CAROLINE: I'M CAROLINE HYDE IN NEW YORK FIRM BLOOMBERG WORLD HEADQUARTERS. ED: I'M ED LUDLOW THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: SHARES CLIMBED 15% AFTER THE AI PUSH. WE WILL CHIP AWAY AT THE DETAILS. ED: WE WILL HAVE THE LATEST IN THE WORLD OF CRYPTO AS SAM BANKMAN-FRIED FACES NEW CHARGES. WE WILL DISCUSS WITH CRYSTAL HAYNE. CAROLINE:
GOLDMAN SACHS FACES A STRIPE. ALL THAT AND SO MUCH MORE COMING UP FROM THE PRIVATE MARKETS BACK TO THESE PUBLIC MARKETS. LET'S CHECK IN, OPTIMISM MANAGED TO PUSH THROUGH EVEN AS WE LOOK TOWARDS THE KEY INFLATION.
S&P BACK ABOVE THE 4000 LEVEL. MSCI ALL COUNTRY INDEX PUSHES UP. WE WILL TAKE INTO THAT. THE SEVEN YEAR YIELD MANAGED TO PULL BACK AFTER IT REACHED A RECORD HIGH AT THE AUCTION EARLIER TODAY. LET'S SEE WHAT IS HAPPENING IN THE WORLD OF CRYPTO. I'M LOOKING AT WHAT HAS ACTUALLY BEEN ABOUT THE 23,000, ALMOST 24,000 LEVEL DOWN OVER THE LAST COUPLE OF DAYS.
WE HAVE MANAGED TO PUSH AWAY FROM THE CORRELATION OF THE STOCK MARKET. ED: FOR THE TECHNOLOGY SECTOR, EARNINGS IS STILL A SECTOR. NOT ONLY MISSED EXPECTATIONS BUT GUIDANCE FOR THE FOUR YEAR AND SET REALLY LOW EXPECTATIONS FOR 2023.
SEE THE STOCKS DROP PRETTY SIGNIFICANTLY. THIS IS THE SECOND BEST PERFORMER THE SOFTWARE MAKER BEATING -- CUTTING PRICES IN MORE THAN A HUNDRED COUNTRIES BUT LOWER INCOME MARKETS WHERE THEY HAVE FEWER CUSTOMERS STILL REACTING NEGATIVELY, DOWN 3%. WE WILL GET TO THAT LATER ON IN THE SHOW. SURGING ESSENTIALLY BECAUSE THEY GIVE A STRONG OUTLOOK FOR REVENUE THAT KIND OF INDICATES TO INVESTORS THAT IT IS HELPING BOOST THEM AT A TIME OR PC DEMAND IS SLOWING AND DATA DEMAND CENTER SLOWING. THE BIGGEST JUMP SINCE NOVEMBER ONE POINT UP I EVEN OR THAN THAT. I WANT TO STICK WITH THE STORY AND GET THE INVESTOR PERSPECTIVE JOINING US NOW FOR MORE AS JONATHAN CURTIS.
NEARLY $120 BILLION OF ASSETS, JONATHAN YOU HOLD STOCK IN YOUR FUNDS IS THIS CHART ON MY SCART -- SCREEN JUSTIFIED AROUND THIS? >> CERTAINLY WE THINK THE OPPORTUNITY FOR ARTIFICIAL INTELLIGENCE IS REALLY JUST BEGINNING. IT SETS IN A VERY STRONG POSITION TO CAPITALIZE ON SOME OF THE RECENT BREAKTHROUGHS WE HAVE HAD WITH COMPUTERS BEING ABLE TO UNDERSTAND AND GENERATE BOTH SPEECH AND IMAGE CONTENT NOW. WE THINK TODAY'S MOVE WAS CERTAINLY EXCITING BUT WE LOOK OVER THE LONG-TERM. CAROLINE: TALK US THROUGH HOW THEY HAVE SOLD BEST PLACE TO LEVERAGE ARTIFICIAL INTELLIGENCE. >> NVIDIA MAKES GRAPHICS PROCESSORS TO DO VECTOR MAP WHICH IS RATED THE CENTER OF HOW A LOT OF THESE ARTIFICIAL INTELLIGENCE MODELS OPERATE.
CHATGPT AND A HALF HAS 7 MILLION PARAMETERS IN THAT MODEL AND PROCESSORS ARE GREAT AT BUILDING UP THE MODELS THAT UNDERSTAND LANGUAGE AND THAT ULTIMATELY ALLOW IT TO BE REPRODUCED. SIMILAR TECHNOLOGIES ARE USED IN GENERATING IMAGES AND NVIDIA IS IN FULL POSITION FOR THAT. THE SOFTWARE THEY BILL, THAT HELPS AUGMENT AND ACCELERATE THE USAGE OF THEIR PROCESSORS. NVIDIA IS NOT THE ONLY PLAYER
IN THIS CATEGORY. THERE ARE A LOT OF PLAYERS THAT WE ALSO OWN AND ARE ALSO EXCITED. ED: IN THAT CASE, IS NVIDIA THE BEST POSITION NAME OR IS THERE AND ANOTHER IN PARTICULAR THAT YOU ARE EXCITED ABOUT THAT YOU THINK AND GROW A BUSINESS AROUND THE MOMENTUM IN A I? >> CERTAINLY NVIDIA IS THE ONE IN THE BEST POSITION. A THIRD OF THEIR REVENUE, ALMOST 60% OF THE REVENUE COMES OUT OF THE DATA CENTER AND A LOT OF THAT COMES OUT OF CLOUD SERVICE PROVIDERS. A LOT OF THE GROWTH THAT WE
THINK IS GOING TO COME IN YEARS AHEAD IS GOING TO COME ON AI. THAT SAID THERE ARE OTHER PLAYERS THAT ARE ALSO WELL POSITIONED. A LOT OF SEMICONDUCTORS CERTAINLY TSMC WHERE THESE ADVANCED CHIPS ARE ANY FRACTURED THEN IN ELECTRONIC DESIGN AUTOMATION THE BUILDING OF NEW CHIPS, COMPANIES LIKE SYNOPSYS ARE WELL POSITIONED. THE CLOUD PROVIDES ARE -- PROVIDERS ARE ALSO IN CODE GOOD POSITION. THERE ARE MANY WAYS TO PLAY THIS. NVIDIA IS PROBABLY THE BEST POSITION IN THE SEMICONDUCTOR SPACE. ED:
DONOVAN, ACROSS FRANKLIN'S DIFFERENT FUNDS AND PORTFOLIOS, I THINK YOU HOLD 0.5 CENTS -- 0.5%. THEY WERE GOING TO BE BIG IN CRYPTO BECAUSE OF ALL THE COMPUTE NEEDED FOR MINING. THEY WERE GOING TO BE BIG IN PREVIOUS CYCLES WHERE YOU SO CONVINCED WITH THIS TIME AROUND IT IS NVIDIA THAT'S RIGHT TO TAKE ON WHAT'S AVAILABLE IN THE MARKET? >> I THINK INVESTORS ARE RIGHT TO BET ON NVIDIA OVER THE LONG-TERM. THEY HAVE DONE WELL WITH THE RISE OF GAMING, THEY HAVE DONE WELL WITH THE RISE OF THE CLOUD AND NOW AI IS A BIG OPPORTUNITY. I THINK THERE ARE
WELL-POSITIONED BECAUSE THE COMBINATION OF THEIR CAPABILITIES IN SEMI-CONDUCTORS. THERE ARE MANY OTHER COMPANIES THAT ARE GOING TO DO WELL HERE BUT I THINK THE BIGGER IDEA IS THIS, IF YOU AS A KNOWLEDGE WORKER HAVE THE ABILITY TO HAVE A PARTNER SITTING ALONGSIDE OF YOU HELPING YOU IN YOUR DAY-TO-DAY WORK AND BEING CREATIVE OF COURSE, YOU WOULD TAKE THAT. THAT IS PRECISELY WHAT COMPANIES LIKE NVIDIA AND THESE LARGE LANGUAGE MODELS ARE GOING TO BE ENABLING. THEY'RE GOING TO ALLOW KNOWLEDGE WORKERS TO BE MORE PRODUCTIVE. WE JUST MET LAST WEEK WITH MICROSOFT AND HE INDICATED THAT THE PRODUCT HE WAS MOST PROUD OF WAS TO GET THE COPILOT OFFERING WHICH ALLOWS SOFTWARE DEVELOPERS TO GENERATE NEARLY HALF OF THE HOPE THEY ARE WRITING NOW WE THINK THAT SAME TYPE OF POWER IS COMING TO THE GENERAL KNOWLEDGE WORKER THAT HAS TO WORK ACROSS HUNDREDS OF ME EMAILS EVERY DAY MANY DOCUMENTS EVERY DAY ULTIMATELY EMPOWERING KNOWLEDGE WORKERS TO BE MORE PRODUCTIVE. I THINK ENTERPRISES ARE GOING TO PAY FOR THAT AND IF THEY DON'T THEY ARE GOING TO FALL BEHIND AND THAT LEADS BACK TO THE INFRASTRUCTURE VENDORS THAT ARE GOING TO ENABLE THAT. CAROLINE: 18 EFFICIENT.
THAT'S A NORM IS, I'M SURE. SO GREAT TO HAVE SOME TIME WITH YOU TO DISCUSS ALL OF THIS. WE DO HAVE SOME BREAKING NEWS AT THE MOMENT REGARDING WHAT IS ONCE AGAIN SOME NEWS AROUND THE DOJ PREPARING TO BLOCK ADOBES $20 BILLION DEAL.
NOTABLE ACQUISITION, ONE THAT MANY AN INVESTOR WAS QUESTIONING. WE UNDERSTAND THIS IT COULD BE FILED AS SOON MONTH. IT IS ONE OF THE BIGGEST TAKEOVERS.
THIS COMES AT A TIME THAT WE SEE MORE AND MORE DISCUSSION OF WITHIN TECHNOLOGY. THE DEAL OF ACQUISITION WITH ACTIVISION WAS A $69 MILLION DEAL. THE U.S. ADMINISTRATION RAMPING UP OVERSIGHT. ED:
EVERY TIME WE SEE A BIG PIECE OF M&A THIS IS THE FIRST QUESTION WE ASK WE ARE SURPRISED TO SEE IT. BASED ON THEIR BUSINESS FUNDAMENTALS, CLEARLY THE REGULATORS COMING IN AND WE THOUGHT THAT MIGHT HAPPEN. CAROLINE: WE'LL KEEP A CLOSE EYE IN KEEP YOU UP-TO-DATE. BLOOMBERG BRINGING YOU THE EXCLUSIVE THERE FOR DOBY'S $20 BILLION DEAL. COMING UP WE TALKED ABOUT THE POTENTIAL ETHICAL RISKS BUT WHAT ABOUT THE CYBERSECURITY RISKS? WE WILL DIG DEEPER NEXT.
WERE GOING TO LOOK AT SOME OTHER COMPANIES AFTER HOURS. ED: REPORTING A REAL WHITER THAN REPORTED LOSS. THIS IS THE VENDING MACHINE, AN ONLINE SECONDHAND CAR REAL TELLER -- RETAILER. THIS IS BLOOMBERG.
>> THERE IS A LOT OF EXCITING THINGS GOING ON BUT THERE IS A LOT OF REASON FOR US TO BE CONCERNED. >> PEOPLE WATCH REGULATION FOR AI THEY WANT TO FEEL SAFE. >> WE THINK OF ARTIFICIAL INTELLIGENCE AS THIS SEPARATE CONSCIOUSNESS THAT'S GOING TO EMERGE AS A THING OF SCIENCE FICTION. >> THE FACT THEY HAVE THIS MACHINE WITH SPEAKING WITH FIRST PERSON ENCOURAGES PEOPLE TO SEE IT AS A MIND WHEN IT'S NOT.
>> LIKE ANY TECHNOLOGY, AND HAS ITS LIMITATION. WE ACTUALLY LIKE ANYTHING THAT YOU IMPLEMENT WE KNOW ITS LIMITATIONS. >> WE HAVE SEEN THE MOVE FAST. >> WE HAVE TO THINK HOW BEST TO REGULATE THE VERY NEW FAST EMERGING INDUSTRY. >> I THINK CHATBOTS ARE NOT NEEDED FOR SEARCH.
>> IT COULD HELP HUMAN FLOURISHING. CAROLINE: THESE ARE JUST SOME OF OUR RECENT GUESTS. FROM ETHICAL CONCERNS TO REGULATORY ONES, AND ANOTHER ONE, CYBERSECURITY CONCERNS. JV -- JP MORGAN JUST RESTRICTED ITS STAFF FROM USING CHAT GPT.
WHAT ARE THE VULNERABILITIES THAT ARTIFICIAL INTELLIGENCE INJECTS? OUR NEXT GUEST FRANCOIS LOCOH-DONOU OVER AT F5 WITH A PRETTY FANTASTIC BACKDROP AS WELL. WELCOME TO THE SHOW. WHEN IT COMES TO YOUR EXPERTISE OF CYBERSECURITY DOES ARTIFICIAL INTELLIGENCE PARTICULARLY GENERATIVE AI, WHAT SORT OF RISK DOES IT INDUCE? >> THANK YOU FOR HAVING ME. THERE ARE A NUMBER OF RISKS THAT HAPPEN WITH GENERATIVE AI. IF WE STEP BACK A LITTLE BIT, WHAT WE SEE OVER THE LAST SEVERAL YEARS IS THE NUMBER OF CYBERATTACKS ON COMPANIES AND APPLICATIONS HAVE INCREASED OR MEDICALLY TO THE POINT WHERE CYBERATTACKS ARE COSTING ROUGHLY SIX CHILEAN DOLLARS A YEAR AROUND THE GLOBE. PART OF THE REASON FOR THAT IS AS WE MOVE IT FROM THE WEB EXPERIENCE TO MORE DIGITAL ADVANCED DIGITAL AND DYNAMIC EXPERIENCES THAT WE ARE ALL ENJOYING TODAY, SECURITY WAS AN AFTERTHOUGHT. SO THE ATTACK SERVICE FOR
ATTACKERS INCREASED AND THEY WERE ABLE TO ATTACK APPLICATIONS AND MONETIZE THE ATTACKS. WE ARE AT ANOTHER INFLECTION POINT WHERE GENERATED AI IS GOING TO BE AN ACCELERATOR FOR HUMANS. WE HAVE TO MAKE SURE SECURITY IS NOT AN AFTERTHOUGHT AND THAT ORGANIZATIONS CAN PREPARE THEMSELVES UPFRONT FOR THE NEW RISKS THAT COME WITH THAT ACCELERATION. THE NEW RISKS INCLUDE, OF COURSE, ATTACKERS BEING ABLE TO IMPERSONATE CHATBOTS TO TAKE YOUR PERSONAL INFORMATION OR BEING ABLE TO WRITE SCRIPTS MUCH FACTOR -- PASTOR THAN EXISTING APPLICATIONS. MOST ORGANIZATIONS ARE NOT PREPARED FOR THAT. CAROLINE: WE CAN ALL HAVE TAKEN OUR, THE
WAY WE TRAIN OURSELVES TO AVOID FISHING EMAILS FIRST OF ALL WHAT ARE YOU TRAINING COMPANIES TO LOOK OUT FOR? >> FIRST OF ALL, WE ARE ASKING COMPANIES TO TAKE THE THREAT SERIOUSLY. WHAT I THINK WE HAVE SEEN IN THE PAST IS OFTEN TIMES WE UNDERESTIMATE THE SOPHISTICATION OF ATTACKERS AND BECAUSE OF THAT, YOU KNOW, WE USE HAPHAZARD TOOLS OR TRY TO DEAL WITH THE ATTACKERS. BUT THEY ARE NOW ORGANIZED. THEY HAVE ACCESS TO A LOT OF
TOOLS AND THESE GENERATED AI IS GOING TO MAKE VERY SOPHISTICATED, FINE TUNED ATTACKS TO THE LIST SOPHISTICATED ATTACKERS. WE ARE ASKING COMPANIES TO GET PREPARED TO A HANDSOME THE MONITORING OF THEIR APPLICATIONS. WE ARE ASKING COMPANIES TO TRAIN THEIR USERS CONSTANTLY. WE JUST MENTIONED PHISHING EMAILS. IT REQUIRES TRAINING OF USERS ON A VERY REGULAR BASIS. ED:
A MONTH AGO WHEN YOU REPORTED EARNINGS, YOU TOLD US ABOUT YOUR CUSTOMERS SLOWING DOWN IN TERMS OF RENEWALS. THERE WAS WORRY ABOUT THE OUTLOOK. THINK ABOUT THE HYPE CYCLE AROUND AI HAS YOUR SITUATION CHANGED IN THE LAST FOUR WEEKS? ARE YOUR CUSTOMERS BECOMING MORE ALIVE TO THESE AI RELATED RISKS AND ENGAGING WITH YOU ABOUT DOING MORE WORK WITH YOUR PLATFORM? >> IN THE AREA OF SECURITY WE ARE SEEING OUR CUSTOMERS ARE ENGAGING WITH US ON THAT. JUST TO GIVE YOU A SENSE, TODAY WE PROTECT OVER 2 BILLION FRAUDULENT LOGINS INTO APPLICATIONS EVERY SINGLE DAY. AND WE PROTECT OVER 4.5 BILLION WEB TRANSACTIONS EVERY SINGLE
DAY WITH CUSTOMERS. THE WAY WE DO THAT IS BY LEVERAGING AI TO STOP SOPHISTICATED AND AUTOMATED ATTACKS. WE ARE SEEING OUR CUSTOMERS HAVE A VERY STRONG INTEREST IN THESE SOLUTIONS. OVER THE LAST FOUR WEEKS WE HAVE CONTINUED TO SEE THAT HAPPEN. ED: WE JUST HAVE 30 SECONDS BUT WHAT IS YOUR TECHNOLOGICAL ASSESSMENT OF WHAT THE LIKES OF OPEN AI ARE DOING? DO YOU SEE THEM AS A LONG-TERM THREAT TO YOUR BUSINESS? >> NO, ACTUALLY I THINK OPEN AI IS GOING TO BE AN ENABLER FOR MY BUSINESS AND ALL THE BUSINESSES BECAUSE THERE IS A LOT OF FANTASTIC THINGS THAT IT CAN DO AND ALLOW US TO MOVE OUR PEOPLE TO OTHER TASKS THAT ARE PER REPETITIVE TODAY I SEE IT AS AN ENABLER OF OUR BUSINESS BUT I SEE IT AS A THREAT TO ALL COMPANIES AROUND THE WORLD AROUND CURING THEIR DIGITAL EXPERIENCES AND THAT IS WHY WE ARE GOING TO CONTINUE TO INVEST IN AI. ED: THINK YOU VERY MUCH.
CAROLINE? CAROLINE: GREAT CONVERSATION. IF YOU TAKE A LOOK AT GENERATIVE AI OVER IN CHINA THE STOCKS, IT'S COOLING OFF AS OF LATE. MEDIA STARTED REPORTING THAT LOCAL APPS AND LOCAL WEBSITES HAVE BEEN ORDERED TO TERMINATE SERVICES THAT ALLOW USE OF CHAT GPT. IT HAS BEEN ACCESSIBLE VIA VIRTUAL PRIVATE NETWORKS.
COMING UP, GOLDMAN IS OFFERING A SPECIAL WAY TO INVEST IN UNIFORM STRIKE. WE WILL BRING YOU THE DETAILS NEXT. CAROLINE: EVERYONE WAS READING ABOUT IT TODAY GOLDMAN SACHS ASKED OFFERING THE PAYMENTS GIANT STRAIGHT. --STRIPE. IT SEEKS TO RAISE $4 BILLION.
ONE OF THE KEY COMPONENTS TO BREAKING THIS STORY. REMIND US WHY THEY NEED THE MONEY. >> THERE ARE A LOT OF LONG-STANDING EMPLOYEES THAT WANT TO CASH OUT THERE STOCK UNITS AND PART OF THAT MOVE WILL THAN F -- WILL INVOLVE THAT.
THEY ARE TRYING TO RAISE ABOUT $4 BILLION WHICH IS A PRETTY HIGH SOME, BUT AGAIN WE ARE TALKING ABOUT A COMPANY THAT WENT FROM A VALUATION OF HUNDRED MILLION JUST A DECADE AGO TO ALMOST HUNDRED BILLION DOLLARS IN 2021. IT HAS COME DOWN SIGNIFICANTLY WHERE THEY COULD BE VALUED AT $55 BILLION BUT IF YOU THINK ABOUT THAT, THINK ABOUT THE FACT WE ARE TALKING ABOUT A FIRM THAT IS IN A POSITION TO REPORT POSITIVE FREE CASH FLOW. THAT MAKES IT AN EXCITING NAME AND WITH THE VALUATION THAT HAS COME DOWN THIS MUCH, YOU CAN BE GUARANTEED THE LOT OF WEALTHY CLIENTS AND POTENTIAL INVESTORS WOULD WANT TO POKE AROUND AND SEE IF THIS IS THE RIGHT TIME TO JUMP IN. CAROLINE: EVERYONE STILL TALKING ABOUT A
CERTAIN LIST OF NAMES THAT COULD GO PUBLIC. JUST TALK TO US A LITTLE BIT ABOUT HOW IT COULD BE STRUCTURED, IT'S NOT JUST COLD AND ON THE DEAL. >> GOLDMAN AND JP MORGAN.
THEY ARE GOING TO INCLUDE BIG NAMES IN FINANCE AND TECH FIRMS. THERE IS QUITE A BIG SPECTRUM. WHAT WE FOUND INTERESTING WAS GOLDMAN SACHS FOR INSTANCE OPENING UP TO THEIR HIGH NETWORK CLIENTS. PREVIOUSLY, THE BIGGEST DRAW WAS WE CAN BRING YOU CLOSER TO THE IPO. WITH PRIVATE COMPANIES WANTING TO STAY PRIVATE FOR LONGER, THIS IS A WAY TO AUGMENT YOUR OFFERINGS. GOLDMAN CAN GO OUT THERE AND SAY LET'S CREATE A SPECIAL ACCOUNT WHERE WE CAN WRITE ONE BIG CHECK. WHY WOULD YOU NOT WANT TO TAKE THAT OPPORTUNITY? CAROLINE: REMIND US ON THIS HAS BEEN DONE BEFORE. IT ECHOES OF WHAT HAPPENED WITH
UBER. >> THAT WAS A BIG DEAL. GOLDMAN SACHS DID A .6 BILLION DOLLAR DEAL AT THAT TIME. THAT WAS DRIVEN BY HIGH NETWORK CLIENTS. EVEN IF YOU LOOK AT RECENT EXAMPLES TIGER GLOBAL WANTS TO REASON NEW FUND, THANKS SEE AN OPPORTUNITY TO GO TO THEIR RICH CLIENTS, YOU KNOW, PEOPLE WHO ARE WORTH MORE THAN $25 MILLION AND TELLING THEM THIS IS A WAY FOR YOU TO GET IN ON A BIG NAME. CAROLINE: TWISTING. GREAT REPORTING, THANK YOU. WE HAVE SOME TIME FOR TALKING
TECH. ED: TIME NOW INDEED FOR TALKING DECK -- TECH. THE EUROPEAN COMMISSION SUSPENDED STAFF FROM USING TIKTOK OVER SOCIAL SECURITY -- OVER SECURITY CONCERNS.
STAFF ARE ORDERED TO DELETE THE UPPER MOBILE FLORENCE -- PHONES. THAT IS ACCORDING TO THE SPOKESPERSON. BOTH HERE IN THE U.S. BUT ALSO IN EUROPE OVER THE APPS POTENTIAL NATIONAL SECURITY RISK.
IN CHINA, ANT GROUP FELL AND A DROP IN VALUATION FOR OVERSEAS INVESTMENTS. STILL CONTRIBUTED OVER $145 MILLION TO ITS PARENT ALIBABA HIS NONPROFIT DROPPED 69% AFTER THE E-COMMERCE GIANT GRAINED IN ITS SPENDING. BENEFITING ALSO FROM REDUCED SPENDING IS GRAB WHICH BOUGHT PROFITABILITY TARGET FORWARD AFTER POSTING A NARROWER QUARTERLY COST. INTERNET GIANTS SHIFTED STRATEGIES TO FOCUS ON
A TUBING PROFITABILITY INSTEAD OF SPENDING ON GROWTH. CAROLINE? CAROLINE: GREAT GLOBAL GROUND OF THEIR PEN OUT OF ITS GET YOU BACK TO THE U.S.. IT'S WALK. THERE HAS BEEN FLUCTUATION. UP 6.5%.
VOLUMES DID CLIMB 15%, SLIGHTLY BELOW EXPECTATIONS. IN PARTICULAR YOU ARE SEEING A RECORD-SETTING REVENUE FOR THE FOURTH QUARTER WHEN IT COMES TO SUBSCRIPTIONS AND SERVICES. THEY ARE ALSO POSTING TOWARDS 2023 SLIGHTLY AHEAD OF EXPECTATIONS. THERE IN THE PAYMENT SIDE OF THINGS IT LOOKS AS THOUGH WE HAVE A BEAT.
IT WAS INTERESTING BITCOIN SIDE OF THE EQUATION. ED: IT'S INTERESTING, THE PLEDGE IS EFFICIENCY. THEY ARE REINING IN ENDING. IF THAT HAS BEEN THE THEME OF THIS SEASON. CAROLINE: IT WAS NOTABLE THEY ARE TRYING TO GET COST UNDER CONTROL. WASN'T THAT MUCH OF HOW THEY ARE GOING TO BE DO THAT BUT PEOPLE NOTED THAT THE NUMBER WAS BELOW WHERE THEY THOUGHT CAN ACTUALLY SAY TIGHTEN YOUR BELT, KEEP ON SELLING OUT THERE CHINA FINE SOME EXPUNGEMENT.
OVERALL IT WAS AHEAD OF EXPECTATIONS. A BIT MORE OF A DEEP DIVE WHEN IT COMES TO CRYPTO. ED: THE TRANSACTIONS PART OF THAT STORY AND STICKING WITH, COMING UP COINBASE LAUNCHES ITS ON BLOCKCHAIN. WE WILL DISCUSS WHAT THAT MEANS, FULL COINBASE IN THE GLOBAL CURRENCY MARKET. ALL OF THAT IS NEXT.
THIS IS BLOOMBERG. ♪ CAROLINE: WELCOME BACK TO BLOOMBERG TECHNOLOGY I'M CAROLYN HYDE IN NEW YORK. ED: I'M ED LUDLOW IN SAN FRANCISCO. SHARE IS DOWN FOUR POINT I'VE PERCENT AFTER BLOOMBERG BROKE THE STORY THAT THE DOJ IS PREPARING A SUIT TO BLOCK ADOBES $20 BILLION DEAL ACCORDING TO THE SOURCES ONE SOURCE COULD COME AS SOON AS NEXT MONTH. CAROLINE: ADOBE IS SUCH A DOMINANT FORCE
IN TERMS OF SOFTWARE. WHEN THEY ANNOUNCED THAT DEAL TO ACQUIRE FAKE METH MANY --FIGMA. INTRODUCE LESS EXPENSIVE PRODUCTS AT THE MOMENT. NOTABLY JUST TIME AND TIME AGAIN THIS IS AN INITIATION THAT IS WILLING TO GO THERE TO WORRY ABOUT COMPETITION.
IT DOES FEEL LIKE THE BLOOMBERG REPORTING GETTING AHEAD OF THE ANTITRUST NEWS. I THINK IT'S BECAUSE ADOBE WAS IN FRONT OF A MEETING WITH DOJ WHICH IS OFTEN THE CASE BEFORE WE GET THIS KIND OF ANNOUNCEMENT. ED: THAT IS CONSISTENT WITH WHAT WE HAVE SEEN. ANALYSTS POINT OUT IN THIS CASE IT PROBABLY CAME SOONER THAN EXPECTED ALTHOUGH IT WAS KIND OF EXPECTED BASED ON THE ACTIONS DOJ HAS TAKEN SO FAR. WE WILL STICK TO THE STORY AS MORE HEADLINES BREAK. COINBASE, THE LARGEST CRYPTO
EXCHANGE IS LAUNCHING A BLOCKCHAIN. LET'S TALK ABOUT THIS WITH WHO ELSE? BLOCKCHAIN, WHY? >> THIS IS VERY INTERESTING. THIS IS A CENTRALIZED EXCHANGE LOOKING AT DECENTRALIZATION. OUR COLLEAGUE REPORTS THIS IS A BET ON THE COMMUNITY APPS CAN BE BUILT AND IT WILL BE A HOME FOR THE ON CHAIN PRODUCTS THAT WILL BE BUILT IN CONJUNCTION WITH THIS NETWORK THAT IS BEING SHEPHERDED IN BY COINBASE. BRIAN ARMSTRONGS ON WORDS, HE SAID IT'S TO IMPROVE SCALABILITY AND USABILITY OF CRYPTO. PLUS HE WANTED TO GET IN ON THE BUILDER ENERGY, ED. I WANT TO POINT OUT IF YOU LOOK
AT THE INITIAL TWEET WHICH IS KIND OF THE TWITTER HANDLE WHICH IS KNOWN AS HELLO WORLD IS HOW IT STARTS. IT'S A VERY INTIMATE TERM FOR THE DEVELOPER COMMUNITY HERE. LET'S SEE HOW MUCH THIS STARTS TO TAKE OFF I THINK IT'S AN INTERESTING CONCEPT OF KRISTA C AND EXCHANGE LIKE THIS GET CLOSE TO THE DECENTRALIZED WORLD. ED: IT PLANS TO NOT ISSUE AN NATIVE TOKEN. STAYING WITH US, CAROLINE WE ARE TRACKING A LOT OF STORIES TODAY. CAROLINE: IT ALL REVOLVES AROUND THE FUTURE REGULATION AROUND CRYPTO WE HAVE ONE PERSON WHO IS AT THE HEART OF THAT CONVERSATION.
CHRIS LEHANE I'M GOING TO ASK YOU TO TAKE IT AWAY WITH THE FIRST SET OF QUESTIONS. >> I'M CURIOUS ABOUT THE THOUGHTS ABOUT THE EFFORTS TO GET INTO THE DECENTRALIZED WORLD WHEN THEY ARE FACING SO MANY QUESTIONS REALLY ABOUT THE CENTRALIZED WORLD WHEN IT COMES TO U.S. REGULATORS. WHAT IS AND WHAT ISN'T A SECURITY WHAT KIND OF QUESTIONS DOES THIS OPEN UP NOW THAT THEY ARE EMBRACING DECENTRALIZATION SO MUCH AS WELL? >> FIRST, THINGS FOR HAVING ME. I THINK TWO BOYS ON THE -- TWO POINTS ON THE ANNOUNCEMENT. ENORMOUS PROGRESS AND DEVELOPMENT AND WHAT YOU CALL INFRASTRUCTURE LEVEL WHERE THE DEVELOPERS ARE WORKING AT. MORE BROADLY WHEN YOU ASK THE POLICY QUESTION, I THINK IT'S REALLY INTERESTING WHAT I CALL THE TALE OF TWO COMPANIES.
YOU HAVE AN FTX, A COMPANY BASED OFFSHORE IN MY VIEW MORE OF A CENTRALIZED FINANCE ENTITY. COMMITTED BASED ON WHAT WE HAVE SEEN REPORTED, ALL KINDS OF FRAUD. THE TYPE YOU SEE OVER CENTRALIZED FINANCE AND THEN YOU HAVE A COMPANY LIKE COINBASE. BRIAN ARMSTRONG WHO YOU
REFERENCED EARLIER MADE AN INTERESTING DECISION 7, 8, NINE YEARS AGO TO BASE HIS COMPANY HERE IN THE UNITED STATES TO PUSH THE FRONTIERS OF INNOVATION TO CREATE MORE ECONOMIC FREEDOM, MORE ECONOMIC OPPORTUNITY BUT TO DO IT WITHIN AN EXISTING LEGAL SYSTEM AND PARTICULARLY A SET OF LAWS THAT WERE ACTUALLY CREATED BEFORE COMPUTERS EVEN EXISTED. SO I THINK COINBASE IS ACTUALLY AN INTERESTING EXAMPLE OF HOW YOU CAN PUSH INNOVATION IN THIS SPACE FOR OPERATING WITHIN THE PARADIGM WHICH IS VERY MUCH OLD SCHOOL. >> THE COMPANY YOU WORK AT NOW IS ONE OF THE HOTTEST VENTURE LAUNCHES IN THE CRYPTO SPACE RECENTLY. WHEN YOU THINK ABOUT CENTRALIZATION VERSUS DECENTRALIZATION WITHIN THE PARAMETERS OF EXISTING LAWS THAT EXIST AROUND THE CRYPTO COMMUNITY WHAT ARE YOU MORE COMFORTABLE WHEN IT COMES TO PUTTING MONEY TO WORK WITH? >> FIRST OF ALL WE RAISED 1.5 BILLION ALMOST A YEAR AGO TO
THE DATE. FOR US, WE ARE REALLY FOCUSED ON INVESTMENTS THAT WILL PLAY OUT OVER MULTIPLE YEARS. THIS GOES BACK TO WHAT I WAS JUST TOUCHING ON.
WE SEE ENORMOUS OPPORTUNITY IN THE INFRASTRUCTURE AREA WHERE YOU ARE GETTING TECHNOLOGY THAT DEALS WITH SCALING, INTEROPERABILITY, THE TYPE OF TECHNOLOGY THAT YOU ARE ULTIMATELY GOING TO NEED FOR THIS TO BE CONSUMER FACING FOR EVERYDAY CONSUMERS TO BE ABLE TO USE. TO THE SPECIFIC QUESTION ABOUT THE DECENTRALIZATION VERSUS THE CENTRALIZATION, I DEFINITION WITHIN CRYPTO IT IS EIGHT DECENTRALIZED SPACE. THAT IS HOW YOU DEMOCRATIZE ASPECTS OF CAPITALISM ONLINE.
THERE COULD BE A SPECTRUM OF ISSUES BUT WE SPENT A LOT OF TIME WITH OUR PART LEO COMPANIES AND EVEN THE POTENTIAL PROJECTS THAT WE MADE OR MAY NOT INVEST IN. ONCE THE QUALITY OF THE TECHNOLOGY, DO THEY UNDERSTAND THERE IS A COMPLEX REGULATORY MAP OUT THERE? THEY DON'T NEED TO HAVE ALL OF THE ANSWERS FROM DAY ONE THAT THEY HAVE TO REFLECT AN UNDERSTANDING THAT THEY ARE GOING TO NEED TO NAVIGATE THIS AND NAVIGATE IT A RESPONSIBLE WAY. THAT IS AMONGST THE THINGS THAT WE THINK ABOUT WHEN WE PURSUE INVESTMENTS. WE ARE EXCITED ABOUT THE TYPES OF FUNDS WE RECEIVE. PARTICULARLY IN THE EARLY STAGES WHEN WE THINK ABOUT HERE IS WHERE THE WORLD IS, HERE IS SOME OF THE STUFF WE NEED TO NAVIGATE BUT WE HAVE POWERFUL IDEAS OF HOW WE CAN MAKE THIS COME -- CONSUMER FACING. CAROLINE: THE EXPERTISE, YOU CAN LEND THE PORTFOLIO COMPANIES YOUR PASSION AROUND WEB THREE. I'VE HAD FIRST-HAND FROM YOU.
YOU WERE HELPING ADVISE COMPANIES SUCH AS AIRBNB OR SOMEONE WHO KNOWS WASHINGTON THE WAY IT WORKS SO INTIMATELY FROM YOUR BACKGROUND. WHAT DO YOU MAKE OF THE WAY THE SEC IS? OUR GUESTS HAVE SAID REGULATING BY ENFORCEMENT RATHER THAN SETTING RULES FOR THE ROAD. >> I CALL IT AN ENFORCEMENT ONLY APPROACH.
IF YOU TAKE A STEP BACK, A YEAR AGO ALMOST TO THE DATE THE BIDEN WHITE HOUSE PUT OUT AN EXECUTIVE ORDER. IT WAS A HIGH WATERMARK UP TO THIS POINT IN TIME. IT REALLY EXPRESSED A DESIRE TO FOSTER AND FACILITATE RESPONSIBLE INNOVATION. FAST-FORWARD TO WHERE WE ARE
TODAY AND THE REALLY HAS NOT BEEN ANY COHERENT STRATEGY COMING AT THE FEDERAL LEVEL IN TERMS OF ACTUALLY HOW TO USE SUPPORT AND ADVANCE THE HOLISTIC APPROACH. WHAT YOU BASICALLY DEFAULTED TO HIS POLICY THROUGH ENFORCEMENT. IT'S A LITTLE BIT LIKE IF WE JUST INVENTED CARS AND YOU HAVE TO FIGURE OUT THE SPEED LIMIT OF WHO WAS ARRESTED AT WHAT SPEED. THAT IS NO WAY TO CREATE A COHERENT POLICY. I'M OLD ENOUGH I WAS WORKING
WITH THE CLINTON ADMINISTRATION. WE PASSED THE 1996 TELCO ACT. IT DIVIDED CONGRESS. IF THAT THE U.S. ON THE PATH TO BEING THE DIGITAL CENTER OF THE WORLD. IT TRANSLATED DURING ENORMOUS ECONOMIC POWER, SECURITY POWER. I THINK THE FIVE LARGEST COMPANIES WERE SOMEWHERE BETWEEN SAN FRANCISCO AND SEATTLE. THEN YOU LOOK AT WHAT IS GOING ON TODAY.
THE HISTORY OF THE U.S. HAS ALWAYS BEEN A COUNTRY SINCE ITS FOUNDING THAT EMBRACES INNOVATION WITH GOVERNMENT, PUBLIC, AND PRIVATE SECTOR WORKING TOGETHER. WITH THIS ENFORCEMENT ONLY APPROACH IT IS CEDING ITS LEADERSHIP ROLE. NATIVE U.K. WE HAVE ACTIVITY RIGHT NOW TO POTENTIALLY PASS LEGISLATION BY THE END OF THIS YEAR WHICH COULD BE THE FURTHEST REACHED DEFINING THE FRAMEWORK. CAROLINE: WILL COMPANIES LEAVE? >> I LITERALLY JUST HAD A MEETING A COUPLE OF DAYS AGO. THESE WEREN'T INVENTOR COMPANIES.
THEY HAD REACHED OUT TO TRY TO UNDERSTAND WHERE CAN WE POTENTIALLY BE LOOKING AT THE WORLD? EACH AND EVERY ONE OF THEM WASN'T AND YOU PLACES LIKE THE U.K.. EVEN LOOKING AT EUROPE AS SOMEONE WHO CAME UP IN THE U.S. THE IDEA THAT EUROPE IS AHEAD OF THE U.S. AND THINKING ABOUT YOU LITERARY FRAMEWORKS IS JUST SOMETHING I HAD NEVER SEEN BEFORE. I DO THINK YOU'RE GOING TO GET TO A PLACE WHERE COMPANIES PROJECTS, PRODUCTS, ARE GOING TO BEGIN TO LOOK AROUND THE WORLD ABOUT WHERE THEY WANT TO BASE THEMSELVES. SOME MAY DO THE U.S.
AND SOMETHING ELSE. SOME MAY SPREAD THEIR DEVELOPERS INTO THESE DIFFERENT PLACES. ULTIMATELY THE TECHNOLOGY IS HAPPENING. YOU SEE IT WITH OTHER PRIVATE SECTOR ENTITIES WANTING TO ENGAGE WITH THIS TECHNOLOGY. YOU SEE OTHER GOVERNMENTS AND THE QUESTION FOR THE U.S. IS DO WE WANT TO MAINTAIN OUR
HISTORIC LEADERSHIP ROLE OR DO WE GIVE UP ON THAT? CAROLINE: LEHANE CHRIS COME BACKS AND WE HOPE. MEANWHILE SONALI BASAK WE THANK YOU SO MUCH. LET'S GET ON TO OTHER CRYPTO NEWS. THERE HAVE BEEN NEW CHARGES BROUGHT AGAINST BANKMAN-FRIED. THE U.S. SAYS INVOLVED IN TWO SEEKING
ILLEGAL ASSETS. A POTENTIAL TO BE THE BIGGEST INFUSION OF ILLEGAL MONEY INTO U.S. POLITICS IN DECADES. WHAT ELSE DO WE HAVE COMING UP? ED: A BIG EXCLUSIVE INTERVIEW AND HOW SOON WE CAN EXPECT HIM TO TAKE OFF. THIS IS BLUEBIRD.
♪ >> IN FACT, FROM OUR POINT OF VIEW WHEN IT COMES TO TESLA A THOMAS, -- AUTONOMOUS PLATFORM IS MUCH MORE IMPORTANT THAN THEIR ELECTRIC VEHICLE STRATEGY. OUR VIEW, OUR 1500 DOLLAR PRICE TARGET IT'S A LITTLE OVER $200 NOW BUT OUR $1500 PRICE TARGET IN FIVE YEARS IS TWO THIRDS BECAUSE OF AUTONOMOUS. WHEN WE LISTEN TO BYD WE DO NOT HEAR AUTONOMOUS AS A STRATEGY. ED: THAT WAS CATHIE WOOD. SHOWING HOW OPTIMISTIC SHE IS
ABOUT TESLA'S TAXI STRATEGY. IT IS A BIG PART OF THE TARGET. DO YOU THINK TESLA WINS THE RACE? THE ANSWERS SPEAK FOR THEMSELVES. DO YOU THINK THEY WILL WIN? EVERYTHING SEEMS SO CAROLINE: STILL.
I'M SAYING PARING DOWN WERE YOU ARE. HOW MANY ARE YOU SEEING QUESTION -- ED: TESLA HAS ALL OF THESE VEHICLES WERE CRUISE ARE JUST IN THE BAY AREA I THINK THAT'S THE PROBLEM GOING FORWARD. THE ANALYSTS ARE STARTING TO SEE TESLA AS THE LEAD CANDIDATE. SHARES OF EV MAKER AFTER THE
COMPANY GAVE UPDATES ON THE KEY MILESTONES. THE FIRST AIRCRAFT IS EXPECTED TO ROLL OFF THE PILOT MANUFACTURING LINE AND FLY WITHIN THE NEXT FEW MONTHS. THE ELECTRIC AIRCRAFT MAKER ARE GETTING CLOSER ON THE FAA REGULATIONS.
ANALYSTS STILL CONCERNED ABOUT HOW FAR AWAY COMMERCIALIZATION IS. ANSWER THEIR CONCERNS. >> SO, WE HAVE BEEN MAKING REMARKABLE PROGRESS. 2022 WAS A FANTASTIC YEAR. WE ARE REALLY LEANING IN AND THE PROGRESS IN 2023 IS ACCELERATING. WE ARE NOW, WE COMPLETED TWO OF THE FIVE STAGES OF THE CERTIFICATION PROCESS AND WE ARE MAKING PROGRESS ON THE THIRD STAGE. AS YOU MENTIONED, OUR FIRST
COMPANY AIRCRAFT IS, PARTS HAVE ROLLED OFF THE PILOT PRODUCTION LINE AND WE ARE BEGINNING FINAL ASSEMBLY AND WILL BE FLYING THAT IN THE MONTHS TO COME. ED: FAA CERTIFICATION IS KIND OF THE KEY IT. TO GET THOSE VEHICLES, ELECTRIC AIRCRAFT IN THE SKIES, THAT NEEDS TO BE DONE. ARE WE TALKING MONTHS, YEARS, DECADES BEFORE THE DOES THAT? IT IS A SLOW MOVING ORGANIZATION. >> WE GOT UNPRECEDENTED MOMENTUM ON BOTH SIDES WITH HUGE PROGRESS THAT'S BEEN MADE OVER THE PAST FEW MONTHS AND WE ARE JUST KNOCKING DOWN MILESTONE AFTER MILESTONE.
SO THE MOMENTUM IS REALLY THERE AND WE ARE VERY GRATEFUL FOR THE FAA AND THE RESOURCES THAT THEY ARE PUTTING INTO THIS EXCITING NEW INDUSTRY. ED: I WAS READING SOME OF THE ANALYSTS REACTION TO WHAT YOU HAD TO SAY 24 HOURS AGO. KIND OF A PROOF POINT FOR AN ENTIRE INDUSTRY LEADING THE WAY BUT THE BIG CONCERN THEY HAVE IS THE FAA HAS TO COME UP WITH RULES FOR A WHOLE NEW CATEGORY OF AIRCRAFT.
HOW MUCH EVIDENCE DO YOU SEE THAT THE FAA HAS THE COMPETENCE AND ENERGY TO DO THAT? >> THE EXCITING THING FOR US IS THAT THAT PROCESS IS NOW BEHIND US AS WE HAVE COMPLETED THOSE FIRST TWO STAGES. THE STAGE THAT WE ARE ENTERING IS COMPLETING OUR SPECIFIC CERTIFICATION PLAN SO WE HAVE THE FAA APPROVED FIVE OF THE 13. WE SUBMITTED AN ADDITIONAL THREE AND WE ARE EXPECTING TO SUBMIT ALL 13 OF THOSE IN THE FIRST HALF OF THE YEAR.
AGAIN, THE MEANS OF COMPLIANCE ARE NOW BEHIND US AND WE ARE FOCUSED ON THE FUTURE. THIS YEAR IS GOING TO BE A LOT ABOUT TESTING AND THAT'S WHAT MAKES AVIATION OUR SAFEST MODE OF TRANSPORTATION. THE RIGOR WITH WHICH WE BUILD EVERY SINGLE COMPONENT AND TEST EVERY COMPONENT ON THE AIRCRAFT.
ED: YOU ALSO HAVE THIS RELATIONSHIP WITH THE DEPARTMENT OF DEFENSE. I WANT TO UNDERSTAND WHAT PROPORTION OF YOUR COMMERCIAL BUSINESS WILL BE BASED ON GOVERNMENT AND MILITARY CONTRACTS AND WHAT WILL BE A CONSUMER FACING BUSINESS? >> THAT'S SOMETHING WE ARE GOING TO LEARN OVER THE COMING YEARS. BUT WHAT'S REALLY EXCITING TODAY IS THE MOMENTUM WE HAVE WITH THE DEPARTMENT OF DEFENSE.
WE NOW HAVE A $75 MILLION CONTRACT WITH THE DOD TO MATURE THE DEVELOPMENT OF OUR AIRCRAFT AND WE ARE IN DISCUSSIONS WITH THEM ON BEING ABLE TO BRING OUR AIRCRAFT ON BASE AND PROVIDE REALLY USEFUL OPERATIONS HERE IN THE U.S. FOR OUR GOVERNMENT PARTNERS. WE ARE EXCITED TO BE BEGETTING THAT ON BASE OPERATION WILL GIVE US BOTH REVENUE AND MORE IMPORTANTLY ALLOW US TO STREAMLINE AND OPTIMIZE OUR OPTIMIZATION, OUR OPERATIONS PRIOR TO COMMERCIAL LAUNCH. ED: THANK YOU SO MUCH FOR YOUR TIME ON THE SHOW. IT'S GREAT TO HAVE YOU ON. BACK TO YOU, CAROLINE. CAROLINE: COMING UP NETFLIX SLASHING PRICES IN MORE THAN 100 COUNTRIES. IT'S ALL GOING VIRAL.
WE HAVE TO KEEP A LOOK AT WHAT IS HAPPENING AFTER HOURS. DOWN BY ALMOST FIVE .7% NOW IRONIC AS IT'S A DEAL ON WINDING THAT WOULD POTENTIALLY HAPPENED THE DOJ PREPARING TO BLOCK ADOBES $20 BILLION DEAL BACK WHEN THEY ANNOUNCE THIS PEOPLE ABSOLUTELY PUMMELED THE STOCK WORRIED ABOUT THE YOU WISH AND THEY WERE PAYING. NOW THEY ARE PLUMMETING AGAIN ASSUMING THE DEAL WON'T GO THROUGH. >> NETFLIX IT'S TRYING TO GROW INTERNATIONALLY SO IT IS IT IS SLASHING THE COST OF SOME SUBSCRIPTIONS.
THEY ARE TRYING TO MAKE US PAY OUR WAY, STOP THE PASSWORD SHARING WE HAVE ALL BEEN DOING BUT IT IS ALL ABOUT THE FOLKS IN THE DEVELOPING MARKETS. IN COUNTRIES THEY HAVEN'T MANAGEDD TO BUILD UP SO MANY SUBSCRIBERS. COUNTRIES COULD SEE THE COST CUT BY ALMOST 50% THIS SHOULD HELP BOOST GLOBAL USER UP TO 231 MILLION THEY ARE ALREADY AT. CAROLINE: LET'S CROSS SOME OF THAT IS PREPARING AN ANTITRUST LAWSUIT TO BLOCK ADOBES $20 BILLION ACQUISITION OF FIGMA. WHY IS THE STOCK FALLING WHEN EVERYONE HATED THE STILL TO BEGIN WITH? >> I'M AS CONFUSED AS YOU ARE ON THIS ONE.
WE WILL FIND OUT TOMORROW MORNING WHAT HAPPENS BUT FRANKLY SPEAKING WE EXPECTED THAT. BASICALLY SAID IT'S GOING TO BE DIFFICULT TO GET THIS THING DIDN'T BECAUSE OF SO MUCH SCRUTINY ON LARGE TECH FIRMS TRYING TO BUY SMALLER INCUMBENTS THAT ARE THREATENING THEIR BUSINESS SO WE WILL SEE WHAT HAPPENS. I'M ALSO SURPRISED THAT THE STOCK IS DOWN RIGHT NOW. ED: THE OTHER SURPRISE YOU OUTLINED IN YOUR BLOOMBERG INTELLIGENCE REACTS HOW SOON THIS CAME ABOUT. I THINK THE MARKET EXPECTED
REGULATORY BODIES TO LOOK AT YOU ARE SAYING ACTION IS HAPPENING SOONER THAN WE THOUGHT. >> AND I'M GOING TO BE HONEST WITH YOU I DEPEND ON HER FOR ALL OF THESE EXPERT OPINIONS AND SHE THINKS IT IS MUCH SOONER THAN WHAT SHE WAS EXPECTING AND THE REASON IS I THINK THERE IS SO MUCH IN EVERY MAJOR TO KILL IS BEING LOOKED AT AND THEY WANT TO MAKE A POINT THEY ARE NOT GOING TO LET SOMETHING LIKE A FACEBOOK BUYING INSTAGRAM THING AGAIN. BUT SEE HOW THIS TURNS OUT BUT I THINK IN THE LONG RUN IF THEY ARE FORCED NOT TO BUY IT IT MAY NOT BE THAT BAD OF A THING FOR ADOBE. THEY CAN DEPLOY THAT CASH SOMEWHERE ELSE AND TRY TO DO THIS ORGANICALLY. CAROLINE: IT WOULD PROBABLY BE PRETTY AWFUL FOR FIGMA HOW CAN THIS BE COORDINATED ELSEWHERE AS WELL? >> ONE OF THE THINGS WE HAVE SEEN, POLICIES ARE STRICT ABOUT THE STOCK WE HAVE SEEN EUROPE ALREADY TRYING TO BREAK UP MICROSOFT ACTIVISION WITH BASICALLY SAYING YOU HAVE TO GET RID OF AGAIN. IT'S KIND OF LIKE, YOU KNOW, I WOULD SAY IT'S VERY COMMON ACROSS THE GLOBE RIGHT NOW FOR MOST OF THE AUTHORITIES ARE TRYING ANYTHING RIGHT NOW.
CAROLINE: IT'S A THEME. WE THANK YOU FOR JUMPING IN FROM BLOOMBERG INTELLIGENCE BRINGING AS THE EXPERTISE. ED: THAT DOES IT FOR THIS EDITION OF BLOOMBERG TECHNOLOGY. WHAT A WEEK IT HAS BEEN. CAROLINE:
SO MUCH TO DIGEST. TOMORROW ON OUR TWITTER SPACE DRIVING THE FORCE OF WHAT WE WILL BE DISCUSSING AT 12:00 P.M. NEW YORK TIME THAT IS 9:00 A.M. SAN FRANCISCO. NEWS BREAKING LIKE WE HAVE TO ANY PREVIOUS WEEKS. ED: ALSO THE HUGE STORY ON APPLE, GLUCOSE, AND THE APPLE WATCH.
WE HAVE TO RECAP IT'S THE BIGGEST ONE OF THE WEEK.
2023-02-24