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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Welcome to the Bloomberg

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Speaker 1: This Weekend Podcast with David Gura, Christina Raffini, and Lisa Matteo.

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Speaker 2: Thanks for joining us for today's selection of conversations from

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Speaker 2: the show.

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Speaker 3: You can listen to our favorite discussions right here on

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Speaker 3: the podcast, but also make sure to join us live

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Speaker 3: every Saturday and Sunday morning starting at seven am Easter.

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Speaker 4: bringing you unique takes and in depth interviews on news, politics,

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Speaker 4: lifestyle and culture.

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Speaker 3: President Trump saying he'd consider having the government take stakes

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Speaker 3: in leading AI companies. Here's what he told Bloomberg Television's

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Speaker 3: chief political correspond and Reporder and on Air Force one yesterday.

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Speaker 5: I'm AI companies touch the taking these athletestakes than us.

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Speaker 6: Welcome to sample plan or Yo.

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Speaker 7: There's a concept out there.

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Speaker 8: There's so much money and so big that there are

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Speaker 8: concepts where pieces could be given to the American public

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Speaker 8: where the American public essentially becomes a partner with the company.

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Speaker 8: With the company's head I will tell you yeah, I have,

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Speaker 8: I have spoken all of them. There's something very interesting

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Speaker 8: about it. Where it almost becomes a partnership with the

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Speaker 8: American public, and we'll look into that.

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Speaker 9: We are looking.

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Speaker 8: I actually have a meeting scheduled in the very short,

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Speaker 8: very near future with did you know that, with all

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Speaker 8: of the companies, and we're talking about it where the

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Speaker 8: American people can benefit from the success of AI and

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Speaker 8: by doing that, they're going to like it better because

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Speaker 8: we're leading China, we're leading everybody in the world.

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Speaker 3: With AI, and we want to keep it that.

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Speaker 8: Where's probably the biggest industry maybe that we've ever seen.

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Speaker 6: Which company, all of them.

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Speaker 8: All the big with you, all the big they're all

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Speaker 8: coming to the White House probably next.

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Speaker 3: Week, President talking to any either at thirty five thousand

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Speaker 3: feet talking about these businesses and government essentially being partners there.

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Speaker 3: President teasing had to a big meeting next week with

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Speaker 3: all of the big AI companies. If you couldn't hear

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Speaker 3: that over the sound of the plane, these comments coming

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Speaker 3: as SpaceX, Anthropic and Open AI prepping for their major IPOs.

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Speaker 2: That's right, and Emory joins us now she is in

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Speaker 2: Bedminster where the President is waking up this morning. Amory,

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Speaker 2: thank you for coming on. We do want to talk

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Speaker 2: about that I mean the president, good question. The President

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Speaker 2: seems to get pretty animated talking about this plan, something

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Speaker 2: that Sam Altman kind of came to them with this

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Speaker 2: idea last year. I'm wondering what it would look like.

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Speaker 2: And AI has a bit of a pr problem. Do

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Speaker 2: you think this would help?

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Speaker 5: This potentially could help, because I think a lot of

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Speaker 5: American people see the amount of money these companies are spending.

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Speaker 5: They're putting data centers across the country. They're having these

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Speaker 5: incredible explosive IPOs and Gernie Sanders Center from Vermont Caucuses

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Speaker 5: with the Democrats and independent but self described social Democrat

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Speaker 5: put out an opinion piece recently, and he's been talking

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Speaker 5: about this for years and saying that AI is built

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Speaker 5: on all of our collective knowledge, our culture, journalists, books, etc.

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Speaker 5: And the American people sho have a stake in that.

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Speaker 5: So this is something that Washington writ large has been

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Speaker 5: talking about, especially the populist right and the populist left.

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Speaker 5: And the President has also expressed interest in prior in

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Speaker 5: taking stakes and companies. This isn't new for this president.

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Speaker 5: We've seen this with MP Materials, Lithium Materials, Intel of course,

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Speaker 5: with that ten percent stake there was a golden share

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Speaker 5: as well with US Steel. So this has been kind

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Speaker 5: of the direction of travel. Trump has been willing to

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Speaker 5: take the party, and so he's willing to have this

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Speaker 5: discussion with all of these companies. It's still early innings, though,

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Speaker 5: And actually what this would look like. Woul this look

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Speaker 5: like a dividend to American people? Would this be some

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Speaker 5: sort of sovereign wealth fund? Those details still very much

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Speaker 5: in discussion.

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Speaker 3: I mean, let me ask you just about the role

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Speaker 3: that David Sachs is playing in this administration today. He

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Speaker 3: was the President's advisor on AI issues during the first

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Speaker 3: part of this his second term. I gather he's no

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Speaker 3: longer in any kind official capacity, but still speaking with

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Speaker 3: the president. And I'll just read a bit from a

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Speaker 3: tweet that he sent on an AI meeting here, Nationalization

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Speaker 3: of AI will accelerate the corporate government fusion we've already

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Speaker 3: been sliding toward. Conservatives rightly fear a central bank digital currency.

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Speaker 3: They ought to be even more concerned about central government AI,

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Speaker 3: a system with even more totalistic power over information, decision making,

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Speaker 3: and human behavior. Put that tweet in context, we had

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Speaker 3: this postponed executive order on AI regulation what ultimately made

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Speaker 3: it to the President's desk is kind of a voluntary

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Speaker 3: system through which these companies could give over their most

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Speaker 3: sophisticated models to the government. I guess thirty days in advance.

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Speaker 3: And again, that would be a voluntary thing. It wouldn't

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Speaker 3: be compulsory. How is this administration looking at AI regulation

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Speaker 3: more broadly as we talk about the prospects of these

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Speaker 3: public private partnerships and the prospects for the regulation.

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Speaker 5: Well, I think when it comes to regulation as well,

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Speaker 5: this is just baby steps. This is all voluntary, and

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Speaker 5: I think potentially, if you see more political pushback, I mean,

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Speaker 5: did you see all the commencement speeches of the students

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Speaker 5: were doing AI. Potentially we're going to get more of

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Speaker 5: this type of direction of travel, whether it's regulation or

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Speaker 5: whether it's the government wanted to take these stakes and companies.

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Speaker 5: In that tweet, David Sachs also went on to say

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Speaker 5: America will win the AI race with China, but we'll

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Speaker 5: end up with a CCP style social credit system in

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Speaker 5: the United States. Basically, this is what China, which is

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Speaker 5: supposed to be our most important adversary, this is what

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Speaker 5: they like to do with their technology companies and he

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Speaker 5: does not think that is a winning strategy and doesn't think,

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Speaker 5: you know, it's the basis for capitalism and to produce

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Speaker 5: the best AI models. Which is why everyone is watching

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Speaker 5: this so closely because it's all happening at the same time.

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Speaker 5: The pushback is happening at the same time as all

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Speaker 5: these companies are going public, and at the same time

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Speaker 5: the government has to weigh a plan. Would they actually

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Speaker 5: want to do something when it comes to a number

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Speaker 5: of these companies. And yesterday while we were on Air

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Speaker 5: Force One, we got the news when we landed, the

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Speaker 5: President actually an executive order about having to make sure

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Speaker 5: you have a diversity of AI models. And you know,

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Speaker 5: I think this really stepped from the whole fight the

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Speaker 5: DoD is having with Anthropic, and they are saying that

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Speaker 5: they are going to move away from Anthropic because of

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Speaker 5: obviously the spat they're having with Claudio Monday.

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Speaker 2: And it's been interesting to watch a Republican president be

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Speaker 2: so involved with private sector entities. We've also seen the

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Speaker 2: administration make some deals with some other companies, including Intel.

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Speaker 2: It doesn't seem like something the President is at least

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Speaker 2: bit afraid to do. But I'm wondering how that's going

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Speaker 2: down with other more traditional Republicans, the ones that are left. Anyway,

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Speaker 2: if this makes any of his otherwise allies a bit nervous.

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Speaker 5: Well, this week on Savaillans Me and John on Lisa

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Speaker 5: spoke to the former Vice president Mike Pen's had a

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Speaker 5: longer conversation with him as well the Economic Club of

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Speaker 5: New York, and this is something he pushes back on.

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Speaker 5: He does not think that this is the conservative way.

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Speaker 5: The Conservatives believe in free market enterprise, not nationalization of companies.

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Speaker 5: And I asked him, could you ever imagine that we

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Speaker 5: would be in a position where you see a number

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Speaker 5: of direct stakes into the private industry from a Republican

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Speaker 5: president And he hesitated for a second. He was like, no,

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Speaker 5: but that is why people think that potentially this is

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Speaker 5: going to happen, especially with these AI companies. And I

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Speaker 5: did have a chance to also ask the President this idea,

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Speaker 5: these concepts you're talking about is something we hear on

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Speaker 5: the very far left when it comes to Bertie Sanders.

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Speaker 5: And the President said that, you know, when it comes

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Speaker 5: to some economic policy issues that him and Bertie Sanders

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Speaker 5: are somewhat aligned, and pointed to the fact that those

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Speaker 5: number of Democrats that voted for Bernie Sanders in the primary,

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Speaker 5: of course for the twenty sixteen election, and then ended

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Speaker 5: up voting for him. And I think about the obvious

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Speaker 5: one obviously being Joe Rogan.

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Speaker 9: Henry.

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Speaker 3: Let me ask you. You took the long way to

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Speaker 3: Bedminster yesterday. You went through Wisconsin to get there. And

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Speaker 3: while the President was doing an event, he also sat

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Speaker 3: down with Kristen Welker of NBC News for an interview

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Speaker 3: that's going to air on Meet the Press tomorrow. And

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Speaker 3: something that came up of coorus is what happens next

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Speaker 3: in the Middle East. Let's play a bit of sound

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Speaker 3: here from that interview that Kristen did with the President

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Speaker 3: in which he talks about how he sees the path

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Speaker 3: forward here.

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Speaker 1: You have been saying for months, mister President, that Iran

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Speaker 1: is begging to make a deal Trew.

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Speaker 6: They are so desperate to make a deal. Why haven't

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Speaker 6: they made a deal with you yet?

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Speaker 9: Because it's a very hard thing for them.

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Speaker 10: They've had great independence, they've dealt with very weak and

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Speaker 10: ineffective leadership on behalf of the United States and other countries.

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Speaker 9: Frankly, that allowed them to get.

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Speaker 10: Away with murder, and I think they can't believe they're

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Speaker 10: in the situation where they've been virtually decapitated.

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Speaker 4: But if they're so desperate, mister President, why haven't they

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Speaker 4: said yes.

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Speaker 9: To the close.

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Speaker 10: They're proud. There are things they never thought they'd be

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Speaker 10: doing that they're going to.

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Speaker 9: Have to do. They've got no choice. And it takes

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Speaker 9: a little while.

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Speaker 3: Emry, let me ask you what he means by it

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Speaker 3: takes a little while. I think there's growing impatience among

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Speaker 3: a lot of Republicans for what's playing out here, the

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Speaker 3: lack of progress, the kind of groundhog day nature of

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Speaker 3: the way that this has played out. And we've really

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Speaker 3: lived that in real time on the weekends, where you'll

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Speaker 3: hear the President kind of job owning the fact that

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Speaker 3: there's a deal almost ready to go almost every week,

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Speaker 3: and by said they were kind of back to where

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Speaker 3: we were, so talk a bit about that sort of

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Speaker 3: the way that the President sees this proceeding versus the

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Speaker 3: realities certainly on the ground in the Middle East, where

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Speaker 3: it seems like Iranians are quite content to wait this

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Speaker 3: one out. As the pressures become more and more acute

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Speaker 3: on the oil mark and the global economy.

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Speaker 5: Generally, Well, it's really a test of who has the

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Speaker 5: most patients and who can outlast this when it comes

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Speaker 5: to to the blockade, the blockade and the Strait of Hormuz.

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Speaker 5: And I think the President going to Wisconsin highlights the

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Speaker 5: pressure he's under domestically, especially that third congressional district. These

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Speaker 5: are farmers. They've seen fertilizer prices up some forty percent

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Speaker 5: in the start of the war. Obviously, diesel prices, gasoline

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Speaker 5: prices also higher because what is going on with the

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Speaker 5: conflict of the Middle East. But at the same time,

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Speaker 5: the President is also conflicted to give concessions to this

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Speaker 5: regime because he began this attack as well as with

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Speaker 5: Operation Epic Fury last summer, because he has three clear

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Speaker 5: red lines and he has had them for years when

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Speaker 5: it comes to Ron, no nuclear weapons, no aiding of proxies,

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Speaker 5: and needs to stop their ballistic missile program. The problem

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Speaker 5: is this is existential for this regime, so and they

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Speaker 5: don't have the same sort of domestic pressures in a

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Speaker 5: midterm election year the way this president does. So that

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Speaker 5: is really why this is so difficult in terms of

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Speaker 5: getting a deal. The President did say, though, to this

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Speaker 5: group of farmers, it's all going to come down. He

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Speaker 5: was almost saying, please stick with me. We had to

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Speaker 5: do this excursion, as he calls it, but he said

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Speaker 5: it's either going to end with a piece of paper

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Speaker 5: or the hard way. So he's continuing to through those

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Speaker 5: threats to Iran, and it does seem to be that

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Speaker 5: his patients may be wearing thin, but clearly the president

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Speaker 5: does want a deal. And when you speak to when

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Speaker 5: we spoke to the Chevron CEO recently, and you speak

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Speaker 5: to energy analysts, they're saying, we're basically living off buffers

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Speaker 5: around the world. We were living off the bottom of tanks,

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Speaker 5: living off the bottom of inventory levels, and potentially that's

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Speaker 5: why this summer, which was peak driving season in the

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Speaker 5: United States, we can see a real uptick in prices also.

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Speaker 3: From like a lack of Chinese demand. In a way,

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Speaker 3: I think that they didn't yehs or reduce.

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Speaker 6: Really interesting chart. No if you watch that chart and

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Speaker 6: just a drus the spirit.

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Speaker 2: But I do want to go back to what you

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Speaker 2: were just talking about, and that's the affordability crisis. And

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Speaker 2: who has more time here, especially as you say said,

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Speaker 2: this president and his party have a midterm coming up.

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Speaker 2: It seems faster and faster, and all those issues could

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Speaker 2: come to a head. We know that Chief of Sas

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Speaker 2: Susie Wiles, and others within the administration were very against

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Speaker 2: this conflict because they wanted the President doing exactly what

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Speaker 2: he was doing this week, going out talking to voters

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Speaker 2: talking about these kitchen table issues. You talked about a

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Speaker 2: kitchen table issue that we've been talking about kind of NonStop.

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Speaker 6: Here this morning, we're going to play some sound.

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Speaker 5: She miss priced for the game three year, goaling to

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Speaker 5: his eight palsand dollars every day.

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Speaker 8: Americans can't afford me super well, I know, but think

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Speaker 8: you're watching it on talvision. It's sort of semi free

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Speaker 8: to watch it on television.

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Speaker 9: But that's the way life goes.

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Speaker 8: You know, you have some and now the game wasn't

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Speaker 8: a big if the team wasn't a big success.

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Speaker 9: You could go very easily.

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Speaker 8: So you know you can you could do that too,

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Speaker 8: But that's the way life is.

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Speaker 6: I mean, if you can't afford tickets, watch them on TV.

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Speaker 2: This comes on the heels of him saying, you know,

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Speaker 2: he doesn't really care about gas prices or financial situations

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Speaker 2: of particular Americans. Do you think that's going to hurt him,

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Speaker 2: even with some of his big supporters out in places

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Speaker 2: like you were just visiting.

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Speaker 5: I think so because I think actually the Democrats and

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Speaker 5: you could see that on Twitter, have taken now this

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Speaker 5: message and using it on the follow up of the

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Speaker 5: President saying he doesn't think of American's financial situations, which

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Speaker 5: I think we need to give more context to it.

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Speaker 5: But the President was saying he doesn't think of American's

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Speaker 5: financial situations when he's dealing with trying to get a

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Speaker 5: deal with the Irani regime about nuclear weapons. But in

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Speaker 5: an election year, these are not the kind of soundbites

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Speaker 5: you want swirling around being life, that's life, tough tarts

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Speaker 5: and you know what, it's not just the Knicks game.

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Speaker 5: And to the President's point, you know, the Knicks have

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Speaker 5: been have never been here. It's been decades in the nineties,

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Speaker 5: We've been here. Obviously, you guys feel it in New

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Speaker 5: York as well. Me and David were talking last night

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Speaker 5: after that excruciating, painful final two minutes of that game.

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Speaker 5: So sure, maybe even the Knicks is idiosyncratic, but it's

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Speaker 5: not just the next is the point. World Cup tickets

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Speaker 5: on average are also one thousand dollars. What is the

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Speaker 5: median take home for an everyday American worker, It is

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Speaker 5: about eleven hundred dollars a week. How do you take

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Speaker 5: a family, if you have children, how do you take

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Speaker 5: your family to day out at a sporting event? And

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Speaker 5: that was really the cruxolders trying to get you to

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Speaker 5: the president for this is the next whether it's the

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Speaker 5: World Cup, it is just highlighting the k shaped economy

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Speaker 5: at the same time. Every day on Bloomberg, we're talking about,

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Speaker 5: you know, the billions of dollars company are spending and

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Speaker 5: people are about to make when it comes to SpaceX

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Speaker 5: and dropic open ai IPOs.

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Speaker 3: And we great to talk to you. I hope we

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Speaker 3: could talk about that one Beya'm a Mitchell Robinson technical

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Speaker 3: wanted to get into that a little bit. Maybe the

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Speaker 3: fight between Brinston and Fox and the sidlines back to

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Speaker 3: the same. Great to see you, emvery horning from Dadminster

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Speaker 3: this morning. Stay with us for more on Bloomberg this weekend.

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Speaker 3: Right after this.

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Speaker 9: Look.

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Speaker 2: It's June Pride month here in New York and around

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Speaker 2: the world and Grinder is the world's largest network for

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Speaker 2: LGBTQ people.

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Speaker 6: The app is.

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Speaker 2: Now evolving into what it's calling a global Gagborhood Integrating AI,

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Speaker 2: or as the CEO calls it, gay I that's right,

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Speaker 2: and looking into expanding its product line beyond just the

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Speaker 2: dating app well that.

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Speaker 3: Includes live events like a pop up concert with Madonna

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Speaker 3: took place Thursday night in Times Square. And the past year,

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Speaker 3: Grinder's revenue is up thirty eight percent, while at share

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Speaker 3: price is dropped by half. For c Sweet Saturday, we

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Speaker 3: spoke to CEO George Arrison, but the future of the company.

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Speaker 11: I can't control what the stug does.

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Speaker 12: The stock's going to do its own thing, and I

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Speaker 12: think that over the long term, the market is pretty

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Speaker 12: efficient over the term. It's not sometimes, and I think

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Speaker 12: Grinder does have some complexity for people to understand. But

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Speaker 12: we do have an incredible business. I mean, the company

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Speaker 12: has grown twenty five plus percent every year over the

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Speaker 12: last four years since I've been around, even longer, it's

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Speaker 12: been growing.

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Speaker 11: At that pace or higher. But it has also been

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Speaker 11: getting better.

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Speaker 12: We did more ebit last year than we did revenue

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Speaker 12: in twenty twenty two, which I think that's the number

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Speaker 12: I really like, and it's going to continue going up

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Speaker 12: and I don't see anything that in the next three

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Speaker 12: four years is going to slow us down. Like we

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Speaker 12: have a very strong plan and execution is really really strong.

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Speaker 12: The team, you know, is doing everything that needs to

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Speaker 12: be done to make the business work really well. So

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Speaker 12: I think my job from the investor perspectives to keep

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Speaker 12: beating with people and telling them our story, and I

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Speaker 12: think over time it'll take care of itself. You know,

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Speaker 12: we had some challenging things happen last fall when one

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Speaker 12: of our shareholders had issues with his pledge shares and

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Speaker 12: that led to, you know, a squeeze on him and

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Speaker 12: resulted with the shippers coming down a bit. So I

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Speaker 12: think there's some recovery that needs to happen from that,

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Speaker 12: and that does take time.

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Speaker 11: I mean it's only been.

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Speaker 12: Three quarters, so we'll keep kind of plugging along. And

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Speaker 12: what I do tell the team is to not focus

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Speaker 12: on the share price because that'll be distracting. We should

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Speaker 12: focus on execution, and ultimately the market is pretty hushing.

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Speaker 2: You did a story last year and you found that

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Speaker 2: one in three gay relationships started on Grinder, and that's

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Speaker 2: been kind of an evolution because I think when I

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Speaker 2: first started learning about it was sort of as a

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Speaker 2: hookup app, but now several actually most of my friends

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Speaker 2: you've gotten married in that community met on Grinder.

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Speaker 6: What does that do to your business model? And how

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Speaker 6: is the dynamics of what people are using the app

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Speaker 6: for change?

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Speaker 11: Yeah? They actually number is fifty percent, so it's even high.

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Speaker 2: Wow.

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Speaker 11: Okay, yeah, it's it's pretty incredible.

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Speaker 6: Every wedding I've been to, it's how did you make Grinder.

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Speaker 12: From one of the most cool kind of moments when

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Speaker 12: I was just getting that actually wasn't coeo yet, but

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Speaker 12: I was doing the road show for us going public

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Speaker 12: and we met with this one investor and he's like,

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Speaker 12: let me show you this picture, and he pulls out

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Speaker 12: his picture from his brother's wedding where the brother and

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Speaker 12: his husband had met on Grinder and they had this

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Speaker 12: like little Grinder logo where you could take a photo

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Speaker 12: in for every yest wedding.

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Speaker 11: Yeah's wedding. So people decided, I'm going this is gonna

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Speaker 11: probably go welcome. I don't feel like explain to him

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Speaker 11: what we do.

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Speaker 12: I think in the gay world, in gay culture, things

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Speaker 12: are pretty fluid, right, So casual dys sort of hookups

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Speaker 12: leading to long term relationship is actually very common. Internally,

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Speaker 12: we tend to joke that if you know, a gay

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Speaker 12: couple hooks up three times and then doesn't go on

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Speaker 12: a date, probably will never go to date. For as

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Speaker 12: a straight couple, if he doesn't go on three days

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Speaker 12: prior to a hookup, that relationship probably won't.

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Speaker 6: It's just a different free date rule.

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Speaker 12: It's so it's you know, that's just how the culture is.

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Speaker 12: But the reality is that a lot more gay men

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Speaker 12: today want to be in long term relationships than was

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Speaker 12: the case when I was in my twenties. And you know,

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Speaker 12: Andrew Sullivan, who was probably one of the primary architects

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Speaker 12: of the case for gay marriage over the year, you know,

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Speaker 12: he would make this argument that if we allow gay marriage,

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Speaker 12: then gay men will move more in the direction of

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Speaker 12: what street people do, which is getting married and having stable,

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Speaker 12: long term relationships. And I think that's very much happening

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Speaker 12: because if you survey men under thirty five, you know,

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Speaker 12: over half of them say that they want to be

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Speaker 12: in a long term relationship and a quarter of them

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Speaker 12: say they want to have children. So I have kids.

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Speaker 12: I've always wanted kids. But when I would say that

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Speaker 12: I wanted kids in my twenties, I was literally like

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Speaker 12: the artists of All Out Wire in the one hundred.

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Speaker 12: So society is changing dramatically in part because of the

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Speaker 12: recognition of marriage, and that's really positive and obviously Grinder

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Speaker 12: or isn't an awesome place to help with that because

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Speaker 12: that is where people meet and we have the critical

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Speaker 12: mass of people to meet each other.

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Speaker 2: We want to ask you about AI and I understand you.

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Speaker 2: You know you something you've coined gay I through the app.

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Speaker 7: I see what you did there, all right, tell.

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Speaker 2: Us what it is, how it works, and if it's

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Speaker 2: been worth the because one of the things we're looking at,

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Speaker 2: especially right now is the ROI on these AI investments

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Speaker 2: and whether or not they're the juices worth the squeeze

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Speaker 2: for some of these things.

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Speaker 12: Yeah, I so we we've been way ahead of the

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Speaker 12: curve an AI. I had built an AI company in

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Speaker 12: twenty eighteen, not on gen Ai because Genai models were

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Speaker 12: out back then, but having done that, and that company

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Speaker 12: has done very well and was very good for everybody involved.

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Speaker 12: I knew that AI was going to be huge four

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Speaker 12: Grinder because we have so much data and that creates

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Speaker 12: unique opportunities. So we both have invested a ton into

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Speaker 12: building AI products for users, and those are going really

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Speaker 12: well where you have a lot of them are already

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Speaker 12: out in the product and the feedback from users very positive.

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Speaker 12: We're building a new AI tier, which is a more

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Speaker 12: premium tier that is powered with GAI that it will

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Speaker 12: he's already in beta with a bunch of users and

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Speaker 12: will be live towards.

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Speaker 6: What does it do, It's just really hypertailor gives you a.

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Speaker 12: Lot more information about people you're talking to and creates

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Speaker 12: transparency for both parties about why that connection might make sense.

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Speaker 12: Then we've also done a ton of investment in how

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Speaker 12: we work and Grinders really like I actually call it terraforming,

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Speaker 12: not transforming, because the change is so massive. Our engineering team,

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Speaker 12: you know, started adopting AI coding much earlier than most people,

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Speaker 12: and today eighty percent of the code that's written at

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Speaker 12: Grinder is not written by humans.

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Speaker 9: And the engineer.

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Speaker 12: It's all AA generated and engineer's job is fundamentally changing.

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Speaker 12: It's no longer writing code, it's actually architecting the code

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Speaker 12: and managing synthetics that are writing the code. So every

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Speaker 12: engineering new is becoming an engineering manager. In effect, organizations

439
00:21:35,840 --> 00:21:38,640
Speaker 12: are going to become flatter as a result overall. And

440
00:21:39,200 --> 00:21:43,120
Speaker 12: you know, in March when we were planning for Q two,

441
00:21:43,680 --> 00:21:47,159
Speaker 12: each team came to the planning meeting and said that

442
00:21:47,359 --> 00:21:49,720
Speaker 12: they don't have enough work and we need more projects.

443
00:21:50,160 --> 00:21:54,200
Speaker 12: I've been building software for twenty years and I've never

444
00:21:54,240 --> 00:21:57,240
Speaker 12: had anything like that happen to me. And don't get

445
00:21:57,240 --> 00:21:59,359
Speaker 12: me wrong, like our team works extremely hard.

446
00:21:59,400 --> 00:22:00,840
Speaker 11: We're very hardcore culture.

447
00:22:01,240 --> 00:22:04,800
Speaker 12: We're not like SpaceX, but in the layer of where

448
00:22:04,800 --> 00:22:06,960
Speaker 12: do you fall in the hardcore, we're very much closer

449
00:22:06,960 --> 00:22:09,639
Speaker 12: to SpaceX than we are to an average company. So

450
00:22:09,760 --> 00:22:11,800
Speaker 12: these are not people who are not working. So we're hard,

451
00:22:11,800 --> 00:22:16,000
Speaker 12: but we still had more capacity because of what AI

452
00:22:16,160 --> 00:22:17,440
Speaker 12: is doing to how productive we are.

453
00:22:17,480 --> 00:22:21,840
Speaker 11: I don't care how much money we spend on tokens, honestly.

454
00:22:21,760 --> 00:22:25,280
Speaker 12: Because every dollar that's spent on tokens is way more

455
00:22:25,280 --> 00:22:28,280
Speaker 12: output than you'd ever expect. I think companies that are

456
00:22:28,320 --> 00:22:31,960
Speaker 12: worried about the spending are actually not well managed because

457
00:22:32,080 --> 00:22:34,360
Speaker 12: then probably people are running around doing things that don't

458
00:22:34,400 --> 00:22:36,640
Speaker 12: need to using it to be done. But I don't

459
00:22:36,640 --> 00:22:39,760
Speaker 12: want to give numbers out because these were companition numbers

460
00:22:39,760 --> 00:22:41,560
Speaker 12: that were shared with me. But one of the very

461
00:22:41,640 --> 00:22:44,360
Speaker 12: large companies that recently was in the press a lot

462
00:22:44,480 --> 00:22:47,080
Speaker 12: being worried about, you know, token spend.

463
00:22:47,400 --> 00:22:49,120
Speaker 11: I did a rough I heard what.

464
00:22:49,119 --> 00:22:52,000
Speaker 12: The total number of their concern was and by on

465
00:22:52,040 --> 00:22:54,240
Speaker 12: our order as a magnitude basis, like they were saying

466
00:22:54,440 --> 00:22:57,359
Speaker 12: twenty k per engineer, and we are roughly running like

467
00:22:58,040 --> 00:23:01,200
Speaker 12: fifty k per engineer in token such but I'm happy

468
00:23:01,200 --> 00:23:03,639
Speaker 12: if that became one hundred well, because I know for

469
00:23:03,680 --> 00:23:05,520
Speaker 12: a fact already that what we're getting on the other

470
00:23:05,600 --> 00:23:07,080
Speaker 12: side is way more valuable than that.

471
00:23:07,640 --> 00:23:10,520
Speaker 3: So let me ask you lastly just about politics, and

472
00:23:10,520 --> 00:23:12,200
Speaker 3: I'll confess we were both in Washington for the White

473
00:23:12,240 --> 00:23:15,960
Speaker 3: House correspond Association dinner and alas neither of us got

474
00:23:16,000 --> 00:23:18,080
Speaker 3: the invite to the party that you threw, and we'll in.

475
00:23:18,040 --> 00:23:19,120
Speaker 7: The run up to that.

476
00:23:19,880 --> 00:23:21,520
Speaker 3: But it was a popular party, and I think popular

477
00:23:21,560 --> 00:23:23,680
Speaker 3: because there were so many people there from both sides

478
00:23:23,680 --> 00:23:26,919
Speaker 3: of the aisle, attracted a broadswath of people. How do

479
00:23:26,960 --> 00:23:29,600
Speaker 3: you view engagement with politics with Washington? The job of

480
00:23:29,600 --> 00:23:31,880
Speaker 3: any CEO in this day and age is to make

481
00:23:31,920 --> 00:23:33,480
Speaker 3: that part of the role. You have to engage with

482
00:23:33,520 --> 00:23:34,760
Speaker 3: regulators and lawmakers.

483
00:23:34,800 --> 00:23:37,240
Speaker 12: So about six months into me studying my job, I

484
00:23:37,320 --> 00:23:40,280
Speaker 12: get this note from the person who was leading Grinder

485
00:23:40,280 --> 00:23:42,000
Speaker 12: for a quality, which is they are a public service

486
00:23:42,119 --> 00:23:45,080
Speaker 12: arm telling me that this horrible situation is developing in

487
00:23:45,119 --> 00:23:48,399
Speaker 12: Egypt where Egyptian police is arresting gay men and then

488
00:23:48,520 --> 00:23:50,880
Speaker 12: using their phones to honey trap up our gay men.

489
00:23:51,359 --> 00:23:53,080
Speaker 11: And I'm like, Okay, who in DC do we call?

490
00:23:53,119 --> 00:23:55,720
Speaker 12: Because they know America has a lot of influence on

491
00:23:55,760 --> 00:23:57,840
Speaker 12: what happened, and we didn't have a single person to

492
00:23:57,920 --> 00:24:00,639
Speaker 12: contact because we had zero relationship in Washington, which I

493
00:24:00,720 --> 00:24:04,560
Speaker 12: thought was kind of totally unacceptable. And then secondly, it

494
00:24:04,600 --> 00:24:06,560
Speaker 12: felt to me like a lot of the groups that

495
00:24:06,680 --> 00:24:08,879
Speaker 12: should be advocating on behalf of Kate rights and do

496
00:24:09,760 --> 00:24:13,240
Speaker 12: we're becoming very partisan. And I of opinion that you

497
00:24:13,280 --> 00:24:15,480
Speaker 12: cannot acomplish stuff in DC no matter who's in power

498
00:24:15,680 --> 00:24:18,000
Speaker 12: unless you're bipartisan, because it takes sixty of us to

499
00:24:18,000 --> 00:24:20,040
Speaker 12: get anything in the Senate. But also for things to

500
00:24:20,080 --> 00:24:23,000
Speaker 12: stick around, you need both sides to be brought into it,

501
00:24:23,040 --> 00:24:24,960
Speaker 12: and I felt like we were uniquely positioned to be

502
00:24:25,000 --> 00:24:26,639
Speaker 12: able to do it because we are a business and

503
00:24:26,680 --> 00:24:29,080
Speaker 12: we can talk to both sides of the aisle, and

504
00:24:29,160 --> 00:24:31,040
Speaker 12: that's what we've been striving to do and so far

505
00:24:31,080 --> 00:24:33,679
Speaker 12: we've been very, very happy. There are specific things we

506
00:24:33,720 --> 00:24:38,200
Speaker 12: care about. Decriminalization of homosexuality in certain countries where it's illegal,

507
00:24:38,440 --> 00:24:43,399
Speaker 12: marriage equality, access to fertility treatment for gay couples in

508
00:24:43,440 --> 00:24:46,320
Speaker 12: the US at the same in the same way that

509
00:24:46,400 --> 00:24:51,280
Speaker 12: it's available to others, and then access to STD preventative

510
00:24:51,320 --> 00:24:55,600
Speaker 12: and treatment medications and services, which matters to all our users.

511
00:24:55,640 --> 00:24:58,280
Speaker 12: This is not an issue that's like sixty forty young Grinder.

512
00:24:58,320 --> 00:25:00,520
Speaker 12: It's most of these issues that are like nine ten

513
00:25:00,680 --> 00:25:05,040
Speaker 12: or one hundred and zero, and we can make massive

514
00:25:05,080 --> 00:25:08,920
Speaker 12: headways on those if we bring people together to advocate

515
00:25:08,960 --> 00:25:09,280
Speaker 12: for them.

516
00:25:09,600 --> 00:25:11,359
Speaker 2: Do you think, given your background, you're in a good

517
00:25:11,440 --> 00:25:15,040
Speaker 2: position to try to talk about these issues to a

518
00:25:15,040 --> 00:25:17,760
Speaker 2: more conservative leaning government. I mean, know, you grew up

519
00:25:17,800 --> 00:25:20,480
Speaker 2: in what was in the USSR is now Georgia. That's

520
00:25:20,480 --> 00:25:24,080
Speaker 2: not a place that's very friendly towards alternative lifestyles. Does

521
00:25:24,119 --> 00:25:26,040
Speaker 2: that give you a way to talk about this to

522
00:25:26,080 --> 00:25:28,080
Speaker 2: people who may have a knee jerk? No, But when

523
00:25:28,080 --> 00:25:29,760
Speaker 2: you talk to me about the human rights aspects of

524
00:25:29,800 --> 00:25:31,600
Speaker 2: it and how it can benefit society as a whole,

525
00:25:31,960 --> 00:25:33,360
Speaker 2: they're more able.

526
00:25:33,160 --> 00:25:33,840
Speaker 6: To have a conversation.

527
00:25:33,920 --> 00:25:37,479
Speaker 12: Certainly helps me better appreciate the challenges that our users

528
00:25:37,560 --> 00:25:39,480
Speaker 12: face in countries like that. I mean, one of my

529
00:25:39,960 --> 00:25:43,280
Speaker 12: first board meetings at Grinder, we were discussing whether to

530
00:25:43,400 --> 00:25:46,520
Speaker 12: enable Grinder and URAN or not, and this was like

531
00:25:46,600 --> 00:25:49,240
Speaker 12: something we had shut down because of your sanctions, and

532
00:25:49,359 --> 00:25:53,280
Speaker 12: we're getting messages from local activists and users saying we

533
00:25:53,320 --> 00:25:55,359
Speaker 12: would prefer for you to be on and take the

534
00:25:55,440 --> 00:25:57,280
Speaker 12: risk of being caught by the government that we use

535
00:25:57,280 --> 00:25:59,480
Speaker 12: in Grinder to not having a way to connect with

536
00:25:59,520 --> 00:25:59,840
Speaker 12: each other.

537
00:26:00,119 --> 00:26:00,879
Speaker 11: There's no other way to do.

538
00:26:01,000 --> 00:26:02,600
Speaker 2: That's because the risk of having that on your phone

539
00:26:02,640 --> 00:26:03,760
Speaker 2: is really substantials.

540
00:26:03,960 --> 00:26:07,240
Speaker 12: Yeah, so I'm like, you're not a normal board discussion

541
00:26:07,240 --> 00:26:09,160
Speaker 12: of like what you're going to be dealing with. Remember

542
00:26:09,480 --> 00:26:11,520
Speaker 12: going to see the Sector of Labor about a year

543
00:26:11,560 --> 00:26:15,159
Speaker 12: ago or nine months ago, and we were talking about, hey,

544
00:26:15,240 --> 00:26:17,680
Speaker 12: we want to make sure that if we do things

545
00:26:17,680 --> 00:26:21,399
Speaker 12: on IVF, we should that should be extendable to gay couples,

546
00:26:21,400 --> 00:26:23,960
Speaker 12: because gay couples are not actually receiving the treatment themselves.

547
00:26:24,119 --> 00:26:26,080
Speaker 12: It's usually survey that the preceiving treatment, and then like

548
00:26:26,119 --> 00:26:28,280
Speaker 12: you should be able to transfer that service on And

549
00:26:28,320 --> 00:26:30,960
Speaker 12: her response to me back then was like the president said,

550
00:26:31,000 --> 00:26:34,320
Speaker 12: all families that includes gay families and like, some people

551
00:26:34,400 --> 00:26:37,320
Speaker 12: might not expect that from this administration, but I'm like,

552
00:26:37,320 --> 00:26:39,199
Speaker 12: there's no question about that, and that's actually the kind

553
00:26:39,240 --> 00:26:42,520
Speaker 12: of rule that they should on IVF and insurance, you know.

554
00:26:42,440 --> 00:26:47,480
Speaker 11: Earlier this QUEU too. So that was a really good.

555
00:26:47,280 --> 00:26:49,960
Speaker 12: Meeting on our end and a very good outcome for everyone.

556
00:26:50,720 --> 00:26:52,800
Speaker 12: And so I think people are generally very willing to listen.

557
00:26:52,840 --> 00:26:55,280
Speaker 12: And that's not to say that there's obviously a huge

558
00:26:55,359 --> 00:26:58,760
Speaker 12: number of people in a Democratic party who've been massive

559
00:26:58,800 --> 00:27:01,840
Speaker 12: champions of gay rights, and they have been great at

560
00:27:01,840 --> 00:27:04,639
Speaker 12: an engagement with us, and obviously it's really imperative for

561
00:27:04,720 --> 00:27:06,880
Speaker 12: us to be working very closely with them and ensuring

562
00:27:06,920 --> 00:27:09,159
Speaker 12: that they have the right information to be able to

563
00:27:09,160 --> 00:27:10,480
Speaker 12: do the incredible work that they.

564
00:27:10,400 --> 00:27:12,159
Speaker 11: Do on behalf of all Grander users.

565
00:27:12,680 --> 00:27:12,840
Speaker 9: Sure.

566
00:27:12,920 --> 00:27:15,720
Speaker 2: Jarrison Grinder's CEO, I thought it was really fascinating, giving

567
00:27:15,760 --> 00:27:17,840
Speaker 2: what we've been talking about all week, these tech stocks,

568
00:27:17,840 --> 00:27:20,159
Speaker 2: the AI evaluations and whether or not these companies are

569
00:27:20,160 --> 00:27:22,639
Speaker 2: finding it worth it that he said for his smaller

570
00:27:22,680 --> 00:27:25,160
Speaker 2: team of engineers, it is completely worth it, and they

571
00:27:25,160 --> 00:27:27,000
Speaker 2: had a very high spend on tokens and it was

572
00:27:27,040 --> 00:27:27,920
Speaker 2: worth every single penny.

573
00:27:28,040 --> 00:27:30,560
Speaker 3: Just want to underscore what he said there that engineers

574
00:27:31,320 --> 00:27:33,119
Speaker 3: at the company were literally proposing to him that he

575
00:27:33,200 --> 00:27:36,040
Speaker 3: not hire any more engineers. This was making such an impact,

576
00:27:36,080 --> 00:27:38,840
Speaker 3: AIS making such an impact on the business that it

577
00:27:38,880 --> 00:27:42,240
Speaker 3: actually would lead to a lesser need to hire more engineers,

578
00:27:42,240 --> 00:27:44,320
Speaker 3: which is the thing that you wouldn't think engineers they'd

579
00:27:44,320 --> 00:27:45,280
Speaker 3: be advocating for more of.

580
00:27:45,240 --> 00:27:46,720
Speaker 6: Them, but one hundred percent.

581
00:27:46,760 --> 00:27:48,720
Speaker 2: But you know, they're expanding, they're trying to do new things,

582
00:27:49,119 --> 00:27:50,800
Speaker 2: and they're trying to do live events, and they seem

583
00:27:50,880 --> 00:27:53,000
Speaker 2: to think that they've got handled from a back end

584
00:27:53,000 --> 00:27:54,960
Speaker 2: codings perspective thanks to AI tools.

585
00:27:56,880 --> 00:27:59,040
Speaker 6: Stay with us for more on Bloomberg this weekend.

586
00:27:59,280 --> 00:28:14,240
Speaker 2: Right after this, these seventy nine Tony Awards are tomorrow

587
00:28:14,280 --> 00:28:16,800
Speaker 2: at Radio City Music Hall here in New York.

588
00:28:17,160 --> 00:28:20,880
Speaker 5: To be celebrated and to be you know, honored while

589
00:28:20,880 --> 00:28:23,760
Speaker 5: I have a family, and feels really grounding to me.

590
00:28:24,160 --> 00:28:26,359
Speaker 6: I just didn't think that it were possible, you know

591
00:28:26,359 --> 00:28:28,080
Speaker 6: what I mean. It's just not something that you see

592
00:28:28,200 --> 00:28:32,680
Speaker 6: happen a lot like especially for me. I wouldn't have

593
00:28:32,760 --> 00:28:33,560
Speaker 6: I ever expected this.

594
00:28:33,880 --> 00:28:37,120
Speaker 4: It means more than I can really express. I keep

595
00:28:37,160 --> 00:28:40,760
Speaker 4: trying to find like new words to really encapsulate the feeling,

596
00:28:40,800 --> 00:28:42,120
Speaker 4: and I don't think.

597
00:28:41,960 --> 00:28:46,960
Speaker 13: There are there's a story that connects all of what

598
00:28:47,200 --> 00:28:52,480
Speaker 13: seems to be disparate personalities, but it's a family affair,

599
00:28:53,200 --> 00:28:58,160
Speaker 13: and I think it's absolutely appropriate that now, when the

600
00:28:58,160 --> 00:29:02,240
Speaker 13: world is so troubled, that you can come to the

601
00:29:02,240 --> 00:29:09,640
Speaker 13: theater and watch a huge international family actulutely love more than.

602
00:29:09,560 --> 00:29:12,800
Speaker 3: Another a handful of Tony nominees and honorees. New York

603
00:29:12,800 --> 00:29:15,920
Speaker 3: Governor Kathy Hochele pushing lawmakers to extend a tax credit

604
00:29:16,200 --> 00:29:18,320
Speaker 3: put in place during the pandemic, with the hope it

605
00:29:18,360 --> 00:29:21,640
Speaker 3: will help New York retain its appeal to producers. As

606
00:29:21,680 --> 00:29:24,800
Speaker 3: we've heard from Bloomberg, Taxis Danielle Moyo Dunn. Critics question

607
00:29:24,880 --> 00:29:26,680
Speaker 3: whether the subsidy is worthy.

608
00:29:27,760 --> 00:29:30,080
Speaker 14: It really began, like you said, as a way to

609
00:29:30,200 --> 00:29:33,840
Speaker 14: help these shows when they had no one going right.

610
00:29:34,640 --> 00:29:38,920
Speaker 14: But since COVID nineteen, Broadways facing a lot of challenges still,

611
00:29:39,600 --> 00:29:42,640
Speaker 14: just like how we all complain about the price of

612
00:29:42,680 --> 00:29:46,320
Speaker 14: everything going up, that applies to Broadway too. You know

613
00:29:46,440 --> 00:29:49,880
Speaker 14: what it takes to make sets and costumes. So they've

614
00:29:49,880 --> 00:29:53,360
Speaker 14: continued the program, They've added more funding, and the idea

615
00:29:53,640 --> 00:29:56,560
Speaker 14: is to just make it a little easier to fund

616
00:29:56,600 --> 00:29:57,680
Speaker 14: a Broadway production.

617
00:29:58,000 --> 00:29:59,000
Speaker 7: Who's eligible for this?

618
00:29:59,440 --> 00:30:01,320
Speaker 3: When you look at the shows that are on Broadway today,

619
00:30:01,320 --> 00:30:03,000
Speaker 3: how many of them are taking advantage or able to

620
00:30:03,000 --> 00:30:04,600
Speaker 3: take advantage of these credits.

621
00:30:04,640 --> 00:30:07,840
Speaker 14: It's a great question because it really is carved out

622
00:30:07,880 --> 00:30:11,479
Speaker 14: for Broadway and off Broadway specifically. So Broadway, you know,

623
00:30:11,600 --> 00:30:15,760
Speaker 14: shows that are in a Broadway theater defined us like

624
00:30:15,800 --> 00:30:18,400
Speaker 14: in the theater district with five hundred seats or more

625
00:30:18,800 --> 00:30:22,480
Speaker 14: can get up to three million in tax credits. And

626
00:30:22,520 --> 00:30:25,360
Speaker 14: then off Broadway productions, which is you know, defined a

627
00:30:25,400 --> 00:30:28,960
Speaker 14: little differently. They're smaller. They can be elsewhere throughout Manhattan

628
00:30:29,280 --> 00:30:32,240
Speaker 14: can get up to I believe three hundred and fifty

629
00:30:32,280 --> 00:30:34,680
Speaker 14: thousand dollars in tax credits, so a little smaller, and.

630
00:30:34,640 --> 00:30:35,760
Speaker 6: Are there strings attached to that?

631
00:30:35,840 --> 00:30:37,960
Speaker 2: I know with some of the movie credits, I think

632
00:30:37,960 --> 00:30:39,400
Speaker 2: of this more as a movie thing, right. They did

633
00:30:39,400 --> 00:30:41,120
Speaker 2: it in Georgia, they did it in New Orleans, and

634
00:30:41,200 --> 00:30:44,680
Speaker 2: it was it was effective there until they pulled the credits.

635
00:30:44,680 --> 00:30:46,360
Speaker 6: But they also came with a lot of strings attached.

636
00:30:46,360 --> 00:30:48,600
Speaker 6: Are there rules you have to follow in order to qualify?

637
00:30:48,800 --> 00:30:50,640
Speaker 14: So that's kind of one of the big criticisms of

638
00:30:50,680 --> 00:30:55,000
Speaker 14: the program, there really aren't. It's basically, if you meet

639
00:30:55,080 --> 00:30:58,560
Speaker 14: the requirements in terms of how much you paid for

640
00:30:58,640 --> 00:31:02,719
Speaker 14: the show and it's on a designated Broadway or off

641
00:31:02,760 --> 00:31:07,880
Speaker 14: Broadway theater, then you qualify. And there are state lawmakers

642
00:31:07,920 --> 00:31:10,720
Speaker 14: and budget watchdog groups who really feel like, you know,

643
00:31:10,840 --> 00:31:13,240
Speaker 14: this doesn't make sense. You have money going to shows

644
00:31:13,280 --> 00:31:18,400
Speaker 14: financed by Disney and billionaires who are getting tax incentives,

645
00:31:18,400 --> 00:31:21,120
Speaker 14: and these shows that you know have to start in

646
00:31:21,200 --> 00:31:25,600
Speaker 14: smaller theaters aren't getting support because they don't qualify.

647
00:31:26,000 --> 00:31:28,440
Speaker 3: I'm just curious generally how Broadway's doing. So we started

648
00:31:28,440 --> 00:31:30,360
Speaker 3: off by talking about COVID nineteen and we knew well

649
00:31:30,360 --> 00:31:33,080
Speaker 3: the effects that had on theater here in.

650
00:31:33,000 --> 00:31:36,000
Speaker 7: New York and elsewhere. Are we back to where we were?

651
00:31:36,040 --> 00:31:38,080
Speaker 3: Sort of how much? How big a need aside from

652
00:31:38,080 --> 00:31:39,880
Speaker 3: this kind of competitive argument that we've been talking about,

653
00:31:39,920 --> 00:31:41,280
Speaker 3: is there for subsidies like this?

654
00:31:41,920 --> 00:31:42,200
Speaker 7: Yeah?

655
00:31:42,240 --> 00:31:45,960
Speaker 14: So, I mean Broadway is rebounding since the pandemic. So,

656
00:31:47,040 --> 00:31:53,640
Speaker 14: according to state Comptroller data, revenue grosser revenue, or according

657
00:31:53,680 --> 00:31:57,960
Speaker 14: to State Comptroller data, the attendance is back to pre

658
00:31:58,040 --> 00:32:02,640
Speaker 14: pandemic level. The Broadway League has reported that revenue is

659
00:32:03,160 --> 00:32:05,120
Speaker 14: the twenty twenty four to twenty five season was one

660
00:32:05,120 --> 00:32:09,760
Speaker 14: of the highest grossing seasons they've ever recorded. So from

661
00:32:10,600 --> 00:32:14,720
Speaker 14: that position, they are doing well. But what Broadway producers

662
00:32:14,720 --> 00:32:18,160
Speaker 14: and directors will tell you is yes, but it's getting

663
00:32:18,240 --> 00:32:23,240
Speaker 14: much harder for investors to see your return on these shows.

664
00:32:23,280 --> 00:32:26,040
Speaker 14: The shows are getting more expensive to produce. You know,

665
00:32:26,080 --> 00:32:29,000
Speaker 14: you have like Stranger Things, it was like thirty five

666
00:32:29,120 --> 00:32:31,000
Speaker 14: million according to forms with.

667
00:32:31,000 --> 00:32:33,000
Speaker 2: Okay, but is this mission creep? I mean, does it

668
00:32:33,040 --> 00:32:35,360
Speaker 2: have to be thirty five million dollars? Like I think

669
00:32:35,360 --> 00:32:38,440
Speaker 2: about Chicago and the fact that, like the reason that

670
00:32:38,480 --> 00:32:40,680
Speaker 2: the Chicago we all know now is the very stripped

671
00:32:40,680 --> 00:32:44,160
Speaker 2: down you know, no costume changes bands on stage. That

672
00:32:44,400 --> 00:32:46,960
Speaker 2: was a choice, but only out of budget necessity, because

673
00:32:47,000 --> 00:32:48,240
Speaker 2: that was the money they had.

674
00:32:48,040 --> 00:32:48,560
Speaker 6: At the time.

675
00:32:48,600 --> 00:32:50,160
Speaker 2: There are ways to do these shows that do not

676
00:32:50,200 --> 00:32:52,760
Speaker 2: cost thirty million dollars. Is it's just kind of playing

677
00:32:52,840 --> 00:32:55,080
Speaker 2: into that and making it so that to your point,

678
00:32:55,080 --> 00:32:57,160
Speaker 2: these bigger productions, you do spend as much money and

679
00:32:57,160 --> 00:32:58,240
Speaker 2: you may not be getting the return.

680
00:32:58,440 --> 00:33:00,520
Speaker 14: Well, I think it's two things, right. I think I

681
00:33:00,560 --> 00:33:02,880
Speaker 14: think yes, you're right, they don't You don't have to

682
00:33:02,880 --> 00:33:05,239
Speaker 14: put on a thirty five million dollar production, right if

683
00:33:05,240 --> 00:33:07,280
Speaker 14: you don't want to Obviously, if you want to do

684
00:33:07,320 --> 00:33:10,640
Speaker 14: something with intense special effects like Stranger Things, it would

685
00:33:10,640 --> 00:33:14,680
Speaker 14: require that amount of money. You know. What we're seeing

686
00:33:14,760 --> 00:33:18,760
Speaker 14: more of is actually plays you think of like Glengarry

687
00:33:18,840 --> 00:33:22,000
Speaker 14: Glenn Ross, where you have a smaller cast, but you

688
00:33:22,040 --> 00:33:25,600
Speaker 14: have these big names. It's attached to it, and that

689
00:33:25,720 --> 00:33:29,840
Speaker 14: allows them to, you know, see your return faster because

690
00:33:30,000 --> 00:33:32,360
Speaker 14: really all of the money is going to these salaries.

691
00:33:32,440 --> 00:33:34,760
Speaker 14: It's a pretty small production and it's a it's a

692
00:33:34,800 --> 00:33:36,240
Speaker 14: better bet for the producers.

693
00:33:36,680 --> 00:33:38,360
Speaker 7: Just pull it back to these credits.

694
00:33:38,360 --> 00:33:40,120
Speaker 3: And you mentioned some of the criticism against it has

695
00:33:40,160 --> 00:33:44,360
Speaker 3: to do, you know, with how restrictive they are.

696
00:33:44,360 --> 00:33:44,960
Speaker 7: Not restrictive.

697
00:33:45,000 --> 00:33:47,080
Speaker 3: I guess here we are in New York State facing

698
00:33:47,080 --> 00:33:50,840
Speaker 3: a massive budget shortfall of what six billion dollars? What

699
00:33:50,920 --> 00:33:53,040
Speaker 3: are the other things that critics are saying about the

700
00:33:53,080 --> 00:33:54,960
Speaker 3: prospects of this continuing or the need for this to

701
00:33:55,000 --> 00:33:56,560
Speaker 3: be something that's implemented in New York.

702
00:33:56,760 --> 00:33:58,760
Speaker 14: Yeah, So I think the big thing is if it

703
00:33:58,840 --> 00:34:02,400
Speaker 14: is going to continue, there should be more strings attached

704
00:34:02,440 --> 00:34:05,160
Speaker 14: to it. So there's technically a provision that if these

705
00:34:05,160 --> 00:34:07,840
Speaker 14: shows are very profitable, they should have to return some

706
00:34:07,920 --> 00:34:10,839
Speaker 14: of the tax credit, but none have actually triggered it

707
00:34:10,840 --> 00:34:13,040
Speaker 14: to date, which is a little confusing because there's definitely

708
00:34:13,040 --> 00:34:16,960
Speaker 14: shows that have gotten it and have done well. So

709
00:34:17,000 --> 00:34:19,240
Speaker 14: that's something state lawmakers feel like, maybe we could tighten

710
00:34:19,320 --> 00:34:22,359
Speaker 14: up that language so there are there is actually some

711
00:34:22,440 --> 00:34:26,000
Speaker 14: payment back into it. So you know, that's something that

712
00:34:26,000 --> 00:34:28,319
Speaker 14: they're exploring, and I think this is going to be

713
00:34:28,320 --> 00:34:31,360
Speaker 14: a big conversation, especially next year since the benefit of

714
00:34:31,440 --> 00:34:34,799
Speaker 14: SECT to expire in September twenty twenty seven, so there

715
00:34:34,880 --> 00:34:37,000
Speaker 14: is a time hook for them to kind of figure

716
00:34:37,040 --> 00:34:37,319
Speaker 14: it out.

717
00:34:37,320 --> 00:34:37,440
Speaker 13: Oh.

718
00:34:37,480 --> 00:34:39,120
Speaker 6: Interesting, we have to come back and keep us a data.

719
00:34:39,200 --> 00:34:41,840
Speaker 7: Yeah, it's doing Danielle, Thank you very much, Thank you

720
00:34:41,920 --> 00:34:42,319
Speaker 7: very much.

721
00:34:43,760 --> 00:34:46,880
Speaker 4: Stay with us for more on Bloomberg this weekend.

722
00:34:47,239 --> 00:34:47,920
Speaker 6: Right after this.

723
00:35:00,000 --> 00:35:03,279
Speaker 2: All right, now for the weekend pointed news quiz for.

724
00:35:03,239 --> 00:35:07,000
Speaker 3: This every six days out of the week, I'm counting down.

725
00:35:07,680 --> 00:35:08,040
Speaker 7: Listen.

726
00:35:08,320 --> 00:35:10,799
Speaker 2: Just because you've been doing better lately doesn't mean this

727
00:35:10,840 --> 00:35:14,360
Speaker 2: is going to persist. So Lisa self need well, Lisa,

728
00:35:14,400 --> 00:35:16,279
Speaker 2: how you walked by the girl?

729
00:35:16,440 --> 00:35:17,080
Speaker 9: You are cheating.

730
00:35:17,239 --> 00:35:21,040
Speaker 3: Allegations of malfeasans are flying, and I want to let

731
00:35:21,080 --> 00:35:23,359
Speaker 3: the view the man who knows I am not on.

732
00:35:23,239 --> 00:35:27,080
Speaker 2: A weekly basis, Lisa, Lisa, all right, categories.

733
00:35:26,600 --> 00:35:28,440
Speaker 4: Let's get to the coins. Okay, So for those of

734
00:35:28,480 --> 00:35:30,759
Speaker 4: you who have never played with us, here's how it works.

735
00:35:30,800 --> 00:35:32,680
Speaker 4: They have thirty chips in front of them, thirty each,

736
00:35:33,160 --> 00:35:34,960
Speaker 4: and they're going to base those poker chips.

737
00:35:35,000 --> 00:35:36,200
Speaker 6: Yes, poker chips.

738
00:35:36,200 --> 00:35:39,279
Speaker 4: There you go, And we have three categories, so they're

739
00:35:39,280 --> 00:35:41,279
Speaker 4: going to base how much they're going to bet on

740
00:35:41,280 --> 00:35:41,800
Speaker 4: each category.

741
00:35:41,880 --> 00:35:42,959
Speaker 6: Anybody on wage?

742
00:35:43,000 --> 00:35:45,799
Speaker 4: How you feel, how you feel confident about each category?

743
00:35:45,880 --> 00:35:48,520
Speaker 4: All right, you've been doing the ten across the board, David.

744
00:35:48,560 --> 00:35:51,120
Speaker 3: It's been working for last week, like thirty on one

745
00:35:51,120 --> 00:35:52,120
Speaker 3: and that was really stupid.

746
00:35:52,280 --> 00:35:54,600
Speaker 6: Yeah, so he've learned his lesson.

747
00:35:54,840 --> 00:35:55,400
Speaker 3: I'm going to go.

748
00:35:55,560 --> 00:35:56,640
Speaker 6: Let's get to the category.

749
00:35:56,760 --> 00:35:57,080
Speaker 11: All right.

750
00:35:57,160 --> 00:36:00,000
Speaker 4: What we got hold on AI is a first category

751
00:36:00,239 --> 00:36:04,839
Speaker 4: category is securities, fraud, and third category is movies. So

752
00:36:04,840 --> 00:36:06,680
Speaker 4: where do you feel more cross than.

753
00:36:06,640 --> 00:36:07,920
Speaker 6: Pretty fraud story?

754
00:36:08,080 --> 00:36:09,520
Speaker 3: I'm going to that.

755
00:36:10,600 --> 00:36:15,680
Speaker 4: I'm doing ten on AI okay, non zero and securities

756
00:36:16,680 --> 00:36:19,960
Speaker 4: and then I'm not I'm not feeling great about strategy

757
00:36:19,960 --> 00:36:22,600
Speaker 4: and good strategy. Okay, ready for your first question.

758
00:36:23,040 --> 00:36:23,800
Speaker 6: Let's get to AI.

759
00:36:23,880 --> 00:36:27,239
Speaker 4: Okay. Chip makers have discovered that the cooling ability of

760
00:36:27,360 --> 00:36:32,960
Speaker 4: which lab grown stone is superior to copper an aluminum

761
00:36:33,280 --> 00:36:36,960
Speaker 4: lab grown stone? Where have you been hearing a lot

762
00:36:37,000 --> 00:36:38,760
Speaker 4: about lab grown stone?

763
00:36:39,640 --> 00:36:39,839
Speaker 9: Vision?

764
00:36:40,280 --> 00:36:40,480
Speaker 2: For you?

765
00:36:41,880 --> 00:36:43,280
Speaker 3: Should crystals?

766
00:36:43,320 --> 00:36:46,359
Speaker 4: Crystals, diamond diamond day thoughts?

767
00:36:46,520 --> 00:36:48,800
Speaker 3: Yes, may I get more expensive? Please?

768
00:36:49,160 --> 00:36:49,440
Speaker 9: You know?

769
00:36:49,520 --> 00:36:50,040
Speaker 3: Maybe?

770
00:36:50,239 --> 00:36:52,759
Speaker 4: But shared of Chinese companies that produce those diamonds, they

771
00:36:52,840 --> 00:36:54,920
Speaker 4: jumped as much as fifty percent in a matter of

772
00:36:55,000 --> 00:36:55,959
Speaker 4: days because of this news.

773
00:36:56,200 --> 00:36:58,200
Speaker 3: You can't tell the difference now between lab grown.

774
00:36:58,200 --> 00:37:00,760
Speaker 4: Diamonds and the real No, And I have to say

775
00:37:00,600 --> 00:37:03,040
Speaker 4: that the diamond did fall out of my engagement.

776
00:37:03,520 --> 00:37:06,160
Speaker 3: We were away in Washington, and I think I might

777
00:37:06,160 --> 00:37:08,600
Speaker 3: find out wild and.

778
00:37:10,040 --> 00:37:10,759
Speaker 6: I lost it.

779
00:37:10,920 --> 00:37:15,640
Speaker 4: So maybe going by the la grown replacement.

780
00:37:15,400 --> 00:37:17,399
Speaker 3: I feel so sad that that has remained lost.

781
00:37:17,560 --> 00:37:21,640
Speaker 9: You mentioned that it was all right.

782
00:37:23,160 --> 00:37:25,040
Speaker 3: You found a diamond at the Washington Hilton.

783
00:37:26,480 --> 00:37:31,360
Speaker 4: Care of we have a bad enough weekend, Lisa, Okay,

784
00:37:31,400 --> 00:37:33,680
Speaker 4: security is fraud. Let's move on so I can forget

785
00:37:33,680 --> 00:37:34,040
Speaker 4: about this.

786
00:37:34,480 --> 00:37:34,719
Speaker 6: Okay.

787
00:37:34,920 --> 00:37:38,960
Speaker 4: Investor Andrew Left was found guilty of securities fraud. What

788
00:37:39,160 --> 00:37:40,959
Speaker 4: trading strategy is less?

789
00:37:41,040 --> 00:37:45,080
Speaker 6: One look for what is the trade? It's definitely not

790
00:37:45,200 --> 00:37:46,520
Speaker 6: because it was enough movie.

791
00:37:48,040 --> 00:37:49,000
Speaker 3: That's why she knows.

792
00:37:49,080 --> 00:37:51,240
Speaker 6: Hey, whatever it takes whatever it takes.

793
00:37:52,280 --> 00:37:57,720
Speaker 2: Yeah, go first, short selling, short selling, both of you, right, correct?

794
00:37:58,080 --> 00:37:59,480
Speaker 6: So that story was absolutely everywhere.

795
00:37:59,600 --> 00:38:01,799
Speaker 4: It was what he's found guilty of using social media

796
00:38:01,840 --> 00:38:03,720
Speaker 4: posts and manipulate stocks. And that's the issue.

797
00:38:03,760 --> 00:38:05,520
Speaker 6: It's a no no all right. So how are we

798
00:38:05,520 --> 00:38:06,480
Speaker 6: doing on points wise?

799
00:38:06,640 --> 00:38:06,759
Speaker 3: Oh?

800
00:38:06,800 --> 00:38:11,160
Speaker 6: I have like all of my little ships, David, you're missing.

801
00:38:13,000 --> 00:38:14,640
Speaker 3: Okay, we're ready for this next cat all right.

802
00:38:15,160 --> 00:38:16,360
Speaker 6: If you know this, you gave them to me.

803
00:38:16,400 --> 00:38:19,280
Speaker 4: Okay, movies, this is where we're gonna do good. Okay,

804
00:38:19,600 --> 00:38:21,560
Speaker 4: back rooms. Have you heard of the movie Thank God?

805
00:38:21,600 --> 00:38:24,600
Speaker 6: That's the titler? Remember it earned.

806
00:38:24,560 --> 00:38:26,640
Speaker 4: One hundred and eighteen million on its opening weekend. What

807
00:38:26,920 --> 00:38:31,399
Speaker 4: genre of internet horror folklore is it based on?

808
00:38:31,719 --> 00:38:34,160
Speaker 3: Oh, it's internet horror folklore.

809
00:38:34,400 --> 00:38:37,160
Speaker 6: It is such a weird term.

810
00:38:37,280 --> 00:38:38,200
Speaker 3: It's a weird name.

811
00:38:38,440 --> 00:38:42,520
Speaker 4: Yes, it's a genre of internet horror folklore.

812
00:38:43,160 --> 00:38:44,320
Speaker 6: But is it based on.

813
00:38:45,920 --> 00:38:46,839
Speaker 3: This is a tough one.

814
00:38:46,960 --> 00:38:48,800
Speaker 6: I know, I know the movie.

815
00:38:49,200 --> 00:38:51,640
Speaker 2: I literally saw this and thought Lisa's going to use

816
00:38:51,680 --> 00:38:53,160
Speaker 2: this for pointed And I can't remember if I got

817
00:38:53,200 --> 00:38:53,440
Speaker 2: it right.

818
00:38:53,760 --> 00:38:56,600
Speaker 3: Scared Tube, Scared Tube, it's.

819
00:38:56,560 --> 00:38:59,160
Speaker 6: I couldn't remember if it's creepy spaghetti or creepy pasta

820
00:38:59,320 --> 00:39:05,040
Speaker 6: creepy bo I got it right, Okay, you have to do.

821
00:39:05,320 --> 00:39:07,160
Speaker 6: I don't know what it is. I just saw the term.

822
00:39:07,280 --> 00:39:09,680
Speaker 4: I don't know that because memes with the genre offering

823
00:39:10,160 --> 00:39:13,840
Speaker 4: spread via control C and Control V, which is paced.

824
00:39:13,960 --> 00:39:16,640
Speaker 6: So maybe it's like like control dulicating it.

825
00:39:16,760 --> 00:39:22,360
Speaker 4: I don't maybe because it's creepy young control and know

826
00:39:22,440 --> 00:39:25,399
Speaker 4: what this is. I'm trying, people, I'm trying to really

827
00:39:25,440 --> 00:39:26,600
Speaker 4: trying the youngus.

828
00:39:26,600 --> 00:39:28,040
Speaker 3: I know, have you watched these movies?

829
00:39:28,440 --> 00:39:31,080
Speaker 4: But obsession with the other one from a YouTube filmmaker

830
00:39:31,080 --> 00:39:32,319
Speaker 4: that my son was really talking about.

831
00:39:32,600 --> 00:39:33,479
Speaker 6: You see this movie?

832
00:39:33,560 --> 00:39:35,080
Speaker 3: Do you? No?

833
00:39:34,760 --> 00:39:34,800
Speaker 9: No?

834
00:39:35,239 --> 00:39:35,520
Speaker 4: I do know.

835
00:39:35,600 --> 00:39:38,440
Speaker 2: It started on YouTube and it's it's now being distributed

836
00:39:38,480 --> 00:39:39,600
Speaker 2: by A twenty four, which.

837
00:39:39,400 --> 00:39:41,200
Speaker 6: Is a very big company. And it's like, but isn't

838
00:39:41,200 --> 00:39:42,319
Speaker 6: like the number one movie right now?

839
00:39:42,600 --> 00:39:44,160
Speaker 3: It is? You've seen none of these movies?

840
00:39:45,000 --> 00:39:46,680
Speaker 6: No, I don't do like that kind of horror. I'll

841
00:39:46,680 --> 00:39:48,200
Speaker 6: do like to scary.

842
00:39:48,520 --> 00:39:51,759
Speaker 3: No, I just too gripping, too emotionally.

843
00:39:52,040 --> 00:39:54,240
Speaker 2: I don't you know what at LISTA, what's the bonus?

844
00:39:54,440 --> 00:39:54,800
Speaker 3: Scary?

845
00:39:54,800 --> 00:39:56,440
Speaker 6: All right? Bonus is protein?

846
00:39:56,920 --> 00:39:57,200
Speaker 2: Yes?

847
00:39:57,440 --> 00:40:02,080
Speaker 3: Okay, so excited that's nothing. Okay, here we live here.

848
00:40:02,560 --> 00:40:10,879
Speaker 4: That's about a dietary craze caused shortages of which cheese.

849
00:40:09,920 --> 00:40:11,680
Speaker 3: Product cheese by product.

850
00:40:11,440 --> 00:40:16,160
Speaker 4: That's found in caramel. Think about your high protein waffles.

851
00:40:16,920 --> 00:40:18,359
Speaker 4: Okay you do.

852
00:40:19,960 --> 00:40:21,080
Speaker 3: Yeah that's a pretty big hen.

853
00:40:22,160 --> 00:40:24,120
Speaker 6: So good, So I want you to feel included.

854
00:40:24,480 --> 00:40:28,280
Speaker 4: Yeah, what is this cheese by product?

855
00:40:28,360 --> 00:40:28,840
Speaker 3: I enjoy it?

856
00:40:28,960 --> 00:40:29,840
Speaker 9: Oh, I enjoy it.

857
00:40:30,920 --> 00:40:34,320
Speaker 6: Yes, I gotta get better about this, Lisa yell. Protein

858
00:40:34,400 --> 00:40:38,200
Speaker 6: to take all the time? Way, you guys are right, yes.

859
00:40:38,200 --> 00:40:41,000
Speaker 3: No way, decide what to take of all these things

860
00:40:41,320 --> 00:40:44,480
Speaker 3: because protein Yeah, well yeah, I just see the tubs

861
00:40:44,480 --> 00:40:44,960
Speaker 3: of this stuff.

862
00:40:45,080 --> 00:40:46,200
Speaker 9: Yeah, I go.

863
00:40:46,360 --> 00:40:48,920
Speaker 4: I don't know. I look at like different things, calories too,

864
00:40:49,080 --> 00:40:51,399
Speaker 4: how much sodium is in it? Sometimes too, But it's

865
00:40:51,440 --> 00:40:53,640
Speaker 4: all like the protein craze. So now like these companies

866
00:40:53,640 --> 00:40:56,719
Speaker 4: are starting to alter what they put like how much way,

867
00:40:56,719 --> 00:40:58,560
Speaker 4: maybe we can find something else. Maybe they'll use pre

868
00:40:58,640 --> 00:41:01,759
Speaker 4: protein instead of like the way pro proteins. It's a

869
00:41:01,800 --> 00:41:02,440
Speaker 4: lot to say.

870
00:41:02,440 --> 00:41:04,759
Speaker 2: I'm very suspicious of protein being and things that it

871
00:41:04,800 --> 00:41:06,560
Speaker 2: doesn't need to be in, like not like a shake

872
00:41:06,640 --> 00:41:08,680
Speaker 2: or a bar. But like yes, or if he just

873
00:41:08,680 --> 00:41:11,240
Speaker 2: says doritos, I don't mean protein in my direction, starbugs,

874
00:41:11,960 --> 00:41:14,360
Speaker 2: I don't need protein in my clear Starbucks drink. Like

875
00:41:14,360 --> 00:41:16,640
Speaker 2: I find that I don't know, it seems too chemically.

876
00:41:16,920 --> 00:41:18,920
Speaker 4: It's a marketing thing. Yeah, I feel like I don't

877
00:41:18,960 --> 00:41:20,719
Speaker 4: know how fact did it feel to say it?

878
00:41:20,760 --> 00:41:21,799
Speaker 3: Hasn't you buy it?

879
00:41:21,840 --> 00:41:22,080
Speaker 2: Okay?

880
00:41:22,120 --> 00:41:25,279
Speaker 6: So I'm going to just go all on.

881
00:41:25,280 --> 00:41:27,520
Speaker 3: All ten questions. The point of News quiz is available

882
00:41:27,520 --> 00:41:28,640
Speaker 3: on the Bloombergs.

883
00:41:29,160 --> 00:41:29,920
Speaker 6: Keep making this sound for.

884
00:41:29,840 --> 00:41:32,000
Speaker 3: A radio listeners, Slash pointed, I.

885
00:41:31,920 --> 00:41:33,120
Speaker 6: Want to make sure our radio listeners.

886
00:41:33,200 --> 00:41:35,160
Speaker 3: You want to thank our fine viewers and listeners for

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Speaker 2: Thanks for joining us on today's Bloomberg This Weekend podcast.

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