Tesla's Cybertruck and OpenAI's Tender Offer | Bloomberg Technology
>> 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: I AM CAROLINE HYDE AT BLOOMBERG'S WORLD HEADQUARTERS IN NEW YORK. ED: I AM ED LUDLOW IN SAN FRANCISCO. THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: FULL COVERAGE ON THE TESLA RELEASE OF THE CYBER TRUCK. WE WILL BRING YOU THE DETAILS OF THE LONG-AWAITED RATHER EXPENSIVE ELECTRIC VEHICLE. ED: OPENAI STICKING WITH THE PLAN TO LET EMPLOYEES SELL SHARES OF THE COMPANY.
THE PLANS AMID THE TERMINAL OVER ALTMAN. CAROLINE: THE EX-CEO IS BACKING HER BOSS -- THE X-CEO IS BACKING HER BOSS AFTER ADVERTISERS LEAVING THE PLATFORM. UP .2%. NOWHERE NEAR THE 10% RALLY THROUGH THE MONTH OF NOVEMBER, ONE OF THE BEST MONTHS IN YEARS, SINCE THE SUMMER OF 2022. THE TWO YEAR YIELD, BONDS AND
STOCKS RALLYING AT THE SAME TIME. JAY POWELL TALKING ABOUT AI IN PARTICULAR, HOW EVERYONE IS TRYING TO FATHOM IT AND HOW THE LEADER OF THE FEDERAL RESERVE IS TALKING ABOUT HOW THEY ARE INTENTIONALLY ON PACE TO BE EQUAL BALANCED ON WHERE THE INFLATIONARY PRESSURES ARE GOING. EVERYONE ANTICIPATING SO WE ARE ON HOLD THE REST OF THE YEAR AND MAYBE SEE RATE CUTS NEXT YEAR. LET'S HAVE A LOOK AT WHAT IS
RALLYING. LOOKING AT WHAT IS HAPPENING IN THE WORLD OF THE OUTCOME OF 3% ON THE DAY. ONE POINT A CLIP SAYING WHAT HAS BEEN A 19 MONTH HIGH. YOU HAVE TO GO ALL THE WAY BACK TO THE SUMMER OF 2022 WHEN YOU SAW LEVELS OF 38,000. NOW, CALLING FOR THE $40,000 LEVEL TO BE ECLIPSED BY THE END OF THE YEAR. ED:
OUR TOP STORY IS TESLA FINALLY LAUNCHING THE CYBER TRUCK. SHARES ARE DOWN 1% IN OFF SESSION LOWS. THE NEWS IS THE PRICING. WE GET THREE VARIANTS OF THE CYBER TRUCK. THESE ARE THE DETAILS. A REAL WHEEL DRIVE, ALL-WHEEL-DRIVE, AND, I CAN'T BELIEVE IT IS CALLED THIS, CYBER BEAST VERSION. THE REAL WHEEL DRIVE IS THE CASE STUDY AT THE LOW-END.
THE PRICE IS 50% ABOVE WHAT TESLA MARK IT AT IN 2015. I WAS IN HAWTHORNE. YOU REMEMBER THE GLASS SMASH WINDOW. BEFORE INCENTIVES, BEFORE GAS SAVINGS, 200 50 MILE PER HOUR RANGE. THE LOW-END VARIANT IS NOT AVAILABLE UNTIL 2025 AND THE TWO HIGHER END ARE AVAILABLE 2024. WE HAVE A FANTASTIC GUEST JOINING US.
WE HAVE THE CEO KNOWN AS THE TEAR DOWN TITAN. YOU HAVE BEEN IN AUSTIN DRIVING CYBER TRUCK YOU HAVE BEEN IN THE FACTORY, SPEAKING TO EXECUTIVES. THE PRICE POINTS. WHAT IS THE CONCLUSION THAT YOU DRAW ON THE PRICING THE TESLA RELEASED? >> I HAD A CHANCE TO DRIVE THE BEAST. THAT WAS THE VEHICLE THAT THEY GAVE ME TO AROUND WITH.
IT IS WICKED FAST. IT IS UNBELIEVABLY COMFORTABLE. I WOULD PUT IT IN WITH OTHER $100,000 VEHICLES. I DON'T KNOW THE OTHER TWO PRODUCTS BECAUSE I DIDN'T GET A CHANCE TO TEST THOSE, BUT THE ONE THAT I HAD, THE CYBER TRUCK BEAST, IS DEFINITELY QUICK.
IT WILL SCARE THE DAYLIGHTS OUT OF MOST PEOPLE. IF YOU GOT IT, THERE IS A VIDEO OF THE CYBER TRUCK AND A PORSCHE 911 DOING A QUARTER MILE. THE TESLA WINS, BUT IS TOWING ANOTHER 911. TOWING A 911.
IT IS FAST, EXTREMELY FAST. ED: SANDY, I CALLED YOU AT THE TOP OF THE SHOW THE TEAR DOWN TITAN. I WANT TO EXPLAIN. YOU ARE AN AUTOMOTIVE ENGINEER AND ROSE TO PROMINENCE BECAUSE YOU TAKE NEW VEHICLES, TEAR THEM APART TO THE INDIVIDUAL NUTS AND BOLTS, AND ASSESS WHAT THEY ARE MADE OF, THEIR EFFICIENCY. YOU HAVE BEEN IN THE FACTORY. BASED ON THE DESIGN OF THIS VEHICLE AND WHAT YOU SAW IN AUSTIN, DO -- HOW MANY DO YOU THINK THEY WILL BE ABLE TO BUILD THE REMAINDER OF THIS YEAR AND NEXT YEAR? SANDY: THAT IS A TOUGH QUESTION, BECAUSE THERE IS A LOT THAT DETERMINES WHETHER OR NOT YOU WILL BE ABLE TO PUSH OUT THOSE PRODUCTS. A LOT OF IT HAS TO DO WITH THE SUPPLY CHAIN. THERE ARE A LOT OF THINGS THAT KIND OF PUSHY YOU IN DIFFERENT DIRECTIONS AS FAR AS LAUNCH IS CONCERNED. WHAT I SAW WAS 60 PER HOUR, AND
THAT IS NORMAL. THE REST OF THE FACTORIES THAT I'VE SEEN, TESLA FACTORIES, ARE RUNNING AT 42, 43 SECONDS PER STATION. THAT IS REALLY FAST. IF THEY COULD KEEP THAT MOMENTUM UP, AND 12 MONTHS THEY SHOULD BE ABLE TO DO EASILY TO 50. -- 250. THEY SHOULD EASILY BE ABLE TO
DO 250,000 PER YEAR AT THAT RATE. 250,000 TO 500,000. CAROLINE: I AM INTERESTED, SANDY, AND ULTIMATELY HOW DOES THIS DISRUPT THE PICKUP TRUCK MARKET AT LARGE? WE KEEP SHOWING THE F-150, IN PARTICULAR THE EV COMPETITOR, AND HOW THE PRICE POINT IS A LOT CHEAPER EVEN THOUGH ELON MUSK HIMSELF SAID THAT IT LOOKED EXPENSIVE AT THE TIME. HOW DO YOU THINK IT COMPARES TO THE REST OF THE MARKET? SANDY: EVERYBODY HAS BEEN TRYING TO SAY THAT THEY ARE PICKUP TRUCKS, BUT TRULY THERE IS A DISTINCT USER DIFFERENCE BETWEEN THE LIGHTNING, THE CYBER TRUCK, AND SOMETHING LIKE THE HUMMER. THEY ARE NOT REALLY TUNED TO ATTACK THE SAME MARKET. THEY CAN ALL DO PICKUP TRUCK-KIND OF WORK, BUT THE AVERAGE PERSON WHO HAS A CONSTRUCTION COMPANY IS PROBABLY GOING TO BE GOING FOR A LIGHTNING. THE GUY WHO WANTS TO GO TO THE
GROCERY STORE AND EVERY ONCE IN A WHILE PICK UP A TWO BY FOUR, THAT IS PROBABLY THE RIVIAN-TYPE OF STORY. THE HUMMER? I DON'T KNOW WHO THAT IS. I CAN TELL YOU, FOR ME, I AM GOING TO BE BRUTALLY FRANK.
I'M TRYING TO GET A HOLD OF TWO OF THEM. ONE IS GOING TO BE MY DRIVE. FOR ME, IF YOU ARE AN OUTDOORSMAN, YOU HAVE HUNTING OR FISHING OR WHATEVER ON YOUR MIND, THIS IS THE TRUCK FOR YOU.
THIS IS WHAT I'M TRULY LOOKING FOR. I HAVE A LIGHTNING AT THE OFFICE. MY WIFE OWNS A RIVIAN. LIKE I SAID, I DON'T KNOW AN AWFUL LOT -- THEY NEVER OFFERED ME A HUMMER FOR DRIVING. FOR ME, WHAT I WANT -- I WANT A CYBER TRUCK. CAROLINE: YOU WANT IT, SANDY? WHAT IS ANY CRITICISM? WHAT MIGHT BE A SLIGHT WORRY WHEN YOU GO TAKE THAT PICKUP? SANDY: I DROVE IT FOR A FEW HOURS. THE ONLY TIME THAT I HAD A PROBLEM WITH THE THING WAS WHEN I HAD TO TRY -- CAROLINE: WE CAN STILL HEAR YOU.
DON'T WORRY. SANDY: ANYWAY, THE ONLY THING THAT I HAD THAT WAS AN ISSUE WAS WHEN I WAS GOING UP INTO A PARKING GARAGE. THAT SCARED THE LIVING LIGHTS OUT OF ME BECAUSE IT'S A VERY BIG VEHICLE AND IT WAS VERY DIFFICULT FOR ME TO DETERMINE WHERE THE CORNERS OF THE CAR WERE, AND I REALLY DIDN'T WANT TO SMASH TESLA'S CAR. I MADE THE SUGGESTION TO THE
GUYS. I SAID, TRULY I NEED -- I CAN'T SEE OUT OF THE -- I CAN'T SEE WHERE THE CORNERS ARE. HOW ABOUT YOU PUT AND UTILIZE THE CAMERAS AT THE FRONT OF THE VEHICLE AND MAKE IT TO WHERE I CAN SEE WHERE THE CORNERS ARE WITH RELATIONSHIP TO THE WALLS OF THE -- WHAT YOU CALL IT -- PARKING GARAGE. HE SAID, NO PROBLEM. JUST A SOFTWARE THING. WE COULD PROBABLY MAKE THAT A RUNNING CHANGE. ED: SANDY, I'M SORRY TO INTERRUPT. I WANT TO MAKE SURE THAT WE GET
TO THIS. I GUESS YOU HAVEN'T HAD A CHANCE TO DO A TEARDOWN OF THE CYBER TRUCK FOR OBVIOUS REASONS. WILL YOU DO A TEARDOWN? THE MATERIALS ARE SO IMPORTANT.
THIS IS YOUR EXPERTISE. THE REINFORCED STEEL, THE 38 FOLD ARCHITECTURE. WHAT IS YOUR ASSESSMENT OF THAT DESIGN AND MATERIAL? SANDY: DRIVE BY WIRE IS LONG. I WILL DO THAT FIRST BECAUSE THAT IS THE BIGGEST DIFFERENTIATOR.
DRIVE BY WIRE, I WOULDN'T WANT TO DO THAT UNLESS IT WAS A 48 VOLT SYSTEM. GOING FROM 12 TO 48 VOLTS IS A GIGANTIC ADVANTAGE. THE SYSTEM THAT THEY HAVE IS DOUBLE AND TRIPLE REDUNDANCY, SO ALL OF THE NAYSAYERS IN WASHINGTON, EVEN THEY HAD TO NOD THEIR HEAD AND SAY OK. THE FACT THAT YOU HAVE FRONT STEERING AND REAR STEERING, 10 DEGREES OF REAR STEERING, MEANS THAT YOU CAN SPIN THIS LIKE A TOP. IT IS REALLY EASY TO DRIVE. ESPECIALLY IN A PARKING LOT OR TIGHT CORNER TYPE OF APPLICATIONS. IT IS SPECTACULAR IN THAT RESPECT. ED: YES.
SANDY: THE MANEUVERABILITY IS WONDERFUL. THE FACT THAT I HAVE THE ABILITY NOW TO LOCK AT 320 DEGREES MEANS THAT I NEVER HAD TO TAKE MY HANDS OFF OF THE STEERING WHEEL. IT IS 320 DEGREES, YOU'RE NEVER GOING IN A COMPLETE CIRCLE. THAT MAKES THE STEERING WHEEL A THING OF THE PAST. EVERYBODY IS GOING TO BE GOING TO A YOKE.
ED: I'M SORRY TO INTERRUPT. THERE IS SPECIFIC MATERIAL TO GET TO. ELON MUSK IS TALKING ABOUT THE WINDOWS, HOW BULLETPROOF IT IS.
HE DEMOED FIRING A MACHINE GUN AT IT, JOE ROGAN FIRED AN ARROW. I SAW FRIENDS DO A DEMO OF THE WINDOW. IT DID NOT SMASH THIS TIME. WHAT DID THEY TELL YOU? I MADE THE OBSERVATION ON X. LAST TIME IT WAS A METAL BALL BEARING AND THIS TIME IT WAS A BASEBALL. WHAT DID THEY TELL YOU ON-SITE THAT THEY FAILED TO MENTION DURING THE PRESENTATION.
THEY DIDN'T TALK ABOUT THE EXTENDED RANGE OR CONFIRM THAT THE GLASS IS BULLETPROOF TOO. SANDY: THE GLASS BEING BULLETPROOF, THE GLASS IN A NORMAL VEHICLE I'M PRETTY SURE WILL BE A GOOD TEMPERED GLASS. YOU COULD THROW ROCKS OR SNOWBALLS AT IT, BUT AN IRON BALL OR BULLET NOT SO MUCH. YOU CAN BUY GLASS THAT IS BULLETPROOF AND PUT IT IN. IT ADDS EXTRA WEIGHT AND A HUGE
AMOUNT OF COST. THE STAINLESS STEEL THAT THEY ARE USING IS A 300-SERIES STAINLESS STEEL. THOSE FOLKS WHO ARE INTO TECHNOLOGY, IT IS NONMAGNETIC AND QUITE A BIT TOUGHER.
EVERYTHING BREAKS DOWN EVENTUALLY, BUT IT WOULD BE CLASSIFIED AS A TRUE STAINLESS STEEL. THE THING THAT MAKES IT MORE IMPRESSIVE IS WHEN THEY MOVE IT FROM ALSO NIGHT TO MARTENSITE, THAT PROBABLY DOESN'T MEAN ANYTHING TO MOST PEOPLE, BUT IF YOU KNOW MATERIAL SCIENCE, A MARTIN CITIC STRUCTURE MEANS YOU ARE MOVING INTO SOMETHING REALLY HARD. NORMAL STEEL IS NOT EVEN MEASURED ON A ROCKWELL C-SCALE. THE BODY STRUCTURE, THE BODY PANELS, THE REASON THAT THEY CAN CONTAIN BULLETS OF MULTIPLE CALIBERS, AND QUITE FRANKLY MULTIPLE VELOCITIES, THE REASON IS BECAUSE IT IS MARTINCITIC. MARTINCITE IS PRETTY DRAMATIC. YOU CAN'T BELIEVE HOW TOUGH THAT IS.
THE STEEL COMES IN RELATIVELY STRONG AND THEN GOES THROUGH COLD FORMING WHICH STRENGTHENS IT EVEN MORE. THEN IT GOES INTO ONE MORE ERA BENDING THAT THEY DO FOR LINEAR LINES LIKE YOU ARE SHOWING NOW. YOU HAVE THAT LINE THAT GOES STRAIGHT ACROSS THE VEHICLE. IT IS ABSOLUTELY SOMETHING THAT MAKES IT STRONGER. ANYTIME THAT YOU CAN PUT A BEND OR A WRINKLE IN A PIECE OF SHEET METAL, THAT'S GREAT. I HAD NO IDEA HOW THEY WERE DOING THAT, BUT I DID GET A CHANCE TO LOOK AT AN ASSEMBLY LINE. I SAW THE MACHINES
MANUFACTURING IT, THE FRONT MACHINE. IT'S QUITE SIMPLE. A LOT SIMPLER THAN I THOUGHT. YEAH, IT'S REALLY WELL ENGINEERED. THE ALUMINUM IS FOR THE CASTINGS AND WHATNOT. THEY CREATED THEIR OWN MATERIAL SCIENCE. IT FLOWS INCREDIBLY WELL.
CAROLINE: SANDY, WE ARE GOING TO HAVE TO LEAVE IT THERE. I CANNOT TELL YOU HOW MUCH YOU ARE PREACHING TO THE RIGHT CHOIR IN TERMS OF THE INTRICACIES OF THE MATERIAL SCIENCE, THE TECHNOLOGY THAT GOES INTO THESE CARS. SANDY MUNRO, THE CEO OF MUNRO AND ASSOCIATES. OPENAI MOVING FORWARD WITH ITS TENDER OFFER. ED:
SHARES OF DELL ARE DOWN MORE THAN 5%, ON TRACK FOR THE BIGGEST DROP SINCE MAY. A WEAK OUTLOOK FOR THE FOURTH QUARTER. PC IS NOT COMING IN WHERE EXPECTED AND A MUTED TAILWIND FROM AI IS THE STORY FROM DELL CAROLINE: OPENAI'S TENDER OFFER IS ON. OPENAI IS STICKING WITH ITS PLAN TO LET EMPLOYEES SELL SHARES AND GIVING THEM EXTRA TIME. A MONTH, IN FACT, TO DECIDE IF THEY WANT TO TAKE PART IN IT. THIS WAS THE ONGOING QUESTION.
AFTER ALL OF THE TURMOIL WOULD THERE BE DEMAND? CLEARLY, THERE WAS ENOUGH DEMAND. >> DURING THE UPHEAVAL THERE WAS THE QUESTION, IS THIS COMPANY VALUABLE ANYMORE? WE HAVE SEEN THE REINSTITUTION OF SAM ALTMAN AND GREG BROCKMAN, THE NEWLY CONSTITUTED BOARD. MICROSOFT IS ON BOARD WITH THIS WHOLE BUSINESS. THEY WILL HAVE AN OBSERVER SEAT ON THE BOARD. THE TENDER OFFERS MOVING
FORWARD WHICH WILL BE GREAT FOR EMPLOYEES. IT WILL BE PRIMARILY A WAY FOR PEOPLE WHO OWN SHARES TO CASH OUT, WHICH WILL MEAN EMPLOYEES, BUT IT IS ALSO A SIGN OF HEALTHINESS FOR THE COMPANY OVERALL. CAROLINE: WE ARE SHOWING THE MAKEUP OF THE NEW TRANSITIONAL BOARD. LARRY SUMMERS IS A PAID CONTRIBUTOR TO BLOOMBERG'S WALL STREET WEEK. FOR ME IT PUTS THE SPOTLIGHT ON MICROSOFT BECAUSE ALL OF THE STAFF WERE GOING TO DEFECT TO MICROSOFT HAD SAM ALTMAN NOT COME BACK.
WHEN I POSTED WE HAD BROKEN THAT STORY, EVERYONE ASKED, WHAT DOES THAT MEAN? SIT HERE IN THE DELLA SAID THAT SURPRISES ARE BAD. MAX: A NONVOTING BOARD SEAT DOES NOT MEAN MUCH. IN THEORY WHAT IT MEANS WHAT HAPPENED LAST TIME WON'T HAPPEN AGAIN IN THE SENSE THAT THEY WON'T BE SURPRISED. MICROSOFT ONLY HAD A COUPLE OF MINUTES OF NOTICE WHEN SAM ALTMAN WAS FIRED LAST TIME.
THIS TIME ONE ASSUMES THAT THEY WOULD HAVE MORE NOTICE. BEYOND THAT IT IS A SYMBOL OF MICROSOFT'S POSITION. THEY HAVE MORE LEVERAGE. THE OLD BOARD INCLUDED A COUPLE OF BOARD MEMBERS WHO I WOULD SAY WERE NOT AS ALIGNED WITH MICROSOFT'S INTERESTS. THIS IS MORE PRO-MICROSOFT AND THE BOARD SEAT REFLECTS THAT, THE BOARD OBSERVER SEAT.
CAROLINE: MANY WERE TRYING TO SAY THAT CAPITALISM WON. ULTIMATELY, CAPITALISM WAS ALWAYS WINNING. WE HAVE PROFIT OVER SAFETY. WE WILL HAVE TO SEE WITH THE REST OF THE BOARD LOOKS LIKE. AT THE MOMENT THEY HAVE NOTICED THAT THIS IS NOT DIVERSE. THAT NEEDS EXPANDING AND SO TOO DOES THE RECOVERY PROCESS NEEDS TO BE BORNE OUT VIA THE COMPETITION. MAX: WE STILL DON'T KNOW IF THERE WILL BE HUGE DIFFERENCES.
WE HAVE MANY OF THE SAME THINGS THAT LED TO THE LAST CRAZINESS. NONPROFIT, SUBSTANTIVELY A BOARD THAT IS STILL SUPPOSED TO BE FOCUSED ON SAFETY AND WILLING TO SHUT THIS DOWN IF IT EVER GETS TOO OUT OF HAND. STILL, YOU HAVE MICROSOFT, WHICH HAS THIS HUGE INTEREST IN THE COMPANY, MORE THAN $10 BILLION WORTH OF MONEY, ITS ENTIRE CORPORATE STRATEGY DEPENDING ON THIS THIRD THAT IT DOESN’'T CONTROL. IN A LOT OF WAYS WE ARE BACK
WHERE WE WERE BEFORE WHICH WERE MICROSOFT WILL BE FINE. THEY WERE DOING WELL WITH THE RELATIONSHIP. BUT THERE IS A LOT OF UNCERTAINTY. ED: AND AN INVESTIGATION INTO WHAT ORIGINALLY HAPPENED. CHECK OUT THE BLOOMBERG BUSINESSWEEK STORY, MICROSOFT'S LACK OF CONTROL OVER OPENAI REMAINS A WILDCARD. THE TIGER GLOBAL INVESTMENT FIRM WRAPPING UP A LOSS AT THE END OF SEPTEMBER. WE WILL BRING YOU THOSE DETAILS
NEXT. THIS IS BLOOMBERG TECHNOLOGY. ED: IT IS TIME FOR TALKING TEXT. APPLE AND PARAMOUNT ARE REPORTEDLY IN TALKS TO BUNDLE THEIR STREAMING SERVICES AT A DISCOUNTED RATE. THE WALL STREET JOURNAL SAYS
THAT DISCUSSIONS ARE IN THE EARLY STAGES AND SOME OPERATIONAL DETAILS ARE UNCLEAR. MORE COMPANIES HAVE BEEN RESORTING TO BUNDLING PACKAGES TO MAKE THEIR OFFERINGS MORE AFFORDABLE AND ATTRACTIVE. META SAYS THAT THERE'S NO HARM DONE BY MAKING ITS ARTIFICIAL INTELLIGENCE TECHNOLOGY WIDELY AVAILABLE. THE CHIEF AI SCIENTIST TOUTED
THE IMPORTANCE OF SHARING TECH WHILE OTHER COMPANIES MIGHT BE MORE PROTECTIVE. HE SPOKE ABOUT ADVANCING AI AT A FASTER RATE SAYING, "IF YOU DO THIS IN SECRET YOU WILL FALL BEHIND." X CEO SENT A MEMO TO EMPLOYEES SHOWING HER SUPPORT OF ELON MUSK AFTER HIS COMMENTS THIS WEEK THAT INSULTED BRANDS THAT HAVE BACKED AWAY FROM ADVERTISING ON THE PLATFORM CALLING MUSK CANDID AND PROFOUND ADDING, "NO MATTER HOW HARD THEY TRY, WE WILL NOT BE DISTRACTED BY SIDELINE CRITICS WHO DON'T UNDERSTAND OUR CORE MISSION." CAROLINE: WE WILL BE DISCUSSING THAT LATER IN THE SHOW. WHILE STOCKS HAVE RALLIED AND
BONDS HAVE RALLIED IN NOVEMBER, IT HASN'T BEEN THAT PRETTY FOR BIG VENTURE BETS AS OF LATE. TIGER GLOBAL MANAGEMENT'S BIGGEST VENTURE FUND, AN 18% LOST AT THE END OF SEPTEMBER AFTER SLASHING VALUATIONS, SOME OF THE KEY COMPANIES IN ITS PORTFOLIO. BLOOMBERG LEARNING THEY MARKED DOWN AT AI POWERED EMAIL COMPANY TO A PRIVACY SEARCH ENGINE AND NOTABLY CRYPTO BETS. ABSOLUTELY DECIMATED IN TERMS OF ORIGINAL VALUATION. TIGER GLOBAL DIDN'T COMMENT ON THE STORY, BUT WE DO GET MORE CONTEXT FROM SONALI BASAK. FOR ME, WHAT TOOK MY BREATH AWAY WAS THE YACHT CLUB AND OPEN C.
90% MARKED DOWN FROM AN ORIGINAL VALUATION? THAT SPEAKS OF HUBRIS. SONALI: THE YACHT CLUB BROUGHT IN OTHER BIG INVESTORS LIKE LONG ENTRY. AND YOU HAVE CODE 2 COMING INTO OPEN SEA AS WELL. THERE WAS A TIME IT WAS AN IPO DARLING. NOW OPEN C HAD BEEN IN THE CROSSHAIRS OF REGULATORY UNCERTAINTIES THAT WOULD SURROUND THE REST OF CRYPTO. EVEN MORE SO BECAUSE IN FTS VERSUS TOKEN LISTINGS AND OTHER ASSETS WERE UNDER THE IRE OF THE FCC.
A SEVERE RANK DOWN WHEN YOU LOOK AT HOW TIGER GLOBAL HAS TAKEN THE POSITION FOR SIMILAR RIVALS. AS YOU SAY THIS HAS NOT BEEN LIMITED TO THE CRYPTO INDUSTRY. ED: A BIG SCOPE GETTING AHEAD ON RECENT PROCEEDINGS.
CAROLINE: SONALI? SONALI: I COULDN'T HEAR. CAROLINE: HE WAS ASKING ABOUT THE SCOOP. IT SEEMS VIP TRADERS KNEW AHEAD OF TIME? SONALI: THEY DID KNOW AHEAD OF TIME. THEY WERE IN THE UAE AND THEY DON'T HAVE EXTRADITION TO THE UNITED STATES. IT WASN'T JUST THE FOUNDER BUT SHOWS THE EXTENT THAT THE REST OF THE TRADERS WERE CONCERNED ABOUT HOW FINANCE WOULD RESOLVE THE SETTLEMENT AND GET THROUGH AT THE END OF THE DAY.
CAROLINE: WELCOME BACK. I AM CAROLINE HYDE IN NEW YORK. ED: ED LUDLOW IN SAN FRANCISCO. I DON'T WANT TO PUT IT DOWN ON THINGS BUT THE FINAL DAY OF THE WEEK THIS IS WHAT MARKETS LOOK LIKE ON A WEEKLY BASIS. THE NASDAQ 100 IS BASICALLY FLAT AT 0.02%. THERE HAS BEEN A BUNCH OF FED SPEAK, EARNINGS ARE HAVING A REAL IMPACT ON THE TRAJECTORY OF THE NASDAQ 100 IN THE LAST 24-40 EIGHT HOURS WHICH IS MADE UP OF SOME OF THE HIGHER MULTIPLE SOFTWARE NAMES THAT REPORTED EARNINGS. DELL, A BIG IMPACT ON MARKETS
THIS FRIDAY. AN IMPORTANT PIECE OF NEWS THAT I WANT TO BRING OUR AUDIENCE IS LOOK AT SOME OF THE EV MAKERS, INCLUDING LEGACY AUTOMAKERS TRANSITIONING. THE BIDEN ADMINISTRATION HAS SET THE LIMITS FOR A FOREIGN ENTITY OF CONCERN. THEY SICKLY THE RULING IS IF A COMPANY IS INVOLVED IN THE BATTERY SUPPLY CHAIN WITH MORE THAN 25 PERCENT FOREIGN OWNERSHIP IN THE CONTEXT OF CHINA, THEN ANY CAR THAT INCLUDES A COMPONENT OR MATERIAL TIED TO THAT COMPANY IN FE OC WILL NOT BE ELIGIBLE FOR THE $7,500 FEDERAL TAX CREDIT.
REALLY IMPORTANT WHEN YOU CONSIDER THAT THE SUPPLY CHAINS OF THESE U.S. AUTOMAKERS SOURCING NOT ONLY THE BATTERY PACKING COMPONENT BUT THE RAW MATERIALS WITH SOME ASSOCIATION WITH CHINESE COMPANIES. CAROLINE: THIS DOVETAILS INTO THE CONVERSATIONS GOING ON INTO THE MIDDLE EAST AT THE MOMENT. WORLD LEADERS HAVE KICKED OFF
THE COP28 CLIMATE SUMMIT. IT IS IN THE UAE, DUBAI, TO BOOST INVESTMENT IN GREEN SOLUTIONS AND CALLS FOR DECISIVE ACTION TO CUT GREENHOUSE GASES. LET'S GET THE LATEST ON THE GROUND.
>> DAY TWO OF COP28 STARTED WITH AN EARLY WIN FOR DEVELOPING NATIONS. IN AGREEMENT WAS REACHED FOR A LOSS AND DAMAGE FUND TO HELP HONORABLE COMPANIES DEAL WITH MORE EXTREME WEATHER STOKED BY GLOBAL WARMING. A NUMBER OF LEADERS, FROM KING CHARLES TO PRESIDENT MODI AND PRESIDENT DA SILVA AND THE U.N. SECRETARY GENERAL ANTONIO GUTERRES, DELIVERED AN URGENT MESSAGE ON FIGHTING CLIMATE CHANGE. >> THE CLIMATE CHALLENGE IS NOT JUST ANOTHER ISSUE IN YOUR INBOX. PROTECTING OUR CLIMATE IS THE
WORLD'S GREATEST TEST OF LEADERSHIP. JENNIFER: OTHER KEY AREAS THAT WE ARE WATCHING OUT FOR ON THE AGENDA ARE POTENTIALLY AN AGREEMENT TO EXPAND RENEWABLE INVESTMENT, AND POTENTIALLY A PLAN TO PHASE OUT FOSSIL FUELS. FROM COP28, BLOOMBERG NEWS, DUBAI. CAROLINE: WHAT HAVE YOU GOT? ED: WELL, LET'S STICK WITH THE COP28 CLIMATE SUMMIT AND BRINGING IN A VENTURE CAPITALISTS INVESTING IN THAT SPACE.
JOINING US IS THE -- OBVIOUS VENTURES. ADDRESSING CLIMATE HEALTH AND FINANCES. I ALWAYS ASK THIS QUESTION. IN THE MIDDLE EAST THERE IS AN
IMPORTANT MEETING OF WORLD LEADERS GOING ON, AND BUSINESS LEADERS, AND AT THE UNDER END OF THE CHAIN YOU ARE INVESTING. HOW MUCH ATTENTION DO YOU PAY TO DUBAI? >> ALL EYES ARE ON DUBAI. THEY ARE TRYING TO SOLVE CLIMATE CHANGE. WHEN WE TRY TO TIE IT TOGETHER, WHAT I'M FOCUSED ON IS WATCHING HOW MANY POUNDERS ARE HEADED OVER THIS YEAR. IT'S DIFFERENT THAN THE PAST. WE ARE SEEING ENTREPRENEURS FROM AROUND THE WORLD DECIDING THAT THIS IS THE PLACE TO BE AND THAT'S EXCITING.
ED: I MODERATED A PANEL AT THE START OF THE YEAR AND WE WERE CONSIDERING A LOT OF THE BIG PICTURE ITEMS. THE PANEL WAS SPLIT ON IF YOU GO FOR A STARTUP WHOSE FUTURE IS DEPENDENT ON PUBLIC SUBSIDY, POLICY BUT ALSO GOVERNMENT MONEY PAVING THE WAY FOR THE FUTURE. ANDREW: WE LOOK AT THOSE AS TAILWINDS. WE TRY TO FIND COMPANIES THAT WILL BUILD THE FUTURE. WE DID THAT IN HEALTH CARE, WE
DID IT IN FINTECH, WE DO IT IN CLIMATE. THOSE ARE ADD-ONS. WE DON'T RELY ON THEM AS THE SOLE BUSINESS MODEL. CAROLINE: THERE IS MUCH HANDWRINGING AT THE MOMENT ABOUT WHAT EVENTS SUCH AS COP28 CAN ULTIMATELY ACHIEVE IN TERMS OF AGREEMENT AND POLICY AND INCENTIVIZING CORPORATE, CORPORATE AMERICA AT THAT. HOW ARE YOU SEEING COMPANIES MARCHING TOWARDS A FOCUS ON CLIMATE CHANGE EVEN THOUGH THE POLITICAL ENVIRONMENT HAS CHANGED SOMEWHAT? ANDREW: I WAS AN ENTREPRENEUR IN THE SOLAR SPACE IN 2000 TWO. CLIMATE CHANGE WAS A THERMOSTAT SETTING AT THAT POINT. WE HAVE COME A LONG WAY. WE HAVE SEEN TWO ORDERS OF
MAGNITUDE COST REDUCTIONS IN SOLAR AND WIND. THESE ARE NOW THE CHEAPEST SOLUTIONS OUT THERE. NOT ONLY OUR LEASING CORPORATION SHOW UP LOOKING FOR SOLUTIONS, SHOWING UP IN MASS AND DUBAI ASKING EACH OTHER ALMOST DELL VOS -- EN MASSE, ASKING EACH OTHER ALMOST DAVOS-LIKE, IDEAS TO TRANSFORM OUR GLOBAL ECONOMY. CAROLINE: YOU HAVE LED BID BUSINESS -- BIG BUSINESS, THE LARGEST CLEAN ENERGY DEVELOPER IN AMERICA. LOOKING AT STARTUPS, WHERE'S
THE INNOVATION COMING? WHAT PROBLEMS ARE ME NOT SEEING THAT ARE TO BE FIXED? ANDREW: SILICON VALLEY SPENT 20 YEARS DIGITIZING GLOBAL ECONOMY AND NOW WE WILL DE-CARBONIZED IT. WE ARE IN EARLY INNINGS. MCKENZIE AND GOLDMAN ARE TALKING TO ONE TRILLION TO 1,000,000,000,000 -- TALKING $1 TRILLION $1.5 TRILLION. YOU GUYS HAVE HAD A LOT OF DISCUSSION ALREADY THIS MORNING ON ELECTRIC VEHICLES AND WE ARE SEEING THAT TRANSFORMATION REALLY START TO TAKE HOLD. THOSE ARE AREAS THAT WE ARE EXCITED ABOUT.
I WOULD MENTION MOBILITY. WE LOVE THE ELECTRIFICATION OF EVERYTHING. THERE IS A LOT MORE TO DO TO ELECTRIFY EVERY FORM OF TRANSPORTATION AROUND THE WORLD. WE ARE INTERESTED IN SCALE, FINDING WAYS TO GET PAST THE BOTTLENECKS, PARTICULARLY ON THE ELECTRICITY GRID.
THERE IS A LOT OF WORK ON SOFTWARE AND HARDWARE TO BLOW PAST THE BOTTLENECKS WE ARE FACING. AI AND CLIMATE, THERE IS A REALLY EXCITING INTERSECTION. ED: WE DISCUSSED GENERATIVE AI, OR USING THE LARGE LANGUAGE MODEL AS AN ACCELERANT IN THE HEALTH CARE AND BIOTECH SPACE. USE CASES ARE OBVIOUS.LESS OBVIOUS IS HOW AI ACCELERATES CLIMATE TECH, MAKES IT COME TO MARKET QUICKER OR OTHERWISE. ANDREW: WE HAVE BEEN EARLY ON USING AI IN DIFFERENT FIELDS. THEY DID THAT IN THE HEALTH CARE SPACE.
YOU WILL SEE A LOT OF COMPANIES SHOW UP IN CLIMATE WITH SIMILAR IDEAS. THERE WILL BE DEEP TECH CONCEPTS USING GENERATIVE AI TO THINK THROUGH THINGS LIKE BATTERY CHEMISTRY, BUT THERE IS A LOT IN THE INFORMATION SECTOR THAT WILL BE EXCITING. CROSSING AI AND NEW ENERGY FINANCE AND BLOOMBERG GREEN, THERE WILL BE AI ATTACHED TO THAT BECAUSE BIG COMPANIES ARE LOOKING TO AI FOR SOLUTIONS.WE ARE NOT READY YET BUT WE WILL HAVE ANNOUNCEMENT SOON ABOUT AN INVESTMENT IN THAT SPACE. ED:
YOU KNOW WHERE TO FIND US AT BLOOMBERG TECHNOLOGY. THANK YOU FOR YOUR TIME. STICKING WITH TECHNOLOGY THAT ADDRESSES CLIMATE AND CLIMATE CHANGE, CUTTING EDGE AI NAMED ATHENA AND LISTED IN THE BATTLE AGAINST BUSHFIRES IN AUSTRALIA AS IT BRACES FOR AN ESCALATING FIRE HAZARD THIS SUMMER. LISTEN TO THIS.
>> IT WENT DOWN IN HISTORY AS AUSTRALIA'S BLACK SUMMER, 19 WEEKS IN LATE 2019 AND EARLY 2020 WHEN 24 MILLION HECTORS OF THE COMPANY BURNED, HALF OF THE SIZE OF CALIFORNIA OR THE ENTIRE UNITED KINGDOM. THE SMOKE CIRCLED THE GLOBE. THE STAGE IS SET FOR POSSIBLE REPEAT. THIS MAP FOR THE NATIONAL COUNCIL OF FIRE AND EMERGENCY SERVICES SHOWS LARGE AREAS OF AUSTRALIA FACING INCREASED FIRE RISK. BLOOMBERG ECONOMICS IS FORECASTING PROPERTY AND CASUALTY INSURANCE COSTS TO THE YEAR END OF JUNE 2024 TO BE ABOVE THE 10-YEAR AVERAGE OF $3 BILLION.
>> THIS FIRE SEASON WE HAVE SEEN A SIGNIFICANT DRYING OUT OF THE LANDSCAPE FOLLOWING THREE YEARS OF ABOVE AVERAGE RAINFALL, PARTICULARLY ABOVE AVERAGE RAINFALL PROMOTING GRASS GROWTH AND INCREASING FUEL. THEN WE START TO SEE REALLY DRY SPRING, WINTER INTO SPRING, SO WE ARE SEEING AN ELEVATED RISK. >> THE FIRE SERVICE HAS COMMISSIONED ATHENA, THE WORLD'S FIRST FIREFIGHTING AI. ATHENA ANALYZES DATA FROM WEATHER FORECASTS, POPULATED AREAS, AND EVEN SOCIAL MEDIA FEEDS TO PREDICT THE FIRE'S NEXT MOVE AND WHAT IS AT RISK. >> IT TAKES A MAP OF THE FIRES AND PREDICTS WHAT THEY WILL DO OVER TWO HOURS, FOUR HOURS, 12 HOURS, AND IT WILL TELL US WHAT STRUCTURES OR ASSETS WILL COME INTO THREAT.
WE CAN HAVE MORE THAN 100 FIRES BURNING AT ONE TIME, AND THIS STOPS US FROM POTENTIALLY MAKING MISTAKES OR MISSING SOMETHING. >> ATHENA'S MODELING IS SUPPORTED BY DATA OF A BUSHFIRE SIMULATOR BUILT AFTER THE BLACK SUMMER. THE FIRE SERVICE ALSO ADDED AUSTRALIA'S LARGEST FIREFIGHTING HELICOPTER FOR THE COMING SUMMER HOPING THAT HISTORY DOES NOT REPEAT BUT READY IN CASE IT DOES. BLOOMBERG, SYDNEY. CAROLINE:
MORE ON AI, BUT CHATGPT'S VERSION. IT WAS MADE ACCESSIBLE TO THE GENERAL PUBLIC ONE YEAR AND ONE DAY AGO. THE AI PRAISE HAS NOT PHASED OUT YET.
CAROLINE: IT IS TIME FOR THE VC ROUND THAT. MORE CAPITAL MANAGEMENT AND THE PUBLISHER OF THE DAILY MAIL ARE LAUNCHING A NEW VENTURE FUND CALLED RENOWN CAPITAL PARTNERS ACCORDING TO SOURCES INVESTING IN EARLY AND GROWTH-STATE PRIVATE COMPANIES FOCUSING ON THE WORLD'S TRANSITION TO CLEAN ENERGY. PAKISTAN IS LAUNCHING A VC FIRM FOR LOCAL EARLY-STAGE STARTUPS TO LURE GLOBAL INVESTORS BACK ALLOCATING AS MUCH AS 10 MILLION DOLLARS ANNUALLY.
THE BIDEN ADMINISTRATION HAS PULLED PROSPERITY7, BACKED BY SAM ALTMAN. THIS HAS BROADER IMPLICATIONS FOR SAUDI ARABIA'S GROWING INVESTMENTS IN U.S. TECHNOLOGY AND ITS CLOSE TIES WITH CHINA. ED: A LOT MORE TO TALK ABOUT. SAM ALTMAN, ONE YEAR CHATGPT BEING RELEASED, OPENAI RELEASED CHATGPT TO THE PUBLIC ONE YEAR AND ONE DAY AGO. THE AI CRAZE HAS NOT STOPPED. MILLIONS OF PEOPLE, INTELLECTUAL CAPITAL AND REAL CAPITAL HAS POURED INTO THE INDUSTRY IN 12 MONTHS.
LET'S KEEP THE CONVERSATION GOING BRINGING IN DAN O'CONNELL THE CHIEF INTELLIGENCE AND STRATEGY OFFICER FOR THE AI UNICORN BACKED BY GOOGLE VENTURES AND ICONIC. YOU WOULD SAY THAT WE WERE IN AI EARLIER THAN THAT, WE ARE AN AI COMPANY AND OUR OWN RIGHT, BUT REFLECT ON THE LAST 12 MONTHS EVEN IF IT IS THROUGH THE LENS OF YOUR OWN COMPANY BASED ON WHAT OPENAI HAS DONE. DAN: WHAT HAS HAPPENED IS THE DEMOCRATIZATION OF AI WHERE EVERYONE ON THE PLANET SEES THE OPPORTUNITY THAT AI CAN BRING ACROSS PRETTY MUCH EVERY PIECE OF SOFTWARE IN EVERY INDUSTRY.
I THINK THAT THE HYPE IS REAL AND WE WILL SEE IT PROLIFERATE OVER THE NEXT COUPLE OF YEARS. ED: CAROLINE AND I WANT TO APPROACH THIS FROM A TECHNOLOGY PERSPECTIVE. YOU HAVE BUILD YOUR OWN FOUNDATION MODEL. YOU DID THAT YOURSELVES.
THERE'S ALWAYS A CHOICE. GO TO OPENAI OR ANOTHER OPEN SOURCE PLATFORM. WHY DO IT YOURSELF? DAN: WE HAVE BEEN IN AI FOR NUMBER OF YEARS. DIALPAD ACQUIRED MY ENGINE IN 2018. WE SAT ON THIS PROPRIETARY DATA SET.
WE HAVE A TEAM THAT KNEW ABOUT THESE TECHNOLOGIES AND HOW TO LEVERAGE THEM, AND IT BECAME EVIDENT FOR US THAT WE DON'T WANT -- WHEN WE TALK ABOUT AI WE DON'T WANT TO BE WRAPPED AROUND A THIRD-PARTY API. WE WANT TO CONTROL OUR INNOVATION, WE WANT TO CONTROL THE PRICE COME THE SCALABILITY, AND THE ACCESSIBILITY. AI IS A SUBSTANTIAL DIFFERENTIATION IN THE MARKET AND WE WANT TO OWN THAT PIECE OURSELVES BECAUSE WE BELIEVE THAT WE CAN PROVIDE AN ENHANCED EXPERIENCE TO EVERY ONE OF OUR CUSTOMERS. CAROLINE: A LOT OF THE COMPANIES HAVE PERHAPS REALIZED THE REASONING OF THAT AS OF LATE. HOW MUCH MORE FAST AND FURIOUS
HAS THE COMPETITION BECOME FOR YOU IN THE LAST 12 MONTHS? DAN: IT IS A TALENT WAR OUT THERE RIGHT NOW IN TERMS OF FINDING PEOPLE WHO KNOW HOW TO LEVERAGE THESE TECHNOLOGIES ARE YOU TALK ABOUT AI EXPERT TO UNDERSTAND NATURAL LANGUAGE PROCESSING, SPEECH RECOGNITION, LARGE LANGUAGE MODELS, THERE ARE PROBABLY THOUSANDS OF THEM. THAT WILL PROLIFERATE OVER THE NEXT COUPLE OF YEARS. VERY MUCH SO, THE WORRY OUT THERE IS THAT DO THESE LARGE LANGUAGE MODELS AVAILABLE AS AN API MAKE AI EASY FOR EVERYONE? I DON'T THINK THAT IS THE CASE. I THINK THE LARGE LANGUAGE MODELS ARE GOOD AT HORIZONTAL USE CASES BUT WHAT YOU WILL PLAY OUT OVER THE NEXT YEAR IS PROPRIETARY. LARGE LANGUAGE MODELS THAT WILL BE INDUSTRY AND USE CASE SPECIFIC. MUCH SIMILAR TO OUR APPROACH AT
DIALPAD. CAROLINE: WHAT ABOUT BIG CORPORATE'S DESIRE TO BUILD THEMSELVES AND THAT WE NOW HAVE OPEN AND CLOSED SOURCE OFFERINGS. HAVE YOU BEEN IMPRESSED THAT CERTAIN CTO'S WANT TO DO IT THEMSELVES? HOW HAVE YOU FOUND THAT SALES DISCUSSION WITH COMPANIES YOU WORK WITH? DAN: I DON'T THINK THAT THERE IS A RIGHT OR WRONG APPROACH AT THIS MOMENT.
FOR DIALPAD WE HAD A TEAM OF EXPERTS AND PROPRIETARY DATA SET THAT KNOWS HOW TO DO THIS. SOME STARTUPS APPROACH A FOUNDATIONAL MODEL TODAY THROUGH OPENAI, ANTHROPIC, OR GOOGLE VERTEX. I THINK THAT THE QUESTION WILL BE OF THE FOUNDATIONAL MODELS ARE GOING TO PROVIDE USE CASE SPECIFIC OR INJURED STREET -- OR INDUSTRY-SPECIFIC -- ED: YOU STARTED IN 2003 IN AD SALES. EVERYONE THAT I SPOKE TO AT THAT TIME SAID THAT WE WERE KICKING AROUND A HAKKI SACK TALKING ABOUT AI AND THE BIG PICTURE WAY. DAN:
I THINK THAT THE CASE IS WHEN YOU'RE TALKING ABOUT THE BIGGEST OPPORTUNITIES AND CONTACT CENTER AND SALES ORGANIZATIONS TO SAY THAT WE CAN PROVIDE INSTANT -- THE AVAILABILITY TO INSTANTLY CONFIRM, SATISFACTION. WE CAN NOTE TAKE A SYSTEM OF RECORD. THOSE ARE THINGS THAT EVERY BUSINESS ON THE PLANET IN SALES AND SUPPORT STRUGGLE WITH. CAROLINE: WE THANK YOU FOR SOME OF THOSE INSIGHTS. LOOKING BACK ON THE PAST 12 MONTHS, LOOKING FORWARD. COMING UP, WHAT IS HAPPENING, BACKING HER BOSS AFTER HIS INSULTS TO BRANDS BACKING AWAY FROM THE PLATFORM.
DETAILS COMING NEXT. ED: SOME NEWS THAT CROSSED THE BLOOMBERG, WALMART SAYS THAT IT IS NOT ADVERTISING ON X ACCORDING TO A REPORT WHERE THEY CITE A SPOKESPERSON THAT SAYS THE WALMART HAS FOUND BETTER USE OF OTHER PLATFORMS TO REACH THEIR CUSTOMERS. IT COMES THE DAY AFTER LINDA YACCARINO SENT A MEMO TO STAFF BACKING ELON MUSK ON HIS EXPLETIVE-LADEN MESSAGE TO ADVERTISERS. LET'S BRING IN SARAH FRIER. WE REPORTED ON THIS MEMO. WHAT ARE THE TAKEAWAYS? SARAH: LINDA YACCARINO IS TRYING TO SPIN ELON MUSK'S APPEARANCE IN WHICH HE TOLD ADVERTISERS TO GO F THEMSELVES IF THEY DO NOT WANT TO SPEND MONEY ON X, THAT IF THE COMPANY FAILS IT WILL BE THEIR FAULT.
YACCARINO SPEAKS TO STAFF, CALLING THIS APPEARANCE AT THE CONFERENCE CANDID AND PROFOUND. SHE SAID THAT OUR PRINCIPLES DON'T HAVE A PRICE TAG. ESSENTIALLY, SHE IS BACKING MUSK SAYING, YEAH, IF ADVERTISERS DON'T LIKE THE WAY WE WORK SPEND YOUR MONEY SOMEWHERE ELSE.
WALMART IS SAYING, SURE. WE WILL DO THAT. YOU HAVE TO REMEMBER THAT TWITTER ADA ARE NOT -- TWITTER ADS ARE NOT AS EFFECTIVE FOR MANY BUSINESSES AS META AND GOOGLE BECAUSE THE TARGETING ISN'T AS SPECIFIC. THEY WORK WELL FOR EVENTS. IT WORKS WELL FOR SAY THE SUPER BOWL FOR BIG BRANDS. FOR A COMPANY LIKE WALMART, YOU COULD SEE SOME EFFECTIVENESS, BUT WHEN IT GETS DOWN TO SPECIFIC MICRO-TARGETING THAT OTHER COMPANIES ARE ABLE TO DO, IT IS EASY TO KNOCK TWITTER OUT OF YOUR BUDGET AND DECIDE TO GO ELSEWHERE, WHICH IS WHY IT IS MORE RISKY FOR SOMEONE LIKE LINDA YACCARINO TO COME OUT AND DARE THEM ESSENTIALLY TO TAKE THEIR MONEY AWAY. CAROLINE:
CERTAINLY MAKING HER ROLE HARDER. MEANWHILE, FROM CONCERNS ABOUT X AND A LOT OF THAT SURROUNDING MISINFORMATION ON THE PLATFORM, WE WILL TALK ABOUT BLURRED LINES FOR BILLIONS OF PEOPLE SEEKING FACTS WHEN IT COMES TO AI IMAGES THAT ARE FLOODING THE WEB RIGHT NOW. IT IS PROVING KEY FOR BLOOMBERG. WENNBERG OPINION WRITERS HAVE CREATED A QUIZ ON THE BLOOMBERG TERMINAL USING REAL AND AI PHOTOS TO SHOW HOW HARD IT IS TO DISTINGUISH. LOOK AT THEM AT THE MOMENT. ED: LET'S TRY IT OUT.
FLOAT LIKE A BUTTERFLY, STING LIKE A BEE. A IS THE LEGIT ONE. CAROLINE: I WOULD SAY A. ED: BOOM. NEXT. CAROLINE: MAYA ANGELOU, I HAD HER READ AT MY WEDDING. I WOULD SAY B. ED: NICE. FAIR. CAROLINE: THIS ONE IS HARDER. JOAN OF ARC. ED: I WASN'T AROUND AT THE TIME OF JOAN OF ARC. [LAUGHTER] THEY ARE BOTH PAINTINGS.
I WOULD GO WITH A. CAROLINE: WE ARE CLEANING UP ON THIS ONE. NAPOLEON BONAPARTE. B. ED: B. CAROLINE: WE GOT IT WRONG. THAT IS OUR FIRST DUD. ED: IT IS HARD. CAROLINE: I THINK IT IS OBVIOUS. A. ED: B. CAROLINE: I WOULD BE RIGHT, BUT THAT IS A GOOD ONE. ED: B IS CLEARLY HIGH DEFINITION. LET'S MAKE THIS THE FINAL ONE. IT'S HARD. B? CAROLINE:
I THINK THAT THAT MIGHT BE RIGHT. AT LEAST WE GOT WINSTON CHURCHILL RIGHT. THAT SHOWING ULTIMATELY HOW EASY IT IS TO MAKE IT DIFFICULT. THE FACT THAT WE GOT ONE WRONG, I THINK THAT I GOT EIGHT OUT OF 10, BUT WHAT IS NOTABLE IS THAT SOME AI CREATED PHOTOS ARE BECOMING THE MOST POPULAR ANSWER ON GOOGLE NOW BECAUSE PEOPLE ARE BEING SO CONFUSED BY THEM. A SELFIE OF A MAIN IMAGE THAT COMES UP FOR TANK MAN. THIS IS ORIGINALLY MEANT TO BE A FAMOUS PHOTO THAT IS NOW AN AI SELFIE THAT IS PROVING TO BE TOTALLY MISLEADING. ED:
IT IS A FANTASTIC TOOL IF YOU GO PURPOSELY TO CREATE SOMETHING, BUT IF YOU SEE SOMETHING IN CIRCULATION ON SOCIAL MEDIA IT IS ABOUT KNOWING THAT IT'S REAL. THE STORY THAT WE TELL ON THIS SHOW EVERY WEEK. CAROLINE: IT IS ULTIMATELY DOWN TO A COMPANY LIKE GOOGLE TO TACKLE THE AI ISSUES THAT ARE BEING THROWN OUT ON ITS PLATFORM WITH THE TECHNOLOGY. THAT WAS A FUN WAY TO END THIS EDITION OF BLOOMBERG TECHNOLOGY. ED:
2023-12-04 15:19
