Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. Bloomberg Tech is live
Speaker 1: from coast to coast with Caroline Hyde in New York
Speaker 1: and Eva low in sentrancs go.
Speaker 2: This is Bloomberg Tech, Coming up Tech socks, whip saws,
Speaker 2: Skepticism grows about the FED being able to cut interest rates.
Speaker 3: In December plus Thinking Machines, the AI startup founded by
Speaker 3: former Open Ai exec Mir Marati, is in talks to
Speaker 3: raise funding at fifty billion dollar valuation.
Speaker 2: And we sit down with the CEO of Cursor after
Speaker 2: it raised two point three billion dollars in a funding
Speaker 2: valuing the company twenty nine point three billion dollars.
Speaker 3: Carter massive private sector funding valuations. But let's get to
Speaker 3: the public sector, because we are being whip sored on
Speaker 3: the day.
Speaker 4: That we are flat if you're going your five day stretch.
Speaker 3: The NASNAC is currently flat as a pancake, as we
Speaker 3: might say over in the UK. But at the moment,
Speaker 3: we are still seeing this questioning, question of valuations, questioning
Speaker 3: of sustainability of CAPEC spend from the big AI players,
Speaker 3: question of what the Federal Reserve does next. So we
Speaker 3: dig into key assets that see volatility this week but
Speaker 3: I'm looking at Crypto has been in the eye of
Speaker 3: the form. We're off by seven percent, let's call it.
Speaker 4: On Bitcoin.
Speaker 3: More broadly, we're seeing a lot of pullback in terms
Speaker 3: of the ETF buying. We see another more than eight
Speaker 3: hundred million dollars washed out in terms of outflows from
Speaker 3: those ETF products.
Speaker 2: D The mood music of the market has changed this
Speaker 2: Friday in the context of technology best laid plans. I
Speaker 2: was going to tell you that Tesla and n Video
Speaker 2: was two of the biggest decliners. Actually both now positive territory,
Speaker 2: but over the course of the week, probably in Video
Speaker 2: more than any other, has had volatility, starting the week
Speaker 2: with a really big jump, then declining on news flow
Speaker 2: actually an aggregate over the course of the week, it's
Speaker 2: basically flat. But then there's the Super Bowl next week
Speaker 2: with its earnings. Are we really talking about the FED
Speaker 2: or are we really talking about an AI bubble and valuations?
Speaker 5: Probably both at this point.
Speaker 3: Character Yeah, and let's get to both of those key
Speaker 3: elements we want to dissect. Blueing b TV Markets correspondent
Speaker 3: Norah Melinda is here to really break down what felt
Speaker 3: like the start of the day of a risk of rally.
Speaker 3: The risk off is still there in crypto, but we're
Speaker 3: really getting whip sored in the stock market.
Speaker 6: We're seeing a lot of whip song in the market
Speaker 6: and a lot of conversation here about a potential AI bubble.
Speaker 6: But when you think about valuations from the S and
Speaker 6: P five hundred more broadly, we haven't even seen a
Speaker 6: five percent decline in the S and P five hundred
Speaker 6: since April. So we do have folks over at Truer
Speaker 6: Securities really talking about the fact that maybe this is
Speaker 6: time for a correction because this is a longer period
Speaker 6: than we've seen opposed to normal here, as we haven't
Speaker 6: seen a correction here for the broader market.
Speaker 2: Norah'm going to let you and the audience in on
Speaker 2: a secret. I was going to take a vacation next week. Okay,
Speaker 2: check my calendar. Super Bowl Wednesday. In video earnings. We've
Speaker 2: got to talk about it and one of the reasons
Speaker 2: it's great to having the program. Let's talk about it
Speaker 2: through the lens of the options market and what that's
Speaker 2: telling us about how they've looked at their calendars and
Speaker 2: how they're preparing for that print.
Speaker 6: Well, a lot of activity happening here in the options market,
Speaker 6: as you mentioned in Vidia of course being the super
Speaker 6: Bowl event for the market next Wednesday post market, but
Speaker 6: we are seeing call options here on the vis what
Speaker 6: strikes around sixty here and set to expire right before
Speaker 6: the Nvidia earnings come out. So it really is showing
Speaker 6: you a bit of a glimpse into the options market
Speaker 6: and what that means is we think about volatility more
Speaker 6: broadly and what that means for the broader market.
Speaker 3: Someone's taking a bit of a holiday at least until
Speaker 3: November the twenty fifth.
Speaker 4: That's Michael Barry.
Speaker 3: We understand a course, he's been winding down his sec
Speaker 3: at least for Sion Asset Management, but he really sparked
Speaker 3: off this whole narrative about how we assess assets and
Speaker 3: ultimately the deterioration of them when it comes to GPS and.
Speaker 6: Chips right, and he is talking about the fact that
Speaker 6: potentially a lot of these tech companies are using it
Speaker 6: to pad artificially their earnings here. So when we think
Speaker 6: about tech companies and the fact that we do see
Speaker 6: them flying high, we're seeing evaluations super intense here, We're
Speaker 6: seeing them very high. It just really begs the question
Speaker 6: more brobvious to whether or not these tech companies are
Speaker 6: running further beyond what fundamentals will actually allow.
Speaker 2: Invokes Nora Melinda with the tech market. Look, thank you
Speaker 2: so much. Let's keep the discussion going and break down
Speaker 2: the signals and the economy how they trickle into business.
Speaker 2: Natalie Gallagher is principal economist and director at Board, an
Speaker 2: AI powered enterprise planning platform providing macro analysis and strategic
Speaker 2: guidance to global companies on business, investment and economic policy.
Speaker 5: It's been a difficult week.
Speaker 2: We planned this morning show with the narrative in the
Speaker 2: market right now that this is about the FED and
Speaker 2: what they will or won't do in December, but actually,
Speaker 2: over the course of the week, it wasn't about that
Speaker 2: at all. It was about valuations in an AI bubble
Speaker 2: or not an AI bubble? What's the real driving force
Speaker 2: right now? That's top of mind for the people you
Speaker 2: speak to.
Speaker 7: Yeah, you know, the debate has absolutely intensified when we
Speaker 7: talk about are we in an AI bubble? And there's
Speaker 7: really there's two sides to the story. On one side,
Speaker 7: it doesn't appear to be as cut and dry as
Speaker 7: maybe a repeat of the dot com bubble, and that's
Speaker 7: because we have spending on real capital contracted services. We
Speaker 7: also see profitability, right, We see revenue growth when we
Speaker 7: look at enterprise planning, when we look at productivity tools, advertising,
Speaker 7: and third and foremost, we also see that the hyperscalers
Speaker 7: have some pretty resilient balance sheets to fall back on.
Speaker 8: Now, there's absolutely risk right as we as.
Speaker 7: We approach the potential for an AI bubble, but it's
Speaker 7: not as cut and dry.
Speaker 5: Let's try and link it to the Fed.
Speaker 2: You know, why does it matter if the Fed does
Speaker 2: or does not cut interest rates again in December?
Speaker 7: Yeah, it matters extensively, especially for a sector like tech
Speaker 7: because it's so rate sensitive. When we look at discounted
Speaker 7: cash flows, we look at M and A activity. You know,
Speaker 7: the Federal Reserve was already flying partially blind back in October.
Speaker 7: Very likely data is going to continue to be delayed
Speaker 7: or offset as we get into December, and.
Speaker 8: So that elevates the risk of a flower Reserve.
Speaker 7: Misstep that's going to have an outsized impact on tech.
Speaker 3: What's having an outsized impact on the economy is AI investment.
Speaker 3: In many ways, it's underlying why we see GDP growth.
Speaker 3: But I've been speaking to CEOs of late and underneath
Speaker 3: the hood, they're saying this economy is weak, and actually
Speaker 3: we're seeing companies Verizon this week, Amazon earlier, they are
Speaker 3: laying off tens of thousands of people in many ways
Speaker 3: to try and right side their cost base. Natalie, what
Speaker 3: are you actually hearing from the companies that leave right now?
Speaker 5: Oh?
Speaker 7: What I'm actually hearing is that there's really two sides
Speaker 7: to the economy right now. Right it's regularly called a
Speaker 7: K shaped economy.
Speaker 8: So you're absolutely right.
Speaker 7: We have AI valuations that are really driving business investment
Speaker 7: and overall economic growth. R and D spending. For example,
Speaker 7: it was up fifteen percent in Q two. That is
Speaker 7: the highest it's been since the dot com era. Now,
Speaker 7: when we talk about what's also sort of channeling economic growth,
Speaker 7: those AI valuations, they're allowing higher income consumers to continue
Speaker 7: to drive growth in the economy.
Speaker 8: And that's why it's so important as.
Speaker 7: We get into twenty twenty six, we really have to
Speaker 7: talk about what does the tech sector look like and
Speaker 7: what does AI look like in the next twelve months.
Speaker 3: Now, Natalie, I'm going to ask more of a complex
Speaker 3: one now, and I want your take just more broadly
Speaker 3: on women's thinking about the AI bubble.
Speaker 4: Michael Barry.
Speaker 3: Many in the media have been talking about this depreciation
Speaker 3: of certain assets. In particular, we're trying to work out
Speaker 3: just how long an NVIDIAGPU lasts.
Speaker 4: You has hit three.
Speaker 3: Years, four years, five years, and the company is sort
Speaker 3: of doing accounting wouldn't say tricks, but accounting changes to
Speaker 3: try and understand how long these assets really last. From
Speaker 3: your perspective, what is the asset that we should be analyzing,
Speaker 3: What is the underlying accounting we should be keeping an
Speaker 3: eye on, you.
Speaker 8: Know, I would say even broader picture.
Speaker 7: What we really need to track is the investment that's
Speaker 7: been taking place right There's been a significant investment way
Speaker 7: really across assets, and.
Speaker 8: This is just part of the broader story.
Speaker 7: What we're really going to need to see from an
Speaker 7: eggnomic perspective, is this translate into meaningful productivity growth. If
Speaker 7: we don't see that, then we risk a capital misallocation story.
Speaker 2: Just a couple of minutes time, we're going to go
Speaker 2: talk about applied materials the chip equipment maker, but that
Speaker 2: story illustrates that Right now, there is still an issue
Speaker 2: with tariffs and with China and with trade policy. How
Speaker 2: is that impacting the global economy right now?
Speaker 8: Right now?
Speaker 7: You know, we saw an immediate de escalation when we
Speaker 7: had the US China trade talks back in October, and
Speaker 7: so that removed an immediate headwind, but it also introduced
Speaker 7: a structural issue. Right we have an annual renegotiation.
Speaker 8: Period for example.
Speaker 7: Now, what that does in in broader sense, what tariffs
Speaker 7: do is they create a situation where companies don't have
Speaker 7: quite the forward guidance that they would like. Because we're
Speaker 7: talking about investment cycles that are seven to ten years. Realistically,
Speaker 7: we're getting about one year visibility and two overall prices.
Speaker 3: We're about to get a bit of visibility next week
Speaker 3: with our so called super when it comes to videas fundamentals.
Speaker 4: But when you're.
Speaker 3: Giving analysis, when you're thinking about strategic advice, do you
Speaker 3: think the commitment to continue spending by big aipays is
Speaker 3: there and is there globally at the moment, Natalie.
Speaker 7: I absolutely think it continues to be have a lot
Speaker 7: of weight behind it. Now, what I also see when
Speaker 7: I look at the numbers is that there's been sort
Speaker 7: of a clear shift in investment strategy towards evidence based
Speaker 7: investment rather than just spending on faith alone.
Speaker 9: You know, we.
Speaker 7: Absolutely saw this with how investors responded to share prices
Speaker 7: following the earnings release back in October.
Speaker 3: It's been great having you come back to Natalie gallagha
Speaker 3: As she's principal economist at Board.
Speaker 4: We appreciate it. Look, it just teased us Apply Materials.
Speaker 4: Let's go there.
Speaker 3: I'm just going to flip on from Tesla and a
Speaker 3: video and show you what's happening in Apply Materials Stop
Speaker 3: right now, because we're off now only.
Speaker 4: By three tenths of a percent.
Speaker 3: This company was sinking as much as six percent at
Speaker 3: the opening of trade. We will worried about the current
Speaker 3: quarter sales that are suffering largely because of a decline
Speaker 3: in Chinese business in particular that is a significant about
Speaker 3: thirty percent, let's called it. Twenty nine percent of total
Speaker 3: fourth quarter sales were from mainland China and they declined
Speaker 3: some eight percent year on year. What are we thinking
Speaker 3: about this fiscal year? Look, we've just been talking about
Speaker 3: Taras and we know the outlook isn't great. But it's
Speaker 3: interesting how much this stop wants to rebound, how much
Speaker 3: the market wants to rebound, right now Yeah.
Speaker 5: Coming up.
Speaker 2: Former opai executive Mirror Marti's startup Thinking Machines Lab could
Speaker 2: soon rank among the world's most valuable private companies. Give
Speaker 2: you the latest in the funding talks. Next Sploomberg Tech.
Speaker 3: Thinking machines Lab the AI startup founded by former open
Speaker 3: ai executive Mirror Maurati. It could become one of the
Speaker 3: most valuable private companies less than a year after I launched.
Speaker 3: According to sources, the startup is in talks to raise
Speaker 3: funding and a fifty billion dollar valuation, quadrupling its value
Speaker 3: from July. Let's get more from Rachel Metz who worked
Speaker 3: on this story. Well, their very own ed Ludlow and
Speaker 3: shrin KAfari. Look is their fundamental growth? This is vindicating
Speaker 3: this sort of fifty billion or is it on the
Speaker 3: backing that she was there in such a leadership position
Speaker 3: over at open Ai.
Speaker 10: I mean, it's a very young company and they have
Speaker 10: released a product, so it is possible that they're seeing
Speaker 10: a lot of traction that they haven't spoken about publicly yet.
Speaker 10: For their product, it's called Tinker and it helps people
Speaker 10: and companies fine tune AI systems. But it's not clear
Speaker 10: how much growth they could actually have right if they've
Speaker 10: been around for less than a year, so it's pretty
Speaker 10: tremendous so that they'd be in tox with this kind
Speaker 10: of money and valuation.
Speaker 2: When we broke the story, people on social media kind
Speaker 2: of blew up and they were saying, oh, that would
Speaker 2: be twenty five billion dollars per blog post because the
Speaker 2: company has only ever done.
Speaker 5: Two blog posts.
Speaker 2: But what we did get the sense that this is
Speaker 2: Mira Marati right, that she is out there talking to
Speaker 2: investors about this.
Speaker 5: It's her.
Speaker 2: She's the face of that explained to our audience who
Speaker 2: she is, why she's important, and I guess the intellectual
Speaker 2: capital that she gives that place.
Speaker 11: Sure.
Speaker 10: So Murti has been in the tech industry for a
Speaker 10: long time. She has been an Open AI or had
Speaker 10: been an Open AI for a number of years and
Speaker 10: was an executive there. So she was at the company
Speaker 10: through before things sort of like exploded with the brief
Speaker 10: ousting and rehiring of Sam Altman. In fact, she was
Speaker 10: very very briefly named CEO during that whole debacle. So
Speaker 10: she has a lot of experience dealing with crisis and
Speaker 10: also with a company that's grown very very quickly in
Speaker 10: AI and she has attracted a tremendous roster of talent
Speaker 10: at this company.
Speaker 3: Thinking, yeah, dig into that talent, Rachel, because she actually
Speaker 3: drew over with her an awful lot of ex Open AI, well,
Speaker 3: actual co founders going with her.
Speaker 10: Absolutely, yes, quite a number of early employees. She has
Speaker 10: co founded. One of the co founding employees over there,
Speaker 10: John Shulman, with her. And also there are people advising
Speaker 10: the company that used to work at OPENINGI. So it's
Speaker 10: a very deep bench of experience from that company, but
Speaker 10: also from other companies as well. But open Ai in particular,
Speaker 10: there was a quite an exodus of talent from that
Speaker 10: company to her company.
Speaker 2: And again, the reason this is extraordinary it was only
Speaker 2: February that they kind of came into existence publicly. July
Speaker 2: raised at a twelve billion dollar valuation. Now November talks
Speaker 2: for fifty billion dollar valuation, maybe more. Bloomberg's Rachel match,
Speaker 2: thank you very much. Turning to media paramount, Netflix and
Speaker 2: Comcast are eyeing potential bids for Warner Brothers Discovery. Meanwhile,
Speaker 2: the company has amended CEO David Zaslav's contract to secure
Speaker 2: his pay in the event of a sale. For more,
Speaker 2: let's bring in Bloomberg's Felix Gillette who joins us. Now
Speaker 2: there's a deadline to this, the bid part, and so
Speaker 2: there's some mechanics to why Warner Brothers Discovery took this step.
Speaker 5: Yeah.
Speaker 12: I mean, now we know that the deadline for the
Speaker 12: first bids is a week from yesterday, November twentieth, So
Speaker 12: that's coming up fast. And I think this is another
Speaker 12: signal that, you know, big transaction potentially could be coming
Speaker 12: down the pipeline sooner rather than later. You know, they
Speaker 12: changed Thatslov's compensation package to account for all these different possibilities,
Speaker 12: you know, whether it's a sale of the whole company,
Speaker 12: whether it's a partial sale, or potentially if there is
Speaker 12: no sale and the company goes through with its planned
Speaker 12: original plant spin off of the you know, the cable
Speaker 12: networks from the studio and streaming business next year.
Speaker 3: It's interesting. Now that's a reverse spin off. Initially it
Speaker 3: was going to be Warner Brothers. It was spun off.
Speaker 4: The actual bit of.
Speaker 3: Movies and the magic and the streaming and cables were
Speaker 3: going to be left with Discovery Global, and now it's
Speaker 3: the other way around. But whatever the case, Detasazlov's saying
Speaker 3: I'm committed until twenty thirty. Unless he's been he you know,
Speaker 3: has to leave because the company is bought.
Speaker 4: From your perspective, you're hearing more that.
Speaker 3: The insiders would like it as a whole sold, or
Speaker 3: would they like it sold for parts into different players.
Speaker 5: Depends on who the bidder is.
Speaker 12: I mean, Paramount Skydance clearly wants the whole thing. They're
Speaker 12: happy to take the cable networks that would fit in
Speaker 12: with their portfolio and give them additional scale. But if
Speaker 12: you're talking about Netflix, they have no interest in the
Speaker 12: cable networks. They just want, you know, the studio's business,
Speaker 12: the library, the HBO Max side of things. Comcast you
Speaker 12: could see maybe going either way, but really they want
Speaker 12: the studio, the library in terms of scale, getting their
Speaker 12: streaming business. Peacock, I think they're worried that if they
Speaker 12: don't do a big transaction like this, you know, it's
Speaker 12: going to be very difficult to keep up with Netflix
Speaker 12: and Amazon the years ahead.
Speaker 2: Fish, you've already answered this, but let's leave our audience
Speaker 2: with the what we know, So explain just very quickly
Speaker 2: again the deadline and where we think these bids stand.
Speaker 12: Yeah, the deadline for the first bids is a week
Speaker 12: from yesterday, Thursday, November twentieth. We think these three companies
Speaker 12: are going to submit bids, and you know, the Warner
Speaker 12: Brothers Discovery is saying that they're hoping to get this
Speaker 12: decided one way or the other by the end of
Speaker 12: the year. So we at least now have a very
Speaker 12: concrete timeline for how they're going to deal.
Speaker 11: With these bids.
Speaker 12: They've been out there meeting with the bidders, you know,
Speaker 12: presenting their financials, going through the library and plans.
Speaker 5: So this has happened quick.
Speaker 3: Now seemingly a fifty eight billion dollar offer from Paramount's
Speaker 3: guidance is not enough. Bloomberg's Felix Jellette. We appreciate you
Speaker 3: breaking it down Chinese e commerce platforms. They saw strong
Speaker 3: sales during the country's month long shoppings event Singles Day
Speaker 3: now an AI integration emerged as a major growth driver
Speaker 3: of that. Let's peak with Jacob Cook, his co founder,
Speaker 3: a CEO of wpic So Marketing and Technologies, which helps
Speaker 3: global brands expand their reach in Asia, and boy have
Speaker 3: we seen the reach of Singles Day into weeks into months.
Speaker 4: But all the numbers actually good.
Speaker 3: When you take into well the idea that it is
Speaker 3: longer than on previous times.
Speaker 11: Yeah, we did a like for light comparison.
Speaker 13: We think it's about fourteen point eight percent up over
Speaker 13: last year, which is actually much better than expected. We
Speaker 13: think this is the strongest one since twenty twenty one,
Speaker 13: and that's they ran a week earlier and a couple
Speaker 13: of days later. But even taking that into account, we're
Speaker 13: pretty optimistic at the Chinese consumer right now.
Speaker 4: Okay, where is the Chinese consumer right now?
Speaker 11: Well, middle class growth was pretty good.
Speaker 13: You know, Ali Bob is now reporting numbers, especially with
Speaker 13: their eighty eight VIP program that's also really strong and
Speaker 13: that's focused on a more upscale consumer. They're reporting thirty
Speaker 13: percent up in that particular category, so.
Speaker 11: That's pretty good.
Speaker 13: Middle class consumers are what people have been worried about
Speaker 13: over the last couple of years. He has been pressure
Speaker 13: and employment, so that really didn't play any consequences here
Speaker 13: For this eleven eleven it was great. You know, we're
Speaker 13: seeing close to fifteen percent growth year over year, which
Speaker 13: is already the largest shopping festival.
Speaker 11: So these numbers are pretty optimistic.
Speaker 2: But we're in a position where we can look at
Speaker 2: all of the Chinese technology companies that participate in this
Speaker 2: and say this specific company one they are ahead. Ali
Speaker 2: Baba is the one I'm thinking about most because in
Speaker 2: early October the shares hit I think, the highest level
Speaker 2: since twenty twenty one. But there's no sort of tangible
Speaker 2: evidence that any one company, at least from what I
Speaker 2: can see on the Bloomberg terminal, did any better or
Speaker 2: AI made any more impact than any other in this period.
Speaker 11: Yeah, it's interesting.
Speaker 13: I think for sure the destination platforms as opposed to
Speaker 13: the social commerce platforms did better here.
Speaker 11: So let's JD that's Ali.
Speaker 13: Baba there definitely we think much stronger growth than the
Speaker 13: Doyan or red node platforms.
Speaker 11: But AAR really did.
Speaker 13: I mean, the business advisor that Ali Baba released is
Speaker 13: quite effective. You know, it made things a lot more efficient.
Speaker 13: Despite that growth of fourteen point eight percent that we
Speaker 13: think they came in at, you know, ad spend growth
Speaker 13: was much lower than that, which means that acquisition costs
Speaker 13: have come down. And Ali Baba is really making it
Speaker 13: more efficient to find your customers. And I think what's
Speaker 13: going to happen as a result of that is we're
Speaker 13: going to see a lot more ad shift maybe away
Speaker 13: from the doin and tiktoks next year into Ali Baba platform,
Speaker 13: I think, which is going to further drive that growth.
Speaker 2: Jacob, what did you learn about the health of the
Speaker 2: Chinese economy?
Speaker 13: You know, this came in better than expected for us
Speaker 13: too as well. You know, so we see really solid
Speaker 13: growth and we've seen this what we looked at. We
Speaker 13: saw labor pressure also picking up in terms of salaries
Speaker 13: and the amount of household income recently. So this wasn't
Speaker 13: totally unexpected. But I think if there was any apprehension
Speaker 13: about the stability of that middle class consumer or upper
Speaker 13: class consumer, I think that should be over and I
Speaker 13: think we're putting into a really good twenty twenty six
Speaker 13: in terms of the story about the Chinese consumption.
Speaker 3: I mean, the government's been there to prop it up.
Speaker 3: There's been subsidies so many ways. People would say that
Speaker 3: they should be able to buy this moment, what is
Speaker 3: it that they buy in terms of domestic brands versus
Speaker 3: well the companies that you advise who are trying to
Speaker 3: access Asia.
Speaker 4: At this moment.
Speaker 11: Yeah, I think it's all over the place. I mean
Speaker 11: when we look at again.
Speaker 13: When I was talking about the Ada Vip and we
Speaker 13: look at that middle and upper class consumer, we would
Speaker 13: see a lot more of the important products consumed by
Speaker 13: that demographic. So that's what's driving a lot of that
Speaker 13: growth right now. But you know, I think that a
Speaker 13: lot of the local brands, especially you know, mainly TikTok
Speaker 13: and Dillion focused a little bit more price conscious. But
Speaker 13: I think what happened again, you know Ali Baba's business advisor.
Speaker 13: You know, we expected, you know, in terms of the
Speaker 13: price recommendations, to drive pricing down. We thought that was
Speaker 13: what it was going to do, but we were actually
Speaker 13: pleasantly surprised. In some cases it had actually recommended that
Speaker 13: price has come up, which has been good for margins.
Speaker 13: So I think all of those factors, you know, put
Speaker 13: into place, I think foreign brands are going to be
Speaker 13: a little bit more focused on that mark good for
Speaker 13: next year seeing a little bit more margin growth and
Speaker 13: top line revenue growth.
Speaker 3: Steven Engel, our reporter over in Asia, did a beautiful
Speaker 3: wrap up of like the ways in which they are
Speaker 3: targeting using e commerce, social media and.
Speaker 4: The influence of influencers.
Speaker 3: But how are you seeing AI and some of the
Speaker 3: ways in which technology are helping some of the brands
Speaker 3: that you represent, well, I.
Speaker 13: Think just from being on the ground, this year was
Speaker 13: very efficient. I mean, you know, it did run for
Speaker 13: a month, Sales were spread out different categories, which made
Speaker 13: it really great to operate. I mean, if we go
Speaker 13: back to ten years ago, is kind of bring your
Speaker 13: toothbush and pillow to work because you were there twenty
Speaker 13: four hours around the clock.
Speaker 11: This year.
Speaker 13: The preparations, the AI, just the assistance in general and
Speaker 13: efficiencies really kind of made it great for operators and
Speaker 13: it kind of reduced the stress level on people's operations.
Speaker 13: So that was great and we'd expect that to continue
Speaker 13: on into next year.
Speaker 2: Jacob Cook, C of WPIC Marketing Technologies. You always on
Speaker 2: the ground and then somewhere stunning like Vancouver.
Speaker 5: How do you do that?
Speaker 2: It's great to have you back on the show.
Speaker 4: Welcome back to Bloomberg Tech.
Speaker 3: Let's tech a check on these markets because we're all
Speaker 3: over the place today. Look, we started much in the red.
Speaker 3: We had anxiety building once again, tech valuations, what the
Speaker 3: Federal Reserve might be able to do in December, what
Speaker 3: economic data is going to tell us?
Speaker 4: And then the rebound kicked off.
Speaker 3: We're up four tenths of percent is Video and some
Speaker 3: of the key other players, particularly Micron, Microsoft Broadcom, all
Speaker 3: turn into the green. We're now up four tenths of
Speaker 3: a percent, but on the week we're still under some pressure.
Speaker 3: Bitcoins still hunt some pressure, well by six point six
Speaker 3: percent over the course of the week, So we really
Speaker 3: are seeing that that asset class is in the line
Speaker 3: of fire. Even as the NASDAK bounces on this day
Speaker 3: and helps draw it draw it to a weekly gain,
Speaker 3: the bitcoin area does not. This therefore means that certain
Speaker 3: stocks that are particular proxies to cryptos are having a
Speaker 3: terrible time of it. Strategy off by fifteen percent. Look,
Speaker 3: it was down as much as nine teen percent over
Speaker 3: the course of the five days. In fact, its overall
Speaker 3: valuation of the market cap of the company is now
Speaker 3: somewhat below that of its overall bitcoin holdings. Right now,
Speaker 3: so far has the sell off gone. We understand according
Speaker 3: to other reporting that Michael Sailor's still buying bitcoin at
Speaker 3: this particular moment they end.
Speaker 2: There's a lot going on in private markets this week.
Speaker 2: The name Cursor has been on the tip of the
Speaker 2: tongue of big names across tech, including Sachi, Nadella and
Speaker 2: Jensen Wang, and it's vibe coding software has been on
Speaker 2: the tips of the fingers of employees at the likes
Speaker 2: of Nvidia, Salesforce and PwC. Now the company has roughly
Speaker 2: tripled its valuation in just a few months, raising two
Speaker 2: point three billion dollars at a twenty nine point three
Speaker 2: billion dollar valuation. Michael Tryll, Cursor CEO, joins us now
Speaker 2: in San Francisco. Let's get the rounds out of the way,
Speaker 2: because there is an awful lot to discuss about what
Speaker 2: Cursor is doing and how Curse has been being used.
Speaker 2: But my goodness, we've raised quite a lot of money
Speaker 2: quite quickly from the last time we raised money at
Speaker 2: a much higher evaluation.
Speaker 5: Why and what does it mean to you?
Speaker 9: Well, first, thank you for having me. We raise this
Speaker 9: money to invest deeply in research. And we are this
Speaker 9: company that's something in between a product company and then
Speaker 9: also an AI and models company, and in parts it's
Speaker 9: an important product lover for us to do our own
Speaker 9: investment in product specific models and that's something we've been
Speaker 9: doing for many years.
Speaker 5: This lets us do that in a bigger way.
Speaker 2: It's AI coding, and you know I was in Washington,
Speaker 2: DC for GTCDC. Jensen one goes on stage and he
Speaker 2: made a very pointed remark that software generally speaking, is
Speaker 2: now worth paying for, and he used Cursor as the
Speaker 2: case study. Would you actually talk us through the case study?
Speaker 2: Nvidia is a big company, It has many of its
Speaker 2: own engineers. How are they using Cursor, what are they
Speaker 2: using it for, and how are you charging them for it?
Speaker 9: Well, we've been really happy to see not just the
Speaker 9: accelerating demand in our market, but also the success in
Speaker 9: our deployments with customers. There was actually a study that
Speaker 9: came out recently that showed that customers after they switched
Speaker 9: to our agent get forty percent more done and in.
Speaker 2: The productivity reference for the engineered themselves, the workload that
Speaker 2: they're trying to get through.
Speaker 9: Yes, okay, it's looking at plor requests, merged and metrics
Speaker 9: like that, but folks are seeing lots of success out
Speaker 9: in the field. And so to Jensen's comment, the ROI
Speaker 9: of buying the tool is just has been so high
Speaker 9: for many of our customers, which makes us really happy.
Speaker 9: And on the pricing front, there's two components. One is
Speaker 9: a seat component where we look at usage, we look
Speaker 9: at how many people are using Cursor every month within
Speaker 9: an account, and then pricing matches that, and then if
Speaker 9: folks are using the product in a really, really deep way,
Speaker 9: there's also a usage component, similar to a data breaksource snowflake.
Speaker 3: What's interesting is vibe coding was all the lexicon in
Speaker 3: the past few months, and many people felt that it
Speaker 3: was individual.
Speaker 4: So paying the twenty dollars for a Cursor.
Speaker 3: And really doing it and really feeling the power of
Speaker 3: understanding and being able to prompt. How about now what
Speaker 3: you call AI coding? Is this more of an enterprise play?
Speaker 3: Is it more of a sit at home and play
Speaker 3: at being a developer play?
Speaker 9: We serve professional development teams and in particular professional engineers
Speaker 9: or are ICP, and so when we use the term
Speaker 9: A coding, it's to underline that we care. You know,
Speaker 9: there are some folks that experiment with the tool for prototypes,
Speaker 9: but the core use case, the reason the vast majority
Speaker 9: of customers are using Cursor is to get real work
Speaker 9: done in their real jobs, and that means shipping carefully
Speaker 9: in professional codebases at the highest degree of quality.
Speaker 4: We were just talking about all the CEOs of the
Speaker 4: Magnificent seven and others who have.
Speaker 3: Been using Cursor been talking about Cursor.
Speaker 4: They must have been calling Cursor, Michael.
Speaker 3: How many imbounds you're getting on companies wanting.
Speaker 4: To buy you at this moment.
Speaker 9: We've been really excited to see demand both across the
Speaker 9: Mac seven out of seven of the mag seven actually
Speaker 9: our customers, and we're really happy about that. But then
Speaker 9: also staples of the real economy like Starbucks and PwC
Speaker 9: and Hilton and Budweiser, and then many digital natives like Stripe, Adobe, Uber, Nvidia,
Speaker 9: Shopify and.
Speaker 5: Others like that.
Speaker 4: I'm going to jump in there and just quickly because
Speaker 4: so go for it.
Speaker 5: Please. Yeah, you're not.
Speaker 3: Answering exactly my question. Has anyone been trying to buy you?
Speaker 5: I can't talk about things like that here.
Speaker 2: You can talk about them here. Bloomberg Tech is the
Speaker 2: right place for it. What you've been doing is shopping yourself.
Speaker 2: Find that very interesting. You used M and A to
Speaker 2: address your own talent requirements growth by Design. What was
Speaker 2: behind that move and what was the problem you were
Speaker 2: trying to solve for in doing that?
Speaker 9: Growth by Design was a talent agency that we had
Speaker 9: worked with for a long time, and the folks that
Speaker 9: were running that business. We got to know over many
Speaker 9: months working with them on building the team, respected recruiting
Speaker 9: leaders in the industry, and we started talking with them
Speaker 9: a few months ago about whether they would come in
Speaker 9: house and join us to lead talent for us. And
Speaker 9: this is a strategy that we've taken kind of across
Speaker 9: the board, whether it be an R and D, go
Speaker 9: to market, GNA. We look for the best people in
Speaker 9: our industry and sometimes conveniently or inconveniently, they are running
Speaker 9: their own companies.
Speaker 3: What's so interesting is how fierce the talent fight has
Speaker 3: been in many ways Michael taught to us about where
Speaker 3: you are getting your talent from, how you're going to
Speaker 3: see that growth by design is going to bring on
Speaker 3: even more of the best people to work and build
Speaker 3: your business.
Speaker 9: Still, largely folks that join us we reach out to,
Speaker 9: and that's through knowing past colleagues of theirs, and we
Speaker 9: invite them to interview.
Speaker 5: But more and more we're.
Speaker 9: Scaling that and trying to diversify how we find folks,
Speaker 9: and then we have a deep interview process where, for instance,
Speaker 9: on the engineering side of things, we invite folks and
Speaker 9: for two whole days to spend two days with us
Speaker 9: going and turned on a project, and that's both giving
Speaker 9: them lots of information on us as a company that
Speaker 9: also gives us really great signal about whether they're going
Speaker 9: to be affect when they join.
Speaker 2: You've grown incredibly quickly, and you've joined us on this
Speaker 2: program to explain how Cursor is being used in the
Speaker 2: real world and generating real revenues. But if you had
Speaker 2: to reflect honestly on what's still difficult for you and
Speaker 2: curs and what some of the I guess barriers or
Speaker 2: headwinds are to your industry or you specifically, what are they?
Speaker 2: You know, what is it that you need to see
Speaker 2: change right now? But we have a long product journey left.
Speaker 9: We're addressed at the very start of how we think
Speaker 9: building software and coding is going to change over the
Speaker 9: course of the next few years. And I think it
Speaker 9: can be really really easy for folks who are removed
Speaker 9: from writing code all day to stay in touch with
Speaker 9: just how far away we are from all of software changing.
Speaker 9: And despite all of the change over the past few years,
Speaker 9: there's still so much further to go. And so in particular,
Speaker 9: we're very focused on making Cursor not just more productive
Speaker 9: for individual engineers, but now helping teams broadly and helping
Speaker 9: across the software development life cycle.
Speaker 2: Those that we regard as leaders of industry have talked
Speaker 2: about the AI displacement of jobs or not displacement of jobs,
Speaker 2: and actually, as it relates to Cursor, you know, many
Speaker 2: take the view that it's not AI that's going to
Speaker 2: take your job, it's somebody that uses AI that's likely
Speaker 2: to take your job, just through the lens of what
Speaker 2: Cursor sees through his customers and internally, where do you
Speaker 2: sit on that debate?
Speaker 9: Michael, Definitely, in the data that we have, we don't
Speaker 9: see that. We see the fold of who's participating in
Speaker 9: the software development life cycle expanding, and that's more engineers
Speaker 9: getting within the fold and growing seats within engineering accounts
Speaker 9: and growing engineering teams. But that's also folks in support
Speaker 9: or in design helping to do small changes within a
Speaker 9: production code base too.
Speaker 2: Michael Trueau, Cursor CEO, thank you very much for coming
Speaker 2: back here on luvent Tech and SF what you.
Speaker 3: Got fascinating conversation, But now it's time for talking tech
Speaker 3: head and first up, Jeff Fezios's Blue Origin nails a
Speaker 3: major milestone it's next to Glen New Glen rocket booster
Speaker 3: safely landed on a platform in the Atlantic after launching
Speaker 3: a pair of small satellites on its way to study Mars.
Speaker 3: Now that makes Blue Origin only the second company after
Speaker 3: Elon Musk's SpaceX to successfully recover a booster, fittingly named
Speaker 3: never tell Me the Odds.
Speaker 4: Plus.
Speaker 3: Emirates is reportedly partnering with SpaceX is Starlink to bring
Speaker 3: faster in flight Wi Fi to its fleet.
Speaker 4: Now that's according to sources.
Speaker 3: The deal could be announced at the Dubai Air Show
Speaker 3: on Monday, so the service will still need government.
Speaker 4: Approval before it can be deployed.
Speaker 3: And in a rare split between a chip maker and
Speaker 3: its biggest customers, Amazon is joined in Microsoft in backing
Speaker 3: legislation that could restrict Invidio's chip exports to China.
Speaker 4: According to The Wall Street Journal, the.
Speaker 3: Proposal would require chip makers to meet US demand before
Speaker 3: shipping to come trees under arms embargos ed Okay.
Speaker 2: Coming Up founder's fund is backing startup Netek, aiming to
Speaker 2: supply AI to small businesses and we mean small businesses.
Speaker 2: We're going to speak with the CEO, Melissa talking about
Speaker 2: next this is Bloomberg Tech.
Speaker 3: In a show of continued confidence, founder's fund is backing
Speaker 3: Netik for the third time in a row.
Speaker 4: It's the kind of support and.
Speaker 3: Sustained support that the firm has previously on is shown
Speaker 3: to the likes of Cognition AI or andill Now. Netik
Speaker 3: has raised twenty three million dollars in a Series B
Speaker 3: funding round aiming to talk quick businesses and contractors with
Speaker 3: advanced AI tools. Melssa top max here Netics CEO Melissa
Speaker 3: this is about main street, this is about h fax,
Speaker 3: this is about contractors coming in repairing. Why target that
Speaker 3: part of the market.
Speaker 14: Well, thank you for having me, Caroline. I think for
Speaker 14: us it's very important there. We're bringing frontier AI to
Speaker 14: the industries that are the backbone of American economy.
Speaker 8: I think a lot of startups.
Speaker 14: Are existing in Silicon Valley that backs maybe developers, but
Speaker 14: for us, we want to back these industries and large
Speaker 14: companies in these industries in HVAC, plumbing, electric, solar, consumer
Speaker 14: health and bring the frontier AI for them and help
Speaker 14: them make more revenue.
Speaker 3: Why doesn't some of the enterprise offerings thus far be
Speaker 3: fit for purpose for these small and medium sized enterprises.
Speaker 14: Yeah, I think these workflows are really deep. So I
Speaker 14: think Ed was telling me actually just yesterday about adding
Speaker 14: heat pump to his own home.
Speaker 5: Yeah, he did add a heat pumps my home. Yeah,
Speaker 5: hopefully it's working really well.
Speaker 2: It works, but it was very difficult process. It was delayed.
Speaker 2: There you answer the question, but.
Speaker 14: Yes, yeah, it's exactly like Ed's experience, right, trying to
Speaker 14: reach out to a company that might help you and
Speaker 14: help you immediately because you have that need. Now, so
Speaker 14: what we help with these industries with They all actually
Speaker 14: face seasonality and volatility and have to have deep workflows
Speaker 14: with their customers like AD.
Speaker 8: So the other.
Speaker 14: Solutions that might give you point solutions or easy workflows
Speaker 14: will not work with these essential services that are serving
Speaker 14: millions of consumers out there in America.
Speaker 2: My small house in northern California is one end of
Speaker 2: the scale. The other is data center build out and
Speaker 2: Jensen one was speaking about this at GtC and DC.
Speaker 2: I'm going to read you some of his quote. But
Speaker 2: in order for us to win that the market, we
Speaker 2: need mechanical engineers, electric engineers, plumbers, construction, skilled craft labor.
Speaker 2: We need mountains of them. We need mountains of them,
Speaker 2: and that's going to create lots of jobs and it's
Speaker 2: going to be fantastic for the United States. But we
Speaker 2: need a lot more. He seems to be suggesting that
Speaker 2: that skilled labor that you want to work with with
Speaker 2: contractors isn't there.
Speaker 5: Is that your experience, there's.
Speaker 14: Definitely labor shortage in these markets. We need more people
Speaker 14: to go in and get trained in these industries for
Speaker 14: our country. And it's not just for data centers. It's
Speaker 14: actually as we have access to more tools, the energy
Speaker 14: need is increasing from consumers and businesses, data centers across
Speaker 14: the board, and we're going to need this labor to
Speaker 14: be able to power it all.
Speaker 3: Talk to us about total addressable market here, Melissa, because
Speaker 3: it is such an obvious play to sort of make
Speaker 3: sure that Main Street is equipped here.
Speaker 4: But why haven't more tackled it. What are you seeing
Speaker 4: in terms of the need?
Speaker 14: I think when you're building a business in this area,
Speaker 14: the mission is the most important thing. All of us
Speaker 14: at Netek truly care about bringing AI to the backbone
Speaker 14: of American economy and to the physical world.
Speaker 8: I think this is maybe not.
Speaker 14: The sexiest area that the Silicon Valley companies are building
Speaker 14: in one, it's very difficult. You have to get integrated
Speaker 14: with companies very closely. We partner with large private equity
Speaker 14: firm and large enterprises in these industries and to really
Speaker 14: learn their workplace.
Speaker 2: So I think that's the root of Caroline's question though,
Speaker 2: right if I said small businesses earlier, actually you work
Speaker 2: with some bigger businesses as well. But you know, the
Speaker 2: basic question is can a contractor or a small firm
Speaker 2: of engineers, plumbers, whatever, afford to pay for your software?
Speaker 2: That's what it comes down to.
Speaker 14: Yeah, I think the question is about does that contractor
Speaker 14: a solo contractor or maybe a few people do they
Speaker 14: need AI today?
Speaker 8: Right?
Speaker 14: I think in there in that type of small business level,
Speaker 14: if anything, capacity and labor being able to go take
Speaker 14: on more jobs is the more problem. Then maybe investing
Speaker 14: the small capital you have to AI tools. This is
Speaker 14: why we actually started with more mid market and large enterprises,
Speaker 14: because they're at a point that they can invest for
Speaker 14: more growth with AI tools versus.
Speaker 5: Not just real quick.
Speaker 2: If you and Jensen wangare so much on the same page,
Speaker 2: have you actually met with him and.
Speaker 5: Talked about this.
Speaker 14: I did not, but I got to listen to him
Speaker 14: in DC when he was talking for the AI Executive
Speaker 14: Order and I was front row and loved that he
Speaker 14: talked about this type of jobs because I think we
Speaker 14: need to encourage the young people to go into skilled
Speaker 14: labor a lot more as AI does displace job in
Speaker 14: more computer backed maybe small menial task areas. These are
Speaker 14: the jobs that are not replaced for the next one
Speaker 14: hundred years.
Speaker 2: Melissa to magnetic see are great to have you on Bloombotech.
Speaker 5: Thank you.
Speaker 2: AI is reshaping holiday retail. Google is testing new AI
Speaker 2: tools through its Gemini platform aimed at making search and
Speaker 2: check out more seamless. It's part of a broader push
Speaker 2: to bring agenticai into everyday shopping. Here with more is
Speaker 2: Lenian Rincom, Google VP of Consumer Shopping product This is
Speaker 2: interesting because we're going from the domain of AGENTICAI and
Speaker 2: we're trying to take it to how consumers already you search,
Speaker 2: marry them in the context of retail.
Speaker 5: How does it work and why is it important?
Speaker 15: Yeah, So agentic tech is, you know, relatively new, and
Speaker 15: we're really focusing on bringing agentic ai for consumer problems
Speaker 15: that really matter to consumers. And so for example, taking
Speaker 15: the tedious parts of shopping and having AGENTICAI, which is
Speaker 15: AI that does things on behalf of the user.
Speaker 8: So, for example, with price.
Speaker 15: Tracking, you know, we have the scenario of you see
Speaker 15: a product, maybe the price is too high. You can
Speaker 15: track the price and we will auto buy the product
Speaker 15: for you. On the other hand, for example, let's say
Speaker 15: you have a particular product. Let's say La Buboo is
Speaker 15: one of the products of the season, and you want
Speaker 15: to find it near you. It will actually make all
Speaker 15: the calling for you for nearby businesses and tell you
Speaker 15: whether it's in stock.
Speaker 2: Do you have any evidence or data that this technology
Speaker 2: change results in an actual purchase or more that increases
Speaker 2: the likelihood that the consumer goes through with it.
Speaker 15: I mean, anecdotally, we do see that consumers are really
Speaker 15: loving this in the sense that both consumers and merchants
Speaker 15: actually especially for the agentic calling, because it's allowing consumers
Speaker 15: to have more confidence let's say that the product is
Speaker 15: actually in store.
Speaker 3: There are some that perhaps don't want others agents coming
Speaker 3: and making purchases.
Speaker 4: They want that direct relationship.
Speaker 3: We've seen reports of Amazon doing a season desist on
Speaker 3: perplexity because of creiment's being made.
Speaker 4: How do you think you'll navigate the ecosystem in that way.
Speaker 8: Lilian, Yeah, it's a great question.
Speaker 15: You know, I think all of this agentic technology is
Speaker 15: very nascent, and again at Google, we're really starting with
Speaker 15: what are those real problems that consumers have and always
Speaker 15: giving consumers control of the experience. So in that agentic checkout,
Speaker 15: for example, as I mentioned, you know, we're starting with
Speaker 15: a real user need, right, which is a lot of
Speaker 15: times people will see a product maybe it's too expensive.
Speaker 15: We let you track the price of the product, We
Speaker 15: alert you when the product has reached that price, and
Speaker 15: then you can auto buy, essentially have Google buy that
Speaker 15: product for you on your behalf. And in this case
Speaker 15: for the merchant, it's good in the sense that, you know,
Speaker 15: maybe they would have lost that customer otherwise, right, maybe
Speaker 15: they weren't ready to buy it at that price, And
Speaker 15: so we think this is good for merchants and also
Speaker 15: for consumers.
Speaker 3: On the backhend, Lilian, we've got a beautifully geeky audience.
Speaker 3: What is it that you've managed to do in the
Speaker 3: last few months years that is just allowed for this,
Speaker 3: that is now seeing the agents able to run run
Speaker 3: free and make purchases on one's behalf safely.
Speaker 8: Yeah, I think again. So a lot of this is new.
Speaker 15: I will say that, you know, on the agentic calling piece,
Speaker 15: we have been doing things like duplex, which you may
Speaker 15: or may not be familiar with, which is where we're
Speaker 15: using AI to essentially call a business on your behalf
Speaker 15: for some years actually, you know, since twenty seven, twenty eighteen.
Speaker 4: I think the restaurants have been doing it for me
Speaker 4: for a long time.
Speaker 8: Yeah, exactly.
Speaker 15: On the calling piece, I think we've been doing this
Speaker 15: for a long time, and we're really finding real user needs,
Speaker 15: you know, for tedious parts of shopping where we think
Speaker 15: it can help. On the agentic calling piece, also tracking
Speaker 15: the price is something that we've done over some time.
Speaker 15: This year, we've actually gotten down to the variant level.
Speaker 15: So for example, if you see a shoe that you like,
Speaker 15: it really matters the size and the color of the shoe,
Speaker 15: and so now we're able to agentically, you know, really
Speaker 15: track that price.
Speaker 4: And then the buying.
Speaker 15: Really what we're doing there is we are instantiating a
Speaker 15: browser and really adding a product to the card on
Speaker 15: the merchant side and letting you buy it.
Speaker 2: The question is always what happens next and how is
Speaker 2: this going to go? At the enterprise scale. The issue
Speaker 2: with agentic AI is that you need many agents to
Speaker 2: be able to communicate with one another. In fact, in
Speaker 2: the consued think about an airline app, for example, and
Speaker 2: they maybe use a different software platform to book the
Speaker 2: flight originally. Are you encountering those problems? You know, Gemini
Speaker 2: and what's outside of Google's control?
Speaker 15: You know, I would say that it's still nascent. So today,
Speaker 15: for example, a lot of our merchants and the way
Speaker 15: that they show up is actually through relationships that we've
Speaker 15: developed over the years. So we have something called the
Speaker 15: shopping graph, which is, you know, fifty billion product listings
Speaker 15: of all these merchants around the world. But as you say,
Speaker 15: over time, you know, potentially you'll imagine a world where
Speaker 15: merchant has an agent and we will be interacting between
Speaker 15: the Gemini agent and that agent as well.
Speaker 4: Yeah, Lillian and Rincon of Google.
Speaker 3: Fascinating as we head towards holidays, taking a little bit
Speaker 3: of the to.
Speaker 4: Do list off our plate. Thank you for stopping by.
Speaker 3: And meanwhile, that does it for this edition of Bloomberg Tech.
Speaker 4: And what a week it's been. What a week We've
Speaker 4: got coming.
Speaker 5: It's the super Bowl and video Earnings.
Speaker 2: Next week It's been a weird Friday where markets kind
Speaker 2: of quite severely down, and now we're kind of up
Speaker 2: a little bit, and I think everyone's just ready for
Speaker 2: the weekend. Don't forget to check out the podcast. It's
Speaker 2: a great thing to do on a weekend. You can
Speaker 2: find it on the terminal as well as online on Apple, Spotify,
Speaker 2: and iHeart from San Francisco and.
Speaker 5: New York City. This is Bloomberg Tech