April 24, 2024 • 37 mins
Bloomberg's Caroline Hyde and Ed Ludlow break down Tesla's surge as the promise of cheaper EVs calm strategy fears. Plus, legislation requiring TikTok's divestiture signed into law, and Big Tech's AI deals come under scrutiny in the UK.
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Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:09):
Leaving having made his speech following signing of the bill
worth some ninety five billion dollars in aid to Ukraine,
of course, to Israel as well as the Indo Pacific.
Within that, of course is also the ban or diverst
of TikTok. Now Biden is saying that the US is
actually going to start sending military aid to.
Speaker 3 (00:29):
Ukraine within hours.
Speaker 2 (00:31):
He also goes on to say than regarding Israel, then
it must make sure that the US has provided aid
reaches Gaza. Let's get more of this with Klie lines
for more and first the aid.
Speaker 3 (00:41):
Klie, what did you make of this speech from Biden.
Speaker 4 (00:44):
Well, he clearly Caroline was trying to convey that this
aid package was just as much about US national security
interests as it was about the interests of our allies.
He said that repeatedly, specifically on the subject of Ukraine.
The idea that Russia initially thought it could break the
will of the Ukrainian people, then it thought it could
break the will of NATO and the United States.
Speaker 3 (01:03):
And that resolve still stands.
Speaker 4 (01:05):
In the words of Vladimir of President Biden, he said,
we bowed no one, certainly not Vladimir Putin. And as
you say, Caroline, he does indicate that within hours we
will see starts of this aid moving toward Ukraine. On
the subject of Israel, not only was he talking about
the defense it could provide Israel in terms of air defenses,
making sure that they can withstand a future attack like
(01:25):
the one Iran attempted just ten days ago, but he
also made the point to talk about humanitarian aid, the
idea that this will provide aid to Palestinian people, and
he had pretty sharp words for Israel.
Speaker 3 (01:36):
They must make.
Speaker 4 (01:37):
Sure all of this aid reaches the Palestinians in Gaza
without delay, going on to say he wants to see
the hostages that still remain in Hamas's hands returned and
a cease fire deal reached. It was also interesting that
he pointed out what this bill did not contain, which
of course, was any measures on border security. There had
been with the supplemental Aid package, a border deal that
(01:58):
was struck earlier this year between bipart negotiators in the
Senate in the White House. It ended up going nowhere
in Congress and part in the face of opposition from
former President Donald Trump and he made sure to call
that out. As we know, though, while border measures were
not in it, there were a number of other measures
that were that don't relate directly to aid to allies,
including the seizure of frozen Russian assets, which yes, can
(02:19):
be used to fund Ukraine's war effort. But then of
course also that TikTok Divestit Turbil Keayley.
Speaker 5 (02:25):
One other area of importance to our audience as well
Bloomberg Technology is Indo Pacific Taiwan in particular a part
of this bill in the context of semiconductor electronics infrastructure.
Just explain the parameters of the bill that relate to
that region.
Speaker 4 (02:40):
Yeah, this is a much smaller amount of money ed
than the money that's being provided to Ukraine or Israel,
to the tune of about sixty plus billion dollars in
Ukraine's case, twenty billion dollars plus humanitarian aid in Israel's case.
The Taiwan portion was much smaller, around nine billion dollars.
And it actually is more broadly about the Indo Pacific,
not Taiwan individually, although Taiwan certainly represents a big chunk
(03:04):
of this and that kind of speaks to this idea
that this in national security interest. They are trying to
combat many different fronts and many different theaters Russia on
the one hand in Ukraine, of course, the threat from
Iran and Iranian proxies in the Middle East, but then
also the ongoing threat in China, and making sure that
there is security given the importance of Taiwan not only
to the US in terms of symbolism and representation of
(03:24):
a democracy and wanting to maintain that, but then also
of course the security in that region, given it is
vital in terms of the supply chain, but also there
are concerns with other US allies and others in the region,
like the Philippines in regard to the South China Sea.
So that is why you see it more broadly be
the Indo Pacific region that was also addressed and talked
about a lot less when we were discussing this legislation.
Speaker 2 (03:47):
Kaylene, when we think about Asia, when we think about
China e Also I think that at the moment of
President Biden speaking on this signing of the bill, show too.
The CEO of TikTok also put out his own statement,
actually using another social media platform of x to post
his video response saying no, this bill is a disappointing
moment outline.
Speaker 3 (04:08):
Thus follow what this means the TikTok.
Speaker 4 (04:11):
Well, it was interesting to listen to the language of
show Choo in this video, Caroline, because of course, what
this legislation actually does is say TikTok will be banned
in the US if it is not divested within the
requisite timeline, which is actually nine months, with the possibility
of a three month extension, should a sale process already
be underway, if TikTok or byte Dance specifically were to
(04:31):
move ahead with the sale of its US division byte Dance,
though specifically TikTok does not indicate that they are going
to do so, so Chu said, we will keep fighting
for these rights in court. He said, the facts in
the Constitution are on our side and that they expect
to prevail, basically just signaling that this is going to
be a protracted legal battle over this issue ahead. And
despite what lawmakers may say that they want to see
(04:53):
TikTok continuing to operate in the US, they just want
it in US hands rather than in the hands of
a Chinese company that could be shared data with the
Chinese Communist Party. Shoultchu seems like he begs to differ
on that he said in this video. Make no mistake,
this is a ban and a band on you and
your voice, which is one of the issues that opponents
of this legislation specifically pertaining to TikTok had around First
(05:14):
Amendment rates and the idea that this could maybe be
in violation of those content creators who are trying to
use this platform to share their voice. Obviously, those concerns
did not prevail over the wider concerns that proponents of
this legislation had about the data security of Americans and
potential Chinese manipulation of the content that they are seeing
on this platform.
Speaker 5 (05:34):
We will continue to cover this very big TikTok story
later in the hour of Bloombo's klie Lions.
Speaker 6 (05:39):
Thank you very much.
Speaker 5 (05:40):
The other big in top technology story is Tesla. Tesla
shares are up twelve percent off session highs where they
were up sixteen percent and on track for their biggest
gain in.
Speaker 6 (05:52):
Two years, more than two years.
Speaker 5 (05:54):
Three key points from earnings Tesla is accelerating the introduction
of lower costs affordable EV platforms. There is in second point,
which is an absolute focus on AI and autonomous driving
and must spell that out for Wall Street.
Speaker 6 (06:09):
And the third point is.
Speaker 5 (06:11):
That the first quarter was absolutely disastrous and investors are
completely looking past it. Bloomberg's Dana Hole has been all
over the Tesla story for seven days straight and she
joins us, Now, let's start with what I think the
market zeroed in on Dana, which is, affordable evs are
coming sooner than we expected and not in the form
(06:32):
that we expected.
Speaker 7 (06:34):
Yeah, that was the big surprise, And there were sort
of two things. The shareholder decks said that they were
accelerating their more affordable plans, and then on the call itself,
Musk was very bullish and said, well, we might even
see these more affordable models by the end of this year.
So that was a very big positive for investors that
have been worried that Tesla's slumping sales are because they
(06:55):
don't have a cheaper EV and you know, the market
is always very forward looking. I mean, there was a
lot of negative sentiment going into this call. I think
there's a sense now that maybe the shairs have hit
the bottom. And Musk has been Tesla's CEO since two
thousand and eight. He has been on every single earnings
call that this company he's had, except for one he
(07:17):
understands Wall Street psychology and he like pulled a rabbit
out of a hat and has them focused on the
bright future.
Speaker 2 (07:23):
Yet again, yeah, not as bad as fed Dana. Can
you just outline how they accomplished there? For what questions
did he answer? What transparency did we get on this
new platform meets current method of manufacturing to create suddenly
a cheap of vehicle.
Speaker 7 (07:40):
Well, to be clear that, I mean, the earnings print
was terrible, but he he kind of focused it on,
you know, on the future and and basically kind of
knocked down this Reuter's story which had said that there
is no more affordable car, that the more affordable.
Speaker 3 (07:55):
Car is completely dead.
Speaker 7 (07:56):
Tesla is now basically saying that they have been working
all along on bringing more affordable cars to market and
we're going to learn more about that on August eighth.
Speaker 3 (08:05):
So that was a little bit that was still a
little bit murky.
Speaker 7 (08:07):
But I think the reason why the stock is reacting
so positively is that he gave people hope that there
is going to be more affordable models. But also he
is just incredibly bullish on autonomy and he has been
for quite some time.
Speaker 8 (08:19):
But the way in.
Speaker 7 (08:21):
Which he spoke, the confidence with which he spoke, and
you know, he was basically saying, if you don't believe
that we can solve this autonomous problem, you shouldn't be
an investor in the spot in the stock was just
kind of an indication as to how confident he is
in the technology that Tesla has been working on for
over a decade.
Speaker 5 (08:38):
Now, let's show a bit of what Musk had to
say about autonomy. You're exactly right. He spelled it out
for Wall Street in no uncertain terms. This is the plan,
it's AI, and it's autonomous driving, Donna. We did get
some specifics, though, I think that we're trying to understand
if we got clarity or any new information in the
(08:58):
shareholder deck has built robotaxi and then on the call
an explanation of how a robotaxi service would work. What
did you learn?
Speaker 7 (09:09):
Yeah, I mean, I think the big takeaway is like
Tesla is coming for Uber. I mean, and they're they're
they're you know, they're Robotaxi, which must also called the
cyber cab, is like this combination Waymo slash Uber service
that will be fully electric and fully autonomous, and I
mean there's been some question as to how does this
like fit with the clean Energy mission. It does in
(09:30):
that if you can utilize vehicles to be their most
efficient and if the miles that are traveled are electric,
then you are diverting a large amount of carbon from
the atmosphere. And so you know, this is this has
been kind of part of the plan ever since master
Plan twenty sixty a master Plan Part two in twenty sixteen.
But the shareholder deck actually shows like the Tesla app
(09:52):
and I mean they're very much talking about a service
that sounds like it's going to come sooner rather than later.
Speaker 2 (09:59):
Dnaho phenomenal reporting across the earnings with the podcast going
deep into really well the focus of email it is
your good, you mustpeak, take a rest.
Speaker 3 (10:11):
We thank you so much. Let's go now. From an
investor perspective, look, is this.
Speaker 2 (10:15):
A time to be plowing into Tesla stocks? Certainly the
market seems to be on the day Nazi Tangla's with
our CEO CIO of Laffatanga Investments in the house in
New York.
Speaker 3 (10:23):
Thank you for joining us. Thank you, Caroline.
Speaker 2 (10:26):
Is this reaction right, this increase in Tesla shares on
the day when.
Speaker 3 (10:32):
Ultimately the court had just gone was ugly.
Speaker 9 (10:34):
Yeah, yeah, well, I agree with Dana.
Speaker 3 (10:37):
Sorry for my voice.
Speaker 2 (10:38):
All good, We'll give you a moment to clear it.
Speaker 9 (10:43):
Elon gave investors what they wanted to hear. He's excellent
at that, like any good founding CEO. But if you
look under the hood and you have a long term perspective,
we think this is a time when you want to
add to the name, and we've been doing that. It's
not just the autonomous drive, which by the way, they
have three hundred billion miles driven in their their models,
(11:06):
but also it's based on the megapack and the megapack
is growing at fifty percent a year. It's the most
profitable division and we think can be worth more than
the car business in the future. So and those are
utility grade batteries. So I think that the company is pivoting.
He's giving investors what they want to hear, and in
(11:29):
three to five years is going to be a very
different looking company. How interesting, because.
Speaker 2 (11:32):
We are indeed going to be digging into the battery
side of the equation. A little bit later in the
show for the here and now, how cautiously. Do you
add to a position like Tesla. How much do you
see that the dipisorting more? Are you buying day in
day out? Do you suddenly see a moment where you
get that headlined? Do you then anticipate what happens in August?
How do you build up a stake in.
Speaker 3 (11:54):
Tesla for you slowly?
Speaker 2 (11:55):
Yeah?
Speaker 9 (11:56):
Yeah, I don't think you want to chase this stock. Ever,
it's extraordinary early volatile. We were adding it in January
of last year at one hundred and four dollars a share.
It went up to two forty or two twenty. We
sold some and we bought some back a little too early.
But I think what you want to look for is
I mean, you know, for most of us ROBOTAXI sound crazy.
(12:17):
I commute a third of a mile every day and
coming and going. I see away monk, because I live
in Scottsdale every single day. You can't go anywhere without
seeing their ubiquitous and so being second to that market
is not a bad thing. And I think I think
Elon and the company has really been focused on improving
(12:37):
that software and FSD software is pretty slick, and about
fifty percent of Tesla drivers use it so the you know,
the adoption rate will increase and the rest of us
will come to the party at some point.
Speaker 5 (12:50):
And Nancy, good morning, it is great to see you.
I want to I want to scratch a bit deeper
at that, because it is it is completely black and
white for a Musk couldn't be more clear to investors.
If you do not believe in the autonomous driving vision,
don't be an investor. But what's interesting, I guess you know,
for institutional professional investors like you, so many had an
(13:14):
affordable ev at the heart of their ball thesis. Musk
is basically saying, no, have autonomy at the heart of
your ball thesis. What's at the heart of your thesis
with Tesla.
Speaker 9 (13:25):
Yeah, a good point ed And you know, coming from
San Francisco as you do, you probably don't see the
volume of self driving cars that we see, but it's
in our face every day in Arizona. So I think
it's an important component of growth. Some say it's sixty
percent of their number. What we're really focused on is
the vertical integration of the company, the vertical integration of
(13:46):
the megapac. I went to the factory. I think I
shared that with you not too long ago. It's compelling
and I think as we you know, as we sort
of grapple with green and renewables, you've got to have
a way to store that. And Tesla is the industry leader,
the low cost provider. So that's at the heart of
our thesis. But we know that it's a story stock
(14:08):
and you need EVS to come along and you need
him to be correct on robo. But let's also stipulate
he's never met his deadlines. He's directionally correct, but he's
not on time.
Speaker 5 (14:24):
Nancy Tangler's CEO and CIO Lappitanger Investments, couldn't think of
a better person speak to you this morning.
Speaker 6 (14:29):
Thank you.
Speaker 5 (14:30):
Now, coming up the UK increases scrutiny of AI investments
from Microsoft and Amazon and their impact on competition. Bring
you the reporting next, This is Bloomberg Now.
Speaker 2 (14:52):
The UK's antitrust watchdog, the CMA, is gathering information to
determine whether the four billion dollar collaboration between Amazon and
the A for amanthropic but that threatens competition in the
United Kingdom, and also said it was looking at Microsofts
partnership in mistral and with inflection AI with us. Some
more Luma's Catherine and Gamel, and the CMA is not holding.
Speaker 3 (15:11):
Back on this.
Speaker 2 (15:11):
They're worried about this interconnected web. Spit it out for us.
Speaker 1 (15:16):
Yes, So last week the CMA said it was worried
about these interconnected waves of partnerships and investments into AI
companies by the big tech firms.
Speaker 3 (15:24):
They're worried that.
Speaker 1 (15:24):
You know, the big tech companies are using these as
covert merger opportunities to you know, really have influence over
this emerging technology and companies. So today, off the back
of that, they've opened three new probes and this adds
to the probe that was already in the works of
Microsoft's investment into open Ai.
Speaker 5 (15:44):
Catherine very quickly. If the CMA moves forward, what are
the repercussions.
Speaker 1 (15:50):
Yes, so right now it's just an invitation to comment stage,
and if they find out that this is a merger
under their different terms, then it will go to a
phase one.
Speaker 3 (15:58):
So that'd be the first stage of the probe.
Speaker 1 (16:00):
You know what, then seems it's more sedious and there's
going to be substantial listening competition, it can go to
a phase two probe and then obviously at that point
in marriage of probes in the UK. You know, they
can ask for divestments of certain things, or they can
block them altogether and tell them to unwind it. So,
I mean there's lots of different scenarios, but right now
it's very much in the early stages.
Speaker 5 (16:18):
Bloombergs Catherine Gemo out of London. Great reporting, Thank you.
Coming up on the show, more on tech earnings with
Dan Newman of the Future and Group. Big conversation coming
up from San Francisco and New York City. This is
Bloomberg Technology. Welcome back to Bloomberg Technology. Ed Ludlow in
(16:47):
San Francisco.
Speaker 2 (16:48):
I'm Caroline Hired in New York and let's get a
quick check on these markets, because well we are thick
and fast in earning season. We're also still trying to
digest some big bond market action. Big sales of five
year coming today after two year auction. Yes, then as
that one hundred managing to push above that three tenths
of a percent, and the moments are holding onto gains.
More broadly, as big tech wins out Teslo, we dug
into interesting moves with the Japanese yen basically weakening to
(17:10):
levels we haven't seen in two three decades, and we're
expecting maybe some intervention as we break through this one
five to five levels. So keep an eye on dollar
strength further versus Japanese yen. Bitcoin down versus the US
dollar today we're off by two point four percent, so
there is still some anxiety and risk assets more broadly,
move on, have a little look at what's happening in
terms of individual moves on the tech landscape now not
(17:33):
totally tech, but a lot to do with tech is Boeing,
and this is interesting as we suddenly take a leg
lower into the red. It had been flying high more
than four percent after earnings came in better than expected.
But then that headline, crucial headline, the seven eight to
seven is going to be produced on just five jets
per month.
Speaker 3 (17:47):
That's a worry to investors.
Speaker 2 (17:48):
Right now, Tesla just soaring up eleven percent after of
course awful first quarter in terms of revenue and profitability,
but pointing towards yet still a focus on those cheaper,
more affordable cars.
Speaker 3 (17:59):
I'm looking at Texas instruments.
Speaker 2 (18:00):
This is why we're seeing the socks generally, the benchmark
of Chips sucks all higher today, ups more than six
percent really some optimism coming after the bell yesterday with
its earnings spread across IBM.
Speaker 3 (18:12):
Maybe there's a deal going on with IBM.
Speaker 2 (18:14):
They're looking at hash you call, that's what's being currently
dibated by the market. We'll get more on earnings after
the well from IBM, and let's dig into some of
those earnings.
Speaker 5 (18:21):
Yeah, there's a lot of names. IBM is a key
one after the bell. Meta is one that is absolutely
huge and we haven't touched on yet. Let's get to
the what to expect and bring in the future. From
group CEO Dan Newman, I think let's start with Meta
because everyone's talking about Meta in the AI context, huge
run up in market cap, It is completely outperforming its
(18:42):
social media peers because of AI. What are your expectations
for the name?
Speaker 10 (18:48):
Yeah, first of all, good to see you both ed
in Carolina. It's always good to join the show. Meta
has been on an incredible run and what it's recently
been able to do both in the open source community
with the new Lama models and of course being able
to build on those models and apply them to their technology,
has been nothing short of astounding.
Speaker 8 (19:07):
You know, last year it was all about.
Speaker 10 (19:08):
The company getting operationally in line, they made the cuts
they had to make, they started growing. The market in
the street really reacted well. Now it's can they continue
that growth on a year over year basis, And they've
had several continuous quarters of really great growth. But I
think they can do it. And I think they did
get a boost with what's going on with TikTok as well,
And I don't know that that will immediately come into effect,
(19:30):
but I mean they are the biggest winner of that decision.
Speaker 8 (19:33):
And so what the market really should.
Speaker 10 (19:35):
Be is expecting is this company is gonna be talking
all about AI today. They're gonna be talking about how
that's going to create better experiences, and they have this
really committed platform, and unlike search, which generative AI is
going to disrupt, the reason people are on metas apps
and on Metas platform is more about community. It's more
about social and I think they're going to become the
biggest winner in this in this AI boom.
Speaker 5 (19:58):
When METSA is earning Statement's hit and on the core,
I'm going to be looking for commentary around add pricing
growth from AI and impressions. But it's a different AI
story to Microsoft to Google.
Speaker 6 (20:12):
That's that's next week.
Speaker 5 (20:13):
But is there a commonality between those two names in
this earning season that you're focused on.
Speaker 10 (20:20):
Yeah, I think it's the ability to apply the AI
technology that's being developed to driving that revenue, driving margin enhancement,
creating stickiness on the platforms across the board. You know,
we know that the search market is going to be
disrupted attribution click through, but people spending time on social
platforms AI is only making it stickier, which is going
(20:40):
to give pricing power to Meta and you've got to
like that a lot. I also really love what they're
doing in terms of building their own technology.
Speaker 8 (20:47):
The company has become the open tech company.
Speaker 10 (20:49):
I mean, who would have thunk that in the world
of Apple and Meta that Apple was going to go
closed and Meta was going to double down on going open.
They're building these really robust, high fidelity models with Lama three,
and then of course now it's Horizon.
Speaker 8 (21:03):
They're doing it for AR and v are. They're basically
saying we're going to.
Speaker 10 (21:06):
Be the open platform for developing these next generation technologies.
Speaker 8 (21:10):
So there's just a lot to like.
Speaker 10 (21:11):
The one concern I do have is that on a
year over year basis, they've grown so fast that this expectation.
Speaker 8 (21:19):
From the street. They could have a great quarter and
still miss.
Speaker 10 (21:22):
And I think you have to keep that into perspective
that they've had six tremendous quarters in a row.
Speaker 8 (21:28):
At some point that music's going to stop.
Speaker 10 (21:30):
I think we're gonna be asking that question about Nvidio
later this quarter as well.
Speaker 2 (21:33):
Yeah, with such a huge market capitalization increase on meta,
can they live up to it? But Dan, in that breath,
we did hear ed mention Microsoft.
Speaker 3 (21:42):
And Google Alphabet.
Speaker 2 (21:43):
Both of those are cloud names too, and I want
to just spoken on the cloud name that's coming after
the bell today because IBM of course big ideal on
hybrid cloud on prem of course in and then bringing
it to the cloud where your data was going to
be stored. I'm interested in what you make of all
this rumor around deal with Hawshi call Movady.
Speaker 3 (22:02):
What a you're expecting from the numbers.
Speaker 10 (22:05):
Yeah, IBM's a really interesting one because I've been very
fond of their the growth and the strategy. I've spent
time with Arvin Krishna and he's really doubled down on
hybrid cloud and AI. It's not trying to be a
hyper scale hyperscale cloud provider like an AWS.
Speaker 8 (22:20):
It's really saying we want.
Speaker 10 (22:21):
To be the enterprise cloud provider and we're going to
double down on AI. And where's that coming through really
with their Watson X products. So Watson X on a
quarter to quarter basis has seen its numbers double the
last couple of quarters, and you're still talking hundreds of
millions of dollars. But this platform has a lot of
what you know, the enterprises need. It's the data strategy
(22:42):
and management, and it's also the governance and compliance.
Speaker 8 (22:45):
We hear so much.
Speaker 10 (22:46):
From these big cloud providers about issues and risks related
to how data is trained and how people.
Speaker 8 (22:52):
Are consuming it.
Speaker 10 (22:52):
IBM has really leaned in on that governance, and I
think large enterprises are giving the company a look and
saying we need someone that can really manage our data.
So I'm expecting that number from Arvind and CFO Jim
Cavnaw to be a big focus today. Having said that,
you know you asked about the Microsoft Googles. I mean, look,
those two have been the fastest growing two clouds.
Speaker 8 (23:13):
I expect that to continue.
Speaker 10 (23:15):
Google came off a really positive cloud next they're building
out their own Silicon they're vertically integrating. And the one
thing I'll say is, whether it's Open Ai, whether it's
Gemini and Vertex, all these large cloud providers are finding
that people are building on more than one cloud, and
AI has been the driver that's finally brought this multi
cloud strategy to life.
Speaker 2 (23:35):
I just want to go back to what you're saying
almost with Meta, being like they can still have a
great quarter but miss the very heavy expectations. More broadly,
we have seen this market near record highs still because
of this aipay, this euphoria. Do you really put stock
in the fact that these companies can live up to
the high expectations of this quarter.
Speaker 10 (23:57):
I'll tell you what the entire market is on stilts
that these quarters need.
Speaker 8 (24:01):
These companies need to live up to the expectation.
Speaker 10 (24:04):
There really is so much troubling economic data out there,
whether it's this sticky inflation, whether it's higher interest rates,
whether it's concerns about elections, you got, you know, geopolitical
issues around the world, and right now AI has been
the propellant of this industry. In Vidia's numbers will create
probably more concern than even these, But look, if Microsoft
(24:26):
and Google have a tough quarter and to.
Speaker 8 (24:28):
Some extent Meta too, people are going to start to be.
Speaker 10 (24:30):
Alarmed of whether or not this AI growth is going
to accelerate to this multi trillion dollar opportunity the near
term because with higher rates you've got to discount long
term cash flows. You have to look against the value
of growth the forward multiples. But AI has kind of
enabled us to all oversee it because Microsoft's Open AI
is accelerating, Google's AI is accelerating, Metas AI is accelerating.
(24:52):
So I actually think that this week and then next week,
with a couple.
Speaker 8 (24:57):
Of the you know, the Amazons and the apples.
Speaker 10 (24:59):
That are going to follow, well, if these don't come
out well, Caroline, I actually am concerned that this could
be what drives the next leg down. But having said that,
I am optimistic that these companies are going to get
more clear and prescriptive as to how AI is driving
growth and how it will continue to drive growth, productivity,
and efficiency because people want to see earnings.
Speaker 2 (25:18):
Yeah, I want to see the proof that this is working.
Daniel Newman, great to have you back the Future and Group.
Speaker 3 (25:24):
Thank you. Meanwhile, let's just turn our attention to the
future of entertainment.
Speaker 2 (25:27):
The industry there could well depend on reaching a truly
worldwide audience, and so Netflix is doubling down on those
global ambitions.
Speaker 3 (25:35):
Blomeg Original's host and Many.
Speaker 2 (25:36):
Chang sat down on Netflix's chief content officer, that's Beloma
Bajaria for close to look at the entertainment chance a
global strategy.
Speaker 3 (25:43):
Just take a listen.
Speaker 11 (25:46):
I have had lots of jobs in Hollywood and linear
networks and studios, and I think there was a really
domestic focus and then you sell later. After the fact
that you sell, you can tell your title internationally. We're
a Horble service and we're in one hundred and eightty countries,
so we were always going to do storytelling, you know,
locally in that way. So that's always just been a
(26:07):
big part of our business in two thirds of our
members around sid anyway.
Speaker 3 (26:10):
Right, Well, that was my next er, like is it
paying off? Yes, that I say, it's also.
Speaker 11 (26:18):
Understanding that people in different countries. It's also the investment
in local storytelling right to spend time in those places,
not have a Western lens on what that is and
understand each you know, local kind of creative ecosystem and
so be close to the storytelling.
Speaker 5 (26:38):
That was Netflix's Chief content of Sir Bella Bajaria now
coming up what the TikTok bill could mean for creators
and businesses they use the social media platform with LTK
co founder and president Amber Ven's box. That ain't Amber,
but I'm sure she'll appear momentarily Carrots.
Speaker 1 (26:57):
So pick.
Speaker 2 (26:57):
Meanwhile, let's just talk about another interesting story that's happening
in terms of the destination of where certain companies are located.
Speaker 3 (27:05):
Oracle's doing again.
Speaker 2 (27:06):
They moved from California to Texas and now well a
listener's moving Oracle to Nashville from Texas. Larry Alison making
that decision because look, this is about a bet on
the future of healthcare and provision of what he can do.
Speaker 3 (27:18):
There are for a big deal. This is Bloomberg technology.
Speaker 5 (27:38):
Let's get back to the legislation involving TikTok. Let's bring
in Bloomberg's Alex Brinka. Alex are in the program we
had that breaking news from show to the TikTok CEO
basically saying in summary, whatever happens, we're not going anywhere.
He really leaned on this idea that this was an
issue of freedom of speech. You've written a really smart piece.
(27:59):
In the last twenty four hour I was about the
two hundred and seventy day timeline.
Speaker 6 (28:03):
So the bill signed.
Speaker 5 (28:04):
Into law, but there is a curious chronological occurrence relating
to inauguration day post election.
Speaker 6 (28:12):
Just explain you're reporting.
Speaker 12 (28:14):
Yeah, So this bill gives two hundred and seventy days
for byte Dance to separate from TikTok or else face
a ban in the US, but there is a clause
in there that allows the president at the time to
extend that for an additional ninety days. Now, that two
hundred and seventy day deadline ends up being on January
nineteenth for the election savvy you'll know that's the day
(28:35):
before inauguration Day. So regardless of what happens in this
presidential election, President Biden will be on the hook for
deciding does TikTok and byte Dance get an additional extension
if there is no divestitor at that point. It's an
important distinction to make because of what we've seen out
of the leading Republican candidate for president, Donald Trump. Trump
(28:55):
is the man who did write the first executive order
to ban TikTok in the US in twenty.
Speaker 3 (28:59):
Twenty but these days he's changed his tune.
Speaker 12 (29:02):
He's actually said he thinks TikTok should stay. So this
kind of battle TikTok's had with DC has been very
much pulled around by whichever administration is in power, and
it seems with this happenstance timing that that is not
going to change through this next election.
Speaker 2 (29:19):
Such smart reporting throughout this week and on long weekend,
Alex Brunka, we thank you so much for all the
nuances surrounding TikTok. Now we want to get the perspective
of the creator right now. Are they still really focusing
in on TikTok, on the shop, the commerce offerings?
Speaker 3 (29:35):
Joining us now?
Speaker 2 (29:36):
I'm a Ven's Box, president and co founder of influencer
shopping app and tech platform LTK.
Speaker 3 (29:41):
You yourself, in many ways an influencer.
Speaker 2 (29:43):
You're then building a business that supports influencers. What are
the questions you're currently fielding? Are people turning away from
TikTok amid the volatility the unknowns?
Speaker 13 (29:56):
Right now, we're educating a whole new generation of creators
of what's it like to live and future proof your
business in the creator economy. We've seen this now we
launched our business in twenty eleven. At that point we
were talking about blogs and then you know, let's see
next came Pinterest, and then Instagram and then Snap and tiptok.
So I'm old enough to have lived through several several
generations of platforms, and I see them now where they
(30:18):
rise and then they maybe follow out.
Speaker 3 (30:20):
A consumer favor.
Speaker 13 (30:20):
Like to say, there's either an evolution of these platforms
or a revolution. This is something that we have built
for specifically at LTK. We're in kind of what i'd
call the third chapter. So moving from that first chapter
being blogs, second chapter social media, now third chapter where
creators need to find a home base. What we've seen
happen on TikTok, they've changed the paradigm for social media.
(30:41):
It's no longer about building community, it's about interest based feeds.
Speaker 3 (30:45):
So as a creator, I then.
Speaker 13 (30:46):
Have to hook someone based on their interest and then
bring them back to the home base. And so right
now we are in an effort to make sure that
our creators who have started their career on TikTok understand
that this is expected, it's prepared for, and they have
actionable next steps.
Speaker 2 (31:01):
And that's really interesting and what I'm also wondering, is
how many questions you're fielding on whether the influencer's role
is to support one of their key platforms. What's been
so notable is this time round, this sudden flurry of
activity on the hill and it's.
Speaker 3 (31:16):
Whizzing through Congress. We haven't heard much from the influencer base.
Speaker 2 (31:20):
So too puts out a call to say, tell us
your stories make it clear to lawmakers as to why
this is so important.
Speaker 3 (31:27):
Should you be fighting for TikTok?
Speaker 13 (31:31):
Well, history also tells us that the platforms are ultimately
misaligned to creators. I hate to have to say that,
but it's true. The business models just don't work for
a creator. They're taking usually one hundred percent margin on
their ad revenue and not paying the creator. But the
creator gets out of this. What I would still say,
the symbiotic relationship is distribution and discoverability, and so a
creator's loyalty is truly to their audience and not to
(31:53):
the platform. And that's what they're feeling right now is
how do I make sure that my audience knows I'm here,
I'm not going anywhere, and where they can find me
because I want to conte you need to be in
a relationship with them, because ultimately that is what I
have to sell. It's the trust I have with that community,
which means I have to have one.
Speaker 5 (32:08):
The technology secret source amber for TikTok seems to be algorithmic.
Speaker 6 (32:13):
Right.
Speaker 5 (32:13):
You've talked about interest based feeds and in a divest scenario,
there's a lot of concern that algorithmically China might act.
I don't expect you to weigh in on that, but
I think there's a value you add in explaining to
our audience how effective TikTok is algorithmically speaking in matching
(32:34):
the content to its target audiences.
Speaker 13 (32:38):
Incredibly effective. It's absolutely changed what it means to be
a social media platform. Before this, you know, you didn't
really think or talk about like explore pages or discovery pages.
It was truly about finding someone that you like and
then be a recommended another person, which was really more
about machine learning than about AI. When TikTok entered the scene,
their algorithm is so far superior to what we're seeing
(32:58):
on any other platform that you could log into the platform,
actually not follow anyone, and have a feed that felt
like it was absolutely one hundred percent created just for
you like, this platform was made for you, and that's
why we see if you look across on average where
adults are spending their time, TikTok has almost an hour
a day on average for adults, and that's much greater
than I think YouTube's in second place behind them, and
(33:20):
then falling down behind her all of the other social
media platforms.
Speaker 6 (33:23):
So that is their secret sauce.
Speaker 9 (33:25):
We know that.
Speaker 13 (33:25):
Of course, in China there's legislation that they are actually
not allowed to export their algorithms, and so in any
sort of a divestature from what the Chinese government is saying,
the algorithm would not come with.
Speaker 5 (33:36):
The TikTok property amber very quick. If you can't use TikTok,
what's the next best thing?
Speaker 6 (33:44):
Ltk?
Speaker 13 (33:45):
Our creators are creating there every single day. They're making
it a place where they can connect with their audience. Again,
the most important thing that a creator has is trust,
and that's why we see that actually with gen z,
they're three times more likely to trust a creator over
an ad We now see that the vast joy the
population now says that they shop from creators. And so,
as a creator, if trust is what you're selling, how
(34:06):
do you stay in touch with that audience every day.
Speaker 8 (34:08):
The job that.
Speaker 13 (34:09):
Social media was doing last year, they're not doing for
you today. They're a discovery platform and so you've got
to have a place where you're.
Speaker 3 (34:14):
Growing your community.
Speaker 5 (34:16):
Amber Ven's Box, President co founder of LTK, Thank you
so much. Now, coming up on the show, we're going
to be joined by Science Co CEO ilam Cadre for
a discussion on EV batteries. This is Bloomberg technology EV
(34:38):
industry top of mind after Tessa's earning. Science Co is
a crucial player in all of that specialty. Keenalties Company
about to break ground on a flagship site in Augusta,
Georgia tomorrow.
Speaker 6 (34:48):
It will serve as North.
Speaker 5 (34:49):
America's largest capacity production facility for polyvinyl idin fluoride, a
critical component of EV batteries, joining US Science Co CEO
ilhum Cadri. The narrative from Tesla is demand on the
EV side, low hybrids are interfering. Why is the chemical
company specialize in important right now?
Speaker 8 (35:12):
Yeah?
Speaker 14 (35:13):
Well, hello and good morning.
Speaker 3 (35:15):
Thank you for having me.
Speaker 14 (35:16):
It's gonna be a great day tomorrow. Were groundbreaking in Augusta,
one of the largest material and the largest material manufacturing sights,
which is going to common stream in the next five
years to cater more or less five million ev cars.
We still believe that the long term fundamentals of the
electrification in Americas are still there. We believe that more
(35:41):
than thirty percent adoption will happen between now and twenty
thirty in the world, it's going to be more than
half of the production's fleet will move to EV or hybrid. So, yeah,
you are seeing some delays for good reasons, right, some
softness in says, but you know it takes three years
anyway to build the plant, and we believe in this
(36:02):
electrification fueled by consumers by the giga factories. Ten are
already in place, twenty seven are in construction, and our
customers are demanding on shoring domestic manufacturing materials like ours
to suppose the adoption and cost competitiveness.
Speaker 2 (36:22):
Supply chain has been a constant headache for many. From
your perspective, what is needed to ensure that we hate
that level of adoptions of evy and hybrids over the
next cost the five years.
Speaker 14 (36:34):
You need cheaper cars, ev cars and hybrid cars, right,
and you need this and the technology in batteries is
going to enable that. Right, just a few years back,
half of the cost of Tesla car used to be
a battery. Now it's twenty fifteen percent. We're going to
get it to a single digit. So our materials they
offer more efficiency in the batteries, higher elexical density actually,
(36:57):
and therefore more autonomy in driving.
Speaker 3 (37:00):
Right, let's drive in eggs.
Speaker 14 (37:02):
So I think the cost curve of the ivy and
hybrid cars are gonna come down, like any new technologies,
and we're an enablers today we commercialize the generation too
lethium ion batteries. We are agnostics to technology. We go
to LFPN, n C and others. But we are already
working on generation four and five solid batteries, which gonna
(37:22):
get even smaller batteries, cheaper, more affordable, safer.
Speaker 2 (37:28):
Well, congratulations on breaking ground tomorrow. We look forward to
having on the show sunce Co CEO doctor Elm Calder.
Speaker 3 (37:34):
We thank you.
Speaker 2 (37:35):
Wow, what a well when that does a decosition of
bloom bang technology.
Speaker 6 (37:38):
And we are in the thick of it.
Speaker 5 (37:40):
Earnings wise, check out the podcast recapp in particular Tesla.
Find the pot on Apple, Spotify, iHeart and you can
also find it of course on the Bloomberg platforms.
Speaker 6 (37:49):
Buckle up big week. This is Bloomberg Technology.
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:09):
Leaving having made his speech following signing of the bill
worth some ninety five billion dollars in aid to Ukraine,
of course, to Israel as well as the Indo Pacific.
Within that, of course is also the ban or diverst
of TikTok. Now Biden is saying that the US is
actually going to start sending military aid to.
Speaker 3 (00:29):
Ukraine within hours.
Speaker 2 (00:31):
He also goes on to say than regarding Israel, then
it must make sure that the US has provided aid
reaches Gaza. Let's get more of this with Klie lines
for more and first the aid.
Speaker 3 (00:41):
Klie, what did you make of this speech from Biden.
Speaker 4 (00:44):
Well, he clearly Caroline was trying to convey that this
aid package was just as much about US national security
interests as it was about the interests of our allies.
He said that repeatedly, specifically on the subject of Ukraine.
The idea that Russia initially thought it could break the
will of the Ukrainian people, then it thought it could
break the will of NATO and the United States.
Speaker 3 (01:03):
And that resolve still stands.
Speaker 4 (01:05):
In the words of Vladimir of President Biden, he said,
we bowed no one, certainly not Vladimir Putin. And as
you say, Caroline, he does indicate that within hours we
will see starts of this aid moving toward Ukraine. On
the subject of Israel, not only was he talking about
the defense it could provide Israel in terms of air defenses,
making sure that they can withstand a future attack like
(01:25):
the one Iran attempted just ten days ago, but he
also made the point to talk about humanitarian aid, the
idea that this will provide aid to Palestinian people, and
he had pretty sharp words for Israel.
Speaker 3 (01:36):
They must make.
Speaker 4 (01:37):
Sure all of this aid reaches the Palestinians in Gaza
without delay, going on to say he wants to see
the hostages that still remain in Hamas's hands returned and
a cease fire deal reached. It was also interesting that
he pointed out what this bill did not contain, which
of course, was any measures on border security. There had
been with the supplemental Aid package, a border deal that
(01:58):
was struck earlier this year between bipart negotiators in the
Senate in the White House. It ended up going nowhere
in Congress and part in the face of opposition from
former President Donald Trump and he made sure to call
that out. As we know, though, while border measures were
not in it, there were a number of other measures
that were that don't relate directly to aid to allies,
including the seizure of frozen Russian assets, which yes, can
(02:19):
be used to fund Ukraine's war effort. But then of
course also that TikTok Divestit Turbil Keayley.
Speaker 5 (02:25):
One other area of importance to our audience as well
Bloomberg Technology is Indo Pacific Taiwan in particular a part
of this bill in the context of semiconductor electronics infrastructure.
Just explain the parameters of the bill that relate to
that region.
Speaker 4 (02:40):
Yeah, this is a much smaller amount of money ed
than the money that's being provided to Ukraine or Israel,
to the tune of about sixty plus billion dollars in
Ukraine's case, twenty billion dollars plus humanitarian aid in Israel's case.
The Taiwan portion was much smaller, around nine billion dollars.
And it actually is more broadly about the Indo Pacific,
not Taiwan individually, although Taiwan certainly represents a big chunk
(03:04):
of this and that kind of speaks to this idea
that this in national security interest. They are trying to
combat many different fronts and many different theaters Russia on
the one hand in Ukraine, of course, the threat from
Iran and Iranian proxies in the Middle East, but then
also the ongoing threat in China, and making sure that
there is security given the importance of Taiwan not only
to the US in terms of symbolism and representation of
(03:24):
a democracy and wanting to maintain that, but then also
of course the security in that region, given it is
vital in terms of the supply chain, but also there
are concerns with other US allies and others in the region,
like the Philippines in regard to the South China Sea.
So that is why you see it more broadly be
the Indo Pacific region that was also addressed and talked
about a lot less when we were discussing this legislation.
Speaker 2 (03:47):
Kaylene, when we think about Asia, when we think about
China e Also I think that at the moment of
President Biden speaking on this signing of the bill, show too.
The CEO of TikTok also put out his own statement,
actually using another social media platform of x to post
his video response saying no, this bill is a disappointing
moment outline.
Speaker 3 (04:08):
Thus follow what this means the TikTok.
Speaker 4 (04:11):
Well, it was interesting to listen to the language of
show Choo in this video, Caroline, because of course, what
this legislation actually does is say TikTok will be banned
in the US if it is not divested within the
requisite timeline, which is actually nine months, with the possibility
of a three month extension, should a sale process already
be underway, if TikTok or byte Dance specifically were to
(04:31):
move ahead with the sale of its US division byte Dance,
though specifically TikTok does not indicate that they are going
to do so, so Chu said, we will keep fighting
for these rights in court. He said, the facts in
the Constitution are on our side and that they expect
to prevail, basically just signaling that this is going to
be a protracted legal battle over this issue ahead. And
despite what lawmakers may say that they want to see
(04:53):
TikTok continuing to operate in the US, they just want
it in US hands rather than in the hands of
a Chinese company that could be shared data with the
Chinese Communist Party. Shoultchu seems like he begs to differ
on that he said in this video. Make no mistake,
this is a ban and a band on you and
your voice, which is one of the issues that opponents
of this legislation specifically pertaining to TikTok had around First
(05:14):
Amendment rates and the idea that this could maybe be
in violation of those content creators who are trying to
use this platform to share their voice. Obviously, those concerns
did not prevail over the wider concerns that proponents of
this legislation had about the data security of Americans and
potential Chinese manipulation of the content that they are seeing
on this platform.
Speaker 5 (05:34):
We will continue to cover this very big TikTok story
later in the hour of Bloombo's klie Lions.
Speaker 6 (05:39):
Thank you very much.
Speaker 5 (05:40):
The other big in top technology story is Tesla. Tesla
shares are up twelve percent off session highs where they
were up sixteen percent and on track for their biggest
gain in.
Speaker 6 (05:52):
Two years, more than two years.
Speaker 5 (05:54):
Three key points from earnings Tesla is accelerating the introduction
of lower costs affordable EV platforms. There is in second point,
which is an absolute focus on AI and autonomous driving
and must spell that out for Wall Street.
Speaker 6 (06:09):
And the third point is.
Speaker 5 (06:11):
That the first quarter was absolutely disastrous and investors are
completely looking past it. Bloomberg's Dana Hole has been all
over the Tesla story for seven days straight and she
joins us, Now, let's start with what I think the
market zeroed in on Dana, which is, affordable evs are
coming sooner than we expected and not in the form
(06:32):
that we expected.
Speaker 7 (06:34):
Yeah, that was the big surprise, And there were sort
of two things. The shareholder decks said that they were
accelerating their more affordable plans, and then on the call itself,
Musk was very bullish and said, well, we might even
see these more affordable models by the end of this year.
So that was a very big positive for investors that
have been worried that Tesla's slumping sales are because they
(06:55):
don't have a cheaper EV and you know, the market
is always very forward looking. I mean, there was a
lot of negative sentiment going into this call. I think
there's a sense now that maybe the shairs have hit
the bottom. And Musk has been Tesla's CEO since two
thousand and eight. He has been on every single earnings
call that this company he's had, except for one he
(07:17):
understands Wall Street psychology and he like pulled a rabbit
out of a hat and has them focused on the
bright future.
Speaker 2 (07:23):
Yet again, yeah, not as bad as fed Dana. Can
you just outline how they accomplished there? For what questions
did he answer? What transparency did we get on this
new platform meets current method of manufacturing to create suddenly
a cheap of vehicle.
Speaker 7 (07:40):
Well, to be clear that, I mean, the earnings print
was terrible, but he he kind of focused it on,
you know, on the future and and basically kind of
knocked down this Reuter's story which had said that there
is no more affordable car, that the more affordable.
Speaker 3 (07:55):
Car is completely dead.
Speaker 7 (07:56):
Tesla is now basically saying that they have been working
all along on bringing more affordable cars to market and
we're going to learn more about that on August eighth.
Speaker 3 (08:05):
So that was a little bit that was still a
little bit murky.
Speaker 7 (08:07):
But I think the reason why the stock is reacting
so positively is that he gave people hope that there
is going to be more affordable models. But also he
is just incredibly bullish on autonomy and he has been
for quite some time.
Speaker 8 (08:19):
But the way in.
Speaker 7 (08:21):
Which he spoke, the confidence with which he spoke, and
you know, he was basically saying, if you don't believe
that we can solve this autonomous problem, you shouldn't be
an investor in the spot in the stock was just
kind of an indication as to how confident he is
in the technology that Tesla has been working on for
over a decade.
Speaker 5 (08:38):
Now, let's show a bit of what Musk had to
say about autonomy. You're exactly right. He spelled it out
for Wall Street in no uncertain terms. This is the plan,
it's AI, and it's autonomous driving, Donna. We did get
some specifics, though, I think that we're trying to understand
if we got clarity or any new information in the
(08:58):
shareholder deck has built robotaxi and then on the call
an explanation of how a robotaxi service would work. What
did you learn?
Speaker 7 (09:09):
Yeah, I mean, I think the big takeaway is like
Tesla is coming for Uber. I mean, and they're they're
they're you know, they're Robotaxi, which must also called the
cyber cab, is like this combination Waymo slash Uber service
that will be fully electric and fully autonomous, and I
mean there's been some question as to how does this
like fit with the clean Energy mission. It does in
(09:30):
that if you can utilize vehicles to be their most
efficient and if the miles that are traveled are electric,
then you are diverting a large amount of carbon from
the atmosphere. And so you know, this is this has
been kind of part of the plan ever since master
Plan twenty sixty a master Plan Part two in twenty sixteen.
But the shareholder deck actually shows like the Tesla app
(09:52):
and I mean they're very much talking about a service
that sounds like it's going to come sooner rather than later.
Speaker 2 (09:59):
Dnaho phenomenal reporting across the earnings with the podcast going
deep into really well the focus of email it is
your good, you mustpeak, take a rest.
Speaker 3 (10:11):
We thank you so much. Let's go now. From an
investor perspective, look, is this.
Speaker 2 (10:15):
A time to be plowing into Tesla stocks? Certainly the
market seems to be on the day Nazi Tangla's with
our CEO CIO of Laffatanga Investments in the house in
New York.
Speaker 3 (10:23):
Thank you for joining us. Thank you, Caroline.
Speaker 2 (10:26):
Is this reaction right, this increase in Tesla shares on
the day when.
Speaker 3 (10:32):
Ultimately the court had just gone was ugly.
Speaker 9 (10:34):
Yeah, yeah, well, I agree with Dana.
Speaker 3 (10:37):
Sorry for my voice.
Speaker 2 (10:38):
All good, We'll give you a moment to clear it.
Speaker 9 (10:43):
Elon gave investors what they wanted to hear. He's excellent
at that, like any good founding CEO. But if you
look under the hood and you have a long term perspective,
we think this is a time when you want to
add to the name, and we've been doing that. It's
not just the autonomous drive, which by the way, they
have three hundred billion miles driven in their their models,
(11:06):
but also it's based on the megapack and the megapack
is growing at fifty percent a year. It's the most
profitable division and we think can be worth more than
the car business in the future. So and those are
utility grade batteries. So I think that the company is pivoting.
He's giving investors what they want to hear, and in
(11:29):
three to five years is going to be a very
different looking company. How interesting, because.
Speaker 2 (11:32):
We are indeed going to be digging into the battery
side of the equation. A little bit later in the
show for the here and now, how cautiously. Do you
add to a position like Tesla. How much do you
see that the dipisorting more? Are you buying day in
day out? Do you suddenly see a moment where you
get that headlined? Do you then anticipate what happens in August?
How do you build up a stake in.
Speaker 3 (11:54):
Tesla for you slowly?
Speaker 2 (11:55):
Yeah?
Speaker 9 (11:56):
Yeah, I don't think you want to chase this stock. Ever,
it's extraordinary early volatile. We were adding it in January
of last year at one hundred and four dollars a share.
It went up to two forty or two twenty. We
sold some and we bought some back a little too early.
But I think what you want to look for is
I mean, you know, for most of us ROBOTAXI sound crazy.
(12:17):
I commute a third of a mile every day and
coming and going. I see away monk, because I live
in Scottsdale every single day. You can't go anywhere without
seeing their ubiquitous and so being second to that market
is not a bad thing. And I think I think
Elon and the company has really been focused on improving
(12:37):
that software and FSD software is pretty slick, and about
fifty percent of Tesla drivers use it so the you know,
the adoption rate will increase and the rest of us
will come to the party at some point.
Speaker 5 (12:50):
And Nancy, good morning, it is great to see you.
I want to I want to scratch a bit deeper
at that, because it is it is completely black and
white for a Musk couldn't be more clear to investors.
If you do not believe in the autonomous driving vision,
don't be an investor. But what's interesting, I guess you know,
for institutional professional investors like you, so many had an
(13:14):
affordable ev at the heart of their ball thesis. Musk
is basically saying, no, have autonomy at the heart of
your ball thesis. What's at the heart of your thesis
with Tesla.
Speaker 9 (13:25):
Yeah, a good point ed And you know, coming from
San Francisco as you do, you probably don't see the
volume of self driving cars that we see, but it's
in our face every day in Arizona. So I think
it's an important component of growth. Some say it's sixty
percent of their number. What we're really focused on is
the vertical integration of the company, the vertical integration of
(13:46):
the megapac. I went to the factory. I think I
shared that with you not too long ago. It's compelling
and I think as we you know, as we sort
of grapple with green and renewables, you've got to have
a way to store that. And Tesla is the industry leader,
the low cost provider. So that's at the heart of
our thesis. But we know that it's a story stock
(14:08):
and you need EVS to come along and you need
him to be correct on robo. But let's also stipulate
he's never met his deadlines. He's directionally correct, but he's
not on time.
Speaker 5 (14:24):
Nancy Tangler's CEO and CIO Lappitanger Investments, couldn't think of
a better person speak to you this morning.
Speaker 6 (14:29):
Thank you.
Speaker 5 (14:30):
Now, coming up the UK increases scrutiny of AI investments
from Microsoft and Amazon and their impact on competition. Bring
you the reporting next, This is Bloomberg Now.
Speaker 2 (14:52):
The UK's antitrust watchdog, the CMA, is gathering information to
determine whether the four billion dollar collaboration between Amazon and
the A for amanthropic but that threatens competition in the
United Kingdom, and also said it was looking at Microsofts
partnership in mistral and with inflection AI with us. Some
more Luma's Catherine and Gamel, and the CMA is not holding.
Speaker 3 (15:11):
Back on this.
Speaker 2 (15:11):
They're worried about this interconnected web. Spit it out for us.
Speaker 1 (15:16):
Yes, So last week the CMA said it was worried
about these interconnected waves of partnerships and investments into AI
companies by the big tech firms.
Speaker 3 (15:24):
They're worried that.
Speaker 1 (15:24):
You know, the big tech companies are using these as
covert merger opportunities to you know, really have influence over
this emerging technology and companies. So today, off the back
of that, they've opened three new probes and this adds
to the probe that was already in the works of
Microsoft's investment into open Ai.
Speaker 5 (15:44):
Catherine very quickly. If the CMA moves forward, what are
the repercussions.
Speaker 1 (15:50):
Yes, so right now it's just an invitation to comment stage,
and if they find out that this is a merger
under their different terms, then it will go to a
phase one.
Speaker 3 (15:58):
So that'd be the first stage of the probe.
Speaker 1 (16:00):
You know what, then seems it's more sedious and there's
going to be substantial listening competition, it can go to
a phase two probe and then obviously at that point
in marriage of probes in the UK. You know, they
can ask for divestments of certain things, or they can
block them altogether and tell them to unwind it. So,
I mean there's lots of different scenarios, but right now
it's very much in the early stages.
Speaker 5 (16:18):
Bloombergs Catherine Gemo out of London. Great reporting, Thank you.
Coming up on the show, more on tech earnings with
Dan Newman of the Future and Group. Big conversation coming
up from San Francisco and New York City. This is
Bloomberg Technology. Welcome back to Bloomberg Technology. Ed Ludlow in
(16:47):
San Francisco.
Speaker 2 (16:48):
I'm Caroline Hired in New York and let's get a
quick check on these markets, because well we are thick
and fast in earning season. We're also still trying to
digest some big bond market action. Big sales of five
year coming today after two year auction. Yes, then as
that one hundred managing to push above that three tenths
of a percent, and the moments are holding onto gains.
More broadly, as big tech wins out Teslo, we dug
into interesting moves with the Japanese yen basically weakening to
(17:10):
levels we haven't seen in two three decades, and we're
expecting maybe some intervention as we break through this one
five to five levels. So keep an eye on dollar
strength further versus Japanese yen. Bitcoin down versus the US
dollar today we're off by two point four percent, so
there is still some anxiety and risk assets more broadly,
move on, have a little look at what's happening in
terms of individual moves on the tech landscape now not
(17:33):
totally tech, but a lot to do with tech is Boeing,
and this is interesting as we suddenly take a leg
lower into the red. It had been flying high more
than four percent after earnings came in better than expected.
But then that headline, crucial headline, the seven eight to
seven is going to be produced on just five jets
per month.
Speaker 3 (17:47):
That's a worry to investors.
Speaker 2 (17:48):
Right now, Tesla just soaring up eleven percent after of
course awful first quarter in terms of revenue and profitability,
but pointing towards yet still a focus on those cheaper,
more affordable cars.
Speaker 3 (17:59):
I'm looking at Texas instruments.
Speaker 2 (18:00):
This is why we're seeing the socks generally, the benchmark
of Chips sucks all higher today, ups more than six
percent really some optimism coming after the bell yesterday with
its earnings spread across IBM.
Speaker 3 (18:12):
Maybe there's a deal going on with IBM.
Speaker 2 (18:14):
They're looking at hash you call, that's what's being currently
dibated by the market. We'll get more on earnings after
the well from IBM, and let's dig into some of
those earnings.
Speaker 5 (18:21):
Yeah, there's a lot of names. IBM is a key
one after the bell. Meta is one that is absolutely
huge and we haven't touched on yet. Let's get to
the what to expect and bring in the future. From
group CEO Dan Newman, I think let's start with Meta
because everyone's talking about Meta in the AI context, huge
run up in market cap, It is completely outperforming its
(18:42):
social media peers because of AI. What are your expectations
for the name?
Speaker 10 (18:48):
Yeah, first of all, good to see you both ed
in Carolina. It's always good to join the show. Meta
has been on an incredible run and what it's recently
been able to do both in the open source community
with the new Lama models and of course being able
to build on those models and apply them to their technology,
has been nothing short of astounding.
Speaker 8 (19:07):
You know, last year it was all about.
Speaker 10 (19:08):
The company getting operationally in line, they made the cuts
they had to make, they started growing. The market in
the street really reacted well. Now it's can they continue
that growth on a year over year basis, And they've
had several continuous quarters of really great growth. But I
think they can do it. And I think they did
get a boost with what's going on with TikTok as well,
And I don't know that that will immediately come into effect,
(19:30):
but I mean they are the biggest winner of that decision.
Speaker 8 (19:33):
And so what the market really should.
Speaker 10 (19:35):
Be is expecting is this company is gonna be talking
all about AI today. They're gonna be talking about how
that's going to create better experiences, and they have this
really committed platform, and unlike search, which generative AI is
going to disrupt, the reason people are on metas apps
and on Metas platform is more about community. It's more
about social and I think they're going to become the
biggest winner in this in this AI boom.
Speaker 5 (19:58):
When METSA is earning Statement's hit and on the core,
I'm going to be looking for commentary around add pricing
growth from AI and impressions. But it's a different AI
story to Microsoft to Google.
Speaker 6 (20:12):
That's that's next week.
Speaker 5 (20:13):
But is there a commonality between those two names in
this earning season that you're focused on.
Speaker 10 (20:20):
Yeah, I think it's the ability to apply the AI
technology that's being developed to driving that revenue, driving margin enhancement,
creating stickiness on the platforms across the board. You know,
we know that the search market is going to be
disrupted attribution click through, but people spending time on social
platforms AI is only making it stickier, which is going
(20:40):
to give pricing power to Meta and you've got to
like that a lot. I also really love what they're
doing in terms of building their own technology.
Speaker 8 (20:47):
The company has become the open tech company.
Speaker 10 (20:49):
I mean, who would have thunk that in the world
of Apple and Meta that Apple was going to go
closed and Meta was going to double down on going open.
They're building these really robust, high fidelity models with Lama three,
and then of course now it's Horizon.
Speaker 8 (21:03):
They're doing it for AR and v are. They're basically
saying we're going to.
Speaker 10 (21:06):
Be the open platform for developing these next generation technologies.
Speaker 8 (21:10):
So there's just a lot to like.
Speaker 10 (21:11):
The one concern I do have is that on a
year over year basis, they've grown so fast that this expectation.
Speaker 8 (21:19):
From the street. They could have a great quarter and
still miss.
Speaker 10 (21:22):
And I think you have to keep that into perspective
that they've had six tremendous quarters in a row.
Speaker 8 (21:28):
At some point that music's going to stop.
Speaker 10 (21:30):
I think we're gonna be asking that question about Nvidio
later this quarter as well.
Speaker 2 (21:33):
Yeah, with such a huge market capitalization increase on meta,
can they live up to it? But Dan, in that breath,
we did hear ed mention Microsoft.
Speaker 3 (21:42):
And Google Alphabet.
Speaker 2 (21:43):
Both of those are cloud names too, and I want
to just spoken on the cloud name that's coming after
the bell today because IBM of course big ideal on
hybrid cloud on prem of course in and then bringing
it to the cloud where your data was going to
be stored. I'm interested in what you make of all
this rumor around deal with Hawshi call Movady.
Speaker 3 (22:02):
What a you're expecting from the numbers.
Speaker 10 (22:05):
Yeah, IBM's a really interesting one because I've been very
fond of their the growth and the strategy. I've spent
time with Arvin Krishna and he's really doubled down on
hybrid cloud and AI. It's not trying to be a
hyper scale hyperscale cloud provider like an AWS.
Speaker 8 (22:20):
It's really saying we want.
Speaker 10 (22:21):
To be the enterprise cloud provider and we're going to
double down on AI. And where's that coming through really
with their Watson X products. So Watson X on a
quarter to quarter basis has seen its numbers double the
last couple of quarters, and you're still talking hundreds of
millions of dollars. But this platform has a lot of
what you know, the enterprises need. It's the data strategy
(22:42):
and management, and it's also the governance and compliance.
Speaker 8 (22:45):
We hear so much.
Speaker 10 (22:46):
From these big cloud providers about issues and risks related
to how data is trained and how people.
Speaker 8 (22:52):
Are consuming it.
Speaker 10 (22:52):
IBM has really leaned in on that governance, and I
think large enterprises are giving the company a look and
saying we need someone that can really manage our data.
So I'm expecting that number from Arvind and CFO Jim
Cavnaw to be a big focus today. Having said that,
you know you asked about the Microsoft Googles. I mean, look,
those two have been the fastest growing two clouds.
Speaker 8 (23:13):
I expect that to continue.
Speaker 10 (23:15):
Google came off a really positive cloud next they're building
out their own Silicon they're vertically integrating. And the one
thing I'll say is, whether it's Open Ai, whether it's
Gemini and Vertex, all these large cloud providers are finding
that people are building on more than one cloud, and
AI has been the driver that's finally brought this multi
cloud strategy to life.
Speaker 2 (23:35):
I just want to go back to what you're saying
almost with Meta, being like they can still have a
great quarter but miss the very heavy expectations. More broadly,
we have seen this market near record highs still because
of this aipay, this euphoria. Do you really put stock
in the fact that these companies can live up to
the high expectations of this quarter.
Speaker 10 (23:57):
I'll tell you what the entire market is on stilts
that these quarters need.
Speaker 8 (24:01):
These companies need to live up to the expectation.
Speaker 10 (24:04):
There really is so much troubling economic data out there,
whether it's this sticky inflation, whether it's higher interest rates,
whether it's concerns about elections, you got, you know, geopolitical
issues around the world, and right now AI has been
the propellant of this industry. In Vidia's numbers will create
probably more concern than even these, But look, if Microsoft
(24:26):
and Google have a tough quarter and to.
Speaker 8 (24:28):
Some extent Meta too, people are going to start to be.
Speaker 10 (24:30):
Alarmed of whether or not this AI growth is going
to accelerate to this multi trillion dollar opportunity the near
term because with higher rates you've got to discount long
term cash flows. You have to look against the value
of growth the forward multiples. But AI has kind of
enabled us to all oversee it because Microsoft's Open AI
is accelerating, Google's AI is accelerating, Metas AI is accelerating.
(24:52):
So I actually think that this week and then next week,
with a couple.
Speaker 8 (24:57):
Of the you know, the Amazons and the apples.
Speaker 10 (24:59):
That are going to follow, well, if these don't come
out well, Caroline, I actually am concerned that this could
be what drives the next leg down. But having said that,
I am optimistic that these companies are going to get
more clear and prescriptive as to how AI is driving
growth and how it will continue to drive growth, productivity,
and efficiency because people want to see earnings.
Speaker 2 (25:18):
Yeah, I want to see the proof that this is working.
Daniel Newman, great to have you back the Future and Group.
Speaker 3 (25:24):
Thank you. Meanwhile, let's just turn our attention to the
future of entertainment.
Speaker 2 (25:27):
The industry there could well depend on reaching a truly
worldwide audience, and so Netflix is doubling down on those
global ambitions.
Speaker 3 (25:35):
Blomeg Original's host and Many.
Speaker 2 (25:36):
Chang sat down on Netflix's chief content officer, that's Beloma
Bajaria for close to look at the entertainment chance a
global strategy.
Speaker 3 (25:43):
Just take a listen.
Speaker 11 (25:46):
I have had lots of jobs in Hollywood and linear
networks and studios, and I think there was a really
domestic focus and then you sell later. After the fact
that you sell, you can tell your title internationally. We're
a Horble service and we're in one hundred and eightty countries,
so we were always going to do storytelling, you know,
locally in that way. So that's always just been a
(26:07):
big part of our business in two thirds of our
members around sid anyway.
Speaker 3 (26:10):
Right, Well, that was my next er, like is it
paying off? Yes, that I say, it's also.
Speaker 11 (26:18):
Understanding that people in different countries. It's also the investment
in local storytelling right to spend time in those places,
not have a Western lens on what that is and
understand each you know, local kind of creative ecosystem and
so be close to the storytelling.
Speaker 5 (26:38):
That was Netflix's Chief content of Sir Bella Bajaria now
coming up what the TikTok bill could mean for creators
and businesses they use the social media platform with LTK
co founder and president Amber Ven's box. That ain't Amber,
but I'm sure she'll appear momentarily Carrots.
Speaker 1 (26:57):
So pick.
Speaker 2 (26:57):
Meanwhile, let's just talk about another interesting story that's happening
in terms of the destination of where certain companies are located.
Speaker 3 (27:05):
Oracle's doing again.
Speaker 2 (27:06):
They moved from California to Texas and now well a
listener's moving Oracle to Nashville from Texas. Larry Alison making
that decision because look, this is about a bet on
the future of healthcare and provision of what he can do.
Speaker 3 (27:18):
There are for a big deal. This is Bloomberg technology.
Speaker 5 (27:38):
Let's get back to the legislation involving TikTok. Let's bring
in Bloomberg's Alex Brinka. Alex are in the program we
had that breaking news from show to the TikTok CEO
basically saying in summary, whatever happens, we're not going anywhere.
He really leaned on this idea that this was an
issue of freedom of speech. You've written a really smart piece.
(27:59):
In the last twenty four hour I was about the
two hundred and seventy day timeline.
Speaker 6 (28:03):
So the bill signed.
Speaker 5 (28:04):
Into law, but there is a curious chronological occurrence relating
to inauguration day post election.
Speaker 6 (28:12):
Just explain you're reporting.
Speaker 12 (28:14):
Yeah, So this bill gives two hundred and seventy days
for byte Dance to separate from TikTok or else face
a ban in the US, but there is a clause
in there that allows the president at the time to
extend that for an additional ninety days. Now, that two
hundred and seventy day deadline ends up being on January
nineteenth for the election savvy you'll know that's the day
(28:35):
before inauguration Day. So regardless of what happens in this
presidential election, President Biden will be on the hook for
deciding does TikTok and byte Dance get an additional extension
if there is no divestitor at that point. It's an
important distinction to make because of what we've seen out
of the leading Republican candidate for president, Donald Trump. Trump
(28:55):
is the man who did write the first executive order
to ban TikTok in the US in twenty.
Speaker 3 (28:59):
Twenty but these days he's changed his tune.
Speaker 12 (29:02):
He's actually said he thinks TikTok should stay. So this
kind of battle TikTok's had with DC has been very
much pulled around by whichever administration is in power, and
it seems with this happenstance timing that that is not
going to change through this next election.
Speaker 2 (29:19):
Such smart reporting throughout this week and on long weekend,
Alex Brunka, we thank you so much for all the
nuances surrounding TikTok. Now we want to get the perspective
of the creator right now. Are they still really focusing
in on TikTok, on the shop, the commerce offerings?
Speaker 3 (29:35):
Joining us now?
Speaker 2 (29:36):
I'm a Ven's Box, president and co founder of influencer
shopping app and tech platform LTK.
Speaker 3 (29:41):
You yourself, in many ways an influencer.
Speaker 2 (29:43):
You're then building a business that supports influencers. What are
the questions you're currently fielding? Are people turning away from
TikTok amid the volatility the unknowns?
Speaker 13 (29:56):
Right now, we're educating a whole new generation of creators
of what's it like to live and future proof your
business in the creator economy. We've seen this now we
launched our business in twenty eleven. At that point we
were talking about blogs and then you know, let's see
next came Pinterest, and then Instagram and then Snap and tiptok.
So I'm old enough to have lived through several several
generations of platforms, and I see them now where they
(30:18):
rise and then they maybe follow out.
Speaker 3 (30:20):
A consumer favor.
Speaker 13 (30:20):
Like to say, there's either an evolution of these platforms
or a revolution. This is something that we have built
for specifically at LTK. We're in kind of what i'd
call the third chapter. So moving from that first chapter
being blogs, second chapter social media, now third chapter where
creators need to find a home base. What we've seen
happen on TikTok, they've changed the paradigm for social media.
(30:41):
It's no longer about building community, it's about interest based feeds.
Speaker 3 (30:45):
So as a creator, I then.
Speaker 13 (30:46):
Have to hook someone based on their interest and then
bring them back to the home base. And so right
now we are in an effort to make sure that
our creators who have started their career on TikTok understand
that this is expected, it's prepared for, and they have
actionable next steps.
Speaker 2 (31:01):
And that's really interesting and what I'm also wondering, is
how many questions you're fielding on whether the influencer's role
is to support one of their key platforms. What's been
so notable is this time round, this sudden flurry of
activity on the hill and it's.
Speaker 3 (31:16):
Whizzing through Congress. We haven't heard much from the influencer base.
Speaker 2 (31:20):
So too puts out a call to say, tell us
your stories make it clear to lawmakers as to why
this is so important.
Speaker 3 (31:27):
Should you be fighting for TikTok?
Speaker 13 (31:31):
Well, history also tells us that the platforms are ultimately
misaligned to creators. I hate to have to say that,
but it's true. The business models just don't work for
a creator. They're taking usually one hundred percent margin on
their ad revenue and not paying the creator. But the
creator gets out of this. What I would still say,
the symbiotic relationship is distribution and discoverability, and so a
creator's loyalty is truly to their audience and not to
(31:53):
the platform. And that's what they're feeling right now is
how do I make sure that my audience knows I'm here,
I'm not going anywhere, and where they can find me
because I want to conte you need to be in
a relationship with them, because ultimately that is what I
have to sell. It's the trust I have with that community,
which means I have to have one.
Speaker 5 (32:08):
The technology secret source amber for TikTok seems to be algorithmic.
Speaker 6 (32:13):
Right.
Speaker 5 (32:13):
You've talked about interest based feeds and in a divest scenario,
there's a lot of concern that algorithmically China might act.
I don't expect you to weigh in on that, but
I think there's a value you add in explaining to
our audience how effective TikTok is algorithmically speaking in matching
(32:34):
the content to its target audiences.
Speaker 13 (32:38):
Incredibly effective. It's absolutely changed what it means to be
a social media platform. Before this, you know, you didn't
really think or talk about like explore pages or discovery pages.
It was truly about finding someone that you like and
then be a recommended another person, which was really more
about machine learning than about AI. When TikTok entered the scene,
their algorithm is so far superior to what we're seeing
(32:58):
on any other platform that you could log into the platform,
actually not follow anyone, and have a feed that felt
like it was absolutely one hundred percent created just for
you like, this platform was made for you, and that's
why we see if you look across on average where
adults are spending their time, TikTok has almost an hour
a day on average for adults, and that's much greater
than I think YouTube's in second place behind them, and
(33:20):
then falling down behind her all of the other social
media platforms.
Speaker 6 (33:23):
So that is their secret sauce.
Speaker 9 (33:25):
We know that.
Speaker 13 (33:25):
Of course, in China there's legislation that they are actually
not allowed to export their algorithms, and so in any
sort of a divestature from what the Chinese government is saying,
the algorithm would not come with.
Speaker 5 (33:36):
The TikTok property amber very quick. If you can't use TikTok,
what's the next best thing?
Speaker 6 (33:44):
Ltk?
Speaker 13 (33:45):
Our creators are creating there every single day. They're making
it a place where they can connect with their audience. Again,
the most important thing that a creator has is trust,
and that's why we see that actually with gen z,
they're three times more likely to trust a creator over
an ad We now see that the vast joy the
population now says that they shop from creators. And so,
as a creator, if trust is what you're selling, how
(34:06):
do you stay in touch with that audience every day.
Speaker 8 (34:08):
The job that.
Speaker 13 (34:09):
Social media was doing last year, they're not doing for
you today. They're a discovery platform and so you've got
to have a place where you're.
Speaker 3 (34:14):
Growing your community.
Speaker 5 (34:16):
Amber Ven's Box, President co founder of LTK, Thank you
so much. Now, coming up on the show, we're going
to be joined by Science Co CEO ilam Cadre for
a discussion on EV batteries. This is Bloomberg technology EV
(34:38):
industry top of mind after Tessa's earning. Science Co is
a crucial player in all of that specialty. Keenalties Company
about to break ground on a flagship site in Augusta,
Georgia tomorrow.
Speaker 6 (34:48):
It will serve as North.
Speaker 5 (34:49):
America's largest capacity production facility for polyvinyl idin fluoride, a
critical component of EV batteries, joining US Science Co CEO
ilhum Cadri. The narrative from Tesla is demand on the
EV side, low hybrids are interfering. Why is the chemical
company specialize in important right now?
Speaker 8 (35:12):
Yeah?
Speaker 14 (35:13):
Well, hello and good morning.
Speaker 3 (35:15):
Thank you for having me.
Speaker 14 (35:16):
It's gonna be a great day tomorrow. Were groundbreaking in Augusta,
one of the largest material and the largest material manufacturing sights,
which is going to common stream in the next five
years to cater more or less five million ev cars.
We still believe that the long term fundamentals of the
electrification in Americas are still there. We believe that more
(35:41):
than thirty percent adoption will happen between now and twenty
thirty in the world, it's going to be more than
half of the production's fleet will move to EV or hybrid. So, yeah,
you are seeing some delays for good reasons, right, some
softness in says, but you know it takes three years
anyway to build the plant, and we believe in this
(36:02):
electrification fueled by consumers by the giga factories. Ten are
already in place, twenty seven are in construction, and our
customers are demanding on shoring domestic manufacturing materials like ours
to suppose the adoption and cost competitiveness.
Speaker 2 (36:22):
Supply chain has been a constant headache for many. From
your perspective, what is needed to ensure that we hate
that level of adoptions of evy and hybrids over the
next cost the five years.
Speaker 14 (36:34):
You need cheaper cars, ev cars and hybrid cars, right,
and you need this and the technology in batteries is
going to enable that. Right, just a few years back,
half of the cost of Tesla car used to be
a battery. Now it's twenty fifteen percent. We're going to
get it to a single digit. So our materials they
offer more efficiency in the batteries, higher elexical density actually,
(36:57):
and therefore more autonomy in driving.
Speaker 3 (37:00):
Right, let's drive in eggs.
Speaker 14 (37:02):
So I think the cost curve of the ivy and
hybrid cars are gonna come down, like any new technologies,
and we're an enablers today we commercialize the generation too
lethium ion batteries. We are agnostics to technology. We go
to LFPN, n C and others. But we are already
working on generation four and five solid batteries, which gonna
(37:22):
get even smaller batteries, cheaper, more affordable, safer.
Speaker 2 (37:28):
Well, congratulations on breaking ground tomorrow. We look forward to
having on the show sunce Co CEO doctor Elm Calder.
Speaker 3 (37:34):
We thank you.
Speaker 2 (37:35):
Wow, what a well when that does a decosition of
bloom bang technology.
Speaker 6 (37:38):
And we are in the thick of it.
Speaker 5 (37:40):
Earnings wise, check out the podcast recapp in particular Tesla.
Find the pot on Apple, Spotify, iHeart and you can
also find it of course on the Bloomberg platforms.
Speaker 6 (37:49):
Buckle up big week. This is Bloomberg Technology.
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