Apple's EU Fine and Anthropic's Claude Model Family | Bloomberg Technology
>> THIS IS BLOOMBERG TECHNOLOGY WITH CAROLINE HYDE AND ED LUDLOW. ♪ CAROLINE: I'M CAROLINE HYDE. ED: I'M ED LUDLOW. THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: APPLE GET SLAPPED WITH A 1.8 BILLION EURO FINE BY THE EU FOR ABUSING ITS POSITION IN THE DISTRIBUTION OF MUSIC STREAMING APPS. ED:
AI STARTUP ANTHROPIC IS LAUNCHING NEW VERSIONS OF ITS CHATBOT THAT IS TWICE AS LIKELY TO ANSWER THE QUESTION CORRECTLY. WE DISCUSSED WITH THE PRESIDENT. CAROLINE: AMAZON EMPLOYEES CATCH A GLIMPSE INTO WORK WITH THE FUTURE WITH HUMANOID ROBOTS. WE GO BEHIND THE SCENES WITH A LOOK AT THE BOT NAMED DIGIT. LET'S GET INTO THESE MARKETS. THE NASDAQ DOWN BY .1%. NOTABLY HAVING SOME CAUTION
AFTER WE DIE JUST A LOT OF THE MARKET RUN-UP WE HAVE SEEN BROADLY IN AI STOCKS. GOLDEN DRAGON INDEX. I WANT TO SHINE A LIGHT ON CHINESE STOCKS. STILL NOT GETTING A GRAND FOCUS ON STIMULATION COMING FROM CHINA. AND WHERE IS THE PRESS CONFERENCE FROM THE PREMIER? SOME ANXIETY AROUND CHINESE STOCKS, REFLECTED IN U.S.
TRADING. 10-YEAR YIELD UP THREE BASIS POINTS. LOOKING AHEAD TO JOB DATA THAT WE GET LATER IN THE WEEK, FED SPEAK. BONDS TRADING LOWER.
WHAT CONTINUES TO OUTPERFORM, THIN LIQUIDITY ON THE WEEKEND, DRIVING UP TODAY, 5.7% HIGHER ON BITCOIN. GETTING CLOSER TO THAT RECORD LEVEL AT 69,000. KEEP AN EYE ON THAT PARTICULAR RISK ASSET. ED:
ANOTHER NAME PUSHING HIGHER IS NVIDIA. MARKET CAP, $2.13 TRILLION, THE MILESTONE IT REACHED ON FRIDAY INTO MONDAY, NOW THE WORLD'S THIRD MOST VALUABLE COMPANY BY DOLLAR CAP, PASSING SAUDI ARAMCO. ONE OTHER MEGA CAP, NUMBER TWO COMPANY, APPLE MOVING TO THE DOWNSIDE. DOWN 2.7%.
AT ONE POINT, THE STOCK WAS DONE MORE THAN 3% WHICH WAS A $100 BILLION MARKET CAP DROP. THIS IS NOT ONLY THE FIRST EU ANTITRUST FINE DIRECTED TOWARD APPLE BUT IT IS SIGNIFICANTLY BIGGER THAN WE THOUGHT IT WOULD BE. 1.8 BILLION EUROS, $2 BILLION. IT IS ALL ABOUT MARKET ABUSE IN A MUSIC STREAMING CONTEXT THAT APPLE PLANS TO APPEAL. I THINK WE BRACE OURSELVES FOR A LOT OF LITIGATION TO COME. CAROLINE: WE KNOW WHO DELIVERS THOSE FINES, FOCUSING ON BIG TECH, THE EU COMPETITION CHIEF. LET'S SEE WHAT SHE HAD TO SAY
ABOUT IT. >> THE COMMISSION HAS FIND APPLE 1.80 4 BILLION EUROS FOR ABUSING ITS DOMINANT POSITION ON THE MARKET FOR THE DISTRIBUTION OF MUSIC STREAMING APPS. CAROLINE: LET'S GO TO BRUSSELS WHERE THAT NEWS COMES FROM.
OLIVER CROOK IS WITH US. WHEN YOU ARE LOOKING AT APPLE WITH HUNDREDS OF BILLIONS IN CASH, THE MONEY DOESN'T ALWAYS MATTER. IT IS THE PRESIDENT AND WHAT CHANGES IN BEHAVIOR THAT THE EU IS DEMANDING. >> THIS IS A MUCH LARGER FINE THAN WE ANTICIPATED.
THE REPORTING WAS 500 MILLION EUROS ANTICIPATED, SO THERE IS A BIT OF A SHOCK THERE. IT IS ABOUT ABUSE OVER WHAT APPS AND COMPETITION APPLE WAS ALLOWING FROM OTHER PEOPLE. THE EU HAS SAID THAT HOW APPLE ACTED WAS ILLEGAL, THEY BEEN DOING IT FOR 10 YEARS, AND THEY NEED TO REMEDY THIS. THERE IS DOUBT THAT THIS WILL BE ENOUGH MONEY TO CHANGE BEHAVIOR, BUT IT IS COMING IN ABOUT WHAT EVERYONE ANTICIPATED.
APPLE SAYING THEY WILL APPEAL IT. BUT SOMETHING LIKE 20% OF CONSUMERS WHO MAY HAVE ADOPTED SPOTIFY DID NOT GET THE CHANCE TO EVEN SEE IT, SO THIS IS GOING INTO THE CROSSHAIRS IN A WEEK WHERE THERE IS MAJOR LEGISLATION ON TECH REGULATION COMING OUT OF BRUSSELS. ED: WE SHOWED APPLE'S RESPONSE TO THE FINE AND ANNOUNCEMENT, GIVING A POINTED QUOTE, SAYING, IN THE CONTEXT OF COMPETITION, THEY FEEL THIS DECISION PROTECTS ONE EUROPEAN COMPANY.
THEY DIDN'T NAME THEM BUT THEY ARE TALKING ABOUT SPOTIFY. WHEN IS THE DEBATE HERE? YOU HAVE THE EU SAYING ONE THING, APPLE SAYING THE OPPOSITE. OLIVER: APPLE IS SAYING HOW CAN WE HAVE SUCH AN EFFECT ON THIS WHEN SPOTIFY HAS HAD A NORM GROWTH, HAS NOT SUFFERED? SPOTIFY DOES NOT SEE THINGS QUITE THE SAME WAY. SHE MENTIONED THIS IN THE PRESS CONFERENCE SHE HELD EARLIER TODAY, SAYING YOU DON'T KNOW HOW MUCH GROWTH WAS INTENTIONALLY AVAILABLE TO EUROPE.
YOU WILL HEAR THIS FROM APPLE, THE UNITED STATES, BUT HERE IN EUROPE, THEY WANT TO STICK THEIR CLAIMS ON BEING THE REGULATORS. THE DIGITAL MARKETS ACT, WE ARE TALKING ABOUT ONE COMPANY IN THE APP STORE DEALING WITH MUSIC STREAMING. THIS THURSDAY, YOU HAVE MAJOR COMPANIES THAT WILL BE TOUCHED BY REGULATION TRYING TO DEAL WITH ALL OF THIS KIND OF COMPETITION. THAT IS NOT JUST IN THE APP STORE, IT IS ALL ENCOMPASSING. THEY REALLY WANT TO SEND A STRONG MESSAGE THAT YOU NEED TO COMPLY, THAT THEY ARE SERIOUS, THAT THEY ARE HERE FOR BUSINESS. WHEN YOU LOOK AT THIS 1.80 4 MILLION, IT IS QUITE
INTERESTING. 1.8 OF THAT WAS A LUMP SUM PUT ON TOP SPECIFICALLY BECAUSE IT WAS APPLE, BECAUSE IT CORRELATES TO THEIR ANNUAL REVENUE, 0.5%. THIS IS THE EU SAYING THEY ARE HERE FOR BUSINESS. ED: OLIVER CROOK IN BRUSSELS.
TUNE IN TOMORROW WHEN OLIVER WILL SIT DOWN FOR AN INTERVIEW WITH E.U. VICE PRESIDENT. COMING UP, WE WILL TALK ABOUT REDDIT'S IPO, ARTIFICIAL INTELLIGENCE. A BROAD CONVERSATION COMING UP WITH THE CITIZENS FINANCIAL GROUP CEO. I SEE SOME BREAKING NEWS IN THE AIRLINES. CAROLINE: KEEP AN EYE ON BOEING. AMERICAN AIRLINES IS AGREEING
TO BUY 260 NEW SHORT-HAUL AIRCRAFT, INCLUDING 85 787 MAX 10'S, A KEY VOTE OF CONFIDENCE. UP TO .3% ON AMERICAN AIRLINES. BOEING STILL OFF BY .3%. WE WILL SEE 85 NEO PLANES FROM AIRBUS. AMERICAN AIRLINES SPREADING THE LOVE BUT IT IS GIVING AN 85 CAROLINE: CASH FLOW MANAGEMENT, NOT ALWAYS THE SEXIEST, BUT AI HAS A ROLE IN TERMS OF IT.
JP MORGAN'S TOOL WHICH RUNS ON ARTIFICIAL INTELLIGENCE HELPS CUSTOMERS. SINCE LAUNCHING A YEAR AGO, THE WHOLESALE PAYMENTS UNIT HAS 2500 CLIENTS USING THE PRODUCT. THIS FOLLOWS OTHER LENDERS THAT HAPPENS LIVING UP THERE USE OF ARTIFICIAL INTELLIGENCE WITH THE AIM OF LIFTING PRODUCTIVITY, REDUCING COST. ED: ONE OF THOSE BANKS IS CITIZENS.
LET'S TALK ABOUT THAT WITH CHAIRMAN AND CEO BRUCE VAN SAUN, WHO IS IN TOWN FOR A CONFERENCE IN SAN FRANCISCO. JP MORGAN WANTED TO ADD A BILLION DOLLARS OF VALUE, UPGRADED IT TO 1.5 BILLION THIS YEAR BECAUSE OF THE WORK THEY ARE DOING IN AI. DO YOU HAVE A SIMILAR GOAL THAT YOU ARE WORKING ON? BRUCE: MAY 1 LESSON ZERO ON SOME OF THESE NUMBERS, US VERSUS THEM, SIZE WISE, BUT WE HAVE A SIMILAR PRODUCT CALLED CASH FLOW ESSENTIALS WHICH HELPS SMALL BUSINESSES FORECAST THEIR CASH FLOWS, ROLLING OUT THIS YEAR. GREAT EXPECTATIONS FOR IT. ED: YOU COME TO TOWN THREE YEARS AFTER GETTING YOUR TECH VERTICAL SET UP THROUGH JMP. IS THERE ONE CLEAR AMBITION YOU HAVE THIS WEEK, THE CONVERSATION THAT YOU WILL HAVE? I KNOW THESE EVENTS, SOME DEALMAKING GOING ON AS WELL.
BRUCE: WELL OVER 100 COMPANIES PRESENTING, BOTH PRIVATE AND PUBLIC, SEVERAL HUNDRED ATTENDEES. IT IS STAGED AT A VERY GOOD TIME WHEN THE MARKETS ARE STARTING TO LOOK MORE PROMISING STARTING TO SEE SOME GREEN SHOOTS AROUND IPO'S, WHICH IS TERRIFIC JUST LOOKING AT THE U.S. ECONOMY AND HOW TECH IS POWERING ALL INDUSTRIES, HOW AI HAS HUGE POTENTIAL GOING FORWARD, IT'S A REALLY GOOD TIME TO HAVE PEOPLE EXCHANGE THEIR THOUGHTS ON THAT. ED:
LET'S JUMP IN ON THE IPO SITUATION. REDDIT IS IMPORTANT FOR YOU, TALKING A LOT ABOUT THEM. TALK ABOUT HOW THAT CAME ABOUT. BRUCE: WE HAD A LONG RELATIONSHIP WITH THEM, SO WE WILL BE ONE OF THE COMANAGERS ON THE TRANSACTION. THEY HAVE NOT FILED YET BUT
HUGE AMOUNT OF INTEREST, GREAT COMPANY. CAROLINE: LET'S TALK ABOUT WHETHER OR NOT THAT SPURS MORE GREEN SHOOTS. YOU CANNOT JUST HAVE ONE DEAL. ARE WE ELECTED TO SEE A REOPENING? AT THE END OF 2023, ARM OUTPERFORMING. OTHERS HAVE DONE WELL. WE THOUGHT THIS WAS THE REOPENING AND THEN IT SHUT AGAIN. BRUCE: IT HAS REQUIRED SOME PATIENTS THE LAST COUPLE YEARS. WHEN WE ACQUIRED JMP, IT WAS
THE FOURTH QUARTER OF '21 AND THE MARKETS WERE RED AT THAT POINT. AS RATES WENT UP, THE ECONOMY WOBBLED A LITTLE BIT, THAT BASICALLY CUT THE INTEREST A LITTLE BIT IN IPO'S. THIS YEAR IS THE YEAR THAT WE WILL SEE A BREAKTHROUGH. CAROLINE: DO THE BREAKTHROUGHS HAVE TO TALK UP ARTIFICIAL INTELLIGENCE, THE DATA IT WITHIN REDDIT, EXPERTISE WITHIN DIFFERENT INDUSTRY GROUPS? BRUCE: I THINK AI IS TOP OF MIND FOR THE MARKET BUT THERE ARE PLENTY OF GREAT COMPANIES AROUND SECURITY, DIFFERENT TECHNOLOGY SERVICES THAT I THINK WILL ALSO SEE A LOT OF GROWTH. THAT IS WHAT THE MARKET FOCUSES ON, WHAT IS THE GROWTH TRAJECTORY. THAT EXTENDS BEYOND AI. CAROLINE: LET'S TALK ABOUT YOUR GROWTH TRAJECTORY WITH CITIZENS FINANCIAL, HOW THE MARKET IS SUPPORTING OTHER REGIONAL LENDERS AND BANKS SUCH AS YOURSELF. A YEAR AGO THAT WE WERE IN THE
CRUX OF THE ANXIETY WHEN IT COMES TO REGIONALS IN THE U.S., EXPLOSION OF SILICON VALLEY AND THE SPILLOVER EFFECTS. YOU MANAGED TO WEATHER THAT STORM, BUT YOUR SHARE PRICES ARE STILL UNDER PRESSURE, STILL PRESSURE AROUND COMMERCIAL REAL ESTATE. HOW ARE YOU SEEING APPRECIATION FOR YOUR BUSINESS AT THE MOMENT? BRUCE: LAST YEAR WAS A CHALLENGING YEAR, FOR SURE, WITH THE IDIOSYNCRATIC BANK FAILURES. THINGS HAVE STABILIZED SINCE THEN. DEPOSIT POSITION IS VERY
STRONG, STRONG CAPITAL POSITION. LAST YEAR, WE FOCUS A LOT ON DEFENSE, MAKING SURE THAT OUR BALANCE SHEET WAS SOLID, PUTTING AWAY RESERVES FOR AREAS LIKE REAL ESTATE, WHERE THOSE LOSSES ARE MANAGEABLE FOR US. YOU CANNOT JUST WING PLAYING DEFENSE, YOU HAVE TO PLAY OFFENSE, AS WELL. WE HAVE SOME RAIN INITIATIVES. WE HAVE THE CITIZENS PRIVATE BANK, WHERE WE LIVE TO DO BUNCH OF FOLKS FROM JP MORGAN.
WE ARE COMMITTED TO THIS REGION OF NORTHERN CALIFORNIA. WE HAVEJMP. BEST IN CLASS BANKERS. WE ARE CONNECTED TO THE WHOLE INNOVATION ECONOMY, THE SEAWORLD, ALL THE FOLKS CREATING WEALTH HERE. WE ALSO HAVE A BIG EFFORT GOING ON IN NEW YORK WHERE WE ACQUIRED TWO BANK FRANCHISES A COUPLE YEARS BACK, MAKING GREAT INROADS IN THE NEW YORK MARKET. THE THIRD THING WE ARE HIGH ON IS JUST OUR ABILITY TO SERVE PRIVATE CAPITAL AROUND THE COUNTRY. WE BUILD OUT AN M&A CAPABILITY, SPONSORED COVERAGE CAPABILITY, SO WE ARE REALLY ANTICIPATING, WHEN PRIVATE CAPITAL KICKS IN, YOU WILL SEE MORE DEAL FLOW IN P/E. OUR PIPELINES ARE LOOKING
STRONG FOR THE YEAR. ED: A LESSON I LEARNED FROM A YEAR AGO, SILICON VALLEY BANK, IS HOW CONCENTRATED THE ACCESS TO WORKING CAPITAL WAS FOR TECHNOLOGY COMPANIES. SME'S ESSENTIALLY. WHAT WAS THE ONE TAKE AWAY, PERMANENT CHANGE OF THE LAST 12 MONTHS RESULTING FROM THAT SAGA? BRUCE: PEOPLE WERE A BIT ENVIOUS ABOUT HOW SILICON VALLEY HAD LOCKED IN A LOT OF THAT CUSTOMER BASE, FIRST REPUBLIC ALSO. NOW THE DEMISE OF THOSE CREATE AN OPPORTUNITY FOR FOLKS. IT IS ALL ABOUT TALENT AND
COMMITMENT, IT'S ABOUT STRENGTH OF OFFERINGS AND KEEP ABILITIES. WE ARE MARCHING RIGHT INTO HELP FILL THAT VOID. CAROLINE: YOU WILL HEAR FROM THOSE BUSINESSES, SECTORS AT YOUR EVENT THIS WEEK. BRUCE VAN SAUN, CHAIRMAN OF THE CITIZENS FINANCIAL GROUP. COMING UP, LET'S TALK ABOUT
LEGAL RAMIFICATIONS. MUSK SUING OPENAI. WHY THIS LAWSUIT MATTERS. THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: LET'S RETURN TO LOOK AT THE ELON MUSK LAWSUIT AGAINST OPENAI FILE LAST WEEK, ALLEGING THE COMPANY VIOLATED ITS FOUNDING MISSION, PUTTING PROFIT AHEAD OF BENEFITING HUMANITY. THE VC COMMUNITY WEIGHING IN. LET'S GET A LEGAL PERSPECTIVE FOR YOU.
CHRISTINA GAGNIER IS WITH US, AND SHE FOCUSES ON INTELLECTUAL PROPERTY AND AREAS THAT HAVE CAUGHT THE TECHNOLOGY SPHERE AND ITS FOCUS. IS THIS SOME SORT OF A DISTRACTION, LEGAL IMPLICATIONS FOR OPENAI, OR WILL THEY FOR SOME SORT OF TRANSPARENCY AS TO WHETHER OR NOT ARTIFICIAL INTELLIGENCE SHOULD BE GROWN IN A CLOSED ENVIRONMENT OR INDEED AN OPEN ONE? CHRISTINA: THE COMPLAINT IS INTERESTING BECAUSE IT SETS OUT THIS FRAMING OF, OPENAI WAS OPEN SOURCE, NONPROFIT. THAT WAS THIS THING THAT HELPED IT TO THRIVE.
THIS IS NOT HAPPENING IN A VACUUM. THERE'S A LOT OF HISTORY BETWEEN THE PARTIES. THIS IS REALLY ABOUT OPEN SOURCE, NONPROFIT, AND YOU SEE IT ACROSS THE TECHNOLOGY SPACE OVER THE YEARS. INTERESTING TECHNOLOGIES CAME FROM THE NONPROFIT SPACE AND REMAINED OPEN SOURCE. IF THERE ARE ISSUES WITH THE TECHNOLOGY THAT NEEDS TO BE FIXED, YOU HAVE RESEARCHERS, ACADEMICS THAT HAVE ACCESS TO IT. THE IDEA THAT IT IS NOT FOR
PROFIT, COMMERCIALIZED, DEVIATED FROM THE ORIGINAL MISSION OF WHAT OPENAI USED TO BE, PRESENT SOME INTERESTING ISSUES. THIS IS NOT HAPPENING IN A VACUUM. THERE ARE REGULATORS ACROSS THE GLOBE LOOKING AT AI TECHNOLOGIES RIGHT NOW.
THE THEMES OF THIS LAWSUIT FEED INTO THAT CONCERN ABOUT THE STEWARDSHIP OF THE TECHNOLOGY. ONE OF THE COMPLAINTS IS THAT THE BOARD ITSELF OF OPENAI STARTED OUT AS THIS DEPTH OF KNOWLEDGE ABOUT AI TECHNOLOGIES, AND ONE OF THE ALLEGATION IS THAT THE NEW BOARD DOESN'T HAVE THAT DEPTH OF KNOWLEDGE. THERE IS A LARGER STEWARDSHIP QUESTION. THE GENERAL CONSUMER PUBLIC, AI IS STILL VERY NEW. CHATGPT IS THERE.
ED: CHRISTINA, LET'S JUST HIT THE BRAKES FOR A SECOND. YOU ARE AN EXPERIENCED TECHNOLOGY LAWYER. I DON'T THINK ANYONE REALLY UNDERSTANDS THE ROOT OF MUSK'S COMPLAINT HERE.
HE IS SAYING IT STARTED AS A NONPROFIT FOR THE BEST OF HUMANITY. NOW HE IS SAYING THAT IS NOT THE CASE. WHAT LEGAL GROUNDS DOES MUSK HAVE, IF ANY, TO MAKE THAT COMPLAINT, AND WHAT IS HE TRYING TO CHANGE? CHRISTINA: HE IS BRINGING A BREACH OF CONTRACT CLAIM, THE BASIS OF THE LAWSUIT. I DON'T KNOW WHAT GROUNDS THERE ARE. THEY COMPLAIN IS AROUND THIS FRAMING THAT THE ARTICLES OF INCORPORATION AS WELL AS COMMUNICATIONS OVER THE YEARS, MORE ON THE BASIS OF A FOUNDING AGREEMENT, THAT THERE HAS BEEN A VIOLATION OF THAT AGREEMENT.
THIS WAS JUST FILED LAST THURSDAY. THERE ARE SOME ISSUES AS TO WHETHER OR NOT THERE IS STANDING IN THE CASE. THAT WILL BE SOMETHING THAT REMAINS TO BE SEEN AS THE CASE PROGRESSES. THE OTHER THING THAT THIS LAWSUIT FILING COULD ALSO BE IS A DEVICE TO GET INFORMATION. THE PARTIES HAVE A LONG HISTORY.
IF THE CASE WERE TO SURVIVE A MOTION TO DISMISS, DISCOVERY COULD GIVE THE PARTIES ACCESS TO INFORMATION THEY NORMALLY WOULDN'T HAVE. IT REMAINS TO BE SEEN IF THIS SUIT IS REALLY A BETTERMENT OF HUMANITY, OPENAI LAWSUIT FOR THE STEWARDSHIP OF AI, OR WHETHER OR NOT THIS WAS A DEVICE TO GET INFORMATION. WE WILL SEE WHAT HAPPENS OVER THE NEXT COUPLE WEEKS. CAROLINE: HAVE YOU EVER ACTED ON THE LEGAL ARGUMENTS THAT TAKE ISSUE WITH THE FACT THAT ULTIMATELY A COMPANY COMPLETELY PIVOTED? WHETHER OR NOT IT IS A PIVOT OF BUSINESS APPLICATION MODEL, NONPROFIT BECOMING PROFIT, HAVE WE ANY PRECEDENT FOR THAT? CHRISTINA: MANY TECHNOLOGY COMPANIES THAT START AS NONPROFIT REMAIN SO BUT PART OF THIS IS TRANSPARENCY. THROUGHOUT THE COMPLAINT THERE IS REFERENCE TO THE TRANSPARENCY OF THE PROCESS, TRANSPARENCY BETWEEN THE OPEN-SOURCE MODEL AND WHAT WE FIND TODAY. A LOT OF THIS COMES BACK TO
THINGS THAT WERE WELL TREAD GROUND OVER THE LAST YEAR IN TERMS OF THE TRANSPARENCY AT OPENAI, COMMUNICATIONS COMING OUT OF THE COMPANY. I THINK THIS BRINGS UP SOME INTERESTING AND TIMELY THEMES AROUND STEWARDSHIP OF AI GENERALLY. ED: CHRISTINA GAGNIER, GRATEFUL FOR YOUR EXPERTISE. WE WILL CONTINUE TO TRACK THAT CASE. LET'S GET BACK TO THE REDDIT
IPO. THE COMPANY SEEKING A $6.5 BILLION VALUATION, ACCORDING TO BLOOMBERG SOURCES. WE ARE JUMPING AROUND HERE A LITTLE BIT. THE LAST PRIVATE ROUND, $10 BILLION, THEN THE IPO MAY TARGET $5 BILLION. WE ARE UP TO $6.5 BILLION.
WHAT DO WE KNOW? >> IT CAN BE HARD TO GUESS EXACTLY WHERE THE MARKET WILL BE WHEN REDDIT DEBUTS, LIKELY LATER THIS MONTH. THEY WERE VALUED AT AROUND $10 BILLION IN 2021, BUT THAT WAS ALSO THE PEAK OF THE PRIVATE TECH MARKET, SO MANY COMPANIES ARE EXPECTING THEY WILL BE VALUED LESS WHEN THEY GO PUBLIC. WE HEARD EARLY TALKS HAD THEM VALUED AROUND $5 BILLION BUT NOW IT IS LOOKING LIKE AHEAD OF THE ROADSHOW, BANKERS THINK THEY CAN GET $6.5 BILLION FOR IT. SOME OF THESE THINGS RAISE OR EVEN LOWER DURING THE ROADSHOW DEPENDING ON HOW DEMAND LOOKS FROM INSTITUTIONAL INVESTORS.
CAROLINE: IS IT INSTITUTIONAL INVESTORS WILL BE THE MAINSTAY FOR REDDIT? A LOT OF THIS WILL BE TRADING ON THE EXUBERANCE FROM RETAIL. IT IS A KEY RETAIL NAME IN SO MANY WAYS. >> I AM SURE REDDIT WOULD LOVE TO HAVE THOSE KINDS OF INVESTORS BUT BANKERS REALLY TARGET THESE LARGE INTO TWO SHALL INVESTORS TO HOLD THE STOCK BECAUSE THEY NEED LARGE ANCHORS THAT THEY CAN TRUST WILL KEEP THE STOCK FOR A WHILE. DURING THIS ROADSHOW, THEY WILL MARKET REDDIT TO THESE INVESTORS, TRYING TO GET A SENSE OF HOW MUCH DEMAND IS THERE, AND THEN SET THE PRICE ACCORDINGLY. CAROLINE: WE WILL KEEP AN EYE ON ALL OF THOSE DISCUSSIONS.
MEANWHILE, WE WILL KEEP YOU UP TO SPEED ON THE LATEST ON A PRODUCT ITERATIONS IN AI. AND ANNOUNCING A MODEL THREE FAMILY. MORE ON THAT NEXT. A DISCUSSION ON AI APPLICATIONS AND THE SAFETY OF THEM. BLOOMBERG TECHNOLOGY.
ED: WELCOME BACK TO BLOOMBERG TECHNOLOGY, IN SAN FRANCISCO. CAROLINE: IN NEW YORK, LET US GET ENTERED ON THE MARKETS, A LITTLE BIT OF GIVE IN THE OVERALL PERSPECTIVE OF THE NASDAQ AND S&P 500. THE S&P 500 TAKING MONEY OFF, A BIT OF CALMNESS AHEAD OF THE JOBS DATA LATER THIS WEEK AND CONTINUING TO BUILD THE NARRATIVE FROM THE FEDERAL RESERVE, LET US CALL IT THE S&P 500 DOWN ABOUT .10%, RECORD HIGHS HAVE BEEN HIT. GIVE UP, A PARTICULAR RUN-UP IN THE ASSET TYPE, 4.7%, WE
CONTINUE TO PUSH TOWARDS THE ALL-TIME HIGH OF 69,000 ALL THE WAY BACK IN NOVEMBER OF 2021. WE HAVE A LOOK AT THE INDIVIDUAL MOVERS WERE KEEPING AN EYE ON BECAUSE APPLE IS DOWN 2.7% BUT THIS IS A BIG HIT TO THE OVERALL BENCHMARKS, ONE OF THE MAGNIFICENT SEVEN AND APPLE GIVING AWAY SIGNIFICANT AMOUNT OF MARKET VALUE SINCE THE START OF THE YEAR AND QUESTIONING SOME OF THE SALES THAT ARE GOING ON AND OF COURSE WE CONTINUE TO SEE SOME OF THE OVERALL DOWNWARD TRAJECTORY OF APPLE AND HOW IT IS SPLITTING APART FROM THE S&P 500 AND THE WEAKNESS WE ARE SEEING FROM CHINA. WEAKNESS WE SEE FROM CHINA WHEN IT COMES TO TESLA IS BASED ON THE NARRATIVE, ONE OF THE KEY MOVERS IN TERMS OF POINTS AS WE THINK ABOUT THE SUPPLY CHAIN OVER THERE AND DEMAND.
ON SOME OF THE HIGHER SIDES, THIS IS A COMPANY THAT IS HIGHLY BECAUSE OF ITS GROWTH, AI BULLISHNESS HAS BEEN ENTERED INTO THE S&P 500 INDEX, WE KNOW IT IS A HUGELY VOLATILE NAME, KEEP AN EYE ON SUPER MICRO COMPUTER'S. ED: ANTHROPIC THE VIEWING FOUR NEW AI MODELS FROM HIS MODEL FAMILY, HAIKU, IT HAS SPEED AND COSTS. DANIELA, PRESIDENT AND COFOUNDER OF ANTHROPIC IS HERE, IN SAN FRANCISCO. THESE MODELS ARE TWICE AS LIKELY TO ANSWER A QUESTION CORRECTLY? WHAT DO WE MEAN BY THAT? >> THANK YOU SO MUCH FOR HAVING ME ON THE PROGRAM TODAY, WE ARE EXCITED TO BE ANNOUNCING THIS NEW MODEL FAMILY OF CLAUDE THREE. WHEN YOU SAY TWICE AS LIKELY TO ANSWER CORRECTLY, WHAT THAT MEANS IS HOW HIGH OR HOW LIKELY IS IT THAT ONE OF THESE MODELS WOULD MAKE SOMETHING UP.
IN ADDITION TO MAKING THESE KINDS OF INTELLIGENCE ADVANCES ACROSS ALL THREE MODELS, WE HAVE BEEN WORKING ON MANY OF THE COMMON CHALLENGES THAT BUSINESSES AND IN PARTICULAR ENTERPRISES FACE WHEN INTEGRATING GENERATIVE AI INTO THEIR BUSINESSES AND WORKFLOWS. ED: ON A COMPUTER SCIENTIST REACHED OUT AND SAID I WOULD NEVER USE CLAUDE BUT HE WAS IMPRESSED -- A COMPUTER SCIENTIST REACHED OUT AND SAID HE WOULD NEVER USE CLAUDE BUT HE WAS IMPRESSED. THEY SAY GO TO BED, HE CAN USE IT RIGHT NOW, BEDROCK HAS BEEN A SUCCESS FOR YOU GUYS IN COMMERCIALIZING THE UNDERLYING MODELS, EXPLAIN THE ROLLOUT AND HOW YOU ARE ABLE TO DO THIS IMMEDIATELY? >> WHAT IS BEING OFFERED TODAY, YOU MENTIONED THOSE THREE MODELS IN THE FAMILY, CALLED THREE OPUS IS OUR MOST POWERFUL STATE OF THE PART MODEL. CLAUDE THREE IS STILL CAPABLE AND QUITE PRICE COMPETITIVE FOR ITS INTELLIGENCE CLASS AND VERY FAST. CLAUDE THREE HAIKU IS THE KIND OF FASTEST MODEL, GRADE FOUR SORT OF ANY TYPE OF USE CASE THAT REQUIRES A QUICK RESPONSE. TODAY, WHAT IS AVAILABLE IN OUR API IS CLAUDE OPUS AND CLAUDE BISSONNETTE, THE BIGGER TWO MODELS.
CLAUDE THREE HAIKU WILL BE ROLLED OUT IN THE COMING WEEKS. AWS BEDROCK ALL WE CAN ACCESS CLAUDE SONNET, -- BEDROCK CAN ACCESS CLAUDE SONNET. I WOULD BE REMISS NOT TO MENTION CLAUDE AI, OUR CONSUMER PRODUCT, YOU CAN ACCESS IT FOR FREE AND CLAUDE OPUS IS AVAILABLE FOR OUR PRO USERS AS WELL. CAROLINE: WHAT HAS BEEN INTERESTING ABOUT THE FOCUS YOU HAVE HAD IN ANTHROPIC HAS BEEN ON THE COMMERCIAL USE AND ON THE BUSINESS CASE USE. I AM INTERESTED, OPUS IS EXPENSIVE COMPARED TO THE COMPETITORS OUT THERE. WHAT IS WHAT YOUR CLIENT BASE DRAWN TO? IS IT STILL THE FOCUS ON SAFETY WHAT WAS FIRST AND FOREMOST? WHAT ELSE ARE YOU WINNING WITH THEM ON OVER THE COMPETITION? >> THE REASONING BEHIND WHY WE DID THIS MODEL FAMILY WAS WE WANTED TO GIVE ENTERPRISE BUSINESSES AS MUCH CHOICE AS POSSIBLE TO REALLY BE ABLE TO TOGGLE BETWEEN WHAT IS THE MOST IMPORTANT KIND OF ELEMENT FOR THEIR BUSINESS OR EVEN IN PARTICULAR FOR THEIR USE CASES, WE ANTICIPATE OUR CUSTOMERS MAY USE MULTIPLE MODELS JUST FOR A DIFFERENT APPLICATION.
CLAUDE THREE OPUS IS REALLY A GREAT CHOICE IF YOU ARE GETTING THE KIND OF MOST POWERFUL, STATE-OF-THE-ART MODEL FOR COMPLEX REASONING. I ALSO SHOULD SAY THAT SO MUCH OF OUR ENTERPRISE STRATEGY HAS BEEN AROUND BUILDING THESE MODELS AND MAKING THEM INCREASINGLY MORE INTELLIGENT AND FAST. REALLY, ALSO ENSURING THAT THROUGHOUT WE ARE PRIORITIZING LIABILITY AND TRUSTWORTHINESS. -- RELIABILITY AND TRUSTWORTHINESS. BUSINESSES WHO BUILT ON CLAUDE REQUIRED TRUST WITH CLIENTS THEY ARE BUILDING FOR THAT IS A GUIDING FACTOR FOR US AS WE HAVE BEEN TRAINING THESE MODELS FOR OUR CUSTOMERS. CAROLINE: THAT GOES TO THE HEART OF SOME OF THE DIFFICULTIES THAT HAVE CONSUMED YOUR COMPETITORS AND GENERAL ADOPTION OF AI WITHIN THE LANDSCAPE FROM A REVELATORY PERSPECTIVE AND A CONSUMER USE POINT. THE IMAGE GENERATION PART OF
THE EQUATION AND WE ALL LOOKED WHAT IS HAPPENING WITH GEMINI AND THE FACT THEY TRY TO ALLEVIATE THE BUYER SITUATION AND THEY ENDED UP WITH HISTORICAL IMAGES. PULL THROUGH THE WAYS IN WHICH YOU GET OVER THE HURDLES ARE TRYING TO PUT SAFETY FIRST OR TRYING TO PUT BIOS FIRST, PUTTING THESE MODELS INTO PEOPLE'S HANDS QUICKLY. >> ONE OF THE THINGS WE HAVE ALWAYS FOCUSED ON FROM DAY ONE IS THIS QUESTION AROUND SAFETY AND TRUSTWORTHINESS AND RELIABILITY. WHILE IT IS THE CASE THAT NO MODEL AVAILABLE ON THE MARKET TODAY IS PERFECT, ANTHROPIC HAS ALWAYS REALLY AIMED TO BE THE INDUSTRY LEADER WHEN IT COMES TO SAFETY. WE USE A TECHNIQUE CALLED CONSTITUTIONAL AI WHICH HELPS TO PROVIDE ALL OF OUR MODELS INCLUDING THE CLAUDE THREE MODEL FAMILY WITH THIS SORT OF CONSTITUTION FOR HOW TO APPROACH , CHALLENGING QUESTIONS. INTRODUCING A SORT OF LAYER OF NUANCE INTO HOW THE MODELS MIGHT RESPOND TO DIFFICULT PROPS. ED:
YOU AND MANY OF YOUR COFOUNDERS AT ANTHROPIC WENT TO OPENAI AND ELON MUSK HAS SUED OPENAI AND IS SAYING BASICALLY THAT THEY ARE REACHING THEIR ORIGINAL CONTRACTS BECAUSE THEY ARE NO LONGER A NOT-FOR-PROFIT AND THEY ARE NOT FOLLOWING THE ORIGINAL MISSION OF BENEFITING HUMANITY THROUGH THEIR WORK. THEIR REACTION TO THAT GIVEN YOUR HISTORY? OPENAI, THE WORK YOU ARE DOING WHICH HAS A SIMILAR NOT-FOR-PROFIT SET UP. >> SOMETHING WE HAVE ALWAYS AIM TO DO AS A PUBLIC BENEFIT OPERATION IS BALANCE THE INCREDIBLE POTENTIAL POWER OF THESE TECHNOLOGIES WHILE ENSURING THAT WHAT WE ARE DEVELOPING IS RELIABLE AND SAFE. OUR FOUNDING VISION IS LET US
WORK TO REALLY RAISE THE WATERMARK AT ISSUE ARE THAT WHENEVER WEIGHT PUT A MODEL OF THE MARKET ANTHROPIC WAS TO FEEL CONFIDENT -- WHENEVER WE PUT A MODEL ON THE MARKET ANTHROPIC MUST BE CONFIDENT IT IS SAFE. RAISING THE WATERMARK TEST NOT SAFETY BUT CAPABILITY, SIMULTANEOUSLY. I THINK THAT GUIDING LIGHT HAS ALWAYS BEEN AN INCREDIBLY IMPORTANT FOUNDING PRINCIPLE FOR US. ED: CAROLINE MENTIONED IT AND WE HAVE TALKED ABOUT IT, YOU ARE PURSUING A FOCUS ON ENTERPRISE CUSTOMERS, YOU STILL HAVE THIS PUBLIC BENEFIT CORP CENTER.
HOW DO YOU MANAGE BOTH OF THOSE GOALS? >> SOMETHING I THINK IS INTERESTING THAT WE HAVE SEEN WITH SO MANY OF THE ENTERPRISE BUSINESSES THAT ARE BUILDING ON TOP OF CLAUDE IS THAT THIS APPROACH TO BUILDING SYSTEMS THAT ARE SAFE AND BUILT ON TRUST AND ARE SECURE AND RELIABLE IS A HUGE DRAW FOR THEM. SO MANY OF THE FORTUNE 500 ARE DRIVEN REALLY BY TRUST WITH THEIR CONSUMERS. I THINK SOMETHING WE TAKE INCREDIBLY SERIOUSLY IS THIS BELIEF THAT WHEN WE ARE HELPING TO EMPOWER BUSINESSES, TO BUILD ON POSSIBLE WE ARE PUTTING IN FRONT OF THEM IS SAFE. THAT IS IN LINE WITH OUR PUBLIC BENEFIT MISSION. CAROLINE:
ARE YOU IMPROVING PEOPLE'S LIVES? YOU, AS A COMPANY? AS AN INDUSTRY MORE BROADLY? >> SOMETHING WE HAVE BEEN EXCITED AND INSPIRED TO SEE ARE JUST THE INCREDIBLE POTENTIAL ON USE CASES THAT OUR CUSTOMERS ARE USING WHEN INTERACTING WITH CLAUDE. BUSINESSES LIKE BRIDGEWATER AND SAP, SK TELL A, IT IS TRANSFORMING HOW THEY WORK AND HOW THEY INTERACT WITH THEIR CUSTOMERS. I HAVE BEEN INCREDIBLY EXCITED TO SEE SO MANY EDUCATION AND HEALTH CARE AND NONPROFIT, THEY TAKE ON THE GENERATIVE AI WITH A VERY -- WE ARE EXCITED THAT THE CANCER INSTITUTES ARE BUILDING ON CLAUDE. CAROLINE: BRIDGEWATER, IS A REALLY NOTABLE NAMES IN THE FINANCE SPACE. -- ALONG WITH REALLY NOTICEABLE NAMES IN THE FINANCE SPACE. EVERYONE IS RUSHING TO GET IN AND PRODUCTIVITY CAN GO UP AND TO THE RIGHT TO A SIGNIFICANT AMOUNT.
WE HAVE WORRIES AROUND JOBS BUT WE ALSO QUESTION ULTIMATELY OPENAI VERSUS CLOSED AI AND WE GO BACK A LITTLE BIT TO THE DRAMA THAT IS UNFOLDING BETWEEN ELON MUSK AND OPENAI. YOU MUST BE EXHAUSTED BY THAT. THERE HAS BEEN TWEETS SAYING THAT ULTIMATELY OPENAI HAS BEEN PUSHING OUT FASTER AND BETTER PRODUCTS AND THEY NEED TO BE IN A MORE CLOSED SPACE. OPENAI AND ULTIMATELY ARTIFICIAL INTELLIGENCE IN A PATIENT SHOULD NOT BE DONE PERMANENTLY IN SOME SORT OF OPEN TEST -- AND ARTIFICIAL INTELLIGENCE SHOULD NOT BE DONE PERMANENTLY IN SOME SORT OF OPEN TEST? WHAT ARE YOUR THOUGHTS? >> THERRE SO MUCH SPACE IN THE GENERATIVE AI INDUSTRY. NEW MODELS ARE BEING ROLLED OUT AND AS BUSINESSES ARE BECOMING QUITE SOPHISTICATED WITH HOW THEY INTEGRATE IS GENERATIVE AI TECHNOLOGIES, EXPECT BUT WE WILL SEE IS REALLY A KIND OF MULTI-MODEL APPROACH THAT MANY BUSINESSES MIGHT CHOOSE TO RELY ON ONE TYPE OF MODEL FOR CERTAIN USE CASES AND OTHER TYPES OF MODELS FOR OTHERS. I FEEL THERE IS QUITE A LOT OF
SPACE AND TERRITORY FOR ALL OF THESE DIFFERENT PLAYERS TO OPERATE IN THIS SPACE. CAROLINE: YOUR SPACE AND TERRITORY BE AUDITED BY THE FACT YOU OPENED THESE NEW MODELS TODAY, THANK YOU FOR TALKING US THROUGH THE MODELS YOU HAVE RELEASED TODAY. WE HAVE MORE COMING UP. ED: WE GET BACK TO BITCOIN, THE RALLY UP NEXT AND THE CONCERNS OF A PLUNGE FOLLOWING A SURGE MIGHT BE JUSTIFIED. ALYSE JOINS US ON THE PROGRAM, ♪ ED: IT IS TIME FOR TALKING TO, FIRST, CYBERATTACKS FACT BY NORTH KOREA HAVE INFILTRATED SOUTH KOREAN SEMICONDUCTOR EQUIPMENT FIRMS LATE LAST YEAR. THAT IS ACCORDING TO THE SOUTH
KOREAN SPY AGENCY, THEY ARE ADVISING COMPANIES TO TAKE PRECAUTIONS AFTER DETECTING ATTACKS IN DECEMBER AND FEBRUARY IN WHICH HACKERS INSTALL PRODUCTS AND MANUFACTURING BLUEPRINTS. SHARES OF C ARE GIVING OUT GAINS AFTER THE COMPANY REPORTED A SMALLER THAN EXPECTED EARNINGS DROP IN EARNINGS, SOUTHEAST ASIA'S LARGEST INTERNET FIRM RALLIED AS MUCH AS 3% AND THE COMPANY SEES IMPROVING PROSPECTS FOR ITS E-COMMERCE GAMING BUSINESS ALLEVIATING CONCERNS OF SLOW IN ITS ONLINE RETAIL ARM. SPACEX AND NASA SAW A SUCCESSFUL LAUNCH OF RUSSIAN AND AMERICAN ASTRONAUTS HEADED TO THE INTERNATIONAL SPACE STATION WHERE THE FOUR PERSON CREW IS EXPECTED TO SPEND SIX MONTHS. THE MISSION MARKS THE 14TH ASSIGNMENT FOR SPACEX CARRYING A LIVE CREW AND THE EIGHTH OPERATION FOR NASA WITH A COMMERCIAL CREW TO THE ISS. CAROLINE: OTHER THINGS MAY BE GOING TO THE MOON IN CERTAIN SPACES, LET US TALK ABOUT IT AND GET BACK TO BITCOIN AND DISCUSS WHAT WE HAVE SEEN ACROSS CRYPTO.
CAN WE BE QUESTIONING THE PARABOLIC RUN WE HAVE HAD? IS THERE LEVERAGE BEHIND IT TOO? WE WELCOME A LONG-TERM PLAYER IN THE SPACE, THE MANAGING PARTNER, ALYSE KILLEEN WHO HAS BEEN THINKING OF WAYS TO SCALE AND MAKE MORE EFFICIENT THE SPACE OF BITCOIN AND LAYERS WITHIN THAT. MORE BROADLY WHEN YOUR LOOKING AT THE RUN-UP IN THE PRICE POINT, YOU MUST BE EXHAUSTED EVERYBODY LOOKS AS THIS AS AN ASSET TO BE THAT ON AND EXCHANGING HANDS. ARE YOU WORRIED ABOUT ANY LEVERAGE OR VOLATILITY? ALYSE: THE PRICE APPRECIATION OF COURSE IS GOING TO DRAW ATTENTION. WE ARE SEEING AN EXPANSION OF
BITCOIN'S USER BASE THROUGH THE INTRODUCTION OF THE SPOT ETF AND DIRECTLY REGULATED WAYS FOR NEW ENTRANTS TO HOLD BITCOIN ASSETS. I BELIEVE THAT THIS GIVES FIRST TIME ACCESS TO THE BOOMER GENERATION. IF THE HEAD OF THE ETF LAUNCH WE COULD HAVE PROJECTED BETWEEN 80 MILLION AND 130 MILLION BITCOIN HOLDERS. WE HAVE TO ACKNOWLEDGE THAT MOST OF THOSE WERE GEN Z OR MILLENNIALS AND SO WITH THE SPOT ETF WE SEE A NEW POPULATION ON BOARDING TO BITCOIN. BITCOIN'S PRICE HAS BEEN DRIVEN BY ADOPTION AND EXPANSION OF USE CASE. ED:
I APPRECIATE FOCUSING IN ON THE STRUCTURAL AND LONG-TERM ELEMENTS THAT ARE HAPPENING HERE BUT I WANT TO GO A LITTLE SHORT TERM REAL QUICK, I FIND IT SO INTERESTING ABOUT THE 24/7 TRADING PATTERNS OF CRYPTO AND WHEN WE LEFT THE SHOW FRIDAY WE WERE TALKING ABOUT SOME OF THE THEMES. THERE IS A LOT OF THE LIQUIDITY AND TRADING THAT GOES ON OVER THE WEEKEND IN THE ASIAN SESSION. IF YOU LOOK AT THE END OF THE CONCENTRATION OF ACTIVITY BY GEOGRAPHY? IF IT IS HAPPENING IN NORTH AMERICA OR HAPPENING IN DIFFERENT PARTS OF THE WORLD? >> BITCOIN IS OF COURSE A 24/7 MARKET. THE INTRODUCTION OF THE ETF HAS INTRODUCED A BREAK IN THE ATTENTION OF THE NEED TO BE PAID TO WEEKENDS AND AFTER HOURS AND MUCH OF THE MOVEMENT IN BITCOIN HAS BEEN GENERATED BY EXCITEMENT AND FLOWS IN THE ETF PRODUCTS. ALL OF THAT SAID, OUR ATTENTION IS MORE ON THE LONG-TERM BITCOIN TRENDS INCLUDING PRICE TRENDS. WE COULD EXPECT TO SEE SOME PERIODS OF CONSOLIDATION ALONG THE WAY I EXPECT WE END THE YEAR SIGNIFICANTLY HIGHER THAN WE WERE AT NOW. CAROLINE: THE UNDERLYING INNOVATION GETS
US NOT ONLY FROM SEEING THE BIG POINT AS AN ASSET CLASS WHICH HAS MORE INTIMATE AND ACROSS DIFFERENT STEREOTYPES OF PEOPLE, I AM ALSO INTERESTED IN WHAT IS THE ASSET ITSELF, THE ISSUE IS THE GOLD BECAUSE WE ARE NOT GOING TO DO MUCH MORE IN TERMS OF ACTUAL USE CASES AND SMART CONTRACTS BECAUSE IT WAS EXPENSIVE AND DIFFICULT TO SCALE. YOU ARE SOLVING THAT PROBLEM WITH THE COMPANIES YOU INVEST IN? WHAT HAVE THE ETF'S BROUGHT TO BEAR IN TERMS OF INNOVATION? ALYSE: THIS IS INTERESTING, WE WORK WITH FOUNDERS WHO ARE ATTEMPTING TO SOLVE THE PROBLEM OF BOTH PATHWAYS OF ADOPTION AS WELL AS EXPANSION OF BITCOIN USE CASES. MUCH OF THAT IS HAPPENING WITH BITCOIN, THE ASSET ON PIQUANT IS CRITICAL AND WE ARE SEEING ENFORCEMENT OF DEVELOPMENT AND DEVELOPER ACTIVITY IN BITCOIN LAYER TWO'S.
IT IS NOTABLE OF 24 MONTH GROWTH OF LIGHTNING NETWORK FOR EXAMPLE WHICH IS BITCOIN'S PRIMARY PAYMENT TECHNOLOGY. IT WAS OVER 1200% BETWEEN THE PERIOD OF 2021 AND 2023. GIVING US A SORT OF BASE OF MONTHLY TRANSACTION VOLUME OF OVER 7 MILLION TRANSACTIONS. THERE IS TAILWIND TO THE INTRODUCTION OF NEW LIGHTNING NETWORK RELATED PROTOCOLS, THEY WERE FLEW COMPANY LIKE THE LABS. WE EXPECT TO SEE THE VIBRATION -- MIGRATION OF STABLECOINS FOR AN ALTCOIN ENVIRONMENT TO BITCOIN VIA LIGHTNING PROTOCOL ASSETS WHICH WILL ALLOW OTHER DIGITAL ASSETS TO TRADE ON LIGHTNING NETWORK IN A MORE EFFICIENT WAY. THIS OFFERS THE BENEFIT OF BEING MORE SCALABLE IN TERMS OF TRANSACTIONS, BECAUSE YOU CAN EXPAND TRANSACTION VOLUME WITHOUT NEEDING TO COMMIT THOSE TRANSACTIONS BACK TO A BASE BLOCKCHAIN AND TAKE UP BOX SPACE.
WE ARE SEEING THE INTRODUCTION OF PROTOCOLS THAT ENABLE BITCOIN TO BE USED AS A SUITABLE PAYMENT FOR THE AI SPACE. FOUR PAYMENTS FOR API CALLS AND WHAT THAT MEANS IS WE CAN START TO REALLY USE BITCOIN TO UNLOCK SOME OF THE NATIVE VALUE OF THE WEB AND INTERNET BROADLY. ED: THAT IS THE STILLMARK TRADING PARTNER, THANK YOU, COMING ON THE SHOW, THE DEATH ROBOTS ARE HELPING OUT AT AMAZON WAREHOUSES. THERE THEY ARE. THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: EMPLOYEES OVER AT AN AMAZON WAREHOUSE GOT A GLIMPSE OF THE FUTURE OF MATT: THERE ARE A LOT OF SPOTS THAT ARE HIGHLY AUTOMATED THAT REQUIRE FLESH AND BLOOD, SOMEBODY UP BOXES, THAT WORK IS PRETTY DANGEROUS AND A LOT OF PEOPLE DO NOT WANT TO DO THAT WORK ANYWAY BECAUSE IT IS RELATIVELY LOW PAY AND IT IS A HARD PACE OF WORK.
THEY ARE PITCHING OR AT LEAST ROBOTICS IS THEY MAY HAVE A SOLUTION TO THIS IN THE FORM OF DIGIT, THE LITTLE WHITE IROBOT. CAROLINE: WE WILL GO READ YOUR PIECE , FAIRLY THEY ARE HIBERNATING. -- APPARENTLY THEY ARE HIBERNATING. ED:
2024-03-06 11:07
