Bloomberg Technology 08/28/2023
>> FROM THE HEART OF WHERE INNOVATION, MONEY AND POWER GLIDE IN SILICON VALLEY AND BEYOND, THIS IS BLOOMBERG TECHNOLOGY WITH CAROLINE HYDE AND ED LUDLOW. CAROLINE: I AM CAROLINE HYDE. ED: IMF THE LOW IN SAN FRANCISCO -- I AM ED LUDLOW IN SAN FRANCISCO. CAROLINE: DATA BREAKS RAISING FUNDS OUT OF $43 BILLION VALUATION WHILE IS TO CALL -- WHILE INSTACART FILE FOR ITS IPO. DANI: -- ED: APPLE REVAMPING ITS IPAD PRO. CAROLINE: SPACEX'S DRAGON SUCCESSIVELY -- THIS ACTUALLY DOCKED AT THE INTERNATIONAL SPACE STATION. -- SPACEX'S DRAGON SUCCESSIVELY DOCKED AT THE INTERNATIONAL SPACE STATION.
WE ARE DOWN 4% TODAY, -- LOW VOLUMES AT THE MOMENT AND THE TWO YEAR YIELD STABILIZING AND WE ARE DOWN ONE BASIS POINT BUT ABOUT THE 5% POINT LEVEL AND HOW FAR WE HAVE RUN OUT IN TERMS OF BORROWING COSTS. ALL EYES ON WHICH CHINA IS TRYING TO DO TO STOKE ITS ECONOMY AND IT MANAGED TO FIZZLE OUT IN TERMS OF CHINESE TRADING. WE ARE SEEING THAT PULLOVER I MISSED SOME CHINESE NAMES TRADING IN THE U.S. BUT IT IS FALLEN OFF HARD -- IT HAS FALLEN APART. THE NASA GOLDEN DRAGON UP TWO PERCENTAGE POINTS -- THE CHINESE GOLDEN DRAGON UP TWO PERCENTAGE POINTS.
WE HAVE COME DOWN 11% FROM THE 30, 29,000 LEVEL AND WE ARE IN RANGE BOUND, 26,000 SEEMS TO BE THE MOMENT AS WE HAVE ALL EYES ON THE MACRO POLICY PERSPECTIVE GO INTO THE MICRO -- BUT GOING TO THE MICRO. ED: XPENG, NICE M&A AND BUYING A SMART AUTO BUSINESS AND THAT SEEMS TO BE SUPPORTING THE ADRS FOR THE CHIVE -- THE CHINESE EV NAME. MARK GURMAN WILL BRING US THE LATEST POWER ON AND HE IS GIVING US REPORTING ON THE NEXGEN IPAD PRO, SOME NEW SPECS WE ARE LOOKING OUT FOR, TWO OTHER NAMES REMOVING -- BETTER MOVING RELATED. ONE IS NERDY.
WHY, PICKING UP NERDY -- WHY AM I PICKING OUT NERDY, IT IS BECAUSE I AM NERDY. IT IS MOVING TO US AS CHRISTIAN MODEL POWERED BY AI. NVIDIA HAS BEEN RESUMED BY ANOTHER -- INITIATED WITH ANOTHER VIBRATING AT SEA LAND SECURITY. THE STORY LAST WEEK WAS IT FINALLY SHAKEN -- IT SHOOK OFF -- THOSE ARE THE PUBLIC STORIES AND MOVERS WE ARE LOOKING AT AND IN THE PRIVATE SPACE, DATA BREAKS, WIDELY VIEWED AS A CANDIDATE TO GO PUBLIC, IS IN DISCUSSIONS WITH ANOTHER COMPANY ABOUT A NEW FUNDING ROUND THAT WOULD VALUE THE COMPANY AT $43 BILLION.
KATIE HAS THE STORY. KATIE: AS WE REPORTED, THEY ARE IN TALKS TO LEAD AN INVESTMENT THAT WILL BE AN UP AROUND AT 43 BILLION. IT WAS LESS VALUED AROUND 38 BILLION IN 2021. THERE ARE A LOT OF PRE-IPO COMPANIES THAT CAN EVEN RAISE AT ALL, LET ALONE AT AN INCREASED VALUATION BUT A LOT OF PEOPLE ARE DRAWING COMPARISONS TO SNOWFLAKE WHICH IS ALMOST A $50 BILLION COMPANY. DATA BREAKS --BRICKS HAS BEEN GETTING MORE INVOLVED IN ARTIFICIAL INTELLIGENCE AND THEY ACQUIRED A ARTIFICIAL INTELLIGENCE BUSINESS THAT TARGETS AND PRICES FOR OVER BILLION.
THEY HAVE HAD INBOUND INTEREST WITH INVESTORS TRYING TO GET IN THE LAST ROUND BEFORE THEY GO PUBLIC AND IT LOOKS LIKE IT CAN FALL AT 43 BILLION. ED: THIS IS INTERESTING TIMING BECAUSE A LOT OF COMPANIES IN THE IPO ESCUTCHEON MAY HAVE DONE A DOWN ROUND IN THE LAST TWO YEARS BUT THEY ARE LOOKING TO DO SOMETHING THIS INTERESTING VALUATION PRE-IPO. WHAT DO WE KNOW ABOUT DATABRICKS' NEAR-TERM INTENTION TO GO PUBLIC? KATIE: IF A COMPANY IS RAISING MONEY, THEY USUALLY ARE NOT AT THE VERGE OF IPO BECAUSE YOU DON'T WANT TO DILUTE YOUR OWNERSHIP AHEAD OF AIP ALSO VISTA ME IS A SIGNAL THEY MAY BE DELAYING THEIR IPO FURTHER AND DATABRICKS IS A COMPANY AT SCALE AND THEY HAVE THE REVENUES GO PUBLIC BUT THEY DON'T HAVE TO GO PUBLIC BECAUSE THEY ARE ABLE TO KEEP RAISING CAPITAL AND A THE PRIVATE MARKETS SO -- CAPITAL IN THE PRIVATE MARKETS. THEY DON'T HAVE THE PRESSURE JUST YET BUT WE -- THEY ARE THE COMPANY WE EXPECT TO GO PUBLIC AT SOME POINT. CAROLINE: WE WAIT WITH BAITED BREATH AS TO THE REOPENING OF THE IPO MARKET. WE HAVE INSTACART WHERE BEHALF
DETAILS, THE DEVIL IN THE DETAIL ANY DELAYS NUMBERS IN THE FILING OF THE IPO FRIDAY. WHAT DID WE LEARN FROM THAT OVERALL? KATIE: WE HAVE ARM, INSTACART AND ALL OF THEM CAME OUT WITH IPO FILINGS AND IT WILL BE BUSY FOR TECH IPOS. INSTACART WAS INTERESTING. I MENTION ON BLOOMBERG TV, I WAS HEARING THEIR FINANCIALS WERE BETTER THAN WHAT PEOPLE WERE THINKING AND THEY WERE PROFITABLE. THEY HAD REVENUE GROWTH AND MANAGED TO MAKE MONEY WHICH IS PRETTY RARE FOR A TECH COMPANY.
THAT SURPRISED FOLKS BUT WHAT WE LEARNED IS THEY ARE GETTING A STRATEGIC INVESTMENT FROM PEPSICO OF 75 MILLION. THAT IS A VOTE OF CONFIDENCE BUT WE LEARNED THEY MADE A SHIFT IN THEIR BUSINESS MODEL. THEY ADDED NEW LINES OF BUSINESS.
THEY HAVE FOCUSED ON E-COMMERCE TECHNOLOGY, SOFTWARE THAT CAN HELP WITH LOGISTICS AND OTHER ANALYTICS AND FOCUSED ON ADVERTISERS. THEY ARE EXPANDING BEYOND JUST GIVING YOU GROCERIES, WHICH THEY STILL DO. CAROLINE: IT IS COMING INTO BEAR. KATIE ROOF DETAILING SOME OF THE THINGS WE GOT FROM FRIDAY AND LET'S CARRY IT ON IN TERMS OF WHAT THE IPO MARKETS ARE GEARING THEMSELVES ARE -- FOR. RACHEL GERRING JOINS US. YOU HAVE 20 YEARS OF EXTREMES
GOTTEN COMPANIES AT THIS PITIFUL -- PIVOTAL MOMENT AT THIS DIRECTIONAL -- DIRECTION OF TRAVEL. WHEN WE SEE COMPANIES LIKE INSTACART THAT HAVE TO PUT OFF GOING PUBLIC AND HAD TO TAKE CUTS TO ITS MARKET VALUATION, HOW IMPORTANT IS THIS MOMENT? RACHEL: IT IS REALLY IMPORTANT FOR THE BROADER IPO MARKET AND THE TECH IPO MARKET. IT IS CERTAINLY A PREDICTABLE WAY OF HAVING A MARKET REOPENING OCCURRED WITH THE ANTICIPATED DEALS THAT EVERYONE IS EXPECTING OVER THE COMING WEEKS.
THERE ARE THREE COMMON THEMES THAT THESE COMPANIES ARE SHARING THAT ARE COMING TO MARKET RIGHT NOW. ONE AND YOU WERE SPEAKING OF THIS, PROFITABILITY, SCALE AND NAMEBRAND RECOGNITION. THESE ARE FACTORS THAT INVESTORS ARE FINDING IMPORTANT IN TODAY'S ENVIRONMENT AND PLACING A PREMIUM ON. ED: THE MORNING TO YOU FROM SAN FRANCISCO -- GOOD MORNING TO YOU FROM SAN FRANCISCO.
FROM A NEW CYCLE PERSPECTIVE, ALLETE HAVE -- HAS HAPPENED SINCE ARM MADE ITS MOVE. IF ARM LISTS, YOU THINK MECHANICALLY, LOTS OF LISTINGS WILL FOLLOW IN QUICK SUCCESSION? IT IS KIND OF A GAME OF BRINKMANSHIP. RACHEL: I DON'T KNOW IF IT IS ONE COMFY THAT WILL MAKE A MASSIVE REOPENING BUT IT IS CERTAINLY A START WE NEED TO HAVE OCCURRED. WHAT INVESTORS ARE PAYING CLOSE ATTENTION TO RIGHT NOW AND ARE REWARDING OUR COMPANIES THAT ARE COP -- PROFITABLE AND IF NOT YET PROFITABLE, A CLEAR PATH TO PROFITABILITY. WE ARE NOT AT THE GROWTH -- COST ENVIRONMENT THAT WE WERE 24 MONTHS AGO SO IT IS THOSE COMPANIES THAT WILL LEAD THE WAY IN PAVING THE WAY FOR THE NEXT ENTRANCE --ENTRANTS OF IPO -- ED: YOU AND I KNOW VENTURE CAPITALISTS THAT WANT THIS TO HAPPEN. CAROLINE: THEY ARE WAITING FOR THESE EXITS. RACHEL, TO THAT POINT, WE ARE
HEARING THERE IS A LOT OF STRESS IN THE VENTURE-CAPITAL ENVIRONMENT. A LOT OF THEM HAVE RAISED HUGE FUNDS THAT THEY ARE DESPERATELY TRYING TO ALLOCATE IN THIS ENVIRONMENT. WHAT DID YOU MAKE OF THE FACT THAT DATABRICKS IS ALSO ABLE TO RAISE IN THE PRIVATE ENVIRONMENT? WHERE DO YOU THINK THE REAL RUBBER MEETS THE ROAD FOR SOME OF THESE COMPANIES THAT CAN STILL FUND RAISE AND NOT GOING FOR AN IPO? RACHEL: ONE, THERE IS MONEY TO BE DEPLOYED OUT THERE BUT VENTURE CAPITALISTS AND INVESTORS ARE PROBABLY BEING DISCERNING ON WHERE THEY DEPLOYED THE CAPITAL. INVESTING IN COMPANIES THEY
FEEL HAVE A STRONG GROWTH STORY, THE MAYORS BEHIND THE TRANSACTION OF BEING VERY MUCH -- THE MERITS OF -- BEHIND THE TRANSACTION ARE BEING VERY MUCH VIEWED -- WE ARE SEEING VERY TARGETED INTEREST CRITICALLY AROUND KEY TECHNOLOGY SUCH AS AI. THERE IS A STRONG INVESTOR FOCUS IN THAT. ED: HOW FOCUSED ARE YOU ON CHINA AND THE IMPACT OF THE CHINESE ECONOMY ON CONFIDENCE? RACHEL: THE GEOPOLITICAL TENSIONS ARE CONTINUING TO BE THERE. I CAN SPEAK TO THE U.S. MARKET AND THE U.S. MARKET IS VERY DOMINANT,
CONTINUES TO BE THE PLACE THAT MOST COMPANIES WANT TO LIST. COMPANIES ARE STILL GOING TO NAVIGATE THEIR BROADER GEOPOLITICAL ENVIRONMENT -- THE BROADER GEOPOLITICAL ENVIRONMENT AS WELL AS MANY OTHER FACTORS THAT HAVE BEEN IMPACTING COMPANIES FOR THE PAST TWO YEARS. ED: GREAT INSIGHT AND FINALLY, A BIT OF ACTIVITY IN THE SPACE, GOOD TO HAVE YOU ON THE PROGRAM. STICKING WITH SOME FOOD DELIVERY PLATFORMS, DOORDASH IS LOOKING TO SPEED UP ORDERING AND HELP CUSTOMERS FIND FOOD OPTIONS WITH AN AI BASED CHATBOT. THEY ARE WORKING WITH THE SYSTEM CALL -- AI EVIDENCE -- AI. COMING UP HERE ON BLOOMBERG TECHNOLOGY, APPLE BETTING ON A REVAMPED IPAD PRO TO SPICE UP THE TABLET MARKET. WE HAVE ALL THOSE DETAILS NEXT.
THIS IS BLOOMBERG. ED: FOXCONN FOUNDER HAS JOINED A CREDIT RACE TO BECOME TAIWAN'S NEXT -- A CROWDED RACE TO BECOME TAIWAN'S NEXT PRESIDENT. THE TECH BILLIONAIRE DENIED BEIJING TO PRESSURE HIM THROUGH HIS EXTENSIVE OPERATIONS IN THE COUNTRY WHICH INCLUDE MUCH OF APPLES SUPPLY CHAIN.
THE COMPANY WORKING ON A REVAMPED IPAD PRO FOR NEXT YEAR. FOR MORE, LET'S BRING IN MARK BERMAN. -- MARK GURMAN. THE KEY FOR ME IS THE M3 CHIP COME EVERY TIME THEY HAVE A NEW GENERATION OF CHIP, THEY HAVE MORE PEOPLE -- CPU CORES AND GRAPHICS CORES AND MORE MEMORY BUT THIS IS A MAJOR HARDWARE OVERALL. DAVID: IT IS -- MARK:
IT IS A MAJOR HARDWARE OVERALL. THE TABLET MARKET HAS BEEN IN A FUNK. I'VE HAD REVENUE HAS BEEN DOWN -- IPAD REVENUE HAS BEEN DOWN SEVERAL QUARTERS IN A ROW AND IN THE THIRD QUARTER, I'VE HAD REVENUE WAS THE LOWEST IN THE COST OF THE PANDEMIC. APPLE IS WORK -- HOPING THIS IPAD PRO WHICH WILL COME OUT IN THE FIRST HALF OF NEXT YEAR WILL REJUVENATE SALES WITH THE NEW DESIGN. THIS -- THEY WILL MOVE TO OLED
DISPLAYS FOR THE FIRST TIME IN A IPAD. IF YOU REMEMBER THE MOVE FROM THE LCD TO OLED FOR THE IPHONE. THE IPAD AND THE IPHONE WILL USE THE SAME SCREEN TECHNOLOGY AND WILL BE A ROBUST UPGRADE. THE M3 CHIP AND MORE LAPTOP CAPABILITIES, THERE WILL BE A NEW MAGIC KEYBOARD ATTACHMENT AND IT WILL PRICE IT ANYWHERE BETWEEN $300 AND $400 BUT IT WILL TURN DRY PET INTO A LAPTOP. THIS NEW VERSION WILL LIKELY
HAVE A FUNCTION ROW AT THE TOP ACCOMACK AND WILL HAVE A BIGGER TRACKPAD -- TOP LIKE A MAC AND IT WILL HAVE A BIGGER TRACKPAD. CAROLINE: HOW MANY OTHER PEOPLE ARE EXCITED TO GET THEIR HANDS ON IPADS BECAUSE IT HAS BEEN AN AREA THAT HASN'T BEEN FIRING FOR ALL -- ON ALSO LENDERS. MARK: ANYONE WHO IS A BIG IPAD PRO USER AND HAS HAD AN IPAD SINCE 2018, THAT WAS LAST TIME THEY REDESIGNED THE IPAD PRO. WE ARE COMING UP ON FIVE YEARS. WE WILL GET THIS BIG REVAMPED WITHIN FIVE YEARS OF THAT WINDOW SO ANYONE WITH A 2018 MODEL OR A 2020 MY DON'T LIKE MYSELF COULD BE LOOKING TO UPGRADE TO THIS NEXT GENERATION SO I THINK IT WILL GET A BIG SIGNIFICANT UPGRADE CYCLE AT LEAST FOR AN IPAD FOR THIS NEW RANGE. ED: IF YOU GO ON APPLE'S WEBSITE AND YOU CLICK ON BE IPAD SECTION AND CLICK COMPARE, THERE ARE INFINITE POSSIBILITIES. THERE ARE SO MANY IPADS AND THEY ARE QUITE SIMILAR AND DIFFERENT AND YOU WRITE THAT THAT HAS BEEN A TRICKY SITUATION FOR APPLE. MARK:
WHEN YOU ARE A CUSTOMER AND YOU ARE NOT INGRAINED IN THIS ECOSYSTEM LIKE I MAY BE, YOU DON'T KNOW WHAT TO BUY AND A LOT OF THESE IPADS ARE SIMILAR OR THEY ARE DIFFERENTIATED BY A COUPLE HUNDRED DOLLARS BUT WITH VERY MINOR TWEAKS. IT IS UNCLEAR IF YOU SURVIVE THE BASE 10 GENERATION IPAD OR THE 11 INCH IPAD PRO OR SHOULD YOU BUY THE IPAD AIR. I AM NOT SURE IF THIS NEW IPAD PRO WILL DO MUCH TO ASK THAT PROBLEM WITH TOO MANY IPADS, TOO MANY CHOICES AND LACK OF CLARITY BETWEEN THE MANY OPTIONS. WHAT IT WILL DO IS HELP DIFFERENTIATE BE IPAD PRO AND MAKE THAT MORE OF THE HALO AUDIT AT THE TOP OF -- HALO PRODUCT AT THE TOP OF THE LINE.
THAT WILL PUSH MORE PEOPLE AT THE -- TO THE HIGH END. CAROLINE: AT A TIME WHERE WE QUESTION COSTS GOING UP FOR APPLE. YOU DID A REALLY GREAT DEEP DIVE, -- BLOOMBERG DID. THIS IS CHANGING THE ENVIRONMENT FOR MAKING THIS OAK LIVE IN ACROSS THE WHOLE OF ASIA. MARK: THE INTERESTING THING ABOUT WHAT WE DISCOVERED BASED ON THE DATA IS SOMETHING WE HAVE BEEN TALKING ABOUT FOR A LONG TIME. APPLE IS NOT NECESSARILY MOVING OUT OF CHINA BUT IT IS AUGMENTING ITS OPERATION OUTSIDE OF CHINA SO YOU ARE NOT SEEING ANY NEW PRODUCT LINES BEING DEVELOPED IN CHINA.
YOU ARE SEEING STATUS QUO. THE NUMBER OF SUPPLIERS IN CHINA, THE NUMBER OF PRODUCTION SITES HAS STAYED STAGNANT. IN TERMS OF APPLES GROWTH -- APPLE'S GROWTH, THE GROWTH IS HAPPENING IN VIETNAM AND INDIA. YOU ARE SEEING PRODUCTION IN INDIA AS THEY NEED ADDITIONAL UNITS FOR THOSE REGIONS, YOU ARE SEEING PRODUCTION IN INDIA, AND APPLE WATCH PRODUCTION IN PLACES LIKE VIETNAM AND NEW TYPES OF MAX BEING PRODUCED IN MALAYSIA. CHINA IS STAYING STAGNANT FOR APPLE BUT NOT GROWING SO THE FUTURE OF APPLES PRODUCTION SUPPLY CHAIN IS AN IN CHINA BUT THE PLACES AROUND CHINA, INDIA, MALAYSIA, VIETNAM, THAILAND. THERE IS SOME WORK BEING DONE IN JAPAN. THAT IS THE STORY.
APPLE, CHINA, THAT IS STAYING THE SAME BUT THE GROWTH IS HAPPENING ELSEWHERE. CAROLINE: VERY INTERESTING. IT IS GREAT TO HAVE YOU BACK ON ALL THINGS APPLE. FOCUSING ON THE SUPPLY CHAIN, ALL OF THIS COMES AMID POLITICAL JUDGMENT -- TENSION BETWEEN U.S. AND CHINA AND GINA RAIMONDO IS MEETING WITH HER CHINESE COUNTERPART AND THAT IS ALL PART OF THE BIDEN ADMINISTRATION'S EFFORT TO REDUCE TENSION. CHINA SAYS IT WAS A FRANK AND CONSTRUCTIVE MEETING, TALKING ABOUT TARIFFS TO COMBAT CHIP POLICY. TAKE A LISTEN TO WHAT SHE SAID.
>> WE AGREE TO ESTABLISH A NEW COMMERCIAL ISSUES WORKING GROUP, A FORMAL WORKING GROUP WHICH WOULD INVOLVE U.S. AND CHINESE GOVERNMENT OFFICIALS. U.S. AND CHINESE COMMERCIAL PRIVATE SECTOR PRESENTED US AS WE SEEK SOLUTIONS ON TRADE AND INVESTMENT ISSUES AND TO ADVANCE U.S. COMMERCIAL INTERESTS IN CHINA. CAROLINE: COMING UP, LET'S TALK BITCOIN. I FEEL LIKE THE TEENAGER IN NEED OF ITS SUGAR HIGH ACCORDING TO A BLOOMBERG REPORTER. WE WILL HAVE ALL THE DETAILS NEXT. THIS IS.
CAROLINE: TIME FOR TALKING TECH. IT WILL TAKE A GROUP OF ITS INDIAN STARTUP FOUNDERS TO SILICOM VALLEY FOR AN AI TORQUE. THE JAPANESE INVESTOR IS STEPPING UP ITS EFFORTS TO INFUSE IT PORTFOLIOS WITH THE TECHNOLOGY.
XPENG -- THE DEAL AND LAMINATES THE POTENTIAL OF A COMPETITOR IN THE EV MARKET. PLUS MORE ON EV'S, JAPAN'S EVENT ELECTRIC BATTERY COMPANY IS TRADING ON THE NASDAQ AND IT HAS ENTERED THE DOMESTIC LEASING MISSES WITH EV'S THAT USE BATTERIES TO IMPROVE LONGEVITY AND HEAT RESISTANCE. THAT IS ALL OF THE FOCUS POINT IN EEEV'S -- IN EV'S. ED:
LET ME PICK -- TAKE YOU BACK TO 2017. THE QUESTION, CAN CRYPTO OUTPERFORM? A BLOOMBERG TENT -- INTELLIGENCE NOTE SAYS IT IS UNLIKELY. THE FLIGHTING PRODUCER PRICES AND A DIFFERENT -- AND DIFFERENT FROM THE PAST EV -- EASY MONEY DAY THAT BITCOIN GREW UP IN. MIKE, YOU WRITE IN YOUR LATEST NOTE, BITCOIN IS A TEENAGER AND MAKE MISS ITS SUGAR HIGH. WHAT ARE YOU TALKING ABOUT?
>> I RAISED A FEW TO MAJOR THAT ARE NOW ADULTS. NEVER FORGET WHERE YOU ARE FROM AND WHAT GOT YOU THERE SO I LOOK AT THE 2-YEAR NOTE EVERY DAY AND I HEAR A GIANT SUCKING SOUND FOR RISK ASSETS AND BITCOINS WHOLE BUSINESS, WHOLE LIFETIME HAS BEEN UNDER A LOW INTEREST RATE ENVIRONMENT AND INTEREST RATES ARE VERY HIGH AND ATTRACTIVE SO I LOOK AT PERFORMANCE, HOW MUCH HAS BITCOIN PERFORMED? THE BEST IN HISTORY, YOU LOOK AT THE FIRST TIME IT TRADED AT A DOLLAR, IT IS AROUND 2011 AND IS 26,000 TIMES THAT NOW AND THE RISK IS GREATER THAT BITCOIN CONTINUES TO REVERT LOWER AND ALL INDICATIONS ARE SHOWING THAT. IT IS AT THE SAME LEVEL SINCE 2017 AND IN THE NASDAQ AND IT IS A MUCH HIGHER VOLATILITY ASSET AND IT IS SHOWING LACK OF PERFORMANCE TO REALLY TAKE IT OUT HIGHER SO I LOOK AT IT AS, RISK -- CRITICALLY IF WE LOOK AT WHAT THE FED IS DOING.
YOU DON'T SEE ANY LIQUIDITY COMING FROM THE FED AND IF THEY KEEP TIGHTENING, WHAT STOPS THEM FROM TIGHTENING? THE STOCK MARKET GOING DOWN. CAROLINE: ANOTHER MIKE THAT I WAS SPEAKING TO THIS WEEKEND, ALL ABOUT THAT SUCKING SOUND IS SOMEONE OF GALAXY DIGITAL AND HE HAS BEEN GETTING MORE CONCERNED ABOUT SOME OF THE HEADWINDS, EVEN THOUGH HE HIMSELF IS IN LINE TO GET ONE OF THESE SPOTTY TFS, SO TOO IS CATHIE WOOD. I AM INTERESTED IF ANY TAILWINDS COULD CHANGE YOUR OPINION. >> HAVE BETTER HAIR THAN MR. -- I HAVE BETTER HAIR THAN MR. NOVO . RIGHT NOW, ALL OF THE, BIG
PICTURE MOVING -- BIG PICTURE MOVING AVERAGE IS HEADING LOWER. IT SEES THE FED FUNDS FUTURES IS STILL TIGHTENING IN THE FUTURE AND I NEED TO SEE SOME DIVERSIONS STRENGTH MAYBE VERSUS STOCKMARKET RECENT TEST WEAKNESS IN THAT WILL BE A GOOD TIME AND WE ARE NOT SEEN THAT NOW -- SEEING THAT NOW. CAROLINE: WE HAVE -- LOVE SOME THE HEADLINES YOU HAVE ON YOUR BLOOMBERG INTELLIGENCE NOTE. CAROLINE: WELCOME BACK TO BLOOMBERG TECHNOLOGY. I AM CAROLINE HYDE IN NEW YORK. ED: I AM ED LUDLOW IN SAN FRANCISCO.
A QUICK CHECK OF THE MARKETS. THE NASDAQ 100 IS HIGHER, 2/10 OF 1%. THE NASDAQ 100 POSTED A GAIN OF AROUND 1.5% BUT IS SNAPPED THREE STRAIGHT WEEKS OF LOSSES AND IT IS THE FIRST TIME THIS YEAR WE HAVE SEEN THAT, THIS WEEK ON THE WEEKLY BASIS, WE HAVE BLOOD -- A FLOOD OF ECONOMIC DATA. IN THE U.S., HARD DATA AND SOFT DATA WE ARE TRACKING, EVERYTHING FROM PCE TO THE FED PREFERRED GAUGE OF INFLATION TO OTHER GAUGES OF MANUFACTURING CONFIDENCE AND ACTIVITY AND DATA OUT OF CHINA.
WHEN WE WORRY ABOUT TECH, WE ARE -- WE WORRY ABOUT CHINA AS THE ENGINE OF THE GLOBAL ECONOMY. A NEW ONE OUT THIS MONDAY MORNING, AN AI POWERED VOICE ASSISTANT, IT IS INTERESTING BECAUSE IN THE STATEMENT, DOORDASH IS AN APP AND THEY ARE SAYING SO MANY PEOPLE PHONE IN THEIR FOOD ORDERS, THE RESTAURANT IS TOO BUSY TO ANSWER THE PHONE. THE SOLUTION IS GETTING AI TO DO IT AND THEY SAY 50% OF ALL CALLS ARE MISSED AND THEY ARE TRYING IN MULTIPLE LINKAGES AN AI POWERED SYSTEM.
IT IS IN TRIAL PHASE AND IT BOOSTED THE STOCK EARLIER IN THE SESSION AND IT IS SOFTER BY 3/10 OF 1%. CAROLINE: MORE ON DOORDASH, LET'S TALK ABOUT A COMPETITOR THAT IS ABOUT TO GO PUBLIC, INSTACART. WE WANT TO GET TO THE CONVERSATION AROUND THIS YEAR'S IPO'S.
GREG MARTIN, YOU ARE AN -- MUCH EXPERIENCE IN A PRIOR HISTORY OF WORKING WITH THESE COMPANIES TO BUILD THEM UP FOR THIS MOMENT WILL STOP DOORDASH, -- MOMENT. I AM INTERESTED, DOORDASH, 522 -- THAT IS WHAT THE BLOOMBERG INTELLIGENCE NOTE IS TELLING US. HOW ARE YOU LOOKING AT THE PERSPECTIVE, HOW ARE YOU LOOKING AT THE FILINGS AND THINKING IT IS PROFITABLE? >> INSTACART WILL MOST CERTAINLY ALWAYS BE COMPARED TO DOORDASH AND THANK YOU FOR HAVING ME THIS MORNING BUT IT IS DIFFERENT IN A FEW IMPORTANT WAYS. IT HAS A PRETTY SIGNIFICANT ADVERTISING BUSINESS WHICH IS VERY PROFITABLE, VERY HARD -- HIGH MARGIN AND EVEN LARGE AND BEEN -- LARGER THAN UBER'S ADVERTISING BUSINESS.
THEY DON'T HAVE THE SAME KIND OF ORDER GROWTH AS DOORDASH HAS THINK IS ONE POTENTIAL LOW LIGHT OF THE BUSINESS BUT THEY HAVE BEEN ABLE TO INCREASE TRANSACTION FEES PER USER AND PER ORDER WHICH HAS ENABLED THEM DESPITE FLAT ORDER GROWTH IN THE FIRST HALF OF 2023 AND IT HAS ENABLED THEM TO GROW THEIR TRANSACTION REVENUES BY 31%. IF YOU LOOK AT THE REVENUES, THEY PROBABLY PROJECT TO BE AROUND $3 BILLION IN 2023. WITH BETTER ORIGINS, WAY BETTER MARGINS THAN DOORDASH. IF YOU LOOK AT DOORDASH'S REVENUE MULTIPLE, IT IS IN THE 3.5 TIMES RANGE SO IT PROBABLY
PORTENDS AN IPO OFFERING FOR INSTACART ASSUMING THAT THEY CAN MAKE IT TO THE THE FINISH LINE FROM THE 10 BILLION TO 2 BILLION VALUATION RANGE WHICH WOULD BE A APPROPRIATE -- LEVEL RELATIVE TO WHERE DOORDASH SITS. CAROLINE: WHAT INSTACART DID IS THEY TOOK THE DATA PILL AND DECIDED TO SLASH THEIR OVERALL VALUATION IN THE PRIVATE MARKET AND THEN SOME. HAS THAT BEEN IMPORTANT? HOW MUCH PENT UP DEMAND IS THERE FROM PUBLIC INVESTORS FOR THIS NAME? GREG: IT WAS UNNECESSARY REDUCTION OF VALUATION AND HER LAST PRIVATE GROUND WAS IN THE 39 BILLION RANGE AND THEY SLASHED THEIR INTERNAL VALUATIONS TO AROUND 0 BILLION. IT GIVES THEIR EMPLOYEES WHO WERE ISSUED OPTIONS ANY RECENT INVESTORS AND MOST LIKELY ANY PUBLIC MARKET INVESTORS' UPSIDE. THEY DIDN'T HAVE A CHOICE, THE MARKET SPOKE TO THEM AND THAT IS WHERE THE VALUATION IS MORE APPROPRIATE. I DO THINK IT BODES WELL FOR PUBLIC OFFERINGS.
THE COMPANY IS DEMONSTRATING SOLID GROWTH AND PROFITABILITY. THEY TALK ABOUT WAYS IN WHICH AI WILL HELP THEM AND IF YOU LOOK AT OUR PLATFORM, AT RAINMAKER, WE HANDLE A LARGE VOLUME OF PRIVATE SECONDARY TRANSACTIONS. WE ARE STARTING TO SEE ORDERS COME IN WHICH IS REFLECTING STRONG DEMAND FOR A POTENTIAL IPO IN SEVERAL WEEKS STOP PEOPLE OFTEN LIKE TO GET IN NOW BECAUSE THEY THINK THEY WILL BE UPSIDE FROM THE IPO PRICE AND BEYOND. CAROLINE: WE AWAIT ROAD SHOWS AND IT WILL BE A BUSY START FOR SEPTEMBER WHEN YOU EAT -- WE THINK ABOUT ALL THE COMPANIES HAVING TO EXPLAIN THEIR STORIES. ED: ON THIS PROGRAM, WE HAVE BEEN TALKING ABOUT, DEAD FROZEN AND INACTIVE THE MARKET IS. ALL OF THE NEWS FLOWS HAPPEN IN
THE LAST SEVEN DAYS. ON AUGUST 21, HOW MUCH -- TO KICKSTART THE REST OF THE WINDOW? GREG: IT WAS A BIG STARTING GUN. ONE OF THE STARTING GUNS STARTED WITH, --CAVA.
IT WAS A QUIET COMPANY THAT TRADED SIGNIFICANT EAT ON ITS IPO AND IT HELD UP CLOSE TO 100% SINCE IT PRICED AND YOU HAD ALREADY TECHNOLOGY AND ANOTHER COMPANY THAT HAS BEEN ON A HUGE SOARING CLIMB. PEOPLE SEE THERE IS REST HAVE PIT -- RECEP COMMITTEE AND AP IPO MARKETS AND WHAT --THERE IS RECEPTIVITY IN THE IPO MARKETS. ARM IS MORE OF A FLAT COMPANY BUT IT IS TELLING AN AI STORY, AS YOU SEE WRITING THE COATTAILS OF NVIDIA SO I THINK ARM WILL BE INTERESTING AND INSTACART WILL BE A LARGE IPO. WE ARE TALKING ABOUT SEVEN -- SEVERAL BILLION PLUS OF PROCEEDS BETWEEN THE TWO COMPANIES OBESE WILL BE REAL TESTS FOR THE MARKET BUT I THINK THEY ARE BOTH STRONG COMPANIES WITH GOOD STORIES. IF THEY SUCCEED AND I DO THINK BANKERS WILL TRY TO BE CONSERVATIVE IN PRICING BECAUSE THEY WANT TO SHOW THERE IS AN UPTICK IN BUYERS WHO TAKE THE RISK OF BUYING AN IPO THAT WE MIGHT SEE THE FLOODGATES OPEN AGAIN. WE HAVE SEVERAL OTHER COMPANIES THAT ARE READY TO GO IF THEY SEE THAT HAPPEN. ED: I HAD A CUP OF TEA A TECH
THINKER AND WE TALKED ABOUT CAVA AND I SAID THAT IS NOT TECH COMPANY AND THE BANKER MADE THE POINT IS OF GROWTH COMPANY. INTERESTING SIGNAL, CAROLINE MADE AN INTERESTING POINT, DATABRICKS HAS RAISED MONEY. AN INTERESTING VALUATION, IS THAT A SIGNAL THAT THEY WON'T IPO? WHY RAISE AND NEGOTIATE UP WITH YOUR INVESTORS AHEAD OF A LISTING? GREG: IT IS NOT NECESSARILY AN IS -- INDICATION.
THERE -- THEY ARE ONE OF THE FEW COMPANIES CONTINUOUSLY INVESTING EVEN WITH THE DOWNTURN. THEY ARE A SIGNIFICANT AI AND DATA COMPANY, SIMILAR TO SNOWFLAKE. THEY HAVE MASHABLE -- MASSIVE SCALE AND GROWTH POTENTIAL SO I FEW THEM AS A COMPANY THAT COULD GO PUBLIC WHENEVER. AND THEY PORTEND MORE LIKELY A DIRECT LISTING WHEN THEY GO PUBLIC BECAUSE THEY MAY NOT NEED TO RAISE CAPITAL BUT THEY MAY WANT TO CREATE THE PRETTY FOR INVESTORS AND SHAREHOLDERS SO I WOULD NOT NECESSARILY SAY IT MEANS THEY ARE NOT GOING PUBLIC. THEY WILL ALWAYS TAKE THE POSITION THAT WE WILL GO PUBLIC IF THE MARKET IS RIGHT FOR US AND IF THEY SEE A REALLY POIGNANT --BUOYANT IPO MARKET AS WE DISCUSSED -- I THINK THEY WILL GO SOONER THAN LATER. CAROLINE: WHO IS COMING TO YOUR PLATFORM TO GET AHEAD OF THE LISTING AND WHO WILL BE DIRECT -- THERE TO TAKE DOWN THE LISTING WHICH INVESTORS ARE INTERESTED IN? GREG: WE ARE STARTING TO SEE ALL MANNERS.
FOR 18 MONTHS, EVERYBODY RETREATED OTHER THAN THE INVESTORS THAT HAD A PURE MANDATE TO ONLY DO LATE STAGE PRIVATE SECONDARIES. WE ARE SEEING THE BIG IPO BUYERS AND WE ARE HEARING OF THE DATABRICKS INVESTMENT. WE ARE STARTING TO SEE THE BIG INSTITUTIONS, WE ARE STARTING TO SEE FAMILY OFFICES, WE ARE STARTING TO SEE HIGH NET WORTH INDIVIDUALS. WE ARE STARTING TO SEE A BIG
FLOW OF PEOPLE THAT ARE THERE TO SAY, I DON'T WANT TO MISS THE NEXT CAVA, ODDITY. AS INVESTORS SEARCH FOR YIELD AND THE BAR IS HIGH. THE RISK FOR YIELD IS 5%-6% VERSUS ZERO SO IT HAS TO BE A QUALITY IPO TO ENTICE INVESTORS TO COME IN. CAROLINE: I AM GOING TO GO TO SENSITIVE TOPIC IN THE BC SPACE AND YOU ARE -- YOU HAVE ARCHER VENTURE CAPITAL.
THERE IS A REALLY INTERESTING DYNAMIC, ALL THESE VC COMPANIES HAVE RAISED A TON OF MONEY AND THEY NEED TO PUT THAT TO WORK. THEY DON'T WANT TO PUT MONEY -- GET MONEY BACK TO LPS. WHEN TENSIONS ARE BEING FELT IN THE METRIC COMMUNITY IN THE SPACE AS THEY ARE LOOKING TO HAVE LIQUIDITY MOMENTS AND TRY TO FIND WHERE TO PUT MONEY TO WORK. WE SAW ONE INTERESTED IN DATABRICKS BUT THAT IS A CROSSOVER NAME. GREG: THE BIGGEST TENSION, IF YOU LOOK AT THE PANDEMIC IN 2021, THERE WAS A GROW AND SPEND MENTALITY. A LOT OF THEIR WINNERS WERE
CREATED -- CREATING HUGE BURN RATES AND CONSUMING CASH AT A ALARMING RATE. THE FIRST ORDER OF BUSINESS FOR VENTURE CAPITALISTS IS TO MAKE SURE YOUR BIG SCALING BUSINESSES THAT ARE SPENDING A LOT OF MONEY ARE WELL-CAPITALIZED AND BECAUSE THEY WENT THROUGH MASSIVE BURN, YOU ARE SEEING A TURN -- A TON OF RETURN AND I RETRENCHMENT OF NEW CAPITALISTS TO MAKE SURE THEY ARE -- THERE IS A NOT -- THERE IS NOT A LOT OF -- HAVE THE CASH AND THEY ARE MAKING SURE THEY ARE NOT SPENDING MONEY AT THE SAME RATE BUT THERE IS AN EXPECTATION THAT THERE WILL BE A LOT OF LIQUIDITY RIGHT NOW, IF THERE WAS AN EXPECTATION THAT THESE COMPANIES ARE PUBLIC AND THE IPO BAR IS RAISED AND WE NEED TWO OR THREE MORE YEARS TO GET THESE COMPANIES TO AN EXIT AND WE NEED TO MAKE SURE WE HAVE THE CAPITAL IN THESE BUSINESSES TO SUSTAIN BUSINESSES SO THEY CAN GROW INTO THE CRAZY VALUATIONS THAT THEY WERE RAISED AT IN 2021. ED: YOU MENTIONED THE ATTRACTIVENESS OF YIELD AND A BENCH PART -- BENCHMARK NOTES IMPACTING IPO'S. WHAT IS THE BIGGEST ECONOMIC FACTOR YOU TAKE INTO ACCOUNT NOW? GREG: INTEREST RATES ARE ALWAYS NUMBER ONE WHEN YOU THINK ABOUT GROWTH BUSINESS AND TECH BUSINESSES ARE MOSTLY VALUED AS GROWTH BUSINESSES SO WHEN THE TENURE GOES FROM 150 TWO 130 BASIS POINTS, THAT IS SIGNIFICANT AND CRUTCHES MULTIPLES AND WE SAW IT IN 2020 TERMS OF THE NASDAQ. INTEREST RATE SENSITIVITY IS
HIGH. WE ARE AT A HIGH POINT ON THE 10 YEAR. PEOPLE ARE FOCUSED ON ARE WE GOING TO HAVE A DECLINING INTEREST RATE ENVIRONMENT AND WHEN ARE ALL -- WE ARE PAYING ATTENTION TO THE SEPTEMBER FED MEETING WHERE A LOT OF IS EXPECTING -- ARE EXPECTING THINGS ARE GOING UP. CAROLINE: WE HAVE A BIG GREEK -- WE CAN TERMS OF ECONOMIC DATA -- WE HAVE A BIG WEEK IN TERMS OF ECONOMIC DATA. COMING UP, WE WILL TALK TECH, INVESTING FOR THE FASTEST-GROWING DEMOGRAPHIC IN THE WORLD, THE OLDER GENERATION. ONE PERSON OF PRIMETIME PARTNERS JOINING US NEXT.
THIS IS BLOOMBERG TECHNOLOGY. ♪ >> I THINK YOU HAVE TO -- JUST BECAUSE OF THE GENERATIONAL TREE. CAROLINE: SARAH HUNT UP ALPINE WOODS THERE IN THE FOCUS ON THE GENERATIONAL SHIFT. WE ARE FOCUSING ON INVESTING IN TECHNOLOGY THAT IS DRIVING INNOVATION FOR THE FASTEST GROWING DEMOGRAPHIC IN THE COUNTRY, THE AGING POPULATION. I AM PLEASED TO WELCOME ABBY LEAVY.
AT THIS MOMENT, WHEN THE NEED IS THERE AND BIG COMPANIES ARE LOOKING -- IS IT OK, WHAT ARE VALUATIONS LIKE IN THIS SPACE? >> I'M SO GLAD YOU GUYS ARE SPENDING TIME ON THIS TOPIC. WE DO PRECEDE TO SERIES A INVESTING IN ONE OF THE BEST THINGS ABOUT BEING A EARLY INVESTOR IS THAT VALUATIONS HAVE BEEN SAYING THAT STAYING THE SAME THROUGH THE CRAZY BUBBLE OF 2021 AND IN THE LATER STAGE, THE VALUATIONS ARE STICKING SOMEWHAT FORMULAICALLY -- WHICH IS ANYWHERE FROM FOUR TIMES TO 10 TIMES SO THERE IS QUITE OH WIDE RANGE FOR THE VALUATIONS HAVEN'T BECOME SO ASTRONOMICAL LARGELY BECAUSE MOST OF WHAT WE DO IS INVEST IN HEALTH CARE AND THERE IS ALREADY YOU -- A HUMAN COMPONENT TO A LOT OF WHAT WE DO BECAUSE WHEN YOU'RE WORKING WITH THE LARGER POPULATION, WITH HEALTH CARE DELIVERY, WE ARE NOT TALKING ABOUT ROBOTS. WE ARE TALKING ABOUT HUMAN TO HUMAN SO A LOT OF THE VALUATIONS STAYING WITHIN THE FOUR TIMES-10 TIMES. CAROLINE: THERE ARE A LOT OF COMPANIES TRYING TO UNDERSTAND HOW OPPOSITION INTELLIGENCE CAN MAKE THEM LESS -- ARTIFICIAL INTELLIGENCE CAN MAKE THEM LESS DEPENDENT ON THE HUMAN.
IS THAT BECOMING A THEME? ABBY: IT IS NOT AT THE POINT WHERE AI IS REPLACING MEDICAL PROFESSIONALS AND CLINICAL DECISIONS BUT IT IS AN AND ABLE BUT -- AN ENABLEMENT TOOL. THEY ARE USING AI FOR PERSONALIZATION PERSPECTIVE TO MAKE SURE THEY ARE DELIVERING THE RIGHT TEST RECOMMENDATION SO WE SEE A LOT OF AI AROUND PERSONALIZATION AND AI, A TON OF DIAGNOSTIC. ONE OF OUR PORTFOLIO COMPANIES CAN DIAGNOSE DEPRESSION IN OLDER ADULTS USING THEIR VOICE, NOT NATURAL LANGUAGE PROCESSING BUT VOICE VIBRATION SO AI IS HELPING THEM THERE. WHICH -- WITHIN DEMENTIA CARE. THAT POPULATION IS ABOUT TO BLOSSOM AND WE ARE SEEING AI ON THE DIAGNOSTIC SIDE. WE DO NOT INVEST IN HEALTH CARE DISCOVERY, DRUG DISCOVERY BUT THAT IS A HUGE PIECE OF DRUG DISCOVERY AND THE SPEED OF DRUG DISCOVERY IS AI. WE CAI AS AN ENABLEMENT OF THE ABILITY TO SCALE HEALTH CARE TO THIS POPULATION AS -- IS DOUBLING IN SIZE. ED:
THE POPULATION OF U.S., PEOPLE OVER SAFETY FIVE IS 16% OF THE U.S. POPULATION AND WE EXPECTED TO JUMP TO 22% BY 2040 ACCORDING TO THE U.S. DEPARTMENT HEALTH -- OF HEALTH AND HUMAN SERVICES. YOU ARE A VC WITH A LONG TIME -- TO INVEST. HOW DO YOU MAKE SURE YOU ARE INVESTED IN PARTS THAT FOLLOW IT? ABBY: THERE IS ONE PIECE WHERE YOU HAVE THIS DOUBLING OF AN OVAL -- GLOBAL POPULIST ON A GLOBAL SCALE AND THAT CREATES HUGE INFRASTRUCTURE CHALLENGES FOR HEALTH CARE AND FINANCIAL SERVICES AND HOUSING SO YOU HAVE THESE VERY BIG ISSUES, ALMOST LIKE CLIMATE CHANGE WHERE THE DATA HAS ALWAYS BEEN THERE AND PEOPLE ARE WAKING UP TO THIS SEISMIC SHIFT IN DEMOGRAPHICS -- THE DEMOGRAPHICS BUT -- THEY NEED TO TAKE COST OUT OF THE SYSTEM. U.S.
HEALTH CARE SPEND IS 18% OF THE GDP AND WE HAVE THE MOST EXPENSIVE CARE SYSTEM IN THE ENTIRE WORLD SO WHAT WE ARE INVESTING IN OUR THIS IS -- ARE BUSINESSES THAT ARE TAKING OUT THE HEALTH CARE COST TODAY. ONE IN FOUR OLDER AMERICANS WILL FALL. YOU CREATE -- PREVENT ONE FALL, THAT IS A TREMENDOUS VALUE AND BUSINESSES, WE INVEST IN BOLD. THESE ARE BUSINESSES THAT HELP TAKE COST OF THE SYSTEMS. ED: ARE THERE ANY AREAS YOU STAY AWAY FROM? ABBY: THIS MIGHT BE A CONTRARIAN POINT OF VIEW BUT WE THINK WHEN PEOPLE TALK ABOUT THE TECH ENABLED HOME, WHILE 90% OF AMERICANS WENT TO AGE IN PLACE, THE ANSWER ISN'T NECESSARILY TO MAKE EVERYTHING KIND OF LIKE THE JETSONS.
I AM SHOWING MY AGE WHERE EVERYTHING IS ROBOTS AND TECHNOLOGY AND ANSWERED BY THE CLOUD. WE BELIEVE THAT THAT IS AN AREA WHERE REMOTE PATIENT MONITORING AND HOME CARE -- CARE IN THE HOME IS A GREAT PLACE TO INVEST BUT FULLY DIGITIZED ROBOTIC SOLUTIONS, WE ARE NOT THERE AND THAT IS NOT THE TYPE OF CARE THAT HUMANS WANT THE BEST FOR THEMSELVES AND OLDER ADULT CHILDREN WANT FOR THEIR PARENTS. CAROLINE: WE LOVE A CONTRARIAN VIEW. THANK YOU VERY MUCH AND IT IS A JOY TO HAVE YOU IN POST ABBY MILLER LEVY -- TO HAVE YOU IN. ED: LET'S HEAD TO SPACE, THE CREW DRAGON SPACE X -- SPACECRAFT LAUNCHED BY SPACE X LAUNCHED AND DOCKED WITH THE INTERNATIONAL SPACE STATION. BLOOMBERG NEWS SPACE REPORTER HERE WITH MORE.
IT IS GETTING ROUTINE BUT THEY TELL US -- BUT TELL US ABOUT THIS MISSION. >> IT WAS THE SEVENTH OPERATIONAL CREWED FLIGHT. THEY HAVE AN ONGOING CONTRACTOR SENT ASH ANNOUNCED TO THE INTERNATIONAL SPACE STATION AND THIS CREW WAS AN INTERNATIONAL GROUP. THERE WAS A NASA ASH NOT, A AUSTRALIAN ARE NOT, AND A RUSSIAN COSMONAUT. -- I NASA ASTRONAUT, AND AUSTRALIAN ASH NOT IN RUSSIAN COSMONAUT -- NASA ASTRONAUT, AN AUSTRALIAN ASTRONAUT AND A RUSSIAN COSTUME AND NOT -- RUSSIAN COSMONAUT. CAROLINE: YOU BROKE SOME -- ED: YOU BROKE NEWS FRIDAY THAT STARSHIP COME THE EXPLOSION IN APRIL HAD AN ENVIRONMENT TO IMPACT.
>> THERE IS A LOT OF GOING IN SPACE AND PLENTY GOING ON DOWN HERE ON EARTH. A LOT OF PEOPLE MIGHT REMEMBER THE SPACE X STARSHIP TEST LAUNCH IN APRIL, WE DID A FREEDOM OF INFORMATION ACT REQUEST LOOKING AT INFORMATION THAT WE COULD GATHER BETWEEN SPACE X OFFICIALS AND THE FISH AND WILDLIFE SERVICE IN THE AFTERMATH OF THAT MUCH BECAUSE IT WAS QUITE EXPLOSIVE AND DESTRUCTIVE AND WE GOT 1100 PAGES OF PHOTOS AND EMAILS AND GIVING US A CANDID LOOK AT HOW THOSE OFFICIALS WITH THE FISH AND WILDLIFE SERVICE WHERE AWED WITH WHAT HAPPENED WITH THE FLIGHT. CAROLINE: AMAZING PIECE OF REPORTING. THAT DOES IT WITH THIS ADDITION
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