Bloomberg Technology 08/25/2023
>> FROM THE HEART OF INNOVATION, MONEY AND POWER COLLIDED IN SILICON VALLEY AND BEYOND, THIS IS BLOOMBERG TECHNOLOGY WITH CAROLINE HYDE AND ED LUDLOW. ♪ CAROLINE: I AM CAROLINE HYDE AT BLOOMBERG WORLD HEADQUARTERS IN NEW YORK. ED: AND I'M IN SAN FRANCISCO. CAROLINE: OUR STRATEGISTS SOUR ARE INTACT? WE WILL BREAK IT DOWN. ED: BUY NOW PAY LATER COMPANY BEATS
ESTIMATES AND FOURTH-QUARTER RESULTS. THERE IS AN INSANE SHARE REACTION WE WILL SPEAK TO THE CEO3+. CAROLINE: CHINA'SMATUAN BUSINESS FALLS AND WE WILL HAVE THAT AND SO MUCH MORE THROUGHOUT THIS HOUR. LET'S CHECK IN WITH THE JAY
POWELL RESULTS. HE MANAGES TO STICK TO HIS USUAL PARTYLINE AND NO GREAT SURPRISES IN A HAWKISH TONE IN JACKSON HOLE. THE NASDAQ IS DOWN ABOUT 1/10 OF 1%. WE ARE UP ABOUT FOUR BASIS
POINTS ON THE LONGER AND IN THE 10 YEAR BUT A LITTLE BIT MORE OF A HAWKISH TONE BUT IT DIDN'T UPEND THE MARKET ENTIRELY. BITCOIN IS OFF SLIGHTLY. MOVING ON TO THE PICTURE OF THE WEEK, AMID THIS VOLATILITY IN THESE WORRIES OF CHINA AND THE MACRO SENTIMENT, WE HOLD ONTO GAINS THROUGH THE NASDAQ 100 THROUGHOUT THE FIVE DAYS, UP SIX -- 0.6%. SOME OF THE NVIDIA EXCITEMENT HAS STARTED TO FADE. ED: IT'S DEFINITELY POWELL THAT'S IMPACTING THE TECHNOLOGY SECTOR BUT WE STILL HAVE EARNINGS STORIES.
A CHIPMAKER WE DISCREDIT -- WE DISCUSSED LAST IS DOWN 8%, THE BIGGEST DROP SINCE LAST MAY. THE PROFIT OUTLOOK FOR THIS QUARTER WAS IN LINE WITH ESTIMATES IN THE STREET WAS NOT IMPROVED. -- WAS NOT IMPRESSED. IT'S A PSYCHOLOGICAL CHANGE FOR THE MARKET AROUND AI. I DON'T DO THIS OFTEN BUT A FIRM HAS REBOUNDED AND IT WAS A PRETTY NORMAL EARNINGS CALL. IT'S UP 28%.
I WENT ON HR H IN THE BLOOMBERG TERMINAL AND SO FOR STANDARD DEVIATIONS MOVE AND IT'S ONLY HAPPENED ONCE. THERE IS A QUESTION OF WHAT'S GOING ON THERE. MAYBE THAT'S A PART OF THE STORY AND WE WILL ASK THE CEO.
BACK TO NVIDIA, THE ENTHUSIASM FOR NVIDIA POSTS ITS EARNINGS AND THEY KNOCKED IT OUT OF THE PARK BUT WE ARE NOW DOWN 4%. IT HAS CAUGHT UP WITH THE REST OF THE MARKET TO MAYBE SELL THE NEWS A DAILY KIND OF STORIES THAT THAT'S AN INCREDIBLE TURNAROUND. PEOPLE HAVE SAID LET'S MOVE ON TO THE AI STORY. CAROLINE: PEOPLE ARE WONDERING WHETHER THIS RALLY IS EXHAUSTED. WE'VE HEARD FROM MIKE WILSON AT MORGAN STANLEY TALKING ABOUT HOW THIS SIGNAL, THE FACT THAT NVIDIA FAILED TO BOOST THE OVERALL MARKET IS A TECHNICAL SIGNAL THAT THIS REALLY IS EXHAUSTED. DO YOU AGREE WITH THAT OR NOT? >> WHEN YOU LOOK AT THE CHART OF PE MULTIPLES, IT TELLS YOU SOMETHING.
WE HAVE SEEN AN INCREASED INTEREST SINCE -- FOR THE PAST THREE WEEKS SINCE WE CAME OUT RECOMMENDING THAT PROTECTION ON THE TRIPLE Q OPTION WITH PUTS OR PUT SPREADS WERE NAKED PUTS. THAT HAS BEEN REMARKABLY PROFITABLE. OUR CLIENTS HAVE BENEFITED FROM THAT PERSPECTIVE. THAT WAS BECAUSE WE THOUGHT TECH WAS OVERDONE YEAR TO DATE WITH A 50 BASIS POINT APPRECIATION AT THAT POINT. IN THE MACRO CONTEXT NOW, WITH THE FED TRYING TO PERSUADE MARKETS TO BELIEVE THAT IT IS NOT GOING TO CHANGE THE 2% TARGET, THAT IT IS SERIOUS AND HAS A STRICT INTERPRETATION OF ITS DUAL MANDATE, THAT TO ME SAYS 2024 IS UNLIKELY TO BE AS MUCH OF A BOOM FOR THIS SECTOR AS WE SAW IN 2023. ED: WE'RE A COUPLE OF HOURS POST POWELL.
IT IS TOO EARLY TO DECLARE VICTORY ON INFLATION AND THEY WILL BE CAREFUL ABOUT RAISING RATES BUT THE CONCLUSION IS HIGHER RATES, STEADY FOR LONGER. HOW DOES THAT RELATE TO THE TECHNOLOGY SECTOR? HOW DO WE PRICE THAT INTO THE TECH SECTOR IN PUBLIC MARKETS? >> I THINK THE MARKETS HAVE NOT PRICED IN THAT REALITY. THEY PRICED AND EASING NEXT YOU SO THAT TELLS US THAT WE ARE CURRENTLY PRICED INTO MULTIPLES AND THAT'S THE BEST CASE SCENARIO. THE SOFT LANDING WHICH IS 2% INFLATION TARGET ATTAINMENT WITH NO ECONOMIC CONTRACTION, I THINK IS UNLIKELY TO MANIFEST UNLESS THE FED EITHER IMPLICITLY OR EXPLICITLY CHANGES ITS 2% AVERAGE TARGET.
IF THEY ARE SERIOUS ABOUT THAT TARGET AND HAVE A STRICT INTERPRETATION OF THAT, I THINK 2024 COULD BE A DIFFICULT ONE FOR TECH AND I WOULD EXPECT THE MOST INTEREST RATE SENSITIVE SECTORS SUCH AS TECH OR CONSUMER COMMUNICATIONS AND CONSUMER DISCRETIONARY WOULD HAVE A TOUGHER TIME. I LIKE UTILITIES THAT ARE UP TODAY WE HAVE TO BE MORE DEFENSIVELY POSITIONED. I LIKE CASH, I LIKE GOLD AND I LIKE SECTORS THAT ARE DEFENSIVE GOING INTO NEXT YEAR BECAUSE THE FED WILL BE IN A TOUGH SPOT, EITHER GO TO THE 2% TARGET AND MAYBE HAD TO HIKE FURTHER OR CHANGE IT EXPLICITLY OR IMPLICITLY. CAROLINE:
LET ME GO BACK TO THE MICRO NARRATIVE. YOU PAINT A CLEAR MACRO PICTURE BUT THERE HAS BEEN THIS ALMOST ABILITY FOR TECH TO OUTSHINE BECAUSE OF THE PRODUCTIVITY USED MANY ARE FACTORING INTO ARTIFICIAL INTELLIGENCE. I WANT TO GO TO WHAT WAS SAID EARLIER ABOUT THE CONCERN ABOUT LACK OF INSTITUTIONAL BUYERS. >> YOU DIDN'T GET THE INSTITUTIONAL FOLLOW-THROUGH THAT I THINK YOU GOT FROM THE FIRST ROUND OF BUYING WITHOUT FOLLOW-THROUGH AND PERHAPS SOME PROFIT-TAKING. YOU END UP WITH A MESSY KIND OF DAY THAT YOU ENDED UP WITH YESTERDAY. CAROLINE: ARE THERE ANY NAMES LIKE THE MAGNIFICENT SEVEN GOING TO CLIMB BECAUSE OF AI OR IS THAT DONE? >> AI CERTAINLY HAS A LONG PATH BUT A LOT HAS ALREADY BEEN BAKED IN BECAUSE THE MARKETS TRY TO PRICE IN WHAT WILL HAPPEN IN THE NEXT FIVE YEARS. IT'S ALREADY BEEN PRICED AND SO
AI HAS TO DELIVER NOW. IT IS CERTAINLY POSITIVE FOR PRODUCTIVITY BUT MY CONCERN REVERTING BACK TO THE INFLATION STORY IS PRODUCTIVITY AT CURRENT LEVELS WOULD HAVE TO XL OR FREIGHT MEANINGFULLY IN THAT -- ACCELERATE MEANINGFULLY IN THE NEAR TERM THAT MEANS AI WOULD HAVE TO DELIVER IN THE NEXT YEAR TO REALLY COMPENSATE FOR 4% INFLATION. IN OTHER WORDS, PRODUCTIVITY IS NOT GOOD AT THE CURRENT RATE. INFLATION STAYS AROUND, AI IS NOT THERE YET IN THE FED WILL HAVE TO STAY ON HOLD FOR THE ENTIRETY OF NEXT YEAR AND BE NEGATIVE TECH OR POTENTIALLY EVEN HEIGHT BECAUSE INFLATION IS LIKELY TO RE-ACCELERATE UNDER SOFT INFLATION.
THE CONSUMER IS STRONG AND REAL WAGES ARE POP JUST POSITIVE AND THEIR TRAINING FIVE -- HIGHER AND THAT'S NOT A REAL GOOD ENVIRONMENT FOR A 2% TARGET OR FOR RATES COMING DOWN. ED: I SIT HERE ON A FRIDAY MORNING ASKING MYSELF WHAT HAPPENED? 24 HOURS AGO, FRANKLIN EQUITY GROUP TOLD US THE NVIDIA RESULTS WERE LIKE THE GODFATHER II WHEN THE SEQUEL IS AS GOOD AS THE ORIGINAL. ON A TWO DAY BASIS, THE STOCK IS DOWN 4%. IT'S LIKE IT NEVER EVEN
HAPPENED. CAROLINE: REMEMBER HOW FAR WE CHARGE HIGHER, MORE THAN 200% GAIN ON THIS NAME THIS YEAR. THE KEY OUTPERFORMER OF CHOICE AND MAYBE IS THIS MOVEMENT TO PROFIT TAKE.
TO THAT END, KATHRYN, YOU SAY AI HAS TO DELIVER. IT KIND OF HAS BEEN AT LEAST AT NVIDIA. WE HAVE EARNINGS EXPECTATIONS OF NEXT YEAR, 171% GROWTH AND 178% REVENUE, DOUBLING UNTIL THEIR FIRST QUARTER OF 2025. WHAT DO YOU NEED TO SEE IMPROVE THAT AI IS HERE AND DRIVING REVENUE AND NOT JUST FOR NVIDIA? >> I WOULD HAVE TO SEE PRODUCTIVITY NUMBERS SO WE WOULD HAVE TO GET THAT IN U.S.
PRODUCTIVITY. THE PAST SIX QUARTERS, POSITIVITY WAS ONLY POSITIVE THREE QUARTERS OF THEM. I WOULD LIKE TO SEE AI PLAY INTO THE REAL ECONOMY. EVERYONE IS TALKING ABOUT IT. YOU GO INTO THE CORPORATE EARNINGS AND GUIDANCE CORPORATIONS ARE WELL INTENDED BUT MAYBE NOT ALL OF THEM ARE DEPLOYING IT. I THINK FLOWING TAKES TIME.
CERTAINLY, WE ARE PRICING THAT IN TODAY BUT IT HAS TO FLOW THROUGH TO THE REAL ECONOMY FOR THE NEXT FIVE YEARS TO OFFSET INFLATION. NVIDIA IS INTERESTING REVERTING BACK TO ITS SEVEN-YEAR MULTIPLE. I'M NOT SAY SELL ALL YOUR TECH SECTORS BUT VOLATILITY TO PROTECT THOSE POSITIONS IS RELATIVELY HISTORICALLY CHEAP SO WHY NOT DEPLOY IT RATHER THAN GO TO A POTENTIAL VOLATILE 2024 NAKED? YOU WANT TO BE PROTECTED. ED: WE ARE AT THE TAIL END OF EARNINGS SEASON AND IT'S ALMOST SEPTEMBER AND WE WILL BE BACK IN THE NEXT ONE AND YOU WONDER IF WE GO THROUGH THE SAME EXPECTATION FROM AN AI DRIVEN GROWTH CYCLE WE DID IN THE LAST THREE MONTHS? CHIEF MARKET STRATEGIST, THANK YOU FOR BEING WITH US. COMING UP, A FIRM IS ABSOLUTELY SURGING AT REPORTING AN INCREASE IN TRANSACTIONS ON THE BUY NOW, PAY LATER PLATFORMS. WE WILL SPEAK TO THE CEO COMING UP NEXT.
SHARES OF BLACKBERRY, AN INTERESTING NAME, IT'S ALL ABOUT SOFTWARE BUT PRIVATE EQUITY FIRM VERITAS CAPITAL CONSIDERING A POTENTIAL OFFER FOR THE ONCE ICONIC CANADIAN TECH COMPANY AND REVIEWING ITS OPTIONS. WHAT DO YOU MAKE OF THIS ONE? CAROLINE: IT'S AN OLD SCHOOL NAME AND IT MAKES ME THINK OF THOSE ADDICTIONS TO WHAT'S -- WHAT ONCE WAS ON THE CUTTING EDGE OF HARDWARE TECHNOLOGY. IT ALL BECAME ABOUT THE SECURITY WITHIN BUT THE FACT THAT THIS IS COMING BACK INTO PRIVATE HANDS MAY BE, WE ARE QUESTIONING OUR VALUATIONS AT THAT POINT. ED: MY DAD REFERS TO WHATEVER HANDSET HE HAS AS A BLACKBERRY BECAUSE HE WAS THE GENERATION WHERE IT WAS A SMARTPHONE IN THE WORKPLACE. BLACKBERRY IS NOW AN AUTOMOTIVE SOFTWARE SUPPLIER. CAROLINE:
IT'S NICE THAT VERITAS IS STILL GOING NORTH AMERICAN WIDE. FROM NEW YORK AND SAN FRANCISCO, THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: A FIRM AT WITH THIS EARNINGS AFTER THE BELL YESTERDAY AND WHAT A MARKET REACTION.
GMV RISING SOME 25% AND BEAT PROFITABILITY AND GUIDING US FOR A FORWARD-LOOKING EXPECTATION THAT MANY ANALYSTS THOUGHT WERE SOLID. YOU ARE UP 28% AND YOU BEEN TALKING ABOUT HOW MANY STANDARD DEVIATION MOVES THIS IS. IT'S IN A NORMA'S MOVE AND IT BRINGS US BACK TO WHERE SHARES WERE TRADING IN THE BEGINNING OF THE MONTH. IT SHOWS OF THE VOLATILITY WE'VE HAD AMID RISING INTEREST RATES. MAX LEVCHIN IS THE CEO AND NOTABLE MOVE ON THE STOCK SO TELL US HOW SUSTAINABLE THIS IS.
DOES THIS LAST TO THE NEXT QUARTER? >> WE RELEASED GUIDANCE FOR THE NEXT QUARTER'S WE FEEL FAIRLY OPTIMISTIC AS YOU CAN TELL AND NUMBERS. -- YOU CAN TELL IN THE NUMBERS. AS MUCH AS I ENJOY THE STOCK MARKET REACTION, WE ARE FOCUSED ON THE LONG-TERM. OUR GOAL IS TO KEEP GOING AND IT'S GREAT TO DELIVER EXCELLENT RESULTS THIS QUARTER AND WE BEAT ACROSS METRICS THIS YEAR AND WE WILL KEEP DOING WHAT WE DO. WE ARE DEFINITELY ENERGIZED BY THE GROWTH AND IN PARTICULAR THE GROWTH OF THE PRODUCT WE WORK HARD ON FOR QUITE SOME TIME. IT'S AN INNOVATIVE PRODUCT IS
FINALLY SHOWING REAL SIGNS OF STICKINESS AND WE'RE EXCITED ABOUT THAT. ED: WE LISTENED IN ON THE CALL, NOTHING OUT OF THE ORDINARY. THE STOCK IS UP 29% SO WHY DO YOU THINK IT IS UP SO STRONGLY? >> IF I KNEW HOW TO PREDICT MOVEMENTS OF MY OWN STOCK OR ANY OTHER STOCK, I'M SURE I WOULD HAVE A DIFFERENT JOB. I JUST DO SOFTWARE. CAROLINE: A NICE ANSWER. TALK TO US ABOUT THE FACT THAT CONSUMERS IN THIS MOMENT ARE LOOKING FOR DIFFERENT WAYS TO BE ABLE TO PAY. THEY CAN PAY IN A DEBIT TRANSACTION BUT THEY CAN DECIDE WHETHER THEY WILL PAY IN INSTALLMENTS.
HOW IS THAT GROWING IN THE UNITED STATES? >> THERE IS A REAL GENERATIONAL SHIFT. THE NOTION OF BUY IT AND THINK ABOUT IT LATER WORK FOR MY GENERATION BUT THE ONES COMING AFTER MINE ARE VERY DIFFERENTLY MINDED. THEY DO LIKE TO KNOW WHEN THEY ARE DONE PAYING OFF THE THINGS THEY BORROWED ON. THE IDEA OF PACKAGING IT ALL INTO A SINGLE CARD WHERE YOU HAVE A CRISP CHOICE BETWEEN PAYING NOW OR OVER TIME AND HAVING THE OPPORTUNITY TO MAKE A DECISION PAST THE TRANSLATION WHICH IS WHAT WE ALLOW YOU TO DO AND NOT -- IT'S REALLY REALLY POWERFUL. OVER THE LAST 10 YEARS CAN WE START THE MOVEMENT AND PENETRATED YOUNGER GENERATION AND IT STILL IT'S LESS THAN ONE PERCENTAGE TO ADDRESS THE MARKET AND NO ONE HAS PACKAGED IT INTO A SINGLE ELEGANT CARD THAT ALLOWS YOU TO TRANSACT THE WAY YOU ALWAYS DO IN A GROCERY STORE OR WHEREVER AND HAVE FULL ACCESS TO FUNCTIONALITY LATER IN A SIMPLE PAY NO FUNCTIONALITY AND THAT'S WHAT THIS CARD IS. WE CAN SEE THAT CONSUMERS ARE
USING THIS MORE WITH THE CARD. THE FREQUENCY IS 33X SO IT'S CLEARLY THE PRODUCT MARKET FIT. ED: YOUR CFO ACKNOWLEDGE THAT 2023 HAS BEEN HARD FOR AFFIRM THAT CLEARLY THANKS IT IMPROVED AND GET BETTER INTO THE SECOND HALF OF THIS CALENDAR YEAR. WHAT SPECIFICALLY HAS CHANGED EITHER IN THE ENVIRONMENT, THE CONSUMER OR YOUR PRODUCT? >> I THINK WE OPERATE IN THINK AND ACT IN LONGER INCREMENTS THAN PERHAPS THE INPATIENT STOCK MARKET WANTS US TO.
WE REFUSED TO CAVE TO THE QUARTERLY GAME. WE THINK IN YEARS AND IDEALLY IN DECADES. WE START PLANNING FOR TODAY A YEAR AGO. THE FACT THAT WE DELIVER ON IT NOW IS PREDICTABLE PERHAPS BUT A HUGE RESPONSE AND RESULT BY OUR TEAM.
THE VOLATILITY OF THE RATES THROUGH LAST YEAR, THE FACT THAT THEY MOVED UP AS QUICKLY AS THEY DID MADE IT DIFFICULT FOR CAPITAL MARKETS TO DECIDE. NOW THAT THINGS ARE MORE STABLE, WE ARE ABLE TO EXECUTE THAT MUCH BETTER. CAROLINE: JEFFRIES SAID RESULTS ARE DRIVEN BY A COMBINATION OF HIGHER EXPECTATIONS AND LOWER EXPENSES SO NOTHING TO DO WITH ROAD. WHAT DO YOU SAY TO THAT?
>> I THINK PEOPLE ARE QUICK TO JUDGE THE RESULTS BUT THEY ARE PRETTY STRONG. THEY SPEAK FOR THEMSELVES AND I SPEND THE MAJORITY OF MY TIME WORRYING ABOUT OUR TECHNOLOGY, SPENDING LONG HOURS WORKING ON THE CARD AND MAKE SURE IT SCALES AS IT SHOULD AND WORKED IN EVERY PLACE I WORK ON CUSTOMER SERVICE TO RESPONSE TIME AND CHECK OUT. THE ONLY THING THAT MAKES THIS COMPANY IS OUR EXCELLENCE IN TECHNOLOGY. I FUNDAMENTALLY DISAGREE. ED: JUST WONDERFUL TO HAVE YOU ON THE PROGRAM. THANKS FOR YOUR TIME. WE WILL SEE YOU AGAIN SOON.
COMING UP, I TOOK A FREE RIDE IN THEIR IM. -- AND THERE I AM. NOT EVERYONE IN THE BAY AREA IS BEEN A FAN OF AUTONOMOUS VEHICLES.
MORE ON THE GROWING BACKLASH COMING UP NEXT PLUS SPACEX HIT WITH ANOTHER LAWSUIT FROM THE DEPARTMENT OF JUSTICE AND WE WILL DISCUSS DETAILS AND HOW ELON MUSK AND HIS COMPANY ARE RESPONDING. THINGS THAT DRIVE ON THEIR OWN AND THINGS GET LAUNCHED INTO SPACE, EVERYTHING ON BLOOMBERG TECHNOLOGY. ED: TIME FOR TALKING TECH.
THE ALIBABA CLOUD SERVICES IS OPEN SOURCING ITS CHAT AI MODELS. THE NEW MODELS ARE INTENDED TO HELP INTERPRET AND EXTRACT INFORMATION FROM VISUAL DATA IN ENGLISH AND CHINESE. ONE CAN TEST OUT THE NEW MODELS. INDIA'S NEWEST UNICORN IS WENDING PATRONS DISHES WINNING PATRONS DESPITE THE NATION GLOOMY VENTURE FUNDING CLIMATE.
ZEPTO HAS RAISED 200 MILLION DOLLARS OF FRESH FUNDS AND WAS FOUNDED BY TWO 20-YEAR-OLD STANFORD UNIVERSITY DROPOUTS. CRUISE AND WAYMO ARE FACING TRAFFIC CONCERNS. A NUMBER OF MISHAPS HAVE OCCURRED THAT HAVE BLOCKED TRAFFIC OR EVEN PRESSED INTO OTHER OBJECTS. TENSIONS ARE PART OF A BROADER CONFLICT OVER THE FUTURE OF AUTONOMOUS TRANSPORT. CAROLINE: LET'S DO A DIFFERENT FORM OF TRANSPORT. WE'VE GOT TO TALK SPACEX. IT'S UNDER SCRUTINY FOR
DISCRIMINATION. THIS RESURFACES FROM TIME TO TIME. IT CLAIMS THEY ROUTINELY DISCOURAGED REFUGEES AND PEOPLE LOOKING FOR ASYLUM FOR TRYING TO WORK FOR THE COMPANY. I SAY THIS COMES UP TIME AND TIME AGAIN.
IS THIS AN ONGOING NARRATIVE THAT ELON MUSK PUSHES BACK AGAINST THIS? AREN'T THEY UNABLE TO HIRE PERMANENT RESIDENCE -- NONPERMANENT RESIDENTS OF THE U.S.? >> THERE WAS AN ADMINISTRATIVE JUDGE IN WASHINGTON AND THE DEPARTMENT OF JUSTICE IS ALLEGING THAT FOR YEARS, SPACEX HAD DISCRIMINATED AGAINST REFUGEES AND PEOPLE HAVE BEEN GRANTED POLITICAL ASYLUM. IT'S THE LATEST HIGH PROFILE CASE BROUGHT BY THE DEPARTMENT OF JUSTICE AGAINST NOT JUST A ELON MUSK PORTFOLIO COMPANIES BUT A COMPANY LIKE WALMART AND OTHERS WHO HAVE BEEN ALLEGED TO ENGAGE IN DISCRIMINATORY -- HIRING PRACTICES. ED: WE HAD SOME OPERATIONAL UPDATES. WHAT'S THE LATEST? >> SPACEX IS A LOT GOING ON AND WILL CONDUCT A STATIC FIRE ENGINE TEST POTENTIALLY LATER TODAY TO TEST ITS COLOSSAL STARSHIP ROCKET ENGINES. I'M SURE YOU REMEMBER IN APRIL
ITS EXPLOSIVE DEBUT. SPACEX MADE A NUMBER OF UPGRADES TO THE TECHNOLOGY AND IN PARTICULAR THE LAUNCH PAD WHICH IS DECIMATED BY THE LAUNCH SO THAT GOT A WATER DAILY SYSTEM -- THE LOU SYSTEMDE --LUGE WHICH WILL POINT UP AT THE ROCKET AND A NUMBER OF OTHER TECHNOLOGIES THEY WILL TEST TODAY. CAROLINE: VERY INTERESTING. NICE TO HAVE YOU ON THE SHOW. COMING UP, YESTERDAY WE TALKED ABOUT EITUAN WHICH WAS UP YESTERDAY BUT NOW IT'S DOWN. ED: LOOKING AT SHARES OF WEEBO AS WELL, DOWNGRADED FROM WITH THE FIRM CALLS LACKLUSTER SECOND-QUARTER RESULTS.
ED: WELCOME BACK TO BLOOMBERG TECHNOLOGY. CAROLINE: LET'S GET A CHECK ON THESE MARKETS AS WE HAVE VOLUME DOWN AMID WHAT IS A SUMMER WEEK BUT THE KEY MACRO DRIVER IS JAY POWELL OVER IN JACKSON HOLE DISCUSSING THAT THEY ARE STEADFAST IN THEIR FOCUS ON INFLATION. THE HAWKISH TONE HAD PERHAPS TO PRESS THE NASDAQ 100 EARLIER BUT NOW IT'S UP 0.1%. I'M LOOKING AT THE 10 YEAR THAT REACTS UP A LITTLE BIT.
THE KNEE-JERK REACTION IS SETTLING AHEAD OF THE WEEKEND. BITCOIN HAD BEEN LOWER VERSUS A HIGHER DOLLAR BUT MAYBE THAT IS SOOTHING A LITTLE BIT POST HOWELL. I'M LOOKING AT WARNER BROS. DISCOVERY DOWN BY 0.3% IS THE STRIKING ACTORS AND WRITERS HAS REAL-WORLD CONSEQUENCES.
WORKDAY IS IMPROVING ON THE BACK END OF ITS MEMBERS. NVIDIA, AFTER THE OUTPERFORMANCE, IT'S STILL A 5% ON THE WEEK BUT IT'S DOWN BY ALMOST 4% TODAY SO LITTLE BIT OF DIGESTING OF HOW FAR THEY HAVE RUN UP BUT IT'S INTERESTING WHAT WE'VE HEARD OUT OF CHINA. ED: THAT IS THE STORY. THIS IS A TECHNOLOGY STORY YOU
DO NOT WANT TO MISS. LET'S TALK ABOUT HACKING AND HOW AN 18-YEAR-OLD AND A 17-YEAR-OLD ENDED UP BEING AT THE CENTER OF THE SEVEN WEEK CRIMINAL TRIAL IN LONDON FOR THEIR ROLE IN HACKING THAT HAS CRACKED THE LIKES OF NVIDIA AND UBER AND A GROUP THAT CYBER EXPERTS HAVE CALLED QUITE UNIQUE FOR ITS EFFECTIVENESS, SPEED, CREATIVITY AND BOLDNESS. WE HAVE ALL THE DETAILS. THIS WAS A FASCINATING READ.
GRAND THEFT AUTO AT THE HEART OF IT, GIVE ME THE BASICS HERE AND HELP US UNDERSTAND. >> THANKS FOR HAVING ME ON. THERE IS A SEVEN-WEEK TRIAL IN LONDON COURT THIS SUMMER INVOLVING AN 18-YEAR-OLD AND AN UNNAMED 17-YEAR-OLD WHO IS A MINOR. THEY REPORTED A CASE OF THE 12 CASE INDICTMENT WHICH INCLUDED HACKS IN THE U.K. INCLUDING ATTACKS AGAINST NVIDIA AND HACKS AGAINST GTA AND A FINTECH COMPANY. THEY WERE ACCUSED OF USING A NUMBER OF TECHNIQUES INCLUDING SOCIAL ENGINEERING AND PRETENDED TO BE CONTRACTORS IN ORDER TO GET INTO THESE SYSTEMS AND STILL DATA AND PUT IT ON THE INTERNET AND ASK THE COMPANIES FOR RANSOM. CAROLINE:
THE WHOLE STORY IS FASCINATING. ULTIMATELY, WE ARE SEEING THEIR LAWYERS FIGHT BACK AND TALK ABOUT HOW THIS IS VULNERABLE INDIVIDUALS WITH DEVELOPMENTAL DISORDERS AND HOW THEY ARE TREATED BY THE POLICE ON THE COURTS AND THEY ARE FOCUSING ON ONE OF THE MAIN PLAYERS HERE. I'M INTERESTED MORE ABOUT THE UNDERLYING DESIRES OF WHAT THEY ARE UP TO. THE GROUP HAS BEEN SEEN AS SO EFFECTIVE AND EFFICIENT IN THE WAY THEY ARE PENETRATING BIG BUSINESSES AWAY THEY DOING IT? >> IT'S IMPORTANT TO POINT OUT IT WASN'T JUST THE TWO INVOLVED. IT IS ALSO THAT THERE IS OTHER INDIVIDUALS INVOLVED THAT THE AUTHORITIES CAN'T PIN DOWN.
IT WAS FOR MONEY, NOTORIETY IT'S IMPORTANT TO REMEMBER THESE ARE JUST TEENAGERS AND TO BE ABLE TO GET IMPORTANT CLIPS OF GTA WOULD BE FUN FOR THEM. ED: LET'S FOCUS ON A CASE STUDY YOU REPORTED WHICH IS GRAND THEFT AUTO, THE ROCKSTAR GAME TYPE TO WHAT WILL HAPPEN IN THAT INSTANCE. >> IN THE ROCKSTAR GAME HACK, THAT WAS DONE SOLELY BY THE DEFENDANT AND THAT'S WHILE HE WAS ON BAIL FOR PREVIOUS HACKING CHARGES. ALONG WITH THE OTHER
COLLECTIVE, HE USED TECHNIQUES CALLED SOCIAL ENGINEERING WHICH MEANS THEY STOLE CONTRACTORS'INFORMATION TO GET INTO THE SYSTEM AND THEY DOWNLOADED VIDEOS AND SOURCE CODES OF THE NEW GTA GAME AND THAT INCLUDED LIVE PLAY VIDEOS AND THEY UPLOADED THAT AND ASKED ROCKSTAR TO CONTACT THEM FOR RANSOM. THERE WERE THESE NEVER BEFORE SEEN CLIPS OF GAMES OUT THERE FOR EVERYONE TO FIND. CAROLINE: WE DON'T KNOW WHETHER ANY MONEY WAS ACTUALLY GIVEN TO THESE PARTICULAR GROUPS BUT FOR NOW, ABSOLUTELY FASCINATING, THANK YOU. IT'S BEEN QUITE THE SHOWDOWN IN THE COURT. LET'S TURN TO THE SHOWDOWN THAT IS THE CHINESE MACRO ECONOMY.
MEITUAN FALLING ON TURBULENCE AND BEING FACED BY THE ECONOMY. ISABEL LEE IS WITH US. HENRY, WHAT DID WE HEAR? >> THE RESULTS ITSELF IS NOT BAD. THE COMPANY RECORDED 33% OF REVENUE GROWTH IN THE SECOND QUARTER. THAT WAS THE FASTEST PACE IN TWO YEARS. IT WAS THEIR OUTLOOK THAT HAS BEEN DISAPPOINTING WITH THE COMPANY SAYING ON THE EARNINGS CALL THAT THE CASH COW, IT'S REVENUE GROWTH WILL BE MISSING EXPECTATIONS.
THAT'S BECAUSE OF THE EXTREME WEATHER ESPECIALLY IN THE NORTHERN PART OF CHINA. BECAUSE OF FILING ISSUES IN AREAS SURROUNDING BEIJING BUT ALSO THE MACRO SLOWDOWNS. THE WORRY IS ABOUT THE CHINESE CONSUMERS. BECAUSE OF THESE MACRO ISSUES, THEY HAVEN'T BEEN SPENDING SO MUCH AND THAT HAS BEEN THE KEY CONCERN FOR THE STOCK IN HONG KONG TRADING. ED: THERE ARE LOADS OF COMPETING
FORCES IN CHINA. THE STORY WAS COMING OUT OF THAT DELAYED PANDEMIC ERA THEN THE CHINESE GOVERNMENT STARTED TO PULL BACK ITS REGULATORY CRACKED THEM ON THE TECHNOLOGY SECTOR. IN THE EARLY PART OF GROWING SEASON, THE TECHNOLOGY SENT -- SECTOR IS SUGGESTING THE CHINESE CONSUMER IS STRONG. ARE THEY CONTRADICTING EACH OTHER? >> YOU KIND OF HAVE TO KEEP A CLOSE TRACK OF THE CHINESE NARRATIVE. IT CAN BE CONFUSING. IN THE BEGINNING, THE REBOUND THAT HAPPENED IS PEOPLE WANTED TO SO PEOPLE WERE HOPING FOR SOME WEAKNESS SO WE GET STIMULUS. THE GOVERNMENT DIDN'T WANT TO GIVE IT SO IT'S.
BE CAREFUL WHAT YOU WISH FOR MEITUAN IS THE BAROMETER OF THE CHINESE ECONOMY AND WE SEE THE CONSUMERS ARE BEING HURT. RICE'S ENCHANTER FALLING AND EXPERTS ARE STRUGGLING, ONE IN FIVE YOUTH DO NOT HAVE JOB SO IT'S A CLEAR SIGN THE CONSUMER WILL NOT BE AS WELL-POSITIONED AS THEY ARE NOW. THIS WAS A GOOD REPORT BUT THAT WAS THE QUARTER ENDING IN JUNE. THE FUTURE IS MURKIER AND WE'VE HEARD FROM THE CEO THAT IT IS LOOKING SHAKY FOR THEM. CAROLINE: IT DOES FEEL SHAKIER IN CHINA AND DIFFERENT CENTRAL BANK POLICY THAT HAS TO HAPPEN BUT IT'S A GLOBAL THEME WE DON'T KNOW WHERE THE CONSUMERS GOING AND WE DON'T KNOW HOW MUCH THEY WILL SPEND ON EXPERIENCES AND GOING OUT. THAT SEEMS TO A PROP US UP IN THE PREVIOUS QUARTER, THE FACT THAT EVERYONE WANTED TO DO THINGS RATHER THAN SPEND ON THINGS TANGIBLE IN NATURE.
>> FOR A WHILE, IT WAS A MONOLITH. EVERYONE WAS RECOVERING FROM THE PANDEMIC BUT WE ALL RECOVERED AT DIFFERENT PACES SO WE LOOK AT THIS CLOSELY. CONSUMERS ARE SPENDING WAY FASTER IN AMERICA THAN PEOPLE IN EUROPE OR MAYBE CHINA. PEOPLE ARE RECOVERED AT
DIFFERENT PACES AND THE THING WITH CHINA IS CONSUMERS ARE LARGELY DOMESTIC. IT'S DIFFERENT FOR THEM SO HAVE CHINESE COMPANIES ARE DOING IN THE TECH SECTOR IS KIND OF A CLEAR SIGN OF HOW THE CHINESE CONSUMERS ARE FEELING AND IT'S NOT REALLY THAT GREAT. CHINA UNVEILED THE FURTHER EASING OF ITS POLICIES. THAT KIND OF PUSHED A RALLY IN EQUITIES BUT THEN IT KINDA PARED BACK. WE CAN SEE CHINA TRYING A
LITTLE BIT TO BOOST SPENDING BUT FOR NOW, IT'S NOT LOOKING THAT GOOD. ED: MEITUAN IS ONE OF THE CHINESE NAMES WE DISCUSSED LESS OFTEN ON THE SHOW BUT IT'S MULTIFACETED. IT HAS MANY DIFFERENT ARMS GROWING UNEVENLY. WAS THERE ANY POCKET OF PERFORMANCE WITHIN THEIR OFFERING? >> IT'S FOOD DELIVERY SERVICE, IT'S THEIR BUSINESS LANDSCAPE SO IT HAS BEEN DOING FAIRLY WELL. FOR THE NEXT QUARTER, IT CAN BE MORE DIFFICULT FOR THEM. THE GROCERY BUYING BUSINESS IS OFFERING RESIDENTS IN THEIR NEIGHBORHOODS FOR THEM TO PICK UP THE GROCERIES AT THE LOCAL GROCERY SHOP. THAT BUSINESS IS GROWING VERY
FAST. THERE IS A CONCERN ABOUT COMPETITION SO THE COMPETITION IS FROM PLAYERS LIKE PDD. THEY ARE CRASHING IN AND TRYING TO GRAB MORE MARKET SHARE MEITUA N BUT ALSO FROM THE OTHER SIDE LIKE THE RESTAURANT TABLE BOOKINGS AND THE LOCAL SERVICES SEGMENT. IT'S FACING COMPETITION AS WELL FROM OTHER PLAYERS. THESE ARE THE COMPETITIONS THAT MEITUAN HAS BEEN FACING AND IT IS FACING MACRO CONCERNS. ED: FANTASTIC TEAM COVERAGE.
THANK YOU BOTH. STICKING WITH TECHNOLOGY AS WE LOOK AT A TINY JET -- A TINY JAPANESE FACTORY HANDCRAFTING $11,000 MICS FOR SOME OF THE WORLD'S BEST VOCALIST. IT IS SUBSIDIARY OF SONY AND TURNED OUT ITS TOP AUDIO PRODUCTS WHILE GIVING PEOPLE WITH DISABILITY'S A FAIR CHANCE IN THE WORKPLACE.
>> FROM DRAKE AND RIHANNA TO MARIAH CAREY AND DR. DRE, THE STUDIO MIKE USED BY TOP STARS COME FROM ONE OF SONY MOST TREASURED PLACES. THIS SONY FACTORY IN SOUTHERN JAPAN IS KNOWN AS THE HEART OF ITS AUDIO BUSINESS WHERE WORKERS CRAFTED'S TOP-OF-THE-LINE HEADPHONES, EARPHONES AND MICROPHONES ALL BY HAND. TO ACCOMMODATE WORKERS WITH
VARIOUS PHYSICAL CHALLENGES, SONY CREATED A SO-CALLED CELLULAR MANUFACTURING SYSTEM WHERE A SINGLE EMPLOYEE IS RESPONSIBLE FOR A GIVEN PRODUCT FROM START TO FINISH. HE HAS BEEN MAKING HEADPHONES FOR THE PAST 17 YEARS. >> I STARTED HERE WHEN I WAS 18. THE TASK WAS MAKING THE WHOLE HEADSET MYSELF SO I WOULD FEEL PERSONALLY RESPONSIBLE FOR IT. >> THE COMPANY SAYS ITS REVENUES TRIPLED AFTER ADOPTING THIS METHOD 1999. IT SERVES AS A RARE EXAMPLE OF
HAND CRAFTSMANSHIP WINNING OVER MASS MANUFACTURING. IT'S ALSO THE VISION OF THE SONY CO-FOUNDER WHO WANT TO GIVE PEOPLE WITH DISABILITIES AN EQUAL CHANCE TO COMPETE IN THE WORKPLACE. >> WITH MORE THAN 60% OF EMPLOYEES WITH DISABILITIES, WE ARE INTO DIVERSITY AT SONY AND IN SOCIETY. >> ITS MODERN-DAY PROOF OF THE ENDURING VALUE OF HUMAN SKILL. >> WE SOMETIMES HEAR FEEDBACK AFTER THE PRODUCT APPEAR ON TV OR IN MAGAZINES AND ONLINE. WHEN CUSTOMERS SAY THEY ARE GLAD THEY BOUGHT IT, IT'S LIKE THEY NOTICE MY WORK.
THAT'S REWARDING. CAROLINE: A GREAT STORY THERE. DO YOU WANT TO GET INSTANT CARE FROM YOUR CHILD'S PEDIATRICIAN IN 15 MINUTES? WE WILL SPEAK WITH THE TELEMEDICINE STARTUP NEXT.
HOW CHATGPT IS GIVING THE ANSWERS. CAROLINE: LET'S FOCUS ON DIGITAL HEALTH. SUMMER HEALTH AIMS TO MAKE RESPONSES TO COMMON MEDICAL QUESTIONS FOR CHILDREN EASILY ACCESSIBLE THROUGH ITS PLATFORM. THE IDEA SEEMS TO BE RESONATING WITH INVESTORS AND CUSTOMERS AS WELL.
WE HAD THE SUMMER HEALTH CEO AND FOUNDER TO TALK ABOUT THE GROWTH TRAJECTORY AND WHAT MAKES YOU DIFFERENT. >> I AM THE MOM WHO HAS THE PANIC OF THE MIDDLE OF THE NIGHT WHEN THE FEVER GOES TO A CERTAIN LEVEL. WE LUCKILY HAVE ACCESS TO TELEHEALTH THROUGH THE BENEFITS I HAVE HERE. HOW IS WHAT YOU ARE OFFERING DIFFERENT THAN ME GETTING MY USUAL TELEHEALTH? >> THANK YOU FOR HAVING ME ON. SUMMER HEALTH AS A PEDIATRIC
TELEHEALTH PLATFORM THAT CONNECT PATIENTS TO PROVIDERS IN UNDER 15 MINUTES. IT'S A VERY HUMAN FEELING EXPERIENCE. YOU HAD KIDS AND I HAVE THREE KIDS OF MY OWN AND THERE IS THIS VISCERAL FEELING OF BEWILDERMENT OR PANIC WHEN YOUR CHILD GETS SICK AND YOU DON'T KNOW WHAT TO DO. SUMMER HEALTH AIMS TO TURN YOUR PHONE INTO A DOCTOR'S OFFICE WITH A SIMPLE TEXT MESSAGE AND UNDER 15 MINUTES WHICH CONNECTS YOU LIVE IN 50 STATES. WE ARE DIFFERENT BECAUSE WE HAVE A VERY HUMAN CENTERED APPROACH. I UNDERSTAND AI HAS BECOME A WAVE IN THIS PHASE AND WE USE THAT TO POWER A LOT OF THE BACK END AND ADMINISTRATIVE WORK SO PROVIDERS CAN GET FRONT FACING AND DO WHAT THEY LOVE WHICH IS HELPING PATIENTS. CAROLINE: I'M STILL QUESTIONING WHAT
EXACTLY THE DIFFERENTIATION IS WHERE I CAN ALSO GET A PERSON ON A PHONE. ARE THE PEDIATRICIANS DIFFERENT HERE? >> WE'VE GOT LICENSED PEDIATRICIANS IN ALL 50 STATES TO GET TO KNOW YOU. IT'S NOT JUST URGENT CARE BUT WHOLE HUMAN CARE.
WHEN YOU TEXT US, IT'S NOT JUST THE MIDDLE OF THE NIGHT MY CHILD IS THROWING UP BUT IT'S ALSO WHAT SHOULD I PACK MY CHILD FOR A NUTRITIOUS LUNCH FOR SCHOOL OR CANNOT -- OR HOW CAN I DEAL WITH SEPARATION ANXIETY AT THE START OF THE SCHOOL YEAR? WE OFFER MORE THAN URGENT CARE AND THAT'S WERE MANY TELEHEALTH PLATFORMS HAVE FALTERED. ED: YOU ARE BACKED BY LUX CAPITAL. AT THE TIME, THEY PUT EMPHASIS ON YOU WHEN THEY BACKED YOU, A FOUNDER WITH A LOT OF EXPERIENCE AS A HEALTH CARE EXECUTIVE. WHY DID YOU THINK YOU NEEDED TO MAKE THIS APP AND THIS COMPANY? WHAT GAP DID YOU SPOT? >> I HAD THE FORTUNE OF GETTING TO BUILD A LARGE TELEHEALTH PLATFORM PRIOR TO STARTING SUMMER HEALTH. I REALIZED HOW POWERFUL I COULD FEEL AS A PARENT, KNOWING MY CHILDREN WERE HEALTHY IF WE HAD CONSTANT ACCESS TO CARE.
THAT IS NOT AVAILABLE IN TODAY'S HEALTH CARE ENVIRONMENT BECAUSE THERE IS A HUGE SHORTAGE OF PEDIATRICIANS. TWO YEARS AGO, THE SURVEY BY THE AMA TALKED ABOUT PEDIATRICIANS LEAVING THEIR PRACTICE AND LOOKING BACK TWO YEARS LATER, WE HAVE SEEN ABOUT 33% OF THE PEDIATRIC WORKFORCE HAS LEFT SO WE ARE TRYING TO INCREASE THE SUPPLY PEDIATRICIANS AND MAKE THEM MORE ACCESSIBLE. IT'S SOMETHING NO OTHER TELEHEALTH COMPANY IS THOUGHT ABOUT. WE LEANED HEAVILY INTO THIS TO
MAKE IT POSSIBLE. ED: I HAVE LIVED IN THIS COUNTRY FOR ALMOST SIX YEARS IN A COMPLETELY HEALTH CARE SYSTEM FROM THE U.K. WHERE I AM FROM WHERE INSURANCE PLAYS SUCH A BIG ROLE. WHAT IS YOUR BUSINESS MODEL? DO YOU CHARGE THE CONSUMER DIRECTLY OR ARE YOU DEPENDENT ON INSURANCE COVERAGE FOR YOUR USERS? >> BECAUSE WE OFFER THIS, WE BEEN ABLE TO KEEP THE COST LOW FOR OUR PATIENTS. SUMMER HEALTH ONLY COST $20 PER
MONTH FOR UNLIMITED USAGE OF THE SERVICE. WE REALLY AIM TO BE ACCESSIBLE TO A BROAD SWATH OF THE POPULATION. CAROLINE: I'M LOOKING AT YOUR PRIOR EXPERIENCE. HYMNS AND HERS IS ONE OF THE
COMPANIES THAT STAND OUT. I'M INTERESTED IN WHEN YOU TALK ABOUT AI AND THAT PERVADES ALL THE COMPANIES I JUST MENTIONED, HOW ARE YOU FIGHTING THE PARENT DESIRE TO GET ALL THEIR ANSWERS FROM CHATGPT AND FEEL AS THOUGH THEY HAVE IT AT THEIR FINGERTIPS ANYWAY? >> WE THINK ABOUT THIS A LOT BECAUSE THERE IS A TEMPTATION TO GO TO A SERVICE LIKE CHATGPT AND ASK YOUR QUESTIONS. BUT IT DOESN'T HAVE A LOT OF THE BACK STORY WE GET FROM THE FREQUENT TOUCH POINTS. WE TEND TO KNOW MORE ABOUT YOUR CHILD THAN EVEN A PEDIATRICIAN BECAUSE PARENTS COME TO US MULTIPLE TIMES PER MONTH ASKING THOSE SMALL QUESTIONS. WE ARE ABLE TO GIVE YOU EXTREMELY PERSONALIZED CARE. WE ARE NOT SHYING AWAY FROM THIS.
WE BELIEVE THERE IS POWER IN POWERING THE ADMINISTRATIVE WORK ARE PROVIDERS ARE DOING SO A LOT OF THE BACK END OF SUMMER HEALTH IS STILL POWERED BY ARTIFICIAL INTELLIGENCE BUT YOU CAN GET A HUMAN TOUCH. WE HAVE ALL LOT OF PARENTS ON THE PLATFORM THAT CAN GET PERSONAL RECOMMENDATION FROM THEIR OWN EXPERIENCES. CAROLINE: GREAT TO HAVE SOME TIME WITH YOU. A SHOUT OUT TO ELLEN DESILVA, ANOTHER FEMALE FOCUSED ON HEALTH IN NEW YORK CITY. FROM NEW YORK AND FROM SAN FRANCISCO, THIS IS BLOOMBERG TECHNOLOGY. ♪ CAROLINE: YOU'VE PROBABLY SEEN THE MUGSHOT.
THERE IS A TWEET, AN X FROM DONALD TRUMP ON THAT WEBSITE. THERE IS A COMPANY LOOKING TO SAY TRUMP'S TRUTH SOCIAL PUBLIC. THEY WONDERED HOW MUCH HE WOULD USE THIS PLATFORM.
LET'S LOOK AT THE SIGNIFICANCE OF THIS TRUMPX. WHAT YOU MAKE OF THE IMPORTANCE? >> POLITICALLY FOR TRUMP, THERE IS A LOT OF DOWNSIDE RISK ON TWITTER. HE'S BEEN POSTING THINGS ON TRUTH SOCIAL THAT ARE SIMILAR TO THE THINGS HE POSTED ON X, FORMALLY TWITTER.
THEY ARE ALSO BEING SEEN BY PEOPLE WHO DON'T LIKE HIM AND THEY REMIND THOSE PEOPLE WHY THEY DON'T LIKE HIM. THERE IS A LOT BIGGER AUDIENCE THERE. THERE'S MORE ABILITY TO DRIVE THE NEWS CYCLE AS HE PREVIOUSLY DID WHEN HE WAS ON THERE. IT'S A LOT LESS FRIENDLY AUDIENCE HE IS GETTING ON TRUTH SOCIAL. ED:
IT'S IMPORTANT TO POINT OUT THAT THE SHARES ARE HIGHER. FORMER PRESIDENT TRUMP DID POST ON TRUTH SOCIAL SAYING IT IS MY HOME. MAYBE SOME COMPETENCE WITH THAT. CAROLINE: THAT DOES IT FOR THIS EDITION OF BLOOMBERG TECHNOLOGY FOR THE DAY AND THE WEEKEND ED: A MEGA WEEK WITH NVIDIA THE STORY THAT KEEPS GIVING BUT THEN FELL AWAY. CHECK OUT THE PODCAST AND RECAP. THIS IS BLOOMBERG TECHNOLOGY.
2023-08-27 15:40
