WEBVTT - Is London Losing Its Edge as a Global Tech Hub?

0:00:02.560 --> 0:00:19.120
<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News. Welcome to in the City.

0:00:19.200 --> 0:00:21.880
<v Speaker 1>Each week we unpack a story that's crucial to the

0:00:21.880 --> 0:00:26.239
<v Speaker 1>world's financial capitals and Francin Lacua Now. London has long

0:00:26.320 --> 0:00:29.120
<v Speaker 1>prided itself on being a global tech hub, but that

0:00:29.160 --> 0:00:32.760
<v Speaker 1>reputation is starting to falter. Revolute, for example, is considering

0:00:32.800 --> 0:00:35.400
<v Speaker 1>a listing in New York, pointing to low valuations and

0:00:35.520 --> 0:00:39.400
<v Speaker 1>limited liquidity in the UK market. Meanwhile, Wise, the twelve

0:00:39.560 --> 0:00:43.600
<v Speaker 1>billion pound money transfer company is shifting its primary listing

0:00:43.600 --> 0:00:47.320
<v Speaker 1>to the US. So these developments are flashing warning signs

0:00:47.320 --> 0:00:50.920
<v Speaker 1>for British lawmakers, but also raising serious questions about London's

0:00:51.000 --> 0:00:55.200
<v Speaker 1>ambitions as a tech capital. Welcome to the City of London,

0:00:55.240 --> 0:00:56.240
<v Speaker 1>The City of the City.

0:00:56.160 --> 0:01:01.320
<v Speaker 2>The City of London Bank. We need mind the gap

0:01:01.520 --> 0:01:09.920
<v Speaker 2>between the tram and the financial hearts of the country,

0:01:10.440 --> 0:01:11.720
<v Speaker 2>the City, the City.

0:01:12.120 --> 0:01:17.840
<v Speaker 3>Welcome to in the City, stand care of the doors.

0:01:19.319 --> 0:01:22.280
<v Speaker 1>In this episode, we'll dig into what's behind the shift

0:01:22.360 --> 0:01:24.960
<v Speaker 1>and why some of the UK's leading fintech firms are

0:01:25.000 --> 0:01:27.959
<v Speaker 1>turning away from London while the city keeps pushing this

0:01:28.040 --> 0:01:31.160
<v Speaker 1>image of itself as a booming tech capital. Well to

0:01:31.200 --> 0:01:33.360
<v Speaker 1>help us unpack it all. I'm delighted to be joined

0:01:33.360 --> 0:01:36.880
<v Speaker 1>by Amy Thompson, Bloomberg's tech team leader for ea AM.

0:01:37.000 --> 0:01:38.840
<v Speaker 1>I'm so happy you're here to make sense of all

0:01:38.840 --> 0:01:39.080
<v Speaker 1>of this.

0:01:39.520 --> 0:01:40.440
<v Speaker 3>Hi, thanks for having me.

0:01:40.720 --> 0:01:42.880
<v Speaker 1>How's the UK doing. We're in the middle of London

0:01:42.920 --> 0:01:44.880
<v Speaker 1>Tech Week. Last week for the first time we had

0:01:44.880 --> 0:01:48.280
<v Speaker 1>south By Southwest who had pretty cool speakers. It generated

0:01:48.280 --> 0:01:51.440
<v Speaker 1>a little bit of a buzz. But is it attracting money?

0:01:51.880 --> 0:01:56.280
<v Speaker 3>I mean, London as a tech hub in Europe is

0:01:56.320 --> 0:01:59.760
<v Speaker 3>still the biggest. It's still where you should be if

0:01:59.760 --> 0:02:01.640
<v Speaker 3>you're startup or scale up in Europe. So where the

0:02:01.720 --> 0:02:04.720
<v Speaker 3>venture capital money is, where the private equity capital is

0:02:05.080 --> 0:02:08.440
<v Speaker 3>so yes. But as far as tech conferences go, there

0:02:08.560 --> 0:02:11.040
<v Speaker 3>is the long standing rivalry between London Tech Week and

0:02:11.120 --> 0:02:14.360
<v Speaker 3>Viva Tech, which kicks off on Thursday. So I think

0:02:14.400 --> 0:02:16.799
<v Speaker 3>it'll be interesting to compare the buzz between the two.

0:02:16.800 --> 0:02:19.160
<v Speaker 1>This year I moderated a couple things at south By

0:02:19.200 --> 0:02:21.440
<v Speaker 1>Southwest and people are saying, where are you from? Are

0:02:21.440 --> 0:02:24.639
<v Speaker 1>you from London? Is there a correlation between like conferences

0:02:24.639 --> 0:02:26.920
<v Speaker 1>and attracting money or is it just because people like

0:02:26.960 --> 0:02:29.400
<v Speaker 1>to come to London because London has a good infrastructure

0:02:29.760 --> 0:02:31.680
<v Speaker 1>and again, it creates a buzz, but there's not necessarily

0:02:31.680 --> 0:02:33.240
<v Speaker 1>capital being deployed on the back of that.

0:02:33.840 --> 0:02:36.840
<v Speaker 3>Oh that's tricky. I mean, I think the London conferences

0:02:36.960 --> 0:02:39.679
<v Speaker 3>will have the Like you said, the big London vidtechs

0:02:39.880 --> 0:02:42.119
<v Speaker 3>more likely to show up. But for what it's worth,

0:02:42.200 --> 0:02:45.240
<v Speaker 3>Viva Tech seems to be the buzzier, the buzzier show.

0:02:45.400 --> 0:02:47.480
<v Speaker 3>I think they had Elon Musks show up last year.

0:02:48.080 --> 0:02:50.520
<v Speaker 3>Jensen Wang heereed at London Tech Week on Monday, but

0:02:50.560 --> 0:02:53.560
<v Speaker 3>he's going to be at Viva Tech again on Thursday,

0:02:53.600 --> 0:02:56.320
<v Speaker 3>and that's where Nvidia is also having it's its own

0:02:56.360 --> 0:02:59.240
<v Speaker 3>meeting on the sidelines. We've got a lot of Open

0:02:59.240 --> 0:03:01.960
<v Speaker 3>Eye executives going to VivaTech, so that seems to be

0:03:02.120 --> 0:03:03.600
<v Speaker 3>drawing more of the international crowd.

0:03:03.960 --> 0:03:05.960
<v Speaker 1>Is it a good bad thing that Elon Musk doesn't

0:03:06.000 --> 0:03:09.800
<v Speaker 1>come to London. He's been so vocally against UK regulations

0:03:09.840 --> 0:03:12.799
<v Speaker 1>some of the things that the UK has been doing,

0:03:12.840 --> 0:03:15.920
<v Speaker 1>also for hate messages online. I mean he's a little

0:03:15.919 --> 0:03:16.920
<v Speaker 1>bit obsessed with the UK.

0:03:17.560 --> 0:03:20.880
<v Speaker 3>Yeah, a lot of the online safety legislation that's come

0:03:20.919 --> 0:03:25.320
<v Speaker 3>out in the UK has made x for example, pretty vulnerable.

0:03:25.880 --> 0:03:29.360
<v Speaker 3>But that said, he's no fan of European regulations either.

0:03:29.520 --> 0:03:31.480
<v Speaker 3>So I'd like to think we're equally in the doghouse

0:03:31.520 --> 0:03:32.640
<v Speaker 3>when it comes to Elon Musk.

0:03:33.000 --> 0:03:36.520
<v Speaker 1>You mentioned the Nvidia CEO. He's the person at the

0:03:36.520 --> 0:03:38.680
<v Speaker 1>moment that everybody wants to speak to. He was on

0:03:38.720 --> 0:03:41.800
<v Speaker 1>stage with Cure Starmer on Monday and London Tech Week.

0:03:42.120 --> 0:03:44.760
<v Speaker 1>Were we expecting a bit of money being put to

0:03:45.200 --> 0:03:46.200
<v Speaker 1>a lot of projects.

0:03:46.280 --> 0:03:49.520
<v Speaker 3>Yeah, we had all sorts of conspiracy theories ahead of

0:03:49.800 --> 0:03:54.480
<v Speaker 3>Jensen's adherence. Don't think that money was on skills up.

0:03:54.600 --> 0:03:57.120
<v Speaker 3>I think maybe we're hoping for an enormous data center

0:03:57.200 --> 0:03:59.080
<v Speaker 3>or something like that. But you know, his interest in

0:03:59.080 --> 0:04:02.640
<v Speaker 3>the UK is nice, he called us. I think gordilux

0:04:03.360 --> 0:04:06.880
<v Speaker 3>circumstance between these two ideas that you're rich with great

0:04:06.880 --> 0:04:07.840
<v Speaker 3>computer scientists.

0:04:08.120 --> 0:04:13.240
<v Speaker 2>It's a fantastic place for vcs to invest. The ecosystem

0:04:13.360 --> 0:04:16.440
<v Speaker 2>is really perfect for takeoff.

0:04:16.800 --> 0:04:19.400
<v Speaker 3>We've got the companies, we've got the people, we've got

0:04:19.440 --> 0:04:23.400
<v Speaker 3>the universities, just don't have the compute. And then Cure

0:04:23.400 --> 0:04:27.440
<v Speaker 3>Starmer announced that the country would be spending an additional

0:04:27.560 --> 0:04:29.679
<v Speaker 3>one billion pounds on Compute.

0:04:29.760 --> 0:04:33.159
<v Speaker 2>Our ambition that we are determined to be the best

0:04:33.279 --> 0:04:37.440
<v Speaker 2>state partner for tech entrepreneurs anywhere in the world. That's

0:04:37.480 --> 0:04:40.120
<v Speaker 2>the bar, that's the ambition that I've set for my government,

0:04:40.960 --> 0:04:44.640
<v Speaker 2>and so on that front, I can announce today also

0:04:44.839 --> 0:04:47.520
<v Speaker 2>that we're committing an extra one billion pounds worth of

0:04:47.560 --> 0:04:51.520
<v Speaker 2>funding to scale up our compute power by a factor

0:04:51.839 --> 0:04:54.880
<v Speaker 2>of twenty. Now, you know how important that.

0:04:55.000 --> 0:04:57.000
<v Speaker 3>I don't know if this is fair, but I couldn't

0:04:57.000 --> 0:05:00.919
<v Speaker 3>help but think at the moment of the five hundred

0:05:00.960 --> 0:05:04.360
<v Speaker 3>billion that the US was just talking about, or you know,

0:05:04.480 --> 0:05:06.320
<v Speaker 3>the UAE saying that it was going to build a

0:05:06.320 --> 0:05:08.359
<v Speaker 3>five gigawat data center, which could easily be in the

0:05:08.400 --> 0:05:11.960
<v Speaker 3>tens of billions, and who knows if we'll ever see

0:05:12.000 --> 0:05:14.960
<v Speaker 3>like those numbers realized. But a billion pounds at a

0:05:15.000 --> 0:05:17.440
<v Speaker 3>moment like this, I think that's a little deflated.

0:05:17.640 --> 0:05:21.040
<v Speaker 1>Is this government really committed to putting tech and AI

0:05:21.120 --> 0:05:21.920
<v Speaker 1>as a priority?

0:05:22.760 --> 0:05:24.360
<v Speaker 3>I mean, it's hard to tell. We were talking a

0:05:24.400 --> 0:05:28.200
<v Speaker 3>little bit more about how the one billion AI pledge

0:05:28.240 --> 0:05:32.040
<v Speaker 3>sounds so much like the one billion semiconductor pledge under

0:05:32.040 --> 0:05:35.719
<v Speaker 3>the SUNet government, and how that felt very too little,

0:05:35.800 --> 0:05:39.360
<v Speaker 3>too late, and this feels very much the same. So

0:05:39.520 --> 0:05:41.560
<v Speaker 3>it is it is a problem of a government that

0:05:41.600 --> 0:05:44.440
<v Speaker 3>doesn't necessarily have a huge budget for this sort of thing,

0:05:44.960 --> 0:05:47.640
<v Speaker 3>doesn't have a lot of giant companies that are coming

0:05:48.440 --> 0:05:50.680
<v Speaker 3>to sort of pledge money to sort of placate a

0:05:50.720 --> 0:05:54.200
<v Speaker 3>Trump figure, for example, doesn't really have that kind of

0:05:54.400 --> 0:05:59.080
<v Speaker 3>pull trying to create an ecosystem around some of these companies.

0:05:59.480 --> 0:06:02.359
<v Speaker 1>I mean, what makes actually a great center for tech

0:06:02.480 --> 0:06:05.400
<v Speaker 1>because you need the infrastructure, you need the power, you

0:06:05.440 --> 0:06:08.760
<v Speaker 1>need the programmers. At the moment, yeah, is also a

0:06:08.760 --> 0:06:12.640
<v Speaker 1>lot of money being spent without knowing yet who comes top, right,

0:06:12.680 --> 0:06:15.039
<v Speaker 1>So you can't really tell the winner. Will you have

0:06:15.120 --> 0:06:17.640
<v Speaker 1>a winner takes all in tech? You know, is there

0:06:17.640 --> 0:06:19.520
<v Speaker 1>a chance that they're based in London or does it

0:06:19.560 --> 0:06:20.000
<v Speaker 1>not matter?

0:06:20.279 --> 0:06:23.200
<v Speaker 3>I mean, as far as the AI race is concerned,

0:06:23.360 --> 0:06:25.640
<v Speaker 3>I don't think the companies really care where they're based.

0:06:25.680 --> 0:06:28.080
<v Speaker 3>They just want to go where they can get the compute.

0:06:28.080 --> 0:06:29.920
<v Speaker 3>They want to go where they can get the investors,

0:06:29.960 --> 0:06:33.200
<v Speaker 3>and if that's the US, which it historically is, that's

0:06:33.240 --> 0:06:36.520
<v Speaker 3>where they'll go. Because it does feel like you're going

0:06:36.560 --> 0:06:39.320
<v Speaker 3>to have a couple of giant tech companies that are

0:06:39.320 --> 0:06:43.040
<v Speaker 3>going to dominate this race. It'll be Meta and Zuckerberg's

0:06:43.080 --> 0:06:45.800
<v Speaker 3>new brain trust, It'll be open Ai and Sam Altman.

0:06:46.279 --> 0:06:48.839
<v Speaker 3>It'll be a company that can get to a scale

0:06:48.839 --> 0:06:51.360
<v Speaker 3>where everybody needs to use it and everybody needs to

0:06:51.440 --> 0:06:54.599
<v Speaker 3>have it as part of its infrastructure. And if that

0:06:54.680 --> 0:06:56.520
<v Speaker 3>can happen in the US, that's where they're going to go.

0:06:56.760 --> 0:06:58.760
<v Speaker 3>I think the only people who really care where the

0:06:58.760 --> 0:07:02.120
<v Speaker 3>headquarters are a politicians to journalists. The companies themselves are

0:07:02.160 --> 0:07:05.200
<v Speaker 3>just going to follow the resources most likely, And as

0:07:05.200 --> 0:07:07.119
<v Speaker 3>far as London goes, I think a lot of people

0:07:07.120 --> 0:07:10.400
<v Speaker 3>would agree with the Nvidia CEO that we do have

0:07:10.480 --> 0:07:13.720
<v Speaker 3>amazing universities, an amazing talent, and really cool companies that

0:07:13.800 --> 0:07:15.880
<v Speaker 3>start here. But when they get to sort of the

0:07:15.920 --> 0:07:18.360
<v Speaker 3>scale up phase, or they're thinking about a listing, or

0:07:18.640 --> 0:07:21.560
<v Speaker 3>they're ready to get really really huge, a big tech

0:07:21.560 --> 0:07:23.920
<v Speaker 3>company buys them, or they move their headquarters to the US.

0:07:24.120 --> 0:07:26.440
<v Speaker 3>They've listed here, they move their listing to the US

0:07:26.720 --> 0:07:28.400
<v Speaker 3>just because that's where the investment.

0:07:28.040 --> 0:07:30.520
<v Speaker 1>Is the US. Is it just because they have more

0:07:30.520 --> 0:07:32.800
<v Speaker 1>liquid capital markets? So is it a problem of the

0:07:32.840 --> 0:07:37.239
<v Speaker 1>stock exchange and courses instead of a politicians problem?

0:07:37.800 --> 0:07:39.800
<v Speaker 3>Yeah, there's definitely some of that. There was a really

0:07:39.800 --> 0:07:43.160
<v Speaker 3>interesting story that I was reading in Blueberg about what

0:07:43.240 --> 0:07:46.920
<v Speaker 3>happened to the IPO market and how that's affected Europe.

0:07:47.320 --> 0:07:50.520
<v Speaker 3>After COVID. There's a huge downswing in IPOs all over

0:07:50.560 --> 0:07:54.040
<v Speaker 3>the world, but particularly lately in Europe. And one of

0:07:54.120 --> 0:07:58.120
<v Speaker 3>the things we're arguing is that IPOs sort of get IPOs.

0:07:58.480 --> 0:08:00.720
<v Speaker 3>You have a lot of high profile listing thing that

0:08:00.800 --> 0:08:04.640
<v Speaker 3>attracts investors, That attracts people who are knowledgeable about your industry,

0:08:04.680 --> 0:08:06.440
<v Speaker 3>who are willing to take a bigger bet on it,

0:08:06.920 --> 0:08:08.680
<v Speaker 3>higher valuations, etc.

0:08:08.920 --> 0:08:09.120
<v Speaker 2>Etc.

0:08:09.800 --> 0:08:11.840
<v Speaker 3>So if New York is getting all of the big

0:08:11.840 --> 0:08:13.640
<v Speaker 3>tech listings, that's where all the investors are going to

0:08:13.640 --> 0:08:16.160
<v Speaker 3>be paying attention. That's where people are going to be

0:08:16.240 --> 0:08:18.400
<v Speaker 3>willing to give you a higher evaluation for your company.

0:08:18.680 --> 0:08:19.200
<v Speaker 3>I mean, we've.

0:08:19.080 --> 0:08:21.840
<v Speaker 1>Spoken with chief executives that say, look, we like London,

0:08:21.880 --> 0:08:23.480
<v Speaker 1>but actually, if you're publicly listed, you have a lot

0:08:23.520 --> 0:08:25.960
<v Speaker 1>more scrutiny on a lot of things that even if

0:08:26.000 --> 0:08:28.600
<v Speaker 1>you're transparent and you're doing fine, you may not want

0:08:28.640 --> 0:08:31.880
<v Speaker 1>to put the spotlight on regulation, I imagine is a

0:08:31.880 --> 0:08:36.160
<v Speaker 1>big concern if you're listed here. Does Trump attract tech

0:08:36.200 --> 0:08:37.839
<v Speaker 1>IPOs to the US.

0:08:38.000 --> 0:08:39.840
<v Speaker 3>I don't know if it's a Trump thing. It's just

0:08:40.080 --> 0:08:42.280
<v Speaker 3>historically the US has been where you go to list

0:08:42.280 --> 0:08:44.240
<v Speaker 3>if you're a tech company, because that's for the investor

0:08:44.280 --> 0:08:48.120
<v Speaker 3>base is I think there is definitely a conversation about

0:08:48.800 --> 0:08:51.200
<v Speaker 3>whether some companies are going to bother listing at all

0:08:51.360 --> 0:08:54.520
<v Speaker 3>these days, especially with the IPO market having been solo

0:08:54.679 --> 0:08:57.679
<v Speaker 3>for so long. There's a lot more private capital at

0:08:57.720 --> 0:09:01.800
<v Speaker 3>work now, so it's possible opening is massive and they're

0:09:01.800 --> 0:09:04.040
<v Speaker 3>not public, they haven't needed to go to the public markets,

0:09:04.640 --> 0:09:06.640
<v Speaker 3>so I think that might be the other side of

0:09:06.640 --> 0:09:09.520
<v Speaker 3>the argument. I don't really think that the regulations have

0:09:09.640 --> 0:09:12.320
<v Speaker 3>changed so much under Trump and under the new EU

0:09:12.360 --> 0:09:15.400
<v Speaker 3>administration that it would sway anybody one way or the other.

0:09:16.000 --> 0:09:17.560
<v Speaker 1>If you don't want to go public, you're you know,

0:09:17.600 --> 0:09:20.520
<v Speaker 1>either get bought by private equity, or you get bought

0:09:20.600 --> 0:09:23.760
<v Speaker 1>by a big tech company, or you're flying solo in private.

0:09:24.040 --> 0:09:26.480
<v Speaker 1>Do you see a preference from chief executives or does

0:09:26.520 --> 0:09:28.280
<v Speaker 1>it really depend on the space you operate in.

0:09:28.800 --> 0:09:31.040
<v Speaker 3>I think it depends on the space. You've had. Sort

0:09:31.040 --> 0:09:33.760
<v Speaker 3>of mid sized companies tend to get folded into the

0:09:33.760 --> 0:09:37.120
<v Speaker 3>bigger tech companies, like we've read about Qualcom buying one

0:09:37.120 --> 0:09:39.920
<v Speaker 3>of our London listed tech companies, Alpha Wave. They make

0:09:40.080 --> 0:09:43.800
<v Speaker 3>semiconductor technology that's particularly useful for AI and data centers,

0:09:43.800 --> 0:09:46.080
<v Speaker 3>which is really hot right now, and Qualcom's obviously been

0:09:46.080 --> 0:09:48.120
<v Speaker 3>interested in it. So you have sort of the big

0:09:48.160 --> 0:09:50.640
<v Speaker 3>tech coming and swooping in and buying you out. But

0:09:50.760 --> 0:09:54.199
<v Speaker 3>also there are huge pools of capital. You've got money

0:09:54.200 --> 0:09:57.080
<v Speaker 3>coming out of DAE for example, Saudi funds that are

0:09:57.120 --> 0:10:00.280
<v Speaker 3>just focused on AI and tech that are worth tens

0:10:00.280 --> 0:10:02.760
<v Speaker 3>of billions, so you know there's money to be had

0:10:02.800 --> 0:10:05.000
<v Speaker 3>and you can still keep control of your company and

0:10:05.160 --> 0:10:07.520
<v Speaker 3>not necessarily do a financial report every quarter.

0:10:08.120 --> 0:10:12.000
<v Speaker 1>Who's London's biggest rival for the tech scene? Definitely the US?

0:10:12.080 --> 0:10:14.000
<v Speaker 1>Or is there a European We talked a lot about

0:10:14.040 --> 0:10:16.560
<v Speaker 1>viv Tech in Paris. You were telling me also Germany

0:10:16.760 --> 0:10:20.040
<v Speaker 1>has some really cool startups, but are they big enough or.

0:10:20.679 --> 0:10:23.800
<v Speaker 3>Yeah, I mean, as far as buzz I guess we're talking.

0:10:24.240 --> 0:10:28.000
<v Speaker 3>The US and China are on a different scale. Who's

0:10:28.040 --> 0:10:31.079
<v Speaker 3>on the same playing field as London? I'd say probably

0:10:31.240 --> 0:10:34.160
<v Speaker 3>France and Germany are doing some really cool things in

0:10:34.200 --> 0:10:37.240
<v Speaker 3>tech right now. We just put out a list of

0:10:37.480 --> 0:10:40.880
<v Speaker 3>twenty five European startups with Founders Forum that went out

0:10:40.880 --> 0:10:43.600
<v Speaker 3>earlier this week and saw people from all over Europe,

0:10:43.600 --> 0:10:46.120
<v Speaker 3>but a lot of the concentration was UK, France and Germany.

0:10:46.640 --> 0:10:48.600
<v Speaker 1>What are you most excited about. Is there a space

0:10:48.679 --> 0:10:51.960
<v Speaker 1>in tech that you think has been overlooked that is

0:10:52.000 --> 0:10:53.280
<v Speaker 1>crucial to getting it done.

0:10:53.760 --> 0:10:54.080
<v Speaker 2>Yeah.

0:10:54.160 --> 0:10:56.440
<v Speaker 3>I think one of the really interesting spaces for Europe

0:10:56.480 --> 0:10:58.960
<v Speaker 3>right now is defense tech. So if you look at

0:10:58.960 --> 0:11:01.360
<v Speaker 3>a company like Helsing, they're never going to go to

0:11:01.440 --> 0:11:05.160
<v Speaker 3>the US because part of their selling point is sovereignty

0:11:05.720 --> 0:11:07.760
<v Speaker 3>and that's become so important now because of the way

0:11:07.800 --> 0:11:11.000
<v Speaker 3>the geopolitics are changing in Europe. They're attracting a lot

0:11:11.000 --> 0:11:14.480
<v Speaker 3>of investment, a lot of interest. Their drones are used

0:11:14.480 --> 0:11:17.360
<v Speaker 3>in Ukraine. I think they have agreements with the German government.

0:11:17.920 --> 0:11:21.960
<v Speaker 3>So companies that can help Europe meet its goals of

0:11:22.120 --> 0:11:26.000
<v Speaker 3>becoming more independent, taking more control over their own defense

0:11:26.120 --> 0:11:28.400
<v Speaker 3>I think will be really really interesting to watch this year.

0:11:29.200 --> 0:11:30.719
<v Speaker 1>Amy, thank you so much for joining us.

0:11:30.880 --> 0:11:37.160
<v Speaker 3>Thanks very much, thanks.

0:11:36.880 --> 0:11:39.280
<v Speaker 1>For listening to this episode of In the City from Bloomberg.

0:11:39.600 --> 0:11:42.200
<v Speaker 1>This episode was hosted by me Francin Laquin. It was

0:11:42.200 --> 0:11:46.360
<v Speaker 1>produced by Summersaudi Mosses and and Tala Maddi. Brendan Francis

0:11:46.440 --> 0:11:49.800
<v Speaker 1>Newnham is our executive producer. Special thanks to Amy Thompson,

0:11:50.080 --> 0:12:02.120
<v Speaker 1>Please subscribe, write and review wherever you listen to podcasts.