WEBVTT - Trump’s Crypto Impact, Palantir’s Karp Calls for AI-Driven Reform 0:00:02.520 --> 0:00:09.760 Bloomberg Audio Studios, podcasts, radio news from the heart of 0:00:09.840 --> 0:00:15.560 where innovation, money and power collide in Silicon Valley and beyond. 0:00:16.000 --> 0:00:21.239 This is Bloomberg Technology with Caroline Hyde and Ed Luvelow. 0:00:36.040 --> 0:00:36.920 Live from New York. 0:00:37.000 --> 0:00:41.160 I'm Katie Greifeld and I'm Jackie Devallis in Washington. This 0:00:41.280 --> 0:00:42.440 is Bloomberg Technology. 0:00:42.920 --> 0:00:43.480 Coming up. 0:00:43.600 --> 0:00:47.360 Big tech shares rebound as US stocks see some relief 0:00:47.400 --> 0:00:51.680 from tariff tensions that have shaken global markets and rattled consumers. 0:00:52.040 --> 0:00:55.160 Plus a conversation with the CEO of Palenteer as the 0:00:55.160 --> 0:00:59.639 company announces new partnerships to make American manufacturing more efficient 0:01:00.160 --> 0:01:03.520 and earning season is not over. We'll sit down with 0:01:03.560 --> 0:01:07.640 the CEOs of Rubric and DocuSign following their results. 0:01:07.840 --> 0:01:10.320 Take a look at what's driving today's action. You have 0:01:10.360 --> 0:01:12.480 two names that really stand out to me. I'm taking 0:01:12.480 --> 0:01:14.640 a look at Tesla and I'm taking a look at Nvidia. 0:01:14.720 --> 0:01:17.200 Tesla shares up about two percent right now. We know 0:01:17.240 --> 0:01:19.480 that Tehla really has been in the hurt locker for 0:01:19.640 --> 0:01:22.080 much of twenty twenty five, but seeing a little bit 0:01:22.080 --> 0:01:25.039 of a rebound on this Friday in Nvidia is your 0:01:25.080 --> 0:01:27.400 biggest gainer on a points basis when it comes to 0:01:27.440 --> 0:01:29.680 the S and P five hundred, also really helping out 0:01:29.840 --> 0:01:32.560 the NASAQ one hundred right now in Vidia shares hire 0:01:32.600 --> 0:01:34.199 by about four percent right. 0:01:34.080 --> 0:01:37.800 Now, Jackie, Let's get to all of this with Bloomberg's 0:01:37.880 --> 0:01:42.679 Ryan Blastelica. Ryan, help us understand this roller coaster, because 0:01:42.720 --> 0:01:45.480 some of these mag seven names were exactly what was 0:01:45.600 --> 0:01:47.520 dragging us down earlier this week. 0:01:47.600 --> 0:01:48.320 What's changed? 0:01:49.360 --> 0:01:51.840 Hey, it's been a very vulnerable week. But some people 0:01:51.920 --> 0:01:53.960 have been really wondering, are we going to see some 0:01:54.040 --> 0:01:56.440 kind of capitulation here? Are we going to see some 0:01:56.520 --> 0:01:59.320 sort of end to the selling pressure that has been 0:01:59.360 --> 0:02:02.120 going on, you know, certainly this week, but really for 0:02:02.160 --> 0:02:03.880 the past couple of weeks, And it does seem like 0:02:04.080 --> 0:02:05.760 maybe we are starting to see a little bit of 0:02:05.760 --> 0:02:08.280 dipbuying coming in here. Some of these names have gotten 0:02:08.680 --> 0:02:11.560 very oversold by some metrics. There are still some concerns 0:02:11.560 --> 0:02:14.080 about the economic outlook. Many of these names will have 0:02:14.120 --> 0:02:17.000 some slowing growth prospects, but the growth remains above the 0:02:17.040 --> 0:02:19.080 market rate. So I think people are kind of saying, 0:02:19.240 --> 0:02:21.160 you know, these are still pretty strong companies and they 0:02:21.200 --> 0:02:22.520 might be looking to take advantage of that. 0:02:22.560 --> 0:02:25.360 Today well, Ryan, I'm curious what you're seeing as the 0:02:25.440 --> 0:02:27.960 driver when you talk to analysts, when you talk to investors, 0:02:28.000 --> 0:02:31.440 because it is still earning season, as we've been reminded of, 0:02:31.560 --> 0:02:35.120 but it feels like even good news isn't necessarily helping 0:02:35.120 --> 0:02:38.400 out these stocks when it comes to fundamentals of these 0:02:38.520 --> 0:02:42.559 actual corporate names. Is it just overall sentiment, risk, appetite, 0:02:42.639 --> 0:02:45.720 is invaluations? What is actually the catalyst of the market 0:02:45.760 --> 0:02:46.160 right now? 0:02:47.080 --> 0:02:49.280 I'd say it's really all of those things. So prior 0:02:49.320 --> 0:02:51.760 to this year, all these stocks have done extremely well. 0:02:51.960 --> 0:02:53.800 Many of them are trading at multiples that were kind 0:02:53.800 --> 0:02:56.480 of stretch relative to their history. You know, when you 0:02:56.560 --> 0:02:58.960 have a two three year rally in some of these 0:02:59.040 --> 0:03:01.160 names that took some of them up, you know, more 0:03:01.200 --> 0:03:03.440 than one hundred percent, it's a natural place for people 0:03:03.440 --> 0:03:05.800 to be wanting to take profits. When you couple that 0:03:05.960 --> 0:03:10.040 with you know, tariff uncertainty, overall economic uncertainty, you have 0:03:10.080 --> 0:03:12.560 people to sort of like shooting first and asking questions later. 0:03:12.600 --> 0:03:14.360 I don't think people have really soured on the group, 0:03:14.360 --> 0:03:16.800 but there's certainly nothing that's really continuing to push them 0:03:16.880 --> 0:03:20.520 higher from already elevated levels. Already elevated multiples. 0:03:21.800 --> 0:03:25.360 Marian, I'm curious how consumer sentiment ends up affecting tech 0:03:25.440 --> 0:03:27.520 names that are sometimes a little bit more insulated, at 0:03:27.600 --> 0:03:30.160 least like in the short term some of those swings 0:03:30.160 --> 0:03:32.920 and how people are feeling about their budgets. Is that 0:03:33.000 --> 0:03:34.680 something that we're going to see later on. 0:03:36.760 --> 0:03:39.040 I would say that you might see it most particularly 0:03:39.080 --> 0:03:41.840 with something like Apple, which is a very consumer facing name. 0:03:41.840 --> 0:03:44.440 It's a little bit less potent for say, Microsoft is 0:03:44.480 --> 0:03:46.680 more focused on the enterprise, maybe a little bit less 0:03:46.720 --> 0:03:51.480 focused for Meta and Alphabet. Obviously, there is a correlation 0:03:51.560 --> 0:03:54.080 between sort of ad spin and just overall economic growth, 0:03:54.080 --> 0:03:55.880 so it's less of a consumer story. But I do 0:03:55.920 --> 0:03:58.240 feel like if there is sort of broader uncertainty, it 0:03:58.320 --> 0:04:01.720 is likely you will see media a broader pullback here. 0:04:01.760 --> 0:04:04.320 I'm not so concerned about it from a revenue perspective, 0:04:04.360 --> 0:04:07.000 outside of companies like Apple, which has already been struggling 0:04:07.080 --> 0:04:10.440 to see pretty robust demand for its latest I phone. 0:04:10.880 --> 0:04:15.120 That's Bloomberg's Ryan Weastelica. Thank you so much for joining us. Meanwhile, 0:04:15.360 --> 0:04:19.120 Representative Biden Donalds is planning to introduce legislation today to 0:04:19.240 --> 0:04:22.880 codify an executive order that President Trump signed earlier this 0:04:23.000 --> 0:04:26.960 month which established a Strategic Bitcoin Reserve and US Digital 0:04:26.960 --> 0:04:30.920 Asset Stockpile. Passing the bill would ensure that the reserve 0:04:30.960 --> 0:04:34.479 in the stockpile could not be eliminated by future executive 0:04:34.520 --> 0:04:37.680 action from another president down the line. This would protect 0:04:37.839 --> 0:04:42.960 crypto friendly policy that President Trump has embraced, Katie. 0:04:42.600 --> 0:04:45.839 And this year, traditional finance executives have also been in 0:04:46.000 --> 0:04:49.760 versing crypto and discussing business opportunities with crypto firms. That's 0:04:49.800 --> 0:04:52.560 a shift in sentiment towards digital assets, and it was 0:04:52.560 --> 0:04:56.159 really on display at the Futures Industry conference in Florida recently. 0:04:56.320 --> 0:05:00.000 Bloomberg's Bernard Goider was at the conference joining us now, 0:05:00.240 --> 0:05:03.080 so talk us through what the mood on the ground was, 0:05:03.120 --> 0:05:05.479 because I take a look at this market, the crypto market, 0:05:05.520 --> 0:05:08.120 and outside of just today, it seems like centiment has 0:05:08.160 --> 0:05:08.840 been pretty bad. 0:05:09.120 --> 0:05:09.800 Yeah, it has. 0:05:09.920 --> 0:05:12.520 I mean, the crypto market is really kind of coming back. 0:05:12.600 --> 0:05:15.520 Winter is coming, as we say in crypto land. But 0:05:15.600 --> 0:05:18.120 I think more broadly, there's some real structural shifts in 0:05:18.160 --> 0:05:21.400 this industry that bode pretty well for the long term 0:05:21.440 --> 0:05:24.359 in terms of crypto. So the main thing was that 0:05:24.400 --> 0:05:27.920 there were so many established exchanges talking about their crypto offerings. 0:05:28.279 --> 0:05:30.400 We saw last year that growth of these ecfs come 0:05:30.440 --> 0:05:32.960 on board. Doesn't feel like that it was that long 0:05:33.000 --> 0:05:35.600 ago before, you know, we didn't even have any crypto 0:05:35.600 --> 0:05:38.600 ETF and now there's cryptodervatives people can trade. So we 0:05:38.640 --> 0:05:42.880 saw one exchange, the Singapore Exchange, of very established exchange 0:05:43.279 --> 0:05:45.360 launch looking to launch. They haven't had approval from the 0:05:45.360 --> 0:05:47.680 Singapore authorities yet, but they're trying to launch some new 0:05:47.680 --> 0:05:52.440 crypto products, perpetuals that were famously traded on FTX. So 0:05:52.560 --> 0:05:55.800 it's it's a sign that maybe the party is going to. 0:05:55.720 --> 0:05:56.480 Carry on for crypto. 0:05:57.720 --> 0:05:59.360 Bernard, I want to talk about some of the other 0:05:59.360 --> 0:06:02.160 structural change is that you alluded to just now. Prediction 0:06:02.360 --> 0:06:04.920 markets are really starting to come up in this sector, 0:06:05.200 --> 0:06:08.360 and I'm curious what you see as the impact on 0:06:08.440 --> 0:06:10.160 some of these newer players that they could have on 0:06:10.320 --> 0:06:11.680 futures markets for example. 0:06:12.120 --> 0:06:15.280 Yeah, well there's you know, markets are characterized by fear 0:06:15.400 --> 0:06:17.320 and greed, and I think we saw both of that 0:06:17.480 --> 0:06:20.400 on display. So I spoke to the CEO of Ninja Trader, 0:06:20.440 --> 0:06:23.360 one of the upcoming futures trading brokers, and they were 0:06:23.360 --> 0:06:25.800 really keen on these on these prediction market players, they're 0:06:25.839 --> 0:06:27.560 kind of saying, well, you know you can you can 0:06:27.560 --> 0:06:30.200 put a bet on the Super Bowl, you can go 0:06:30.200 --> 0:06:33.520 to a casino, you can go to a sports betting plays, 0:06:33.600 --> 0:06:35.920 or you can or you can maybe do that with futures. 0:06:35.920 --> 0:06:38.839 But we see real reservations in the regulatory community about 0:06:39.200 --> 0:06:41.960 about these kind of events contracts. And what was striking 0:06:42.120 --> 0:06:45.200 is a close ally of Donald Trump, Jeff Sprecker, who 0:06:45.279 --> 0:06:47.400 is the CEO of Ice, one of the companies we 0:06:47.400 --> 0:06:50.160 were just talking about, saying, look, we really need to 0:06:50.240 --> 0:06:54.480 draw a line between what's gambling and what's what's what's trading, 0:06:54.480 --> 0:06:57.159 what's investing, what's giving people the opportunity to hedge. And 0:06:57.440 --> 0:06:59.680 one of the areas that I mean one rule that 0:06:59.720 --> 0:07:02.200 i've basically is there if there's a ball involved, then 0:07:02.520 --> 0:07:05.479 you're probably looking at the gambling side of things rather 0:07:05.560 --> 0:07:06.840 than rather than investing. 0:07:07.360 --> 0:07:10.280 Talk us through how this conversation factors into what we're 0:07:10.320 --> 0:07:12.240 seeing in the market right now. I mean Bitcoin, it's 0:07:12.280 --> 0:07:15.040 back above eighty thousand dollars a coin, but we got 0:07:15.040 --> 0:07:17.200 below it and it feels like the halcyon days above 0:07:17.200 --> 0:07:20.880 one hundred thousand dollars per coin feel pretty distant right now. 0:07:20.920 --> 0:07:24.040 So you talk about this optimism that you're feeling when 0:07:24.080 --> 0:07:26.040 you talk to these executives and you talk to these 0:07:26.040 --> 0:07:28.880 conference attendees, but what's actually going on in markets. 0:07:29.440 --> 0:07:31.720 Well, what you've got to understand about the people at 0:07:31.720 --> 0:07:34.400 this conference is these are either futures exchange executives or 0:07:34.400 --> 0:07:37.880 their executives are proprietary trading companies. These are companies like 0:07:37.920 --> 0:07:41.040 Citadel Securities that are they make market They make money 0:07:41.040 --> 0:07:44.440 whichever way markets go. So really, you know, it's hard 0:07:44.440 --> 0:07:47.280 to the main sentiment is that there's a lot of volatility, 0:07:47.320 --> 0:07:49.840 and that volatility is great news if you're running an exchange, 0:07:50.080 --> 0:07:53.040 if you're a market maker, might be less good news 0:07:53.040 --> 0:07:56.200 if you're a retail investor who's decided to buy and hold, 0:07:56.360 --> 0:08:03.320 buy and hold bitcoin or Ethereg's. 0:08:00.360 --> 0:08:03.560 Bernard Goiter, thank you so much for joining us. Coming up, 0:08:03.840 --> 0:08:07.840 shares of Rubric and DocuSign are surging today after posting 0:08:07.880 --> 0:08:10.960 an earnings beat. We'll speak with Rubric's CEO bit bull 0:08:11.040 --> 0:08:14.240 Singa and DocuSign CEO Alan Tigason. 0:08:14.560 --> 0:08:15.320 That's next. 0:08:15.600 --> 0:08:16.440 This is Bloomberg. 0:08:29.080 --> 0:08:29.240 Well. 0:08:29.320 --> 0:08:32.960 Shares of Rubric are absolutely flying today, up about twenty 0:08:33.080 --> 0:08:36.480 five percent. That's after the security software company posted a 0:08:36.480 --> 0:08:39.360 better than expected fourth quarter revenue and also you have 0:08:39.360 --> 0:08:42.199 a stronger than expected first quarter outlook for more. I'm 0:08:42.200 --> 0:08:44.240 pleased to say we're joined now by Ruberg CEO bit 0:08:44.360 --> 0:08:47.440 bul Sinha joining us. Great to have you with us. 0:08:47.559 --> 0:08:50.360 Let's just talk through the first quarter forecast. It seems 0:08:50.360 --> 0:08:52.080 like that's what a lot of the sell side is 0:08:52.120 --> 0:08:54.600 seizing onto and that's why you see the shares reacting 0:08:54.600 --> 0:08:57.280 the way that they are. So your revenue forecast is 0:08:57.320 --> 0:08:59.959 now two hundred and fifty nine million dollars to two 0:09:00.200 --> 0:09:02.280 hundred and sixty one million dollars. That is well above 0:09:02.320 --> 0:09:04.800 the estimate of just around two hundred and forty three 0:09:04.800 --> 0:09:07.920 million dollars. Where did this strength come from? What are 0:09:07.920 --> 0:09:10.079 you seeing that led you to this upgrade? 0:09:11.240 --> 0:09:13.440 First of all, thank you so much for this opportunity. 0:09:14.400 --> 0:09:17.319 We had a strong end of the last fiscal year. 0:09:17.400 --> 0:09:22.480 The Q four subscription revenue subscription arr group thirty nine 0:09:22.520 --> 0:09:25.559 percent year over year, and not only that, we generated 0:09:25.679 --> 0:09:28.760 seventy five million of free cast flow in the quarter, 0:09:28.960 --> 0:09:31.360 and then we were cash flow positive for the full year. 0:09:31.960 --> 0:09:34.840 And I love our customers. I travel around the world. 0:09:34.880 --> 0:09:37.600 I had four hundred plus meeting last year, and what 0:09:37.640 --> 0:09:41.960 we are observing is that cyber resiliency is the number one. 0:09:41.840 --> 0:09:43.320 Priority in cybersecurity. 0:09:43.400 --> 0:09:46.160 Everyone is worried about ransomware attack and cyber attack and 0:09:46.200 --> 0:09:49.920 how do they keep their businesses up and running irrespective 0:09:49.960 --> 0:09:52.280 of the attack. And that's what is driving the demand 0:09:52.320 --> 0:09:55.440 for Rubreak. That's what is reflected in our guidance. We 0:09:55.520 --> 0:09:59.040 guided thirty percent growth in the top line revenue for 0:09:59.200 --> 0:10:00.000 the next fiscal year. 0:10:01.920 --> 0:10:04.959 Piple, Let's dig a little bit deeper under the hood. 0:10:05.000 --> 0:10:07.840 On the earnings call, as night analysts were really impress it. 0:10:07.880 --> 0:10:09.920 You're basically a year ahead of where you thought you 0:10:09.960 --> 0:10:12.640 would be just even a year ago. And so when 0:10:12.640 --> 0:10:16.520 we think about the generative AI opportunity here, obviously you 0:10:16.559 --> 0:10:19.600 guys were a huge beneficiary of the cloud transition, which 0:10:19.600 --> 0:10:22.320 seems silly to say now because it's so commonplace. But 0:10:22.440 --> 0:10:26.640 what does AI do for your future growth prospects. 0:10:27.720 --> 0:10:31.840 At generative WAI gather systeam in the enterprise, businesses have 0:10:31.960 --> 0:10:34.520 to transform to be ready for gen AI, and these 0:10:34.520 --> 0:10:40.120 transformation involved transformation to cloud and also transforming the data 0:10:40.240 --> 0:10:45.920 landscape from the data integrity, data classifications, understanding of sensitive 0:10:46.000 --> 0:10:49.959 data because to deliver responsible AI, businesses. 0:10:49.480 --> 0:10:51.480 Have to ensure that the right data goes to the 0:10:51.559 --> 0:10:55.080 right user. And Rubric is a data security company and 0:10:55.200 --> 0:10:59.200 we are delivering integrity of the data, availability of the data, 0:10:59.240 --> 0:11:02.040 and ensuring that only the right data goes to the 0:11:02.120 --> 0:11:04.320 right user on the right platform, at the right time, 0:11:04.360 --> 0:11:05.240 for the right duration. 0:11:07.040 --> 0:11:10.240 When it comes to the geopolitical tensions around the world, 0:11:10.600 --> 0:11:13.640 there's a number of conflicts going on right now. 0:11:13.960 --> 0:11:14.880 Do you guys. 0:11:14.720 --> 0:11:19.320 See any kind of signal of increased cybersecurity threats that 0:11:19.520 --> 0:11:21.960 kind of correlate to what's going on in the world 0:11:22.120 --> 0:11:23.960 and is that good for your business at the end 0:11:23.960 --> 0:11:24.360 of the day. 0:11:25.880 --> 0:11:28.720 Obviously, if you look at the geopolitical landscape, you have 0:11:28.800 --> 0:11:32.439 national state actors, industrial espionage insider thread. 0:11:32.960 --> 0:11:34.640 I mean, as as we are. 0:11:34.520 --> 0:11:38.440 Digitizing and moving and adopting newer and newer technology for 0:11:38.480 --> 0:11:41.480 productivity gains, the surface area of attacks keeps increasing. 0:11:41.920 --> 0:11:43.600 So this has been a trend that has been a 0:11:43.600 --> 0:11:44.400 secular trend. 0:11:44.920 --> 0:11:47.360 What is shift is in the last three or four years, 0:11:47.360 --> 0:11:51.040 there is a realization that they folks cannot stop all 0:11:51.080 --> 0:11:54.560 the attacks. And in the last twenty five years, everyone 0:11:54.679 --> 0:11:58.800 invested in attack prevention and now the focus has moved 0:11:58.840 --> 0:12:01.480 to saying that attacks will happen, and how do we 0:12:01.559 --> 0:12:03.520 ensure that our businesses keep running. 0:12:04.200 --> 0:12:06.280 Schools are still open when the attack happens. 0:12:06.600 --> 0:12:09.199 The kids can go to school, people can go to hospital, 0:12:09.760 --> 0:12:12.600 your banks can still dole out money when you swipe 0:12:12.640 --> 0:12:16.319 your credit card or swipe your debit card, so essentially 0:12:16.440 --> 0:12:19.800 keeping the business up and running. In the geopolitical environment, 0:12:19.880 --> 0:12:23.679 cyber warfare critical infrastructure is high variety, and that's what 0:12:23.840 --> 0:12:27.840 is driving this new vision in cybersecurity around cyber resilience. 0:12:28.200 --> 0:12:29.839 Well, just in the past couple of weeks, I mean, 0:12:29.840 --> 0:12:33.760 you remember Elon Muss saying that X was being cyber attacked. 0:12:34.000 --> 0:12:36.240 X was down for a little bit. I couldn't see 0:12:36.280 --> 0:12:38.920 my fate. It was really a scary time. But I'm 0:12:38.920 --> 0:12:40.960 wondering if this is just a fact of life. I mean, 0:12:41.000 --> 0:12:43.920 you think about all the high profile cyber attacks that 0:12:43.960 --> 0:12:45.800 we've had in the past couple of years, the past 0:12:45.800 --> 0:12:48.439 couple months, even, and it seems like there has been 0:12:48.440 --> 0:12:50.880 an uptick and that's not necessarily abating. 0:12:52.640 --> 0:12:55.760 Cyber attack has fundamentally changed in the last five to 0:12:55.840 --> 0:12:58.680 seven years. It used to be a board teenager showing 0:12:58.679 --> 0:13:02.719 middle finger to large corporation by bringing down their website 0:13:02.880 --> 0:13:05.679 or doing the denial of service attacks. Now it has 0:13:05.760 --> 0:13:09.119 become a cyber crime where people are trying to monitorize, 0:13:09.760 --> 0:13:14.040 or protest or demonstrate that they can take a business down, 0:13:14.080 --> 0:13:18.680 and it is a fundamental existential threat to businesses. As 0:13:18.840 --> 0:13:21.320 elon Road that X was under attack and they were 0:13:21.360 --> 0:13:22.320 trying to bring it down. 0:13:23.080 --> 0:13:24.960 That's where the businesses are today. 0:13:25.040 --> 0:13:28.079 So if you're not ready for cyber attack, and if 0:13:28.080 --> 0:13:31.040 you're not ready to keep your services up and running 0:13:31.080 --> 0:13:34.160 in spite of cyber attack, the business may not exist. 0:13:34.360 --> 0:13:36.840 And that's the new environment that everyone is living in. 0:13:38.520 --> 0:13:39.120 Through Bricks. 0:13:39.200 --> 0:13:42.120 CEO Bill pool Sanna, thank you so much for joining us. 0:13:42.559 --> 0:13:46.080 Another stock we're watching today is DocuSign. That stock is 0:13:46.160 --> 0:13:49.960 surging after the asignature software company gave an encouraging outlook 0:13:50.000 --> 0:13:54.160 for billings. For more on this, DocuSign CEO Alan Tikison 0:13:54.400 --> 0:13:58.320 joins us. Now, Alan, you started selling an AI powered 0:13:58.360 --> 0:14:01.080 product not too long ago, and I'm curious how much 0:14:01.120 --> 0:14:04.800 of a role you've seen in that growth of that product. 0:14:04.840 --> 0:14:06.480 How much of a role is that playing in this 0:14:06.520 --> 0:14:07.720 bullish outlook we're seeing. 0:14:09.600 --> 0:14:12.520 It's very important for it. So first it was a 0:14:12.640 --> 0:14:15.320 very very strong quota for us and the culbination. I 0:14:15.320 --> 0:14:18.800 think of a transformative year for docu sign where we've 0:14:18.800 --> 0:14:23.000 continued to stabilize our core business. We got much more profitable, 0:14:23.120 --> 0:14:25.680 so we've i think taken our operating margin up by 0:14:25.720 --> 0:14:28.080 ten percentage points in the last two years. And then 0:14:28.120 --> 0:14:31.920 most importantly, as you alluded to, we've introduced this new intelligence, 0:14:32.000 --> 0:14:35.120 giving and management platform that's very much centered around AI 0:14:35.360 --> 0:14:37.840 and we saw some very nice early success and that 0:14:37.920 --> 0:14:41.840 is what allowed us to not only print some good results, 0:14:41.880 --> 0:14:47.000 but show an increase in an acceleration in billings growth 0:14:47.440 --> 0:14:50.560 for next year. And I think the investors like that. 0:14:51.800 --> 0:14:53.640 Talk to us a little bit more about what that 0:14:53.720 --> 0:14:56.480 innovation is going to look like going forward. If it 0:14:56.560 --> 0:15:00.800 is such an integral part of that growth story going forward, 0:15:01.320 --> 0:15:03.240 is it going to be what we see coming out 0:15:03.240 --> 0:15:06.120 of the language model developers? For example, there's a new 0:15:06.160 --> 0:15:09.280 feature every month that really kind of keeps us on 0:15:09.320 --> 0:15:12.240 our toes for you guys, what's kind of the next 0:15:12.360 --> 0:15:14.040 thing that's going to take it to the next level. 0:15:15.240 --> 0:15:17.400 Yeah, So, look, I feel very fortunate to be the 0:15:17.520 --> 0:15:20.479 Docsun at a time when there is such an incredible 0:15:20.520 --> 0:15:24.480 improvement and the ability of AI. We've been a user 0:15:24.480 --> 0:15:26.640 of AI for a long time, it's been integrated into 0:15:26.640 --> 0:15:30.479 our products, but obviously there's been a step change in capability, 0:15:30.760 --> 0:15:34.160 and agreements have historically been dumb, flat files inside of 0:15:34.200 --> 0:15:36.920 all companies. People could barely tell you where they were 0:15:37.000 --> 0:15:39.040 let alone it was in them, and with AI we 0:15:39.080 --> 0:15:41.680 can completely transform that. So now I can tell you 0:15:42.280 --> 0:15:44.760 where what's in all your agreements, when are they up 0:15:44.800 --> 0:15:46.600 for renewal, what are the key terms you might want 0:15:46.640 --> 0:15:49.240 to renegotiate, what are the terms where you or your 0:15:49.320 --> 0:15:52.960 vendors have not been performing. That just a total game 0:15:53.040 --> 0:15:56.160 changer that hasn't been possible before, and so we have 0:15:56.200 --> 0:15:59.240 a lot aheadroom for AI features. We're going to be 0:15:59.240 --> 0:16:03.000 previewing a lot about new capability at our Momentum event 0:16:03.120 --> 0:16:07.280 next month in New York, but already we're seeing take 0:16:07.320 --> 0:16:11.240 tremendous adoption and interest in getting more visibility into and 0:16:11.320 --> 0:16:14.240 capturing the data and using the data from your agreements. 0:16:14.600 --> 0:16:16.520 Allen, I want to talk a little bit about how 0:16:16.560 --> 0:16:18.960 this translates into the stock price, because you take a 0:16:18.960 --> 0:16:21.560 look at the five year chart, Obviously we're flying high 0:16:21.880 --> 0:16:24.960 during the pandemic that came with a lot of volatility 0:16:25.200 --> 0:16:27.720 on the back end. Then you had a fantastic twenty 0:16:27.760 --> 0:16:32.479 twenty four, up about fifty percent in your shares before yesterday. 0:16:32.920 --> 0:16:36.480 Through yesterday's closed, the shares were down about seventeen percent 0:16:36.840 --> 0:16:39.280 year to date though, and now they're up about seventeen 0:16:39.320 --> 0:16:42.280 percent today alone, So a lot of volatility. What is 0:16:42.320 --> 0:16:45.040 your message to investors about how you're sort of going 0:16:45.080 --> 0:16:46.880 to stabilize the stock from here? 0:16:49.080 --> 0:16:51.200 Yeah, I can't control the stock in the short term, 0:16:51.240 --> 0:16:54.040 but what I can tell investors is I think Docu 0:16:54.120 --> 0:16:58.560 Sime is on a transformation journey. We put down I 0:16:58.600 --> 0:17:01.800 think a very strong found for that last year. You 0:17:01.840 --> 0:17:05.560 can see our optimism about growth acceleration in our outlook, 0:17:05.920 --> 0:17:08.119 and we think we have years ahead of that and 0:17:08.160 --> 0:17:10.800 that will then flow through to revenue and ultimately into 0:17:11.080 --> 0:17:15.080 operating income. There's just so much headroom in agreements, and 0:17:15.119 --> 0:17:18.679 DocuSign is the best position as the largest vendor focused 0:17:18.720 --> 0:17:23.359 on agreements to capture that, and I think we're starting 0:17:23.359 --> 0:17:27.200 to demonstrate that we have that opportunity. So there'll be 0:17:27.240 --> 0:17:29.119 a little bit of volatility in the short run, but 0:17:29.200 --> 0:17:31.960 I think the long term trajectory is very positive. 0:17:33.480 --> 0:17:36.879 Alan here in Washington, there's been a lot of uncertainty 0:17:36.920 --> 0:17:40.520 with regards to the economy. Recession fears are starting to 0:17:40.560 --> 0:17:44.040 bubble up, policy tariffs, There's been a lot that has 0:17:44.119 --> 0:17:48.000 kind of eventually battered stocks across the board. And for 0:17:48.080 --> 0:17:52.120 you guys, how does the consumer sentiment affect your business? 0:17:52.160 --> 0:17:54.960 Are you a bit more insulated from it given your 0:17:55.040 --> 0:17:55.800 customer base? 0:17:57.080 --> 0:18:01.400 We are, so we are very diversified customer base across 0:18:01.480 --> 0:18:04.920 really all sectors of the economy, all sizes of companies, 0:18:04.920 --> 0:18:08.440 and of course also geographically, and as a result, things 0:18:08.440 --> 0:18:11.400 that affect individuals, sectors and countries tend not to show 0:18:11.480 --> 0:18:13.720 up as much for Docusine. But if we take that 0:18:13.800 --> 0:18:16.199 macro question that you asked and the bulk of the 0:18:16.200 --> 0:18:20.280 agreements that get executed with docusigine our agreements with consumers. 0:18:21.240 --> 0:18:25.760 Even through February, we've not seen a material deviation from 0:18:25.800 --> 0:18:30.320 trends so so far, it hasn't flowed through to consumer 0:18:30.359 --> 0:18:34.679 activity as we can see it. But obviously if the 0:18:34.680 --> 0:18:38.280 world economy accelerates or decelerates in a material way, that 0:18:38.680 --> 0:18:40.240 will also ultimately affect us. 0:18:41.600 --> 0:18:44.560 In about thirty seconds, I'm curious about the competition. Here 0:18:44.600 --> 0:18:47.640 we saw drop boxing. They're kind of de emphasizing their 0:18:47.720 --> 0:18:50.600 signing business. Is this an opportunity for you guys? 0:18:52.200 --> 0:18:54.919 Well, OK, there are a lot of companies who've developed 0:18:54.960 --> 0:18:59.119 basic signature solutions. Docu sign is the clear market leader. 0:18:59.760 --> 0:19:02.120 Said the pace and are usually the product of preference 0:19:02.200 --> 0:19:05.600 for small and large companies, and so I don't focus 0:19:05.640 --> 0:19:09.280 on individual competitors, but I like where we're sitting from 0:19:09.600 --> 0:19:11.439 in the core sign business. And of course with this 0:19:11.560 --> 0:19:15.080 much broader platform for intelligent agreement management, we now have 0:19:15.280 --> 0:19:18.400 a much broader value proposition to sell to our one 0:19:18.400 --> 0:19:21.800 point seven million monthly paying sign customers. 0:19:22.080 --> 0:19:24.399 Well, Alan, really appreciate your time, have a great weekend 0:19:24.480 --> 0:19:27.400 when you get there. That is Docu Signed CEO Alan Tigason. 0:19:37.280 --> 0:19:40.080 No one has benefited more than the AI boom than 0:19:40.280 --> 0:19:44.359 Nvidio and It's CEO Jensen Wong. But with troubling signs 0:19:44.400 --> 0:19:48.240 ahead from the likes of deep Seek or President Trump's tariffs, 0:19:48.280 --> 0:19:52.200 and Vidia CEO is now trying to extend the good times. 0:19:52.640 --> 0:19:53.720 Let's talk about. 0:19:53.440 --> 0:19:57.680 This with Ian King here for more on today's big take. Ian, 0:19:57.800 --> 0:20:01.879 you have been covering this company way before it became 0:20:02.000 --> 0:20:05.639 the cool kid on Wall Street and in Silicon Valley. 0:20:06.200 --> 0:20:09.320 What is next for the company now, given that we've 0:20:09.320 --> 0:20:12.760 seen it's not immune from new entrants coming into the 0:20:13.000 --> 0:20:13.760 AI space. 0:20:14.960 --> 0:20:17.119 Yeah, I mean to be honest with you, at the moment, 0:20:17.160 --> 0:20:20.840 it's pretty safe in terms of competition, but that doesn't 0:20:20.840 --> 0:20:23.399 mean that there aren't those out there that are trying 0:20:23.440 --> 0:20:25.439 really hard. But what we were trying to show in 0:20:25.480 --> 0:20:28.359 the story is that, you know, the CEO, Jensen Wang, 0:20:28.520 --> 0:20:31.320 is not getting happy, fat and lazy here with these 0:20:31.320 --> 0:20:34.439 billions of dollars. He's out there everyruarrey possibly can and 0:20:34.480 --> 0:20:38.000 his mission is to get AI out into the economy 0:20:38.080 --> 0:20:40.679 as fast as he possibly can and as make it 0:20:40.720 --> 0:20:44.080 as pervasive as he possibly can, because that's, you know, 0:20:44.200 --> 0:20:47.280 fundamental to whether this growth story has legs or not. 0:20:47.680 --> 0:20:50.920 Happy, fat and lazy. That sounds like every cat's dream. 0:20:50.960 --> 0:20:52.879 But I want to talk to you about my favorite 0:20:52.920 --> 0:20:54.520 chart in the world, at least for right now. I 0:20:54.560 --> 0:20:57.160 want to look at Intel versus Nvidia. You're to date 0:20:57.200 --> 0:21:00.960 because it's a really stunning reversal of fortunes. Intel of 0:21:01.040 --> 0:21:04.360 about nineteen percent in video, which has been the darling 0:21:04.840 --> 0:21:08.120