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Speaker 1: I met Ludlow in San Francisco. This is Bloomberg Technology,

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Speaker 1: Sam bankman Fried speaks, but questions remain. We discussed the

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Speaker 1: mystery that still surrounds the missing billions at spfs, bankrupt

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Speaker 1: crypto exchange f t X. Then we're turning into a

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Speaker 1: buy now, pay later economy, especially this holiday season as

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Speaker 1: shoppers try to stretch their dollar. Klaners CEO on its

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Speaker 1: fight to reach profitability and how regulation could impact the

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Speaker 1: buy now, pay later industry. And Musk takes a break

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Speaker 1: from Twitter to talk well brain surgery. The world's richest

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Speaker 1: person says Neuralink could start human implants within six months

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Speaker 1: and makes big promises for the tech, including cures for

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Speaker 1: paralysis and blindness. Welcome, fus, let's gonna check on those

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Speaker 1: markets here. It's been Katie Rfield high. Katie High ed Well,

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Speaker 1: it was a pretty muted day overall. Remember we had

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Speaker 1: a big, big rally yesterday after Pal suggested that maybe

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Speaker 1: the FED might start dialing back the pace of rate hikes.

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Speaker 1: Then you look today ahead, the big payrolls print tomorrow.

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Speaker 1: Not too much movement in the SMP five hundred. The

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Speaker 1: NASA one squeaked out a little bit of a game.

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Speaker 1: You did see a big drop in the socks, but

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Speaker 1: again at the big benchmark level, not too much movement,

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Speaker 1: even though we're looking at a pretty big rally in

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Speaker 1: the bond market, those tenure treasure yields dropping by about

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Speaker 1: ten basis points or so. But this muted volatility that

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Speaker 1: we've been seeing in the markets, it's definitely a theme.

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Speaker 1: Let's take a look at the volatility index, the VIX,

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Speaker 1: if you will. It dropped below twenty. It's has a

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Speaker 1: nineteen handle, and as you can see, it's just been

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Speaker 1: grinding tighter and tighter in this very narrow range. So,

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Speaker 1: even though I don't know, it's felt like a pretty

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Speaker 1: volatile year, not too much action at the our market level.

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Speaker 1: But I'm dying to talk about crypto. Let's do that

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Speaker 1: right now and look at bitcoin, because Bitcoin, even amid

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Speaker 1: all of this chaos that we're seeing at the company

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Speaker 1: level in the wake of what we saw with f

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Speaker 1: t X, bitcoin is actually having a pretty good run.

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Speaker 1: It's up about two and a half percent or so

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Speaker 1: over the past five days, and I'm going to say

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Speaker 1: it's a macro asset. It's doing fine, all right, Let's

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Speaker 1: stick with this broader theme, Katie, stay with us. We

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Speaker 1: look at the biggest story in crypto right now, the

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Speaker 1: ongoing story f t X is collapse and Sam Bank

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Speaker 1: and and Freed, who was at one point worth twenty

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Speaker 1: six billion dollars he now claims quote that's worth close

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Speaker 1: to nothing. Those were his words at the New York

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Speaker 1: Times deal Books summit yesterday, and luckily for us, Bloomberg's

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Speaker 1: Annie Massa was in the room and joins us now

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Speaker 1: for more. Did we solve the mystery, Annie, of the

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Speaker 1: missing billions and where they are? I think that would

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Speaker 1: be a little bit too easy. We're far from fully

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Speaker 1: having solved the mystery. Um, So yes your day. SPF

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Speaker 1: did speak at the deal book conference here in New York,

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Speaker 1: and I would say he answered a lot of questions,

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Speaker 1: but we didn't get a lot of answers. He's kind

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Speaker 1: of on an apology tour now, giving his side of

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Speaker 1: the story and saying that he's sorry that he screwed

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Speaker 1: up um and overextended basically, but he he as far

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Speaker 1: as actually offering any explanation of what went wrong. Uh,

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Speaker 1: he hasn't given us much and there was some surprise

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Speaker 1: that he actually turned up, albeit virtually, you know, he

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Speaker 1: joined from the Bahamas. But you were there, there was

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Speaker 1: some protests on site against him appearing at the conference,

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Speaker 1: weren't there, absolutely So, even to get into the venue,

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Speaker 1: which was in Columbus Circle in Manhattan, there were protesters outside,

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Speaker 1: kind of these dueling camps of protesters who were protesting

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Speaker 1: not just SPF and had pamphlets saying that this guy

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Speaker 1: is an embezzler, but they were also protesting others on

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Speaker 1: the on the program as well, which was a little

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Speaker 1: bit of a surprise to see all their name alongside

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Speaker 1: uh Sam Bankman, Freed's, but he was one of the

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Speaker 1: people making an appearance there that they were absolutely protesting.

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Speaker 1: It was a little bit controversial that he appeared at all.

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Speaker 1: He was on this program to appear at the conference

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Speaker 1: long before f t x S blow up, and so

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Speaker 1: some people were surprised that he got the platform to speak.

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Speaker 1: But to their credit, there were some really tough questions

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Speaker 1: and SPF tried to wriggle free but didn't really pull

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Speaker 1: that off. Well, Anny, to your point, it's just amazing

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Speaker 1: that this man keeps talking, and I want to talk

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Speaker 1: about where we could see him speak next, because the

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Speaker 1: Senate did here held hearing today on the f t

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Speaker 1: X collapse. Can we expect to see SPF actually on

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Speaker 1: the floor of Congress at any point? I mean, it's

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Speaker 1: definitely possible. One thing that came up at the conference was, uh,

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Speaker 1: SPF was asked, what do your lawyers make of the

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Speaker 1: fact that you're appearing here today virtually? And he kind

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Speaker 1: of grumb that they didn't really they weren't too happy

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Speaker 1: about it. So he's going about rogue. It would appear, Katie,

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Speaker 1: we were glued to our computer screens, as we always are.

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Speaker 1: SPF not the only speaker, not at least on this topic.

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Speaker 1: Janet Yellen, Treasury Secretary, what she's been talking about. You know,

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Speaker 1: I'm sorry, I mean, I'll let me take this. I

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Speaker 1: want to talk about Janet Yellen because it's interesting trying

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Speaker 1: to map the contagion. Obviously, when we talk about contagion,

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Speaker 1: there's been a lot of worries about spill over into

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Speaker 1: the broader financial system. But Jannet Yell and she did

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Speaker 1: say yesterday that if you look for the silver linings,

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Speaker 1: basically the good part of this explosion that it hasn't

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Speaker 1: really spilled over into the traditional banking sector, and that

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Speaker 1: point was actually echoed by Michael bar today, of course,

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Speaker 1: the FED Vice Chair for Supervision. He said that the

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Speaker 1: crypto risks to the core financial system, they've been muted

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Speaker 1: so far, So if you're looking for systemic sort of

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Speaker 1: fears here, they really haven't appeared yet. A lot of

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Speaker 1: folks have been going in. Annie. We just heard about

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Speaker 1: the kind of yelling perspective. Larry Fink, for example, what

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Speaker 1: are these voices saying about the f t X situation. Yeah,

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Speaker 1: Larry thinks an interesting one. He was also on the

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Speaker 1: program at the deal but conference yesterday and he mentioned

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Speaker 1: this is known, but black Rock had some exposure to

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Speaker 1: f t X. It had made a twenty four million

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Speaker 1: dollar investment through a fund of funds. So Fink was

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Speaker 1: saying that he thinks that there's definitely a reckoning to

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Speaker 1: come and black Rock is not immune from that, nor

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Speaker 1: are any number of vcs that invested in f t X.

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Speaker 1: Okay Bloombergs, Katie Growfeld and Annie Massa unraveling the unravellable

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Speaker 1: thank you. Meanwhile, Apple is ramping up work on its

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Speaker 1: long awaited mixed reality headset. The company changed the name

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Speaker 1: of the operating system to x r O S. According

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Speaker 1: to sources, that's a nod to extended reality, which encompasses

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Speaker 1: both augmented and virtual reality. The headset would be its

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Speaker 1: first major new product category since the Apple Watch in

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Speaker 1: twenty fifteen. Who had the scoop, of course, bloombergs Mark German,

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Speaker 1: who joins US now from Los Angeles, mark, x R

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Speaker 1: O S. What's the thinking behind it? Yeah, Ed, thank

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Speaker 1: you so much for having me so. Originally, when they've

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Speaker 1: been working on this mixed reality operating system, which, like

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Speaker 1: you said, blend's a R and v R, they were

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Speaker 1: calling it reality O S and r OS, but they've

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Speaker 1: shifted now to a term called x R O S.

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Speaker 1: It's a bit shorter and it's more translatable across many geographies. Right,

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Speaker 1: reality is not a word like iPad or iPhone or

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Speaker 1: watch or TV that's very universal. Reality is not a

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Speaker 1: universal word, so they needed more of a universal term.

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Speaker 1: That's why they're leaning towards x R OS. They've also

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Speaker 1: trademarked x R O S in several countries internationally, and

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Speaker 1: they're fighting for the trademark in the U S as

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Speaker 1: well with an unrelated Chinese company who actually coincidentally filed

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Speaker 1: for the x r O S name back in March.

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Speaker 1: In real terms, this is a market that Meta dominates

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Speaker 1: right to the A A VA headset. What's the timeline

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Speaker 1: for Apple to bring this product to market. It's still

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Speaker 1: a pretty small market, but technically yes, Meta is the

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Speaker 1: dominant player there with their Quest headsets, Sony with their PSVR,

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Speaker 1: their PlayStation VR. There's a new one coming U soon

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Speaker 1: as well. They're a big player there. HTC Lenovo. Samsung

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Speaker 1: has played in a little bit with partnerships with back

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Speaker 1: in the day what was called Facebook. In terms of Apple,

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Speaker 1: is the year of the Apple headset. It's going to

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Speaker 1: be called probably the Reality one or the Reality Pro

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Speaker 1: headset run x r os. It's going to have mixed

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Speaker 1: reality versions of messages, of maps, of FaceTime, games, video watching, TV,

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Speaker 1: plus you name it, live sports streaming in virtual reality

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Speaker 1: in a three D like environment. This is going to

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Speaker 1: be the hot product of This is really gonna be

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Speaker 1: Apple's next big thing. It'll be introduced sometime around the

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Speaker 1: middle of the year. Most likely. It's going to be

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Speaker 1: quite a friendsive. Apple has been looking at price points

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Speaker 1: between two and three thousand dollars, certainly going to be

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Speaker 1: the most advanced mixed reality headset on the market today

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Speaker 1: really going you know, full throttle on both of those technologies.

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Speaker 1: It will have the best cameras on the market for

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Speaker 1: a R, but it will also have the best displays

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Speaker 1: on the market for VR in The real magic of

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Speaker 1: this headset is how Apple is going to be able

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Speaker 1: to blend the two in a way that you haven't

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Speaker 1: seen Meta or others do so far. Alright, three year

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Speaker 1: if the Apple Virtual Reality headset. You heard it here

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Speaker 1: first bloom bogs Mark, German, thank you. Black Friday has

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Speaker 1: been boom time for by Now Pay Later products. It's

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Speaker 1: a financial product that lets you pay in installments, and

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Speaker 1: its use has skyrocketed during the holiday shopping extravaganza. Adobe

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Speaker 1: says that it's use climbed compared to pre a day,

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Speaker 1: and one provider after Pay said it's use actually rose

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Speaker 1: compared to the pre holiday season. But does this all

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Speaker 1: mean we're actually setting ourselves up for a debt headache

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Speaker 1: in the future. They do promise interest free payments only

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Speaker 1: free if you follow the rules, so check the small print,

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Speaker 1: because if when you're a longer term monthly by Now

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Speaker 1: Pay Later plan, you could be up to thirty in

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Speaker 1: terms of interest costs. Maybe if you do a late

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Speaker 1: fee or have to reschedule a payment, that could cost

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Speaker 1: you from one to ten dollars. Ago, roughly eleven of

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Speaker 1: all borrowers using by Now pay Later fell behind schedule

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Speaker 1: in their payments, and if you're years old, that lumber

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Speaker 1: grows to almost h That was, of course, Bloomberg's Caroline

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Speaker 1: hide there on by Now Pay Later trends in the

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Speaker 1: holiday shopping season. We also took to Twitter to ask

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Speaker 1: our audience about this, and while b MPL is gaining ground,

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Speaker 1: it does seem, based on our phole, that the credit

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Speaker 1: card is still king when it comes to the preferred

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Speaker 1: means of spending. I want to bring in Claner CEO

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Speaker 1: Sebastian Shimmy Atkovski for more on this. We're going to

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Speaker 1: talk about your earnings. But first by Now pay Later.

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Speaker 1: I bet you've got a pretty interesting take on the

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Speaker 1: clan of you for buy now pay Later. Well sure,

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Speaker 1: I mean, first of all, we actually think of ourselves

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Speaker 1: as a payment network, a third party payment network, you know,

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Speaker 1: VI sell master Card kind of thing, and so of

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Speaker 1: our volumes debitum. We're obviously associated with credit, but just

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Speaker 1: worth highlighting that fact. With that set, I do think

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Speaker 1: by an alpulator is a better formulated credit product than

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Speaker 1: a credit card, right, So it doesn't push you into revolving,

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Speaker 1: it doesn't. It's not borrowing against all of your spending.

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Speaker 1: It's only for single transactions, and it has a fixed

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Speaker 1: installment period and it's no interest. Right. So we think

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Speaker 1: genuinely speaking, if more consumers ten years from now have

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Speaker 1: debit cards in use by alpulated for occasional purchases versus

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Speaker 1: everyone having credit cards, we are going to see that's

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Speaker 1: a better world. And losses on our portfolios are about

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Speaker 1: below crey card industry standards, so I think that's also

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Speaker 1: kind of some indications of this being in healthier form

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Speaker 1: of credit, but it is still credit, right, let's just

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Speaker 1: be here about her. So, Bacily, you just posted earnings

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Speaker 1: third quarter earnings two one million dollar operating loss and

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Speaker 1: improvement quarter on quarter but year on year, slightly worrying,

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Speaker 1: and yet you still have this goal to push to profitability.

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Speaker 1: How do you re ensure your reassure your investors that

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Speaker 1: you are on that path to profitability? Well, actually, because

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Speaker 1: exactly of that, right, So when um, you know last

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Speaker 1: year Obviously, investor sentiment looked very differently than it does

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Speaker 1: this year, and so everyone was asking us to lean

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Speaker 1: entirely into the future and was rewarding us right and

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Speaker 1: as much as looking back now, you know, if you

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Speaker 1: think about at that point of time the investment trade,

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Speaker 1: you grab it was consuming about two and dilution on

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Speaker 1: an annual basis, so it wasn't crazy from that perspective.

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Speaker 1: But obviously invest sentimis has change. People want you to

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Speaker 1: focus on proftability and we have the benefit here Clona.

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Speaker 1: We were profitable up until eight nineteen when we started

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Speaker 1: investing heavily into the US market, so we know how

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Speaker 1: to make money. Our European business makes about a billion

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Speaker 1: dollars in gross profit annually UM. So we decided, you know,

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Speaker 1: we had to take the top decisions. We actually started

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Speaker 1: being a little bit more conservative on our underwriting already

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Speaker 1: in January, and then increased that conservatism in May in

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Speaker 1: combination with you know, reducing our investment into the long

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Speaker 1: term future. And they presented a plan. So obviously a

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Speaker 1: year year comparison right now isn't really relevant because the

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Speaker 1: plan came into effect in May June, and so far

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Speaker 1: already this quarter versus previous quarter. We reduced our are

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Speaker 1: you know, quary lost by fort so you know our

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Speaker 1: invest is looking at that feel confident, like, Okay. The

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Speaker 1: ambition that we set out when we raised money in

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Speaker 1: May June to reach profitability again somewhere a month by

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Speaker 1: month basis after summer next year is entirely achievable and

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Speaker 1: we're on target to to to be back at that.

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Speaker 1: The US is an interesting one, isn't it. I think

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Speaker 1: you hit thirty one million customers in the US in

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Speaker 1: the third quarter, just gone, what did you learn about

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Speaker 1: this market? And then what does the expansion look like

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Speaker 1: going forward for you? Super super excited by the US.

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Speaker 1: I mean in despite the fact that we've been a

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Speaker 1: little bit you know, we've tied up credit underwriting due

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Speaker 1: to the macro environment. We're also obviously in generally commerced

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Speaker 1: right now, everyone is not really comparing apples and apples

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Speaker 1: is all apple and bananas because you know, a year

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Speaker 1: ago I was in San Francisco and there was nobody

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Speaker 1: in the streets. You know, there was impossible to get

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Speaker 1: a meeting because there was COVID restrictions all over the place. Right,

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Speaker 1: So the comparisons are still not entirely there for you, commus,

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Speaker 1: but we're seeing n growth you know, ye versus last

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Speaker 1: year and seeing tremendous I mean, I just think more

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Speaker 1: and more consumers in the US are dead tired of

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Speaker 1: credit cards of you know, just go to Netflix and

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Speaker 1: watch cred Card Explains, and you see all the dirty

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Speaker 1: tactics that the industry has applied against the best interests

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Speaker 1: of its customers. This is a healthy model. You're seeing

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Speaker 1: that shift, right, and your seven eight percent in your

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Speaker 1: Twitter poll is indicating that. But at the beginning, it's

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Speaker 1: still the beginning. You gotta remember in the Nordics, where

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Speaker 1: were active plan up processes more than half of all

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Speaker 1: e commerce payments, right, So it tells you something on

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Speaker 1: how effective and successful this mall can be once it's

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Speaker 1: what It takes a little bit time to get there,

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Speaker 1: sebasting very quickly. I know you stayed late for us

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Speaker 1: out there in Sweden. Layoffs in this industry, layoffs for you, well,

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Speaker 1: we we obviously unfortunately have to take that tough decision.

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Speaker 1: We did it back in May. It was a little

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Speaker 1: bit earlier than a lot of other companies. And and

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Speaker 1: but because you know, I have the benefit of the noon.

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Speaker 1: This for seventeen years. So I was part of Plana

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Speaker 1: back in the financial press of seven and eight and

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Speaker 1: and we at least try to. Our ambition was to

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Speaker 1: take the tough decision that we unfortunately have to do,

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Speaker 1: to the shift investor sentiment and make those changes. So

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Speaker 1: we we hope that we've done what we what we

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Speaker 1: need to done, and consider if the market Maclaconna environment

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Speaker 1: stats the same, we think that we've done what we

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Speaker 1: need to do. Okay, klan A CEO, Sebasti and Schimyatkovski,

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Speaker 1: thank you. Now. Chip maker TSMC will now offer advanced

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Speaker 1: four nanome to chips when it's new twelve billion dollar

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Speaker 1: plant in Arizona opens in this after US customers like

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Speaker 1: Apple pushed the company to do so. According to sources,

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Speaker 1: Bloomberg's Debbie We reported that Bloomberg scoop Debbie, what will

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Speaker 1: they be doing them when they open this plant? So,

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Speaker 1: like you said, add the t SMC will well announced

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Speaker 1: next Tuesday that they will start making an advanced for

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Speaker 1: nelometer chips in Arizon now when the plan comes in

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Speaker 1: light in two and this is an upgrade from their

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Speaker 1: original plan. After our customers, including an Apple, uh A

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Speaker 1: and d and and media urged them to make more

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Speaker 1: advanced chips in America. So, uh this comes at the

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Speaker 1: time that trade tensions and also a supply chain disruptions

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Speaker 1: over the past care years have sort of pushed the

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Speaker 1: balmuzation to help bring more chip manufacturing back to America

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Speaker 1: and to make sure that the more advanced chips are

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Speaker 1: made on US oil tabby. My understanding is t SMC

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Speaker 1: are gonna be holding a pretty big party when they

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Speaker 1: unveil this plan, and that the President will be going.

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Speaker 1: What are the details? Yes, So President Biden and Secretary

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Speaker 1: of Commerce Jena Ramondo will be attending the so called

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Speaker 1: toy in ceremony next two day in Arizona. And this

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Speaker 1: ceremony is to celebrate a key construction milestone or for

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Speaker 1: t smc s first advanced plant in the US, and

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Speaker 1: in attendance will also be uh ND CEO or Lisa

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Speaker 1: su and and media chief Jensen Huang and Apple's chief

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Speaker 1: executive Tim Cook. Uh is also a schedule to attend

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Speaker 1: the event next Tuesday. For nanometer technology, let's dig into

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Speaker 1: the technology. Why do we care if it's five nanometer

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Speaker 1: or four nanime? So why is that important for t

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Speaker 1: SMCS customers. Actually, it is also whatha important for the

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Speaker 1: administration because with the fifty Building and Chips Act, the

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Speaker 1: administration is hoping that the latest, the most cutting edge

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Speaker 1: chips will be made in the US eventually. So right

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Speaker 1: now the US is sort of like falling behind Asia

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Speaker 1: one generational, two generations at least when it comes to

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Speaker 1: a chip manifacting technologies. But the Bandministration in the hope

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Speaker 1: to uh prevent future disruptions and to make sure that

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Speaker 1: the America will stay ahead in this competition with China

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Speaker 1: and the technology FUNCD So eventually, I mean, what kind

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Speaker 1: of technology is that the chip makers will be able

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Speaker 1: to offer us? Soil is so from uh most importance

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Speaker 1: for the government, not and not just for American companies.

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Speaker 1: This whole story is about expanding manufacturing capacity in the

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Speaker 1: United States right on shoring. Who are some of the

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Speaker 1: biggest names in the world of semiconductors that rely on

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Speaker 1: t SMC. So companies that rely on t SMC in

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Speaker 1: the US include the Apple and d N Media and

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Speaker 1: also a Qualcom and Alison Timer Intel Whila it makes

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Speaker 1: its own chips. Also, what relies on our t SMC

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Speaker 1: on some of its production, so t s m C

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Speaker 1: actually will also announced next Tuesday that it is committed

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Speaker 1: to build a second plant in Arizona to make even

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Speaker 1: more advanced three nelometer chips to help American companies. Okay,

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Speaker 1: Bloomberg's deady, we're great reporting, Thank you very much. Time

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Speaker 1: now for talking tech layoffs in the tech industry still

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Speaker 1: in the headline. Serious XM is the latest to announce

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Speaker 1: job cuts in response to faltering revenue growth. Sales at

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Speaker 1: Serious grew three point seven in the third quarter, but

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Speaker 1: analysts now forecast more modest growth, just one percent in

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Speaker 1: the current period. All this comes as consultancy firm Challenger

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Speaker 1: Gray and Christmas says. While job cuts are announced across

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Speaker 1: the US, the tech sector was hit particularly hard. Of

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Speaker 1: the nearly seventy seven thousand jobs that announced to be

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Speaker 1: cut in November, around fifty three thousand came from tech

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Speaker 1: no surprise therefore, the West Coast was hit especially hard.

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Speaker 1: But that's not just in the US. This is a

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Speaker 1: global story. Over in Ireland, for instance, tech companies ranging

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Speaker 1: from Twitter, Intel, Stripe or Meta have all been acting jobs.

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Speaker 1: Such layoffs, of course, have raised concerns with the European

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Speaker 1: Commission about tech companies and what they plan to do next,

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Speaker 1: particularly those that are caught up in the narrative around

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Speaker 1: privacy rule. Definitely one to watch. Go forward now stick

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Speaker 1: with us. Coming up on the show, we're going to

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Speaker 1: speak to the CFO of Visa. Important spending, spending, spending,

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Speaker 1: credit cards. This is not one that you're going to

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Speaker 1: want to miss. Why holiday season and we want to

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Speaker 1: lend into what's going on that's fast and probably the

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Speaker 1: Visa CFO. Coming up next, this is Bloomberg Welcome back

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Speaker 1: to Bloomberg Chnology. I'm at loveloaw in San Francisco. Now.

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Speaker 1: Online spending is up nine percent this year compared to

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Speaker 1: one and Cyber Monday's record eleven point three billion dollars

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Speaker 1: in sales per Adobe show signs the consumer remains resilient

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Speaker 1: in an economic downturn. I've got just the guests for this.

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Speaker 1: Let's discussed with Visa's chief financial officer of Vascent, probably

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Speaker 1: Vass and thank you for coming on the program. It's

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Speaker 1: good to see you. Your assessment. Where do things stand?

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Speaker 1: You know we're entering kind of the backstages of this

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Speaker 1: holiday shopping period. What signs of visa seeing about consumer activity. Thanks. Yeah, Yes,

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Speaker 1: you use the word resilient, and I'd say that's the

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Speaker 1: that's probably the best adjective to use to describe the

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Speaker 1: state of the U. S consumer. You know, you've seen

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Speaker 1: consumer spending state remarkably stable all year. You know, we

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Speaker 1: like to compare things to pandemic to get a clean look,

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Speaker 1: and it's amazing how stable spending. Husband, we're about forty

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Speaker 1: five forty ahead almost on a day by day, week

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Speaker 1: by week basis, And in fact, we just released numbers

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Speaker 1: through the twenty one November, and in the first three

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Speaker 1: weeks in November, just leading into the holiday period, we

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Speaker 1: were up roughly that from up about nine over last year,

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Speaker 1: and then holiday week twenty one to seven was roughly

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Speaker 1: in line on a ear over year basis, also high

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Speaker 1: single digits. We can't yet compared to because Thanksgiving was

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Speaker 1: later in so remarkable stability, remarkable resilience. I think that's

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Speaker 1: the best way to describe the US consumer right now.

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Speaker 1: We were a bit concerned with credit. We're talking out

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Speaker 1: of course, about the the impact of higher rates on

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Speaker 1: the consumer, and we're also talking a lot about buy now,

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Speaker 1: pay later. Do you have any sense of the split

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Speaker 1: on consumer spend between debit credit. What risks are the

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Speaker 1: consumer taking right now? Well, you know, it's been roughly

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Speaker 1: the same most of the year. Debt has been very

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Speaker 1: strong relative to even in November, devitt was up almost

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Speaker 1: fifty over which is well about the pre COVID trend line.

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Speaker 1: So debt has been very resilient and credit has come

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Speaker 1: back in a very nice way. Credit was up thirty

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Speaker 1: percent or thirty eight percent over twenty nineteen. Both were

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Speaker 1: up high single digits over last year. So essentially, you know,

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Speaker 1: there's no sense of any consumer stress on the credit side.

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Speaker 1: Um debt has real stayed resilient, even has credit has

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Speaker 1: come back. All in all, you know, consumer spending has

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Speaker 1: stayed generally the same. It's changed a lot below the surface.

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Speaker 1: People are buying different things. People have adjusted to inflation

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Speaker 1: and so on. People are buying more services than goods,

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Speaker 1: more experiences, you know, than products, and there have been

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Speaker 1: some changes in what people buy as a result of inflation.

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Speaker 1: But the aggregate level of spending, whether it's debit or credit,

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Speaker 1: remains very healthy. We maybe don't think of Visa as

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Speaker 1: a technology company, but if you think about it, visas

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Speaker 1: very much a technology company. My understanding is you have

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Speaker 1: a new boss, how is that going? What is what

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Speaker 1: is the three version of VISA look like? Well, hopefully

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Speaker 1: more of the same. We've had a good run, um.

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Speaker 1: You know, we we had a good year in fiscal

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Speaker 1: year twenty two. Our revenues were up well over twenty

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Speaker 1: our profits are up well over You know, Ryan McNerney,

428
00:25:39,960 --> 00:25:43,359
Speaker 1: our new CEO, has been here a decade. He and

429
00:25:43,400 --> 00:25:46,440
Speaker 1: I I've worked together for a very long time. We're

430
00:25:46,440 --> 00:25:49,800
Speaker 1: all very sad to see our level was beloved within

431
00:25:49,880 --> 00:25:54,879
Speaker 1: the company. UM, but this was all very planned and expected. UM,

432
00:25:54,960 --> 00:25:59,040
Speaker 1: and our strategy remains the same. We have great momentum

433
00:25:59,040 --> 00:26:02,320
Speaker 1: on multiple fronts. We have tremendous growth in our core

434
00:26:02,400 --> 00:26:07,040
Speaker 1: consumer payments business. We have some significant opportunities in two

435
00:26:07,080 --> 00:26:10,440
Speaker 1: new vectors of growth, what we call new flows that

436
00:26:10,520 --> 00:26:13,760
Speaker 1: gets us into new use cases, UM, you know, like

437
00:26:14,160 --> 00:26:18,239
Speaker 1: person to person peter p like cross border remittances, like

438
00:26:18,400 --> 00:26:21,920
Speaker 1: businesses paying consumers, as well as in value added services.

439
00:26:22,000 --> 00:26:24,560
Speaker 1: So I think you should expect to see more to

440
00:26:24,640 --> 00:26:27,679
Speaker 1: the same, and we feel very good about you know

441
00:26:27,800 --> 00:26:32,840
Speaker 1: what's ahead of us and your new boss. Um, you

442
00:26:32,880 --> 00:26:35,320
Speaker 1: should have a mom one of these days and and

443
00:26:35,320 --> 00:26:38,399
Speaker 1: and see for yourself. Ryan is uh, you know, a

444
00:26:38,480 --> 00:26:43,640
Speaker 1: great guy. He is a you know, smart strategic He's

445
00:26:43,680 --> 00:26:46,679
Speaker 1: deeply knowledgeable about the business. He's very well known to

446
00:26:46,720 --> 00:26:50,600
Speaker 1: our clients around the world. Um, I think you know

447
00:26:50,760 --> 00:26:52,919
Speaker 1: we won't miss a beat, and of course Ryan will

448
00:26:53,080 --> 00:26:56,040
Speaker 1: set a new agenda for the future. I've got to

449
00:26:56,080 --> 00:26:59,920
Speaker 1: ask you about f t X and the historic relate

450
00:27:00,040 --> 00:27:03,040
Speaker 1: and ship between Visa and f t X. You had

451
00:27:03,040 --> 00:27:07,000
Speaker 1: a debit card partnership. My understanding is you've severed all

452
00:27:07,080 --> 00:27:10,200
Speaker 1: ties with f t X in any affiliation with sanbanger

453
00:27:10,240 --> 00:27:12,560
Speaker 1: Free and f t X. But could you explain to

454
00:27:12,680 --> 00:27:16,199
Speaker 1: us where that stands to clarify, But also how did

455
00:27:16,280 --> 00:27:18,720
Speaker 1: f t X get to that stage of relationship with

456
00:27:18,840 --> 00:27:23,560
Speaker 1: you given what we know now? Well, you know, we

457
00:27:23,560 --> 00:27:26,040
Speaker 1: we do business with a lot of partners. We do

458
00:27:26,119 --> 00:27:29,560
Speaker 1: the best we can to make sure we understand, you know,

459
00:27:29,640 --> 00:27:33,200
Speaker 1: how they're doing business. Like a lot of other people

460
00:27:33,320 --> 00:27:36,160
Speaker 1: looking at ft X from the outside, we certainly didn't

461
00:27:36,200 --> 00:27:38,960
Speaker 1: have the knowledge we now have about what was going on.

462
00:27:39,520 --> 00:27:41,639
Speaker 1: You know, our viewers, we don't have a position on

463
00:27:41,680 --> 00:27:44,520
Speaker 1: cryptocurrencies per se, whether they're a good thing or a

464
00:27:44,560 --> 00:27:47,200
Speaker 1: bad thing or how much bitcoin should be worth or not.

465
00:27:47,840 --> 00:27:50,840
Speaker 1: Our job is to facilitate what people want to buy,

466
00:27:51,000 --> 00:27:53,360
Speaker 1: as long as it's legal and as long as it's

467
00:27:53,359 --> 00:27:56,720
Speaker 1: in compliance with the regulation, and all indications were that

468
00:27:56,840 --> 00:28:00,960
Speaker 1: fd X was in compliance and all regulations. Buying bitcoin

469
00:28:01,119 --> 00:28:05,359
Speaker 1: or other cryptocurrencies is legal. We will enable people to

470
00:28:05,440 --> 00:28:09,679
Speaker 1: do things that are both legal and in compliance and regulations. Clearly,

471
00:28:09,800 --> 00:28:12,240
Speaker 1: we are as surprised as everybody else has been about

472
00:28:12,560 --> 00:28:14,720
Speaker 1: what was really going on in ft X. We no

473
00:28:14,800 --> 00:28:17,320
Speaker 1: longer have a relationship with them. We really had no

474
00:28:17,480 --> 00:28:21,800
Speaker 1: financial exposure to them. We were primarily enabling people to

475
00:28:21,960 --> 00:28:26,959
Speaker 1: buy and sell uh, you know, cryptocurrencies if they wanted to,

476
00:28:27,200 --> 00:28:29,960
Speaker 1: you know, buy things on ft X, much alike we

477
00:28:30,000 --> 00:28:33,400
Speaker 1: would do with any other exchange. UM. In any case,

478
00:28:33,800 --> 00:28:37,200
Speaker 1: you know, clearly this has been an eye opener for everybody.

479
00:28:37,560 --> 00:28:40,680
Speaker 1: We will all step up our diligence uh and and

480
00:28:41,000 --> 00:28:44,480
Speaker 1: hopefully there will be further regular tary actions that make

481
00:28:44,560 --> 00:28:49,360
Speaker 1: this all safer for all involved. Quickly, bass and broadly,

482
00:28:49,480 --> 00:28:52,600
Speaker 1: how has the crypto contagion or what we've seen in

483
00:28:52,640 --> 00:28:59,200
Speaker 1: the markets impacted visa well, our exposure to cryptos rather limited. Um,

484
00:28:59,240 --> 00:29:02,560
Speaker 1: you know, we have more sleep facilitators for people wanting

485
00:29:02,600 --> 00:29:06,720
Speaker 1: to buy cryptocurrencies, and that's a small part of our business. Uh.

486
00:29:06,760 --> 00:29:10,560
Speaker 1: You know, we have you know, some amount of card

487
00:29:10,600 --> 00:29:14,840
Speaker 1: issuance by crypto partners, some of whom may not survive,

488
00:29:14,960 --> 00:29:19,000
Speaker 1: some of whom may may slow down some of their activities.

489
00:29:19,000 --> 00:29:21,840
Speaker 1: So it might slow things down in general. But all

490
00:29:21,840 --> 00:29:25,640
Speaker 1: in all, our exposure directly to the whole crypto I

491
00:29:25,680 --> 00:29:30,560
Speaker 1: guess economy is fairly limited. Now. We are long term,

492
00:29:30,600 --> 00:29:33,240
Speaker 1: you know, remain of the view that blockchain is a

493
00:29:33,240 --> 00:29:36,720
Speaker 1: significant technology. There will be things happening. We will remain

494
00:29:36,760 --> 00:29:41,080
Speaker 1: engaged with blockchains, with stable coins like us DC and others.

495
00:29:41,600 --> 00:29:45,840
Speaker 1: Or we will obviously monitor the situation very closely, but

496
00:29:46,320 --> 00:29:48,959
Speaker 1: you know, I wouldn't say it has much impact on

497
00:29:49,080 --> 00:29:52,920
Speaker 1: us UM at this point in time. Visus CFO best

498
00:29:53,000 --> 00:29:56,479
Speaker 1: and probably thank you very much. Thank you. Meanwhile, shares

499
00:29:56,560 --> 00:30:00,280
Speaker 1: of Salesforce down Thursday after the company gave and now look,

500
00:30:00,480 --> 00:30:04,200
Speaker 1: the analyst says, reflects a weak economic environment. It also

501
00:30:04,280 --> 00:30:08,880
Speaker 1: announced the exit of co CEO Brett Taylor next month,

502
00:30:09,000 --> 00:30:12,760
Speaker 1: leaving Mark Benioff at the helm. Blame Bug's Brady Force

503
00:30:13,160 --> 00:30:17,280
Speaker 1: covers sales Force. Brody A pretty simple question to start.

504
00:30:18,000 --> 00:30:21,480
Speaker 1: This is the second time a co CEO has left

505
00:30:21,520 --> 00:30:26,640
Speaker 1: Sales Force in recent history. Why that's the million dollar

506
00:30:26,760 --> 00:30:29,320
Speaker 1: question right now? Right, I mean, Mirke Berniop has been

507
00:30:29,360 --> 00:30:31,840
Speaker 1: in control of this company for a very long time.

508
00:30:32,400 --> 00:30:34,920
Speaker 1: There have been multiple moments where it appears that he

509
00:30:34,960 --> 00:30:38,040
Speaker 1: had found his successor. He has had multiple mentees that

510
00:30:38,120 --> 00:30:43,680
Speaker 1: were very public, very personal, um, and they have gone.

511
00:30:43,720 --> 00:30:46,120
Speaker 1: I mean, it's difficult to run a company, it's difficult

512
00:30:46,160 --> 00:30:50,239
Speaker 1: to find a successor, but specifically here it's been an issue, right,

513
00:30:50,240 --> 00:30:52,600
Speaker 1: I mean, this is the second co CEO to depart

514
00:30:52,680 --> 00:30:55,719
Speaker 1: in about three years. UM. So right now there are

515
00:30:55,720 --> 00:30:58,440
Speaker 1: a lot of questions about what this means for you know,

516
00:30:58,680 --> 00:31:01,960
Speaker 1: a company that looking for a successor eventually, not this

517
00:31:02,080 --> 00:31:05,760
Speaker 1: second but in the in the future. What's interesting, I

518
00:31:05,800 --> 00:31:08,239
Speaker 1: guess is now the forward looking question what does this

519
00:31:08,280 --> 00:31:11,120
Speaker 1: mean for Salesforce and what does it mean for Benniff.

520
00:31:11,160 --> 00:31:15,040
Speaker 1: Does Mark Benioff become soul CEO again? For example? Currently, Yeah,

521
00:31:15,040 --> 00:31:17,360
Speaker 1: the planet is that it becomes Soul CEO. A lot

522
00:31:17,400 --> 00:31:19,760
Speaker 1: of folks have asked him, so do you now look

523
00:31:19,800 --> 00:31:23,360
Speaker 1: for another successor? He didn't quite answer that question directly,

524
00:31:23,480 --> 00:31:26,200
Speaker 1: But what we do know this comes at a difficult

525
00:31:26,240 --> 00:31:28,680
Speaker 1: time for Salesforce. I mean, their growth is at the

526
00:31:28,760 --> 00:31:32,040
Speaker 1: slowest it's been since I p o UM. They're under

527
00:31:32,120 --> 00:31:36,640
Speaker 1: pressure from activist investors to improve profitability, and they're experiencing

528
00:31:36,640 --> 00:31:39,640
Speaker 1: the same difficult market everybody in the industry is. And

529
00:31:39,720 --> 00:31:42,560
Speaker 1: I mean Bratt was seen as a very even hand,

530
00:31:42,720 --> 00:31:45,800
Speaker 1: someone that kind of helped the company be more efficient,

531
00:31:46,120 --> 00:31:48,360
Speaker 1: kind of operate in a good way, and so losing

532
00:31:48,440 --> 00:31:51,360
Speaker 1: him it's it's a bad time. Most people would say,

533
00:31:52,080 --> 00:32:05,240
Speaker 1: all right, blame bugs, Brady Forward, thank you. This is

534
00:32:05,240 --> 00:32:08,760
Speaker 1: a setback for crypto. But there's an inevitability that digital

535
00:32:08,800 --> 00:32:10,960
Speaker 1: assets are gonna be part of our future, and we're

536
00:32:10,960 --> 00:32:12,880
Speaker 1: going to make that better. We are going to lean

537
00:32:12,920 --> 00:32:15,080
Speaker 1: into the opportunity set that we see. There are a

538
00:32:15,120 --> 00:32:17,280
Speaker 1: lot of cheap assets right now, there'll be a lot

539
00:32:17,320 --> 00:32:20,520
Speaker 1: of distressed assets. We're going to build for where they

540
00:32:20,520 --> 00:32:22,320
Speaker 1: think we think the puck will be in two years.

541
00:32:23,680 --> 00:32:27,160
Speaker 1: That was Galaxy Digital's Mike Novegrats earlier on bloom Doug

542
00:32:27,240 --> 00:32:30,360
Speaker 1: TV as Sam Bank and Freed's work to create trust

543
00:32:30,720 --> 00:32:33,400
Speaker 1: in the crypto ecosystem has been hurt for f t X,

544
00:32:33,440 --> 00:32:36,440
Speaker 1: but also for his rivals let's bring in d Y

545
00:32:36,560 --> 00:32:41,760
Speaker 1: d X founder and CEO Antonio Giuliano, your derivatives exchange,

546
00:32:41,840 --> 00:32:44,600
Speaker 1: so its activity triple in the wake of the f

547
00:32:44,680 --> 00:32:47,320
Speaker 1: t X implosion, right, I guess the question to start

548
00:32:47,400 --> 00:32:51,560
Speaker 1: with is this people shorting crypto? What is the behavior there?

549
00:32:52,840 --> 00:32:55,720
Speaker 1: So I think the biggest thing is somewhat of a

550
00:32:55,960 --> 00:33:00,880
Speaker 1: migration from centralized exchanges like an apt x to decentralized

551
00:33:00,920 --> 00:33:04,280
Speaker 1: exchanges like d I d X, unit slap and others.

552
00:33:04,720 --> 00:33:06,960
Speaker 1: At d I d X, we're proud to be one

553
00:33:07,000 --> 00:33:11,600
Speaker 1: of the leading decentralized exchanges. Decentralized exchanges have become a

554
00:33:11,600 --> 00:33:15,280
Speaker 1: pretty significant part of the ecosystem over the past few years.

555
00:33:15,280 --> 00:33:18,280
Speaker 1: Currently over a billion dollars a day is traded on

556
00:33:18,360 --> 00:33:21,200
Speaker 1: d I d X. That's still a relatively small piece

557
00:33:21,240 --> 00:33:24,120
Speaker 1: of the pie in terms of the crypto markets overall.

558
00:33:24,560 --> 00:33:27,560
Speaker 1: But d I d X and other decentralized exchanges there's

559
00:33:27,560 --> 00:33:29,640
Speaker 1: something that's really new and I think have been growing

560
00:33:29,640 --> 00:33:31,560
Speaker 1: a lot in the past couple of years, and I

561
00:33:31,600 --> 00:33:34,440
Speaker 1: think what's recently happened with f t X just underscores

562
00:33:34,520 --> 00:33:38,360
Speaker 1: the need for what we're building. I think volumes have

563
00:33:38,840 --> 00:33:41,680
Speaker 1: been growing immensely in your space, right, but it's still

564
00:33:41,720 --> 00:33:47,560
Speaker 1: a frank a fraction of what's being put through centralized platforms.

565
00:33:47,680 --> 00:33:51,440
Speaker 1: When does that equation change, I think it's going to

566
00:33:51,520 --> 00:33:55,880
Speaker 1: take a long time. UM. Right now, decentralized exchanges like

567
00:33:55,960 --> 00:33:58,600
Speaker 1: d I, d X, unit, SLAP and others are roughly

568
00:33:58,680 --> 00:34:01,880
Speaker 1: five percent of the fire market when it comes to

569
00:34:02,000 --> 00:34:05,480
Speaker 1: overall crypto trading volume. And I think the thing we

570
00:34:05,520 --> 00:34:08,600
Speaker 1: have to remember about decentralized exchanges is they're very new.

571
00:34:08,719 --> 00:34:11,640
Speaker 1: They were just invented about five years ago or so,

572
00:34:12,040 --> 00:34:14,200
Speaker 1: and only in the past two years or so have

573
00:34:14,320 --> 00:34:17,719
Speaker 1: they become a significant portion of the crypto volume at all.

574
00:34:18,200 --> 00:34:20,239
Speaker 1: I think if you're asking the question, when do you

575
00:34:20,320 --> 00:34:24,160
Speaker 1: decentralized exchanges become bigger in terms of trading volume than

576
00:34:24,239 --> 00:34:27,720
Speaker 1: centralized exchanges on crypto, I think it's certainly a longer

577
00:34:27,840 --> 00:34:30,960
Speaker 1: term play. I like to tell my team UM and

578
00:34:31,040 --> 00:34:33,040
Speaker 1: everyone else, I think it will be about five to

579
00:34:33,120 --> 00:34:35,840
Speaker 1: ten years from now, UM, But it's certainly something that

580
00:34:35,880 --> 00:34:38,440
Speaker 1: we're building towards, and I think it's certainly in the

581
00:34:38,440 --> 00:34:42,320
Speaker 1: cars for the future. We started this segment talking about

582
00:34:42,360 --> 00:34:46,080
Speaker 1: Sam Bankman Freed and how he's been speaking publicly. You know,

583
00:34:46,160 --> 00:34:48,759
Speaker 1: he was trying to build trust in f t X,

584
00:34:48,880 --> 00:34:51,760
Speaker 1: that trust is damaged. I guess my question is you're

585
00:34:51,760 --> 00:34:55,120
Speaker 1: seeing more business, right, but why should anyone trust you

586
00:34:55,440 --> 00:34:59,640
Speaker 1: any more than trusting Sam Bankman Freed. I think the

587
00:34:59,640 --> 00:35:02,239
Speaker 1: beauty of it is you don't have to trust me um,

588
00:35:02,400 --> 00:35:05,040
Speaker 1: you can just trust the code. Really, how d Y

589
00:35:05,120 --> 00:35:08,560
Speaker 1: d X and other decentralized exchanges work is they're based

590
00:35:08,560 --> 00:35:11,799
Speaker 1: on code, not humans or intermediaries, and that's kind of

591
00:35:11,800 --> 00:35:14,440
Speaker 1: the magic of what we're building. You can look at

592
00:35:14,520 --> 00:35:17,640
Speaker 1: our open source smart contracts on ether scan, you can

593
00:35:17,680 --> 00:35:20,640
Speaker 1: read our audit reports, and you only have to trust those.

594
00:35:20,719 --> 00:35:22,960
Speaker 1: You don't have to trust me um. I don't even

595
00:35:22,960 --> 00:35:25,680
Speaker 1: have access to any of the funds, So something like

596
00:35:25,719 --> 00:35:29,160
Speaker 1: what happened on ft X is literally impossible to happen

597
00:35:29,680 --> 00:35:32,960
Speaker 1: on the well functioning decentralized exchange like d I d X.

598
00:35:33,760 --> 00:35:38,360
Speaker 1: One of the reasons that defile more specifically decentralized exchanges

599
00:35:38,800 --> 00:35:41,400
Speaker 1: a kind of not more mainstream for bigger players is

600
00:35:41,440 --> 00:35:44,280
Speaker 1: because of the compliance risks. Right, there's always a risk

601
00:35:44,400 --> 00:35:48,120
Speaker 1: of potential money laundering. How do you circumvent that issue?

602
00:35:49,560 --> 00:35:54,200
Speaker 1: So we run automated compliance checks on the protocol using

603
00:35:54,239 --> 00:35:56,920
Speaker 1: a lot of data that exists on the blockchain, and

604
00:35:57,000 --> 00:36:00,960
Speaker 1: we do this in partnership with third party vendor UM.

605
00:36:00,960 --> 00:36:03,880
Speaker 1: And I think the thing that's interesting about cryptocurrencies is

606
00:36:03,920 --> 00:36:06,080
Speaker 1: they're both in some ways more private and in some

607
00:36:06,120 --> 00:36:09,920
Speaker 1: ways more public than traditional finance. One of the beauties

608
00:36:09,960 --> 00:36:12,360
Speaker 1: of d I d X and a d centralized exchanges

609
00:36:12,520 --> 00:36:15,680
Speaker 1: is that everything that's going on is transparent, so you

610
00:36:15,719 --> 00:36:18,919
Speaker 1: can see the history of funds that every address has

611
00:36:19,040 --> 00:36:21,440
Speaker 1: used UM, and that's all data that can go into

612
00:36:21,520 --> 00:36:24,880
Speaker 1: creating a robust compliance solution, and that's one of the

613
00:36:24,880 --> 00:36:28,560
Speaker 1: things we're also pushing forwards. All right, d Y d

614
00:36:28,840 --> 00:36:33,160
Speaker 1: X founder and CEO Antonio Giuliano, thank you. Now coming up,

615
00:36:33,239 --> 00:36:37,800
Speaker 1: Elon Musk's lofty promises with human implant technology goes viral.

616
00:36:38,440 --> 00:36:55,720
Speaker 1: This is Bloomberg now going viral today. A big promise

617
00:36:55,800 --> 00:36:59,040
Speaker 1: as well hopes from Elon Musk, set out at Wednesday's

618
00:36:59,080 --> 00:37:02,640
Speaker 1: newer Link event. Musk says neural Links ready to start

619
00:37:02,680 --> 00:37:06,520
Speaker 1: putting its brain implant into human patients within six months.

620
00:37:06,560 --> 00:37:10,200
Speaker 1: The brain computer interface aims are allowing a person with

621
00:37:10,320 --> 00:37:15,000
Speaker 1: a debilitating condition to communicate via their thoughts. Musque said

622
00:37:15,080 --> 00:37:18,359
Speaker 1: that Neuralink is also developing implants that can go into

623
00:37:18,400 --> 00:37:23,719
Speaker 1: the spinal cord to possibly restore movement from paralysis. Bloomberg

624
00:37:23,880 --> 00:37:27,840
Speaker 1: Sarah McBride covered the event for US. The event exciting

625
00:37:28,239 --> 00:37:32,239
Speaker 1: a classic Elon Musk on stage affair. That's a good one.

626
00:37:32,440 --> 00:37:34,759
Speaker 1: What were the big takeaways? Well, for me, I thought

627
00:37:34,760 --> 00:37:36,880
Speaker 1: it was very interesting that while the rest of us

628
00:37:36,880 --> 00:37:40,000
Speaker 1: are still trying to just wrap our minds around implants

629
00:37:40,000 --> 00:37:42,879
Speaker 1: in the brain, he's already thinking about upgrades. He spent

630
00:37:43,000 --> 00:37:46,080
Speaker 1: a lot of time talking about how you wouldn't want

631
00:37:46,160 --> 00:37:49,000
Speaker 1: just an iPhone one if you could have the latest version,

632
00:37:49,120 --> 00:37:52,360
Speaker 1: and they're already thinking about if the first one doesn't

633
00:37:52,760 --> 00:37:55,279
Speaker 1: work as well, get another one, get a third, get

634
00:37:55,280 --> 00:37:57,319
Speaker 1: a fourth. I thought that was pretty We should point

635
00:37:57,320 --> 00:37:59,560
Speaker 1: out I guess that Elon Musk has a track record

636
00:37:59,640 --> 00:38:03,719
Speaker 1: of stating timelines and goals and predicted dates that he

637
00:38:03,760 --> 00:38:06,799
Speaker 1: doesn't meet. And actually, in the case of NEURALNK, that's

638
00:38:06,800 --> 00:38:10,760
Speaker 1: already true. Yes, it is. In fact, when he first

639
00:38:10,840 --> 00:38:13,400
Speaker 1: started talking about NEURALNK, he thought it would be in

640
00:38:13,640 --> 00:38:16,360
Speaker 1: humans by now. He gave an interview in two thousand

641
00:38:16,600 --> 00:38:21,800
Speaker 1: seventeen and said that by one would be in patients.

642
00:38:21,840 --> 00:38:25,960
Speaker 1: You know, wide adoption, and so that deadline has obviously slept,

643
00:38:26,000 --> 00:38:29,040
Speaker 1: and each year almost he gives another deadline that slept,

644
00:38:29,080 --> 00:38:32,520
Speaker 1: which is probably motivating to his staff. There was a

645
00:38:32,760 --> 00:38:38,680
Speaker 1: demonstration of a monkey essentially that was the recipient of

646
00:38:38,680 --> 00:38:42,799
Speaker 1: a neuralink implant, and they sort of demonstrated the use

647
00:38:42,840 --> 00:38:46,520
Speaker 1: of thoughts to translate that thought into a digital signal,

648
00:38:46,640 --> 00:38:50,600
Speaker 1: and Uh, it's astounding what they can do. The technology

649
00:38:50,640 --> 00:38:53,279
Speaker 1: seems to be there. The biggest block to it being

650
00:38:53,320 --> 00:38:57,319
Speaker 1: real appears to be the FDA. Let's say that's fair

651
00:38:57,880 --> 00:39:04,120
Speaker 1: because other similar less advanced implants have gone into people

652
00:39:04,400 --> 00:39:08,520
Speaker 1: in the past to treat things like epilepsy and Parkinson's.

653
00:39:08,600 --> 00:39:12,080
Speaker 1: The FDA obviously really wants to make sure that these

654
00:39:12,440 --> 00:39:15,760
Speaker 1: are safe, that they won't degrade over time in the brains.

655
00:39:15,840 --> 00:39:19,160
Speaker 1: So they have a lot of questions and he seemed

656
00:39:19,280 --> 00:39:22,480
Speaker 1: realistic about that. He did say the FDA had asked

657
00:39:22,520 --> 00:39:26,000
Speaker 1: some tough questions and that talks were progressing well. Yes,

658
00:39:26,920 --> 00:39:29,680
Speaker 1: is neural link on its own in this field? I

659
00:39:29,680 --> 00:39:32,720
Speaker 1: mean other people trying to do something similar right. Actually,

660
00:39:32,800 --> 00:39:34,840
Speaker 1: there are a lot of companies that are working on

661
00:39:34,920 --> 00:39:40,640
Speaker 1: different variations of this technology, including many founders from Neuralink

662
00:39:40,680 --> 00:39:42,960
Speaker 1: who have gone on to start I think they've left

663
00:39:43,040 --> 00:39:46,440
Speaker 1: the company, and exactly there was a big founding team.

664
00:39:46,560 --> 00:39:49,600
Speaker 1: Since the company several years old, many of those people

665
00:39:49,600 --> 00:39:54,959
Speaker 1: have moved on. They've started different companies. One founder, Max

666
00:39:55,000 --> 00:39:58,400
Speaker 1: hodak as this company Science that relies on the optical

667
00:39:58,480 --> 00:40:03,280
Speaker 1: nerve for implants. There's another one, Precision Neuroscience in New York.

668
00:40:03,719 --> 00:40:06,319
Speaker 1: And then there are some that don't have ties to

669
00:40:06,400 --> 00:40:10,400
Speaker 1: neural links, such as synchrome, which uses your blood vessels together.

670
00:40:10,400 --> 00:40:13,040
Speaker 1: And am I right in thinking very quickly? Elon Musk

671
00:40:13,160 --> 00:40:16,600
Speaker 1: said that he would get an implant himself. He said

672
00:40:16,640 --> 00:40:19,040
Speaker 1: that he also said he would be happy to put

673
00:40:19,080 --> 00:40:23,040
Speaker 1: one in one of his children. Okay, interesting, Well, this

674
00:40:23,080 --> 00:40:24,879
Speaker 1: is also the man that said he wouldn't get on

675
00:40:25,080 --> 00:40:27,680
Speaker 1: a SpaceX rocket until he was sure that he wouldn't

676
00:40:27,680 --> 00:40:31,160
Speaker 1: die on impact on his way to Mars. Bloomberg Sarah McBride,

677
00:40:31,480 --> 00:40:33,720
Speaker 1: thank you very much. That does it for this edition

678
00:40:33,760 --> 00:40:37,120
Speaker 1: of Bloomberg Technology. Don't forget to check out our podcasts.

679
00:40:37,160 --> 00:40:39,359
Speaker 1: You can find it on the terminal as well as

680
00:40:39,360 --> 00:40:43,000
Speaker 1: online on Apple, Spotify and also on my Heart. It

681
00:40:43,080 --> 00:40:46,000
Speaker 1: has been a crazy week so far in the markets.

682
00:40:46,040 --> 00:40:49,320
Speaker 1: In crypto for Apple, for Elon Musk and his many,

683
00:40:49,480 --> 00:40:52,560
Speaker 1: many companies. Going into the end of the week, we're

684
00:40:52,560 --> 00:40:56,200
Speaker 1: expecting some pretty big news out of Twitter on progress

685
00:40:56,239 --> 00:40:59,839
Speaker 1: with verification. Is Twitter Blue coming? We're not quite sure,

686
00:41:00,120 --> 00:41:02,319
Speaker 1: but tune in either way. There's where you can find

687
00:41:02,360 --> 00:41:04,799
Speaker 1: the podcast, and of course you can find us on

688
00:41:04,880 --> 00:41:07,840
Speaker 1: all of our fantastic social media platforms, from here in

689
00:41:07,840 --> 00:41:10,520
Speaker 1: San Francisco to New York to around the world. This

690
00:41:10,560 --> 00:41:13,319
Speaker 1: is Bloomberg Technology. This is Bloomberg