>> FROM THE HEART OF WHERE INNOVATION, MONEY AND POWER COLLIDE. IN SILICON VALLEY AND BEYOND, THIS IS "BLOOMBERG TECHNOLOGY" WITH EMILY CHANG. ED: I'M ED LUDLOW IN NEW YORK AND FOR EMILY CHANG, THIS IS BLOOMBERG TECHNOLOGY. ARTIFICIAL INTELLIGENCE, A WHOM ANNOYED ROBOT IN A RECRUITMENT DRIVE FOR HOW TESLA WORKS. THE EV MAKE A -- MAKER HOSTS ITS SECOND AI DAY. WE DISCUSSED WHAT TO EXPECT. BLOOMBERG LEARNS THAT THE SUPER AGENT IS PUSHING A SETTLEMENT BETWEEN TWITTER AND ELON MUSK. THE SOCIAL MEDIA COMPANY SHARES
JUMP IN THE KEY PLAYERS ARE REVEALED. STARTING HER OWN FIRM. TALKING WITH HER ON HOW SHE PLANS TO PUT THE 1.5 BILLION CAPITAL SHE RAISED TO WORK. WE WILL GET TO ALL THAT IN A MOMENT, BUT LET'S GET TO THE MARKETS. WOW, WHAT AN END TO THE WEEK, TO THE MONTH AND TO A QUARTER BRUTAL TO THE NASDAQ 100.
HERE IS THE LATEST. >> PRETTY MUCH EVERYTHING UNDER THE SEA. EVERYTHING TRADING SHARPLY IN THE RED. IT HAS REALLY BEEN A BRUTAL SEPTEMBER.
I HAVE EMAILS FROM ANALYSTS AND STRATEGISTS SAYING GOOD RIDDANCE SEPTEMBER, THAT IS A SIGNAL OF ALL YOU NEED TO KNOW FOR THE NASDAQ 100, IN PARTICULAR. A THIRD QUARTER TRADING IN THE RED. LONGEST QUARTER TRADING STREAK SINCE 2002.
THIS PAIN HAS BEEN ACROSS THE BOARD. YOU ARE LOOKING AT STOCKS TRADING LOWER WITH THE LIKES OF APPLE AND MICROSOFT PROVIDING THE LARGEST DRAG. THAT'S WHEN THE MARKET IS SO HEAVILY FUELED TO THESE TECH GIANTS. ED:
I TOOK A BIT OF A PAUSE DURING FRIDAY, WHEN THINGS WERE SLIGHTLY DIFFERENT. WE HAD THE FED ON SEPTEMBER 21. WHEN I LOOKED AT THE NASDAQ 100, I THINK MID AUGUST WE WERE UP 19.3% FOR THE QUARTER, AND THINGS HAVE CHANGED SO QUICKLY. WHAT IS TOP OF MIND FOR INVESTORS, PARTICULARLY WHEN WE LOOK ACROSS TECHNOLOGY ON THE EQUITY MARKET? BAILEY: IT'S THE INTENT TO CONTINUE RAISING INTEREST RATES, KEEPING THOSE INTEREST RATES HIGHER FOR LONGER. WHEN YOU LOOK AT THE LATEST LEG LOWER AND LOOK AT APPLE, MICROSOFT AND AMAZON, THERE ARE A LOT OF JITTERS.
YOU LOOK AT THE REPORT FROM NIKE THAT REALLY BLEW OUT THE BOTTOM FOR THAT STOCK AND WEIGHED ON THE NASDAQ 100 AND THE DOW INDUSTRIAL AVERAGE. CONCERNS ARE GETTING REALLY TO THE POINT WHERE PRICE EARNINGS ARE GOING TO BE SOMETHING THAT FALLS UNDER THE MICROSCOPE. ED: EXPECTATIONS OF COME DOWN, WE WAIT FOR THIRD QUARTER EARNINGS AND SEE HOW MUCH EARNINGS EXPECTATIONS HAVE. THANK YOU TO BLOOMBERG'S BAILEY.
ON FRIDAY NIGHT, ELON MUSK WILL HOLD TESLA'S SECOND EVER AI DECK. WE EXPECT UPDATES ON THE COMPANY'S IN-HOUSE SUPERCOMPUTER, AND OF COURSE OPTIMISTS, A HUMANOID TESLA BOUGHT. YOU MAY REMEMBER THAT DANCER THAT JOINED MUSK ON STAGE LAST YEAR. THIS TIME HE IS EXPECTED TO UNVEIL A TRUE PROTOTYPE. SORRY, HARD TO KEEP A STRAIGHT FACE WITH THAT ON THE SCREEN. TO GET WHAT WE EXPECT FROM THE LATEST, WE ARE JOINED BY BLOOMBERG'S SEAN O'KANE.
WHAT DO WE EXPECT? SEAN: THAT'S WHAT IT LOOKS LIKE WHEN I TRY TO DANCE. THE BIGGEST THING IS WHAT KIND OF DEMOS MUSK HAS PROMISED TO SHOW OFF A COUPLE OF DIFFERENT WORKING DEMOS. THAT WILL BE THE THING PEOPLE TAKE AWAY THE MOST. MORE SPECIFICALLY, THEY HAVE TO BE COMMUNITIES WORKING ON ROBOTICS AND HAVE STUDIED IT FOR A LONG TIME.
I THINK THEY ALL EXPECT TO SEE TESLA TRY TO PROVE THAT IT CAN DIFFERENTIATE FROM THE OTHER COMPANIES, LIKE BOSTON DYNAMICS, THAT ARE WORKING ON THIS STUFF. WE WILL PROBABLY SEE WHAT TESLA HAS BEEN FEEDING AND ELON MUSK HAS BEEN TWEETING WHICH IS MANUAL DEXTERITY AND SHOWING THAT THE ROBOT CAN REALLY DO FINE MOTOR SKILLS BY DOING SOME SORT OF DEMO, PROBABLY CRACKING OPEN A BEER. I'M SURE IT WILL BE SOMETHING WEIRD. MAYBE THROWING A GIANT METAL BALL AT A TRUCK. ED: WE HAVE TO SEE TESLA'S WORK AROUND ARTIFICIAL INTELLIGENCE.
WE ARE REALLY FOCUSED ON OPTIMIST THAT THE FOCUS TO THIS POINT HAS REALLY BEEN ABOUT SELF-DRIVING. SEAN: THEY HAVE SPENT A LOT OF TIME, THEY HAVE A LOT OF ENGINEERS WHO HAVE BEEN WORKING ON THE FUNDAMENTAL RESEARCH AND DEVELOPMENT AND ENGINEERING THAT GOES INTO TRYING TO MAKE THEIR CARS BE ABLE TO DRIVE THEMSELVES. THEY ARE NOT THERE YET AND THEY'RE GOING DOWN THE PATH MORE THAN ANY OTHER AUTOMAKER. THE THINKING IS, IN THE PITCH FOR ELON MUSK IS, WE ARE DOING ALL THIS WORK, THERE'S A WAY THAT WE CAN LEVERAGE THAT INTO OTHER LINES OF BUSINESS.
SO WHETHER OR NOT THAT IS TAKING THE SUPERCOMPUTER THEY'VE DEVELOPED AND MAKING SPACE FOR OTHER COMPANIES TO DO IT IN SOME CAPACITIES, MAYBE IT'S OTHER CHIPMAKERS OUT THERE OR TIPPING THE VIRTUAL WORLD TO TRAIN TO POWER THE FULL SELF-DRIVING SYSTEM AND DO WHAT THEY ARE DOING THERE. I THINK THAT IS ONE THING THEY NEED TO GET MORE CLARITY ON. AND MUSK IS ALWAYS PROUD OF THE SUPERCOMPUTING TEAM AND THESE THINGS ARE HAPPENING FAR MORE IN THE BACKGROUND COMPARED TO ELECTRIC VEHICLES AND SALES. I HOPE WE HEAR MORE ABOUT THAT TONIGHT, BUT HE PROMISED IT WOULD BE TECHNICAL. ALL THESE EVENTS AND RECRUITING EVENTS.
SO IF YOU ARE WATCHING AS A LAYPERSON, AND MIGHT BE HARD TO FOLLOW, I'M SURE THERE WILL BE A DANCING ROBOT TO KEEP YOU SANE. ED: GIVE US COLOR. WHAT DO THESE EVENTS TEND TO BE LIKE? HOW DO THEY PLAY OUT? SEAN: THEY ARE OVERWHELMING WHEN YOU ARE THERE, EVEN THOUGH THE VEHICLE REVEALS ARE ALWAYS LIKE ROCK CONCERTS. THERE IS ALWAYS A BIG STAGE, A LOT OF LOUD MUSIC, AND I WAS AT THE OPENING UP THE OFFICE FACTORY THIS YEAR AND TESLA TOOK THAT TO ITS MOST EXTREME. ACTUALLY HOSTING CONCERTS DURING THE EVENT BEFORE AND AFTER ELON MUSK SPOKE. I DON'T THINK WE WILL GET QUITE AS MUCH OF THAT ELEMENT TONIGHT, BUT YOU NEVER KNOW WITH ELON MUSK. IT CAN ALWAYS GO IN A REALLY WILD DIRECTION.
I THINK WHAT I'M MOST INTERESTED TO SEE IS HOW FAR HAS THE DEVELOPMENT OF THIS ROBOT -- WILL IT LOOK LIKE SOMEONE DANCING OR WILL IT LOOK LIKE A ROBOT? ED: I WANT TO GET MORE ANALYSIS AND BRING IN -- WHO HAS A BUY RATING ON TESLA STOCK. I AM DELIGHTED TO HAVE YOU HERE IN NEW YORK BECAUSE YOU COVERED TESLA, BUT FROM THE TECH PERSPECTIVE, YOU ALSO COVER NVIDIA, THE CHIPMAKER THAT HAS DONE A LOT OF WORK AROUND ARTIFICIAL INTELLIGENCE. WHAT IS YOUR INTEREST IN THE WORK THAT TESLA IS DOING AROUND AIA? WHAT DO YOU SEE AS THE OPPORTUNITY THERE? >> LET'S TALK ABOUT THE SPACE. WITH VERY INTERESTING WITH
TESLA TODAY, THEY HAVE THEM DRIVING THE CAR FOR YOU, MORE OR LESS, AND IT HAS TO LEARN. THE LEARNING CYCLE TODAY IS -- AND TO BE ABLE TO DO THAT OVER ONE NIGHT. BASICALLY, INSTEAD OF HAVING TO WORK AND WAKE A WEEK AND PEOPLE WORKING, GOING TO BED IN THE NEXT MORNING WORKING AGAIN, IT'S A GAME CHANGER.
THAT'S WHAT THE INVESTMENT HAS BEEN MADE. ED: IT'S INTERESTING YOU WENT STRAIGHT TO THE HARDWARE COMPONENT OF THIS. A LOT OF TESLA FANS AND INVESTORS OF OWNERS WANT TO KNOW ABOUT THE LATEST BETA VERSION OF FULL SELF-DRIVING UPDATES. THEY WANT TO KNOW WHEN THERE
WILL BE A WIDE PUBLIC RELEASE. WHAT DO YOU EXPECT ON THAT FRONT? PIERRE: PIERRE: TESLA HAS ALREADY MADE A LOT. I LIKE IT A LOT. TESLA HAS MADE ACHIEVEMENTS. TO FIGURE OUT WHAT'S AROUND IT, LIKE A TRAFFIC LIGHT, BIKERS, I CAN'T REMEMBER A SINGLE TIME THERE WAS SOMETHING AROUND IT. AND I THINK IT HAS BEEN THE FOCUS OF TESLA IN THE LAST FEW YEARS, AND THAT'S REALLY AI. AND WHAT'S INTERESTING IS THE NEXT CHALLENGE TO ME IS MAKING SENSE OF WHAT YOU PERCEIVE, WHAT YOU SEE IN FIGURING OUT I NEED TO WAIT AND WAIT FOR THIS CAR AND SLEEP BETWEEN THESE TWO CARS AND THINGS LIKE THAT.
AS A USER, I FEEL THERE IS A LOT AND IT'S VERY IMPRESSIVE AND THERE'S STILL A LOT OF WORK TO DO WHERE I CAN SUPERVISE IT. AND WHAT I WOULD EXPECT TODAY IS ACTUALLY TESLA TO SHOW THE CHALLENGES AND SHOW HOW DIFFICULT IT IS AND WHAT THEY ARE DOING TO ADDRESS IT. ED: ON THAT POINT, WHAT THEY ARE DOING TO ADDRESS IT. IT'S A RECRUITMENT EVENT. I DID A TWITTER POLL, I ASKED
TESLA OWNERS, FANS, INVESTORS WERE THEY INTERESTED IN AND YOU SEE ON YOUR SCREEN, THEY ARE INTERESTED IN OPTIMISTS, THIS HUMANOID ROBOT. HOW INTERESTED ARE YOU IN THE ROBOT ITSELF? DO YOU SEE THAT AS A PRODUCT, CERTAIN IN-HOUSE TOOLS OR A GIMMICK, WHAT'S YOUR READ? PIERRE: I WILL BE INTERESTED IN THE SAME THING. I WANT THE TESLA TEAM TO TELL ME HOW FAR THEY ARE GOING AND I DON'T EXPECT THEM TO HAVE A CHALLENGING PROJECT, BUT I WANT THEM TO ARTICULATE WHAT THE CHALLENGES ARE, BECAUSE THAT'S THE BEST WAY THEY ARE GOING TO HIRE THE BEST PEOPLE WITH THE SYSTEMATIC EXPOSURE. AND YOU'RE GOING TO WORK ON THE
MOST INTERESTING CHALLENGES. THERE ARE INVESTORS. YOU ARE NOT GOING TO SEE THE PRODUCT GETTING INTO IT ANYTIME SOON, YOU HAVE A TECHNICAL DISCUSSION ABOUT HOW DO YOU ACHIEVE THE DEXTERITY. HOW DO YOU ACHIEVE THAT FOR A ROBOT? I SAY THAT FOR REPRESENTATION. ED: YOU SAID TESLA IS A MATTER OF YEARS AHEAD OF OTHERS WHEN IT COMES TO ARTIFICIAL INTELLIGENCE. ALSO COVER NVIDIA, NOT JUST ON
THE SEMICONDUCTOR SIDE, BUT HAS DONE A LOT OF WORK IN AI. CAN YOU COMPARE AND CONTRAST THOSE TWO? WHERE DOES TESLA STAND IN YOUR ESTIMATION, AND WHAT HAS BEEN ACHIEVED TODAY IN THE FACE OF ARTIFICIAL INTELLIGENCE? PIERRE: WITH REAL-WORLD ARTIFICIAL INTELLIGENCE, I DON'T THINK ANYBODY COMES CLOSE TO TESLA. IT'S AN ECOSYSTEM FOR PEOPLE TO DEVELOP THEIR OWN SYSTEM. IN WHAT'S HAPPENING TODAY WITH TESLA BEING SO AHEAD OF THE CURVE, THESE TWO PLAYERS DEVELOP THEIR OWN. AND IT'S BIGGER FOR TRADING TESLA. AND THIS IS THE NEED TO ACCELERATE THE PACE FOR THE SYSTEMS.
SO IS TESLA GOOD FOR NVIDIA BECAUSE THE DREAM OF TESLA WOULD REPLACE IT. BUT I HAVE A DIFFERENT TAKE. I THINK IT'S VERY ENCOURAGING AND VERY POSITIVE BECAUSE AT THE END OF THE DAY WHAT TESLA WANTS IS TO BE -- WHAT TESLA HAS DONE ALL DAY. THEY HAVE MORE POWER. AND AS YOU CAN IMAGINE, VERY FEW PEOPLE WOULD BE ABLE TO GIVE UP THEIR OWN SYSTEMS. AND THAT'S THE MARKET FOR NVIDIA. I ACTUALLY SEE THEM DEVELOPING AND BEING THE LEADING INDICATOR OF WHERE THE MARKET OF NVIDIA IS GOING. ED:
I WISH WE HAD MORE TIME, BUT VERY QUICKLY, WE MIGHT GET DELIVERIES THIS WEEKEND, WHAT ARE YOU EXPECTING ON THAT FRONT? PIERRE: I SENSE TESLA HAS 380,000. VERY HIGH. I ANTICIPATE THEY HAVE BEEN STRAINING TO GET THE ORDERS DOWN. MORE AT A 360, AND I THINK YOU HAVE THAT 20,000 THAT MIGHT BE ON CHINA AND THE REST OF THE WORLD. ED: THANK YOU VERY MUCH. COMING UP, A READ INTO ELON MUSK'S TEXT BEFORE HEADING TO DELAWARE WHERE HE WILL FACE OFF WITH TWITTER. HOW ONE TEXT SUGGEST MUSK ALREADY KNEW THE PROBLEM.
WE WILL DISCUSS THAT NEXT. THIS IS BLOOMBERG. ♪ ED: HOLLYWOOD SUPER AGENT ARI EMANUEL IS TRYING TO PAVE THE WAY FOR A POTENTIAL SETTLEMENT BETWEEN ELON MUSK AND TWITTER, THAT'S ACCORDING TO SOURCES. THE NEWS COMES AFTER TWITTER EXECUTIVES, CLOSE FRIENDS AND POTENTIAL INVESTORS CAME TO LIGHT. JUST WHEN YOU THINK THAT THIS SAGA CANNOT GET ANY WEIRDER. >> I'M NOT SURE HOW SERIOUSLY WE SHOULD TAKE THIS. ONE OF THE THINGS WE LEARNED IS THAT THERE ARE A LOT OF PEOPLE OUT THERE TRYING OUT, TRYING TO USE THEIR FRIENDSHIP WITH ELON MUSK AND SORT OF WIGGLE THEIR WAY INTO THIS DEAL.
OUR EMANUEL IS A WELL-KNOWN DURHAM -- DEALMAKER. I DON'T TO GET SURPRISING HE WOULD TRY TO PUT HIMSELF IN THE MIDDLE OF THIS. I DON'T THINK THAT'S A REASON TO THINK HE WOULD PUT HIMSELF IN THE MIDDLE OF THIS. ED: THESE ARE TEXTS THAT EMERGE FOR THE TRIAL WITH MUSK AND THEY GO ALL THE WAY BACK TO APRIL, WHICH PREDATES MUSKS'S OFFER. IT STARTS WITH THE CURRENT TWITTER CEO AND BASICALLY WHAT THEY SEEM TO DEMONSTRATE IS HOW THAT RELATIONSHIP DETERIORATED QUITE QUICKLY AND ELON MUSK BASICALLY SAID, I'M GOING TO PUT A DEAL AND TO PUT A DEAL INTO TAKE TWITTER PRIVATE. MAX: ONE THING YOU LEARN IS THAT ELON MUSK IS TARGETING A LOT OF PEOPLE AND HAVING DIRECT RELATIONSHIPS WITH MANY PEOPLE IN ALL DIFFERENT DOMAINS, POLITICS, ALL THESE BILLIONAIRES, AND HE'S DETECTING AWAY WITH TWITTER CEO.
AND HE'S KIND OF WORKING THINGS OUT AS HE GOES. AND WITH THE TEXT WITH TWITTER CEO, YOU SEE WHAT SEEMS LIKE PRETTY DILIGENT EFFORTS TO WORK WITH HIM AND THEN THE DETERIORATION OF THE RELATIONSHIP HAVE BEEN ALMOST IMMEDIATELY. WE SAW A PLAY OUT BY WAY ON TWITTER WHEN ELON MUSK FAMOUSLY TWEETED A POOP EMOJI AT THE CEO OF TWITTER. IT'S PRETTY INTERESTING TO SEE
THIS IN BLACK-AND-WHITE. ED: WE LEARNED THE BACKGROUND OF HOW ELON MUSK WENT OUT TO RAISE CAPITAL, OUTSIDE EQUITY FINANCING FOR THIS DEAL, AND IN EXCHANGE WITH LARRY ELLISON HE SAID YOU WANT TO GET INVOLVED, HE SAYS HOW MUCH, ELON MUSK SAYS 2 BILLION. MAX: YOU THINK THEY WERE TALKING ABOUT BUYING A CUP OF COFFEE BUT LARRY ELLISON SAID, 2 BILLION. WHAT THIS SHOWS IS THIS IS A
HOT DEAL. AND WE CAN DEBATE WHETHER IF THERE ARE FUNDAMENTALS OR WHETHER IT'S JUST ELON MUSK, BUT YOU LOOK DOWN THE LIST NUC ELLISON, A BUNCH OF INVESTORS, ALL OF THEM BASICALLY WILLING TO GET IN ON THIS WITHOUT MUCH OF A MANY QUESTIONS ASKED. WHICH I THINK THAT TELLS YOU SOMETHING ABOUT HOW THINGS TURN OUT. IT ALSO TELLS YOU THE GRAVITY
AROUND ELON MUSK. HE'S CLEARLY AT THE TOP OF THE SILICON VALLEY TOTAL POLE. HE'S HAD VERY INFLUENTIAL VENTURE CAPITALISTS BASICALLY PUTTING UP A QUARTER MILLION DOLLARS NO QUESTIONS ASKED. AND WE'VE SEEN THIS OVER AND OVER AGAIN, INCLUDING LARRY ELLISON, ANOTHER RICH AND POWERFUL GUY. ED: WHEN YOU SPOKE THAT R.
EMANUEL WAS BREAKING A SETTLEMENT, THE SHARES ROSE. I THINK WE HAVE A CHART THAT SHOWS THE SPREAD. I LOOK AT IT FROM TIME TO TIME AND IT'S A SOFT INDICATION OF WHERE WALL STREET SEES THE DEAL LIKELY HEADED. WHEN WITH THESE LEAD UP TO THE TRIAL? >> PEOPLE HAVE OBSERVED THIS ABOUT ELON MUSK. HE HAS THINGS IN COMMON WITH THE FORMER PRESIDENT.
HE TENDS TO TWEAK WOODY'S ACTUALLY FEELING. SO IF YOU LOOK AT THESE TEXTS, THEY ARE -- WHAT HE'S ACTUALLY FEELING. SO IF YOU LOOK AT THESE TEXTS, THEY ARE RICH GUYS HANGING ON ALL THE TIME, BUT IT DOESN'T CHANGE THE NARRATIVE. ELON MUSK HAS SAID MANY OF THE THINGS WE LEARNED IN THE TEXT. HE ALREADY SAID PUBLICLY,
INCLUDING THIS THING ABOUT BOSS WHERE HE WAS TALKING ABOUT BOSS PUBLICLY BEFORE. ED: TWITTER'S WOES COME FROM JACK DORSEY BEING TOO BUSY WITH BITCOIN. VERY QUICKLY GIVE ME THE OVERVIEW OF THAT. MAX:
DORSEY, WHO HAD JUST RESIGNED FROM TWITTER, PROBABLY TO SPEND MORE TIME WITH HIS BITCOIN, TALKING TO MUSK AND SAYING WE REALLY NEED TO CHANGE THING, WE WOULD NEED TO SHAKE THIS UP, MAYBE THERE SHOULD BE A PROTOCOL, HE'S VERY MUCH WHISPERING IN MUSK SEER, ENCOURAGING HIM TO PURSUE THE DEAL AND ENCOURAGING AN IDEA THAT THERE NEEDS TO BE THIS CHANGE. HE WAS THE CEO AND IT KIND OF TELLS YOU THE GRAVITY AROUND ELON MUSK THAT JACK DORSEY THINGS THIS OUTSIDER CAN COME IN AND DO SOMETHING THAT HE AS A FOUNDER AND CEO COULD NOT DO. ED: THANK YOU. MUCH MORE AHEAD, STAY WITH US. THIS IS BLOOMBERG. ♪ ED: GOOGLE CONTINUES TO COLLECT AD REVENUE FROM CRISIS PREGNANCY CENTERS ON ABORTION-RELATED SEARCH TERMS WHILE FAILING TO PROPERLY LABEL THEM AS ORGANIZATIONS THAT DO NOT PROVIDE ABORTIONS. BLOOMBERG QUICKTAKE PAINTS THE PICTURE. >> IS GOOGLE KEEPING ITS PROMISES ON ABORTION INFORMATION? AFTER ROE V.
WADE WAS OVERTURNED, THE INFORMATION THAT WAS ON THE GOOGLE PLATTERS ACROSS MAPS AND ADS BECAME REALLY CRUCIAL INFORMATION. GOOGLE ANNOUNCED THAT IT WOULD ADJUST ITS SEARCH ENGINE WHERE USERS COULD FIND VERIFIED ABORTION PROVIDERS, BUT ARE THEY ACTUALLY WORKING IN PRACTICE? LET'S SAY WE ARE IN LINCOLN, NEBRASKA WHERE COULD BE HARD TO GET AN ABORTION. IF I SEARCH ABORTION HELP PROVIDED BY GOOGLE SEEMS TO HELP. YOU COULD SEE THAT THE FIRST SEARCH RESULT CLEARLY SAYS, DOES NOT PROVIDE ABORTION. IN THIS CASE THE LABELS ARE WORKING. ALL OF THESE ARE FOR GOOGLES
CRISIS PREGNANCY CENTERS, A NONMEDICAL INFORMATION THAT PERSUADES WOMEN NOT TO GET ABORTIONS. THEY ARE PAID FOR WOMEN WHO ARE SEEKING ABORTIONS. THE PROBLEM IS THAT THIS APPROACH FROM GOOGLE DOES NOT SEEM TO WORK FOR ADJACENT TERMS. WHEN I SEARCHED FOR
PLANNED PARENTHOOD, I FOUND THAT GOOGLE PROVIDED NO LABELS ON ANY OF THE ADS THAT CAME UP IN SEARCH. THE TOP SHOWING RESULT WAS FOR NEBRASKA PARENT CENTER, WHICH IS A KNOWN -- PREGNANCY CENTER. THERE WAS NO LABEL. ACCORDING TO AN INVESTIGATION BY BLOOMBERG IN THE CENTER ENCOUNTERING DIGITAL HATE, GOOGLE FAILED TO ADD THESE LABELS ON OTHER WORKING RELATED SEARCH TERMS, LIKE PREGNANCY HELP, ABORTION AND NAS HOTLINES. >> WHAT THEY ARE FINDING IS
THAT GOOGLE'S TINY POLICY CHANGES DO HAVE A BIG IMPACT ON WHETHER PEOPLE ARE ABLE TO FIND ACCURATE INFORMATION ABOUT ABORTIONS OR IF THEY ARE MISLED. >> IN A STATEMENT GOOGLE SET IT HAS CLEAR AND LONG-STANDING POLICIES THAT GOVERN ABORTION-RELATED ADS ON ITS PLATFORM AND THAT IT APPLIES TO ALL ADVERTISERS. IT ADDS THAT THE CONSTANT -- THEY ARE CONSTANTLY REVIEWING AND UPDATING AS NEEDED. ED: THAT WAS BLOOMBERG QUICKTAKE'S MADISON MILLS. ANOTHER STORY WE CONTINUE TO WATCH, HOW TRIA ENDED A DEAL.
IT OPENS THE DEAL FOR MAR VINE BOROUGH TO BUY THE E-CIGARETTE COMPANY OR DEVELOP ITS OWN VAPOR PRODUCTS. THEY ANNOUNCED A BOY IN INVESTMENT IN -- 8 BILLION INVESTMENT IN JUUL. JUSTICE HOUR WE GOT THAT HEADLINE THAT INTEL HAS FILED FOR AN IPO. WE KNOW INTEL HAD PLANNED THE SPINOFF AND THAT WOULD BE A LOWER VALUATION OF $30 BILLION. VERY INTERESTING CONSIDERING THE MARKET AND A LACK OF COMPANIES GOING PUBLIC. THEY LIST ON THE NASDAQ UNDER MBLY.
WE WILL HAVE AN INTERVIEW WITH GENERAL MOTORS PRESIDENT ABOUT THE COMPANY'S NEW SILVERADO EV VEHICLE. THIS IS BLOOMBERG. ♪ ED: THIS IS BLOOMBERG TECHNOLOGY --"BLOOMBERG TECHNOLOGY." RISING VOLATILITY CREATED A VOID LEAVING MANY SCRAMBLING FOR BACKUP PLANS. BUT HOW LONG ARE THE HARD TIMES
GOING TO LAST QUESTION ARE JOINING US IS PARTNER AT SAPPHIRE VENTURES WHOSE INVESTMENTS INCLUDE THE LIKES OF FIT IT IN 23 AND ME. IT'S GOOD TO CATCH UP. I'VE BEEN ASKING VENTURE CAPITALISTS ALL WEEK, WHERE IS YOUR HEAD AT RIGHT NOW? >> AS YOU KNOW, THE MARKETS HAVE BEEN ABSOLUTELY CRAZY, BUT I WILL ALSO SAY THERE'S A DYNAMIC IN THE VENTURE CAPITAL INDUSTRY WHERE THESE FIRMS ARE SITTING ON AN UNPRECEDENTED AMOUNT OF DRY PADDLE -- DRY POWDER. ABOUT 300 BILLION RIGHT NOW SITTING ON THE SIDELINE WAITING TO BE INVESTED INTO PRIVATE COMPANIES. BUT AS WE SIT HERE ON THE LAST DAY OF Q3 AND LOOK AT THE QUARTER. IT IS STILL WELL BELOW THAT OF LAST YEAR. BUT, IN THE PAST MONTH OR SO,
I'M STARTING TO SEE CERTAIN POSITIVE SIGNALS THAT INDICATE A PICKUP FROM THE SUMMER SLOWDOWN. FIRST OF ALL, MORE AND MORE COMPANIES ARE STARTING TO RAISE GROWTH. THAT'S WHAT I FOCUS ON, ALL THE WAY TO PRE-IPO. OR THEY ARE AT LEAST MORE OPEN
TO TALKING TO INVESTORS ABOUT A POTENTIAL GROUND. NUMBER TWO, BLOCKBUSTER M&A. TWO WEEKS AGO ADOBE ACQUIRED A POPULAR COMPANY FOR $20 BILLION AND IT'S ACTUALLY THE THIRD LARGEST ACQUISITION OF A SUBSCRIPTION SOFTWARE COMPANY. THE FIRST ONE WAS SALESFORCE ACQUIRING SLACK AT 27 BILLION. THE SECOND ONE WAS MICROSOFT ACQUIRING LINKEDIN FOR 26 BILLION. SO THE DEAL IS DEFINITELY UP
THERE IN TERMS OF LARGE M&A. AND LASTLY, THE IPO MARKET IS SLOWLY SHOWING SIGNS OF REVIVAL. EARLIER THIS YEAR, MORE RECENTLY , THE CORPORATE TRIP MANAGEMENT COMPANY ALSO FILED. ALL IN ALL, THE WORLD IS CRAZY,
THE MARKETS ARE CRAZY, BUT AS A VENTURE CAPITALIST, I AM ENCOURAGED. ED: LET'S TALK ABOUT THE IPO WINTER WE HAVE BEEN SEEING. WITH THE START OF CURVE, WHAT ARE THE HEADWINDS TO BOTH DEALMAKING AND ALSO THE TEMPTATION TO PROCEED WITH AN IPO? CATHY: ABSOLUTELY, FOUNDERS AND CEOS CONTINUE TO POSTPONE FUNDRAISING, NUMBER ONE, DUE TO THE VERY LARGE AMOUNT OF MONEY THAT THEY RAISE LAST YEAR.
MANY COMPANIES RAISED VERY, VERY HIGH VALUATIONS. SO THEY HAVE PLENTY OF RUNWAY TO CONTINUE TO GROW THEIR BUSINESS AND COMMISERATE WITH THE VALUES THEY LAST RAISE. AT THE SAME TIME, THEY ARE MOBILE HEADWINDS TO A LOT OF BUSINESSES. UNCERTAINTY HAS CAUSED A LOT OF
FEAR IN THE MARKET, AND COMPANIES ARE CUTTING BACK ON THIS, INCLUDING SOFTWARE. ED: I KNOW YOU TO BE THE LONG-TERM OPTIMIST, YOU SEE OPPORTUNITY, SO WHAT IS THE OPPORTUNITY DOWN THE LINE? CATHY: I'M STILL VERY LONG-TERM BULLISH. I FUNDAMENTALLY BELIEVE THAT CURRENT MACRO CHALLENGES CAN BE A CATALYST FOR INCREASING OPTIMIZATION AT MANY COMPANIES ENTERPRISES. OF COURSE FIRES WILL CONTINUE TO BE VERY CAREFUL, BECAUSE IT'S VERY IMPORTANT, BUT THEY WILL ALSO BE WORKING FOR THE NEXT IMPRESSED GREATEST SOLUTION. YOU'RE LOOKING FOR THE BEST
SOLUTION AND I THINK IT MIGHT TRIGGER A SOFTWARE UP BUYING CYCLE ACROSS MANY OF THE SECTORS THAT WE COVER. AND I THINK IT'S ALSO IMPORTANT TO TAKE A VIEW THAT SOME OF THE BEST COMPANIES HAVE STARTED AND WERE BUILT AND MERGED FROM ECONOMIC DOWNTURN, COMPANIES LIKE MICROSOFT, APPLE. ED: REAL QUICK, WE WERE LOOKING AT YOUR PORTFOLIO COMPANIES, WHAT IS THE ADVICE TO FOUNDERS IN TERMS OF CASH PRESERVATION OR HOW THEY USE CASH, IS TALENT KEY IN THIS ENVIRONMENT? CATHY: ABSOLUTELY, THE FOUR MAIN THINGS I CHAT WITH MY CEOS ABOUT EVERY WEEK IS NUMBER ONE, CASH. YOU HAVE TO MAKE SURE YOU HAVE ENOUGH RUNWAY TO HIT THE MILESTONES YOU NEED IF YOU NEED TO RAISE THE SUBSEQUENT FUNDING GROUNDS. CEOS ARE ALL KEEPING CASH FLOWS
IN MIND, NUMBER TWO IS REALLY CUSTOMER ATTENTION, MAKES SURE YOUR CURRENT CUSTOMERS ARE HAPPY BY DELIVERING A GREAT PRODUCT AND A GREAT SERVICE AND REALLY LISTENING TO THEIR NEEDS. THIS IS NOT A TIME TO BE -- YOUR CURRENT CUSTOMERS. AND LASTLY, THIS MIGHT BE AN MOST IMPORTANT IN ALL, YOUR EMPLOYEES. CONTINUE TO HIRE THE BEST AND DEVELOP THE MOST TALENTED PEOPLE YOU CAN FIND. ED:
OUR THANKS TO KATHY. PARTNER AS DASH'S PARTNER AT SAPPHIRE VENTURES. GENERAL MOTORS IS TAKING ITS NEXT DIVE INTO ELECTRIC VEHICLES. THE GM PRESIDENT TOOK MY MATE, MATT MILLER ON AN EXCLUSIVE FIRST RIGHT INTO THE COMPANY'S EV TRUCK, THE SILVERADO. AND IT JOINED IN FROM THE GM HEADQUARTERS IN DETROIT, MICHIGAN.
>> WHAT PEOPLE NEED TO DO IS GET INTO IT AND SEE WHAT AN ELECTRIC TRUCK REALLY CAN DO. AND THIS IS A DEDICATED PLATFORM. WE ARE JUST BRINGING OURSELVES ONLINE RIGHT NOW IN OHIO, AND THE SECOND ONE WILL BURY -- WILL BE IN SPRING. THE CENTER OF GRAVITY IS DIFFERENT. THIS WILL BE ON SALE IN THE SPRING WITH OUR FOURTH TRUCK, WHICH IS WHAT YOU PROBABLY HAVE TODAY. SO, FOR UNDER 40,000 BUCKS.
AND THAT'S A HECK OF A DEAL. AND WE ARE GOING TO START OFF WITH ABOUT 10,000 POUNDS WITH IT. WE WILL FOLLOW IT UP WITH 20,000 POUNDS, AND THIS IS A VERY CAPABLE TRUCK. >> WHAT IS DEMAND LIKE RIGHT NOW, NOT JUST FOR THE EV BUSINESS. MARK: WE HAVEN'T SEEN A LOT OF DEMAND
FILE OFF, EVEN WITH SOME OF THE UPS AND DOWNS OF THE ECONOMIC SITUATION, WE ARE SEEING THEM IN THE UNITED STATES, BUT THE DEMAND IS THERE. WE ARE SELLING EVERY SINGLE THING THAT WE MAKE IN SELLING IT DEEP INTO THE PIPELINE. SO OUR DEALERS HAVE REALLY DONE A GREAT JOB OF REALLY BEING ABLE TO SHOW PEOPLE WHAT THE TRUCK, WHATEVER THE PRODUCT IS, WHAT THEY WANT, WHEN IT'S BUILT AND THEN WHEN IT'S COMING, AND THAT WILL GET BETTER AS THE CHIP PIECE OF THIS BECOMES -- BEGINS TO LEVEL OFF AND MORE CONSISTENT. ARE YOU SEEING -- >> ARE YOU SEEING SIGNS OF THAT QUESTION MARK LIGHT AT THE END OF THE TUNNEL? MARK: WE ARE, A LITTLE BIT OF LEVELING OFF. DEMAND WILL OUTSTRIP WHAT WE CAN SUPPLY.
THE INVENTORY LEVELS ARE STILL EXTREMELY LOW SO IT TAKES A WHILE FOR US TO GET INVENTORY BACK. >> THAT MEANS NO INCENTIVES. IN FACT, PEOPLE ARE PAYING MORE IN SITUATIONS. HOW LONG CAN THAT LAST? MARK:
THERE'S NO WAY THAT CAN LAST FOREVER. AGAIN, UNTIL WE BEGIN TO FILL THE PIPELINE AGAIN WITH SOME INVENTORY, THAT'S GOING TO BE THE CASE. >> WHAT ABOUT THE ELECTRIC PICKUP, NOT THE PICK UP I MEAN IN TERMS OF CONSUMERS BUYING ELECTRIC CARS. I DROVE THE BOLT OUT HERE AND IT WAS SURPRISINGLY LUXURIOUS FOR A CAR YOU WOULD GET FOR 35,000 AFTER REBATES. MARK: WE HAVE THE PRICE ON IT HERE A FEW MONTHS AGO, AND I THINK YOU WILL SEE IN OUR QUARTERLY RESULTS THAT YOU PULL ARE REALLY INTERESTED IN THE BOLT AS PROBABLY THE LOWEST COST EV YOU CAN GET INTO IN THE MARKET. AND SHOULD TEACH UGLY, THAT'S GREAT FOR US BECAUSE OUR DEALERS BEGIN TO LEARN HOW TO SELL EV'S INTO THE FOOTPRINT, BUT CUSTOMERS HAD OUR CUSTOMERS ARE LOOKING FOR THE CARS AND THEIR SUPPLIER, AND WE ARE MATCHING THAT THE BEST WE CAN RIGHT NOW, SO IT'S A VERY COMPELLING VEHICLE, ALWAYS HAS BEEN.
PARTICULARLY SUPER CRUISE ON THE EUV AND WE SEE A LOT OF DEMAND. >> WHAT ABOUT 2023? HOW DOES THE BUSINESS LOOK AS WE SEE RISING RATES AND HEAR CONCERNS ABOUT A RECESSION? HOW DO YOU PLAN FOR THAT? >> WE PLAN WITH OUR -- MARK: WE PLAN WITH OUR COST STRUCTURE. FIVE YEARS AGO WE REALLY WENT AT OUR COST STRUCTURE. WE ARE IN GOOD SHAPE, BUT WE CAN ALWAYS DO BETTER.
WE WILL CONTINUE TO TAKE COSTS, UNNECESSARY COSTS OUT OF THE BUSINESS FROM INEFFICIENCY STANDPOINT. NEXT YEAR WILL BE BETTER THAN THIS YEAR. ED: THAT WAS GM'S PRESIDENT WITH BLOOMBERG'S MATT MILLER EARLIER TODAY. COMING UP, EMILY CHANG SITS DOWN WITH AN INTERVIEW WITH THAT COUNTER -- FOUNDER AND CEO AND HOW ONE WENT TO BEING A FEDERAL PROSECUTOR TO A VENTRAL CAPITALISTS, NEXT. BUT WHAT HAD TO BE SAID ABOUT RISING COMPETITION FOR CHINA AND THE NEED FOR THE U.S. TO ACT ON COMPREHENSIVE LEGISLATION. THIS IS BLOOMBERG.
KATIE: IS THE U.S. GOVERNMENT THAT NEEDS TO TAKE STOCK OF THE FACT THAT RIGHT NOW IN CHINA, THERE'S A QUARTER OF A BILLION. WE ARE STILL TALKING ABOUT ED: IN THE LATEST EPISODE OF STUDIO 1.0 PROSECUTOR TAMED CRYPTO VENTURE CAPITALISTS, KATIE HAUN SHARES HER OUTLOOK. SHE SITS DOWN WITH EMILY CHANG TO DISCUSS WHY SHE LEFT STORY VENTURE CAPITAL FIRM TO LAUNCH HER OWN FIRM, AND JUST HOW HARD IT WAS TO DO SO. TAKE A LISTEN.
KATIE: WHAT I SET OUT TO DO WAS TO CONTINUE TO INVEST IN THIS ECOSYSTEM THAT I THINK IT WAS VERY PURPOSEFUL. WE HAVE AN EARLY-STAGE FUND THAT DOES SERIES A AND SERIES B, THEN WE HAVE WHAT WE CALL AN ACCELERATION FUND, IT'S NOT A GROWTH FUND, IT'S A CRYPTO GROWTH FUND. I THINK THOSE ARE DIFFERENT THINGS. BUT LATER STAGE IT MIGHT BE CRYPTO PUBLIC. CERTAIN KINDS OF PUBLIC TOKENS WERE SET UP TO HOLD TOKENS AND THE TOKEN ECOSYSTEM OR A LATER STAGE COMPANY AND THERE ARE NOW SEVERAL CRYPTO, MANY CRYPTO UNICORNS. IT HAS BECOME REALLY COMPETITIVE.
EVEN THOUGH YOU SAY CRYPTO HAS HAD ITS UPS AND DOWN, THE THING IS A LOT OF PEOPLE IN SOME OF THOSE LAST ONES HAS SEEN THE VENTURE STYLE RETURNS THAT COULD BE HEADING CRYPTO. WE'VE HAD A LOT OF NEW FUNDS ENTER THE STAKES AND THAT HAS DRIVEN UP COMPETITION. EMILY: WHAT DIFFERENTIATES H AUN VENTURES FROM THE CRYPTO FUNDS ARE THESE OTHER VENTURE CAPITALISTS. ? KATIE: I THINK A LOT OF TRADITIONAL VENTURE CAPITAL FUNDS NOW HAVE CRYPTO FUNDS. IT FEELS LIKE A REGULATORY VALUATION, WHICH IS ARE YOU A REGISTERED INVESTMENT ADVISOR. I WOULD THINK FOR CRYPTO COUNTERS TODAY, IT'S NOT UP TO JUST BEING AN RIA. I DON'T THINK A LOT OF THEM
CARE. THAT'S A REGULATORY DESIGNATION. WHAT CRYPTO FOUNDERS TODAY WANT TO KNOW IS ARE YOU PART OF THE COMMUNITY, DO YOU PARTICIPATE IN GOVERNANCE. ARE YOU GOING TO BE STAKING THESE KIND OF CRYPTO BURPS OUT THERE? AND IF YOU ARE NOT REALLY IN THIS SPACE FULL TIME, I THINK IT'S VERY HARD TO RUN A SUCCESSFUL CRYPTO FUND. WE DON'T HAVE A HEDGE FUND COMPONENT, SO WE ARE NOT SITTING HERE BUYING, TRADING AND SELLING, THAT'S A HEDGE FUND STRUCTURE. THEN THERE ARE CRYPTO HEDGE FUNDS. WE ARE NOT ONE.
WE ARE MAKING SEVEN TO 10 YEAR BETS. EMILY: HOW HARD IS IT TO LAUNCH A CRYPTO FUND FROM SCRATCH? KATIE: IT'S HARD. WE DON'T HAVE A CRYSTAL BALL, I CANNOT PREDICT CYCLES BUT I KNEW WE WERE IN A CYCLE.
WE SAW SO MUCH EXCITEMENT AROUND THE SPACE AND I TALKED ABOUT WHAT MAKES THIS DIFFERENT, BUT ONE THING IS WE DON'T FISH IN THE SAME POND. WE HAVE THE CRYPTO NATIVES, WE HAVE OPERATORS, SEASONED OPERATORS WHO REALLY KNOW HOW TO STICK THE LANDING. AND I THINK THAT'S REFLECTED IN OUR CULTURE. I WOULD SAY THE ONLY THING THAT HAS CHANGED IN OUR STRATEGY IS REALLY MORE OF A FOCUS ON -- STAGE BUT WE STILL HAVE -- EARLY-STAGE BUT WE STILL HAVE OUR LATE STAGE FUND. WE SEE VALUATION, WHICH I THINK WE WILL STILL SEE CORRECT. I THINK WE WILL CONTINUE TO SEE SOME CORRECTIONS, SO WE MIGHT DEPLOY OUR BETTER STAGE FUND MORE SLOWLY. IT MIGHT BE ON AN EVEN 50-50
CADENCE. BUT THAT'S OK. LONG TERM OUR STRATEGY HASN'T CHANGED. EMILY: HOW MUCH DO YOU THINK VALUATIONS WILL CORRECT? KATIE: CRYPTO IS NOT A MONOLITH. >> THEY FOLLOW AN ENTERPRISE STAFF MOTTO AND OTHERS THAT ARE LAYER ONE PROTOCOLS. YOU STILL HAVE OTHERS THAT ARE CONSUMER SAVING APPLICATIONS. AND I THINK ONE OF THE THINGS
WE ARE SEEING RIGHT NOW IS THE INFRASTRUCTURE LAYER AND THAT'S WHERE WE ARE SPENDING OUR TIME. THINK MORE AND MORE OF THESE CASES WILL COME AROUND WITH THE INFRASTRUCTURE LAYER AND PLACE. SO MY OWN VIEW IS WE ARE NOT RUSHING TO DEPLOY, WE ARE CERTAINLY NOT GETTING CAUGHT UP. EMILY: YOU TRY TO AVOID THAT.
KATIE: I THINK IT'S VERY EASY TO GET INTO THAT MINDSET, RIGHT, BECAUSE IT'S A COMPETITIVE SPORT, IT'S A COMPETITIVE SPACE AND I'D BE LYING IF I SAID THAT THAT DOESN'T INFLUENCE ANYONE. BUT I DO, AND I THINK I DO DIFFERENTLY AS I TRY TO TAKE STOCK. THAT'S THE FOMO MENTALITY KICKING IN, THAT'S BAD. YOU DON'T WANT TO OVER CORRECT. WHAT WE LOOK FOR IS AMAZING FOUNDERS.
IT DOESN'T MATTER IF VALUATIONS WILL CORRECT. IF THEY ARE AMAZING FOUNDERS IT'S HUGE. WE ALSO LOOK FOR WHAT YOUR REGLET TORY PLAN, WHAT YOUR PLAN TO COMPLY WITH THE LAW, WHAT'S YOUR PLAN FOR SECURITY? THERE'S A LOT OF HACKS IN THIS SPACE. WE WANT TO MAKE SURE THE FOUNDERS HAVE BEEN THOUGHTFUL. ED: THAT WAS KATIE HAUN WITH
BLOOMBERG TECHNOLOGY EMILY CHANG. CHECK OUT MORE OF THAT CONVERSATION TONIGHT AT 7:30 P.M. EASTERN AND 4:30 P.M. HERE ON BLOOMBERG. ONE COMPANY FOCUSING ON THE HIRING GETTING $60 MILLION. I WILL CHAT WITH THE CEO OF WORKSTREAM ABOUT THE DIGITIZATION OF RECRUITMENT IN THE LABOR MARKET. THIS IS BLOOMBERG. ♪
ED: WORKSTREAM, A TEXTING BASED HIRING PLATFORM WORKING WITH BIG BRANDS LIKE MCDONALD'S, JUST RAISED $60 MILLION IN FRESH CAPITAL TO HELP IT EXPAND TO MORE INDUSTRIES THAT ARE EMPLOYING HOURLY WORKERS. LET'S GET RIGHT TO WORKSTREAM COFOUNDER AND CEO, DESMOND LYNN. HOW DOES WORKSTREAM WORK? DESMOND: WE ARE A TEXTING BASED HIRING SOFTWARE THAT HELPS HOURLY WORKERS WORK FASTER.
IN TRYING TO WORK WITH FOCUSING ON PHONE. WE HAVE BEEN ABLE TO HELP THEM HIGHER FASTER. ED: TALK TO ME ABOUT THE KIND OF CIRCUMSTANCES THAT WORKERS THEMSELVES, WHO YOU HOPE TO HIRE TO YOUR PLATFORM, OPERATE IN. WHAT KIND OF WORKERS ARE THEY
AND WILL AND WHAT INDUSTRIES -- AND IN WHAT INDUSTRIES? DESMOND: WE ALL WORK WITH MORE THAN 4000 CUSTOMERS FROM DAIRY KING, MARRIOTT AND MORE. I WOULD SAY THAT AS OF NOW THERE IS A FOCUS OF RESTAURANTS AND A CREW VERY QUICKLY INTO RETAIL, HEALTH CARE, AUTO AND MUCH, MUCH MORE. THIS IS VERY BIG DIFFERENT OF FOLKS AND THOSE WHO WORK IN TECH OFFICE WORKER. PEOPLE ARE NOT AS TECH SAVVY. SO THERE IS A NEED FORWARDS REALLY BUILT. ED: WITH THE JOBS DATA, THERE'S TENS OF MILLIONS OF PEOPLE IN THIS ECONOMY WHO ARE WORKING PART-TIME, BUT BY CHOICE, AND OF COURSE THERE ARE MANY PEOPLE ON THE SIDELINES WHO ARE TRYING TO FIND SOME PART-TIME WORK. MUST HAVE A VERY INTERESTING LENS INTO THE STATE OF THE JOBS MARKET.
WHAT CAN YOU TELL ME ABOUT WHAT YOUR CUSTOMERS AND CLIENTS ARE LOOKING FOR? ARE THEY ABLE TO GET THE WORKERS THAT THEY NEED? DESMOND: I WOULD SAY THAT IT'S STILL VERY, VERY TOUGH TO FIND TALENT AND STUFFING IT -- STAFFING IS A TOUGH CHALLENGE. A RETAIL, BUT I THINK THAT IS THE VERY FIRST TREND. SECOND TREND IS THEY ARE MUCH MORE OPEN TO TRY OUT SOFTWARE AND TECH. WE HAVE SEEN VERY STRONG GROWTH. IT'S BUSINESS OWNERS AND IF THEY ARE MUCH MORE OPEN TO YOU SOFTWARE. I THINK THERE IS A TREND. MORE AND MORE FOLKS ARE TRYING
TO FOCUS ON THE HOURLY WORKER. I WOULD SAY THAT IN THE PAST FEW YEARS, THIS HASN'T BEEN MUCH FOCUS ON THE HOURLY WORKER. MORE THAN 2.7 BILLION BUSINESS WORKERS IN THE WORLD AND THERE'S MORE THAN 80 MILLION WORKERS IN THE U.S. THERE HASN'T BEEN SOFTWARE AND TECH FILLED FOR THEM. THERE IS MORE AND MORE NEED FOR THEM NOW. ED:
YOU'VE GOT $60 MILLION IN THE BANK, WHAT DO YOU NEED TO DO WITH THAT CASH TO EXPAND YOUR OFFERING? WHAT ARE YOU GOING TO DO TO DEVELOP YOUR TECH? DESOMOND: WE ARE VERY THANKFUL AND HUMBLE. WE HAVE OVERALL OVER $100 MILLION. WE REALLY WANT TO EXPAND FROM OUR MAIN FOCUS OF THIS RESTAURANT INTO RETAIL, HEALTH CARE, WAREHOUSE AND MORE. SO BEYOND SOME OF THE SHARES THERE IS MARRIOTT, UPS AND MANY, MANY MORE BRANDS THAT'S A VERY FISCAL PART OF THIS. BUT THE GOAL THAT WE HAVE IS -- ED: GO AHEAD. DESMOND: WE WANT TO BUILD NEW PRODUCTS.
HELPING PEOPLE REALLY SEE PEOPLE WORK FASTER. I WOULD SAY THE NEXT GOAL IS TO BUILD NEW PRODUCTION. OUR GOAL IS A MILLION DOLLAR COMPANY MISSION. IT'S TO BUILD BETTER SOFTWARE AND TECH FOR THEM. ED: VERY QUICKLY, WE ONLY HAVE ABOUT 30 SECONDS, A SENSE OF HOW MONEY WORKERS ARE USING YOUR PLATFORM? DESMOND: THERE ARE MORE THAN 4000 CUSTOMERS ACROSS AND 35,000 STORES. WE HAVE NOW MORE THAN 10
MILLION AUDI FOLKS WHO HAVE BEEN THROUGH HOURS SOFTWARE. ED: WORKSTREAM COFOUNDER AND CEO DESMOND LIM A GOOD LENS ON THE LABOR MARKET. THAT DOES IT FOR THIS ADDITION OF "BLOOMBERG TECHNOLOGY." HAVE A GREAT WEEKEND AND DON'T
FORGET TO CHECK OUT OUR PODCAST. YOU CAN FIND ON THE TERMINAL, ONLINE, ON APPLE, SPOTIFY AND ON IHEART RADIO. WE MADE IT, THE END OF A TOUGH WEEK, THE END OF A TOUGH MONTH, THE END OF A TOUGH QUARTER WITH VOLATILITY IN FINANCIAL MARKET, VENTURE CAPITALISTS SITTING ON THE SIDELINES FOR NOW, BUT WE WILL HAVE A LOT MORE NEXT WEEK. FROM SAN FRANCISCO, NEW YORK, THIS IS BLOOMBERG. ♪
2022-10-01