Tech Charges Higher and Adobe Misses the Mark Bloomberg Technology

Show video

>> FROM THE HEART OF WHERE MONEY, POWER, AND INNOVATION COLLIDE, IN THE HEART OF SILICON VALLEY AND BEYOND, THIS IS BLOOMBERG TECHNOLOGY WITH CAROLINE HYDE AND ED LUDLOW. CAROLINE: LIVE FROM NEW YORK, THIS IS BLOOMBERG TECHNOLOGY. COMING UP, TECH CHARGES HIGHER AS THE NASDAQ IS SET FOR ITS HIGHEST CHARGE OF THE YEAR EVEN AS ADOBE MISSES THE MARK WITH A MUTED FORECAST ON AI GROWTH, OVERSHADOWING THIRD-QUARTER RESULTS. UBER POWERS AHEAD AS IT EXPANDS A PARTNERSHIP WITH WAYMO, BRINGING AUTONOMOUS RIDE-HAILING TO AUSTIN AND ATLANTA. FIRST, LET'S CHECK IN ON THE

MARKETS, SINGLING OUT THE BEST WEEK FOR THE NASDAQ 100 THIS YEAR, ALMOST MAKING UP FOR THE SELLOFF WE SAW LAST WEEK WHERE CHIP STOCKS DROVE US HIGHER. UP 5.8%. THIS KNEE-JERK REACTION WAS OFF RISK ON FOR FIVE STRAIGHT DAYS, SHOWING THE MARKET SENTIMENT TRYING TO GET AROUND WHAT THE FEDERAL RESERVE DOES AND ULTIMATELY WHAT THE AI PLAYERS FROM HERE DO MOVING ON TO THE INDIVIDUAL MOVERS AS WE SEE ONE PARTICULAR DRAG, ADOBE, SINKING 8% AND HAVING A DIRE DAY AS ONCE AGAIN IT'S FORECAST CANNOT MAKE UP FOR ACTUALLY A RATHER REALLY GOOD SET OF THIRD-QUARTER RESULTS, GUIDING US TO THE FACT THAT THE DIGITAL MEDIA AREA AND FOCUS ON ARTIFICIAL INTELLIGENCE IS NOT DRIVING AS MANY AS HAD BEEN HOPED. WE SAW A 11% GROWTH IN THE THIRD QUARTER BUT WHAT ABOUT THE THIRD QUARTER? LET'S LOOK AT WHAT IS HAPPENING WITH UBER. FIRST, WE ARE DRIVING HIGHER, 4.9% SURROUNDING THE DEAL WITH

WAYMO, WHICH WANTS TO OWN AUTONOMOUS DRIVING. BASICALLY THE ONLY APP OFFERING DRIVERLESS RIDES IN AUSTIN AND ATLANTA. GOOD NEWS FOR THIS STOCK. NATALIE IS HERE TO MAKE IT ALL DOWN. OVERALL, I'M WONDERING MORE BROADLY ABOUT WHAT HUBER IS SEEING HERE. IS IT A CHALLENGE COMING FROM

ROBOTAXIS? TEX -- TESLA? OR IS THERE SOMETHING ELSE? NATALIE: IT COULD BE A COMBINATION OF ALL OF THESE THINGS AND HOOVER -- UBER WANTS TO BE THE PLATFORM THAT EVERYONE GOES TO TO GET THESE DRIVERLESS RIDES. THAT IS WHY THEY ARE MAKING PARTNERSHIPS WITH WAYMO, CRUZ, AND BYB FOR DRIVE EXPERIENCES AROUND THE U.S., IT WANTS TO BE THAT INDISPENSABLE PARTNER THAT ALL OF THESE MANUFACTURERS ARE LOOKING TO. CAROLINE: IT'S GOING TO BRING ON BOARD

ALL ELECTRIC JAGUAR PACE VEHICLES. HOW QUICKLY AM I GOING TO BE ABLE TO GET IN ONE AT THE MOMENT? WHICH CITIES? HOW FAST WILL THIS EXPAND? NATALIE: THEY CURRENTLY HAVE A COLLABORATION IN PHOENIX AND THAT'S HAPPENING NOW. STARTING EARLY NEXT YEAR, UBER WILL BE OFFERING WAYMO RIDES EXCLUSIVELY IN AUSTIN AND ATLANTA. CAROLINE: EVERY DAY IS A GOOD DAY FOR THE UBER STOCK.

NATALIE, WE APPRECIATE IT SO MUCH. ADOBE SHARES ARE DOING THE OPPOSITE, WHIP SAWING TO THE LOWEST AFTER REPORTING EARNINGS YESTERDAY AFTER THE BELL AND OUTLOOK FAILED TO QUELL INVESTOR PATIENCE FOR AI TOOLS TO START GENERATING CASH. EARNIE FORD POINTED US TOWARDS YESTERDAY AND IS HERE WITH US TODAY AND IT SEEMS THAT THE DIGITAL MEDIA SIDE IS LETTING THINGS DOWN. EARNIE: HERE'S THE BIG QUESTION FOR THE SOFTWARE QUESTIONS THAT WITH THE BIG WINNERS OVER THE LAST DECADE. IT IS AI A MEANINGFUL NEW REVENUE? OR IS IT KIND OF JUST LIKE A COOL FEATURE THAT YOU ADD IN AND IS NICE TO HAVE, BUT IT DOESN'T REALLY MOVE THE NEEDLE? THAT'S THE QUESTION THAT INVESTORS HAVE BEEN BATTING BACK AND FORTH WITH ADOBE.

LAST NIGHT WE SAW THAT INCREMENTAL REVENUE THAT THEY WERE HOPING TO SEE FROM NEW AI PRODUCTS ISN'T MATERIALIZING YET. EXECUTIVES ARE TALKING ABOUT OPTIMIZING FOR USE AND ADOPTION RATHER THAN DRIVING MONETIZATION ON THE PRODUCTS. CAROLINE: WHAT DO THEY HAVE TO SAY TO QUELL NERVES? THIS IS A HEAVY SELLOFF BUT THEY SEEM TO BE TRYING TO SHOW YES, THEY ARE DRIVING PROFITABILITY, DRIVING FORWARD IN TERMS OF OFFERINGS, NOT SPEAKING TO THE WEAKNESS. ERNIE:

THEIR DEFENSE AS I READ IT, IT WAS THAT AI IS STILL A VALUE ADD TO BECAUSE IT KEEPS FOLKS FROM GOING TO THE COMPETITORS AND IT ALLOWS US TO HIS PRICES. RIGHT? IT'S NOT THAT I'M PAYING AN ADDITIONAL $10 FOR THE NEW TOOLS, IT'S THAT I'M NOT GOING TO GO INSTALL CANVA, I'M NOT GOING TO CANCEL OR FIGHT YOU EITHER. THEY SAID IT IS A KIND OF INDIRECT MONETIZATION STORY AT THIS POINT, WITH MORE DIRECT MONETIZATION TO COME IN THE FEET -- FUTURE. CAROLINE: WHAT LEVERS CAN THEY PULL IN THE FUTURE? ERNIE: IDEALLY IT WOULD BE GENERATIONS OF SAYING PHOTOSHOP, CLICK HERE, GET A PICTURE OF A DOG DOING A BACK FLIP.

EVERY TIME YOU DO THAT LET'S SAY YOU HAVE 1000 CREDITS STANDARD FOR GENERATIONS AND ABOVE THAT YOU START GETTING CHARGED. THAT'S ONE METHOD. MORE RESOURCE INTENSIVE MODELS LIKE VIDEO, THEY SAID THAT COULD BE A DIFFERENT MONETIZATION MECHANISM IN PART BECAUSE THE COMPUTE WOULD BE SO MUCH HIGHER. IN GENERAL, CREDIT PACKED VOLUNTEERS WILL BE THE GENERAL WAY THAT FOLKS EXPECT AND HAVE SPOKEN ABOUT. CAROLINE: ONE AREA OF FOCUS THAT WE HAVE FOR ADOBE GOING FORWARD IS THE INVESTMENT THEY HAVE TO MAKE, THE PARTNERSHIPS. YESTERDAY WE TALKED ABOUT HOW THESE BUSINESSES ARE TRYING TO DELVE INTO THE 3D MODELING SIDE OF THINGS.

HOW EXPENSIVE IS THE ARTIFICIAL INTELLIGENCE OFFERING FOR THEM? BRODY: SOME PEOPLE HAVE TOLD ME THAT IT'S ONE OF THE MOST PROFITABLE PRODUCTS EVER AND THEY HAVE A MOUNTAIN OF CASH WITH A CAN THROW THE MONEY AROUND WITHOUT BEING DILUTIVE AT THIS POINT. IT'S A BIG EXPENSE. ESPECIALLY FOR THE STARTUPS, WE'VE HEARD ABOUT IT BEING AN INHIBITING FACTOR. ADOBE HAS TRIED TO MENTION THAT THEY ARE A DIVERSIFIED BUSINESS WHERE THEY CAN PULL CASH FROM OVER HERE TO PUT IT HERE TO MAKE SURE THAT WE CAN KEEP DOING THIS AND KEEP GETTING ADOPTION. GENERALLY, THEY THINK THAT THEY ARE BEST SET BY CENTRALIZING USERS AND KEEPING THEM THERE, KEEPING AI ACCESSIBLE LONGER BEFORE JACKING UP THE PRICES. CAROLINE: BRODY FORD, THANK YOU SO MUCH. COMING UP, UNITED AIRLINES AND

STARLINK JOIN FORCES FOR FREE AIRLINE -- FREE WI-FI IN THE SKY. GOING BACK TO DATABASE OFFERINGS AND THE LIKE, ORACLE IS UP AT A NEW RECORD HIGH AGAIN. BRODY FORD ALL OVER THIS, TOO, WRITING THAT IT WILL RISE IN 2029 TO AN OPTIMISTIC SIGNAL FOR THE GROWTH PROSPECT ON A SOFTWARE MAKING A MARK ON CLOUD INFRASTRUCTURE BUSINESSES.

THIS IS "BLOOMBERG TECHNOLOGY." ♪ CAROLINE: LET'S TALK AVIATION TECH, BOEING FACTORY WORKERS WALK OFF THE JOB FOR THE FIRST TIME IN 16 YEARS TODAY, HALTING MANUFACTURING ACROSS THE SEATTLE HUB AFTER MEMBERS OF THE LARGEST UNION VOTED OVERWHELMINGLY TO REJECT THE CONTRACT AND GO ON STRIKE. BOTH PARTIES EXPRESSED A DESIRE TO GET BACK TO THE BARGAINING TABLE BUT IT ADDS TO THE STRAIN ON BOEING. STICKING TO THE AIRLINE INDUSTRY, UNITED HAS ANNOUNCED A DEAL WITH IT STARLINK, WITH IN-FLIGHT WI-FI BEING OFFERED FOR FREE. NO MORE FIVE DOLLARS 99 MINIMUM SPENDS? WHAT DOES IT SAY ABOUT THE RELIABILITY OF STARLINK IN THE AIR? >> A LOT OF PEOPLE WERE WONDERING WHEN THEY WOULD STRIKE A BIG DEAL WITH THE AIRLINES AND THIS IS SHOWING ALL RIGHT, THERE WERE QUESTIONS ABOUT WHETHER OR NOT THEY COULD HANDLE THE CAPACITY EARLIER, BUT NOW I THINK AT LEAST ONE OF THESE AIRLINES IS SAYING THEY ARE READY TO HANDLE OUR FLEET OF VEHICLES. CAROLINE: WHEN YOU SAY 1, 1 OF THE BIG ONES. THEY ALREADY HAVE A DEAL WITH

HAWAIIAN AIRLINES. LOREN: AND JS ASKED, PREDOMINANTLY BASED OUT OF TEXAS, A SMALLER AIRLINE, SO THIS IS ONE OF THE BIG FOUR. NOW THEY HAVE THE BRAGGING NIGHTS THEY NEEDED TO SAY THAT THEY ARE HERE FOR THE BIG TIME, BIG PLAYERS, JUST LOOK AT THIS DEAL. CAROLINE: SCOTT KIRBY TALKING ABOUT HOW

THEY WILL BE ABLE TO WALK FROM THE AIRPLANE TO THE LOUNGE AND IT WILL BE SEAMLESS, CONNECTING DEVICES AND WHAT YOU WILL BE USING ON THE AIRCRAFT ITSELF. WHAT, IN TERMS OF MARKET SHARE, DO ANALYSTS THINK THEY WILL BE ABLE TO GET HERE? IS SCOTT KIRBY THE FIRST TO GO AND EVERYONE ELSE FOLLOWS? LOREN: I THINK SO, A LOT OF PEOPLE THINK IT WILL BE A WATERSHED MOMENT FOR THEM, IT'S A BIG ADVERTISING GET, RIGHT? A MAJOR PLAYER, WINDOW THE OTHERS FOLLOW SUIT? IT'S A BIG GET. CAROLINE: TECHNOLOGY IS WHAT WE LOVE TO HEAR FROM YOU. ULTIMATELY, HOW HARD IS THIS? WE ALL UNDERSTAND HOW GLITCHY AIRLINE WI-FI IS AT THE MOMENT. WHY IS THAT AND WHAT DOES STARLINK OFFER? LOREN: ONE OF THEIR BIG ADVANTAGES OVER OTHER INTERNET SATELLITES IS THAT THEY ARE CLOSER, RIGHT? THE INCUMBENTS THAT THE AIRLINES USE ARE IN HIGHER ORBITS, SO THERE IS A LATENCY AND LAG THAT I'M SURE EVERYBODY HAS BEEN FRUSTRATED WITH ON THEIR PLANES FROM TIME TO TIME, BUT WHAT THEY OFFER IS BEING CLOSER TO THE EARTH, SO YOU HAVE A CUT DOWN IN LATENCY. OF COURSE THAT COMES WITH MORE

SATELLITES IN ORBIT. YOU NEED MORE COVERAGE AND SO WHEN YOU ARE CLOSER TO THE EARTH, THE SATELLITES ARE MOVING QUICKER. TO HAVE A SATELLITE OVERHEAD AT ANY GIVEN TIME THEY HAVE TO KEEP LAUNCHING THEM AND IT'S A NUMBERS GAME, BASICALLY. BUT IF THEY ARE ABLE TO HAVE

ENOUGH IN ORBIT, YOU CUT DOWN THE LATENCY AND IT IS A MORE SEAMLESS EXPERIENCE. CAROLINE: THEY ARE LOOKING TO HAVE THE HIGHEST AVIATION MARKET SHARE IN THE NEXT DECADE, NOT TWO OR THREE YEARS, FOR STARLINK. IT TAKES TIME, RIGHT? LOREN: DEFINITELY AND IN TERMS OF WHERE THEY HAVE EXCELLED, THEY HAVE GONE UP IN NUMBERS WITH INDIVIDUAL SUBSCRIBERS AND MARITIME DEALS. DEFINITELY VERY POPULAR OVER

THE OCEAN, THERE IS LESS DEMAND THERE. [LAUGHTER] WHEN IT COMES TO OVERLAND, WITH THE BIGGER AIRLINES, THAT'S GOING TO TAKE SOME TIME. YOU HAVE TO RE-OUTFIT THE PLANES. A SLOW PROCESS, BUT IT WILL BE INTERESTING TO SEE IF THE OTHER AIRLINES FOLLOW. CAROLINE: LOREN, WHAT A JOY TO HAVE YOU IN THE STUDIO IN NEW YORK WHILE YOU ARE HERE TRAVELING. THANK YOU SO MUCH. BEEN A BUSY WEEK IN SPACE. AMAZON SAYS THEY WILL INVEST $2

BILLION IN THE DELIVERY SERVICE PARTNER PROGRAM, LOOKING TO RAISE THE NATIONAL AVERAGE TO $22 PER HOUR. WHY DO IT, MATT? MATT: THE FIRST, OBVIOUS CONTEXT BEHIND THIS, IS PRESSURE FROM LABOR GROUPS. AMAZON CONTRACT DELIVERY DRIVERS ARE A FOCUS FOR THE TEAMSTERS, THEY PUT A BIG TARGET ON THEIR BACK TO GO AFTER THEM. FAMOUSLY, THESE FOLKS REPRESENT UPS AND SAY THEY THINK THEY CAN WORK WITH AMAZON WORKERS. AMAZON PLAYING A BIT OF DEFENSE. ULTIMATELY, WHY GO -- CAROLINE: ULTIMATELY, WHY GO FOR CONTRACTORS TO BEGIN WITH? MATT: THEIR ARGUMENT IS TO SUPPORT SMALL BUSINESSES, LABOR EXPERTS MIGHT BAT AN EYE.

UBER PAVING SLEEP DOESN'T EMPLOY ITS OWN FOLKS, EITHER. -- FAMOUSLY DOESN'T EMPLOY ITS OWN FOLKS, EITHER. THEY DON'T HAVE TO GET PERKS DIRECTLY AND CAN EXERT A HIGH DEGREE OF CONTROL OVER INDEPENDENT BESPOKE CONTRACT OUTFITS. CAROLINE: HOW DOES IT LOOK ABROAD? IS IT THIS MODEL IN THE U.S., SAME ELSEWHERE? DIFFERENT? MATT:

THERE ARE VERSIONS OF IT IN COUNTRIES WITH STRICTER LABOR LAWS. THE U.S. HAS FEWER WHEN IT COMES TO LAST MILE DRIVERS, BUT THERE ARE MORE IN TERMS OF 390,000 DRIVERS ABROAD WORLDWIDE, IT'S A HUGE PORTION OF THEIR WORKFORCE THAT IS NOT EQUIPPED TO THE BOOKS. CAROLINE: LET'S TALK ABOUT THOSE BOOKS. ULTIMATELY THIS IS A BUSINESS

THAT HAS BEEN CUTTING JOBS, GETTING LEANER AND MEANER IN AREAS WHERE IT CAN WHILE IT SPLURGES A LOT ON ARTIFICIAL INTELLIGENCE. WHAT DOES THIS SAY, TO BILLION DOLLAR INVESTMENT, IN THE CONTEXT OF THEIR OVERALL SPENDING? MATT: A REMINDER THAT AS PEOPLE TALK ABOUT THEM AS A TECHNOLOGY COMPANY WITH A CORE BUSINESS OF GETTING YOU THINGS BY DELIVERY, IT'S GROWING. EVEN IF IT IS SLOWER THAN THE BOOM YEARS, IT REQUIRES A LOT OF BODIES TO MAKE THEM WORK. SEASONAL HIRING IS COMING UP IN THE FALL, THE PEAK HOLIDAY SEASON.

IT'S A BIG REMINDER THAT WHILE AI IS GETTING ALL THE HEADLINES, THEY ARE STILL MOVING A LOT OF STUFF AND REQUIRING A LOT OF PARTNERS TO MAKE IT HAPPEN. CAROLINE: MATT, ALL THINGS AM A SON, WE APPRECIATE IT SO MUCH. COMING UP, MEET THE DIRT BAG OF THE INTERNET WHO HAPPENS TO BE THE -- BEHIND THE CRYPTO PROJECT PROMOTED BY DONALD TRUMP. CAROLINE: REVOLUTE, THE LONDON FINTECH GIANT, HUNTING TO GET BEYOND ITS OWN MARKET. LOOKING TO BECOME AN ELECTRONIC MONEY INSTITUTION TO OFFER REMITTANCES IN THE COUNTRY. SOURCES SPEAKING TO BLOOMBERG

SAY THAT THE GOAL IS TO EVENTUALLY APPLY FOR A FULL BANKING LICENSE TO REFLECT THE ONE THEY GOT FROM THE U.K. AFTER THE WORLD OF WORK. CRYPTO, IN THE LAST YEAR DONALD TRUMP HAS FASHIONED HIMSELF AS A FRIEND TO CRYPTOCURRENCY CROWDS. HE AND HIS OLDER SONS HAVE MADE PARTICULARLY GOOD FRIENDS WITH WORLD LIBERTY FINANCIAL, THERE CRYPTO PROJECT ON SOCIAL MEDIA. HERE TO TELL US MORE ABOUT THE DEALMAKER BEHIND THE PROJECT IS ZEKE FOX, INVESTIGATIVE REPORTER, AND THE AUTHOR OF A BOOK ON CRYPTO, WHICH IS UP FOR A FEW AWARDS, SO CONGRATULATIONS ON THAT, ZEKE.

YOU START YOUR STORY FOCUSED ON CHASE HARO. WHAT CAN YOU TELL ABOUT THIS GUY? HE'S ZEKE: -- HE'S IN ON -- ZEKE: HE'S AN UNKNOWN AND THE CRYPTO WORLD. I DUG INTO HIS CAREER. WENT TO PRISON, HE SAYS, FOR MARIJUANA. HE SOLD WEIGHT LOSS:

CLEANSES ONLINE. HE HAD A 100 $49 PER MONTH GET-RICH-QUICK CLASS. HE APPEARS TO BE THE MAN DEALMAKER BEHIND WORLD LIBERTY FINANCIAL, A START UP THAT THE TRUMPS ARE PROMOTING. PRESIDENT TRUMP HIMSELF POSTED A VIDEO SAYING THAT THIS WILL CHALLENGE THE BIG BANKS, SO IT'S BIZARRE TO SEE THAT THIS IS THE PERSON THEY ARE PARTNERING WITH. CAROLINE: I'M SORRY, THE GUY BEHIND THE PROJECT ISN'T EVEN KNOWN IN THE CRYPTO WORLD? ZEKE: NO AND IN VIDEOS HE LIKES TO CALL HIMSELF THE DIRT BAG OF THE INTERNET. IN ANOTHER VIDEO HE SAID REGULATORS SHOULD KICK PEOPLE LIKE HIM OUT OF THE INDUSTRY AND NOT IN THOSE WORDS. HE SEEMS TO HAVE A VERY

CYNICAL, TO SAY THE LEAST, ATTITUDE TOWARDS CRYPTO. THIS PROJECT, WORLD LIBERTY, IT MIGHT SOUND IMPRESSIVE IF YOU DIDN'T KNOW ABOUT CRYPTO, BUT IT APPEARS TO BE A KIND OF COPY OF AN EXISTING PROJECT THAT DIDN'T GO ANYWHERE AND LOST A LOT OF MONEY IN A HACK. CAROLINE: YOU ARE TALKING ABOUT THE DOUGH PROJECT, WHICH SEEMS TO HAVE THE CRYPTO INDUSTRY OF -- A LITTLE WORRIED, THAT THE PEOPLE BEHIND LIBERTY FINANCIAL CAM ACROSS FROM A SMALLER PROJECT THAT DIDN'T MANAGE TO RAISE MANY FUNDS AND GOT HACKED. ZEKE: YES. AND WE DON'T KNOW THE DETAILS

OF WORLD LIBERTY. I OBTAINED A WHITE PAPER THAT LAYS OUT SOME OF THEM, BUT I'M SURE IT'S ALL SUBJECT TO CHANGE. THIS IS SUPPOSED TO BE LIKE DECENTRALIZED FINANCE.

THE WHITE PAPER SAYS THAT 70% OF THE TOKENS WILL BE RESERVED FOR INSIDERS. TALKING TO PEOPLE IN CRYPTO, THEY SAID THAT IT LOOKS LIKE MORE OF A CASH GRAB THEM AN INNOVATIVE PROJECT. CAROLINE: THEREIN LIES THE ISSUE THAT THIS COULD BE SOME KIND OF CASH GRAB.

THE DETAILS IN YOUR STORY MIGHT HINT THAT THERE IS A SLIGHT DIFFERENCE IN HOW THIS PROJECT IS RUN COMPARED TO OTHERS IS THAT THE PEOPLE BEHIND THE OVERALL PROJECT KEEP, WHAT, 70% OF ISSUED TOKENS? THAT'S A LOT. ZEKE: YEAH, AND I MEAN, LIKE, WE ARE TALKING ABOUT THIS A LITTLE BIT TOO SERIOUSLY. GO READ WHAT THIS GUY SAYS ABOUT CRYPTO. I CAN'T REPEAT IT, THE LANGUAGE

IS -- THIS IS A FAMILY TV CHANNEL, I GUESS? [LAUGHTER] THE WAY HE TALKS ABOUT IT DOESN'T GIVE YOU ANY CONFIDENCE THAT THIS IS A SERIOUS PROJECT THAT IS GOING TO CHALLENGE BIG BANKS. CAROLINE: HE SAYS, BASICALLY, YOU CAN SELL UTTER RUBBISH AND ANYONE WILL BUY IT IN CRYPTO. HE HAPPENED TO SAY THAT IN A 2018 VIDEO RECORDED WHILE HE DROVE HIS ROLLS-ROYCE. ZEKE: YES, I'M DIGGING DEEP TO FIND HIS CRYPTO RESUME AND I FOUND THAT HE APPEARED ON INFLUENCER LOGAN PAUL'S PODCAST AND DURING IT THEY PROMOTED A TOKEN CALLED OMI THAT I HAVE NEVER HEARD OF BEFORE. SINCE THEY PROMOTED IT A COUPLE OF YEARS AGO, IT'S DOWN 96%. ANOTHER SCAM BUSTING YOUTUBER

CALLED COFFEEZILLA HAD AN EXPOSÉ SHOWING THE TWO OF THEM COORDINATING AHEAD OF THE SHOW THE PLAN TO TALK ABOUT OMI. CAROLINE: I MEAN, IT SEEMS THAT SOMEONE ELSE LISTED IN THE WHITE PAPER IS RESPONSIBLE AS OPERATIONS LEAD AND USE TO RUN A SERVICE WHERE HE TAUGHT SEMINARS ON HOLD -- HOW TO PICK UP WOMEN CALLED DATE HOTTER GIRLS. IT ALL FEELS LIKE A REAL RISK, ULTIMATELY, FOR THE PERSON WHO IS RUNNING TO BE PRESIDENT OF THE UNITED STATES AGAIN, TO BE ASSOCIATING HIMSELF WITH. WHY DO IT? ZEKE: IT'S PRETTY BIZARRE. THE CRYPTO INDUSTRY, THE PEOPLE

I HAVE SPOKEN TO ABOUT IT, ARE NOT HAPPY ABOUT IT. THEY LIKE THAT TRUMP HAS FLIP-FLOPPED AND ENDORSED CRYPTO, SAYING THAT HE WOULD FIRE THE HEAD OF THE SEC TO PROVIDE LOOSER REGULATIONS THAT HE SAYS WILL MAKE THE U.S. THE CRYPTO CAPITAL OF THE WORLD. THEY'RE LIKE -- THAT ALL SOUNDS

GREAT, BUT THEN WHY ARE YOU STARTING THIS PRETTY SILLY SOUNDING NEW FOR-PROFIT VENTURE JUST BEFORE THE ELECTION THAT ALMOST DISCREDITS -- RAISES QUESTIONS ABOUT HIS MOTIVATIONS FOR DEREGULATING THE INDUSTRY. CAROLINE: WHAT HAS, ULTIMATELY, WORLD LIBERTY FINANCIAL, SPOKE TO PEOPLE, SAID TO YOU? HAVE YOU TRIED TO GET IN TOUCH AND WHAT HAVE THEY SAID ULTIMATELY ABOUT THE UNDERLYING NECESSITY OF THE PROJECT? ZEKE: I DID CONTACT THEM AND I RECEIVED AN EMAIL BACK FROM A MAN WHO SAID HE WAS NOT A SPOKESPERSON, BUT THAT HE SPOKE FOR WORLD LIBERTY AND THAT HE COULD SEE WHERE I WAS -- HE COULD SEE WHERE HE WAS GOING -- HE COULD SEE WHERE I WAS GOING WITH ALL OF THESE QUESTIONS AND IT WAS PAINTING AND INACCURATE PORTRAIT OF THE COMPANY AND THAT TIME WOULD TELL IT'S A COOL COMPANY DOING COOL STUFF. DONALD TRUMP SAID THAT HE WOULD UNVEIL MORE DETAILS ON TWITTER SPACES. WE WILL SEE IF WHAT HE SAYS IS CONSISTENT WITH THE WHITE PAPER. I WILL BE LISTENING. CAROLINE: WHETHER OR NOT IT WILL MOVE AWAY FROM THE OLD BANKS, AS FORMER PRESIDENT TRUMP HAS DISCUSSED, ZEKE, MIGHT HAVE TO COME BACK TO YOU ON MONDAY. EXTRAORDINARY PEACE. SOME NEWS FROM A COMPANY THAT USED TO BE MORE ASSOCIATED WITH CRYPTO, MORE IN THE AI WORLD NOW, CORE WEAVE IS AMONG ONE OF THE HARDEST -- HOTTEST STARTUPS IN THE ARTIFICIAL INTELLIGENCE RACE, SELLING SHARES UP TO $23 BILLION, ACCORDING TO SOURCES.

THE COMPANY DISCUSSING A TRANSACTION THAT WOULD ALLOW EXISTING SHAREHOLDERS LIKE THE EMPLOYEES TO TAILOR BETWEEN 400 MILLION AND $500 MILLION IN HOLDINGS. COMING UP, SO MUCH MORE ON AI. THE SO-CALLED GODMOTHER OF ARTIFICIAL INTELLIGENCE IS JOINING THE SHOW. FAYE FAY LEE, RAISING FUNDS FOR HER OWN STARTUP. WHY? WHY OR DID SHE GET THE FUNDS? THAT'S NEXT.

THIS IS "BLOOMBERG TECHNOLOGY." ♪ CAROLINE: QUICK CHECK ON THE MARKETS, THEY ARE HIGHER AND HAVE BEEN HIGHER FOR FIVE STRAIGHT TRADING DAYS AND THE NASDAQ 100. WE ARE UP ANOTHER .4%, MAYBE THE PANIC OF LAST WEEK BECOMES THE PAST AND WE FACTOR IN A CHANCE THAT THE FED COULD CUT RATES TO THE TUNE OF 50 BASIS POINTS AS SOON AS SEPTEMBER, THAT IS WHAT THE MARKET IS CURRENTLY TRYING TO DIGEST. I'M SAYING THIS BECAUSE EQUITIES WORLDWIDE ARE SHOWING BOWIE AND SEAS AND FINISHING THE TRADING WEEK ON THE HIGHER SIDE, ADDING .7 5% ON THE DAY

TRADE. LOOK, CHIPS HAVE BEEN ON FIRE. WE MADE UP SO MUCH OF LAST WEEK'S PANIC SELLING. EVERY SINGLE NAME HAS BEEN TRADING IN GREEN ON THE DAY AND WE HAVE SOME METEORIC MOVES OVER THE LAST FIVE DAYS.

A CHIP DESIGN COMPANY THAT RAYMOND JAMES IS SAYING THEY ARE NOW TRADING AT OUTPERFORM, TAKING A GROWTH OF VIEW WHEN IT COMES TO AI ON THE EDGE. ADOBE, DESPITE MANAGING TO LIVE UP TO EXPECTATIONS IN THE FISCAL THIRD QUARTER, IT HAS DRAGGED LOWER. FORECAST NOT GOOD ENOUGH? WHERE DID WE HEAR THAT BEFORE? NVIDIA, BROADCOM, IT'S BEEN A THEME AND ADOBE NOT MANAGING TO SHOW THAT GENERATION OF REVENUE TO AI, SO LET'S STICK WITH AI, AI PIONEER FEI-FEI LI RAISED $200 MILLION FOR A NEW START UP CALLED WORLD LABS, WHICH OFFICIALLY LAUNCHES TODAY, AIMING TO BUILD SOFTWARE THAT CAN USE IMAGES AND OTHER DATA TO MAKE DECISIONS ABOUT THE THREE-DIMENSIONAL WORLD, BUILDING WHAT IT CALLS LARGE WORLD MODELS. HERE TO TALK ABOUT WHAT THAT MEANS AND THE FUND RAISE, DR. FEI-FEI LI, HERE WITH RACHEL,

WONDERFUL TO HAVE YOU BOTH HERE. DR., FIRST AND FOREMOST, WHAT WAS IT LIKE TO RAISE FUNDS AS AN ACADEMIC ENTERING THE PRIVATE WORLD TO RAISE MONEY? WAS IT EASY FROM THIS STAR-STUDDED LIST? FEI-FEI: GOOD MORNING, CAROLINE, REALLY GOOD TO BE HERE. WHILE NOTHING IS EASY, WHAT'S REALLY HARD IS MAKING SPATIAL INTELLIGENCE HAPPEN. I'M JUST SO EXCITED THAT WE

BROUGHT TOGETHER THIS INCREDIBLE GROUP OF TALENTS TO WORK ON THIS REALLY, REALLY HARD PROBLEM THAT WE NOW CALL SPATIAL INTELLIGENCE. RACHEL: EXPLAIN TO US WHAT YOU MEAN BY SPATIAL INTELLIGENCE AND WHAT IT IS YOU ARE BUILDING, EXACTLY. FEI-FEI: HUMANS HAVE SPATIAL INTELLIGENCE, IT'S AN ANCIENT ABILITY THAT WE HAVE EVOLVED OVER MILLIONS AND MILLIONS OF YEARS. THE ABILITY TO UNDERSTAND, TO REASON, TO GENERATE, AND TO EVEN INTERACT IN THIS THE 3D WORLD, RIGHT? WHETHER YOU ARE LOOKING AT A BEAUTIFUL FLOWER OR TRYING TO TOUCH A BUTTERFLY, BUILDING A CITY, ALL OF THIS IS A PART OF THE CAPABILITY OF SPATIAL INTELLIGENCE. RACHEL:

WE SEE IT WITH HUMANS AND ANIMALS. HOW DO YOU EXPECT WE WILL SEE IT WITH COMPUTERS? FEI-FEI: WELL, THAT'S THE PROBLEM WE ARE WORKING ON. WE ARE ALREADY STARTING TO MAKE TREMENDOUS PROGRESS.

THE LAST DECADE OF AI HAS BEEN EXHILARATING. PEOPLE HEAR A LOT ABOUT LANGUAGE , RECENTLY, BUT IN THE WORLD OF SPATIAL INTELLIGENCE, WE HAVE BEEN MAKING PROGRESS LIKE UNDERSTANDING WHAT'S IN THE PICTURE, TO BE ABLE TO TELL A STORY OF WHAT'S IN THE PICTURE, EVEN TO PROMPTING A SENTENCE AND GETTING A 2D IMAGE OUT OF IT. WHAT REALLY IS THE NEXT FRONTIER , SUCH A HARD PROBLEM TO CRACK, BRINGING IT ALL INTO 3D, BECAUSE THE REAL WORLD IS 3D AND HUMAN SPATIAL INTELLIGENCE IS BUILT UPON THIS NATIVE CAPABILITY OF UNDERSTANDING AND WORKING WITH 3D. CAROLINE:

LET'S PUT WORKING WITH 3D INTO REAL-WORLD CONTEXTS. IS IT ROBOTICS, MANUFACTURING? US JUST INTERACTING WITH THE REAL WORLD WHEN WE PUT THE GLASSES ON? FEI-FEI: YOU ARE NOT WRONG, IT'S SUCH A FOUNDATIONAL TECHNOLOGY TO FOUNDATIONAL ABILITY FOR PEWTER'S, IT HAS IMPLICATION IN A WIDE RANGE OF USE CASES. TO START WITH, CREATORS, INCLUDING NOT ONLY ARTISTS AND VFX, BUT DESIGNERS AND BUILDERS. THIS TECHNOLOGY HAS A PROFOUND

IMPLICATION FOR THEM. IN THE LONG ARC, ROBOTICS, MANUFACTURING, AR, VR, THERE'S A REASON THAT APPLE CALLS THEIR VISION PRO SPATIAL COMPUTING. SPATIAL COMPUTING NEEDS SPATIAL INTELLIGENCE.

CAROLINE: WHY DOES SPATIAL COMPUTING NEED PRIVATE-SECTOR ACTION? WHAT COULD YOU NOT ACHIEVE IN ACADEMIA? FEI-FEI: IT'S A WHOLE ECOSYSTEM THAT WE HAVE BEEN SEEING FOR YEARS NOW. THE ECOSYSTEM NEEDS UPSTREAM FUNDAMENTAL RESEARCH THAT I HAVE SPENT MANY YEARS OF MY LIGHTS IN. THERE'S DRIVE IN THE INDUSTRY WITH GREAT BIG TECH COMPANIES WORKING ON RELATED PROBLEMS, BUT WE ALSO, WHAT IS BEAUTIFUL ABOUT OUR ECOSYSTEM, OUR STARTUPS WITH A TALL DREAM, IT HAS THE ABILITY TO CALL ON THE BELIEVERS WHO BELIEVE IN CRACKING SUCH A HARD PROBLEM, WHERE WE COME TOGETHER TO FOCUS ALL OF OUR ENERGY IN SOLVING THIS TRULY HARD PROBLEM. IT NEEDS TO BE SCALED AND REDUCTION -- PRODUCTIONIZED AND DELIVERED TO USERS AND CUSTOMERS. RACHEL: ONE OF THE THINGS YOU ARE MOST WELL KNOWN FOR IS IMAGE NET, REALLY HELPING TO PUSH FORWARD THE FIELD OF OBJECT RECOGNITION AND IMAGES. I'M CURIOUS HOW YOUR WORK ON

THAT PLAYED INTO YOUR DECISION. HOW DO YOU SEE THOSE AS CREATED QUESTION -- RELATED? FEI-FEI: IN TWO WAYS, AT LEAST. IMAGE NET IS ONE OF THE EARLIEST WORKS IN THE FIELD OF COMPUTER VISION IN THE PIXEL SPACE. GRANTED, IN THAT TIME, YOU KNOW, MORE THAN 10 YEARS AGO, WHAT IMAGE NET AND THE DERIVATIVE ALGORITHMS WERE ABLE TO DO WAS IN THE 2D SPACE, RECOGNIZING OBJECTS IN PHOTOS AND EVENTUALLY TELLING STORIES OF PICTURES. NOW THIS IS AN INTELLECTUAL

CONTINUATION OF THE EARLY WORK ON COMPUTER VISION AND NOW WE ARE INTO THE NEXT FOR THE DIFFICULT CHAPTER, SPATIAL INTELLIGENCE. INTELLECTUALLY, I FEEL IT IS MY LIFE'S WORK IN CONTINUATION. ZOOMING OUT ONE LAYER, IMAGE NET WAS MORE THAN 50 YEARS AGO, MY INTELLECTUAL BET ON A BIG NORTHSTAR PROBLEM. A NORTHSTAR PROBLEM THAT COULD CHANGE THE COURSE OF AI. I BELIEVE THAT SPATIAL INTELLIGENCE IS THE NEXT FOUR STAR FOR ME AND MY TEAM TO CHANGE THE COURSE OF AI. RACHEL: ONE OF THE THINGS I'M WARY --

WONDERING ABOUT WITH THE FUNDING FOR THIS COMPANY, THERE ARE A NUMBER OF BIG NAMES IN AI WHO INVESTED IN THIS. SOME OF THEM YOU HAVE WORKED WITH PREVIOUSLY. I KNOW THAT SEVERAL OF YOU WERE AT GOOGLE AT THE SAME TIME.

HOW DID YOU PITCH THEM ON IT? FEI-FEI: WELL, THAT'S THE BEAUTY OF OUR FIELD. MANY OF THEM HAVE BEEN FRIENDS AND COLLEAGUES FOR YEARS, OR FORMER STUDENTS. I THINK THEY SHARE MY BELIEF AND SEE IT AS SUCH A BIG PROBLEM. THEY BELIEVE IN MY TEAM WHEN THEY HEAR MY COFOUNDERS LIKE BEN, JUSTIN, THE ENTIRE FOUNDING TEAM, THEY RECOGNIZE THAT WHILE THIS IS A TOUGH PROBLEM, IT NEEDS PEOPLE WHO REALLY HAVE THE ABILITY AND BELIEF TO CRACK IT. I THINK THAT IS WHY THEY, WHY THEY SUPPORTED US. CAROLINE:

YOU HAVE GOT MONEY FROM BIG NAME VCS AS WELL. I'M INTERESTED MORE BROADLY ABOUT THE RALLYING CALL THAT YOU HAVE HAD FOR MONEY TO GO TOWARDS ACADEMIA. HE WENT TO PRESIDENT BIDEN HIMSELF SAYING THAT THERE NEEDS TO BE MORE FUNDING AND THE PUBLIC AND PRIVATE SECTOR WHEN IT COMES TO A IR&D. ULTIMATELY SO THAT UNIVERSITIES CAN ACCESS GPU AND COMPUTE. ARE YOU STILL FEELING THAT NECESSITY OR HAVE YOU JUST GIVEN UP AND GONE TO THE PRIVATE SECTOR HERE? FEI-FEI: I ACTUALLY BELIEVE IT EVEN MORE SO NOW THAT I AM TRAVERSING BOTH THE PRIVATE AND PUBLIC SECTORS THAT HAVE SEEN THE ACCESS TO COMPUTE, SUPPORT IN THE PRIVATE SECTOR. I BELIEVE THAT NONE OF US WOULD BE HERE IN THE PRIVATE SECTOR WITHOUT THE PUBLIC SECTOR, YOU KNOW? IMAGE NET, COMBINATIONAL IMAGE NETWORK, TRANSFORMERS, MANY OF THESE SEMINAL WORKS IN AI CAME FROM THE PUBLIC SECTOR FIRST.

SO, I THINK THAT THIS ECOSYSTEM IS SO CRITICAL IN MISSING THE IMBALANCE OF ANY COMPONENT, WHICH CAN BE HARMFUL FOR THE ECOSYSTEM. NOW I HAVE PERSONAL EXPERIENCE TO SEE OUR ACCESS TO RESOURCES AND IT MAKES ME BELIEVE EVEN MORE THAT OUR COUNTRY NEEDS TO INVEST IN OUR PUBLIC SECTOR, ACADEMIA, AND A MOONSHOT MENTALITY IN ORDER TO SUPPORT STUDENTS, FACULTY, AND RESEARCHERS. CAROLINE: ACADEMICS BACKING YOU, AS WELL AS OTHER RADICAL VENTURES, MANY OTHERS, CELEBRITIES AND THAT MIX AS WELL . THANK YOU SO MUCH, WORLD FAB -- WORLD FAD CO-FOUNDER FEI-FEI LI. OPENAI CEO SAM ALTMAN, AND OTHER INDUSTRY LEADERS HAVE BEEN MEETING WITH SENIOR BIDEN OFFICIALS JUST YESTERDAY, WHERE THEY ASKED IT -- DISCUSSED STEPS ON MASSIVE INFRASTRUCTURE NEEDS. THEY ARE CALLING IT AN

INTERAGENCY TASK FORCE TO HELP PROMOTE IN THOSE FACILITIES. COMING UP, WE WILL BE JOINED BY DYLAN COX, HAD A PRIVATE MARKET RESEARCH AT FITCHBURG FOR -- ON PRIVATE MONEY LIKE WE HAVE BEEN TALKING ABOUT GOING INTO STARTUPS. AND THEN WE'VE GOT JONI ABRAMSON, RE-THINK CO-FOUNDER, ON THE LATEST FUND RAISE. IT'S A LOT.

THIS IS "BLOOMBERG TECHNOLOGY." CHECK OUT THE "BLOOMBERG TECHNOLOGY" PODCAST ON THE TERMINAL AND ONLINE AT APPLE, SPOTIFY, AND I HEART. THIS IS BLOOMBERG. THIS WEEK, PITCH BOOK RELEASED ITS QUARTERLY PRIVATE MARKET FUNDRAISING REPORT. NOT PRETTY READING WITH BENCH CAPITAL SEEING A DROP IN FUNDRAISING YEAR-OVER-YEAR. LET'S DISCUSS IT ALL WITH THEIR HEAD OF PRIVATE MARKET RESEARCH, DYLAN COX. IT'S BEEN HARD TO RAISE MONEY FOR SOME. WHO PARTICULARLY HAS IT BEEN

HARD FOR? DYLAN: OVER THE LAST 12 MONTHS IT'S BEEN PARTICULARLY HARD FOR VENTURE INVESTORS AND PRIVATE REAL ESTATE FUNDS. ON THE FLIP SIDE, WE HAVE SEEN SOME STRATEGIES WITH SUCCESS, SUCH AS PRIVATE EQUITY SECONDARIES WITH LIQUIDITY FOR PRIVATE MARKETS, MITIGATING THE IMPACT FOR PRIVATE INVESTORS, WHICH A LOT OF PEOPLE DON'T RESPECT. A LOT OF MONEY IS FLOWING INTO INFRASTRUCTURE ALONG THE LINES OF DECARBONIZATION OF THE ECONOMY. CAROLINE: WHAT ABOUT DATA CENTER, DIGITALIZATION, ARE WE SEEING THAT? FEI-FEI: THAT IS ANOTHER PIECE OF IT, DECARBONIZATION OF DATA CENTERS, BUT NOT TO BE FORGOTTEN IS OUR TRADITIONAL INFRASTRUCTURE LIKE ROADS, BRIDGES, AIRPORTS. SOMETHING THAT CATCHES A LOT OF FOLKS BY SURPRISE IS THE SORT OF SLOW BUT STEADY CHUGGING ALONG OF MORE TRADITIONAL NATURAL RESOURCES. THINGS LIKE OIL, GAS, SEPTEMBER FUNDS, THEY PROVED TO BE MORE RESILIENT THAN OTHER INVESTORS WOULD HAVE EXPECTED. CAROLINE:

LESS ON THE TECH THEME, BUT IMPORTANT TO ACKNOWLEDGE. TALK TO US A BIT ABOUT WHAT'S HAPPENING, WHAT DO THE FUNDS HAVE TO SAY TO FORMER LPS TO GET THEM TO COMMIT? WHERE ARE WE SEEING OUTLIERS RAISING BIG NEW FUNDS TO ALLOCATE? FEI-FEI: WELL COMP -- DYLAN: WELL, AI IS CERTAINLY THE NAME OF THE GAME WITH LARGER AI FOCUSED FUNDS IN DEALS, MANY OF THEM HOUSEHOLD NAMES AT THIS POINT. IN TERMS OF THE ASSET CLASS AS A WHOLE, THE SINGLE MOST IMPORTANT ISSUE RIGHT NOW IS LIQUIDITY.

THAT'S IT DISTRIBUTIONS BACK TO INVESTORS OF VENTURE CAPITAL FUNDS AS A PORTION OF THE SIZE OF THE FUND AND THE ASSETS REACHING SORT OF DECADE LOWS IN TERMS OF TRAILING 12 MONTH DISTRIBUTIONS, MEANING THAT INVESTORS IN THOSE FUNDS HAVE FEWER DOLLARS ON HAND TO CONVERT INTO THE NEXT VINTAGE OF VEHICLES. CAROLINE: LOVE THAT YOU TALK US THROUGH THOSE SECONDARIES AS WELL. DYLAN COX, GREAT TO HAVE YOUR TAKE. NOW WE ARE PINPOINTING A

COMPLETE OUTLIER TO THE CONVERSATION WE HAVE JUST BEEN HAVING. WE THINK THAT IMPACT IS ONE OF THE LARGEST FIRMS DEDICATED TO FUNDING FEMALE CEOS AND IT JUST LAUNCHED THE ASSETS UNDER MANAGEMENT TO HALF A BILLION. JENNY JOINS US NOW. WE JUST HEARD THAT IT IS DYER OUT THERE FOR VENTURE, BUT NOT FOR YOU. WHO HAD TO COME ON BOARD? WHICH ARE INTERESTED? JENNY: FIRST OF ALL, THANKS FOR HAVING ME ON BEHALF OF OUR PARTNER, HEIDI, AND THE REST OF THE TEAM. WE HAVE ANNOUNCED A $250 MILLION RAISE, THE LARGEST FUND BACKING A FEMALE CEO, AND WE WERE FARK -- FORTUNATE TO BE ABLE TO DO THIS IN THE MARKET. IT WAS IN LARGE PART DUE TO THE MAJOR INSTITUTIONS WHO CAME ON BOARD TO SUPPORT THE FUND.

CAROLINE: WHAT SORTS OF INSTITUTIONS ARE WILLING TO TAKE THE PENDULUM THAT HAS SWUNG TO THE DEI FOCUS ON INVESTING? JENNY: WE HAD MORE THAN 10 UNIVERSITY ENDOWMENTS, MORE THAN 10 MAJOR FOUNDATIONS. FOR EXAMPLE, WE HAD A HOSPITAL AND OTHERS WHO REALLY CARE ABOUT RETURNS AND WHO HAVE REALIZED THAT INVESTING IN WOMEN AND GENDER LENS INVESTING DOESN'T JUST FEEL GOOD, BUT IT IS GOOD BUSINESS. THEY CAME ON BOARD WITH MANY OTHER INDIVIDUALS, SELF-MADE BILLIONAIRES, LIKE SARAH BLAKELY, TO MELINDA FRENCH GATES, PHILANTHROPIST, AND MANY OTHERS. WE THINK THE COMBINATION OF BIG INSTITUTIONS LIKE CAMBRIDGE ASSOCIATES AND UBS, THESE KINDS OF INSTITUTIONS HAVE REALIZED THAT THIS IS NOW A MAINSTREAM OPPORTUNITY. CAROLINE: WE WERE LOOKING AT THE PREVIOUS PORTFOLIO FROM THE FIRST FUND. THE VINTAGE IS GOOD. THE BILLIONS AND WEALTH YOU'VE

RAISED, THESE FOUNDERS HAVE MADE THEMSELVES VALUABLE. GUILD EDUCATION, SPRING HEALTH, BUT THESE COMPANIES HAVE NOT YET EXITED, SOME OF THEM. WHEN MIGHT THAT OCCUR? IF YOU DO, WHERE DO THESE FEMALE FOUNDERS WANT TO GO? OR ARE THEY LOOKING AT M&A OPPORTUNITIES? JENNY: IT'S A GREAT QUESTION, DATA SHOWS THEY DELIVER ONE MEAL FASTER.

LIKE ALL COMPANIES, THERE HAS BEEN A SLOW OR IPO MARKET AND WE INVEST SOMETIMES AS EARLY AS THE LATE SEED, AS WELL AS AN OPEN IPO MARKET. OF COURSE, THERE ARE PE BYES, AND OTHERS. CAROLINE: WE JUST HEARD FROM SOMEONE WHO JUMPED ON BOARD TO COMMIT CAPITAL IN A MOMENT WHERE THE PENDULUM SWUNG, WE ARE HEARING MORE PUSHBACK ON FUNDS THAT FOCUS ON MINORITY FOUNDERS RATHER THAN WANT TO EMBRACE THEM. WE HAVE SEEN THIS SERIOUS FUND HAVE LEGAL ISSUES AROUND ALLOCATING GRANTS TO WOMEN OF COLOR. JENNY: WE MOSTLY HEARD THAT PEOPLE WERE EXCITED BY THE OPPORTUNITY. INVESTING IN WOMEN IS NO LONGER A PASSING TREND IN THE WAKE OF THE #METOO MOVEMENT AND CERTAINLY HERE TO STAY.

MAIL FOUNDED COMPANIES CONTINUE TO GET 98% OF INVESTMENT CAPITAL. ALMOST ALL OF OUR COMPANIES HAVE MEN AND WOMEN IN THE TOP TEAM. WE THINK THAT GENDER DIVERSE TEAMS OUTPERFORM AND OUR GOAL IS TO GROW THE FIVE-YEAR AND THE ECONOMY. CAROLINE: BOY, YOU SAY THAT STAT, 2% OF MONEY GOING TO FEMALE FOUNDED COMPANIES FROM VC? IT ISN'T CHANGING. GIVING US ALL THOSE STATISTICS, WHY IS THAT OCCURRING? JENNY: I THINK THIS IS THE MOMENT WHERE IT IS STARTING TO TURN. TO US, THE RAISE IMPACT WE ANNOUNCE REALLY SHOWS THESE INSTITUTIONAL INVESTORS SEE THE OPPORTUNITY AND THAT THE OPPORTUNITY BETWEEN THE DATA AND EXAMPLES OF COMPANIES LIKE THE ONES YOU HELD UP, LIKE SPRING GETTING 3.3 BILLION IN VALUATION LAST MONTH WITH MANY

OTHERS, WE THINK THAT WILL BE THE TURN THAT LEADS TO CAPITAL BEING MORE ALLOCATED IN WAYS THAT GROW THE PIE WE ARE EXCITED, WE THINK THAT THIS IS THE MOMENT THAT THINGS WILL LOCK AND CHANGE THE DATA POINT. CAROLINE: HEIDI PATEL AND YOURSELF, RAISING THIS UP, RIGHT FROM THE GROUND. JENNY, THANK YOU FOR YOUR TIME. COMING UP, COOL BY HIS AND TALKS FOR A NEW ROUND OF FUNDING.

CAROLINE: AI START UP POOLSIDE IS IN TALKS FOR A NEW ROUND OF FUNDING WITH A VALUATION OF $3 BILLION BEFORE THE COMPANY EVEN RELEASED A PRODUCT. ACCORDING TO SOURCES THEY ARE SET TO RAISE $500 MILLION IN NEW FINANCING WITH BAIN CAPITAL SET TO LEAD THE FINANCING ROUND. THAT DOES IT FOR THIS EDITION OF "BLOOMBERG TECHNOLOGY." YOU CAN FIND OUR PODCAST ON THE TERMINAL, AND YOU WILL BE BACK WITH ME NEXT WEEK. HAVE A WONDERFUL WEEKEND. THIS IS "BLOOMBERG TECHNOLOGY."

2024-09-15

Show video