Speaker 1: From Mark hard where Innovation, Money and Power Collie in
Speaker 1: Silicon Valley, NBN. This is Bloomberg Technology with Caroline Hyde
Speaker 1: and Ed Ludlove.
Speaker 2: I'm Karine Heinelblumog's world headquarters in New York, and I'm.
Speaker 3: Ed Ludlow in San Francisco. This is Bloomberg Technology.
Speaker 2: Coming up, we sit down with the CEO of lyft
Speaker 2: as after the company holds its first ever invest Today.
Speaker 3: Plus we'll take a look at GameStop as Roaring Kitty
Speaker 3: goes live with an announcement in just under an hour,
Speaker 3: and we.
Speaker 2: Push your head to Apple's Developers conference with a focus
Speaker 2: on artificial intelligence. For first, let's just check on all
Speaker 2: these markets today, ed is a macro day, is a
Speaker 2: non farm payrolls day, is a hot labor market day,
Speaker 2: and yet actually some resilience in the benchmarks. When it
Speaker 2: comes to equities, we're off by just twelve points, even
Speaker 2: though we see roaring through Channa and seventy two thousand
Speaker 2: jobs AD and we're going to be digging into it
Speaker 2: in a moment. But the tenure yield the bond market
Speaker 2: is what feels the pain. Basically, this labor market's too good.
Speaker 2: The Fed can't cut is what the marketstell to anticipate,
Speaker 2: and we're up some thirteen basis points on the tenure yields.
Speaker 2: We're seeing the dollar index also higher. However, it's notable
Speaker 2: that even though the dollar is higher, Bitcoin is literally
Speaker 2: still showing some risk on attitude.
Speaker 4: Let's move on to see what bitcoin's been doing over
Speaker 4: the course of year to date.
Speaker 2: We are back near those record highs. We're still up
Speaker 2: sixty seven percent year to date. We're seventy one thousand,
Speaker 2: three hundred. That's just shy of the seventy three thousand
Speaker 2: record that we've seen previously. Eighteen straight days of infros
Speaker 2: of increases in bitcoin, and we're seeing that money moving
Speaker 2: into the bitcoin ETF, the spot ETF, so ed so
Speaker 2: watching crypto.
Speaker 4: But what are you watching on the micro game stop?
Speaker 3: I want this to be, at its heart, a beautiful
Speaker 3: story about a company that sells video games, but it's not.
Speaker 3: I mean, the stock's down twenty five percent in the session.
Speaker 3: They unexpectedly announced earnings and said that they would sell
Speaker 3: an additional seventy five million dollar shares. It's been a
Speaker 3: wild ride this week, and it all centers around Roaring
Speaker 3: Kitty aka Keith Gill, who's due to go live and
Speaker 3: speak at midday Eastern time. And I think it's important
Speaker 3: to be honest Caroline and say, haven't got a scooby
Speaker 3: doo what he's going to say or what is going
Speaker 3: to be about. And there's a lot of hypothesis out
Speaker 3: there about his position and what will happen. We will
Speaker 3: try our best throughout the hour to keep you posted.
Speaker 3: There are other things we're watching, individual names, but a
Speaker 3: lot of it's to do with next week. Lift coming
Speaker 3: up very soon, going to speak to the CEO. Investor Day,
Speaker 3: a lot of numbers, but lots of questions about future
Speaker 3: of ride share in a world where robotaxis king in videos,
Speaker 3: down Stock split Monday, lots of excitement from retail investors
Speaker 3: about that Apple WWDC on Monday. Mark German of Bloomberg says,
Speaker 3: we are going to be told something about Apple intelligence
Speaker 3: and then finally Tesla up two tents of a percent.
Speaker 3: You have your investor Day next Thursday. I won't be here.
Speaker 3: I'll be on a beach in the Mediterranean. But it's
Speaker 3: a big one and it's a big vote on compensation
Speaker 3: and the future of that company.
Speaker 2: Ed you better promise me that you're not glued to
Speaker 2: your smartphone at that moment on that beach, and that
Speaker 2: you take it in over a glass of wine. But meanwhile,
Speaker 2: let's break down the numbers of what really is the
Speaker 2: macro story of today.
Speaker 4: It's the job support, of course, dictating trade.
Speaker 2: Sarah franca is with US CEO of the People Management
Speaker 2: Platform Lattice, and Sarah, look, this upended every single Bloomberg
Speaker 2: economist that we surveyed out there, that every one of
Speaker 2: them thought that it would be a cooling effect at
Speaker 2: least or not as hot as two hundred and seventy
Speaker 2: two thousand.
Speaker 5: What do you make of it, Well, Caroline, what I
Speaker 5: see is unpredictability. Like you said, this was not what
Speaker 5: anybody thought was going to happen. Everybody was thinking we
Speaker 5: would have a decrease from April, but we ended up
Speaker 5: blowing out the jobs report. And so what we're seeing
Speaker 5: is uncertainty, and we're seeing jobs in these areas of
Speaker 5: government and healthcare, but it's still uncertain as to what's
Speaker 5: going to happen.
Speaker 3: I'm told that in New York there were audible gasps
Speaker 3: when the number hit.
Speaker 6: Such was the surprise of the world.
Speaker 3: And a lot of our audience will watch and say, well,
Speaker 3: why do we care large it's is of the FED
Speaker 3: right that the idea that the FED won't cut rates
Speaker 3: as quickly as we thought. But we're trying to understand
Speaker 3: the story in the technology sector. This is what the
Speaker 3: kind of breakdown looks like, changes in motion picture through
Speaker 3: web search. This data, which we've dug into for the
Speaker 3: court is really interesting.
Speaker 6: What does it tell you?
Speaker 4: So the data is.
Speaker 5: Very interesting when you look at this, like we saw
Speaker 5: the healthcare and government sectors have hiring. But as a
Speaker 5: tech CEO, my vantage point is slightly different. We're in
Speaker 5: an industry where we're seeing experimentation and change, and this
Speaker 5: is where we don't know what's fully going to happen,
Speaker 5: and we're curious what is the impact of AI going
Speaker 5: to be on jobs and what is the world going
Speaker 5: to be when we see digital and employees come into
Speaker 5: the mix.
Speaker 3: Never before has it been so I don't even know
Speaker 3: what to say in vogue or important or cool to
Speaker 3: be a computer scientist or software engineer. But with that
Speaker 3: comes demand and a lack of supply, probably so big
Speaker 3: pay packages. Are you seeing that in your world?
Speaker 5: We're definitely seeing demand for engineers and AI data scientists.
Speaker 5: But what you're wondering is what does this mean for
Speaker 5: people that use AI? What does it mean to be
Speaker 5: a customer support representative or a sales representative? And there's
Speaker 5: a lot of interesting opportunities out there, but there's a
Speaker 5: lot of questions as well for what this means for
Speaker 5: the future of the workforce, and we need to call
Speaker 5: every company to be transparent and accountable for the decisions
Speaker 5: that they're making when it comes to their hiring practices,
Speaker 5: whether it's for people or with digital employees.
Speaker 2: Sarah, can you answer some of those questions, What are
Speaker 2: you seeing for those that work in customer services? What
Speaker 2: are you seeing for those that are supposedly being augmented
Speaker 2: of potentially being replaced?
Speaker 5: Well, so, the Labor Bureau shows that over time we'll
Speaker 5: see a decline in these positions and we'll have AI
Speaker 5: and digital employees being the new professions. We can see
Speaker 5: a time when we as people will be working together
Speaker 5: with digital employees. And this is a mind bended concept,
Speaker 5: but it is where we're going. And so that's where
Speaker 5: the Job's report is very interesting. Where you see healthcare professionals,
Speaker 5: government professionals as being the main bulk of these job
Speaker 5: increases and then it's little still early days, but for AI,
Speaker 5: it's going to be interesting, and we need to call
Speaker 5: everyone to have transparency and hold AI accountable for when
Speaker 5: they do become employees, because you could be a customer
Speaker 5: service representative and you still need to be held to
Speaker 5: the same level of goals that a person would be.
Speaker 2: Are we still seeing reskilling as a topic and actually
Speaker 2: being followed.
Speaker 1: Through on.
Speaker 5: Reskilling has never been more important right now because you
Speaker 5: need to be able to be able to transition your
Speaker 5: workforce into the jobs of the future.
Speaker 3: Sarah Franklin, LA's CEO, it's fantastic to have you back
Speaker 3: on set in San Francisco. It's amazing to see the
Speaker 3: world change so quickly each quarter. Come back soon. Now
Speaker 3: coming up on the program, we're going to sit down
Speaker 3: with the LIFT CEO, David Risher as the company holds
Speaker 3: its first ever invested day. And I know so many
Speaker 3: of you in our audience had a lot of questions
Speaker 3: for David, will put some of them to him. Next,
Speaker 3: this is Bloomberg Technology.
Speaker 4: Lift.
Speaker 2: It's been holding its first over investor day this week,
Speaker 2: with the company projecting gross bookings to grow about fifteen
Speaker 2: percent and a compound annual rate over the next three years.
Speaker 2: Investors liking that clarity are sticking a little bit more
Speaker 2: of the lift CEO David Rusher, who's here in New
Speaker 2: York City. It was a big event whow lots of
Speaker 2: musical performances, and then the serious matter of numbers of margin.
Speaker 2: What gets you that fifteen percent compound increase? What gets
Speaker 2: you an improvement and margin and profitability too.
Speaker 7: So I don't think you're going to be surprised about this,
Speaker 7: but the answer is customer obsession is what gets us there, right.
Speaker 7: I mean, we're a scale business. We're a scale business.
Speaker 7: We do two million rides a day today. We're going
Speaker 7: to get to twenty five billion dollars in bookings over
Speaker 7: the next couple of years. That just means doing more
Speaker 7: of a customers, like picking them up faster, pricing better,
Speaker 7: and then innovating like with women plus connect and some
Speaker 7: of the other things we've.
Speaker 1: Talked about before.
Speaker 7: It's really the basics, but you do them really well
Speaker 7: over and over again and you can grow an incredibly
Speaker 7: big and profitable business.
Speaker 2: I can see that helping bookings, How does it do
Speaker 2: the profitability? Do you have to start to charge people
Speaker 2: a little bit more to be able to get that margin.
Speaker 8: No.
Speaker 7: No, in fact, that's not at all on the plan. Instead,
Speaker 7: when it's the plan are things like lift Medium. So
Speaker 7: this is such an interesting thing. Think about all the
Speaker 7: different ways brands want to talk to you today. A
Speaker 7: lot of them are online, right, They're through Google, maybe Meta,
Speaker 7: whatever it is. We actually have people in cars going
Speaker 7: to grocery stores. And is that interesting that maybe you
Speaker 7: know Cress versus Colgate. Maybe you don't care too much,
Speaker 7: but maybe there's an advertiser who'd like to talk to you,
Speaker 7: is you're about to walk into Kroger, for example. So
Speaker 7: that's part of the way that we can kind of
Speaker 7: work with margins. We can also work with modes and
Speaker 7: some other things. A lot of good ideas.
Speaker 3: There, David, good morning, is ed. I'd like to look
Speaker 3: past the numbers a little bit. I understand the seven
Speaker 3: hundred and nine million rides you did in twenty twenty three,
Speaker 3: and you make this argument that your target market or
Speaker 3: total addressable market is based on the total miles driven
Speaker 3: in personal cars. But what I don't see is how
Speaker 3: you're going to go after that addressable market. Convincing people
Speaker 3: not to use their own vehicles but take you instead.
Speaker 7: Right, Well, you know I don't have to do a
Speaker 7: lot of that, to be honest, it's one hundred and
Speaker 7: sixty billion trips that.
Speaker 1: People take a year.
Speaker 7: Let's just look at the daily commute. Every single year,
Speaker 7: people commute to and from works work fifty five billion
Speaker 7: times fifty five saw crushing billion times. So you don't
Speaker 7: have to take much of that to make a real
Speaker 7: difference in our seven hundred to eight hundred million rides.
Speaker 1: We've got a new product that we're just in.
Speaker 7: The process of developing, for example, to allow you to
Speaker 7: lock in your price, so every single day, instead of
Speaker 7: a pouase that bounces around, you get a consistent price.
Speaker 1: And that's something we know people stress about.
Speaker 7: Literally, people wake up early in the morning just to
Speaker 7: check a couple of different apps to figure out what
Speaker 7: the least expensive way to get to work in. So
Speaker 7: if we can take that off the table, that might
Speaker 7: increase us by call it a ride a week, But
Speaker 7: we're ride a week times fifty two weeks a year
Speaker 7: times millions of people. It adds up pretty fast.
Speaker 6: David.
Speaker 3: When I said you were coming on the show, the
Speaker 3: majority of questions from the audience were about robotaxi. You
Speaker 3: and I have discussed this in the past, but Lift
Speaker 3: has a complicated history with robotaxi. I think at the
Speaker 3: core of their question is will you survive in a
Speaker 3: world where you know, Zeus has a really big runway,
Speaker 3: Waimo appears to have a really big runway.
Speaker 1: Yeah, yeah, so we will survive.
Speaker 7: Let's just take that off the table right now, because
Speaker 7: I think the way to think about it is this.
Speaker 7: You know, it's one thing to create a robotaxi, and
Speaker 7: both of those companies are doing really incredible work. I'm super,
Speaker 7: super impressed with the technology and how it's come together.
Speaker 7: But it's a very different thing to two million times
Speaker 7: a day, pick people up, drop them off, do it
Speaker 7: in weird weather, do it at airports, and so on
Speaker 7: and so on, and so I think it's a much
Speaker 7: more likely scenario that one displaces the other, that actually
Speaker 7: we work together, right, that we end up welcoming them
Speaker 7: to our network. Because if you're a robotaxi company, and
Speaker 7: I know you've taken for example, the zooks robotaxi, gosh,
Speaker 7: you need a lot of volume to really drive the
Speaker 7: numbers otherwise, you know, I mean, you make ten ten cars,
Speaker 7: you know, ten million dollars a car, it doesn't make
Speaker 7: any sense. So you've got to have someone like us
Speaker 7: as a partner who can really incorporate them into our network.
Speaker 7: And I think that's the most likely scenario that you know,
Speaker 7: a bunch of different companies.
Speaker 2: I think they're going to work on no soul crushing
Speaker 2: commute for Ed when he's in that zoos heading around that, David,
Speaker 2: I'm interested in you can work together with robotaxis, but
Speaker 2: you're not going to work together with Uber, And I'm
Speaker 2: interested as to ultimately they're really focusing on this advertising
Speaker 2: focus too.
Speaker 4: Is there room enough of both of you? How are
Speaker 4: you going to compete for that?
Speaker 1: I don't think we have to compete for them.
Speaker 7: Don't because I think, you know, one of the things
Speaker 7: I learned from Jeff Besis is work on things that
Speaker 7: are durable. If you're going to build a big business,
Speaker 7: work on something that's durable. Okay, I can predict in
Speaker 7: five years, ten years, one hundred years, there are going
Speaker 7: to be companies like the ones we work with today, Chase, NBC, Universal,
Speaker 7: Delta with their Skymiles program, Kroger ihop. These are five
Speaker 7: companies that we're working with today. Every single one of
Speaker 7: those companies or their siblings or their brethren are going
Speaker 7: to want to talk to customers in new ways. And
Speaker 7: we've got two million rides every single day. So no,
Speaker 7: I don't think that this is one of those zero
Speaker 7: sum things. I think actually this is a whole new
Speaker 7: category of mobile advertising. I think we're going to get
Speaker 7: their first. I think we're going to do it better.
Speaker 7: But if other people want to follow us, and more
Speaker 7: power to them.
Speaker 4: Of course works Famazon, who work for Microsoft. Do you
Speaker 4: learn a lot from those businesses?
Speaker 2: And both of those are plowing forward and artificial intelligence.
Speaker 4: I'm sure you are too.
Speaker 2: How much can you use my data as a lift
Speaker 2: user to dictate what ads I'm seeing make more specific
Speaker 2: for me without waiting me out?
Speaker 6: So great question.
Speaker 7: I mean I would actually turn it around a little
Speaker 7: bit and say, of course, artificial intelligence is going to
Speaker 7: revel it revolutionize a lot of different businesses.
Speaker 1: I would start actually with our drivers.
Speaker 7: Look at all the different ways drivers interact with our
Speaker 7: platform right now. By the way, forty one percent of
Speaker 7: our drivers don't speak English as their first language at home,
Speaker 7: So imagine a world where artificial intelligence can help with
Speaker 7: simultaneous translation.
Speaker 1: Every single one of our drivers wants to earn more
Speaker 1: our platform imaginar.
Speaker 7: World where drivers can use an intelligent assistant to help
Speaker 7: them figure out how to spend their time so they
Speaker 7: can earn even more on the platform. And then you
Speaker 7: get to the targeting side, and our goal is going
Speaker 7: to be to make the targeting so seamless. You think
Speaker 7: of it as a benefit. You're like, oh wow, this
Speaker 7: is fantastic. I'm literally getting a coupon off of my
Speaker 7: favor what's your favorite toothpaste?
Speaker 2: Out of curiosity, I'm using some weird one made in
Speaker 2: India that doesn't have fluoride in it.
Speaker 4: I like going into that big rabbit hole on.
Speaker 7: You're one of those people, Okay, fair enough, Well you
Speaker 7: know what, I use a product called David Toothpaste.
Speaker 1: I don't know if they're on the line now.
Speaker 7: Sorry, it's not personalized, it's just pure coincidence. But they're
Speaker 7: also I think they have a different formulation than Florid.
Speaker 7: I don't know, not so focused on that, but it's
Speaker 7: a very nice tube.
Speaker 1: I can tell you that.
Speaker 7: So imagine I'm going to CBS and I get you
Speaker 7: five dollars off my David's Tuesdays instead of the big, long, ridiculous.
Speaker 1: Thing that you get after you check out there. I
Speaker 1: think it's a better experience.
Speaker 3: David on the AI note, I got a very specific
Speaker 3: question from an audience member on X how is lift
Speaker 3: leveraging AI? Is it truly a buzzword for them or
Speaker 3: are they really making use of it in a meaningful way?
Speaker 3: And you gave the example or a couple of examples
Speaker 3: there from the driver's perspective, what about the rider's perspective?
Speaker 6: And what about your internal use?
Speaker 1: Sure? So all three? Right?
Speaker 7: So internal is really about productivity and quality?
Speaker 1: Right? We use AI to check our code.
Speaker 7: We use AI to come up with different ideas, sometimes
Speaker 7: as kind of idea starters. Anyway, a lot of interesting
Speaker 7: things there from drivers. I just mentioned a great way
Speaker 7: I think to sort of maximize earnings as an example,
Speaker 7: and I think for riders imaginal world, here's a scenario
Speaker 7: that I bet has never happened to anyone listening.
Speaker 1: You ever leave your iPhone in the car? And how
Speaker 1: fun is that experience?
Speaker 7: You know, two minutes later when you realize you don't
Speaker 7: have it? Well, you know, AI is pretty good at
Speaker 7: detecting patterns and understanding the gosh the car is moving
Speaker 7: one way.
Speaker 1: You know, you've just gotten out of the car. What's
Speaker 1: going on here? Maybe it can we with the driver
Speaker 1: back to drop the phone off for you. So I think, look,
Speaker 1: you can overhepe AI.
Speaker 7: You know, maybe it's not going to cure cancer tomorrow,
Speaker 7: probably doesn't, to be honest, but I do think that
Speaker 7: every single day. If we're customer obsessed and that's going
Speaker 7: to be our focus, customer obsessed AI.
Speaker 1: We can use it in really innovative ways.
Speaker 3: Let's CIA, David Richard, thank you so much. We appreciate
Speaker 3: you coming into our world headquarters.
Speaker 1: I was a pleasure in New York.
Speaker 3: Okay, time for talking tech and first start soft bank
Speaker 3: back travel app yan Algia is said to be planning
Speaker 3: a four hundred million dollar IPO in the United States.
Speaker 3: Sources say the South Korean startup is eyeing a launch
Speaker 3: in July with the valuation of between seven and nine
Speaker 3: billion dollars. The final decision has not been made in
Speaker 3: details of the offering could still change. Plus AI startups
Speaker 3: in Silicon Valley is stepping up efforts to stop a
Speaker 3: California bill that would place public safety Guard rails on AI,
Speaker 3: saying it would curtail innovation aims to mitigate catastrophic risks
Speaker 3: posed by fut UI models, such.
Speaker 6: As weapons development.
Speaker 3: The measure awaits action from the State Assembly, which has
Speaker 3: until August thirty one to pass the measure. And UK
Speaker 3: tech tycoon Mike Lynch has been found not guilty of
Speaker 3: criminal charges. Lynch was accused of using accounting tricks to
Speaker 3: dupe Hewlett Packard into buying his software startup Autonomy for
Speaker 3: eleven billion dollars in twenty eleven. The outcome marks a
Speaker 3: redemption for Lynch, who for years argued that he was
Speaker 3: used as a scapegoat for the deal.
Speaker 2: Caroline extraordinary, particularly anyone who's reported on the UK tech scenes,
Speaker 2: such as both of us have. Let's talk to Rachel
Speaker 2: Graff about this, because Rachel, he is a man who
Speaker 2: advised several prime ministers in the UK, was a pin
Speaker 2: up for what entrepreneurship could be and then.
Speaker 4: He completely fell from grace. Is this the redemption?
Speaker 6: I think it is.
Speaker 9: He was found guilty and silbil Kius in the UK
Speaker 9: he's ill facing potential monetary fines or monetary fines for that,
Speaker 9: so he's not completely off the hook. But it's a
Speaker 9: stunning victory for him in the US.
Speaker 3: What did the judge say, What was the legal reasoning
Speaker 3: that came to the conclusion of not guilty.
Speaker 6: So it was.
Speaker 9: Actually a jury here in San Francisco, and after the verdict,
Speaker 9: the jury said they didn't find a whistleblower at Autonomy
Speaker 9: who says that he alerted Lynch to the fraud and
Speaker 9: was then fired in retaliation. They didn't find him to
Speaker 9: be particularly credible and they didn't think that the government
Speaker 9: proved beyond a reasonable doubt that Lynch was directly involved
Speaker 9: in any fraud.
Speaker 3: When I was reading your reporting, you know, Lynch in
Speaker 3: his legal reputation team said, well, the first thing I'm
Speaker 3: going to do is go.
Speaker 6: Back to the UK.
Speaker 3: Do we see the prosecution try and do anything as
Speaker 3: a next step or.
Speaker 9: The judge yesterday after the verdict held another hearing saying
Speaker 9: that Lynch is he's free to go home. Basically, he
Speaker 9: was under house arrest and four hour supervision here in
Speaker 9: San Francisco during the trial. The judge lifted those restrictions
Speaker 9: and so he's he's free to go.
Speaker 2: So too was the VP for Finance as well, who's
Speaker 2: also cleared who said basically he had been robbed of
Speaker 2: ten years of his life. Audible gas crying in the
Speaker 2: when the judgment was read out. Rachel, Ultimately, what does
Speaker 2: this mean for HP as well? When they is the
Speaker 2: basically put on them as to what happened with the
Speaker 2: unraveling Autonomy's market capitalization.
Speaker 9: Yeah, so HP was not a defendant in this case.
Speaker 9: But one of Lynch's arguments all along has been that
Speaker 9: HP made a bad deal and they've been trying to
Speaker 9: escape got him. I mean, it was an eleven billion
Speaker 9: dollar deal, they wrote it. They had an eight point
Speaker 9: eight billion dollar right down the year later, and you know,
Speaker 9: he says, that's that's on them.
Speaker 6: It was.
Speaker 9: It was a bad deal. It's it's not his fault,
Speaker 9: and so.
Speaker 3: It's not good for HP doing that is Rachel Graft,
Speaker 3: great job, terrific reporting.
Speaker 6: Thank you very much.
Speaker 3: Let's get to another important piece of blimb reporting and
Speaker 3: Bloomberg's Brody Ford. And this is a really interesting one, mate,
Speaker 3: because you have lifted on the lead on a company
Speaker 3: I find quite mysterious, Oracle and their contract with the
Speaker 3: US Department of Veteran Affairs. Just explain the basics of
Speaker 3: your reporting.
Speaker 10: This is one of the biggest federal IT tech contracts ever,
Speaker 10: sixteen billion dollars to modernize the veteran affairs you know,
Speaker 10: back end medical records system. Huge undertaking, lots of money involved.
Speaker 10: Was given to a company called Cerner, now acquired by Oracle,
Speaker 10: and this contract has had a lot of controversies and
Speaker 10: they've had a lot of difficulties implementing it. They've had
Speaker 10: some highly publicized patient deaths outages. An Oracle has said that, hey, look,
Speaker 10: you're renegotiating it, but we can handle it fine. We're
Speaker 10: improving things, Things are going well. What we found in
Speaker 10: these documents is that satisfaction rates among users of this
Speaker 10: new system are lower than any other system they have
Speaker 10: data on. I think it's like nineteen percent of doctors
Speaker 10: and nurses are happy with the system say it can
Speaker 10: provide high quality care. And so these numbers reveal to
Speaker 10: us that again, one of the largest tech contracts in
Speaker 10: government history is really going much worse.
Speaker 1: Than we realized.
Speaker 2: You've actually been relentless on this reporting, Brodie, in terms
Speaker 2: of highlighting that this Cerner part of the business is
Speaker 2: just not going as well as many would have anticipated.
Speaker 2: They're losing market share as one of the reports, and
Speaker 2: ultimately the way in which they sort of adopted the business.
Speaker 4: Last thing we knew Larry Ellison.
Speaker 2: Is going to be moving to Nashville because it's coming
Speaker 2: much more of a healthcare company. But this doesn't seem
Speaker 2: to be align with that.
Speaker 10: It's a long history of tech companies thinking they can
Speaker 10: break into the health market. Right when Oracle bought Serner,
Speaker 10: they said that we're going to be able to expand
Speaker 10: our earnings massively. Reporting we have shows that a couple
Speaker 10: of years out the revenue is down in large part
Speaker 10: because of this VA contract that's been on pause. So yeah,
Speaker 10: I mean this is a classic tale. Amazon's been there,
Speaker 10: Google's been there, Apple's been there. Where healthcare is a
Speaker 10: hard nut to crack, and folks continue to learn that.
Speaker 2: Does Larry refocus therefore on the gift that keeps on giving,
Speaker 2: which is artificial intelligence, and repivot away from all things
Speaker 2: digital health?
Speaker 10: Well, one thing is that when it comes with this
Speaker 10: digital health system, a lot of data and so a
Speaker 10: lot of people figure that all of the patient data
Speaker 10: in here, this could make a really good AI system.
Speaker 10: At one point, we don't have it yet, but five
Speaker 10: years from now. I mean their long term vision for
Speaker 10: modernizing CIRT is genuinely compelling, and obviously we know that
Speaker 10: the health system is not doing well. I mean, we
Speaker 10: could certainly use a better solution. So I think, as
Speaker 10: you say, with all the data, the long term vision
Speaker 10: is compelling. The near term difficulties have been much more
Speaker 10: than it seems they anticipated.
Speaker 2: Pretty great reporting. Thank you always on Oraticle, Thanks coming
Speaker 2: in and talking us through it.
Speaker 4: Ready for that.
Speaker 6: Welcome back exploding the technology Ed Lard though in San.
Speaker 2: Francisco, Karen had in New York digesting a very strong
Speaker 2: jobs report. Let's get to the markets quickly, because there's
Speaker 2: a macro kind of a day when you have turing
Speaker 2: and seventy two thousand jobs added, much higher than any
Speaker 2: of the economists we surveyed thought, and we're currently seeing therefore,
Speaker 2: actually in Nasdak being pretty resilient in the face of
Speaker 2: a very hot economy that maybe the FED can't cut into,
Speaker 2: but the bond market less so look ed. We're seeing
Speaker 2: about twelve thirteen basis points add across the curve. I
Speaker 2: shine a light on the two year but similar moves
Speaker 2: to the tenure as well as we anticipate maybe the
Speaker 2: FED can't cut in the way that the market had anticipated.
Speaker 2: I'm looking at Bitcoin also shaking off some of this
Speaker 2: worry that good news is bad news, because we are
Speaker 2: risk one once again, eighteen straight days of gains for bitcoin,
Speaker 2: phenomenal run street that we've seen. At the moment, we're
Speaker 2: up another five ten percent, near that all time high.
Speaker 2: Move on and see what's happening on individual names. Look,
Speaker 2: it's a job's day to kind of day. I want
Speaker 2: to shine a light on ADP because actually this particular
Speaker 2: data provider HR Services, it's the best performer on the
Speaker 2: na's that one hundred to day. We're up more than
Speaker 2: one point six percent, which shows that actually nothing's moving
Speaker 2: that much. However, they are showing from Bloomberg intelligence and
Speaker 2: analysis that they're going to be really resilient within their
Speaker 2: market share area of HR opportunities. I'm looking at what's
Speaker 2: happening with Nvidia after the bell today. That is, when
Speaker 2: you suddenly see your one share divide it into ten.
Speaker 2: We've still got the same overall value of the company,
Speaker 2: and maybe retail investors get back into the name. But
Speaker 2: we have had such run in this. Of course, we
Speaker 2: know that it's up near three trillion dollars, maybe just
Speaker 2: taking some profit ahead of that retail event. And I'm
Speaker 2: looking what's happening with a retail frenzy.
Speaker 4: That is game Stop.
Speaker 2: We are down down, down today, look at it down
Speaker 2: by nineteen percent. That on the basis are fundamentals. Let's
Speaker 2: also then dig in a little bit more on the fundamentals,
Speaker 2: the fact that their numbers are not living up to
Speaker 2: those two analysts' expectations.
Speaker 4: But actually there's a lot more than fundamentals on this
Speaker 4: particular company. Ed is it?
Speaker 6: Is it fundamentals?
Speaker 3: Game Stop is a company that sells video game stuff
Speaker 3: and memorabilia in physical stores, and havn't got a clue
Speaker 3: really what's going on. One person who does is Bloomberg's
Speaker 3: Bailey Lipshaltz. The game Stop memes stocks are of the
Speaker 3: Bloomberg newsroom.
Speaker 6: So Carrie's right.
Speaker 3: They surprisingly release earnings, they do an equity offering, and
Speaker 3: Roaring Kitty is going to speak in twenty eight minutes time.
Speaker 6: Explain what's happening, please.
Speaker 11: And so much is going on, so we'll start from
Speaker 11: the top. The stock was up double digits overnight and
Speaker 11: into this morning after rallying about fifty percent. Yesterday, as
Speaker 11: Keith gil Teesday returned to YouTube for the first time
Speaker 11: in three years. We then saw game Stop pull forward earnings.
Speaker 11: It was scheduled for Tuesday, they surprisedly released them this
Speaker 11: morning and then quickly announced that they will launch an
Speaker 11: at the market offering that could sell another seventy five
Speaker 11: million shares, which on current levels for that stock could
Speaker 11: raise close to two point seven billion dollars. Again, they
Speaker 11: did this back in May, raising almost a billion dollars
Speaker 11: after Rowing Kitty made a return to X so all
Speaker 11: eyes and ears will be glued. As you mentioned in
Speaker 11: twenty eight minutes twenty seven minutes on too Roaring Kitties
Speaker 11: YouTube page to a confirm if you'd still him and
Speaker 11: be try to get some sense of what's going on
Speaker 11: with his investment, which he's touted on Reddit and also
Speaker 11: has really posted over the last four weeks pretty NonStop
Speaker 11: on X.
Speaker 2: And that could be worth almost half a billion now
Speaker 2: according to your math when you're looking at the overall
Speaker 2: holdings of shares and options. There's so many directions to
Speaker 2: go here, baby, because we could focus on the fact
Speaker 2: and whether Game Stop itself is exploiting this moment and
Speaker 2: shareholders by diluting them yet further, or whether they're being savvy.
Speaker 2: We could also dissect the fact that here is Keith
Speaker 2: Gill potentially even manipulating the market. That's something that we're
Speaker 2: starting to hear talked about.
Speaker 6: Yeah, that's a concern.
Speaker 11: We've seen the Wall Street Journal reporting that E Trade
Speaker 11: is considering banning him from their platform, which makes me
Speaker 11: feel a little bit better if they're in fact actually
Speaker 11: can confirm that he is taking these stakes and making
Speaker 11: these investments in the company. But Caroline, the main thing
Speaker 11: that stands out when you look at kind of the
Speaker 11: concern around market manipulation. When I talk to securities lawyers
Speaker 11: need to be able to prove an intent to manipulate
Speaker 11: the market and follow through on that. So far, he
Speaker 11: hasn't sold the stuff as far as we know, according
Speaker 11: to those screen rep he hasn't done anything with those options.
Speaker 11: So it's really a weird area that has not really
Speaker 11: been discussed in the past. But one thing that did
Speaker 11: stand out when I was talking to an investor this
Speaker 11: morning is he said back in twenty twenty one, a
Speaker 11: lot of us thought it was funny. No one's laughing
Speaker 11: right now, the SEC seemingly is investigating in y trade obviously,
Speaker 11: and Morgan Stanley are looking into it.
Speaker 6: I actually get all of that.
Speaker 3: I think it's worth a bit of a history lesson here,
Speaker 3: so you know, I joke, but GameStop is a physical
Speaker 3: retailer of video game stuff and associating memorabilia and you know,
Speaker 3: as depicted in the film Done Money. When Roaring Kitty
Speaker 3: aka Keith Gill started all of this. His explanation was,
Speaker 3: as Carol pointed to, like, he was believed in the
Speaker 3: fundamentals of the business. Just just give us that historic context.
Speaker 11: Yeah, if you go back to twenty twenty, at sales
Speaker 11: were slumping, there was a lot of uncertainty around what
Speaker 11: the fundamental argument for game stop in a world where
Speaker 11: people are increasingly downloading video games is and how the
Speaker 11: COVID dynamic would actually shift that because if you play
Speaker 11: a video games on your PlayStation or your Xbox, you
Speaker 11: don't have a need to go into a physical store
Speaker 11: to buy those games anymore. His argument was that the
Speaker 11: stock was so beaten down that there was an opportunity.
Speaker 11: He also was the first to call out the fact
Speaker 11: that about one hundred and forty percent of shares were
Speaker 11: sold short, so a short squeeze had kind of been
Speaker 11: right for the opportunity. He also kind of tailed the
Speaker 11: investment from Ryan Cohen, who's now the CEO, that he
Speaker 11: took in late twenty twenty and then added to in
Speaker 11: twenty twenty one when he ultimately took over the board.
Speaker 11: So when you look at the history of Keith Gill's
Speaker 11: position back to twenty twenty, when people really were ignoring
Speaker 11: him because the stock was going down and he was
Speaker 11: just someone on YouTube talking about investing in the stock,
Speaker 11: some of those aspects did kind of come to fruition.
Speaker 11: The main thing that analysts and investors point to now, though,
Speaker 11: is the stock right now was trading with the north
Speaker 11: of fifteen billion dollar valuation. So the argument that his
Speaker 11: deep value analysis was that played out is kind of
Speaker 11: potentially overdone just given the fact that the fundamentals of GameStop,
Speaker 11: as we saw what the quarterly results are not improving.
Speaker 11: We do not have a real argument for what the
Speaker 11: path forward looks like from Ryan Cohen, And when you
Speaker 11: look at it on a fundamental basis, which analysts prefer
Speaker 11: to do, there's a lot of uncertainty and just how
Speaker 11: you could get to a sixteen billion dollar valuation given
Speaker 11: drying and slowing sales in a market that seemingly is
Speaker 11: continuously squeezing.
Speaker 2: Game stop out a whole two market analysts right this stock,
Speaker 2: I believe, and it's currently trading at a forward pe
Speaker 2: of three thousand, six hundred and ninety five. Go figure,
Speaker 2: Bailey Lipschaltz. No one's laughing this time, especially well, it
Speaker 2: wasn't the hedge funds last time, either.
Speaker 6: Was it.
Speaker 4: We appreciate it.
Speaker 2: Meanwhile, Apple, let's talk about that because they're introducing a
Speaker 2: new homegown app next week called Passwords, because an effort
Speaker 2: to make it easier for customers to log into websites
Speaker 2: and software. That's according to sources. Let's bring in Bluemberg's
Speaker 2: Mark Gumman for more on this. And plenty of people
Speaker 2: out there use last pass one password and it's clunky,
Speaker 2: but it kind of makes us feel satisfied.
Speaker 4: We've got enough protection. What Apple is Apple offering here?
Speaker 8: Yeah, So, as part of the company's next operating system updates,
Speaker 8: they're going to launch a whole load of new features,
Speaker 8: from AI to new types of emojis to new texting features.
Speaker 8: But one new application at least will be part of
Speaker 8: the story.
Speaker 6: That's passwords.
Speaker 8: It's going to be a competitor, like you said to
Speaker 8: one password and last past. It'll be a dedicated app
Speaker 8: where you're able to store all your login information for websites,
Speaker 8: secure Wi Fi passwords.
Speaker 6: You'll be able to use.
Speaker 8: Pass keys, which is a new initiative from Apple, Google
Speaker 8: and a few other tech companies where you use space
Speaker 8: ID or touch ID in lieu of a password, sort
Speaker 8: of this encrypted phrase that's stored directly on your devices.
Speaker 6: So it'll support that as well.
Speaker 8: And the idea here, like you said, it's going to
Speaker 8: get more people to securely encrypt and store their passwords.
Speaker 8: And this is going to be stored using a service
Speaker 8: called iCloud Peachain. This has existed for some time on
Speaker 8: Apple's devices before to access your passwords you have to
Speaker 8: do so from an interface.
Speaker 6: Within the Settings app.
Speaker 8: Now it's a standalone, dedicated app and that's probably going
Speaker 8: to boost usage quite considerably of their password storage service.
Speaker 6: Mark Apple WWDC.
Speaker 3: On Monday, you've reported that we will get something called
Speaker 3: Apple Intelligence. And finally Apple will show its hand in
Speaker 3: the Generatordai era.
Speaker 6: Give us your preview please.
Speaker 8: Apple Intelligence that is going to be the core element of.
Speaker 6: WWDC on Monday.
Speaker 8: Obviously, the passwords thing I talked about is only going
Speaker 8: to be a small bit of that. Apple Intelligence is
Speaker 8: out push into artificial intelligence. The plan is to add
Speaker 8: AI everywhere, infuse it with all of the core applications messages, Safari,
Speaker 8: mail notes, calendar, voice memos, reminders, uses it. Pushing AI
Speaker 8: everywhere in a very privacy conscious way. Now in terms
Speaker 8: of Apple's own in house tools, so there's not going
Speaker 8: to be a ton of generative AI.
Speaker 6: For the generative AI component.
Speaker 8: That's where they're going to be really focused on a
Speaker 8: partnership with OpenAI, having a generative AI chatbot basically a
Speaker 8: bespoke version of chat GPT within the iPhone on device, Spotlight,
Speaker 8: Search Engine right, and components of Siri. So you're going
Speaker 8: to get in house on device large language models from
Speaker 8: Apple to power the AI within applications. You're going to
Speaker 8: have an iCloud based infrastructure using Mac chips to power
Speaker 8: more components of the AI initiative, and then you're going
Speaker 8: to have open Ai to power the generative AI part
Speaker 8: of the initiative. So this is a three prong approach.
Speaker 8: Apple believes it has a strong story to tell. Personally,
Speaker 8: I think we're playing a lot of catch up here
Speaker 8: with their AI initiative. But again, they have a user
Speaker 8: base of over two billion devices, and so overnight they
Speaker 8: are going to naturally become the open market leader of
Speaker 8: artificial intelligence.
Speaker 3: Think that's Mark Gumman an absolutely astonishingly detailed WWDC preview,
Speaker 3: and you're often absolutely spot and we look forward to it.
Speaker 3: Coming up on the show, We're going to bring an
Speaker 3: end to our New York Tech Week coverage and sit
Speaker 3: down with one of the city's most valuable startups. The
Speaker 3: president of data Iq joins us.
Speaker 6: Next. This is Bloomberg.
Speaker 4: On New York Tech Week.
Speaker 2: It's coming to an end after the technology industry in
Speaker 2: NYC has gathered for a week of events of panels
Speaker 2: or conversations and parties.
Speaker 4: And I'm pre used to say not too exhausted by
Speaker 4: at all. It's one of New York's most valuable startups.
Speaker 2: Joining us now is data Aiku president Chris Fanka Truman.
Speaker 2: Data aku is actually a leading AI machine learning platform
Speaker 2: for enterprise companies. Basically, you're selling universal AI platform. You
Speaker 2: help governance with cost management, with security, of generative AI
Speaker 2: applications based here in New York. Interestingly, you've also got
Speaker 2: a hub in Paris.
Speaker 1: Yep.
Speaker 4: Why these two ecosystems, what are they doing for you?
Speaker 12: Yeah, we actually founded in Paris. Are founders all French,
Speaker 12: the mathematicians and Frances becoming especially Paris is definitely becoming
Speaker 12: a center of AI.
Speaker 6: Great education.
Speaker 12: And if you talk about regulation, of course you're talking
Speaker 12: about AI, you have to talk about regulation. The Europeans
Speaker 12: tend to be a little bit ahead of the curve
Speaker 12: in terms of regulation, and of course a lot of
Speaker 12: the regulatory aspects of where Europe is actually heading towards
Speaker 12: will come to the US, will come to issue just
Speaker 12: like GDPR. So actually seeing what's happening in Europe, especially
Speaker 12: in AI, is going to be critical for global enterprise.
Speaker 2: Companies, And therefore it helps if you're selling them governance
Speaker 2: in ways to sort of look around corners. But does
Speaker 2: it also then make the future opportunities a little bit
Speaker 2: slower to take the bite. Our CEO is a little
Speaker 2: bit nervous about jumping full into generative AI.
Speaker 1: Now.
Speaker 12: I think we largely sell to enterprise, and you can't
Speaker 12: find an enterprise company which is not regulated right where
Speaker 12: there's oil and gas, insurance, financial services, you name it.
Speaker 12: And instead of thinking of governance as more like a
Speaker 12: lack of innovation track type of concept, I think finally,
Speaker 12: I think we started to think about governance in a
Speaker 12: little bit different way. So a data who are talking
Speaker 12: to our clients, so we largely sell to Baybay large
Speaker 12: enterprise companies. We have over ten percent of the global
Speaker 12: two thousands, for example, very complicated global businesses, and you're
Speaker 12: really trying to educate them in terms of what governance,
Speaker 12: what regulatory aspects that they have to actually tackle right now, because,
Speaker 12: as you correctly identified, if CEOs thay think, hey, this
Speaker 12: governance thing is going to be very opique. Ideally don't
Speaker 12: know where to invest, how to invest, and let's be honest,
Speaker 12: AI is not cheap. It really requires a rethinking in
Speaker 12: terms of how they actually distribute their either data or
Speaker 12: IT budgets. But I think we are doing a very
Speaker 12: very good job of actually going ahead of the curve
Speaker 12: really speaking to them so they actually can create those
Speaker 12: guardrails right now in their organizations and for AI to
Speaker 12: really be effective and not think about AI like something
Speaker 12: like everybody. Everybody can use an enterprise. We have to
Speaker 12: completely rethink who are they going to be the users
Speaker 12: of AI. It's not really going to be the data
Speaker 12: scientists or the data engineers. You don't need a PhD
Speaker 12: firm Standford to actually figure out AI. We have to
Speaker 12: rethink how the whole concept of AI is going to
Speaker 12: create value.
Speaker 6: Well Chrig, yeah, you said it just then.
Speaker 3: AI is expensive, right, And we reflected earlier in the
Speaker 3: show in the context of the jobs data that there
Speaker 3: are a finite number of computer scientists and software engineers
Speaker 3: from Stanford or otherwise. Are you able to get the
Speaker 3: people that you want in New York and in Paris?
Speaker 6: And are you paying them over the odds?
Speaker 12: I think we have to think about AI completely differently.
Speaker 12: I think right now we are thinking about AI really
Speaker 12: inform a lens of compute and the hyperscalers and if
Speaker 12: what we do and what we do really special in
Speaker 12: data IQUP and I'll go back to your question why
Speaker 12: we can actually go attract really high quality talent? Is
Speaker 12: we think of AI as something that everyday users in
Speaker 12: an organization should be using. So not only the data scientists,
Speaker 12: but the person who works in finance, the first who
Speaker 12: works in HR, the person who works in legal, the
Speaker 12: person who actually works in manufacturing. Those people don't need
Speaker 12: an advanced degree to really take the value of AI,
Speaker 12: because right now what we are seeing behind the scenes
Speaker 12: in terms of AI, most of the investment and the
Speaker 12: value creation, both for company as well as for investors,
Speaker 12: is going to come in the application layer. Just like
Speaker 12: in the early days on the Internet, we put a
Speaker 12: lot of fiber right, we put built a lot of
Speaker 12: large data centers, but the people who really really created
Speaker 12: value are in essence, the people who actually created the application,
Speaker 12: and similar we are ton AI. You will actually see
Speaker 12: that we hire board scientists as well as regular folks
Speaker 12: because the other people can really understand the needs of
Speaker 12: the end user and actually can drive m.
Speaker 6: Sorry to cut you off, we got to go.
Speaker 3: Data IQ President krish Benker traman crazy have Them program.
Speaker 6: Thank you.
Speaker 3: San Francisco's mayoral race is ongoing. We've been talking to
Speaker 3: some of the candidates about their vision for the future
Speaker 3: of this city. Some say it's tech centric nature needs
Speaker 3: to be harnessed. Others say it's too tech centric. Let's
Speaker 3: get the view of another candidate. Annually, re founder and
Speaker 3: former CEO of Tipping Point Community and Mark Farrell has
Speaker 3: been on the show and basically said were over index
Speaker 3: historically to tech, but they've left.
Speaker 6: We desperately need them back.
Speaker 3: You share that view, but you want to specifically focus
Speaker 3: on the corner of the technology industry that's looking at
Speaker 3: green energy and climate.
Speaker 13: Well, first, thanks for having me. San Francisco is coming back.
Speaker 13: There is not a question in my mind. This race
Speaker 13: is about how quickly I'm running against a number of
Speaker 13: city hall insiders who frankly got us into this mess.
Speaker 13: And it's not going to be done by anyone from
Speaker 13: inside that building. It needs accountable leadership, it needs new ideas.
Speaker 13: I'm excited today to talk to you about my proposal
Speaker 13: to bring a climate Innovation hub here to San Francisco.
Speaker 13: And you've just had many guests on talking about AI.
Speaker 13: San Francisco is already the center of AI, but we
Speaker 13: need to marry that with I've heard that a lot
Speaker 13: with respect missterilliary.
Speaker 6: What are you actually going to do?
Speaker 3: You know what is a concrete policy that's going to
Speaker 3: get a company to say, yeah, you know what, this
Speaker 3: he's going to fix the city.
Speaker 13: We're first off, we're coming back. We have the best
Speaker 13: research institutions We have Meta, we have Google, we have
Speaker 13: open Eyes AI, and we have a say we have
Speaker 13: open office space. We have twenty two salesforce towers of
Speaker 13: open office space. We have to streamline permitting to invite
Speaker 13: clean tech companies back here. You need a mayor with
Speaker 13: vision that no longer is going to say business is
Speaker 13: a bad word, but we're going to embrace tech, clean tech.
Speaker 13: We need to do this. We need to do it
Speaker 13: with new vision and new leadership. And that's what I
Speaker 13: bring to this race.
Speaker 3: What kind of I guess coalition you're building, Miss Deilliary,
Speaker 3: You know who are the companies and existing industry leaders.
Speaker 6: That you feel are backing you. Well.
Speaker 13: I have a track record of bringing together the business community,
Speaker 13: the nonprofit community, of the civic community. Mayor ed Lee
Speaker 13: actually asked me to chair the bid for Super Bowl
Speaker 13: fifty back in twenty thirteen. We had to go up
Speaker 13: against Miami. I led the cheerleading for that effort. We
Speaker 13: won the rights to bring that game here. We brought
Speaker 13: two hundred and forty million dollars worth of economic revenue
Speaker 13: to San Francisco, to the Bay Area. And guess what,
Speaker 13: we created the Bay Area Host Committee. We got the
Speaker 13: NBA All Star Game coming here next year. We have
Speaker 13: Super Bowl sixty coming back, we have six World Cup
Speaker 13: matches coming here. The eyes of the world are going
Speaker 13: to be on San Francisco again. But we have to
Speaker 13: do the basics.
Speaker 6: Ed.
Speaker 13: We have to have clean streets, we have to have
Speaker 13: safe streets, and not just when the JP Morgan healthcare
Speaker 13: conferences in town or APEC is here. Simply put, we
Speaker 13: need new leadership, and that's what I provide.
Speaker 2: There's a political risk here that is not just meyoral
Speaker 2: candidates coming up, so there's also a presidential election that
Speaker 2: might not be that supportive of climate tech. How do
Speaker 2: you ensure that we're not going into a bus situation
Speaker 2: that you're betting on the right ecosystem here at Daniel.
Speaker 13: Well, listen, we all know we need to have decarbonization.
Speaker 6: We have a climate crisis.
Speaker 13: We all know that when you're looking at companies like
Speaker 13: Meta Google, they need more energy, they need more power,
Speaker 13: and they have their own climate goals. And so this
Speaker 13: is a technology that is just getting started.
Speaker 3: I'm certain in trouble. I just want to get to
Speaker 3: the idea of what the city will become. One vision
Speaker 3: associate with your name is Wall Street for Climate Tech Bros.
Speaker 6: Is that fair?
Speaker 13: Well, Listen, this city needs to get back to its roots.
Speaker 13: We need to be focused on arts and culture. We
Speaker 13: also need to embrace business as well for us to
Speaker 13: be a great American city. We also need the tax
Speaker 13: revenue that we have lost under the current leadership. We
Speaker 13: have seen businesses fleeing this city. It's time that we
Speaker 13: go win business back. I've done it before and I'll
Speaker 13: do it again.
Speaker 3: San Francisco Meryl candidate Daniel Luy, grateful for you coming
Speaker 3: into the studio. Thank you for having me and as
Speaker 3: if the brace progresses, come back again, Carol.
Speaker 2: Fascinating the way in which cities continue to evolve. We've
Speaker 2: taught New York, talked a bit of Paris, San Francisco.
Speaker 2: But look, this is the end of this edition of
Speaker 2: Bluembog Technology. A lot to look forward to for next
Speaker 2: week and indeed in a few minutes time.
Speaker 3: Yeah, I mean just incredible. What's happening next week? Nvidia, Apple,
Speaker 3: and Tesla. I'm away, but Caro, you got this and
Speaker 3: in many ways I'm envious.
Speaker 6: Check out the pod.
Speaker 3: You know where to find it. From San Francisco and
Speaker 3: New York. This is Bloomberg Technology,