'Bloomberg Technology' Full Show (05/30/2023)
ANNOUNCER: FROM THE HEART OF WHERE INNOVATION, MONEY AND POWER COLLIDE, AND SILICON VALLEY AND BEYOND, THIS IS BLOOMBERG TECHNOLOGY WITH CAROLINE HYDE AND ED LUDLOW. CAROLINE: I'M CAROLINE HYDE A BLOOMBERG'S WORLD HEADQUARTERS ED: IN YORK. ED:I'M ED LUDLOW IN SAN FRANCISCO. THIS IS BLOOMBERG TECHNOLOGY.
CAROLINE: COMING UP, NVIDIA HITTING A TRILLION DOLLARS. THE NINTH COMPANY TO HIT THAT VALUATION. WE WILL BRING YOU ALL THINGS AI. ED: INDUSTRY WARNING THE TECHNOLOGY POSES THE THREAT OF EXTINCTION. GOOGLE AND OTHERS CALLING FOR CAUTION. CAROLINE: ELON MUSK TOUCHES DOWN IN
BEIJING. WE WILL BRING YOU THE LATEST ON HIS VISIT AS HE EMPHASIZES THE IMPORTANCE OF TIES WITH CHINA. LET'S GET A GLOBAL LOOK ON THESE MARKETS BECAUSE THE CHINESE ECONOMY IS STILL A KEY CONCERN FOR MANY. THAT'S WHY WE SEE THE GOLDEN DRAGON OFF BY MORE THAN 3%. THE NASDAQ IS YOUR OUTPERFORMER. THE TECHNOLOGY SECTOR, THE REST
OF THE WORLD IS STILL WORRYING ABOUT RECESSION RISKS AND INFLATION. WE ARE SEEING A BIG RALLY IN THE U.S. DEBT MARKET. THE 10 YEAR, YIELDS COMING DOWN NINE OR 10 BASIS POINTS. DEBT RELIEF YET TO SEAL THE DEAL, BUT SOMETHING COMING FROM ACROSS THE AISLE. WE WILL SEE IF WE MANAGED TO
PUSH THROUGH DEFAULT. THAT AFFECTED THE CRYPTO MARKET. IN TERMS OF BITCOIN, WE MANAGED TO RALLY, THE HIGHEST IN A COUPLE OF MONTHS BUT WE ARE CURRENTLY TRADING FLAT ON THE DAY. DIVE INTO THE MICRO BECAUSE THIS IS A DAY FOR MICRO IMPACT. ED: A LOT HAPPENING IN THE NEWS FLOW, A LOT AROUND AI.
LET'S START WITH TESLA -- ELON MUSK IS IN CHINA. IN A STATEMENT ISSUED BY THE CHINESE GOVERNMENT, ELON MUSK IS QUOTED AS SAYING TESLA IS AGAINST THE DECOUPLING WITH CHINA AND WILL CONTINUE TO INVEST AND GROW ITS BUSINESS IN THAT MARKET. THE NARRATIVE BOOSTING SHARES, BROADCOM -- UP 4.7%. BOOSTING THEIR TARGETS BECAUSE THEY SEE IT'S A BENEFICIARY IN THE AI HYPE CYCLE PLAYING OUT RIGHT NOW AND LET'S TALK ABOUT NVIDIA. THE STOCK UP 5.7% AS WELL. A TRILLION MARKET CAP. THE FIRST CHIPMAKER OR SEMICONDUCTOR NAME TO REACH A TRILLION DOLLARS, THE NINTH STOCK EVER TO DO SO.
IT JOINS AN EXCLUSIVE CLUB ALONG AMAZON, GOOGLE AND MICROSOFT. WE WILL SEE IF WE CAN MAINTAIN THE CURRENT RATE -- CURRENT GAINS AS WE HEAD TOWARD THE CLOSE. IT IS A BIG MOMENT FOR THIS COMPANY FOUNDED ON THE WEST COAST IN 1993. THE CEO HAS BEEN IN TAIWAN THE LAST 48 HOURS SPEAKING OFTEN AND DRIVING MOMENTUM AROUND THOSE SHARES. I WANT TO BRING IN IAN KING AND TALK ABOUT NVIDIA BECAUSE WE'VE GOT PRODUCT ANNOUNCEMENTS AS WELL. WHAT HAVE WE LEARNED ABOUT THEIR LATEST OFFERINGS? IAN: ARE YOU READY FOR THE LIST? WE GOT A SUPER CHIP, A SUPERCOMPUTER, TO NEW DATA CENTERS, NETWORKING FOR AI TO SPEED THINGS UP IN THE DATA CENTER. THE LIST GOES ON AND ON IN
TERMS OF WHAT THEY ANNOUNCED THIS WEEKEND OVER THE LAST FEW DAYS. CAROLINE: HE SAID IT HIMSELF -- IT IS TOO MUCH AND I KNOW IT'S TOO MUCH BUT HIS SENSE OF URGENCY, THIS MONDO WAR MENTALITY, IS IT SOMETHING ONLY A FOUNDER-LED BUSINESS CAN DO IN THE CHIP MARKET? ARE WE SEEING OTHER ANNOUNCEMENTS IN THIS RESPECT? IAN: WE ARE SEEING PLENTY OF ROADMAPS AND ANNOUNCEMENTS BUT NOTHING LIKE THE INTENSITY BEING SHOWN BY THIS COMPANY. WE ARE AT THE BEGINNING STAGES. IF YOU BELIEVE NVIDIA, WE ARE AT THE BEGINNING STAGES. THERE ARE A LOT OF TECHNICAL
ISSUES AND FUNDAMENTAL DESIGN ISSUES THAT NEED TO BE SOLVED IN ORDER FOR THIS TO MOVE FORWARD. THE COMPANY THAT IS ADDRESSING THESE THAT IS ACTUALLY SAYING THIS IS WHAT WE ARE GOING TO DO, THAT IS NVIDIA RIGHT NOW. CAROLINE: WHEN I TURNED ON MY TERMINAL, EVERYTHING WAS COMING OUT FROM TAIPEI OVER THE WEEKEND. YOU SAW QUALCOMM TRYING TO BE IN ON THE GAME AND SOME THE OTHER ANNOUNCEMENTS POURING IN FROM THIS IMPORTANT MEET UP THAT SEEMS TO BE HAPPENING. ED: HE'S CLEARLY TAKING ADVANTAGE OF THE GATHERING OF MINDS. HE'S KIND OF THIS ROCKSTAR FIGURE, LEATHER JACKET-CLAD WITH HIS SPECKS ON THE STAGE. CAROLINE:
REMEMBER THE NVIDIA TATTOO? ED: HOW MUCH HAS THE STORY CHANGED, THE DAYS OF ELON MUSK BEING THE ROCKSTAR ARE OVER. HE WAS BORN IN TAIWAN COME EDUCATED ON THE WEST COAST AND IS CENTRAL TO THE STORY AND HIS OWN WEALTH HAS BALLOONED. IAN: HE LEFT TAIWAN WHEN HE WAS FOUR YEARS OLD AND FOUNDED THIS COMPANY AND STILL RUNS IT. AS CAROLINE SAID, IT IS HIM. HE STILL RUNS IT DAY TODAY, EVERYTHING REVOLVES AROUND HIM AND THAT THEY COMPANY THAT LIVES OR DIES IN TERMS OF THE DIRECTION THE CEO GIVES THEM. CAROLINE: THERE IS NEWS FLOW FROM GLOBAL, NOT JUST CHIPMAKERS BUT CHIP DESIGNERS.
GET US UP TO SPEED AS FAR AS THE TINY BIT OF OXYGEN LEFT. IAN: QUALCOMM WAS TALKING ABOUT MOBILE-RELATED. ONE OF THE THINGS QUALCOMM IS SAYING IS YOU CAN'T DO THIS ALL OVER WIRELESS, OVER THE INTERNET BECAUSE DATA CENTERS ARE TOO FAR AWAY. IF YOU WANT THAT INSTANT RESPONSE, IF YOU WANT CHATGPT TO TELL YOU SOMETHING MEANINGFUL, YOU NEED A PHONE CAPABLE OF DOING IT. THERE'S A LOT GOING ON AND A LOT OF OPPORTUNITIES IF YOU BELIEVE HYPE. CAROLINE: LET'S DIG INTO THE HYPERTEXT. IAN KING, THANK YOU SO MUCH,
GIVING US A HEALTHY DOSE OF WHAT IS REALITY AND WHAT ISN'T. LET'S LOOK AT THE ULTIMATE OPPORTUNITY HERE. A 3.4 BILLION DOLLARS UNDER MANAGEMENT. SOMEONE WHO HAS BEEN THINKING OF DECADES OF AI AND I'M INTERESTED IN YOUR PERSPECTIVE AS TO WHETHER NVIDIA IS THE PICKS AND SHOVELS YOU WANT TO BE IN. THEY'VE BEEN IT FOR CRYPTO, FOR GAMING, IS NVIDIA THE PLACE TO BE WHEN YOU WANT TO BE AT THE GROUND LEVEL FOR AI? >> THAT'S A GREAT QUESTION AND THANK YOU FOR HAVING ME ON. ON ONE HAND, NVIDIA HAS THE PICKS AND SHOVELS AND THEY ARE ACTUALLY GENERATING APPLICATIONS BEING USED AT ENTERPRISE CURRENTLY, SO THEY ARE NOT JUST CHIPS ANYMORE WHICH IS MAKING THEIR OWN SELF-FULFILLING SUPER CYCLE FOR THEMSELVES.
CAROLINE: DIG INTO THE SUPERCOMPUTER ELEMENT OF ALL OF THIS. ZENO: THEY HAVE THEIR OMNI VERSE WHERE THEY ARE TRYING TO SIMULATE REALITY ACROSS -- IT CAN BE USED FOR MANUFACTURING, FOR PROTEINS, HELPING SIMULATE PHYSICS AND EMPOWERING OTHER COMPANIES TO DO THAT WHICH IS VERY FUNDAMENTAL TO IMPROVING ANY TYPE OF DESIGN, ANY TYPE OF PHYSICAL INTERACTION. NOT JUST AS DIGITAL BACK END AND LANGUAGE PEOPLE ARE EXCITED ABOUT. THERE ARE OTHER ECOSYSTEMS THAT THEY ARE GOING TO BE EMPOWERING ALONG OTHER PLAYERS IN THE ECOSYSTEM IN BOTH INFRASTRUCTURE AND COMPANIES THAT SPECIALIZE IN THOSE AREAS SUCH AS PHYSICS DESIGNS, ETC..
CAROLINE: WHAT IS FASCINATING AMID ALL OF THIS IS YES, THERE IS A APPLICATION, REAL TANGIBLE NEED, YOU AND I PLAY WITH THAT ON A DAILY BASIS BUT YOU CAN GET AWAY FROM THE FACT THAT THIS IS A $600 BILLION OVER MARKET AND WE NOW HAVE A TRILLION COMPANY. ED: IT IS A VALUATION QUESTION. THE WHOLE POINT IS TO GIVE INVESTORS DIFFERENT INDEX AND RESEARCH SOME EXPOSURE TO DEVELOPMENT IN AI. IT IS A STOCK TRADING AROUND
200 TIMES FORWARD EARNINGS. ZENO: IT'S A GOOD POINT AND IT HAS RUN FAR AHEAD OF WHAT IT HAD BEEN TRADING AT. IF YOU THINK ABOUT JUST LAST YEAR, YOU HAD A CHIP SHORTAGE WITH THE SUPPLY CHAIN, YOU HAD THE CHIPS ASKED -- THE CHIPS ACT PASSED, THEN YOU HAD PC'S FALLING AND SEMI CONDUCTOR MARKET OVERALL, THE AI A MARKET, VALUATIONS HAD REALLY DROPPED DRAMATICALLY AND NOW THEY ARE STARTING TO PICK BACK UP. A YEAR-OVER-YEAR BASIS, IT
LOOKS A LITTLE LESS RUN UP PY. THESE COMPANIES ARE NOT TRADING ANYWHERE NEAR NVIDIA'S LEVELS. THE THINK INDEX WHERE WE TRACK INFRASTRUCTURE AND APPLICATIONS IS TRADING ALONG THE LINES OF 6.5 X FOR EB SALES AND 40 X PRICE-TO-EARNINGS. THAT IS A DRAMATIC STEP UP. THEY ARE SMALLER OR NOT GETTING THE SAME ATTENTION AND ARE WATCHING THIS DRAMATIC RUN-UP WITH NVIDIA. SOME OF THEM WILL APPRECIATE AND SEE THESE EARNINGS OVER TIME.
YOU'VE GOT CLOUD, INFRASTRUCTURE, AUTOMOTIVE, AS MORE PEOPLE DEPLOY AND UTILIZE AI NOT JUSTIN TRADING BUT IN PRACTICE. HAVING THIS WITH COMPUTER VISION , NOT JUST THROUGH THE AI CLOUD WHICH WILL CONTINUE TO BE DEPLOYED BUT IT IS GOING TO SATURATE AND DEPLOY AND EMPOWER MANY OTHER DIFFERENT PARTS OF THE ECOSYSTEM, NOT JUST NVIDIA AND THE CHIPS. IT IS NOT A STANDALONE UNIT IN THE ECONOMY. IN AN ECONOMY WHERE IT'S GOING TO TAKE MORE PERCENTAGE OF GDP AND POTENTIALLY GROW GDP. THERE COULD BE DEFLATIONARY PRESSURE IN SOME AREAS BUT THAT IS HOW WE ARE THINKING ABOUT IT.
ED: LET'S BRING UP THE TERMINAL CHART SHOWING NVIDIA'S MARKET CAP. YOU LOOK AT THE SPIKE ON THE RIGHT-HAND SIDE OF THE SCREEN AND THAT IS SHOWING THAT OUTLOOK THEY GAVE, BASICALLY GROWTH WHICH WAS 50% ABOVE WHAT ANALYSTS WERE EXPECTING. WHAT IS THE STORY? WHAT DID YOU LEARN FROM NVIDIA'S OUTLOOK ABOUT THE DEMAND FOR ITS PRODUCTS RIGHT NOW? ZENO: IT IS REALLY NOT SURPRISING. WE'VE BEEN EXPECTING MORE DEMAND AND INTEREST TO HAPPEN FOR A WHILE, IT WAS WHEN THE DEMAND CURVE WAS GOING TO SHIP OVER AND -- TO SHIFT OVER, WHETHER IT WAS THOMAS VEHICLES OR GETTING AI OUT OF SUPER ENTERPRISE RESEARCH AREAS INTO THE HANDS OF PEOPLE WHERE THEY ARE THINKING, BUSINESS LEADERS ARE THINKING THIS ISRAEL AND WE NEED TO FIGURE OUT HOW TO USE THIS. HEALTH CARE IN THE U.S. IS VERY EXPENSIVE AND THE U.S. IS THINKING HOW CAN WE DEPLOY
AI TO IMPROVE HEALTH CARE OUTCOMES AND REDUCE MEDICARE FRAUD IN THESE DIFFERENT AREAS WHERE YOU ARE SEEING ISSUES, THIS CAN BE USED TO HELP SOLVE AND IMPROVE THE PROCESSES AND OUTCOMES ACROSS ALL THESE DIFFERENT AREAS. CAROLINE: WHAT IS INTERESTING IS THERE'S ONE PLAYER WHO THOUGHT AND REALIZE NVIDIA WAS CALLED FOR MANY OTHERS AND WAS BUYING IT IN 2014 AND MISSED THIS RALLY IN ITS CATHIE WOOD BECAUSE SHE'S GOT CONCERNS ABOUT THE BUSINESS, ABOUT COMPETITION AND VALUATION. LISTEN TO WHAT SHE SAID ON FRIDAY. >> NVIDIA HAS BECOME THE CHECK THE BOX STOCK AND THAT'S WHY THE VALUATION IS WHERE IT IS. WE ARE LOOKING FOR THOSE PLAYS THAT HAVE NOT ONLY THE VISION FROM THE MANAGEMENT TEAM POINT OF VIEW AND BROAD DISTRIBUTION BUT ALSO PROPRIETARY DATA AND AI EXPERTISE. CAROLINE: WHERE ARE YOU LOOKING FOR OPPORTUNITIES? WHO ELSE CAN YOU BUY IN AT A BETTER VALUATION THAT IS GOING TO WRITE THIS AI WAVE? ZENO: THAT'S A GREAT QUESTION. I AGREE AND DISAGREE WITH HER
APPROACH. ON ONE HAND, DATA AND SOFTWARE PLAYS ARE GREAT. IT'S NOT JUST NVIDIA. NVIDIA IS NOT JUST HARDWARE ANYMORE.
THERE'S LOTS OF PLAYERS -- I DON'T LIKE TO DIVE INTO SPECIFIC NAMES, BUT SAMSARA IS HELPING TO DIGITIZE FLEETS AROUND THE WORLD. FOR UTILITIES AND MINING, MANY SUBSECTORS. COMPANIES LIKE THAT. THERE ARE OTHER SEMI CONDUCTOR COMPANIES.
THEY ARE TRADING 40 X OR 50 X PE. SO THERE IS MORE PICKS AND SHOVELS IN THE ECOSYSTEM. THERE IS CYBERSECURITY, THERE'S CLOUD AND NETWORKING COMPANIES. DEMAND AND UTILIZATION REQUIRE MORE STORAGE BOTH IN THE CLOUD AND ESPECIALLY AS WE GET INTO MULTIMODAL AI. THAT'S GOING TO REQUIRE MORE STORAGE. COMPANIES LIKE PURE STORAGE HAVEN'T TAKEN OFF. IT'S HARD TO IMAGINE WITH THIS
UPTICK IN DEMAND THAT IS GOING TO GROW WITH THE RISING TIDE. ED: SOMEONE THAT LEE -- THAT LIVES AND BREATHES ARTIFICIAL INTELLIGENCE. THANK YOU FOR YOUR TIME. COMING UP, ELON MUSK TOUCHING DOWN IN BEIJING. WE WILL DISCUSS THE TESLA CEOS FIRST VISIT TO THE COUNTRY SINCE THE PANDEMIC. SHARES TRADING AT THE HIGHEST LEVEL IN AROUND TWO MONTHS.
SOME OF THE COMMENTARY COMING OUT OF THE MEETING SUGGESTING THERE IS AN OPPORTUNITY FOR TESLA SUPPORTING THE STOCK WHICH IS UP FOR THE THIRD STRAIGHT CONSECUTIVE SESSION. THIS IS BLOOMBERG. ♪ >> THE COMPANY THAT GETS A PERSON IN AUTONOMOUS VEHICLE FROM POINT A TO POINT B AS QUICKLY AND SAFELY AS POSSIBLE IS PROBABLY GOING TO GET THE LION'S SHARE OF THE MARKET.
THAT COMPANY WILL, IN THE UNITED STATES, WE BELIEVE BE TESLA. THAT WAS PART OF OUR INTERVIEW WITH CATHIE WOOD DISCUSSING TESLA. STICKING WITH THE EEEV MAKER, ELON MUSK IS IN CHINA FOR THE FIRST TIME SINCE THE PANDEMIC WHERE HE MET WITH THE NATION'S FOREIGN MINISTER AND EMPHASIZE THE IMPORTANCE OF MAINTAINING TIES WITH CHINA. LET'S BRING IN CRAIG TRUDELL
FOR MORE. THIS WAS A MEETING -- BUT WHERE THE KEY MESSAGES THAT CAME OUT OF ELON MUSK'S VISIT TO BEIJING? >> PER YEAR INTRO, THAT WAS ONE OF THE THINGS THAT WAS UNIVERSAL IN THIS READOUT FROM BOTH SIDES -- AN EMPHASIS ON THE NEED FOR U.S.-CHINA COLLABORATION AND IT'S NO WONDER THAT'S A MAJOR POINT OF EMPHASIS ON THE PART OF THE FOREIGN MINISTRY. GIVEN WITH WHAT HAS BEEN HAPPENING WITH CHIPS AND ELECTRIC VEHICLE BATTERIES, YOU HAD OTHER LEADERS AND JOE BIDEN MAKING EFFORTS TO WEAN THE GLOBAL AUTO INDUSTRY OFF THE RELIANCE ON CHINA FOR BATTERIES. ALSO CHIPS, A BIG EMPHASIS ON
BUILDING UP SEMI CONDUCTOR SUPPLY OUTSIDE OF ASIA, WHETHER IT'S IN THE U.S. OR GERMANY. SOME REAL CHALLENGES ON THE PART OF WHETHER BIDEN OR OLAF SCHOLZ, GETTING COMPANIES TO AGREE TO THIS CHANGE IN APPROACH. CAROLINE: PRECISELY. HE'S NOT ALONE, ELON MUSK. YOU HEARD FROM THE MERCEDES CEO
AND MARY BARRA AT GM, OTHER COMPANIES SAYING THESE TIES NEED TO REMAIN DESPITE LEADERSHIP IN THE GOVERNMENT THINKING OTHERWISE. CRAIG: I THINK THERE IS SOME REALISM ON THE PART OF THESE GOVERNMENT LEADERS TALKING ABOUT DE-RISKING AS OPPOSED TO DE-COUPLING. I THINK THERE WILL BE THAT DEBATE AS TO WHETHER IT IS REALISTIC TO COMPLETELY DECOUPLE THE U.S. FROM CHINA OR GERMANY FROM CHINA. IF YOU ASK THE CEO OF HER
CITIES BENTZ, HE SAYS IT IS NOT REALISTIC. WHETHER OR NOT IT IS POSSIBLE TO CUT THESE COMPANIES OFF FROM THIS MARKET THAT HAS BEEN A HUGE SOURCE OF PROFITS, HUGE SOURCE OF EXPORTS IF YOU ARE TESLA, THIS WAS SUPPOSED TO BE A PLANT IN SHANGHAI THAT WAS GOING TO BE FOR THE DO MUST TICK MARKET BUT IT HAS TURNED INTO THIS MASSIVE EXPORT BASE WHERE MORE THAN HALF THE CARS THEY PRODUCED GLOBALLY CAME OUT OF THAT PLANT IN CHINA. ED: I BELIEVE A BLOOMBERG SOURCE HAS TOLD US ELON MUSK MAY MEET WITH THE CHINESE PREMIER ON AUTONOMOUS DRIVING IN PARTICULAR? CRAIG: I THINK THAT'S GOING TO BE INTERESTING TO WATCH PLAY OUT. TO DO A RECALL THAT THEY WERE ABLE TO ADDRESS IN CHINA, THERE'S A LOT OF ATTENTION ANYTIME TESLA GETS INTO ANY SAFETY ISSUES IN CHINA, TO THE EXTENT WE START TO SEE SOME OF THE THINGS, CRASHES, SOME OF THEM FATAL, INVOLVING AUTOPILOT OR FULL SELF-DRIVING, THAT HAS BEEN ISOLATED TO NORTH AMERICA.
ELON MUSK WANTS TO MAKE THAT MORE GLOBAL TECHNOLOGY TESLA IS ABLE TO DEPLOY AND TO THE EXTENT THE GOVERNMENT IS WILLING TO GO ALONG WITH THAT IS A BIG QUESTION GOING FORWARD. CAROLINE: KEEPING IT GLOBAL FOR US ON ALL THINGS ELON MUSK. COMING UP, TALKING CHINA SOME MORE. LIFT OFF FROM CHINA -- HOW THE COMPANY IS NARROWING THE GAP IN A HEAD TO HEAD SPACE RACE WITH THE UNITED STATES. THIS IS BLOOMBERG.
♪ ED: TIME FOR TALKING TECH -- CHINA MAKING GOOD ON ITS GOAL FOR MORE PROMINENCE IN THE GLOBAL SPACE RACE, LUNGING MISSION JUTE SIX MISSION FROM A SPACE CENTER TUESDAY MORNING. THE MISSION IS SENDING THREE ASTRONAUTS TO THE CHINESE SPACE STATION, INCLUDING THE FIRST CIVILIAN, A PROFESSOR AT BEIJING -- A BEIJING-BASED UNIVERSITY. IT'S PART OF THE PLAN TO HAVE A CONTINUOUS PRESENCE AT ITS SPACE STATION. THIS SPACE STATION IS ONE OF SEVERAL ACHIEVEMENTS CHINA HAS MADE IN RECENT YEARS AS IT TRIES TO CATCH UP TO THE U.S. IN SPACE. CHINA HAS ALSO LANDED A CRAFT ON THE FAR SIDE OF THE MOON, THE ONLY COUNTRY THAT HAS MANAGED TO DO THAT.
THE NEXT BIG PROJECT IS SENDING CHINESE ASTRONAUTS TO THE MOON. A TINY SPACE AGENCY OFFICIAL ON MONDAY SAID THE GOAL IS TO LAND ON THE MOON WITH A CRUDE MISSION BY 2030. THE U.S. IS ALSO WORKING TO SEND ASTRONAUTS BACK TO THE MOON. PART OF ITS ARTEMIS PROGRAM. THE U.S. IS SO FAR MORE SUCCESSFUL IN CHINA IN WINNING INTERNATIONAL SUPPORT FOR ITS SPACE PLANS WITH TWO DOZEN COUNTRIES SUPPORTING THE ARTEMIS WASHINGTON-BACKED AGREEMENT TO REGULATE ACTIVITY ON THE MOON AND ELSEWHERE IN SPACE.
CHINA IS SEEKING MORE SPACE ALLIES AND OFFERING MORE ACCESS TO THINGS LIKE THE SHOW AND JOE 16 LUNCH. -- LAUNCH. ED: CHINA PLANS TO SEND ITS ASTRONAUTS TO THE MOON BY 2030. AND SEEKING TO BUILD A LESS RISKY WORKFORCE FOR SPACE MISSIONS, FRESH OFF RAISING $30 MILLION, THE TOKYO STARTUP SAYS IT WILL USE THE FUNDS TO RECRUIT ENGINEERS AND FURTHER DEVELOP ITS ROBOTS. THE ROBOTIC ARMS AND ROVERS CAN REMOTELY PERFORM ROUTINE CONSTRUCTION WORK RANGING FROM SOLAR PANEL INSTALLATION TO WELDING.
PLUS NOISE, THE INDIAN-BASED MAKER OF SMART WATCHERS IS IN TALKS FOR ITS EVER FUNDRAISING ROUND. THEY ARE HOPING TO RAISE 40 TO $50 MILLION TO GAIN MARKET IN INDIA'S FAST-GROWING WEARABLES MARKET. CAROLINE: COMING UP, WE'VE GOT SO MUCH MORE TO DISCUSS. LOOK AT THE STREAMING LANDSCAPE. IT GOT A KEY EXECUTIVE FROM YOUTUBE JOINING US IN THE NEW YORK STUDIO. FROM NEW YORK AND SAN
FRANCISCO, WE ARE BACK TOGETHER. THIS IS BLOOMBERG. ♪ CAROLINE: WELCOME BACK TO BLOOMBERG TECHNOLOGY. I'M CAROLINE HYDE IN NEW YORK. ED: AND I'M ED LUDLOW IN SAN FRANCISCO. SOME OF THE ENTHUSIASM EARLIER IN THE SESSION FUELED BY AI HAS WORN OFF. LOOK AT THE S&P 500, KIND OF FLAT IN THAT MAIN GAUGE. THE NASDAQ 100 UP .6%.
SOME OF THE BIG MOVERS TO THE UPSIDE ARE AI-RELATED. KIND OF A COOL BACK IN YIELDS, SOME OF THAT AROUND HOPED WE WILL FIND RESOLUTION IN THE U.S. DEBT CEILING NEGOTIATIONS AND A QUICK LOOK AT BITCOIN, TRADING AROUND $27,700. BASICALLY BACK TO WHERE WE WERE AT THE END OF MARCH, WE ARE TRADING IN THIS RANGE BETWEEN WHEN HE 6000 OVER THE LAST TWO OR THREE MONTHS. IN TERMS OF SINGLE NAMES, THERE'S ONLY ONE STORY WHICH IS NVIDIA, HITTING A TRILLION RACKET CAP, THE FIRST CHIPMAKER TO DO SO.
ONLY NINE STOCKS HAVE EVER MADE THAT MILESTONE. IN CONTRAST WITH ALPHABET, PARENT CAN BE OF GOOGLE, OFF BY .4%. IT HAD BEEN DOWN SIGNIFICANTLY. THIS IS ANOTHER NAME IF YOU BRING UP HAS SEEN A RUN-UP IN ITS SHARES FUELED BY ITS ANNOUNCEMENTS PARTICULARLY IN THE FIELD OF AI. PARTICULARLY WHAT THEY ARE DOING AND SOME OF THE MEDIUMS BEYOND TECH LIKE PHOTO IMAGES AND VIDEO AS WELL.
THAT SEEMS TO BE SELLING IN INVERSE. CAROLINE: A GREAT DAY -- GREAT SET UP BECAUSE WE WANT TO STEP WITH THE ALPHABET -- STICK WITH THE ALPHABET FAMILY. STREAMING IS GOING TO DISRUPT AND EMBRACE THE FIELD OF ARTIFICIAL AND HALOGENS. JOINING US IS YOUTUBE GLOBAL HEAD OF TV AND FILM PARTNERSHIPS. HOW MUCH ARE YOU HAVING THIS CONVERSATION WITH THE MEDIA PARTNERS YOU WORK WITH, WITH THOSE WITHIN YOUTUBE THINKING HOW CAN YOU HARNESS ARTIFICIAL INTELLIGENCE TO GIVE US THE CONTENT WE WANT? LORI: WE ARE HAVING MANY CONVERSATIONS AROUND AI AND HOW IT CAN BE APPLIED IN THE MEDIA SPACE AND SPORTS WORLD. WE AT YOUTUBE HAVE BEEN USING
IT FOR YEARS IN TERMS OF MATCHING CONTENT AND RECOMMENDING CONTENT , LOOKING AT OUR ROADMAP AND HOW WE CREATE THAT PERSONALIZATION. CONTENT PARTNERS HAVE OUR OWN PLANS AND OBVIOUSLY ALL OF US ARE BEING RESPONSIBLE IN OUR APPROACH BUT WE ARE EXCITED ABOUT THE POTENTIAL APPLICATIONS. CAROLINE: ENSURING THAT BECAUSE YOU ARE IN CONSTANT CONVERSATION WITH MEDIA PARTNERS. WOULD YOU EVER GIVE DATA TO THEM? HOW DO YOU THINK ABOUT HOW THE RELATIONSHIP FLOURISHES? LORI: GOOGLE HAS VERY STRICT PRIVACY POLICIES AND WE ARE ALWAYS ADHERING TO THOSE. WE ARE SENSITIVE TO THAT BUT VERY OPEN TO OPTIMIZING EXPERIENCES WITHIN THOSE FRAMEWORKS. ED:
GOOD MORNING FROM SAN FRANCISCO. WHEN I THINK ABOUT YOUTUBE, I THINK ABOUT CONTENT CREATORS BRINGING THEIR CONTENT TO THE PLATFORM. INCREASINGLY THE QUESTIONS WE ARE GETTING ASKS -- ASKED IS WHAT IS GOING TO BE USED IN THE FIELD OF AI? IS THAT SOMETHING THEY ARE WORKING ON? LORI: WE ARE EXPLORING MANY DIFFERENT THINGS.
WE SEE POTENTIAL WITH OUR OWN COMPANY, WITH OUR PARTNERS. OBVIOUSLY YOUTUBE IS A COMPOSITION OF CREATOR CONTENT, SPORTS CONTENT, MANY DIFFERENT PARTNERS THAT HAVE IDEAS AROUND IT. AND IT'S ULTIMATELY ABOUT THE CONSUMER AND HOW WE USE TECHNOLOGY IN MANY DIFFERENT WAYS TO OPTIMIZE THE EXPERIENCE. ED: WE ALWAYS WANT TO GIVE OUR AUDIENCE THE OPPORTUNITY TO ASK QUESTIONS, SO WHEN I TWEETED YOU ARE COMING ON THE SHOW, THERE WAS LOTS OF INTEREST ABOUT THE RECOMMENDATION ENGINE.
WHEN YOU THINK ABOUT SHORT FORM VIDEO AND LIVE EVENTS, WHAT ARE YOU DOING AROUND THE RECOMMENDATION ENGINE DRIVEN BY AI? LORI: A LOT OF WHAT WE DO FOR OUR VIEWERS IS MAKE SURE EVERY TIME THEY COME TO YOUTUBE, THE FORMAT THEY ARE INTERESTED IN WATCHING AS WELL AS THE BUSINESS MODEL THEY WOULD LIKE TO CONSUME THAT CONTENT UNDER IS AVAILABLE ON OUR PLATFORM. AS HAS BEEN MENTIONED, WE HAD AD SUPPORTED VIDEO ON DEMAND, LONGFORM AND SHORT FORM SHORTS, TRANSACTIONAL VOD, PAY TELEVISION. WE LAUNCHED THE SUBSCRIPTION AND SUPPORTED.
IT IS ABOUT CREATING THAT ECOSYSTEM WHERE EVERY TIME THEY COME, THEY FIND WHAT THEY WANT. OF COURSE THERE IS AN ALGORITHM AS PEOPLE VISIT FREQUENTLY, THAT ALGORITHM IS INTERESTED IN WHAT THEY ARE WATCHING AND THAT CONTENT WILL BE SERVED TO THEM. CAROLINE: THAT IS WHY YOU ARE GROWING WHEN MOST LIVE TV IS NOT GROWING. I AM INTERESTED IN THE REASON YOU ARE GROWING, NFL SUNDAY TICKET IN PARTICULAR. HOW ARE YOU LURING AND PEOPLE
THAT WANT TO BE WATCHING THOSE SORTS OF GAMES? IS IT ABOUT THE RIGHT PRICE POINT? LORI: MANY OF THOSE PEOPLE HAVE ALREADY BEEN WATCHING HIGHLIGHTS AND CLIPS OF THE NFL AND YOUTUBE ON OUR SUPPORTED PLATFORM. WE'VE BEEN OFFERING SUNDAY TICKET UNDER TWO DIFFERENT PLATFORMS. YOU CAN ALSO BUY IT THROUGH YOUTUBE TV AS AN ADD-ON. UNDER DIRECTV'S MODEL, YOU HAD TO BE A DIRECTV SUBSCRIBER. YOU DO NOT HAVE TO BE A YOUTUBE TV SUBSCRIBER TO PURCHASE SUNDAY TICKET. YOU CAN DO IT FROM YOUTUBE.
CAROLINE: THE PEOPLE WHO WANT TO GET CONTENT SURROUNDING THEY NFL, HOW IS IT GOING TO MEET THE WORLD OF LIVE TV AND HOW YOU BUNDLE IT? LORI: THIS IS ONE OF THE AREAS WE ARE MOST EXCITED ABOUT. WE RECOGNIZE CREATORS ARE REALLY INTERESTED -- AN INTERESTING WAY TO PRESENT SPORTS CONTENT AND TV CONTENT. WE HAVE SEEN A GREAT OPPORTUNITY TO INTEGRATE. AT THE NFL DRAFT, WE HAD 32
CREATORS THERE. THEY ANNOUNCED ONE OF THE DRAFT PICKS WHICH WAS WELL RECEIVED. OUR AUDIENCE IS YOUNGER THAN OTHER PAY-TV PLATFORMS AND THOSE YOUNGER AUDIENCES WATCH CREATORS AND IT IS AN INNOVATION THEY EMBRACE.
ED: OUR COLLEAGUES AT BLOOMBERG NEWS REPORTING OVER THE WEEKEND THAT APPLE AND NETFLIX ARE LOOKING AT THE LONG-TERM OF NBA RIGHTS AND ONE OF THE THINGS THEY REPORTED IS FOX, FOR EXAMPLE, IF THEY ENTERED THE FRAY COULD BE INTERESTED IN OFFERING A STREAM THROUGH SOMEONE ELSE'S PLATFORM. LORI: WE ARE VERY, VERY STRONG PARTNERS. WE HAVE CLIPS AND HIGHLIGHTS ON YOUTUBE TV WHERE WE CARRY THE NETWORKS THAT CURRENTLY HAVE THE RIGHTS FOR THE NBA.
WE WERE THE FIRST STREAMING SERVICE TO OFFER W NBA LEAGUE PASS AND OFFER THAT ON A SUBSCRIPTION BASIS TO CONSUMERS. WE HAVE THAT PARTNERSHIP IN PLACE. OBVIOUSLY, WE ARE LOOKING TO SPORTS AS WE JUST DISCUSSED WITH NFL SUNDAY TICKET AS A WAY TO CONTINUE TO DELIVER RIGHTS AND GAMES TO OUR VIEWERS WHO ARE VERY, VERY SPORTS-CENTERED. AT THE SAME TIME, THERE IS TO ANNOUNCE WITH REGARDS TO RIGHTS DISCUSSIONS WITH THE NBA BUT WE DO VALUE THEIR ORDER SHIP AND WILL CONTINUE TO KEEP OUR SPORTS PARTNERS TOP OF MIND. CAROLINE: THOSE MEDIA PARTNERS YOU HAVE WORKED FOR IN YOUR LIFE, DISNEY AND NBC-UNIVERSAL. WHAT IS INTERESTING IS -- YOU MUST HAVE WORKED WITH LINDA AT SOME POINT. HOW DO YOU SEE THIS -- WHO WILL
WIN OUT AND CAN EVERYONE FROM AN OFFERING OF SPORTS WE WANT TO SEE? LORI: BASICALLY, THERE'S ROOM FOR MANY PLATFORMS. I DID WORK WITH LINDA AND SHE HAS MOVED TO TWITTER AND THERE IS VALUE IN THE TWITTER PLATFORM, THERE'S VALUE IN THE YOUTUBE PLATFORM AND DISNEY PLUS AND ALL OF THESE SERVICES. WHAT I REALLY LIKE ABOUT YOUTUBE IS WE DISTRIBUTE MANY OF THESE SERVICES AND MAKE IT EASIER FOR CONSUMERS TO FIND THEM AND TRANSACT ON THEM. I THINK PEOPLE ARE VERY INTERESTED IN DIFFERENT TYPES OF CONTENT UNDER DIFFERENT BUSINESS MODELS AND WE ALWAYS PUT THE CUSTOMER AT THE CENTER OF THE EQUATION. IT GOES BACK TO WHAT I SAID EARLIER.
IF THEY COME TO YOUTUBE AND WANT TO WATCH ANY OF THAT CONTENT YOU JUST MENTIONED FROM DISNEY OR NBC UNIVERSAL, WE HAVE THAT. IF THEY WANT TO SUBSCRIBE TO A DIRECT TO CONSUMER MODEL, WE HAVE THAT. IF THEY WANT LINEAR, WE HAVE THAT.
THAT'S THE VALUE WE BRING TO THE MEDIA SPACE THAT DOES HAVE A LOT OF PLAYERS WE CONSIDER TO BE GREAT PARTNERS. CAROLINE: 5 MILLION EYEBALLS AS WELL. THANK YOU. WE WANT TO GIVE THANKS AS WELL. ED: THE YOUTUBE GLOBAL HEAD OF TV, FILM AND SPORTS PARTNERSHIP. ALSO OF NOTE, HOW MANY LIVE EVENTS HOSTED ON YOUTUBE. IF YOU THINK ABOUT EARNINGS CALLS. COMING UP, AI'S IMPACT ON THE
FINTECH SPACE. WE WILL DISCUSS THAT AND MORE WITH REX SALSBERRY COMING NEXT. THIS IS BLOOMBERG. ♪ ED: TODAY'S VC SPOTLIGHT, WE TAKE A LOOK AT THE WORLD OF FINTECH. THAT'S GETTING. PROBABLY ARTIFICIAL INTELLIGENCE.
WE WELCOME THE GENERAL PARTNER AND FOUNDER OF CAMBRIAN VENTURES. $20 MILLION IN ASSETS UNDER MANAGEMENT. ALSO A FOUNDING MEMBER OF ANDREESSEN HOROWITZ'S FINTECH TEAM BACK IN THE DAY. I SAID JUST KIDDING BUT WHETHER
YOU ARE IN FINTECH OR NOT, AI IS TOUCHING EVERYTHING RIGHT NOW. HOW IS IT IMPACTING THE WORLD YOU ARE OPERATING IN? >> AI IS A BIG TREND GOING ON IN FINANCIAL SERVICES RIGHT NOW. I WANT TO TALK ABOUT SEPARATING THE HYPE AND REALITY. I LIKE TO THINK ABOUT AI IN FINANCIAL SERVICES AS A PLATFORM SHIFT. WE ARE 18 YEARS INTO THE TRANSFORMATION CLOUD HAS HAD IN TECHNOLOGY MORE BROADLY.
CLOUD COMPUTING, 2005, THEY LAUNCHED SIMPLE STORAGE SOLUTION, THE VERY FIRST CLOUD FORM. FINANCIAL SERVICES, VERY SLOW TO ATTRACT CLOUD TECHNOLOGY. LAST YEAR, JP MORGAN ANNOUNCED THEIR FIRST CLOUD COMPUTING PARTNERSHIP. THAT'S TO SAY WE WILL SEE A LOT OF ADOPTION OF AI WITHIN FINANCIAL SERVICES BUT IT MAY TAKE SOME TIME. ED: LOOK AT SOME OF YOUR PORTFOLIO COMPANIES. SOME ARE CONSUMER WHILE IT,
SOME ARE B2B PLATFORMS. WHAT IS THE VALUE PROPOSITION FROM YOUR PERSPECTIVE? REX: BETTER SOFTWARE MORE QUICKLY WITH FEWER RESOURCES. A LOT LIKE CLOUD DID. YOU HAVE AS YOU DON'T HAVE TO OWN THE SERVERS ANYMORE. YOU CAN GET A PRODUCT IN THE MARKET MORE QUICKLY. WITH AI, YOU CAN USE BASIC TOOLS TO WRITE CODE MORE QUICKLY. YOU CAN DO PROCESS HEAVY WORKLOADS WHICH, ANYONE WHO HAS CLOSED A MORTGAGE, THERE ARE A LOT OF VERY HEAVY PROCESS FLOWS WITHIN FINANCIAL SERVICES.
IT LET YOU WRITE MORE CODE MORE QUICKLY TO DO MORE THINGS AT LOWER COST. CAROLINE: WILL IT BE MORE DEMOCRATIZING FROM WHERE THESE ARE COMING FROM? IS IT PURELY WEST COAST OR ARE YOU LOOKING INTERNATIONALLY? REX: I FOCUS ON JUST THE U.S. AND SPECIALIZE PARTICULARLY IN BUSINESS TO BUSINESS FINTECH. BUT FINTECH IS A GLOBAL PHENOMENON AND I THINK THERE'S A TREMENDOUS AMOUNT OF EXCITING OPPORTUNITY FOR INVESTORS GLOBALLY.
AS A SOLO GP COME I TEND TO PLAY TOWARD MY STRENGTHS IN THE U.S. HAS A LOT OF OPPORTUNITY REMAINING. WE ARE ONE OF THE LARGEST UNIFIED MARKETS WITH A RICH VENTURE CAPITAL. THE BAY AREA HAS AN INCREDIBLY DEEP SET OF NETWORKS. SOME OF THE BEST FOUNDERS AND THE COMPANY TEND TO BE OUT HERE, THOUGH I BACK FOUNDERS EVERYWHERE. FINTECH IS VERY MUCH A GLOBAL
PHENOMENON BUT I'M FOCUSED ON BACKING THE BEST U.S. COMPANIES. CAROLINE: YOUR MODEL IS BASICALLY TAKING CHECKS FROM PREVIOUS FINTECH FOUNDERS AND PUTTING IT INTO AN OVERALL FUND TO THEN SEEK NEW IDEAS. HOW MUCH MORE JOSTLING IS THERE IN THE VERY EARLY STAGE, THE VERY EARLY CHECKS BEING WRITTEN AT THE MOMENT BECAUSE PEOPLE ARE MORE WORRIED ABOUT WRITING LARGE CHECKS IN THIS ECONOMIC ENVIRONMENT. REX: I DO FOCUS ON THE PRE-SEED AND
SEAT NOW. THAT IS A STAGE I'M VERY EXCITED ABOUT. WE DO HAVE A BUNCH OF FOUNDERS WHO ARE INVESTORS OR LIMITED PARTNERS IN THE FUND AND MY GOAL IS TO PROVIDE THE FOUNDERS I SUPPORT WITH THE BEST NETWORKS IN FINTECH. WE HAVE FOUNDERS FROM PLACES LIKE FINTECH AND OTHERS AND SOMETIMES THEY COME ALONG AS ANGEL INVESTORS AND OFTEN END UP BEING ADVISORS OR EPISODICALLY ENGAGED.
LERNER OF THE COOL THINGS ABOUT THE FINTECH ECOSYSTEMS IS HOW INTEGRATED AND NETWORKED IT IS. YOU NEED TO HAVE PARTNERS DOING VARIOUS ASPECTS OF THE COMPLETE SOLUTION SO HAVING AS -- HAVING ACCESS TO GREAT FOUNDERS AS ONE OF THE KEY DIFFERENTIATORS THAT HAS THE ADVANTAGE -- THE EXTENT TO WHICH IT IS COMPETITIVE, A LOT OF MULTISTAGE FIRMS HAVE PULLED BACK. I TEND TO FOCUS VERY EARLY ON AND AM INTENTIONALLY A NONLINEAR INVESTOR AND TRY TO BE COLLABORATIVE WITH OTHER FUNDS THAT MAY PRECEDE REALMS. ED: HOW MUCH OF A TAILWIND REMAINS FROM SVB'S COLLAPSE? REX: FROM A GROWTH STAGE, IT HAS BEEN A HUGE TAILWIND. IF YOU LOOK AT DEPOSIT INFLOWS TO COMPANIES LIKE R.O.E. AND MERCURY, MERCURY SOB OUT $2 BILLION DEPOSITS JUST AFTER THE COLLAPSE OF SVB. FOR THOSE OF YOU NOT FAMILIAR
WITH THEIR IS NO SPANKING FOOTPRINT, THEY HAD AN 80% MARKET SHARE OF TECH-ENABLED OR TECH STARTUPS. MERCURY HAS ABOUT 100,000 CUSTOMERS, MOST OF THEIR COMPANIES ARE IN THE TECH ECOSYSTEM. NOW THE BIGGEST INCUMBENT IS OUT AND MERCURY IS A GREAT PLACE FOR FOUNDERS TO GO TO TO GET ACCESS TO GREAT IS THIS BANKING SERVICES. CAROLINE: THANK YOU. COMING UP, LET'S GET BACK TO IT -- ARTIFICIAL INTELLIGENCE -- COULD IT BE AS DEADLY TO MANKIND AS PANDEMICS OR NUCLEAR WEAPONS? WE WILL DIG IN TO WHAT THEIR POINTS ARE. THIS IS BLOOMBERG. ♪ CAROLINE: TIME NOW FOR WHAT IS GOING VIRAL. YES WHAT? ARTIFICIAL INTELLIGENCE IS. BUT IT'S THE RISKS, POTENTIALLY. THIS IS BEING POINTED OUT AS A
RISK OF EXTINCTION. IT'S NOT COMING FROM A CONSPIRACY THEORIST, IT'S A WARNING FROM A GROUP OF INDUSTRY LEADERS. JOINING US TO WEIGH IN ON THESE CONCERNS, IF THEY SHOULD BE THE ONES IN THE NEAR-TERM OR NOT IS A RESEARCH SCIENTIST THAT DID NOT SIGN THIS LATEST LETTER COMING FROM PACE, THE CENTER FOR AI SAFETY. WHAT DO YOU MAKE OF THESE WORRIES ABOUT LONGER-TERM EXTINCTION VIS-A-VIS SOME OF THE REALITIES OF AI RIGHT HERE, RIGHT NOW? >> I THINK IT'S A WAY OF CONTROLLING THE NARRATIVE.
WE SHOULD BE TALKING ABOUT LEGISLATION, THINGS LIKE THE RISKS AND VICE -- BIASES. WAYS AI IS BEING USED THAT IS NOT GOOD FOR SOCIETY AT LARGE BUT INSTEAD WE ARE FOCUSING ON THESE HYPOTHETICAL RISKS. THE COMPARISONS TO PANDEMIC PROVOKES A VISCERAL REACTION AND IT GETS PEOPLE IN THE GUT WHEN YOU COMPARE THINGS TO COVID. WE CAN TALK ABOUT THAT AND FOCUS ON THAT INCIDENT THINKING ABOUT THINGS IMPACTING OUR DAILY LIVES. ED: WHEN YOU LOOK AT THE LIST OF SIGNATORIES TO THIS LATEST LETTER OR STATEMENT ON AI RISKS, WHAT DO YOU THINK IS THEIR MOTIVATION FOR DOING THIS? SASHA: I PERSONALLY SEE IT AS A BIT OF A MAGIC TRICK, AS MISDIRECTION. I CARE VERY STRONGLY ABOUT DATA CONSENT.
DISCLOSING DATA SOURCES, DISCLOSING TRANSPARENCY AND MODEL DOCUMENTATION. INSTEAD OF FOCUSING ON THAT, WE ARE BEING DIRECTED TOWARD THESE UNSOLVABLE RISKS. WHAT CAN WE DO IF AI IS A GLOBAL THREAT TO HUMANITY AND WHAT DOES THAT MEAN? THERE'S A PREVIOUS OPEN LETTER ABOUT STOPPING ALL AI RESEARCH FOR SIX MONTHS WHICH WAS EQUALLY UNREALISTIC, I WOULD SAY.
I WOULD SAY THESE COMPANIES ARE STALLING REAL REGULATION, ARE STALLING REAL MEASURES IN AI DEPLOYMENT AND LIMITING HOW AI IS DEPLOYED IN SOCIETY. IT IS A BIT OF A HAT TRICK. CAROLINE: YOU WROTE A GREAT OP-ED AND WIRED WHEN THAT FIRST LETTER BY DIFFERENT ORGANIZATION WAS PUT OUT. ULTIMATELY THAT SIMPLE TRUTH BEING YOU CAN'T JUST HALTED BUT ALSO THE FACT YOU NEED TO IMPROVE TRANSPARENCY IN THE HERE AND NOW COME ACCOUNTABILITY IN THE HERE AND NOW AND DEVELOPING GUIDELINES IN THE HERE AND NOW. IS ANYONE DOING THAT? HOW DO UC REAL IMPACT BEING MADE AND HOW AI IS DISRUPTING OUR LIFE? SASHA: THERE'S DEFINITELY A LOT OF PEOPLE DOING IMPACTFUL WORK. AS I LOOKED AT THE LIST, I REALIZE NONE OF THEM SIGNED THIS LETTER. PEOPLE WORKING ON AI ETHICS, MAKING SURE PREDICTIVE POLICING DOES NOT GET DEPLOYED.
PEOPLE ARE DOING VERY IMPACTFUL WORK IN THIS FIELD AND DON'T NECESSARILY GET THEIR SAY IN THINGS. WHEN THE U.S. SENATE ASKS FOR EXPERTS IN AI, THEY ASK FOR SAM ALTMAN FROM OPENAI WHO HAS A VESTED INTEREST IN AI SUCCEEDING. WE SEE PEOPLE CONTROLLING THE NARRATIVE AND LEADING IT TOWARD THIS EXISTENTIAL RISK, FUTURIST RISK, HYPOTHETICAL RISK AND THE PEOPLE CALLING UPON THE DANGERS OF AI NOW AND REGULATING AI AND DOCUMENTING AND TRANSPARENCY. THEY ARE NOT BEING GIVEN A SEAT AT THE TABLE IN MANY PLACES. ED: AND THERE ARE THOSE OUT THERE
WHO SAY I'VE SEEN THE TERMINATOR FILMS AND THAT'S THE EMBODIMENT OF POTENTIAL RISK. I THINK YOUR POINT IS THERE ARE MANY MORE NEAR-TERM RISKS. THANK YOU. THAT DOES IT FOR THIS EDITION OF BLOOMBERG TECHNOLOGY. CAROLINE: WHAT A FASCINATING CONVERSATION TO END IT ON. THESE AI CONVERSATIONS KEEP COMING UP -- THE SHORT-TERM IMPACT, THE LONG-TERM IMPACT, BUSINESS MODELS, CHECK IT ALL ON OUR PODCAST. FROM NEW YORK
AND SAN FRANCISCO, THIS IS BLOOMBERG.
2023-06-03 18:54
