'Bloomberg Technology' Full Show (07/14/2023)
>> FROM THE HARDWARE INNOVATION, MONEY AND POWER COMBINED, THIS IS BLOOMBERG TECHNOLOGY WITH CAROLINE HYDE AND ED LUDLOW. >> I'M CAROLINE HYDE. ED LUDLOW IS IN SUN VALLEY. AS BLOOMBERG TECHNOLOGY. COMING UP, THE REQUEST TO BLOCK MICROSOFT FROM CLOSING EIGHT TAKEOVER OF ACTIVISION BLIZZARD, BUT WHAT ABOUT THE U.K., WE WILL HAVE THE DETAIL.
HOLLYWOOD COMES TO A HALT. ACTORS JOINING WRITERS IN THE STRIKE, PUTTING REDUCTION OF FILMS AND TO STANDSTILL, THE FIRST FINAL THING IS WALK OUT SINCE 1960 DID PLUS THE WORLD IS TAKEN BY STORM AS GOVERNMENTS SCRAMBLE TO REGULATE. THEY DISCUSS THE STEPS THE EU IS TAKING TO RAIN THINGS IN. LET'S CHECK IN ON THE MARKETS.
AGAIN, ABIGAIL DOOLITTLE, TAKE IT >> WE HAVE ANOTHER DAY OF GAINS. A FIT THEY HAVE GAINS FOR THE S&P 500. MODERATING GAINS ON THE DAY FOR THE S&P 500, AND THE TECH INDEX WHICH IS STILL DOING WELL ON THE DAY. THE NASDAQ 100 IS UP IN THE NEW YORK FANG INDEX IS UP AT 6% ON THE DAY.
IT ONE .1% CONTRIBUTION BRIDGE CHINA TECH NOT SO MUCH. AT LEAST NOT ON THE DAY. DOWN ABOUT 2%. ONE DRIVER FOR THE TECH STRENGTH ON THE DAY AND ON THE WEEK IS THE FACT THAT THE BLOOMBERG DOLLAR INDEX INTO TODAY IS DOWN IN A BIG WAY, AND YIELDS ARE NOT IN A BIG WAY. WE CAN SEE THE YIELD ON THE WEEK IS DOWN ABOUT 20 BASIS POINTS. THAT MAKES THE VALUATION LOOK MORE ATTRACTIVE. IT MAKES IT MORE TENABLE, IT AND THE BLUEBIRD DOLLAR INDEX, ANY RISK ASSET WILL GO DOWN.
THEY TEND TO GO HIGHER, BUT SOMETHING I WOULD POINT OUT, THE VIX ON THE NASDAQ 100, IT IS ELEVATED. IT IS AT A 20 HANDLE ON THE VIX FOR THE S&P 500. IT IS AT A 13 HANDLE PRINT THAT IS FRINGED, TELLING YOU THAT SOME INVESTORS MIGHT BE WORRIED SPECIFICALLY AT THE GAINS ON THE WEEK. FOR TECHNOLOGY STOCKS, THE MOST
PART, THERE IS NVIDIA MICROSOFT. >> APPLE IS DOWN FOR THE SECOND TIME SINCE EARLY JANUARY, AND CISCO, ALSO DOWN. THERE ARE STILL SOME MIXED SIGNALS TO TAKE INTO ACCOUNT, GIVEN THAT APPLE IS ONE OF THE LARGEST WEIGHTING SPACES AND THE NASDAQ 100 AND IS THE LARGEST IN THE S&P 500. >> NOT EVERYONE IS A WINNER RIGHT NOW AND WHEN IT COMES TO LEGALITY, NOT EVERYONE IS A WINNER AGAIN.
THE FTC IS LOSING ITS REQUEST TO TEMPORARILY BLOCK MICROSOFT FROM THE TAKEOVER OF ACTIVISION BLIZZARD THEY ARE APPEALING THE INITIAL RULING TO GREENLIGHT A DEAL. SUDDEN VALUED, WE ARE HELPING BRAKES GROUPS NOT ONLY IN WHAT IS HAPPENING IN THE U.K., BUT BRING US UP TO EAT WITH THE FACT THAT THE STATE, THE 18TH IS HURTLING TOWARDS US. >> IT IS. THERE ARE LOTS OF MOVING PARTS.
I THINK THE BIG UMBRELLA POINT IS THAT SOURCES TELL US THAT THERE IS A HIGH DEGREE OF CONFIDENCE THAT THIS DEAL WILL CLOSE. BUYER ON TUESDAY, JULY 18 RID THE DEVELOPMENT IN THE LAST HOUR IS THAT THE U.K. ANTITRUST HILLS COURT HAS CALLED A HEARING FOR MONDAY, THE 17TH, WHERE THEY WILL HEAR MICROSOFT AND ACTIVISION APPEAL AGAINST THE ORIGINAL U.K. DECISION, BUT REMEMBER, ALL
THEY CAN DEAL IS AN ISSUE OF PROCEDURAL IMPROPRIETY. THEY CANNOT HANDLE BUSINESS THESE DECISIONS THEMSELVES. WHAT WE REPORTED LAST NIGHT IS THAT WHAT THEY ARE OFFERING IS AN APPEASEMENT. IT IS TO SELL THE RIGHTS OF CLOUD-BASED GAMING IN THE U.K.. TO A THIRD PARTY. OTHER MEDIA OR TELECOMS COMPANY. ONE MIGHT SUGGEST PRIVATE EQUITY IS INVOLVED, AND WHAT WE ARE HEARING IS THAT IS IT.
IF THAT IS ALL THEY HAVE TO DO AND SAY, WE WILL SELL THE RIGHTS, IT IS A SMALL PRICE TO PAY TO GET THE DEAL DONE. >> TO A LARGE EXTENT, THEY DON'T WANT BEHAVIORAL CHANGES. THEY WANT ACTUAL SALES OR REAL IMPACT. WHAT IS HAPPENING IN THE UNITED STATES? THEY MAY WANT TO SET OFF THE RIGHTS, AND THEY MIGHT HAVE TO REPLICATE THAT ELSEWHERE. WHAT WILL THEY DO IN TERMS OF
THE APPEALS PROCESS. >> IT IS SO STRANGE HOW ALL OF THESE DIFFERENT DATES AND TIMELINES RUN PARALLEL. WHAT WE ARE WAITING ON IS THE NINTH U.S. CIRCUIT COURT OF APPEALS TO PUT A STAY ON PROCEEDINGS. THIS IS THE APPEAL.
THE FTC HAS MADE THIS TO THE DISTRICT COURT IN SAN FRANCISCO, A DECISION ON JULY 10. BUT, IF THAT DOESN'T COME, THE DEADLINE IS MIDNIGHT AT SAN FRANCISCO OR 3 A.M. EASTERN TIME SATURDAY MORNING. SO YOU COULD HAVE A SITUATION WHERE THE DEAL CLOSES, TECHNICALLY, HERE IN THE UNITED STATES. WITHOUT ANY REGULATORY INHIBITION OR PROHIBITION, AND THEN, STILL HAVE THE PROCESS GOING ON IN PARALLEL. BEYOND THAT, WHAT I'M HEARING IS THAT NO ONE GETS WITH THE FTC IS DOING AND I HAVE A GREAT CAST COMING UP. YOU CAN ASK FOR THIS. WHY ARE THEY PICKING A FIGHT
THAT MANY THINK THEY CANNOT WIN ANYWAY? BUX IT IS COMING DOWN TO THE WIRE. WE LOVE THINGS THAT COME DOWN TO THE WIRE. >> UP A BIT OF DRAMA. YOU WILL KEEP THIS FLOWING FROM SUN VALLEY. WE THINK YOU. LET'S GET TO THAT GREAT GUEST. A FORMER COMMISSIONER OF THE
FEDERAL TRADE COMMISSION. SHE IS NOW SHARING IN THE PRACTICE. IT IS GREAT TO HAVE SOME TIME WITH YOU. IT'S COMPLEX. CAN YOU ANSWER OUR INITIAL PERSPECTIVE. WHY IS THE FTC APPEALING. WHY TAKE CHALLENGES THAT ARE
HARD TO WIN? >> THE CURRENT LEADERSHIP OF THE FTC HAS DECIDED THAT THEY WANT TO TRY AND MOVE IN A DIFFERENT DIRECTION THAN THE COURT AN AGENCY HAS BROUGHT FOR MANY YEARS. IT IS CASE-BY-CASE, AND THEY HAVE DECIDED THEY WANT TO GO IN A KIND OF STARKLY DIFFERENT DIRECTION. THEY KEEP BRINGING FORWARD CASES WITH THEIR AGGRESSIVE THEORIES. BUT THE COURTS ARE NOT FINDING THESE CONVINCING. THEY ARE NOT FINDING THEM
CONVINCING OF THE FACTS. SOMETIMES, AND I THINK IN THE MICROSOFT DIVISION CHALLENGE, ON THE LAW, CERTAINLY ON THE ECONOMICS. I THINK THE LEADERSHIP FEELS THAT THEY WANT TO TRY AND PUSH BOUNDARIES OF OTHER COURTS, BUT THEY ARE SIMPLY NOT AMENABLE TO THAT, AND THEY ARE LOOKING AT WHAT IS THE PRESIDENT AND THE CASE LAW. WHAT ARE THE STANDARDS THAT ARE ALREADY IN PLACE. >> ULTIMATELY, THEY ARE WORRIED THAT THESE SOURCE OF VERTICAL DEALS CAN ULTIMATELY END UP WITH COMPANIES HAVING FAR TOO MUCH CONTROL AND MONOPOLISTIC OUTCOMES.
YOU HAVE ANY SYMPATHY FOR THAT AT ALL, WHETHER WE SEE THE LAW AS IT STANDS TO BE SYMPATHETIC TO IT. >> THERE IS GOOD EVIDENCE THAT A MERGER, WHETHER HORIZONTAL OR VERTICAL A SUBSTANTIALLY LESS THE COMPETITION. THERE IS A STRONG BASIS IN THE LAW TO BLOCK THOSE DEALS OR HAVE REMEDIES IN THOSE KINDS OF DEALS.
TO PRESERVE THE COMPETITION. WHEN I WAS THE CHAIR, WE HAD SOME VERTICAL MERGER CHALLENGES, WE HAD SENTIMENTS IN THOSE. BUT, I THINK THE LAW CERTAINLY PROHIBITS IT. THE QUESTION IS, DO THEY ACTUALLY HAVE EVIDENCE TO CONVINCE A COURT THAT THE DEAL, WHETHER HORIZONTAL OR VERTICAL, WILL ACTUALLY MEET A LEGAL STANDARD, AND THE GOVERNMENT BEARS A BURDEN OF SUASION. THEY HAVE TO PERSUADE THE COURT AND THEY HAVEN'T TEAR THAT BURN. >> WHAT ABOUT CONGRESS SWAYING IN. WERE BROADLY. AND SOME HAVE BEEN SAYING, AS
IT STANDS, THE WAY IN WHICH WE INTERPRET THE LAW IS NOT RIGHT, IN THAT WE SEE A PETITION IS OUTDATED. YOU THINK THAT IS THE CASE. WILL WE EVER SEE WAYS IN WHICH WE JUDGE THE LEGALITY OF SUCH DEALS BEING ALTERED BY CONGRESS? >> THERE HAS BEEN SOME INTEREST IN MEMBERS OF CONGRESS IN CHANGING THE LAW, BUT IT JUST HAS NOT GOTTEN SUPPORT OF THE BROAD MEMBERSHIP OF CONGRESS TO DO THAT. ANTITRUST LAW IS NOT STATIC. AS ECONOMIC LEARNING, AS THE UNDERSTANDING IS THE MARKETS CHANGE, THE ANTITRUST LAW, THE CASE DOES NEED TO CHANGE, AND IS GENERALLY DONE THROUGH CASE-BY-CASE ENFORCEMENT, WE'VE SEEN THOSE DEVELOPMENTS.
WE HAVE SEEN WINNING CASES BEFORE THE SUPREME COURT. THAT SUPPORTED OUR ENFORCEMENT EFFORTS. IT IS NOT THAT THE LAW -- THE CURRENT LAWS TOTALLY STATIC. BUT TO MAKE THIS SORT OF BIG BREAK FROM SHOWING WHAT IS A SUBSTANTIAL LESSON IN THE COMPETITION OR DEPARTING FROM THE CAN SUMER WELFARE STANDARD WHICH IS THE LODESTAR FOR ANTITRUST, THAT WOULD NECESSITATE A NEW LAW AND CONGRESS, AND WE JUST HAVEN'T SEEN MOMENTUM FOR THAT TO PASS. >> YOU ARE THE ACTING HEAD OF THE FTC UNDER THE TRUMP EUROPE, BUT I'M INTERESTED IN YOUR PERSPECTIVE OVERSEAS. WHAT DO YOU MAKE OF THE U.K. AND THE WAY YOU CAN SEE FURTHER
SALES FORCE FROM MICROSOFT AND ACTIVISION GRID A PARTICULAR INSTANCE, AND ALTERNATELY WITH THAT HAVE TO BE DONE WORLDWIDE? >> IT DEPENDS ON THE CMA AUTHORITY. THAT IS ONLY FOR IMPACT IN THE U.K.. SO, THAT WOULD BE VERY SORT OF FACT SPECIFIC AND MARKET DEPENDENT. THAT WOULD ADDRESS THOSE CONCERNS, BUT THE CMA IS OUT ON A LIMB AT THIS POINT. THE U.S. HAS NOT BLOCK THE DEAL. IT HAS BEEN APPROVED BY REGULATORS AROUND THE WORLD, SO THEY ARE IN A VERY INTERESTING POSITION.
IS THERE SOME SORT OF LAST-MINUTE REMEDY THAT WILL ASSUAGE THEIR CONCERNS OR ALLOW THEM TO APPROVE THE DEAL, I THINK THAT IS SOMETHING THAT IS UNDER INTENSE DISCUSSION. THAT IS GIVEN THE CURRENT STATE OF PLAY. >> IN THE CURRENT ANTITRUST ACTIVISION PRACTICE, WHAT ARE YOU ADVISING CLIENTS IN THIS CURRENT ENVIRONMENT WE ARE IN? DO YOU THINK THE DEALS ARE HARDER TO GET DONE OR NOT? >> IT IS A TWOFOLD QUESTION. THE PROCESS OF GETTING YOUR DEAL DONE, THE APPROVAL PROCESS IS LIKELY TO BE MORE ONEROUS AND TAKE LONGER YOU MAY HAVE TO PRODUCE MORE DOCUMENTS OR YOU MAY HAVE TO SORT OF ENGAGE IN THEORIES THAT WEREN'T REALLY STRONGLY SUPPORTED IN THE CASE LAW OR THE REGULATOR. YOU HAVE TO TALK ABOUT THEN PARADE YOU HAVE TO ADDRESS THEM, BUT ULTIMATELY. IF THE DEAL MAKES SENSE, IF IT IS COMPETITIVE, IF THERE ARE NO RECOMMENDATIONS, YOU SHOULD GO FORWARD WITH IT. THE LAW ITSELF HAS NOT CHANGED,
AND THAT IS WHAT WE ARE SEEING IN THESE REPEATED FAILURES OF THE FTC TO WIN THESE CHALLENGES, SO ULTIMATELY, FOR CLIENTS, THAT IS WHAT THEY NEED TO DECIDE. ARE THEY WILLING TO GO THROUGH A PROCESS THAT HAS BEEN MADE MORE ONEROUS TO TRY AND DETER SOME MERGERS, EVEN IF THEY CAN'T WIN IN COURT BY BEING ANTICOMPETITIVE, BUT IF ANY MERGING PARTY IS WILLING TO GO THROUGH WITH THAT, THEY HAVE THE SAME CHANCE THEY HAD IN THE PAST OF WINNING IF THERE IS AN APPEAL BECAUSE THE COURTS ARE STICKING TO THE CASE LAW AND THE REQUIREMENTS THAT WERE ALREADY IN PLACE. THEY ARE NOT BUYING THESE NEW THEORIES. >> CHAIR OF THE FTC, THE FTC COMMISSIONER.
THANK YOU VERY MUCH. EXPERTISE THERE. THE COURT CASES KEEP COMING. THE LOSS OF A FEDERAL COURT DECISION ON A CRYPTO CASE INVOLVING LABS. POTENTIALLY NARROWING THE SEC'S OVERSIGHT. MORE ON THAT NEXT. THIS IS BLOOMBERG. >> LONG-AWAITED.
FTC VERSUS RIPPLE, AND IT IS SENDING THIS INTO A FRENZY WITH PRICES SOARING. THE RULING, XRT, ASSOCIATED WITH RIPPLE IS A SECURITY, BUT OFFERED TO INSTITUTIONAL INVESTORS, AND NOT THE GENERAL PUBLIC. WE ARE HERE TO BREAK DOWN WHAT IS A NUANCED PART. THE TAKE FOR MANY IS THE SEC DOESN'T HAVE SOME GROUNDS. >> IMPORTANTLY, I THINK THE INDIVIDUAL INVESTORS NEED A PURCHASING RIPPLE THAT IS NOT SECURE THROUGH THE BUYING OF PUBLIC EXCHANGES, SO REMEMBER THAT WHEN THE SEC SUED THEM, THEY WERE REALLY SUING ON THE BASIS OF MORE THAN $1 BILLION WORTH OF SALES, AND HALF OF THAT IS COVERED AS NOT SECURED.
THE OTHER HALF, THE INSTITUTIONAL HALF IS WORTH LOOKING AT. THE RETAIL PART IS INTERESTING BECAUSE IF YOU LOOK AT THIS PUT TOGETHER BY THE SEC, THERE ARE MORE THAN ONE DOZEN TOKENS ON THE SEC, AS AN ALLEGED SECURITY. AS YOU ARE LOOKING AT THE IDEA THAT MAY BE THE SEC DOESN'T HAVE SO MANY GROUNDS TO STAND ON, IT IS 19 OR SO TOKENS THAT WE ARE TALKING ABOUT. ARE THE SECURITIES, IF THEY ARE LISTED ON THE EXCHANGE, ARE THEY STILL SECURITIES.
THAT IS A FIGHT THAT WILL KEEP PLAYING. YOU SEE COINBASE STOCK WITH THE REACTION OF 25% OF JUMPS. IT IS BROUGHT PERCENT -- PERCENT, AND THEY ARE FIGHTING THE SEC ON THE IDEA THAT THEY HAVE LISTED ALL OF THESE UNREGISTERED SECURITIES, SO THE EXCHANGE, COINBASE IN PARTICULAR WAS VERY QUICK TO MOVE ON RELISTING WITH WHAT HAS BEEN SAID. >> FASCINATING. WE WILL CONTINUE TO SEE THESE RAMIFICATIONS. WE ARE UP ON THE BINANCE TOKEN,
AND AS WE FADE ON RIPPLES AND THE INITIAL MOVE, SONALI BASAK, IS DOING ALL OF VANKE EARNINGS ACROSS THIS. AND WE THANK HER. JUST A NOTE THAT MY HUSBAND IS A SENIOR MANAGER OVER A COINBASE. YOU WANT TO STICK AT THE STORY WITH BLOOMBERG BECAUSE IF YOU WANT TO HEAR FROM THE CEO HIMSELF, AS WELL AS PAT, A FORMER SENATOR FROM PENNSYLVANIA AND A MEMBER OF THE ADVISORY COUNCIL OVER A COINBASE. THOSE CONVERSATIONS ARE COMING UP IN THE NEXT HOUR. MEANWHILE, TURNING TO A LOSS IN THE TECH COMMUNITY. NICK HMMM FOR HAS DIED AFTER A
BATTLE WITH TERMINAL BONE CANCER. HE COFOUNDED THE SUCCESSFUL INVESTMENT PLATFORM NUTMEG. THE IDEA WAS REJECTED 45 TIMES IN A ROW BUT WENT ON TO STRENGTH TO STRENGTH, BUT BY JP MORGAN WERE 27 MILLION POUNDS. IT WAS SAID THAT HE WAS ONE OF BRITAIN'S MOST SUCCESSFUL ENTREPRENEURS. HE WAS 43 YEARS OLD.
>> MAJOR LEAGUE SOCCER. YOU MAY CALL IT FOOTBALL OR SOCCER. THAT COULD BE THE NEXT SPORTS LEAGUE TO ALLOW SAUDI WEALTH FUNDS TO INVEST IN THEIR TEAMS.
THEY ARE SET UP FOR A MEETING NEXT WEEK. THE COMMISSIONER SAT DOWN WITH ED LUDLOW AND THEY DISCUSSED HOW THE LEAGUE ATTRACT LIONEL MESSI AND THEIR PARTNERSHIP. TO A LISTEN. >> OBVIOUSLY, AN NORMA'S AMOUNT OF HONEY INCLUDES NOT JUST WHAT HE GETS PAID, BUT THE UNIQUENESS OF THE LEAGUE READ HAVING A PARTNER IN APPLE THAT COULD SHARE IN HELPING ATTRACT SOMEONE LIKE LIONEL MESSI. A PARTNERSHIP TO BE A PART OF THAT PROGRAM. >> WAS A PART OF YOUR IDEA.
>> THERE WERE ALL OF THESE UNIQUE THINGS WITH DAVID BECKHAM AND THE UNIQUENESS OF THAT DEAL. WE WERE TALKING ABOUT PARTNERS IN THE LEAGUE OFFICE IN TERMS OF HOW WE ARE STRUCTURED IN A VERY AMBITIOUS OWNER IN THE MOSS FAMILY OF MIAMI, PUTTING TOGETHER A DEAL THAT IS MORE ATTRACTIVE AND WE ARE GOING BACK TO BARCELONA WHERE YOU BEEN BEFORE. >> YOU MENTIONED THIS WAS A COMPETITION. IT WAS BETWEEN SAUDI ARABIA AND BARCELONA, AND ALSO, YOU THOUGHT TO BRING THEIR SON HOME. YOU WON. WHAT WAS THE ONE BIGGEST FACTOR THAT BROUGHT HIM TO THE MLS? >> AMERICA IS A RISING NATION, AND OUR LEAGUE IS DRIVING A LOT OF THAT MOMENTUM, AND YOU GET A GENERATIONAL PLAYER WHO HAS AN OPPORTUNITY TO NOT JUST HAVE A LEGACY IS THE BEST PLAYER, THE GOAT, BUT TO DRIVE A NORMA'S MOMENTUM TO THE YEARS LEADING UP TO THE CUP. WE WILL BE HERE NEXT SUMMER AND
THERE WILL BE MORE IN 2025. CANADA AND MEXICO HELD THE WORLD CUP IN 2020 SIX, AND LIONEL MESSI WILL BE THE CONTINUE NARRATIVE, AND HE WOULD MAKE A LOT OF MONEY IN SAUDI ARABIA AND THAT WOULD BE ATTRACTIVE TO HIM, AND THEY COULD GO BACK HOME AS THEY SAID. >> YOU RAISE A GREAT POINT. SAUDI IS SOAKED PRESENT IN THAT. HAVE YOU MET WITH THEM ABOUT
INVESTING? >> INTERESTINGLY, YEARS AGO, WHEN THEY WERE ARMING THEIR LEE, WE DID THE SAME WITH THE QATARI'S. THE MLS HAD A UNIQUE STRUCTURE. IT WAS AN EMERGING LEAGUE THAT HAD TO CAPTURE A UNIQUE OPPORTUNITY. THE SAUDI'S ARE HEAVILY INVESTED IN TRYING TO MAKE THE LEAGUE MORE SUCCESSFUL OR POPULAR. THE PEOPLE WHO LIVE THERE ARE VERY PASSIONATE ABOUT THE GAME.
THE CHINESE ARE TRYING TO DO THAT WITH THE PRESIDENT, TRYING TO MAKE FOOTBALL A BIG PART OF THE UNIQUE EXPERIENCE FOR FANS. WE WILL SEE HOW IT PLAYS OUT. IT IS CERTAINLY AN INTRIGUING AND DISRUPTIVE PART OF WHAT IS GOING ON IN THE SPORT. >> YOU BROADLY OPENED TO SOVEREIGN MONEY, INVESTING IN A FRANCHISE LEVEL. >> WE ARE. BEYOND OUR STRUCTURE, BEYOND PRIVATE EQUITY, WITH OUR MIAMI TEAM, THERE IS AN NHL AND NBA THAT ARE LOOKING AT HAVING SOVEREIGN FUNDS AND PENSION FUNDS.
MLS LOOKING AT THE SAME THING. VERY TIMELY NEWS. WE WILL DISCUSS THAT IN MIAMI. -- D.C.. BUT ALSO AGAIN. >> COMMISSIONER DON GARBER. NOW, FROM SPORTS TO MOVIES, IT'S ALL ENTERTAINMENT. FOR THE FIRST TIME IN SIX DECADES, HOLLYWOOD WRITERS AND ACT AS ARE ON STRIKE AT THE SAME TIME. IT IS A CATACLYSM FOR HUNDREDS
OF THOUSANDS OF FILM AND TV WORKERS. TOM JONES IS HERE TO JOIN US TO REALLY TALK ABOUT WHAT WE SAW COMING. IT FEELS DRAMATIC. WE SAW ACTORS WALKING OUT. >> AS YOU SAID, THE FIRST TIME IN SIX DECADES. THIS IS ALL ABOUT TECHNOLOGY DISRUPTING THE WAY THAT FILMS AND TELEVISION IS PRODUCED AND DISTRIBUTED. 60 YEARS AGO, IT WAS ALL ABOUT THIS NEW THING CALLED TV, RELATIVELY NEW THING CALLED TV, AND WHAT IT MEANT FOR THE DISTRIBUTION OF FILMS. THEY WERE TRADITIONALLY SOUND JUSTIN -- SHOWN JUST IN THE ENTERS.
OUR ACTORS AND WRITERS COMPENSATED ADEQUATELY WHEN THEIR WORK IS STREAMED ON ALL OF THESE NEW SERVICES, PROLIFERATION OVER THE LAST DECADE OF DIFFERENT WAYS YOU COULD WATCH AND SAVE AND DISTRIBUTE FILMS AND TELEVISION SHOWS AND THE PAY STRUCTURES, THE ACTORS AND WRITERS WILL TELL YOU THAT THEY HAVE NOT CAP -- KEPT PACE. >> WE ARE CURRENTLY LOOKING AT SCREENS NOW, AND SOME OF THE MENTIONING AI, WE TALKED ABOUT AI FRONT AND CENTER. WHY ARE THE ACTORS TALKING ABOUT THIS? >> IT IS AI. ARE THEY GOING TO REPLACE OUR JOBS? WE THINK ABOUT THIS AS JOURNALISTS. WILL AI PUT US OUT OF WORK? ACTORS AND WRITERS ARE CONCERNED ABOUT THE WAYS IN WHICH THEY MIGHT USE ARTIFICIAL INTELLIGENCE TO CREATE SCRIPTS OR -- EVEN THE IMAGERY AROUND -- CAN SOMEONE'S FACE BE USED ON SOMEONE ELSE'S BODY.
HOW DO WE USE THIS TECHNOLOGY TO REDUCE THE COST OF WRITING, PRODUCING, GETTING PROGRAMS OUT INTO THE PUBLIC, AND IS THERE A WAY THAT IT IS GOING TO MAKE ACTORS -- WHAT THEY -- THEIR BODY, THEIR FACES, IN SOME WAYS, OBSOLETE. THIS IS ALL HYPOTHETICAL AT THIS POINT, AND THERE'S A LOT OF SKEPTICISM OVER EXACTLY HOW FAR YOU CAN RELY ON ARTIFICIAL INTELLIGENCE TO CREATE THIS, THESE PRODUCTS. BUT IT IS A CONCERN. >> GREAT SPEAKING WITH YOU. BLOOMBERG EXECUTIVE EDITOR TOM >> WELCOME BACK. I'M CAROLINE HYDE IN YORK.
LET'S GET A CHECK ON THE MARKETS TO END THE WEEK WE HAD A WEEK OF A RALLY. WE ARE JUST STARTING BACK A LITTLE BIT ON THE THURSDAY -- ENTHUSIASM, BUT THE NASDAQ 100 CONTINUES TO CHARGE HIGHER. EVEN AS WE SEE CONSUMER SENTIMENT PICKUP, HIGHEST INTO YEARS, WE SEE INFLATIONARY EXPECTATIONS TILE UP A LITTLE BIT CONSUMERS AS WELL. THE OVERWHELMING SENSE OF WHAT WE HEARD IN MUSIC FROM CPI TO PPI DATA EARLIER THE WEEK, PERHAPS IT DOESN'T HAVE TO HIDE IN THE PAST OF JULY. BOY, THERE IS A RELIEF RALLY. WE SAW THAT IN THE BOND MARKET, AND WE TICKED UP 11 BASIS POINTS. WE SCREECHED LOWER ON THE TWO-YEAR YIELD. IT WAS ONE OF THE BEST WEEK FOR
THE TWO-YEAR BONDS WE'VE SEEN IN MONTHS. CURRENTLY UP A 4.7 FOR THE MOMENT, SO WE TAKE YOU BACK ON THAT SENTIMENT DATA. A RIPPLE DOWN ON A MAKE A RALLY YESTERDAY. AFTER WE CAUGHT THE REACTION FROM THE COURT SAYING S.E.C. IS PERHAPS WRONG WHEN YOU ARE
OVERSEEING THESE ASSETS. WE DEEMED THEM NOT SECURITIES WHEN SOLD. LET'S MOVE ON TO HAVE A LOOK AT WHAT IS GOING ON. WE ARE LOOKING AT THE ANALYST
LIST. A BIT HIGHER PRINT 1.3%, STOCKS LEADING TO THAT, AND NVIDIA IS AT THE TRUEST, SAYING THAT YOU CAN RAISE THE PRICE TARGET ON THIS. THEY'RE GOING UP TO 500 $45 PER SHARE AT THE MOMENT. STILL HAVE 470, AND AT&T WITH THE TELECOM GIANT FALLING TO 29 YEARS OF LOW. WE UNDERSTAND THE CONCERNS ABOUT CLEANUP COSTS REGARDING A LEG REPORTEDLY USED WITH POTENTIALLY SOME OF ITS SHE THING ON EIGHT LEGACY PHONE CABLE NETWORK. SOME CONCERNS ABOUT LIABILITY.
BUT MEANWHILE, LET'S TURN TO SOCIAL MEDIA. THIS WEEK'S META-COMPETITOR TO TWITTER SAW A HUNDRED MILLION USERS ON THE THREAT PLATFORM, BUT IT IS NOT HERE TO STAY. THERE WAS ENTHUSIASM CONTINUING. I AM PLEASED WELCOME LAURA, A VICE PRESIDENT OF CORPORATE DEVELOPMENT, AND A CONTENT CREATOR AND THE HOST OF THE CREATOR UPLOAD PODCASTS, PREVIOUSLY FROM A PARTNERSHIP WITH FACEBOOK, AND WE WELCOME ALEX WHO IS FIRST AND FOREMOST GIVING US AN UPDATE ON WHAT IT IS LIKE AT THE CONFERENCE ON THE MOMENT. THERE IS SO MUCH HEIGHT AND ENTHUSIASM LAST WEEK, BUT ARE WE STARTING TO SEE THAT DIAL BACK? >> WE ARE SEEING A LITTLE BIT. WHEN I FIRST LOGGED ON, THERE
WERE A LOT OF FOLKS WITH A LOT OF CURIOSITY. THOSE WERE SIGN-UP SAYING WHAT IS THIS ALL ABOUT? I ASKED WHAT THE BIBLE IS. IT SEEMS TO BE A LOT OF MEMES. NOT A LOT OF NEWS. A DISTINCT DIFFERENCE FROM WHAT WE SEE ON TWITTER, BUT JUST IN THE LAST 20 FOR HOURS, WE'VE SEEN SOME DATA ANALYTICS FIRMS LIKE SENSOR TOWER AND SIMILAR WEB. THEY ARE SAYING THAT MAY BE SOME OF THE INITIAL CURIOSITY AND EXCITEMENT HAS FALLEN OFF. THEY ARE SAYING THE TRAFFIC IS FOLLOWED BY 20% FROM LAST WEEK. THAT THE USAGE TIME IS DOWN TO
EIGHT TO 10 MINUTES FROM 20 MINUTES LAST WEEK, SO THE INITIAL BUMP IN CURIOSITY IS MAYBE NOT LEADING TO A MONTHS WORTH OF EXCITED ENGAGEMENT OF WHAT WE ARE SEEING ON THE THREATS ARE IN A. >> LET'S GET A TAKEOVER FROM SOMEONE WHO IS ADVISING ALL THESE CREATORS. LAUREN, IS THE ENTHUSIASM THERE? ARE THEY REAL. ARE THEY LOOKING TO TAKE PART
IN THIS CONVERSATION OTHER THAN TWITTER? >> ABSOLUTELY. I THINK, FIRST OF ALL, WHEN DONE RIGHT, NOBODY DOES A LAUNCH BETTER THAN MARK ZUCKERBERG. THIS HAS BEEN GLORIOUS. THE SEAMLESS NATURE OF IT. THE GOLDEN TICKET. IF YOU SEARCH THREADS ON INSTAGRAM, A GOLDEN TICKET COMES UP, AND IT TAKES YOU TO THE APP TO DOWNLOAD. EVERYONE I AM TALKING TO, AND EVERYTHING I AM SEEING SAYS, IT REALLY IS LIVING UP TO THE PROMISE OF A FRIENDLY SORT OF ENVIRONMENT, WHICH IS WHAT THEY ARE SORT OF TRYING TO PROMISE. WHETHER THEY CAN MAINTAIN THAT, THERE ARE SO MANY -- WE SEE FACEBOOK, META-, GROSS PLATFORMS. BUT DO THEY KNOW HOW
TO MANAGE THEM? I DON'T REALLY KNOW, BUT RIGHT NOW, WE ARE NOT SEEING A LOT OF DROP UPS OR ANECDOTES. I THINK IT IS TOTALLY TO BE EXPECTED THAT YOU GET THIS INITIAL CURIOSITY AND A LITTLE BIT OF A DOWNTURN RIGHT AFTER, BUT EVEN THE NUMBERS JUST MENTIONED DON'T SEEM TO INDICATE THIS WILL GO ANYWHERE. IT'S NOT GOING AWAY ANYTIME SOON.
>> I AM CURIOUS. AS YOU ARE TALKING TO CREATORS, WE HAVE SEEN THEM NAVIGATE TO PLATFORMS WHERE THEY ARE BUILDING THEIR BUSINESS. BEING FUN IS GREAT, BEING CURIOUS IS GREAT, BUT WE HAVE A HERD MENTALITY. THERE IS MONEY WITH THE AUDIENCE.
WHAT ARE THE DROP POINTS. WHAT ARE THE SHINY OBJECTS. OR, A LONG-TERM PROMISE OF WHAT MEDIC CAN DO. WHAT WILL GET THEM EXCITED ABOUT THE PLATFORM? >> AS YOU SAID, I DON'T THINK ANYONE WAS INTERESTED ABOUT THAT. WITH BOTH FACEBOOK AND INSTAGRAM, WE USE TO SAY IT WOULD LIKE, LEARN FROM THE MISTAKES OF FACEBOOK. NOW, THEY GET TO LEARN FROM THE MISTAKES OF FACEBOOK AND INSTAGRAM WHICH IS A PRETTY SOLID PLACE TO BE, NOT TO MENTION THE AD SALE INFRASTRUCTURE THAT META-BRINGS ALONG TO THE TABLE, SO INTEREST VERY EARLY, PEOPLE ARE CONFIDENT THERE IS SOME SORT OF MONETIZATION THAT IS PROBABLY BEING THOUGHT OF, AND I CAN'T IMAGINE THAT IS NOT TRUE ON THE META-SITE, SO RIGHT NOW, THE VERY LEAST, IT'S ABOUT DISTRIBUTION, AND YOU CAN POUR OVER YOUR FOLLOWERS AND WHO YOU ARE FOLLOWING FROM INSTAGRAM DIRECTLY, THEREFORE PEOPLE ARE GOING TO FOLLOW YOU FASTER THAN THEY WOULD ON A BRAND-NEW PLATFORM. CREATORS ARE GOING WITH PEOPLE
ARE, AND THEY ARE THERE. IT IS CURIOUS. YOU ARE LOOKING AT MR. BEAST GIVING A TESLA FOR EVERYONE WHO FOLLOWS HIM. HUNDREDS OF MILLIONS OF FOLLOWERS, I DON'T KNOW. BUT THEY ARE ALL THERE AND THEY ARE EXCITED RIGHT NOW.
>> WE ARE TALKING ABOUT WHAT IS EXCITING RIGHT NOW. YOU HAVE ELON MUSK KING INTO THE EXCITEMENT JUST IN THE LAST TIME IS. HE RESPONDED TO A TWEET ON TWITTER ASKING WHETHER HE WOULD BRING IN PHOTOS AND CAPTIONS TO TWITTER. HE SAID IT IS DEFINITELY A FUTURE WE SHOULD CONSIDER.
AS WE SEE THE CONTINUATION OF THESE PLATFORMS, PERHAPS LIFTING FEATURES FROM EACH SIDE, HOW ARE CREATORS THINKING ABOUT DIFFERENTIATION WHEN IT COMES TO THE FOLKS WHO ARE ON TWITTER AND ARE ON THREADS. ARE THERE THINGS CORE TO THE PLATFORM TO HAVE THEM THINKING ABOUT THINGS DIFFERENTLY OR IS THERE SOME EFFICIENT CROSS GHOSTING THAT IS HELPFUL ON BOTH SIDES. >> FIRST OF ALL, TAKING ADVANTAGE OF LAUNCHING MONETIZATION IN THE LAST COUPLE DAYS, I THINK THAT WAS SMART OF HIM. IS THAT A GREAT IDEA SINCE THERE IS NO TRUST AND SAFETY ON TWITTER? I THINK AUNT'S ASIAN PLUS NO TRUST AND SAFETY IS KIND OF A DISASTER WAITING TO HAPPEN.
IN TERMS OF, LISTEN. I THINK RIGHT NOW, THIS HELPS CREATORS, BUT HAVING TO POST ON DIFFERENT PLATFORMS IN DIFFERENT CONTENT, THAT IS A REALLY BIG SORT OF BURDEN FOR CREATORS. IN TERMS OF PLATFORMS, TO TUNE TO TELL, BUT WHAT WE ARE SEEING IS A DIFFERENT KIND OF CREATOR USER ON THREADS VERSUS TWITTER.
THEY WEREN'T NECESSARILY ON TWITTER, SO IT IS A LITTLE TOO EARLY TO TELL IN TERMS OF HOW CONTENT WILL SORT OF OVERLAP OR NOT, BUT I DEFINITELY FEEL LIKE CREATORS ARE ON THREADS. IF ANYTHING, BECAUSE IT IS COMING FROM INSTAGRAM, THE VERY NATURE OF IT SEEMS TO BE A BIT MORE CREATOR FRIENDLY OF A PLATFORM, AT LEAST FROM THIS PERCEPTION POINT OF VIEW RIGHT NOW. >> WHAT ARE YOU THINKING THE ADVERTISING WILL GET TURNED ON FOUR. >> MUCH SOONER THAN LATER. I DO THINK THAT -- I HOPE THAT
THEY ARE THINKING ABOUT THEIR OWN TRUST AND SAFETY AND HOW TO MODERATE THIS. I KNOW THEY ARE GOING TO MOVE QUICKER THAN THEY EVER HAVE BEFORE. I WAS AT FACEBOOK BEFORE MONETIZATION WAS THERE, AND THAT WAS A PAINFUL THING TO SEE COME UP. THERE IS SO MUCH MORE INFRASTRUCTURE, SO IN THE FIRST YEAR, EVEN SOONER, YOU CAN SEE SOME MONETIZATION.
THEY HAVE TO LAUNCH ADS FIRST. THAT'S GOING TO HAPPEN SOON, I IMAGINE, BUT LET'S TALK ABOUT BRANDS. BRANDS ARE LEAVING, FLOCKING TO THREADS BECAUSE THEY'VE LEFT TWITTER BECAUSE OF THE LACK OF TRUST AND SAFETY THAT THEY CAN'T RISK BEING NEXT TO UNDESIRABLE CONTENT, SO YOU HAVE BRANDS LIKE NETFLIX, LIFT, WENDY'S, SPOTIFY, AND THEY ARE -- THEY ARE FLOCKING TO THREADS TO BUILD UP THEIR PLATFORM, THAT COMES WITH ONE STATION. FOLLOW. WITH YOUR ANALYSIS OF ALL OF THE PLACES YOUR CONTENT CREATORS COULD BE, WE HAVE HEARD A RELATIVE AMOUNT FROM TWITTER UNDER THE NEW LEADERSHIP ABOUT BRAND SAFETY, TRYING TO ENSURE ADVERTISERS GET BACK ON BOARD AND GET COMFORTABLE. ARE YOU REALLY STILL SEEING REASONS TO BE AS CONCERNED AS PREVIOUS AT THE MOMENT, AND DO YOU THINK WHAT WE ARE TALKING ABOUT, PEOPLE LEAVING IN DROVES, IS THE REALITY THAT? >> LEAVING. I DON'T KNOW IF THERE
DEACTIVATING OR POSTING AS MUCH TIME THERE. SHE IS THERE TO SOLVE THIS PROBLEM, BUT THE PROBLEM IS THE ISSUE OF THE CEO. ELON MUSK IS NOT BACKING DOWN, SO TIME WILL TELL. SHE IS A PRO. SHE HAS A RELATIONSHIP OF BRANDS, SO I BELIEVE HER THAT THIS IS HER NUMBER ONE GOAL, BUT I DON'T BELIEVE NECESSARILY IT WILL HAPPEN.
>> OUR OWN ALEX BARINKA. WE THANK YOU SO MUCH. CONVERSATION WITH SOCIAL MEDIA. WE ARE STILL GOING, BUT COMING UP, WE WILL HAVE PLENTY MORE REGARDING THOSE CONTENT CONCERNS. WE WILL GET THEM FROM OVER IN THE EU NEXT. THIS IS BLOOMBERG TECHNOLOGY. >> TIME FOR TALKING TECH. FIRST UP, $12.7 MILLION ONLINE
IN THE 40 HOUR PRIME DAY EVENT. AN INCREASE SHARE OF CUSTOMERS WITH A BUY NOW PAY LATER SERVICE, AND LOOK, THAT IS INDICATING A CONCERN FOR THE ECONOMY. MEANWHILE, OPENAI HAS LOST ANOTHER BOARD MEMBER WITH THE DEPARTURE OF A FORMER TEXAS REPRESENTATIVE. HE ANNOUNCED AT THE END OF JUNE THAT HE IS ENTERING THE FIELD FOR 2024 PRESIDENTIAL CANDIDATE. HE IS THE THIRD DIRECTOR TO LEAVE THE CHATGPT MAKERS BOARD.
, PLUS EIGHT COFOUNDER OF AI. HELPING HIS STATE SERVE JUST MONTHS BEFORE THE INTELLIGENT STARTUP AND A $1 BILLION VALUATION. HE SOLD A 50% STAKE IN THE COMPANY TO ANOTHER COFOUNDER CLAIMING HE WAS ESSENTIALLY WORTHLESS. WE CAUGHT UP WITH THE 23 ME CEO, TALKING ABOUT HEALTH AND DECODING DNA AND THE INTEGRATION OF LEMONADE HEALTH AFTER ITS ACQUISITION OF 2021 AND THE SYNERGY BETWEEN THE TWO COMPANIES. TAKE A LISTEN. >> WE HAVE 23 AND ME PEOPLE WHO HAVE QUESTIONS WITH BETTER INFORMATION ON HOW TO INTEGRATE THIS INTO THEIR ACTUAL HEALTH CARE, AND STAY HEALTHY, WE HAVE ACCESS TO PHYSICIANS WHO ARE TRAINED ON GENOMIC MEDICINE TO TAKE RESULTS IN THE HIGHER RISK FOR KIDNEY DISEASE, AND THAT GENETIC. NATION ON DEPRESSION.
WHAT IS THE RIGHT MEDICATION FOR YOU. AND WITH THE BRAINS OF LEMONADE, THERE IS A PHARMACY. AREAS LIKE MENTAL HEALTH, WHERE PEOPLE ARE STRUGGLING TO FIND THE RIGHT KIND OF MEDICATION TO MANAGE IT, I HAVE A CLINICAL TEAM THAT UNDERSTANDS GENOMICS. THEY UNDERSTAND PHARMA COAL GENOMICS, THE GENETIC VARIANT, AND THE MEDICATION THAT MIGHT BE BEST FOR YOU TO START ON. >> IS A PIECE OF BUSINESS AT A BASIC LEVEL, DOES THIS MAKE MONEY FOR 23 AND ME? >> WE BOUGHT THIS, IT WAS LARGELY FOCUSED ON MORE OF THE CONSUMER AREAS LIKE HAIR LOSS, ERECTILE DYSFUNCTION, SO THAT IS A CORE BUSINESS. IT EXISTS. IT IS AN EXCITING BUSINESS AND
IT'S SOMETHING WE SEE. IT TAPS INTO THE BACK, LIKE 23 ME, THAT THERE IS A CONSUMER COMPONENT OF 23 ME. WE SEE THIS WITH ALL THE WEIGHT LOSS. PEOPLE WANT TO BE MORE IN CONTROL OF THEIR HEALTH. WHETHER IT'S ABOUT SOMETHING LIKE ERECTILE DYSFUNCTION OR WEIGHT LOSS OR HAIR LOSS, OR IT'S ABOUT HOW YOU ACTUALLY STAY HEALTHY LONGER, THERE IS A GREAT SYNERGY BETWEEN THOSE TWO. THAT CONTINUES TO DO WELL AND CONTINUES TO THRIVE, AND NOW WE ARE ADDING ON 14 MILLION CUSTOMERS FROM 23 AND ME. HOW THEY GET ACCESS TO THE LIMITED SERVICES AS WELL AS CLINICIANS AND SERVICES GREAT HOW THEY INTEGRATE TO NOMEX.
>> DO YOU THINK YOU COULD GO OUT AND BUY SOMETHING THAT COULD FURTHER INCREASE THE VALUE PROPOSITION OR JUST GIVE 23 ME ACCESS TO WAYS TO USE THE TEST. YOU ARE ON YOUR OWN WITH YOUR HEALTH. IT IS REALLY, PEOPLE STRUGGLE TO UNDERSTAND PAYMENT. THEY STRUGGLE TO FIND DOCTORS APPOINTMENTS. MORE AND MORE PEOPLE ARE ON THEIR OWN.
THERE IS A HUGE OPPORTUNITY FOR 23 AND ME TO OFFER A VERTICALLY INTEGRATED SYSTEM OF HOW I HELP YOU. I HAVE THE PHARMACY. I HAVE A PHENOMENAL TEAM THAT COULD SHIP RIGHT AWAY PRODUCTS THAT YOU ACTUALLY WANT. SO HOW IS IT THAT WE CAN REALLY BE THE LEADER IN KEEPING YOU HEALTHY, AS LONG AS POSSIBLE. >> WITH ED LUDLOW, BREAKING NEWS ON TESLA TAPPING THE MARKET. THE SECURITY MARKET FOR THE FIRST TIME SINCE THEY EXTENDED THE WORLD OF JUMP TERRITORY BACK IN MARCH. THEY ASSIGNED AN VESTMENT GRADE
RATING, JOINING THEM WITH A TRIPLE B. YOU CAN SEE MORE THAN 2% AS THEY TAP THE DEBT MARKETS, THIS TIME IN ASSET-BACKED DEAL SPREAD WORTH ABOUT $1 BILLION IN PREMARKET. FROM NEW YORK, AND FROM SUN VALLEY, THIS IS BLOOMBERG TECHNOLOGY.
>> THE EU AGREED ON A PRIVACY FRAMEWORK WHICH WILL ALLOW BUSINESSES TO TRANSFER DATA TO THE UNITED STATES. A SECURE AND COMPLIANT WAY, BUT THE NEW AGREEMENT ALREADY FACES LEGAL CHALLENGES FROM PRIVACY ACTIVISTS WHO ARE UNHAPPY WITH THE LEVEL OF PROTECTION OFFERED TO THEIR CITIZENS. HERE TO TALK ABOUT THIS IS EUROPEAN COMMISSIONER FOR JUSTICE WHO BROKERED THIS DEAL. HOW CONFIDENT ARE YOU THAT WE WILL NOT SEE META-AND SOME OF THE OTHER KEY BIG TECH COMPANIES PLUNGED INTO A LEGAL VACUUM AGAIN.
>> IT'S VERY IMPORTANT. THEY COULD CERTAINLY FOLLOW ALL THE PARTICIPANTS IN THE U.S., AND IN EUROPE, TO BE SURE THAT IT IS POSSIBLE TO ORGANIZE THE VICTORY IN THE UNION AND THE U.S.. IT IS VERSATILE. I AM VERY PLEASED THAT NOW, THEY HAVE TO TAKE A DECISION, AND CAN -- CONSIDER THAT THEY WERE STRUGGLING. WE ARE SURE TO HAVE THE SAME KIND OF PROTECTION IN THE U.S.. THE ACCESS OF THE COMMUNITY TO A PERSONAL ATTACK, AND CONCERNING THE POSSIBILITY OF ADDRESS FOR THE URBAN CITIZENS IF THEY HAVE SOME CONCERN ABOUT THE ACCESS OF THOSE AGENCIES TO THEIR DATA. IT IS A LONG JOURNEY WITH MANY
NEGOTIATIONS, WITH MY COUNTERPART IN THE U.S., BUT AT THE END, WE HAD A VERY GOOD SOLUTION TO GIVE CERTAINTY TO ALL OF THE PARTICIPANTS. >> YOU HAVE TAKEN DOWN PREVIOUS VERSIONS OF THIS. ARE YOU CONCERNED THAT THIS ENDS UP IN THE TOP COURT AGAIN? >> IT IS QUITE NORMAL THAT WE HAVE SUCH A KIND OF SUSPICION BEFORE THIS, BUT OF COURSE, FIRST OF ALL, TO TEST -- TEST THE SYSTEM, WE WILL HAVE, DUE TO THE EXECUTIVE ORDER SIGNED BY PRESIDENT BIDEN, A. SPECIFIC VIDEO CALL SO IT IS
SORT OF AN ADMINISTRATIVE DECISION AND IF POSSIBLE, FREE OF CHARGE FOR ALL OF THE EUROPEAN CITIZENS WHO HAVE ACCESS TO SUCH A TRIBUNAL. I AM PLEASED TO FIRST TEST THE SYSTEM BEFORE SUCH CRITICISM, BUT IF THEY NEED TO GO TO THE COURT, WE WILL DO THAT, AND WE WILL DEFEND THIS NEW SYSTEM BECAUSE I AM QUITE SURE THIS ROBUST NEW SYSTEM IS DIFFERENT IN COMPARISON TO THE VIRUSES SHARED THAT WE HAD BEFORE. IT IS SUCH AN IDEA THAT IT IS SAID IT IS VERY ROBUST AND A REAL CHANGE. THERE ARE SOME REMARKS THAT WE
ADAPT TO THIS DECISION TO TAKE INTO ACCOUNT THE REMARKS OF ANOTHER POSITION OF AUTHORITIES, BUT NOW, WE HAVE NO CERTAINTY. WE HAVE A POSITIVE WORK FOR ALL OF THE COMPANIES, AND OF COURSE, IF IT IS NEEDED, WE DEFEND OPPOSITION BEFORE JUSTICE. >> LAST WEEK, WE HAD A NEW AND INNOVATIVE SOCIAL MEDIA OFFERING ANNOUNCED. WE HAD THREADS COME HERE IN THE UNITED STATES, AND COUNTLESS OTHER COUNTRIES, BUT NOT IN THE EU. META-FEELS THE PRIVACY LAW
ISN'T CLEAR ENOUGH TO UNLEASH THREADS WITH THE DATA SHARING BETWEEN INSTAGRAM. DO YOU THINK, ULTIMATELY, THEY WILL BE ABLE TO PROVIDE CLARITY FOR COMPANIES THAT THEY DON'T STIFLE WITH INNOVATION FOR YOUR CITIZENS? >> WE ARE TRYING TO PROMOTE INNOVATION, AND WE HAVE TO DO THAT TO PROMOTE INNOVATION, AND IN THE DIGITAL WORLD. CERTAINLY, ARTIFICIAL INTELLIGENCE, AND ALL OF THE KIND OF INVESTMENTS ARE NEEDED TO DO MORE, BUT TO DO THAT, THERE IS A EUROCENTRIC APPROACH TO RID 30'S TO BE A PROTECTION FOR THE DATA. THE PRESENT OUT OF CITIZENS,
AND I WAS VERY PLEASED TO HEAR IN CALIFORNIA, AND SAN FRANCISCO TO SEE WE HAVE KIND OF SAVED THIS APPROACH. THERE IS A SIMILAR LEVEL TO PROTECT PERSONAL DATA, AND THE AUTHORITY IN CHARGE OF THAT, SO MAYBE ONE DAY, THEY WILL HAVE A SAME SYSTEM AT THE FEDERAL LEVEL WHICH IS A PRIVACY LOAN, BUT FOR THE MOMENT, IT'S ONLY AT THE STATED LEVEL, AND IT IS NEEDED TO ORGANIZE AN AGREEMENT WITH THE U.S. AUTHORITIES TO BE SURE THAT IT IS POSSIBLE TO TRANSFER, BUT I WANT TO INSIST ON THE FACT THAT YOU MENTIONED A NEW ACTOR. OF COURSE, THAT ALL PARTICIPANT ARE THERE.
IN EUROPE, WITH DEEP PROTECTION THAT DOESN'T CHANGE THE GDPR. WE HAVE JUST CHANGED THE ACCESS OF THE INTELLIGENCE COMMUNITY AND LAW ENFORCEMENT TO THE DATA WITH A BETTER PROTECTION AND A BETTER RESPECT OF THE TWO CLASSICAL PRINCIPLES OF NECESSITY AND PROMOTION. IF THEY WANT TO TAKE DIFFERENT KINDS OF PERSONAL DATA. >> WE'VE ONLY GOT 30 SECONDS, BUT DO YOU THINK THEY WILL GET THE BALANCE RIGHT BETWEEN INNOVATION AND THE NECESSARY PROTECTIONS? >> WE ARE WORKING ON THAT APPROACH, AND EVERYONE KNOWS THAT THERE IS SOME RISK WITH AI. WE ARE TALKING ABOUT REGENERATIVE AI. THERE IS A TRANSPARENCY, AND IT'S IMPORTANT THAT THE USERS ARE KNOWING THAT IT'S POSSIBLE TO TAKE AI AS AN INSTRUMENT TO ORGANIZE THE DIVISION OF A NEW VIDEO OR SOMETHING LIKE THAT. BUT I'VE SEEN DIFFERENT KINDS
OF RISK IN SOME SECTORS. TRANSPOSITION SYSTEMS ARE VERY DANGEROUS SOMETIMES. YOU CAN LOSE A NEW TECHNOLOGY RESULT. SAFETY RULES. THIS MORNING, I'VE SEEN A DEMONSTRATION BEFORE AND PARLIAMENT AND IN CALIFORNIA DUE TO A REACTION AGAINST AUTONOMOUS CARS. I'VE TRIED MYSELF YESTERDAY. BUT OF COURSE, WE NEED TO PUT INTO REGULATION THIS SORT OF CORPORATE >> YOU'RE RIGHT. WELL SAID. WE THANK YOU FOR SPINNING TIME WITH US.
EUROPEAN COMMISSIONER FOR JUSTICE. FROM NEW YORK, THIS IS BLOOMBERG TECHNOLOGY.
2023-07-15 13:02
