'Bloomberg Technology' Full Show (05/19/2023)
>> THIS IS BLOOMBERG TECHNOLOGY WITH CAROLINE HYDE AND ED LUDLOW. ♪ CAROLINE: I AM CAROLINE HYDE AT BLOOMBERG'S HEADQUARTERS IN NEW YORK. ALL THE ARTIFICIAL INTELLIGENCE THROUGHOUT THE SHOW YOU NEED FROM A POTENTIAL BUBBLE IN AI STOCKS TO NAI GIRLFRIEND. WE HAVE GOT YOU COVERED. STATES VERSUS COMPANIES, DISNEY'S DECISION TO PULL BACK IN FLORIDA. A LOOK AT THE LEGAL DECISIONS
AS -- IN MONTANA AS TIKTOK USERS SUE THE STATE OVER THE BAND. WE SPEAK WITH THE FOUNDER OF ATOMIC LAMBS AS THEY ANNOUNCE THEIR NEW FUN. LET'S CHECK IN ON MARKETS. NERVOUSNESS ABOUT THE DEBT
CEILING DEBACLE CONTINUING TO ERODE CONFIDENCE AS WE GO INTO A WEEKEND. OFF BY .1% ON THE NASDAQ. WORRIES ABOUT WHAT JAY POWELL IS SAYING, THE FED CHAIR LOOKING AS IF HE IS ON TRACK FOR SOME PAUSE IN JUNE. THAT IMPLICATES WHAT IS HAPPENING WITH THE TWO YEAR YIELD AND 10-YEAR YIELD, WE ARE BASICALLY FLAT. KBW BANK INDEX, TREASURY SECRETARY JANET YELLEN MAY BE HINTING AT FURTHER DEALS, AND A NEEDED IN THE BANKING SECTOR. THEY DROP 1.5%. INDIVIDUAL MOVERS, WE HAVE SEEN
APPLE MANAGING. ONE OF THE BIGGEST, MOST IMPACTFUL STOCK ON THE GREEN. IT IS HELPING BIG TECH IN GENERAL. CISCO BOUNCING OFF OF EROSION IN MARKET CAPITALIZATION YESTERDAY. AMAZON DOWN 1.4% AS WE WORRY ABOUT THE INFLATIONARY CONSUMER ENVIRONMENT.
LET'S DIG INTO THE MACRO PICTURE. I WANT TO GIVE YOU A PERSPECTIVE ON THE HILL. DEBT -- GOP DEBT CEILING NEGOTIATORS, LEAVING A CLOSED DOOR MEETING WITH THE WHITE HOUSE. REPRESENTATIVES SOON AFTER IT BEGAN. REALLY THROWING THE STATUS OF HOW WE AVOID A U.S. DEFAULT INTO DOUBT ONCE AGAIN.
KAILEY, WHAT WERE WE EXPECTING TO COME OUT OF TODAY'S DISCUSSION? KAILEY: THE UNTIL WE GOT THESE HEADLINES CROSSED WITHIN THE LAST HOUR AND CHANGE, IT WAS FEELING MUCH MORE POSITIVE. THE MOOD MUSIC SEEMED MORE OPTIMISTIC. SPEAKER MCCARTHY WAS TALKING ABOUT HAVING A DEAL AND PRINCIPAL BY THE END OF THIS WEEKEND. THAT SEEMS TO HAVE CHANGED AS OF THIS MORNING. THEN NEGOTIATORS ON BEHALF OF
THE SPEAKER LED BY CONGRESSMAN GARY GRAVES WALKED OUT OF THIS MEETING SAYING THE WHITE HOUSE WAS BEING UNREASONABLE. BRAVES WENT ON TO SAY IF THEY DID NOT KNOW IF THEY WERE MEETING AT ALL OVER THE WEEKEND. THAT THROWS THE TIMELINE INTO FLUX. AT THE END OF THIS WEEKEND, THE PRESIDENT IS SCHEDULED TO RETURN ON SUNDAY FROM THE G7 SUMMIT IN JAPAN WHERE HE IS CURRENTLY. HE IS IN ALL LIKELIHOOD SLEEPING AS THIS IS CROSSING.
A TWEET FROM MITCH MCCONNELL SAYING, IT IS ONLY THE PRESIDENT AND SPEAKER MCCARTHY WHO CAN MAKE A DEAL ON THIS. THEY ARE THE ONLY TWO CAN REACH AN AGREEMENT. IT IS PAST TIME FOR THE WHITE HOUSE TO GET SERIOUS. WE ARE LESS THAN TWO WEEKS AWAY FROM JUNE 1. CAROLINE: STICKING POINTS THESE TWO INDIVIDUALS NEED TO UNLOCK AT THE MOMENT. KAILEY: THERE IS A FEW. ONE BIG STICKING POINT THAT SEEMS TO HAVE EMERGES AROUND STRICTER WORK REQUIREMENTS FOR ENTITLEMENTS.
THIS IS SOMETHING SPEAKER MCCARTHY HAS PREVIOUSLY DESCRIBED AS A REDLINE, SOMETHING THE PRESIDENT HAS SIGNAL TO. MANY IN THE DEMOCRATIC PARTY HAVE PUSHED BACK AGAINST THIS IDEA. I HAVE SPOKEN WITH PROGRESSIVE DEMOCRATS, NUMBERS OF THE BLACK CAUCUS THAT SAID THEY WOULD VOTE NO FOR ANY DEAL THAT INCLUDED STRICTER REQUIREMENTS. THIS QUESTION OF SPENDING CAPS, WHAT THE DURATION OF THAT SHOULD BE UNAWARE WHERE THEY SHOULD BE AND THE TIMELINE OF HOW LONG INTO THE FUTURE THE DEBT CEILING SHOULD BE RAISED. 2025 AFTER THE ELECTIONS OF
NEXT YEAR, OR SOONER THAN THAT. THOSE ARE SOME POINTS THAT NEED TO BE IRONED OUT. THEY ARE HAVING DIFFICULTY MOVING FORWARD ON THOSE. THOSE NEGOTIATING ON BEHALF OF THE SPEAKER, SAYING THE WHITE HOUSE IS NOT BEING REASONABLE.
WE WILL LOOK FROM REACTION FROM WHITE HOUSE NEGOTIATORS. CAROLINE: NASDAQ BOUNCING OFF ITS LOWS WITH VICTIM LOCATIONS FOR TECH STOCKHOLDERS. REALLY IT, THANKS FOR JOINING US. LET'S TURN OUR ATTENTION TO THE TECH STORIES.
OPENAI, CHATGPT BROUGHT TO SMARTPHONES MORE EASILY. WE’'VE GOT THE IPHONE VERSION AVAILABLE, IT PROMISES TO SERVICE ANDROID DEVICES IN THE FUTURE. LET'S BREAK IT DOWN. I AM SURE IT IS A LESS CLUNKY FEEL TO THE USER THAT IS SO ADDICTED TO CHATGPT AND ALL ITS FORMS AT THE MOMENT.
HOW BROAD IS THIS GOING? IS IT IN THE U.S. THUS FAR? >> RIGHT NOW IT IS JUST AVAILABLE IN THE U.S. THEY SAY THEY ARE PLANNING TO ROLL IT OUT TO MORE COUNTRIES IN THE FUTURE. THERE IS AN ANDROID APP PLANNED IN THE NEAR FUTURE, AS WELL. CAROLINE: THE DELAY, OFTEN COMPANIES MAKING IT AVAILABLE FOR GOOGLE ANDROID -- BEFORE GOOGLE ANDROID.
IS THIS BETWEEN BIN, MICROSOFT AND THE LIKE -- BING, MICROSOFT, LIKE? RACHEL: PART OF WHAT WE ARE SEEING IS THERE ARE SO MANY IOS USERS. YOU OFTEN HAVE A LOT OF THEM THAT WERE USING THE SAME VERSION OF THE SOFTWARE AT THE SAME TIME. IT MIGHT BE EASIER TO HIT MORE PEOPLE AT THE SAME TIME. ANDROID CAN BE MORE STRATIFIED. THAT MIGHT THE SUM OF IT. I THINK WE WILL HAVE TO SEE WHAT THE DIFFERENCE IS. CAROLINE: AS WE TRY AND WORK OUT THE UNROLLING OF THIS PARTICULAR APP, IT IS INTERESTING AND IRONIC, RIGHT, THAT APPLE ITSELF HAS DONE WHAT MANY COMPANIES ARE DOING AND PUTTING PAUSE ON USING GPT WITHIN ITS OWN WALLS. RACHEL:
I AM SO SORRY, I COULD NOT HEAR THE END OF WHAT YOU SAID. CAROLINE: IS APPLE ITSELF, IT FEELS IRONIC THAT APPLE IS PERHAPS STOPPING ITS OWN EMPLOYEES TO USE CHATGPT? RACHEL: YES, WE HAVE HEARD THAT IS GOING ON THERE. ON THE ONE HAND, THAT IS IRONIC. I THINK IT ALSO SPEAKS TO THE FACT A LOT OF COMPANIES ARE TRYING TO FIGURE OUT HOW, AND IF, THEY CAN USE THIS SOFTWARE.
THEY DO NOT WANT EMPLOYEES PUSHING THROUGH EITHER PERSONALLY IDENTIFIABLE INFORMATION OR COMPANY SECRET STUFF. IT IS IRONIC THERE IS AN APP AVAILABLE THROUGH THE APP STORE FOR IOS, WHICH A LOT OF APPLE USERS USE IPHONES. CAROLINE: FROM A CONSUMER PERSPECTIVE, OPENAI, CHATGPT, IT WAS THE FUEL TO THE FIRE OF WHY WE NOW TALK ABOUT ARTIFICIAL INTELLIGENCE DAY IN AND DAY OUT. IT CAUGHT THE CONSUMER MATURATION. THE CONSUMERS USING IT AT THE MOMENT, ARE THEY WORRIED ABOUT PRIVACY, THEIR OWN CHATS, THE WAY IT FOLLOWS THEM FROM ONE DEVICE TO THE NEXT AND THEY CANNOT DELETE THEM? RACHEL: IT DEPENDS ON THE PERSON. I HAVE NOT LOOKED AT THE APP
SETTINGS YET MYSELF, NOT SPECIFICALLY. YOU MAY BE ABLE TO TURN OFF THE GATHERING OF THE DATA BY OPENAI, WHICH YOU CAN DO ON THE WEB. IT WOULD NOT SURPRISE ME IF THERE IS THAT SETTING IN THERE. PEOPLE ARE THINKING ABOUT, WHERE IS MY INFORMATION GOING AND I AM USING THIS? SOMETIMES IT IS LIKE, I WANT TO GET AN INTERESTING MARGARITA RECIPE AND I THINK CHATGPT CAN HELP ME WITH THAT. THAT IS WHAT I WAS DOING YESTERDAY. CAROLINE: YOU ARE SPEAKING MY KIND OF LANGUAGE, AS WE HEAD TOWARDS THIS WEEKEND. THANK YOU. MEANWHILE, THE IMPLICATIONS ON
STOCK HOLDINGS. THE RALLY IN AI STOCKS IS LEADING INDICES HIGHER THIS YEAR, MAYBE BREACHING BUBBLE TERRITORY. MICHAEL IS RITA TEARING -- IS SAYING TECH AND AI ARE FORMING SOME SORT OF BABY BUBBLE AND THE FEDERAL RESERVE'S RATE HIKES MAY NOT BE OVER. FOR NOW, WE WILL SEE HOW THAT BABY BUBBLE IS LEAVING THE NASDAQ 100 UP 26.1%. THE ONLY REASON THE NASDAQ AND S&P IS IN THE GREEN.
COMING UP, THEY NEED FOR NAI COMPANION. I AM MISSING ED LUDLOW. CAN WE TURN HIS VOICE INTO A BOT I COULD BE CHATTING WITH? JOHN MAYER ON THE RECENT PARTNERSHIPS THAT PROPEL FANS TO INTERACT WITH THEIR FAVORITE INFLUENCES. WATCHING SHARES RIGHT NOW, DOUBLING DOWN RIGHT NOW. THEY HAVE BEEN SAYING THEY WANT TO DOMINATE THE AI MARKET OVER, PARTICULARLY IN THE WORLD OF DEFENSE. FROM NEW YORK, THIS IS BLOOMBERG.
♪ CAROLINE: FOREVER VOICES AI. YOU HAVE BEEN READING ABOUT IT THE LAST FEW DAYS. THERE BEST KNOWN FOR FOR FAVOR -- FOREVER COMPANIONS SERVICE. TO ALLOW USERS TO INTERACT WITH
THEM USING ARTIFICIAL INTELLIGENCE. JUST ANNOUNCED A NEW PARTNERSHIP WITH THE TWITCH STAR. JOINING US FOR MORE ON THE EXPERIENCE, HOW IT HAS CONTINUED TO SNOWBALL IS JOHN MAYER, CEO OF FOREVER VOICES AI. KAREN MARJORIE WAS THE ONE THAT CAUGHT MY ATTENTION. SHE HAS 18,000 BOYFRIENDS THROUGH HER OWN AI.
HAVE YOU BEEN SURPRISED BY THE UPTICK, THE DESIRE TO BE HAVING THESE IN-DEPTH CONVERSATIONS WITH SOMEONE YOU FEEL THAT YOU KNOW? JOHN: WE HAVE BEEN ASTONISHED. THIS WHOLE STORY STARTED WITH ME WANTING TO RECONNECT WITH MY LATE FATHER IN AI FORM USING HIS VOICE AND PERSONALITY. IT TURNED OUT IT WAS SUCH A POWERFUL TECHNOLOGY WE THEN APPLIED IT TO YOUTHFUL INSERTS THAT HAVE THESE -- YOUTH INFLUENCERS THAT WOULD LOVE TO MEET AND TALK TO AND INTERACT WITH THESE PEOPLE. WITH OUR LATEST LAUNCH TODAY
WITH ONE OF THE TOP TWITCH STREAMERS IN THE WORLD, WE ARE FURTHER DEFINING THIS NEW ERA OF AI TO HUMAN INTERACTION WHERE WE CAN INTERACT WITH NAI COPY OF THE PERSON YOU ADMIRE MOST. CAROLINE: SOME OF THE TECHNOLOGY BEHIND THIS, ULTIMATELY, HOW ARE YOU PRODUCING THESE VOICES? WHAT SETS YOU APART FROM OTHERS JOHN: --FROM OTHERS? JOHN: WE HAVE APPLIED PROPRIETARY -- SUCH AS A PERSONALITY ENGINE THAT DEVELOPS THESE DEEP PERSONALITIES OF AI'S, IN THIS CASE, KAREN THAT WE LAUNCHED LAST WEEK. WHERE THEY EXHIBIT FEELINGS. THEY CONNECT WITH YOU ON A DEEP
LEVEL. THEY CAN SHARE INSIGHTS. THAT IS WHAT OUR PINSON OUT AS OUR PERSONALITY ENGINE DOES. OUR VOICE ENGINE ALLOWS US TO TAKE 10 MINUTES OF AUDIO OF AN INFLUENCER WE SIGN A DEAL WITH, WHERE WE ARE GETTING THEIR RIGHTS TO THEIR LIKENESS AND VOICE, REPLICATE THEIR VOICE IN AI FORM TO DEMOCRATIZE ACCESS TO THEIR FAN BASE TRYING TO INTERACT WITH THEM. CAROLINE: JOHN, YOU SHARE AN EMOTIVE STORY AS TO WHY YOU FIRST STARTED THIS, WANTING TO CONTINUE A RELATIONSHIP IN NAI FORM WITH YOUR LATE FATHER. SIMILAR STORY WITH THE FOUNDER OF REPLICA AND HER LOST FRIEND IN A CAR CRASH.
A LOT OF REPLICA'S VIEWPOINT IS, THIS IS MENTAL HEALTH, HAVING COMPANIONSHIP. I AM INTERESTED IN THE SAFEGUARDS IN PLACE. ULTIMATELY, IF YOU ARE BLURRING THE LINES BETWEEN REALITY AND VIRTUAL INTERACTION, THERE MUST BE SUPER FANS THAT GET CONFUSED. JOHN: ABSOLUTELY. AS CONVERSATIONS DEVELOP, IF YOU ARE SPEAKING TO KAREN AI OR -- FROM TWITCH, WE HAVE IMPLEMENTED PROCEDURES THAT HAVE AUTOMATIC DETENTION OF A VARIETY OF SITUATIONS FROM MENTAL HEALTH SITUATIONS TO OVERUSE. THE AI WILL ACTUALLY, IN REAL TIME, EITHER SLOW THE CONVERSATION IS GOING TO LONG OR IT APPEARS SOMEONE MIGHT BE GETTING ADDICTED. THEN, WE HAVE BUILT A MENTAL
HEALTH ENGINE TO DETECT VARIOUS STATES OF DEPRESSION AND ANXIETY, EVEN IMPLICATIONS OF BIPOLAR DISORDER AMONG USERS SO WE CAN REAL-TIME CONNECT WITH HUMAN THERAPISTS AND HUMAN RAN EMERGENCY HOTLINES IF EVER NEEDED. CAROLINE: TOTALLY CAN UNDERSTAND THE BUILDING OF THE BUSINESS FOR AMEREN, ONLY FANS, SUPPLEMENTING HOW HE CAN GO OUT AND BUILD AND PROFIT FROM THIS. WHO ELSE ARE YOU SPEAKING TO, HOW MANY CELEBRITIES ARE WORRIED ABOUT THEIR VOICE IS GENERATED WITHOUT THE RIGHTS INVOLVED? HOW ARE PEOPLE GETTING AHEAD OF THE CURVE WITH IT? JOHN: BEFORE THIS WHOLE STORY WENT VIRAL, TURNING THE FIRST INFLUENCER INTO NAI GIRLFRIEND, WE HAVE SEEN HUNDREDS OF OTHER INFLUENCERS AND CELEBRITIES REACH OUT IN A MATTER OF THE FIRST 48 HOURS. THERE HAS BEEN A TRANSFORMATION
OVER THIS LAST SEVEN TO 10 DAYS SINCE THIS WHOLE STORY WENT AROUND THE WORLD, HAS OPENED PEOPLE'S MINDS TO THE IDEA OF REPLICATING THEMSELVES IN AI FORM. NOT ONLY AS A MEANS OF ADDING ADDITIONAL REVENUE TO YOUR CONTENT CREATOR BUSINESS, BUT AS A WAY OF INTERACTING WITH FANS IN THIS ENTIRELY NEW WAY, VIA THIS IMMERSIVE, TWO-WAY AUDIO EXPERIENCE AND SOON TO BE VIDEO, AS WELL. CAROLINE: YOUR ORIGINAL BUSINESS, DID YOU HAVE RIGHTS TO THOSE CELEBRITIES WHEN YOU ARE BUILDING THOSE VOICES -- WERE BUILDING THOSE VOICES? JOHN: WE STARTED WITH A SERIES OF DEMOS TO SHOW THE WORLD WHAT IS POSSIBLE.
WHAT WE HAVE DONE IS, WE TYPICALLY DONATED FROM AN UNLICENSED DEMO OF -- FOR WE GET A DEAL DONE WITH CHARITY. CORE OF OUR BUSINESS IS THROUGH THESE SIGNED, LICENSE DEALS WITH INFLUENCERS AND CELEBRITIES SUCH AS THE ONE WE ARE AN ANSI TODAY WITH AMERON. -- ANNOUNCING TODAY WITH AMERON. ED: WHAT ABOUT YOUR OWN FUNDRAISING? JOHN: IT HAS BEEN A WORLD WIND -- WHIRLWIND OF A WEEK. WE ARE IN THAT POSITION NOW WHERE WE ARE TURNING THIS INTO A HYPER SCALEABLE BUSINESS WHERE WE SEE THE NEXT TWO YEARS, EVERY SIGNIFICANT INFLUENCER THAT IS LOOKING TO MAKE A LIVING OFF OF CONTENT OR YOUTUBE, TWITCH, INSTAGRAM, WHAT HAVE YOU, WILL RAISE THEIR HAND UP AND SAY, I WANT TO CREATE NAI VERSION OF MYSELF -- AN AI VERSION OF MYSELF.
WE SEE EVERY INFLUENCER HAVING A VERSION OF THEMSELVES IN THE NEXT ONE TO TWO YEARS. CAROLINE: THANK YOU. COMING UP, NEW MOVES FROM DISNEY THAT WILL RESHAPE ITS BUSINESS AND INTENSE BATTLE WITH THE STATE'S GOVERNOR. LET'S TAKE A QUICK CHECK ON TESLA.
WE'VE GOT MORE ON A KEY STORY OF INTERNATIONAL GROWTH OR SUPPLY CHAIN FOR THIS PARTICULAR BUSINESS. HOW ARE THEY EYEING INDIA AT THE MOMENT? THAT IS NEXT. FROM NEW YORK, THIS IS BLOOMBERG. CAROLINE: IT IS TIME FOR TALKING TECH. FIRST, ALPHA, ONE OF INDIA'S HOTTEST TECH COMPANIES, HAS BEEN ACCUSED OF -- $5 MILLION. ALPHA FACES A LAWSUIT OVER WHO
SHOULD CONTROL THE COMPANY. THE DISPUTE IS THE LATEST SETBACK FOR THE BIGGEST EDUCATION TECHNOLOGY -- COMPANY IN THE WORLD. A GROUP OF TESLA EXECUTIVES TRAVELED TO THE COUNTRY TO TALK ABOUT LOCALLY SOURCING COMPONENTS AND GOVERNMENT INCENTIVES, BUT STOP SHORT OF PROPOSING MANUFACTURING IN THE COUNTRY. THAT IS WHY TESLA WILL MAKE A DOMESTIC FACTORY IN INDIA.
IT IS CONCERNED ABOUT INDIA'S HIGH TERRACE. IN OTHER MUSK RELATED NEWS, HIS LAWYER ACCUSING THE COMPANY OF VIOLATING ITS DATA AGREEMENT WITH TWITTER. THE LETTER SAYS MICROSOFT HAS ACCESSED TWITTERS DATA FOR AN EXTENDED PERIOD OF TIME AND COMES ON THE HEELS OF MICROSOFT'S MOVES TO DROP TWITTER.
ELON MUSK HAS BEEN CRITICAL IN MICROSOFT'S INVESTMENT IN OPENAI. DISNEY CLOSING THAT MUCH DISCUSSED LUXURY HOTEL AT WILD AS NEW WORLD IN FLORIDA, NIXING PLANS TO RELOCATE 2000 WORKERS TO THE STATE AMID THIS BATTLE WITH GOVERNOR DESANTIS. CHRIS JOINS US. I REMEMBER THE FANFARE AROUND
THAT STAR WARS RELATED HOTEL. IT WAS EXTRAORDINARILY EXPENSIVE. WHY ARE WE THINKING IT IS BEING CLOSED? WAS IT BECAUSE IT WAS BOB JPEG'S BABY? >> IT BEGAN WELL HE WAS HEADING PARTS EVEN BEFORE CEO.
IT WAS A RISKY PROJECT. THIS TOTALLY IMMERSIVE HOTEL, DOES NOT EVEN HAVE WINDOWS IN THE ROOMS. YOU ARE GOING THEREFORE TO DAYS, PRETENDING YOU ARE GOING IN SPACE. THE STAR WARS EXPERIENCE STARTED AT ALMOST $5,000 A COUPLE FOR TWO DAYS. IT STARTED OFF INITIALLY PRETTY STRONG, BUT THEN VERY QUICKLY, YOU STARTED TO SEE PLENTY OF DATES AVAILABLE. THEY NEVER LOWERED THE PRICE, WHICH I THOUGHT WAS INTERESTING. I THINK IT IS SUCH AN ODDBALL
PROPERTY, ONLY 100 ROOMS. THERE IS NOT A LOT YOU COULD DO WITH THAT SPACE. RIGHT NOW, THEY ARE SHUTTING IT DOWN AND FIGURING OUT WHAT IS NEXT. CAROLINE: AT THE SAME TIME, THEY ARE NOT GOING TO BE SPENDING A LAVISH AMOUNT OF MONEY ON NEW OFFICE DIGS. THEY ARE AMID THIS ONGOING NARRATIVE THEY HAVE FALLEN UP BIG TIME WITH RON DESANTIS, THEY HAVE SUED HIM. HOW IS THIS PLAYING OUT IN TERMS OF THE RELATIONSHIP WITH SUCH A KEY EMPLOYER IN THE STATE OF FLORIDA? >> BOB IGER TURNING UP THE HEAT. HE SET UP A EARNINGS CALL LAST
WEEK, THERE ARE JOBS AND INVESTMENT DOLLARS AT STAKE. THIS WEEK, HE BACKED IT UP. TOTAL REVERSAL ON THE PLAN TO MOVE 2000 EMPLOYEES FROM CALIFORNIA TO FLORIDA. EVEN GOVERNOR DESANTIS IS SPOKESPERSON NOTED THIS WAS HAPPENING, THEY ARE LOOKING FOR WAYS TO CUT COSTS.
DISNEY HAS FLAGGED THEY WON'T INVEST $17 BILLION IN FLORIDA THE NEXT 10 YEARS, MAYBE THEY WON'T DO THAT ANYMORE. THE REALITY IS, THEY HAVE TO KEEP INVESTING IN THE PARKS. IF THERE IS A PROJECT LIKE THIS THAT IS UNPOPULAR AND EXPENSES, MAYBE THEY WILL NEXT THAT. CAROLINE: OVERALL, HOW MUCH DO YOU THINK THIS IS ULTIMATELY COSTING THE COMPANY IN TERMS OF EITHER DISTRACTION TO A CERTAIN DEGREE OR THE UNKNOWN FOR THE EMPLOYER? CHRIS: IT IS A HUGE UNKNOWN. YOU SAW THE ACQUIREE DOWNLOAD THE STOCK TODAY, DISNEY IS DOWN A BIT. THERE IS A LOT OF UNCERTAINTY. TRADITIONAL TV NETWORKS PROFITS ARE DROPPING.
THERE IS DEFINITELY AN IMPACT ON THIS WHEN YOU ENTER THE WORLD OF POLITICS. THERE ARE SOME PEOPLE THAT MAY NOT GO TO THE PARKS BECAUSE OF THE STANCE THE COMPANY IS TAKING. IT IS A DIFFICULT WORLD FOR BOB IGER. CAROLINE: WE SEE NEAR-TERM UNCERTAINTIES WEIGHING ON VALUATION AND SENTIMENT SAYS TIMOTHY NOLAN. DO YOU THINK, ULTIMATELY, WE ARE LIKELY TO SEE STILL FOCUSED ON COST-CUTTING, STILL WORRY ABOUT THE ISSUE ON WHETHER THEY HAVE TO FILE MORE TALENT OR LET GO OF MORE PEOPLE? ARE WE THROUGH THE WORST OF IT IN TERMS OF TRIMMING DOWN OF BUSINESS? CHRIS: THERE IS NO DOUBT BOB IGER IS BEING VERY AGGRESSIVE WITH THE 7000 PEOPLE BEING LAID OFF. WE BROKE THE NEWS YESTERDAY THEY ARE PULLING ALL THESE TV SHOWS FROM DISNEY+ AND HULU, THESE WERE SHOWS MADE IN THIS GREAT, EARLY PUSH IN STREAMING AT A TIME OF MANY SUBSCRIBERS IT HAS COST MONEY TO KEEP THESE SHOWS ON THE SERVICE.
THEY ARE LOOKING FOR WAYS TO CUT ALL OVER THE COMPANY. MY GUESS IS, WE START TO SEE THAT IMPROVEMENT THIS FISCAL YEAR, NEXT ONE. THAT MAY BE THE STORY FOR 2024, DISNEY, THE GREAT TURNAROUND. RIGHT NOW, IT IS DEFINITELY A WORK IN PROGRESS. CAROLINE: THANK YOU, CHRIS, ON THE ENORMOUS AMOUNT OF BUSINESS AND ISSUES DISNEY IS FACING IN FLORIDA THUS FAR. COMING UP, WE FOLLOW THE LEGAL FALLOUT BETWEEN STATES AND INDIVIDUAL COMPANIES.
THIS TIME, MONTANA HAVING BAND TIKTOK COME JANUARY THE FIRST. CONTENT CREATORS ARE FIGHTING BACK. A LOOK AT NETFLIX. ARC LEASE HAS A NOTE SAYING CAROLINE: WELCOME BACK TO BLOOMBERG TECHNOLOGY. I AM CAROLINE HYDE IN NEW YORK.
A CHECK ON MARKETS. WE'VE GOT A MACRO STORY PULLING BACK SOME RISK SENTIMENT TODAY. THE WORRIES ABOUT THE DEBT CEILING, THE NEWS COMING. THE WHITE HOUSE IS SAYING THERE
IS REAL DIFFERENCES BETWEEN THE TWO SIDES ON A BUDGET THEN WORKING HARD ON A BIPARTISAN DEBT SOLUTION. THEY SAY THE BUDGET TALKS WILL BE DIFFICULT. WE KNOW THE NEGOTIATORS OF THE REPUBLICAN PARTY DID JUST WALK OUT OF A VERY SHORT MEETING AN HOUR OR SO AGO. NASDAQ UP BY .3%. A STEEPENING OF THE YIELD CURVE. YIELDS COMING DOWN ON THE TWO-YEAR.
UP ON THE LONGER END, SOMETHING WITH THE DATA TO DIGEST. JAY POWELL SAYING THEY WILL LIKELY PAUSE. THAT SEEMS TO BE HOW HE WAS SPINNING IT EARLIER TODAY, IT FELT AS THOUGH HE WAS LOOKING AT HOW FAR AND HOW FAST THE FED HAS ALREADY MOVED. JANET YELLEN HINTING WITH BANK EXECUTIVES MORE CONSOLIDATION IS TO COME, THAT IS HITTING REGIONAL LENDERS.
WORLD OF CRYPTO, SOME GREAT STORIES OUT. BLOOMBERG REPORTING TALKING ABOUT THE LACK OF LIQUIDITY IN THIS PARTICULAR ASSET CLASS, DROPPING OFF ENTRENCHMENT. WE SEE MARKET MAKERS PULLING BACK.
TRADERS SAY THE PAST FIVE DAYS, TREADING WATER. LET'S GET BACK INTO THE WORLD OF STATES VERSUS COMPANIES. MONTANA ROCKING THE FIRST U.S. STATE TO BAND TIKTOK. NOW, A DIVERSE GROUP OF TRADERS WITH HUNDREDS OF THOUSANDS OF FOLLOWERS ARE SUING TO CHALLENGE THE BAN OF THE APP, ARGUING THE LAW VIOLATES THE SPEECH RIGHTS AND WILL DISRUPT THEIR LIVELIHOODS. WITH US, ALEX. TIKTOK WAS MAKING THAT CASE. DO YOU THINK THEY'VE GOT CONTENT CREATORS TO HELP WHEN THAT OVER? >> IT WOULD NOT BE THE FIRST TIME.
IN 2020, THE LEAD COUNSEL WAS ON ANOTHER SUIT TO BLOCK TRUMP'S COUNSEL. THIS TIME, WE HAVE FIVE CRATERS. A RANCHER, A VETERAN, A WIDE GROUP OF PEOPLE COMING FORWARD BASICALLY SAYING THAT MONTANA IS NOT ONLY INFRINGING ON THEIR FREEDOM OF SPEECH, FIRST AMENDMENT RIGHT. THERE ALSO RUNNING AFOUL OF THE 14TH AMENDMENT, THE RIGHT TO DUE PROCESS. THEY ARE SAYING, HEY, MONTANA, I KNOW THE GOVERNOR IS SAYING THEY NEED TO PROTECT THEIR RESIDENTS FROM THE CHINESE COMMUNIST PARTY, BUT THAT IS THE FEDERAL GOVERNMENT'S JOB AND RUNS ASTRAY OF THE FEDERAL GOVERNMENT JOB TO OVERSEE NATIONAL SECURITY AND FOREIGN POLICY AND INTERSTATE COMMERCE. THIS IS NOT THE FIRST TIME THE ARGUMENT TIKTOK HAS MADE.
THIS IS THE FIRST, REAL LEGAL FIGHT SET UP IN THIS LATEST AIM TO BAND TIKTOK FROM A NUMBER OF U.S. STATES. CAROLINE: AT THE MOMENT, HAVE WE HEARD FROM OTHER VOICES SORT OF SHOWING THIS IS GOING TO BE AN INCREDIBLY DIFFICULT PLAN, WHETHER IT IS LEGALLY SPEAKING TO ARGUE OR A WAY OF ACTUALLY DOING IT? HAVE WE HEARD YET FROM APPLE AND GOOGLE, WHICH ARE IN MANY WAYS ON THE MINE IF THEY GET BAND JANUARY 1? ALEX: THESE COMPANIES HAVE DECLINED TO COMMENT. THEY HAVE NOT SAID WHAT COULD HAPPEN HERE. YOU ARE RIGHT, CAROLINE. THE ACTUAL MECHANISM FOR PUTTING THIS LAW IN PLACE IS UNCLEAR. THEY ARE NOT SAYING MONTANA WOULD FINE USERS, OR USERS WOULD RUN ASTRAY FOR USING IT. MONTANA IS TARGETING TIKTOK AT ALL -- APPLE IS SAYING, IF TIKTOK IS ABLE TO BE DOWNLOADED, WE ARE GOING TO FIND NEW AND THOUSAND DOLLARS A DAY.
THIS LEGAL PROCESS MIGHT SLOW THAT DOWN. THE ONUS WILL BE ON THE COMPANIES AND NOT THE USERS, EVEN THOUGH WE HAVE USERS BRINGING THIS LAWSUIT FORWARD. CAROLINE: GOING BACK TO THOSE USERS. WE KNOW EVERYONE PERHAPS USES TIKTOK, PERHAPS LOVES THE EXPERIENCE. WHAT ARE THE BUSINESSES BEING BUILT ON IT? WE LEARNED ABOUT SOMEONE CREATING VOICE AI TO EXPAND RELATIONSHIPS. HOW MUCH MONEY IS BEING BUILT FROM SOME OF THESE INFLUENCERS ON TIKTOK? ALEX: THERE IS 150 MILLION USERS.
A SLEW OF THOSE ARE SMALL BUSINESSES. SEE IT FROM THE SMALL BUSINESS LIKE THE SWIMWEAR DESIGNER IN MONTANA. YOU SEE IT WITH LARGE BUSINESSES. YOU MAY HAVE A CREATOR LIKE MICHAELA OUT OF BOSTON POST ABOUT A MASCARA FROM L'OREAL. IT SELLS OUT GLOBALLY ON ALL
PLATFORMS. THE POWER AND MONEY THAT MOVES FROM THIS PLATFORM IS ALREADY LARGE. THAT IS A LITTLE OF THE ARGUMENT HERE, SAYING YOU ARE TAKING AWAY OPPORTUNITIES FOR CREATORS, FOR BUSINESS OWNERS -- BUSINESSES WHO ARE USING THIS FOR THEIR LIVELIHOODS. AT LEAST THE ARGUMENT TIKTOK IS PUTTING FORTH, WE ARE PROTECTING THEM FROM NATIONAL SECURITY RISKS. DO NOT TAKE THIS AWAY FROM
AMERICANS FINDING OPPORTUNITY ON OUR PLATFORM. CAROLINE: THANK YOU FOR BREAKING THAT DOWN. ALEX IS COVERING FOR ED AND I NEXT WEEK AS I HEAD OUT TO CATA. WE WILL GET PLENTY OF QUESTIONS AFTER THIS MOVE I MONTANA.
MEANWHILE, LET'S THINK ABOUT MORE SOCIAL MEDIA ACTIVITY THIS WEEK. IN PARTICULAR, DEALMAKING. SOME OTHER BUSINESSES IN NEW YORK, KATIE REITH, USUALLY BASED IN L.A. YOUR DEALS ARE FOCUSED ON A WOMAN, I AM INTERESTED WHAT YOU MADE OF TWITTER STEEL. THAT WENT UNDER THE RADAR, WAS
SO BUSY THINKING ABOUT WHAT ELON MUSK IS CREATING AND HIRING. HE IS ALSO BUYING A TECH TALENT COMPANY? >> EXACTLY. IT GAVE US A GLIMPSE INTO THE NEW DIRECTION OF TWITTER. HE WANTS THIS TO BE PART OF THE EVERYTHING APP. IT IS A RECRUITING STARTUP. THEY SHUT DOWN THE BUSINESS IN CONJUNCTION WITH THIS DEAL, IT IS PROBABLY MORE OF AN APPLE HIGHER SORTS. HE ACQUIRED LASKIE TO BE A PART OF THE NEW VISION FOR TWITTER, PARING IN JOBS. THIS COMES ON THE HEELS OF THE
NEW CO, LINDA YACCARINO TAKING OVER. --CEO, LINDA YACCARINO, TAKING OVER. CAROLINE: I'M INTERESTED WITH META, HAVE THEY BEEN UNDERLYING OTHER DEALS? >> THIS IS PART OF MENTOS BROADER COST-CUTTING ANSWERS. THEY ANNOUNCED A FEW YEARS AGO, IT TOOK A WHILE TO GET APPROVED BY REGULATORS. AFTER SPENDING $1 BILLION ON THIS CUSTOMER SERVICE SOFTWARE, WHICH WAS DESIGNED TO BE FOR META'S ADVERTISERS, THEY DECIDED TO PART WAYS. CUSTOMER IS NOW GOING TO BE BACK BY ITS ORIGINAL VC BACKERS ALL OVER AGAIN FULL CIRCLE. THEY ARE BACKED BY BATTERY
VENTURES AND HAVE RECEIVED A NEW CASH INFUSION OF $60 MILLION AS PART OF THAT INVESTMENT. CAROLINE: A SENSE OF DÉJÀ VU. SPINNING OFF IS A THEME. WHAT HAPPENED WITH ALIBABA, HOW MUCH IS THE FOCUS ON IN PARTICULAR, THE CLOUD BUSINESS BEING ONE OF GOVERNMENT OVERSIGHT OR BEING BASIC REVENUE AT THE MOMENT? KATIE: WE GOT MORE DETAILS THIS WEEK FROM ALIBABA. THEY PREVIOUSLY ANNOUNCED THEY WERE SPLITTING INTO SIX DIFFERENT UNITS. THEY WILL FULLY DIVEST THEIR
CLOUD UNIT. THERE HAS BEEN A LOT OF OVERSIGHT THERE. THEY ALSO ANNOUNCED THEY ARE GOING TO BE IPOING THEIR GROCERY BUSINESS AS SOON AS SIX MONTHS FROM NOW. THEY ARE ALSO GOING TO IPO
THEIR LOGISTICS BUSINESS WITHIN THE NEXT 18 MONTHS. CAROLINE: I LIKE THAT. MAYBE BUBBLES, AS THEY ARE BEING CALLED. TALK TO US ABOUT WHAT IS HAPPENING WITH THE RUSSIAN TECH GIANT.
KATIE: SOMETIMES NICKNAMED THE GOOGLE OF RUSSIA. BLOOMBERG REPORTED TODAY A COUPLE OF RUSSIAN BILLIONAIRES COULD TAKE MAJORITY STAKE IN THIS BUSINESS. A LOT OF YOUR POTENT, NOT TO BE CONFUSED WITH A LOT OF MERE -- THEY ARE VALUING THE BUSINESS AT ABOUT 7 BILLION AND WOULD INCLUDE THE RIDE-HAILING BUSINESS AS PART OF AND ASK --AS PART OF YANDEX. IT IS LISTED IN MOSCOW. CAROLINE: WHAT A GLOBAL CONVERSATION. THANKS FOR BRINGING IT TO TALK ABOUT AROUND THE WORLD DEALMAKING.
WE WILL STICK WITH GLOBAL FOR A MINUTE, THE CRYPTO INVESTMENT FIRM HAS KEY GROUP PLANS TO RAISE FUNDS SEEKING HONG KONG'S DIGITAL ASSET PUSH, TRYING TO ENTICE POTENTIAL INVESTORS. HATCH KEY IS IN EARLY-STAGE TALKS TO RAISE $200 MILLION ACCORDING TO PEOPLE FAMILIAR WITH THE MATTER. COMING UP, I WILL BRING IT BACK TO THE U.S. JACK ABRAHAM ON WHY HE THINKS NOW IS THE BEST TIME IN HISTORY FOR OTHER COMPANIES. THIS IS BLOOMBERG. ♪ CAROLINE: LET'S TALK ABOUT THE VENTURE STUDIO, ATOMIC. IT HAS RAISED 320 MILLION
DOLLARS, BRINGING THE FIRM TO $750 MILLION IN TOTAL ASSETS AND MANAGEMENT. ATOMIC LABS AND CEO, JACK ABRAHAM. IT IS GREAT TO HAVE YOU IN TOWN. I KNOW YOU SPLIT YOUR TIME BETWEEN MIAMI AND NEW YORK. I'M INTERESTED, WHAT WAS THE ENVIRONMENT LIKE? AS YOU GOT AI RELATED, EVERYONE HAS BEEN WRITING CHECKS TO PUT INTO YOUR FUNDS. HOW QUICKLY COULD YOU RAISE?
KATIE: THE FUNDING -- JACK: THE FUNDING HAS BEEN THE HAVES AND HAVE-NOTS. BECAUSE WE HAVE A UNIQUE AND DIFFERENTIATED STRATEGY, MOST PEOPLE HAVE COME TO US ASKING TO INVEST, INCLUDING OUR LARGEST INVESTOR, LINKEDIN. -- OUR LARGEST INVESTOR, YOU WOULD KNOW THEM IF I MENTIONED THEM TO YOU. FOR US, IT WAS A GREAT PROCESS. WE ARE REALLY HAPPY WITH THE OUTCOME. THEY ARE ENAMORED WITH OUR STRATEGY. CAROLINE:
WHAT SORT OF LPS ARE YOU TALKING ABOUT? WHO WANTS TO PUT MONEY INTO STARTUPS AND --IN THAT WAY? JACK: IT IS YOUR USUAL CAST OF CHARACTERS. YOU HAVE INSURANCE COMPANIES, CORPORATIONS, SOVEREIGN WEALTH FUNDS ARE WANTING TO PLOY MORE CAPITAL INTO INNOVATION, WHICH IS SMART FOR THEM. CAROLINE: ANYONE HE WOULD NOT TAKE MONEY FROM? JACK: WE WOULD BE CAREFUL ABOUT ANYONE WE BRING IN. OUR PROCESS IS, WE LIKE TO GET TO KNOW OUR LPS THREE TO SIX MONTHS, A YEAR PLUS IN ADVANCE. WE WOULD HAVE TO BECOME TROUBLE IN DUE DILIGENCE BEFORE BRINGING INDY -- ANYONE INTO OUR FUND. CAROLINE: THE UNIQUE SELLING POINT IS YOU
HELP BRING IN TALENT AND BUILD BUSINESSES. HOW UNIQUE IS THAT STILL? I HAVE BEEN TALKING TO ROSE FUNDS FROM EARLY-STAGE FUNDS WHO ARE BRINGING ON ONE OF THE CEOS OR PEOPLE FEEL CAN BUILD A BUSINESS WITHOUT A BUSINESS IDEA IN PLACE YET. JACK: IT IS UNIQUE. IT IS A MODEL WE STARTED IN 2012, THE STUDIO FUND MODEL. THERE ARE HUNDREDS OF THE STUDIOS THAT HAVE EMERGED. WHAT IS UNIQUE ABOUT US, IT IS THE ONLY THING WE DO.
WHAT HAS HAPPENED OVER TIME, TECHNOLOGY RISK HAS COME DOWN. WHAT YOU CAN BUILD, YOU CAN BUILD ANYTHING. WHAT YOU CAN SOLVE IS INCREDIBLE. THERE IS SO MUCH OPEN-SOURCE.
THERE IS A LOT OF APIS YOU CAN PLUG AND PLAY. WHAT IS PARAMOUNT IS TESTING MARKET RISK. WHAT WE HAVE VALIDATED IS, WE HAVE AN EXCEPTIONAL PROCESS FOR VALIDATING AND INVALIDATING IDEAS EARLY ON. CAROLINE: HOW?
JACK: A COMBINATION OF QUALITATIVE AND QUANTITATIVE ANALYSES ON MARKET. WE HAVE A TEAM OF PEOPLE THAT WILL LOOK INTO IDEAS AND RUN TESTS, OFTENTIMES, PRE-SELL PRODUCTS TO CUSTOMERS, VALIDATE THERE IS DEMAND SO WE KNOW IF WE ARE GOING TO SPEND THE TIME AND ENERGY TO BUILD THIS, THIS IS GOING TO BE WORTH IT AND WORTH SCALING. CAROLINE: ONE OF THE ONES YOU ARE MOST WELL-KNOWN OR IS HYMNS AND HERS. I HAVE HEARD A LOT OF RETICENCE TO DO ANYTHING WITH THE CONSUMER, UNLESS IT IS CELEBRITY BACK OR YOU ARE KIM KARDASHIAN.
WHEN ARE YOU THINKING ABOUT WHERE THE OPPORTUNITY IS TO BUILD RIGHT NOW? JACK: THERE IS A BIG OPPORTUNITY TO BUILD IT NOW. A LOT OF PEOPLE ARE TALKING ABOUT AI, CHATGPT. THE CONSUMER SIDE IT IS INTERESTING. IT IS GROWING. THE BIGGER OPPORTUNITY LIES IN
THE ENTERPRISE. I THINK AI IS GOING TO BE DEPLOYED INTO EVERY FACET AT WORK. THERE IS GOING TO BE SOME AI LATER ON, AND EVERY FUNCTION OF THE COMPANY, EVERY INDUSTRY. THERE IS GOING TO BE SOME
SPECIALIZED IMPLEMENTATION OF AI, UNIQUE TO THE COMPANY, INDUSTRY AND THE JOB THAT IS GOING TO MAKE PEOPLE FASTER AND BETTER AT THEIR JOBS, MORE ACCURATE AND INCREASE PRODUCTIVITY ACROSS THE ECONOMY IN AN INTERESTING WAY. WE HAVE A HISTORY OF CREATING COMPANIES LIKE REPLICATE CHESS USED AI TO AUTOMATE CALL CENTER TECHNOLOGY, TO HELP PAYMENTS GO THROUGH ONLINE AND INCREASE COMPANY'S REVENUE BY 10% WITH JUST PLUGGING IN TECHNOLOGY FOR A 24 TO 48 HOUR PERIOD. IMAGINE IF YOUR TOP LINE CAN GO UP THAT MUCH. THERE IS GOING TO BE A LOT MORE INTERESTING WAYS TO DEPLOY THAT ACROSS EVERY SECTOR AND PLACE IN THE ECONOMY. CAROLINE:
THIS, AS WE FACE A TOUGHER ENVIRONMENT FROM AN ECONOMIC PERSPECTIVE. THERE HAS BEEN A LOT OF WORK DONE TO SHOW OUT OF THE ASHES OF A DIFFICULT ECONOMY COME BRILLIANT BUSINESSES. WE HAVE SEEN AIRBNB AND UBER BEING BORN INTO THAT DIFFICULT ENVIRONMENT.
WHERE ARE YOU SEEING THIS TALENT GROW? WHERE ARE YOU SEEING THESE BUSINESSES MOST FRUITFULLY BE BUILT? JACK: IN A DOWNTURN, THERE IS MORE TALENT AVAILABILITY THAN OTHER PERIOD OF TIME. WE HAVE THOUSANDS OF PEOPLE APPLYING TO BUILD COMPANIES WITH US. WHERE IS THAT TALENT COMPANY -- TALENT COMING FROM? TOWARD THE END OF THE LAST CYCLE, PEOPLE WORK GRAVITATING TOWARD THE GROWTH STAGE.
THEY WERE FIGURING, I CAN WORK AT A COMPANY FOR A YEAR OR TWO, IT IS GOING TO BE PUBLIC AND I WILL BE DONE. THAT HAS BEEN DELAYED, SOME OF THOSE STOCKS HAVE COME DOWN. ALL OF THAT TALENT, AN INCREDIBLE GROUP OF TALENT THAT KNOWS HOW TO SCALE COMPANIES OUR BLOOMBERG RANKING ACT EARLIER STAGES. -- ARE BOOMERANGING BACK TO EARLIER STAGES.
IN A CRAZY ENVIRONMENT, PEOPLE ARE COPYING YOUR IDEAS. EVERY VC WANTS TO FUND NUMBER THREE, NUMBER FOUR. IT CAN DESTROY THE MARKET. THE THIRD IS IMPORTANT IN A DOWNTURN, YOU LEARN THE RIGHT HABITS AS A COMPANY.
YOU ARE FORCED TO. HALF OF THE FORTUNE 500 COMPANIES WERE CREATED IN DOWNTURNS OR RECESSIONS ACCORDING TO MORGAN STANLEY. DURING DISCRETE PERIOD'S OF TIME DURING OUR ECONOMIC HISTORY. YOU CAN MEASURE UNIT OF ECONOMICS, MAKE SURE IT CAN SCALE ON ITS OWN, YOU ARE BOUND TO BUILD A GOOD BUSINESS IN GOOD AND BAD TIMES AND WE ARE LEANING INTO THAT AS A FIRM. CAROLINE:
GREAT TO HAVE YOU HERE, JACK ABRAHAM. COMING UP, WE ARE GOING TO BE TALKING ABOUT -- TECHNOLOGY. BEN OAKES, CEO OF SCRIBE. THAT IS NEXT.
♪ CAROLINE: LET'S TALK BIOTECH. SCRIBE THERAPEUTICS, A PLATFORM FOR GENETIC MEDICINE HAS LOCKED IN A DEAL TO CREATE GENERIC MEDICINES FOR NEUROLOGICAL, NEUROMUSCULAR DISEASE. THIS AT THE COMPANY IS GETTING READY TO GIVE A TALK LATER TODAY ON THE POTENTIAL OF ITS PLATFORM . AMID THIS BUSY DAY AND AFTERNOON, BEN OAKES JOINS US NOW.
REMIND US WHAT YOU ARE TELLING AT THIS EVENT, THE POWER OF THIS TECHNOLOGY. ULTIMATELY, WHAT -- ULTIMATELY, YOUR EX EDITOR. BEN: WHAT WE ARE TALKING ABOUT AT THE AMERICAN SOCIETY FOR CELL AND GENE THERAPY WEIGHT OF TODAY IS LAYING OUT OUR CRISPER BY DESIGN APPROACH, AN APPROACH I HAVE BEEN PIONEERING WITH THE COFOUNDER OF SCRIBE. OUR APPROACH HAS BEEN TO USE HOLISTIC MOLECULAR ENGINEERING FOR THE ABILITY TO CHANGE THESE CRISPER MOLECULAR MACHINES AT EVERY LOCATION TO CREATE MORE ACTIVE AND SPECIFIC AND SAFER THERAPEUTICS. ONE OF OUR SCIENTISTS WILL BE LAYING THAT OUT TODAY. CAROLINE: YOU HAVE DESIGNED BY APPROACH WORKING WITH PREVAIL ELI LILLY. EXCLUSIVE RIGHTS TO FOCUS ON
YOUR TECHNOLOGY AND USE IT WITHIN A NEUROLOGICAL AND NEUROLOGICAL -- NEUROMUSCULAR CONTEXT. WHY DO THE DEAL NOW WITH THIS PARTICULAR COMPANY? BEN: A COUPLE REASONS HERE. FIRST, OBVIOUSLY, OUR TECHNOLOGIES HAVE CONTINUED TO ADVANCE. WE HAVE BEEN DEMONSTRATING THEIR ABILITY TO BE DELIVERED INTO THESE ORGAN SYSTEMS, NAMELY NEUROLOGICAL, NEUROMUSCULAR DISEASES. MORE SPECIFICALLY, I THINK IT
REPRESENTS A CHANGE IN THE FIELD IN THINKING ABOUT HOW WE CAN START TO APPLY THESE TECHNOLOGIES FOR MORE COMPLICATED AND MORE DIFFICULT TO TREAT DISORDERS. CAROLINE: SINCE OF TIMING HERE, BECAUSE MUCH ENTHUSIASM AROUND CRISPER AND HOW IT CAN CHANGE MEDICINE. WILL THIS HAPPEN IN THE NEXT YEAR, THE NEXT 10 YEARS? BEN: I THINK IT IS SOMEWHERE IN BETWEEN THE TWO. THERE IS STILL A LOT OF WORK TO DO. I DO NOT WANT TO SAY THIS IS SIMPLE. WE HAVE SEEN CRISPER BOTH FROM
PUBLICATION WITHIN THE PAST DECADE TO MAKING HUGE DIFFERENCES IN PATIENTS MORE RECENTLY. THAT IS INCREDIBLY RAPID. THAT DEMONSTRATES THE POWER OF THIS TECHNOLOGY. THAT IS THE FIRST GENERATION. WHAT WE ARE BUILDING, LIGHT YEARS AHEAD OF WHAT HAS COME BEFORE. WE ARE EXCITED ABOUT OUR ABILITY TO DO THIS RAPIDLY AND
INTO DISEASES AT A MUCH MORE BROADER SCALE. CAROLINE: CAN YOU GIVE US A SENSE OF HOW TO DO THAT WITHIN AMERICA, VIS-À-VIS OTHER COUNTRIES? HOW HAS THIS TECHNOLOGY MADE THE ABILITY TO START TO QUICKLY TARGET THESE ILL AND -- ILLNESSES? WHERE IS THE MOST PRACTICAL AND EFFICIENT TO DO IT? BEN: THAT IS A DEEP QUESTION, ONE THAT HAS MANY LAYERS. IF WE ARE TALKING MORE BASIC TECHNOLOGY BUILDING, THE UNITED STATES HAS INCREDIBLY POWERFUL UNIVERSITIES WE GET TO WORK WITH AND WE DO QUITE REGULARLY. WE HAVE A CLOSE COLLABORATION WITH UC BERKELEY, WHERE JENNIFER WORKS AND THE INNOVATIVE GENOMICS INSTITUTE.
REGULATORY AND MOVING BEYOND DUST WILL DO THESE TECHNOLOGIES, THAT IS WHERE THE WORLD IS MOVING VERY RAPIDLY. PERHAPS IN SOME INSTANCES, EVEN MORE QUICKLY THAN WE ARE IN THE UNITED STATES. CAROLINE: THANK YOU FOR KEEPING IT GLOBAL FOR US. THANK YOU FOR FILLING US IN ON A IS A DAY FOR US. WE WISH YOU WELL. THAT DOES IT FOR THIS EDITION OF LIMERICK TECHNOLOGY.
DO NOT FORGET TO CHECK OUT OUR PODCAST, THE WAY YOU CAN ABSORB ALL WE HAVE BEEN DISCUSSING IN AN AUDIO WAY. GO TO APPLE, SPOTIFY, BLOOMBERG.COM. STAY TUNED FOR NEXT WEEK, WE WILL BRING YOU GREAT CONVERSATIONS. FROM NEW YORK, THIS IS BLOOMBERG. ♪
2023-05-22 04:14
