Speaker 1: From Marhart where Innovation, Money and Power Collie in Silicon Valley, NBN.
Speaker 1: This is Bloomberg Technology with Caroline Hyde and Ed loved Love.
Speaker 2: I'm Caroline heindet Bloomberg's World headquarters in New York and.
Speaker 3: I met Lovelow in San Francisco. This his Bloomberg Technology
Speaker 3: coming up.
Speaker 2: The FTX founder Sam Macmnfried is found guilty in his
Speaker 2: full trial, now facing decades in prison. We'll break down
Speaker 2: the decision to discuss what it means for the broader
Speaker 2: crypto industry.
Speaker 3: Plus Apple shares taking a hit after the world's most
Speaker 3: valuable company warns of a sluggish holiday quarter and some
Speaker 3: weakness in China.
Speaker 4: We have full coverage ahead.
Speaker 2: And we'll have an exclusive interview with the CEO of
Speaker 2: Zieman's as the company invests half a billion dollars in
Speaker 2: new US manufacturing.
Speaker 5: Let's check out these markets.
Speaker 2: It is a macro picture one of a calling jobs market,
Speaker 2: which means maybe we're in Goldilock scenario. People buy on
Speaker 2: the fact that maybe the Federal Reserve can indeed rest
Speaker 2: on their laurels for a little bit. Now we're seeing
Speaker 2: the anaunsdak currently at one point one percent. I mean
Speaker 2: having an absolute phenomenal week, best week of the entire year.
Speaker 5: So two is the S and P five hundred.
Speaker 2: In fact, the thirty year yield dips down some some
Speaker 2: basis points on the day.
Speaker 5: Last three days we've seen the thirty year.
Speaker 2: Yield plunge the most since back in the pandemic, so
Speaker 2: notable moves in the bond market and the stock market.
Speaker 5: We're looking at the.
Speaker 2: Dollar index off by almost a four percentage point down
Speaker 2: against every major currency that we currently see because we
Speaker 2: start to anticipate a less hawkish FED.
Speaker 5: Let's look at what means for.
Speaker 2: The world of crypto, which were gonna be digging into
Speaker 2: much more this entire hour head And actually we saw
Speaker 2: a little bit of a pop over the last well
Speaker 2: they are training first and second and November, but in
Speaker 2: general we're range band once again below that thirty five
Speaker 2: thousand dollars level. It's notable that we're actually climbed just
Speaker 2: slightly over the last five days, but.
Speaker 5: Really we do seem to have seen a peek in
Speaker 5: the buying. Maybe we now need.
Speaker 2: To die what the ramifications of Sam Magmin Freed's guilty
Speaker 2: verdict means for broader crypto at large.
Speaker 5: Ed what are you watching.
Speaker 4: Well, the other big story, which is Apple.
Speaker 3: You know, this was the one we were waiting for,
Speaker 3: and largely we got what we expected, the fourth straight
Speaker 3: quarter of overall sales to climb for Apple. We have
Speaker 3: to go back two decades, two thousand and one to
Speaker 3: the last time Apple had a slump like that. In
Speaker 3: the show, We're going to go deep on China in particular,
Speaker 3: they had very clear explanation for what Apple thinks is
Speaker 3: happening in China, but basically they missed estimates, saying iPhone
Speaker 3: was actually strong, a record revenue quarter for iPhone, but
Speaker 3: weakness in iPad and Max. So much to discuss, and
Speaker 3: it's kind of strange because there's so much news. Thursday
Speaker 3: night was wild in the world of technology, right. Apple
Speaker 3: was a big story in the moment, and then it
Speaker 3: quickly became a clipse. But we will bring you that
Speaker 3: analysis throughout the hour.
Speaker 2: We will. Meanwhile, though, let's get back to the discoy
Speaker 2: STUFFTX found the Sam Magman freed. He's been found guilty
Speaker 2: of seven counts of fraud and conspiracy following a month
Speaker 2: long trial that pitted the testimony of the former crypto
Speaker 2: king against those of some of his closest friends joining
Speaker 2: us now someone who is in that courtroom when we
Speaker 2: saw very swiftly this verdict decidedly most uti Yang, Just
Speaker 2: what was it like.
Speaker 5: To be getting that sort of response that quickly.
Speaker 6: It was a complete surprise. Nobody expected the result will
Speaker 6: come out so quickly. The verdict with the deliberation started
Speaker 6: shortly after three pm on Thursday, and some people just
Speaker 6: left the courthouse and went home because usually for cases
Speaker 6: of this skill, jury will take sometimes or even days
Speaker 6: to deliberate it. But it turns out regard the verdict
Speaker 6: shortly before a pm. So the jury really took a
Speaker 6: quick turnaround turnaround on this and we find out that
Speaker 6: Sam was convicted on all counts.
Speaker 2: Very few people ultimately able to be there to witness that.
Speaker 5: Momently.
Speaker 2: Can you just tell us sort of what the realc
Speaker 2: action was of someone said himself of his own lawyers, for.
Speaker 6: Example, Yeah, I will start by saying that earlier in
Speaker 6: the night, there's actually some lighthearted moments. The first jury
Speaker 6: note came out and the judge said there are only
Speaker 6: three words written on it, which is we want cars,
Speaker 6: and that's what the jury was asking for. They wanted
Speaker 6: to get transportation provided for them when they go home
Speaker 6: after finishing the night, and when the judge announced that,
Speaker 6: the entire quruom just burst into laughter. Nobody expected that
Speaker 6: to be the first jury note, and even sent himself
Speaker 6: he was laughing. It was probably the biggest laugh of
Speaker 6: seeing him throughout this trial. But then I would say
Speaker 6: that the mood really darkened later into the night and
Speaker 6: when we find out that there's gonna be a verdict,
Speaker 6: the entire quurum was just quiet.
Speaker 5: You could just.
Speaker 6: Feel the sense of suspense, the sense of nervousness among people.
Speaker 6: And eventually the judge was the one reading out the verdict.
Speaker 5: Sam rose up.
Speaker 6: As he listened to the verdict, he was clapping his
Speaker 6: hands in front of him, standing very uptight, didn't really
Speaker 6: have much facial expression on his face, and as he
Speaker 6: listened to the verdict guilty, guilty for every single count,
Speaker 6: he just kind of had this uh serious look on
Speaker 6: his face. And that meanwhile, his parents were just you
Speaker 6: could tell they were devastated. The dad, Joe Bankman, he
Speaker 6: kind of doubled down and looked down. And after the
Speaker 6: verdict was announced, the parents, at the end of this proceeding,
Speaker 6: they tried to approach sent back free from the back,
Speaker 6: but they really couldn't get to him because there is
Speaker 6: a barricade that kind of separated the courthouse quom between
Speaker 6: the gallery and where the lawyers are.
Speaker 7: And Sam was.
Speaker 6: Immediately escorted out by US Marshals and on his way out,
Speaker 6: he took a brief glance back at his parents, and
Speaker 6: there's a slight nod and acknowledgement at his parents, and
Speaker 6: then he was gone.
Speaker 3: Bloomboth Utu Yang incredible reporting of the events that took
Speaker 3: place in that New York courtroom on Thursday evening, and
Speaker 3: later in the show we will get more reaction from
Speaker 3: the crypto industry for what this symbolizes, much more broadly
Speaker 3: than the events of Thursday. The other top story that
Speaker 3: we have to get back to here on Bloombow Technology
Speaker 3: is Apple's earnings. We're going to bring in Forester Research
Speaker 3: principal analyst juliasc who I'm delighted to say is with
Speaker 3: us here in San Francisco. You heard me at the
Speaker 3: top of the show. We kind of got what we
Speaker 3: thought was coming, four straight quarter of overall sales decline.
Speaker 3: But then you dig down by product and number and
Speaker 3: it's much more complicated.
Speaker 4: We start with China. What was your takeaway there?
Speaker 1: So, I said, I listened to most of the comments
Speaker 1: from Tim Cook, and I understand the elements about the smartphone.
Speaker 1: What I thought was interesting about and interesting about his
Speaker 1: announcements is Apple had growth in some of the largest
Speaker 1: economies in the world, right places they haven't traditionally been
Speaker 1: strong or had a lot of sales. And you heard
Speaker 1: him talk about China with record growth and smartphones. You
Speaker 1: heard him talk about India. You talk and talk about
Speaker 1: Indonesia and three of the largest you know economies, well
Speaker 1: not economies but country you know, popular markets markets in
Speaker 1: the world. And I thought that was encouraging that they're
Speaker 1: looking for growth beyond their existing customer base and outside
Speaker 1: of the Americas, which have to really been their strength.
Speaker 3: Okay, So in Greater China sales fell two percent year
Speaker 3: on year, but Apple said that on a constant currency basis,
Speaker 3: they would have grown. What they said was that in
Speaker 3: Greater China, iPhone had a record quarter and the drag
Speaker 3: in sales was principally in mac an iPad, where in
Speaker 3: that quarter there have been no refresh.
Speaker 4: On the product.
Speaker 3: What's the conclusion we draw, We just take it at
Speaker 3: face value that actually iPhone's doing fine.
Speaker 1: There, So not being a financial analyst, I would have
Speaker 1: to take it at face value. But I think there's
Speaker 1: a couple of things in place. Like one of them
Speaker 1: is is this the upgrade cycles are slower. If we
Speaker 1: think back to when we first had phones or smartphones,
Speaker 1: we were upgrading those every eighteen to twenty four months,
Speaker 1: and that upgrade cycle is probably closer to three to
Speaker 1: four years now. The second thing I take into account
Speaker 1: when we think about, you know, the markets, is this
Speaker 1: isn't their biggest quarter. You know, we're coming into holiday season,
Speaker 1: which is by far the biggest quarter for Apple and
Speaker 1: for every retailer that's there. And when we look at
Speaker 1: our data, we have twenty four percent of US online
Speaker 1: consumers saying they're going to spend more forty percent at
Speaker 1: least the same as last year. And we've got almost
Speaker 1: twenty five percent of ansumers saying they're going to spend
Speaker 1: that money on consumer electronics. So I think also as
Speaker 1: we look forward, there's some optimism at least for this
Speaker 1: holiday season.
Speaker 5: And yet the guidance wasn't one of optimism.
Speaker 2: And to that extent, do you think this is just
Speaker 2: Apple being typically cautious in this respect.
Speaker 1: Yeah, there's probably Apple being typically cautious. I think Apple
Speaker 1: in some ways also they hold their what do they
Speaker 1: call it, They hold their cards close to their chest.
Speaker 1: I mean Apple is play playing a long game here.
Speaker 1: When Tim Cook talked about the ecosystem of hardware, software
Speaker 1: and services, they had a new chipset come out about
Speaker 1: I think it was a week, maybe it was just
Speaker 1: this week, right, Their products get better with each generation
Speaker 1: of chips that come out. You look at more than
Speaker 1: one billion active subscribers and two billion active devices. Those
Speaker 1: folks are spending a lot of money with Apple, and
Speaker 1: those are just the services we pay for, right. But
Speaker 1: it's payments, it's healthcare, it's maps, it's email, it's everything
Speaker 1: we do one hundred or two hundred times a day.
Speaker 1: And I do believe that they're playing a long game here.
Speaker 1: That make it suddenly you know they're chasing acquisition. But
Speaker 1: also the switching costs off of Apple are very high
Speaker 1: these days for anyone who has bought into the Apple ecosystem,
Speaker 1: and I think that's a real place of strength for Apple.
Speaker 2: Ultimately, this becomes there for a global narrative and one
Speaker 2: of which we are will worried about China, will worried
Speaker 2: about the implications long a term. But do you think
Speaker 2: that competition from the android sphere is getting more real,
Speaker 2: more ferocious, more clear, and the nationalism playing into this respect.
Speaker 1: So I think I don't follow in the Chinese market
Speaker 1: as closely, but I think certainly that's an element in
Speaker 1: a market, you know, like China or India. You know,
Speaker 1: when we think about Apple and smartphones, they're certainly chasing
Speaker 1: the top end of the market. It's a very profitable
Speaker 1: device for them. And not every company that's selling smartphones
Speaker 1: is always selling is you know.
Speaker 4: The goals and problem.
Speaker 1: You know, some companies make money in other ways. You know,
Speaker 1: it could be the telecom providers, it's advertising, And there's
Speaker 1: a lot of different business models in China and Indian
Speaker 1: and some of these other countries that are less prevalent
Speaker 1: here in the United States that make the sale of
Speaker 1: the smartphone you know, I would say less important in
Speaker 1: some of those markets in terms of total revenue.
Speaker 5: Judy, it's always.
Speaker 2: Great to get your expertise and thank you for it
Speaker 2: for us, A research principal analyst, Judy Ask. Meanwhile, we're
Speaker 2: going to stick in the Apple verse. Fox Con is
Speaker 2: best known of course I building iPhones, but now it's
Speaker 2: putting big on gifts, what electric vehicles. We spoke exclusively
Speaker 2: with a fox Con chairman, NC young new about his
Speaker 2: belief in an electric future.
Speaker 5: Take a listen.
Speaker 8: After four years, we're becoming more and more excited because
Speaker 8: the more we learned about this new industry, the more
Speaker 8: we believe this is the right industry for FASCA to
Speaker 8: go into because with fastcas experience and its scale, and
Speaker 8: it creates big enough entry barriers for our competitors in
Speaker 8: the ICT industry to go into.
Speaker 9: How big is the opportunity for fox Cone in terms
Speaker 9: of the market size and also for the company's capabilities.
Speaker 8: For the market size, We did a study when we
Speaker 8: started about three or four years ago. At that time,
Speaker 8: the market at twenty twenty five was estimated at six
Speaker 8: hundred billion US dollars big, So this is big enough.
Speaker 8: If we can and get you know, like ten percent
Speaker 8: of it, it will be sixty billion and fast kind
Speaker 8: of running it about two hundred seventy ash you know
Speaker 8: that kind of market, that kind of revenue. So with
Speaker 8: sixty billion, it's about two points some twenty five percent
Speaker 8: around that figure.
Speaker 9: You're building a factory from the ground up in Thailand.
Speaker 9: You bought a factory for this project in Ohio. First
Speaker 9: of all, what did you think when you visited the
Speaker 9: facility in Lordstown, Ohio.
Speaker 8: Well, it's huge facilities, with a lot of histories and
Speaker 8: a lot of capabilities. We think we can do a
Speaker 8: lot by converting that factory to a EV factory. And
Speaker 8: also because the surrounding environment they used to do I
Speaker 8: would say five hundred thousand cars a year at that
Speaker 8: kind of capacities, Definitely, you have to have enough supply
Speaker 8: chain in the area in order to support that kind
Speaker 8: of production. And with the supply chain almost there, with
Speaker 8: the location with the space that is big enough, so
Speaker 8: we think it will be very good now for the
Speaker 8: EV production there.
Speaker 3: Fox CON's chairman and CEO Young Lewin's a pretty incredible
Speaker 3: exclusive coming out of Asia from Loombog's reed Stevenson Semen's
Speaker 3: announcing more than five hundred million US dollars in manufacturing
Speaker 3: investments in the US to support rapidly growing industries like
Speaker 3: data centers, semiconductor, and battery manufacturing. And that includes a
Speaker 3: new one hundred and fifty million manufacturing plant in the
Speaker 3: Dallas Fort Worth area in Texas. Semen's global CEO Roland
Speaker 3: Bush joins us now from Dallas. Big News, Doctor Bush,
Speaker 3: thank you for your time on Bloomberg technology. How much
Speaker 3: of this is being pushed by the IRA and the
Speaker 3: incentives that were on offer to establish a supply chain
Speaker 3: here in this country.
Speaker 10: Well, I mean our five hundred million investment program the
Speaker 10: United States has two reasons. Of course, it's attractive environment
Speaker 10: on the one side, but it's also our market. It's
Speaker 10: our customers which we're asking for our technology. So you
Speaker 10: know that. Earlier the year we announced on a twenty
Speaker 10: million investment in North Carolina and Lexington. This is our
Speaker 10: brand new rolling stock manufacturing plant and this is definitely
Speaker 10: pulled by our customer. I mean, our customers are really
Speaker 10: buying rolling stock trains for locomotives from US. And now
Speaker 10: today we announced on a fifty million investment in Dallas
Speaker 10: for Worth and this is about electric products. We are
Speaker 10: basically supporting the data center industry and large language models
Speaker 10: data centers with electrical products and that's a reason for investing.
Speaker 10: And of course an attractive market environment is an add
Speaker 10: on too.
Speaker 3: Do you have a clear line of sight to the
Speaker 3: funding that is available from the IRI. One of the
Speaker 3: things I've heard from CEOs all over the world is
Speaker 3: that on paper it's fantastic, but getting hold of the
Speaker 3: funds and getting going on the project actually has some
Speaker 3: latency to it.
Speaker 10: Yeah, well, you know, the point is number one is
Speaker 10: the funds. But for me, the most important point is
Speaker 10: really people. When you talk about a manufacturing site, you
Speaker 10: talk really about a fully automated and digitalized manufacturing site.
Speaker 10: So you really have to get the right people on
Speaker 10: the shop floor. We are training and educating people at
Speaker 10: the same time, so will little of people in a
Speaker 10: market which is fully scars of labor is one of
Speaker 10: the biggest advantages. This is what we find here. And
Speaker 10: if you're doubling down basically on our investment, which you
Speaker 10: have already in Grand Prairie. Team did a great job
Speaker 10: in really bring our business within three years on electoral
Speaker 10: products and a strong customer demount comes together. So that
Speaker 10: is a nice fit for investing in the United States
Speaker 10: and particularly here in Texas.
Speaker 3: Well, let's talk about Texas. You join us from Dallas,
Speaker 3: the Dallas Fort Worth area. What was it about that
Speaker 3: location that made it an attractive place? For you to
Speaker 3: set up your supply chain there.
Speaker 11: Yeah.
Speaker 10: I mean, as I said before, it's a very attractive
Speaker 10: environment from the government, what kind of support they provide.
Speaker 10: Number two, it's forty miles away from Grand Prairie, where
Speaker 10: we have already a full fledged manufacturing site for electoral equipment.
Speaker 10: We have the people there, we have the supply base there,
Speaker 10: we have the management, so it's easy to double down
Speaker 10: our investment on already a very great team performance. And
Speaker 10: then we found a nice place here, a very good place.
Speaker 10: It's an existing site which was used for a warehouse
Speaker 10: convert We are going to convert it now for manufacturing.
Speaker 10: So it all comes together. And again this is a
Speaker 10: very business frontier environment that you find here in Texas.
Speaker 2: You talk about Delta Bush, your focus on an end user,
Speaker 2: the client demand coming from the United States. Compare and
Speaker 2: contrast that to Europe at the moment.
Speaker 5: How much are.
Speaker 2: You seeing clients having to dial back some of their
Speaker 2: demand because of the macroeconomic environment.
Speaker 10: What we do see is, let me start with the
Speaker 10: energy intensive industries. They are really looking into the United
Speaker 10: States because you have very low energy crisis, and that's
Speaker 10: a big advantage on top cons your Inflation Reduction Act,
Speaker 10: which is really supporting investment in the United States. So
Speaker 10: this is where our customers. I mean, it's a chemic industry,
Speaker 10: batrem factual data centers, but any kind of energy intensive
Speaker 10: industry is moving to the United States. They're looking into
Speaker 10: that market. And it's a market too, it's a big
Speaker 10: market too, and we are in many many cases you're
Speaker 10: following our customers to these markets and investing there. So
Speaker 10: this is a very very positive environment. And you see
Speaker 10: also semiconductors of following so all the energy intensive critical
Speaker 10: infrastructure of businesses, they are coming to United States. This
Speaker 10: is a clear trend. We do know that also Europe
Speaker 10: is putting some support in subsidies for companies. This will
Speaker 10: also get some investment. But the competitive edge on low
Speaker 10: energy prices is a clear advantage for the United States.
Speaker 4: Talked a bitch.
Speaker 3: I'd love to discuss that competitive edge. Your home nation,
Speaker 3: Germany and its economy is being debated by the technology
Speaker 3: industry and at the same time, the EUS kind of
Speaker 3: response to the Inflation Reduction Act as a place to
Speaker 3: do business and incentivize investment. Talk to us about the
Speaker 3: equation for you of Germany versus the United States.
Speaker 10: I think you have to differentiate what kind of sectors
Speaker 10: you're looking into. As I said, energy intensive industries, it's
Speaker 10: very hard to defend. At the same time, we have
Speaker 10: a very strong ecosystems, and Germany in particular, it's not
Speaker 10: only the big companies, but it's all the whole ecosystem
Speaker 10: of small and medium sized enterprises in machine tools, machine manufacturing,
Speaker 10: but also for example, the medical industry, car industry, but
Speaker 10: also to some extent from acehutical chemical. If you look
Speaker 10: forward in the way how you can deploy new technologies
Speaker 10: in these markets, that gives you an idea which kind
Speaker 10: of industries you are able to defend or even expand.
Speaker 10: It's all about technology. I mean, Germany is an export
Speaker 10: countries and in the innovative countries, in the industrials country,
Speaker 10: and this is the strength that we have to play
Speaker 10: and we have to strength. And there's a reason why
Speaker 10: I very much support also the subsidies which we're giving
Speaker 10: into for Intel for example, but also for all Speed
Speaker 10: and TSMC to invest in semiconductors industry in Germany because
Speaker 10: we do have the right environment, the right people, educated people,
Speaker 10: a good environment to really also go for this kind
Speaker 10: of industry. So you have to look in a differentiated way,
Speaker 10: and there's still industries which I believe have a great future,
Speaker 10: but we have to build our strengths, produce ecosystems and technology.
Speaker 3: Zemian's global CEO Rolandish, thank you for your time here
Speaker 3: on blue Bed Technology.
Speaker 4: Caroline.
Speaker 2: Meanwhile, let's talk a little bit more about some of
Speaker 2: the companies that are out performing on the day, Yelp
Speaker 2: being one of them. We're going to be speaking with
Speaker 2: the CFO next on the company's earnings and they're managing
Speaker 2: to post double digit growth and revenue. This is Blombag Technology.
Speaker 5: Time now for talking tech. First up, Jeff Bezos says, well,
Speaker 5: he's moving to the East coast.
Speaker 2: The Amazon founder is relocating from Seattle to the Miami
Speaker 2: region in order to be close to his parents. The
Speaker 2: Blue Origin operations of course as well in Cape Canafron. Meanwhile,
Speaker 2: Xai will finally introduce this first AI model this weekend
Speaker 2: to select group of people and the billionaire Elon Musk
Speaker 2: started the bench over the summer. This comes million a
Speaker 2: day after Mask reiterated that AI post is an existential
Speaker 2: threat to humanity. That was over in the UK at
Speaker 2: the AI Safety summit, plus a new bipartisan bill would
Speaker 2: put the National Students Standards and Technology in chatter deploying
Speaker 2: AI safety standards. The bill, proposed by two US senators
Speaker 2: would direct this to provide federal agencies with safeguards for AI,
Speaker 2: of which they would be required to adapt. Similar bill
Speaker 2: is expected to be introduced in the House.
Speaker 3: Ed all Right earnings Yelp shares popping after the company
Speaker 3: reported earnings, boosting its net revenue and adjusted EBITDA forecast
Speaker 3: for the full year. Joining US now delighted today CFO
Speaker 3: David Schwartzbark David. Analysts are basically saying.
Speaker 4: You're a juggernaut.
Speaker 3: Tenth straight quarter of double digit revenue growth. I think
Speaker 3: what's missing is the answer and what keeps that going.
Speaker 12: Ed, It's good to be here. Is the tenth straight
Speaker 12: quarterer of double digit growth for US. That's been against
Speaker 12: the backdrop of what has certainly been a challenging environment
Speaker 12: for digital advertising.
Speaker 7: How have we done it well? It certainly starts with consumers.
Speaker 12: Tens of millions of consumers come to Yelp every month
Speaker 12: for our trusted reviews. We're obviously a household brand. When
Speaker 12: they're making those critical decisions like going out on a
Speaker 12: first date.
Speaker 7: They want to go to the right restaurant.
Speaker 12: But if you're spending a lot on remodeling your kitchen,
Speaker 12: you really want to choose someone who's going to do
Speaker 12: a great job for you. And around services in particular,
Speaker 12: we've really leaned in. Fourteen percent growth in the third
Speaker 12: quarter for service is twenty percent in home services. We
Speaker 12: think we're taking market share and we're doing that while
Speaker 12: driving Adjusted at EBITDA is a record quarter for us
Speaker 12: at twenty eight percent adjusted EBITDA, and we think our
Speaker 12: product led strategy is really working very well for us.
Speaker 12: We think it's the best quarter in the company's history,
Speaker 12: and we think that we're set up to have the
Speaker 12: post here in the company's history.
Speaker 4: David, We love the numbers.
Speaker 3: I love digging deep into the financials, but with Yelp,
Speaker 3: I just always want to know what the story is
Speaker 3: right in this economy, with the priorities that consumers have,
Speaker 3: what is the the psychology or driver that makes them
Speaker 3: go on Yelp. What is it that the consumer is
Speaker 3: doing that helps your business grow.
Speaker 12: Well Against the backdrop of high inflation where things are
Speaker 12: more expensive, it means people can't go out as often,
Speaker 12: they can't do as many home projects, so they really
Speaker 12: want to make sure they're making a good decision. And
Speaker 12: what we found actually is that consumers are doing even
Speaker 12: more research than ever before making those purchase decisions. And
Speaker 12: the folks who are coming to you help, they're high intent.
Speaker 12: They're actually ready to purchase their affluent. They are the
Speaker 12: majority of folks have gone to college, they have advanced degrees,
Speaker 12: and so they want to do that research before they
Speaker 12: make that purchase decision.
Speaker 2: I'm interested in these being record sets of numbers. You say,
Speaker 2: perhaps the best quarter in history, yet your market capitalization
Speaker 2: is half of where its best was back in twenty fourteen.
Speaker 2: How can you can convince an investor base that you
Speaker 2: are worth more, that the value of what you're bringing
Speaker 2: is more to an investor right now?
Speaker 12: Well, we really have transformed the company over the past
Speaker 12: five years, and we moved from what was a sales
Speaker 12: headcount driven growth model to a product led growth model,
Speaker 12: and that product led growth model is paying off. We
Speaker 12: obviously saw very strong adjustedy ebit don margin in the
Speaker 12: third quarter, but over the long term, we think that
Speaker 12: that product led model enables us to continue to deliver
Speaker 12: profitable growth for the long term. You know, we're just
Speaker 12: going through our planning process for twenty fourteen twenty four
Speaker 12: and we're very excited about what we can achieve next
Speaker 12: year that will enable us.
Speaker 7: To deliver these types of consistent results.
Speaker 2: How about globally speaking, David Hay, why can you pull
Speaker 2: on leavers in terms of growth? We were just speaking
Speaker 2: with a European based company, Zeeman's, which of course is
Speaker 2: having a harder macro picture in Europe than it is
Speaker 2: in the US. How do you see your ability to
Speaker 2: continue to ride a wave of US outperformance?
Speaker 12: US economy certainly has held in there and we've been
Speaker 12: and very relevant to consumers that they made those decisions
Speaker 12: as I was saying around inflation. But fundamentally, what we
Speaker 12: want to be able to do is to really leverage
Speaker 12: technology to continue to deliver value to consumers and to advertisers.
Speaker 12: At the end of the day, we have to give
Speaker 12: them value and they have to find us relevant.
Speaker 7: We obviously generate that content through these user reviews.
Speaker 12: We think it's really important for those to be trusted.
Speaker 12: We want to be that trusted brand for folks, but
Speaker 12: we also want to be the best possible place for
Speaker 12: consumers to go to make purchase decisions, particularly around services,
Speaker 12: so we're continuing to invest there. We're continuing to differentiate
Speaker 12: the experience. We grew home services about twenty percent in
Speaker 12: the third quarter. We think we're taking market share and
Speaker 12: we think that that sets us up very well.
Speaker 7: For the future.
Speaker 5: David, great to have some time with you.
Speaker 2: YEPCFO David shots back, really giving a really great macro
Speaker 2: picture there for us.
Speaker 13: Ed to you.
Speaker 4: Yep.
Speaker 3: It's Friday, which means for the final time this week
Speaker 3: that's going to check in on those European markets. The
Speaker 3: stock six hundred Europe it's the gauge we've been checking
Speaker 3: in all week long because it's kind of cross. European
Speaker 3: has had its best week since March, really rebounding. A
Speaker 3: big part of that is the central banks story all
Speaker 3: over the world, but also some European earnings feeding into it.
Speaker 3: Kind of countering that. On the other side is the
Speaker 3: geopolitical risk story and the Israel Hamas war has been
Speaker 3: impacting Brent crude, which is kind of the global benchmark
Speaker 3: for oil separate from WTI. We're down four percent on
Speaker 3: the week. We've seen yields come down a little as well,
Speaker 3: the German tenure burned two point six three percent, off
Speaker 3: twenty basis points over the course of the week, and
Speaker 3: euro dollar the euroeup one point six percent against the dollar.
Speaker 3: It's been a fun week. We've been showing you European
Speaker 3: markets because of the time difference at this time of year, but.
Speaker 2: That's it, and those European markets end, as fun as
Speaker 2: they are, have been dictated in large part by macroeconomic
Speaker 2: policymaking over here in the United States, and of course
Speaker 2: a lot of that's to do.
Speaker 5: With a FED yesterday, well on Wednesday, indeed, but.
Speaker 2: Also what's happening in terms of the data, the rich
Speaker 2: data we're getting, and the cooling that we're getting in
Speaker 2: the macroeconomy here in the USTAM of jobs perspective. Goldielock
Speaker 2: scenario is on the stocks they rise. Here in technology,
Speaker 2: we're up NAZAK one hundred and one point three percent,
Speaker 2: basically best week for the big benchmarks since last year.
Speaker 5: So clearly a.
Speaker 2: Desire to be getting back into some of these stocks
Speaker 2: that have been sold off. I'm looking at a two
Speaker 2: year yield as you'll see currently dipping down. In fact,
Speaker 2: across the board, we've seen bonds rallying, yields falling.
Speaker 5: As we anticipate a less hawkish FED.
Speaker 2: I'm also looking at what's happening in the world a
Speaker 2: bitcoin and actually, interestingly, even though we've got a week
Speaker 2: of dollar, significantly week of dollar, we're still seeing bitcoin
Speaker 2: just to the downside. That seems to be a read
Speaker 2: across more and what's happening in the world of court
Speaker 2: decisions around Sam Bankman freed and FTX the guilty verdict dead.
Speaker 3: Yeah, and that is the biggest story of the day,
Speaker 3: one of the biggest stories of the year, and we'll
Speaker 3: get back to it. Sam Bankman freed, convicted of a
Speaker 3: massive fraud that led to the collapse of the FTX
Speaker 3: exchange follows a month long trial where we heard from
Speaker 3: Sam Banker and freed himself from some of his closest
Speaker 3: friends and confidence. We want to go back and look
Speaker 3: at how the trial played out. With Christine Adams, partner
Speaker 3: at Adams, Dirk and Stein, who was over twenty five
Speaker 3: years of experience as a former federal prosecutor specializing in
Speaker 3: sec investigation and white collar crimes. Our reporter earlier in
Speaker 3: the program painted the picture she was in the courtroom
Speaker 3: the moment that the verdict was read out. Was the
Speaker 3: verdict and the seven guilty counts that came a surprise.
Speaker 14: To you, Honestly, No, I was a bit surprised that
Speaker 14: the verdict came so rapidly, But I think everyone who
Speaker 14: was watching this trial with some background and expertise saw this.
Speaker 15: Ship sinking rapidly.
Speaker 14: It was clear that Sam Bankman Bridge's testimony was going
Speaker 14: to be what it ended up being, a hail Mary
Speaker 14: passed that was not successful. There really wasn't a question
Speaker 14: when the government kept being so simple and just simply
Speaker 14: showed that Sam Bakeman Freed said one thing and did
Speaker 14: entirely another, and that his image was basically a ruse
Speaker 14: as part of this whole cryptocurrency.
Speaker 4: Fraud, Christine.
Speaker 3: The lead headline of Bloomberg this morning is SBF faces
Speaker 3: decades in prison after swift guilty verdict. The facing decades
Speaker 3: in prison part help our audience understand how that sentencing
Speaker 3: process will work from this point.
Speaker 14: So there is a set of guideline factors out there,
Speaker 14: the US sentencing guidelines, but.
Speaker 15: Those are entirely discretionary.
Speaker 14: So the core is required to consider those various factors
Speaker 14: and then make a determination in his own discretion how
Speaker 14: those factors will apply to mister Bateman Freed's sentence. What's
Speaker 14: driving the sentence that everyone's describing as possibly life is
Speaker 14: the loss involved here.
Speaker 15: Obviously there's millions, if not billions of.
Speaker 14: Dollars lost here, So that's one main consideration. Another consideration
Speaker 14: will be his leadership in the organization.
Speaker 15: So what will happen is mister.
Speaker 14: Bateman Freed will be subjected to an interview by pre
Speaker 14: Child Service, by the Probation Office, and they'll prepare what's
Speaker 14: called a pre sentence report and make a recommendation based
Speaker 14: on his personal background, information and the factors around these
Speaker 14: crimes that the defense and the government can then respond
Speaker 14: to and the court will take all of that into
Speaker 14: consideration in sentencing mister Bateman Freed.
Speaker 2: His own legal team, of course, showed their disappointment regarding
Speaker 2: the verdict.
Speaker 5: Will they appeal and what sort of grounds might they use?
Speaker 2: For example, I've seen lots that there was concern around
Speaker 2: lack of well ability to access certain medicines for example.
Speaker 14: Yes, for apps, I'm certain that they will appeal and
Speaker 14: that will likely be one of the grounds. Another ground
Speaker 14: will possibly be the fact that the court limited his
Speaker 14: defense that he relied on the advice of lawyers as
Speaker 14: evidence in his case.
Speaker 15: I understand that the defense was.
Speaker 14: Objected to specifiously by the government during the defensive cross
Speaker 14: examination of the cooperating witnesses, and that those objections were
Speaker 14: sustained by the government.
Speaker 15: That might be another grounds for appeal as well.
Speaker 2: And what about those that gave evidence, those that in
Speaker 2: many ways predd guilty themselves. How do we anticipate that
Speaker 2: they too will will face punishment, potentially prison time.
Speaker 15: They will this again will be in the court's discretion.
Speaker 14: They will be sentenced after mister Bankman Freed is sentenced,
Speaker 14: and the court will take into.
Speaker 15: Consideration the cooperation in this case.
Speaker 14: The court will also take into consideration the fact that
Speaker 14: they were all leaders in this organization as well.
Speaker 15: One was a head of engineering, one was a co founder,
Speaker 15: one was the CEO at FTX.
Speaker 14: The court will also take into consideration the value of
Speaker 14: their testimony. You know, it's very difficult oftentimes to prove
Speaker 14: someone's intent. There was obviously a lot of creating evidence
Speaker 14: in contemporaneous text messages and documents, but certainly having the
Speaker 14: people that were in the room talking about what mister
Speaker 14: Bankmanfreed was saying, is very valuable. The CORP will also
Speaker 14: take into consideration that they cooperated.
Speaker 15: Essentially after the fact. No one took a risk in
Speaker 15: war or wire while this was happening.
Speaker 14: So these are all things that CORP will take into
Speaker 14: consideration in sentencing the cooperating witnesses.
Speaker 2: Christine Adams, really great to get your expertise. We thank
Speaker 2: you partner on Adams, Dirk and Cammernstein decades in that
Speaker 2: expertise as a prosecutor. Meanwhile, let's continue the conversation what
Speaker 2: the ramifications are for.
Speaker 5: The rest of the industry, the crypto industry.
Speaker 2: Nick Carter, founding partner at Castleleilen and Adventures, pleased to say,
Speaker 2: is with us VC firm focused on public blockchains?
Speaker 5: And Nick, I mean, is this good news?
Speaker 2: Is this like a sigh of relief for the industry
Speaker 2: that this has sort of been done and dusted, or
Speaker 2: does it still have a spillover effect that well, crime
Speaker 2: could have been committed within this industry group.
Speaker 11: No, it's a moment of relief. And I saw a
Speaker 11: lot of self clebration jubilation on crypto Twitter last night.
Speaker 11: Practically everyone in the industry was harmed by SBF by FTX,
Speaker 11: no one escaped unscathed, And of course there's a secondary
Speaker 11: effect where the collapse of FTX gave regulators air cover
Speaker 11: to go after the industry really harshly, which we've seen
Speaker 11: in the last year. So I think virtually everybody is
Speaker 11: pleased at the guilty verdict here and grateful that this
Speaker 11: is over and we can put this sortid episode behind us.
Speaker 3: Nick, Good morning from San Francisco. Good afternoon where you are. Look,
Speaker 3: we are careful to draw a causal link right over
Speaker 3: the trading of crypto markets this week and the trial,
Speaker 3: but that's what we're writing about in Bloomberg this morning,
Speaker 3: the headline red hot crypto rebound calls as bankman Freed
Speaker 3: is found guilty. Did you see that, you know, the
Speaker 3: tension of the trial play out in the markets that
Speaker 3: you're focused on.
Speaker 11: I don't necessarily see a strong connection between the outcome
Speaker 11: of the t and price action. I mean, ultimately, virtually
Speaker 11: everyone thought this would be the outcome. I think it
Speaker 11: was very clear over the prior few months that Sam
Speaker 11: didn't have much of a defense, and frankly, it was
Speaker 11: very obvious if you'd followed any of the books written
Speaker 11: about FTX that he didn't have much of a case here.
Speaker 11: I mean, his defense that he'd mounted in the initial
Speaker 11: weeks after the insolvency after the bankruptcy was pretty weak.
Speaker 11: I mean, they siphoned the funds, and the margin trading
Speaker 11: excuse didn't really make any sense. So I can tell
Speaker 11: it seems like everyone kind of expected this outcome. I
Speaker 11: thought some people thought there might have been a hung
Speaker 11: jury or small likelihood that he wheaseled his way out
Speaker 11: of it, but ultimately it was pretty forecastable.
Speaker 2: Now you mentioned how basically no one was left unscathed
Speaker 2: in the industry, and I bring up a post coming
Speaker 2: from Alfred.
Speaker 5: Lynn, of course, a sequoia, and he had said.
Speaker 2: I think after the results that today's swift and unanimous
Speaker 2: verdict confirms what we already knew that SBF misled and
Speaker 2: deceived so many, from customers and employees to business partners, investors,
Speaker 2: including myself, a sequoia. In fact, he said, basically, they
Speaker 2: did their own eighteen month working relationship, they evaluated that,
Speaker 2: and they concluded them been deliberately misled and lied to.
Speaker 5: What are the learnings from this?
Speaker 2: The positive's got to be how things change due diligence,
Speaker 2: of course, being one of them. But ultimately how people
Speaker 2: investigate founders and indeed what's being built in the ecosystem.
Speaker 11: Have things changed, Yeah, I mean I don't know precisely
Speaker 11: what Sequoia's diligence processes, but it is the job of
Speaker 11: a venture capitalist to ascertain whether you are being lied to.
Speaker 11: I mean, we passed on FTX. We felt that the
Speaker 11: risks the juice wasn't worth the squeeze there. It was
Speaker 11: an unregistered offshore exchange. We passed on it twice. Many
Speaker 11: of us were skeptical of SPF throughout his whole history
Speaker 11: in the crypto space. I'm not saying we knew there
Speaker 11: was a fraud going on, but the signs were certainly
Speaker 11: there us. And the take from it is, you can't
Speaker 11: be taken in by these wonder cans that become the
Speaker 11: main character in crypto, and don't be taken in by
Speaker 11: outrageous growth. And you know, things like boards and governance
Speaker 11: really matter, alignment really matters. So there certainly was a
Speaker 11: way as a venture capitalist to decide that the opportunity
Speaker 11: wasn't worth it.
Speaker 3: Nick Carter, founding partner of Cast Island Ventures, giving his
Speaker 3: perspective on his interactions with FTX and the outcome of
Speaker 3: this trial. Thank you very much for your time here
Speaker 3: on Bloomberg Technology. Now, It's not the only crypto situation
Speaker 3: that's under Washington's scrutiny. Yesterday, the FTC released a less
Speaker 3: redacted version of its anti trust complaint against Amazon, alleging
Speaker 3: the big tech giant doubled the number of junk ads
Speaker 3: to boost profits and deleted internal communications to thought a
Speaker 3: federal anti trust pro. FTC Share chair Lena Khan spoke
Speaker 3: to Bloomberg's Emily Chang at a tech and anti trust
Speaker 3: event in San Francisco.
Speaker 4: Have a listen.
Speaker 16: I mean, what's really interesting is how be it in
Speaker 16: this case or a whole bunch of other cases relating
Speaker 16: to platforms. We see like a monopoly playbook, and so
Speaker 16: in the early years, the firms are chasing gross and share,
Speaker 16: and so they'll actually compete to make their products good
Speaker 16: for people. But we've seen how in digital markets, once
Speaker 16: the market tips and these firms start enjoying monopoly power
Speaker 16: and able to start protecting that power, we see that
Speaker 16: they start becoming too big to care in a basic
Speaker 16: way where they can kind of make their product worse,
Speaker 16: they can make it more expensive. Corey doctor Rowe has
Speaker 16: written about this really effectively, about the kind of life
Speaker 16: cycle that we see where at the kind of end
Speaker 16: stage of the monopoly cycle, these firms are just in
Speaker 16: extraction mode where they're really not having to compete or
Speaker 16: make their products better. And sometimes it can be hard
Speaker 16: to kind of imagine what the counterfactual would be, right, like,
Speaker 16: what would have happened if we'd had more competition. But
Speaker 16: what's so interesting that we were able to find through
Speaker 16: our investigation was that, you know, you don't have to
Speaker 16: They weren't being subtle about it, right. These were tactics
Speaker 16: that very overtly had the effect of overcharging people by
Speaker 16: upwards of a billion dollars, actively degrading their services in
Speaker 16: ways that they recognized was making the product worse. And
Speaker 16: at various points, you know, there were folks at Amazon saying, hey, like,
Speaker 16: we think these practices are actually bad for people, let's
Speaker 16: not do it. And at each juncture they were overturned
Speaker 16: by the executive. So it's you know, all laid out
Speaker 16: in our lawsuit, and you know, we think we have
Speaker 16: a strong case.
Speaker 8: So in your view, Amazon is a monopoly.
Speaker 5: Yes, that's what our lawsuit a legislate FTC chat Lena Kam.
Speaker 2: Meanwhile, look, the sea of TikTok will visit Brussels next
Speaker 2: week to discuss data protection and disinformation with representatives from
Speaker 2: the European Commission, and the meeting will be the first
Speaker 2: since the EU and a number of countries there fans
Speaker 2: government officials from using TikTok on their work.
Speaker 5: Phones and.
Speaker 3: All right, coming up on the show, it's the race
Speaker 3: for memory in the LLM space. We're going to break
Speaker 3: all things memory chip down with Urrogit Raye Choldry of
Speaker 3: Georgia Tech. This is going to be a deep, nerdy,
Speaker 3: but important conversation.
Speaker 4: This has blimbo technology.
Speaker 3: So it's been a big week for the technology that's
Speaker 3: powering AI. AMD Earning showed significant demand for its MI
Speaker 3: three hundred AI accelerator, which is set to take on
Speaker 3: in Video's h one hundred. We also heard startups who
Speaker 3: need the chips to build large language models, raising money
Speaker 3: or in some cases failing on a near daily basis
Speaker 3: a technical challenge for all of those memory. As AI
Speaker 3: workloads increase, there's an intense demand and need for high
Speaker 3: capacity memory Chips presenting a technical challenge known as the
Speaker 3: memory war, joining us to discuss Professor Arrojet Ray Choudry
Speaker 3: at the score of Electrical and Computer Engineering, Georgia Institute
Speaker 3: of Tech and an expert in all things memory ships.
Speaker 4: So let's start with the memory war, Professor, what is it?
Speaker 13: So if you look at the performance of a processor
Speaker 13: and that of a memory, So the processor performances increase
Speaker 13: or keeps on increasing every year at much faster than
Speaker 13: the performance of a memory increases. So that creates a
Speaker 13: sort of a wall that we call the memory wall,
Speaker 13: which is the gap between the processor performance and the
Speaker 13: memory performance. When a top of the memory performance, it's
Speaker 13: a couple of things. One is the capacity that you
Speaker 13: mentioned of the total memory that you need to perform
Speaker 13: that work, as well as the as the rate the
Speaker 13: bandwide that which you can read and write from the memory.
Speaker 13: So at the moment, what's happening with these large eye models,
Speaker 13: particularly these larger language models or elelems, is that the
Speaker 13: amount of memory that you need in order to store
Speaker 13: all the models, the activations, and all the intermediate data,
Speaker 13: as well as the rate at which you need to
Speaker 13: access all the data are both becoming a huge bottleneck
Speaker 13: in the entire workload or the computing spectrum. So that's
Speaker 13: kind of the memory world, the difference in logic performance
Speaker 13: and the memory capacity and bandwidth that you need in
Speaker 13: order to keep on feeding the logic.
Speaker 4: Er j this is your error expertsise.
Speaker 3: This week, a MD talked up them I three hundred
Speaker 3: x is having sort of superior high bandwidth memory, but
Speaker 3: the g H two hundred, the Gracehopper is coming from Nvidia.
Speaker 3: What is your assessment of those two GPUs.
Speaker 13: I personally think they would be very comparable. So if
Speaker 13: you look at age one hundreds now compared to the
Speaker 13: AMD offering that we have. Of course, the HPM three
Speaker 13: that AMD has has more capacity, has more bandwid But
Speaker 13: at the same time, if you look at the announcement
Speaker 13: from Nvidia, which happened a few months back, the Gracehoppers,
Speaker 13: the super chip that's going to come out, which is
Speaker 13: a CPUGP pair that's kind of that will have the
Speaker 13: same kind of HBM three with you with as much
Speaker 13: memory capacity and higher bandwidth. So I think it's kind
Speaker 13: of a race between the multiple companies at the moment,
Speaker 13: which are all kind of gearing towards more bandwidth, more memory,
Speaker 13: more capacity, denser memory. So I think we are in
Speaker 13: some exciting.
Speaker 4: Times, Professor, you've argued in your research.
Speaker 3: So what we need is denser, more energy efficient, higher
Speaker 3: capacity memory.
Speaker 4: What's the solution? How do we find that it's there?
Speaker 13: So the solution can be at multiple layers of the stack.
Speaker 13: So there's a lot of war going on in new technology,
Speaker 13: which is essentially going beyond. Let's a charge to look
Speaker 13: at other kinds of material properties that can be used
Speaker 13: as memory. The next is, of course circuits. How do
Speaker 13: you addage those bit cells or just memory elements so
Speaker 13: that you can read, write, and access them with the
Speaker 13: lowest amount of energy the highest performance. Then, of course
Speaker 13: the architecture like how do you put the whole thing together?
Speaker 13: And that also includes today more advanced packaging solutions. The
Speaker 13: idea would be to keep on bringing the memory closer
Speaker 13: and closer to the GPU or the logic as possible.
Speaker 13: So HPM three is an example where you essentially would
Speaker 13: use something like what we call the two and A
Speaker 13: have integration technique to bring the logic the GPU or
Speaker 13: the CPU close to the memory. Going beyond, you know,
Speaker 13: people are looking at researching three D solutions where you
Speaker 13: stack the memory on top of the logic or even
Speaker 13: bring a little bit of the logic into the memory
Speaker 13: so that you can do what is called in memory
Speaker 13: compute or processing in memory. So there are multiple research
Speaker 13: avenues that are being explored, both in academy and in
Speaker 13: the industry, and one or multiple of these will become
Speaker 13: the solution of the future. But I think the mantra
Speaker 13: is have more memory, denser memory, more energy efficient memory,
Speaker 13: higher capacity, and at the same time you need this
Speaker 13: memory to be as close to logic as possible.
Speaker 3: Professor, We've been showing images of d d R five
Speaker 3: from Samsung, HMB three E from Micron. You take an
Speaker 3: academic perspective, but there's work in the private sector around
Speaker 3: the world on this.
Speaker 4: What excites you most? Who is doing the cutting edge
Speaker 4: of memory?
Speaker 13: I think different companies are doing different things, and you know,
Speaker 13: innovations are happening all the layers of the stacked. Micron
Speaker 13: has some very interesting solutions. You know, we have one
Speaker 13: of the large conferences in the device technology world, which
Speaker 13: is called the International Electron Device Meeting, happens in San
Speaker 13: Francisco every December. So there are some there are some
Speaker 13: announcements that Micron is going to make on some you know,
Speaker 13: some very interesting exciting memory technologies which are post kind
Speaker 13: of based on three D integration. Looking at Eskhaynix, looking
Speaker 13: at Samsung amazing solutions for flash as well as for
Speaker 13: d M, so at multiple layers of abstraction. You know,
Speaker 13: from the technology, from the circuits and architecture, we see
Speaker 13: a lot of exciting things happening in the memory. And
Speaker 13: as I mentioned, you know, it's not just the memory
Speaker 13: and isolation, but the packaging, the integration, the coupling with logic.
Speaker 4: That's that's you know, that's kind of making the entire
Speaker 4: space more more vibrant.
Speaker 3: Professor rach Awdry of Georgia Institute Tech, thank you so
Speaker 3: much for your time.
Speaker 2: Shares of Apple still lower by about eight tens of
Speaker 2: send after of course earnings last night. Let's get to
Speaker 2: Ana rag Ran on Blueberg Intelligence to really well articulate
Speaker 2: that this is a China problem. It feels like, first
Speaker 2: and foremost.
Speaker 17: Yeah, you see bag MAC sales, iPad sales not that good.
Speaker 17: So the China number really was the biggest surprise on
Speaker 17: the negative side, and you know that remains the concern.
Speaker 17: And I think that's going to be the most important
Speaker 17: factor when we go into the next earning season also
Speaker 17: because that, in our view, is going to dictate how
Speaker 17: Apple's next twenty twenty four shapes up.
Speaker 2: Sure, sweet to the point, always looking forward to the
Speaker 2: next set of earnings, even while we still seem to be.
Speaker 5: Recovering from this set.
Speaker 2: Anna rag Rana, we thank you so much of BLUEBG
Speaker 2: Intelligence really with well the push forward there on Apple,
Speaker 2: and of course it does it for this edition of
Speaker 2: Bluebog Technology.
Speaker 6: Yeah.
Speaker 4: Yeah, it's been an incredible week.
Speaker 3: We've covered European markets, We've had earnings, we've had the
Speaker 3: trial of Sam Bankman freed, and don't forget you can
Speaker 3: recap every episode on our podcast wherever you get your podcasts.
Speaker 3: We have all of them on the Bloomberg platforms, but
Speaker 3: also Apple Spotify. As you can see that over Caroline's
Speaker 3: shoulder in New York City and over here in San Francisco,
Speaker 3: Happy Friday. This is Bloomberg Technology.