Speaker 1: From the heart of where innovation, money and power in
Speaker 1: Silicon Valley and beyond. This is Bloomberg Technology with Emily Jay.
Speaker 1: I'm Taylor Riggs in New York and for Emily Chang,
Speaker 1: this is Bloomberg Technology. Coming up in the next hour,
Speaker 1: a warning from President Biden to China's Pink There will
Speaker 1: be quote consequences if China supports Russia in its invasion
Speaker 1: of Ukraine. What this call between the two leaders could
Speaker 1: mean for this ongoing war, plus what more needs to
Speaker 1: be done to reach true pay equality. We'll speak with
Speaker 1: a woman who has made it her goal to change
Speaker 1: the structural roadblocks at her company and what others can
Speaker 1: learn from it. And he's helping raise millions for families
Speaker 1: in you Crane with as little as a thousand dollars
Speaker 1: per donation. Will meet the man behind the one K project,
Speaker 1: including what inspired him to get involved. Now, of course,
Speaker 1: today President Biden has been roughly about two hours in
Speaker 1: a video chat with Chinese leader Jijing Ping. The two
Speaker 1: talked about Russia's invasion of Ukraine and what to do next.
Speaker 1: From more, I'm joined by Bloomberg Political director Jody Schneider
Speaker 1: in Washington. It was interesting Jody speaking with anre horder
Speaker 1: in a few hours ago. We heard China's version of events.
Speaker 1: Then we finally got the read out of the US version.
Speaker 1: What did it sound like for you for how the
Speaker 1: call went. Yeah, so they're very different versions tailors. You
Speaker 1: might note they agreed on that they talked for two hours.
Speaker 1: There was a video conference, first time that the two
Speaker 1: leaders have spoken since November, so obviously the first time
Speaker 1: since the Russia's invasion of Ukraine. UH. The Chinese summary
Speaker 1: came out first UH shortly after the call, and that
Speaker 1: they said, UH that President hu Jianping uh the case
Speaker 1: that they did not want to see an invasion of
Speaker 1: Ukraine and that they do not think that country's conflicts
Speaker 1: should be settled on the battlefield. However, they didn't mention
Speaker 1: Russia by name and didn't publicly UM and have not
Speaker 1: publicly criticized Russia for or denounced Russia as most of
Speaker 1: the rest of the world has for that invasion. On
Speaker 1: the U S side, we got that statement later several
Speaker 1: hours later, and basically they said that US President Joe
Speaker 1: Biden had come out very strongly and said that there
Speaker 1: will be implications and consequences for China if they were
Speaker 1: to take direct support of Russia, such as selling aircraft
Speaker 1: or or military equipment to them for that invasion. UH.
Speaker 1: And also made the case that UH that President Biden.
Speaker 1: President Biden made the case that the US had taken
Speaker 1: a number of steps, including sanctions, to try to stop
Speaker 1: that invasion in the first place. Judie, how do you
Speaker 1: think about this significance of these talks given the height
Speaker 1: in sort of geopolitical risk that we're already in, Because
Speaker 1: let's be honest, coming into this, this was a US
Speaker 1: in a China relationship that was already pretty strained. That's right.
Speaker 1: There's these times have been frayed in recent years by
Speaker 1: a number of things, the trade tensions, UH, tensions over
Speaker 1: things like intellectual property disputes Hong Kong, Taiwan, UM, and
Speaker 1: then this on top of it. But the fact that
Speaker 1: they are talking, I think it's significant in and of itself. UM,
Speaker 1: we have nuclear powers here, UM discussing the invasion of
Speaker 1: a country by another nuclear power, and the fact that
Speaker 1: they're talking, and that neither side UH, that both sides
Speaker 1: seemed to be willing to come back to the table.
Speaker 1: That was another headline out of this that they say
Speaker 1: they will keep talking. Uh is significant in itself. Um,
Speaker 1: they didn't talk about trade or any of these other
Speaker 1: issues that Taiwan did come up, with the US saying
Speaker 1: it continues with its support of Taiwan the status quo,
Speaker 1: which is that it supports the democratically elected leadership of Taiwan,
Speaker 1: and China didn't have a fairly UH strong statement on
Speaker 1: Taiwan itself, saying that their actions their perceived actions on
Speaker 1: Taiwan have been misread and misjudged by the US and
Speaker 1: there was an implicit warning there. Jody, I think what's interesting,
Speaker 1: We're just coming off of a great conversation we had
Speaker 1: on Triple Take for the last thirty minutes when we
Speaker 1: talk about the effectiveness of sanctions, and on one hand,
Speaker 1: they can work when they're targeted, but on the other hand,
Speaker 1: it really can continue to isolate a country like Russia
Speaker 1: and push them further into China's hands. Right, how are
Speaker 1: you thinking about globalization the reorder of the word the
Speaker 1: world is we're thinking about sort of these bilateral relationships
Speaker 1: or if it's really just more of the Eastern powers
Speaker 1: versus now some of the Western countries. Yeah, it certainly
Speaker 1: has the potential to shake things up and to deliver
Speaker 1: us to more of that Cold war world. The other
Speaker 1: question was sanctions. Taylor. I think is interesting is how
Speaker 1: much further can they go? UH? The US has you know,
Speaker 1: this has been the big They're big arsenal if you
Speaker 1: in trying to first prevent that, uh, that invasion, and
Speaker 1: then when they couldn't prevent it, to punish Russia Ford
Speaker 1: and to try to isolate them. But they have gone
Speaker 1: you know there, there doesn't seem to be much more
Speaker 1: they can do in terms of sanctions and UM, and
Speaker 1: that's a real question what comes next. We will stay
Speaker 1: tuned on what comes next, and I know that we'll
Speaker 1: stay tuned with you. Jody Schneider, thank you so much
Speaker 1: for your time, our political news director. Let's stick with
Speaker 1: the impact of the war in Ukraine. I want to
Speaker 1: bring in Dan Eyes of web Bush for his read
Speaker 1: on it. Dan, I've been reading all your notes in
Speaker 1: the past three weeks and cybersecurity, cybersecurity, cyber security, what
Speaker 1: do you think are going to be within cybersecurity some
Speaker 1: of the biggest Uh. I hate to use the word
Speaker 1: beneficiary because we're talking about a war, but how do
Speaker 1: you sort of see this plane out within your world
Speaker 1: of equity markets. Yeah, we've seen that. I mean there's
Speaker 1: clear elevation of threats. We think upwards in terms of
Speaker 1: the elevation since but we believe as a cyber warfa's
Speaker 1: already underway from Russia. Uh. You look at names like
Speaker 1: pow out of Z Scale or CrowdStrike, Palanteer and Tenable
Speaker 1: in cyber arc, those are really the basket of names
Speaker 1: among many others that benefit. That's how we believe cybersecurity
Speaker 1: spending is gonna be up four to five actual overall.
Speaker 1: I T spend. I think it's gonna be a golden
Speaker 1: age for cyber and right now we're really seeing the
Speaker 1: importance as they protect enterprises as well as many organizations
Speaker 1: and agencies within the Beltway. But does that text spend
Speaker 1: come from somewhere else? Because text mend was supposed to
Speaker 1: be strong coming into this year if I remember correctly,
Speaker 1: But with the FED raising rates, we might be looking
Speaker 1: at a little bit of a slowing economy. If a
Speaker 1: company now has to choose where they spend that tech,
Speaker 1: is it clearly going to be cybersecurity. Does it come
Speaker 1: at the expense of something else? Yeah, it's a great question.
Speaker 1: I think that's where it's really Cloud and cyber security
Speaker 1: are the priorities, and we're seeing cloud budgets in many
Speaker 1: ways up thirty across the board, and cybersecurity go hand
Speaker 1: in hand, so and I think where that's coming from
Speaker 1: in terms of may being negative some of the hardware,
Speaker 1: some of the networking purchases that could be negative for
Speaker 1: the likes of Cisco and others. But I think we've
Speaker 1: really seen there is a bifurcation of tech to work
Speaker 1: from home. The e commerce names, I think a lot
Speaker 1: of them are catching a falling night. You look where
Speaker 1: the spending is, enterprise software, Chips, some of the star warts, Apple, Microsoft.
Speaker 1: In our opinion this week, with the Fed, the tech
Speaker 1: bottom we believe is in once they ripped that band
Speaker 1: aid off this week. Okay, let's talk about that because
Speaker 1: the macro picture DAN is a federal reserve that's raising rates.
Speaker 1: But you're coming off of the tech sector that just
Speaker 1: posted one of the best weeks that we've had since November.
Speaker 1: The headwinds though of raising rates, the pressure that's putting
Speaker 1: on valuations. Why are we at the bottom, Because I
Speaker 1: believe text Doxor is the most over soul we've seen
Speaker 1: in the last five or six years relative to growth,
Speaker 1: and I think what's happened is the risk off trade.
Speaker 1: Everyone's head for the elevators at the same time on
Speaker 1: certainty obviously horrific situation Ukrain, the overall geopolitical but now
Speaker 1: the Fed how they've laid it out, so now the
Speaker 1: bulls and bears could debate it, but now there's less
Speaker 1: uncertainty and combined with what we saw valuations, the compression
Speaker 1: and the growth, you know, and then you look forward.
Speaker 1: I believe, especially in software chips some of the star
Speaker 1: where it plays Microsoft, Google, Apple, among others. In our opinion,
Speaker 1: it's a bright green light to earn tech and I
Speaker 1: think that's what you're starting to see risk on. I
Speaker 1: could tell you a four or five to one investors
Speaker 1: calling us looking for bis versus shorts. Interesting, Dan, I
Speaker 1: wanted to talk about some other headwinds on the way.
Speaker 1: It's so interesting. I think we're all trying to become
Speaker 1: at nickel experts in the last few weeks, the impact
Speaker 1: that it's having on electric vehicles as we're thinking not
Speaker 1: only about oil shortages and cutting off supply from Russia,
Speaker 1: but then the nickel imports as well. In the big
Speaker 1: ramifications it's had in the markets. How do you think
Speaker 1: about e VS batteries, the push forward on that initiative,
Speaker 1: if we're struggling to get our hands on maybe some
Speaker 1: of those raw materials, well, I think that's it's bringing
Speaker 1: up the issue front and center because now price increases,
Speaker 1: and you shut tests to put a price increase this week,
Speaker 1: and you sat X playing and others. Because are the
Speaker 1: average ev is going to increase? It's about anywhere between
Speaker 1: one thousand. Given this, I think it also just speaks
Speaker 1: to what we've seen in terms of raw materials. You're
Speaker 1: gonna see for other sources of raw materials, some could
Speaker 1: say maybe underwater and some other maritime areas start to
Speaker 1: get front and center. But when you look at e
Speaker 1: VS overall, I still view this as not really denting
Speaker 1: overall demand because I think overall, when you look at
Speaker 1: gas and you look what happened in terms of what
Speaker 1: we've see in Europe and across the US, I believe
Speaker 1: it pulls forward needy demand potentially by two to three years,
Speaker 1: given what we've seen with a lot of fen sitting customers.
Speaker 1: Price increases there and nickel, but overall the demand continues
Speaker 1: to be just massively pen up. Any think a lot
Speaker 1: of these stocks way over sold, Tesla front and center,
Speaker 1: Except what about it wasn't Tesla but another EV maker
Speaker 1: who tried to do price increases and then got some
Speaker 1: backlash and had to roll it back. Are you worried
Speaker 1: about a consumer who, maybe with broader inflation, is feeling
Speaker 1: panged and says, no, I'm not going to accept that
Speaker 1: price increase. How do you then think about the impact
Speaker 1: on margins. Yeah, and when you talk about Rivy and
Speaker 1: the price to increase in the media called but I
Speaker 1: mean that was a disaster. Try the thirteenth episode, which
Speaker 1: continues to being the overhanging, the head scratcher in terms
Speaker 1: of what they did. But when you look at Tesla,
Speaker 1: I compare those price increases much more modest to the
Speaker 1: likes of Netflix raising prices and what you saw an
Speaker 1: app Amazon in terms of prime just stal warts know
Speaker 1: that they can increase prices in minimal demand impact. So
Speaker 1: I think you campaign across the board with the same brush.
Speaker 1: I think Tesla in terms of price increases, we could
Speaker 1: still see you know, the two to three k a
Speaker 1: price increases and right now demands out stripping some Why
Speaker 1: today by about Dan. I'ves web Bush really appreciate it.
Speaker 1: Love getting you here on this program. Have a great
Speaker 1: weekend coming up. We are going to be sticking with
Speaker 1: sort of this theme of Ukraine and be talking to
Speaker 1: the man behind the one Kate project. It helps Ukrainian
Speaker 1: families who've been displaced by the war. We're going to
Speaker 1: discuss how he's managed to get millions of dollars in
Speaker 1: the hands of those who need it most. This is bloomberg.
Speaker 1: As we watched day after day the horrific images that
Speaker 1: come out of Ukraine, many have wondered how to help
Speaker 1: mere days after Russia attacks Ukraine. My next guest decided
Speaker 1: to help families in need by getting money directly to them.
Speaker 1: He's helped more than two thousand families so far, all
Speaker 1: thanks to people donating about a thousand dollars to sponsor
Speaker 1: a family. Joining me now is alex Is called. He
Speaker 1: is the founder of the one k Project. He was
Speaker 1: also born and raised in Ukraine before fleeing the country
Speaker 1: during the Cold War. So you unfortunately know all of
Speaker 1: this too familiarly and talk to me about sort of
Speaker 1: how you set this up to make sure that the
Speaker 1: money really was going to those families. Yeah. Absolutely, I
Speaker 1: mean the premise of the project is simple. It's families
Speaker 1: in US and around the world sending one key directly
Speaker 1: to families in bucted by the war in Ukraine, and
Speaker 1: this is sort of direct human to human help is
Speaker 1: the best way to help families at scale. How do
Speaker 1: you then make sure though, that it isn't overtaken by
Speaker 1: I don't know, people who were taking money away from it, right,
Speaker 1: because you want all of that money really to go
Speaker 1: to those in need. How can you ensure the people
Speaker 1: who are donating that that money, in a hundred percent
Speaker 1: of it is really going to those families. Yeah, well,
Speaker 1: this is a great question. And first off, we're not
Speaker 1: an on profits, so we basically take no fees. We
Speaker 1: match sponsors who go to one Key project dot org
Speaker 1: and it literally takes ten minutes to sign up. We
Speaker 1: then have a queue of families that were vetted based
Speaker 1: on the applications, and our volunteers literally reading these application
Speaker 1: applications around the clock. And so once you know, once
Speaker 1: you sign up as a sponsor, you basically get matched
Speaker 1: to the family and you get instructions for how to
Speaker 1: send money directly to their bank. Account. I mean, it's
Speaker 1: really a wonderful project that you're doing, Alex. I am
Speaker 1: curious what you're hearing from families on the ground. We've
Speaker 1: just seen the horrific images images after images. What they're
Speaker 1: telling you about, how they're trying to continue to contact you,
Speaker 1: trying to continue to talk to donors from around the
Speaker 1: world while they are literally in the middle of a war. Yeah,
Speaker 1: and and you're you're absolutely right. I mean, we we
Speaker 1: are able to help families in war zones who lost
Speaker 1: their homes, were able to help families who are displaced
Speaker 1: with a new grain, and also families who are refugees.
Speaker 1: And consistent thing that we're here we're hearing from them
Speaker 1: is they need money for absolute basics like food, clothing
Speaker 1: for children, grant and increasingly people in Ukraine need money
Speaker 1: to be able to move out. And so we are
Speaker 1: absolutely flooded with incredible gratitude and love that also underscores
Speaker 1: really like strength and resilience of Ukrainian people and just
Speaker 1: how meaningful this money is. A thousand dollars helps them,
Speaker 1: you know, helps families with like three to four people,
Speaker 1: primarily you know, single mothers and people who just are
Speaker 1: not able to generate income in any other way, and
Speaker 1: so it's exceptionally meaningful. Alex talk to us about that
Speaker 1: long term resilience. We've been having a lot of conversations,
Speaker 1: of course in the middle of this the humanitarian toll,
Speaker 1: but long term, how you think. We just spoke with
Speaker 1: the Economic advisor right to the President of Ukraine about
Speaker 1: how you rebuild the roads, the bridges, the schools, the
Speaker 1: apartment buildings. Long term, how are you thinking about helping
Speaker 1: to sort of being able to rebuild if if people
Speaker 1: can return to Ukraine at some point. Yeah, and you know, Taylor, honestly,
Speaker 1: I wish we can stop tomorrow. I wish, I mean,
Speaker 1: I certainly wish every day the war stops immediately. But
Speaker 1: the problem is devastation is so big and the displacement
Speaker 1: is so large, There's so many refugees. It's going to
Speaker 1: take months and years to rebuild. And so the project
Speaker 1: has its meaning and the North Star like, our goal
Speaker 1: is to help as many families as we possibly can.
Speaker 1: So to date we've been able to um We've raised
Speaker 1: over two point seven million as of right now and
Speaker 1: helped over families. We have thirty five thousand applications and
Speaker 1: we know that there's about three million or more refugees,
Speaker 1: and so we've got a really long way to go.
Speaker 1: And you know, every thousand dollar counts because you know,
Speaker 1: you can make a difference in an input. And so
Speaker 1: our mission is to tenue through absolutely the end of
Speaker 1: the war, but more importantly really be the bridge to
Speaker 1: help these Ukrainian families to come back home and to rebuild.
Speaker 1: Really well, said alex Is Cold, founder of the one
Speaker 1: K Project for Ukraine. Really appreciate your time. Thank you.
Speaker 1: It's the return of in person events quick takes. Attison
Speaker 1: Mills speaks to the south By Southwest attendees in Austin,
Speaker 1: Texas as the conference returns for the first time since
Speaker 1: the start of the pandemic. Take a listen. We're here
Speaker 1: at south By Southwest in Austin, Texas for the first
Speaker 1: time in three years now. This conference used to draw
Speaker 1: over half a million people to the Austin area, but
Speaker 1: in March it was canceled due to the pandemic. So
Speaker 1: what's it like to be back. Let's talk to people
Speaker 1: by out huge south By canceling twenty was like a
Speaker 1: really big moment I thankful for like the world in
Speaker 1: my career professionally was nine months planning and activation to
Speaker 1: come back, and three days before we took off at
Speaker 1: all canceled and you can feel the excitement in the air,
Speaker 1: like people are really excited to be back and ready
Speaker 1: to be back. How does it feel to be back
Speaker 1: after three years of no South buy a really good
Speaker 1: How often does this happen where people just take your picture?
Speaker 1: I mean with this on, come on? So obviously canceled
Speaker 1: back in we're back for the first time in three years.
Speaker 1: What's the biggest change that you've noticed? People are definitely
Speaker 1: a lot more patient instead of being huddled up against
Speaker 1: each other. There's just a really good energy here. Everyone's
Speaker 1: really excited to see what the new exhibitions bring and
Speaker 1: just seeing blockchain and n f t s and more
Speaker 1: crypto coming to like the main front. I think that's
Speaker 1: probably the coolest thing. Do you feel like there's much
Speaker 1: focus on COVID or people just kind of ready to
Speaker 1: block it out nas Is, Texas. I don't think anybody's
Speaker 1: too worried about it. It seems like there's a littless people. Honestly,
Speaker 1: it doesn't feel like it's quite as busy as it's
Speaker 1: been a year's past, and I think there's also just
Speaker 1: like the rules of of COVID and staying safe, you know,
Speaker 1: we have to have the clear up with us and
Speaker 1: have masks and trying to navigate where and when it's
Speaker 1: safe to be masked and unmasked. Mixed bag. I feel
Speaker 1: like I'm seeing maths. I'm saying no math I think
Speaker 1: people aren't excited to be back in person um. They're
Speaker 1: trying to do it as safely as possible. So whatever
Speaker 1: that looks like to them. I like that it's almost
Speaker 1: a smaller scale. It doesn't feel as busy as other
Speaker 1: south By. It's definitely a little bit smaller this time around.
Speaker 1: For sure, small crowds are bad for small businesses. Bars
Speaker 1: and restaurants in Austin used to make half their yearly
Speaker 1: revenue just from south By Southwest alone. That may be
Speaker 1: harder with smaller crowds. But those who are here, including me,
Speaker 1: are ready to dive right in a lot of the
Speaker 1: local bars over on Rainy Street. This is like their
Speaker 1: life blood, these events. I'm super happy that we can
Speaker 1: have it and get keep them in business. It seems
Speaker 1: like business is back, and this is such a huge opportunity,
Speaker 1: such a huge travel destination. But I think it's gonna
Speaker 1: be really great for everybody. Quick takes Madison Mills, who
Speaker 1: gets all the fun assignments. This is Blimberg Technology. I'm
Speaker 1: Taylor Riggs in New York in for Emily Chang and
Speaker 1: Equal Pay Day. It was this week and it's an
Speaker 1: opportunity to shed a new light on what more needs
Speaker 1: to be done to ensure pay equity between men and women,
Speaker 1: which is something my next guest has been fighting for
Speaker 1: at Credit Carma ever since you joined the company back in.
Speaker 1: Colleen McCreary, chief People Officer, joins us. Now, great to
Speaker 1: have you, and I first want to start, you know,
Speaker 1: because you think of Credit Carma and you think of
Speaker 1: it's within the tech sector. And that's really, I think,
Speaker 1: from my knowledge, where some of the worst discrepancies have
Speaker 1: been when it comes to uh equal pay. What sort
Speaker 1: of the backdrop of the numbers behind you know, not
Speaker 1: only all sectors, but specifically tech sector as well, And
Speaker 1: are we any closer to closing that gap? Well, the
Speaker 1: unfortunate reality is that what we're still seeing is that
Speaker 1: women only make up about what of what a man
Speaker 1: makes um and almost any job. And and you know,
Speaker 1: I don't necessarily know if tech is any better or
Speaker 1: any worse, but I think tech is so competitive that
Speaker 1: it puts a big light on the talent shortage and
Speaker 1: the fact that they're not, you know, doing a great
Speaker 1: job of keeping and retaining their women, which obviously will
Speaker 1: come back down to how people are treated and how
Speaker 1: they're paid. What did you do then in Credit carmas
Speaker 1: you think about coming in in eighteen and some of
Speaker 1: the changes that you've found that really have worked and
Speaker 1: have stuck. Yes, So when I joined in eighteen, to
Speaker 1: put it in perspective of Credit carmis history, it was
Speaker 1: a start up for a long time. It was about
Speaker 1: seven hundred employees, and they had a massive attrition problem,
Speaker 1: um so almost attrition and also recruiting problem. And you know,
Speaker 1: the other piece was that their employees and employee surveys
Speaker 1: didn't believe that their pay was fair. And frankly, when
Speaker 1: I got there, I didn't understand how the employees were
Speaker 1: being paid either, and so you know, it took a
Speaker 1: bit of a journey to get there. Uh, And we
Speaker 1: moved to this system called role based pay, and instead
Speaker 1: of using ranges and instead of using like a performance
Speaker 1: review once a year and moving somebody's pay you five
Speaker 1: thousand dollars or two thousand dollars. There, everybody who is
Speaker 1: in the same job gets paid the exact same thing,
Speaker 1: regardless of how long they've been there and what gender
Speaker 1: they are or where they worked before. Is that that
Speaker 1: flash to that? Though? Sorry just to jump in. If
Speaker 1: someone for longer and I've committed and I've devoted myself
Speaker 1: to this company, I think that's a great question. Actually,
Speaker 1: what we've seen as the opposite, our attrition, frankly, even
Speaker 1: now is the lowest it's ever been. UM. And the
Speaker 1: other thing that we saw is that the offers that
Speaker 1: were accepted, uh. And what we you know, for the
Speaker 1: most part, employees really embraced the idea that they thought
Speaker 1: it was the most fair way of being rewarded, and
Speaker 1: they they understood where their pay came from, how we
Speaker 1: were determining it, and we reviewed it twice a year
Speaker 1: and made adjustments. UM. And so we saw the act
Speaker 1: opposite of what you're explaining. Interesting, how do you compensate
Speaker 1: then for experience? I know that we talked some about
Speaker 1: loyalty to a company, but take that out someone just
Speaker 1: who's has more time and maybe more knowledge in the industry.
Speaker 1: Do you argue then that, well, they're at a different
Speaker 1: role with the higher pay, and that's sort of how
Speaker 1: you can sort of equalize, uh, that experience gap. So
Speaker 1: what we did is actually we've built a job framework
Speaker 1: for all of our functions and we got very clear
Speaker 1: on what was expected of each role, and so where
Speaker 1: somebody interviews and they come in, they're slotted in. You know,
Speaker 1: if you're a software engineer, maybe you're a software engineer
Speaker 1: one or your software engineer four, and it's based on,
Speaker 1: you know, a combination of your experience, what your skills
Speaker 1: for that role. And we posted those so that people
Speaker 1: were very clear and what the expectations were. And we
Speaker 1: moved to doing promotions four times a year so people
Speaker 1: weren't sitting around waiting to be recognized for their work,
Speaker 1: and providing that level of clarity and the opportunity of
Speaker 1: knowing when they were going to be reviewed and building
Speaker 1: out an actual calibration so that everybody who's being considered
Speaker 1: for promotion at that point in time was being considered
Speaker 1: against the same framework and each and every team that
Speaker 1: we had, and then we were able to assess and
Speaker 1: root out if there were potential for biases, and how
Speaker 1: do we necessarily make sure that all of the managers
Speaker 1: are looking for the right skills. But providing that transparency
Speaker 1: and clarity to employees really helped a lot in making
Speaker 1: people believe and understand that they were being paid equitably
Speaker 1: for their experience and their contribution. I think the keyword
Speaker 1: you said is transparency. And I think in the past,
Speaker 1: maybe companies have said that you don't talk about your
Speaker 1: pay with other people, and corporations haven't always told other
Speaker 1: people what their colleague is making. How much of this
Speaker 1: really does come back down to transparency, maybe on the
Speaker 1: corporation's side. Well, I mean, first of all, it's illegal
Speaker 1: for corporations to tel employees that they can't talk to
Speaker 1: each other about their pay. I actually think employees should
Speaker 1: talk to each other. I personally don't put somebody's pay
Speaker 1: up on a corporate internet site or say you know
Speaker 1: what everybody is making. You can't unsee pay decisions. And
Speaker 1: I think at the end of the day, frankly, compensation
Speaker 1: is inherently an unfair thing. It's market driven, it's supply
Speaker 1: and demand. But I'm not going to out somebody who
Speaker 1: is not comfortable with somebody else seeing what they're paid,
Speaker 1: but if they want to share it amongst themselves, I
Speaker 1: think it's a great skill and I think it really
Speaker 1: drives on you know, it's a check on the you know, corporation.
Speaker 1: Are they doing the right thing? Are we living our
Speaker 1: values and what we've stated. And also then employees can
Speaker 1: potentially understand amongst themselves, you know, how each role does pay.
Speaker 1: A lot of our viewers are investors, and I'm curious
Speaker 1: as we think about the rise of e SC maybe
Speaker 1: the role that pay equity has to do with sort
Speaker 1: of trickling down not only to the top and then
Speaker 1: to the bottom line. What advice would you give companies
Speaker 1: and some of the positive changes they can make and
Speaker 1: any sort of then positive impact it may have on
Speaker 1: the company and the bottom line. Well, I think I
Speaker 1: would you know, start with that pay program that we
Speaker 1: put into place. You know, if we reduced attrition by
Speaker 1: two thirds as soon as we roll this out um,
Speaker 1: and then like I said, our acceptance rate went up
Speaker 1: quite substantially for offers being acceptance, So just from a
Speaker 1: talent perspective of keeping and attracting the right employees, which
Speaker 1: certainly has an impact on your bottom line, and if
Speaker 1: I look at Credit Carma in particular, we definitely had
Speaker 1: a rough twenty with COVID. We were affected by the pandemic.
Speaker 1: We're going through an acquisition by into It at the time.
Speaker 1: But since then, you know, we've had record quarters in
Speaker 1: one and into two, so and I think, you know
Speaker 1: a lot of that speaks to the talent that we've
Speaker 1: been able to attract and to keep in our business.
Speaker 1: Really appreciate it, Colleen McQuary, the Credit Carma Chief People officer,
Speaker 1: Appreciate your time. Now let's move on by Well, we're
Speaker 1: going south, going south by southwest today, we're going to
Speaker 1: bring you the company which won the Best Content in
Speaker 1: Gaming Startup rewarded this year's Pitch contest. Action Faces, the
Speaker 1: first three D scanning map that instantly transforms users into
Speaker 1: three D action figures and they can customize and purchase.
Speaker 1: Bloomberg's Quick Take caught up with CEO Kenny Davis at
Speaker 1: the event. Take a listen. What we do is we
Speaker 1: three D scan you with phone in your pocket and
Speaker 1: then allow you to customize the heroic version of you,
Speaker 1: kind of like making a video game avatar. When you're ready,
Speaker 1: make your action face as long as the entertainment industry
Speaker 1: has existed, there's been this sort of business problem, which
Speaker 1: is that you can't just make one hero that everyone
Speaker 1: can identify with. And so the sea change for the
Speaker 1: entertainment industry is, what if you could make every person
Speaker 1: the hero? And one of the things that's important to
Speaker 1: understand about what we're doing is we are making action
Speaker 1: figures who are also creating a digital version of each
Speaker 1: person that can be used across media. Ultimately, what we're
Speaker 1: building is that sort of on ramp into the metaverse.
Speaker 1: So I worked for MATEL and I work for Hasbro.
Speaker 1: Every time a v I P would visit, whether it
Speaker 1: was the CEO of a big retailer or a celebrity,
Speaker 1: we would make them a doll or an action figure
Speaker 1: that look like them because everybody loves seeing themselves in
Speaker 1: some sort of heroic world. So we knew people had
Speaker 1: understood the concept immediately and that if we could just
Speaker 1: scale that business, then you know, we had a hit
Speaker 1: on our hands. The problem was that just the manual
Speaker 1: labor and the supply chain issues of the technology at
Speaker 1: the time couldn't scale. So in two thousand eighteen, Apple
Speaker 1: added face i D hardware to their iPhones, and that's
Speaker 1: where I saw the opportunity and I recruited this dream
Speaker 1: team to bring this to life. We are so honored
Speaker 1: to be here at south By Southwest who've just won
Speaker 1: the Pitch competition in the Entertainment Content and Gaming category.
Speaker 1: So the next thing for us to do is we're
Speaker 1: raising a little bit of money so that we can
Speaker 1: take this experience and bring it to stadiums and theme parks.
Speaker 1: Imagine going to a stadium, getting yourself three D scan
Speaker 1: and then during the TV break seeing your animation up
Speaker 1: on the Jungo tron. This is what we want to
Speaker 1: start bringing to people. Like I said, she always gets
Speaker 1: the fun assignments. That was Action Faced CEO Kenny Davis,
Speaker 1: south By Southwest and coming up Bitcoin, it's stuck in
Speaker 1: a little bit of a trading range here with the
Speaker 1: FED signaling additional tightening and yes, increasing interest rates. What
Speaker 1: can help jump start the crypto industry once again? Big
Speaker 1: discussion coming up next. This is Limburg time now for
Speaker 1: a crypto report. You think it's the weekend, the crypto
Speaker 1: doesn't stop trading wild weekend ahead, I'm sure. Let's take
Speaker 1: a look at some of these markets of course with
Speaker 1: our crypto contributor Snali boss Taken Sharlie. We've been talking
Speaker 1: a lot about this program. You've been nice to anchor
Speaker 1: with us all day in the afternoon, pretty much all
Speaker 1: week about some of the rate hikes, all of the
Speaker 1: geopolitical uncertainty, and yet maybe some resiliency within these crypto markets. Yes,
Speaker 1: finally a lift back up in crypto markets after crypto winter.
Speaker 1: So we look at that rise back up back above dollars.
Speaker 1: You do see a little bit of a dip tailor
Speaker 1: going into the weekend. But you know, this rise back
Speaker 1: up this year, it's not just helped Bitcoin, it has
Speaker 1: helped companies related to bitcoin. So if we take a
Speaker 1: look at the next screen here, let's look at backed
Speaker 1: So a company here that just pretty recently one public
Speaker 1: last year, has started to see that lift in more
Speaker 1: recent days, recent weeks, pretty significant rises if you look
Speaker 1: at the tail end there after riding the way down
Speaker 1: alongside crypto winder. Let's take a look at more of
Speaker 1: this now, with this adoption curve moving forward, what can
Speaker 1: give crypto the next leg higher? We have back back
Speaker 1: CEO Gavin, Michael Gavin, thank you so much for joining us.
Speaker 1: How do you think about the next couple of weeks
Speaker 1: and months when it comes to cryptocurrency and the types
Speaker 1: of companies, countries and people that may adapt it in
Speaker 1: order to give it that next leg. Yeah, great to
Speaker 1: be here, Thanks for having me. You know, when we
Speaker 1: think about it through the lens of backt we're really
Speaker 1: working to connect the digital economy. We're trying to bring
Speaker 1: innovative crypto experiences to the customers of non crypto native businesses.
Speaker 1: You know, we're bringing crypto capabilities to your local and
Speaker 1: regional banks and credit unions. We're working with brands to
Speaker 1: enable crypto rewards, changing the way people can enter the
Speaker 1: asset class through this passive acquisition. Through using everyday spend
Speaker 1: is a way to accumulate a small amount of crypto.
Speaker 1: We're even enabling gig economy workers to really get paid
Speaker 1: a portion of their salary and cryptos will be incentive
Speaker 1: in crypto. So I think when you look at adoption,
Speaker 1: what we're doing is broadening the base by trying to
Speaker 1: create these new opportunities for people to enter the asset class.
Speaker 1: There's still a lot of frictions, Gavin, when you look
Speaker 1: at being paid in crypto or paying for products and
Speaker 1: services in crypto, taxation being among them, what can start
Speaker 1: to make it easier for money to move through crypto
Speaker 1: markets rather than through traditional dollars. So I think the
Speaker 1: first thing you've got to look at is volume. You know,
Speaker 1: people and businesses in particular focus less on the volatility
Speaker 1: and more on the volume that they're seeing in the
Speaker 1: overall crypto economy. Our role in this connective tissue, in
Speaker 1: playing the role of connecting the digital economy, is trying
Speaker 1: to seek to remove as much friction as possible. You know,
Speaker 1: we take care of the tax We make it easy
Speaker 1: for people when they're selling to be able to complete
Speaker 1: the necessary very tax obligations. We're working to make it
Speaker 1: easy for businesses to be able to accept crypto, and
Speaker 1: then we're looking for other ways in which businesses can
Speaker 1: engage and create these innovative experiences, you know, like rewarding
Speaker 1: in crypto, and when we think about that, we think
Speaker 1: about the ability for people to be able to redeem
Speaker 1: for crypto as well as earned rewards in crypto. So
Speaker 1: our role is to take the friction out. It's to
Speaker 1: allow us to embed these experiences in the environments where
Speaker 1: consumers already are want to meet customers where they are,
Speaker 1: you know, whether that be embedding the ability to buy
Speaker 1: sal crypto and your local banking application, or simply attach
Speaker 1: a crypto reward option to the credit card or debit
Speaker 1: card that you know and love. Part of that meeting
Speaker 1: the customer where they are has been renewed conversations around
Speaker 1: privacy and regulation. When it comes to Russia's vision in Ukraine,
Speaker 1: some people would say it's a great way to avoid
Speaker 1: some of the sanctions. Others would say it's a great
Speaker 1: way to send money in crypto to the people on
Speaker 1: the ground who need it most. How do you think
Speaker 1: about that? So one of our our founding principles is
Speaker 1: that crypto as an asset class is going to mature
Speaker 1: much faster in an atmosphere where we prioritize regulation, compliance
Speaker 1: and security. You know, we've built those principles into our
Speaker 1: platform from day one, and you know, our former parent
Speaker 1: company Ice really engendered that thinking in everything we do.
Speaker 1: So we've made sure that we have the right infrastructure
Speaker 1: in place to really build that trust and security. You know,
Speaker 1: we operate under a chust tittle. We have a bit
Speaker 1: licensed from n y d f S, We have money
Speaker 1: transmittal licenses across the US, and we really are focused
Speaker 1: on being highly regulatory, compliance and secure. And you know,
Speaker 1: we look at the opportunity for US to be able
Speaker 1: to help regulators better understand digital assets, to develop regulation
Speaker 1: that creates safety and soundness in the financial system, and
Speaker 1: we want to be able to ensure that we keep
Speaker 1: that agility in the core of everything we do. My
Speaker 1: colleague here, Schinelli Bossi, of course did speak with mag
Speaker 1: novograts earlier about cryptocurrencies. Take a listen to what he
Speaker 1: had to say. The whole year, I thought we gonna
Speaker 1: be a thirty thousand fifty thousand range in bitcoin risk
Speaker 1: to the upside, not the downside. Um, but I think
Speaker 1: you know, five years out, if bitcoin is not at
Speaker 1: five thousand, I'm wrong. On the adoption cycle, uh right,
Speaker 1: we see an adoption cycle that accelerates. Bitcoin grew so
Speaker 1: much faster last year, Crypto grew than the Internet did
Speaker 1: its best years in the nineties. Hey did come, do
Speaker 1: you want price? But is the price keeping up with
Speaker 1: that adoption cycle that he described? So I think what
Speaker 1: we can say Taylor as mess adoption is definitely here.
Speaker 1: We're moving through an inflection point. We've seen a steady
Speaker 1: uptick in is that are buying cryptocurrency, and we've seen
Speaker 1: that for quite some time, and the volume of transactions
Speaker 1: is an important measure because for US, as volume increases steadily,
Speaker 1: it really starts to signal that interest in velocity. You know,
Speaker 1: we're really focused on driving that next wave of adoption,
Speaker 1: bringing in the crypto curious, a slightly older demographic, potentially
Speaker 1: someone who's potentially less tech savvy, and we're looking for
Speaker 1: new ways to introduce those into the crypto economy. You know,
Speaker 1: we we look at price and obviously we're focused on
Speaker 1: the volatility, but we're more focused on growing volume overall
Speaker 1: because we think that's where we reach that sustainability point.
Speaker 1: But there's no question that mass adoption is here and
Speaker 1: we're moving through that that inflection point. Really appreciate it
Speaker 1: back CEO Gavin Michael and of course are very on
Speaker 1: Bloomberg's appreciate both your time. Apple has launched its first
Speaker 1: new products, including new iPhone scs and iPad airs with
Speaker 1: five G and faster chips, Green iPhone, thirteens, the Max Studio,
Speaker 1: a new monitor, and of course the m one Ultra process.
Speaker 1: I think the new SC doesn't really move the needle
Speaker 1: much because at this point I still believe five G
Speaker 1: is still a marketing tactic, and the other SC upgrades
Speaker 1: are not that significant. The new Air is nearly identical
Speaker 1: to the eleven inch I Pad Pro, so if you're
Speaker 1: in the market for a ten to eleven inch tablet,
Speaker 1: I'd probably go at the Air instead of the Pro
Speaker 1: and say that extra two dollars of cash. I really
Speaker 1: do like the new Alpine Green iPhone Pro color, and
Speaker 1: I do hope it sticks around for the iPhone fourteen
Speaker 1: this fall, and the Max studio really shows us how
Speaker 1: much Intel was holding Apple back in the Mac chip department. Well,
Speaker 1: the new displays point is fairly reasonable within the Apple ecosystem.
Speaker 1: It's not the world's best. See when you realize that
Speaker 1: an iMac with a full M one inside is a
Speaker 1: hundred dollars less. Looking ahead, Apple's new M one Altra
Speaker 1: chip sets the stage for a slew of M two
Speaker 1: Max that would include an M two Macokair, Mac Mini,
Speaker 1: thirteen inch MacBook Pro, and twenty four inch iMac, along
Speaker 1: with an M two based Mac Pro with as many
Speaker 1: as forty eight CPU cors. Apple's also working on a
Speaker 1: new high end pro xdr display to attach to that
Speaker 1: Mac Pro, and the next year we should also get
Speaker 1: new high end MacBook pros and iMac pros with M
Speaker 1: two Pro and M two Max chips, along with eventually
Speaker 1: a new Mac Studio with an M to Ultra. Apple's
Speaker 1: new chips are clearly outpacing rivals, and they're at the
Speaker 1: very core both Apple's present and future, and I'm very
Speaker 1: much looking forward to seeing how the chip ro map
Speaker 1: continues to take shape in the coming years. I'm Mark German.
Speaker 1: This is power On and Don't forget. You can subscribe
Speaker 1: to Mark's weekly power On newsletter at Bloomberg dot com.
Speaker 1: There are a few other stories, of course, that we're watching.
Speaker 1: Take a look at in video. Having one of the
Speaker 1: best weeks since the start of the pandemic, shares rallied
Speaker 1: on Friday, with the chip maker extending a recent advance
Speaker 1: as analysts all look ahead to the company's GtC conference
Speaker 1: and investor events next week. Shares her up about six
Speaker 1: percent on the day, nearly twenty percent for the week,
Speaker 1: putting it on track for its biggest weekly percent games
Speaker 1: since March. And we are approaching one week since another
Speaker 1: giant container ship owned by Evergreen It has been stuck
Speaker 1: in the Chesapeake Bay near Baltimore. The ship, absolutely named
Speaker 1: Evergreen Forward, has been stuck since Sunday night. In hopes
Speaker 1: of getting it unstuck, Evergreen Marine has hired the same
Speaker 1: company it used to free three other giant container ships
Speaker 1: when it ran aground in the Suaves Canal last year.
Speaker 1: And we all remember that it disrupted global trade for months.
Speaker 1: That does it. For this edition of Bloomberg Technology, Wall
Speaker 1: Street Week next with one of my favorite colleagues, David Weston.
Speaker 1: He'll be joined by Shnoli Dasai from Franklin Templeton, Joanne
Speaker 1: Peeny from Advisor's Capital, and Rick Reader, ce IO at
Speaker 1: black Rock, as well as former Treasury Secretary Larry Summer
Speaker 1: is Big Week from the Federal Reserve. I know they'll
Speaker 1: touch on it. Plus we listen to today's show on
Speaker 1: the new Bloomberg Technology podcast. It's new. It's great. You
Speaker 1: can find it on the terminal as well as online
Speaker 1: an Apple, Spotify, and I Heart. Have a great weekend, everyone,
Speaker 1: This is Bloomberg