'Bloomberg Technology' Full Show (02/07/2023)
CAROLINE: I'M CAROLINE HYDE. HIT: I A DRIVER NO SURPRISE. CAROLINE: NO SURPRISE HEAVY MEDICINE OF THE STOCK POT TO OF COURSE BLOOMBERG AT GOOGLE. WE GET INTO THAT IN JUST A
MINUTE. THE HATE CRIME RACE IS ON WE BRING THE LATEST GLOBAL GENERATIVE AI AND THE BIG BIG ANNOUNCEMENT. IT WILL LET AND HONING IN ON THE CHIP INDUSTRY AND INCREASE IN REVENUE.
WE SPEAK WITH THE CEO OF THE COMPANY AS IT PREPARES WHAT THEY HOPE WILL BE THE LARGEST FOR A CHIP. CAROLINE: ZILLOW SLASHING A PERCENTAGE OF ITS WORKFORCE. ALL THAT AND SO MUCH MORE COMING UP BUT FIRST WE CHECK-IN ON THE WRIST, VALIDATE AND CHECK IN ON THE MARKETS. THE NASDAQ 100 THE BIG IS TRENDING HIGHER THE IMPENDING ANNOUNCEMENTS OR WAS IT MORE JAY POWELL NOT PUSHING BACK ON THE BULLISH TOWN IN THE MARKET? ALSO A LEG HIGHER THE 10 YEAR YIELD WE SAW A BE THE MOTHER DOES BOND MARKET DECIDED THERE ARE MORE HIKES TO COME BUT THE STOCK MARKET REALLY J BENNETT ON WHAT JAY POWELL DIDN'T HAVE TO SAY.
LET'S SEE WHAT IT MEANT FOR OTHER RISK ASSETS. I'M GOING TO GIVE YOU QUICK NOTE WE LOOK AT WHAT IS HAPPENING IN THIS MOVE WE SAW THAT MS. THE EUPHORIA OF JAY POWELL NOT PUSHING BACK ON THE BULLISH TOWN AND THE DOLLAR DROPS. ED: I THINK IT'S HER TO SAY A LOT OF SPECIFIC TECH NAMES LOST STEP WITH THE S&P SOME KIND OF MORE SPECIFIC LIVES CONTINUING TO PUSH HIGHER UP AFTER A STRIKE DECEMBER QUARTER EARNING. ZOOM UP ALMOST 10% THE BIGGEST JUMP IN A LONG TIME AS IT CONFIRMED IT WILL CUT 15% OF ITS GLOBAL WORKFORCE. THEN TO THE DOWNSIDE, U.S.
ADRS DOWN 3%. THAT IS OFF THE VISION FUND UNIT CONTRIBUTING TO THE SURPRISE LOSS. ACCOUNTING FOR $5 BILLION LOSS IN THE MOST RECENT QUARTER AND AMAZON KIND OF FLAT. AI BIG DRIVER IN MARKETS WE TALKED ABOUT THAT. MICROSOFT AN EXAMPLE OF ONE OF
THOSE STOCKS MOVING ALONG WITH THE S&P 500. WE GOT NEWS ON THE AI POWER. ONE STOCK THAT DID MOVE ON AI AS DISTRICT SHARES JUMPED 12% CONFIRMING THAT EARNING THE CHECKED GPT BOUGHT WHILE OUT AND BE INTEGRATED. YOU LOOK AT SOME OF THOSE NAMES GIVING BACK SOME OF THE IS TARNISHING GAINS THEY HAVE SEEN HERE TODAY. THE AI FOCUS THE EARNINGS
CONTINUE TO BE IMPORTANT AS WELL. CAROLINE: WE HAVE A COMPANY THAT CAN MARRY BOTH OF THOSE TOGETHER. THEY ALSO JUST PRODUCED ON AN LET'S DIG IN.
SOFTBANK POSTED ITS EARNING. GONE UP IN THE VISION FUND SEGMENT BUT THE SILVER LINING, THE CONGLOMERATE HAS IN HIS HEART NESSEL -- PERSONAL THE TECHNOLOGY ARE PRESENT THROUGHOUT CONSUMER ELECTRONICS. CHIPS POWER, MOST EVERY SINGLE SMARTPHONE ON THE PLANET. JUST REPORTED A 28% INCREASE IN REVENUE FOR THE LATEST QUARTER. HIGHLY ANTICIPATED IPO THIS YEAR THAT IS WHY WE ARE SO PLEASED TO WELCOME GRANNY HOUSE. -- RENÉE HOUSE. WE HAVE SEEN OVERALL THE CHIPS SECTOR BE SOMEWHAT DISSEMINATED.
THE DEMAND REVERSING AND YET YOU MANAGED TO BE PUSHING HIGHER WHEN YOUR CLIENTS ARE FOLLOWING. WHAT IS HAPPENING? WE ARE VERY HAPPY WITH THE QUARTER WE JUST HAD. OUR REVENUE IS UP 28%. WE SIGNED INCREASE OF 60% IN THE LICENSING BUSINESS IN 20% IN ROYALTIES. WE HAVE SEEN A SIGNIFICANT -- DIVERSIFICATION.
BUSINESS AROUND THE CON HAS BEEN IN THE DOUBLE DIGITS. OUR BUSINESS IN COLORADO PROBABLY TRIPLE DIGITS. THIS STRATEGY IS NOT NOW WE STARTED IT HAD NUMBER OF YEARS AGO. WE ARE JUST NOW STARTING TO SEE THE FRUITS OF THAT LABOR. CAROLINE: CAN YOU GIVE US SOME TARGETS AROUND AUTOMOTIVE? >> YOU KNOW THESE AREAS ARE PLACES WHERE THE GROWTH HAS BEEN VERY SIGNIFICANT OVER THE LAST NUMBER OF YEARS WE HAVE MADE A CONSCIOUS DECISION TO FOCUS ON THESE NEW MARKETS PARTICULARLY WITH PRODUCTS. AS A RESULT WE HAVE SEEN HUGE BENEFIT FROM THAT.
EVERY CLOUD PROVIDER HAS INSTANCES IN THE CLOUD. OUR TOP 50 CUSTOMERS ARE ABLE TO USE ARM. MOBILEYE AND VIDEO, ALL SHIPPING SILICON AND TO AUTOMOTIVE. ED: GOOD AFTERNOON TO YOU.
YOU BUCKED THE TREND. I WANT TO DIG INTO THIS IDEA OF HOW YOU CONTINUE TO GROW IN YOUR CUSTOMERS DON'T. IS THIS AN ISSUE OF LOG YOU ARE NOT YET EXPERIENCING BUT WILL EXPERIENCE LATER ON IN THE YEAR? >> WE ARE NO DIFFERENT THAN THE REST OF THE INDUSTRY. WE FEEL THE EFFECTS OF THE SLOWDOWN BUT WE ARE BUFFERED TO SOME EXTENT. WE HAVE SEEN SIGNIFICANT GROWTH GAINING MARKET SHARE IN THE CLOUD GAINING MARKET SHARE IN AUTOMOTIVE AND SMARTPHONES IT'S BEEN WELL-DOCUMENTED THERE WAS A SLOWDOWN IN THAT INDUSTRY.
WE HAVE SEEN VERY GOOD RESULTS OF THAT'S BEEN TO TWO MAIN FACTORS. MORE VALUE FOR US BUT ALSO MORE IMPORTANTLY WE SING MORE TECHNOLOGY INSIDE THE SMARTPHONES. MORE PROCESSORS, IT MEANS MORE CPUS IN THE SMARTPHONE OR CHICKEN MUSIC GROUP -- OR ROYALTIES FOR US. ED: HOW CONFIDENT ARE YOU THAT THOSE OUTLIERS OF PERFORMANCE THAT YOU HAVE JUST LIKE CAN CONTINUE THROUGHOUT CALENDAR 23? >> WHO CAN BE REALLY CONFIDENT THESE DAYS IN TERMS OF WHERE THE MARKET IS GOING TO GO? WE ARE VERY CONFIDENT IN THE LONG-TERM SECULAR AND THAT IS COMPUTE AND NUMBER TWO THAT IS MORE POWER EFFICIENT COMPUTE WHEN YOU LOOK AT THE DATA CENTER AND AUTOMOTIVE THESE ARE AREAS THAT NEED A HIGH DEGREE OF POWER EFFICIENCY. SOMETHING THAT SURPRISED FOLKS
LAST QUARTER WAS A RECORD NUMBER OF SHIPMENTS BY THE ARMED PARTNERS. 8 BILLION SHIPS THAT WERE SHIPPED BY OUR PARTNERS. THAT FEEDS A CYCLE OF PEOPLE DEVELOPING CYCLE THAT FEEDS INTO MORE DEMAND. YOU ALSO SEE THOSE RELATIVE TO WHAT IS GOING ON BUT WE ARE VERY CONFIDENT THE LONG-TERM SECULAR TREND IS VERY GOOD FOR US. CAROLINE: SOMEONE ELSE'S CONFIDENT AROUND YOU AND IT'S THAT THE IPO WILL BE THIS YEAR. AS IT LONDON, NEW YORK?
DO YOU HAVE A TIMEFRAME FOR US? >> I CAN SAY WE ARE FULLY COMMITTED TO AN IPO IN 2023. THERE HAS ALREADY BEEN A LOT OF PLANNING. REGARDING LOCATION, I CAN'T TALK ABOUT THAT NOTICES HAVEN'T -- A DECISION HAS BEEN MADE. CAROLINE: WHEN IT COMES TO YOUR RELATIONSHIP CALL, AHEAD OF THE INITIAL PUBLIC OFFERING, THERE HAS BEEN DISPUTE THERE. HOW IS THAT PROGRESSING? >> I CAN'T COMMENT ON LITIGATION, I HAVE TO LEAVE THAT UP TO OUR LEGAL TEAM. I CAN SAY WE ARE VERY CONFIDENT
IN THE CASE AND WE THINK THE COURT WILL ULTIMATELY AGREE WITH OUR POSITION. ED: I WANT TO TALK ABOUT CHINA A LITTLE BIT. ARM IS ABOUT THE UNDERLYING TECHNOLOGY. HOW IMPACTED ARE YOU BY U.S. AND ALLIED EFFORTS TO CUT CHINA OFF TO ACCESS TO THE LATEST IN CHIP TECHNOLOGY? >> LIKE ANY OTHER COMPANY, WE CAN PLAY 100 PERCENT WITH WHATEVER THE U.S. GOVERNMENT COMES DOWN WITH. BECAUSE WE ACTUALLY DON'T MAKE ANYTHING PHYSICAL, WHAT WE DELIVER IS INTELLECTUAL PROPERTY AND LICENSE RIGHTS TO BUILD PRODUCTS WITH OUR DESIGNS WE ARE NOT SO DIRECTLY IMPACTED BY SOME OF THE RECENT RULINGS.
EITHER CHIP COMPANIES OR EQUIPMENT MAKERS OR STAFF THEMSELVES, WE HAVE SOME LEVEL OF INDIRECT IMPACT. IF THERE IS SOMETHING WE NEED TO COMPLY WITH WE COMPLY, OF COURSE BUT GIVEN WHERE WE SET NOT SO DIRECTLY IMPACTED AS SOME OF THE OTHER COMPANIES MIGHT BE. ED: YOUR TECHNOLOGY IS PRESENT THROUGH SO MUCH THAT GOES INTO CONSUMER ELECTRONICS. THE DESIGNS ARE INTEGRAL TO THE
CHIPS FOR SMART PHONES THE HOT TOPIC, IT'S ARTIFICIAL INTELLIGENCE. HIS ARM COMPETITIVE IN THAT FIELD AND I KNOW THAT YOU WORK CLOSELY WITH BIG TECH NAMES THAT ARE DOING MORE IN-HOUSE CHIPS IN THIS AREA. >> I WOULD LIKE TO SAY WE ARE FOR MORE THAN COMPETITIVE. THERE IS A LOT HAVE AI THAT RUNS ON ARM ALREADY. WHEN YOU THINK ABOUT INFERENCE AT THE EDGE AND ANY KIND OF ARTIFICIAL INTELLIGENCE THAT THAT IS ALL BEING RUN ON ARM CPUS. THERE IS A LOT IN THE INDUSTRY
EVEN TODAY REGARDING AI THAT'S GOING TO MEAN EVEN MORE DEMAND FOR OUR TECHNOLOGY. WHEN YOU LOOK AT THE WORK WAS THAT RUN ON CPU AND ACCELERATORS, THERE IS ROOM FOR ACCELERATION TO TAKE PLACE IN BOTH AREAS. I THINK THE AREA WE WILL PERFORM WELL IS POWER EFFICIENCY. THESE NEW AI ALGORITHMS ARE INTENSIVE AND IN OUR BROKER WE DON'T HAVE THAT MUCH ENERGY TO THROW AT A PROBLEM IT'S GOING TO BE CRITICALLY IMPORTANT. CAROLINE: FROM YOUR GLOBAL PERSPECTIVE CAN YOU TELL US WHERE THE U.S. SITS IN THE RACE? WHEN IT COMES TO ARTIFICIAL INTELLIGENCE? >> CERTAINLY THE U.S. IS INVESTING VERY HEAVILY IN
THIS. YOU SO THAT TAKE PLACE TODAY WITH GOOGLE AND MICROSOFT. OR THE U.S. IS VERSUS OTHER GEOGRAPHIES, IT IS CLEAR THAT ARTIFICIAL INTELLIGENCE WHETHER IT'S A SPOT OF FAKE PLAYLISTS IT IS FINDING ITS WAY INTO OUR LIVES AND I THINK IT'S ONLY GOING TO INCREASE. ED:
WE LOOK FORWARD TO THAT IPO. STICKING WITH CHIPS INTEL IS LOOKING TO RAISE $11 BILLION THROUGH THE BOND MARKET. A SOURCE SAYS SEVEN PARTS AND TIME TO TAKE ADVANTAGE OF THE DEMAND AND LOWER BORROWING COSTS. FOLLOWING A SERIES OF DOWNGRADES FROM MAJOR CREDIT ASSESSORS. EXPECTED TO YIELD 215 BASIS POINTS OVER TREASURIES. AGAIN, ACCORDING TO A BLOOMBERG SOURCE. CAROLINE:
THE AI RACE HEATS UP AND MICROSOFT IS ANNOUNCING ITS AI POWERED BEING SEARCH ENGINE. LET'S TAKE A CHECK ON ONE TECH COMPANY, ZOOM CLOSED HIGHER BY 9% TUESDAY. IT'S ACTUALLY ANNOUNCING CUTS TO ITS WORKFORCE. THAT'S PART OF RESTRUCTURING. THE CEO CALLED HIMSELF ACCOUNTABLE FOR THE ISSUES AND HE WOULD HIMSELF REDUCE HIS SALARY AND FORGO HIS BONUS. MORE ON THAT AHEAD. THIS IS BLOOMBERG.
♪ CAROLINE: THE BIG REVEALED SUNDAY MICROSOFT ANNOUNCING AI TECHNOLOGY TO POWER NEW VERSIONS OF ITS BING SEARCH ENGINE. MICROSOFT CORPORATE VICE PRESIDENT AND HUSBAND A BUSY DAY -- IT HAS BEEN A BUSY DAY. THERE IS A WEIGHT LINE TO START USING IT IN THIS WAY WHAT HAS THE REACTION BEEN LIKE? >> ITS EARLY DAYS BUT IT IS ALREADY A LOT OF SIGN UP INTEREST ON GETTING A LOT OF EMAILS FOR PEOPLE THAT WANT TO GET IN THE FRONT OF THE WAITLIST. I THINK WE HAVE LIT
UP PEOPLES IMAGINATION OF WHAT IS POSSIBLE BY INFUSING AI AND CHAT AND GETTING TO A PLACE WHERE YOU CAN ALSO GET ANSWERS TO YOUR QUESTIONS. I THINK IT STRUCK A CHORD SO FAR SO WE ARE PRETTY EXCITED ABOUT IT. CAROLINE: STRUCK A NERVE IS AN INTERESTING WAY OF SAYING IT BECAUSE IT FEELS LIKE YOU STRUCK A NERVE UNDERNEATH GOOGLE'S WILL BECAUSE IT'S TALKING UP ITS SPOT AT THE MOMENT. DISCUSS WHY THAT SEEMS TO BE THE FLURRY OF ANNOUNCEMENTS FOR THIS GENERATIVE AI WITHIN SEARCH. >> WE HAVE BEEN WORKING AT IT FOR A LITTLE WHILE AND WE HAVE BEEN EXCITED ABOUT IT. TODAY THERE IS 10 BILLION
QUARRIES THAT HAPPEN ON ANY GIVEN DAY. THAT TO US IS A HUGE OPPORTUNITY TO SORT OF REINVENT SEARCH. AI IN THE LAST SEVERAL MONTHS HAS SEEN AN INFLECTION. THE USER EXPERIENCE, THE IDEA OF BEING ABLE TO CHAT, THE COMBINATION OF THOSE TWO THINGS HAS COME TOGETHER FOR A BIG OPPORTUNITY. ED: BUSY DAY AS CAROLINE SAID.
I QUESTION IS WHY NOW? HOW READY IS IT? HOW CONVINCE ARE YOU THAT IT IS READY? I THOUGHT THE TIMING WAS INTERESTING. >> AS I MENTIONED WE HAVE BEEN WORKING ON IT FOR A WHILE. WE DO FEEL LIKE WE ARE READY TO GO TO A LIMITED PREVIEW AND WE ARE HAPPY TO SHIFT IN THAT STATE. IN THE EVOLUTION OF THE TECHNOLOGY THERE IS ONLY SO MUCH YOU CAN DO IN THE LAB AND THEN YOU GET TO A PLACE WHERE YOU NEED TO GET THE USER FEEDBACK. YOU NEED THAT TO IMPROVE THE PRODUCT. WE HAVE A WELL IDEA IN TERMS OF
HOW TO CHAT AND SEARCH AND BROWSE. WE PUT IN ALL THE GOOD WORK TO MAKE SURE IT IS A STABLE SYSTEM WE ARE LOOKING FORWARD TO GIVING FEEDBACK AND IMPROVING. ED: YOU SAY OPEN AI HAS A CLOSED PROFIT. IT HAS BEEN LICENSING ACCESS TO DEVELOPERS. IS THERE ANY ELEMENT OF EXCLUSIVITY IN THIS ARRANGEMENT WOULD OPEN AI THAT GIVES YOU AN ADVANTAGE OVER OTHERS? UTILIZING THE UNDERLYING TECHNOLOGY? >> AND CAN WORK WITH MANY COMPANIES.
WE WORKED WITH THEM TOGETHER SO CLOSELY SO THIS LATEST AI MODEL UNDERNEATH THE COVERS WHICH WE ANNOUNCED TODAY IS A BRAND-NEW ONE. THIS ONE IS MUCH MORE POWERFUL. WE WORKED TOGETHER TO MAKE THAT HAPPEN. CERTAINLY OTHER COMPANIES CAN WORK WITH THE TECHNOLOGY BUT I THINK WE HAVE A GREAT COLLABORATION THERE. WE ARE MAKING THAT ACROSS BECAUSE THE CLOUD POWERS THE BACKEND. WE WORKED WITH THEM ON THIS APPEARED -- SUPERCOMPUTER AT THE MONETIZATION MODEL AS WELL SO ACROSS-THE-BOARD WE HAVE A DEEP PARTNERSHIP. CAROLINE: TALK TO US ABOUT MONETIZATION. THE CEO SAYING IS GOING TO
RESHAPE PRETTY MUCH EVERY SOFTWARE CATEGORY. WHAT IS THAT MEAN IN TERMS OF CATEGORIES? >> THE WAY TO THINK ABOUT THIS IS SEARCH IS THE LARGEST SOFTWARE CATEGORY THAT IS OUT THERE. ADVERTISING IS A $600 BILLION BUSINESS. WE HAVE AN OPPORTUNITY TO RESHAPE THAT, TO BRING A VALUE TO PEOPLE AS WE TALKED ABOUT IN TERMS OF BEING ABLE TO ANSWER QUESTIONS BUT ALSO NEW VALUE TO ADVERTISERS WHO CAN BRING MORE TARGETED ADVERTISING AND GET BETTER ROI. THE OPPORTUNITY TO IMPROVE THAT IS GOING TO BENEFIT EVERYBODY. CAROLINE: WE WENT TO OUR OWN AUDIENCE TO ASK THEM WHERE THEY FEEL THE WINNINGS WILL BE MADE.
NOT JUST TALKING ABOUT GOOGLE VERSUS MICROSOFT BUT CHINA VERSUS THE U.S.. NOTE TO -- NOTABLY 38% BUT U.S. TECHNOLOGY WILL WHEN THAT AI RUSS WAS LIKELY CHINA BUT ROBOTS IS WHERE THEY KIND OF POINT THAT SPEAKS TO A POINT TO THE POWER OF ARTIFICIAL INTELLIGENCE AND AT THAT POINT TO READ CORRECT ITSELF, TO IMPROVE UPON ITSELF. I ASKED YOU ABOUT THE CONCERNS, THE SAFETY, THE BIASES. HOW TO MAKE SURE HE WE ARE AT THE RIGHT PLACE TO UNLEASH THIS. >> IT IS TOP OF MIND FOR US. WE FOCUSED FOR MANY YEARS ON RESPONSIBLE AI. WE PUT FORTH PRINCIPLES AND A
FRAMEWORK AND HAVE DONE A LOT OF ENGINEERING IN THAT REGARD. WE HAVE LEARNED A LOT FROM OUR PAST RELEASES SO WHAT RE-RELEASED TODAY HAS A BUNCH OF GUARDRAILS AND SAFETY FOR THINGS LIKE SAFE SPEECH, HATE SPEECH AND SELF-HARM. BEFORE HE GETS TO THE MODEL, BEFORE IT GENERATES ANY CONTENT WE TRAINED THEM TO CATCH THESE THINGS AND AGAIN BEFORE ANSWERS COME OUT SO WE HAVE DONE A LOT OF WORK.
THERE ARE BAD ACTORS OUT THERE WHO LIKE TO HIKE THE SYSTEM AND WE LIKE TO FEEL TODAY IS AN IMPORTANT PART. YOU HAVE TO GO TO MARKET, YOU ACTUALLY HAVE TO SHIP. YOU CAN'T SOLVE THESE PROBLEMS IN A LAPID. -- IN A LAB. CAROLINE: GENERATIVE AI DAY IN AND DAY OUT IT'S GREAT TO HAVE YOU ON.
ED, YOU EVEN TALKED ABOUT IT SOME OF THE OTHER COMPETITORS, RIGHT? ED: A BIG-NAME COMING OUT OVERNIGHT CONFIRMING A SKIT THAT AS SOON AS MARCH IT WILL ROLL OUT ITS CHATGPT COMPETITOR. IT'S INTERESTING BECAUSE THEY DIDN'T DO A BIG ON STAGE SPLASH WHAT DOES PRESS THEY JUST MADE A STATEMENT KIND OF FLEXING A LITTLE BIT ABOUT THE ROADMAP. IT IS THE GOOGLE OF CHINA, IT DOMINATES THE SEARCH MARKET THERE AND THEY PLAN TO INTEGRATE THAT INTO THEIR OWN SEARCH CAPABILITIES. AS WE DISCUSSED THE SHARES ABSOLUTELY SURGING BOTH IN HONG KONG CAROLINE: AND THE U.S.. CAROLINE:JUST THE ELEMENT HERE, WE TALKED TIME AND TIME AGAIN ABOUT THE U.S. VERSUS CHINA. YOU THINK ABOUT THE BOOKS THAT
HAVE BEEN WRITTEN THAT CHINA REALLY MANAGED TO GET INTO THE HOME SO MUCH FASTER. THE BASIC FORM OF LANGUAGE AI WE ARE ALL USED TO ASKING A PIECE OF EQUIPMENT IN OUR HOME CHINA LED THE WAY THERE. ED: ARNIE IS SO SIMILAR, IT GIVES A CONVERSATIONAL STYLE RESPONSE. IT CONTINUES TO TRACK. COMING AT WE WILL TURN BACK TO SOFTBANK AND TURN MAY BE TO A VISION FUND PLUS A NEW FENCE FROM GOLDMAN SACHS WE WILL BRING THAT ALL OF THE SHOULD WE WILL BRING ALL OF THAT NEXT. ED: BETTEL DIVISION FUND TO STILL HAS SIX POINT $5 BILLION FOR FRESH INVESTMENTS. SOFTBANK ARE KEY FUNDS WAS $5
BILLION IN VALUE IN THE DECEMBER QUARTER. IT WAS THE SEGMENTS FOURTH STRAIGHT QUARTER OF LOSSES AND MORE OF COURSE IN THE WORLD OF AI. G 42 HIRING DOZENS OF PEOPLE IN SINGAPORE, SHANGHAI, AND TEL AVIV TO SCOUT FOR OPPORTUNITIES FOR A TECH FUND ACCORDING TO SOURCES. IT WILL TARGET TECHNOLOGY INVESTMENT ACROSS THOSE MARKETS. CAROLINE: STILL GETTING REUSE PARTICULARLY IN THESE AI FRONTS. GREAT WRAP UP MEANWHILE WHAT WE ALL CONTINUE TO TALK ABOUT, WE ARE TALKING ABOUT SOCIAL MEDIA BEING FRONT AND CENTER IN WASHINGTON AS THE PRESIDENT PREPARES TO DELIVER HIS STATE OF THE UNION ADDRESS WE WILL BRING YOU THE DETAILS AHEAD AND WHAT IS HAPPENING IN TERMS OF LEGISLATION THAT WILL BE ANALYZED BY CONGRESS.
FROM NEW YORK AND SAN FRANCISCO, THIS IS BLOOMBERG. ♪ WELCOME BACK PRESIDENT BIDEN WILL BE ISSUING HIS STATE OF THE UNION ADDRESS. AT THE SAME TIME LAWMAKERS ARE TARGETING TIKTOK. ACCORDING TO REPORTING GOVERNMENT TECH ORDER SHE JOINS US NOW FROM CAPITOL HILL AND MARIA FIRST AND FOREMOST ON THE STATE OF THE UNION JUST TALK TO US ABOUT WHY THIS TIME THIS FOCUS ON CHILDREN HE HAS DONE IT ONCE BEFORE BUT IT SEEMS IT SHOULD BE BIPARTISAN AGREEMENT HERE. IT MIGHT NOT BE DIFFERENT THIS YEAR. THAT IS CERTAINLY WHAT THE PRESIDENT IS HOPING FOR. HE HAS IDENTIFIED IT AS ONE OF
THE FOUR AREAS WERE REPUBLICANS AND DEMOCRATS CAN ACTUALLY UNITE AND GET SOME LEGISLATION PASSED THERE IS A BIPARTISAN INTEREST IN PROTECTING KIDS ONLINE. IT IS SOMETHING THAT RESONATES WITH ERRANDS ACROSS THE COUNTRY ENSURING THEIR KIDS ARE PROTECTED FROM THE CYBER BULLYING, THE MENTAL HEALTH IMPACTS WE CAN ALL SEE ON SOCIAL MEDIA SO HE WILL BE HIGHLIGHTING THAT THIS YEAR. ED: THE SENATE JUDICIARY COMMITTEE IS GOING TO HOLD THIS HEARING ON PROTECTING KIDS ONLINE THIS WEEK.
HOW IS THIS A LONG-TERM GOAL FOR BIDEN THINK HE HAS DISCUSSED THIS BEFORE RELATIVE TO TRYING TO PUT PRESSURE ON CONGRESS TO DO SOMETHING ON IT. >> THIS IS DEFINITELY AN ISSUE THAT CAN BE TACKLED FROM MULTIPLE ANGLES, NOT JUST FROM CONGRESS BUT FROM RELEVANT FEDERAL AGENCIES LIKE THE FEDERAL TRADE COMMISSION. SO IT CERTAINLY CAN BE A LONG-TERM GOAL ON VARIOUS FRONTS BUT THE SENATE JUDICIARY COMMITTEE WILL PUT A FOCUS ON THE 118TH CONGRESS. THE WITNESSES HAVE YET TO BE DETERMINED BUT WE CAN EXPECT CONVERSATIONS ON KEY LEGISLATION THAT DID NOT MAKE IT ACROSS THE FINISH LINE BUT DID COME SO, YEAH. CAROLINE: WAS INTERESTING, WHEN WE HAVE GETS ON IN PARTICULAR FCC COMMISSIONER'S AND THE LIKE THEY TALK ABOUT THIS SHOULD BE DRIVEN, THE TIKTOK FOCUS SHOULD BE COMING FROM THE ADMINISTRATION RATHER THAN FROM CONGRESS.
IS THERE ANY UPDATE WHETHER THE ADMINISTRATION STANDS ON TIKTOK AND ACCESS TO IT? >> WE HEARD RECENTLY THE PRESIDENT IS NOT SURE IF TIKTOK SHOULD BE BANNED BUT INTERESTINGLY CONGRESS'S APPROACH SHOULD BE GIVING THE PRESIDENT OR AUTHORITY TO LIMIT TIKTOK SO IT WOULD STILL END UP BEING AN EXECUTIVE BRANCH EFFORT . IMPORTANTLY, SENATOR WARNER IS WORKING ON A BILL THAT WOULD PREVENT GIVING OTHER COUNTRIES A PLATFORM FOR RETALIATING AGAINST U.S. COMPANIES SO THAT IS A CONSIDERATION MOVING FORWARD AS WE SEE MORE BILLS POP UP. TODAY'S MARKUP OF THE THREE TALK TO -- TIKTOK HILLS EMPOWER CONSUMERS TO HAVE MORE KNOWLEDGE ABOUT THEIR APP THEY WOULD, DISTRIBUTORS BE REQUIRED TO TELL CONSUMERS IT IS OWNED BY A COMPANY THAT IS BASED IN CHINA AND THAT THE DATA IS BEING COLLECTED.
THIS IS TAKING ON A DIFFERENT APPROACH. ED: THANK YOU. I LOOK THERE TO THE STATE OF THE UNION. TO AN END AT 8:30 P.M.
NEW YORK TIME FOR FULL COVERAGE OF THE PRESIDENTS STATE OF THE UNION ADDRESS. STAYING IN WASHINGTON, TWO U.S. SENATORS EXPRESS THEIR CONCERNS TO MARK ZUCKERBERG OVER RISKS OF DEVELOPERS HAVING ACCESS TO USER DATA. HUNDREDS OF THOUSANDS OF DEVELOPERS IN COUNTRIES CHARACTERIZED AS HIGH RISK HAD ACCESS TO SIGNIFICANT AMOUNTS OF SENSITIVE USER DATA. THE SENATOR SAID STAFF HELP MEETINGS WITH COMPANY EXECS TO SEE WHO COULD GET THE DATA AND WHAT FACEBOOK LAND TO DO ABOUT IT WITH REGARDS TO PROTECTING USERS'INFORMATION. LET'S STICK WITH META-. THE COMPANY IS ASKING MANY OF ITS MANAGERS AND DIRECTORS TO TRANSITION TO INDIVIDUAL CONTRIBUTOR JOBS OR LEAVE THE COMPANY AS IT TRIES TO BECOME MORE EFFICIENT.
JOINING US AS BLOOMBERG'S SARAH WHO BROKE THE STORY. THE MASS ROUND OF LAYOFFS, I IMAGINE THERE ARE A NUMBER OF EMPLOYEES WHO HAVE BEEN WAITING FOR THE AX TO DROP IN THIS CASE IS VERY SPECIFIC ROLES THAT MARK ZUCKERBERG SEEMS TO BE GOING AFTER. >> EVER SINCE THOSE 13% CUTS IN NOVEMBER, THE HISTORIC TIME FOR THE COMPANY YOU HAVE SEEN A NUMBER OF OTHER ROUNDS OF LAYOFFS IN YOUR THINKING WHAT'S COMING NEXT? ARE WE HAVING ANOTHER ROUND? AMAZON HAD ANOTHER ROUND THERE IS A THINNING OF THE RANKS HAPPENING AT META AS WE SPEAK.
MANAGERS ARE GETTING TOLD BY THEIR SUPERVISORS, YOU NEED TO GET TO A POINT WHERE YOU ARE DOING INDIVIDUAL CONTRIBUTOR WORK WHETHER THAT'S CODING, RESEARCH, DESIGN, WHATEVER THAT IS THAT YOU CAN DO THAT IS PART OF BUILDING AS OPPOSED TO MANAGING, THAT IS WHAT META-VALUES RIGHT NOW IF YOU CAN'T DO THAT, IF YOU DON'T FIND YOURSELF IN A ROW LIKE THAT, WE WILL HAVE TO ASK YOU TO LEAVE. CAROLINE: TO THAT POINT, THE NICE PACKAGE, IF YOU'RE BEING ASKED TO PULL BACK ON MANAGERIAL ROLE BUT DO MORE YOURSELF, IS THAT MORE VALUABLE OR LESS IN TERMS OF RECOMPENSE TO YOU? >> IT'S UNCLEAR IF PEOPLE ARE BEING ASKED TO TAKE LOWER SALARIES. I IMAGINE THAT WOULD HARD TO SWALLOW IF YOU ARE A META-EMPLOYEE. BUT I THINK THE IMPORTANT FACTOR HERE IS THAT THE COMPANY IS TRYING TO BECOME MORE EFFICIENT. SUCKER BARK HAS CALLED IT EFFICIENCY.
THEY ARE CALLING IT THE FLATTENING. THEY ARE TRYING TO MAKE SURE THERE ARE FEWER STEPS TO GETTING THINGS DONE AND TRYING TO MAKE SURE THAT PRODUCTS ARE BETTER, PROFITS ARE BETTER. ALL THINGS ACROSS THE BOARD CAN BE SOLVED BY HAVING FEWER MATURED -- MANAGERS.
I THINK THAT THAT IS THE TAKE AWAY WHETHER MEDICAL ACTUALLY BE MORE EFFICIENT AS A RESULT OF THIS I DON'T KNOW. I THINK THAT THERE ARE ROLES THAT HAVE BEEN CREATED FOR A REASON BUT WHAT I HAVE HEARD IN TALKING TO EMPLOYEES AT THE COMPANY IS THERE IS SOME ENCOURAGING SIGNS HERE. PEOPLE WHO HAVE NOTICED THERE ARE MANAGERS WHO ARE ONLY IN CHARGE OF ONE OR TWO WAYS, THERE ARE SOME TEAMS THAT ARE TASKED WITH DOING JOBS THAT ARE IN CONFLICT OR IN COMPETITION WITH OTHER TEAMS. CERTAINLY, THOSE THINGS CAN BE SORTED OUT AND ASKED IN THIS NEXT ROUND AND MAYBE THE FACT THEY ARE NOT DOING IT ALL AT ONCE AND MORE ON AN INDIVIDUAL BASIS. I THINK THERE WAS A LOT OF TENSION FOLLOWING THE LAST THEY ALSO PEOPLE DIDN'T HEAR ABOUT IT UNTIL THE LAST MINUTE. CAROLINE: EVERY SINGLE PERSON WANTS TO BE MORE PRODUCTIVE AND EFFECTIVE AND HAVE MORE IMPACT AT WORK.
DO WE KNOW IF THERE'S BITS OF THE BUSINESS THIS IS GOING TO AFFECT, WHERE IT GOT FROM A MANAGERIAL PERSPECTIVE? >> I THINK THE COMPANY WANTS TO FOCUS ON SOME OF THEIR COURT INITIATIVES. WE KNOW THEY WANT TO IMPROVE ARTIFICIAL INTELLIGENCE FOR BETTER ADD TARGETING, BETTER ALGORITHM SHARING ON THEIR REELS PRODUCT. THEY WANT TO ENSURE SOME OF THE WORK THEY ARE DOING CAN TRANSLATE TO PAY WILL PHONE USER. THERE ARE SOME REALLY KEY INITIATIVES THAT ARE WORKING
TOWARDS HERE THAT ARE FOCUSED ON PROFITS. ONE OF THEM THAT WAS MENTIONED ON THE EARNINGS THAT CAUGHT MY EYE WAS THIS TRANSITION TO MAKING MONEY IN MESSAGING WHICH IS SOMETHING PEOPLE HAVE BEEN ASKING ABOUT FOR YEARS. SUCKER BERG SAYS THERE ARE 10 BILLION ANNUAL RUN RATE REVENUE.
WE'LL SEE THE COMPANY GET A LOT LESS EXPERIMENTAL AND MORE THOUGHTFUL ABOUT WHERE THEY SPEND THEIR TIME GOING FORWARD TO TRY TO BRING A SENSE OF EFFICIENCY AND ENERGY. CAROLINE: SO FAR MUSIC TO SOME INVESTORS HERE'S. SARAH FRIER, THANK YOU VERY MUCH. SENIOR EDITOR OF THAT TEAM MEANWHILE, COMING UP WE WILL TALK ABOUT THE FUTURE OF MOBILITY FROM EVS HERE ON EARTH TO PLANES, TO THE MOON. CYRUS AND GARY NEXT. KEEPING A KEY I UNCERTAIN SURE IS RIGHT NOW ED: AS I SAID THE STOCK MOVING IN LOCKSTEP WITH THE S&P 500. A LOT OF THIS ABOUT FED CHAIR
POWELL'S COMMENTS. THE EDGE BROWSER AND WHAT THEY CAN DO TO BOOST THEIR COMPETITIVENESS AGAINST GOOGLE IN PARTICULAR. INVESTORS LIKING WHAT THEY SEE. THIS IS BLOOMBERG. ♪ ED: LATER TONIGHT, PRESIDENT BIDEN IS EXPECTED TO DISCUSS HIS ECONOMIC PROGRESS SO FAR INCLUDING HOW THE INFLATION REDUCTION ACT WILL DRIVE MANUFACTURING AND SUPPLY CHAIN IMPROVEMENTS AND BY EXTENSION CUT U.S. EMISSIONS. SPEAKING OF WHICH A REPORT LOOKING AT ALL THE TRANSIT AND TRANSPORT IN 2023 IT IS BASED ON HUNDREDS OF STUDIES AND DRAWS SOME CRITICAL CONCLUSIONS. FUNDING FROM MOBILITY HAS
OUTPACED MOST TECH SECTORS BUT SECONDLY MOBILITY HAS BECOME THE MOST WRITTEN SEGMENT WHEN IT COMES TO LOOKING AT HOW TO COMBAT EMISSIONS HERE IN NORTH AMERICA JOINING US TO DISCUSS MANAGING PARTNER AND COFOUNDER, BEFORE YOU JOINED US HERE IN SAN FRANCISCO FOR THE SHOW YOU POSTED ON LINKEDIN ABOUT A PORT COMING OUT, HUNDREDS OF PEOPLE ENGAGED AND SAID I WOULD LIKE TO SEE IT. MORE MONEY INTO MOBILITY THAN ANY OTHER SUBSECTOR AND ALSO THE MOBILITY COUNTS FOR MORE EMISSIONS WHAT IS THAT YOU DISCOVERED OR FOUND? >> THANKS FOR HAVING US. THE BIG TAKEAWAY IS MOBILITY RAPIDLY. IT REPRESENTS ABOUT 38% OF ALL CO2 EMISSIONS. IT'S A $10 TRILLION MARKET IS A CONVERGENCE OF ONE OF THE MOST THINGS FOR SOCIETY TODAY, HOW TO REDUCE CARBON EMISSIONS AND HOW TO MOVE THINGS ON GROUND, SEA, AIR, AND SPACE. ED:
I GUESS THE CONCLUSION, THIS IS WHERE THE MONEY IS GOING, THIS IS WHAT THE BIGGEST CONTRIBUTOR TO EMISSIONS IS. WHEN YOU THINK ABOUT MOBILITY, YOU AND I HAVE SPENT SOME TIME WITH SOME OF YOUR PORTFOLIO COMPANIES IN AREAS YOU CONFESSED WHAT DID FINDINGS OF THE ART AS YOU DID DO WITH YOUR OWN INVESTMENT THESIS AND WHERE YOU ARE LOOKING TO MAKE CHANGE? >> WE JUST RELEASED IT SO WE GET TO GO MAKE DECISIONS. A COUPLE OF KEY TAKEAWAYS, ONE IS IN THE INDUSTRY WE ARE FACING A MAJOR SHORTAGE. WE WILL BE AT 65,000 PILOTS SHORT BY THE YEAR 2030. WE ARE LOOKING TO INVEST IN
TECHNOLOGIES AND BUSINESSES THAT CAN SELL THAT AS WE GO TOWARDS ELECTRIFICATION OF EVERYTHING, A MASSIVE MATERIAL SHORTAGE. WE ARE LOOKING AT AN INCREASE IN LITHIUM BATTERIES. AN INCREASE IN THE LITHIUM ION PRICE INDEX. THE ENTIRE ECOSYSTEM FOR TECHNOLOGIES TO CREATE LITHIUM-ION BATTERIES, CLEANER ESTER, CHEAPER A HUGE AREA OF INVESTMENT FOR US. ED: ONE THING THAT JUMPS OUT IS THE DEMAND CURVE GOING THROUGH 2030. WHEN YOU DISCUSS WITH YOUR PORTFOLIO COMPANIES, AS YOU GO OUT WITH MAKING AN INVESTMENT IN MIND HOW DO YOU FIX THE PROBLEM? WHICH AREAS DO YOU INVEST IN TO FIGHT THE SHORTAGE OF SUPPLY? >> WE MADE A COUPLE OF DIRECT INVESTMENTS.
USING AI TO HELP UNDERSTAND WHAT MATERIALS CAN HELP SOLVE -- >> AND AI COMPANY. >> IT'S VERY RELEVANT TO WHAT'S GOING ON. A COMPANY USING COMPUTER VISION, AI IN JURIES TO LOOK AT BATTERIES FOR THEIR FAULTS. IT CAN TAKE 45 MINUTES TO PUT OUT A FIRE FOR AN HIGH-QUALITY PRODUCT GOING OUT THE DOOR, THAT IS A GOOD INVESTMENT. CAROLINE: WHAT ABOUT THE FOCUS FEDERALLY? WHAT ABOUT A DESIRE FOR LOWERING EMISSIONS AND SEEING A LABOR SHORTAGE ALLEVIATED, IS THAT HEADWIND OR TAILWIND FOR YOU? >> INFLATION REDUCTION ACT HAS CREATED PRETTY SIGNIFICANT TAILWINDS FOR THIS ENTIRE INDUSTRY. WE ARE LOOKING AT 100 BILLION DOLLARS ALLOCATED INTO HYDROGEN, CLEAN ENERGY, IS GOING TO CREATE ACTIVITY AROUND MOBILITY. ONE BIG PIECE OF NEWS IS THE
UPCOMING GREEN DEAL IN EUROPE. THEY ARE LOOKING CLOSE TO A TRILLION DOLLARS TO GO2NET ZERO BY 2050. THIS IS A HUGE SECULAR CHANGE MOVING THINGS.
IT'S HAVING LITERALLY AN ACTIVE CONGRESS, HERE, EUROPE, ELSEWHERE IS GOING TO BE OUR TO SEE THESE MAJOR CHANGES IN HOW WE MOVE ABOUT THIS PLANET. CAROLINE: YOU ARE A MAN WHO IS SO PASSIONATE IN PARTICULAR FLYING FROM A VERY YOUNG AGE. UNDERSTANDING HOW TO NAVIGATE THE SKIES TALK TO US, THERE ARE OTHER PEOPLE WHO NAVIGATE THE SKIES, RUN THESE BUSINESSES, MANY COME OVER PASSIONATELY WANTING TO BRING DOWN THE EMISSIONS CURVE. ARE YOU SEEING THE FOCUS ON REAL INNOVATION COMING FROM THE BIG COMPANIES OR DOES IT HAVE TO COME FROM THE SMALL COMPANIES? >> I THINK IT'S REALLY A PARTNERSHIP BETWEEN ENTREPRENEURS AND OF THE LARGEST COMPANIES TO AFFECT MAJOR CHANGE. A COMPANY LIKE ZIP LINE WHICH USES DRUGS TO DO PACKAGE DELIVERIES AND PARTNER WITH WALMART.
THEY DEAL WITH 500,000 DELIVERY FLIGHTS LESTER. WE HAVE SEEN AN INCREASE DOUBLE-DIP PREVIOUS YEAR WHICH DOUBLED THE. I THINK TO YOUR SPECIFIC QUESTION YOU HAVE TO GET THE ENTREPRENEURS TO PARTNER WITH THE LARGEST COMPANIES. ED: YOU ARE A VERY ABLE PILOT ACROSS A NUMBER OF AREAS. MY HEAD IS OFTEN UP IN SPACE AND I WAS INTERESTED TO SEE A FOCUS OF YOUR WORK AND THE OPPORTUNITY WHY >> GO THERE? WHY LOOK AT THAT? IT'S REALLY THE LAST FRONTIER FOR US, IS SPACE. IT'S IMPORTANT TO RECOGNIZE THE
CONSEQUENCES. THE WAY PEOPLE SHOULD THINK ABOUT STARSHIP IS LIKE THE ROADWAY FOR SPACE. IT'S MAKING IT ALMOST FREE TO GET A POUND PAYLOAD INTO ORBIT. WHEN YOU MAKE IT FREE TO GET A POUND PAYLOAD INTO ORBIT, YOU CAN'T UNDERSTAND NEW BUSINESSES CAN HAVE A -- THIS IS A HUGE AREA OF INVESTMENT. ED: MANAGING PARTNER AND COFOUNDER,
GOOD TO CATCH UP IT WAS SO INTERESTING FOR ME AS WELL, THE OPPORTUNITY AS AN INVESTOR WE SEE SO MANY OF THESE REPORTS SAYING SUSTAINABILITY OFFERS AN ATTRACTIVE RETURN DOWN THE ROAD. CAROLINE: IT'S THE SAME, WE GOT THE EXACT SAME CONVERSATION COMING UP. WE ARE GOING TO TALK ABOUT A COMPANY THAT USES ROBOTICS, USES GREENHOUSES TO REDUCE FOOD WASTE. BACKED BY AMAZON, NONETHELESS.
WE WILL TALK ABOUT THAT IN A MINUTE THIS IS BLOOMBERG. ED: STICKING WITH SUSTAINABILITY AND INVESTMENT A TWO YEARS AGO IN THE START UP. THE LEAVES ARE PRODUCERS IN 90% LESS WATER, 55% LESS FERTILIZER THEN PRINT BEST CONVENTIONALLY PRODUCED CROPS. THAT'S THE STORY HOW DID THIS INVESTMENT BECOME A ROGUE PRODUCT FOR AMAZON? >> IT WAS A COLLABORATIVE EFFORT BETWEEN AMAZON AND HIPPO HARVEST. WE SOURCE THE DEAL, WE SAW TWO COMPELLING FEATURES
ABOUT THE OPPORTUNITY. ONE WAS TO DRIVE DOWN THE PRICE AND ONE WAS TO INCREASE THE QUALITY. SO WE WORKED FOR 15 MONTHS NOT TO BRING THE PRODUCT TO MARKET INNOVATING ON THE TIMING, PACKAGING, QUALITY OF THE REDUCE, WE WERE FINALLY ABLE TO GET IT OVER THE LINE. ED:
MY UNDERSTANDING AS THERE IS A PRETTY SMALL FOOTPRINT OVER IN SANTA CRUZ. IS THIS A MONEY MAKER, IS THIS A VIABLE BUSINESS LONG-TERM TO MAKE THESE INVESTMENTS? >> AS PHILIPPE. WE HAVE A MANDATE OF REDUCING CARBON EMISSIONS AND ALSO LOOKING TO DO IT PROFITABLY. IT REPRESENTS THE BEST OF BOTH OF THOSE CASES AND I THINK THEY ARE ALREADY DEMONSTRATING THAT.
CAROLINE: YOU MUST'VE SPENT SOME TIME UP SCALING WHEN CAN YOU GET IT UP? -- ABROAD? >> WE ARE IN THE EXPERIMENTATION PHASE THE FIRST STEP IS TO GET IT INTO THE MARKET SEE IF CUSTOMERS ARE INTERESTED IN PURCHASING IT. WE WILL SCALE IT THROUGH THE WHOLE FOODS ECOSYSTEM AND REPUBLIC TO SOME HIPPO HARVEST AS THEY TRY TO EXPAND THE DOMESTICALLY AND INTERNATIONALLY. WE EXPECT THAT WILL TAKE A COUPLE OF YEARS BEFORE WE HAD THE STRIKE. CAROLINE: WE HAVE BEEN LOOKING AT SOME OF THE PICTURES, I CAN SEE ROBOTS OVER THERE I KNOW YOU ARE A MAN THAT TALKS ABOUT STARTUPS BUT YOU ALSO TALK ABOUT WORK FORCE. HOW IS THIS FOCUSED, THE SUFFICIENCY GOING TO GET BLUE-COLLAR WORKERS AND THE ABILITY TO NEED THAT >> SORT OF FLAVOR. WE ARE JUST LEARNING HOW THE ROBOTS ARE GOING TO CHANGE THE DYNAMICS ON THE FARM. HIPPO HARVEST IS STILL
EMPLOYING LOCAL EMPLOYEES AND BRINGING FIRM ASK FOR TEES TO BEAR TO HELP REDUCE THIS PRODUCE AND WE ARE ALSO SEEING NEW JOBS EMERGE. SORTING AND SUPPORTING THE ROBOTS BUT ALSO DOING THAT HE ASSURANCE AND CONTROL AND OF SUPPLY PA -- SUPPLY CHAIN MANAGEMENT. I KNOW YOU ARE EDGE FUND PRINCIPAL THAT'S YOUR JOB CAN HIPPO MOVES AS FAST AS IT DONE? CERTAINLY HAVING AMAZON BEHIND YOU IS A KEY S. I THINK ONE THING WE LOOK FORWARD IS IMPROVING ENTREPRENEURS.
WITH HIPPO HARVEST WE HAVE SEVERAL ENTREPRENEURS HERE. OUR EXPECTATION IS WE WILL SEE MORE OF THE SAME AND IT DOESN'T FIRE AMAZON. ED: HAVE YOU EATEN THE LETTUCE? >> I RECOMMEND EVERYBODY TRY IT. CAROLINE: ALL TYPES OF LETTUCE, WE THANK YOU SO MUCH FOR COMING OUT AND TALKING ABOUT HEDGE FUND. NICK ELLIS.
THAT DOES IT FOR THIS EDITION OF BLOOMBERG TECHNOLOGY. UBER JOINS BLOOMBERG 11:30 A.M. EASTERN, 8:30 A.M. PACIFIC. DON'T WANT TO MISS THAT CONVERSATION. FROM NEW YORK, FROM SAN FRANCISCO, THIS IS BLOOMBERG. ♪
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