>> 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: I'M CAROLINE HYDE IN NEW YORK. THIS IS BLOOMBERG TECHNOLOGY. WE GO LIVE TO CALIFORNIA AS
APPLES DEVELOPERS CONFERENCE KICKS OFF. WE SIT DOWN WITH THE DREAMWORKS FOUNDER JEFFREY KATZENBERG AS HIS VENTURE FIRM RAISES NEARLY HALF $1 BILLION FOR A NEW FUND. WE SIT DOWN WITH THE MOVIEPASS CO-FOUNDER TO DISCUSS THE NEW DOCUMENTARY ON THE COMPANY'S DRAMATIC RISE AND FALL. FIRST LET'S CHECK IN ON THESE MARKETS. WE'VE A LOT TO DIGEST OVER IN EUROPE ANTICIPATING WHAT THE FED DOES AND THE CPI PUSHES US FOR THE MACRO PERSPECTIVE WE HAVE NEW ENTRANTS TO THE S&P 500.
THEY'RE HELPING THE NASDAQ SUSTAIN, JUST UP 1/10 OF 1% ON THE KEY TECH BENCHMARK. BONDS SELLING OFF ACROSS THE BOARD. U.S. YIELDS ALSO PUSHING UP AS WE HAVE SOME TREPIDATION AROUND WHICH TRAJECTORY THEY POINT US WEDNESDAY AND THURSDAY, EUROS UNDER PRESSURE. DOWN 6/10 OF A PERCENT. THIS IS ABOUT FRANCE, POLITICAL RISK, THE RIGHT GAINING MORE POWER WHEN IT COMES TO PARLIAMENT IN EUROPE.
TRYING TO GAIN BACK THE NARRATIVE CALLING A KEY LEGISLATIVE VOTE. LET'S LOOK AT WHAT'S HAPPENING IN TERMS OF INDIVIDUAL NAMES BECAUSE MICROSOFT WE WILL BUY RATING, BACK ON THIS COMPANY. SEEING FURTHER UPTAKE ON THE SHARE PRICES AROUND AI. NVIDIA TURNING TO THE UPSIDE, WOULD HAVE BEEN DOWN WHEN TRADING FIRST STARTED IN A MUCH LOWER PRICE POINT. 1/10 OF THE PRICE POINT WE'VE SEEN ON FRIDAY. WE HAVE THAT STOCK SPLIT WHERE WE CURRENTLY TRADE. I'M LOOKING AT APPLE, OFF BY
THREE QUARTERS OF A PERCENT. ALL EYES ON WWDC. WHAT WILL WE GET IN APPLE IN TERMS OF ITS AI FOCUS. JACKIE IS LIVE WITH US TO DISCUSS WHAT WE WILL EXPECT. A WHOLE RAFT OF HOW AI IS GOING TO BE INJECTED INTO THE SOFTWARE. >> EXPECTATIONS ARE REALLY HIGH. TIM COOK IS GOING TO DELIVER A
KEYNOTE ADDRESS WHICH WILL LAY THE ARTIFICIAL INTELLIGENCE VISION. THANKS TO REPORTING WE HAVE A LITTLE BIT OF A PREVIEW, THE FIRST BEING ITS AI SYSTEM CALLED APPLE INTELLIGENCE. THIS IS WHERE WE WILL SEE SOME GENERATIVE ARTIFICIAL INTELLIGENCE FEATURES BEING EMBEDDED ACROSS THE IPHONE, IPAD AND MAX WITH THAT NEW OPERATING SYSTEM UPGRADE. THERE WILL ALSO BE A MAJOR
ANNOUNCEMENT WITH OPENAI, THIS IS THE TECHNOLOGY THAT POWERS CHATGPT WHICH WILL BRING A VERSION OF THE CHATBOT TO APPLE AND PERHAPS EVEN PROVIDE A MAKEOVER FOR ITS CURRENT AI ASSISTANT. THERE'S A LOT HANGING HERE ESPECIALLY BECAUSE APPLE HAS BEEN VIEWED AS SOMEWHAT OF A LAGGARD IT COMPARED TO TECH PIERS LIKE MICROSOFT AND GOOGLE WHICH IT IS IN CONVERSATIONS WITH FOR ITS LARGE LANGUAGE MODEL TECHNOLOGY GEMINI. CAROLINE: THERE HAS BEEN A LOT IN ANTICIPATION MOST MARKEDLY IN THE SHARE PRICE PUSHING HIGHER. MARKET CAPITALIZATION BACK ON
TOP FOR APPLE. I'M INTERESTED WHETHER WE WILL BE ABLE TO STEAL THE NARRATIVE BACK. HAVING PARTNERSHIPS GOOD IN THE FIRST TO SHORT-TERM. JACKIE: APPLE ISN'T REALLY FOOLING ANYONE HERE.
IT IS SOMEWHAT BEHIND THE CURVE AND THIS KEYNOTE ADDRESS WILL SHOW EXACTLY HOW IT INTENDS TO BRING SOME OF THAT MOMENTUM BACK. THINK ABOUT WHAT APPLE EXCELS AT. DEVICES AND COUPLING THAT WITH CUTTING EDGE SOFTWARE. AI AND SPECIFICALLY GENERATIVE AI IS A WHOLE NEW VAULT BASKETBALL GAME. SO HOW IT PLANS TO INTEGRATE AI FEATURES ACROSS PRODUCTS LIKE AIRPODS FOR EXAMPLE OR EVEN BRINGING IT INTO AUGMENTED REALITY DEVICES OR HOME ROBOTICS, THAT WILL PROVIDE THE LONGER-TERM PICTURE FOR HOW AI WILL CHANGE APPLE'S FUTURE. CAROLINE: LOVE THE REPORTING.
LET'S KEEP THIS CONVERSATION GOING AND GET A FEEL FOR WHETHER THIS WILL SHIP MORE PHONES. PRINCIPAL ANALYST A LOPEZ RESEARCH. GREAT TO HAVE YOUR VOICE BECAUSE THAT'S WHAT EVERYONE'S WONDERING GRADE IS THE AI ANNOUNCEMENT ENOUGH TO MAKE US UPGRADE OUR PHONES RIGHT NOW. ARCO WHAT WE ARE SEEING IS THIS HAS BEEN DRIVEN PRIMARILY BY AI FEATURES. WE SEEN THE CAMERA FEATURES COME INTO IT. I DON'T THINK IT'S JUST
SMARTPHONES WE ARE LOOKING AT, EARLIER WE ARE LOOKING AT THE OPPORTUNITY FOR APPLE TO AN FUSE ARTIFICIAL INTELLIGENCE ACROSS THE STACK INCLUDING DIVISION PRO WHICH WHEN YOU LOOK AT THE AUGMENTED REALITY VIRTUAL REALITY MARKET WE HAVE A LONG WAY TO GO IN TERMS OF CUSTOMERS ADOPTING THIS IN DROVES. SO THIS GREAT OPPORTUNITY ACROSS THE STACK. I DON'T THINK ANYONE'S TALKED ABOUT THE OPPORTUNITY TO IMPROVE THE SERVICES LANDSCAPE WITH ARTIFICIAL INTELLIGENCE OR WE ARE GOING TO SEE A LOT OF ACTIVITY WITH AI ACROSS THE PORTFOLIO AND INCLUDING THE DEVELOPER LANDSCAPE WE EXPECT THEM TO HAVE EASIER TO ACCESS SOFTWARE CODING TOOLS, USING GENERATIVE AI. CAROLINE: WE ARE MEANT TO BE SEEING THE DEVELOPERS EXCITED. HOW WILL SERVICES SHIFT? ARCO WHAT WE ARE SAYING RIGHT NOW IS SERVICES HAVE LOOKED THE SAME SINCE THE DAWN OF CABLE. WE GO IN, SELECT A PROGRAM, THERE'S A LOT OF POLE, NOT NECESSARILY ENOUGH PUSH OR RECOMMENDATIONS OR GUIDANCE SO THERE'S A TERM AND THIS OPPORTUNITY THERE IN TERMS OF HOW TO MAKE THINGS MORE DISCOVERABLE MOVING FORWARD.
WE HAVEN'T TALKED A LOT ABOUT HEALTH CARE. THERE'S A REAL OPPORTUNITY WITH AI TO FUNDAMENTALLY CHANGE WHAT COULD HAPPEN IN SOME OF THE SMARTWATCH APPS GOING FORWARD. I KNEW EVERYBODY SAID APPLE IS BEHIND IN AI, BUT I WOULD LIKE TO POSE THE QUESTION HOW MUCH REVENUE THEY LOST BY QUOTE UNQUOTE BEING BEHIND. IF YOU LOOK AT BILLY PERSON MAKING A TON OF MONEY ON AI, IT IS NVIDIA. IF YOU'RE SELLING PICKS AND SHOVELS YOU'RE MAKING A LOT OF MONEY IN AI. PEOPLE COMING UP WITH A STRATEGY TO GET CONSUMERS EXCITED ABOUT THE TECHNOLOGY.
CAROLINE: YOU CAN ARGUE MICROSOFT IS MAKING SOME REVENUE BY TEAMING UP WITH OPENAI. HOW SHOULD THAT ONGOING PARTNERSHIP LOOK LIKE IF WE DO SEE THE OPENAI APPLE CONVERGENCE HERE. ARCO I THINK WE'VE SEEN ALL THE CLOUD COMPUTING PROVIDERS TIE UP WITH FOUNDATION MODEL COMPANIES AND IT'S BEEN GOOD FOR THEM BECAUSE THE MONEY THAT HAD TO INVEST DOESN'T MAKE ANY SENSE. I THINK IT'S THE SAME FOR APPLE. THEY CAN TIE UP AND USE THE FOUNDATION MODEL SPRING WE ARE SEEING A WIDE RANGE OF INNOVATION THAT'S HAPPENED IN THE PAST TWO YEARS. SO WE HAVE MANY MODELS. I EXPECT APPLE IN THE LONGER-TERM TO BE AI ENGINE AGNOSTIC AND PUT IT ANY FOUNDATION LEVEL. THE DIFFERENTIATION COMES FROM NOT JUST USING THE LANGUAGE FROM GENERATIVE AI BUT PUTTING THEIR OWN AI MODELS ON TOP OF THAT. YOU WOULD BETTER BET APPLE IS
BUILDING HIS OWN AI MODELS AS WELL. THE COMBINATION OF THESE TWO MEANS THOSE THAT ARE MORE PEDESTRIAN AND GENERIC IN NATURE FOR AI, THEY CAN OUTSOURCE TO A FOUNDATION MODEL COMPANY. THE THINGS THAT ARE MORE SPECIFIC TO APPLE PRODUCTS, THOSE ARE WHAT THEY WILL INVEST THEIR AI TALENT IN. CAROLINE: WE SEEN THIS TIME AND AGAIN WHERE THEY'RE WAITING FOR THEM TO ARTICULATE WHAT'S GOING ANY BETTER THAN FOR EXAMPLE HAVE ALREADY SAMSUNG HAS INFUSED GOOGLE AI WITHIN ITS HARDWARE. ARCO I THINK WHAT WE ARE
LOOKING AT IS HOW WILL APPLE PROPOSE THE USE OF MULTIMODAL MODELS. EVERYONE SAYS APPLE IS BEHIND BUT THAT WAS ON THE BASIC GENERATIVE CHAT MODEL. WHAT WE SAW WITH GOOGLE I/O WAS A WAY TO THINK ABOUT HOW TO USE AI IN TERMS OF ADDING VISION AND IMAGERY AND GENERATING A WIDE RANGE OF THINGS, OR USING IT TO SAY CHANGE A PROCESS AND SUGGEST HOW TO MAKE IT BETTER IF IT WERE EVEN A PROCESSOR WORKFLOW. I THINK THERE'S A TREMENDOUS OPPORTUNITY TO ISSUE THAT ACROSS IT STACK. IT IS NOT ENOUGH TO JUST PLAY OR A CHATBOT ON TOP OF YOUR SOFTWARE OR YOU WANT TO CREATE A FUNDAMENTAL EXPERIENCE.
THIS IS WHERE APPLE EXCELS IS CREATING THAT EASIER EXPERIENCE. THEY'RE NOT FIRST TO MARKET WITH A LOT OF THINGS BUT OF THE FIRST TO MAKE IT THE BEST TO MARKET. CAROLINE: WE ARE SEEING SOME EXUBERANCE BACK IN THE CAPITALIZATION. BACK OF THE $3 TRILLION HANDLE NEARLY ECLIPSING THE RECORD HIGH WE SAW IN 2023. DO YOU THINK IT WILL BE
REVENUE-GENERATING IN THE NEAR TERM FROM AN AI PERSPECTIVE? ARCO I THINK -- >> I THINK IF YOU DON'T HAVE AN AI STACK AND YOUR PRODUCT YOU WON'T BE ABLE TO SELL A PRODUCT IN 2024 AND BEYOND SO IT WILL BE REVENUE-GENERATING. THE QUESTION IS HOW MUCH AND CANDID OUTSIZE THE COMPETITION. THIS IS STILL TO BE DETERMINED BUT WE ARE OPTIMISTIC SPINNING A LOT OF TIME THINKING ABOUT THIS. THEY COULD COME IN WITH A VERY SOLID SHOWING IN WHAT I WOULD CONSIDER THE THINGS THAT MATTER. I THINK FROM A TECHNICAL
STANDPOINT WE ALWAYS EXPECT APPLE TO BLOW THE DOORS OFF OF IT BUT I THINK WE HAVE TO LOOK AT WOULD SOMEONE BE PLEASED WITH IT AS OPPOSED TO WILL THIS REVOLUTIONIZE AND NAIL THAT. PEOPLE WANTING TO USE AI BECAUSE DO SOMETHING MEANINGFUL FOR THEM. THEY WILL SELL A TON OF IPHONES, SMART WATCHES. THEY MAY EVEN SELL A FAIR AMOUNT PARTICULARLY IN THE ENTERPRISE MARKET. WE ARE OPTIMISTIC AND EXCITED TO SEE WHAT THEY SHOW US NEXT. >> THANK YOU FOR PUTTING US TOWARDS THAT EXCITEMENT.
COMING UP, SOME SHAREHOLDERS AT TESLA KEY HIGHS THIS WEEK. THE VOTE ON THE PAY PACKAGE FOR ELON MUSK. WE HAVE THE LATEST ON WHAT WE CAN EXPECT FROM THE VOTE NEXT. LET'S SHINE A LIGHT ON THE MEME STOCK THAT WAS ALL THE RAGE ON FRIDAY. GAMESTOP NOW UNDER PRESSURE
STILL BY MORE THAN 3.8%. SELLING MORE SHARES TRYING TO MAKE THE MOST ON THE HYPE WITHIN THE SHARE PRICE. COLLIN SEBASTIAN SAYING THE RESULTS WE GOT ON FRIDAY, THE DISAPPOINTING RESULTS UNDERSCORE ONGOING CHALLENGES TO THE COMPANY'S RETAIL BUSINESS MODEL. THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: THE SUPREME COURT AGREED TO HEARING REQUEST TO KILL A LAWSUIT THAT ACCUSES THE SOCIAL MEDIA GIANT OF MISLEADING INVESTORS ABOUT THE SCANDAL INVOLVING CAMBRIDGE ANALYTIC UP. JOINING US NOW TO GO INTO WHY
THIS IS MEANINGFUL IS MIKE SHEPPARD IN WASHINGTON. IT'S NOT JUST MEDA WHO WANTS THIS KILLED OFF BUT THE CHAMBER OF COMMERCE WANTS THIS HEARD BECAUSE THEY'RE WORRIED THERE'S A MISREADING OF WHAT'S HAPPENING WITH THE SEC AND A LOT OF LAWSUITS. ARCO -- MICHAEL: IT'S A 2 BILLION-DOLLAR POTENTIAL SETTLEMENT BUT WHEN YOU TALK TO OUR BLOOMBERG INTENTIONAL -- INTELLIGENCE ANALYSTS ARE CLOUDY HAS ANALYZE THIS AND FOUND IT COULD BE THAT KIND OF A PAYOUT FOR THE COMPANY TO GRIEVE SHAREHOLDERS BUT THE STAKES ARE FAR WIDER. SINCE 2005 THE EXCERPT -- SECURITY AND EXCHANGE COMMISSIONS AS REQUIRED COMPANIES TO DISCLOSE THE RISKS THAT COULD HAVE A MATERIAL IMPACT ON SHARE PRICE. COULD BE INFORMATION AND WITH THE SHAREHOLDERS IN THIS CASE ALLEGING FACEBOOK WAS TOO SLOW IN DISCLOSING THOSE RISKS FROM THE CAMBRIDGE ANALYTIC EPISODE. THE CHAMBER OF COMMERCE AND
OTHERS WERE SAYING THOSE SAME RULES HAVE BEEN TO WIDELY APPLIED IN GENERATING A WHOLE BUNCH OF FRIVOLOUS LAWSUITS AND THEY HAVE SIDED WITH MEDA IN THIS CASE. >> INTERESTING TO GO BACK TO JULY OF 2018 WHEN WE SAW THAT EROSION OF VALUE. AS WE STARTED TO PERHAPS FRONT RUN WOULD ULTIMATELY CAMBRIDGE ANALYTIC AND THE REPORTING ON IT COULD MEAN FOR META. THEIR ARGUMENT IS WE COULD HAVE NEVER ANTICIPATED HOW BAD THIS WOULD GET FROM A SHAREHOLDER PERSPECTIVE. MIKE: THEY ARE SAYING ALL OF THE INFORMATION AND RISKS WERE OUT THERE ALREADY. PUBLICLY BY THE GUARDIAN AND THE NEW YORK TIMES SO THE ELEMENT OF SURPRISE FOR SHAREHOLDERS WAS REALLY GONE AT LEAST AS FAR AS THIS EPISODE WAS CONCERNED. AND THE CONCERN FROM THE
COMPANY IS THEY ARE BEING PUNISHED FOR SOMETHING THAT IS SO FAR BACK AND MAYBE SINCE THEN HAS BEEN WIPED OUT IF YOU LOOK AT OTHER COMPANY SHARES HAVE GAINED SINCE THEN THANKS TO ACQUISITION AND EXPANSION AND OTHER CHANGES. CAROLINE: SHAREHOLDERS SAY THEY HAD INADEQUATE DISCLOSURES. MIKE SHEPPARD, BRILLIANT. LET'S TALK ABOUT SOME OF THE SHAREHOLDERS. TESLA VOTING ON A $56 BILLION PAY PACKAGE. FOR ELON MUSK.
WHAT'S INTERESTING IS EVEN IF THIS GOES THROUGH IT MIGHT NOT HELP ELON MUSK AT HIS $56 BILLION PAY PACKAGE. >> THIS WILL BE SETTLED IN DELAWARE COURT AND POSSIBLY IN TEXAS OR A FEDERAL COURT DEPENDING ON HOW ELON MUSK RESPONDS BUT WHAT TESLA IS TRYING TO DO IS CREATE AS OUR COLLEAGUES HAVE WROTE IS TO CREATE A KIND OF WAY TO EXPLAIN THIS REPORT. THEY WILL SAY OR SHAREHOLDERS APPROVED IT IN 2018 AND THEY ARE APPROVING IT AGAIN HOPEFULLY AS FAR AS ELON MUSK IS CONCERNED IN 2024 SO IT'S MORE ABOUT FORMING THE APPEAL RATHER THAN SOME KIND OF DEFINITIVE RESOLUTION TO THE CASE. ARCO -- CAROLINE: DOES ADVISING SHAREHOLDERS HASN'T BEEN GREAT. THEY'VE BEEN SAYING DON'T GO FOR THIS. MAX: THEY DON'T TYPICALLY BACK THESE PAY PACKAGES.
WHAT'S INTERESTING IS YOU HAVE SOME MAJOR SHAREHOLDERS COMING OUT SAYING WE ARE AGAINST THIS. THE NORWEGIAN SOVEREIGN WEALTH FUND SAID THEY WOULD VOTE AGAINST THIS PAY PACKAGE. THERE MIGHT BE SOME FURTHER NEGOTIATION BETWEEN NOW AND THURSDAY BUT IN ANY CASE THAT FUND IS A MAJOR SHAREHOLDER, A TOP 10 SHAREHOLDER. NORWAY IS ALSO A HUGE MARKET FOR TESLA SO THAT SEEMS LIKE A CAUTION LIGHT FOR ELON MUSK RIGHT NOW. CAROLINE: ALL THE DETAILS ON TESLA. COMING WE WILL SIT DOWN WITH THE COFOUNDER OF MOVIEPASS. WE WILL DISCUSS THE NEW DOCUMENTARY THAT REALLY HIGHLIGHTS THE RISE AND FALL OF THE COMPANY AND WHO IS ACTUALLY FOUNDING IT AND LEADING IT. THIS IS BLOOMBERG TECHNOLOGY.
CAROLINE: THERE IS A NEW DOCUMENTARY FROM MAX HIGHLIGHTING THE RISE AND FALL OF MOVIEPASS, THE SUBSCRIPTION APP THAT ALLOWS USERS TO GO TO AS MANY MOVIE SHOWINGS A MONTH FOR A MONTHLY FEE. ALSO HIGHLIGHTING HOW THE FOUNDERS LOST CONTROL OF THE COMPANY. ONE OF THE FOUNDERS NOW UPFRONT VENTURES, YOUR SHARE VENTURES AS WELL TRYING TO RECLAIM THE NARRATIVE OF ALLOCATING MONEY AND CAPITAL TO MINORITY FOUNDERS IN PARTICULAR. MANY OUT THERE MIGHT GO YOU ARE THE CO-FOUNDER, I THOUGHT IT WAS MITCH, TED FARMS LOW, EDUCATE US. >> IT WAS A PROCESS, WE WANTED TO INNOVATE ON THE MODEL AND STARTED THE COMPANY IN 2011. WE RAISED A COUPLE ROUNDS OF CAPITAL BUT GOT TO A PLACE LIKE MANY ENTREPRENEURS WHERE WE STRUGGLED SO WE HAD TO RAISE SOME CAPITAL FROM FOLKS WE PROBABLY DID NOT KNOW AS WELL AS WE SHOULD.
AND ULTIMATELY THEY WERE ABLE TO INVEST QUITE A BIT OF MONEY IN THE COMPANY TO TAKE OVER THE COMPANY AND IT WAS QUITE AN EXPERIENCE. YOU HAVE TO WATCH THE MOVIE TO GET ALL THE DETAILS. CAROLINE: THE DOCUMENTARY DOES A GOOD BAIT AND SWITCH OF ALLOWING YOU TO GO ALONG WITH YOUR OWN BIASES. I'M INTERESTED NOW AS TO WHAT THE LEARNING OF THE OVERALL DOCUMENTARY IS BECAUSE YOU SAY YOU STRUGGLED TO GET FUNDING LIKE MANY. DO YOU THINK YOU ARE LESS LIKELY TO GET FUNDING BECAUSE THE FACT YOU WERE BLACK? >> A LITTLE BIT, BUT I WAS MINDFUL. I DID NOT WANT TO BE A BLACK VERSUS WHITE THING.
ALL ENTREPRENEURS STRUGGLE AT SOME LEVEL RAISING CAPITAL. OUR EARLY INVESTORS WERE ALL WHITE. IT REALLY WASN'T EXACTLY THAT, BUT ONE OF THE THINGS WE TALK ABOUT IS JUST THE IDEA SOMETIMES WERE RAISING CAPITAL, THE FIRST TIME, TO BLACK CO-FOUNDER FOR TRYING TO REIMAGINE AN INDUSTRY SO THAT'S HARD BY ITSELF. IT'S ALSO HARD WHEN YOU HAVE THE EXTRA UNFAMILIARITY OF NOT INVESTING IN FOLKS LIKE US.
>> YOUR OTHER CO-FOUNDER BOUGHT THE BUSINESS AFTERWARDS AND RAISED ITS VALUE AND IS STILL INNOVATING. YOUR PREMISE WAS RIGHT. YOU JUST NEEDED THE MOVIE THEATERS NOT TO BUILD THEIR OWN SUBSCRIPTIONS WHICH THEY WENT AND DID. THE ISSUE WAS ABOUT THE PRICE POINT. WHAT YOU THINK ABOUT THE PRICE
POINTS OF MOVIEGOING AND THE WAY WE WHICH WE SEE THE LANDSCAPE EVOLVING? >> IT FELT LIKE AN INEVITABLE CHANGE IN THE MOVIE SPACE. IT'S WHY CAME TO L.A. TO BEGIN WITH BECAUSE SOME OF THIS INDUSTRY WAS SLOWER TO INNOVATE, SO WE DID FEEL LIKE IT WAS INEVITABLE. LIKE THE OPPORTUNITY TO BE A SWITZERLAND IN THE SPACE WAS THE SWEET SPOT.
OF COURSE THE OPPORTUNITIES FOR SILOS AND FOR FOLKS TO BE ABLE TO DO IT ON THEIR OWN BUT WE THOUGHT THE IDEA THERE COULD BE A COMMUNITY THAT TIED IT TOGETHER THAT COULD BE SPECIAL. WE DID INNOVATE QUITE A BIT MORE A LOT MORE INDIVIDUAL PREYED IT'S BEEN A GREAT LESSON. IT WAS A LONG TIME AGO WE STARTED THAT COMPANY. MOVIES ARE PROBABLY MORE CENTRIC . I'VE TURNED TO FOCUS ON HEALTH AND LONGEVITY, BUT STACY IS MAKING A GO AT IT DOING A GREAT JOB AND HE'S TURNED THE COMPANY TO BE PROFITABLE AND FIGURE OUT A PRICING MODEL THAT WILL WORK LONG TERM. CAROLINE: HOW MUCH YOU THINK THERE'S AN ISSUE OF FOUNDERS VERSUS THE MONEY THEY RAISE. WHO HAS THE POWER WHEN THESE
CONTRACTS ARE WRITTEN? >> IT EBBS AND FLOWS. THERE ARE TIMES IN THE FOUNDERS AND ENTREPRENEURS HAVE SIGNIFICANT AND MORE LEVERAGE BECAUSE THERE'S MORE CAPITAL THAN THERE ARE COMPANIES. SOMETIMES THE CAPITAL HAS MORE CONTROL OF THE POWER. ULTIMATELY IT'S A FOUNDER -- AS A FOUNDER AND INVESTOR I TRY NOT TO THINK ABOUT THAT OR TAKE ADVANTAGE OF LEVERAGE IN A WAY THAT WILL BE UNFAIR. THE TIDE IS GOING TO CHANGE AT SOME POINT ANYWAY. I THINK WE ARE SEEING THAT PLAY OUT NOW IS MARKETS ARE COMING BACK IN TERMS OF THE PRIVATE MARKETS AND INVESTORS BECOME MORE AGGRESSIVE AGAIN.
THE LEVERAGE IS STARTING TO SHIFT BACK AND FORTH AGAIN. CAROLINE: HOW ARE YOU SEEING THE ABILITY FOR YOURSELF TO WRITE CHECKS AND SEEING THINGS DIFFERENT FROM WHEN YOU WERE TRYING TO FUND RAISE? >> I HAVE A VENTURE STUDIO AND A FUND SO I LIKE BEING ON BOTH SIDES SO TO SPEAK. I LIKE INVENTING REIMAGINING NEW BUSINESSES.
ALSO LIKE SUPPORTING ENTREPRENEURS AND A SUPPORT ENTREPRENEURS WHO MAY NOT GET THAT OPPORTUNITY, I'M LOOKING FOR SOMETHING DIFFERENT IN MANY WAYS. I THINK IT'S CHANGING A LOT. I HOPE WE WILL SEE SOME OUTCOMES THAT PROVE THAT. THERE'S A TREMENDOUS AMOUNT OF
TALENT AND WE ARE LOOKING AT OPENING THE APERTURE TO FIGURE OUT HOW TO GET MORE TALENTED OPERATORS, SCIENTISTS, INNOVATORS. I AM EXCITED ABOUT WHERE WE ARE GOING. THIS A LONG WAY TO GO BUT I THINK WE'RE IN A GOOD PLACE. CAROLINE: I'M EXCITED ABOUT HAVING SOME OF THOSE FOUNDERS IN THE STUDIO, THE COMPANIES YOU BIRTH AND BUILD COMING ON THE SHOW. NOW LET'S OF COURSE BE THINKING LATER TODAY WE WILL HEAR FROM THE CURRENT CEO OF MOVIE PASS. COMING UP WE WILL GO BACK TO APPLE'S CONFERENCE AND WHAT TO EXPECT.
CAROLINE WILL BE JOINING US. FROM NEW YORK AND OVER IN CUPERTINO, THIS IS BLOOMBERG TECHNOLOGY. ♪ CAROLINE: WELCOME BACK. A QUICK CHECK ON THESE MARKETS.
OVERALL PRESSURE ON THE MARKETS FROM RISK AVERSION IN EUROPE. PUSHING HIGHER ON THE NASDAQ 100. MICROSOFT LEADING US HIGHER FROM A POINTS PERSPECTIVE. EUROPE ENDS ITS DAYTRADING, WHAT A POLITICAL UPHEAVAL A DAY OF TRADING IT HAS BEEN PRAYED CONCERNS ABOUT MACRON CALLING THAT LEGISLATIVE VOTE AND YIELDS PUSHING UP. WE ARE LOOKING AT BITCOIN ABOUT 3/10 OF A PERCENT. STILL GATHERING A LITTLE BIT. NEAR THAT RECORD HIGH.
HAVE A LOOK AT WHAT'S HAPPENING ON THE INDIVIDUAL MOVERS LOOKING AT NVIDIA. WE ARE NOW UP MORE THAN A PERCENTAGE POINT HIGHER. SELLING OFF INTO THAT MOVE ON THURSDAY AND FRIDAY. CURRENTLY 1.5 POINTS HIGHER. 10% OF WHERE WE ARE TRADING BACK ON FRIDAY. LOOKING AT APPLE, CURRENTLY DOWN BY 7/10 OF A PERCENT. WE HAVE BUILT IN CRESCENDOED MARKET CAPITALIZATION INTO TODAY WHICH IS WWDC. WE WANT TO UNDERSTAND WILL --
WHAT WE WILL BE GETTING FROM APPLE. WE WANT TO BRING IN CARA LENA FOR WHAT TO EXPECT. A WHOLE HOST IN THE WAY DEVELOPERS WILL BE ABLE TO INNOVATE ACROSS APPLE WOULD ALSO WHAT THE CONSUMER MIGHT WANT TO BUY A NEW PHONE FOR. WHAT ARE YOU EXCITED FOR?
CAROLINA: ABSOLUTELY, I THINK YOU ARE SPOT ON IN TODAY BEING ABOUT THE DEVELOPERS AND HOW THEY CAN LEVERAGE ARTIFICIAL INTELLIGENCE TO DRIVE A MORE EXPERIENCED FURTHER APPLICATIONS. BUT IT'S ABOUT THE CONSUMER AND FOR APPLE IT'S ALL ABOUT THE HARDWARE, BRINGING VALUE BACK TO THE HARDWARE SO WE WANT TO STAY UP TO DATE AS A CONSUMER PERSPECTIVE. TO ME IT'S GOING TO BE ABOUT EASE-OF-USE, ABOUT REALLY MASS-MARKET THINGS THAT THE CONSUMER WANTS TO DO. MAYBE AROUND THE CAMERA IS ALWAYS A BIG THING FOR CONSUMERS TODAY. OR JUST THE EASE-OF-USE OF THE PHONE ITSELF. THE PHONE GETS TO DO MORE AND MORE TODAY AND NAVIGATING. CAROLINE:
INTERESTING YOU SAY THE PHOTO, THE CAMERA. ARTIFICIAL INTELLIGENCE HAS BEEN INTERLACED WITHIN APPLE PRODUCTS IN THE PHOTO PRODUCT FOR A LONG TIME. GENERATIVE AI HAS BROUGHT ABOUT THIS IDEA APPLE IS BEHIND THE CURVE. IS IT TRULY BEHIND THE CURVE?
CAROLINA: I THINK NO CONSUMER IS RUNNING INTO A STORE TODAY ASKING FOR GENERATIVE AI. FROM A STREET PERSPECTIVE THERE IS A PERCEPTION APPLE HASN'T TALKED ENOUGH ABOUT IT AT ALL UP UNTIL NOW BUT THE REALITY IS THERE A KIND OF AI'S. APPLE HAS BEEN FOR MACHINE LEARNING AND PERSPECTIVE INTO THE NEURAL ENGINE SO THEY ARE NOT BEHIND FROM A TECHNOLOGY PERSPECTIVE PER SE, BUT WE WANT TO SEE IS OR WHAT THE STREET WANTS TO SEE IS MORE PROOF THAT THEY HAVE ALL THE INGREDIENTS IN PLACE TO DELIVER AND STAY IN PACE WITH THE MICROSOFT AND GOOGLE OF THE WORLD. CAROLINE: ALSO ALONG THOSE INGREDIENTS LAST. A SHORT TO MEDIUM-TERM. CARA LENA -- CAROLINA: IT'S THE FIRST TIME WE WOULD SEE APPLE REALLY BRINGING A NAME OBVIOUSLY COLLABORATING WITH GOOGLE FOR PARTS OF THEIR SEARCH AND EVERYTHING ELSE.
IT'S THE FIRST TIME WE WILL SEE A NAME FOR A DELIVERY OF AN EXPERIENCE AND I DO THINK THIS IS MUCH MORE LONGER-TERM THAN SHORT-TERM. >> CREATIVE STRATEGIES IS IN YOUR BUSINESSES NAME SO CAN YOU TELL US HOW APPLE WILL GET CREATIVE IN THE WAY WE USE THE PHONE GOING FORWARD. HOW WILL GENERATIVE AI CHANGE THE WAY THEY SHOW -- CHOOSE THE NEXT LATEST AND GREATEST SOFTWARE AND HARDWARE FROM APPLE. CAROLINA: THE THINGS THAT ALWAYS RESONATE WITH CONSUMERS ARE THINGS YOU USE EVERY DAY. YOU THINK ABOUT THE BEAUTY OF IMESSAGE MESSAGE FOR A LOT OF PEOPLE IS ABOUT SEAMLESS EXPERIENCE IN COMMUNICATING. THE RICHNESS AND THE WAY YOU COMMUNICATE.
EMOJIS WERE THAT THING THAT APPLE GOT EVERYBODY EXCITED ABOUT WHEN THERE ARE RUMORS ABOUT A NEW VERSION THAT WILL LEVERAGE GENERATIVE AI. THINGS THAT I USE EVERY DAY THAT ARE GOING TO GET ME EVEN MORE ENTRENCHED INTO THE ECOSYSTEM APPLE IS TRYING TO DO BECAUSE THAT ENGAGEMENT, THE EVERYDAY DEPENDENCY IS WHAT CAN I GET CONSUMERS TO CONTINUE TO LOOK FOR THE NEXT DEVICE, THE NEXT EXPERIENCE. CAROLINE: THIS INTERESTING LINE AND SOME OF THE REPORTING BY MARK AND OTHERS THAT THEY CAN HAVE TO SHIFT FROM WHAT IS A HARDWARE SOFTWARE SERVICES BUSINESS MORE TO BEING A HARDWARE AI CLOUD COMPANY. AND WHAT DOES THAT DISTINCTION MEAN? CAROLINA: THE CLOUD PART IS GOOD TO BE IMPORTANT GOING FORWARD FOR SURE BECAUSE FROM A GENERATIVE AI PERSPECTIVE YOU DO NEED A CLOUD COMPONENT. I THINK THAT IS END AND I DO THINK GENERATIVE AI WILL BE ACROSS THE EXPERIENCES FROM A SOFTWARE PERSPECTIVE AS WELL AS SERVICES PERSPECTIVE IS A LOT GENERATIVE AI CAN DO AS FAR AS MUSIC OR APPLE TV, SHOWS RECOMMENDATIONS.
THERE'S A LOT THERE THE WHOLE ECOSYSTEM CAN BENEFIT FROM AND THE CLOUD WOULD BE A MEANS TO DELIVER THAT. CAROLINE: ULTIMATELY SAYING WE NEED TO HEAR FROM THEM THAT THEY HAVE ALL THE BITS IN PLACE, THE INFRASTRUCTURE NECESSARY TO LEVERAGE THIS NEW GENERATIVE AI REALITY WE WILL HIT BUT HOW CLEAR DO YOU THINK IT WILL BE ULTIMATELY REVENUE-GENERATING. HOW QUICKLY WILL THEY SEE THE REWARDS FOR THESE INVESTMENTS? CAROLINA: I WOULD THINK THE FIRST THING WE WILL SEE IS THE REPLACEMENT CYCLE. THAT'S GOOD TO BE THE BIGGEST WAY TO SEE RETURN ON INVESTMENT FROM A REVENUE PERSPECTIVE. OBVIOUSLY WITH A LOT NECESSARY
ON THE DEVICE YOU ARGAN NEED THE LATEST AND GREATEST ON THE DEVICE. SO I THINK IT'S NATURAL TO THINK IF YOU HAVE A PHONE THAT IS THREE OR FOUR YEARS OLD YOU WILL HAVE TO UPGRADE TO TAKE ADVANTAGE OF THE NEW FEATURES THAT ARE COMING BASED ON GENERATIVE AI SO THE FIRST THING YOU'LL SEE IS THAT CYCLE ACROSS DEVICES. YOU'VE SEEN THAT WITH THE M4 CHIP THAT WAS LAUNCHED JUST OVER A MONTH AGO. CAROLINE: WILL IT MAKE US BUY A VISION PRO? CAROLINA: I DO NOT KNOW ABOUT THAT. I THINK FOR NOW GENERATIVE AI
IS ABOUT THE MASS-MARKET AND EVERYDAY DEVICE. I THINK FOR VISION PRO I'M SURE WE WILL GET THERE. I DON'T KNOW IF IT'S NECESSARILY THE PRIORITY TODAY. I THINK IT'S MORE ABOUT WHAT WE USE EVERY DAY.
AND I THINK HISTORICALLY THAT'S WHAT APPLE HAS ALWAYS DONE IS TAKING FEATURES ARE MOMENTS AND IT'S AN EXAMPLE OF THINGS FROM A TECHNOLOGY PERSPECTIVE THAT OTHERS ARE BROUGHT TO MARKET AND REALLY MADE THE MASS-MARKET MOMENT. AND THAT'S WE ARE EXPECTING TODAY. CAROLINE: WAITING ON THE ALL-IMPORTANT WWDC KICKOFF. WE THANK YOU FOR FRONT RUNNING IT FOR US. TIME TO GO TO TALKING TECH.
MICROSOFT IS A CORE FEATURE IN ITS AI BRANDED PCS WILL BE TURNED OFF WHEN IT SHIPS. THE FEATURE CREATES A RECORD OF EVERYTHING USERS DO ON THE PC. IT SET OFF ALARM BELLS FOR SECURITY RESEARCHERS SAYING IT COULD BE USED BY BAD ACTORS TO ACCESS AND SCOOP UPDATE UPGRADE XBOX ANNOUNCE NEW ENTRIES INTO ITS POPULAR GAMING FRANCHISES AT A SHOWCASE OVER THE WEEKEND, NEW TITLES FOR DOOM AND THE GEARS OF WAR SERIES WERE ANNOUNCED. THIS COMES AMID LAYOFFS OF 1900
EMPLOYEES IN ITS GAMING DIVISION. VOLVO CAR IS RECALLING NEARLY 72,000 FULLY ELECTRIC TX 30 DUE TO A SOFTWARE ISSUE. THEY MAY HAVE AN ERROR THAT CAUSES THEM TO GO INTO TEST MODE. NO OTHER MODELS WERE AFFECTED ACCORDING TO VOLVO AND THERE'S BEEN NO RELATED ACCIDENTS OR INJURIES REPORTED.
COMING UP, JEFFREY KATZENBERG RAISES NEARLY HALF $1 BILLION FOR HIS VENTURE FUND. WE WILL TALK OF CONTENT CREATION , THIS IS PERHAPS ONE OF THE MESSIEST DEALS OF ALL TIME BUT IT FEELS PARAMOUNT GLOBAL IS CURRENTLY MOVING JUST ABOUT A PERCENTAGE POINT. A FORMER MEDIA EXECUTIVE FROM WARNER MUSIC AND SEAGRAM IS BACKED BY BAIN CAPITAL POTENTIALLY TO BE BUYING NATIONAL DEBTS THE OVERALL PARENT COMPANY INSTEAD MAY BE OF SKY DANCE.
THIS IS ALL ABOUT THEM HAVING A 2 BILLION PLUS BID FOR THE COMPANY THE CONTROLS PARAMOUNT. WE CONTINUE TO WATCH. NATIONAL AMUSEMENTS THE KEY ONE THEY ARE LOOKING TO PURCHASE PRINT THIS IS BLOOMBERG TECHNOLOGY. STEVE WOZNIAK JOINING. THIS IS BLOOMBERG. THE INVESTMENT FIRM OF MEDIA VETERAN JEFFREY KATZENBERG. JUST ANNOUNCED ITS RAYS NEARLY HALF A BILLION DOLLARS FOR ITS LATEST VENTURE FUND. WE ARE PLEASED TO WELCOME TO VC SPOTLIGHT BOTH FOUNDING PARTNERS.
I WANT TO ASK YOU FIRST, OF THE PERSPECTIVE IS ON WHAT SECURITY MOST IMPORTANTLY, CYBER THREATS OR ARTIFICIAL INTELLIGENCE. WHERE'S YOUR SWEET SPOT? >> YOU COVERED IT ALL, THAT'S OUR SWEET SPOT. WHAT WE TRY TO DO IS KEEP YOU AND YOUR FAMILY SAFE ONLINE. WE START WITH THE CONSUMER. THAT'S MORE JEFFREY'S BACKGROUND AND MY BACKGROUND COMES FROM HIS HOW TO APPLY NEW TECHNOLOGIES TO SOLVE PROBLEMS FOR EACH OF US AT WORK. AND WHEN WE THINK ABOUT CYBERSECURITY, ONE OF THE CRAZIER THINGS OF THE PAST COUPLE DECADES IS YOU CAN THINK OF A GREAT INNOVATION THAT IS DESIGNED TO PROTECT ALL OF US AND THAT SEEMS SHOCKING AND TERRIBLE TO US SO WE TRIED TO GO -- WE TRIED TO GO SOLVE THAT. >> TRUFFLE HUNTING IS WHAT YOU
DESCRIBE WHAT YOU'RE DOING. TALK ABOUT HOW THAT'S A SMALL AMOUNT OF INVESTMENTS BUT MORE IMPACTFUL. >> I THINK THAT'S THE OPPORTUNITY THERE.
THERE'S SO MUCH INCREDIBLE INNOVATION GOING ON. , WE HAVE FOUND FOR US STAYING QUITE FOCUSED, PICKING A HANDFUL OF INVESTMENTS EACH YEAR AS WELL AS STARTING A COMPANY OURSELVES, WE'D LIKE TO BE BUILDERS AS WELL AS INVESTORS. SO DOING THOSE THINGS IN PARALLEL HAS PROVED TO BE QUITE SUCCESSFUL AND REWARDING FOR US. WE STARTED AS BUILDERS, WE
FOUNDED COMPANIES OURSELVES. WE WANTED TO DO BOTH OF THOSE THINGS IN PARALLEL. >> I'M INTERESTED IN AS WE CAME OUT FROM WWDC WERE ABOUT TO ANTICIPATE APPLES UNVEILING. WHAT IS YOUR BIG BETS IS ONE PASSWORD. APPLE IS LOOKING TO TAKE THAT ON WITH ITS OWN ABILITY FOR STORING PASSWORDS. HOW MUCH DO YOU WORRY ABOUT COMPETITION IN THIS CYBER AREA? >> I USED TO WORRY A LOT ABOUT COMPETITION 15 YEARS AGO FROM BIG TECH PLATFORMS. STEVE JOBS LAST SPEECH, I'M GET A CHANGE
AT ALL WITH ICLOUD. MY VIEW IS THAT THE BEST PRODUCT ULTIMATELY WINS IN THE CASE OF ONE PASSWORD THEY BUILT AN AMAZING SOLUTION HELPING ACROSS CROSS-PLATFORM AND APPLE DEVICES , MICROSOFT DEVICES AS LONG AS YOU STAY FOCUSED ON THE CUSTOMER YOU WILL BE FINE AS AN ENTREPRENEUR. CAROLINE: MANY WOULD ASSOCIATE OF LATE YOUR WORK WITH QUIBI AND THAT WAS A BIG BET AND A BUILDING THAT AND ONE THAT DID NOT PAY OFF. CONTENT IS TOUGH NOW BUT HOW HAS THAT BEEN TOUGH TO EXPLAIN TO THE LPS YOU BROUGHT OVER? >> I KNOW IT FEELS TO YOU LIKE IT WAS YESTERDAY, IN FACT IT WAS FOUR YEARS AGO. IT WAS A MOONSHOT. THAT'S PART OF BEING AN ENTREPRENEUR, IT'S PART OF BEING AN INVESTOR. IT'S A BALANCE OF THE TYPE OF RISK BOARD YOU TAKE.
CERTAINLY THAT WAS A RISK AND ARE INVESTORS UNDERSTOOD IT. BUT DIGITAL MEDIA IN GENERAL HAS TURNED OUT TO BE A VERY CHALLENGED AREA BOTH FOR CREATORS AND FOR INVESTORS UNLESS YOU CONTROL THE PLATFORM ITSELF. SO FOUR YEARS AGO WE PIVOTED OUT OF DIGITAL MEDIA. WE HAVE NO INVESTMENTS TODAY IN DIGITAL MEDIA.
WE LOOK AT IT BECAUSE AS YOU WERE TALKING ABOUT IN YOUR EARLIER SEGMENTS, WITH THE INTRODUCTION OF AI THIS CAN BE A SLEW OF NEW TYPES OF OPPORTUNITIES, NEW TYPES OF CONTENT. ULTIMATELY A NEW AND INNOVATIVE PLATFORM IS COMING OUR WAY SOONER RATHER THAN LATER AND WE WANT TO BE ON THE FOREFRONT OF THAT. BUT AS WE SIT HERE TODAY, OF THE OPPORTUNITY HAS NOT PRESENTED ITSELF. MORE IMPORTANTLY, FOR THE LAST THREE OR FOUR YEARS OUR FOCUS IS 100% IN TECH AND AS WAS OUTLINED TO YOU PARTICULARLY CONSUMER TECH. CAROLINE: HOW HAS THE LP COHORT BEEN WILLING TO JUMP ONTO THIS NEW FUND RAISE? HAVE YOU GOT NEW LPS INTO THIS FUND? >> IT'S VIRTUALLY ENTIRELY NEW FROM THE LP STANDPOINT.
IT WAS ORIGINALLY SET UP AS A HOLDING COMPANY SO THESE ARE FIRST TRADITIONAL FUNDS. WHAT I WOULD SAY IS SEVERAL OF OUR STRONGEST SUPPORTERS IN THE HOLDING COMPANY AGAIN BECAME OUR BIG SUPPORTERS IN THE NEW FUNDS. BUT AS YOU KNOW IT'S BEEN A DIFFICULT FUNDRAISING ENVIRONMENT AND WE ARE THRILLED WITH THE NEW PARTNERS WE HAVE BUT WE UNDERSTAND WE ARE SETTING OUT TO BUILD THESE RELATIONSHIPS WITH FOLKS WHO DID NOT COME IN FOR THE LONG HAUL AND HOPE TO GET THEM IN THE FUTURE. CAROLINE: JUST ON EXITS AT THIS POINT, IT'S INTERESTING THAT WAS ONE OF YOUR BIG BETS AND THAT EXIT UNWOUND DUE TO REGULATORY ISSUES FROM ADOBE. YOU'VE ALSO DONE EXIT WHERE
YOU'VE TIED UP TWO OF YOUR OWN HOME BUILD COMPANIES TOGETHER AND WE'VE SEEN THE LIKES ALL THE WAY BACK IN 2020. WHAT IS THE DIRECTION OF TRAVEL FOR EXITS. IS IT IPO'S? >> WHEN YOU BUILD A GREAT COMPANY WOULD LIKE TO SEE A GO PUBLIC IN AN IDEAL SITUATION. YOU WANT THEM TO RUN FOR MANY DECADES. WELL EXITS ARE TOP OF MIND IN A TRADITIONAL FUND, THE BEST TECHNOLOGIES GET BUILT OVER MULTIPLE DECADES. AND FROM OUR STANDPOINT OUR AMBITION AND GOALS ARE TO BUILD PREDICTIVE TECHNOLOGY COMPANIES SO WE DON'T LOOK TO THE EXIT PRIMARILY.
WE LOOK TO BUILDING A GREAT COMPANY. IF THAT COMES IN THE NEAR TERM OUR AMBITION IS TO BUILD THEM FOR THE LONG HAUL. CAROLINE: EVERYONE KNOWS YOU FROM YOUR MEDIA EXPERTISE. WHAT IS IT FROM YOUR MIND IS GOING ON WITH PARAMOUNT. THE WALL STREET JOURNAL IS ARTICULATING BRONFMAN IS EYEING A BID FOR NATIONAL AMUSEMENTS.
IS THERE ANY HOPE FOR M&A IN THE CONTENT CREATION SPACE? WILL THEY GET A DEAL THAT'S GOOD FOR INVESTORS? >> THOSE ASSETS ARE SINGULAR, THEY ARE UNIQUE, THEY ARE GENERATIONAL AND THE REASON WHY THERE IS SO MUCH FOCUS AND ATTENTION AROUND THEM IS BECAUSE OF SCARCITY. RIGHT NOW TODAY IT'S PRETTY COMPLICATED SET OF CIRCUMSTANCES THERE. YOU HAVE REDSTONE CONTROLLING SHAREHOLDER THEY'VE ACTUALLY HAD A VERY DIFFICULT TIME OVER THE LAST YEAR OR TWO. BUT MAKE NO MISTAKE ABOUT IT, THESE ARE STILL VERY STRONG ASSETS AND MAYBE THEY NEED TO BE RECONFIGURED AND REDEPLOYED IN NEW AND MAY BE INNOVATIVE WAY, BUT FOUNDATION ONLY THE REASON THERE IS AS MUCH INTEREST IN THEM, THERE IS GOOD REASON FOR IT. CAROLINE: YOU WILL KNOW HAVING BEEN WITH WALT DISNEY STUDIOS, A BUILDING WITH LOWEST WITH DREAMWORKS. AND NOW CONSUMER CYBERSPACE.
>> I WENT TO AN EARLY BREAKFAST AND RAN INTO BOB IGER AND BRIAN ROBBINS, ALL IN ONE ROOM AT ONE TIME. THE CURRENT PRESIDENT OF PARAMOUNT, JEFF SHELF ON REDBIRD AND BOB IGER WHO'S WATCHING IT ALL. >> THAT FEELS LIKE A MOVIE SCRIPT. NEXT TIME INVITE US TO THAT BREAKFAST. IT'S GREAT TO HAVE SOME TIME WITH YOU. THANK YOU. WE APPRECIATE BOTH OF YOU SPENDING TIME WITH US TODAY. COMING UP WE WILL GO BACK TO
APPLE PARK WHERE WE AWAIT TIM COOK'S KEYNOTE, WE ARE ON THAT NEXT FOR THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: APPLE INTELLIGENCE, IT WILL BE ANNOUNCED AT WWDC. WE ARE ALMOST AN HOUR AND A LITTLE OVER AWAY FROM EVENT -- THE EVENT KICKOFF. WHAT ARE YOU EXPECTING TERMS OF
FEATURES TO BE ANNOUNCED. >> WE HAVE A LOT TO GATHER FROM MARK'S REPORTING. THE KEY THING WILL BE APPLE INTELLIGENCE, THE NEW AI SYSTEM IT PLANS TO ROLLOUT IN THE IPHONE, IPAD AND MAC OS SYSTEMS WHICH WILL GET AN UPGRADE. THE REAL KEY WILL BE THE AI FEATURES EMBEDDED INSIDE. LET'S DRILL INTO SOME OF THOSE BECAUSE THAT'S WHAT PEOPLE WANT TO KNOW PRETTY WHAT WILL SHOW UP ON THE DEVICES.
A BIG PART OF THIS WILL BE SUMMARIZING WEB ARTICLES, OTHER WEBPAGES. MAKING IT EASIER FOR YOU TO DISSECT THE INFORMATION YOU'VE TO MAKE A FEW CLICKS ON YOUR PHONE TO GET TO. THINK ALSO YOUR MAIL APP. AUTO REPLY, THE THINGS GMAIL ALREADY HAS BUT APPLE IS CRATING ITS OWN VERSION OF IT. WE'LL ALSO GIVE VOICE MEMO TRANSCRIPTION WHICH WILL COME IN HANDY FOR ME. THESE ARE JUST A FEW OF THE AI FEATURES WE WILL EXPECT TO SEE BUT IT'S ALL PART OF A BROADER AI VISION TIM COOK WILL ADDRESS.
>> OPENAI PARTNERSHIP PERHAPS? >> THAT IS THE BIG ONE PAID WHO CAN FORGET BECAUSE APPLE CANNOT DO THIS ON THEIR OWN. THEY NEED THEIR HELP OF OPENAI WHICH HAS THE POWERFUL CHATGPT TECHNOLOGY WE WILL SEE SOME KIND OF CHATBOT VERSION ALSO IN APPLE'S NEW UPGRADE BUT OF COURSE THE QUESTION IS WILL THIS REALLY REVAMPS THEORY IN THE WAY IT NEEDS TO. IT'S KIND OF BEEN A DISAPPOINTMENT IN ITS ROLLOUT NEARLY A DECADE AGO SO HERE WE WILL HAVE OPENAI TAKING THE LEAD IN THAT WAY. APPLE INTELLIGENCE WILL ALSO HAVE APPLE'S OWN AI TECHNOLOGY BUT HERE WE WILL WAIT TO SEE HOW THIS PARTNERSHIP WILL UNFOLD. CAROLINE: WE REALLY APPRECIATE IT. THAT DOES IT FOR THIS ADDITIONAL BLOOMBERG TECHNOLOGY. STAY TUNED FOR ALL THIS, COME OUT OF CUPERTINO.
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2024-06-12