>> FROM THE HEART OF WHERE INNOVATION, MONEY, POWER ALLIED IN SILICON VALLEY AND BEYOND, THIS IS BLOOMBERG TECHNOLOGY WITH CAROLINE HYDE AND ED LUDLOW. CAROLINE: LIVE FROM NEW YORK AND SAN FRANCISCO, THIS IS "BLOOMBERG TECHNOLOGY." CHIPS IN FOCUS AS APPLIED MATERIALS DISAPPOINTS ON ITS FORECAST. TEXAS INSTRUMENTS SCORES CASH FROM THE CHIPS ACT.
ED: EPIC GAMES LAUNCHES A NEW MOBILE STOREFRONT AFTER YEARS OF LEGAL WRANGLING WITH APPLE AND GOOGLE. CAROLINE: IS A BIDDING WAR BREWING FOR PARAMOUNT? LET'S CHECK IN ON THE MARKETS. IT IS A GOOD WEEK IF YOU ARE ON THE MARKETS.
AND NASDAQ 100 HAVING ITS BEST WEEK ON THE YEAR SINCE NOVEMBER, UP ALMOST 5%. THAT IS 1.3 TRILLION DOLLARS BEING ADDED TO THE OVERALL BENCHMARK, A SIGNIFICANT SIGH OF RELIEF FROM THE VOLATILITY OF LAST WEEK. CONSUMER DATA SHOWING SENTIMENT IS ON THE UP, COUNTERACTING THAT HOUSING DATA ON THE DAY. WHAT ARE YOU LOOKING AT? ED: I'M GOING TO APPLIED MATERIALS. A COMPANY THAT MAKES THE MACHINES THAT MAKES THE CHIPS, DOWN 3%. THEY WERE REALLY HIGH EXPECTATIONS AND ITS FORECAST FOR THE CURRENT PERIOD WHERE THE MARKET WANTS TO SEE ALL OF THIS INVESTMENT AROUND AI IN PARTICULAR IS TRANSLATING INTO MORE EQUIPMENT, MORE CHIP MANUFACTURING EQUIPMENT, INVESTMENT DAVID WE WILL GET TO THAT IN A MOMENT. THE OTHER STORY, TEXAS
INSTRUMENTS TO RECEIVE $1.6 BILLION IN CHIPS ACT GRANTS, $3 BILLION IN LOANS, THE BIDEN ADMINISTRATION ANNOUNCED. IT IS THE LARGEST MAJOR AWARD FROM A PROGRAM DESIGNED TO BOOST AMERICAN SEMICONDUCTOR MEN. WE ARE JOINED BY IAN KING ONSET. TEXAS INSTRUMENTS MAKES ALL KINDS OF BASIC CHIPS. THE TERM THEY HAVE AGREED WITH
THE ADMINISTRATION HERE? >> NOTHING IS SET, A LOT OF MONEY HAS BEEN PROMISED. FROM A TAXPAYER PERSPECTIVE, YOU HAVE TO DO THIS, ACTUALLY BUILD THIS, AND THEN WE WILL GIVE YOU THE MONEY. THAT IS THE WAY TO LOOK AT IT FROM A GENERAL PERSPECTIVE. THE FLIP SIDE OF IT, WALL STREET IS LOOKING AT HOW MANY DOLLARS, CENTS ON EPS. CAROLINE: STILL, THEY ARE SPENDING A LOT. ALL THE FOCUS IS ON CHIPS AND AI. TAKE US BACK TO APPLIED
MATERIALS. THE NUMBERS WERE GOOD BUT THE FORECAST NOT LIVING UP TO THE AI EUPHORIA. >> TWO THINGS GOING ON HERE.
ANYTHING TO DO WITH HIGH-END LOGIC, DATA CENTERS, AI IS DOING REALLY WELL. LOTS OF DEMAND FOR THAT. ON THE FLIPSIDE, SOME OF THE CHIPS FOR AUTOMAKERS, INDUSTRIAL EQUIPMENT, NOT A LOT OF STRONG DEMAND GROWTH THERE AT THE MOMENT. PERHAPS ORDERS WERE THAT SECTOR ARE WEAKER. KIND OF A BALANCE OF FACTORS GOING ON. ED: WE HAVE HEARD THAT ON AN ONGOING BASIS. WHAT IS THE DIFFERENCE BETWEEN
APPLIED MATERIALS AND ASML, WHEN YOU THINK ABOUT WHAT THOSE MACHINES ARE USED FOR? >> APPLIED MATERIALS IS MUCH MORE GENERALIST. THEY MAKE A RANGE OF DIFFERENT PIECES OF EQUIPMENT. ASML IS VERY SPECIFIC, THE LASERS THAT ARE BURNING THE HOLES TO MAKE THE PATENTS ON THE CHIPS. APPLIED MATERIALS ARE PUTTING THE MATERIALS ON THE SILICON WAFER'S. ED: THANK YOU VERY MUCH.
GLOBALLY, JAPAN IS APPLYING FOREIGN TRADE REGULATIONS TO CHIP EQUIPMENT AS PART OF ITS EFFORT TO SECURE STABLE SUPPLY CHAINS, THE MINISTRY OF FINANCE SAID TODAY. FOREIGN INVESTORS ARE NOW REQUIRED TO GIVE PRIOR NOTICE WHEN CONDUCTING DIRECT INVESTMENT IN EQUIPMENT TIED TO CHIPMAKING, IN AN EFFORT TO ADDRESS THE RISK OF KEY TECHNOLOGY LEAKS. CAROLINE: SO MUCH GOING ON WITH CHIPS. THEY ARE WEIGHING ON THE OVERALL BENCHMARKS TODAY BECAUSE OF THAT APPLIED MATERIALS NUMBER. TAKING A LOOK AT THE TECHNOLOGY MARKET, JANET MUI IS WITH US. WE HAVE HAD AN EXTRAORDINARY FEW WEEKS.
WHAT ARE YOU MAKING OF A EUPHORIA REALITY, WHAT IT MEANS FOR THE TECH BENCHMARKS RIGHT NOW? JANET: GOOD MORNING. THANKS FOR HAVING ME. ONE THING IS THE VALUATIONS OF THESE MEGA CAPS STOCKS, AI-EXPOSED STOCKS HAVE COME DOWN. THAT IS GOOD NEWS FOR INVESTORS
WHO ARE NOT INVESTED YET. THEY CAN GET IN WITH A BETTER VALUATION INTO COMPANIES THAT STILL HAVE GREAT LONG-TERM PROSPECTS. I ALSO THINK THE REBOUND THAT WE ARE SEEING SUGGESTS, IF THE DATA IS CONTINUING TO SUGGEST THAT THE U.S. ECONOMY IS STILL GROWING, THERE
IS STILL A LOT OF DEMAND FOR THESE HIGH QUALITY STOCKS. OUR POSITION WOULD BE TO KEEP BEING FOCUSED ON HIGH-QUALITY GROWTH COMPANIES, WHICH A LOT OF THESE AI-EXPOSED STOCKS ARE. SOME OF THE OBSERVATIONS FROM COMPANY GUIDANCE, FROM THE BIG TECH COMPANIES, FOR EXAMPLE, THEY PREFER TO SPEND MORE ON AI THAN BE LEFT BEHIND. THIS IS STILL VERY MUCH A VERY IMPORTANT TO READ. -- TRADE. CAROLINE: WHY WAS EVERYONE SUDDENLY SO NERVOUS AROUND IT? WHY DO YOU THINK, STILL 12% OFF OF OUR HIGHS ON THE INDEX, BUT WHY HAVE WE NOT REBOUND TO YOUR LEVEL OF CONVICTION? JANET: GENERALLY SPEAKING, A LOT OF FOCUS IS STILL PLACED ON THE ECONOMIC DATA. WE GOT SOME RELIEF IN THE PAST WEEK OR SO WITH SOLID ECONOMIC DATA, SLOWING INFLATION, BUT THERE IS STILL UNCERTAINTY AROUND THAT.
PARTICULARLY FOR CHEAP COMPANIES, THAT STILL PLAYS AN IMPORTANT PART. I REMEMBER WHEN ASML REPORTED, A SUGGESTION THAT DONALD TRUMP IS GOING TO MAKE IT STRICTER FOR U.S. COMPANIES TO EXPORT HIGH-TECH EQUIPMENT, THINGS LIKE THAT. ALSO, THE BIDEN ADMINISTRATION TIGHTENING THE STAND. THAT IS WHY CHIPMAKERS ARE NOT BOUNCING BACK AS QUICKLY AS OTHER STOCKS. ED:
I HAVE BEEN READING YOUR RESEARCH, YOU BEEN THINKING ABOUT REITS, REAL ESTATE INVESTMENT TRUSTS, AND SO HAVE I, LOOKING ABOUT HOW YOU CAN LOOK AT THEIR PIPELINE WITH DATA CENTER INVESTMENTS. I DIDN'T REALIZE IT WAS SUCH A FOCUS OF OPPORTUNITY FOR SOME OF THE REITS OUT THERE. THE YOU LOOK AT THAT TO SEE HOW LONG YOU HAVE THIS INVESTMENT CYCLE TO RUN? JANET: DATA CENTERS ARE ONE OF THE MORE RESILIENT AREAS DURING THE PREVIOUS SELLOFF. THAT IS STILL A VALID
INVESTMENT POINT, BUT LOOKING AT REITS, BASICALLY BROADENING OUT THE OTHER AREAS. THE VALUATION HAS SIMPLY GONE MORE ATTRACTIVE. RIGHT NOW, WE ARE AT THE STAGE WHERE THE FED WILL CUT INTEREST RATES. EXPECTATION IS BUILDING THAT THERE WILL BE FURTHER CUTS WELL INTO 2025 AND BEYOND. THIS IS BEING A VERY INTEREST-RATE SENSITIVE SECTOR, LIKELY TO BENEFIT FROM THIS MONETARY POLICY DEVELOPMENT. THE VALUATION IS JUST ADDING TO
THAT ATTRACTIVE THESIS. ED: EARLIER IN THE SHOW, CAROLINE WAS LOOKING AT THE NASDAQ 100 ON THE WEEKLY BASIS. A LOT OF CONFLICTING DATA. WHAT HAS THE DATA TOLD YOU
ABOUT THE STATE OF THE GLOBAL ECONOMY? JANET: EVERYTHING IS STILL FINE. THE LABOR MARKET IS SLOWING DOWN, BUT IT IS AS EXPECTED. IN FACT, IT IS A TREND THAT THE FEDERAL RESERVE WOULD LIKE TO SEE.
IF YOU LOOK AT JOB OPENINGS PER UNEMPLOYED PERSON, IT IS GOING DOWN, BUT IT IS WHAT I WOULD DESCRIBE AS A NORMALIZATION. THIS IS ALL A POSITIVE DEVELOPMENT. WE ARE SEEING A SLOWDOWN IN THE CONSUMER BECAUSE SAVINGS ARE BEING DEPLETED. BUT I THINK THE KEY THING IS THAT REAL WAGE GROWTH IS POSITIVE. THAT IS A FUNDAMENTAL SUPPORTIVE FACTOR OUT THERE. OVERALL, THE ECONOMY IS JUST
FINE, SLOWING, AS EXPECTED, AND WE ARE NOT SEEING THE ECONOMY FALL OFF A CLIFF. SOFT LANDING IS STILL VERY MUCH IN PLAY HERE. CAROLINE: WHEN IS THE MOST IMPORTANT PIECE OF DATA IN THE NEXT FEW WEEKS? FED MACRO, AUGUST 28 NVIDIA RESULTS? JANET: NVIDIA IS DEFINITELY IMPORTANT FOR CORPORATE EARNINGS. THAT WILL BE A AN IMPORTANT POINT FOR US TO WATCH. WE KNOW THE VOLATILITY AROUND THAT EVENT, ABILITY TO SPILL OVER TO THE REST OF THE MEGA CAP INDUSTRIES. THEY WILL BE SEEKING VALIDATION ON WHETHER AI ORDERS ARE VERY STRONG. OF COURSE, ANY DATA THAT RELATES TO THE LABOR MARKET
WILL BE A BIG FOCUS. INFLATION SIDE OF THINGS, WE GOT MORE CONFIRMATION THAT IT IS OK, LIKELY TO SEE VOLATILITY AROUND INFLATION. LABOR MARKET DATA, FOR SURE. ED: SUCH A GOOD QUESTION BY CAROLINE. AUGUST 28, MACROLEVEL EVENT MAY BE. JANET MUI, GREAT TO HAVE YOU
BACK ON THE SHOW. COMING UP, WE WILL BE JOINED BY JOSH CHAPMAN, FOCUSING ON THE VIDEOGAMES INDUSTRY. WE WILL DISCUSSEPIC GAMES' NEW MOBILE STOREFRONT. HEADING TO BREAK, LOOKING AT SHARES OF RIVIAN. THEY HAVE HAD TO PAUSE THE LINE THAT MAKES A DELIVERY VAN FOR AMAZON DUE TO A PARTS SHORTAGE. STOCK DECLINE HAS BEEN ACCELERATED. IT WILL NOT AFFECT LONG-TERM
PRODUCTION TARGETS. THEY ARE NOT CHANGING GUIDANCE. ALL THE WORKERS WILL BE PAID, ETC. BUT IS INTERESTING THAT THIS CONTINUES TO BE AN ISSUE IN THE SUPPLY CHAIN FOR RIVIAN. STAY TUNED. THIS IS "BLOOMBERG TECHNOLOGY." CAROLINE: EPIC DEBUT FOR EPIC GAMES. THEY ARE LAUNCHING A NEW MOBILE STOREFRONT AFTER YEARS OF WRANGLING WITH APPLE AND GOOGLE OVER THEIR APP STORE PRACTICES.
THE EPIC CEO SAYS IT MAY HAVE LOST UP TO $100 MILLION IN REVENUE AFTER FORTNITE WAS REMOVED FROM THE APPLE APP STORE. EPIC TRY TO CIRCUMVENT THAT BY OPENING UP ITS OWN STORE IN 2020. JOINING US NOW IS JOSH CHAPMAN. RETURNING TO IPHONES IN EUROPE, ANDROID WORLDWIDE. CAN PEOPLE ACCESS IT? >> RIGHT NOW YOU CAN ONLY ACCESS THE EPIC GAMES STORE IN THE EU ON IOS, GLOBALLY ON ANDROID.
IT'S AN ABSOLUTE PAIN TO DOWNLOAD ON BOTH STORES. APPLE AND GOOGLE ARE FINDING THIS TOOTH AND NAIL. I WATCH SOME VIDEOS THIS MORNING, WE ARE TRYING ALL DAY TODAY. THIS REQUIRES ANYWHERE FROM 10 TO 20 STEPS. LOTS OF FLAGS AND ALERTS ON BOTH DEVICES SAYING, ARE YOU SURE YOU WANT TO DOWNLOAD? THE STORES WIL L LIKE THIS TOOTH AND NAIL. ED: AN APPLE REPRESENTATIVE CONFIRMED THAT IT IS A FIVE-STEP PROCESS IN EUROPE, NOT 15.
YOU ARE INVESTING IN VIDEOGAME COMPANIES THAT WANT TO DISRUPT THE INDUSTRY. THE ARGUMENT THAT IF YOU HAVE MORE STORES, YOU HAVE A MORE COMPETITIVE MARKET. IS HE RIGHT ABOUT THAT ARGUMENT? JOSH: HE IS RIGHT, IT IS BETTER FOR THE GAMES INDUSTRY IF THERE ARE MORE STORES, MORE COMPETITIVE PRICING. THAT SAID, WHAT HE IS FIGHTING FOR IS FANTASTIC. THIS DEVELOPMENT TODAY IS POSITIVE FOR THE GAMES INDUSTRY. THAT SAID, APPLE IS WELL WITHIN THEIR RIGHT, HAVING THE PLATFORM THEY BUILT, TO DEFENDANT AS MUCH AS THEY CAN.
U.S. COURTS HAVE DECIDED THEY ARE NOT A MONOPOLY BUT THEY HAVE TO ALLOW FOR THIRD-PARTY PAYMENTS TO BE PROCESSED. THE WAY THAT WE READ THAT AS A FIRM HERE AT KONVOY, THAT IS A MEET IN THE MIDDLE.
LET THEM DO OFF PLATFORM PAYMENTS, BUT YOU ARE NOT A MONOPOLY, YOU HAVE TO LET EPIC GAMES LAUNCH IN YOUR STORE. CAROLINE: THE REASON IS THE DIGITAL MARKETS ACT. EUROPE HAD DECIDED THAT APPLE IS ACTING AS A GATEKEEPER, GOOGLE, AND THEY HAVE TO CHANGE. BUT WHAT HAPPENS IN EUROPE ENDED UP HAPPENING IN THE U.S.? IF YOU SAY THEY ARE FIGHTING TOOTH AND NAIL, WILL BE EVER SEE IT OCCUR IN THE U.S., UNLESS THEY ARE OUR OWN ANTITRUST ISSUES HERE? JOSH: IT TOOK ABOUT FOUR YEARS TO GET HERE JUST IN THE EU.
JUST A PREDICTION, LOOKING AT ANOTHER THREE TO FIVE YEARS BEFORE WE SEE THIS IN THE UNITED STATES, UNLESS A HUGE RULING COME DOWN FROM THE SUPREME COURT IN THE UNITED STATES, IF THEY DECIDE TO TAKE THE APPEAL, WHICH I BELIEVE THEY REJECTED EARLIER. I THINK WE ARE LOOKING AT A LONG DRAWN OUT BATTLE. IN THE MEANTIME, APPLE IS MAKING BILLIONS A WEEK IN THE APP STORE.
60 TO 70% OF ALL REVENUE ON THE GOOGLE APP STORE, APPLE'S APP STORE COMES FROM VIDEOGAMES ALONE. ED: LET ME JUMP IN. WE ARE TALKING ABOUT THE APPLE SIDE OF THE STORY. LET'S BE UNDER NO ILLUSIONS, EPIC WANTS TO MAKE MONEY FROM THIS ARRANGEMENT. THEY ARE THE TARGET OF 100 MILLION DOWNLOADS BY A CERTAIN TIME. AMBITIOUS.
WILL THEY BE SUCCESSFUL IS THE QUESTION? JOSH: I THINK EPIC GAMES WILL MAKE A LOT OF MONEY OFF OF THIS MOVE TODAY. THEY WILL MAKE IT PRIMARILY THROUGH ANDROID GLOBALLY, SECONDARILY ON IOS. IT WILL BE THAT ORDER OF MAGNITUDE.
BUT EPIC GAMES AS A PRIVATE COMPANY THAT OWNS FORTNITE, ROCKET LEAGUE, ALL GUYS, HAVE NOW LAUNCHED A ROBLOX COMPETITOR. THEY HAVE THEIR OWN USER GENERATED CONTENT PLATFORM. THIS IS AN EFFORT TO INCREASE THEIR MARGIN PROFILE. MOBILE IS A PERFECT WAY TO DO THAT. WHETHER THAT IS ACQUISITION OR IPO IN THE FUTURE, THIS WILL WORK ON IN THEIR WAY IN THE FUTURE FOR SURE. CAROLINE: THE DATA SHOWN US ON 35 MILLION PEOPLE PLAYED FORTNITE FOR MORE THAN 600 MILLION HOURS.
GIVE US THE CONTEXT OF HOW POPULAR FORTNITE IS COMPARED TO THE REST OF THE GAMING LANDSCAPE. JOSH: BEFORE FORTNITE WAS KICKED OFF IN THE APP STORE, WE DID AN ESTIMATE, IT WAS RESPONSIBLE ALONE FOR ALMOST 1% OF ALL REVENUE ON THE APPLE APP STORE, BEFORE IT WAS KICKED OFF. THAT WAS AN ESTIMATE WE DID INTERNALLY.
THE SIGNIFICANCE THAT FORTNITE IS AS A TITLE ON CONSOLE IS ABSOLUTELY MASSIVE. ON MOBILE, WHICH IS MORE ACCESSIBLE GLOBALLY, AROUND THE EMERGING MARKET COUNTRIES ESPECIALLY, WHICH IS WHY ANDROID IS IMPORTANT, FORTNITE IS ONE OF THE TOP FIVE WHAT WE CALL FOREVER TITLES IN THE GAMING INDUSTRY IN THE WORLD, ALONGSIDE THINGS LIKE CALL OF DUTY, GRAND THEFT AUTO, AMONG OTHERS. ED: JOSH CHAPMAN, PARTICULARLY GREAT VOICE TO HAVE ON A DAY LIKE TODAY. ANOTHER BIG STORY IN THE WORLD OF ENTERTAINMENT WE ARE LOOKING AT. EDGAR BRONFMAN JUNIOR IS CLOSE TO MAKING AN OFFER FOR PARAMOUNT GLOBAL, SETTING OFF A POTENTIAL BIDDING WAR FOR THE COMPANY THAT OWNS CBS AND MTV. LET'S BRING IN HANNAH MILLER. I HAVE DEJA VU. THERE IS A NEW BIDDER, AND THEN
ANOTHER BIDDING MORE. -- WAR. GOOD MORNING. >> GOOD MORNING. WE KNOW THAT BRONFMAN HAS BEEN INTERESTED IN PARAMOUNT FOR A WHILE. THINGS HAVE SHIFTED SINCE THEN. THIS GUY DANCE DEAL HAS BEEN
AGREED TO, THERE IS THIS 45-DAY NO SHOP PERIOD, SO IT LOOKS LIKE BRONFMAN WILL PUT IN A BID. BUT HE IS NO LONGER WORKING WITH BAIN CAPITAL ON THIS, HAS BEEN IN DISCUSSIONS WITH A COUPLE OF DIFFERENT ENTITIES INCLUDING ROKU, FORTRESS, FILM PRODUCER STEPHEN PAUL. CAROLINE: I AM HERE AS A B CLASS SHAREHOLDER, NOT VOTING, TRYING TO WORK OUT WHAT WILL BENEFIT ME.
HOW DOES HE PUSH AWAY FROM WHAT DAVID ELLISON WILL BE OFFERING IN TERMS OF TECHNOLOGY, STUDIOS, HOW WILL HE MAKE A DIFFERENT KIND OF APPEAL? HANNAH: BRONFMAN IS COMING IN WITH YEARS OF EXPERIENCE IN THE MEDIA INDUSTRY, ARE GIVING THIS IS A BETTER DEAL FOR SHAREHOLDERS. HE IS SAYING HE CAN TAKE THIS COMPANY TO THE NEXT LEVEL, PUTTING THIS POTENTIAL BID TOGETHER. IT WILL BE INTERESTING TO SEE WHAT HAPPENS. ULTIMATELY IT IS UP TO SHERRY REDSTONE. HER HOLDING COMPANY IS THE BIGGEST SHAREHOLDER IN PARAMOUNT. WHAT SHE SAYS GOES.
IF SHE PREFERS SKY DANCE, THAT IS WHAT IT WILL BE. CAROLINE: HANNAH MILLER, THANK YOU SO MUCH. COMING UP, WE WILL TALK ABOUT INFLUENCERS INFLUENCING THIS ELECTION CYCLE. STICK WITH US. THIS IS "BLOOMBERG TECHNOLOGY." CAROLINE: LET'S TALK POLITICS AND CREATORS. AS THE ELECTION CAMPAIGN PICKS UP, THE CREATOR ECONOMY HAS BEEN ON THE ADMINISTRATION'S MIND. 200 CONTENT CREATORS WILL BE
CREDENTIALED TO COVER THE DNC IN CHICAGO NEXT WEEK, FOLLOWING THE WHITE HOUSE HOLDING THE CREATOR ECONOMY CONFERENCE, WHERE IT CONVENED A GROUP OF PROFESSIONALS TO DISCUSS THE INDUSTRY'S MOST PRESSING ISSUES. LET'S TALK ABOUT IT WITH LTK FOUNDER, AMBER VENZ BOX. YOU WERE NOT THERE YOURSELF BUT A LOT OF THE INFLUENCER THAT YOU REPRESENT, HELP MONETIZE WHERE THERE. WHY IS IT IMPORTANT, WHY ARE WE
SEEING POLITICAL INTEREST IN THE INFLUENCER ECONOMY RIGHT NOW? AMBER: OUR LTK TEAM WAS ON THE GROUND THERE. WHEN I THINK ABOUT CREATORS AND POLITICS, I DON'T KNOW OF ANY BETTER MARKETING MACHINE THEN THE RNC AND DNC. WHAT WE ARE SEEING IS EVEN GOVERNMENT IS REALIZING, IN ORDER TO REACH PEOPLE, YOU NEED TO BE WHERE THEY ARE. THEY ARE IN THESE AGGREGATED CONTENT CHANNELS. THE CONTENT THEY ARE VIEWING IS
CREATED BY CREATORS THEMSELVES. IT WAS HUGELY VALIDATING FOR THE CREATOR ECONOMY CONFERENCE TO BE HELD AT THE WHITE HOUSE. THIS IS AN INDUSTRY WE STARTED 13 YEARS AGO.
THE WORD INFLUENCER WAS ONLY ADDED TO THE DICTIONARY FIVE YEARS AGO, SO THIS WAS A REALLY BIG MOMENT FOR OUR ENTIRE INDUSTRY. CAROLINE: CAN I GET POLITICAL WITH YOU FOR A MOMENT? I DON'T WANT TO TAKE SIDES, BUT FROM THE PERSPECTIVE OF AN INFLUENCER, WHO IS DOING IT BETTER AT THE MOMENT? WHO IS MANAGING TO REACH THE U.S. VOTER BASE VIA INFLUENCER IS MOST SUFFICIENTLY? REPUBLICANS, DEMOCRATS? AMBER: BOTH ARE USING THESE TACTICS, AND THEY HAVE USED THEM OVER THE LAST SEVERAL ELECTIONS.
WE ARE SEEING THAT ACROSS ALL DIFFERENT PLATFORMS. THIS IS IMPORTANT FOR THE ENTIRE INDUSTRY, WHETHER YOU ARE A CREATOR FOLLOWING POLITICS, REPORTING ON POLITICS, IT IS A VALIDATING MOMENT. FOR SOME CREATORS, THEY DON'T WANT TO TOUCH THE ELECTIONS AT ALL, BUT WHAT IT POINTS TO, THEY ARE LOOKING TO SEE THAT THIS INDUSTRY IS IMPORTANT. THERE ARE DEFINITELY A HANDFUL OF THINGS THAT ARE TOP OF MIND THAT WE SHOWED UP IN WASHINGTON TO TALK ABOUT. ED:
WHAT ARE THE PROTECTIONS FOR VOTERS, CREATORS AS WE ARE CALLING THEM, GETTING IT RIGHT, THAT IT IS ACCURATE, THAT IT IS NOT FALSE OR FAKE INFORMATION? AMBER: FOR OUR CREATORS, JOE BIDEN STOOD UP AND SAID YOU ARE THE NEW WAVE, THE WAY THAT PEOPLE ARE BEING REACHED. WE KNOW PEOPLE ARE NOT JUST THINKING AND LISTENING ABOUT SENTIMENT, BUT THEY ARE ACTING BASED ON WHAT INFLUENCERS ARE TELLING THEM. CONSUMERS ARE BUYING $5 BILLION WORTH OF PRODUCTS FROM THESE PEOPLE, SO THEY ARE VOTING WITH THEIR WALLETS, NOT JUST THEIR MIND. THE ACKNOWLEDGMENT THAT THIS IS THE NEW MEDIA IS ONE OF THE IMPORTANT THINGS AS A CREATOR. THERE ARE THREE KEY THINGS THAT
ARE TOP OF MIND WHEN IT COMES TO POLITICS. I WOULD SHARE IF YOU ARE INTERESTED. ED: JUST 15 SECONDS. AMBER: WE ARE THINKING ABOUT THE CONTENT THAT IS TAKEN AND MONETIZED DIRECTLY AND INDIRECTLY, WITHOUT LICENSE, BENEFIT TO THE CREATOR. THINKING ABOUT THE IMPLICATIONS OF TRAINING AI WITHOUT BENEFIT TO THE CREATOR.
FINALLY, IT IS REALLY IMPORTANT, THIS INDUSTRY WAS BUILT ON INNOVATION. HOW ARE WE PROTECTING THE INNOVATORS WHO ARE CREATING? THAT IS IN THE COURT SYSTEM, LEGISLATION. ED: LTK CO-FOUNDER, SORRY WE RAN OUT OF TIME BUT THANK YOU FOR COMING ON THE SHOW. TAKING A DEEP DIVE INTO AUTODESK'S SOMEWHAT CONTROVERSIAL SALES STRATEGY. CAROLINE: WELCOME BACK TO "BLOOMBERG TECHNOLOGY." I AM CAROLINE HYDE IN NEW YORK.
ED: I AM ED LUDLOW IN SAN FRANCISCO. WE ARE ON TRACK FOR A SECOND CONSECUTIVE WEEK OF WEEKLY GAINS. 5% OVER FIVE DAYS IS THE BIGGEST WEEKLY GAIN ON THAT INDEX SINCE NOVEMBER OF 2023. IT WAS TWO WEEKS AGO THAT WE HAD FOUR STRAIGHT WEEKS OF THE CLIENTS AND WE WERE CLOSE TO A FIFTH STRAIGHT WEEK. THE WORST RUN SINCE 2022. ECONOMIC DATA.
AUGUST 28 AND NVIDIA EARNINGS IS A BIG EVENT. AUTODESK CONTINUES TO USE A CONTROVERSIAL SALE SALARY AFTER PROMISING INVESTORS IT WOULD STOP AND THEN IGNORED INTERNAL WARNINGS ABOUT THE RISK OF DOING SO, ACCORDING TO PREVIOUSLY UNREPORTED INTERNAL DOCUMENTS. THE REPORTER WITH THOSE DOCUMENTS, BASICALLY MANAGEMENT SAID -- THEY WERE TOLD NOT TO USE IT BECAUSE THERE WERE RISKS, THEY CARRIED ON USING IT AND YOU FOUND OUT ABOUT IT.
>> IN APRIL, AUTODESK SAID WE CANNOT FILE OUR FINANCIAL DISCLOSURES. THE MARKET SAID WHAT IS GOING ON? THIS IS UNHEARD OF FOR A PUBLICLY TRADED COMPANY OF THIS SIZE. THEY SAID THEY HAD SOME PROBLEMS WITH THESE DEALS BUT WERE SOMEWHAT VAGUE.
AUTODESK PLEDGED TO STOP DOING A SPECIFIC KIND OF DEAL THAT FRONTLOADS THE CASH FLOW. I WILL NOT GO OVER THE DETAILS BUT THEY KEPT DOING IT QUIETLY BECAUSE THEY WERE RELIANT ON THESE DEALS TO MEET FREE CASH FLOW TARGETS. EMPLOYEES WARNED EXECUTIVES THAT THIS MIGHT HURT OUR LONG-TERM REVENUE. WE COULD MAKE A SERIOUS MISTAKE. THEY PLEDGED ON BECAUSE YOU HAVE TO MAKE THE FINANCIAL TARGETS. CAROLINE: THIS HAD BIG RAMIFICATIONS. THE BOARD DECIDED TO REMOVE -- WHAT MORE COULD THEY DO TO MAKE EVERYONE TAKE THIS SERIOUSLY? BRODY: THEY REMOVED THE CFO.
SINCE THEN, ACTIVIST INVESTOR HAS ENTERED THE STOCK SAYING IN PART THE HANDLING OF THIS PROBE WAS NOT. GOOD ENOUGH INVESTORS DID NOT GET ENOUGH ACCOUNTABILITY. HOW WIDE WAS THE KNOWLEDGE? DOCUMENTS SHOW KNOWLEDGE WAS QUITE WIDE. WE SEE EXECUTIVES SIGNING OFF ON THE DEAL SAYING WE NEED TO MEET THE TARGETS, LET'S PURSUE THEM. IN TERMS OF RAMIFICATIONS, STAR BOARD IS CONSIDERING WHETHER THE CURRENT CEO IS THE RIGHT GUY FOR THE JOB ALONG WITH TRADITIONAL ACTIVIST STUFF LIKE RAISING MARGINS AND THAT KIND OF THING. ED:
JUST THE BASICS OF WHAT AUTODESK IS AND WHAT IT DOES AND WHY PEOPLE MIGHT NOT KNOW IT. >> AUTODESK IS LIKE ADOBE FOR THE PHYSICAL WORLD. AUTODESK WAS PROBABLY USED IN SOME CAPACITY TO DESIGN BUILDINGS. THEY HAVE A VERY INTERESTING VERTICAL THAT THEY REALLY OWN. IT IS ONE OF THOSE LARGE SOFTWARE MARKETS YOU ALMOST DO NOT THINK ABOUT BECAUSE THEY ARE SO ENTRENCHED IN THEIR MARKET. ED: BRODY FORD WITH ANOTHER TOP PIECE OF REPORTING. BRODY:
THANK YOU. CAROLINE: SWITCHING GEARS. WE WILL LOOK AT FINTECH. EMPLOYEES GOT LIQUIDITY FOR THEIR STAKES.
THE NEW VALUATION FOR THE U.K. UNICORN IS UP FROM $33 BILLION. LIKE MANY OF ITS RIVALS IN FINTECH, IT HAS NOT HAD TO RAISE MONEY. IT AVOIDED SHARP DECLINES IN VALUATION.
LET'S GO TO A EUROPEAN FINTECH. IT IS INCHING EVER CLOSER TO ITS U.S. IPO. THE COMPANY IS SEEKING A VALUATION.
THE KLARNA DISCUSSED PLANS AND OUTLOOK FOR THE COMPANY. >> WHAT PEOPLE APPRECIATE MOST ABOUT KLARNA IS TWO YEARS AGO -- WE HAVE INCREASED REVENUE BY 50%. WE REDUCE COST BY 30%. WE ARE PROFITABLE. THOSE RAISE EYEBROWS WITH INVESTORS.
WE HAVE COMMITTED TO CONTINUE SHRINKING THE COMPANY. WE HAVE GONE TO 3500 IN THE LAST YEAR AND WE ARE COMMITTED TO CONTINUING ON THE PATH. >> YOU HAVE BEEN AN EARLY MOVER WITH AI. PRETTY EARLY ON. WHAT HAS BEEN ONE OF THE SURPRISING THINGS THAT STOOD OUT TO YOU? >> I THINK IT IS, TO ME, I WAS PULLED INTO THE HYPE A YEAR AGO. SELF DRIVING CARS, WE USED TO READ ABOUT THEM IN THE PRESS AND YOU WOULD ASK, WHERE ARE THEY? IN THE YEAR, THE WHOLE THING WILL HAVE DRAMATICALLY CHANGED. YOU ALMOST HAVE THE OPPOSITE. IT IS WORKING.
IT WILL TAKE MORE TIME BEFORE -- WE ARE SUPER EXCITED ABOUT WHAT IS COMING UP. >> BEFORE WE LET YOU GO, THAT IS THE EXPECTATION. WHAT DOES EUROPE AND THE U.K. NEED TO DO? IS THERE ANYTHING THEY CAN DO TO WIN THIS LISTING? >> THERE HAS BEEN SO MUCH DISCUSSION IN BRUSSELS ABOUT CREATING A COMPETITIVE MARKET. I THINK IS -- EUROPE WILL NEVER AGREE ON THE LISTING.
IS IT PARENTS, IS IT FRANKFURT? THE ONLY WAY TO GET THIS TO WORK IS IF YOU MANDATE EUROPE SO ANY STOCK THAT GETS LISTED. I THINK THAT COULD REACH THE CRITICAL MASS TO REACH AN INVESTOR BASE. THAT IS ONE OF THE BIGGEST CHALLENGES WHEN YOU MAKE THE COMPARISON. IT WILL HAVE TO BE A SIMILAR SIZE INVESTMENT BASE AND STOCK MARKET SIZE TO MAKE IT A RELEVANT LISTING POINT. ED:
THAT WAS THE KLARNA CEO. COMING UP ON THE PROGRAM WE WILL BE JOINED BY HIBA ANVER TO DISCUSS THE IMPACT OF THE ELECTION ON VISAS. AND TECHNOLOGY CAROLINE: I WANT TO GO BACK TO THE QUESTION OF LISTINGS AND WHAT NATIONS HAVE TO DO TO WIN OVER COMPANIES. A NEW JERSEY-BASED SOFTWARE COMPANY IS CONSIDERING A SECOND LISTING. IT WOULD BE A DEAL THAT WOULD BRING U.S.
INFRASTRUCTURE SOFTWARE FIRM TO SOME BIG BACKERS. THIS IS "BLOOMBERG TECHNOLOGY." THIS IS BLOOMBERG. >> THE VISA POLICY IS REALLY CRITICAL FOR THE TECH INDUSTRY.
TRUMP DOES NOT HAVE A POSITIVE TRACK RECORD THERE. I THINK HAVING A PRESIDENT THAT UNDERSTANDS THE IMPORTANT OF IMMIGRATION ON THIS COUNTRY IS CRITICAL. CAROLINE: SUPPORTING THE CAMPAIGN OF KAMALA HARRIS. AS WE LOOK AHEAD TO THE DNC NEXT WEEK, WILL JESUS BE A TOPIC? THEY WILL BE FOR THE TECH INDUSTRY.
LET'S BRING IN OUR NEXT GUEST, HIBA ANVER, PARTNER WITH THE ERICKSON IMMIGRATION GROUP. DO YOU NEED MORE CLARITY FROM THE DEMOCRATIC TICKET? HIBA: I THINK THE COMPANIES THAT OPERATE IN THE TEXT INDUSTRY AND THE AI INDUSTRY, BASICALLY ANY INDUSTRY IN WHICH THE U.S. WANTS TO BE A GLOBAL LEADER AND CONTINUE TO DOMINATE, THEY ARE LOOKING FOR A LOT MORE CLARITY WHEN IT COMES TO WHAT THE NEXT PRESIDENT'S POLICIES WILL BE WHEN IT COMES TO HIGH SKILLED IMMIGRATION. THE REASON IT IS SO IMPORTANT FOR COMPANIES IN THE TECH SECTOR IS THERE IS A HEAVY RELIANCE ON VISAS LIKE THE H1-B VISA. DEMAND OUTWEIGHS SUPPLY. WHOEVER THE NEXT PRESIDENT IS GOING TO BE, IT IS IMPORTANT TO POINT OUT THE WHAT WE REALLY NEED FOR THE SUCCESS OF THE TECH INDUSTRY IS AN IMMIGRATION POLICY THAT REFLECTS A 21ST CENTURY ECONOMY. ED: FORMER PRESIDENT TRUMP GAVE SOME DETAIL ON HOW HE WOULD APPROACH VISAS, PARTICULARLY THOSE ORIGINATING FROM STUDENTS FROM U.S. UNIVERSITIES AND THEN DISCUSSED
IT WITH BLOOMBERG IN JULY. HAVE YOU HAD ANY DETAIL OR SENSE FROM THE HARRIS TICKET ON A SPECIFIC APPROACH TO TECHNOLOGY-RELEVANT VISAS? HIBA: WHAT WE KNOW ABOUT VICE PRESIDENT HARRIS IS SHE HAS CLOSE TIES TO THE TECH INDUSTRY. THERE WERE 200 TECH LEADERS THAT ENDORSED HER PUBLICLY.
WE WILL LEARN A LOT MORE IN THE NEXT FEW DAYS. WHAT MOST PEOPLE ARE EXPECTING VICE PRESIDENT HARRIS IS SHE WILL CONTINUE PRESIDENT BIDEN'S APPROACH TO HIGH SKILLED IMMIGRATION AND PRESIDENT BIDEN'S APPROACH HAS BEEN IN LARGE PART TO WALK BACK TRUMP-ERA POLICY. ED: CAN WE TAKE A BIPARTISAN LOOK AT THE MECHANICS OF GETTING A VISA? I GOT MY FIRST VISA IN 2018 UNDER THE TRUMP ADMINISTRATION AND HAD TO RENEW IT IN THE CHAOS OF COVID. HOW EASY PROCEDURE EARLY IS IT NOW IN THIS MOMENT TO GET AN H1-B? HIBA: IT IS NOT NECESSARILY AS DIFFICULT AS IT WAS DURING THE TRUMP ADMINISTRATION. THE EXPERIENCE A LOT OF PEOPLE HAD DURING THE TRUMP ADMINISTRATION WAS THE PROCESS WAS A LOT LONGER AND SOMEWHAT INEFFICIENT.
I THINK THAT IS WHY IT IS IMPORTANT TO WATCH WHAT THE RESULTS OF THIS ELECTION WILL BE. SOME OF THE CONCERNS COMPANIES HAVE EXPERIENCED IS WHETHER OR NOT POLICY PERTAINING TO H1-B VISAS AND OTHER POLICIES WITH HIGH SKILLED IMMIGRATION WILL ACT AS A DETERRENT AND DISCOURAGE TALENT FROM COMING TO THE U.S. OR MAKING THE U.S. THEIR HOME. IF THAT HAPPENS COMPANIES WILL RUN INTO ISSUES IF THEY CAN REMAIN COMPETITIVE BECAUSE THEY MAY NOT BE ABLE TOHIRE THE BEST AND BRIGHTEST FROM AROUND THE WORLD. CAROLINE: WE HAVE SEEN WHAT OCCURRED IN THE PREVIOUS ADMINISTRATION WHEN CANADA GOT A LOT OF HIGH SKILLED PEOPLE VERSUS THE U.S. WE ALL FOCUS SO MUCH ON H1-B BUT I CAME IN 2018 ON AN L1. HOW MANY OTHER ROUTES ARE THERE
TO CONTRIBUTE TO THE U.S. ECONOMY? HIBA: THERE ARE SEVERAL OTHER ROUTES BUT THE ELIGIBILITY STANDARDS ARE MORE CONTROLLING AND RESTRICTED. THAT IS WHY THE H1-B VISA IS SO IMPORTANT. IT IS THE TYPE OF VISA A LOT MORE PEOPLE COULD POTENTIALLY BE ELIGIBLE FOR. IT IS THE MOST FREQUENTLY LEVERAGED EMPLOYER-SPONSORED VISA BY SEVERAL INDUSTRIES INCLUDING THE TECH INDUSTRY. WITH RESPECT TO POLICY WHEN IT
COMES TO HIGH SKILLED IMMIGRATION, RULES AND POLICIES SURROUNDING H1-B VISAS WILL BE TOP OF MIND. IT IS REALLY IMPORTANT TO CONTINUE TO HAVE IMMIGRATION POLICY THAT ACTUALLY ENCOURAGES TALENT TO COME TO THE UNITED STATES AND INNOVATE BECAUSE THE NEXT TIME SOMEONE FOUNDS THE NEXT GOOGLE OR TESLA WE WANT THAT TO BE AN AMERICAN COMPANY. ED: HIBA ANVER OF ERICKSON IMMIGRATION GROUP, THANK YOU VERY MUCH. THERE ARE OTHER NEWS HEADLINES.
CAROLINE: WE WILL DISCUSS SPACEX ANNOUNCING IT WILL LAUNCH A SATELLITE. A NONPROFIT BEHIND THE SATELLITE. IT WILL BE THE SECOND LAUNCHED IN THE LAST SIX MONTHS. WE HAVE SEEN GROWTH AROUND GREENHOUSE GAS AND LOW COST. E.U.
TARIFFS ARE SLOWLY THE INFLUX OF CHINESE-MADE EV'S. IN JULY ACCORDING TO RESEARCH, THE NUMBER OF ELECTRIC VEHICLES FROM CHINESE MANUFACTURERS REGISTERED IN THE E.U. FELL 45%. RUSHING TO GET THEIR CARS TO DEALERS BEFORE THE TARIFFS TOOK EFFECT ON JULY 5. IT IS SAID TO BE IN DISCUSSIONS TO ACQUIRE CHINA'S HEALTH CARE PLATFORM ACCORDING TO SOURCES.
LOOKING TO INTEGRATE ITS TECH WITHIN THE WEBSITE TO BEEF UP ITS AI SERVICES IN HEALTH CARE. ED: COMING UP WE WILL DIG INTO THE WORLD POINT PROJECT AND ITS MISSION TO TELL THE DIFFERENCE BETWEEN MAN AND MACHINE. CO-FOUNDER ALEX BLANIA JOINS US NEXT. THIS IS BLOOMBERG. >> THE ORB BEFORE YOU IS MADE BY A STARTUP. IF IT LOOKS ALL TOO DRAMATIC, THAT IS SORT OF THE POINT. THE BACKERS OF THE COMPANY THAT INCLUDE THE CEO OF OPENAI HOUSE FOR $250 MILLION IN AND WANT FOLKS TO TAKE NOTICE OF THEIR ORB. THIS IS BECAUSE THEY WANT TO
USE IT TO SCAN THE IRISES OF HIS MANY PEOPLE AROUND THE WORLD AS POSSIBLE. ALL AS PART OF THEIR MAIN PROJECT. IF YOU ALLOW WORLDCOIN TO SCAN YOUR IRIS, TWO THINGS HAPPEN.
YOU GET A SMALL CHUNKS OF THE WORLDCOIN CRYPTOCURRENCY AND YOU ARE CERTIFIED AS A REAL, LIVING HUMAN, WHICH THE COMPANY HOPES WILL LEAD TO A REDUCTION OF FRAUD ON THE INTERNET AND PROVIDE BETTER ACCESS TO BANKING AND SOCIAL SERVICES. CRITICS ARE WARY ABOUT THE ETHICS OF BIOMETRIC COLLECTION AND POSSIBLE EXPLOITATION OF USERS FROM DEVELOPING COUNTRIES. ED: YOU CAN CHECK OUT THE FULL EPISODE OF THAT BLOOMBERG ORIGINALS PIECE ON BLOOMBERG.COM. JOINING US IS THE COFOUNDER OF WORLDCOIN, ALEX BLANIA.
WELCOME TO "BLOOMBERG TECHNOLOGY ." IN ASHLEE VANCE'S DETAILED STORY, HE TALKS ABOUT WHEN YOU DESCRIBE WORLDCOIN TO SOMEONE COME ON THE PROJECT, IT CAN SOUND NUTS AND YOU WERE CITED AS SAYING THERE IS JUST A 5% PROBABILITY -- 5 -- THAT YOU WILL SUCCEED. HOW DID YOU ARRIVE AT THAT NUMBER? ALEX: IT IS A VERY AMBITIOUS PROBLEM AND ASHLEE AND I TALKED ABOUT MASSIVE SUCCESS. A LARGE PERCENTAGE OF THE WORLD
SIGNING UP AND VERIFYING. IN PROBABILITY, WE WILL INCREASE THE PROBABILITY OVER TIME AND DO OUR BEST TO SUCCEED BUT IT IS A VERY AMBITIOUS TECHNOLOGY COMPANY. I JUST TRIED TO BE REALISTIC. CAROLINE: GIVE US THE ELEVATOR PITCH OF WHAT SUCCESS LOOKS LIKE. THE PROBLEM YOU WILL SOLVE.
ALEX: SAM AND I STARTED WORKING ON THIS COMPANY FIVE YEARS AGO. ONE OF THE MAIN IDEAS -- WE STARTED A COMPANY CALLED TOOLS FOR HUMANITY WITH THE GOAL OF BUILDING TOOLS FOR HUMANITY SCALE THAT WILL TURN OUT TO BE IMPORTANT IN A WORLD IN WHICH AI WILL BECOME INCREASINGLY POWERFUL. ONE OF THE PROBLEMS THAT IS EASY TO UNDERSTAND IS ON SOCIAL MEDIA, X, FOR EXAMPLE, IT WILL BE REALLY, REALLY HARD TO DISTINGUISH IF YOU ARE INTERACTING WITH A REAL HUMAN OR AI.
WE BELIEVE THAT THIS WILL TURN OUT TO BE A VERY, VERY CRITICAL PROBLEM FOR DEMOCRACY, FOR MANY THINGS THAT WE CARE ABOUT COME TO PROTECT MANY SERVICES AGAINST BEING INFLUENCED BY AI. REALLY MAKE SURE WE ONLY INTERFACE WITH HUMANS. FOUR YEARS BACK WE THOUGHT ABOUT HOW THAT WOULD WORK AND WHAT TECHNOLOGY WE WOULD NEED TO BUILD. THAT IS WHAT WE DID. WE ALLOW EVERYONE TO VERIFY. CAROLINE: EVERYONE BEING SO FAR 6 MILLION UNIQUE HUMANS AND GROWING VERIFIED BY THE ORB. THE ISSUE IS HOW MANY OF THOSE HUMANS UNDERSTAND WHAT THEY ARE GIVING YOU AND WHY THEY ARE GIVING IT. THERE IS AN ARGUMENT PEOPLE ARE
STANDING AND LIGHTED ECUADOR THINKING THEY WILL GET REWARDED BY A LITTLE MONEY AND GIVING OVER DATA THEY DO NOT UNDERSTAND. HOW DO YOU COUNTERACT THAT? ALEX: THEY DO NOT GIVE US ANYTHING. WE DO NOT STORE ANY DATA.
WE USE ZERO KNOWLEDGE PROOFS TO GIVE YOU A TRULY FUNDAMENTAL PRIVACY GUARANTEES. I WOULD ARGUE YOU DO NOT UNDERSTAND MOST OF THE TECHNOLOGIES YOU ARE USING. THAT IS NOT THE POINT. I DO NOT THINK YOU HAVE TO UNDERSTAND EVERY DETAIL. OF THE TECHNOLOGY ED: YOU SPENT A LOT OF TIME FLYING AROUND THE WORLD WAS SAM ALTMAN TO COUNTRIES TRYING TO CONVINCE THEM THAT IF THEY PLACED A BAN ON THE TECHNOLOGY TO OVERTURN IT. YOU HAVE HAD SUCCESS IN SOUTH
KOREA. WHAT IS THE CONCERN YOU HEAR MOST CONSISTENTLY ? ALEX: WE HAVE ONLY HAD ONE BAN, THAT IS HONG KONG. THIS IS A VERY NEW TECHNOLOGY AND THERE ARE MANY QUESTIONS TO BE ASKED BY REGULATORS, THAT IS THEIR JOB. WE RESPOND TO THE QUESTIONS. THEIR MAIN CONCERNS ARE NOTHING
I THINK WOULD REALLY SURPRISE YOU. WHAT HAPPENS TO THE DATA? HOW DOES THE TECHNOLOGY WORK? WE ARE HAPPY TO ANSWER THESE QUESTIONS. ED: WE JUST HAVE A MINUTE OR SO LEFT. WHAT ARE THE BENEFITS TO HUMANITY YOU WANT TO PROVIDE FOR THIS TECHNOLOGY? ALEX: I THINK IT WILL TURN OUT TO BE TRULY CRITICAL. I THINK SERVICES LIKE X, SOCIAL MEDIA, MANY THINGS WE CARE ABOUT WILL BE OTHERWISE HARD TO USE OR EASY TO INFLUENCE. FOR OUR DEMOCRACY, THINGS WE CARE ABOUT WE WILL NEED SUCH TECHNOLOGY. CAROLINE:
COME BACK ON AS YOU CONTINUE TO BUILD THE NUMBER OF PEOPLE USING IT. COFOUNDER OF WORLDCOIN, ALEX BLANIA. THAT DOES IT FOR THIS EDITION OF "BLOOMBERG TECHNOLOGY." ED:
RECAP ON THE PODCAST. FIND IT ON THE TERMINAL, APPLE. THANKS TO THE TEAM IN NEW YORK CITY AND THE CREW IN SAN FRANCISCO. THIS IS "BLOOMBERG TECHNOLOGY." ♪
2024-08-19