WEBVTT - China Tells Companies to Stop Buying Nvidia Chips 0:00:02.520 --> 0:00:13.400 Bloomberg Audio Studios, Podcasts, radio news. Bloomberg Tech is live 0:00:13.440 --> 0:00:17.239 from coast to coast with Caroline Hyde in New York 0:00:17.520 --> 0:00:19.480 and v Lovelow in Sent Francisco. 0:00:23.160 --> 0:00:24.880 This is Bloomberg Tech. Coming up. 0:00:25.000 --> 0:00:28.520 China's Internet watchdog Taels, Ali Barber, Byte Dance and others 0:00:28.760 --> 0:00:32.880 to terminate orders for an Nvidia AI chip, plus. 0:00:32.600 --> 0:00:35.640 Microsoft OpenAI among the tech giants announcing plans to spend 0:00:35.760 --> 0:00:38.560 tens of billions on AI infrastructure in the UK and 0:00:38.720 --> 0:00:40.520 in President Trump's visit this week. 0:00:41.360 --> 0:00:45.160 And ticket reseller stub hub begins trading publicly today, will 0:00:45.200 --> 0:00:48.559 be joined by its CEO, Eric Baker, live from the NYC. 0:00:49.080 --> 0:00:51.519 Meanwhile, let's get to the rest of the public markets. Ed, 0:00:51.760 --> 0:00:53.920 we're in wait and see mode, maybe a bit of 0:00:53.920 --> 0:00:56.160 profit taking after what's been a significant run up in 0:00:56.160 --> 0:00:58.800 the nasback of late. We're down about five ten percent 0:00:58.840 --> 0:01:02.120 on the NASBAK one hun anticipate a fed rate cut 0:01:02.120 --> 0:01:03.720 that is being priced in by the market, But what 0:01:03.760 --> 0:01:06.240 does it signal for the rest of the year. That's 0:01:06.280 --> 0:01:08.039 a key question. On the macroside, what's you've. 0:01:07.920 --> 0:01:09.960 Got on the micro Well, a big part of the 0:01:10.040 --> 0:01:12.039 drag at the index level is in video. We are 0:01:12.080 --> 0:01:15.040 down almost three percent on a four trillion dollar market 0:01:15.080 --> 0:01:18.600 cap company, down for a third straight session, two hundred 0:01:18.600 --> 0:01:21.119 billion dollars in market cap loss. The headline's really simple, 0:01:21.160 --> 0:01:24.679 the ft, reporting that China's Internet regulator is saying to 0:01:24.720 --> 0:01:29.680 big Chinese tech companies cancel orders for the latest depowered. 0:01:29.160 --> 0:01:31.760 Variant of Nvidia's AI chip for that market. 0:01:31.880 --> 0:01:34.800 At the same time, Jensen Wong's in London with the 0:01:34.800 --> 0:01:37.240 President of the United States in the UK on that 0:01:37.280 --> 0:01:39.479 state visit. There's a lot of focus on this name 0:01:39.560 --> 0:01:39.959 right now. 0:01:40.120 --> 0:01:42.240 There certainly is. Let's get to it over in Washington. 0:01:42.280 --> 0:01:44.360 Our tech editor is with us Mike Shephard. 0:01:44.680 --> 0:01:45.720 Look, this is going. 0:01:45.640 --> 0:01:48.520 To be a key conversation that Jensen Wang is likely 0:01:48.560 --> 0:01:51.160 to be having with the President of the United States 0:01:51.200 --> 0:01:54.760 because once again another chip designed for China been pushed 0:01:54.760 --> 0:01:56.120 back by the country itself. 0:01:57.280 --> 0:01:59.800 Well, that's Ray Carol and Jensen Wang has been having 0:01:59.800 --> 0:02:04.360 those kinds of conversations with President Donald Trump since he 0:02:04.480 --> 0:02:08.480 took office in January. Jensen has been trying to reshape 0:02:08.840 --> 0:02:11.639 the picture when it comes to export controls in a 0:02:11.680 --> 0:02:15.239 way that's a little bit more advantageous for Nvidia. Over 0:02:15.280 --> 0:02:18.399 the past several years, we've seen the US Titan, China's 0:02:18.440 --> 0:02:22.360 access to Nvidia's most advanced AI chips, and they just 0:02:22.440 --> 0:02:25.640 wont back permission to sell the Age twenty in China, 0:02:25.720 --> 0:02:28.440 although now we are seeing China balk at that this 0:02:28.600 --> 0:02:32.440 latest turn of events so signals and escalating pressure campaign 0:02:32.800 --> 0:02:35.080 by China, and they feel like they have some leverage 0:02:35.120 --> 0:02:39.639 there because the local companies in China making semiconductors can 0:02:39.680 --> 0:02:43.640 now compete with some of those lower grade, lower performance 0:02:43.760 --> 0:02:47.040 AI chips from Nvidia, and now Nvidia would like to 0:02:47.120 --> 0:02:50.680 leapfrog that and sell something perhaps a little more advanced, 0:02:50.919 --> 0:02:53.400 but they would need President Donald Trump to get a 0:02:53.440 --> 0:02:56.000 board with that. So we'll have to be watching not 0:02:56.040 --> 0:03:00.000 only for whatever conversation takes place between Jensen Wong andsent 0:03:00.040 --> 0:03:03.120 than Trump, but the more important conversation on Friday care 0:03:03.320 --> 0:03:07.560 between Trump and his Chinese counterpart Shijianping to resolve a 0:03:07.600 --> 0:03:10.400 host of issues. We know about TikTok, but now in 0:03:10.520 --> 0:03:13.239 VideA is really emerging on the screen as a topic 0:03:13.320 --> 0:03:15.560 that they will discuss. Chines has expressed a lot of 0:03:15.639 --> 0:03:19.359 chagrin over export controls and this would be a moment 0:03:19.400 --> 0:03:21.320 to settle it all, including for video. 0:03:22.160 --> 0:03:25.000 And to be clear, the chipping question here is RTX 0:03:25.040 --> 0:03:27.680 pro six thousand and d, not h twenty, which is 0:03:27.760 --> 0:03:31.799 largely Blackwell architecture related and doesn't use HBM, and we're 0:03:31.840 --> 0:03:34.320 trying to get more on that story. Bloombergs Mike Shepherd, 0:03:34.360 --> 0:03:37.960 thank you very much. Microsoft, Open Ai, and other American 0:03:38.000 --> 0:03:41.320 companies announced plans to spend tens of billions of dollars 0:03:41.560 --> 0:03:45.760 on tech infrastructure in the UK, from AI to quantum computing. 0:03:45.800 --> 0:03:50.440 Other announcements include investments from companies like in Nvidia, Core Weave, Salesforce, 0:03:50.800 --> 0:03:53.200 and Google. This comes as President Trump is in the 0:03:53.280 --> 0:03:56.680 UK this week. Bloomberg Surveillance is a Marie horder and 0:03:56.760 --> 0:04:00.720 joins US from Windsor. The headlines are really clear capital 0:04:00.760 --> 0:04:03.600 commitments for the biggest technology names, but they are like 0:04:03.720 --> 0:04:06.880 attending this state visit with Trump almost in parallel. 0:04:06.960 --> 0:04:07.720 AMH. 0:04:07.760 --> 0:04:09.720 What do we need to know what happens in the 0:04:09.720 --> 0:04:10.960 next couple of days. 0:04:13.640 --> 0:04:15.760 Well, it's tens of billions of dollars, as you've said, 0:04:15.760 --> 0:04:18.760 when it comes to a massive dump of capital from 0:04:18.800 --> 0:04:23.080 these UK US tech firms into the United Kingdom, massive 0:04:23.120 --> 0:04:25.760 win for the Prime Minister Keir Starmer, especially at a 0:04:25.800 --> 0:04:29.720 time when he's dealing with a lot of political fallout 0:04:29.839 --> 0:04:33.600 here in the United Kingdom, really drowning in the polls 0:04:33.600 --> 0:04:35.280 and has been on thin ice. 0:04:35.520 --> 0:04:36.159 We've seen a. 0:04:36.240 --> 0:04:40.120 Number of individuals resigned or ousted from his government, most 0:04:40.279 --> 0:04:44.120 notably Lord Mandelssohn after revelations of his close relationship with 0:04:44.200 --> 0:04:46.839 Jeffrey Epstein in Bloomberg News reporting. 0:04:47.120 --> 0:04:49.560 So this idea that UK tech firms. 0:04:49.279 --> 0:04:51.599 Want to make sure that they are in the United 0:04:51.680 --> 0:04:54.440 Kingdom and building the United Kingdom is definitely a win 0:04:54.480 --> 0:04:57.120 for the Prime Minister. You have to think though, that 0:04:57.279 --> 0:05:00.320 given all of this money that is coming from the 0:05:00.400 --> 0:05:06.120 United States regarding artificial intelligence, regarding clown computing and quantum 0:05:06.160 --> 0:05:09.799 computing into the United Kingdom, that might give the President 0:05:10.240 --> 0:05:13.840 some wiggle room and leverage to feel emboldened to bring 0:05:13.920 --> 0:05:17.960 up once again at the negotiating table the Digital Services tax, 0:05:18.000 --> 0:05:22.080 which more than twenty Republicans in Washington are really urging 0:05:22.120 --> 0:05:24.400 the White House to do on this trip. 0:05:24.720 --> 0:05:26.360 So there's a lot of tech ticals to. 0:05:26.320 --> 0:05:29.040 Be had, and this evening, the President at a banquet 0:05:29.120 --> 0:05:31.400 is going to be flanked by Jensen Wang, who was 0:05:31.440 --> 0:05:34.080 of course with him as well on the Middle East trip, 0:05:34.200 --> 0:05:38.640 Sam Altman of Altman, Ai Sati Nadella of Microsoft. And 0:05:38.800 --> 0:05:42.000 also I think the name to watch, of course is 0:05:42.040 --> 0:05:46.720 Apple's Tim Cook, because notably, that was the individual that 0:05:46.960 --> 0:05:50.119 was missing in the Middle East that the President continuously 0:05:50.160 --> 0:05:53.440 wanted to remind everyone he was absent. He's joining him 0:05:53.480 --> 0:05:55.520 on this state visit to the United Kingdom. 0:05:55.760 --> 0:05:57.000 Blomberg Zamorie Horden. 0:05:57.360 --> 0:06:00.640 We thank you so much from Windsor Castle. Talk more 0:06:00.760 --> 0:06:04.159 about TikTok now, because it's US operations would be acquired 0:06:04.160 --> 0:06:07.400 by consulting that includes Oracle Andrewson Horowitz and a private 0:06:07.400 --> 0:06:10.080 equity firm Silver Lake, under a deal President Trump is 0:06:10.080 --> 0:06:13.040 set to discuss with Chinese President Hugime Ping this week. 0:06:13.240 --> 0:06:16.279 This framework agreement would create a US based version of 0:06:16.279 --> 0:06:18.960 the popular social media app that's bringing in Greenberg. Social 0:06:18.960 --> 0:06:22.560 media reporter Alexandra Levine. I mean, this whole segment is 0:06:22.600 --> 0:06:25.599 about how technology is at the heart of geopolitics. 0:06:25.680 --> 0:06:27.640 TikTok has been throughout many a year. 0:06:28.160 --> 0:06:30.120 Does it feel like we're getting some semblance of that 0:06:30.160 --> 0:06:32.719 framework that still might not actually occur. 0:06:33.160 --> 0:06:35.680 Well, Look, the issue has never been can the US 0:06:35.720 --> 0:06:38.840 come up with buyers that China likes the issue has 0:06:38.920 --> 0:06:43.800 really been the can China part with the algorithm, which 0:06:43.800 --> 0:06:45.880 is the secret sauce of TikTok, which is what makes 0:06:46.120 --> 0:06:48.599 it's so popular with half of the country. And so 0:06:48.800 --> 0:06:51.120 even though we now know that Oracle and Silver Lake 0:06:51.160 --> 0:06:53.480 Injury Center are sort of potentially at the finish line 0:06:53.480 --> 0:06:56.840 with this, there's very little detail about how Bydowance will 0:06:56.839 --> 0:07:00.560 be involved in this potential US app that US users 0:07:00.640 --> 0:07:03.159 might be asked to migrate to, and so without knowing 0:07:03.240 --> 0:07:06.160 the details around the algorithm and also by Dance's involvement, 0:07:06.320 --> 0:07:08.039 we really don't know if what we will end up 0:07:08.080 --> 0:07:10.080 seeing with this framework will even be compliant with the 0:07:10.120 --> 0:07:11.680 law exactly. 0:07:11.760 --> 0:07:15.000 So everything we're discussing is according to Bloomberg reporting and 0:07:15.040 --> 0:07:17.840 Bloomberg sources, and when we did speak to a White 0:07:17.880 --> 0:07:20.080 House official, they basically said that any details of this 0:07:20.160 --> 0:07:23.480 framework a speculation until such time that the White House 0:07:23.520 --> 0:07:28.200 confirms them. However, based on the reporting, Alex, something Caroline 0:07:28.200 --> 0:07:30.480 and I were discussing this morning is that the consumer, 0:07:30.560 --> 0:07:33.120 the TikTok user, will face a choice go to a 0:07:33.160 --> 0:07:36.679 new app, stay or not, you know, and just explain 0:07:36.760 --> 0:07:39.840 the kind of no man's land and confusion there is 0:07:39.880 --> 0:07:42.560 out there right now for TikTok as a platform. 0:07:43.240 --> 0:07:46.040 Well, look, I think that TikTok users have proven that 0:07:46.040 --> 0:07:48.680 they are an extremely loyal base. We saw that earlier 0:07:48.720 --> 0:07:51.320 this year when TikTok was on the verge or last 0:07:51.360 --> 0:07:53.360 year when TikTok was on the verge of being banned 0:07:53.600 --> 0:07:56.920 and TikTokers called their members of Congress and deluged them 0:07:56.920 --> 0:07:59.520 with messages saying keep the app, don't be on the app. 0:08:00.080 --> 0:08:02.400 But I think one thing that'll be really important to 0:08:02.400 --> 0:08:06.280 watch is just the limbo that the people working at 0:08:06.320 --> 0:08:09.680 the company will be in. And also, a lot can 0:08:09.760 --> 0:08:11.520 change between now and Friday. As we know, there's a 0:08:11.560 --> 0:08:13.680 lot going on within video right now, there's sort of 0:08:13.720 --> 0:08:15.720 other players that are percolating in the background that could 0:08:15.720 --> 0:08:18.160 completely change things between now and Friday, And then a 0:08:18.200 --> 0:08:21.000 lot could change between Friday and the middle of December, 0:08:21.080 --> 0:08:23.920 when this next phase of the extension will expire. 0:08:24.880 --> 0:08:28.200 Bloomberg's Alexandra Levine, thank you very much. Now coming up 0:08:28.200 --> 0:08:30.840 on Bloomberg Tech, shares of the ticket reseller stub Hub 0:08:31.120 --> 0:08:34.160 begin trading today. Stick with us for a front row 0:08:34.240 --> 0:08:37.720 seat to a conversation with CEO Eric Baker. 0:08:37.880 --> 0:08:41.120 No ticket required. As snacks. This is Bloomberg Tech. 0:09:34.480 --> 0:09:36.720 Shares of stub hub will start trading today with the 0:09:36.720 --> 0:09:39.480 shares haven't been priced at twenty three dollars fifty. That 0:09:39.600 --> 0:09:41.760 values a company in around eight point six million dollars. 0:09:41.920 --> 0:09:44.280 The ticket reseller is the latest company to go public 0:09:44.440 --> 0:09:45.800 in a USIPO. 0:09:45.320 --> 0:09:46.840 Market experience a bit of a hot streak. 0:09:47.080 --> 0:09:49.760 Let's speak with StubHub CEO Eric Baker, who joins us 0:09:49.760 --> 0:09:53.640 now from the NYSC Eric, the history. You set up 0:09:53.679 --> 0:09:56.640 this company in the year two thousand, sold it to eBay, 0:09:56.679 --> 0:09:59.280 bought it back, amalgamated with a European giant. You had 0:09:59.320 --> 0:10:01.640 already built a Now it goes public. How does it feel. 0:10:03.000 --> 0:10:06.240 It's tremendous, A lot of gratitude to reach the milestone 0:10:06.280 --> 0:10:08.880 for the company. It's certainly been a long journey, as 0:10:08.880 --> 0:10:11.680 you say, from two thousand, but now we're really focused 0:10:11.720 --> 0:10:14.000 on the next twenty five years and the bright future ahead. 0:10:14.280 --> 0:10:17.120 Take us to the next twenty five years. Because there 0:10:17.160 --> 0:10:19.880 are regulatory headwinds, there are people worrying about bots. 0:10:19.920 --> 0:10:21.760 There are a way in which you. 0:10:21.720 --> 0:10:24.120 Can beef up this business to add more things in 0:10:24.200 --> 0:10:25.560 secondary market ticket sales. 0:10:25.920 --> 0:10:27.319 Where do you go? Where do you focus. 0:10:28.400 --> 0:10:29.120 Yeah, So our. 0:10:28.960 --> 0:10:32.320 Focus really is we've always wanted to make it easier 0:10:32.320 --> 0:10:34.880 for people to access live events, and so what we 0:10:34.920 --> 0:10:37.679 started with is, as you noted many years ago, was 0:10:37.720 --> 0:10:40.360 to make the resale market safe and secure and easier 0:10:40.360 --> 0:10:42.800 for people to access tickets. What we're focused on now 0:10:42.880 --> 0:10:45.320 is we realize consumers don't care whether it's a primary 0:10:45.320 --> 0:10:47.920 ticket or a secondary ticket. They just want to access 0:10:47.920 --> 0:10:49.760 the live events that they want to go to and 0:10:49.800 --> 0:10:53.840 discover easily, safely, and so forth. And that system has 0:10:53.840 --> 0:10:55.959 been pretty broken for a long time how those tickets 0:10:56.000 --> 0:10:58.680 are originally distributed. So we're really working on creating a 0:10:58.720 --> 0:11:02.320 better experience. We've already had exciting partners like the Yankees 0:11:02.320 --> 0:11:05.600 and Major League Baseball. We started selling tickets directly in 0:11:05.640 --> 0:11:07.000 this open distribution network. 0:11:08.679 --> 0:11:12.080 You look at going public in a time where Taylor 0:11:12.120 --> 0:11:14.760 Swift had gone through the Ears tour, there was a 0:11:14.760 --> 0:11:17.560 lot of hype and mentum, and you hit pause. You're 0:11:17.559 --> 0:11:20.280 doing it now, And I think a big question everyone's 0:11:20.280 --> 0:11:22.280 got for you, Eric, whether they're a consumer or not, 0:11:22.920 --> 0:11:26.160 is what happens next with a regulatory crackdown, the practices 0:11:26.200 --> 0:11:29.280 of your industry are very much under the microscope at 0:11:29.280 --> 0:11:29.679 the moment. 0:11:31.120 --> 0:11:33.600 Well, I think, first of all, we're always excited to 0:11:33.600 --> 0:11:35.960 be at the intersection of technology and live events because 0:11:35.960 --> 0:11:38.679 we're very bullish on the future live events. 0:11:38.480 --> 0:11:39.840 And we think that doesn't change. 0:11:40.200 --> 0:11:43.520 To your question about regulatory focus, I think two of 0:11:43.520 --> 0:11:46.240 the things really people have looked at. One was transparency 0:11:46.280 --> 0:11:49.400 and pricing that we at subbub have always advocated for, 0:11:49.880 --> 0:11:52.199 and that all in pricing that we lobbied for a 0:11:52.280 --> 0:11:54.480 pass at the federal level in May, and that's just 0:11:54.520 --> 0:11:56.760 a better experience for consumers, and the key is it's 0:11:56.800 --> 0:11:59.559 now a level playing field for everyone in the market. 0:12:00.080 --> 0:12:03.040 The second real regulatory focus, quite frankly, has been what 0:12:03.160 --> 0:12:06.120 the Justice Department is looking at with the primary issuance 0:12:06.120 --> 0:12:08.720 of tickets and making sure that networks are open and 0:12:08.760 --> 0:12:12.360 fan friendly, and that is something we certainly applaud because 0:12:12.600 --> 0:12:13.760 you know, we're on the side of the fan. 0:12:15.480 --> 0:12:18.320 Eric he is also Fisher Intelligence a headwind or a 0:12:18.360 --> 0:12:20.720 tailwind for the secondary ticketing market. 0:12:22.160 --> 0:12:25.480 Yeah, we see it as a tremendous opportunity to tremendous tailwind. 0:12:25.480 --> 0:12:27.760 And I think if you think about it again, we're 0:12:27.840 --> 0:12:31.439 a technology and product company, and I think Alex Karp 0:12:31.720 --> 0:12:32.560 at Palentier. 0:12:32.679 --> 0:12:33.400 I don't want to miss a. 0:12:33.440 --> 0:12:35.120 Tribute and put it really well that he said, the 0:12:35.320 --> 0:12:39.840 artificial intalence technology for companies that have tremendous data allows 0:12:39.880 --> 0:12:43.040 you to provide a better product while increasing your revenue 0:12:43.040 --> 0:12:45.360 tremendously and reducing costs so. 0:12:45.280 --> 0:12:46.200 That everyone wins. 0:12:46.320 --> 0:12:48.160 And we're seeing that across the board, how we deal 0:12:48.200 --> 0:12:51.800 with customer service, how we're releasing new features in the 0:12:51.800 --> 0:12:53.920 product to make it easier for people to locate the 0:12:53.920 --> 0:12:54.680 tickets they want. 0:12:54.800 --> 0:12:56.480 So we're very excited about it. 0:12:56.520 --> 0:12:59.080 And again with the leadership position we have and the 0:12:59.120 --> 0:13:02.959 skilled propriety proprietary data we have, we think this guy's 0:13:03.000 --> 0:13:03.319 the limit. 0:13:04.000 --> 0:13:06.199 We are speaking with Eric Baker, found a CEO of 0:13:06.280 --> 0:13:06.800 stub Hub. 0:13:06.880 --> 0:13:08.440 To our radio and TV audiences. 0:13:08.640 --> 0:13:12.320 You say AI can help drive revenue tremendously. Let's talk 0:13:12.360 --> 0:13:14.360 about your revenue thus far, because in the first half 0:13:14.400 --> 0:13:16.720 of the year is about three percent growth. That is 0:13:16.760 --> 0:13:19.920 significantly slower than the previous Now we know that maybe 0:13:20.080 --> 0:13:22.960 we haven't had Taylor Swift on tour this year, but Eric, 0:13:23.480 --> 0:13:25.199 are you seeing a slow down in demand? 0:13:26.600 --> 0:13:27.559 Yeah? So, thank you. 0:13:27.600 --> 0:13:31.400 Note we're really seeing people continuing to buy tickets and growth. 0:13:31.440 --> 0:13:33.439 I think you note it's important to note two of 0:13:33.440 --> 0:13:35.840 the things that happened that are unique this year. One 0:13:35.920 --> 0:13:38.679 is Taylor Swift and her tours behind us, and there 0:13:38.720 --> 0:13:40.199 is only one Taylor Swift, so. 0:13:40.160 --> 0:13:41.920 I think she's so tremendous. 0:13:41.920 --> 0:13:43.640 We even broke her out in the s one, so 0:13:43.840 --> 0:13:46.440 it's great to be that popular. Second is, as I 0:13:46.520 --> 0:13:49.160 mentioned all in pricing past in May, and when we 0:13:49.240 --> 0:13:51.360 lobbied for it, we knew that creates a one time 0:13:51.480 --> 0:13:54.920 hit to the market as consumers just adjust. We've seen 0:13:54.960 --> 0:13:56.960 that already in states like New York that had passed 0:13:56.960 --> 0:14:00.079 it before. So when you look through those headwinds, the 0:14:00.120 --> 0:14:02.800 business is growing extremely nicely, north of twenty percent. 0:14:03.760 --> 0:14:08.360 I'm interested, though, on your profitability or lack thereof, Eric, 0:14:08.760 --> 0:14:12.400 because it's interesting you've gone to public without that story 0:14:12.400 --> 0:14:15.400 to tell. When will it become the story you can tell? 0:14:15.600 --> 0:14:15.840 Yeah? 0:14:15.880 --> 0:14:18.439 No, I think what you're referring to is by the 0:14:18.480 --> 0:14:21.280 accounting metrics like net income that it shows a loss. 0:14:21.760 --> 0:14:23.440 But I think when we went on the road show 0:14:23.480 --> 0:14:25.840 and when investors look, they really look at EBITDA, which 0:14:25.880 --> 0:14:29.360 is your earnings before interest, tax, depreciation amorization, as well 0:14:29.400 --> 0:14:31.920 as your cash flow and on that dimension, we've been 0:14:31.920 --> 0:14:34.680 profitable for a long time and generating hundreds of millions 0:14:34.720 --> 0:14:37.280 of dollars. That's the way we've been able to service 0:14:37.360 --> 0:14:40.560 the debt that we've had, and obviously now that we're 0:14:40.600 --> 0:14:43.320 deleveraging and taking the debt down, our cash flow will 0:14:43.320 --> 0:14:45.520 even go up further. So I think that's one of 0:14:45.560 --> 0:14:48.800 the many reasons that our story was very well received when. 0:14:48.680 --> 0:14:50.440 We went out on the road show and buy our 0:14:50.480 --> 0:14:51.040 new partners. 0:14:52.320 --> 0:14:55.560 Eric Bloomberg did some deep reporting on the FTC looking 0:14:55.600 --> 0:14:59.880 at ticket master arrival on the issue of bots who 0:15:00.240 --> 0:15:03.720 ring up sale tickets for resale and they're inaction. Have 0:15:03.880 --> 0:15:06.520 you discussed that issue with the regulator and how are 0:15:06.520 --> 0:15:08.360 you addressing the problem. 0:15:08.840 --> 0:15:11.920 Yes, we've always and bots, and it's interesting, as you note, 0:15:12.200 --> 0:15:14.080 is really about how these tickets are distributed in the 0:15:14.120 --> 0:15:16.560 first place, and so one of the things we've always 0:15:16.600 --> 0:15:19.240 lobbied for is enforcement of the Bots Act, and that's 0:15:19.280 --> 0:15:22.040 really because we believe that these tickets need to be 0:15:22.080 --> 0:15:26.040 distributed in a way that's safe, secure, democratic, through open channels. 0:15:26.320 --> 0:15:29.040 As you mentioned, they're looking at I believe ticket Master 0:15:29.160 --> 0:15:32.560 and others who are handling the primary issues of the 0:15:32.600 --> 0:15:34.600 tickets and they really need to make sure that their 0:15:34.600 --> 0:15:37.040 technology and safeguards are in place to make sure this 0:15:37.120 --> 0:15:40.560 doesn't happen. But again it's something that we're very pro consumer. 0:15:40.840 --> 0:15:43.760 That's how we win. So we hope that all that 0:15:43.840 --> 0:15:46.800 stuff gets cleaned up, Eric. 0:15:46.760 --> 0:15:47.360 Very quickly. 0:15:47.480 --> 0:15:50.760 Next year's soccer or football World Cup, how big an 0:15:50.800 --> 0:15:52.720 opportunity is that for sub Hub. 0:15:53.760 --> 0:15:55.800 Look, we love the World Cup. 0:15:56.400 --> 0:15:58.480 It's been a phenomenal event because think about it, we 0:15:58.600 --> 0:16:01.920 run the largest global platform in the world for ticket 0:16:01.960 --> 0:16:04.360 exchange for all kinds of events. And if you had 0:16:04.360 --> 0:16:07.360 to say what is the largest global event in the world, 0:16:07.560 --> 0:16:09.720 I think you can honymously say it's the World Cup. 0:16:09.960 --> 0:16:12.360 It's people from all over the world traveling to come 0:16:12.400 --> 0:16:12.920 see events. 0:16:12.960 --> 0:16:14.320 It's going to be in North America. 0:16:14.720 --> 0:16:18.360 It's extremely exciting and we're excited to hopefully help as 0:16:18.360 --> 0:16:21.120 many fans as possible make their dreams come true to 0:16:21.240 --> 0:16:23.280 access getting to the World Cup. 0:16:23.400 --> 0:16:26.480 So we're we're all football fans, so to speak. In 0:16:26.520 --> 0:16:27.640 twenty twenty six. 0:16:28.480 --> 0:16:29.600 We're football fans here too. 0:16:29.760 --> 0:16:32.720 Eric Baker, founder and CEO stub Upholding's great to have 0:16:32.760 --> 0:16:33.480 you on the program. 0:16:33.520 --> 0:16:42.800 Thank you. Compute provider Gros just closed. 0:16:42.480 --> 0:16:44.880 A new seven hundred and fifty million dollar funding round, 0:16:44.960 --> 0:16:48.600 valuing the company as six point nine billion dollars, highlighting 0:16:48.600 --> 0:16:52.320 investor interesting companies seeking to alleviate a shortage of chips 0:16:52.320 --> 0:16:53.320 and computing. 0:16:52.920 --> 0:16:54.720 Power for AI workloads. 0:16:54.840 --> 0:16:58.320 ROX CEO Jonathan Ross is with us, and I always 0:16:58.360 --> 0:17:00.240 like to go back to basics with Jonathan, Like, Rock 0:17:00.600 --> 0:17:04.399 stacks up against Nvidia and Google's TPU, and we're largely 0:17:04.440 --> 0:17:08.159 focused on inference. Why did you raise this round in 0:17:08.200 --> 0:17:10.320 that context? What is it going to allow you to 0:17:10.359 --> 0:17:13.640 do to be more competitive against those two giants. 0:17:14.760 --> 0:17:17.400 Well, the bottom line is that the demand for inference 0:17:17.560 --> 0:17:21.119 is insatiable. The total amount of capacity that people are 0:17:21.119 --> 0:17:23.560 trying to deploy is mind boggling, the numbers that people 0:17:23.560 --> 0:17:27.160 are putting up, and that's only growing. And in our case, 0:17:27.520 --> 0:17:30.520 we don't feel that we're competitive. We feel that we're differentiated. 0:17:31.200 --> 0:17:33.920 If you're not differentiated, there's no point. And in our case, 0:17:33.960 --> 0:17:35.639 what we're able to do is we're able to provide 0:17:36.000 --> 0:17:39.520 price performance. So when you're training these models, you don't 0:17:39.560 --> 0:17:41.880 need the chips to run particularly fast, You just need 0:17:41.880 --> 0:17:44.000 them to have a lot of throughput. And in our case, 0:17:44.040 --> 0:17:47.399 we're able to provide both speed and throughput, lowering the cost. 0:17:47.520 --> 0:17:50.400 And when you're spending money on every single query, the 0:17:50.440 --> 0:17:53.240 difference in that cost can be the difference between profitability 0:17:53.240 --> 0:17:54.040 and losing money. 0:17:55.440 --> 0:17:59.439 Inference meaning running the models as opposed to training. Have 0:17:59.600 --> 0:18:02.560 you done the math on that, Jonathan? How much inference 0:18:02.680 --> 0:18:03.760 does the world need. 0:18:04.840 --> 0:18:09.359 It's insatiable for the reason that, unlike with the industrial age, 0:18:09.400 --> 0:18:12.280 where as you're producing oil and compute is the new oil. 0:18:12.359 --> 0:18:15.199 Let's be clear about that, you can only consume as 0:18:15.280 --> 0:18:17.400 much oil as you had hardware built that it could 0:18:17.400 --> 0:18:21.640 consume it. In the generative age, every model that you train, 0:18:21.840 --> 0:18:24.120 you can scale it up to the amount of compute 0:18:24.160 --> 0:18:27.160 that you have available. As such, people are scaling as 0:18:27.240 --> 0:18:29.959 much as they can possibly get compute. 0:18:29.800 --> 0:18:33.359 And so that compute needs data center capacity. Where do 0:18:33.400 --> 0:18:36.240 you add that? How much is it the US or 0:18:36.280 --> 0:18:37.280 internationally focused? 0:18:37.320 --> 0:18:37.679 Jonathan? 0:18:38.720 --> 0:18:41.920 Actually, that's one of our primary advantages. So the GPUs 0:18:41.920 --> 0:18:44.359 that are being deployed today often need liquid cooling, and 0:18:44.400 --> 0:18:47.640 those are new data centers. In our case, we're deployed 0:18:47.720 --> 0:18:51.040 in North America, so the United States, Canada, we've deployed 0:18:51.040 --> 0:18:54.080 in Europe, We've deployed in the Middle East. Our first 0:18:54.080 --> 0:18:57.080 deployment in Europe was actually an air cool data center 0:18:57.080 --> 0:18:59.480 that one of the hyperscalers was moving out of because 0:18:59.520 --> 0:19:01.600 they couldn't with GPUs into it. Because we use so 0:19:01.680 --> 0:19:03.800 much less energy for our chips, because we produce so 0:19:03.880 --> 0:19:06.320 much less heat, we're able to take that data center 0:19:06.359 --> 0:19:08.399 on and so that gives us this ability to get 0:19:08.440 --> 0:19:12.120 access to data center capacity in a very competitive way. 0:19:12.920 --> 0:19:16.439 So the language processing unit, the LPU that you offer, 0:19:16.760 --> 0:19:19.359 I mean you're taking on the TPU that you helped 0:19:19.400 --> 0:19:23.080 design over at Google. We understand and indeed, in video 0:19:23.600 --> 0:19:27.479 technically speaking, how is it achieving this the run rate 0:19:27.520 --> 0:19:29.800 that you can get at a lower temperature point. 0:19:30.720 --> 0:19:33.720 Yeah, So the architecture is very different, and I took 0:19:33.840 --> 0:19:36.399 a page out of what I learned at Google. With 0:19:36.480 --> 0:19:40.800 respect to distributed systems. Everyone knows that Moore's law means 0:19:40.800 --> 0:19:43.399 that the number of transistors doubles roughly every eighteen to 0:19:43.400 --> 0:19:45.760 twenty four months. What I think not so many people 0:19:45.760 --> 0:19:47.880 have noticed is that the number of chips is more 0:19:47.920 --> 0:19:49.920 than doubling every eighteen to twenty four months. 0:19:50.200 --> 0:19:50.920 So we asked. 0:19:50.680 --> 0:19:52.680 Ourselves if we were going to be increasing the number 0:19:52.680 --> 0:19:55.479 of chips. Was there an architectural change that we could do, 0:19:55.920 --> 0:19:58.880 and the answer was yes, and so, without getting into 0:19:58.880 --> 0:20:02.439 the technical detail, what we do is we take the 0:20:02.520 --> 0:20:04.720 models AI models and we spread them out across a 0:20:04.800 --> 0:20:07.840 large number of chips, and that allows us to operate 0:20:07.920 --> 0:20:12.080 much like an automotive factory. And the more chips that 0:20:12.119 --> 0:20:14.959 we use, the cheaper it gets, the faster it gets, 0:20:15.280 --> 0:20:17.640 and our advantage is how many chips we can bring 0:20:17.680 --> 0:20:20.920 to bear on an inference problem. Now, typically when you're 0:20:20.920 --> 0:20:24.840 talking about a training cluster, you'll talk about sixteen thirty 0:20:24.880 --> 0:20:28.160 two thousand, sixty four thousand GPUs, and the more GPUs 0:20:28.200 --> 0:20:28.640 that you can. 0:20:28.560 --> 0:20:29.639 Bring to bear, the better. 0:20:30.680 --> 0:20:33.359 That hasn't been the case in inference. Typically you'll see 0:20:33.480 --> 0:20:37.479 eight GPUs, and it's just a technological limitation that prevents 0:20:37.520 --> 0:20:40.040 you from bringing more. In our case, we're running some 0:20:40.200 --> 0:20:43.560 models for inference with four thousand or more chips, and 0:20:43.640 --> 0:20:45.359 the more chips that we can bring to bear, the 0:20:45.400 --> 0:20:46.639 faster and the cheaper it gets. 0:20:48.119 --> 0:20:51.679 Jonathan has Grock signed any deals that would see you 0:20:51.760 --> 0:20:54.680 benefit from the commitments we've had in the last twenty 0:20:54.720 --> 0:20:58.000 four hours in the United Kingdom at the Hyperscala level 0:20:58.040 --> 0:21:00.000 and also some of the AI names that have committed 0:21:00.480 --> 0:21:02.680 tens of billions of capital to that market. 0:21:03.840 --> 0:21:04.080 Yeah. 0:21:04.119 --> 0:21:07.520 So Gronk has deployed some large clusters around the world, 0:21:07.640 --> 0:21:11.000 as an example in the Middle East, and so we 0:21:11.080 --> 0:21:13.160 worked with Commerce to be able to get that deployment 0:21:13.200 --> 0:21:15.400 done and they were very helpful and we appreciate that. 0:21:16.440 --> 0:21:20.919 And also in Finland. Of course, we're looking at the 0:21:21.040 --> 0:21:25.520 UK very closely and I'll actually be there in less 0:21:25.560 --> 0:21:27.400 than a week. 0:21:27.840 --> 0:21:31.439 The world right now is GPUs and XPUS or in 0:21:31.480 --> 0:21:32.760 your case LPUS. 0:21:33.359 --> 0:21:34.320 Why do we need both? 0:21:36.280 --> 0:21:39.080 The architectures are quite different and they have different bottlenecks. 0:21:39.880 --> 0:21:42.600 No architecture is perfect, right. This is why we don't 0:21:42.680 --> 0:21:43.840 use CPUs anymore. 0:21:43.880 --> 0:21:44.280 For AI. 0:21:44.400 --> 0:21:48.720 We use predominantly GPUs and now LPUS. The difference between 0:21:48.720 --> 0:21:51.920 the two is that GPUs are very good at parallel processing, 0:21:52.640 --> 0:21:55.399 that is, if there's no sequential component to it. But 0:21:55.480 --> 0:22:00.399 when you're talking about language or other reasoning or logic problems, 0:22:00.760 --> 0:22:03.439 you can't produce what's called a token. You can't produce 0:22:03.520 --> 0:22:05.960 the hundredth token until you've produced the ninety ninth, or 0:22:06.000 --> 0:22:08.000 you can't produce the hundredth word until you produce the 0:22:08.040 --> 0:22:11.199 ninety ninth and that brings in a sequential component. Now, 0:22:11.240 --> 0:22:14.280 CPUs have been good at sequential, but these problems also 0:22:14.320 --> 0:22:16.240 have a parallel component at the same time. 0:22:16.800 --> 0:22:17.960 What the LPU. 0:22:17.640 --> 0:22:20.119 Does is it's really good when you have both a 0:22:20.160 --> 0:22:24.040 lot of parallel and a lot of sequential components to 0:22:24.080 --> 0:22:26.919 the problem, and that allows us to output tokens at 0:22:26.920 --> 0:22:29.960 a very fast rate. And the experience difference. It's the 0:22:30.000 --> 0:22:35.160 difference between broadband and dial up, but at the much 0:22:35.240 --> 0:22:37.560 lower cost than you would expect given the speed. 0:22:38.359 --> 0:22:41.800 Jonathan Ross, CEO and founder of Grock on the latest fundraise, 0:22:42.520 --> 0:22:43.879 We thank you for joining us today. 0:22:50.320 --> 0:22:52.959 Welcome back to Bloomberg Tech. I'm going back to semiconductors. 0:22:52.960 --> 0:22:55.199 We talked in the show about how Nvidia shares are 0:22:55.240 --> 0:22:58.080 under pressure. Well at the index level, they're putting a 0:22:58.119 --> 0:23:01.640 drag on the sock. So Philadelphia se Conductor Index. Over 0:23:01.680 --> 0:23:04.439 the course of ten sessions, you're up eight point two percent. 0:23:04.800 --> 0:23:07.760 But actually, as of last night's close, the socks had 0:23:07.800 --> 0:23:11.399 its best streak of gain since twenty seventeen. As it 0:23:11.480 --> 0:23:14.119 stands that street's over, we're down four ten toeven percent 0:23:14.200 --> 0:23:17.000 in the session. So we've gone from a story where 0:23:17.400 --> 0:23:20.560 we had AI fueled growth on chips. Now we're again 0:23:20.680 --> 0:23:23.080 concerned about China in particular, and over the next few 0:23:23.160 --> 0:23:26.080 days we should hear more because Jensen one, the CEO 0:23:26.119 --> 0:23:29.080 of Nvidia, is in the United Kingdom with President Trump 0:23:29.400 --> 0:23:31.720 and in video is at the heart of these negotiations 0:23:31.720 --> 0:23:34.600 between the US and China. It's an index to watch 0:23:34.640 --> 0:23:36.680 going forward, but it has seen a lot of momentum 0:23:36.720 --> 0:23:37.439 of late character. 0:23:37.800 --> 0:23:40.879 It has someone who's not in the UK, is Mark Zuckerberg. 0:23:40.960 --> 0:23:44.240 Why because Metaconnect is kicking off later today, Analysts they're 0:23:44.240 --> 0:23:48.679 anxiously watching for any groundbreaking announcement like well, maybe some 0:23:48.760 --> 0:23:53.159 smart glasses project. Brad Erickson, internet analyst at RBC Capital Markets, 0:23:53.240 --> 0:23:55.920 joins us. Now smart glasses has been where it's at 0:23:55.960 --> 0:23:59.040 from a hardware perspective. For meta how can they push 0:23:59.200 --> 0:24:00.119 that story forward with? 0:24:01.720 --> 0:24:04.520 Yeah, I think it's just integrating more of the capability 0:24:04.560 --> 0:24:09.399 with Marcu's vision on Meta AI, right, Like they've given 0:24:09.440 --> 0:24:13.159 some applications in terms of some of the translation capabilities, 0:24:13.240 --> 0:24:16.760 being able to have some of the augmented reality capabilities, 0:24:17.480 --> 0:24:19.719 and I think you'll just see, you know, we expect 0:24:19.720 --> 0:24:21.360 to see more of that tonight. 0:24:22.080 --> 0:24:24.720 So really the vision of generative AI coming in the 0:24:24.760 --> 0:24:28.280 heart and why Meta AI is really amplified with the 0:24:28.320 --> 0:24:30.840 hardware story. But the competition's coming. We know Google's got 0:24:30.840 --> 0:24:32.560 them in the works. We know that, of course Apple 0:24:32.640 --> 0:24:35.000 might or might not in the future. But Brad, therefore, 0:24:35.160 --> 0:24:37.640 what sets their deal with ray ban apart? How can 0:24:37.680 --> 0:24:39.879 they continue to offer a little bit more to the 0:24:39.920 --> 0:24:42.679 experience than an augmented reality vibe. 0:24:43.840 --> 0:24:45.760 Yeah, it's always going to come down to the same 0:24:45.800 --> 0:24:49.200 things that arguably made Apples so successful over the last 0:24:49.680 --> 0:24:53.640 nearly twenty years, which is tight integration of hardware and software. 0:24:53.880 --> 0:24:54.080 Right. 0:24:54.440 --> 0:24:57.560 Meta has the platform that people already know it for 0:24:57.560 --> 0:25:00.680 for the various family of apps they've created AI have 0:25:01.240 --> 0:25:04.760 more than a billion users. The utility that that creates 0:25:04.800 --> 0:25:08.280 and the stickiness that that creates for their customers, that's 0:25:08.320 --> 0:25:09.440 going to be the key thing. 0:25:09.720 --> 0:25:11.520 The hardware everybody's going to be able to. 0:25:11.440 --> 0:25:13.680 Do right, just like they've always been with any piece 0:25:13.720 --> 0:25:16.679 of consumer electronics hardware. It's the software that's going to 0:25:16.720 --> 0:25:17.800 keep people coming back. 0:25:17.880 --> 0:25:20.919 If they're going to come back, Rad, thank you for 0:25:20.920 --> 0:25:24.800 bringing up Apple, and you also reference translation. Last week 0:25:24.800 --> 0:25:27.439 at the iPhone event, Apple shares swung from a decline 0:25:27.480 --> 0:25:32.480 to positive territory, and Duolingo shares plunged when Apple demonstrated 0:25:32.480 --> 0:25:37.040 simultaneous translation through the airport's Pro three a year ago, 0:25:37.600 --> 0:25:42.920 Meta demonstrated simultaneous translation through that generation of rayband metas. 0:25:43.480 --> 0:25:45.600 Why did Meta not get the same credit for that 0:25:45.680 --> 0:25:47.440 technology that Apple did a week ago? 0:25:49.320 --> 0:25:50.879 Yeah, I think part of it is just it was 0:25:50.920 --> 0:25:54.600 so new. Secondarily just relative to the stock. You've also 0:25:54.720 --> 0:25:58.359 got a giant core business right that you're compying, and 0:25:58.359 --> 0:26:00.719 that's clearly not going to be the focus of it, 0:26:00.880 --> 0:26:03.919 or is it necessarily clear how you would how you 0:26:03.960 --> 0:26:05.200 would yield an. 0:26:05.080 --> 0:26:06.399 Advertising business out of that. 0:26:06.640 --> 0:26:09.679 So I think that's just mechanically that's kind of the 0:26:09.680 --> 0:26:12.920 primary reason. But clearly this is going to be, you know, 0:26:13.040 --> 0:26:15.399 a capability for a lot of companies here going forward, 0:26:15.400 --> 0:26:18.680 and certainly could be a super cool compliment as you know, again, 0:26:19.080 --> 0:26:21.719 Meta looks to build in all these capabilities to these 0:26:21.760 --> 0:26:22.440 new glasses. 0:26:23.920 --> 0:26:27.960 A lot of people still don't understand the Meta AI story. 0:26:29.320 --> 0:26:31.480 With Chat GPT, I just have an app on my 0:26:31.560 --> 0:26:34.120 phone or on my MacBook. I use it every single day. 0:26:34.240 --> 0:26:38.160 Right With Meta, I have a standalone app. It's integrated 0:26:38.200 --> 0:26:41.560 into Instagram, WhatsApp. I am an owner of the RayBan 0:26:41.640 --> 0:26:46.359 metas a different interface or medium to use it. But 0:26:46.480 --> 0:26:48.320 do you see kind of what the end thing is 0:26:48.359 --> 0:26:51.680 going to be for meta how consumers actually interact with 0:26:51.720 --> 0:26:53.639 the work they've done on the model side. 0:26:55.040 --> 0:26:57.560 I don't think anybody does candidly. I think one of 0:26:57.560 --> 0:26:59.600 the things that I'm always struck by is we all 0:26:59.720 --> 0:27:03.399 stay and learn AI every day is that, you know, 0:27:03.560 --> 0:27:05.600 week by week, month by month, we kind of all 0:27:05.640 --> 0:27:08.480 have to expand our minds on what the capability is. 0:27:08.600 --> 0:27:10.960 Vibe coding is a great example something we've been spending 0:27:11.000 --> 0:27:14.120 a lot of time in lately with the web design companies. 0:27:14.480 --> 0:27:16.080 People are using these things to. 0:27:16.040 --> 0:27:20.360 Develop applications, not to build businesses necessarily in the traditional 0:27:20.359 --> 0:27:22.359 sense that's where everybody's brain would have gone. 0:27:22.440 --> 0:27:25.080 But they're creating daily productivity. 0:27:24.400 --> 0:27:29.320 Tools enterprises, they're using them to create actual internal work 0:27:29.359 --> 0:27:32.639 processes right unrelated to their core software. So there's all 0:27:32.720 --> 0:27:36.600 sorts of new things. I think METAAI is very similar 0:27:36.960 --> 0:27:38.879 in that, you know, we know that it's going to 0:27:38.880 --> 0:27:41.760 be able to provide like you said, chat GBT functionality 0:27:41.760 --> 0:27:44.639 with the app. What we don't know is how else 0:27:44.800 --> 0:27:47.639 might people build that into their day to day lives, 0:27:47.680 --> 0:27:48.320 whether it's for. 0:27:48.359 --> 0:27:51.119 Work, personal or productivity or what have you. 0:27:51.400 --> 0:27:53.280 That's going to be value add and get to a 0:27:53.280 --> 0:27:55.200 point where you're going to say, hey, I can't live 0:27:55.240 --> 0:27:57.520 without this new capability in my life. 0:27:57.800 --> 0:27:59.520 And we don't exactly know what that is yet. 0:27:59.600 --> 0:28:02.280 We're learning about it, we're trying to sort of expand 0:28:02.320 --> 0:28:03.960 our minds, but we haven't gotten there yet. 0:28:04.080 --> 0:28:07.119 Well, I mean, Mark Zuckerberg's been expanding the amount that 0:28:07.119 --> 0:28:09.560 he wants to spend on it and the appetite and 0:28:09.640 --> 0:28:12.119 ambition that's for sure brand and he's been given a pass. 0:28:12.200 --> 0:28:14.199 And you think the stock could climb even higher up 0:28:14.200 --> 0:28:16.600 to eight p fifty of another to nine percent gain. 0:28:16.640 --> 0:28:18.880 And where we currently are, how much does the TikTok 0:28:18.960 --> 0:28:21.680 story bear into its bread and butter right now? 0:28:23.880 --> 0:28:27.720 It matters, But TikTok is a very small business compared 0:28:27.760 --> 0:28:30.560 to the size of metas overall ad business. 0:28:31.040 --> 0:28:33.800 I will say that, you know, for a quarter or. 0:28:33.680 --> 0:28:37.159 Two now in our channel checks talking with advertisers, what 0:28:37.240 --> 0:28:40.840 we have heard was, you know, the stalled or the 0:28:41.080 --> 0:28:45.400 uncertain future of TikTok and really caused advertisers to pause 0:28:46.240 --> 0:28:49.120 any spending growth. They're still spending to be clear on 0:28:49.200 --> 0:28:52.600 ads on TikTok, but there wasn't nearly as much growth 0:28:53.400 --> 0:28:55.680 to the degree that we get a deal here at 0:28:55.720 --> 0:28:58.440 some point maybe that provides clarity becomes a little bit 0:28:58.480 --> 0:29:00.320 of a headwind. But I wouldn't I don't want to 0:29:00.360 --> 0:29:04.440 like overstate it because it is TikTok's still you know, 0:29:04.480 --> 0:29:06.840 somewhere in the call it ten percent of the business 0:29:06.960 --> 0:29:08.960 relative to the size of metas ad business. 0:29:10.240 --> 0:29:13.920 Brad Ericson of RBC Capital Markets, thank you very much. 0:29:20.040 --> 0:29:23.560 Lift and Weimo are partnering to bring self driving taxis 0:29:23.600 --> 0:29:24.560 to Nashville. 0:29:24.760 --> 0:29:25.720 Customers will be able to. 0:29:25.680 --> 0:29:28.920 Request driver US rides on both companies platforms, and Lift 0:29:29.200 --> 0:29:32.960 will provide fleet management for Waymo's national operations. Let's get 0:29:33.000 --> 0:29:35.720 to more with Lift CEO David Rischer. This is something 0:29:35.720 --> 0:29:38.840 you've been working on for some time. That's right, and 0:29:39.040 --> 0:29:42.080 the state of play is very clear. Weimo also has 0:29:42.160 --> 0:29:44.880 a partnership with Uber in different markets. You now have 0:29:44.920 --> 0:29:48.760 a partnership in Nashville. Just explain the rationale for you 0:29:49.360 --> 0:29:52.280 on why this is a great go to market for ROBOTAXI. 0:29:52.720 --> 0:29:54.480 Well, as you know, we've been saying for a while, 0:29:54.520 --> 0:29:56.880 we think self driving cars are going to be hugely 0:29:57.000 --> 0:29:59.960 market expanding for ride share. It's a really good product. 0:30:00.200 --> 0:30:01.320 And then when we looked at. 0:30:01.200 --> 0:30:03.440 Potential partners of course Weemo has to be at the 0:30:03.480 --> 0:30:05.959 top of the list. The great thing about this partnership 0:30:06.080 --> 0:30:09.360 is it does two things. It supplies demand, So if 0:30:09.400 --> 0:30:11.600 you're in the self driving car business, you got to 0:30:11.600 --> 0:30:13.720 have demand, and we got lots of demand every single day, 0:30:14.080 --> 0:30:16.000 and we do it in a very integrated way. But 0:30:16.040 --> 0:30:17.960 the other thing is, as you just mentioned, it supplies 0:30:18.040 --> 0:30:20.480 fleet management. And that sounds kind of geeky, but it's 0:30:20.560 --> 0:30:22.760 really important that every one of those cars be ready 0:30:22.760 --> 0:30:25.160 to drive twenty four to seven if needed, and that's 0:30:25.160 --> 0:30:26.640 something we're really good at. We've been doing that for 0:30:26.640 --> 0:30:27.160 a long time. 0:30:27.520 --> 0:30:32.000 So you're emphasizing the sort of capital light business model 0:30:32.040 --> 0:30:34.520 for you, right. The counter argument is the Tesla or 0:30:34.520 --> 0:30:39.120 the zooks one, which is control the full stack hardware, software, operationally, 0:30:39.600 --> 0:30:43.600 the app the consumer in faces with. Would you argue 0:30:43.600 --> 0:30:45.960 that you can scale this faster, going this route, go 0:30:46.000 --> 0:30:47.040 to more cities quicker? 0:30:47.480 --> 0:30:47.800 I would? 0:30:47.840 --> 0:30:48.080 Yeah. 0:30:48.120 --> 0:30:50.640 I mean this allows every company to specialize, right, so 0:30:50.680 --> 0:30:54.080 Wimo can really focus on providing great self driving technology. 0:30:54.080 --> 0:30:56.320 The way Moore Driver is obviously a great product. They 0:30:56.360 --> 0:30:59.040 partner with OEMs, the car manufacturers that can choose the 0:30:59.080 --> 0:31:02.640 best car, and then we can provide the fleet management 0:31:02.640 --> 0:31:04.800 as they say, that keeps the cars clean and charged 0:31:04.840 --> 0:31:06.800 and ready to go, as well as the demand so 0:31:06.840 --> 0:31:09.720 that anytime a person wants a car, they can get 0:31:09.720 --> 0:31:11.560 one or they can get a driver car, right, I mean, 0:31:11.600 --> 0:31:13.120 they can get both. So it's I think it's a 0:31:13.120 --> 0:31:14.080 great division of labor. 0:31:14.440 --> 0:31:17.520 Let's talk about that fleet management flex drive, because you're 0:31:17.560 --> 0:31:19.080 going to be building, you're going to be putting some 0:31:19.120 --> 0:31:22.160 capal expenditure to work David, Why does that make sense 0:31:22.200 --> 0:31:23.400 and when will that be finished? 0:31:24.760 --> 0:31:27.000 So we've been in the flex drive world. Let me 0:31:27.040 --> 0:31:27.880 explain for a second. 0:31:27.920 --> 0:31:31.080 So about a decade ago, Lift decided that for a 0:31:31.120 --> 0:31:33.920 certain type of driver, it really makes sense to have 0:31:34.000 --> 0:31:36.680 cars that they can rent right on the platform and 0:31:37.000 --> 0:31:40.880 they can do we can take care of the maintenance 0:31:41.080 --> 0:31:43.760 and making sure that those cars are always ready to drive. 0:31:44.160 --> 0:31:46.080 So that's what we've been doing for about a decade now. 0:31:46.440 --> 0:31:49.040 So when we look at the autonomous vehicle world, you know, look, 0:31:49.080 --> 0:31:50.840 when you see a car driving around the city, it 0:31:50.840 --> 0:31:52.479 looks like magic. It looks like no one had to 0:31:52.480 --> 0:31:54.440 touch it, but no someone had to charge it, someone 0:31:54.440 --> 0:31:56.240 had to clean it, someone has to maintain it. Some 0:31:56.320 --> 0:31:58.280 probably has to reboot it from time to time, and 0:31:58.320 --> 0:31:59.960 we're really good at that. So, as you say, we're 0:32:00.000 --> 0:32:01.880 building a new depot there, we've got a small one. 0:32:01.880 --> 0:32:04.160 We're building a bigger one for this partnership. And what 0:32:04.240 --> 0:32:06.360 it does is it allows the cars to be ready 0:32:06.400 --> 0:32:06.960 to drive. 0:32:07.160 --> 0:32:07.840 Ready to drive. 0:32:08.200 --> 0:32:10.880 Think about so when you travel on an airline and 0:32:11.160 --> 0:32:13.480 you know that of course they want the airplane in 0:32:13.520 --> 0:32:15.560 the air, but they also needed to be ready to 0:32:15.600 --> 0:32:17.560 fly at all times. They want that turnaround to be 0:32:17.600 --> 0:32:19.720 super fast. And that's what flex Drive does. It means 0:32:19.800 --> 0:32:21.720 that people like Waymo can get the most out of 0:32:21.720 --> 0:32:23.160 our asset, which is super good for them. 0:32:23.280 --> 0:32:26.880 Look today, investors love this announcement and the shares a rising. 0:32:27.760 --> 0:32:29.680 Shares have been doing well all year because you've had 0:32:29.680 --> 0:32:32.000 three straight quarters of profitability. David, how are you going 0:32:32.040 --> 0:32:35.440 to finance what is a little less asset like is 0:32:35.480 --> 0:32:39.040 building these facilities to help keep all our auto cars clean. 0:32:39.960 --> 0:32:40.280 Yeah. 0:32:40.600 --> 0:32:42.880 So, as I say, because we've been in the flex 0:32:42.920 --> 0:32:45.840 drive business, the subsidiary business for a long time, we've 0:32:45.880 --> 0:32:49.120 actually had capital deployed to that for a long time. 0:32:49.160 --> 0:32:51.960 We have about twenty four locations in about fifteen different 0:32:51.960 --> 0:32:54.160 states across the United States, which I think gives you 0:32:54.160 --> 0:32:56.719 a sense of how this kind of partnership could scale 0:32:56.760 --> 0:32:59.200 over time. And we own some of those cars ourselves, 0:32:59.280 --> 0:33:01.240 others of those cars or financed by other groups. So 0:33:01.440 --> 0:33:03.440 the good news is this won't be a significant change 0:33:03.440 --> 0:33:06.160 to the current strategy. It's just sort of a revectoring, 0:33:06.320 --> 0:33:09.160 let's say, of the money we spend more towards. 0:33:08.880 --> 0:33:10.480 Autonomous okay, scale over time. 0:33:10.520 --> 0:33:13.600 This morning, Bloomberg Tech producer Marguerite Gallery, and he put 0:33:13.600 --> 0:33:16.160 this table together. You know the table, right, It explains 0:33:16.160 --> 0:33:18.200 the roadmap from here, So let's look at it together. 0:33:18.560 --> 0:33:22.120 This is twenty twenty six and it focuses on WEIMO principally. 0:33:22.160 --> 0:33:25.280 But there's you there, right Nashville. You are going to 0:33:25.320 --> 0:33:29.720 come up against suber in negotiating with WEIMO for cities 0:33:29.760 --> 0:33:32.600 that are not yet claimed for what are the advantages 0:33:32.640 --> 0:33:35.080 that you're going to present to win that business with 0:33:35.120 --> 0:33:38.640 WEIMO against Duba And how much you're gonna have to 0:33:38.680 --> 0:33:41.440 give up, you know, to get a deal done. 0:33:41.680 --> 0:33:43.600 Yeah, So I think the way I would look at 0:33:43.600 --> 0:33:46.840 That is one of the reasons we were so patient 0:33:47.040 --> 0:33:49.000 in working through this deal because it took a while. 0:33:49.120 --> 0:33:51.320 It was we wanted to come up with something that 0:33:51.480 --> 0:33:54.960 is good for Weimo, good for Lyft, and good for riders, 0:33:55.040 --> 0:33:56.800 and that's hard to do. It's hard to have, you know, 0:33:56.880 --> 0:33:58.840 kind of a three away win. We feel really good 0:33:58.840 --> 0:34:00.520 about it and feel like this is a great model 0:34:00.520 --> 0:34:02.280 for us to expand to other cities in the future. 0:34:02.480 --> 0:34:04.840 But look, city by city, you know some places we're 0:34:04.840 --> 0:34:07.000 actually going to compete with Weimo itself, right because for 0:34:07.040 --> 0:34:09.640 example here in San Francisco, they've got their own appreciate 0:34:09.719 --> 0:34:12.040 that admission, Yeah, of course, So this is something that 0:34:12.080 --> 0:34:13.640 we have to kind of recognize and say, how do 0:34:13.680 --> 0:34:15.800 we come up with a construct that is really durable 0:34:15.960 --> 0:34:18.239 and frankly can benefit all the companies and then the 0:34:18.280 --> 0:34:19.960 other guys will do what they do and you know, 0:34:20.000 --> 0:34:21.200 we'll see who does a better job. 0:34:21.360 --> 0:34:23.560 Look, people are going to accuse me of wanting to 0:34:24.000 --> 0:34:26.160 create a headline here, but it's a really important question. 0:34:26.480 --> 0:34:29.640 Tesla and Zeke's are committed to their own go to 0:34:29.719 --> 0:34:32.240 market model. Right, we talked about they control the full stack, 0:34:32.760 --> 0:34:36.520 But have you held discussions with both Tesla and Zeke's 0:34:36.880 --> 0:34:39.080 to say like, look, this is the model we're doing 0:34:39.080 --> 0:34:41.000 with Weimo, we can do something similar. 0:34:41.040 --> 0:34:43.120 Do you see that as being realistic? 0:34:43.680 --> 0:34:45.480 So of course I don't want to come in on, 0:34:45.520 --> 0:34:47.480 you know, conversations we might be having. What I can 0:34:47.520 --> 0:34:50.880 tell you is we're talking to everyone who finds the 0:34:50.960 --> 0:34:54.840 partnership model interesting. You know, there are, of course always companies. 0:34:54.880 --> 0:34:56.960 Whenever you see a new industry, you have some companies 0:34:56.960 --> 0:34:58.040 that say I. 0:34:58.000 --> 0:34:58.680 Want to do it all. 0:34:58.719 --> 0:35:00.640 And frankly, if you look back a couple years ago, 0:35:01.120 --> 0:35:03.200 just about every company in the self driving space was 0:35:03.239 --> 0:35:05.120 in that zone. They wanted to do everything, you know, 0:35:05.200 --> 0:35:08.720 top to bottom. I think over time most companies find, 0:35:08.840 --> 0:35:11.759 particularly when it's capital intensive and quite complex, like ride 0:35:11.760 --> 0:35:14.160 share is and self driving is that a division of 0:35:14.239 --> 0:35:16.440 labor where everyone does what they're good at, is the 0:35:16.600 --> 0:35:18.399 is the best model. But we'll see, you know, it's 0:35:18.400 --> 0:35:19.879 still such early days. 0:35:20.239 --> 0:35:22.880 But you struck deals with interesting players in Europe. I do, 0:35:23.480 --> 0:35:25.759 what's it like working with a Chinese giant? What were 0:35:25.800 --> 0:35:28.440 those negotiations like? You know that? 0:35:28.560 --> 0:35:30.359 Actually, I'll tell you what was very interesting. It came 0:35:30.400 --> 0:35:33.320 together fairly quickly and in part I think is you know, frankly, 0:35:33.400 --> 0:35:35.880 Chinese companies are kind of built for speed. You know, 0:35:35.960 --> 0:35:37.880 they for those of you who don't know, you know, 0:35:37.920 --> 0:35:39.319 by do you can sort of think of them as 0:35:39.400 --> 0:35:42.319 kind of the Google or Alphabet of China. They have 0:35:42.360 --> 0:35:45.240 many businesses, but self driving cars are a very important 0:35:45.239 --> 0:35:47.480 one for them, and we committed that we would roll 0:35:47.520 --> 0:35:50.400 out some of their technology in one to two markets. 0:35:50.840 --> 0:35:53.000 We would expect in Europe over the next twelve months 0:35:53.080 --> 0:35:53.279 or so. 0:35:53.560 --> 0:35:54.280 It's still very. 0:35:54.160 --> 0:35:55.799 Early days there, but I can tell you they've got 0:35:55.840 --> 0:35:59.520 really high standards for their technology. We're super excited about 0:35:59.680 --> 0:36:01.359 working with those guys in the wall to have more 0:36:01.360 --> 0:36:02.960 to say about that next year once we start to 0:36:03.000 --> 0:36:03.720 roll out in Europe. 0:36:03.920 --> 0:36:06.439 One minute, how hard is it to get to New York? 0:36:09.200 --> 0:36:10.840 I mean I can take a flight there pretty easily. 0:36:11.360 --> 0:36:14.279 But also the ROBOTAXI how hot? When am I going 0:36:14.320 --> 0:36:14.879 to have it here? 0:36:16.200 --> 0:36:16.680 I love that? 0:36:16.880 --> 0:36:18.640 You know, it's going to take a little while. New 0:36:18.719 --> 0:36:20.920 York is a complex place to do business. The streets 0:36:20.920 --> 0:36:23.200 are complicated, you know, there's a lot of interest there. Look, 0:36:23.239 --> 0:36:24.839 you know this Caroline, I mean lift has been there 0:36:24.840 --> 0:36:26.920 for many years. It's super strong in New York. We 0:36:26.960 --> 0:36:29.239 also run the city bike program. As you know, super 0:36:29.239 --> 0:36:31.440 excited bring self driving there someday, but that was probably 0:36:31.440 --> 0:36:32.200 gonna take a little while. 0:36:32.200 --> 0:36:32.640 Sorry about that. 0:36:32.680 --> 0:36:33.520 You can have to work for all. 0:36:33.640 --> 0:36:35.560 My addiction with the bikes will just have to continue. 0:36:35.640 --> 0:36:38.319 Lift to see David so as a joy to have 0:36:38.360 --> 0:36:39.720 you on the show. Take Care. 0:36:46.600 --> 0:36:49.760 Mentioned earlier in the show that Microsoft will invest thirty 0:36:49.760 --> 0:36:52.239 billion dollars in the UK. It's part of a push 0:36:52.239 --> 0:36:55.320 to expand AI infrastructure. We also heard from GROC about 0:36:55.400 --> 0:36:58.480 its data center plans. Of course, tech companies are pledging 0:36:58.520 --> 0:37:01.640 to build more data center steer around the world. Let's 0:37:01.640 --> 0:37:05.680 bringing Maria Davidson, CEO of Kojo. It's the largest construction 0:37:05.840 --> 0:37:09.320 procurement platform in the US, giving her a unique insight 0:37:09.719 --> 0:37:11.680 into the data center build out. I think we can 0:37:11.719 --> 0:37:14.560 get to where you fit into the process of what 0:37:14.680 --> 0:37:18.799 is just massive infrastructure as a project, but that your 0:37:18.800 --> 0:37:21.920 reaction first to what's happening in the UK. It seems 0:37:21.960 --> 0:37:24.800 to be the next market in this AI cycle. 0:37:25.120 --> 0:37:27.279 Oh absolutely. I mean when you think about how much 0:37:27.280 --> 0:37:29.640 potential there is in the UK, I think it is 0:37:29.840 --> 0:37:33.719 extremely exciting and very very untapped. So I love to 0:37:33.760 --> 0:37:37.440 see companies like Microsoft and Google coming in and investing 0:37:37.480 --> 0:37:39.439 in the UK, and the US and the UK actually 0:37:39.480 --> 0:37:40.400 working closer together. 0:37:40.960 --> 0:37:42.560 You say a lot of potential in the UK. 0:37:42.719 --> 0:37:48.520 Why, I think because one, there's extremely talented workforce in 0:37:48.560 --> 0:37:51.720 the UK, and you know, you have world class universities. 0:37:51.760 --> 0:37:55.240 You have incredible research like deep Mind coming out years 0:37:55.280 --> 0:37:58.759 before anyone would have expected an outcome like that in 0:37:58.800 --> 0:38:01.799 the UK, and so I think that means that in 0:38:01.840 --> 0:38:04.200 the UK right now, if we keep on investing, I 0:38:04.200 --> 0:38:06.399 think we're going to see a lot more deep Mind 0:38:06.520 --> 0:38:07.239 like outcomes. 0:38:07.880 --> 0:38:09.600 I've got to say, You've got three Brits around a 0:38:09.640 --> 0:38:12.200 table talking about the opportunity in the UK. So I'll 0:38:12.200 --> 0:38:14.239 diverse us a little bit because we're three Brits that 0:38:14.280 --> 0:38:17.239 sit in the US right now. Maria, you're building businesses 0:38:17.239 --> 0:38:19.600 to try and make supply chains clearer for contractors for 0:38:19.640 --> 0:38:21.800 builders out there, and I'm interested as to what the 0:38:21.840 --> 0:38:23.680 scale is like here in the United States and what 0:38:23.719 --> 0:38:25.480 the key bottlenecks are that you're trying to fix. 0:38:26.400 --> 0:38:28.719 I mean, the scale is enormous. So just this year, 0:38:28.760 --> 0:38:31.840 we have forty billion dollars going into the construction of 0:38:32.000 --> 0:38:34.560 data centers in the US, that's expected to grow more 0:38:34.560 --> 0:38:37.239 than ten percent a year, so by twenty thirty that's 0:38:37.280 --> 0:38:41.680 going to be sixty five billion dollars. That's unprecedented. And 0:38:41.800 --> 0:38:45.120 the biggest issue with building these it's not getting GPUs, 0:38:45.280 --> 0:38:48.360 it's getting the materials and finding the electricians to be 0:38:48.360 --> 0:38:49.800 able to actually meet this demand. 0:38:50.320 --> 0:38:54.800 Okay, so your role is ensuring that when the contractor, 0:38:54.800 --> 0:38:57.160 which is very hard to come by and labor is short, 0:38:57.200 --> 0:38:59.680 and we've seen immigration policies hit that, but when you 0:38:59.719 --> 0:39:01.640 get the on site, they've actually got the pieces in 0:39:01.680 --> 0:39:03.360 the parts to work with what has been some of 0:39:03.400 --> 0:39:06.040 the most complex areas when it comes to particularly the 0:39:06.080 --> 0:39:08.080 hyperscaler's need and the data center build out. 0:39:09.480 --> 0:39:11.920 It's a lot when you think about the construction industry 0:39:11.960 --> 0:39:14.040 in the US. Even though they're building some of the 0:39:14.080 --> 0:39:17.319 most sophisticated infrastructure out there right they're building projects that 0:39:17.920 --> 0:39:24.160 involve huge amounts of technology and AI infrastructure specific needs, 0:39:24.520 --> 0:39:27.320 they still largely have to rely on pen and paper 0:39:27.440 --> 0:39:30.160 and Excel to track where things are. It's hard to 0:39:30.200 --> 0:39:33.360 know what's arriving when these are all huge challenges. And 0:39:33.400 --> 0:39:35.560 so when you couple that with the fact that there 0:39:35.560 --> 0:39:40.799 are five hundred thousand workers missing from the US construction workforce. 0:39:41.200 --> 0:39:43.640 And you couple that with the fact that materials on 0:39:43.760 --> 0:39:46.760 average of forty four percent more expensive than they were 0:39:46.800 --> 0:39:50.880 in February twenty twenty before COVID, that starts really creating 0:39:50.920 --> 0:39:51.760 a perfect storm. 0:39:52.120 --> 0:39:54.799 I actually think it's worth going a step earlier in 0:39:54.840 --> 0:39:58.320 the process than what Caroline just asked about. Right, We've 0:39:58.440 --> 0:40:00.160 kind of learned over the course of a lot two 0:40:00.239 --> 0:40:02.640 or three years about how it works in the United States. 0:40:03.000 --> 0:40:05.440 You have a financing partner, you have someone like Cruso 0:40:05.760 --> 0:40:06.640 putting it all together. 0:40:06.800 --> 0:40:08.080 You need to select a site. 0:40:08.239 --> 0:40:10.480 Then you've got to talk to the utility because you 0:40:10.520 --> 0:40:12.680 need to power that site. The utility has to think 0:40:12.680 --> 0:40:16.120 about where they get the electricity from. Is that going 0:40:16.160 --> 0:40:20.600 smoothly and well that that initial process it depends. 0:40:20.640 --> 0:40:23.000 It's definitely gotten a lot faster. If you think about 0:40:23.040 --> 0:40:26.440 your average size data centers right as data centers on 0:40:26.440 --> 0:40:30.280 the smaller side maybe ten to thirty megawatts. Those previously 0:40:30.320 --> 0:40:32.720 would have taken that's say, twenty four months to thirty 0:40:32.719 --> 0:40:35.400 six months to build. Now you're seeing data centers build 0:40:35.440 --> 0:40:39.279 probably twice as fast, in part because things like site readiness, 0:40:39.680 --> 0:40:42.280 inter connection, they're all being dealt with in advance. 0:40:42.360 --> 0:40:42.560 Now. 0:40:42.640 --> 0:40:45.640 I think prefab is a huge subject here because the 0:40:45.680 --> 0:40:48.719 more that we can lean into modular construction, the more 0:40:48.719 --> 0:40:51.160 we don't have to rely on the sequential building, but 0:40:51.200 --> 0:40:52.520 we can actually build in parallel. 0:40:52.719 --> 0:40:54.799 There's also like a self fulfilling prophecy in the sense 0:40:54.840 --> 0:40:57.239 that all of the AI names who actually just end 0:40:57.280 --> 0:40:59.919 up leasing the capacity, right, they don't even own the thing, 0:41:00.239 --> 0:41:01.719 but they would say, Oh, all the work we're doing 0:41:01.760 --> 0:41:04.680 in AI is actually going to benefit the planning and 0:41:04.880 --> 0:41:08.120 execution of these buildouts. I guess that's what you'd say. 0:41:08.360 --> 0:41:09.320 You also help. 0:41:09.200 --> 0:41:11.960 With Yeah, absolutely, I mean a lot of it is. 0:41:12.000 --> 0:41:14.400 The better planned that you can be in advance, the 0:41:14.400 --> 0:41:16.400 better the project is actually going to go. And so 0:41:16.560 --> 0:41:18.719 if you know all of the components that you're going 0:41:18.800 --> 0:41:21.080 to need, if you have the mapped out schema, if 0:41:21.120 --> 0:41:24.799 you have all of those interconnection blocks ready to go, 0:41:25.280 --> 0:41:28.680 then of course contractors can be much better prepared. 0:41:29.200 --> 0:41:32.120 I want to talk about you about Kojo, about what 0:41:32.160 --> 0:41:35.319 the ninety four million dollars you've thus far raised six 0:41:35.440 --> 0:41:38.520 hundred construction companies that you're working with. You've just had 0:41:38.520 --> 0:41:41.040 an add on to your CERC I think I believe 0:41:41.800 --> 0:41:42.680 how much are. 0:41:42.520 --> 0:41:43.560 You seeing inbound? 0:41:43.560 --> 0:41:44.279 How much are you. 0:41:44.560 --> 0:41:46.479 Fighting off people wanting to put money into your company 0:41:46.480 --> 0:41:49.120 because they're realizing it's about bricks and mortar, it's about 0:41:49.160 --> 0:41:50.719 the very underlying infrastructure. 0:41:50.760 --> 0:41:54.440 Right now, well, we're seeing a huge amount of inbound. 0:41:54.520 --> 0:41:57.080 The focus for us has always been how can we 0:41:57.120 --> 0:42:00.359 empower contractors, how can we take the contract is that 0:42:00.600 --> 0:42:03.160 for a really long time were completely ignored by the 0:42:03.200 --> 0:42:07.000 tech industry, and specifically there I'm talking about the trades, right, 0:42:07.080 --> 0:42:11.680 the electricians, the folks working in mechanical and HVAC and drywall, 0:42:12.200 --> 0:42:15.680 They for a very long time had very few solutions 0:42:15.680 --> 0:42:17.960 that were built specifically for them. And so for us, 0:42:18.000 --> 0:42:20.440 it's about saying, well, how do we build solutions that 0:42:20.480 --> 0:42:24.040 are specifically targeted towards you and that solve your biggest 0:42:24.040 --> 0:42:27.759 pain points like knowing where your materials are and having 0:42:27.760 --> 0:42:30.120 the visibility of how you're doing against your estimates in 0:42:30.160 --> 0:42:30.640 real time. 0:42:31.239 --> 0:42:35.480 Well, you're just completing a ten million dollar Series C extension. 0:42:35.640 --> 0:42:37.560 Come back when you're raising yet more. 0:42:37.600 --> 0:42:40.600 I'm sure Maria Davidson's CEO, Kojo, it's great to have 0:42:40.640 --> 0:42:43.680 you on the Showwow, that does it for this edition 0:42:43.680 --> 0:42:46.239 at Bloomberg Tech, we've done our whole host of things zed, 0:42:46.320 --> 0:42:48.680 but we're going to count down to Metaconnect tonight. Of course, 0:42:48.680 --> 0:42:51.640 tune in tomorrow for an interview with NEA's Chief product officer, 0:42:51.880 --> 0:42:54.960 Chris Cox live on the show tomorrow, which ed. 0:42:54.880 --> 0:42:55.359 You'll be doing. 0:42:56.200 --> 0:42:57.160 Yeah, looking forward to that. 0:42:57.200 --> 0:42:59.640 I have a lot of questions about the relationship between 0:42:59.680 --> 0:43:00.680 software and hardware. 0:43:00.920 --> 0:43:03.719 After all, that is technology. Check out the pod. 0:43:03.960 --> 0:43:06.240 You know where to find it on the Bloomberg terminal, 0:43:06.239 --> 0:43:09.600 as well as online on Apple, Spotify, iHeart, and all 0:43:09.680 --> 0:43:12.000 kinds of other places on the internet. 0:43:12.440 --> 0:43:14.279 Thank you for watching. This is Bloomberg Tech.