WEBVTT - Joby to Buy Blade's Helicopter Ride-Share Business 0:00:02.560 --> 0:00:13.079 Bloomberg Audio Studios, podcasts, radio news. Bloomberg Tech is a 0:00:13.160 --> 0:00:16.920 live from coast to coast with Caroline Hide in New 0:00:17.000 --> 0:00:19.520 York and ever Low in San Francisco. 0:00:22.720 --> 0:00:26.120 This is Bloomberg Tech coming up. Tesla approves a thirty 0:00:26.200 --> 0:00:28.920 billion dollars stock award for Elon Musk, with the board 0:00:28.960 --> 0:00:31.440 saying quote, a deal is a deal. 0:00:31.640 --> 0:00:31.960 Plush. 0:00:32.120 --> 0:00:36.400 Jobe Aviation will purchase Blade helicopter rideshare business as it 0:00:36.479 --> 0:00:39.919 expands its battery power, air taxes into ready made markets. 0:00:39.920 --> 0:00:43.680 Shares fly and all lies on Palenteer recording earnings after 0:00:43.760 --> 0:00:47.320 market close today, the stock surge more than five hundred percent. 0:00:47.760 --> 0:00:50.960 Meanwhile, let's check on the broader market ed not quite 0:00:51.000 --> 0:00:53.440 five hundred percent, flying high on the NAZAQ one hundred. 0:00:53.479 --> 0:00:55.080 But we are having a good day. We're up almost 0:00:55.080 --> 0:00:55.760 one and a half. 0:00:55.560 --> 0:00:58.959 Percent, almost erasing last week's more than two percent sell 0:00:59.000 --> 0:01:00.680 off over the course of the week. Last week it 0:01:00.720 --> 0:01:03.160 was all about eco data. This week is much more 0:01:03.200 --> 0:01:06.680 about the earnings situation, which have been beating. Tech is 0:01:06.800 --> 0:01:08.520 leading us higher on the day. But you're getting into 0:01:08.560 --> 0:01:09.280 the specifics. 0:01:09.840 --> 0:01:11.759 Yeah, let's take a look at Tesla. Actually, the stock 0:01:11.800 --> 0:01:14.559 have been surging high on the news of a fresh 0:01:14.560 --> 0:01:15.479 stock award package. 0:01:15.480 --> 0:01:16.000 Feelon Musk. 0:01:16.000 --> 0:01:18.440 You can see we've actually given up most of that game. 0:01:18.680 --> 0:01:22.720 Here's the specifics. Ninety six million shares, it's an interim award. 0:01:23.000 --> 0:01:25.960 Musk has to stay CEO for two years, then hold 0:01:25.959 --> 0:01:29.399 the stock for five that's the mechanics. The exercise price 0:01:29.600 --> 0:01:32.880 twenty three dollars thirty four cents. The same exercise price 0:01:33.200 --> 0:01:36.480 is that twenty eighteen package that the Delaware court voided. 0:01:36.840 --> 0:01:38.760 Those are some of the details, but actually there's a 0:01:38.840 --> 0:01:40.480 lot more bigger pictures of this character. 0:01:40.480 --> 0:01:42.839 Now is let's get it all with Max Chafkin, who give. 0:01:42.760 --> 0:01:45.640 Us the context, because the context is that twenty eighteen 0:01:45.680 --> 0:01:48.320 pay package, the fact that they need Elon Musk to 0:01:48.360 --> 0:01:50.360 remain focused on the business and money's going to. 0:01:50.400 --> 0:01:54.280 Talk well, right, and Elon Musk has given Tesla's shareholders 0:01:54.320 --> 0:01:56.640 all sorts of reasons to worry that he's not focused 0:01:56.640 --> 0:01:59.720 on the business, right of course, pride, most famously his 0:02:00.080 --> 0:02:02.960 venture in Washington, d C. His threats to start the 0:02:02.960 --> 0:02:05.920 America Party. All of that is potentially, of course a 0:02:05.960 --> 0:02:09.560 distraction for Tesla. But also there's this been this like 0:02:09.720 --> 0:02:14.120 long running drama around Xai, his other AI company. I 0:02:14.160 --> 0:02:16.680 remember he's been talking a lot about how Tesla is 0:02:16.680 --> 0:02:19.880 an AI company, he also has this other AI thing. 0:02:20.160 --> 0:02:23.560 Tesla shareholders do not old stock in and there's been 0:02:23.600 --> 0:02:26.560 this sense among some Tesla shareholders that there's a risk 0:02:26.680 --> 0:02:29.079 he's going to sort of, you know, take his ball 0:02:29.320 --> 0:02:31.440 and move it to Xai if he's. 0:02:31.280 --> 0:02:32.200 Frustrated with shareholders. 0:02:32.200 --> 0:02:34.680 So this is a way, I think for the people 0:02:34.680 --> 0:02:38.080 who are supporting this package to keep him interested, essentially, 0:02:38.080 --> 0:02:41.880 to keep him focused, and especially to time when when 0:02:41.880 --> 0:02:44.880 that pay package from twenty eighteen is at least in 0:02:44.919 --> 0:02:45.840 jeopardy in the courts. 0:02:46.600 --> 0:02:46.880 Max. 0:02:46.919 --> 0:02:50.840 I've read through the letter that the board posted to shareholders. 0:02:51.280 --> 0:02:54.440 They acknowledge right that Musk's attentions are split across all 0:02:54.440 --> 0:02:57.040 of those companies. One of the key things they argue 0:02:57.080 --> 0:03:00.480 is that he is key to not just attracting new talent, 0:03:00.520 --> 0:03:03.880 but retaining talent. What's it like to work for Elon 0:03:03.960 --> 0:03:04.960 Musk is the big question. 0:03:05.720 --> 0:03:08.079 Yeah, I mean, it's a tough situation I think for 0:03:08.440 --> 0:03:11.840 these shareholders because, on one hand, Elon Musk did a 0:03:11.960 --> 0:03:15.200 very very good job during most of the time that 0:03:15.200 --> 0:03:16.800 that original stock award. 0:03:17.120 --> 0:03:18.200 You know, this. 0:03:18.200 --> 0:03:21.760 Tesla stock went way up in twenty twenty. It's been 0:03:21.800 --> 0:03:24.280 an amazing time, or was an amazing time to be 0:03:24.280 --> 0:03:27.160 a Tesla shareholder. The last year or two though, has 0:03:27.240 --> 0:03:30.040 not been good. And even in the last couple of days, 0:03:30.280 --> 0:03:32.560 where you know, we've seen a bunch of headlines that 0:03:32.560 --> 0:03:35.760 could be perceived as negative, this jury award in Florida 0:03:36.080 --> 0:03:39.120 on Friday, some new delivery numbers out of China that 0:03:39.160 --> 0:03:41.680 don't look great, and so you're seeing lots of reasons 0:03:41.720 --> 0:03:43.720 to be concerned. And the question is, if you are 0:03:43.760 --> 0:03:46.600 skeptical of this deal, is why are we essentially writing 0:03:46.960 --> 0:03:49.320 a thirty billion dollar check to a guy who has 0:03:49.360 --> 0:03:51.840 been underperforming and he doesn't really have to do all 0:03:51.840 --> 0:03:53.760 that much to get this check. That the strike price 0:03:53.800 --> 0:03:56.040 is very low, as around twenty three dollars a share, 0:03:56.040 --> 0:03:57.840 that you know the price now is over three hundred, 0:03:58.640 --> 0:04:01.960 So he just say for two years. So that I 0:04:02.000 --> 0:04:03.760 think is going to be the debate to the extent 0:04:03.800 --> 0:04:06.040 that there's any opposition to this among shareholders. 0:04:06.440 --> 0:04:08.520 And I just point out very quickly that it's an 0:04:08.560 --> 0:04:11.640 interim award because the board saying in November at the 0:04:11.640 --> 0:04:14.080 annual shareholders meeting, there will be a vote on a fuller, 0:04:14.200 --> 0:04:18.240 longer term compackage. Bloombog's Max Chapkiin of Elon Inc. Thank 0:04:18.279 --> 0:04:21.599 you very much to stay with evs. BMW is coming 0:04:21.640 --> 0:04:24.080 for Tesla. You are to make us staging a swift 0:04:24.160 --> 0:04:28.560 rollout of fourteen new or updated models, sharing slick software 0:04:28.800 --> 0:04:32.479 and high performance computers, striking back at Tesla at a 0:04:32.520 --> 0:04:35.960 vulnerable time. Here's what the CEO of BMW, Oliver Zifsa, 0:04:36.200 --> 0:04:38.680 had to say about that in an interview with Bloombo's 0:04:38.680 --> 0:04:39.520 Tom McKenzie. 0:04:40.279 --> 0:04:44.200 When you bring the newest technology into the market, you 0:04:44.400 --> 0:04:48.040 have the first mover advantage because you cannot bring every 0:04:48.760 --> 0:04:52.719 year in new car. We will use that first mover 0:04:52.839 --> 0:04:55.960 advantage at that point in time to say, well, there 0:04:57.120 --> 0:05:02.520 is a car brand nably BMW who can build superior 0:05:02.560 --> 0:05:05.800 electric cars, and the rest of the market has to answer. 0:05:08.160 --> 0:05:11.120 Bloomberg Stepan Nikola joins us from Germany for more. The 0:05:11.160 --> 0:05:15.560 first variant or model of this Neuer classer is. 0:05:15.520 --> 0:05:16.760 The IX three. 0:05:17.120 --> 0:05:19.479 So many people get frustrated on this program when we 0:05:19.480 --> 0:05:23.520 talk about a company going after Tesla. Tesla killers, but 0:05:23.600 --> 0:05:27.320 in the IX three BMW does see potential to clawback 0:05:27.520 --> 0:05:28.840 a bit of market share Stephan. 0:05:31.080 --> 0:05:34.919 Yeah, absolutely, And you know, back in the day when 0:05:35.560 --> 0:05:39.400 Tesla came out with the Model three, BMW actually lost 0:05:39.440 --> 0:05:43.760 a lot of drivers to Tesla. So BMW coos Oliver 0:05:43.880 --> 0:05:48.400 Sipsy is now confident that BMW can win those people back. 0:05:48.920 --> 0:05:51.800 And you know, the new su we it will be 0:05:52.080 --> 0:05:54.480 unwaled in September. 0:05:53.839 --> 0:05:54.920 At the Munich Audi Show. 0:05:55.320 --> 0:05:58.560 It has a range that tops that of the most 0:05:58.720 --> 0:06:03.040 of the longest range model. Why it charges faster, it 0:06:03.080 --> 0:06:08.680 has more power. So yeah, is very confident that he 0:06:08.760 --> 0:06:11.640 can convince drivers with this new offering. 0:06:12.400 --> 0:06:15.839 Sevan talked to us about so called superbrains and really 0:06:15.920 --> 0:06:19.400 the software the technology behind it that they've been looking 0:06:19.400 --> 0:06:22.520 to worldwide talent for and how that then gets rolled out. 0:06:22.400 --> 0:06:24.279 Not just in the latest EV model. 0:06:26.240 --> 0:06:29.440 Yeah, it's quite interesting because of course BMW's are sort 0:06:29.440 --> 0:06:33.600 of known for having this good driving performance that you 0:06:33.640 --> 0:06:36.520 sort of sit tightly on the road and you feel 0:06:36.560 --> 0:06:40.280 every curve and it's a sort of very immediate driving experience, 0:06:40.320 --> 0:06:43.600 and BMW's engineers were actually worried that in an EV 0:06:43.800 --> 0:06:47.400 that would sort of disappear, and that's why they developed 0:06:47.400 --> 0:06:51.640 this kind of computing power, a supercomputer, a gigabrain they 0:06:51.680 --> 0:06:55.920 call it, with that has much more computing power than 0:06:55.920 --> 0:06:59.680 its current computers that are in the cars, and that's 0:07:00.040 --> 0:07:05.320 leads up the way that machine calculates the terrens, calculates 0:07:05.360 --> 0:07:09.279 the brakes, calculates the driving suspension. So all of that 0:07:09.320 --> 0:07:12.960 combined is meant to make this ev feel, yeah, like 0:07:13.120 --> 0:07:15.640 no car the company is built before. 0:07:15.960 --> 0:07:17.800 All those that got behind the wild in June seem 0:07:17.840 --> 0:07:20.200 to have loved it. Stephan Nikola, thank you very much 0:07:20.400 --> 0:07:23.680 for an analysis now coming up the return of the 0:07:23.720 --> 0:07:27.000 tech IPO. We discussed the explosive demand after Figma's debut, 0:07:27.120 --> 0:07:30.400 saw stop surge more than two hundred percent, even though 0:07:30.400 --> 0:07:31.440 it does fall in the day. 0:07:31.800 --> 0:07:33.080 That's next, that's Blue meg Tech. 0:07:48.400 --> 0:07:52.600 Now that there is more certainty, more certainty around the 0:07:52.680 --> 0:07:58.240 geopolitical landscape, more certainty around the market and the trajectory 0:07:58.400 --> 0:08:01.239 of the market, that's why you're saying these companies finally 0:08:01.280 --> 0:08:02.400 come to market. 0:08:02.640 --> 0:08:06.080 NYSE President and Martin there this morning. 0:08:05.840 --> 0:08:07.920 After Figma debut, of course on the New York. 0:08:07.840 --> 0:08:10.240 Stock Exchange last week, on the day of course, it's 0:08:10.240 --> 0:08:13.200 saw over two hundred and seventy percent, really signaled renewed 0:08:13.240 --> 0:08:16.000 public demand. Today it pulls back a little bit. But 0:08:16.080 --> 0:08:17.800 we've also got news on the day that Bullish, a 0:08:17.840 --> 0:08:21.000 digital asset exchange operator and owner of Media outlook coindesk, 0:08:21.480 --> 0:08:23.720 has also detailed its plans to raise over six r 0:08:23.840 --> 0:08:26.880 million dollars on the New York Stock Exchange next week. 0:08:27.200 --> 0:08:29.000 Brian Lynch is therefore who we turn to head and 0:08:29.040 --> 0:08:31.120 market inside of Equity zen leading. 0:08:30.840 --> 0:08:32.200 Pre IPO platform. 0:08:32.320 --> 0:08:34.760 You include Figma among the companies that you've been serving. 0:08:34.800 --> 0:08:37.480 You saw the demand running into the IPO. Can that 0:08:37.559 --> 0:08:38.239 be replicated? 0:08:38.240 --> 0:08:38.480 Brigan? 0:08:39.880 --> 0:08:43.719 Sure, thanks for having me. Figma was really in encapsulation 0:08:43.920 --> 0:08:47.000 of a lot of things that the public market has 0:08:47.040 --> 0:08:49.880 been waiting for. You have a really strong growth story, 0:08:50.000 --> 0:08:54.280 fifty percent plus growth year over year, profitability, there's AI 0:08:54.360 --> 0:08:56.920 in the tech stack. I think any company going public 0:08:57.000 --> 0:08:58.560 in the next year or so is going to have 0:08:58.640 --> 0:08:59.880 to have some AI component. 0:09:00.320 --> 0:09:01.520 And they have a strong brand. 0:09:01.559 --> 0:09:05.720 And actually, you know, since the failed Adobe acquisition a 0:09:05.760 --> 0:09:08.319 few years ago, that only really helped to build their brand. 0:09:08.360 --> 0:09:12.400 So they really were a great case example for what 0:09:12.800 --> 0:09:15.880 types of companies, what types of quality companies do well 0:09:15.920 --> 0:09:17.760 in the market. And I think that the market is 0:09:17.800 --> 0:09:20.680 really open for other companies like that, who can exhibit 0:09:21.040 --> 0:09:23.120 you know, strong fundamentals. 0:09:22.800 --> 0:09:25.920 They's doing well and then there's gaining two hundred and 0:09:25.960 --> 0:09:28.000 fifty percent on the first day of trade. 0:09:28.200 --> 0:09:29.120 How much is. 0:09:29.080 --> 0:09:33.800 That an issue with the pricing of these IPOs and 0:09:33.840 --> 0:09:36.320 a pent up demand not just from institutional buys, but 0:09:36.320 --> 0:09:37.480 from retail buys too. 0:09:38.880 --> 0:09:41.520 You're exactly right there, and I think you know, that 0:09:42.000 --> 0:09:45.280 spike of demand that wasn't you know, seen in the 0:09:45.360 --> 0:09:48.480 road show really speaks to the fact that the typical 0:09:48.559 --> 0:09:52.720 road show process really doesn't factor in retail demand. So, yes, 0:09:52.800 --> 0:09:56.560 you're getting indications of interest from institutions 're locking in 0:09:56.600 --> 0:09:57.880 those long term investers. 0:09:57.880 --> 0:10:00.640 But as we've seen over the past few years. 0:10:00.280 --> 0:10:04.319 The retail market is becoming more and more important, especially 0:10:04.400 --> 0:10:07.640 as we haven't had many IPOs, so there's been a 0:10:07.720 --> 0:10:10.880 drought of IPOs and there's just so much demand for 0:10:11.000 --> 0:10:13.200 access to these innovating tech companies. 0:10:13.240 --> 0:10:14.880 We see it on Equity Sense. 0:10:14.679 --> 0:10:18.720 Platform where more individual accredited investors are coming to invest 0:10:18.720 --> 0:10:22.080 in these companies pre IPO. So for the broader market 0:10:22.080 --> 0:10:25.360 who maybe is an credited investor and doesn't have access, 0:10:25.640 --> 0:10:27.960 there is just huge demand. So I think it really 0:10:28.520 --> 0:10:32.880 begs the question of how can we start to quantify 0:10:32.920 --> 0:10:36.079 that demand going into these IPOs, because yes, you want 0:10:36.080 --> 0:10:38.720 it successful first day, but two hundred and fifty percent, 0:10:38.760 --> 0:10:40.120 that's kind of out of the ballpark. 0:10:41.720 --> 0:10:42.000 Brian. 0:10:42.320 --> 0:10:45.760 I'm one of those people, one of those people that 0:10:45.920 --> 0:10:48.640 reads the regulatory filings, right, and so you have a 0:10:48.679 --> 0:10:52.040 company with an adjusted gross margin of ninety two percent 0:10:52.160 --> 0:10:55.480 software amazing, But it just felt like on Thursday you 0:10:55.559 --> 0:10:58.960 were there with Caroline right at the NAC was anyone 0:10:59.080 --> 0:11:01.960 doing any of that because of fundamentals and how much 0:11:01.960 --> 0:11:05.040 money they make? So did they just think, great tech IPO, 0:11:05.120 --> 0:11:05.960 let's let's get in. 0:11:07.840 --> 0:11:08.040 Yeah. 0:11:08.080 --> 0:11:11.000 There is certainly a lot of exuberance in the market 0:11:11.080 --> 0:11:14.600 that in some ways is irrational, is outside of the 0:11:14.640 --> 0:11:17.360 realm of you know, any valuation you might get to 0:11:17.440 --> 0:11:20.000 by and looking purely at the s one. So I 0:11:20.040 --> 0:11:22.480 do think it talks to this broader market demand that 0:11:22.720 --> 0:11:24.800 isn't necessarily always. 0:11:24.480 --> 0:11:25.760 Looking into the fundamentals. 0:11:25.760 --> 0:11:28.320 But we were outside the exchange, we were talking to 0:11:28.920 --> 0:11:32.120 investors who were excited to participate in the IPO. These 0:11:32.120 --> 0:11:35.559 are individual investors who had, you know, their orders in 0:11:35.640 --> 0:11:37.720 and whatnot. And I think it just speaks to the 0:11:37.760 --> 0:11:40.640 fact that there is a lot of demand. But the 0:11:40.760 --> 0:11:43.560 risk of that is if you're an individual investor buying 0:11:43.559 --> 0:11:46.520 in on that IPO day, you know you could lose 0:11:46.559 --> 0:11:47.240 out when. 0:11:47.240 --> 0:11:48.840 The stock normalizes over time. 0:11:48.960 --> 0:11:52.840 So there's not you know, there's certainly risk there that 0:11:53.400 --> 0:11:54.480 isn't always factored in. 0:11:55.640 --> 0:11:59.120 Let's ask the age old question, is the tech IPO 0:11:59.240 --> 0:12:04.080 window open slightly, a jar closed and due to open? 0:12:04.160 --> 0:12:06.880 Where do you think we stand in the environment. 0:12:09.160 --> 0:12:11.840 I would say that the tech IPO window is open 0:12:11.960 --> 0:12:15.920 for quality companies. So we've seen that with Figma, with Circle, 0:12:16.040 --> 0:12:18.800 with core Weave, and some of these IPOs. So I 0:12:18.800 --> 0:12:21.600 don't think just any company can go public in this 0:12:21.720 --> 0:12:24.600 market and do well. But these companies that have been 0:12:24.800 --> 0:12:28.360 preparing for a long time and already have those fundamental 0:12:28.360 --> 0:12:30.520 pieces in place. You have to remember a lot of 0:12:30.559 --> 0:12:33.760 these unicorn companies are ten fifteen years old. 0:12:34.120 --> 0:12:37.680 A lot of them, like Figma, plan to exit. 0:12:37.360 --> 0:12:40.120 In the twenty twenty one twenty twenty two timeframe, and 0:12:40.360 --> 0:12:42.319 maybe those plans were put on ice as the. 0:12:42.240 --> 0:12:43.400 Market cooled down a bit. 0:12:43.520 --> 0:12:46.560 So the companies that we expect to see in the 0:12:46.600 --> 0:12:50.240 coming months are these quality companies that are prepared and 0:12:50.440 --> 0:12:52.040 have been preparing for a long time. 0:12:52.760 --> 0:12:55.840 What's really interesting, naturally, Dylan Field said to me, I 0:12:55.840 --> 0:12:58.400 really hope everyone reads the risks in RS one and 0:12:58.440 --> 0:13:00.920 they go through them in a detail fash He's very 0:13:00.960 --> 0:13:03.839 transparent that he's investing in this business he's taking on AI. 0:13:04.200 --> 0:13:05.800 But what I really wanted to talk to him about 0:13:05.840 --> 0:13:07.839 and didn't have the time was the bitcoin that they 0:13:07.880 --> 0:13:10.079 have on the balance sheet. And this is a company 0:13:10.080 --> 0:13:13.160 that's actually exposed to another narrative that retail investors love. 0:13:13.320 --> 0:13:14.800 How much he's starting to see that in these pre 0:13:15.160 --> 0:13:16.040 IPO companies. 0:13:17.120 --> 0:13:21.160 Yeah, crypto is becoming one of the most popular sectors 0:13:21.200 --> 0:13:23.839 amongst investors on equity zens platforms, So it was the 0:13:23.920 --> 0:13:27.160 number six most popular sector that we saw in Q two. 0:13:27.480 --> 0:13:30.520 And you know, there's a lot of tailwinds that are 0:13:30.559 --> 0:13:35.080 supporting the crypto industry. Obviously you saw Circles really successful IPO. 0:13:35.440 --> 0:13:38.280 You have a very crypto friendly administration, and then you've 0:13:38.320 --> 0:13:42.360 got some of the biggest financial institutions and retailers launching 0:13:42.360 --> 0:13:45.199 their own stable coins, really adding validation to the market. 0:13:45.520 --> 0:13:50.040 This has led you to more potential IPO activity. You've 0:13:50.080 --> 0:13:53.240 got Gemini, Gray Cial and others. You know in the 0:13:53.280 --> 0:13:56.200 crypto space looking to go public. So that's certainly I 0:13:56.200 --> 0:13:58.679 would say the number two narrative that we're seeing after 0:13:58.800 --> 0:14:01.600 AI four company. It's both in the pre IPO market, 0:14:01.679 --> 0:14:03.600 but those preparing to IPO as well. 0:14:04.640 --> 0:14:07.520 Brehann lyinj Ecritizen with the tech IPO read we really 0:14:07.559 --> 0:14:10.760 appreciate it, thank you very much. Another potential IPO in 0:14:10.800 --> 0:14:14.680 the pipeline, cybersecurity startup, Armies Company, is eyeing a twenty 0:14:14.720 --> 0:14:17.319 twenty six offering after it says it reached three hundred 0:14:17.360 --> 0:14:21.680 million dollars in annual recurring revenue. CEO Yevgenny Dibrov joins 0:14:21.720 --> 0:14:23.680 us now for more. It's interesting, like I was reading 0:14:23.720 --> 0:14:27.440 the Bloomberg story to track the growth. You know, clearly 0:14:27.720 --> 0:14:31.760 you're seeing a jump in arr Is that the metric 0:14:31.880 --> 0:14:34.320 that you want the market to say, look at this company, 0:14:34.400 --> 0:14:36.280 if they're going to go public, they're doing some real 0:14:36.320 --> 0:14:36.800 things here. 0:14:38.040 --> 0:14:41.720 So first, good morning and great to be here. Definitely, 0:14:41.880 --> 0:14:44.800 when we look at the numbers and theyrer it shows 0:14:44.880 --> 0:14:48.600 the massive growth and the massive demand we've been experiencing 0:14:48.680 --> 0:14:51.920 at Armis. We've added more than one hundred million in 0:14:52.000 --> 0:14:54.760 less than twelve months, basically since the two hundred million 0:14:54.800 --> 0:14:58.400 milestone and continue to grow. We are protecting today forty 0:14:58.400 --> 0:15:01.200 percent of the Fortune one hundred six out of ten 0:15:01.360 --> 0:15:05.680 Fortune ten companies and this is all due to massive demand, 0:15:05.840 --> 0:15:10.160 continue geopolitical tensions and attacks on critical infrastructure. 0:15:11.320 --> 0:15:14.280 Yevgenny, I'm just reflecting on the last week on the program. 0:15:14.760 --> 0:15:19.240 We had Palo Alto Networks acquiring cyber Arc. We had 0:15:19.320 --> 0:15:22.040 Cato Networks raising money at a four point five billion 0:15:22.080 --> 0:15:25.960 dollar valuation. You've just done a tender valuing you at 0:15:25.960 --> 0:15:30.000 a much higher valuation. What is that reflective of here? 0:15:30.080 --> 0:15:33.240 Is it just an absolute necessity for the tech or 0:15:33.320 --> 0:15:37.240 investors starting to just warm up to the cyber space. 0:15:38.680 --> 0:15:42.280 So we are seeing continued demand, and we talked about 0:15:42.360 --> 0:15:47.120 geopolitical tensions AI as well as contributing to more demand 0:15:47.400 --> 0:15:51.480 in cyber those continued attacks on critical infrastructure where armies 0:15:51.520 --> 0:15:58.000 can really help organizations to control and protect every water system, airport, 0:15:58.120 --> 0:16:01.720 their most critical environments. This is something that continued to 0:16:01.760 --> 0:16:05.840 grow again and again, and as you've seen with a 0:16:05.880 --> 0:16:09.480 cyber Arc and pal al To deal, the industry is 0:16:09.520 --> 0:16:13.800 going to platformization. Customers want more platforms. They don't want 0:16:13.920 --> 0:16:17.640 seventy plus point solutions. They want those five to ten 0:16:17.680 --> 0:16:21.720 platforms to protect all their critical environments, and Armies is 0:16:21.720 --> 0:16:25.360 a platform we've been building in the last few years, 0:16:25.440 --> 0:16:29.320 especially with M and A's We've acquired three companies in 0:16:29.360 --> 0:16:31.760 the last year and continue to build more and more, 0:16:32.000 --> 0:16:34.920 innovate and listen closely to our customers to build the 0:16:34.960 --> 0:16:38.240 best platform to protect their most critical environments. 0:16:38.360 --> 0:16:39.120 Okay, Jef Kenny. 0:16:39.200 --> 0:16:42.160 So if you need to keep on on this platformization, 0:16:42.440 --> 0:16:45.000 as palle alt On Networks have called it, where do 0:16:45.040 --> 0:16:45.920 you need to buy next? 0:16:46.120 --> 0:16:47.600 Where do you need to look for scale? 0:16:49.040 --> 0:16:52.360 So right now we are focusing on integrating the companies 0:16:52.400 --> 0:16:55.080 that we have acquired, but we always look from a 0:16:55.240 --> 0:17:00.760 strategy perspective, build by partner, definitely more opportunities on the horizon. 0:17:01.240 --> 0:17:04.680 Armies is heading another two products this year to complete 0:17:04.720 --> 0:17:09.240 a seven product super power platform to protect the largest 0:17:09.320 --> 0:17:12.440 organizations in the world, the largest federal agencies, and the 0:17:12.520 --> 0:17:15.199 largest states in the United States. We are going to 0:17:15.240 --> 0:17:19.680 continue and work super hard to protect our customers, focus 0:17:19.760 --> 0:17:24.320 on innovation, and continue to grow. Definitely, from our perspective, 0:17:24.359 --> 0:17:27.119 we look at the next three years. A billion dollar 0:17:27.200 --> 0:17:31.200 in arr is a milestone and important milestone for Armies 0:17:31.480 --> 0:17:34.440 on the journey and building a generational business. 0:17:34.040 --> 0:17:36.160 Here, one that you want to take public as soon 0:17:36.200 --> 0:17:39.960 as next Yearny, I'm just interested in therefore, where you're 0:17:40.000 --> 0:17:42.520 taking market share from. It feels like the pie of 0:17:42.560 --> 0:17:45.520 cybersecurity is getting bigger, but you must be taking from others. 0:17:45.760 --> 0:17:47.760 And I think of perhaps a company you worked with 0:17:47.840 --> 0:17:51.120 at On which was acquired by Microsoft. Well, Microsoft's wrap 0:17:51.160 --> 0:17:53.880 around cybersecurity right now isn't always positive. 0:17:55.680 --> 0:17:59.280 We are definitely seeing competition from different angles, and we 0:17:59.320 --> 0:18:02.160 are getting into more and more areas. Armies is acquiring 0:18:02.160 --> 0:18:06.640 aggressively and also building aggressively aggressively, so definitely areas that 0:18:06.800 --> 0:18:11.439 with Palalto Networks, Microsoft, Tenable and others, we are taking 0:18:11.480 --> 0:18:14.800 more and more of that share, but continue to align 0:18:14.880 --> 0:18:18.640 with what our customers needs. IPO is definitely on the horizon. 0:18:18.720 --> 0:18:22.800 Twenty twenty six can be potentially a great year, but 0:18:22.920 --> 0:18:26.840 we are definitely focusing on maximizing our shareholders and employees 0:18:27.200 --> 0:18:30.760 value and continue to build. When we look at what's 0:18:30.800 --> 0:18:35.040 the next milestone, that's the billion in arr and IPO 0:18:35.160 --> 0:18:37.760 will be a great part as part of this journey. 0:18:38.160 --> 0:18:41.160 I'm ganny Deeverrov, thank you so much of ams joining 0:18:41.240 --> 0:18:44.560 us today. Meanwhile, coming up Apple's next AI move how 0:18:44.600 --> 0:18:46.800 the company hopes to catch up to rivals like Google's 0:18:46.800 --> 0:18:49.360 Gemini as next this is bringing back tech. 0:19:02.160 --> 0:19:05.080 Apples getting ready for AI based search. The tech giant 0:19:05.119 --> 0:19:09.320 has quietly formed a new team. It calls Answers Knowledge 0:19:09.359 --> 0:19:13.119 and Information or AKI for sure. Its main goal is 0:19:13.160 --> 0:19:16.200 to create a new chat GPT like search experience. This 0:19:16.240 --> 0:19:19.120 is the company lags behind in rivals over AI features 0:19:19.520 --> 0:19:20.919 of the boss mark Germin is here it was the 0:19:20.960 --> 0:19:23.960 latest power on. I find this so interesting because that 0:19:24.160 --> 0:19:27.359 was not the strategy originally for Apple. I kept hearing 0:19:27.400 --> 0:19:30.239 about and through your reporting that they didn't think the 0:19:30.280 --> 0:19:33.080 market was there for a chat GPT like tool, so 0:19:33.119 --> 0:19:35.879 they integrated the tech into Siri. Now they've kind of 0:19:35.920 --> 0:19:37.239 changed tack a little bit. 0:19:38.520 --> 0:19:41.160 It's become very obvious that one of the biggest use 0:19:41.200 --> 0:19:45.480 cases for chat GPT is search. On my iPhone. For instance, 0:19:45.520 --> 0:19:47.520 I have one of the new models with the action 0:19:47.600 --> 0:19:49.720 button on the side, and so whenever I need to 0:19:49.760 --> 0:19:51.959 search for something, I don't go to SAPARi and go 0:19:52.000 --> 0:19:54.600 to Google or the Google Search up. I clicked my 0:19:54.640 --> 0:19:57.960 action button and I go into chat GPT. Even for 0:19:58.240 --> 0:20:00.240 things that you basically would go to Google for, not 0:20:00.280 --> 0:20:03.600 for spreadsheets, not for ideation, not for math. I'm just 0:20:03.800 --> 0:20:08.359 asking a normal question about things like movie synopsis or 0:20:09.320 --> 0:20:14.320 calories in a piece of particular food, or how something 0:20:14.359 --> 0:20:17.320 happened in history, right, And so chat GPT is become 0:20:17.359 --> 0:20:20.040 my go to search engine. It's certainly a better search 0:20:20.040 --> 0:20:22.280 engine than what you're getting from Google. It's a better 0:20:22.320 --> 0:20:25.959 search engine than really where you're getting elsewhere. Maybe Gemini 0:20:26.040 --> 0:20:29.680 is pretty good, Perplexity is pretty good. But the C 0:20:30.320 --> 0:20:33.119 is shifting right, and Apple needs to shift too. And 0:20:33.160 --> 0:20:36.320 they understand that even though they've been pushing people towards 0:20:36.400 --> 0:20:39.960 chat GPT within Siri for world dollege queries, they know 0:20:40.040 --> 0:20:41.879 they have to go in house on this, and so 0:20:41.920 --> 0:20:44.480 they have a team now, like you said, Aki answers 0:20:44.520 --> 0:20:47.680 knowledge and Information. It's run by a senior director named 0:20:47.760 --> 0:20:50.680 Robbie Walker, who actually used to run Siri before it 0:20:50.800 --> 0:20:52.960 was removed from his command because of all the engineering 0:20:53.240 --> 0:20:56.000 issues and delays. And now they're looking into ways to 0:20:56.040 --> 0:20:59.000 build search across Apple that can tap into the open web. 0:21:00.080 --> 0:21:01.760 Caroline, I'm just going to come to you here. I've 0:21:01.800 --> 0:21:04.640 got apples tick her up on my screen, and actually 0:21:04.720 --> 0:21:06.960 I see the gains in the session pairing a little 0:21:06.960 --> 0:21:08.520 bit over the last thirty minutes. 0:21:08.840 --> 0:21:10.360 We have some tariffs news we. 0:21:10.359 --> 0:21:13.280