Speaker 1: From Marhart where Innovation, Money and Power Collie in Silicon
Speaker 1: Vallet NBN. This is Bloomberg Technology with Caroline Hyde and
Speaker 1: Ed Love Love.
Speaker 2: I'm Caroline Heide Bloomberg's world headquarters in New York and
Speaker 2: I'm Ed Lovelow in San Francisco.
Speaker 3: This is Bloomberg Technology coming up.
Speaker 2: Open AI and Microsoft's partnership facing potential antitrust scrutiny in
Speaker 2: the UK and the US will break down the CMA
Speaker 2: and the FTC's concern on the competition and.
Speaker 3: EU negotiators continue to debate rules for AI. Will discuss
Speaker 3: the sticking points as regulators balancing the risks of artificial
Speaker 3: intelligence and its potential benefits.
Speaker 2: Plus, Harpoon Ventures raises one hundred and twenty five million
Speaker 2: dollars for its forth fund to invest in ELI stage startups.
Speaker 2: Will sit down with the founder Lars and Jensen from
Speaker 2: today's PC Spotlight A first, let's checking on these markets
Speaker 2: and completely flat on the Nasdaq. Look, we try to
Speaker 2: digest the macro picture that is resilience in the US economy,
Speaker 2: a strong jobs market, a confidence building in the consumer
Speaker 2: and we're currently just what one point to the downside
Speaker 2: on the Nasdaq after we've of course, we saw that
Speaker 2: injection of buying yesterday. We do see big moves in
Speaker 2: the bomb market. Though thirteen basis, let's call fourteen basis
Speaker 2: points to the upside on the two years. People think
Speaker 2: that perhaps we've got a little bit too exuberant about
Speaker 2: thinking we'll have some sort of rate cuts as soon
Speaker 2: as March, those probabilities dialing back in the market. We're
Speaker 2: seeing Brent crew popping up about two point three percent
Speaker 2: after indeed oil has been under pressure, but notably some
Speaker 2: views that the US is going to have to build
Speaker 2: up at stockpiles, just managing to push it up a
Speaker 2: little bit higher. Let's move on and have a look
Speaker 2: at what's happening in the world a crypto, of course,
Speaker 2: because the dollar shows resilience. Today we see although over
Speaker 2: the course of the five pass trading days, what a
Speaker 2: tear bitcoin has been on. We're up more than ten percent.
Speaker 2: Forty three eight hundred is where we currently traded. But
Speaker 2: what about those micro details today.
Speaker 3: Yeah, so a lot of newsflow heading into the end
Speaker 3: of the year. One story we reported this morning Tesla
Speaker 3: another executive has left the Dojo project, this time Bill Chang,
Speaker 3: who is the principal engineer for Ai on the project.
Speaker 3: You remember twenty four hours ago Mark German and I
Speaker 3: reported that Ginesh Vin Kateramanan, who was the lead for Dojo,
Speaker 3: had left.
Speaker 4: We're now reporting on another departure.
Speaker 3: Stock a little softer three tens to one percent, but
Speaker 3: kind of in line with the market, not really drawing
Speaker 3: a causal link. The big technology story right now is
Speaker 3: Microsoft and open Ai. In the last hour, Bloomberg of reported,
Speaker 3: citing a source, that the FTC has opened a preliminary
Speaker 3: look from an antitrust perspective in Microsoft's investment on open Ai,
Speaker 3: following the UKCMA, which has done a similar early or
Speaker 3: prelim look, an invitation for the thoughts of the public
Speaker 3: on what they feel about it, but it could lead
Speaker 3: to a full blown probe. This is important. Did we
Speaker 3: see it coming. Let's bring in Bloomberg, Thomas Seal out
Speaker 3: of London. Thomas, they's start with the UKCMA. What are
Speaker 3: the details of what we know?
Speaker 5: Yeah, as you say, Edward, it's early stages, but I
Speaker 5: think we did see it coming.
Speaker 4: We saw some early signs.
Speaker 5: It's hard to keep up with the CMA probes, even
Speaker 5: on Microsoft's front. You know, it's only less than two
Speaker 5: months since they closed the activision probe, but in recent
Speaker 5: months they've been looking at AI foundation models. They've also
Speaker 5: been looking at the cloud market, and in today's statement
Speaker 5: on open Ai, they do explicitly mention the relationship with
Speaker 5: Microsoft Azure and open Ai. So, yeah, really interesting and
Speaker 5: interesting to see other regulators making similar any moves.
Speaker 2: It's kind of fascinating ultimately, when we're looking across at
Speaker 2: what also the USFTC is examining into the nature of
Speaker 2: the investment that Microsoft.
Speaker 6: Made in open Ai.
Speaker 2: We know they put in what ultimately is about thirteen
Speaker 2: billion dollars in terms of overall valuation that they've been
Speaker 2: contributing to open Ai. But what the CMA is looking
Speaker 2: at is whether, particularly through the governance situation, the unraveling,
Speaker 2: the firing then rehiring of Sam Altman, that de facto
Speaker 2: Microsoft has more control than well, they're less than fifty
Speaker 2: percent ownership, they have inequity. What is it that the
Speaker 2: CMA is trying to prove here? Hope and how can
Speaker 2: consumers and competition competition be hurt?
Speaker 5: Yeah, the key phrase, and when you look at antitrust,
Speaker 5: there's a lot of dry or arcane phrases. The key
Speaker 5: phrase with the CMA is substantial lessening of competition or
Speaker 5: relevant merger situation. Now clearly this isn't a merger per se,
Speaker 5: but it is a substantial investment. We don't know the
Speaker 5: term sheet. I'm sure they would like to take a
Speaker 5: look at it. In fact, on stage at the Bloomberg
Speaker 5: Technology Conference last month, no back in October, I asked
Speaker 5: the senior director at the CMA that very question whether
Speaker 5: he'd like to see the term sheets, and you know,
Speaker 5: you could tell you could tell that he would, and
Speaker 5: he implied that they wanted to look at these vertical relationships,
Speaker 5: as he says, between big tech companies and foundation models,
Speaker 5: not just Microsoft OpenAI, but also substantial investments in anthropic
Speaker 5: Obviously Google's full blown takeover several years ago of deep Mind,
Speaker 5: and that.
Speaker 2: Is precisely the deal that Brad Smith, president of Microsoft,
Speaker 2: referenced in his post when responding to all of this,
Speaker 2: he said, look, this is very different from Google's outright
Speaker 2: acquisition of deep Mind in the UK, and they reference
Speaker 2: that the only thing that has changed is that Microsoft
Speaker 2: will now have non voting observer on the Open Ai board.
Speaker 2: Thomas Seal great reporting and analysis on what's happening in
Speaker 2: terms of.
Speaker 6: The regulatory focus.
Speaker 2: I mean has mentioned earlier in the USCFGC is examining
Speaker 2: the nature of Microsoft's investment in the open AI as
Speaker 2: well whether it may violate antitrust laws. It's all according
Speaker 2: to a source and the inquiries of preliminary agency hasn't
Speaker 2: opened a formal investigation, and the source says Microsoft didn't
Speaker 2: report the transaction to the agency because look, the investment
Speaker 2: in open AI doesn't amount control of the company under
Speaker 2: US law. All of this, though, just shows the frenzy
Speaker 2: with which many are regulators are trying to wrap their
Speaker 2: head around the technological advancements that we see in AI
Speaker 2: and how we see some guardrails for it. Let's just
Speaker 2: go to the EU, where negotiators are still working to
Speaker 2: hammer out rules on AI, hitting a snag when it
Speaker 2: comes to face scanning technology in particular most Julian Deutsch
Speaker 2: has had well a pretty intense week over there in Brussels,
Speaker 2: where just people have been falling asleep at their desks.
Speaker 6: It sounds like, in terms of trying to get.
Speaker 2: A deal over the line, the stumbling block for you
Speaker 2: at the moment, what do we know.
Speaker 7: Yeah, So today Mark's we're about nine hours into the
Speaker 7: second marathon round of trying to get a deal on
Speaker 7: the Artificial Intelligence Act. Now this is after an nearly
Speaker 7: twenty four hour round ended on Thursday afternoon without a deal.
Speaker 7: So they reconvene this morning. I even kind of started
Speaker 7: off with a bit of a hitch. Lawmakers were too
Speaker 7: busy debating amongst themselves to actually enter the negotiating room.
Speaker 6: Now we're seeing lots of Connor.
Speaker 7: Proposals going back and forth between lawmakers and use dowing
Speaker 7: some number of states.
Speaker 6: But everyone's bucking up for another long night ahead.
Speaker 3: And as we put on the screen right now, what's
Speaker 3: its state? It would be the world's first comprehensive AI
Speaker 3: law if we get some progress, Bloom. Most of the
Speaker 3: dust's carry said, been busy, and we'll continue to be
Speaker 3: busy tracking that one, thank you. The US labor market
Speaker 3: continues to defy slow down forecast is evident in today's
Speaker 3: payrolls report. However, this week we saw Spotify announced job
Speaker 3: cuts that will impact seventeen percent of its workforce. There
Speaker 3: are others Twilio, for example, So what's going on? Joining
Speaker 3: us now to get a read on the labor market
Speaker 3: is LinkedIn senior economist Corey Kintango, and Corey, great to
Speaker 3: have you on the program. Let's just get right to
Speaker 3: the technology sector. Do you have any sort of micro
Speaker 3: focus on what is happening there with hiring firing into
Speaker 3: context of what was a really robust jobs report.
Speaker 8: So what we're seeing now on LinkedIn and the technology
Speaker 8: sector are signs of stabilization. So hiring overall is down
Speaker 8: about three percent since July, which is also a positive
Speaker 8: sign for stabilization, but hiring in tech is actually up
Speaker 8: three percent. So it's been about a year and a
Speaker 8: half of cool down in tech and we are finally
Speaker 8: starting to see some positive signs of stabilization in the
Speaker 8: hiring market for tech.
Speaker 2: What about well, the overall inflationary pressure wage inflation, that
Speaker 2: was something that we saw in the bigger macro data
Speaker 2: we're looking at at the moment, we're seeing while I
Speaker 2: increased a zero point four percent for the average hourly
Speaker 2: earnings month for month, we're seeing prices of people in
Speaker 2: talent go up.
Speaker 8: So in this week's jobs report, we did see an
Speaker 8: acceleration in nominal wage growth, and that can kind of
Speaker 8: fuel concerns about inflation, because one of the keys that
Speaker 8: the FED thinks to controlling inflation is bringing down the
Speaker 8: job market, bringing down nominal wage growth, so that wages
Speaker 8: aren't feeding so much into price pressures. But that's this
Speaker 8: month's job support is actually just kind of a reversal
Speaker 8: of the slowdown that we saw last month. Nominal wages
Speaker 8: are still running above what the FED would like, but
Speaker 8: some of that that we're seeing is actually just coming
Speaker 8: from the composition of workers. We saw a big drop
Speaker 8: off in retail employees in this month's jobs report, so
Speaker 8: those low wages are dropping off, which is kind of
Speaker 8: inflating that number as well.
Speaker 3: The low wages are dropping off, what are the higher
Speaker 3: wages doing. One of my Caroline's favorite pastimes is to
Speaker 3: go on the internet and look at all the postings
Speaker 3: for AI related jobs and then despair at how well
Speaker 3: paid those potential postings are.
Speaker 4: But is he jealous?
Speaker 3: Not the way jealous, but is AI having a serious
Speaker 3: impact in the way that the news headlines would have
Speaker 3: you believe?
Speaker 8: Well, I'm going to have to get on and start
Speaker 8: looking at those job postings myself.
Speaker 4: That's the kiss.
Speaker 8: So right now we're only seeing nascent impact from AI.
Speaker 8: On the job market, only about four percent of employers
Speaker 8: plan to make changes to their headcount. Is a result
Speaker 8: of the innovations we've seen this year in AI. Conversations
Speaker 8: are certainly up. We're all talking about it about seventy
Speaker 8: ear a seventy percent higher this year than they were
Speaker 8: last year. We're also saying that people are looking at
Speaker 8: job postings to say AI, as you said, about seventeen
Speaker 8: percent higher. They're getting about seventeen percent higher views compared
Speaker 8: to jobs that don't see anything about AI. Now, a
Speaker 8: lot of these jobs aren't AI jobs, they're just jobs
Speaker 8: that mentioned generator of AI are mentioned AI in the
Speaker 8: job hosting, in part because we know that this is
Speaker 8: an exciting area and no one wants to be left behind.
Speaker 2: It's great getting your perspective on really the nuance that's
Speaker 2: happening within the technology sector, as well as more broadly,
Speaker 2: the ramifications for what was a pretty sturdy set of
Speaker 2: numbers from macro Data Today LinkedIn senior economist crow contango.
Speaker 6: We thank you for your time.
Speaker 2: Meanwhile, let's get the read across from economists to market implication.
Speaker 6: We're so pleased to have in the building.
Speaker 2: Leafetengla's Investment CIO as a tengler who really has such
Speaker 2: a great viewpoint on when it comes to valuations in
Speaker 2: this space, the technology space in particular. You've sort of
Speaker 2: seen this economy before, you say, key, looking at the nineties,
Speaker 2: We've been here, We've done that. Therefore, from the nineth
Speaker 2: this resilience. Do you still buy tech? Yes, I think
Speaker 2: you do.
Speaker 9: I mean, if you look Caroline and thank you so
Speaker 9: much for having me in studio.
Speaker 6: It's great to be here.
Speaker 9: I think when you look back at the nineties, you
Speaker 9: learn that we can coexist. That is, stock equity investors
Speaker 9: with higher interest rates the tenure averaged five to eight
Speaker 9: percent during the decade, higher levels of inflation we were
Speaker 9: above three percent for the entire decade, and a tight
Speaker 9: labor market with productivity growth, and a number of other
Speaker 9: things that we pay attention to, like the vix it
Speaker 9: was low during the nineties. These are things that have
Speaker 9: been before, and yet we've still been able to generate
Speaker 9: excess returns. And where were the best returns in the nineties.
Speaker 9: They they were in technology. I think we're at the
Speaker 9: beginning of a new supercycle. So I think there's a
Speaker 9: lot of reasons on weakness to buy these names.
Speaker 2: Okay, we haven't actually seen that much weakness in Magnificent
Speaker 2: seven yet. For example, maybe a bit of a dip
Speaker 2: on some of the chip makers, but ultimately all you
Speaker 2: still saying let's go for the Microsoft's then videos, Oh,
Speaker 2: do you.
Speaker 6: Broaden that viewpoint? We're broadening it.
Speaker 9: So if you look back at the valuations, I mean,
Speaker 9: let's not forget in the nineties it was the four horsemen.
Speaker 9: I mean, at least now we have seven, right, and
Speaker 9: Microsoft then was trading at fifty one times peak earnings.
Speaker 9: It's only around thirty times, not peak earnings. So yes,
Speaker 9: you want to own that name. I'm less enamored as
Speaker 9: we talked about last time. I think I shocked ed
Speaker 9: with Meta. We own a little bit of Google, but
Speaker 9: we like Adobe, we like Service Now the poor man's
Speaker 9: Nvidia broadcom which reported great returns yesterday, great results, and
Speaker 9: Race a dividend fourteen percent. So those are some of
Speaker 9: the places we broadened out to Oracle, which is a
Speaker 9: generative AI computing play, but when we were buying it,
Speaker 9: it was just kind of a cheap old economy technology
Speaker 9: stock out.
Speaker 3: Nancy ed is not that easily shocked, but one thing
Speaker 3: that did catch my eye this year. I spent a
Speaker 3: day with AA and they had this forecast that the
Speaker 3: market for AI accelerators AI accelerators only will be four
Speaker 3: hundred billion dollars in twenty twenty seven. That's up from
Speaker 3: their forecast that they only just gave in August of
Speaker 3: one hundred and fifty billion dollars. Last year, the entire
Speaker 3: semiconductor market, every chip you can think of, was five
Speaker 3: hundred billion dollars, which makes this forecast of multi multi
Speaker 3: year ongoing expansion from AI even more.
Speaker 4: Amazing.
Speaker 3: I suppose do you see the investors following that trajectory
Speaker 3: from now through twenty twenty seven.
Speaker 6: I think eventually yes.
Speaker 9: I mean what you continue to see is that the
Speaker 9: bears don't get to be in charge very often, so
Speaker 9: they're kind of loath to leave the stage. You know,
Speaker 9: we heard that the tech trade was over in October
Speaker 9: in the fall, but in particular October of twenty twenty two,
Speaker 9: we were in buying. At the end of the summer,
Speaker 9: the stock scot you know, pretty well trounced and including
Speaker 9: the Magnificent seven. We wrote a piece on October thirty
Speaker 9: first said you ought to get in here and buy
Speaker 9: some of this stuff, and we were doing that, So
Speaker 9: I think what you want to do. I mean, this
Speaker 9: won't work forever ed, I mean, that's for sure, but
Speaker 9: these super cycles can run five to ten years. And
Speaker 9: we're in early days and you have identified the total
Speaker 9: addressable market, which is critical and it it extends beyond
Speaker 9: chips into software as well.
Speaker 3: That is the conversation I'm having every day. At the moment,
Speaker 3: everyone's obsessed with the GPUs, What about all the other stuff?
Speaker 3: Producer John Hyland saying in our chat, if in Nvidia's
Speaker 3: the champagne, then broad comms the pbr bit based on
Speaker 3: your fisis, but what about the Ethernet infrastructure that's needed
Speaker 3: the memory chips. Do you think that that's kind of
Speaker 3: being discounted right now?
Speaker 9: Yeah, I think you know, in Nvidia is sucking all
Speaker 9: the air out of the room, and now you've got
Speaker 9: AMD and they're kind of adding some value, you know,
Speaker 9: adding some narrative to this. Broadcom is only partially it's
Speaker 9: going to be about twenty five percent of revenues, the
Speaker 9: enterprise cloud computing chip part of it. But they've got
Speaker 9: VMware which is going to pick up some of the slacks.
Speaker 9: So we're looking at names like Adobe, which I call
Speaker 9: the unsung hero of generative AI, and we own it
Speaker 9: and we're looking for opportunities to add to it. Service
Speaker 9: now is taking it spend away from some of the
Speaker 9: other providers directing the traffic in the clouds. So there
Speaker 9: are a lot of ways to play this, and I think,
Speaker 9: you know, I don't think you have to chase Nvidia
Speaker 9: up the ladder.
Speaker 2: Always so straight talking and coming out showing how you've
Speaker 2: been putting your money where your mouth is. We really
Speaker 2: appreciate it and as of love a Tanglar Investments. Great
Speaker 2: to have a here in New York. Meanwhile, add to you.
Speaker 3: Yeah, coming up, we're going to have a conversation about
Speaker 3: DOC you sign out with its quarterly report. We're going
Speaker 3: to recap those results and get the outlook with the
Speaker 3: CEO coming up next, Alan Tigerson on the program Quick
Speaker 3: one TSMC four tenths of a percent on the ADRs.
Speaker 4: It's so weird. What's going on.
Speaker 3: November data for sales not good. October had been good,
Speaker 3: down the eleven foot first eleven months of the year,
Speaker 3: the down four percent year and year. We have no
Speaker 3: hard gauge on what's going on with this chip industry.
Speaker 3: If we bottomed out in some areas, we're still sinking
Speaker 3: in others, but we'll keep tracking it.
Speaker 4: This is bloonbo technology.
Speaker 6: Time for talking tech.
Speaker 2: First up, Indian conglomerate Tata Group is planning to build
Speaker 2: one of the country's biggest iPhone assembly plants now. The
Speaker 2: facility will likely have about twenty assembly lines employ fifty
Speaker 2: thousand workers. According to sources, Tato's plant would bolster Apple's
Speaker 2: efforts to increase production in India. Meanwhile, ten Cent is
Speaker 2: betting on its new open world adventure game to help
Speaker 2: expand its global reach, and the official trailer for Last Sentinel,
Speaker 2: while it was unveiled during the twenty twenty three Game
Speaker 2: Awards send in a dystopian future Tokyo. Last Sentinel was
Speaker 2: developed by ten centts California based Lightspeed at La Studio.
Speaker 6: No word yet on the game's release date.
Speaker 2: Plus raad coom we're just talking about it when that's
Speaker 2: ten Lember Broadcom says it expects the rapid expansion of
Speaker 2: AI computing to how offset its worst slowdown since twenty twenty.
Speaker 2: CEO Hoc Tan referred to AI as someone a lot
Speaker 2: of bright Spot for the chip maker, which expects salesforce
Speaker 2: AI supporting chips to grow more than twenty percent in
Speaker 2: twenty twenty four. Yesterday was Comm's the first calling reports
Speaker 2: since it's acquisition of software firm VMware.
Speaker 3: Ed well for we got yeah another earnings conversation. Doc
Speaker 3: you sign out with results beating expectations on revue in
Speaker 3: the third quarter gone, but offering a margin outlook that
Speaker 3: was seen as cautious by some analysts. I like to
Speaker 3: say that joining us now is DOCU sign CEO Alan
Speaker 3: Tiger Sin Docu sign e signature document generation.
Speaker 4: We all use it. Ye had great results.
Speaker 3: The stock opened significantly lower, then rebounded, your up four percent,
Speaker 3: and the analyst is saying, come on, give us a
Speaker 3: little bit more on your margin outlook. Why were you
Speaker 3: so conservative?
Speaker 10: Well, we've I think shown that we can drive great
Speaker 10: operating efficiency inside the business. I think that was really
Speaker 10: the highlight of our Q three results, record operating profit.
Speaker 4: Record free cash flow.
Speaker 10: But we still have growth ambitions as well, So we're
Speaker 10: balancing our investment and growth and our new roadmap with
Speaker 10: continuing to find new operating efficiencies.
Speaker 3: Most of Openingberg Technology audience with no docu signed from
Speaker 3: e signature. Someone sends you something, you sign it electronically, done, dusted, simple.
Speaker 3: But what is the technology story for dock sign he
Speaker 3: talk it's about growth into what.
Speaker 10: Yes, so historically we pioneered E signature and that continues
Speaker 10: to be the majority of our business. But over the
Speaker 10: last several years we've been investing what we call agreement management,
Speaker 10: which is essentially helping companies manage agreements from development, editing, negotiating, settling, signing,
Speaker 10: and then once you have the signed agreements, what are
Speaker 10: you doing with them? How are you performing against your obligations,
Speaker 10: how are your vendors performing, and how would you like
Speaker 10: to renegotiate them when they're up for renewal. That whole
Speaker 10: suite we call agreement management. We've delivered various pieces of it,
Speaker 10: and we're really putting the whole thing together now.
Speaker 2: Morgan Stanley analyst over there, Josh bare talking about decelerating trends,
Speaker 2: of course, which you try to counteract with this growth
Speaker 2: story of focus on a broader agreement. What is the
Speaker 2: macro economy paint for you and your customers at the moment.
Speaker 10: Yeah, I would say it's still a cautious outlook. Our
Speaker 10: outlook reflects what we see right now. We don't try
Speaker 10: to be macro prognosticators. But I would say the B
Speaker 10: to B software space and enterprise spend in that area
Speaker 10: is steady. Certainly, to the extent that the macro environment
Speaker 10: and interest rates improved, then that will be very helpful.
Speaker 10: But we're not projecting that yet. But I'd say that
Speaker 10: we're in a stable environment.
Speaker 4: We're not falling anymore.
Speaker 2: Your background before, of course, Doc youre side Google. Before Google,
Speaker 2: you were asset managing. You were also investing in startups
Speaker 2: at Karlau for example, Alan, What is it that you've
Speaker 2: managed to do because many would reflect that your manager
Speaker 2: did contained costs. You already managed to show this expansion
Speaker 2: while not bringing up the overall cost of doing business.
Speaker 2: How have you brought over your playbook of seeing others
Speaker 2: do it before to your business now?
Speaker 10: Yes, so a guy, I'm an entrepreneur at heart. I
Speaker 10: spent the early part of my career in startups and
Speaker 10: then as an active venture investor, and so I still
Speaker 10: look for entrepreneurial opportunity and growth and that's what excites
Speaker 10: me and what excited me about the Docus sign opportunity,
Speaker 10: and so I look for opportunities to invest in new
Speaker 10: growth areas. At the same time, I've seen scale at Google,
Speaker 10: and you know, some of the things that struck me
Speaker 10: as I looked at DocuSign coming in was, for example,
Speaker 10: we were not we were taking orders through humans for
Speaker 10: the vast majority of our business. When at Google, if
Speaker 10: an advertiser spend one hundred dollars or one hundred million
Speaker 10: dollars a month with us, they placed their orders on
Speaker 10: the system. So I felt there were some opportunities to
Speaker 10: improve our self service options, not just for small customers,
Speaker 10: but for customers of all sizes.
Speaker 4: We're in the process of doing that.
Speaker 10: That's doing really well.
Speaker 4: Okay, I'm going to do it. I'm going to ask it.
Speaker 3: What is the doc you sign AI story? If there
Speaker 3: is one.
Speaker 10: Actually, I think we have a great story. Now, I'm
Speaker 10: sure all your guests say that. But if you think
Speaker 10: about if you think about agreements, historically, the way companies
Speaker 10: are treated agreements is they're essentially dumb flat files. There's
Speaker 10: no sense of yeah, we may have digitized them, but
Speaker 10: we still can barely find them. We certainly don't know
Speaker 10: what's in them. The beauty of AI is. It allows
Speaker 10: us to extract the essence of the agreement, the data
Speaker 10: of the agreements, and then you can then measure those
Speaker 10: agreements versus the actual performance as well as versus other
Speaker 10: agreements with similar entities. And so we are in the
Speaker 10: process of building that out. We're actually in active trials
Speaker 10: with a number of large companies. We've built a sandbox
Speaker 10: where they can try all this out. So I think
Speaker 10: the agreement space is particularly well poised, and we as
Speaker 10: a by far the largest player in the agreement space
Speaker 10: with trusted relationships with almost a million and a half
Speaker 10: companies pay us monthly dues. That puts us in a
Speaker 10: great position too to do your begory.
Speaker 4: Docu signed CEO Alan think it's in as great catch up.
Speaker 4: Thank you.
Speaker 3: Welcome back to bloombow Technology ed love though here in
Speaker 3: San Francisco.
Speaker 2: I'm Caroline hid in New York. Let's get a check
Speaker 2: in on these markets. Last day of training of the week,
Speaker 2: and well, we actually see a little bit of cautious buying.
Speaker 2: When I'm looking at the NASDAK, we're up just a
Speaker 2: tenth of a percent. Of course, we had a lot
Speaker 2: of exuberance around AI will dig into that in a moment,
Speaker 2: But the two year yield is showing significant sell off,
Speaker 2: actually across the curve. Bond's selling off because look, good
Speaker 2: news is bad news in terms of the strength of
Speaker 2: the US economy. The jobs data showing growth, resilience, unemployment
Speaker 2: coming down, all of this meaning that maybe the Federal Reserve, oh,
Speaker 2: we keep rates a little bit higher for longer than
Speaker 2: we'd anticipated. And certainly the confidence coming from the consumer
Speaker 2: as well showing that too.
Speaker 6: Interesting.
Speaker 2: Though Bitcoin once again managed to shrug off the issues
Speaker 2: with the bond market, it's still rallying today. Move on,
Speaker 2: have a look at some of the individual movers that
Speaker 2: we've got on the move. I'm looking at Alphabet just
Speaker 2: pulling back on some of those that we saw yesterday.
Speaker 2: Remember it did manage to push higher on the back
Speaker 2: of its Gemini announcements. Pame Olsen, our opinion writer, really
Speaker 2: digging into the detail of that announcement, saying, look, it
Speaker 2: still lags open AI and actually some of those videos
Speaker 2: and marketing tools just when all they were cracked up
Speaker 2: to be. But still we're off by only about one
Speaker 2: and a half percent. Video on the high side up
Speaker 2: almost two percent. The exuberance around what's happening with AMD
Speaker 2: that's putting back a little bit today. Interesting moves in
Speaker 2: the chip sector in general, and TSMC not pointing to
Speaker 2: all that much resilience in certain parts, but in video
Speaker 2: gets a little bit of buying on the day. I'm
Speaker 2: looking at Paramount quite a bit of buying in this
Speaker 2: particular name. Will the studios be bought? Is it on offer?
Speaker 2: In general, we're seeing Redbird capital to medicine as well,
Speaker 2: potentially eyeing this particular company. That's what of course Deadline
Speaker 2: is currently reporting, but people buying on that room ed a.
Speaker 4: Big story this Friday.
Speaker 3: A gene editing treatment for sickle cell disease based on
Speaker 3: the Crisper technology was approved by US regulators, marking the
Speaker 3: first time the technology can be used in patients in
Speaker 3: the US. Uses precisely targeted changes in DNA to repair
Speaker 3: flaws in patients genomes related to inherited disease, and if approved,
Speaker 3: would be the first time this technology can be used
Speaker 3: in patients. As we say in America, the treatment is
Speaker 3: offered by Vertex Pharmaceuticals and Crisper Therapeutics. There was some
Speaker 3: interesting equity or share response when the news broke. You
Speaker 3: can see those names now lower in US trading. Jennifer
Speaker 3: Dowdner is a biochemist at the University of California, Berkeley
Speaker 3: and pioneered the crisper technology, which led to her winning
Speaker 3: the twenty twenty Nobel Prize in Chemistry along with her
Speaker 3: collaborator Emmanuel Chaventier. Jennifer Dowdner joins US now, I start
Speaker 3: by asking you to just give your reaction to the
Speaker 3: news we outlined well, and.
Speaker 6: I'm just amused.
Speaker 1: It's eleven years from a fundamental discovery in science.
Speaker 6: To an approved therapeutic.
Speaker 1: It's just extraordinary speed, and it speaks for the many,
Speaker 1: many people that contributed to make that possible.
Speaker 3: I posted on X the news, and what I was
Speaker 3: surprised by is the number of people who responded saying
Speaker 3: that they had been impacted by sickle cell disease, either
Speaker 3: a family member, somebody they know. Could you just explain
Speaker 3: the basics of what this treatment would do, how it
Speaker 3: would work well.
Speaker 1: Sickle cell disease is a human condition that results from
Speaker 1: a single gene in our DNA that is defective, and
Speaker 1: in patients that have two copies of that gene, they
Speaker 1: have terrible symptoms. Pain crises they go through, it shortens
Speaker 1: their lifespan. It's really a devastating disorder. And what chrispher
Speaker 1: offers now is for some patients at least an opportunity
Speaker 1: to have a treatment that is effectively a cure.
Speaker 4: They don't.
Speaker 1: They get a one and done therapy that removes their
Speaker 1: symptoms for the rest of their life.
Speaker 2: I'm interested in now the application, Jennifer, and ultimately, how
Speaker 2: could you think this can be in the hands of
Speaker 2: patients and really from an economic perspective and an equality perspective,
Speaker 2: in the hands of patients when it's likely to be
Speaker 2: pretty expensive.
Speaker 1: Right Well, you bring up a very important point, and
Speaker 1: that's a reason that we're working hard at the Innovative
Speaker 1: Genomics Institute at the University of California to ensure that
Speaker 1: this type of therapy becomes widely available and affordable, because,
Speaker 1: as you point out, it's an expensive treatment right now,
Speaker 1: and it also involves weeks of hospitalization to deliver the therapy.
Speaker 1: So we really weren't want to figure out ways to
Speaker 1: have new technologies intersecting with genomediting that will reduce class
Speaker 1: and make it more available to people worldwide.
Speaker 2: And talking of worldwide, the UK, the regulators there had
Speaker 2: signed off the use of Chrispher cast nine. How do
Speaker 2: you think this will become a global story. How do
Speaker 2: you think that it will evolve to help other diseases
Speaker 2: that currently affect in a pass down the generations.
Speaker 1: Well, here's a very exciting thing about chrispher and that
Speaker 1: is but it's a therapeutic that can be programmed for
Speaker 1: different diseases. And now that we see the path forward
Speaker 1: with sickle cell disease, which is amazing first start, it's
Speaker 1: really the beginning of what I think will be a
Speaker 1: new era of medicine where we have in the future
Speaker 1: viewers for various kinds of genetic disorders and perhaps even
Speaker 1: one day preventive treatments that result from modifying our genes.
Speaker 3: The supply chain for these treatments is complicated, Jennifa, We've
Speaker 3: covered on the show the idea that you do a
Speaker 3: lot of the R and D and prelim manufacturing planning while.
Speaker 4: It's pre approval.
Speaker 3: Do you have confidence that there will be a sort
Speaker 3: of availability of treatments for those that need them based
Speaker 3: on the market's ability to make them to provide them.
Speaker 1: Well, I do. I think it won't happen overnight, but
Speaker 1: there's enormous effort going on, both in nonprofits and of
Speaker 1: course in many companies to ensure that there will be
Speaker 1: supply chain benefit. It's from this that we'll be able
Speaker 1: to figure out how to get these products made and
Speaker 1: the quantities that are needed. And I think that over time,
Speaker 1: and it will take some time, there's going to be
Speaker 1: some streamlining processes that will just advance the therapies and
Speaker 1: make it more and more available to people around the world.
Speaker 3: We outlined your twenty twenty Nobel Prize award. The work
Speaker 3: that you've done is their work, at least at the
Speaker 3: intersection of academia and biotechnology that still needs to be
Speaker 3: done in this field. And if so, what are you
Speaker 3: doing right now?
Speaker 1: Yes, as I was driving to work this morning, I
Speaker 1: was thinking, you know, this is a wonderful, exciting day,
Speaker 1: but it's also the very beginning and there's a lot
Speaker 1: of work to be done. It's time to roll up
Speaker 1: our sleeves. I think we need to really work hard
Speaker 1: to figure out how to, as we discussed, make these
Speaker 1: therapies more widely available, of course bring down the cost,
Speaker 1: and I think that will be a combination of technical
Speaker 1: developments as well as working with regulators, working with patient
Speaker 1: advocacy groups, and really figuring out how we appropriately partner
Speaker 1: between academics and companies to control the cost in a
Speaker 1: way that will make this benefit available to many.
Speaker 2: And you do that, you are that sort of go
Speaker 2: between between academia and helping advise companies. And I look
Speaker 2: at Crispo, which the company involved here that has about
Speaker 2: five billion dollar market capitalization. Vertex as a ninety billion
Speaker 2: dollar market capitalization. Can put in the R and D spend.
Speaker 2: But what about the money allocated to this field of
Speaker 2: work at the moment, Jennifer, And where is the money
Speaker 2: necessary to come from?
Speaker 1: Well, it comes from various sources. Of course, investors are
Speaker 1: playing a big role in these companies, but we're also
Speaker 1: seeing big input from the governments. So you may know
Speaker 1: the National Institutes of Help in the US has the
Speaker 1: major effort to advance gena editing and the context of
Speaker 1: gene and cell therapy, so that's very important. We have
Speaker 1: other nonprofit organizations that do filmanthropic support of science. The
Speaker 1: Gates Foundation comes to mind, but there are many others
Speaker 1: who are supporting this. So there's a lot of effort
Speaker 1: here and I think many people appreciate the potential of
Speaker 1: genomeliting to impact large numbers of people if we can
Speaker 1: really figure out how to reduce costs and make these
Speaker 1: widely available therapies available to people around the world.
Speaker 2: Of course, back in twenty twenty the world was in
Speaker 2: a very different place, and the joy and necessary optimism
Speaker 2: around leaps and bounds of creativity and technological development in science,
Speaker 2: in particular medicine was really important. It feels that twenty
Speaker 2: twenty three all the oxygen has been dragged out of the
Speaker 2: room when it comes to AI innovation and generative AI.
Speaker 2: To that end, there's a lot of discussion about safety,
Speaker 2: and I know that's a big point for you, Jennifer.
Speaker 2: How are you thinking about the application of crisper technologies
Speaker 2: and ensuring that this is rolled out in the safest way,
Speaker 2: manner and manner possible.
Speaker 1: Well, it's a great question. It's very important. This is
Speaker 1: one of our founding principles that are at our institute,
Speaker 1: is ensuring safety and responsibility as chrisper technologies continue to advance.
Speaker 1: I think it's for me one of the questions regarding
Speaker 1: ethics is really about equity, and we've touched on that
Speaker 1: a lot in this conversation. It's very important, but I
Speaker 1: also think we have to continue to think about safety
Speaker 1: and effectiveness of these therapies and to figure out really
Speaker 1: how to work with regulators to ensure that we have
Speaker 1: a process for testing the safety, but also that we
Speaker 1: advance the therapy as quickly as we can to help patients.
Speaker 1: It's a delicate balance.
Speaker 3: But Jennifer, I want to return to the idea that
Speaker 3: if sick will Sell is the start, what is the
Speaker 3: next step, What is the next breakthrough that could help humankind.
Speaker 1: Well, I'm very excited about a couple of things. I
Speaker 1: think that certainly advancing the genomeediting approach into their types
Speaker 1: of tissues will be important, and we're seeing some great
Speaker 1: progress there in terms of especially for liver disease, work
Speaker 1: being done by a company called Intellia that, for disclosure,
Speaker 1: I'm a founder of, although I didn't do any of
Speaker 1: the science they are doing, and they've shown effectiveness in
Speaker 1: treating rare liver diseases using Chrisper genomeediting. And the important
Speaker 1: thing there is they're delivering these molecules directly into patients
Speaker 1: without requiring a bone marrow transplant which is required for
Speaker 1: the sickle cell treatment. So I think that's an exciting advance.
Speaker 1: And then there's also work to in the future provide
Speaker 1: protective medicine for people who have genes that might make
Speaker 1: them susceptible to cardiovascular disease, for example. So that's work
Speaker 1: coming out of a company called VERB.
Speaker 6: So I would keep an eye on those.
Speaker 1: I think they're really exciting developments in the field going forward.
Speaker 6: And developments that you keep out driving. Jennifer.
Speaker 2: We really appreciate you making some time for us today
Speaker 2: on this milestone here in the US. Jennifer Downa of
Speaker 2: Correspound with the Innovative Genomics Institute, and of course chrisper
Speaker 2: coh inventor.
Speaker 6: Thank you.
Speaker 1: Great to talk to you.
Speaker 6: And we were just talking.
Speaker 2: A bit about venture and the backing in medicine. Let's
Speaker 2: talk about Harpoon Ventures raising one hundred and twenty five
Speaker 2: million dollar fund and back early stage startups. We'll discuss
Speaker 2: where that money is being allocated. That's Jensen's with us.
Speaker 2: There's some blue meg technology.
Speaker 4: It's time for the VC roundup.
Speaker 3: First up Airspace Intelligence and AI startup targeting air travel
Speaker 3: has raised thirty four million dollars in a funding round
Speaker 3: lead by Andresen Horowitz to more aggressively pursued deals with
Speaker 3: the US Department of Defense. The new financing brings a
Speaker 3: bit of chunk of change to the equation. Meanwhile Group,
Speaker 3: a Sam Outland backed crypto startup, has launched a bitcoin
Speaker 3: private credit fund via its investment management Sidiery Meanwhile Advisors.
Speaker 3: According to new reports, the fund is targeting a five
Speaker 3: percent bitcoin denominated yield by lending bitcoin to borrowers.
Speaker 4: Plus.
Speaker 3: Harpoon Ventures, whose investors include Andresent Horowitz, veteran Pete Levine,
Speaker 3: and former Olympic swimmer Michael Phelts, has raised one hundred
Speaker 3: and twenty five million dollars for a new fund to
Speaker 3: back early stage enterprise startups serving the public and private sectors.
Speaker 2: Caroc's dig into that very story. Let's bring in Helping
Speaker 2: Ventures founder Ausin Jensen for more on today's VC spotlight
Speaker 2: and the money, the repeat.
Speaker 6: Ability to raise money.
Speaker 2: What is it that brings LPs back and have you
Speaker 2: attracted new LPs for example?
Speaker 11: Absolutely, it's a pleasure to be here and really appreciate
Speaker 11: the time today. It's really a testament, I think to
Speaker 11: what we built over the past.
Speaker 4: Number of years.
Speaker 11: When we started years ago, I really think that we
Speaker 11: were the first to observe the emerging technology in startups.
Speaker 11: We're going to have further reaching implications than they previously had,
Speaker 11: at least in my lifetime. Maybe more specifically, they were
Speaker 11: going to have national security and geopolitical implications that they
Speaker 11: really hadn't until this current era. And we see this
Speaker 11: more recently with the announcement by the Five Eyes of
Speaker 11: Chinese Espionage. We see this with President Biden's Executive Order
Speaker 11: on artificial Intelligence, and we're seeing it within our portfolio.
Speaker 11: And so as we think about the LPs that are
Speaker 11: re upping to us nowadays, there repeat LPs that have
Speaker 11: been with us for the past five years, and we
Speaker 11: certainly have brought on some new ones as well. But
Speaker 11: it's no secret that LPs are actually struggling in this
Speaker 11: environment due to the denominator effect, due to being over
Speaker 11: allocated to private investments broadly speaking. But I think what
Speaker 11: we built has been a testament to our progress over
Speaker 11: the past six years.
Speaker 2: And what's been interesting is you raise this fund at
Speaker 2: a time where there is a lot of pand ringing
Speaker 2: around artificial intelligence, future regulations, EOS being written, you still
Speaker 2: try to get it back together with the AI act.
Speaker 2: It's interesting that some of your portfolio companies already are
Speaker 2: in the area of safety and AI. How have you
Speaker 2: decided to switch companies a week from chaff in this
Speaker 2: particular arena.
Speaker 11: It's very difficult to do, and I think it's difficult
Speaker 11: to do because the space is changing so drastically. So
Speaker 11: when we think about what we're investing in, we're investing
Speaker 11: in things from a first principle standpoint where we have
Speaker 11: generally speaking, domain expert technologists who have a core defensible technology.
Speaker 11: There are serial entrepreneurs oftentimes, and we're very customer obsessed.
Speaker 11: We think that there's no greater gauge than talking to
Speaker 11: the early customers of these technologies to understand the pain points,
Speaker 11: to understand the budgets, and align those with our investment decisions.
Speaker 3: Really interested in Stratus as an example, right of a
Speaker 3: target company or a portfolio company. There are a section
Speaker 3: of the VC community that kind of say, hey, our
Speaker 3: portfolio companies have access to a lot of public capital,
Speaker 3: whether it's defense or government or municipal. Does that make
Speaker 3: for an attractive potential investment for you guys?
Speaker 4: It does but I think.
Speaker 11: The way we put it it needs to be dual
Speaker 11: use in nature, we like to see companies with a
Speaker 11: large addressable market in the enterprise and in the case
Speaker 11: of a strawas they're selling predominantly to internet service providers
Speaker 11: around the world. But our thesis in investing with them
Speaker 11: and in subsequoling and helping with them was to do
Speaker 11: business with Uncle Sam as well. And we think that's
Speaker 11: a large scale, durable market for that company, and I
Speaker 11: think really should increase the possible outcome of what that
Speaker 11: company can do.
Speaker 3: Luson what was the experience of raising the fund? How
Speaker 3: long did it take? Was it challenging, was it easy?
Speaker 3: Were you being pushed? We you do in the pushing
Speaker 3: a little bit of both.
Speaker 11: I think that this year, in twenty twenty three, it's
Speaker 11: no secret that it was much more difficult than in
Speaker 11: twenty twenty one.
Speaker 4: In twenty twenty one, investors and.
Speaker 11: Allocators and limited partners were really jumping both feet into
Speaker 11: the pool, maybe diving into the pool adventure capital, probably
Speaker 11: led by large scale IPOs, and getting cash back into
Speaker 11: their wallets for them to redeploy. The IPO window has
Speaker 11: been effectively shut, as we've seen since then, and so
Speaker 11: it really puts allocators in a little bit of a
Speaker 11: bind in terms of where they allocate that incremental dollar.
Speaker 11: And it's also no secret that the opportunity cost of
Speaker 11: capital has gone up. Many of the institutional investors out
Speaker 11: there have about eight percent target on their overarching endowment
Speaker 11: or foundation, and now you can essentially get that not
Speaker 11: necessarily risk free, but much more so than allocating to
Speaker 11: longer horizon asset classes like venture capital. So it took
Speaker 11: a little bit longer, but I think we're fortunate that
Speaker 11: we have durable capital partners that have worked with us
Speaker 11: for the past six years, and the majority of which
Speaker 11: have really stepped up to the plate to continue to
Speaker 11: back us.
Speaker 2: You mentioned the word pool, and I mean ask a
Speaker 2: personal question, because my new people will recognize you for
Speaker 2: the fact that you've got not one.
Speaker 6: But two Olympic medals.
Speaker 2: You're of course still deeply involved in jumping in the
Speaker 2: sea every now and then, and I'm interested as to
Speaker 2: how that mentality has affected the way in which you
Speaker 2: raise money or actually and allocate.
Speaker 6: And do business.
Speaker 2: Actually does it make because people know who you are
Speaker 2: and what you were dedicated to them more willing to
Speaker 2: invest in you too.
Speaker 11: I think it's a combination of attributes, to be honest,
Speaker 11: and I think that really the wraw ingredients that I
Speaker 11: used as an adolescent young swimmer going from high school
Speaker 11: into professional swimming and going to the Olympics are the
Speaker 11: ingredients of waking up early, grinding it out, and investing
Speaker 11: in myself for decades, perhaps in order to make an
Speaker 11: Olympic appearance. I think investing in venture capital is very
Speaker 11: similar in the sense that you can't control necessarily the outputs,
Speaker 11: but you can't control the inputs. You can control day
Speaker 11: in and day out if you're going to be the
Speaker 11: first in the pool and the last out, And ultimately
Speaker 11: that's the effort we expect of our team and we
Speaker 11: expect of our founders, and that's what we bring to
Speaker 11: bear when we work with them.
Speaker 2: In still a record holder in four hundred meter freestyle,
Speaker 2: not to mention next Navy seal. We thank you so
Speaker 2: much helping Ventures founder and general partner Nelson Jensen.
Speaker 6: It's the latest edition of Blue Boy Business Week, and it.
Speaker 2: Takes a deep dive into salesforce, particularly an environment that's
Speaker 2: actually much harsher than it was pre pandemic, and it's
Speaker 2: impacting tech firms across the broad This particular breakdown of
Speaker 2: his piece the era of eight hundred dollars dinners and
Speaker 2: luxury car bonuses over at Salesforce. That's why again Bloomberg's
Speaker 2: Brodie Ford. It's a great cover, it's a great story,
Speaker 2: and you really take a look at one particular individuals
Speaker 2: sort of rise within sales role and ultimately how much
Speaker 2: he was winning and bringing in what has changed CRM now.
Speaker 12: So there was a while where at Salesforce and the
Speaker 12: industry at large, you show up, you had a nice smile,
Speaker 12: you can make four hundred k. I mean, software was
Speaker 12: flying off the shelves. We saw entire industries had to
Speaker 12: digitize in the pandemic. And even before that, I mean
Speaker 12: there was just really this kind of golden era of
Speaker 12: these software companies because there were so many customers.
Speaker 4: Everybody needed to digitize.
Speaker 12: Obviously, interest rates have gone up, the economic picture is
Speaker 12: different and companies are saying, how the hell did we
Speaker 12: was spending so much money on software, which has caused
Speaker 12: companies like salesforces say, okay, we need to actually start
Speaker 12: cutting costs. Where the costs with salespeople, so the job
Speaker 12: gets a lot harder.
Speaker 3: Mm hm, Brady, you got to shout out from Mark Bennioff,
Speaker 3: the CEO Salesforce, says, you know, and I know you
Speaker 3: write about somebody's company, it can go one way or another.
Speaker 3: He seems to agree with the thesis outline in your peace.
Speaker 12: I think they know that they need to be seen
Speaker 12: as the bad guy for a little bit right now,
Speaker 12: because remember they had all these activists investors a year
Speaker 12: ago that were saying, you are not raising your profit
Speaker 12: margins quickly enough. Essentially, this story shows what it looks
Speaker 12: like when you raise your profit margins ten percentage points
Speaker 12: in six months, things get harder. Salesforce is aware that
Speaker 12: they need to be doing that, and they, I think
Speaker 12: are happy to see it explained.
Speaker 2: You go into detail that Bennioff himself is a really
Speaker 2: a natural salesman. What sort of talent are they now
Speaker 2: focusing in on? What if it's not a nice smile, Like,
Speaker 2: what do they have to bring to the table? And
Speaker 2: how is that the read across the rest of the
Speaker 2: sales community.
Speaker 4: Yeah, well, you know they still have salespeople.
Speaker 12: It's funny is that they're just kind of hiring more
Speaker 12: engineers now, you know, I mean when.
Speaker 6: They're looking to Amazon, they're on marketplace, right.
Speaker 12: I mean, when they hired thirty thousand people in the pandemic,
Speaker 12: majority of those were salespeople, whereas now in the layoffs,
Speaker 12: the majority cut or salespeople.
Speaker 6: And so they're really just.
Speaker 12: Focusing in on what's going to get us to the
Speaker 12: next level, and a lot of that is having to
Speaker 12: build new products. And we're seeing that across the industry.
Speaker 12: I mean, there's a lot of high flying startups. You
Speaker 12: can name any of them, Zoom, Twillia, doesn't matter. They
Speaker 12: had a similar trajectory and now they're having a similar
Speaker 12: bus cycle.
Speaker 2: On that happy note, we'll leave it, but it's a
Speaker 2: phenomenal story. It's getting a lot of pickup across online
Speaker 2: and go pick it off a shelf or how you
Speaker 2: consume of course your business week. Bloombog's body forward really
Speaker 2: interesting deep dive into salesforce. While that does it for
Speaker 2: this edition of Bloombog Technology ed.
Speaker 4: In a relentless year and another relentless week. A lot
Speaker 4: to recap.
Speaker 3: Check out the pod, the Bloomberg Technology podcasts and Apple Spotify,
Speaker 3: iHeart and we post It's Bloomberg and We're on YouTube
Speaker 3: from San Francisco and New York City.
Speaker 4: Happy Friday. This is Bloomberg Technology.