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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the

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Speaker 1: Bloomberg Intelligence Podcast. Catch us live weekdays at ten am

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Speaker 1: Eastern on Applecarclay and Android Auto with the Bloomberg Business App.

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Speaker 1: Listen on demand wherever you get your podcasts, or watch

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Speaker 1: us live on YouTube's.

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Speaker 2: Gonna right to Susan Spence. She's the chair of ISM Manufacturing.

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Speaker 2: Susan talk to us about this. ISM Manufacturing came out

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Speaker 2: at forty eight point five. The consensus was forty nine

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Speaker 2: point five. Tell us what's going on?

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Speaker 3: Good morning, Thank you for having me on.

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Speaker 4: You know, unfortunately we have another month of contraction abouzero

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Speaker 4: point two percent lower than last month, so forty eight

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Speaker 4: point five.

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Speaker 3: We are absolutely under consensus.

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Speaker 4: What we're seeing and what our panelists are telling us,

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Speaker 4: of course, is a continued issue with uncertainty in the

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Speaker 4: market driven by terrorists. So this month, if I can

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Speaker 4: talk about demand, outputs, and input, it's demand which is

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Speaker 4: new orders, customer inventory, backlog, and new export orders. Three

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Speaker 4: of those four indicators continue to contract. Backlog and new

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Speaker 4: orders contracted a bit slower this month at a slower rate.

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Speaker 3: New export orders.

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Speaker 4: Not surprisingly took another plunge in an accelerated reduction at

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Speaker 4: a three percentage points lower. So, in our view, the

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Speaker 4: lack of new orders driven by that uncertain demand from

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Speaker 4: the marketplace demand, the conflicts of who's going to pay

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Speaker 4: for the tariff costs. The customer index for inventories does

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Speaker 4: remain low.

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Speaker 3: We always consider that positive.

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Speaker 4: At some point customers have to reorder, and so we're

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Speaker 4: hoping to see that.

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Speaker 3: But that continues to contract.

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Speaker 4: So our in our survey, eighty six percent of the

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Speaker 4: general comments from our panelists were about the terriffs.

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Speaker 3: It was eighty two percent last month. It just continues

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Speaker 3: to grow. It's not gotten any better, and certainty is

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Speaker 3: even worse.

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Speaker 5: Susan, Susan, do you get the sense that if some

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Speaker 5: of the tariff headwinds were removed, things get better quickly

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Speaker 5: or is this sort of permanent confusion in the manufacturing sector.

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Speaker 3: It's not permanent, but it's not quick.

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Speaker 4: So we think if tomorrow everything was settled, and of

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Speaker 4: course it won't be.

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Speaker 3: We think we're in this for at least the summer.

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Speaker 3: It's going to take some time. We already have.

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Speaker 4: Some inventory at the higher prices customers, again, is indicated

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Speaker 4: by the survey results.

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Speaker 3: Are hesitating to order, and so that is driven down. Production,

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Speaker 3: backlog is down, and I'll talk about production and employment

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Speaker 3: as well. So we're in it for a bit. The

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Speaker 3: best thing that could happen is certainty.

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Speaker 4: And then my personal belief is it's still going to

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Speaker 4: take a few months for folks to not wait for

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Speaker 4: the other shoe to drop.

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Speaker 2: If you will, Susan, thank you so much for give

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Speaker 2: us a couple of minutes of your time. Susan Spence,

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Speaker 2: Chair for Ism Manufacturing PMI, the Institute for Supply Management,

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Speaker 2: joining us here. Weaker than expected manufacturing numbers coming out

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Speaker 2: this month.

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Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live

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Speaker 1: weekdays at ten am Eastern on Applecarplay and Android Auto

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Speaker 1: with the Bloomberg Business app. Listen on demand wherever you

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Speaker 1: get your podcasts, or watch us live on YouTube.

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Speaker 2: The last time we saw Sam Fazzelli, who's the director

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Speaker 2: of research and does some of the healthcare stuff for

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Speaker 2: Bloomberg Intelligence, he was here in New York and he

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Speaker 2: was on his way to Chicago to some conference where

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Speaker 2: a lot of these healthcare folks get together and they

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Speaker 2: talk about new drugs and new therapies, and he said,

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Speaker 2: watch out, there's going to be some deals coming out

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Speaker 2: of there.

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Speaker 6: Boy was he right.

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Speaker 2: Santa Fe buying immunology biotech Blueprint for nine point one billion,

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Speaker 2: Bristol to pay buy in Tech up to eleven billion

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Speaker 2: dollars for a cancer deal. Moderner is getting some new news.

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Speaker 2: So we got to get Sam here. He's still in Chicago.

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Speaker 2: He's at our Chicago office there, Sam, thanks so much

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Speaker 2: for joining us here. We've had some deals today in

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Speaker 2: the healthcare space. Help us think about this centi feed

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Speaker 2: deal here. Nine point one billion dollars. That seems pretty substantial.

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Speaker 7: Yeah, well it's more than I have in the back

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Speaker 7: of my sofa if you like, and you know the

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Speaker 7: little change that you find there. But this sector needs these.

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Speaker 7: I mean, we've had a drought of deals since Johnson

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Speaker 7: and Johnson did interest Sellular Therapeutics, and then we've got

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Speaker 7: this deal now. And the sector, as I'm sure you've

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Speaker 7: talked about we've talked about, has been under pressure because

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Speaker 7: of all the new issues that are being created for

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Speaker 7: them with the current administration, and that really slowed down

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Speaker 7: deal making. So it's nice to see this deal happen.

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Speaker 7: Not the biggest premium in the world twenty seven billion dollars.

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Speaker 7: But still, it's nice to see some of these deals happen,

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Speaker 7: and I think, assuming we don't get another round of

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Speaker 7: tariffs for farmer drugs and most favored nation conversations turning up,

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Speaker 7: it might be the beginning of a little renaissance in

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Speaker 7: deal making.

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Speaker 5: What was the absolute coolest thing that you learned over

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Speaker 5: the weekend?

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Speaker 8: I mean, I was.

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Speaker 5: Floored yesterday I was sitting and thinking of you and

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Speaker 5: reading all these amazing articles coming out about these amazing

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Speaker 5: new drugs that could have tremendous effect on cancer.

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Speaker 8: For example, what was the coolest thing you heard?

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Speaker 7: Yeah, so, Alex, there's been some continued evolution an increase

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Speaker 7: in opportunities in breast cancer. So AstraZeneca had two presentations

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Speaker 7: yesterday at what they called plenary sessions, and that's one

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Speaker 7: of the key areas where I mean the room gets

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Speaker 7: packed with ten thousand people or whatever the number is.

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Speaker 7: So they had an update on a breast cancer drug

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Speaker 7: which is continuing to further expand the options that patients

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Speaker 7: when it gets approved. If it gets approved, patients have

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Speaker 7: in treating that disease, which has become something that a

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Speaker 7: lot of people as long as they're lucky and don't

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Speaker 7: get the worst kind of it, it can live with

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Speaker 7: for quite a long time now. And then we had

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Speaker 7: one also from them on gastric This the guest stories

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Speaker 7: of digital junction disease, which is not one of the

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Speaker 7: is a bad one and there's not been many therapies there,

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Speaker 7: and so that was a really good, very good data set,

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Speaker 7: I have to say, practice changing. And there's a whole

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Speaker 7: host of phase one, phase two early stage drugs that

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Speaker 7: look really good. So I'm going to be coming to

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Speaker 7: this conference for I don't know how many more years

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Speaker 7: because it's going to keep developing.

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Speaker 2: Bristol paying Buy and Tech up to eleven point one

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Speaker 2: billion dollars for cancer deals. What's going on there?

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Speaker 7: Yeah, up to is the operative word. The actually guaranteed

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Speaker 7: cash is about three and a half billion dollars, so

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Speaker 7: about one and a half billion right up front, and

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Speaker 7: then when the deal closes, and then by twenty twenty

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Speaker 7: eight another two billion. That's not contingent on any there

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Speaker 7: are just anniversary payments, payments. So that's pretty good given

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Speaker 7: that they acquired the asset, amongst the whole host of

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Speaker 7: other stuff from a Chinese biotech company acquisition by a

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Speaker 7: theist only a few months ago, and it's in a

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Speaker 7: new class of drugs that people have got excited about.

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Speaker 7: There's Mark that did a deal, There's Summit and Akiso.

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Speaker 7: Fizer just did a deal on last week, paying one

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Speaker 7: point two billion dollars for a drug in development, which

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Speaker 7: we quite like. The data for that was presented here.

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Speaker 7: So these are drugs that are trying to push the

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Speaker 7: barrier of what we've been able to achieve, which with

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Speaker 7: what's called immunotherapy, can you do better? Can you push

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Speaker 7: more patients to survive longer using these drugs?

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Speaker 8: What about Oh wow, I just lost my train of thought.

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Speaker 5: Oh it was there, it was so brilliant, and then

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Speaker 5: it went away.

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Speaker 8: Oh I know. Funding, here's my brilliant point.

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Speaker 5: Government funding for universities that have big medical units.

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Speaker 8: Like did What were people saying about that?

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Speaker 7: Yeah, they're not happy. I've talked to a lot of

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Speaker 7: people here and you know, even my interestingly an uber

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Speaker 7: driver that I had who does double just doubles up.

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Speaker 7: She works in a lab that does genomic analysis for

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Speaker 7: scientists at Northwestern University in Chicago. She said she's noticing

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Speaker 7: a palpable slowdown in the request she's getting to do

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Speaker 7: analysis of you know, laboratory analysis because people are uncertain.

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Speaker 7: It's even got to yuber driver, which is which is

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Speaker 7: sad now it is it is a problem. People are

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Speaker 7: worried and will We'll have to see whether philanthropists can

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Speaker 7: fill the gap.

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Speaker 2: Sam, So from your conference there in Chicago, what's is

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Speaker 2: the key focus still cancer or is there other parts

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Speaker 2: of healthcare that are getting as much I guess attention.

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Speaker 7: Yeah, but so this is a cancer conference. This is

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Speaker 7: the biggest cancer conference in the world. People come from

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Speaker 7: and I have to say there's a palpable increase in

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Speaker 7: the number of presentations by Chinese scientists, real and companies. Yeah,

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Speaker 7: every year's got more and more, which is expected. They've

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Speaker 7: been funding research significantly for the past fifteen twenty years

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Speaker 7: and this is the fruits of it. The X conference

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Speaker 7: that's coming up is a also. I don't think it's

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Speaker 7: in Chicago, but it's over here somewhere in the US.

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Speaker 7: Is the American Diabetes That's where you get all the obesity,

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Speaker 7: liver disease kind of data that that we're also looking

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Speaker 7: forward to.

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Speaker 2: All right, Sam, thanks so much for joining us. As always,

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Speaker 2: Sam Fizzelli, Director of Research for Global and Industries and

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Speaker 2: Senior Pharmaceuticals Anels for Bloomberg Intelligence. He's based in London,

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Speaker 2: but he's in our Chicago bureau todays. He spent the

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Speaker 2: weekend Eddie as he was just mentioning a cancer conference

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Speaker 2: and where you know, a lot of the latest science

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Speaker 2: is presented, so and in for investors, it's really important

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Speaker 2: to think about how you know which things which I guess,

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Speaker 2: therapies and drugs you want to finance?

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Speaker 7: Mean work?

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Speaker 8: Does Sammon have the coolest job? Like media is really

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Speaker 8: cool to one of the people.

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Speaker 5: Energy is really cool. We all love it, but like

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Speaker 5: his stuff like changes the world and.

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Speaker 2: He actually understands the science and can explain it to

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Speaker 2: people like us.

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Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live

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Speaker 1: weekdays at ten am Eastern on Applecarplay and Android Auto

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Speaker 1: with the Bloomberg Business app. Listen on demand wherever you

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Speaker 1: get your podcasts, or watch us live on YouTube at alex.

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Speaker 2: Deal and Paul Sweeney live here in our Bloomberg and

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Speaker 2: Arrector Broker Studio streaming live on YouTube as well as

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Speaker 2: John was just reporting SMP at fifty nine hundred. I mean,

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Speaker 2: after all ups and downs this year, pretty much year

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Speaker 2: to date, we're unched on the S and P five hunderd.

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Speaker 2: It feels like a lot of effort for not a

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Speaker 2: lot of payoff there. Shane Sissel joins US president and

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Speaker 2: CEO of ban Rion Capital Management from Chicago, Shana. How

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Speaker 2: do you put twenty twenty five year to date into

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Speaker 2: context for your clients, because boy, we were down twenty percent.

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Speaker 2: Now we've retraced most of that from the recent highs.

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Speaker 2: How do you position the twenty twenty five Well, I.

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Speaker 9: Went into twenty twenty five thinking it was going.

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Speaker 3: To be volatile.

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Speaker 9: It lived up to my expectations, so we positioned portfolios

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Speaker 9: for volatility and did quite well as a result. Ultimately,

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Speaker 9: what come down to is as more and more information

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Speaker 9: gets out. We have this twenty four hour news cycle,

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Speaker 9: and people get information in real time. The markets are

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Speaker 9: able to respond to news quickly. But more importantly, we've

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Speaker 9: seen that the retail advisor has been eager to jump

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Speaker 9: into the market when it turns downward, which is unusual.

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Speaker 3: That's not normally the case.

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Speaker 9: It's typically the institutions, and we've seen that kind of

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Speaker 9: reversed where the institutions are holding off while the retail

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Speaker 9: investors are jumping in, and ultimately that's kept the markets

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Speaker 9: from getting too far down and they're able to rebound

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Speaker 9: pretty quickly.

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Speaker 8: Basically.

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Speaker 9: You know, if you look in the past, normally we

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Speaker 9: look for the capitulation of the retail advisor, and we

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Speaker 9: just haven't seen that. So for those reasons, that's why

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Speaker 9: I think there's been such great volatility.

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Speaker 5: But on the flip side, you have to wonder, then

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Speaker 5: who else is left to buy the rally? So where

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Speaker 5: how our funds positioned institutional investors. Clearly retail has been

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Speaker 5: buying the dip, so as you mentioned, there may not

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Speaker 5: be an extension of that.

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Speaker 9: Yeah, but the institutional investors have sat on the sidelines,

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Speaker 9: and presently they have the bigger money to put to

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Speaker 9: work and more likely to move the market when they

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Speaker 9: jump back in. There's still very much on the sidelines,

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Speaker 9: so I think there is some opportunity to drive the

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Speaker 9: market higher. It's just not how we normally would expect

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Speaker 9: it to be.

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Speaker 3: It's also a little bit concerning.

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Speaker 9: Obviously, the institutional investor tends to be the more informed investor,

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Speaker 9: so the fact that they have stayed on the sidelines

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Speaker 9: can mean a lot of things, but it's not for

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Speaker 9: lack of information on their end and lack of analysis.

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Speaker 9: But you know, if we talk about analysis paralysis all

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Speaker 9: the time, there's a lot of uncertainty related to tariffs,

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Speaker 9: related to the administration, related to monetary policy, and I

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Speaker 9: think that in many ways the institutional investor is a

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Speaker 9: little paralyzed by the uncertainty and for those reasons unwilling

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Speaker 9: to jump into the market, which I think might be

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Speaker 9: to their peril.

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Speaker 2: Shana, I know you do a lot of work with

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Speaker 2: alternative investments. When you speak to independent advisors, how are

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Speaker 2: they using alternatives these days when volatility both in the

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Speaker 2: equity markets and the bond markets are pretty pronounced.

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Speaker 9: Well, that's exactly where they use alternatives. If advisors or

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Speaker 9: individuals where to jump and allocate twenty percent of their

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Speaker 9: total portfolio two alternatives, they would have actually done quite

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Speaker 9: well through the volatility, as these are low to no

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Speaker 9: correlation or even in some cases negative correlation assets. And

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Speaker 9: so if you look at the most volatile parts of

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Speaker 9: the last five months, you look at March, some of April,

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Speaker 9: some of February, you'll see that like a BTL, which

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Speaker 9: is the AGF anti beta market neutral fund. That fund

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Speaker 9: largely outperformed the S and P by a substantial amount,

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Speaker 9: was very positive during that period of time. So even

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Speaker 9: a small five percent allocation made a huge difference in

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Speaker 9: client portfolios. And then you start to pair that with

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Speaker 9: other low to no correlation assets like CTA and CBLS

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Speaker 9: and MRSK, and then you have Bob Elliott's unlimited multistrat fund,

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Speaker 9: and you have a number of these alternative funds that

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Speaker 9: all did really well through the volatility. So when equities

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Speaker 9: and fixed income were down, they were up, and so

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Speaker 9: that actually helped you through the volatilities. So advisors that

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Speaker 9: we work with that implemented those portfolios actually wrote out

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Speaker 9: that period of time quite well.

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Speaker 5: I know that where you look at in the tech

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Speaker 5: market isn't necessarily broad strokes or you know, buy AI

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Speaker 5: or buy the telecoms or whatever, but the mag seven

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Speaker 5: have really helped to lead that rally over the last month.

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Speaker 5: Does that continue or do you continue to see value

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Speaker 5: in different types of names?

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Speaker 9: Well, obviously I see value in different types of names

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Speaker 9: as they haven't participated and they are looking more attractive on.

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Speaker 8: A valuation basis.

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Speaker 9: But the tailwinds really do sit with those tech companies

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Speaker 9: because the biggest tailwind to business right now is AI,

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Speaker 9: and so anything related to AI, anything incorporating AI wins.

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Speaker 9: And so we saw with the mag seven, with the

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Speaker 9: most recent Nvidia earnings report that the demand for AI

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Speaker 9: is strong and the move to from learning and to

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Speaker 9: the next phase of AI is there, and so the

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Speaker 9: Blackwell chips, the greater need for computing power. All of

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Speaker 9: those things are real and very much in their infancy

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Speaker 9: and the sense of that there's no infrastructure there, and

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Speaker 9: so there continues to be substantial tailwinds, and so that's

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Speaker 9: why they continue to lead. You know, other areas of

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Speaker 9: the market have headwinds. So if you look at say energy,

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Speaker 9: you know, we have increased supply coming on, but we

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Speaker 9: have you know, declining demand from Asia. So that is

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Speaker 9: great if you want oil at forty bucks barrel, but

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Speaker 9: not great if you're an oil investor or an enery

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Speaker 9: G investor. You look at healthcare and we've seen a

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Speaker 9: lot of headwindes there but also some tremendous breakthroughs, and

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Speaker 9: especially in oncology, so you know, there's pros and constant everything,

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Speaker 9: but some of the cyclicals are starting to look cheap,

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Speaker 9: and that's definitely a place that I would be looking.

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Speaker 8: All right, Shanna, I really appreciate. I appreciate it. Always

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Speaker 8: good to get your perspective.

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Speaker 5: Shane sissel As, President and CEO of Benryon Capital Management.

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Speaker 1: You're listening to the Bloomberg Intelligence Podcast. Catch us live

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Speaker 1: weekdays at ten am Eastern on Apple, Coarclay, and Android

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Speaker 5: This is Boomberg Intelligence. Alex Steel here alongside Paul swe Need.

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Speaker 5: This is Boomberg Intelligence Radio. We cover everything you need

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Speaker 5: to know in business, economics and finance, a lot of

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Speaker 5: media and also a lot of energy. So I don't

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Speaker 5: know that much about fusion power. I'm the first one

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Speaker 5: to say it. John Tucker apparently knows a lot about it.

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Speaker 5: But we're going to discuss this right now. It could

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Speaker 5: be a really good source.

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Speaker 8: Of clean fuel.

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Speaker 5: And for this we bring in tay Technology CEO Michael Binderbauer.

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Speaker 5: Just the company, Tay Technology is just closed one hundred

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Speaker 5: and fifty million dollars sin its latest funding round. The

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Speaker 5: whole point of this company is to develop a commercial

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Speaker 5: fusion power Michael, if I knew nothing about fusion, which

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Speaker 5: is highly likely, tell me.

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Speaker 8: What it is, how hard it is to do.

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Speaker 10: Yeah, So it's basically what nature does, based right, It

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Speaker 10: gives us our life and energy here on the planet

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Speaker 10: from the sun. So any star you look up suffusion

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Speaker 10: reactor basically, right. So what we're trying to do is

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Speaker 10: to replicate that, terristrially, to make essentially copious power, carbon free,

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Speaker 10: clean and sustainable for the future of humanity.

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Speaker 2: Where are you in the process at tay So we're

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Speaker 2: very close.

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Speaker 10: We're just one machine a way to get to a

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Speaker 10: point where we actually harvest more energy than what we're

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Speaker 10: putting into the facility. This has been obviously a long journey.

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Speaker 10: It's hard to do, terrist Really, the stars have a

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Speaker 10: lot of gravity.

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Speaker 8: We don't have that.

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Speaker 10: We to use other means, magnets and all sorts of things,

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Speaker 10: and as you've probably seen over the last few years,

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Speaker 10: has been a playthrow of news inching really really close

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Speaker 10: to the goal and across multiple efforts on the planet.

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Speaker 10: So we're about a three year way to get tonate

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Speaker 10: energy and somewhere early twenty thirties, we hopefully have a

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Speaker 10: power plant online.

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Speaker 5: What would be if you're able to achieve it and

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Speaker 5: have a power plant? Like what is that? Is that

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Speaker 5: just tremendous amount of energy with like no footprint.

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Speaker 10: Yeah, it's very small footprint. So it's the highest energy

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Speaker 10: density fuel you can have, by the factor of five

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Speaker 10: to ten, higher than fission. Even it utilizes hydrogen or

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Speaker 10: light species that are ubiquitous, So there's infinite fuel supply

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Speaker 10: if you will, and you would harvest clean energy out

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Speaker 10: of that at probably starting at a scale of a

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Speaker 10: gas fired turbine, so something like four or five hundred

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Speaker 10: makawatts per plant, and it would literally be able to

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Speaker 10: distribute wherever you needed it in the grid.

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Speaker 6: Is there?

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Speaker 2: Can you talk about the economics surrounding this technologlogy?

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Speaker 8: Who would be the who would be the users.

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Speaker 2: The buyers, the developers of this technology?

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Speaker 10: Yeah, so I think what we're seeing and this gets

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Speaker 10: to what we just announced today. Aside from raising capital,

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Speaker 10: we really have a long partnership with Google and they've

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Speaker 10: been deep with us on machine learning and tools to

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Speaker 10: help make this more efficient and more economic, and in fact,

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Speaker 10: they would be a great first off taker for that right,

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Speaker 10: all the hyperscalers. Everybody that has high energy intens applications

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Speaker 10: growing at tremendous rates, right with a gap between supply

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Speaker 10: and demand developing, is looking for electrons and particularly green electrons.

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Speaker 10: So those would be probably the first off takers for

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Speaker 10: the technology.

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Speaker 5: Oh, I got to ask you, John Tucker, he likes

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Speaker 5: his fusion.

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Speaker 6: What sets you apart from ETR in terms of the

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Speaker 6: reactor itself, the containment that's a fusion reactor or what?

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Speaker 10: Yeah, so good question. So Eater and others are working

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Speaker 10: on tokmacs, we actually are not. We're working what you

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Speaker 10: see if you have a visual we have a compact machine,

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Speaker 10: not the size of gas turbine that can make about

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Speaker 10: the same output as those other plants. It's much more

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Speaker 10: efficient uses smaller magnets. There's various tricks in the physics

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Speaker 10: that allow you to do that, and that brings something

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Speaker 10: that's more compact, cheaper to produce, of course, more economic

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Speaker 10: to deploy, easier to maintain, etc.

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Speaker 8: And you can.

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Speaker 10: Essentially it's centralize these. We think we can build those

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Speaker 10: sort of cookie cutter in a factory and deploy on site.

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Speaker 10: And the other thing I should add is that sighting

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Speaker 10: on this compared to the other nuclear cousin, which is fission, right,

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Speaker 10: it is a lot easier. There's no meltdown possibility, there's

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Speaker 10: no sort of nuclear accident of substance that people would

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Speaker 10: have to worry about. It's truly clean and benign, and

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Speaker 10: so you can deploy it where you need it in

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Speaker 10: a much more straightforward way.

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Speaker 6: There's no use of beryllium in that reactor.

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Speaker 10: No, no. In fact, ours is using hydrogen and boron,

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Speaker 10: both of which are light and super ubiquitous.

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Speaker 6: Well deterium as the fuel, right, So the terium.

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Speaker 10: Atridium is one fuel cycle that's used by some of

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Speaker 10: us in the fusion community, and we can burn that too,

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Speaker 10: but we're really focused on hydrogen and boron. Ultimately, that

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Speaker 10: turns out that only makes helium, so you have no neutrons,

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Speaker 10: you have no radioactivity to speak of. It is just

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Speaker 10: a nirvana of energy. Essentially, you get ubigulous fuel in

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Speaker 10: no radioactivity or pollution in the process, totally sustainable, and

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Speaker 10: we think it will be competitive from a cost perspective.

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Speaker 10: It will be probably starting out midfield in current generation

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Speaker 10: asset costs, so you're not as cheap as you know

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Speaker 10: gas or renewables, but you're not as expensive as fission

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Speaker 10: is today is somewhere in the midfield and then trending down.

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Speaker 5: Okay, let's pretend that neither of us understood what any

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Speaker 5: of you guys were talking about in terms of brilliant.

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Speaker 5: That's why we have him, right. He knows a lot

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Speaker 5: about a lot of different things. Before we let you go,

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Speaker 5: just how hard is it to have gotten to where

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Speaker 5: you are?

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Speaker 1: Like?

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Speaker 8: What has been like the biggest hurdle?

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Speaker 10: Oh gosh, it's been an enormous journey. I mean, I've

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Speaker 10: aged I started this out high school. I'm said, I

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Speaker 10: started out out of graduate school with my brilliant PhD mantur,

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Speaker 10: and then it took us about twenty plus years to

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Speaker 10: amalgamate the technology around it. There's a lot of esoteric,

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Speaker 10: absolutely extreme things you got to master. Power supplies, accelerated technology, diagnostics,

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Speaker 10: feedback loops, you know, use a lot of machine learning

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Speaker 10: in AI, a lot of we developed together with Google

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Speaker 10: in the last decade that can react on the blink

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Speaker 10: of an eye to make changes in what happens inside

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Speaker 10: and do that reliably and consistently. And so those are

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Speaker 10: all the technologies we now have, so now we're putting

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Speaker 10: in the last machine. So it's been a long journey

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Speaker 10: and developing lots of technology to do that.

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Speaker 2: All right, Michael, thank you so much for joining us.

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Speaker 2: Michael Bindebauer, CEO of Tay Technologies, joining us there with

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Speaker 2: some exciting new technology on the energy front that John

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Speaker 2: Tucker's all into, which.

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Speaker 8: Is now like insanely impressive.

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Speaker 6: Questions were like even nobody understood them, so love it.

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Speaker 8: Make it all commercial break, that's true.

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Speaker 1: This is the Bloomberg Intelligence podcast, available on Apple, Spotify,

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