'Bloomberg Technology' Full Show (01/27/2023)
>> BLOOMBERG WORLD HEADQUARTERS IN NEW YORK. >> THIS IS BLOOMBERG TECHNOLOGY. CAROLINE BIG TECH SENDING A WARNING FOR 2023 THE MARKET SEEMS, ABOUT WHAT THEY ARE SEEING. >> EVEN AS THIS IS AROUND EARNINGS BUT GEOPOLITICS AS WELL. WE ARE BOTH GOING TO BE LOOKING AT THE NASDAQ 100'S BEST WEEK IN MONTHS BUT NOT WITHOUT MAJOR FLUCTUATIONS IN THE SEMICONDUCTOR SPACE AFTER INTEL'S DISMAL EARNINGS AND THE BIG HERBS FOR CHINA MADE CHIPS. >> ELON MUSK FACES A PROBE IN MISGUIDED CLAIMS ABOUT THE TESLA'S AUTOPILOT SYSTEM.
>> THOUSANDS OF TECH WORKERS GOT LAID OFF AFTER THEY CAME TO THE U.S. ON WORK VISAS. WHAT ONE NONPROFIT IS DOING ABOUT IT KRISTA CHECK AT THE MARKETS AND EDWARD IS TALKING ABOUT IT. WE HAVE SEEN RESILIENCE EVEN THERE ARE WARNING SIGNS. WE THINK OF THE INTEL AND
MICROSOFT OF COURSE TEXAS INSTRUMENTS AS WELL BUT THE NASDAQ MANAGES TO PUSH UP MORE THAN A PERCENTAGE POINT. WE ARE SEEING THIS INDEX ON A ROLL SINCE SEPTEMBER OF LAST YEAR. WE HAVE SEEN FOUR STRAIGHT WEEKS OF GAINS. WE HAVEN'T SEEN THAT SINCE AUGUST OF 2022. GETS A SLIGHT UP TODAY. NOWHERE NEAR THE ENTHUSIASM IN
THE U.S.. MANY FOCUSED ON WHAT IT MEANS FOR INTEREST-RATE PATH. LOOKING AT COMMODITY INDEX INTERESTING AHEAD OF CHINA'S REOPENING MAY BE SOME MONEY COMING BACK FOR COPPER FOR EXAMPLE. LET'S LOOK AT WHAT IS REALLY OUT IN OUR TECHNOLOGY FOCUS AS MUCH AS WE SAW THAT ENTHUSIASM AROUND THE NASDAQ HEAD THE CHIP SEXED HER UP 710 SURVEY PERCENT FOR PHILADELPHIA SEMICONDUCTOR.
>> I'M GOING TO START ON THE POSITIVE HERE AND FOCUS ON TESLA REALLY BIG JUMP ON FRIDAY CONTINUING MOMENTUM FOR EARNINGS BUT AT 33% GAIN ON THE WEEK BEST WEEK GOING BACK TO MAY OF 2013 CLEARLY INVESTORS BELIEVING WHAT ELON MUSK HAS TO SAY. THE NEGATIVE IS BEHIND ME WHICH IS INTEL HAVING ITS WORST WEEK SINCE DECEMBER THE BIGGEST UP ON FRIDAY FOR A SINGLE SESSION SINCE SEPTEMBER IS THIS A QUESTION ABOUT WHAT'S HAPPENING IN A CHIP SECTOR OR IS THIS A QUESTION ABOUT WHAT IS HAPPENING WITH INTEL SPECIFICALLY? >> THAT IS THE QUESTION THAT I HAVE WHAT IS WRONG WITH INTEL? WE HAD THE BEST PERSON TO TALK TO ABOUT THIS. ENERGY DIRECTOR SENIOR RESEARCH ANALYST COVERING THE TECHNOLOGY SECTOR 427 MILLIONS OF COURSE I IN ASSETS WHAT IS WRONG WITH INTEL? >> INTEL IS GOING THROUGH A MULTIYEAR TRANSITION AND IF WE STEP BACK AND THINK ABOUT THE PAST DECADE THE COMPANY LOST COMPETITIVENESS. THEY WEREN'T MAKING PRODUCTS THAT WERE AS CUTTING EDGE AS THEY HAD PREVIOUSLY SO WHAT'S CHANGED IN THE LAST COUPLE OF YEARS YOU HAD CEO COME BACK TO THE COMPANY REALLY REINVEST AGGRESSIVELY, BRINGING NEW PEOPLE HOME WE THINK HIGHLY OF. THEY ARE WORKING TO EXECUTE BETTER ON THE PRODUCT ROADMAPS DELIVER VALUE TO CUSTOMERS AND WHEN WE SPEAK TO THE CUSTOMERS IN TOVAR MEANS -- INTEL REMAINS AT STRATEGIC.
IF THEY CAN MAKE BETTER PRODUCTS I THINK THEY CAN DELIVER VALUE FOR CUSTOMERS AND ULTIMATELY FOR SHAREHOLDERS AS WELL. >> EXTRAPOLATING THIS OUT FURTHER HOW WORRIED ARE YOU ABOUT THE YUAN MARKETS? YOU LOOK AT PC, DESKTOP, SERVERS AND WHAT INTEL HAD TO SAY ABOUT THE FIRST HALF OF THIS YEAR IN PARTICULAR WHAT DOES THAT TELL YOU ABOUT WHAT THAT'S TO COME FOR THE TECHNOLOGY SECTOR? >> CERTAINLY WE ARE IN A PERIOD OR HEADWINDS, IF WE THINK BACK OVER THE PAST COUPLE OF YEARS THERE WAS ENORMOUS DEMAND FOR PCS IS ONE EXAMPLE DURING LOCKDOWNS, DURING THE WORST OF COVID SO THERE WAS A LITTLE BIT OF DIGESTION OF THAT. I EXPECT OVER THE NEXT SEVERAL MONTHS THE INDUSTRY WILL WORK THROUGH INVENTORIES AND PCS AS ONE EXAMPLE. THE ECONOMY IS SLOWING ITS IMPACTING ENTERPRISES AS THEY SPEND BUT IF WE LOOK OUT TO LATER THIS YEAR AND FURTHER INTO 2024 WE WILL SEE BETTER GROWTH SO THE COMPANIES THAT HAVE THE PRODUCTS THAT HAVE THE SOLUTIONS THOSE CAN BENEFIT AND IF WE STEP BACK AND LOOK AT SOME OF THE SECULAR TRENDS SO ARTIFICIAL INTELLIGENCE, THE ABILITY TO DELIVER VALUE IN AREAS LIKE DRUG DISCOVERY IT TO FACES DIFFICULT HEADWINDS.
THEY HAVE TREMENDOUS GROWTH DRIVERS AND PRODUCT CYCLES IN AREAS LIKE THE DATA CENTER. WE STILL SEE OPPORTUNITIES. >> TALK ABOUT THE HEADWINDS NOT SECULAR IN NATURE BUT ALSO RELATED TO GEOPOLITICS. VIDEO IS ONE OF THEM WHICH HAS CHINA EXPOSURE. THINKING ABOUT HOW THE BIDEN ADMINISTRATION IS CLOSE TO GETTING JAPAN AND THE NETHERLANDS TO COINCIDE TO LIMIT CHINA'S ACCESS TO THE SEMI CONDUCTOR TECHNOLOGY. HOW DOES HELP THE PLANS? >> I THINK THE TENSION HAS BEEN WITH US FOR SEVERAL YEARS AND IT IS CONTINUING TO INTENSIFY. IT IS HAVING IMPACTS ON SOME COMPANY'S ABILITIES TO SHARE THE MOST ADVANCED TECHNOLOGIES INTO MARKETS LIKE CHINA BUT I THINK GLOBALLY, DEMAND FOR THESE PRODUCTS OVER THE NEXT SEVERAL YEARS IS LIKELY TO BE HEALTHY AND THAT'S DRIVEN BY BUILDS OUT FOR EXAMPLE OF THE CLOUD AND THOSE DIGITAL INFRASTRUCTURES.
IN THE NEAR TERM, THE RESTRICTIONS ARE GOING TO IMPACT COMPANIES THAT DO SO IN CERTAIN CASES WITH CERTAIN PRODUCTS INTO CHINA BUT I THINK ULTIMATELY THAT DEMAND DOES GROW AND THOSE COMPANIES LIKE ASM IS ONE EXAMPLE. WE WILL CONTINUE TO HAVE ATTRACTIVE MULTIYEAR GROWTH PROSPECTS. >> WHAT ABOUT THE R&D STILL NEEDED AS WE SEE THE NATURE OR WAVE OF PC DEMAND THE FACT THAT WE ARE GOING TO SEE SLOWING REVENUES THAT SOME ANALYSTS JUST SAID ARE PHENOMENAL, STAGGERING WAS ONE OF THE WORDS USED. ARE WE STILL GOING TO HAVE TO STILL SEE THIS SPEND COMING? OR BRINGING IT CLOSE TO SHORE? >> I THINK THE BUILD OUT IN THE UNITED STATES AND EUROPE AND OTHER GEOGRAPHIES OUTSIDE OF ASIA WILL CONTINUE BUT IT'S A MULTIYEAR PROCESS TO BUILD THEM AND TO EQUIP THEM AND OF COURSE A MODERN THAT COULD COST AROUND $20 BILLION. I THINK THE INDUSTRY WILL REMAIN BUT IF WE LOOK OUT TO THE MIDDLE AND THE LATTER PART OF THE DECADE, DEMAND FOR SILICON IS GOING TO CONTINUE GROWING.
IT'S NOT JUST IN PCS AND SMARTPHONES IT'S REALLY GOING EVERYWHERE. THAT IS I THINK THE BIGGER STORY IN MANY WAYS IN TERMS OF THE TRANSFORMATION OF THE INDUSTRIAL LANDSCAPE. PUTTING INTELLIGENCE INTO ALL SORTS OF DEVICES. YOU HAVE COMPANIES LIKE
QUALCOMM THAT DO THAT. THERE IS A LOT OF GROWTH. >> I WANT TO GO TO QUALCOMM REALLY QUICK. THEY REPORT NEXT WEEK. THIS STORY IS DIVERSIFYING AWAY FROM THE SMARTPHONE. DO YOU THINK THEY WILL BUCK THE TREND SO FAR FROM THE CHIP SECTOR? >> THEY ARE ALSO GOING TO BE IMPACTED BY SOME OF THE SUPPORT FROM -- SMART FROM. I THINK WHAT WE WILL SEE IS
CHINA IS BEGINNING TO OPEN UP. CHINA IS AN ENORMOUS MARKET FOR SMARTPHONES AND WILL BENEFIT FROM THAT GROWTH REBOUNDS. I THINK THE BIGGER STORY BEYOND THAT IS THE SUCCESS IN AREAS LIKE AUTOMOBILES WHERE THEY HAVE A $30 BILLION DESIGN. THE CEO IS MAKING THE RIGHT INVESTMENTS THEY ARE DIVERSIFYING THE COMPANY AND THEIR INTELLECTUAL PROPERTY IN KEY AREAS LIKE CONNECTIVITY AND SECURITY AND AUTOMATION ARE POWERFUL AND VALUABLE TO CUSTOMERS. >> GREAT TO HAVE SOME TIME WITH YOU. REALLY GOING THROUGH A WHOLE HOST OF NAMES IN THE CHIPS SPACE WE HAVE ANOTHER ONE FOR YOU BECAUSE LET’'S TALK ABOUT NVIDIA.
DOING PARTICULARLY WELL AND BUILDING WEALTH LARGELY IN PART BECAUSE OF THE SOARING POPULARITY OF CHAT GPT. $18 BILLION IS HIS OVERALL FORTUNE. ROBOTS, TO CRYPTO, TO MINING AND SPECIALITY THAT'S MAKE IT ONE OF TOP WAGES FOR HOW TO PROFIT FROM THE RAPID BUSINESS INTEREST IN AI. IN SPITE OF THE DOOM AND GLOOM IT FEELS AS THOUGH IN PARTICULAR THERE IS HOPE AROUND CHIPMAKERS. >> WE DO LIKE SOME OF THE SEMICONDUCTORS DOWN HERE THAT LOOK LIKE THEY ARE STARTING TO PUT IN THE TRADITIONAL SENSE SOME OF THE SOFTWARE SERVICES COMPANIES. CAROLINE: NICE PIVOT THERE.
SALESFORCE APPOINTING THREE INDEPENDENT DIRECTORS TO ITS BOARD. LET'S TALK TO LEANNA BAKER FOR MORE ON THIS AND REALLY WITH THE SCOOP FROM ED HAMMOND YESTERDAY. WE SEE THESE CAST OF CHARACTERS COME ONTO THE BOARD. >> SOME OF THE CHARACTERS THAT HAVE COME ON THE BOARD, VALUE ACT, THE MYSTERY ACT WE WERE TRYING TO FIGURE OUT WHO ELSE WAS IN THERE BESIDES STAR WORK, ELLIOTT, SO THIS IS REALLY THE START OF SOMETHING VALUE ACT CERTAINLY WILL HAVE AN INFLUENCE ON THE BOARD THEY ARE VERY INTERESTED IN CORPORATE GOVERNANCE AND MAKING CHANGES BUT IN A FRIENDLY WAY WITH THE COMPANY. THERE IS STILL THE QUESTION OF
WHAT HAPPENS WITH THESE OTHER ACTIVISTS WHO ARE STILL VERY MUCH INVOLVED. THE NEWS WAS RECEIVED OK BY THE MARKET BUT I THINK THERE'S GOING TO BE SIMILAR MORE ACTION ON THIS ONE. ED: I'D STICK WITH THE MAIN PROTAGONIST THAN I SUPPOSE. WHO IS MASON WORK FOR TALK TO US ABOUT VALUE ACT WHAT IS IT THEY COME INTO COMPANIES AND DO? >> THEY ARE BASED IN YOUR PART OF THE WORLD.
IS NO STRANGER TO TECHNOLOGY. HE SAT ON THE MICROSOFT BOARD FOR ABOUT FOUR YEARS FROM 2014-2017. I HEARD THE STOCK IN THAT TIME DOUBLED. HE WILL DEFINITELY BRING THAT EXPERIENCE PUBLIC BOARD EXPERIENCE WITH HIM. AND, YOU KNOW, THEY ARE KNOWN
FOR MAKING CHANGES AS I MENTIONED IN A FRIENDLY WAY WITH THE COMPANY. CERTAINLY GOOD TO HAVE SOME SORT OF INVESTOR VIEWPOINT ON THE BOARD. THE SHARED MARKET IS GREAT FOR SALESFORCE. ED: BLOOMBERG'S LEONA BAKER OUT IN NEW YORK, THANK YOU SO MUCH.
BACK HERE IN SAN FRANCISCO REGULATORS INVESTIGATING ELON MUSK'S ROLE IN SHAPING TEST WAS SELF-DRIVING CAR CLAIMS. THE REVIEW IS PART OF IT SEC PROBE. ACCORDING TO A BLOOMBERG SOURCE OFFICIALS ARE WEIGHING WHETHER MASKS SPECIFICALLY MAY HAVE AN APPROPRIATELY MADE STATEMENTS AND CARRIED THIS DIRTY, THE REPORTING CAUGHT ON THE HEELS OF THE OTHER SCOOP EARLIER THIS MONTH ABOUT THE 2016 VIDEO AND EMAILS WERE ELON MUSK IS DIRECTING THE LANGUAGE USED BEHIND HOW THEY DESCRIBED AUTOPILOT I KNOW THOSE STAGES. CAROLINE:
AND THE SEC IS HOT ON HIS HEELS IN EVERY SORT OF DIRECTION. IT'S ALMOST REMINISCENT OF WHAT HE HAS BEEN TRYING TO EXPLAIN. WHEN YOU ARE CEO THE LEADER OF A BUSINESS THE VISIONARY WHEN YOU SAY CERTAIN THINGS PEOPLE BELIEVE THEM. THEY END UP BEING FORWARD-LOOKING GUIDANCE WHETHER HE WANTS THEM TO BE OR NOT. ED: THIS IS AN EXTENSION OF THE SEC PREVIOUSLY REPORTED BY A NUMBER OF MEDIA OUTLETS TECH IN OCTOBER.
COMING HAVE WHITE TWITTERS TRUSTED SAFETY HAD IS DITCHING PROTOCOL FOR ELON MUSK. WE WILL HAVE THAT DISCUSSION NEXT. THIS IS BLOOMBERG. ♪ CAROLINE: TODAY'S BIG TAKE. TAKING A DEEP DIVE INTO ONE OF ELON MUSK'S MOST FAITHFUL SUPPORTERS. SHE IS TWITTERS HEAD OF TRUST AND SAFETY AND SEEMS WILLING TO OVERLOOK PROTOCOL TO APPEASE HER NEW BOSS. SHE JOINS US NOW.
FIRST AND FOREMOST, WHO IS ELLA? >> THE HEAD OF TRUST AND SAFETY AT TWITTER. AND CHARGE OF A LOT OF THE TEAMS THAT WORK ON KEEPING TWITTER SAFE, RIGHT? THEY USED TO TAKE DON'T HATE SPEECH, THIS IS THE SAME GROUP THAT FOR EXAMPLE WAS RESPONSIBLE FOR SUSPENDING PRESIDENT DONALD TRUMP A FEW YEARS AGO. THIS IS A PRETTY HIGH-PROFILE JOB A LOT OF THE DECISIONS WE HAVE SEEN VERY -- WERE VERY CONTROVERSIAL. SO THE PERSON HAS ALWAYS BEEN A HIGH-PROFILE ROLE IN THAT REGARD BECAUSE THE DECISIONS MADE WERE SO IMPORTANT TO FREE SPEECH ON THE INTERNET. SHE STEPPED IN TO A VERY SENIOR POSITION UNDER ELON IN JUST THE LAST COUPLE OF MONTHS. ED: THAT WAS WHAT I FOUND INTERESTING ABOUT THIS.
WE HAVE DONE REPORTING TOGETHER OVER RECENT MONTHS. AND THAT WAS A NAME I DIDN'T RECOGNIZE. WE DOCUMENTED ON A DAY BY DAY BASIS THE PEOPLE LEAVING TWITTER THOSE WHO CHOSE TO STAY SO NOW MY QUESTION IS WHAT IS IT SHE'S DOING? WHAT IS YOUR BIG TAKE STORY THAT YOU HAVE LEARNED ABOUT HER ROLE WITHIN THE BUILDING? >> YOU PROBABLY AREN'T FAMILIAR WITH HER NAME BECAUSE SHE REALLY JUST JOINED TWITTER OF THE SUMMER, JUST A FEW MONTHS BEFORE ELON MUSK TOOK OVER. SHE WAS NOT NECESSARILY A
SENIOR LEADER IN THE WAY THAT A LOT OF EMPLOYEES WERE OR SOMEONE WHO A LOT OF EMPLOYEES WERE FAMILIAR WITH. WHAT WE POINTED OUT AND I THINK IT'S AN INTERESTING STORY IS THAT THEY ARE KIND OF BUCKING A LOT OF THE TRENDS OF TRUST AND SAFETY OVER AT TWITTER THESE DAYS. THIS IS AN ORGANIZATION THAT EXISTS AT FACEBOOK AND YOUTUBE AND ALL THE OTHER PLAYERS. THEY LAST COUPLE OF YEARS WE HAVE SEEN THESE GROUPS GET REALLY REFINED. THEY HAVE TONS OF POLICY AND PROCEDURE.
THERE IS A STANDARD WAY OF DOING SOME OF THIS STUFF. UNDER ELON, A LOT OF THIS HAS GOTTEN THROWN OUT OF THE WINDOW. WE HAVE SEEN FOR EXAMPLE THEY JUST GOT RID OF THEIR COVID MISINFORMATION POLICY FOR EXAMPLE. YOU REMEMBER THEY STARTED SUSPENDING JOURNALISTS SORT OF WITHOUT A GREAT EXPLANATION. SO WHAT WE HAVE SEEN AS KIND OF
LIKE THIS PLAYBOOK THAT I THINK A LOT OF FOLKS ARE FAMILIAR WITH AND I THINK THAT'S WHAT WE FIND IT INTERESTING. ED: GIVE US SOME INPUT ON THE ACTIONS SHE IS CARRYING OUT ON ELON MUSK'S BEHALF. >> THESE THINGS WOULD GO THROUGH A PROCESS.
THEY MIGHT GO THROUGH MULTIPLE TEAMS AND MULTIPLE LEVELS OF REVIEW WHAT WE HAVE SEEN AND MENTIONED IN OUR STORY WE HAVE SEEN SCREENSHOTS OF THINGS LIKE HEY WE WANT THIS ACCOUNT SUSPENDED ON THE ORDER OF ELON OR WE WANT THE SUSPENDED ON THE ORDER OF ELLA. THIS IS NOT THE WAY THAT USUALLY THESE TEND TO WORK. THERE'S A LOT OF PEOPLE IN THE WORLD THAT TRUST AND SAFETY ARE WORRIED IS TOO MUCH POWER HELD BY ONE OR TWO PEOPLE HERE IN THIS INSTANCE AND THAT THEY ARE NOT FOLLOWING A LOT OF THESE CHECKS AND BALANCES WE ARE USED TO. YOU DON'T NUMBER WHERE THAT'S
GOING TO END UP. THE JOURNALISTS GETTING SUSPENDED OUT OF THE BLUE IS JUST ONE EXAMPLE THAT YOU CAN IMAGINE BEING EXTRAPOLATED. CAROLINE: HER RISE OR HER REMAINING, HOW HAVE PEOPLE TALKED ABOUT THAT AND THE WAY SHE HAS NAVIGATED HER CAREER AT TWITTER? >> I MEAN I THINK THE ISSUE IS NOT THAT ELLA IS INCOMPETENT OR ANYTHING LIKE THAT. SHE'S HAD A BUNCH OF STRONG ROLES IN TECH COMPANIES BEFORE. SHE IS DESCRIBED AS AN
INCREDIBLE OPERATOR, VERY ORGANIZED, BUT I DON'T THINK SHE HAS MUCH EXPERIENCE DOING SPEECH POLICY. A LOT OF TIMES PEOPLE DO TRUST AND SAFETY THEY ARE ACADEMICS OR LAWYERS OR MAY BE PEOPLE WHO SPENT THEIR WHOLE LIFE TAKING ABOUT THINGS LIKE ALEXION 230. THAT IS NOT HER BACKGROUND. THERE IS A LITTLE BIT OF CONCERN FROM PEOPLE WHO WERE WITHIN TWITTERS TRUST AND SAFETY BUT EVEN JUST LIKE THE BROADER INDUSTRY THAT SHE IS NOW IN A ROW THAT REQUIRES THAT TYPE OF NUANCE AND IT'S SOMETHING THAT YOU BUILD OVER TIME. I'M NOT SURE SHE HAS BEEN IN THAT ROLE LONG ENOUGH ESPECIALLY WITH ELON AND HOW HE OPERATES. ED: BLOOMBERG'S KURT WAGNER, GREAT REPORTING KEEPING US POSTED WITH WHAT'S HAPPENING INSIDE THE BIRDS NEST. THANK YOU VERY MUCH. THE INFORMATION SAYS APPLE PLANS TO DEVELOP SOFTWARE TO HELP USERS ON THE MIXED REALITY HEADSET BUILD THEIR OWN ACTS. $3000 HEADSET ACCORDING TO THE
REPORT APPLE HOPES THAT EVEN PEOPLE WHO DON'T KNOW COMPUTER CODE CAN USE THE SOFTWARE TO TELL THE HEADSET VIA SIRI TO BUILD AN AI APP. THAT APPLICATION WILL BE AVAILABLE ON THE APP STORE FOR OTHERS TO DOWNLOAD. YOU RECKON YOU CAN BE AN APP DEVELOPER THROUGH THE HEADSET? CAROLINE: MOST DEFINITELY. PROBABLY THROUGH CHECK GPT RIGHT? ED: WE HAVE PLAYED AROUND WITH THE HEADSET I WOULDN'T IMAGINE GOING AS FAR AS CODING.
IT'S AN INTERESTING CASE. CAROLINE: I'M GOING TO LEAVE IT TO THE PROFESSIONALS. WHO KNOWS, AT FIRST I NEED THE $3000. GIVE ME THAT I CAN START DOING. ED: THIS IS NOT GOING TO GO AWAY IS IT? COMING UP MORE PAIN FOR INDIAN CORPORATE EMPIRE.
THE EXTENT OF THE DAMAGES CAUSED BY THAT REPORT THAT IS NEXT. THIS IS BLOOMBERG. ED: WHO ARE HINDENBURG RESEARCH INVESTMENT FIRM SAYS IT SPECIALIZES IN FORENSIC FINANCIAL RESEARCH AND PUBLISHING SHORT-SELLERS REPORTS. HINDENBURG IS IN THE NEWS THEY CAN WITH ALLEGATIONS AGAINST CONGLOMERATES, ASIA'S RICHEST PERSON. HINDENBURG SAYS IT LOOKS FOR
SIMILAR MAN-MADE DISASTERS THAT MAY BE FLOATING AROUND THE MARKET AND AIMS TO SHED LIGHT ON THEM. HINDENBURG SAYS THAT SIX RESULTS THROUGH UNCOVERING HARD-TO-FIND INFORMATION FROM, QUOTE, ATYPICAL SOURCES. WARNS INVESTORS AND RESEARCH -- READERS ADVISE READ IT YOUR OWN RISK. TARGETING ELECTRIC TRUCK MAKING AND TREVOR MELTS AND THEY CLAIMED MELTON DECEIVED INVESTORS ULTIMATELY MELTON RESIGNED THERE WAS A CRIMINAL INVESTIGATION AND TRIAL AND MELTON WAS FOUND GUILTY OF SECURITIES AND WIRE FRAUD. ED: NOW THAT YOU KNOW WHAT HINDENBURG DOES HERE IS MORE ABOUT WHAT YOU HEARD ABOUT THIS WEEK. THERE WAS A REPORT TUESDAY DETAILING CORPORATE MALPRACTICE.
WHAT FOLLOWED RAISED MORE THAN $51 BILLION OF VALUE ACROSS THE EMPIRE WHICH IS OWNED BY ASIA'S RICHEST MAN. THE GROUP DISPUTED HINDENBURG'S OBLIGATIONS THURSDAY BUT SAID 19% ON FRIDAY THE BIGGEST DROP SINCE 2017. CAROLINE: AN ISSUE IS HE WANTS TO RAIN FUNDS. TELL US WHY THIS IS A TECHNOLOGY STORY. WHAT IS IT IN THE CONGLOMERATE? ED: TWO REASONS. ADANI HAS MOVED INTO MEDIA
COMPANIES BUT THE THESIS FOR HINDENBURG IS THAT EVEN HIS CEMENT COMPANIES TRADE. THEY HAVE MULTIPLES LIKE TECH STOCKS AND THAT FOR THEM AS A WHIRRING SIDE AND HINDENBURG, AGAIN, A SHORT SELLER TAKING CAUTION OF WHAT THEY SAY AND THEY HAVE SEEN 85% DOWNSIDE DROP FROM WHERE THEY THINK THESE ASSETS ARE REALLY VALUED. CAROLINE: THEY CERTAINLY MEET THEIR IMPACT FROM A MONETARY VALUE PERSPECTIVE OVER THERE IN INDIA SO WE HAVE TO KEEP ALL OVER THAT STORY. IT'S NOT THE ONLY AREA OF
WEALTH DESTRUCTION REALLY. YOU THINK ABOUT THE EROSION OF VALUE ACROSS ASSETS WE THINK ABOUT CRYPTO IN 2022 AND WE WILL BE DISCUSSING ANTHONY SCARAMUCCI BECAUSE HIS PHONE HAS BEEN SLAMMED. ED: PLUS WE HAVE LOTS OF CAPITALS ALL THINGS BC, ALL THINGS GENEROUS WITH AI. THIS IS BLOOMBERG. CAROLINE: WELCOME BACK TO BLOOMBERG TECHNOLOGY. I'M CAROLYN HYDE BACK IN NEW YORK. BOTH OF US TOOK AN EYE ON WHAT IS HAPPENING PARTICULARLY AMERICAN EXPRESS SHARES ARE SPIRALING HIGHER. PRETTY UP THE REVENUE FORECAST.
THEY HAVE A RECORD NUMBER OF CARDHOLDERS AND I GOT TO HAVE A QUICK CHAT WITH THE CEO THIS MORNING. HE WAS TALKING ABOUT THE CUSTOMER BASE. HE ALSO HAD REALLY INTERESTING TAKES ON TECHNOLOGY PARTICULARLY WHEN IT COMES TO SMALL BUSINESSES BECAUSE HE WAS SAYING LOOK, I HAVE NOTICED DIGITAL ADVERTISING SPENDING IS DOWN FOR THE BUSINESSES I SERVE AND HE SAID TO QUOTE HIM I DON'T KNOW IF THAT'S A FUNCTION OF THE ECONOMY OR FUNCTION OF CONFUSION. AND HE'S TALKING ABOUT THE FACT THAT AT THE MOMENT THE REGULATORY IMPLICATIONS. THE SOCIETAL THAT'S A LOT TO DEAL WITH TO TRY AND DIGEST AS A SMALL IS NICE AS TO WHETHER YOU WIND UP PUTTING THE MONEY TO WORK THERE. ED: THE CONSUMER SIDE AS WELL. THAT'S PART OF THE SYSTEM FOR ME WHICH OF DOUBT A COMPANY GIVING GUIDANCE FOR THE YEAR I THINK IT IS PAYMENT.
PEOPLE FACILITATING TRANSACTIONS. GREAT JOB GETTING ON THE FUN BECAUSE WE NEED TO KNOW WHAT'S GOING ON. CAROLINE: HE WAS RELEASING I GOT CLARITY OUT AND I'VE GOT CONFIDENCE. WHO ELSE CAN SAY THAT?
I CAN TELL YOU NOT MEAN INVESTMENT NOT MANY PEOPLE LET'S JUST GO TO THAT NOW BECAUSE ANTHONY SKYBRIDGE CAPTAIN WE KNOW THE PAIN THAT'S BEEN IN. THE BIGGEST FUNDS AFTER SOME PRETTY RUNWAY BETS. NOW BANKRUPT FTX RELATIONSHIP BUT SPRING AND THE ONE AND ONLY TO MEET CRYPTO PLAYERS. TALK TO US ABOUT OUR MICHIE. >> HE HAS BEEN PIVOTING SKYBRIDGE TO FOCUS MORE ON CRYPTO THE LAST COUPLE OF YEARS. HE HAD A STAKE IN FTX SO HE WAS REALLY HURT IN NOVEMBER WHEN FTX FILED FOR BANKRUPTCY.
WE ALSO NOTE THERE IS THIS ISSUE THAT FTX VENTURES HAD TAKEN ESTATE CARE IN SKYBRIDGE. THAT CAME UP. THE BIG ISSUE HERE IS SKYBRIDGE TUMBLED 39% LAST YEAR A SIGNIFICANT TUMBLE. A BIG QUESTION HERE BECAUSE THEY LIMITED WITHDRAWALS WHEN IT CAME TO SKYBRIDGE.
WHAT I KNOW ABOUT SKYBRIDGE IS A LOT OF THE BITCOIN THEY BOUGHT WAS ABOUT $18,000 ON AVERAGE. SO TO SOME EXTENT THEY CAN SEE SOME REBOUND. THIS YEAR IT WOULD BE HUGELY HELPFUL BECAUSE OF THE ROUTE THEY ARE FACING BECAUSE REMEMBER SKYBRIDGE IS NOT JUST INVESTED IN CRYPTOCURRENCIES AND CRYPTO KIND OF VENTURE HERE. THEY ARE ALSO INVESTED IN A LOT OF HEDGE FUNDS. THERE ARE A COUPLE THAT DID A LITTLE BETTER LAST YEAR TOO SO TAKING THE GOOD WITH THE BAD. ED: I HEARD THE AUDIBLE GASP BECAUSE I GIVE A SIMILAR ONE THERE.
YOU ARE A FUND, I THINK ON THE CRYPTO SIDE A LOT OF PRIVATE COMPANIES AS HE SAID THEY ALSO INVEST IN SOME HEDGE FUNDS. THAT WAS 2022 HOW DID THEY GET THEMSELVES OUT OF THAT AND BACK ON THE RIGHT TRACK IN 2023? >> I CAN'T HELP BUT TALK ABOUT THE BIG MIAMI TRIP THAT MANY HEDGE FUND MANAGERS ARE MAKING. STARTING SUNDAY NIGHT, STARTING MONDAY YOU HAVE TO MANAGE FUNDS ASSOCIATION, A BIG COMMUNITY STARTING OFF WITH A SERIES OF EVENTS OF RESTORING FAITH IN CRYPTO. A RECEPTION ALSO THAT SPONSORED BY COINBASE SO YOU DO HAVE THE CRYPTO COMMUNITY REALLY PUSHING HERE TO RESTORE THAT FAITH.
YOU HAVE MIKE SPEAKING AT A CONFERENCE ALSO IN MIAMI JUST RESTORING FAITH IN CRYPTO. YOU HAVE A LOT OF FUND MANAGERS ALONGSIDE TRADITIONAL FUND MANAGERS TALKING TO THE SAME BIG INVESTORS. IN MY OWN CONVERSATIONS I WILL TELL YOU THERE ARE A LOT OF PEOPLE OUT THERE THAT STILL SAVE US IN, BITCOIN DIDN'T FAIL LAST YEAR EVEN THOUGH SO MUCH OF THE MARKET DID. THERE IS A LOT OF CONVERSATION ABOUT WHETHER THEY BUY SOME OF THESE CLAIMS OUT OF BANKRUPTCY AND THERE IS A LOT OF QUESTION AROUND HOW TO INVEST BUT AGAIN, THERE ARE SO A LOT OF PEOPLE WHO HAVE FELT A LOT OF PAIN FROM LAST YEAR. ED:
THE BIG HEADLINE THIS FRIDAY IS THAT HE IS OFF TO MIAMI SO MIAMI WATCH OUT. I'M NOT SURE WE WILL GET A LOT OF HEADLINES FROM JUST CRYPTO. STAYING ON FINTECH FIDELITY AGAIN SLASHING ITS EVALUATION.
ACCORDING TO FILINGS FIDELITY CUT THE ESTIMATE BY ABOUT 9% TO $63.8 BILLION AS THE END OF NOVEMBER. THAT IS DOWN FROM 235 BILLION JUST BEFORE THE IPO WAS HALTED IN NOVEMBER OF 2020 AND IT'S BEEN OVERHAULING ITS BUSINESS TO COMPLY WITH CHINESE GOVERNMENT DEMAND AS WE HAVE BEEN DISCUSSING, CAROLINE, ABOUT THE SITUATION IN MAINLAND CHINA FOR SOME TIME NOW. THE DISCUSSION AROUND VALUATION PARTICULARLY FROM THE VENTURE CAPITAL PERSPECTIVE AND BRINGING GENERAL PARTNER OUTLOOKS CAPITAL. INTERESTING WHAT WE JUST HEARD
THERE. LOTS OF THREADS, VALUATIONS BUT I WANT TO GO WITH THE WEEK THAT WAS. THIS HAS BEEN A VOLATILE WEEK NOT JUST IN TERMS OF MARKETS BUT HEADLINES, MARKETS TO THE OUTSIDE. AS A VC THAT HEARD ALL OF THAT FROM OUR PROGRAM AND SET THEIR Q. WEEK LIKE THIS, WHAT'S YOUR EXPERIENCE OF THE WEEK BEEN? >> I MEAN, NASDAQ IS UP ABOUT 10% THIS YEAR, RIGHT? IN SOME SENSE THIS IS GOOD NEWS. BUT AT THE END OF THE DAY VC
HAS BEEN INVESTED IN THESE TECHNOLOGY COMPANIES. SPECIFICALLY REINVESTING THE TECHNOLOGY AND SCIENCES. THIS IS A GREAT TIME TO BE BUILDING THOSE COMPANIES.
GREAT TALENT IS BECOMING AVAILABLE. YOU DON'T THINK ABOUT PHYSICAL SECURITY. INC. ABOUT SAVING LINES -- LIVES THAT WE HAVE INVESTED IN FROM DISCOVERY COMPANIES AUTOMATION ECONOMY BRINGING MANUFACTURING BACK TO THE U.S. SO REGARDLESS OF WHAT SECTOR YOU LOOK AT, RIGHT NOW INTERESTING COMPANIES ARE GETTING FOUNDED AND INVESTED IN AND THE GOOD THING IS NOBODY IS LOOKING AT ANYTHING OF THESE COMPANIES. WE JUST MAKE SURE THESE COMPANIES ARE FULLY FUNDED AND ABLE TO CREATE GREAT PRODUCTS AND TAKE THEM TO MARKET. ED: CAROLINE AND I WERE REFLECTING ON THE TWITTER SPACES EARLIER THAT THE HEADLINES ON LAYOFFS CAME RIGHT AT THE BEGINNING OF THIS WEEK. THERE HAS BEEN SO MANY STORIES
FROM THE WORLD OF TECHNOLOGY YOU FORGET ACTUALLY THROUGHOUT IT HAVE BEEN SOME PRETTY NEGATIVE HEADLINES ESPECIALLY THOSE AROUND LAYOFFS. IBM, SPOTIFY BEING EXAMPLES. DOES THAT PRESENT AN OPPORTUNITY FOR CAPITALISTS LIKE YOU ARE YOU PUTTING PRESSURE ON YOUR PORTFOLIO FOUNDERS TO SAY GO OUT THERE AND HIRE THESE PEOPLE THEY ARE ON THE MARKET? >> MY INBOX IS FILLED WITH RESUMES THAT HAVE COME IN FROM PEOPLE THAT HAVE BEEN LAID OFF FROM THESE COMPANIES. I AM ABSOLUTELY WORKING HARD TO GET THEM, YOU KNOW, HIRED. THIS IS TWO YEARS AGO THAT WE TOLD COMPANIES TO RAISE CAPITAL BECAUSE WE KNEW IN SOME WAYS THE PEAK HAD ARRIVED. WE WANTED THEM TO RAISE AS MUCH CAPITAL AS THEY COULD TO BE ABLE TO SURVIVE LONG-TERM AND THESE COMPANIES SITTING ON THE CAPITAL NOW IS NOT ONLY ABLE TO HIRE THESE CANDIDATES BUT ALSO ACQUIRE SOME OTHER COMPANIES ALONG THE WAY TO BRING TECHNOLOGY INTO THE MIX AND BRING IT TO THEIR CUSTOMERS. CAROLINE: LET'S TALK ABOUT HYPE OR NOT THEREFORE. AMID SOME OF THE CONCERNS AND
WORRIES ABOUT TECHNOLOGY PULLING BACK VALUATIONS PULLING BACK, PEOPLE BEING LET GO, IT FEELS LIKE THERE IS ANOTHER SORT OF NFT CRYPTO VIBE AROUND AI. CAN YOU TELL US ABOUT WHAT YOU'RE FEELING THERE AS TO WHETHER YOU ARE GETTING THE EXUBERANCE? ARE WE AT THE DAWN OF A NEW INTERNET STAGE? >> I THINK THERE IS SOMETHING CALLED THE GARDENERS HYPE CYCLE. IT COMES WITH ITS OWN HYPE. YOU JUST HAVE TO SORT OF LIVED THROUGH IT AND KNOW THERE WILL BE UPS AND DOWNS ALONG THE WAY AND THAT'S OK. THERE IS A LOT OF NOISE AROUND AI. I THINK THERE IS SOMETHING UNIQUE THAT HAPPENS WITH THESE
CHAT PARKS AND ELEMENT IN ALL THESE THINGS THAT HAPPEN. WHEN YOU HAVE VERY LARGE PARAMETERS TALKING ABOUT 20 MILLION OR MORE YOU START TO SEE INTERESTING RESULTS. I THINK PEOPLE ARE STARTING TO FIGURE OUT HOW DO YOU LEAD LIES -- UTILIZE THEM. WE ARE SEEING THE APPLICATIONS OF AI IN NEW INDUSTRIES LIKE HEALTH CARE, LIKE EDUCATION, BIKE CONSTRUCTION. I THINK THERE'S GOING TO BE COMPANIES THAT ARE SUPER EXCITED ABOUT THAT.
AT THE SAME TIME, JUST LIKE ANY OTHER INDUSTRY JUST SAYING FTX OR CRYPTO THE SAME THING HAPPENED IN THE WORLD OF DRONES. YOU HAVE TO BE VERY CAREFUL THAT YOU BRING COMPANIES THAT ARE SOLVING PROBLEMS AND CREATING VALUE FOR CUSTOMERS IN THE END. CAROLINE: REAL VALUE IS SOMETHING THAT IS BEING QUESTIONED FOR BIG COMPANIES LIKE TESLA WHICH A LOT OF IT IS BIG FOCUS LONG-TERM VALUE IS AUTOMATED DRIVING. I KNOW THAT'S AN AREA OF EXPERTISE FOR YOU. WHERE ARE WE IN THAT OVERALL HYPE CYCLE THAT WE WERE JUST TALKING THROUGH? >> THERE IS SOME LEVEL OF ECONOMY AVAILABLE TO ALL OF US.
IF YOU CAN BUY A CAR NOW AND IT CAN DO LINK YOU MEAN -- LANE KEEPING OBVIOUSLY TESLA IS -- I THINK AUTOMOTIVE TECHNOLOGIES HERE. I ALSO WANT TO ADD SIMILAR TECHNOLOGY PLATFORM SUCH AS DRIVING IS BEING APPLIED TO OTHER AGENCIES AS WELL. SENSORS ARE BEING USED TO DETECT GUNS AND WEAPONS. AI IS BEING APPLIED TO LOOKING FOR THREATS IN THOSE SYSTEMS. COMPLETELY DIFFERENT INDUSTRY. COMPANIES FOCUSED ON THAT,
COMPLETELY DIFFERENT BUT USING THE SAME TECHNOLOGY. THE OTHER TECHNOLOGY THAT'S GETTING DEVELOPED FROM ECONOMIST CARS IS GOING TO BE MANY INDUSTRIES AS WELL. CAROLINE: FASCINATING. CUT TO GET YOU BACK. LEAVITT SPEAKING WITH THE VC COMMUNITY ABOUT WHERE IS THE FOCUS TO BE GETTING THE VALUE. WE THANK YOU SO MUCH OF COURSE. LET'S CHECK ON SOME OF THE PUBLIC SIDE OF THE EQUATION ABOUT TESLA AND SOME OF THE OTHER DISCUSSIONS. CHIP STOCKS HAVE BEEN TAKING IT HARD RIGHT NOW. ED:
AND I WANT TO GO BACK TO INTEL. THE STOCKS DOWN THE MOST SINCE OCTOBER 2021. THE BIGGEST DROPS SINCE SEPTEMBER, THE WORST WEEK FOR THIS TALK IN ABOUT FIVE WEEKS. THIS KIND OF KILLED THE MOMENTUM. I KNOW THE NASDAQ 100, IT DID REACT NEGATIVELY BUT AGAIN. SOME OF ITS LOSSES. WHAT WAS ASTONISHING FOR THE
MARKET IS THAT EXPECTATIONS WERE ALREADY PRETTY LOW AND THIS WAS EVEN WORSE THAN THAT. THE FORECAST FOR THE FIRST QUARTER AND OUTLOOK FOR THE REST OF THE YEAR AND WITH SO MANY CHIPS CAME STILL TO REPORT I THINK NOW WE PROBABLY BRACING A LITTLE BIT. WE ARE PROBABLY A LITTLE BIT CONCERNED ABOUT THE OUTLOOK PARTICULARLY CONSUMER ELECTRONICS. CAROLINE: SOME OF THE TERMS OF PHRASE CALLING IT ASTONISHINGLY BAD AND IT'S STUNNING. I MEAN JUST, I SO HOPE FOR MANY. COMING UP MAYBE NEXT WEEK WE WILL HEAR MORE OF THIS AS WELL. TECH LAYOFFS AND IT IS
IMPACTING WORKERS ON TEMPORARY VISAS TOO. CAROLINE: WE TALK ABOUT IT TIME AND TIME AGAIN. TECH COMPANIES CUTTING COSTS LOOKING AT THE FUTURES BEING BLEAKER.
IT IS AFFECTING WORKERS. SPECIFICALLY VISA WORKERS. WE TOOK TO OUR AUDIENCE, WE GOT OVER ALL THE FOCUS ON TWITTER BECAUSE SOME COMPANIES LIKE SPOTIFY, THEY ANNOUNCED PLAYOFF -- LAYOFFS AND SAID THEY WERE GOING TO HELP OUR EMPLOYEES ON VISAS. WHEN WE ASKED OUR AUDIENCE SHOULD THIS BE STANDARD 60% SAID YES. ED: I'M NOT SURPRISED BY THAT. THINK ABOUT WHERE I AM IN THE SAN FRANCISCO AREA OR WHERE YOU ARE ON THE EAST COAST. MANY OF THESE WORKERS ARE HERE IN THIS SECTOR TECHNOLOGY WHETHER THEY ARE ON THE SOFTWARE SITE OR OTHERWISE ON VISAS. IT'S JUST INCREDIBLY DIFFICULT
THE SITUATION FOR THEM. WE HAVE A PERFECT GUEST TO TALK ABOUT THIS. BRAD HENDERSON, CEO OF P 33. THIS IS A NOT-FOR-PROFIT IN CHICAGO WHICH IS BASICALLY TRYING TO DIRECTLY HELP WITH THIS. YOU ARE BASICALLY SAYING LET'S TAKE WHAT IS AN AVAILABLE PORTION OF THE WORKFORCE AND FIND A SOLUTION.
TALK US THROUGH WHAT YOU ARE TRYING TO ACHIEVE. >> WE ARE TRYING TO RESPOND TO THIS AND IF YOU THINK ABOUT OUR FORECLOSED -- WORKFORCE. MANY OF THESE INDIVIDUALS HAVE 60 DAYS RIGHT NOW TO FIND A JOB OR LEAVE THE COUNTRY WITH THE FAMILIES. WHAT EXCITES US IN CHICAGO IS
WE ARE STUCK FOR OF THESE COMPANIES THAT DO REAL THINGS IN THE REAL ECONOMY. WE ACTUALLY HAVE TONS OF OPEN POSITIONS AT 160,000 JOBS IN TECHNICAL FIELDS OPEN IN CHICAGO TODAY. REALLY JUST TO REACH OUT TO THE THOUSANDS OF PEOPLE AROUND THE COUNTRY WHO ARE IN DIRE STRAITS FOR HIRES -- HIGHLY SKILLED. IF YOU WANT TO FIND A GREAT OPPORTUNITY AND A BUSINESS THAT MATTERS GO TO OUR WEBSITE AND APPLY FOR A JOB AND CONTRIBUTE TO OUR ECONOMY. CAROLINE: TALK TO US THAT THAT ADDS IN MANY WAYS TO DIVERSITY. WHEN I THINK ABOUT HB ONE VISAS
MY HAS BEEN WAS ON ONE AND WE RELOOK ENOUGH TO GET OUR GREEN CARDS THAT THERE ARE PEOPLE COMING FROM INDIA THAT THERE ARE PEOPLE COMING FROM INDIA IN PARTICULAR IS THIS GOING TO ADD TO DIVERSITY? IF YOU THINK OF IT LONG-TERM THE TRAJECTORY FOR TECH, WE ARE SHORT IN OUR COUNTRY HUNDREDS AND HUNDREDS OF THOUSANDS OF JOBS. TALENTED PEOPLE. WHERE DO YOU FIND THOSE FOLKS? YOU ARE GOING TO HAVE TO FIND NEW CHANNELS. THEY EXIST FOR PEOPLE AND THEY EXIST IN OTHER FORMS.
NEIGHBORHOODS THAT HAVEN'T ALWAYS HAD ACCESS TO JOBS LIKE THIS. IN ORDER FOR US TO MEET THE CHALLENGE WE NEED TO FIND TALENT WHEREVER WE CAN FIND IT AND DIVERSITY ENDS UP BEING A HUGE STRENGTH IN MEETING THOSE OBJECTIVES. ED: WE ARE SHOWING A GRAPHIC ON THE SCREEN WHICH OUTLINES HOW SEVERE SOME OF THE CUTS HAVE BEEN AT SOME KNEES -- NAMES LIKE IBM, META, SALESFORCE. ARE THESE NAMES THAT WORKERS ARE COMING FROM ARE YOU GETTING INTEREST AND INQUIRY FROM THE TECHNOLOGY SECTOR? >> IT'S BEEN TWO DAYS SINCE OUR JOB WAS UP WE HAD 16,000 VISITORS FROM ACROSS THE COUNTRY FROM THE VERY NAMES YOU ARE DESCRIBING. WE ARE GETTING TO AND AGE WERE PEOPLE WHO MAY HAVE BEEN FOCUSED ON ENGINEERING TWEETS, WHO NOW GET AN OPPORTUNITY TO LOOK AT A COMPANY LIKE WALGREENS. USING DIGITAL TECHNOLOGY TO TRANSFORM HEALTH CARE. AND REALLY ACCESS THOSE PEOPLE
WHO HAD JOBS IN BIG TECH ON TWEETS AND SOCIAL MEDIA PROJECTS AND PUT THEM TO WORK AT COMPANIES LIKE WALGREENS, SOLVING CRITICAL HEALTH CARE CHALLENGES. WE ARE SEEING FOLKS FROM ALL OVER THE COUNTRY RESPOND TO THAT. CAROLINE: HOW EASY OR DIFFICULT IS IT TO TRANSFER AN H-1B VISA? HOW IS IT GOING TO BE AN UPHILL BATTLE FOR SOME OF THESE COMPANIES WHO WANT TO HAVE THIS TALENT? >> THIS IS THE BEST PART ABOUT WHAT WE ARE TRYING TO DO HERE. IF YOU THINK ABOUT THE BROADER QUESTION OF REFORMING THE IMMIGRATION SYSTEM THAT IS REALLY HARD AND GOING TO TAKE A LONG TIME. THIS PROGRAM, THERE IS ACTUALLY QUITE A MISNOMER THAT IT'S CUMBERSOME OR COSTLY.
ALL THE COMPANIES WE ARE WORKING WITH ARE COMPANIES THAT ALREADY GO THROUGH THIS PROCESS, THAT ALREADY HAVE BUDGET TO SUPPORT THESE WORKERS AND TRANSFERS. THE JOBS ARE SITTING THERE WAITING AND WHAT WE HAVE DONE ON OUR JOB BOARD, I THINK IT'S MADE IT SO THE WORKERS AROUND THE COUNTRY HAVE RESPONDED TO WHAT WE ARE DOING IS ALL THE JOBS WE POSTED, IT'S THOUSANDS OF JOBS AVAILABLE AT THE SITE. THEY ARE H-1B VISA ELIGIBLE. THE REALITY IS, THIS ONE IS PRETTY STRAIGHTFORWARD. THEY DO THIS, IT'S AFFORDABLE, THEY HAVE A PROCESS OF FIGURING IT OUT EVERY TIME SOMEONE APPLIES. FOR THIS PARTICULAR PROGRAM IS JUST A MATTER OF DOING THE RIGHT THING AND CONNECTING THE DOTS. CAROLINE: BRAD HENDERSON, FIXING A REAL
PROBLEM RIGHT HERE FOR MANY. CEO OF P 33. AND WHAT AN INTERESTING WAY TO ACTUALLY BE LOOKING AT WHAT IS IN MANY WAYS JUST A MARKET. THERE ARE PEOPLE WHO WANT THE WORK AND NEEDED SWIFTLY AND TRYING TO FIND THE RIGHT WAY TELLING THEM UP. ED: I CANNOT BELIEVE WHAT HE JUST
TOLD US. THE PORTAL HAS BEEN OPEN FOR TWO DAYS, 16,000 PEOPLE HAVE INQUIRED AND THE MAJORITY OF THEM, MANY OF THEM ARE FROM THE TECHNOLOGY SECTOR. IT SHOWS WHAT IS HAPPENING IN REAL TIME IN THIS ECONOMY AND HOW QUICKLY IT'S MOVING. CAROLINE: ALSO SHOWS YOU HOW QUICKLY THEY WANT TO SNATCH THEM UP.
WE GET JOBS NUMBERS OF COURSE COMING OUT NEXT FRIDAY. MEANWHILE COMING UP THE GENERATIVE AI IMPACT ON EVALUATIONS, CEO NET WORTH AND STOCK PRICES. CHECK OUT BUZZFEED. WE WILL TALK ABOUT IT NEXT. THIS IS BLOOMBERG. CAROLINE: IT'S HAPPENING. WE HAVE A NEW STOCK MARKET IN SESSION AND ITS ARTIFICIAL INTELLIGENCE.
INVESTORS TRYING TO GET IN ON THE AI TECH TREND. DO THEY DO IT FOR SPITE INTO A SMALL HAPPENING LIKE C3 AI THAT MAKES APPLICATIONS. A RECORD MONTH SO FAR. IT SPIKES 300% BECAUSE IT ANNOUNCED A DEAL WITH OPEN AI TO BE USING IT WITHIN ITS CONTENT CREATION. ALSO LITTLE-KNOWN AI VOICE MAKERS LIKE SOUND HOUND AI ALSO ON THE UPSIDE. A CHIPMAKER WHICH HAS ITS CHIPS USED BY AI SERVICES. THIS ALL FEELS PRETTY REMINISCENT OF THE PAST? QUITE RECENTLY 2021 EVERYONE WAS TRYING TO HAVE AN NFT FOR THEIR BUSINESS.
MAYBE BACK IN 2017 LONG ISLAND ICED TEA REBRANDED ITS COMPANY NAME AS LONG BLOCK TEA AND WE QUÉBEC TO THE 1990'S WHERE A COMPANY HAD A STRATEGY OR CHANGE HIS NAME TO DOTCOM. THESE FADS DO COME AND GO AS THIS ONE WITH STAYING POWER? DO YOU THINK THE OR HERE TO STAY? ED: CASE-BY-CASE BASIS WHAT THE AI DOES AND THE VALUATION. THE BUZZFEED STORY, I'M A JOURNALIST, YOU'RE A JOURNALIST. BEING REPLACED BY AI BUT I GET THE BUSINESS. YOU LOOK AT THE MARKET, YEAH. CAROLINE: I THINK IT'S GOING TO BE GAMES AND QUIZZES WE HOPE THAT'S GOING TO BE PUTTING THOSE AI APPLICATIONS.
WHAT WORRIES ME IS HERE COMES THE SCAVENGER HUNT THE ACRONYM YOU ARE USING WHEN YOU SUMMARIZE WHAT YOUR BUSINESS DOES ON A BLOOMBERG FOR EXAMPLE AND WHAT C3 AI, AI. NO WONDER IT'S GETTING A LOT OF INTEREST. ED: THERE REAL MOMENTUM BEHIND THIS STOCK. I THINK THE FRIDAY RALLY JIM TO RUN 18%.
40% OVER A FEW MONTH BASIS BUT THE DAY PERCENT UP 60% SO FAR IN JANUARY. CAROLINE: I GO TO THE RECOMMENDATIONS, ONLY ONE BUY ON THIS. THE ANALYSTS LOOKING AT THE STOCK AREN'T THINKING THAT IT SHOULD HAVE THIS SORT OF A PRICE LEVEL.
$13.63 FEELS A LITTLE BIT MEANING. ED: WE SPOKE ABOUT VIDEO EARLIER IN THE SHOW. THIS IS DRIVING WEALTH AND IS DRIVING VALUATION. ASTONISHING. CAROLINE: NEXT WEEK WE WILL HAVE MORE ON THE DRIVING VALUATION WHEN IT COMES TO EARNINGS BUT SO FAR THIS DOES IT FOR THIS EDITION OF BLOOMBERG TECHNOLOGY.
2023-01-28 15:32
