Apple opens in India | Bloomberg Technology 04/18/2023
>> FROM THE HEART OF WHERE INNOVATION, MONEY AND POWER COLLIDE IN SILICON VALLEY AND BEYOND, THIS IS BLOOMBERG TECHNOLOGY. ♪ ED: I'M IN SAN FRANCISCO AND CAROLINE IS OUT TODAY, THIS IS BLOOMBERG TECHNOLOGY. JAMIE'S SEMICONDUCTOR OUT THE DROPS IN THE FIRST QUARTER AS A BULLISH REBOUND IN THE ECONOMY IS AT ODDS WITH THE SMART PHONE SLOWDOWN. APPLE PUSHES HIGHER AS TIM COOK OPENS THE IPHONE MAKER'S FIRST STORE IN INDIA AND WE BRING YOU THE DETAILS FROM MUMBAI AND CALIFORNIA3+. IN EUROPE, VENTURE CAPITALISTS ARE ON PACE FOR THE RESPONDING YEAR SINCE 2015. WE TALK PRIVATE MARKETS AND IS LESS CAPITAL MEAN FEWER CHECKS BEING CUT? LET'S GET A CHECK ON THE MARKETS. KATIE:
THE BIT HAS DISAPPEARED FROM THE EQUITY MARKET WITH THE S&P 500 OFF BY 0.2% AND THE SAME THING GOES FOR THE NASDAQ 100. THE FINANCIALS ARE INTERESTING TODAY. WE ARE OFF THE SESSION LOWS AND THAT SECTOR IS DOWN ABOUT 0.3%
AND THE BIG BANKS REPORTED EARNINGS EARLIER TODAY IN THE TWO-YEAR TREASURY YIELD IS UP SLIGHTLY, ABOUT TWO BASIS POINTS. WE ARE ABOVE 420 ON THE TWO YEAR TREASURY YIELD. BITCOIN HAS BEEN INTERESTING. IT USED TO TRADE HAND-IN-HAND WITH THE TECH STOCKS THAT THAT RELATIONSHIP HAS BROKEN APART IN TODAY'S ACTION DRIVES THAT POINT ON WITH BITCOIN UP BY 2.5%, ABOVE 30,000 ONCE AGAIN. IT WILL BE INTERESTING TO WATCH THIS ONE AND KEEP AN EYE ON THAT CORRELATION. FROM THE BIG PICTURE TO SOME OF THOSE MICRO NAMES, WE SHOULD START WITH NVIDIA, HIGHER BY ALMOST 3%.
ANALYST CHANGED ITS TUNE ON HSBC. IT WENT FROM A CELL TO A BUY. THAT'S FELT THIS FILTERING THROUGH TO NVIDIA SHARES. SOUTHWEST AIRLINES BRIEFLY HALTING ALL OF ITS FLIGHTS DUE TO A TECHNOLOGY ISSUE AND THOSE FLIGHTS HAVE RESUMED IN STOCK -- IN THE STOCK IS OFF BY ONE .6%. ED:
WE WILL GET A DEEPER REPORT ON SOUTHWEST BUT IT'S INTERESTING TO NOTE SOME OUTPERFORMANCE IN THE CHIP SPACE. DESPITE A BULLISH REBOUND IN THE ECONOMY, CHINA'S PRODUCTION OF CHIPS AND OTHER ELECTRONICS ARE DECLINING FROM SALES AS WELL AS COMPETITIVE PRESSURES FROM FACTORIES IN OTHER LOCATIONS. JOINING ME NOW IS IAN KING. LET'S START WITH THE SHORT-TERM STORY. >> THINK ABOUT WHAT THE COMPANIES HAVE TOLD US.
THEY SAID THERE'S TOO MUCH INVENTORY AND THERE ISN'T ENOUGH DEMAND. WE NEED TO DIG AIRWAY OUT OF THAT MOUND OF INVENTORY AND THEN WE CAN GO BACK TO SHIPPING TO WHAT THE DEMAND IS. WHERE IS THE DEMAND? ARE WE AT PRE-PANDEMIC LEVELS OR AT SOME LEVEL IN BETWEEN? WE WILL SEE IN THE SECOND HALF. ED: THE BROADER DEBATE IS ABOUT
SUPPLY CHAIN. WHAT DOES THIS DATA SIGNAL ABOUT THAT? >> I THINK THE BIG UNDERLYING CONCERN AND WE SEE THAT MANIFEST ITSELF FOR THE NEXT YEAR AND YEAR AFTER WHEN THESE FACTORS GET BILLED IS GOVERNMENTS AROUND THE WORLD ARE SAYING WE WANT THE CHIP INDUSTRY AND THROWING MONEY AT IT IN THE ECONOMICS THAT ONCE DROVE THE CHIP PLANTS ARE ARGUABLY BEING UP AND DID SO WILL BE SEE EXCESS SUPPLY? ED: THERE IS MORE FEEL GOOD STORIES ABOUT THE CHIP SPACE. >> TSMC IS THE CONDUCT -- CONDUIT FOR EVERYONE. NVIDIA GETS HIS CHIPS THERE SO TYSMC IS THE WAY TO PLAY EVERY ANGLE EVEN THOUGH SMARTPHONES ARE KIND OF DOWN BUT MAYBE AI IS THE PLAY. ED: I PROBABLY SHOULD HAVE STARTED WITH NVIDIA. IT'S BUY OR SELL RATING IS GONE. LOTS OF BULLISHNESS AND IS PARTLY ABOUT ARTIFICIAL INTELLIGENCE.
>> THE HSBC REPORT SAID EVEN THOUGH THERE AREN'T THAT MANY AI CHIPS IN THE WORLD, THESE THINGS COST $20,000 EACH. THAT'S 10 TIMES WHAT A REGULAR ONE COSTS. EVEN IF PCS ARE BAD, AI IS GOOD IN TERMS OF THE MARGINS AND EVERYTHING ELSE. ED: THANK YOU SO MUCH. WE TALKED ABOUT CHINA AND THEIR ECONOMY GREW AT THE FASTEST PACE IN THE YEAR IN THE FIRST QUARTER, GIVING THE MARKET SOME OPTIMISM WHICH WAS SHORT-LIVED. WE ARE NOW GETTING SOME JITTERS OVER A REPORT THAT THE ST. LOUIS FED PRESIDENT IS IN FAVOR
OF MORE POLICY TIGHTENING. EMILY HILL JOINS US NOW. LET'S GO TO CHINA FIRST, IN BASIC TERMS, THERE WAS OPTIMISM AROUND THE REOPENING OF THE ECONOMY AND A STRONG GDP PRINT. HOW DO YOU INTERPRET THAT IN THE MARKETS? >> WE GOT TO GET GDP NUMBERS OUT OF CHINA AT FOUR OR 5% AND THE GOVERNMENT'S TARGET IS FIVE. IT SHOWS THAT REOPENING IS
HAVING EXACTLY THE EFFECT PEOPLE ANTICIPATED. CONSUMERS ARE GETTING OUT AND SPENDING AND THAT WILL BE INFLATIONARY FOR THE REST OF THE GLOBAL ECONOMY WITH MORE DEMAND FOR COMMODITIES INCLUDING OIL. WHILE IT WILL HELP ECONOMIC GROWTH FROM INFLATION PERSPECTIVE, IS PROBABLY NOT A POSITIVE. ED:
LET'S BRING IT BACK TO THE UNITED STATES AND THE FED. JAMES BULLARD SAID THESE IDEAS OF RECESSION ARE A LITTLE BIT OVERDONE AND HE WANTS TO SEE THE DISCUSSION AROUND MORE HIKES. WHAT IS YOUR INTERPRETATION OF FED SPEAK NOW? >> I THINK THE MARKET IS CONTINUING TO NOT GET THAT MESSAGE. I'VE BEEN SAYING THAT CONSISTENTLY AND I THINK PART OF THE ISSUE IS THAT ALL OF THE HYPE IN RECENT MEMORY OVER THE LAST 30 YEARS TOOK PLACE IN AN ENVIRONMENT THAT WAS ESSENTIALLY DISINFLATIONARY. WE HAD LOW INFLATION. IT WAS A VERY DIFFERENT ENVIRONMENT THAN NOW.
THE LAST 30 YEARS, THE PAUSES BY THE FED HAVE EXTENDED FROM ABOUT SIX MONTHS-14 MONTHS. YOU ARE STILL SEEING LARGE PARTS OF THE MARKET EXPECTING A RATE CUT I THE END OF THIS YEAR. I THINK THEY WILL BE DISAPPOINTED AS FAR AS INVESTORS. WHILE YOU HAVE SOME DOVISH MEMBERS OF THE FED, NONE OF THEM ARE REALLY TALKING ABOUT A RATE CUT IN 2023. IF WE WERE TO HAVE A RATE CUT, IT WOULD MEAN WE HAD A HARD LANDING.
THAT'S NOT GOOD FOR STOCKS. ED: THIS IS BLOOMBERG TECHNOLOGY SO LET'S TALK ABOUT THE TECHNOLOGY SECTOR. IF YOU EXPECT THIS RATE IN INFLATION REGIME TO PERSIST, WHERE DO YOU WANT TO POSITION YOURSELF WITHIN TECHNOLOGY? >> THERE IS A SENSE OF TECH. I THINK IT IS APPLE IS THE JOHNSON & JOHNSON OF THE 21ST CENTURY. IT'S LOOKED AT AS A SAFE BET.
IT NOW COMPRISES 78% OF THE S&P 500 WHICH IS SOMETHING THAT SHOULD RAISE SOME EYEBROWS. I WOULD SAY THAT APPLE, SAFED OFFENSIVE TECH, IS NOW LITTLE BIT RICHLY PRICED. IF I WANT TO LOOK IN THE TECH SECTOR FOR GOOD VALUE, I WOULD LOOK AT OR I WOULD EVEN LOOK AT TECH ADJACENT SECTORS. THE PARTS OF THE TECH SECTOR THAT HAVE NOT GONE THROUGH THE ROOF THIS YEAR, THE NASDAQ IS UPPERMOST 20% AND I THINK THAT'S OVERDONE. ED: IF YOU ARE GOING TO BE MORE DYNAMIC FOR OPPORTUNITY IN THIS MARKET, WHEN YOU CALL THEM DEFENSIVE, YOU ARE SUGGESTING TO LOOK AT THE BALANCE SHEET AND A COMPANY'S STAYING POWER IN THE RECESSION BUT TECHNOLOGICALLY, WHAT CORNERS OF THE MARKET EXCITE YOU? >> I WOULD SAY COMPANIES LIKE CORNING THAT ARE MANUFACTURING PRODUCTS USED BY APPLE. THEY MAKE DIFFERENTIATED GLASS PRODUCTS, THE GORILLA GLASS FOR THE IPHONE, CERAMIC SHIELDS, THEY MAKE CERAMIC SUBSTRATES THAT ARE USED IN CUTTING CARBON EMISSIONS.
BECAUSE WE WERE ENJOYING THE INSIDES OF EMILY HILL. SHARES OF CAPCOM SURGED TO A RECORD ON TUESDAY AFTER THE JAPANESE COMPANY UNVEILED MONSTER HUNTER NOW COME A NEW MOBILE GAME DEVELOPED BY THEM. THE COMPANY GREW 9% IN TOKYO ADDING TO A WINNING STREAK. THE CREATOR OF RESIDENT EVIL AND STREETFIGHTER IS JAPAN'S TOP MAKER OF BIG BUDGET TITLES FOR CONSULS AND PCS. WE WERE TALKING ABOUT APPLE SO COMING UP, APPLE OPENS IN INDIA. WHY TIM COOK THINGS THE NEW EXPANSION WILL HELP ACCELERATE SALES. LET'S LOOK AT THE SHARES AS
WELL, SOME MOMENTUM EARLIER IN THE SESSION WHEN IT CAME TO APPLE, WE ARE STILL OFF BY HAVE A PERCENTAGE POINT WHILE THE REST OF THE MARKET IS OFTEN A BIG PART IS THE LAST 24 HOURS OF THE YIELD ON A SAVINGS ACCOUNT WITH GOLDMAN SACHS WHICH WE WILL DISCUSS OUT OF CALIFORNIA. THIS IS BLOOMBERG. ♪ >> FIRST IN MUMBAI AND THEN IN DAILY AS APPLE OPENS HIS FIRST TWO STORES IN INDIA. THEY MAY NOT BE AS UNIQUE AS THE CUBE IN NEW YORK WITH A BALL THAT FEATURES APPLE STORES DO. THEY DO APPLE STORE TRADE-INS AND THE CUSTOMERS CAN SEE TIM COOK AT THE FRONT DOOR ON THE FIRST DAY WELCOMING CUSTOMERS. BETWEEN MEETING THE PRIMUS ARE AND NOT NUMBING WITH BUSINESS LEADERS AND EATING MUMBAI FOOD WITH HIM STARS, TIM COOK'S VISIT TO INDIA AT THESE STORE OPENINGS MARKET SIGNIFICANT STEP IN THE INDIA/APPLE RELATIONSHIP. INDIA REPRESENTS A CRITICAL
SUPPLY CHAIN DIVERSIFICATION FOR APPLE. CHINA MANUFACTURES 90% OF IPHONES TO AIRPORTS. TIM COOK SAYS APPLE IS TAKING ALL THE LEARNED IN CHINA AND BRING THAT TO BEAR HERE IN INDIA. [INDISCERNIBLE] INDIA IS A TIMELY MARKET FOR APPLE THE JUST ABOUT $6 BILLION IN ANNUAL SALES LAST YEAR WHICH IS ABOUT 15% MORE THAN THE YEAR BEFORE. LOCAL MANUFACTURING WILL ALLOW APPLE TO REDUCE SOME OF THE IMPORT TAXES IT PAYS AND MAKE IT PRODUCT LESS EXPENSIVE FOR INDIAN CONSUMERS.
TWO OF APPLE'S THREE CONTRACT MANUFACTURERS IN THE COUNTRY ARE MAJOR BENEFICIARIES OF THE FLAGSHIP PRODUCTION INCENTIVE SCHEME LAUNCHED BY THE PRIME MINISTER'S GOVERNMENT. INDIA IS HOPING THAT APPLE CAN HELP BUILD A MANUFACTURING ECO-SEASON -- THAT BOOSTS IMPORTS AND EXPORTS. ED: LET'S GET MORE ON APPLE'S NEW EXPANSION IN INDIA AND BRING IN MARK GURMAN. YOU REPORTED A FEW WEEKS AGO THAT EVEN INTERNALLY, APPLE HAS BEEN RESTRUCTURING TO BETTER SERVE THAT MARKET IN INDIA. WHAT IS THE LATEST THERE? >> OUTSIDE OF THESE TWO RETAIL STORES, THEY ARE PROBABLY NOT GOING TO MOVE THE NEEDLE FOR APPLE AS A COMPANY REVENUE WISE EVEN IN INDIA ITSELF. MOST APPLE PRODUCTS IN INDIA AND ELSEWHERE ARE GOING TO BE BOUGHT BY CONCERNS AT THIRD-PARTY RETAIL STORES OR ONLINE.
THIS SHOWS APPLE'S DEDICATION TO THE AREA IN THESE STORES ARE NOT SMALL INVESTMENTS. YOU HAVE TO HIRE OVER 100 PEOPLE PER STORE AND DO INVENTORY AND THEY ARE SETTING UP CLASSES IN INDIA AND INTERNALLY, THEY ARE RESTRUCTURING THEIR SALES ORGANIZATION SO THE HEAD OF INDIA'S SALES, WHAT'S KNOWN AS THEIR MANAGING DIRECTOR FOR INDIA, IS NO GOING TO REPORT DIRECTLY TO APPLE'S HEAD OF SALES GLOBALLY. THAT WILL BE A FIRST. PREVIOUSLY, YOU HAD A VICE PRESIDENT IN BETWEEN YOU OVERSAW INDIA AND OTHER EMERGING MARKETS LACED -- LIKE EASTERN AND AFRICA. THAT ELEVATES THE IMPORTANCE OF INDIA IN THE COMPANY'S OPERATIONS. ED: THERE IS A LOT OF DATA WHEN IT COMES TO APPLE FLYING OUT OF INDIA NOW. THE LATEST REPORT FROM
BLOOMBERG'S FROM A SALES PERSPECTIVE OF $6 BILLION FOR 12 MONTHS THROUGH MARCH. THAT'S ONE SIDE OF THE STORY AND THE OTHER IS SUPPLY CHAIN AND MANUFACTURING DATE AND THE LATEST REPORTING FROM BLOOMBERG IS THE DOLLAR VALUE OF EXPORTS OF IPHONES CONSTRUCTED IN THAT NATION. WHAT IS THE STRATEGY FOR APPLE IN HAVING A SUPPLY CHAIN BASIN THAT NATION? >> THE STRATEGY IS TWOFOLD -- YOU REALLY NEED TO MANUFACTURE DEVICES YOU ARE SELLING IN INDIA IN INDIA ITSELF TO SAVE ON SOME OF THE IMPORT TAXES WHICH ARE INCREDIBLY HIGH AS THEY ARE IN BRAZIL. THAT'S ANOTHER PLACE APPLE HAS SET UP SHOP TO PRODUCE IPHONES ON THE BIGGER CAN TONE IT IS DIVERSIFICATION. APPLE HAD MOSTLY PRODUCED ITS DEVICES IN CHINA. OVER THE LAST FOUR OR FIVE
YEARS OR SO, YOU SEEM ISSUES RELATED TO TARIFFS WITH POTENTIAL TRADE WAR BETWEEN THE U.S. AND CHINA AND THIS COVID ZERO POLICY IN CHINA, THE IMPACT OF THE VIRUS IN CHINA AND ON APPLE'S PRODUCTION. YOU SEEN MANY DELAYS TO KEEP THE MACBOOK PRO IN FORCE. TWO YEARS INTO COVID, YOU SAW IT A MAJOR SHUTDOWN AT FOXCONN THAT PREVENTED APPLE TO SELL SOME PRODUCTS.
YOU HAVE TO DIVERSIFY TO AVOID PROBLEMS LIKE THAT THAT'S WHAT YOU ARE SEE -- SEEING APPLE LAY THE GROUNDWORK FOR IN INDIA BUT PLACE LIKE VIETNAM AND ASIA AND ASIA IN THE LITTLE BIT OF IRELAND. ED: LET'S GO MORE GLOBAL. WE ASKED THE AUDIENCE THAT IF YOU COULD BUY AN APPLE PRODUCT, WHEN DO YOU DO IT? IN-STORE OR ONLINE OR FROM A THIRD-PARTY? 55% OF RESPONDENTS ONLINE IS WHERE THEY ARE BUYING. WHAT IS THE STORE STRATEGY BROADLY FOR APPLE? WAS THE FUTURE OF THE APPLE STORE? >> THAT POLL IS A LITTLE SKEWED AND IT WAS A TWITTER: PERHAPS THE AUDIENCE ARE PEOPLE WHO WANT TO GO 20 APPLE STORE TO BUY AN IPHONE AND LIVE NEAR ONE BUT THE VAST MAJORITY OF IPHONES ARE PURCHASED THROUGH THIRD-PARTY RETAILERS AND CARRIERS WHETHER THAT'S YOUR VERIZON STORE IN THE U.S.
OR O2 STORE IN THE U.S. OR BEST BUY OR TARGET WERE ELSEWHERE IN THE U.S. OR CARPHONE WAREHOUSE IN EUROPE. APPLE REALLY WANTS A LOT MORE OF THOSE SALES TO FLOW THROUGH ITS OWN RETAIL STORES. WE HAVE SEEN A SLOWDOWN IN EXPANSION OF RETAIL STORES OF THE LAST THREE OR FOUR YEARS PRIMARILY DUE TO COVID AND ANOTHER REASON WHY THEY HAVE SO MANY BUT YOU ARE SEEING THAT THEY ARE PUSHING MORE STORES IN THE ASIAN AREA WITH INDIA MORE OPEN AND IN INDIA AND IN MALAYSIA. THERE EXPANSION IS ASIA RELATED AT THIS POINT. ED: THE OTHER BIG STORY IS APPLE IN PARTNERSHIP WITH GOLDMAN SACHS OFFERING A SAVINGS ACCOUNT WITH A 4.15% YIELD. WHY IS APPLE DOING THAT?
>> THIS WAS INTRODUCED SEVERAL MONTHS AGO. IT WAS A LITTLE BIT DELAYED AND IS NOW ROLLING OUT IN THE WALLET APP. SOME PEOPLE THINK APPLE HAS BIG AMBITIONS HERE AND THAT IS TRUE. THE REALITY IS THAT THIS WILL STILL BE U.S. ONLY AN APPLE CART ONLY AND THIS WILL EVENTUALLY EXPAND AS THE APPLE CARD EXPANDS HOPEFULLY. MANY PEOPLE IN EUROPE WANT THEIR HANDS ON THAT. 4.15% IS A GOOD RATE AND THAT'S
A QUARTER PERCENT HIGHER THAN THE RATE THAT GOLDMAN OFFERS IN A SAVINGS ACCOUNT THROUGH THE GOLDMAN SACHS WEBSITE VERSUS THE APPLE CARD AND THIS IS APPLE WANTING TO GIVE MORE PEOPLE REASONS TO HOLD ONTO THEIR IPHONES. IT WILL MAKE IT ALL BUT IMPOSSIBLE WHEN YOU ADD A NEW FEATURE TO SWITCH AWAY TO ANDROID. ED: THAT'S THE LATEST ON APPLE, THANK YOU. COMING UP, REVENUE FOR FIXED INCOME IS ONE OF THE MAIN HIGHLIGHTS AS BIG BANKS LIKE GOLDMAN SACHS AND BANK OF AMERICA REPORT QUARTERLY RESULTS. MORE ON HOW THEY PERFORMED COMING UP. LET'S LOOK AT SOME OF THE STOCKS.
SOME INTERESTING NUMBERS BUT IF YOU LOOK AT THE EQUITY MARKET IN THE BANKING SPACE, GOLDMAN IS DOWN 1.5% AND BANK OF AMERICA IS DOWN. WE WILL ASK WHITE NEXT. THIS IS BLOOMBERG. -- WE WILL ASK WHITE NEXT.
THIS IS BLOOMBERG WE WILL ASK WHY NEXT. THIS IS BLOOMBERG. ED: QUARTERLY RESULTS FROM BANK OF AMERICA AND GOLDMAN SACHS SHOULD DIFFERENT APPROACHES TO FIXED INCOME TRADING WITH BANK OF AMERICA TAPPING ESTIMATES AS FIXED INCOME TRADING DRIVE PROFITS BUT GOLDMAN SACHS FAILED TO CAPITALIZE ON THE TREND. GIVE ME THE BANKING SCORECARD THIS TUESDAY MORNING. SANALI:
IT'S HARD NOT TO PAY ATTENTION TO THIS RATING NUMBERS BECAUSE THEY POSTED A DROP AT GOLDMAN SACHS RELATIVE TO THE OTHERS THAT WAS WORTH NOTICING BECAUSE YOU SAW BEATS AT CITIGROUP AND BANK OF AMERICA. I WOULD STILL SAY THAT THESE ARE BROADER MARKET MOVES BECAUSE YOU HAVE THE COMMODITY BUSINESS NOT AS STRONG AS IT WAS A YEAR AGO AND MASSIVE VOLATILITY IN THE INDUSTRY AND THE SAME WITH CURRENCIES. GOLDMAN SACHS CUT THEIR HEADCOUNT WHILE BANK OF AMERICA BECAME THE THIRD BIG BANK TO SHOW IN INCREASING HEADCOUNT WISHES AND INCREASING THE INTERESTING STORY WHERE WE'VE SEEN PRESSURE ON JOBS ACROSS THE MARKET.
LOOKING AT THE TECHNOLOGY ANGLE, GOLDMAN, IS PEOPLE LOOK TO HOW THEY READ THE FIRM WILL ADD THE CONSUMER BUSINESS TIED TO MARKETS WHICH IS OF A HIGH INTENTION AND YOU HAVE DATA SAYING THEY ARE EXPLORING A SALE OF GREEN SKY WHICH IS THE INSTALLMENT LENDING PLATFORM THEY BOUGHT A COUPLE OF YEARS AGO. GOLDMAN IS TRANSFORMING ON ITS RESULTS IN THE NEAR TERM BUT WE ARE LOOKING TO THE OTHER SIDE. BANK OF AMERICA BRINGING IN LOTS OF DEPOSITS WITH NEW CLIENTS AS DEPOSITS ARE UNDER PRESSURE AS WE LOOK HOW THE BANKING TUMBLE STARTS TO PLAY OUT. ED: THERE IS ALSO TENSION FOR GOLDMAN WITH QUESTIONS ABOUT YOU HAVE MARKETS BUT YOU HAVE APPLE SAVINGS AT 4.1% YIELD SO DON'T THEY DO THE SAME THING? SANALI: THE ANSWER IS NO. THEY HAVE FOLDED THE PLATFORM SOLUTIONS BUT IT 4.15%, THIS
INTENT YIELD YOU ARE GETTING FROM THE APPLE SAVINGS WITH GOLDMAN SACHS IS LOWERING THE COST OF FUNDING FOR GOLDMAN SACHS WHEREAS THEY ARE SELLING LOANS ASSOCIATE WITH THAT MARKET PORTFOLIO AND LENDING INTO PRIVATE WEALTH. ED: COMING UP, WE WILL LOOK AT THE STATE OF DATA SECURITY. THERE WERE QUESTIONS AROUND THE RIGHT WAY OF PROTECTING DATA, THAT'S NEXT. THIS IS BLOOMBERG. ED: WELCOME BACK TO BLOOMBERG TECHNOLOGY.
LET'S GET A CHECK ON THE MARKETS. WE TURNED A CORNER IN THE LAST FEW MINUTES WITH THE NASDAQ 100 SLIGHTLY HIGHER WITH OUTPERFORMANCE IN THE CHIP SECTOR AND COMMENTS FROM THE ST. LOUIS FATE -- FED PRESIDENT SAID MORE HIKES ARE ON THE TABLE.
THE MARKET DIGESTING THAT'S A LOOK AT THE SHORT END OF THE CURB WITH THE TWO-YEAR UP BY THREE BASIS POINTS. BITCOIN IS HOLDING ABOVE 30,000 U.S. DOLLARS PER TOKEN. CONTINUING TO TRACK THAT IN THE RISK ASSET SPACE. WE ARE KEEPING AN EYE ON SOUTHWEST AIRLINES.
A TECHNOLOGY ISSUE TEMPORARILY GROUNDED A NUMBER OF FLIGHTS THAT THE SOUTHWEST TEAM HAD TO COORDINATE WITH THE FAA. WE ARE OFF SESSION LOWS BUT STILL AT 1.2% LOWER SO LET'S GET THE LATEST DETAILS WITH CATHERINE LARKIN AT BLOOMBERG NEWS. WHAT HAPPENED? >> THANKS FOR HAVING ME. YET AGAIN, WE'RE SEEING SOUTHWEST WITH THE BIG OPERATIONS PROBLEM, 16 MINUTE GROUND CALL DELAYED OVER 1000 PLANES THIS MORNING AND THEY SAID IT HAD TO DO WITH A SUPPLIER FIREWALL THAT PREVENTED PLANES FROM TAKING OFF OR LEAVING THE GATE.
THIS IS A SHORT-TERM PROBLEM, 16 MINUTES BUT IT CAUSED A BIG MESS THIS MORNING. ED: THE STOCK IS DOWN ONE POINT 2% AND WE HAD BEEN MARKEDLY LOWER. IT WAS 16 MINUTES OF CHAOS BASICALLY. HOW IMPACTFUL WAS IT FOR
FLIGHTS AROUND THE COUNTRY? >> THE PROBLEMS SEEM TO EMERGE BEFORE THAT WAS PUT IN PLACE. OVER 1000 FLIGHTS WERE DELAYED. WE WOULDN'T BE SURPRISED TO SEE SEVERAL OF THESE FLIGHTS BE CANCELED BY THE END OF THE DAY. THIS IS AN ONGOING PROBLEM FOR SOUTHWEST. IN DECEMBER, THEY STRANDED TENS OF THOUSANDS OF PASSENGERS AROUND THE HOLIDAYS. THEY ARE JUST SEEING REPEAT PROBLEMS WITH THEIR OPERATIONS AND THEIR SCHEDULING AND IF IT'S A VENDOR ISSUE, THAT ULTIMATELY COMES DOWN TO MANAGEMENT BEING ACCOUNTABLE.
ED: I REMEMBER LAST MONTH, THERE WAS A PARTNERSHIP ANNOUNCED BETWEEN PARTNERSHIP AND AWS ON THE CLOUD SIDE TO RECTIFY THE LONG-STANDING, TECHNOLOGICAL ISSUES. IT BEGS THE QUESTION OF WHAT HAPPENS NEXT FOR THEM. >> THEY WILL HAVE TO ANSWER QUESTIONS. THEY BEEN TALKING ABOUT THIS FOR THE LAST SEVERAL MONTHS AND THEY SAY THEY ARE PUTTING NEW SYSTEMS IN PLACE TO PREVENT THESE ISSUES BUT HERE WE GO AGAIN TODAY WITH A MAJOR ISSUE, NOT SOMETHING WE SEE EVERY DAY.
THEY WILL HAVE THEIR EARNINGS AND ANOTHER COUPLE OF WEEKS, APRIL 27 AND MANAGEMENT WILL BE ASKED TO ANSWER FOR THIS. THIS IS UNACCEPTABLE AND I THINK THE FLYERS WILL START TO THINK TWICE WHETHER THEY WANT TO BOOK WITH SOUTHWEST. ED: CATHERINE LARKIN, THANK YOU SO MUCH. LET'S MOVE FROM TRANSPORT TO CYBER. THE EUROPEAN UNION JUST PROPOSED SEVERAL CYBERSECURITY EFFORTS AIMED AT BOLSTERING THE RESPONSE TO ONLINE THREATS AND THE NEW PLAN WHICH NEEDS TO BE APPROVED WITH LINK NATIONAL CROSS-BORDER OPERATION CENTERS ACROSS THE EU TO. TECH AND ACT ON THREATS WHAT
ABOUT THE USA? HOW ARE ORGANIZATIONS GRAPPLING WITH DATA SECURITY AND WHAT MORE CAN BE DONE? LET'S SPEAK WITH THE CEO OF RUBRIC IN SAN FRANCISCO. YOU PUT OUT A WIDE-RANGING REPORT CITING COMPANIES ACROSS THE COUNTRY GLOBALLY WHO KEEP TELLING US WE ARE INVESTING IN CYBERSECURITY AND DATA PROTECTION, WHAT DID YOUR REPORT FIND? >> THEY ARE STILL NOT SECURE. WHAT WE FOUND IS EVERY ORGANIZATION IS BEEN INFILTRATED.
99% OF THE SECURITY WE SURVEYED REPORTED A CYBER INCIDENT. 52 TIMES LAST YEAR'S ALMOST ONE CYBERATTACK PER WEEK AREA THIS MEANS THAT ALL THE TOOLS AND TECHNOLOGY THEY HAVE EMPLOYED OVER THE YEARS IS NOT SUFFICIENT AND IT'S NOT WORKING. ED: PART OF YOUR SURVEY WAS MANY CASES, COMPANIES HAVE A BACKUP PLAN BUT THE BACKUP PLAN DOESN'T WORK. IS THAT A LACK OF INVESTMENT OR LACK OF CARE OR A LACK OF STRATEGY? WHAT IS THE CORVETTE VULNERABILITY? >> LEGACY BACKUP WAS BUILT FOR HUMAN ERROR RECOVERY WERE NATURAL DISASTER RECOVERY BUT IT WAS NOT MEANT FOR CYBER.
WHAT WE FOUND IS THAT NINE OUT OF THE 10 ORGANIZATIONS ACTUALLY SOUGHT AN ATTEMPT TO MANIPULATE THEIR BACKUP AND WHAT WAS INTERESTING IS THAT THREE OUT OF THE FOUR ATTEMPTS WERE SUCCESSFUL SO THE BAD GUYS KNOW IS A VULNERABILITY AND THEY ARE GOING AFTER IT. ED: THE BEHAVIOR OF THE ATTACKERS ARE INTERESTING AND RANSOMWARE IS A GREAT EXAMPLE WITH LOTS OF INCIDENTS OF LATE WHERE IN A RANSOMWARE ATTACK, THE HACKERS LEAK THE INFORMATION THEY OBTAIN IN ORDER TO INDUCE A PAYOFF. HOW DO YOU PROTECT AGAINST THAT? >> THAT IS A PARTICULARLY NASTY PROBLEM. OVER 72% OF THE ORGANIZATIONS WE SURVEYED PAID THE RANSOM. THAT WAS AN INCREDIBLE STAT AND ONLY 16% OF THESE ORGANIZATIONS AFTER PAYING RANSOM WOULD RECOVER THEIR DATA USING A SPECIFIC TOOL FROM THE THREAT ACTORS.
ESSENTIALLY, BUSINESSES AT THEIR WITS END TO TAKE CARE OF THE RANSOMWARE PROBLEM NOT ONLY IN TERMS OF LOCKING UP DATA BUT IN TERMS OF EXPOSURE OF THEIR BUSINESS CRITICAL DATA WHETHER IT'S CUSTOMER DATA OR THEIR OWN. ED: YOU'VE BEEN QUITE OPEN ABOUT CYBERSECURITY INCIDENTS WHERE HACKERS LEAK SOME DATA LINKED TO YOU. DID YOU PAY A RANSOM IN THAT CASE? >> A THREAT ACTOR GOT HOLD OF ONE OF OUR SYSTEMS AND WE ACTUALLY LAID OUT WHAT HAPPENED. IT WAS A CASE STUDY AS TO HOW THEY ENTERED AND WHAT THEY DID. THE THREAT ACTOR PUT OUR NAME IN THEIR NAME OF SHAME WEBSITE. ED: SO YOU DID PAY THE RANSOM. >> IT IS VERY CLEAR WHAT WE DID. WE USED RUBRICS TECHNOLOGY TO
RESTORE OUR SERVICES. THIS IS OUR MESSAGE THAT ATTACKS ARE INEVITABLE AND BUSINESSES NEED TO HAVE A LOT OF STRATEGY AS OPPOSED TO JUST PREVENTION. ED: INVESTORS ARE INTERESTED IN RUBRIC GLOBALLY.
DO YOU TAKE THE OPPORTUNITY AND GO PUBLIC? HAVE YOU THOUGHT ABOUT A TIMELINE TO AN IPO? >> WE WANT TO BE A PUBLIC COMPANY. WE ARE DOING WORK ON OUR END TO PREPARE OURSELVES AND WE ARE LOOKING AT THE MARKETS AND TRYING TO UNDERSTAND HOW THE MARKET WORKS. WE WANT TO BE READY WHEN THE MARKET IS READY AND WE ARE READY. ED: THANK YOU FOR JOINING ME HERE IN SAN FRANCISCO.
AS WEEK RAMP UP TO EARTH DAY THIS SATURDAY, THERE ARE NEW TECHNOLOGIES IN THE FIGHT AGAINST CLIMATE CHANGE LIKE AIR TRAVEL. STEVE RAPOPORT HAS MORE. ♪ >> THE RACE TO RECENT -- TO REDUCE CARBON EMISSIONS FROM AIR TRAVEL IS A MULTIPLE MILESTONES WERE TO COME BUT HE'S SUCCESSFUL TEST FLIGHTS OF HYDROGEN POWERED AIRCRAFT. ZERO OBVIOUS THAT IT SUCCESSFULLY CONDUCTED A TEST FLIGHT OF A HYDROGEN POWERED 19 SEAPLANE IN JANUARY AND A UNIVERSAL HYDROGEN PLANE IN JANUARY HAD A SUCCESSFUL 15 MINUTE FLIGHT IN WASHINGTON STATE.
>> IT IS THE BEGINNING OF A FLIGHT TESTING THAT WILL CULMINATE IN A 2025 ENTRY INTO PASSENGER SERVICE OF 50-60 SEAT REGIONAL AIRPLANES STARTING WITH THE ATR 72. >> THE PARIS AGREEMENT HAS NET ZERO BY 2050 AND HYDROGEN POWERED PLANES PRESENT ONE OF THE MOST PROMISING OPTIONS. >> AVIATION IS ONE OF THE FEW SECTORS THAT IS FORECASTED TO GROW EMISSIONS BY 2050. HYDROGEN PROBABLY REPRESENTS THE BEST THAT THE SECTOR HAS TO MAKE IT A MEANINGFUL DIDN'T COME ENOUGH TO OFFSET CONTINUED TRAFFIC GROWTH IN THE ONLY ALTERNATIVE WE HAS AN INTEREST HE IS CURTAILING TRAFFIC VOLUMES TO REDUCE EMISSIONS. >> THEY OPERATE REGIONAL FLIGHTS BETWEEN TORONTO AND CHICAGO AND PHILADELPHIA HAVE ALREADY PLACE AN ORDER TO CONVERT 75 PLANES TO HYDROGEN POWER AND AIR NEW ZEALAND IS WORKING WITH A SERIES OF PARTNERS OF AS IT LOOKS TO MAKE ITS AIRPLANES HAVE ZERO MISSIONS BUT SEVERAL HURDLES REMAIN INCLUDING HOW BEST TO TRANSPORT THE HYDROGEN AND SPACE LIMITATIONS OF HYDROGEN ABOARD THE AIRCRAFT WITH THESE TEST LIGHTS PRESENT A PROMISING STEP IN THE RIGHT DIRECTION AS AIRLINES WORK TOWARD REDUCED EMISSIONS. ED: LET'S STICK WITH THE HYDROGEN STORY.
NICHOLAS SHARES JUMPING AROUND 9% COMING OFF AN ALL-TIME LOW LAST FRIDAY. THIS IS STOCK IS -- THE STOCK IS THE BIGGEST TODAY GO -- GAIN GOING BACK TO OCTOBER. THEY WENT PUBLIC IN 2020 BUT THE LONG-TERM STORY IS AROUND MUCH AS BUILDING FUEL CELLS TRUCKS BUT HYDROGEN INFRASTRUCTURE TO POWER THEM. THEY ARE HEADING TOWARD PENNY STOCK TERRITORY. COMING UP, A PULSE OF THE VC LANDSCAPE AND WHAT AI HAS TO OFFER TO VENTURE CAPITALISTS. THAT'S NEXT. THIS IS BLOOMBERG. ♪ ED: TIME FOR THE VC ROUND UP AND LET'S START WITH DEVON WHO REIGNITED U.S. OIL AND GAS PRODUCTION IS NOW
GETTING INTO GEOTHERMAL ENERGY WITH A $10 MILLION INVESTMENT INTO A GEOTHERMAL STARTUP. IN EUROPE, VENTURE CAPITAL FIRMS ARE ON PACE FOR THEIR LOWEST EURO FUNDING SINCE 2015 AS THE WEAKER STOCK MARKET AND RISING INTEREST RATES IS CAUSING LARGER INSTITUTIONAL INVESTORS LIKE PENSION FUNDS TO PULL BACK IN THE VC SPACE. LET'S BRING IN THE BRACE GENERAL PARTNER. IN THE U.S. AND EUROPE AND GLOBALLY, YOU ISSUED THIS RALLYING CRY IN THE PANDEMIC YEAR AND YOU WANTED YOUR FOUNDERS AND CEOS TO BE MORE ACTIVE AND DO MORE AND YOU WANTED YOUR INDUSTRY PEERS TO DO MORE. THEN THE WORLD SORT OF FELL APART WITH HIGHER RATES AND THE WORK IN UKRAINE.
WHERE DOES YOUR RALLYING CRY SIT NOW? >> GOOD MORNING AND GOOD TO SEE YOU. I THINK THIS IS AN ECONOMIC ENVIRONMENT THAT CLEARLY IS NOT FOR THE FAINT HEARTED. WE HAVE SEEN VC FUNDING FOR STARTUPS DROPPED 50% DOWN TO $56 BILLION GLOBALLY IN THE FIRST QUARTER.
THEN WE SAW THE FRENZY OF THE SPEC DEAL THAT WENT AWAY IN THE IPO MARKET WAS AT AN ALL-TIME LOW ALSO HAS SILICON VALLEY BANK THAT WENT UNDER AFTER FOUR DECADES OF SERVICE SPECIFICALLY. THESE ARE HUGE MONUMENTAL IMPACTS WE ARE SEEING IN THE INDUSTRY. ED: I'M INTERESTED IN THE RELATIONSHIP BETWEEN THE PUBLIC AND PRIVATE MARKETS BUT ALSO HOW YOU FOLLOWED THE MARKETS.
ONE OF THE STORIES TODAY IS FED SPEAK WITH THE FED SAYING MORE HIKES. WHEN YOU THINK ABOUT AN INFLATION REGIME, HOW DOES THAT IMPACT THE MINDSET OF A VENTURE CAPITALIST? >> IT CLEARLY HAS AN IMPACT ON VALUATIONS SO YOU LOOK AT STRIKE DOWN 30% DURING THIS TIME SO WE HAVE LATE STAGE DEALS WHEN THE PRICE GOES DOWN AND IT WILL TRICKLE DOWN TO THE EARLIEST ONES. THE IMPACT TO THE DEALS THAT MY TEAM AND I AT RISK CAPITAL HAVE , THE IMPACT IS BEEN A LOT LESS BECAUSE PEOPLE ARE STILL VERY OPEN TO LOOK AT A LONGER TIME HORIZON FOR TECHNOLOGICAL INNOVATION. ED:
WE DISCUSSED THE CONTRAST ON THE PROGRAM WITH A DOUR OUTLOOK FROM VCS AND A LOT OF EXCITEMENT ABOUT THE SEED AND PRECEDE STAGE. IS IT BECAUSE IT'S EASIER TO WRITE A SMALLER CHECK AND NOT LOSE AS MUCH SLEEP OVER IT? >> I DON'T THINK THAT'S THE CASE. IT HAS MORE TO DO WITH THE PIECES ITSELF. IF YOU LOOK AT WHAT WE DO, BECAUSE WE ARE EARLY, WE HAVE TO LOOK OUT FOR THE KIND OF COMPANY AND TECHNOLOGICAL INNOVATION AND WHAT WOULD HAPPEN TO THEM AND WHAT IMPACT THEY WOULD HAVE 10 YEARS DOWN THE ROAD OR SOMETHING LONGER. DOWNTURN HAS ALWAYS BEEN PROVEN.
I HAVE GONE THROUGH LARGE COMPANIES WITH UP IN DOWN TURNS AND THERE'S NO BETTER TIME TO INVEST IN EARLY-STAGE THINGS FOR A NEW INVENTION OF THE OUTLOOK OF HOW THE WORLD WILL EVOLVE 10 YEARS DOWN THE ROAD. ED: ARTIFICIAL INTELLIGENCE -- HOW MANY TIMES OF DAY DO YOU SAY THOSE WORDS? >> NOT ENOUGH. EVERY STREET CORNER, EVERY CONVERSATION IN THE OFFICE, IT'S ABOUT THAT. ED: YOU ARE INVESTING THE AREA? >> WE ARE. ED: AND HOW ARE YOU INVESTING? >> WE ARE SPECIFICALLY FOCUSED ON THE IMPACT OF THIS LEVEL GENERATED BY AUTOMATION IN THE ENTERPRISE. WE THINK THE BIGGEST
OPPORTUNITY IN THE SAFEST PLACE TO DEPLOY IS INSIDE THE ENTERPRISE ITSELF. PHARMACEUTICALS, GOVERNMENTS, THOSE ARE GREAT PLACES WHERE THEY ARE LEARNING AND THEN YOU CAN CONTROL AND IT PAYS THEM GOVERNMENTS HOW AI WILL BE USED. ED: YOU HAVE THIS RACE BETWEEN ALPHABET AND MICROSOFT. YOU ALSO MAY HAVE HEARD OF ELON MUSK. WHAT DO YOU MAKE OF HIM SAYING I WILL GET INTO THE AI RACE? >> I THINK IT WILL BE SOMETHING VERY DIFFICULT.
YOU PUT IT IN CONTEXT AND WE HAVE NOT SEEN THE DISRUPTIVE TECHNOLOGY LIKE THIS SINCE THE LATE 90'S AND HAVE THE INTERNET HAPPENED AND WHAT HAPPENED TO MICROSOFT. THEY WERE BEHIND IN THEIR BROWSER AND MICROSOFT AND THIS IS EVEN BIGGER. WE SOUGHT MICROSOFT TO A DEAL THAT'S OVER $10 BILLION OF OPEN AI WHICH IS A COMPANY NO ONE HEARD OF. THINK OF THIS CONTEXT AND NOW THEY ARE USING THIS TO DISRUPT GOOGLE WHICH HAS A FRANCHISE FOREVER ON SEARCH WITH $1.3 TRILLION. THIS IS THE ONLY TIME WE HAVE
SEEN A LITTLE COMPANY MAKE -- HAVE A CHANCE TO MAKE A HUGE IMPACT. ED: WE'VE BEEN TALKING TO AI BUT WE HAVEN'T TALKED ABOUT CRYPTO AND THAT WAS AN AREA WHERE YOU MADE SOME PRETTY FAST AND GOOD BETS. WOULD YOU CHANGE HOW YOU DO DUE DILIGENCE NOW? >> CRYPTO WAS THE LAST EXCITEMENT WE SAW IN 2021. WE MADE SOME EXTREMELY GOOD THAT'S ED:. AND SOME BAD BETS?
>> AND SOME BAD ONES BUT NOT HUGE. YOU LOOK AT WHAT HAPPENED TO CRYPTO IN ITS ADDRESSING MORE ADDRESSABLE MARKET. IT'S FAR SMALLER THAN COMPARING TO AI. THE MAGIC OF RAISING CAPITAL AS A FUND IS WE'VE ALWAYS SAID WE HAVE ALL OF OUR INFRASTRUCTURE AND WE DO THEM ALL. ED: THANK YOU SO MUCH FOR BEING WITH US. COMING UP, LULULEMON BE LOOKING TO SELL ONE OF ITS MOST RECENT ACQUISITIONS.
WHY IS THIS BEING EXPLORED NOW AND WE WILL LOOK AT THE SHARES AS WE GO TO BREAK. THIS IS BLOOMBERG. ED: LULULEMON IS EXPLORING THIS SALE OF MIRROR ONLY THREE YEARS AFTER BUYING THE FITNESS EQUIPMENT COMPANY. THEY STRUGGLED POST-PANDEMIC AS CONSUMERS ARE HEADING BACK TO GYMS FOR MORE IN PERSON WORKOUTS. IT FELLS LIKE YESTERDAY THAT WE TALKED ABOUT THE DEAL GOING AHEAD. >> WE TEND TO SEE THIS WITH COMPANIES GETTING IN A MODE WHERE THEY ARE BUYING ASSETS IN A FEW YEARS LATER, THEY WILL SELL ASSETS. BANKERS LUCKILY GET TO WORK ON BOTH SIDES OF THE DEAL SO EVERYONE IS HAPPY IN TERMS OF GETTING PAID.
LULULEMON IS LOOKING TO RECOUP SOME OF THE $500 MILLION THEY INVESTED. ED: THAT RAISES THE QUESTION OF VALUATION, WILL THEY SELL IT FOR PROFIT? >> AT THIS POINT, WE DON'T KNOW EXACTLY WHAT THE DEAL WILL FETCH BUT IT SEEMS PRETTY CLEAR THAT THEY WON'T GET 500 MILLION DOLLARS BUT THEY ARE TRYING TO RECOUP SOME OF THE INVESTMENT. FROM WHAT I'VE SEEN, IT HAS NOT PERFORMED THAT WELL FOR LULULEMON. IT'S NOT CLEAR IF IT MAKES MONEY IN THE COMPANY TOOK A CHARGE OF $443 MILLION EARLIER THIS YEAR. CLEARLY, IT'S NOT A HUGE
MONEYMAKER. THAT COULD WEIGH ON THE VALUATION. ED: IT TAKES TWO TO TANGO AND SOMETIMES MORE BUT WHO COULD BUY MIRROR? WE MENTIONED THE CHANGING HABITS FOR REMOTE FITNESS AND WORKING OUT AT HOME AND A LOT OF COMPANIES ARE CHALLENGED RIGHT NOW SO PELOTON MAKES SENSE AS A BUYER BUT THEY DON'T HAVE THE MONEY GIVEN THE CHALLENGES THEY HAVE. TONAL IS ANOTHER COMPANY AND THEY SWITCHED OUT THEIR CEO AND CUT THEIR VALUATION SO IT'S KIND OF UNCLEAR IF THERE IS A STRATEGIC COMPETITOR OUT THERE THAT CAN BY THIS. POTENTIALLY PRIVATE EQUITY WITH LOVES TO LOOK AT UNLOVED ASSETS TO SEE IF THEY CAN DO A TURNAROUND.
I WOULD IMAGINE THE INVESTMENT BANKERS WORKING ON LULULEMON ARE CASTING A WIDE NET TO FIND A POTENTIAL BUYER. ED: VERY QUICKLY, DO WE HAVE A TIMELINE ON THIS DEAL? >> AT THIS POINT, IT'S PRETTY EARLY. WE KNOW A BANK IS ENGAGED ON THIS SO I WOULD SAY PROBABLY A FEW MONTHS FROM NOW BUT IT'S HARD TO SAY WITH DEALS. LULULEMON CAN ALWAYS HOLD ONTO THE ASSET IF THEY DON'T GET WHAT THEY LIKE. THEY MIGHT JUST SHUT IT DOWN OR DO SOMETHING ELSE WITH IT, WE WILL KEEP YOU POSTED. ED: THANK YOU VERY MUCH. THAT DOES IT FOR THIS EDITION
OF BLOOMBERG TECHNOLOGY. IN THE NEXT HOUR, RYAN REYNOLDS JOINS US, WELL-KNOWN TECHNOLOGY INVESTOR AND FOOTBALL CLUB OWNER. DON'T FORGET, CHECK OUT OUR PODCAST.
2023-04-22 12:14
