ANNOUNCER: THIS IS BLOOMBERG TECHNOLOGY. ED: I'M IN SAN FRANCISCO. CAROLINE HYDE IS OFF. THE LATEST ON TIKTOK ARGUING THE U.S.
DISREGARDING ITS NATIONAL SECURITY PLANS. THE VISION FOR AN ERA OF ARTIFICIAL SUPER INTELLIGENCE. CHAOS CONTINUES AMONG A DEBILITATING CYBERATTACK UPENDING THE TRILLION DOLLAR MARKET. HAPPY FRIDAY.
THIS IS OVER THE COURSE OF THE WEEK. MARKET HOLIDAY IN THE U.S. ON WEDNESDAY. THIS FRIDAY THE MARKET FACING $5.5 TRILLION OF DERIVATIVES DUE TO EXPIRE, THE SO-CALLED TRIPLE WITCHING. THAT'S HAVING AN IMPACT. THERE'S A CONVERSATION AROUND VALUATIONS IN MEGA CAPS THAT HAVE SEEN AN AI DRIVEN RALLY. WE WILL CONVERSE ABOUT APPLE. NVIDIA IS DOWN A COUPLE POINTS COMING OFF AN ASTONISHING RALLY.
WE WILL TALK ABOUT BITCOIN, NEARING THE ONE-MONTH LOW. WE WILL GO IN-HOUSE TO ASK KEY QUESTIONS ON BITCOIN. TIKTOK AND ITS CHINESE PARENT ARGUING THE U.S.
GOVERNMENT COULD HAVE PUT MORE OPTIONS ON THE TABLE AND TAKEN LESS RESTRICTIVE ACTION TO ADDRESS NATIONAL SECURITY CONCERNS. IT SAID CONGRESS DISREGARDED A 90 PAGE NATIONAL SECURITY AGREEMENT MADE WITH THE FEDERAL GOVERNMENT IN WHICH TIKTOK ARGUES IT OFFERED MULTILAYERED SAFEGUARDS. MIKE, BASICALLY, WE OFFERED LOTS OF OPTIONS AND SOLUTIONS WE THINK WOULD HAVE SAFEGUARDED U.S.
USER DATA AND THE ONLY OPTION CONGRESS GAVE WAS AN OUTRIGHT BAN. MIKE: THAT'S RIGHT. STEP BACK A MINUTE. THIS TIKTOK SAGA HAS BECOME A FOCUS OF ATTENTION IN WASHINGTON BECAUSE OF WHAT IT SYMBOLIZES. IT'S ABOUT THIS GEOPOLITICAL TENSION BETWEEN THE WORLD'S TWO LARGEST ECONOMIES AND THEIR VISION FOR GOVERNANCE. THE CONCERN IN WASHINGTON, THE CHINESE GOVERNMENT COULD HAVE ACCESS TO U.S. USER DATA THROUGH TIKTOK'S CHINESE PARENT COMPANY, WHO HAVE CLAIMED THEIR SET UP, THE SO-CALLED PROJECT TEXAS WHERE THEY INVESTED $2 MILLION TO TRY AND SET UP SOME SORT OF SHIELD AND FIREWALL TO KEEP U.S.
DATA SECURE AND AWAY FROM ANY PURPORTED EYES IN BEIJING WAS NOT ENOUGH TO SATISFY U.S. LAWMAKERS. THEY WERE AWARE OF THE PROPOSAL/PROJECT. SENATOR WARNER EXPRESSED SKEPTICISM FROM THE START THAT WOULD BE ADEQUATE TO SATISFY CONCERNS. ED:
DIFFICULT FOR USERS OF TIKTOK AND IN THIS COUNTRY THERE ARE 170 MILLION OR SO TO GET A SENSE OF WHERE WE ARE AT. AFTER THIS LEGISLATION WENT THROUGH CONGRESS, LEGAL CHALLENGES WERE BROUGHT BY TIKTOK, BY THE PARENT COMPANY, BY USERS THEMSELVES. WHEN THE COURT FILING HIT LAST NIGHT THE DOJ SAID THE LEGISLATION ACCOUNTS FOR A LOT OF ISSUES WE WERE WORRIED ABOUT. A LONG PREAMBLE -- WHERE DO WE
STAND? MIKE: WE ARE IN A TENNIS MATCH OF FILINGS. IT WAS TIKTOK'S VOLLEY YESTERDAY. NOW WE ARE WAITING FOR THE JUSTICE DEPARTMENT TO RETURN THE SERVE. THEY FACE A JULY 26 DEADLINE TO RESPOND WITH THEIR OWN BRIEF. IN SEPTEMBER WE EXPECT THE APPEALS COURT IN WASHINGTON TO HEAR THE CASE. THE COMPANY IS ASKING FOR A RULING BY DECEMBER 16, SO IF NEED BE, IT CAN GO TO THE SUPREME COURT FOR AN EMERGENCY INJUNCTION IF IT DOES NOT GET RELIEF AT THE APPEALS LEVEL.
IT'S MOVING FAST BUT SO MUCH OF IT IS IN COURT. IT WILL COME DOWN TO A HANDFUL OF JUDGES TO DECIDE WHETHER THE NATIONAL SECURITY CONCERNS RAISED BY CONGRESS OVERRIDE AND OVERWHELM ANY FREE SPEECH CONCERNS AND CONSIDERATIONS THE COMPANY IS RAISING AS PART OF ITS BID TO OVERTURN THE LAW. ED: MIKE, THANK YOU. ANOTHER STORY IN THE REALM.
NEW YORK, FIRST STATE IN THE NATION TO PLACE CURBS ON HOW SOCIAL MEDIA PLATFORMS PRESENT CONTENT TO MINORS UNDER A MEASURE SIGNED BY THE GOVERNOR YESTERDAY. PLATFORMS WILL NEED PARENTAL CONSENT TO USE ALGORITHMIC FEEDS, NOTIFY UNDERAGE USERS BETWEEN MIDNIGHT AND 6 A.M. ACCORDING TO THE BILL. ADAM, I WAS INTERESTED TO READ THROUGH THE CONTENT OF THE BILL AND WHAT IT WILL PROVIDE FOR BUT ALSO THE IDEA NEW YORK DID THIS FIRST. ADAM: THERE IS CONCERN AMONG PARENTS ABOUT KIDS AND SOCIAL MEDIA. UNDERSTANDABLE. UNFORTUNATELY, IN THIS CASE I THINK THEY WENT AFTER THE WRONG TARGET, WHICH IS ALGORITHMS. CRITICS HAVE FOCUSED ON
ALGORITHMIC FEEDS AS BEING A PROBLEM HERE. THE BILL BANS FEEDS IN SERVICES BY DEFAULT FOR TEENAGERS UNLESS THEIR PARENTS OPT THEM IN. THE PROBLEM IS CHRONOLOGICAL FEEDS ARE GOING TO BE A WORSE EXPERIENCE FOR TEENAGERS. THEY ARE LIKELY TO SURFACE, THE LAST POST THAT MIGHT BE SCAMMING, HATE, HARASSMENT.
ALGORITHMS ARE PROVIDING AN IMPORTANT ROLE IN MAKING THESE FEEDS BETTER FOR TEENAGERS. THEY ALLOW THEM TO CURATE IT. A SURVEY OF TEENAGERS TWO WEEKS AGO SAID MOST TEENAGERS USE CURE RATION IN THEIR FEEDS. THIS WILL DO AWAY WITH THAT COMPLETELY BY DEFAULT. IT WAS WELL-INTENTIONED BUT IT GOES AFTER THE WRONG TARGET. IT IS LIKELY TO MAKE THE FEEDS WORSE FOR TEENS. ED: CHAMBER OF PROGRESS IS AN
INDUSTRY GROUP. YOUR WORK IS TO LOOK AT PUBLIC POLICY AND MAKE SURE IT IS IMPACTFUL TO SOCIETY IN A FAIR WAY. YOU THINK THEY WENT ABOUT THIS IN THE WRONG WAY. HOW WOULD YOU HAVE DONE IT DIFFERENTLY? ADAM: WHAT WE ARE STARTING TO SEE IS THIS WEEK IN CALIFORNIA, GOVERNOR NEWSOM TALKED ABOUT, SCHOOL SHOULD HAVE A BLANKET RULE AGAINST PHONES IN SCHOOL. THEY ARE PROVING A DISTRACTION.
THERE ARE PROS AND CONS ABOUT A POLICY LIKE THAT. ONE THING IS THEY ARE NOT GETTING INVOLVED IN REGULATING PLATFORMS AT THE SPEECH LEVEL. NEW YORK IS NOT THE STATE, THE FIRST STATE TO DO A BILL RELATED TO SOCIAL MEDIA AND CONTENT. THEY'VE GONE ABOUT IT DIFFERENTLY. ONE OF THE PROBLEMS ALL THESE LAWS HAVE FACED, THIS IS HAPPENING IN CALIFORNIA, ARKANSAS AND OHIO. STATE LEGISLATORS SAY WE ARE NOT REGULATING CONTENT.
WE ARE REGULATING DESIGN. THAT WAY IT DOESN'T RUN AFOUL OF THE FIRST AMENDMENT. EVERY TIME COURTS HAVE SAID, THAT IS NOT TRUE. YOU ARE REGULATING SPEECH. I SUSPECT THE SAME WILL BE TRUE HERE. THIS BILL FEELS GREAT. BUT IT MIGHT INEVITABLY BE STRUCK DOWN IN COURT AND WE WILL BE WHERE WE STARTED. I DON'T SEE LEGISLATORS SAYING HOW CAN WE APPROACH THIS IN A WAY THAT IS CONSTITUTION PROOF, LEGALLY SOUND. THEY'VE ASSERTED IT IS BUT I
DON'T THINK THIS WILL BE IN THE END. ED: THE LATEST ON TIKTOK THAT MIKE SHEPPARD WAS GIVING US FROM D.C.. THIS IS NOT A NEW CONVERSATION. THE IDEA TIKTOK AND USERS HAVE FRUSTRATIONS THEY FEEL THEY PUT FORWARD TECHNOLOGICAL/POLICY SOLUTIONS THAT WOULD HAVE ALLOWED TIKTOK TO CONTINUE TO OPERATE IN THE COUNTRY AND THEY FEEL THE ONLY OPTION THEY WERE GIVEN BY CONGRESS WAS A BAN. WHAT DID YOU MAKE OF THE COURT FILING LAST NIGHT? ADAM: WHAT TIKTOK IS TRYING TO DO IN FILING IS THERE TRYING TO ADDRESS THE LEAST RESTRICTIVE MEANS. IF YOU ARE CONCERNED ABOUT TIKTOK AND CHINESE CONNECTIONS, IS THERE SOME OTHER WAY THE GOVERNMENT COULD HAVE GONE ABOUT ADDRESSING THAT CONCERN SHORT OF PASSING THE LAW IT DID? THAT IS WHAT PROJECT TEXAS IS ABOUT. THAT IS LEGALLY RELEVANT. IT'S A PRINCIPAL UNDER THE LAW. I UNDERSTAND WHAT TIKTOK WAS
DOING. I'M CONCERNED ABOUT TIKTOK AND CHINESE CONTROL BUT I UNDERSTAND. I THINK IT'S A JUMP BALL. WHETHER OR NOT TIKTOK SUCCEEDS IS TRULY A LEGAL JUMP BALL. IT'S UNDERSTANDABLE TO ME THEY WOULD MAKE THE ARGUMENT. ED: WHAT IS THE CHAMBER A PROGRESS POSITION ON WHETHER THEY SHOULD BE ABLE TO OPERATE IN THE U.S.? ADAM: WE HAVEN'T TAKEN AN
ORGANIZATIONAL POSITION. I SHARE CONCERN. THIS IS UNPRECEDENTED WHERE AN APP THAT IS SO POPULAR, FRANKLY HAS THIS NEXUS AND IS OBLIGATED TO ADVANCE THE CHINESE GOVERNMENT'S INTERESTS. THAT'S ALWAYS BEEN A CONCERN MORE THAN THE DATA CONCERN, THE IDEA OF LOOK AT RUSSIA INVADING UKRAINE. WHY DID WE ALLOW RT ON OUR
CABLE SYSTEMS? I FEEL THE SAME WAY ABOUT THIS. ED: THANK YOU. INTENSE START TO FRIDAY. COMING UP, CITY INDEX. WE WILL BEGIN ON MARKETS. I MENTIONED VALUATIONS. HERE'S A NAME. PELLETIER DOWN 4.8%. BIGGEST DROP SINCE MAY 7.
BRIAN WHITE SAYING IT HAS A GLUTTONOUS VALUATION. HE'S CONCERNED ABOUT SOFTWARE NAMES WITH A HIGHER MULTIPLE AND HE'S WORRIED ABOUT EARNINGS SEASON. THERE HAVE BEEN MOMENTUM BEHIND IT BECAUSE OF THE AI STORY. WE WILL CONTINUE THAT. THIS IS BLOOMBERG.
♪ ED: THE U.S. LISTED SHARES. JAPANESE TRADING OVERNIGHT DOWN THE MOST IN THREE MONTHS. MASAYOSHI'S SON PLEDGED TO CREATE AI THAT IS THREE TIMES MORE POWERFUL THAN ANY HUMAN. HE ARGUED ARM'S TECHNOLOGY WILL GO INTO ROBOTS. >>[SPEAKING JAPANESE] >> THAT MAY SOUND STRANGE BUT I THINK I WAS BORN TO REALIZE ASI.
I AM SUPER SERIOUS ABOUT IT. I THINK ASI WILL CONTINUE IN THE NEXT 10 YEARS. IT WILL BE 10 TIMES SMARTER THAN HUMANS. ED: SOFTBANK'S JAPAN LISTED SHARES ARE UP 60% THIS YEAR AND THE NET ASSET VALUE OF ITS HOLDINGS IS LARGELY ON ARM'S PERFORMANCE. ACTIVISTS ARE CIRCLING. ELLIOTT HAS BUILT A STAKE OF
MORE THAN $2 MILLION AND IS CALLING FOR BUYBACKS. SON BRUSHED OFF QUESTIONS AND PLEADED WITH INVESTORS TO "ROOT FOR HIM" AS HE CHASES HIS DREAM OF ARTIFICIAL SUPER INTELLIGENCE. FIONA, BUT WAS SO INTERESTING ABOUT THIS SPECTACLE ALMOST IN THE ANNUAL MEETING IS ALSO YOUR SHEETS ON WANTED TO TALK ABOUT -- MUSCLE YOSH -- MASAYOSHI SON TALKING ABOUT THIS. FIONA: IT ALMOST BRINGS ABOUT A CHANGE OF STRATEGY FOR SOFTBANK FROM THIS DEFENSIVE POSITION IT HAS HAD OVER THE PAST FEW YEARS TO A MORE OFFENSIVE POSITION.
THIS AMBITIOUS VISION FROM SON ABOUT ASI AND THE FUTURE OF AI AND WHAT THAT MEANS FOR SOFTBANK. YOU CONNECTED AWAY FROM THE FACT THAT AT THE END OF THE DAY, INVESTORS WANT RETURNS. THEY'VE SEEN STRONG GAINS ON THE SHARE PRICE. WE'VE SEEN A 60% RALLY IN THE SHARE PRICE SO FAR THIS YEAR. THAT COMES ON THE BACK OF A 124% RALLY IN ARMS HOLDINGS.
INVESTORS WANT TO SEE SHARE BUYBACKS. THAT WILL BE USEFUL FOR THEM. ALTHOUGH, THE SHARE PRICE GROWTH HAS BEEN STRONG. ED: IT'S HARD TO PICK OUT WHAT THE PREVAILING FACTOR IS IN THE MARKET RIGHT NOW. WE TALKED ABOUT THE CONCERN WITH VALUATIONS. NVIDIA TRADING AT 45 TIMES 12
MONTH FORWARD EARNINGS. WE WILL LOOK AT APPLE LATER. IF YOU TAKE SOFTBANK, LIKE MANY INVESTORS, THERE SEEMS TO BE A WHOLEHEARTED BELIEF YOU HAVE TO BE IN AI AT ALL LAYERS OF THE STACK AND IF NOT, YOU WILL BE LEFT BEHIND. FIONA: WE CANNOT GET AWAY FROM THIS IDEA AI HAS DRIVEN SUCH A STRONG RALLY IN AI STOCKS AND OBVIOUSLY THAT BLED OUT INTO RECORD HIGHS IN THE S&P AND THE NASDAQ THIS WEEK.
AT THE END OF THE DAY, THERE MIGHT BE A SENSE PERHAPS THE AI TRADE RIGHT NOW IS OVERHYPED. LONG-TERM, THAT'S NOT THE CASE. WE ARE OPENING THE DOOR TO THE REALIZATION AND UNDERSTANDING OF WHAT THE REAL WORLD APPLICATIONS OF AI ACTUALLY ARE. THAT'S WHAT'S SUPPORTING THE RALLY WE'VE SEEN.
THERE ARE SUGGESTIONS THERE COULD BE SOME LEVEL OF LOFTY VALUATIONS INVOLVED HERE. AT THE END OF THE DAY, THE LONG-TERM CASE IS BULLISH ON AI. THAT IS SUPPORTING THE SHARE PRICE. OBVIOUSLY WE WILL HAVE PULLBACKS. NO RALLY IS 100% HIGHER. INVESTORS ARE IN ON THIS CASE.
ED: NVIDIA IS DOWN 2% IN THE SESSION BUT OVER THE WEEK, WHERE IT BECAME THE WORLD'S MOST VALUABLE COMPANY, IT IS DOWN A PERCENTAGE POINT. IS THE RALLY OVER? FIONA: IT'S A SMALL MOVE LOWER AFTER VERY STRONG MOVES HIGHER. THIS MONTH THEY ARE UP 16%. IMPRESSIVE GAINS LAST WEEK. I DON'T THINK THE RALLY CAN MAINTAIN THE SPEED IT HAS HAD BECAUSE IT HAS BEEN IMPRESSIVE, THIS SHARE PRICE UP 170% THIS YEAR. THAT'S NOT MAINTAINABLE. I DON'T THINK THAT'S TO SAY THE RALLY IS OVER. WE CAN EXPECT IT TO SLOW TO A
MORE SUSTAINABLE PACE GOING FORWARD. ED: HAPPY FRIDAY. HAVE A FANTASTIC WEEKEND. FIONA: THANK YOU. ED: OPENAI MAKES ITS FIRST BIG, GENUINE ACQUISITION. THE DETAILS NEXT. THIS IS BLOOMBERG. ♪ ED: DONALD TRUMP APPEARED ON THE ALL IN PODCAST AFTER A MONTH OF TEASING. THEY COVERED A RANGE OF TOPICS
INCLUDING REAL ESTATE, THE WAR IN UKRAINE AND AI. TRUMP DEFENDED HIS TARIFF PROPOSAL SAYING IT WOULD BE CRUCIAL TO KEEPING THE DOLLAR THE WORLD RESERVE CURRENCY. HUAWEI SAW SALES OF ITS SMARTPHONES CLIMB 72% IN THE FIRST FIVE MONTHS OF '24 GROWING THE NUMBER OF GADGETS TO OVER 900 MILLION. THIS UNDERSCORES HOW THE COMPANY IS TAKING ON APPLE IN THE CHINESE MARKET. ZEPTO IS PREPARING TO GO PUBLIC AFTER THEY DOUBLED THEIR VALUATION FROM A FINANCING ROUND.
THE COMPANY SAYS IT IS ON TRACK TO HANDLE $1 BILLION IN GOODS PER YEAR AND PLANS TO DOUBLE ITS WAREHOUSES TO 700 BY '25. CAR DEALERS ARE NOT THE ONLY ONES TO BE HIT BY RECENT ATTACKS. UNAUTHORIZED ACCESS WAS DETECTED ON A CLOUD DATABASE HOSTED BY SNOWFLAKE. LENDING TREE SHARES ARE DOWN AS THE COMPANY CONTINUES TO INVESTIGATE THE SCOPE OF THE HACK. OPENAI HAS BOUGHT ROXETTE, MARKING THE MOST SIGNIFICANT ACQUISITION TO DATE FOR THE COMPANY. THIS WAS INTERESTING. TERMS WEREN'T DISCLOSED. IT IS NEW AND NOVEL FOR OPENAI.
>> THIS IS THE FIRST TIME THEY ARE ACQUIRING A COMPANY WHERE THEY ARE JUST TAKING IN THE TALENT BUT THEY ARE ACTUALLY GOING TO INTEGRATE THE TECHNOLOGY AS WELL. ED: WHY DOES OPENAI NEED A COMPANY LIKE THEM? SHIRIN: OPENAI IS TRYING TO GROW THEIR CONSUMER AND ENTERPRISE BUSINESS. THEY HAVE EXPERIENCE WORKING WITH MAJOR CUSTOMERS ACROSS INDUSTRIES FROM FINANCE TO GAMING. ONE BIG ONE WAS JETBLUE. THEY WORK WITH CUSTOMER DATA TO HELP CUSTOMERS INDEX AND SEARCH THROUGH. IF YOU THINK ABOUT WHERE OPENAI IS TRYING TO GROW, IT MIGHT MAKE SENSE THEY WOULD ACQUIRE A COMPANY SPECIALIZED IN DEALING WITH THIS MORE DETAILED DATA TO HELP THEM BUILD THAT. ED:
TREMENDOUSLY BUSY WEEK FOR YOU ACROSS THE AI BEAT. A LOT GOING ON. HAPPY FRIDAY TO YOU. HAVE A NICE WEEKEND. COMING UP, THE REASON CYBERATTACKS ON CDK SOFTWARE WITH DIANA LEE.
INCREDIBLE JOB BASICALLY WRAPPING UP THE PAST 48 HOURS EVENTS ON CDK, BUT WHAT DOES IT MEAN BIGGER PICTURE? IN A CYBERSECURITY CONTEXT? WHAT DOES IT MEAN FOR A MASSIVE INDUSTRY FOR THE BUYING AND SELLING OF VEHICLES? THIS IS BLOOMBERG. ♪ ED: WELCOME BACK TO "BLOOMBERG TECHNOLOGY." I HAVE BEEN TALKING ABOUT VALUATIONS. THERE IS ONE CHART I SAW ON THE TERMINAL AND BLOOMBERG.COM I WANTED TO SHARE. APPLE TRADING AT ABOUND --
AROUND 30 TIMES FORWARD EARNINGS. THERE HAS BEEN A RALLY IN APPLE SHARES, DRIVEN LARGELY BY ARTIFICIAL INTELLIGENCE, THE IDEA WE NOW HAVE'S A CLEAR UNDERSTANDING OF APPLE'S -- WE NOW HAVE A CLEAR UNDERSTANDING OF APPLE'S AI STRATEGY. IF YOU LOOK AT BLOOMBERG ESTIMATES FOR TOPLINE GROWTH, THERE IS SOME RECOVERY IN THE SECOND HALF OF 2024, LATER IN THE YEAR, BUT AS THE CHART BEHIND ME SHOWS CLEARLY, WHEN APPLE GETS TO A LEVEL OF TRADING AT 30 TIMES FORWARD EARNINGS, IT HISTORICALLY FIND IT HARD TO SUSTAIN THAT LEVEL. THIS IS A CONVERSATION HAPPENING QUITE A LOT ACROSS THE MEGA CAPS . WE KEEP REFERENCING NVIDIA TRADING AT 35 TIMES FORWARD EARNINGS.
YOU WILL SAY LOOK AT TOPLINE GROWTH, THE TWO CANNOT COMPARE. I AM JUST SAYING THIS IS A CHART THAT HAS A LOT OF INVESTORS TALKING. WE ARE HAPPY TO SHARE IT WITH YOU. LET'S GET BACK TO CYBERSECURITY AND HACKS. CHECKING IN ON SHARES OF
AUTOMOTIVE COMPANIES, LOTS OF THE CAR DEALERS, LOTS OF THE RETAILERS. YOU CAN SEE SOME DOWNWARD PRESSURE SUSTAINED. AUTONATION DOWN 0.5%. THERE IS A WARNING. CDK IS THE COMPANY THAT BASICALLY OPERATES THE SOFTWARE PLATFORM, AND THEY HAVE WARNED THEIR CUSTOMERS THAT THEIR PLATFORM'S IS GOING TO BE DOWN FOR SEVERAL MORE DAYS. IT IS CRIPPLING CAR DEALERS ACROSS THE UNITED STATES AMID A CYBER ATTACK ON THE COMPANY, THE SECOND ROUND OF WHICH WAS FELT THURSDAY. JOINING US OUT OF LONDON IS BLOOMBERG'S CRAIG TRUDELL.
YOUR JOINING US FROM LONDON. THIS HACK WAS IN THE U.S. AND CANADA, BUT YOU HAVE BEEN LEADING THE TEAM THAT HAS BEEN COVERING THIS AROUND THE CLOCK. THE IMPACT ON THIS INDUSTRY HAS BEEN VERY BIG. WE HAVE A NEW STORY OUT ON THE TERMINAL. SUMMARIZE IT FOR US. CRAIG: THIS CAME AT A REALLY INOPPORTUNE TIME, DURING THE JUNETEENTH HOLIDAY. FOR CAR DEALERS, A DAY WHEN A
LOT OF THEIR CUSTOMERS OR WOULD-BE CUSTOMERS HAVE MORE TIME TO GO THROUGH THE RIGMAROLE OF BUYING A NEW CAR OR GETTING THEIR CURRENT VEHICLE SERVICED. FOR THEIR SOFTWARE SYSTEM TO GO DOWN HAS BEEN EXTREMELY DISRUPTIVE. WE ALSO HAVE AN END OF QUARTER PUSH WE ARE IN THE MIDST OF, WHICH RETAILERS WANT TO CLOSE DEALS BEFORE THE END OF THE MONTH, BEFORE THE END OF THE QUARTER. THIS HAS BEEN A REALLY DISRUPTIVE ATTACK, BECAUSE THERE IS ONLY A HANDFUL OF THESE COMPANIES THAT PROVIDE THESE DEALERSHIP MANAGEMENT SYSTEMS THAT CDK IS ONE OF THE LEADING PROVIDERS OF. SO FOR THEM TO GO DOWN AND NOT
BE ABLE TO PROVIDE THOSE SERVICES FOR THEIR MANY CUSTOMERS HAS REALLY THROWN A WRENCH IN THINGS. WE ARE HEARING FROM DEALERS ABOUT HAVING TO CLOSE DEALS WITH PEN AND PAPER AS OPPOSED TO GOING THROUGH THEIR COMPUTER SYSTEM. IT ALREADY TAKES TIME TO CLOSE DEALS, AS WE KNOW. EVEN IN THE YEAR 2024, IT IS NOT A SEAMLESS PROCESS. THIS IS ONLY THROWING MORE OF A WRENCH IN THINGS. ED: PEN AND PAPER. I DO NOT EVEN KNOW WHAT THAT IS ANYMORE. CRAIG:
STONE AGE IS -- STONE A GES, YEAH. ED: THERE IS A SIDE OF, IF I AM IN THE U.S. AND CANADA AND AM PARTICIPATING TO GET A NEW VEHICLE, WHAT ARE THE BRAND NAMES INVOLVED, THOSE IMPACTED? I THINK I READ SUBARU AND MAYBE TOTAL THAT. CRAIG:
SUBARU AND TOYOTA, AT LEAST OUT OF JAPAN, HAVE DOWNPLAYED THIS. WE ARE TOUCHING BASE WITH THEM IN THE U.S. AND HEARD FROM THE LIKES OF FORD, BMW PAID ALL OF THOSE LAST FEW COMPANIES CONFIRMED THEIR DEALERS USE CDK.
THEY ARE NOT NECESSARILY BEING PARTICULARLY FORTHCOMING ABOUT HOW MANY OF THEIR DEALERS ARE BEING AFFECTED, BUT THIS IS A SUBSTANTIAL NUMBER, BECAUSE, AGAIN, THIS IS A SLIVER OF THE AUTO RETAILING INDUSTRY, WHERE THERE HAS BEEN A LOT OF CONSOLIDATION OVER THE YEARS. SO YOU ONLY HAVE A HANDFUL OF COMPANIES THAT ARE NOT NECESSARILY HOUSEHOLD NAMES THAT PROVIDE THIS REALLY IMPORTANT SORT OF TYPING THAT MAKES EVERYTHING WORK. SO WE HAVE HEARD, AGAIN, FROM DEALERS ALSO TALKING ABOUT CHALLENGES WITH LINING UP CREDIT, HAVING TO THEMSELVES MAKE JUDGMENTS AS TO WHETHER OR NOT SOMEBODY IS WORTHY OF A LOAN BY COBBLING TOGETHER WHAT INFORMATION THEY CAN. PARTS REPAIRS, NOT BEING ABLE TO CONFIRM WHETHER OR NOT A PART IS AVAILABLE FOR A CUSTOMER THAT HAS A CHEAP -- HAS A JEEP SITTING IN THE SHOP. THIS IS CAUSING A MESS.
IF YOU ARE A CONSUMER, THE GENERAL TAKEAWAY IS, IF YOU ARE PLANNING TO GO TO A DEALERSHIP THIS WEEKEND, MAYBE HOLD OFF ON IT AND WAIT UNTIL THIS STORM PASSES. ED: BLOOMBERG'S GLOBAL CAR EDITOR CRAIG TRUDELL. GREAT TO HAVE YOU. LET'S BRING IN SOMEBODY WHO KNOWS THE AUTOMATED SPACE WELL.
DIANA LEE IS THE CEO AND COFOUNDER OF CONSTELLATION SOFTWARE. YOU HAVE THREE DECADES OF EXPERIENCE IN THE WORLD OF CARS. WHAT CRAIG TRUDELL SET OUT IS THE TIMING OF THIS HACK IS BAD, BECAUSE THE INDUSTRY IS UNDER SO MUCH PRESSURE. WHAT ARE YOU HEARING FROM CLIENTS, CUSTOMERS, AND THOSE YOU WORK ALONGSIDE? DIANA: ABSOLUTELY. IT IS MASS CHAOS AT THIS POINT. I'VE BEEN IN THE AUTO INDUSTRY SINCE 1989, AND ALSO IN RETAIL AUTOMOTIVE. IN ALL OF THOSE YEARS, I HAVE
NEVER SEEN A DMS OPERATING SYSTEM DOWN. THE DEALER REQUIRES TO ACTUALLY RUN A DMS FOR S ALES, SERVICE, PARTS. EVEN STOCKING FUNCTIONALITY YOU CANNOT DO WITHOUT A DMS SYSTEM. IT IS A DISASTER.
I THINK IT IS EVEN WORSE THAN COVID WHEN IT FIRST HAD THE DEALERSHIPS, BECAUSE YOU ARE NOT FUNCTIONING AT THIS POINT. ED: WHAT YOU JUST SAID REALLY JUMPS OUT AT ME, "WORSE THAN COVID," THE IMPACT, BECAUSE I REMEMBER COVERING THAT. THAT WAS MY BEAT, MARCH 2020, WORKING FOR CRAIG, WHO WAS MY EDITOR. IF YOU ARE ADVISING CDK AND TELLING THEM WHAT TO DO TO MANAGE THIS FALLOUT, WHAT WOULD YOU SUGGEST? DIANA: I THINK IT IS PRINTING SERVICES, AT THIS POINT. I KNOW THAT SOUNDS SO CRAZY, BUT AT THIS POINT, NOBODY CAN ACTUALLY JUST HAVE A DMS POP UP OVERNIGHT. OUR ONLY OTHER -- TWO OTHER DMS PROVIDERS ARE REALLY KNOWN IN THE AUTOMOTIVE INDUSTRY, TECHION AND REYNOLDS AND REYNOLDS. THERE IS NO WAY EITHER ONE OF
THOSE COMPANIES COULD START UPLOADING ANY TYPE OF DMS SYSTEM FOR ANY DEALERS THAT ARE DOWN. BUT PRINTING SERVICES IS WHAT BASICALLY ANYBODY CAN DO RIGHT NOW, WHICH IS LOADING UP THE PRINTING SERVICES TO ALLOW DEALERS TO BE ABLE TO HANDPRINT CONTRACTS, AS WELL AS ALL THE REPAIR ORDERS THAT NEED TO HAPPEN RIGHT NOW. SO WE ARE GOING BACK TO ANCIENT STAGES RIGHT NOW, WHERE THIS IS WHAT WE NEED TO DO, IS PRINT. ED: WE JOKED WITH CRAIG ABOUT PEN AND PAPER, SOMETHING WE ALL DO LESSON THIS DAY AND HP THERE IS A SERIOUS SIDE TO IT, THE CONSUMER AND CONSUMER PSYCHOLOGY. VERY HIGH INTEREST RATES, BUYING OR EVEN LEASING A VEHICLE IS YOUR BIGGEST FINANCIAL CONSIDERATION AFTER YOUR HOME, NORMALLY. AND WE HAVE NINE DAYS LEFT OF JUNE. DO YOU THINK THIS IS GOING TO
HAVE A REALLY BIG IMPACT ON SALES IN THE SPRINT TO THE FINISH OF THE QUARTER? DIANA: IT IS ABSOLUTELY GOING TO. I THINK THE ONLY WAY A LOT OF THESE DEALERS CAN ACTUALLY SURVIVE RIGHT NOW IS IF THEY HAVE FRIENDS OF THEIRS THAT ALREADY HAVE A REYNOLDS OR TECHION SYSTEM, WHERE THEY CAN TELL THEM WHAT THE DEAL STRUCTURE NEEDS TO BE, SO THEY CAN ACTUALLY PUT SOMETHING TOGETHER, AT LEAST FAX IT TO THEM, EMAIL IT TO THEM. AND YOU WILL HAVE TO HANDWRITE EVERY SINGLE CONTRACT AT THIS POINT, BUT THE ONLY WAY, AND I THINK DEALERS ARE SUPER INNOVATIVE -- THEY CALLED ME AND SAID, I'M LIMPING RIGHT NOW." "LIMPING."
THESE ARE SOME OF THE BIGGEST DEALERSHIPS IN THE COUNTRY THAT SELL 1500 UNITS A MONTH. THEIR SERVICE APARTMENT ARE LIMPING AT THIS POINT. --THEIR SERVICE DEPARTMENTS ARE LIMPING AT THIS POINT. BUT THEY ARE FIGHTERS. THINK OF ALL THE EMPLOYEES WHO
BASICALLY ARE ALSO UNDER FIRE. BUT IF THE AUTO BUSINESS GOES DOWN, AND THIS IS WHY I REALLY FIGHT FOR DEALERSHIPS ALL THE WAY ACROSS -- IT IS ALL THE AMERICANS THAT WOULD ALSO BE OUT OF JOBS IF WE ALWAYS GO DIRECT TO CONSUMER PLANS. ED: SO LET'S DISCUSS MODERNIZING THE -- I JUST LEASED A TESLA MODEL Y. I TOOK THE WING MIRROR OFF. IT WAS FIXED THROUGH THE TESLA APP.
IS THAT SOMETHING THE INDUSTRY SHOULD MOVE TOWARD? DIANA: I AM NOT A FAN OF THE TESLA MODEL. I UNDERSTAND THIS IS A DIRECT TO CONSUMER MODEL THAT MX. IT EASIER FOR CUSTOMERS TO BUY A VEHICLE -- THAT MAKES IT EASIER FOR CUSTOMERS TO BUY A VEHICLE. ON THE OTHER HAND, THE
TRADITIONAL AUTOMAKERS HAVE TO IMPROVE THE CUSTOMER PROCESS, BUT WITHIN IT, THERE ARE SO MANY PEOPLE THAT ACTUALLY SUPPORT THE AUTOMOTIVE MARKET. THINK OF ALL THE FAMILIES AND COMMUNITIES, AS WELL AS THE LITTLE LEAGUES, ALL THE DIFFERENT TYPES OF CHARITIES WITHIN EVERY COMMUNITY THAT GETS SUPPORTED BY A LOCAL DEALER. ALL OF THAT GOES DOWN IF BASICALLY WE DECIDE WE WANT A DIRECT TO CONSUMER MODEL. WHAT HAPPENS TO THE AMERICANS WHO WILL BE OUT OF JOBS RIGHT NOW, IF EVERYTHING WENT STRAIGHT DIRECT TO CONSUMER? FOR ME, I REALLY DO BELIEVE IN THAT COMMUNITY ATMOSPHERE, WHERE WE COME IN, WE GET TO KNOW EACH OTHER, WE GET TO ACTUALLY SERVICE OUR VEHICLES, WE GET TO KNOW THE PEOPLE WITHIN THE ORGANIZATION THAT SUPPORT THOSE COMMUNITIES. SO I THINK THERE'S DIFFERENT TYPES OF PEOPLE OUT THERE THAT PURCHASE VEHICLES, BUT THERE ARE MANY TYPES OF CUSTOMERS OUT THERE. THEY MUST TEST DRIVE THE VEHICLE, LOOK AT THE VEHICLE, KNOW THE COLOR AND THE EXACT MODEL THEY WANT BEFORE THEY ACTUALLY MAKE A PURCHASE, AND THOSE ARE NOT IDEAL FOR CUSTOMERS THAT ARE DIRECT TO CONSUMERS. ED:
DIANA LEE FROM CONSOLATION AGENCY, GREAT TO HAVE YOU -- CONSTELLATION AGENCY, GREAT TO HAVE YOU BACK ON THE PROGRAM. COMING UP, WE WILL TALK ABOUT INVESTING IN ARTIFICIAL INTELLIGENCE WITH SHARDUL SHAH. AND PRIVATE MARKET FOCUS FOR A MINUTE. PODCAST. YOU CAN FIND ON APPLE PODCASTS, SPOTIFY, I HEART, AND THE BLOOMBERG PLATFORMS. THIS IS BLOOMBERG. >> ONE OF THE THINGS I REALLY GET EXCITED ABOUT, BECAUSE I AM A LABOR ECONOMIST BY TRAINING, AND I THINK A LOT ABOUT THE DISTRIBUTION OF OPPORTUNITIES ACROSS THE NATION AND THE WORLD, AND I THINK OF AI AS POTENTIALLY BEING A GREAT LEVELER, LEVELING THE PLAYING FIELD, DEMOCRATIZING THE EXPERTISE BY GIVING PEOPLE A HAND UP OR A LEG UP IN TERMS OF STARTING. ED: THAT WAS SAN FRANCISCO FED
PRESIDENT MARY DALY WEIGHING IN WITH HER THOUGHTS ON THE IMPACT OF ARTIFICIAL INTELLIGENCE. I WANT TO GET MORE ON THAT SPACE WITH OUR VC SPOTLIGHT AND BRING IN SHARDUL SHAH, A PARTNER AT INDEX VENTURES. IT IS JUNE 21, AS I JUST LEARNED ON GOOGLE AND WIKIPEDIA, A SUMMER SOLSTICE, THE OFFICIAL START OF SUMMER. I WILL START THIS CONVERSATION BY ASKING YOU, ARE WE, IN THE PRIVATE MARKETS, IN AN AI WINTER, AI SPRING, OR AI SUMMER? SHARDUL: FIRST OFFSHARDUL:, THANK YOU VERY MUCH FOR HAVING ME. IT DEFINITELY FEELS LIKE
SUMMER. THE SUN IS SHINING IN VENTURE LAND, NOT ONLY IN AI BUT OUTSIDE IT AI IS DEFINITELY BRINGING A DRAFT AND A WINDFALL TO DIFFERENT INDUSTRIES, INCLUDING CLOUD AND CYBER. IT IS LED BY PUBLIC MARKET COMPANIES. IF YOU LOOK AT A CLOUD DERIVATIVE, LIKE DATA DOG, WHICH I SERVED ON THE BOARD OF FOR 10 YEARS, THEY ARE DEFINITELY SEEING ACCELERATION THANKS TO THE CLOUD AND USE OF AI DRIVING INCREASED COMPUTE AND INCREASED USE OF DATA. IN PRIVATE MARKETS, WE ARE
DEFINITELY SEEING MARKET-LEADING COMPANIES SEE ACCELERATION IN THEIR BUSINESS THANKS TO AI. DEFINITELY, THE VC ENVIRONMENT IS TALKING ABOUT AI. ED: I WANT TO LOOK AT REAL ACTIVITY IN THE PRIVATE MARKETS. YOU JUST MENTIONED THAT THE AI SUMMER IS KIND OF LED BY PUBLIC NAMES. THROUGHOUT THE HOUR, WE TALKED ABOUT THE CONCERN AROUND VALUATIONS. BUT DEAL ACTIVITY IN THE PRIVATE MARKET IS REALLY INTERESTING TO ME, GLOBALLY IN ALL STAGES.
I AM SEEING QUITE A LOT OF THE GROWTH STAGE AS WELL. DO YOU SEE THAT, AND WHAT DO YOU MAKE OF IT? SHARDUL: YOU ARE RIGHT. WE ARE SEEING INCREASED ACTIVITY THIS YEAR ACROSS GEOGRAPHIES, ACROSS STAGES. OUTSIDE OF AI, HALF OF THE INVESTMENTS WE HAVE CONSIDERED AT INDEX THIS YEAR ARE IN CATEGORIES INCLUDING GAMING IN FINTECH AND CYBERSECURITY, SO THE SUN IS DEFINITELY SHINING OUTSIDE OF AI. TO YOUR POINT, IT IS AT EVERY STAGE. WE HAVE SEEN SEED INVESTMENTS,
EARLY SERIES A INVESTMENTS, AS WELL AS GROWTH OPPORTUNITIES IN AND OUT OF AI, SO DEAL ACTIVITY HAS PICKED UP THIS YEAR. ED: YOU PUT A LOT OF EMPHASIS ON CYBERSECURITY NAMES. WIZ IS ONE OF YOUR PORTFOLIO COMPANIES. YOU ARE SIGNIFICANT IN THE CAP TABLE OF THAT COMPANY. WHY? WHY IS CYBERSECURITY SUCH A FOCUS? LOADS OF PEOPLE COME ON THIS SHOW AND PUT FORWARD CYBERSECURITY AS THE AREA THERE MOST EXCITED ABOUT GETTING A BOOST FROM AI. SHARDUL: CYBERSECURITY IS ONE OF THE HOTTEST SECTORS INTACT, SO IT IS NO SURPRISE HE HAD MANY GUESTS COME ON AND TALK ABOUT IT. IF YOU STEP OUT -- BACK,
THERE'S ABOUT $250 BILLION IN MARKET CAP IN THE TOP FOUR SECURITY PUBLICLY TRADED COMPANIES. 10 YEARS AGO, THE TOP FOUR PROBABLY WERE PRESENTED LESS THAN $50 BILLION OF MARKET CAP. THEY ARE FORWARD DRIVER-SIDE DRIVEN THIS GROWTH. FIRST, WE ARE SEEING, EVERY SINGLE DAY, A NEW GLOBAL ATTACK.
ON YOUR SHOW, YOU HAVE BEEN TALKING QUITE A BIT ABOUT CDK GLOBAL, WHICH IS JUST THE MOST RECENT EXAMPLE. SECOND, THE SEC NOW HAS DISCLOSURE REQUIREMENTS FOR A PUBLICLY TRADED COMPANY. THIRD, CHIEF SECURITY OFFICERS ARE UNDER SCRUTINY AND ARE BEING HELD ACCOUNTABLE FOR FRAUD. FOURTH, WE ARE SEEING HACKERS ACTUALLY TELL THE SEC WHEN THEY HAVE CREATED A MATERIAL BREACH. AS A CONSEQUENCE, WE ARE SEEING AN ENORMOUS AMOUNT OF ACTIVITY IN PRIVATE MARKETS. WE HAVE SEEN AN EXPLOSION OF
STARTUPS. THERE IS NOW OVER 10,000 COMPANIES THAT ARE TRYING TO BUILD NEW BUSINESSES TO MEET THE NEEDS OF CUSTOMERS. AT INDEX, WE FOCUS ON TWO PRIMARY THEMES. ONE, OUR FOUNDERS THAT ARE OBSESSED WITH THE PROBLEMS OF THEIR CUSTOMERS.
SECOND OUR FOUNDERS LOOKING TO BUILD COHERENT FORMS TO MEET THE NEEDS OF ORGANIZATIONS. JUST AS ONE EXAMPLE, TO YOUR POINT ON SUMMER, I FEEL LIKE EVERY SINGLE -- EVERY SMALL AND MEDIUM BUSINESS IN THE WORLD SHOULD HAVE INSURANCE. WITHOUT INSURANCE, IT IS LIKE GOING TO THE BEACH WITHOUT SUNSCREEN. YOU ARE BOUND TO GET BURNED WITH ENOUGH EXPOSURE. SO WE INVESTED IN THE CATEGORY
LEADING CYBER INSURANCE COMPANY, COALITION, WHICH IS ADDRESSING THE NEEDS OF SMALL AND MEDIUM COMPANIES. ON THE OTHER HAND, ENTERPRISES HAVE BEEN SERVED BY LARGE AND GROWING SECURITY COMPANIES FOR OVER A DECADE. WHAT IS DIFFERENT NOW IS THE REQUIREMENT FOR A COHERENT PLATFORM VERSUS A FRANKENSTEIN THAT ACQUIRES THEIR WAY TO CREATING A COLLECTION OF SOLUTIONS. THEREIN LIES WIZ, WHICH JUST STARTED FOUR YEARS AGO BUT HAS BECOME THE FASTEST GROWING SOFTWARE COMPANY OF ALL TIME BECAUSE OF A STRONG POINT OF VIEW ON A PROJECT THAT MEETS THE NEED OF CUSTOMERS. ED: A LACK OF CYBERSECURITY IS LIKE
GOING TO THE BEACH WITHOUT SUNSCREEN, WHICH, ON THIS, THE OFFICIAL SUMMER SOLSTICE IN THE AI SUMMER WE ARE IN, IS AN INTERESTING POINT OF VIEW. SHARDUL SHAH OF INDEX VENTURES, GREAT TO HAVE YOU ON THE PROGRAM. COMING UP, WE HAVE NOT TALKED ABOUT IT MUCH SINCE THE TOP OF THE SHOW, BUT BITCOIN REACHING ITS LOWEST LEVEL SINCE MAY. WE ARE GOING IN-HOUSE WITH THIS ONE WITH BLOOMBERG INTELLIGENCE.
THE RIGHT BACK. ED: BITCOIN SLUMPED TO A MORE THAN ONE MONTH LOW WITH THIS YEAR'S RECORD-BREAKING RALLY SHOWING SIGNS OF FATIGUE. IN THE ABSENCE OF FRESH MARKET CATALYST. LET'S BREAK IT ALL DOWN.
I AM TRYING TO THINK ABOUT WHAT IS GOING ON. IN THE MARKETS, GENERALLY SPEAKING, MAYBE SOME RISK APPETITES COME OFF THE TABLE. THERE IS THIS KIND OF CLOSE OR OPPOSITE CORRELATION WITH EQUITY MARKETS. THAT IS WHAT I'VE READ. WHAT IS YOUR ANALYSIS? >> NO MATTER HOW YOU LOOK AT IT, THE APPETITE FOR BITCOIN EXPOSURE HAS SLUMPED. A LOT OF PEOPLE WERE TALKING
ABOUT TRYING TO UNDERSTAND -- THE LAST FEW WEEKS, WE SAW BILLIONS FILE INTO THOSE GOING ETF'S. THE PRICE REALLY WAS NOT MOVING. A LOT OF IT WE THINK I TO DO WITH POTENTIALLY FUTURES TRADING.
BASICALLY, ARBITRAGE TRADING WITH THE FUTURES MARKET. BUT THE LAST WEEK, THE LAST SEVEN TRADING DAYS, WE HAVE SEEN A TOTAL OF ABOUT ABOUT ONE BILLION DOLLARS FOR OUT OF THE ETF'S. RISK APPETITE HAS SLUMPED OFF. IF YOU LOOK AT THE ALT COINS, THOSE HAVE BEEN FAR WORSE THAN THE LIKES OF ETHEREUM AND BITCOIN. WHAT WE ARE PAYING ATTENTION TO IS WE ARE EXPECTING THOSE ETHEREUM ETF'S TO GET APPROVAL FROM THE SEC, FINAL APPROVAL TO LAUNCH, SOMETIME IN THE NEXT TWO WEEKS.
I THINK THERE IS SOME KIND OF MALAISE IN THE MARKETS NOW. IT IS PRETTY STANDARD. EVERYONE IS USED TO THESE MASSIVE RUN UPS, BUT ALSO, THERE ARE CORRECTIONS AND TURN BACKS AT DIFFERENT TIMES. ED: THAT IS THE FUNCTIONING OF THE MARKETS. ONE HEADLINE THAT HIT LAST NIGHT WAS MICROSTRATEGY USE THE PROCEEDS TO BUY $786 BILLION -- 786 MILLION DOLLARS OF BITCOIN. IT IS QUITE A LIQUID MARKET. CORRECT ME IF I AM WRONG, BUT DOES A HEADLINE LIKE THAT HAVE IMPACT ON THE MARKET AT LARGE? JAMES: IT USED TO.
WHEN MICHAEL SEILER WAS ANNOUNCING THESE MASSIVE, MULTIMILLION HUNDRED DOLLAR BUYS OF BITCOIN, IT WAS IMPACTING THE MARKETS. I THINK IT ALMOST SHOWS THE MATURITY OF THE MARKET, THAT THEY FINISHED THIS CLOSING OF THOSE CONVERTS AND JUST DUMPED 780 BILLION $780 MILLION OR SOMETHING INTO THE MARKET OVER THE LAST WEEK OR SO. AND THE MARKET IS STILL DOWN DECENTLY OFF ITS ALL-TIME HIGHS, ALMOST $10,000 OFF ITS ALL-TIME HIGHS. IT JUST SHOWS THE LIQUIDITY AND DEPTH OF THIS MARKET AS FAR AS I'M CONCERNED. ED: BLOOMBERG INTELLIGENCE ANALYST JAMES SEYFFART. HAPPY FRIDAY. THANK YOU. APPRECIATE THE BREAKDOWN. THAT DOES IT FOR THIS EDITION
OF "BLOOMBERG TECHNOLOGY." IT WAS A SHORT WEEK IN THE U.S.. WEDNESDAY WAS A HOLIDAY. BUT A BUSY WEEK ALL THE SAME. RECAP THE PODCASTS, GET INVOLVED IN THE POD. FIND IT ON APPLE, SPOTIFY, I HEART, AND THE TECH POD OF COURSE ON OUR BLOOMBERG PLATFORMS. GOOD TO BE BACK HERE IN SAN FRANCISCO WITH YOU. BIG COMING UP NEXT WEEK. AI, BITCOIN, SPACE? ALL OF THAT IS TO COME.
THERE IS BEAUTIFUL SAN FRANCISCO. HAPPY FRIDAY. THIS IS "BLOOMBERG TECHNOLOGY."
2024-06-22