Trump’s Week in the Gulf, Airbnb's App Redesign | Bloomberg Technology
>> FROM THE HEART OF WHERE INNOVATION, MONEY, AND POWER COLLIDE IN SILICON VALLEY AND BEYOND, THIS IS "BLOOMBERG TECHNOLOGY" WITH CAROLINE HYDE AND ED LUDLOW. ♪ CAROLINE: LIVE FROM NEW YORK AND SAN FRANCISCO, THIS IS "BLOOMBERG TECHNOLOGY." PRESIDENT TRUMP SAYS GLOBAL TRADE DEALS AND TARIFF RATES ARE COMING IN WEEKS AS HE AND HIS OF THE MIDDLE EAST. ED: M&A IN FOCUS IN THE WORLD OF U.S. CABLE PROVIDERS WITH CHARTER AGREED TO COMBINE WITH COX IN A DEAL VALUED AT $34.5 BILLION. CAROLINE:
WE ARE JOINED BY THE AIRBNB CEO BRIAN CHESKY, NEW SERVICES AND NEW PRODUCTS. FIRST, WE CHECK IN ON THE MARKETS WHICH ARE HAVING A STELLAR WEEK. MORE THAN 6% ON THE NASDAQ 100 OVER THE LAST TRADING DAYS. COOLING ON THE DAY BUT CONSUMER SENTIMENT IS UGLY. SECOND WORST ON RECORD. SOME PAINFUL READINGS ACROSS
THE ECONOMY BUT MAYBE INFLATION NOT AS BAD AS EXPECTED, RISK ON WHEN IT COMES TO TECH. ED: APPLIED MATERIALS. THIS IS AMERICA'S BIGGEST CHIP EQUIPMENT MAKER. YOU CAN SEE THE STOCK IS DOWN. WEEK OUTLOOK, CONCERN ABOUT TRADE PARTICULARLY WITH CHINA. A BIGGER DISCUSSION ABOUT WHAT IS HAPPENING WITH INVESTMENT GOING FORWARD DESPITE ALL THE HYPE IN CHIPS. SPEAKING OF HEIGHT, WE ARE
GOING OUT TO THE MIDDLE EAST SOON. THE BENEFICIARIES OF PRESIDENT TRUMP'S VISIT ARE ON THE SCREEN. NVIDIA IS UP FOR A FOURTH STRAIGHT WEEKLY GAIN, UP 15% ON THE WEEK. I AM SURE AMH WILL TALK ABOUT HOW JENSEN HUANG WAS BY THE PRESIDENT'S SIDE EVERY STEP ALONG THE WAY. REBOUNDING FROM LAST WEEK WORD SAW A DECLINE. CAROLINE: EXTRAORDINARY AMOUNTS OF MARKET CAPITALIZATION.
PRESIDENT TRUMP SAID THAT HE WILL BE LOOKING BACK AT TARIFF RATES FOR U.S. TRADING PARTNERS "OVER THE NEXT TWO OR THREE WEEKS," SAYING HIS ADMINISTRATION H DOESN'T HAVE THE CAPACITY TO NEGOTIATE WITH ALL OF ITS TRADING PARTNERS. ANNMARIE HORDERN JOINS US NOW FROM ABU DHABI. HE IS GOING HOME BUT HE LEAVES A LOT OF TECH OPTIMISM IN HIS WAKE BUT A LOT OF ANXIETY WHEN IT COMES TO TARIFFS. ANNMARIE: ABSOLUTELY.
THE PRESIDENT TALKED ABOUT THOSE TARIFFS TODAY, THE FACT THAT THERE ARE SO MANY COUNTRIES WANTING TO NEGOTIATE WITH THE ADMINISTRATION. RIGHT NOW, THEY ARE FOCUSED ON THE EUROPEAN UNION, JAPAN, INDIA. THE PRESIDENT HAS SAID THIS IN THE PAST, MOST RECENTLY LAST WEEK IN THE OVAL OFFICE. HE SAID THEY ARE JUST GOING TO SET THE RATES FOR THESE COUNTRIES AND LET THEM KNOW WHERE THE NEW RATE IS. LIBERATION DAY, APRIL 2, THAT
IS HOW THE ADMINISTRATION WANTED TO FRAME IT. VERY HIGH TARIFF RATES FOR COUNTRIES, THEY PUT THAT ON PAUSE. THESE COUNTRIES THAT THEY COULD NOT HAVE THESE BESPOKE AGREEMENTS WITH, THEY ARE JUST GOING TO SET A NEW RATE. THE PRESIDENT IS PROPOSING A LOT OF ISSUES AT ONCE. HE IS STILL FACING PUSHBACK WHEN IT COMES TO INVESTORS, THE TARIFF POLICY, THE FACT THAT TRADE DEALS CAN TAKE YEARS, WITH THE FACT THAT HE IS INKING DEALS ACROSS THE MIDDLE EAST BETWEEN RIYADH, ABU DHABI.
YOU ARE 100% RIGHT, TECH WAS THE STAR OF THE STRIP, SPECIFICALLY NVIDIA AND JENSEN HUANG. WHEN I SPOKE TO HIM BRIEFLY, ENTERING HIS HONORARY DINNER FOR THE PRESIDENT WITH THE CROWN PRINCE, I ASKED ABOUT THE DIFFUSION RULE. I SAID YOU MUST BE HAPPY THAT THEY RESCINDED. HE SAID RESCINDED? CANCELED.
BECAUSE OF THAT, HE CAN GET MORE ADVANCED CHIPS TO THE MIDDLE EAST. THE PRESIDENT NAME CHECKED HIM, SAYING MY FRIEND JENSEN HUANG IS HERE. THAN A REMARKABLE PHOTO IN ABU DHABI, HOWARD LUTNICK WAS SIGNING THIS AI PARTNERSHIP BETWEEN THE UNITED STATES AND ABU DHABI. BUILDING THE BIGGEST AI DATA CENTER OUTSIDE THE U.S. HERE IN ABU DHABI. LOOK AT THE PHOTO, HE IS STANDING IN BETWEEN PRESIDENT TRUMP AND SHEIKH ZAYAD. ED: ANNMARIE HORDERN, THANK.
LET'S GET MORE ON WHAT MARKETS THINK ABOUT PRESIDENT TRUMP'S A IDEALS AND WHAT THAT MEANS FOR TECHNOLOGY. IPEK OZKARDESKAYA, SWISSQUOTE SENIOR ANALYST. I SHOWED THAT CHART AT THE TOP OF THE SHOW. NVIDIA, AMAZON, APPLE OVER THE COURSE OF FIVE DAYS. AS AN INVESTOR IN THOSE NAMES, THAT SECTOR, WHAT HAS BEEN THE NET RESULT FOR YOU OF EVERYTHING THAT HAS HAPPENED THIS WEEK? IPEK: THE BIG TECHNOLOGY COMPANIES HAVE HAD A VERY DIFFICULT QUARTER WITH THE CHINESE AI COMPETITION COMING UP AND THE TRADE TENSIONS.
AND THE MIDDLE EAST VISIT, THESE DEALS ARE COMING RIGHT AT THE BEST IMAGINABLE TIME SO FAR THIS YEAR. SO FAR, WE HAVE BEEN SEEKING COMPANIES DELAYING THEIR AI INVESTMENT PLANS DUE TO TARIFF UNCERTAINTIES, A LOT OF QUESTIONING REGARDING HOW MUCH OF THESE INVESTMENTS COULD STILL MATERIALIZE GIVEN THE GLOOMY ECONOMIC OUTLOOK. THE DEALS COME AT THE VERY BEST TIME, FROM THE RICHEST COUNTRIES IN THE WORLD. THERE IS A REASON THAT NVIDIA JUMPED 15% SINCE DONALD TRUMP MIDDLE EAST VISIT. WE THINK THE NVIDIA DEAL WITH SAUDI, QATAR, UAE WILL FILL IN THE GAP AT A VERY CRITICAL TIME FOR THE CHIP INDUSTRY.
WE ARE STARTING TO HEAR THAT THE WHITE HOUSE, SOME MEMBERS ARE NOT FULLY COMFORTABLE WITH THE IDEA OF SELLING CHIPS TO THE MIDDLE EAST, DUE TO NATIONAL SECURITY REASONS. THAT IS A STORY TO BE FOLLOWED. FOR NOW, THE OPTIMISM HAS STRONG LEGS. ED: I WANT TO GO THERE.
ANNMARIE TALKED ABOUT THE SIGNIFICANCE OF THE IMAGES, JENSEN HUANG BETWEEN THE PRESIDENT OF THE UNITED STATES AND HIS UAE COUNTERPARTS. BUT THERE ARE DEEP CONCERNS THAT THE RESCINDING OF THE DIFFUSION RULE -- THOSE ARE THE PICTURES NOW -- DOES NOT AT ALL ANSWER THE QUESTION ABOUT CHINA. WE DON'T KNOW ANYTHING ABOUT RULES FOR CHINA. HAS THE MARKET PRICE TO THAT IN? IPEK: MOST OF THE CHINESE TRADE WAR HAS ALREADY BEEN PRICED IN AND INVESTORS HAVE SOMEHOW COME TO THE CONCLUSION THAT CHINA WILL GENTLY GET OUT OF THE SPECTRUM, HAS SLOWER EXPOSURE TO THE WESTERN WORLD, VICE VERSA. THERE IS NOW A THINKING EMERGING, BECAUSE CHANNING IS WILLING TO GAIN ITS INDEPENDENCE, AND IT COULD GET THERE WITH THEIR OWN MEANS, THAT COULD BE THE FUTURE FOR THESE CHINESE COMPANIES.
THERE IS A THINKING THAT CHINESE COMPANIES ARE WILLING TO GAIN THEIR INDEPENDENCE. IF THEY DO, THAT WILL BE A POSITIVE FOR NVIDIA BECAUSE THE TRADE TENSIONS WILL NOT HIT THEM AS HARD AS THEY HAVE BEEN HIT OVER THE PAST COUPLE OF MONTHS. WHILE CHINA STILL REMAINS A BIG CHUNK OF NVIDIA'S REVENUES -- SO BEFORE WE GET THERE, WE STILL HAVE A WAYS TO GO. CAROLINE: NVIDIA UP MORE THAN 15%, MORE THAN $4 BILLION IN MARKET CAP ADDED.
ARE THEIR LEGS LEFT TO RUN WITH NVIDIA UP INTO THE RIGHT, TECH MORE BROADLY? IPEK: NVIDIA STILL HAS EARNINGS TO BE ANNOUNCED. WE EXPECT THE EARNINGS WILL BE STRONG ENOUGH TO KEEP THE OPTIMISM GOING. WE SHOULDN'T FORGET THAT NVIDIA HAD A DIFFICULT QUARTER, WE SAW A SIGNIFICANT FALL IN ITS VALUATION. WITH THE ARRIVAL OF THE GOOD NEWS, THIS COUNTERS THE IDEA, THE WORRIES THAT THE BIG TECHNOLOGY CLIENTS COULD BE FINDING THEIR WAY OUT OF NVIDIA. THIS IS A POSITIVE VIEW. NVIDIA HAS THE POTENTIAL TO EXTEND ITS RALLY ON THE MIDDLE EAST DEALS, IF THOSE DEALS MATERIALIZE AND THERE IS NOT A PROBLEM BARRIER IN THE FUTURE. DEFINITELY, IT HAS BEEN A
POSITIVE FOR NVIDIA. CAROLINE: OUTRIGHT POSITIVE FOR MANY TECH STOCKS THIS WEEK. ALPHABET IS UP MORE THAN 9% OVER THE LAST TRADING DAYS, DESPITE THE ONGOING WORRIES THAT THIS IS A COMPANY THAT MAY BE FORCED TO BREAK APART.
META, INVESTIGATED, WITH ITS MONOPOLISTIC POSITION. WHAT ARE SOME OF THE RISK THAT INVESTORS ARE PERHAPS NOT TUNING INTO RIGHT NOW? IPEK: BECAUSE WE ARE IN EUROPE, IF THE TRADE NEGOTIATIONS DON'T GO WELL WITH THE EUROPEAN UNION, REGULATORS WILL BE GOING AFTER COMPANIES LIKE GOOGLE AND FACEBOOK, BIG TECHNOLOGY COMPANIES. THEY HAVE BEEN VERY CLEAR, WARNING THE UNITED STATES ABOUT THAT. ONE OF THE TRADE RISKS IS ON
THESE COMPANIES THAT HAVE BEEN SPARED SO FAR BECAUSE THEY ARE OFFERING DIGITAL SERVICES. COMPANIES WITH COMPLEX INTERNATIONAL SUPPLY CHAINS LIKE GOOGLE, NVIDIA, APPLE. THAT HAVE BEEN HARD TO HIT. MAYBE NOT FULLY PRICED IN BUT WE SEE THE RISKS ARE STILL TWO-SIDED. THERE IS A RISK THE EUROPEAN UNION AND THE U.S. STRIKE A DEAL, BUT IF THAT IS NOT THE CASE, MICROSOFT AND FACEBOOK WILL COME UNDER PRESSURE. ED:
IPEK OZKARDESKAYA, GREAT TO HAVE YOU ON THE SHOW. ANOTHER STORY I'VE BEEN WRITING ABOUT THIS MORNING, TESLA IS ADDING A LONG TIME CHIPOTLE EXECUTIVE TO THE BOARD. JACK HARTUNG WHEN JOAN AS A MEMBER OF THE AUDIT COMMITTEE. THIS COMES AS THE CARMAKER IS GRAPPLING WITH QUESTIONS OVER ELON MUSK'S COMPENSATION AND ITS STRATEGIC DIRECTION. CAROLINE: COMING UP, CHARTER AND COX, THEY AGREED TO MERGE IN A DEAL VALUED AT ABOUT $34.5 BILLION.
DETAILS NEXT. THIS IS "BLOOMBERG TECHNOLOGY." ♪ CAROLINE: CHARTER COMMUNICATIONS HAS AGREED TO COMBINE WITH PRIVATELY HELD COX COMMUNICATIONS IN A DEAL THAT WOULD COMBINE TWO OF THE BIGGEST U.S. CABLE PROVIDERS. THE DEAL WOULD VALUE CHARTER AT ABOUT $34.5 BILLION. MICHELLE DAVIS WOULD ZOOM THE REPORTING AND JOINS US NOW. THIS IS A FIERCELY COMPETITIVE SPACE. DOES IT HAVE TO END AND CONSOLIDATION? MICHELLE: THAT IS WHAT THE COX FAMILY HAS BEEN SAYING. THEY HAVE BEEN OWNERS OF THE
ASSETS OR 70 YEARS. THE FACT THAT THEY ARE SAYING IT IS TIME TO COMBINE SHOWS HOW FIERCE IT IS. CABLE COMPANIES HAVE BEEN MAKING THEIR REVENUE FROM INTERNET BUT EVERYONE HAS BROADBAND THESE DAYS. PHONE COMPANIES ARE GETTING INTO IT AND PEOPLE ARE CUTTING THE CORD. THIS IS WHAT THEY HAVE TO DO TO SURVIVE. CAROLINE: JOHN MALONE IS THE BILLIONAIRE BEHIND SOME OF THESE DEALS. MAYBE HE SIGNALED HIS EARLIER.
HE HAD AN INVESTOR DAY, SAYING I WANT TO COMBINE CHARTER WITH SOMEBODY ELSE. I NEED TO MAKE A DEAL. MICHELLE: THIS IS ONE OF THOSE PERENNIAL DEALS THAT JOHN MALONE HAS WANTED TO DO FOR MORE THAN 10 YEARS. IT TOOK TIME TO GET THERE, BUT IN DECEMBER, DURING THE MEDIA INVESTOR DAY, HE SAID IT HAS GOTTEN SO COMPETITIVE, TECH COMPANIES ARE ALLOWED TO ROAM THE EARTH WITHOUT LIMITS AND WATCH CABLE COMPANIES BE RESTRICTED TO ONE PART OF THE COUNTRY. HE SAID CHARTER SHOULD BE ABLE TO MERGE WITH COX, COMCAST, OR T-MOBILE.
I GUESS THEY CHOSE COX. CAROLINE: MEANWHILE, OTHERS ARE DOING WIRELESS OFFERINGS, OFFERING SERVICES FOR CABLE PROVIDERS. IS THIS GOING TO GET THROUGH REGULATORY SCRUTINY BECAUSE IT IS SO COMPETITIVE? MICHELLE: IT WILL BE THE LITMUS TEST OF THE TRUMP ADMINISTRATION TO SEE HOW IT IS RECEIVED. THE COMPANIES BELIEVE THEY HAVE A SHOT OF GETTING IT THROUGH.
THE WAY THE CABLE INDUSTRY IS STRUCTURED, THERE IS NO OVERLAP IN TERMS OF GEOGRAPHIES THAT THESE COMPANIES PLAY IN. THE FACT THAT THERE IS THIS COMPETITIVE ELEMENT, THEIR ARGUMENT IS WE NEED TO DO THIS TO SURVIVE. CAROLINE: APPRECIATE IT. ED, YOU ARE LOOKING AT ANOTHER STORY. ED: COINBASE DISCLOSED IT SUFFERED FROM A HACK THAT LEAKED SENSITIVE CUSTOMER DATA GOING AS FAR BACK AS JANUARY. THE REVELATION COMING THREE DAYS AFTER THE COINBASE WAS ADDED TO THE S&P 500.
LET'S GO TO THE BASICS AND DETAILS OF THE HACK. WHAT WERE HACKERS ABLE TO OBTAIN, HOW DID THEY DO IT, AND WHAT WAS THE NET EFFECT FOR COINBASE AND COINBASE CUSTOMERS? >> I'M BACK IN JANUARY, THE THREAT AFTER REALIZED THEY COULD GET ACCESS TO SOME OF COINBASE'S CONTRACTORS IN THEIR CUSTOMER SUPPORT ASSISTANCE TEAMS. THE ACTOR WAS BRIBING INDIVIDUAL EMPLOYEES, SAYING I WILL GIVE YOU CASH IF YOU GIVE ME THE INFORMATION ON COINBASE CUSTOMERS.
THEY HAVE BEEN GIVING A DRIP FEED THROUGH SINCE JANUARY UP AROUND THIS WEEK WHEN COINBASE SENT AND RECEIVED AN ANONYMOUS EMAIL, SAYING I'M THE PERSON THAT HAS BEEN BRIBING YOUR CUSTOMER SUPPORT ASSISTANTS. I HAVE THIS POOL OF INFORMATION ON SOME OF THE MOST VALUABLE CUSTOMERS YOU OWN. GIVE ME $20 MILLION AND I WILL DELETE INFORMATION. THIS WEEK, YESTERDAY, COINBASE DISCLOSED THAT WAS GOING ON AND THEY REFUSED TO PAY THE RANSOM AND WANTED TO COME PUBLIC INSTEAD. ED: IF YOU ARE JUST TUNING IN, COINBASE SHARES WERE PRETTY BUOYANT. THEY HAD FALLEN BY 70% OR SO IN
THURSDAY'S SESSION. THE SIMPLE QUESTION IS WHAT HAPPENS NEXT? MARGI: COINBASE HAS ESTIMATED THIS WILL COST THEM AROUND 400 MILLION DOLLARS. WHAT THEY ARE SAYING TO CUSTOMERS IS, THE HACKER DIDN'T ACCESS YOUR ACCOUNT THROUGH US, BUT THEY GOT A LOT OF INFORMATION THAT THEY COULD EASILY SOCIALLY ENGINEER. THEY HAVE BEEN SENDING OUT EMAILS TO PEOPLE THEY BELIEVE ARE AFFECTED, SAYING IF YOU SUFFER A LOSS AS A RESULT OF THIS DATA BEING LEAKED, WE WILL COMPENSATE YOU. ED: IN YOUR CAREER COVERING CYBERSECURITY AND HACKS LIKE THIS, WHERE DOES THIS RANK AND WORLD -- INCORPORATE WORLD -- IN CORPORATE WORLD? MARGI: IT IS PRETTY BAD. THE WAY THE HACKERS CAN USE THIS INFORMATION TO TARGET WEALTHY PEOPLE -- THEY ARE ABLE TO SEE THE BALANCES IN THEIR COINBASE ACCOUNTS AND NOW HAVE VERY DETAILED INFORMATION ON THESE INDIVIDUALS. THEY CAN GO AND SOCIALLY
ENGINEER THEM, NOT JUST TO GET INTO THEIR COINBASE ACCOUNTS BUT OTHER FINANCIAL ACCOUNTS THEY MAY OWN. BY SOCIAL ENGINEERING, I MEAN CALLING AND SAYING, I'M A BANK ASSISTANT. WHEN THE PERSON QUESTIONS, HOW CAN YOU PROVE THAT, GIVE ME INFORMATION ABOUT MY ACCOUNT. THEY CAN SAY I HAVE NAMES, EMAILS, YOUR LAST TRANSACTIONS. IT IS ALL VERY CONVINCING INFORMATION.
THEY MAY NOT HAVE GONE INTO COINBASE'S SYSTEMS PER SE AND BROKEN INTO THEIR NETWORKS, BUT THE MUSHROOMING EFFECT OF THIS COULD HAVE ON PEOPLE'S DATA, INDIVIDUALS LOSING THEIR MONEY IS PRETTY BIG. ED: MARGI MURPHY ON A FAST-MOVING STORY, THANK YOU. COMING UP, A POTENTIAL AI DELAY FOR META.
MORE ON THE COMPANY'S BEHEMOTH HOLD. ED: TIKTOK IS GOING TO TALK ABOUT ITS BRAZIL OPERATION WITH THE SOUTH AMERICAN COUNTRY GOVERNMENT ACCORDING TO AN OFFICIAL. THIS FOLLOWS A VISIT TO CHINA THIS WEEK WHERE PRESIDENT DUDA AND THE FIRST LADY EXPRESSED CONCERNS OVER THE POTENTIALLY HARMFUL EFFECTS THE APP MAY HAVE ON CHILDREN AND WOMEN. CAROLINE: LET'S TURN TO OTHER SOCIAL MEDIA PLAYERS. META SHARES ARE LOWER AFTER THE WALL STREET JOURNAL REPORTED THEY WILL DELAY THE RELEASE OF ITS AI MODEL CALLED BEHEMOTH. RILEY GRIFFIN CAN TALK ABOUT
THE AI MODELS AND WHAT IS HAPPENING WITH THE FTC. FIRST TO BEHEMOTH. HOW IMPORTANT IS IT THAT THEY CANNOT MAKE SIGNIFICANT INCREMENTAL IMPROVEMENTS ON THE OVERALL MODEL? RILEY: THIS IS THEIR BIGGEST MODEL, ONE THAT THEY HAVE POINTED TO AS A LANDMARK, SAID IT BETTER THAN CHATGPT'S COMPARABLE MODEL. THEY HAVE TALKED A BIG GAME ABOUT BEHEMOTH. THE DELAYS ARE INTERESTING. THEY WERE SUPPOSED TO RELEASE THE MODEL IN APRIL, ACCORDING TO OUR COLLEAGUES AT THE WALL STREET JOURNAL. NOW IT LOOKS LIKE IT WILL BE DELAYED TO THE FALL.
THE POINT WE NEED TO TAKE IS THAT EACH INCREMENTAL DEVELOPMENT WILL BECOME INCREASINGLY HARDER TO ACHIEVE. SOME OF THE BIG ADVANCES THAT WE SOUGHT EARLY ON IN 2022-2023, IT IS BECOMING HARDER TO ADVANCE THESE MODELS IN WAYS THAT ARE WORTH THE RELEASE OF A MILESTONE. ED: DIFFICULT UNDERTAKING, BUT DID THE REPORT SPECIFICALLY SAY WHY IT IS DELAYED, OR WHO MADE THE CALL?? RILEY: INTERNALLY, SENIOR EXECUTIVES AT THE COMPANY ARE DISAPPOINTED WITH THE TEAM AND THE MILESTONES THEY ARE REACHING SO FAR. HE DIDN'T EXPLAIN WHY IT WAS BEING DELAYED. WE WILL HAVE TO KEEP WATCHING
THE STORY UNFOLD. META AT THIS TIME IS NOT COMMENTING. CAROLINE: INTERESTING THAT ALL OF THIS COMES AT A TIME WITH META, NOT ONLY ARE THEY TRYING TO PUSH THE ENVELOPE WITH GENERATIVE AI, UNDER A LOT OF STRESS IN THE COURTS TO SAY, INSTAGRAM, WHATSAPP ARE NOT MONOPOLISTIC. THERE ARE SO MANY OTHERS COMPUTING BUT THE FTC THINKS IT IS LIMITED TO SNAP. RILEY: NO DOUBT. AI IS NOT JUST A STORY ABOUT THE CHATBOTS AND MODELS BUT HOW THEY'RE INTEGRATED INTO THE APPLICATIONS THEMSELVES. THE FUTURE OF INSTAGRAM, WHATSAPP HAS A LOT TO DO WITH THE CAPABILITIES HERE. ED: RILEY GRIFFIN, THANK YOU.
MICROSOFT'S COPILOT AI IS GAINING TRACTION AMONG ITS CUSTOMERS, BUT THE COMPANY'S RELATIONSHIP WITH OPENAI COULD COMPLICATE THINGS FOR CEO'S SATYA NADELLA. IT IS THE SUBJECT OF TODAY'S BIG TAKE. IN PART, THIS IS INFORMED WITH TIME THAT YOU SPENT WITH SATYA NADELLA. THE COPILOT LAUNCH WAS NOT GREAT. THEY WANTED TO PUT TIME INTO IT, THEY HAVE TO MANAGE THEIR RELATIONSHIP WITH OPENAI WHICH HAS A COMPETING SET OF PRODUCTS AND OFFERINGS. >> CORRECT. I WOULD TURN TO YOUR VIEWERS
AND ASK, HAVE YOU USED COPILOT OR ARE USING CHATGPT OR EVEN PAYING FOR CHATGPT SUBSCRIPTION? THAT IS THE CHALLENGE FOR MICROSOFT RIGHT NOW. OPENAI WAS THANKED -- SUCCESSFUL THANKS TO MICROSOFT'S INVESTMENT OVER THE YEAR, ALL THE MONEY IT POURED INTO GP USE, DATA CENTERS TO HELP WITH THAT PROCESSING. THE ISSUE IS, THAT GAVE OPENAI A HEAD START AND MICROSOFT HAS HAD TO PLAY CATCH UP ON ITS OWN OFFERINGS LIKE COPILOT. IT HAS BEEN A CHALLENGE FOR MICROSOFT TO SHOW WHY IT IS DIFFERENT. PEOPLE SAW IT JUST AS A KNOCKOFF OF CHATGPT WITH A DIFFERENT BRAND NAME BECAUSE IT WAS STILL TAPPING INTO THE OPENAI MODELS. THAT IS WHAT HE IS DOING NOW, TRYING TO DIFFERENTIATE THEIR PRODUCTS THROUGH MICROSOFT SOFTWARE. CAROLINE: YOU INTRODUCED US TO A NEW
EXECUTIVE THAT OTHERS MAY NOT HAVE HEARD OF. LEADING THE CHARGE FROM THE COMPANY'S AI PLATFORM PERSPECTIVE. WHAT DOES SHE BRING? AUSTIN: WHAT IS FASCINATING, SHE IS BUILDING UP A PRODUCT CALLED AZURE FOUNDRY MARKETPLACE. A LOT OF PEOPLE HAVE THIS GRAND MISUNDERSTANDING ABOUT MICROSOFT, THAT IT IS REALLY WEDDED TO OPENAI, WHEN THE MARKETPLACE OFFERS ABOUT 19 DIFFERENT MODELS, INCLUDING THIRD-PARTY ONES, LIKE META.
MICROSOFT AND SATYA NADELLA ARE HEDGING THEIR BETS ON OPENAI. YOU CAN RENT MODELS THROUGH AZURE AI FOUNDRY, BUT YOU CAN GET ACCESS TO OTHERS, AND RECENTLY DEEPSEEK MODELS ADDED TO THE PLATFORM. CAROLINE: DON'T GET IT ON BUSINESSWEEK. MEANWHILE, COMING UP, ADDING NEW EXPERIENCES AND SERVICES WITH AIRBNB. ♪ >> WELCOME BACK TO BLOOMBERG TECHNOLOGY. I AM CAROLINE HYDE. >> AND I AM ED LUDLOW. TECH IS TAKING A TIMEOUT. WE ARE FLAT ON THE NASDAQ 100. IT'S BEEN A STRONG GAIN ON A
WEEKLY BASIS. WE ARE UP 6% ON THE NASDAQ 100. TECHNOLOGY COMPANIES HAVE BEEN THE BENEFICIARIES OF TRUMP'S VISIT TO THE MIDDLE EAST. NVIDIA, DELL, AMAZON FOR EXAMPLE. THE STORY THIS FRIDAY, WE WILL GET TO IT LATER IN THE PROGRAM. THE GAUGE OF U.S. CONSUMER SENTIMENT WAS WORRYING FOR THE MARKETS. AGAIN, FROM A HEADLINE PERSPECTIVE, THERE HAS BEEN A FIRE HOSE MONDAY THROUGH THURSDAY AND IN THE WORLD OF TECH, WE ARE TAKING A TIMEOUT. CAROLINE: WE ARE, INDEED.
MAYBE A PAUSE. THERE IS NO PAUSE IN TERMS OF DEALMAKING. LET'S GO TO FOOD DELIVERY COMPANIES. THEY HAVE BEEN HUNGRY FOR CONSOLIDATION. THIS INCLUDES PROCESS, WHICH ANNOUNCED -- THIS NEW STRATEGIC PARTNERSHIP WITH I FOOD.
FABRIZIO IS WITH US. YOU HAVE SUCH A GLOBAL COMPANY. YOU'VE BEEN DEEMED BRAZIL'S MAN OF THE YEAR SO YOUR VOICE IS A LITTLE HORSE. CONGRATS. >> GOOD TO BE HERE WITH YOU AGAIN. CAROLINE: CONGRATS ON ALL OF THIS DEALMAKING.
I AM INTERESTED, LET'S GO TO THE STRATEGIC PARTNERSHIP WITH UBER IN BRAZIL. WHY DECIDE THAT IS A PARTNERSHIP AND THAT IS NOT M&A TO ADD ONTO TO DELIVERY SERVICES? >> WE ANNOUNCED TWO MONTHS AGO A $4.5 BILLION ACQUISITION. IN AMERICA, IT'S IMPORTANT. WE HAVE NOT ONLY I FOOD BUT OUR
EVENT BUSINESS. OUR TRAVEL TRANSACTION WAS APPROVED TODAY. WE BOUGHT THIS. WHAT WE DID WAS A STRATEGIC PARTNERSHIP. UBER DEAL DID NOT HAVE THE FOOD DELIVERY. NOW OVER WILL HAVE IFOOD INSIDE OF UBER.
WE THINK WE CAN SERVE MUCH BETTER OUR CUSTOMERS, NOT ONLY OUR CUSTOMERS BUT UBER CONSUMERS WORKING TOGETHER. IT'S A PARTNERSHIP AND WE ARE EXCITED ABOUT THAT. ED: LET'S TALK ABOUT THE MECHANICS OF THE DEAL. YOU ARE A DEALMAKER. WHAT'S IT LIKE DOING BUSINESS
IN THAT REGION AND, FOR THE BASICS OF THE AUDIENCE, YOU ARE GOING TO GET THAT DEAL CLOSED AND DONE, RIGHT? >> A FEW HOURS AGO, WE GOT OUR ONLINE TRAVELING. WE ARE EXCITED ABOUT THAT. THE UBER DEAL IS A COMMERCIAL PARTNERSHIP. WE WILL OFFER IT TO OUR CUSTOMERS WHO HAVE ACCESS TO. AND THEIR CUSTOMERS ACCESS TO IFOOD .
WE CAN MOVE FAST AND OFFER BETTER SERVICE TO OUR CUSTOMERS. THAT IS THE IDEA. CAROLINE: I WILL JUMP IN NOW. WHAT IS INTERESTING IS HOW YOU ALIGN DATA SHARING WITH HOOVER. HOW YOU DECIDE WHAT REVENUE EACH -- WITH HOOVER. -- WITH UBER.
>> THIS SPECIFICALLY IS ABOUT OFFERING MORE SERVICES TO OUR CUSTOMERS. WE ARE NOT SHARING REVENUE. UBER KEEPS THE RIDE-HAILING REVENUE. FOR ALL CUSTOMERS IN BRAZIL, FOOD DELIVERY AND RIDE-HAILING TOGETHER. THAT'S THE GOAL. I TALKED A LOT ABOUT AI. I JUST RELEASED A LETTER THIS WEEK, TALKING ABOUT WE ARE DOING SUPER WELL. WE ARE DOING A LOT. WE ARE MORE THAN 10% BETTER THAN THE FORECAST I GAVE. BESIDES THAT, I AM MORE EXCITED ABOUT HOW FAST WE ARE MOVING IN AI.
WE HAVE A BIG AI MODEL. TO BETTER SERVE OUR CUSTOMERS. WE ARE INNOVATING OUR LOTS. TO REALLY MAKE A STEP FORWARD IN HOW AI CONV ADVANCES MONEY AND COMMERCE. WE ARE STARTING TO YIELD THE RESULTS OF THAT. CAROLINE: WHAT YOU CALL YOURSELF IS LIFESTYLE E-COMMERCE.
WE HAVE THE FOOD DELIVERY AND THE MOBILITY SIDE AND THE TRAVEL. WHAT ELSE COMES WITH THAT? >> EVENTS, PAYMENTS. I THINK THAT IS GOOD ENOUGH FOR NOW. AS YOU CAN SEE, FOOD DELIVERY IS VERY IMPORTANT. IT IS A HIGH-FREQUENCY BUSINESS. PEOPLE SOMETIMES BY 5, 10, 20 TIMES PER WEEK. IT IS PAYMENTS AND TRAVEL. AND EVENS. -- EVENTS.
YOU HAVE ALL OF THESE BUSINESSES AND OFFERS WORKING TOGETHER IN LATIN AMERICA. WE HAVE EGYPT. AND URBAN COMPANIES, OTHER INDUSTRIES ARE DOING THE SAME APPROACH IN EGYPT. OUR THIRD, I'M EXCITED ABOUT THE FOCUS IN EUROPE. I THINK EUROPE LEADS BIG TECH IN EUROPE. LAST TIME, WE HAD $18 MILLION TO INVEST AS I TOLD YOU.
AS SOON AS OUR DEAL IS APPROVED ON THE WE ARE WAITING FOR EUROPE TO APPROVE THAT. WE ARE WAITING TO INVEST 10 TIMES MORE IN AI IN EUROPE. ED: YOU TOOK US AROUND THE WORLD ON A JET PLANE. BUT WITH THE JUST EAT DEAL, THERE IS A SHAREHOLDER COMPLAINT, RIGHT? THEY THINK 20 EUROS AND $.30 IS
LESS THAN HALF WHAT YOU SHOULD BE PAYING. WHAT'S THE LATEST ON THAT? DO YOU SEE IT CHANGING? >> WE ARE CONFIDENT THIS IS A GOOD OFFER FOR BOTH SIDES. WE ARE PAYING AROUND 50%, 55 PERCENT TO 60% PREMIUM. WE ARE CONFIDENT IT IS A GREAT OFFER.
WE HAVE VERY GOOD RECEPTION FOR MOST OF THE SHAREHOLDERS. WE HAVE A STRONG EXPECTATION TO CLOSE THE OFFER AND WE THINK IT IS AN AMAZING OFFER TO THE SHAREHOLDERS. ED: ONE OF THE REGION IS NEXT? WATCH COUNTRY -- WHICH COUNTRY WILL YOU SURPRISE US WITH YOUR NEXT DEAL? >> LATIN AMERICA, EGYPT AND EUROPE. ED: GREAT TO HAVE YOU BACK ON THE SHOW. THANK YOU VERY MUCH. COMING UP, A CONVERSATION WITH AIRBNB'S CEO, BRIAN CHESKY.
THAT INTERVIEW IS NEXT. THIS IS BLOOMBERG TECHNOLOGY. ♪ ED: THIS IS BLOOMBERG TECHNOLOGY AND YOU ARE LOOKING AT A LIVE SHOT OF THE PRINCIPAL ROOM. CHECK OUT THE TECHNOLOGY PODCAST ON APPLE, SPOTIFY AND I HEART -- IHEART. CAROLINE: AIRBNB IS OUT WITH A REDESIGN APP THAT PUTS AN EMPHASIS ON SERVICES AND ONE-OF-A-KIND EXPERIENCES. LET'S GET THROUGH ALL OF THAT WITH AIRBNB PLANS.
WE ARE JOINED BY BRIAN CHESKY. WELCOME. AIRBNB, MORE THAN A HOME. YOU WANT TO BE IN AIRBNB FOR THE WORLD. AND FOR SERVICES. TELL US THE REVENUE DRIVERS.
WHY IS MORE EXPERIENCES AND MORE SERVICES GOING TO LEAD TO A BIGGER BUSINESS AND OPPORTUNITY? BRIAN: AS BIG AS AIRBNB IS, WE DO $90 BILLION A YEAR IN BOOKINGS. THERE IS SO MUCH GREATER OPPORTUNITY FOR PEOPLE TO MONETIZE THE BIGGEST ASSET OF THEIR LIFE. IT'S NOT THEIR HOME, IT IS THEIR TIME. WHAT IF ALL OF THE PEOPLE'S SKILLS, PASSION AND EXPERTISE COULD BE MONETIZED READ A HUGE PERCENTAGE OF JOBS IN -- MONETIZED. A HUGE PERCENTAGE OF JOBS IN
THE UNITED STATES AND AROUND THE WORLD -- IT'S IN EVERYTHING IN A CARDBOARD BOX STORE. THERE IS THIS WHOLE OTHER WORLD. IT REQUIRES TRUST AND TWO PEOPLE TO HAVE AN EXCHANGE BETWEEN ONE ANOTHER. WHAT WE BUILT IS AN EXTENSIBLE PLATFORM THAT'S NOT LIMITED TO HOMES. CAROLINE:
THE CHEFS AND MASSAGES AND OTHER KEY SERVICES YOU ARE OFFERING HAVE TO BE VETTED. THAT'S WHEN YOU GET TO SCALE. HOW ARE YOU GOING TO SCALE THAT IF YOU ARE DOING IT ON A PERSON-TO-PERSON BASIS? BRIAN: A LOT OF WHAT WE DO AND A LOT OF WHAT TECHNOLOGY DOES IS YOU START THINGS BY HAND, LEARN THE RULES AND TRAIN THE TECHNOLOGY. THE TECHNOLOGY TAKES OVER AND DOES IT OR AUGMENTS THE PEOPLE. THAT'S WHAT IT WAS LIKE HERE. WE STARTED VERY MUCH BY HAND AND BUILT TOOLS TO AUTOMATE THE TASKS THAT PEOPLE ARE DOING. ED: I STARTED USING AIRBNB IN THE U.K. AROUND 2010-2011 WHEN I WENT TO COLLEGE, RIGHT. THAT WAS BEFORE UBER LAUNCHED
IN THE U.K.. I THINK ABOUT THE DEVELOPMENT OF PLATFORMS AND TECHNOLOGIES LIKE YOURS, THE ONE POINT OF DIFFERENCE THAT AN AIRBNB HAS VERSUS AN UBER IS YOU DON'T YET HAVE ADVERTISING. WHEREAS YOU LOOK AT UBER'S AD GROWTH, ON THE INVESTMENT SIDE, THAT'S A BIG THING. HOW DO YOU THINK ABOUT THAT? BRIAN: I THINK IT'S A HUGE OPPORTUNITY. ONE OF THE FRAMEWORKS ON HOW TO INVEST AS YOU WANT TO INVEST IN THE MOST PERISHABLE OPPORTUNITIES FIRST. WE THINK
IT PERISHABLE OPPORTUNITY IS LAUNCHING SERVICES AND EXPERIENCES WHERE THE TIMING IS RIGHT. WE THINK ADVERTISING IS A HUGE OPPORTUNITY FOR US. IT IS AN INEVITABLE OPPORTUNITY FOR US BUT WE DON'T THINK IT IS THE MOST POTENTIAL OPPORTUNITY. IT HAS NOT BEEN SOMETHING WE
PRIORITIZE. WE THINK IT IS GOOD TO -- I THINK IT IS GOOD TO EXTEND SERVICES FROM HOMES TO BUSINESSES AND BEYOND. ED: I WOULD BE GRATEFUL TO HEAR HOW YOU THINK IT WOULD DRIVE LONG-TERM GROWTH. FROM THE STREETS PERSPECTIVE,
THAT'S MORE ABOUT REVENUE GROWTH OR PROFIT. BUT MAYBE SCALE OF THE PLATFORM AS WELL. BRIAN: THERE'S THREE THINGS. NUMBER ONE, THERE IS A WHOLE BUNCH OF PEOPLE WHO DON'T BOOK AIRBNB'S BECAUSE THEY DON'T COME WITH SERVICES. THEY GO TO HOTELS. WHAT IF THEY CAN GET THE SERVICES OF A HOTEL AND MORE IN AN AIRBNB.
THAT'S ONE WAY WE CAN GET A LOT MORE CUSTOMERS. THE SECOND WAY IS A LOT OF PEOPLE USE AIRBNB BUT ONLY BOOK ONE THING IN A RESERVATION, A HOME. THE THIRD AND THE LONGEST TRAIL OF OPPORTUNITY IS LOCAL DEMAND. WE THINK A LOT OF THE SERVICES AND EXPENSES THAT WE ARE INITIALLY BUILDING OUT FOR TRAVEL CONSUMERS ARE GOING TO BE THINGS THAT THEY WILL WANT TO BOOK IN THEIR OWN CITY.
THAT IS A SIGNIFICANTLY GREATER MARKET. THERE ARE THREE TYPES OF HORIZONS. CAROLINE: COSPLAYING WITH MEGAN THEE STALLION. HOW DID YOU GET THESE ONE-OF-A-KIND EXPENSES? IS IT MAKING PHONE CALLS? BRIAN: A YEAR AGO, WE LAUNCHED ICONS, EXTRAORDINARY EXPERIENCES HOSTED BY THE BIGGEST NAMES IN CULTURE. WE MADE THE OF HOUSE FLOW IN THE SKY AND DID THE SCHOOL EXPERIENCE IS.
THEN WE START THINKING HOW DO WE BRING THAT MAGIC TO EXPERIENCES? WE HAVE THESE INTERESTING CELEBRITIES AND GLOBAL ICONS. WHEN THEY HEARD ABOUT WHAT WE WERE DOING, THEY REACHED OUT TO US. A LOT OF THESE GLOBAL CELEBRITIES WANT TO CONNECT WITH THEIR FANS DIRECTLY GREAT THEY DON'T WANT TO HAVE A PARA-SOCIAL RELATIONSHIP ON SOCIAL MEDIA. THE MORE WE TALK ABOUT AI, THE MORE WE START TO REALIZE THAT WE ARE ACCELERATING OUR LIFE, LIVING IN A DIGITAL ROUND. -- REALM.
WE WANT TO GET PEOPLE OFF DEVICES AND INTO THE REAL WORLD AS A BALANCE. THAT CAN BE AN EXCITING PROPOSITION FOR THE FUTURE. CAROLINE: THIS SHOW HAS BEEN TALKING ABOUT AI RELENTLESSLY FOR THE LAST THREE YEARS. WE TOOK A PAUSE TO TALK ABOUT TARIFFS AND THE ECONOMY REALLY LOOSELY.
YOU SAID NOW IS THE PERFECT MOMENT TO BE LAUNCHING THE SERVICES AND EXPERIENCES. WHY, IN THIS ENVIRONMENT WHERE YOU SAW CONSUMER SENTIMENT IS WOEFULLY LOW? BRIAN: NUMBER ONE, WE REPORTED REALLY GOOD GROWTH WITHIN TRAVEL. I THINK PEOPLE ARE STILL TRAVELING. I THINK WHEN THE CONSUMER SETTLEMENT IS UNSTEADY, THEY STILL WANT TO TRAVEL BUT THEY WANT TO FIND MORE AFFORDABLE OPTIONS. AIRBNB IS A GREAT WAY TO DO THAT. JAN THAT, THIS IS A LONG-TERM BET WE ARE MAKING OVER THE NEXT FIVE YEARS.
-- BEYOND THAT, THIS IS A LONG-TERM BET THAT WE ARE MAKING OVER THE NEXT FIVE YEARS. AIRBNB STARTED DURING THE GREAT RECESSION OF 2008. I THINK A LOT OF THE GREAT BUSINESSES ARE STARTING DURING A WEEKEND ECONOMY. -- WEAKENED ECONOMY. ED: -- HOW IS THAT GOING TO HELP AIRBNB NAVIGATE THE WORLD IT IS IN RIGHT NOW? BRIAN: FOUNDER MODE IS RUNNING A LARGE COMPANY WITH A HANDS-ON APPROACH WHERE YOU ARE IN THE DETAILS.
YOU ARE LEADERS IN THE DETAILS. AND, EVERYONE IS ROWING IN THE SAME DIRECTION, LIKE A STARTUP. I THINK THOSE PRINCIPLES ARE MORE IMPORTANT NOW THAN EVER WITH THIS NEW TECHNOLOGICAL REVOLUTION THAT IS IN FRONT OF US. YOU NEED PEOPLE THAT ARE ABLE TO BASICALLY HAVE THEIR HANDS ON THE STEERING WHEEL AND NOT BE, YOU KNOW, LIKE A SELF-DRIVING CAR, WHICH IS HOW MANAGERS TYPICALLY RUN THINGS.
I THINK THIS IS THE PERFECT TIME TO LEAN INTO THE FUTURE AND PUT THE PEDAL TO THE METAL AND PUT YOUR HAND ON THE STEERING WHEEL AND DRIVE TRANSFORMATION. I THINK A LOT OF THE GREAT COMPANIES IN HISTORY HAVE BEEN LED THAT WAY. ED: WITH THAT IN MIND, AIRBNB AND THE TECHNOLOGY COMPANY, WHAT IS ITS CORE COMPETENCY? WHAT ARE YOUR PEOPLE REALLY GOOD AT THAT OTHER COMPANIES ARE NOT? BRIAN: I THINK A FEW THINGS. PROBABLY A FEW BUT I WILL HIGHLIGHT TWO RIGHT NOW. THE FIRST IS OUR APPLICATION. WE HAVE ONE OF THE MOST BEAUTIFULLY WELL DESIGNED AND BUILT APPS IN THE WORLD. IT IS INCREDIBLY INTUITIVE. WE HAVE ONE OF THE BEST DESIGN TEAMS IN THE WORLD.
WE HAVE REALLY GREAT APPLICATIONS. TAKE AI, THERE'S A LOT OF DEVELOPMENT ON THE LARGE LANGUAGE MODEL LATER. THE APPLICATIONS HAVEN'T SEEN A LOT OF DEVELOPMENT.
IF YOU PICK UP YOUR PHONE, ALMOST EVERY APP LOOKS LIKE IT DID BEFORE GENERATIVE AI CAME ON THE SCENE. THAT'S THE FIRST THING. THE SECOND IS PROBABLY MORE IMPORTANT, THE OFF-LINE WORLD. WE ARE REALLY GOOD AT BUILDING APPS BY THINK WE ARE BETTER AT DESIGNING A SYSTEM OF TRUST BETWEEN TWO STRANGERS TO LIVE TOGETHER.
NEARLY 4 MILLION PEOPLE A DAY LIVE TOGETHER IN AN AIRBNB IN NEARLY EVERY COUNTRY OF THE WORLD. YOU THINK ABOUT ALL THE WAYS THAT WE KEEP PEOPLE SAFE, MATCH SUPPLY AND DEMAND, FACILITATE MONEY. MAKE SURE THEY ARE HAVING GREAT EXPERIENCES. THERE IS SO MUCH MORE FOR THE OFF-LINE WORLD -- TO THE OFF-LINE WORLD OF AIRBNB. THE APP IS JUST SCRATCHING THE SURFACE OF OUR COMMITTEE. CAROLINE:
I LOVE THAT YOU ARE TALKING ONLINE AND OFF-LINE. THE AI FOCUS HAS TO BE UNWOUND A LITTLE BIT. YOU ARE BRINGING AI TO CUSTOMER SERVICE. HOW IS THAT GOING AND HOW MUCH DO YOU HAVE TO RELY ON PEOPLE? BRIAN: WE STILL HAVE TO RELY A LOT ON PEOPLE. IT'S GOING INCREDIBLY WELL.
WE LAUNCHED A CUSTOMER SERVICE AGENT IN THE UNITED STATES. FOR NOW, IF YOU NEED HELP, YOU CAN REACH OUT TO NAI CUSTOMER SERVICE AGENT. IT IS -- AN AI CUSTOMER SERVICE AGENT. IT IS FRONTLINE. I THINK THE KEY LESSON HERE IS YOU DON'T WANT TO RUSH INTO A TREND. I THINK PEOPLE GOT EXCITED ABOUT AI AND THOUGHT IT IS THE FUTURE AND WILL DO ALL OF THESE TASKS IN THE FUTURE. ALL OF THAT IS TRUE. BUT YOU CAN'T SKIP STEPS. PEOPLE WANT THINGS TO WORK.
WE DIDN'T WANT TO BE AN AI LAB. WE WANT TO BE SOMETHING PEOPLE TRUST. WE WERE CAREFUL ABOUT SOLVING REAL PROBLEMS RESPONSIBLY. ED: AIRBNB CEO AND COFOUNDER, BRIAN
CHESKY. IT'S GREAT TO HAVE YOU BACK ON BLOOMBERG TECHNOLOGY. BRIAN: THANK YOU VERY MUCH. ED: COMING UP. FROM BANANA PUDDING TO THE TRADE WAR TO TECH BILLIONAIRES IN D.C. BLOOMBERG'S FORECAST WILL BREAK DOWN THE BUSINESS VIEWS IMPACTING OUR LIVES. THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: A NEW WEEKLY PODCAST LAUNCHES TODAY. THE HOSTS JOIN US NOW.
HOW WILL YOU SET YOURSELF DIFFERENTLY FROM ALL OF THE OTHER BUSINESS CONVERSATIONS? >> THERE IS SO MUCH GOING ON IN THE ECONOMY RIGHT NOW. TARIFF NEWS, CHANGING EVERYDAY. AI, WE HEARD THAT IN THE LAST CONVERSATION. ALL OF THIS STUFF AFFECTS THE MARKETS. IT AFFECTS BUSINESSES AND THE DECISIONS THEY MAKE. IT ALSO AFFECTS THE REAL DECISIONS REGULAR PEOPLE MAKE. THAT'S THE CONNECTION WE ARE
TRYING TO MAKE. WE ARE TRYING TO BRING SMART ANALYSIS AND BASICALLY HELP PEOPLE FIGURE OUT WHAT TO DO WITH THEIR MONEY AND FIGURE OUT WHAT DECISIONS TO MAKE AND FIGURE OUT HOW TO MAKE SENSE OF THE WORLD. ED: AS A JOURNALIST COVERING TECHNOLOGY, SOMETIMES THE WRITTEN WORD IS NOT ENOUGH. THAT'S NO MORE TRUE THAN WHEN I'M CONFRONTED WITH THE TRANSATLANTIC ISSUE OF BANANA PUDDING. PLEASE EXPLAIN THE DETAILED TO
THE AUDIENCE HOW THIS PODCAST WILL CRACK THAT ISSUE. >> CRACK MIGHT BE THE KEY WORD. OBVIOUSLY, INFLATION HAS BEEN A HUGE ISSUE, ALL OVER THE WORLD IN THE U.S. AND IN THE U.K.
AS WELL. EGGS ARE A BIG CONCERN IN THE U.S.. THE PRICE OF EGGS WERE DOWN A LITTLE BIT.
WE HAD SOME PRETTY GOOD INFLATION NEWS THIS WEEK. A LOT GOES INTO A BANANA PUDDING. THERE IS LABOR. THERE IS OVERHEAD. IF YOU ARE A BUSINESS MAKING BANANA PUDDING, YOU'RE DEALING WITH THE ECONOMIC FORCES THAT ARE AFFECTING US ALL EVERY DAY. I THINK THAT IS THE KIND OF
THING WE WILL BE LOOKING INTO THROUGH THE LENS OF BANANA PUDDING. I THINK YOU CAN SEE THE WHOLE ECONOMY, I WOULD ARGUE. >> A LENS. A BEAUTIFUL, DELICIOUS LENS INTO THE ECONOMY.
NEW YORK, WE ARE WORRIED ABOUT THE NJ TRANSIT. I'M MORE INTERESTED IN HOW SPORTS WILL FALL INTO THIS. >> WE HAD A GREAT EPISODE THAT HIT TODAY WITH RANDALL WILLIAMS, A BLOOMBERG SPORTS REPORTER AND BUSINESSWEEK CAN TRIGGER. IT'S ABOUT THE RISING VALUATIONS OF TEAMS -- CONTRIBUTOR READ IT'S ABOUT THE RISING VALUATIONS OF TEAMS. WE ARE GETTING A NEW BREED OF SPORTS OWNERS.
THE PROTOTYPICAL RICH GUY WHO WAS INTO THE TEAM IS BEING REPLACED BY PRIVATE EQUITY GUYS. WHICH I THINK IS EXCITING IF YOU OWN A SPORTS TEAM AND YOU WANT TO MAKE MORE MONEY. BUT FROM THE FANS POINT OF VIEW, IT COULD BE KIND OF TROUBLING. PRIVATE EQUITY HAS A SOMEWHAT CHECKERED REPUTATION WHEN IT COMES TO COMING INTO BUSINESSES.
ED: THE NEW PODCAST, EVERYBODY'S BUSINESS, IS OUT TODAY. CHECK IT OUT. CAROLINE, THAT DOES IT FOR THIS EDITION OF TELEVISION SHOW, "BLOOMBERG TECHNOLOGY." CAROLINE: WE ALSO HAVE A PODCAST. YOU CAN
FIND IT ON THE TERMINAL AS WELL AS APPLE, SPOTIFY AND IHEART. THEY DISCUSS THE THINGS LIKE THE IMPACT OF INFLATION AND THE NEED TO GET OUR FOOD DELIVERED. FROM NEW YORK AND SAN FRANCISCO. THIS IS "BLOOMBERG TECHNOLOGY."
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