WEBVTT - Lyft's First Investor Day and GameStop's Slump 0:00:01.040 --> 0:00:04.720 From Mark hard where Innovation, Money and Power Collie in 0:00:04.840 --> 0:00:09.760 Silicon Valley, NBN. This is Bloomberg Technology with Caroline Hyde 0:00:09.800 --> 0:00:10.680 and Ed Ludlove. 0:00:23.840 --> 0:00:27.040 I'm Karine Heinelblumog's world headquarters in New York, and I'm. 0:00:26.960 --> 0:00:29.720 Ed Ludlow in San Francisco. This is Bloomberg Technology. 0:00:29.760 --> 0:00:31.960 Coming up, we sit down with the CEO of lyft 0:00:32.120 --> 0:00:34.600 as after the company holds its first ever invest Today. 0:00:35.360 --> 0:00:38.360 Plus we'll take a look at GameStop as Roaring Kitty 0:00:38.479 --> 0:00:41.680 goes live with an announcement in just under an hour, 0:00:41.800 --> 0:00:42.000 and we. 0:00:42.120 --> 0:00:45.080 Push your head to Apple's Developers conference with a focus 0:00:45.120 --> 0:00:47.760 on artificial intelligence. For first, let's just check on all 0:00:47.800 --> 0:00:50.960 these markets today, ed is a macro day, is a 0:00:51.000 --> 0:00:54.200 non farm payrolls day, is a hot labor market day, 0:00:54.360 --> 0:00:56.720 and yet actually some resilience in the benchmarks. When it 0:00:56.720 --> 0:00:59.280 comes to equities, we're off by just twelve points, even 0:00:59.320 --> 0:01:01.880 though we see roaring through Channa and seventy two thousand 0:01:01.920 --> 0:01:03.280 jobs AD and we're going to be digging into it 0:01:03.320 --> 0:01:05.200 in a moment. But the tenure yield the bond market 0:01:05.240 --> 0:01:08.520 is what feels the pain. Basically, this labor market's too good. 0:01:08.760 --> 0:01:11.280 The Fed can't cut is what the marketstell to anticipate, 0:01:11.440 --> 0:01:13.839 and we're up some thirteen basis points on the tenure yields. 0:01:13.840 --> 0:01:17.360 We're seeing the dollar index also higher. However, it's notable 0:01:17.440 --> 0:01:20.000 that even though the dollar is higher, Bitcoin is literally 0:01:20.040 --> 0:01:21.880 still showing some risk on attitude. 0:01:21.959 --> 0:01:23.840 Let's move on to see what bitcoin's been doing over 0:01:23.880 --> 0:01:24.800 the course of year to date. 0:01:24.840 --> 0:01:26.960 We are back near those record highs. We're still up 0:01:26.959 --> 0:01:29.440 sixty seven percent year to date. We're seventy one thousand, 0:01:29.480 --> 0:01:32.640 three hundred. That's just shy of the seventy three thousand 0:01:32.959 --> 0:01:36.840 record that we've seen previously. Eighteen straight days of infros 0:01:36.920 --> 0:01:40.160 of increases in bitcoin, and we're seeing that money moving 0:01:40.160 --> 0:01:42.800 into the bitcoin ETF, the spot ETF, so ed so 0:01:42.920 --> 0:01:43.560 watching crypto. 0:01:43.600 --> 0:01:46.679 But what are you watching on the micro game stop? 0:01:47.360 --> 0:01:49.440 I want this to be, at its heart, a beautiful 0:01:49.480 --> 0:01:53.480 story about a company that sells video games, but it's not. 0:01:53.720 --> 0:01:56.240 I mean, the stock's down twenty five percent in the session. 0:01:56.560 --> 0:01:59.840 They unexpectedly announced earnings and said that they would sell 0:02:00.080 --> 0:02:02.600 an additional seventy five million dollar shares. It's been a 0:02:02.640 --> 0:02:06.480 wild ride this week, and it all centers around Roaring 0:02:06.680 --> 0:02:11.000 Kitty aka Keith Gill, who's due to go live and 0:02:11.080 --> 0:02:13.799 speak at midday Eastern time. And I think it's important 0:02:13.919 --> 0:02:16.800 to be honest Caroline and say, haven't got a scooby 0:02:16.800 --> 0:02:18.880 doo what he's going to say or what is going 0:02:18.919 --> 0:02:22.000 to be about. And there's a lot of hypothesis out 0:02:22.000 --> 0:02:24.680 there about his position and what will happen. We will 0:02:24.680 --> 0:02:27.320 try our best throughout the hour to keep you posted. 0:02:27.520 --> 0:02:30.160 There are other things we're watching, individual names, but a 0:02:30.160 --> 0:02:34.200 lot of it's to do with next week. Lift coming 0:02:34.280 --> 0:02:36.720 up very soon, going to speak to the CEO. Investor Day, 0:02:36.720 --> 0:02:38.919 a lot of numbers, but lots of questions about future 0:02:38.960 --> 0:02:42.480 of ride share in a world where robotaxis king in videos, 0:02:42.560 --> 0:02:46.120 down Stock split Monday, lots of excitement from retail investors 0:02:46.120 --> 0:02:50.280 about that Apple WWDC on Monday. Mark German of Bloomberg says, 0:02:50.480 --> 0:02:53.720 we are going to be told something about Apple intelligence 0:02:54.040 --> 0:02:56.920 and then finally Tesla up two tents of a percent. 0:02:57.320 --> 0:02:59.959 You have your investor Day next Thursday. I won't be here. 0:03:00.080 --> 0:03:02.639 I'll be on a beach in the Mediterranean. But it's 0:03:02.680 --> 0:03:05.000 a big one and it's a big vote on compensation 0:03:05.200 --> 0:03:06.440 and the future of that company. 0:03:06.720 --> 0:03:09.400 Ed you better promise me that you're not glued to 0:03:09.480 --> 0:03:11.560 your smartphone at that moment on that beach, and that 0:03:11.680 --> 0:03:14.400 you take it in over a glass of wine. But meanwhile, 0:03:14.480 --> 0:03:16.760 let's break down the numbers of what really is the 0:03:16.760 --> 0:03:18.160 macro story of today. 0:03:18.200 --> 0:03:20.240 It's the job support, of course, dictating trade. 0:03:20.280 --> 0:03:22.760 Sarah franca is with US CEO of the People Management 0:03:22.800 --> 0:03:28.800 Platform Lattice, and Sarah, look, this upended every single Bloomberg 0:03:28.919 --> 0:03:31.920 economist that we surveyed out there, that every one of 0:03:31.960 --> 0:03:34.360 them thought that it would be a cooling effect at 0:03:34.440 --> 0:03:36.040 least or not as hot as two hundred and seventy 0:03:36.040 --> 0:03:36.720 two thousand. 0:03:37.120 --> 0:03:40.440 What do you make of it, Well, Caroline, what I 0:03:40.480 --> 0:03:44.520 see is unpredictability. Like you said, this was not what 0:03:44.600 --> 0:03:47.680 anybody thought was going to happen. Everybody was thinking we 0:03:47.720 --> 0:03:49.880 would have a decrease from April, but we ended up 0:03:49.880 --> 0:03:53.080 blowing out the jobs report. And so what we're seeing 0:03:53.400 --> 0:03:57.000 is uncertainty, and we're seeing jobs in these areas of 0:03:57.440 --> 0:04:01.880 government and healthcare, but it's still uncertain as to what's 0:04:01.920 --> 0:04:02.560 going to happen. 0:04:03.600 --> 0:04:07.640 I'm told that in New York there were audible gasps 0:04:08.200 --> 0:04:09.119 when the number hit. 0:04:09.320 --> 0:04:11.080 Such was the surprise of the world. 0:04:10.840 --> 0:04:12.880 And a lot of our audience will watch and say, well, 0:04:12.920 --> 0:04:15.000 why do we care large it's is of the FED 0:04:15.120 --> 0:04:18.080 right that the idea that the FED won't cut rates 0:04:18.080 --> 0:04:20.720 as quickly as we thought. But we're trying to understand 0:04:21.040 --> 0:04:23.400 the story in the technology sector. This is what the 0:04:23.480 --> 0:04:26.520 kind of breakdown looks like, changes in motion picture through 0:04:26.560 --> 0:04:29.680 web search. This data, which we've dug into for the 0:04:29.720 --> 0:04:30.719 court is really interesting. 0:04:30.760 --> 0:04:31.560 What does it tell you? 0:04:32.360 --> 0:04:33.240 So the data is. 0:04:33.240 --> 0:04:35.359 Very interesting when you look at this, like we saw 0:04:36.360 --> 0:04:41.800 the healthcare and government sectors have hiring. But as a 0:04:41.839 --> 0:04:44.960 tech CEO, my vantage point is slightly different. We're in 0:04:45.000 --> 0:04:49.120 an industry where we're seeing experimentation and change, and this 0:04:49.160 --> 0:04:52.120 is where we don't know what's fully going to happen, 0:04:52.680 --> 0:04:55.880 and we're curious what is the impact of AI going 0:04:55.920 --> 0:04:58.560 to be on jobs and what is the world going 0:04:58.600 --> 0:05:01.040 to be when we see digital and employees come into 0:05:01.040 --> 0:05:01.479 the mix. 0:05:02.160 --> 0:05:05.599 Never before has it been so I don't even know 0:05:05.600 --> 0:05:09.760 what to say in vogue or important or cool to 0:05:09.800 --> 0:05:13.640 be a computer scientist or software engineer. But with that 0:05:13.760 --> 0:05:17.920 comes demand and a lack of supply, probably so big 0:05:17.960 --> 0:05:20.359 pay packages. Are you seeing that in your world? 0:05:20.760 --> 0:05:24.880 We're definitely seeing demand for engineers and AI data scientists. 0:05:25.240 --> 0:05:27.320 But what you're wondering is what does this mean for 0:05:27.440 --> 0:05:30.039 people that use AI? What does it mean to be 0:05:30.240 --> 0:05:34.760 a customer support representative or a sales representative? And there's 0:05:34.839 --> 0:05:37.800 a lot of interesting opportunities out there, but there's a 0:05:37.800 --> 0:05:39.919 lot of questions as well for what this means for 0:05:39.960 --> 0:05:42.240 the future of the workforce, and we need to call 0:05:42.320 --> 0:05:45.920 every company to be transparent and accountable for the decisions 0:05:45.920 --> 0:05:49.080 that they're making when it comes to their hiring practices, 0:05:49.320 --> 0:05:52.120 whether it's for people or with digital employees. 0:05:52.320 --> 0:05:54.960 Sarah, can you answer some of those questions, What are 0:05:55.000 --> 0:05:57.760 you seeing for those that work in customer services? What 0:05:57.800 --> 0:06:00.680 are you seeing for those that are supposedly being augmented 0:06:00.960 --> 0:06:02.160 of potentially being replaced? 0:06:03.520 --> 0:06:06.200 Well, so, the Labor Bureau shows that over time we'll 0:06:06.240 --> 0:06:09.240 see a decline in these positions and we'll have AI 0:06:09.560 --> 0:06:14.599 and digital employees being the new professions. We can see 0:06:14.640 --> 0:06:17.359 a time when we as people will be working together 0:06:17.520 --> 0:06:21.159 with digital employees. And this is a mind bended concept, 0:06:21.279 --> 0:06:23.920 but it is where we're going. And so that's where 0:06:23.960 --> 0:06:27.599 the Job's report is very interesting. Where you see healthcare professionals, 0:06:27.600 --> 0:06:30.640 government professionals as being the main bulk of these job 0:06:30.720 --> 0:06:35.160 increases and then it's little still early days, but for AI, 0:06:35.520 --> 0:06:37.480 it's going to be interesting, and we need to call 0:06:37.520 --> 0:06:42.040 everyone to have transparency and hold AI accountable for when 0:06:42.080 --> 0:06:45.080 they do become employees, because you could be a customer 0:06:45.120 --> 0:06:49.080 service representative and you still need to be held to 0:06:49.120 --> 0:06:52.560 the same level of goals that a person would be. 0:06:53.200 --> 0:06:56.320 Are we still seeing reskilling as a topic and actually 0:06:56.360 --> 0:06:57.159 being followed. 0:06:56.880 --> 0:06:57.159 Through on. 0:06:58.680 --> 0:07:02.000 Reskilling has never been more important right now because you 0:07:02.120 --> 0:07:04.800 need to be able to be able to transition your 0:07:04.800 --> 0:07:07.240 workforce into the jobs of the future. 0:07:08.440 --> 0:07:11.280 Sarah Franklin, LA's CEO, it's fantastic to have you back 0:07:11.320 --> 0:07:13.480 on set in San Francisco. It's amazing to see the 0:07:13.520 --> 0:07:17.120 world change so quickly each quarter. Come back soon. Now 0:07:17.160 --> 0:07:18.920 coming up on the program, we're going to sit down 0:07:19.200 --> 0:07:21.840 with the LIFT CEO, David Risher as the company holds 0:07:21.880 --> 0:07:24.400 its first ever invested day. And I know so many 0:07:24.440 --> 0:07:26.080 of you in our audience had a lot of questions 0:07:26.080 --> 0:07:27.920 for David, will put some of them to him. Next, 0:07:27.960 --> 0:07:37.240 this is Bloomberg Technology. 0:07:37.880 --> 0:07:38.160 Lift. 0:07:38.240 --> 0:07:40.360 It's been holding its first over investor day this week, 0:07:40.400 --> 0:07:43.600 with the company projecting gross bookings to grow about fifteen 0:07:43.640 --> 0:07:46.480 percent and a compound annual rate over the next three years. 0:07:46.600 --> 0:07:49.160 Investors liking that clarity are sticking a little bit more 0:07:49.160 --> 0:07:50.920 of the lift CEO David Rusher, who's here in New 0:07:50.960 --> 0:07:53.560 York City. It was a big event whow lots of 0:07:53.640 --> 0:07:57.880 musical performances, and then the serious matter of numbers of margin. 0:07:58.800 --> 0:08:01.880 What gets you that fifteen percent compound increase? What gets 0:08:01.920 --> 0:08:04.240 you an improvement and margin and profitability too. 0:08:04.520 --> 0:08:06.120 So I don't think you're going to be surprised about this, 0:08:06.200 --> 0:08:08.720 but the answer is customer obsession is what gets us there, right. 0:08:08.720 --> 0:08:10.720 I mean, we're a scale business. We're a scale business. 0:08:10.720 --> 0:08:12.840 We do two million rides a day today. We're going 0:08:12.920 --> 0:08:14.800 to get to twenty five billion dollars in bookings over 0:08:14.840 --> 0:08:16.720 the next couple of years. That just means doing more 0:08:16.760 --> 0:08:19.520 of a customers, like picking them up faster, pricing better, 0:08:19.720 --> 0:08:21.800 and then innovating like with women plus connect and some 0:08:21.840 --> 0:08:22.640 of the other things we've. 0:08:22.480 --> 0:08:23.200 Talked about before. 0:08:23.320 --> 0:08:25.400 It's really the basics, but you do them really well 0:08:25.440 --> 0:08:27.400 over and over again and you can grow an incredibly 0:08:27.400 --> 0:08:28.520 big and profitable business. 0:08:28.720 --> 0:08:31.000 I can see that helping bookings, How does it do 0:08:31.040 --> 0:08:33.880 the profitability? Do you have to start to charge people 0:08:34.160 --> 0:08:36.520 a little bit more to be able to get that margin. 0:08:36.720 --> 0:08:36.760 No. 0:08:37.000 --> 0:08:38.880 No, in fact, that's not at all on the plan. Instead, 0:08:38.880 --> 0:08:41.280 when it's the plan are things like lift Medium. So 0:08:41.360 --> 0:08:43.720 this is such an interesting thing. Think about all the 0:08:43.720 --> 0:08:46.040 different ways brands want to talk to you today. A 0:08:46.120 --> 0:08:49.040 lot of them are online, right, They're through Google, maybe Meta, 0:08:49.120 --> 0:08:51.959 whatever it is. We actually have people in cars going 0:08:52.000 --> 0:08:54.920 to grocery stores. And is that interesting that maybe you 0:08:54.960 --> 0:08:57.160 know Cress versus Colgate. Maybe you don't care too much, 0:08:57.160 --> 0:08:59.120 but maybe there's an advertiser who'd like to talk to you, 0:08:59.400 --> 0:09:01.400 is you're about to walk into Kroger, for example. So 0:09:01.640 --> 0:09:02.959 that's part of the way that we can kind of 0:09:02.960 --> 0:09:05.040 work with margins. We can also work with modes and 0:09:05.080 --> 0:09:06.640 some other things. A lot of good ideas. 0:09:06.400 --> 0:09:10.400 There, David, good morning, is ed. I'd like to look 0:09:10.440 --> 0:09:12.680 past the numbers a little bit. I understand the seven 0:09:12.800 --> 0:09:15.400 hundred and nine million rides you did in twenty twenty three, 0:09:15.600 --> 0:09:19.400 and you make this argument that your target market or 0:09:19.440 --> 0:09:23.480 total addressable market is based on the total miles driven 0:09:23.559 --> 0:09:26.880 in personal cars. But what I don't see is how 0:09:26.920 --> 0:09:30.240 you're going to go after that addressable market. Convincing people 0:09:30.480 --> 0:09:33.920 not to use their own vehicles but take you instead. 0:09:34.480 --> 0:09:36.480 Right, Well, you know I don't have to do a 0:09:36.480 --> 0:09:38.080 lot of that, to be honest, it's one hundred and 0:09:38.080 --> 0:09:40.040 sixty billion trips that. 0:09:40.000 --> 0:09:40.880 People take a year. 0:09:41.080 --> 0:09:44.560 Let's just look at the daily commute. Every single year, 0:09:44.679 --> 0:09:48.920 people commute to and from works work fifty five billion 0:09:48.960 --> 0:09:53.120 times fifty five saw crushing billion times. So you don't 0:09:53.200 --> 0:09:55.040 have to take much of that to make a real 0:09:55.080 --> 0:09:57.679 difference in our seven hundred to eight hundred million rides. 0:09:57.840 --> 0:09:59.439 We've got a new product that we're just in. 0:09:59.400 --> 0:10:02.040 The process of developing, for example, to allow you to 0:10:02.040 --> 0:10:04.679 lock in your price, so every single day, instead of 0:10:04.679 --> 0:10:07.320 a pouase that bounces around, you get a consistent price. 0:10:07.440 --> 0:10:09.160 And that's something we know people stress about. 0:10:09.200 --> 0:10:11.800 Literally, people wake up early in the morning just to 0:10:11.880 --> 0:10:13.439 check a couple of different apps to figure out what 0:10:13.480 --> 0:10:15.240 the least expensive way to get to work in. So 0:10:15.440 --> 0:10:17.280 if we can take that off the table, that might 0:10:17.320 --> 0:10:19.160 increase us by call it a ride a week, But 0:10:19.240 --> 0:10:21.080 we're ride a week times fifty two weeks a year 0:10:21.240 --> 0:10:24.280 times millions of people. It adds up pretty fast. 0:10:24.760 --> 0:10:25.080 David. 0:10:25.080 --> 0:10:27.080 When I said you were coming on the show, the 0:10:27.120 --> 0:10:31.000 majority of questions from the audience were about robotaxi. You 0:10:31.040 --> 0:10:32.959 and I have discussed this in the past, but Lift 0:10:32.960 --> 0:10:36.439 has a complicated history with robotaxi. I think at the 0:10:36.480 --> 0:10:41.000 core of their question is will you survive in a 0:10:41.040 --> 0:10:44.040 world where you know, Zeus has a really big runway, 0:10:44.080 --> 0:10:46.160 Waimo appears to have a really big runway. 0:10:46.280 --> 0:10:48.360 Yeah, yeah, so we will survive. 0:10:48.480 --> 0:10:50.559 Let's just take that off the table right now, because 0:10:50.559 --> 0:10:52.040 I think the way to think about it is this. 0:10:52.800 --> 0:10:55.160 You know, it's one thing to create a robotaxi, and 0:10:55.240 --> 0:10:58.040 both of those companies are doing really incredible work. I'm super, 0:10:58.080 --> 0:11:00.440 super impressed with the technology and how it's come together. 0:11:00.840 --> 0:11:04.160 But it's a very different thing to two million times 0:11:04.200 --> 0:11:07.080 a day, pick people up, drop them off, do it 0:11:07.080 --> 0:11:09.320 in weird weather, do it at airports, and so on 0:11:09.400 --> 0:11:11.080 and so on, and so I think it's a much 0:11:11.120 --> 0:11:14.800 more likely scenario that one displaces the other, that actually 0:11:14.840 --> 0:11:17.040 we work together, right, that we end up welcoming them 0:11:17.120 --> 0:11:19.960 to our network. Because if you're a robotaxi company, and 0:11:20.000 --> 0:11:22.720 I know you've taken for example, the zooks robotaxi, gosh, 0:11:22.720 --> 0:11:25.319 you need a lot of volume to really drive the 0:11:25.400 --> 0:11:28.439 numbers otherwise, you know, I mean, you make ten ten cars, 0:11:28.559 --> 0:11:30.320 you know, ten million dollars a car, it doesn't make 0:11:30.320 --> 0:11:32.199 any sense. So you've got to have someone like us 0:11:32.240 --> 0:11:35.319 as a partner who can really incorporate them into our network. 0:11:35.440 --> 0:11:37.720 And I think that's the most likely scenario that you know, 0:11:37.720 --> 0:11:38.600 a bunch of different companies. 0:11:38.640 --> 0:11:40.760 I think they're going to work on no soul crushing 0:11:40.760 --> 0:11:44.520 commute for Ed when he's in that zoos heading around that, David, 0:11:44.840 --> 0:11:47.880 I'm interested in you can work together with robotaxis, but 0:11:47.920 --> 0:11:49.760 you're not going to work together with Uber, And I'm 0:11:49.800 --> 0:11:53.640 interested as to ultimately they're really focusing on this advertising 0:11:53.679 --> 0:11:54.240 focus too. 0:11:54.600 --> 0:11:56.160 Is there room enough of both of you? How are 0:11:56.160 --> 0:11:57.400 you going to compete for that? 0:11:57.800 --> 0:11:59.000 I don't think we have to compete for them. 0:11:59.160 --> 0:12:01.000 Don't because I think, you know, one of the things 0:12:01.040 --> 0:12:03.560 I learned from Jeff Besis is work on things that 0:12:03.600 --> 0:12:05.640 are durable. If you're going to build a big business, 0:12:05.640 --> 0:12:08.240 work on something that's durable. Okay, I can predict in 0:12:08.520 --> 0:12:10.800 five years, ten years, one hundred years, there are going 0:12:10.840 --> 0:12:14.800 to be companies like the ones we work with today, Chase, NBC, Universal, 0:12:15.360 --> 0:12:19.400 Delta with their Skymiles program, Kroger ihop. These are five 0:12:19.400 --> 0:12:21.760 companies that we're working with today. Every single one of 0:12:21.800 --> 0:12:25.040 those companies or their siblings or their brethren are going 0:12:25.080 --> 0:12:26.920 to want to talk to customers in new ways. And 0:12:26.920 --> 0:12:29.480 we've got two million rides every single day. So no, 0:12:29.640 --> 0:12:31.080 I don't think that this is one of those zero 0:12:31.120 --> 0:12:32.959 sum things. I think actually this is a whole new 0:12:33.000 --> 0:12:36.000 category of mobile advertising. I think we're going to get 0:12:36.000 --> 0:12:37.240 their first. I think we're going to do it better. 0:12:37.240 --> 0:12:38.920 But if other people want to follow us, and more 0:12:38.960 --> 0:12:39.560 power to them. 0:12:39.800 --> 0:12:41.880 Of course works Famazon, who work for Microsoft. Do you 0:12:41.960 --> 0:12:43.120 learn a lot from those businesses? 0:12:43.120 --> 0:12:46.319 And both of those are plowing forward and artificial intelligence. 0:12:45.880 --> 0:12:47.720 I'm sure you are too. 0:12:47.880 --> 0:12:50.360 How much can you use my data as a lift 0:12:50.480 --> 0:12:53.319 user to dictate what ads I'm seeing make more specific 0:12:53.400 --> 0:12:55.000 for me without waiting me out? 0:12:55.360 --> 0:12:56.160 So great question. 0:12:56.200 --> 0:12:57.640 I mean I would actually turn it around a little 0:12:57.679 --> 0:12:59.600 bit and say, of course, artificial intelligence is going to 0:12:59.640 --> 0:13:02.079 revel it revolutionize a lot of different businesses. 0:13:02.320 --> 0:13:04.000 I would start actually with our drivers. 0:13:04.080 --> 0:13:06.200 Look at all the different ways drivers interact with our 0:13:06.200 --> 0:13:08.200 platform right now. By the way, forty one percent of 0:13:08.240 --> 0:13:10.640 our drivers don't speak English as their first language at home, 0:13:10.880 --> 0:13:13.160 So imagine a world where artificial intelligence can help with 0:13:13.200 --> 0:13:14.320 simultaneous translation. 0:13:14.840 --> 0:13:16.800 Every single one of our drivers wants to earn more 0:13:16.960 --> 0:13:18.679 our platform imaginar. 0:13:18.320 --> 0:13:21.200 World where drivers can use an intelligent assistant to help 0:13:21.240 --> 0:13:22.920 them figure out how to spend their time so they 0:13:22.960 --> 0:13:24.840 can earn even more on the platform. And then you 0:13:24.880 --> 0:13:26.920 get to the targeting side, and our goal is going 0:13:26.960 --> 0:13:29.320 to be to make the targeting so seamless. You think 0:13:29.360 --> 0:13:30.800 of it as a benefit. You're like, oh wow, this 0:13:30.840 --> 0:13:33.400 is fantastic. I'm literally getting a coupon off of my 0:13:33.440 --> 0:13:34.600 favor what's your favorite toothpaste? 0:13:34.640 --> 0:13:37.480 Out of curiosity, I'm using some weird one made in 0:13:37.480 --> 0:13:38.880 India that doesn't have fluoride in it. 0:13:38.920 --> 0:13:40.760 I like going into that big rabbit hole on. 0:13:40.800 --> 0:13:42.840 You're one of those people, Okay, fair enough, Well you 0:13:42.840 --> 0:13:45.000 know what, I use a product called David Toothpaste. 0:13:45.040 --> 0:13:46.120 I don't know if they're on the line now. 0:13:46.360 --> 0:13:50.360 Sorry, it's not personalized, it's just pure coincidence. But they're 0:13:50.400 --> 0:13:53.240 also I think they have a different formulation than Florid. 0:13:53.240 --> 0:13:54.640 I don't know, not so focused on that, but it's 0:13:54.640 --> 0:13:55.360 a very nice tube. 0:13:55.360 --> 0:13:55.920 I can tell you that. 0:13:55.960 --> 0:13:58.520 So imagine I'm going to CBS and I get you 0:13:58.679 --> 0:14:03.000 five dollars off my David's Tuesdays instead of the big, long, ridiculous. 0:14:02.520 --> 0:14:03.920 Thing that you get after you check out there. I 0:14:03.920 --> 0:14:04.920 think it's a better experience. 0:14:05.800 --> 0:14:07.920 David on the AI note, I got a very specific 0:14:08.000 --> 0:14:10.880 question from an audience member on X how is lift 0:14:10.960 --> 0:14:14.079 leveraging AI? Is it truly a buzzword for them or 0:14:14.080 --> 0:14:17.240 are they really making use of it in a meaningful way? 0:14:17.280 --> 0:14:19.880 And you gave the example or a couple of examples 0:14:19.880 --> 0:14:23.320 there from the driver's perspective, what about the rider's perspective? 0:14:23.360 --> 0:14:24.720 And what about your internal use? 0:14:24.920 --> 0:14:26.160 Sure? So all three? Right? 0:14:26.200 --> 0:14:29.360 So internal is really about productivity and quality? 0:14:29.560 --> 0:14:31.440 Right? We use AI to check our code. 0:14:31.520 --> 0:14:33.800 We use AI to come up with different ideas, sometimes 0:14:33.840 --> 0:14:36.080 as kind of idea starters. Anyway, a lot of interesting 0:14:36.120 --> 0:14:38.560 things there from drivers. I just mentioned a great way 0:14:38.600 --> 0:14:40.880 I think to sort of maximize earnings as an example, 0:14:41.120 --> 0:14:43.640 and I think for riders imaginal world, here's a scenario 0:14:43.640 --> 0:14:45.280 that I bet has never happened to anyone listening. 0:14:45.360 --> 0:14:49.040 You ever leave your iPhone in the car? And how 0:14:49.480 --> 0:14:50.440 fun is that experience? 0:14:50.640 --> 0:14:52.200 You know, two minutes later when you realize you don't 0:14:52.200 --> 0:14:53.960 have it? Well, you know, AI is pretty good at 0:14:54.000 --> 0:14:57.040 detecting patterns and understanding the gosh the car is moving 0:14:57.080 --> 0:14:57.440 one way. 0:14:57.600 --> 0:14:59.320 You know, you've just gotten out of the car. What's 0:14:59.360 --> 0:15:01.080 going on here? Maybe it can we with the driver 0:15:01.160 --> 0:15:03.920 back to drop the phone off for you. So I think, look, 0:15:03.960 --> 0:15:04.960 you can overhepe AI. 0:15:05.120 --> 0:15:06.880 You know, maybe it's not going to cure cancer tomorrow, 0:15:06.960 --> 0:15:08.960 probably doesn't, to be honest, but I do think that 0:15:09.080 --> 0:15:11.720 every single day. If we're customer obsessed and that's going 0:15:11.760 --> 0:15:14.200 to be our focus, customer obsessed AI. 0:15:13.920 --> 0:15:15.800 We can use it in really innovative ways. 0:15:16.480 --> 0:15:18.920 Let's CIA, David Richard, thank you so much. We appreciate 0:15:18.920 --> 0:15:20.400 you coming into our world headquarters. 0:15:20.440 --> 0:15:21.440 I was a pleasure in New York. 0:15:29.120 --> 0:15:31.720 Okay, time for talking tech and first start soft bank 0:15:31.800 --> 0:15:34.520 back travel app yan Algia is said to be planning 0:15:34.560 --> 0:15:38.000 a four hundred million dollar IPO in the United States. 0:15:38.040 --> 0:15:40.920 Sources say the South Korean startup is eyeing a launch 0:15:41.000 --> 0:15:44.160 in July with the valuation of between seven and nine 0:15:44.280 --> 0:15:47.160 billion dollars. The final decision has not been made in 0:15:47.240 --> 0:15:50.520 details of the offering could still change. Plus AI startups 0:15:50.520 --> 0:15:53.200 in Silicon Valley is stepping up efforts to stop a 0:15:53.240 --> 0:15:57.120 California bill that would place public safety Guard rails on AI, 0:15:57.520 --> 0:16:01.920 saying it would curtail innovation aims to mitigate catastrophic risks 0:16:01.960 --> 0:16:04.120 posed by fut UI models, such. 0:16:03.920 --> 0:16:05.080 As weapons development. 0:16:05.320 --> 0:16:08.160 The measure awaits action from the State Assembly, which has 0:16:08.360 --> 0:16:11.680 until August thirty one to pass the measure. And UK 0:16:11.800 --> 0:16:15.560 tech tycoon Mike Lynch has been found not guilty of 0:16:15.600 --> 0:16:19.800 criminal charges. Lynch was accused of using accounting tricks to 0:16:19.960 --> 0:16:24.040 dupe Hewlett Packard into buying his software startup Autonomy for 0:16:24.080 --> 0:16:27.600 eleven billion dollars in twenty eleven. The outcome marks a 0:16:27.640 --> 0:16:30.800 redemption for Lynch, who for years argued that he was 0:16:30.920 --> 0:16:33.000 used as a scapegoat for the deal. 0:16:33.000 --> 0:16:37.360 Caroline extraordinary, particularly anyone who's reported on the UK tech scenes, 0:16:37.400 --> 0:16:39.640 such as both of us have. Let's talk to Rachel 0:16:39.640 --> 0:16:42.160 Graff about this, because Rachel, he is a man who 0:16:42.200 --> 0:16:44.640 advised several prime ministers in the UK, was a pin 0:16:44.760 --> 0:16:47.600 up for what entrepreneurship could be and then. 0:16:47.520 --> 0:16:50.200 He completely fell from grace. Is this the redemption? 0:16:52.160 --> 0:16:52.800 I think it is. 0:16:53.880 --> 0:16:58.200 He was found guilty and silbil Kius in the UK 0:16:59.400 --> 0:17:03.120 he's ill facing potential monetary fines or monetary fines for that, 0:17:04.040 --> 0:17:06.760 so he's not completely off the hook. But it's a 0:17:06.760 --> 0:17:09.560 stunning victory for him in the US. 0:17:10.119 --> 0:17:12.879 What did the judge say, What was the legal reasoning 0:17:13.600 --> 0:17:15.760 that came to the conclusion of not guilty. 0:17:16.200 --> 0:17:16.640 So it was. 0:17:16.560 --> 0:17:20.600 Actually a jury here in San Francisco, and after the verdict, 0:17:20.800 --> 0:17:25.399 the jury said they didn't find a whistleblower at Autonomy 0:17:25.400 --> 0:17:28.639 who says that he alerted Lynch to the fraud and 0:17:28.720 --> 0:17:31.040 was then fired in retaliation. They didn't find him to 0:17:31.040 --> 0:17:34.560 be particularly credible and they didn't think that the government 0:17:34.600 --> 0:17:38.120 proved beyond a reasonable doubt that Lynch was directly involved 0:17:38.160 --> 0:17:38.800 in any fraud. 0:17:38.920 --> 0:17:41.240 When I was reading your reporting, you know, Lynch in 0:17:41.280 --> 0:17:43.439 his legal reputation team said, well, the first thing I'm 0:17:43.480 --> 0:17:44.080 going to do is go. 0:17:44.040 --> 0:17:44.720 Back to the UK. 0:17:45.960 --> 0:17:50.000 Do we see the prosecution try and do anything as 0:17:50.040 --> 0:17:50.960 a next step or. 0:17:51.880 --> 0:17:55.400 The judge yesterday after the verdict held another hearing saying 0:17:55.440 --> 0:17:57.840 that Lynch is he's free to go home. Basically, he 0:17:58.240 --> 0:18:01.399