1 00:00:02,400 --> 00:00:05,720 Speaker 1: From the heart of where innovation, money and power collive 2 00:00:06,480 --> 00:00:11,040 Speaker 1: in Silicon Valley and beyond. This is Bloomberg Technology with 3 00:00:11,080 --> 00:00:27,080 Speaker 1: Emily jay I rememberly Jack in San Francisco, and this 4 00:00:27,080 --> 00:00:29,720 Speaker 1: is Bloomberg Technology. Coming up in the next hour. Twitter 5 00:00:29,960 --> 00:00:33,199 Speaker 1: is finally about to launch that edit button. To edit 6 00:00:33,400 --> 00:00:35,280 Speaker 1: or not to edit has been one of the longest 7 00:00:35,360 --> 00:00:39,239 Speaker 1: running debates in Twitter's history. Will discuss how the timing 8 00:00:39,400 --> 00:00:43,680 Speaker 1: could effect it's tussle with Elon musk plaus that millions 9 00:00:43,720 --> 00:00:47,360 Speaker 1: of students across the country are using free at tech tools, 10 00:00:47,479 --> 00:00:50,559 Speaker 1: but all that data is at risk. As part of 11 00:00:50,560 --> 00:00:53,080 Speaker 1: our ongoing series, we will chat with the Attorney General 12 00:00:53,159 --> 00:00:57,960 Speaker 1: of New Mexico who's taken on Google over student privacy 13 00:00:58,200 --> 00:01:00,560 Speaker 1: and should you book crypto when you're retired Mint account. 14 00:01:00,720 --> 00:01:03,240 Speaker 1: We'll talk to the head of the Federal Retirement Board 15 00:01:03,320 --> 00:01:09,440 Speaker 1: that oversees eight hundred billion dollars in assets. Twitter launching 16 00:01:09,520 --> 00:01:12,000 Speaker 1: that at a button for the first time after years 17 00:01:12,160 --> 00:01:14,960 Speaker 1: and years and years of debate. Here to tell us 18 00:01:14,959 --> 00:01:18,600 Speaker 1: more bloom works Kurt Wagner. So, Kurt, this is only 19 00:01:18,640 --> 00:01:24,039 Speaker 1: a test right now for paying user subscribers to Twitter Blue. 20 00:01:24,600 --> 00:01:27,559 Speaker 1: How will it work? Yeah, so you get a thirty 21 00:01:27,600 --> 00:01:30,240 Speaker 1: minute timer, right, so once you post your tweet, you'll 22 00:01:30,240 --> 00:01:33,000 Speaker 1: have thirty minutes to go in make edits to it, 23 00:01:33,280 --> 00:01:37,360 Speaker 1: uh and change before it gets kind of locked more permanently. Now, 24 00:01:37,400 --> 00:01:39,679 Speaker 1: other users will be able to see a label that 25 00:01:39,760 --> 00:01:41,880 Speaker 1: shows that that tweet has been edited, that we be 26 00:01:41,880 --> 00:01:44,360 Speaker 1: able to click that to see kind of prior versions, right, 27 00:01:44,400 --> 00:01:46,880 Speaker 1: so there's a bit of a track record of where 28 00:01:46,880 --> 00:01:49,360 Speaker 1: that tweet has been. And to your point, Emily, it's 29 00:01:49,360 --> 00:01:51,400 Speaker 1: only going to be available on Twitter Blue, so you 30 00:01:51,400 --> 00:01:54,760 Speaker 1: will have to currently be a subscriber to Twitter in 31 00:01:54,800 --> 00:01:56,400 Speaker 1: order to get access to this when they roll it 32 00:01:56,400 --> 00:01:58,480 Speaker 1: out at the beginning. That could change in the future, 33 00:01:58,520 --> 00:02:00,080 Speaker 1: of course, but they want to start it with the 34 00:02:00,120 --> 00:02:01,720 Speaker 1: small group of people, and it kind of makes sense 35 00:02:01,720 --> 00:02:03,240 Speaker 1: to start with the people who are the most die 36 00:02:03,280 --> 00:02:05,360 Speaker 1: hard Twitter users, right, and those are the people willing 37 00:02:05,400 --> 00:02:08,560 Speaker 1: to pay The big question is is this going to 38 00:02:08,680 --> 00:02:12,560 Speaker 1: change the nature of Twitter, the dynamic of Twitter? What 39 00:02:12,600 --> 00:02:17,000 Speaker 1: do you think? Well, I'm waiting for when it first 40 00:02:17,080 --> 00:02:19,480 Speaker 1: rolls out to have that moment that first week right 41 00:02:19,480 --> 00:02:21,440 Speaker 1: where it's like people are going to be playing jokes 42 00:02:21,520 --> 00:02:24,720 Speaker 1: and and someone's inevitably gonna, you know, send one version 43 00:02:24,760 --> 00:02:27,239 Speaker 1: of a tweet and change it twenty nine minutes later 44 00:02:27,320 --> 00:02:30,480 Speaker 1: to something offensive, right, and everyone's gonna look silly. I 45 00:02:30,520 --> 00:02:32,960 Speaker 1: do wonder though, in the long term if that's gonna 46 00:02:32,960 --> 00:02:35,160 Speaker 1: die down, right, Maybe we'll have that for a week 47 00:02:35,280 --> 00:02:38,000 Speaker 1: or two, But eventually, you know, that thirty minute timer 48 00:02:38,280 --> 00:02:41,080 Speaker 1: really isn't that long, right, It is long enough to 49 00:02:41,080 --> 00:02:42,919 Speaker 1: fix the type of It is long enough to change 50 00:02:43,440 --> 00:02:46,560 Speaker 1: a link. Um in a case of very very breaking news, 51 00:02:46,639 --> 00:02:48,640 Speaker 1: it could be a big deal, but I think for 52 00:02:48,720 --> 00:02:51,600 Speaker 1: most stuff on Twitter, you know, it's probably not going 53 00:02:51,639 --> 00:02:53,720 Speaker 1: to have a dramatic effect. Now that being said, we 54 00:02:53,760 --> 00:02:55,920 Speaker 1: are heading right into an election, right, and this is 55 00:02:55,960 --> 00:02:59,680 Speaker 1: a really weird time to want to try edited tweets 56 00:02:59,720 --> 00:03:02,200 Speaker 1: because is all we're doing is asking for someone to 57 00:03:02,200 --> 00:03:05,680 Speaker 1: come forward say something about election results or voting or whatever, 58 00:03:05,760 --> 00:03:07,880 Speaker 1: and that goes viral and suddenly we're all going, why 59 00:03:07,960 --> 00:03:10,560 Speaker 1: did we do this? Why do we have edited tweets? Well, 60 00:03:10,600 --> 00:03:16,959 Speaker 1: exactly does this make it harder to moderate misinformation disinformation? 61 00:03:17,400 --> 00:03:20,760 Speaker 1: And what is Twitter's plan, especially heading into the mid terms, 62 00:03:21,120 --> 00:03:23,600 Speaker 1: to be on top of all of this. Well, we 63 00:03:23,639 --> 00:03:26,520 Speaker 1: don't know about their plan for edited tweets again, just 64 00:03:26,680 --> 00:03:30,000 Speaker 1: announced today it's rolling out soon, so we don't really 65 00:03:30,040 --> 00:03:32,200 Speaker 1: have a good plan for how or if they're going 66 00:03:32,240 --> 00:03:34,280 Speaker 1: to fact check that stuff. But Twitter across the board 67 00:03:34,280 --> 00:03:36,760 Speaker 1: has always been a little bit more hands off on 68 00:03:36,840 --> 00:03:39,280 Speaker 1: fact checking than than Facebook, for example, which has tons 69 00:03:39,320 --> 00:03:42,040 Speaker 1: of outside fact checking partners. Twitter has more focused on 70 00:03:42,080 --> 00:03:45,800 Speaker 1: specific topics that they fact check, you know, like election results, 71 00:03:45,800 --> 00:03:48,600 Speaker 1: and only from accounts that are very high profile. That's 72 00:03:48,600 --> 00:03:52,200 Speaker 1: why President Donald Trump's account was constantly flagged, because they 73 00:03:52,240 --> 00:03:54,360 Speaker 1: kind of had that in their crosshairs there, right, And 74 00:03:54,440 --> 00:03:56,800 Speaker 1: so I don't know what this is going to do, 75 00:03:56,880 --> 00:03:59,400 Speaker 1: but I do think it poses an opportunity for people 76 00:03:59,400 --> 00:04:02,400 Speaker 1: who might want to stir up controversy or to cause trouble. 77 00:04:02,680 --> 00:04:05,040 Speaker 1: Let to pay attention to that. But again, you know, 78 00:04:05,160 --> 00:04:08,000 Speaker 1: because it's it's just being tested with this small group 79 00:04:08,000 --> 00:04:10,520 Speaker 1: of people for now, maybe we can avoid sort of 80 00:04:10,920 --> 00:04:13,000 Speaker 1: a big issue ahead of the election. Maybe the roll 81 00:04:13,040 --> 00:04:16,039 Speaker 1: out to more people will happen after that. Well, Elon 82 00:04:16,120 --> 00:04:18,520 Speaker 1: must definitely starred the pot when he did that poll 83 00:04:18,560 --> 00:04:21,600 Speaker 1: at the beginning of this whole Sauda asking users if 84 00:04:21,600 --> 00:04:24,719 Speaker 1: they wanted it at it button or not. What do 85 00:04:24,720 --> 00:04:28,200 Speaker 1: you make of the timing of this doesn't impact. What's 86 00:04:28,279 --> 00:04:32,600 Speaker 1: the ongoing feud between Twitter and Elon Musk While Twitter 87 00:04:32,680 --> 00:04:35,279 Speaker 1: has bent over backwards to try and make sure that 88 00:04:35,360 --> 00:04:38,400 Speaker 1: we all know this was in the works before Ellen 89 00:04:38,520 --> 00:04:42,120 Speaker 1: showed up on the scene. Right, So Twitter actually tweeted 90 00:04:42,279 --> 00:04:44,960 Speaker 1: We're launching an edupon on April one, on April Fool's Day. 91 00:04:45,000 --> 00:04:47,359 Speaker 1: Everyone ignored it because we just thought this was like 92 00:04:47,400 --> 00:04:49,200 Speaker 1: a joke from the company. It turns out that was 93 00:04:49,240 --> 00:04:51,479 Speaker 1: the beginning of what they had planned for this long 94 00:04:51,600 --> 00:04:53,560 Speaker 1: running kind of thing. They were going to tweet it 95 00:04:53,560 --> 00:04:55,479 Speaker 1: out on April one. They were gonna unveil it later. 96 00:04:55,760 --> 00:04:57,840 Speaker 1: Ellen showed up and kind of messed that whole thing up. 97 00:04:57,880 --> 00:05:00,120 Speaker 1: But they want everyone to know they started work this 98 00:05:00,279 --> 00:05:04,440 Speaker 1: before the year before, so late last year. And that's important, right, 99 00:05:04,480 --> 00:05:06,880 Speaker 1: because they do not want to create a perception where 100 00:05:06,880 --> 00:05:10,719 Speaker 1: Elon is directing the product strategy at this company. Not 101 00:05:10,800 --> 00:05:12,480 Speaker 1: only did they want to avoid that back when they 102 00:05:12,520 --> 00:05:13,840 Speaker 1: thought he was going to be the owner, but now 103 00:05:13,880 --> 00:05:15,679 Speaker 1: they really want to avoid that when the two sides 104 00:05:15,720 --> 00:05:18,479 Speaker 1: are fighting, uh it is legal battle, so you know, 105 00:05:18,720 --> 00:05:21,400 Speaker 1: the timing is interesting. I have to imagine that Elon 106 00:05:21,520 --> 00:05:25,360 Speaker 1: maybe push the timeline quicker for Twitter, but I don't 107 00:05:25,360 --> 00:05:27,600 Speaker 1: think that he's the reason that they ultimately decided to 108 00:05:27,600 --> 00:05:31,600 Speaker 1: build this thing, all right, Bloomberg's Kurt Wagner, thank you 109 00:05:31,839 --> 00:05:35,479 Speaker 1: for that update. Very anxious to see how the said 110 00:05:35,560 --> 00:05:48,640 Speaker 1: button rolls out. Despite VCS rad raising record amounts of capital, 111 00:05:48,720 --> 00:05:52,240 Speaker 1: start up fundraising is slowing down as fears of recession loom. 112 00:05:52,320 --> 00:05:55,000 Speaker 1: Let's bring an Index Venture's partner Mike Fulby for his 113 00:05:55,040 --> 00:05:57,280 Speaker 1: read on what's happening in the private markets. Might good 114 00:05:57,279 --> 00:05:59,080 Speaker 1: to have you here in the studio, and obviously you've 115 00:05:59,120 --> 00:06:00,599 Speaker 1: seen a lot of psych is in a lot of 116 00:06:00,680 --> 00:06:03,680 Speaker 1: ups and downs. Where are we in this one? Emily, 117 00:06:03,680 --> 00:06:06,279 Speaker 1: great to be back. Yeah. I think we're probably somewhere 118 00:06:06,520 --> 00:06:12,720 Speaker 1: midstream between the downturn and somewhat of a correction and valuations, 119 00:06:12,800 --> 00:06:17,120 Speaker 1: and hopefully sometime next year things will come back, but 120 00:06:17,160 --> 00:06:18,520 Speaker 1: we're right in the middle of it. I would say, 121 00:06:18,560 --> 00:06:22,480 Speaker 1: what does a hawk is fed mean for VC? It's tricky, right. 122 00:06:22,560 --> 00:06:25,200 Speaker 1: Most of the companies that we fund lose money for 123 00:06:25,279 --> 00:06:27,480 Speaker 1: a long period of time and then make money somewhere 124 00:06:27,520 --> 00:06:29,840 Speaker 1: towards the end of the life. And when you have 125 00:06:30,040 --> 00:06:32,279 Speaker 1: money making or positive earnings at the end of the 126 00:06:32,320 --> 00:06:36,400 Speaker 1: life and Hi Hi interest rates, You discount that back 127 00:06:36,440 --> 00:06:38,400 Speaker 1: to today and the value drops a lot, and that's 128 00:06:38,480 --> 00:06:41,760 Speaker 1: really what's causing the downturn in all of the larger 129 00:06:41,920 --> 00:06:44,840 Speaker 1: tech companies and even the private ones. So I think 130 00:06:44,920 --> 00:06:47,280 Speaker 1: a hawk is fed means that we're going to be 131 00:06:47,360 --> 00:06:49,520 Speaker 1: sitting in this stuff for a little while until they 132 00:06:49,520 --> 00:06:52,920 Speaker 1: get inflation under control. We've had guests on the show 133 00:06:52,960 --> 00:06:55,120 Speaker 1: who say they're gonna be millions of layoffs, millions of 134 00:06:55,160 --> 00:06:57,520 Speaker 1: layoffs in tech, that this downturn is going to last 135 00:06:57,880 --> 00:06:59,800 Speaker 1: two to three years, that this isn't going to be 136 00:07:00,240 --> 00:07:04,279 Speaker 1: just a blip. How does that square with what you're projecting. 137 00:07:04,600 --> 00:07:07,359 Speaker 1: I'm not convinced by that. I think when you actually 138 00:07:07,360 --> 00:07:09,880 Speaker 1: look at the US economy in general, it's in a 139 00:07:09,880 --> 00:07:12,360 Speaker 1: pretty healthy state. I think there are something like two 140 00:07:12,440 --> 00:07:16,360 Speaker 1: job openings for every unemployed person in the US. What 141 00:07:16,480 --> 00:07:19,800 Speaker 1: we look at B two B businesses in our portfolio. 142 00:07:20,320 --> 00:07:24,240 Speaker 1: I wouldn't say that they're they're destroying their goals or records, 143 00:07:24,280 --> 00:07:27,640 Speaker 1: but they're doing reasonably well. So overall, the economy is 144 00:07:27,720 --> 00:07:30,280 Speaker 1: not in that bad as shape. Banks are in a 145 00:07:30,280 --> 00:07:33,360 Speaker 1: good condition, good balance sheets and so forth. So we 146 00:07:33,480 --> 00:07:35,440 Speaker 1: definitely got a little out of whack in terms of 147 00:07:35,520 --> 00:07:38,200 Speaker 1: valuations and where their market was, and the consumer is 148 00:07:38,240 --> 00:07:41,840 Speaker 1: definitely being a little careful with their wallet. But overall, 149 00:07:41,920 --> 00:07:44,360 Speaker 1: I think that we're in a in a decent spot 150 00:07:44,440 --> 00:07:47,880 Speaker 1: and I think the recovery is around the corner somewhere now. 151 00:07:47,960 --> 00:07:51,800 Speaker 1: Going into this VCS raised a record amount of money. 152 00:07:51,920 --> 00:07:55,360 Speaker 1: There's a lot of money in those war chests. Is 153 00:07:55,400 --> 00:07:57,600 Speaker 1: it is? It hasn't been hard to find places to 154 00:07:57,640 --> 00:08:00,920 Speaker 1: put the dry powder. I'd say is a very slow summer. 155 00:08:01,120 --> 00:08:02,920 Speaker 1: I got a lot of text messages from my VC 156 00:08:03,040 --> 00:08:09,600 Speaker 1: friends while vacationing in Italy, but but but not calling 157 00:08:09,640 --> 00:08:13,840 Speaker 1: anyone out specifically, but okay, um, it's been a slow summer. 158 00:08:13,880 --> 00:08:16,880 Speaker 1: I would say that we're seeing some green shoots. Uh, 159 00:08:16,920 --> 00:08:19,160 Speaker 1: you know. One of the things that happened over the 160 00:08:19,240 --> 00:08:20,800 Speaker 1: last couple of years. There's a lot of companies that 161 00:08:20,840 --> 00:08:22,760 Speaker 1: have been seated, and those companies are coming up for 162 00:08:22,800 --> 00:08:26,920 Speaker 1: Series A investments. We're seeing some growth companies get term sheets. 163 00:08:26,960 --> 00:08:29,600 Speaker 1: Maybe they're not straight equity and they have some preferred 164 00:08:29,640 --> 00:08:33,280 Speaker 1: structure or some general structure on these term sheets, but 165 00:08:33,640 --> 00:08:36,520 Speaker 1: we're seeing it come out. And I think generally speaking, 166 00:08:36,559 --> 00:08:40,559 Speaker 1: you're right venture capitalists that have capital to deploy aren't 167 00:08:40,559 --> 00:08:43,160 Speaker 1: going to twiddle their sums for for the next two years, 168 00:08:43,160 --> 00:08:45,280 Speaker 1: So I think you're going to see some movement. Does 169 00:08:45,320 --> 00:08:48,480 Speaker 1: that mean that you know what happens for vcs? Then 170 00:08:48,600 --> 00:08:52,560 Speaker 1: as the cycle progresses, will vcs not raise as much 171 00:08:52,679 --> 00:08:54,800 Speaker 1: money over the next couple of years as they have 172 00:08:54,960 --> 00:08:57,320 Speaker 1: over the last couple of years. I think that's the case. 173 00:08:57,360 --> 00:08:59,320 Speaker 1: I think that the LPs that have invested in our 174 00:08:59,360 --> 00:09:01,640 Speaker 1: funds have been drained pretty hard over the last couple 175 00:09:01,679 --> 00:09:04,920 Speaker 1: of years because the I P O market is closed 176 00:09:04,920 --> 00:09:06,320 Speaker 1: and there hasn't been a lot of M and A. 177 00:09:06,400 --> 00:09:08,640 Speaker 1: They're not getting money back, and so they're gonna be 178 00:09:08,679 --> 00:09:10,920 Speaker 1: reticent to give us more funds. And I think we're 179 00:09:10,920 --> 00:09:14,199 Speaker 1: going to generally slow the pace down until we start 180 00:09:14,240 --> 00:09:16,640 Speaker 1: to see the exit market open up again be able 181 00:09:16,640 --> 00:09:18,480 Speaker 1: to pump some money back to the LP so they 182 00:09:18,520 --> 00:09:20,880 Speaker 1: can come back our way. Now, it's interesting, we actually 183 00:09:20,880 --> 00:09:22,880 Speaker 1: talked to the CEO of Pilot, which is a company 184 00:09:22,920 --> 00:09:27,439 Speaker 1: that Index has invested in. They provide CFO services to startups, 185 00:09:27,520 --> 00:09:30,160 Speaker 1: and they've done some surveys of their companies and found 186 00:09:30,200 --> 00:09:33,480 Speaker 1: it doesn't necessarily look as dire as it sounds. Take 187 00:09:33,520 --> 00:09:37,000 Speaker 1: a listen to what he had to say, two things 188 00:09:37,000 --> 00:09:41,120 Speaker 1: are happening. The first is that there's definitely paying from 189 00:09:41,120 --> 00:09:43,800 Speaker 1: the downturn, but I think it's more specifically and more 190 00:09:43,800 --> 00:09:47,560 Speaker 1: pronacatlee felt by companies that really have nice to have 191 00:09:47,720 --> 00:09:50,760 Speaker 1: offerings as opposed to really need to have offerings. And 192 00:09:50,840 --> 00:09:53,480 Speaker 1: the second is, I think the dynamics and kind of 193 00:09:53,480 --> 00:09:56,120 Speaker 1: the late stage in public markets are very different than 194 00:09:56,400 --> 00:09:58,600 Speaker 1: what you see in the earlier kind of mid stage 195 00:09:58,640 --> 00:10:02,600 Speaker 1: ecosystem for startups. What do you make of that? Yeah, 196 00:10:02,640 --> 00:10:05,160 Speaker 1: I think that's pretty accurate. Um. You know, early stage, 197 00:10:05,240 --> 00:10:07,319 Speaker 1: late stage startups over the last couple of years have 198 00:10:07,480 --> 00:10:09,680 Speaker 1: raised a lot of money, and most of the particularly 199 00:10:09,720 --> 00:10:13,120 Speaker 1: good companies have quite a strong balance sheet, so they 200 00:10:13,120 --> 00:10:15,200 Speaker 1: don't need the capital. They're gonna wait for the markets 201 00:10:15,240 --> 00:10:18,000 Speaker 1: to come back, They're going to paste themselves and so forth. 202 00:10:18,120 --> 00:10:20,800 Speaker 1: I think the earlier stage companies, look, they just don't 203 00:10:20,800 --> 00:10:22,680 Speaker 1: have as much money in their war chest. They're gonna 204 00:10:22,720 --> 00:10:24,240 Speaker 1: have to come back to market. So I think we're 205 00:10:24,240 --> 00:10:28,000 Speaker 1: going to see opportunities in the earlier stages. And overall, 206 00:10:28,080 --> 00:10:29,880 Speaker 1: I think that there have been certain sectors in our 207 00:10:29,920 --> 00:10:32,840 Speaker 1: industry where there's been heavy hype, which a ton of 208 00:10:32,880 --> 00:10:35,520 Speaker 1: capital has gone into and a ton of capital will 209 00:10:35,559 --> 00:10:38,280 Speaker 1: run away from those, whereas more kind of the steady, 210 00:10:38,440 --> 00:10:41,760 Speaker 1: well known sectors I think will continue to perform as expected. 211 00:10:41,840 --> 00:10:43,560 Speaker 1: What do you make of andres in horrow? It's writing 212 00:10:43,559 --> 00:10:47,040 Speaker 1: its biggest check ever to Adam Newman. Look, you know 213 00:10:47,160 --> 00:10:50,680 Speaker 1: Mark and Ben have been contrarian many times in the past. Uh, 214 00:10:50,720 --> 00:10:53,240 Speaker 1: they're contrarian this time. I'd say, you know, the average 215 00:10:53,280 --> 00:10:56,120 Speaker 1: polling in the industry would indicate that this wasn't the 216 00:10:56,120 --> 00:10:59,520 Speaker 1: best idea ever. But you know, we'll wait and see 217 00:10:59,600 --> 00:11:02,680 Speaker 1: the guy as a special guy in every sense of 218 00:11:02,679 --> 00:11:05,760 Speaker 1: the word, and you know it's something that they wanted 219 00:11:05,800 --> 00:11:09,320 Speaker 1: to do. We'll see. So you have and Mark Andreason 220 00:11:09,400 --> 00:11:11,559 Speaker 1: doing that. On one ham, you've got Benchmark staying strong. 221 00:11:11,600 --> 00:11:15,440 Speaker 1: On the other, where is index? What is your strategy 222 00:11:15,480 --> 00:11:18,160 Speaker 1: in a downturn? Yeah, look, I think it's interesting. What 223 00:11:18,200 --> 00:11:20,240 Speaker 1: I find interesting about this industry is that if you 224 00:11:20,600 --> 00:11:23,040 Speaker 1: went back and listen to what people saying six nine 225 00:11:23,040 --> 00:11:25,880 Speaker 1: months ago, you know, there was a sense of like 226 00:11:25,920 --> 00:11:28,240 Speaker 1: all the industry is completely changing. You're going to go 227 00:11:28,280 --> 00:11:30,920 Speaker 1: to these hedge funds that deploy capital at high velocity. 228 00:11:31,040 --> 00:11:34,360 Speaker 1: They're gonna use the tech market like some kind of 229 00:11:34,800 --> 00:11:38,720 Speaker 1: um you know, index market and no pun intended, and 230 00:11:39,000 --> 00:11:41,760 Speaker 1: that all these smaller, more niche firms will go away, 231 00:11:41,760 --> 00:11:44,040 Speaker 1: and it's turned out to not be the case. I 232 00:11:44,080 --> 00:11:48,480 Speaker 1: think that the founders and entrepreneurs that take our capital 233 00:11:48,679 --> 00:11:52,559 Speaker 1: are very diverse. They look for different things from their investors. 234 00:11:52,600 --> 00:11:55,560 Speaker 1: Some look for folks like Benchmark, some looks for folks 235 00:11:55,600 --> 00:11:58,400 Speaker 1: like and reason. Our view, we kind of think of 236 00:11:58,440 --> 00:12:01,760 Speaker 1: it as curated growth. So index. The last fund we 237 00:12:01,840 --> 00:12:04,520 Speaker 1: raised in totality was a little over three billion dollars 238 00:12:04,880 --> 00:12:08,360 Speaker 1: in today's market, that's reasonably large, but definitely not the largest. 239 00:12:08,720 --> 00:12:11,160 Speaker 1: I think that that gives us enough dry powder, enough 240 00:12:11,160 --> 00:12:13,920 Speaker 1: capabilities as a firm to offer the services that our 241 00:12:13,920 --> 00:12:16,280 Speaker 1: founders want. But we're not so small that we have 242 00:12:16,320 --> 00:12:18,120 Speaker 1: to be nichee. So somewhere in the middle of the 243 00:12:18,200 --> 00:12:20,480 Speaker 1: road is our view. If there is a bubble in 244 00:12:20,520 --> 00:12:23,720 Speaker 1: the market private markets, where is that bubble? Is it crypto? 245 00:12:23,840 --> 00:12:27,280 Speaker 1: Is it quote unquote web three. I don't know that 246 00:12:27,320 --> 00:12:30,280 Speaker 1: there's necessarily a bubble right now. Honestly, Emily, I think 247 00:12:30,280 --> 00:12:33,520 Speaker 1: that things have generally well corrected. There was a bubble 248 00:12:33,520 --> 00:12:36,600 Speaker 1: in crypto, for sure. I think it's long gone yesterday, 249 00:12:36,640 --> 00:12:38,480 Speaker 1: I think it was reported that n f T s 250 00:12:39,040 --> 00:12:42,880 Speaker 1: on open open sea. We're down and in three or 251 00:12:42,920 --> 00:12:45,560 Speaker 1: four months, so clearly the heir has come out of 252 00:12:45,559 --> 00:12:48,880 Speaker 1: that one, and I think companies are trading at somewhere 253 00:12:48,920 --> 00:12:52,800 Speaker 1: near realistic values right now in the public markets. You know, 254 00:12:52,840 --> 00:12:54,120 Speaker 1: a lot of what I would say is a lot 255 00:12:54,160 --> 00:12:57,320 Speaker 1: of the growth companies um that our growth stage right 256 00:12:57,360 --> 00:12:59,960 Speaker 1: now are still holding on to the valuations that they 257 00:13:00,040 --> 00:13:03,520 Speaker 1: got from the tail end of and those are probably 258 00:13:03,559 --> 00:13:06,199 Speaker 1: still inflated, but they're not going to raise their next 259 00:13:06,280 --> 00:13:08,480 Speaker 1: round until they can catch back up to those numbers. 260 00:13:08,520 --> 00:13:10,600 Speaker 1: So you know, we're not going to see that the 261 00:13:10,720 --> 00:13:12,400 Speaker 1: air come out of that balloon frou. And what's your 262 00:13:12,440 --> 00:13:15,880 Speaker 1: advice on those companies that were planning to go public 263 00:13:15,960 --> 00:13:18,800 Speaker 1: this year? Yeah, so there's you have two varieties, right 264 00:13:18,840 --> 00:13:20,800 Speaker 1: You have the ones that don't need capital, in which 265 00:13:20,840 --> 00:13:23,400 Speaker 1: case you just say, hunker down, grow your business and 266 00:13:23,480 --> 00:13:25,360 Speaker 1: wait for the market to come back at some point 267 00:13:25,400 --> 00:13:27,720 Speaker 1: it will. And you have the ones that need capital 268 00:13:27,840 --> 00:13:29,520 Speaker 1: and if they if they need capital, they're going to 269 00:13:29,640 --> 00:13:32,160 Speaker 1: go have to raise it. And you know, right now 270 00:13:32,200 --> 00:13:36,200 Speaker 1: what the market is coming back with is debt. It's 271 00:13:36,040 --> 00:13:39,600 Speaker 1: a structured equity, it's convertible notes and so forth. It's 272 00:13:39,640 --> 00:13:42,280 Speaker 1: hard to come by a term sheet that is clean equity. 273 00:13:42,480 --> 00:13:44,280 Speaker 1: You've got to figure out what the best option is, 274 00:13:44,679 --> 00:13:46,200 Speaker 1: select that one and go for it. But if you 275 00:13:46,200 --> 00:13:47,960 Speaker 1: need the capital, you've got to raise it, and it's 276 00:13:47,960 --> 00:13:50,400 Speaker 1: out there. It's not that it's impossible to raise money 277 00:13:50,480 --> 00:13:53,600 Speaker 1: right now. All right, Mike, Fully, Index Venture is good 278 00:13:53,600 --> 00:13:56,439 Speaker 1: to have you back, Thank you for stopping by in person. 279 00:14:05,760 --> 00:14:09,040 Speaker 1: In the world of cybersecurity, CrowdStrike reporting quarterly results that 280 00:14:09,120 --> 00:14:13,199 Speaker 1: beat expectations. This week, shares fell though after an outlook 281 00:14:13,200 --> 00:14:16,600 Speaker 1: scene conservative by some investors. Let's talk about all that 282 00:14:16,679 --> 00:14:20,320 Speaker 1: and more with Crowdstrikes CEO George Kurtz. So, George, and 283 00:14:20,400 --> 00:14:21,600 Speaker 1: light of the numbers, what do you make of the 284 00:14:21,600 --> 00:14:25,120 Speaker 1: reaction with the shares here? Well, I think you have 285 00:14:25,160 --> 00:14:27,760 Speaker 1: to look at the macro environment and just what's happening 286 00:14:27,760 --> 00:14:31,280 Speaker 1: with interest rates and a lot of the uncertainties. So um, 287 00:14:31,280 --> 00:14:33,720 Speaker 1: those are factors that are out of our control. And 288 00:14:34,200 --> 00:14:36,720 Speaker 1: as I've said many times on your program over the years, 289 00:14:36,720 --> 00:14:38,920 Speaker 1: you know, we can only focus on what we can control, 290 00:14:38,960 --> 00:14:42,800 Speaker 1: and we posted stellar numbers. We've noted that we were 291 00:14:42,920 --> 00:14:45,680 Speaker 1: the second fastest company ever to reach two billion dollars 292 00:14:45,680 --> 00:14:48,160 Speaker 1: of air are and if you look at the growth rates, 293 00:14:48,920 --> 00:14:52,960 Speaker 1: even you know our rule of fort it's just astounding 294 00:14:53,080 --> 00:14:57,880 Speaker 1: at the scale that we're operating at. Is cybersecurity recession 295 00:14:57,960 --> 00:15:01,320 Speaker 1: proof or could it be on to a threat? If companies, 296 00:15:02,040 --> 00:15:04,560 Speaker 1: you know, they're deciding where to pull back and cyber 297 00:15:04,640 --> 00:15:07,400 Speaker 1: is one of them, I think it's going to be 298 00:15:07,440 --> 00:15:10,760 Speaker 1: difficult for companies to really pull back on cyber. They 299 00:15:10,840 --> 00:15:13,960 Speaker 1: might delay some purchases, there might be more scrutiny, which 300 00:15:14,040 --> 00:15:16,200 Speaker 1: is one of the things that we talked about. But 301 00:15:16,360 --> 00:15:17,960 Speaker 1: at the end of the day, there's just too many 302 00:15:18,080 --> 00:15:21,280 Speaker 1: drivers at the board level all the way down. Cyber 303 00:15:21,440 --> 00:15:24,560 Speaker 1: is the number one risk that most boards are talking about. 304 00:15:25,000 --> 00:15:27,240 Speaker 1: And then when you combine that with some of the 305 00:15:27,280 --> 00:15:30,760 Speaker 1: regulatory pressures, like the SEC is coming out with some 306 00:15:30,840 --> 00:15:34,680 Speaker 1: guidance around disclosing breaches, disclosing if you had to pay 307 00:15:35,160 --> 00:15:39,000 Speaker 1: ransom payments. So at the end of the day, it's 308 00:15:39,040 --> 00:15:42,640 Speaker 1: something that it's going to be very difficult to make 309 00:15:42,680 --> 00:15:44,520 Speaker 1: it a nice to have and it really is a 310 00:15:44,640 --> 00:15:47,200 Speaker 1: must have for most companies, and I think that's what 311 00:15:47,240 --> 00:15:50,280 Speaker 1: we've seen so um, you know, we'll see how it 312 00:15:50,280 --> 00:15:52,680 Speaker 1: plays out over time. That's our thesis, and I think 313 00:15:52,680 --> 00:15:55,120 Speaker 1: we're in a great spot to consolidate a lot of 314 00:15:55,160 --> 00:15:57,920 Speaker 1: spend in our in our sector. Let's talk about your 315 00:15:57,920 --> 00:16:01,400 Speaker 1: assessment of the threat landscape right now. How concerned are 316 00:16:01,440 --> 00:16:06,560 Speaker 1: you about China specifically upping you know, the groundwork for 317 00:16:06,680 --> 00:16:10,720 Speaker 1: launching more cyber attacks against the West, given rising tensions 318 00:16:11,320 --> 00:16:14,960 Speaker 1: with Taiwan. You always have to be concerned about China 319 00:16:15,040 --> 00:16:17,600 Speaker 1: and other nations states. But China certainly is prolific in 320 00:16:17,680 --> 00:16:21,840 Speaker 1: its attacks. It has great capabilities and it continues to 321 00:16:21,880 --> 00:16:25,160 Speaker 1: be active in many, many different areas. So as as 322 00:16:25,200 --> 00:16:29,240 Speaker 1: we've seen before, as the geo political environment changes, uh, 323 00:16:29,320 --> 00:16:32,000 Speaker 1: the attacks change. They may focus on different groups and 324 00:16:32,040 --> 00:16:37,760 Speaker 1: gathering information. Uh, they may target uh you know, chip manufacturers, etcetera. 325 00:16:37,840 --> 00:16:40,800 Speaker 1: I mean these are these are all areas that are 326 00:16:40,840 --> 00:16:44,280 Speaker 1: of concern to many, uh, you know, executives in the 327 00:16:44,280 --> 00:16:48,480 Speaker 1: marketplace right now, and when the geopolitical winds change, you 328 00:16:48,520 --> 00:16:51,160 Speaker 1: have to be prepared to make sure that your systems 329 00:16:51,160 --> 00:16:56,200 Speaker 1: are protected. Chris Crabs, the former director of SISA, suggested 330 00:16:56,240 --> 00:16:59,080 Speaker 1: these attacks would come on the supply chain. I mean 331 00:16:59,080 --> 00:17:02,360 Speaker 1: you mentioned chip pack trees. Um you know how vulnerable 332 00:17:02,400 --> 00:17:06,040 Speaker 1: do you think the supply chain is well. Supply chain 333 00:17:06,080 --> 00:17:10,480 Speaker 1: attacks are a grave concern for many companies, and getting 334 00:17:10,520 --> 00:17:12,439 Speaker 1: back to the board of directors, it's it is a 335 00:17:12,520 --> 00:17:15,520 Speaker 1: huge risk. We've seen some of the large attacks over 336 00:17:15,560 --> 00:17:17,760 Speaker 1: the past couple of years, and whether that's in the 337 00:17:17,920 --> 00:17:21,639 Speaker 1: software supply chain or even uh you know, there's software 338 00:17:21,640 --> 00:17:24,679 Speaker 1: that goes into the code of these chips. Obviously that 339 00:17:24,680 --> 00:17:28,040 Speaker 1: can be problematic, so UM it's one of those areas. 340 00:17:28,119 --> 00:17:32,199 Speaker 1: It's very very difficult to identify these. They do have 341 00:17:32,240 --> 00:17:36,040 Speaker 1: a long tail and it's something that companies and governments 342 00:17:36,080 --> 00:17:40,600 Speaker 1: need to be really vigilant about. We're preparing for a 343 00:17:40,680 --> 00:17:44,399 Speaker 1: suite of new regulations coming from CSA, the f TC, 344 00:17:44,440 --> 00:17:48,200 Speaker 1: the f d A, the Department of Energy and Transportation. 345 00:17:48,320 --> 00:17:51,120 Speaker 1: What are you specifically preparing for it when it comes 346 00:17:51,119 --> 00:17:54,439 Speaker 1: to regulation, well, I think you have to look at 347 00:17:54,440 --> 00:17:57,520 Speaker 1: the regulation itself, and there's a lot of regulation that's 348 00:17:57,560 --> 00:18:00,840 Speaker 1: that has the best of intentions, but then you have 349 00:18:00,920 --> 00:18:03,639 Speaker 1: to look at how these are implemented and what's important. 350 00:18:04,160 --> 00:18:07,040 Speaker 1: UM and we do a lot of breach responses. We're 351 00:18:07,320 --> 00:18:09,440 Speaker 1: you know, one of the top two breach response firms 352 00:18:09,440 --> 00:18:12,639 Speaker 1: in the world. UM and in the middle of a breach. 353 00:18:12,720 --> 00:18:15,560 Speaker 1: It's it's very difficult to be talking about all the disclosures. 354 00:18:15,600 --> 00:18:17,520 Speaker 1: So I think it's really important to understand the time 355 00:18:17,520 --> 00:18:22,080 Speaker 1: frame and not to be able to compromise an investigation. 356 00:18:22,480 --> 00:18:25,600 Speaker 1: And then what are the parameters around that, What is material, 357 00:18:25,720 --> 00:18:28,560 Speaker 1: what are what should be disclosed, and how do you 358 00:18:28,560 --> 00:18:30,800 Speaker 1: disclose it. I think there's a lot of complexity around that. 359 00:18:31,400 --> 00:18:33,399 Speaker 1: We're at the table trying to work through that with 360 00:18:33,440 --> 00:18:36,879 Speaker 1: many organizations. But what's important is that people have visibility 361 00:18:36,920 --> 00:18:39,080 Speaker 1: because you can't just say you didn't know about it, right. 362 00:18:39,119 --> 00:18:41,280 Speaker 1: You have to take measures to be able to instrument 363 00:18:41,280 --> 00:18:44,159 Speaker 1: your systems like what CrowdStrike does, to be able to 364 00:18:44,200 --> 00:18:48,399 Speaker 1: identify and prevent against these potential breaches. All right, George 365 00:18:48,480 --> 00:18:51,640 Speaker 1: Kurt's CEO of crowd Strike. Always good to have George, 366 00:18:51,640 --> 00:19:02,640 Speaker 1: Thank you for stopping by. Welcome back to Bloomberg Technology. 367 00:19:02,640 --> 00:19:05,920 Speaker 1: I'm Emily changing San Francisco, continuing our coverage of education 368 00:19:05,960 --> 00:19:09,560 Speaker 1: technology this week. New Mexico has been at the forefront 369 00:19:09,680 --> 00:19:13,159 Speaker 1: of child privacy. The state sued Google just before the 370 00:19:13,200 --> 00:19:17,040 Speaker 1: pandemic over the collection of personal information about children without 371 00:19:17,119 --> 00:19:21,320 Speaker 1: proper parental consent. New Mexico school districts, especially those with 372 00:19:21,359 --> 00:19:25,040 Speaker 1: fewer resources, use Google's free education tools, but the state 373 00:19:25,080 --> 00:19:29,280 Speaker 1: says the company improperly used student data. Joining us now 374 00:19:29,400 --> 00:19:31,880 Speaker 1: one of the most proactive prosecutors in the country when 375 00:19:31,920 --> 00:19:35,120 Speaker 1: it comes to kids, tech and privacy. Hector Balderis, Attorney 376 00:19:35,160 --> 00:19:38,040 Speaker 1: General of New Mexico. Attorney General Balderis, thank you so 377 00:19:38,160 --> 00:19:41,920 Speaker 1: much for joining us. Glad to be with you. So 378 00:19:42,400 --> 00:19:46,919 Speaker 1: this suit back in of Google, which was before the 379 00:19:46,960 --> 00:19:50,480 Speaker 1: pandemic even hit. At that time, you you said your 380 00:19:50,520 --> 00:19:54,200 Speaker 1: investigation revealed that Google tracks children across the Internet, across 381 00:19:54,240 --> 00:19:58,080 Speaker 1: devices in their homes, and well outside the educational sphere, 382 00:19:58,119 --> 00:20:03,439 Speaker 1: all without obtaining verifile parental consent. What concerns you so 383 00:20:03,520 --> 00:20:06,840 Speaker 1: much about what you saw that you believed Google was 384 00:20:06,880 --> 00:20:10,240 Speaker 1: doing with student data. Well, there are three areas of 385 00:20:10,320 --> 00:20:12,720 Speaker 1: risk that was very concerned with. And the reason I 386 00:20:12,720 --> 00:20:15,360 Speaker 1: did bring the investigation in the lawsuit first is that 387 00:20:16,200 --> 00:20:19,639 Speaker 1: our nation, our congress, members of law enforcement have been 388 00:20:20,040 --> 00:20:23,760 Speaker 1: primarily primarily asleep at the wheel when it comes to 389 00:20:23,880 --> 00:20:27,000 Speaker 1: data privacy. In other words, banks are not protected, our 390 00:20:27,040 --> 00:20:30,679 Speaker 1: personal information as adults is not very well protected. And 391 00:20:30,720 --> 00:20:35,680 Speaker 1: so I already knew the environment was very difficult Number two, Uh, 392 00:20:35,720 --> 00:20:38,560 Speaker 1: these are children and miners, and so when we already 393 00:20:38,560 --> 00:20:44,920 Speaker 1: have an inadequate environment that exploits consumerism and privacy, I 394 00:20:44,960 --> 00:20:48,920 Speaker 1: was very concerned that from a safety perspective, these technology 395 00:20:48,920 --> 00:20:53,840 Speaker 1: companies were tracking, marketing and really monetizing on the backs 396 00:20:53,840 --> 00:20:57,399 Speaker 1: of children. And then finally, number three, it's a violation 397 00:20:57,480 --> 00:21:00,600 Speaker 1: of federal law. There was already a prohibition built into 398 00:21:00,600 --> 00:21:06,480 Speaker 1: the law that says that technology companies cannot market and 399 00:21:06,600 --> 00:21:12,480 Speaker 1: profitier and gather data of miners without the consent of parents. 400 00:21:12,560 --> 00:21:16,120 Speaker 1: And so it was really three tiers of risk. And 401 00:21:16,200 --> 00:21:18,960 Speaker 1: ultimately I thought it was very important to to try 402 00:21:18,960 --> 00:21:24,240 Speaker 1: to change uh this course because these miners are so innocent, small, 403 00:21:24,600 --> 00:21:28,879 Speaker 1: and really unaware that this practice is being imposed on 404 00:21:29,000 --> 00:21:31,359 Speaker 1: them because they just want to play video games or 405 00:21:31,400 --> 00:21:34,520 Speaker 1: go to school and use this technology in a positive way. 406 00:21:34,800 --> 00:21:38,520 Speaker 1: You settled with Google back in December. The company agreed 407 00:21:38,520 --> 00:21:41,000 Speaker 1: to set up a privacy and online safety initiative for 408 00:21:41,119 --> 00:21:44,960 Speaker 1: kids in New Mexico. Some folks looked at this as 409 00:21:44,960 --> 00:21:50,480 Speaker 1: a victory for Google. Would you have wanted more, you know, absolutely, 410 00:21:50,520 --> 00:21:53,199 Speaker 1: But I was strategic. I'm one of the few ages 411 00:21:53,240 --> 00:21:56,040 Speaker 1: in the country that understands that this is a risk. 412 00:21:56,359 --> 00:21:58,919 Speaker 1: Most members in Congress are barely struggling to use their 413 00:21:58,960 --> 00:22:02,679 Speaker 1: iPhones as we speak today, and so our nation is 414 00:22:02,880 --> 00:22:07,080 Speaker 1: very very behind, decades and generations behind and really holding 415 00:22:07,119 --> 00:22:11,600 Speaker 1: tech technology companies accountable. So I was more focused, not 416 00:22:11,640 --> 00:22:16,840 Speaker 1: necessarily the monetary victory. I was trying to change the 417 00:22:16,840 --> 00:22:20,040 Speaker 1: way Google does business and Google does business and schools, 418 00:22:20,040 --> 00:22:23,080 Speaker 1: and we were successful in that. But the ultimate mission 419 00:22:23,119 --> 00:22:25,320 Speaker 1: of this lawsuit is also to be a learning tool 420 00:22:25,400 --> 00:22:29,400 Speaker 1: for other attorneys general, other consumer advocates to make sure 421 00:22:29,440 --> 00:22:32,040 Speaker 1: that we keep an eye on our schools and make 422 00:22:32,080 --> 00:22:34,920 Speaker 1: sure that we safeguard technology and how we use those 423 00:22:35,119 --> 00:22:38,760 Speaker 1: uh those services in our school districts. Well, now, because 424 00:22:38,760 --> 00:22:41,800 Speaker 1: of the pandemic, you've got more tech, more computers, more software, 425 00:22:41,800 --> 00:22:46,680 Speaker 1: more apps in the classroom and being used outside the classroom. 426 00:22:46,720 --> 00:22:51,680 Speaker 1: What are your biggest concerns now two years later, Well, 427 00:22:51,720 --> 00:22:54,680 Speaker 1: I think there has to be a shift at some 428 00:22:54,800 --> 00:22:58,000 Speaker 1: point both in our school districts. There has to be 429 00:22:58,040 --> 00:23:01,679 Speaker 1: a greater emphasis on privacy and security. We're starting to 430 00:23:01,800 --> 00:23:07,240 Speaker 1: now see hacking and basically these type of scams that 431 00:23:07,520 --> 00:23:12,120 Speaker 1: are really bringing pain and hardship to our school districts. 432 00:23:12,200 --> 00:23:15,560 Speaker 1: Even schools are having trouble safeguarding their own data. So 433 00:23:15,600 --> 00:23:18,720 Speaker 1: I'm hopefully going to see the conversation shift to more 434 00:23:18,800 --> 00:23:21,720 Speaker 1: safety based. And then secondly, we have to have a 435 00:23:21,800 --> 00:23:24,639 Speaker 1: moral debate in the halls of Congress and in our 436 00:23:24,720 --> 00:23:29,159 Speaker 1: legislative bodies, not just about protecting data and protecting school children, 437 00:23:29,440 --> 00:23:32,520 Speaker 1: but really who should own this data. I don't think 438 00:23:32,520 --> 00:23:35,879 Speaker 1: it's fair that we are allowed to track adults and 439 00:23:35,960 --> 00:23:40,480 Speaker 1: children utilizing these products, and then technology companies are the 440 00:23:40,480 --> 00:23:43,800 Speaker 1: ones that profit here and monetize this behavior. I think 441 00:23:43,800 --> 00:23:48,720 Speaker 1: there's gonna be a longer conversation about really imposing more safeguards. 442 00:23:48,760 --> 00:23:52,200 Speaker 1: But is it fair shouldn't I make a dollar off 443 00:23:52,240 --> 00:23:55,640 Speaker 1: of the data that I generate using these technology services. 444 00:23:55,680 --> 00:23:57,760 Speaker 1: I think that's a debate that has to go on 445 00:23:58,680 --> 00:24:00,760 Speaker 1: both in our school districts but also in the halls 446 00:24:00,760 --> 00:24:03,240 Speaker 1: of Congress. How much of a problem do you think 447 00:24:03,280 --> 00:24:05,960 Speaker 1: it is that a lot of this stuff is free, 448 00:24:06,119 --> 00:24:12,000 Speaker 1: free for these schools, kids, parents to use. And when 449 00:24:12,000 --> 00:24:19,520 Speaker 1: it's free, um, you've got more under resourced districts utilizing it. Well. 450 00:24:19,560 --> 00:24:22,600 Speaker 1: I'm a big proponent in technology. I think technology is 451 00:24:22,640 --> 00:24:27,399 Speaker 1: a great equalizer in terms of education outcomes, But we 452 00:24:27,520 --> 00:24:30,920 Speaker 1: are not regulating these companies, and we are not regulating 453 00:24:31,080 --> 00:24:35,679 Speaker 1: safety and these safeguards within these technology products. And so 454 00:24:36,400 --> 00:24:38,800 Speaker 1: I think that when they say these things are free, 455 00:24:39,600 --> 00:24:42,359 Speaker 1: we really need a question. Why is it that that 456 00:24:42,560 --> 00:24:46,639 Speaker 1: is the nature of the deal. Nothing is free. Um, 457 00:24:46,720 --> 00:24:49,440 Speaker 1: what we're signing up as parents and as educator and 458 00:24:49,480 --> 00:24:54,119 Speaker 1: as lawmakers is his technology primarily benefits students. But what 459 00:24:54,200 --> 00:24:57,560 Speaker 1: the Google is not telling our teachers and our administrators 460 00:24:58,040 --> 00:25:01,400 Speaker 1: is that they're tracking valuable day behavioral data of these 461 00:25:01,440 --> 00:25:04,720 Speaker 1: students and then where they're using it to sell this 462 00:25:04,920 --> 00:25:08,800 Speaker 1: valuable data to other companies. And I think I think 463 00:25:08,840 --> 00:25:11,359 Speaker 1: that's the immoral question that needs to happen. You know, 464 00:25:11,359 --> 00:25:13,280 Speaker 1: when I'm an old man, so when I used to 465 00:25:13,280 --> 00:25:16,679 Speaker 1: play Atari and I used to play video games, my 466 00:25:16,800 --> 00:25:19,360 Speaker 1: expectation was not that they were tracking me and then 467 00:25:19,359 --> 00:25:22,560 Speaker 1: going to go sell my data to other companies. That's 468 00:25:22,600 --> 00:25:27,000 Speaker 1: a question that I think lawmakers have failed to grapple. So, 469 00:25:28,119 --> 00:25:30,720 Speaker 1: you know, easy to say there needs to be regulation, 470 00:25:30,800 --> 00:25:33,000 Speaker 1: but the bigger question is how I'm curious what you 471 00:25:33,040 --> 00:25:35,840 Speaker 1: think of the American Innovation and Choice Online Act, which 472 00:25:35,880 --> 00:25:38,600 Speaker 1: is waiting for a vote in the Senate. You mentioned 473 00:25:38,600 --> 00:25:40,800 Speaker 1: earlier that a lot of lawmakers are just having trouble 474 00:25:41,440 --> 00:25:44,320 Speaker 1: trying to figure out how to use their iPhones. Do 475 00:25:44,359 --> 00:25:48,440 Speaker 1: you agree with how lawmakers are looking at regulating big 476 00:25:48,480 --> 00:25:53,359 Speaker 1: tech right now? Is there agreement between Congress and prosecutors 477 00:25:53,359 --> 00:25:57,960 Speaker 1: across the country? You know there is not. Um there's 478 00:25:58,359 --> 00:26:02,000 Speaker 1: consequential debates always going on between prosecutors and members of 479 00:26:02,040 --> 00:26:06,240 Speaker 1: Congress who should own the data, who regulates, and who 480 00:26:06,240 --> 00:26:09,760 Speaker 1: really should profit? I ultimately think that this all these 481 00:26:09,760 --> 00:26:12,160 Speaker 1: complex questions need to be shifted over to a much 482 00:26:12,200 --> 00:26:17,120 Speaker 1: simpler question. We are a nation where we all own property. 483 00:26:17,359 --> 00:26:20,200 Speaker 1: I own my automobile, I own my home, I pay 484 00:26:20,280 --> 00:26:24,000 Speaker 1: my taxes. The real question technology companies and member of 485 00:26:24,000 --> 00:26:26,840 Speaker 1: Congress and prosecutors need to to really come to the 486 00:26:26,840 --> 00:26:31,800 Speaker 1: table with is should I um make a profit or 487 00:26:31,960 --> 00:26:35,600 Speaker 1: be monetizing my own data? Why is it that I'm 488 00:26:35,680 --> 00:26:39,960 Speaker 1: using these technology services but I don't benefit in any 489 00:26:40,000 --> 00:26:43,040 Speaker 1: way financially? We are a great capitalist system. I think 490 00:26:43,080 --> 00:26:46,200 Speaker 1: a lot will be worked out once we figure out 491 00:26:46,240 --> 00:26:50,000 Speaker 1: who really should own the data. Right now, we don't 492 00:26:50,000 --> 00:26:53,600 Speaker 1: own any of the data that these companies are securing, 493 00:26:53,640 --> 00:26:57,640 Speaker 1: and I think ultimately that capitalist model will be one 494 00:26:57,720 --> 00:27:00,160 Speaker 1: that really is what it's going to set the own 495 00:27:00,200 --> 00:27:05,360 Speaker 1: for regulation and policy in the future. So back to education, 496 00:27:06,000 --> 00:27:10,840 Speaker 1: post pandemic, big concern about learning laws and the learning 497 00:27:10,880 --> 00:27:13,199 Speaker 1: gap over the last couple of years. A new report 498 00:27:13,240 --> 00:27:16,639 Speaker 1: shows that there was the largest ever drop in reading 499 00:27:16,680 --> 00:27:21,639 Speaker 1: score since the first ever drop in math. New Mexico, 500 00:27:21,720 --> 00:27:24,439 Speaker 1: in particular, according to US News and World Report, is 501 00:27:24,440 --> 00:27:28,520 Speaker 1: in last place for education quality. Why do you think 502 00:27:28,560 --> 00:27:30,480 Speaker 1: that is, what can be done about it? And how 503 00:27:30,480 --> 00:27:37,639 Speaker 1: do you think tech can hopefully help? You know, traditionally 504 00:27:37,680 --> 00:27:41,040 Speaker 1: there's been a disconnect with educators have not been really 505 00:27:41,080 --> 00:27:45,560 Speaker 1: at this innovation conversation with technology. We've been consumers of it, 506 00:27:46,359 --> 00:27:50,560 Speaker 1: we've been fans, and we utilize these products, but we 507 00:27:50,640 --> 00:27:54,359 Speaker 1: really need to redesign education where technology is a tool, 508 00:27:55,040 --> 00:27:59,639 Speaker 1: but ultimately it's used as a great equalizer. And I 509 00:27:59,680 --> 00:28:05,080 Speaker 1: have hope that technology can improve reading, math, science scores. 510 00:28:05,960 --> 00:28:10,359 Speaker 1: But there's been a disconnect. UM. Technology companies are driven 511 00:28:10,400 --> 00:28:13,840 Speaker 1: by profits and innovation. They've really not been at the 512 00:28:13,880 --> 00:28:17,800 Speaker 1: forefront in terms of the design of educational services and 513 00:28:17,800 --> 00:28:21,600 Speaker 1: curriculum and so UM I think, you know, bringing all 514 00:28:21,640 --> 00:28:24,240 Speaker 1: of these parties together, I think we can make a 515 00:28:24,280 --> 00:28:29,840 Speaker 1: more efficient, streamline and affordable education system. But quite frankly, 516 00:28:29,880 --> 00:28:34,919 Speaker 1: we've been operating all in silos. All right, Attorney General 517 00:28:35,040 --> 00:28:37,560 Speaker 1: Hector Paul Daris of New Mexico, thank you for joining 518 00:28:37,640 --> 00:28:40,120 Speaker 1: us and sharing your perspective as a prosecutor to you, 519 00:28:40,720 --> 00:28:55,160 Speaker 1: I appreciate it. We may be just two years away 520 00:28:55,200 --> 00:29:04,320 Speaker 1: from the next big explosion in bitcoin prices. The bitcoin 521 00:29:04,360 --> 00:29:08,280 Speaker 1: supply model is nothing if not ingenious. If Satosha no Kamoto, 522 00:29:08,440 --> 00:29:12,360 Speaker 1: the mysterious creator of the original cryptocurrency, got anything right, 523 00:29:12,920 --> 00:29:16,280 Speaker 1: it's his model of ultimately fixed supply delivered at a 524 00:29:16,400 --> 00:29:21,240 Speaker 1: slowing tapering rate. Let me explain. One thing that makes 525 00:29:21,320 --> 00:29:24,680 Speaker 1: Bitcoin different from the average Ponsi scheme is that supply 526 00:29:25,000 --> 00:29:28,720 Speaker 1: is fixed. At the outset. There will only ever be 527 00:29:28,840 --> 00:29:33,760 Speaker 1: twenty one million bitcoin. That much is specified in the 528 00:29:33,760 --> 00:29:37,720 Speaker 1: original white paper and coded in the algorithm, and without 529 00:29:37,760 --> 00:29:41,680 Speaker 1: broad community consent, something that game theory suggests would be 530 00:29:41,720 --> 00:29:45,800 Speaker 1: hard to win. It can't be changed. But not only that, 531 00:29:46,320 --> 00:29:49,800 Speaker 1: the rate at which bitcoin approaches this cap is slashed 532 00:29:49,800 --> 00:29:54,600 Speaker 1: in half every four years or more accurately, the reward 533 00:29:54,680 --> 00:29:59,560 Speaker 1: paid to miners fermenting new bitcoin is cut in its infancy. 534 00:30:00,000 --> 00:30:02,880 Speaker 1: The reward for recording a unit of information on the 535 00:30:02,880 --> 00:30:07,760 Speaker 1: blockchain was fifty bitcoin, by that number had fallen to 536 00:30:07,840 --> 00:30:12,400 Speaker 1: six point two five, and Ino will be down to 537 00:30:12,520 --> 00:30:16,360 Speaker 1: three point one to five. And given that the rate 538 00:30:16,360 --> 00:30:19,480 Speaker 1: at which blocks on Mind is specified in advance at 539 00:30:19,480 --> 00:30:22,360 Speaker 1: a rate of about one every ten minutes, it's clear 540 00:30:22,440 --> 00:30:26,120 Speaker 1: to see that freshly mind bitcoin into circulation at a 541 00:30:26,120 --> 00:30:31,120 Speaker 1: diminishing rate. What's more, every supply Harvey cycle has been 542 00:30:31,200 --> 00:30:34,600 Speaker 1: met with parabolic rallies that started around the same time. 543 00:30:35,600 --> 00:30:38,720 Speaker 1: In the twelve months after the last event, prices rallied 544 00:30:38,760 --> 00:30:43,080 Speaker 1: as much as we're now about midway through the cycle, 545 00:30:43,120 --> 00:30:45,840 Speaker 1: and that's typically been a period when prices go soft, 546 00:30:46,520 --> 00:30:50,800 Speaker 1: and historically speaking, that's been a great time to buy. 547 00:30:51,000 --> 00:30:56,480 Speaker 1: I'm Middie vander Walt. This is the crypto. Cryptocurrencies and 548 00:30:56,520 --> 00:30:59,680 Speaker 1: blockchain technology have been pitched as an inevitable part of 549 00:31:00,000 --> 00:31:03,880 Speaker 1: our future. But are these highly volatile tokens a safe 550 00:31:03,880 --> 00:31:06,480 Speaker 1: bet for your retirement account. Let's ask one of the 551 00:31:06,520 --> 00:31:10,800 Speaker 1: most respected people in retirement investing, tech and policy, that 552 00:31:10,880 --> 00:31:13,480 Speaker 1: is Stacy Olivar. She's a member of the Federal Retirement 553 00:31:13,520 --> 00:31:16,600 Speaker 1: Thrift Investment Board, a senator proof position for a fund 554 00:31:16,600 --> 00:31:19,880 Speaker 1: that handled some eight hundred billion dollars in assets on 555 00:31:19,920 --> 00:31:21,719 Speaker 1: behalf of six and a half million people, and our 556 00:31:21,720 --> 00:31:25,200 Speaker 1: crypto contributortional I Bossi as well. So Stacy, should we 557 00:31:25,280 --> 00:31:29,280 Speaker 1: be putting bitcoin in our four oh one case? I 558 00:31:29,280 --> 00:31:33,000 Speaker 1: think we should be thinking about watching very seriously. And 559 00:31:33,040 --> 00:31:37,640 Speaker 1: I think of blockchain as an infrastructure technology, almost like 560 00:31:37,760 --> 00:31:42,960 Speaker 1: our freeway system, and cryptocurrency as the individual cars. As 561 00:31:43,040 --> 00:31:47,440 Speaker 1: our population grows and our data needs become more complex, 562 00:31:47,480 --> 00:31:50,440 Speaker 1: we are going to need a more robust infrastructure, and 563 00:31:50,440 --> 00:31:53,800 Speaker 1: that's where blockchain comes in. So investing in the underlying 564 00:31:53,840 --> 00:31:58,800 Speaker 1: technology can be very compelling. Now they're about ten thousand 565 00:31:58,880 --> 00:32:02,600 Speaker 1: different cryptocurencies, so I don't want to lump them altogether. 566 00:32:03,240 --> 00:32:07,440 Speaker 1: But at this time, when life expectancy is increasing and 567 00:32:07,480 --> 00:32:12,760 Speaker 1: we're seeing high inflation and really poor returns in the market, 568 00:32:12,840 --> 00:32:15,040 Speaker 1: we do need to look for alpha in other places. 569 00:32:15,280 --> 00:32:17,800 Speaker 1: I'm not saying this is ideal for a pension, because 570 00:32:18,560 --> 00:32:21,440 Speaker 1: overall there's a lot of volatility in the cryptocurrency space, 571 00:32:22,000 --> 00:32:24,200 Speaker 1: but I do think we need to look very seriously 572 00:32:24,240 --> 00:32:26,520 Speaker 1: a blockchain. I do want to talk more about the 573 00:32:26,520 --> 00:32:29,520 Speaker 1: tokens themselves, because you look at bitcoin, you look at ethereum, 574 00:32:29,600 --> 00:32:32,080 Speaker 1: and as long as I've been on this beat. There's 575 00:32:32,120 --> 00:32:35,800 Speaker 1: been a lot of asset managers courting pension funds to 576 00:32:35,840 --> 00:32:38,160 Speaker 1: really get them into the space, but we have not 577 00:32:38,360 --> 00:32:42,000 Speaker 1: seen that movement yet. So what would it take to 578 00:32:42,160 --> 00:32:46,840 Speaker 1: make pensions retirement systems comfortable with adding bitcoin or etherorum 579 00:32:46,840 --> 00:32:48,880 Speaker 1: if you just even narrow down to the two largest. 580 00:32:50,240 --> 00:32:53,560 Speaker 1: There would need to be clarity with accounting regulations. Right now, 581 00:32:53,600 --> 00:32:57,400 Speaker 1: it's unclear how to account for cryptocurrency and that creates 582 00:32:57,400 --> 00:33:00,480 Speaker 1: a lot of complication. They would also need to be 583 00:33:01,040 --> 00:33:06,520 Speaker 1: transparency in terms of they're reporting out to holders, out 584 00:33:06,520 --> 00:33:10,760 Speaker 1: to investors. That would need to be robust security. So 585 00:33:10,840 --> 00:33:15,200 Speaker 1: bitcoin has proven quite secure to date, other cryptocurrencies not 586 00:33:15,320 --> 00:33:19,120 Speaker 1: as much. We would also need clarity from the federal 587 00:33:19,160 --> 00:33:22,040 Speaker 1: government on how it's going to be regulated. Right now, 588 00:33:22,080 --> 00:33:25,240 Speaker 1: there's a build um in California's Assembly. I think it 589 00:33:25,320 --> 00:33:27,960 Speaker 1: just passed and it's on the governor's desk for signature. 590 00:33:28,880 --> 00:33:31,200 Speaker 1: You know, it's interesting because you do see more people 591 00:33:31,320 --> 00:33:33,400 Speaker 1: in Congress warming up to the idea of crypto. You 592 00:33:33,400 --> 00:33:35,800 Speaker 1: see a lot of money floating into Congress for the 593 00:33:35,840 --> 00:33:40,239 Speaker 1: idea of getting members of Congress comfortable with cryptocurrency. Do 594 00:33:40,280 --> 00:33:42,600 Speaker 1: you think that this is going to move the needle more. 595 00:33:42,680 --> 00:33:44,760 Speaker 1: Do you think the next election cycles when we're going 596 00:33:44,800 --> 00:33:48,080 Speaker 1: to see more movement in terms of that comfort that 597 00:33:48,120 --> 00:33:50,560 Speaker 1: people would really need to get more comfortable with all 598 00:33:50,560 --> 00:33:55,080 Speaker 1: the things. You're saying that longer term savings type money 599 00:33:55,120 --> 00:33:59,600 Speaker 1: into crypto, I don't know about that. I think that 600 00:33:59,640 --> 00:34:03,360 Speaker 1: crypto so right now has been uncorrelated from the election cycles, 601 00:34:03,400 --> 00:34:06,680 Speaker 1: although it is more correlated with overall capital markets. Now, 602 00:34:07,520 --> 00:34:12,120 Speaker 1: crypto tends to follow geopolitical events so much more global 603 00:34:12,280 --> 00:34:16,560 Speaker 1: nature rather than domestic US or local to for example, 604 00:34:16,640 --> 00:34:19,960 Speaker 1: to a state. So we've seen spikes in crypto as 605 00:34:20,000 --> 00:34:22,319 Speaker 1: it relates to what happened in Ukraine and money being 606 00:34:22,360 --> 00:34:26,279 Speaker 1: transferred UH to Ukrainians for aid when there have been 607 00:34:26,360 --> 00:34:29,920 Speaker 1: other issues geopolitically, for example, say there happens to be 608 00:34:30,000 --> 00:34:32,719 Speaker 1: some type of disaster, we'll see crypto being used there, 609 00:34:32,800 --> 00:34:36,120 Speaker 1: so we know about its use there. We know that 610 00:34:36,160 --> 00:34:38,200 Speaker 1: many people are adopting crypto all of the world and 611 00:34:38,320 --> 00:34:41,480 Speaker 1: is becoming a standard. It is not that yet the standard, 612 00:34:41,480 --> 00:34:43,880 Speaker 1: and I don't know that our election cycles are going 613 00:34:43,920 --> 00:34:48,680 Speaker 1: to affect that. How is the crypto crash impacted pension 614 00:34:48,760 --> 00:34:53,879 Speaker 1: funds more broadly, not as much as one would think. 615 00:34:54,120 --> 00:34:57,359 Speaker 1: So pension funds are subject to ARISKA, so they are 616 00:34:57,400 --> 00:35:01,560 Speaker 1: regulated on how they invest, and part of that tenant 617 00:35:01,680 --> 00:35:05,920 Speaker 1: of ARISSA is the prudent person rule. So the fiduciaries 618 00:35:06,000 --> 00:35:09,920 Speaker 1: of pension funds and of defined contribution funds have to 619 00:35:10,040 --> 00:35:13,000 Speaker 1: invest like a prudent person, which means they have to 620 00:35:13,080 --> 00:35:18,560 Speaker 1: consider the permanence of the fund, the amounts paid to beneficiaries, 621 00:35:18,560 --> 00:35:22,360 Speaker 1: and the duration of those payments, as well as risk mitigation. 622 00:35:23,719 --> 00:35:26,759 Speaker 1: There needs to be an optimization of return at a 623 00:35:26,840 --> 00:35:30,040 Speaker 1: time when the markets aren't performing. So there have been 624 00:35:30,080 --> 00:35:33,960 Speaker 1: some pensions who have invested in crypto, but they've invested 625 00:35:34,000 --> 00:35:36,800 Speaker 1: a very small percentage. In fact, I haven't seen a 626 00:35:36,840 --> 00:35:40,480 Speaker 1: pension that's invested in excess of one percent. And typically 627 00:35:40,560 --> 00:35:44,279 Speaker 1: when they invest it's in publicly traded companies that mind 628 00:35:44,280 --> 00:35:48,200 Speaker 1: crypto or hold crypto, so there's an additional layer of 629 00:35:48,760 --> 00:35:52,080 Speaker 1: reporting that they can review. It's interesting because you mentioned 630 00:35:52,120 --> 00:35:54,759 Speaker 1: that blockchain technologies where a lot of the investment needs 631 00:35:54,800 --> 00:35:56,920 Speaker 1: to happen. But I'm really curious about what you mean 632 00:35:56,960 --> 00:35:59,480 Speaker 1: by that, because on one hand, it's not like a 633 00:35:59,560 --> 00:36:01,480 Speaker 1: pension can sit there unload up on a lot of 634 00:36:01,560 --> 00:36:04,560 Speaker 1: venture capital wagers. But on the other hand, you do 635 00:36:04,680 --> 00:36:08,520 Speaker 1: see a lot of big companies taking blockchain and really 636 00:36:08,560 --> 00:36:12,400 Speaker 1: looking at ways to significantly change the existing markets as 637 00:36:12,440 --> 00:36:15,880 Speaker 1: we know it. The bond markets, the stock markets, mortgage markets, 638 00:36:16,080 --> 00:36:20,359 Speaker 1: all places that pensions invest very heavily in. So which 639 00:36:20,440 --> 00:36:22,640 Speaker 1: side of that equation do you think the most movement 640 00:36:22,680 --> 00:36:25,719 Speaker 1: is really going to be So, I think it will 641 00:36:25,800 --> 00:36:30,600 Speaker 1: be on their systems. Insurance companies going back to started 642 00:36:30,640 --> 00:36:34,439 Speaker 1: to invest in blockchain technology. I remember some insurers doing 643 00:36:34,480 --> 00:36:38,840 Speaker 1: paper and pencil claims processing, very expensive, very error prone. 644 00:36:39,239 --> 00:36:44,080 Speaker 1: There are private, permissioned block chains and several insurers started 645 00:36:44,120 --> 00:36:46,759 Speaker 1: to adopt those so that way they could see the 646 00:36:46,880 --> 00:36:51,720 Speaker 1: entire claims process on the chain, make sure it was immutable, 647 00:36:52,000 --> 00:36:55,919 Speaker 1: and get the payment processed more quickly with few, if 648 00:36:56,040 --> 00:36:59,439 Speaker 1: no errors. So there's that type of infrastructure available. When 649 00:36:59,440 --> 00:37:03,680 Speaker 1: it comes to pensions again, they might have millions of members, 650 00:37:04,200 --> 00:37:07,560 Speaker 1: many different changes to address to payments, and if there 651 00:37:07,719 --> 00:37:13,160 Speaker 1: was a robust blockchain technology underlying that process, I think 652 00:37:13,280 --> 00:37:19,759 Speaker 1: it would be more efficient and less costly. Alright, fascinating stuff. Uh. 653 00:37:19,920 --> 00:37:24,080 Speaker 1: Stacy LaVar's Federal Retirement Thrift Investment Board member, along with 654 00:37:24,080 --> 00:37:35,680 Speaker 1: our own Chili BOSSI Thank you both. Apple set to 655 00:37:35,680 --> 00:37:38,719 Speaker 1: announce the iPhone fourteen and new Apple Watches at its 656 00:37:38,719 --> 00:37:41,680 Speaker 1: far Out event, all sharing in major upgrades to its 657 00:37:41,680 --> 00:37:45,520 Speaker 1: smartphone and smart watch lines ahead of a very important 658 00:37:45,600 --> 00:37:49,399 Speaker 1: holiday shopping season. The iPhone fourteen will continue to come 659 00:37:49,400 --> 00:37:53,440 Speaker 1: in four models, too regular and two pro. Both versions 660 00:37:53,480 --> 00:37:55,680 Speaker 1: will come in six point one in six point seven 661 00:37:55,680 --> 00:38:00,799 Speaker 1: inch sizes and differentiate in terms of performance, screen technology, materials, 662 00:38:00,840 --> 00:38:04,200 Speaker 1: and cameras. All the new phones will look similar to 663 00:38:04,239 --> 00:38:07,920 Speaker 1: the iPhone thirteen, including aluminum sides on the entry models 664 00:38:07,960 --> 00:38:11,440 Speaker 1: in stainless steel on the more premium versions. The only 665 00:38:11,440 --> 00:38:14,359 Speaker 1: real design changes will come to the pro models. Those 666 00:38:14,360 --> 00:38:16,719 Speaker 1: phones will see the notch replaced with smaller cutouts or 667 00:38:16,760 --> 00:38:19,880 Speaker 1: face I D and the front facing camera system. The 668 00:38:19,960 --> 00:38:22,680 Speaker 1: pro phones will also gain a new fort at megapixel 669 00:38:22,719 --> 00:38:25,200 Speaker 1: wide angle camera on the back, in addition to a 670 00:38:25,280 --> 00:38:29,920 Speaker 1: faster A sixteen processor. In contrast, their regular phones won't 671 00:38:29,960 --> 00:38:33,080 Speaker 1: see as significant camera changes and will continue to use 672 00:38:33,120 --> 00:38:37,040 Speaker 1: the A fifteen chip from last year's iPhone thirteen. The 673 00:38:37,080 --> 00:38:39,880 Speaker 1: iPhone fourteen Pro line will also get a new always 674 00:38:39,880 --> 00:38:43,240 Speaker 1: on display for lock screen widgets, gaining a standard feature 675 00:38:43,239 --> 00:38:46,720 Speaker 1: found on many Android devices for the Apple Watch, Apple's 676 00:38:46,760 --> 00:38:49,880 Speaker 1: planning a new Apple Watch sc with a faster processor, 677 00:38:50,320 --> 00:38:52,799 Speaker 1: and Apple Watch Series eight that looks mostly like the 678 00:38:52,840 --> 00:38:55,600 Speaker 1: Series seven that will add a new body temperature sensor, 679 00:38:55,960 --> 00:38:59,239 Speaker 1: as well as the company's first Apple Watch Pro, the 680 00:38:59,280 --> 00:39:01,080 Speaker 1: new high End Wall, which we'll ad a bigger display, 681 00:39:01,520 --> 00:39:04,360 Speaker 1: better battery life in a new design complete with a 682 00:39:04,400 --> 00:39:08,080 Speaker 1: rugged aluminum case. I'm Mark Erman. This is power On 683 00:39:11,880 --> 00:39:14,680 Speaker 1: and you can subscribe to Mark's weekly power On newsletter 684 00:39:14,760 --> 00:39:18,240 Speaker 1: at Bloomberg dot com. We will be live from Apple 685 00:39:18,280 --> 00:39:21,759 Speaker 1: Park next Wednesday four that iPhone launch and bring you 686 00:39:22,000 --> 00:39:24,239 Speaker 1: all the news you need to know throughout the day. 687 00:39:25,000 --> 00:39:27,279 Speaker 1: And that does it for the sedition of Bloomberg Technology