'Bloomberg Technology' Full Show (06/14/2023)
>> THIS IS BLOOMBERG TECHNOLOGY WITH CAROLINE HYDE AND ED LUDLOW . CAROLINE: I AM CAROLINE HYDE IN NEW YORK. ED: I AM ED LUDLOW IN SAN FRANCISCO, THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: COMING UP, WE SIT DOWN WITH MARCELO CLAURE. ED: PLUS, MORE HURDLES FACING THE MICROSOFT 69 BILLION DOLLAR TAKEOVER OF ACTIVISION BLIZZARD.
WE WILL DISCUSS WHY A U.S. JUDGES TEMPORARILY BLOCKING THE DEAL. CAROLINE: GOOGLE HIT WITH CHARGES FOR ABUSING DOMINANCE, WHAT IS NEXT FOR THE PROCESS THAT COULD TAKE YEARS TO RESOLVE.
LET US CHECK IN ON THE MARKETS, IT IS A DAY OF MACRO CONSEQUENCES. A DAY WERE WE WAIT FOR THE FEDERAL RESERVE TO COME OUT. S&P 500 ON A ROLL, THE LONGEST WINNING STREAK SINCE NOVEMBER 2021. NASDAQ 100 ON THE HIGH SIDE, UP 5/10 OF 1%.
THE TWO-YEAR FALLING ON THE DAY AS PEOPLE THINK THE FEDERAL RESERVE WILL BE FORCED TO PAUSE. THE PPI DATA, THE FOCUS SHOWING SOME EASING ONCE AGAIN. PEOPLE THINKING GOOD NEWS IS GOOD NEWS. LET US LOOK AT THE RISK ASSET OF CHOICE, BITCOIN HAVING A BIT OF A VOLATILE DAY. THIS AS WE START TO SEE MAY BE SOME REPRIEVE IN THE ANXIETY AROUND BINANCE AND THEIR TOKEN, WE ARE SEEING WEAKENING OF THE U.S. DOLLAR VERSUS BITCOIN. WHAT HAVE YOU GOT IN TERMS OF
THE MICRO? ED: TESLA WE CONTINUE TO TRACK, IT HAS FLIRTED BETWEEN GAINS AND LOSSES. IF IT IS UP AT THE CLOSE, IT WILL BE A 14TH STRAIGHT DAY OF GAINS FOR TESLA. YOU GET INTO THE NUMBERS, $240 BILLION MARKET CAP GAIN IS EAGER AND THE STANDING MARKET CAP OF 90% OF THE NASDAQ 100. WE LOOK AT THE RELATIVE STRENGTH INDEX, THIS IS A STOCK VERY MUCH AND OVERBROAD TERRITORY -- OVERBOUGHT TERRITORY.
ALPHABET, THE PARENT COMPANY OF GOOGLE, MOVING TO THE DOWNSIDE. 3/10 OF 1%, PARING DEEPER LOSSES. THE EU HAS ACCUSED GOOGLE OF ABUSING ITS DOMINANT POSITION IN AD TECH, WE WILL BRING YOU THE DETAILS FROM BRUSSELS LATER IN THE PROGRAM. NVIDIA IS UNSTOPPABLE. YOU THINK AI, YOU ARE BUYING NVIDIA BECAUSE YOU THINK THAT IS WHERE IT IS THAT IF YOU WANT TO GET SKIN IN THE GAME.
CAROLINE: WHO ELSE IS UNSTOPPABLE? MARCELO CLAURE, FORMER CHIEF OPERATING OFFICER OF SOFTBANK, NOW A PART OF HIS OWN VENTURE FIRM. THE FIRM HAS AMASSED $440 MILLION IN COMMITMENTS FOR ITS INAUGURAL FUND AND I AM PLEASED TO SAY WHEN ONLY JOINED BY HIM, BUT THE OTHER MANAGING PARTNER, ALSO OF SOFTBANK, SOMEONE WE HAVE SPOKEN TO PREVIOUSLY. WELCOME, BOTH OF YOU RACING TO US. YOU ARE TARGETING $500 MILLION, WHAT ARE YOU SELLING TO PEOPLE, WHY LATIN AMERICA? MARCELO: THANKS FOR HAVING US. IT FEEL SO GOOD TO BE AN ENTREPRENEUR AGAIN. AS I HAVE SHARED IN THE PAST, MY PASSION IS IN LATIN AMERICA.
IT IS A GREAT PLACE. IT HAS SIZE AND GREAT ENTREPRENEURS, IT HAS CREATED AMAZING TECHNOLOGY COMPANIES THAT ARE WORLD NUMBER ONE. WE ARE LUCKY THIS IS OUR FIRST DAY OF A FUND, WE HAVE ONLY MADE A FEW PHONE CALLS AND IT IS NICE TO LAUNCH WITH $440 MILLION. WE SHOULD REACH THE TARGET OF $500 MILLION TO GET IT DONE AND WE ARE PROUD TO PARTNER WITH MIDDLE EASTERN FUNDS, WHICH HAVE BECOME A DEEP PLACE FOR CAPITAL TODAY. THE FACT THEY ARE TRUSTING LATIN AMERICA IN THE GROWTH SIDE AND TECHNOLOGY IS SOMETHING WE ARE PROUD OF. CAROLINE: ALREADY YOU HAVE SHOWN YOU CAN PICK THE RIGHT COMPANIES, YOU DID THAT WITH SOFTBANK, BOTH OF YOU TOGETHER WITH THE LATIN AMERICA FUND.
WHAT OTHER TYPES OF TECHNOLOGY ARE YOU EXCITED ABOUT? IS IT AI OR ACROSS THE GAMUT? >> THE INTERESTING THING ABOUT TIMES LIKE NOW IS THERE'S ONE THING YOU CAN COUNT ON, FOUNDERS. FOUNDERS ARE FOCUSED ON PROBLEMS THEY CAN SOLVE, THAT IS WHAT MAKES THEM INTERESTING AS AN ASSET CLASS IN GENERAL. IN LATIN AMERICA, IT IS NOT ABOUT THE CUTTING EDGE, IT IS ABOUT CLOSE OF TECHNOLOGY IN BRINGING TECHNOLOGY TO PEOPLE WHO ARE DEEPLY UNDERSERVED. IT IS PROPAGATING TECHNOLOGIES DEEP INTO THE PYRAMID, THAT IS A GREENFIELD OPPORTUNITY ACROSS EVERY MARKET IN LATIN AMERICA. CAROLINE: WE WERE HEARING ABOUT THE MONEY BEHIND THIS, THE LAST TIME I SPOKE TO OUR CELLO -- MARCELO WAS ALL ABOUT THE MIDDLE EAST.
ED: MY UNDERSTANDING IS YOU ARE ABLE TO LAUNCH BECAUSE YOU ARE NOT COMPETING WITH SOFTBANK FOR LATIN AMERICA. A COMMENT ON THAT. WOULD YOU GUYS TAKE MONEY OR BRING IN LPS FROM SAUDI ARABIA IN CHINA, FOR EXAMPLE? MARCELO: WE ARE HAPPY WE CAN BE BACK IN BUSINESS, IT IS A GREAT FEELING.
HAPPY THAT AFTER AN EXCITING EXPERIENCE OF BEING WITHIN THE SOFTBANK ECOSYSTEM FOR MANY YEARS, WE CAN BE BACK TO HOW WE STARTED. AS IT RELATES TO THE INITIAL FUND, THIS IS THE START OF A JOURNEY. WE TEND TO DO A LOT MORE IN LATIN AMERICA, THIS IS THE FIRST FUND. WITHOUT $500 MILLION WAS A GOOD WAY TO START.
THE PREMIER SOVEREIGN FUND IN THE MIDDLE EAST AND MY FAMILY OFFICE, AND MANY OTHER INVESTORS INCLUDING FOUNDERS FROM LATIN AMERICA IN THE U.S.. SO FAR, EVERYONE WE HAVE ASKED HAS COME THROUGH IN TERMS OF THE POTENTIAL AMOUNT OF CAPITAL THAT WE NEED. WE HAVE NOT DISCUSSED IT WITH ANY OTHER SOVEREIGN FUNDS AND I DO NOT THINK THERE WILL BE A NEED BECAUSE WE HAVE WHAT WE NEED FOR THE FIRST ROUND. IN THE FUTURE, WE WILL LOOK AT WHERE THE BUSINESS IS, WHERE THE POCKETS OF R.
IN THE CASE THAT WE RACE BICYCLE CAPITAL, NOW WE ARE FOCUSED ON ONE, WE HAVE TO FIND THE FOUNDERS. WE HAVE TO MAKE SURE WE GENERATE THE RETURNS AND PEOPLE ARE TRUSTING YOU WITH YOUR CAPITAL, THAT IS SOMETHING WE HAVE TO GENERATE RETURNS. ED: GOOD MORNING FROM SAN FRANCISCO, YOUR PARTNERSHIP WITH THE GUY NEXT TO YOU GOES BACK TO SOFTBANK.
THEY WERE NOT NLP OR INVOLVED IN THE RAISING OF THE FUND, BUT COULD YOU, THROUGH BICYCLE, INVEST IN ANY OF THE STARTUPS AND NAMES YOU WERE BOTH INVOLVED IN DURING YOUR TIME AT SOFTBANK, IF THEY WERE TO RAISE FUTURE FUNDS? SHU: ABSOLUTELY. THE CORES TO KEEP GOOD RELATIONSHIPS WITH THE ENTIRE ECOSYSTEM, THAT INCLUDES SOFTBANK. THEY HELPED PUT THE LATIN AMERICAN ECOSYSTEM ON THE MAP WITH OUR HELP AND THEY CONTINUE TO BE GREAT PARTNERS. MARCELO IS THE MASTER OF MOMENTUM AND I HELPED TO EXECUTE IT. WE ARE PLAYING THAT ROLE AGAIN
HERE. CAROLINE: I LIKE THE MOMENTUM, THE NAME BICYCLE IN MANY WAYS COMES FROM THE IDEA STEVE JOBS THINKING THE COMPUTER IS A BICYCLE FOR THE MIND, BUT YOU GUYS BACK TOGETHER. YOU HAVE HAD INTERESTING PARTNERSHIPS, BRINGING A GLOBAL COMPANY ALMOST THE SUPPLY SIDE TO LATIN AMERICA, MANUFACTURING IN BRAZIL AND MEXICO. YOU ARE THINKING ABOUT GLOBAL COMPANIES ACCESSING LATIN AMERICA, WHAT KIND OF COMPANIES ARE YOU THINKING OF, HOW MUCH OF THE FUND IS DEDICATED TO THAT? MARCELO: THE FUND IS ABOUT LATIN AMERICA, HELPING LATIN AMERICAN FOUNDERS ACCELERATE THE MOMENTUM THEY HAVE.
THERE ARE GREAT BUSINESSES IN LATIN AMERICA. IT IS ALSO HELPING GLOBAL COMPANIES WHO HAVE A GLOBAL MOMENTUM. LATIN AMERICA IS CLOSE TO 700 MILLION PEOPLE ON THE PEOPLE IN LATIN AMERICA MAKE FOUR TIMES THE AMOUNT OF MONEY PEOPLE MAKE IN INDIA.
THE GDP IS TWO TIMES THE SIZE OF INDIA, SO LATIN AMERICA IS A GREAT PLACE IF YOU UNDERSTAND IT IS NOT AN EASY PLACE TO DO BUSINESS. WE PLAN TO INVEST NOT ONLY LATIN AMERICAN FOUNDERS, BUT COMPANIES GOING TO LATIN AMERICA. THE CURRENT GEOPOLITICAL LANDSCAPE, HELP FOR COMPANIES THAT WANT TO GET TO LATIN AMERICA, USUALLY FASTER THAN BEFORE.
SO EXCITED ABOUT BRINGING COMPANIES, FINTECH, COMPANIES LIKE SHEIN. THERE ARE SO MANY DISRUPTORS. THE NEXT FIVE YEARS IS GOING TO BE A WORLD OF DISRUPTION NOT BECAUSE OF AI, BUT BECAUSE TECHNOLOGY WILL CHANGE EVERY INDUSTRY AS WE KNOW IT. WE WANT TO MAKE SURE ANYTHING BEING DISRUPTED IN LATIN AMERICA WILL HAVE A ROLE TO PLAY. CAROLINE: YOU HAVE BEEN THE DISRUPTORS, IN A WAY. THE SIZE OF CHECKS YOU WOULD WRITE, IF YOU ARE GETTING INTO SMALL COMPANIES BUT ALSO LARGE ONES, CAN THE CHECKS BE OF ANY SIZE? WHAT ARE YOU THINKING ABOUT WHERE IN THE LIFESPAN OF COMPANIES YOU ARE ENTERING? SHU: THE ECOSYSTEM IS GOOD AT THE EARLY STAGE, GREAT FUNDS HAVE BEEN WORKING FOR DECADES TO SET THE FOUNDATION. WE DO NOT INTEND TO COMPETE
WITH THEM. CHECKS RANGE FROM $20 MILLION TO $50 MILLION. THIS IS NOT A BIG PORTFOLIO, THIS IS ABOUT CHOOSING A FEW PARTNERS THAT WE CAN WORK WITH LONG TERM. 10 TO 15 COMPANIES. IT IS ABOUT A CLOSE PARTNERSHIP AND WE WILL NOT INVEST MORE THAN $50 MILLION IN ANY GIVEN COMPANY, BUT WE WANT A REAL SEAT AT THE TABLE. ED: LATIN AMERICA IS MORE THAN 650 MILLION PEOPLE. WHAT INSIDE LATIN AMERICA, WHERE THE SAN FRANCISCO OR SILICON VALLEY OF LATIN AMERICA? IS THERE A STANFORD EQUIVALENT TURNING OUT FOUNDERS, LIKE WE SEE WHERE I AM? I WANT TO GET GRANULAR DETAIL ON WHERE YOU SEE OPPORTUNITIES GEOGRAPHICALLY AND I WHICH SECTORS. MARCELO:
THERE ARE SO MANY LATIN AMERICAN FOUNDERS WHO COME TO HARVARD, THEN THEY GO BACK. RATHER THAN BECOME ENTREPRENEURS IN THAT STATE, THEY CHECK THE KNOWLEDGE BACK TO LATIN AMERICA. MOST OF THE STORIES YOU HAVE SEEN SO FAR, A LOT OF THE FOUNDERS WERE U.S. EDUCATED. THEY GO BACK TO LATIN AMERICA WITH AN ENTREPRENEURIAL MINDSET AND THAT HAS GIVEN A BOOM TO THE ECOSYSTEM IN MEXICO CITY, COLUMBIA. NOW, THERE ARE HUGE STORIES OF SUCCESS.
YOU HAVE ONE OF THE BEST FOOD DELIVERY COMPANIES AND ONES THAT MAKE MONEY AND WORTH TENS OF BILLIONS OF DOLLARS, NOW YOU HAVE THE GROWTH FROM A MULTIBILLION-DOLLAR MARKETPLACE THAT CONTINUES TO GROW. THERE ARE STORIES OF SUCCESS THAT HAVE CREATED ENTREPRENEURIAL ECOSYSTEMS FOR EMPLOYEE STARTING A NEW COMPANY. WHAT WE STARTED AT SOFTBANK WAS WE TOOK LATIN AMERICA FROM 1.5
BILLION DOLLARS A YEAR TO $60 MILLION A YEAR OF INVESTMENT AND OTHER FUNDS. THAT GAVE RISE TO A BOOM IN THE ENTREPRENEURIAL ECOSYSTEM THAT NEEDS CAPITAL AND I THINK LATIN AMERICA DESERVES A FUND THAT WILL BE FOCUSED ON LATIN AMERICA AND NOTE THE TRADITIONAL TOURIST CAPITAL, THEN THEY RETRENCH WHEN THINGS ARE NOT GOOD. WE ARE COMMITTED FOR THE NEXT FEW YEARS. I MADE A POINT TO FOCUS THE
REST OF MY CAREER IN LATIN AMERICA. CAROLINE: YOU ARE DEDICATED TO NOT JUST LATIN AMERICAN FOUNDERS, BUT DIVERSE FOUNDERS. AN ENVIRONMENT OF INTEREST RATES ARE GOING HIGHER, COMPANIES ARE SLIMMING DOWN AND PEOPLE WANT TO PUT MONEY INTO TRIED AND TESTED FOUNDERS, HOW ARE YOU ABLE TO FOCUS ON A MINORITY FOUNDER? SHU: THE INTERESTING THING ABOUT FOUNDERS WHO WERE UNDERREPRESENTED IS THEY HAVE THE GRID IT TAKES TO SUCCEED. THEY ARE THE PERFECT SOLUTION FOR THIS MOMENT IN TIME, THEY DO NOT COME FROM THE TYPICAL MOLD. WE LIKE TO BACK THOSE FOUNDERS BECAUSE WE THINK THEY ARE UNFAIRLY OVERLOOKED.
IT IS NOT ABOUT THE MACRO, IT IS ABOUT THE MICRO-IN THE PEOPLE BEST SUITED TO NAVIGATE MOMENTS LIKE THIS ARE PEOPLE AND PLACES THAT ARE OVERLOOKED, PEOPLE WHO LOOK LIKE THEY ARE OVERLOOKED. IF YOU BACK THOSE FOLKS, YOU CAN MAKE A LOT OF MONEY. CAROLINE: THANK YOU FOR SPENDING TIME WITH US. ED: COMING UP, WE TAKE A MOVE FROM LATIN AMERICA TO EUROPE WITH THE EU CHARGING GOOGLE WITH ABUSING ITS APTECH DOMINANCE.
THAT CONVERSATION COMING UP, NOT REALLY WEIGHING ON SHARES OF ALPHABET. WATCHING SHARES OUT IN THE U.K., THE COMPANY AGREED TO COMBINE THE U.K. LOCAL BUSINESSES IN A DEAL THAT
WILL CREATE THE BIGGEST COMPANY IN THE COUNTRY, IF IT PASSES REGULATORS. HOLDINGS ARE LIMITED AND HAVE AGREED TO COMBINE THEM, BUT IT WILL BE A TRANSACTION WHERE 51% OF THE NEW COMPANY WITH AN OPTION TO LATER BUYOUT. AGAIN, IF IT PASSES THE TEST. LONDON SHARES 6/10 OF A PERCENT, THIS IS BLOOMBERG.
>> DISTORTED COMPETITION AMONG AT EXCHANGES RATHER THAN LETTING THE BEST OF THE AD EXCHANGES WIN THE RACE, THE HELPING HAND OF THE POWERFUL GOOGLE ECOSYSTEM GAVE GOOGLE'S OWN EXCHANGE A UNIQUE HEADSTART OVER ALL OTHER RIVALS IN THE INDUSTRY. THEY COULD AFFORD TO KEEP THE COMMISSION HIGH WITHOUT LOSING ITS APPETITE. CAROLINE: GOOGLE BEING ACCUSED OF ABUSING ITS DOMINANCE OVER APPETIZING -- ADVERTISING TECHNOLOGY TO CROSS -- CRUSH COMPETITION. IT IS A PROCESS THAT COULD TAKE YEARS TO RESOLVE. LET US DIG INTO THE DETAILS.
WITH THE EXPERTISE OF GOOGLE, I WANT TO GET THE RESPONSE. NONE OF THIS SEEMS TO COME IS THAT MUCH OF A SURPRISE. MARK: CERTAINLY BOTH THINGS, HAVING BOTH STAND UP AND ACCUSE THEM OF MONOPOLY, ACTING AS A MONOPOLY, THEN THE SAME ACCUSATION AROUND APTECH. THIS IS SOMETHING THEY HAD FIRST IN THE U.S. AN IDENTICAL CASE, THEY WERE USING BOTH SIDES OF THE MARKET IN A PRETTY OPAQUE AND POWERFUL WORLD OF DIGITAL PUBLISHING. THAT IS A CONTRIBUTION TO WHY
THE STOCK DID NOT MOVE, INVESTORS HAVE PRICED IN THE REGULATORY RISK. ED: IN LAYMAN'S TERMS, WHAT IS THE EUROPEAN COMMISSION AND EU ACCUSING GOOGLE OF DOING WITHIN THE MARKET? SAM: HELLO FROM BRUSSELS. EFFECTIVELY, THE EUROPEAN COMMISSION TODAY HAS FILED FORMAL ANTITRUST CHARGES AGAINST GOOGLE'S ACTIONS IN THE ADVERTISING TECHNOLOGY SPACE. SPECIFICALLY FOCUSING ON GOOGLE SERVICES THAT MATCH SUPPLY AND DEMAND FOR ADVERTISING SPACE ONLINE. IT IS ALL ABOUT SELF
REFERENCING, WHAT THE EUROPEAN COMMISSION SAYS IS GOOGLE HAS EFFECTIVELY SELF PREFERENCE TO ITS OWN SERVICES TO THE DETRIMENT OF OTHER RIVALS IN THE MARKET. THIS COULD HAVE DISTORTED EFFECTS IN THE ONLINE ECOSYSTEM. THESE ARE FORMAL ANTITRUST CHARGES, THE INVESTIGATION WAS FIRST LAUNCHED BY THE EUROPEAN COMMISSION IN BRUSSELS IN APRIL 2021 AND IT IS VERY MUCH THE FIRST STEP IN A PROCEDURE THAT COULD GO ON FOR A NUMBER OF YEARS. ED: EXPLAIN WHAT IS GOOGLE'S ADVERTISING TECHNOLOGY BUSINESS DIFFERENT FROM ITS BROADER AD OFFERING? MARK: IT IS HARD TO UNPACKMARK: IN PART BECAUSE AD TECH IS SO PERVASIVE INSIDE OF GOOGLE. IT IS BASICALLY THE MACHINERY
THAT DEALS WITH THE BUYING AND SELLING OF ONLINE ADS. EVERYTHING THAT ARE NOT YOUTUBE, THE PLAY STORE OR MAPS. BUT IT IS USING THE SAME MACHINERY TO MAKE YOUTUBE ADS MORE POWERFUL AND EFFECTIVE. I THINK COMPETITORS WOULD ARGUE SORT OF ELBOW OUT THE SERVICES THAT ARE PLAYING IN THE DIGITAL PUBLISHING FIELD BUT DO NOT HAVE TREMENDOUS DATA RESOURCES OF RUNNING THE WORLD'S BIGGEST SEARCH AND VIDEO AND MAPPING PLATFORMS. CAROLINE: WHAT IS INTERESTING IS HOW THEY ARE GOING FOR THE JUGULAR, SING REMEDIES ARE NOT ENOUGH TO A BUSINESS MODEL. WILL THAT BECOME SOME SORT OF
REALITY? THIS WILL TAKE A LONG TIME IN THE COURTS. SAM: INDEED, IT WAS ONE OF THE MAIN MESSAGES TODAY FROM THE PRESS CONFERENCE WITH THE EU COMMISSION OF COMPETITION. SHE EFFECTIVELY SAID THAT BEHAVIORAL REMEDIES WERE INSUFFICIENT IN CORRECTING THE ANTICOMPETITIVE ABUSE. WHAT IS REALLY FASCINATING IS TO WATCH THE GROWING TRANSATLANTIC ALLIANCE AROUND THE OPTION OF STRUCTURAL REMEDIES IN ORDER TO CORRECT THE ANTICOMPETITIVE ABUSES. THERE ARE A NUMBER OF LAWSUITS OPEN IN THE UNITED STATES AGAINST GOOGLE'S BUSINESS AND THE DEPARTMENT OF JUSTICE, AT LEAST IN ITS LAWSUIT, HAS RECOMMENDED THE OPTION OF POTENTIALLY STRUCTURAL SEPARATIONS. ONE OF THE CORE MESSAGES FROM
THE PRESS CONFERENCE TODAY WAS THAT IS VERY MUCH AN OPTION FOR US, NOW WE ARE GOING TO ENGAGE WITH THOSE DISCUSSIONS WITH GOOGLE TO SEE IF WE CAN MAKE PROGRESS IN TERMS OF CORRECTING THE PROBLEMS. ED: THANK YOU VERY MUCH. COMING UP, MORE REGULATORY HEADWINDS AND HURDLES FACING MICROSOFT 69 BILLION DOLLAR TAKEOVER OF ACTIVISION BLIZZARD. WHY A U.S. JUDGE IS TEMPORARILY BLOCKING
THE DEAL, THIS IS BLOOMBERG. ♪ CAROLINE: MICROSOFT'S ACTIVISION BLIZZARD ACQUISITION WAS TEMPORARILY BLOCK A FEDERAL JUDGE IN CALIFORNIA WHO SAID A TEMPORARY RESTRAINING ORDER WAS NECESSARY TO MAINTAIN THE STATUS QUO WHILE THE FEDERAL TRADE COMMISSION CHALLENGES THE DEAL. IS THIS PART OF NORMAL PROCESS? IS THIS A SURPRISE, OR ARE WE EXPECTING IT? >> YOU SEE HOW THE FDIC IS TRYING TO MAKE SURE THE DEAL DOES NOT BECOME A FOREGONE CONCLUSION. WE HAVE COMPETING DECISIONS FROM THE OTHER SIDE OF THE ATLANTIC, THE U.K. AUTHORITIES HAVE SAID THIS DEAL
SHOULD NOT GO FORWARD, IT WOULD BE BAD FOR MARKET CONCENTRATION. IN THE EU COME INTO JUST AUTHORITIES SAID THE DEAL CAN GO THROUGH WITH REMEDIES AND IT IS GOOD FOR COMPETITION. YOU CAN SEE THE FEDERAL TRADE COMMISSION TRYING TO MAKE SURE THIS DOES NOT GO FORWARD, THAT THE DEAL DOES NOT PLAY OUT WHILE THEY ARE TRYING TO PROSECUTE THE CASE HERE. ED: IT IS A TEMPORARY HOLD, IT WAS FILED MONDAY. THERE WILL BE A HEARING NEXT WEEK IN SAN FRANCISCO. WHAT IS MICROSOFT AND ACTIVISION'S RESPONSE TO THIS, ABOUT HAVING TO GO BEFORE A JUDGE? >> WE HEARD FROM THE MICROSOFT PRESIDENT YESTERDAY, HE SAID HE IS LOOKING FORWARD TO PRESENTING MICROSOFT CASE IN COURT. THIS IS A FEDERAL COURT, THE
FEDERAL TRADE COMMISSION HAS TO GO AND ASK FOR THE HOLD. THE ACTUAL COMPLAINT FILED BY THE FEDERAL TRADE COMMISSION IS IN THE IN-HOUSE COURT. SO A SLIGHTLY DIFFERENT SITUATION FOR THEM AND MICROSOFT HAS SAID THEY LOOK FORWARD TO PRESENTING THEIR CASE IN FEDERAL COURT AND SEE IT AS AN OPPORTUNITY TO DEFEND A DEAL THAT THEY SAY WOULD BE GOOD FOR COMPETITION. CAROLINE: THIS IS A GLOBAL NARRATIVE,
RIGHT? ANNA: ABSOLUTELY. WE SEE COMPETING DECISIONS FROM THE OTHER SIDE OF THE ATLANTIC AND MICROSOFT IS POSITIONING ITSELF VERY STRONGLY. CRITICIZING THE U.K. FOR THEIR DECISION TO BLOCK THE DEAL AND PRAISING THE EU FOR LETTING THE DEAL GO FORWARD.
ED: COMING UP, WE TALK WITH THE CEO OF PUBLICIS ON AI AND HOW IT CAN ACCELERATE THE ECONOMY. THIS IS BLOOMBERG TECHNOLOGY. ♪ ED: WELCOME BACK TO BLOOMBERG TECHNOLOGY. I AM ED SAN FRANCISCO. CAROLINE: I AM CAROLINE HYDE IN NEW YORK. IT IS FED DAY. THE MARKET IS SUSTAINING HIGH. NASDAQ OF 0.4%. BIG TECH RALLYING. THERE IS A PAUSE LIKELY TO HAPPEN IN TERMS OF INTEREST RATES WHICH COULD BE HELPFUL. THE TWO-YEAR YIELD HAS DROPPED
FOUR BASIS POINTS AS SOME PEOPLE HAVE STARTED TO LOOK IN. MOST FACTORING SINCE SEPTEMBER. BITCOIN IS UP ABOUT 0.5%. WE ARE SEEING SOME OF THE ANXIETY AROUND FINANCE EXCHANGE STYLING BACK IN THE CRYPTO SPHERE. LET'S LOOK AT INDIVIDUAL MOVERS. MICROSOFT IS UP 1%, MAYBE BECAUSE THERE IS A. AND JOHN THEIR PLAN TO PURCHASE
ACTIVISION. $69 BILLION BEING DROPPED. OR MAYBE IT IS THE AI THING. NICOLA -- NIKOLA UP 16.5%. LARGELY OF LATE HAVING BEEN PUSHED TO PAUSE ANY FUTURE SUPPLY-SIDE ISSUANCE OF FUTURE SHARES. TODAY, MAYBE MORE OF AN INTEREST RATE FOCUS. I AM LOOKING AT AMD. IT IS UNVEILING ITS AI FOCUS
CHIPS. PROCESSORS THAT WILL BE ABLE TO SUPPORT GENERATIVE AI. THE MARKET SEEM TO LIKE WHAT THEY WERE HEARING FROM THAT CEO. ED: BEAR WITH ME. I AM GOING TO DO SOMETHING AND COMBINED TWO OF OUR FAVORITE TOPICS. AI AND INFLATION.
OR RATHER, AI AND DEFLATION. HOW ARE THEY LINKS? LET'S BRING IN CEO NIGEL BASS. YOUR JOB IS TO WORK WITH TECHNOLOGISTS AT ALL KINDS OF ARMS, BANKS, RESTAURANTS TO DIGITALLY TRANSFORM. TELL US HOW AI IS DEFLATIONARY.
>> OUR BELIEF IS WHEN YOU THINK ABOUT THE ABILITY FOR BUSINESSES TO SERVE CUSTOMERS IN LOWER-COST, MORE EFFICIENT WAYS, AI IS A HUGE ACCELERANT TO WHAT THEY ARE TRYING TO DO WHICH MEANS THE ACHIEVED GROWTH WITH LOWER COSTS. PRETTY MUCH EVERY WESTERN ECONOMY TODAY IS SUFFERING FORM -- FROM POPULATION CHALLENGES. IF THE HOSPITALITY SECTOR HAS BEEN HURT. A LOT OF CHECKING LINES AND ORDERS HEARD INCORRECTLY. AI IS HELPING WITH THE WORK YOU ARE DOING TO MAKE THESE SIMPLE, BASIC CONSUMER EXPERIENCES MORE EFFICIENT FOR THESE BUSINESSES. TO US, I FEEL LIKE THIS IS A REAL OPPORTUNITY TO DRIVE THIS GROWTH AT A LOWER COST. ED:
WHERE YOU SIT IN THE DEBATE OF WHETHER AI WILL ELIMINATE JOBS, VERSUS BEING SUPPORTIVE OF EXISTING ROLES. >> THERE IS RESEARCH TALKING ABOUT THE FACT THAT SINCE 1940 HAVE NOW SEEN 60 TO 80% OF JOBS NOT EXIST TODAY. A LOT OF THESE JOBS HAVE BEEN CREATED BY TECHNOLOGIES THAT HAVE COME OVER THE COURSE OF THIS PERIOD. WHEN YOU THINK OF AI, THERE WILL BE JOBS IMPACTED. THE KIND OF WORK YOU DO TO BRING IN NEW SKILLS AND CAPABILITIES FROM YOUNGER PEOPLE ENTERING THE WORK WORDS INTO THIS TECHNOLOGY WILL NEED TO HAPPEN TO CONTINUE TO BUILD SKILLS BUT YOU ALSO THINK THIS WILL BE A HUGE OPPORTUNITY FOR GROWTH. WE RECENTLY ACQUIRED AI LABS BECAUSE THEY FEEL LIKE THIS WILL HELP US BRING MORE PEOPLE INTO THE WORK WORDS INTO THIS NEW SPACE.
IF YOU THINK OF GDP, GOLDMAN SACHS IS AT 7%. NATIONAL ECONOMIC RESEARCH IS TALKING 14% IN TERMS OF WORK IMPACT. CAROLINE: YOU MENTIONED HOW YOU ARE TRAINING THE FUTURE WORKFORCE.
WHAT ABOUT THE WORKFORCE OF HERE AND NOW? DO THE C-SUITE AND PEOPLE BELOW HAVE THE SKILL SET TO BE ADOPTING ALL THE JOYS AND RISKS OF GENERATIVE AI HERE AND NOW? >> I DO NOT THINK ANYBODY WAS EXPECTING THE ADOPTION OF THIS TECHNOLOGY TO HAPPEN AS QUICKLY AS IT HAS. THE FACT YOU HAVE SO MANY PEOPLE ENGAGED IN MAKING WHAT -- MAKING THIS THE FAST AS ADAPTIVE TECHNOLOGY SHOWS THE POTENTIAL IS THERE. UNDERSTANDING BIAS AND ALL OF THESE ISSUES THAT HAVE TO BE WORKED THROUGH ARE THERE. THAT'S A LOT OF THE EXISTENTIAL THREAT TO BEING TALKED ABOUT WITH AI, -- BUT WITH A LOT OF THE ACCIDENTAL THREAT BEING TALKED ABOUT WITH AI, YOU ARE NOT WITH THAT RIGHT NOW.
LIKE HOW DO ASSURE BIAS AND THINGS LIKE WHAT BRANDS WILL NOT WANT TO BE ASSOCIATED WITH, ALL OF THESE IDEAS ARE GETTING ADDRESSED TODAY. THE BENEFITS ON THE OTHERS ARE HUGE. IN A MOLECULE IDENTIFICATION IN PHARMACEUTICALS, WORSENING FRAUD DETECTION IN BANKING'S, ARE SEEING RISK ASSESSMENT AND ADVANTAGES FOR MORTGAGES. ALL OF THIS IS BEGINNING TO HAPPEN MUCH MORE SEAMLESSLY THAN BEFORE. CAROLINE: I AM FASCINATED OF THE INTRICACIES OF WHAT YOU GO AND DO. YOU SET A MEETING WITH A COMPANY NEW TO YOU, WHAT DO YOU GO TO SAY? HOW DO YOU START TO ASSESS THE NEED OF EACH INDIVIDUAL COMPANY, WHERE THEY ARE CURRENTLY, AND WHAT THEY NEED TO DO TO ENSURE THEY ARE GETTING ALL THE BENEFITS OF PRODUCTIVITY? >> EFFECTIVELY, WHAT THIS MEANS IS HELPING BUSINESSES THAT WERE ESTABLISHED TO TRANSFORM THEMSELVES TO BE INCREASINGLY DIGITAL IN A WORLD FASTLY BECOMING ENTIRELY DIGITAL.
YOU ARE AROUND THIS IDEA OF SPEED. AN ACRONYM AND IDEA ABOUT HELPING BUSINESSES MOVE QUICKLY. ONE OF THE CHALLENGES IS THE CEO WOULD ASK FOR A STRATEGY AND THAT WOULD RETURN IT -- THAT WOULD TURN INTO A REQUIREMENT.
THEN THEY WOULD PASS THE BATON TO THE NEXT RUNG. FOR US, WE LIKE SPEED AS STRATEGY. BEING CLEAR OF WHAT WE ARE TRYING TO DERIVE THE OUTCOME FROM, ASSESSING THAT. THEN MOVING TO KEY WHICH IS PRODUCT. NOT MOVING TO A THING THAT BEGINS AND ENDS BUT A PRODUCT THAT IS CONSTANTLY INVOLVING -- EVOLVING. EE IS EXPERIENCE. AT THE PATIENT AND CITIZEN YOU
ARE TRYING TO AFFECT. THE NEXT E IS ENGINEERING. HOW DO YOU BUILD IN WAYS THAT ALLOW YOU TO EVOLVE EVER SO QUICKLY? THE D IS DATA AND AI. HOW DO YOU CREATE THAT SYSTEM WHERE THE DATA FEEDS BACK INTO HELPING AUTOMATE AND BUILD EFFICIENCY YOU ARE TALKING ABOUT. THAT CONVERSATION TODAY, IN MANY ORGANIZATIONS, IS THAT YOU HAVE THIS AND THIS IS IT IS A STRONG THUMB AND INDEX FINGER BUT DOES NOT CONNECT TO THE PINKY. IT BECOMES HARD TO SHIFT AND MOVE THINGS IN THIS CONTEXT. ED: FOR WHAT IT IS WORTH, THE
HEADLINES CROSSING THE BLOOMBERG TERMINAL IS FROM CEO LARRY FINK. HE SAYS AI MAY BE THE TECH THAT BRINGS DOWN INFLATION. WHEN NIGEL VAZ GOES INTO A COMPANY LIKE THIS, YOU WANT TO BE CEO SITTING ON THE OTHERS IF THE TABLE FROM YOU TO IMPLEMENT THIS CHANGE WITH AI OR DO YOU WANT THE CTO? WHO IS LEADING THE CHARGE WITHIN THESE COMPANIES? >> THIS IS A BUSINESS CHANGE. NEED A VERY STRONG CTO AND CEO
WHO UNDERSTANDS HOW THE TECHNOLOGY WORKS. FOR US, AI IS A WAY TO REIMAGINE THE BUSINESS. THE BLOOMBERG TERMINAL HEADLINE YOU WERE JUST CALLING OUT, OUR BELIEF IS THIS DOES NOT HAPPEN WHEN IT IS A CIO OR CFO.
THIS HAS TO BE A CEO PRIORITY. I'M SPENDING TIME WITH SOME OF THE BIGGEST COMPANIES IN THE WORLD AND THIS IS THE ONE TECHNOLOGY THEY HAVE STARTED TO REALIZE WILL FORCE THE CHOICE FOR THEM TO BE MORE TRANSFORMATIVE RATHER THAN DIGITIZING WHAT THEY ALREADY DO, WHICH HAS BEEN THE FIRST WAVE OF DIGITAL THUS FAR. CAROLINE: PUBLICIS SAPIENT NIGEL VAZ NIGEL VAZ CEO, --PUBLICIS SAPIENT CO NIGEL VAZ. STANDOUT COMPANIES CURRENTLY BEING BUILT. BOB THOMAS IS JOINING US AT OXX. THIS IS BLOOMBERG. ♪
ED: TIME FOR TALKING TECH. A NEW STUDY IS SHINING LIGHT ON WHO MAY BE THE BIGGEST WINNERS AND LOSERS IN THE GLOBAL AI BOOM. RESEARCH FROM MCKINSEY SAYS GENERATIVE AI CAN ADD UP TO FOUR POINT $2 TRILLION TO THE WORLD'S ECONOMY. BUT AI TOOLS WILL LIKELY PUT
MORE PRESSURE ON THE LABOR FORCE AND COULD BE A DISRUPTION TO HIGHER RANGE LABOR FORCE. PLUS AMD IS HOPING ITS OF AI PROCESSORS CAN COMPETE WITH NVIDIA IN THE AI MARKET. DURING A PRESENTATION TUESDAY, THEY HOSTED THE MI 300X THAT AIMS TO HELP DATA CENTERS STREAMLINE A CRUTCH OF AI TRAFFIC. NVIDIA IS DRAWING ON HEFTY STOCK BUYBACKS FROM LAST YEAR AFTER A HIATUS. IT REPURCHASED WORTHEN $10 BILLION IN STOCK AHEAD OF A RECORD SURGE FRENZY. DESPITE HAVING MORE THAN $7 BILLION ON HIS BUYBACK OFF THE RAISE A SON, AND THE NVIDIA -- OFF THIS. CAROLINE:
2023 BRILLIANT MINDS IS UPON US. IT WAS FOUNDED BY THE SPOTIFY FOUNDER. IT IS FOCUSING ON A THEME OF FUTURE GAZING.
A SLEW OF SPEAKERS FOCUSING ON TECH, TECH STARTUPS, ACTIVISM AND MORE. ONE OF THE MEN BEHIND THAT IS BOB THOMAS FROM OXX. JOINING US. LET'S START WITH BRILLIANT MINDS IS AN EVENT FIRST AND FOREMOST. WHAT IS HOPED TO BE
ACHIEVED? THIS IS ABOUT SHINING THE LIGHT ON SWEDEN BUT ALSO SWEDISH PRINCIPLES. BOB: DANIEL INITIALLY SENT OF THE BRILLIANT MINDS FOUNDATION WITH HIS BOARD WHICH CONSISTED OF INFLUENTIAL SWEDISH FAMILIES TO BRING SWEDISH VALUES TO CREATIVE INNOVATIVE BUYS AROUND THE WORLD. EVERY MID JUNE, ACTORS, ACTIVISTS, AND SOME PEOPLE YOU HAVE HIGHLIGHTED ALREADY SAID ON STOCKHOLM DURING ONE OF THE MOST BEAUTIFUL PERIODS OF THE YEAR AND ENJOYED A TWO DAY CONFERENCE TO DISCUSS CREATIVE IDEAS FOR THE FUTURE OF HOW THE WORLD MIGHT LOOK IN A POSITIVE SENSE.
BRILLIANT INNOVATORS IS WHAT WE TRY TO DO AND EXTEND THIS TO THE TEXT START UP TO SEE HOW CAN SWEDISH TECH SUSTAINABILITY AND INCLUSIVITY -- HOW CAN WE HIGHLIGHT SWEDISH TECH STARTUPS ARE PRESENTING NEW IDEAS? CAROLINE: YOU ARE SHINING A LIGHT ON ONE PARTICULAR COMPANY ABOUT HYDROGEN PROPOSING. WHAT GOT YOU TO THIS AND WHAT THEY'RE TRYING TO BUILD? BOB: THE BUSINESS IS, AS YOU SAY, FRENCH AND FOCUSED ON HYDROGEN FUELED TRANSPORT IN THE PRIVATE AVIATION SPACE. IT HAS A MASSIVE OPPORTUNITY TO TAKE AN ENORMOUS AMOUNT OF CARBON OUT OF AIR TRAVEL. JETS ARE ONE OF THE BIGGEST POLLUTERS IN TERMS OF CARBON EMISSIONS IN THE EUROPEAN LANDSCAPE. IT WAS A COMBINATION OF THAT VISION AND THE QUALITY OF THE PITCH. A HUGE NUMBER OF INDUSTRY
EXPERTS ALIGNING AROUND A SHARED CAUSE. THIS TO SPEAK TO THOSE IDEALS OF TEAMWORK AND HAVING A COLLECTIVE, LONG-TERM PRINCIPLE IN MIND WHEN YOU DEVELOP A PRODUCT SPOKE TO THE JUDGES. ED: WAS THERE ANY COMMONALITY BETWEEN THE FOUNDERS AND THE STARTUPS THAT ENTER THE COMPETITION? WERE THEY HEAVILY AI FOCUSED? BOB: I HAVE BEEN WATCHING YOUR SHOW FOR SOME TIME. RECENTLY, THE FOCUS HAS BEEN VERY MUCH ON AI. RELATIVELY LITTLE IMAGINATIVE AI WAS HERE WHICH IS STRANGE.
THERE WAS A SKEW TOWARD MATERIAL SCIENCE. HOW TO INNOVATE IN MANUFACTURING AND HEAVY INDUSTRY. WITH THE THINKING THAT'S A BIG PART OF THE REASON WAS PART OF A SUSTAINABILITY THEME AROUND THE ENVIRONMENT AND OTHER CULTURAL ISSUES RELATED TO POLLUTION. DESPITE THE FOCUS OF THINGS MORE GENERALLY WITHIN TECH THE LAST FEW WEEKS, AI WAS ABSENT. ED:
EARLIER WE HAD MARCELLO CLARY OMAN. LET'S TALK ABOUT SWEDEN WITH YOU. I AM HERE IN SAN FRANCISCO. THE HISTORY OF THIS PLACE IN SILICON VALLEY IS THAT YOU HAVE STANFORD.
A LOT OF PEOPLE FOCUSED ON VC'S. IS THERE AN EQUIVALENT THING GOING OUT IN NATIONS RIGHT NOW? BOB: ABSOLUTELY. TO SOME EXTENT, IT HAS ALREADY HAPPENED.
THE INVESTMENT FUND WAS HIGHLIGHTED IN THE MANUAL REPORT THEY DO. SWEDEN HAS BEEN THE TOP COUNTRY IN EUROPE WERE A NUMBER OF YEARS AND THAT IS DRIVEN BY THE QUALITY OF EDUCATION. THE FIRST STARTUP HAS NOW GONE BEYOND WHERE THE FOUNDERS HAVE EXITED. THEY HAVE BECOME PUBLIC BUSINESSES. THEN YOU HAVE FOUNDERS REINVESTING INTO THE NEXT STARTUPS. IT WAS SET UP BY DANIEL AT. SUPPORT WAS GIVEN BY THE FANTASTIC SUCCESS HE ACHIEVED AT SPOTIFY. AND ALL OF THESE OTHER GREAT SWEDISH TECHNOLOGY X -- THE TEACHERS ARE FEEDING BACK INTO THIS AND THERE IS A GREAT PRIVATE EQUITY CAPITAL OVER THE COURSE OF 20 YEARS WHICH WE ARE VERY HAPPY TO PLAY SMALL PART IN. ED:
EVERY DAY ON VENTURE SPOTLIGHT, YOU HAVE VCS FROM AROUND THE WORLD. IF THEY ARE AMERICAN, WE POST THE QUESTION OF, ARE YOU LOOKING OUTSIDE OF THE U.S.? CAROLINE: WHAT CAUGHT MY EYE ON LINKED IN TODAY WAS ANOTHER KEY SWEDISH FOUNDER FOUNDED SKYPE WENT ON TO HAVE A VERY SUCCESSFUL VC IN THE SPACE. HE PUT OUT A PIECE TODAY ABOUT WHY EUROPE WILL BE THE NEXT AREA OF TECH INNOVATION. ED AND I HAVE BOTH BEEN BASED
IN EUROPE. WE HAVE TALKED ABOUT TECHNOLOGY THERE. IT WAS THIS WINNING OF HANDS THAT WAS NOT QUITE THE MOMENT THEY THOUGHT THROUGH. DO YOU THINK THIS IS DIFFERENT? DO YOU THINK THAT WE SHOULD NOT BE THE ONE AREA WHERE ALL CAN DO WELL AND WILL EVENTUALLY AMERICAN MONEY COMING IN MORE SIGNIFICANT WAY TO EUROPE? BOB: I THINK IN RETROSPECT, WE HAVE SEEN A HUGE AMOUNT OF AMERICAN MONEY COME TO EUROPE. TO SOME EXTENT, WE ARE SEEING IT LEAVE AGAIN GIVEN THE ECONOMY AND THE PRICING OF TECHNOLOGY BUSINESSES. THE DEVELOPMENT OF EUROPEAN ECOSYSTEMS, INITIALLY IN PLACES LIKE BERLIN, BUT NOW IN THE NORTH LIKE STOCKHOLM AND COPENHAGEN AND HELSINKI.
WE ARE SEEING IT DEVELOP IN THE BALTICS. I THINK IT HAS REALLY DRIVEN NOT BY THE INFLUX OF AMERICAN MONEY BUT BY THE REFLEX OF AMERICAN -- REFLUX OF AMERICAN MATERIALS. A LOT OF THIS CAPITAL GETS RECYCLED INTO THE ESTONIAN ECOSYSTEM AND BECOMES FUEL FOR THE NEXT GENERATION. CAROLINE: YOU WERE LOOKING AT SOME PICTURES OF THE COMPANY THAT -- WE ARE LOOKING AT SOME PICTURES OF THE COMPANY THAT JUST WON BEYOND ARROW. IT WAS A LOT OF GUYS. WE ARE SITTING WITH A WHITE MALE CEO RIGHT NOW BUT THINKING ABOUT THE PEOPLE THEY BROUGHT TOGETHER IN SWEDEN, HOW DIVERSE IS THE TOWN POOL AND HOW DIVERSE ARE THE FOUNDERS COMING TO PITCH TO YOU? CAROLINE: THE CEO OF BEYOND ARROW IS A WOMAN. UNFORTUNATELY, SHE WAS NOT PICTURED IN THE VIDEO, JUST TO BE CLEAR. I THINK SWEDEN DOES RANK VERY
HIGHLY IN TERMS OF GENDER DIVERSITY AND COMPANIES. WE ARE AT A POINT WHERE WE ARE ALMOST AT CODE GENDER PARITY IN TERMS OF CEOS IN SWEDEN. I THINK SWEDEN HAS BEEN AN EARLY MOVER IN THE RIGHT DIRECTION. I THINK THERE IS FUNDAMENTALLY IN EUROPE BUT ALSO IN TECH, STILL A LONG WAY TO GO IN TERMS OF DIVERSITY. I THINK WE AS A FUND ALSO CARE VERY DEEPLY ABOUT THE DIVERSITY OF OUR TEAM AND THE COMPANY. ED: OXX PARTNER, NIGEL VAZ -- BOB
THOMAS. COME BACK ON THE PROGRAM. WE WILL TALK MORE. THANK YOU FOR YOUR TIME. CAROLINE: TIME NOW FOR WHAT IS GOING VIRAL. FANS OF THE BEATLES, YOU ARE IN FOR A TREAT. PAUL MCCARTNEY SAYS YOU CAN EXPECT TO HEAR ONE FINAL SONG. HE IS CREDITING ARTIFICIAL
INTELLIGENCE. IN AN INTERVIEW, THE SONG WAS MADE USING A DEMO WITH DON LENNON'S VOICE. IT WILL BE RELEASED LATER THIS YEAR. I WAS LUCKY TO BE IN GLASTONBURY THIS TIME LAST YEAR. PAUL MCCARTNEY WAS PERFORMING
AN PERFORMED ALONGSIDE A VIRTUAL JOHN LENNON USING ISOLATED VOCALS. ED: IT IS CALLED AI TO DO DE-MIXING. HE GAVE THIS TO YOKO ONO WHO GAVE THIS TO MCCARTNEY. ALL THE AI DOES IS ISOLATE THE VOICE.
IN INTERVIEWS, PAUL MCCARTNEY HAS TALKED ABOUT HOW IT IS EXCITING BECAUSE TRACKS THEY NEVER QUITE FINISHED THEY COULD NOW FINISH. BUT HE ALSO SAID IT IS SCARY. TO GIVE INFINITE LIFE TO SOMETHING THAT WAS NOT DONE AT THE TIME. CAROLINE: THERE IS WORKING WITH THE ARTISTS. A LOT HAS BEEN ABOUT COPYRIGHT ISSUES, DEEPFAKES, AND HOW THE BUSINESS NAVIGATES THIS.
AI KEEPS GIVING US NEW AREAS TO CONTEMPLATE. THAT DOES IT FOR "BLOOMBERG TECHNOLOGY". ED: BIG SHOW. SO MUCH TO RECAP. DO NOT FORGET ABOUT THE
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