'Bloomberg Technology' Full Show (02/27/2023)
♪ CAROLINE: I'M CAROLINE HYDE AT BLOOMBERG'S WORLD HEADQUARTERS IN NEW YORK. ED: I'M ED LUDLOW IN SAN FRANCISCO. EMILY: ELON MUSK CONTINUES COST-CUTTING AND WE HAVE MORE ON LAYOFFS AS -- PRODUCTION AS WELL. ED: TODAY'S BIG TAKE FOCUSES ON HOW THE FORD F1 50 LIGHTNING IS BUILT OF MATERIALS ALLEGED TO BE DAMAGING THE AMAZON. THOSE WHO CALL IT HOME WILL BRING YOU THE DETAILS. EMILY:
SNAPCHAT UNVEILS A NEW TOOL TO PROTECT CHILDREN. ALL THAT AND MORE COMING UP. FOREMOST, WE GET TO THE MARKETS. AFTER A REPRIEVE AFTER THE SELLOFF THE PREVIOUS WEEK TO READ WE ARE UP 6/10 OF A PERCENT ON THE NASDAQ. EUROPE GETS A BID THAT LARGELY FEELS TO DO WITH BORROWING COSTS AT THE MOMENT. U.S. TREASURIES, MAY BE A BIT OF REASSESSMENT AS TO WHETHER WE ARE BUYING THE DIP WHEN IT COMES TO EQUITIES OR BONDS. LET'S LOOK AT WHAT HAS NOT BEEN BOUGHT ON THE DIP.
CRYPTO AFTER WHAT HAS BEEN A PHENOMENAL JANUARY, FEBRUARY LESS SO. IF YOU LOOK AT A TWO DAY BASIS FROM THE POINT WE ARE TRACKING IT IS UP 2% BELOW 24,000 EVEN ON A DAY THAT WE SAW U.S. DOLLAR WEAKNESS. ED: FROM THE MACRO TO THE MICRO. WHEN I LOOK AT INDIVIDUAL NAMES
THERE'S A LOT OF ENERGY IN EV RELATED STOCKS IN THE MARKET. TESLA UP FIVE-AND-A-HALF PERCENT. THAT PERFORMANCE REINSTATES ELON MUSK AS THE WORLD'S RICHEST MAN ACCORDING TO BLOOMBERG. WE'LL GET TO THAT LATER. FISK OR IS UP --FISKER IS UP. THEY WILL SEE PROFIT UP IN 2023. LIFECYCLE HAD BEEN UP BUT THEY GOT A LOAN.
MOVING TO THE DOWNSIDE, META-BUCKING THE TREND AND HALF A PERCENTAGE POINT DOWN. YOU MENTIONED PALLETS HERE, DOWN FOR A SECOND SESSION. BREAKING NEWS ABOUT HOW THEY ARE GOING TO CUT STAFF. LESS THAN 2% WHICH IS INTERESTING. THIS IS A COMPANY THAT PLEDGED
NOT TO MAKE THESE KINDS OF CUTS. ON A SEVEN DAY BASIS IT IS THE STOCK THAT SUFFERED. AS YOU KNOW IT IS NOT JUST PALAN TIR. TWITTER SEEING LAYOFFS ACROSS THE COMPANY INCLUDING ENGINEERS AND PRODUCT SERVICES SAYING EMPLOYEES LEARNED VIA EMAIL AND OTHERS FOUND OUT BECAUSE THEY COULD NOT LOG INTO INTERNAL SYSTEMS. BLOOMBERG'S KURT WAGNER JOINS US MORE -- FOR MORE. NOT ALL THAT SURPRISED REALLY. >> WE HAVE SEEN THIS SLOW TRICKLE FOR A WHILE BUT THIS ONE FELT MORE SIGNIFICANT. IT DID HAPPEN ON A SATURDAY
NIGHT SO A LOT OF EMPLOYEES ARE ENJOYING THEIR WEEKEND AND AS HE POINTED OUT, SOME GOT EMAILS SAYING YOUR JOB HAS BEEN TERMINATED. OTHERS ARE TRYING TO GET INTO THE SYSTEM, CANNOT AND THEY DEDUCED FROM THAT. NOT GREAT, BUT TO YOUR POINT, NOT SURPRISINGLY WE KNOW HOW MUCH THEY ARE TRYING TO CUT COSTS OVER THERE. CAROLINE: ANY THEME AS TO WHERE THEY WERE BEING CUT FROM OR KEY EXECUTIVES? >> IT WAS HEAVY INTO THE PRODUCT WERE ACTUALLY AND I'VE BEEN HEARING FROM A LOT OF PEOPLE THAT THEY ARE HAVING A TOUGH TIME FIGURING OUT WHO IS LEFT IN PRODUCT. WE SAW SEVERAL FOUNDERS OF COMPANIES THAT TWITTER HAD ACQUIRED OVER THE YEARS GET LAID OFF. THE COMPANY HAD BEEN TRYING NOT TO LAY THOSE FOLKS OFF.
THE THINKING WAS THEY MIGHT HAVE BIGGER STOCK AWARD GRANTS FOR HAVING SOLD A COMPANY TO TWITTER. THEY DID NOT WANT TO EXPEDITE THAT TYPE OF THING BUT IN THIS CASE, SEVERAL FOUNDERS WERE LAID OFF INCLUDING ESTHER CRAWFORD, WHO SORT OF BECAME FAMOUS, IF YOU WILL, AS SOMEONE WHO WAS SLEEPING IN THE OFFICE EARLY ON IN TWITTERS 2.0. ED: I WAS GOING TO ASK ABOUT ESTHER CRAWFORD. SHE WAS ONE OF THOSE PEOPLE WHO ALIGN THEMSELVES QUICKLY WITH ELON MUSK, PUBLICLY TWEETING ABOUT THE THINGS THAT HE WAS WANTING STAFF TO DO.
SHE IS GONE. WHAT WE KNOW ABOUT THAT? SHE WAS PRO ELON MUSK. >> YOU KNOW THIS BETTER THAN I EVEN DO, ED, BUT YOU CAN BE COMMITTED TO ELON MUSK AND THAT DOES NOT MEAN IT IS RECIPROCATED. THIS IS YET ANOTHER REMINDER TO PEOPLE WHO WORK AT COMPANIES THAT HE RUNS THAT THIS IS A JOB. AND SHE WAS RUNNING TWITTER BLUE, WHICH AS WE KNOW IS THE SUBSCRIPTION SERVICE THAT THEY ARE TRYING TO BUILD.
I DO NOT THINK THE ADOPTION HAS BEEN GREAT. I DO NOT CONSIDER THAT ANYTHING TO DO WITH HER. I'M NOT SURE THAT PEOPLE WANT TO PAY FOR TWITTER BUT MY POINT IS WHEN YOU ARE HIGH-PROFILE, RUNNING AN IMPORTANT PRODUCT, THAT DOES NOT SAVE YOU NECESSARILY WHEN IT COMES TO ELON MUSK. CAROLINE: THERE HAS BEEN INTERESTING REPORTS AROUND STOCK COMPENSATION AS WELL FOR THOSE THAT REMAIN AT TWITTER AND HOW THEY ARE INCENTIVIZED. ULTIMATELY, WHAT ARE WE TRYING
TO MAKE OF THE WAY IN WHICH THE BUSINESS IS BEING RUN? >> THIS IS CLEARLY AN INCENTIVE TO ENCOURAGE THE PEOPLE WHO ARE THERE TO SHOW UP AND WORK HARD. IMAGINE YOU'RE WORKING AT TWITTER TODAY. YOU MADE IT THROUGH MULTIPLE ROUNDS OF JOB CUTS. YOU ARE LOOKING AROUND CLOSE TO
75 OR 80% OF THE PEOPLE YOU WERE WORKING WITH ARE NO LONGER THERE. IF YOU ARE ELON MUSK, YOU NEED TO CONVINCE THOSE PEOPLE THERE IS A FUTURE. YOU SHOULD STICK AROUND BECAUSE THIS IS GOING TO GET TURNED AROUND AND A BIG PART OF THAT OF COURSE IS WHAT WILL YOUR COMPENSATION LOOK LIKE. THERE'S BEEN A LOT OF QUESTIONS ABOUT WHAT IT WOULD BE LIKE TO OWN ANY PART OF A PRIVATE TWITTER. HE IS HOPING TO CHANGE THAT.
WE DON'T KNOW THE DETAILS BUT IF YOU ARE GOING TO STICK AROUND YOU WANT TO KNOW YOU HAVE SOME SKIN IN THE GAME AS WELL. CAROLINE: KURT WAGNER, WE THANK YOU FOR JUMPING ON THESE STORIES FOR US AND BUSY ON SATURDAY. TALKING ABOUT COMPENSATION, I'M JUST LOOKING, THE HEADLINE THAT CAME ACROSS THE TERMINAL AFTER THE MARKETS SHUT.
ELON MUSK DOING REALLY WELL UP A COMPETITION PERSPECTIVE. ED: HE IS ONCE AGAIN THE WORLD'S RICHEST PERSON ACCORDING TO BLOOMBERG'S RICH INDEX, JUMPING BACK ABOVE AND THIS IS ABOUT TESLA GAINS. YOU LOOK AT THE BREAKDOWN OF HIS WEALTH. A BIG CHUNK OF IT IS TESLA STOCK, UP ANOTHER FIVE-AND-A-HALF PERCENT. WE HAVE BEEN WAITING ON THIS FOR A FEW DAYS BUT THAT IS WHY WE KEEP TALKING ABOUT HIM AND ALL OF HIS COMPANIES. CAROLINE: LET'S DELVE INTO HIS COMPANIES FOR A MOMENT.
YOU ARE THE ONE WHO COVERS SPACE. THAT HAD A LITTLE BIT OF A SETBACK THIS MORNING? ED: THIS WAS THE CREW MISSION TO FERRY ASTRONAUTS. THREE NASA, ONE COSMONAUT, TO THE INTERNATIONAL SPACE STATION. THERE WAS A TECHNICAL ISSUE SO THEY ARE DELAYED UNTIL THE EARLY HOURS OF MARCH 2. BUT THAT IS MEANT CURIOUSLY THAT THEY HAVE TO DELAY OTHER LUNCHES.
IT SPEAKS TO HOW EFFECTIVE SPACEX IS OF PUTTING PEOPLE AND OBJECTS INTO ORBIT AND THEN MANAGING. IT WAS SO RARE FOR THEM NOT TO GO OFF THE SCHEDULE. USUALLY IT IS WEATHER BUT THIS WAS A TECHNICAL DELAY. CAROLINE: THE WEATHER IN NEW YORK AND THERE IN SAN FRANCISCO, BUT I TELL YOU WHAT WE HAVE BEEN TALKING ABOUT IS FSB.
THAT IS THE UPDATE TO WHAT IS IT? WHAT IS IN VETO AT THE MOMENT? WITH TESLA THE IDEAS YOU CAN DRIVE THESE CARS AUTOMATICALLY AS A SOFTWARE UPDATE AND THEY WILL BE ABLE TO IN SOME WAYS DRY THEMSELVES BUT IT LOOKS AS THOUGH THERE HAS BEEN A HANDWRITTEN -- HINDRANCE TO THAT PART OF THE STORY AS WELL. ED: THEY HAVE STOPPED ROLLING IT OUT PENDING A SOFTWARE UPDATE. THE UPDATE WAS REQUIRED BECAUSE THEY FOUND A CRASH RISK ASSOCIATED WITH THOSE USING FSD DATA. THE FIX IS MADE REMOTELY, BUT WITH MICRO FOCUS ON HOW TESLA KEEPS CUSTOMERS SAFE. CAROLINE: PRECISELY. 360,000 VEHICLES HAVE BEEN RECORDED ALREADY.
WE KEEP OUR EYES TRAINED AT EV'S MORE GENERALLY, THERE WAS A PHENOMENAL STORY, PART OF OUR REPORTING KNOWN AS THE BIG TAKE, EACH DAY YOU DO A DEEP DIVE INTO SOMETHING SPECIFIC THAT WE'VE GOT TO GET OUR HANDS AROUND AND TODAY IT WAS A BLOOMBERG INVESTIGATION THAT TRACED ALUMINUM IN THE FORD F1 50. YOU CAN TRACE IT BACK THROUGH THE SUPPLY CHAIN. IT COMES FROM A REFINERY IN REZ ILL. IT'S ACCUSED OF KILLING
THOUSANDS OF PEOPLE AND DAMAGING THE AMAZON. I WANT TO BRING IN ONE OF THE REPORTERS BEHIND THE STORY, SHERIDAN ROSS SO. TALK TO US ABOUT THE COMPANY INVOLVED. THIS MINING CAPACITY IS NOT COMING FROM A FORD, THEY ARE SOURCING IT ELSEWHERE.
>> THAT'S RIGHT. THE COMPANY IS CALLED NORSE HE DROVE -- NORSE HEDRO, AND THEY HAVE A REFINERY IN BRAZIL THAT HAS BEEN OPERATING FOR MANY YEARS. THE PEOPLE WHO LIVE AROUND IT, 11,000 PEOPLE HAVE JOINED A CLASS ACTION LAWSUIT AND THEY SAY THAT THE COMPANY IS POLLUTING THE ENVIRONMENT. THEIR DRINKING WATER IS UNDRINKABLE AND THAT THEY WANT TO BRING A CASE IN THE NETHERLANDS, TO SEEK COMPENSATION FOR THE POLLUTION THAT THEY ALLEGE IS MAKING THEM SICK. CAROLINE: FORD DID OF COURSE COME BACK, THE SPOKESPERSON YOU'VE SPOKEN TO WITHIN YOUR REPORTING. FORD IS COMMITTED TO A SUPPLY CHAIN THAT RESPECTS HUMAN RIGHTS, INCLUDING THE RIGHT TO CLEAN AIR AND WATER.
BUT ULTIMATELY, HOW FOCUSED ARE COMPANIES SUCH AS AFFORD TO THEIR SUPPLY CHAIN TO ENSURE THAT THEY ARE ETHICAL? SHERIDAN: IT'S QUITE COMPLICATED. SUPPLY CHAINS ARE DIFFICULT TO TRACE. IN ORDER TO FIND OUT THAT THESE PRODUCTS FROM THE AMAZON GO INTO THE FORD F1 50 IN THE EV AND F-150 BOTH THEY MAKE UP THE EXTERIOR PANELS, ALMOST ALL THE ALUMINUM YOU CAN SEE ON THE OUTSIDE, IT'S ORIGINS ARE IN BRAZIL. AND THE WAY THAT YOU TRACE THIS IS YOU LOOK AT THE MINE IN THE MIDDLE OF THE RAIN FOREST. IT'S THREE TIMES THE SIZE OF MANHATTAN AND THEY WANT TO EXPAND IT ANOTHER SIZE OF MANHATTAN. GET IT OUT OF THE AMAZON, TAKE IT TO THE REFINERY IT IS ALLEGED TO BE POLLUTING AND THEN IT IS SMELTED IN QUEBEC AND GOES TO THE PARTS MAKERS IN THE UNITED STATES.
THEN FROM THERE IT GOES TO FORD. YOU LOOK AT THE SUPPLY CHAIN, GOING INTO ALL THE ALUMINUM THAT WE DO HAVE IN THE UNITED STATES, THE WAY TO TELL THE STORY AND LOOK AT IT IS TO TRACK SPECIFIC PARTS ALL THE WAY TO THEIR ORIGINS IN THE AMAZON. SO BECAUSE SUPPLY CHAINS ARE SO DIFFICULT TO TRACE AND NONTRANSPARENT, I THINK IT IS DIFFICULT FOR THE END-USER TO NECESSARILY KNOW WHAT THE ORIGINS ARE IN THE AMAZON. ED: DIFFICULT TO TRACE BUT YOU DID A FANTASTIC JOB IN THE BIG TAKE OF DOING EXACTLY THAT. WORK BACKWARDS AND YOU GET TO BAUXITE.
EXPLAIN HOW WE WORK OUT HOW CONTAMINATION IS HAPPENING. MY UNDERSTANDING IS BAUXITE IS THEN PROCESSED TO ALUMINA AND ALUMINA IS THE WHITE POWDER FROM WHICH ALUMINUM, ELEMENTIA HIM AS I USED TO SAY IS DERIVED. -- ALUMINUM ESSAYS TO SAYS DERIVED. WHAT'S WHAT WE KNOW ABOUT THE CONTAMINATION ITSELF? >> THEY USE STRIP MINES TO CLOG THE EARTH.
A LOT OF RUNOFF FROM THE BAUXITE IN THIS PARTICULAR MIND IS CALLED --MINE IS IN THE MIDDLE OF THE RAIN FOREST. FOR MANY YEARS THEY WERE DUMPING LARGE QUANTITIES OF BAUXITE WASTE INTO A LAKE AND POLLUTING THE ENVIRONMENTS THAT PEOPLE RELY ON TO LIVE. THE FISH, THE WATER SUPPLY, WATER FOR WASHING, DRINKING WATER, EVERYTHING WAS AFFECTED BY THIS MINING OPERATION. EVEN YEARS LATER IT IS IMPOSSIBLE TO CLEAN IT UP. PEOPLE TOLD ME WHEN I WENT TO
TALK WITH THEM. SO THAT IS ONE OF THE ASPECTS OF CONTAMINATION THAT YOU CAN SEE AT THE VERY SOURCE. OF COURSE MRN SAYS THEY ARE OPERATING WITHIN LEGAL PARAMETERS AND THEY TAKE ACTIONS TO MINIMIZE THE EFFECT ON THE ENVIRONMENT. THAT SAID BAUXITE MINING ITSELF
IS ACTUALLY DESTRUCTIVE FOR THE ENVIRONMENT TO A LARGE EXTENT. AND THEN IT TRAVELS 800 MILES DOWN THE AMAZON, I FOLLOWED THE TRAIL ALL THE WAY DOWN THE AMAZON RIVER TO THE END, TO THE REFINERY, MAKING ALUMINA, THE WHITE POWDER THAT BECOMES ALUMINA IS -- ALUMINUM IS A COAL BURNING INTENSIVE PROCESS THAT TECHNOLOGY HAS BEEN AROUND AND HAS NOT CHANGED MUCH. IN FACT, THE AD CAUSTIC SODA -- YOU ADD CAUSTIC SODA AND LIME AND THEY TAKE MEASURES TO MAKE SURE IT DOES NOT ESCAPE INTO THE ENVIRONMENT, THE PEOPLE THAT LIVE AROUND IT SAY THAT IT DOES. ED: THAT IS THE DEFINITION OF IN THE FIELD REPORTING, IF EVER I HAVE SEEN IT AND THE RESPONSE IS THAT FORD HAVE TO GO BACK AND LOOK AT SUPPLY CHAINS. A STORY THAT WE CONTINUE TO TRACK. ASTONISHING REPORTING. COMING UP, WE STAY IN THE WORLD OF ELECTRIC VEHICLES AND SPEAK TO THE CEO OF LI CYCLE, WHO JUST RAISED A FRESH FUND. MORE ON THAT IN A MOMENT.
CAROLINE: WE WILL DIG INTO WHAT IS HAPPENED AFTER HOURS. THIS IS A COMPANY THAT TIME AND TIME AGAIN TENDS TO BEAT EXPECTATIONS WHEN IT COMES TO THEIR EARNINGS. WE ARE GETTING HIGHER THAN 8% AFTER HOURS AS ONCE AGAIN GAINS ON THE PROFIT OUTLOOK COMING FROM ZOOM. LARGE BUSINESS CUSTOMERS ARE JUMPING. A CUSHION THE LOSS FOR USERS.
OPTIMISM AFTER BEING WARNED -- WORRIED ABOUT A BOOM AND BUST CYCLE. UP MORE THAN 8%. THIS IS BLOOMBERG. ♪ ED: SHARES OF LITHIUM BATTLE RECYCLE OR LI-CYCLE SPIKED AFTER THE COMPANY ANNOUNCED IT'S GETTING A LOAN FROM THE BIDEN ADMINISTRATION AND THAT IS FOR THE EXPANSION OF A NEW YORK RECYCLING PLANT. JOINING US IS CEO AJAY. INTERESTING, THIS IS A SECOND TIME WE SPOKE INTO THE INDUSTRY IN RECENT WEEKS. HOW MUCH OF A STOPGAP IS THIS BECAUSE YOU TAKE SCRAP AND RECYCLE IT BECAUSE THERE'S NOT MUCH SCRAP AROUND. I'M WONDERING HOW MUCH YOU
ACTUALLY NEED THIS CASH TO KEEP OPERATIONS GOING AS THE INDUSTRY RAMPS UP. AJAY: GREAT TO BE ON, AND I THINK THAT IS A MISNOMER. LIFE CYCLE --LI-CYCLE DOES URBAN MINING. WE WORK ON MANNERS LIKE TODAY WE HAVE OPERATIONAL SITES THAT ARE FULL OF BATTERIES OF ALL TYPES. THINK OF SCRAP FROM THE MAKING OF BATTERIES AND ENERGY STORAGE SYSTEMS, BATTERIES, PEOPLE DON'T REALIZE THAT THERE'S A LOT MORE BATTERIES THAT NEED TO BE RECYCLED AND CONSUMER ELECTRONICS. WE CONTINUE TO GROW.
WE'VE MORE THAN DOUBLED OUR LOSS HERE. WE HAVE CONTINUED TO SEE RAPID GROWTH FOR OUR CUSTOMER BASE. ED: IF THE SCRAP IS NOT SO LIMITED, HOW HIGH ARE THE BIDS YOU'RE HAVING TO PUT IN TO OBTAIN IT.
I'M INTERESTED IN THE ECONOMICS OF THE BUSINESS NOW, RATHER THAN THE FUTURE ONE MORE SCRAP IS AVAILABLE. AJAY: TAKING A STEP BACK THERE ARE TWO PARTS OF RECYCLING. PREPROCESSING AND POSTPROCESSING. PREPROCESSING IS THE PRODUCT AND POSTPROCESSING, WE DO BOTH.
THROUGH THE FIRST STEP I WOULD SAY WE HAVE A LOT OF THINGS THAT HELP US TO SECURE THE FEED. THAT IS BEEN AN IMPORTANT PART OF OUR JOURNEY BUT THE REAL MARGIN IS THE SECOND STEP, MAKING BATTERY GRADE LITHIUM. THAT'S WHAT WILL BE DOING AT OUR HEALTH FACILITY IN NEW YORK. THAT IS WHAT THIS COMMISSION -- COMMITMENT IS FOR. THE LOAN.
SO I WOULD SAY OUR NEXT ONE OR TWO YEAR JOURNEY, THAT'S THE KEY INFLECTION POINT. THE LITHIUM VALUE, THE NICKEL VALUE, THE COBALT VOLUME -- VALUE IN BATTERIES. CAROLINE: THE FINANCING COMING FROM THE U.S. GOVERNMENT IS TO ENSURE THAT WE HAVE A SECURE SUPPLY CHAIN IN THE U.S.. HOW MUCH WILL YOU BE SUPPLYING? AJAY: IF YOU THINK IN EEEV TERMS, WE ARE OVER 200,000 MATERIALS EQUIVALENTS.
WE WILL BE PRODUCING UP TO 8500 TONS OF LITHIUM A YEAR. THAT MAY NOT MEAN MUCH TO FOLKS BUT THE UNITED STATES TODAY, PRODUCTION IS 5000 TONS. SO I DON'T THINK MANY PEOPLE HAVE CLUED IN THAT WE WILL BE THE LARGEST SOURCE OF LITHIUM PRODUCTION IN THE UNITED STATES, ALBEIT FROM RECYCLING AS OPPOSED TO MINING. MINING IS AN IMPORTANT PART OF THE EQUATION. ONE OF THE KEY THINGS THAT CAN DELIVER IS A FASTER TIME. >> THE CUSTOMER BASE, IS IT LARGELY DVDS, STORAGE? WHO ARE WE GOING TO BE SEEING YOU SUPPLYING TO? AJAY: PREDOMINANTLY EVS. AS YOU MAKE BATTERIES, IT'S NOT
PERFECT. LG IS ONE OF THE LARGEST MANUFACTURERS, BATTERY MANUFACTURERS IN THE WORLD. THEY ARE AN INVESTOR IN CUSTOMER LI-CYCLE, SO THAT IS A STEADY STATE GROWING FEED. WE'VE SEEN SEGMENTS GROW, FOR
EXAMPLE ENERGY STORAGE, RESIDENTIAL, UTILITY. EACH OF THE SEGMENTS, ALL TYPES OF BATTERIES CONTINUING TO HAVE SIGNIFICANT GROWTH. CAROLINE: WE THANK YOU FOR COMING ON. AJAY OF LI-CYCLE. COMING UP WE WILL TURN TO
TODAY'S TALKING TECH. WE'RE GOING TO GET SNAPCHAT JUMPING INTO THE WORLD OF GUESS WHAT? AI CHATBOTS. DETAILS TO FOLLOW. AS WE HEADED TO BREAK, ANOTHER STORY WE ARE FOLLOWING, A U.S. SENIOR CYBERSECURITY LEADER IS
URGING THAT MICROSOFT AND TWITTER DO STEP UP IN PROTOCOLS WHEN IT COMES TO USER SECURITY. JEN, DIRECTOR OF CYBER SECURITY AGENCY SAYS BAD SOFTWARE, UNSAFE PRACTICES ARE FUELING SOFTWARE ATTACKS. IT'S FEELING ENERGY, FOOD PRODUCTION, HOSPITALS AND SCHOOLS. APPLE IS A BIT OF A ROLE MODEL
FOR COMPANIES. THIS IS BLOOMBERG. ♪ ♪ >> MORE THINGS TO WATCH, NUMBER ONE ARTIFICIAL INTELLIGENCE. THINK CHAT GPT WHICH IS ON EVERYONE'S LIST. THE METAVERSE, IS THAT THE FUTURE OR A FAD? NUMBER THREE, THE CHALLENGE TO ELON MUSK'S START LINK. THIS PAGE INDUSTRY IS BURGEONING -- THE SPACE INDUSTRY IS BURGEONING. WILL THERE BE A RESPONSE? HEALTH CARE DEFENSE ALIGNING WITH 5G AND OPPORTUNITIES. NUMBER FIVE, CHINA IS HERE IN
FORCE. DEFIANCE IT SEEMS FROM THE OPERATORS WHILE HUAWEI ARE BLACKLISTED. ED: THAT WAS BLOOMBERG'S TOM MACKENZIE AT THE CONFERENCE IN BARCELONA. TALKING TECH, LOOKING AT TECH STORIES MAKING HEADLINES IN SILICON VALLEY AND BEYOND.
NOKIA, THE MAKER OF 5G TECHNOLOGY, REBRANDING WITH THE NEW LOGO TO TRY TO GET AWAY FROM ITS MOBILE PHONE AT ROOTS. NEARLY A DECADE AFTER THEY STOPPED PRODUCING THE DEVICES BUT THE COMPANY IS STILL DEALING WITH THE PERCEPTION THAT IT DOES PRODUCE PHONES. NEW STRATEGIC PILLARS TO ENABLE GROWTH AS THE WORLD ADAPTS TO 5G TECHNOLOGY.
REALITY GLASSES, DESIGNED BY A CHINESE MAKER, USES GESTURE BY THE OPEN CAMERA TO SELECT YOUR PAGES AND EXIT APPS TO RETURN TO THE START PAGE WITHOUT USING A SMARTPHONE. IT'S THE COMPANY'S LATEST ATTEMPT TO BUILD MOMENTUM IN AN ARENA THAT HAS YET TO BECOME MAINSTREAM. AND IT SNAPCHAT ENTERING THE WORLD OF ARTIFICIAL INTELLIGENCE, THE SOCIAL MEDIA COMPANY ENABLING CHATBOTS TO BECOME THE FIRST MAJOR COMPANY TO HIS FEATURES POWERED BY OPEN AI GPT TECHNOLOGY. THE MY AI BOT WILL BE PINNED TO THE TOP OF THE CHAT TO HAVE SO USERS CAN INTERACT WITH IT AS THEY WOULD WITH FRIENDS. WE BOTH SAW THIS HEADLINE AND THOUGHT OK, THE LATEST NAME, WYATT SNAPPED, WHY ARE YOU DOING THIS? CAROLINE: MANY WOULD SAY THAT ARTIFICIAL INTELLIGENCE IS AN AREA THAT THEY'RE GOING TO BE GOOD AT, BUT IT'S NOTABLE THAT YOU DON'T PAY. $3.99, NOT A MONTH IN TERMS OF PRESCRIPTION, BUT IT'S A PERK IF YOU ARE A SNAPCHAT PLUS MEMBER AT THE MOMENT AND THEY'RE ADVOCATING THAT YOU USE IT FOR WRITING LOVE LETTERS TO CHEESE OBSESSED FRIENDS. ED:
YES, CHEDDAR FANS CAN TALK CHEESE WITH THE AI. BUT YOU'RE RIGHT IT IS A VALUE ADD. COLLEAGUES POINTING OUT THAT IT MAKES THEIR FIRST PARTY DATA OFFERING MORE ATTRACTIVE TO ADVERTISERS AS WELL. CAROLINE: IT'S ALWAYS ABOUT CLOSING THE LOOP AND MAKING THEM MORE ADDICTIVE TO THE USER AND MAY BE ADVERTISER AS WELL. MEANWHILE, COMING UP WERE GOING TO TAKE A DEEP DIVE INTO THE LATEST IN THE DRONE INDUSTRY.
♪ CAROLINE: WELCOME BACK TO BLOOMBERG TECHNOLOGY. I'M CAROLINE HYDE IN NEW YORK. ED: I'M ED LUDLOW IN SAN FRANCISCO. LET'S TALK DROWNS.
SKYDIO RAISED 200 $30 MILLION TO EXPAND ITS FACTORY TENFOLD. A FINANCING DEAL THAT GIVES SKYDIO A $2.2 BILLION VALUATION. CEO ADAM JOINS US TO DISCUSS. HOW DIFFICULT WAS IT TO RAISE THOSE FUNDS IN THIS ENVIRONMENT? ADAM: WE ARE FORTUNATE TO BE SERVING A CUSTOMER BASE THAT IS CRITICAL TO HOW CIVILIZATION RUNS. WE ARE SERVING DEFENSE CUSTOMERS, PUBLIC SAFETY. CUSTOMERS USE OUR DROWNS FOR CRITICAL INFRASTRUCTURE INSPECTION.
SO AS NOT TO SAY WE ARE DETACHED FROM THE MAINLINE ECONOMY, BUT THIS IS CORE STUFF THAT HELPS OUR CIVILIZATION FUNCTION AND AT SOME DEGREE OF INDEPENDENCE. WE ARE AT A MOMENT IN TIME WHERE THESE DRONES THAT STARTED OFF LOOKING LIKE TOYS HAVE PROVEN TO BE CRITICAL TOOLS TO HELP INDUSTRIES RUN AND FUNCTION. AND IT HAS BECOME EQUALLY CLEAR THAT WE CANNOT RELY ON DRONES THAT ARE CALLING HOME TO CHINA TO TAKE INSTRUCTIONS.
SO THERE'S A LOT OF THINGS IN PLAY THAT ARE IMPORTANT AND IT'S SOMETHING WE TAKE SERIOUSLY AS A COMPANY. ED: IT'S ALSO NOT JUST THE SUM OF MONEY. I WAS LOOKING AT THE INVESTORS BACKING YOU AND YOU HAD A SPLIT OF STRATEGIC INVESTORS IN RELEVANT DEFENSE INDUSTRIES AND VENTURE-CAPITAL NAMES. WHICH ARE MORE IMPORTANT FOR YOU? DOES IT MATTER WHERE THE MONEY COMES FROM IN TERMS OF OPENING DOORS TO NEW MARKETS? ADAM: IT MATTERS WHERE THE MONEY COMES FROM AND WE ARE FORTUNATE TO HAVE A GREAT GROUP OF INVESTORS GOING BACK OVER THE LIFE OF THE COMPANY NOW.
AND THIS FUNDING ROUND, WE ARE EXCITED TO BE ADDING AXON. THEY ARE A LEADER IN A PUBLIC SAFETY TECHNOLOGY SPACE. THEY MAKE TASERS, BODY CAMERAS, AND WE ARE PARTNERING WITH THEM TO BEING DRONES AND REAL-TIME AERIAL SITUATION AWARENESS TO THEIR PRODUCT PORTFOLIO, SO THAT'S AN EXAMPLE OF A GO TO MARKET PARTNERSHIP WHERE WE ARE DOING THINGS TO HELP CUSTOMERS BE SUCCESSFUL AND WE ARE VERY EXCITED TO BRING THEM ON AS AN INVESTOR AS PART OF THIS ROUND. WE ARE ALSO EXCITED TO HAVE NVIDIA REINVESTING. THEY'VE BEEN A GREAT PARTNER SINCE THE VERY BEGINNING.
WE'VE STARTED WORKING TOGETHER IN 2014 BEFORE THE EXPULSION OF AI AND MACHINE LEARNING. BUT THEIR TIPS ARE AT THE CORE OF OUR PRODUCTS AND HELP MAKE OUR STUFF POSSIBLE. CAROLINE: GOING BACK TO AXON AS A STRATEGIC INVESTOR. SOME ARE CURIOUS WHETHER YOU WITH THE FUNDING EXPAND AS WELL. THE NATURAL CAPABILITY. SOME ARE SAYING MAYBE YOU START
TO OFFER THE WAYS IN WHICH YOU USE THE DATA THAT IS GATHERED. WOULD YOU LOOK DOWN THAT DIRECTION? ADAM: THAT'S A GREAT QUESTION. WE ARE FOCUSED ON MAKING IT FRICTIONLESS AND AUTOMATED TO CAPTURE THE DATA. GET IT UP TO THE CLOUD AND MAKE IT USEFUL HOWEVER WE CAN FOR OUR CUSTOMERS. AND THE WAY THAT PEOPLE WANT TO
USE THE DATA VARIES QUITE A BIT BY INDUSTRY. IN PUBLIC SAFETY THE ITERATION WITH AXON AND THEIR MANAGEMENT SYSTEM IS GREAT. WERE NOT GOING TO BRING OUR OWN DIGITAL SYSTEM AND HOOKING IN WITH A PARTNER LIKE AXON, WHERE THEY ARE AGGREGATING BODYCAM DATA WITH JOAN DATA MAKES A LOT OF SENSE. IN OTHER CUSTOMER BASES, WHAT THEY CARE ABOUT IS DAMAGE, RUST, CRACKS, THINGS LIKE THIS IN THEIR INFRASTRUCTURE AND IT IS KIND OF A DIFFERENT TECHNOLOGY LANDSCAPE AND A DIFFERENT LANDSCAPE TO ENABLE THINGS LIKE THAT. WE ARE MOST FOCUS ON CAPTURING AND GETTING DATA TO THE CLOUD AND WORKING WITH THE RIGHT PARTNERS TO MAKE IT USEFUL FOR CUSTOMERS. CAROLINE:
IN LARGE PART, THE WAY IN WHICH YOU SORT OF DISCUSS THAT YOU ARE ALMOST ABLE TO MOVE THROUGH THIS ECONOMIC ENVIRONMENT NO MATTER WHAT IS BECAUSE IN LARGE PART IN THE SAME WAY WE WERE JUST TALKING ABOUT BATTERIES BEING MADE OR RECYCLED IN THE U.S., IT'S ABOUT MAKING DRONES IN THE U.S., RATHER THAN DEPENDING ON CHINA. WHERE ARE YOU IN TERMS OF THE TECHNOLOGICAL DIVIDE BETWEEN U.S. AND CHINA DRONE MAKING? ADAM: THE HISTORICAL PERSPECTIVE IS INTERESTING. THESE THINGS STARTED OFF LIKE RADIO CONTROLLED TOYS, THIS IS THE WORLD I GREW UP IN.
I STARTED FLYING AIRPLANES AND DID NOT DO IT BECAUSE I THOUGHT IT WOULD BE A CAREER BUT THE DRONE INDUSTRY GREW OUT OF THE RC HELICOPTER INDUSTRY. THAT WAS A BASE THAT CAME UP IN CHINA SO THAT IS WHERE THEY STARTED BEING BUILT. CHINESE COMPANIES STILL CONTROL A DOMINANT SHARE OF THE MARKET. WE REACHED A POINT IN TIME WHERE IT IS NOT TENABLE TO BE RELYING ON THESE SYSTEMS, ESPECIALLY FOR DOD CUSTOMERS, PUBLIC SAFETY, CRITICAL INFRASTRUCTURE OPERATORS.
THAT'S A MAJOR THEME IN PLAY, BUT I THINK THE OTHER REALLY IMPORTANT THING -- AND FOR US THE ONE THAT WILL BE MORE IMPORTANT OVER THE LONG-TERM, IS THE TRANSITION FROM MANUALLY FLOWN DRONES TO AUTONOMOUS. SO THE STATUS QUO STATE OF PLAY IN THE INDUSTRY TODAY IS IF YOU HAVE AN EXPERT PILOT WHO KNOWS WHAT THEY'RE DOING FLYING THE DRONE, YOU CAN DO USEFUL STUFF. WE SEE EXAMPLES OF THE VALUE BEING PROVEN EVERYWHERE. THE DRONE IT SHOULD FLY ITSELF. IT SHOULD LIVE IN THE BACKGROUND WHENEVER IT'S NEEDED. THAT'S WHAT WE ARE ALL ABOUT IS
A COMPANY. WE'VE BEEN VERY BIG ON AI AND WERE SEEING THOSE BETS PAY OFF AND COME TO LIFE WITH CUSTOMERS. ONE OF THE PRODUCTS THAT WE ANNOUNCED AT THE END OF LAST YEAR'S THE DOCK AND REMOTE OPERATION SYSTEM, WHERE RATHER THAN HAVING TO HAVE A PILOT ON-SITE TO FLY THE DRONE, HE LIVES IN A CHARGING BASE STATION. IT CAN FLY ITSELF ON DEMAND, BE COMMANDED REMOTELY OVER THE INTERNET AND THIS TOTALLY CHANGES THE PARADIGM.
WE SEE A FUTURE WHERE EVERY SUBSTATION, POWERPLANT, POLICE STATION, CONSTRUCTION SITE HAS A DRONE AVAILABLE TO RESPOND TO EMERGENCIES IN REAL-TIME OR ON A REGULAR SCHEDULE. THAT'S THE REAL OPPORTUNITY IN THE INDUSTRY. SO THE NATIONAL SECURITY IMPLICATIONS OF DRONES CERTAINLY MATTER, BUT THE BIGGEST THING WE ARE LEANING INTO IS THE AUTOMATED FUTURE. ED: THE OPPORTUNITY WAS OUT OF THE WAR IN UKRAINE. THAT PUT A SPOTLIGHT ON THE USE OF DRONE TECHNOLOGY. HOW BIG OF A CHUNK OF YOUR BUSINESS IS MILITARY? LOOKING FORWARD, ARE YOU MORE DEPENDENT ON MILITARY CONTRACTS THAN OTHER CUSTOMERS IN THEIR OWN MARKETS? ADAM: YES, IT'S A GREAT QUESTION IN AN IMPORTANT TOPIC AREA FOR US. THE HISTORICAL PERSPECTIVE IS
INTERESTING. WE STARTED AS A CONSUMER FACING COMPANY BUT AT THIS POINT DOD IS A MAJOR PART OF OUR CUSTOMER BASE. FOLKS IN THE U.S. MILITARY AND CIVILIAN WAS OUTPACING THE TRADITIONAL SYSTEM. THE DRONE THAT YOU CAN BUY THEM AS A CONSUMER HAS THOUGH -- OR AS A PRIVATE COMPANY COST A FEW THOUSAND DOLLARS AND HAS MORE ADVANCED CAPABILITIES, MORE USABLE AND ACCEPTABLE THEN TRADITIONAL MILITARY SYSTEMS WHEN IT COMES TO A FEW HUNDRED THOUSAND DOLLARS.
TRAGICALLY UKRAINE HAS PUT AN EXCELLENT NATION --! ON THIS. DRONES HAVE BECOME RELEVANT AND THEY'VE HIGHLIGHTED THE DEADLY IMPLICATIONS IN MANY CASES OF USING DRONES THAT ARE CALLING HOME TO CHINA AND ALIGN WITH CHINESE FOREIGN POLICY. WE'VE BEEN A PART OF THIS FOR YEARS NOW AND WE ARE SEEING THESE TRENDS COME TO A HEAD IN UKRAINE. CAROLINE: WELL SAID.
WE TALKED ABOUT THE GROWTH, WE TALK ABOUT THE APPLICATIONS, SOME OF THE MORE EMOTIONAL THAN OTHERS BUT WE THANK YOU SO MUCH FOR SPINNING TIME WITH US. SKYDIO CEO ON THE LATEST FUNDING ROUND. COMING UP, THE AGENDA GAP AND THE HEALTH OF TECH. COURTNEY IS GOING BE JOINING US
TO TELL US MORE. AS WE HAD TO BREAK, WATCHING SHARES OF PFIZER WHICH IS AN EARLY STAGE TALKS TO ACQUIRE SEAGEN IN A DEAL THAT COULD EXCEED $40 MILLION. THIS IS BLOOMBERG. ♪ CAROLINE: NOW TODAY THE VC SPRING BANK COLLECTIVE HAS DONE THE CLOSING BELL AT THE NEW YORK STOCK EXCHANGE. IT IS SHINING A LIGHT ON COMPANIES IN THEIR PORTFOLIO WHO ARE BUILDING THE INFRASTRUCTURE TO HELP CLOSE THE GENDER GAP GRADE HIM ADDRESSING THE NEEDS OF CAREGIVERS AND WORKING FAMILIES. LET'S BRING IN A COURTNEY, FOUNDING PARTNER OF THE SPRING BANK COLLECTIVE FOR MORE ON THIS LIVE.
AND COURTNEY, THE LIGHTS THAT YOU WANT TO SHINE IS A TRILLION DOLLAR I BELIEVE OPPORTUNITY YOU SEE HIDING IN PLAIN SIGHT. BUT HOW IS IT AFFECTING WORKING FAMILIES RIGHT HERE, RIGHT NOW? >> I THINK THE OPPORTUNITY IS ENORMOUS. A TRILLION DOLLARS AS YOU SAY AND WE CAN SEE THE THREE BIG BACKERS. FIRST IS THE FUTURE OF INCLUSIVE WORK, MAKING BETTER JOBS FOR WOMEN AND CAREGIVERS ACROSS THE BOARD IN THE ECONOMY, ESPECIALLY FRONT-LINE WORKERS. THINKING ABOUT THE BOOMING CARE
ECONOMY. WE THINK ABOUT THAT AS HEALTH CARE BUT IT IS CHILD CARE ELDERCARE, CERTAIN AREAS OF WOMEN'S HEALTH THAT ARE UNDERSERVED. THE THIRD AREA IS THINKING ABOUT THE NEXT WAVE OF FINANCIAL HEALTH AND PROGRESS FOR FAMILIES.
THERE IS AN INCREDIBLE ROLE THAT TECH CAN PLAY IN BUILDING THESE SOLUTION AREAS AND WE FEEL EXCITED ABOUT THE OPPORTUNITY. CAROLINE: WHAT IS BEING BUILT? WE SEE THE AMOUNT OF BUILDERS THAT YOU SHINE A LIGHT ON. SOME OF THE WOMEN OF COLOR, I'M INTERESTED IN WHAT THEY ARE TRYING TO FIX. >> SOME OF THE FOUNDERS THAT WE HAD RINGING THE BELL TODAY, I WILL GIVE YOU AN EXAMPLE, A COMPANY CALLED WEALTHY.
THEY ARE BUILDING A CARE COORDINATION LAYER AND IT IS SOLD THROUGH EMPLOYERS IS A BENEFIT FOR THEIR EMPLOYEES. THINK ABOUT IF MY MOM LIVES IN FLORIDA AND SHE FALLS AND BREAKS HER HIP, GOD FOR BID. SUDDENLY I HAVE A LOT OF WORK THAT I NEED TO DO. SOMEONE HAS TO CALL AND FIGHT WITH THE INSURANCE COMPANY, SOMEONE HAS TO FIND THE BEST THERAPIST IN TOWN. SO I GIVE HER A RIDE THERE, THAT IS THE BURDEN THAT FALLS TO ALPHA DAUGHTERS OR WOMEN IN THEIR PRIME, THE SANDWICH GENERATION.
AND WHAT WEALTHY REALLY DOES IS SUPPORT THAT CAREGIVER. IT USUALLY A FAMILY CAREGIVER, USUALLY A WOMAN AS WE KNOW, AND TAKE THAT BURDEN OFF HER HANDS. WHAT WE FIND WITH CLIENTS AND USERS IS THAT WOMEN ARE FAR MORE LIKELY TO STAY IN THE WORKFORCE. FAR LESS LIKELY TO RESIGN, GO
PART-TIME OR TAKE A LEAVE OF ABSENCE. CAROLINE: IN THIS CURRENT ECONOMIC ENVIRONMENT WHICH IS A BIZARRE ONE IN MANY WAYS, WE HAVE AN INCREDIBLY TIGHT NEIGHBOR MARKET BUT WE ARE ALL WORRYING ABOUT A SLOWING ECONOMY, WHERE ARE WE IN THE CLIENT SECURITY, TO BE PAYING FOR COMPANY STARTUP AND FUEL GROWTH THIS WAY? >> THAT IS WHAT I LOVE ABOUT BEING ABLE TO RING THE BELL. WE DID NOT JUST TALK ABOUT PORTFOLIO COMPANIES, WE TALKED ABOUT THE BIGGEST CLIENTS. WE HAD MERCK, OSCAR, AIG, BANK
OF AMERICA. THESE ARE HUGE EMPLOYERS AND THEY DO NOT JUST EMPLOYEE WHITE-COLLAR WORKERS IN THE TECH INDUSTRY WILL BE NO BENEFITS HAVE BEEN GENEROUS. A LOT OF THESE COMPANIES EMPLOY A LARGE NUMBER OF FRONTLINE AND HOURLY WORKERS AND THEY ARE REALIZING THAT IN THIS CLIMATE OF AN EXTREMELY TIGHT LABOR MARKET, WHEN CARE FALLS THROUGH, PEOPLE DO NOT SHOW UP TO WORK. IF YOU THINK ABOUT THE RAILROAD STRIKES WE WENT THROUGH THIS PAST FALL, THEY WORRY ABOUT THESE CARE ISSUES I THINK FUNDAMENTALLY. THEY WERE ABOUT PAID LEAVE, SICK LEAVE, AND SCHEDULING MANAGEMENT. YOU DON'T HAVE TO PEEL THE LAYER BACK ON THE ONION VERY FAR TO THINK OF THOSE AS CARE ISSUES.
MOST PEOPLE TAKE A SICK DAY BECAUSE THEIR CHILD CANNOT GO TO SCHOOL OR DAYCARE SO THESE ISSUES OF CARE AND THE NEEDS OF WORKERS AND UNPAIRED -- UNPAID CAREGIVERS ARE STRIKING AT THE HEART OF THE AMERICAN ECONOMY. I FEEL ENCOURAGED WHEN I THINK ABOUT THE EMPLOYERS THAT WE HAD TODAY AND THESE YOUNG INNOVATIVE COMPANIES. THEY ARE COMMITTED TO WORKING TOGETHER. EVEN IN THIS ENVIRONMENT WE ARE NOT SEEING A PULLBACK ON THESE CAREGIVING BENEFITS. WE THINK IT COULD BE A $10 BILLION SPENT BY EMPLOYERS IN THE NEXT 10 YEARS PER YEAR. ED:
CAROLINE AND I HAVE VENTURE CAPITALISTS ON THE SHOW AND WE'LL TALK ABOUT THE IRA, FOR EXAMPLE. THE INFLATION REDUCTION ACT IN MAKING SURE WE HAVE PORTFOLIO COMPANIES AND POSITIONS THAT TAKE ADVANTAGE OF SECTOR AND THE WIDER BENEFITS. BUT THAT IS ABOUT ELECTRIC VEHICLES. VERY SELDOM ARE WE DISCUSSING ISSUES OF HEALTH CARE OR BASICALLY WHAT OUR BASIC SOCIETAL NEEDS, THAT SEEMS TO BE WHERE YOU SEE OPPORTUNITY. >> YES, WE SEE HUGE OPPORTUNITY. I WILL TRY AND ANALOGY OUT ON
YOU. THE SAME WAY THAT WE ARE WORKING -- WING OF THE FACT THAT WE MARAN THE ECONOMY AND WE HAVE BEEN ADDICTED TO ARTIFICIALLY ACHIEVE FOSSIL FUELS. WE ARE FINDING THROUGH THE COVID CRISIS AND BEYOND THAT WE ARE ADDICTED TO THE ARTIFICIALLY CHEAP LABOR OF WOMEN AND CAREGIVERS MADE AND WHEN WE DO NOT VALUE THAT CARE, JUST LIKE WHEN WE DO NOT PROPERLY VALUE THE COST OF FOSSIL FUELS THERE ARE HUGE ECONOMIC IMPLICATIONS. THERE WAS A REPORT SAYING IF WE DO NOT FIX THE CARE CRISIS AS WELL AS A BURDEN ON UNPAID CAREGIVERS IT WILL COST THE U.S. 290 BILLION DOLLARS OF GDP NEARLY A FULL POINT OF GDP GROWTH BY 2030.
THERE'S A HUGE OPPORTUNITY WILL BE THINK ABOUT THE IRA, I THINK ABOUT THIS TOO, WE GET EXCITED ABOUT GREEN JOBS. FOR EVERY SOLAR TECHNICIAN IN THE NEXT 10 YEARS WE NEED TO PRODUCE 20 NURSES, SO THERE IS A HUGE OPPORTUNITY TO THINK ABOUT RETRAINING, HOW TO MAKE NURSING JOBS BETTER. HOW TO REALLY FRANKLY PRETTY MUNDANE AND DIFFICULT BURNOUT IN THESE TASKS LIKE CHARTING AND TAKING NOTES AND THINGS THAT WE KNOW REALLY DRAG DOWN THE HOURS OF PAID MEDICAL PROFESSIONALS. SO I JUST GET REALLY EXCITED
ABOUT THE OPPORTUNITY THERE IS IN CARE. I THINK THERE IS A GREAT INTERSECTION OF TECHNOLOGY AND CARE AND I THINK WE ARE IN THE VERY BEGINNINGS HERE. ED: HOW DO YOU DISCERN WHICH NAMES IN YOUR PORTFOLIO ARE GOING TO BE DISRUPTIVE? TOWARDS WHERE YOU ARE INVESTING ACROSS THE START OF CURVE AND THE TIME HORIZON FOR THESE COMPANIES REALIZING THE BENEFITS OF YOUR THESIS? >> WE ARE A VERY EARLY STAGE FUND AND IT SPEAKS TO BEING EARLY IN THE S-CURVE FOR I THINK THE GENERAL POOL OF VENTURE CAPITAL AND RISK CAPITAL OVER ALL GETTING TURNED ON TO THESE ISSUES. I FEEL REALLY EXCITED ABOUT THE RATE OF COMPANY FORMATION IN OUR THESIS. WHEN WE STARTED, MOST OF THE FOUNDERS THAT WE MET WERE LIKE ME. WOMEN, MIDCAREER, THEY HAD MET
A PROBLEM AND THEY WANTED TO BUILD AROUND IT. THEY WERE NOT TRADITIONAL TECH FOUNDERS, NOT NECESSARILY VOLUNTEERS. MANY HAVE GONE ON TO BUILD AMAZING BUSINESSES AND THAT PROBLEM IS POWERFUL. WHAT I FEEL EXCITED ABOUT IS AS THE ECOSYSTEM STARTS TO TURN AND GET EXCITED ABOUT THIS, AS WE START TO SEE AN AMERICAN AT DYNAMISM AGENDA WHICH CENTERS AROUND CARE, WE ARE SEEING MAINSTREAM CAPITAL GET INTERESTED IN THIS AND WE ARE SEEING OR TRADITIONAL PROFILE FOUNDERS GET INTERESTED IN THIS. WE ARE SEEING MORE ENGINEERS
AND TECH TALENT, PEOPLE WHO HAVE NOT NECESSARILY MET THE PROBLEM BUT THEY HAVE THE FORESIGHT TO SEE THE PROBLEM AND THEY'RE BUILDING FOR IT BECAUSE THEY SEE IT AS A HUGE ECONOMIC OPPORTUNITY AND A PLACE TO MAKE MONEY. IT'S NOT JUST ABOUT FIXING A PROBLEM THEY'RE PASSIONATE ABOUT. CAROLINE: WHAT ABOUT THE LPS OUT THERE? WHAT ABOUT THE SOURCE OF FUNDING THAT YOU TURN TO, HAD THEY ACKNOWLEDGE THIS ISSUE, THIS PROBLEM, THAT THEY NEED TO PUT CAPITAL TO WORK? >> THEY DO, YES. WE HAVE AN INCREDIBLE GROUP OF
LPS AND I FEEL VERY PROUD TO CALL THEM ARE INVESTORS AND GO TO WORK WITH THEM EVERY SINGLE DAY, FINDING GREAT COMPANIES. I THINK THAT IMPACT CAPITAL, TRADITIONAL CAPITAL, FRANKLY CORPORAL CAPITAL -- CORPORATE CAPITAL ART RECOGNIZING THAT THERE IS A WIDE SPACE HERE. IT'S TRUE THAT YOU'RE POINTING OUT THIS IS NOT SOMETHING THAT'S COMMON ON A TECHNOLOGY SHOW, BUT IT'S AN OPPORTUNITY TO MAKE A HUGE AMOUNT OF MONEY, TO GET IN AND SEE OPPORTUNITIES BEFORE THEY BECOME REALLY OBVIOUS TO EVERYONE ELSE. CAROLINE: I WILL TELL YOU WHAT WERE TALKING ABOUT, AN AWFUL LOT OF OUR TECHNOLOGY SHOW IS JOBS THAT ARE BEING LOST WITHIN THE TECHNOLOGY SPACE AS YOU ANNUNCIATED. I'M INTERESTED AS TO WHETHER THAT SUDDENLY MEANS THE COMPANIES THAT YOU BACK ARE AWASH WITH TALENT AND PEOPLE ARE WANTING TO FIX REAL-WORLD PROBLEMS OR IS THAT YET TO COME TO BEAR IN SOME WAY? BECAUSE YOU LOOK AT THE JOBS DATA AND THE CLAIMS OUT THIS WEEK AND WE DO NOT SEEM TO BE SEEING THOSE NUMBERS YET. >> ABSOLUTELY. I THINK THE WAR FOR THE BEST
TALENT IS ALWAYS IN THE ECONOMIC CYCLE. BUT THERE IS A LARGER GROUP OF FOLKS WHO ARE AMENABLE TO SWITCHING RIGHT NOW. TO JOINING AND SEEING SOMETHING THAT SITS WITH THEM A LITTLE'S MORE STRONGLY FROM THE STANDPOINT AND WHICH TOUCHES THE REAL ECONOMY.
I THINK IT'S PROBABLY A LOT OF FUN, BUT IT MAY NOT HAVE THE SAME REWARD. CARE INFRASTRUCTURE OR THE FUTURE OR THINKING ABOUT HOW DO WE BRING ALL OF THESE INCREDIBLE TOOLS THAT WE HAVE THAT WORK AND THEN DO SOMETHING FOR FAMILIES SO THAT WE ARE USING SOMETHING OTHER THAN A WHITEBOARD AND A MARKER TO MANAGER TEAMS AT HOME. ED: COURTNEY, FOUNDING PARTNER OF THE SPRING BANK COLLECTIVE.
THANK YOU FOR YOUR TIME. APPRECIATE IT. >> THANK YOU FOR HAVING ME. ED: COMING UP, WE WILL TAKE A LOOK AT MEHTA'S NEW TOOL, TRYING TO HELP MINORS REMOVE SEXUALLY EXPOSE IMAGES OF THEMSELVES FROM THE INTERNET. TACKLE SO-CALLED ONLINE SEX EXTORTION. MORE ON THAT NEXT. THIS IS BLOOMBERG. ♪
CAROLINE: THERE IS A NEW TOOL TO TACKLE ONLINE SEX EXTORTION. TAKE IT DOWN IS A SERVICE FUNDED BY THE TECH GIANT META TO TACKLE THE RISING RATE OF SEX EXTORTION. THIS IS WERE A CHILD IS FORCED OR TRICKED INTO SENDING AN INTIMATE PHOTO OF THEMSELVES ONLINE. THREATENING BLACKMAIL TO STOP THAT FROM BEING SHARED MORE WIDELY.
CASES ARE MORE THAN DOUBLING FROM 2019 TO 2021 AND IT IS TEENAGE BOYS THAT ARE BEING MOST COMMONLY TARGETED. SO HOW DOES IT WORK? THIS IS A WEB-BASED TOOL WHERE YOU CAN ANONYMOUSLY SHARE A VIDEO OR A PHOTO THAT YOU'RE WORRIED WILL BE DISTRIBUTE IT MORE WIDELY ONLINE. IT IS THEN USING THIS TOOL, NEVER YOU AND YOUR PHONE, BUT ON YOUR WEB BROWSER, ABLE TO GIVE IT A DIGITAL FINGERPRINTS. THEY WILL THEN SHARE THAT WITH OTHER SOCIAL MEDIA PLATFORMS AND THEN YOU CAN TAKE DOWN ANY PHOTO OR VIDEO THAT THIS IS RECOGNIZED WITH AND ENSURE THAT IT IS NOT DISTRIBUTED MORE WIDELY. OF THE NATIONAL CENTER FOR EXCLUDED AND MISSING CHILDREN IS DRIVING THIS WITH THE PLATFORMS THAT META OWNS LIKE INSTAGRAM, FACEBOOK AND OTHERS LIKE ONLY FANS. BUT THEY ARE HOPING MORE WILL
COME ONLINE TO THIS AT A TIME WHERE BIG TECHNOLOGY COMPANIES ARE BEING ASKED TO DO MORE TO PROTECT CHILDREN ONLINE. LET'S FOCUS ON THIS. WE KNOW THIS IS A GLOBAL PUSH. WE HAVE SEEN GOVERNMENTS TRYING TO CREATE POLICY AROUND PROTECTING CHILDREN IN THE U.K. AND EUROPE. WE THOUGHT THIS WAS ALSO A KEY AREA TO LOOK AT TODAY.
THE STORY THAT CHINA IN PARTICULAR IS LOOKING IN MANY WAYS TO BE FOCUSING ON THE WAYS IN WHICH THEY REGULATE CHILDREN'S CONSUMPTION OF SMALL, SHORT VIDEO. IN PARTICULAR, TIKTOK OR INSTAGRAM REELS. IT'S INTERESTING, CHINA IS LOOKING TO CURB THAT AND MAKE POLICY AROUND IT. ED: IT MIRRORS WHAT WE HAVE SEEN OUT OF CHINA IN 2022, GOING BACK FURTHER WITH THE VIDEO GAMES INDUSTRY. THERE ARE TWO PARTS TO IT.
THE CHINESE GOVERNMENT HAS BEEN TAKING ACTION AGAINST THE BIG TECH GIANTS, BUT ALSO LOOKING AT INDUSTRIES WHERE THERE IS A LOT OF USER DATA INVOLVED. AND WHERE PERHAPS SOCIETAL OR CULTURAL VALUES ARE TARGETED. THAT SEEMS VERY MUCH LIKE WHAT IS HAPPENING HERE WITH REGARD TO THE VIDEO.
2023-02-28 17:36
