Speaker 1: From Mahard where Innovation, Money and power Collie in Silicon
Speaker 1: Vallet NBN.
Speaker 2: This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.
Speaker 3: I'm Caroline heih and a Bloomberg's Wilde Quarters in New York,
Speaker 3: and I'm Ed Ludlow in San Francisco.
Speaker 4: This is Bloomberg Technology coming up.
Speaker 3: SpaceX targets well one hundred and seventy five billion dollar
Speaker 3: valuation or more as the most valuable US startup, discussed
Speaker 3: as a tender offer of its insiders' shares.
Speaker 5: We'll bring you the details.
Speaker 6: An AMD takes on chip rival when video as the
Speaker 6: company introduces its long awaited line of AI accelerators. We'll
Speaker 6: discuss and I'll bring you my conversation with AMD CEO
Speaker 6: Lisa sou LUs.
Speaker 3: After twenty four hours street of talks on AI rules,
Speaker 3: the EU negotiators remain divided on a plan to adopt
Speaker 3: the most comprehensive regulation for the technology in the Western world.
Speaker 3: We're bringing the latest on the situation out of Brussels,
Speaker 3: but first let scale up to speed with the situation
Speaker 3: on these markets. Because AI exuberance is back. We'll dig
Speaker 3: into the whys why Alphabet's rising on the back of
Speaker 3: the Gemini launched Why AMD of course is rising on
Speaker 3: the back of its AIDA and we see the Nasdaq
Speaker 3: up one and a quarter of a percent, even though
Speaker 3: we see bonds actually sell off in yields pushing up
Speaker 3: just about two basis points.
Speaker 5: Have we baked in.
Speaker 3: Too much of a douvishness around the world when it
Speaker 3: comes to central banks the BOJ perhaps realigning our viewpoints
Speaker 3: on that, and indeed that's why we're seeing the dollar
Speaker 3: falling versus the Japanese YenS. Maybe the BOJ isn't going
Speaker 3: to be as dovish has have been anticipated. Moving on,
Speaker 3: what's happening in the world of the US dollar vers
Speaker 3: there's some other key currencies or assets. I'm looking at
Speaker 3: what's happening in the world of crypto and well Bitcoin
Speaker 3: overall we have seen managing to above that forty two
Speaker 3: thousand out forty three thousand, six hundred and forty eight
Speaker 3: versus a US dollar. We're down by some four tens percent.
Speaker 3: No big shakes in the world of crypto, even though,
Speaker 3: of course we're still reading from the Jamie Diamond comments
Speaker 3: of yesterday ed where he said if he had the control,
Speaker 3: he'd shut it down, But you've got some big thoughts
Speaker 3: on some privately held companies.
Speaker 6: Yeah, we don't often start with a private market piece
Speaker 6: of news, but this is a big piece of news.
Speaker 6: SpaceX doing another tender offer, according to our sources. I
Speaker 6: reported this last night with Jillian Tan and Katie Ruth
Speaker 6: based on the volume of shares that are currently on
Speaker 6: the table, and these are employee shares that are being
Speaker 6: sold to outside investors. It's not SpaceX raising money or
Speaker 6: issuing new equity. The valuation jumps from one hundred and
Speaker 6: fifty billion to one hundred and seventy five billion. The
Speaker 6: trajectory of this company is astonishing. I think we have
Speaker 6: a chart that basically shows how incrementally but rapid the
Speaker 6: valuation has jumped from twenty twenty to current right. We
Speaker 6: report on this so frequently. A big rationale, of course,
Speaker 6: behind the tender offer is to give long serving or
Speaker 6: suffering staff a chance to make some money for their work.
Speaker 6: I want to get some more of the details. Bring
Speaker 6: in Bloomboth, Katie Ruth. Katie, you and I have been
Speaker 6: reporting on so many of these rounds, both primary and
Speaker 6: secondary secondary in this case for a while. What are
Speaker 6: the numbers behind this latest tender.
Speaker 1: Yes, so we're hearing they expect to price this tender
Speaker 1: at ninety five dollars a share, which would value the
Speaker 1: company at approximately one hundred and seventy five billion, making
Speaker 1: it the largest private company in the US. This is
Speaker 1: up from one hundred and fifty billion earlier this year
Speaker 1: that we reported, and at the very beginning of the
Speaker 1: year it was one hundred and thirty seven billions. So
Speaker 1: it is defying the odds, defining the market at a
Speaker 1: time when so many companies there trouble, having trouble maintaining
Speaker 1: their unicorn status. This is the center cores that keeps growing.
Speaker 3: It is well said, and when you put it is
Speaker 3: a v the rest of the public markets. Well, it's
Speaker 3: on the same sort of market capitalization as a Nike,
Speaker 3: for example.
Speaker 5: Be get them Boeing.
Speaker 3: I'm interested is to ultimately what investors want in on
Speaker 3: when it comes to SpaceX, is it just its domination
Speaker 3: within the space in the field? Is it also still
Speaker 3: wanting a little bit of Well, Mass is a founder,
Speaker 3: even though he of course has spoked concerns with all
Speaker 3: the publicly traded companies of his because of his use
Speaker 3: is X for example.
Speaker 1: Sure, he's absolutely controversial, but my understanding is that investors
Speaker 1: are excited about starlink. That is the internet, high speed
Speaker 1: Internet that can be available and normally hard to reach places.
Speaker 1: There are investors that have spoken to me about with
Speaker 1: such enthusiasm for Starlink that they're dreaming that someday it
Speaker 1: will be a trillion dollar company. Of course, time we'll see,
Speaker 1: you know, if it really becomes that, but that is
Speaker 1: what such much of the hype is around SpaceX. We've
Speaker 1: also reported that the company eventually plans to spin off
Speaker 1: Starlink and do a separate IPO with Starlink, and so
Speaker 1: investors are trying to get in on that.
Speaker 3: We keep our eyes on all of these private market valuations, Katie, alongside,
Speaker 3: of course Gina Internet.
Speaker 5: It was brilliant scop that came.
Speaker 3: Out yesterday, and I know we'll still have all eyes
Speaker 3: on ultimately the business model of SpaceX and indeed a
Speaker 3: conversational space more broadly, because there's means some great importing
Speaker 3: coming time and time again from Lauren Grush at Bloomberg,
Speaker 3: with really the focus being on how SpaceX could just
Speaker 3: eat everyone's lunch when it comes to the ability on
Speaker 3: an economic basis to get satellites.
Speaker 5: And other options.
Speaker 3: Into low orbit. Of how are we seeing them just
Speaker 3: make strides at the moment, Lauren.
Speaker 7: Well, I think the open question is what's going to
Speaker 7: happen when their really ambitious, colossal Starship rocket comes online,
Speaker 7: because it can carry more capacity to space than pretty
Speaker 7: much anyone has the capability to do right now, and
Speaker 7: if you're looking at the current launch market, it's a
Speaker 7: capacity constrained market. Really the only option for satellite operators
Speaker 7: is SpaceX's other workhorse rocket, the Falcon nine rocket, and
Speaker 7: just because other rockets have come offline in recent years
Speaker 7: and others that are trying to be developed right now
Speaker 7: have suffered from delays, so there really is only an
Speaker 7: option for satellite operators, and so to compete with the
Speaker 7: Falcon nine, other companies have pivoted trying to build larger rockets.
Speaker 7: But it's just an open question of what's going to
Speaker 7: happen when Starship starts flying because it has a lot
Speaker 7: of promise, that's a very low price tag and very
Speaker 7: high flight rates, So it remains to be seen how
Speaker 7: that's going to impact everyone.
Speaker 6: I love your writing, you know, I love your writing,
Speaker 6: but the way that you talk about Starship, the next
Speaker 6: generation launch. Starship's audacious size and scale. It's not just
Speaker 6: audacious because it's like bigger than anything that's gone before.
Speaker 6: The technology is also kind of at the cutting edge.
Speaker 6: Just explain what you outline in today's beautifully written piece, right.
Speaker 7: So, there are a few things that make Starship kind
Speaker 7: of this game chader.
Speaker 5: It's supposed to be fully reusable.
Speaker 7: You know, the Falcon nine is reusable, but only partially reusable.
Speaker 7: But with Starship, they really want to bring back every single.
Speaker 8: Piece of that rocket.
Speaker 7: And then also there's promise of launching it, you know,
Speaker 7: multiple times a day because it's reusable, and so that
Speaker 7: would you know, Elon has kind of come up with
Speaker 7: a price tag of roughly ten million dollars per flight. Obviously,
Speaker 7: there's a lot of skepticism of whether that can actually
Speaker 7: be achieved, and in order to achieve it, you really
Speaker 7: have to get those ambitious flight rates that they're talking about.
Speaker 7: So there's a lot of promise, a lot that's being advertised.
Speaker 7: But if they can bring down the costs like they
Speaker 7: are promising, then that could be a game changer for
Speaker 7: satellite operators who maybe just want to get their satellite
Speaker 7: to space, and so they'll pack it in with maybe
Speaker 7: hundreds of other satellites on a Starship launch and you know,
Speaker 7: have maybe space tugs take them where they need to
Speaker 7: go in orbit.
Speaker 4: What's next?
Speaker 6: You know, you and I got really excited about Starship
Speaker 6: Attempt number two came and went to SpaceX's mind, massive success.
Speaker 4: That's what happens next?
Speaker 7: Well, we they actually need to reach orbital speeds. So
Speaker 7: while they did make quite a bit of progress on
Speaker 7: their second flight, you know, they were able to show
Speaker 7: stage separation, they were able to have all of their
Speaker 7: engines on Starhip operates as they were supposed to that
Speaker 7: didn't happen on the first flight. They really do need
Speaker 7: to get Starships to those near orbital speeds to prove
Speaker 7: that it can actually reach orbit. And then there's other
Speaker 7: you know, there's a very long laundry list of items
Speaker 7: that they need to achieve to make it the deep
Speaker 7: space vehicle.
Speaker 8: That they want it to be.
Speaker 7: For instance, they'll have to show that they can fuel
Speaker 7: up Starship in orbit so that it can reach deep
Speaker 7: space destinations like the Moon. But once they reach those
Speaker 7: orbital speeds, you know, then they could potentially start launching satellites,
Speaker 7: you know, Starlink satellites and customer satellites. Like they've promised,
Speaker 7: there's still quite other things to do to make it
Speaker 7: fully reusable, right, They're going to have to show that
Speaker 7: they can land it back on Earth in one piece
Speaker 7: and then fuel it up and fly again. But just
Speaker 7: getting to orbit will be a bit of a game
Speaker 7: changer for Starship, and it'll see how it impacts the industry.
Speaker 4: Bloomberg's Lauren Grush.
Speaker 6: It's just been great to have a dedicated space Beat
Speaker 6: reporter Caro, because it's such a massive industry now but
Speaker 6: only a small heart of Elon Musk Inc. Which is
Speaker 6: why I think we better talk about GROC. You've seen
Speaker 6: the news that if you are an ex the company
Speaker 6: or platform for me known as Twitter Premium subscriber, you
Speaker 6: now should have access to GROC. I've been trying through
Speaker 6: the app and like deleting, reinstalling. I don't have it yet.
Speaker 6: But this is the awaited chatbot.
Speaker 3: It is, and of course we know that it's meant
Speaker 3: to be rebellious, humorous of course, and he's been beefing
Speaker 3: up a team of well known prestigious scientists and academics
Speaker 3: to be able to be building this basically take on
Speaker 3: of open Ai, which he himself co founded.
Speaker 5: Is notable that, of.
Speaker 3: Course, it comes on the same week that the SEC
Speaker 3: filing showed that maybe Xai is going to be raising money.
Speaker 3: Elon himself said, look, we're not doing it in the
Speaker 3: here and now, but we do know that ultimately they
Speaker 3: want about a billion dollars because this stuff is expensive
Speaker 3: if you want to be able to have.
Speaker 6: But one billion doesn't even seem like that much money. No,
Speaker 6: do what everyone else has raised.
Speaker 4: I don't get it.
Speaker 3: Well, it's going to be what twenty five percent of
Speaker 3: ultimate xai is going to be held by outside investors.
Speaker 3: So does that mean that the rest of the money
Speaker 3: is going be coming from immediate revenue generation? Is it
Speaker 3: more that Elon Musk himself is going to be financing
Speaker 3: it and its growth going forward. I mean, initially open Ai,
Speaker 3: of course was the non profit version, and then he
Speaker 3: left it, and he's criticized since open ai has become
Speaker 3: a profit focused business. But he himself, I'm assuming, is
Speaker 3: going to be focusing on a profitable Xai and driving
Speaker 3: subscriptions as x even I wonder if that's really going
Speaker 3: to be the key aim here.
Speaker 6: Yeah, what I'm hearing is there's like a big push
Speaker 6: to high talent, and talent's expensive and computers expensive, so
Speaker 6: they need some money.
Speaker 3: Meanwhile, look as we talk about Elon Inc. We've got
Speaker 3: to stick with more of Elon Musk and tending to
Speaker 3: actually a bit of a more sensitive issue right now.
Speaker 3: Ed because of course he is as a CEO, he's
Speaker 3: the owner of X, and he's actually escalating his public
Speaker 3: criticism of one Bob Iger, saying that the Disney CEO
Speaker 3: quote should be fired immediately, saying that on the platform X.
Speaker 3: Musk also referenced a new Mexico lawsuit alleging content from
Speaker 3: Facebook and Instagram parent company Meta enabled check child sexual
Speaker 3: abuse and trafficking, and asked why there was no advertise
Speaker 3: a boycott on.
Speaker 5: That set of apps.
Speaker 3: The comments come after Disney along with other companies, of course,
Speaker 3: Paul spending on X after Musk endorsed anti semitic remarks
Speaker 3: on the site. From New York, from San Francisco, this
Speaker 3: is Blue Meg Technology.
Speaker 6: AMD is throwing its hat in the ring and going
Speaker 6: after the AI market with new accelerated chips that says
Speaker 6: it will be able to run AI software faster than
Speaker 6: rival products, including in videos. I sat down with amdco
Speaker 6: Lisa Sue at the launch event yesterday.
Speaker 5: Have a listen.
Speaker 9: If you look at training performance, we're very very competitive,
Speaker 9: let's call it. You know, it's a toss up. When
Speaker 9: you look at inferenced performance, we're one point four to
Speaker 9: one point six times better.
Speaker 5: And you know what that means is, you.
Speaker 9: Know, if you're running these models, you can actually run
Speaker 9: more models, or you can run larger models. You know,
Speaker 9: with MI I three hundred and right now, you know
Speaker 9: the key to AI is GPU compute. I mean that
Speaker 9: is absolutely what everybody says, and so we're here to
Speaker 9: provide lots of GPU compute.
Speaker 6: You've had the confidence to dramatically alter your your forecast
Speaker 6: for this market for AI accelerators. You're saying a total
Speaker 6: addressable market of four hundred billion US dollars in twenty
Speaker 6: twenty seven. In August, just in August, you said it
Speaker 6: was one hundred and fifty billion.
Speaker 4: What has changed.
Speaker 5: Yeah, And you know, really, the way we.
Speaker 9: Look at these things is we usually look at these
Speaker 9: things on an annual basis, and so you know, when
Speaker 9: we were, you know, doing our plan for twenty twenty
Speaker 9: three and beyond last year. We thought that you know,
Speaker 9: this year there would be about a thirty billion dollar
Speaker 9: market and it would grow, you know, fifty percent compound
Speaker 9: annual growth rates, so be about one hundred and fifty
Speaker 9: billion in twenty twenty seven, which frankly was very, very large.
Speaker 9: But what's changed is we can all see what's changed, right.
Speaker 9: People need more compute. They're installing more. The numbers for
Speaker 9: this year are probably closer to forty five billion. And
Speaker 9: when we talk to customers, when I spend time with
Speaker 9: our partners, and you know, what they.
Speaker 8: Tell us is the technology.
Speaker 9: Requires more compute. And so we now believe the total
Speaker 9: market for this it's upwards of four hundred billion and
Speaker 9: twenty twenty seven. It's huge. There's no one size fits all.
Speaker 9: They're going to be multiple solutions. There are lots of
Speaker 9: good solutions out there today, but we believe the AMD
Speaker 9: capability is very significant and so we're excited about it.
Speaker 6: It was interesting to see on stage how MI I
Speaker 6: three hundred x manifests itself in the real world, but
Speaker 6: you'd already guided us that it will likely be the
Speaker 6: quickest AMD product to one billion dollars. There were sections
Speaker 6: of the market in the street that said your forecast
Speaker 6: of two billion dollars of sales for MI I three
Speaker 6: hundred x in twenty four was conservative. If you're saying
Speaker 6: that the total addressable market by twenty twenty seven is
Speaker 6: now four hundred billion, then is that two billion forecasts
Speaker 6: for next year specifically form I three hundred.
Speaker 4: X conservative as the market thinks it is.
Speaker 9: Well, I think you'll have to take a step back
Speaker 9: and just look at how this technology is evolving. So,
Speaker 9: you know, we did update in our last conference call
Speaker 9: to an expectation about two billion in twenty twenty four
Speaker 9: for our data center GPUs. It's a very early estimate,
Speaker 9: I would say, you know, we have clear line of
Speaker 9: sight to that. But you know, what people ask me
Speaker 9: is like there's much more customer demand, definitely, and there's
Speaker 9: also significantly more supply because we've had to prepare the
Speaker 9: supply chain so that we're ready to ramp. So we'll
Speaker 9: update as we go along. You know, we are, you know,
Speaker 9: definitely on this path to rampm I three hundred the
Speaker 9: fastest is anything's ever ramped at AMD, and you know,
Speaker 9: I view this as a multi year opportunity for US.
Speaker 6: Some breaking news and headlines crossing the Bloomberg terminal. Tesler
Speaker 6: has how to reshuffle on its Dojo project. The former
Speaker 6: Dojo chief Ganesh ven Kataramanan has left the company. Sources
Speaker 6: have told me and Bloomberg's Mark German that he left
Speaker 6: Tesla last month and has been replaced by Peter Bannon,
Speaker 6: a former Apple executive. He's been at Tesla for around
Speaker 6: seven years and now takes over leadership of the Dojo projects.
Speaker 6: Venkataramanan's interesting. He's set up the AI hardware in Silicon
Speaker 6: group at Tesla more than seven years ago. He is
Speaker 6: the person behind the Dojo supercomputer, but also the D
Speaker 6: one chip, the proprietary silicon that is powering the training
Speaker 6: of video based data for autonomous driving software at Tesla.
Speaker 6: An important change there at that company.
Speaker 3: Carac important because it's about AI supercomputer future. The reason
Speaker 3: many believe that Tesla's market capitalization is any where it
Speaker 3: should be because.
Speaker 5: Of its focus on AI.
Speaker 3: And let's get back to the AI conversation for a moment,
Speaker 3: because we just were listening to your great interview with
Speaker 3: Lissa Sewer of AMD and we want to get onto
Speaker 3: that a little bit. With Mande saying from Bloomberg Intelligence
Speaker 3: and your read of ultimately the competitive space here and
Speaker 3: an enormous market opportunity for her red billion. We're just
Speaker 3: hearing from Lisa su and how are they going to
Speaker 3: get enough of that market share?
Speaker 10: Yeah, and I think one of the key distinctions that
Speaker 10: Lisa who highlighted was they're focus on inferencing as opposed
Speaker 10: to training. So we know right now all the GPU
Speaker 10: capacity was being used for training these large sangreage models.
Speaker 10: The fact that she's betting that inferencing will really pick
Speaker 10: up from this point on is a sign that you're
Speaker 10: probably going to see more copilots, more chat pots being deployed.
Speaker 10: We haven't seen that yet. I mean, look at the
Speaker 10: monthly active users for you know, GitHub Copilot or the
Speaker 10: bard chatbot and all these things. So really it's a
Speaker 10: big bed on inferencing taking off, but right now the
Speaker 10: market is concentrated on training and that's where Nvidia still
Speaker 10: has the upper hand.
Speaker 3: And look, the exuberance is there of these things being
Speaker 3: deployed and enterprise, we just look at Gemini and impact
Speaker 3: that's having on alphabet shaf price today. Unfortunately, all this
Speaker 3: breaking news, we can't dig into that a bit more
Speaker 3: with you, but mandeps saying always on the money when
Speaker 3: it comes to analysis from Bloomberg Intelligence.
Speaker 6: Okay, time for talking tech and first Up. Montenegro plans
Speaker 6: to extradite disgrace crypto tycoon Do Qwon to the US
Speaker 6: to face criminal charges that according to a Wall Street
Speaker 6: Journal report citing sources, the terraformer Labs co founder has
Speaker 6: been jailed in the Balkan country since March and has
Speaker 6: been denied committing fraud and has denied committing fraud following
Speaker 6: the crash of that stable coin terror usd In, Apple's
Speaker 6: senior executive overseeing touchscreen technology, health censors and the company's
Speaker 6: face ID interface, is leaving the company, according to Bloomberg's sources.
Speaker 6: And finally, November was another banner month for online marketplace Timu,
Speaker 6: following this year's Black Friday sales sales and the Chinese
Speaker 6: platform jumped twenty nine percent from a month ago to
Speaker 6: a new record almost triple shanes observed sales in the country.
Speaker 6: That all, according to Bloomberg Data, Caroline, We've got.
Speaker 3: To stick on the resilience of the consumer right now,
Speaker 3: particularly when it comes not just retail and fashion, her
Speaker 3: makeup as well, and Glossy Aco k Leahy is with
Speaker 3: us and peace are saying more than one year into
Speaker 3: the job and a brand that isn't just perhaps makeup
Speaker 3: as we might think it, it's fragrances too.
Speaker 5: I'm seeing candles.
Speaker 3: You're broadening, but you've also not just gone direct to
Speaker 3: consumer anymore. You're now in Sephora one hundred million run
Speaker 3: right for that first year.
Speaker 5: Is that still where it stands?
Speaker 11: Yeah, so it's been well. First of all, thank you
Speaker 11: for having me. Nice to be here, and you know,
Speaker 11: Glassie is such an incredible brand to your point, beyond
Speaker 11: transcendent of just beauty for multi category makeup, skincare, fragrance, body,
Speaker 11: merch and we really do connect with a multi generational
Speaker 11: consumer that has a deep emotional connection and I think
Speaker 11: is very very powerful.
Speaker 5: And we've been.
Speaker 11: Really building over the last two years the foundation and
Speaker 11: scale to match build a business that really matches the
Speaker 11: power of this brand. We have fifty one percent brand
Speaker 11: awareness and yet less one percent market share, so incredible
Speaker 11: opportunity to connect the size and scale of our business
Speaker 11: with the size and scale of our brand, and we
Speaker 11: are now seeing that come to life at record revenue
Speaker 11: levels for Glossier and two years of consecutive growth, and
Speaker 11: to your point, our launch at Sephora has been hugely
Speaker 11: successful for us, on track to pass one hundred million
Speaker 11: in sales, and yet still.
Speaker 5: Is the smaller piece of our business.
Speaker 11: We do more of our business in our owned channels,
Speaker 11: so it really is a powerful omni channel strategy.
Speaker 3: How do you think about that in terms of any
Speaker 3: cannibalization whatsoever? Or really have you just seen sales wise
Speaker 3: across the board no matter which particular point of Selle
Speaker 3: you're doing it?
Speaker 4: A yeah?
Speaker 11: I mean our strategy at its heart is how do
Speaker 11: we take this amazing brand that connects emotionally with consumers
Speaker 11: through our products and our experiences and then bringing it
Speaker 11: to life across an omnichannel strategy which is really about
Speaker 11: bringing more Glossier to more people, and that is about
Speaker 11: putting a customer at the center and celebrating to your point,
Speaker 11: the ecosystem.
Speaker 8: Or of where she can shop.
Speaker 11: So for us, it was really leaning into DTC, which
Speaker 11: is our founding. We are very much a pioneer of
Speaker 11: bringing D two C beauty online in the D two
Speaker 11: C model ten years ago, and d t C continues
Speaker 11: to be an important part of our business, but the
Speaker 11: customers evolved and the marketplace has evolved, and our strategy
Speaker 11: needed to evolve and brands endure. But as strategies evolved,
Speaker 11: our channel strategy could evolve. So we replatformed and redesigned
Speaker 11: our site onto Shopify to continue to make sure we
Speaker 11: could lead with direct to consumer and social commerce. We've
Speaker 11: also opened up our own stores. We now have eleven stores,
Speaker 11: ten in the US and one in London that our
Speaker 11: experience centers for us, but also four wall profitable. And
Speaker 11: then we launched in Sephora as kind of the third
Speaker 11: leg of that stool, largely because our customers told us
Speaker 11: they wanted us there. We were the number one brand
Speaker 11: searched on sephora dot com before we joined them as
Speaker 11: a strategic partner and now have been able to launch
Speaker 11: into six hundred and fifty locations across North America and
Speaker 11: seeing really exciting.
Speaker 8: Success across categories.
Speaker 11: Fragrance our perfume is the number one fragrance at Sephora,
Speaker 11: but skincare and makeup, and really the power of this
Speaker 11: brand from a really multi category standpoint.
Speaker 3: And the power of the brand was already built through
Speaker 3: social How do you navigate as a lead to some
Speaker 3: of the politicalization within the social world as well.
Speaker 5: We've got you have a presence on X. Are you
Speaker 5: advertising on X?
Speaker 3: Do you think about the way in which you allocate
Speaker 3: your add dollars to social media companies that are getting
Speaker 3: more and more concerns built around them.
Speaker 11: We are, at our heart a community driven brand, and
Speaker 11: I think Glassier really was a pioneer at bringing the
Speaker 11: integration of social community, commerce online and really foray into
Speaker 11: how we think about brands integrating socially. And we did
Speaker 11: remain very connected to our community through social listening on
Speaker 11: platforms like Instagram and on TikTok where we see incredible resonance,
Speaker 11: and then we do things like Glassier Labs, or we
Speaker 11: bring our customers in and have a lot of deep
Speaker 11: connection with focus groups around how we can stay really
Speaker 11: connected to our customer and their insights and be fueled
Speaker 11: by our community and stay really customer focused and customer empathetic,
Speaker 11: and how we're thinking about driving our brand go forward.
Speaker 3: So you remain advertising on a platform like X or no,
Speaker 3: we do not advertise on X. Okay, That's what I
Speaker 3: think what's fascinating is to learn about the growth story
Speaker 3: and indeed continuing to grow internationally as well.
Speaker 5: Glossi A CEO Carle We wish we had more time.
Speaker 3: Welcome back to Bluemog Technology and Caroline Hei in New.
Speaker 6: York and I Meed Lovelow in San Francisco. There is
Speaker 6: so much breaking news happening this morning that's driving markets.
Speaker 4: AI is a big part of that.
Speaker 6: One earning that we haven't discussed yet is C three
Speaker 6: n AI missing on revenue estimates. The outlook not what
Speaker 6: the market wanted to hear. That stockdown almost eleven percent
Speaker 6: is a consequence we heard from AMD's Lisa Sue earlier
Speaker 6: in the show about their new AI accelerated the I
Speaker 6: three hundred x. What's so weird is Wednesday, during the event,
Speaker 6: the stock was actually lower.
Speaker 4: So is Nvidia today.
Speaker 6: AMD up eight point four percent, and you know the
Speaker 6: fighting talk is there. The bit the analysts like is
Speaker 6: during that presentation, AMD told us who their customers are
Speaker 6: going to use.
Speaker 4: Three hundred x.
Speaker 6: Meta is going to use three hundred x in its
Speaker 6: data centers. That's what a lot of the cell side
Speaker 6: is saying driving the stock today. But in Vidia also
Speaker 6: higher because Caro AMD said this market is going to
Speaker 6: absolutely balloon to four hundred billion dollars in twenty twenty seven,
Speaker 6: just for AI accelerators. For context, the entire global semi
Speaker 6: industry last year was five hundred billion. So AI is
Speaker 6: going to be just as big in just a few
Speaker 6: years time.
Speaker 3: And mooy is AI going to disrupt the world of
Speaker 3: work and the way in which we work.
Speaker 5: Let's just talk about that for a moment.
Speaker 3: In terms of whether you're doing hybrid work or not,
Speaker 3: let's talk about workspaces provided IWG might think of we
Speaker 3: work as one brand. While IWG has readiers, it has spaces,
Speaker 3: and it's just been holding its invested ate this week
Speaker 3: here in America, company announcing it plans to resume regular
Speaker 3: dividends for more. We welcome to the show, IWG CEO
Speaker 3: Mark Dixon. And what is it like at the moment
Speaker 3: demand for hybrid work for those sorts of office spaces
Speaker 3: that you have at the moment, Well, a few companies
Speaker 3: kind of want their people back in person world.
Speaker 12: Look for us, the demands very high, and that's because
Speaker 12: we're providing workplaces not just in large cities in metropolis
Speaker 12: is around the world, but in lots of smaller towns.
Speaker 12: So about eighty five percent about growth these days, and
Speaker 12: we're growing, for example, in the US at about a
Speaker 12: fifty percent growth rate. It's all in the province, it's
Speaker 12: all in rural locations. That's where workers are migrating to.
Speaker 12: So the world of work is changing.
Speaker 3: It's changing very rapidly as all investor base gravitating.
Speaker 5: To America as well.
Speaker 3: How do you see if you've got such a growth
Speaker 3: rate here in America, what's that compared to in the UK,
Speaker 3: where you come from, and what does the investor base
Speaker 3: end up breaking.
Speaker 8: Down at well.
Speaker 12: US investors are about fifteen percent of our shareholder base
Speaker 12: at the moment, but we expect it to grow much
Speaker 12: more significantly. We've talked to investors this week about changing
Speaker 12: to dollars that will happen in January, and we're also
Speaker 12: reviewing a move to US game that we think will
Speaker 12: clarify in numbers, and we're focusing much more on investor
Speaker 12: days and road shows here in the US. Sixty five
Speaker 12: percent of our business profits are coming from the United
Speaker 12: States today and the most growth, So it makes sense.
Speaker 4: To be here.
Speaker 6: Mark, there is an AI story here and I know
Speaker 6: because I've seen it in San Francisco in particular shared
Speaker 6: office space and kind of hybrid working has seen lots
Speaker 6: of little startups, two or three founders take some space,
Speaker 6: one room, a meeting room to try and get their
Speaker 6: company off the ground. I wondered, if it's happening outside
Speaker 6: of San Francisco, if there's a tangible impact on your
Speaker 6: business from AI around the world.
Speaker 12: Well, there absolutely there's a tangible impact on a business
Speaker 12: from really two directions. So first of all, the sort
Speaker 12: of change in workplace is being driven by technology, basic technology,
Speaker 12: the Internet, teams, Zoom, etc. But also increasingly by AI
Speaker 12: supplemented and driven platforms that allow companies to much better
Speaker 12: manage productivity in their workforce. So we're seeing that come
Speaker 12: into the workplace now, and we're also seeing large numbers
Speaker 12: of startups, and alongside layoffs and redundancies around the world
Speaker 12: and in some parts of America, you're seeing a lot
Speaker 12: more startups. And we're seeing those come through not necessarily
Speaker 12: in downtown San Francisco, but all across the Bay and
Speaker 12: in the suburbs all over California.
Speaker 6: And I just want to explain to our audience it
Speaker 6: was a rejiss space that I visited recently as part
Speaker 6: of the documentary that I'm making where I witnessed this phenomenon,
Speaker 6: so you know I've seen it. What is the biggest
Speaker 6: driver technologically speaking of people not to take off office space?
Speaker 6: In other words, are you still seeing people kind of
Speaker 6: rely on Zoom technology for example, to work at home
Speaker 6: and how much does that worry you still?
Speaker 12: Well, it's sort of.
Speaker 4: It's quite good for us.
Speaker 12: We have about seven hundred thousand customers today individuals that
Speaker 12: are working from home, so it's quite a big part
Speaker 12: of our business. And all of these people working from
Speaker 12: home using Zoom or teams or whatever are all dropping
Speaker 12: into and office some of the time, so that is
Speaker 12: become an increasingly significant part of the business. So hybrid
Speaker 12: working is becoming the norm. It's going to be a
Speaker 12: very very significant business in the future. We've said this
Speaker 12: week to investors about a two trillion TAM and it's
Speaker 12: growing every day as a result of technology and as
Speaker 12: a result of companies like ours that put a technology
Speaker 12: platform together with a real estate platform and make it
Speaker 12: available with simple and easy to buy products. That's what's
Speaker 12: driving growth.
Speaker 5: You're going to list here.
Speaker 12: Maybe at some point, but at the moment, it's really
Speaker 12: we're so focused on growth. We put out a medium
Speaker 12: term target of a billion dollars of EBITDAR and our
Speaker 12: cash flow is very close to EBITDAR, so we're focused
Speaker 12: on that. The movement of the listing from London to
Speaker 12: another market is it's a consideration and we're always focused
Speaker 12: on what's best for our investors. So a larger investor
Speaker 12: base here in in the United States it may be
Speaker 12: expedient to actually move the listing.
Speaker 3: Fascinating Mark Dixon, come back when you talk to your
Speaker 3: American investors, love having you here, of course, very well
Speaker 3: known entrepreneur in the UK and talking much more here
Speaker 3: across the Atlantic.
Speaker 4: Ed.
Speaker 6: Yeah, well, a top story over in Europe. And meanwhile
Speaker 6: in Brussels in particular, you know, EU negotiators remain divided
Speaker 6: on a plan to adopt the most comprehensive regulation for
Speaker 6: AI technology in the Western world. They debated it for
Speaker 6: nearly twenty four hours, sitting through it, Bloombergs, Gulianduys.
Speaker 4: She joined us now from Brussels. The stakes are high here.
Speaker 6: And they've really not made any progress on a codified
Speaker 6: EU wide AI position.
Speaker 8: No, it's been interesting.
Speaker 13: I mean last night I was talking to us in
Speaker 13: Caroline that it was going to be Elite one, but
Speaker 13: I had no idea it would be negotiations that spend
Speaker 13: over nearly twenty four hours and we still don't have
Speaker 13: a final deal. By the time talks wrapped up today
Speaker 13: around one pm, we had some officials even falling asleep
Speaker 13: at their desks, so we had, you know, people said, okay,
Speaker 13: it's time to take a break, time to get some
Speaker 13: sleep on their pre grouping.
Speaker 8: Come back tomorrow at NINEI and Brussels time.
Speaker 3: Let's just talk about the stumbling blocks here, because what
Speaker 3: I was interested to see in your reporting was that
Speaker 3: actually generative AI and the regulation of that seems to
Speaker 3: have perhaps been an area that they can agree on.
Speaker 3: It seems to be other areas that they're still stumbling over.
Speaker 8: Absolutely.
Speaker 13: So they cleared one major hurdle around two am this morning,
Speaker 13: and that was really done in this generally that generative
Speaker 13: A controls question, and there they basically decided, okay, there'll
Speaker 13: be some basic transparency requirements for the developers of these
Speaker 13: AI systems, and then those are posed a systemic risk,
Speaker 13: they'll have to send under codes of conduct. But once
Speaker 13: they cleared that kind of controversial debate, they moved on
Speaker 13: to one.
Speaker 8: That's even more contentious here.
Speaker 13: In Brussels because before the Journal of AIA debate really
Speaker 13: kicked off here there was this big debate over how
Speaker 13: governments and how police use AI in law enforcement in
Speaker 13: national security.
Speaker 6: We forget sometimes that the EU is four hundred and
Speaker 6: fifty million people, A big chunk of our Bloomberg technology
Speaker 6: audience is there, and that's why we frame it is
Speaker 6: this is a critical piece of global regulation.
Speaker 4: What's the procedure though?
Speaker 6: Who are the people that actually decide the fate of
Speaker 6: those four hundred and fifty million in terms of how
Speaker 6: AI is regulated on their behalf?
Speaker 8: So it's a quite complicated system.
Speaker 13: But you do have European parliaments where you've got at
Speaker 13: least two lead authors and many shadow uppert tours from
Speaker 13: different parties.
Speaker 8: You also have Spaniards.
Speaker 13: Were leading all U twenty seven member seats, and then
Speaker 13: you have European Commission, and I want to want to
Speaker 13: remind everyone that everyone has very different views on this topic.
Speaker 13: You know the Parliament in the spring they voted to
Speaker 13: completely ban the live facial scanning technology, so you couldn't
Speaker 13: have governments or police using CTV cameras to scan crowds
Speaker 13: to find possible criminals. That is absolutely a red line
Speaker 13: for you countries. But what's going to be very interesting
Speaker 13: to see tomorrow when they regroup is that even members
Speaker 13: within the same parliament group they had to always agree
Speaker 13: on this topic either. So it's going to be I'd
Speaker 13: be very surprised if you walk in tomorrow and these
Speaker 13: negotiators come in and they's agreed to this new compromise.
Speaker 3: At nine am, Jillian, it's been a long old week
Speaker 3: for you, but we really appreciate you setting up late
Speaker 3: over there, and Russells frows most Jillian Deutsch with just
Speaker 3: some great expertise across the readia to showing spectrum.
Speaker 5: They're coming up.
Speaker 3: We've got a great conversation with Initialized Capital.
Speaker 5: It's got a new partner.
Speaker 3: We're going to be discussing just what Jennie Ferly springs
Speaker 3: to the company. Of course, serial entrepreneur in our own
Speaker 3: right from here.
Speaker 5: In New York.
Speaker 14: This is putting their technology well.
Speaker 5: Known VC Initialized Capital.
Speaker 3: It's got a new team member, Jenny Flyes, co founder
Speaker 3: of course and rent the runway Walmart subsidiary Jet Black.
Speaker 3: She's joining Initialized as a partner as with us now
Speaker 3: for more on well as a New Yorker making the
Speaker 3: move into seed investing to really like startup investing. What
Speaker 3: was it that was so attractive about Initialized in particular.
Speaker 15: Well, Initialized really sets the standard for seed and this
Speaker 15: is an exciting time to be a seed I mean,
Speaker 15: you have so much evolving in the world with AI
Speaker 15: just accelerating the pace of innovation, and to work hand
Speaker 15: in hand collaboratively. The way that Initialized does with founders
Speaker 15: is just so true to my operational and entrepreneurial nature.
Speaker 3: Let's talk about some of the background you've already had
Speaker 3: in terms of helping mentor but also putting money into startups.
Speaker 5: How much of that is occurring in New York? How
Speaker 5: much of it is it covering across the US?
Speaker 3: Where do you think your speaks what will lie when
Speaker 3: it comes to I'm sure e commerce, but more broadly
Speaker 3: your bucks to put to work.
Speaker 15: Yeah, it's a really exciting time in New York. And
Speaker 15: I'm thrilled that Initialized has an office and part of
Speaker 15: its team here. That was a really big plus for me.
Speaker 15: But when I think back to when we co founded
Speaker 15: Rent the Runway fourteen years ago, there were very few
Speaker 15: startups in New York and today, if I think of
Speaker 15: my roster of Angel investments and I look at Initialized portfolios,
Speaker 15: like there is a great group here so organically that's
Speaker 15: driving innovation in New York, and I am really glad
Speaker 15: to complement that with the YC sanfran ecosystem that Initialized has.
Speaker 15: So I think our two networks pulled together, as well
Speaker 15: as the diverse backgrounds of the existing investing team and
Speaker 15: my background, We'll just let us work with so many
Speaker 15: great founders and companies.
Speaker 4: Jenny, good morning from San Francisco.
Speaker 6: I'm obsessed to this idea that not all vcs are
Speaker 6: the same.
Speaker 4: You get different types.
Speaker 6: Some have been founders, some have not, Some have come
Speaker 6: from sort of legacy financial institutions, some have been engineers
Speaker 6: software companies. You're a founder, and I wonder how that
Speaker 6: helps you make investment decisions.
Speaker 15: Yeah, well, it's a really important important part of how
Speaker 15: I make investment decisions. My lens as an entrepreneur really
Speaker 15: let me see how to work with investors in a
Speaker 15: way that felt helpful and organic. And I was lucky
Speaker 15: to have a team of former entrepreneurs and operators myself,
Speaker 15: and it gave me a sense of how I could
Speaker 15: relate to the aspects of entrepreneurship and a founder that
Speaker 15: I think are game changing for picking winning investments. And
Speaker 15: very unique to Initialized is the whole investment team is
Speaker 15: former founders, operators, builders from lots of different industries and
Speaker 15: that is so special and unique and it's really what
Speaker 15: made me feel at home when I got to know
Speaker 15: the team. I have met hundreds of vcs over the
Speaker 15: course of my career, and their approach to Initialize is
Speaker 15: very unique. And when you look at adventure, not much
Speaker 15: has actually changed in how venture is done, and yet
Speaker 15: the world around us has changed so much. And for Initialize,
Speaker 15: it's like there isn't a playbook. It's like they're creating
Speaker 15: their own playbook of what works based on their experience
Speaker 15: as entrepreneurs, founders, and operators. And that's exciting to me.
Speaker 15: That's fast paced and entrepreneurial and feels comfortable to me.
Speaker 6: Right, Like, even with the playbook, there's a lot of
Speaker 6: choice though, Right, So you're doing seed, but you're doing
Speaker 6: seed across such a broad range of categories. Is there
Speaker 6: one particular area that you're really excited about thematically that
Speaker 6: you think you'll write a lot of checks too.
Speaker 15: Yeah, I'm excited about a lot of areas, which is
Speaker 15: why I love that initialized as a generalist fund and
Speaker 15: I'll have a lot of room to play. But to
Speaker 15: call out a couple of things that are really exciting
Speaker 15: right now.
Speaker 5: AI accessibility.
Speaker 15: So obviously AI has already transformed our world and is
Speaker 15: still evolving so quickly each day, but we're getting to
Speaker 15: a place where it's starting to become more accessible to
Speaker 15: consumers and also to larger companies as we think of
Speaker 15: b towam be plugins and solutions that combine AI and
Speaker 15: agents and hit that sweet spot of efficacy, efficiency, and
Speaker 15: also trust. I'm also really excited about ways that personalization
Speaker 15: are evolving, one to one personalization with the help of AI.
Speaker 15: And I continue to be such a fan of just
Speaker 15: asset utilization, so you know, Rent the Runway being one example,
Speaker 15: but so many businesses that are finding more creative ways
Speaker 15: to use their assets and service customers in a smarter way.
Speaker 15: Is I think, changing consumer behavior. It's what it's all
Speaker 15: about at the core of what gets me excited.
Speaker 3: What's so interesting, Well, the story of Rent the Runway,
Speaker 3: I think for me, was the day that the bell
Speaker 3: was rung and just all the leadership being women. What
Speaker 3: stood out in the Initialized announcement was just how much
Speaker 3: diversity there is at.
Speaker 5: A VC like that.
Speaker 3: What would eighty percent of partners basically being women. I'm
Speaker 3: interested as to whether that has to be something that's organic,
Speaker 3: because the choosing the best talent, whether it's really driven
Speaker 3: and motivating fools, is something that you'll look to when
Speaker 3: you're allocating tools, maybe douve as founders.
Speaker 15: Yeah, I'm so proud and thrilled that I am with
Speaker 15: a company that has eighty percent of our investment team female.
Speaker 15: It wasn't a requirement of mine, nor do I believe
Speaker 15: it was a requirement for Initialized. You know, they optimize
Speaker 15: for the best talent, for founders and for the right
Speaker 15: fit to complement their team. But naturally that is what
Speaker 15: organically came about and for me at the course of
Speaker 15: my career likewise, it's really been that way for rent
Speaker 15: the runway at Jet Black and Walmart, the teams I
Speaker 15: worked with were always largely women, and I think the
Speaker 15: perspective that you can bring an advantage point when you
Speaker 15: connect to different groups of consumers is so powerful and Initialized.
Speaker 15: There's diversity in so many ways, like age, male, female,
Speaker 15: different ethnicities, and all of that I think makes us
Speaker 15: best equipped to think of industry disruption and ways to
Speaker 15: connect with different types of founders.
Speaker 3: When we think of disruption, we think actually, sort of
Speaker 3: the pressure that rent in the runway is still on
Speaker 3: the when it look at a market capitalization perspective, when
Speaker 3: you think of just E commace more broadly, I've talked
Speaker 3: to many vcs, So just saying I'm not touching consumer
Speaker 3: stuff with a bodge pole at the moment, is that
Speaker 3: something you agree with or actually, do you need to
Speaker 3: still see the opportunity in a consumer that still is
Speaker 3: pretty resilient in the US right now.
Speaker 15: I think it's an exciting moment to be contrarian in
Speaker 15: that category. So I'm still really excited about innovation in
Speaker 15: the consumer landscape. You know, valuations for a while or
Speaker 15: very exaggerated, and I think that's come back to a
Speaker 15: place that's much more healthy.
Speaker 5: And then there's been a.
Speaker 15: Lot of macro factors that have made it easier for
Speaker 15: various companies to launch consumer businesses and brands. So it's
Speaker 15: meant that there's a lot more clutter and breaking through
Speaker 15: the noise was harder, and cost of customer acquisition went up.
Speaker 15: But now I think you are able to start to
Speaker 15: see some companies that can break through that, and so,
Speaker 15: of course consumers still want exciting new brands to engage with.
Speaker 15: I'd say, in particular, what gets me excited is brands
Speaker 15: that spark experiential components of that pull on our heartstrings
Speaker 15: and touch different experiences we have in our life. Because
Speaker 15: the Internet has made things so commoditized, we can buy
Speaker 15: things cheap, we can get it quickly, we can find
Speaker 15: almost anything, and so injecting that a sense of personalization
Speaker 15: and that essence of experiential thoughtfulness like that, to me,
Speaker 15: is where it's at as I think of this next
Speaker 15: generation of consumer brands.
Speaker 6: Jenny, one mistake that you made or lesson you learned
Speaker 6: through the rent the Wrong Way experience, and you're still
Speaker 6: on the board.
Speaker 4: But what's a piece of advice that you give based
Speaker 4: on that?
Speaker 15: Gosh, well, I feel lucky to have made lots of
Speaker 15: mistakes over the course of my career because that's how
Speaker 15: we learn, right, especially as entrepreneurs. You Know, something that
Speaker 15: always sticks in my mind is when we were first
Speaker 15: starting the business, we didn't have a fashion background or
Speaker 15: a technology background. And I'd say, with regards to fashion,
Speaker 15: we quickly scaled that learning curve. We had a lot
Speaker 15: of conversations and got to meet people in all parts
Speaker 15: of the industry, but related to technology, we were much
Speaker 15: more intimidated by the fact that we weren't engineers ourselves,
Speaker 15: and we thought we could outsource that part of the business.
Speaker 15: And the reality is that anything mission critical of the company,
Speaker 15: you really can't outsource, right, and you need to find
Speaker 15: ways to at least probe and ask the questions or
Speaker 15: have eyes on whatever is happening, you know, day to day.
Speaker 15: And so we learned that lesson, luckily, like pretty quickly.
Speaker 15: And I don't think it, you know, took us, it
Speaker 15: took us too far off course. But it's also part
Speaker 15: of what made me really excited to be INITIALIZED, because
Speaker 15: there's former engineers that are investors at this company, and
Speaker 15: so their ability to connect with founders and different companies
Speaker 15: that are so far afield from what my natural skill
Speaker 15: set and comfort zone is really lets me build this
Speaker 15: nice complementary skill set and base of companies to connect with.
Speaker 6: Jenny flies Initialized Capital partner as of today.
Speaker 4: Thank you for your time. This, thank you, It's Bloomberg Technology.
Speaker 3: After congressional hearing on anti Semitism. Social media has been
Speaker 3: talking at NonStop about the presidents of Harvard University, University
Speaker 3: of Pennsylvania MIT, and now many of those presidents, well,
Speaker 3: they're having to issue statements clarifying their responses here to
Speaker 3: provide more context bloombds Janet Lauren and ultimately this is
Speaker 3: a backlash about the way in which they answered certain questions.
Speaker 3: My question is what happens next, because there's a lot
Speaker 3: of echo chambers going on on the internet saying they're
Speaker 3: going to have to hand in their resignations.
Speaker 5: What do you make to that.
Speaker 2: Well, as we know, universities don't move as lightning fast
Speaker 2: as a public company. For example, if that happened to
Speaker 2: a public company CEO, you would have had an immediate
Speaker 2: indication in stock price. So the question is what are
Speaker 2: the boards talking about right now? They're definitely hearing from alumni,
Speaker 2: they're hearing from politicians, including Pennsylvania's governor also weighed in
Speaker 2: as well as congressmen in Massachusetts, both Harvard alums and Democrats.
Speaker 2: So it is both sides that were not thrilled with
Speaker 2: what happened at this hearing. But what is the support
Speaker 2: of the facult We're not sure what is going to
Speaker 2: happen going forward. We know there's a regularly scheduled pen
Speaker 2: luncheon going on right now. Maybe we'll hear something afterwards.
Speaker 2: It may be presidents, it may be boards members or
Speaker 2: the boards of trustees, but we'll have to see what happens.
Speaker 2: But we do know in hearing from the students, it
Speaker 2: also worth in Washington, they don't feel safe, they don't
Speaker 2: feel like there's a safe environment going on. Classes are
Speaker 2: being disrupted, there's marches going on, So there's an impetus
Speaker 2: for leadership to address these issues. Is it acceptable for
Speaker 2: campus classrooms to be disrupted? And the word entifata, what
Speaker 2: does that mean? Well, if it were used in other context,
Speaker 2: the definition, what happens to those students.
Speaker 3: It's a question that is being asked loudly by many
Speaker 3: an alum who happens to work in the technology field.
Speaker 3: So it's one that we want to address with you,
Speaker 3: and we'll invite you back as well to continue as
Speaker 3: the story unfolds. Thank you so much done at Lauren,
Speaker 3: of course, some amazing report and going on the ramifications
Speaker 3: of that congressional hearing. Aid Meanwhile, that does it for
Speaker 3: this edition of Bloombog Technology.
Speaker 6: Yep, another jam pack Thursday, so much recap on our podcast.
Speaker 6: Big thanks to everyone that is checking out the podcast.
Speaker 6: We're on Apple, Spotify, iHeart, and of course on the
Speaker 6: Bloomberg platforms. From San Francisco and over in New York City.
Speaker 6: This is Bloomberg Technology.