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Speaker 1: From Mahart where Innovation, Money and power.

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Speaker 2: Collie in Silicon Valley, Nbon.

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Speaker 3: This is Bloomberg Technology with Caroline Hyde and Ed Ludlove.

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Speaker 3: I'm Parolin Hine on Blooberg's world headquarters in New York

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Speaker 3: and Ludlow he's off today. This is Bloomberg Technology. Coming

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Speaker 3: up Microsoft and Activision. They extend their deadline for closing

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Speaker 3: that sixty nine billion dollar deal as they seek approval

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Speaker 3: in the United Kingdom. I've got the latest plus streaming

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Speaker 3: giant Netflix reporting earnings later today. How has the password

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Speaker 3: crackdown impacted the business? And what does strikes in Hollywood

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Speaker 3: mean for the company. And we'll sit down with the

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Speaker 3: CEO of Weight Watchers. We're going to discuss the company

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Speaker 3: embracing technological advances in medicine to support its business.

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Speaker 4: All that's so much more to come.

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Speaker 3: The first sets check in on those markets and Zada

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Speaker 3: Green Abigail.

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Speaker 5: It certainly is a day of Green Caroline. This year's

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Speaker 5: melt up continues. We have the S and P five

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Speaker 5: hundred up for a third day. The NASAK one hundred

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Speaker 5: is higher. We also have the nicy Fang Index. Some

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Speaker 5: of those big megacap tech stocks, including China Tech, which

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Speaker 5: is outperforming not on our board, but up more than

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Speaker 5: two percent. So the stock bulls remain in control as

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Speaker 5: we start to move through earning season, and of course,

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Speaker 5: the financials overall have reported well. Carvana, their results came

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Speaker 5: out that stock is absolutely soaring right now, it's up

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Speaker 5: about forty three percent. They beat estimates both for adjusted

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Speaker 5: earnings in terms of a narrower loss and expected revenues.

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Speaker 5: So this online car platform, which earlier this year had

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Speaker 5: been a sub five dollars stock, now up more than

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Speaker 5: one thousand percent. Some of this positive attitude also has

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Speaker 5: to do with restructuring their debt.

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Speaker 4: The question is, as the other big.

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Speaker 5: Tech companies roll in, and this is not a big

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Speaker 5: tech company, but as the big tech company earnings roll in,

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Speaker 5: you're mentioning Netflix, this stock up about sixty one percent,

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Speaker 5: will investors deem those earnings to be big enough, robust

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Speaker 5: enough to support the moves? Because Netflix on the year

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Speaker 5: up sixty one percent, we have meta Amazon up about

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Speaker 5: an equal amount, Microsoft and Apple as well.

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Speaker 4: Yet if I take a look at.

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Speaker 5: How much revenue is growing for Netflix, it's expected to

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Speaker 5: grow mid single digits. Same deal for Amazon and Microsoft, Apple, Caroline.

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Speaker 5: It's actually expected for its June quarter revenue to decline

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Speaker 5: by more than one percent. So it's going to be

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Speaker 5: interesting to see whether these quarters come in where they're expected,

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Speaker 5: what the outlooks are. Will we see this stock rally

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Speaker 5: continue based on the results that come through.

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Speaker 3: All baited breath for those big names later off to

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Speaker 3: the bow, Abigail, thank you so much. Let's get more

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Speaker 3: updates so on well, the ever grinding story that is

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Speaker 3: Microsoft and Activision the deal. We understand the extension in

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Speaker 3: the deadline has been given for three months to get

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Speaker 3: this deal done. There's also updates to the changes in

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Speaker 3: which termination could be three and a half billion dollars

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Speaker 3: if indeed they do walk away. There's three months time.

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Speaker 3: Let's get over to Catherine Gammel. I'm praised to say,

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Speaker 3: who has been really thinking about why this ultimate deadline

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Speaker 3: that was meant to be July the eighteenth has been

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Speaker 3: extended and it's because of UK regulators correct, Yeah.

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Speaker 4: Exactly, Thanks so much for having me on.

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Speaker 6: Yes, so today we've seen that this deadline has officially

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Speaker 6: been extended by the companies.

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Speaker 4: I mean this was expected and.

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Speaker 6: Bloomberg reported earlier in the week that this will be

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Speaker 6: the case, and this is really just so that the

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Speaker 6: companies can get over the UK hurdles. So the UK's

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Speaker 6: Competition of Markets Authority is the only agency that's standing

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Speaker 6: in the way of this stale closing at the moment.

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Speaker 4: And last week we saw them.

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Speaker 6: Put out a statement that would say that they're going

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Speaker 6: to reconsider some structural remedies for the companies after the

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Speaker 6: FTC's defeat in court. So you know, since then we've

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Speaker 6: had quite a lot of update it's a big floody.

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Speaker 6: We've seen them extend their deal probe to the end

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Speaker 6: of August to twenty ninth, and then to also clarify

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Speaker 6: that if they are being offered a restructured deal that

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Speaker 6: you know that this will go to a fresh probe

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Speaker 6: so that it can give both sides times to you know,

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Speaker 6: veni bosh and really thresh out the details on this one.

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Speaker 3: Shareholders might be a bit pleased, of course, two companies

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Speaker 3: are going in the activision can issue at one time

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Speaker 3: dividend of up to ninety nine cents to which shareholders

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Speaker 3: before that deal closes. Of course, regular dividends had been

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Speaker 3: put on ice prior to this, but it's so notable

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Speaker 3: how the moon music has shifted, not only after the

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Speaker 3: FTC failed to get it the deal put on ice

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Speaker 3: here in the United States, but what on about turn

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Speaker 3: to occur in the United Kingdom. We are expecting more

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Speaker 3: changes to the business model, but ultimately anything that could

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Speaker 3: still stand in the way, it can still Spencer of

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Speaker 3: Microsoft standing pretty upbeat.

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Speaker 6: Yeah, it seems like the companies are both feeling pretty

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Speaker 6: confident about this one. I mean, I would just caution

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Speaker 6: that the CME still needs to consider these remedies and see,

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Speaker 6: you know, whether it all address the competition concerns at

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Speaker 6: the heart of the reason behind the cmeme's first fetle.

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Speaker 6: I mean, you know, we've wienberg Used last week reported

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Speaker 6: that there's considerations of offering up some Microsoft's UK clothed business.

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Speaker 6: We don't know yet if that's actually going to be

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Speaker 6: officially offered right now. The negotiations are still at an

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Speaker 6: early stage, and on Monday they will just kicked off.

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Speaker 6: After that because we got a pause of the ukcmmes

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Speaker 6: and the Microsoft's appused proceedings at.

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Speaker 3: The competition and peep tribe, you know, we want to

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Speaker 3: thank you, Catherine, thank you so much. Kathinkamut on all

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Speaker 3: things Microsoft and Activision. Let's get on to Netflix as well,

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Speaker 3: of course, which once one a time was talking about

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Speaker 3: how gaming was its key competitor. Of course, it's going

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Speaker 3: to be reporting earnings today after the ball and please

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Speaker 3: to say that we mentioned you're an entertainment correspondent. Chris

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Speaker 3: pal Mary is standing by in LA and first, well,

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Speaker 3: we are expecting subscriptions to pick up. It's all about

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Speaker 3: that password crackdown.

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Speaker 1: Yeah, I think this tree is looking at about a

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Speaker 1: two million subscriber edition of this quarter. That's about the

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Speaker 1: same as the last quarter. Not as big as the

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Speaker 1: blowout one we saw in the last quarter of twenty

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Speaker 1: twenty two, but much better than the losses they had

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Speaker 1: at the start last year. So there is a general

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Speaker 1: feeling that Netflix has figured this out with a new ad,

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Speaker 1: cheaper ad tier, with the crackdown on passwords, that they're

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Speaker 1: resuming growth again.

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Speaker 3: And within this context, I'm still trying to understand whether

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Speaker 3: a strike among actors among writers is going to be

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Speaker 3: difficult for Netflix doesn't have live sport. But is it

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Speaker 3: a boon because we know how much Netflix has gone

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Speaker 3: in terms of content in the back office.

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Speaker 1: I would say the stream, given that you noted a

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Speaker 1: sixty one percent increase in the price this year, thinks

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Speaker 1: that they're gonna weather this strike.

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Speaker 7: Well.

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Speaker 1: You know, the company's line has been that they have

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Speaker 1: this content pipeline, it's all set and they'll be able

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Speaker 1: to go through the.

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Speaker 4: End of the year at least.

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Speaker 1: We'll be looking for any updates on the call today

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Speaker 1: to see if their position on that has changed. You

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Speaker 1: could certainly make the case that people will be spending

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Speaker 1: a lot more time just streaming older shows and spending

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Speaker 1: more time watching Netflix if you know, new programs are

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Speaker 1: not on the air in the fall, So there is

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Speaker 1: that dynamic.

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Speaker 3: Chris pa Mary is going to be glued to the

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Speaker 3: screens when those numbers drop. As always, we thank you

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Speaker 3: the Big bell Weather for the start of earnings in tech.

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Speaker 3: Let's get to the other key, Big bell Weather. It's

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Speaker 3: the biggest traded company here in the US. Apple, of

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Speaker 3: course coming out with well breaking news that we understand

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Speaker 3: that Apple is indeed racing to develop its own generative

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Speaker 3: AI tools to catch up with Open ai now. According

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Speaker 3: to Bloomberg, the sources are saying it's building a large

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Speaker 3: language model AI framework dubbed ajax. It's created internal chatchebt

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Speaker 3: style blot for employees already.

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Speaker 4: What's notable is this is helping in Video's share price.

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Speaker 3: It's quickly turned positive, up more than zero point four percent, because,

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Speaker 3: of course, what do they need compute power. On the downside, interestingly,

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Speaker 3: Microsoft is falling to session lows down by about as

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Speaker 3: you'll see, currently off by three tens percent. They were

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Speaker 3: off at well eight tens percent a little bit earlier.

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Speaker 4: Because this is competition, folks, if they're seeking to.

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Speaker 3: Take on open AI and indeed being it'll be a

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Speaker 3: great conversation to have with a Microsoft executive. We've got

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Speaker 3: coming up later in the show. Apple shares and a

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Speaker 3: new record high. Why while reporting coming from our own

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Speaker 3: Mark Gum and that Apple is quietly working on an

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Speaker 3: artificial intelligence tools that could challenge those of open AI

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Speaker 3: of Google's barred. Of course, this is all to do

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Speaker 3: with generative AI. The only thing we can really talk

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Speaker 3: about here on Bloomberg Technology. It's releasing, we understand, but

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Speaker 3: there's no real clear strategy for the technology getting into

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Speaker 3: the hands of consumers. What we do understand is the

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Speaker 3: IFOM maker has built its own framework to create large

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Speaker 3: language models an AI based system at the heart of

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Speaker 3: the offering.

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Speaker 4: We understand, of course it's called ajax.

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Speaker 3: This is going to take on Bard, going to take

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Speaker 3: on chat GPT, And in fact they've already created a

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Speaker 3: chatbot service that some engineers called Apple GPT for their

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Speaker 3: own internal employees. But in recent months this AI push

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Speaker 3: has become a major effort for Apple.

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Speaker 4: Notable that, of course Tim Cook hasn't discussed it.

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Speaker 3: We were all waiting to see whether we did it

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Speaker 3: the Worldwide Developers Conference a month ago. We'll see as

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Speaker 3: to whether, of course it starts to factor in their

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Speaker 3: earnings calls. As we know all anyone can talk about

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Speaker 3: in those earnings things like AI. But we know that

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Speaker 3: Apple has woven AI features into products for years, and

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Speaker 3: now it's trying to play a little bit of catch

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Speaker 3: up in what is ever more buzzy market for generative

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Speaker 3: tools overall. But we'll see whether people can be creating essays, images, video.

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Speaker 3: I wanted to shine a light on what's happening in

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Speaker 3: competitors Microsoft, of course, which has evolved the open AI

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Speaker 3: relationship to become one that's really integrated within being. Within

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Speaker 3: Microsoft co pilot three sixty five, we disc discussing that

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Speaker 3: in a moment with an executive. But it's down some

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Speaker 3: seven tens percent. As we talk about this new potential competition,

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Speaker 3: Apple up more than two percent and a new record,

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Speaker 3: and even in video, of course, the big compute power

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Speaker 3: is on the higher side because of this. Let's get

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Speaker 3: to the man that broke the story, Mark Goom, and

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Speaker 3: I'm pleased to say is on the phone, and I

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Speaker 3: mean some real digging here. We were all waiting for

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Speaker 3: Apple to wear in on AI.

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Speaker 2: And here we are. I'm told that Apple is quietly

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Speaker 2: working on a set of new generative AI tools with

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Speaker 2: the idea of catching up to open API, Google, Microsoft, Amazon,

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Speaker 2: everyone you've seen entering this buzzy new AI space recently.

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Speaker 2: Two pieces of information here. One, they've created an underlying

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Speaker 2: framework to create large language models or LMS. That's the

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Speaker 2: tech at the heart of Chat, GPT and Google Bard

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Speaker 2: being AI, these other services. Apple's internal framework, it's called AJAX.

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Speaker 2: Now on top of that framework or with that framework,

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Speaker 2: they've also created an internal chat GPT like system that

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Speaker 2: some people on Apple call Apple GPT that works similarly

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Speaker 2: at GPT that we know today. So clearly Apple is

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Speaker 2: all in on LMS. They have multiple teams working on this.

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Speaker 2: The big caveat at this point though, is they do

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Speaker 2: not have a clear strategy for consumers yet, But the

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Speaker 2: work is happening and they'll get there eventually.

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Speaker 3: Many have perhaps grinded their teeth with frustration at Siri.

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Speaker 3: That seems an obvious area that generative AI could improve.

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Speaker 3: Where else though, could consumers interact with anything that Apple

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Speaker 3: would offer?

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Speaker 2: Yeah, in terms of generative AI, you can see this

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Speaker 2: across all platforms. You can see this across many applications.

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Speaker 2: There are places where this could be used in productivity apps,

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Speaker 2: let's say in Apple spreadsheet or work processing or slide

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Speaker 2: presentation apps, you can have a generative AI system theoretically

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Speaker 2: to help you build those presentations and get work done

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Speaker 2: for you. Like you said, you can see it happen

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Speaker 2: in Siri, a more chatbot like interface with improved data

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Speaker 2: based on what it's trained with and improved back and forth,

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Speaker 2: so to speak, or more information able to come in

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Speaker 2: a more clear form into sery. You can see it

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Speaker 2: in terms of app development right even on a place

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Speaker 2: like the Vision pro headset, where you don't necessarily have

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Speaker 2: a keyboard and mouse at all times, and you're going

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Speaker 2: to want official intelligence system to give you a leg

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Speaker 2: up on development when you don't have those standard input methods.

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Speaker 2: So there's all sorts of places where generative AI can

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Speaker 2: be placed. Apples hiring for people in the inlich model space.

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Speaker 2: They're looking for people who can apply generative AI to

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Speaker 2: help people communicate, create, connect and consume media, the company says,

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Speaker 2: and some job listings, so they're all in on this. Well,

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Speaker 2: Apple doesn't have a definitive plan yet. People involved in

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Speaker 2: these projects believe that Apple's preparing to make some sort

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Speaker 2: of major AI announcement sometime as early as next year.

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Speaker 3: Wow, Marc German, always with the latest and breaking when

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Speaker 3: it comes to Apple, Thanks so much for us quickly

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Speaker 3: jumping on the phone with us. Meanwhile, well, let's turn

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Speaker 3: to a company that's become ever more technologically native. In fact,

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Speaker 3: they've hired a previous Silicon Valley style weight watchers of course,

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Speaker 3: known as WW International. In this week's Bloomberg Business Week

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Speaker 3: is part of Well, the cover story, it's all about

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Speaker 3: the sixty year old company bet On Pharmaceuticals is the

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Speaker 3: next frontier for innovation in the weight loss space.

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Speaker 4: In a bit to keep up with the times. Now

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Speaker 4: let's discuss all of this.

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Speaker 3: Hope, please to welcome the CEO, Sema Sistani, who joins

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Speaker 3: us now. And you were building house party, you were

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Speaker 3: deeply within the tech space, building companies, selling them, innovating.

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Speaker 3: Your job now is to innovate at weight watches and

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Speaker 3: part of that is making acquisitions in the telehealth space.

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Speaker 3: Just talk to us about how this key acquisition is

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Speaker 3: helping you drive forward with pharmaceuticals.

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Speaker 8: Yes, thank you for having me so coming in as CEO.

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Speaker 8: What is just a year and change now? I knew

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Speaker 8: part of the vision was about rethinking the business from

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Speaker 8: a digital first perspective, one based on community, which is

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Speaker 8: as you mentioned, where I've spent most of my career

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Speaker 8: in growth tech doing. I had first experience first as

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Speaker 8: a member on the program, and so I was really

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Speaker 8: excited about bringing something new and fresh to the product

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Speaker 8: on a global scale and something that would allow me

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Speaker 8: to take all my growth technoledge to growth tech experience

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Speaker 8: excuse me and knowledge and then have meaningful outcomes.

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Speaker 4: For global health. Well.

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Speaker 8: So, anyways, I had been looking at this research on

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Speaker 8: blue zones and how to create a digital blue zone,

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Speaker 8: and we investigated new modalities both across functional and clinical,

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Speaker 8: and what stood out most is that obesity is a

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Speaker 8: chronic condition. It still hasn't been addressed truly in that manner,

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Speaker 8: when in fact, for over ten years it's been scientifically

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Speaker 8: recognized as a chronic condition. And so we wanted to

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Speaker 8: enter the space and be able to extend our toolkit

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Speaker 8: to not only behavior change and functional but also clinical interventions.

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Speaker 3: What's so interesting is yesterday we learned that another tech executive,

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Speaker 3: social media tech executive, Jeff Cook, is joining Noon, which

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Speaker 3: is a kind of competitor which is also in the

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Speaker 3: weightless startup transition prescribing obesity drugs. How do you compete,

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Speaker 3: how do you stand out? How do you make sure

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Speaker 3: that you're loyal following doesn't become disenchanted by the shift?

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Speaker 8: Well, well, I mean I think that there are two

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Speaker 8: There are two questions in there, and the first one

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Speaker 8: that I want to address is the prevalence. And you know,

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Speaker 8: of obesity in the US, take for instance, since nineteen

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Speaker 8: ninety three, the prevalence was about thirteen percent and now

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Speaker 8: we're talking forty two percent prevalence, and you know, the

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Speaker 8: trajectory is going to get us to fifty percent prevalence

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Speaker 8: of people living with obesity by twenty thirty. So this

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Speaker 8: is a matter of rising tides.

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Speaker 2: Lifts all ships.

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Speaker 8: We are we are as the leaders in the space,

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Speaker 8: wanting to make sure that this is something that we

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Speaker 8: can address globally and that we're doing it responsibly. And yes,

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Speaker 8: you know, certainly there have been members who who we

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Speaker 8: have to bring along in the journey, and it's on

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Speaker 8: us to really destigmatize this category and people understand that

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Speaker 8: it's not just about willpower. For many, it's not a

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Speaker 8: moral failing that this is a chronic relapsing condition and

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Speaker 8: in some cases requires a clinical intervention for people to

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Speaker 8: see long term success and longevity.

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Speaker 3: Talk to us about any program you might launch, whether

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Speaker 3: or not it's through sequence that people managed to access

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Speaker 3: these obesity drugs, whether it's somewhere else. You're sort of

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Speaker 3: trying to build a program, as I understand it, to

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Speaker 3: do with this acquisition that helps people build a lifestyle.

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Speaker 3: How many people do you think would ultimately sign on,

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Speaker 3: When might we see such a launch and how sure?

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Speaker 8: Well, yeah, I think it's important to remind people that

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Speaker 8: the medications and particularly the clinical trial was called step

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Speaker 8: that really led to the media being excited and really

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Speaker 8: the zeitguy shifting to thinking about these medications. This was

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Speaker 8: a trial that was run alongside lifestyle treatment, meaning that

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Speaker 8: these patients were receiving guys on diet and activity. They

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Speaker 8: were done in conjunction with a calorie deficit. And so

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Speaker 8: it's a misconception that these are a magic pill that

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Speaker 8: you just take and lose weight. You must do them

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Speaker 8: alongside lifestyle intervention. And that's what the medications help you

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Speaker 8: do is have greater adherence to the healthy habits that

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Speaker 8: come naturally to something. And so what we are developing

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Speaker 8: alongside of our tried and true number one doctor recommended

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Speaker 8: program for behavior change is one that is very specific

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Speaker 8: to people who are on the g LP one journey

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Speaker 8: because they need help with maintenance of lean muscle mass,

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Speaker 8: nutrient density, and and doing so alongside of the titration

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Speaker 8: the dosage tried excuse me, titration is going to be

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Speaker 8: really important to achieving the best outcomes. And so we

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Speaker 8: plan to introduce this program in the fall, and that

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Speaker 8: would be for people who get the medications through our

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Speaker 8: virtual clinics sequence or not. So if you are somebody

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Speaker 8: who who's gotten the medication through your healthcare provider. You know,

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Speaker 8: these providers in a lot of cases are not trained

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Speaker 8: in OBCIA medication. Less than one percent of doctors are,

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Speaker 8: and so this will be a program that will be

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Speaker 8: able to have a higher touch support for those people.

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Speaker 3: Fascinating innovations. We'd love you to come back and talk

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Speaker 3: about it a little bit longer next time. We thank

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Speaker 3: you for your time. Wait watch your CEO Semasustani as

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Speaker 3: it's known as WW International, but.

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Speaker 4: It's Ticka from New York. This is Blue Veg Technology.

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Speaker 3: It's time now for work shifting when we look at

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Speaker 3: the changing landscape of the labor market amid advances in technology,

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Speaker 3: and you know, we've got to talk about AI. We've

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Speaker 3: got to talk about Microsoft's new artificial intelligence tools for

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Speaker 3: its office software Microsoft three sixty five Copilot. It's going

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Speaker 3: to cost you thirty dollars a month you want to

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Speaker 3: use it on top of what most business customers will pay.

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Speaker 4: What are you getting in terms of that value?

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Speaker 3: Microsoft Vice President and Modern Life Devices Group usef Mehdi

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Speaker 3: is with us. I'm so pleased to welcome you about

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Speaker 3: YUSUF to the show and being Chat enterprise, whether it's

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Speaker 3: being more specific with your data and ensuring that it's

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Speaker 3: safe and also co pilot.

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Speaker 4: What are you offering here that's distinct Hi.

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Speaker 7: Carolin, First off, great to see again, Great to continue

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Speaker 7: the conversation from our launch back in February. The big

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Speaker 7: thing that we're announcing really yesterday is I think probably

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Speaker 7: arguably the biggest thing that's going to happen in AI

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Speaker 7: in the next twelve months, and that is that we're

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Speaker 7: unlocking the ability for people at work to be able

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Speaker 7: to use generative AI to help them in their jobs.

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Speaker 7: Up to this point, people have not used it because

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Speaker 7: of concerns of their data leaking out of the organization.

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Speaker 7: All that changes now with the launch of bing Chat

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Speaker 7: Enterprise and Microsoft threugh certenty five copilot.

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Speaker 4: Ultimately, what has the demand been like?

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Speaker 3: I mean, we heard from executives that they were sort

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Speaker 3: of inundated with CEOs asking them to get using this

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Speaker 3: sort of product. What industries are being most impacted for you?

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Speaker 7: Well, the nice thing about this technology is really horizontally

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Speaker 7: very valuable for people who are writing documents, writing software code,

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Speaker 7: doing analysis, doing strategy. So whether you're in healthcare or

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Speaker 7: architecture or automotive, there are many companies that want to

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Speaker 7: use this powerful technology to help their employees be more productive.

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Speaker 7: And we've seen that with much software certenty five copilot,

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Speaker 7: where we've had companies like Chevron and others using it

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Speaker 7: already and seeing great capabilities. And then with being Chat

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Speaker 7: and being Chat enterprise, where really every major company I

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Speaker 7: talk to wants to be able to unlock the creativity

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Speaker 7: power for their employees.

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Speaker 3: So if they once said no, you can't use chat,

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Speaker 3: youbt at works something, they can say yes, but it's.

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Speaker 4: Got to be the big chat enterprise.

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Speaker 3: What's the interesting there's some really specific lms and general

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Speaker 3: to AI being focused at different industries. I think of

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Speaker 3: Harvey within the law world. Is that something that you're

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Speaker 3: going to work alongside?

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Speaker 7: Yeah, it's a great question. The way I think about

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Speaker 7: it is there will be these foundational models, so they'll

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Speaker 7: be a couple in the world that will be the

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Speaker 7: most advanced things like open AI, is chat, GPT or

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Speaker 7: GPT that we work with GPT four that power incredible capabilities.

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Speaker 7: And then companies will take those foundational models and they'll

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Speaker 7: do their own training, they'll do their own special capabilities

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Speaker 7: for their applications will enable those in being chat for

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Speaker 7: everybody through our plugin system. Think of it as like

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Speaker 7: having skills in the AI. So that's kind of how

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Speaker 7: it'll work.

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Speaker 4: Less than a minute left.

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Speaker 3: But I've got to ask you, what do you think

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Speaker 3: about the news that Apple's in on the game of

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Speaker 3: general to AI with ajax.

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Speaker 7: Well, you know, looks it's just such a hot area

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Speaker 7: people have to get after it. It doesn't surprise me

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Speaker 7: that companies like Apple want to get in there. You know,

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Speaker 7: we've been at it for multiple years. We have a

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Speaker 7: very unique lead with chat EGPT four, with our role

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Speaker 7: in the enterprise, and you know the excitement of people

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Speaker 7: wanting to go do that work on Windows and yesterday's

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Speaker 7: announcements with support for met Islama on Azure, I really

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Speaker 7: speak to the unique leadership role that we're playing right now.

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Speaker 3: Love to have you back to talk about the open

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Speaker 3: source models versus those more closed source foundational models.

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Speaker 4: We thank you so much for your time there today.

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Speaker 3: Microsoft vice president of one Life and Devices company that

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Speaker 3: is use many of that group. Welcome back to Blueberg Technology.

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Speaker 3: I'm Karen Hired in New York ed Ludlow. He's off,

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Speaker 3: He's missing the action when it comes to the publicly

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Speaker 3: trade and markets. Let's get into them, because we've got

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Speaker 3: another day of slight gains up just about a tenth

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Speaker 3: of a percent. The moon music came from across the

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Speaker 3: Atlantic when the UK's inflation number also take lower. Look,

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Speaker 3: Europe's still not pulling back as much as we'd expected,

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Speaker 3: but really the UK did plummet and we saw therefore

437
00:22:42,480 --> 00:22:45,120
Speaker 3: NASDAC just managed to get a bit of a push highers.

438
00:22:45,119 --> 00:22:47,959
Speaker 3: The world seems to be grappling with slightly less issues

439
00:22:48,000 --> 00:22:51,040
Speaker 3: when it comes to inflationary push forward, and that means

440
00:22:51,200 --> 00:22:53,159
Speaker 3: false interest rates perhaps won't have to rise up at

441
00:22:53,200 --> 00:22:55,560
Speaker 3: quite the rate we'd anticipated. The pound look at that

442
00:22:55,600 --> 00:22:56,800
Speaker 3: down a percentage point.

443
00:22:56,680 --> 00:22:57,520
Speaker 4: Versus the US dollar.

444
00:22:57,560 --> 00:22:59,880
Speaker 3: After that, inflation data came in cool and then expected,

445
00:23:00,080 --> 00:23:02,480
Speaker 3: But the Bloomberg Mantity index maybe says, look, don't hold

446
00:23:02,520 --> 00:23:05,440
Speaker 3: your horses on inflationary pressures. Oil spiking wheat on the

447
00:23:05,520 --> 00:23:07,920
Speaker 3: upper side that as we understand that Russia was really

448
00:23:07,920 --> 00:23:09,520
Speaker 3: not going to be wanting to see any sort of

449
00:23:09,520 --> 00:23:12,560
Speaker 3: movement in terms of voyages in and out of the

450
00:23:12,640 --> 00:23:14,440
Speaker 3: Ukraine at the moment, So keep an eye on the

451
00:23:14,440 --> 00:23:17,000
Speaker 3: geopolitical risk there when it comes to commodities. Moving on, though,

452
00:23:17,119 --> 00:23:19,640
Speaker 3: let's get back to this world of tech individual movers.

453
00:23:19,880 --> 00:23:22,639
Speaker 3: The news coming from one Mark gum and that Apple

454
00:23:22,960 --> 00:23:25,200
Speaker 3: is now getting all in on the generative AI game.

455
00:23:25,240 --> 00:23:27,959
Speaker 3: We understand ageax is its foundational model that it's been

456
00:23:27,960 --> 00:23:30,040
Speaker 3: trying to work with. We know that they already potentially

457
00:23:30,200 --> 00:23:32,400
Speaker 3: have a chat Gypt like model being used by.

458
00:23:32,359 --> 00:23:33,600
Speaker 4: Employees Apple GPT.

459
00:23:33,800 --> 00:23:35,960
Speaker 3: It is up at a new record high at one

460
00:23:35,960 --> 00:23:38,120
Speaker 3: point where one hundred and ninety five, up two thirds

461
00:23:38,160 --> 00:23:41,320
Speaker 3: of a percentage point. Microsoft, interestingly having rallied hard yesterday

462
00:23:41,359 --> 00:23:45,159
Speaker 3: after its own AI enterprise announcements, we were just talking

463
00:23:45,240 --> 00:23:47,240
Speaker 3: about it with use of medi we're seeing it just

464
00:23:47,280 --> 00:23:49,560
Speaker 3: giving about a little bit of that profit perhaps we

465
00:23:49,600 --> 00:23:51,959
Speaker 3: saw it down a percentage point profit taking and indeed,

466
00:23:52,160 --> 00:23:54,360
Speaker 3: while more competition to come, keep an eye on those

467
00:23:54,359 --> 00:23:56,840
Speaker 3: particular names. But now, well, let's go back to a

468
00:23:56,880 --> 00:23:59,800
Speaker 3: company that was once public and now isn't Bloomberg reporting

469
00:23:59,840 --> 00:24:03,879
Speaker 3: to then after Ecil Musk's Twitter acquisition and indeed, the

470
00:24:03,960 --> 00:24:08,399
Speaker 3: series of content policy changes that ensued, it's led to

471
00:24:08,480 --> 00:24:13,480
Speaker 3: a dramatic spike in well, hateful, violent, and indeed inaccurate

472
00:24:13,560 --> 00:24:17,240
Speaker 3: posts on the platform. We understand that's after the story's publication.

473
00:24:17,600 --> 00:24:20,760
Speaker 3: We understand that Linda Yacarino, the new CEO, tweeted calling,

474
00:24:21,040 --> 00:24:25,159
Speaker 3: look that researchers findings are incorrect, they're misleading, and indeed

475
00:24:25,160 --> 00:24:25,919
Speaker 3: they're outdated.

476
00:24:26,440 --> 00:24:28,000
Speaker 4: How do we get this original research?

477
00:24:28,080 --> 00:24:30,040
Speaker 3: Let's go through it all with Bloomberg, Sarah Fryer, who's

478
00:24:30,080 --> 00:24:34,680
Speaker 3: been editing this story, and Sarah. Ultimately we've got not one,

479
00:24:34,720 --> 00:24:37,880
Speaker 3: not two, but sort of three different research houses pointing

480
00:24:37,920 --> 00:24:41,720
Speaker 3: to an optic in hateful speech and inaccurate speech since

481
00:24:41,880 --> 00:24:43,560
Speaker 3: Lilon Musk took the company private.

482
00:24:44,560 --> 00:24:46,800
Speaker 9: Yes, even more than that sided in the story. This

483
00:24:46,960 --> 00:24:52,879
Speaker 9: is really a broad survey of researchers from the Anti

484
00:24:53,000 --> 00:24:57,639
Speaker 9: Defamation League, the Center of Recountering Digital Hate Media Matters,

485
00:24:58,320 --> 00:25:05,119
Speaker 9: universities across the board looking at issues like anti LGBT content,

486
00:25:06,200 --> 00:25:12,400
Speaker 9: racist slurs against African Americans, anti submitted content, q andon support,

487
00:25:13,359 --> 00:25:16,720
Speaker 9: a number of different factors that if you look at

488
00:25:16,760 --> 00:25:19,840
Speaker 9: the numbers, all have gone up either in the last

489
00:25:19,920 --> 00:25:22,440
Speaker 9: year or in the first few months after takeover. The

490
00:25:22,880 --> 00:25:27,000
Speaker 9: dates range because these are separate organizations, right, they're not

491
00:25:27,080 --> 00:25:28,240
Speaker 9: working together on this.

492
00:25:28,920 --> 00:25:29,879
Speaker 4: But when you look at.

493
00:25:30,040 --> 00:25:33,800
Speaker 9: The full picture from these various organizations and what they've

494
00:25:33,840 --> 00:25:37,520
Speaker 9: found looking at the data on Twitter of what people

495
00:25:37,560 --> 00:25:41,680
Speaker 9: are sharing, what hashtags are trending, what people are seeing.

496
00:25:42,840 --> 00:25:46,119
Speaker 9: It doesn't paint a healthy picture of the platform. In fact,

497
00:25:46,880 --> 00:25:50,520
Speaker 9: it is a huge challenge for the company to try

498
00:25:50,560 --> 00:25:54,640
Speaker 9: to convince brands to spend their money on promotions there,

499
00:25:55,480 --> 00:25:58,560
Speaker 9: given this reputation that the company is built. And one

500
00:25:58,600 --> 00:26:01,120
Speaker 9: reason we did this story is just because we've been

501
00:26:01,240 --> 00:26:04,600
Speaker 9: hearing for the last few months from brands saying, you know,

502
00:26:05,040 --> 00:26:06,840
Speaker 9: I don't really know if I want to start spending

503
00:26:06,880 --> 00:26:09,960
Speaker 9: again on Twitter. It's become kind of assessed pool, it's

504
00:26:10,000 --> 00:26:14,000
Speaker 9: become dangerous, and we were a little skeptical and we

505
00:26:14,080 --> 00:26:16,520
Speaker 9: wanted to ask, you know, the third parties that have

506
00:26:16,600 --> 00:26:19,080
Speaker 9: been looking at this, is that true? Have you seen

507
00:26:19,119 --> 00:26:22,159
Speaker 9: this with the data? And this story is the result

508
00:26:22,200 --> 00:26:23,320
Speaker 9: of looking at that data.

509
00:26:23,920 --> 00:26:26,359
Speaker 3: Let's go back to the woman who's got to lead

510
00:26:26,400 --> 00:26:30,439
Speaker 3: about this change convince marketers to come back with their money,

511
00:26:30,440 --> 00:26:32,399
Speaker 3: and is one Linda Yakarina. And as we're just showing

512
00:26:32,440 --> 00:26:35,439
Speaker 3: some of her tweets in response to this particular article,

513
00:26:35,440 --> 00:26:38,520
Speaker 3: in particularly, she says that more than ninety nine percent

514
00:26:38,520 --> 00:26:41,919
Speaker 3: of content uses and advertises what they see on Twitter

515
00:26:42,119 --> 00:26:44,080
Speaker 3: is healthy. Can you just go back to what they

516
00:26:44,119 --> 00:26:47,879
Speaker 3: are currently doing internally at Twitter to try and write size.

517
00:26:49,000 --> 00:26:49,160
Speaker 4: Well.

518
00:26:49,200 --> 00:26:52,800
Speaker 9: I think that this is a very common line that

519
00:26:52,840 --> 00:26:55,760
Speaker 9: you hear from social media platforms when they're called out

520
00:26:55,840 --> 00:27:00,240
Speaker 9: for the harmful or violence or hateful content that is

521
00:27:00,280 --> 00:27:01,400
Speaker 9: seen on their platforms.

522
00:27:01,560 --> 00:27:03,280
Speaker 4: They say, well, look at the overall picture.

523
00:27:04,440 --> 00:27:09,479
Speaker 9: Nine percent, you know, very high percentage of tweets are good. Well,

524
00:27:10,080 --> 00:27:13,280
Speaker 9: that's sort of besides the general point that people are

525
00:27:13,280 --> 00:27:15,840
Speaker 9: seeing these harmful posts and that the harmful posts are

526
00:27:15,880 --> 00:27:20,280
Speaker 9: affecting the user experience. What I think Linda Yakarino said

527
00:27:20,640 --> 00:27:23,080
Speaker 9: that she's trying to do, and indeed, what Elon Musk

528
00:27:23,119 --> 00:27:25,520
Speaker 9: has said that he's trying to do is go for

529
00:27:25,560 --> 00:27:30,119
Speaker 9: this policy of freedom of speech, not reach, not a

530
00:27:30,160 --> 00:27:32,480
Speaker 9: new idea, but implemented a Twitter in such a way

531
00:27:32,520 --> 00:27:38,199
Speaker 9: that the posts themselves may remain on the platform, but

532
00:27:38,280 --> 00:27:41,240
Speaker 9: they're focused on reducing the reach of those posts and

533
00:27:41,280 --> 00:27:46,480
Speaker 9: reducing how many people see them. And one big initiative

534
00:27:46,520 --> 00:27:51,680
Speaker 9: from Yakarino's camp is to try to improve the adjacency

535
00:27:51,880 --> 00:27:57,240
Speaker 9: of those bad tweets to advertiser content and give advertisers

536
00:27:57,320 --> 00:28:02,320
Speaker 9: the option to say I want to show my companies

537
00:28:02,400 --> 00:28:06,679
Speaker 9: tweets next to this kind of content. So you know,

538
00:28:06,720 --> 00:28:09,520
Speaker 9: we've heard from them that that there's been some uptake

539
00:28:09,600 --> 00:28:12,239
Speaker 9: on that offer, that some advertisers are signing up for it.

540
00:28:13,680 --> 00:28:16,760
Speaker 9: From our sources internally, we've heard that, and I think

541
00:28:16,800 --> 00:28:19,479
Speaker 9: that that shows some progress. But it's like, as our

542
00:28:19,520 --> 00:28:22,240
Speaker 9: story demonstrates, it's going to be a very long road ahead.

543
00:28:22,840 --> 00:28:27,280
Speaker 9: Twitter is still down fifty percent in advertising since must

544
00:28:27,320 --> 00:28:30,840
Speaker 9: took over, and they're still cash flow negatives, so there's

545
00:28:30,920 --> 00:28:32,360
Speaker 9: a lot of work to be done.

546
00:28:32,960 --> 00:28:33,720
Speaker 4: We'll keep an eye.

547
00:28:33,880 --> 00:28:35,640
Speaker 3: We understand that in the next few weeks they gonna

548
00:28:35,640 --> 00:28:38,520
Speaker 3: be further expanding that ad placement controls to better support

549
00:28:38,880 --> 00:28:42,320
Speaker 3: the growth of video consumption on the platform. Sarahphy, just

550
00:28:42,800 --> 00:28:46,200
Speaker 3: great reporting across the board. Thank you for articulating all

551
00:28:46,240 --> 00:28:48,000
Speaker 3: of the shifts going on when it comes to Twitter.

552
00:28:48,000 --> 00:28:49,400
Speaker 3: And let's talk about the rest of the world of

553
00:28:49,480 --> 00:28:52,920
Speaker 3: social media, because well, TikTok, we understand, isn't fully compliant

554
00:28:52,960 --> 00:28:57,160
Speaker 3: withoutcoming European Union rules governing content. Surprisingly, according of course,

555
00:28:57,160 --> 00:28:59,440
Speaker 3: to the results of a test conducted by the blocks

556
00:28:59,480 --> 00:29:02,240
Speaker 3: governing vol pleased to talk us through it is Alex

557
00:29:02,280 --> 00:29:04,680
Speaker 3: Barenka and boy, we were just hearing about the trials

558
00:29:04,680 --> 00:29:07,360
Speaker 3: and tribulations if your Twitter, and of course, well, TikTok

559
00:29:07,760 --> 00:29:11,320
Speaker 3: has long been on the focus of the EU in

560
00:29:11,360 --> 00:29:14,320
Speaker 3: particular because it's got itself got to get ready for

561
00:29:14,360 --> 00:29:15,800
Speaker 3: some new digital acts coming into place.

562
00:29:16,640 --> 00:29:19,400
Speaker 10: Absolutely, and to be clear, this is a voluntary stress

563
00:29:19,440 --> 00:29:23,400
Speaker 10: test that happened on Monday that TikTok invited in the

564
00:29:23,480 --> 00:29:27,160
Speaker 10: regulator who will be overseeing these new rules that go

565
00:29:27,240 --> 00:29:30,720
Speaker 10: into play on September first, and said, hey, take a

566
00:29:30,760 --> 00:29:32,520
Speaker 10: look at what we're doing. Now, take a look at

567
00:29:32,520 --> 00:29:36,160
Speaker 10: our content moderation policies or data privacy and sharing practices,

568
00:29:36,600 --> 00:29:40,240
Speaker 10: how much illegal content we have or hopefully don't have.

569
00:29:40,760 --> 00:29:44,680
Speaker 10: And the Commissioner came out after that and said, TikTok,

570
00:29:44,760 --> 00:29:47,400
Speaker 10: you're still not doing enough. More needs to be done

571
00:29:47,800 --> 00:29:49,760
Speaker 10: to get you up to snuff, but the rules aren't

572
00:29:49,760 --> 00:29:52,320
Speaker 10: in play yet. I will say, Caroline, this is a

573
00:29:52,400 --> 00:29:56,480
Speaker 10: really interesting change in tone. The Commissioner, Terry Breton, actually

574
00:29:56,800 --> 00:30:00,840
Speaker 10: had some words about TikTok in January, saying that the illegal,

575
00:30:00,960 --> 00:30:05,280
Speaker 10: dangerous content on the platform was unacceptable, and this week

576
00:30:05,440 --> 00:30:09,160
Speaker 10: you see him actually applauding the social media platform for

577
00:30:09,440 --> 00:30:13,720
Speaker 10: going through this voluntary test for spending on improving the platform.

578
00:30:13,840 --> 00:30:17,400
Speaker 10: So it's not quite a full thumbs up for the

579
00:30:17,520 --> 00:30:21,880
Speaker 10: rules that will come into play in September, but you know,

580
00:30:21,960 --> 00:30:24,800
Speaker 10: it is an interesting kind of reveal of what to

581
00:30:24,960 --> 00:30:28,880
Speaker 10: expect from TikTok that they're perhaps inching closer, though they

582
00:30:28,880 --> 00:30:30,200
Speaker 10: still have some more room to run.

583
00:30:30,360 --> 00:30:33,320
Speaker 3: That's such a good point given, you know, the tough

584
00:30:33,440 --> 00:30:36,120
Speaker 3: space that TikTok has been in in the EU and

585
00:30:36,200 --> 00:30:38,960
Speaker 3: the US of many considering not only some of the

586
00:30:39,000 --> 00:30:41,400
Speaker 3: content and the impacts on mental health and the like,

587
00:30:41,440 --> 00:30:45,160
Speaker 3: but also ultimately its ownership right, and I'm interested as

588
00:30:45,160 --> 00:30:47,680
Speaker 3: to whether you think that's a pendulum that's swift shifting

589
00:30:47,720 --> 00:30:48,200
Speaker 3: in any way.

590
00:30:49,160 --> 00:30:52,320
Speaker 10: Absolutely, and you know, with the ownership TikTok is owned

591
00:30:52,360 --> 00:30:56,360
Speaker 10: by Byteedowan's it's a Chinese company that has proliferated these

592
00:30:56,400 --> 00:30:58,720
Speaker 10: concerns across as you mentioned, the EU and the US

593
00:30:59,200 --> 00:31:02,240
Speaker 10: with questions of whether or not the Chinese government could

594
00:31:02,360 --> 00:31:06,480
Speaker 10: unduly influence what you see on TikTok the algorithm because

595
00:31:06,520 --> 00:31:09,719
Speaker 10: it has that Chinese ownership. Now, this DSA really has

596
00:31:09,760 --> 00:31:13,760
Speaker 10: to do with content moderation, so absolutely kind of the

597
00:31:13,880 --> 00:31:17,360
Speaker 10: EU regulator looking under the hood and looking for any

598
00:31:17,400 --> 00:31:22,080
Speaker 10: concerns around anything that's untoward definitely plays into that. TikTok

599
00:31:22,120 --> 00:31:25,240
Speaker 10: is also doing something very similar called Project Clover in

600
00:31:25,280 --> 00:31:28,680
Speaker 10: the EEU that is doing here in the States under

601
00:31:28,720 --> 00:31:31,520
Speaker 10: Project Texas. They're saying they're actually going to bring all

602
00:31:31,560 --> 00:31:34,680
Speaker 10: of the data for users in the block to servers

603
00:31:34,720 --> 00:31:37,800
Speaker 10: that exist in the EU to kind of cording off

604
00:31:37,920 --> 00:31:42,280
Speaker 10: or wall off any potential sensitive information from their both

605
00:31:42,320 --> 00:31:45,680
Speaker 10: their Chinese owner and any influence the Chinese government might

606
00:31:45,720 --> 00:31:49,600
Speaker 10: have on byteedance. So certainly this is an added pressure

607
00:31:49,680 --> 00:31:52,120
Speaker 10: on TikTok that a lot of the other tech firms

608
00:31:52,160 --> 00:31:55,240
Speaker 10: that do have to comply with these new EU regulations

609
00:31:55,440 --> 00:31:57,320
Speaker 10: are not necessarily having to deal with.

610
00:31:57,960 --> 00:32:00,720
Speaker 3: Great analysis Mags, Alex Brink, thank you so much for

611
00:32:00,720 --> 00:32:03,840
Speaker 3: bringing that story wolf across the world when it comes

612
00:32:03,880 --> 00:32:06,200
Speaker 3: to social media. Meanwhile, coming up, we're going around the

613
00:32:06,240 --> 00:32:09,400
Speaker 3: world in terms of tech and art. The auction house

614
00:32:09,440 --> 00:32:11,840
Speaker 3: Christie's is kicking office Ardent Tech Summit right here in

615
00:32:11,960 --> 00:32:14,160
Speaker 3: New York. We'll discuss with the head of its venture

616
00:32:14,240 --> 00:32:16,400
Speaker 3: arm about all things art.

617
00:32:16,400 --> 00:32:18,120
Speaker 4: Technology and investing. That's next.

618
00:32:18,520 --> 00:32:38,600
Speaker 11: This is Blomberg Technology, Christie's Art and Tech Summit.

619
00:32:38,760 --> 00:32:41,600
Speaker 3: It's back for its seventh edition now highlighting the latest

620
00:32:41,600 --> 00:32:45,560
Speaker 3: impact of AI, fintech, Web three, blockchain on the art world,

621
00:32:45,600 --> 00:32:48,440
Speaker 3: as well as that intersection of luxury, fashion and tech,

622
00:32:48,760 --> 00:32:51,080
Speaker 3: and much more to be discussed. Christie's, in fact, was

623
00:32:51,080 --> 00:32:53,120
Speaker 3: the first auction house if you're remember to register a

624
00:32:53,160 --> 00:32:55,960
Speaker 3: sale on a blockchain platform. In wants to stay abreast

625
00:32:56,000 --> 00:32:57,720
Speaker 3: of innovation in the art world, and one way of

626
00:32:57,760 --> 00:32:58,360
Speaker 3: doing that is.

627
00:32:58,600 --> 00:33:00,720
Speaker 4: Author It's vcarm Ristie's Ventures.

628
00:33:01,040 --> 00:33:05,240
Speaker 3: So today the Adventure Spotlight is all about Christie's Venture

629
00:33:05,240 --> 00:33:09,360
Speaker 3: Global head Devang Thako, who's joining us. And Devang first

630
00:33:09,360 --> 00:33:13,520
Speaker 3: and foremost, what is Christie's Ventures.

631
00:33:12,720 --> 00:33:15,080
Speaker 12: And thank you for having me. I think Christie's Ventures

632
00:33:15,120 --> 00:33:19,400
Speaker 12: is our effort at trying to put our investments where

633
00:33:19,440 --> 00:33:22,440
Speaker 12: our intent is. We've been in the art world for

634
00:33:22,440 --> 00:33:25,720
Speaker 12: two hundred and fifty seven years. We've seen technology pass

635
00:33:25,800 --> 00:33:28,520
Speaker 12: through these doors and doors across our forty six different

636
00:33:28,520 --> 00:33:35,560
Speaker 12: offices for centuries, and we've had founders, creators, influencers tell

637
00:33:35,640 --> 00:33:38,479
Speaker 12: us about everything they were building. That's deal flow, that's

638
00:33:38,520 --> 00:33:42,320
Speaker 12: what venture capital is all about. And especially after the

639
00:33:42,560 --> 00:33:46,680
Speaker 12: deeper auction in twenty twenty one, we had everyone who

640
00:33:46,720 --> 00:33:50,520
Speaker 12: was building anything sending us pitch decks sending us information

641
00:33:50,600 --> 00:33:53,480
Speaker 12: about how cool their product was versus all the other products,

642
00:33:53,880 --> 00:33:56,880
Speaker 12: and I just thought that was the right moment for

643
00:33:56,920 --> 00:33:59,680
Speaker 12: the first time in our history, where Christie's was a

644
00:33:59,680 --> 00:34:02,920
Speaker 12: detectorganize as someone who is adopting technology at its very

645
00:34:02,920 --> 00:34:05,560
Speaker 12: early stage, and so the venture capital arm allows us

646
00:34:05,600 --> 00:34:10,000
Speaker 12: to capitalize on some of those deals and really invest

647
00:34:10,040 --> 00:34:11,839
Speaker 12: in companies that come across our desk.

648
00:34:12,080 --> 00:34:14,960
Speaker 3: Well, I'm pretty sure post people Web three became a

649
00:34:15,000 --> 00:34:17,040
Speaker 3: really focal point, but we were just looking at some

650
00:34:17,120 --> 00:34:20,799
Speaker 3: of your portfolio companies there, and there's also holographic technology.

651
00:34:20,960 --> 00:34:24,720
Speaker 3: What are the other intersections that you feel really benefit Christie's.

652
00:34:25,239 --> 00:34:27,520
Speaker 12: Yeah, we have four pillars that we look at from

653
00:34:27,600 --> 00:34:30,719
Speaker 12: Christy's Venture's advantage point one, As you mentioned, in holograms,

654
00:34:30,719 --> 00:34:33,720
Speaker 12: we look at hardware that helps people consume art better

655
00:34:33,960 --> 00:34:35,840
Speaker 12: wherever they are in the globe. So holograms is the

656
00:34:35,880 --> 00:34:41,280
Speaker 12: way we've replicated masterpiece objects like Degas and Jacques Medes

657
00:34:41,360 --> 00:34:44,960
Speaker 12: in photo realistic fashions. In holograms, we looked at Web three.

658
00:34:44,960 --> 00:34:47,640
Speaker 12: Of course, that's around ten to fifteen percent of our portfolio,

659
00:34:47,880 --> 00:34:51,200
Speaker 12: mostly focused on fundamental picks and shovels sort of investment.

660
00:34:51,320 --> 00:34:53,600
Speaker 12: So you've looked at a company that we work with

661
00:34:53,680 --> 00:34:57,320
Speaker 12: called Manifold Technologies that helped us Christie's build our own

662
00:34:57,640 --> 00:35:00,680
Speaker 12: on chain auction platform that we use today. We're looking

663
00:35:00,719 --> 00:35:03,160
Speaker 12: at AI and data because again with three hundred years

664
00:35:03,160 --> 00:35:05,320
Speaker 12: of being in business, we have the tremendous amounts of

665
00:35:05,440 --> 00:35:08,880
Speaker 12: data and knowledge that we can encapsulate. And finally, fintech

666
00:35:08,960 --> 00:35:12,480
Speaker 12: people think by now pay later is a huge innovation,

667
00:35:13,200 --> 00:35:15,479
Speaker 12: which it is. We've been doing that since the dawn

668
00:35:15,480 --> 00:35:18,000
Speaker 12: of Christies, like people do buy paintings and pay over time.

669
00:35:18,040 --> 00:35:20,319
Speaker 12: So from the consumer point of view, we look at

670
00:35:20,360 --> 00:35:23,440
Speaker 12: these four pillars and others as technology evolves around us.

671
00:35:23,960 --> 00:35:26,360
Speaker 3: Well, so interesting we go back to those heady days

672
00:35:26,360 --> 00:35:29,960
Speaker 3: of twenty twenty one when people's an FT reached sixty

673
00:35:30,120 --> 00:35:32,520
Speaker 3: nine million and we all just set up and sort

674
00:35:32,560 --> 00:35:35,080
Speaker 3: of gasped, And now the world is very different.

675
00:35:35,200 --> 00:35:36,640
Speaker 4: NFT prices have plummeted.

676
00:35:36,840 --> 00:35:40,880
Speaker 3: You are all about creating value, continuing value. And when

677
00:35:40,960 --> 00:35:44,560
Speaker 3: you see companies, interestingly, what Gucci's going to be at

678
00:35:44,560 --> 00:35:48,080
Speaker 3: your event later today the summit, how are brands thinking

679
00:35:48,239 --> 00:35:51,400
Speaker 3: about web three and NFTs is something that isn't losing

680
00:35:51,440 --> 00:35:52,920
Speaker 3: value but can actually build loyalty.

681
00:35:53,960 --> 00:35:55,680
Speaker 12: No, I think that's a great question. I think when

682
00:35:56,120 --> 00:35:59,560
Speaker 12: people came about, I think the interest levels just styrocketed

683
00:36:00,000 --> 00:36:03,480
Speaker 12: over the last six seven nine months, they've sort of stabilized.

684
00:36:03,520 --> 00:36:06,719
Speaker 12: Whether you look at the overall crypto ecosystem, things have

685
00:36:06,760 --> 00:36:09,239
Speaker 12: stabilized at a level. Whether this is the new level

686
00:36:09,320 --> 00:36:11,319
Speaker 12: or not, I'm not the expert at it, But in

687
00:36:11,360 --> 00:36:13,359
Speaker 12: terms of brands, I think brands have found this as

688
00:36:13,400 --> 00:36:16,480
Speaker 12: a new way to engage communities, whether it's the communities

689
00:36:16,560 --> 00:36:19,360
Speaker 12: that follow artists, whether it's the communities that follow a

690
00:36:19,400 --> 00:36:22,200
Speaker 12: certain tech trend. And I think brands have to keep

691
00:36:22,239 --> 00:36:27,640
Speaker 12: themselves innovative as they have sort of evolved themselves, they

692
00:36:27,640 --> 00:36:31,520
Speaker 12: can't maintain status quos. I think this technology specifically allows

693
00:36:31,560 --> 00:36:34,080
Speaker 12: them to evolve with the trends in the market, and

694
00:36:34,120 --> 00:36:36,040
Speaker 12: that's how I see brands using them. And I think

695
00:36:36,040 --> 00:36:39,120
Speaker 12: this Gucci auction is an example where they're working directly

696
00:36:39,160 --> 00:36:44,359
Speaker 12: with artists to curate a very fashion forward sale called

697
00:36:44,360 --> 00:36:48,560
Speaker 12: future Frequencies. But artists are exploring generative art and generative

698
00:36:48,600 --> 00:36:50,600
Speaker 12: AI and as it would apply to fashion, so I

699
00:36:50,640 --> 00:36:53,040
Speaker 12: think the intersection is quite interesting there.

700
00:36:53,440 --> 00:36:57,359
Speaker 3: Let's talk about that the generative AI element, because well,

701
00:36:57,360 --> 00:36:59,239
Speaker 3: it must is also as much as there's interest, there

702
00:36:59,280 --> 00:37:00,480
Speaker 3: must be quite a bit of fear.

703
00:37:01,320 --> 00:37:03,760
Speaker 4: We think of people worrying about copyright.

704
00:37:03,840 --> 00:37:06,759
Speaker 3: We think about artists and authors and those that are

705
00:37:06,760 --> 00:37:11,279
Speaker 3: creating ultimately worried about or the democratization of their workspace.

706
00:37:11,320 --> 00:37:13,040
Speaker 4: How is this something that Christie is thinking.

707
00:37:13,920 --> 00:37:15,520
Speaker 12: No, I think that's also a great question. I think

708
00:37:15,600 --> 00:37:17,600
Speaker 12: the way I see it and the way where Christie

709
00:37:17,640 --> 00:37:20,200
Speaker 12: see it, as any new technologies, it's going to come

710
00:37:20,200 --> 00:37:22,520
Speaker 12: with its sort of learning cycle. Now it's going to

711
00:37:22,520 --> 00:37:24,319
Speaker 12: come with its own sort of interest cycle, but then

712
00:37:24,360 --> 00:37:28,840
Speaker 12: it's learning cycle. So we see as our role being

713
00:37:29,280 --> 00:37:34,560
Speaker 12: the sort of neutral party that brings together academics, regulators, artists, technologists,

714
00:37:34,600 --> 00:37:37,240
Speaker 12: business leaders at this conference. Again, I'll do a plug

715
00:37:37,239 --> 00:37:39,240
Speaker 12: for the conference. The reason we do this is because

716
00:37:39,280 --> 00:37:42,040
Speaker 12: no one alone is going to solve any of these challenges,

717
00:37:42,080 --> 00:37:45,440
Speaker 12: whether it's hallucination of AI or whether it's the ethics

718
00:37:45,480 --> 00:37:49,719
Speaker 12: around using other people's sort of content. I think with AI,

719
00:37:49,800 --> 00:37:53,680
Speaker 12: specifically to your question, I see it as augmenting intelligence

720
00:37:53,760 --> 00:37:57,600
Speaker 12: rather than artificially replacing intelligence. I think that's where I

721
00:37:57,600 --> 00:38:01,759
Speaker 12: think improving the productivity of creator as well as other

722
00:38:01,880 --> 00:38:04,920
Speaker 12: human beings is where I SEEI fitting in and that's

723
00:38:04,920 --> 00:38:07,440
Speaker 12: sort of the theme of the two days, like how

724
00:38:07,440 --> 00:38:10,200
Speaker 12: does some of these technology applied artists lives.

725
00:38:10,120 --> 00:38:13,000
Speaker 3: Less than a minute left the bank? The companies you

726
00:38:13,080 --> 00:38:15,719
Speaker 3: invest in, why are they being built? How international are you?

727
00:38:16,560 --> 00:38:16,719
Speaker 2: Yeah?

728
00:38:16,760 --> 00:38:20,120
Speaker 12: I know we have companies from Vancouver, Canada to Australia,

729
00:38:20,160 --> 00:38:22,600
Speaker 12: so we're covering the entire spectral of the globe.

730
00:38:23,320 --> 00:38:25,000
Speaker 3: Great to have some time with you. I'll catch up

731
00:38:25,040 --> 00:38:27,960
Speaker 3: with you later. Devang Thacker, of course, Christie's venture global head.

732
00:38:28,320 --> 00:38:31,359
Speaker 3: Talking about that key art and tech summit right here

733
00:38:31,360 --> 00:38:31,799
Speaker 3: in New York.

734
00:38:39,880 --> 00:38:43,000
Speaker 8: I'm really excited about bringing something new and fresh to

735
00:38:43,040 --> 00:38:46,479
Speaker 8: the product on a global scale and something that would

736
00:38:46,480 --> 00:38:49,880
Speaker 8: allow me to take all my growth technoledge to growth

737
00:38:49,880 --> 00:38:53,280
Speaker 8: tech experience excuse me and knowledge and then have meaningful

738
00:38:53,360 --> 00:38:56,640
Speaker 8: outcomes for global health.

739
00:38:58,800 --> 00:39:01,279
Speaker 3: CEO of WW earlier in the show, just discussing the

740
00:39:01,320 --> 00:39:04,200
Speaker 3: steps they're taking to modernize weight Watchers the business.

741
00:39:04,680 --> 00:39:05,880
Speaker 4: So I stay in the world.

742
00:39:05,640 --> 00:39:11,160
Speaker 3: Of health technology have been preventative health company vow leverage

743
00:39:11,200 --> 00:39:14,960
Speaker 3: is artificial intelligence to obtain insights derived from unique micro

744
00:39:15,719 --> 00:39:18,840
Speaker 3: file as well as human gene expressions. Now this is

745
00:39:18,880 --> 00:39:22,760
Speaker 3: translated into health schools personalized health recommendations for customers.

746
00:39:22,840 --> 00:39:24,200
Speaker 4: We understand now, I pleased.

747
00:39:23,960 --> 00:39:27,040
Speaker 3: To say, Navien Jane, here's Voom founder, once an early

748
00:39:27,080 --> 00:39:30,600
Speaker 3: employee of Microsoft, well has founded several companies.

749
00:39:30,719 --> 00:39:32,360
Speaker 4: You can come to us with VM today.

750
00:39:32,440 --> 00:39:36,080
Speaker 3: And what's so interesting is how microbiole as well as

751
00:39:36,160 --> 00:39:40,200
Speaker 3: human gene expressions can be identified in an at home test.

752
00:39:40,560 --> 00:39:42,120
Speaker 4: So what is it that you're offering and why is

753
00:39:42,160 --> 00:39:42,920
Speaker 4: it differents?

754
00:39:42,960 --> 00:39:45,600
Speaker 13: First all, Caroline, you know that the care that you

755
00:39:45,600 --> 00:39:47,920
Speaker 13: know our health has been always delivered at the hospital.

756
00:39:48,080 --> 00:39:50,400
Speaker 13: But I think the future of healthcare is going to

757
00:39:50,400 --> 00:39:53,960
Speaker 13: be delivered at home. In the medicines of the futures

758
00:39:53,960 --> 00:39:56,239
Speaker 13: are going to come from a farm, not a pharmacy.

759
00:39:56,360 --> 00:39:58,399
Speaker 13: So what we do at WYOM is give you at

760
00:39:58,440 --> 00:40:02,920
Speaker 13: home tests. With a simple split off your saliva, fingerprick blood,

761
00:40:02,920 --> 00:40:04,920
Speaker 13: and a touch of your stool, you are able to

762
00:40:04,960 --> 00:40:08,360
Speaker 13: analyze everything that's happening in your gut, in your mouth,

763
00:40:08,440 --> 00:40:11,799
Speaker 13: and all over your body, all the inflammation market. We

764
00:40:11,880 --> 00:40:15,680
Speaker 13: can tell you your biological age, your cognitive health, your

765
00:40:15,719 --> 00:40:18,480
Speaker 13: heart healths, your gut health, your oral health, and then

766
00:40:18,480 --> 00:40:21,680
Speaker 13: we can tell you exactly what foods you should eat

767
00:40:21,880 --> 00:40:25,560
Speaker 13: and why, what food you should avoid and why? And

768
00:40:25,640 --> 00:40:27,600
Speaker 13: what turns out that there is no such thing as

769
00:40:27,680 --> 00:40:30,959
Speaker 13: universal healthy food. So many of us eat spinach and kale.

770
00:40:31,040 --> 00:40:32,719
Speaker 13: We hate it, but we eat it because it's good

771
00:40:32,719 --> 00:40:35,280
Speaker 13: for us. Well, it turns out half of us actually

772
00:40:35,280 --> 00:40:37,720
Speaker 13: are harmed by that. So if you have you cannot

773
00:40:37,719 --> 00:40:40,680
Speaker 13: digest oxolate, you should be eating spinach.

774
00:40:40,880 --> 00:40:42,480
Speaker 4: And if you cannot.

775
00:40:42,280 --> 00:40:45,160
Speaker 13: Digest you have high sulfide production, then you should be

776
00:40:45,200 --> 00:40:49,400
Speaker 13: eating broccoli or avocado if you have high uric acid production.

777
00:40:49,680 --> 00:40:54,359
Speaker 13: So literally every person has a unique microbiome thirty nine

778
00:40:54,440 --> 00:40:57,640
Speaker 13: trillion living in our gut, one hundred trillion all over

779
00:40:57,680 --> 00:41:01,440
Speaker 13: our body, inside our mouth, inside our nose. These microbes

780
00:41:01,560 --> 00:41:05,759
Speaker 13: work with us as human hosts, and we outsource many

781
00:41:05,840 --> 00:41:08,240
Speaker 13: of the functions to them. So when we eat food,

782
00:41:08,400 --> 00:41:11,120
Speaker 13: they digest the food for us, and in turn they

783
00:41:11,120 --> 00:41:13,719
Speaker 13: release the nutrients. So what we do is, after you

784
00:41:13,760 --> 00:41:15,520
Speaker 13: do at home tests, we tell you what's happening in

785
00:41:15,560 --> 00:41:17,839
Speaker 13: the body. We tell you what foods are good for you,

786
00:41:18,000 --> 00:41:20,640
Speaker 13: and these are not forever. Every six months when you

787
00:41:20,640 --> 00:41:23,360
Speaker 13: do a retest, the foods that were bad again yes.

788
00:41:23,640 --> 00:41:25,080
Speaker 13: And by the way, it's like you know, people say,

789
00:41:25,239 --> 00:41:27,640
Speaker 13: how long do I have to do that. It's like asking,

790
00:41:27,880 --> 00:41:29,600
Speaker 13: well I worked out about a year ago, do I

791
00:41:29,640 --> 00:41:30,520
Speaker 13: have to work out again?

792
00:41:31,000 --> 00:41:31,120
Speaker 2: Well?

793
00:41:31,160 --> 00:41:32,960
Speaker 4: How much we know? How much in subscription?

794
00:41:33,160 --> 00:41:33,279
Speaker 5: Is?

795
00:41:33,520 --> 00:41:35,480
Speaker 4: How much is one of your tests?

796
00:41:35,480 --> 00:41:37,520
Speaker 3: And if you're doing it repeatedly over six months.

797
00:41:37,560 --> 00:41:39,680
Speaker 13: So first of all, you know our cost just about

798
00:41:39,760 --> 00:41:42,120
Speaker 13: you know, five years ago was one thousand dollars now

799
00:41:42,200 --> 00:41:45,200
Speaker 13: just come down to ninety nine dollars and we literally sell.

800
00:41:45,040 --> 00:41:45,640
Speaker 4: Them at cost.

801
00:41:45,880 --> 00:41:49,240
Speaker 13: So our tests, three of them, saliva, blood and stood

802
00:41:49,280 --> 00:41:51,680
Speaker 13: all combined are for two hundred and ninety nine dollars.

803
00:41:51,760 --> 00:41:54,640
Speaker 3: Right, So if you're selling a cost, whereas the money

804
00:41:54,719 --> 00:41:57,400
Speaker 3: for you, I know that you're using altificial intelligence for example,

805
00:41:57,400 --> 00:41:59,759
Speaker 3: to drive the platform is about economies of scale.

806
00:42:00,040 --> 00:42:02,080
Speaker 13: Things is first of all is economies of his skill

807
00:42:02,120 --> 00:42:05,640
Speaker 13: and secondly that amount of information. So we have now

808
00:42:05,719 --> 00:42:09,919
Speaker 13: collected over seven hundred and fifty trillion data points from

809
00:42:10,040 --> 00:42:13,799
Speaker 13: six hundred thousand plus samples. That allows us now to

810
00:42:13,920 --> 00:42:17,359
Speaker 13: diagnose early stage cancer. So for example, with a spit

811
00:42:17,400 --> 00:42:20,319
Speaker 13: of a tube, just we can diagnose a stage one

812
00:42:20,440 --> 00:42:22,160
Speaker 13: cancer in your mouth or throat.

813
00:42:22,360 --> 00:42:23,480
Speaker 4: And we received.

814
00:42:23,280 --> 00:42:28,360
Speaker 13: FDA Breakthrough Device designation for accelerated approval that for stage

815
00:42:28,400 --> 00:42:33,040
Speaker 13: one cancer ninety percent sensitivity, ninety five percent specificity.

816
00:42:33,160 --> 00:42:35,000
Speaker 4: Never heard of it like that of God thirty seconds.

817
00:42:35,000 --> 00:42:38,080
Speaker 3: But I think a prenativer scans, it's all about how

818
00:42:38,120 --> 00:42:39,760
Speaker 3: you deal with that from a mental perspective.

819
00:42:39,800 --> 00:42:41,839
Speaker 13: How do you so first of all, is that not

820
00:42:41,920 --> 00:42:44,840
Speaker 13: only you get to know what's happening, but you're able

821
00:42:44,880 --> 00:42:47,400
Speaker 13: to deal with it because we are measuring your gene expression,

822
00:42:47,560 --> 00:42:49,440
Speaker 13: so we can tell you the foods and by the way,

823
00:42:49,480 --> 00:42:52,200
Speaker 13: we custom make the supplements for each individual, so we

824
00:42:52,280 --> 00:42:55,040
Speaker 13: tell you what nutrients you need, and we literally make

825
00:42:55,080 --> 00:42:56,879
Speaker 13: the powder and put them in a capsule and send

826
00:42:56,920 --> 00:42:59,520
Speaker 13: it to you. So everything is made for you, made

827
00:42:59,520 --> 00:43:02,560
Speaker 13: for it, for your human biology and everything you do.

828
00:43:02,719 --> 00:43:06,160
Speaker 13: We have shown the efficacy that your depression, anxiety, you know,

829
00:43:06,480 --> 00:43:08,680
Speaker 13: acony and all those things actually.

830
00:43:08,280 --> 00:43:08,959
Speaker 2: Do get better.

831
00:43:09,600 --> 00:43:12,960
Speaker 3: So individualized leaving Jane all the energy. If I am founder,

832
00:43:13,000 --> 00:43:14,120
Speaker 3: we thank you for joining us.

833
00:43:14,280 --> 00:43:16,360
Speaker 4: That does it. From this edition of boom Back Technology