>> THIS IS "BLOOMBERG TECHNOLOGY" WITH CAROLINE HYDE AND ED LUDLOW. ♪ CAROLINE: LIVE FROM LONDON FOR THE "BLOOMBERG TECHNOLOGY" SUMMIT, I’M CAROLINE HYDE. ED: AND I’M ED LUDLOW IN SAN FRANCISCO. THIS IS "BLOOMBERG TECHNOLOGY." CAROLINE:
COMING UP, WE’LL HAVE FULL EARNINGS COVERAGE AHEAD AS SPOTIFY REPORTS. THEY’RE GOING TO DELIVER AFTER THE BELL. ED: PLUS WE’LL HEAR FROM REDDIT CO-FOUNDER TO TALK HIS INVESTMENTS IN A.I. AND CRYPTO.
ARE THEY LIVING UP TO THE HYPE? CAROLINE: AND WITH THE BLOOMBERG TECH UNDERWAY IN LONDON, WE WILL HEAR FROM EXECUTIVES. BUT FIRST, LET’S CHECK IN ON THESE MARKETS. BECAUSE AS GUY WAS JUST TELLING US OF THE PREVIOUS SHOW, TUESDAYS ARE THE NEW MONDAY. WE’RE HIGHER. THERE IS SOME NEW MUSIC
SHIFTING AROUND, WHAT IS OF COURSE THE TORRID NATURE OF THE MIDDLE EAST AND WHETHER OR NOT WE WILL SEE CONFLICT ESCALATE. FOR NOW, PEOPLE FEELING IT WILL BE CONTAINED AND IT DOES MEAN THAT WE GET A LIFT IN THE BIG TECH STOCKS. THE U.S. TRENDING YIELD COMING DOWN A LITTLE BIT. BUT STILL SHOWING THAT EASING OF TENSION AND ANXIETY. NEW YORK CRUDE SINKING AT $83 LEVEL.
AND LET’S MOVE ON TO THAT KEY RISK ASSET WHICH HAS BEEN DOING RATHER WELL. CRYPTO, BITCOIN UP. WE’RE NOW 33,000 WE ECLIPSED 35,000. REALLY HELPING THOSE CRYPTO STOCKS. AND THIS IS ONCE AGAIN, NOT SO MUCH ABOUT A HAVEN BUT MORE ABOUT A HOPE FOR ETS.
ED: THE HEFTY LIFTING. AND AFTER THE BELL, WE GET THE GIANTS. MICROSOFT AND ALPHABET. IT’S GOING TO BE INTERESTING THE CLOUD DIVISION. THERE ALWAYS IS.
BUT THERE WILL ALWAYS BE INTENT INTEREST IN ARTIFICIAL INTELLIGENCE. WE ASK HOW IS THAT SHOWING UP IN SALES? ARE THEY ACTUALLY MAKING ANY MONEY FROM IT? TOP OF MIND IS WHAT’S TOP OF THE LIST. SPOTIFY FOR ITS BIGGEST JUMP SINCE JANUARY 31, TRADING NEAR ITS HIGHEST LEVEL. TOP LINE BEAT, BOTTOM LINE BEAT. LET’S GET STRAIGHT TO THE DETAILS WITH BLOOMBERG’S ASHLEY COMMON. WHAT IS IN THE EARNINGS PLAYLIST FOR SPOTIFY?
WHAT WERE THE TOP NUMBERS? >> YEAH, SO THE BIG HEADLINE ITEM IS THAT SPOTIFY TURNED THE PROFIT AT 32 MILLION EURO AND THAT WAS A SURPRISE FOR ANALYSTS WHO WERE EXPECTING A SIGNIFICANT LOSS. CAROLINE: IT’S AN INFLECTION POINT WHAT. HAS BEEN THE DRIVERS OF GROWTH HERE? >> FOR SURE. SO OVER THE PAST YEAR, WE’VE SEEN SIGNIFICANT COST REDUCTIONS WHETHER IT BE LOOKING TO LEASE REAL ESTATE THAT THEY PREVIOUSLY RENTED, CALLING BACK ON THEIR PODCAST EFFORTS.
ALL OF THAT PLUS IN JULY, THEY INITIATED THEIR FIRST PRICE HIKES ON THEIR STANDARD PLAN IN QUITE A WHILE WHICH WE’RE STARTING TO SEE SOME OF THE REVENUE GROWTH FROM THAT DECISION. OP ED: THEY KIND OF DID NOT GREEN LIGHT SOME PROJECTS THEY MADE COST CUT, HEAD COUNT REDUCTIONS. BUT THE EARNINGS IS SHOWING UP IN A POSITIVE WAY. ASHLEY: TOTALLY. YEAH. THEY ARE REALLY -- AS THEIR QUOTE-UNQUOTE EFFICIENT YEAR.
EITHER THROUGH A.I. OR THROUGH THIS COST CUTTING AND TRYING TO MAKE SURE THAT THEY’RE DELIVERING ON THE BUSINESSES THAT THEY’RE PURSUING. CAROLINE: WOW. WE SEE TOTAL ACTIVE VIEWS, MORE THAN HALF A BILLION. IT’S CLEAR THAT WE’RE SEEING SOME -- WELL, KEY YEAR OF EFFICIENT CITY STARTING TO BENEFIT IN TERMS OF GROWTH TOO. THANK YOU VERY MUCH BREAKING DOWN THE SPOTIFY NUMBERS AND THE RALLY THAT WE SAW IN THE SHARES. AND THAT SETS US UP FOR WHY THERE IS SUCH OPTIMISM THAT IS SET TO REPORT AFTER THE BELL. MICROSOFT ALPHABET FOR WHAT WE
CAN EXPECT FROM MICROSOFT FIRST, AND ARE WE EXPECTING KEY REVENUE GROWTH HERE AS WELL? >> YEAH, THE NUMBER REALLY TO CATCH FOR IS THE CLOUD REVENUE. IT’S A SLIGHT DECELERATION FROM LAST QUARTER BUT GUIDANCE FOR NEXT QUARTER IS GOING TO BE REALLY CRITICAL CAN. IN THE SOFTWARE WORLD, MICROSOFT IS THE BIGGEST PLAYER IN A.I. OR ANYTHING GENERATING A.I. RIGHT NOW. THAT’S WHERE OUR EYES ARE GOING TO BE WHEN THEY TALK ABOUT GUIDANCE FOR NEXT QUARTER. ED: THE BATTLEGROUND THAT I LOVE TO HAVE TRACK IS THE HEIGHT OF SCALE CLOUD. AS THE TOP LINE GROWTH FORECAST
FOR AROUND 27%, I KNOW WE’RE SO EXCITED ABOUT ARTIFICIAL INTELLIGENCE. WE GENUINELY ARE, BUT ULTIMATELY, HOW MUCH DO YOU FOCUS ON THE BREAD AND BUTTER BUSINESS? >> RIGHT NOW THE BREAD AND BUTTER BUSINESS IS NOT GOING TO ACTIVATE THE WAY THE CLOUD SHOULD THAT’S WHY WE ARE TRYING TO FIGURE OUT IF CUSTOMERS ARE STILL IN THE COST CUTTING MODE OR ARE THEY STARTING TO INVEST? THAT DATA POINT IS THE SINGLE MOST IMPORTANT THING FOR COMPANIES BECAUSE UNLESS THAT HAPPENS, YOU’RE NOT GOING TO SEE A RECOVERY IN A LOT OF THOSE VALUATIONS THAT HAVE GOTTEN BEATEN UP OVER THE LAST COUPLE OF QUARTERS. CAROLINE: WHAT ABOUT SPENDING IN THE MOMENT? HOW MUCH ARE THEY WILLING TO INVEST? THEY’VE BEEN INVESTING IN OPEN A.I. >> THE INVESTMENT PART, I AM NOT CONCERNED ABOUT WHETHER -- I THINK IT’S GOING REMAIN STRONG FOR ALL CLOUD PROVIDERS BECAUSE THE BACKLOG OR THE LONG-TERM ORDERS ARE STILL THERE. PEOPLE NEED TO INVEST AND MOVE AWAY FROM ON-PREMISE INFRASTRUCTURE. BUT FROM MY SIDE, I THINK IT’S GOING TO CONTINUE FOR MANY YEARS TO COME. ED: I WAS BEING A BIT SASSY ABOUT
CLOUD AND ARTIFICIAL INTELLIGENCE. GET IT? SASSY? ANYWAY, THANK YOU VERY MUCH LET’S GET GOOGLE’S RESULTS. CAROLINE: OH, BOY. ED: I KNOW, CAROLINE EXPECT HARD
PIVOT. GOOGLE’S AFTER THE BELL. WHO ELSE IS HERE? MANDY. IT’S GOING TO BE A STORY OF HOW THE AD BUSINESS HAS DONE. YOU TALKED ABOUT THIS BREAD AND BUTTER BUSINESS FOR MICROSOFT.
IS THAT WHAT BLOOMBERG INTELLIGENCE LOOK FOR? YEAH, AND TO ME, YOU KNOW, THE BOGEY FOR YOUTUBE IS QUITE LOW WHEN YOU THINK ABOUT SEARCH, GROWING AT 9% AND UBER AT 10% -- YOUTUBE AT 10%. AND META IS EXPECT ODD GROW AT 20%. AND THE REAL COMPARISON IS META REELS IS A $10 BILLION BUSINESS. THEY HAVE THREE EXIT OVER THE LAST 12 MONTHS. INVESTORS WANT TO KNOW WHAT’S GOING WON YOUTUBE AND IT’S GOING TO DRIVE THAT TOP LINE GROWTH. AND ON THE CLOUD SIDE, THE GOOD
THING WITH GOOGLE CLOUD IS THEY DON’T HAVE A LEGACY BUSINESS WHERE, YOU KNOW, GOOGLE CLOUD IS GOING TO CANNIBALIZE THE BUSINESS. AND I THINK IF THEY GIVE ANY DETAILS AROUND THE LICENSING OF THEIR MODELS, THAT WILL BE QUITE INTERESTING. CAROLINE: THERE WAS A LOT OF HAND-WRINGING ABOUT WELL, THE COMPETITIVE THREAT THAT PAY BE COMING FROM BING FINALLY. HAVE THEY MANAGED TO SHAKE OFF
ANY ANXIETY THAT SEARCH IS GOING TO BE UPENDED HERE? >> SEARCH IS ONE BUSINESS THAT HAS STILL THE STRONGEST MODE AND GRANTED, THEY GOT TRAFFICKING, THE 100 MILLION USERS BUT WHEN YOU ELECTRIC THE AD REVENUE, I DON’T THINK IT’S GOING TO MAKE A DENT FOR NOW AND OVER TIME, LOOK, GOOGLE HAS THE ADVANTAGE THAT THEY HAVE OVER FOUR BILLION MONTHITY ACTIVE VIEWERS WITH SEARCH AND EVEN IF, YOU KNOW THE VOLUME GOES DOWN BECAUSE THEY ARE MORE LARGE MODELS, THEY STILL HAVE THE DISTRIBUTION. AND SO TO ME, SEARCH WILL CONTINUE TO GROW. AND IT’S ALL ABOUT THE OTHER DRIVERS THAT WILL GROW TO DOUBLE DIGITS. ED: AS PART OF THIS WEEK WHICH IS THE TIMING AND STRUCTURE OF IT. SO ALPHABET REPORTS FIRST AND YOU HAVE META, SNAP DOWN THE ROAD. AND ALPHABET AND GOOGLE SET THE TONE THAT MAKE MONEY FROM ADS. DO YOU EXPECT IT TO PLAY OUT
THIS WEEK AS WELL? >> NO, IT’S GOING TO BE TOUGH FOR THE SMALLER PLAYERS SIMPLY BECAUSE COMPANIES ARE STILL PRUDENT AND THEY WANT TO FOCUS ON THE HIGHEST R.O.I. AND WE KNOW THE HIGHEST IS SEARCH AND META AND INSTAGRAM AND THE LARGE SOCIAL MEDIA PROPERTIES. SNAP AND PINTEREST WILL HAVE EASIER QUALMS BUT IN TERMS OF ACCELERATION, IT’S TOO EARLY TO SAY THAT WE ARE HEADED FOR, YOU KNOW, A BIG REBOUND IN AD SPENDING NEXT YEAR. CAROLINE: THANK YOU SO MUCH AS WE LOOK
AHEAD TO THOSE BIG EARNINGS. AND A KEY DISCUSSION ABOUT A.I. MORE OF THAT TO COME FROM ALEXIS OHANIAN, CO-FOUNDER OF REDDIT. HE JUST SAT DOWN WITH OUR OWN ED LUDLOW. LISTEN TO IT. THIS IS "BLOOMBERG TECHNOLOGY." ♪ CAROLINE: TIME NOW WE’RE TALKING TECH NVIDIA DEVELOPED CHIPS TO PERSONAL COMPUTERS. INSLID GENTLEMAN PLANS TO MAKE
CPU’S WITH GPU’S. IT MAKES SIMILAR TECHNOLOGY FOR P.C.’S. AND REBELLION IS HOPING TO RAISE HUNDREDS OF MILLIONS IN SOUTH KOREA. REBELLIONS IS MORE OF SEVERAL PLAYERS TRYING TO CAPITALIZE THE RAPID APPEAL.
AND A GROUP OF BIPARTISAN SENATORS WILL DISCUSS HOW TO REGULATE THE A.I. LED BY LEADER CHUCK SCHUMER. AND INDEED THE BILLIONAIRE IS EXPECTED TO ATTEND. IT INCLUDED APPEARANCES FROM ELON MUSK, FOR EXAMPLE. ED:
LET’S STICK WITH THE ARTIFICIAL INTELLIGENCE CONVERSATION. EARLIER TODAY, I CAUGHT UP WITH ALEXIS OHANIAN THE CO-FOUNDER OF REDDIT AND FOUNDER OF 776. HOW HE’S THOUGHT ABOUT THE HYPE AROUND A.I. THIS YEAR. HAVE A LISTEN. ALEXI: THERE’S A LOT OF HYPE RIGHT NOW. I’VE BEEN INVESTIGATING THIS SPACE WHEN IT WAS NARROW COMPANIES.
SO THIS IS REALLY NOW A BIG BREAKTHROUGH, GENERALIZED A.I. IS A GIANT BUZZWORD BUT THERE IS SOME REAL SPECIAL TRUTH THERE. AND WE’RE LOOKING FOR COMPANIES THAT ARE USING THIS TECHNOLOGY TO ENHANCE THE USER EXPERIENCE. IT’S AS SIMPLE AS THAT AND WE’RE SEEING IT ACROSS THE PORTFOLIO FROM A.I. PRODUCED DUBBING TO SPORTS
MEDIA MANAGEMENT COMPANIES IT’S NOT ABOUT JUST THE BUZZWORD IT’S HOW YOU ARE IMPROVING USERS LIVES. ED: THE EXAMPLES OF SCORE PLAN, YOU SPLIT IT MAYBE INTO A TOOL AN A.I. TOOL AND THEN AN EXISTING TECHNOLOGY PLATFORM WHICH IS KIND OF IMPROVED OR ADDED TO USING A.I.
EXPLAIN WHY YOU INVESTED IN THEM. ALEXI: FOR SURE. I KNOW HOW IMPORTANT MEDIA MANAGEMENT IS. AND THIS PROCESS OF CAPTURING THE CLIPS THE PHOTOS OF EVERYTHING HAPPENING ON THE PITCH OR IN THE STANDS AND THEN, YOU KNOW, GETTING THOSE OUT TO THE ATHLETES THAT IS A TON OF WORK. AND SOFTWARES CAN MAKE THAT HAPPEN BUT NOW YOU LAYER IN A.I., IT DOES IT 10 TIMES FASTER. AND SO, ALL OF THAT STUFF CAN NOW BE OUT MATED AWAY AND OF SMALLER TEAMS CAN GET FAR MORE DONE. AND IT’S NOT REINVENTING A
WHOLE NEW TECHNOLOGY, IT’S LEVELING UP EXISTING SOFTWARE THAT ALREADY HAS DEEP RELATIONSHIPS WITH CUSTOMERS. SO THERE ARE GOING TO BE THESE TYPES OF COMPANIES THAT HAVE STRONG MOATS AND LOCK-IN THAT ARE GOING TO WIN. THERE’S GOING TO BE BIG WINNERS IN THIS SPACE AS WELL. YOU KNOW, I USE IT TO TELL BEDTIME STORIES MY DAUGHTER. SO YOU’RE SEEING THIS VERY
GENERALIZED, YOU KNOW, APPROACH FROM -- THAT’S GOING TO SOLVE A LOT OF PROBLEMS FOR PEOPLE AND AT LEAST RIGHT NOW, STRONG BUSINESS NEEDS AND, YOU KNOW, OFFERING IT ANY OTHER SUBSCRIPTION AS SERVICE BUSINESS. ED: IF YOU DO BUG SAM, I REPORTED LAST WEEK THAT THERE’S A TENDER OFFER UNDERWAY AND IT’S A PRETTY BIG BLOCKS OF SHARES ON THE SECONDARIES MARKET. ALEXIS: YES. ED: THAT VALUE OPEN A.I. 86, $90 BILLION. MORE THAN $100 BILLION IN SOME OF THE PERSPECTIVES I’VE SEEN. IS THAT A WAY FOR YOU TO GET IN? ALEXIS: I’M SUCH AN EARLY INFER, I WANT TO BE THERE AT THE POINT OF INCEPTION. AT THIS STAGE, I STILL THINK THERE’S VALUE BUT IT’S NOT -- IT’S ABOVE MY PAY GRADE.
I ENJOY BEING SUPER EARLY AND RIGHT. BUT, YOU KNOW, IT’S STILL -- IT’S GOING TO CONTINUE TO SURPRISE US WHAT THESE TECHNOLOGIES ARE ABLE DO. AND I DO THINK THE SKY IS THE LIMIT. AND I’VE KNOWN SAM BACK IN 2005. AND ONE THING HE HAS NEVER
LACKED IS AMBITION. AND SO, IF THERE’S ANYONE WHO CAN TURN THIS INTO, YOU KNOW, WHAT ALL THE HYPE IS ABOUT, IT WOULD BE HIM. ED: SO A BIG EMPHASIS THERE ON ARTIFICIAL INTELLIGENCE. ALEXIS OHANIAN, 776, FOUNDER, CO-FOUNDER OF REDDIT. WHAT WAS SO INTERESTING WAS
ALEX JUST CAME BACK FROM A SHORT BREAK. HE JUST HAD SO MUCH TO SAY ABOUT SO MANY DIFFERENT THINGS WE HAD TO PUT THE FULL INTERVIEW ON BLOOMBERG.COM AND YOU CAN GO AND CHECK IT OUT. WE’RE TALKING ABOUT HIS INVESTMENTS IN BITCOIN, OTHER SPACES HE’S INVESTED IN, WHAT HE THINKS ON REDDIT. IT WAS QUITE A WAY TO START A TUESDAY MORNING. CAROLINE: YEAH. AND ALSO ENHANCING PATERNITY LEAVE AND THAT’S JUST WHERE HE’S BEEN CELEBRATING THE SECOND CHILDBIRTH. BUT MEANWHILE, LIKE YOU JUST
SAID, HE’S REALLY HAS BEEN SOMEWHAT ASSOCIATED WITH WEB THREE. BECAUSE BITCOIN IS ON A BIT OF A TEAM. OVER THE LAST FIVE DAYS, UP 18%. IT HIT ABOUT $35,000. WE WILL DISCUSS WHY IN A MOMENT. THIS IS "BLOOMBERG TECHNOLOGY." ♪ >> I HAVE BEEN IN CRYPTO FOR OVER A DET DECADE.
AND NONE OF THEM FAZE ME. THEY’RE ALL HEALTHY BECAUSE THEY SORT OF CLEAR OUT THE TOURISTS AND THE GRIFTERS. AND EVERY SECTOR IN EVERY INDUSTRY.
AND I THINK HERE, WE’RE SEEING A RESPONSE TO MY GUESS, A SORT OF BROADER MACRO AND GLOBAL UNCERTAINTY AND WHAT’S WILD IS I KNOW FOR SOME VIEWERS, IT MAY SEEM A LITTLE SURPRISING THAT PEOPLE WOULD FIND SAFETY IN A VOLATILE CRYPTO CURRENCY LIKE BITCOIN BUT THE FACT THAT IT IS TRULY DECENTRALIZED AND THE FACT THAT IT IS BACKED BY CONVICTION, YOU KNOW, TO ME, BITCOIN HAS NEVER FELT REALLY ALL THAT DIFFERENT FROM GOLD. CAROLINE: IT’S ALL BASED ON FRESH DEMANDS. SOME OF THEM FOR RESILIENCE AND CONFLICT AND WE THINK AN ETF WILL BE SIGNED OFF SOON.
LET’S TALK ABOUT IT. THE ETF EXPOSURE AND THE ABILITY TO INVEST. IS THAT REALLY WHAT’S BEHIND THIS $35,000 POP? >> IT COULD BE. AND IT ABSOLUTELY COULD BE.
THE SPECULATION THAT THAT’S HAPPENING AND IT ALSO COULD BE THE ECONOMIC UNCERTAINTY AS THE PREVIOUS GUEST WAS TALKING ABOUT THAT IS DRIVING PEOPLE INTO BITCOIN BECAUSE IT IS POTENTIALLY A MORE STABLE ASSET OVER TIME. I PERSONALLY THINK THAT THE BITCOIN PRICE ACTION IS THE LEAST INTERESTING ASPECT OF BITCOIN. AND IT WILL HAVE MORE MUCH PROFOUND IMPACT ON OUR DAILY LIVES. ED: AMY, THIS IS WHY I’M SO EXCITED TO HAVE YOU ON THE PROGRAM. YOU CAN SEE IT AS BITCOIN AS A CURRENCY AND THE BLOCKCHAIN TECHNOLOGY, WHAT MAKES IT SECURE, IF BITCOIN HAS THIS UP TOWARD TRAJECTORY, $35,000 NOW.
SONNY SING WAS ON TALKING ABOUT ABOVE $100,000 AT SOME POINT NEXT YEAR. DOES THAT HELP THE TECHNOLOGY BECOME ACCEPTED AND UTILIZED IN SOCIETIES AROUND THE WORLD? >> THAT’S ABSOLUTELY RIGHT. EVERY TIME WE HAVE A BULL RUN, MORE AND MORE PEOPLE FIND OUT ABOUT THE TECHNOLOGY. IT’S THE PRICE ACTION THAT GETS PEOPLE DRAWN IN. BUT ONCE THEY COME INTO THE SPACE, THEY LEARN ABOUT THE TECHNOLOGY THAT REALLY HAS THE POTENTIAL TO RESHAPE THE FOUNDATION OF THE INTERNET AND RETURN IT TO ITS ORIGINAL VISION OF BEING A FREE AND FAIR MARKETPLACE FOR IDEAS AS THEY SAY, BEAR MARKETS ARE FOR BUILDERS AND WE HAVE BEEN IN A BEAR MARKET IN MAY OF LAST YEAR. AND DURING THAT TIME, A
TREMENDOUS AMOUNT OF BUILDING HAS HAPPENED AND NOW, I WOULD SAY THAT DEEP END SECTOR OF THE CRYPTO SPACE IS POISED TO BE SORT OF THE BREAKOUT HIT OF THIS NEXT BULL RUN. SIMILAR TO N.F.T.’S AND STABLE COINS IN PREVIOUS RUNS. CAROLINE: OH, BOY, ANOTHER ACRONYM. TALK TO US AB ABIGAIL DOOLITTLE IT. IT FEELS A -- IT FEELS MORE TANGIBLE. WHAT IS IT THAT YOU’RE BUILDING, AMY? AMY:
THAT’S RIGHT. I LIKE TO CALL THEM THE PLUMBING OF THE WEB. SO JUST AS WE RELY ON WATER FLOWING FROM OUR TAP, WE RELY ON THESE NETWORKS THAT -- FOR THE THINGS THAT WE DO EVERY DAY. THE THINGS THAT ALLOW US TO BE ON THIS VIDEO CALLED TOGETHER FOR YOU TO BROADCAST YOUR SHOW TO THE WORLD, THINGS LIKE VIDEO TRANSCODING WITH NETWORKS LIKE LIVE PEER AND FILE NETWORKS LIKE OUR WEAVE AND FILE COIN. AND THEN ALSO FOR THINGS LIKE GPU RENTALS AND I’M SURE YOU KNOW. GPU’S HAVE BEEN A REALLY CONSTRAINED PRODUCT BECAUSE OF SUPPLY ISSUES. AND SO, BUILDERS HAVE HAD A
HARD TIME GETTING THEIR HANDS ON THEM TO TRAIN THEIR A.I. MODELS AND MARKETPLACES ARE MAKING THOSE AVAILABLE ON A RENTAL SORT OF BASIS SO THAT THEY CAN USE THEM WHEN THEY NEED THEM WITHOUT HAVING TO OUTLAY A TREMENDOUS AMOUNT OF CASH TO PURCHASE THEM AND REALLY HAVING TO HELP OVERCOME THOSE SUPPLY ISSUES. SO, THESE NETWORKS ARE GOING TO RETURN THE WEB TO ITS DECENTRALIZED SHAPE. WHAT WE’VE SEEN OVER THE ERAS OF WEB ONE, WEB TWO AND WEB THREE IS A CHANGE FROM A DECENTRALIZED STRUCTURE IN THE VERY BEGINNING OF THE WEB IN WEB ONE WHEN EVERYBODY RAN IT ON THEIR OWN COMPUTERS. AND THEN IT BECAME CENTRALIZED AS WE ENTER THIS BIG TECH ERA. AND WEB THREE -- ED:
AMY, REALLY QUICK, BEFORE WE RUN OUT OF TIME HERE VERY QUICKLY, JUST ON WHAT YOU SAID. IS THE UNITED STATES A GOOD PLACE FOR THIS DREAM TO BECOME REALIZED AS REGULATORY JURISDICTION? VERY QUICK. AMY: SO OUR HOPE IS THAT IT WILL BE. RIGHT NOW, IT IS VERY PRECARIOUS AND I THINK THAT THE INDUSTRY FEELS VERY NERVOUS ABOUT WHAT WILL HAPPEN. WE HAVE SOME GREAT CHAMPIONS IN THE LEGISLATURE WHO ARE HELPING TO MOVE THAT FORWARD AND WE WISH THEM THE BEST AND HOPE THAT THEY ARE SUCCESSFUL BECAUSE IF NOT, WE DO FACE THE REALLY SERIOUS DANGER OF LOSING THE TECH INDUSTRY HERE IN THE U.S. ED: ALL RIGHT, AMY JAMES OF THE WEB3 WORKING GROUP HERE, THANK YOU. WE’RE GOING TO TALK ALL THINGS IOWA A.I.
HEAR ONE OF THE CO-FOUNDERS ON IMPLEMENTING SAFEGUARDS FOR THE TECHNOLOGY. THAT’S ALL COMING UP NEXT. THIS IS "BLOOMBERG TECHNOLOGY." ♪ CAROLINE: WELCOME BACK TO "BLOOMBERG TECHNOLOGY." ED: IT IS A BIG WEEK FOR EARNINGS.
THE NASDAQ 100 HAS CUT DOWN SOME OF THE GAIN THAT WE’VE SEEN. WE STARTED TUESDAY ON RISK ON MODE EARNINGS IS ONE OF THE BIG STORIES. AFTER THE BELL, YOU HAVE MICROSOFT AND ALPHABET, THE PARENT OF GOOGLE. WEDNESDAY, WE GET META. NEXT WEEK, APPLE. THOSE BIG NAMES HAVE A REAL IMPACTEN THE LEVELS. AND SO THAT’S WHAT WE’RE BRACING FOR. SO MANY STORIES WITHIN THAT
CAROLINE, BUT I THINK YOU WOULD AGREE THAT THIS THIRD QUARTER EARNING SEASON, ARTIFICIAL INTELLIGENCE WHAT IS WE’RE GOING TO LOOK FOR. CAROLINE: AND HOW MANY HUNDREDS OF TIMES IS IT GOING TO BE CITED? IT HAS BEEN FRONT AND CENTER. RIGHT HERE IN LONDON, AND WE WERE HEARING FROM JERRY KAPLAN WHO WEIGHED IN ON HOW ANTHROPIC HAS MADE A COMMITMENT TO HOLD ITSELF ACCOUNTABLE.
>> WE’RE EXCITED TO HAVE STARTED ANTHROPIC IS WE THINK THAT THERE SHOULD BE A RACE TO THE TOP ON SAFER A.I., MORE ETHICAL A.I. AND IN PREPARATION FOR THE FACT THAT WE BELIEVE THERE WILL BE MORE POWERFUL ASSISTANCE ON THE -- SYSTEMS ON THE HORIZON. THE GOAL IS FOR THERE TO BE
COMPETITION IN THE DIRECTION OF SAFER AND MORE RELIABLE SYSTEM. SO AS -- TO SORT OF MAKE THAT CONCRETE, WE RECENTLY MADE A SET OF COMMITMENTS, A RESPONSIBLE SCALING POLICY, RESPONSIBLE SCALING COMMITMENTS ABOUT BASICALLY STANDARDS THAT WILL HOLD -- WE’LL HOLD OURSELVES TO AS WE BUILD MORE POWERFUL SYSTEMS. SO THE CURRENT SYSTEMS THAT WE HAVE NOW, WE HAVE INFORMATION SECURITY, WE HAVE CONSTITUTIONAL A.I. WE THINK THAT’S SUFFICIENT BUT
WE’RE IMAGINING SYSTEMS THAT ARE ABLE TO OPERATE AUTO ON MOUSILY ON NEW COMPUTERS ALL ON ITS OWN. WE IF YOU TAKE THAT A STEP FURTHER, ADDITIONAL EQUIPMENTS COULD BE USED FOR HECKLING. SO WE’RE CONCERNED ABOUT THOSE POTENTS AND EVEN MORE SPECULATIVE POSSIBILITIES OVER THE NEXT FEW YEARS. AND SO WE MADE A SET OF COMMITMENTS ABOUT THIS SORT OF INFORMATION SECURITY AND THE LEVEL OF SAFETY AND ROBUSTNESS TO WHAT’S CALLED RED TEAMING WHERE PEOPLE TRY TO BREAK THESE MODELS TO GET THEM TO VIOLATE THEIR PRINCIPLES AND DO SOMETHING BAD. CAROLINE: JOEY KAPLAN THERE OF ANTHROPIC. TALKING WITH BRAD STONE.
LET’S KEEP TALKING ABOUT ARTIFICIAL INTELLIGENCE. VERY PLEASED TO SAY SYNTHESIA C.E.O. IS WITH US. VICTOR, GREAT. CONGRATULATIONS. WONDERFUL TO SEE YOU REALLY WANT BE WATCHING. HOW MUCH DO YOU THINK THIS CONVERSATION AROUND, WELL, THE DIRECTION OF TRAVEL GUARDRAILS HAS CHANGE SINCE YOU WERE FIRST BUILDING THIS COMPANY? >> I THINK WHAT WE’VE SEEN, WE’VE BEEN BUILDING FOR ALMOST SEVEN YEARS. AND THE A.I. HAS ALWAYS BEEN A TOPIC FOR THE TECH INDUSTRY, OF COURSE. THIS IS LIKE NEW TECHNOLOGY.
IT JUST HAD ITS MOMENTS WHERE THE WORLD WOKE UP TO THE FACT THAT HOW MUCH THEY’RE GOING TO A PART OF EVERYTHING IN OUR LIVES. THE TECH FREQUENCY MOMENT, REALLY JUST GAVE US A VERSION OF THIS TECHNOLOGY. IT IS INCREDIBLY ACCESSIBLE. EVERYONE WANT E-MAIL ADDRESS
CAN SIGN UP TO SEE ALL THE THINGS IT CAN DO BUT ALSO DISCOVER SOME OF THE PIT FALLS OF THESE TECHNOLOGIES. CAROLINE: SYNTHESIA HAS CAPTURED THE ATTENTION OF A LOT OF CLIENTS. YOU’RE IN 47% OF FORTUNE 100 COMPANIES. HUNDREDS, THOUSANDS, IF NOT DEPLOYING YOUR VIDEOS. WHY? WHAT ARE THEY DOING TO USE YOUR TECH IN PARTICULAR? HHOW ARE THEY WORKING WITH IT? >> PEOPLE WANT TO WATCH AND LISTEN TO CONTENT THEY DON’T WANT TO READ THAT MUCH ANYMORE. AND FOR THOSE PEOPLE IN THE PRIVATE LIVES, THEY SPEND A LOT OF TIME ON YOUTUBE, TIKTOK.
READING IS ON THE DECLINE NO MATTER IF YOU LIKE THAT OR NOT. IN THE CORPORATE SECTOR, IT IS VERY DIFFICULT TO PRODUCE AUDIO AND VIDEO CONTENT. IF YOU COMPARE THE PRODUCTION PROCESS TO WRITE A WORK DOCUMENT, IT’S VERY, VERY DIFFICULT. WHAT WE OFFER IS AN ALTERNATIVE TO TRADITIONAL VIDEO PRODUCTION WHERE YOU JUST LIKE YOU WOULD MAKE A POWER POINT SELECTION, YOU TYPE OUT THE SCRIPT, YOU MAKE THESE SIMPLE VIDEOS. AND FOR THE ENTERPRISE, NOW THEY CAN TRAIN THEIR EMPLOYEES OR THEIR CUSTOMERS WAY BETTER THAN THEY DID BEFORE. SO THE INFORMATION IS FROM EIGHT TO 10 TIMES AS HIGH AS WE READ SOMETHING IN TECH.
THAT IS THE UTILITY THAT OUR CUSTOMERS GET OUT OF USING SYNTHESIA. ED: VICTOR, THANK YOU FOR EXPLAINING HOW THE TECHNOLOGY WORKS. ONE OF THE STORIES IS IN THE CONTEXT OF THE ISRAEL-HAMAS WAR AND VIDEO CONTENT IN CIRCULATION OF SOCIAL MEDIA PLATFORMS THAT PURPORTS TO BE ONE THING, BUT IN REALITY IS NOT THAT THING. IT IS FAKE OR FALSE, IN SOME CASES, VIDEOGAME VIDEO WHICH IS CLAIMED TO BE WHAT IS HAPPENING ON THE GROUND. WHAT IS SYNTHESIA DOING TO MAKE
SURE THAT VIDEO CONTENT GENERATED THROUGH THE PLATFORM IS NOT SHARED IN SUCH A WAY THAT IS NOT USED BY BAD ACTORS TO SHARE FALSE INFORMATION? >> WE FOUND THE COMPANY AROUND CONCERN, CONTROL AND COLLABORATION OR THE THREE C’S AS WE CALL THEM. IT IS ANY AVATAR ALIKE DONE WITH FULL CONSENT FROM WHOEVER’S LIKENESS. AND WE HAVE VERY STRICK POLICIES IN PLACE FOR WHAT KIND OF CONTENT YOU ALLOW AND WHAT KIND OF CONTENT YOU’RE NOT ALLOWED TO CREATE AND WE MONITOR THAT. AND FOR EXAMPLE, IF YOU’RE
CREATING NEWS-LIKE CONTENT ON CURRENT EVENT, THAT’S ONLY ALLOWED IF YOU’RE ON THE ENTERPRISE PLAN WHICH MEANS WE KNOW WHO YOU ARE AND WE KNOW THAT YOU HAVE A GOOD REPUTATION AND MOST LIKELY A WELL-KNOWN VIDEO COMPANY. SO WE HAVE A LOT OF SAFEGUARDS IN PLACE TO MAKE SURE THAT THE TECHNOLOGY IS NOT MISUSED. OURS IS AROUND THE A.I. AVATARS, TALKING TO THE CAMERAS, WHEREAS WHAT WE SEE HERE RIGHT NOW IS AN INVOLVEMENT OF SOME OF THE DISINFORMATION TACTICS THAT’S BEEN DEPLOYED THE LAST 10, 20 YEARS WHERE YOU TAKE A VIDEO, AN EXPLOSION, FOR EXAMPLE, THAT COULD HAPPEN FIVE YEARS AGO. NOW WE GET A POINT THAT COMPUTER GRAPHICS IS GOOD ENOUGH TO FOOL PEOPLE INTO THINKING THAT SOMETHING IS HAPPENING IN REAL LIFE. I THINK THE ULTIMATE SOLUTION TO IS THIS AROUND FINGER-POINTING KEN -- FINGERPRINTING CONTENT SO WE CAN BUILDING TO BUILD A PROVIDENCE CHAIN OF WHERE CONTENT CAME FROM WHO CREATED IT AND WATCH THE ORIGINAL UNEDITED VERSION OF IT. BUT WE’RE WORKING ON IT WITH
ADOBE AND GOOGLE AND I HAVE A LOT OF OPTIMISM THAT THIS TECHNOLOGY WILL BE A PART THE MEDIA LANDSCAPE WITHIN THE NEXT COUPLE OF YEARS. CAROLINE: FASCINATING. SYNTHESIA, C.E.O. THERE. U.K.-BASED START-UP. WE’VE BEEN FOCUSING A LOT ON THOSE THAT ARE CURRENT I WILL BEING BUILT IN THE CAPITAL OF THE U.K. ED: YEAH, IT’S SO IMPORTANT TO HAVE
YOU ON THE GROUND IN LONDON. MORE FROM THE "BLOOMBERG TECHNOLOGY" SUMMIT. THAT’S NEXT. THIS IS "BLOOMBERG TECHNOLOGY." ♪ >> WE ALSO AVOIDED THE OVERHYPE. SO I GET ASKED ALL THE TIME. HOW MUCH ARE YOU INVESTING IN A.I. AND IS IT FOR THE A.I.? WE DO INVEST A LOT IN A.I. BUT WE NEVER SAW IT AS AN A.I. ONLY COMPANY. WE ARE FOCUS ODD ON THE PROBLEM
AND OUR APPROACH TO RUNNING THE BUSINESS THAT’S THE SECOND PART OF WHY WE’VE BEEN SUCCESSFUL. BENEFIT ALL OF US. ♪ >> OUR SYSTEMS ARE DELICATELY BALANCED, BUT THEY’RE UNDER THREAT FROM OUR ACTIONS. IT WILL ALLOW BUSINESSES TO OPT FOR MORE SUSTAINABLE PRACTICES. WITH SO MANY DATA POINTS, THAT’S BEEN EASIER SAID THAN DONE.
>> IT’S A GLOBAL TECHNOLOGY COMPANY. WE MAKE DIVERSITY MEASURABLE BY ANALYZING THE TRACES OF D.N.A. THAT ALL ORGANIZATIONS LIVE. THE PROCESS WORKS BY LITERALLY TAKING WATER IN A SYRINGE AND PUSHING IT THROUGH A FILTER LIKE THIS AND IT CAPTURES ALL OF THE D.N.A. AND THE WATER COMES OUT THE OTHER SIDE.
AND THEN THIS IS SENT TO OUR LABS FOR ANALYSIS. SO IT’S SOMETHING THAT, YOU KNOW, LITERALLY ANYBODY ANYWHERE THE WORLD CAN DO. YES, I GOT SOME STRANGE LOOKS WHEN I WENT TO INVESTORS AND SAID I’M GOING TO REVOLUTIONIZE THE SAIL ANDS THEY WENT WHAT? WHO’S GOING TO PAY FOR THAT? IT’S NOT IMPORTANT ENOUGH FOR ANYONE WITH MONEY.
BUT THAT WAS WRONG BECAUSE THERE WAS A ALREADY MARKET, PARTICULARLY IN COMPANIES THAT WERE DOING ENVIRONMENTAL IMPACT ASSESSMENTS. ESPECIALLY IF YOU’RE A SCIENTIST, YOU CAN OFTEN FEEL LIKE IT’S GOT TO BE READY TO WRITE A PH.D. PAPER OR OR YOU’VE TESTED IT HAVE A TIMES AND YOU HAVE TO TAKE A DIFFERENT APPROACH IN BUSINESS. CAROLINE: LET’S STICK WITH START-UPS HERE IN EUROPE. THERE’S ONE THAT’S BEEN A KEY EXIT FOR THE TECHS SEEN HERE IN THE U.K. AND WE WERE DISCUSSING IT. DELIVERYOO.
IT IS FIELDING 10,000 JOB APPLICATIONS A WEEK IN THE UNITED KINGDOM. TAKE A LISTEN. >> WE’RE STILL ABOVE WHERE WE WERE PRE-COVID-19. BUT WHAT HAPPENED IS AS COVID UNWOUND, WE WERE HIT WITH AN EXTREMELY HIGH INFLATION ON THE FOOD SIDE. SO SOME OF OUR MARKETS, YOU’VE HAD FOOD INFLATION, THREE X THAT OF WAGE INFLATION. NOW SOME OF THAT’S SUBSIDED AND
OF IN YOU LOOK AT THAT FOR MANY PEOPLE WHO WAS I THINK A REGULAR PURCHASE SORT OF BECAME DISCRETIONARY. >> YEAH. >> BUT FOR PEOPLE WHO MAYBE ARE IN LONDON OR IN MORE AFFLUENT AREAS, IT’S PERSISTENT. SO WHAT REALLY WE’VE SEEN IS AS
INFLATION HAS SLOWED DOWN FOR FOOD, WE’RE STARTING TO SEE MORE AND MORE RECOVERY WHICH IS GOOD BUT IT’S TOUGH WHEN IT’S 3-X. >> YOU WILL SEE IMPROVEMENTS. YOU’VE MADE CHANGES TO THE APP. >> YEAH. >> LIKE WHAT? >> WELL, THE BIG ONE’S GROCERY, RIGHT? IT’S OVER 11% OF HURRY BUSINESS NOW. WE BUILT THAT OVER THREE TO FOUR YEARS FROM A STANDING START. HAVE A THAT’S BEEN REALLY GREAT. WE’VE BUILT SOME STORES CALLED
HOP WHICH IS A COMPLEMENT TO OUR GROCERY BUSINESS. BUT I THINK THE THING I’M PROBABLY MOST PROUD OF IN THE LAST 12 MONTHS IS JUST THE SERIES OF REALLY SORT OF -- I CALL THE INCREMENT. IMPROVEMENTS TO OUR SERVICE RELIABILITY. SO, FOR EXAMPLE, A BETTER NEW
USER ADDRESS FLOW OR FOR EXAMPLE, A BETTER HANOVER WHEN THE RIDER SHOWS UP TO REALLY MINIMIZE -- >> LIKE A CODE. >> YEAH, TO MINIMIZE THESE SORT OF LIKE ERRORS THAT CAN HAPPEN. AND THE CUMULATIVE IMPACT OF THOSE ARE VERY, VERY LARGE AND THE COLLECTIVE CREATIVITY IT TAKES TO DO ALL OF THOSE THINGS TO ME IS AS IMPORTANT AS THE SHINY NEW THING LIKE, YOU KNOW, GROCERY OR ROLLING OUT PHARMACY. >> THE SHINY NEW THING ON EVERYONE’S POLYPS WHICH IS A.I.
IF >> I DON’T KNOW IF I CAN GO THAT FAR BUT YEAH, I MEAN IT’S DEFINITELY A QUESTION WE GET ASKED A LOT ABOUT. AND WE’VE BEEN DEFINITELY UTILIZING GEN A.I. >> IN WHAT WAY? >> WE HAVE A RECOMMENDATION GENERATION. LIKE YOU CAN TYPE IN IT WANT A HEALTHY MEXICAN MEAL OR WITHIN THIS CALORIC RANGE. IT DOESN’T ALWAYS WORK IF I’M
HONEST BUT IT GIVES YOU -- >> IT’S REITERATING. >> IT COMES BACK WITH WHAT ARE INCREASINGLY BETTER AND BETTER RECOGNITIONS. THAT’S -- RECOMMENDATIONS. AND ON THE CUSTOMER CARE SIDE, WE’VE DONE A LOT OF REALLY COOL THINGS WHERE GEN A.I. WILL SUMMARIZE THE LAST 10 INTERACTIONS WITH THE CUSTOMER AND TELL THE AGENT DO WE THINK THIS CUSTOMER IS HAPPY WITHOUT HAVING TO LOOK ALL THE STUFF UP YOURSELF. SOMETHING LIKE THAT’S BEEN REALLY, REALLY POWERFUL. CAROLINE:
WILL ABSOLUTE, DELIVEROO TAKEOUT THERE. THE LARGEST DIGITAL BANKS IN THE U.K. MONTHSO WANTS TO BE A ONE-STOP SHOP. THE KEY APP TO ENTIRE THEIR FINANCIAL LIVES. WE’RE NOW VERY PLEASED TO WELCOME FROM THE COMPANY, THE C.E.O. THANKS FOR JOINING US.
PEOPLE IN THE U.K. REALIZING YOU DON’T NEED TO BE WEALTHY TO INVEST. HOW MUCH OF A CULTURAL SHIFT IS THAT? >> IT’S MONEY CAUSES A LOT OF ANXIETY. THAT IS A COMMONALITY. YOU DON’T HAVE TO BE WEALTHY OR POOR. THAT IS ONE OF THE BIGGEST BARRIERS. YOU CAN CHANGE THE WORLD
THROUGH MONEY, EDUCATION AND HEALTH CARE. SO MONEY IS DEFINITELY THE COMMON THREAD. WHEN WE LAUNCH OUR PRODUCTS, 70% OF PEOPLE IN THE U.K. DID NOT KNOW WHERE TO FIND TO TO FIND SOMETHING EASY AND 60% SAID THAT THEY DIDN’T HAVE ENOUGH MONEY TO GET STARTED IN INVESTING. HOW ARE YOU GOING TO LEARN THE MUSCLES AND LEARN THE HABITS TO BE ABLE TO HELP YOU GROW YOUR MONEY IF YOU DON’T GET ACCESS TO IT AND HAVE SOMEONE THERE TO HELP YOU LEARN? >> WHAT HAS BEEN THE RECIPE, DO YOU THINK, OF MONZO’S SCALE IN THE U.K.? WHAT HAS MONZO BEEN ABLE TO OFFER OTHER THAN YOU CAME FROM NYMEX, THE C.E.O.
WHO CAME FROM VISA OR OTHER AGE-OLD FINANCIAL INSTITUTIONS. WHAT HAS THIS TECH BEEN DOING DIFFERENTLY? >> WE HAVE QUITE A VERY DIFFERENT BUSINESS MODEL THAN MOST. WE HAVE 8.4 MILLION CUSTOMERS, 300,000 SMALL BUSINESSES AND GROWING AND THAT GROWTH MOMENTUM IS ACCELERATING. SO THERE’S AN INCREDIBLY STRONG CUSTOMER ADVOCACY THERE.
WE’RE KNOWN FOR OUR CARD. SOME OF OUR UNIQUENESS STARTS WITH THE FACT THAT WE BUILD REALLY INTUITIVE PRODUCTS AND WE BUILD THEM FOR OUR CUSTOMERS. IN THE VERY EARLY DAYS, WE INVITED CUSTOMERS INTO OUR OFFICES AND THEY WERE ABLE TO TELL US WHAT THEY WANTED AND WE BUILT WITH THEM.
EVEN NOW AT ALL THE CUSTOMERS, WE ARE STILL TALKING TO THEM. WE HAVE MORE CONNECTION POINT IN ALMOST ANY OTHER COMPANY. A SINGLE PRODUCT MIGHT HAVE 500 POINTS OF FEEDBACK IN A SINGLE MONTH. SO WE’RE HEARING FROM THEM AND WE’RE ACTING ON THEM. THERE’S THE PRODUCTS THAT WE
BUILD WE ALSO OWN OUR OWN TECHS AND THAT’S INDUSTRY LEADING. THAT MEANS THAT WE CAN BE BOTH RESILIENT AND IMPORTANT AND BE ABLE TO BE NIMBLE AND CREATE INVENTIVE THINGS THAT NOBODY ELSE HAS DONE BEFORE AND WE’RE NOT SHARING OUR MARGINS WITH A LOT OF OTHER SUPPLIERS. ED: YOU HEARD THE DELIVERY C.E.O. THERE TALK ABOUT INFLATION. WE’RE VERY CONSCIOUS ABOUT THE JOBS MARKET IN THE U.K. INTEREST RATES, ALL THESE FUN THINGS. BUT YOU TALK ABOUT BEING NIMBLE AND I WONDERED IF MONZO THRIVES IN THIS ENVIRONMENT WHEN THE CONSUMER HAS TO MAKE REALLY PROACTIVE DECISIONS ABOUT MONEY.
>> THAT’S A GREAT QUESTION. I THINK WE’RE BUILT FOR KIND OF ALL STAGES OF FINANCE BUT WE REALLY COME INTO OUR OWN RIGHT NOW. SO IF YOU THINK ABOUT IT, WE’RE ABLE TO GIVE YOU WHETHER IT’S A SIMPLE SAVINGS CHALLENGE OR HELPING YOU OPEN A POT TO BE ABLE TO SET GOALS, WE LAUNCHED AN INSANT ACCESS PRODUCT WITH NO BARRIERS TO ENTRY, NO LOCK-UP PERIODS. WE LAUNCHED A HOME OWNERSHIP SOLUTION TO ALLOW PEOPLE TO GET VISIBILITY OF THEIR MORTGAGE WITHIN OUR MONZO PRODUCT. AND THAT ALLOWS THEM TO THINK ABOUT WE CAN HELP THEM GIVE NONETHELESS ON WHAT’S THE RIGHT LOAN-TO-RATIO AND IN TERMS OF PAYING IT DOWN OVERTIME? YOU MIGHT SAY THIS IS THE WRONG TIME TO LAUNCH INVESTMENT PRODUCTS BUT PEOPLE ARE SAYING THIS COST OF LIVING CRISIS IS MAKING THEM THINK ABOUT INVESTING MORE THAN EVER.
SO WENT TO HELP THEM BUILD THAT MUSCLE. CAROLINE: THANK YOU FOR JOINING US. >> THANK YOU. CAROLINE: THE MONZO COO. ED: COMING UP ON THE SHOW, BREAKING NEWS THIS MORNING. META SUED BY CALIFORNIA AND OTHER STATES.
ATTORNEYS GENERAL OVER HARMFUL YOUTH MARKETING. WE’LL HAVE THAT DISCUSSION NEXT. THIS IS "BLOOMBERG TECHNOLOGY." ED: META WAS SUED BY CALIFORNIA IN A GROUP OF MORE THAN 30 STATES THAT GRAHAM AND FACEBOOK EXPLOIT YOUTHS FOR PROFIT AND FEED THEM HARMFUL CONTENT. THIS IS A CANADIAN THAT FACES A LOT OF LITIGATION AT THE MOMENT. CAROLINE: AND INDEED. SO TO DO THE PARENT COMPANY OF YOUTUBE, SO TOO IS TIKTOK AND IS NOTABLE THAT META REACTED BY THEY SHARAPOVAED THE COMMITMENT WITH SAFE AND POSITIVE EXPERIENCES ONLINE.
BUT THEY SUPPORT TOOLS AND THEIR FAMILIES. SO IT’S NOTABLE THAT THESE ATTORNEYS GENERAL ARE BEING PUSHED BACK BY META. IT WOULD BE INTERESTING THEY COMMENT ABOUT THE EARNINGS ON THE 25TH. ED: YEAH.
AND WE STICK WITH THAT STORY IN 24 HOUR’S TIME. CAROLINE: THAT DOES IT FOR THIS EDITION OF "BLOOMBERG TECHNOLOGY." ED: DON’T FORGET. CHECK OUT THE PODCAST. THANK YOU SO MUCH TO LISTENING.
2023-10-26