Hot CPI Print and Lyft Earnings | Bloomberg Technology
>> FROM THE HEART OVER INNOVATION, MONEY AND POWER COLLIDE IN SILICON VALLEY, THIS IS BLOOMBERG TECHNOLOGY WITH CAROLINE HYDE AND ED LUDLOW. >> THIS IS BLOOMBERG TECHNOLOGY. >> WE WILL DISCUSS THE IMPLICATIONS OF HIGHER FOR LONGER RATES ON THE TECH SECTOR. >> WE WILL DIVE INTO THE NAMES REPORTED TONIGHT AND GET A READ ON THE HEALTH OF THE GIG ECONOMY. >> BITCOIN DROPS HAVING HIT $50,000 FOR THE FIRST TIME IN TWO YEARS. ALL OF THAT AND SO MUCH MORE COMING UP.
FIRST RECHECK IN ON THE MACRO PICTURE. THE HOTTER THAN ANTICIPATED CPI PRINT WHICH MEANS THE MARKET ANTICIPATES RATE CUTS . THE NASDAQ UNDER PRESSURE, ONE OF THE WORST PERFORMERS. BIG TECH BEING SQUEEZED AT THE MOMENT. YOU SEE THIS BORROWING COSTS LEAPING TO A HIGHER SIDE. THE TWO YEAR YIELD CLIPPING THE HIGHEST SINCE DECEMBER WITH THE FED DID PIVOT AND MAKE THE MARKET THINK WE WERE GOING TO SEE SOME RATE CUTS COMING IN 2024.
WE ARE UP BY 30 BASIS POINTS. I WENT TO GO BROADER WITH CLEAR BRIDGE INVESTMENT ANALYST HILLARY WHO GAVE US A PERSPECTIVE OF WHAT HAS BEEN HAPPENING ON A RISK ASSET BASIS AND ULTIMATELY WE ARE SEEING A PERSPECTIVE THAT MAY READ CUTS AREN'T HAPPENING AND WHAT THAT MEANS IN TERMS OF THE BETS AND VALUATIONS WE HAVE SEEN IN BIG TECH NAMES. DO YOU THINK IT IS THE RIGHT TIME TO BE SELLING? HILARY: SUCH A TERRIFIC QUESTION. WE HAVE HAD SUCH A GREAT RUN IN TECHNOLOGY.
GOING INTO TODAY, I WAS THINKING WE ARE ALREADY ENTERING A SEASONALLY WEAKER PART OF THE YEAR. NOW THE TENURE CPI IS HARDER. -- 10 YEAR CPI IS HARDER.
I'M NOT SURE WHO IS EXPECTED RATE CUTS TO TAKE PLACE IN MARCH AT THIS POINT. TODAY COULD CHANGE THAT. IF THEY GET TO A 4.5% LEVEL ON THE 10 YEAR, THAT IS AN IMPORTANT PART OF DEMARCATION PSYCHOLOGICALLY AND FOR VALUATIONS. CAROLINE: WHAT IS INTERESTING IS HOW ALL
IN INVESTORS SEEM TO BE GOING. BANK OF AMERICA DICTATING THE FLOWS THAT HAVE BEEN SEEING AND THE FACT THAT BASICALLY EVERYBODY -- EVERYONE HAS GONE LONG. I WE SING TODAY MUCH OF A CROWDED TRADE? HILARY: WE ARE SEEING SOME CROWDING AND SIGNS OF EXUBERANCE. INVESTORS WERE OFFSIDES FOR THIS MOVE HEADING INTO IT. THERE WAS NOT ENOUGH PARTICIPATION. I WOULD NOT CALL IT ABJECT
CROWDING, BUT I WOULD SAY LAST YEAR WAS A LIVE -- A YEAR OF RESET AND PROFITABILITY IMPROVEMENTS. ACROSS SOFTWARE IN PARTICULAR, THAT WAS IMPRESSIVE. THIS YEAR SHOWED -- THIS YOU SHOULD BE A YEAR OF RICK'S ELEVATION IF THE ECONOMY DOES NOT FALL APART. I THINK INVESTORS ARE WILLING TO DISSIPATE SOME OF THAT FORCING SOME SIGNS. WE WILL SEE HOW THEY FEEL IN THE SPRING. ED:
THE RATE OF THAT SURVEY CAROLINE IS TALKING ABOUT IS OPTIMISM ABOUT GLOBAL GROWTH. EARNINGS IN THE CONTEXT OF A STRONG GLOBAL ECONOMY. THIS IS WHAT ERIC OF PIMCO TOLD THE SHOW EARLIER. >> YOUR SING THIS MARKET WHERE YOU HAVE ONE SECTOR LIKE THE TECH SECTOR UP 40% AND ANOTHER SECTOR LIKE HEALTH CARE WHICH DELIVERED EARNINGS DOWN 20%. IT IS A HUGE BIFURCATION IN THE MARKET. THAT PRESENTS A LOT OF OPPORTUNITY FOR EQUITY INVESTORS. ED:
WHO CARES ABOUT INFLATION, JUST GO WITH THE TECH SECTOR. IS THAT YOUR ATTITUDE? HILARY: YOU HAVE TO CARE ABOUT INFLATION TO A DEGREE. ABOVE 4.5%, YOU SEE SOME CONCERN OVER TECHNOLOGY. IT IS A TERRIFIC POINT BY ERIN. IF WE SEE A REAL BROADENING OUT BY THE ECONOMY AND WE HAVE SEEN SOME SECTORS THAT HAVE ON A RELATED THOSE, WE THINK THAT AS A FIRM AND CLEAR BRIDGE. I TEND TO THINK AS WE MOVE
FURTHER THROUGH TIME, I THINK WE WILL SEE A POINT OF INFLECTION IN TECHNOLOGY DRIVEN BY AI AND BY INITIATIVES AROUND AI. YOU WILL ALSO SEE TECH DO WELL ULTIMATELY. TECH WILL HAVE TO TREAD WATER FOR THE PERIOD OF TIME TO THE EXTENT THE 10 YEAR CONTINUES TO RISE FOR THE MARKET BROADENS OUT TO OTHER SECTORS. I DON'T KNOW THAT WE ULTIMATELY HAVE TO HAVE AN EITHER/OR. WE MIGHT HAVE ONE ON AN INTERIM BASIS. ED: ECONOMICS 101, THE IDEA IS THAT THE FED USES RATES TO DAMPEN THE MANNED -- DAMPEN DEMAND. CAROLINE AND I ARE GOING TO GO
DEEP ON THE GIG ECONOMY COMPANIES. IF YOU LOOK AT UBER, THERE IS NO EVIDENCE CONSUMER DEMAND -- OR CORPORATE DEMAND -- IS SLOWING DOWN. WHAT WAS THE POINT OF HAVING HIRED INMATES -- HIGHER RATES IF THAT IS THE ONLY MECHANISM? WHAT DO YOU MAKE OF THE THESIS? HILARY: IT IS NOT THE ONLY MECHANISM AVAILABLE. WE WILL SEE LIQUIDITY OUT OF THE MARKET OVER TIME. IT CERTAINLY WAS A HOTTER PRINT. WE ARE NOT AT 5%. 5% WOULD BE ANOTHER STORY THAT WE WILL SEE HOW THINGS TREND. CAROLINE:
I AM INTERESTED IN YOUR COMPANY'S WHERE YOU CALLOUT THE OPPORTUNITIES TO BE PUTTING MORE INTO. YOU LIKE MICROSOFT, SALESFORCE, ORACLE, IS THIS A MOMENT TO THINK ABOUT CORPORATE SPENDING RATHER THAN CONSUMER SPENDING WHICH WE ARE WORRIED ABOUT IF WE SEE MORE JOB LOSSES? HILARY: WHAT I DO LIKE ABOUT TECHNOLOGY IN GENERAL IS WE WENT THROUGH A MINIATURIZATION -- A MINIATURE RECESSION. THEY WENT ON A BUYERS STRIKE. THIS YEAR THERE IS AN IMPERATIVE TO SPEND. YOU NEED TO LAY THE FOUNDATION TO BE ABLE TO LEVERAGE AI. THAT IS A LOT OF DATA, GETTING
DATA IN ORDER, A LOT OF INFRASTRUCTURE INVESTMENT. YOU ARE STARTING TO SEE THE SIGNS OF THAT. CONSUMPTION NAMES TEND TO LEAD. THE REPORTED SLIGHT ACCELERATION. THEY EXCITED CONSERVATIVELY IN
MY VIEW AND RIGHTLY SO. NONETHELESS, THE STOCK IS DOWN LESS THAN THE NASDAQ, LESS THAN THE S&P. IT IS BECAUSE INVESTORS CAN SAVE HIS SIGNS OF THIS NEED TO SPEND. IF WE SEE OUTSIDE LAYOFFS, THAT WILL BE MORE OF AN ISSUE. SO FAR WE ARE SING -- SEEING
THE OPPOSITE. CAROLINE: DATA DOG WAS OFF BY MORE THAN 6%, JUST PUSHING BACK AFTER THE OPEN TRADE. ED: ONE FINAL QUESTION IS WE KNOW THE AI STORY. WE KNOW ABOUT INFLATION AND THE FED. HOW MUCH OF A WILD CARD IS THE ELECTION THIS YEAR FOR THE TECHNOLOGY SECTOR? HILARY: I HAVE TO IMAGINE IT IS A BIT OF A WILDCARD. IT WAS LAST TIME TRUMP WAS ON
THE BALLOT. FRANKLY IT WILL BID CLOSER BUT IT FEELS LIKE AN ETERNITY FROM NOW WHEN I THINK ABOUT HOW THESE TECH STOCKS MOVE. I LOOK FORWARD TO COMING ON AND DISCUSSING THAT YOU THEN. ED: HILARY FRISCH OF CLEARBRIDGE , GREAT ANALYSIS. LET'S GO FROM THE MACRO TO THE MICRO. A LOT OF STORIES ON THE
EARNINGS CONTEXT. THE FIRST IS ARM. WE ARE DOWN 50% IN TODAY'S SESSION, BUT THE THREE SESSIONS FOLLOWING THEIR EARNINGS, THE STOCK JUMPED AT TRADING ALMOST TRIPLED THEIR IPO PRICE. NOW THAT IS COOLING OFF. YOU HAVE BULLS, THERE LIST BULLISH LOOKING AT A STOCK TRADING MORE THAN 40 TIMES THE PROJECTED REVENUES AND SAYING MAYBE WE CALL IT QUITS. IT IS AN ASTONISHING AI STORY. ARM HAS TOLD US THIS IS NOT A HYPE CYCLE, THIS IS REAL AND SHOWING IT IN THEIR LICENSING BUSINESS.
WE ARE STILL UP 60% BUT A LITTLE BIT OF MONEY BEING TAKEN OFF OF THE TABLE. ONE OF THE THINGS I WROTE ABOUT WAS THE GIG ECONOMY. UBER HAD A BLOWOUT QUARTER. NOW IT'S COMPETITORS ARE UP. AIRBNB, AS WELL. LATER IN THE WEEK, DOORDASH. WHAT DO WE KNOW ABOUT THE DEMAND SIDE FOR THE DEMAND -- BUT ALSO THE SUPPLY-SIDE.
LET'S GO TO NATALIE WHO COVERS THIS FOR BLOOMBERG TECHNOLOGY. LET'S START THERE, WHAT ARE YOU EXPECTING THIS WEEK FROM LYFT? NATALIE: THEY ARE IN A TOUGH SPOT COMPARED TO UBER WHO HAS A SCALE OF INTERNATIONAL MARKETS AND SCALE IN OTHER VERTICALS LIKE DELIVERY AND ADVERTISING. FOR LYFT, THEIR PERFORMANCE IS PRETTY CONSERVATIVE. SOME ANALYSTS SAY THEY COULD DELIVER, BUT THE CONCERN IS ALSO HOW MUCH CAN THEY BOUNCE IN TERMS OF OFFERING INCENTIVES TO GET MY DRIVERS OVER FROM UBER AND HOW MUCH SUBSIDIES. ESPECIALLY BECAUSE THEY ANNOUNCED A 70% PAY GUARANTEE LAST WEEK TO ATTRACT MORE DRIVERS ONTO THE PLATFORM AND OTHER FEATURES LIKE BETTER RESPONSE LIKE ACCOUNT DEACTIVATION'S. THE CONVERSATION WOULD BE AROUND HOW MUCH CAN YOU DO THAT AND NOT EAT INTO THE MARGINS? CAROLINE: LET'S TALK ABOUT MARGINS WHEN IT COMES TO FOOD DELIVERY. INSTACART, WE ARE ANTICIPATING,
ONE OF THE MOST SHORTED STOCKS OUT THERE, 40% OF THE FREE FLOAT IS AGAINST. WHAT ARE THE WORRIES HERE? NATALIE: IT IS AROUND THE COMPETITION. UBER AND DOORDASH NOT ONLY HAVE DELIBERATE, THE MAJORITY OF THEIR BUSINESS IS RESTAURANT MEALS, TAKE OUT.
THEY HAVE SCALE THERE WHICH INSTACART MAY BE MORE LIMITED. UBER IS IN A LOT OF INTERNATIONAL MARKETS AND DOORDASH IS IN PARTS OF EUROPE AND INSTACART IS IN THE U.S. AND CANADA. THE GROWTH RATE IN TERMS OF ORDERS WILL BE OF INTEREST, WHETHER THAT CAN REALLY CELEBRATE WILL DEVON -- CAN WE ACCELERATE WILL DEFINITELY BE A FOCUS. ED: NATALIE, THANK YOU SO MUCH.
COMING UP ON THE PROGRAM, ADOBE'S AI PLAY AND HOW IT COULD BE AMONG THE FIRST BIG TECH COMPANIES TO ACTUALLY PROFIT FROM A HEIGHT. CAROLINE, WHAT ARE YOU LOOKING AT? CAROLINE: I AM AFRAID, JOB LOSSES. THERE IS STILL A FOCUS ON OPERATIONAL EFFICIENCY COMING FROM BUSINESSES AND AFTER A RECORD SUPER BOWL IN TERMS OF EYES WATCHING, PARAMOUNT HAS TO MAKE THE UPENDING DECISION TO BE CUTTING IT HUNDRED JOBS DAYS AFTER PULLING OUT THOSE STATISTICS ON HOW MANY PEOPLE VIEWED. HUNDREDS OF EMPLOYEES AND WE CONTINUE TO SEE A LOT OF COMPANIES HAVING TO TRIM IN THIS WAY.
THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: FIREFLY IS ADOBE'S NEW AI PROJECT THAT IS PERHAPS A LATE COMER PLUG THE COMPANY IS BANKING ONE ASPECT COMPETITORS LIKE, A COMMERCIALLY SAFETY TO SET WHICH PROVIDES GUARDS INCLUDING LEGAL SUPPORT. IT IS NOT EXACTLY A SEXY ROOT STORY, IT IS MORE ABOUT WE HAVE GOT YOU IF YOU ARE A BIG CLIENT I DO WANT LEGAL PROTECTION.
>> EVERYBODY KNOWS THE STORY OF YOU BEING A BIG TECH INCUMBENT AND SOMEBODY COMES AND SMOKES YOU. EVERYBODY THOUGHT THAT IS WHAT WOULD HAPPEN WITH AI. ADOBE HAS BEEN SAYING YOU ARE GOING TO GET SUED UNLESS YOU USE US. THIS SUCKED AND IMAGES FROM ACROSS THE INTERNET WITH NO COPYRIGHT. IT IS A LEGAL HAZARD.
THAT IS THE ARGUMENT THEY MADE. THEY TRAINED THEIR SYSTEM ON THEIR OWN STOCK MEANING THEY HAVE THEIR OWN RIGHTS TO USE IT. SOME CREATORS MIGHT NOT LOVE THAT, THERE IS PROBABLY LEGAL DISPUTE. SO FAR THIS PICTURE APPEARS TO BE WORKING WITH BIG CORPORATIONS. ED:
YOU GIVE THE EXAMPLE OF THEM COMMISSIONING PHOTOGRAPHERS TO GO OUT AND PHOTOGRAPH ANIMALS AND THE ANIMALS ARE NOT ALLOWED TO WEAR CLOTHES. WHAT FUN IS THAT? THE THING THAT SURPRISES ME ABOUT ADOBE'S IT IS IN THE TOP 40 BIGGEST PUBLICLY TRADED COMPANIES IN THE WORLD. BUT IT HAS IN COMMON WITH MICROSOFT IS A GOOD TRACK OF SELLING SUBSCRIPTIONS OF SOFTWARE. PEOPLE PAY FOR IT. THEY WANT TO BE PROFITABLE, HOW DO THEY PLAN TO MAKE FIREFLY PROFITABLE? BRODY: ADOBE'S CREATIVE CLOUD IS VERY PROFITABLE. I HAVE HAD PEOPLE SAY IT IS ONE
OF THE MOST PROPER THINGS EVER, NOT JUST EVEN SOFTWARE, BLOOD PRODUCTS. IT IS A CASH COW. IT IS NOT BECAUSE IT IS THE EASIEST TO USE OR CHEAPEST BUT BECAUSE IT WORKS WELL TOGETHER. IF YOU HAVE A CREATIVE AGENCY, THEY NEED PHOTO, VIDEO, AUDIO AND NEEDS TO WORK WELL. NOW THEY NEED AI.
ADOBE'S BET IS WHEN THEY PUT AI INTO EACH ONE OF THESE PRODUCTS, IT WILL WORK WELL TOGETHER AND PEOPLE WILL BE WILLING TO PAY EXTRA FOR IT AND THEY WANT GO TO OPENAI OR MID JOURNEY AND CANCEL THEIR PHOTOSHOP SUBSCRIPTION. RIGHT NOW THEY ARE BARELY CHARGING FOR IT. IT IS MORE LIKE A STAY IN THE ECOSYSTEM. ED: INSIDE ADOBE, THERE ARE EMPLOYEES AND STAFF FOR IT ABOUT THAT ECOSYSTEM AND THE CREATIVE'S THAT OPERATE WITHIN IT. BRODY: THERE IS A FUNNY STORY ABOUT A PRESENTATION IN 2019. SOMEONE IS SAYING YOU ARE GOING TO GET DISRUPTED IF YOU DON'T TAKE THIS STUFF SERIOUSLY AND THE EXECUTIVES BEING LIKE WE ARE GOOD. WE HAVE PHOTOSHOP, THEY ARE NOT
GOING TO LEAVE US. IS A CLASSIC STORY, A BIG COMPANY DOES NOT INVEST ENOUGH IN AN EMERGING TECHNOLOGY. ONE YEAR AGO, EVERYONE EXPECTED THIS TO BE THE CASE FOR ADOBE. TODAY THE PICTURE IS BLURRIER. THEIR PRODUCT IS LENDING. THE TWO COMPANIES THAT ARE GOING TO SEE ANY UPLIFT FROM AI, MICROSOFT AND ADOBE. CAROLINE:
YOU SEE THAT COMING FROM OUR INTELLIGENCE MEMBERS. WE CAN SEE A $1 BILLION MIDTERM AI LIFT IN TERMS OF CREATIVE CLOUD. IS -- ARE THERE STILL REMOVE OCCASIONS FROM THE M&A DEAL? THE ANTICIPATION THAT THEY HAVE BEEN DISTRACTED BY HAVING TO GO THROUGH SUCH LEGAL WRANGLING'S RATHER THAN FOCUSING IN ON WHAT IS THE NEW ELECTRICITY WHEN IT COMES TO DATA AND THE NEW WAY WE THINK ABOUT TECHNOLOGY? BRODY: THE WAY FOLKS UNDERSTAND IT IS THAT FIGMA WAS SUPPOSED TO TRANSFORM ADOBE AND AI WAS SUPPOSED TO TRANSFORM AI -- TRANSFORM ADOBE. THE FACT THAT FIGMA BURNED OUT MEANS THERE IS A LOT OF FUN AI.
THIS TECHNOLOGY MIGHT DISRUPT THEIR USER BASE. MILLIONS OF PEOPLE PAY FOR THESE TOOLS. I THEY GOING TO BE OUT OF WORK? EVEN THOSE THAT ARE BULLISH ON ADOBE'S AI EFFORTS SEE THERE IS SOME POTENTIAL FOR THIS TO MARK OUT A BIT OF THEIR USER BASE. NOW THAT FIGMA IS GONE, THIS NEEDS TO WORK.
IT SEEMS TO BE, BUT THERE IS MORE REMAINING. ED: COMING UP ON "BLOOMBERG TECHNOLOGY," X LOOKS TO COMPETE WITH YOUTUBE BY ADDING ADVERTISERS TARGETING FEATURES ON THE PROGRAM ON THE PLATFORM -- ON THE PLATFORM. FEI COMPANY -- IS THE COMPANY ALSO LOOKING INTO CREATORS? CAROLINE: THE MOST VALUABLE TECH STUCK IN EUROPE, LITTLE BIT OF PRESSURE TODAY. AT ONE POINT, SIGNIFICANT PRESSURE. A FAT FINGER IS WHAT MANY ARE BLAMING FOR A 7% PLUNGE WE SAW IN BE STUCK AT THE OPEN. THE OVERALL INDEX SAID THAT WAS NOT TO BLAME.
NOW PEOPLE ARE BASICALLY RATHER QUESTIONING THE EVALUATIONS WE SEE, THE RUN-UP ON ASML. THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: TIME FOR TALKING TECH. SOME ALTMAN SAID THE UAE COULD SERVE AS THE REGULATORY SANDBOX TO TEST AI TECHNOLOGIES AND SPEARHEAD GO WHAT USES. HE IS CALLING INVESTORS IN THE MIDDLE EAST FOR A SEMI CONDUCTOR INITIATIVE TO ADVANCE AI. X ONCE THE DISMISSAL OF CLAIMS
IT CAN SUPPLY THE SAUDI GOVERNMENT WITH INFORMATION TO IDENTIFY A MAN ARRESTED, TORTURED, AND SENTENCED TO 20 YEARS IN PRISON. THE PERSON IN QUESTION ALLEGED THE COMPANY CONSPIRED WITH THE KINGDOM TO VIOLATED THE RACKETEERING -- ACT. IN A FORM, ELON MUSK TOLD SENATORS THERE IS NO WAY VLADIMIR PUTIN COULD LOSE THE WAR ON UKRAINE.
IT WAS IN THAT SPACE THAT OPPONENTS OF THE SENATE BILL THAT WOULD PROVIDE FOR ASSISTANCE TO UKRAINE TO CONTINUE BATTLING THE RUSSIAN INVASION AND BEGAN TWO YEARS AGO. ED: LET'S STICK WITH X, THE PLATFORM IS ADDING NEW ADVERTISEMENTS TARGETING FEATURES TO ENTICE VIDEO CREATORS AND COMPETE AGAINST YOUTUBE. JOINING US IS --. WE REPORT THIS UNTAPPED OVER. THEY SAID OUR COMPETITOR IN THE FUTURE IS GOING TO BE YOUTUBE. WHAT HAS HAPPENED IS ALL OF VIDEO FOCUSED DEVELOPMENTS.
THAT IS WHAT YOU HAVE BEEN WRITING ABOUT TODAY. >> EXACTLY. X HAS BEEN PUSHING INTO VIDEO HARD. WE ARE STARTING TO SEE SOME REALIZATION OF IT. IN THE PAST NUMBER OF WEEKS, THEY SIGNED PARTNERSHIPS WITH PEOPLE LIKE DON LEMON AND TULSI GABBARD. THEY SIGNED CONTENT DETAILS TO
PRODUCE SHOWS AND PUT THEM ON X FIRST. THEY DID THE SAME THING WITH W W E. THEY ARE CONTINUING TO PUSH TO GO AFTER CREATORS. NOW THEY ARE GIVING ADVERTISERS MORE CONTROL TO PUT THEIR ADS ON THE PROFILE OF A CREATOR THEY LIKE IN ORDER TO GENERATE MORE REVENUE AND ALLOW THOSE ADVERTISERS TO TAKE ADVANTAGE OF THE PROFILE AND THE FOLLOWERS THEY BRING TO THE PLATFORM.
CAROLINE: WOULD PROVIDE SOME CERTAINTY TO AN ADVERTISER THAT I AM JUST PUTTING MY BRAND, MY NAME, MY MESSAGE FOR ONE PARTICULAR CREATOR RATHER THAN WHO KNOWS WHERE IT ENDS UP? AISHA: ABSOLUTELY. THAT HAS BEEN A HUGE TOPIC OF CONVERSATION WITH X. THEY DEALT WITH A LOT OF CONTENT ISSUES. WE SAW ADVERTISERS LEAVE WHEN THEY FOUND THEIR AD WAS NEXT TO ANTISEMITIC CONTENT. THIS IS ANOTHER CONTROL TO SAY I WANT MY ADVERTISING TO ONLY BE ON A VIDEO BY MR. BEAST, FOR
EXAMPLE. YOU KNOW YOU'RE REACHING THOSE FOLLOWERS, YOUR CONTENT WILL BE RIGHT IN FRONT OF THEIR VIDEOS SO IT LESSENS THE CHANCE IT WILL BE NEXT TO OUR FULL CONTENT. IS INSURANCE FOR ANY ADVERTISER. -- IT IS INSURANCE FOR AN ADVERTISER. CAROLINE:
THANK YOU SO MUCH. COMING UP, WE LOOK AT WHAT IS HAPPENING IN THE CRYPTO MARKETS. WE WILL BE SPEAKING WITH -- AS WE THINK ABOUT THE LETTER ON CRYPTO WE MET AND THEN FELL AWAY FROM. THIS IS "BLOOMBERG TECHNOLOGY." CAROLINE: WELCOME BACK TO "BLOOMBERG TECHNOLOGY." I'M CAROLINE HYDE. ED: I'M ED LUDLOW. THE CHIPS MARKETS IS INTERESTING, THE PRINCIPLE IS THE REVERSAL FROM ARM. THURSDAY MORNING TO MONDAY
NIGHT, ARM POSTED A POST EARNINGS GAIN OF 93% TRAINING AT TRIPLE PRICE OF ITS IPO. 40 TIMES THE REVENUE IS EXPECTED TO EARN THIS YEAR. IF YOU ARE ABLE ON THIS STOCK, YOU ARE A LITTLE WORRIED ABOUT HOW MUCH IT COULD RUN IN THE CONTEXT OF THE ASTEROID. -- CONTEXT OF THE AI STORY. $1.5 BILLION, A LITTLE BELOW EXPECTATIONS BUT THIS IS THE BIGGEST U.S. CONTRACT MANUFACTURER OF CHIPS
AND THE OUTLOOK THEY'RE GIVING MAKES US WORRIED IN SOME ED MARKET THERE IS STILL A LOT WE HAVE TO GO THROUGH. A QUICK CHECK ON NVIDIA, WE ARE UP 1%. IT HAS REPEATED THE MILESTONE YESTERDAY, A $1.8 TRILLION
MARKET CAP, A HIGHER MARKET CAP THAN AMAZON. DID NOT END THAT WAY YESTERDAY. I AM LOOKING AT BITCOIN AND SORRY TO SAY WE HAVE CHANGED DIRECTION ON BITCOIN. LOWER IN INTERCESSIONS BUT WE HAVE POSTED A GAIN OF 15% WITH BELOW $50,000 U.S. DOLLARS. CAROLINE: THE VINE OF THE CAPITAL MARKETIZATION IS ONE WITH FOCUS ON EVERYTHING ABOUT WHICH CRYPTO ECOSYSTEM IS ON THE WIN. LET'S TALK ABOUT WHAT IS BRINGING US UP TO THE $50,000 LEVEL.
AY IS JOINING US FOR MORE. --AYA IS JOINING US FOR MORE. WHAT HAS BEEN MOVING IS HIGHER WHEN IT COMES TO BITCOIN? IS IT ETF FLOWS OR SOMETHING MORE FUNDAMENTAL? AYA: I'M SURE FOLKS WOULD LIKE TO SAY IT HAS TO DO WITH JACK DORSEY WEARING THE CHATEAU SHE SHARED DURING THE SUPER BOWL BUT THE -- STRIKES ABOUT 70,000 TO 75,000 WHICH ARE ALL-TIME HIGH PRICES. WE ARE SAYING THE NARRATIVE AROUND THE PEOPLE 19TH COMING UP AND OVERALL SPOT AND OPTION POSITIONS GEARING UP FOR PRICING TO BREAK ALL-TIME HIGHS IN Q2. WAS HAPPY TO SEE PERFECT FUTURES, OPEN INTEREST ACROSS $11 BILLION WHICH IS THE HIGHEST SINCE DECEMBER 2021. A LOT OF U.S. MOMENTUM GOING ON. CAROLINE: I HATE TO ALWAYS FOCUS OF THIS OF THE ABOUT PRICE BUT ULTIMATELY THE MARKET BEING DICTATED WE ARE GOING TO ECLIPSE 50,000, ARE WE GOING TO ECLIPSE 69,000? AISHA: ABSOLUTELY -- AYA: ABSOLUTELY.
ANYWHERE FROM 70,000 TO 75,000 IS BULLISH. IT LOOKS LIKE WE'RE ARE GOING TO ECLIPSE THOSE AND THAT IS COMING FROM THE U.S. SIDE. YOU ARE SAYING THAT IN COINBASE PRICING WHICH WAS TRADING AT IT..
IT REFLECTS THE FACT THAT YOU ARE SEEING A LOT OF U.S. AND FLOW COMING IN PUSHING THAT PRICE HIGHER. AS WELL AS REFLECTED BY THE INFLOWS WHICH CONTINUES TO MAKE THE NARRATIVE STRONG, U.S.-SPECIFICALLY FOCUSED. ED: WE WERE REFLECTING ON THIS SHOWED YESTERDAY THAT IF YOU THINK ABOUT IT IN SIMPLE TERMS FROM THE END OF 2022 TO PRESENT DAY, THERE IS THIS MINIMAL SHOP FROM 44,000 TO $48,000 PER TOKEN. IN BETWEEN COME ALL KINDS OF CHAOS AND VOLATILITY.
A BRIEF PEEK, BUT ALSO HAPPENED IS THOUSANDS OF ALTCOINS CEASED TO EXIST OR THEY BECAME ILLIQUID. HOW MUCH OF THE STORY IS ABOUT BITCOIN BEING THE ONLY STABLE OPTION IF YOU WANT SOME EXPOSURE TO A CRYPTOCURRENCY? AYA: IT IS PRETTY CRAZY THAT WE ARE TALKING ABOUT BITCOIN AS BEING THE STABLE CURRENCY, BUT YOU'RE SAYING THAT REFLECTED IN SOME OF THE LANGUAGE FIDELITY HAS PUSHED OUT. ETHEREUM IS STILL PLAYING INTO THAT NARRATIVE. A LOT OF WHAT IS GOING ON RIGHT NOW IS WITH REGARDS TO THE WRIST AGAIN OR GIVE -- RESTICKING NARRATIVE. YESTERDAY SAW FRANKLIN TEMPLETON ALSO SUBMITTED AN APPLICATION FOR AN ETF WHICH CAUSED A SMALL BOUNCE.
WE ARE LIKELY GOING TO SEE THAT HAPPENING WITH ETHERIUM AS WELL AND YOU ARE SEEING APPLICANTS FOR AN ETF, SALON OR OTHER ALTCOINS THAT MAY ALSO LEAD TO THAT LOWER VOLATILITY AROUND THOSE TOKENS. CAROLINE: HAVE BEEN BUILDING FOR A LONG TIME, WHETHER IT IS AUGUST OR PREVIOUSLY THE FALL CONNECT. YOU ARE IN THE INVESTING SPACE AND UNDERSTANDING WHAT IS GOING ON IN PANTERA CAPITAL. WHAT IS THE BUILDING LIKE WHEN
WE THINK ABOUT THE OXYGEN BEING SUCKED OUT BY BITCOIN? WHAT IS BEING BUILT FROM ANY INFRASTRUCTURE LAYER? ACTUALLY GO OUT THERE AND USE THIS IN SOME SHAPE WAY OR FORM? AYA: IT HAS NEVER BEEN A HOTTER TIME TO BUILD IN THIS SPACE THEN NOW. YOU ARE SEEING FOLKS DOUBLING DOWN, FOLKS WHO HAVE BEEN IN THIS SPACE FOR YEARS WHO HAVE CLARIFIED WHAT ARE THE PROBLEMS ON THE PROBLEMS ON INFRASTRUCTURE LAYER THAT NEED TO BE SOLVED FOR PEOPLE TO ACTUALLY USE THIS AT SCALE. THE BIGGEST THING RIGHT NOW IS ACCOUNT ABSTRACTION, FOR THESE APPLICATIONS TO BE USED ON THE FRONT END WITHOUT DEALING WITH THE INTERACTIONS OF THE BLOCKCHAIN ON THE BACK END. WE HAVE BEEN TALKING ABOUT THE
NARRATIVE FOR YEARS. HOW DO YOU TO A POINT WHERE YOU CAN USE A TRANSACTION -- YOU CAN HAVE INTRODUCTION WITH OUT USING UI? THIS TAKES TIME TO BUILD AND EVERY DAY WE ARE GETTING CLOSER TO THAT. IT HAS NOT BEEN A HOTTER TIME TO BE A BUILDER IN CRYPTO THAN TODAY. ED: HAVING DUE IN APRIL, DO YOU CARE? AYA: THERE IS ALWAYS A NARRATIVE AROUND IT, WHETHER IT IS BUY OR SELL THE NEWS, THAT IS TO BE SEEN. IT TAKES A WHILE FOR THE FLOWS TO COME INTO THE ETF. IT WILL BE ADJUSTING TO SEE WHAT HAPPENS ON THE RETAIL SIDE AND IF THAT NARRATIVE IS GOING TO BE REFLECTED WITH USERS.
AND ASIA, WE HAVE NOT SEEN AS MUCH ASIA INFLOW WITH ALL OF THIS BEING HISTORICALLY LED WITH THE U.S. SIDE. VERY INTERESTING. ED: AUGUST CO-FOUNDER, AYA, GREAT TO CATCH UP.
WE WENT OUT OF THE BUILDING FOR AN IMPORTANT CONVERSATION. CAROLINE: I-5 THE ELEMENTS FOR AN IMPORTANT BREAKFAST MEETING. I WAS SITTING DOWN WITH KEIFER HOOLEY -- HE HAS WRITTEN MANY A BOOK, FORETHOUGHT ON THE MANY IMPACT. WE STARTED BY ASKING IF BIG TECH COMPANIES CAN ACTUALLY TRULY PIVOT TO BE AI FIRST. >>
THEORETICALLY THEY ARE THE BEST EQUIPPED TO DO AI FIRST BECAUSE THEY HAVE THE MOST EXPERTS IN THOSE TWO COMPANIES. IF YOU COUNT OPENAI IN MICROSOFT'S CAMP. THEY THINK THIS IS A FUNDAMENTAL -- FOR A LARGE COMPANY, IMAGINE YOU ARE IN MICROSOFT WORD GOOGLE.
THE FIRST THING TO THING YOU THINK TO DO ONCE YOU INVENT THIS TECHNOLOGY IS HOW YOU MAKE TECHNOLOGY. UBER WILL MAKE THE MOST MONEY BY PUTTING IT IN SEARCH. MICROSOFT WILL MAKE THE MOST FOR PUTTING IT IN OFFICE. WILL MICROSOFT BECOME AN OF STRUCTURE THAT SAYS I'M GOOD TO BUILD A NEW ENGINE THAT CAUSES PEOPLE TO NO LONGER NEED OR WANT TO USE OFFICE OR PAY FOR IT? FEW COMPANIES HAVE EVER DONE THAT. WHEN KOVACH -- KODAK INVENTED THE DIGITAL CAMERA, THEY SHOWED THAT BECAUSE THEY THOUGHT IT WOULD KILL THE FILL BUSINESS. IT DID, BUT IT WAS NOT BECAUSE OF THEM. THE SAME THING HAPPENS WITH
INTEL NOT EMBRACING MOBILE, QUALCOMM NOT EMBRACING AI, AND THE LIST GOES ON. IT IS HARD FOR A LARGE COMPANY NOT TO TAKE THIS TECHNOLOGY AND PUT IT IN THEIR BEST-SELLING PRODUCT TO MAKE THAT LOW HANGING FRUIT. IT IS HARD FOR THEM TO BE DISRUPTIVE, CANNIBALIZE AND KILL THE REVENUE THAT IS CURRENTLY A CASH COW. CAROLINE: HE WORKED FOR MICROSOFT AND GOOGLE IN CHINA. HE HAS BEEN AN INVESTOR AND ANY AUTHOR.
HE IS GETTING BACK INTO THE WORLD OF BUILDING BUSINESSES. HE HAS HIS OWN AI AND THIS IS ABOUT THE CHINESE MODELS HE COULD BUILD. IN FOCUS, IT IS OPEN SOURCE. HE SAID ONE OF HIS GREAT LENGTHS , HE THINKS AI SHOULD REBRAND. HE THINKS IT IS ONE OF THE MOST CLOSED SHOPS THERE IS. ED: HE IS SEEN AS A BRIDGE,
UNDERSTANDING WHAT IS HAPPENING IN CHINA'S DOMESTIC EFFORTS AND HE UNDERSTANDS WHAT THE WESTERN WORLD IS DOING. HE IS GOING BACK TO BEING A STARTUP FOUNDER WHILE BEING PLUGGED INTO THE MEGA CAPS THAT HAVE COMPETING BUSINESS MODELS. THE AI WORK AND THEIR CALLING BUSINESS. CAROLINE:
EVENTUALLY THE WINNERS WILL BE AI FIRST. I HAVE NOT SEEN HIM QUITE AS WORRIED IN A LONG TIME. HE IS USUALLY ANY OPTIMIST BUT HE IS CONCERNED ABOUT THE PACE AT WHICH WE ARE IN THE BIDDING.
HE STILL THINKS CHINA CAN NEVER BEAT U.S. IMMIGRATION BUT HE THINKS ON IMPLEMENTATION IT CAN GET THERE. ED: WE WILL CONTINUE TO TALK ABOUT AI AND OPPORTUNITIES IN THE INVESTMENT SPACE.
THAT CONVERSATION WITH ALEC ROSS. CAROLINE: I WANT TO FOCUS ON WHAT IS HAPPENING WITH IBM TODAY. NEW YORK PARENTS AMIDST THE SNOW HAS HAD TECH ISSUES GETTING THEIR KIDS TO DO REMOTE SCHOOLING. THERE ARE STATEMENTS FROM THE DEPARTMENT OF EDUCATION SAYING WE ARE EXPERIENCING ISSUES WITH SERVICES THAT REQUIRE IBM AUTHENTICATION LOGIN. WE ARE WORKING WITH IBM TO RESOLVE IT. THEY DID ROLLOUT ADDED CAPACITY
AND IMPROVEMENTS TO THE SYSTEM. THE STOCK IS DOWN BY 1.1%. SORRY TO ALL OF THE PARENTS OUT THERE. ED: TIME FOR THE VC ROUNDUP. FOUNDERFUL IS RAISING 120 MILLION DOLLARS TO TARGET SWISS AI IN STARTUPS. IT HAS RAISED 85 MANY DOLLARS AND AIMS TO RAKE UP -- TO MAKE UP THE REST IN JULY. A STARTUP RAISED FUNDS IN A LIGHTNING ROUND, IT HELPS COMPANIES SEARCH VAST AMOUNTS OF UNSTRUCTURED DATA IN THEIR SYSTEMS. BLACK BIRD VENTURES AND --
CAPITAL. DEVELOPING THERAPIES FOR OBESITY AND METABOLIC DISEASE RAISED 170 MEN DOLLARS IN A SERIES D FINANCING ROUND LED BY SUPERNOVA AND INVESTMENTS. WE ARE GOOD TO HAVE THE CEO AND CO-FINDER -- CO-FOUNDER WITH US LATER IN THE PROGRAM. CAROLINE: BIOAGE IS USING AI TO MOVE FORWARD IN HEALTH CARE. WE WANT TO TALK ABOUT THE BROADER OPPORTUNITIES BUT ALSO THE STRAINS AI PRESENTS WITH ALEC ROSS, A TECH POLICY ANALYST AND BOARD MEMBER FOR THE UST. HE SERVED TO THE SECRETARY OF STATE IN THE OBAMA ADMINISTRATION. SIT IN A TIME OF ULTIMATE
DISRUPTION -- WE SIT IN A TIME OF ULTIMATE DISRUPTION. COMPANIES ARE ALL IN ON OPERATIONAL EARNINGS BUT ALSO LETTING GO OF PEOPLE AT A RAPID RATE WITH THINKING INVESTMENT IN TECHNOLOGY THE JOBS ULTIMATELY DISRUPTED FROM THIS. WHERE DO YOU SIT IN THE OPTIMISTIC VERSUS PESSIMISTIC SIDE OF AI? ALEC: I AM NET POSITIVE OVER THE MEDIUM TO LONG-TERM. OVER THE SHORT-TERM, IT WILL BE
TRICKY BECAUSE WE CAI ENABLING AUTOMATION OF LABOR THAT IS NOT ONLY MANUAL AND ROUTINE BUT COGNITIVE AND NONROUTINE. IT IS WIPING OUT A LOT OF JOBS, THE LIKELY OF WHICH MY FATHER WHO IS A LAWYER, THE KIND OF WORK MY FATHER DID AS A LAWYER OUGHT TO BE 99% DONE BY SOFTWARE AT THIS POINT. THAT IS NOT NECESSARILY A BAD THING BUT A BAD THING FOR PEOPLE LATER IN THEIR CAREERS THAT ARE NOT GOING TO BE ABLE TO PICK IT.
-- ABLLE TO PIVOT. IT IS NOT GOING TO BE AS BAD AS ONE WOULD IMAGINE THAT OVER THE SHORT TERM WHERE GOOD TO SEE AUTOMATION OF A LOT OF WHITE-COLLAR JOBS. ALEC: IF YOU LOOK AT THEENTIRETY -- ED: IF YOU LOOK AT THE ENTIRETY OF THE NEWS FLOW ARE LAYOFFS AND COST CUTS AT COMPANIES ARE BEING CARRIED OUT TO FREE UP FUNDS TO INVEST IN AI, IRONICALLY. THE EARLIEST STAGE ECOSYSTEM, THE START THAT SAY WE'RE ARE USING AI TO AUTOMATE OR MAKE MORE EFFICIENT A SPECIFIC FUNCTION FEEL ANY OF THAT? THE REALLOCATION OF CAPITAL FROM HEADCOUNT TO A NEW AI TOOL? ALEC: YES AND NO. LET'S HAVE HONESTY AROUND THE DRAMA AROUND LAYOFFS. UNEMPLOYMENT IS REALLY THOUGH IN THE U.S..
SOME OF THE LAYOFFS GETTING A LOT OF ATTENTION ARE INSIDE PLATFORM COMPANIES THAT HAVE BEEN HIRING WILDLY FOR YEARS. IF YOU TAKE A COLD-BLOODED LOOK AT UNEMPLOYMENT, UNEMPLOYMENT IS SHOCKINGLY LOW. I LIVE IN MARYLAND WHERE THE UNEMPLOYMENT RATE IS LIKE 2.4%. I DON'T THINK WE NEED TO BE SONIC ALARM BELLS YET ABOUT LAYOFFS, IN PART BECAUSE PEOPLE BEING LAID OFF IN THESE COMPANIES CAN GET WORK INSIDE STARTUPS, YOU LIKE -- AND THE LIKES OF WHICH I INVEST IN.
THESE STARTUPS ARE USING AI IN A WAY ENABLING THEM TO NOT HAVE TO BUILD THEIR HEADCOUNT TOO FAST. THIS IS ENABLING THE GROWTH OF LEAN STARTUPS. IT IS HELPING THE STARTUP ECOSYSTEM MORE SO THAN THE COMPANIES DOING THESE LAYOFFS. CAROLINE: WE WERE SPEAKING WITH KAI-FU LEE WHO DOES FEEL THERE IS WHAT YOU BE A LIMITATION ON THESE BIG TECH JUGGERNAUTS THAT HAVE BEEN AHEAD OF THE CURVE IN AI DEVELOPMENT BUT GOING TO LEAD TO CANNIBALIZATION OF THEIR OWN BUSINESS MODELS AND THEY ARE NOT GOING TO BE AI FIRST. ARE ALL OF THE COMPANIES YOU ARE BACKING ULTIMATELY AI FIRST COMPANIES? FOR ARE THEY HAVING TO REESTABLISH THEMSELVES AND RETHINK ABOUT THEIR HEADCOUNT AND THE WAY THEIR BUSINESS MODEL WORKS? ALEC: NOT ALL OF THEM ARE NECESSARILY AI FIRST. FOR A LOT OF THEM, AI
WILL BE A NEW TOOL IN THE TOOLKIT. TIMOTHY EXCITING EXAMPLE OF AN AI FIRST COMPANY -- THE MOST EXCITING EXAMPLE OF AN AI FIRST COMPANY IS KAIN. HEALTH. BILL USING AI TO PUT -- HEALTH CARE INTO BIG COMPANIES. SOMETHING LIKE THIS WOULD NOT
HAVE BEEN POSSIBLE, ENABLING HEALTH SERVICES TO TENS OF THOUSANDS OF EMPLOYEES THAT HAS A HUGE HUMAN COMPONENT ON THE BACK END BUT AN AI. . COMPONENT ON THE FRONT END. THIS ULTIMATELY ISSUING WHAT AI CAN DO TO HELP THE WORLD A LITTLE BIT. ED: ALEC ROSS, THANK YOU SO MUCH FOR YOUR TIME HERE. COMING UP, WE TALK ABOUT THE FUTURE OF BIOTECH AND HOW AI IS IMPACTING THAT SPACE WITH CEO AND COFOUNDER, KRISTEN FORTNEY. THIS IS NEXT.
"BLOOMBERG TECHNOLOGY." ED: LET'S GET BACK TO BIOAGE WHICH DEVELOPS NEW THERAPIES FOR METABOLIC DISEASES USING THE POWER OF AI. KRISTEN FORTNEY JOINS US NOW. IT IS A SIZABLE D.
WHAT IS IT YOU NEED TO INVEST IN IN THE CONTEXT OF AI? HELP US UNDERSTAND HOW AI WILL ULTIMATELY ACCELERATE THE WORK YOU ARE DOING? KRISTEN: THANKS FOR HAVING ME. HOW WE USE AI AT BIOAGE IS TO UNDERSTAND HUMAN AGING. HUMAN BIOLOGY IS COMPLICATED. YOU HAVE TENS OF THOUSANDS OF PROTEINS UNDER YOUR BODY EACH WITH A DIFFERENT ROLE TO PLAY. IT IS FUNDAMENTALLY A DATA QUESTION TO FIGURE OUT WHICH PROTEINS MATTER FOR CERTAIN PROCESSES.
AT BIOAGE, WE STUDY WHAT MAKES -- HELPS INDIVIDUALS LIVE LONG AND LIVE HEALTHY FOR A LONG PERIOD OF TIME. SOME PEOPLE ARE VERY HEALTHY RELATIVE TO THEIR 90'S. THEY ARE SCUPPERS AGREE CAPABLE. IT IS HELPING US TARGET ID.
WITH THIS FINANCING, WHAT THAT IS CORE TO POWER IS OUR CLINICAL DEVELOPMENT. PHASE TWO CLINICAL TRIALS FOR OBESITY. CAROLINE: YOU ARE DOING IT IN COMBINATION WITH ELI LILLY. I WONDER HOW MUCH YOU DO GO
HAND IN HAND WITH THE OLDER GUARD, THOSE ALREADY BRINGING THESE TWO MARKET? KRISTEN: THAT IS A GREAT QUESTION. OUR DRUG WHICH IMPROVES MUSCLE AND METABOLIC FUNCTION IS IN COMPETITION WITH THESE DRUGS THAT ARE CURRENTLY DELVING. FROM THE TRIAL, WE ARE GOING TO BECOME BY OUR DRUG TOGETHER WITH ELI LILLY'S DRUG TO SEE IF WE CAN INCREASE THE QUANTITY OF WEIGHT LOSS. THERE WILL GIVE MORE WEIGHT LOSS AS WELL AS THE QUALITY OF WEIGHT LOSS TO HELP IT BE HEALTHIER WITH A BETTER BALANCE. IMPORTANTLY, OUR DRUG -- THE FEATURE HERE IS INSTEAD OF HAVING TO INJECT YOURSELF, HAVE A WEIGHT LOSS PILL THAT ACHIEVES THE WEIGHT LOSS YOU NEED IN A HEALTHY WAY. ED: WHAT IS YOUR BIGGEST COST? WHAT ARE YOU GOOD TO SPEND ON HEADCOUNT OR SOFTWARE? KRISTEN: THE LARGEST COST IS THE CLINICAL TRIAL. BE REQUIRE HUNDREDS OF PEOPLE
TAKING GOOD DRUG MONTHS AT A TIME, LOOK AT A CONFERENCE IF BATTERY OF TESTS SO THAT THE SOFTWARE WHERE THE HEADCOUNT IS NOT THE COST EITHER. CAROLINE: TELL US HOW THE TRIALS GO. BIOAGE LABS COFOUNDER, KRISTEN FORTNEY. THAT DOES IT FOR THIS EDITION OF "BLOOMBERG TECHNOLOGY." COME RAIN, SUN, OR SNOW, WE WILL BRING YOU -- BRING IT TO YOU HERE IN NEW YORK. ED: THIS IS A BIG WEEK FOR THE GIG ECONOMY. THIS IS GOING TO TELL A LOT
ABOUT THE WORLD WE ARE LIVING IN. CHECK OUT THE PODCAST ON SPOTIFY , APPLE, IHEART.
2024-02-15 20:43
