Speaker 1: From our Heart where Innovations, money and power Collie in
Speaker 1: Silicon Valley, NBN. This is Bloomberg Technology with Caroline Hyde
Speaker 1: and Ed Ludlow.
Speaker 2: I'm Caroline Hyde at Bloomberg's World headquarters in New York and.
Speaker 3: I'm Ed Ludlow in San Francisco. This is Bloomberg Technology
Speaker 3: coming out of ed.
Speaker 2: We have full earnings coverage. Of course, we digest Apple,
Speaker 2: it rises on signs of its weathering that smartphone slowdown.
Speaker 2: We've also got dowdash lift, block analysis, you name it.
Speaker 4: We're on it.
Speaker 3: And following another strong US payrolls report, we'll discuss the
Speaker 3: state of the job market for the tech industry, specifically
Speaker 3: when it comes to artificial intelligence.
Speaker 2: Plus we'll break down results from Warner Brothers as the
Speaker 2: company reports a surprise profit and streaming how will the
Speaker 2: writers strike impact results going forward?
Speaker 4: Though all of that.
Speaker 2: As we analyze the broader context of the markets today,
Speaker 2: it's Friday feeling when you're looking at the regional banking
Speaker 2: nex in particular, in fact, when you're looking at tech
Speaker 2: stocks too. Even with a strong jobs report and what
Speaker 2: that means in terms of Federal Reserve still probably having
Speaker 2: to tame inflation we're looking at one point eight percent
Speaker 2: arrive on the NASDAG. We really are seeing a bounce
Speaker 2: back in risk sentiment today KBW bankingex as I say,
Speaker 2: on fire up more than four percent, but remember how
Speaker 2: far we've fallen over the last few days. This is
Speaker 2: all about a bounce back in regional banks. Maybe people
Speaker 2: just buying the dip today. Ed I know you're going
Speaker 2: to dig into that a little bit later. The VIGs
Speaker 2: that all important fear gauge therefore really pulling down by
Speaker 2: almost three points, were at seventeen handle once again. So
Speaker 2: we decide we're going to go along this market into
Speaker 2: the weekend. Let's quickly look at what happening in terms
Speaker 2: of the world a crypto, because actually it looks as
Speaker 2: though risk sentiment is rallying there as well. We're at
Speaker 2: one point eight percent, We're not at that all important
Speaker 2: thirty thousand level, but still a little bit of a pushback.
Speaker 2: And I just drill into what's happening in terms of
Speaker 2: the micro Is there is there risk on sentiment?
Speaker 4: There is at.
Speaker 3: Earnings, Yeah, there's a lot driven by Ernie's. You look
Speaker 3: at a name like Lit down twenty percent more than
Speaker 3: ten actually at one point in the session, Lift is
Speaker 3: touching a record low on that stock. The outlook for
Speaker 3: revenue is not driving with investors. I think there's a
Speaker 3: lot of concern about the near term economic model and
Speaker 3: the new CEO's plan to turn that around. Really big
Speaker 3: decline in Lift Streaming is interesting. Paramount twenty four hours
Speaker 3: ago had a loss. Warner Brothers Discovery out with a
Speaker 3: surprise profit for the streaming unit. Even though the legacy
Speaker 3: business is seeing advertiser flight, We're seeing some buoyancy in
Speaker 3: those names. And then again you talk about the banks,
Speaker 3: Packwest up the most on record eighty four percent or so.
Speaker 3: Why I'm actually not seeing much rationale on the bloomberg
Speaker 3: or out in the reporting. It may be a by
Speaker 3: the dip kind of situation. We will dig into that
Speaker 3: later in the program. There is one clear name moving
Speaker 3: us to the upside, and that is Apple. You look
Speaker 3: at the gain in Apple shares following what was a
Speaker 3: beat on expectations in the quarter, strengthen iPhone and in
Speaker 3: services growth in both units year on the year, Although
Speaker 3: low growth one and a half percent or so for
Speaker 3: the iPhone five and a half percent for the services,
Speaker 3: that four point eight gain is the biggest jump since November.
Speaker 3: We did get commentary on AI quite muted, all about
Speaker 3: emerging markets, all about India, and then that developing services business.
Speaker 3: I know you and I have been talking about fintech
Speaker 3: in particular and what Apple's doing on that side of things.
Speaker 3: That's where there was some strength.
Speaker 2: Yeah, and strength in terms of the points that it's
Speaker 2: adding to the SMP more than fourteen. So Apple helping
Speaker 2: drag the market high.
Speaker 4: Let's get more on all of this.
Speaker 2: Third Bridge Global Sector lead for TMT it is Scott Kesler.
Speaker 2: So let's go back to basics of Apple the broad picture.
Speaker 2: We're talking about the nuances of AI there, but really
Speaker 2: this is about iPhones and still demand internationally.
Speaker 1: Absolutely.
Speaker 5: I mean, if you think about the quarter that they
Speaker 5: just reported, more than half of revenues came from iPhone.
Speaker 5: iPhone outperformed, but as you alluded to, it seems like
Speaker 5: the other major product areas when you think about hardware
Speaker 5: and you think about mac and iPad and wearables, those
Speaker 5: also declines in the quarter. So iPhone was the and
Speaker 5: out in terms of total revenues, but also in terms
Speaker 5: of the beat, and I think that helped carry Apple
Speaker 5: over the finish line, so to speak.
Speaker 3: Yes, Scot, I'll jump in. I think there's a real
Speaker 3: interest here on India in emerging markets. How much confidence
Speaker 3: that does that give you that Apple has pockets for
Speaker 3: major growth going forward.
Speaker 1: You know?
Speaker 5: And I think growth has to be on the minds
Speaker 5: of Apple investors today. Sure, people are happy the stock
Speaker 5: is up, the company reporter results that were largely better
Speaker 5: than expectations. But I think more intermediate term people have
Speaker 5: to wonder about whether or not this is a double
Speaker 5: digit grower in terms of revenues in the foreseeable future
Speaker 5: or at any point in the future. To be frank,
Speaker 5: emerging markets would seemingly have to be a big part
Speaker 5: of that. But when you think about India, and that's
Speaker 5: something they've been talking about, and I think they talk
Speaker 5: more about India during the call than they did AI,
Speaker 5: and rightly so, because that seems to be more of
Speaker 5: a term opportunity for the company. That being said, I
Speaker 5: think people understand that getting that premium pricing is going
Speaker 5: to be difficult in India, and so the strategy and
Speaker 5: the specifics.
Speaker 1: Are very key there.
Speaker 5: We'll see kind of how they go about approaching that market.
Speaker 5: There's no issue when it comes to things like the
Speaker 5: number of potential customers and kind of the possible volumes
Speaker 5: going forward. But how that plays into what Apple is
Speaker 5: able to do. Yeah, given the price sensitivity there, I
Speaker 5: think that's a big question going forward.
Speaker 3: Scott, how much of the rally and shares, to your mind,
Speaker 3: is driven by the comments on AI?
Speaker 5: You know what, I have to be honest, I don't
Speaker 5: know that people are making a lot of those you know,
Speaker 5: it's interesting. I did a search of the transcript for AI.
Speaker 5: There were a handful of references. I think there are
Speaker 5: more references to Mumbai than AI. And I think that
Speaker 5: goes to what I was just saying before. I think
Speaker 5: talking about the fact that it's something they're thinking about,
Speaker 5: it's something they're looking at.
Speaker 1: They don't speak to their product roadmaps.
Speaker 5: I mean that's their way of saying that we haven't
Speaker 5: quite figured it out to the point where we.
Speaker 1: Want to talk about this.
Speaker 5: But look, we speak to experts day in and day out,
Speaker 5: and they consistently tell us that this is an area
Speaker 5: where Apple is behind. If you think about the headlines
Speaker 5: we've seen from Microsoft and from Alphabet and from others
Speaker 5: like Meta, those companies are all well ahead of Apple.
Speaker 1: I think when it comes to AI.
Speaker 3: You know, Caroline, we were waiting for the numbers and
Speaker 3: services to be services came in below expectations, that still
Speaker 3: led growth. And what was interesting is the kind of
Speaker 3: emphasis on the fintech side of that business.
Speaker 2: And that really was the talking point throughout the course
Speaker 2: of Scott. Interestingly was the fact that they're launching the
Speaker 2: savings card, the fact that they're offering such a high
Speaker 2: yield on savings.
Speaker 4: How much is fintech or indeed just the addiction to the.
Speaker 2: Services side and the way they're trying to keep us
Speaker 2: so much within Apple's ecosystem a selling point for you
Speaker 2: at the moment, you.
Speaker 1: Know, I think it actually is pretty important.
Speaker 5: I think a lot of people are wondering about kind
Speaker 5: of R and D and innovation and growth, and with
Speaker 5: WWDC kicking off I think exactly a month from today, rightly,
Speaker 5: so they should be.
Speaker 1: Thinking about those things.
Speaker 5: But Apple has been talking more about payment services and
Speaker 5: financial services, and we've regularly heard that not only does
Speaker 5: that have a massive total addressable market that Apple can pursue,
Speaker 5: but that Apple actually has products and services that can
Speaker 5: take share there and they've been pretty active, frankly, not
Speaker 5: just over the last couple of years, but the last
Speaker 5: couple of quarters.
Speaker 1: In terms of seizing upon that opportunity.
Speaker 3: It scolled Kessler Thirdbridge on all Things Apple.
Speaker 6: Thank you for your time.
Speaker 3: We're going to turn to door Dash, the food delivery
Speaker 3: company beating estimates driven by strong demand for deliveries, joining
Speaker 3: us now cr for a CFRA Senior analyst Angelo Zeno Angelo, Hello,
Speaker 3: this is an interesting company. Yeah, good to see you.
Speaker 3: What does this tell you about the consumer right now
Speaker 3: and where they're spending money. I find door Dash left
Speaker 3: over the gig economy names as pretty good. Baromea to
Speaker 3: right of what's going on on the ground.
Speaker 7: Yeah, I would actually agree with that. And when you
Speaker 7: kind of look at the numbers from all three across,
Speaker 7: you know, this week, I'd say for the most part,
Speaker 7: it's been very resilient in nature. I mean you kind
Speaker 7: of look at Doordash's numbers. Actually they grew the top
Speaker 7: night line very well, grew at about forty percent. And
Speaker 7: when you kind of look at where the gross orders
Speaker 7: were up about twenty nine percent, and they maybe about
Speaker 7: a third of a third of that, you know, being
Speaker 7: driven by their endeavors into Europe. With that Walt acquisition.
Speaker 7: But nonetheless, when you kind of look at the results here,
Speaker 7: specifically from the likes of Uber and to a lesser extent, DoorDash,
Speaker 7: I'd say the consumer right now looks really resilient. And
Speaker 7: specifically i'd done the food delivery side of things, that
Speaker 7: was kind of an area where a lot of you know,
Speaker 7: investors out there thought that, you know, potentially revenue which
Speaker 7: start kind of you know, waning off in a post
Speaker 7: pandemic world, and that just hasn't happened yet.
Speaker 2: And in fact, what's also working for them is not
Speaker 2: just your delivery of your hot food, but plenty of
Speaker 2: other things to be delivered. How much does that have
Speaker 2: to be part of the business model because it's a
Speaker 2: one error that lift really doesn't have.
Speaker 7: Yeah, listen, I think that's a great contributor for both
Speaker 7: Uber as well as doordessk. I think Uber kind of
Speaker 7: highlighted thirty five percent growth in kind of new vertical
Speaker 7: markets within kind of that delivery side of things. We
Speaker 7: actually think DoorDash growing faster than that and kind of
Speaker 7: adjacent market. So it's a huge part of their kind
Speaker 7: of growth initiative here over the next couple of years
Speaker 7: and kind of you know, adding stickiness to that platform,
Speaker 7: because consumers that are kind of leveraging their other businesses,
Speaker 7: whether it be on the food delivery side of things
Speaker 7: or whether it be in ride sharing, they are you know,
Speaker 7: they are looking to, you know, further kind of take
Speaker 7: advantage of services in other adjacent markets.
Speaker 2: And I mean ed, this is where you really do
Speaker 2: compare and contrast the companies that do well that a
Speaker 2: broadened their overall offering, and then you look at Lyft,
Speaker 2: which is tunneling stay ed.
Speaker 3: Yeah, we're down twenty one percent. We've just touched another
Speaker 3: record low. We'll see if that holds through the close.
Speaker 3: Is this just a lift problem, a unique lift problem?
Speaker 7: I think there is. I think it is a lift problem,
Speaker 7: to be honest with you, when you kind of look at,
Speaker 7: you know, what investors are rewarding this week versus what
Speaker 7: they're not rewarding, especially in broader tech, right, they are
Speaker 7: rewarding the names that are kind of pushing the bottom line.
Speaker 7: And we've seen it, you know, not only from Uber,
Speaker 7: which which you know clearly is essentially holding op X
Speaker 7: steady here and seeing that double digit top line orders growth.
Speaker 7: DoorDash also doing it? Last three quarters, essentially keeping op
Speaker 7: X relatively flat, growing the top line nicely. You saw
Speaker 7: what Shopify just announced yesterday, right, and just saw the
Speaker 7: impact on the stock price there when you kind of
Speaker 7: look at Lift here, they've announced some big cost cuts
Speaker 7: in the sense of twenty percent workforce reduction on top
Speaker 7: of a north of a ten percent work force reduction
Speaker 7: late last year. But the fact of the matter is
Speaker 7: those quest cuts are just being reinvested in the business
Speaker 7: to try to keep a float versus their bigger competitor
Speaker 7: in Uber. So it's not going back to shareholders. They're
Speaker 7: not benefiting in any way, and that's a big problem
Speaker 7: in this type of market, and we don't think that
Speaker 7: likely changes anywhere anytime in the near future because of
Speaker 7: the environment we're dealing with, and especially if macro conditions
Speaker 7: start to deteriorate, then Lift becomes in a whole lot
Speaker 7: of trouble relative to Uber.
Speaker 2: Oh, Angelus, you know you're the perfect guest for these
Speaker 2: sorts of days. To wrap it all together, we thank
Speaker 2: you for the CFRA. I mean, ed you were just
Speaker 2: talking about the volatility that we see in Lift, the
Speaker 2: record loan near well, look at the record move that
Speaker 2: we're getting on the day in certain bank stocks, regional
Speaker 2: bank stocks, but Pac West rallying hard, being stopped out
Speaker 2: time and time again. We're up more than eighty percent.
Speaker 2: There seems to be no fundamental change here. A lot
Speaker 2: of people saying, look, you've got to buy this step
Speaker 2: Ultimately it is too hard sold off. But actually put
Speaker 2: it in context, we're back to the higher sinse oh
Speaker 2: when we're still well off the average price, which is
Speaker 2: an excess of twenty dollars.
Speaker 1: Yeah.
Speaker 3: Look that there are big names in the market like
Speaker 3: Bill Ackman who say there's a lot of concern in
Speaker 3: the banking sector. Still, the point that our colleagues at
Speaker 3: Bloomberg Intelligence would make is that the sell off in
Speaker 3: these stocks is not easy to reconcile with the liquidity
Speaker 3: available to the banks. You look at the deposit base.
Speaker 3: This is not Silicon Valley Bank. The proportion of ensured
Speaker 3: deposits is much higher. That's what I'm trying to do, Caroline,
Speaker 3: our audience that's listening, the tech founders, the vcs, they
Speaker 3: bank with these names, and they're trying to work out
Speaker 3: what's actually wrong.
Speaker 2: And a lot of that fear and concern gets spread
Speaker 2: through social media.
Speaker 4: It's on technology.
Speaker 2: It's also far easier to then become a reality, as
Speaker 2: you're able to whip out your deposits that much faster
Speaker 2: using your bank cap. But ultimately the foundation of these
Speaker 2: banks aren't nearly as concerning. There isn't so much of
Speaker 2: an isolated focus on one particular type of borrower and
Speaker 2: one particular type of overall integrated system that just lean
Speaker 2: to back to the overall tech scenes. But we are
Speaker 2: still questioning ultimately the solidity of the entire financial system
Speaker 2: right now.
Speaker 3: Look, when Jamie Diamond and JP Morgan stepped inim with
Speaker 3: First Republic, he was confident it would settle things down
Speaker 3: in the near tub settle things down.
Speaker 2: President Biden is currently making comments about what was a
Speaker 2: particularly strong set of jobs numbers today now with two
Speaker 2: hundred and fifty three thousand jobs being added, that was
Speaker 2: well above I mean, it's sawed past most economist expectations
Speaker 2: all but three of the seventy seven survey by Bloomberg.
Speaker 2: You got health and education jobs to thanks for this.
Speaker 2: But notably, we're still seeing pretty strong hourly earnings coming in.
Speaker 4: They're coming in hot.
Speaker 2: That's an inflatory pressure for the federal Reserve to have
Speaker 2: to tackle. Notably, also there is an equality within once
Speaker 2: again a really low unemployment rate. When you're looking at overall,
Speaker 2: you're still seeing black unemployment rate at four point seven
Speaker 2: percent visa a white unemployment level at three point one percent.
Speaker 4: But overall we.
Speaker 2: Did see unemployment coming in once again relatively low. This
Speaker 2: is a strong jobs market, even as we see the
Speaker 2: Reserve continue to raise rates. With hearing from President Biden,
Speaker 2: we understand Treasure Sectory Janet Yellen is with him.
Speaker 6: To Ed.
Speaker 3: Caroline, taking a little look at shares of Yelp. We're
Speaker 3: hire two tens of percent off. The online review company
Speaker 3: posted first quarter revenue that did come in ahead of
Speaker 3: analysts expectations. Joining me here on set in San Francisco,
Speaker 3: Yelp CFO David Schwartzbuck. David, you talk about high intent users.
Speaker 6: What does that mean?
Speaker 1: First, Ed, it's great to be here.
Speaker 8: Thanks high intent users. When someone comes to Yelp, they
Speaker 8: actually tell us what they're looking for. It could be landscaping,
Speaker 8: it could be a locksmith, and so that actually enables
Speaker 8: us to really match that consumer with the right service
Speaker 8: pro when they come. And also it's important to recognize
Speaker 8: nearly half of our visitors come from households with income
Speaker 8: over one hundred thousand dollars. So that's a great audience
Speaker 8: for advertisers to reach.
Speaker 3: When we look at your earnings and your outlook going forward,
Speaker 3: what does it tell us about engagement from the consumer
Speaker 3: and platforms like you? They are they kind of penny
Speaker 3: pinching right now and looking for the most reliable, valuable
Speaker 3: deals across all kinds of things or is this just
Speaker 3: a robust growth in use of platforms like yours.
Speaker 8: So what is certainly true is inflation is making things
Speaker 8: more expensive, and so I think overall consumers are spending
Speaker 8: about the same amount but less frequently.
Speaker 6: So they're really.
Speaker 8: Focused on ensuring they make a good decision, and what
Speaker 8: Yelp provides them is with reliable information to make that purchase.
Speaker 2: Decision, David, advertisers, are they willing to invest? Are they
Speaker 2: feeling confident in the moment?
Speaker 4: What's your assessment?
Speaker 8: So we obviously serve both large enterprise customers or advertisers
Speaker 8: as well as small and medium businesses. And what we
Speaker 8: see on the services side, as things have slowed down
Speaker 8: a little bit, service pros want to stay busy and
Speaker 8: so they've actually increased their ad spend, and what we've
Speaker 8: seen on Yelp is that their spend per pain advertising
Speaker 8: location has gone up so that they can stay busy.
Speaker 8: And of course we believe that with our high intent audience,
Speaker 8: we're able to match them with a great lead that
Speaker 8: leads to business for them.
Speaker 2: Got to ask it, artificial intelligence, what are you doing
Speaker 2: to incorporate that within the business. How have you got
Speaker 2: the right talent to ensure you can enact that sort
Speaker 2: of entertwinement.
Speaker 8: So we have been using artificial intelligence for some time.
Speaker 8: Of course, everybody's talking about chat, GPT and these new
Speaker 8: large language models, but for our search experience for matching
Speaker 8: consumers with pros, we've been applying AI for some time.
Speaker 8: We have both the infrastructure and the ability to deliver
Speaker 8: that to the consumer when they visit the site. Now,
Speaker 8: large language models making that interaction more conversational. We think
Speaker 8: that's a great opportunity for us, and we're looking forward
Speaker 8: to deploying it. It's still early.
Speaker 3: Though, David shares up half of percent. We're up significantly
Speaker 3: higher earlier in the session three point six percent. I
Speaker 3: covered QSRs for a really long time. Restaurant industry There's
Speaker 3: a titbit that really fascinates me, which is that when
Speaker 3: you go to Yelp, you can look for into restaurants normally.
Speaker 3: Is their data telling you that actually now people are
Speaker 3: looking at chains because of the value proposition. It seems
Speaker 3: like there is evidence that actually consumers a looking for value.
Speaker 8: There's definitely been a lot of talk about consumers choosing
Speaker 8: to go to quick serve restaurants on Yelp. Though when
Speaker 8: people are coming, they're really looking to find that hot
Speaker 8: and new restaurant or something that's different, or if they're
Speaker 8: going out on a Friday night. Of course, people are
Speaker 8: very familiar with these large, quick serve restaurants, and so
Speaker 8: that's not the first thing they're searching for on Yelp.
Speaker 8: We are seeing continued interest, of course in sit down dining,
Speaker 8: and people want to make sure that experience is great,
Speaker 8: so again they come for our reliable reviews.
Speaker 2: What is your key competition at the moment from your perspective, David,
Speaker 2: Because dare I say it, and I mean this with
Speaker 2: full affection for things yelp, but it's pretty old school
Speaker 2: for many people. How are you feeling that it's still yeah?
Speaker 2: How do you feel that the younger generation are interacting
Speaker 2: with it. Are you feeling that you're remaining as relevant
Speaker 2: present when everyone seems to be turning into different ways
Speaker 2: to search? I mean Instagram for one example.
Speaker 8: So one of the things that we have it Yelp
Speaker 8: is actually an even distribution of consumers across each of
Speaker 8: the three large age groups eighteen to thirty four, thirty
Speaker 8: four to fifty four, above, fifty five and above. So
Speaker 8: actually folks who are younger are using us because they
Speaker 8: want to spend their money.
Speaker 6: Well.
Speaker 8: Now, obviously video reviews on some of the other platforms,
Speaker 8: or reviews that through a post that are gain a
Speaker 8: lot of attention, but completeness is very important. When you're
Speaker 8: going out. You want to ensure that you actually have
Speaker 8: a sense for all the things that you could do,
Speaker 8: and Yelp is that complete. So we delivered thirteen percent
Speaker 8: growth in the first quarter. We think that was terrific performance.
Speaker 8: More than sixty percent of our revenue comes from services,
Speaker 8: and so while we're known for the restaurant side, we
Speaker 8: really have been taking share on the services side.
Speaker 3: All right, Yelp, CFI David Schwoltzbeck, thank you so much, Carrie.
Speaker 2: Some bringing ease Yeah, let's look at First Republic Bank,
Speaker 2: because of course we understand that the SEC is investigating
Speaker 2: actually the conduct of executives there before the government seizure.
Speaker 2: There was some reporting, some discussion about basically the sale
Speaker 2: of certain assets and indeed holdings, and all of this
Speaker 2: is ahead of what's now been brought up by JP Morgan.
Speaker 2: The SEC is looking to whether any members of the
Speaker 2: executive team at First Republic improperly traded ed on inside information.
Speaker 2: So we're going to be covering that particular story. We're
Speaker 2: also going to be going broader into the macro situation
Speaker 2: because we're knowing the administration. We know the FAIR is
Speaker 2: looking at the banking sector, but the administration is also
Speaker 2: rather gloating at this job's number today, So we understand
Speaker 2: that President Biden is really out there discussing there's two
Speaker 2: hundred and fifty three thousand number added to jobs, that
Speaker 2: there's still inflationary pressure within that. So keep a close sign.
Speaker 2: While President Biden has been saying today we had some
Speaker 2: live discussion there, but overall he is holding a cabinet
Speaker 2: meeting speaking about more to do with the trend that
Speaker 2: they think overall inflation is trending in the right direction,
Speaker 2: from New York, from San Francisco, Afrol.
Speaker 4: Washington, a sublimband.
Speaker 2: It is time now for talking tech and we're going
Speaker 2: to start with software ag shares falling after the German
Speaker 2: company Look refused to enter talks with a rival bidder
Speaker 2: for the company and said that it's supporting an increased
Speaker 2: two point six billion dollar Tacos offer for the existing backer,
Speaker 2: Silver Lake Management. Meanwhile, billionaire tech investor Peter Thiel is
Speaker 2: reluctant to move his operations from Silicon Valley to Florida.
Speaker 2: Why he's staying on a podcast on Wednesday, housing prices
Speaker 2: with Sword compared to three years ago. It would just
Speaker 2: be too costly to make the move. And finally, New
Speaker 2: York Attorney General the Tisha James proposing a state law
Speaker 2: to titan rules over cryptocurrencies in her latest swing in
Speaker 2: an industry that she claims is suffering from rampant forward
Speaker 2: and dysfunction ed. Is really interesting overall that we are
Speaker 2: seeing this focus at the moment on crypto coming from
Speaker 2: Tis James. She spoke about it way back at the
Speaker 2: beginning of the year. She has really been thinking about
Speaker 2: an inequality lens, worrying about people of color, about the
Speaker 2: lowest income that have been hit.
Speaker 4: Interesting dichotomy when you're.
Speaker 2: Looking at, well, the New York mayor who's been trying
Speaker 2: to take pay in bitcoin, when you're trying to build
Speaker 2: up the situation of crypto.
Speaker 4: Here in New York.
Speaker 3: Yeah, and what we're hearing from those people that are
Speaker 3: in the crypto hype cycle, they're now looking at AI.
Speaker 3: But what they have in common is the regulation top
Speaker 3: of mind.
Speaker 6: Have a listen.
Speaker 9: I think the biggest mistake that was made in crypto
Speaker 9: was is and still is, just the absolute lack of
Speaker 9: clear cut regulations so people know what the rules are
Speaker 9: that they.
Speaker 6: Should be playing by. I think that there were a
Speaker 6: lot of.
Speaker 9: Companies that were assuming that blockchain technology could be used
Speaker 9: for a lot of different things that it really shouldn't
Speaker 9: have been used for.
Speaker 10: It From New York and San Francisco, this is Bloomberg,
Speaker 10: Welcome back to Bluebow Technology.
Speaker 4: I'm Caroline Hyde in New.
Speaker 3: York and ourmed Lovelow in San Francisco. There's a lot
Speaker 3: going on in the market, especially for the technology sector,
Speaker 3: data earnings. Let's talk about all of it. I think
Speaker 3: we've got a lot of catalysts pushing us to the upside.
Speaker 3: Look at the NASA one hundred up one point five percent.
Speaker 3: A big part of that is the job's data coming
Speaker 3: in strong above many broad expectations outperformance. In the semiconductor space,
Speaker 3: we're kind of finding our feet a bit. We've had
Speaker 3: downward pressure as a result of earnings Qualcom being laggered.
Speaker 3: As an example, you see the US tenure yield climbing
Speaker 3: seven basis points ten point four percent, but we are
Speaker 3: way from that three point six percent level that we
Speaker 3: were at just a week ago and where we were
Speaker 3: holding for some time. Kind of risk on mentality sees
Speaker 3: Bitcoin creep a little higher beyond twenty nine thousand US
Speaker 3: dollars per token towards thirty thousand US dollars per token.
Speaker 3: Interesting developments overnight. When it comes to AI, you talk
Speaker 3: about the megacaps that are making moves, Apple biggest jumps
Speaker 3: since November, moving on earnings, not so much about the
Speaker 3: AI narrative. But I'm looking at alphabet Flat a slight
Speaker 3: underperformer when it comes to its megacap tech piers. One
Speaker 3: reason might be the disclosure of an internal document from
Speaker 3: a concerned engineer about perhaps them falling behind. I think
Speaker 3: that's one thing to look at later in the show.
Speaker 2: That is a fascinating conversation We've got to get into
Speaker 2: and on our spaces a bit later, ed. But meanwhile,
Speaker 2: let's talk about the jobs Stata once again. Here they're
Speaker 2: now showing real strength. A is a A two hundred fifty
Speaker 2: three thousand jobs added in the US market. Where is
Speaker 2: the demand coming from technology in particular, It's definitely on
Speaker 2: the minds of recent college graduates. So for more insight
Speaker 2: on what they are thinking about, let's bring in Handshake
Speaker 2: CEO Garrett Lord. Handshaker is a network and recruiting platform
Speaker 2: for early career talent. And look, they just put out
Speaker 2: their latest report on what they see in job search trends.
Speaker 2: Young people fresh out of school are willing and able
Speaker 2: to see that their workplace is going to be disrupted, Garrett.
Speaker 2: And to that end, how are we seeing people change
Speaker 2: their search?
Speaker 4: Are they all aware.
Speaker 2: That General to AI is going to change the game,
Speaker 2: and are they trying to pret themselves for that?
Speaker 11: Yeah, well, I mean you have to imagine what it
Speaker 11: was like being a college student in the last four years.
Speaker 11: I mean, there was a global pandemic. You got to
Speaker 11: send home, you had to learn how to learn from home.
Speaker 11: Then you thought the economy was going to crash, but
Speaker 11: the economy started booming. And now fast forward today where
Speaker 11: a lot of students the headlines are companies that are
Speaker 11: laying off employees and so students says, you might imagine
Speaker 11: they're very resilient. But now more so than ever, are
Speaker 11: the interested in working in industries the value stability. I mean,
Speaker 11: students are looking at companies that you know, eighty four
Speaker 11: percent of them want a company that is really highlighting
Speaker 11: how stable of opportunities are. Students are also expanding the
Speaker 11: horizon to new industries. So students are forty percent more
Speaker 11: likely to applied industries that they hadn't considered before. So
Speaker 11: I think the dream job is like shifting right now
Speaker 11: in real time.
Speaker 2: What's interesting is, well, defense seems to be an area
Speaker 2: that they're going into and speak nothing about geopolitics on that.
Speaker 2: But Raytheon was really trending up two hundred percent in
Speaker 2: terms of search is but Nike, Toyota, they're resilient brands.
Speaker 2: Are they therefore not looking for jobs at big tech
Speaker 2: companies given some of the headlines around layoffs, Well.
Speaker 11: I think big tech searches are down fifteen percent year
Speaker 11: on year. Big tech is still very much hiring in
Speaker 11: college today, but I think the dream job is like
Speaker 11: really shifting. So I coming back to like the dream
Speaker 11: job might be working in evs at General Motors, or
Speaker 11: working in robotics at Johnson and Johnson, or you know
Speaker 11: a fun story you talk about Ratheon, Like there's a
Speaker 11: student I just talked to you earlier this week named
Speaker 11: Wes who went to a small aeronautical school in Florida,
Speaker 11: and he built his profile and handshake, got a message
Speaker 11: from Raytheon and fast forward a week later he's got
Speaker 11: an internship offer and is actually going to work there.
Speaker 11: So that's an example of like connecting companies that view
Speaker 11: this moment as an opportunity to go on the offensive.
Speaker 11: Like big tech, yes is pulling back in terms of
Speaker 11: overall demand from students, but companies view this as like
Speaker 11: an offensive opportunity to win top talent. So just this week,
Speaker 11: like publicly.
Speaker 1: John.
Speaker 11: JP Morgan and Fidelity talked about publicly increasing the number
Speaker 11: of early talent hires they're making, so they view this
Speaker 11: as an opportunity to pick up top talent.
Speaker 2: Really interesting and ed, I have to think at the
Speaker 2: moment what was interesting in the stats was also Capital
Speaker 2: One was being highly sought after. Bank of America Morgan Stamley.
Speaker 2: I wonder if the current situation around banks is going.
Speaker 4: To change that in terms of demand.
Speaker 3: Yeah, I find it so interesting because the headlines are
Speaker 3: about chaos and volatility and technology with the layoffs in
Speaker 3: the banking sector around SVB. But Garrett, what I'm actually
Speaker 3: interested is the speed in which those young people are
Speaker 3: finding jobs in those sectors. Is it a case of, Oh,
Speaker 3: the opportunities there for me, and they take it.
Speaker 11: I mean, the students are very much interested in banking still.
Speaker 11: I mean, JP Morgan has increased publicly the number of
Speaker 11: opportunities that they're posting on the network. They're hiring more
Speaker 11: software injurers than ever before, They're hiring more data scientists
Speaker 11: than ever before. And students really are interested in working
Speaker 11: in finance. I think obviously the news cycles are dominating students,
Speaker 11: chair but there are still tons of students that want
Speaker 11: to work in finance.
Speaker 3: I'm looking at some of the companies that are being
Speaker 3: sold out. I know we've been over many of them.
Speaker 3: You're talking about Rayfia and Nike, Toyota, Boeing, Chevron. Tell
Speaker 3: me what all of those have in common? What is
Speaker 3: it that makes them interesting to a young person seeking
Speaker 3: a modern day job.
Speaker 11: I think students really want to understand what a day
Speaker 11: in the life looks like at a company, and so
Speaker 11: what that really means is like, what are other students
Speaker 11: like them doing that have been there a year, eighteen months,
Speaker 11: What does their day in life look like, what skills
Speaker 11: are they learning, what exit opportunities are available inside of
Speaker 11: the company. They're really interested in understanding what the mission
Speaker 11: of the company and the impact.
Speaker 6: That companies make me on the world.
Speaker 11: They care more about that than they care more about
Speaker 11: mission than actually salary in most situations. So I think
Speaker 11: companies that bring a personal approach to sharing what the
Speaker 11: culture looks like and the impact they're making on the
Speaker 11: world is a really important facet of those companies.
Speaker 2: Your mission a handshake is to democratize access to opportunity. Now,
Speaker 2: when I look at the jobs data today, record unemployment,
Speaker 2: so low level of unemployment for black people in particular
Speaker 2: four point seve percent, but there's still a big disparity
Speaker 2: between white unemployment, which is three point one percent, and
Speaker 2: black unemployment is four point seven percent. I'm interested in
Speaker 2: whether you're seeing the mission being around equality, the mission
Speaker 2: being around bringing in all types of people from whatever
Speaker 2: education background, and particularly minorities in this economic environment, or
Speaker 2: whether unfortunately that goes to the backseat as we see
Speaker 2: perhaps VC dollars going to diverse founders.
Speaker 11: I mean, companies are so focused on trying to build
Speaker 11: representation and build the future leadership of their company. Many companies,
Speaker 11: in order to hire fift percent women, they really want
Speaker 11: to have fifty percent applicants in order to hire fift
Speaker 11: percent women. Or if they want to hire thirteen percent
Speaker 11: black college students, it's important to have thirteen percent applying.
Speaker 11: And so many companies are trying to be really proactive
Speaker 11: in shape their early talent programs to be able to
Speaker 11: have enough women and enough unrepresented students so they can
Speaker 11: cultivate and build those leaders internally. And so that's how
Speaker 11: companies use hand is really focused on great, resilient, amazing
Speaker 11: talent and also diverse talent. And I think that very
Speaker 11: much connects to like my story, I mean, I was
Speaker 11: I grew up in a blue cour family. I went
Speaker 11: to community college for two years. The mission of our
Speaker 11: company and why everyone goes to work every day. Is
Speaker 11: really around expanding access to students all across the country,
Speaker 11: because I mean, so much about this is like in
Speaker 11: the way the world works. It's like who you know,
Speaker 11: or you know what your parents do, or what school
Speaker 11: you go to. Talent's really everywhere and opportunity is in.
Speaker 11: And so I think Handshake is really helping companies connect
Speaker 11: with talent everywhere and to bolster the representation of their
Speaker 11: classes and to build the future workforce of tomorrow.
Speaker 3: Handshake CEO and co found it, Garrett Lord, I think
Speaker 3: that gives us kind of the boots on the digital
Speaker 3: ground of how the next gen of tech talent are
Speaker 3: looking for jobs.
Speaker 6: Thank you so much for the time.
Speaker 3: I want to keep talking about AI, with the White
Speaker 3: House saying it would support new regulations or legislation to
Speaker 3: mitigate the potential harms from AI. That's after, of course,
Speaker 3: Vice President Kamala Harris met with the CEOs of Alphabet, Microsoft,
Speaker 3: Open AI, and Anthropic yesterday. I want to break that
Speaker 3: all down in some other developments with Bloomberg's Rachel met
Speaker 3: the Bloomberg AI reporter. I mean, let's start. I saw
Speaker 3: a tweet that you did. Oh there was somebody missing
Speaker 3: from that meeting? Yes, who was that?
Speaker 12: Well missing but popped in? That would be the President.
Speaker 6: Oh I thought I was going to go with Zuckerberg.
Speaker 3: Okay, go with your president.
Speaker 6: Thought that's fine.
Speaker 4: Oh sorry, I know.
Speaker 12: I saw a tweet from the President who said he
Speaker 12: stopped in on the meeting, and I actually thought that
Speaker 12: was surprising that he wasn't a part of the meeting,
Speaker 12: because the White House is saying like how important this is,
Speaker 12: and a lot of companies are also saying how important
Speaker 12: it is to talk about coming up with legislation and
Speaker 12: just just for the government to learn more about how
Speaker 12: these technologies are working as their revolving question.
Speaker 3: So you have Sam Altman, Sunder Pitch Eye, and Satching
Speaker 3: Adela in a room with the Vice president and at
Speaker 3: one moment the president and Mark Zuckerberg is not there. Yes,
Speaker 3: why is that significant? I think the point you raise
Speaker 3: is that Meta has a lot of people working in AI.
Speaker 12: Oh yeah, Meta has long been in AI. Meta has
Speaker 12: been researching AI, using AI in its products for I
Speaker 12: mean the majority of the company's existence and a lot
Speaker 12: of it's AI has been pushed out into the community
Speaker 12: and used to develop other things. So Yeah, that is
Speaker 12: a pretty big surprise for like just one data point,
Speaker 12: a recent development from Meta called Lama, which is a
Speaker 12: large language model that is being looked at very seriously
Speaker 12: by a lot of people in the open source community
Speaker 12: as a way to catch up with companies like open
Speaker 12: Ai and Google.
Speaker 4: But drill there from Omer Rachel.
Speaker 2: So, I've been reading so many interesting Twitter threads today
Speaker 2: about this leak that we've seen from Google in particular,
Speaker 2: and a worry that basically everyone's behind the curve versus
Speaker 2: open source data at the moment in terms of building
Speaker 2: these large language models.
Speaker 4: Within that sort of Twitter storms.
Speaker 2: That I've been seeing is the fact that what was it, Lama,
Speaker 2: the large language model over it Meta kind of got
Speaker 2: leaked and is basically done Meta a huge service here.
Speaker 12: Yeah, that's kind of interesting, isn't it. This model came
Speaker 12: out in a way and that probably wasn't intentional, and
Speaker 12: it has been used to bolster the ways that people
Speaker 12: are developing large language models in the open source community,
Speaker 12: which is a different sort of animal than a big
Speaker 12: company like Google who would do that stuff privately, or
Speaker 12: open Ai, which is also doing that privately. When things
Speaker 12: are done in the open source community they can be
Speaker 12: iterated on really quickly. They are tending to be less expensive,
Speaker 12: and you just have way more eyes on these software products,
Speaker 12: so you can have people either coming up with new
Speaker 12: ways to do new things or new ways to fix
Speaker 12: things that aren't working. So well, it's really interesting.
Speaker 6: Let's go back to what you reported.
Speaker 3: Elite memo from a pretty senior software engineer within Google
Speaker 3: about them falling behind. Cara alluded to it, But what
Speaker 3: have you reported what happened?
Speaker 12: So this memo or a letter, you know, depending on
Speaker 12: how you want to talk about it. It's not an
Speaker 12: official company document, but it was something that this person
Speaker 12: had written, and it had been seen internally by a
Speaker 12: whole lot of different people at Google, and somebody then
Speaker 12: published it on a public discord channel, and from there
Speaker 12: it was then picked up by a lot of different
Speaker 12: people and published more widely. So when you have something
Speaker 12: like that happening, you have somebody internal saying, hey, like,
Speaker 12: I mean, I think the wording was basically open sources
Speaker 12: eating our lunch.
Speaker 4: That's I feel like it's a pretty big deal.
Speaker 12: You don't see that strong wording that often, at least
Speaker 12: not sort of percolating out more widely and perhaps it
Speaker 12: shows that a lot of people are feeling that way
Speaker 12: at large companies.
Speaker 2: Decentralization seems to be the booking point everywhere. Rachel Metz,
Speaker 2: thank you so much bringing us what is fascinating scoop
Speaker 2: and indeed what's happening over at the White House all
Speaker 2: things AI. And look, let's talk about how people are
Speaker 2: remaining pretty bullish about artificial intelligence. It's not just about
Speaker 2: jobs or productivity. Just take a listen to Tiger twenty
Speaker 2: one chairman and founder Michael Sonenfeld what they have to say.
Speaker 13: Artificial intelligence is also going to have a huge impact
Speaker 13: on climate, where we're going to need a lot of
Speaker 13: new technologies to fight climate. So you can look at
Speaker 13: some of the climate plays as well. But the largest
Speaker 13: technology companies are investing heavily in AI, and that's where
Speaker 13: the opportunity is if you're a believer in it.
Speaker 3: Just how pervasive AI is in all the conversations they
Speaker 3: were having. Now coming up a welcome signed with streaming
Speaker 3: for Warner Brothers Discoveries. The company sees subscriber growth and
Speaker 3: profits in its first quarter, but how did the company
Speaker 3: fare on other key metrics?
Speaker 6: More on that next. This has bloom low.
Speaker 2: Let's do more earnings because there's a bit of a
Speaker 2: mixed bag over there at Warner Brothers Discovery, which reported
Speaker 2: first quarter results that on the one.
Speaker 4: Hand saw the media giant.
Speaker 2: Post a surprise profit for its streaming business, but on
Speaker 2: the other, well, the legacy cable network's not doing quite
Speaker 2: so well, losing advertising, losing viewers. Therefore, the overall revenue
Speaker 2: missed estimates, and so did adjusted a bit dar This
Speaker 2: in the week, of course, disappointing results from Paramount Fresh
Speaker 2: Writer Strike on Hollywood. There's a lot to discuss with
Speaker 2: the one and only Lucashow who joins us now to break.
Speaker 4: It all down. Let's just start on Warner Brothers for
Speaker 4: a moment, because it.
Speaker 2: Seems they wanted to lean into Max, which is now
Speaker 2: branded and the fact that streaming is actually managing to
Speaker 2: prove profitable.
Speaker 14: Yeah, I mean, the big criticism of all these streaming
Speaker 14: enterprises has been that they lose money. Other than Netflix
Speaker 14: and David's Aslam, the CEO of Warner Brothers Discovery is
Speaker 14: Billy doing everything he can to turn Max into a
Speaker 14: profitable service. They're cutting costs in a lot of ways.
Speaker 14: They've laid off people and that seems like positive news.
Speaker 14: The problem or the cloud looming over all these companies
Speaker 14: is that their linear cable networks are declining really quickly,
Speaker 14: and so investors are still a little bit uncertain whether
Speaker 14: the growth of the profits on streaming are ever really
Speaker 14: going to replace what was an incredibly lucrative business model.
Speaker 3: It's interesting because in a twenty four hours span, lucas,
Speaker 3: you had Paramount post that loss and then Warner Brothers
Speaker 3: posts the profit. What can we discern about the competitive
Speaker 3: nature of the two when it comes to streaming.
Speaker 14: Well, it may depend on where they are in their
Speaker 14: investment cycle.
Speaker 1: You know.
Speaker 14: Paramount, I think said that this year was going to
Speaker 14: be its year of peak investment. You know, it wasn't
Speaker 14: long ago, I think maybe a year and a half
Speaker 14: where Paramount was still sort of bragging about how much
Speaker 14: it was spending because it thought that that's what Wall
Speaker 14: Street wanted to hear. It had this investor day in
Speaker 14: early twenty twenty two hours earnings I forget which one
Speaker 14: may be both, and it just really changed.
Speaker 1: On a dime.
Speaker 14: You know, around that time a year ago, I think
Speaker 14: Warner Brothers Discovery has sort of moved into cost cutting
Speaker 14: mode more swiftly partially forced by the merger, and those
Speaker 14: almost always resulting in cost cutting.
Speaker 3: You know, Caroline, the story of the week that Lucas's
Speaker 3: team and screen Time had been at the forefront of
Speaker 3: is the WGA and Hollywood strike. Right, That's what we've
Speaker 3: been talking about.
Speaker 2: And really the intersection here of a new type of
Speaker 2: environment they have to work in Lucas, the fact that
Speaker 2: there is a focus on streaming, what that means in
Speaker 2: terms of recompense for them, and also I mean artificial
Speaker 2: intelligence as being some competitive threat too.
Speaker 14: Yeah, I mean it's interesting, given the conversation we are
Speaker 14: just having around profitability and what happens to these companies,
Speaker 14: to strike could benefit a lot of these companies bottom line.
Speaker 14: It's one of the reasons why some of the writers
Speaker 14: and a lot of industry experts are sort of concerned
Speaker 14: that this strike is going to go on for a
Speaker 14: long time, because these companies looking to cut costs will
Speaker 14: benefit from not spending a bunch of money on new
Speaker 14: projects or you know, we reported this week that some
Speaker 14: of the studios are already ceasing to pay some of
Speaker 14: these writers that they have producer deals with. You know,
Speaker 14: it feels like the sides are pretty far apart on pay,
Speaker 14: and they're not even really close on a subject like
Speaker 14: AI where the writers want certain projections in the studios steal.
Speaker 1: It's too early to sort of put anything.
Speaker 3: To paper, Lucas, the last strike was two thousand and seven,
Speaker 3: I believe, right, How long does this one go on?
Speaker 3: How are talks progressing?
Speaker 14: Yeah, I mean the last one lasted about one hundred days.
Speaker 14: I think the one in the late eighties was longer
Speaker 14: than that. It set the record. Look, I'm not supposed
Speaker 14: to make predictions, but nobody I talked to things that
Speaker 14: this one is going to be over anytime soon. It
Speaker 14: feels as if the studios have already shifted to focusing
Speaker 14: on the Director's Guild and the Actors Guild, both of
Speaker 14: which have contracts coming up in the next couple of months.
Speaker 14: You know, it feels like it's going to stretch into
Speaker 14: the fall, but of course things could change over the summer.
Speaker 2: And Lucas, of course you report on this from Hollywood
Speaker 2: from la but our producer was saying how she saw
Speaker 2: people at the Piggot lines in New York because she
Speaker 2: came in to work today. I mean, this is how
Speaker 2: national in nature does this become.
Speaker 14: Well, there are major production hubs in certainly in New York.
Speaker 14: You know, a lot of the late night shows which
Speaker 14: have already gone off the air are made in New York.
Speaker 14: And then you have people who work in Atlanta, or
Speaker 14: in New Orleans, or in Chicago. I don't know that
Speaker 14: you're going to have protests in all of those places,
Speaker 14: especially because the writers are more concentrated in LA and
Speaker 14: New York. But this has become a pretty global industry,
Speaker 14: and so even if even if the Writers Guild only
Speaker 14: affects writers in the United States, you're going to see
Speaker 14: people everywhere else. Government, you know. I think there were
Speaker 14: some stories this week about, you know, writers in the
Speaker 14: UK being urged not to cross the picket line and
Speaker 14: do work with guild signatories.
Speaker 2: There's a fair few strike actions going on in the
Speaker 2: UK more broadly, so one to watch out for Lucas Shaw.
Speaker 4: Great to have some time with you.
Speaker 2: It's time now for going viral, and much of the
Speaker 2: United Kingdom and the world in fact, is buzzing for
Speaker 2: Saturday's Coronation ceremony. Now, the religious event celebrates the start
Speaker 2: of King Charles the third reign over the British State
Speaker 2: naw Megus.
Speaker 4: Lizzie Burden hasmon.
Speaker 15: First coronation in seventy years, will formally ring in King
Speaker 15: Charles the Third at Westminster Abbey, home to the ceremonies
Speaker 15: since ten sixty six. As seventy four, he's the oldest
Speaker 15: monarch ever to be crowned. Twy two hundred guests will
Speaker 15: attend roughly a quarter of the number who are at
Speaker 15: Queen Elizabeth I's nineteen fifty three coronation, and it's expected
Speaker 15: to take half the time. Amid a cost of living crisis,
Speaker 15: the King has asked for the service to beat good value,
Speaker 15: but with a reported one hundred million pound price tag,
Speaker 15: it's double the cost of his mother's in today's terms.
Speaker 15: Charles will wear Saint Edward's crown, decorated with more than
Speaker 15: four hundred gemstones Camilla. Meanwhile, the Queen consort will carry
Speaker 15: two two hundred diamonds in hers, worth up to an
Speaker 15: estimated five billion pounds. But what's the economic impact of
Speaker 15: the and pageantry. Bloomberg Economics reckons that on balance, the
Speaker 15: extra bank holiday is going to cost the economy about
Speaker 15: two billion pounds, but estimates have suggested that tourism, hospitality
Speaker 15: and souvenirs will bring in more than one billion pounds,
Speaker 15: somewhat meager compared to the Queen's Jubilee last year for
Speaker 15: Britain's pubs and restaurants. That includes a three hundred and
Speaker 15: fifty million pound boost to sales, so the hangovers may
Speaker 15: be as memorable as the coronation itself.
Speaker 2: We thank our Lizzie Burden for that reporting and an
Speaker 2: ed I was looking at Instagram just have followed the
Speaker 2: Royals are now the Royal family has twelve point nine
Speaker 2: million Instagram followers. It's generally Charles Kamene, Prince and Princess
Speaker 2: of Wales. They've got fourteen point six millions, so they
Speaker 2: pit them to the post. But compere, that's like Kim.
Speaker 4: Kardashian's got three hundred and forty five million hits on
Speaker 4: Pales and Insignificance.
Speaker 3: Yeah, like you and I two Brits living in the
Speaker 3: United States, and we've seen firsthand the following that the
Speaker 3: Royal family has a lot of that driven by Netflix
Speaker 3: and The Crown, a fictional series that the Royal family
Speaker 3: would say, it's not a engagement really right, But you
Speaker 3: know again, we did this piece on Bloomberg the most
Speaker 3: googled terms ahead of the coronations, kind of learn about it.
Speaker 3: There's really high engagement ahead of this weekend.
Speaker 2: Yeah, mainly the time is going to be painful for you.
Speaker 2: It's at six thirty am New York time. I'm going
Speaker 2: to be up anyway because I've got small kids, but
Speaker 2: don't get up at three thirty in the morning.
Speaker 3: Air DeKay TBD TVD.
Speaker 6: It's a big moment in history. But I'll be tired.
Speaker 2: I mean, you could always be raving out until that
Speaker 2: time and then watch it.
Speaker 4: But we'll see that does over this edition of Bloomberg Technology.
Speaker 3: Yep, don't forget recap podcasts. Iheartspotify, Bloomberg, wherever you get
Speaker 3: your podcasts.
Speaker 6: What are we