Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. Bloomberg Tech is a
Speaker 1: live from coast to coast with Caroline Hide.
Speaker 2: In New York and Eva Low in San Francisco.
Speaker 3: This is Bloomberg Tech. Coming up, Apple and Amazon end
Speaker 3: this week. In tech earnings, we'll discuss Apple's global growth come.
Speaker 4: Back, plus Reddit surges on a record profit we discussed
Speaker 4: with the company's COO Gen Wong, and we'll.
Speaker 3: Be joined by Roadblock CEO Dave Bazooski to break down
Speaker 3: the company's earnings and it's advertising pushed later this hour.
Speaker 4: But let's get to the macro perspective first, ed because
Speaker 4: it's pretty ugly out there. In fact, we're having the
Speaker 4: worst day and announst that one hundred since April, the
Speaker 4: worst week since May. And that's as we get that
Speaker 4: so called resilient jobs market with some cracks showing and
Speaker 4: some revisions for previous months. When it comes to the
Speaker 4: labor force, that bagstown stocks sends bonds higher. But I'm
Speaker 4: also looking well the implications of tariffs when we are
Speaker 4: fifteen point two percent general average now for tariffs on
Speaker 4: goods coming into the United States. There's karity there, but
Speaker 4: is there long term negotiation still to come. What does
Speaker 4: it mean for tech stocks? More broadly, let's get to
Speaker 4: Klee lines, just the breakdown Klee of what we learned
Speaker 4: on where countries are standing right now.
Speaker 5: Well, Caroline, there's many different layers to this. The global
Speaker 5: baseline minimum teriff rate will stay at ten percent, despite
Speaker 5: some previous suggestions from the President that it could go higher.
Speaker 5: But indeed the teriff rates will go higher for countries
Speaker 5: that have larger trade surpluses with the United States, from
Speaker 5: fifteen percent to well beyond that for some countries who
Speaker 5: were able to secure deals with the United States an advancer,
Speaker 5: of course, had already received letters from the President. That
Speaker 5: includes the likes of Canada, for example, which will have
Speaker 5: a thirty five percent tariff on it's goods, though there
Speaker 5: is a carve out for those that are compliant with
Speaker 5: the USMCA Trade Agreement, or a country like Switzerland, which
Speaker 5: will see a thirty nine percent rate in aggregate. According
Speaker 5: to our estimates here at Bloomberg e if these tariffs
Speaker 5: go into effect and stick, it will take the average
Speaker 5: tariff rate for the United States up to fifteen point
Speaker 5: two percent from the current thirteen point three percent, which
Speaker 5: brings us back to levels last scene in the World
Speaker 5: War two era, and it's well above the little more
Speaker 5: than two percent rate on average that we saw before
Speaker 5: President Trump took office. That said, it is still an if.
Speaker 5: According to the orders that the President signed last night,
Speaker 5: these duties will not begin to be collected until August seventh,
Speaker 5: so about a week to go here.
Speaker 2: That does leave some.
Speaker 5: Wiggle room for countries to either continue negotiations, try to
Speaker 5: reach deal, or maybe get an extension, like we saw
Speaker 5: with Mexico yesterday, which was able to secure a ninety
Speaker 5: day extension of their current agreement. Also, we need to
Speaker 5: consider that China is still a question mark that August
Speaker 5: twelfth deadline is looming. The President has not signed off
Speaker 5: yet on an extension for the trade detente between those
Speaker 5: two countries, and he also had some measures that do
Speaker 5: seem aim specifically at China in what he signed last night,
Speaker 5: with a forty percent tariff that is going to be
Speaker 5: applied to so called transshipped goods, though it's not exactly
Speaker 5: clear how those rulings will be made or how that.
Speaker 2: Will be enforced.
Speaker 5: Also unclear is what sectoral terraces could still come into
Speaker 5: the picture, as they're still ongoing Section two thirty two
Speaker 5: investigations into things like pharmaceuticals and semiconductors, and we're awaiting
Speaker 5: those outcomes as well.
Speaker 4: Tailey lines with a breakdown. Thank you so much. Look,
Speaker 4: let's get to your micro picture because there's trade, but ed,
Speaker 4: you're looking at earnings.
Speaker 3: Yeah, and earnings is a big story in the world
Speaker 3: of technology this morning. Amazon is an AI story, and
Speaker 3: it's a cloud story. Look at the drop on the
Speaker 3: stock significant. The concern is the outlook for operating income.
Speaker 3: So much revenue comes from Amazon dot Com, but the
Speaker 3: majority of operating income from AWUS, and the outlook seen
Speaker 3: as weak or conservative. But AWS in the period Gone
Speaker 3: grew seventeen percent in a quarter where Microsoft Azure grew
Speaker 3: thirty nine percent and a quarter where Google Cloud Platform
Speaker 3: gained some territory.
Speaker 6: There's pressure there.
Speaker 3: Apple beat across every metric in the June quarter GONE
Speaker 3: and told us in the September quarter mid to high
Speaker 3: single digit percentage growth.
Speaker 6: But everyone this.
Speaker 3: Morning carrow asking about pull in or pull forward, And
Speaker 3: what Apple said was in April in the United States,
Speaker 3: one percentage point of growth was people front running tariffs,
Speaker 3: but they grew ten percentage points do we believe them.
Speaker 3: The market's down one point six percent.
Speaker 4: Let's get more analysis with an investor. Tony One's with
Speaker 4: us is t row Price Science and Technology Fund portfolio
Speaker 4: manager exposure to Apple. What do you think in terms
Speaker 4: of Apple's seeming resilience and growth in China.
Speaker 7: Yeah, I think that their you know, product is still
Speaker 7: in demand, and they did some pricing adjustments to make
Speaker 7: it more attractive to fitting the subsidies, and at the
Speaker 7: end of the day, I think it's still a really
Speaker 7: high quality of product and brand. I think that what
Speaker 7: matters going forward is their product innovation around AI and
Speaker 7: improving series.
Speaker 8: You know.
Speaker 7: I think that you had a period where Huawei came
Speaker 7: back and took share back, and it was a competitive
Speaker 7: environment made Apple kind of adjust a little bit to
Speaker 7: bring more value.
Speaker 8: But I think it's encouraging that things are getting better
Speaker 8: in China.
Speaker 3: They're growing again, Tony, I want you to help me
Speaker 3: with the map here a little bit. So April largely
Speaker 3: one percentage point of growth in the Gune quarter was
Speaker 3: pull in pull forward from tariffs, and then Apple told
Speaker 3: us that they would grow mid to high single digits
Speaker 3: in the September quarter. That would indicate that there isn't
Speaker 3: some kind of tariff front running here, that Apple's just
Speaker 3: growing because it's growing. Do you buy that?
Speaker 8: Yeah, well, I think that, you know, it's kind of
Speaker 8: hard to tell, to be honest.
Speaker 7: I think that there was a period when you were
Speaker 7: rushing to Apple stores to buy some iPhones before the terrorists,
Speaker 7: but I feel like that quickly subsided and you know,
Speaker 7: that was resolved relatively in short order. And so I
Speaker 7: think that what matters here is the forward look. You know,
Speaker 7: as investors, you're probably looking more towards what they do
Speaker 7: with the next iPhone cycle. Fold the ball in addition,
Speaker 7: like services was really strong, and so there was a
Speaker 7: fear that what happens with uh, you know, Google search as.
Speaker 8: Well as kind of the the app store ruling where
Speaker 8: people are circumventing the app store.
Speaker 7: It seems like that's like actually been okay, and so
Speaker 7: going forward, I think that it's less about like was
Speaker 7: there a little pull in or by more of the
Speaker 7: iPhone cycle coming coming up that people aren't focused on.
Speaker 4: So Tony, when does the real pivot point come? When
Speaker 4: is it that you have confidence to add exposure and
Speaker 4: feel that Tim Cook and the team are on top
Speaker 4: of generative AI, of the opportunity at hand of innovation.
Speaker 7: Look, I think Tim Cook and the team they're really
Speaker 7: talented and their world's class manufacturers and you know, their
Speaker 7: product leadership.
Speaker 8: You'll be built that over decades.
Speaker 7: And so I don't think you can count about in
Speaker 7: terms of where the stock at has been. It's like
Speaker 7: the market break considerably in a market that's been super
Speaker 7: beta fuel and risk taking. And so you know, if
Speaker 7: the market turned like Apple, I think is a safe table.
Speaker 7: And then if you look at kind of the momentum
Speaker 7: they're building like things, things are probably going to get
Speaker 7: better over the next twelve months. And I do think that,
Speaker 7: you know, they can do a lot within AI. They're
Speaker 7: probably you know, not rushing to commit to anyone one partner.
Speaker 7: You know, they own the ecosystem and so to me, like,
Speaker 7: as long as the iPhone is still the main, you know,
Speaker 7: channel for AI, I think that's that's really important.
Speaker 3: Talent wasn't mentioned on the call, but the final question
Speaker 3: was about M and A in the context of AI
Speaker 3: and what Tim Cook said, And I know because I
Speaker 3: put it in the top live blog and then I
Speaker 3: screenshotted it. We are very open to m and a
Speaker 3: Tim Cook two fifty seven pm Pacific time, Thursday, July first.
Speaker 3: Is that a starter gun or signal particularly to investment
Speaker 3: bankers or do you expect Apple to stay sort of
Speaker 3: muted in disciplined on that front, I think.
Speaker 7: The Apple is very muted, and I always say muted,
Speaker 7: but they're very disciplined, and I think that they have
Speaker 7: like a very very strong focused in what matters in
Speaker 7: their direction. I mean, for a long period of time,
Speaker 7: you can put all their products on one table and
Speaker 7: to be really great at what they do. And so
Speaker 7: I don't think they're going to be muted. I think
Speaker 7: they're going to be disciplined and focused, and they have
Speaker 7: made acquisitions that can really I think, plug into the
Speaker 7: ecosystem enhance their talent.
Speaker 8: I don't think they're going to go to a really.
Speaker 7: Big, splashy acquisition, but if you take a step back,
Speaker 7: they're generating a ton of capital and there's a lot
Speaker 7: of potential for improvement.
Speaker 3: And via em and a Telly one on the tray price.
Speaker 3: Great to have you back on Bloomberg Tech. Thank you
Speaker 3: very much. Let's stick with earnings and turn in part
Speaker 3: to Amazon.
Speaker 6: I'm actually going to.
Speaker 3: Keep going with Apple as well with Laura Martin, who
Speaker 3: covers the broad gamut of tech. But and listened you
Speaker 3: were listening there to Tony Wright. I just wondered if
Speaker 3: you had any response difference of opinion on any of
Speaker 3: the ground that we covered.
Speaker 9: Yes, I would be much more negative.
Speaker 10: I think the Apple stock cannot work without an Apple
Speaker 10: iPhone replacement cycle. And Tim Cook said on the call
Speaker 10: that they have twenty AI jenerative AI capabilities involved in
Speaker 10: its current iPhone. But next year we're going to get
Speaker 10: really the Apple intelligence step up.
Speaker 9: So that's two years after.
Speaker 10: I originally promised it, which means we're not going to
Speaker 10: get an iPhone replacement cycle this year in September. It
Speaker 10: would be next year at the earliest, which means I
Speaker 10: don't think the stock can work. I don't think it
Speaker 10: can outperform. Meanwhile, when you listen to Alphabet, they've got
Speaker 10: Google Gemini, and they are incorporating jenerative AI features in
Speaker 10: every one of their products, including Android, which is the
Speaker 10: primary competitor here. So you and I aren't incentive to
Speaker 10: go out and replace our iPhones, which means our iPhones
Speaker 10: are getting another year older, another a year older, and
Speaker 10: at some point, if the one of the Android version
Speaker 10: runs ahead with some cool feature that all of us
Speaker 10: want to try or can't live without, we are more
Speaker 10: likely to shake loose from that iOS ecosystem because they
Speaker 10: aren't showing us anything that keeps us there as these
Speaker 10: iPhones age and we want to replace our iPhones with
Speaker 10: something new.
Speaker 4: Meanwhile, don't She's doing a lot for Sansung foldable phones
Speaker 4: and plenty of others on the market right now. I
Speaker 4: just pivot therefore to Amazon, which does have hardware. But look,
Speaker 4: we're looking at the growth story of cloud right now.
Speaker 4: In AWS, seventy percent was exactly where Amnis wanted it
Speaker 4: to be, but did just pale into comparison compared to
Speaker 4: where Azure was and where Google is in terms of cloud.
Speaker 10: Yeah, so what they said was that there was real
Speaker 10: margin pressure here, right. Margins went to thirty two percent,
Speaker 10: down from thirty nine percent last quarter, and like Google's
Speaker 10: cloud margins were through the roof, so were Microsoft.
Speaker 9: So when you have they're all capacity constraints.
Speaker 10: So we would have forgiven Amazon the seventeen percent growth
Speaker 10: rate and revenue if their margins had stayed at that
Speaker 10: very high sort of forty percent level, because they're out
Speaker 10: of capacity, so they should be like charging a lot
Speaker 10: for anybody that uses demand in their cloud.
Speaker 6: But they didn't.
Speaker 10: They were under margin pressure, so I think people didn't
Speaker 10: like that. I think that My opinion is they're losing
Speaker 10: business because their competitors are price competing and taking away clients.
Speaker 10: You know, Apple's still the biggest. There's sixty five percent
Speaker 10: bigger in cloud than the next closest guy they in
Speaker 10: the business. And he made the point that eighty five
Speaker 10: percent of companies are still on physical servers on premise
Speaker 10: and all of those companies need to move to the cloud.
Speaker 10: And Amazon it's the biggest. So I think this is
Speaker 10: a short term problem. But boy is the market mad.
Speaker 10: I mean, investors are mad about these numbers coming out
Speaker 10: of Amazon, but.
Speaker 4: They're quite often mad at Amazon because Amazon is willing
Speaker 4: to say sorry, profit tomorrow, profit the next quarter, for now,
Speaker 4: I invest in my business. Did he sound bullish enough
Speaker 4: on the general to ay opach opportunity, because goodness, they're
Speaker 4: intertwining it left, right and center as well.
Speaker 10: You know, maybe I think, look, I think this is
Speaker 10: the right guy in the seat right.
Speaker 9: This guy is the one who started founded cloud.
Speaker 10: And did extent Cloud is either under siege or doing
Speaker 10: something wrong, or Wall Street's just mad.
Speaker 9: This is the guy to fix it like this isn't
Speaker 9: a CEO from a different business, this is his core business.
Speaker 10: I think Wall Street's a little mad that they're spending
Speaker 10: money on Kuyper, which is not making revenue. Alexa plus
Speaker 10: ten years, we still don't have a dollar of revenue,
Speaker 10: but a ton of expenses, and they're doing same day
Speaker 10: delivery in urban centers, all of which feels.
Speaker 9: Like a lot of capital to spend where you're a price.
Speaker 3: Can I ask you, Andy Jesse said, quote very early
Speaker 3: days in artificial intelligence across all businesses, very quickly. Do
Speaker 3: we have any better understanding of Amazon's AI story than
Speaker 3: we do Apples, which gets, of course scrutinized a lot.
Speaker 9: Yes, much better. They're incorporate.
Speaker 10: They have a very clear AI strategy w is to
Speaker 10: host everybody else's AI cloud on theirs. Remember Google's proprietary,
Speaker 10: Microsoft proprietary. Amazon's strategy is to host all large language models.
Speaker 9: It just wants the cloud fees.
Speaker 4: Laura Martin Kimming it shortened sweeten to the point we
Speaker 4: so appreciate stay well, have the good rest of the weekend. Meanwhile,
Speaker 4: coming up we stick with tech earnings one that actually
Speaker 4: Laura Covers has read it. The COO Jen Wong was
Speaker 4: fair to discuss explosive sales.
Speaker 2: Both as a bluebo.
Speaker 3: Tech shares have Reddit absolutely surging today, up more than
Speaker 3: twenty percent, biggest jump since the first week of April.
Speaker 3: The company reported its most profitable quarter today and projected
Speaker 3: sales for the third quarter that were above and this estimates.
Speaker 6: Reddit COO Gen Wong joins.
Speaker 3: Us now for more and it's like one of those
Speaker 3: quarters where should we just start with the basics. Advertising
Speaker 3: was really strong in the cord of gone. Why was
Speaker 3: it so strong? Which geographies were good? What are you
Speaker 3: doing that makes Reddit so attractive relative to other platforms?
Speaker 11: And thanks for having me.
Speaker 12: It was a really strong quarter across the board for Reddit,
Speaker 12: and in terms of revenue, we saw broad based strength
Speaker 12: across all the verticals. We saw geographic strength in the
Speaker 12: US and in the rest of world, growing over seventy
Speaker 12: percent in both geographies, we.
Speaker 11: Saw users grow twenty one percent.
Speaker 12: Obviously, advertising revenue group by eighty four percent year year,
Speaker 12: which is truly differentiated. We grew active advertising by fifty
Speaker 12: percent year every year and you can see across the
Speaker 12: funnel both our lower funnel convergent objective plus brand, we're
Speaker 12: both big contributors to the results in Q two.
Speaker 11: So again, broad based strength in.
Speaker 2: The it's surprised and investors a surprised analysts.
Speaker 4: Did any of it surprise you, Jen, any verticals that
Speaker 4: surprised you, any geographies that surprised you.
Speaker 11: I think this is.
Speaker 12: A continuation and an output of our investments.
Speaker 11: We feel really good about our strategy and our roadmap.
Speaker 12: We've been investing in our capabilities to make every impression
Speaker 12: more valuable for marketers over the last couple of years,
Speaker 12: working on that lower funnel objective, and I think now
Speaker 12: we're seeing the benefits of all the value we're.
Speaker 11: Delivering to our customers.
Speaker 12: The team's been executing really well. We've been making investments
Speaker 12: and expanding our sales team across verticals, across geographies that's
Speaker 12: coming in and supporting the broad based strength. So we
Speaker 12: feel really good about the investments we've made. I think
Speaker 12: our work is working.
Speaker 3: I just typed who is Jen Wong into Reddit answers,
Speaker 3: and it says Genwong is a prominent figure in the
Speaker 3: world of tech and business and COO of Reddit, but
Speaker 3: I find it an interesting tool. Rights supposed to be
Speaker 3: human led answers, but might we see ads place there?
Speaker 3: You know, people talk about this a lot. How we
Speaker 3: monetize on that, It's.
Speaker 12: A great question, I think Before we get to monetization,
Speaker 12: which I think is a huge opportunity for for Reddit,
Speaker 12: in that space and the area of search, I think
Speaker 12: we have an opportunity to build a very distinctive destination
Speaker 12: search experience. Reddit is where people come for real perspectives
Speaker 12: from real people, not looking for just the summary, but
Speaker 12: looking for what the context around. You know, why did
Speaker 12: you think that this was the best running shoe? Because
Speaker 12: you live in heavy trails a rocky area. You know,
Speaker 12: you're a long distance run or a short distance run.
Speaker 11: Like all those details of.
Speaker 12: Real human experience are brought to life in Reddit answers
Speaker 12: and Reddit Search.
Speaker 11: What we're doing is bringing together this capability.
Speaker 12: In Reddit Answers, which is an LM on top of
Speaker 12: the incredible conversation on Reddit, and integrating that with core
Speaker 12: Reddit search so that it becomes a more fulfomed experience.
Speaker 12: And then as we continue to grow the use of
Speaker 12: that destination search.
Speaker 11: I think monetization follows.
Speaker 12: I mean, it's a lot of those queries are incredibly
Speaker 12: just naturally commercial nature, or it's people trying to make
Speaker 12: decisions and allocate resources and buy things, you know, to
Speaker 12: that fit their lives.
Speaker 4: Yeah, I mean monetization has been something you've done well
Speaker 4: with other deals for licensing your own data to generative
Speaker 4: AI large language models. But Jen, there's a little bit
Speaker 4: of beef going on, perhaps with one with Anthropic. Can
Speaker 4: you give us any update as to what's happening with
Speaker 4: your relationships and further content licensing deals.
Speaker 12: Yeah, I mean, I won't comment on litigation, but I
Speaker 12: will talk about data licensing. I mean, you know, we
Speaker 12: these were our first commercial relationships. We're a year a
Speaker 12: year and a half in. I think we've learned a
Speaker 12: lot and we're still learning. I think we're open to conversation.
Speaker 12: I think what we're learning is that we and frankly
Speaker 12: everyone can see reddits contribution to these lms, how often
Speaker 12: Reddit is cited, how important Reddit is for people to
Speaker 12: get the perspective that they're looking for.
Speaker 11: And when we see that, you.
Speaker 12: Know, I think it reveals that the fact that Reddit,
Speaker 12: I think has never felt more essential to the Internet
Speaker 12: and to helping people.
Speaker 11: I think what we get.
Speaker 12: Excited about is when we look at this is the
Speaker 12: opportunity for ourselves, the opportunity for us to build products
Speaker 12: around the decades of conversation on Reddit, Reddit answers and
Speaker 12: search is one area obviously growing those communities.
Speaker 11: In our core product. So we get really excited about that.
Speaker 12: And you know, I think overall the value of Reddit
Speaker 12: and conversation in this world of AI is going up.
Speaker 3: You know, a lot of your job is flying around
Speaker 3: the world. International markets just very quickly, how start going
Speaker 3: getting dollars from abroad and very quickly also languages as well.
Speaker 12: Yeah, I mean international is incredibly important to us. It's
Speaker 12: about twenty percent of our revenue, and international revenue from
Speaker 12: advertising grew over seventy percent in the quarter, so it's
Speaker 12: been a growth driver for us. We're particularly active in
Speaker 12: Europe and Amea. We're seeing really nice growth in our
Speaker 12: target countries where we're applying AI for machine translation to
Speaker 12: have global conversations in different languages so that people that
Speaker 12: don't have language friction. We're also growing local communities, which
Speaker 12: we're excited about doing some partnerships and sports and entertainment
Speaker 12: that are really simulating the growth of local communities like
Speaker 12: telenovelas in Brazil and football in Germany. And that user
Speaker 12: growth that we're supporting then obviously creates a monetization opportunity.
Speaker 4: Jen Wog, I've read it. It's wonderful to have time
Speaker 4: with you. Thank you very much. Indeed, now coming up
Speaker 4: Pigma shares, Actually are they managing to rise even on
Speaker 4: day two after that monumental launch. We'll talk about the
Speaker 4: IPOs big winners and what's next.
Speaker 2: This is blue Bag tech.
Speaker 13: Shares.
Speaker 4: A Figma sold a whopping two hundred and fifteen percent
Speaker 4: on their first day of training. That's the largest first
Speaker 4: day pot for a US trading company, raising more than
Speaker 4: a billion in at least three decades. That's according to
Speaker 4: Bloomberg Data. So is this positive, this strength or is
Speaker 4: that money left on the table for the design software maker.
Speaker 4: Let's get to Katie Ruth for her analysis. We're actually
Speaker 4: still clinging onto some gains in a downmarket to Dave,
Speaker 4: and Katie feels the demand is so insatiable her three.
Speaker 14: Clearly the window is open for tech listings, or especially
Speaker 14: open for Pigma. Yeah, you ask a good question about
Speaker 14: the their money left on the table of these favorite
Speaker 14: debate obviously the cell side, which is primarily the company,
Speaker 14: but also the top shareholders.
Speaker 13: He sold five percent of their stakes.
Speaker 14: Yes, they would have I'm sure loved to sell for hire,
Speaker 14: and then you know they could have raised more money.
Speaker 14: But I think there's a real question over what time
Speaker 14: frame do you evaluate a first day pop on. If
Speaker 14: you look at twenty twenty one, a lot of those
Speaker 14: stocks eventually bottomed out.
Speaker 3: Thinking about some of the conversations Caroline had yesterday down
Speaker 3: at the NYIC, just fantastic classic ipo stuff right, adjusted
Speaker 3: gross margin of ninety two percent. Is this just because
Speaker 3: everyone loves a high margin software name, or is there
Speaker 3: some retail trading here?
Speaker 6: What's really happening?
Speaker 13: Well, I think if you look at it's not just
Speaker 13: this one.
Speaker 14: There have been several recent tech IPOs that saw big
Speaker 14: pops on the first day and in the recent trading,
Speaker 14: and so I think what you're seeing here is there's
Speaker 14: pent up demand for new tech listings.
Speaker 13: Twenty twenty one was a blockbuster.
Speaker 14: Year, and there was an eighteen month period where there
Speaker 14: were zero tech IPOs, and when they first started to
Speaker 14: come back, the market was a little bit skittish. But
Speaker 14: I think they've decided they want tech stocks and they
Speaker 14: want more of them.
Speaker 3: I think that in twenty twenty five we've already picked
Speaker 3: twenty twenty four in terms of volumes, which is exciting
Speaker 3: Bloomberg Katie Ruth, thank you very much. Now coming up
Speaker 3: on Bloomberg Tech when it were joined by the Roadblock
Speaker 3: CEO David Zuki to break down the company's earnings. It's
Speaker 3: advertising push and much much more. Are just a fantastic
Speaker 3: way to end a week in big tech and big
Speaker 3: tech earnings.
Speaker 6: Stay with us. This is Bloomberg Tech. Welcome back to
Speaker 6: Bloomberg Tech.
Speaker 3: There's some kind of macro level economic concerns out there
Speaker 3: in the market. I'm looking at the Magnificent seven, that
Speaker 3: collection of megacap tech. Of course, within that Apple and Amazon,
Speaker 3: which is actually the biggest points drag of most indices,
Speaker 3: is an earning story. But at the same time, we
Speaker 3: covered off area in the show Carro tariffs and tariffs
Speaker 3: having an impact in different ways in some of those companies.
Speaker 3: We'll get to more of that later in the Hour
Speaker 3: one earnings. We haven't got too yet is coinbase revenue
Speaker 3: projection missing estimates. But what I find so interesting about
Speaker 3: coinbase is that its performance is directly tied to volatility
Speaker 3: or in this case, a lack of volatility in crypto markets.
Speaker 3: But that stock drop of sixteen percent is its biggest
Speaker 3: drop since March. Very interesting, real calculation on one single name.
Speaker 3: But there are so many to get in.
Speaker 4: There are, And let's go back to roadblocks because the
Speaker 4: gaming platform reported phenomenal booking increases more than fifty percent
Speaker 4: in the last quarter daily active US account toping one
Speaker 4: hundred and eleven million shares, So you see still trading
Speaker 4: higher after the earnings posted yesterday morning. Moeblock's CEO David
Speaker 4: and Bazuki joined us now Dave across the board. Growth
Speaker 4: daily active use is particularly the older cohort. I'm looking
Speaker 4: at hours engaged revenue bookings.
Speaker 2: We're saying you raise your guidance.
Speaker 4: These viral experiences grow a garden, for example, how much
Speaker 4: are they contributing to this growth?
Speaker 15: Hey, great to be here, and we have created an
Speaker 15: essential really the conditions to grow a garden, in this
Speaker 15: case growing amazing creative new experiences on roadblocks. In addition
Speaker 15: to grow a garden, which is a cultural meme. Right now,
Speaker 15: there's five experiences on roadblocks with more than ten million
Speaker 15: daily active users, and I want to highlight in addition
Speaker 15: to that great growth we saw, we saw thirteen and
Speaker 15: up users grow daily active users sixty four percent.
Speaker 16: Year on year.
Speaker 15: We have a vision of ten percent of the global
Speaker 15: gaming content market running on our platform, and this really
Speaker 15: explosion of great new hits.
Speaker 16: It supports that thesis.
Speaker 15: I also want to highlight even without Grow a Garden,
Speaker 15: we would have reported an amazing Queue two with great
Speaker 15: year on ear growth rates.
Speaker 4: Brook Covens there, Grow a Gardens there. Just delve into
Speaker 4: these hits that you have. How much revenue do they
Speaker 4: sort of supply to you? Can you break it out
Speaker 4: on an individual win basis?
Speaker 15: Well, I want to highlight these hits. A lot of
Speaker 15: them have been created in the last year. In fact,
Speaker 15: four of the top five experiences were created in the
Speaker 15: last year. Part of our vision is there's an enormous
Speaker 15: headroom to innovate in the gaming space around how games
Speaker 15: are created, how people consume them, how they're social, all
Speaker 15: of this, and we believe this innovation is driving the
Speaker 15: ability for creators to make awesome new experiences.
Speaker 16: On the platform.
Speaker 15: You know, we're starting to see some of these hits
Speaker 15: go global want to highlight. For example, a pac DAUS
Speaker 15: grew over seventy six percent year on year, and we
Speaker 15: still have a lot of headroom. We're we're only about
Speaker 15: three percent of the global gaming market running on our platform,
Speaker 15: and our vision is to get to ten percent.
Speaker 3: Dave, I've been able to get with your team and
Speaker 3: talk a little bit in recent months about advertising, and
Speaker 3: one of the things I think people don't necessarily understand
Speaker 3: about roadblocks is advertising is a revenue stream for you,
Speaker 3: but also for the deads that the creators themselves. But
Speaker 3: I think I'm right in saying you've never really given
Speaker 3: us a dollar figure on how it's going. Would you
Speaker 3: just update us on the ecosystem and the wins that
Speaker 3: you see for roadblocks.
Speaker 15: We do think there's a significant advertising opportunity on the platform,
Speaker 15: and you're exactly right. All of this growth we've been sharing,
Speaker 15: you know, bookings growth of north of fifty percent in
Speaker 15: Q two was driven not by advertising, but by people
Speaker 15: spending robucks on the platform. That said, there's several categories
Speaker 15: of experiences and creators that advertising may be the best
Speaker 15: way for them to make future revenue. Highlighting Typically our
Speaker 15: vision is advertising for older users, not for younger users,
Speaker 15: because we're already so healthy monetarily there, and we have
Speaker 15: launched video advertising on the platform.
Speaker 16: We just in the last week open it up for
Speaker 16: more creators.
Speaker 15: I will assure you if and when we hit ten
Speaker 15: percent of the global gaming market space, that advertising will
Speaker 15: be a key part of that top bookings line.
Speaker 3: I kind of want to stick with the creators because
Speaker 3: I'm trying to always understand the ecosystem. So one thing
Speaker 3: that you've done is help creators get licensing deals. They
Speaker 3: might create a game, that game might be franchisable.
Speaker 6: Why do that?
Speaker 3: But also, like, are you kind of taking the liability
Speaker 3: on copyright and on legal and everything else that comes
Speaker 3: with a deal like that?
Speaker 15: We aren't really And what we've seen two years ago,
Speaker 15: people might have thought, well, you're not going to have
Speaker 15: any prime sports brands on your platform, and then all
Speaker 15: of a sudden, we have, you know, NFL Universe, a
Speaker 15: partnership between the NFL and an existing developer on the
Speaker 15: platform be extremely successful. What we've started talking about with
Speaker 15: our IP platform is the ability for great brands, whether
Speaker 15: it's for example, Stranger Things, there's Quid game from Netflix
Speaker 15: being available for creators on the platform who want to
Speaker 15: integrate the brand and really create a win win in
Speaker 15: that these brands can have a lot of people interacting
Speaker 15: with them, it can drive engagement within them. So there's
Speaker 15: a lot of opportunity in the future to connect great brands,
Speaker 15: great ip with the creative energy of the developers on
Speaker 15: our platform.
Speaker 4: I like that win win idea and the revenue share
Speaker 4: that goes to the developers. Also what's interesting is developers
Speaker 4: are buying from these one off makers say that grow Garden,
Speaker 4: I think as a team who still owns about half
Speaker 4: be sold off the other half of his business over
Speaker 4: to New Zealand splitting point studio.
Speaker 2: Are you helping facilitate that m and A. How do
Speaker 2: you see your role there?
Speaker 15: We would like to more and more make a very
Speaker 15: liquid market there. And at our Roadblocks developer conference a
Speaker 15: couple of years ago, I shared that as we have
Speaker 15: a larger proportion of the gaming market running on Roadblocks,
Speaker 15: it's not inconceivable that there will be a billion dollar
Speaker 15: studio on the platform. We're well into the nine figures
Speaker 15: hundreds of million hands of dollar type studios and grow
Speaker 15: Garden was a great example of an initial small team
Speaker 15: working with Jendell, who acquired part of it, and it
Speaker 15: was a deal that was a win win deal. The
Speaker 15: original creators did very well and Grow Garden has been
Speaker 15: refined and tuned into now the largest simultaneously played game
Speaker 15: in the history of the Guinness Book of World Records,
Speaker 15: going over twenty million concurrent players.
Speaker 16: A few weeks.
Speaker 3: Ago, Dave, about three weeks ago you came onto the
Speaker 3: program and discuss with me generative AI video based age verification.
Speaker 6: In the interim.
Speaker 3: On July twenty fifth, we got the Online Safety Act,
Speaker 3: and which will have an impact on you. Could you
Speaker 3: just quantify how that those parameters might impact active users
Speaker 3: or engagement just quickly.
Speaker 15: I want to highlight we have always had safety as
Speaker 15: one of our top priorities, and we're not waiting for
Speaker 15: the law or legislation. We've innovated with age estimation on
Speaker 15: our own because we want to keep people on our platform.
Speaker 15: Roadblox is a place where we filter all the texts
Speaker 15: and the voice, where we monitor for critical harms, where
Speaker 15: there's no image sharing or any of the things that
Speaker 15: might happen from that. So age estimation we took leadership
Speaker 15: here in innovating and we think it's going to set
Speaker 15: the standard for the industry.
Speaker 3: Roadblock CEO Data. It's great to have you back on
Speaker 3: Bloomberg Tech. Thank you very much. Now coming up, we're
Speaker 3: standing by for SpaceX crewed Falcon nine rocket launch headed
Speaker 3: to the International Space Station. Scrubbed yesterday. The countdown continues
Speaker 3: for today.
Speaker 6: We'll be right back. This is Bloomberg Tech.
Speaker 3: We're just a couple of minutes away potentially four astronauts
Speaker 3: set to launch to the International Space Station. Live shots
Speaker 3: of NASA's Kennedy Space Center in Florida, Complex thirty nine A.
Speaker 3: The astronauts on the SpaceX Falcon nine rocket in Dragon capsule.
Speaker 3: This Dragon capsule Carrow has flown, will be at sick flight,
Speaker 3: which is an interesting data point and milestone in and
Speaker 3: of itself. I say potentially because I was looking at
Speaker 3: those clouds. They're a bit worrying. I know that SpaceX
Speaker 3: and NASA a bit worried as well.
Speaker 2: Just talk about just.
Speaker 4: What this means for Fulcan nine to zero and the
Speaker 4: symbolic nature. It was but a few weeks ago that
Speaker 4: Elon Musk was threatening to decommission it almost in his
Speaker 4: tet tet with President Trump.
Speaker 3: Absolutely right and absolutely so you know, NASA and America
Speaker 3: rely on SpaceX to move astronauts and human beings to
Speaker 3: and from ISS. If this mission is successful and goes
Speaker 3: off today, two hundred and ninety people will have been
Speaker 3: to ISS in its history. Sixty eight of those will
Speaker 3: have been flown by SpaceX in the modern era. So
Speaker 3: it gives you a sense proportionately of how much SpaceX
Speaker 3: has dominated this space SpaceX has been warning us about lightning.
Speaker 3: We were scrubbed yesterday. But that is the story that
Speaker 3: you need to understand. You know, SpaceX is the de
Speaker 3: facto market leader of moving not just humans but payload
Speaker 3: to orbit generally speaking.
Speaker 4: Yeah, and go back to the fact that this is
Speaker 4: a sixth flight. It was originally commissioned for five flights.
Speaker 4: But they're trying to sweat this asset, right, This is
Speaker 4: all about bringing.
Speaker 2: The cost down.
Speaker 3: Yeah, I mean, look, the economics have changed vastly under SpaceX.
Speaker 3: I'm keeping an arm on the clock because if we
Speaker 3: tip over T minus one minute, it's a pretty good
Speaker 3: signal that we will be launching in the sixty seconds time.
Speaker 3: You know, the ISS has a limited shelf life. It's
Speaker 3: going to be decommissioned beyond twenty thirty and literally crashed
Speaker 3: into the ocean. But it needs servicing, and so you know,
Speaker 3: SpaceX right now is the only option. We have some
Speaker 3: reporting this week that the interim chief of NASA, which
Speaker 3: is Transport Secretary Sean Duffy, met with his Russian counterpart.
Speaker 3: There will be a Russian astronaut aboard this Crew eleven mission.
Speaker 3: But if SpaceX wasn't there, then the only other option
Speaker 3: for the United States would be Russia, which in this climate, Yeah.
Speaker 4: They'm been told to go for launched and this is
Speaker 4: symbolic from a geopolitical perspective on who is on board.
Speaker 3: Yeah, we'll get to the crew. But you know, I
Speaker 3: think this might be a first for Bloomberg Tech if
Speaker 3: we ever carried a launch live.
Speaker 6: I don't know. But with ten seconds on the clock,
Speaker 6: let's listen.
Speaker 17: In ten nine eight, seven, six, five four three two
Speaker 17: one kitson pitches full power and lift.
Speaker 6: Go Falcon, go back, go through.
Speaker 18: Together we rise as a space that Scroll eleven the
Speaker 18: heads up to the International Space.
Speaker 1: State vehicles with pitching down range.
Speaker 18: One point seven million pounds US phenomenal propelling Falcon nine
Speaker 18: as the vehicle pitching down range and making its way
Speaker 18: up the East coast and we'll soon join Expedition seventy
Speaker 18: three of the Orbiting Laboratory. So far getting good call
Speaker 18: outs on that first stage performance.
Speaker 19: We are now t plus thirty five seconds into the
Speaker 19: Crew eleven mission on board Dragon and Falcon nine. The
Speaker 19: Thalcon nine engines down are throwing down.
Speaker 2: To power in colementary or not not to.
Speaker 19: Help pass through the period of max Q or maximum
Speaker 19: aerodynamic pressure on the vehicle during a cent max qu.
Speaker 6: You just had max.
Speaker 13: Q right there.
Speaker 16: Falcon nine is supersonic hell.
Speaker 18: One minute nine seconds into what is a little bit
Speaker 18: more lost up a nine minute flight up till as
Speaker 18: Dragon continuing.
Speaker 3: Got so currently traveling fifteen hundred kilometers no hour is
Speaker 3: the SpaceX Falcon nine with Dragon on top, goes through
Speaker 3: Earth's atmosphere or get up to around like fifty five
Speaker 3: hundred and fifty six hundred miles per hour. When it
Speaker 3: gets to that orbital height, you're talking like seventeen thousand,
Speaker 3: five hundred miles per hour. They called the moment of
Speaker 3: max Q carro, which is the moment where the rockets
Speaker 3: undermost stress you know from a from a G force perspective,
Speaker 3: passing through Earth's atmosphe that rough air that it passes
Speaker 3: through for the next key moment is about I don't know,
Speaker 3: let's say thirty seconds away, and that's where that first stage,
Speaker 3: the main booster you have main engine cutoff or Miko,
Speaker 3: and it's kind of an important moment because from there
Speaker 3: you'll get the two stages separating, and then it's like
Speaker 3: literally fully automated. It's I was going to say clockwork,
Speaker 3: but it's rocket science and it's pretty flawless most of
Speaker 3: the time.
Speaker 4: And it Mike thinking, who's the pilot from NASA veteran
Speaker 4: on these three previous missions, we understand managing to ensure
Speaker 4: that we get safely these people on board, these four
Speaker 4: crew members up to ISS so pretty integral moment, and
Speaker 4: we wonder just how their bodies are feeling on board
Speaker 4: right now? Can you just give us a sense of
Speaker 4: what it's like to experience this sort of force.
Speaker 3: I don't know, because I've never been on a rocket,
Speaker 3: but no, it's immense stress on the body. We just
Speaker 3: saw that perfect shot of first and second stage separations.
Speaker 3: What you're looking at is the single engine attached to
Speaker 3: the second stage at the base of dragon capsule. You
Speaker 3: raise a really good point, which is on the crew
Speaker 3: and you asked me earlier, but we got interrupted by
Speaker 3: the flawless launch, frankly. But one of the interesting things
Speaker 3: about this is that the commander of this mission, Xena Cardman,
Speaker 3: she had been due to fly on Crew nine. She's
Speaker 3: now leading Crew eleven. But this is her first ever
Speaker 3: spaceflight and that's notable because this shuffle was caused, if
Speaker 3: you remember, by the star Liner program and all the
Speaker 3: different tests that kind of went wrong and the timeline slipped.
Speaker 3: But that's a really interesting and notable moment. We're about
Speaker 3: three minutes and thirty seconds into this sequence.
Speaker 6: The booster is it falls down to Earth.
Speaker 3: We're not seeing it in shot right now, will sort
Speaker 3: of do its burns and flips pretty soon before it
Speaker 3: comes into shot. But again, as it stands, this is
Speaker 3: all nominal carrow, as they say, which means everything's going fine.
Speaker 4: Going fine for Crew eleven to then dock to relieve
Speaker 4: Crew ten, instronauts who've been on to ISS for how long.
Speaker 6: Many many months, I think since the spring.
Speaker 3: The idea is that that there's a handover period, right
Speaker 3: which is really which is really quite normal, and they
Speaker 3: you know, in order to get there, have to dock,
Speaker 3: and then there will be plans in place by NASA
Speaker 3: and SpaceX to bring the existing crew back down there online.
Speaker 3: And you know, like one of the good questions that
Speaker 3: you raised earlier and that people always ask in our
Speaker 3: coverage is like what.
Speaker 6: Are they going for? And part of.
Speaker 3: It is, like I'm repeating myself a little bit. ISS
Speaker 3: gets decommissioned in about six years time. You know, it's
Speaker 3: the end of the agreement. It's served its life, but
Speaker 3: in the interim it needs maintenance. And so as part
Speaker 3: of the cargo payload that's going up with Crew eleven,
Speaker 3: there'll be materials to service the humans on board, but
Speaker 3: also like the scientific apparatus and equipment that's up there.
Speaker 2: And let's just a little bit more. You mentioned Xena
Speaker 2: cardman commander and.
Speaker 4: One of the few active female commanders in recent years.
Speaker 2: We've got Mike the pilot.
Speaker 4: You've also got Japan involved, Russia involved. This is geopolitics
Speaker 4: at work here.
Speaker 8: Yep.
Speaker 3: So JACKSA, which is the Japanese Space Agency, has sent
Speaker 3: Kimie A Yui. This is his second space flight. He
Speaker 3: actually went up in space twenty fifteen. And then this
Speaker 3: is the bit, right there's the reporting that we had
Speaker 3: today that the interim NASA chief, which is Transport Secretary
Speaker 3: Sean Duffy, had met with his Russian counterpart. Because the
Speaker 3: context were SpaceX not around to do this, then America,
Speaker 3: because of what's happened with Boeing and Starliner, would probably
Speaker 3: rely on ros Cosmos, the Russian agency, to take American
Speaker 3: astronauts to the International Space Station. Now, in this case,
Speaker 3: there is a Russian astronaut aboard the capsule. His name
Speaker 3: is Oleg Klattonov. It's his first trip to space as well.
Speaker 3: And away from whatever is happening in geopolitics and in markets,
Speaker 3: remember that the agreement between America and Russia CARRO is longstanding,
Speaker 3: you know, the agreement literally to cooperate on not just ISS,
Speaker 3: but move astronauts from Earth into into outer orbit in ISS.
Speaker 4: What's so interesting is the dominance of Eno Musk SpaceX.
Speaker 4: Here we also think about Japan being in the mix,
Speaker 4: and indeed Russia, as you say, alongside the United States.
Speaker 4: It was but this week earlier, So much has happened
Speaker 4: this week, but that Australia didn't manage to get a
Speaker 4: suckered off the ground. Just where do we stand in
Speaker 4: this so called space race.
Speaker 3: So SpaceX as a private company, but an American company,
Speaker 3: dominates the vast majority of payload to orbit around eighty
Speaker 3: five to ninety percent, including human and non human payload.
Speaker 3: China is increasingly doing more. You will also remember that
Speaker 3: like there are other nations around the world. Some of
Speaker 3: the Gulf states like Ua have space ambitions. But it
Speaker 3: goes back to what we were talking about earlier, right,
Speaker 3: which is the economics of launch. As we see the
Speaker 3: booster on the left hand side of the screen re
Speaker 3: entering Earth's atmosphere, falling down using aerodynamics, but also the
Speaker 3: paddles at the base to orient itself and slow itself down.
Speaker 3: On the clock, by the way, I'm jumping around a bit,
Speaker 3: but we're seven minutes in and the kind of key
Speaker 3: moment is about forty seconds away where we should see
Speaker 3: that booster land back to the landing zone. But to
Speaker 3: answer your question, yes, SpaceX dominates, but there is pressure
Speaker 3: coming from both government sector backed and private sector backed
Speaker 3: rivals around the world, and we're.
Speaker 4: Just losing some connection there. We have it, will they
Speaker 4: make a landing. It's like art ed there, we have it.
Speaker 6: Well, it's rocket science.
Speaker 4: Art and rocket science at work, but just remind us
Speaker 4: because we've just been so in awe of not only
Speaker 4: these landings and the reusable rockets, but the catch that
Speaker 4: we've seen in the next iteration of spacecraft coming from
Speaker 4: Elon Musk.
Speaker 3: Yes, so Falcon nine is SpaceX's high volume vehicle and
Speaker 3: launch system. That's what we're looking at here with Dragon
Speaker 3: caps you're on top. But they also have Falcon Heavy,
Speaker 3: which is used for basically higher density satellite payload. It
Speaker 3: hasn't taken humans. And then Starships the next phase. Starship
Speaker 3: the biggest rocket that Humankind's ever built, and I think
Speaker 3: Elon Musk has said on X that the next full
Speaker 3: test of Starship is going to be in the next
Speaker 3: month or so. The mechanism for the Starship booster in
Speaker 3: that system is, as you say, not to land it
Speaker 3: on a landing pad, as we just demonstrated with Falcon nine,
Speaker 3: but to catch it. And you know, we can't do
Speaker 3: this right now because we're carrying the launch live, but
Speaker 3: go on the internet and look at how that works.
Speaker 3: That bit they've kind of done. They've done it successfully.
Speaker 3: It's the ongoing spacecraft part of Starship that they're still
Speaker 3: working out Let's.
Speaker 4: Talk a little bit about economics here of NASA as well,
Speaker 4: because we just see the energy behind wanting to put
Speaker 4: money to work behind Elon Musk SpaceX, and the rounds
Speaker 4: get larger and the valuation just sols.
Speaker 2: But NASA itself is trying to do more with less.
Speaker 3: It's well, I mean, and SpaceX has been at the
Speaker 3: core of that story, and it's something that's started in
Speaker 3: the Obama administration. You know, again, the economics of space
Speaker 3: have changed. SpaceX has never disclosed the per seat cost,
Speaker 3: but you can do the math based on the disclosures
Speaker 3: that we do have, and it's several million dollars per person.
Speaker 3: Compare and contrast with what else has been out there
Speaker 3: from United Launch Alliance. And let me just catch this
Speaker 3: key moment here.
Speaker 6: Look at that.
Speaker 19: Do you see Dragon coast into its orbit.
Speaker 8: And a wonderful view.
Speaker 18: There is Dragon Endeavor with crew eleven on board.
Speaker 6: Safe inspiration confirmed and safe.
Speaker 17: In Dragon Cheap engineer on dragging the ground. Containa, Mike
Speaker 17: kem here Hole, welcome to orbit on behalf of the
Speaker 17: entire Falcon team. We thank you for flying with Falcon
Speaker 17: today and wish you a great mission. Dragon will take
Speaker 17: you from here over to'll launch director for a few words.
Speaker 3: On behalf so Caro, what that was was dragging the
Speaker 3: capsule and the left hand side of the screen you
Speaker 3: see the crew inside there, separating from the second stage,
Speaker 3: and now they're in orbit, right, And I'm just going
Speaker 3: to give you a quick statistic which is very interesting.
Speaker 3: We were scrubbed on Thursday, twenty three hours later.
Speaker 6: We did launch on.
Speaker 3: Friday, but because of where ISS was lined up in
Speaker 3: with Planet Earth. For a layman's explanation, actually what's going
Speaker 3: to happen is that all being well and equal, Crew
Speaker 3: eleven and Dragon will arrive at the ISS at exactly
Speaker 3: the same time on Saturday morning, about three am, eas
Speaker 3: in time as they would have done if they had
Speaker 3: launched yesterday. And that kind of speaks to speaks to
Speaker 3: rocket science, doesn't it.
Speaker 4: This view of space and analysis of curvature of Earth
Speaker 4: and speed at which we rotate in rbit, it sometimes
Speaker 4: works beautifully in a lignes as this entire viewership has
Speaker 4: been seeing throughout the show of what's happening currently live
Speaker 4: with Falcon nine and how we start to see the
Speaker 4: astronauts now relieve, Now just go back to the economics
Speaker 4: a little bit, because what we're expecting now is they
Speaker 4: are going to reach iss they're going to be relieving
Speaker 4: Crew ten.
Speaker 2: But in the future, what we see fewer astronauts on.
Speaker 3: Board maybe I mean again, the movement here is for
Speaker 3: the private sector to build spaces and so you know
Speaker 3: the cadence of that happening. Who knows this crew will
Speaker 3: be there for six months. NASA's thinking about maybe eight months,
Speaker 3: you know, relieve Crew ten, they were there since March.
Speaker 3: These come home, but this missions to success so far.
Speaker 4: We continue to see how the astronauts celebrate on board.
Speaker 4: As you mentioned, Japan, the US and Russia represented. That
Speaker 4: does it for this very global and very intergalactic edition
Speaker 4: of Bloomberg Tech.
Speaker 3: Out of this World. Check out the podcast. You know
Speaker 3: where to find it. We publish it everywhere. Lots of
Speaker 3: you listen to it. It's been a great week. This
Speaker 3: is Bloomberg Tech.