Amazon's Cloud Sales Win, AMD Disappoints on AI Chips | Bloomberg Technology
CAROLINE: I'M CAROLINE HYDE. ED: I'M ED LUDLOW IN SAN FRANCISCO PER THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: AMAZON POSTS THE BIGGEST CLOUD SALES GROWTH IN A YEAR. DETAILS TO COME. ED: FULL CHIP COVERAGE AHEAD AS AMD DISAPPOINTS. CAROLINE:
WE SIT DOWN WITH THE CEO OF PINTEREST AS REVENUE SURGES. LET'S CHECK IN ON THESE MARKETS. A LITTLE BIT OF NERVOUSNESS AHEAD OF THE FED WHEN JAY POWELL COMES, BOUNCING OFF OF OUR LOWS BUT OF COURSE MORE BROADLY TECHNOLOGY DRAGGED LOW BY THOSE EARNINGS AND THE READ ACROSS DOWN BY 2.5% ON THE STOCKS. YOU'LL BE DIGGING INTO ONE OF THE ULTIMATE NAMES PULLING DOWN THE KEY CHIP INDEX. THE 10 YEAR YIELD CATCHING A BID. NOW THEY ARE CATCHING A BID
BECAUSE WE SEE THE U.S. TREASURY UPPING ITS SUPPLY IN THE COMING QUARTER BUT NOTABLY WE HAVE SEEN SOME WORRYING SIGNS WHEN IT COMES TO ECONOMIC DATA. THE PRICE PAID STILL ON THE UPSIDE. HOW MUCH WE ARE SEEING A
COOLING OR STUDYING OF THE ECONOMY. SAW SOME WEAKER JOBS DATA. MOVING WHAT'S HAPPENING IN TERMS OF THE INDIVIDUAL MOVERS. FROM A CRYPTO PERSPECTIVE, BITCOIN DOWN 4.3% ON THE DAY.
$57,000 WE CURRENTLY TRADE. WHAT ARE YOU SEEING ON THE MICRO? ED: LET'S TALK WITH -- START WITH AMD. A BIG MOVE LOWER DESPITE UPGRADING THE FORECAST FOR SALES FROM 3.5 MILLION -- 3.5 BILLION TO 4 BILLION BRAID SOME INDUSTRY SEEING THAT HOPING FOR GUIDES WE ARE TALKING ABOUT THE MI 300 X WHICH EARNINGS PUT OUT TO COMPLETELY GAIN PRINCIPALLY H 200. YOU SEE A SLOWDOWN IN GAMING.
AMD IS A NAME WE USED TO TALK ABOUT IT BECAUSE YOU BUILT YOUR CUSTOMER RIG WITH THEIR GPU. WE WILL COME BACK TO THAT IN A MOMENT. AND THEN AMAZON ACTUALLY IT'S KIND OF A MUTED RESPONSE. 2.3%, STRONG FIRST-QUARTER. THE STORY IS AWS. ANNUAL REVENUE RUN RATE OF $100 MILLION BUT THE DEVIL IS IN THE DETAIL. JUST ONE SENTENCE FROM THE CFO
THE GENERATIVE AI REVENUE RUN RATE IN THE MULTIPLE BILLIONS OF DOLLARS AND THAT SEEMS TO BE ENOUGH TO SHOW THAT AI IS STARTING TO SHOW UP. LET'S DIG INTO AMAZON'S RESULTS, THE COMPANY BOOSTED STRONGEST SALES GROWTH IN A YEAR. YOU ARE ON THAT MEDIA CALL AND I THINK THAT'S THE FOCUS HERE ISN'T IT, IT'S THAT AI IS A REAL THING THAT MAKES REAL MONEY SORT OF. >> THE PROFITABILITY FOR AWS IN THE QUARTER WAS HUGE.
IT ACCOUNTS FOR LESS THAN 20% OF ALL AMAZON REVENUE. TWO THIRDS OF ITS PROFIT. THE QUESTION FOR THE INVESTORS IS WHAT IS THE PACE OF INVESTMENT GOING TO LOOK LIKE AND HOW ARE THESE MARGINS GOING TO LOOK. YOU GET DATA CENTERS TO FUEL
THIS BOOM AND THERE'S A LITTLE BIT OF BREADCRUMBS DROPPED. ABOUT 14 BILLION IN THE FIRST QUARTER. A LOW POINT FOR THE REST OF THE YEAR. NORTH OF 50 BILLION IN DATA CENTER INVESTMENT.
AT LEAST THIS YEAR. >> DIMINISHES SUPPORT THAT OPERATING MARGIN WIDER SINCE THEY STARTED DISCLOSING WHAT IT WAS IN BREAKING OUT AWS BUT WHAT WE ALL KNOW AMAZON FROM ANYWAY, HOW IS THAT CONSUMER LOOKING NOW? >> THE OVERALL REVENUE GUIDANCE IS LIGHT FOR THE CURRENT QUARTER AND THEY SAID CONSUMERS ARE DEFINITELY THE AVERAGE ORDER SIZE IS SMALLER, AND SO THAT HURTS THE MARGINS OF THE E-COMMERCE BUSINESS BECAUSE IF YOU ARE SHIPPING LESS EXPENSIVE THINGS IT STILL COSTS THE SAME AMOUNT TO PROCESS AND SHIP THOSE ITEMS. IT IS GOOD JUST NOT NEARLY AS GOOD AS AWS WAS AND THEY ARE SEEING SOME SIGNS OF CONSUMER STRENGTH. >> WE WILL BE ASKING A LOT ABOUT ADVERTISING AND OF COURSE A PARTNERSHIP WITH AMAZON.
HOW IS THAT PARTICULAR PART OF THIS DOING? >> THE AD BUSINESS IS STILL PREDOMINANTLY THINGS YOU SEE ON THE WEBSITE. THERE WASN'T A LOT OF CLARITY ABOUT THE CONTRIBUTION FROM THE VIDEOS THAT THEY'VE ADDED. ANALYSTS ARE ESTIMATING SOMEWHERE IN THE REALM OF 5 BILLION WAS THE LAST THEY SAW FOR THE YEAR FROM THAT BUSINESS. BUT IT IS -- THERE WASN'T A LOT OF CLARITY ON EXACTLY WHAT IT'S ADDING AND AMAZON EMPHASIZED WE WILL BE LIGHTER ON THE ADVERTISING WITH PROGRAMMING AND TELEVISION IF YOU WATCH PRIME VIDEO YOU WILL SEE FEWER ADVERTISEMENTS. THEY ARE MOVING DELICATELY ON THAT RESOURCE. >> DON'T WANT TO PUT US OFF OF OUR WATCHING.
SPENCER ALL THINGS AMAZON. WE ARE STICKING ON THESE EARNINGS. IT WAS GIVING A DISAPPOINTING FORECAST IN PARTICULAR AND A SLUGGISHNESS WHEN IT CAME TO GAMING DEMAND.
IT REALLY SEEMS TO BE CUTE EVERYONE FOCUSING ON. BECAUSE Q1 WAS GOOD. >> FUNDAMENTALLY THE STORY IMPACT IS THAT SENTIMENTALLY IT DID NOT BEAT ENOUGH THE HIGH LOFTY INVESTOR EXPECTATIONS ESPECIALLY FOR THE NUMBERS COMING IN. THE REST OF THE NON-AI BUSINESS WAS GROWING SOME WHICH WAS WEIGHING HEAVILY SO OVERALL AT THE COMPANY LEVEL THE NUMBERS FOR 24 CAME DOWN A TAD BIT. THAT'S NOT WHAT YOU WANT TO SEE FROM AN AI FLYING HIGH NAME? ED: I WAS TRYING TO UNPACK WHAT LISA WAS SAYING. IT SEEMED IN THE FIRST INSTANCE
SHE WAS SAYING SUPPLY CONSTRAINT IN OTHER WORDS THERE IS GREAT DEMAND FOR THE AI ACCELERATOR PRODUCT THEY JUST CAN'T GET ENOUGH OF THEM. SHE LATER SAID THAT'S NOT THE CASE. BEFORE YOUR GUY DOESN'T FACTOR IN SUPPLY CONSTRAINT. WHAT IS THE STORY WITH DEMAND
VERSUS SUPPLY, CLARIFY? THE DEMAND CONTINUES TO RUN HIGHER. IT'S NOT JUST THE WAY PEOPLE THINK. SO THEY DO THE SECOND QUARTER SUPPLY IS CONSTRAINED. AND THERE'S ONLY SO MUCH THEY
CAN SHIP ON THE SECOND HALF OF THE YEAR. THE SECOND POINT IS THERE'S ALL THESE CRAZY HIGH EXPECTATION NUMBERS WHERE PEOPLE ARE GOING IN AND EVALUATING HOW MUCH SUPPLY IS COMING IN AND MULTIPLYING THAT NUMBER BASED ON HOW MANY UNITS THE AND CAN SHIP. IT DOES NOT RUN ON 100% UTILIZATION. SO IT'S NOT AN EQUATION YOU CAN EXTRAPOLATE. YOU HAVE CRAZY HIGH EXPECTATIONS. EVEN SO TO BE THINK AND GAVE ENOUGH EVIDENCE THEY WOULD TAKE MARKET SHARE FROM NVIDIA WHICH IS SO FAR AHEAD IN AI ACCELERATORS? KUNJAN: THEY BELIEVE SHOW.
THEY HAVE SHOWCASED ENOUGH ENGAGEMENTS AT THE CLOUD AND THE SECOND PART IS MORE IMPORTANT BECAUSE THE NEXT WAVE OF CAPEX IS GOING TO COME FROM THAT ESPECIALLY WHERE THEY HAVE A MORE COMPETENT POSITIONING. ED: CHECK OUT HIS RESEARCH ON BLOOMBERG TERMINAL. LET'S KEEP THE CONVERSATION GOING WITH THE MANAGING DIRECTOR OF GLOBAL EQUITIES. LET'S START WITH AMD. LET'S SET A BASELINE THAT
EXPECTATIONS WERE HIGH AND WE GOT A RAISED FORECAST AND IT DOES NOT SEEM TO BE GOOD ENOUGH. >> PRECISELY. I THINK YOUR PREVIOUS GUEST DID AN INCREDIBLE JOB OF OUTLINING. RESULTS WERE GREAT. THEY WERE TREMENDOUS, I JUST THINK EXPECTATIONS ARE A LITTLE AHEAD OF THEMSELVES. RAISING GPU GUIDANCE TO 4 BILLION, AGAIN WE ARE THEY WERE CLOSER TO OR MAYBE SEVEN. WE LIKE IT DOWN HERE.
THERE ARE OTHER LEVERS TO PAUL. IF YOU ARE A MASSIVE HYPER SCALER YOU DEFINITELY WANT TO DIVERSIFY YOUR OFFERINGS. YOU THINK THERE SHOULD BE OTHER PEOPLE THAT SUPPLY YOUR CHIPS AND I THINK AMD FITS THAT BILL. CAROLINE: CAN YOU GO INTO THE OTHER LEVERS THEY HAVE TO PULL? DANIEL: THE GAMING SIDE WAS ONE LACKLUSTER AREA FOR NEXT QUARTER BUT GOING FORWARD THIS POTENTIAL FOR ENTERPRISE REFRESH ESPECIALLY ON THE BACK OF COVID. A LOT OF COMPANIES HAVE OLD LEGACY SYSTEMS THEY HAVE TO REPLACE, THEY COULD BODE WELL FOR THEM IN THE SECOND HALF OF 2025. CAROLINE: I WANT TO PIVOT AWAY FROM AMD
BUT BROADLY LOOKING AT THE CLOUD. AMAZON TODAY COMING OUT LOOKING STRONG WHEN IT COMES TO ITS AI FOCUS. IS MORE BROADLY THAT THE LEVER YOU WANT TO SEE BEING PULLED BY ANDY JASSY? DANIEL: THAT CONFERENCE CALL WAS WHEN THE MOST BULLISH OF LISTEN TO REALLY IN YEARS MAY BE ON THE BACK FROM TWO QUARTERS AGO. HE BASICALLY SAID THIS OPPORTUNITY WITH AI IS A MOSYS TREMENDOUS AND THEY ARE WILLING TO SPEND TENS OF BILLIONS OF DOLLARS THEY'RE NOT AFRAID TO SPEND, WE'VE SEEN FOR 18 YEARS IN MASSIVE TECHNOLOGY, THEY INVEST AGGRESSIVELY, PROFIT MARGINS GET HIT A LITTLE BIT. HOCKEY STICKS AS PEOPLE COME TO REALIZE THESE GUYS ARE AHEAD OF THE CURVE.
THE SAME THING IS HAPPENING WITH AMAZON. IT BODES VERY WELL FOR THE SUPPLY CHAIN NAMES. THEY ARE THE ARMS PROVIDERS FOR THIS AI RACE SO I THINK IT'S POSITIVE FOR THE AI ECOSYSTEM. ED:
YOU SAID IT WAS THE MOST BULLISH CALL FROM ANDY JASSY YOU'VE HEARD IN QUITE SOME TIME. WAS IT LIGHT ON DETAILS THOUGH? THE ONE THING WE DID NOT HEAR IS ANY SORT OF TANGIBLE NUMBER FOR CAPEX OTHER THAN BRIAN SAYING IT WILL BE MEANINGFULLY HIGHER IN 2024. >> I DON'T THINK THEY WANTS TO PIGEONHOLE THEMSELVES WITH SPECIFICALLY QUANTIFYING THE FACT THAT THEY'RE USING OVERWHELMING OR SIGNIFICANT I THINK GAVE THEM ROOM TO FALL DOWN LATER ON. THEY KNOW THERE'S A MASSIVE OPPORTUNITY IN THEIR OK TO SPEND AGGRESSIVELY. ONE THING THAT COULD BE DIFFERENT THIS TIME IS BACKING PREVIOUS INVESTMENT CYCLES THEY DID NOT HAVE AS MUCH PROFITABILITY AS THEY DO NOW. AMAZON HAS MULTIPLE SHORT
BUSINESSES. THEY HAVE A WF -- AWS, LOGISTICS, ALL THESE BUSINESSES THAT I HOPE OR THINK COULD WANT THE IMPACT OF PROFITABILITY AND ALSO ON THE CALL THEY REITERATED OVER AND OVER AGAIN THEY THINK THEY CAN BE EFFICIENT AND DRIVE GROWTH AT THE SAME TIME. LET'S SEE IF THEY CAN THROW THE NEEDLE. I WOULD NOT BET AGAINST THESE
GUYS. ED: IF AWS IS THE CASH COW AND BRIGHT SPOT FOR EVERYONE WHAT'S THE NEXT BEST THING IN THE MULTIFACETED BUSINESS? DANIEL: I THINK IT IS AWS FOR NOW. ONE THING THAT WAS WEAKER IN TERMS OF GUIDANCE, THEY SAID THE EUROPEAN CONSUMER WAS LACKLUSTER. I DON'T REALLY TALK TO INVESTORS CONCERNED ABOUT THE EUROPEAN CONCERN BUSINESS SO AGAIN I THINK IT'S FOCUSED ON AWS BUT GOING DEEPER IT WAS TREMENDOUS. THIS WAS THE BREAD-AND-BUTTER YEARS AGO AND END UP GROWING PAST THAT NOW. I THINK IT'S TO SPENCER'S POINT EARLIER IT'S CAN IT CONTINUE TO DRIVE THE BOTTOM LINE IN THE ECOSYSTEM IS GOING TO GET BETTER. CAROLINE:
NOT PARTICULARLY ARTICULATING CAP ACTS WHEN IT COMES TO THE AMOUNT OF SPENDING BUT WHAT WE CAN GLEAN FOR THOSE PROVIDING SOME CLOUD OFFERING AS THEY ARE SPENDING BIG. WHAT DO WE WORRY ABOUT OR ARE WE OPTIMISTIC ABOUT WHEN IT COMES TO NVIDIA AND THE OTHER CHIP NAMES THAT NEED THIS EXUBERANCE TO SUSPEND THE MARKET CAP WE CONTINUE TO SEE. DANIEL: WE KIND OF SAY IT IS THE TRILLION DOLLAR QUESTION IS HOW MANY MORE QUARTERS ARE THESE AI SPENDERS CAN GET THE HALL PASS UNTIL SHOW ME THE ROI ON THIS BUILDOUT WHAT WILL WE GET PAID BACK. WE DON'T KNOW WHAT'S CAN HAPPEN JUST YET. LAST NIGHT ANDY JASSY SAID THEY HAVE SEEN BILLIONS OF DOLLARS OF AI-RELATED REVENUE ON AWS. I DON'T WANT TO SAY IT'S SPRING SHOOTS BUT THEY ARE MAKING GOOD HEADWAY IN THAT SENSE.
WE HAD AMAZING NUMBERS, MICROSOFT AZURE ACCELERATED ON A BIG NUMBER, A GOOGLE CLOUD CONTINUES TO DO WELL SO WE NOW HAVE THREE OF THE MAJOR BIGGEST HYPER SCALER'S COMING BACK WITH TREMENDOUS RESULTS. CAROLINE: MANAGING DIRECTOR AND GLOBAL EQUITIES, GREAT TO HAVE SOME TIME WITH YOU. TESLA CUTTING ITS SUPERCHARGER TEAM AND WHAT COULD BE A BIG HIT TO THE OVERALL EV ECOSYSTEM. DETAILS IN A MINUTE. ED:
QUICK LOOK AT SUPERMICRO DOWN 18%. THEY DID GREAT JUST BELOW EXPECTATIONS BUT THIS IS A STOCK UP HERE TODAY. IT'S A SERVER MAKER, THE HEART OF THE AI STORY AND HIGHER EXPECTATIONS BECOME A BIG DISAPPOINTMENT.
WE WILL BE RIGHT BACK. THIS IS BLOOMBERG TECHNOLOGY. ED: TIME FOR TALKING TECH. THE BINANCE FOUNDER ORDER TO SPEND FOUR MONTHS IN PRISON FOR FAILURES THAT ALLOWED CYBER CRIMINALS AND TERRORIST GROUPS TO FREE TRADE ON THE WORLD'S LARGEST GROUP OF CURRENCIES EXCHANGE. THE SENTENCES FAR BELOW THE THREE YEARS REQUESTED BY PROSECUTORS TO A HEAVILY SCRUTINIZED INDUSTRY WHICH IS REBOUNDING FROM A SLEW OF HIGH-PROFILE SCANDALS PLUS PARAMOUNT GLOBAL AGREED TO EXTEND CONTRACT TALKS WITH CHARTER COMMUNICATIONS. THEY'RE SET TO EXTEND THE TALKS WITH CHARTER.
ONE OF THE LARGEST CABLE TV PROVIDERS AHEAD OF LAST NIGHT'S DEADLINE PREVENTING ITS CHANNELS FROM GOING DARK ON THE CABLE SERVICE. TESLA'S PIVOTAL PARTNERSHIP MAY AMOUNT TO A U-TURN OF SORTS FOR ELON MUSK. THE TESLA CEO HAS LONG CLAIMED HIS COMPANY CAN OFFER SELF-DRIVING WITHOUT HD MAPS BUT IN ORDER TO GET THOSE MARKETS IN CHINA HE HAD NO CHOICE BUT TO JOIN WITH A LOCAL PARTNER FOR A MAPPING LICENSE. CAROLINE: THERE IS SO MUCH NEWS, THE COMPANY ELIMINATING ITS ENTIRE SUPERCHARGER ORGANIZATION IT BASICALLY -- WE HAD A BREAKING NEWS OF THE HEAD OF HR IS NOW STEPPING DOWN. CRAIG IS WITH US. LET'S START ON THE SUPERCHARGE ELEMENT OF THIS. THE AUTO INDUSTRY WERE READ, I'M NOT SURE AT TESLA THEY ARE WORRIED AS WELL. CRAIG:
IT'S INCREDIBLE IN PART BECAUSE TO TESLA'S CREDIT THIS WAS A FANTASTIC BUSINESS THEY BUILT OVER MORE THAN A DECADE. YOU CAN SORT OF QUIBBLE WITH SOME OF THE PROMISES MADE AND NOT NECESSARILY CAPPED BUT MUSKA IS OFFERED OVER THE YEARS BUT WHAT THIS COMPANY HAS DONE IS BUILT A SOLID AND EXTENSIVE FAST RELIABLE CHARGING NETWORK AND YOU HEAR THAT FROM TESLA CUSTOMERS ALL OVER THE PLACE, WHEN THEY TALK ABOUT WHY THEY LOVE THEIR CAR SO MUCH THIS IS ONE OF THE SORT OF MAIN POSITIVES THAT IS OFTEN POINTED TO IS WHEN YOU'RE IN NEED OF A TOP UP, TESLA HAS THE CHARGING NETWORK TO SUPPORT YOU. SO TO MAKE THAT SUDDEN DECISION TO GET RID OF ROUGHLY 500 PEOPLE INCLUDING THE HEAD OF THIS BUSINESS WHO THEY JUST PUT FORWARD IN FRONT OF INVESTORS OVER A YEAR AGO AS AN EXAMPLE OF WHAT THEY HAVE BEHIND MUSKA IS LEADING TO A LOT OF PEOPLE SCRATCHING THEIR HEADS. ED: I WANT TO BRING SOME BREAKING NEWS THAT'S HAPPENED SINCE YOU SAT IN THE CHAIR. WHAT I'M HEARING IT REPORTED
JUST NOW IS TESLA'S MOST SENIOR HR EXECUTIVE, SENIOR DIRECTOR HAS ACTUALLY LEFT THE COMPANY. MY SUSPICION IS SHE WAS FIRED BUT THIS WAS ANOTHER EXAMPLE OF A HIGH PROFILE DEPARTURE FOR A BIG WAVE OF LAYOFFS, JUST GIVE US YOUR REACTION? CRAIG: IT IS VERY INTERESTING AND THIS MAKES IT TO IN TWO DAYS. DEPARTURES OF SENIOR WOMEN WITHIN THIS ORGANIZATION, IT'S A COMPANY THAT FOR THE MOST PART WHEN YOU DO TUNE IN TO THESE EVENTS, IT IS VERY MUCH WELL DOMINATED AND I MENTIONED INVESTOR DAY IN MARCH OF LAST YEAR THERE WERE 16 EXECUTIVES ALONG JUST TROTTED OUT ALONG WITH ELON MUSK. TWO OF THOSE EXECUTIVES WERE WOMEN. I ALSO THINK THIS DRUMBEAT OF NEWS REALLY SORT OF SPEAKS TO THIS IDEA AS YOU REPORTED JUST LAST WEEK OF CHAOS IT REALLY SEEMS LIKE A CHAOTIC MOMENT FOR THIS COMPANY WHERE THEY ARE TRYING TO FIX PROBLEMS THEY DON'T HAVE AND NOT ADDRESSING PROBLEMS THAT THEY DO HAVE. ED: THERE ARE MANY OUT THERE WHO WOULD NOTE ELON MUSK KNOWS WHAT HE'S DOING, AND THROUGH THE OTHER SIDE.
COMING UP MICROSOFT REVEALS INVESTMENTS IN OPENAI FALLING BEHIND GOOGLE. WE WILL -- STICK WITH US, THIS IS BLOOMBERG TECHNOLOGY. ED: MICROSOFT MOTIVATION FOR INVESTING HEAVILY AND PARTNERING WITH OPENAI CAME FROM A SENSE OF FALLING BADLY BEHIND GOOGLE ACCORDING TO AN INTERNAL EMAIL RELEASED IN THE JUSTICE DEPARTMENT'S ANTITRUST CASE AGAINST THE SEARCH GIANT. JOINING US AS MIKE SHEPPARD OUT OF D.C..
I LOVE THESE INVESTIGATIONS BECAUSE OF THE PAPER TRAIL AND THIS WAS A JUICY ONE TO GET DETAILS ON. MIKE: IT PROVIDES ANOTHER WINDOW SPECIFICALLY INTO THE BATTLE OF THE BIGGEST TECH COMPANIES FROM ARTIFICIAL INTELLIGENCE. THIS IS AN EMERGING AREA FOR THEM. A POTENTIALLY LUCRATIVE ONE. WE SAW THAT SHOWING UP CLOUD REVENUE AND AI SERVICES WHERE THEY WANT TO MAINTAIN AN EDGE. IT'S ALSO AN AREA OF FOCUS FOR REGULATORS AND PROSECUTORS HERE.
IT HAPPENED TO BE MENTIONED IN THIS CASE AGAINST GOOGLE. THIS IS WHERE MICROSOFT INTERNAL EMAIL EMERGED. CAROLINE: INTERESTING IT WAS NEWS ORGANIZATIONS THAT PUSHED FOR THIS DOCUMENT IN ITS REDACTED FORM TO BE PUBLISHED. WE HAVE THURSDAY FRIDAY UPON US.
THEN THE CLOSING REMARKS OF THIS OVERALL DOJ CASE AGAINST ALPHABET. DANIEL: -- MIKE: MY COLLEAGUE WILL BE COVERING THAT CLOSELY TO SEE HOW THIS WILL END UP. WE WON'T HAVE A RULING RIGHT AWAY IN THE CASE UNTIL THE SUMMER TIME. THIS IS ONE THAT WE ARE WATCHING CLOSELY BECAUSE IT IS PART OF A SERIES OF MOVES BY THE FTC AND JUSTICE DEPARTMENT WHICH IS HANDLING THIS CASE AGAINST THE LARGEST TECH COMPANIES QUESTIONING WHETHER THEY ARE ENGAGING IN ANTICOMPETITIVE PRACTICES AND LOOKING AT THEM FROM A SERIES OF FRONTS. WHEN IT COMES TO ARTIFICIAL
INTELLIGENCE THEY ARE CONCERNED THEY ARE TRYING TO GET INVOLVED WITH OR LOCK IN RELATIONSHIPS WITH THE STARTUPS LIKE OPENAI, A DEEP MIND THE WAY THAT PRESERVES THE MARKET DOMINANCE. WE ARE WORRIED ABOUT THIS INTERLOCKING DIRECTORSHIPS AMONG THESE AI STARTUPS AS WELL. CAROLINE: SO ON THE NOSE, WE THANK YOU SO MUCH. DAN LOEB'S THIRD POINT. HE IS SAYING NEARLY HALF OF ITS EQUITY PORTFOLIO AND ARTIFICIAL INTELLIGENCE RELATED COMPANIES NOW EXISTS. THE HEDGE FUND BILLIONAIRE FOUNDER AND CEO SAID THE AI REVOLUTION FAVORS INCUMBENTS WHO ARE DEPLOYING THEIR SKILLS IN THIS ARMS RACE.
ED: WELCOME BACK TO BLOOMBERG TECHNOLOGY. CAROLINE: LET'S GET A CHECK ON THESE MARKETS. IT'S A FED DAY AND WE WERE THERE FOR A LITTLE BIT CAUTIOUS TRADING AND THEN 2:30 P.M. PRESS CONFERENCE. LOOKING AT THE NASDAQ NOW IN LARGE PART AS THE CHIPS CONTINUE TO FALL WE WILL DIG INTO A MOMENT WHY. WE ARE KNOCKING TO BE INCREASING THE PACE OF OUR OPTIONS IN THE THIRD QUARTERS. WE ARE DOWN SOME TWO BASIS POINTS EVEN THOUGH WE ARE LOOKING AT THE FED.
SOME OF THIS ANXIETY, SOME OF THE ETF SLOWING IN TERMS OF NET INFLOWS WE ARE A BIT BELOW THAT NOW BELOW $57,000 MARK ON IT COMES TO BITCOIN. SOME INDIVIDUAL MOVERS. I PUSHED AHEAD STOCKS REALLY UNDERWATER. WE SEE THE TEPID FORECAST WITH THE -- IN TERMS OF THE AI FOCUSED AND SOME OF THE BIG CHIP NAMES. I'M LOOKING AT AMAZON THAT WE'VE SEEN IN SEVERAL YEARS. WE'VE SEEN BILLIONS BROUGHT IN MANAGING TO BE A RELIEF IN THE AMAZON AND STRONG AI PROCESS. AND THEN WE HAVE PINTEREST.
THERE UP 21% ON THE DAY SINCE OCTOBER OF 2020. WE FINALLY GO BACK TO THIS REVENUE RUN RATE. WE ARE SEEING THE FOCUS ON GEN Z , MANAGEMENT TRYING TO BUILD MOMENTUM. WHAT WE WILL BE DIGGING INTO. ED: I DID NOT HAVE PINTEREST ON MY EARNINGS BINGO CARD. THIS FIRST QUARTER SALES USER GROWTH, PINTEREST CEO. TERRIFIC TO HAVE YOU ON THE PROGRAM. THE STORY SEEMS QUITE CLEAR.
AND FOCUSING -- WHAT IS THE RELATIONSHIP IN THE ACTIVITY BETWEEN THE SHOPPING AND THE GEN Z USERS? BILL: WE ARE FINDING OUR BEST PRODUCT MARKET FIT IN YEARS. AS YOU NOTED, GEN Z IS OUR LARGEST DEMOGRAPHIC. MORE THAN 40% OF OUR PLATFORM IS THE FASTEST GROWING DEMOGRAPHIC AND THE CORE OF THAT HAS BEEN THE RISING ACTION ABILITY IN THE PLATFORM. AS WE MADE PINTEREST MORE ACTIONABLE SO PEOPLE CAN GET TOMORROW THE THINGS THEY ARE FINDING ON PINTEREST WE SEE THAT WORK WELL FOR USERS WHERE WE'VE ACCELERATED USER GROWTH. BUT IT'S ALSO COMING THROUGH FOR ADVERTISERS. REVENUE GREW 23% THIS QUARTER NEARLY DOUBLING OUR REVENUE GROWTH RATE FROM LAST QUARTER. WE ARE REALLY SEEING THIS
BETWEEN USERS FINDING THE THINGS THEY LOVE ON PINTEREST AND A GREAT PLACE FOR THEM TO MEET USERS IN MARKET LOOKING TO SHOP. CAROLINE: LET'S TALK BUT THE SYNERGIES WITH AMAZON AND GOOGLE, WITH THOSE AD PARTNERSHIPS. HOW MUCH OF THE ADVERTISING UPTICK FOR THESE THIRD PARTIES? BILL: HISTORICALLY PINTEREST IS SOLVED DIGITAL SHOPPING BUT IT'S HARD TO GET TO THE THINGS YOU FOUND. WE HAVE OPENED THE STORES AND IN DOING SO WE ARE SEEING RETAILERS BROADLY FINDING GREAT PERFORMANCE ON PINTEREST OF THE CORE OF OUR REVENUE ACCELERATION HAS BEEN OUR STRENGTH AND LOW FUNNEL ACTION ABILITY, USERS ARE CLICKING AND BUYING. WE DOUBLED THE NUMBER OF CLICKS WE SENT TO ADVERTISERS IN Q4 AND AGAIN IN Q1. WE ARE SEEING OUR BEST STRENGTH WITH THE LARGEST MOST SOPHISTICATED RETAILERS BUT PROVIDE GREAT BONDING EXPERIENCES, WE ARE QUITE PLEASED WITH THEM AND WE SEE WITH THIRD-PARTY DEMAND ON THE PLATFORM IS DOING EXACT WHAT IT INTENDED TO DO.
BRINGING MORE GREAT BUYABLE CONTENT ONTO PINTEREST SO USERS FIND WHAT THEY ARE LOOKING FOR AND CAN EASILY CLICK AND BUY IT. >> THIS WAS A MILESTONE QUARTER IN THE SENSE GLOBAL MARKET USE PASSED ONE BILLION FOR THE PAST TIME. SO LOOK FORWARD, WHAT IS THE -- WHAT DRIVES IT? WHAT BRINGS NEW USERS TO THE PLATFORM. BILL: THIS IS OUR SEVEN EXECUTIVE CORE. WE'VE IN EVERY GEOGRAPHY AND EVERY GENERATION WE TRACK. YOU OF MILLENIALS RIGHT BEHIND THAT.
I DID IS THE ACTION ABILITY OF THE CORE. WE'VE SEEN MUCH MORE BUILDING MOMENTUM AS WE MOVE FORWARD. AS WELL AS THE POSITIVITY. WE'VE MADE TREMENDOUS STRIDES WITH AI. IT'S ALSO THE CASE IF WE ARE TUNING AI FOR POSITIVITY, NOT JUST WHAT THEY'RE LOOKING TO SHOP AND BUY. WE'VE DONE THINGS LIKE INCLUSIVE AI WE HAVE A SKINTONE FILTER SO PEOPLE CAN FILTER FOR THINGS THAT WILL REFLECT THAT INCLUDING DIVERSITY BY DEFAULT IN OUR FEEDS. WE INTRODUCED BODY TYPE AI
WHERE PEOPLE CAN SELECT BODY TYPES SO THEY CAN FIND MORE THINGS THAT FIT WELL FOR THEM. WE WANT TO MAKE SURE EVERY PERSON ON PINTEREST CAN SEE THEMSELVES ON PINTEREST. THAT'S TAKEN GREAT STRIDES IN THE RELEVANCE THE REPRESENTATION AND FEELING POSITIVE. ED: LAST NIGHT ON THE AMAZON MEDIAN CALL -- MEDIA CALL. WITH YOU GUYS IT PINTEREST IT'S DIFFERENT WOULD YOU TALK ABOUT TEMU AS POTENTIAL PARTNERS, ARE YOU SEEING ANY UPLIFT. BILL: CROSS-BORDER HAS BEEN A CONTRIBUTOR TO THE GROWTH.
IT'S NOT OVERWHELMING BUT IT'S A NICE CONTRIBUTOR. AS I MENTIONED BEFORE OUR STRENGTH IN RETAIL HAS BEEN BROAD-BASED. RETAILERS FROM ALL SIZES ARE FINDING STRENGTH ON INTEREST -- PINTEREST. WE ARE SEEING THAT BEVY OF CLICKS. IT'S ALSO BECAUSE THEY ARE ABLE TO MEET HARD-TO-FIND SHOPPERS ON PINTEREST, THEY ARE MEETING THOSE SHOPPERS IN A MOMENT WHERE USERS COME TO PINTEREST WHERE THEY HAVE CLEAR INTENT. BUT THEY HAVEN'T YET DECIDED
WHAT TO BUY. THEY'RE COMING HERE WITH MORE GENERAL THOUGHTS. WHAT TO WEAR TO COACHELLA, THOSE ARE GREAT BUT THE USER HAS CLEAR INTENT. WE ARE SEEING THAT BROAD-BASED
ACROSS RETAILERS IS A CONTRIBUTOR. >> FOCUSING MORE ON THE CHINA FOR THE MOMENT, ONE OF THE KEY SOCIAL MEDIA PLAYERS, DO YOU THINK MORE GEN Z WILL COME TO YOU BECAUSE OF TIKTOK POTENTIALLY BEING BANNED AND NO LONGER EXISTING IN THE U.S.? BILL: WHEN YOU LOOK AT WHY WE ARE DOING SO WELL WITH GEN Z, WE ARE DOING SOMETHING DIFFERENT FOR GEN Z. SOCIAL MEDIA HAS THE ENTERTAINMENT MODE. WE HAVE THE USER MADE WITH INTENT AND PURPOSE. I MENTIONED POSITIVITY, GEN Z SEES -- ON THE REST OF SOCIAL MEDIA. IT'S LARGELY, COMPARATIVE AND PERFORMATIVE.
THEY WILL SAY THEY GO TO OTHER PLACES ON SOCIAL MEDIA AND SEE WHAT OTHERS WANT THEM TO BE AND EXPECT THEM TO BE. AND THEN GO TO PINTEREST TO INVEST IN THEMSELVES WITH A SMALL CIRCLE OF FRIENDS. WE ARE NOT SITTING AROUND HOPING FOR THE DEMISE OF OTHER PLATFORMS. WE ARE BUSY BUILDING
SOMETHING THAT MAKES PEOPLE FEEL MORE POSITIVE GIVEN THE GREAT EXPERIENCE AND THAT'S PARTICULARLY WITH GEN Z. CAROLINE: CLEARLY SEEING THE FLOW OF GEN Z. WHAT ALWAYS INTERESTS ME IS WHEN YOU BREAK DOWN THE NUMBERS IN TERMS OF AVERAGE USERS. THEY'RE SO DOMINANT THE REST OF THE WORLD. DO YOU SEE U.S. IS THE AREA OF GROWTH, WHERE DO YOU SEE THE EXPANSION.
>> IT'S A GREAT QUESTION. AS YOU NOTED WE HAVE APPROXIMATELY 80 PERCENT MORE OF OUR USERS OUTSIDE THE U.S.. BUT ONLY 20% OF OUR REVENUE OUTSIDE THE U.S. SO THE IMPROVEMENTS WE'VE MADE FROM A USER PERSPECTIVE HAVE BEEN BROAD-BASED, WITH ACCELERATED USERS ACROSS EVERY GEOGRAPHY. WE ARE MUCH FURTHER ALONG IN THE U.S. AND ARE NOW STARTING TO DEPLOY THOSE THINGS INTERNATIONALLY. WE SEE THAT IS A HUGE GROWTH
FACTOR FOR US IN TERMS OF WHAT WE WILL BRING TO ADVERTISERS DIRECTLY AS WELL AS WHAT WE ARE BRINGING IN NEW SOURCES OF DEMAND EITHER THROUGH THIRD-PARTY DEMAND LIKE WHAT WE'RE DOING WITH OUR GOOGLE PARTNERSHIP OR WHAT WE ARE DOING WITH RESELLERS, WHICH IS GOING TO BE GREAT FOR THOSE ADVERTISERS BUT ALSO GREAT FOR USERS AS MORE OF THOSE ADVERTISERS COME ONTO OUR PLATFORM. >> GREAT TO CATCH UP WITH YOU. THANKS FOR SPENDING TIME WITH US. COMING UP, WE WILL BE JOINED BY RENEGADE PARTNERS CO-FOUNDER ABOUT THE FIRM'S NEW PHONE. THIS IS BLOOMBERG TECHNOLOGY. THIS IS BLOOMBERG.
PALANTIR CEO AND VENTURE CAPITALIST VENONA COSA AMONG THE HEAVYWEIGHTS TO TRAVEL TO WASHINGTON THIS WEEK FOR A SUMMIT ON THE ROLE OF AI AND ESCALATING COMPETITION DURING U.S. AND CHINA. THE HILL IN THE VALLEY FORUM IS SPONSORED BY A GROUP OF VCS INCLUDING PETER THIEL WITH THE SECOND ITERATION LOOKING STRONG. ED: I'M PRETTY SURE WE'VE DONE THAT ONE BEFORE. THE STATE OF THE WORLD OF PRIVATE MARKETS AND VENTURE CAPITAL. RENEGADE PARTNERS LOCAL STAGE, $120 MILLION ON ASSETS UNDER MANAGEMENT TO $228 MILLION. WE'RE JOINED BY THE RENEGADE PARTNERS RICK -- PARTNER. WELCOME.
YOU ARE GOING TO INVEST IN WHAT WE ARE CALLING DURABLE TECHNOLOGY COMPANIES. WHAT IS A DURABLE TECHNOLOGY COMPANY. >> WHEN WE THINK ABOUT WHAT IS A DURABLE COMPANY WE ARE LOOKING AT WHAT ARE THE MARKETS THAT REALLY MATTER HERE. WHAT ARE MARKETS THAT ARE LARGE AND STILL RELATIVELY UNTOUCHED BY TECHNOLOGY.
I THINK OVER THE PAST FEW YEARS WE'VE SEEN A LOT OF SELLING TO SOFTWARE AND SELLING TO STARTUPS. IN THIS MARKET TURN. ONE THING WE THOUGHT ABOUT IS WHAT OF THOSE MARKETS THAT ARE ACTUALLY REALLY DRIVE MEANINGFUL PARTS OF GDP AND CAN ACTUALLY MOVE BEYOND TRENDS IN VENTURE CAPITAL. >> WHAT IS THE SECRET SAUCE SO TO SPEAK. HOW WAS IT YOUR POSITION TO IDENTIFY A COMPANY THAT FITS THAT PROFILE CAN YOU SAY WE ARE PRETTY CONFIDENT THIS FITS THE THESIS. >> WE ARE GENERALIST, BUT WE LIKE TO LOOK AT THE MARKET VERY BROADLY SO FOR INSTANCE COMPANIES LIKE AEROSPACE INTELLIGENCE IS ALSO AEROSPACE DEFENSE, SELLING INTO PLC READ INTO FACTORIES SO THINKING ABOUT ON SHORING AND DIGITAL TRANSFORMATION THERE, COMPANIES LIKE AUXILIARY INTO BIOTECH. ACCESS TO THE DEBATE MARKET WITHOUT ACTUALLY INVESTING.
SO WE REALLY TRY TO THINK BIG TOPS DOWN AND LOOK FOR GREAT COMPANIES IN THOSE SPACES. >> RELATIVELY COMPETITIVE STILL IN THE EARLIER STAGES. WHAT DO YOU DO THAT MAKES THAT? HOW DO YOU MANAGE TO BE SUPPORTING THESE FOUNDERS WHICH INCREASINGLY ARE TALKING TO US ABOUT BURNOUT AND WORRIES AND MENTAL HEALTH ISSUES. ROSEANNE:
YOU ARE COMPLETELY RIGHT. IT IS STILL VERY COMPETITIVE EVEN THOUGH THE MARKET FEEL SOFTER THAN IT DID A COUPLE OF YEARS AGO. AS WE THINK ABOUT WHAT WE CAN OFFER I THINK ABOUT YOU CAN'T BEAT SOMEONE ELSE AT THEIR OWN GAME. WE LIKE TO FOCUS IN A VERY BESPOKE BOUTIQUE FIRM. LIKE IF YOU ARE A FOUNDER LIKE BUSINESS YOU DON'T WANT EMPLOYEES SITTING NEXT TO YOU WANT ANOTHER FOUNDER SITTING NEXT YOU PRAYED WE HAVE A GREAT ALIGNMENT. AROUND PARTNERSHIP DYNAMICS. WE ONLY MAKE 20 INVESTMENTS PER
FUND SO ONLY SIX OR SEVEN DEALS PER YEAR. WE ARE SPENDING A LOT OF TIME WITH THE COMPANY AND HELPING THEM WHERE THEY NEED HELP. WE ALSO HAVE A GREAT OPERATING FOCUS ON PEOPLE AND TEAM INSTEAD OF BUYER.
AND SHE REALLY HELPS HER COMPANIES THINK ABOUT TEAMWORK DESIGN AND STRUCTURE COMPENSATION BUILDING PATTERN AND OFTEN THINGS THAT ARE KEEPING CEOS UP AT NIGHT. WE KIND OF ASSUME THEY KNOW HOW TO BUILD ON A TEAM WHEN OFFENSE IS THEIR FIRST TIME. >> I'M INTERESTED AS TO HOW YOUR HELPING THOSE LEADERS IN THOSE STARTUPS TO BE ABLE TO PIVOT IF THEY ARE NOT AN AI FIRST BUSINESS RIGHT NOW? ROSEANNE: I THINK THERE IS A BLESSING AND A CURSE.
WE'VE SEEN A LOT OF COMPANIES THAT ARE A THIN -- OF OPENAI. YOU HAVE TO BE THINKING ABOUT WHAT IS DRIVING VALUE FOR A CUSTOMER, WHAT WILL THEY PAY FOR AFTER THE AI INNOVATION BUDGETS? THANKFULLY EVERY COMPANY WILL BE AN AI COMPANY. EVERY COMPANY IS A CLOUD COMPANY. WHAT ARE THOSE PRODUCTS AND SERVICES THAT AI CAN SUPERCHARGE THAN JUST A GREAT BUSINESS PUTTING AN AI INTO THEIR PRODUCT. ED: SOME OF THE INDUSTRY COLLEAGUES
GOING TO D.C.. -- GOING TO VCS. ROSEANNE: I THINK IT IS IMPORTANT SILICON VALLEY IS WELL REPRESENTED ON THE HILL. WHAT HAPPENS HERE IS A MASSIVE IMPACT IN THE U.S.. I DO THINK THERE IS A ROLE FOR IT, WE HAVE TO REMEMBER INCENTIVES DRIVE BEHAVIOR. I THINK IT IS IMPORTANT WE ARE THINKING ABOUT AI AT THE CUTTING EDGE AND A FEDERAL LEVEL. CAROLINE:
GREAT TO HAVE YOU ON THE PROTEST ED: GREAT TO HAVE YOU -- ED: GREAT TO HAVE YOU ON THE PROGRAM. GM ROLLS OUT ITS ALTERNATIVE TO APPLE CAR PLAY. DETAILS NEXT, THIS IS BLOOMBERG TECHNOLOGY. >> IT'S THE LATEST EPISODE OF THE CIRCUIT AND BLOOMBERG ORIGINALS HOST EMILY CHANG SAT DOWN WITH THE GM TO DISCUSS WHY SHE'S BETTING ON ELECTRIC VEHICLES. >> WE ARE STILL AS AN INDUSTRY IN THE EARLY DAYS. WE ARE STILL SEEING BATTERY CHEMISTRY AND TECHNOLOGY IS STILL EXPENSIVE.
ALREADY A VERY EXPENSIVE PURCHASE FOR CONSUMERS IT'S CONTINUING TO GET PAST DOWN WHILE WE CONTINUE TO IMPROVE THE TECHNOLOGY. >> IT'LL MOST FEELS LIKE HYPE IS SLOWING DOWN. DO YOU FEEL YOU ARE BATTLING THAT SENTIMENT AS WELL. >> I THINK IT WAS OVERHYPED AND NOW IT'S UNDER HEIGHT. THE TRUTH IS IN THE MIDDLE. AGAIN U.S. GROWTH IS SLOWED. >> YOU SCALED BACK SOME OF THE U.S. -- THE EV TARGETS.
WHY IS THAT STILL SUCH A CHALLENGE? >> WE WERE MAKING SOMETHING NEW. I FELT LIKE WE DO HAVE A LOT OF MANUFACTURING EXPERTISE BUT I THINK WE TOOK FOR GRANTED SOME OF THE NEWER PROCESSES. >> ELON MUSK HAS MOCKED AUTOMAKERS FOR HOW LONG IT TOOK THEM TO GET INTO EV'S? WAS HE RIGHT? >> EVEN THOUGH WE WERE MOVING I WOULD'VE ACCELERATED THE PACE. HINDSIGHT IS 20/20. >> TESLA STOCK IS MORE -- UP MORE THAN 1300%. YOU HAVE MET OR BEAT EXPECTATIONS 35 OUT OF THE LAST 30 SIX QUARTERS. WHEN YOU LOOK AT THE STOCK DOES
IT EVER PICKS YOU OFF. >> YES IT DOES. BUT AGAIN I CAN GET MAD ABOUT IT AND BE UPSET AND FRUSTRATED. IN THE END IT'S OUR
RESPONSIBILITY. ED: WATCH THE CIRCUIT WITH EMILY CHANG TONIGHT IN NEW YORK ON BLOOMBERG TELEVISION OR STREAM ON BLOOMBERG ORIGINALS. THE COMPANY GM IS EYEING DIGITAL REVENUES WITH AN ALTERNATIVE TO APPLE'S CAR PLAY HAS BEEN ON THE DEFAULT HOME SCREEN ON VEHICLES RANGING FROM FORTS TO FERRARIS. IT WAS ROLLED OUT BUT NOT WITHOUT A FEW HICCUPS.
JOINING US IS THE AUTHOR OF THAT TERRIFIC DEEP DIVE. YOU PAINT THE PICTURE OF MICHAEL WHOSE PICKED UP THIS $62,000 CHEVY BLAZE EV. HE SITS IN THE DRIVER'S SEAT. NO APPLE CAR PLAY. THEREIN LIES THE STRATEGY FOR
GM. >> THAT'S RIGHT. I'VE DRIVEN THE BLAZER EV IT'S QUITE A GOOD VEHICLE. BUT THEY ARE MAKING THIS GAMBLE THAT PEOPLE GET IN AND CAN OVERCOME THIS CONSUMER INERTIA AND PULL PEOPLE AWAY FROM CAR PLAY. CAR PLAY WILL PROJECT THE MUSIC MESSAGING AND THAT SORT OF THING. THEY CAN DO SO MUCH MORE WITH
THEIR SYSTEM. THE HEAD SOFTWARE GUY IN AN INTERVIEW SAYING WE DON'T WANT OUR INFOTAINMENT SYSTEM. AND GM IS TAKING IT. BUT THAT STILL MEANS YOU HAVE TO EXECUTE A BETTER SYSTEM THAN APPLE HAS. SO FAR THEY'VE HAD A TOUGH TIME OF THAT. THE NEW SYSTEM HAS HAD NO ISSUES SINCE THEY STARTED SELLING IN MARCH. EVEN AFTER THAT IF THEY CAN KEEP THE SOFTWARE FROM BEING BUGGY THEY WILL HAVE TO GET CONSUMERS TO DECIDE THEY DON'T NEED CAR PLAY. ED:
A LOT -- CAROLINE: A LOT TO BE REWARDED FOR WITH DIGITAL REVENUE. DAVID WELCH, A GREAT DEEP DIVE. PLEASE GO READ IT. MEANWHILE THAT DOES IT FOR THIS EDITION OF BLOOMBERG TECHNOLOGY. WE'VE DEEP DIVED INTO THE EARNINGS. THERE'S MORE TO COME. ED: WE HAVE MORE CEOS COMING IN 24 HOURS TIME. THEN YOU'VE GOT APPLE ON
THURSDAY THERE SO MUCH MORE STILL TO COME. APPLE, SPOTIFY AND OF COURSE THE POD GOES OUT TO THE BLOOMBERG PLATFORMS AS WELL. THANKS FOR EVERYONE FOR TUNING IN. THIS IS BLOOMBERG TECHNOLOGY.
2024-05-02 23:14
