Tesla's Deliveries Expectations and Rubrik's IPO Plans | Bloomberg Technology
>> FROM THE HEART OF WHERE INNOVATION, MONEY, AND POWER COLLIDE. THIS IS BLOOMBERG TECHNOLOGY WITH CAROLINE HYDE AND ED LUDLOW. >> I'M CAROLINE HYDE.
>> I'M ALSO IN NEW YORK, THIS IS ED LUDLOW. >> WE WILL TAKE A LOOK AT WHAT WE CAN EXPECT FROM TESLA'S DELIVER LITTLE -- DELIVERY REPORT. DETAILS AHEAD. >> MORE MOMENTUM IN THE IPO MARKET. WE WILL BRING YOU THE LATEST. CAROLINE: WE WILL SIT DOWN WITH THE PRODUCTION COMPANY SHY KIDS AS THEY PRODUCE AN ENTIRE SHORT FILM USING OPENAI'S SORA. LET'S CHECK IN ON THE MARKETS. WE ARE PARING BACK A LITTLE BIT
ACROSS THE BENCHMARKS. NASDAQ CLINGING ONTO THE GAINS, BUT ONLY BY ONE AT THE MOMENT. THE MOVEMENT IN THE BOND MARKET. 10 YEAR YIELDS SPIKING. WE ARE UP ACROSS THE CURVE. 4.31 IS WHERE WE ARE TRADING. FACTORY ORDERS COMING IN WITH A SURPRISE GAIN.
BITCOIN CURRENTLY UNDER PRESSURE BY 2.8%. STILL RELATIVELY HIGHER. PUT IT INTO CONTEXT. LOOK AT WHERE WE HAVE COME THIS YEAR ALONE ON THE S&P 500 DESPITE THOSE MOVES IN BOND YIELDS. ED: IT HAS BEEN A FAST START TO 2024.
I'M TRYING TO FIND WHAT ARE THE COMMONALITIES BETWEEN ALL OF THESE GAINS AT THE INDICES LEVEL. I THINK THE ANSWER IS NVIDIA ALONG WITH SOME OTHER AI NAMES. NOW THE ATTENTION IS FOCUSED ON IF RATES ARE GOING TO COME DOWN, WHICH RATE SENSITIVE SECTORS ARE YOU GOING TO BE IN? IT IS SAD FOR US, BUT MIGHT BE SAVVY FOR OTHERS. CAROLINE: WE ARE STILL SEEING CHIP SUBSECTOR ABSOLUTELY FLYING.
ANALYSTS UPGRADING STOCKS LIKE MICRON. THIS HAS STARTED TO SPREAD. ED: LATER IN THE PROGRAM, WE HAVE TO TALK ABOUT BITCOIN BECAUSE THERE WERE SOMETHING DO HAPPEN ON THE CALENDAR. IT IS IMPORTANT TO UNDERSTAND THAT. BROADLY SPEAKING, EVERY WEEK I HAVE A SENSE OF DÉJÀ VU BECAUSE WE SAY THE FED CUT RATES OR WHEN WILL THEY CUT RATES AND IN WHICH INCREMENT? WE USED TO SAY, HIGHER RATES DISCOUNT THE PRESENT VALUE OF FUTURE CASH FLOWS. NOW I'M READING THIS SAYING, WE NEED TO THINK ABOUT WHERE WE MOVE OUTSIDE OF TECHNOLOGY.
WHAT ROLE BITCOIN PLAYS I HAVE NO IDEA. CAROLINE: SPREAD THE LOVE. JUPITER IS SAYING GET IN ON THE AI PLAY. IT FEELS AS THOUGH THE ARTIFICIAL INTELLIGENCE RUN-UP STILL HAS SPACE TO RUN. THERE WAS ONE STOCK THAT HAS
REALLY FALLEN AFOUL THIS YEAR SO FAR. IT WAS A MAGNIFICENT PLAYER. ED: JUST BEFORE WE CAME ON AIR, THE DECLINES IN THE MOMENT REALLY ACCELERATED. TESLA IS DOWN 2.5%.
WE ARE BRACING FOR FIRST QUARTER DELIVERIES WHERE THE EXPECTATION IS THAT THEY WILL DELIVER AROUND 457,000 SEQUENTIALLY, A 6% DECLINE. THE BIG ONE TO WATCH AS LOOK HOW WIDE THE ESTIMATES ARE. THE LOWER END, THIS COULD BE THE FIRST TIME WE COULD SEE A DROP IN DELIVERY GROWTH. THE CONSUMER IS NOT INTERESTED ANYMORE.
DOMESTIC COMPETITION IN CHINA IS A LOT TO DISCUSS. TO DISCUSS IT, OUR BLOOMBERG ANALYST COVERING VEHICLE EXPECTATIONS JOINS US HERE. THIS IS AN IMPORTANT QUARTER. THE FIRST QUARTER OF 2024 SUMMED UP THE EV STORY.
ARE YOU CONCERNED ABOUT TESLA? >> I'M IN THE WAIT AND SEE HOW TESLA DOES. THE MARKET GLOBALLY IS GETTING MORE COMPETITIVE. THE NUMBER TO WATCH AS UNITS NUMBER. I CAN SEE TESLA BEING PRETTY FLAT. ED: THAT IS WHAT THEY DID IN THE FIRST QUARTER OF 2023. COREY: I COULD SEE YEAR ON YEAR BEING FLAT.
DOWN TO ABOUT 410,000. DEUTSCHE BANK HAD THEM AT 413,000 DELIVERIES. I WOULD BET ON THE BEARISH SIDE FOR DELIVERIES. IN EUROPE, THE GIGAFACTORY IN BERLIN SAW A SLOWDOWN DUE TO OUTSIDE ISSUES THAT ELON MUSK FLEW OUT THERE TO HELP DEAL WITH. A LOT OF COMPETITION IN CHINA. EUROPE, ISSUES. NOWHERE IS GOING PARTICULARLY WELL. TESLA IS STILL LIKELY TO
OUTPACE THE BYD. CAROLINE: LET'S GO INTO THE CONTEXT HERE. IF WE DO SEE AN ACTUAL YEAR ON YEAR DECLINE, HOW UNHEARD IS THAT FOR TESLA? COREY: THE LAST TIME IT HAPPENED WAS 2020 DURING THE PANDEMIC. BEFORE THAT, YOU HAVE TO GO BACK TO 2014 TO SEE A SLIGHT DECLINE YEAR ON YEAR. IN GENERAL IT HAS BEEN FLAT OR TESLA HAS SEEN A LOT OF GROWTH. ELON MUSK HAS SAID, WE ARE IN BETWEEN TWO WAVES.
WHAT HAPPENS THIS QUARTER AND WHAT DOES TESLA DO DO CORRECTED GOING FORWARD? YOU WANT TO SEE REASSURANCE IF YOU ARE LOOKING FOR THE EV SECTOR TO GROW. TESLA WAS ABOUT 46% OF U.S. EV SALES. THEY ARE BECOMING LESS IMPORTANT TO THE HEALTH OF THE OVERALL EV MARKET. ED: LAST THURSDAY IN THE BAY AREA
IN AN UNDISCLOSED LOCATION, I PICKED UP A MODEL Y, I LEAST ONE BECAUSE I NEEDED A NEW CAR. BUT ALSO IT WAS ASTONISHING. THE FEDERAL TAX CREDIT IN THE LEASE CONTEXT, BUT ALSO TESLA'S OWN INCENTIVES. THEY ALWAYS DO THIS AT THE END OF THE QUARTER. THEY WARNED US THAT APRIL 1 PRICES WOULD GO BACK UP. COREY:COREY: THEY DID.
YOU MADE A GOOD DEAL. ED: I DEBATED, AS YOU KNOW BECAUSE WE DISCUSSED IT A LONG TIME, DOES THE MODEL Y WORK FOR ME? ON BALANCE, IT DID. FOR MANY CONSUMERS THIS IS REALLY COMPLICATED. THEY SAY, I DON'T KNOW IF I WANT A MODEL 3 OR MODEL Y. DON'T EVEN GET ME STARTED ON A
CYBER TRUCK. COREY: YOU LOOK AT THE MODEL THREE AND THE MODEL WHY, THEY ARE CLOSE IN PRICE NOW. IF YOU ARE LOOKING AT A 3 WHY NOT SPEND MORE FOR THE Y FOR MORE LEGROOM AND SPACE? YOU WANT TO MAKE SURE YOU ARE NOT CANNIBALIZING THE 3. Y IS THE BEST VALUE OUT THERE RIGHT NOW, ONE OF THE BEST-SELLING VEHICLES IN THE WORLD. CAROLINE: LET'S GET THE BROADER CONTEXT
OF COMPETITION. YOU MENTIONED BYD AND RAMPING UP IN TERMS OF MARKET SHARE. EUROPE, YOU HAVE BMW COMING UP THE EXTRAORDINARY ELECTRIC VEHICLES.
IS COMPETITION SOMETHING TESLA HAS TO BE SITTING UP AND AWARE OF? COREY: YES, CHINA IT IS THE MOST INTENSE. YOU HAVE AUTOMAKERS COMPETING IN A REAL WAY. UID HAS SAID EV SALES SHOULD BE 50% OF ALL CAR SALES IN CHINA IN THE NEXT FEW MONTHS. EVERYWHERE ELSE, TESLA HAS A BIT MORE VANTAGE IN TERMS OF TIME. I'M LOOKING FORWARD TO THE NEW CLASS MAKING WAVES IN BYD. 20% OF ALL BMW SALES LAST YEAR IN THE U.S. WHERE ELECTRIC.
IT IS NOT JUST A EUROPE AND CHINA THING. TESLA HAS COMPETITION EVERYWHERE. CAROLINE: COREY CANTOR GIVING INTO A JEWEL ADVICE -- INDIVIDUAL ADVICE. CHECK THEM OUT ON NEF. HE HAS GREAT ANALYSIS. THE CHIEF EXPERIENCE OFFICER AT LEDGER JOINING US TO TALK ABOUT WHAT WE CAN EXPECT. ED: I'M ALSO GOING TO STICK IN THE EV SECTOR.
THE MAKER OF FUEL-CELL TRUCKS IS DOWN A PERCENTAGE POINT, BUT IT HAD BEEN UP AS MUCH A 16% IN PREMARKET, 10% OF THE OPEN. THE CURRENT MANAGEMENT TEAM IS SUING THE DISGRACED FOUNDER AND FORMER CEO TREVOR NOAH WHO HIMSELF WAS TRYING TO GET NEW BOARD MEMBERS WHO ARE HIS FRIENDS ON THE BOARD AND HAS BEEN SENTENCED TO FOUR YEARS IN PRISON. THIS IS A WILD STOCK YOU WANT TO BE FOLLOWING. WE WILL TRY TO GET MORE DETAILS. THIS IS BLOOMBERG TECHNOLOGY. ♪ CAROLINE: LET'S TALK CRYPTO, BITCOIN, TO BE SPECIFIC.
THESE EVENTS ARE A PLANNED REDUCTION THAT HAPPEN ONCE EVERY FOUR YEARS OR SO. IN THE LAST THREE HALVINGS THE COIN HIT RECORDS. INVESTORS ARE WATCHING CLOSELY. LET'S GET TO THE CHIEF
EXPERIENCE OFFICER AT LEDGER. YOUR BUSINESS IS ALL ABOUT THE CONSUMER SIDE AND THE BUYING AND SECURING OF CRYPTO. WHAT ARE YOU THINKING OF THE HALVING? ARE YOU EXPECTING EVERYONE WILL BE A FLURRY OF ANTICIPATION TO HAVE MORE AND OWN MORE AS THE SUPPLY BECOMES MORE REMITTED AND IT DOES DRIVE UP THE PRICE? IAN: I THINK IT DOES PRESENT A GREAT OPPORTUNITY FOR PEOPLE TO LEARN MORE ABOUT WHAT BITCOIN IS AND HOW IT WORKS. BITCOIN IS DESIGNED TO MIMIC PRECIOUS METALS AND THE MORE YOU MINE IT, THE MORE DIFFICULT IT BECOMES TO MINE. GOING INTO THIS HALVING, WE HAVE AN UNPRECEDENTED SET UP BECAUSE WE HAVE HIT AN ALL-TIME HIGH ON A WEEKLY, MONTHLY, AND QUARTERLY BASIS. PRIOR TO THE HALVING.
IN THE TIMES THAT IS HAPPENED PREVIOUSLY AFTER YOU HAVE THIS WEEKLY, MONTHLY, QUARTERLY ALL-TIME HIGH, YOU HAVE AN APPRECIATION OF 300%. THE SETUP OF THE HALVING IS INTERESTING BECAUSE IT IS A FINANCIAL ENDEAVOR FOR THE MINORS. YOU CAN LEARN A LOT FROM WATCHING WHAT THE MINERS ARE DOING GOING INTO THE HALVING. THEY HAVE BEEN INVESTING, SO THEY HAVE BEEN BETTING THEIR BUSINESSES ON THE PRICE A BIT GOING GOING UP AND IT LOOKS LIKE THEY ARE ABOUT TO WIN THEIR BAD. ED: I LIKE THE COMPARISON WITH
LITERAL MINING OF METALS, COMMODITIES, CALL IT WHAT YOU WILL. I FIND THOSE DATA POINTS INTERESTING. I THINK WHEN YOU SAY MACHINES, YOU MEAN THE COMPUTE TO RUN THIS. YOU ARE ALSO FOCUSED ON THE HASH RATE, WHICH HAS BEEN ACCELERATING. WHY ARE THOSE DATA POINTS YOU ARE FOLLOWING? IAN: BECAUSE WHAT YOU ARE DOING AND IF YOU ARE LOOKING TO THE MINERS TO SEE WHAT IS GOING TO HAPPEN, YOU ARE SAYING, WHAT IS THE BREAKEVEN POINT FOR THEM? AT THE CURRENT RATE OF BITCOINS BEING CREATED, ABOUT 900 PER DAY, THE BREAKEVEN POINT IS A $32,000 BITCOIN.
THEY HAVE BEEN INVESTING ALL YEAR LONG, EVEN KNOWING THAT AFTER THE HALVING, THE BREAKEVEN POINT WILL BE $64,000 BITCOIN. BACK IN JANUARY, WHEN THE PRICE WAS BETWEEN $42,000 AND $52,000, THEY WERE BETTING THAT IT WOULD SURPASS THE $62,000 MARK. NOW IT IS HOVERING AROUND $72,000. YOU HAD ABOUT 900 BITCOIN'S CREATED ON A DAILY BASIS. AFTER THE HALVING, THAT WILL GO DOWN TO 450 BITCOINS BEING CREATED ON A DAILY BASIS. NOW YOU HAVE THE BITCOIN ETF'S, WHICH ARE DRIVING DEMAND. THERE WILL ONLY EVER BE 21
MILLION BITCOIN. 19.5 MILLION OF THOSE ARE ALREADY IN EXISTENCE. ALL OF THOSE HAVE COME INTO EXISTENCE VIA THIS MINING PROCESS.
IF YOU LOOK AT THE SUPPLY SIDE, WE HAVE HAD THIS DEMAND THAT HAS BEEN CREATED BY THE ETF'S AND THEN NOW YOU ARE ABOUT TO HAVE THE SUPPLY SHOCK OF THE HALVING. IT IS VERY SIMPLE SUPPLY AND DEMAND. BITCOIN HAS BEEN AROUND 15 YEARS. A, IT HAS BEEN HARDENED. WE HAVE HAD A LONG TIME TO LOOK AT IT AND WE HAVE LOOKED AT THE CYCLES MANY TIMES. THERE IS NO GUARANTEE THE PAST WILL PREDICT THE FUTURE. WE HAVE NEVER HAD THIS ALL-TIME HIGH IN ADVANCE OF THE HALVING. THE ETFS A NEW WAY TO BUY
BITCOIN. THERE IS A LOT HERE THAT IS UNPRECEDENTED. BUT WE ARE LOOKING AT PAST CYCLES TO TRY TO PREDICT THE FUTURE. CAROLINE: WE ARE ASKING A LOT OF YOUR OWN EXPERTISE IN THIS DOMAIN. HOW DECENTRALIZED IS THE MINING COMMUNITY AT THIS MOMENT? HOW MUCH ARE THEY ABLE TO BE REDEPLOYING FURTHER AND FURTHER CAPITAL INTO COMPUTE? INTO THE ECONOMICS YOU JUST WALKED US THROUGH? IAN: IT IS GLOBAL. IT CHASES CHEAP ENERGY. THE CHEAPER THAT YOU CAN RUN
THE MINING OPERATION, THE MORE PROFITABLE YOU CAN BECOME. THE COMPUTE THAT DRIVES MINING HAS IMPROVED TREMENDOUSLY. IT IS A GLOBAL BUSINESS, BUT AGAIN THESE ARE BUSINESSES.
THE QUESTION IS, WHAT WILL THEY DO AFTER THE HALVING? HOW MUCH OF THE BITCOIN THAT THE MIND WILL THEY NEED TO SELL AND PUT INTO THE MARKET? WILL THEY BE ABLE TO KEEP THEIR MACHINES ONLINE OR NEED TO UNPLUG SOME OF THEIR MACHINES BECAUSE PROFITABILITY HAS GONE DOWN? THAT IS WHY IT IS SUPER INTERESTING TO CONTINUE TO KEEP AN EYE ON THE MINING BUSINESS AND SEE WHAT INVESTMENTS THEY ARE MAKING AND WHAT BETS THEY ARE MAKING. ED: WE HAVE BEEN TALKING ABOUT HALVING, BECAUSE IT IS DUE IN APRIL. WE HAVE HAD A ROBUST DEBATE ON THE PROGRAM IN THE LAST WEEK, THEY ARE BASICALLY IN THE CAMP OF THERE ARE ONLY 21 MILLION BITCOIN EVER AND THEREFORE PRICE WILL ONLY GO UP. FOR THAT VERY SIMPLE REASON. ONE OF THE INTERESTING DATA
POINTS IS LIQUIDITY IN THE MARKET. I GET IT ON THE SUPPLY SIDE. BUT THERE IS A LOT OF TRADING THAT GOES ON. ARE YOU IN THE CAMP OF ONLY 21
MILLION BITCOIN EVER SO IT WILL ONLY GO UP? IAN: I'M IN THE CAMP OF WE LEAD DIGITAL LIVES AND WE WILL HAVE DIGITAL OWNERSHIP IN OUR DIGITAL LIVES. THERE IS A NEW INVENTION HERE. THAT IS WHAT PEOPLE OFTEN OVERLOOK. PEOPLE LOOK AT THE SPECULATIVE SIDE, BUT I BEEN WORKING IN THE INTERNET SINCE THE EARLY 1990'S.
I DID DIGITAL MUSIC FOR 20 YEARS. I WAS A BIG PART OF THE FACT THAT YOU NO LONGER OWN YOUR MUSIC COLLECTION, YOU RENT IT. BITCOIN HAS BEEN THE TIP OF THE SPHERE OF DIGITAL OWNERSHIP. WE WILL HAVE DIGITAL OWNERSHIP IN OUR DIGITAL LIVES. BECAUSE WE HAVE THIS SCARCE
DIGITAL OWNERSHIP ASSET WHICH BEHAVES LIKE A PRECIOUS METAL, I THINK IF YOU OWN PESOS, YOU WANT TO IN DOLLARS AND IF YOU OWN DOLLARS, YOU WANT TO OWN BITCOIN. ED: STANDBY FOR THE HALVING. COMING UP, AT&T SAID PERSONAL DATA FROM 73 MILLION CURRENT AND FORMER CUSTOMERS WAS LEAKED ONTO THE DARK WEB. WE GET THE DETAILS NEXT. CAROLINE: LOOKING AT SOME SHARES AT THE MOMENT. KEEPING A CLOSE EYE ON SOME REPORTS THAT THIS IS A BUSINESS THAT MIGHT BE REORGANIZING ITSELF SOMEWHAT. INTEGRATING.
SOMETHING ONGOING BEING REPORTED AT THE MOMENT. IT WAS A PROPOSED IPO FOR THE SECURITIES UNIT, BUT THAT MAY NOT PROCEED IF THE INTEGRATION IS REALIZED. THIS IS BLOOMBERG TECHNOLOGY. ED: HUAWEI CONTINUED ITS PERFORMANCE. IN THE BACK OF ITS CLOUD DIVISION.
THEY REPORTED NET PROFIT OF ABOUT $2 BILLION U.S. DOLLARS IN THE DECEMBER QUARTER. THAT IS UP MORE THAN 65% FROM A YEAR EARLIER. PLUS, OPENAI PLANS TO OPEN AN OFFICE IN TOKYO IN APRIL AS THE AI PIONEER BEGINS TO BUILD OUT ITS INTERNATIONAL OPERATIONS. IT WILL BE THE FIRST OFFICE IN ASIA AND THE THIRD INTERNATIONAL LOCATION AFTER THEY OPENED OFFICES IN LONDON AND DUBLIN LAST YEAR.
ALL OF THAT ACCORDING TO BLOOMBERG SOURCES. AT&T SAID PERSONAL DATA FROM ABOUT 73 MILLION CURRENT AND FORMER CUSTOMERS WAS LEAKED ONTO THE DARK WEB. THE DATA HIT THE DARK WEB ABOUT TWO WEEKS AGO. THE LEAGUE'S DATA ALSO INCLUDES PERSONAL INFORMATION. IT APPEARS TO BE FROM 2019 OR EARLIER. THE SOURCE OF THE DATA STILL BEING INVESTIGATED AND IT IS NOT KNOWN WHETHER IT CAME FROM THE COMPANY OR FROM A THIRD-PARTY VENDOR. CAROLINE: WE WANT TO DIG INTO THE STORY A
LOT MORE NOW. BLOOMBERG INTELLIGENCE EDITOR JOHN BUTLER JOINS US. AT&T RUSHING TO TALK TO CUSTOMERS AFFECTED. MORE BROADLY, HOW HEARD OF OR UNHEARD OF OR UNHEARD-OF IS THIS? >> THAT'S ACTUALLY A GREAT QUESTION. THE ANSWER IS SECURITY BREACHES FOR THE CARRIERS ARE ACTUALLY MORE COMMON THEN YOU WOULD THINK. T-MOBILE SORT OF LEADS THE PACK WITH SEVERAL, DATING BACK TO AUGUST OF 2021. AND EVEN EARLIER.
THEY HAD ONE OF SIMILAR SIZE BACK IN AUGUST 2021. WHAT'S INTERESTING IS IT REALLY DIDN'T IMPACT CONFIDENCE IN THE BRAND AT THE TIME. WE LOOKED AT SUBSCRIBER CHURN. DID IT AFFECT NET ADDITIONS, NEW PEOPLE COMING TO THE BRAND IN THE WAKE OF THE BREACH? THE ANSWER IS IT WASN'T THAT IMPACTFUL TO THEM. THE CALL ON AT&T IS SOMETHING SIMILAR. WE DON'T THINK THIS IS REALLY GOING TO DENT THE BRAND IN A MAJOR WAY. ED:
THAT IS THE THESIS. THERE WILL BE A LOT OF AT&T CUSTOMERS WATCHING THE SHOW THINKING, WHAT IS JOHN BUTLER TALKING ABOUT? THEY GOT ACCESS TO MY INFORMATION. HOW QUICKLY WAS THE RESPONSE FROM AT&T TO GET THIS RESOLVED AND UNDER WRAPS? JOHN: I THINK ONCE IT WAS OUT, THEY MADE ALL THE RIGHT MOVES. THEY ARE OFFERING SUBSCRIBERS REIMBURSEMENT FOR ANY SECURITY, LIKE LIFELOCK, THAT THEY MIGHT WANT TO ADD ON TO THEIR ACCOUNTS. THEY ALSO REACHED OUT TO EVERYONE AND CHANGED THEIR PASSCODES. FROM THE BASIC BLOCKING AND TACKLING STANDPOINT, THEY ARE DOING ALL THE RIGHT THINGS.
INKLINGS OF THIS LEAK GO ALL TOY -- GO ALL THE WAY BACK TO 2019. THERE WAS A RUMOR OUT THAT A BAD GUY HAD GOTTEN THE AT&T DATA, BUT IT HAD NOT BEEN DUMPED OUT ONTO THE DARK WEB YET. AT&T HAD NO DATA TO WORK WITH TO VERIFY IT. THERE WAS STILL A QUESTION AS TO WHETHER IT HAD BEEN LEAKED OR STOLEN FROM AT&T OR ONE OF ITS VENDORS? CAROLINE: AT&T DENIED IT WAS THE VICTIM OF A DATA BREACH IN 2019 THAT IT WAS CLAIMED PERSONAL DATA HAD BEEN STOLEN. JOHN, THIS ISN'T A GREAT LOOK AFTER WHAT HAPPENED LAST MONTH.
WHILE ACTUALLY, NOW MARCH. THEY HAD A HUGE OUTAGE AS WELL. THIS IS GOING TO FRUSTRATE CUSTOMERS RIGHT NOW. JOHN: YES, THE TIMING IS TOUGH. IN THE IMMEDIATE WAKE OF THIS,
THERE COULD BE A LITTLE BIT OF BLOWBACK IN TERMS OF BRAND REPUTATION. IT IS NEVER LASTING. THAT'S THE INTERESTING THING. I WOULD POINT OUT THAT THE BEST TEST CASES ROGERS. THAT IS CANADA'S LARGEST WIRELESS PROVIDER. THEY HAD A HUGE INTERNET OUTAGE A COUPLE OF YEARS AGO.
IT WAS REALLY SUBSTANTIAL. IT TOOK DOWN A THIRD OF THE COUNTRY FOR SEVERAL DAYS. THEY ACTUALLY HAD NO IMPACT IN TERMS OF NET ADDITIONS OR IMPACT TO THE BRAND. I EXPECT NO DIFFERENT FOR AT&T. ED:
COMING UP, RUBRIC IS GETTING READY TO FILE FOR AN IPO. ANOTHER MOVER. CAROLINE: FORMULA ONE OWNER, LIBERTY MEDIA CORP., BEHIND THE MOTORCYCLE RACING EQUIVALENT,
THEY ARE BUYING IT. IF YOU LIKE YOUR RACING, YOU ARE GOING TO BE INTERESTED. ED: WELCOME BACK TO BLOOMBERG TECHNOLOGY. ED LUDLOW HERE.
CAROLINE: WE ARE GETTING YOU UP TO SPEED IN THE MARKETS RIGHT HERE, RIGHT NOW. AFTER WHAT HAS BEEN A PHENOMENAL START TO THE YEAR AND A PHENOMENAL SIX MONTHS, THE DECEMBER QUARTER WAS UP 14% FROM THE NASDAQ 100. WE HAVE SEEN THEM PULLING OUT ANOTHER RALLY. TODAY, WE TAKE A BREATHER, UP JUST FIVE POINTS. WE BLAME THE 10 YEAR YIELD AND SOME STRONG ECONOMIC DATA ONCE AGAIN. THE U.S. MANAGING TO OUTPERFORM FACTORY ORDERS. WE THINK THE FEDERAL RESERVE IS
NOT GOING TO HAVE TO CUT RATES. 11 BASIS POINTS, 12 BASIS POINTS HIGHER. BITCOIN AND OTHER RISK ASSETS JUST A LITTLE OFF. WE ARE UP 3%, SO ACCELERATING SOME OF THOSE LOSSES.
MOVE OVER, LOOK AT WHAT IS HAPPENING IN INDIVIDUAL NAMES. WHEN YOU HAVE A DAY LIKE THIS WERE POTENTIALLY VOLUMES ARE RELATIVELY THIN BECAUSE THE REST OF THE WORLD IS TAKING A DAY OFF DUE TO EASTER MONDAY IN EUROPE, VOLUMES ARE DOWN ABOUT 11%. MICRON IS THE OUTPERFORMER. THE ANALYSTS LIKE IT. THEY SAY THIS IS AN INTEGRAL PLAY FOR YOUR AI FUTURE.
THEY ARE LIKING MICRON AND SHARES MOVING IN THE BACK OF THAT. ALPHABET HITTING A NEW RECORD HIGH FOR GOOGLE. TESLA OWN OF THE DOWNSIDE. WE CONTINUE TO ANTICIPATE THE DELIVERIES FOR TESLA AND WHETHER OR NOT THEY COULD BE A YEAR IN YOUR DECLINER. ED: LET'S GO TO THE IBO -- IPO MARKET.
RUBRIK IS PLANNING TO FILE AS SOON AS NEXT WEEK. THAT ACCORDING TO SOURCES. HERE IS WITH THE CEO TOLD US BACK IN DECEMBER WHEN HE WAS LAST ON THE SHOW AND WE ASKED HIM ABOUT IT. >> THE FORECAST IS ON BUILDING A LONG-TERM BUSINESS. I CAN'T COMMENT ON IT. ED: WE HAVE BEEN ASKING HIM ABOUT
AN IPO FOR A VERY LONG TIME NOW. LET'S GET NOW WITH BLOOMBERG'S DEALS REPORTER. WHAT DO WE KNOW ABOUT RUBRIC, THE MOVES THEY ARE MAKING TO GET THIS DONE? >> I REALIZE THAT WAS JUST BEFORE CHRISTMAS WHEN HE SAID THAT. WE REPORTED LAST YEAR THAT THE COMPANY WAS PLANNING TO RAISE UP TO $700 MILLION AT THE TIME. I THINK MARKET CONDITIONS HAVE REALLY BLOWN OUT SINCE THEN.
AS YOU SAY, EXPECT IT TO FILE THIS WEEK FOR AN IPO. THEY COULD FLIP THAT PUBLIC AND I THINK THIS WOULD BE YET ANOTHER TEST FOR IPO'S. IT IS A VERY DIFFERENT PROFILE TO THE THING WE SAW WITH REDDIT. IT IS NOT CHIPS.
IT WILL BE INTERESTING TO SEE HOW THIS ONE PLAYS OUT. CAROLINE: CLOUD DATA SECURITY. IT IS BACKED BY MICROSOFT, WHICH HAS BEEN THE DARLING OF CHOICE ON THE PUBLIC MARKETS. JULIE GET A SENSE OF VALUATION ALREADY OR THE SIZE AND SCOPE OF APPETITE FOR COMPANIES LIKE THIS? RYAN: I THINK VALUATION IS A LITTLE BIT UP IN THE AIR RIGHT NOW.
JUST TO DOUBLE CHECK MY NOTES, MICROSOFT INVESTED $4 BILLION. THIS IS A SECTOR THAT HAS PROVEN VERY RESILIENT WE HAD IF YOU LOOK AT THE SPACE, WE ARE SEEING MULTIPLES THAT ARE 20 TIMES FOR THESE TYPES OF ASSETS. WHEN THIS COMES AROUND, SHOULD THEY FLIP AND YOU HAVE A 15 DAY COOLING OFF PERIOD, YOU WILL HAVE INVESTOR RECEPTIONS. I THINK THAT IS STILL THE CENTS. BUT EXACTLY BY HOW MUCH? THESE ARE THE QUESTIONS INVESTORS WILL BE POURING OVER? CAROLINE: THIS IS A LIQUIDITY EVENT FOR EMPLOYEES AND THOSE WHO HAVE BACKED MICROSOFT, WHO ELSE THEREFORE WILL BE WAITING WITH BAITED BREATH FOR THE NEXT SET OF NAMES WE ARE LIKELY TO SEE? RYAN: THERE ARE A BUNCH.
IT IS THE TYPE OF FIRM WHERE YOU WILL GET DEALS ON THESE BIG-BOX RETAILERS. WASTE OUR -- WAYSTAR HAS INVESTORS OF NOTE THERE. ALL THAT SAID, THERE IS A SIGNIFICANT BACKLOG. I TALKED TO A COUPLE OF ANALYSTS, REDDIT IS STILL OF 37% SINCE ISSUE. THESE ARE GIVING EVERY OWNER OF A PRIVATE COMPANY CONFIDENCE TO REALLY TEST IPO'S AS AN EXIT ROUTE. WHAT DOES THAT MEAN? THAT IS A STRATEGIC SALE. CAROLINE: AND THEY HAVE A POLITICAL CALENDAR TO GET OUT IN FRONT OF. GREAT TO HAVE YOU ON. ED:
WE SHOULD TALK ABOUT DISNEY. THIS WEDNESDAY MIGHT BRING THE END IN THIS CHAPTER OF DISNEY'S PROXY FIGHT. THE COMPANY HOSTS ITS ANNUAL SHAREHOLDER MEETING AND INVESTORS VOTE ON EFFORTS BY ACTIVISTS TO RESHUFFLE THE BOARDS. I WROTE TODAY THAT THIS IS ABOUT THE STREAMING BUSINESS. NELSON PELTZ WANTS A PLACE ON THE BOARD. HOW IS IT GOING TO FIX DISNEY? THIS IS WHAT WE ARE BRACING FOR WEDNESDAY.
IT'S BASICALLY A VOTE ON STRATEGY. >> I THINK YOU LOOK BACK SINCE 2019 WHEN DISNEY PLUS LAUNCHED, THEY HAVE LOST MORE THAN $10 BILLION ON STREAMING. THE LOSSES HAVE BEEN NARROWING. THEY STILL LOST $200 MILLION LAST QUARTER. I THINK A LOT OF THIS VOTE IS DO YOU TRUST BOB IGER TO DO THIS ON HIS OWN OR DO YOU LIKE PELTZ THERE HOLDING HIS FEET TO THE FIRE? YOU LOOK AT WHERE THE PROFITS ARE GOING TO COME FROM. CAN THEY BUNDLE THESE SERVICES TOGETHER IN A COMPELLING WAY? THEY ARE INTEGRATING HULU INTO THE DISNEY PLUS APP.
YOU GET ESPN PLUS AS PART OF THAT BUNDLE. DOWN THE ROAD YOU WILL GET THE FULL ESPN FLAGSHIP PRESUMABLY. THAT IS A HUGE TRANSITION FOR ESPN TO PULL OFF. THAT IS ONE OF THE GIANT QUESTIONS. CAROLINE: HOW CLOSE TO THE WIRE IS THIS GETTING? I'VE BEEN BOMBARDED BY ADS, I STILL GET ADS DELIVERED TO ME, THAT I SHOULD BE OUT THERE TRYING TO VOTE FOR BOB IGER AND AGAINST NELSON PELTZ? THEY ARE COMING TO ME AS A CONSUMER AND I'M INTERESTED INTO HOW MANY CONSUMERS HAVE GONE OUT THERE AND MADE THEIR VOICES HEARD.
FELIX: HE GOT THESE BIG ENDORSEMENTS. AND THEN ALL OF A SUDDEN, NELSON PELTZ IS MAKING HIS COMEBACK AT THE LAST MINUTE. THERE ARE ALL OF THESE RETAIL INVESTORS. DISNEY HAS BEEN BLANKING THESE ADVERTISEMENTS. IT COULD GO EITHER WAY. THE STOCK IS UP 35% THIS YEAR.
IT HAS BEEN HAVING A GREAT YEAR. BOB IGER HAS MADE THE SHAREHOLDER FRIENDLY CHANGES. HE HAS BEEN DOING THAT WITH NELSON PELTZ LOOKING OVER HIS SHOULDER. DO YOU WANT TO KEEP THAT ARRANGEMENT GOING? ED: I GO BACK TO THE THESIS I OUTLINED IN THE COLUMN TODAY, WHICH IS WHAT DOES NELSON PELTZ DO NEXT IF HE IS PUT ON THE BOARD? BOB IGER HAS DONE A LOT IN RECENT TIME. THEY ARE TEAMING UP WITH WARNER BROS. AND FOX ON THE SPORTS SIDE.
THE TENSIONS WITH FLORIDA HAVE GONE AWAY. HOW HAS THAT DOWN WITH THE INVESTOR BASE? FELIX: IT HAS GONE WELL. THERE IS NOT A LOT OF DIFFERENCE WITH WHAT BOB IGER'S STRATEGY IS AND WHAT PELTZ SAYS HIS STRATEGY IS. THE ONE THING I THINK THAT IS STILL OPEN IS THE ISSUE OF SUCCESSION. WHAT IS GOING TO HAPPEN POST-BOB IGER. DO YOU TRUST THE BOARD TO GET IT RIGHT. LAST TIME AROUND, THE BOARD DID
NOT DO MUCH DUE DILIGENCE TO KEEP THE SUCCESSION PLANS ON TRACK. ED: IF PRESIDENT BIDEN CAN RUN AGAIN FOR REELECTION, WHY CAN'T I DO ANOTHER 10 YEARS AT DISNEY? FELIX, GREAT TO HAVE YOU IN THE STUDIO. COMING UP, WE WILL BE JOINED BY DAVID JONES, FOUNDER AND CEO OF BRENNTAG ABOUT THEIR NEW RAISE. LOOK AT SHARES OF TRUMP MEDIA AND TECHNOLOGY GROUP.
A LOSS OF AROUND 57 MILLION U.S. DOLLARS. THE STOCK DOWN ACCORDINGLY AROUND 15%. THIS IS THE DE-SPAC LISTING RELATIVE TO TRUE SOCIAL. THIS IS BLOOMBERG TECHNOLOGY. THIS IS BLOOMBERG. IN TODAY'S VC SPOTLIGHT, GUESS WHAT WE ARE TALKING? GENERATIVE AI.
BRANDTECH RECENTLY ANNOUNCED 100 $50 MILLION OF FUNDRAISING. HERE TO DISCUSS WHERE GENERATIVE AI IS GOING, THE CEO DAVID JONES IS WITH US IN THE STUDIO. WE ARE SLOWLY, BUT SURELY TAKING OVER, ANOTHER BRIT. [LAUGHTER] WHAT ARE YOU USING THESE FUNDS FOR? DAVID: WE LAUNCHED THE COMPANY IN 2015 WITH A FUNDAMENTAL BELIEF YOU COULD DO ALL MARKETING BETTER, FASTER, AND CHEAPER USING AI AND MACHINE GENERATED CONTENT AND WE HAVE BEEN ON A 7-8 YEAR JOURNEY DOING THAT AND WE ARE LOOKING TO CONTINUE TO DO THAT. WE INVESTED IN AI CHATBOTS, MEDIA PLANNING, MINE TWINS, AND THE LAST MAJOR ACQUISITION WAS PENCIL, ONE OF THE MOST INNOVATIVE COMPANIES IN THE WORLD AND ONE OF THE LEADING GENAI PLATFORMS IN THE WORLD. ED: WHAT WE ARE TALKING ABOUT IN PRESENT IS CONTENT.
THAT IS GENERATIVE AI CREATED. TEXT TO VIDEO IN MOST CASES OR TEXT TO IMAGE. YOU SAY, DREAMY UP AN ADVERTISEMENT OR ANOTHER PIECE OF MARKETING AND VOILÀ, IT IS THERE. HOW QUICKLY DO YOU BRING THAT TO THE MARKETPLACE? DAVID: WE AGGREGATE ALL THE LATEST AND GREATEST GENAI TOOLS. YOU CAN DO EVERYTHING END TO END. IT IS PREDICTIVE SO IT WILL -- ONE OF THE THINGS THAT IS REALLY UNIQUE ABOUT IT IS WE HAVE $1 BILLION OF MEDIA SPEND ACROSS 5000 BRANDS SINCE 2018. WE HAVE MADE ONE MILLION
GENERATIVE AI ADS SO THAT ALLOWS US TO PREDICT WHETHER WE THINK THE CONTENT CREATED USING THE GENAI PLATFORM WILL PERFORM BETTER, WORSE, OR WHETHER WE DON'T HAVE DATA AROUND THAT. PEOPLE LIKE TO PLAY WITH THINGS THEY DON'T HAVE DATA ON BECAUSE ALL MARKETERS ARE BY DEFINITION OPTIMISTIC. IT IS IN INTO IN PLATFORM TO ALLOW YOU TO CREATE ADS ENDED TYPICALLY DOES THAT WITH TWICE THE PERFORMANCE, 10 TIMES FASTER AND SOMEWHERE BETWEEN 30% AND 50% CHEAPER. CAROLINE: SOME OF THE BIGGER JUGGERNAUTS AND YOU COME FROM HAVING BEEN THE YOUNGEST CEO EVER IN THE ADVERTISING SPACE, NOW WPP IS IN ON THE ACT AND WE ARE SEEING OTHERS SPEND MILLIONS TO CATCH UP WITH GENERATIVE AI. WHAT MAKES YOU UNIQUE? DAVID: IF YOU LOOK IN HISTORY, IT IS NEVER THE BIG LEGACY BUSINESS THAT SUCCEEDS POST THE REVOLUTION. IT IS INCREDIBLY COMPLICATED TO TAKE A BUSINESS OF 120,000 PEOPLE AND TOTALLY CHANGE WHAT IT DOES.
I CREATED THE COMPANY IN 2015 WITH TECHNOLOGY AT THE CORE. I THINK IT IS REALLY HARD. IT IS NOT TOTALLY IMPOSSIBLE. IBM DIDN'T WIN IN MOBILE. AOL IS NOT TALKED ABOUT TOO
MUCH IN THE INTERNET SPACE. ED: RIGHT. HOW ENGAGED ARE THE ADVERTISERS? CAROLINE AND I HAVE TALKED A LOT ABOUT THE PROXIMITY OF THE BRAND . IT CAN BE MALICIOUS CONTENT OR MISLABELED CONTENT.
IT IS A GREAT OPPORTUNITY, BUT ALSO HEIGHTENED RISK. DAVID: I THINK AT A BIG PICTURE LEVEL, 100% OF THE HEADLINES ARE ON GENAI, SO WE SHOULDN'T LOSE SIGHT OF THAT. THAT SAID, I'VE NEVER SEEN ANYTHING IN MY CAREER LIKE THIS LIKE A LEVEL OF BRAND INTEREST. MANY OF THE BIG SERVERS HAVE SAID OVER 60% OF THE GLOBAL CEOS ARE SAYING IT WILL IMPACT TOP AND BOTTOM LINE THIS YEAR, NOT IN THE FUTURE. I THINK YOU HAVE THIS INCREDIBLE INTEREST. WHAT DO WE DO ABOUT OUR COPYRIGHT? HOW ABOUT DATA AND PRIVACY, THERE ARE A NUMBER OF BIG ISSUES.
THERE IS A REAL LEARNING CURVE GOING ON FOR EVERYONE. YOU SEE BRANDS GOING FROM INITIALLY BEING CONCERNED. AS THEY UNDERSTAND MORE AND OUR GENERAL COUNSEL. IN NORMA'S INTERESTS. CAROLINE: YOU ARE REPORTEDLY VALUED AT ABOUT $4 BILLION. ARE YOU LOOKING AT GOING PUBLIC? DAVID: IT IS NOT BECAUSE I LOOK THAT I ALWAYS GO THERE. IT'S AN OPTION IN THE FUTURE,
BUT SO IS STAYING PRIVATE. WE ARE PROFITABLE, HIGH GROWTH. WE ARE WELL-FUNDED. WE WILL SEE. IT IS NOT SOMETHING THAT IS OFF THE CARDS, BUT NEITHER IS IT A PLAN. ED: WE APPRECIATE YOUR TIME. BRANDTECH FOUNDER AND CEO, DAVID JONES. COMING UP, SHY KIDS MADE ONE OF THE FIRST SHORT FILMS USING OPENAI' S SORA.
WE WILL HAVE MORE WITH THE DIRECTOR OF THAT FILM. >> THEY SAY EVERYONE HAS SOMETHING UNIQUE ABOUT THEM, SOMETHING THAT SETS THEM APART. IT IS QUITE OBVIOUS FOR ME WHAT THAT THING IS. I AM LITERALLY FILLED WITH HOT
AIR. WINDY DAYS ARE CHALLENGES. PARTICULARLY TROUBLESOME. ED: THAT WAS A CLIP FROM AIRHEAD, THE SHORT FILM FROM THE TORONTO-BASED MULTIMEDIA COMPANY SHY KIDS. IT IS ONE OF THE FIRST SHORT FILMS MADE USING OPENAI'S SORA. LET'S TALK TO THE DIRECTOR. WALTER WHITMAN JOINS US NOW WITH MORE. WE HAVE COVERED SORA AND HAVE TALKED ABOUT THIS IN THE CONTEXT OF THE REACTION TO THIS. LET'S START WITH THE PROCESS.
WHAT WAS IT LIKE CREATING THIS SHORT FILM USING OPENAI'S TECHNOLOGY? WALTER: IT IS VERY INTERESTING. IT IS VERY SIMILAR TO MANY OF THE PROCESSES WE ALREADY USE. WE ARE ANIMATORS BY TRADE. WE STILL HAVE TO GO THROUGH THE REGULAR STEPS OF MAKING A SCRIPT AND THEN WE WOULD EDIT AND ANIMATE AND ADD SOUND AND SOUND EFFECTS AND THINGS LIKE THAT. THE THING THAT REALLY CHANGED
IS MOST OF THE IMAGES WERE GENERATED USING SORA. CAROLINE: SO, TALK TO US ABOUT ULTIMATELY THE HEAVY LIFT OR LACK THEREOF OF PEOPLE. THE HANDWRINGING THAT GOES ON AROUND GENERATIVE AI PARTICULARLY AROUND CREATING IS THAT IT MEANS FEWER OF YOU ARE NEEDED. IS THAT TRUE IN WHAT WAS THE WORKING PROCESS LIKE? WALTER: I HAVE READ THOSE TWITTER COMMENTS AS WELL. WHAT I WOULD SAY IS THAT WITHOUT 15 YEARS OF MAKING FILMS AND TONS OF EXPERIENCE, I DON'T THINK THIS WOULD HAVE HAPPENED. I THINK OUR TEAM IS VERY ADEPT AT MAKING FILMS AND WHILE GENERATING THE IMAGES WAS SLIGHTLY DIFFERENT THAN NORMALLY HAVING TO GO OUT AND SHOOT AND GRAB THINGS LIKE THAT, IT IS STILL A TIME INTENSIVE AND HUMAN INTENSIVE PROCESS THAT REQUIRES SEVERAL HANDS AND SEVERAL CREATIVE'S. FOR THIS PARTICULAR PROJECT, IT
WAS MORE ON THE SIDE OF EDITING AND ANIMATING. I WOULD MORE LIKE AN IT TO AN ANIMATED PROCESS. HOWEVER, WE ARE CURRENTLY WORKING ON A SEQUEL AND THAT IS GOING TO BE MORE OF A COMBINATION OF LIVE-ACTION WITH THE ACTUAL ANIMATIONS. SO THAT IS MORE OF A TRADITIONAL WORKFLOW. CAROLINE: WHY DID YOU WANT TO DO THIS? WHY DID YOU WANT TO GET IN ON USING SORA SO QUICKLY? WALTER: I THINK AS FILMMAKERS, EVERY TIME YOU SEE SOMETHING NEW , IT IS AN OPPORTUNITY TO EXPAND YOUR CREATIVITY AND EXPAND THE THINGS THAT YOU WOULD LIKE TO TELL THE WORLD. FOR US, WE SEE THIS AS AN OPPORTUNITY TO, WITH A VERY CUTE, FUN SHORT FILM, SHOWING PEOPLE IT IS NOT ALL DOOM AND GLOOM, THAT THERE IS ACTUALLY HOPE FOR SOME POSITIVITY AND THAT THIS TECHNOLOGY IS NOT SOMETHING TO BE SCARED OF, BUT SOMETHING TO WORK WITH. ED: IT IS A SHORT FILM ABOUT A
YOUNG PERSON WITH A BALLOON FOR A HEAD. A METAPHOR FOR THE FRAGILITY OF HUMAN LIFE IS MY INTERPRETATION. CRITIC ED LUDLOW. IT IS ONLY ONE MINUTE AND 21 SECONDS LONG. IS THAT THE LIMITATION HERE? YOU ARE CONFINED TO VERY SHORT CLIPS AT THIS STAGE? WALTER: WELL, WE COULD PUT CLIPS UP TO ONE MINUTE.
THE THING IS THAT YOU HAVE TO CURATE WHAT IS THE BEST 10 SECONDS OR FIVE SECONDS IN THE SAME WAY WHERE YOU SHOOT EVERYTHING. IT TOOK TONS AND TONS OF GENERATIONS AND CLIPS TO GET TO ONE MINUTE. IN TERMS OF MAKING SOMETHING LONGER, I'M NOT THE PERSON WHO IS GOING TO SAY IT CAN ONLY BE ONE MINUTE LONG. IN FACT COME THIS EQUAL, WE ARE ALREADY CLOCKING IT AT ABOUT THREE OR FOUR MINUTES. I THINK IT IS A FOOLS ERRAND TO TRY TO SAY HOW LONG THESE THINGS CAN GO FOR, BUT WHAT I WILL SAY IS THAT IN ORDER TO GET WHAT IS COHESIVE, IT REQUIRED THE REAL SIFTING THROUGH.
I WOULD SAY IT WAS A SIMILAR BURN FOR THIS. CAROLINE: WALTER WHITMAN, THE DIRECTOR OVER A SHY KIDS, IT IS A GREAT WATCH. GO AND HAVE A LOOK AT IT. MEANWHILE, WHAT A FASCINATING CONVERSATION. NOT MUCH DOOM AND GLOOM IN THE
ADVERTISING SPACE. YOU WILL SEE YOUR JOB DESCRIPTION CHANGE AND USED IN DIFFERENT WAYS. IT FEELS AS THOUGH THIS WAS PRETTY LABOR-INTENSIVE. ED:
IT DOES. IT ALLOWS YOU TO BE CREATIVE. WHEN WE PLAYED IT OUT, YOU HAVE TO REMEMBER THOSE ARE GENERATED IMAGES, BUT IT IS VERY CONVINCING. IT IS VERY REAL. THAT IS THE TAKE AWAY FOR ME. A LOT OF WORK FOR LESS THAN 90 SECONDS. CAROLINE: EXACTLY. IT DOES GIVE YOU A WHOLE LOT OF CREATIVE OPPORTUNITY. ED: IT IS A SCOOP THAT THE SEQUEL IS GOING TO BE FOUR MINUTES LONG.
WE WILL GET THEM BACK FOR THAT. CAROLINE: I WANT TO WHAT THE NAME IS NOW. SO GREAT TO HAVE YOU IN THE HOUSE. ED: FOR ONE WEEK ONLY. SO MANY OF YOU ARE TUNING INTO THE PODCAST. MAYBE YOU ARE COMMUTING TO MANHATTAN OR THE
BAY AREA OR LONDON OR TOKYO. THANK YOU FOR LISTENING TO THE PODCAST ON ALL THE BLOOMBERG PLATFORMS AND APPLE AND SPOTIFY. FROM NEW YORK CITY THIS WEEK, THIS IS BLOOMBERG TECHNOLOGY.
2024-04-07 12:41
