OpenAI, Anthropic at Money20/20, Apple's Announcements | Bloomberg Technology
>> FROM THE HEART OF WHERE INNOVATION, MONEY, AND POWER COLLIDE IN SILICON VALLEY, THIS IS BLOOMBERG TECHNOLOGY WITH CAROLINE HYDE AND ED LUDLOW. CAROLINE: LIVE FROM NEW YORK AND LAS VEGAS, THIS IS BLOOMBERG TECHNOLOGY. THIS HOUR, WE SIT DOWN WITH OPENAI AND ANTHROPICS LIVE IN LAS VEGAS. PLUS A DEEP DIVE INTO HOW RUSSIA IS ACCESSING POWERFUL NVIDIA CHIPS.
AND A SLEW OF ANNOUNCEMENTS AND EARNINGS. FIRST, WE CHECK OUT HOW APPLE'S HELP PUSHING US HIGHER ON THE NASDAQ. ALL EYES ON .6% HIGHER AND THE EARNINGS THAT COME OUT THIS WEEK. LET'S DIVE INTO WHAT WE ARE EXPECTING. WE HAVE THE LIKES OF REDDIT COMING OUT TOMORROW.
WE HAVE SO MANY MORE NAMES. FIRST AND FOREMOST, WE HAVE TO GET LAS VEGAS, WHERE ED IS A SAT FOR A VERY SPECIAL GUEST. ED: WELCOME TO OUR BLOOMBERG TELEVISION AND RADIO AUDIENCES AROUND THE WORLD. WE ARE LIVE IN LAS VEGAS JOINED
BY OPEN FA -- OPENAI'S CFO. YOU HAVE HISTORY WITH FINTECH AND THAT IS THE POINT. SO MUCH OF THE FOCUS HAS BEEN A PERSONAL USE OF CHATGPT, BUT LET'S START WITH BANKS AND FINANCE. HOW MUCH OF THAT IS MADE UP IN YOUR BUSINESS? SARAH: IT IS GREAT TO BE HERE.
MONEY 2020. I HAVE SEEN IT PROGRESSED THROUGH THE YEARS. WHAT AN INCREDIBLE EVENT IT IS TODAY. WE ARE HERE BECAUSE OUR CUSTOMERS ARE HERE. AI IS HAPPENING NOW. IT IS NOT SOMETHING PEOPLE ARE JUST PLAYING AROUND WITH. ANGST AND FINANCIAL
INSTITUTIONS, PEOPLE ARE USING IT TODAY IN THEIR BUSINESS. ED: THERE IS THE MORGAN STANLEY CASE STUDY. BANK OF AMERICA HAS TALKED ABOUT HOW MANY PATTERNS IT HAS IN MACHINE LEARNING AND ARTIFICIAL INTELLIGENCE. DO YOU HAVE A SENSE OF WHAT THOSE INTO TWO SHINS ARE DOING -- THOSE INSTITUTIONS ARE DOING? SARAH: MORGAN STANLEY IS USING OUR MODELS TO HELP WEALTH ADVISORS BE MORE PRODUCTIVE. THEY ARE USING IT TO CREATE BETTER FINANCIAL ADVICE AND OUTCOMES FOR CUSTOMERS.
WE ARE SEEING FOLKS LIKE LORNA -- KLARNA USING IT. THAT IS ANOTHER GREAT CASE STUDY IN TERMS OF PRODUCTIVITY IMPROVEMENTS. THEN WE HAVE BANKS USING IT ACROSS THEIR BUSINESS. THAT IS OUR MESSAGE. JUST GET STARTED. GET IT ROLLED OUT TO THE ORGANIZATION AND SEE WHAT PEOPLE DO AND HELP THEM GET STARTED, WHETHER THEY ARE MARKETING, FINANCE. ED: CAN YOU HELP OUR AUDIENCE UNDERSTAND HOW MEANINGFUL CONTRIBUTION THE FINANCIAL SERVICES SECTOR MAKES OPENAI'S REVENUE? SARAH: IF YOU LOOK AT HER LARGEST VERTICALS, AREAS LIKE HEALTH CARE, BUT FINANCIALS IS PROBABLY THIRD BECAUSE THEY ARE TYPICALLY EARLY ADOPTERS.
THEY ARE OFTEN WILLING TO TAKE RISK BECAUSE THEY SEE UPSIDE INTO DRIVING MORE REVENUE BUT ALSO ARE GOOD AT MANAGING COST AND EFFICIENCY. IT IS GREAT WHEN YOU GET AN EARLY ADOPTER LIKE MORGAN STANLEY BECAUSE IT TENDS TO LEAD THE WAY. I CANNOT THINK OF A WEALTH MANAGEMENT CLIENT NOT COMING TO US TO SAY, WHAT DO WE NEED TO DO? HOW DO WE GET STARTED? ED: BANKS CAN BE SENSITIVE TO PRICING. THERE IS CURIOSITY NOT JUST AS A CONSUMER BUT AT THE ENTERPRISE LEVEL AS WELL. REPORTS ARE AT THE CORPORATE LEVEL YOU ARE THINKING ABOUT $2000 AHEAD.
HOW ARE YOU MANAGING US? OF US INSIGHT? -- GIVE US INSIGHT. SARAH: WE ARE TRYING TO THINK ABOUT VALUE AND WHAT THIS PERSON IS GETTING FROM THIS TOOL. I DO NOT THINK WE HAVE DONE A GREAT JOB OF THAT YET. DESPITE THAT, WE HAVE 250 MILLION ACTIVE WEEKLY USERS AND 6% HAVE CONVERTED. THEY ARE PAYING. WHEN WE WERE ROLLING OUT OUR REASONING MODEL, THIS IS A MODEL THAT STOPS AND THINKS FOR YOU. IT ACTUALLY DOES HARD PROBLEMS. I WAS WATCHING A LAWYER USE IT
TO CREATE A BRIEF. AT THE END YOU SAID -- WE SAID, WHAT WOULD YOU HAVE PAID FOR THAT? HE SAID EASILY $2000 PER HOUR. THIS IS SOMEONE USING IT, PROBABLY $60 PER MONTH. THIS IS SOMEONE WHO WOULD HAVE PAID 1000 2000 DOLLARS PER HOUR, SO THERE IS A LOT OF VALUE IN THE PRODUCT TODAY, BUT WE ARE JUST TRYING TO MAKE SURE PEOPLE CAN GET STARTED AND SEE THE OUTCOMES AND OVER TIME WE BELIEVE THE VALUE TO PRICE WILL COME INTO ALIGNMENT. ED:
THERE IS A BALANCE BETWEEN WHAT IS VALUE TO YOUR CUSTOMER BUT ALSO YOU HAVE TO ACCOUNT FOR SPENDING, PARTICULARLY ON THE COMPUTE SIDE. WHAT IS THAT BALANCE AND WHAT WORKS BEST FOR YOU AND YOUR CUSTOMER BASE? SARAH: WHAT IS MOST IMPORTANT TO US IS TO STAY ON THE FRONTIER, BUILDING FRONTIER MODELS AND MAKING SURE WE ARE BRINGING AGI TO THE BENEFIT OF HUMANITY. TO DO THAT IS EXPENSIVE. WE HAVE TO INVEST IN LARGE-SCALE COMPUTE, SO THERE ARE TWO WAYS TO FINANCE THAT, THROUGH FREE CASH FLOWS OF THE BUSINESS OR THROUGH RAISING EQUITY AND DEBT FINANCING BECAUSE INVESTORS CAN SEE LONG-TERM POTENTIAL THE BUSINESS. ON CASH FLOWS OF THE BUSINESS, WE WANT TO MAKE SURE WE KEEP GROWING THE BUSINESS. WE HAVE BEEN WOWED BY THE PACE OF GROWTH ON THE CONSUMER SIDE, ABOUT 75% OF A BUSINESS TODAY, BUT EVEN OUR ENTERPRISE BUSINESSES ARE YOUNG BUT ALREADY DOING AN INCREDIBLE AMOUNT OF ANNUALIZED REVENUE AND WE ARE EXCITED BY THE POTENTIAL THERE. ED: FOR OUR TELEVISION AND RADIO AUDIENCE, WE ARE IN LAS VEGAS AT MONEY20/20 SPEAKING TO THE OPENAI CFO, SARAH FRIAR.
SOMETHING INTERESTING IS THE FUTURE BUSINESS MODEL AND AD SUPPORTED TEARS, SEGMENTED PRICING. HOW DO YOU THINK ABOUT THAT? SARAH: YOU ALWAYS WANT TO STAY OPEN TO ALTERNATE BUSINESS MODELS AND WAYS YOU CAN LAYER A BUSINESS MODEL ON TOP. THE KEY IS ACCESS. HOW DO WE MAKE SURE AS MANY PEOPLE AS POSSIBLE GET ACCESS TO THE TOOL? THAT IS ON A GLOBAL STAGE. TO DO THAT, SOMETIMES THE PIVOT FROM PURE SUBSCRIPTION MODELS. MY LAST COMPANY WAS ALL ADDS, SO I HAVE EXPERIENCED THIS. ADS HAVE THEIR PLACE, BUT YOU HAVE TO BE MINDFUL OF WHERE.
IN AREAS LIKE COMMERCE, ADS ARE GREAT. IF I DO A PROMPT FOR HER HIGH-HEELED SHOES, I DO NOT WANT THE HISTORY OF THE BLACK HIGH-HEELED SHOE. I WANT TO STORES I CAN BUY FROM NOW, PROBABLY COMMERCE. THAT IS WHY COMPANIES ARE GREAT CUSTOMERS OF OURS. THERE ARE OTHER PLACES WHERE THE AD MODEL DOES NOT MAKE AS MUCH SENSE. YOU WANT TO GET THE CONSUMER TO THE ANSWER THEY NEED AS FAST AS POSSIBLE.
THAT IS WHERE CHATGPT IS DIFFERENT FROM SOMETHING LIKE GOOGLE SEARCH. ED: IT HAS BEEN TWO YEARS SINCE THE ORIGINAL DEAL WITH MICROSOFT WAS NEGOTIATED AND THAT COMPUTE RELATIONSHIP IS IMPORTANT. WILL THOSE TERMS CHANGE? ARE THEY FLUID OR ARE YOU STICKING TO THE CONTRACT THAT WAS ON YOUR DESK WHEN YOU ARRIVED? SARAH: IT IS ACTUALLY LONGER THAN TWO YEARS. WE HAVE BEEN PARTNERS FOR ALMOST FIVE YEARS. THEY CAME TO US WHEN WE WERE A RESEARCH LAB AND THE DEAL WE HAVE WITH THEM AS THEY DO PROVIDE COMPUTE AND WE GIVE THEM IP AROUND ARTIFICIAL INTELLIGENCE, SO IT IS INCREDIBLE.
THE PRODUCTS THEY ARE ROLLING OUT TODAY ARE BUILT ON TOP OPENAI. AS WE GO FORWARD AND GET BIGGER, WE ALSO SEE A MATURING IN THAT RELATIONSHIP, SO FOR CONSUMER BENEFIT WE WANT TO MAKE SURE OUR CONSUMERS ALWAYS GET ACCESS TO WHAT THEY NEED. WE DID DISCUSS THE ORACLE DEAL A FEW QUARTERS BACK AND I THINK THAT IS A GOOD STARTING POINT FOR HOW WE MAXIMIZE THE IMPACT FOR CONSUMERS. ED: THE CATCHPHRASE THIS YEAR HAS BEEN SHIPPED PRODUCT. THERE IS TENSION BETWEEN THE COST OF DOING SO AND THE NEED TO MOVE QUICKLY. I THINK SAM HAS DENIED REPORTS THE NEXT MODEL WILL BE OUT BY YEAR END.
WHAT CAN YOU TELL US ABOUT THE PATH FORWARD AND NEW MODELS? SARAH: SHIP PRODUCT AND PRODUCT VELOCITY IS THE MANTRA INTERNALLY AND SOMETHING I HAVE BEEN WOWED BY SINCE I STARTED. EVEN IN MY SHORT TENURE, I HAVE SEEN OUR REASONING MODEL THEM A THAT HUGE STEP FORWARD FROM WHAT HAS BEEN THE MODEL SERIES. WE HAVE LAUNCHED THINGS LIKE ADVANCED SPEECH. TO THE MODEL ITSELF. THE MINI MODEL IS 100TH THE COST OF WHAT THE ORIGINAL MODEL WAS. THAT IS WHY YOU SEE API PRODUCTS BE SO SUCCESSFUL AND IT GOES BACK TO HOW WE GET THIS INTO THE HANDS OF MANY. DEVELOPERS ARE A FORCE
MULTIPLIER AND I AM PROUD EVERY SINGLE AI UNICORN IS BUILT ATOP OF OPENAI'S OPEN -- API. ED: WHEN I STARTED COVERING OPENAI, THERE WERE AROUND 300 PEOPLE AT THE COMPANY. MY UNDERSTANDING IS THAT TENDERS WILL BE PART OF THAT, GIVING EMPLOYEES LIQUIDITY. WILL BE THE CADENCE AND INCREMENTS GOING FORWARD? SARAH: WE HAVE DONE TENDERS TO DATE. PART OF THAT IS BECAUSE WE ARE IN A COMPETITIVE MARKET FOR RESEARCH TALENT. WHEN I THINK ABOUT WHAT KEEPS
YOU ON THE FRONT EDGE OF THE BEST MODELS, IT IS COMPUTE BUT MORE IMPORTANTLY IT IS PEOPLE AND GREAT RESEARCHERS. SO TO COMPETE WITH COMPANIES THAT HAVE LIQUIDITY IN THEIR STOCK, WE HAVE TAKEN THIS APPROACH TO TENDER. SPACEX IS A GREAT EXAMPLE. WE WANT TO KEEP DOING THAT. WE WANT TO DO IT THOUGHTFULLY, KNOWING THE OTHER ONE IS TO KEEP IT ON THE FIELD AND MAKE SURE WE HAVE MONEY.
IT IS ALWAYS A BALANCE, BUT WE THINK IT IS IMPORTANT TO GIVE RESEARCHERS THAT ACCESS. CAROLINE: WE ARE IN LAS VEGAS SPEAKING TO THE OPENAI CFO, SARAH FRIER. -- FRIAR. NOW A LOT OF FOCUS IS ON SAM AND THE TEAM'S AMBITIONS WITH SAFEGUARDING INFRASTRUCTURE. HOW INVOLVED ARE YOU IN TALKING ABOUT THE CONSTRUCTION OF DATA CENTERS AND FINANCING OF SUCH THINGS? WAS THAT A SURPRISE, TO COME IN AND THINK I NEED TO GET A HANDLE ON THAT PROJECT? SARAH: NOT A SURPRISE, BUT DEFINITELY A STRETCH. STRETCH FOR CAPITAL AND MY OWN LEARNING. I THINK WE ARE ALL LEARNING IN
THIS SPACE. INFRASTRUCTURE IS DESTINY. IT IS THIS WONDERFUL PHRASE. WE DO THINK THIS BUILD IS IMPORTANT. IT IS IMPORTANT FOR U.S. COMPETITIVENESS AND WORLD PRODUCTIVITY AND EVEN WITH NATIONAL SECURITY. ONE OF THE KEY JOBS I NEED TO DO IS FIGURE OUT THAT ALLOCATION STORY.
IT IS GOING TO BE WORKING WITH PARTNERS, RAISING FINANCING, BUT ALWAYS MAKING SURE YOU'RE STAYING AHEAD OF WHAT WILL BE REQUIRED 2, 3 YEARS OUT BECAUSE YOU CANNOT JUST TURN ON COMPUTER TODAY IF YOU NEED IT. YOU HAVE TO HAVE THOUGHT ABOUT IT ABOUT THREE YEARS AHEAD. ED: ONE OF THE THINGS I HEARD FROM YOUR INVESTORS IF YOU DID A GOOD JOB EARLY IN EXPLAINING THE BASIS -- BASICS OF THE PLAN. THE ULTIMATE GOAL IS AGI. HOW CONFIDENT DO YOU FEEL YOU HAVE THE INFRASTRUCTURE IN PLACE OR PLAN TO HAVE IT? SARAH: I THINK WE HAVE THE PLAN IN PLACE. SAM WOULD TELL YOU AGI IS CLOSER THAN MOST THINK. ED: WHAT WOULD YOU SAY? SARAH: I WOULD AGREE BASED ON WHAT I HAVE SEEN. ONE OF THE BEST MEETINGS I GET TO GO TO IS THE RESEARCH MEETING.
IT WOULD BLOW YOUR MIND TO SEE WHAT IS ALREADY COMING. AS WE HAVE LEARNED HOW TO TAKE REASONING MODELS ON TOP OF GPT MODELS AND THE INTERPLAY BETWEEN THOSE, YOU ARE NOW REALLY STARTING TO SEE SOME INCREDIBLE OUTCOMES, PHD LEVEL OUTCOMES WHERE YOU HAVE IN YOUR POCKET HUMAN INTELLIGENCE THAT IS PHD LEVEL IN PHYSICS AND BIOLOGY AND CHEMISTRY AND ENGLISH LITERATURE. WHATEVER THE JOB IS YOU NEED TO DO, IF YOU AREN'T -- IF YOU ARE A BANKER, IF YOU ARE IN EDUCATION, THE TOOL YOU ARE NOW CARRYING BLOWS MY MIND. ED: YOU TOUCHED ON FINANCING AND
THE NEED TO RAISE CAPITAL. YOU HAVE DONE A PRETTY ASTONISHING LARGE ROUND. YOU MUST HAVE A GOOD SENSE OF THE CADENCE. ON AN ANNUAL BASIS, I DO NOT
KNOW HOW YOU PLAN IT. SARAH: IT GOES BACK TO UNDERSTANDING OR BIG EXPENSES. COMPUTE IS THE BIGGEST, BUT WE ALSO NEED TO RUN A COMPANY. WE HAVE OPERATING EXPENSES. FOR US, HE NEEDS TO BE BECAUSE WE HAVE TO MAKE THOSE DECISIONS. WITH THAT COMES WHAT IS OUR BALANCE SHEET GOING TO LOOK LIKE? WHAT IS OUR CASH BURN RATE? AT WHAT POINT CAN WE GENERATE ENOUGH FREE CASH FLOW? NOT READY TO TELL YOU THAT TODAY. HOW DO I HELP KEEP BRINGING OUR
SYNDICATE OF INVESTORS ALONG? ED: WE ARE LESS THAN A WEEK FROM THE ELECTION. I THINK ABOUT MY OWN USE. I HAVE NOT USED IT RELATED TO THE ELECTION, BUT ARE YOU PREPARING FOR THAT ELECTION AND WHAT IMPACT MIGHT IT HAVE ON OPENAI? SARAH: WE ARE, BUT WE HAVE TO BE MINDFUL FROM A SAFETY PERSPECTIVE. IF YOU DO SEARCHING AROUND THE ELECTION, OFTEN WE WILL NOT RETURN A RESPONSE OR WE WILL RETURN WITH A CAVEAT THAT SAYS TO BE MINDFUL OF YOUR SOURCES.
YOU CANNOT -- YOU HAVE TO BE CAREFUL OF NOT BEING PATERNALISTIC AROUND PEOPLE. PEOPLE NEED TO BE ABLE TO MAKE THEIR OWN DECISIONS, BUT AT THE SAME TIME YOU NEED TO BE AWARE WHEN YOU HAVE A PLATFORM THAT TODAY SERVICES 250 MILLION PEOPLE EVERY WEEK, WE HAVE TO RECOGNIZE THEY ARE GOING TO WANT TO DO THINGS AND WE NEED TO PROVIDE AVENUES IN A SAFE AND SECURE WAY. ED: OPENAI CFO SARAH FRIAR, GOOD TO CATCH UP. CAROLINE: THANK YOU.
COMING UP, NVIDIA CHIPS ARE STILL WINDING THEIR WAY TO SANCTIONED RUSSIA. WE DISCUSSED THE ALLEGED SHIPMENTS VIA INDIA. WE WANT TO BRING A MOVEMENT IN ALPHABET SHARES. THERE IS A REPORT SAYING THAT META PLATFORMS ARE TRYING TO KEEP PACE WITH OPENAI AND DEVELOPING AI BUT ALSO LOOKING AT A SEARCH ENGINE THAT WILL PROVIDE CONVERSATIONAL ANSWERS ABOUT CURRENT EVENTS. THEY WANT TO RELY LESS ON GOOGLE SEARCH. WE DID FADE THOSE RALLIES EARLIER ON THAT HEADLINE. THIS IS BLOOMBERG TECHNOLOGY.
CAROLINE:CAROLINE: QUICK CHECK ON APPLE SHARES. WE ARE SEEING THE IMAC DESKTOP IS GOING TO BE FASTER, AI FOCUSED, AT 1299 PRICE POINT. IT HAS AN ENHANCED ENGINE TO HELP WITH AI TASKS. WE ARE GETTING UPDATED TO SOME ACCESS TO APPLE INTELLIGENCE. WE ARE CURRENTLY HIGHER BY ALMOST A PERCENTAGE POINT. MEANWHILE, WE TURN TODAY'S BIG TAKE.
IT FOCUSES ON TRADE DATA THAT SHOWS IN INDIA FIRM IS SELLING SERVERS OPTIMIZED FOR ARTIFICIAL INTELLIGENCE TO RUSSIA. IS THIS NEW, THAT WE ARE STARTING TO SEE INDIA AS A WAY OF ACCESSING NVIDIA CHIPS FOR RUSSIA? >> I THINK THE RULE OF INDIA HAS COME INTO FOCUS FOR THE WEST, SO FOR EUROPE AND THE U.S.. OVER THE PAST COUPLE YEARS, THEY HAVE BEEN LOOKING AT VARIOUS COUNTRIES IN ASIA AS TRANSMISSION HUBS WHERE GOODS CAN COME FROM SUBSIDIARIES AND VENDORS, GOODS PRIMARILY MANUFACTURED BY WESTERN AND U.S. COMPANIES. SO THE ROLE OF INDIA IS KIND OF -- THE MAGNITUDE OF THE ROLE OF INDIA AS A HUB HAS BECOME GREATER OVER THE LAST FEW MONTHS. CAROLINE: WHY HAVE THEY BECOME SUCH PROMINENT ACTORS IN WHAT IS BASICALLY RUSSIA TRYING TO NAVIGATE BARRIERS TO ACCESSING U.S. TAX? >> THERE ARE A LOT OF REASONS. WHEN WE TALK TO OFFICIALS ABOUT
IT, THEY POINT TO THAT INDIA HAS BEEN BUYING RUSSIAN OIL SO IT HAS BEEN USING RUBIES TO -- SPENDING THEM TO BUY GOODS OUT OF INDIA. A BIG PART DRIVING THIS INCREASE OF THIS TRADE. ANOTHER REASON IS THAT WESTERN OFFICIALS HAVE PUT A LOT OF EFFORT INTO CRACKING DOWN ON OTHER TRANSMISSION HUBS, FOR EXAMPLE LAST YEAR THERE WAS A FOCUS ON TURKEY AND CENTRAL ASIA AS AREAS WHERE GOODS WERE BEING SENT TO RUSSIA, SO I THINK PART IS THE RUBIES THAT RUSSIA HAS TO SPEND BUT ANOTHER IS THAT THEY ARE CRACKING DOWN -- THE WEST IS CRACKING DOWN ON OTHER AREAS WHERE GOODS WERE ORIGINALLY SHIPPED. CAROLINE:
THESE NVIDIA CHIPS ARE IN DELL SERVERS. DELL HAS SAID, SINCE THE SANCTIONS CAME INTO PLACE, THEY HAVE STOP SHIPMENTS TO RUSSIA. I'M INTERESTED IN WHETHER THIS IS ACTUALLY ILLEGAL. VIKTORIA: TECHNICALLY, IT IS NOT ILLEGAL IN THAT INDIA IS NOT BOUND BY U.S. OR EUROPEAN SANCTIONS.
IT IS TRUE A CHIP PRODUCED BY A COMPANY IN THE U.S., ITS TRADE CYCLE AROUND THE WORLD IS DIFFICULT TO TRACK BECAUSE YOU HAVE VENDORS, DISTRIBUTORS, ALL THESE OTHER COMPANIES OR PEOPLE THAT TAKE PART IN THE TRADE ROUTE, SO IN TERMS OF LEGAL RESPONSIBILITY IT IS ALMOST IMPOSSIBLE TO PLACE THAT ON SOMEONE. WHAT COULD HAPPEN IS THAT, WHICH HAS BEEN HAPPENING, IS THE U.S. COULD DESIGNATE A LOT OF THESE COMPANIES AROUND THE WORLD WHO DO PARTICIPATE IN TRADE OF THESE GOODS. CAROLINE: IT IS A FASCINATING DEEP DIVE IN THE ROLE OF THIS ONE PHARMACEUTICAL COMPANY. THANK YOU FOR BRINGING IT.
COMING UP, HONG KONG COMES UP WITH AI GUIDELINES FOR FINANCE NEXT. CAROLINE:CAROLINE: HONG KONG HAS OUTLINED ITS FIRST POLICY GUIDELINES IN RELATION TO ARTIFICIAL INTELLIGENCE. THE HONG KONG UNIVERSITY OF SCIENCE AND TECHNOLOGY IS GOING TO MAKE A HOMEGROWN LARGE LANGUAGE MODEL AVAILABLE THE FINANCIAL SERVICES INDUSTRY. JAPAN'S OLYMPUS, PREVIOUSLY FANNED FOR ITS CAMERAS, HAS PUSHED OUT ITS CEO LESS THAN TWO YEARS AFTER INVESTIGATING AN ALLEGATION HE PURCHASED ILLEGAL DRUGS.
COMPANY SHARES WERE DECLINING MONDAY. ROBINHOOD IS JOINING COMPETITORS AND ALLOWING RETAIL TRADERS TO BET ON ELECTION OUTCOMES BEFORE NEXT WEEK'S U.S. BUT FOR PRESIDENT. THE COMPANY IS ROLLING OUT CONTRACTS PEGGED TO SPECIFIC EVENTS. THIS AS ELON MUSK APPEARED AT A NEW YORK TRUMP RALLY YESTERDAY SAYING HE COULD SAVE THE COUNTRY $2 TRILLION. >> HOW MUCH DO YOU THINK WE CAN RIP OUT OF THIS WASTED $6.5
TRILLION HARRIS-BIDEN BUDGET? >> AT LEAST $2 TRILLION. CAROLINE: WE ARE ANTICIPATING A WEEK OF CAROLINE: A QUICK CHECK ON THESE MARKETS FOR YOU. WE HAVE BEEN POSTING YOUR RECORD HIGHS FOR THE NASDAQ 100, SO OFF THAT HIGH WE MET IN JULY, STILL UP .3%. ALL EYES ON THE HUGE AMOUNT OF EARNINGS COMING OUT WHEN IT COMES TO BIG TECH. TOMORROW, WE ANTICIPATE ALPHABET, REDDIT, AMD, AND META AND APPLE THROUGH THE WEEK. LOOKING AT A NAME ALSO TRADING IN THE UNITED STATES, PHILLIPS ELECTRONICS DOWN BY 16%. WHY?
KEY LACK OF DEMAND FROM CHINA WEIGHING ON HEALTH CARE TECHNOLOGIES. THAT COMPANY ALREADY SIGNALED THEY WERE SEEING LACK OF DEMAND IN THE SUMMER COMING FROM CHINA. WE LOOK AT ALPHABET, STILL UP. IT TOOK A DIP AS INFORMATION REPORTED THAT META AI MAY BE TRYING TO REDUCE DEPENDENCE ON GOOGLE SEARCH AND BUILD ITS OWN METHOD OF SCREENING THE INTERNET FOR CURRENT ANSWERS TO PROMPTS. NOW WE ARE UP .7%. LET'S RETURN TO APPLE. HELPING LEAD THE BENCHMARKS
HIGHER TODAY. LET'S GO THROUGH WHAT WE HAVE HEARD TODAY. AMONG THE NEW PRODUCTS, WE UNDERSTAND THE NEW IMAC IS COMING WITH THE CHIP, AN UPGRADED CAMERA.
APPLE INTELLIGENCE AS WELL COMING ONLINE AS SOON AS TODAY. LET'S GET TO IT. WE ARE ALL TRYING TO WORK OUT HOW WE ARE GOING TO USE APPLE INTELLIGENCE IN OUR VARIOUS PRODUCTS, BUT HOW IMPORTANT ARE THESE ANNOUNCEMENTS? >> I THINK THE ANNOUNCEMENT IS IMPORTANT FROM A TECH POINT OF VIEW TO SHOWCASE HOW GOOD APPLE IS WHEN IT COMES TO CHIP TECHNOLOGY AND HOW FAR IT HAS COME IN THE LAST FOUR TO FIVE YEARS. I THINK IT IS PROBABLY IMPORTANT FROM THAT POINT OF VIEW. AS YOU KNOW, MAC ACCOUNT FOR 10% OF TOTAL SALES FOR APPLE, SO FINANCIALLY NOT SO MUCH BUT IT IS IMPORTANT FROM A TECH POINT OF VIEW. >> WOULD HAS ALSO BEEN GRINDING EVERYONE IS HOPES THAT APPLE INTELLIGENCE WILL MAKE US ALL DEPENDENT ON ARTIFICIAL INTELLIGENCE MORE, BUT THE FACT IT IS NOT COMING UNTIL DECEMBER -- HOW MUCH HAS THAT BEEN AN ISSUE FROM PERSPECTIVE ON APPLE? ANURAG: FROM A PRODUCT REFRESH CYCLE, WE THINK THIS IS A GOOD CATALYST FOR THE LONG RUN, WHICH MEANS OVER THE NEXT FEW YEARS WE WILL SEE THIS FORCE CUSTOMERS OR CONSUMERS WHO HAVE APPLE PRODUCTS TO GO OUT AND BUY NEW THINGS. I DO NOT THINK IT WILL HAVE
PEOPLE RUSH OUT AND GET THINGS. THAT IS WHERE OUR DISCUSSION IS DIFFERENT THAN WHAT OTHER ANALYSTS ARE LOOKING FOR. AN IPHONE SUPER CYCLE -- WE DO NOT THINK THAT IS GOING TO HAPPEN THIS YEAR. CAROLINE: YOU GO TO THE BLOOMBERG INTELLIGENCE AND IT SAYS THE LAUNCH IS A LONG-TERM DRIVER FOR PRODUCTS. IN THE SHORT TERM, THERE IS INTERESTING NEWS AROUND A KEY DEVELOPMENT OF APPLE BEING ROLLED OUT OR NOT ROLLED OUT IN CERTAIN COUNTRIES. CAN YOU TALK TO US ABOUT
MALAYSIA AND WHETHER IT IS IMPORTANT THAT IPHONES WILL BE ACCESSIBLE THERE? ANURAG: THE LAUNCH OF APPLE INTELLIGENCE FEATURES WILL BE STAGGERED. THOSE ARE IMPORTANT MARKETS AND I SAW THE SAME AS YOU SAW. IT WAS SOME INVESTMENT DECISION THAT APPLE DID NOT MAKE, BUT I'M CONFIDENT OVER THE NEXT 12 MONTHS OR SO APPLE WILL TAKE CARE OF THAT THE BIGGEST MARKET WHERE THE MOST IMPORTANT THING FOR US GOING INTO THE QUARTER IS WHAT IS HAPPENING IN CHINA. I THINK PEOPLE FORGET HOW IMPORTANT THAT MARKET IS FOR APPLE AND THAT IS WHERE SOME OF THE DISAPPOINTMENT MAY BE. CAROLINE: INDONESIA'S BLOCKING APPLE FROM SELLING ITS LATEST IPHONES. THIS IS A QUARREL ABOUT HOW MUCH INVESTMENT THE COMPANY IS MAKING IN INDONESIA, FEELING NOT ENOUGH HAS BEEN MADE.
HOWEVER SALUTE IS THE EMERGING MARKETS? HOW NECESSARY IS IT FOR NEW MARKETS TO CONTINUE TO EVOLVE FOR APPLE? ANURAG: IT IS INCREDIBLY IMPORTANT. WHEN YOU LOOK AT A MARKET LIKE THE U.S., INDONESIA IS THE SAME SIZE, SO LONGER-TERM AS THOSE COUNTRIES BECOME RICHER OR MORE AFFLUENT THEY WILL BE LOOKING AT APPLE PRODUCTS TO BE A BIG PART OF THAT ECOSYSTEM, SO WHETHER IT IS CHINA OR INDIA OR BRAZIL OR INDONESIA, ALL THESE MARKETS ARE IMPORTANT FOR APPLE. CAROLINE: THANK YOU. WE PUSH AHEAD TO NUMBERS COMING TO THE MARKET THURSDAY. COMING UP, WE ARE GOING BACK TO MONEY 2020 TO SIT DOWN WITH ANTHROPIC PRESIDENT DANIELA AMODEI. LET'S CHECK IN ON A STOCK THAT
CONTINUES TO RALLY HARD. WE ARE LOOKING AT FORMER PRESIDENT DONALD TRUMP'S SOCIAL MEDIA START UP WITH A FIVE-WEEK SURGE THAT HAS PUSHED STOCK UP BY 270%. IT IS UP 19%, WORTH ABOUT $9 BILLION AFTER TRUMP HELD THAT HIGH-PROFILE EVENT AT MADISON SQUARE GARDEN SUNDAY. THIS IS RETAIL INVESTORS PERHAPS BACKING AHEAD OF THE ALL IMPORTANT ELECTION NEXT WEEK.
THIS IS BLOOMBERG TECHNOLOGY. PODCAST. YOU WILL FIND IT ON THE TERMINAL AS WELL AS ONLINE ON APPLE, SPOTIFY, AND IHEART. THIS IS BLOOMBERG. ED: THIS IS BLOOMBERG TECHNOLOGY. WE ARE LIVE IN LAS VEGAS AT MONEY20/20.
IT IS REALLY A FINTECH FOCUSED CONS -- CONFERENCE BUT AI IS FRONT AND CENTER. YOU HAVE A BACKGROUND IN FINTECH. NOW YOU ARE IN AI AND DOING A LOT OF BUSINESS WITH BANKS AND FINANCIAL SERVICES COMPANIES. ONE DIFFERENCE WITH ANTHROPIC IS THE FOCUS ON THE ENTERPRISE CUSTOMER AND DID IT EARLY. GIVE ME A SENSE OF THE SLIT AND HOW MUCH BUSINESS YOU ARE DOING -- SPLIT AND HOW MUCH BUSINESS YOU ARE DOING. DANIELA: ANTHROPIC REALLY HAS THE OPPORTUNITY TO SUPPORT ENTERPRISES ACROSS A WIDE ARRAY OF DIFFERENT INDUSTRIES, SO HEALTH CARE, LEGAL SERVICES, FINANCIAL SERVICES HAVE BEEN EARLY ENTERPRISE CUSTOMERS FOR US AND WE BELIEVE THIS IS IN LARGE PART BECAUSE OF OUR FOCUS ON BUILDING FOR BUSINESSES. FINANCIAL SERVICES HAS ALWAYS
BEEN A CORNERSTONE FOR ANTHROPIC AS WE HAVE BUILT AND EXPANDED MODELS. ED: HOW ARE BANKS OR INVESTMENT FIRMS DANIELA: USING YOUR MODELS? DANIELA:SO MUCH OF WHAT WE HAVE SEEN ESPECIALLY OVER THE LAST YEAR IS THESE COMPANIES BECOMING MORE SOPHISTICATED OVER HOW THEY ARE INTEGRATING A TOOL. WE ARE SEEING MANY OF THESE FINANCIAL SERVICES AND FINTECH COMPANY IS USING CLAUDE FOR THINGS LIKE FRAUD DETECTION AND PARTNERING WITH ANALYSTS ON A WIDE ARRAY OF COMPLEX FINANCIAL TASKS. CUSTOMER SUPPORT IS A USE CASE APPLICABLE ACROSS A WIDE ARRAY OF FINANCIAL SERVICES AS WELL AS A MINISTRY OF SUPPORT, SO BUSINESSES LIKE BRIDGEWATER, INTUIT, AND COINBASE ARE CUSTOMERS THAT MAKE USE OF CLAUDE FOR MANY OF THE APPLICATIONS I MENTIONED. ED:
WHAT I UNDERSTAND FROM SPEAKING TO A LOT OF THOSE WORKING IN BANKING OR INVESTMENT OR ASSET MANAGEMENT IS YOU HAVE A DATA SECURITY COMPONENT AND THEN A REGULATORY COMPONENT. WHY IS IT THEY TRUSTY WITH BOTH OF THOSE PIECES? DANIELA: ANTHROPIC HAS ALWAYS HAD A STRONG STANCE ON PRIVACY AND SECURITY OF THE SYSTEMS WE ARE DEVELOPING AND SOMETHING WE FEEL STRONGLY ABOUT IS THAT PRIVACY OF DATA IS A CRITICAL COMPONENT OF COMPANIES FEELING COMFORTABLE USING GENERATIVE AI, SO WE HAVE NEVER TRAINED ON CUSTOMER DATA BY DEFAULT. WE HAVE ALWAYS WORKED TO INTEGRATE WITH OUR PARTNERS ON THE SECURITY SIDE. ED: IN TERMS OF REGULATION, THE U.K. IS LOOKING AT GOOGLE'S PARTNERSHIP OR INVESTMENT IN ANTHROPIC. HOW ARE YOU WORKING TO ADDRESS THEIR CONCERNS? DANIELA: WE ARE COOPERATING TO SHARE ALL REQUESTED INFORMATION.
ANTHROPIC IS AN INDEPENDENT COMPANY. WE OPERATE IN THIS NEW SPACE AND OFFER OUR MODELS NONEXCLUSIVELY ON OUR FIRST PARTY CONSUMER APP, AND ALSO ON AMAZON BEDROCK. ED: FROM A TECHNOLOGY PERSPECTIVE, MANY ARE OBSESSED WITH AGENTS AND YOUR AGENT TOOL IS DIFFERENT. WHY DID YOU TAKE THAT APPROACH TO HAVING AN AGENT THAT CAN LOOK AT WHAT IS ON YOUR SCREEN? THE ACTUAL HARDWARE IN FRONT OF YOU AND THEN ENGAGE WITH IT? DANIELA: WE FEEL THIS TECHNOLOGY IS AN INCREDIBLE LEAP FORWARD FOR WHAT THESE MODELS WILL EVENTUALLY BE ABLE TO DO. WE HAVE BEEN VERY OPEN THAT WE THINK THIS IS STILL IN ETA. WE HAVE SHARED THERE IS STILL LIMITATIONS ON THE TECHNOLOGY BUT WE THOUGHT IT WAS IMPORTANT TO RELEASE IT TO CUSTOMERS TODAY BECAUSE THERE IS SO MUCH POTENTIAL FOR COMPUTER USE TO REALLY TRANSFORM HOW PEOPLE USE A TOOL LIKE CLAUDE.
YOU CAN IMAGINE THIS MORE COMPLEX ASSISTANT ABLE TO REALLY PARTNER WITH YOU BY TAKING MORE COMPLEX ACTIONS ON YOUR COMPUTER OR ON THE WEB. YOU CAN IMAGINE THIS EVENTUAL VIRTUAL COWORKER EXPANDING WHAT IS POSSIBLE FOR PEOPLE TO ACHIEVE. ED: THERE IS A GREAT GATHERING IN VEGAS OF YOUR CUSTOMERS BUT ALSO INVESTORS, PEOPLE THAT ARE USERS OF CLAUDE AND PRODUCTS YOU HAVE SHIPPED. HOW ACTIVE ARE YOU IN RUNNING THE BUSINESS OF ANTHROPIC AND RAISING MONEY YOURSELF, MANAGING THE COMPUTE COST VERSUS PRICING ON YOUR ENTERPRISE PRODUCTS? DANIELA: ANTHROPIC, LIKE EVERY COMPANY OPERATING IN THIS SPACE, REQUIRES A HUGE AMOUNT OF COMPUTE TO DO THE TRANSFORMATIVE RESEARCH THAT WE DO. OUR RESEARCHERS ARE CONSTANTLY WORKING TO OPTIMIZE OUR COMPUTE AND MAKE SURE WE ARE USING HARDWARE AS EFFICIENTLY AS POSSIBLE.
WE ARE FINDING WAYS IN THIS RESEARCH FIELD TO HELP OPTIMIZE HOW WE ARE USING THESE MODELS, COMING UP WITH NEW RESEARCH INNOVATIONS THAT ARE DRIVING THE PACE OF GENERATIVE AI IN GENERAL. ED: CAN WE ANTICIPATE YOU RAISING MORE MONEY? DANIELA: WE ARE ALWAYS LOOKING TO HAVE CONVERSATIONS LIKE THAT BUT NOT ACTIVELY FUNDRAISING RIGHT NOW. ED: ARE YOU HAPPY WITH YOUR STRUCTURE? DO YOU ENVISION IT EXPANDING OVER TIME? DANIELA: A PUBLIC BENEFIT CORPORATION IS A PRETTY WELL-ESTABLISHED CORPORATE ENTITY. IT IS SIMILAR -- IT IS A FORM OF C CORPORATION BUT ENABLES A COMPANY TO BE ABLE TO ALSO PRIORITIZE SOCIAL IMPACT MISSIONS IN ADDITION TO NORMAL CORPORATE ACTIVITIES THAT WE ENGAGE IN.
>> WE ARE ABOUT A WEEK FROM THE ELECTION IN THE COUNTRY. HOW IS ANTHROPIC REPAIRING FOR THAT? DO YOU HAVE A SENSE OF HOW CUSTOMERS USE THE UNDERLYING MODELS IN THE CONTEXT OF THE ELECTION? MAYBE THEY DO NOT. DANIELA: ANTHROPIC RELEASED A BLOG POST DETAILING WORK WE ARE DOING ON ELECTION INTEGRITY. THIS IS A TOPIC WHERE ANTHROPIC HAS BEEN AN INDUSTRY LEADER. WE HAVE BEEN WORKING ON ELECTION INTEGRITY FOR OVER A YEAR AND IN THE COURSE OF DOING THAT WORK WE HAVE PARTNERED CLOSELY WITH OTHER INDUSTRY ACTORS BUT ALSO CIVIL SOCIETY GROUPS AND EXPERTS IN THIS IMPORTANT AREA THAT WE AIM TO BE AN INDUSTRY LEADER IN SETTING THE WATER LINE FOUR. ED: WE WILL TALK LATER TODAY IN A LONGER CONVERSATION ON STAGE, BUT FOR NOW BACK TO YOU IN NEW YORK. CAROLINE:
LET'S STICK WITH AI, ANOTHER STORY WE ARE FOLLOWING IN TERMS OF FINANCE. HEAVYWEIGHTS ARE PARTICIPATING IN A FUNDING ROUND FOR AI MARKET RESEARCH FIRM REFLEXIVITY. THE COMPANY SAYS IT CAN PROVIDE INSIGHTS USING A LARGE LANGUAGE MODEL THAT CAN ADJUST STRUCTURED AND UNSTRUCTURED DATA. COMING UP A LOOK INSIDE AN ITALIAN PRIVATE EQUITY COMPANY SCOOPING UP SOME OF YOUR FAVORITE APPS. THIS IS BLOOMBERG TECHNOLOGY.
CAROLINE: AN ITALIAN PRIVATE EQUITY OUTFIT CALLED BENDING SPOONS ALREADY OWNS POPULAR APPS AND COULD BE COMING FOR YOUR FAVORITE APP NEXT. BENDING SPOONS HAS A TYPE, DISTRESSED BUSINESSES THAT SELL SUBSCRIPTION SOFTWARE. HE JOINS US NOW. YOU CALL IT A NEW KIND OF PRIVATE EQUITY.
FOR THE APP GENERATION. WHAT IS IT THEY ARE DOING? >> THEIR TERM IS IF PRIVATE EQUITY HAD A BABY WITH GOOGLE. IT IS LIKE THIS ROLL UP PRIVATE EQUITY WE HAVE SEEN.
WE HAVE CONSOLATION SOFTWARE IN CANADA ROLLS UP THE SUCCESSFUL SOFTWARE BUSINESSES THAT MAY NOT BE GOING GANGBUSTERS AND DO NOT NECESSARILY IPO BUT ARE PRINTING MONEY. BENDING SPOONS HAND THEM OVER TO TEAMS OF NEW MANAGERS, RESEARCHERS, ENGINEERS, CODERS AND DATA SCIENTISTS AND THEY ALLOCATE RESOURCES DEPENDING ON WHICH IS DOING WELL. YOU HAVE SEEN THEM BY UP -- EVERNOTE WAS THE MOST POPULAR ONE. WE ARE REPORTING THEY ARE WILLING TO SPEND $1 BILLION TO $2 BILLION ON ACQUISITIONS.
IT IS A NAME PEOPLE ARE GOING TO BECOME MORE FAMILIAR WITH. CAROLINE: AND HE HAS MANAGED TO GET CELEBRITIES TO GIVE THEM MONEY. YOU SPOKE WITH THE FORMER FOUNDER, WHO IS NOW NOT PART OF THE BUSINESS.
HE THINKS SOME OF THE ENERGY BEING PUT TOWARD THE BUSINESS IS A GOOD THING EVEN IF IT MEANS JOB CUTS. MARK: TYPICALLY THERE IS THIS -- WHEN YOU START A COMPANY AND LEAVE IT, YOU KIND OF FEEL LIKE A PARENT. WHAT WAS STRIKING TO ME IS THE STORY OF THE WRITER OF -- RUNNER OF EVERNOTE. HE TOLD ME HE HAS BEEN SURPRISED BY THE PROGRESS. HE STILL USES IT EVERY DAY AND SEES PEOPLE USING FEATURES MORE OFTEN. IT IS PRETTY EASY TO FIND HERE THERE IS MORE COMPETITION FOREVERN -- FOR EVERNOTE. PEOPLE HAVE LEFT BECAUSE OF
PRICE INCREASES BY THE COMP HE ARGUES THEY HAVE MANY -- MADE IT BETTER AND THEY ARE NOT LIKE PRIVATE EQUITY OR THEY TRY TO FLIP ASSETS BUT THEY CLAIM TO BUY THESE COMPANIES AND HOLD ONTO THEM FOR LIFE. CAROLINE: EVEN REFERENCING WARREN BUFFETT AS PERHAPS SOMEONE THEY SEE THEMSELVES A CAN TO IN TERMS OF A BUSINESS MODEL. GO SEE IT. THANK YOU. LET'S TURN OUR ATTENTION TO
VOLKSWAGEN. IT IS ANNOUNCING PLANS TO CUT EXPENSES, BUT IT PLANS TO CLOSE AT LEAST THREE FACTORIES IN GERMANY, CUT WAGES BY 10%, AND IT COULD LEAD TO TENS OF THOUSANDS OF JOB CUTS. ANOTHER CAR COMPANY ALSO LOOKING TO CUT COSTS IN UNITED STATES IS FORD, CURRENTLY TRADING UP 2%. STEFON IS WITH US TO HONE IN ON VOLKSWAGEN. THIS IS AN EV STORY, A COMPETITION WITH CHINA
STORY, AND AN EXTRAORDINARY MOVE, TO BE SHUTTING FACTORIES. >> THIS IS A BIG MOVE AND SUGGEST THE GOLDEN YEARS ARE OVER FOR THIS INDUSTRIAL JUGGERNAUT IN GERMANY. SALES ARE SLOWING IN EUROPE. THE MAIN BRAND THAT BROUGHT US
ICONIC MODELS IS STRUGGLING. IT IS STRUGGLING AT HOME BUT ALSO IN CHINA, WHERE LOCAL MANUFACTURERS ARE TAKING OVER. THAT IS A BIG PROBLEM AND MANAGEMENT KNOWS THEY NEED TO MAKE CUTS. CAROLINE: WHAT IS ALSO A WEAK POINT IS NOT ONLY THEIR ABILITY TO PENETRATE CHINA BUT TO FIND A HOME IN EUROPE. STEFAN: THE GERMAN ECONOMY IS STAGNATING, BUT CAR SALES ARE DOWN IN EUROPE AS A WHOLE. THE EUROPEAN CAR MARKET IS A FIFTH BELOW PRE-PANDEMIC LEVELS, SO IT HAS NEVER CAUGHT BACK UP WITH THE TIME BEFORE THE PANDEMIC AND THAT IS OVERCAPACITY AND AT LEAST THREE FACTORIES TO BE CLOSED IN GERMANY WHILE THIS NEGOTIATIONS IS STILL ONGOING.
THAT IS A BIG NUMBER AND LEADING TO BIG HEADLINES IN GERMANY HERE. CAROLINE: WHAT OF OTHER AUTOMAKERS? WE THINK OF MERCEDES-BENZ GOT REALLY THE REFINED SIDE OF AUTO MAKING. HOW HAVE THEY MANAGED TO NAVIGATE CHINA OR NOT? STEFAN: THEY ARE ALL STRUGGLING IN CHINA AND ALL THE WESTERN CARMAKERS ARE STRUGGLING. MAYBE TESLA IS AN EXCEPTION, BUT BMW AND MERCEDES ARE STRUGGLING BECAUSE THE MARKET THERE IS SHIFTING RAPIDLY TO EV'S AND THE LOCAL CUSTOMER SEEMS TO FAVOR CHINESE EV'S AT THE MOMENT. WE ALSO HAVE THE PROBLEM THAT
THERE IS A LUXURY SLOWDOWN IN CHINA. WE HAVE THE REAL ESTATE CRISIS STILL, SO PEOPLE ARE HOLDING OFF PURCHASES. THAT IS BAD NEWS FOR WESTERN LUXURY CARMAKERS. CAROLINE: THERE ARE A LOT OF PRE-ANNOUNCEMENTS TO DIGEST FROM VOLKSWAGEN BUT WE ARE ANTICIPATING THEIR EARNINGS. WE SIT HERE IN THE U.S.
I AND -- EYEING WHAT FORD WILL TELL US. IF I LOOK AT WHERE REVENUE IS EXPECTED, IT IS GOING TO BE FLAT. CAN YOU GIVE US A TASTE OF WHAT TO EXPECT IN THESE EARNINGS? STEFAN: WE HAVE HAD SEVERAL PROFIT WARNINGS FROM EVERY MAJOR EUROPEAN CARMAKER AND THE EARNINGS ARE NOT GOING TO BE GOOD. WE KNOW THAT THEY ARE GOING TO BE RECORDING -- REPORTING DECLINING SALES AND PROFITABILITY. THAT IS EXPECTED. THE QUESTION IS WHAT WILL THEY
SAY ABOUT 2025? IS THERE LIGHT AT THE END OF THE HORIZON? THAT IS WHAT INVESTORS WILL WANT TO HEAR. CAROLINE: GERMAN EMPLOYEES, TOO. THAT DOES IT FOR THIS EDITION OF BLOOMBERG TECHNOLOGY. YOU DO NOT WANT TO FORGET TO CHECK OUT OUR PODCAST AND THOSE INCREDIBLE CONVERSATIONS FROM OPENAI.
2024-10-29 16:03
