanding for ride share. It's a really good product.
Speaker 2: And then when we looked at.
Speaker 13: Potential partners of course Weemo has to be at the
Speaker 13: top of the list. The great thing about this partnership
Speaker 13: is it does two things. It supplies demand, So if
Speaker 13: you're in the self driving car business, you got to
Speaker 13: have demand, and we got lots of demand every single day,
Speaker 13: and we do it in a very integrated way. But
Speaker 13: the other thing is, as you just mentioned, it supplies
Speaker 13: fleet management. And that sounds kind of geeky, but it's
Speaker 13: really important that every one of those cars be ready
Speaker 13: to drive twenty four to seven if needed, and that's
Speaker 13: something we're really good at. We've been doing that for
Speaker 13: a long time.
Speaker 3: So you're emphasizing the sort of capital light business model
Speaker 3: for you, right. The counter argument is the Tesla or
Speaker 3: the zooks one, which is control the full stack hardware, software, operationally,
Speaker 3: the app the consumer in faces with. Would you argue
Speaker 3: that you can scale this faster, going this route, go
Speaker 3: to more cities quicker?
Speaker 2: I would?
Speaker 3: Yeah.
Speaker 13: I mean this allows every company to specialize, right, so
Speaker 13: Wimo can really focus on providing great self driving technology.
Speaker 13: The way Moore Driver is obviously a great product. They
Speaker 13: partner with OEMs, the car manufacturers that can choose the
Speaker 13: best car, and then we can provide the fleet management
Speaker 13: as they say, that keeps the cars clean and charged
Speaker 13: and ready to go, as well as the demand so
Speaker 13: that anytime a person wants a car, they can get
Speaker 13: one or they can get a driver car, right, I mean,
Speaker 13: they can get both. So it's I think it's a
Speaker 13: great division of labor.
Speaker 4: Let's talk about that fleet management flex drive, because you're
Speaker 4: going to be building, you're going to be putting some
Speaker 4: capal expenditure to work David, Why does that make sense
Speaker 4: and when will that be finished?
Speaker 2: So we've been in the flex drive world. Let me
Speaker 2: explain for a second.
Speaker 13: So about a decade ago, Lift decided that for a
Speaker 13: certain type of driver, it really makes sense to have
Speaker 13: cars that they can rent right on the platform and
Speaker 13: they can do we can take care of the maintenance
Speaker 13: and making sure that those cars are always ready to drive.
Speaker 13: So that's what we've been doing for about a decade now.
Speaker 13: So when we look at the autonomous vehicle world, you know, look,
Speaker 13: when you see a car driving around the city, it
Speaker 13: looks like magic. It looks like no one had to
Speaker 13: touch it, but no someone had to charge it, someone
Speaker 13: had to clean it, someone has to maintain it. Some
Speaker 13: probably has to reboot it from time to time, and
Speaker 13: we're really good at that. So, as you say, we're
Speaker 13: building a new depot there, we've got a small one.
Speaker 13: We're building a bigger one for this partnership. And what
Speaker 13: it does is it allows the cars to be ready
Speaker 13: to drive.
Speaker 2: Ready to drive.
Speaker 13: Think about so when you travel on an airline and
Speaker 13: you know that of course they want the airplane in
Speaker 13: the air, but they also needed to be ready to
Speaker 13: fly at all times. They want that turnaround to be
Speaker 13: super fast. And that's what flex Drive does. It means
Speaker 13: that people like Waymo can get the most out of
Speaker 13: our asset, which is super good for them.
Speaker 4: Look today, investors love this announcement and the shares a rising.
Speaker 4: Shares have been doing well all year because you've had
Speaker 4: three straight quarters of profitability. David, how are you going
Speaker 4: to finance what is a little less asset like is
Speaker 4: building these facilities to help keep all our auto cars clean.
Speaker 2: Yeah.
Speaker 13: So, as I say, because we've been in the flex
Speaker 13: drive business, the subsidiary business for a long time, we've
Speaker 13: actually had capital deployed to that for a long time.
Speaker 13: We have about twenty four locations in about fifteen different
Speaker 13: states across the United States, which I think gives you
Speaker 13: a sense of how this kind of partnership could scale
Speaker 13: over time. And we own some of those cars ourselves,
Speaker 13: others of those cars or financed by other groups. So
Speaker 13: the good news is this won't be a significant change
Speaker 13: to the current strategy. It's just sort of a revectoring,
Speaker 13: let's say, of the money we spend more towards.
Speaker 2: Autonomous okay, scale over time.
Speaker 3: This morning, Bloomberg Tech producer Marguerite Gallery, and he put
Speaker 3: this table together. You know the table, right, It explains
Speaker 3: the roadmap from here, So let's look at it together.
Speaker 3: This is twenty twenty six and it focuses on WEIMO principally.
Speaker 3: But there's you there, right Nashville. You are going to
Speaker 3: come up against suber in negotiating with WEIMO for cities
Speaker 3: that are not yet claimed for what are the advantages
Speaker 3: that you're going to present to win that business with
Speaker 3: WEIMO against Duba And how much you're gonna have to
Speaker 3: give up, you know, to get a deal done.
Speaker 13: Yeah, So I think the way I would look at
Speaker 13: That is one of the reasons we were so patient
Speaker 13: in working through this deal because it took a while.
Speaker 13: It was we wanted to come up with something that
Speaker 13: is good for Weimo, good for Lyft, and good for riders,
Speaker 13: and that's hard to do. It's hard to have, you know,
Speaker 13: kind of a three away win. We feel really good
Speaker 13: about it and feel like this is a great model
Speaker 13: for us to expand to other cities in the future.
Speaker 13: But look, city by city, you know some places we're
Speaker 13: actually going to compete with Weimo itself, right because for
Speaker 13: example here in San Francisco, they've got their own appreciate
Speaker 13: that admission, Yeah, of course, So this is something that
Speaker 13: we have to kind of recognize and say, how do
Speaker 13: we come up with a construct that is really durable
Speaker 13: and frankly can benefit all the companies and then the
Speaker 13: other guys will do what they do and you know,
Speaker 13: we'll see who does a better job.
Speaker 3: Look, people are going to accuse me of wanting to
Speaker 3: create a headline here, but it's a really important question.
Speaker 3: Tesla and Zeke's are committed to their own go to
Speaker 3: market model. Right, we talked about they control the full stack,
Speaker 3: But have you held discussions with both Tesla and Zeke's
Speaker 3: to say like, look, this is the model we're doing
Speaker 3: with Weimo, we can do something similar.
Speaker 2: Do you see that as being realistic?
Speaker 13: So of course I don't want to come in on,
Speaker 13: you know, conversations we might be having. What I can
Speaker 13: tell you is we're talking to everyone who finds the
Speaker 13: partnership model interesting. You know, there are, of course always companies.
Speaker 13: Whenever you see a new industry, you have some companies
Speaker 13: that say I.
Speaker 2: Want to do it all.
Speaker 13: And frankly, if you look back a couple years ago,
Speaker 13: just about every company in the self driving space was
Speaker 13: in that zone. They wanted to do everything, you know,
Speaker 13: top to bottom. I think over time most companies find,
Speaker 13: particularly when it's capital intensive and quite complex, like ride
Speaker 13: share is and self driving is that a division of
Speaker 13: labor where everyone does what they're good at, is the
Speaker 13: is the best model. But we'll see, you know, it's
Speaker 13: still such early days.
Speaker 4: But you struck deals with interesting players in Europe. I do,
Speaker 4: what's it like working with a Chinese giant? What were
Speaker 4: those negotiations like? You know that?
Speaker 13: Actually, I'll tell you what was very interesting. It came
Speaker 13: together fairly quickly and in part I think is you know, frankly,
Speaker 13: Chinese companies are kind of built for speed. You know,
Speaker 13: they for those of you who don't know, you know,
Speaker 13: by do you can sort of think of them as
Speaker 13: kind of the Google or Alphabet of China. They have
Speaker 13: many businesses, but self driving cars are a very important
Speaker 13: one for them, and we committed that we would roll
Speaker 13: out some of their technology in one to two markets.
Speaker 13: We would expect in Europe over the next twelve months
Speaker 13: or so.
Speaker 10: It's still very.
Speaker 13: Early days there, but I can tell you they've got
Speaker 13: really high standards for their technology. We're super excited about
Speaker 13: working with those guys in the wall to have more
Speaker 13: to say about that next year once we start to
Speaker 13: roll out in Europe.
Speaker 5: One minute, how hard is it to get to New York?
Speaker 13: I mean I can take a flight there pretty easily.
Speaker 4: But also the ROBOTAXI how hot? When am I going
Speaker 4: to have it here?
Speaker 10: I love that?
Speaker 13: You know, it's going to take a little while. New
Speaker 13: York is a complex place to do business. The streets
Speaker 13: are complicated, you know, there's a lot of interest there. Look,
Speaker 13: you know this Caroline, I mean lift has been there
Speaker 13: for many years. It's super strong in New York. We
Speaker 13: also run the city bike program. As you know, super
Speaker 13: excited bring self driving there someday, but that was probably
Speaker 13: gonna take a little while.
Speaker 2: Sorry about that.
Speaker 12: You can have to work for all.
Speaker 4: My addiction with the bikes will just have to continue.
Speaker 5: Lift to see David so as a joy to have
Speaker 5: you on the show. Take Care.
Speaker 3: Mentioned earlier in the show that Microsoft will invest thirty
Speaker 3: billion dollars in the UK. It's part of a push
Speaker 3: to expand AI infrastructure. We also heard from GROC about
Speaker 3: its data center plans. Of course, tech companies are pledging
Speaker 3: to build more data center steer around the world. Let's
Speaker 3: bringing Maria Davidson, CEO of Kojo. It's the largest construction
Speaker 3: procurement platform in the US, giving her a unique insight
Speaker 3: into the data center build out. I think we can
Speaker 3: get to where you fit into the process of what
Speaker 3: is just massive infrastructure as a project, but that your
Speaker 3: reaction first to what's happening in the UK. It seems
Speaker 3: to be the next market in this AI cycle.
Speaker 15: Oh absolutely. I mean when you think about how much
Speaker 15: potential there is in the UK, I think it is
Speaker 15: extremely exciting and very very untapped. So I love to
Speaker 15: see companies like Microsoft and Google coming in and investing
Speaker 15: in the UK, and the US and the UK actually
Speaker 15: working closer together.
Speaker 2: You say a lot of potential in the UK.
Speaker 15: Why, I think because one, there's extremely talented workforce in
Speaker 15: the UK, and you know, you have world class universities.
Speaker 15: You have incredible research like deep Mind coming out years
Speaker 15: before anyone would have expected an outcome like that in
Speaker 15: the UK, and so I think that means that in
Speaker 15: the UK right now, if we keep on investing, I
Speaker 15: think we're going to see a lot more deep Mind
Speaker 15: like outcomes.
Speaker 4: I've got to say, You've got three Brits around a
Speaker 4: table talking about the opportunity in the UK. So I'll
Speaker 4: diverse us a little bit because we're three Brits that
Speaker 4: sit in the US right now. Maria, you're building businesses
Speaker 4: to try and make supply chains clearer for contractors for
Speaker 4: builders out there, and I'm interested as to what the
Speaker 4: scale is like here in the United States and what
Speaker 4: the key bottlenecks are that you're trying to fix.
Speaker 15: I mean, the scale is enormous. So just this year,
Speaker 15: we have forty billion dollars going into the construction of
Speaker 15: data centers in the US, that's expected to grow more
Speaker 15: than ten percent a year, so by twenty thirty that's
Speaker 15: going to be sixty five billion dollars. That's unprecedented. And
Speaker 15: the biggest issue with building these it's not getting GPUs,
Speaker 15: it's getting the materials and finding the electricians to be
Speaker 15: able to actually meet this demand.
Speaker 4: Okay, so your role is ensuring that when the contractor,
Speaker 4: which is very hard to come by and labor is short,
Speaker 4: and we've seen immigration policies hit that, but when you
Speaker 4: get the on site, they've actually got the pieces in
Speaker 4: the parts to work with what has been some of
Speaker 4: the most complex areas when it comes to particularly the
Speaker 4: hyperscaler's need and the data center build out.
Speaker 15: It's a lot when you think about the construction industry
Speaker 15: in the US. Even though they're building some of the
Speaker 15: most sophisticated infrastructure out there right they're building projects that
Speaker 15: involve huge amounts of technology and AI infrastructure specific needs,
Speaker 15: they still largely have to rely on pen and paper
Speaker 15: and Excel to track where things are. It's hard to
Speaker 15: know what's arriving when these are all huge challenges. And
Speaker 15: so when you couple that with the fact that there
Speaker 15: are five hundred thousand workers missing from the US construction workforce.
Speaker 15: And you couple that with the fact that materials on
Speaker 15: average of forty four percent more expensive than they were
Speaker 15: in February twenty twenty before COVID, that starts really creating
Speaker 15: a perfect storm.
Speaker 3: I actually think it's worth going a step earlier in
Speaker 3: the process than what Caroline just asked about. Right, We've
Speaker 3: kind of learned over the course of a lot two
Speaker 3: or three years about how it works in the United States.
Speaker 3: You have a financing partner, you have someone like Cruso
Speaker 3: putting it all together.
Speaker 2: You need to select a site.
Speaker 3: Then you've got to talk to the utility because you
Speaker 3: need to power that site. The utility has to think
Speaker 3: about where they get the electricity from. Is that going
Speaker 3: smoothly and well that that initial process it depends.
Speaker 15: It's definitely gotten a lot faster. If you think about
Speaker 15: your average size data centers right as data centers on
Speaker 15: the smaller side maybe ten to thirty megawatts. Those previously
Speaker 15: would have taken that's say, twenty four months to thirty
Speaker 15: six months to build. Now you're seeing data centers build
Speaker 15: probably twice as fast, in part because things like site readiness,
Speaker 15: inter connection, they're all being dealt with in advance.
Speaker 2: Now.
Speaker 15: I think prefab is a huge subject here because the
Speaker 15: more that we can lean into modular construction, the more
Speaker 15: we don't have to rely on the sequential building, but
Speaker 15: we can actually build in parallel.
Speaker 3: There's also like a self fulfilling prophecy in the sense
Speaker 3: that all of the AI names who actually just end
Speaker 3: up leasing the capacity, right, they don't even own the thing,
Speaker 3: but they would say, Oh, all the work we're doing
Speaker 3: in AI is actually going to benefit the planning and
Speaker 3: execution of these buildouts. I guess that's what you'd say.
Speaker 3: You also help.
Speaker 15: With Yeah, absolutely, I mean a lot of it is.
Speaker 15: The better planned that you can be in advance, the
Speaker 15: better the project is actually going to go. And so
Speaker 15: if you know all of the components that you're going
Speaker 15: to need, if you have the mapped out schema, if
Speaker 15: you have all of those interconnection blocks ready to go,
Speaker 15: then of course contractors can be much better prepared.
Speaker 4: I want to talk about you about Kojo, about what
Speaker 4: the ninety four million dollars you've thus far raised six
Speaker 4: hundred construction companies that you're working with. You've just had
Speaker 4: an add on to your CERC I think I believe
Speaker 4: how much are.
Speaker 5: You seeing inbound?
Speaker 2: How much are you.
Speaker 4: Fighting off people wanting to put money into your company
Speaker 4: because they're realizing it's about bricks and mortar, it's about
Speaker 4: the very underlying infrastructure.
Speaker 15: Right now, well, we're seeing a huge amount of inbound.
Speaker 15: The focus for us has always been how can we
Speaker 15: empower contractors, how can we take the contract is that
Speaker 15: for a really long time were completely ignored by the
Speaker 15: tech industry, and specifically there I'm talking about the trades, right,
Speaker 15: the electricians, the folks working in mechanical and HVAC and drywall,
Speaker 15: They for a very long time had very few solutions
Speaker 15: that were built specifically for them. And so for us,
Speaker 15: it's about saying, well, how do we build solutions that
Speaker 15: are specifically targeted towards you and that solve your biggest
Speaker 15: pain points like knowing where your materials are and having
Speaker 15: the visibility of how you're doing against your estimates in
Speaker 15: real time.
Speaker 4: Well, you're just completing a ten million dollar Series C extension.
Speaker 5: Come back when you're raising yet more.
Speaker 4: I'm sure Maria Davidson's CEO, Kojo, it's great to have
Speaker 4: you on the Showwow, that does it for this edition
Speaker 4: at Bloomberg Tech, we've done our whole host of things zed,
Speaker 4: but we're going to count down to Metaconnect tonight. Of course,
Speaker 4: tune in tomorrow for an interview with NEA's Chief product officer,
Speaker 4: Chris Cox live on the show tomorrow, which ed.
Speaker 5: You'll be doing.
Speaker 2: Yeah, looking forward to that.
Speaker 3: I have a lot of questions about the relationship between
Speaker 3: software and hardware.
Speaker 2: After all, that is technology. Check out the pod.
Speaker 3: You know where to find it on the Bloomberg terminal,
Speaker 3: as well as online on Apple, Spotify, iHeart, and all
Speaker 3: kinds of other places on the internet.
Speaker 2: Thank you for watching. This is Bloomberg Tech.