Lyft's First Investor Day and GameStop's Slump | Bloomberg Technology
>> THIS IS BLOOMBERG TECHNOLOGY WITH CAROLINE HYDE AND ED LUDLOW. CAROLINE: I AM CAROLINE HYDE AT BLOOMBERG WORLD HEADQUARTERS IN NEW YORK. ED: AND I AM ED LUDLOW IN SAN FRANCISCO. CAROLINE: WE SIT DOWN WITH THE CEO OF LYFT AS THE COMPANY HOLDS ITS FIRST EVER INVESTOR DAY. ED: AND WE TAKE A LOOK AT GAMESTOP AS ROARING KITTY GOES LIVE WITH AN ANNOUNCEMENT. CAROLINE: AND WE PUSH AHEAD TO THE APPLE DEVELOPER CONFERENCE WITH A FOCUS ON ARTIFICIAL INTELLIGENCE.
LET'S LOOK AT MARKETS. TODAY IS A MACRO DATE. IT IS A NONFARM PAYROLLS DAY. SOME RESILIENT IN BENCHMARKS WHEN IT COMES TO EQUITIES. WE ARE DOWN 12 POINTS. 272,000 JOBS ADDED. THE BOND MARKET FEELS THE PAID. THE LABOR MARKET IS TOO GOOD AND THE FED CANNOT CUT AND WE UP 13 BASIS POINTS. WE ARE SEEING THE DOLLAR INDEX
HIGHER. IT IS NOTABLE THAT EVEN THOUGH THE DOLLAR IS HIGHER BID POINT IS SHOWING A RISK ON ATTITUDE. LET'S SEE WHAT BITCOIN HAS BEEN DOING. WE ARE NEAR RECORD HIGHS AND UP 67%. 71,300, JUST SHY OF THE 73,000 RECORD WE HAVE SEEN PREVIOUSLY. 18 STRAIGHT DAYS OF INCREASES IN BITCOIN AND WE ARE SEEING THE MONEY MOVING INTO THE BITCOIN ETF.
STILL WATCHING CRYPTO. WHAT ARE YOU WATCHING ON THE MICRO? ED: GAMESTOP. I WANT THIS TO BE A BEAUTIFUL STORY ABOUT A COMPANY THAT SELLS VIDEO GAMES BUT IT IS NOT. THE STOCK IS DOWN 25%. THEY UNEXPECTEDLY ANNOUNCED EARNINGS AND SAID THEY WOULD SELL AN ADDITIONAL $75 MILLION SHARES. IT HAS BEEN A WILD RIDE AND IT
CENTERS AROUND ROARING KITTY, A.K.A. KEITH GILL, WHO IS DUE TO GO LIVE AND SPEAK AT MIDDAY EASTERN TIME. IT IS IMPORTANT TO SAY I HAVE NOT GOT A SCOOBY DOO WHAT PEOPLE SAY OR WHAT IT WILL BE ABOUT. THERE IS A LOT OF HYPOTHESIS ABOUT HIS POSITION STOP WE WILL TRY OUR BEST TO KEEP YOU POSTED. OTHER THINGS WE ARE WATCHING. A LOT OF IT IS TO DO WITH NEXT
WEEK. LYFT COMING UP SOON. INVESTOR DAY, A LOT OF NUMBERS. A LOT OF QUESTIONS ABOUT THE FUTURE OF RIDESHARE IN A WORLD WHERE ROBOTAXI IS KING. APPLE WWDC ON MONDAY. MARK GURMAN SAYS WE WILL BE TOLD SOMETHING ABOUT APPLE INTELLIGENCE. FINALLY TESLA UP .2%. INVESTOR DAY NEXT THURSDAY. I WILL BE ON A BEACH IN THE MEDITERRANEAN. IT IS A BIG ONE AND A BIG VOTE ON COMPENSATION. CAROLINE: YOU BETTER PROMISE ME YOU WERE
NOT GLUED YOUR SMARTPHONE ON THAT BEACH AND YOU TAKE IT IN OVER A GLASS OF WINE. LET'S BREAK DOWN THE NUMBERS OF WHAT IS THE MACRO STORY OF TODAY. IT IS THE JOBS REPORT DICTATING TRADE. SARAH IS WITH US, CEO OF THE PEOPLE MANAGEMENT PLATFORM LADDERS. THIS UPENDED EVERY SINGLE BLOOMBERG ECONOMIST WE SURVEYED. EVERYONE THOUGHT IT WOULD BE A COOLING EFFECT WERE NOT AS HOT AS TO HUNDREDS OF THE $2000 -- BUT 272,000. WHAT YOU MAKE OF IT? SARAH:
WHAT I SEE IS UNPREDICTABILITY. THIS IS NOT WHAT ANYONE THOUGHT WOULD HAPPEN. EVERYONE THOUGHT WE WOULD HAVE A DECREASE FROM APRIL AND WE ENDED UP BLOWING OUT THE JOBS REPORT. WE ARE SEEING UNCERTAINTY AND THESE JOBS IN AREAS OF GOVERNMENT AND HEALTH CARE BUT IT IS STILL UNCERTAIN AS TO WHAT IS GOING TO HAPPEN. ED:
I AM TOLD THAT IN NEW YORK THERE WERE AUDIBLE GASPS WHEN THE NUMBER HIT. A LOT OF OUR AUDIENCE WILL WATCH AND SAY WHY DO WE CARE? THE IDEA THE FED WILL NOT CUT RATES AS QUICKLY AS WE THOUGHT. WE ARE TRYING TO UNDERSTAND THE STORY IN THE TECHNOLOGY SECTOR. THIS IS WHAT THE BREAKDOWN LOOKS LIKE. CHANGES IN MOTION PICTURE THROUGH WEB SEARCH.
THIS DATA IS INTERESTING. WHAT DOES IT TELL YOU? SARAH: THE DATA IS INTERESTING. THE HEALTH CARE AND GOVERNMENT SECTORS HAVE HIRING, BUT AS A TECH CEO OF MY VANTAGE POINT IS SLIGHTLY DIFFERENT. WE ARE IN AN INDUSTRY WHERE WE ARE SEEING EXPERIMENTATION AND CHANGE.
WE DO NOT KNOW WHAT IS GOING TO HAPPEN. WE ARE CURIOUS WHAT IS THE IMPACT OF A I DON'T TO BE ON JOBS. WHAT IS THE WORLD GOING -- THE IMPACT OF AI GOING TO BE ON JOBS. ED: NEVER BEFORE HAS IT BEEN SO IMPORTANT FOR COOL TO BE A COMPUTER SCIENTIST OR SOFTWARE ENGINEER.
WITH THAT COMES DEMAND AND A LACK OF SUPPLY. ARE YOU SEEING THAT IN YOUR WORLD? SARAH: SARAH: WE ARE DEFINITELY SEEING DEMAND FOR ENGINEERS AND AI DATA SCIENTISTS. WHAT YOU ARE WONDERING IS WHAT DOES THIS MEAN FOR PEOPLE WHO USE AI? WHAT DOES IT MEAN TO BE A CUSTOMER SUPPORT REPRESENTATIVE OR A SALES REPRESENTATIVE? THERE ARE A LOT OF INTERESTING OPPORTUNITIES BUT THERE A LOT OF QUESTIONS FOR WHAT THIS MEANS FOR THE FUTURE OF THE WORKFORCE. WE NEED TO CALL EVERY COMPANY TO BE TRANSPARENT AND ACCOUNTABLE FOR THE DECISIONS THEY ARE MAKING WHEN IT COMES TO HIRING PRACTICES, WHETHER FOR PEOPLE OR WITH DIGITAL EMPLOYEES. CAROLINE: CAN YOU ANSWER SOME OF THOSE QUESTIONS? WHAT ARE YOU SEEING FOR THOSE WHO WORK IN CUSTOMER SERVICE? WHAT ARE YOU SEEING FOR THOSE WHO ARE BEING AUGMENTED OR REPLACED? SARAH: THE LABOR BUREAU SHOWS EVERY TIME WE WILL SEE A DECLINE IN THESE POSITIONS AND WE WILL HAVE AI AND DIGITAL EMPLOYEES BEING THE NEW PROFESSIONS. WE CAN SEE A TIME WHEN WE AS
PEOPLE WILL BE WORKING TOGETHER WITH DIGITAL EMPLOYEES. THIS IS A MINDBENDING CONCEPT BUT IT IS WHERE WE ARE GOING. THAT IS WHY THE JOBS REPORT IS INTERESTING WHERE YOU SEE HEALTH CARE PROFESSIONALS AND GOVERNMENT PROFESSIONALS BEING THE MAIN BULK OF JOB INCREASES. IT IS STILL EARLY DAYS BUT FOR AI IT WILL BE INTERESTING AND WE NEED TO CALL EVERYONE TO HAVE TRANSPARENCY AND HOLD AI ACCOUNTABLE FOR WHEN THEY DO BECOME EMPLOYEES. YOU COULD BE A CUSTOMER SERVICE REPRESENTATIVE AND YOU STILL NEED TO BE HELD TO THE SAME LEVEL OF GOALS THAT A PERSON WOULD BE.
CAROLINE: ARE WE STILL SEEING RESKILLING AS A TOPIC? SARAH: RESKILLING HAS NEVER BEEN MORE IMPORTANT BECAUSE YOU NEED TO BE ABLE TO TRANSITION YOUR WORKFORCE INTO THE JOBS OF THE FUTURE. ED: SARAH FRANKLIN, FANTASTIC TO HAVE YOU BACK ON SET. IT IS AMAZING TO SEE THE WORLD CHANGE EACH QUARTER. COMING UP, WE WILL SIT DOWN WITH THE LYFT CEO DAVID RISHER AS THE COMPANY HOLDS ITS FIRST-EVER INVESTOR DAY. YOU HAD A LOT OF QUESTIONS FOR DAVID.
CAROLINE: THE COMPANY PROJECTING GROSS BOOKINGS TO GROW ABOUT 15% OVER THE NEXT THREE YEARS. INVESTORS LIKE THE CLARITY. LET'S TO IN MORE WITH THE LYFT CEO DAVID RISHER IN NEW YORK CITY. IT WAS A BIG EVENT. LOTS OF MUSICAL PERFORMANCE AND THEN SERIOUS MATTER OF NUMBERS. WHAT GETS YOU THAT 15% INCREASE, WHAT GETS YOU AN IMPROVEMENT IN MARGIN? DAVID: THE ANSWER IS CUSTOMER OBSESSION GETS US THERE.
WE DO TOO MILLION RIDE STAY TODAY. WE WILL GET TO $25 BILLION IN BOOKINGS. THAT MEANS PICKING CUSTOMERS UP FASTER STOP IT IS THE BASICS. YOU DO THEM WELL OVER AND OVER AGAIN AND YOU GROW A PROFITABLE BUSINESS. CAROLINE: I CAN SEE THAT HELPING BOOKINGS
BUT HOW DOES IT DO THE PROFITABILITY? YOU HAVE TO CHARGE PEOPLE MORE TO GET THAT MARGIN? DAVID: THAT IS NOT AT ALL IN THE PLANNED. WHAT IS IN THE PLAN ARE THINGS LIKE LYFT MEDIA. THINK ABOUT ALL OF THE WAYS BRANDS WANT TO TALK YOU. A LOT OF THEM ARE ONLINE. WE HAVE PEOPLE IN CARS GOING TO GROCERY STORES. IS THAT INTERESTING THAT CREST
VERSUS COLGATE, MAYBE DO NOT CARE TOO MUCH BUT MAYBE THERE'S AN ADVERTISER THAT WOULD LIKE TO TALK TO YOU AS YOU WALK INTO KROGER. THAT IS WAY WE CAN WORK WITH MARGINS. A LOT OF GOOD IDEAS THERE. ED: I WOULD LIKE TO LOOK PAST THE NUMBERS. I UNDERSTAND THE 700 9 MILLION RIDE'S YOU DID IN 2023 AND YOU MAKE THE ARGUMENT YOUR TOTAL MARKET IS BASED ON TOTAL MILES DRIVEN IN PERSONAL CARS. WHAT I DO NOT SEE IS HOW YOU WILL GO AFTER THAT MARKET, CONVINCING PEOPLE NOT TO USE THEIR OWN VEHICLES BUT TAKE YOU INSTEAD. DAVID: I DO NOT HAVE TO DO A LOT OF THAT. IT IS 160 BILLION TRIPS PEOPLE
TAKE A YEAR. LET'S LOOK AT THE DAILY COMMUTE. EVERY YEAR PEOPLE COMMUTE TO AND FROM WORK 55 BILLION TIMES. 55 SOUL CRUSHING BILLION TIMES. YOU DO NOT HAVE TO TAKE MUCH OF THAT TO MAKE A REAL DIFFERENCE IN OUR 700 TO 800 MILLION RIDES. WE HAVE A NEW PRODUCT WE ARE IN THE PROCESS OF DEVELOPING THAT WILL ALLOW YOU TO LOCK IN YOUR PRICE SO INSTEAD OF A PRICE THAT BOUNCES AROUND YOU GET A CONSISTENT PRICE AND THAT IS SOMETHING PEOPLE STRESS ABOUT. PEOPLE WAKE UP EARLY IN THE MORNING TO CHECK A COUPLE OF DIFFERENT APPS TO FIGURE OUT THE LEAST EXPENSIVE WAY TO GET TO WORK.
IF WE CAN TAKE THAT OFF THE TABLE THAT MIGHT INCREASE US -- IT ADDS UP PRETTY FAST. ED: WHAT I SAID YOU ARE COMING ON THE SCOP THE MAJORITY OF QUESTIONS FROM THE AUDIENCE WERE ABOUT ROBOTAXI. WE HAVE DISCUSSED THIS IN THE PAST. LYFT HAS A COMPLICATED HISTORY WITH ROBOTAXI. THE CORE OF THE QUESTION IS WILL YOU SURVIVE IN A WORLD WHERE IS SUITS HAS A BIG RUNWAY AND WAYMO HAS A BIG RUNWAY. DAVID: WE WILL SURVIVE. IT IS ONE THING TO CREATE A ROBOTAXI. BOTH OF THOSE COMPANIES ARE
DOING INCREDIBLE WORK. IT IS A VERY DIFFERENT THING TO PICK PEOPLE UP, DROP THEM OFF, DO IT IN WEIRD WEATHER, DO IT IN AIRPORTS. IT IS A MUCH MORE LIKELY SCENARIO THAT ONE DISPLACES THE OTHER AND WE WORK TOGETHER. WE END UP WELCOMING THEM TO OUR NETWORK. IF YOU ARE A ROBOTAXI AND I
KNOW YOU'VE TAKEN THE ZOOTS ROBOTAXI YOU CAN GET A LOT OF VOLUME TO DRIVE THE NUMBERS. OTHERWISE YOU GET 10 CARS COSTING YOU $10 MILLION A CAR. YOU HAVE TO HAVE SOMEONE ELSE AS A PARTNER WHO CAN INCORPORATE THEM INTO OUR NETWORK. CAROLINE: NO SOUL CRUSHING COMMUTE FOR ED WHEN HE IS IN THAT ZOOTS. YOU CAN WORK TOGETHER WITH ROBOTAXIS BUT YOU WILL NOT WORK TOGETHER WITH UBER. THEY ARE FOCUSING ON ADVERTISING.
IS THERE ROOM FOR BOTH OF YOU. HOW WILL YOU COMPETE? DAVID: I DON'T THINK WE HAVE TO COMPETE. ONE OF THE THINGS I LEARNED FROM JEFF BEZOS'S WORK ON THINGS THAT ARE DURABLE. I CAN PREDICT IN FIVE YEARS OR
10 YEARS OR 100 YEARS THERE WILL BE COMPANIES LIKE THE ONES WE WORK WITH TODAY, CHASE, NBC UNIVERSAL, DELTA WITH THEIR SKYMILES PROGRAM, KROGER, THESE ARE FIVE COMPANIES WE ARE WORKING WITH. EVERYONE OF THOSE COMPANIES OR THEIR SIBLINGS WILL WANT TO TALK TO CUSTOMERS IN NEW WAYS. WE HAVE 2 MILLION RIDES EVERY SINGLE DAY. I DO NOT THINK THIS IS ONE OF THE ZERO-SUM THINGS, I THINK THIS IS A WHOLE NEW CATEGORY OF MOBILE ADVERTISING. IF OTHER PEOPLE WANT TO FOLLOW US MORE POWER TO THEM. CAROLINE: YOU WORK FOR AMAZON AND MICROSOFT AND BOTH OF THOSE ARE PLOWING FORWARD IN TERMS OF ARTIFICIAL INTELLIGENCE. HOW MUCH CAN YOU USE MY DATA TO
DICTATE WHAT + AM SEEING WITHOUT WEIRDED ME OUT? DAVID: GREAT QUESTION. I WILL TURN IT AROUND AND SAY ARTIFICIAL INTELLIGENCE WILL REVOLUTIONIZE DIFFERENT BUSINESSES. I WOULD START WITH OUR DRIVERS. LOOK THE WAY DRIVERS INTERACT WITH OUR PLATFORM. 41% OF OUR DRIVERS DO NOT SPEAK ENGLISH AS THEIR FIRST LANGUAGE. IMAGINE A WORLD WHERE ARTIFICIAL INTELLIGENCE CAN HELP WITH TRANSLATION. IMAGINE A WORLD WHERE DRIVERS CAN USE AN INTELLIGENT ASSISTANT TO HELP THEM FIGURE OUT HOW TO SPEND THEIR TIME SO THEY CAN EARN MORE ON THE PLATFORM. THEN THEY GET TO THE TARGET AND
OUR GOAL WILL BE TO MAKE THE TARGETING SO SEAMLESS IT IS A BENEFIT. I AM LITERALLY GETTING A COUPON. CAROLINE: I AM USING SOME WEIRD ONE MADE IN INDIA THAT DOES NOT HAVE FLUORIDE IN IT. I'VE GOT INTO THAT RABBIT HOLE. DAVID: YOU ARE ONE OF THOSE PEOPLE. I USE A PRODUCT CALLED DAVID'S TOOTHPASTE. IT IS NOT PERSONALIZED, IT IS PURE COINCIDENCE. THEY HAVE A DIFFERENT FLOURISH
AND THEN FLUORIDE, BUT IT IS A VERY NICE TUBE. IMAGINE I GO TO SLEEP CBS AND I GET -- IMAGINE I GO TO CVS AND I GET FIVE DOLLARS OFF MY DAVID'S TOOTHPASTE INSTEAD OF THE BIG LONG THING YOU GET. ED: I HAVE A VERY SPECIFIC QUESTION FROM X. HOW IS LYFT LEVERAGING AI. IS IT A BUZZWORD OR ARE THEY
MAKING USE IN A MEANINGFUL WAY. YOU GAVE A COUPLE EXAMPLES FROM THE DRIVER'S PERSPECTIVE, WHAT ABOUT THE WRITER'S PERSPECTIVE? DAVID: INTERNAL IS ABOUT PRODUCTIVITY AND QUALITY. WE USE AI TO CHECK OUR CODE AND COME UP WITH DIFFERENT IDEAS. A LOT OF INTERESTING THINGS. FOR DRIVERS A GREAT WAY TO MAXIMIZE EARNINGS AS AN EXAMPLE.
FOR RIDERS, TO EVER LEAVE YOUR IPHONE IN THE CAR? [LAUGHTER] HOW FUN IS THAT EXPERIENCE TWO MINUTES LATER WHEN YOU REALIZE YOU DO NOT HAVE IT. AI IS GOOD AT DETECTING PATTERNS AND UNDERSTAND THE CAR IS MOVING ONE WAY, YOU'VE GOTTEN OUT OF THE CAR, WHAT IS GOING ON, MAYBE YOU CAN MEET WITH THE DRIVER TO DROP THE PHONE OFF. AI WILL PROBABLY NOT CURE CANCER TOMORROW, BUT I THINK EVERY SINGLE DAY IF WE ARE CUSTOMER OBSESSED, WE CAN USE IT IN REALLY INNOVATIVE WAYS. ED: LYFT CEO DAVID RISHER. WE APPRECIATE YOU COMING IN. COMING UP, MIKE LYNCH WAS ACCUSED OF PULLING OFF SILICON VALLEY'S BIGGEST EVER FRAUD 13 YEARS AGO. WE HAVE ALL OF THE DETAILS NEXT. HE HAS NOW BEEN CLEARED.
ED: SOFTBANK TRAVEL APP IS SAID TO BE PLANNING A $400 MILLION IPO IN THE UNITED STATES. SOURCES SAY THE START IS EYEING A LAUNCH IN JULY WITH A VALUATION OF BETWEEN $7 BILLION AND $9 BILLION. A FINAL DECISION HAS NOT BEEN MADE. AI STARTUPS IN SILICON VALLEY ARE STEPPING UP EFFORTS TO STOP A CALIFORNIA BILL THAT WOULD PLACE PUBLIC SAFETY GUARDRAILS ON AI, SAYING IT WOULD CURTAIL INNOVATION. THE BILL AIMS TO MITIGATE CATASTROPHIC RISKS BY FUTURE AI MODEL SUCH AS WEAPONS DEVELOP MEANT. THE BILL HAS UNTIL AUGUST 31 TO PASS THE MEASURE. U.K.
TECH TYCOON MIKE LYNCH HAS BEEN FOUND NOT GUILTY OF ALL CHARGES. HE WAS ACCUSED OF USING ACCOUNTING TRICKS TO DUPE HEWLETT-PACKARD INTO BUYING HIS SOFTWARE STARTUP FOR $11 BILLION IN 2011. THE OUTCOME MARKS A REDEMPTION FOR LYNCH WHO ARGUES HE WAS USED AS A STATIC GOAT -- AS A SCAPEGOAT FOR THE DEAL. CAROLINE: EXTRAORDINARY. LET'S TALK TO RACHEL GRAFF ABOUT THIS. HERE IS A MAN WHO ADVISED SEVERAL PRIME MINISTERS IN THE U.K. AND WAS A PINUP FOR WHAT HE COULD BE AND THEN HE COMPLETELY
FELL FROM GRACE. IS THIS THE REDEMPTION? RACHEL: HE WAS FOUND GUILTY IN A CIVIL CASE IN THE U.K.. HE IS STILL FACING POTENTIAL MONETARY FINES FOR THAT. HE IS NOT COMPLETELY OFF THE HOOK. IT IS A STUNNING VICTORY FOR HIM AND THE U.S.. ED: WHAT WAS THE LEGAL REASONING THAT CAME TO THE CONCLUSION OF NOT GUILTY? RACHEL: IT WAS A JURY IN SAN FRANCISCO AND AFTER THE VERDICT THE JURY SAID THEY CANNOT FIND A WHISTLEBLOWER AT TOM AMIS WHO SAYS HE ALERTED -- AT BATON AMIS -- THEY DO NOT FIND HIM TO BE CREDIBLE AND THEY DID NOT THINK THE GOVERNMENT PROVED BEYOND A REASONABLE ANNOUNCED -- BEYOND A REASONABLE DOUBT THAT LYNCH WAS DIRECTLY INVOLVED WITH FRAUD. ED: WHILE I WAS READING YOUR
REPORTING LYNCH AND HIS LEGAL REPRESENTATIVE TEAMS OF THE FIRST THING I WILL DO IS GO BACK TO THE U.K. YOU SEE THE PROSECUTION TRYING TO DO EVERYTHING AS A NEXT STEP? RACHEL: THE JUDGE HELD ANOTHER HEARING SAYING LYNCH IS FREE TO GO HOME. HE WAS UNDER HOUSE ARREST IN 24 HOUR SUPERVISION IN SAN FRANCISCO DURING THE TRIAL.
THE JUDGE LIFTED THOSE RESTRICTIONS AND HE IS FREE TO GO. ED: SO TO WAS THE VICE PRESIDENT FOR FINANCE IT WAS ALSO CLEARED WHO SAID HE HAD BEEN ROBBED OF 10 YEARS OF HIS LIFE. AUDIBLE GASPS WHEN THE JUDGMENT WAS READ OUT. WHAT DOES THIS MEAN FOR HP AS WELL? THEY BASICALLY -- IS IT BASICALLY PUT ON THEM WITH WHAT HAPPENED WITH THE UNRAVELING OF THE MARKET CAPITALIZATION? RACHEL: HP WAS NOT A DEFENDANT IN THIS CASE BUT ONE OF LYNCH'S ARGUMENTS HAS BEEN THAT HP MADE A BAD DEAL AND THEY HAVE BEEN TRYING TO SCAPEGOAT HIM. IT WAS AN $11 BILLION DEAL. THEY HAD AN $8.8 BILLION RIGHT DOWN A YEAR LATER. HE SAYS THAT IS ON THEM. IT WAS A BAD DEAL.
IT IS NOT HIS FAULT. IT IS NOT GOOD FOR HP. ED: BLOOMBERG'S RACHEL GRAFF. TERRIFIC REPORTING. LET'S GET TO ANOTHER IMPORTANT PIECE OF BLOOMBERG REPORTING. THIS IS INTERESTING. YOU HAVE LIFTED THE LID ON A COMPANY I FIND QUITE MYSTERIOUS, ORACLE.
THEIR CONTRACT WITH U.S. DEPARTMENT OF VETERAN AFFAIRS. EXPLAIN THE BASIS OF YOUR REPORTING. BRODY: THIS IS ONE OF THE BIGGEST FEDERAL I.T. TECH CONTRACTS EVER. $16 BILLION TO MODERNIZE THE VETERAN AFFAIRS BACK END MEDICAL RECORD SYSTEM. HUGE UNDERTAKING, LOTS OF MONEY INVOLVED. GIVING TO A COMPANY NOW
ACQUIRED BY ORACLE. THIS CONTRACT HAS HAD A LOT OF CONTROVERSY SO THEY HAD A LOT OF DIFFICULTIES IMPLEMENTING IT. THEY HAVE HAD A PUBLICIZED PATIENT DEATHS. ORACLE HAS SAID THAT YOU ARE RENEGOTIATING IT BUT WE CAN HANDLE IT FINE. THINGS ARE GOING WELL.
WHAT WE FOUND IN THESE DOCUMENTS IS SATISFACTION RATES AMONG USERS OF THIS NEW SYSTEM ARE LOWER THAN ANY OTHER SYSTEM THEY HAVE DATA ON. I THINK IT IS 19% OF DOCTORS AND NURSES ARE HAPPY WITH THE SYSTEM AND STATE CAN PROVIDE HIGH-QUALITY CARE. THESE NUMBERS REVEAL ONE OF THE LARGEST TECH CONTRACTS IN GOVERNMENT HISTORY IS GOING MUCH WORSE THAN WE REALIZED. CAROLINE: YOU HAVE BEEN RELENTLESS ON THIS REPORTING IN TERMS OF HIGHLIGHTING THAT THE CERNA PART OF THE BUSINESS IS NOT GOING AS WELL AS MANY ANTICIPATED. THEY ARE LOSING MARKET SHARE AND THE WAY THEY ADOPTED THE BUSINESS. LAST THING WE KNEW LARRY
ELLISON WOULD BE MOVING TO NASHVILLE BECAUSE IT WAS BECOMING MORE OF A HEALTH CARE COMPANY BUT THIS DOES NOT SEEM TO BE IN LINE WITH THAT. BRODY: IT IS A LONG HISTORY OF TECH COMPANIES THINKING THEY CAN BREAK INTO THE HEALTH MARKET. WHEN ORACLE BOUGHT CERNA THEY THOUGHT THEY WOULD BE ABLE TO EXPAND EARNINGS MASSIVELY. REPORTING WE HAVE SHOWS IT IS
DOWN. THIS THEY CLASSIC TALE, AMAZON HAS BEEN THERE, GOOGLE HAS BEEN THERE, APPLE HAS BEEN THERE. ED: -- CAROLINE: DOES LARRY REFOCUS ON ARTIFICIAL INTELLIGENCE AND PIVOT AWAY FROM ALL THINGS DIGITAL HEALTH? BRODY: ONE THING IS WHEN IT COMES TO THE DIGITAL HEALTH SYSTEM A LOT OF DATA. A LOT OF PEOPLE FIGURE THAT ALL OF THE PATIENT DATA IN HERE COULD MAKE A REALLY GOOD AI SYSTEM. WE DO NOT HAVE IT YET, BUT FIVE YEARS FROM NOW -- THEIR LONG-TERM VISION FOR MODERNIZING CERNA IS COMPELLING AND WE KNOW THE HEALTH SYSTEM IS NOT DOING WELL.
WE COULD USE A SOLUTION. THE LONG-TERM VISION IS COMPELLING. THE NEAR TERM DIFFICULTIES HAVE BEEN MUCH MORE THAN THE ANTICIPATED. CAROLINE:
GREAT REPORTING. THANK FOR TALKING US THROUGH IT. BRODY FORD. COMING UP, GREAT REPORTING ON GAMESTOP. CHAIR SLUMPING ON A FUNDAMENTAL PART OF THE BUSINESS. THEY DROPPED EARNINGS WORSE THAN EXPECTED. AND WE ARE AWAITING ROARING
KITTY'S APPEARANCE ON YOUTUBE. THAT IS LESS FUNDAMENTAL. WE WILL HAVE ALL OF THE DETAILS. THIS IS BLOOMBERG TECHNOLOGY. ♪ ED: ACTIVE BLOOMBERG TECHNOLOGY. ED LUDLOW IN SAN FRANCISCO. CAROLINE: CAROLINE HYDE IN NEW YORK. LET'S GET TO THE MARKETS QUICKLY.
272,000 JOBS ADDED, MUCH HIGHER THAN ANY ECONOMISTS THOUGHT. THE NASDAQ BEING PRETTY RESILIENT IN THE FACE OF A HOT ECONOMY. THE BOND MARKET LESS SO. ACROSS THE CURVE, ICE CHINA LIGHT ON THE TWO YEAR BUT SOME OF THE MOVES TO THE 10 YEAR AS WE ANTICIPATE THE FAN CANNOT CUT THE WAY FED ANTICIPATED. WE ARE RISK ON ONCE AGAIN. 18 STRAIGHT DAYS OF GAINS FOR BITCOINS.
ON AND SEE WHAT IS HAPPENING ON INDIVIDUAL NAMES. IT IS A JOBS DATA KIND OF DAY. I WANT TO SHINE A LIGHT ON ADP BECAUSE THIS DATA PROVIDER, IT IS THE BEST PERFORMER ON THE NASDAQ 100. WE ARE UP 1.6%. THEY ARE SHOWING FROM BLOOMBERG INTELLIGENCE ANALYSIS THEY WILL BE RESILIENT WITHIN THEIR MARKET SHARE AREA OF HR OPPORTUNITIES. I'M LOOKING AT WHAT IS HAPPENING WITH NVIDIA. AFTER THE BELL IS WHEN YOU SEE
ONE SHARE DIVIDED INTO 10. WE START THE SAME OVERALL VALUE OF THE COMPANY AND MAYBE RETAIL INVESTORS GET BACK BUT WE HAVE HAD SUCH A RUN. WE KNOW IT IS UP NEARLY $3 TRILLION. MAYBE TAKING PROFIT AHEAD OF
THAT RETAIL EVENT. WE ARE LOOKING AT WHAT IS HAPPENING WITH RETAIL FRENZY THAT IS GAMESTOP. DOWN 19% ON THE BASIS OF FUNDAMENTALS.
LET'S TAKE IN MORE ON THE FUNDAMENTALS. NUMBERS ARE NOT LIVING UP TO THE TWO ANALYSTS EXPECTATIONS. THERE'S A LOT MORE THAN FUNDAMENTALS ON THESE PARTICULAR COMPANIES. ED: IS IT FUNDAMENTALS? GAMESTOP IS A COMPANY THAT SELLS VIDEOGAME STUFF AND MEMORABILIA AT PHYSICAL STORES. HAVE NOT GOT A CLUE WHAT IS
GOING ON. ONE PERSON WHO DOES IS BLOOMBERG'S BAILEY LIPSCHULTZ. THE GAMESTOP CZAR OF THE BLOOMBERG NEWS ROOM. THEY SURPRISING WERE LEWD -- THEY SURPRISINGLY RELEASE EARNINGS, AND ROARING KITTY WILL SPEAK IN 28 MINUTES. EXPLAIN WHAT IS HAPPENING. BAILY:
THE STOCK WAS UP DOUBLE DIGITS OVERNIGHT IN INTO THE MORNING AFTER RALLYING YESTERDAY AS KEITH GILL TEASED TO RETURN TO YOUTUBE FOR THE FIRST TIME IN THREE YEARS. WE THEN SAW GAMESTOP PULL FORWARD EARNINGS SCHEDULED FOR TUESDAY. THEY SURPRISED RELEASE THAT THIS MORNING AND ANNOUNCED THEY WILL ANNOUNCE A MARKET OFFERING THAT COULD SELL ANOTHER 75 MILLION SHARES WHICH ON CURRENT LEVELS COULD RAISE CLOSE TO $2.7 BILLION. THEY DID THIS IN MAY, RAISING ALMOST $1 BILLION AFTER ROARING KITTY MADE A RETURN TO X. ALL EYES WILL BE POLLUTED TO ROARING KITTIES YOUTUBE PAGE TO CONFIRM IT IS STILL HIM AND GET SOME SENSE OF WHAT IS GOING ON WITH HIS INVESTMENT WHICH HE HAS TOUTED ON REDDIT AND POSTED OVER THE LAST FOUR WEEKS NONSTOP ON X. CAROLINE: THAT COULD BE WORTH ALMOST HALF $1 BILLION WHEN YOU'RE LOOKING AT THE OVERALL HOLDINGS OF SHARES. THERE ARE 70 DIRECTIONS TO GO.
WE COULD FOCUS ON THE FACT OF WHETHER GAMESTOP IS EMPLOYED THIS MOMENT OR DIVERGING IT FURTHER OR WHETHER THERE BEING SAVVY. WE CAN ALSO DISSECT THE FACT THAT HERE IS KEITH GILL POTENTIALLY MANIPULATING THE MARKET? THAT IS SOMETHING WE ARE STARTING TO HEAR TALK ABOUT. BAILEY: WE HAVE SEEN THE WALL STREET JOURNAL SAYING E*TRADE IS CONSIDERING BANNING HIM FROM THEIR PLATFORM WHICH MAKES ME FEEL BETTER IF THEY CAN CONFIRM HE IS MAKING THESE INVESTMENTS IN THE COMPANY. THE MAIN THING THAT STANDS OUT WHEN YOU LOOK AT THE CONCERN AROUND MARKET MANIPULATION WHEN I TALKED TO SECURITIES LAWYERS, YOU NEED TO BE ABLE TO PROVE AN INTENT TO MANIPULATE THE MARKET AND FOLLOW THROUGH ON THAT. SO FAR HE HAS NOT SOLD THE
STOCK. HE HAS NOT DONE ANYTHING WITH THE OPTIONS. IT IS A WEIRD AREA THAT HAS NOT BEEN DISCUSSED IN THE PAST. ONE THING THAT DID STAND OUT WHEN I WAS TALKING TO AN INVESTOR THIS MORNING'S HE SAID BACK IN 2021 A LOT OF US THOUGHT IT WAS FUNNY. NO ONE IS LAUGHING. THE SEC IS INVESTIGATING AND E*TRADE AND MORGAN STANLEY ARE LOOKING INTO IT. ED: I GET ALL OF THAT.
I THINK IT IS WORTH A HISTORY LESSON. GAMESTOP IS A PHYSICAL RETAILER OF VIDEOGAME STUFF AND ASSOCIATED MEMORABILIA. AS DEPICTED IN THE FILM DUMB MONEY, WHEN ROARING KITTY STARTED ALL OF THIS, HIS EXPLANATION WAS HE BELIEVED IN THE FUNDAMENTALS OF THE BUSINESS. GIVE US THAT HISTORIC CONTEXT. BAILEY: IF YOU GO BACK TO 2020, SALES WERE SLUMPING, THERE WAS A LOT OF UNCERTAINTY AROUND WHAT THE FUNDAMENTAL ARGUMENT FOR GAMESTOP IN A WORLD WHERE PEOPLE ARE INCREASINGLY DOWNLOADING VIDEO GAMES AND HOW THE COVID DYNAMIC WOULD SHIFT THAT.
IF YOU PLAY VIDEO GAMES ON YOUR PLAYSTATION OR XBOX YOU DO NOT HAVE A NEED TO GO TO A PHYSICAL STORE TO BUY THOSE GAMES ANYMORE. HIS ARGUMENT WAS THE STOCK WAS SO BEATEN THERE WAS AN OPPORTUNITY. HE WAS ALSO THE FIRST TO CALL OUT THE FACT THAT 140% OF SHARES WERE SOLD SHORT. A SHORT SQUEEZE HAD BEEN RIGHT FOR THE OPPORTUNITY. HE DETAILED THE INVESTMENT FIRM WHO IS NOW THE CEO THAT HE TOOK IN LATE 2020 AND ADDED TO IN 2021 WHEN HE ULTIMATELY TOOK OVER THE BOARD. WHEN YOU LOOK AT THE HISTORY OF
KEITH GILL'S POSITION BACK TO 2020 WHEN PEOPLE WERE IGNORING HIM BECAUSE THE STOCK WAS GOING DOWN AND HE WAS JUST SOMEONE ON YOUTUBE TALKING ABOUT INVESTING IN THE STOCK, SOME OF THOSE ASPECTS TO COME TO FRUITION. THE MAIN THING ANALYSTS AND INVESTORS .2 NOW IS THE STOCK POINTING TO -- ONE OF THE THINGS INVESTORS POINT TWO NOW IS THE FACT THAT HIS DEEP VALUE ANALYSIS THAT PLAYED OUT IS OVERDONE GIVEN THE FACT THAT THE FUNDAMENTALS OF GAMESTOP AS WE SAW WITH THE QUARTERLY RESULTS ARE NOT IMPROVING. WE DO NOT HAVE A REAL ARGUMENT FOR WHAT THE PATH FORWARD LOOKS LIKE, AND WHEN YOU LOOK AT IT ON THE FUNDAMENTAL BASIS, THERE IS A LOT OF UNCERTAINTY IN HOW YOU COULD GET TO A $16 BILLION VALUATION GIVEN SLOWING SALES AND A MARKET THAT IS SEEMINGLY CONTINUOUSLY SQUEEZING GAMESTOP OUT. CAROLINE: TWO MARKET ANALYSTS RATE THIS STOCK AND IT IS CURRENTLY TRADING AT A FORWARD PE OF 3695.
GO FIGURE. BAILEY LIPSCHULTZ. NO ONE IS LAUGHING THIS TIME. MEANWHILE APPLE, LET'S TALK ABOUT THAT. THEY ARE INTRODUCING A NEW HOMEGROWN APP CALLED PASSWORDS TO MAKE IT EASIER FOR CUSTOMERS TO LOG INTO WEBSITES AND SOFTWARE. LET'S BRING IN BLOOMBERG'S MARK GURMAN. PLENTY OF PEOPLE USE ONE PASSWORD AND IT IS CLUNKY BUT IT MAKES US FEEL SATISFIED WE HAVE ENOUGH PROTECTION. WHAT IS APPLE OFFERING? MARK: AS PART OF THE COMPANY'S NEXT OPERATING SYSTEM UPDATES THEY WILL LAUNCH A LOAD OF NEW FEATURES FROM AI TO NEW TYPES OF EMOJIS THE NEW TEXTING FEATURES.
ONE NEW APPLICATION THAT IS PART OF THE STORY WILL BE PASSWORDS. IT WILL BE A DEDICATED APP WHERE YOU ABLE TO STORE ALL OF YOUR LOGIN INFORMATION FOR WEBSITES, SECURE WI-FI PASSWORDS, YOU WILL BE ABLE TO USE PAST KEYS, WHICH IS A NEW ISSUE FROM APPLE AND GOOGLE AND A FEW OTHER TECH COMPANIES WHERE YOU USE FACE ID OR TOUCH ID IN LIEU OF A PASSWORD AND IT IS AN ENCRYPTED PHRASE THAT IS STORED DIRECTLY ON YOUR DEVICES SO IT WILL SUPPORT THAT AS WELL. THE IDEA IS IT WILL GET MORE PEOPLE TO SECURELY ENCRYPT AND STORE THEIR PASSWORDS. THIS IS GOING TO BE STORED USING A SERVICE CALLED ICLOUD KEYCHAIN. THIS HAS EXISTED FOR SOME TIME ON APPLE DEVICES.
BEFORE TO ACCESS PASSWORDS YOU HAD TO DO SO FROM INTERFACE WITHIN THE SETTINGS APP. NOW AS A STANDALONE DEDICATED APP AND THAT WILL BOOST USAGE OF THEIR PASSWORD STORAGE SERVICE. ED: APPLE WWDC ON MONDAY. YOU HAVE REPORTED WE WILL GET SOMETHING CALLED APPLE INTELLIGENCE AND FINALLY APPLE WILL SHOW ITS HAND IN THE GENERATIVE AI ERA. GIVE US YOUR PREVIEW. MARK: APPLE INTELLIGENCE IS GOING TO
BE THE CORE ELEMENT OF WWDC ON MONDAY WILL STOP THE PASSWORD WILL ONLY BE A SMALL BIT OF THAT. APPLE INTELLIGENCE IS APPLE'S PUSH INTO ARTIFICIAL INTELLIGENCE. THE PLAN IS TO ADD AI EVERYWHERE , INFUSE IT WITH ALL OF THE CORE APPLICATIONS, MESSAGES, MAIL, NOTES, CALENDAR, VOICE MEMOS, MUSIC, PUSHING AI EVERYWHERE IN A VERY PRIVACY CONSCIOUS WAY.
IN TERMS OF APPLE'S OWN IN-HOUSE TOOLS, THERE WILL NOT BE A TON OF GENERATIVE AI. FOR THE GENERATIVE AI THAT IS WHERE THEY WILL BE FOCUSED ON A PARTNERSHIP WITH OPENAI, HAVING A GENERATIVE AI CHATBOT OF CHATGPT WITHIN THE IPHONE DEVICE SEARCH ENGINE AND COMPONENTS OF SIRI. YOU WILL GET IN-HOUSE LARGE LANGUAGE MODELS WITHIN APPLE TO POWER APPLICATIONS. YOU WILL HAVE AN ICLOUD BASED
INFRASTRUCTURE USING MAP -- USING MAC CHIPS AND THEN YOU WILL HAVE OPENAI TO POWER THE GENERATIVE AI PART OF THE INITIATIVE. THIS IS A THREE-PRONGED APPROACH. APPLE BELIEVES IT HAS A STRONG STORY TO TELL. PERSONALLY I THINK THEY'RE
PLAYING A LOT OF CATCH-UP WITH THEIR AI INITIATIVE. THEY HAVE A USER BASE OF OVER 2 BILLION DEVICES SO OVERNIGHT THEY ARE GOING TO NATURALLY BECOME THE OPEN MARKET LEADER OF ARTIFICIAL INTELLIGENCE. ED: BLOOMBERG'S MARK GURMAN. AN ASTONISHINGLY DETAILED WWDC PREVIEW AND YOU ARE OFTEN ABSOLUTELY SPOT ON. COMING UP, WE WILL BRING AN END TO OUR NEW YORK TECH WEEK COVERAGE AND SIT DOWN WITH ONE OF THE CITY'S MOST VALUABLE STARTUPS. CHECK OUT OUR BLOOMBERG TECHNOLOGY PODCAST. THIS IS
BLOOMBERG. CAROLINE: NEW YORK TECH WEEK IS COMING TO AN END AFTER THE TECHNOLOGY INDUSTRY HAS GATHERED FOR A WEEK OF EVENTS AND PANELS IN CONVERSATIONS AND PARTIES. NOT TOO EXHAUSTED BY IT ALL. JOINING US IS THE DATAIKU PRESIDENT. IT IS A LEADING AI PLATFORM FOR COMPANIES.
YOU HELP GOVERNMENTS WITH SECURITY OF GENERATIVE AI APPLICATIONS. YOU'RE BASED IN NEW YORK AND YOU HAVE A HUB IN PARIS. WHY THESE TWO ECOSYSTEMS? >> OUR FOUNDERS WERE ALL FRENCH MATHEMATICIANS.
FRANCE IS BECOMING, ESPECIALLY PARIS IS BECOMING A CENTER OF AI. GREAT EDUCATION. IF WE TALK ABOUT AI WE HAVE TO TALK ABOUT REGULATION. EUROPEANS TEND TO BE AHEAD OF THE CURVE IN TERMS OF REGULATION. A LOT OF THE REGULATORY ASPECTS OF EUROPE IS HEADING TOWARDS WILL GO TO THE U.S.
OR ASIA LIKE GDP. SEEING WHAT IS HAPPENING IN EUROPE, ESPECIALLY AI BE CRITICAL FOR GLOBAL ENTERPRISE COMPANIES. CAROLINE: AND THAT HELPS IF YOU ARE SELLING GOVERNANCE AND WAYS TO LOOK AROUND CORNERS.
DOES IT MAKE THE FUTURE OPPORTUNITIES A LITTLE BIT SLOWER TO TAKE THE BITE? ARE CEOS NERVOUS ABOUT JUMPING INTO GENERATIVE AI? >> YOU CAN FIND AN ENTERPRISE COMPANY WHICH IS NOT REGULATED. THERE IS OIL AND GAS, INSURANCE, FINANCIAL SERVICES. IN THINKING OF GOVERNANCE -- INSTEAD OF THINKING OF GOVERNMENTS AS A LACK OF INNOVATION TRACK CONCEPT, I THINK FINALLY WE START TO THINK ABOUT GOVERNANCE IN A DIFFERENT WAY. WE AT DATAIUK ARE TALKING TO OUR CLIENTS. VERY COMPLICATED GLOBAL BUSINESSES. WE ARE TRYING TO EDUCATE THEM IN TERMS OF WHAT GOVERNANCE AND WHAT REGULATORY ASPECTS THEY HAVE TO TACKLE RIGHT NOW.
AS YOU CORRECTLY IDENTIFIED, IF CEOS THINK THIS GOVERNANCE THING WILL BE VERY OPAQUE I DO NOT KNOW WHERE TO INVEST OR HOW TO INVEST. AI IS NOT CHEAP. IT REQUIRES A RETHINKING IN TERMS OF HOW THEY DISTRIBUTE THE DATA OR I.T. BUDGETS. WE ARE DOING A VERY GOOD JOB OF GOING AHEAD OF THE CURVE AND SPEAKING TO THEM SO THEY CAN CREATE THOSE GUARDRAILS RIGHT NOW IN THE ORGANIZATIONS. FOR AI TO BE EFFECTIVE IN NOT
THINK ABOUT AI LIKE SOMETHING EVERYBODY CAN USE AN ENTERPRISE, WE HAVE TO RETHINK WHO WILL BE THE USERS OF AI. IT WILL NOT BE THE DATA SCIENTISTS OR DATA ENGINEERS. YOU DO NOT NEED A PHD FROM STANFORD.
WE HAVE TO RETHINK HOW THE CONCEPT OF AI WILL CREATE VALUE. ED: YOU SAID JUST THEN THAT AI IS EXPENSIVE. WE REFLECTED IN THE CONTEXT OF THE JOBS DATA THERE ARE A FINITE NUMBER OF COMPUTER SCIENTISTS AND SOFTWARE ENGINEERS FROM STANFORD OR OTHERWISE. ARE YOU ABLE TO GET THE PEOPLE YOU WANT IN NEW YORK AND PARIS AND ARE YOU PAYING THEM OVER THE ODDS? >> WE HAVE TO THINK ABOUT AI COMPLETELY DIFFERENTLY.
RIGHT NOW WE ARE THINKING ABOUT AI FROM A LENS OF COMPUTE AND HYPER SCALARS. IF WHAT WE DO AND WHAT WE DO SPECIAL IN DATAIKU AND WHY CAN WE ATTRACT QUALITY TALENT IS WE THINK OF AI AS SOMETHING EVERY DAY USERS IN AN ORGANIZATION SHOULD BE USING. NOT ONLY THE DATA SCIENCE BUT THE PERSON WHO WORKS IN FINANCE, HR, IN LEGAL, THE PERSON WHO WORKS IN MANUFACTURING.
THOSE PEOPLE DO NOT NEED AN ADVANCED DEGREE TO TAKE THE VALUE OF AI. RIGHT NOW WHAT WE ARE SEEING BEHIND THE SCENES IN TERMS OF AI, MOST OF THE INVESTMENT AND THE VALUE CREATION, BOTH FOR COMPANIES AS WELL AS FOR INVESTORS IS GOING TO COME IN THE APPLICATION LAYER. JUST LIKE THE EARLY DAYS OF THE INTERNET. WE BUILT LARGE DATA CENTERS. THE PEOPLE WHO REALLY CREATED VALUE ARE IN ESSENCE THE PEOPLE WHO CREATED THE APPLICATION.
SIMILARLY IN AI YOU WILL SEE THAT WE HIRE BOTH SCIENTISTS AS WELL AS REGULAR FOLKS BECAUSE THEY ARE THE PEOPLE WHO CAN UNDERSTAND THE NEEDS OF THE END USER AND DRIVE SALES. ED: I AM SORRY TO CUT YOU OFF. WE HAVE TO GO. GREAT TO HAVE YOU ON THE PROGRAM. COMING UP, WILL BE JOINED BY ONE OF SAN FRANCISCO CANDIDATES FOR MAYOR FOR A CONVERSATION ON THE FUTURE OF THIS CITY. THAT IS NEXT.
CAROLINE: SAN FRANCISCO'S MAYORAL RACES ONGOING. WE HAVE BEEN TALKING TO SOME OF THE CANDIDATES ABOUT THEIR VISION FOR THE FUTURE OF THE CITY. SOME SAY IT'S TECH CENTRIC NATURE NEEDS TO BE HARNESSED, OTHERS SAY IT IS TOO TECH CENTRIC. LET'S GET THE VIEW OF ANOTHER CANDIDATE, DANIEL LURIE. MARK FARROW HAS BEEN ON THE SHOW AND SAID WE OVER INDEXED HISTORICALLY TO ATTACK, BUT THEY HAVE LEFT, WE DESPERATELY NEED THEM BACK. YOU SHARE THAT VIEW BUT YOU
WANT TO SPECIFICALLY FOCUS ON THE CORNER OF THE TECHNOLOGY INDUSTRY THAT IS LOOKING AT GREEN ENERGY AND CLIMATE. DANIEL: DANIEL: THANKS FOR HAVING ME. SAN FRANCISCO IS COMING BACK. THERE IS NOT A QUESTION IN MY MIND. THIS RAISES IS ABOUT HOW QUICKLY. I AM RUNNING AGAINST A NUMBER OF CITY HALL INSIDERS WHO GOT US INTO THIS MESS AND IT WILL NOT BE DONE BY ANYONE FROM INSIDE THAT BUILDING. IT NEEDS ACCOUNTABLE LEADERSHIP, IT NEEDS NEW IDEAS. I AM EXCITED TO TALK TO YOU
ABOUT MY PROPOSAL TO BRING A CLIMATE INNOVATION HUB HERE TO SAN FRANCISCO. YOU HAVE HAD MANY GUESTS ON TALKING ABOUT AI. SAN FRANCISCO IS ALREADY THE CENTER OF AI. WE NEED TO MARRY THAT. ED: I HAVE HEARD THAT A LOT. WHAT WILL YOU DO?
WHAT IS A CONCRETE POLICY THAT WOULD GET A COMPANY TO SAY HE WILL FIX THE CITY? DANIEL: FIRST OFF, WE ARE COMING BACK. WE HAVE THE BEST RESEARCH INSTITUTIONS, WE HAVE META AND GOOGLE AND OPENAI AND WE HAVE OPEN OFFICE SPACE. WE HAVE 20 TWO SALESFORCE TOWERS OF OPEN OFFICE SPACE. WE HAVE TO STREAMLINED PERMITTING TO INVITE COMPANIES BACK HERE. YOU NEED A MAYOR WITH VISION THAT WILL NO LONGER SAY BUSINESS IS A BAD WORD BUT WE WILL EMBRACE CLEAN TACK. WE NEED TO DO THIS WITH NEW VISION AND NEW LEADERSHIP AND THAT IS WHAT I BRING TO THIS RACE. ED:
FLOOD KIND OF COALITION ARE YOU BUILDING? WHO ARE THE COMPANIES IN EXISTING INDUSTRY LEADERS YOU FEEL ARE BACKING YOU? DANIEL: I HAVE A TRACK RECORD OF BRINGING TOGETHER THE BUSINESS COMMUNITY AND THE NONPROFIT COMMUNITY. MAYOR EDLEY ASKED ME TO CHAIR THE BID FOR SUPER BOWL 50 IN 2013. WE HAD TO GO UP AGAINST MIAMI. I LED THE CHEERLEADING FOR THAT EFFORT. WE WON THE RIGHTS TO BRING THAT
GAME HERE. WE BROUGHT 240 MILLION DOLLARS OF ECONOMIC REVENUE TO SAN FRANCISCO. WE CREATED THE BAY AREA HOST COMMITTEE. WE GOT THE NBA ALL-STAR GAME COMING HERE.
WE HAVE SUPER BOWL 60 COMING BACK. WE HAVE SIX WORLD CUP MATCHES COMING HERE. THE EYES OF THE WORLD WILL BE ON SAME FRANCIS: BUT WE HAVE TO DO THE BASICS. WE HAVE TO HAVE CLEAN STREETS
AND SAFE STREETS. NOT JUST WHEN THE JP MORGAN HEALTH CARE CONFERENCE IS IN TOWN WHERE WHEN A PACK IS HERE. -- OR WHEN APEC IS HERE. WE NEED LOU -- WE NEED TO LEADERSHIP AND THAT IS WHAT I PROVIDE. CAROLINE:
THERE IS A PUT UP A RISK AND THERE IS A PRESIDENTIAL ELECTION THAT MIGHT NOT BE THAT SUPPORTIVE OF CLIMATE TECH. HOW DO YOU ENSURE WE ARE NOT GOING INTO A BUSTED SITUATION AND YOU ARE BETTING ON THE RIGHT ECOSYSTEM? DANIEL: WE ALL KNOW WE NEED TO HAVE DECARBONIZATION. WE HAVE A CLIMATE CRISIS. WHEN YOU'RE LOOKING AT COMPANIES LIKE META AND GOOGLE THEY NEED MORE ENERGY. THEY NEED MORE POWER. THEY HAVE THEIR OWN CLIMATE
GOALS. THIS IS A TECHNOLOGY JUST GETTING STARTED. ED: I AM SORRY TO INTERRUPT. I WANT TO GET TO THE IDEA OF WHAT THE CITY WILL BECOME. ONE VISION ASSOCIATED WITH YOUR NAME IS WALL STREET FOR CLIMATE TECH PROS? IS THAT A FAIR LABEL? DANIEL: THIS CITY NEEDS TO GET BACK TO ITS ROOTS FOCUSED ON ARTS AND CULTURE. WE NEED TO EMBRACE BUSINESS AS WELL.
FOR US TO BE A GREAT AMERICAN CITY WE ALSO NEED THE TAX REVENUE WE HAVE LOST. UNDER THE CURRENT LEADERSHIP WE HAVE SEEN BUSINESSES FLEEING THE CITY. IT IS TIME WE WIN BUSINESS BACK. I HAVE DONE IT BEFORE AND I WILL DO IT AGAIN. ED: SAN FRANCISCO MAYORAL CANDIDATE DANIEL LURIE, GRATEFUL FOR YOU COMING INTO THE STUDIO. CAROLINE:
FASCINATING THE WAY IN WHICH CITIES CONTINUE TO EVOLVE. WE HAVE TALKED TO NEW YORK AND PARIS AND SAN FRANCISCO. THIS IS THE END OF THIS EDITION OF BLOOMBERG TECHNOLOGY. A LOT TO LOOK FORWARD TO THIS WEEKEND IN A FEW MINUTES. ED: INCREDIBLE WHAT IS HAPPENING NEXT WEEK. NVIDIA AND APPLE AND TESLA. I AM AWAY BUT YOU'VE GOT THIS.
CHECK OUT THE POT, YOU KNOW WHERE TO FIND IT.
2024-06-11 14:25
