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 Ed Lovelow in sent Francesco.
Speaker 2: This is Bloomberg Tech coming up. Spotify added a record
Speaker 2: number of users last quarter thanks to its end of
Speaker 2: year wrapped campaign, shares search plus.
Speaker 3: Paramount enhances its bid for Warner Brothers Discovery, offering billions
Speaker 3: to cover termination debt, refinancing and ticking fees.
Speaker 4: Details this hour.
Speaker 2: And Runway CEO Chris thebau Valezuela joins us to talk
Speaker 2: about the new funding round that values the company at
Speaker 2: five point three billion dollars.
Speaker 3: From private markets to the public market. Look on the benchmarks,
Speaker 3: nothing that exciting.
Speaker 4: We're holding on too.
Speaker 3: Gains just eking out twenty three points in the green
Speaker 3: and the NASTAQ one hundred. But you go underneath a
Speaker 3: herd ed and rotation continues. But this time is the
Speaker 3: hardware that gets sold off.
Speaker 4: The software is being bought for a third straight day.
Speaker 3: Software really up about nine percent as we buy back
Speaker 3: into that beaten up sector. But we're looking also to
Speaker 3: what the macro picture is painting. We have got retail
Speaker 3: sales that come in less than have been expected. What
Speaker 3: does that mean for a FED cut? What does it
Speaker 3: mean for equities? What does mean for crypto? Because let's
Speaker 3: face it, that is where the movement's happening today. Bigoin
Speaker 3: not by one point six percent, look at Eth down
Speaker 3: almost another five percent. As we still question what's sort
Speaker 3: of an asset? This really is what are you looking at?
Speaker 2: I'm looking at Spotify and shares are absolutely surging. A
Speaker 2: record number of subscribers added last quarter, taking the total
Speaker 2: to seven hundred and fifty one million dollars. Later in
Speaker 2: the show, we'll get to it where Bloomberg's actually Carmen.
Speaker 2: But it was all about the end of year rat
Speaker 2: and I know as a team we all exchanged our raps.
Speaker 2: The stock was on track for its best day over
Speaker 2: up almost twenty percent, now on track for its figures
Speaker 2: jumping about seven years. But that is a big response
Speaker 2: to strength when it comes to music streaming.
Speaker 4: Character It certainly is tell you else's strength. The bond market.
Speaker 3: We're not looking at shares of Alphabet, but really I
Speaker 3: want you to focus on its debt because it's bond
Speaker 3: offerings keep coming and after the US dollar debt sale,
Speaker 3: raised twenty billion dollars yesterday, it was upsized.
Speaker 4: The company is now selling over eleven.
Speaker 3: Billion more in Sterling and Swiss frank denominated bonds. And
Speaker 3: that's super rare one hundred year note we told you
Speaker 3: about yesterday while it was oversubscribed and then some almost
Speaker 3: ten times according to sources. Let's talk about it with
Speaker 3: Robert Schiffman from Blue Meg Intelligence. In less than twenty
Speaker 3: four hours, they've raised thirty two billion dollars basically on
Speaker 3: the debt markets. Let's just focus in on what that
Speaker 3: one hundred year debt signals about the confidence people have
Speaker 3: in this company.
Speaker 5: Well, I think what the bond market is telling us
Speaker 5: is that AI bubble talks are so twenty twenty five.
Speaker 5: But the concerns that, at least from the creditors perspective,
Speaker 5: is not anything near what it is from inequity standpoint.
Speaker 5: The reality, though, is what is the benefit of a
Speaker 5: one hundred year bond? To me, it's just a trophy.
Speaker 5: It's going to be put on the shelf of pension
Speaker 5: funds and insurance companies. They're going to hold it to maturity.
Speaker 5: And let me tell you something, if anyone's really worried,
Speaker 5: if that bond does not pay off in one hundred years.
Speaker 5: Come and look me up at Bloomberg. I'm going to
Speaker 5: be upstairs in my office eating free.
Speaker 6: Snacks, Robert.
Speaker 2: The macro point is that they're doing interesting things with capital,
Speaker 2: the bigger picture, to fund CAPEX, right, to grow AI
Speaker 2: infrastructure at scale. I always read your memo every morning,
Speaker 2: and you revise constantly the kind of trajectory. What are
Speaker 2: the latest numbers that you see going over the next decade.
Speaker 5: Yeah, you know, it sort of becomes monopoly money, the
Speaker 5: type of spending that we're seeing. I mean, we're now
Speaker 5: projecting over four trillion dollars of cumulative hyperscaler spend through
Speaker 5: twenty thirty. You can afford a lot of that from
Speaker 5: operating cash flow. However, how do you supplement it? You
Speaker 5: supplement it with really cheap bonds. And the way that
Speaker 5: you can do that is you start off with balance
Speaker 5: sheets that are in phenomenal shape. You know, if you
Speaker 5: look at Alphabet's DOAA plus credit rating, SMP came out
Speaker 5: yesterday and said in order to breach their downgrade trigger,
Speaker 5: they would have to issue more than one hundred and
Speaker 5: eighty billion dollars of incremental net debt. So what I
Speaker 5: would argue is, hey, if they wanted to be a
Speaker 5: triple bname, would they have to issue a trillion dollars
Speaker 5: of bonds? There is so much capacity. Why not take
Speaker 5: the money down, borrow long dated paper at five and
Speaker 5: a half five point seven percent, put it to work
Speaker 5: today and grow your future cash flows for another decade,
Speaker 5: if not one hundred years.
Speaker 3: There is some pushback in the market that yes, it's
Speaker 3: a trophy on a pension fund's desk, maybe it's a
Speaker 3: trophy on Alphabet's CFO and treasurer's desk if they sell
Speaker 3: one hundred year bonds, but also signals at the top
Speaker 3: of the market. Look, we go back to when the
Speaker 3: last time a tech company did this, it was Motroller
Speaker 3: back in the nineties, and people are trying to make
Speaker 3: this serchon that may be Motrola was at the peak
Speaker 3: of its game then and where is it now? What
Speaker 3: do you say, so this is a question marks about
Speaker 3: one hundred a to tech.
Speaker 5: Yeah, listen, I think you know what's going to be
Speaker 5: the top. We can never call the top. Let me
Speaker 5: tell you something though, I think there's more bonds to come.
Speaker 5: We still have Microsoft, we still have Meta, we still
Speaker 5: probably have Amazon.
Speaker 4: But would they do one hundred Yeah, you know what.
Speaker 5: They might, and they also might do a lot of
Speaker 5: other incremental currencies like we talked about yesterday. I'm actually
Speaker 5: surprised they stayed out of the euromarket. I think there's
Speaker 5: a big, deep demand there is. Every portfolio manager that
Speaker 5: we are talking to is talking about having excess cash
Speaker 5: on hand, and everyone is looking at the same compressed yields.
Speaker 5: There is a bid for a yield. It is not
Speaker 5: going away anytime soon. So if we hit the top
Speaker 5: of the market, I don't think it's today. Maybe it's
Speaker 5: next week, Maybe it's going to be in three weeks,
Speaker 5: but I don't think it's yet. I listen, I've never
Speaker 5: been as bullish on tech as I am today. I
Speaker 5: don't think these companies have ever been better positioned. I
Speaker 5: don't think their balance sheets have ever been better positioned.
Speaker 5: And I actually think the confidence levels that we see
Speaker 5: across the bond market far supersede what I think even
Speaker 5: Bloomberg News starking belt.
Speaker 2: Robert Schiffman from Bloomberg Intelligence bonds are fun, thank you
Speaker 2: very much. The software sector may have a chance to
Speaker 2: rebound we're so closely tracking what's happening in software right now.
Speaker 2: According to JP Morgan Strategists, fears of AI disruption may
Speaker 2: be overblown and the current bearish sentiment is a quote
Speaker 2: overshoot at this time. That views echoed by Lauren Webster,
Speaker 2: Managing Director of Investment Banking for Technology at Piper Sandler.
Speaker 2: She writes, while there is merit that AI will be
Speaker 2: a death sentence to certain sectors of software, the notion
Speaker 2: of software's broad obsolescence is overstated.
Speaker 6: Delighted to say that, she.
Speaker 2: Joins us, Now, I mean this is a day by
Speaker 2: day thing. Looking at some of the trading and action
Speaker 2: in the moment, I see a lot of green in
Speaker 2: the software space. But I say every day, one market
Speaker 2: session a market does not make just go a bit
Speaker 2: deeper on your thesis and why you're a bit more
Speaker 2: calm here.
Speaker 7: Absolutely, So, I think where we are is in sort
Speaker 7: of this phase of forming, storming, norming in the market
Speaker 7: and the give and take between AI innovation and software stocks,
Speaker 7: and so you're seeing a lot of volatility disruption each
Speaker 7: time there is a new product release from an AI innovator.
Speaker 7: Yet this broader realization that enterprise software is here for good.
Speaker 7: You can't rip it out tomorrow, and this is a
Speaker 7: longer term trend. As we figure out how to embed
Speaker 7: AI into enterprise solutions, what is actually going to be disrupted.
Speaker 2: We are canvassing a wide and diverse range of views
Speaker 2: and what's happening in software. Earlier today, we spoke to
Speaker 2: the Golden and Sax CEO David Solomon.
Speaker 6: Here's what he thinks.
Speaker 8: We have software exposure, but I'd say it's insignificant the
Speaker 8: scale of our overall platform, but it's certainly something that
Speaker 8: we're monitoring. I think the narrative over the last week
Speaker 8: has been a little bit too broad and will be
Speaker 8: as losers and plenty of companies pilot do just find.
Speaker 6: Sell off too broad.
Speaker 2: It sounds like you and mister Solomon agree that maybe
Speaker 2: what we've seen in the last seven to ten days
Speaker 2: a little overdone.
Speaker 7: Certainly, with that said, though, I would if I was
Speaker 7: running a business in the software sector today, I would
Speaker 7: be taking a hard look, spending time with customers understanding
Speaker 7: how they're using AI in place of the products that
Speaker 7: I offer, where I should be embedding it, and certainly
Speaker 7: planning for the next decade. Will transition towards more AI
Speaker 7: infrastructure tooling. But yes, as I said, nothing is getting
Speaker 7: ripped out tomorrow, and this is a much longer transition period.
Speaker 7: And the good news in that is that it gives
Speaker 7: software companies time to catch up figure out how they
Speaker 7: can play this opportunity.
Speaker 3: Lauren, what data do you look to as to what
Speaker 3: might be being ripped out? What is a point of
Speaker 3: offering rather than a platform that's into more deeply within
Speaker 3: a business.
Speaker 7: Yeah, certainly looking at those that have been disrupted most
Speaker 7: by recent product launches from whether it be anthropic or others.
Speaker 7: Workflow tooling is a place at risk. Certainly, there are
Speaker 7: elements within the legal sector that some of the newer
Speaker 7: announcements are starting to displace. There are, however, bright spots
Speaker 7: like cybersecurities one where I spend a lot of time
Speaker 7: and certainly you need cybersecurity capabilities to even implement some
Speaker 7: of that AI enterprise infrastructure. So there will be pockets
Speaker 7: of opportunity in the software sector, and then certainly in
Speaker 7: the picks and shovels around AI infrastructure.
Speaker 3: Go there a little bit more, because that was clearly
Speaker 3: the read across from some of this capital expenditure spend
Speaker 3: that we saw last week and now so I mean
Speaker 3: extraordinary numbers coming from the hyperscalers, and then of course
Speaker 3: people thought, well, time to be long, energy, time to
Speaker 3: be long the chips that go inside these data centers.
Speaker 4: Is that still the right play, feelin.
Speaker 7: Absolutely?
Speaker 9: So.
Speaker 7: The money is not pulling out of the market and
Speaker 7: sitting on the sidelines. It truly is going into a
Speaker 7: lot of the infrastructure opportunity what is often called the
Speaker 7: physical AI play, where it is energy networking. I mean,
Speaker 7: we're even seeing physical security around data centers getting another lock,
Speaker 7: and so there's a significant opportunity in that infrastructure and
Speaker 7: elsewhere that is, you know, irl are in the physical world.
Speaker 2: What I'm trying to understand is why the story has
Speaker 2: changed for lots of investors.
Speaker 6: You know, if you.
Speaker 2: Think back to when we started closing closely tracking capital expenditures,
Speaker 2: people wanted to see the software revenues. On the other side,
Speaker 2: they wanted to see revenue top line growth that directly
Speaker 2: resulted from AI investment. Right think about the core to
Speaker 2: gone a name like Salesforce. They posted really good numbers,
Speaker 2: but the anxiet is still there despite the evidence. It's
Speaker 2: backward looking that people are willing to pay for.
Speaker 6: That AI era of software. Why is that?
Speaker 7: Look, there's a broad realization that you're going to have
Speaker 7: to invest ahead of ahead of the real realization of
Speaker 7: the opportunity, the real realization of the profits. And so
Speaker 7: that's why you're seeing a lot of these hyperscalers poor
Speaker 7: tremendous capital, hundreds of billions into their capex infrastructure associated
Speaker 7: with AI. And there will be support for others across
Speaker 7: the software ecosystem as long as there is also that
Speaker 7: customer enterprise customer journey narrative going with it as well.
Speaker 2: Yeah, that enterprise evidence is right is what we're looking for.
Speaker 2: I can to ask you one of my favorite questions,
Speaker 2: given with still early in the year, what happens in
Speaker 2: the rest of twenty twenty six with a software sector.
Speaker 7: Yeah, I'm going to go back to where I started,
Speaker 7: which is really this forming norming storming. You have a
Speaker 7: lot of AI forming right now, and I will tell
Speaker 7: you we are not we are not at the end
Speaker 7: of that formation. There are going to be gives and takes,
Speaker 7: and then that's storming with traditional software. The winner there
Speaker 7: is going to be those that are really spending time
Speaker 7: understanding the evolution of their technology with their customers and
Speaker 7: how those customers are applying AI to their solutions, and
Speaker 7: then you'll have this normalization and it could be a
Speaker 7: few years out where there's a balance between you know,
Speaker 7: AI infrastructure leaders and those software innovators enterprise SaaS who
Speaker 7: have really seized the opportunity to embed AI for their
Speaker 7: customer benefit.
Speaker 3: Non Webster wait to have you back on the show.
Speaker 4: Thank you very much. Indeed, Pype Sandler, we appreciate it.
Speaker 4: Coming up.
Speaker 3: Spotify reporting record user growth in its fourth quarter. What's
Speaker 3: to discuss next? We're in these earnings, but what are
Speaker 3: you looking at?
Speaker 2: Just a very quick look at TSMC's US listed shares
Speaker 2: there are almost two percent one point percent, but trading
Speaker 2: at a record high. The shares in Taiwan overnight traded
Speaker 2: at record highs. The revenue jump thirty seven percent in January.
Speaker 2: Same story, AI spending marches on. TSMC dominates the market
Speaker 2: for chip manufacturing.
Speaker 6: This is bloomboag tech.
Speaker 3: It's checking on a Spotify shares having a strong day
Speaker 3: up fifteen percent at one point, having their biggest move
Speaker 3: on record after the company reported well record use a
Speaker 3: growth in that fiscal fourth quarter. And eight hundred and
Speaker 3: thirty five million dollars in operating income. Let's turn to
Speaker 3: Bloombo's Ashley Carmen, who broke down the numbers and look,
Speaker 3: the mighty have fallen a lot coming into this number, Ashley,
Speaker 3: So the bounce back is perhaps not surprising when they're
Speaker 3: able to give some sort of like ease to the
Speaker 3: investor base.
Speaker 10: Yeah, and I think that was a lot of what
Speaker 10: this call was today is just addressing concerns that AI,
Speaker 10: specifically AI music startups might I mean these are supposed
Speaker 10: launch this year, so people are concerned they are people
Speaker 10: going to start using AI degenerate songs and then listen
Speaker 10: to those songs on other platforms, or are they going
Speaker 10: to keep coming to Spotify? And today the co CEOs
Speaker 10: were saying, we think they'll keep coming to Spotify.
Speaker 2: So the stock at one point was up on track
Speaker 2: for its bigges jump. Ever it's now up fifteen and
Speaker 2: a half percent, I think, contract for its biggest jump
Speaker 2: in seven almost eight years. You write about in the
Speaker 2: report the impact of Rapped for those although I don't
Speaker 2: imagine there's many that don't know what that is, Ashley,
Speaker 2: just explain it. But like, why was that such a
Speaker 2: big factor.
Speaker 10: So Rapped is their annual interactive viral marketing campaign where
Speaker 10: people share their music and podcasts that they listen to
Speaker 10: the most this year and every year. It is just
Speaker 10: a moment on the Internet. People tend to activate their
Speaker 10: service to participate in RAP, so they always expect to
Speaker 10: see a boost. But I believe on the call today
Speaker 10: they said this was their biggest Rapped ever, So we
Speaker 10: can really see the results of that marketing campaign.
Speaker 4: But are people advertising more with Spotify?
Speaker 3: Are they able to drive revenues not just by having
Speaker 3: more of us tune in and unearth our Spotify account
Speaker 3: every end of year.
Speaker 10: So this is the one part of the earnings today
Speaker 10: that was a little bit gloomy. The ad supported revenue
Speaker 10: actually dropped year over year, and this has been a
Speaker 10: part of the business that people are really wondering, when
Speaker 10: are we going to see you start making more money
Speaker 10: from advertising, Which is also an important question because when
Speaker 10: we're talking about them adding users, these are ad supported users.
Speaker 10: Subscribers grew as well, but if you're going to keep
Speaker 10: adding ad supported users, you also.
Speaker 4: Want to see the revenue in that department go up
Speaker 4: as well.
Speaker 2: Bloomberg's actually coming on Spotify, Thank you very much. Power
Speaker 2: Amount is trying to sweeten it's Warner Brothers bid the
Speaker 2: media giants, saying it will cover a two point eight
Speaker 2: billion dollar termination fee that Warner Bros. Would pay Netflix
Speaker 2: if it terminates and already agreed upon deal. Bloombok's Lucashaw,
Speaker 2: who leads the screen Time team, it's with us. This
Speaker 2: was interesting, right, So the headline's here and it's a
Speaker 2: wheatner an improvement on their deal. But actually the specifics
Speaker 2: are very interesting. They're not just they're not boosting the
Speaker 2: offer price. Go into detail, explain how we unpick this.
Speaker 11: Yeah, so they are addressing and they being Paramount. Two
Speaker 11: of the concerns that Warner Brothers has had about their deal.
Speaker 11: One is this question of the breakup thee Right, So,
Speaker 11: Warner Brothers has been had been debating between two main
Speaker 11: offers between Netflix and Paramount. They pick Netflix, but if
Speaker 11: they walk away from Netflix to you know, re engage
Speaker 11: with Paramount, they have to pay Netflix a bunch of money.
Speaker 11: Paramount had is now offering to cover that, and Warner
Speaker 11: Brothers had been very worried about it because they said
Speaker 11: that one of the reasons that the deals weren't equivalent.
Speaker 11: Was Paramount wasn't kind of covering Warner Brothers downside on that,
Speaker 11: which would have come out of the money that they get.
Speaker 11: The other thing here is Warner Brothers have been really
Speaker 11: concerned about their ability to refinance their debt going forward.
Speaker 11: Paramount has now or David Ellison both first in swallowing
Speaker 11: Paramount and now try follow. Warner Brothers has a history
Speaker 11: of trying to impose really onerous kind of covenants on
Speaker 11: what the company he's acquiring can do, which would have
Speaker 11: limited Warner Brothers in that respect, and now Paramount is
Speaker 11: saying basically, we'll cover you on whatever costs are related
Speaker 11: to that debt financing.
Speaker 6: To your point, they still haven't.
Speaker 11: Actually raised the thirty dollars a share offer. This does
Speaker 11: increase the total net value of the bid, and so
Speaker 11: we're waiting to see what the Warner Brothers board has
Speaker 11: to say about it.
Speaker 3: What credence to investors give at the moment. Lucas to
Speaker 3: that this would pass through regulators more easily. This whole
Speaker 3: ticking fee the idea that if it goes past the
Speaker 3: quarter expected, they get a chunk of change in return.
Speaker 3: If it's delayed, I mean that really just speaks to
Speaker 3: the bravado here.
Speaker 6: Yeah.
Speaker 11: Well, Paramount has been adamant all along that it stands
Speaker 11: a better chance of getting its deal approved, which on
Speaker 11: its face makes some sense. Netflix is a much larger company,
Speaker 11: a more powerful company. It's the number one player in streaming.
Speaker 11: Netflix of course has countered that, you know, they're very
Speaker 11: confident in getting their deal approved and raised issues with
Speaker 11: with Paramounts offer because Paramount plus Warner Brothers Discovery combined
Speaker 11: would account for technically a larger share of television viewing
Speaker 11: than Netflix would under the deal. But both sides are
Speaker 11: trying to plead their case. Paramount obviously is sort of
Speaker 11: coming from behind here, and what they are trying to
Speaker 11: do is inject enough doubt in the minds of shareholders
Speaker 11: that they will not vote for the Netflix deal next month.
Speaker 2: Lucas both sides trying to plead their case. There's been
Speaker 2: a lot of recent reporting from US and what's also
Speaker 2: happening kind of in the background. There's obviously been an
Speaker 2: interest from Washington DC. What else do we need to
Speaker 2: know about how this is going from a regulatory perspective,
Speaker 2: or at least interest from government as well.
Speaker 6: I don't know.
Speaker 11: Right we've had Paramount shareholders or we've had kind of
Speaker 11: Paramount and David Allison lobbying people in DC and Europe.
Speaker 11: We've had Netflix going ahead of the Senate last week.
Speaker 11: President Trump had said he'll be involved, and he said
Speaker 11: he's not involved. What we do know, just as a
Speaker 11: as a kind of basic set of facts, is that
Speaker 11: the DOJ is looking into both cases and has yet
Speaker 11: to say whether or not it's going to challenge either
Speaker 11: of them.
Speaker 3: In terms of timing, Is there anything pressuring? Is there
Speaker 3: any date, any number, any any time frame that we
Speaker 3: look to for the.
Speaker 11: Next Yeah, the next big one is the shareholder vote. Really,
Speaker 11: we're expecting Warner Brothers to arrange a vote of its
Speaker 11: shareholders sometime probably in mid to late March, kind of
Speaker 11: at the latest early April. That's something of a deadline
Speaker 11: for Paramount because they need to convince a bunch of
Speaker 11: shareholders before then to change their mind. Otherwise then they're
Speaker 11: really up to the whims of regulators, because if it
Speaker 11: gets to shareholders and shareholders do approve that Netflix deal,
Speaker 11: there's not much Paramount can do besides hope that the
Speaker 11: government in the US or Europe blocks the.
Speaker 3: Deal for sure, we appreciate you on the story. Meanwhile,
Speaker 3: coming up, we're going to talk about how storied VC
Speaker 3: firm and recent Prowitz is helping drive the Trump administration's
Speaker 3: AI approach us.
Speaker 4: Next, this is brettly bed Tech.
Speaker 3: It's time now for Talking tech and first up Stripe.
Speaker 3: It's arranging a tender offer that would value the company
Speaker 3: at one hundred and forty billion dollars now. According to sources,
Speaker 3: that marks a roughly thirty billion dollar increase from the
Speaker 3: most recent valuation in last year. The move is being
Speaker 3: seen as a sign that the mighty fintech may continue
Speaker 3: to delay.
Speaker 4: As initial public offerings.
Speaker 3: Plus, Cadence Design Systems is introducing a new AI tool
Speaker 3: designed to speed up semiconductor development. Now the company's new
Speaker 3: Chipstack AI.
Speaker 4: Superagent, and it will act as as a system to.
Speaker 3: Engineers helping with design debugging blueprint generation look. The move
Speaker 3: comes as a tech industry really grapples with the surgeon
Speaker 3: chip demand and ongoing labor shortages and Ali Baba. While
Speaker 3: it's pushing further into robotics. The company has debuted a
Speaker 3: new AI model called Rinbrain, designed to give robots in
Speaker 3: more advanced understanding of their surroundings. With the release Ali
Speaker 3: Baba takes on AI leaders such as Google and Nvidia
Speaker 3: and what have you got?
Speaker 2: Okay, So Andrews and Horowitz has become one of the
Speaker 2: most influential voices shaping the Trump administration's AI policies. Sources
Speaker 2: say the venture firm is often the first outside call
Speaker 2: the top White House officials and senior Republican congressional aids
Speaker 2: make when weighing moves that could affect tech companies AI plans.
Speaker 6: And like a lot of this.
Speaker 2: Reporting CARO is coming from current and former White House officials.
Speaker 2: There are things that are clearly in plain sight, right.
Speaker 2: So Shriram Krishnan, who is a senior AI policy advisor
Speaker 2: to the President, is a former and recent Horowitz partner,
Speaker 2: but he was in London, and there's reporting in there
Speaker 2: about you know, David Sachs, who is from the world
Speaker 2: of bench capital in Silicon Valley, is close to the
Speaker 2: president and wants to hear out industry.
Speaker 6: And Injurcent has.
Speaker 3: Scale, has scale, it has money to put into super PACs.
Speaker 3: We see what they did with the crypto fair Shake
Speaker 3: in the way that they've then retargeted in the AI spectrum.
Speaker 3: But what's also interesting is one of the lines in
Speaker 3: the story says they de facto have a veto really
Speaker 3: over certain AI policies.
Speaker 4: Now they push back on that.
Speaker 3: In particular, the named lobbyist for A sixteen Z says, Look,
Speaker 3: the only person who's got AI veto is President Trump himself.
Speaker 6: Yeah.
Speaker 2: Yeah, the President makes policy back. You know, as we've reported,
Speaker 2: he often gets handed the docs, reads them himself and
Speaker 2: says good call. Coming up on the program, Runway CEO
Speaker 2: Chris abou Venezuela will be with us to talk about
Speaker 2: the startup's latest funding round at a five point three
Speaker 2: billion dollar valuation. It is halftime in that conversation is
Speaker 2: coming up next.
Speaker 6: This is Bloomberg Tech.
Speaker 3: Welcome back to bloom bed Tech. Let's check in on
Speaker 3: the markets that actually giving away some of their gains
Speaker 3: we had earlier in the session. We're now unchanged on
Speaker 3: the NASAK one hundred. We're trying to digest the retail
Speaker 3: data that we got which was weaker than expected. But
Speaker 3: what does that mean in terms of the FED and
Speaker 3: its ability to cut rates more broadly? But also where
Speaker 3: are we buying back into? Is software still loved at
Speaker 3: the moment, having been so beaten up last week, and
Speaker 3: the hardware sol off is just a little bit crimping
Speaker 3: some of that risk feeling of the day. I'm looking
Speaker 3: at a risk off feeling in crypto Bitcoin not by
Speaker 3: one point four percent. We're still at sixty nine thousand,
Speaker 3: so well off the lows of last week, but it's
Speaker 3: still the moon music not strong. Particularly in eth We're
Speaker 3: off by four point six percent, So still looking for
Speaker 3: a direction and really where the asset class buying comes
Speaker 3: and steps back in. Move on to what's happening underneath
Speaker 3: hoad of the benchmarks, because look, we are seeing significant.
Speaker 4: Games of Spotify.
Speaker 3: I might add it has been crushed leading up to
Speaker 3: these numbers, so we're still down on the ear In
Speaker 3: terms of a one year basis, We're up fifteen percent,
Speaker 3: almost a record move on their shares after their addition
Speaker 3: to monthly average users. Really eclipsed expectations. Snap gets an
Speaker 3: upgrade EREC. It's really seeing that you could be buying
Speaker 3: into the strength of subscriptions for this company. Data dog
Speaker 3: check that out up sixteen percent against software was beaten up,
Speaker 3: but it's still giving an earnings report that studded some
Speaker 3: of those nerves at joining.
Speaker 2: Us now is Bloomberg Aquities reporter Rhyme Vasselica, who I
Speaker 2: don't know how he does it, but he's across the
Speaker 2: entire lot. Let's start with that with the earnings part,
Speaker 2: because that's probably more common to some of the bigger
Speaker 2: movers right across the markets this morning, Spotify, Data Dog,
Speaker 2: what are the trends we're seeing and what's the action
Speaker 2: in the moment telling.
Speaker 12: You, hey, good morning, thanks for having me. So a
Speaker 12: lot of these companies have gotten beaten down, as you mentioned,
Speaker 12: but they did a lot to reassure investors about some
Speaker 12: of the bigger concerns that are facing them. So in
Speaker 12: Spotify's case, they give a very strong outlook for their
Speaker 12: user growth. They gave a very strong outlook for their margins,
Speaker 12: both of which helped to address key concern that people
Speaker 12: have been having. Spotify, I think us up by biggest day.
Speaker 12: I think you in several years by now, So certainly
Speaker 12: a relief rally there. Data Dog another company that has
Speaker 12: been really beaten down as part of the ongoing route
Speaker 12: in software stocks. Strong revenue forecasts there in the full
Speaker 12: year revenue forecast I think was a little bit under expected,
Speaker 12: But at the same time, analyst said, this looks like
Speaker 12: it could be conservative, really helping to ease concerns about
Speaker 12: what is the impact that some of these software companies
Speaker 12: are going to see from AI related services.
Speaker 3: That's it, isn't it. That's the read across it's how
Speaker 3: much is AI going to be eating any of these
Speaker 3: companies launches? And absolutely it must be the desire of
Speaker 3: the executives right now to push back and to show
Speaker 3: real operating margin growth and in particular real revenue. I
Speaker 3: mean Data Dog was up twenty nine percent for their
Speaker 3: last quarter, just gone.
Speaker 6: Yeah. Absolutely.
Speaker 12: Now I will say that the not all of the
Speaker 12: results have been strong. So yesterday we got results from
Speaker 12: the company called Monday dot Com that's not fell twenty percent.
Speaker 12: I think that one wasn't strong enough to help ease
Speaker 12: some of these concerns how to persisted around it. But
Speaker 12: Data Dog is the one that I feel like you
Speaker 12: hear a lot of people talking about when you look
Speaker 12: at the overall software weakness, this is one name that
Speaker 12: gets singled out repeatedly as one that was sort of
Speaker 12: thrown out with the bathwater. So maybe overdone selling there.
Speaker 12: Certainly the results here are giving the bowl.
Speaker 2: Something to cheer about, bost Ryan for Stelika, thank you
Speaker 2: very much. Just go to the private markets. In the
Speaker 2: world of startups, AI start at Runway hit a five
Speaker 2: point three billion dollar valuation after the company ciniched a
Speaker 2: new round of funding, raising three hundred and fifteen million dollars.
Speaker 2: Here to discuss Runway CEO christ Valezuela. You know, I
Speaker 2: was reading all of the different reports about this this round,
Speaker 2: and we'll get to the money part, but I think
Speaker 2: what's jumping out at me Christ about it's great to
Speaker 2: have you back on the program, By the way, is
Speaker 2: the need to make models that are more useful, that
Speaker 2: can do more. Do you think that's a that's a
Speaker 2: fair place to start.
Speaker 6: It is I'm thinking for and having me hear it is.
Speaker 13: I think it's a reality of where the thegnologies heading
Speaker 13: or where the models are. We've sent There's a little
Speaker 13: bit with language models, but now I think world models
Speaker 13: are basically eating research and eating AI. It's kind of
Speaker 13: clear that the next round tier of what we expect
Speaker 13: to see progress and all more valities will come from
Speaker 13: video and from models that are going to understand and
Speaker 13: simulate the world.
Speaker 6: And so a lot of what we're doing with this new.
Speaker 13: Funding is to basically double down on that vision and
Speaker 13: that mission, which I think we've been first to market
Speaker 13: and many other parts of AI, including of course video generation.
Speaker 13: But now it feels like more present than ever. Then
Speaker 13: world models will start really unlocking the next stage of
Speaker 13: AI progress.
Speaker 2: You may be a little beaten down by by this
Speaker 2: story and line of questioning the capital is for compute,
Speaker 2: or it's for talent, or it's for both, and give
Speaker 2: us a sense of what that environment is right now.
Speaker 6: Yeah, it's true for both.
Speaker 13: I mean, the growth of the company seems from how
Speaker 13: we allocate these resources effectively. And look, we've been very
Speaker 13: focused and very efficient company, spending what we've raised in
Speaker 13: putting it into compute, into training some of the world
Speaker 13: best data models out there, and hiring we're for the
Speaker 13: impact that we've had as a company and for the
Speaker 13: kind of customers and enterprises that we serve. Very small team,
Speaker 13: and so right now we are scaling that we are
Speaker 13: hiring across the board, more researchers, more great talent, and
Speaker 13: of course double down on compute, which is fundamental if
Speaker 13: you really want to get to the next stage of
Speaker 13: what we think will.
Speaker 3: Come the kind of customers you serve?
Speaker 4: Christ about who is that? Then?
Speaker 3: As we still typecast you as an AI video generation company,
Speaker 3: but you're not. You're a robotics company, you're an avatar company,
Speaker 3: you're a world company.
Speaker 4: So who do you serve?
Speaker 6: Yeah, of course that's a good question.
Speaker 13: So look, I think it's important to understand how AI
Speaker 13: has progressed and language models are basically describing reality. World
Speaker 13: models are simulating the world. And when you stimulate the world,
Speaker 13: you can start tackling many different kind of industries.
Speaker 6: So the question of.
Speaker 13: Like, wo AI models will help advertising, marketing, Hollywood media,
Speaker 13: I think the question is answered and the answer is yes.
Speaker 13: It's kind of a pretty obvious yes to these days.
Speaker 13: And so we're the best company and the best kind
Speaker 13: of like solution for marketers, media, Hollywood entertainment. We've been
Speaker 13: doing this for quite some time and so I think
Speaker 13: we're won there and going to continue to grow.
Speaker 6: There's a lot of expansion that we have to do
Speaker 6: in the industry there.
Speaker 13: Now the models can simulate the world, So we started
Speaker 13: to simulate not only media and entertainment, but we started
Speaker 13: to simulate how the world works, and that is effectively
Speaker 13: very valuable for robotics, for physically a I for ave
Speaker 13: and so another way of thinking about it is we
Speaker 13: have some of the best tools to create media and
Speaker 13: videos for humans to watch. We now started to create
Speaker 13: videos and media for robots to watch, and that for
Speaker 13: those robots to learn from that data, which is fascinating.
Speaker 3: It is fascinating. It also has different impacts on different people,
Speaker 3: and when you say it helps an industry, that's kind
Speaker 3: of in the eye of the beholder. Chris Well, talk
Speaker 3: to us about how you think about as a leader
Speaker 3: of your business, the implications this has for the labor market,
Speaker 3: for what it means more broadly for humans watching content
Speaker 3: that wasn't made by people and the reality of them.
Speaker 6: Yeah.
Speaker 13: Look, that's a question that we've tried to grapple for
Speaker 13: a long time in terms of how do we make
Speaker 13: sure that companies and industries react accordingly to what's coming
Speaker 13: that's happening. And I think my take, after seeing the
Speaker 13: industry for quite some times, I think the industry's are
Speaker 13: acting pretty well. To be honest, if you look at
Speaker 13: advertising agencies, if you look at Hollywood, it's pretty obvious
Speaker 13: these days is that every studio has an AI department,
Speaker 13: an AI can function and ichi forth, and the organization
Speaker 13: has started to rethink themselves in an AI for native world,
Speaker 13: and that has allowed themselves to really find new jobs,
Speaker 13: new types of things that they weren't able to do before.
Speaker 13: So in a way, that's taking some of the tasks
Speaker 13: and things we've seen in the past, and that will
Speaker 13: go away, and that's natural.
Speaker 6: I think that we've solely realized that that's the case.
Speaker 13: At the same time, we've seen more jobs being put
Speaker 13: out there with new descriptions on things that even a
Speaker 13: year ago would have been unthinkable of. And I think
Speaker 13: that reaction is now becoming obvious, notably for media, for Hollywood,
Speaker 13: for for gaming companies, and for many other industries.
Speaker 6: Even for software engineers. I think it's kind of pretty obviously.
Speaker 13: Day is where you start to see that you can
Speaker 13: automate and simplify a lot of the entry like level
Speaker 13: tasks and jobs, and so that's where I think we
Speaker 13: will continue to see growth industry wise.
Speaker 6: Meet and Entertainment Chris about.
Speaker 2: We find that that there's a lot of interest in
Speaker 2: Runway right as a company, how the models are being
Speaker 2: deployed and used commercialization. This was a big round. The
Speaker 2: valuation is interesting. A lot of the questions we get
Speaker 2: for you about your future and whether you plan to
Speaker 2: go public, So I'd ask you to kind of be
Speaker 2: candid about that, the benefits and negatives of being a
Speaker 2: public company, and why you might consider doing that.
Speaker 13: It's not something we're not consider at some point. I
Speaker 13: think right now, given the breath and research innovation that
Speaker 13: we conduct at the company, I think we're in a
Speaker 13: much better position thinking about being private for a bit
Speaker 13: more time. I think there's tradeoffs as being a public
Speaker 13: company in terms of how you report, how you think
Speaker 13: about your growth, the kind of things that you need
Speaker 13: to focus on right now. For me, this is an
Speaker 13: area of unique from tiear research, and being a private
Speaker 13: company allows you to do that frontier research in a
Speaker 13: much more with much for freedom, and so it's something
Speaker 13: we wouldn't necessarily not consider, but right now, given the
Speaker 13: growth that we see, will probably remain a private company
Speaker 13: for quite some time to retain their independence.
Speaker 3: Chase Well, briefly, I so of asked you about whether
Speaker 3: the employee base in companies already. Am I as a
Speaker 3: human ready to digest the wall of AI made content
Speaker 3: and discern what's real and what's not.
Speaker 6: Yeah, you know, that's that's an interesting question. I actually
Speaker 6: will I actually will kind of flip the assumption there.
Speaker 13: I would start to assume when I will suggest everyone
Speaker 13: probably starts to assume that most of the content that
Speaker 13: you see how is going to be generated, and in
Speaker 13: that case, what we should be kind of water marketing
Speaker 13: and protecting isn't necessarily the generated content is the real content.
Speaker 13: It's the content that we've seen and we've recorded from
Speaker 13: a camera. And then inverts a little bit of the
Speaker 13: problem because yes, more content will start becoming the norm.
Speaker 13: More AI content will start becoming the norm of the
Speaker 13: content we interact with, specifically when you can also doing
Speaker 13: in real time, which is going to be a fascinating
Speaker 13: new avenue of like gaming and nonlinear experiences.
Speaker 6: I think the world is adjusting to that.
Speaker 13: There's definitely a culture on social adjustment, period, but from
Speaker 13: what I've seen, I think it's happening faster there before,
Speaker 13: and just to be period because it's going to get
Speaker 13: even even more crezy.
Speaker 3: Christopher Valenzuela Runway CEO, it's great to have you back.
Speaker 6: We appreciate it, of course, thank you.
Speaker 3: Grayce coming up ahead of a landmark addiction trial. Meta
Speaker 3: run thousands of commercials to promote its safety work with teens.
Speaker 4: Details on that. Next, this is a blue neg.
Speaker 6: Tech Instagram owner.
Speaker 2: Meta paid for thousands of TV commercials that promoted its
Speaker 2: safety with teens, all ahead of a landmark case examining
Speaker 2: whether the company intentionally designed products to hook children. Bloombers
Speaker 2: Kirk Wagner, who leads our coverage of matters here with us.
Speaker 2: This is about timing and proximity to two events.
Speaker 6: But what do we need to know in our reporting?
Speaker 14: Yeah, so the trial is sort of the backdrop of
Speaker 14: this whole thing that started yesterday in Los Angeles.
Speaker 6: As you point out, the.
Speaker 14: Allegations here are that Meta and YouTube and others have
Speaker 14: created these products to addict young people, you know, the
Speaker 14: infinite scrolling, the algorithms, things like that. And so these
Speaker 14: advertisements that Meta has been running for a while, but
Speaker 14: really in earnest since November, promote their team accounts and
Speaker 14: all of the stuff they're doing to try and help
Speaker 14: and combat this issue with teenagers. And so again timing
Speaker 14: is interesting here. They're trying to sort of set this
Speaker 14: narrative about themselves with the backdrop of this trial. Going
Speaker 14: on at the same time.
Speaker 3: Now in the story talks of tech Oversite Project executive
Speaker 3: director Sasha Howeth really talking about this as being an
Speaker 3: influence play, but in many ways, to take the other side,
Speaker 3: it's meant to.
Speaker 4: Be an influence play for parents.
Speaker 3: For kids to understand that these tools are there for
Speaker 3: them to use, right.
Speaker 6: Exactly.
Speaker 14: And you know, you think about if you're Meta and
Speaker 14: you're sitting here going, Okay, there's going to be this
Speaker 14: landmark trial, and in fact, there's going to be trials
Speaker 14: for Meta around child safety and tea and safety throughout
Speaker 14: the year. And so if you think about there's this
Speaker 14: steady drumbeat of headlines and news and coverage about that issue,
Speaker 14: you certainly want to have your viewpoint.
Speaker 6: Out there as well.
Speaker 14: And so I think that's why we see them promoting
Speaker 14: these teen accounts, which they were all about about two
Speaker 14: years ago, and really trying, to your point, Caroline, show
Speaker 14: parents that, hey, all these things you're reading in the press,
Speaker 14: like we are addressing them with these safety settings that
Speaker 14: we've put in place as well.
Speaker 4: And most Kurt Wagner, we thank you.
Speaker 3: We're going to talk more about that story in a moment,
Speaker 3: but first then you've got some breaking news.
Speaker 6: Yeah.
Speaker 2: My understanding is that Tesla has promoted Joe Ward, who
Speaker 2: is the vice president leading the emir Region operations, to
Speaker 2: basically run sales, service and delivery globally. All those teams
Speaker 2: around the world are now reporting into him. We don't
Speaker 2: know that much about Joe Ward. I think he started
Speaker 2: at Tesla as an intern and quite a long time ago,
Speaker 2: has kind of closed climbed up the ranks and been
Speaker 2: based in Europe. You'll remember yesterday Bloomberg had reported that
Speaker 2: Raj Jigg and Nathan had left Tesla and he had
Speaker 2: been running the sales org. And you know, we try
Speaker 2: and track this because of how it runs with everything
Speaker 2: kind of filtering into Elon Musk. Ultimately we'll keep tracking
Speaker 2: it a carrot.
Speaker 3: Yeah, yeah, AA sales they've been tough of late. Now
Speaker 3: let's just return to our original conversation, because, as mentioned,
Speaker 3: it's not just Meta that's currently under scrutiny over safety,
Speaker 3: particularly for teens. Other tech giants think Google when it's
Speaker 3: YouTube of facing lawsuits as well over the addictive nature
Speaker 3: of social media.
Speaker 4: Let's get more on all of this.
Speaker 3: Eric Goldman, he's a law professor at Santa Clara University
Speaker 3: School of Law and co director of the school at
Speaker 3: Center for High Tech Law. Eric, as I mentioned, it's Meta,
Speaker 3: it's Google, it's also Snap and TikTok facing legal focus
Speaker 3: throughout the year.
Speaker 4: Correct.
Speaker 15: Yeah, there's a trial taking place right now in Los
Speaker 15: Angeles putting all four of them on trial. There's also
Speaker 15: a federal key since putting them on trial in June,
Speaker 15: and there are lawsuits against all of them throughout the country.
Speaker 15: In parallel with that.
Speaker 3: The argument at its core from some of these so
Speaker 3: called victims are that these tools and these platforms were
Speaker 3: designed to hook teams young brains in particular, and keep
Speaker 3: them coming back for more. Eric, is that the understanding
Speaker 3: you have, what legal credence? What fight do they have
Speaker 3: to fight here?
Speaker 15: So the basic argument for the planet is, as you described,
Speaker 15: that the sites were designed to intentionally addict users, and
Speaker 15: that the services are therefore liable for the harms that
Speaker 15: resulted from that addiction. There's a lot of questions about that.
Speaker 15: For example, we have to ask what does it even
Speaker 15: mean to be quote addicted to a social media service.
Speaker 15: There aren't medical or psychological definitions of that. But I
Speaker 15: just have to talk about whether or not the services
Speaker 15: caused the harms that the victims has suffered. There are
Speaker 15: many causes of harms in people's lives, and so that
Speaker 15: causation is going to be tricky for the playoffs as well.
Speaker 2: Let's get Meta's response to these lawsuits in questions, right,
Speaker 2: the company says that they don't reflect reality. The evidence
Speaker 2: will show a company deeply and responsibly confronting tough questions
Speaker 2: concerning research, listening to parents, academics and safety experts, etc.
Speaker 2: That's the company's reaction. Actually, what's happening in response to
Speaker 2: the wider issue is you see state by state, different
Speaker 2: laws being enacted that are consistent with the complaints of
Speaker 2: the plaintiffs. That's my read of it. Professor Goldman, is
Speaker 2: that a sort of useful strategy towards a solution here?
Speaker 15: I think you need to be careful about using the
Speaker 15: term solution because in order for us to talk about that,
Speaker 15: we have to be very precise about exactly what problem
Speaker 15: we're trying to fix. There are a lot of problems
Speaker 15: in our society, a lot of problems plaguing kids, and
Speaker 15: there are also problems of over responding to the content
Speaker 15: on line that looks a lot like censorship, and so
Speaker 15: when we talk about solutions, we can't do that without
Speaker 15: talking about the problems. Having said that, I think that
Speaker 15: we're going to see a battle of experts in these trials,
Speaker 15: where both sides are going to bring in the best
Speaker 15: and brightest minds to tell their case to the jury.
Speaker 15: We're going to hear from average Americans, essentially plucked off
Speaker 15: the streets, who are going to weigh that evidence and
Speaker 15: try and tell us whether or not they think there's
Speaker 15: a problem here that needs to be addressed.
Speaker 6: Professor.
Speaker 2: In the course of proceedings throughout the trials, those that
Speaker 2: are kind of trying to come to a decision in them,
Speaker 2: those presiding over the case, to what degree do they
Speaker 2: have expertise in the technicalities behind this?
Speaker 15: So ideally the jury doesn't have any direct expertise they're
Speaker 15: bringing in. The idea is that that's not what they're
Speaker 15: being asked to do. They're going to be presented with
Speaker 15: evidence from experts that have been chosen by the parties,
Speaker 15: and they're supposed to to sift through that evidence, discuss it, evaluated,
Speaker 15: and try to say which they find more convincing. So
Speaker 15: in that sense, I think it's even better for us
Speaker 15: that it's not a panel of express training side. It's
Speaker 15: really a bunch of what we hope are well meaning
Speaker 15: Americans who are there to just tell us. I'm not
Speaker 15: going to respond to the hype. I'm not going to
Speaker 15: listen to the critics and the media, or the playoffs
Speaker 15: lawyers and the politicians per se. I'm going to listen
Speaker 15: to the evidence.
Speaker 2: Eric Goldman of Santa Clara University School of Law, thank
Speaker 2: you very much for your time. Now coming up on
Speaker 2: the show, Lift's earnings are out later today, We're going
Speaker 2: to preview see what to expect that's next.
Speaker 6: This is Boomberg Tech.
Speaker 3: Lift earnings. They're out after the bell today and less
Speaker 3: than a week after rival Uber kind of disappointed investors
Speaker 3: with its profit outlook. Let's talk about what we can
Speaker 3: expect from with bluem Meg's gig economy reports and Natalie Land,
Speaker 3: we are expecting pretty healthy growth bookings right for the
Speaker 3: fiscal court.
Speaker 9: To just gone yes. If Uber's earning towards any guide.
Speaker 9: They posted pretty strong for Q and Lyft is also
Speaker 9: expected to post pretty strong growth there, one of the
Speaker 9: strongest growths we've seen in nearly two years.
Speaker 2: Natalie Uber used its earnings to position itself structurally and
Speaker 2: from a personnel perspective for its robotaxi era. You know,
Speaker 2: we've spent a lot of time with Lyft, who plan
Speaker 2: to do the same. Right, what do we expect them
Speaker 2: to communicate in earnings in that respect?
Speaker 9: Lyft is going to row out avs in a couple
Speaker 9: of cities this year, as they announced last year. Those
Speaker 9: are Dallas in Nashville. So we might hear some of
Speaker 9: their royal plans today and also hear them talk about
Speaker 9: how their you know, fleet operations units subsidiary flags Drive
Speaker 9: might help with that.
Speaker 3: And Dave Richard and the team of late have really
Speaker 3: got the memo that they need to go global. They've
Speaker 3: been making m and a. How is that speaking to
Speaker 3: the growth opportunity here?
Speaker 9: So the fourth quarter would be the first full quarter
Speaker 9: where they take into account the European business Free Now,
Speaker 9: which is the taxi app in Europe that they acquired
Speaker 9: last year, so they might get a boost there. And
Speaker 9: they've also acquired this chauffeuring business which is like this
Speaker 9: high end rides type which could also vote well for
Speaker 9: the bottom line.
Speaker 2: Did Lift to actually do anything in the Court of
Speaker 2: Natalie that you kind of think might give them a
Speaker 2: little bit of a boost. Is there anything that they've
Speaker 2: already announced so we think they'll show traction on So.
Speaker 9: Last year was a big year for their silver product,
Speaker 9: which is aimed at elderly users. They simplified their app
Speaker 9: interface for users, so there could be a boost in
Speaker 9: rider base there. There also boosts a lot of their partnerships.
Speaker 9: In November, they announced a partnership with United Air letting
Speaker 9: people earn miles if they'd connect their accounts with Lift,
Speaker 9: so that might attract more businesses there on airport rides too.
Speaker 3: How are they in terms of scale versus I mean,
Speaker 3: at the moment analysts really like the stop fifteen of
Speaker 3: them say by only two say sell? But is it
Speaker 3: a lightful like comparison here? Are they always going to
Speaker 3: be the second film?
Speaker 9: Yeah? Like lifts business is you know thirty or twenty
Speaker 9: to thirty percent market share in the US, and they
Speaker 9: they're just starting with their global expansion compared to Uber,
Speaker 9: which is already in more than you know, thirty countries,
Speaker 9: and so there's still a lot of catch up there.
Speaker 9: But we know Lyft is on track with their three
Speaker 9: year targets too.
Speaker 6: Bloomberg's natally lunk thank you very much.
Speaker 2: I mean the earnings in the moment carries Spotify on
Speaker 2: track for their best day in about seven years. Thirty
Speaker 2: eight million subscribers added called it gone seven hundred and
Speaker 2: fifty one million total. It was all about the unwrapped
Speaker 2: my average age thirty seven year old listener.
Speaker 3: Apparently, I think I pipped you to the post with
Speaker 3: a thirty two year old listener, but I thank my
Speaker 3: kids for that.
Speaker 4: That does it for this edition of Bloomberg Tech.
Speaker 2: Check out the pod. You know where to find it.
Speaker 6: This is Bloomberg