Speaker 1: From the heart where innovation, money and power collie in
Speaker 1: Silicon Valley, NBN. This is Bloomberg Technology with Caroline Hyde
Speaker 1: and Ed Ludlow.
Speaker 2: I'm Karin hide A, Bloomberg's World headquarters in New York,
Speaker 2: and I'm Tim Standinbeck and for Ed Ludlow, this is
Speaker 2: Bloomberg Technology.
Speaker 3: Coming up.
Speaker 2: We push ahead to the all important vote results on
Speaker 2: Elon Musk's fifty six billion dollar pay package, and as
Speaker 2: Tesla's agm it kicks off.
Speaker 4: Plus, we'll turn to earnings as Broadcom surges, as AI
Speaker 4: demand boosts its results, and we'll.
Speaker 2: Dig into the financial terms of Apple and open AI's
Speaker 2: partnership mid their landmark agreement. Of First, let's check in
Speaker 2: on these markets, because we've got more fuel to this far.
Speaker 2: We've got still record high after record high across benchmarks.
Speaker 2: If you look at the S and P five hundred
Speaker 2: be your fourth straight record high. On the day, we're
Speaker 2: seeing the nastack up another tenth of a percent. Look
Speaker 2: not the big gains that we saw yesterday. But we
Speaker 2: digest yet another cooling of inflation with a PPI report.
Speaker 3: The macro picture looks good.
Speaker 2: The tenure yield falls down another three four basis points.
Speaker 3: Let's call it forloring costs. On the downside, not so
Speaker 3: much love.
Speaker 2: For European stocks, though still open to trade. We're off
Speaker 2: by one point three percent. More political anxiety happening in
Speaker 2: Europe and perhaps, of course, digesting a big move that
Speaker 2: we had yesterday. Move on, see what's happening in the
Speaker 2: world of crypto tim We have been seen basically US
Speaker 2: hold in pretty steady. We're off by about a percent,
Speaker 2: just point sixty seven thousand, interestingly coming off of those highs.
Speaker 2: So that moon music about risk on not quite flowing
Speaker 2: into bitcoin today.
Speaker 4: But what are you watching on the micro Well, speaking
Speaker 4: of records, I'm watching shares of broad Com ticker AVGO.
Speaker 4: They are just surging by close to fourteen percent right now.
Speaker 4: The company did report earnings after the bill yesterday. It
Speaker 4: beat on the top line, it beat on the bottom line.
Speaker 4: The guidance surpassed analyst expectations. The company also announced a
Speaker 4: ten for one stock split. It's going to take effect
Speaker 4: next month. Investors are certainly cheering that news, sending shares
Speaker 4: higher widely see as sort of a barometer for what's
Speaker 4: happening in the chip space. So checking out on some
Speaker 4: other chip companies. Nvidia also at a new record right now,
Speaker 4: shares up more than two percent, and then watching what's
Speaker 4: happening in the data center hardware networking when it comes
Speaker 4: to these AI data centers. Arista Networks also right now
Speaker 4: at a new record at more than four percent. But
Speaker 4: speaking of shares surging, let's talk Tesla, because shares are
Speaker 4: hired this morning, this after Elon Musk send a tweet
Speaker 4: early this morning again as you mentioned, Caroline, the day
Speaker 4: of that shareholder's meeting, saying that those two shareholder issues
Speaker 4: that were being voted on have passed or will pass
Speaker 4: by a quote wide margin. We're talking, of course, about
Speaker 4: that twenty eighteen pay package that has been under so
Speaker 4: much scrutiny in addition to that the idea of the
Speaker 4: company moving its incorporation from Delaware to Texas. Shares high
Speaker 4: right now by three point seven percent. Not much can
Speaker 4: be said permanently about what happens with that pay package,
Speaker 4: but this vote widely seen as sort of a barama
Speaker 4: or a test for how people are seeing Elon Musk's
Speaker 4: leadership at a time when the stock has been under
Speaker 4: pressure down going into today's trade, Caroline around to thirty percent.
Speaker 2: Let's get some expertise even further on this. Tim Dana
Speaker 2: Hall joins us and Dana, Look, it's not going to
Speaker 2: have an implications on the court in the here and now.
Speaker 3: This still is all riding on a judge in the
Speaker 3: long term.
Speaker 2: But suddenly it holds on in a musk from walking
Speaker 2: too soon.
Speaker 5: Yeah, And to be honest, like, I was not expecting
Speaker 5: Elon Musk to front run Tesla's AGM.
Speaker 6: We thought we were going to get the vote results tonight.
Speaker 5: But clearly Tesla is keeping very close track of the
Speaker 5: votes that they do have, and a lot of votes
Speaker 5: came in yesterday. The deadline two casts a vote was
Speaker 5: late last night, and they've got the votes. I mean,
Speaker 5: if you believe Elon's tweet, and I don't think there's
Speaker 5: a reason not to, they have the votes on both
Speaker 5: his pay and on the move to Texas. And what
Speaker 5: this means is that many of the very big shareholders
Speaker 5: that Tesla was worried about either abstained or voted yes.
Speaker 5: And that's like a super fascinating dynamic because some of
Speaker 5: the large funds like Vanguard actually voted no in twenty eighteen,
Speaker 5: and they are the largest shareholder in Tesla after Musk himself.
Speaker 4: Dan, That's what surprised me so much about this vote.
Speaker 4: You had these large asset managers such as Vanguard that
Speaker 4: you just mentioned, voting in favor of this. Do you
Speaker 4: know anything about why they switched or the sort of
Speaker 4: strange badfellows here in terms of who's voted for and
Speaker 4: real To be clear.
Speaker 5: Vanguard has not said anything yet. We don't know for
Speaker 5: sure how they voted, but.
Speaker 1: You should say this. Sorry the New York Times reporting
Speaker 1: early this morning. Excuse me.
Speaker 6: We have not confirmed that ourselves.
Speaker 5: But if you look at the vote count, just a
Speaker 5: lot of yes votes came in yesterday and they have
Speaker 5: to be the big votes from the shareholders Vanguard, black Rock, Geode,
Speaker 5: State Street. So yeah, it's interesting too because both Iss
Speaker 5: and Glass Lewis, the big proxy advisory firms, were no
Speaker 5: on the pay package. And that's why Tesla was so
Speaker 5: aggressively courting retail investors. Tesla was worried that they didn't
Speaker 5: have the votes from the big funds, and they actively
Speaker 5: courting retail.
Speaker 6: We know that they were actively.
Speaker 5: Courting the large shareholders too, but something's turned their way
Speaker 5: and I think they've got it I mean, so tonight
Speaker 5: we'll get the final tally.
Speaker 6: But I mean you're gonna see an ambulan.
Speaker 5: Elon Musk take the stage at the AGM today.
Speaker 4: All right, we'll certainly look forward to that again starting
Speaker 4: at four thirty Wall Street time today, Bloomberg's Dana Hole,
Speaker 4: thanks so much for that.
Speaker 7: Well.
Speaker 4: Turning now to Apple, when CEO Tim Cook announced the
Speaker 4: company's partnership with open Ai, they didn't disclose the financial.
Speaker 1: Terms of the agreement.
Speaker 4: For more on what we know about the deal, Let's
Speaker 4: bring in Bloomberg's Lynn Duan. She's here in our studios
Speaker 4: in New York. What do we know about the financial
Speaker 4: terms of being greading of the agreement? Just zero's all around.
Speaker 8: Hi.
Speaker 9: First, thank you for having me. Second, there are no
Speaker 9: financial terms.
Speaker 10: Apparently.
Speaker 9: It's funny because I feel like that was the biggest
Speaker 9: question on that day when they announced this partnership.
Speaker 10: It was like, Okay, so who's paying who?
Speaker 3: Who's making money here?
Speaker 9: It turns out there is no money exchanging hands at
Speaker 9: least at the onset right. Actually happening is according to
Speaker 9: Apple reporter Mark German, sources is Apple believes that there
Speaker 9: is enough value, maybe even more value than monetary value
Speaker 9: to open ai and having its products on a ton
Speaker 9: of Apple devices across the board. The promotion of their
Speaker 9: product there offers them a business proposition if people want
Speaker 9: to say, go from the free version of open ai
Speaker 9: to the paid version for twenty dollars a month. So
Speaker 9: that's the proposition to open ai and for Apple it's
Speaker 9: clearly a value add in allowing users like me and
Speaker 9: you to be able to access open ai and all
Speaker 9: of the tools the i generated content that it has
Speaker 9: on our Apple devices.
Speaker 2: That has been some cost apart from nal Musk's aya
Speaker 2: and claim that he'll ban Apple iPhones going into any
Speaker 2: of his companies, but this integration will actually cost open
Speaker 2: ai something, right because well, they've got to pay for
Speaker 2: the compute if everyone selves using.
Speaker 9: It, that's right, And the the idea behind it is
Speaker 9: that in the long term, this cost, this investment that
Speaker 9: they're making will pay off both for Apple and for
Speaker 9: open Ai. For Apple, I think that the long term
Speaker 9: advantage here. The reason why they are making partnerships with
Speaker 9: open ai and are trying to make partnerships with other
Speaker 9: AI developers.
Speaker 10: By the way, this.
Speaker 9: Is not an exclusive arrangement, is that hopefully one day
Speaker 9: they will be able to monetize it through revenue sharing agreements.
Speaker 9: So anytime one of these AI developers is able to
Speaker 9: sell a subscription through an Apple device, hopefully Apple will
Speaker 9: get a cut from it.
Speaker 10: That's what Apple hopes.
Speaker 9: And as far as the AI developers go, they are
Speaker 9: willing to give this investment in the hopes that it
Speaker 9: will generate more revenue. And mind you, this is a
Speaker 9: big push for open ai right now. They are under
Speaker 9: a lot of pressure to show that they can not
Speaker 9: only generate revenue, but that they can generate enough revenue
Speaker 9: to turn a profit. And that's what they really need
Speaker 9: in order to keep all this AI compute going is
Speaker 9: more and more money me into the institution to fund it.
Speaker 7: Well, they're not out of data center capacity.
Speaker 3: Larder data center.
Speaker 2: Maybe they're saving a little bit by Apple not getting
Speaker 2: a cut on the chatchypt app for now, but certainly
Speaker 2: lots of way that this can be earning some bucks.
Speaker 3: We thank you.
Speaker 2: That was a perfect summary, Ninduan of Bloomberg. Meanwhile, coming up,
Speaker 2: we'll go break down broad COM's pretty sensational results. Actually
Speaker 2: shares surging as a timent outlined a little bit earlier.
Speaker 2: It's all on guess what AI demand. But we want
Speaker 2: to go back actually to what's been happening overseas. A
Speaker 2: BYD Chinese ev maker of course, actually traded here.
Speaker 3: In the US for some ADRs.
Speaker 2: We're higher on the day, and that's as we start
Speaker 2: to digest the EU tarras, which initially was a shock,
Speaker 2: but actually we think this perhaps is slightly less of
Speaker 2: a taroff than having been anticipated seventeen percent of BYD
Speaker 2: and actually they can stomach it if they're going to
Speaker 2: continue to sell into Europe.
Speaker 8: This is a broom make technology.
Speaker 4: Well shares a chip supplier Broadcam, surging after the company
Speaker 4: reported earnings that were boosted by demand for AI products.
Speaker 4: Joining us now for more is Kun John Sabani of
Speaker 4: Bloomberg Intelligence. Kunjohn, These results just exceeded all analysts expectations
Speaker 4: on the top line the bottom line guidance as well.
Speaker 4: Remind us of the space that broadcomplays and a huge
Speaker 4: Apple supplier of course, But tell us about the AI
Speaker 4: element here.
Speaker 10: Yeah, So they have two core AI businesses.
Speaker 11: One is the AC accelerators, which is alternative to merchant
Speaker 11: GPU what someone like an Nvidia provides, so mainly focused
Speaker 11: on the large cloud players and hyperscalers like Google, Meta, Microsoft, etc.
Speaker 11: And the second is the AI networking or the overall
Speaker 11: networking business, which until now was the biggest piece, which
Speaker 11: is where basically the pipeline that runs the data center
Speaker 11: runs on. So anything outside of the cpugpun memory that's
Speaker 11: basically all the networking components Qrinjin.
Speaker 2: We have clearly some competitive inching into the space. When
Speaker 2: you think of Nvideo, it's a good strong number two.
Speaker 3: But what's also interesting is they're taking a leaf out
Speaker 3: of Video's book. They're doing a stock split.
Speaker 11: Yeah, I mean that seems to be the trend these days.
Speaker 11: You beat on good AI results into a stock split
Speaker 11: and you see what happens, double digit stock good. But
Speaker 11: I think from a combination point of view, you know,
Speaker 11: from in the near term, in terms of the use case,
Speaker 11: we don't think they're really competing with each other because
Speaker 11: the use case right now are different and both of
Speaker 11: them there's no hurdles to growth for both companies. But
Speaker 11: I think in the long term it definitely will compete,
Speaker 11: not in the use case, but more in the wallet
Speaker 11: share because there are clouds providers and hyperscalers would have
Speaker 11: limited budget.
Speaker 2: To spend and designing their own chips slowly but surely
Speaker 2: really interesting countries. Survanning, we thank you so much. A
Speaker 2: Boomberg intelligence running up on what is happening for broad Coom.
Speaker 2: But let's broaden ow is all the play and AI
Speaker 2: about the infrastructure space, the picks and shovels, the actual chips,
Speaker 2: So what about the applications, what about the large language models?
Speaker 2: You've got the perfect voice to really dovetail that with
Speaker 2: federal policy Reserve. Well, it is Joe Joo, his Millennia
Speaker 2: Capital managing partner. Joe used to work over at the FED.
Speaker 2: So you're the perfect person to sort of outline whether
Speaker 2: in this environment where eventually we might get one, maybe
Speaker 2: even two cuts this year, in terms of overall policy,
Speaker 2: you should be putting yet more money into a broad coom,
Speaker 2: into an nvideo, into some other AI plays.
Speaker 10: Yeah.
Speaker 12: Look, you know, by taking a step back, I think
Speaker 12: that there's we're in this huge AI build out, and
Speaker 12: there's a couple of ways you can employ this market.
Speaker 12: You could you could participate in a semis etf you
Speaker 12: could pick the winners. But I think what I'm what
Speaker 12: I'm thinking my head is I think there's some naysayers
Speaker 12: who are saying, well, this AI build out is we're
Speaker 12: going to see the peak of the curve in the
Speaker 12: next couple of years. I personally think that this hyperworld
Speaker 12: phase in the in the semis will probably go on
Speaker 12: for years, just because I think what the street is
Speaker 12: not saying is that there's going to be a lot
Speaker 12: of incremental demand from some of the tech blaggers that
Speaker 12: needs to catch up on AI. There's going to be
Speaker 12: foreign buyers from let's say Europe and emerging markets. And lastly,
Speaker 12: I think what we're also thinking is there's going to
Speaker 12: be a lot of training and retraining of AI. AI
Speaker 12: is like software every time on your iPhone, You've got
Speaker 12: to update your software every.
Speaker 7: Single every single week.
Speaker 12: So in AI, as their new data becoming available, you have.
Speaker 7: To update the AI, you have to retrain.
Speaker 12: So I personally think that the AI at the infratrate
Speaker 12: as they had a lot.
Speaker 7: Of room to go.
Speaker 4: Well, Joe, I'm sticking with your experience on the Federal
Speaker 4: Reserve because look, at the end of the day, rates
Speaker 4: are pretty much everything when we're talking about this stuff.
Speaker 4: I'm wondering how you're thinking about these high flying tech
Speaker 4: companies and what exactly is priced in with regard to
Speaker 4: rate cuts. Are we going to see still moves higher
Speaker 4: even after the Fed does cut rates if it does
Speaker 4: cut rates this year, or is that already priced in.
Speaker 12: Look as a former staffer now and a founder of
Speaker 12: my a firm, I take the view that it's important
Speaker 12: to look at the long term directions of inter treates,
Speaker 12: you know, in economic saying like, we're ninety percent confident,
Speaker 12: we're ninety five percent competent, we're probably ninety percent competent
Speaker 12: that there's going to be at least one rate cut
Speaker 12: sometime in the next nine months. So whether it starts
Speaker 12: in July, September, December, work in January, I think it
Speaker 12: is not as important to me as an investor because
Speaker 12: you know the directions of the rates are coming down.
Speaker 12: So what that means what you can do is to
Speaker 12: put you know, I think there's one more thing that
Speaker 12: I think the street often gets run out, and I'll
Speaker 12: say this for the record, is I think the street
Speaker 12: put puts a lot of emphasis on the back plod chart,
Speaker 12: and I think what I would do is probably put
Speaker 12: sixty percent of your weight on the BA plot chart
Speaker 12: and put forty percent of your own research analysis into
Speaker 12: the thinking. So you come up with your own framework
Speaker 12: to what you think it's going to be the pack
Speaker 12: of interest rates, and then you put that into your
Speaker 12: financial model, your DCF model on Excel, and then you
Speaker 12: can sort of figure out, you know, what you think
Speaker 12: is fair value on the S and P, on MAST
Speaker 12: and on the stocks.
Speaker 7: So for me, I just had to take a step back.
Speaker 12: I'm less worried about whether the cut starts in September
Speaker 12: with December, but I know I think there's a rate
Speaker 12: coming coming so that I'll just put back into my
Speaker 12: model and then they'll be able to help me make
Speaker 12: better decisions as an investor.
Speaker 2: You're betting on the trend and you're betting actually on
Speaker 2: private companies. I'm thankful Lanthropic you put money into some
Speaker 2: of the large language models.
Speaker 3: Dissect for us.
Speaker 2: Where the money then now is allocated in this space?
Speaker 3: Is it the large language models?
Speaker 2: At what point do we start seeing more money allocated
Speaker 2: to the applications the use of these large language models.
Speaker 12: Yeah, So you know, there's sort of six broader themes
Speaker 12: of this AI in value chain. In my head, if
Speaker 12: you start from the very bottom, right, you have electricity,
Speaker 12: you have data centers, you have you have cooling centers,
Speaker 12: and then on top of that you'll have CHIPS's the
Speaker 12: semi use and you have the data owners like the
Speaker 12: Max seven, and then on the path you have the
Speaker 12: large language models. And then you need human talent. You
Speaker 12: need smart people to train the AI and work on it.
Speaker 12: And the lastly you need the app. You know, we're
Speaker 12: going to build the applications. I think as an investor,
Speaker 12: you know you can have a They played this AI
Speaker 12: trade in public markets by buying public stock to QQQ,
Speaker 12: But in private.
Speaker 7: Markets, what we're doing is sort of like we're sort.
Speaker 12: Of an ETF in the private markets, and that we're
Speaker 12: invested in entroffic, WM, the cohere because these are the
Speaker 12: innovations companies happening in the private markets.
Speaker 7: But there's also other ways to play this AI.
Speaker 12: Trade, because you could also be investing in utility, you
Speaker 12: could be buying data centers.
Speaker 7: So I think there's no different waste. But I think
Speaker 7: the fundamental.
Speaker 12: Phasis in my head is that it's a foregun conclusion
Speaker 12: what the AI is real. In fact, I think AI
Speaker 12: is going to be you know, like software square, the
Speaker 12: Internet cube, if you will, excuse me, but I think
Speaker 12: the biggest question in my head.
Speaker 7: Is actually AI regulation. But that aside.
Speaker 12: I think when you take a step back and you
Speaker 12: look at some of the companies in this AI trade,
Speaker 12: we're at the very beginning where you know, you can
Speaker 12: think of it like a two year old baby. And
Speaker 12: and so the saying is, in playing words, if this baby,
Speaker 12: a two year old can do what it can do,
Speaker 12: imagine when that baby matures as an.
Speaker 7: Adult, how much more where that person can do?
Speaker 4: Okay, well, as a venture capitalist, you're thinking about that
Speaker 4: baby as an adult. So very briefly, paint a picture
Speaker 4: for us about what AI can do when it's nineteen
Speaker 4: years old.
Speaker 12: Yeah, then we're talking about the six layer, which is
Speaker 12: the application layer. Right, So there's you know, I guess
Speaker 12: the industry phrase theory is called vertical software, which is
Speaker 12: you can apply AI in cybersecurity, in automation, in robotics.
Speaker 12: You know, there's a company called Figure ai that's combining
Speaker 12: robotics the AI. We're invested in a AI cybersecurity company
Speaker 12: called Deep Instinct.
Speaker 7: But you can also apply.
Speaker 12: AI to pharmer research to know, many other fields that
Speaker 12: we haven't even thought about. There's one thing I got
Speaker 12: to say that's really really important. When we think back
Speaker 12: at the major technological innovations of the last two hundred years,
Speaker 12: whether it was electricity, the engine, the Internet, how did
Speaker 12: we as a humanity create that. We did it with
Speaker 12: human intelligence, people working together. What happens now when you
Speaker 12: can recreate intelligence, you can recreate many many atimics edicines.
Speaker 12: So there's many infinite pathibilities that we can create. So
Speaker 12: what I'm trying to say is it's really I think
Speaker 12: about how we nurture this technology in a way that's
Speaker 12: going to help us, help helps the community move forward
Speaker 12: and grow in a way that's responsible.
Speaker 4: Joja Ou of Millennia Capital, thanks so much for joining us.
Speaker 4: Certainly do appreciate it.
Speaker 3: I'm now for talking tech.
Speaker 2: First startup al Alpha says, look, AI must grow beyond chatboots.
Speaker 3: In order to be profitable.
Speaker 2: Speaking to Bloomberg, the CEO Jonas Andreulis says businesses need
Speaker 2: more specialized models other than Ela lambs that power the
Speaker 2: likes to chutch ept. He went on to compare the
Speaker 2: current AI craze to the likes of the dot com
Speaker 2: bubble of the late nineties, plus Norway hits meta with
Speaker 2: a complaint over their plans to use images and posts
Speaker 2: from Facebook and Instagram to train AI models. Now, the
Speaker 2: Norwegian Consumer Council says Meta has made it quit deliberately
Speaker 2: cumbersome to opt out of the AI scraping process, which
Speaker 2: would violate EU.
Speaker 3: Data protection rules.
Speaker 2: Meanwhile, Open Ai CEO Sam Altman says the company is
Speaker 2: on a pace for a three point four billion dollar
Speaker 2: annual revenue now. According to a person familiar with the matter,
Speaker 2: Sam Altman's addressing staff and in an all hands meeting Wednesday,
Speaker 2: he added that the company was on track to generate
Speaker 2: two hundred million dollars in this AI partnership through Microsoft
Speaker 2: A zero.
Speaker 4: Well, sticking with AI, Adobe out with earnings after the bell,
Speaker 4: where investors will be focusing on the company's AI progress
Speaker 4: and if customers are spending for it.
Speaker 1: Joining us now is.
Speaker 4: Bloomberg's and Brody Ford Brody good to see you this morning.
Speaker 4: I'm wondering where where the context is here because shares
Speaker 4: are down more than twenty percent going into the print
Speaker 4: later today, and the company plays in an interesting space
Speaker 4: because it provides AI services, but at the same time
Speaker 4: it's software as a service, which has just been beat
Speaker 4: up this year as companies have shifted their budgets more
Speaker 4: to hardware. What has beat up the company more going
Speaker 4: into ourn Is it competition or is it a lack
Speaker 4: of spend when it comes to software and services?
Speaker 13: Yeah, Adobe is one of the more interesting AI debates
Speaker 13: out there because, like all software, it's been the question
Speaker 13: of are they benefiting from AI or are they getting
Speaker 13: replaced by AI? You know, Adobe is famous for their
Speaker 13: creative portfolio Photoshop video editors, and they've introduced new features
Speaker 13: to be able to generate imagery in there. The key
Speaker 13: fear for investors is that over time with AI, if
Speaker 13: I'm able to type in you know, I don't know
Speaker 13: TV show anchors talking about tech, am I really going
Speaker 13: to need you know, Photoshop to do that?
Speaker 14: Am I gonna need a video editor to do that?
Speaker 13: And are small business is going to stop using these
Speaker 13: licenses so much?
Speaker 14: Right? And so Adobe has spoken a big game.
Speaker 13: About AI uplift for the probably over a year now,
Speaker 13: it really hasn't showed up in the numbers, and so
Speaker 13: investors are starting to feel like, hold up, maybe these
Speaker 13: numbers aren't going to really come buddy.
Speaker 2: The numbers ain't that bad in terms of growth of
Speaker 2: still ten percent for revenue expanded and actually consistently going
Speaker 2: to be about ten eleven percent for the next few years.
Speaker 2: So where is the anxiety eventually going to show U
Speaker 2: where we're going to actually see them eroding some of
Speaker 2: that revenue game.
Speaker 14: Yeah, it's it is for sure a long term risk.
Speaker 13: I mean, I haven't seen a whole lot of evidence
Speaker 13: of companies, for example, ending their Adobe licenses and saying
Speaker 13: I'm just going to use Dolli to generate images. The
Speaker 13: anxiety is that there's a lot of new spending going
Speaker 13: toward these AI startups, and in theory that new spending
Speaker 13: should have been going towards the software incumbent like Adobe.
Speaker 13: I mean, it is such a small metric investor's focused
Speaker 13: on here with one of the craziest acronyms, it's like
Speaker 13: net new annual recurring revenue for their digital media segment,
Speaker 13: and that has gone down bit by bit again because
Speaker 13: there's this sense of like, hey, maybe they are not
Speaker 13: getting new workloads that are ending up in the hands
Speaker 13: of Runway or Dolli or mid journey.
Speaker 4: Hey Brody, I'm wondering what you see or analyst rather
Speaker 4: as the biggest competition out there right now from the
Speaker 4: upstarts that exist. Is it the lms or is it
Speaker 4: the bigger companies that are starting to adopt what the
Speaker 4: llms kind of started doing earlier.
Speaker 13: It's definitely not the bigger companies. I mean Adobe is
Speaker 13: thecumbent here. I think the biggest anxiety point is Kanva
Speaker 13: and has been for a long time.
Speaker 14: You know, that great Australian startup.
Speaker 13: They're known for making the templates that you might end
Speaker 13: up seeing on Instagram or you might see your friend's wedding.
Speaker 13: You know, they've just made it a lot simpler to
Speaker 13: do quick design, it's a little cheaper, it's all on
Speaker 13: the web.
Speaker 14: I mean that's who Adobe investors have been anxious about
Speaker 14: for a while.
Speaker 3: Yeah.
Speaker 14: On the upstart side.
Speaker 13: It is more of those large language model makers who
Speaker 13: are generating images.
Speaker 3: Brody, thank you for joining us.
Speaker 2: All eyes you want Adobe after the bell that.
Speaker 3: To Neumog Technology. I'm Caroline Hyde and.
Speaker 1: I'm Tim Staneviek in for a love.
Speaker 2: Let's go quick check on these markets ten at the moment,
Speaker 2: because we're currently seeing higher just when you're looking at
Speaker 2: technology stocks and US trade more broadly. S and P
Speaker 2: five hundred and a new record. NAZAC had a new
Speaker 2: record two year yield. Moved by the fact that PPI
Speaker 2: is showing once again inflatory pressure, is dialing back stock
Speaker 2: six hundred.
Speaker 3: Over in Europe. Just finished trade.
Speaker 2: I'm afraid to the one point three percent downside as
Speaker 2: we still digest political risk and maybe you know a
Speaker 2: reparthing of where Federal Reserve pushes rates and people having
Speaker 2: some anxiety over that. Move on, have a look at
Speaker 2: something individual movers because record high for broadcon thirteen percent
Speaker 2: on the nose higher. They're doing what's rather in vogue
Speaker 2: at the moment, and a stock split by ten, so
Speaker 2: we'll see perhaps a little bit more retail come into
Speaker 2: this chip damaker that is also on a tear when
Speaker 2: it comes to AI demand. Then revenue really managing to impress,
Speaker 2: and the guidance to MicroStrategy off by six percent.
Speaker 3: Why more supply coming?
Speaker 2: But this term in convertible notes, why is Michael Sellers
Speaker 2: sailor selling converts because he wants to buy mob bitcoin
Speaker 2: and is currently up by three percent. Look that AGM
Speaker 2: is going to be starting later today. We seem as
Speaker 2: though shareholders are voting in favor not only of that
Speaker 2: fifty six billion dollar pay package that was held from
Speaker 2: twenty eighteen, but also the move to Texas. The question
Speaker 2: is will that judge think similarly. We want to get
Speaker 2: onto another company at the moment, and I want to
Speaker 2: discuss what's happening over at Intuit. Intuit Mailchimp is coming
Speaker 2: out with a new revenue tool. It's a system of
Speaker 2: predictive and generative AI models. Basically, it's designed to help
Speaker 2: market is win more revenue. You're going to send the
Speaker 2: right email at the right SMS at the right time,
Speaker 2: with the right conversion into at.
Speaker 3: CEO is going to talk us through it.
Speaker 2: Sasam Gourdalzi joining us for more and this is about
Speaker 2: artificial intelligence really in the here, renowned Sasan you have
Speaker 2: been talking up AI. You've been reworking your business as
Speaker 2: the time you came in as CEO. I want to
Speaker 2: you know, qdos to you for talking about it before
Speaker 2: the rest of the market did. But how is it
Speaker 2: actually going to generate revenue for you?
Speaker 15: Well, first of all, thank you so much for having me.
Speaker 15: You know, what we announced today is a really big deal.
Speaker 15: Let me first quickly start with context and then talk
Speaker 15: to what we launched, and how over time it will
Speaker 15: generate revenue for into it. You know, strategically, there are
Speaker 15: three big things really that we've declared. You know, one
Speaker 15: is shifting from building workflows where customers do the work
Speaker 15: to get to their financial outcomes to workflows where we
Speaker 15: do the work for our customers. The second element is
Speaker 15: that embedding AI powered experts human experts within every workflow
Speaker 15: so that there's never a dead end for customers. When
Speaker 15: there's a dead end with the technology doing the work,
Speaker 15: are experts that actually sit on our data on AI
Speaker 15: platform can be the assistant for consumers and small businesses.
Speaker 15: And third, to take our game to the mid market
Speaker 15: and small enterprises and really serve our customers in ways
Speaker 15: that they could never imagine possible. Specifically, what we announced
Speaker 15: today on into it mailchip platform is what we call
Speaker 15: revenue intelligence. You know, one of the things that small
Speaker 15: businesses care about most is revenue growth and profitability growth,
Speaker 15: and within that their cash flow matters a lot. And
Speaker 15: so revenue intelligence does something remarkable. It leverages all of
Speaker 15: our customers data across Mailchimp and QuickBooks and an essence
Speaker 15: helps them with understanding how they can drive customer and
Speaker 15: revenue growth, So imagine swan.
Speaker 2: I'm I'm just going to think about imagining as a
Speaker 2: consumer here though, because I can see how this might
Speaker 2: be music to marketiers is. But me as a consumer,
Speaker 2: do I want more SMSs? Do I want more emails?
Speaker 2: Do I want more marketing heading my way?
Speaker 15: Well, if I finish the thought around this small business
Speaker 15: and the impact that we'll have to the consumer. In essence,
Speaker 15: the small business can understand which customers they have an
Speaker 15: opportunity to provide more services to where they can drive
Speaker 15: more benefits and profitability. And for a consumer, let's use
Speaker 15: couch as an example, or new chairs as an example,
Speaker 15: as a furniture or that you just came out with.
Speaker 15: As a consumer of those devices or those couches or chairs,
Speaker 15: I have an opportunity to know what's available, and I
Speaker 15: have an opportunity to know where I can modernize my house.
Speaker 15: And so from a consumer perspective, the benefit is significant
Speaker 15: and consumers actually believe it or not. Ninety five percent
Speaker 15: of consumers love to digest sms is because they're short,
Speaker 15: they're sweet and to the point, and it has an
Speaker 15: enormous impact for consumers and a big impact for small businesses.
Speaker 15: And ultimately, to answer your question, the more we can
Speaker 15: help drive revenue and profitability growth for small businesses, the
Speaker 15: more we have the capability to monetize and be able
Speaker 15: to drive growth into it. So we're very excited about
Speaker 15: what we launched today.
Speaker 4: So, Son, I want to talk about the TurboTax business
Speaker 4: because you've spoken recently about the idea of looking for
Speaker 4: more customers who actually use human accountants to adopt TurboTax
Speaker 4: and not use those accounts anymore. Forgive me for getting
Speaker 4: personal here, but there's a reason I'm asking this question.
Speaker 4: I would imagine you have a very very complicated tax situation.
Speaker 4: As the president and CEO of this company. Do you
Speaker 4: use turbo tax for your taxes?
Speaker 10: Great question.
Speaker 15: First, let me start with answering your first question. Then
Speaker 15: I'll answer your question about myself. You know, first and foremost,
Speaker 15: there's a thirty five billion dollars a total addressable market,
Speaker 15: and of that thirty five billion, thirty billion is consumers
Speaker 15: and small businesses that actually go to somebody else to
Speaker 15: have their taxes done. And that's really where we've built
Speaker 15: out the platform, where it sits on a data and
Speaker 15: AI platform where we can do your taxes for you
Speaker 15: from a governance perspective, I do not use turbo tax
Speaker 15: because it's important from a governance perspective that somebody else
Speaker 15: does my taxes for me outside of our platform. So
Speaker 15: that's the reason why I don't. I would okay to
Speaker 15: do it because we have great experts.
Speaker 4: What I was going to say is you, do you
Speaker 4: ever picture a time where somebody with as complicated a
Speaker 4: tax picture as the executive a publicly traded company can
Speaker 4: only use a product like TurboTax for their taxes.
Speaker 1: Does that day common? If yes?
Speaker 10: When well, first of all, we can do that today.
Speaker 15: If there wasn't a governance issue, I could have one
Speaker 15: of our experts do all of my taxes today. You know,
Speaker 15: our experts can today do anybody's taxes for them. And
Speaker 15: it's all digital, it's all AI powered, and we have
Speaker 15: multiple second reviews within our platform to ensure that your
Speaker 15: taxes are done accurately and that you're either getting the
Speaker 15: largest refund or if you have a balance due, that
Speaker 15: you're paying the right amount.
Speaker 10: But today, anybody can do their.
Speaker 15: Taxes on our platform and have us do it for
Speaker 15: them because we have all of the expertise, all of
Speaker 15: the data and AI capabilities with the best experts in
Speaker 15: the industry on our platform.
Speaker 2: Yeah, we were just seeing sasan how well your share
Speaker 2: price has been doing of late, and in many ways
Speaker 2: of late we've seen it pop because there's a price
Speaker 2: increase coming according to Mazooho analyst in particularly, who is
Speaker 2: outlining what that's going to do for your revenue. Sasan,
Speaker 2: how big an increase are we going to see for
Speaker 2: quick books?
Speaker 3: Can you give us a.
Speaker 2: Sort of level revenue indeed a natural price point?
Speaker 10: Yeah?
Speaker 1: Sure.
Speaker 15: I mean, first of all, I would start by saying
Speaker 15: that we've had significant innovation on our platform in the
Speaker 15: last year across all of the elements of our platform,
Speaker 15: whether it's the ability to be able to fuel your success,
Speaker 15: drive your revenue growth or profitability, and or having our
Speaker 15: experts to help you run your business as a small business.
Speaker 15: And we always price for value, and so this is
Speaker 15: very much sort of in line with our pricing strategy
Speaker 15: and our pricing principles, where we are raising prices all
Speaker 15: the way from those that today start out to fuel
Speaker 15: their success as a small business and follow their passion
Speaker 15: to mid market customers. And we've gotten great feedback relative
Speaker 15: to the innovations that we've delivered into last year, and
Speaker 15: we're just simply pricing for value and we're excited about
Speaker 15: the possibilities.
Speaker 4: I just want to talk about Mint because there was
Speaker 4: a lot of sadness when you guys shut Mint down,
Speaker 4: and I'm wondering if you've seen those customers move over
Speaker 4: to credit hakrmas products.
Speaker 10: Yeah.
Speaker 15: Well, first of all, I'll start with what Mint actually
Speaker 15: who had served it served what we call prime customers,
Speaker 15: those that generally have credit scores above seven hundred. And
Speaker 15: when we thought about our vision as a consumer platform,
Speaker 15: we want to have a self driving platform where we
Speaker 15: can serve you early on in your life to help
Speaker 15: you build your credit all the way to how do
Speaker 15: you build wealth over time. And so given that vision,
Speaker 15: we actually brought Mint and Credit Karma together so we
Speaker 15: can serve all of our customers, from those that need
Speaker 15: to build credit to those that have great credit scores
Speaker 15: but also have different needs, all on one platform. We
Speaker 15: actually had more than what we had assumed convert to
Speaker 15: Credit Karma. In fact, the majority of our customers converted
Speaker 15: to Credit Karma, particularly because of all the capabilities that
Speaker 15: we have on credit Karma to be able to serve
Speaker 15: our prime customers.
Speaker 10: There are a.
Speaker 15: Very small court of customers that did not convert. These
Speaker 15: are customers that really their love is budgeting tools, budgeting goals,
Speaker 15: and those are some of the capabilities that over time
Speaker 15: we're building in credit Karma, but are not available today.
Speaker 15: I would tell you some court of customers were very
Speaker 15: sad that Mint went away, but actually the majority of
Speaker 15: our customers are delighted to be on credit Harma.
Speaker 2: Now I'm going to ask him off set whether he's
Speaker 2: delighted or heartbroken, but I'm interested ss on.
Speaker 3: Lastly, we did just get some recent news out of
Speaker 3: the IRS.
Speaker 2: Basically, there's going to be a free tool the US government,
Speaker 2: in particular supporting Americans who want the option to file
Speaker 2: directly with the IRS as ultimately to be in charge
Speaker 2: of their own taxes.
Speaker 3: Is this going to be a competitive threat? Are you
Speaker 3: going to lose people to this free tool?
Speaker 15: I mean, the short answer is no, because free is
Speaker 15: already available to all Americans today and so with what
Speaker 15: the IRS has launched, it's just yet another free tool.
Speaker 15: So it is not a threat to us because freeze
Speaker 15: are already available across all private companies. We also don't
Speaker 15: believe that it's the best use of government money to
Speaker 15: come out with another tool that's free where free is
Speaker 15: already available.
Speaker 10: It's not the best use of money.
Speaker 15: We'd love to see more money go towards the service
Speaker 15: that the IRS provides to take very good care of
Speaker 15: the citizens. But nevertheless, as far as the threat for us,
Speaker 15: it really.
Speaker 4: Is not into its CEO Sosan Ga Darzi Sossan, thanks
Speaker 4: so much for joining us.
Speaker 1: Appreciate it.
Speaker 10: Thank you for having me.
Speaker 4: Well, coming up, we're going to be joined by Amber
Speaker 4: Atherton from Patron to talk all things gaming and VC.
Speaker 10: That's next.
Speaker 1: This is Bloomberg.
Speaker 3: Now in today's VC Spotlight.
Speaker 2: Let's talk about the health of the video game industry,
Speaker 2: of social networks, of groupings, and whether we might see
Speaker 2: actually an optic in investment in the second half of
Speaker 2: the year into these sorts of processes. Amburatherton's with us
Speaker 2: partner at the early stage at benufirm Patron, and you're
Speaker 2: all in on sort of networks of people, of thinking
Speaker 2: and of gaming interaction online.
Speaker 3: Having been a founder now a VC.
Speaker 2: What is artificial intelligence doing to the conversations you're having
Speaker 2: at the moment?
Speaker 16: Yeah, I mean we're good to be back. Thanks for
Speaker 16: having me. I think after selling my startup to Discord,
Speaker 16: I saw firsthand that this younger generation really see gaming
Speaker 16: not just as entertainment, but as a social networks where
Speaker 16: they hang out with their friends. And I think you're
Speaker 16: seeing us move towards a more community driven multiplayer internet,
Speaker 16: and so I think when you see AI as part
Speaker 16: of that story, I mean if you look at Nvidio,
Speaker 16: you look at Microsoft, all of these are companies that
Speaker 16: started out serving the gaming market, and it's not a
Speaker 16: surprise that they now have an edge on AI. Because
Speaker 16: they start out serving gamers who are very early adopters
Speaker 16: to new platforms, they have huge demands in terms of
Speaker 16: graphics and infrastructure.
Speaker 3: So I think we're very excited about startups that.
Speaker 16: Are using gaming as a wedge to further improve AI.
Speaker 4: Wally and Brot, I want to talk about one of
Speaker 4: your most recent investments. Caroline and I were talking about
Speaker 4: it a little earlier. The company Aria just announced yesterday.
Speaker 4: It's interesting because AI sort of goes into the background
Speaker 4: there with sort of this AI powered concierge. Talk a
Speaker 4: little bit about what exactly this investment is because it's
Speaker 4: not completely in the world of gaming, as in your
Speaker 4: playing games against somebody else in a virtual world, but
Speaker 4: it actually takes a real world approach right exactly.
Speaker 16: And I think part of Patron's thesis is that gaming
Speaker 16: can be a source of good and better goodness for
Speaker 16: the world. And so I think when we're looking at gaming,
Speaker 16: it's from a broader lens of yes, we have mets
Speaker 16: and studios, but we also look at how gaming is
Speaker 16: influencing border consumer technology and Aria is a good example
Speaker 16: of this where AI doesn't have to completely replace human interaction,
Speaker 16: and in fact, what Aria is doing is helping couples
Speaker 16: increase their relationship strength be better partners to each other
Speaker 16: through this wonderful hybrid of an AI concierge, physical boxes,
Speaker 16: and a lot of content. So we look at it
Speaker 16: a much border lens, and I think companies like Aria
Speaker 16: have a really great shot at using AI in a
Speaker 16: way that doesn't isolate human connection.
Speaker 2: Digital human beings is the the to surround Alterra a
Speaker 2: different portfolio company of yours, and you're investing alongside the
Speaker 2: likes of Eric Schmid in this one particular, it's about
Speaker 2: lab building agents and how does that fit into a
Speaker 2: gaming context. Are you're going to be gaming alongside agents.
Speaker 2: Are they going to be within your in the world's
Speaker 2: ones creating.
Speaker 16: Yeah, I think it's very rare as an investor to
Speaker 16: witness a paradigm shift in terms of how humans interact
Speaker 16: with computers. So when we met the founders of al Terra,
Speaker 16: we were very excited about what they were building. You know,
Speaker 16: in the initial phases, it's very much you're able to
Speaker 16: game with an AI agent instead of a friend or
Speaker 16: with a friend, But where that's ultimately going is toward.
Speaker 3: Digital human beings.
Speaker 16: So I don't think it's inconceivable to think that in
Speaker 16: the future we will have AI agents and AI friends
Speaker 16: that provide more than utility book companionship, friendship, and you're
Speaker 16: able to play play games with them. They're able to
Speaker 16: assist you in your life. And so I think al
Speaker 16: Terra is a very interesting example of using gaming as
Speaker 16: a wedge to ultimately the much much border consumer market.
Speaker 2: But you wrote a book about online communities. They're real
Speaker 2: people having real relationships via internet. Now we're thinking about
Speaker 2: how we're going to be playing against totally false agents
Speaker 2: who are not actually real humans, and we're thinking about
Speaker 2: building our own intimacy via bets that you're making through
Speaker 2: the power of AI. Are you feeling comfortable with the
Speaker 2: direction of travel of artificial intelligence and humanity at the moment?
Speaker 2: Do you think it's ultimately helping or hindering in some way?
Speaker 16: I'm, you know, in the business of optimism, So for me,
Speaker 16: it's that AI is not replacing humans. AI is augmenting humans.
Speaker 16: AI is bringing a new dimension of fun and personalization
Speaker 16: into so many different consumer interactions. And I think for
Speaker 16: us as patron, you know, we invest across this spectrum
Speaker 16: of play, and I think it's very difficult to see
Speaker 16: where consumer technology and AI is going if you don't
Speaker 16: understand gaming. So for us, we are excited about founders
Speaker 16: that are operating at the earlier stages, you know, seed stage,
Speaker 16: and are using AI to really be a force of
Speaker 16: good in the world.
Speaker 4: Amber who's the platform winner in the world that you
Speaker 4: envision in the coming years? Is it iOS? Is it Android?
Speaker 4: Is it Nintendo? Is it Microsoft? Is it Sony?
Speaker 1: Or is it somebody we're not even talking about.
Speaker 16: I think you've mentioned a lot of very interesting names
Speaker 16: there who are all experimenting at the forefront of you know,
Speaker 16: different technological edges. Whether it is ARVR, which we talked
Speaker 16: a lot about last time, Caroline, or whether it is
Speaker 16: AI and so I think that looking at the gaming
Speaker 16: stocks particularly, you know a discord if you look at Reddit,
Speaker 16: one of the most oversubscribed IPOs, and actually even a
Speaker 16: company like web Tunes that is adjacent to gaming, those
Speaker 16: types of platforms are very very interesting in terms of
Speaker 16: where the next generation is spending their time.
Speaker 3: You know, they're growing up on games.
Speaker 16: Half of us eight to ten year olds playing Roadblox
Speaker 16: every single day. So I think looking at those stocks
Speaker 16: and those gaming companies is where you'll see the platform breakouts.
Speaker 1: And we're going to have to leave it there.
Speaker 4: That's patron partner Amber Atherton joining us from California, Thanks
Speaker 4: so much.
Speaker 1: Now.
Speaker 2: On Wednesday, fired SpaceX engineers filed a lawsuit against Eno
Speaker 2: Musk for sexual harassment and retaliation. That was over in
Speaker 2: a California state court. Now this escalates their multi front
Speaker 2: legal battle with the billionaire chief executive and his aerospace company. Now,
Speaker 2: the Calllifornia suit claims the Musk posted sexual photographs, demeaning commentary,
Speaker 2: and chose to fire employees for speaking up. Josh Idelson
Speaker 2: joins us now for more to discuss eight employees here,
Speaker 2: and this isn't the first time we've heard.
Speaker 1: From them, that's right.
Speaker 17: This is a case from twenty twenty two in which,
Speaker 17: as you said, workers engineers say that because they worked
Speaker 17: on an open letter raising concerns about the company's culture
Speaker 17: and Musk's behavior, or asking whether the company's policies were
Speaker 17: being applied equally to the chief executive, asking whether this
Speaker 17: was the kind of culture they wanted to bring to
Speaker 17: mars that as a result, they were fired. They brought
Speaker 17: a case to the US Labor Board, which issued a
Speaker 17: complaint saying they were illegally retaliated against in violation of
Speaker 17: federal labor law. Now that case at the Labor Board
Speaker 17: is essentially frozen by a federal court injunction because SpaceX
Speaker 17: responded by accusing the US Labor Board of having an
Speaker 17: unconstitutional structure. So now this is a different front where
Speaker 17: these workers are saying that the company also violated California's
Speaker 17: state law. And in this case they are able to
Speaker 17: name Elon Musk personally as a defendant. They're also able
Speaker 17: to seek damages that the Labor Board can't.
Speaker 2: Now we want to get to the response from SpaceX
Speaker 2: and eal mask. They've not immediately responded to request to
Speaker 2: comment on the lawsuit. They previously denied though rom doing
Speaker 2: as you said and said the fired employees violated policies
Speaker 2: and that Musk was actually not involved in their termination.
Speaker 2: But ultimately, have we seen responses coming from the business
Speaker 2: more coordinated fashion to try and tackle at least some
Speaker 2: of the issues that are now being circulated amongst citizens
Speaker 2: as well as those within the company.
Speaker 17: Well, we've seen in the Wall Street Journal, for example,
Speaker 17: Gwen Shotwell, the company's president, saying that allegations that have
Speaker 17: been made don't reflect the culture at the company. The
Speaker 17: lawsuit that these fired engineers filed seeks to get a
Speaker 17: court to force the company to change its policies to
Speaker 17: address what they say is the company and the CEO
Speaker 17: knowingly creating a hostile work environment and retaliating against people
Speaker 17: for bringing it up. They note that Musk has publicly
Speaker 17: marked misconduct allegations against him in the past.
Speaker 4: What could the implications be for Space if these engineers
Speaker 4: are successful in their lawsuit and the implications for Elon
Speaker 4: Musk as well.
Speaker 10: Well. They're seeking damages.
Speaker 17: They're seeking in an injunction that would force the company
Speaker 17: to change its behavior. One question here is how much
Speaker 17: the entities that SpaceX contracts with care about this, including
Speaker 17: the US government. Elon Musk has shown a lot of
Speaker 17: tolerance for controversy and for legal battle and for appeals,
Speaker 17: as we've seen in a number of cases. We will
Speaker 17: see if the company chooses to change anything in response
Speaker 17: to this escalating controverty.
Speaker 4: Does it have any implications for Tesla or any of
Speaker 4: Elon Musk's other companies.
Speaker 7: Well.
Speaker 17: People who've come forward with allegations have said that they
Speaker 17: see patterns at each of these places in terms of
Speaker 17: the company's behavior and in terms of the CEO's willingness
Speaker 17: to continue taking the approach that he's taken, even in
Speaker 17: the face of public embarrassment and allegations that the company
Speaker 17: again is denied wrongdoing.
Speaker 4: Bloomberg Josh Idolson here in New York. Josh, good to
Speaker 4: see you. Thanks for joining us on this to appreciate it.
Speaker 10: Thank you.
Speaker 2: Great to have him in the studio meanwhile, But that
Speaker 2: does it for this edition of Bloomberg Technology. You don't
Speaker 2: want to forget to check out our podcast. You can
Speaker 2: find it on the terminal as well as online on Apple,
Speaker 2: on Spotify, and I heart Tim. It's great have you
Speaker 2: sat next to me. And there's so much more to
Speaker 2: digestoing for in the rest of the day.
Speaker 1: Should we do this again tomorrow?
Speaker 2: Yeah?
Speaker 3: Baby, night?
Speaker 10: Okay, cool, good stop by here.
Speaker 3: I'll be here to make your day a little bit longer.
Speaker 1: I'll see what will be.
Speaker 2: Watching the all important Tesla AGM a little bit later.
Speaker 3: Stay tuned for it.
Speaker 8: This is Blomberg Technology.