WEBVTT - New York Tech Sector Prepares for Mayor-Elect Mamdani 0:00:02.520 --> 0:00:13.160 Bloomberg Audio Studios, podcasts, radio news. Bloomberg Tech is alive 0:00:13.200 --> 0:00:17.000 from coast to coast with Caroline Hyde in New York 0:00:17.320 --> 0:00:20.440 and Eva Low in San Francisco. 0:00:22.800 --> 0:00:26.120 This is Bloomberg Tech coming up. AMD fails to impress 0:00:26.120 --> 0:00:29.880 with its latest earnings. Shares volatile amid rising AI valuation 0:00:30.040 --> 0:00:34.600 concerns from investors, plus a historic victory for Zoram Mamdani, 0:00:34.880 --> 0:00:37.919 the new mayor of New York, will discuss what is 0:00:37.960 --> 0:00:41.280 election means for the city's tech scene, and all eyes 0:00:41.280 --> 0:00:44.479 on Tesla as the company's shareholders are set to vote 0:00:44.720 --> 0:00:48.640 on a proposed one trillion dollar pay package for Elon Musk. 0:00:49.120 --> 0:00:51.080 There are two names in the markets that we're watching 0:00:51.080 --> 0:00:53.800 most closely, and that's in the earnings context right now. 0:00:54.000 --> 0:00:58.600 AMD is basically swung between modest declines and modest gains 0:00:58.640 --> 0:01:01.840 all morning long. It gave an outlook for the current 0:01:01.920 --> 0:01:04.920 period that was well in line with consensus but did 0:01:04.959 --> 0:01:07.160 not beat the most bullish estimates. And everyone's trying to 0:01:07.160 --> 0:01:10.039 work out is they're making some ground up in the 0:01:10.040 --> 0:01:12.720 AI data center context in the near term, or is 0:01:12.720 --> 0:01:17.120 it their legacy businesses processes for pc CPUs for serverts 0:01:17.160 --> 0:01:20.520 doing the business super Micro similar story. The outlook for 0:01:20.560 --> 0:01:26.320 earnings in the current period below consensus traction struggles when 0:01:26.319 --> 0:01:28.479 it comes to have they worked this whole AI thing 0:01:28.480 --> 0:01:30.880 out on the server side? That stock down seven percent. 0:01:31.040 --> 0:01:34.280 Let's get those stories with Bloomberg's executive editor for Tech, 0:01:34.360 --> 0:01:37.640 Peter Elstrom, and start with AMD. It's been really hard 0:01:38.160 --> 0:01:40.720 to pass this one. Right when the stock felon issue, 0:01:40.760 --> 0:01:43.720 You're like, Okay, the stock rally over in chips, but 0:01:43.840 --> 0:01:47.200 actually investors are just playing what AMD is put in front. 0:01:46.959 --> 0:01:50.200 Of them right right, It's been a rough twenty four 0:01:50.200 --> 0:01:52.400 hours for chip stocks. We saw that in Asia, we 0:01:52.440 --> 0:01:55.040 also saw it in Europe. AMD is a bit of 0:01:55.080 --> 0:01:58.160 a different story. The stock has been on such a tier. 0:01:58.200 --> 0:02:00.400 It's up about one hundred percent this year's so far. 0:02:00.840 --> 0:02:05.600 I think investors were looking for an impressive result from them. 0:02:05.840 --> 0:02:08.560 What they're really looking for is AMD. As you alluded to, 0:02:08.960 --> 0:02:12.120 they still have a hand in the traditional business of 0:02:12.120 --> 0:02:15.120 PCs and servers, and they're moving more aggressively into this 0:02:15.200 --> 0:02:17.840 AI space to compete with in Vidia. Now they're not 0:02:17.840 --> 0:02:20.360 growing as quickly as in Vidia. Video is up growing 0:02:20.360 --> 0:02:25.000 in the fifty percent range. At this point, AMD has 0:02:25.080 --> 0:02:27.680 been more in the thirty percent range. People really want 0:02:27.720 --> 0:02:30.360 to see whether the AI business, the AI chips that 0:02:30.440 --> 0:02:33.040 AMD is offering, are going to take off and AMD 0:02:33.160 --> 0:02:35.160 is going to be able to accelerate that growth rate. 0:02:35.320 --> 0:02:38.280 We didn't see that. As you mentioned, they did have 0:02:38.360 --> 0:02:40.519 a pretty solid beat on the revenue side, but it 0:02:40.600 --> 0:02:43.200 was not as high as some people had been expecting. Also, 0:02:43.240 --> 0:02:46.160 the operating expenses were a little bit higher than expected, 0:02:46.600 --> 0:02:48.960 probably suggesting that more of their business was on the 0:02:48.960 --> 0:02:52.000 old traditional PC business rather than the AI business. 0:02:53.120 --> 0:02:55.880 Peter, help us make sense of super Micro. There was 0:02:55.919 --> 0:02:58.360 a time where that was a stock and a name 0:02:58.440 --> 0:03:01.680 caught up in broad and enthusiasm for AI. But at 0:03:01.680 --> 0:03:04.800 the end of the day, super Micro assembles servers and 0:03:04.840 --> 0:03:07.440 server designs for others. What do we learn from their print. 0:03:08.480 --> 0:03:11.120 Right, Well, super Micro has had a few cross currents 0:03:11.440 --> 0:03:14.920 that we have been looking at. They had some accounting 0:03:15.320 --> 0:03:19.839 accounting issues. They announced a couple of revisions to what 0:03:19.919 --> 0:03:23.480 they were reporting in their financials, and now their outlook 0:03:23.560 --> 0:03:25.800 is coming in a little bit light. Their revenues for 0:03:25.840 --> 0:03:28.320 the current quarter were a little light. Also, their projection 0:03:28.400 --> 0:03:30.040 from the next quarter is a little bit light. I 0:03:30.080 --> 0:03:32.920 think people are concerned that This has been an AI play. 0:03:32.960 --> 0:03:36.200 They have benefited from the fast growth and AI demand 0:03:36.240 --> 0:03:38.360 in the past, but it looks like they're losing some 0:03:38.440 --> 0:03:41.160 of that momentum at this point. That could be because 0:03:41.360 --> 0:03:43.920 competitors like Dell are picking up more market share. It 0:03:44.000 --> 0:03:46.280 could also be because we're seeing some of these companies 0:03:46.320 --> 0:03:49.320 do more of this construction, the building the AI chips 0:03:49.320 --> 0:03:52.240 into servers themselves, and that would take away business from 0:03:52.240 --> 0:03:53.160 super micro. 0:03:54.560 --> 0:03:54.680 Max. 0:03:54.760 --> 0:03:57.480 Peter Elstrom with the summary, thank you very much. Let's 0:03:57.520 --> 0:04:00.320 get some more on AMD, the Wyder chip sector, and 0:04:00.360 --> 0:04:03.360 what's really happening with AI evaluations. Joe Ane Feenie Advisors, 0:04:03.360 --> 0:04:07.120 Capital management partner and portfolio manager joins us. I restart 0:04:07.160 --> 0:04:09.000 with you how I did with Peter, right that the 0:04:09.080 --> 0:04:12.680 market is confronted with AMD's earnings and trying to work 0:04:12.720 --> 0:04:15.960 out is this then gaining some territory on Nvidia in 0:04:16.040 --> 0:04:18.799 the accelerator card market or are they getting a boost, 0:04:18.839 --> 0:04:21.839 particularly in the court of gone from those legacy business 0:04:21.839 --> 0:04:26.560 lines PC processors, CPU for server. Let's just start there. 0:04:26.760 --> 0:04:27.880 What did you learn from AMD? 0:04:28.760 --> 0:04:31.920 Yeah, good morning, ed. We're seeing all of that from AMD, 0:04:32.200 --> 0:04:36.000 and let's start with the old, boring part of AMD 0:04:36.160 --> 0:04:39.960 right the PC, the CPUs, the standard server CPUs where 0:04:40.000 --> 0:04:45.000 they're clearly continuing to gain share versus Intel, and that's 0:04:45.040 --> 0:04:47.400 a good cash generator for the company. So we shouldn't 0:04:47.440 --> 0:04:50.400 dismiss that acceleration that we saw there, that success that 0:04:50.440 --> 0:04:53.880 they're continuing to deliver in terms of share gains. Obviously, 0:04:54.320 --> 0:04:57.680 a lot of investors are still focused pretty much on 0:04:57.720 --> 0:05:00.720 the AI opportunity, and what's interesting there is that they've 0:05:00.760 --> 0:05:06.160 just gotten started. They've only now developed solutions for those 0:05:06.200 --> 0:05:11.120 accelerators that meet the quality for inference, for example, potentially 0:05:11.120 --> 0:05:14.200 for training that in Vidia has in the past. When 0:05:14.240 --> 0:05:17.119 we've seen AMD leapfrug Intel back in the old days, 0:05:17.360 --> 0:05:19.200 they gained an enormous amount of share. We saw that 0:05:19.200 --> 0:05:21.880 again this time around. Now they have a new opportunity 0:05:21.880 --> 0:05:24.800 to gain share in the AI accelerator. We're not seeing 0:05:24.839 --> 0:05:27.600 them gain share except for just a little bit as 0:05:27.640 --> 0:05:29.520 they get started today. But I think that's something we 0:05:29.520 --> 0:05:30.279 can look forward to. 0:05:31.320 --> 0:05:34.480 Bloomberg's Ian King, who you know, made a really simple 0:05:34.520 --> 0:05:37.479 point yesterday on the program ahead of AMD earnings. The 0:05:37.600 --> 0:05:40.920 data center category is just north of four billion dollars 0:05:40.960 --> 0:05:45.479 a quarter business. In Vidia's data center category is forty 0:05:45.680 --> 0:05:50.719 billion dollars or north of forty billion dollars each quarter 0:05:51.600 --> 0:05:55.360 in aggregate. Do you see all those ships rising right now? 0:05:55.400 --> 0:05:58.000 With the tide that is AI infrastructure investment? 0:05:59.080 --> 0:06:01.960 It still is ed. We're still seeing the pie expand 0:06:02.040 --> 0:06:05.839 or tie rise, or whatever analogy you want. But what 0:06:05.960 --> 0:06:09.960 AMD has that Nvidia doesn't have is an opportunity to 0:06:10.000 --> 0:06:12.640 take a greater share of that pie as it grows. 0:06:13.080 --> 0:06:15.039 And so you know, I expect we're going to see 0:06:15.040 --> 0:06:17.960 both companies continue to grow very strongly over time. We 0:06:18.240 --> 0:06:20.000 own both of those for clients. I own both of 0:06:20.000 --> 0:06:23.719 them personally because I think this is an opportunity in 0:06:23.800 --> 0:06:26.400 AI that is just beginning. I think we have many 0:06:26.480 --> 0:06:30.120 years ahead. And what we're seeing also in those results 0:06:30.120 --> 0:06:35.279 from AMD and elsewhere is that enterprises, sovereigns are looking 0:06:35.320 --> 0:06:37.960 to deploy AI and that's what's helping to continue to 0:06:37.960 --> 0:06:38.679 grow that pie. 0:06:40.000 --> 0:06:43.279 John Phoenix to bear with us New York City mayor 0:06:43.279 --> 0:06:46.120 elects or A mum Dani is speaking in Queens, New York. 0:06:46.720 --> 0:06:50.760 I now hold, the poetry of campaigning may have come 0:06:50.800 --> 0:06:53.680 to a close last night at nine, but the beautiful 0:06:53.680 --> 0:06:57.799 prose of governing has only just begun. The hard work 0:06:57.839 --> 0:07:03.160 of improving New yorkers lives starts now. That process begins 0:07:03.200 --> 0:07:07.560 with transition. In the coming months, I and my team 0:07:07.600 --> 0:07:11.160 will build a city Hall capable of delivering on the 0:07:11.200 --> 0:07:15.760 promises of this campaign. We will form an administration that 0:07:15.880 --> 0:07:20.080 is in equal parts capable and compassionate, driven by integrity, 0:07:20.560 --> 0:07:23.040 and willing to work just as hard as the millions 0:07:23.080 --> 0:07:24.440 of New Yorkers who. 0:07:24.280 --> 0:07:25.200 Call this city home. 0:07:26.280 --> 0:07:29.600 And central to that effort is a transition team that 0:07:29.720 --> 0:07:33.000 is defined by the excellence New Yorkers will soon come 0:07:33.040 --> 0:07:36.880 to expect from government. Our team will be directed by 0:07:36.920 --> 0:07:40.400 Ilana Leopold, whose roots in this city extend back to 0:07:40.440 --> 0:07:43.800 her grandmother running the trams on Roosevelt Island. She has 0:07:43.840 --> 0:07:46.880 extensive experience in city government and has been a key 0:07:46.960 --> 0:07:49.480 part of our campaign to become the next mayor of 0:07:49.520 --> 0:07:52.520 this city. And it will be led by our formidable 0:07:52.560 --> 0:07:58.239 co chairs former Federal Trade Commissioner Chair Lena Khan, former 0:07:58.280 --> 0:08:02.520 First Deputy Mayor Maria Tis Springer, United Way President and 0:08:02.600 --> 0:08:06.360 CEO Grace Bonia, and former Deputy Mayor for Health and 0:08:06.440 --> 0:08:12.240 Human Services Melanie Hartzog. Over the coming days, we'll start 0:08:12.280 --> 0:08:16.000 announcing the leaders who will implement our agenda. People like 0:08:16.040 --> 0:08:20.160 deputy mayors who oversee entire areas of government, and the 0:08:20.160 --> 0:08:23.640 commissioners who carry out the critical work of city agencies. 0:08:24.400 --> 0:08:27.960 Some of these people will have familiar names, others will not. 0:08:28.800 --> 0:08:31.320 What will unite them will be a commitment to solving 0:08:31.400 --> 0:08:35.800 old problems with new solutions. We will cast a wide net. 0:08:36.400 --> 0:08:38.840 We will speak to the organizers on the front lines 0:08:38.840 --> 0:08:41.960 of the fight to improve our city government, veterans with 0:08:42.040 --> 0:08:45.560 proven track records, policy experts from around the country and 0:08:45.600 --> 0:08:48.640 the world, and working people who know better than anyone 0:08:48.880 --> 0:08:53.559 what their neighborhoods need. Throughout this campaign, I've worked hard 0:08:53.600 --> 0:08:57.120 to be accessible and transparent with New Yorkers. That same 0:08:57.200 --> 0:09:00.800 spirit will animate this transition and the city all we built. 0:09:01.280 --> 0:09:04.080 Because New Yorkers deserve a government that they can trust. 0:09:04.800 --> 0:09:09.360 And on January first, when our city celebrates the inauguration 0:09:09.480 --> 0:09:13.080 of a new administration, let us also celebrate a new 0:09:13.160 --> 0:09:16.560 era for our city, one that we all feel invested 0:09:16.559 --> 0:09:20.680 in and whose success we all work to achieve. Now, 0:09:21.040 --> 0:09:24.160 it is my pleasure to invite Ilana Leopold to deliver 0:09:24.240 --> 0:09:29.120 a few words Thank you, thank you. 0:09:30.120 --> 0:09:30.760 Good morning. 0:09:31.240 --> 0:09:34.240 My name is Ilana Leopold and I'm very honored to 0:09:34.280 --> 0:09:37.120 serve as the executive director of Mayor Elect Mom Donnie's 0:09:37.200 --> 0:09:40.679 leadership team. I want to thank Zoron for his faith 0:09:40.679 --> 0:09:41.439 in me both on. 0:09:41.400 --> 0:09:44.959 The campaign that was New York City Democratic Mayor Elect 0:09:45.080 --> 0:09:49.240 Zorah Mamdani generation, speaking after his win last night, elected 0:09:49.280 --> 0:09:52.160 the one hundred and eleventh mayor of New York City, 0:09:52.200 --> 0:09:57.000 the youngest mayor elect in a century. Let's get the 0:09:57.000 --> 0:10:00.679 reaction now and some of the technology is respective and 0:10:00.800 --> 0:10:04.640 avowed democratic socialist in charge of the city that serves 0:10:04.679 --> 0:10:09.280 as the capital of global finance, increasingly a major technology hub. 0:10:09.440 --> 0:10:12.560 Judy Samuels is the CEO of Tech NYC, a network 0:10:12.559 --> 0:10:15.520 of tech leaders working to foster New York's tech scenes. 0:10:15.559 --> 0:10:18.040 She joins us now and will give us the reaction 0:10:20.360 --> 0:10:25.400 Tech NYC. Will this mayor be a good mayor for 0:10:25.440 --> 0:10:27.040 your industry in New York City? 0:10:27.080 --> 0:10:30.920 Oh listen, I think we don't know. I think what's 0:10:30.960 --> 0:10:33.240 good for New York tends to be good for tech here. 0:10:34.160 --> 0:10:38.360 Zornmamdannie ran on a campaign of making New York affordable 0:10:39.440 --> 0:10:43.840 of He ran in a campaign that really celebrated a 0:10:43.880 --> 0:10:46.160 lot of what people love about New York. People love 0:10:46.200 --> 0:10:48.360 to be out in the streets. So if people want 0:10:48.400 --> 0:10:50.679 to be here, if young people want to be here, 0:10:50.760 --> 0:10:53.120 the tech companies will continue to want to be here. 0:10:53.280 --> 0:10:56.520 And clearly we heard loud and clear yesterday that a 0:10:56.559 --> 0:10:59.480 lot of young people want Zurmumdannie to be mayor. There 0:10:59.480 --> 0:11:01.360 are a lot of tech workers who voted for him. 0:11:01.720 --> 0:11:04.840 Of course, you know, that's the bull case, right The 0:11:04.880 --> 0:11:07.320 Baar case, of course, is that you're going to have 0:11:07.360 --> 0:11:12.160 someone who is anti business. I hope that's not the case, 0:11:12.559 --> 0:11:14.200 but there's so many unknowns right now. 0:11:15.280 --> 0:11:17.720 Julie, you said that a lot of the technology industry 0:11:17.920 --> 0:11:21.480 turned out and voted for him. Voter turnout was a 0:11:21.480 --> 0:11:26.000 critical data point overnight. What's your reaction to that data point. 0:11:26.200 --> 0:11:29.280 Well, listen, as a practical matter, I think more people 0:11:29.360 --> 0:11:32.000 voting always better, So we're really glad to see that 0:11:32.200 --> 0:11:34.640 was the case. And in fact, even as early as 0:11:34.640 --> 0:11:37.480 the primary months ago, the data was the data were 0:11:37.559 --> 0:11:41.800 very clear that people who worked in tech were donating 0:11:41.800 --> 0:11:44.880 a lot of money to Zorn Mamdani's campaign. So it's 0:11:44.960 --> 0:11:47.520 not a surprise. You know, we can quickly or easily, 0:11:47.559 --> 0:11:49.960 I should say, draw a line to understand that a 0:11:49.960 --> 0:11:53.320 lot of tech workers, young tech workers did vote for 0:11:53.400 --> 0:11:57.760 him yesterday. Clearly you know so much about Zoron's campaign, 0:11:57.800 --> 0:12:00.360 I think resonated with people in the tech industry. It 0:12:00.480 --> 0:12:05.200 had the flavor of a startup. It really disrupted the 0:12:05.200 --> 0:12:07.600 status quo of politics in New York and I think 0:12:07.679 --> 0:12:10.679 that resonated with a lot of people who work in tech. 0:12:12.679 --> 0:12:16.240 Julie, there is always a difference, of course, between policy 0:12:16.320 --> 0:12:20.240 platform in the context of a campaign's and then policy 0:12:20.280 --> 0:12:23.600 platform when in office. But the consensus seems to be 0:12:23.640 --> 0:12:27.640 that mister Mumdani is in favor of sort of pro 0:12:27.800 --> 0:12:32.040 housing revisions to the city's charter right making housing available 0:12:32.520 --> 0:12:38.280 and more affordable. Technology as a sector tends to have 0:12:38.440 --> 0:12:45.439 higher pay and perhaps you know, apply to a higher 0:12:45.440 --> 0:12:48.920 to middle income earning bracket. Are they really going to 0:12:48.960 --> 0:12:52.040 be focused on a policy around affordable housing. 0:12:52.760 --> 0:12:55.079 Well, I think that's a really great question. And in fact, 0:12:55.400 --> 0:12:58.280 the organization I run Tech NYC put out research with 0:12:58.400 --> 0:13:01.480 Zillah just maybe a year org that showed that even 0:13:01.679 --> 0:13:04.560 people who have high paying jobs in tech are having 0:13:04.559 --> 0:13:07.959 a hard time affording housing in New York City. So 0:13:08.000 --> 0:13:10.839 it is not when we talk about affordable housing is 0:13:11.080 --> 0:13:14.280 it runs across the entire spectrum. For so many people, 0:13:14.280 --> 0:13:18.360 it's unaffordable, and so I think that more housing is 0:13:18.679 --> 0:13:20.800 better for tech in New York. We've seen the same 0:13:20.880 --> 0:13:24.080 dynamic in San Francisco, of course, that the need to 0:13:24.120 --> 0:13:28.079 build more housing so more people from across the economic 0:13:28.600 --> 0:13:31.439 spectrum can live here, build their careers here, grow their 0:13:31.440 --> 0:13:34.720 family here. I am really incredibly in favor of the 0:13:34.720 --> 0:13:38.319 pro housing initiatives that won yesterday. 0:13:39.559 --> 0:13:42.120 Is there an opportunity, Julie, for you to work with 0:13:42.160 --> 0:13:45.120 this mayor and this administration to bring it a sort 0:13:45.120 --> 0:13:48.560 of closer relationship apologies between you and the administration. 0:13:48.640 --> 0:13:50.840 Absolutely, I think there's a lot of opportunity. I think 0:13:50.920 --> 0:13:56.319 the thing I'm most hopeful about is modernizing government government efficiency. 0:13:56.920 --> 0:14:01.480 So our mom, Donnie is what is a very progressive 0:14:01.840 --> 0:14:06.319 candidate now Mayor elect, and progress means government that works better. 0:14:06.400 --> 0:14:09.280 So we need to unleash technology in New York City 0:14:09.320 --> 0:14:12.360 government to work better for New Yorkers. But we also 0:14:12.440 --> 0:14:15.520 will need to be really careful and when we work 0:14:15.600 --> 0:14:18.600 with his team, or sometimes when we disagree with his team, 0:14:18.920 --> 0:14:22.120 to ensure that the tech economy continues to thrive here, 0:14:22.160 --> 0:14:25.520 that businesses continue to grow here. This is the future 0:14:25.520 --> 0:14:29.040 of the economy in the world. Technology is of course 0:14:29.520 --> 0:14:31.760 and needs to also be the future of the economy 0:14:31.760 --> 0:14:33.960 in New York City. So we have to work together. 0:14:34.040 --> 0:14:35.720 We have no other choice. 0:14:36.400 --> 0:14:38.720 What do you disagree with his team on and what 0:14:38.720 --> 0:14:42.920 would you ask mister Mumdani to reconsider in terms of policy. 0:14:43.200 --> 0:14:45.760 Oh, that's a really that's a great question. I think 0:14:45.800 --> 0:14:48.960 that I don't know what we disagree with necessarily at 0:14:48.960 --> 0:14:50.400 this point, but I can tell you what we'll be 0:14:50.520 --> 0:14:54.440 watching for again, the use of technology in government. We 0:14:54.480 --> 0:14:57.720 think that's crucial, and I want to make sure that 0:14:57.880 --> 0:15:01.440 his team that the incoming may understand that some of that, 0:15:01.480 --> 0:15:07.360 you know, requires some experimentation and requires being open minded 0:15:07.360 --> 0:15:11.880 about new uses of technology. Also, you know, I think 0:15:11.880 --> 0:15:15.080 there are concerns that I hope don't come to be, 0:15:15.200 --> 0:15:16.680 but there are some concerns that there's kind of like 0:15:16.760 --> 0:15:20.120 an anti business dynamic. We haven't talked about raising taxes. 0:15:20.120 --> 0:15:21.920 I haven't brought that up because you can't do that 0:15:21.960 --> 0:15:26.119 without the state. You can't do that without Albany. Obviously, 0:15:26.160 --> 0:15:28.240 a lot of people in tech would not be excited 0:15:28.240 --> 0:15:32.160 about more income tax, more corporate tax, So that I'm 0:15:32.160 --> 0:15:34.560 sure will be an issue that comes up over the 0:15:34.560 --> 0:15:35.480 next four years. 0:15:36.120 --> 0:15:39.200 New York City Mayor elect Zura Mundani, the one hundred 0:15:39.200 --> 0:15:42.120 and eleventh mayor of New York to be elected, is 0:15:42.760 --> 0:15:46.680 an avowed Democratic socialist, and one of the big stories 0:15:46.760 --> 0:15:50.040 of this year twenty twenty five has been the move 0:15:50.200 --> 0:15:54.160 of key figures in the technology industry to put themselves 0:15:54.200 --> 0:15:58.680 in close proximity to President Trump and the administration currently 0:15:58.720 --> 0:16:01.800 in the White House. Are both of those things achievable 0:16:01.800 --> 0:16:04.000 at the same time for mister mum Dannie to have 0:16:04.080 --> 0:16:07.480 relationships of key figures in your industry at the same 0:16:07.600 --> 0:16:10.480 time that they try and be close to this president 0:16:10.520 --> 0:16:11.680 and the Republican Party. 0:16:11.880 --> 0:16:14.240 I think I think that's a really good question, and 0:16:14.280 --> 0:16:16.040 I think we're going to see. I'd point out that 0:16:16.120 --> 0:16:19.640 most of the particular tech leaders you're talking about are 0:16:19.640 --> 0:16:22.600 actually not New Yorkers, but they do run companies that 0:16:22.680 --> 0:16:26.640 have incredibly large presences in New York City. I think 0:16:26.680 --> 0:16:28.720 that I hope that, let me say, I hope that 0:16:28.840 --> 0:16:33.680 zoramum Danni and his team fundamentally understand that the future 0:16:33.920 --> 0:16:36.800 of our city's economy, the future of opportunity for New 0:16:36.880 --> 0:16:40.320 Yorkers is inextricably intertwined with the growth of the tech 0:16:40.360 --> 0:16:43.080 sector here. And if those jobs aren't here, they will 0:16:43.120 --> 0:16:45.720 go somewhere else. And if those resources aren't here, they 0:16:45.720 --> 0:16:48.520 will go somewhere else. And I just have to believe, 0:16:48.640 --> 0:16:50.640 I do believe that we can find a way to 0:16:50.760 --> 0:16:54.320 work together to ensure that all New Yorkers have the 0:16:54.360 --> 0:16:59.320 opportunity to benefit from the growth that technology is bringing 0:16:59.360 --> 0:16:59.880 to the city. 0:17:01.200 --> 0:17:03.760 Let's end that there then July by asking what is 0:17:03.800 --> 0:17:07.280 the one first ask that you have for Mayor Elect 0:17:07.359 --> 0:17:10.680 Mumdani on behalf of your members and the technology industry 0:17:10.680 --> 0:17:11.400 in New York City. 0:17:11.640 --> 0:17:13.800 I think the first big ask will be to really 0:17:13.920 --> 0:17:16.199 drill down and figure out how we can find a 0:17:16.240 --> 0:17:19.400 way to use technology to make New York City government 0:17:19.480 --> 0:17:20.720 work better for New Yorkers. 0:17:22.320 --> 0:17:26.520 Julie Samuel's CEO of Tech NYC, with immediate reaction to 0:17:26.600 --> 0:17:29.920 Mayor Elect Zora Mumdani speaking for the first time since 0:17:29.960 --> 0:17:32.080 his win last night. There are other news headlines It's 0:17:32.080 --> 0:17:34.480 time for talking tech and first st up. The US 0:17:34.600 --> 0:17:37.880 government says it's nearing the end of its investigation into 0:17:37.960 --> 0:17:42.320 Google's thirty two billion dollar acquisition of cybersecurity firm Wiz. 0:17:42.640 --> 0:17:45.080 The deal, announced in March, prompted an in depth probe 0:17:45.080 --> 0:17:48.199 by the Justice Department. While that review is now wrapping up, 0:17:48.240 --> 0:17:53.200 the acquisition remains under scrutiny from other anti trust regulators. Plus, 0:17:53.240 --> 0:17:56.240 Google and Epic Games have reached a settlement in their 0:17:56.280 --> 0:17:59.879 long running anti trust dispute over how developers distribute my 0:18:00.160 --> 0:18:03.560 Tize apps on the Android platform. The deal follows Google's 0:18:03.760 --> 0:18:07.760 court ordered play store changes to allow more competition. Exact 0:18:07.840 --> 0:18:11.720 terms of the agreement weren't disclosed, and the scientist who 0:18:11.760 --> 0:18:15.320 led ten cents flagship AI model has raised fifty million 0:18:15.359 --> 0:18:19.359 dollars for his new startup, Video Rebirth, which aims to 0:18:19.480 --> 0:18:23.119 rival OpenAI Sourra. Founded by Leeway, the company seeks to 0:18:23.119 --> 0:18:26.720 make video creation as intuitive as chatting with an AI. 0:18:27.160 --> 0:18:31.560 The platforms expected to launch in December. Okay, coming up. 0:18:31.640 --> 0:18:35.800 Amazon goes after Perplexity, suing the AI startup from using 0:18:35.840 --> 0:18:38.600 its own AI tool to help shoppers. We've got more 0:18:38.600 --> 0:18:56.719 on that next. This is Bloomberg Tech. Amazon is suing 0:18:56.800 --> 0:19:00.600 Perplexity over its AI shopping tool, known as Common, which 0:19:00.600 --> 0:19:04.240 helps users buy items on Amazon. The retail giant alleges 0:19:04.280 --> 0:19:08.320 Perplexity committed computer fraud and violated its terms of service 0:19:08.520 --> 0:19:12.879 by failing to disclose when Comet was making purchases on 0:19:12.960 --> 0:19:16.160 behalf of real people for more, as Sketz of bloemost 0:19:16.200 --> 0:19:19.080 Matt Day, who leads our coverage of Amazon, this is 0:19:19.160 --> 0:19:23.520 an interesting move. We've covered Comet and Perplexity on the 0:19:23.520 --> 0:19:27.240 show We Understand Amazon, just I think start by explaining 0:19:27.280 --> 0:19:31.080 the grievance that Amazon has and the accusation Amazon's making 0:19:31.240 --> 0:19:33.399 against Perplexity and what they're doing. 0:19:34.520 --> 0:19:37.000 So Amazon says that you know, what Perplexity is doing 0:19:37.040 --> 0:19:39.480 here is masking who's on its website. 0:19:39.600 --> 0:19:39.760 Right. 0:19:40.240 --> 0:19:43.680 They've alleged that Perplexity inserted sort of the same code 0:19:43.720 --> 0:19:45.800 that would make Amazon Systems think it was just a 0:19:45.880 --> 0:19:48.760 regular Google Chrome user, when in fact it was not 0:19:48.800 --> 0:19:50.960 a mad agent going on their site. And so Amazon's 0:19:51.040 --> 0:19:53.560 raised a whole host of concerns, you know, saying account 0:19:53.560 --> 0:19:56.439 integrity could be compromised, saying, you know, if someone has 0:19:56.480 --> 0:19:58.439 to make a return, you know who's at fault. What 0:19:58.560 --> 0:20:01.240 goes on here? Basically kind of a turf war over 0:20:01.600 --> 0:20:03.960 the customer experience on their retail side. 0:20:04.640 --> 0:20:07.480 Okay, we've heard from Perplexity both through a spokesperson, but 0:20:07.520 --> 0:20:09.919 they also put out their own commentary and a blog 0:20:10.200 --> 0:20:11.320 summarize it for us. 0:20:12.440 --> 0:20:14.080 So they are accusing Amazon of bullying. 0:20:14.640 --> 0:20:14.840 You know. 0:20:14.880 --> 0:20:17.520 They say they don't see a meaningful distinction between a 0:20:17.600 --> 0:20:19.840 user who said, listen, I want to purchase something on Amazon. 0:20:19.840 --> 0:20:22.640 I'm going to authorize Perplexity to go, you know, make 0:20:22.640 --> 0:20:24.639 the computer plumbing that makes that work. They say that 0:20:24.800 --> 0:20:27.960 that's no different than someone navigating with a mouse and keyboard. 0:20:28.040 --> 0:20:28.200 Right. 0:20:28.320 --> 0:20:30.600 Obviously Amazon has a different view, but Perplexity seems to 0:20:30.640 --> 0:20:33.080 want to take a stand here and kind of stick 0:20:33.160 --> 0:20:36.520 up for this new potential commerce venue that they're deploying 0:20:36.520 --> 0:20:37.399 with their comment browser. 0:20:37.520 --> 0:20:42.159 Right, you cover Amazon so deeply, like, is this the 0:20:42.200 --> 0:20:46.080 playbook Amazon goes to? Are they typically litigious? Are they 0:20:46.080 --> 0:20:47.800 looking over their shoulder in a real way? 0:20:48.920 --> 0:20:50.680 I think they really are looking over their shoulder here. 0:20:50.680 --> 0:20:53.600 I mean they've said AI is going to change everything. 0:20:53.640 --> 0:20:55.359 You know, there's debates going on right now about what 0:20:55.480 --> 0:20:58.800 is a browser. So this is probably the first of 0:20:59.080 --> 0:21:00.560 many debates that we're going to have, you know, in 0:21:00.560 --> 0:21:03.240 public and in private, as these companies negotiate on just 0:21:03.359 --> 0:21:06.240 how you know, who owns the experience when agents are 0:21:06.320 --> 0:21:08.800 I'm going all over the internet rather than individual users 0:21:08.800 --> 0:21:11.680 with hands and eyes really quick. 0:21:12.160 --> 0:21:13.119 What happens next? 0:21:14.400 --> 0:21:16.000 Oh, we'll see if they settle right, And I don't 0:21:16.000 --> 0:21:17.960 think anybody wants to see if they scott a court 0:21:17.960 --> 0:21:19.840 and all this NFTY discovery come out right. So I 0:21:19.880 --> 0:21:21.639 think the obvious question in a case like this is 0:21:21.680 --> 0:21:22.720 can they come to some agreement? 0:21:24.000 --> 0:21:27.800 Bloombo's Matt Day Ada, Seattle, Thank you very much. Another story. 0:21:28.080 --> 0:21:30.880 It was the breakout hit of the summer. K Pop 0:21:30.920 --> 0:21:35.600 Demon Hunters became Netflix's biggest original film of all time. Now, 0:21:35.640 --> 0:21:37.720 with the chance to build a global franchise, there's just 0:21:37.840 --> 0:21:42.080 one thing missing for the holiday season. The merch. Bluebag's 0:21:42.160 --> 0:21:45.680 entertainment editor Lucas Shaw is here with more I've learned 0:21:45.760 --> 0:21:48.840 through you in attending screen time in the context of movie, TV, 0:21:49.000 --> 0:21:53.880 video games, that merchandising and franchising into other IP or 0:21:54.080 --> 0:21:57.200 from the core IP is so important. Basically, those big 0:21:57.280 --> 0:21:59.080 K pop fans are not going to be able to 0:21:59.119 --> 0:22:02.479 get hold of so C toys and other things this 0:22:02.520 --> 0:22:05.240 holiday season. Explain the story to us. 0:22:06.040 --> 0:22:09.720 Well, comes back to the movie, which was a surprise hit. 0:22:10.240 --> 0:22:14.080