'Bloomberg Technology' Full Show (07/11/2023)
>> FROM THE HEART OF WHERE INNOVATION, MONEY, AND POWER COLLIDE IN SILICON VALLEY IN BEYOND, THIS IS "BLOOMBERG TECHNOLOGY," WITH CAROLINE HYDE AND ED LUDLOW. CAROLINE: I'M CAROLINE HYDE IN NEW YORK. ED LUDLOW IS ON ASSIGNMENT IN SUN VALLEY. THIS IS "BLOOMBERG TECHNOLOGY. -- TECHNOLOGY."
WHAT'S THE DEAL BEHIND THE BIGGEST TECHNOLOGY GAMING MERGER? AND WHAT TO EXPECT FROM AMAZON ON PRIME DAY. WE GO LIVE TO ED LUDLOW IN IDAHO. BILLIONAIRES DESCENDING ON THE MOUNTAINS FOR AN ANNUAL GATHERING. WHAT TO EXPECT FROM THE ARTIFICIAL INTELLIGENCE AND MASSIVE GAMING DEALS DOMINATING THE CONVERSATION. FIRST LET TO SAY ABIGAIL DOOLITTLE IS HAPPENING -- -- LET'S CHECK ON THE MARKETS WITH ABIGAIL DOOLITTLE. ABIGAIL: THE MAJOR INDEXES WERE FLUCTUATING BUT NOW WE ARE LOOKING AT GAINS. THE S&P 500 IS UP .5%.
IT HAS A LOT TO DO WITH THE MICROSOFT ACTIVISION DEAL. EARLIER TODAY MICROSOFT HAD BEEN DOWN 9/10 OF 1% AFTER DROPPING 1% TO 2% YESTERDAY ON THE NEWS THAT THE NASDAQ 100 IS GOING TO BE DOING A SPECIAL REBALANCING TO REDUCE THE BIG TECH WAITING ON THE NEWS THAT THE DEAL CAN GO THROUGH. COURT APPROVAL THAT THE FTC CANNOT BLOCK THE MERGER BETWEEN MICROSOFT AND ACTIVISION. WE HAD MICROSOFT CLIMBING HIGHER. THAT SEEMED TO BE HELPING AT APPLE, DOWN 2/10 OF 1%. HAVING ISSUES WITH NUMBERS. AMAZON PRIME DAY STARTED. TWO DAYS, OF COURSE, UP 1.4%.
BUT PUT INTO THE BIGGER CONTEXT OF THE LAST MONTH WE HAVE THE NASDAQ 100 INDEX WITH THE MEGA CAP TECH CALLED THE MAGNIFICENT SEVEN STUCK IN A RANGE, TELLING YOU THAT INVESTORS ARE WAITING ON INFORMATION. CPI TOMORROW, COMING IN HOT OR AS EXPECTED? BANK EARNINGS LATER THIS WEEK, TECH EARNINGS, THE FED. A LOT OF INFORMATION. THIS RANGE PRESENTING GARISHLY, SUGGESTING THAT INVESTORS MIGHT BE PUSHING BIG TECH STOCKS BACK DOWN INTO A RANGE WE DON'T KNOW BUT ONE TECH THAT -- STOCK THAT IS POPPING IS ACTIVISION WITH MICROSOFT HIGHER. ACTIVISION SOARING 11% ON THE NEWS THE DEAL CAN GO THROUGH AND RIGHT BEFORE I CAME ON AIR THERE WAS A REDHEAD TALKING ABOUT THE U.K. THAT THE REGULATING AGENCY IN THE U.K.
HAD TALKED ABOUT PAUSING THE LITIGATION AND IT MIGHT BE A GOOD SIGN AND AN INTERESTING POINT ON ACTIVISION IS THE DEAL, AS YOU KNOW, 69 BILLION DOLLAR RECORD FIRST PROPOSED IN JANUARY OF 20 -- 2022 AND IT HAS TAKEN SOME TIME. THE STOCK INITIALLY ON THE NEWS POPPING, INVESTORS REALLY THINK THIS IS GOING TO GET DONE. CAROLINE: THEY CERTAINLY DO. ABIGAIL, BRILLIANT. LET'S DIG IN ON THE MINUTIA DUE TO THE COURT WHEN IN THE U.S.. OUR CORRESPONDENT HAS BEEN COVERING THIS TRIAL DAY IN AND DAY OUT. BEFORE I START ASKING YOU ABOUT THE U.K., DWELL ON WHAT'S
HAPPENING IN THE UNITED STATES. FELT LIKE YOU HAD ALREADY CALLED IT. THE JUDGED SEEMED TO BE -- THE JUDGE SEEMED TO BE ERRING TOWARDS MICROSOFT AND ACTIVISION. >> THAT'S RIGHT. SHE WAS ASKING FOR A LOT OF EVIDENCE THAT THEY WERE A -- UNABLE TO COME UP WITH IN COURT.
THE JUDGE DENIED A PRELIMINARY INJUNCTION, A BASIC REQUEST BY THE AGENCY TO BLOCK THE DEAL WHILE IT IS A LONGER CHALLENGE THAT IS PENDING. WE HAVE SEEN SOMETHING SIMILAR HAPPEN WITH THE META-ACQUISITION WITHIN AND THAT DEAL WAS A LOSS AT THAT STAGE. IT'S POSSIBLE THAT THE FTC WILL BACK OUT. THEY ARE AN -- IT IS AN ADMINISTRATIVE COURT CASE THE FTC STILL HAS PENDING AGAINST MICROSOFT, AND INTERNAL COURT CASE THAT IS YOU KNOW GOING TO HAPPEN IN THE NEXT COUPLE OF WEEKS. CAROLINE: SO IT IS NOT A FOREGONE CONCLUSION BUT THE MARKET ANTICIPATES IT IS MORE LIKELY TO GET DONE. ULTIMATELY, HOW MUCH OF A KNOCK
IS THIS TO THE FTC? THEY SEEM TO BE TRYING TO TAKE ON TOUGH CASES. MALATHI: YOU KNOW THIS HAS BEEN A BIG TEST FOR THEIR ABILITY WHEN IT COMES TO CHALLENGING BIG DEALS. THEY NEEDED THIS WIN. ESPECIALLY AFTER WHAT HAPPENED, SO CLOSE TO ON THE HEELS OF WHAT HAPPENED WITH FTC AND THEIR CHALLENGE TO META-. IT SEEMS LIKE EVEN IN SPEAKING WITH A LOT OF FOLKS THAT WERE IN COURT, WITH THE ARBITRAGE, THEY WERE CLOSELY WATCHING TO SEE WHERE THE FTC MIGHT GO MOVING FORWARD. IS THE FTC ACTUALLY BRINGING
SOME CASES LEADING TO THIS LOSING STREAK? DO THEY HAVE TO PERHAPS THINK CAREFULLY ABOUT THE BATTLES THEY WANT TO ENTER AND SORT OF WIN? WE HAVE TO THINK ABOUT WHAT HAPPENS WITH THE FTC MOVING FORWARD. WHAT WE HAVE SEEN ALREADY, THE CHAIRMAN HAS BEEN ONE OF THE BEST WE'VE SEEN IN DECADES AND WE WILL HAVE TO SEE WHAT THEY DECIDE TO DO NEXT AFTER THIS PARTICULAR RULING. CAROLINE: THANK YOU SO MUCH FOR BRINGING US THAT EXPERTISE. OUR INTERNATIONAL ANGLE IS NEXT. I'M SURE THAT THIS WILL BE JOYOUS FOR SOME WHO ARE OVER THERE IN SUN VALLEY, BUT THERE ARE STILL SOME STUMBLING BLOCKS. WHAT DO YOU MAKE OF THE HEADLINE AROUND MICROSOFT AND ACTIVISION AND THAT LITIGATION? >> ALL EYES ARE ON THE CMA RIGHT NOW.
EVERYONE'S ATTENTION TURNED AWAY FROM CALIFORNIA TO THE U.K., THE REMAINING STUMBLING BLOCK FOR THE DEAL. THE CMA HAS JUST IN THE LAST COUPLE OF MINUTES SAID THAT THEY ARE WILLING TO CONSIDER ANY PROPOSALS FROM MICROSOFT TO RESTRUCTURE. THE COURT PAUSED THE LITIGATION SO THAT THEY CAN FOCUS ON HOUSEHOLDS. MICROSOFT SAYING THEY STILL
DON'T AGREE WITH THE OBJECTIONS BUT THAT THEY ARE INTERESTED IN TRYING TO FIND A WAY TO SOLVE BOTH. CAROLINE: CAROLINE: TO THE F INSPECTED -- FTC PERSPECTIVE, HAVE THEY GLEANED CHANGES TO THE ULTIMATE -- DEAL? IS IT ALMOST A WIN ON EVERY SIDE? DINA: THE JUDGE MADE THAT POINT IN COURT AT ONE POINT SAYING THAT MICROSOFT HAD SIGNED SOME OF THESE AGREEMENTS TO PUT CALL OF OTHER PLATFORMS, SONY WORKING WITH THEM ALREADY. WHEN YOU LOOKED THROUGH THE RULING IT WAS ONE OF THE REASONS SHE FOUND THE CASE NOT PERSUASIVE.
THAT MICROSOFT HAD FROM THE MINUTE IT WAS ANNOUNCED MADE IT CLEAR THAT THEY WANTED TO PUT IT ON OTHER PLATFORMS. SHE HAD SEAT -- SIMILAR ARGUMENTS ABOUT WHAT THEY WERE SAYING ABOUT THE COMPETITIVE PICTURE CREATED AROUND CLOUD GAMING. FINDING IT MORE PERSUASIVE. CAROLINE: HOW BIG A RELIEF IS THIS? DINA: THEY STILL HAVE TO GET THROUGH THE CMA. YOU HAVE TO REALIZE THAT IF THE JUDGE HAD RULED AN OPPOSITE WAY, ON THE STAND THEY HAD SAID THERE WAS A PRELIMINARY INJUNCTION ISSUED. THE COURT WAS LIKELY TO BACK AWAY. MICROSOFT MADE A SIMILAR
REPORT. THERE WAS NOT A WAY FORWARD FOR THE DEAL IF THERE HAD BEEN A PRELIMINARY INJUNCTION. THEY STILL HAD TO GET THROUGH THE SITUATION IN THE U.K. CAROLINE: DINA BASS, BRILLIANT TO HAVE YOU ON.
THANK YOU FOR THE LATEST ON THE MICROSOFT PERSPECTIVE. AMAZON PRIME DAY, KICKING OFF. WE WILL GET INSIDE OF THE HEAD OF AMAZON WITH JOHN FELTON. MEANWHILE, THERE ARE OTHER DEALS STILL BEING ASSESSED BY CERTAIN AUTHORITIES.
VMWARE IS JUMPING 5.5%, SESSION HIGHS ON THE REPORT THAT THE EU IS SET TO CLEAR ITS OWN $69 BILLION ACQUISITION BY BROADCOM. COMPETITION AUTHORITIES AT THE MOMENT. CAROLINE: DON'T KNOW IF YOU NOTICED, BUT AMAZON PRIME DAY IS UNDERWAY. SHOPPERS LOOKING TO A CLIPS LAST YEAR'S SPENDING. LET'S BRING IN OUR
CORRESPONDENT FROM BLOOMBERG INTELLIGENCE. ARE WE EXPECTING CONSUMERS TO BE ENTICED AS MUCH AS PREVIOUS YEARS? >> IT SHOULD BE THE BIGGEST EVER, IT ALWAYS IS. CONSUMERS ARE FOCUSED ON VALUE, SO THAT BRINGS IT BACK TO THEIR MIND. THERE HAVE BEEN DEALS ALL YEAR BUT I CAN TELL YOU THAT FROM WHAT I HAVE BEEN SEEING ALL DAY THE DEALS ARE BIGGER. THERE ARE LIGHTENING DEALS.
SOME THINGS ARE ALREADY SOLD OUT. I THINK THAT CONSUMERS WILL BE WATCHING AND A LOT OF CONSUMERS ARE SAYING THEY HAVE A LIST GOING INTO PRIME DAY. CLEARLY BUDGET FOCUSED. THERE ARE MANY ACCORDING TO OUR SURVEY THAT WILL BUY AS THEY SEE DEALS. CAROLINE:
LOOKING FOR VALUE. WHAT ABOUT THE GLOBAL PERSPECTIVE? HOW DOES THE PRIME DAY OFFERING VERY? -- VARY? POONAM: LOOKING AT MEMBERS, 160 MILLION MEMBERS ARE IN THE U.S., SO IT'S LARGELY A U.S. EVENT BUT IT IS ALSO INTERNATIONAL. ACROSS THE WORLD, EVERYONE IS CRUNCHED FOR CASH. INTEREST RATES ARE HIGHER. THE VALUE PROPOSITION BEING OFFERED ON PRIME DAY WILL ALSO BE SOUGHT AFTER ABROAD AND HERE.
CAROLINE: REMIND US HOW IMPORTANT IT IS TO THE OVERALL COMPANY AND THE INVESTOR. WE HAVE SEEN A SELLOFF, A FADE FROM A STOCK PERSPECTIVE. POONAM: IT'S IMPORTANT. 8% OF QUARTER SALES IN TWO DAYS. VERY IMPORTANT FOR AMAZON AND IT KEEPS AMAZON TOP OF MIND. WHEN YOU THINK ABOUT CONSUMERS SHOPPING FOR THE SUMMER AND EVEN THE HOLIDAYS, IT JUST KEEPS THEM RELEVANT AND TOP OF MIND, SHOWING THAT WE HAVE EVERYTHING HERE AND YOU CAN BUY IT. BUT AMAZON IS NOT THE ONLY ONE OFFERING DEALS TODAY AND TOMORROW.
WE HAVE SEEN TARGET CIRCLE WEEK, WALMART DOING A WEEK. CAROLINE: THERE'S ALWAYS A COMPETITION. THANK YOU SO MUCH FOR BREAKING IT DOWN.
LET'S GO STRAIGHT TO THE HORSES MOUTH. I'M PLEASED TO WELCOME JOHN FELTON, PROBABLY HAVING A BUSY DAY. WE ARE APPRECIATING YOU FITTING A SIN. YOU HAVE CAUSED A SENSATION. OTHER COMPANIES DO TRY TO COPY YOU, SAME DAY, SAME TIME. HOW DO YOU SET YOURSELVES APART? JOHN: IT'S CHRISTMAS IN JULY. THIS IS OUR NINTH PRIME DAY. IT'S AN EVENT.
I EXPECT THIS YEAR TO BE BIGGER THAN EVER. MORE DEALS THAN EVER BEFORE. MILLIONS DROPPING EVERY 30 MINUTES AND WE ARE EXCITED ABOUT WHAT WE ARE SEEING SO FAR. 50% OFF TOP SELLING TOYS. THERE REALLY IS A DEAL FOR EVERYBODY OUT THERE. I'VE GOT FRIENDS WHO USE PRIME
DAY TO SHOP FOR EVERYDAY ESSENTIALS. GETTING THEIR SHAMPOO. IT'S A BIG DAY. THANKING PRIME MEMBERS FOR LOYALTY, THE BEST WAY WE CAN THINK TO DO THAT IS SAVINGS. LAST YEAR THEY SAVED $1.7 BILLION. WE HOPE TO A CLIPS THAT THIS YEAR. CAROLINE:
HOW ARE YOU USING TECHNOLOGY IN AND OF ITSELF TO MAKE SURE I FEEL TARGETED IN THE RIGHT WAY? JOHN: WITH A LOT OF OUR AI TECHNOLOGY IT'S FOCUSED ON SPECIALIZATION. WHEN YOU LOOK AT THE WEBSITE FOR YOURSELF, IT'S DIFFERENT THAN LOOKING AT IT FOR YOUR FRIENDS. BUILDING ON AI TECHNOLOGY TO REALLY HELP, GIVING YOU A CUSTOMIZED EXPERIENCE. CAROLINE: AND USING THE ALEXA, RIGHT? JOHN: THAT'S RIGHT. ANYTHING IN YOUR SHOPPING CART OR WISHLIST, ALEXA WILL TELL YOU IT JUST WENT ON A GREAT DEAL, DO YOU WANT TO BUY IT. HELPING CUSTOMERS. CAROLINE: WE CAN SEE THE PEOPLE BEHIND YOU AT WORK.
HOW ARE YOU ASSURED THAT YOU ARE AS CLOSE TO THE CUSTOMERS THAT YOU CAN BE? JOHN: WE PLAN FOR PRIME DAY FOR MONTHS. THEY ARE JUST EXCITED. THEY LOVE PRIME DAY AS MUCH AS PRIME MEMBERS DO. EVERYONE IS EXCITED TO DELIVER ALL THE GIFTS. CAROLINE: WHAT ABOUT THE ROBOTS? JOHN: THEY ARE ALSO BEHIND ME. 750,000 OF THEM ARE ALSO THERE. THE SHELF COMES TO THE EMPLOYER. WE FELT GOOD ABOUT OUR ROBOTIC TECHNOLOGY, HELPING EMPLOYEES DO THEIR JOBS BETTER. HOW TO ENJOY THAT COLLABORATIVE
EXPERIENCE. CAROLINE: WITH GREAT SUCCESS COMES GREAT RESPONSIBILITY AND THERE HAS BEEN A FOCUS ON MAKING SURE THE WORK FORCE LABOR IS TREATED RIGHT. THERE SEEMS TO BE A FOCUS ON SMALL BUSINESSES.
OR RATHER HAVING IT SEEM LIKE IT IS EATING EVERYONE'S LUNCH. JOHN: 60% OF WHAT WE SELL IS FROM SMALL BUSINESSES. A LOT OF FEATURES WE HAVE ADDED TO THE WEBSITE THIS YEAR. WE HAVE FILTERED YOUR RESULTS. I WAS ABLE TO FIND KIND OF HOT SAUCE SMALL BUSINESSES WHERE I'M AT RIGHT NOW. REALLY GOOD AT HELPING SMALL BUSINESSES BE SUCCESSFUL. WE ARE THE -- THEY ARE THE
DRIVERS OF THE GROWTH AND WE ARE EXCITED ABOUT HOW TO SUPPORT THEM. CAROLINE: DOES THE CONSUMER TALK THE TALK AND WALK THE WALK ON THAT? DO THEY CARE ABOUT SMALL BUSINESSES AND THE FACT THAT YOU ARE CLOSER TO THEM SO LESS OF AN ENVIRONMENTAL PERSPECTIVE? WHAT DO YOU SEE FROM THE CONSUMER? JOHN: WE ARE SEEING CONSUMERS HAVE A GREAT PRIME DAY. THINKING ABOUT THE U.S. CONSUMER, EVEN THE GLOBAL CONSUMER, THEY ARE DEALING WITH HIGH INFLATION AND HIGH INTEREST RATES BUT THEY HAVE BEEN SURPRISINGLY RESILIENT BUT THEY ARE LOOKING FOR VALUE. THAT IS WHAT THIS IS ALL ABOUT, BRINGING THEM AS MUCH VALUE. SAVING BILLIONS, TREMENDOUS
VALUE. CAROLINE: THE REASON THEY WANT VALUE IS THE ECONOMY IS IN A TOUGH POSITION AND AMAZON ITSELF HAS HAD TO FOCUS MORE ON COSTS AND TOUGH CHOICES. I'M INTERESTED INTO HOW OPTIMISTIC YOU ARE GOING PAST PRIME DAY THAT THE CONSUMER IS THERE TO SUPPORT YOUR BUSINESS. JOHN: I'M OPTIMISTIC. THE U.S. CONSUMER CONTINUES TO SHOW UP.
I AGREE THAT THEY ARE LOOKING FOR VALUE AND WE NEED TO MAKE SURE THAT THEY ARE -- WE ARE BEST ON PRICE, BEST ON SPEED. SO THAT THESE ITEMS CAN BE DELIVERED WITHIN A FEW HOURS. GETTING YOUR PRIME DAY ORDER ON THE SAME DAY IS AN AMAZING FEAT.
50% IN THE FIRST QUARTER. CONSUMERS ARE REALLY LOOKING FOR SPEED, CONVENIENCE, AND PRICE. CAROLINE: BUSY DAY, JOHN FELTON. WE THANK YOU FOR YOUR TIME.
MEANWHILE, COMING UP WE HAVE GOT OF COURSE SO MUCH TO ENJOY IN THE WORLD OF SUN VALLEY. I KNOW THAT JEFF BEZOS WILL BE THERE. ED: THE ACTIVISION MICROSOFT DEAL IS ONE THAT WILL CHANGE THE WORLD OF TECH HERE. AT THE SUMMER CAMP FOR BILLIONAIRES. IT'S BACK.
THIS IS "BLOOMBERG MARKETS THE CLOSE." CAROLINE: A DEAL SET AROUND THE FIRST INDIAN IPHONE MAKER, TATA, LOOKING TO EXPAND OUTPUT ACCORDING TO BLOOMBERG REPORTING. HOOVER SEEING ITS BIGGEST -- UBER SEEING ITS BIGGEST TECH DEPARTURE. HE INFORMED THE CEO OF INTENTIONS TO MOVE ON. HE WAS TAPPED INTO THOUSAND 18 TO LEAD THE LISTING. AN ARTIFICIAL INTELLIGENCE RESEARCHER WHO CO-AUTHORED ONE OF THE MOST INFLUENTIAL PAPERS THAT GOOGLE IS LEAVING.
HE CONFIRMED TO BLOOMBERG THAT HE WILL DEPART GOOGLE JAPAN LATER THIS MONTH. SOME OF THE BIGGEST NAMES IN TECHNOLOGY, MEDIA, AND BUSINESS, GUESS WHERE THEY ARE? IN THE MOUNTAINS FOR THE SUN VALLEY CONFERENCE. DUBBED THE SUMMER CAMP FOR BILLIONAIRES IT HAS A SERIES OF BIG PICTURE PANELS THAT WILL FOCUS ON THE RISE OF ARTIFICIAL INTELLIGENCE COME OF COURSE, THE FUTURE OF STREAMING AND, WELL, M&A, AS IT STANDS. BOY WILL THEY BE TALKING ABOUT THAT $69 BILLION DEAL. ED: THE NEWS IS THAT IT WILL BE FRONT AND CENTER.
IMAGINE IF THE DECISION HAD GONE THE OTHER WAY, YOU WERE TALKING ABOUT. BUT BOBBY KOTEK IS HERE THIS WEEK AND I UNDERSTAND THAT SATYA NADELLA WILL BE HERE. WHAT A BLOW THIS IS. WHEN I TOUCHED DOWN LAST NIGHT
BETWEEN THE MOUNTAINS AND THE SUN SETTING ON THE BEAUTIFUL LANDSCAPE, I WAS THINKING ABOUT LENA KOHN AND THE FTC. THIS YEAR THERE IS A REAL EMPHASIS ON THE HISTORY OF SUN VALLEY, WHICH IS TELECOM, TECHNOLOGY, MEDIA, AND DEALS. LAST YEAR THERE WAS ONLY ONE STORY, THE ELON MUSK PURCHASE OF TWITTER. THE BREAKING NEWS THIS MORNING
PUTS THE LANDSCAPER DEALS IN THIS SECTOR FRONT-END CENTER FOR ATTENDEES. CAROLINE: IT'S NOT THE ONLY $69 BILLION DEAL, EVEN. THERE'S BROADCOM AS WELL. MAJOR CHIPS DEALS. GAMING DEALS. TALK TO US ABOUT THE WORLD OF STREAMING AND CONTENT, REALLY.
POTENTIALLY SEEING ART MIMIC LIFE A LITTLE BIT. ED: I LOVE THAT. THE STREAMING STORY IS ALSO THE STORY OF ALL OF THOSE INVOLVED. DAVID'S OZ LOVE -- DAVID IS OZ ZASLOV WILL BE HERE. IF THERE IS A DEAL TO PICK OUT, IT MIGHT BE HULU.
COMCAST HAS AN OPTION TO FORCE BUSY TO BUY OUT THE STAKE. IT'S ONE THAT EVERYONE IS WATCHING AND DISNEY DON'T THINK IT SHOULD BE THAT MUCH OF THEY WERE TO BUY OUT THE REMAINING STAKE. IGER, WHAT'S HIS FUTURE? ONE YEAR AGO WHEN I WAS HERE HE ARRIVED WITH BOB CHE PECK, WHO HAD JUST RETIRED. HOW LONG DID THAT LAST?
NOT LONG AT ALL. HE WAS ALREADY UNDER PRESSURE BECAUSE DISNEY WAS NOT HAVING A GREAT TIME THIS TIME A YEAR AGO. CAROLINE: NOW WE ARE ALL LOOKING AT WHO HE CAME WITH NOW FROM THOSE HEADING UP THE TV PUNDITRY AT DISNEY. THE PARKS AS WELL. I'M INTERESTED NOT ONLY IN SOME OF THE SUCCESSION PLANNING AMONG THE INDIVIDUALS, BUT WHAT'S INTERESTING IS WE WERE ALL TALKING ELON MUSK THIS TIME LAST YEAR AND HIS DEAL FOR TWITTER BUT NOW WE ARE THINKING ABOUT THE COMPETITION FOR TWITTER. ED: MARK ZUCKERBERG. WILL HE BE THE MAN OF THE MOMENT? YOU AND I HAVE TALKED EVERYDAY ABOUT THREADS.
I REMEMBER 2021. "THE NEW YORK TIMES" PUBLISHED A BIG STORY ABOUT HOW HIS RELATIONSHIP WITH SHERYL SANDBERG DETERIORATED BECAUSE OF HOW SHE HAD HANDED -- HANDLED THE RELATIONSHIP WITH WASHINGTON, D.C. AND I REMEMBER BEING THERE AND GUESS WHO WALKS PAST? BOTH OF THEM, VERY DIFFERENT VIBE NOW. HE COULD BE THE MAN -- MAIN MAN EVERYONE WANTS TO TALK TO. CAROLINE: I CAN IMAGINE. I'M SURE YOU WILL BE GIVING US ALL THE UPDATES. ED LUDLOW, LIVE FROM SUN
VALLEY, IDAHO. WALL STREET INSTITUTIONS WELCOME CAROLINE: BACK TO CAROLINE: "BLOOMBERG TECHNOLOGY -- CAROLINE: WELCOME BACK TO "BLOOMBERG TECHNOLOGY." WE ARE IN WAIT AND SEE MODE HERE ON THE MACRO PICTURE FOR CPI TOMORROW. WILL WE SEE THAT JULY FED RATE HIKE BAKE IN WHERE WE START TO QUESTION WHERE SEPTEMBER GOES? BUT FOR NOW THINGS HAVE BEEN ON THE RELATIVE UPSWING.
THE EURO DID WELL. A LITTLE BIT MORE RISK APPETITE IN EUROPE AND ASIA. A BIT OF A SELLOFF IN THE BOND MARKET SHOWING THAT MAYBE YOU ARE NOT SEEKING THE SAFETY OF THE DAY AFTER YOU CAME DOWN. 4.88 IS WHERE THE YIELD CAME DOWN. MOVING ON TO HAVE A LOOK AT THE WORLD OF INDIVIDUAL MOVERS, AMAZON, ALL EYES ARE ON PRIME DAY. MICROSOFT IS OFF FOR TENTS OF 1%. THEY MIGHT BE PUTTING THAT MONEY TO WORK FOR THAT DEAL FOR
ACTIVISION BLIZZARD, SOARING 11% AS THE U.S. COURT SEEMS TO GET BLESSING TO NOT HOLDING UP THE OVERALL CULMINATION OF THE DEAL THAT IS MEANT TO OF COURSE BE FINALIZED JULY THE 18TH. ALL EYEING U.K. LEGISLATURE WITH THE COMPETITION MARKET AUTHORITY THERE AS TO WHETHER THEY WILL SEE THE CHANGES BEING DONE OVERALL BY MICROSOFT TO THINK THAT COMPETITION WILL BE PRESERVED BY THE DEAL. LET'S GET ONTO THE INDIVIDUAL ENCOURAGE -- INTRICACIES OF ANOTHER ASSET TYPE. CRYPTO.
REGULATORS HAVE BEEN EYEING IT IN THE UNITED STATES. THE POWER OVER CRYPTO SEEMS TO BE GROWING. THE SEC CHAIR FILLING THE CRYPTO REGULATORY VOID AT THE MOMENT. JOHN WU JOINS US ALONG WITH SONALI BASAK. OUR CRYPTO EXPERT IN RESIDENCE. JOHN, LET'S START WITH HOW THE MOOD FEELS. LAST TIME YOU WERE ON, PEAK
BANK CRISIS WORRIES, TRIALS AND TRIBULATIONS OF CRYPTO. NOW IT SEEMS TO BE IN A HOLDING PATTERN. JOHN: THE MOOD IS OBVIOUSLY BETTER THESE BIG PLAYERS DECIDED TO REFILE FOR ETF'S. IT'S A BIG SHOW OF CONFIDENCE
THAT NOT ONLY DO THEY THINK THAT THEIR INDIVIDUAL USERS, 9 TRILLION AT BLACKROCK, 5 TRILLION AT FIDELITY, ARE INTERESTED IN THE SPACE, BUT I HAVE A DEEP SUSPICION NOW THAT I REALIZE BASED ON COMMENTS THAT THERE IS A REAL USE CASE TO TOKENIZED FINANCIAL ASSETS AND STREAMLINE. CAROLINE: HE WAS SO SKEPTICAL. JOHN: READ THE QUOTES. COMPLETE ABOUT-FACE. THAT'S WHAT MAKES ME VERY EXCITED. WE NEED NEW LEADERS IN THE
SPACE. SONALI: YOU HAVE A WALL STREET GIANT STEPPING INTO THE CRYPTO INDUSTRY. WHY EMBRACE IT IF YOU ARE A NATIVE AND YOU THINK THERE SHOULD BE ANOTHER SYSTEM? WHAT'S THE POINT OF BLACKROCK GETTING IN? JOHN: TWO WORLDS. THE WHITE GLOVE SERVICE OF BLACKROCK.
LOW FEES, ETC., THAN THE DEEPER INTRICACIES WHERE ONLY A NATIVE CRYPTO FIRM REALLY UNDERSTANDS IT. ALL THE STUFF THAT LARRY FINK IS TALKING ABOUT, LABS PROVIDE HIM WITH A SUBNETWORK, BLOCKCHAIN IS A SERVICE WITH ALL THE FEATURES FOR COMPLIANCE AND USE CASES. WE HAVE ALREADY PARTNERED WITH THE WISDOM TREE, WELLINGTON, AND HERO DOING SIMILAR THINGS. -- TW TRO DOING SIMILAR THINGS. SONALI: THERE ARE A LOT OF QUESTIONS OUT THERE ABOUT FEE COMPRESSION WHEN IT COMES TO BITCOIN SPACE. HOW DO YOU NET OUT THE EFFECT
FOR COINBASE AS MORE ETF'S GET IT? JOHN: THERE'S DEFTLY GOING TO BE COMPRESSION ON THE RETAIL SIDE. ON THE INSTITUTIONAL SIDE, COINBASE IS MAKING HUGE STRIDES. ALL FIVE OF THE TOP ETF FILERS, BLACKROCK AND CBOE ARE USING COINBASE AS A SURVEILLANCE PARTNER. IF THESE MEGA-TRADITIONAL FINANCIAL INSTITUTIONS TRUST COINBASE, MAYBE THE AGENCIES WILL ALSO HAVE TO REEVALUATE. CAROLINE: WITH YOUR EXPERTISE AT THE MOMENT WHAT ABOUT THE REGULATORY OVERHANG? THAT IS ALL WE HAVE BEEN TALKING ABOUT FOR MONTHS BUT NOW, WHAT ABOUT CFTC? SONALI: THERE'S BEEN A BIG EXPECTATION THAT THIS -- FTC WOULD COME APPROVE ETF'S BUT MANY YEARS HAVE GONE BY WITHOUT THAT HAPPENING AND AT THE SAME TIME I'M WONDERING HOW HESITANT ARE WALL STREET FIRMS TO GET IN? THE ISSUE ON THE SIDELINES HERE HAS BEEN NOT JUST THE ETF WORLD BUT ALSO THE PLAIN OLD LIQUIDITY THAT YOU ARE SEEING IN BORING OLD BITCOIN MARKETS. NOWHERE FOR THREE WEEKS.
IT'S BEEN AGAINST 30,000 IN FIXED TRADING. JOHN: THAT'S A GREAT POINT. VOLUME IS STILL GOING DOWN EVEN THOUGH PRICES HAVE BEEN COMING UP AND I'VE BEEN TALKING ABOUT THAT FOR A LONG TIME. THE MARKET STRUCTURE IS STILL KIND OF BROKEN. LEVERAGED PLAYERS IN THE PAST, THEY ARE NOT IN THEIR TO PROVIDE LEVERAGE SO THAT PEOPLE CAN TRADE MORE. IT'S THE SAME PEOPLE TRADING CREATING PRICE MOVEMENT BUT THE VOLUMES ARE STILL DOWN AND GOING DOWN. CAROLINE: IS THE LACK OF LEVERAGE
ULTIMATELY MORE HEALTHY AND DOES THAT THEN MOVE US OUTSIDE THE WORLD OF JUST TALKING ABOUT BITCOIN TO SOME OF THE OTHER COINS? JOHN: YES AND NO. LEVERAGE HAS BEEN A PART OF EVERY FINANCIAL ECOSYSTEM. WHETHER IT IS MORTGAGING YOUR HOUSE OR IN OTHER FINANCIAL MARKETS. IN FACT IF YOU DON'T HAVE LEVERAGE, YOU DON'T HAVE VELOCITY OF MONEY OR GROWTH. LEVERAGE IS ABOUT MAINTAINING HEALTHY LEVERAGE FOR ANY ECOSYSTEM. CAROLINE: GIVE US A SENSE OF WHERE WE SIT
GLOBALLY. THE TALK ON THIS SHOW HAS BEEN ABOUT LOSING OUR TALENT FROM THE U.S., GOING TO THE MIDDLE EAST. INTERESTING NEWS COMING OUT OF THAT REGULATORY OVERSIGHT THERE. PEOPLE LOOKING AT OTHER PLACES TO BUILD THEIR COMPANIES AND STARTUPS.
WHERE ARE THE VOLUME COMING FROM INTERNATIONALLY? JOHN: I SEE FAR MORE BUSINESS DEVELOPMENT OPPORTUNITY IN ASIA AND EUROPE. ALTHOUGH U.S. FINANCIAL SERVICES FIRMS HAVE TAKEN A STEP BACK WAITING FOR COMPLIANCE TO PLAY OUT, THE NUMBER OF DEALS WE ARE WORKING ON IN ASIA AND EUROPE HAVE ONLY INCREASED. SO THEY SEE THE USEFULNESS OF THE BLOCKCHAIN TECHNOLOGY AND ARE ENGAGED. THE U.S. HOPEFULLY WITH THESE NEW LEADERS WILL START THAT PROCESS AS WELL. SONALI: INTERNATIONAL ENGAGEMENT IS INTERESTING BUT AT THE SAME TIME WOULDN'T YOU SEE BITCOIN PRICES MOVING HIGHER IF THERE WAS THAT MUCH MORE ENGAGEMENT? DO YOU SEE MORE RISKS TO THE UPSIDE OR DOWNSIDE AT THIS POINT? JOHN: NO ONE CAN PREDICT THE SHORT SHORT TERM. SO WHO KNOWS. BUT I DO SEE IN THE MEDIA AND LONG-TERM, THE UPSIZE ON WHERE YOU WANT TO BE, INCOMING NEXT YEAR HISTORICALLY THAT GOES HIGHER INTO IT. ALSO IF YOU LOOK AT THE CURBS
IN THE FINANCIAL MARKETS FOR THE FUTURES CONTRACTS FOR BITCOIN, NO ONE IS GIVING IT PRICE APPRECIATION. LOOKING AT THE OPTIONS MARKET, BITCOIN IS PRICED ALMOST THE SAME FOR THREE MONTHS AS THE 25 DELTA CALL SIX MONTHS OUT. FOR A 45 TO 50 PRODUCT, PEOPLE DON'T GIVE A CREDIT AND USUALLY YOU TAKE THE OPPOSITE SIDE OF WHERE PEOPLE ARE STANDING. CAROLINE: TECHNICAL ANALYSIS, MUSIC TO OUR EARS. TALK TO US ABOUT ANYTHING OTHER
THAN BASICALLY SPECULATIVE ASSET CLASSES. WE HAVE STILL SEEN UNDERLYING WORK DONE WITH MISCHIEF AND LOUIS VUITTON. THE PRICE POINTS ARE NOT SHIFTING PARTICULARLY AND I AM INTERESTED IN ULTIMATELY WHETHER PEOPLE SEE IT AS ANYTHING OTHER THAN SPECULATION AT THE MOMENT. JOHN: WE SEE IT DIFFERENTLY.
THE WORK WE ARE DOING WITH AN FTS, THEY PROBABLY HAVE ONE OF THE LARGEST LOYALTY PROGRAMS IN THE WORLD. THEY ARE AMONGST 90,000 UNIQUE MERCHANTS. PUTTING A LOYALTY PROGRAM ON THE BLOCKCHAIN. WITH THAT MANY PARTICIPANTS YOU HAVE TO MOVE INFORMATION AND VALUE AT THE SAME TIME AND YOU WANT TO DO THAT ON THE BLOCKCHAIN. THAT IS HOW WE ARE MOVING ONTO LOYALTY PROGRAMS. THERE ARE U.S. BRAND COMPANIES WORKING WITH OTHERS TO CREATE MORE ENGAGEMENT.
THERE IS A USE CASE FOR AN FTS. NOT JUST COLLECTIBLES. CAROLINE: GREAT TO HAVE YOU BOTH WITH ME. LOOK, IT IS A CRYPTO KIND OF DAY. COMING UP, GUESS WHAT THE OTHER FLAVOR OF THE MONTH AND THE YEAR IS? A BIT OF AI AND CYBERSECURITY INVESTING. THAT'S NEXT. THIS IS BLOOMBERG.
CAROLINE: TODAY'S VC SPOTLIGHT, WE ARE PLEASED TO WELCOME TO THE SHOW HENRIQUE SALEM, WHO FOCUSES ON ALL STAGES OF INFRASTRUCTURE AND SOFTWARE SECURITY AT AIM. LET'S ALSO BRING IN EMME, WHO HELPED TO BRING ABOUT THE INTERVIEW. BAIN CAPITAL HAD BEEN THERE SINCE 2014. YOU WERE MEETING SYMANTEC, WHO HAD THEN CHANGING ITS NAME. AS A LEADER AND INVESTOR HOW MUCH HAS THE GAME BEEN REORIENTED TOWARDS ARTIFICIAL INTELLIGENCE FOR 2023? ENRIQUE: IF YOU LOOK AT THE OPPORTUNITIES RIGHT NOW WE ARE DEFINITELY SEEING GENERATIVE AI SPECIFICALLY, THE THING DRIVING A LOT OF MEANINGFUL CHANGE. IF YOU TAKE A LOOK AT WHAT IT IS GOING TO DISRUPT, THINK ABOUT HOW SOFTWARE IS BEING WRITTEN.
TODAY DEVELOPERS HAVE TO SIT DOWN AND WRITE EVERY LINE OF CODE. IN THE NEAR TERM WE EXPECT 40% OF WHAT A DEVELOPER HAS DONE CAN BE HANDLED THROUGH AI AND WE THINK THAT IS NOT A FAD THAT. THAT IS A MEANINGFUL CHANGE AND IT IS JUST ONE EXAMPLE OF THIS NEW MAJOR TREND DISRUPTION AND -- TREND. >> SPEAKING OF DISRUPTION, WHAT DOES IT MEAN NOW FOR THIS UNIVERSE? ENRIQUE: USING GENERATIVE AI TECHNOLOGY, WHAT AN ATTACKER CAN DO IS BE SIGNIFICANTLY MORE TARGETED. QUICKLY GENERATE AN ATTACK THAT WOULD BE VERY SPECIFIC TO YOU AND WHAT YOU DO. THINGS THAT THEY KNEW ABOUT YOU THAT BEFORE THEY WOULD NOT HAVE BEEN ABLE TO DO AS EFFECTIVELY.
MEANING THAT IT IS MORE LIKELY THAT SOMEBODY WILL RESPOND AND IF THEY RESPOND, NOW THE ATTACKER IS INSIDE THE NETWORK. WE THINK THAT THE SOPHISTICATION FROM THE ATTACKER'S PERSPECTIVE WILL SIGNIFICANTLY INCREASE. >> YOU SPOKE ABOUT THE OPPORTUNITY SET WITH AI. ARE THERE CERTAIN AREAS OF AI THAT YOU ARE AVOIDING, GIVEN THE CONCERNS WE ARE SEEING RIGHT NOW? ENRIQUE: LOOKING AT THE TOTAL LANDSCAPE, ONE OF THE AREAS THAT WE THOUGHT ABOUT, IN TERMS OF A DISCUSSION AROUND CENTRALIZED FINANCE, WE ARE BIG BELIEVERS IN DECENTRALIZED FINANCE AND WE THINK THAT IS GOING TO BE A BIG OPPORTUNITY GOING FORWARD. WE ARE BULLISH ON WHAT'S HAPPENING IN AI, POLISH ON WHAT'S HAPPENING IN CYBER. CAROLINE: DECENTRALIZED? IN WHAT AREAS? ENRIQUE: WE RAISED A FUND LAST YEAR AND WE CONTINUE TO INVEST IN THE COMPANIES WORKING ON ALL BLOCKCHAIN TECHNOLOGIES.
INVESTMENTS IN COMPANIES LIKE SCROLL, CELESTIA. WE THINK THERE IS STILL REAL OPPORTUNITY AHEAD. THE QUESTION IS REALLY, THERE ARE CYCLES.
WE SAW THE EXCESSES OF 21 AND WE ARE IN A MUCH HEALTHIER VINDMAN NOW. ED: EVEN -- CAROLINE: EVEN FOR AI STARTUPS? ENRIQUE: THE BEST FOUNDERS HAVE MOVED INTO THE GENERATIVE AI SPACE. WHAT THAT MEANS THEY CAN DO IS COMMAND PREMIUM VALUATIONS. DEFINITELY WE ARE SEEING SOME OVERHEATED PRICES.
DRIVEN BY THE OPPORTUNITY SET, WHICH WE THINK IS INCREDIBLE. WE MADE AN INVESTMENT IN A COMPANY CALLED UNSTRUCTURED. WHAT THEY DO IS THEY TAKE ALL OF YOUR CORPORATE DATA AND ALLOW YOU TO TRAIN THE MODEL ON YOUR OWN SPECIFIC DATA. WE THINK THAT COMPANIES LIKE UNSTRUCTURED AND CONTEXTUAL ARE SOLVING REAL PROBLEMS AROUND HALLUCINATION.
ONE OF THE PROBLEMS OF GENERATIVE AI'S YOU ASK A QUESTION OR ASK FOR INFORMATION AND IT WILL GIVE YOU SOME AMOUNT OF RANDOMNESS. COMPANIES LIKE CONTEXTUAL ARE TRYING TO ELIMINATE THAT HALLUCINATION. >> HOW DO YOU SEE THE RUNWAY AHEAD WHEN IT COMES TO WHAT WE COULD SEE IN THE NEXT 12 MONTHS WHEN IT COMES TO AI AND INFRASTRUCTURE? ENRIQUE: IF YOU LOOK AT THE CURRENT ENVIRONMENT, THIS IS NOT THE IDEAL TIME TO FUND RAISE. MOST FOUNDERS ARE THINKING
ABOUT 24 AND 25 WHERE WE EXPECT REVENUES TO HAVE GROWN IN TO THE VALUATIONS. BUT THERE WILL PROBABLY BE SOME COMPANIES THAT WILL BE IN A POSITION WHERE THEY HAVE TO RAISE FINANCING AT A LOWER VALUATION. CAROLINE: ALWAYS A BITTER PILL, BUT A REALITY FOR MANY. ENRIQUE, GREAT TO HAVE SOME TIME WITH YOU. THANK YOU FOR THE CONVERSATION. COMING UP, WITH THE MICROSOFT
ACTIVISION DEAL MOVING FORWARD, IS THERE BIG TECH M&A IN THE FUTURE? AND WE DISCUSSED THIS WITH WILLIAM KOVACIC. CAROLINE: MICROSOFT'S COURT WHEN IN THE U.S. TO PROCEED WITH THAT $69 MILLION DEAL FOR ACTIVISION BLIZZARD. LET'S GET THE FTC PERSPECTIVE. WILLIAM KOVACIC IS WITH US, CURRENTLY A PROFESSOR OF LAW.
WONDERFUL TO HAVE SOME TIME WITH YOU. WILLIAM: GOOD TO BE HERE. CAROLINE: WHAT DOES IT MEAN FOR THE FTC. THEY SEEM TO BE TAKING BIG SWINGS THEY ARE MISSING. WILLIAM: THEY ARE TAKING SWINGS BASED ON THEORIES THAT ARE ENERGY USING THEORIES ABOUT VERTICAL ACQUISITION. THEY ARE HAVING A HARD TIME IN
COURT. HAVING A DIFFICULT TIME EXPANDING THE FRONTIER OF ENFORCEMENT TO INCLUDE THEORIES THAT HAVE BEEN DEEMPHASIZED IN THE PAST. THIS IS GOING TO GIVE THE TECH COMMUNITY CONFIDENCE THAT WITH CERTAIN TRANSACTIONS IF THEY ARE WILLING TO OFFER CONCESSIONS, THAT THE PARTIES DID HERE, THEY HAVE A CHANCE AT PREVAILING IN COURT.
CAROLINE: TO THAT END SHOULD THE FTC BE BUOYED BY THESE CHANGES? WILLIAM: IF I WERE THEM I WOULD CLAIM CREDIT FOR THE CHANGES. SAYING THAT IF I HADN'T INTERVENED THE CONCESSIONS WOULD NOT HAVE BEEN GIVEN SO DIRECTLY AND CLEARLY. THE JUDGE IN HER CASE EMPHASIZE THE CLARITY WITH WHICH THE COMMITMENTS WERE MADE SO I CERTAINLY DO CLAIM CREDIT FOR THAT. WITHOUT INTERVENTION, THEY WOULD NOT HAVE BEEN PRESENTED SO CLEARLY AND DIRECTLY. CAROLINE: WHAT'S SO INTERESTING IS FIVE MINUTES AWAY FROM THE HEADLINE THAT THE U.S. COURT GAVE THIS BLESSING, WE HEARD THAT YOU MIGHT WELL ALLOW VMWARE BROADCOM TO GO THROUGH.
WHAT ABOUT THE OTHER DEALS COMING DOWN THE PIKE? FEELS AS THOUGH YOU THINK THESE COULD START TO GET THROUGH AS THEY MAKE CONCESSIONS. WILLIAM: IF THE PARTIES THINK CLEARLY AND HONESTLY AT THE BEGINNING OF THE PROCESS ABOUT WHAT THE VULNERABILITIES WILL BE , WHERE THE REGULATORS ARE MOST LIKELY TO INTERVENE AND PROCEED TO COME UP WITH SOLUTIONS, THE PROSPECTS OF SUCCESS IMPROVE DRAMATICALLY. THE EUROPEAN UNION, THE EUROPEAN COMPETITION DIRECTORY HAS BEEN QUITE WILLING TO ACCEPT CONCESSIONS. THE COURTS IN THESE U.S. CASES ARE WILLING TO LOOK AT THE SUGGESTED FIX.
THIS IS THE CASE TODAY IN MICROSOFT ACTIVISION. IT WAS THE CASE FOR THE ADMINISTRATIVE JUDGE. IT WAS THE CASE IN A COUPLE OF THE CHALLENGES AT THE DEPARTMENT OF JUSTICE. IN SHORT, WHEN PARTIES ARE HAVING SUCCESS, THEY ARE COMING TO THE COURT SAYING WE SEE THERE ARE COMPETITIVE PROBLEMS THAT WE HAVE A SOLUTION AND JUST BECAUSE AUTHORITIES ARE NOT WILLING TO EMBRACE THEM DOES NOT MEAN THAT YOU, JUDGE, SHOULD NOT ENDORSE THEM. CAROLINE: WHEN LENA CON FIRST CAME IN, MUCH WAS MADE ABOUT THE WORK SHE HAD DONE IN THE STUDY OF THE LAW AROUND AMAZON IN PARTICULAR. MANY ARE WAITING FOR WHAT THE FTC IS GOING TO DO IN TERMS OF THE BIG ONE FOR AMAZON IN SOME WAY, SHAPE, OR FORM.
DOES ANY OF THIS PERHAPS ARBITER AN EASIER TIME FOR THE COMPANY? THEY HAVE BEEN PARTNERING A LOT OF X FTC PEOPLE. WILLIAM: THEY ARE ALMOST CERTAIN TO BE THE SUBJECT OF A COMPLAINT. THEY HAVE MADE SO MANY COMMITMENTS OVER THE LAST COUPLE OF YEARS, TO NOT BRING A MONOPOLIZATION CASE AGAINST AMAZON WOULD BE SEEN AS A DRAMATIC RETREAT. FOR THE CHAIR, THIS HAS BEEN HELD OUT AS ONE OF THE MAIN REASONS SHE'S AT THE AGENCY. I THINK IT DOES MEAN THE FTC IS GOING TO THINK HAPS A BIT HARDER ABOUT HOW THEY ASSEMBLE THE PROOF THAT WILL MAKE THE CASE SUCCESSFUL. BECAUSE IN THESE MERGER DEFEATS WHAT THE COURT HAS BEEN SAYING IS YOUR EVIDENCE ISN'T GOOD ENOUGH. THE LAST THING I THINK IT DOES
IS IT PROBABLY GIVES AMAZON MORE CONFIDENCE THAT WHEN THE LITIGATION PROCESS UNFOLD, THEY WILL BE ABLE TO MEET THE CHALLENGE. AS AN ENFORCER YOU GAIN CREDIBILITY BY WINNING. YOU DON'T HAVE TO WIN THEM ALL BUT YOU DO HAVE TO WIN A CRITICAL MASS OF CASES AND AMAZON HAS SUGGESTED THAT IF YOU ARE WILLING TO AMASS ALL THE RESOURCES YOU NEED TO TAKE ON THE CASE, YOUR PROSPECTS OF SUCCESS ARE GOING TO BE ACCEPTABLE.
WITH SOME CONFIDENCE THAT THEY COULD PREVAIL LATER ON. CAROLINE: PROFESSOR, THANK YOU FOR JOINING US TODAY. WELL, THAT DOES IT FOR THIS EDITION OF "BLOOMBERG TECHNOLOGY ."
SO MUCH MORE REGARDING TECH THROUGHOUT THE DAY. WE HAVE A GREAT EXCLUSIVE COMING UP AT 3:30 P.M. NEW YORK TIME. ANDREW LEFT, TAKING BIG SWINGS THINKING SHARE PRICES ARE GOING TO FALL. DON'T FORGET TO CHECK OUT OUR PODCAST. TUNE INTO ALL THE GREAT CONVERSATIONS AND ANALYSIS COMING IN FROM ED LUDLOW AS TECH BILLIONAIRES DESCEND ON IDAHO. THIS IS BLOOMBERG. ♪
2023-07-12 14:52
