Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Bloomberg Tech is live
Speaker 1: from coast to coast with Caroline Hide in New York
Speaker 1: and Ever though in sentrancs go.
Speaker 2: This is Bloomberg Tech coming up data bricks raising over
Speaker 2: four billion dollars. Is its valuation skyrockets to one hundred
Speaker 2: and thirty four billion. We have the details on the
Speaker 2: relentless investor demand for AI oriented tech companies as we
Speaker 2: talk the future of US China Tech relations with Jacob
Speaker 2: Helberg and a Secretary of State for Economic Affairs and
Speaker 2: founder of the Hill and Valley's Forum. This while shopping
Speaker 2: on China's TikTok Live is catching on in the US.
Speaker 2: We'll explore how big the experience might become for users,
Speaker 2: but first we talk about not particularly large moves in
Speaker 2: the market. Right now, we are unchanged on the NASA
Speaker 2: one hundred. It is a noisy jobs report that we
Speaker 2: tried to digest, but it does come across as a
Speaker 2: lowing data set that we see for non farm payrolls.
Speaker 2: Unemployment takes higher. The market tries to digest Bitcoin, though,
Speaker 2: just picking up about two percent where eight and sixty two.
Speaker 2: It has been under pressure over the last few training
Speaker 2: days and in fact could be the fourth ever annual
Speaker 2: loss for bitcoin. More broadly, but as we see nervousness
Speaker 2: around the overall public market phase, what about the private
Speaker 2: market phase. Data Bricks another tell raising over four billion
Speaker 2: dollars in a new funding round. That value is the
Speaker 2: private software firm one hundred and thirty four billion dollars.
Speaker 2: But he makes Body four joins us now to discuss
Speaker 2: what just seems to be relentless. Even though we have
Speaker 2: AI anxiety in the public markets, we are all in
Speaker 2: in the private sector fields.
Speaker 3: What a big valuation? I mean Series L isn't it.
Speaker 4: I mean, this is one of these companies that you know,
Speaker 4: for as long as I can remember, an IPO was
Speaker 4: six or twelve months out. But they just keep raising
Speaker 4: money from the private markets, and it's clear that private
Speaker 4: investors are happy to keep giving it to them. Right now,
Speaker 4: if you're able to tell an AI story, and for
Speaker 4: Data Bricks, that is, we're going to get all your
Speaker 4: data together and make it easy for you to run
Speaker 4: LMS on it, then investors will be lining up. And
Speaker 4: I mean, this is a company with very clean financials,
Speaker 4: with a lot of momentum, and so you know. My
Speaker 4: guess is in six months we'll be here again talking
Speaker 4: about the series whatever letters after l.
Speaker 2: Maybe get to z aligoci has I said, Look, I
Speaker 2: wouldn't be running a cash positive business if I didn't
Speaker 2: want to be tapping the public markets at some point.
Speaker 2: And it seems to be trying to also do secondary
Speaker 2: sales for employees. They are a competitor of Oracle and
Speaker 2: Snowfake in the public markets. Again, we're worrying about Oracle
Speaker 2: and exposure to leases for data centers. How much anxiety
Speaker 2: you hearing about around Oracle.
Speaker 4: So Oracle disclosed a big jump in its leases in
Speaker 4: a three month period. They inked one hundred and fifty
Speaker 4: billion dollars in leases. One hundred and fifty billion, and
Speaker 4: of course that's over the next fifteen nineteen years, but
Speaker 4: you break it down, that's what around sixteen billion a
Speaker 4: year in lease payments for the coming decade and a half.
Speaker 4: That's significant. It's a lot of money that was not
Speaker 4: necessarily known about. We knew they were leasing data centers,
Speaker 4: but probably not quite to this scale. And so it's
Speaker 4: just one more data point that's giving folks indigestion about
Speaker 4: how much is it going to cost to really get
Speaker 4: the AA data centers up and running.
Speaker 2: Intigestion's a nice turn of phrase for it. Ready forward,
Speaker 2: We'll see how this market digests as we enter the
Speaker 2: end of the year.
Speaker 3: Let's get more of a market perspective on that.
Speaker 2: Let's go to Carish Life Shares, the chief market strategist
Speaker 2: Bemo Private Wealth. Carol that anxiety around oracle, around companies
Speaker 2: that have been tapping the debt markets to finance the
Speaker 2: AI well focus on infrastructure. Do you think it's the
Speaker 2: right moment to be going into these sorts of names
Speaker 2: or to be putting back.
Speaker 5: I think it's very interesting because, as you know, there's
Speaker 5: been a lot of chat on the street, if you will,
Speaker 5: about are we in a bubble? Are we not in
Speaker 5: a bubble? But the fact that investors are being very discerning.
Speaker 5: They're putting money in private companies, they're putting money in
Speaker 5: some of those public companies, but then they're also pulling
Speaker 5: back from company is where they're not necessarily approving, if
Speaker 5: you will, of the total package, or don't like the
Speaker 5: surprises for increased spending or increased commitments. And so that
Speaker 5: discerning nature is really constructive, and we are big believers.
Speaker 5: In fact, one of our core big three macro themes
Speaker 5: that we'll be introducing in our capital market assumptions is
Speaker 5: Industrial Revolution four point zero, and we think AI is
Speaker 5: just part of it. There's a lot bigger, broader spend,
Speaker 5: but we are definitely in a revolution that's taking this
Speaker 5: economy and putting it in a whole different place.
Speaker 2: I mean, Carol, go deep on what discerning is discerning
Speaker 2: one hundred and thirty four billion dollar valuation for a
Speaker 2: private company that agreed has a revenue run rate of
Speaker 2: some four point eight billion dollars an eight hundred billion
Speaker 2: dollar market valuation for SpaceX and the private market, so
Speaker 2: it wants to be worth one point five trillion when
Speaker 2: IPO is in twenty twenty six. What spells out discerning
Speaker 2: to you? What are the financials you need to see?
Speaker 5: Discerning spells out somewhat if we just take the public
Speaker 5: markets and we look at, for example, when you had
Speaker 5: five of the meg seven all report in the same week,
Speaker 5: and they all for the most part be expectations, and
Speaker 5: yet some stocks rallied and some declined because of investors
Speaker 5: listening through to the story. So there's a piece there
Speaker 5: where investors want to participate in the industry in technology
Speaker 5: in general, and they're trying to figure out where. I
Speaker 5: think there is always that allure. It's tough to get
Speaker 5: your head around the financials, even though a number of
Speaker 5: different entities now are trying to provide US index on
Speaker 5: private companies. And I saw last week that the CBOE
Speaker 5: and others are looking to want to write options in
Speaker 5: futures on private companies. So there's different ways to participate
Speaker 5: in it. But investors want to foot in that market
Speaker 5: because I think for anyone who lived through prior periods,
Speaker 5: you don't want to miss out on not on having
Speaker 5: everything on the sideline.
Speaker 2: Carol, is that democratization or is that frothiness and a
Speaker 2: desire to just get in on super high valuations.
Speaker 5: Yeah, I think we're still trying to figure that out.
Speaker 5: For me, it's a way of persing risk in different places.
Speaker 5: It's sort of like too that we've seen this evolution
Speaker 5: of the prediction markets, where in the old days you
Speaker 5: had to, you know, your traditional sixty forty portfolio. If
Speaker 5: you're nervous about markets, you had to trim equity exposure.
Speaker 5: Now you have different ways to sort of execute on
Speaker 5: that risk nervousness, you might go buy a levered ETF,
Speaker 5: or if you own a single highly concentrated position in
Speaker 5: one name, you might go out and say, well, I'm
Speaker 5: going to buy an option or a single strategy ETF
Speaker 5: or a single stock ETF on that that's levered to
Speaker 5: the downside just to offset some of my potential. So
Speaker 5: there's different ways to play it, which we're still trying
Speaker 5: to figure out. You know, does it get and Frothy
Speaker 5: gets when everyone runs in the same direction and we've
Speaker 5: pushed these things all parabolic and despite the fact that
Speaker 5: they've been running for what three years now, they're not
Speaker 5: parabolic yet.
Speaker 2: Yeah, and therefore is the proof point yet again earning season?
Speaker 2: Is that why you start to see that actually valuations
Speaker 2: are in line because the PE evaluations aren't out of
Speaker 2: whack if you're really seeing the revenue that they're bringing
Speaker 2: and more broadly we see productivity board.
Speaker 6: Now, Yeah, I think.
Speaker 5: It's very interesting because actually when you looked at the
Speaker 5: last earning season, when you got to the end of
Speaker 5: it and you looked at forward earnings, and Video was
Speaker 5: trading with the lower forward PE ratio than Walmart was,
Speaker 5: and so part of that is the movement of those
Speaker 5: earnings we need to get for all of us. I
Speaker 5: can't wait till we get into the December report season,
Speaker 5: sooner or later we will have some sort of a
Speaker 5: handoff from all the focus and concentration around just those
Speaker 5: seven or ten or fifteen names. We do need to
Speaker 5: see more broadening in the markets because there's been a
Speaker 5: lot of interesting stuff going on in a lot of
Speaker 5: other sectors as well, or that some that are second
Speaker 5: and third iteration of related to technology and some that
Speaker 5: are totally unrelated. But our benefiting or will benefit from
Speaker 5: increased use of robotics and technology and down the road
Speaker 5: when we have a breakthrough in quantum.
Speaker 2: Carol, you're already excited for January twentieth when Netflix kicks
Speaker 2: off our tech earning Salem wishing away our end of
Speaker 2: the year. But it's so great to have you on
Speaker 2: to really push us forward to what your key areas are.
Speaker 2: Focus on carriage life always great in the show, Chief
Speaker 2: Market Structures and be Mo Private Wealth coming up. Well,
Speaker 2: let me joined by Jet Blue CEO because the airline
Speaker 2: prepares to open its first airport lounge.
Speaker 3: This is a really big.
Speaker 2: Tech Jet Blue and it's preparing to open its first
Speaker 2: airport lounge, just ahead of what's expected to be a
Speaker 2: busy holiday travel season. Blue Mags Lisa Ramowitz joins us
Speaker 2: now from John F. Kennedy Airport, a very special guest.
Speaker 3: Thank you so much.
Speaker 7: Yes, Caroline, I am here with Joanna Garrity, the CEO
Speaker 7: of Jet Blue, in the very first lounge. It is
Speaker 7: fashioned like an Art Deco New York City apartment from
Speaker 7: the nineteen forties, thirties, seventies, thirties. Okay, I think I
Speaker 7: got it right, Joanna. Thank you so much for being
Speaker 7: here before the launch later this week. I want to
Speaker 7: start with just how this fits into the strategy of
Speaker 7: Jet Blue right now to make the airline truly profitable
Speaker 7: for a sustainable period of time.
Speaker 3: Yeah, thanks for the question.
Speaker 8: Great to be here and have you in Blue House,
Speaker 8: jet Blue's first foray into lounges. This is very much
Speaker 8: part of our jet Forward strategy. We've been working very
Speaker 8: hard for the last several quarters. I'm really turning towards
Speaker 8: premium and trying to make sure that we're offering more
Speaker 8: opportunities for customers who want to pay a little more,
Speaker 8: and the lounge is part of that. Our transition to
Speaker 8: a first class product next year, domestic first class product.
Speaker 3: We'd be part of that.
Speaker 8: Our premier card are even more as a cabin and
Speaker 8: really excited to start seeing all of that come to
Speaker 8: life in twenty twenty six.
Speaker 7: All of the big airlines we've talked about loyalty and
Speaker 7: how important loyalty and premium offerings is to their profitability
Speaker 7: going forward. How is it different for Jet Blue because
Speaker 7: there isn't the sort of obvious business customer that typically
Speaker 7: fuels the loyalty offering.
Speaker 3: I mean, we're a leisure carrier.
Speaker 8: We tend to get you know, a nice share of
Speaker 8: business customers because they love the product. You know, we're
Speaker 8: back at the top net promoter score, so really proud
Speaker 8: of that. But at the end of the day, this
Speaker 8: is really designed around trying to make sure that customers
Speaker 8: who travel for vacation have a reason to come back
Speaker 8: again and again, providing with a little oasis of peace,
Speaker 8: and you know, really through our loyalty program, we want
Speaker 8: to reward people who choose Jet Blue because they love
Speaker 8: the product, the service and what we offer.
Speaker 7: You have already offered Mint and other premium rollouts. How
Speaker 7: has it been going.
Speaker 8: It's been great, Mint's been a very strong source of
Speaker 8: revenue for Jet Blue for well over the last decade,
Speaker 8: and so I'm not new to this. We have a
Speaker 8: brand that definitely associates with more of a higher end
Speaker 8: leisure customer, providing more to customers at a very reasonable fare.
Speaker 8: We want to make sure that we offer something for
Speaker 8: everybody across the full spectrum, whether you want sort of
Speaker 8: a dialed down experience, still free Wi Fi and great
Speaker 8: leg room and great snacks and drinks TVs. But then
Speaker 8: if you want to pay a little more, you have
Speaker 8: the opportunity for a lounge our Mint Class for Transatlantic
Speaker 8: and then when we launched domestic first later this year,
Speaker 8: that's going to be a great product offering for customers
Speaker 8: want a little more.
Speaker 7: So I was shuttled into here through very log security
Speaker 7: lines and lots of people with screaming children trying to
Speaker 7: get to different destinations for their warm holidays.
Speaker 3: This is the busy season.
Speaker 7: How is it looking in terms of demand given the
Speaker 7: fact that there were some hiccups in the past couple
Speaker 7: of months, But at this point people are getting back
Speaker 7: to what they originally had.
Speaker 8: Yeah, twenty twenty five has been a very tough year.
Speaker 8: Whether it was the macro setback, or the government shut down,
Speaker 8: or the list goes on and on. We're really looking
Speaker 8: forward to the holiday season. Bookings are coming in strong
Speaker 8: as we go into twenty twenty six. We're optimistic that
Speaker 8: the consumer is healthy and that we're going to start
Speaker 8: really ramping up the initiatives that we have been working
Speaker 8: really hard for the last year to execute too and
Speaker 8: seeing the benefit as we move through twenty twenty six,
Speaker 8: how long do.
Speaker 7: You think it'll take before you start to actually turn
Speaker 7: profitable and sustain that.
Speaker 8: You know, our goal next year is to break even
Speaker 8: from an operating margin perspective, and that's the first step
Speaker 8: back to profitability. We have a great team here. Everybody's
Speaker 8: pulling for us. We're doing all the right things, whether
Speaker 8: it's our focus on operational reliability, that promoter score, all
Speaker 8: the premium products that we're launching, our laser focus on costs,
Speaker 8: and really trying to make sure that we're delivering a
Speaker 8: great product offering for customers. Because Jeblue has this wonderful
Speaker 8: brand and this sense of people want to love us
Speaker 8: and they want to see us succeed, and twenty twenty
Speaker 8: six is going to be our year with everything we
Speaker 8: put into place, because twenty twenty.
Speaker 7: Five was not the year for a lot of airlines.
Speaker 3: There are a lot of airlines.
Speaker 7: There are a lot of issues, and you talk about
Speaker 7: the government shutdown, this has been a big discussion among
Speaker 7: a lot of the air airlines CEOs where they've said,
Speaker 7: we just can't make up that kind of revenue, so
Speaker 7: there will be some sort of hit. Have you disclosed
Speaker 7: to any kind of revenue loss as a result of
Speaker 7: some of the shutdown.
Speaker 8: You know, we haven't disclosed any kind of revenue loss.
Speaker 8: You know, we've said that we remain on track for
Speaker 8: Q four and I think we're pleased with what we're
Speaker 8: seeing in terms of bookings coming in for the for
Speaker 8: the balance of the month. We definitely saw some softness
Speaker 8: obviously during the government shut down, but we're recovering coming
Speaker 8: out of that. I think most have shared that, but
Speaker 8: it was it was definitely an impact and unfortunate that
Speaker 8: the airlines were put, you know, right in the middle
Speaker 8: of that shut down. You know, all the great air
Speaker 8: traffic controllers and the TSA workers they need to be
Speaker 8: you know, cast as essential workers. We really need to
Speaker 8: make sure that if anything, this industry is so essential
Speaker 8: to our economy. I mean, think about all the people
Speaker 8: who were traveling for weddings and funerals or doctor's appointments
Speaker 8: that were displaced because we couldn't get on the same
Speaker 8: page in Washington, d C. So we're really hopeful that
Speaker 8: you know, we've turned a page there and that we
Speaker 8: can move forward, you know, looking at that end of
Speaker 8: January date with you know a little bit of nervousness,
Speaker 8: but I'm confident that DC will pull it together and
Speaker 8: get get us in the back end of that.
Speaker 7: Yeah, somehow, being an airline CEO probably wasn't in your
Speaker 7: BINGO card that you'd be well focused on healthcare legislation.
Speaker 7: With your fingers crossed heading into January, I'm wondering how
Speaker 7: much you're hoping to attract a new class of customers
Speaker 7: versus capitalized and the ones that you have that might
Speaker 7: be willing and able to pay a little bit more
Speaker 7: with some of the new offerings.
Speaker 8: It's a little bit of both. We know we have
Speaker 8: customers today that want our first class product, and so
Speaker 8: it's really you know, offering that to them so that
Speaker 8: they can buy up when that opportunity to presents it.
Speaker 8: But it's also making sure that we're competitive with the industry.
Speaker 8: Everybody's moved towards premium. You know, we're going to continue
Speaker 8: to move towards premium because it is a resilient customer segment.
Speaker 8: But we're not going to forget the folks that fly
Speaker 8: in our coach product. I mean, they're just as important,
Speaker 8: and we want to make sure that Je Blue offers
Speaker 8: something to everyone.
Speaker 7: It really does feel a little bit like the Sharks
Speaker 7: and the Jets when you speak to some of the
Speaker 7: airline industry CEOs where they talk about, you know, it's
Speaker 7: become a game of consolidation, and it's become a game
Speaker 7: of the big fish really dominating the fields in a
Speaker 7: lot of different ways. They say, it's going to be
Speaker 7: very hard to be a more budget focused airline.
Speaker 6: How do you fight back?
Speaker 7: How do you sort of create a viable business model
Speaker 7: at a time when you do see this consolid of
Speaker 7: profitability and travel in the biggest airlines.
Speaker 8: I mean, it's definitely hard. We talk about the need
Speaker 8: for a more level playing field. When four carriers have
Speaker 8: eighty percent of the domestic seats, that's a real problem.
Speaker 8: You know, we fight very hard in DC to try
Speaker 8: to make sure that we're heard that the challenges we face,
Speaker 8: whether it's cost pressures, the lack of scale, the lack
Speaker 8: of you know, consolidated purchasing, the you know, inability to
Speaker 8: get access to gates. We just been on a gate
Speaker 8: a Heathrow, a Heathrow slot and we were denied it.
Speaker 8: And so, you know, while maybe understand why it went
Speaker 8: to a legacy larger carrier, those are little things that
Speaker 8: add up over time, and the smaller carriers really need
Speaker 8: to be given a fair shot to win in this
Speaker 8: environment and that's not happening right now. So we're focused
Speaker 8: on what we can control. We're focused on a whole
Speaker 8: series of initiatives under our Jet Forward program. It's getting
Speaker 8: us moveing in the right direction. I'm excited about what
Speaker 8: it's going to bring. But we do need the government
Speaker 8: to kind of make that a more level playing field
Speaker 8: so smaller carriers can more effectively compete.
Speaker 7: In the meantime, you do have this cooperation with United
Speaker 7: fix banding in a host of different places. Is that
Speaker 7: the template going forward, maybe not consolidation due to the
Speaker 7: recent issues, but in terms of the previous merger that
Speaker 7: was denied, but going forward, having some sort of partnership
Speaker 7: with major airlines to expand the route.
Speaker 8: So we've got fifty airline partners across the globe and
Speaker 8: now we have the Blue Sky partnership with United. That
Speaker 8: is most certainly a part of trying to provide more
Speaker 8: utility to our loyalty program and providing a broader global
Speaker 8: network for our customers when eventually in Q one they
Speaker 8: can book a Jet Blue flight on United dot Com
Speaker 8: and vice versa through our interline agreement, and so we're
Speaker 8: excited about what it's going to bring. Does it solve
Speaker 8: the problem fully, No, it doesn't, but it's definitely a
Speaker 8: meaningful revenue initiative that gets us back movement in the
Speaker 8: right direction.
Speaker 7: Do anticipate consolidation at any point in your future? Is
Speaker 7: that sort of on the back burner.
Speaker 8: So that's on the back burner. We're really focused on
Speaker 8: Jet Forward. You know, I'm really excited with the progress
Speaker 8: we're making. We're seeing it. We're seeing improved operational reliability,
Speaker 8: improved customer scores. We have not let the grass grow
Speaker 8: under our feet. In twenty twenty five. We've executed a
Speaker 8: whole series of revenue initiatives. We've kept our costs under
Speaker 8: control despite pulling a point and a half capacity this year.
Speaker 8: So twenty twenty six really is the year that we
Speaker 8: should reap the benefits of all these initiatives that we
Speaker 8: put into place in twenty twenty five.
Speaker 7: Before I let you get back to celebrating the new lounge,
Speaker 7: I do want to just ask you about the recent
Speaker 7: incident and with a pilot, a four jet plu plane
Speaker 7: that was in the route between Krosau and JFK. There
Speaker 7: was a close call within the.
Speaker 3: US Air Force jet.
Speaker 7: Do you have any more information about what happened there
Speaker 7: to make sure that it doesn't happen again.
Speaker 8: Yeah, I'm really proud of our pilot. He reported the
Speaker 8: event and we train them for situations like this. We
Speaker 8: reported the incident to the government. We're waiting to hear
Speaker 8: the results of their investigation. But just please with how
Speaker 8: our pilot handled it and how attract Control handled it.
Speaker 8: There's a whole series of safety nets in place in
Speaker 8: the era, in the national airspace system, and the pilot
Speaker 8: is the last line of defense and he absolutely did
Speaker 8: his job, did it well. And you know, my hope
Speaker 8: is that doesn't that doesn't happen again.
Speaker 7: So Aana Garty thank you so much for being with us.
Speaker 7: Joanna Guardy, CEO of jeff Blue. I'll send it back
Speaker 7: to you.
Speaker 2: Great looking lounge, Bloombg's Lisa Obama, it's great interviews.
Speaker 3: We thank you.
Speaker 2: Coming up is the EV revolution stalling or shifting gears
Speaker 2: That discussion.
Speaker 3: Next is the Bloomberg.
Speaker 9: Tech It's really about moving to more profitable vehicles. You know,
Speaker 9: we're going to make in Tennessee now an affordable pickup truck,
Speaker 9: so these are going to be better investments for the
Speaker 9: company profit and all those hybrid sales, you know, those
Speaker 9: are really profitable vehicles for us.
Speaker 2: The Ford CEO Jim Farley speaking with Bloomberg's Matt Miller
Speaker 2: yesterday as the company announced it's going to take a
Speaker 2: nineteen and a half billion dollar charge tied to an
Speaker 2: overhaul of its EV business. More Bluemogs creat Judell joins us,
Speaker 2: you cover all things automotive, and really this comes in
Speaker 2: the context of the US on Europe really envisaging what
Speaker 2: the relationship with the EV fuel is looking like.
Speaker 10: Yeah, I think with what we've seen just in the
Speaker 10: last you know, day, day and a half, at this point,
Speaker 10: it's really a matter of sort of plenty of blame
Speaker 10: going around, right, this is a case where the consumer
Speaker 10: absolutely has not been ready to go fully electric, you know, universally.
Speaker 10: I think manufacturers like Ford have learned that the hard way,
Speaker 10: and I think they have you know, some some mistakes
Speaker 10: to wear here in terms of, you know, bringing out
Speaker 10: electric vehicles that were just too expensive, not supporting them
Speaker 10: with enough charging infrastructure. And then you have I think
Speaker 10: policymakers too, where you have a lot of criticism of
Speaker 10: the approach that the EU has taken and the need
Speaker 10: on Brussels part to kind of back down from this.
Speaker 10: You know, twenty thirty five policy that you know, kind
Speaker 10: of all along was seen by the industry is really
Speaker 10: a stretch, and the closer we get to it, the more,
Speaker 10: you know, real doubts of emerge about us being able
Speaker 10: to come anywhere close to that ambition.
Speaker 2: And Craig that ambition, just to remind us, was an
Speaker 2: effective ban on combustion engines, Yeah.
Speaker 10: It was one hundred percent reduction in emissions by twenty
Speaker 10: thirty five. I think you have to sort of throw
Speaker 10: it effective in there, and that there are you know,
Speaker 10: lots of loopholes and sort of ways in which you
Speaker 10: can sort of you know, preserve at least, as you know,
Speaker 10: some role for combustion engines with offsets and so forth.
Speaker 10: But this was absolutely going to be a very difficult
Speaker 10: ambition for this industry, and it will remain so even
Speaker 10: with some of these changes that we're learning about today
Speaker 10: out of Brussels.
Speaker 3: Craig.
Speaker 2: This comes in the context US Europe on this global
Speaker 2: pullback from green policies, but it also goes without saying
Speaker 2: that China has really made building affordable evs very difficult
Speaker 2: to compete with.
Speaker 10: Yeah, I think that's a really important aspect of all this.
Speaker 10: And and absolutely you have to, on one hand give
Speaker 10: China credit for really sort of bum rushing this technology,
Speaker 10: building up this huge lead both from a technology perspective
Speaker 10: appeal and you know, being able to offer prices that
Speaker 10: the rest of the world can't match. I think you
Speaker 10: know what you have to ask yourself though, if if
Speaker 10: your other you know, sort of governments in other parts
Speaker 10: of the world, is are you prepared to sort of
Speaker 10: allow China to sort of export its deflation to your
Speaker 10: markets when that is going to mean you know, a
Speaker 10: loss of jobs, a loss of industry. We've already seen enough,
Speaker 10: you know, hollowing out in so many of these places,
Speaker 10: and a rise of populism, rise of a lot of
Speaker 10: things that you know, have have sort of been ugly
Speaker 10: for the world, and hence we get this pushback, we
Speaker 10: get these tariffs, and even today with the EU, you know,
Speaker 10: sort of a means.
Speaker 6: For quote unquote super credits that.
Speaker 10: You know, manufacturers will earn only if they make electric
Speaker 10: vehicles in Europe, and so that's going to lead to
Speaker 10: you know, sort of some further support and sort of
Speaker 10: preference for a domestic manufacturing over imports from China.
Speaker 2: Geopolitics just intertwining itself with capital markets and with the
Speaker 2: auto sector. Blue most Craig Cridel, thanks so much for
Speaker 2: breaking that down. Now, coming up, we're going to be
Speaker 2: talking with the CEO Bespoke Partners. AIS impact on executive
Speaker 2: recruiting and the labor market more broadly is why we digest.
Speaker 2: Of course, well, unemployment rising yet again to a four
Speaker 2: year high in the United States, and that's that one
Speaker 2: hundred tried to take on the chin the labor market
Speaker 2: and the slowdown. We're off by three tens percent of
Speaker 2: magnificent seven. As you'll see on the downside, semis under
Speaker 2: pressure check out Walcom off.
Speaker 3: By two tens percent. They've had thirt of a trillion.
Speaker 2: Dollars wiped off their market cap in the last four
Speaker 2: days alone.
Speaker 11: This is blue bg Tech combat to Bloomberg Tech.
Speaker 2: Let's check in on these markets because we're trying to
Speaker 2: digest a relatively noisy report, as some people are saying
Speaker 2: about the jobs market. Of course, this comes for October
Speaker 2: November numbers. Sixty four thousand non farm payrolls increased in
Speaker 2: November for the unemployment rate to hire four point six percent.
Speaker 2: Federal Reserve therefore unlikely to do much on this particular
Speaker 2: current jobs report. So the market pretty sanguin are off
Speaker 2: by four tens percent. Bitcoin managed to ramp up almost
Speaker 2: two percent eighty seven thousands where we trade, but it
Speaker 2: has under significant pressure as we end this year, and
Speaker 2: in fact, it looks to be fourth ever down year
Speaker 2: for the og in crypto. But more broadly, we think
Speaker 2: about how US unemployment is factoring into market sentiment. As
Speaker 2: we said, the figure rising to a four year high
Speaker 2: in November, and while clear evidence of widespread AI related
Speaker 2: layofs hasn't quite emerged, more and more firms like these
Speaker 2: appointing to the technology as they announce all plan for
Speaker 2: cuts for firms hiring AI skills are actually becoming I
Speaker 2: must have, But could actually AI also help solve a
Speaker 2: potential leadership shortage?
Speaker 3: Eric well Zikowski is with us.
Speaker 2: You see over executive recruiting firms spoke Partners, and really
Speaker 2: you're thinking about the intersection of AI in the labor
Speaker 2: market and you're thinking about how AI can help with
Speaker 2: the job search. Eric, But first your few on whether
Speaker 2: these jobs numbers and unemployment rate increases are in any
Speaker 2: way tied to AI and automation.
Speaker 6: Caroline, thanks for having me on the show.
Speaker 12: Look, when I think about AI, it's definitely impacting the
Speaker 12: broader market. But I think that while payroll growth has stalled,
Speaker 12: I don't think it's collapsed. And I think this tickup
Speaker 12: in unemployment is temporary. And I think when we look
Speaker 12: at the last couple of years, we've had a tight
Speaker 12: monetary policy, high capital rates, low deal flow. In Q three,
Speaker 12: I think we started to see deal flow pickup, and
Speaker 12: I think we're going to start to see deal flow
Speaker 12: pick up from there, and from there, I think we'll
Speaker 12: see leadership change and then job creation.
Speaker 2: Okay, so you're very much focused on sort of SMEs
Speaker 2: held by private equity that my going through some sort
Speaker 2: of change and transition. But you've been trying to warn
Speaker 2: that maybe the leadership isn't quite there to stand into
Speaker 2: these sorts of periods of transition.
Speaker 12: Well, what's interesting is deal flow finally picked up in
Speaker 12: Q three and we're seeing the tightest labor market ever
Speaker 12: in executives for software companies.
Speaker 6: It's the perfect storm.
Speaker 12: As deal flow has picked up, demand for these executives
Speaker 12: has also picked up because we need new executives for
Speaker 12: new platforms.
Speaker 6: But they're about thirteen.
Speaker 12: Thousand companies in the private equity sector that need to
Speaker 12: exit at some point.
Speaker 6: There's light at the end of the tunnel.
Speaker 12: And so in a market where there's natural churn with executives,
Speaker 12: you have more executives now who are waiting for the
Speaker 12: exit in the next twelve to eighteen months, putting a
Speaker 12: significant amount of pressure on these leadership changes.
Speaker 2: So there's people looking for an exit. Does that mean
Speaker 2: we're going to have a glut of leaders coming onto
Speaker 2: the market because suddenly their businesses are sold And do
Speaker 2: they have the right talents and the right AI talents
Speaker 2: to advise in the future.
Speaker 3: Whens you take more leadership positions.
Speaker 12: I think we are going to see more folks come
Speaker 12: onto the market, but I think it's going to take
Speaker 12: a significant amount of time to get through this private
Speaker 12: equity bloat backlog, number of portfolio companies that need to exit.
Speaker 12: So I anticipate twenty twenty six and twenty twenty seven
Speaker 12: to be a very tight leader market. That said, we're
Speaker 12: paid to find the best of the best, and those
Speaker 12: folks are out there. The key is to make sure
Speaker 12: that you're looking at the entire market, and I think
Speaker 12: that's where AI really comes in and gives us the
Speaker 12: opportunity to determine who those right executives are.
Speaker 3: So how is AI helping?
Speaker 6: Well, what's interesting.
Speaker 12: When I entered the execs search industry about five years ago,
Speaker 12: I saw an industry where searches were done from the
Speaker 12: bottoms up, and the very best executive search professionals we're
Speaker 12: only seeing about twenty percent of the market because effect
Speaker 12: what they were doing is they were going to a
Speaker 12: database of who they know. So we started a project
Speaker 12: about four years ago where we indexed the entire market
Speaker 12: for software executives in North America and identified all seven
Speaker 12: hundred thousand executives that participate in the market. Those AI
Speaker 12: tools have then allowed us to determine who is particularly
Speaker 12: the best fit for the executive roles that we're placing.
Speaker 11: Eric.
Speaker 2: Fascinating talking to you in this current environment. Eric Mazaikowski,
Speaker 2: He's the CEO Bespoke Partners.
Speaker 3: Thank you.
Speaker 2: Coming up an important conversation from geopolitical perspective. Jacob Helberg
Speaker 2: joining US under Secretary of State for Economic Affairs. He's
Speaker 2: also the founder of the hen and Valley Forum. We're
Speaker 2: going to talk all things chips, China securing the AI
Speaker 2: supply chain.
Speaker 3: This is the Blueberg teg.
Speaker 7: Really.
Speaker 2: In our latest move to secure the AI supply chain,
Speaker 2: the government is backing a project by Career Zinc to
Speaker 2: build a some point four billion dollars smelter in Tennessee.
Speaker 2: So latest in flurry of Trump administration measures aimed establishing
Speaker 2: domestic supply chains.
Speaker 3: For key minerals.
Speaker 2: Jacob Helberg, under Secretary of State for Economic Affairs, is
Speaker 2: leading one of those.
Speaker 3: Key initiatives, Pax Silica.
Speaker 2: I'm very pleased to say he joins US now and
Speaker 2: you are all in on AI supply chain resiliency and
Speaker 2: maybe managing to ensure that China doesn't own it all.
Speaker 2: How does this particular Tennessee smelter speak to that initiative.
Speaker 13: Well, Caroline, it's great to be with you, and it's
Speaker 13: great to be on your show. So during my confirmation
Speaker 13: hearing back in June, the Senate ask for a strategy,
Speaker 13: and the President's National Security Strategy gave them one, and
Speaker 13: every day the State Department is wasting no time to
Speaker 13: give them results. Our economic security strategy is based on
Speaker 13: four pillars. We're rebalancing trade and Secretary Lutnek, Secretary Bessone,
Speaker 13: and Ambassador Greer have done a stellar job at renegotiating
Speaker 13: decades long trade deals. We're stabilizing conflict zones. We're reindustrializing
Speaker 13: America to make sure that we maintain our competitive edge,
Speaker 13: and the deal with Korea Zinc is a major milestone
Speaker 13: in that effort. And ultimately, we're also securing our supply chains.
Speaker 13: Pack Silica provides the framework that allows us to work
Speaker 13: with our allies and partners to make sure that we
Speaker 13: can secure our supply chains in order to lead in
Speaker 13: the industries of the future. And we're very proud of
Speaker 13: the rollout of Korea Zinc. The Department of War was
Speaker 13: an instrumental pillar to the deal, and ultimately this is
Speaker 13: the kind of whole of government of approach that we're
Speaker 13: looking at advancing to advance our interests.
Speaker 2: Talk about that approach in this case, it feels very
Speaker 2: much more like public private partnership on a particular smelter.
Speaker 2: JP Morgan's in there as well with its initiative. On
Speaker 2: other cases, you're actually taking stakes in companies that aren't
Speaker 2: even American. How do you see it being fit for
Speaker 2: purpose on each individual way.
Speaker 13: So one of the reasons that we started the pack
Speaker 13: Silica initiative is because the global supply chain is global.
Speaker 13: We wanted to get together with the Koreans, the Japanese,
Speaker 13: the Australians, the Brits, the Singaporeans and Israel because all
Speaker 13: of these companies bring unique attributes to the table. And
Speaker 13: ultimately the deal with Korea Zinc illustrates the competitive advantages
Speaker 13: that some of our key partners and allies have in
Speaker 13: these areas. Ultimately, what we realize is that there is
Speaker 13: a new economic security consensus that's emerging across our allied
Speaker 13: space that economic security is national security and economic policy
Speaker 13: is downstream of national security, and our allies are on
Speaker 13: the same page that this is not a line item,
Speaker 13: it's a prerequisite for national survival. So through Packed Silica,
Speaker 13: we're cooperating on economic security practices as well as opening
Speaker 13: new channels for co investment in FABS data centers, as
Speaker 13: well as refining projects like the Korea Zinc Refining Facility
Speaker 13: in Clarksville. Ultimately, we want to pool together and leverage
Speaker 13: different investment vehicles that our respective governments have. In the US,
Speaker 13: we have the Development Finance Corporation, we have the Department
Speaker 13: of War, the Office of Strategic Capital. There are so
Speaker 13: many resources at our disposal, and most importantly, we have
Speaker 13: the world's best corporate ecosystem and innovation ecosystem. And this
Speaker 13: is where collaboration between allies as well as between the
Speaker 13: public sector and the private sector can really make a
Speaker 13: difference when stakes are taken.
Speaker 2: For example, we're looking at a graphic show four hundred
Speaker 2: million dollars for fifty percent of MP materials. Some might
Speaker 2: say this isn't very pro capitalism.
Speaker 3: How do you speak to that.
Speaker 13: It's an investment in America. Ultimately, the Department of War
Speaker 13: needs various minerals in order to make sure that we
Speaker 13: have the best arsenal to deter and to deter our
Speaker 13: adversaries and maintain our piece through strength policy. It is
Speaker 13: in the amble of our Constitution that it is a
Speaker 13: fundamental purpose of the US government to provide for the
Speaker 13: common defense, and so the Department of War needs weapons
Speaker 13: to do that. In order to get the weapons that
Speaker 13: it needs, it needs to be able to have an
Speaker 13: ecosystem of suppliers that are reliable in times of peace
Speaker 13: as well as in times of war. And ultimately, the
Speaker 13: Department of War has demonstrated its commitment in order to
Speaker 13: use every tool in its toolbox in order to make
Speaker 13: sure that we actually have an ecosystem here in the
Speaker 13: US that can guarantee our critical supplies for minerals, especially
Speaker 13: in a wartime. So we're very proud of this project,
Speaker 13: and it's going to have dramatic spillovers on the commercial
Speaker 13: sector as well.
Speaker 2: Spillovers are on commercial sector. How much could we spill
Speaker 2: over in more countries joining.
Speaker 3: We're looking at the inaugural.
Speaker 2: Pack Silica Summit the allies that joined, but someone guests
Speaker 2: as well, TAIWANOCD, Europe in particular.
Speaker 3: Will more join.
Speaker 13: So we do expect a number of them to join
Speaker 13: in the first half of next year. We're talking to
Speaker 13: a number of countries right now, including India among several others.
Speaker 13: India is host to the AI Impact Forum next year.
Speaker 13: We're very much looking forward to participating in that. Ultimately,
Speaker 13: we want to make sure that the group stays focused
Speaker 13: on solving very specific challenges of supply chain security, So
Speaker 13: we approach every single partner very much through the lens
Speaker 13: of which companies are they able to bring to bear
Speaker 13: to the table in order to solve concrete challenges. That
Speaker 13: is very much our model. We expect to pursue that model,
Speaker 13: but we do realize that the meeting that we held
Speaker 13: was a first step. It's not a final destination. Now
Speaker 13: we're shifting towards implementation, and we will likely add more
Speaker 13: new partners early next year.
Speaker 2: Many a watch for as to how much the you
Speaker 2: will get involved. One key company in the U is SML.
Speaker 2: We spoke with the CEO recently about his own supply
Speaker 2: chain US China. Just take a minute to listen to this, Jacob,
Speaker 2: if you will.
Speaker 14: Most probably we need to develop a much bigger supply chain,
Speaker 14: so maybe not depending fully on China. I don't know
Speaker 14: how much we have in Europe. So that's also why
Speaker 14: it's important to keep some of those market open.
Speaker 3: I think you're right.
Speaker 14: The interdependencies we have between you know, US, China the
Speaker 14: US is being reminded to us.
Speaker 6: Every day now.
Speaker 2: We understand that China has just started allowing rare earth
Speaker 2: export licenses to certain European companies in particular, and the
Speaker 2: top train negotiator yesterday told us that things were looking up.
Speaker 3: Is it looking up for the US as well? With
Speaker 3: rare earth metals for example.
Speaker 13: So we're seeing a very interesting debate take place in Europe,
Speaker 13: and Europe fundamentally has a choice between the loss of identity,
Speaker 13: the loss of industry, and the loss of borders, or
Speaker 13: they can choose regulatory simplification, energy abundance, and fair and
Speaker 13: reciprocal trade. There is an effort within the EU context
Speaker 13: aimed at regulatory simplifications, which we find very encouraging. I
Speaker 13: will say we also find it very very encouraging that
Speaker 13: there is a growing economic security consensus between the United
Speaker 13: States and Europe. And one of the examples of that
Speaker 13: is the fact that the G seven theme next year
Speaker 13: is global imbalances, and as you know, the French government
Speaker 13: is not referring to weather patterns when they're talking about imbalances.
Speaker 13: It's referring to the fact that Europe is awakening to
Speaker 13: the economic security challenges of industrial over reliance and decades
Speaker 13: of unfair practices, and we welcome that and we want
Speaker 13: to work with them on that. The Netherlands did participate
Speaker 13: in the Pack Silica summit. We want to deepen that collaboration,
Speaker 13: and ultimately we view Europe as an important partner and
Speaker 13: we want to work with them as they are currently
Speaker 13: working through to solve their economic and supply chain challenges
Speaker 13: as well.
Speaker 2: I mean, Jacob, many would say that Europe felt that
Speaker 2: your National Security strategy, as was put out on December
Speaker 2: the fifth, was a real wake up call. In fact,
Speaker 2: I think they saw it as a significant reorientation of
Speaker 2: US and its relationship with Europe. They felt sort of
Speaker 2: under threatened, specifically criticized. How did you take on board
Speaker 2: that reaction? I think there is even the word used
Speaker 2: civilization erasure as you thought to tackle immigration or put
Speaker 2: your views forward on culture wars in Europe.
Speaker 13: Sure, so, the president's National Security strategy was not an insult,
Speaker 13: It was a diagnosis. It was the fact that he
Speaker 13: laid out in clear and simple terms that there is
Speaker 13: a turning point that Europe is facing. It can choose
Speaker 13: managed decline, bureaucratic paralysis, or it can choose rejuvenation, secure borders,
Speaker 13: energy abundance, and fair and reciprocal trade.
Speaker 6: We have our.
Speaker 13: Disagreements with Europe on how they approach the technology sector.
Speaker 13: We think that they are way too heavy handed from
Speaker 13: a bureaucratic and regulatory standpoint over cutting edge technologies. We
Speaker 13: believe ultimately that you know, when they take steps to
Speaker 13: go after our companies, they actually end up hurting themselves
Speaker 13: by deteriorating the investment climate in Europe. With that being said,
Speaker 13: we do have notable areas of convergence, including on economic security.
Speaker 13: They are now experiencing the economic security and supply chain
Speaker 13: challenges that we are experiencing. They are having healthy, open
Speaker 13: debates about supply chain security, and the theme of the
Speaker 13: G seven highlights where their mind is at, and so
Speaker 13: we do see a healthy terrain to engage with them
Speaker 13: on supply chain security. We hope to seize that opportunity
Speaker 13: actually expanded if and where possible.
Speaker 2: That time diagnosis, Jacob, You've been diagnosis for a long
Speaker 2: time diagnosing the relationship the security risks of US and China.
Speaker 2: You've been writing about it, you've been a public servant
Speaker 2: around it, you've done private company roles around it. What
Speaker 2: do you think the relationship with US and China should
Speaker 2: be like? Because at the moment, the diagnosis is we're
Speaker 2: still dependent on ninety percent of our rare earth metals
Speaker 2: from there.
Speaker 13: Well, ultimately, the President's been clear that we want to
Speaker 13: have a constructive, stable and positive relationship with China, and
Speaker 13: at this we're going to do that all the while
Speaker 13: standing up for America and putting America first. And so
Speaker 13: he delivered a landmark speech back in July on winning
Speaker 13: the AI race. Our policy is we want to win
Speaker 13: the AI race because we want to put America first,
Speaker 13: and so we're never going to apologize or back down
Speaker 13: from defending American interests. We believe that winning the race
Speaker 13: has two main vectors. We need to have the best
Speaker 13: innovation and we need to have the most diffusion. And ultimately,
Speaker 13: we are pursuing a two track approach to make sure
Speaker 13: that we expand our compute capacity here at home to
Speaker 13: have the best models in the world, all the while
Speaker 13: exporting our technology onto the world market to make sure
Speaker 13: that the world's developers are all building on the American stack.
Speaker 3: Jacob Helberg, great to have some time with you.
Speaker 2: Come back to your US under Secretary of State for
Speaker 2: Economic Affairs, of course, the founder of Helen Valley Forum
Speaker 2: as well. Much more coming up, Stay with us the
Speaker 2: Blue Bag Tech and it's time now for talking tech.
Speaker 2: First up.
Speaker 3: President Donald Trump has filed.
Speaker 2: A defamation suit against the BBC over an edit of
Speaker 2: his January sixth, twenty twenty one speech used in Panorama documentary,
Speaker 2: and according to the court filings in Florida, Trump is
Speaker 2: seeking ten billion dollars in damages, alleging that the edit
Speaker 2: falsely suggested that he issued a direct call for violence
Speaker 2: kind of the attack on the US Capitol. Plus PayPal, Well,
Speaker 2: It's applied to become a bank in the United States.
Speaker 2: The payments firm is looking to take advantage of the
Speaker 2: Trump administration's openness to fintech companies entering the banking system.
Speaker 2: The company says, if approved, a PayPal bank would help
Speaker 2: strengthen its small business lending capabilities, and the NASDAQ is
Speaker 2: looking for regulatory approval to extend its trading hours to
Speaker 2: twenty three hours during the work week. According to the filing,
Speaker 2: the firm has asked the SEC for permission to add
Speaker 2: an additional trading session from nine pm to four am
Speaker 2: Eastern Time. Let's talk social media and Instagram. It is
Speaker 2: just unveiled its first dedicated TV app, and let's use
Speaker 2: us watch short form video feature reels on a larger screen,
Speaker 2: something Instagram head Adam Masi hinted out earlier in this
Speaker 2: year during our Bloomberg screen Time event Bloomberg Kirk Wagner
Speaker 2: was a person interviewing him at that screen Time event.
Speaker 2: You cover all things social media. So any big surprises here.
Speaker 6: No, not exactly.
Speaker 15: A little faster honestly than I thought. If you remember
Speaker 15: when we chatted with Adam Masei in October, he kind
Speaker 15: of hinted that this was something they were looking toward.
Speaker 15: Here we are just two months later. They do have
Speaker 15: this app that they're debuting. The one thing I'll point
Speaker 15: out is that this is just for the Amazon Fire
Speaker 15: TV right now. I imagine that they want to create
Speaker 15: this app for all those different smart TV platforms, so,
Speaker 15: you know, sort of limited in scope at the moment,
Speaker 15: but obviously the plan being to expand this quite aggressively,
Speaker 15: and you.
Speaker 2: Just think about how already YouTube has dominated so much
Speaker 2: of our attention span, and we're looking at TV, We're
Speaker 2: all thinking about Warner Brothers Discovery and what that means
Speaker 2: in terms of competition, But there's a lot of competition
Speaker 2: in terms of social media as well.
Speaker 3: For our eyeballs and for our wallets.
Speaker 2: Kurt, what are you making of TikTok ever more encroaching
Speaker 2: on our wallet and on shopping.
Speaker 15: Yeah, there was a great story by our colleague Alex
Speaker 15: Levine this morning about the rise of live stream shopping
Speaker 15: on TikTok. It's a kind of a format that is
Speaker 15: very popular in China. It is responsible for hundreds of
Speaker 15: billions of dollars in annual spend in China. It is
Speaker 15: not translated to the US.
Speaker 7: US.
Speaker 15: Despite sort of efforts from YouTube, from Meta, from other
Speaker 15: big tech companies over the years, TikTok is having a
Speaker 15: little bit more success here. The story highlights some of
Speaker 15: the small mom and pop shops that are really seeing
Speaker 15: great sales on TikTok live. Kim Kardashian just did a
Speaker 15: holiday special for her Skims company, so it feels like
Speaker 15: maybe TikTok is having a little bit of success where
Speaker 15: other larger tech companies have not. And I have to
Speaker 15: imagine that's just because people are so just scrolling, so
Speaker 15: used to being entertained on that app that when you
Speaker 15: throw in sort of an entertaining infomercial, it doesn't feel
Speaker 15: so out of place to users.
Speaker 2: What's interesting, because TikTok used by about half the country,
Speaker 2: there have been so much concern and anxiety by those
Speaker 2: dedicated users that TikTok was going to be kicked out
Speaker 2: of the United States.
Speaker 3: Have they been able to.
Speaker 2: Ramp up other parts of the business model as that
Speaker 2: anxiety seems to dial down. We're just getting extension after
Speaker 2: extension in terms of whether or not we'll be allowed
Speaker 2: to serve here.
Speaker 15: Well, what's interesting is they didn't seem to, you know,
Speaker 15: pump the brakes on live shopping at all, despite this
Speaker 15: kind of cloud hanging over the company.
Speaker 6: Now. I think we can all.
Speaker 15: Probably agree at this point that a band seems very unlikely.
Speaker 15: President Trump has now extended the deadline for them to
Speaker 15: sign a deal several times. He clearly does not want
Speaker 15: to ban this app, but they were kind of pushing
Speaker 15: this forward regardless, and I think they're now benefiting from
Speaker 15: that well Snoop.
Speaker 2: Dog seems to be doing cocktails with Kim Kardashian via
Speaker 2: TikTok so Brave Mean World is always Bloomberg's Kat Wagner.
Speaker 2: Great to have you on all things social. That does
Speaker 2: it for this edition of Bloomberg Tech. But don't forget
Speaker 2: to check out our podcast. You can find it on
Speaker 2: the terminal, as well as online on.
Speaker 3: Apples, Spotify, and iHeart and Go. Check out our socials too.
Speaker 3: This is Bloomberg Tech.