WEBVTT - BI Weekend: Nuclear Outlook, Satellite Data, Equality 0:00:01.520 --> 0:00:05.680 This is Bloomberg Intelligence with Alex Steel and Paul Sweeney. 0:00:05.760 --> 0:00:09.000 The real op performance has been in US corporate high yield. 0:00:09.160 --> 0:00:11.480 Are the companies lean enough? Have they trimmed all the facts? 0:00:11.600 --> 0:00:15.200 The semiconductor business is a really cyclical business. 0:00:14.840 --> 0:00:18.560 Breaking market headlines and corporate news from across the globe. 0:00:18.600 --> 0:00:21.040 Do investors like the M and A that we've seen? 0:00:21.239 --> 0:00:22.200 These are two. 0:00:22.120 --> 0:00:24.200 Big time blue chip companies. 0:00:24.480 --> 0:00:28.200 Window between the peak and cunt changing super fast. 0:00:28.120 --> 0:00:33.160 Bloomberg Intelligence with Alex Steele and Paul Sweeney on Bloomberg Radio. 0:00:34.200 --> 0:00:36.360 It's based Bloomberg Intelligence Show. We dig inside the big 0:00:36.400 --> 0:00:38.640 business stories impacting Wall Street and the global markets. 0:00:38.720 --> 0:00:40.640 Each and every week we provide in depth research and 0:00:40.720 --> 0:00:42.519 data on some of the two thousand companies and one 0:00:42.560 --> 0:00:45.120 hundred and thirty industries our analysts cover worldwide. 0:00:45.240 --> 0:00:47.360 Today, we'll look at how AI and satellite data are 0:00:47.400 --> 0:00:48.880 redefining weather forecasting. 0:00:48.920 --> 0:00:51.839 Plus June is Pride Month. Then will highlight pass segments 0:00:51.840 --> 0:00:53.320 on topics related to equality. 0:00:53.520 --> 0:00:55.240 But first we begin with the energy section. 0:00:55.320 --> 0:00:59.400 We recently looked at the company in Energy. In Energy develops, builds, owns, 0:00:59.400 --> 0:01:02.240 and operates power generation and energy storage projects in the 0:01:02.280 --> 0:01:03.680 America's Europe and Asia. 0:01:03.960 --> 0:01:06.880 The company recently announced the successful commissioning of a solar 0:01:06.959 --> 0:01:09.160 energy plant in Ohio, which will be run under a 0:01:09.200 --> 0:01:10.399 power purchase agreement with. 0:01:10.400 --> 0:01:13.160 Microsoft, and back in December, Meta Platforms announced it's signed 0:01:13.160 --> 0:01:16.120 four contracts with in Energy for seven hundred and sixty 0:01:16.160 --> 0:01:17.440 megawats of clean energy. 0:01:17.680 --> 0:01:20.479 For more on in Energy and the challenges it's facing, 0:01:20.520 --> 0:01:23.399 we were joined by the company's founder and CEO, Michael Polsky. 0:01:23.720 --> 0:01:26.160 We first asked Michael, just how hard it is to 0:01:26.160 --> 0:01:28.160 get agreements with hyperscalers right now? 0:01:28.640 --> 0:01:31.360 These are large scale agreements, so it's not easy to 0:01:31.640 --> 0:01:35.559 just walk in and these are big deals. So first 0:01:35.560 --> 0:01:38.520 of all, we have to make sure that both sides 0:01:38.560 --> 0:01:42.160 so that we agree on that. You know, suppliers have 0:01:42.240 --> 0:01:46.600 sufficient supplies and buyer satisfy bio requirements is what is 0:01:46.640 --> 0:01:51.680 also important that certain reliability standards are being mad and 0:01:52.520 --> 0:01:55.960 most importantly, the price has to be appropriate for a 0:01:56.000 --> 0:01:57.840 buyer to agree to buy this. 0:01:58.720 --> 0:02:02.760 Michael, is the Trump administration making your business, the development 0:02:02.800 --> 0:02:06.400 of your business, the expansion of your business easier more difficult? 0:02:06.720 --> 0:02:08.520 Noble impact? Yet what have you seen? 0:02:09.480 --> 0:02:14.440 Clearly the administration send very right sign President announced Energy emergency, 0:02:14.440 --> 0:02:17.200 which I believe there is an energy emergency because we 0:02:17.360 --> 0:02:20.000 have to build. There is increased demand and we have 0:02:20.120 --> 0:02:23.240 to build more supplies and more supplies we have to build. 0:02:23.360 --> 0:02:25.359 If we build like we used to do it, it 0:02:25.400 --> 0:02:29.040 would take too long. So it's really an emergency. So 0:02:29.200 --> 0:02:31.840 we try to in energy, we try to build as 0:02:31.919 --> 0:02:36.920 much supply as possible. What is also very important, not 0:02:37.080 --> 0:02:40.800 just supply, but transmission. I mean, one of one of 0:02:40.840 --> 0:02:44.280 our biggest developments right now and what we believe is 0:02:44.320 --> 0:02:47.680 critical to meet sort of this emergency is to build 0:02:47.720 --> 0:02:52.080 more transmission lines. I always like to say that, you know, 0:02:52.160 --> 0:02:54.760 if we build more trucks without roads, we're not going 0:02:54.840 --> 0:02:55.760 to deliver goods. 0:02:55.800 --> 0:02:56.840 So in order for. 0:02:56.840 --> 0:02:59.560 Electrons to move, we need transmission lines. And if we 0:02:59.600 --> 0:03:04.920 have mission then we can shorten time to interconnect facility. 0:03:05.000 --> 0:03:06.840 We have to be able to move power from where 0:03:06.880 --> 0:03:09.800 it's produced to where it's used, and I think we can. 0:03:10.040 --> 0:03:13.799 We can really build infrastructure a lot faster here and 0:03:13.880 --> 0:03:14.920 with a lot more impact. 0:03:15.560 --> 0:03:17.880 I mean, to your point, go Goldmen Sachs talking about 0:03:17.880 --> 0:03:20.239 how power is already tight in the Northeast. There was 0:03:20.240 --> 0:03:22.840 a report that said the development of data centers to 0:03:22.880 --> 0:03:25.840 the largest US grid, and PGM is raising costs by 0:03:25.840 --> 0:03:27.919 almost ten billion because we just can't build it out 0:03:27.960 --> 0:03:32.440 fast enough. What's the biggest hurdle to reimagining transmission. 0:03:33.400 --> 0:03:37.400 I think there are multiple. One is obviously permitting because 0:03:37.440 --> 0:03:39.160 it takes forever permit. 0:03:38.920 --> 0:03:41.200 And supposedly that's all going to be fixed. Now has 0:03:41.200 --> 0:03:42.000 that all been fixed? 0:03:42.200 --> 0:03:45.400 I mean it's in the process. Obviously there are there 0:03:45.400 --> 0:03:48.440 are good announcements. We have to see as a business, 0:03:48.440 --> 0:03:51.120 we have to see how it's going to be im implemented, 0:03:51.160 --> 0:03:54.640 because implementation is very important. But it's not just permitting. 0:03:54.920 --> 0:03:57.800 I think transmission has to be appropriately paid for and 0:03:57.960 --> 0:04:00.960 right now, particularly for low on this transmission, we don't 0:04:00.960 --> 0:04:03.839 have a metadology in this country how to pay for transmission. 0:04:04.240 --> 0:04:06.440 So there is a lot of you know, intention to 0:04:06.520 --> 0:04:09.880 build and the only really transmission being built the one 0:04:09.920 --> 0:04:13.760 that recovered by utilities or rtos through the rate payer. 0:04:13.960 --> 0:04:17.159 You know, the moment you touch something that is not 0:04:17.279 --> 0:04:21.800 typically normal, then it's very difficult. So we have to 0:04:21.920 --> 0:04:26.000 really come up with appropriate methodology to value transmission and 0:04:26.040 --> 0:04:29.200 allocate the cost of transmission. I think, in my opinion, 0:04:29.279 --> 0:04:31.880 for this administration for Department of Energy that should be 0:04:31.920 --> 0:04:36.080 really one of the most important tasks to build our infrastructure. 0:04:36.480 --> 0:04:38.680 I did read a book The Grid, so it took 0:04:38.720 --> 0:04:40.560 me a whole summer to get through it, and it 0:04:40.600 --> 0:04:41.960 was not an easy read. But I think I have 0:04:42.000 --> 0:04:45.960 some understanding of it. What's your sense overall of power 0:04:46.360 --> 0:04:50.640 grid in the United States? How good is it, how 0:04:50.680 --> 0:04:52.600 bad is it? How much investment does it need? 0:04:53.320 --> 0:04:53.560 You know? 0:04:53.680 --> 0:04:56.279 Obviously, you know there are there are a lot of 0:04:56.320 --> 0:04:59.760 discussions about greater right now the world being used like 0:04:59.760 --> 0:05:03.920 an antiquated all not reliable, which is which is true 0:05:03.920 --> 0:05:06.440 in many ways because most of our gride has been 0:05:06.480 --> 0:05:11.120 built thirty forty years ago, and and there are a 0:05:11.120 --> 0:05:13.919 lot of change since then. I mean, for example, we 0:05:14.040 --> 0:05:17.760 used to have very centralized way of generated electricity from 0:05:17.920 --> 0:05:23.200 very large cold nuclear you know sometimes gas power plants. 0:05:23.240 --> 0:05:26.239 Now we have a lot more decentralized generation. Number one. 0:05:26.640 --> 0:05:29.880 Another issue is that we have our weather pattern has changed. 0:05:29.920 --> 0:05:32.960 I mean now we have a lot more you know 0:05:33.080 --> 0:05:36.480 in claimant weather. We have ice storms, what we've seen 0:05:36.520 --> 0:05:41.920 in Texas, we have we have floods, we have other 0:05:42.839 --> 0:05:48.680 weather events, which shows that generation itself is susceptible. We 0:05:48.760 --> 0:05:53.640 cannot make hundred percent sort of guaranteed generations. So how 0:05:53.680 --> 0:05:57.480 to deal with this? We have to create connect like 0:05:57.520 --> 0:06:00.920 I like to call larger geographies, so power can move 0:06:00.920 --> 0:06:03.359 from here to there, just like coroans. Right, if we 0:06:03.440 --> 0:06:06.080 only go from here to there on one road and 0:06:06.120 --> 0:06:08.120 that's something to happened with that road, then we cannot 0:06:08.480 --> 0:06:11.880 avoid that, then all the traffic will be stopped for days. 0:06:12.040 --> 0:06:16.160 We can avoid this, so we we have to have transmission. 0:06:16.240 --> 0:06:19.040 So based on that, you said the sort of financing 0:06:19.240 --> 0:06:22.840 this transmission is key. How would that work? I get 0:06:22.880 --> 0:06:25.360 it for the you know, regulated utilities, but if you 0:06:25.400 --> 0:06:28.680 want a transmission line across multiple states, how could the 0:06:28.680 --> 0:06:31.440 financing work to make sense for an independent player like you? 0:06:31.880 --> 0:06:35.520 This is a fundamental problem here, right. We know we 0:06:35.640 --> 0:06:37.960 in the United States we talk about the reliability, we 0:06:38.080 --> 0:06:42.400 talk about national security, but for example, we develop in 0:06:42.520 --> 0:06:47.719 large transmission line and which dramatically increase reliability. But then 0:06:47.760 --> 0:06:51.680 you go to the rtos like myso and ask them 0:06:51.720 --> 0:06:55.160 to value reliability, and they just don't value this because 0:06:55.480 --> 0:06:57.719 neither they know how to do it or they simply 0:06:58.040 --> 0:07:00.680 don't want to do it. So this is a fundamental 0:07:00.680 --> 0:07:04.280 problem that you know when you have when you build transmission. 0:07:04.680 --> 0:07:07.360 For example, in our case Grain Belt Express, it's eleven 0:07:07.440 --> 0:07:10.320 billion dollar project. We have to have revenues associ in 0:07:10.400 --> 0:07:13.160 order to finance this, and if nobody wants to pay 0:07:13.160 --> 0:07:16.240 for anything, it's really hard. So I think it's it 0:07:16.280 --> 0:07:19.280 should be a priority for the government to really establish 0:07:19.320 --> 0:07:21.160 revenue streams for transmission. 0:07:21.800 --> 0:07:24.880 Thanks to Inventergy founder and CEO Michael Polsky. 0:07:24.760 --> 0:07:27.040 Each week we look at research from Bloomberg ne EF 0:07:27.080 --> 0:07:29.000 previously known as New Energy Finance. 0:07:29.200 --> 0:07:31.800 They're the team at Bloomberg that tracks and analyzes the 0:07:31.880 --> 0:07:36.000 energy transition from commodities to power, transport, industries, buildings, and 0:07:36.080 --> 0:07:37.200 agricultural sectors. 0:07:37.240 --> 0:07:39.960 This week we looked at BNF's outlook for nuclear energy. 0:07:40.120 --> 0:07:43.040 Within the last month, President Donald Trump announced four executive 0:07:43.120 --> 0:07:45.880 orders aimed at revitalizing nuclear energy in the US. 0:07:46.080 --> 0:07:48.840 For more, we spoke with Chris Gadomski, b n e 0:07:48.960 --> 0:07:50.880 F Lead nuclear analyst, and. 0:07:50.880 --> 0:07:53.480 We first asked Chris if the Trump administration's recent nuclear 0:07:53.520 --> 0:07:54.880 policies are actually going to work. 0:07:55.520 --> 0:07:58.600 You know, there's a big difference between policy push and 0:07:58.800 --> 0:08:02.600 market pull. Policy push is probably very very effective for 0:08:02.680 --> 0:08:07.320 renewable technologies, but when you think about building nuclear power plants. 0:08:07.520 --> 0:08:12.400 That's a pretty substantial decision that the utility CEO has 0:08:12.440 --> 0:08:16.280 to make, and it's something that the hyperscalers are looking 0:08:16.280 --> 0:08:19.280 at very seriously. So you can set the stage for 0:08:19.720 --> 0:08:23.200 having these very favorable policy initiatives. But whether or not 0:08:23.280 --> 0:08:26.080 the utility executive who's only in charge, who's running the 0:08:26.200 --> 0:08:29.360 utility for only seven eight years, decides, hey, I'll build 0:08:29.360 --> 0:08:32.520 a couple of large reactors, that's a pretty daunting thing 0:08:32.559 --> 0:08:35.640 for him to do, especially given an experience here where 0:08:35.640 --> 0:08:39.360 we spend thirty four billion dollars building two point two 0:08:39.400 --> 0:08:42.480 gigots of capacity in Georgia. 0:08:42.559 --> 0:08:44.920 Do we need the big plants that we're all used 0:08:44.960 --> 0:08:48.480 to or do we need this modular thing That technology 0:08:48.480 --> 0:08:49.280 looks interesting to me. 0:08:49.880 --> 0:08:53.760 It certainly is, and we'll probably see small module reactors 0:08:53.800 --> 0:08:58.000 operating in Canada by the turn of the decade. I 0:08:58.040 --> 0:09:01.040 was going to say, turn the centu oh wit decade, 0:09:01.480 --> 0:09:04.880 and we'll probably see shortly thereafter some in Michigan as well, 0:09:05.520 --> 0:09:09.880 three hundred megawatt reactors. The advantage of this is that 0:09:10.360 --> 0:09:12.640 to go from first of a kind cost to end 0:09:12.679 --> 0:09:16.120 of a kind cost for small major reactors, you need 0:09:16.160 --> 0:09:18.800 to sort of it get some experience behind just set 0:09:18.840 --> 0:09:22.240 up by manufacturing facilities and sort of each one becomes 0:09:22.280 --> 0:09:26.320 progressively cheaper. And so it's much easier to do that 0:09:26.360 --> 0:09:28.600 with a small modu reactor than it is with a 0:09:28.679 --> 0:09:31.959 large reactor because it's a very very difficult decision and 0:09:32.080 --> 0:09:37.520 onerous position for utility executive to say, I'll build a 0:09:37.640 --> 0:09:40.040 very very large capital improvement here. That's going to take 0:09:40.360 --> 0:09:41.480 seven to ten years. 0:09:41.920 --> 0:09:44.439 So it's very daunting, which is why with the hyperscalers 0:09:44.440 --> 0:09:46.760 that's a question mark, right, because they need power yesterday, 0:09:47.040 --> 0:09:49.480 so they're not going to wait seven years for a 0:09:49.480 --> 0:09:51.920 plant to be built. And that's like the good case 0:09:51.960 --> 0:09:53.160 scenario is seven years. 0:09:53.200 --> 0:09:56.120 Right for the large reactors, certainly, I mean it took 0:09:56.240 --> 0:09:59.079 Vogel four years of licensing and ten years of construction, 0:09:59.320 --> 0:10:02.720 so you pay twenty five thirty percent of that, you know, 0:10:02.760 --> 0:10:06.600 the Department of Energy suggests thirty percent decline in the cost. 0:10:07.080 --> 0:10:10.480 Hopefully that will reduced the time to construct. But I 0:10:10.520 --> 0:10:13.240 think that the way to go is the smaller mojor 0:10:13.280 --> 0:10:17.559 reactors because they're more flexibility. Another big concern for hyperscalers 0:10:17.640 --> 0:10:21.600 is they want reliability, and large reactors small reactors all 0:10:21.640 --> 0:10:25.320 have episodes occasionally, and if you have a thousand megawatt 0:10:25.400 --> 0:10:28.680 reactor the size to what the Westinghouse eighty one thousand, 0:10:29.040 --> 0:10:31.520 and you'll lose that You're in a position you have 0:10:31.559 --> 0:10:34.640 to scramble to replace that power. If you have three 0:10:34.720 --> 0:10:37.880 or four three hundred megawatt reactors and one of them 0:10:37.920 --> 0:10:40.960 goes down for maintenance or so, it's easier to bridge 0:10:40.960 --> 0:10:45.360 that gap three hundred. So it's a it's an interesting 0:10:45.440 --> 0:10:49.200 dilemma that all the utilities the hyperscalers are facing. 0:10:49.360 --> 0:10:52.239 Is there any reason that the US could not model 0:10:52.880 --> 0:10:57.559 what Canada is doing here? Is that just a regulatory issue? 0:10:57.840 --> 0:11:01.600 You know, regulatory issue. The US has the gold standard 0:11:01.760 --> 0:11:05.880 in nuclear regulations, and the Trump administration would like to 0:11:05.960 --> 0:11:08.679 sort of make it easier to license some of the reactors. 0:11:08.720 --> 0:11:10.839 And it's a very very daunting thing when you when 0:11:10.880 --> 0:11:14.320 a company that newse Scale is the only company that 0:11:14.400 --> 0:11:18.600 has licenses technology of late and they spend, according to 0:11:18.640 --> 0:11:21.440 the CEO, five hundred million dollars in the process took 0:11:21.520 --> 0:11:26.600 forty four months. That's a pretty big roadblock for these vendors. 0:11:26.640 --> 0:11:30.080 New vendors who are trying to introduce innovative technologies. 0:11:30.520 --> 0:11:33.360 Okay, could we see something like the SMR so the 0:11:33.400 --> 0:11:37.599 small modular reactors behind the meter at a hyperscaler so 0:11:38.240 --> 0:11:40.959 basically not connected to the grid, its own small little 0:11:41.040 --> 0:11:43.439 SMR that's hooked up to like a meta facility. 0:11:43.520 --> 0:11:45.680 There's a lot of discussion about doing that. One of 0:11:45.720 --> 0:11:48.560 the problems with nuclear reactors is that you need to 0:11:48.640 --> 0:11:52.120 have some sort of it's preferable to be hooked to 0:11:52.160 --> 0:11:55.000 the grid, and one reason is safety is that in 0:11:55.040 --> 0:11:57.680 case something goes wrong, you need some source of power 0:11:57.720 --> 0:12:02.320 to keep the island. So that's something that's been kicked around. 0:12:02.360 --> 0:12:06.000 People are thinking about exploring that. But you know, a 0:12:06.120 --> 0:12:08.839 large reactor of three hundred megawats plus is probably going 0:12:08.880 --> 0:12:11.120 to be connected to the grid. Some of the smaller 0:12:11.160 --> 0:12:13.800 reactors in the fifty to one hundred mego lot may 0:12:13.840 --> 0:12:17.280 be a different story. But that issue about having access 0:12:17.320 --> 0:12:19.040 to the grid to cool it in case something goes 0:12:19.040 --> 0:12:20.120 wrong is important. 0:12:20.600 --> 0:12:24.240 Our thanks to Chris Kadomski be any lead nuclear analyst. 0:12:24.360 --> 0:12:26.720 Coming up, we'll look at the challenges faced by black 0:12:26.800 --> 0:12:27.560 US farmers. 0:12:27.640 --> 0:12:30.480 You're listening to Bloomerg Intelligence on Bloomberg Radio, providing in 0:12:30.520 --> 0:12:32.720 depth research and data on two thousand companies and one 0:12:32.800 --> 0:12:35.760 hundred and thirty industries. You can access Bloomberg Intelligence via 0:12:35.840 --> 0:12:37.640 b I go on the terminal on Paul. 0:12:37.520 --> 0:12:39.800 Swinging an a Malex Steel and this is Bloomberg. 0:12:42.800 --> 0:12:45.400 Out here in the middle of all these acres. It 0:12:45.440 --> 0:12:48.200 can feel like you're the only person on earth. And 0:12:48.280 --> 0:12:52.640 sometimes that's how it feels when you're going through tough times, trouble, sleeping, 0:12:53.200 --> 0:12:56.680 your mind racing. So what do we do We get help? 0:12:57.280 --> 0:12:59.679 There are people in our community who are here for us. 0:13:00.160 --> 0:13:03.040 Sometimes just talking to someone can make all the difference 0:13:03.040 --> 0:13:05.760 in the world. Find more information at Love your Mind 0:13:05.800 --> 0:13:09.640 Today dot org. That's Loveyourmind Today dot org. Brought to 0:13:09.640 --> 0:13:12.120 you by the Huntsman Man twelfth Institute and the AD Council. 0:13:12.559 --> 0:13:16.480 This is the Bloomberg Green Report. Damage related to climate 0:13:16.559 --> 0:13:20.200 change costs the United States nearly one trillion dollars over 0:13:20.240 --> 0:13:23.199 a twelve month period that ended May first. That is, 0:13:23.240 --> 0:13:27.640 according to a Bloomberg Intelligence analysis. The spending represents three 0:13:27.679 --> 0:13:31.719 percent of the gross domestic product. Disaster recovery accounts for 0:13:31.760 --> 0:13:34.599 a big share of the climate change related spending. The 0:13:34.720 --> 0:13:38.719 National Oceanic and Atmospheric Administration says the back to back 0:13:38.840 --> 0:13:43.199 hurricanes Helene and Milton caused one hundred and thirteen billion 0:13:43.240 --> 0:13:46.680 dollars in damage and in another sixty five billion for 0:13:46.760 --> 0:13:51.000 the Los Angeles wildfires. The report, titled the Climate Economy 0:13:51.080 --> 0:13:54.240 twenty twenty five Outlook, says the biggest drivers of the 0:13:54.320 --> 0:13:58.080 trend in the US are insurance premiums. They've doubled since 0:13:58.120 --> 0:14:03.760 twenty seventeen. Increased climate costs from insurance premiums, power outages, 0:14:03.800 --> 0:14:07.960 disaster recovery, and uninsured damage are responsible for more than 0:14:08.000 --> 0:14:12.160 a third of US GDP growth since two thousand. Jeff Bellinger, 0:14:12.200 --> 0:14:13.640 Bloomberg Radio. 0:14:15.400 --> 0:14:18.920 You're listening to Bloomberg Intelligence with Alex Steele and Paul 0:14:18.960 --> 0:14:20.880 Sweeney on Bloomberg Radio. 0:14:21.720 --> 0:14:24.760 We recently looked at the company spire Global, which trades 0:14:24.840 --> 0:14:27.040 under Nasdaq ticker spir. 0:14:27.360 --> 0:14:30.000 It's a space power, data and analytics company that offers 0:14:30.040 --> 0:14:33.680 access to data sets and insights about Earth, oceans, and atmosphere. 0:14:33.720 --> 0:14:36.840 We are recently joined by spiro Global CEO Teresa Condor, 0:14:36.920 --> 0:14:39.080 and she discussed how it's AI and satellite data are 0:14:39.120 --> 0:14:40.600 redefining weather forecasting. 0:14:41.000 --> 0:14:43.440 First, ask Teresa, what the broad potential is for this 0:14:43.560 --> 0:14:44.640 kind of satellite market. 0:14:45.000 --> 0:14:47.440 What is interesting about what we do The satellites are 0:14:47.520 --> 0:14:50.480 very small, about the size of a little bread really 0:14:50.560 --> 0:14:54.480 going around there, very tiny, and they're packed with a 0:14:54.480 --> 0:14:58.040 bunch of different sensors, and those sensors collect in our 0:14:58.080 --> 0:15:02.000 satellite case radio frequency information that then lets us help 0:15:02.040 --> 0:15:05.240 customers make better decisions about what to do. So some 0:15:05.360 --> 0:15:08.800 examples of things are a collection of atmospheric weather data 0:15:08.880 --> 0:15:14.200 that then goes into weather forecasting that allows companies utility companies, 0:15:14.240 --> 0:15:17.640 for example, make better decisions about how they should protect 0:15:17.640 --> 0:15:19.960 their grid in the event of extreme weather such as 0:15:20.000 --> 0:15:23.840 a hurricane. In other cases, you can use satellite surveillance 0:15:23.920 --> 0:15:27.240 data and tracking around the aviation sector and aircraft to 0:15:27.320 --> 0:15:31.040 help have better efficient operations around airports and the movement 0:15:31.280 --> 0:15:34.960 of aircraft, and a whole host of other applications, including 0:15:34.960 --> 0:15:36.400 defense related applications. 0:15:36.520 --> 0:15:37.480 Who do you guys compete with? 0:15:38.440 --> 0:15:41.480 So that's always a difficult question because we're present in 0:15:41.600 --> 0:15:44.680 multiple different markets. Whether you think of whether in climate, 0:15:44.760 --> 0:15:48.000 you think of aviation, you think of space reconnaissance, and 0:15:48.040 --> 0:15:51.720 so we'll have certain different competitors in each of those spaces. 0:15:52.000 --> 0:15:54.360 Since you mentioned Planet Lab earlier, I'll have to say 0:15:54.360 --> 0:15:57.080 that planet is not usually a company that is considered 0:15:57.080 --> 0:16:01.320 a competitor because they're taking pictures, they're doing imaging versus 0:16:01.400 --> 0:16:05.160 what we do is this collection of electronic information and 0:16:05.280 --> 0:16:06.400 radio frequency data. 0:16:06.440 --> 0:16:09.360 So you both send data to customers from your satellites, 0:16:09.400 --> 0:16:11.520 but the type of data and how you collect the 0:16:11.600 --> 0:16:12.280 data is then. 0:16:12.200 --> 0:16:14.960 Different exactly and the type of use cases and the 0:16:15.000 --> 0:16:17.400 relevance of it. So you'll have customers that want both 0:16:17.440 --> 0:16:19.239 types of data that are complementary. 0:16:19.920 --> 0:16:21.640 What kind of stuff are you noticing right now, like 0:16:21.720 --> 0:16:25.480 what is some themes some broad stuff that you're telling 0:16:25.480 --> 0:16:26.160 your customers. 0:16:26.680 --> 0:16:29.400 So I think there's a lot of interest in defense 0:16:29.560 --> 0:16:33.240 and intelligence applications of satellites and in particular the type 0:16:33.240 --> 0:16:36.560 of RF type of technology that we have. Naturally, this 0:16:36.640 --> 0:16:39.760 comes out of the current geopolitical situation. You have a 0:16:39.760 --> 0:16:42.200 lot of stuff going on in the United States right now, 0:16:42.480 --> 0:16:45.600 and at the same time, really since February, you've had 0:16:45.800 --> 0:16:49.480 rest of world governments looking at increasing their defense budgets, 0:16:49.880 --> 0:16:53.960 having less expectation of reliance on the United States to 0:16:54.000 --> 0:16:56.440 defend them in terms of crisis. So there's a lot 0:16:56.440 --> 0:16:59.120 of interest in how the rest of world can develop 0:16:59.160 --> 0:16:59.920 their capabilities. 0:17:00.000 --> 0:17:02.720 We have customers around the world. Is the domestic us 0:17:02.720 --> 0:17:04.359 we do we have customers around this? Is the US 0:17:04.440 --> 0:17:05.240 government a customer? 0:17:05.400 --> 0:17:06.880 The US government is also a customer. 0:17:07.240 --> 0:17:09.320 Are the big one of the line share or you 0:17:09.520 --> 0:17:10.600 it's pretty diversified. 0:17:10.760 --> 0:17:15.320 We're actually quite diversified both between commercial company customers as 0:17:15.359 --> 0:17:18.880 well as a government and that can be civil agencies 0:17:18.960 --> 0:17:22.480 who buy our weather, weather, atmospheric data sets. And it 0:17:22.520 --> 0:17:25.359 can also be defense and intelligence and that's US and 0:17:25.440 --> 0:17:27.480 rest of world. So it's pretty well diversified. 0:17:27.480 --> 0:17:30.800 We've had companies ranging from McDonald's to I don't know 0:17:30.800 --> 0:17:34.720 what say AI is revolutionary revolutionizing their business. How is 0:17:35.080 --> 0:17:36.639 AI impacting the satellite business? 0:17:37.160 --> 0:17:40.879 So AI is also an important in term and topic 0:17:40.960 --> 0:17:43.920 in the satellite sector. There's a couple of areas where 0:17:43.920 --> 0:17:46.800 we find it interesting. The first is in weather forecasting, 0:17:46.880 --> 0:17:50.840 where we're doing AI based weather forecasting, specifically when we 0:17:50.960 --> 0:17:54.040 talk about sub seasonal forecasts, so going thirty forty five 0:17:54.119 --> 0:17:57.240 days in the future, where normal forecasting models aren't usually 0:17:57.400 --> 0:18:00.720 very good. The other areas are when it comes the satellites, 0:18:00.800 --> 0:18:03.480 are the processing of data and the ability to use 0:18:03.520 --> 0:18:06.439 AI to process them automatically and on orbit so you 0:18:06.440 --> 0:18:08.840 don't have to download all the data sets, as well 0:18:08.880 --> 0:18:12.240 as in the operations of the constellation overall, because if 0:18:12.240 --> 0:18:16.840 you have many, many satellites in orbit in various various 0:18:16.960 --> 0:18:20.280 orbital planes with lots of different sensors on them, having 0:18:20.440 --> 0:18:24.400 AI ability to manage that network is something quite interesting. 0:18:25.119 --> 0:18:26.639 I was going to say, you also had a contract 0:18:26.680 --> 0:18:28.480 with Space Force, right, Did I read that right? 0:18:28.640 --> 0:18:31.600 There was one that was just recently announced with Chase 0:18:31.640 --> 0:18:32.280 Force contract. 0:18:32.359 --> 0:18:32.960 How cool is that? 0:18:33.359 --> 0:18:33.600 I know? 0:18:34.520 --> 0:18:38.480 So how easy is it to come to deals with contracts? 0:18:38.520 --> 0:18:43.600 I would think that your services are highly needed right 0:18:43.640 --> 0:18:45.960 now as companies are trying to figure out where to 0:18:46.000 --> 0:18:50.160 build stuff, for example, or how to allocate their supply chains. 0:18:50.840 --> 0:18:54.160 So I think demand is very strong right now for 0:18:54.400 --> 0:18:58.320 both satellite data sets as it relates to climate or 0:18:58.359 --> 0:19:02.879 to better understanding increased weather variability. And there is also 0:19:03.119 --> 0:19:06.040 increasing demand what I mentioned on the defense and the 0:19:06.160 --> 0:19:10.240 intelligence side, and in particular as more and more countries 0:19:10.359 --> 0:19:13.240 look to how they build out their own sovereign capabilities, 0:19:13.520 --> 0:19:16.800 and this is where we have the strength in building 0:19:17.200 --> 0:19:19.440 both in Europe as well as in the United States. 0:19:19.760 --> 0:19:22.560 Our thanks aspiring Global CEO, Teresa Condor. 0:19:23.040 --> 0:19:25.439 June is Pride month. So on Bloomberg Intelligence, we've been 0:19:25.480 --> 0:19:27.840 highlighting segments on topics related to equality. 0:19:28.000 --> 0:19:30.119 In this segment, we spoke to John Boyd, founder and 0:19:30.160 --> 0:19:32.399 President of the National Black Farmers Association. 0:19:32.800 --> 0:19:35.919 John discussed the challenges faced by black US farmers, and 0:19:35.920 --> 0:19:38.639 we first asked him to break down what his organization does. 0:19:39.000 --> 0:19:43.159 We offer technical assistance and outreachs two one hundred and 0:19:43.200 --> 0:19:45.719 fifty one thousand members in the United States. We've been 0:19:45.720 --> 0:19:50.840 around since the early eighties, and we were organized to 0:19:50.960 --> 0:19:57.880 help eradicate discrimination that government agencies and state federal levels. 0:19:58.440 --> 0:20:00.159 And we've been doing this kind of work for a 0:20:00.280 --> 0:20:05.800 very very long time. And I spearheaded the black farmer's 0:20:07.600 --> 0:20:11.040 lawsuits won in settlement in nineteen ninety nine and the 0:20:11.080 --> 0:20:15.280 other settlement on December eighth, twenty ten by former President 0:20:15.359 --> 0:20:19.200 Barack Obama that paid out one point two five billion 0:20:19.200 --> 0:20:24.120 dollars to twenty eight thousand black farmers who faced an 0:20:24.160 --> 0:20:27.119 experienced discrimination at the hands of the United States Department 0:20:27.160 --> 0:20:29.359 of Agriculture. So we've been around a very very long time. 0:20:29.480 --> 0:20:32.240 So John, how is that journey going? I mean, how 0:20:32.600 --> 0:20:35.040 clearly it wasn't great when you started the association. What 0:20:35.160 --> 0:20:37.160 kind of grade would you give give it now? 0:20:37.560 --> 0:20:41.879 Well, I think we really went back decades here in 0:20:42.000 --> 0:20:45.760 progress with the administration. They came in and done away 0:20:45.840 --> 0:20:49.760 with anything that began with the word equity and diversity 0:20:49.960 --> 0:20:53.960 and justice and eliminated those positions at the United States 0:20:53.960 --> 0:20:58.520 Department of Agriculture, and we still haven't received our five 0:20:58.560 --> 0:21:04.800 billion dollar payout for discrimination. And also the also land 0:21:04.840 --> 0:21:08.960 in federal inventory that I've been after for many many years, 0:21:09.000 --> 0:21:13.239 and it was disheartening to learn that the administration was 0:21:13.280 --> 0:21:19.480 bringing white farmers in from South Africa offering them a 0:21:20.200 --> 0:21:24.160 fast path to citizenship. And also we learned that they're 0:21:24.160 --> 0:21:27.320