Stocks Hit Highs and Apple's EU Warning | Bloomberg Technology
>> FROM THE HEART OF WHERE INNOVATION, MONEY AND POWER COLLIDE IN SILICON VALLEY AND BEYOND, THIS IS BLOOMBERG TECHNOLOGY WITH CAROLINE HYDE AND ED LUDLOW. CAROLINE: LIVE FROM NEW YORK AND SAN FRANCISCO, THIS IS BLOOMBERG TECHNOLOGY. STOCKS JUMPED ON THE JUMBO FED RATE CUT. ED:
PLUS, APPLE GETS AN E.U. WARNING. CAROLINE: AND X IS BACK ON IN BRAZIL. HOW THE PLATFORM BYPASSED A BAN FROM A SOFTWARE UPDATE. WE HAVE FINALLY FOUND THAT BID POST THE FED RATE CUT OF SOME 50 BASIS POINTS AND WE WILL HAVE THE BEST DAY IN AT LEAST A MONTH FOR THE NASDAQ 100. ED, YOU'RE GOING TO LOOK AT THE MEGA CAPS. ED: A LOT OF INVESTORS HAVE COME ON THIS SHOW AND SAID WHEN IT COMES TO TECH, THERE WILL BE A RECALCULATION AROUND VALUATION.
A LOT OF THE CONVERSATION THIS MORNING IS WE ARE GOING TO AVOID A RECESSION. TAKE TESLA, HOW MUCH IS ELON -- HAS ELON MUSK TALK ABOUT THE IMPACT. NOT THAT ELON MUSK AND TESLA WILL BE FOCUSED ON SELLING CARS FOR MUCH LONGER. CAROLINE: THAT'S THE ONE THING WE HAVE TO KEEP AN I ON WHEN IT COMES TO TESLA. SHOULD MEGA CAPS BE LOWERING?
LET'S TALK TO ZACHARY HILL. $8 BILLION IN ASSETS. WE WILL DISCUSS THE RATE CUT. WHAT DOES IT MEAN FOR THESE NAMES WE HAVE BEEN SO USED TWO LEADING THE MARKET? >> THANKS FOR HAVING ME. IT'S BEEN QUITE THE 24 HOURS. AFTER THAT SUPERSIZED RATE CUT WHICH MOST PEOPLE IN THE MARKET, MOST INCLUDED, EXPECTED TO BE 50 BASIS POINTS, ALTHOUGH ECONOMISTS WERE TOWARD THE 25 CAP, WE SAW SOME MIXED PRICE ACTION. COMING IN THIS MONEY, THINGS LOOKED QUITE A BIT DIFFERENT.
WE THINK OVERALL THE TREND IS HIGHER. LOOKING THROUGH SOME OF THE SHORT-TERM NOISE. AS IT RELATES TO THE TOP OF THE MARKET, WE BELIEVE FOR THE FIRST TIME IN 18 MONTHS, THE MARKET COULD BRAUN NOW IN A MEANINGFUL WAY.
SO, WE ARE NOT GIVING UP ON THE AI AND MEGA CAPS IN GENERAL. BUT I THINK WE HAVE A LITTLE WINDOW FOR THE REST OF THE MARKET TO CATCH UP. CAROLINE: WHEN YOU SAY BROAD AND OUT, YOU MEAN SMALL CAPS MORE BROADLY OR IS THERE A WAY TO BROADEN OUT THE TECHNOLOGY INVESTMENT THEME? ZACHARY: WE LIKE DOING IT BOTH WAYS. IN TERMS OF THE EXPRESSION OF
THE AI TRADE, MOVING AWAY FROM THE SEMI CONDUCTORS. IF YOU LOOK AT THE CHART PATTERNS, AND THE OVERALL NARRATIVE, IT SEEMS A BIT EXHAUSTIVE RELATIVE TO SOME OF THE OTHER PLAYERS IN THE GROWTH SPACE. ALSO, I DO THINK AS YOU MENTIONED, SMALL CAPS. THEY HAVE THE WINDOW HERE WHERE
THEY CAN WORK. REGIONAL BANKS IS ANOTHER PART OF THE MARKET THAT WE LIKE. THAT WILL PROBABLY BE MORE OF A TRADE FOR US. WE DO THINK THE FACT THAT RATES ARE COMING DOWN, GROWTH IS STILL STRONG AND THE NEXT MOVE BY THE FED IS GOING TO BE A CUT, WE CAN QUIBBLE ABOUT WHETHER THAT IS 25 OR 50 WHEN THAT OCCURS.
AT THE END OF THE DAY, WE DON'T THINK THAT MATTERS AS MUCH FOR THE BROADER PICTURE. THOSE ARE TWO DIFFERENT AREAS WITHIN U.S. EQUITY EXPOSURE. ED: WHY ISN'T THE SEMI CONDUCTOR NAMES -- IS IT THE SEMI CONDUCTOR NAMES AND MEGA CAPS THAT ARE RALLYING HARD THIS MORNING? ZACHARY: THAT'S A GOOD QUESTION. I DON'T HAVE A SPOT ON ANSWER FOR YOU NOW. BROADLY SPEAKING THROUGH THE
LAST THREE WEEKS, WE HAVE SEEN A LOT OF VOLATILITY. SPEAKING FOR THE MOST POPULAR STOCK IN THE WORLD, NVIDIA, WE SAW EARNINGS. THEY WERE REALLY GOOD BUT NOT AS GOOD AS PEOPLE HAVE COME TO EXPECT. WE GOT A DELAYED REACTION ON THAT STOCK THE FOLLOWING WEEK AND THEN REVERSED THE FOLLOWING WEEK. THERE HAS BEEN A LOT OF BACK AND FORTH, BROADLY SPEAKING.
THAT'S ANOTHER REASON WE THINK BROADENING OUT MAKES SENSE. BECAUSE THE VOLATILITY OF THIS TRADE HAS GOTTEN HIGHER. IT'S GOTTEN MORE DIFFICULT TO HOLD SO FROM A RISK ADJUSTMENT PERSPECTIVE, WE THINK IT MAKES SENSE TO LOOK OUTSIDE THE TIP OF THE SPEAR THAT HAS BEEN DRIVING US FOR THE LAST 18 MONTHS. ED: YOUR SECOND POINT WAS RATES ARE
GOING TO COME DOWN AND WE CAN DEBATE THE INCREMENTS OWING FORWARD. BUT A QUITE REASONABLE QUESTION FOR MANY TECHNOLOGY INVESTORS IS WHAT HAD ACTUALLY CHANGED BETWEEN JULY AND YESTERDAY, RIGHT? A 50 BASIS POINT CUT YESTERDAY AND NOTHING THROUGH THE SUMMER. THAT, FOR YOU GUYS IN THE MARKETS, MUST BE DIFFICULT TO CALCULATE. ZACHARY: IT IS DIFFICULT AND YOU HAVE TO
PLAY WITH WHAT'S GOING ON WITHIN THE FOMC. OUR READ IS A THINK CHAIR POWELL, WHO IS MORE DOVISH THAN THE COMMITTEE, HE WANTED TO CUT RATES IN JULY BUT COULD NOT GET ANYONE THERE. THE ACTIONS THAT WE SAW IN THE BLACKOUT PERIOD TO MOVE THE MARKET TOWARDS A 50 BASIS POINT CUT, THAT WAS INDICATIVE OF CHAIR POWELL TRYING TO MAKE UP FOR WHAT DIDN'T HAPPEN IN JULY. I THINK ONE OF THE REASONS STOCKS DIDN'T RALLY IT YESTERDAY AFTER EVERYTHING WAS RELEASED IN THE AFTERNOON WAS THAT IT IS CLEAR THE COMMITTEE IS MORE SPLIT THAN WE THOUGHT. SO, ALMOST HALF THE COMMITTEE WROTE DOWN ONLY ONE FURTHER CUT THIS YEAR, WHICH IS QUITE A BIT DIFFERENT FROM WHERE THE MARKET IS PRICED.
I THINK THERE WILL BE SOME BACK-AND-FORTH ON THAT. BROADLY SPEAKING, THE MESSAGE IS IF THE LABOR MARKET CONTINUES TO SLOW DOWN INTO AN AREA WHERE WE COULD CONCERNED, THE FED WILL BE MORE AGGRESSIVE. -- COULD BE CONCERNED, THE FR FED WILL BE MORE AGGRESSIVE. IT'S AN IMPORTANT THING YOU CAN LOSE SIGHT OF IF YOU ARE IN THE DAY, TRYING TO EXPLAIN OUR BY OUR MOVES. CAROLINE:
THIS IS CENTRAL BANK TO THE WORLD. WE ARE SEEING RISK ASSETS RALLY ACROSS THE WORLD. WHAT ABOUT EUROPEAN TECH, ASML , WHAT ABOUT JAPANESE TECH? ZACHARY: WE THINK THE STORY IS BETTER IN THE U.S. THAN ABROAD. A LOT OF THAT HAS TO DO WITH THE INNOVATION AND THE STRUCTURE OF OUR CAPITAL MARKETS VERSUS THE REST OF THE WORLD. WE THINK THERE IS SOME OPPORTUNITY IN JAPAN. THAT'S MORE OF A MEDIUM-TERM
STORY IN TERMS OF STRUCTURAL REFORMS AND A CHEAP CURRENCY THAT COULD BE A TAILWIND TO U.S. INVESTORS. WE ARE STARTING TO SEE THE U.N. CORRECT AND WE THINK THAT IS A FAVORABLE TREND THAT WILL CONTINUE THERE. WE LIKE TO EXPRESS THIS MORE WITHIN THE U.S. TALKING ABOUT THE EUROPEAN ANGLE MORE BROADLY, I THINK IT IS A LITTLE WILD THAT THERE IS ONLY A 25% CHANCE THE ECB CUTS RATES IN OCTOBER. YOU LOOK AT THE GROWTH TRAJECTORY AND INFLATION DYNAMICS, I THINK THEY HAVE BEEN WAITING FOR AIR COVER FROM THE FED.
THAT IS SOMETHING THE MARKET MAY START TO THINK ABOUT OVER THE NEXT FEW WEEKS. AND FROM A CURRENCY PERSPECTIVE, THAT WOULDN'T BE BENEFICIAL FOR EUROPEANS. ED: LET'S CONCLUDE OUR CONVERSATION WITH AN IMPORTANT QUESTION. RECESSION OR NO RECESSION? ZACHARY: THIS ONE IS CLEAR. NO RECESSION. OUR FRAMEWORK HAS LONG BEEN DO
NOT BET AGAINST A U.S. CONSUMER. WE HAVE BEEN LASER FOCUSED ON THE LABOR MARKET. OUR READ IS WE ARE COMING BACK TO NORMAL FROM A PERIOD OF EXTREME STRENGTH. WE ARE PAYING ATTENTION TO THE DATA FLOW AS THEY COME IN AND MARKING THAT TO MARKET, EVERY DAY. BUT BROADLY SPEAKING, THAT HAS BEEN OUR VIEW AND CONTINUES TO BE OUR VIEW. WE THINK THAT PLUS THE FACT THAT THE NEXT MOVE FROM THE FED AND OTHER GLOBAL CENTRAL BANKS ARE MAYBE CUTS. ED:
GREAT TO HAVE YOU HERE ON BLOOMBERG TECHNOLOGY. COMING UP, WE ARE JOINED BY THE LATVIAN PRESIDENT, TALKING ABOUT HIS VISIT TO SAN FRANCISCO. IN THE MARKETS, THERE ARE SOME SINGLE NAME MOVES WE HAVE TO COVER. CAROLINE: INTEL UP ALMOST 3%. MOBILE L -- MOBIL EYE UP 15%. ♪ CAROLINE: APPLE HAS BEEN WARNED BY THE EUROPEAN UNION TO OPEN UP ITS HIGHLY GUARDED IPAD AND IPHONE OPERATING SYSTEMS TO RIVAL TECHNOLOGIES OR RISK SOME SIGNIFICANT FINES. JOHN JOINS US NOW. JOHN, HOW SERIOUS IS THIS
WARNING? HOW LIKELY ARE FINES? >> HI, CAROLINE. THIS IS NOT AN INVESTIGATION, YET. IT IS SOMETHING CALLED SPECIFICATION PROCEEDINGS. IT IS A STEP SHY OF AN ACTUAL INVESTIGATION. IN A STATEMENT, THE COMMISSIONER SAID THAT THE INTENT IS GUIDING APPLE. THERE IS STILL SOME TIME FOR
APPLE TO ADDRESS THESE CONCERNS. FOR SHORT, IF NOTHING CHANGES OVER THE NEXT SIX MONTHS, THERE MIGHT BE STEPS AND CONSEQUENCES. BUT RIGHT NOW, IT'S NOT AS SERIOUS AS IT COULD BE YET. ED:
THERE IS SOME MISUNDERSTANDING, APPLE HAS HELD BACK SOME OF ITS LATEST FEATURES DUE TO COMPLIANCE. WHAT IT SEES AS A COMPLIANCE ISSUE. THE IDEA IS NOT THAT YOU TAKE A SAMSUNG PHONE AND YOU HAVE IOS ON IT, EXPLAIN THE BASICS OF WHAT THEY WANT APPLE TO DO. >> FROM WHAT I UNDERSTAND, IT'S A COUPLE OF THINGS.
IT IS ALLOWING DEVELOPERS TO ACCESS FEATURES OF IOS THAT RIGHT NOW WORK ONLY WITH APPLE SOFTWARE. SIRI IS SOMETHING THAT WORKS WITHIN APPLE, TECHNICALLY. YOU COULD IMAGINE A DEVELOPER WANTING TO ACCESS PARTS OF SIRI FOR THEIR OWN APP. OR PAYMENTS FEATURES, SOME PAYMENT FEATURES ONLY WORK WITHIN APPLE APPS, APPLE SOFTWARE. THAT'S ANOTHER THING.
ONE THING THAT THE COMMISSION ADDRESSES IS DEVICES. WITH SIRI, SOME THINGS ARE ONLY ACCESSIBLE TO CERTAIN DEVICES, SUCH AS APPLE. SO THE EUROPEAN UNION WOULD WANT THAT TO CHANGE AND BE ACCESSIBLE TO OTHER DEVICES. ED: THANK YOU VERY MUCH. WE HAVE A VISITOR FROM THE EUROPEAN UNION, THE PRESIDENT OF LATVIA IS IN SAN FRANCISCO. HE'S MEETING WITH TECH COMPANIES LIKE OPENAI, META AND GOOGLE. HE WILL ALSO MEET WITH INVESTMENT APOLLO.
GOOD MORNING, MR. PRESIDENT AND THANK YOU FOR BEING HERE. YOU HEARD FROM OUR COLLEAGUE IN BRUSSELS, THE LATEST PEACE OF E.U. OVERSIGHT. THERE IS CONSIDERATION HE WILL BECOME AN IMPORTANT LEADER WHEN IT COMES TO TECH. WHAT IS LATVIA'S ATTITUDE TO THE POLICY SIDE BUT ALSO THE NEW PEOPLE AT THE TOP? >> WE HAVE HEARD THE PROPOSAL FROM THE RESIDENT OF THE EUROPEAN COMMISSION. I BELIEVE THIS IS A BALANCED PROPOSAL BUT LET'S NOT FORGET THE EUROPEAN PARLIAMENT NEEDS APPROVAL. I HOPE THAT THE NEW COMMISSION IS GOING TO BE VERY MUCH FOCUSED ON COMPETITIVENESS OF THE EUROPEAN UNION. SECURITY IS GOING TO PLAY A
HUGE ROLE. AND THEN INDEED WE HAVE MANY THINGS. -- MEETINGS. ED: WHAT IS YOUR AMBITION FOR THOSE MEETINGS? >> THERE ARE TWO BIG ISSUES. LATVIA IS STRIVING TO BECOME ONE OF THE PIONEERS AND LEADERS OF ARTIFICIAL INTELLIGENCE IN THE EUROPEAN UNION. WE ARE NOW CREATING OUR
ARTIFICIAL INTELLIGENCE CENTER. ACTUALLY, THE IDEA STARTED FROM SECURITY CONCERNS. WE HAVE EXPANDED IT, NOT ONLY TO INCLUDE SECURITY PUT DEEPFAKES LIKE INTERFERENCE IN ELECTIONS. BUT ALSO, IN ORDER TO CREATE A COMPETITIVE ENVIRONMENT AND TO TAKE LEAD IN THIS. ONE THING THAT I AM GOING TO DISCUSS IS HOW WE CAN INCORPORATE IT. WE HAVE GOOD INCORPORATION WITH
GOOGLE AND METTA. AND WE HOPE TO EXPAND IT. SO, THAT'S ONE. SECOND, INDEED, I DO BELIEVE THAT IT IS VERY IMPORTANT THAT WE DISCUSS HOW WE ARE GOING TO ADDRESS ARTIFICIAL INTELLIGENCE, SOCIAL MEDIA. ALL OF THOSE DISCUSSIONS, WHETHER WE SHOULD VIEW THEM AS CHALLENGES OR OPPORTUNITIES.
I'M TRYING TO FIND A MIDDLE GROUND, AND BEING PART OF THE EUROPEAN UNION. CAROLINE: PRESIDENT, IS MORE REGULATION NECESSARY WHEN IT COMES TO AI AND SOCIAL MEDIA? >> THIS IS A TOUGH QUESTION. I BELIEVE THAT IF WE LOOK AT SOME CHALLENGES WE HAVE SEEN, THE USE OF SOCIAL MEDIA, ARTIFICIAL INTELLIGENCE FOR THIS INFORMATION, DEEPFAKES, INTERFERENCE IN ELECTIONS, I THINK WE NEED SOME FRAMEWORK. BUT AT THE SAME TIME, AND THIS IS SOMETIMES A CHALLENGE FOR THE EUROPEAN UNION, LET'S FACE IT, WE SOMETIMES IN EUROPE GET OVERLY REGULATORY. SOMETIMES WE BELIEVE THAT HERE IN THE UNITED STATES, THERE IS TOO MUCH LIBERAL APPROACH. FROM THAT POINT OF VIEW, I WOULD SAY THAT SOME REGULATION, ESPECIALLY WHEN IT COMES TO SERIOUS ISSUES, THE CRIME, POLITICAL INTERFERENCE, YES, WE DO NEED RULES.
BUT LET'S NOT OVERREACT. CAROLINE: LET'S TALK ABOUT SERIOUS ISSUES AT THE MOMENT THAT THE E.U. AND YOUR COUNTRY IN PARTICULAR FACES WHEN IT COMES TO RUSSIA AND ARMED RUSSIA. WE UNDERSTAND A DRONE CRASHED IN LATVIA. HOW SHOULD NATO RESPOND TO THIS SORT OF TECHNOLOGY? TWO DRONES? -- TO DRONES? SHOULD THEY SHOOT THEM DOWN? WHAT'S YOUR REACTION? >> THIS IS A GOOD QUESTION. IT WAS PART OF MY VISIT, BEING
IN NASA. WE WERE TALKING ABOUT COOPERATION IN THE DRONE INDUSTRY. WHEN WE TALK ABOUT DEFENSE, I DO BELIEVE THAT WE CURRENTLY LACK APPROACH IN NATO. WE HAVE SEEN DRONES CRUSHED. INVESTIGATION IS STILL ONGOING
BUT THERE IS A GREAT REASON TO SUSPECT THAT DRONE WAS FLYING FROM UKRAINE AND WAS SIMPLY CRUSHED. MY BELIEF IS YES, WE NEED TO SHOOT DOWN THOSE DRONES. BUT ALSO BACK IN NATO, WE ARE TALKING ABOUT THE NEED TO INCREASE NATO PRESENCE WHEN IT COMES TO DEFENSE. YES, NATO MUST ADOPT TO THE NEW REALITY AND WE MUST SHOOT DOWN DRONES. WE MUST PROTECT THE TERRITORY. >> LAPPY HAS A ROLE BECAUSE OF ITS LOCATION AND GEOGRAPHIC PROXIMITY TO WHAT IS HAPPENING. A BIG QUESTION ASKED OF LEADERS ACROSS THE EUROPEAN UNION IS WHAT TO DO NEXT AND WHETHER FROM A TECHNOLOGY AND WEAPONS STANDPOINT, THERE IS AN ARGUMENT TO APPROVE THE USE OF LONGER-RANGE TECHNOLOGY TO GO INTO RUSSIA, IN SUPPORT OF UKRAINE DOING SUCH AN ACTION.
WHAT IS YOUR POLICY ON THAT? >> I THINK IT WOULD BE SURPRISING IF I WOULD BE SAYING WE HAVE TO BE CAUTIOUS. NO, THE LONG-STANDING VIEW, MY PERSONAL VIEW IS THAT WHEN IT COMES TO UKRAINE, WHEN IT COMES TO SUPPORT FOR UKRAINE, WE MUST ALLOW USING ALL WEAPONS, ALL WEAPON SYSTEMS THAT WE PROVIDE TO UKRAINE, UNCONDITIONALLY. I DON'T BELIEVE IN THE TALK ABOUT ESCALATION. IF WE LOOK BACK AT THE BEGINNING OF THE INVASION IN FEBRUARY OF 2022, WE HAVE HEARD THAT KIND OF MESSAGE FROM MOSCOW AND WHAT IS HAPPENING. WHEN RUSSIA ESCALATES, UKRAINE IS NOT ABLE TO RESPOND. BUT WHEN UKRAINE GETS WEAPONS AND IS ABLE TO RESPOND, RUSSIA IS NOT ESCALATING.
IT ACTUALLY D ESCALATES. SO MY OWN FIRM BELIEF IS THAT WE MUST CHANGE THE NARRATIVE. WE MUST HELP UKRAINE DEAL OR WHATEVER IT TAKES OR HOW LONG IT TAKES, WE MUST HELP UKRAINE. CAROLINE:
SO NO DIPLOMATIC BREAKTHROUGH TO THE DEADLOCK? WE HAVE MUCH OF THAT BEING DISCUSSED IN EIGHT PRESIDENTIAL RACE IN THE UNITED STATES. >> I THINK THERE IS ALREADY SOME POLITICAL PROCESS. WE HAVE THE SUMMIT IN SWITZERLAND IN JUNE.
PRESIDENT ZELINSKI IS TALKING ABOUT ANOTHER SUMMIT. I BELIEVE THAT DIPLOMATIC BREAKTHROUGH OR THE POLITICAL PROCESS CAN START ONLY WHEN RUSSIA SEES THAT IT CANNOT MOVE FORWARD. THAT WE ARE SUPPORTING UKRAINE AND NEEDS A SEAT AT THE TABLE. IT'S NOT FOR UKRAINIANS CURRENTLY TO CALL THE FIRST SHOT. IT IS FOR RUSSIA.
I THINK IT'S NOT GOING TO BE ANY POLITICAL PROCESS UNTIL THE ELECTIONS. WE CAN TALK ABOUT SOME KIND OF POLITICAL PROCESS NEXT YEAR. BUT HERE, I THINK WE SHOULD ALSO NOT MAKE A MISTAKE.
IF WE START PUTTING SOME KIND OF LIMITATIONS ON UKRAINE, THEN WE ARE NOT GOING TO SEE RUSSIA HAVE A SEAT AT THE TABLE. JUST THE OPPOSITE. CAROLINE: YOUR MEET WITH APOLLO AND OPENAI, I'M CURIOUS IF YOU WANT TO ATTRACT INVESTMENT INFRASTRUCTURE LIKE DATA CENTER, TALENT IN YOUR COUNTRY. >> ABSOLUTELY. THAT IS ONE OF THOSE THINGS WE ARE GOING TO TALK ABOUT.
SOME OF OUR STARTUPS WERE PITCHING FOR INVESTMENT. THEY ARE DOING GREAT. I WILL BE DOING MY BEST TO GET PARTNERSHIP WITH OPENAI AND OTHER COMPANIES. CAROLINE: WE WISH YOU WELL WITH THOSE MEETINGS. WE THANK YOU FOR YOUR TIME TODAY. THE PRESIDENT OF LATVIA.
SO MUCH MORE AHEAD. ♪ ED: IT'S TIME FOR TALKING TECH. OPENAI HAS HIRED LEAH BELSKY AS ITS FIRST GENERAL MANAGER OF EDUCATION, LEADING THE AI START UPS EFFORTS IN BRINGING ITS PRODUCTS TO SCHOOLS AND CLASSROOMS. BELSKY WAS FORMERLY CHIEF REVENUE OFFICER OF CO. SARAH. -- TELLING THE SEVEN INTELLIGENCE COMMITTEE THAT FOREIGN INTERFERENCE WILL LIKELY SURGE IN THE FINAL 48 HOURS BEFORE THE ELECTION. THE HEARING COMES AFTER A MICROSOFT REPORT FOUND RUSSIAN EFFORTS TO INFLUENCE THE ELECTION. GERMANY'S EV MARKET PLUNGES
WITH DELIVERIES FALLING 69% IN AUGUST. CARMAKERS CALLING ON THE EUROPEAN COMMISSION FOR URGENT RELIEF AND PROVISIONS TO ITS FLEET EMISSION TARGETS THAT COULD HAVE EUROPE'S INDUSTRY FACING HEFTY FINES. >> SO MUCH MORE COMING UP. AMAZON UNVEILING A NEW AI TOOL TO HELP ONLINE MERCHANTS. ALL THOSE DETAILS NEXT.
BUS, WHITE ELON MUSK'S X IS NEARLY BEING FINED $1 MILLION PER DAY BY BRAZIL. THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: WELCOME BACK TO BLOOMBERG TECHNOLOGY. WE ARE POWERING HIGH ON THE BACK OF THAT FED RATE CUT STOP A STRONG DAY, WAITING FOR THE NASDAQ 100 BUT SO TOO ARE GLOBAL STOCKS FEELING THE RISK ON VIBES AND LOOKING AT THE EUROPEAN TECH INDUSTRY, CLOSING UP TRADING ON THE DAY, UP 3.4% FOR THAT PART OF THE STOXX 600. WE'VE GOT THE MEGA CAPS THAT WE'VE KNOWN AND LOVED AND HAVE DONE SO WELL, EVEN IN A RATE HIGHER ENVIRONMENT, STILL DOING WELL AS RATES GET CUT. ALIBABA SEEING CHINESE NAMES RALLY TOO.
I LEAVE YOU WITH PAYPAL BECAUSE THERE IS SOME INDIVIDUAL NEWS AS WELL. CEILING A DEAL WITH AMAZON, SHINING A LIGHT THAT THEY ARE SO IMPORTANT WITH THE BROADER PAYMENT ECOSYSTEM. WHAT HAVE YOU GOT ED? ED: LET'S. HEAD OUT TO LATIN AMERICA. ELON MUSK -- LET'S HEAD OUT TO LATIN AMERICA. ELON MUSK'S X HAS FOUND A WORKAROUND.
X WAS SUDDENLY BACK ONLINE AFTER A UPDATE USE CLOUD FLAYER IP ADDRESSES TO GAIN ACCESS. THE SAME COURT IS IMPLEMENT THING A 920,000 DAILY FILING FOR SKIRTING THE BAN. WE ARE JOINED FROM RIO DE JANEIRO. LET'S START WITH THE WORKAROUND. HOW DOES IT WORK?
ANDREW: X CHANGED THE WAY THEY ROUTE THEIR TRAFFIC. IT IS NOW USING IP ADDRESSES THAT ARE SHARED WITH POPULAR BRAZILIAN WEBSITES LIKE BANDS AND GOVERNMENT BANKS AND WEBSITES. IT IS HARD FOR REGULATORS TO CLAMP DOWN NOW BECAUSE IF THEY DO, THAT WOULD IMPLY THAT LOTS OF OTHER POPULAR WEBSITES WOULD ALSO BE INADVERTENTLY BLOCKED. IT HAS REALLY PUT REGULATORS IN
A DIFFICULT POSITION. CAROLINE: X HAS RESPONDED, A SPOKESPERSON SAYING IT WAS AN INADVERTENT AND TEMPORARY SERVICE RESTORATION AND WE EXPECT THE PLATFORM TO BE INACCESSIBLE AGAIN IN BRAZIL SOON. THIS IS A HEFTY FINE BEING WEIGHED DOWN. IS THIS USUALLY THE RESPONSE FROM THE SUPREME COURT? ANDREW: THE SUPREME COURT, SPECIFICALLY ONE JUDGE HAS BEEN LOCKED IN A MONTHS LONG FEUD WITH X'S OWNER ELON MUSK.
THE SUPREME COURT JUDGE IS HEADING THIS CAMPAIGN, WHICH HE SAYS IS NEEDED TO CLEAN UP THE INTERNET. TAKE DOWN A LOT OF VITRIOL, HATE SPEECH THAT HAS BEEN SPREADING OVER THE LAST FEW YEARS IN BRAZIL. MUSK, FOR HIS PART, HAS OFTEN REFERRED TO HIMSELF AS A FREE SPEECH ABSOLUTIST. THESE ARE TWO TRAINS CLASHING WITH ONE ANOTHER. THIS IS JUST THE LATEST TWIST IN THIS LONG-STANDING FEUD. THE SUPREME COURT HAS APPLIED FINES ON MUSK COMPANIES ALREADY FOR CONTENT MODERATION AND WE ARE SEEING IN CREDIT -- INCREASINGLY HARSHER TONE AND MORE THREATS TO APPLY ADDITIONAL FINES. ED:
YOU ARE IN RIO. HOW IS THIS STORY BEING DISCUSSED IN THE LOCAL PRESS? WHAT DO SOCIAL MEDIA USERS OF BRAZIL MAKE OF ALL THAT? ANDREW: YESTERDAY OR EARLY TUESDAY MORNING, WHEN THESE REPORTS THAT X WAS COMING BACK, IT'S STUNNED A LOT OF INTERNET USERS IN BRAZIL BECAUSE THE BAN HAS BEEN WIDESPREAD. FOR MOST AVERAGE USERS, THEY SIMPLY DID NOT HAVE ACCESS TO THE SITE. THERE WAS ALL OF THIS SPECULATION THAT MAY BE THE BAN HAD BEEN REVOKED, MAYBE ELON MUSK HAD STARTED TO OBEY THE COURT ORDERS.
WE ARE KIND OF SEEING THAT WE MAY NOT BE ANY CLOSER TO SEEING IT COME BACK TO BRAZIL. CAROLINE: THANK YOU VERY MUCH. AMAZON HAS ANNOUNCED IT IS LAUNCHING A NEW AI ASSISTANT TO HELP ONLINE MERCHANTS, CODENAMED PROJECT AMELIA. MATT DAY JOINS US. ANOTHER DAY, ANOTHER FEMALE NAME FOR AN AI GENERATIVE CHATBOT. MATT: MILLIONS OF PEOPLE, SMALL BUSINESSES IN EUROPE AND DIRECT TO CONSUMER OUTFITS OUT OF CHINA, THAT SELL ON AMAZON, THESE GUYS ACCOUNT FOR MOST OF THE SALES AMAZON MAKES AROUND THE WORLD AND NOW THERE IS A TOOL THAT IF A SELLER HAS A QUESTION ABOUT WHAT MIGHT SELL WELL FOR THE HOLIDAYS, THEY CAN USE THE CHATBOT INTERFACE, WE ARE ALL FILLED MILL YOUR WITH -- ALL FAMILIAR WITH. ED: WE TAKE FOR GRANTED HOW AMAZON.COM WORKS. IF YOU ARE A CONSUMER, YOU ARE
USED TO USING THE PRIME APP AND YOU MAY NOT EVEN THINK ABOUT THE MERCHANT OR THE SELLER. YOU ASK THE TOOL THAT WE ARE SHOWING ON THE SCREEN, LIKE TELL ME HOW TO PREPARE FOR THIS, HOW DO I RUN MY BUSINESS? MATT: BEHIND THE SCENES, AMAZON IS IN FEVERED COMPETITION FOR SELLERS. WE ALL ARE MEMBER THE RISE OF SHOPIFY AND DIRECT TO CONSUMER SITES SELLING ON THEIR OWN. EBAY IS STILL OUT THERE,
WALMART IS COURTING INDEPENDENT MERCHANTS, SO HIS TARGET. IT IS A RACE TO -- SO IS TARGET. AMAZON HAS FELT THIS, THEY HAVE TO KEEP INVESTING IN TOOLS FOR SELLERS OR THEY MAY GO ELSEWHERE.
CAROLINE: MATT DAY, WITH THE LATEST. COMING UP, WE WILL BE HEARING FROM GARY GENSLER AND THE POTENTIAL RISK CC ARISING FROM THE USE OF AI IN FINANCE -- RISK HE SEES ARISING FROM THE USE OF AI IN FINANCE. BITCOIN UP ALMOST 5%, ECLIPSING 63,000.
A STRONG DAY POST FED RATE CUTS. THIS IS BLOOMBERG TECHNOLOGY. EMILY CHANG IS SITTING DOWN WITH THE SALESFORCE CHAIR, MARC BENIOFF THIS AFTERNOON. ♪ ED: TOO MANY BROKERS AND MONEY MANAGERS USE THE SAME AI FOR WORK, IT CAN SET THE STAGE FOR MARKET TURMOIL ACCORDING TO SEC CHAIR GARY GENSLER WHO SPOKE TO ROMAINE BOSTICK AND ALIX STEEL YESTERDAY. GARY: WE'VE BEEN AUTOMATIC FOR A LONG
TIME. 100 YEARS AGO THERE WERE DEBATES WHETHER TO ALLOW TELEPHONES ON THE FLOOR OF THE NEW YORK STOCK EXCHANGE. AUTOMATION IS A GOOD THING OVERALL BUT YOU ARE RIGHT, WE HAVE TO ALSO MAKE SURE THAT WE STILL PROTECT THE INVESTING PUBLIC. IN TERMS OF ARTIFICIAL INTELLIGENCE, I THINK IT COULD BRING GREATER ACCESS AND PROMOTE MARKETS BUT AT THE SAME TIME, WE HAVE TO GUARD AGAINST FRAUD, WHETHER YOU'RE USING AN ALGORITHM TO DEFRAUD THE MARKET OR A HUMAN IS DOING IT. I DO THINK THAT THERE IS A CHALLENGE. THE FINANCIAL CRISIS OF THE
FUTURE MIGHT BE THAT WE SAY WE WERE ALL RELYING ON THE SAME MODEL, THE SAME ALGORITHM, THE SAME DATA. THAT IS A CHALLENGE THAT IS ON THIS GUY'S MIND. ENSURING THERE IS STILL A DIVERSITY OF VIEWS. THAT THE ALGORITHMS COMPETE WITH EACH OTHER RATHER THAN ALL RELYING ON ONE -- IF YOU EVER SAW THAT MOVIE 2004, ONE BIG COMPUTER, LIKE SCARLETT JOHANSSON WAS THAT ROMANTIC INTEREST IN "HER." WHEN SHE WENT OFF-LINE, ALL 8000 OF HER ROMANTIC PARTNERS WERE HEARTBROKEN. I DON'T WANT THAT TO HAPPEN IN
THE FINANCIAL SECTOR. CAROLINE: GARY GENSLER THERE. SPEAKING OF AI AND FINANCE, INTELLIGENT ALPHA IS -- YESTERDAY, WE MENTIONED IT IS OFFERING A CHATBOT POWERED ETF, PROMISING TO HARNESS THE BRAINPOWER OF THE LIKES OF WARREN BUFFETT, DAVID TEMPER AND MORE. WE WELCOME THE FOUNDER AND CEO OF INTELLIGENT ALPHA. SO YOU HAVE AN INVESTMENT COMMITTEE OF CHATBOTS. WHAT INPUTS HAVE YOU BEEN GIVING THEM? WHAT HAVE YOU BEEN GETTING OUT TO DESIGN THIS ETF? >> WE'VE GIVEN THEM INPUTS TO HELP THEM LEARN HOW HUMANS THINK ABOUT INVESTING.
THIS IS A QUESTION THAT WE GET FROM INVESTORS, WON'T AI JUST DO THE SAME THING? OUR RESEARCH, OUR STUDYING OVER THE PAST YEAR IS THE ANSWER IS NO, THEY DON'T BECAUSE OUR TECHNOLOGY REALLY DEPENDS ON THE INPUTS AND THE PHILOSOPHY YOU TRY TO GIVE THE AI, TO ACT ON ITS INVESTMENTS WITH. YOU CAN MAKE IT THINK LIKE WARREN BUFFETT AND BE VERY VALUE CONSCIOUS OR THINK LIKE AN AGGRESSIVE GROWTH INVESTOR. NO MATTER WHAT YOU WANT TO DO, AI CAN BE ADAPTABLE AND I THINK THAT IS WHY WE ARE NOT GOING TO SEE AI DO THE SAME THING. IT'S GOING TO BE VERY DIFFERENT. CAROLINE:
I'M ASSUMING YOU'VE BEEN TESTING THIS FOR YOU OFFERED THE ETF TO THE WORLD. THIS INVESTMENT COMMITTEE, IT DIDN'T GET THE FED CUT RIGHT. IT THOUGHT IT WOULD BE 25 BASIS POINTS. A LOT OF PEOPLE GOT IT WRONG, BUT WHAT HAVE THEY BEEN GETTING RIGHT? WHAT OUTPUT HAVE YOU SEEN THAT HAS BEEN INTERESTING? DOUG: AI DID GET THE RATE CUT WRONG BUT IT DID PREDICT WE WILL GET A SKIP IN NOVEMBER WHICH I THINK IS INTERESTING. A 50 BASIS POINT CUT, MAYBE THE FED WAS THINKING THERE IS A CHANCE WHERE WE JUST WANT TO BE AGGRESSIVE AND SEE HOW THINGS GO. IN TERMS OF WHAT WE ARE SEEING FROM AI RIGHT NOW IN OUR FIRST FUND WE LAUNCHED YESTERDAY, THE ETF, AI IS FOCUSED ON A FEW DIFFERENT AREAS. AI IS ONE AREA IT LIKES.
IT IS ALSO FOCUSED ON ASIA, LATIN AMERICA AND DEFENSIVE STOCKS. WHAT OUR COMMITTEE HAS CREATED IS A PORTFOLIO THAT IS BALANCED BETWEEN OFFENSE AND DEFENSE. OFFENSE WITH AI NAMES AND DEFENSE WITH THINGS LIKE HEALTH CARE AND CONSUMER STAPLES. ED: HELLO DOUG. A FAMILIAR FACE TO THE SHOW, A NEW NAME. WHAT DOES WARREN BUFFETT, STANLEY DRUCKENMILLER AND DAVID TEPPER THINK ABOUT THIS? DOUG: GOOD TO SEE YOU. I HAVE NOT SPOKEN TO ANY OF THOSE THREE AND I WOULD BE CURIOUS TO HEAR WHAT THEY DO THINK OF AI AS IT PERTAINS TO AFFECTING THE INVESTMENT MARKETS AND THE REALITY IS THIS.
WE THINK ABOUT WHAT DOES THE FUTURE LOOK LIKE? WE ARE THE FIRST FIRM TO USE LLM'S TO INVEST COMPLETELY WITH NO HUMAN INTERVENTION. I THINK THEY WOULD BE INTERESTED TO LEARN ABOUT HOW THEY DO THINK LIKE HUMANS AND IF YOU READ THE READINGS OF A BUFFET OR STAN DRUCKENMILLER, A LOT OF WHAT THEY TALK ABOUT IS REALLY MANAGING EMOTION. AND THAT IS ONE OF AI'S SUPERPOWERS. ED: I THINK ABOUT MY -- WITH AI TOOLS AND THEY CAN ONLY RECALL WHAT IS WITHIN THE DATABASE THEY WERE TRAINED ON MOST OF THE TIME. IT'S LIKE ASKING WHAT THE WEATHER IS, TO THE GPT VOICE ASSISTANT.
IT CAN'T TELL YOU WHAT IT IS RIGHT NOW, ONLY WHAT IT HAS BEEN HISTORICALLY. HOW DOES THAT WORK WITH INVESTING? EXPLAIN THE SYSTEM. DOUG: ABSOLUTELY. THERE ARE TWO KEY PIECES OF INFORMATION THAT WE INPUT INTO THE MODELS WE USE. ONE PIECE OF INFORMATION IS AN INVESTMENT SELECTION UNIVERSE. IF WE WANT TO BUILD A PORTFOLIO AROUND LARGE CAP U.S. STOCKS, YOU WILL HAVE THAT DATA
SET AND INCLUDE THINGS LIKE HISTORICAL PERFORMANCE, FORWARD ESTIMATES, AND IN ADDITION TO THAT, WE WILL ALSO INCLUDE A PHILOSOPHY THAT WE CURATE GOING BACK TO IF WE WANTED AI TO THINK LIKE WARREN BUFFETT, WE CURATE A FACILITY -- A PHILOSOPHY AROUND THAT BASED ON HIS WRITING, THINGS HE SAID. WE COMBINE THOSE PIECES OF INFORMATION, THAT IS HOW WE END UP GETTING OUR COMMITTEE TO ACT. CAROLINE: THERE HAS BEEN INNOVATION GOING ON AT ALL OF THESE LARGE LANGUAGE MODEL PROVIDERS. WE THINK OF OPENAI. ANY IDEA THAT THEY ARE GOING TO THINK? HOW WILL YOUR INVESTMENT COMMITTEE IMPROVE, ADJUST, CHANGE AS INNOVATIONS HAPPEN? DOUG: THAT IS ONE OF THE MOST INSIGHT -- EXCITING PARTS OF USING AI AS AN INVESTOR.
SAM ALTON HAS THIS QUOTE, THE MODELS WE ARE USING TODAY ARE THE DUMBEST MODELS YOU WILL EVER HAVE TO USE. THE DISAPPOINTING THING IS HE IS CALLING THESE MODELS DONE. WE DON'T THINK THEY ARE DUMB BECAUSE TESTING SHOWS THEY ARE VERY EFFECTIVE AS INVESTORS BUT THE UPSIDE TO THAT IS THAT THESE MODELS ONLY GET SMARTER FROM HERE. WE THINK ABOUT O1, ADVANCED REASONING CAPABILITIES. AS WE SEE THAT PERMEATE THESE OTHER MODELS WE USE LIKE CLAUDE AND GEMINI, I THINK THE COMMITTEE WILL CONTINUE TO GET SMARTER OVER TIME. ED: DO YOU PAY OR LICENSE FROM THE LLM PROVIDERS? DOUG: WE DO USE THEIR APIS, SO WE PAY FOR THE USAGE OF THAT TECHNOLOGY. ED: INTELLIGENT ALPHA CEO DOUG
CLINTON, THANK YOU FOR COMING BACK ON THE SHOW. MORE NEWS. THE CHIP START UP AMPERE IS EXPLORING A POTENTIAL SALE ACCORDING TO SOURCES WHO SAY THE CHIP DESIGNER HAS BEEN WORKING WITH A FINANCIAL ADVISOR IN RECENT MONTHS TO HELP FIELD TAKEOVER INTERESTS. AMPERE IS OPEN TO TALKING WITH A LARGER INDUSTRY PLAYER ABOUT A TRANSACTION. CAROLINE: COMING UP, WE WILL SPEAK WITH THE MIDI HEALTH CEO JOANNA STROBER. THIS IS BLOOMBERG TECHNOLOGY. ♪ ED: JOHN COLLISON COFOUNDED ONE OF THE -- STRIPE. NOW HE AND HIS TEAM ARE
EXPANDING THE COMPANY WHILE CONTINUING TO SHRUG OFF THE QUESTION OF AN IPO. HE SPOKE ABOUT THAT ON THE DAVID RUBENSTEIN SHOW. LISTEN TO THIS. >> SOME TECH COMPANIES, MAYBE A LOT OF TECH COMPANIES GO PUBLIC A BIT TOO EARLY. IN STRIPE'S CASE, WE STILL SEE TONS OF OPPORTUNITY TO CHANGE AND GROW THE BUSINESS QUITE A LOT. WE ARE STILL CONSTANTLY INVENTING NEW PRODUCT AND DEVELOPING NEW BUSINESS LINES AND YOU CAN DO THAT IN THE PUBLIC MARKETS BUT I THINK CULTURALLY WE HAVE ENDED UP WITH ANALYSTS FOLLOWING PUBLIC COMPANIES.
CULTURALLY WE'VE ENDED UP A BIT MORE OF A WORLD WHERE PUBLIC COMPANIES ARE USUALLY THE EXTRACT STAGE OF THE CURVE, RATHER THAN THE EXPAND STAGE. CAROLINE: YOU CAN CATCH THE FULL INTERVIEW FROM THE DAVID RUBENSTEIN SHOW AT BLOOMBERG.COM. LET'S TALK ELSEWHERE IN VENTURE BECAUSE A VIRTUAL CARE CLINIC, MIDI HEALTH FINISHED A.
FUNDING ROUND BACK IN. APRIL $60 MILLION -- FINISHED A FUNDING ROUND BACK IN APRIL. $60 MILLION.
MIDI HEALTH CEO JOANNA STROBER JOINS US NOW. IT IS A WHO'S WHO, SET UP FOR WHAT REASON? WHY DID YOU WANT THESE WOMEN IN PARTICULAR TO BE SIGNING UP TO BACK YOUR COMPANY? JOANNA: OVER 70 MILLION WOMEN ARE IN MENOPAUSE AND IT IS A MASSIVELY UNDERSERVED MARKET. ESSENTIALLY WOMEN DON'T GET THE CARE THEY DESERVE TO HELP THEM THRIVE, AS THEY AGE AFTER THEY HAVE CHILDREN. WHAT WE REALLY WANTED TO DO WAS GO OUT AND TARGET THE SMARTEST WOMEN IN THE COUNTRY IN BUSINESS, ENTERTAINMENT, ATHLETES AND GET THEM TO HELP AND JOIN IN OUR CAUSE AND WE VIEW THIS AS A MISSION.
IT IS BOTH A COMPANY THAT IS EXPANDING RAPIDLY BUT ALSO A MISSION TO SERVE WOMEN. CAROLINE: YOU'VE GOT AN INVESTOR GROUP NOW FOR WOMEN AGED 35 PLUS, YOU'VE GOT DIVERSITY. IS THIS MARKETING? I THEY GOING TO GO OUT AND BE YOUR BIGGEST BACKERS? ARE THEY GOING TO PREACH THE WORLD OF MIDI HEALTH? ONE OF THE REASONS YOU GO TO THESE PARTICULAR PEOPLE? JOANNA: PART OF IT IS MARKETING. THEY GIVE US FEEDBACK ON WHAT
WE ARE DOING WELL AND WHAT WE ARE NOT. THEY GIVE US SUGGESTIONS ON HOW WE USE AI TO BETTER SCALE OUR PRODUCT. WE ARE GETTING MARKETING ADVICE FROM AMAZING CELEBRITIES WHO KNOW HOW TO BUILD A BRAND. BUT WE ARE DOING IS GETTING THEIR EXPERTISE AS WELL AS THEIR SUPPORT -- WHAT WE ARE DOING IS GETTING THEIR EXPERTISE AS WELL AS THEIR SUPPORT. ED: ALMOST A YEAR TO THE DAY SINCE YOU ANNOUNCED YOUR SERIES A, AT THAT TIME, THE FOCUS WAS ON BOARDING CLINICIANS WHO HAD EXPERTISE IN WOMEN'S HEALTH. HOW MUCH OF THAT IS NOW FOCUSED ON GROWING THE BUSINESS OR HAVE YOU MOVED ON TO THE TECHNOLOGY EXPANSION? JOANNA: WE HAVE OVER TWO PROVIDERS -- OVER 200 PROVIDERS RIGHT NOW AND WE ARE USING TECHNOLOGY TO MAKE SURE THAT WE SCALE THEIR CARE APPROPRIATELY.
WE USE AI TO MAKE SURE THAT WE MONITOR THEM, TO MAKE SURE WE GIVE THEM THE RIGHT FEEDBACK. WE ARE USING TECHNOLOGY TO SCALE THE CARE, BUT ESSENTIALLY WE ARE FUNDAMENTALLY A CARE COMPANY. OUR JOB IS TO TALK TO PEOPLE, TO HAVE THOSE CONVERSATIONS AND LISTEN TO WOMEN. IT IS NOT JUST ABOUT THE TECHNOLOGY. THE TECHNOLOGY IS ENABLING TO SCALE, BUT WE FOCUS ON THE CARE WE ARE PROVIDING, NOT SOLELY ON TECHNOLOGY BUT MAKING SURE OUR PROVIDERS ARE ABLE TO LISTEN AND TAKE CARE OF THE WOMEN WHO COME TO US. ED: INCREASINGLY IN OUR HOUSEHOLD, WE HAVE A DIGITAL RELATIONSHIP WITH OUR HEALTH CARE PROVIDERS, EITHER THROUGH AN APP. THE ISSUE IS THE INSURANCE
COMPONENT, PARTICULARLY IN THIS COUNTRY. HOW DO YOU MANAGE THAT? IT CAN BE A REAL FRUSTRATION IN THE UNITED STATES WHEN PEOPLE JUST WANT DIGITAL CARE. JOANNA: WE CARE DEEPLY ABOUT DEMOCRATIZING ACCESS TO GREAT CARE AND THE WAY WE HAVE TO DO THAT IS THROUGH INSURANCE COVERAGE. BY THE END OF THIS YEAR, WE SHOULD HAVE 70% OF ALL WOMEN ON PPO PLANS COVERED UNDER OUR PLATFORM AND NEXT YEAR WE WILL HAVE MEDICARE.
WE CARE DEEPLY THAT WOMEN HAVE ACCESS TO THIS CARE AND INSURANCE NEEDS TO PAY FOR IT. THAT IS HOW THE COMPANY IS STRUCTURED. CAROLINE: 63 MILLION SERIES B, 5 MILLION SPV. THAT'S A LOT OF MONEY. WHERE TO ALLOCATE? IS IT TALENT?
IS IT LOBBYING AND INFORMING PEOPLE THAT YOU NEED TO MAKE THESE DEALS WHEN IT COMES TO INSURANCE? JOANNA: IT IS ALL OF THOSE THINGS. A COST MILLIONS OF DOLLARS JUST TO SET UP THE PLATFORM AND GET THE INSURANCE COMPANIES ON BOARD AND CREATE OUR CARE PROTOCOLS AND MAKE SURE WE HAVE DOCTORS HELPING US TO CREATE NEW PROTOCOLS, SO AS WE LOOK AT THE LONGEVITY SPACE AND THE BREAST SURVIVORSHIP SPACE, WE ARE CREATING NEW CARE PROTOCOLS AS WOMEN COME TO US WITH NEW NEEDS AND TRAINING OUR PROVIDERS AND MAKING SURE THEY ARE ABLE TO GIVE EXPERT CARE. THERE IS A LOT THAT GOES INTO SCALING AND THAT IS WHERE MOST OF OUR MONEY IS GOING. CAROLINE: KEEP US UP TO SPEED WITH THE JOURNEY.
JOANNA STROBER OF MIDI HEALTH. THAT DOES IT FOR THIS EDITION OF BLOOMBERG TECHNOLOGY. A BIG DAY FOR THE MARKETS. ED: A MASSIVE DAY FOR THE MARKETS. THE NEXT QUESTION, WHAT HAPPENS NEXT? IT IS HARD TO KNOW IN THE CONTEXT OF A RECESSION FOR TECH OR THE RATE CUT. YOU KNOW EXACTLY WHERE TO FIND
THE PODCAST, ON THE TERMINAL AND ONLINE, ON ALL THE PLATFORMS YOU RECOGNIZE. FROM THE TEAM IN NEW YORK CITY AND SAN FRANCISCO, THIS IS BLOOMBERG TECHNOLOGY. ♪
2024-09-20 16:27
