Zuck Warns Meta Employees | Bloomberg Technology 09/29/2022
ANNOUNCER: FROM THE HEART OF WHERE INNOVATION, MONEY AND POWER COLLIDE FROM SILICON VALLEY AND BEYOND, THIS IS BLOOMBERG TECHNOLOGY EMILY CHANG. ♪ >> THIS IS BLOOMBERG TECHNOLOGY. IN THE NEXT HOUR, MARK ZUCKERBERG WARRANTS META EMPLOYEES THAT RESTRUCTURING IS ON THE HORIZON. THE COMPANY IMPLEMENTING A HIRING FREEZE AND WILL SHRINK TEAMS TO SHIFT ENERGY TO OTHER AREAS. WE WILL SHARE MORE OF THE TRANSCRIPT OBTAINED BY
BLOOMBERG. APPLE GETS DOWNGRADED FOLLOWING BLOOMBERG'S REPORT ABOUT IPHONE PRODUCTION. NOW WE ARE LEARNING OF A HIGH-PROFILE EXECUTIVE LEAVING THE COMPANY AFTER A CRUDE TIKTOK WENT VIRAL.
THE S&P 500 DROPS TO A 22 MONTH LOW AS THE FED HOCKS CIRCLE. STRAIGHT TO THE MARKETS WITH KATIE GREIFELD. KATIE: IT WAS A CELL OR RIB KIND OF DAY. THE RALLY WE SAW YESTERDAY? FORGET ABOUT IT. S&P 500 DOWN BY MORE THAN 2%.
A CASCADE OF BAD NEWS. NASDAQ OFF BY EVEN MORE. YOUR BIG UNDERPERFORMER WAS PHILADELPHIA SEMICONDUCTOR'S, ALL 3.3%. ALL OF US COMING AGAINST A BACKDROP OF HIGHER TREASURY YIELDS. APPLE FALLING AFTER ONE OF THE MOST SENIOR EXECUTIVES AT THE COMPANY LEFT AFTER THAT CRUDE TIKTOK.
THE BULK OF THOSE LOSSES CAME AFTER THAT. RARE DOWNGRADE FROM BANK OF AMERICA. NEWS FROM MICRON, EARNINGS AFTER THE BELL CAME IN WEAKER THAN EXPECTED. WE HAD A WEAK FORECAST. MICRON SAYING SALES WOULD BE $4.25
BILLION, UNDER EXPECTATIONS OF $6 BILLION. SHARES DROPPED 4%. YOU CAN SEE A LITTLE BIT OF A PUSH HIGHER AFTER HOURS. ED: I WANT TO STICK WITH THAT MICRON CONVERSATION AND BRING IN JOANNE FEENEY, ADVISEMENT CAPITAL MANAGEMENT MANAGER. MICRON SEEING FIRST QUARTER FISCAL ADJUSTED REVENUE, $4.5
BILLION. THE ESTIMATE WAS $6 BILLION. SOME COMMENTARY AROUND THE SLOWDOWN OF DEMAND AND SUPPLY CATCHING UP HIS ASTONISHING. WE ARE DOWN MORE CONSIDERABLY COMPARED TO LOSSES. WHAT IS YOUR READ ON WHAT WE ARE SEEING? >> IT IS CLEAR INVESTORS WERE EXPECTING A WEEK GUIDE FROM MICRON. THEY ARE REASSURED THAT MICRON
IS CUTTING BY 30%. THAT'S WHAT INVESTORS ARE LOOKING FOR. WE HAVE SUPPLIED FROM MEMORY MAKERS AND NOT ENOUGH DEMAND BECAUSE OF THE WEAKNESS. THEY EXPECT PC SHIPMENTS TO BE
DOWN 50%. THEY ARE TAKING STEPS, BUT THAT YOU IS CYCLICAL. ED: WE LOOK TO MICRON AS IF IT IS A CRYSTAL BALL.
WHAT IS THE STORY WHEN IT COMES TO CONSUMER ELECTRONICS? WHICH GEOGRAPHY ARE WE MOST CONCERNED ABOUT? >> WORLDWIDE SLOWDOWN IN CONSUMER DEMAND. MICRON IS GOING TO PICK THAT UP. WHAT IS HAPPENING BEYOND THE CONSUMER? WE STILL HAVE A LOT OF DATA POINTS, INDUSTRIAL REMAINS STRONG. -- WILL TAKE ANOTHER YEAR TO WORK THROUGH. TEXAS INSTRUMENTS ARE WELL-POSITIONED. WE HAVE HELD THEM FOR A LONG TIME. THE QUESTION PEOPLE ARE GOING
TO BE LOOKING FOR IS WHAT IS HAPPENING TO CLOUD AND DATA CENTERS. THERE'S CONCERN THAT FIRMS MIGHT SLOWDOWN INVESTMENTS. THE LONG-TERM FACTOR IN THAT WORLD IS THAT DATA USAGE ACROSS DEVICES IS GOING TO CONTINUE TO INCREASE. ULTIMATELY, COMPANIES THAT PLAY INTO THAT AREA, WHILE THEY MIGHT SUFFER A PAUSE ARE GOING TO BE WELL POSITIONED IN THE LONG A LOT OF THEM HAVE GOTTEN CHEAP. ED: HOW DID WE GET THIS SO WRONG? I REMEMBER TALKING TO YOU AND IAN KING ABOUT THE VISION FOR A MULTI-CORPORATE CYCLE THAT WOULD GO ON INDEFINITELY. THIS WOULD HAPPEN OUT OF THE
PANDEMIC, BUT THAT HAS NOT HAPPENED. >> I THINK WHAT WE GOT WRONG WAS THERE WAS SO MUCH SPENDING DURING THE PANDEMIC. IT CAME ON THE HEELS OF A STRONG PERIOD OF 2017-2019, UP UNTIL THE PANDEMIC.
THERE WERE SIGNS THAT -- WAS STARTING TO BUILD. IN THEN NEXT GOT DISRUPTED. SO NOW WE ARE STARTING TO SEE THAT PRICE COME OFF. LET'S NOT MISCONSTRUE THE IMPLICATIONS. CLOUD AND DATA REMAIN STRONG. THERE ARE CONCERNS ABOUT PAUL'S INSTALLATION. THAT ULTIMATELY DOES LOOK LIKE
A MARKET. YOU HAVE TO PICK AND CHOOSE SEMICONDUCTOR COMPANIES. ED: ANNE: I LOVE TALKING TO YOU BECAUSE YOU HAVE SPENT A LOT OF TIME LOOKING AT THE SEMICONDUCTOR INDUSTRY. YOU ARE AN EXPERT BUT ALSO LOOKING AT THE MARKETS MORE BROADLY. NASDAQ 500 DOWN SIGNIFICANTLY. WE ARE HEADING TOWARDS ANOTHER TOUGH WEEK IN GLOBAL EQUITY MARKETS WITH A FOCUS ON TECH WHAT IS TOP-OF-THE-LINE FOR INVESTORS? ARE WE STILL NOT CONVINCED BY THE DIRECTION OF TRAVEL FROM THE FED? EVERY CONCERNED ABOUT MOBILE SLOWDOWNS SPURRED BY INFLATION? WHAT'S THE STORY? JOANNE: THERE IS A REAL RISK FOR THE GLOBAL ECONOMY. THE WAR IN UKRAINE IS NOT
TRIVIAL. THERE COULD BE BIG RISKS FROM THAT. THE ENERGY SITUATION IS A CONCERN. THE AMOUNT THAT CENTRAL BANKS AROUND THE WORLD HAVE TO RAISE RATES IS A CONCERN AND WILL THAT LEAD TO RECESSION BROADLY. THE BROAD SLOWDOWN FOLKS ARE WORRIED ABOUT HAS YET TO RESOLVE ITSELF AS TO HOW DEEP AND LONG IT WILL BE.
INVESTORS ARE CONCERNED ABOUT HOW MUCH VOLATILITY THEY CAN STAND. ON A LONG ENOUGH HORIZON, YOU HAVE TO LOOK AT HISTORY AND REALIZE THE MARKETS THAT SELLOFF THE MOST TEND TO BE THE PERFORMERS. -- TENDS TO RECOVER BEFORE WE KNOW WE'VE HAD A RECESSION.
FOR A LONG ENOUGH TERM INVESTOR, 123 YEARS, THERE ARE GOOD OPPORTUNITIES, BUT ONE HAS TO BE ABLE TO STOMACH VOLATILITY WHICH DOES NOT LIKE IT IS GOING AWAY. ED: STOMACH VOLATILITY SHOULD BE MY DAILY -- DAILY JOB TITLE. META ANNOUNCED A HIRING FREEZE. META -- ED: KURT WAGNER BROKE THE STORY. SET THE SCENE FOR US. WHAT DID WE LEARN THURSDAY?
>> THIS WAS DURING A Q&A THAT HAPPENS WEEKLY BETWEEN ZUCKERBERG AND ALL EMPLOYEES THAT META. HE SAID, I PROMISE YOU I WOULD COME BACK WITH IDEAS ABOUT WHERE THE BUDGET IS HEADED FOR 2023. THE BIG NEWS, THERE IS GOING TO BE A HIRING FREEZE. IT SOUNDS LIKE MOST TEAMS WITHIN META ARE GOING TO SEE THEIR BUDGETS REDUCED NEXT YEAR. HOW EXACTLY THAT IS GOING TO PLAY OUT WITH EACH INDIVIDUAL TEAM IS GOING TO BE DIFFERENT.
IN SOME CASES WHEN SOMEONE LEAVES, THEY'RE JUST NOT GONNA FILL THE ROLE. SOME PEOPLE ARE GOING TO BE MOVING FROM TEAM TO TEAM. IN SOME CASES, THEY WILL BE KICKING OUT LOW PERFORMERS, WHICH IS A PRETTY DRASTIC AND WE HAVEN'T SEEN AT FACEBOOK EVER.
THIS FEELS LIKE A MOMENT, THIS COMPANY HAS BEEN GROWING AND EXPANDING FOR 18 YEARS, FINALLY HITTING AN ISSUE. ED: I WANT TO SHOW YOU SOME OF WHAT MARK ZUCKERBERG TOLD EMPLOYEES THURSDAY. THESE COMMENTS OBTAINED BY BLOOMBERG NEWS. THERE ARE A NUMBER OF WAYS TO
REDUCE THE SIZE OF A GROUP, SOME TEAMS WILL TRANSFER PEOPLE. A LOT OF TEAMS WILL CHOOSE NOT TO BACKFILL. ULTIMATELY, HE USED THE WORD SHRINK. THIS IS A COMPANY THAT
HISTORICALLY HAS NOT REDUCED HEADCOUNT, BUT WHAT IS THE REALITY OF WHAT WE ARE TALKING ABOUT? >> WE DIDN'T GET SPECIFIC NUMBERS. LAST WEEK, THE WALL STREET JOURNAL HAD A REPORT THAT META MIGHT CUT COSTS BY 10%. THAT WAS UNCLEAR. AS YOU POINT OUT, THIS IS NOT A COMPANY THAT IS HISTORICALLY EVER DONE THIS SORT OF THING. ANY IDEA OF SHRINKING THAT HEADCOUNT IS A HUGE DEAL. LAST QUARTER THEY ADDED ALMOST 6000 EMPLOYEES, RIGHT? THE IDEA THAT THEY'RE GOING AND THE OTHER DIRECTION IS PRETTY NOTABLE. ED: LET ME BRING IN MANDEEP SINGH.
THIS IS A COMPANY THAT FACED THE BOTTOM LINE AND THE TOP LINE. WHAT IS YOUR REACTION? >> WE KNOW EVERY COMPANY IN THE SPACE IS DOING -- WE HEARD THAT FROM ALPHABET AND SNAPCHAT. IT'S NOT A TOTAL SURPRISE THEY ANNOUNCED A HIRING FREEZE. THE PROBLEM IS WE DO NOT HAVE VISIBILITY AS TO WHEN THE TOP LINE GROWTH WILL REDUCE.
NOT ONLY BECAUSE ADVERTISING IS GOING THROUGH A DOWNTURN BUT ALSO THE CHALLENGES THAT ARE META SPECIFIC. THE PIVOT TO VIDEO SCUM THE APPLE CHANGES, THE LARGEST EXPLOITATIVE DIRECT RESPONSE. THE REALITY LABS LOSSES, THEY ARE REALLY HURTING. META FREE CASH RENT TO LESS THAN $10 BILLION THIS YEAR.
THAT IS HUGE. IF YOU ARE AN INVESTOR, YOU ARE THINKING, WHEN WILL THAT RETURN? I DO NOT THINK WE HAVE THAT VISIBILITY. ED: I PULLED UP META REALITY LABS. LAST QUARTER, SALES GREW TO 450 MILLION.
BUT THE LOSS WAS ALMOST 3 BILLION. THIS IS PART OF THEIR PIVOT TO THE METAVERSE. IS IT JUST THAT IT IS BECOMING TOO PAINFUL THEY COST? >> YOU HAVE TO ASK, WHAT ARE THEY SPENDING $3 BILLION A QUARTER ON? IS IT GOING ON PRODUCT? ADDING EMPLOYEES? THEY CLEARLY OVER HIRED OVER THE LAST TWO YEARS, BUT THE RECURRING LOSSES ARE MIND-BOGGLING. THE SCALE OF THE LOSSES. WHEN YOU COMPARE IT TO ALPHABET OR SNAPCHAT WHICH ARE INVESTING IN THE METAVERSE, [INDISCERNIBLE]-- THAT IS WHERE META HAS TO SHOW INVESTORS WHAT IT IS THEY ARE SPENDING ALL THIS MONEY ON. ED: WHAT DO WE KNOW ABOUT WHAT ZUCKERBERG HAD TO SAY AS THE REASON BEHIND THIS? WHY NOW? WHY ARE THEY DOING THIS? OR GOOD YOU POINTED TO THE MACROECONOMICS ENVIRONMENT.
THIS IS SOMETHING WE HAVE SEEN A LOT OF THESE TECH COMPANIES, ESPECIALLY ADVERTISING BASED TECH COMPANIES TALK ABOUT OVER THE LAST COUPLE OF QUARTERS. THERE IS INFLATION, THERE IS WAR IN EUROPE, YOU SEE ALL OF THESE THINGS COLLIDING AND OFTEN TIMES WHEN THERE IS A HINT OF A RECESSION, THE FIRST BUDGET THAT TENDS TO GO IS THE MARKETING BUDGET. WHEN YOU ARE MAKING MONEY FROM ADVERTISING, IT CAN BE CYCLICAL WITH -- THAT IS WHY WE SEE A SPIKE AT THE HOLIDAYS. SAME THING. WHEN THERE ARE REDUCTIONS IN
MARKET AND SPEND BECAUSE OF THINGS GOING ON, COMPANIES USUALLY FEEL IT FIRST. THAT HAS BEEN A LOT OF THE REASONING FOR WHY THEY ARE CUTTING BACK. ED: THERE IS ALSO THE OTHER STRATEGY TO GO -- VIDEO. IN A CROWDED FIELD WITH TIKTOK AND YOUTUBE, YOU AND I HAVE BEEN DISCUSSING HOW THE AD SIDE OF THAT BUSINESS IS TOUGH. WHY?
>> NOT ONLY HAVE YOU GOT TIKTOK, THERE IS NETFLIX, WHICH IS TRYING TO GET INTO ADS. AMAZON HAS BEEN DOING WELL. CLEARLY, THIS FIELD IS GETTING CROWDED. META'S PROBLEM IS NOT ONLY ARE THEY LOSING ENGAGEMENT, THE TIME SPENT ON META, INSTAGRAM AND FACEBOOK IS DECLINING. EVEN THOUGH THEIR DAILY ACTIVE USER GROWTH IS HOLDING OF, TIME SPENT IS DECLINING. ADD PRICING IS GOING DOWN. THAT IS A DOUBLE WHAMMY. THAT IS WHAT PIVOTING TO VIDEOS IS -- THE WRONG TIME BECAUSE THEY ARE BEHIND TIKTOK AND OTHER PLATFORMS AND IT IS GOING TO TAKE MORE TIME.
THEY DO NOT HAVE THE CREATIVE BASE TIKTOK AS. -- IS GOING TO EAT INTO THEIR GROWTH MARGINS. A LOT OF PROBLEMS IN TERMS OF MAKING THIS PIVOT NOW. THEY SHOULD HAVE DONE THAT BEFORE. ED: THE BATTLE FOR EYEBALLS CONTINUES. THANK YOU TO YOU BOTH. COMING UP, AN ALKYL -- APPLE
EXECUTIVE OUSTED. THIS IS BLOOMBERG. ♪'S ED: MORE BAD NEWS FOR APPLE. SHARES PLUNGED BY 6% THURSDAY, WIPING $120 BILLION FROM ITS MARKET VALUE BLOOMBERG HAS LEARNED ONE OF THE COMPANY'S SENIOR EXECUTIVES IS LEAVING AFTER A TIKTOK EMERGED OF HIM MAKING AN OFF-COLOR JOKE. MARK FURMAN IS HERE TO EXPLAIN. WHAT DID YOU LEARN? >> TODAY WE REPORTED TONY BLEVINS, APPLE'S LONGTIME VICE PRESIDENT OF PROCUREMENT, BEEN AT THE COMPANY 22 YEARS, HE IS LEAVING AFTER HE APPEARED IN A VIRAL VIDEO THAT AIRED EARLY THIS MONTH ON INSTAGRAM AND TIKTOK.
IN THE VIDEO, HE MADE CRUDE COMMENTS. THIS IS AN ACCOUNT BY A CREATOR NAMED DANIEL MACK. HE GOES UP TO PEOPLE AT CAR SHOWS IN BEVERLY HILLS AND ASKS IF THEY ARE DRIVING AN EXPENSIVE CAR BUT THEY DO FOR A LIVING. LEVIN'S RESPONSE WAS CLEARLY NOT IN LINE WITH WHAT APPLE FELT WAS ACCEPTABLE, LEADING TO HIS DEPARTURE. ED: SENIOR EXECUTIVE, HEAD OF PROCUREMENT FOR APPLE. THAT IS A MASSIVE ROLE.
WHAT DEALS HAS HE DONE FOR THE COMPANY? >> BLEVINS HAS BEEN HEAD OF PROCUREMENT FOR APPLE. HE DOES ALL OF THE SUPPLIER AND PARTNER AGREEMENTS FOR MANY APPLE PRODUCTS, PARTICULARLY THE IPHONE, IPAD AND OTHER DEVICES. THE GLOBALSTAR DEAL APPLE DID EARLIER THIS MONTH AS PART OF THE NEW SATELLITE EMERGENCY SOS FEATURE FOR THE IPHONE 14. THAT WAS OVERSEEN BY BLEVINS. BLEVINS TO THE COMPLEX NEGOTIATIONS RELATED TO APPLE SOURCING 5G QUALCOMM MODE LATEST IPHONE UNIT.
HE DID DEALS WITH ENTAIL. -- INTEL. ANY BIG SUPPLIER YOU HAVE HEARD OF, IT WAS HIS RESPONSIBILITY TO GET THOSE COMPONENTS AHEAD OF THE COMPETITION AND AT BETTER PRICES THAN THE COMPETITION, LEADING TO STRONG MARGINS. SOME PEOPLE IN THE COMPANY SAY HE IS IRREPLACEABLE, GIVEN HOW IMPORTANT HE WAS TO THE BOTTOM LINE. ED: WHAT WE KNOW ABOUT HOW PEOPLE -- HOW APPLE FELT ABOUT THIS INTERNALLY AND WHAT HAS THE RESPONSE BEEN TO OUR REPORTING? >> THE VIDEO WAS PUBLISHED ON TO TALK ON SEPTEMBER 5. AFTER THE VIDEO BECAME PUBLIC, WHICH BY THE WAY IT HAS WELL OVER ONE MILLION VIEWS, I WOULD QUANTIFY IT AS VIRAL.
PEOPLE WITHIN THE APPLE OPERATIONS AND ORGANIZATIONS REPORTED THE VIDEO TO HUMAN RESOURCES WHICH ENACTED AN INVESTIGATION. WE ARE TOLD THIS MONTH THAT JEFF WILLIAMS, APPLE'S CHIEF OPERATING OFFICER, MADE THE DECISION THAT BLEVINS WOULD BE LEAVING THE COMPANY. BLEVINS ISSUED A STATEMENT, WHICH IS IN OUR STORY, -- APOLOGY. I SPOKE TO APPLE AS WELL AND APPLE CONFIRMED BLEVINS WOULD BE LEAVING. ED: THOSE ARE THE LATEST DETAILS ON THAT REPORT. MARK GURMAN, THANK YOU. WE WILL BE RIGHT BACK.
THIS IS BLOOMBERG. ♪ ED: AMAZON BOOSTING PAY FOR HOURLY WORKERS IN THE U.S.. THE ONLINE RETAIL GIANT SAYS -- AVERAGE STARTING WAGE FOR EMPLOYEES IN WAREHOUSE AND TRANSPORTATION TO $19 AN HOUR. BLOOMBERG HAS LEARNED AMAZON WILL CLOSE ALL BUT ONE OF ITS U.S. CALL CENTERS AND SHIFT HUNDREDS OF OFFICE AND WAYS TO REMOTE WORK. THAT WOULD WOULD HEALTH -- THAT MOVE WOULD HELP SAVE MONEY ON REAL ESTATE. THERE ARE HEADWINDS THAT
ELIZABETH WARRENS OF MASSACHUSETTS SAYS SHE AND OTHER LAWMAKERS HAVE ASKED THE FTC TO REJECT AMAZON'S PROPOSAL TO BUY IROBOT. LAST WEEK, THE -- ASKED AMAZON AND IROBOT TO SEND ADDITIONAL INFORMATION ABOUT THE PROPOSAL. WEDNESDAY, AMAZON'S SENIOR VICE PRESIDENT AND ADVISOR TOLD ME HE FEELS CONFIDENT THE DEAL WILL GO THROUGH. SOFTBANK HAS BEGUN LAYING OFF EMPLOYEES AT ITS VISION FUND. SOURCES SAY SOFTBANK EXPENSE TO
CUT AT LEAST 30% OF ITS STAFF. THE LONDON-BASED VISIONS FUND UNIT HAD 500 EMPLOYEES AND RECENTLY POSTED A $23 BILLION LOSS WITH MOST OF THAT COMING FROM A PLUNGED IN VALUATIONS. PORSCHE CONFIDENT THAT DESPITE A LACKLUSTER IPO IN GERMANY THURSDAY, THEY JUST EKED OUT AGAIN TURNING ITS TRADING DEBUT WITH THE IPO VALUING THE COMPANY AT $73 BILLION. IT CFO TOLD BLOOMBERG THE COMPANY CAN BEAT ITS REVENUE TARGET FOR THIS YEAR DESPITE THE DEATH OF MACROECONOMIC SITUATION. THIS ON THAT CONVERSATION. >> [INDISCERNIBLE] -- PROUD AND I WOULD LIKE TO SAY THANK YOU TO OUR TEAM. [INDISCERNIBLE] >> I CAST MY ANXIETY TO 2018.
YOU CAME OUT AND SAID MAYBE WE SHOULD IPO WITH A MARKET CAP OF -- THERE WAS PUSHBACK INTERNALLY AND EXTERNALLY. DO YOU FEEL VINDICATED? >> ABSOLUTELY. THE TOP FIVE OVER FOUR YEARS. [INDISCERNIBLE] >> HOW ARE YOU GOING TO COOPERATE BETWEEN THE PARENT COMPANY VOLKSWAGEN AND PORSCHE? YOU HAVE MORE INDEPENDENCE NOW BUT HISTORICALLY THERE HAS BEEN TENSION BETWEEN THE BRAND SPIRIT HOW ARE YOU -- BRENT. >> [INDISCERNIBLE] THE PORSCHE BOARD WILL DECIDE IN THE FUTURE COMPLETELY INDEPENDENT FROM VW. IT IS A GREAT SITUATION FOR US.
[INDISCERNIBLE] WE HAVE THE POSSIBILITY IN THE FUTURE TO WORK TOGETHER WITH VW. [INDISCERNIBLE] -- WHEN IT COMES TO SHARING TECHNOLOGY. [INDISCERNIBLE] USING PRODUCTION CAPACITY LIKE THE CAYENNE. >> TALKING ABOUT PRODUCTION, YOU HAVE THE FACTORIES IN GERMANY AND YOU -- IN SLOVAKIA. WHERE DO YOU BUILD A FACTORY OF THE FUTURE? >> HOPEFULLY GERMANY. ED:
THAT WAS PORSCHE CFO. LAST YEAR, THE -- ELECTRIC PORSCHE OUTSOLD THE TRADITIONAL 9/11. WHAT IS ALSO INTERESTING, PORSCHE PROMISING YOU PURISTS OUT THERE THAT THE 911 WILL REMAIN A GASOLINE VEHICLE. THE 911 WILL STILL RUN ON GASOLINE FOR YEARS TO COME. INTERESTING. TWEET ME.
COMING UP, APPLE -- BLOOMBERG REPORT ABOUT IPHONE PRODUCTION. A WAVE OF ANALYST DOWNGRADES. LATER, -- FORMALLY OF ANDREESSEN HOROWITZ SHARES A NEW POLL ON CRYPTO IN REGARDS TO THIS NOVEMBER'S MIDTERMS. THINKING ABOUT WHERE WE GO ON
POLICY AND WHERE WE GO ABOUT REGULATION. WE WILL BRING YOU THAT CONVERSATION UP NEXT. THIS IS BLOOMBERG. ♪ >> WELCOME BACK.
INDIA PLANS TO BOOST FINANCIAL INCENTIVES FOR MANUFACTURERS IN THE COUNTRY. THE PLAN IS TO OFFER AS MUCH AS 550 MILLION U.S. DOLLARS PER MANUFACTURER ACCORDING TO A DOCUMENT SEEN BY BLOOMBERG NEWS. APPLE RECENTLY STARTED MAKING THE NEW IPHONE 14 IN INDIA SOONER THAN EXPECTED FOLLOWING A SMOOTH PRODUCTION ROLLOUT.
APPLE'S SHARES DROPPED AGAIN WHEN IT WAS HIT BY A RARE DOWNGRADE. >> WE SAW APPLE FALL ALMOST 5% AFTER THE DOWNGRADE FROM BANK OF AMERICA. SOUNDING THE ALARM OVER CONCERNS FOLLOWING A WEAKER CONSUMER DEMAND AND THAT THE U.S. DOLLAR IS TRADING SO STRONG, APPLE GENERATES MORE THAN HALF OF ITS SALES FROM OVERSEAS. THAT IS REALLY HITTING SHARES
TODAY. THERE WAS A BANK THAT CAME OUT DISAGREE WITH THAT DOWNGRADE. ONE FIRM UPGRADED SHARES -- IT'S UP -- IT'S RATING ON APPLE SAYING THAT THEY ARE SEEING STRENGTH AND DEMAND FROM IPHONE 14 PURCHASES PRIMARILY THE PRO AND THE OVERWATCH. -- ULTRA WATCH. FROM A BROADER STANDPOINT OVER THE LAST WEEK, WE HAVE SEEN APPLE SHARES FALLING UNDER MARKET PRESSURE AFTER A BLOOMBERG REPORT THAT THE COMPANY WAS PULLING BACK ON PLANS TO RAMP UP PRODUCTION OF THE IPHONE 14. WALL STREET HAS BEEN DISAGREEING IN THE PAST FEW DAYS ABOUT WHETHER CONSUMERS ARE SHIFTING TOWARD BUYING IPHONE 14 PRO AND PROMAX AS OPPOSED TO THE LOW BASIC ENTRY-LEVEL IPHONE 14. ED: THE NASDAQ 100 FELL ALMOST 3% ON THURSDAY.
GLOBAL INVESTORS ARE BRACING FOR CENTRAL BANK POLICY TIGHTENING. PRIVATE INVESTORS ARE BRACING ALSO. FOR MORE ON TECH AND VENTURE CAPITAL, LET'S BRING IN OUR NEXT GUEST. WHAT IS GOING THROUGH YOUR HEAD RIGHT NOW? YOU SIT AT YOUR DESK AND YOU LOOK AT THE WORLD, WHAT DO YOU SEE? >> I DEFINITELY SEE A CHANGE IN EXCITEMENT ACROSS THE VENTURE MARKET. GENERALLY, WHAT VENTURE CAPITALISTS BELIEVE IS THAT WE
ARE BRACING FOR WINTER YET AGAIN. THIS TIME AROUND, IT'S REALLY THAT GOING INTO Q1 AND Q2 OF NEXT YEAR IS UNCLEAR FOR MOST OF US. SOME OF US ARE BREATHING A SIGH OF RELIEF THAT MANY OF OUR COMPANIES HAVE A WAR CHEST OF CASH ON THE BALANCE SHEET FOR NOW. WE ARE BRACING FOR WINTER. WE ARE NOT EXCEPTIONALLY EXCITED ABOUT THE IPO PROSPECTS SO WE WANT TO REMAIN BULLISH.
ULTIMATELY, IT'S AN ASSESSMENT OF WHERE WILL COMPANIES GO AND HOW WILL THEY CONTROL SPENDING MONEY GOING INTO THE REST OF THE YEAR? ED: I'M TAKING A LOOK AT SOME OF YOUR FIRM'S PORTFOLIO COMPANIES. THAT'S ANOTHER PERSPECTIVE, WHEN YOU SPEAK TO THE FOUNDERS AND EXECUTIVES AT THESE FIRMS, MANY OF THEM SIZABLE PERIODIC WHAT IS YOUR ADVICE TO THEM IN THIS MARKET? >> MANY OF THE COMPANIES IN OUR PORTFOLIO ARE LATE STAGE PREPARING FOR AN IPO. WE THINK THERE'S A THREE STEP FORMULA FOR COMPANIES PREPARING FOR AN IPO GOING INTO THE REMAINDER OF THE YEAR AND Q1 Q2. THOSE THREE THINGS ARE THAT THEY HAVE TO HAVE A COMPELLING TAILWIND STORY THAT WILL PROJECT THEM REALLY HIGH GOING INTO BEING A PUBLIC COMPANY.
FOR EXAMPLE, TRIP ACTION IS GOING TO RIDE THIS DELIBERATE TAILWINDS AND PREPARE FOR THEIR CONFIDENTIAL FILING. OVERALL, THAT TELLS A COMPELLING STORY THAT FOR NUMBER TWO ON THE LIST IS SHOW VALUE CREATION TO RETAIL INVESTORS THAT ONCE THEY BUY INTO AN IPO, THERE IS ONLY UPWARD MOBILITY FROM THEIR. NUMBER THREE IS THAT THEY CONTROL SPEND AND REMOVE THE OBVIOUS NATURE OF THE UNPROFITABLE AND SHOW THE PATH TO PROFITABILITY IF NOT RIGHT BEFORE THE IPO, THEN AFTER. THOSE OF THE THREE THINGS GOING INTO LATE STAGE COMPANIES THAT WE ARE DIRECTING THEM ON. ED: YOU ARE A VENTURE CAPITALIST AND WE ARE THINKING ABOUT THE FED'S HIGHER RATES. HOW HARD IS IT TO SIT ON THE
SIDELINES RIGHT NOW AND NOT DEPLOY CAPITAL? >>. >> RIGHT NOW, WE ARE ALL SAYING WE CAN WAIT JUST A BIT LONGER. THERE WILL BE A LOT OF QUESTIONS COMING FROM THE LIMITED PARTNER COMMUNITY INVESTING IN THESE FUNDS GOING INTO Q1 OF NEXT YEAR IF MANY OF US DO NOT DEPLOY CAPITAL FOR THE REMAINDER OF THIS YEAR. FOR RIGHT NOW, WE ARE ALL JUST COMFORTABLE SITTING TIGHT AND SAYING WE'RE HERE TO SUPPORT OUR PORTFOLIO COMPANIES SO THE END OF YEAR IS REALLY STRONG AND FOCUS LESS ON WHERE THE FED IS GOING WITH A HIGHER INTEREST RATE HIKES AND SAYING LET'S CONTROL WHERE THE BALANCE SHEET IS GOING. MANY OF THEM STILL HAVE HIRING FREEZES. STOP SPENDING MONEY ON CRAZY R&D PROJECTS TO RAMP UP THE YEAR -- TO WRAP UP THE YEAR.
ED: DO YOU THINK WE GET TO THE END OF THIS YEAR FIRST QUARTER OF NEXT YEAR AND THINGS CHANGE OR ARE YOU BATTENING DOWN THE HATCHES LONGER-TERM THAN THAT? >> I WOULD SAY WE ARE ALL BATTENING DOWN THE HATCHES LONGER THAN THAT. I DON'T SEE MUCH OF THE DISMAY GOING INTO Q2 OF NEXT YEAR, BUT AT LEAST Q1. WE WILL HAVE A RETROSPECTIVE LOOK ON 2022 ONCE WE GET INTO THE FIRST QUARTER. OVERALL, COMPANIES WILL AT LEAST BE ABLE TO DISPLAY THAT THEY CONTROL SPEND, THEY CUT COST WHERE THEY NEEDED TO AND SHOWS THE GROWTH WILL CONTINUE.
BUT I DON'T KNOW THAT I SEE IT WILL BE MORE THAN NEUTRAL UNTIL WE GO TO Q2 OR COMPANY SITE NOW THAT WE HAVE A HANDLE ON OUR BALANCE SHEET, WE CAN REV UP WHERE WE HAVE CONTROLLED ALL OF OUR COSTS IN 2022. A MUCH MORE BULLISH ABOUT Q2 TRAJECTORY FROM HERE. ED: THERE'S A TERM THAT WE HAVE BANDED AROUND A LITTLE BIT, THE IPO WINTER.
IS THERE AN IPO WINTER FOR TECH? >> I ABSOLUTELY THINK SO. WE ARE ALL REALLY EXCITED AND WE ARE A BIT OF A BIAS FOR PRODUCTS SUCH AS INSTACART THAT WILL BE A SHINING STAR MAY BE A TROJAN HORSE FOR OTHER COMPANIES THAT ARE COMPARABLE TO GO PUBLIC AT THAT TIME FRAME IN Q4, BUT THAT IPO WINTER IS GOING TO BE FREEZING, CHILLY, AND IT'S GOING TO GO INTO THE SECOND HALF OF DECEMBER. IF WE DON'T SEE ANY IPO'S BY LATE NOVEMBER AND THE FIRST WEEK OF DECEMBER, I REALLY WOULD SAY IT'S GOING TO BE QUITE A COLD WINTER GOING INTO Q1. ED: I KIND OF LIKE YOUR REFRESHING
HONESTY. >> I THINK COMPANIES -- THAT'S WHAT COMPANIES ARE FIELD TO DO. NOW WE ARE SEEING THE AFTERSHOCKS THAT ARE GOING TO BE. RIGHT NOW, COMPANIES ARE
PRICING WELL BELOW 10 X FORWARD REVENUES. THERE'S A HEALTHY PLACE FOR US TO BE AND THAT'S GOING TO TAKE ANOTHER TWO OR THREE QUARTERS TO RECOVER FROM WHEN IT COMES TO VALUATION STABILIZATION. AT THIS POINT IN TIME, COMPANIES ARE TERRIFIED OF TAKING EVALUATION HAIRCUT. THEY ARE AGREEING TO PRETTY AGGRESSIVE INVESTOR FRIENDLY TERMS IN ROUNDS OF FUNDING TODAY. ED:
WHAT A PLEASURE TO HAVE YOU ON. COMING UP, AS VOTERS HEAD TO THE POLLS IN NOVEMBER, HOW WILL THE RESULTS IMPACT BLOCKCHAIN POLICY? THE RESULTS OF A SURVEY ALL ABOUT THAT NEXT. THIS IS BLOOMBERG. ♪ ED: TIME FOR OUR DAILY CRYPTO REPORT WITH SONALI BASAK. >> WE ARE GOING TO TALK ABOUT THE INTERSECTION OF CRYPTO, WEB THREE AND POLITICS. THANK YOU FOR JOINING US. I'M CURIOUS BECAUSE YOU HAVE ABOUT 800 PEOPLE THAT YOU SURVEYED.
WAS THERE ANYTHING EARLY SURPRISING TO YOU? WE KNOW THAT MORE MONEY HAS BEEN GOING INTO CRYPTO LOBBYING. IT WILL BE SEEN AS AN ISSUE FOR LAWMAKERS. WHAT WAS DIFFERENT HERE THAT YOU DIDN'T EXPECT TO SEE? >> THERE WERE A COUPLE OF REAL STANDOUT ISSUES GOING INTO THE MIDTERM ELECTIONS. THE NEXT CONGRESS IS VERY LIKELY TO WRITE THE RULES THAT WILL DEFINE POLICY FOR THE NEXT GENERATION OF THE INTERNET. IT IS CRITICAL FOR THOSE POLICYMAKERS TO KNOW WHAT AMERICANS ARE THINKING AS THEY EMBARK ON THAT PROCESS. THE FIRST BIG TAKE AWAY FOR US
IS THE WEB THREE VOTER IS NOW A SIGNIFICANT CONSTITUENCY. IF YOU THINK HISTORICALLY ABOUT THE ROLE THAT ORGANIZED LABOR HAS PLAYED IN U.S. ELECTIONS AND IT HAS BEEN CONSEQUENTIAL ROLE, WE HAVE 50% MORE VOTERS IN THESE KEY SWING STATES THAT HOLD DIGITAL ASSETS THAN A UNION CARD . THIS IS A VERY SUBSTANTIAL SWATH OF THE ELECTORATE WE ARE TALKING ABOUT. THE SECOND BIG TAKEAWAY IS THAT THIS IS AN ISSUE THAT IS PRE-PARTISAN OR BIPARTISAN.
THERE ARE SUBSTANTIAL MAJORITIES OF VOTERS THAT SAY THEY WILL VOTE AGAINST OR LESS LIKELY TO VOTE FOR CANDIDATES WHO ARE NOT IN FAVOR OF OR SUPPORTIVE OF CONSTRUCTIVE POLICYMAKING AROUND THE FUTURE OF WEB THREE. >> ON THAT NOTE, YOU THINK ABOUT THIS -- ON THE ONE HAND, VOTERS SEEM TO BE MORE LIKELY TO OPPOSE CANDIDATES WITH STANDARD POLICIES BUT THEY ARE LEANING TOWARDS DEMOCRATIC SENATORS. WHY IS THAT THE CASE? TRADITIONALLY, THE DEMOCRATS A BEEN TOUGHER ON THE FINANCIAL INDUSTRY AND TECHNOLOGY. WHY IN THIS INSTANCE ARE YOU EXPECTING THAT NOT TO BE THE CASE? >> AS A GROUP, WEB THREE VOTERS TEND TO BE YOUNGER, MORE DIVERSE, AND SOLIDLY MIDDLE-CLASS. AND A COUPLE OF THOSE CATEGORIES, YOU DO SEE CLOSE REFINEMENT BROADLY SPEAKING WITH THE DEMOCRATIC PARTY.
THE FASCINATING THING TO US ON THE WHOLE IS THE DEGREE OF UNANIMITY THAT WE FIND ACROSS PARTY LINES AND ACROSS IDEOLOGICAL LINES WHEN IT COMES TO THESE RESULTS. THIS IS ONE OF THE LAST BASTIONS OF TRUE BIPARTISANSHIP IN AMERICAN POLICY. THE OTHER CRITICAL THINK THAT I WILL HIGHLIGHT IS OVER 90% OF THE VOTERS THAT WE SURVEYED WERE IN FAVOR OF THE CORE PRINCIPLES THAT UNDERLIE WEB THREE. WE TALKING ABOUT DIGITAL PLATFORMS THAT ARE COMMUNITY OWNED, COMMUNITY GOVERNED, AND GIVE INDIVIDUALS A GREATER SAY IN HOW THEIR DATA IS USED. >> ARE WE TALKING ABOUT CRYPTO MORE LARGELY OR TOKENS OR WEB THREE? WHAT PART OF THE SPECTRUM ARE VOTERS REALLY INTERESTED IN SEEING MORE POLICY TOWARDS? >> OVER 75% OF VOTERS FEEL THAT BIG TECH HAS TOO MUCH POWER IN THEIR LIVES. THEY'RE LOOKING FOR AN ALTERNATIVE TO A DIGITAL FRAMEWORK THAT ISN'T WORKING VERY WELL. IT IS NEITHER DESIRABLE NOR
SUSTAINABLE AND GROWING NUMBERS OF THE ELECTORATE ARE CLUING INTO THAT. WHAT WE SEE IS THAT THERE IS A BROAD APPRECIATION OF THE POTENTIAL THAT THREE HAS TO CREATE AN INTERNET THAT GIVES MORE OPPORTUNITY TO MORE INDIVIDUALS AND DEMOCRATIZE ACCESS TO A LOT OF THE FINANCIAL AND DIGITAL TOOLS THAT HAVE HISTORICALLY BEEN THE DOMAIN OF SMALL NUMBERS OF PEOPLE. VOTERS ARE RESPONDING TO THAT IN A BIG WAY. >> DO YOU THINK THAT THIS WILL BE A SINGLE ISSUE VOTER SITUATION GIVEN SO MUCH ELSE IS HAPPENING ESPECIALLY OF THE ECONOMY AND YOU SEE A LOT OF PEOPLE WORRYING ABOUT INFLATION AND A WAR GOING ON. WHERE DOES THIS FALL IN WITH
THE OTHER ISSUES GOING ON IN AMERICA TODAY? >> FOR A SUBSET OF VOTERS, THESE ARE VERY STRONG VIEWS. THEY ARE PASSIONATE ABOUT TECHNOLOGY AND THE NEED TO BUILD A BETTER INTERNET. THE NEED TO DEVELOP A NEW DIGITAL ARCHITECTURE THAT IS GOING TO MEET THEIR NEEDS BETTER THAN WHAT WE HAVE TODAY. BEYOND THAT, THESE ARE THE
EARLY DAYS OF WHAT HAS THE POTENTIAL TO BECOME A VERY LARGE AND POWERFUL CONSTITUENCY IN AMERICAN POLITICS. IT IS UNLIKE ANYTHING WE HAVE SEEN BEFORE IN THAT IT IS SIMULTANEOUSLY AN INDUSTRY BUT ALSO A COMMUNITY. THAT CONVERGENCE IS CREATING BIG OPPORTUNITIES TO THINK DIFFERENTLY ABOUT HOW WE DEFINE POLICY IN THIS SPACE.
>> THE MIDTERMS ARE RIGHT AROUND THE CORNER. THE SECOND PART OF JOE BIDEN'S TERM. TO WHAT EXTENT DO YOU EXPECT TO SEE SERIOUS MOVEMENT THAT HAS BEEN PROMISED FROM LAWMAKERS FOR MANY MONTHS? >> ALREADY TODAY, WE ARE IN A REMARKABLE POSITION WHEN YOU CONSIDER WHERE WE WERE TWO YEARS AGO. THE FACT THAT WE HAVE MULTIPLE VERY SERIOUS BIPARTISAN PIECES OF LEGISLATION WORKING THEIR WAY THROUGH CONGRESS, A VERY SERIOUS EXECUTIVE ORDER THAT IS FORGING A WHOLE OF GOVERNMENT APPROACH, ALL OF THESE ARE PROMISING SIGNS. WE HAVE A LONG WAY TO GO AND MY ASSUMPTION IS THAT A LOT OF THE LEGISLATING IS GOING TO FALL ON THE SHOULDERS OF THE NEXT CONGRESS. THE FACT THAT THERE IS A REAL OPPORTUNITY TO CREATE THE CORNERSTONES TO ESTABLISH THE CORNERSTONES OF WHAT THIS NEW DIGITAL POLICY FRAMEWORK WILL INVOLVE IS SOMETHING NONE OF US SHOULD TAKE LIGHTLY AND FRANKLY, WHY THESE ELECTIONS AND THE VOTERS THAT DECIDE THEM ARE SO IMPORTANT.
>> THANK YOU SO MUCH ON THE HEELS OF YOUR NEW SURVEY OUT. ED: COMING UP, A CEO EXPLAINS THE NEXT ITERATION OF SEQUENCING TECHNOLOGY FROM THE COMPANY'S GENOMIC FORUM. THIS IS BLOOMBERG. ED: THIS WEEK LIMIT NOT --IL LUMINA IS HOSTING A FORUM IN SAN DIEGO. IT SAYS IT CAN READ A PERSON'S ENTIRE GENETIC CODE FOR AS LITTLE AS $200. HERE FOR AN EXCLUSIVE ANNOUNCEMENT IS THE COMPANY'S CEO. TALK TO US ABOUT WHAT'S GONE INTO THIS LATEST ITERATION OF SEQUENCING TECH.
WHAT HAVE YOU DONE TO UPDATE IT? >> THIS IS A HUGE STEP FORWARD IN OUR TECHNOLOGY PLATFORM. WE REDID EVERY PART OF THE SEQUENCER SO WE INVENTED AN ENTIRELY NEW CHEMISTRY. WHOLE NEW OPTIC SYSTEM INCLUDING THE GLASS WE NEEDED FOR THE LENS DID NOT EXIST SO WE HAD TO INVENT NEW GLASS. WE HAVE INVENTED A WHOLE NEW DATA PATH WITH HIGH-PERFORMANCE COMPUTE ON THE MACHINE ITSELF. THAT IS A GROUND UP REDO OF OUR SEQUENCER PLATFORM SO WE COULD GET A MAJOR STEP CHANGE AND BRING THE PRICE OF SEQUENCING DOWN TO THE MARKET. WE ARE ALSO ABLE TO MAKE THIS MORE SUSTAINABLE PRODUCT AND ELIMINATE THE NEED FOR THE COLD CHANGE. BEFORE THAT, YOU NEEDED DRY ICE
TO SHIP THE REAGENTS TO RUN THE MACHINE TO THE LABS AROUND THE WORLD. YOU DON'T NEED THAT ANYMORE. THIS MAKES THE SEQUENCER AVAILABLE TO COUNTRIES AROUND THE WORLD DON'T HAVE ACCESS TO THE COLD. IT'S A BIG STEP FORWARD IN ACCESSIBILITY. ED:
YOUR ULTIMATE GOAL IS $100 GENOME. YOU ARE NOW AT $200. IS THIS YOU PLAYING IT SAFE? >> OUR STRATEGY HAS BEEN TO DRIVE THE PRICES DOWN AND WE HAVE DONE THAT OVER THE COURSE OF MANY YEARS. WE FIRST LAUNCHED IN 2007, THE PRICE WAS 150,000 DOLLARS TO SEQUENCE ONE GENOME AND THAT WAS A BREAKTHROUGH PRICE IN THE MARKET. WE HAVE GONE FROM $150,000 TO
$200 PER GENOME. FROM 2007 UNTIL TODAY. GREATER THAN 99% PRICE REDUCTION. WE ARE NOT STOPPING THERE. WE BELIEVE TO MAKE YOU NYMEX
ACCESSIBLE TO EVERYBODY AND HAVE THE DIFFERENCE IN HEALTH CARE THAT IT CAN, WE NEED TO KEEP GOING. ED: DOES THIS AGAIN MAKE YOU THE TECH LEADER, THE LEAPFROG TECH TO THAT POSITION OF LEADERSHIP? >> WE REALLY BELIEVE THAT IN ORDER TO MOVE THE MARKET FORWARD, WE NEED TO DRIVE MORE INNOVATION TO MAKE SEQUENCING ACCESSIBLE. THIS POINT, WE BELIEVE OUR PRODUCTS REPRESENT THE BEST VALUE PROPOSITION TO CUSTOMERS IN TERMS OF PERFORMANCE AND PRICE.
THE REALITY IS WE ARE VERY EARLY IN THIS MARKET. IF YOU THINK ABOUT THE MARKET OPPORTUNITY IN FRONT OF US, WE STILL HAVE LARGELY UNTAPPED THE MEDICAL NEED FOR GENOMIC SEQUENCING. THERE'S A LOT OF INNOVATION TO DO TO OPEN UP THE MARKET. ED:
I WANT TO ASK ABOUT THE REALITY OF THIS FOR YOUR CUSTOMERS. FOR TALKING ABOUT COMPLICATED SOPHISTICATED LABS. $200 GENOMES, BUT IT'S AN EXPENSIVE COST FOR THEM. WHAT IS THE INITIAL INTEREST FROM YOUR CUSTOMER BASE? >> THE EARLY RESPONSE HAS BEEN PHENOMENAL. WE GAVE SNEAK PEEK TO A FEW CUSTOMERS BEFORE WE MADE THE ANNOUNCEMENT THIS MORNING. EVERYTHING THE ONE OF THEM
PREORDERED. WE ARE IS A STAGE NOW WE ARE TAKING ORDERS, WE SHIPPED THE INSTRUMENTS Q1 OF NEXT YEAR. WE ARE TAKING ORDERS BETWEEN NOW AND THEN. PEOPLE REALLY APPRECIATE THE PRICE REDUCTION. PEOPLE LOVE THE SUSTAINABILITY. REDUCING THE WASTE AND THE PLASTIC. WE HAD A COUPLE OF CUSTOMERS
COME TO US IN TEARS ABOUT THE FACT THAT YOU NO LONGER NEED A COLD CHAIN SO THIS PRODUCT IS AVAILABLE AND PARTS OF THE WORLD THAT DID NOT HAVE ACCESS. ED: YOUR $7 BILLION DEAL WAS VETOED BY THE EUROPEAN UNION. IN THIS STAGE, DO YOU GIVE UP? >> THE DEAL FOR GRAIL WAS AN IMPORTANT ONE BECAUSE WE INVENTED IT AS A BLOOD TEST THAT CAN FIND 50 TYPES OF CANCER ACROSS STAGES. THAT IS LIFE-CHANGING BECAUSE WE KNOW THAT $10 MILLION PRE--- 10 MILLION PEOPLE PER YEAR DIE OF CANCER. IF YOU CATCH IT EARLY, YOUR ODDS OF SURVIVING ARE SO MUCH HIGHER THAN IF YOU CATCH IT LATE. 70% OF PEOPLE WHO DIE FROM CANCER DIE FROM IT LATE STAGES.
WE BELIEVE THIS HAS THE POTENTIAL TO SAVE MANY LIVES AROUND THE WORLD AND WE CAN ROLL OUT MORE BROADLY THAN GRILL CAN ON ITS OWN. -- GRAIL CAN ON ITS OWN. WE WILL APPEAL TO THE EUROPEAN COMMISSION. ED: A PLEASURE TO HAVE YOU ON THE PROGRAM. THAT DOES IT FOR THIS EDITION OF BLOOMBERG TECHNOLOGY. DON'T FORGET TO CHECK OUT OUR PODCAST YOU CAN FIND IT ON THE TERMINAL, APPLE, SPOTIFY, AND I HEART. THIS IS BLOOMBERG.
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2022-10-02 04:11
