Intel Wins Big Incentives and Huawei Risks Sanctions | Bloomberg Technology
CAROLINE: I'M CAROLINE HYDE AT BLOOMBERG'S WORLD HEADQUARTERS IN NEW YORK. ED: THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: WE WILL TALK ALL THINGS SHIPS AS INTEL WINS INCENTIVES FROM THE U.S. GOVERNMENT. ED: THE BIDEN ADMINISTRATION WAYS SANCTIONS ON HUAWEI'S SECRETIVE CHIP NETWORK. CAROLINE: WE HAVE TO TALK IPO'S. THE COMPANY AND SHAREHOLDERS GUIDING THE PRICE OFFERING AT THE TOP OF ITS MARGIN RANGE OR ABOVE. THE CEO JOINS US LATER AS WE EXPECT A POP IN THOSE SHARES. LET'S CHECK IN ON THESE PUBLICLY TRADED MARKETS.
FLAT ACROSS THE BOARD. THE FEDERAL RESERVE LATER WE COUNT DOWN TO THAT ANNOUNCEMENTS IN A FEW HOURS TIME. THE MARKET WAITS WITH BATED BREATH. CURRENTLY FLAT ON THE NASDAQ. A RECORD HIGH YESTERDAY THANKS TO AI AND SOME OF THE BIG TECH NAMES. 10 YEAR YIELD IN THE U.K.. SOME OF THE MOVEMENT IN U.S. TREASURIES HAVE BEEN PUSHED BY
GILTS. WE GOT INFLATION TICKING DOWN MORE THAN EXPECTED IN THE U.K.. SOME INFLATION PRESSURE DIALING BACK. WE SEE A RALLY ACROSS THE BOARD. U.S.
DOLLAR ON THE UP AND UP. WHAT WILL THEY SIGNAL'S TERMS OF FUTURE RATE CUTS INTO THE REST OF THE YEAR. HAVING JUST BEEN FOCUSED FOREMOST ON INFLATION THROUGHOUT 2022, 23. WE HAVE COME OFF THE BOIL.
WE KNOW THE ETF FLOWS HAVE BEEN SLOWING. AS WE SEE A STRONGER U.S. DOLLAR WE SEE A BIT OF A REBOUND. CURRENTLY AT 64,000. BUT UP 9/10 OF A PERCENT. WHAT IF YOU GOT ON MICRO DATA?
>> HIGHER BY 4/10 OF 1%. YOU CAN SEE AHEAD OF THE TAPE SHOWING IT WAS MUCH HIGHER EARLIER. $20 BILLION OF INVENTORS FROM THE CHIPS ACT GRANTS, HIGHLY FAVORABLE LOANS AND ALSO TAX BREAKS RELATING TO THE CAPEX THAT THEY ARE COMMITTING TO BUILD OUT THEIR FOUNDRY BUSINESS IN THE UNITED STATES. ARIZONA PRINCE LOUIS BUT ALSO HIGHER. JOINING US IN A MOMENT'S TIME. THAT WAS THE BIG HEADLINE IN THE SEMICONDUCTOR SECTOR AND IS THE BIG MOVE WE ARE TRACKING. I WANT TO GET TO ANOTHER IMPORTANT STORY. CAROLINE:
EXCLUSIVE REPORTING FROM BLOOMBERG FOR THE U.S. CONSIDERING BLACKLISTING A NUMBER OF FIRMS LINKED TO HUAWEI. THE TELECOM GIANT MADE THAT SIGNIFICANT BREAKTHROUGH LAST YEAR.
ACCORDING TO SOURCES WE HAVE TO GET INTO IT WITH BLOOMBERG EXECUTIVE EDITOR FOR U.S. GOVERNMENT MICHAEL SHEPPARD. GREAT TO HAVE YOU ON THE SHOW. PERHAPS WE SEEN THE READING OF THE TEA LEAVES ANTICIPATING YET FURTHER ACTION ON CHINESE NAMES.
>> WHAT WE ARE SEEING IS THE EXTENSION OF THE PUSH TO KEEP CHINA'S CHIPMAKING AND TECHNOLOGICAL PURSUIT IN CHECK. WE HAVE ALREADY SEEN THEM NEGOTIATING WITH THE NETHERLANDS AND JAPAN AND SOUTH KOREA. OTHER COUNTRIES TO TRY AND PREVENT CHINA FROM ACQUIRING THE GEAR NEEDED TO MAKE THOSE ADVANCED CHIPS LIKE THE ONE WE SAW HUAWEI DEPLOYED IN LAST SUMMER. THE U.S. WAS CAUGHT BY SURPRISE BACK THEN WITH THAT PARTICULAR MODEL.
THAT WAS A SEMICONDUCTOR THE U.S. HAD PREVIOUSLY THOUGHT WAS OUT OF CHINA'S REACH. WHILE WAY -- HUAWEI HAS BEEN IN THE CROSSHAIRS OF THE U.S. FOR NEARLY A DECADE. ED: WE ARE SHOWING THE LIST OF CHINESE DOMESTIC CHIP NAMES THAT THE U.S. IS CONSIDERING SANCTIONING.
CX MT, WHAT ARE THEY ALL HAVE IN COMMON BASED ON MY UNDERSTANDING OF THE REPORTING IS EXISTING TIES TO HUAWEI, EITHER IN AFFILIATE OR THEY HAVE BEEN USING THOSE COMPANIES TO TRYING GET ACCESS CHIPMAKING EQUIPMENT TO WHICH HUAWEI IS BANNED OR SANCTION FROM ACCESSING. MICHAEL: YOU ARE RIGHT. THEY HAVE BEEN ON THIS SO-CALLED ENTITY LIST SINCE 2019. THAT PROHIBITS ANY U.S. COMPANY FROM SELLING TECHNOLOGY UNLESS THEY GET SPECIAL PERMISSION FROM THE COMMERCE DEPARTMENT. THE CONCERNS THEY MAY HAVE BEEN ABLE TO DEVELOP THIS ADVANCED CHIP BY USING SOME OF THESE COMPANIES AS PROXIES TO GET SOME OF THE TECHNOLOGY NEEDED TO MAKE THAT LEAP SO NOW WITH THE U.S. IS TRYING TO DO AND GINA RAIMONDO HAS BEEN CLEAR ABOUT TRYING TO PLUG ANY GAPS IN ACCESS THAT THEY MAY HAVE TWO ADVANCED TECHNOLOGY AND LIKEWISE THE COMMERCE DEPARTMENT HAS BEEN PUSHING THIS. EFFORTS TO TRY AND RESTRICT
CHINA'S ACCESS TO CHIPMAKING EQUIPMENT AND OTHER AREAS AS WELL. ED: THE WHITE HOUSE SECURITY COUNCIL DID NOT COMMENT ON THE STORY. REPRESENTATIVES OF THOSE STORIES DIDN'T RESPOND TO COMMENT AT THE MINISTRY OF FOREIGN AFFAIRS IN CHINA REITERATED TO US THEY RESOLUTELY OPPOSE U.S. ACTIONS TO DISRUPT A MARKET
ORDER AND HARM CHINESE ENTERPRISES. MICHAEL SHEPPARD OUT OF D.C. ON AN INCREDIBLY IMPORTANT PIECE OF REPORTING. LET'S GET BACK TO IT, THE U.S. WILL AWARD INTEL $8.5 BILLION IN GRANTS AND IS MUCH AS $11
BILLION IN LOANS TO HELP FUND AN EXPANSION OF ITS SEMICONDUCTORS FACTORIES. FROM A PROGRAM DESIGNED TO REINVIGORATE THE DOMESTIC CHIP INDUSTRY. WE'VE GOT ON THE PHONE LAST NIGHT. IT'S A BIG CHUNK OF MONEY. HE TOLD US HE WOULD'VE LIKED MORE BUT HE'S PRETTY HAPPY WITH IT.
THE MAIN POINT IS TO ONSHORE OR RE-ONSHORE THE SEMICONDUCTOR INDUSTRY IN THIS. >> OBVIOUSLY THE CONCENTRATION OF ADVANCED MANUFACTURING IN EAST ASIA DONNELLY TAIWAN BUT ALSO SOUTH KOREA. THAT IS WE SAW DURING THE PANDEMIC AND THIS ONGOING DISPUTE WITH CHINA IS A SECURITY RISK, STABILITY RISK. THE BIDEN ADMINISTRATION WANTS CONTINUED. ITS BACKING INTEL AS THE BEST CHANCE OF GETTING THAT. FOR INTEL THEY ARE ON THE COMEBACK TRAIL.
THIS IS A BIG CHUNK OF THAT. CAROLINE: LET'S ALSO THINK ABOUT SOME OF THE OTHER NAMES THAT ARE LIKELY TO BE INCENTIVIZED TO BUILD IN THE UNITED STATES. IT'S NOTABLE THE U.S. NAME GETS A BIG CHUNK OF CHANGE BUT OTHERS WILL BE RECEIVING IT FROM THE LIKES OF SAMSUNG FOR EXAMPLE. >> YOU CANNOT JUST BACK INTEL. THEY ARE FALLING BEHIND IN THE LAST FIVE YEARS. THEY ARE MAKING A GOOD SHAKE OF
A COMEBACK AND CLOSE TO BEING BACK WHERE THEY SHOULD BE BUT LOOKING FROM A PURELY OBJECTIVE POINT OF VIEW YOU HAVE TO BACK THE WINNERS AS WELL AND THAT WOULD BE SAMSUNG AND SEMICONDUCTOR MANUFACTURING AND THOSE COMPANIES IN THE U.S.. ED: PAT GELSINGER WAS HONEST WITH US LAST NIGHT THAT THE SEMICONDUCTOR INDUSTRY IN THIS COUNTRY OVER 30 YEARS WENT ELSEWHERE -- ELSEWHERE. THEREFORE IT'S NOT TO HAPPEN OVERNIGHT BRINGING IT BACK. WALKER AUDIENCE THROUGH THE FOOTPRINT OF WHAT THEY'RE TRYING TO DO. ARIZONA AND OHIO ARE THE FOCUS. THE 20 BILLION ACTUALLY GOES A LONG WAY TO GETTING THINGS BUILT. IAN: IT DOES AND IT DOESN'T. FOR A LOT OF THESE PLANTS 20 BILLION WILL JUST ABOUT COVER IT. IT'S NOT ACTUALLY BUILDING THE
FACTORY IT'S THE MONEY YOU GIVE TO APPLY MATERIALS. IT'S A MASSIVE AMOUNT OF PUBLIC MONEY. AS YOU REMINDED US, IT'S NOT AS MUCH AS I WANT. THIS BALANCES THE ECONOMICS, IT MAKES INVESTING IN A U.S.
FACILITY EQUIVALENT TO DOING IT IN TAIWAN OR SOUTH KOREA. THIS IS NOT A FREE PASS, IT IS NOT A 10 YEAR EXTENSION OF INTEL TO DO WHAT THEY WANT. IT'S CONSIDERABLE HELP BUT WE WILL NEED MORE MONEY IF WE WANT TO CREATE THAT BASIS. CAROLINE: THE REAL GEM OF THE CHIP ECOSYSTEM IN THE U.S.
HAS STILL BEEN GOING OUT THERE DISCUSSING ITS FUTURE PLANS, ITS VISION FOR AN AI FOCUSED REALITY. WHAT ARE WE LEARNING FROM NVIDIA. IAN: ANYBODY THAT WAS MENTIONED DURING THE MASSIVE KEYNOTE THE STOCK GOT A BUMP AND THOSE ON THE MARKETING WROTE A GOOD STORY ABOUT THAT. THAT'S EXACTLY WHAT'S GOING ON HERE. THEY ARE ESSENTIAL TO WHAT'S GOING ON HERE. THE BIG MESSAGE WAS HERE WAS A
GREAT NEW CHIP. DON'T WORRY TOO MUCH ABOUT THAT, THEIR SERVERS, NETWORKING, YOU NAME IT. AND WE WILL BRING THIS TECHNOLOGY TO EVERYONE. IT'S NOT JUST CAN IT FOR AMAZON OR MICROSOFT. HYUNDAI SHIPBUILDING WILL BE USING AI TO MAKE BETTER SHIELD -- THAT WAS THE BIG MESSAGE THE LAST COUPLE OF DAYS. CAROLINE: SAMSUNG UP THE MOST IN SIX
MONTHS. BLESSING IT EARLIER ACROSS IT ALL IN THE WORLD OF CHIPS WE HAVE MORE TO COME. THANK YOU SO MUCH. LET'S CHECK IN ON THE
IMPLICATION OF THE CHIP MARKET ON THE REST OF THE MARKETS. MAGNIFICENT SEVEN DRIVING US TO NEW HIGHS. PRINCIPAL ASSET MANAGEMENT'S SEEMA SHAH JOINS US. ED: MICRON MEMORY CHIPMAKER INCREDIBLY IMPORTANT. HIGHLY COMMODITIZED WE'VE SEEN THE RECOVERY IN PRICES AND THE STREETS EXPECTATION IS THAT WILL RESULT IN SOME FEEL-GOOD FOR MICRON. WHERE TO THE MEMORY CHIPMAKER
SIT IN THIS STORY. THEY ARE BUILDING ALL THESE DATA CENTERS, SURELY THEY NEED THE MEMORY TO GO IN THERE ALONG GPU'S AND CPUS. IT'S A BIG EARNINGS PRINT AFTER THE BELL. THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: THE SO-CALLED MAGNIFICENT SEVEN, FEW OF THEM TAKING A BREATHER.
EMPOWERING BENCHMARKS TO NEW RECORDS. AMIDST THIS AI HYPE AND THE REALITY FROM NVIDIA BASED ON RATINGS THEY'VE MADE SOME OF THESE MAGNIFICENT SEVEN NAMES THE MOST CROWDED TRADE. IS THIS RALLY GOING TO BE SUSTAINED? PRINCIPAL ASSET MANAGEMENT STRATEGIST SEEMA SHAH TO WALK US THROUGH THE MACRO AND MICRO POLICIES. WHETHER OR NOT THE MAGNIFICENT SEVEN CAN CONTINUE TO JUST OWN THIS RALLY? SEEMA: THANK YOU FOR HAVING ME ON. IT'S AN INTERESTING QUESTION BECAUSE THERE WAS A PERSPECTIVE THAT THERE WOULD BE A SHIFT AWAY FROM THE MAG SEVEN INTO THE POSSIBLE MARKET.
BECAUSE THERE'S BEEN SUCH MACRO POLICY BAIT -- AND DEBATE GOING ON AND WHAT THE FED WILL DO YOUR ARE STILL SEEING THE UNCERTAINTY IN THAT INVESTORS ARE LOOKING FOR WHERE THEY HAVE SAFETY, WHAT THEY CAN EXPECT. PEOPLES ARE INTERESTED MUST BE MAINTAINED. THERE'S ALWAYS GOOD TO BE QUESTIONS ABOUT VALUATIONS. THE CLIENTS WE ARE SPEAKING TO HER TELLING US THEY DO HAVE BELIEF IN THE EARNINGS EXPECTATIONS SO THEY ARE NOT TOO CONCERNED. THEY WOULD LIKE TO OWN OTHER PARTS OF THE MARKET TO INCREASE EXPOSURE. CAROLINE: IS IT THEREFORE A BROADER PART OF THE AI ECOSYSTEM WHERE YOU GET OTHER NAMES IN PARTICULAR. ASML HAS DONE WELL IN EUROPE.
SOME OTHER ASIAN NAMES DOING WELL. SEEMA: THERE'S A BIT OF BOTH. TYPICALLY ON THE PART OF THAT TEXT WHICH CAN DO WELL. BUT IT'S ALSO ABOUT LOOKING AT THE PAST MARKETS AND OTHER REGIONS WHICH EVAN PERFORMED AS WELL. SO THAT HAS BEEN SOME INTEREST
IN SMALL CAPS SPACE BUT HOPEFULLY LOOKING TO SEE THAT THEY KNOW WHAT THE FED WILL DO THAT THEY WILL START LOOKING DEEPLY INTO THAT AREA. OTHER PARTS OF THE MARKET WHICH ARE NOT TECH FOCUSED, WHERE VALUATIONS ARE REALLY INTERESTING. THE OTHER STORIES ARE QUITE COMPELLING. WHAT WE ARE SEEING IS EVEN OUTSIDE THE U.S.
TECH SPACE, THAT STILL DOESN'T MEAN THEY'RE TAKING AWAY FROM U.S. TECH EITHER. ED: WE WOULD TALK ABOUT WHAT SUPPORTING THE LARGE MEGA CAP TECH SPACE IN THE UNITED STATES PRE-EARNINGS ARE STRONG. EVEN IF YOU DEBATE THE TIMING OF RATE CUTS I THINK MOST PEOPLE STILL THINK RATE CUTS ARE COMING THIS YEAR, THE THING SUPPORTING ALL OF IT IS THIS INVESTMENT CYCLE DRIVEN BY AI.
HOW MUCH CARRIE DOES THAT GIVE US THROUGH THE END OF THE YEAR IF YOU CALL A TAILWIND HOW LONG DOES IT FLOW? SEEMA: I WOULD SAY THAT THAT NARRATIVE IS NOT JUST THE INTEREST FOR THE REST IT TAKES A VERY SIGNIFICANT PART OF THE STRATEGIC ALLOCATION. THE VALUATIONS MEAN THE TACTICAL SIDE IT'S NOT THE TIME YOU WANT TO BE ADDING THE EXPOSURE BUT MOST PEOPLE LOOKING AT THIS MEGA CAP SPACE IN SAYING THIS IS SOMETHING WE CAN DELIVER FOR THE NEXT FIVE OR 10 YEARS AND BEYOND. I THINK THAT TAILWIND PROBABLY MAINTAINS AND CARRIES THE SPACE THROUGH. AS YOU SAID, RIGHT NOW THE NARRATIVE IS MORE ABOUT WHAT NECESSARILY IS THE FED KENNECOTT. >> I WANT TO GO BACK TO THE EXAMPLE OF INTEL TALKING ABOUT EARLIER IN THE SHOW. THIS COMPARISON FOR THE INTEL
SIDE-BY-SIDE WITH THE MAG SEVEN THING IT'S DOWN 16 OR 17% SO FAR THIS YEAR. JUST GOT $20 BILLION OF U.S. REWARDS. THE CHIPS ACT SUPPORT, DO YOU EXPECT INVESTORS TO PAY THAT MORE CREDENCE IN THE BACK HALF OF 2024? SEEMA: WE ARE AND I THINK THAT'S AN IMPORTANT STORY IS WE ARE TRYING TO SEE WE KNOW HOW THE MAG SEVEN HAS DONE. WHICH OF THE OTHER PARTS ARE REALLY IN A BENEFIT. INTEL IS ONE PERFECT EXAMPLE BUT ALSO IF YOU LOOK AT SLIGHTLY MORE TECH SECTOR LOOKING TOWARDS OTHER BUSINESS, HEALTH CARE, DATA CENTERS. THESE WILL BENEFIT AS A SECOND ROUND TECHNOLOGY AND THAT PARTICULAR CLIENT INTEREST ON WHERE IT CAN BENEFIT.
THAT THEY DO KNOW THOSE SEGMENTS OF THE MARKET ARE REALLY STANDING TO HAVE SOME SERIOUS GAINS OVER THE COMING DAYS FOR ALL THE TECHNOLOGY MOVES WE'VE SEEN. CAROLINE: I WOULD LIKE TO DO CREDIT BITS THAT I GO TO CRYPTO AND MORE BROADLY IS THAT SOMETHING YOU ARE GETTING, MORE QUESTIONS IF THAT RALLY HAS RUN OUT A LITTLE. SEEMA: WHEN YOU SEE THE MOVES WE'VE HAD IN TO CRYPTO YOU WILL GET A LOT OF QUESTIONS.
THE QUESTIONS ARE CANDID CONTINUE BUT ALSO WHAT WERE SEEING HIS INVESTORS ARE LOOKING AT THIS BEING WITH JENNA MIZE NOW. THEY EXCEPT THERE'S AT ON A VOLATILITY ASSOCIATED WITH THIS THEY HAVE TO FAIRLY STRONG STOMACH. THIS IS A LONG-TERM PERSPECTIVE NOT SOMETHING YOU CAN BE BETRAYED IN AND OUT OF. SO INVESTORS ARE TRYING TO FIND OUT WHERE WILL WE GET THE SIGNIFICANT RETURNS.
BUT ARE LOOKING MORE LESS LIKELY IN THE COMING YEARS AND THAT IS SOMETHING WHERE CRYPTO IS COMING IN. ED: GREAT TO CATCH UP WITH YOU HERE ON BLOOMBERG TECHNOLOGY. COMING UP ON THE SHOW ONE OF THE HIGH ANTICIPATED IPO'S OF THE YEAR, THE DECADE OF THE LAST TWO DECADES. WORKING OUT WHAT TO EXPECT FROM REDDIT. TOP END OF ITS RANGE $34 A SHARE. CAROLINE: EARNING STILL COMING AND WE DIVE INTO WHAT'S HAPPENING WITH SOME OF THE ASIAN NAMES TRADED HERE IN THE U.S.
WITH TENCENT HOLDINGS AT 1.3% IN THAT PARTICULAR TRADE RATED MAY BE THE EARNINGS AREN'T EXACTLY WHAT ENDS UP BEING FOCUSED UPON WHEN IT'S MORE ABOUT THE JOB BY BACK THAT EVERYONE WAS SAYING. WEEK GAIN SALES IN PARTICULAR. HAD BEEN MANAGING IN MARKETS TRADE BREAD THIS IS BLOOMBERG TELEVISION. ED: ASKED HER -- ASTERA LABS SET TO OPEN SIGNIFICANTLY ABOVE ITS IPO PRICE OF $36 A SHARE. SHARES INDICATED TO OPEN IT $53
AS OF AROUND 15 MINUTES PAST 11 EASTERN TIME. 246% PREMIUM ON WHERE THEY PRICED IT. LET'S GET STRAIGHT TO BLOOMBERG DEALS REPORTER, YOUR REACTION. >> THERE'VE ONLY BEEN THREE VENTURE BACKED IPO SINCE 2021. THEY ARE POPPING SIGNIFICANTLY WHICH THIS IS AFTER ALREADY PRICING ABOVE THEIR REVISED RANGE. THEY KEPT REVISING IT HIGHER BECAUSE THERE WAS SO MUCH DEMAND, INSTITUTIONAL INVESTORS. SO THE FACT THAT THEY -- THIS
WENT REALLY WELL SHOWS AND PROVES THERE IS INVESTOR DEMAND FOR THE RIGHT COMPANIES, OR TECH IPOS RIGHT NOW. CAROLINE: IT DEVELOPED SEMICONDUCTOR-BASED CONDUCTIVITY SOLUTION. THIS IS ABOUT AI. AND YOU THINK THEREFORE WE ARE NEEDING TO HAVE THIS ELEMENT OF AI TO GET INVESTORS EXCITED AT THE MOMENT. >> THIS IS DEFINITELY AN AI RELATED COMPANY.
THEY ARE IN CHIPS. THAT'S BEEN SOMETHING THAT'S DRAWN MORE EXCITEMENT BACK TO TECH AGAIN. 2022 WAS ROUGH AND THEN 2023 PEOPLE STARTED TO GET MORE EXCITED ABOUT AI AND NOW WE ARE SEEING THIS MAKE IT TO WALL STREET WITH IPO'S AND THERE'S A LOT OF EXCITEMENT THERE. ED: LET'S GET TO THE OTHER TECHNOLOGY IPO, REDDIT. THE RANGE WAS $31 TO $34 A SHARE WHICH VALUES AT 6.4 BILLION. WHAT DO WE KNOW.
>> TECHNICALLY HAS NOT PRICED YET BUT WE ARE HEARING POSITIVE INDICATIONS ABOUT WHERE IT WILL PRICE. RIDING OFF OF THE EXCITEMENT WHICH HELPS EXCITED INVESTORS PROTECT GENERALLY AND WE SAW HOW THE MARKET WAS TRADING TODAY AND THEY ARE THINKING ALREADY THIS COULD GO WELL. IT TECHNICALLY DOES NOT GET PRICED UNTIL AFTER THE BELL.
ALREADY IT'S LOOKING POSITIVE FOR REDDIT. CAROLINE: MUSIC TO SOME OF THE BANKS YEARS WHEN WE ARE AT RECORD HIGHS IN THE DAYS BEFORE THE IPO. KATIE, THIS IS A NAME PEOPLE OF ANTICIPATED COMING TO THE MARKET FOR SO LONG. HOW ARE SOME OF THE ALLOCATION GOING TO THOSE THEMSELVES BECAUSE THEY WANT TO ENSURE THEIR COMMUNITY IS SUPPORTIVE OF THEM GOING PUBLIC. KATIE: THEY'RE ALLOCATING SHARES TO SOME TOP USERS. NORMALLY IT'S JUST WALL STREET THAT GETS ACCESS AT THE IPO PRICE.
NORMALLY AN AVERAGE RETAIL INVESTOR CAN ONLY BUY AFTER IT BEGINS TRADING ON THE FIRST DAY AND THEY DON'T HAVE ACCESS TO THAT POP THAT WE SEE. SO THIS IS A WAY TO GIVE THAT TO SOME OF THEIR TOP USERS. WE HAVE SEEN THIS WITH A COUPLE OF OTHER CONSUMER FACING IPO'S NOW BUT THIS IS PART OF THAT TREND. ED:
WHAT'S INTERESTING WITH REDDIT, FOUNDED IN 2005 BEEN BOUGHT BY CONDE NAST QUICKLY AND SPUN OUT. WE'VE BEEN WAITING A LONG TIME. THERE IS ALSO HOW THIS WILL WORK SO SOME OF THE SHARES TO INSIDERS AND STAFF. HOW DOES THAT IMPACT THE MECHANICS. >> WE HAD SMALLER THAN USUAL STAKES.
THEY WERE SPUN OUT OF ADVANCE, THE FOUNDERS HAD REALLY SMALL STAKES. LESS THAN 5% FOR THEM AND THAT'S NOT SOMETHING WE TYPICALLY SEE AT THE TIME OF AN IPO. THIS IS ACCOMPANIED THAT'S GOING PUBLIC THAT'S BEEN AROUND FOR 19 YEARS. THIS IS TECHNICALLY THE SECOND EXIT BECAUSE THEY WERE SOLD IN THE EARLY DAYS AND THEN NOW SPUN OUT. CAROLINE: THE QUESTION IS PROFITABILITY BRING WE THANK YOU FOR BREAKING IT DOWN. IT FEELS LIKE A BIT OF AN IPO MINI FRENZY. DIVING IN IT WHAT'S HAPPENING
WITH MICROSOFT. THE HEAD OF ITS CONSUMER ARTIFICIAL INTELLIGENCE BUSINESS. THE CONSUMER AI WORK UNDER ONE METER FOR THE FIRST TIME -- UNDER ONE LITER FOR THE FIRST TIME. DOES THIS MEAN FOR REGULATION AND SO MANY QUESTIONS. ED: A LOT OF PEOPLE CALLING THAT AN ACT WE HIGHER. SHARES OF SAMSUNG UP, A VERY SIMPLE NAME CHECKED THEIR HBM THREE MEMORY CHIPS AND THEN QUALIFYING THEM.
CAROLINE: WELCOME BACK TO BLOOMBERG TECHNOLOGY. ED: A QUICK CHECK ON THE MARKETS. TREADING WATER UNTIL WE GET THAT FED MEETING LATER TODAY. NASDAQ 100 VERY TECH HEAVY INDEX. THERE'S A LOT OF FEEL GOOD IN THAT INDUSTRY RIGHT NOW.
INTEL'S $20 BILLION INCENTIVE PACKAGE WITH THE CHIPS ACT. NAME CHECKING THEIR HIGH BAND WITH MEMORY CHIPS AND QUALIFYING THEM. WE ARE GOING TO TAKE A LOOK AT THE YIELDS. FED DECISION NOT MUCH EXPECTED.
PIECE OF NEWS WE ARE MONITORING, THE BIDEN ADMINISTRATION TOUGHENING AUTO EMISSION MANDATES TO BOOST EV SALES. IN THE NEAR TERM THERE SOME EASING ON TAILPIPE REQUIREMENTS BUT IN THE LONG TERM IT WILL BE AN EPA CAP FOR CAR AND TRUCK TAILPIPE EMISSIONS THROUGH THE YEARS 2032. THE IDEA IS IT WILL PUSH THE AUTOMAKERS, PARTICULARLY THE LEGACY AUTOMAKERS TO MOVE QUICKLY IN PUSHING -- BOOSTING SALES OF BATTERY ELECTRIC VEHICLES. WE HAVE BOTH PURE PLAY AND LEGACY OEMS ON THAT MAKING BOTH COMBUSTION ENGINE AND EV POWERTRAIN RIGHT NOW. YOU'D EXPECT GM AND FORD AS AN EXAMPLE.
BIDEN TAILPIPE RULE COMING INTO FORCE AND PUSHING EV MAKERS TO ACCELERATE THEIR TIMELINES. CAROLINE: WE JUST HAD THAT CONVERSATION ABOUT HER REGULATION AND U.S. INCENTIVES WILL BE CHANGING INVESTOR MINDSETS. MEANWHILE LET'S GO TO MICROSOFT FOR A MOMENT. DEEP MINE CO-FOUNDER TO HEAD UP ITS CONSUMER ARTIFICIAL INTELLIGENCE BUSINESS. HIRING MOST OF HIS STAFF FROM THE INFLECTION AI STARTUP. TRYING TO FEND OFF GOOGLE IN
THE MARKET. JOINING US FOR MORE, THIS IS SO INTERESTING BECAUSE ONCE AGAIN MICROSOFT GETTING IN THERE WITH -- THIS ONE AN EMPATHETIC ONE. LICENSING THE TECH OF INFLECTION AND TAKING TWO OF THE THREE COFOUNDERS. >> IT'S A REALLY INTERESTING AGREEMENT BETWEEN ONE OF THE BIGGEST PLAYERS IN AI RIGHT NOW. WHAT WAS SEEN TO BE AS A PROMISING AI STARTUP. BOTH COMPANIES WERE PRETTY
CAREFUL TO CALL THIS AN ACQUISITION, BUT THE AGREEMENT EFFECTIVELY HAS MICROSOFT ABSORBING THIS TEAM. FOR THEM IT GETS TOO -- THEY GET TO ACQUIRE THIS MASSIVE TALENT AS YOU MENTIONED COMES FROM GOOGLE AND BEFORE THAT THE COW -- COFOUNDED DEEP MIND. THIS IS PITTING THIS TO PROMINENT FIGURES IN ARTIFICIAL INTELLIGENCE IN THESE COMPETING ROLES. FOR MICROSOFT, THIS IS NOT JUST ABOUT THE TALENT BUT ABOUT EXPANDING INTO CONSUMER WHERE THEY HAVEN'T TRADITIONALLY BEEN ABLE TO DO AS WELL AS THEIR ENTERPRISE BUSINESS. IT'S A FAIRLY LARGE ADVANTAGE FOR THEM. THERE'S STILL A LOT OF QUESTIONS AS TO WHAT THIS MEANS FOR THE COMPANY. THEY GET TO RUN THEIR
TECHNOLOGY ON THE INFRASTRUCTURE. WHAT DOES THIS MEAN FOR INVESTORS. THE COMPANY SAID INVESTORS WILL BE MADE WHOLE.
EVEN REID HOFFMAN POSTING SAYING IT WOULD BE A GOOD OUTCOME FOR INVESTORS. HOW THIS WILL HAPPEN IS YET TO BE SEEN. >> WHEN WE PUT THE STORY OUT ON SOCIAL MEDIA.
THIS IS THE MOST BIZARRE THING. OPENAI FELT COMPELLED TO ISSUE A STATEMENT CONGRATULATING THE STAFF -- HIM ON HIS NEW ROLE. WE SPOKE TO HIM AND HE REITERATED MICROSOFT COMMITMENT TO OPENAI. IT'S A VERY COMPLICATED SITUATION. JACKIE: OPENAI IS A COMPETITOR TO INFLECTION IN MANY WAYS. INFLECTION RUNS ITS OWN CHATBOT WHICH THEY SAY WILL CONTINUE TO RUN.
FOR WHAT WE DO KNOW IS INFLECTION PLANS TO FOCUS MORE ON ENTERPRISE BUSINESS. THAT'S RIGHT UP MICROSOFT ALLEY. BUT AT THE END OF THE DAY YOU HAVE TO WONDER HOW THIS IS GOING TO PLAY OUT WITHIN MICROSOFT IS ALREADY UNDER SOME PRETTY INTENSE SCRUTINY BY THE FTC. ABOUT ITS AGREEMENT WITH OPENAI. THIS MIGHT POTENTIALLY DRAW SOME MORE SCRUTINY. WE ARE WAITING ON SOME OF THE DETAILS AROUND WHAT THIS MEANS FOR THE REST OF THE INFLECTION TEAM. THE COMPANY DID NOT SAY HOW
MANY OF INFLECTION'S 70 EMPLOYEES WILL BE JOINING OVER. WE KNOW ANOTHER CO-FOUNDER WILL LEAD AND BECOME CHIEF SCIENTIFIC OFFICER UNDER THIS NEW MICROSOFT AI GROUP. ED: PUBLIC COMPANIES, PRIVATE COMPANIES MAKING MOVES. GETTING CLOSER ALIGNED. AI LET'S STICK WITH IT IN
PRIVATE MARKETS. ALSO ON IVP'S MIND. WANTING TO TAKE ADVANTAGE OF THE GREAT OPPORTUNITIES IT SEES WITH THIS TECHNOLOGICAL SHIFT ENDED LAUNCHING ITS FUND WITH A $1.6 BILLION RATE LET'S BRING IN THE IVP PARTNER. WELCOME TO THE STUDIO. LET'S START WITH FUND. EXPLAIN IT TO ME, WHAT WILL IT BE USED FOR, WHAT IS THE THEMATIC FOCUS AND HOW DID IT COME TOGETHER? >> FUND ONE WAS BACK IN 1980. THAT WAS A GRAND TOTAL OF $22 MILLION. WE'VE COME A LONG WAY. I THINK THE KEY CYCLE IS AI. ED: IT'S A CROWDED SPACE, A CROWDED CYCLE. 1.6 BILLION EARLY STAGE?
CACK: VENTURE MEANS MANY THINGS TO MANY PEOPLE. WE ARE SQUARELY IN THIS SORT OF SUPER GROWTH PHASE SO YOU HAVE EARLY DATA, WE BELIEVE IN YOU, YOUR TEAM AND THE MARKET AND THAT'S WHAT WE'RE ARE TRYING TO HONE IN. A LOT OF PEOPLE OF MOVED TO THE PLATFORM MODEL SO EVERYTHING TO EVERYONE. WE HAVE CONSISTENTLY BEEN FOCUSED ON DOING THIS ONE STAGE. ED: I WAS REFLECTING HAVING BEEN AT GT C AND THIS IS NOT JUST WERE VENTURE FIRMS ARE JUMPING IN THE STRATEGIC INVESTORS LIKE NVIDIA AS WELL. CAROLINE:
FOR THAT INSTANCE WHEN YOU'RE TRYING TO THEREFORE MOVE IN THESE NEW ERA OF FOUNDERS AND ENSURE THEY ARE MANAGING TO WRITE THE RIGHT CHECKS. I'M ASSUMING SOME OF THE PAST PRECEDENTS REALLY WORK -- WIN OUT, I THINK OF KARNAK COMING UP. HOW MUCH IS THAT TRACK RECORD HELP SHOW THAT YOU SHOULD BE PART OF THAT WINNING TEAM FOR THEM? CACK: EXACTLY. I THINK BRAND MATTERS IN VENTURE CAPITAL. WE WANT IT TO MEAN SOME -- THAT
WE ARE YOUR PARTNER, WE WILL BE WITH YOU FOR A LONG TIME. TAKE FOR EXAMPLE PERPLEXITY. IN THE ZEITGEIST AND THAT'S ONE WHERE WE HARD-FOUGHT BATTLE FOR THE SERIES BE AND WE WERE COMPETITIVE AND WE WON. CAROLINE:
WHAT DO YOU MAKE OF INFLECTION GOING WITH MICROSOFT? IT FEELS AS THOUGH THE BIG COMPANIES ARE NOT ONLY WRITING THERE AT -- VC'S BUT THEY ARE MAKING THESE STORE NERI PARTNERSHIPS. CACK: ON THIS ONE YOU WERE DISCUSSING THIS INFLECTION DEAL DOES SMELL LIKE AN ACQUISITION. EVERYONE'S FOCUS ON THE CEO IN HIS MOVE IN HIS ROLE. IT DOES SOUND AND SMELL MORE
LIKE AN ACQUISITION. WHAT IT DOES IS FROM THE PERSPECTIVE OF PERPLEXITY, FOCUSING ON GOOGLE AND THEIR POSITIONING VIS-A-VIS GOOGLE, IT'S HISTORICALLY BEEN AN ENTERPRISE BUSINESS. WHAT THIS DOES IS PUT MICROSOFT CONSUMER ON THE MAP IN A WAY PEOPLE HADN'T APPRECIATED. CAROLINE: I'M THINKING OF CHLORINE A FOR EXAMPLE, ONE OF THOSE COMPANIES THAT'S CONSUMER FACING, WE TODAY ARE ANTICIPATING IN YOUR CONSUMER BUSINESS, IT LOOKS AS IT'S GOING TO PRICE -- WE HAVE REDDIT TOMORROW.
NOT JUST BIG JOINT VENTURES BUT THE MARKETS. CACK: IF YOU LOOK BACK ON HISTORY, FOR IVP WE HAD 15 IPOS. THAT'S 130 TOTAL OVER WHAT WE DISCUSSED. THAT HEYDAY WE ALL LIVED IT. THOSE DAYS ARE PROBABLY OVER FOR THE NEXT ENSUING YEARS. WE ARE CAUTIOUSLY OPTIMISTIC.
READ IT AND -- REDDIT AND THESE OTHERS SUGGEST THERE COMPANIES THAT WANT TO GET OUT. CAROLINE: I'M INTERESTED IN WHERE THE 1.6 BILLION IS COMING FROM. IN THE CONTEXT OF EXITS BUT ALSO THE COMPETITION. WE ARE OBSESSED WITH THE FED BECAUSE WE ARE BLOOMBERG AND THAT'S WHAT WE TALK ABOUT. WHO WOULD BE AN LP. WAS IT DIFFICULT TO BRING THE
FUNDS TOGETHER. CACK: WE STARTED IN 1980 SO WE HAVE AN INVESTOR BASED SO THEY BEEN WITH US SINCE 1980. MAKING UP A LOT OF U.S. AND EUROPE MAINSTREAM LPS. IF YOU ARE TAKING A PULSE CHECK WITH ME FIVE OR SIX MONTHS AGO I WOULD'VE HAD DIFFERENT ANSWERS. IT WASN'T STRAIGHTFORWARD. YOU KNOW AS WELL AS WE DO IT'S BEEN IT'S BEEN A TUMULT WAS SEVERAL YEARS.
THE OPTIMISM, OF OUR INVESTOR BASE HAS BURIED OVER TIME. CAROLINE: SEVEN GPS OVER AT IVP. WE DIDN'T EVEN GET INTO YOUR RUNNING PROWESS. THANK YOU SO MUCH. WE'VE GOT TO GET INTO THAT IPO. ASTERA LABS ABOUT TO START MOVING ON THE NASDAQ. WE WILL SEE WHERE IT STARTS TO TRADE. THE CEO IS JOINING US.
ED: I WANT TO GO BACK TO THOSE EEEV NAMES. IS THE FIVE ADMINISTRATION BRINGING IN TOUGHER TAILLIGHT RULES AFFECTED LANCASTER MALL YEAR 2022 -- 2032. THE IDEAS MAKE LONG-TERM RELATIONS TOUGHER TO GET SOME OF THOSE NAMES LIKE GM AND FORD TO MOVE TRANSITIONING TO BATTERY ELECTRIC. IT WASN'T REALLY A KNEE-JERK REACTION IN THE MOVES OF THESE NAMES.
WE SEE SOME OF THEM HIGHER. RIVIAN HAS ALL KINDS OF PROBLEMS RIGHT NOW WHICH WE WILL CONTINUE TO REPORT ON. THIS IS BLOOMBERG TECHNOLOGY. FULL COVERAGE TAKING OFF 1:30 P.M. EASTERN. THIS IS BLOOMBERG.
WANT TO TALK IPOS WE HAVE TO TALK THE LISTING DAY OF ASTERA LABS. THE COMPANY WILL SOON BE BUSY TRADING ON THE NASDAQ UNDER THE TICKER SYMBOL ALAB. YOU OWN ABOUT 6% OF ACCOMPANIED SKIN A ROCKET TO MORE THAN A $10 BILLION VALUATION. HOW DO YOU FEEL? JITENDRA: IT FEELS GREAT, IT FEELS AWESOME. IT'S REALLY ALL ABOUT THE PEOPLE WHO HELPED US GET TO THIS VALUATION AND PEOPLE WHO WILL PUSH US TO NEW HEIGHTS. SO VERY EXCITING.
>> JUST A FEW MINUTES BEFORE YOU JOINED US ON THE PROGRAM, BLOOMBERG REPORTED YOUR STOCK IS INDICATED TO OPEN IT $52.56 A SHARE. THAT'S A 46% PREMIUM ON WHERE THE IPO PRICED. WHAT'S YOUR REACTION TO THAT? JITENDRA: STOCK MARKET PRICES ARE SOMETHING WE SHOULD BE AWARE OF BUT NOT LET THEM DRIVE US. IT'S AN INDICATION OF THE CONFIDENCE INVESTORS ARE PLACING IN US SO WE ARE VERY GLAD FOR THE AMOUNT OF GRATITUDE FOR THAT.
WE WILL KEEP EXECUTING AND BUILD PRODUCTS. CAROLINE: LET'S TALK WITH THE IT'S DRIVEN YOUR REVENUE TO A MOST DOUBLING. YOU STILL GOT A NET LOSS IN $26 MILLION PAID WHEN WILL YOU BE ABLE TO -- THAT INVESTORS WANT TO SEE? >> A FOCUS FROM THE INCEPTION HAS BEEN THE STRONG BUSINESS. WITHOUT EXTERNAL SUPPORT. WE TURNED IN A PROFITABLE
QUARTER LAST QUARTER AND WE WILL CONTINUE TO DRIVE IN THE YEARS TO COME. ED: THERE WERE NO FEWER THAN 271 MENTIONS OF THE WORD AI IN YOUR MOST RECENT SEC FILING AND I THINK IT'S WORTH DISCUSSING WHAT THEY DO. YOU MAKE THE HARDWARE THE CHIP THAT ALLOWS THE HIGH-SPEED CONNECTION.
AS IS NOW MORE COMMONPLACE TO CALL IT. HOW ARE YOU ACTUALLY BENEFITING IN THE REAL WORLD FROM THIS AI INFRASTRUCTURE BUILDOUT WE ARE SEEING BEFORE OUR EYES? JITENDRA: LET ME GIVE YOU A LITTLE BACKGROUND. YOU LOOK FOR A NETFLIX OR AMAZON.
WHAT HAPPENS IN THE BACK IS HUNDREDS OF THOUSANDS OF COMPUTERS MANY TIMES BASED ON GPU'S, INTO ACTION AND THEY MOVE AT VERY HIGH RATES. THEY ARE NOT ABLE TO TALK VERY GOOD TOGETHER. WE ENABLE THE CPUS AND GP USED TO TALK TO EACH OTHER. THAT ANALOGY MIGHT BE IF YOU WANT TO RUN REALLY FAST, YOU RUN VERY FAST PASS THE BATON TO THE NEXT GUY AND CONTINUE FORWARD. THAT'S WHAT OUR PRODUCTS DO. THEY'RE ABLE TO TALK TO EACH
OTHER VERY FAST. >> UV RAYS $730 MILLION WHAT ARE YOU DOING WITH IT? JITENDRA: WE HAVE SO MUCH OPPORTUNITY IN FRONT OF US. WE ARE IN A UNIQUE POSITION WHERE CUSTOMERS ARE COMING TO US TELLING US BUILD ME THIS. YOU CAN BUILD HARDWARE, SOFTWARE, WE WE'VE EARNED TRUSTED ADVISOR STATUS WITH OUR CUSTOMERS AND SO MUCH OPPORTUNITY IN FRONT OF US. WE WILL USE THIS MONEY TO
REALLY ACCELERATE PRODUCT OF ELEMENT WE'VE DONE. IF YOU ARE WATCHING THIS AND ARE LOOKING FOR A JOB AT ASTERA LABS PLEASE APPLY. CAROLINE: GREAT TO HAVE YOU ON THIS PROGRAM. THIS IS BLOOMBERG TECHNOLOGY.
♪ ED: AFTER GEORGE LUCAS SHOWED SUPPORT FOR DISNEY CEO BOB IGER IN HIS PROXY BATTLE WITH ACTIVIST INVESTORS LET'S GET THE TAKE OF ROSS GERBER WHO'S POSTING THAT NELSON PELT DOES NOT KNOW HIS WAY AROUND ANYTHING RELATED TO THE ENTERTAINMENT INDUSTRY. I GUESS THE LATEST PIECE OF NEWS IS WHAT WE REPORTED ON TUESDAY THE GEORGE LUCAS, WHO SOLD HIS PRODUCTION HOUSE TO DISNEY FOR STOCK IS COMING OUT AND SAYING BOB IS THE MAN. DOES THAT CARRY WEIGHT FOR YOU? >> 100%, GEORGE LUCAS IS ONE OF THE GENIUSES OF HOLLYWOOD. BOB IGER I'VE MET AND TALKED TO MANY TIMES IS LIKE ONE OF THE BEST CEOS IN AMERICA OR MAYBE THE WORLD AND ALSO ONE OF THE BEST CEOS OF HOLLYWOOD. GETTING THIS DEAL YESTERDAY
WITH ESPN AND COLLEGE SPORTS, GETTING TAYLOR SWIFT ON THE PLATFORM, THESE ARE THE BOB IGER -- BOB IGER EFFECT. HE SHOULD WORRY ABOUT BEN & JERRY'S AND UNILEVER VERSUS GETTING INVOLVED WITH COMPANIES LIKE DISNEY AND HOLLYWOOD WHICH ARE REALLY HARD TO UNDERSTAND HOW TO MAKE MONEY AND HOLLYWOOD. VERY FEW PEOPLE EVER HAVE AND BOB IGER IS ONE OF THEM. HE'S A GREAT PERSON, A GREAT LEADER AND GEORGE LUCAS AS WELL ONE OF THE GREAT CREATORS OF OUR TIME. BASICALLY EVERYBODY SUPPORTS IGER EXCEPT HIM. CAROLINE: AND IS FORMER CEO. ROSS: I'M OK WITH REPLACING ONE OF
THE BOARD MEMBERS. ESPECIALLY SOMEONE LIKE MURRAY BARROW WHO HAS NO REASON TO BE ON THE BOARD. I DON'T THINK IT'S A HORRIBLE THING TO HAVE ONE BOARD MEMBER SWITCHED FOR ONE OF THEIR PICKS. BUT IN GENERAL DISNEY IS DOING WELL RIGHT NOW AND THEY'RE DOING EVERYTHING THEY NEED TO DO. ED: I THINK YOU SAID TESLA BUT DID
YOU MEAN DISNEY? ROSS: YES, I'M SORRY BRADEN ED:LET'S NOT GO THERE. LET'S STICK WITH DISNEY. WE ARE SPEAKING SO MUCH ABOUT A PROXY FIGHT AND AN ACTIVIST INVESTOR BATTLE. I DON'T THINK WE'VE GOT ANY REAL GOOD SENSE ON HOW THINGS ARE GOING TO DISNEY BECAUSE THE ACCUSATION FROM THOSE THAT WANT CHANGE IS IT'S NOT GOING VERY WELL. THAT'S WHY THEY WANT CHANGE BUT WHAT DO YOU FEEL ABOUT THE PERFORMANCE OF DISNEY STREAMING BUSINESS AND STUDIOS AND PARKS. ROSS: THAT'S NOT THE VIBE I'M GETTING.
I LIVE HERE IN HOLLYWOOD AND HAVE DEEP CONNECTIONS TO THE INDUSTRY. DISNEY AND HOLLYWOOD IS GOING THROUGH MAJOR RETRENCHMENT. WHAT THEY'RE SPENDING ON STREAMING AND SHOWS AND WHAT CONTENT IS BEING MADE. IT'S NETFLIX AND MANY OF THE OTHER PLAYERS LOOKING AT PROFITABILITY NOW. BUT DISNEY STREAMING SERVICES DOING JUST FINE.
SHOW GUN IS A GROUP --SHOGUN IS A GREAT SHOW, THEY HAVE TAYLOR SWIFT ON THE PLATFORM. DISNEY PLUS IS DOING WELL, ESPN IS MAKING ALL THE RIGHT MOVES THEY NEED TO MAKE TO MOVE INTO THE NEXT STAGE AND PARKS AND RESORTS IS GREAT AS WELL. THEY JUST NEED TO MAKE SOME GOOD MOVIES. THE BEST PERSON TO MAKE GOOD MOVIES IS BOB IGER AND HIS TEAM. THERE'S NOBODY ELSE I WOULD TRUST TO DO IT. CAROLINE:
THEY CAN JUST LICENSE THE ERRORS TOUR. GO WITH THE HITS. ROSS I'M INTERESTED IN THIS, EVENTUALLY AS MUCH AS YOU LOVE BOB IGER HE HAS TO GO IN 2026. WHO DO YOU LIKE. ROSS: I'VE BEEN AROUND IN THE EISNER ERA. UNTIL HE'S GONE I DON'T KNOW IF I BELIEVE SOMEONE'S REPLACING HIM. IF JOE BIDEN IS GOING TO
PRESENT CERTAINLY BOB IGER CAN RUN DISNEY FOR ANOTHER 10 YEARS. I'M REALLY PARTIAL TO SOME OF THE TEAMS THAT HAVE WORKED WITH THEM IN THE PAST ESPECIALLY PEOPLE WHO'VE WORKED ON DISNEY PLUS AND SOME OF THE OTHER THINGS. THERE ARE MANY EXECUTIVES THEY ARE TALKING TO THAT I HAVE A LOT OF FAITH IN BUT COULD REPLACE HIM BUT I STILL THINK IT'S REALLY UP FOR GRABS.
>> ALWAYS GREAT TO CATCH UP WITH YOU. THANK YOU SO MUCH. WHILE THAT DOES IT FOR THIS EDITION OF BLOOMBERG TECHNOLOGY, WHAT A BUSY SHOW. ED: THERE IS THIS IPO EUPHORIA WINDOW OVER THE NEXT WHEN HE FOUR HOURS RECAP THE CONVERSATION IN PARTICULAR ON THE POD. SO MANY OF YOU CHECKING OUT THE POT ON YOUR WAY TO WORK WHEN YOU'RE ON THE TREADMILL, WHATEVER IT IS, TUNE IN DAILY.
2024-03-27 20:15
