'Bloomberg Technology' Full Show (05/10/2023)
>> CAROLINE HYDE, WORLD HEADQUARTERS IN NEW YORK. ED LUDLOW IS AT GOOGLE. THIS IS BLOOMBERG TECHNOLOGY. COMING UP, FULL EARNING COVERAGE AHEAD. WE HAVE AIRBNB OFF ITS WORST DAY EVER AS A COMPANY, AND ANY REVIEW ON THE REPORT WITH DETAILS THAT FOLLOW.
WE WILL COVER THE WORLD OF ELECTRIC VEHICLES FROM THE CONVERSATION WITH THE CEO OF BLINGED CHARGING. WE'VE GOT YOU COVERED. AND WE COVER THE LATEST IN ARTIFICIAL INTELLIGENCE. THE CEO OF SCALE AI. WE GO LIVE TO GOOGLE. ED LUDLOW IS ON THE GROUND, BUT LET'S CHECK IN WITH THE MARKETS AS WE ASSESS A MOOD SHIFT.
MONEY IS MOVING INTO TECH STOCKS BECAUSE THE INFLATIONARY PRESSURE IS DIALING DOWN. COMING IN BELOW THE 5% NUMBER, WE HAVE NASDAQ INTEREST RATE SENSITIVE. TECH STOCKS ON THE UP. TWO-YEAR YIELD ON THE DOWN AS WE EXPECTED. MAYBE THEY WILL NOT HAVE TO HIKE SO HARD GOING FORWARD. A PAUSE ON THE AGENDA.
WE ARE OFF BY EIGHT BASIS POINTS BE AT THE FRONT END OF THE CURVE FOR THE DOLLAR INDEX ALSO DROPPING ON THE VIEW WE GET A MORE DOVISH TONE. MOVING ON, LET'S HAVE A LOOK AT THE WORLD OF CRYPTO. WE ARE SEEING DOLLARS LOWER, SO CRYPTO IS ON THE UPSIDE. THAT IS FOR COIN AT 28,000 WHERE WE TRADE. BUT IT IS INTERESTING THAT WE
ARE SEEING SOME MOOD MUSIC. JUST BEING ON THE DOWNSIDE, LET'S STICK WITH IT. TWO OF THE WORLD'S TOP MARKET-MAKING FIRMS ARE PULLING BACK FROM TRADING ASSETS.
THAT IS THE LATEST ON THE CRACKDOWN OF THE INDUSTRY. JANE STREET IS GOING FURTHER. WE ARE SEEING REGULATORY UNCERTAINTY BECOMING -- UNCERTAIN. SO MUCH IN THE WORLD OF CRYPTO. SO MUCH IN CRYPTO MORE BROADLY. AIRBNB SHARES ARE VOLATILE. WORST DAY ON RECORD. THAT IS AFTER REPORTING A NEW OUTLOOK.
THIS GET THE INSIDE TRACK. IT IS OUR DATA ANALYST. DO YOU THINK WHAT WE'VE HEARD FROM THE COMPANY IN TERMS OF OUR GUIDANCE VINDICATES THE PLUNGE IN A SHARE PRICE TODAY? >> LOOK. AIRBNB IS A STOCK THAT HAS A PREMIUM VALUATION RELATIVE TO ITS FEARS, AND WITH A PREMIER VALUATION, TYPICALLY YOU GET ELEVATED EXPECTATIONS, PARTICULARLY AROUND QUARTERLY EARNINGS, BUT WE ARE NOT SURPRISED TO SEE THE STOCK SELLOFF. THE DEBATE AROUND THOSE SHARES
IS WHETHER THE GUIDANCE WHICH SHOWS INCREASE MARKETING INVESTING INCREASES SPENDING WITH A TIME RELATED ISSUE OR A MARKETING RELATED ISSUE FOR THE BEGINNING THE YEAR OR IF IT IS SOMETHING MORE STRUCTURAL. NEAR TERM GOING DOWN, THAT IS WHY THE STOCK IS GOING DOWN, BUT WE SEE A VALUE SHARE OVER A LONGER TERM TIME HORIZON. >> WHEN YOU LOOK AT ALL OF THE ANALYSTS RECOMMENDATION DID YOU THINK IT WAS GOING TO GO HIGHER? THE GENERAL PRICE TARGET IS ONLY 14 CELLS ON THE STOCK, AND WITH YOUR PERSPECTIVE, IF YOU HAVE A BUY RATING OF EIGHT HUNDRED $27 AND $840 PRICE TARGET, WHAT IS THE MACRO ENVIRONMENT? WE ARE JUST HEARING ABOUT INFLATION BOILING OVER, BUT IT LOOKS LIKE THE PRICES ARE COMING DOWN.
IS THAT GOOD OR BAD? >> I THINK ANY KIND OF PRESSURE ON THE CONSUMER, AND HE KIND OF DISCRETIONARY SPENDING IS NOT GOOD FOR TRAVEL SPENDING. OVERALL. WHAT WE SEEN ON PRIOR DOWNTURNS IS THAT LEISURE TRAVEL IS QUITE A RESILIENT CATEGORY.
ESPECIALLY ON A GLOBAL BASIS. EVEN WHEN TIMES ARE TOUGH, PEOPLE LIKE TO TAKE VACATIONS. I THINK IN SOME WAYS, THE RECENT ANNOUNCEMENT OF AIRBNB RULES -- ROOMS IS A WAY TO GET AHEAD OF THE AIRBNB ROOMS. FOR EXAMPLE, DISRUPTING A LITTLE BIT WITH A SIGNIFICANTLY LOWER PRICED OFFERING MAKES ROOMS IN PEOPLE'S HOMES OR APARTMENT. LAST NIGHT, 80% OF THE INVENTORY WAS LESS THAN $100 NIGHT AREA WE THINK OVERNIGHT -- OVERALL, TRAVEL WILL BE RESILIENT, AND BECAUSE OF THE VARIETY OF LISTINGS, IT WILL BE MORE RESILIENT AND OTHER TRAVEL ASSETS.
>> WHAT ABOUT THE MARKET SHARE. THAT IS EKING OUT WITH BOOKING.COM. SOME OF THE COMPETITORS. NOT TO MENTION THE OLD HOTEL INDUSTRY AS WELL. >> I THINK MARKET SHARES ARE LITTLE TRICKY BECAUSE OF THE COMPS. AIRBNB IS COMPING OVER THE LAST FEW YEARS. HAS HAD EXPLOSIVE GROWTH. THEY ARE THE ONLY GAME IN TOWN,
AND THERE WERE HOTELS WHERE THEY HAD TO MINGLE WITH OTHER FOLKS, AND AIRBNB IS RELATIVELY TOUGHER NOW. THE TRADITIONAL OTA'S ARE A LITTLE BIT EASIER, SO LOOKING AT THESE GROWTH RATES, THIS QUARTER, NET QUARTER, THAT IS NOT THE ENTIRE STORY. THE BOTTOM LINE IS A LOT OF THESE TRAVELS CAN BE TO GROW. DISCUSSIONS ABOUT MARKETSHARE
SHARE NEED TO BE LOOKED AT IN A LONGER-TERM PERSPECTIVE. >> WELL SAID. GREAT TO HAVE YOU. THANK YOU SO MUCH. AS WE SAY, BIGGEST DROP FOR AIRBNB, BUT A 72 MARKET CAPITALIZATION. LET'S TALK ABOUT THE
MACROENVIRONMENT WHICH IS CURRENTLY WHAT WERE WORKING IN. THAT SHOWS A BIT OF A COOLING. CPI RAISING ON THE EURO IN YOUR BASIS. BUT THAT IS THE INSIGHT OF HOW YOU AND I ARE SPENDING. ARE WE LOOKING AT LUXURY.
ARE WE HOLDING BACK RID I AM PLEASED TO SAY SHE IS WITH US. AN ONLINE SHOPPING PLATFORM WITH PARTNERS OF THOUSANDS OF STORES TO PROVIDE DATA EXPERTISE AND TECHNOLOGY TO BUSINESSES AND CONSUMERS. RETAIL SITES. THAT IS SOMETHING THAT I SEE AS
PART OF A MASSIVE GROWTH STORY IN RETAIL. RESALE OVERALL. NOT JUST ON RESALE PLATFORMS BUT BY FRANCE. >> HOW DO YOU KEEP YOUR MARKET SHARE IN THIS ENVIRONMENT? WE ARE TALKING ABOUT ARTIFICIAL INTELLIGENCE THAT WE ARE TALKING ABOUT HOW WE INTERACT WITH A CONSUMER MORE PRODUCTIVELY.
HOW DO YOU LOOK AT WHAT YOU ARE OFFERING WHEN WE ARE INTERFACED WITH THE E-COMMERCE PLATFORM? >> AT THE END OF THE DAY, OUR JOB IS TO DRIVE GROWTH FOR PARTNERS, WE ARE DOING THAT IN A NUMBER OF DIFFERENT WAYS IT FIRST, BY INCREASING THE NUMBER OF PLAYERS THAT APPEAL TO OUR CONSUMERS. MORE LUXURY PLAYERS. REALLY IMPORTANT TO US. THE SECOND IS A LEVEL OF PERSONALIZATION THAT IS IMPORTANT. WE GIVE CASH BACK TO SHOP AT OUR RETAILERS. THAT CASHBACK HAS INCREASINGLY BECOME PERSONALIZED YOU INCENTIVIZE YOU TO TRY STORES YOU'VE NEVER TRIES BEFORE. TO MAKE A SECOND PURCHASE AT A
RETAIL YOU NEVER EXPERIENCED BEFORE. THAT LEVEL OF VALUE IS NOT JUST VALUABLE TO OUR RETAILERS BUT ALSO TO OUR CONSUMERS. >> WHEN YOU SAY YOU KEEP A LOYAL CUSTOMER IN MANY WAYS, YOU SAY THAT WHEN A RETAILER LEAVES, OFTEN THE SHOCK REMAINS 75% OF THE TIME.
WHAT IS YOUR DREAM NEW CUSTOMER FROM A RETAILER PERSPECTIVE. WHO DO YOU WANT TO LURE TO THE PLATFORM? >> THERE IS A YOUNGER CONSUMER WERE GOING AFTER. A YOUNGER BUT LINEAL AUDIENCE. WE ARE FINDING THAT IMPORTANT.
A LOT OF WHAT WE DO IS BRING ON A LOT OF DIRECT CONSUMER BRANDS THAT ARE MORE IMPORTANT TO THE AUDIENCE AND THAT GENERATION. AND, TO THE POINT, EXPANDING THE ENVIRONMENT OVERALL ON THE PLATFORM WE HAVE PLAYED HARD IN LUXURY DEPARTMENT STORES WITH INDIVIDUAL BRANDS AS THE NEXT THING TO TACKLE BECAUSE THAT DOES DRIVE A LOT OF VALUE FOR THE YOUNGER MILLENNIAL IN GENERAL. >> SOMEONE WHO ALWAYS BRINGS EXPERIENCE TO THE ROLE, HAVING BEEN AS A GENERAL MANAGER SINCE 2018, BUT PLENTY OF OTHER PLACES BEFORE THAT, SO WE THANK YOU SO MUCH FOR SPENDING SOME TIME WITH US. NOW, FROM LUXURY SPENDING TO WHAT IS GOING ON IN MOUNTAIN VIEW CALIFORNIA. ED, YOU ARE COVERING GOOGLE.
A DEVELOPERS CONFERENCE ALL DAY. WHAT IS THE KEY THEME? >> ARTIFICIAL INTELLIGENCE IS AT THE HEART OF EVERYTHING. THOUSANDS OF PEOPLE WITH 230,000 WILL WHY. REMEMBER WHEN GOOGLE INTRODUCED THAT IN FEBRUARY? IT WAS OLD AS A CREATIVE COMPANION.
NOT A REPLACEMENT FOR THE CORE SEARCH PRODUCT. THAT IS THE QUESTION. WHAT WE FIND OUT ABOUT HOW YOU INTEGRATE THE LARGE LANGUAGE MODEL INTO A NEXT GENERATION SEARCH ENGINE? WHAT DOES THAT FUNCTIONALITY LOOK LIKE? WHAT ARE THE OTHER SOFTWARE OFFERINGS? THAT IS BEFORE WE GET TO HARDWARE. >> WE WILL ADDRESS THAT A LITTLE LATER WITH YOU.
BRILLIANT TO HAVE YOU ON THE GROUND. YOU'RE GOING TO BE BACK WITH US LATER IN THE HOUR, BUT ALSO THROUGHOUT THE DAY. WE THANK YOU SO MUCH. FROM YOUR, ON VIEW CALIFORNIA, THIS IS BLOOMBERG. >> WE ARE TALKING ABOUT THIS WITH TOM LAYTON. IT'S GREAT TO HAVE SOME TIME WITH YOU.
STRONG AND CHALLENGING MACRO HEADWINDS IN A PRESSURE. WHAT DO YOU MAKE OF THIS ENVIRONMENT WHICH YOU ARE MANAGING TO WHETHER BETTER THAN ANTICIPATED? >> THIS IS A CHALLENGING ENVIRONMENT. CUSTOMERS ARE CUTTING BACK. BUT THERE ARE WAYS TO MITIGATE THAT. FOLKS ARE CONCERNED ABOUT SECURITY AND RELIABILITY, ESPECIALLY IN THE FINANCIAL SECTOR. THE LAST THING A BANK WANTS IS TO HAVE AN OUTAGE. WITH A CONCERN THAT THEY WILL
THINK SOMETHING IS WRONG AND YOU WILL GET A RUN AND THAT'S A CHALLENGE. THE BEST PROVIDER IS RELIABILITY AND SECURITY, SO WE HAVE THAT AS HELPFUL FOR US. AS COMPANIES NEED TO CUT COSTS, WE HAVE TO HELP THEM WITH OUR SOLUTIONS. THAT IS NOW INTEGRATED INTO OUR DELIVERY PLATFORM, AND WE ARE THE BIGGEST WHEN IT COMES TO DELIVERY AND HAVE A VERY ECONOMIC ALL PLATFORM FOR DOING THAT, SO WE COULD HELP CUSTOMERS REDUCE COST AND ACCESS TO CLOUD COMPUTING AND DELIVERING. >> WHAT ABOUT YOUR BUILD? TV SAYS IT IS MORE CAUTIOUS ON YOUR STOCK GIVEN THAT THE CAPITAL EXPENDITURE IS NEEDED TO BUILD OUT TO COMPUTE. HOW ARE YOU MANAGING THOSE
COSTS? >> WE ARE INVESTING THIS YEAR TO JUMPSTART THE BASE PLATFORM. THAT WILL LARGELY BE DONE BY THE END OF Q3. THINK GOING FORWARD, THE BUILD OUT EXPENSE IS PROPORTIONAL TO THE REVENUE. IF WE GET A LOT OF REVENUE
GROWTH, WHICH WE HOPE FOR, THERE WILL BE MORE CAPITAL EXPENSE, AND IF IT IS A MORE MODERN -- MODEST GROWTH, THERE WILL NOT BE MUCH TO WORRY ABOUT. THAT IS DONE WITH BY THE END OF Q3. WE GET OUR FIRST DATA CENTER AND 14 MORE OVER THE NEXT COUPLE OF QUARTERS.
>> YOU SOUND OPTIMISTIC ABOUT CLIENT SPENDING ON THIS ENVIRONMENT, PARTICULARLY IN SECURITY. PUSHBACK FOR ANALYSTS WHO ARE SAYING THAT YOUR LOW DOUBLE DIGIT GUIDANCE IN TERMS OF SECURITY GROWTH ACTUALLY IS SOMEWHAT IMPLAUSIBLE BECAUSE OF THIS MACROENVIRONMENT AND THE SHOP -- SHOCK ACCELERATION. WHY DO YOU THINK THIS IS PLAUSIBLE, EVEN THOUGH YOU HAVE SOME WORRYING? >> WE HAVE MARKET-LEADING SOLUTIONS FOR THE FIREWALL.
YOU HAVE TO HAVE THAT SOLUTION FOR BOT MANAGEMENT. THE SOLUTION FOR RANSOMWARE AND DEFENDING AGAINST THAT. YOU EVEN THINK ABOUT THE OLDER ATTACKS AND YOU THINK OF THEM IS OLD NEWS LIKE DENIAL OF SERVICE. JUST IN THE LAST FEW MONTHS, YOU HAVE THE KILL THAT DEED OUTS ATTACKS AGAINST THE NATIONS LEADING MEDICAL CENTERS.
SO, SECURITY IS VERY MUCH NEEDED, AND WHEN YOU ARE THE MARKET LEADER OF THESE SOLUTIONS, I AM VARIES -- OPTIMISTIC ABOUT THAT. NOW, WE ARE ADDING API SECURITY. THAT IS VERY MUCH IN THE NEWS WITH ALL OF THE API ATTACKS TAKING WAYS RECENTLY AT >> EXACTLY. LET'S TALK API AND AI AS WELL. MORE BROADLY. YOU ARE A MAN WITH CONTENT DELIVERY AND INTERNET ARTICLES. WE YOU ARE THINKING OF THE WAY YOU ARE INCREASING THOSE ATTACKS.
THIS ANYWAY YOU COULD HARNESS THAT OR YOU ARE WORRYING ABOUT THAT? >> WE USE AI ON A LOT OF PRODUCTS, PARTICULARLY IN SECURITY. DETECTING ATTACKERS, REALLY IMPORTANT. WE DON'T SELL AI PRODUCTS. I THINK THERE ARE INTERESTING ADVANCES RECENTLY AND GENERATIVE AI. ONE THING IS THEY ARE COMPU TO INTENSIVE. THERE IS A PROSPECT OF A LOT OF FOR COMPUTE CYCLES.
THAT IS SOMETHING THAT COULD ULTIMATELY BENEFIT US WITH OUR COMPUTE PLATFORM. IN FACT, EARLY WORK IS GOING ON NOW THAT WOULD USE ALGORITHMS AND SCIENTIFIC METHODS TO MAKE IT MORE AFFORDABLE SO YOU CAN DO WORK ON INFERENCE AND ENGINES WITH CPUS IS THAT A GP'S WHICH IS MORE EFFICIENT. THAT IS A LOT OF EXCITING RESULT TO COME, AND ULTIMATELY, GOOD FOR BUSINESS. >> IT IS INTERESTING THAT WE HAVE HEARD FROM OTHER SOFTWARE COMPANIES THAT ARE BIT LACKLUSTER. WE HAVE HAD A WORRY THAT PEOPLE AREN'T GOING TO INVEST IN MUCH AS MUCH IN SECURING THEMSELVES IN THIS ENVIRONMENT.
IS THERE ANY SIGN FROM ANY OF YOUR CLIENTS THAT THEY WILL HAVE TO PULL BACK IN THAT AREA, OR NONE AT ALL? >> IT DOES SLOW DOWN THE SALE CYCLES, BUT OUR GROWTH RATE EVEN IN THE LOW DOUBLE DIGITS IS LESS THAN IT WAS LAST YEAR. THAT SAID, WE HAVE A STRONG BOOKING QUARTER, AND WE ENDED UP TAKING BUSINESS AWAY FROM THE COMPANIES YOU MENTIONED, PARTICULARLY IN THE FINANCIAL SECTOR WHERE THE LEADING FINANCIAL INSTITUTIONS JUST CAN'T HAVE AN OUTAGE OR AN INCIDENT OR HAVE AN ATTACK THESE SUCCESSFUL IN THIS ENVIRONMENT. I THINK THEY TURNED TO THAT MORE. YOU WILL SEE SOME COMPANIES STRUGGLING, BUT ON BALANCE WITH THIS ENVIRONMENT, IT'S GOOD FOR US. >> 19. THE CEO. YOU SPELLED OUT THE ENVIRONMENT IN WHICH WE ARE CURRENTLY FINDING OURSELVES.
AND WHILE, WE ARE WATCHING OTHER COMPANIES. THEY ARE NOT PERFORMING ON THE DAY AS OTHERS. TECH OUT THIS INFRASTRUCTURE. FALLING IN TERMS OF 16% ON THE DAY. THIS IS A STRUGGLING GROWTH RATE. WE ARE OVERALL SEEING THE COMPANY POSTING NUMBERS THAT
SHOW A GROWTH SLOW DOWN OVERALL, THIS IS A BUSINESS THAT IS TRYING TO FIND ITS EARNING WITH THE WEEK MACRO THAT JEFFREY IS SAYING. A SMALL OVERALL IN THIS QUARTER, BUT IT REALLY IS A MARGIN TURNAROUND IN THIS PARTICULAR COMPANY BEING OVERSHADOWED BY A WEEK PICTURE GOING FORWARD, SO DETERIORATION IS NET REVENUE ATTENTION RATE, AND OUT OF THE SECOND QUARTER WITH MORE DIFFICULT DAYS AHEAD. COMING UP, LET'S TALK ABOUT DAYS AHEAD TO COMPETE WITH CHET GPD. MORE ON HOW THEY ARE GETTING IN ON THE ACTION, NEXT. THIS IS BLOOMBERG. >> TIME FOR TALKING TECH. MONTHLY SALES OF SEMICONDUCTOR
MANUFACTURERS. IT FELL FOR THE SECOND MONTH. DEMAND FOR ELECTRONICS HAS SLOWED. MADE ORDER CHIPS ARE DOWN 14%. TELECOM PRESSED COMPANIES ARE SETTING UP NEW TECHNOLOGY. THE CEO DIDN'T ELABORATE ON THE PROJECTS GOALS SO FAR.
LET'S LOOK AT CONTENT RIGHT NOW. TUCKER CARLSEN SAYS THAT HE IS TURNING TO TWITTER TO LAUNCH A NEW SHOW. AFTER BEING FIRED FROM FOX NEWS NEWS, HE POSTED A THREE MINUTE YOU ONLINE SAYING HE WOULD BRING A NEW VERSION OF THE FOX NEWS PROGRAM ALTHOUGH ELON MUSK SAYS HE IS NOT SIGNED ANY SORT OF DEAL. LET'S DIG INTO THIS WITH PLANS NOT SET IN STONE. WHAT WITH THIS PROGRAM ACTUALLY LOOK LIKE? WHAT ARE THE CONCERNS AROUND CONTENT MODERATION? WE ARE JOINED BY BLOOMBERG NEWS. INTERESTING. MANY WOULD SAY THAT HE LEFT FOX
OR WAS PUSHED OUT AS ADVERTISERS WERE NOT COMFORTABLE. HOW DOES THIS WORK? IS THIS SUBSCRIPTION BASED? >> IS HARD TO SAY BECAUSE ADVERTISERS WERE UNCOMFORTABLE WITH TUCKER CARLSEN. THEY WERE UNCOMFORTABLE WITH ELON MUSK'S VERSION OF TWITTER. DO YOU TAKE TWO NEGATIVES? IT'S HARD TO IMAGINE THAT HAPPENING. ELON MUSK HAS BEEN TRYING TO GET MORE SUBSCRIPTION MONEY FOR TWITTER. GETTING THEM TO SIGN UP FOR
TWITTER BLUE. THAT HAS BEEN A STRUGGLE. MAYBE, GETTING SOME DIEHARD TUCKER CARLSEN FANS TO SIGN UP FOR THE SHOW, IT IS ALL A LITTLE BIT HARD TO IMAGINE. IF YOU THINK ABOUT VIDEO ON TWITTER, WHAT IS THE MOST SUCCESSFUL VIDEO ON TWITTER? IT IS FINE.
THAT WAS SIX SECOND LOOPS OF COMEDIANS AND PEOPLE TALKING, AND YOU ARE TAKING AN HOUR-LONG SHOW IN PUTTING IT ON THE PLATFORM THAT HAS NO HISTORY OF TV SHOWS >> THE SHOW USED TO STREAM ON TWITTER. >> THERE IS AN INTERESTING VIEWPOINT OVER THE WAY WE CONSUME. HOW MUCH VINDICATION IS THERE FOR PEOPLE IN THREE MINUTE LONG MINUTES OF INFORMATION. DOES IT SHOW ANYWHERE YOU GO? DOES IT RESEMBLE ANOTHER SOCIAL MEDIA NETWORK THAT HAS DONE SHOWS LIKE THIS IN A DECENT MANNER? >> SNAPCHAT, YOUTUBE, FACEBOOK. PEOPLE HAVE EXPERIMENTED WITH
DIFFERENT KINDS OF SHOWS ON SOCIAL MEDIA PLATFORMS. >> IS DONE WELL. >> TUCKER HAS A STUDIO HE BUILT DURING THE PANDEMIC. HE HAS A ROBUST AND LOYAL AUDIENCE. HOW WILL THAT BE MONETIZED? IT'S HARD TO IMAGINE, BUT IT DOES GIVE HIM A VOICE TO KEEP HIMSELF RELEVANT DURING THE CAMPAIGN THAT IS COMING UP, INSTEAD OF BEING ON THE SIDELINES UNTIL HE FINDS A NEW CABLE NETWORK THAT WERE TAKEN. >> RUMBLING SHARES ON THE DOWNSIDE.
GREAT TO GET YOUR TAKE ON THIS. MEANWHILE, WE ARE GOING TO TALK ABOUT EV CHARGING. WE WILL TAKE A TURN WITH THE CEO AFTER THE FIRST QUARTER RESULTS. AND CHECK OUT THIS REVEAL AS WELL. CAROLINE: WELCOME BACK. I AM CAROLINE HYDE IN NEW YORK.
LET'S HAVE A QUICK CHECK ON MARKETS BECAUSE WE HAVE SEEN A REAL GRIEVE OFF THE BACK OF INFLATION DATA THAT SHOWS THE PRICE AND PRESSURE IS COOLING. THE NASDAQ IS UP 0.7 COMES UP TO 5% YEAR ON YEAR. YOU MAY ANTICIPATE THE FED MAY TAKE A PAUSE IN THE HIKING CYCLE. WE ARE DOWN SEVEN BASIS POINTS ON THE 10-YEAR YIELD. BITCOIN IS HIGHER. UP TO PERCENT. WE HAVE AN EXTRAORDINARY AMOUNT OF EARNINGS. A FIRM UP 4%.
SOME CAUTION AFTER THINGS DROPPED. WITH THE BY NOW, PAY LATER OVERALL HEADWINDS OF CONSUMERS. MANY ANALYSTS THINK THIS IS A STOP THAT CAN WEATHER. UP MORE THAN 4%. DATA DOG IS UP 6%.
IT HAS INTEGRATION WITH OPEN AI AND PEOPLE LIKE IT. CHECKING ON HOW COMPANIES INTERACT WITH CHATGPT AND THE LIKE. AIRBNB IS VERY MUCH ON THE DOWNSIDE, HAVING ITS WORST FALL AS A PUBLICLY TRADED COMPANY. LET'S TALK ABOUT OTHER EARNINGS. THERE ARE MORE. IN THE EVENING SPACE, BLINK CHARGING DEBTS REPORTED REVENUE FOR THE FIRST QUARTER SECTOR.
IT IS STILL MORE THAN DOUBLING REVENUES. IT IS CONTINUING TO TRANSITION TO AN IN-HOUSE GROSS MARGIN PROFILE THAT IS EXPECTED TO IMPROVE THROUGHOUT 2023 AND NEXT YEAR. LET'S TALK ABOUT IT WITH THE RECENTLY APPOINTED CEO BRENDAN JONES. TALK TO US ABOUT THE REVENUE DRIVERS. WHO IS WANTING TO GET THEIR HANDS ON THE CHARGING STATIONS ACROSS THE U.S.? BRENDAN:
THE SPACES ON FIRE AS MORE AND MORE STATES STARTS TO -- START TO ADOPT THINGS THAT SAY INTERNAL COMBUSTION ENGINES CAN NO LONGER BE SOLD PAST 2035. WE ARE SEEING INCREASING EMPHASIS ON CHARGING. WHO IS ASKING FOR IT? EVERYTHING FROM A NOOSE OF HOLIDAYS TO PRIVATE REAL ESTATE TO MENISCAL STATE GROUPS AND STATE PARKS THAT WANT TO HAVE -- FROM A HOST OF MUNICIPALITIES TO PRIVATE REAL ESTATE TO MUNICIPAL STATE GROUPS AND STATE PARKS. WE HAVE BEGUN TO INSTALL CHARTERS WITH USPS. THE GOAL RIGHT NOW IS TO MAKE SURE WE CAN GET AS MANY CHARGES OUT THERE TO SERVE AS THE EV BUYING PUBLIC. LINK RIGHT NOW IS ON DOUBLE-DIGIT GROWTH BETWEEN LAST YEAR AND THIS YEAR.
WE SEE THE TREND CONTINUING FOR THE FUTURE. CAROLINE: HOW DOES THE U.S. TACK VERSUS EUROPE, ASIA AND OTHER MARKETS YOU ARE ANALYZING? N BRENDAN: WHAT YOU SEE IN EUROPE IS A PROGRESSION OF THE MODEL SO THEY ARE AHEAD ON CAR SALES AND CHARGERS IN THE PUBLIC SPACE. U.S. IS FALLING BEHIND THAT. WHILE THEY ARE A LITTLE WE HEAD -- A LITTLE AHEAD, WE SEE OURSELVES CATCHING UP.
A LOT IN EUROPE IS POLICY DRIVEN TO MANDATE CHARGERS AND EV. WE HAVE SOME POLICIES THAT MAKE IT EASY TO ADOPT AND THEN FEDERAL FUNDING FROM BIDEN ADMINISTRATION TO ACCELERATE INFRASTRUCTURE. THE U.S. IS -- OTTO HAS ARE BRINGING OUT CARS. TODAY, YOU HAVE SOME OF THE MOST VERSATILE, SEXIEST HIGH-SPEED CARS ON THE MARKET. CAROLINE: WHAT DO YOU DRIVE? BRENDAN: I JUST TRANSITIONED OUT OF AN AUDI E TRON IS A BEAUTIFUL CAR. FULL EV ALL THE WAY BUT EVERYTHING YOU EXPECTED IN LUXURY CAR. NOW I AM LOOKING AT A COUPLE
DIFFERENT CARS, SOME DOMESTIC AND SOME FROM OVERSEAS. MY GOAL IN LIFE WAS TO ALWAYS OWN A MUSTANG. BUT I AM DEFINITELY LEADING THAT DIRECTION. CAROLINE: WHAT ABOUT THE INSIDE FOCUS ON WHERE YOU ARE BUYING, BUT WHAT ABOUT THE INNOVATION OF WHERE BLINK IS GOING? IT IS LOVELY TO HAVE INFRASTRUCTURE WE CAN ALL PULL UP AND BE ABLE TO SPEEDILY CHARGE OUR CARS, BUT WHAT ABOUT IF YOU ARE ON THE MOVE OR HAVE BROKEN DOWN? I KNOW YOU HAVE A WHOLE HOST OF OPTIONS ON ARRAY THIS YEAR. BRENDAN: WHAT WE WANT TO DO IS SERVICE THE PLETHORA OF CHARGING NEEDS FOR THE PUBLIC. THAT MEANS FAST CHARTERS ON THE HIGHWAY THAT CAN FUEL A VEHICLE IN UNDER 30 MINUTES OR IN SOME CASES, UNDER 15 DEPENDING ON THE SPEED OF THE BATTERY. AND YOU ALSO HAVE TO HAVE
HOME-BASED CHARGING. MCKINSEY DATA SAYS 90% OF CHARGING THAT WILL TAKE PLACE LOCALLY IS LEVEL TWO CHARGING. THE OTHER 10% IS D.C. FAST CHARGING WHICH IS THE
FASTER, MUST HAVE CHARGING. THERE IS NEED FOR WHAT WE CALL A RESCUE CHARGER. IF YOU RUN OUT OF CHARGE, JUST LIKE YOU RUN OUT OF GAS, WE ALSO HAVE PRODUCT TO SATISFY THAT MARKET WE CAN CHARGE YOU ON THE GO AND GET YOU BACK TO A CHARGER AS SOON AS POSSIBLE. OUR JOB IS TO COVER THE HOME, THE PUBLIC, THE MINISTER POLITIES, AND THE HIGHWAY WITH CHARGING. TO MAKE SURE WE HAVE OPTIONS AND INNOVATIVE PRODUCTS TO SERVE THE GENERAL NEEDS OUT THERE. CAROLINE: ARE YOU GROWING THIS AND
INNOVATING ORGANICALLY? DO YOU WANT TO DO BOTH TO BE ABLE TO ADD THAT LEVEL OF OFFERING? BRENDAN: WE CONTINUE TO BE AN INQUISITIVE COMPANY. WHERE ACQUISITIONS MAKE SENSE, WE WILL PURSUE THEM. WE JUST ACQUIRED A COMPANY CALLED ENVOY WHO BASICALLY HAS PEOPLE ENGAGED WITH THEM ON A CAR BY CAR BASIS. THEY GET IT. THEY ARE ALL EV'S. THEY GET THEM FOR A DAY OR AN
HOUR AND CHARGE IN OUR CHARGER STATIONS. AND WE HAVE BLUE L.A. WHICH IS OUR ABILITY PROGRAM IN LOS ANGELES. WE HAVE 200 STATIONS WITH TWO TO THE CARS -- TO THREE CARS. THE GENTLEMAN GET A CAR FOR A DAY AND SERVE THE PUBLIC AND OTHER COMMUNITIES SIMULTANEOUSLY. WE DO BOTH THE CARS AND THE
CHARGING. CAROLINE: WHAT IS THE REGULATORY ENVIRONMENT FOR YOU FOR THE ACQUISITIONS? I KNOW YOU ARE NOT A BIG CAP PLAYER AT THE MOMENT, BUT WILL ARE CONCERNED ABOUT ACQUISITIONS OF OTHER COMPANIES? BRENDAN: YOU HAVE TO MAKE SURE YOU HAVE A HIGH DEGREE OF SYNERGY. IF YOU DO NOT, IT DOES NOT MAKE SENSE. THE ACQUISITION HAS TO FIT INTO
OUR BUSINESS MODELS. IF IT DOES NOT, WE ARE GOING TO PASS. THE SYNERGIES MAKE THIS VERY VALID. IF YOU LOOK AT ACQUISITIONS IN GENERAL, YOU SEE WHERE THEY FAILED WHERE THEY DID NOT GET SYNERGY. HE PUT A LOT OF MONEY AND WORK
WITH MCKENZIE TO OUTLINE, SET UP HAVE, AND SET A TIMELINE TO ASSOCIATE REVENUE SYNERGIES, DNA SYNERGIES, AND PRODUCT SYNERGIES ACROSS THE BOARD. WITHOUT THAT, WE ARE NOT GOING TO DO ACQUISITIONS. WE NEED THIS TO BE EFFICIENT AND GET TO GLOBAL SCALE. CAROLINE: WE THANK YOU. BLAKE CEO, BRENDAN JONES. LET'S FOCUS ON MLA ON A MORE --
ON M&A MORE ON THE CURRENT STANCE. THE ANTITRUST AGENDA BY PRESIDENT BIDEN IS A BIG DEAL WITH SOME NEVER MAKING IT PAST THE BOARD ROOM. WE HAVE NGUYEN ISLAND FROM WASHINGTON TO BREAK IT DOWN. THE STORY IS SHOWING HOW MUCH IS IN EFFECT. CAN YOU PAINT THE PICTURE OF
WHERE WE HAVE BEEN AND WHAT WE HAVE COME TO BECAUSE OF THE ADMINISTRATION? >> THE BIDEN ADMINISTRATION CAME IN STRONG ON ANTITRUST. THEY THOUGHT PAST ADMINISTRATIONS WERE TOO EASY ON MERGERS AND LET BIG DEALS COME THROUGH ONLY TUNZI A COUPLE BIG ONES. BUT THE BIDEN ADMINISTRATION HAS BEEN AGGRESSIVE SO FAR SINCE THE ANTITRUST ENFORCERS CAME IN IN JULY 2021, THEY HAVE CHALLENGED 17 CASES IN COURT.
BUT THEY ALSO RAISED ANTITRUST CONCERNS ABOUT ANOTHER 26. THOSE DEALS WERE ABANDONED BEFORE THEY EVEN MADE IT TO COURT. THEY HAVE A RECORD OF KILLING OFF DEAL SO FAR. CAROLINE:
HOW MUCH ARE THEY ULTIMATELY TECH SAVVY? WE KNOW THE FTC HAVE A VERY MUCH -- A LEADER LEAH CON WHO IS FOCUS ON THE WORLD OF TECHNOLOGY AND HAS DONE A LOT OF WORK WITHIN BIG TECH. THERE IS A TALK ABOUT AI BEING A NEW AREA IN WHICH WE GET COMPETITIVE OVERREACH AND MONOPOLISTIC CAPABILITIES. HOW MUCH OF THE CONVERSATIONS ARE YOU HAVING? IS IT ALL ABOUT BIG TECH OR DOES IT GO ACROSS INDUSTRIES? >> IT GOES ACROSS INDUSTRIES. IF YOU LOOK AT DEALS THEY HAVE BLOCKED, YOU SEE SOME IN THE HEALTH CARE CENTER, AND BRICK-AND-MORTAR INDUSTRIES LIKE CONCRETE AND CEMENT. BUT BIG TECH INDUSTRIES ARE ONES THAT ARE PAYING ATTENTION TO. THE BIG FTC CHALLENGE LAST YEAR WAS BETWEEN TOO PLATFORMS AND WITHIN WHICH WAS A SMALL STARTUP FOCUSED ON VIRTUAL REALITY.
ONE OF THE ANECDOTES IN OUR STORY WAS ABOUT GOOGLE ABANDONING AN ACQUISITION BECAUSE THEY HAD CONCERNS ABOUT THE ANTITRUST PROBLEMS IT COULD RAISE. BOTH LEADERS OF THE AGENCIES RIGHT NOW, LEAH CON AT FTC, AND JONATHAN KENT AT THE JUSTICE DEPARTMENT, AS SAID THEY ARE LOOKING CLOSELY AT AI BECAUSE THEY ARE CONCERNED THAT BIG COMPANIES LIKE MICROSOFT, GOOGLE, AND AMAZON HAVE RESOURCES TO DEVOTE TO AI AND ARE CONCERNED THEY MAY TRY BUY ING UP A LOT OF THE PEOPLE FOCUSED ON THAT. CAROLINE: SO WOULD SAY FTC ACTION HAS NOT REALLY BEEN THAT SUCCESSFUL. DOES THIS COME GET -- GIVE COMPANY SPEAKING TO MORE RESILIENCE OR DO THEY LOOK MORE AT WHAT THE U.K. IS UP TO WITH MICROSOFT? >> IT REALLY DEPENDS. COMPANIES THAT ARE MORE RISK-AVERSE WILL NOT WANT TO PUT TIME AND MONEY INTO THIS.
THE INCREASED ANTITRUST IS DRIVING SOME OF THESE THINGS OUT. BUT REALLY BIG DEALS LIKE MICROSOFT ACTIVISION ARE STILL GOING FORWARD EVEN IN THE FACE OF REGULATORY SCRUTINY. WITH THAT ONE, THE U.K. HAS BLOCKED. THE FTC BROUGHT LITIGATION AGAINST IT THAT IS SUPPOSED TO GO TO TRIAL LATER THIS. WE ARE STILL WAITING FOR THE EU TO MAKE A DECISION LATER THIS MONTH IT IS UNCLEAR IF THAT ONE WILL GO THROUGH. YOU HAVE THAT MANY LAWSUITS, IT IS HARD TO GO FORWARD. CAROLINE:
IT IS GREAT TO HAVE YOU. WE'RE JUST TALKING ABOUT THE WORRIES AROUND AI DOMINANCE. WE HAVE A GREAT CONVERSATION IN THE WORLD OF GENERATIVE AI WITH A LEADER SCALING IN ITUNES HELP INTEGRATE THEIR TOOLS SAFELY AND WELL INTO THEIR SYSTEMS. AS TALK ABOUT POTENTIAL MONOPOLIES BUILDING IN THESE ACE, OR WANT TO BE MONOPOLIES.
PALANTIR UP ANOTHER DAY, TALKING ABOUT UNPRECEDENTED DEMAND. THE CEO SAYS THEY JUST WANT TO TAKE THE WHOLE MARKET. THAT IS THE STRATEGY FOR AI APPARENTLY.
CAROLINE: SCALE AI AS A LEADER IN CREATING GENERATIVE AI FEATURES AND IS LAUNCHING TWO NEW LEFT FORMS. JOINING US NOW IS ALEXANDER WANG, THE FOUNDER AND CEO OF SCALE AI. AT THE MOMENT, I AM TRYING TO WADE THROUGH PALANTIR TRYING TO TAKE THE WHOLE MARKET.
WE HAD CHATGPT WITHIN ITS OFFERINGS FOR SLACK AND IBM WITH >> NEXT. WHAT ARE YOU OFFERING THAT IS DIFFERENT FROM THE OTHERS? ALEX: AT SCALE, WE HAVE BEEN IN THE INDUSTRY FOR MORE THAN SEVEN YEARS NOW. WE HAVE BEEN QUIETLY POWERING MUCH OF THE MODERN REVOLUTION IN GENERATIVE AI. WE ARE SEEING A LOT OF AI TAURUS PRETENDING -- TOURISTS DEPENDENT -- PRETENDING TO BE AI NARRATIVES. DO NOT SEE MANY OTHER PLATFORMS
THAT CAN SAY THIS. TODAY, WE ARE PROUD TO INTRODUCE OUR TWO NEW GENERATIVE AI PLATFORMS. SCALE. A FINANCE SCALE -- SCALE DONOCAN AND SCALE EGP. OUR DONOVAN PLATFORM IS THE FIRST LARGE LABOR MODEL DEPLOYED FOR THE U.S. GOVERNMENT.
WITH DONOVAN, OUR WAR FIGHTERS CAN ACT WITHIN MINUTES INSTEAD OF WEEKS. THIS INCLUDES THE U.S. ARMY'S 18TH AIRBORNE CORPS, BCD I/O AND THE JOINT COMMAND AND CONTROL EFFORT. AND MARINE CORPS DIVERSITY SCHOOL OF FIGHTING. CAROLINE: ARE YOU SAYING THAT PALANTIR, WITH IS MACHINE LEARNING AND ALREADY INTEGRATION WITH THE DEFENSE IS AN AI TOURIST? : THE --ALEX: THE KEY THING TO LOOK AT IS WHETHER OR NOT THEY HAVE CUSTOMERS WHO HAVE TECHNOLOGY TODAY USING IT ACTIVE. THERE ARE PLENTY OF PLATFORMS
TOUTING HUGE ANNOUNCEMENTS BUT DO NOT HAVE LIVE CUSTOMERS IN ANY ACTIVITY TODAY AND OFTEN TIMES HAVE "COMING SOON" AS THE HEADLINE ON THEIR HOMEPAGES. THAT IS ONE KEY THING TO LOOK AT. AT SCALE, WE HAVE WORKED WITH OPEN AI SINCE 2019, AND HAVE WORKED WITH OTHER TECHNOLOGIES LIKE CHATGPT AND OTHER TECHNOLOGIES LIKE MICROSOFT, META, STABILITY, ADEPT, CARPER AND COHERE. WE HAVE BEEN IN THIS INDUSTRY. WE ARE A COMPANY WITH THE GREATEST AMOUNT OF EXPERIENCE IN GENERATIVE AI AND WE ARE EXCITED -- EXCITED TO BRING THIS TO GOVERNMENT CUSTOMERS. CAROLINE: IN TERMS OF THE WHITE HOUSE, IS IT GOING TO BE YOUR PLATFORM THEY ARE USING AT DEVCON 31 TWO TEST AND UNDERSTAND HOW ANTHROPIC GOOGLE ACTUALLY WORK? ALEX: EXACTLY. WE ARE SWITZERLAND. WE ARE NOT BEHOLDEN TO ANYONE
PLATFORM. WE HAVE BEEN QUIETLY PARTNERING WITH MOST OF THE AI INDUSTRY. ARE THE PERFECT PARTNER TO WORK WITH THE WHITE HOUSE AND DEATH CON TO USE OUR PLATFORM TO -- DEFCON TO USE A REPLY FROM TO UNDERSTAND WHAT THE IMPLICATION SAFETY MODELS ARE. WE BELIEVE PROGRESS MODELS NEED TO HAPPEN HAND IN HAND AND ALONGSIDE EVALUATION AND SAFETY. WE HAVE BUILT OUR PLATFORM TO HELP ENABLE THIS AND THAT IS WHY OUR PARTNER -- OUR PLATFORM IS GOING TO BE USED WITH THE GOVERNMENT AND DEFCON TO UNDERSTAND THESE MODELS. CAROLINE:
WHAT DO YOU THINK YOU WILL FIND? DO YOU THINK YOU WILL FIND SAFE AND SOLID BASES BEING CRAFTED FOR NEW MODELS? CAROLINE: BROADLY WITHIN THE INDUSTRY, ONE OF THE THINGS THAT HAS HAPPENED IS THESE MODELS HAVE ALL BEEN RELEASED OUT INTO THE WORLD BEFORE MOST OF THE TESTING HAS TAKEN PLACE IN THE PUBLIC. INVARIABLY, WE ARE GOING TO FIND SOME THINGS ARE CONCERNING. BUT WE WILL ALSO FIND MANY OF THE BUILDERS OF THE MODELS HAVE ACTUALLY PUT A HUGE AMOUNT OF THOUGHT INTO THE SYSTEMS THEY ARE DEVELOPING. I THINK WE WILL SEE A RANGE. THERE WILL BE SOME MODEL SAFER THAN OTHERS. I THINK WE WILL CONTINUE TO
FIND THINGS WE NEED TO WORK ON TO IMPROVE. OUR GOAL WITH THE WHITE HOUSE AND DEFCON IS RELEASING A PLATFORM AND A FRAMEWORK THAT CAN BE USED ACROSS -- IN PERPETUITY BY THE INDUSTRY. WE WANT TO CREATE A SYSTEM THAT CAN ALWAYS BE USED TO VALUATE THE PROBLEMS GOING FORWARD. CAROLINE:
DOES IT MATTER IF WE PUT VALUATION ON THE U.S. OR OTHERS DO, WHEN OTHERS LIKE CHINA AND RUSSIA DO NOT? WHAT IS THIS LOOK LIKE? TECHNOLOGY DOES NOT HAVE THAT MANY BOUNDARIES. ALEX: THIS IS A REALLY IMPORTANT QUESTION. THE TOPIC OF AI REGULATION IS CERTAINLY AN IMPORTANT ONE. AS WE HAVE SEEN WITH AI TODAY,
THE KEY TO HUMAN CENTRIC RESPONSE AI IS A SOLID DATA FOUNDATION. A TECHNOLOGY TO TRANSFORM TO THIS IS IMPORTANT TO CONSIDER QUESTIONS ON AI REGULATION AND WHAT ARE THE CONSUMER IMPACTS OF THIS TECHNOLOGY? ONE OF THE REASONS WE ARE EXCITED ABOUT THE WORK WE ARE DOING WITH THE WHITE HOUSE AND OTHERS. OUR ADVERSARIES ARE NEAR TO COMPETITORS LIKE RUSSIA AND CHINA AND WILL NOT LET REGULATION GET IN THE WAY OF THEIR AMBITIONS. IT IS THE OPPOSITE.
THEY WILL USE THESE TOOLS TO TIGHTEN THEIR GRIP ON DOMESTIC, SOCIAL, AND POLITICAL CONTROL. IN CHINA, THE CONTENT OF THEIR AI SYSTEMS NEED TO REFLECT THEIR SOCIALIST CORE VALUES, AND AVOID INFORMATION THAT UNDERMINES THEIR STATE POWER OF NATIONAL UNITY. YOU SEE INTENT FROM OUR NEAR COMPETITORS TO USE THIS TECHNOLOGY TO FURTHER THEIR AMBITIONS. THEY WILL NOT OVER REGULATE TO PREVENT THE PROLIFERATION AND SPREAD OF TECHNOLOGY. CAROLINE: VERY BRIEFLY, OPEN SOURCE VERSUS NOT? WHERE DO YOU COME DOWN ON THAT? ALEX: OUR BELIEF IS THAT ENTERPRISES AND GOVERNMENT CUSTOMERS NEED AS MANY OPTIONS AS POSSIBLE. AS I MENTIONED, WE ARE SWITZERLAND AND WILL ENABLE OUR CUSTOMERS TO USE OPEN SOURCE MODELS AND THE BEST SOURCE MODELS TO BE ABLE TO ACHIEVE THEIR AMBITIONS. IT IS A QUESTION OF CHOICE.
THE MORE OPTIONS THERE ARE IN THE ECOSYSTEM, THE BETTER. OUR GOAL IS TO ENABLE AS MANY AS POSSIBLE. CAROLINE: ALEX WANG, FOUNDER AND CEO OF SCALE AI.
WHAT TO EXPECT IN THE WORLD OF AI? THIS IS BLOOMBERG. [SPEAKING NON-ENGLISH LANGUAGE] CAROLINE: WE HAVE TO GO BACK TO OUR ONE AND ONLY VIEW AT GOOGLE I/O WHICH IS ABOUT TO KICK OFF. WE WILL HOST A CONVERSATION AROUND BARD AND ALTAVISTA AND INTELLIGENCE. ED: THIS IS THE DEVELOPERS CONFERENCE BUT IS ALL ABOUT AI. BUT WE WANT TO KNOW IS ABOUT A MORE CONVERSATIONAL VERSION OF GOOGLE SEARCH.
SO MUCH EMPHASIS ON BARD WHEN IT WAS RELEASED IN FEBRUARY BUT IT WAS MEANT TO BE A COMPANION. HOW ARE THEY MOVING THE LEADER FORWARD IN TERMS OF THIS CORE SEARCH PRODUCT? THAT IS THE QUESTION FOR THE THOUSANDS OF DEVELOPERS HERE BUT WORLDWIDE VIRTUALLY ALSO. CAROLINE: WHAT ABOUT DEVELOPERS BUILDING? IS IT A HARDWARE KIT THAT GOOGLE MAKES? ED: WE EXPECT THEM TO UNVEIL PIXEL FOLD, A LARGE FORMFACTOR FOLDING SMARTPHONE. YOU ASK HOW DOES THIS RELATE TO AI? BUT WHEN YOU SPEAK TO DEVELOPERS, THEY SAY LOOK HOW BIG IT IS. THINK ABOUT THE PROCESSING POWER. WHAT ARE THE INFERENCES ON THE
SIDE OF AI USE CASES? GOOGLE HAS 1% OF THE MARKET. FLIP FLOWS ARE 1% OF THE MARKET ITSELF. SO HOW WILL THEY MOVE THE NEEDLE FORWARD AND GROW THEIR BUSINESS AND DEEPLY INTEGRATE AI THROUGHOUT ALL THEIR SOFTWARE? CAROLINE: GREAT TO HAVE WHAT IS HAPPENING ON THE GROUND. THE RUNOFF TO THE NEXT SPEECH HE WILL BE LISTENING TO. ED LUDLOW, WE THANK HIM. HE WILL HAVE MUCH MORE THROUGHOUT THE DAY FOR -- FROM GOOGLE I/O. STAY WITH US FOR AN EXCLUSIVE
2023-05-12 21:11
