Apple's CFO Change, Meta Pressure on Covid-19 Posts | Bloomberg Technology
>> FROM THE HEART>> OF WHERE INNOVATION, MONEY, AND POWER COLLIDE IN SILICON VALLEY AND BEYOND, THIS IS "BLOOMBERG TECHNOLOGY," WITH CAROLINE HYDE AND ED LUDLOW. CAROLINE: LIVE FROM NEW YORK AND SAN FRANCISCO, THIS IS "BLOOMBERG TECHNOLOGY ." CHANGE AT APPLE AS THE CFO STEPS BACK AND THEY PROMOTE FROM WITHIN. WE HAVE THE DETAILS ON THE NEW
FINANCE CHIEF. ED: MARK ZUCKERBERG SAYS THE GOVERNMENT PRESSURED FACEBOOK TO CENSOR COVID POSTS DURING PANDEMIC AND HE REGRETS GIVING IN. CAROLINE: AND THE KELCE BROTHERS WIN BIG AFTER TAYLOR SWIFT BUMPS THE AUDIENCE. THAT AND SO MUCH MORE, BUT FIRST LET'S CHECK ON THE MARKETS. WE ARE BEING WHIPSAWED BY ONE NAME IN FOCUS AHEAD OF NVIDIA EARNINGS, THE NASDAQ 100 IS CURRENTLY UP .5%. THE TWO-YEAR YIELD, THERE IS AN AUCTION.
10 YEAR YIELDS HAVE BEEN MOVING SOME. IN THE MOMENT -- AT THE MOMENT WE ARE IN A HOLDING PATTERN BEFORE THE KEY MACRO MODE -- MOVEMENT TOMORROW. BITCOIN, RAMPING UP OVER THE WEEKEND, 61,008 HUNDRED IS WHERE WE CURRENTLY TRADE. WHAT ARE YOU WATCHING ON THE MICRO? ED: APPLE, HIGHER, HAD BEEN LOWER, ON THE NEWS OVER THE CFO. WE WILL GET MORE ON THAT IN A LITTLE BIT.
JD.COM, 5 BILLION DOLLARS SHARE BUYBACK. POSITIVE. WHY? IT'S A TOUGH ENVIRONMENT FOR E-COMMERCE IN CHINA. THIS IS SOMETHING THAT IS SHAREHOLDER FRIENDLY WHILE THE MACRO PICTURE DETERIORATES. CAROLINE: IT IS UGLY OUT THERE FOR PDD ONCE AGAIN. LET'S FOCUS ON SOME SUPPORTING THE MARKET, OTHERS HURTING THE BRAND. IT WAS A SHOCK TO THE SYSTEM
THAT PDD WASN'T DOING AS WELL AS ANTICIPATED. WHAT DOES IT MEAN IN A BROADER CONTEXT WHEN IT COMES TO CHINA? >> THERE'S A LOT OF CONCERN OVER THE STRENGTH OF THE CHINESE ECONOMY RIGHT NOW. A COMPANY LIKE THIS, SO TIED TO THE CONSUMER, GIVING A TEPID, CAUTIOUS OUTLOOK, IS A REASON TO HAVE BROADER CONCERNS ABOUT THE STATE OF THINGS THERE IN THE OUTLOOK FOR CHINA GOING FORWARD. WE SAW THAT STOCK DROPPED 20% YESTERDAY, LOWER YESTERDAY. BROADER CONCERNS NOW ABOUT THE STRENGTH OF ONE OF THE BIGGEST ECONOMIES IN THE WORLD. ED: THE JD.COM STORY IS A READTHROUGH WHERE THEY ARE
TRYING TO DISASSOCIATE THEMSELVES PERHAPS WITH THE WIDER E-COMMERCE PICTURE IN CHINA. BUYBACKS ALWAYS CHEER UP INVESTORS. RYAN: ABSOLUTELY. THIS AFTER WALMART CLOSED OUT THEIR STAKE AND THEY WERE TRYING TO SIGNAL A FOCUS ON SHAREHOLDER VALUE. CAROLINE: I AM JUST REALLY INTERESTED, ULTIMATELY, IN THE CONTEXT OF CHINA AND THE APPETITE AROUND SOLD OFF NAMES. AT WHAT POINT ARE WE LURED BACK IN? WE SAW A REAL VOLATILITY WHERE THE PEOPLE BOUGHT THE DIP. WHY NOT IN CHINA AT THE MOMENT?
RYAN: BROADER MACRO CONCERNS OVER THE ECONOMIC OUTLOOK WHERE PEOPLE ARE FEELING MORE POSITIVE ABOUT THE U.S., THEY ARE ANTICIPATING RATE CUTS. A LOT OF THE MAJOR STOCKS IN THE U.S. SEEM TO BE POSTING STRONG TRENDS, AI REMAINING A HUGE FOCUS AND ONE OF THE BIGGEST PLAYERS HERE IN THE U.S., SO IT'S A VERY EASY DECISION I THINK FOR PEOPLE TO CONTINUE LOOKING AT U.S. NAMES AND BUYING U.S. BIG TECH. ED: THAT PICTURE TELLS THE STORY THIS MORNING.
RYAN, THANK YOU VERY MUCH. LET'S GET A CLOSER LOOK AT TECH STOCKS THIS MORNING AND THINK ABOUT THE EQUITY MARKETS ON A MASSIVE WEEK. DENISE CHISHOLM IS THE DIRECTOR OF QUANTITATIVE MARKET STRATEGY AT FIDELITY. THERE IS A BIG MACRO EVENT ON WEDNESDAY, DON'T KNOW IF YOU HAVE HEARD ABOUT IT, NVIDIA SECOND-QUARTER EARNINGS. THE TIMING COMES AFTER MANY WEEKS OF CLEAR CAPITAL EXPENDITURE GUIDANCE. YOU TRACK THAT DATA AND YOU ASK
YOURSELF WHAT IT TELLS US. LOOKING AT A SALES, YOU MIGHT HAVE A DIFFERENT STORY? DENISE: I DO. THERE'S A LOT OF CONCERN AROUND HOW MUCH TECHNOLOGY COMPANIES ARE GOING TO HAVE TO SPEND AROUND, AND IT COULD BE A SIGNAL OF THE PEAK OF THE CYCLE. LOOKING AT THE DATA FOR THE OVERALL TECHNOLOGY SECTOR, CAPEX IS JUST PICKING UP. LOOKING AT IT RELATIVE TO SALES, IT HAS DECLINED OVER THE LAST YEAR AND IS IN THE BOTTOM HALF OF DISTRIBUTION.
THAT IS THE UNIQUE PART, THIS TIME, IN TERMS OF TECHNOLOGY. FREE CASH FLOW GENERATION IS MUCH DIFFERENT THAN ANYTHING WE HAVE SEEN IN THE PAST. ON THE FREE CASH FLOW GENERATION, THE STOCKS ARE STILL CHEAP ON A RELATIVE BASIS COMPARED TO THE REST OF THE MARKET, CUSHIONING THE BLOW TO THE EXTENT THAT FUNDAMENTALS HAVE PEAKED AND SLOWED. SOME OF THAT AVERSION MIGHT BE PRICED IN. ED: THERE IS AN INDEX LEVEL DISCUSSION TO BE HAD.
I KNOW YOU DON'T TRACK SPECIFIC NAMES, BUT THIS IS A FANTASTIC CHART. WHEN THE S&P 500 MOVES IN EITHER DIRECTION, IT'S USUALLY NVIDIA'S FAULT AND THE MARKET, THERE'S NOT MUCH LEFT THEREAFTER. WHAT DO YOU MAKE OF THAT DEPENDENCE ON HIGH CONCENTRATIONS AROUND SINGLE NAMES? DENISE: WE HAVE A LOT OF THAT DATA AND IT'S TRUE, WE HAVEN'T SEEN THE MARKET BECOME THIS CONCENTRATED OR BE THIS CONCENTRATED SINCE BASICALLY THE 80'S OR LATE 70'S.
BUT THAT CONCENTRATION LEVEL IN AND OF ITSELF DOESN'T NECESSARILY MEAN IT'S A NEGATIVE SIGNAL FOR THE MARKET GOING FORWARD. THE MARKET CAN STAY HEAVILY CONCENTRATED FOR AN EXTENDED PERIOD OF TIME. WE SAW THIS IN THE 40'S AND 50'S, WHICH IS NOT TO SAY THAT THAT IS AN EXACT PARALLEL. BUT THE BIFURCATION BETWEEN CAP WEIGHTED AND EQUAL WEIGHTED LAGGING, I THINK A LOT OF THE SIGNALS I'M SEEING SUGGESTS THERE MIGHT BE A BROADENING OUT OVER THE NEXT YEAR ON A RELATIVE BASIS WHERE IT IS NOT JUST TECHNOLOGY STOCKS BEING THE DOMINANT LEADERS AND THE MARKET MIGHT ACTUALLY ENCOMPASS MORE THAN THE INTEREST RATE SENSITIVE CYCLICAL SECTORS THAT ARE OUTPERFORMING AS WELL. THE UNIQUE PART OF THIS CYCLE WAS AROUND TECHNOLOGY FUNDAMENTALS. THEY DID SOMETHING ON AN AGGREGATE LEVEL I HAD NEVER SEEN IN MY DAY-TO-DAY DAYS GOING BACK TO THE 60'S, GOING FROM THE BOTTOM QUARTILE GROWTH TO TOP DECILE GROWTH IN UNDER A YEAR.
WHEN THAT HAPPENS, IT BEGETS RELATIVE OUTPERFORMANCE, WHICH WE HAVE SEEN. IT DOESN'T MEAN THAT THE TECHNOLOGY WILL LACK THE MARKET SO MUCH AS THE CASH GROWTH COULD BE DURABLE AND IT MAKES ROOM FOR OTHER SECTORS TO OUTPERFORM. CAROLINE: WHAT IS SO INTERESTING IS HOW ONE SIDE OF THE MARKET IS ON A SINGLE NAME. AT THE MOMENT, ANALYSTS, 66 SAVE I, ZERO SAY CELL. -- SAY BUY, 0 SAY SELL. BUT THE PRICE TARGETS ARE NOT AHEAD OF WHERE THEY CURRENTLY TRADE AND MOST OF THE ANALYSTS ARE SEEING LOWER. WHEN WE DO GIVE UP LEADERSHIP
WITH THE BIG TECH NAMES, IS IT NOT GOING TO BE -- IF THEY LAG, IT WON'T BE MADE UP FOR BY THE SMALLER PLAYERS SUDDENLY RALLYING? DENISE: YOU COULD END UP IN A SITUATION WHERE THE BIG NAMES CATCH UP TO THE PEOPLE-WEIGHTED INDICES. THE BIG DIFFERENCE INVESTORS ARE CONCERNED ABOUT IS WHAT WE SAW IN 2000, LET'S CALL IT THE MAG SEVEN THIS TIME VERSUS THE TECHNOLOGY BUBBLE LAST TIME, GOING DOWN ON AN ABSOLUTE BASIS. WHEN YOU ARE TALKING ABOUT MAYBE JUST LAGGING OR HANGING IN ON A RELATIVE PERSPECTIVE, GROWING INTO THE MULTIPLES, THAT'S A MUCH DIFFERENT STORY IN TERMS OF RISK REWARD AND IT SETS UP THE REST OF THE MARKET THAT HASN'T SEEN THE EARNINGS GROWTH RECOVERY WE HAVE SEEN IN THE CAP WEIGHTED INDICES TO PLAY OUT OVER TIME, GIVING DOMINANCE TO THE EQUAL WEIGHTED POTENTIAL ON RELATIVE PERFORMANCE. CAROLINE: ULTIMATELY, THOUGH, DOES TECHNOLOGY STILL LOOK LIKE IT WILL OUTPERFORM TO AN EXTENT WE HAVE ALMOST BECOME IMMUNE TO? DENISE: I THINK IT LOOKS LIKE POSITIVE RISK REWARD TO ME. I SAY THAT BECAUSE AFTER YOU HAVE SEEN FUNDAMENTAL INFLECTION LIKE WE HAVE SEEN, THE SECTOR CONTINUES TO OUTPERFORM BECAUSE THOSE FREE CASH FLOWS TEND TO BE DURABLE. THIS GOES BACK TO THE FACT THAT
IN A LOT OF MY DATA, 2022 LOOK LIKE A VERY SOFT HARD LANDING OR A VERY HARD SOFT LANDING. BUT IT DID LOOK LIKE A LANDING AND IF IT WAS, WE ARE IN THE EARLY TO MID STAGES OF WHAT COULD BE A MULTIPLE YEAR RECOVERY INCLUDING INTO TECHNOLOGY EARNINGS GROWTH. IF YOU COUPLE THAT WITH DURABLE CASH FLOW ON THE VALUATION DISCONNECT, STILL THE BOTTOM HALF OF THE RELATIVE DISTRIBUTION, ITS POSITIVE RISK REWARD. ED: VERY QUICKLY, HISTORICALLY WHEN THE S&P 500 GAINS DOUBLE DIGITS IN ONE EACH, IT DOES SO IN THE SECOND HALF OF THE YEAR.
WILL THAT HAPPEN? DENISE: THAT'S CORRECT. I CAN'T TELL YOU IF IT WILL HAPPEN, BUT YOU KNOW THE MATH, A BALL IN MOTION TENDS TO STAY IN MOTION. USUALLY THE STOCK MARKET GETS IT RIGHT AND IT MIGHT ACTUALLY BE TELLING YOU SOMETHING YOU DON'T KNOW ALREADY -- THAT YOU ALREADY KNOW ALREADY, THE S&P 500 MIGHT BE DISCOUNTING A SOFTER LANDING THAN YOU MIGHT THINK. CAROLINE: DEEP ANALYSIS, DENISE, THANK YOU FOR BEING WITH US. COMING UP, CLOSER LOOK AT POLARIS DAWN THAT DIDN'T HAPPEN.
THE SPACEX SPACE WALK MISSION, DELAYED. ED: WALMART, STORY BROKE IN THE LAST 10 MINUTES, THEY WANT TO EXPAND THE ONLINE MARKETPLACE, THE DIGITAL PLATFORM FOR THIRD-PARTY VENDORS. COMPETING WITH THE LIKES OF AMAZON AND ETSY. THEY ARE ADDING MORE STUFF TO IT. THINK ABOUT TRADING CARDS, PREOWNED WATCHES, IT'S ALL PART OF AN ANNOUNCEMENT THEY MADE OUT OF SAN FRANCISCO FOR THE SELLERS CONFERENCE. NOT MUCH IN TERMS OF BOOSTING THE STOCK. WE'LL TRACK IT.
CAROLINE: TAKING A LOOK NOW AT SPACE X, THE COMPANY DELAYED THEIR LAUNCH OF A PRIVATE ROCKET INTO SPACE, PART OF WHAT WOULD HAVE BEEN A GROUND WALK -- GROUNDBREAKING MISSION WITH THE WORLD'S FIRST COMMERCIAL SPACE WALK. LAUREN HAS BEEN ALL OVER THIS. HELIUM IS A RECURRING THEME WITH THESE SPACE ISSUES. LAUREN: IT IS A SMALL MOLECULE PRONE TO LEAKING, IT CAN FIND ITS WAY OUT OF SMALL CREVICES. [LAUGHTER] THIS COMES WITH THE TERRITORY, THERE IS ALWAYS SOME KIND OF DELAY, BUT HOPEFULLY IT WON'T BE TOO LENGTHY AND HOPEFULLY THE LAUNCH WILL TAKE OFF SOON. ED: THEY BASICALLY HAVE A WINDOW
EVERY MORNING THROUGH THE WEEKEND, SO I IMAGINE IT WILL GO OFF. A BIG PART OF THIS IS NOT NECESSARILY THE CREW, IT'S THE SPACESUITS. HE WROTE ABOUT THAT LAST WEEK IN THE BUSINESS OF SPACE NEWSLETTER, LIKE AND SUBSCRIBE. TELL ME ABOUT THOSE SPACESUITS AND WHY THEY ARE KEY TO WHAT'S ABOUT TO TAKE PLACE IN THE MISSION. LOREN: FOR PEOPLE WHO HAVE FOLLOWED SPACE X, YOU MIGHT BE FAMILIAR WITH THOSE SO-CALLED SPACESUITS, BUT THE ONES WE HAVE SEEN UNTIL THIS POINT ARE JUST PRESSURE SUITS USED BY THE ASTRONAUTS, WARNED WHEN THEY FLY TO SPACE, WHEN THEY COME BACK FROM SPACE, THEY ARE MOSTLY MEANT TO BE USED IN THE CASE OF AN EMERGENCY IN CASE A CAPSULE D PRESSURIZES OR THERE IS AN UNFORESEEN EVENT.
WHAT THEY BUILT FOR THIS PURPOSE IS A SPACEWALKING SPACESUIT THAT IS MEANT TO BE USED FOR THIS EXACT REASON, FOR BEING ABLE TO LEAVE THE VEHICLE, PERFORM REPAIRS ON THE OUTSIDE OF THE SPACECRAFT. FOR THIS MISSION THEY ARE GOING TO TEST OUT THE DURABILITY OF THE SUITS. THEY LOOK COOL, THEY DEFINITELY LOOK LIKE THAT SLEEK WHITE DESIGN OF THE PRESSURE SUITS WE HAVE SEEN, BUT THEY ARE SUPPOSED TO BE ABLE TO WITHSTAND THE VACUUM OF SPACE. THEY HAVE HEADS UP DISPLAYS INSIDE OF THEM AND, YOU KNOW, THEY HAVE THAT SIMILAR -- SIGNATURE SPACE X STYLE WE HAVE COME TO KNOW AND LOVE. CAROLINE: FASCINATING AS TO WHETHER OR
NOT WE WILL BE INVESTING IN THE NEW WAY THAT WE SEE THESE SUITS EVOLVE. ED WAS JUST TALKING US THROUGH THE FACT THAT WE WILL BE SEEING A NEW LAUNCH WINDOW EVERY SINGLE DAY, BUT ULTIMATELY HOW QUICKLY CAN A THING LIKE A HELIUM LEAK BE RECOVERED FROM? LOREN: IT'S HARD TO SPECULATE. WITH SPACE X I'M ALWAYS AMAZED AT HOW QUICKLY THEY CAN TURN THINGS AROUND. IF YOU RECALL A MONTH AGO, THEY HAD A FAILURE WITH THEIR FALCON 9 ROCKET WHILE LAUNCHING SATELLITES AND THEY WERE ABLE TO GET BACK TO LAUNCHING WITHIN A COUPLE OF WEEKS. SPACE X HAS GARNERED A LOT OF EXPERIENCE BY LAUNCHING SO FREQUENTLY. IT MAY BE SOMETHING THAT IS EASY TO FIX WITH THIS PARTICULAR MISSION -- FIX. WITH THIS MISSION I DON'T THINK
THEY WANT TO BE TAKING CHANCES, ONE OF THE RISKIEST TO DATE, GOING TO A HIGHER ALTITUDE THAN ASTRONAUTS HAVE GONE TO IN A LONG TIME, THEY MIGHT WANT TO JUST MAKE SURE THAT EVERYTHING IS BUTTONED UP AND TAKE EXTRA CARE WITH THIS HELIUM LEAK. ED: THERE IS RISK IN THIS MISSION, 700 KILOMETER -- SEVEN KILOMETER ALTITUDE FOR THE SPACEWALK. THE CRUISING -- THE CREW IS IN QUARANTINE RIGHT NOW, BUT JARED ISAACMAN IS ON X SAYING THAT WE KNOW WHAT IS GOING ON. HE IS KEY TO THIS. LOREN: YEAH, HE'S BECOME AN
INTERESTING SPACE X FIGURE. HE BANKROLLED THE DEVELOPMENT OF THE PROGRAM AND HELPED TO FUND THE FLIGHT. AND HE WILL BE FLYING AGAIN IN THE FUTURE, TOO. NOT JUST THIS ONE FLIGHT, BUT HE HAS INVESTED IN THE ENTIRE PROGRAM. IT WILL EVENTUALLY CULMINATE
WITH THE FIRST CREWED LAUNCH OF THEIR STARSHIP, THE VEHICLE THAT THEY'VE BEEN BUILDING IN SOUTH TEXAS. I ASSUME THAT JARED WILL BE ON THAT AS WELL. WE HAVE TO WAIT AND SEE, THERE IS SOME DEVELOPMENT TO GET THROUGH, BUT HE HAS DEFINITELY BECOME A DOMINANT FIGURE IN THE SPACE X COMMUNITY. CAROLINE: SEE YOU TOMORROW -- ED: SEE YOU TOMORROW, MAYBE, LOREN. THE LONGTIME APPLE CFO, STEPPING DOWN AT THE END OF THE YEAR, HANDING IT OVER TO HIS DEPUTY AFTER A DECADE. WE GO TO MARK GURMAN FOR MORE. WHY STEP BACK AND WHY IS THE
NUMBER TWO GETTING PROMOTED? >> THIS ISN'T THAT INTERESTING, IN THE SENSE THAT IT HAS BEEN LONG PLANNED. APPLE HAS BEEN TELEGRAPHING THIS OVER THE LAST YEAR. ONE OF MAESTRI'S SECONDS RESIGNED AND BECAME THE CEO OF SONOS, SO TO ME IT BECAME CLEAR THAT THEY WERE MAKING WAY FOR A TRANSITION AND THAT IT WOULD BE THE JOB OF KEVIN BARAK. HE HAD A SERIES OF JOBS AROUND ANALYSIS AND EARNINGS WITH INVESTOR RELATIONS. HE PICKED UP THAT FINANCIAL PLANNING AND ANALYSIS OF JOB AT THE END OF LAST YEAR, MOVING INTO THE OLD OFFICE AT THE TIME.
HE HAS BEEN THE HEIR APPARENT FOR SOME TIME NOW TO MAESTRI. THIS IS SOMETHING THAT HAS BEEN IN THE WORKS FOR SEVERAL MONTHS NOW. MAESTRI JUST TURNED 60, HE'S BEEN A CFO FOR DECADES.
HE HAS OBVIOUSLY MADE A LOT OF MONEY AT APPLE. HE ACTUALLY AT SOME POINTS IN HIS CAREER HAS COMMUTED MANY MILES TO THE APPLE CAMPUS. THIS IS OBVIOUSLY A TOUGH ROLE, NOT A RULE THAT YOU WANT TO BE IN FOR MORE THAN A DECADE WITH EVERYTHING AT STAKE. HE TOOK OVER FOR PETER OPPENHEIM, SO IT MADE SENSE. THE BIGGER PICTURE HERE IS YOU ARE PROBABLY GOING TO SEE A BIG TURNOVER OF THE APPLE EXECUTIVE TEAM OVER THE NEXT FEW YEARS AND THIS STRATEGY WHERE THEY DON'T ALLOW THESE EXECUTIVES FOR JUST FULLY RETIRE, PLAY GOLF, FLY PLANES OR WHAT HAVE YOU, HAVING THEM STICK AROUND IN A SMALLER ROLE, THIS IS THE THIRD EXECUTIVE IN A ROW IN THE LAST FOUR YEARS WE HAVE SEEN DO THIS. MY QUESTION IS, HOW LONG IS LOUK UP GOING TO -- LUCA GOING TO STICK AROUND IN THIS NEW ROLE? EVERYTHING I HAVE BEEN TOLD ABOUT PEREK IS THAT HE IS READY FOR THE ROLE AND I DON'T EXPECT ANY HICCUPS. CAROLINE:
AS YOU SAY, HE'S GOING TO BE OVERSEEING REAL ESTATE TECHNOLOGY AND INFORMATION FUNCTIONS IN THAT ROLE. THIS IS ALL IN THE BROADER CONTEXT OF NEEDING TO CELL PHONES, INNOVATING, AND SEPTEMBER 9 IS WHEN WE UNDERSTAND WE WILL BE GETTING OUR EYES ON THE LATEST NEW PHONES? LOREN: YES, -- >> YES, THAT IS WHEN THE NEW LINE WILL BE INTRODUCED AND WE WILL GET THE PERFORMANCE AROUND HOW THEY DID FROM KEVIN PEREK IN HIS FIRST EARNINGS CALL. ALL EXPECTATIONS ARE THAT WE ARE GOING TO SEE DECENT GROWTH OVER THE HOLIDAY PERIOD OF THE 15 PRO. THERE WERE NO MAJOR NEW AIRPODS A YEAR AGO OR WATCHES, SO THEY GAVE THEMSELVES ROOM FOR NICE GROWTH IN THE HOLIDAY. CAROLINE: THANK YOU SO MUCH FOR ALL THINGS APPLE.
COMING UP, A LOOK AT THE TOP HEADLINES THIS MORNING, INCLUDING LG WITH A POTENTIAL IPO FOR ITS INDIA BUSINESS. THAT'S NEXT. CAROLINE: TIME NOW FOR TALKING TECH.
FIRST, LG ELECTRONICS LOOKING TO HIT A TARGET OF $75 MILLION BY 2030. HERE'S WHAT THE LG CEO HAD TO SAY ABOUT CONNECTIVITY IN INDIA. >> IN INDIA WE BOAST NUMBER ONE MARKET SHARE IN EVERY SINGLE PRODUCT.
SO, AS YOU KNOW, INDIA IS ONE OF THE FASTEST GROWING MARKETS IN THE WORLD AND INDIA WILL BE, WILL CONTINUE TO BE A KEY MARKET FOR OUR GROWTH. BUT IT IS NOT ABOUT JUST PRODUCTS. WE ARE AIMING TO BE THE NATIONAL BRAND OF INDIA. AS A COMPANY, WE HAVE GROWN. WE ARE LOVED BY THE INDIAN PEOPLE. WE UNDERSTAND WE SHOULD GROW WITH INDIAN PEOPLE PROVIDING THE PRODUCT AND SOLUTION, WHICH WILL EVENTUALLY MAKE THEIR LIFE BETTER.
THE IPO, YEAH, I UNDERSTAND THERE IS INCREASED INTEREST IN THE INDIAN MARKET AMONG INVESTORS. CAROLINE: FIRST TIME THAT THE SOUTH KOREAN COMPANY HAS SPOKEN PUBLICLY ABOUT THEIR DEBUT. SONY RAISING THE PRICE OF THE PLAYSTATION 5 IN JAPAN BY 19%. FOR YEARS INTO THE CONSOLE LIFECYCLE.
-- FOUR YEARS INTO THE CONSUL LIFECYCLE AS SONY IS LIKELY REFRESHING ITS OFFERING WITH A REVAMP OF THE CONSOLE IN THE COMING MONTHS. THEY ARE ALL WATCHING, I'M SURE. ED: MARK ZUCKERBERG ALLEGING THAT FACEBOOK WAS PRESSURED BY THE U.S. GOVERNMENT TO CENSOR CONTENT RELATED TO COVID-19 DURING PANDEMIC. THAT STORY IS NEXT. THIS IS "BLOOMBERG TECHNOLOGY." ♪ ED: WELCOME BACK TO -- CAROLINE: WELCOME BACK TO "BLOOMBERG TECHNOLOGY." ED: THE STORY IN THE MARKETS IS
CLEAR, TECHNOLOGY IS A BIG FACTOR BEHIND PUSHING STOCKS NEAR TO THEIR ALL-TIME HIGHS, THE NASDAQ 100 IS UP MODESTLY, NVIDIA BEING A BIG PART OF THAT. UP MORE THAN 150% YEAR-TO-DATE. UNBELIEVABLY, UP ALMOST 1000%, ALMOST 1000% FROM THEIR OCTOBER 2022 BEAR MARKET LOW. IT'S ASTONISHING AND IT IS THE STORY THIS WEEK WITH EARNINGS AFTER MARKET ON WEDNESDAY WHERE WE WILL HAVE SPECIAL COVERAGE. MEDA IS INTERESTING AS WELL.
GIVE US THE HEADLINE BEHIND THEM. THE BIG ONE BROKE LAST NIGHT, BACKWARD LOOKING, THE STOCK COMPLETELY FLAT, BUT THE STORY ON SOCIAL MEDIA AND ELSEWHERE EVERYONE IS TALKING ABOUT. CAROLINE: CEO MARK ZUCKERBERG WAS PENDING A LETTER TO CONGRESS , ALLEGING THAT HE WAS PRESSURED TO CENSOR COVID-19 CONTENT AND THAT HE REGRETS THE DECISION TO A SEED TO THE DEMANDS. FOR MORE, WE'RE JOINED BY OUR CORRESPONDENT. WHY PUT FORWARD THIS VIEWPOINT RIGHT NOW? >> IT'S SUCH A CONTENTIOUS TIME, RIGHT? GOING INTO THE ELECTION, COUPLE OF MONTHS AWAY. CONTENT MODERATION HAS BEEN THE TALK FOR A LONG TIME, BUT IT SEEMS LIKE EVEN MORE SO. ELECTION POLICIES HAVE CHANGED.
CONTENT SAFETY EMPLOYEES HAVE BEEN FIRED AND LET GO, TAKING A STEP BACK FROM POLITICS AND NEWS, SO THE TIMING SORT OF MAKES SENSE TO ME AS WE HEAD INTO THE EVE OF A CONSEQUENTIAL ELECTION LIKE THEY ARE SAYING WE ARE NOT GOING TO DO THE THINGS WE DID IN THE PAST DURING THIS ELECTION. THERE ARE KIND OF -- ED: THERE ARE KIND OF TWO STORYLINES. THERE IS THE ALLEGATION OF BEING PRESSURED BY GOVERNMENT OFFICIALS AND THEN THE ADMISSIONS OF REGRET AT THE ACTIONS THEY TOOK AT THE HEIGHT OF PANDEMIC. WHAT WERE THOSE ACTIONS? WHAT WERE THE THINGS THEY DID WHEN THEY FOUND CERTAIN CONTENT RELATING TO COVID-19? AISHA: THEY WERE PULLING CERTAIN CONTENT IF IT WAS CONSIDERED MISLEADING OR MISINFORMATION, THEY WERE PULLING THE CONTENT. SOMETIMES A NOTE WOULD DIRECT PEOPLE TO CDC RESOURCES OR SAYING THAT IT HADN'T BEEN VERIFIED, THOSE SORTS OF THINGS. A MIX OF LABELING THINGS AND
SOME POSTS AND CONTENT WERE REMOVED, WHICH AS ZUCKERBERG SAID HE SORT OF REGRETS. AT THE TIME PEOPLE FELT IT WAS CENSORING AND VOICES WERE NOT BEING HEARD. THERE WERE A LOT OF THINGS HAPPENING AT THE TIME, AND AGAIN, THIS MOVEMENT, THIS MOMENT IN SOCIAL MEDIA, A LOT OF THESE COMPANIES ARE MOVING BACK FROM THAT. THEY ARE LEAVING IT UP, LABELING IT, OR NOT DOING ANYTHING. A VERY DIFFERENT ENVIRONMENT
FROM A COUPLE OF YEARS AGO. CAROLINE: STILL, GOVERNMENTS ARE PUSHING BACK ON THAT, AS WE HAVE SEEN WITH THE CEO OF TELEGRAM. THAT IN A MOMENT. ON THE NUTS AND BOLTS, IT WAS THE ULTIMATE DECISION OF META ON WHAT TO TAKE DOWN, BUT THEY FELT THE PRESSURE FROM THE GOVERNMENT WAS UNNECESSARY? AISHA: THAT WAS ONE OF THE KEY THINGS I TOOK AWAY FROM THIS. ZUCKERBERG ACKNOWLEDGED MAKING THE DECISION AND TAKING DOWN THE CONTENT AND THAT THEY DIDN'T LIKE THE PRESSURE THEY WERE FEELING, BUT THAT THEY ULTIMATELY MADE THE DECISION THEMSELVES AND THE DECISION RESTS WITH THEM. ED:
AISHA WITH A TOP STORY FROM THE BLOOMBERG TODAY. THANK YOU VERY MUCH. KEEPING THE CONVERSATION GOING, HERE'S FRANK MCCOURT JUNIOR, THE FOUNDER OF PROJECT LIBERTY, A MOVEMENT THAT AIMS TO MAKE THE INTERNET A SAFER PLACE, INCLUDING ON SOCIAL MEDIA PLATFORMS. FRANK, LET'S START SIMPLY WITH YOUR REACTION TO MR. ZUCKERBERG'S LETTER. FRANK: GOOD TO SEE YOU AGAIN. I THINK WE ARE AT A KEY MOMENT. IN THE LAST FEW MONTHS WE HAVE SEEN A REAL -- THE WIND HAS SHIFTED. THERE IS A REAL, REAL CHANGE.
CONGRESS RECENTLY PASSED COSA WITH OVERWHELMING NUMBERS. THE JUDGE'S RULING ON GOOGLE AND ANTITRUST. THERE IS A REAL SEACHANGE HAPPENING HERE. PEOPLE ARE FED UP WITH, WITH, WITH THE WAY THE INTERNET IS BEING USED AND THE WAY THAT BIG PLATFORMS ARE EXPLOITING INDIVIDUALS.
FRANKLY, I SEE THIS AS A CYNICAL ATTEMPT BY ZUCKERBERG TO SHIFT THE FOCUS FROM FACEBOOK, META, INSTAGRAM, ALL THE DIFFERENT META PRODUCTS OF META -- DIFFERENT PRODUCTS OF META AWAY FROM THEIR HABITS, THE EXPLOITIVE NATURE AND THE FACT THAT THEY ARE SURVEILLING MILLIONS OF AMERICANS AND I THINK IT'S NOT RIGHT. WE SHOULD KEEP OUR EYE ON THE BALL HERE AND WHAT'S REALLY GOING ON AND NOT SHIFTED THIS TO A STORY ABOUT BIDEN AND FACEBOOK BEING A VICTIM. I THINK IT'S NOT CORRECT. ED: SHOULD ANY ADMINISTRATION HAVE THE POWER TO, IF THE ALLEGATIONS MADE BY MARK ZUCKERBERG ARE CORRECT, HAVE THE POWER TO PUT PRESSURE ON A SPECIFIC COMPANY OR SOCIAL MEDIA PLATFORMS TO ACT ON SPECIFIC CONTENT? FRANK: OF COURSE NOT.
NOR SHOULD THE PLATFORMS HAVE THE POWER. THIS IS THE POINT OF THE PROJECT . WE ARE SAYING LOOK, OUR INFORMATION, DATA, IDENTITY, THE PERSONAL INFORMATION, IT'S SOMETHING THAT IS IN THIS DAY AND AGE, IT'S OUR VIRTUAL BEING, OUR PERSONHOOD, IT'S WHO WE ARE. INDIVIDUALS SHOULD BE DECIDING WHAT GETS SAID, HOW THEIR CONTENT GETS USED.
WE SHOULDN'T BE HAVING BIG PLATFORMS MAKE THESE DECISIONS. IT'S CRAZY TO HAVE THESE PLATFORMS SCRAPING OUR DATA AND THEN HAVE THIS POWER. WE OF COURSE DON'T WANT THE GOVERNMENT TO BE ABLE TO DO IT. BUT DO WE WANT A FEW BIG COMPANIES TO DO IT, EITHER? I THINK NOT. IT'S THE SAME END RESULT. WE WANT THE POWER TO COME BACK TO PEOPLE. CAROLINE: PEOPLE ARE NOT ALWAYS GREAT,
FRANK, TO BE PERFECTLY HONEST. THINKING ABOUT FRANCE AND THE TELEGRAM CO-FOUNDER CEO, HE DID TOO LITTLE TO HELP PROTECT CHILDREN, ULTIMATELY, IS THERE ACCUSATION. THEY ALLOWED THE SPREAD OF CHILD SEXUAL ABUSE MATERIAL. WHAT LINE DO YOU DRAW WHEN COMPANIES NEED TO GET INVOLVED? THAT'S A HARD ONE TO FATHOM, REALLY. FRANK:
YOUR QUESTION ASSUMES THAT THE COMPANIES ARE IN THE FIRST INSTANCE SURVEILLING US, SCRAPING OR DATA, COLLECTING US -- IT, AND WE ARE ASKING THEM TO DO SOMETHING WITH THAT PERSONAL INFORMATION. WE NEED TO CHANGE HOW THE INTERNET WORKS SO THAT INDIVIDUALS HAVE THE POWER AND THEY HAVE CONTROL OF THEIR IDENTITY AND THEIR DATA AND ARE NOT MANIPULATING. WHAT COMES TO MY MIND HERE IS THAT WE ARE TALKING ABOUT CENSORSHIP AND HOW THIS ALL WORKS, AND IT, THESE ALGORITHMS THAT ARE SO POWERFUL, IT, WE CANNOT BE THINKING OF CENSORSHIP IN A PRE-INTERNET WAY WHEN THIS ALGORITHMIC BEHAVIOR AND THE ALGORITHMS BEING APPLIED TO THIS MASSIVE AMOUNT OF OUR PERSONAL DATA IS, IN THIS EXPLOITATION IS HAPPENING, ALGORITHMS AND CENSORSHIP, THEY ARE AT ODDS WITH ONE ANOTHER. THE ALGORITHMS ARE PREVENTING US FROM HAVING COHERENT DISCUSSIONS . WHAT I THINK ABOUT IT IS WHAT JACK DORSEY SAID IN OSLO, IN JUNE. SAID TOO MUCH DISCUSSION ABOUT FREE SPEECH AND NOT ENOUGH DISCUSSION ABOUT THE LACK OF FREE WILL.
WE ARE ALL HAVING THIS CIRCULAR CONVERSATION AND WHAT IS BROKEN IS THE TECHNOLOGY. CAROLINE: YOU AND JACK DORSEY SEEM TO BE ALIGNED IN SEEING DECENTRALIZATION AS THE ANSWER. YOU HAVE THIS PROTOCOL AND YOU WANT THAT TO BE THE REWORKING. YOU HAD THAT BIT ON TIKTOK ABOUT REWORKING HOW THESE PLATFORMS WORK TO MAKE THEM DECENTRALIZED.
HOW WOULD A DECENTRALIZED PLATFORM STOP THE SPREAD OF THINGS LIKE CHILD SEXUAL ABUSE? FRANK: FIRST OF ALL, TECHNOLOGY ALONE IS NOT GOING TO STOP ALL BAD HUMAN BEHAVIOR. BUT GETTING PEOPLE BACK IN CHARGE OF THEIR LIVES, OF THEIR VIRTUAL SELF, OWNING THEIR PERSONHOOD, HAVING AGENCY AND MAKING DECISIONS, THAT'S A CRITICAL FIRST STEP. WE OF COURSE NEED TO HOLD PEOPLE ACCOUNTABLE. WHEN THE INTERNET STARTED, REMEMBER, IT WAS DECENTRALIZED TECHNOLOGY.
IT WAS THERE TO CONNECT US. IT MOVES CIVILIZATION FORWARD. IT ONLY BECAME CENTRALIZED OVER THE COURSE OF THE LAST 20 YEARS. IT'S BEEN COLONIZED BY A FEW COMPANIES AND THEIR PRACTICE IS TO SCRAPE OUR DATA, SURVEILLANCE 24/7, AND NOW WE ARE ASKING THEM TO FIGURE OUT CENSORSHIP AND SO FORTH. CAROLINE: APOLOGIES TO CUT YOU OFF, BUT BRIEFLY, HAVE YOU STILL GOT MONEY TO BUY TIKTOK? FRANK: WE STILL WANT TO BUY IT AND THE REASON WE WANT TO BUY IT, I WANT TO MAKE IT CLEAR, I DON'T WANT TO BE THE CEO OF A SOCIAL MEDIA PLATFORMS. I WANT TO CATALYZE THIS CHANGE TO A NEW INTERNET WHERE INDIVIDUALS OWN AND CONTROL THEIR DATA. TIKTOK IS A MASSIVE, FANTASTIC OPPORTUNITY TO BRING 170 MILLION USERS OVER TO AN INTERNET WHERE THEY ARE IN CHARGE OF THEMSELVES , THEIR IDENTITY, THEIR DATA, AND THEY GET VALUE FOR THAT DATA. THERE WILL STILL HAVE TO BE
PRACTICES AND ACCOUNTABILITY FOR GOOD HUMAN BEHAVIOR, BUT WE DON'T WANT THE GOVERNMENT OR BIG PLATFORMS DECIDING WHAT IS GOOD FOR EACH OF US, I DON'T BELIEVE. CAROLINE: FRANK MCCOURT JUNIOR, APPRECIATE HAVING YOU ON THE SHOW. COMING UP, A CONVERSATION WITH EXCLUSIVE INTERVIEW WITH THE NVIDIA CEO, JENSEN HUANG. THIS IS BLOOMBERG.
ED: DATA INFRASTRUCTURE STARTUP CRIPL ANNOUNCED A NEW FUNDING ROUND -- CRIBL ANNOUNCED A NEW FUNDING ROUND VALUED AT 3.5 BILLION DOLLARS. A STRANGE NUMBER FOR SOMETHING NOT FOCUSED ON AI. I HAVE HEARD SO MANY PEOPLE SAY THAT MANAGEMENT OF DATA IS THE KEY TO ALL OF THIS.
THERE ARE MANY NAMES WITHIN THAT FIELD, BUT LET'S START WITH THE BASICS OF WHAT CRIBL IS AND DOES. >> WE ARE AN ENGINE FOR SECURITY HELPING CUSTOMERS DEAL WITH THIS MASSIVE GROWTH IN DATA. I HAVE ASKED 1000 CUSTOMERS THIS QUESTION, IS YOUR BUDGET GROWING AT THE SAME RATE AND THE ANSWER IS NO. CAROLINE: DRIVING GROWTH, LOOKING FOR MONEY, SO CLINT, I'M INTERESTED WHERE THAT MONEY GOES TO. CLINT: WE WILL BE CONTINUING TO FUND OUR INTERNATIONAL EXPANSION PRODUCT GROWTH AND CONTINUED GROWTH IN A PJ SPECIFICALLY. WE ARE EXCITED TO FUND OUR
GROWTH GLOBALLY. ED: THERE'S A PHRASE I HAVEN'T USED IN A WHILE, SENTARA STATUS. I THINK BESSEMER COINED IT. 100 MILLION DOLLARS IN ANNUAL
RECURRING REVENUE UPWARDS SHOWS GROWTH, BUT WHERE YOU GO FROM HERE? I'M ASSUMING THAT AT THAT VALUATION, THINGS ARE GOING WELL IN REAL TERMS? CLINT: WE ARE GROWING FROM A STREAMING COMPANY TO A BROAD DATA SPECTRUM COMPANY HELPING PEOPLE DEAL WITH DATA AND OPERATE THEIR SYSTEMS AND BUSINESS. THE GROWTH IS A REFLECTION OF THE VALUE WE ARE PROVIDING TO CUSTOMERS. CAROLINE: WHAT IS SO INTERESTING IS YOU'RE HELPING TO STREAMLINE DATA AND MANY PEOPLE SAY THAT HAS TO DO WITH ULTIMATE -- HAS TO DO WITH ARTIFICIAL INTELLIGENCE, BUT ARE YOUR CLIENTS FACING OTHER ISSUES AND IS IT NOT ALL ABOUT AI? CLINT: THERE'S A LOT OF AI FATIGUE FROM OUR CUSTOMER BASE. EVERY KEYNOTE IS ABOUT THE TECHNOLOGY. WE ARE EMBEDDING IT TO HELP PEOPLE BETTER UNDERSTAND THEIR DATA AND TO BE ABLE TO MORE QUICKLY AND CONVENIENTLY CONFIGURE THEIR SYSTEMS BUT THEY WANT TO KNOW WHAT IT'S GOING TO DO FOR THEM. ED:
I WANT TO DIG DEEPER ON THE AI FATIGUE. YOU THINK THAT IS SHORT-TERM OR DO YOU THINK THAT THESE INVESTMENTS MADE BY THESE COMPANIES WAS OVERDONE? CLINT: IT'S AN INTERNET SCALE DISRUPTION IN TECHNOLOGY, CERTAINLY, BUT IF YOU LOOK AT THE GAP BETWEEN WHEN THE TRENDS START AND WHEN THE VALUE IS RECEIVED, THERE'S A BIG GAP IN THAT TIME. THERE IS A LOT OF TALK ABOUT WHAT WILL HAPPEN AS OPPOSED TO BEING BACKED BY CUSTOMER SUCCESS IN THE VALUE THEY ARE SEEING.
WE ARE FOCUSED ON MAKING SURE THAT OUR CUSTOMERS KNOW EXACTLY WHAT WE ARE DOING FOR THEM. CAROLINE: 3.5 BILLION DOLLARS VALUATION, WE APPRECIATE YOU COMING ON TO TALK BUSINESS, CRIBL CEO CLINT SHARP. IN THE MOOD TO DIVERSIFY SILICON VALLEY MORE BROADLY, GROUPS LIKE WOMEN WHO CODE AND THE IN TECH ARE CLOSING UP SHOP WHILE OTHER NONPROFITS ARE TRYING TO REBRAND TO STAY AFLOAT. THE FOUNDER OF GIRLS IN TECH JOINS US NOW TO DISCUSS. YOU HAVE HAD TO UNWIND THE NOT-FOR-PROFIT THAT YOU BUILT.
WHY? ADRIANA: IT'S A TRAGEDY. I BUILT IT 17 YEARS AGO AND IT WAS A HUGE NEED THEN. IT'S A HUGE NEED NOW. I TRULY BELIEVE THAT DIVERSITY IS CRUCIAL, HAVING DIVERSE WORKFORCES IS CRUCIAL IN DEVELOPING THE MOST OPTIMAL, AMAZING, INNOVATIVE TECHNOLOGY PRODUCTS AND SERVICES. IN 2007 THERE WAS SUCH A DISPARITY OF OUR GENDER IN THE TECH SPACE. SO, I WANTED TO LAUNCH AN ORGANIZATION THAT WOULD ENCOURAGE AND EMPOWER WOMEN TO TAKE RISKS AND ENTER INTO THE FIELD.
IT'S AN AMAZING, AMAZING FIELD. I LEARNED SO MUCH. I FELT LIKE WE WERE GROWING AND BUILDING SO MANY AMAZING PRODUCTS AND SERVICES AND I WANTED WOMEN TO BE A PART OF THAT. IN 2007 I WAS ONE AND 35 AND I WAS THE ONLY WOMAN. I WAS THE ONLY PERSON OF COLOR. I KNEW THAT WHEN I LAUNCHED THE ORGANIZATION, THE GOAL WAS TO CREATE AWARENESS, GET MORE WOMEN INVOLVED, TALK TO THEM, MEET THEM, SEE THEM, HEAR THEIR STORIES, ENCOURAGE PEOPLE TO REACH FOR THE STARS AND LAUNCH THEIR OWN BUSINESSES, MOVE UP THE LADDER, BE CEO'S. 17 YEARS LATER WE ARE AND 35 COUNTRIES. CAROLINE:
YOU'VE GOT THE SCALE, THEN WHY CLOSE? MONEY TURNED OFF? WHY ARE PEOPLE NO LONGER FUNDING OR NOT-FOR-PROFIT? ADRIANA: CORRECT, MONEY TURNED OFF. I WOULD SAY THE 2023 WAS PROBABLY THE HARDEST FUNDRAISING YEAR FOR US ON RECORD OVER THE LAST 17. I THINK IT STARTED WITH COVID. ISSUES, PEOPLE CLOSING THEIR
DOORS, BUSINESSES CLOSING THEIR DOORS. THEN IT TURNED INTO HIGH-TECH LAYOFFS. THEN IT TURNED INTO THE BLM MOVEMENT.
BELIEVE IT OR NOT, EVEN THOUGH WE SUPPORT PEOPLE OF ALL BACKGROUNDS, RACES, AND GENDERS, WE WANTED, WE NEEDED FUNDING AND A LOT OF THE CORPORATE FUNDERS WENT WITH ORGANIZATIONS THAT FOCUSED ON THE BLACK POPULATION. SO, WE LOST OUT ON SOME OF THAT FUNDING. THEN IT TURNED INTO THE DNI BACKLASH WHERE COMPANIES WERE FREEZING DOLLARS AND REALIZING THAT IN MANY CASES, DE&I TRAINING PROGRAMS WERE NOT WORKING. THERE WERE A HUGE GROUP OF EXECUTIVES AT FORTUNE 500 COMPANIES GETTING LAID OFF AND AS A RESULT, THE BUDGET CLOSED AS WELL, WHICH HURT US. ED: ADRIANA, THANK YOU. COMING UP ON THE SHOW, AMAZON IS LOOKING TO REACH NEW HEIGHTS BY SIDING WITH TRAVIS AND JASON KELCE. DETAILS ON THE 00 MILLION
PODCAST DEAL, NEXT. CAROLINE: AMAZON IS MAKING A THREE YEAR 00 MILLION BET ON THE KELCE BROTHERS. TRAVIS AND JASON KELCE WILL JOIN WONDERY WITH THEIR PODCAST, NEW HEIGHTS. CHRIS PALMERI JOINS US WITH THE
DETAILS. HOT ON THE HEELS OF THE SIRIUS XM DEAL, IT'S THE ANTITHESIS, KIND OF A PODCAST. WHY IS THE NUMBER SO HIGH? CHRIS: IT'S AN AMAZING THING ABOUT THE PODCAST INDUSTRY. RETRENCHMENT WAS THE STORY LAST YEAR. CANCELING SHOWS, COMPANIES GETTING SOLD, PEOPLE GETTING LAID OFF AFTER A FEW BOOM YEARS WHERE PEOPLE WERE JUST THROWING MONEY AT PODCASTS. 2024 IS AN ENTIRELY DIFFERENT STORY AND WE ARE SEEING THE WINNERS BEING PAID EXORBITANT SUMS. ALICE COOPER, JOE ROGAN,
ALL OF THESE PEOPLE WHO RENEWED THEIR CONTRACTS AT FAT PRICES. SO, THESE ARE ALL THE BIG MEDIA COMPANIES AND IN SOME CASES THEY ARE CHANGING WHO IS DISTRIBUTING THE SHOW AND THEY ARE PAYING UP FOR THE TOP TALENT. ED: I'M A LISTENER OF NEW HEIGHTS. I'M SURE THAT TRAVIS AND JASON LISTEN TO THE BLOOMBERG TECHNOLOGY PODCAST. THE DETAIL
IS INTERESTING. WONDERY IS GOING TO DO A LOT FOR DISTRIBUTION. THERE IS AN ADVERTISING COMPONENT. CHRIS: AND NOT JUST ON THE TRADITIONAL STUFF, LIKE YOU MENTIONED.
AD SALES. IT'S MERCHANDISE, IT'S A WRAPAROUND DEAL, WHICH, GIVEN THE SUM, 100 -- 00 MILLION, YOU WOULD SUSPECT AMAZON AND WONDERY WOULD WANT SOMETHING OUT OF THIS. EVERYONE IS TRYING TO BUNDLE THESE, THESE PREMIER PODCASTS INTO THEIR SERVICES, SO THIS IS, SO THIS IS, EVERYONE IS TRYING TO GET A PIECE OF, A PART OF THE DEAL. CAROLINE: THEY ARE ALL TRYING TO GET A
PIECE OF THE ELEPHANT IN THE ROOM, TAYLOR SWIFT. THIS IS WHY THE PODCAST SUDDENLY GOT A JUMP AS WELL? CHRIS: FOR SURE. IT WAS DOING OK IN 2022 BUT REALLY TOOK OFF LAST SEPTEMBER WHEN TRAVIS AND TAYLOR ANNOUNCED THAT THEY WERE DATING AND SHE STARTED APPEARING AT GAMES. A HUGE SURGE IN VIEWERSHIP
AFTER THAT. I'M SURE A LOT MORE WOMEN THAN WOULD PROBABLY NORMALLY LISTEN TO THIS PODCAST WILL BE TUNING IN. IT'S DEFINITELY ANOTHER PART OF THE SWIFT UNIVERSE. ED: WHAT'S HAPPENING WITH PARAMOUNT, TELL ME AND 15 SECONDS. -- IN 15 SECONDS. CHRIS: THE BIDDING WAR PART IS OUT, LOOKS LOOK -- LOOKS LIKE DAVID ELLISON IS MOVING FORWARD. BUT WE ARE NEVER OUT OF THE WOODS WITH PARAMOUNT.
THEY WILL PROBABLY HAVE LAWSUITS AND REGULATORY ISSUES. ED: OUR ENTERTAINMENT EDITOR, CHRIS, THANK YOU. CAROLINE: THAT DOES IT FOR US. BUSY ADDITION OF "BLOOMBERG TECHNOLOGY," TOMORROW. ED: WE HAVE A SPECIAL EDITION
FEATURING AN EXCLUSIVE
2024-08-31 13:31
