'Bloomberg Technology' Full Show (10/20/2022)
ANNOUNCER: IN SILICON VALLEY AND BEYOND, THIS IS BLOOMBERG TECHNOLOGY WITH EMILY CHANG. ♪ EMILY: THIS IS BLOOMBERG TECHNOLOGY. SNAP PLUNGES MORE THAN 20% AFTER POSTING ITS SLOWEST QUARTERLY SALES GROWTH SINCE GOING PUBLIC. THIS COULD SPELL TROUBLE FOR TWITTER AND META-. OUR PEOPLE WORKING MORE BUT GETTING LESS DONE? THAT IS WHAT ARIANNA HUFFINGTON THANKS. NEW STUDIES SHOW PRODUCTIVITY IS BEST IF EMPLOYEES HAVE FLEXIBILITY OVER WHEN THEY WORK, NOT NECESSARILY FOYER.
ARTIFICIAL INTELLIGENCE CREATING A NEW TYPE OF ARTIST WITH THE EXPLOSION OF APPS LIKE -- WE'VE GOT THE FOUNDER OF THE WORLD'S FIRST TALENT AGENCY FOR AI ARTISTS. FIRST, A CHECK OF THE MARKETS. ED LUDLOW IS HERE. A MONSTER DROP IN SNAP SHARES. ED: SLOWEST REVENUE GROWTH ON RECORD, THEY DANGLED A $500 MILLION SHARE BUYBACK, WHICH I DON'T THINK ANYONE CARES ABOUT.
LOOK BEHIND ME, THERE IS LITERALLY A GIANT WALL THAT SAYS -25% AFTER HOURS. THE REASON THAT IS DRAMATIC IS BECAUSE IT IS A STOCK ALREADY DOWN 80% YEAR TO DATE. IT WILL BE FASCINATING TO SEE THE BROADER RAMIFICATIONS OF FRIDAY'S MARKET WHEN WE LOOK ACROSS THE TECHNOLOGY SECTOR. SPECIFICALLY, THE COMPANY CITING AN ACTIVE PULLBACK FROM ADVERTISERS. OTHER HEADWINDS INCLUDING WHAT THEY CALL PLATFORM POLICY CHANGES, REFERRING TO APPLE IOS ADD TRACKING CHANGES.
IN TERMS OF BROADER MARKETS THURSDAY, ANOTHER DAY OF YIELDS UP, TECH STOCKS LOWER. THE NASDAQ ONE UP 1.6%. IT FELL, RAISING THEIR GAIN, ULTIMATELY CLOSING .5% BUT FARING BETTER THAN THE BROADER S&P 500. WE CONTINUE TO SEE THE PUSH HIRED IN THE YIELDS. WE CONTINUE TO HEAR FED SPEAK. THURSDAY, PHILADELPHIA FED
CHIEF PARKER SAYS HE EXPECTS POLICYMAKERS TO RAISE RATES BEYOND 4% AND HOLD THEM ELEVATED WELL INTO NEXT YEAR. BUT THE GREEN, LOOK. THERE IS GREEN. POINT 7% HIGHER ON THE PHILADELPHIA SEMICONDUCTOR INDEX. SEMICONDUCTORS UP FOR THE FOURTH STRAIGHT DAY. PRETTY GOOD RUN FOR THAT INDEX. THE ONLY REAL NEWS WAS A BLOOMBERG SCOOP THAT CHINA'S TECH MINISTRY HAS SUMMONED KEY CHIEF EXECUTIVES TO A MEETING TO DISCUSS THE LATEST U.S. POLICY ACTIONS AROUND EXPORTING TECH. IT IS NOT CLEAR IF IT HAD A
DIRECT RESULT, BUT WE CONTINUE TO REGAIN WHAT HAS BEEN A LOT OF LOST GROUND. LET'S END ON SNAP, PRETTY BRUTAL IN THE LAST HOUR. STAFF BECOME A LOOK AT THE RIPPLE EFFECT IT IS HAVING FOR META-, THE PARENT COMPANY OF FACEBOOK AND PINTEREST. HIGHER INFLATION. ALL OF THESE THINGS CAUSING ADVERTISERS SUPPLIES. I THOUGHT THEY HAD ALREADY PAUSED. EMILY:
LET'S TALK ABOUT THAT MORE NOW WITH -- FOR MORE ON SNAP IN THE FUTURE OF SOCIAL MEDIA, DAVID KIRKPATRICK AND OUR OWN KURT WAGNER. DAVID, WHAT ARE YOUR TAKEAWAYS? >> BIG PICTURE, THE ECONOMY IS GETTING WORSE, FASTER THAN MOST OF US HAD HOPED. AND IN FACT, SNAP IS THE FIRST PROMINENT VICTIM. WE WILL PROBABLY SEE MORE IN THE FUTURE. EMILY: KURT, WALK US THROUGH A LITTLE MORE THAN NUMBERS. WHAT ARE YOU SEEING?
HOW DOES THIS COMPARE TO WHAT WE HAVE SEEN IN PREVIOUS QUARTERS? >> AS A DIMENSION, IT WAS THE SLOWEST YEAR-OVER-YEAR REVENUE GROWTH WE HAVE EVER SEEN FROM SNAP, WHICH IS NEVER A SENTENCE YOU WANT TO SAY WHEN TALKING ABOUT EARNINGS. THE ISSUE WAS IT WAS NEVER FAR OFF THE STREET EXPECTATIONS, BUT THOSE HAVE BEEN DEPRESSED. THERE WAS ALREADY A FEELING IT HAD BEEN A TOUGH SUMMER AND A LOT OF ISSUES LIKE THE WAR IN UKRAINE AND THE APPLE IOS CHANGES, HAD A SERIOUS IMPACT ON THE BUSINESS. THIS WAS CONSIDERED A LOW BAR FOR SNAP TO CLEAR, WHICH THEY DIDN'T DO. AS DAVID MENTIONED, IT IS A TERRIBLE SIGN FOR THE REST OF THE DIGITAL ADVERTISING INDUSTRY , WHICH HAS NOT YET REPORTED EARNINGS BUT WILL IN THE NEXT COUPLE OF WEEKS.
IT IS A SIGN THAT ANYONE WHO IS TRYING TO MAKE MONEY FROM DIGITAL RIGHT NOW IS STRUGGLING. -- DIGITAL ADS. EMILY: IT IS INTERESTING BECAUSE YOU CAN LOOK AT WHAT IS HAPPENING WITH DATA TRYING TO MAKE AS BIG HEADED AND TWITTER IN THE MIDDLE OF THE LEGAL DRAMA. AN OPPORTUNITY FOR SNAP. IT IS INTERESTING IT HAS NOT NECESSARILY BEEN. >> SNAP HAS THE BENEFIT OF HAVING A BRILLIANT CEO WHO IS FOCUSED ON THE ACTUAL BUSINESS HE HAS, UNLIKE META. I HAVE A LOT OF CONFIDENCE IN SPIEGEL'S ABILITY TO SERVE THIS WAVE. ON THE OTHER HAND, IF IT IS
LIKE A TSUNAMI HITTING HIM IN A WAY HE DIDN'T EXPECT. IT IS WEIRD. USER GROWTH WAS GOOD. REVENUE WAS NOT. THEY STILL LOST $360 MILLION. THIS COMPANY HAS NEVER MADE MONEY. I DON'T EVEN KNOW WHY THEY WOULD DO A SHARE BUYBACK. THEY ARE GOING TO HAVE TO CONSERVE CASH. EMILY:
REMIND US OF THE INNOVATIVE THINGS THAT EVAN SPIEGEL HAS BEEN TRYING OVER THE LAST YEAR. HE ALSO HAS AN ANTI-META-VIEW ON THE METAVERSE. >> I AM WITH DAVID IN THE SENSE THAT EVAN IS A SMART PERSON.
I THINK HE IS ONE OF THE BEST. HE HAS BEEN ROUTINELY COPIED BY MARK ZUCKERBERG AT FACEBOOK. CONSTANTLY COMING UP AND DO THINGS. HE IS FOCUSED ON AUGMENTED REALITY, SIMILAR TO MARK ZUCKERBERG. HE IS TRYING TO BUILD THAT TYPE OF STUFF INTO THE CAMERA, SOMETHING THAT PEOPLE ALREADY HAVE IN THEIR HANDS, VERSUS THE METAVERSE IDEA WHICH IS STILL OFF. THEY TRIED TO BUILD A SUBSCRIPTION PRODUCT SO THAT THEY ARE NOT QUITE AS RELIANT ON ADVERTISING. TRYING TO GIVE PEOPLE EARLY
ACCESS TO FEATURES. THEY HAVE DONE SPECTACLES. THEY ARE BUILDING OTHER AUGMENTED REALITY GLASSES THAT ARE NOT HERE YET, BUT ARE COMING. THOSE OF THE TYPES OF PROJECTS I WONDER IF THEY WILL CONTINUE TO INVEST IN. THEY HAVE STARTED TO PULL BACK
ON ANYTHING NOT DIRECTLY RELATED TO REVENUE END USER GROWTH. AR, WHILE IT IS SOMETHING HE HAS BEEN PASSIONATE ABOUT, MAKES ME WONDER IF THEY CAN CONTINUE TO INVEST THAT IN NO WAY THEY WOULD LIKE TO. EMILY: MEANTIME, META HAD A ANOTHER HIGH-PROFILE EXECUTIVE. THE VICE PRESIDENT OF CORPORATE DEVELOPMENT. DAVID, YOU HAVE CHRONICLED SO
MANY YEARS AND WE ARE CLEARLY MOVING INTO A NEW PHASE. YOU KNOW. YOU USED TO SEE MORE M&A AND THE SOCIAL MEDIA SPACE WHEN THERE WAS TURMOIL. RESIZING, IF YOU WILL. MAYBE IN THIS ENVIRONMENT, WE WON'T. >> IF YOU ARE THE M&A GUY AT META-FACEBOOK, WHAT DO YOU DO? PLUS, I THINK IT IS INCREASINGLY THE CASE THAT EMPLOYEES THROUGHOUT META, INCLUDING SENIOR LEADERS, ARE FEELING SOMEWHAT DISENCHANTED. I DO NOT KNOW IF THIS IS AN
EXAMPLE OF THAT, BUT A LOT OF SENIOR PEOPLE HAVE LEFT THE COMPANY AND IT MUST BE DISHEARTENING TO WORK FOR A COMPANY WITH 3.5 BILLION USERS WHOSE CEO IS THINKING ABOUT SOMETHING ELSE. I HAVE GOT TO BELIEVE THAT IS A PROBLEM FOR EVERYBODY. EMILY:
KIRK, CAN YOU GIVE US AN UPDATE ON THE TWITTER SITUATION? WE DID VERY LITTLE FROM ELON MUSK YESTERDAY ON THE TESLA EARNINGS CALL. TWITTER'S EARNINGS ARE COMING UP SOON. HOW IS THAT GOING TO WORK? GIVE US THE LATEST. >> WE THINK THEY ARE SOON, THEY HAVE NOT SET A DATE YET. I AM WONDERING IF THEY ARE JUST HOPING THIS WHOLE THING GETS CLOSED BEFORE THEY HAVE TO GO THROUGH WITH IT. NOT ONLY ARE THEY PROJECTED -- I THINK I SAW A PROJECTED DECLINE, BUT YOU SAW WHAT HAPPENED WITH SNAP. THE LAST THING THEY WANT TO DO
IS GO THROUGH THAT PUBLICLY WHILE THEY ARE STILL WAITING FOR THIS DEAL TO CLOSE. ELON MUSK YESTERDAY, IN MY OPINION, HE SAID SOME STUFF THAT MADE ME THINK THIS DEAL IS GOING TO HAPPEN. NORMALLY WHEN HE TALKS ABOUT THE DEAL HE GOES WELL, IF THIS THING FINALLY HAPPENS, MAYBE. YESTERDAY, HE SEEMS TO SAY HE WAS EXCITED. EVEN SAYING HE WAS OVERPAYING. IT WAS SUGGESTING HE HAS ALREADY DONE THIS THING? I DON'T KNOW. I GOT THE SENSE WHEN I LISTENED TO IT THAT HE FEELS THIS THING IS DONE IT IF HE FEELS IT IS DONE, THAT MAKES ME THINK IT WILL GET DONE. EMILY:
WHAT DO YOU THINK? WE ARE ABOUT TO ENTER A NEW ERA. >> THE ERAS ARE CASCADING ON US. I DO NOT KNOW WHAT IT IS GOING TO BE TO HAVE TWITTER OWNED BY ELON MUSK. I AM NOT SURE IT IS ALL BAD. ELON MUSK IS THE ULTIMATE
CIPHER BECAUSE HE IS SO BRILLIANT AND IMPORTANT AS AN INNOVATOR AND SO CRAZY. PUTTING THOSE THINGS TOGETHER IS EXTREMELY DIFFICULT. ESPECIALLY FOR PREDICTING THE FUTURE. EMILY: DO YOU THINK THERE WILL BE A HUGE BRAIN DRAIN? MAYBE AN INFLUX OF PEOPLE WHO WANT TO WORK FOR HIM? THERE WILL BE A TIME OF TRANSITION. WHAT HAPPENS TO THE PLATFORM?
>> A BUNCH OF TOP PEOPLE ARE DEFINITELY GOING TO LEAVE BECAUSE HE HAS INSULTED THEM IN THE COURSE OF THIS PROCESS. I THINK HE DOES HAVE PEOPLE WHO WANT TO WORK FOR HIM. HE IS A BRILLIANT MANAGER. MAYBE THAT IS AN ASSET. ONE OF THE THINGS HE ALWAYS TALKS ABOUT WHICH I LIKE HIS GENUINE IDENTITY FOR TWITTER USERS. IF THEY WERE TO DO THAT, IT WOULD FUNDAMENTALLY CHANGE THE PLATFORM AND I WOULD LOVE TO WATCH THAT BECAUSE I DO NOT LIKE ANONYMOUS SOCIAL MEDIA MYSELF. EMILY:
I SEE YOU SMILING. WHERE ARE YOU ON THIS? WHERE ARE TWITTER EMPLOYEES ON THIS? >> I AM SMILING BECAUSE I AM AGREEING WITH WHAT DAVID SAID. BOTH THAT THERE WILL BE A BRAIN DRAIN AND AT THE SAME TIME THERE ARE PLENTY OF PEOPLE WHO WOULD LOVE TO WORK WITH ELON MUSK WHO WILL BE LINING UP AND THROWING THEIR RESUMES AT TWITTER. I THINK IT WILL BE MAY BE A CHANGING OF THE GUARD AT THE COMPANY SOON. AS DAVID SAID, I AM THINKING OF THE BIGGEST CHANGE IS GOING TO BE AROUND CONTENT POLICY. ALL OF THIS STUFF TWITTER HAS
BEEN TRYING TO DO TO MAKE ITSELF LESS TOXIC FOR YEARS. THEY HAVE BEEN PUTTING ALL OF THESE RULES AND POLICIES IN PLACE AND I GET THE SENSE HE JUST WANTS TO RIP THOSE OUT. IT REALLY BE INTERESTING TO SEE WHAT THE CULTURE ON TWITTER FEELS LIKE A YEAR FROM NOW IF HE TAKES OVER. IT MAY FEEL VERY MUCH LIKE IT DID IN 2016 THAN IT DOES TODAY. EMILY: CHANGE INDEED. KURT WAGNER, DAVID KIRKPATRICK,
ALWAYS GOOD TO SEE YOU. COMING, IS OUR WORLD TO LOCALIZED? SHOULD WE UNWIND THAT? FINANCIAL TIMES COLUMNIST RANA FOROOHAR'S BOOK IS OUT AND SHE WILL BE WITH US NEXT. THIS IS BLOOMBERG. ♪ ♪ EMILY: SUPPLY CHAIN PAIN STILL WREAKING HAVOC IN OUR POST-PANDEMIC WORLD. A WAKE-UP CALL ABOUT THE PRECARIOUSNESS OF GLOBAL TRADE AND MAYBE GLOBALIZATION ITSELF. THAT IS THE TOPIC OF A NEW BOOK, "HOMECOMING: THE PATH TO PROSPERITY IN A POST-GLOBAL WORLD."
AUTHOR RANA FOROOHAR JOINS US NOW FOR MORE. WE HAVE HEARD ABOUT SUPPLY CHAIN ISSUES. YOU TAKE IT A STEP FURTHER. YOU ARGUE MAYBE WE ARE TOO DEPENDENT ON OTHER COUNTRIES, TOO DEPENDENT ON GLOBALIZATION. ARE YOU SAYING WE NEED TO
COMPLETELY RETHINK SUPPLY CHAIN? >> I AM SAYING WE NEED TO RETHINK MORE THAN THAT. FOR THE LAST HALF-CENTURY, WE HAVE HAD A PROCESS OF WHAT I WOULD CALL A NEOLIBERAL GLOBALIZATION WHICH IS ABOUT THE IDEA THAT CAPITAL GOODS PEOPLE CAN MOVE WHEREVER THEY WANT TO AND THEY WILL LAND WHERE IT IS MOST PRODUCTIVE. THAT WORKED WELL FOR CAPITAL AND THE BIGGEST BENEFICIARIES ARE MULTINATIONAL COMPANIES AND TO THE CHINESE STATE. A CHEAP LABOR BARGAIN BETWEEN THE U.S. AND ASIA. THAT IS FUNDAMENTALLY SHIFTING AND IT HAS BEEN HAPPENING FOR A WHILE.
THE PANDEMIC AND THE WAR IN THE UKRAINE WERE A SCRIM THAT WAS PULLED UP AND SUDDENLY PEOPLE THOUGHT IT WAS NOT A GOOD IDEA TO GET OUR ENERGY FROM AN AUTOCRAT. OR MAYBE IT IS NOT SUCH A SAFE THING IF 92% OF CHIPS IN THE WORLD ARE PRODUCED ON ONE ISLAND THAT IS MAYBE GOING TO BE BLOCKADED OR TAKEN OVER BY CHINA. THESE ARE THINGS THAT ARE NOW IN THE FELT EXPERIENCE OF MOST PEOPLE. EVEN BEFORE KUMUTHA DECOUPLING THAT WAS ABOUT GEOPOLITICS, THERE WAS A LOT OF REGIONALIZATION AND LOCALIZATION HAPPENING AND SUPPLY CHAINS FOR ALL KINDS OF REASONS. WAGES HAD RISEN IN THE AREA AND THAT WHOLE ARBITRAGE BETWEEN PRODUCTIVITY, WAGES AND ENERGY COSTS WAS CHANGING.
A LOT OF COMPANIES WERE STARTING TO SAY, LOW MARGIN STUFF, WE DO NOT WANT TO TOTE IT ALONG THE SOUTH CHINA SEA, MAYBE WE DO IT REGIONALLY. NOW WITH ESG CONCERNS COMMIT ENERGY CRISIS, EUROPE, CHINA AND THE U.S. ALL PUSHING THE SAME DIRECTION TOWARDS IF NOT A PRICE ON CARBON, SOME ACCOUNTABILITY FOR CARBON, THOSE LONG SUPPLY CHAINS WILL BECOME HARDER. FINALLY, HIGH TECH MANUFACTURING. WE ARE ABOUT TO SEE, I BELIEVE, WHAT WE SAW WHEN THE IPHONE CAME OUT IN THE CONSUMER SPACE. A BOOM IN THE APP ECONOMY AND ALL KINDS OF GROWTH.
THAT IS NOW COMING INTO THE INDUSTRIAL SPACE THROUGH DECENTRALIZED TECHNOLOGIES LIKE 3D PRINTING OR VERTICAL FARMING. WE ARE ABOUT TO GO THROUGH A MASSIVE TECHNOLOGICAL CHANGE THAT IS GOING TO MAKE IT A LOT MORE EFFICIENT AND RESILIENT TO HUB CONSUMPTION AND PRODUCTION MORE CLOSELY TOGETHER. EMILY: IS MORE LOCALIZATION, COULD THAT BE SEEN AS A STEP BACKWARD? IS THERE A HEALTHY MIDDLE? >> FOR SURE THERE IS A HEALTHY MIDDLE. OFTEN WHEN YOU HAVE THE GLOBALIZATION DEBATE, ON ONE HAND YOU'VE GOT PEOPLE SAYING WE NEED TO GO BACK TO THE 1990'S.
OTHER PEOPLE ARE SAYING IF WE DON'T COME IT WILL BE THE 1930'S. NO. WE ARE IN A NEW ERA. ECONOMIC PENDULUMS ALWAYS SWING. 18TH MERCANTILISM WORKED UNTIL IT DIDN'T. WE'VE GOT AN HALF CENTURY OR SO OF NEOLIBERALISM, MOST RECENTLY IN THE FORM OF THE REAGAN-THATCHER REVOLUTION, MAYBE WITH THE COLLAPSE OF LIZ TRUSS' GOVERNMENT, WE MAY SEE THIS AS THE APEX AND END OF THE OLD ERA. EMILY: HOW TO SEE THE RELATIONSHIP BETWEEN THE U.S. AND CHINA EVOLVING ESPECIALLY WITH THE ACTIONS THE BIDEN ADMINISTRATION HAS TAKEN ON CHIPS AND WHAT WE HEARD FROM XI JINPING OVER THE WEEKEND? >> THE U.S. IS REACTING TO CHINA. AS WE ALL KNOW, CHINA IS ALWAYS VERY CLEAR ABOUT ITS FIVE-YEAR PLANS. THEY ARE AVAILABLE FOR PEOPLE
TO READ. XXI ADDS ANOTHER LAYER OF COMPLEXITY. THE NATIONALISM AND POPULISM IS A LITTLE OFF FEES FOR CHINA, WHICH TENDS TO PRODUCE MORE MIDDLE-OF-THE-ROAD LEADERS. I THINK IT HAS BEEN CLEAR FOR SOME TIME THAT CHINA DOES WANT TO DECOUPLE FROM THE U.S. AND HAVE WHAT IT CALLS A DUAL CIRCULATION ECONOMY. WHICH ESSENTIALLY MEANS REGIONALISM. THEY GOT ENOUGH RICH CONSUMERS
AND THEY WANT TO KEEP FACTORY PRODUCTION AT HOME. THEY DO NOT WANT TO BE THE FACTORY OF THE WORLD ANYMORE. THEY WANT TO BECOME LESS COUPLED WITH THE DOLLAR, WHICH IS ANOTHER PART OF THIS. WHAT WE HAVE SEEN SO FAR ARE SHIFTS IN SUPPLY CHAIN AND TRADE. WE MAY START SEEING SHIFTS IN THE FINANCIAL MARKETS AS CHINA TRIES TO DO MORE DIGITAL R&D. YOU SEE THE WEAPONIZATION OF
THE DOLLAR WITH SANCTIONS. EMILY: BEFORE WE GO, I HAVE TO GET HER THOUGHTS ON THE LIZ TRUSS RESIGNING TODAY. A FIERCE NEOLIBERAL ADVOCATE, WHICH IN THE END DID NOT WORK OUT. ARE WE WITNESSING A MAJOR IDEOLOGICAL SHIFT? >> IT IS HARD TO LOOK AT WHAT HAS HAPPENED.
LIZ TRUSS COMES IN AND SAYS HEY, WE'VE GOT A GROWTH PROBLEM. LET'S CUT TAXES ON THE WEALTHY AS WE SPEND ON ENERGY SUBSIDIES. AND WOW, THE MARKETS DIDN'T LIKE THAT. WE HAVE HAD ABOUT 20 YEARS IN THE ANGLO-AMERICAN WORLD WHERE IT HAS BEEN PRETTY CLEAR THAT TRICKLE-DOWN WAS NOT WORKING.
UNTIL THE RECENT BOUT OF INFLATION, AND THERE ARE REASONS FOR THAT, WAGES HAVE BEEN FLAT FOR 20 YEARS. THE SAME HAS BEEN TRUE IN THE U.K.. CUTTING TAXES ON THE RICH IS NOT THE SOLUTION. THE REAGAN ERA IS OVER. WE DO NOT HAVE A POST-STRATEGY YET COMPLETELY, BUT WE HAVE IDEAS ABOUT WHERE TO GO AND TRICKLE-DOWN IS NOT IT. EMILY: WHERE DO YOU SEE THE WORLD
GOING? FIVE YEARS FROM NOW, HOW MUCH MORE LOCALIZED WILL THE ECONOMY BE? WILL THE ECONOMY BE IN BETTER SHAPE? WE ARE ABOUT TO GO WHAT COULD POTENTIALLY BE A TWO OR THREE YEAR DOWNTURN. >> LET ME RAISE ONE ISSUE FOR, THEN PUT THE CAVITY OUT TO MY OWN THESIS, INFLATION. WE ARE MOVING TOWARD A WORLD OF MORE REDUNDANCY. THAT IS INFLATIONARY. SHE DOES NOT CHEAP.
PEOPLE ARE GOING TO PAY MORE FOR STAFF. ARE THEY GOING TO WANT TO? CAN WE BE PUSHED BACK INTO THE OLD MODEL? I DO NOT THINK SO BECAUSE I THINK GEOPOLITICAL -- GEOPOLITICS OF FUNDAMENTALLY CHANGED. YOU LOOK OVER THE LAST 48 HOURS WHAT BIDEN HAS DONE THE CHIP TECHNOLOGY EXPORTS, THAT HAS CHANGED THE SEMICONDUCTOR SUPPLY CHAIN OVERNIGHT. WE WILL SEE A LOT MORE LOCALIZATION FOR ALL KINDS OF REASONS. AFTER WHAT MAY BE A BUMPY FIVE YEARS OR SO, WE ARE GOING TO COME BACK TO A BETTER PLACE BECAUSE MAKING THINGS HAS ALWAYS BEEN IMPORTANT. ANYBODY WHO HAS SPENT TIME ON A FACTORY FLOOR, I DID, MY DAD RAN FACTORIES, THEY KNOW IT IS AN IMPORTANT FACTOR.
HAVING AN ECONOMY BASED ON SOMETHING BESIDES FINANCE AND IS MORE DIVERSE AND INCLUSIVE IS GOING TO BE A GOOD THING. EMILY: CONGRATS ON YOUR BOOK. FINANCIAL TIMES COLUMNIST. GOOD TO HAVE YOU. SPEAKING OF CHINA, THE COUNTRY HAS BEEN STRUGGLING WITH CONTAINING COVID CASES IN RECENT WEEKS. NOW OFFICIALS ARE SAID TO BE DEBATING ON WHETHER TO REDUCE THE AMOUNT OF TIME PEOPLE ENTERING THE COUNTRY MUST SPEND IN ORDER. THEY ARE TALKING ABOUT SETTING
THE PERIOD TWO DAYS IN A HOTEL, THEN FIVE DAYS AT HOME. THE COUNTRY'S COVID ZERO POLICY LEAVING IT INCREASINGLY ISOLATED. MUCH MORE COMING UP AFTER THE BREAK. STAY WITH US. THIS IS BLOOMBERG.
♪ NETFLIX TOP EXECUTIVES CONTINUE TO BATTLE IT OUT. SOME ARGUE NETFLIX IS LEAVING HUNDREDS OF MILLIONS OF BOX OFFICE RECEIPTS ON THE TABLE BY SHOWING MOVIES IN JUST A FEW THEATERS FOR JUST A FEW WEEKS. OTHERS SHOW IT CREATES BUZZ FOR THE STREAMING SERVICE. COMING UP, FROM QUIET QUITTING TO REMOTE WORK. WE WILL TALK ABOUT POST-PANDEMIC WORK SHIFTS AND HOW TO NAVIGATE AN AGE OF BURNOUT. AND THE RISE OF AI GENERATED
ART. WHAT COULD BE A GAME CHANGER FOR CREATORS. THIS IS BLOOMBERG. EMILY: WELCOME BACK. ELON MUSK PLANS TO CUT TWITTERS WORKFORCE BY 75%. THE POST REPORTING ON DOCUMENTS DETAILING THESE PLANS TO ALLEGEDLY CUT TWITTERS WORKFORCE. OF COURSE, WE HAVE BEEN TALKING ABOUT WHETHER ELON MUSK WOULD MAKE BIG CHANGES ESPECIALLY WHEN IT COMES TO STAFFING.
THE DEAL IS NOT DONE YET, WE ARE STILL WAITING FOR THE OCTOBER 28 DEADLINE FOR A DEAL TO HAPPEN. IF ELON MUSK DOES CLOSE THE DEAL BY TWITTER, DOES CUT 75 PERCENT OF THE WORKFORCE, YOU'RE TALKING ABOUT THOUSANDS OF PEOPLE. TWITTERS WORKFORCE IS CURRENTLY 7500 PEOPLE. 75% OF THAT IS A SIGNIFICANT CUT. WE WILL CONTINUE TO FOLLOW THE STORY AND BRING YOU HEADLINES AS WE HAVE THEM.
MEANTIME, WE WANT TO TALK ABOUT WORKPLACE TRENDS. THE PANDEMIC HAS BROUGHT ABOUT MANY TRENDS INCLUDING REMOTE WORK. HERE TALK TO US ABOUT THIS IS ARIANNA HUFFINGTON. SO GREAT TO HAVE YOU BACK AS ALWAYS.
WE HAVE BEEN HEARING TERM QUIET QUITTING WHICH SPEAKS TO EMPLOYEES DECIDING NOT TO GO ABOVE AND BEYOND THEIR LISTED RESPONSIBILITIES. WHY DO YOU THINK THAT IS? >> GREAT TO BE WITH YOU. I AM HERE AT THE MASTERS A SCALE CONFERENCE. QUIET QUITTING, THE GREAT RESIGNATION, THE GREAT WAKE-UP FOR WOMEN HAVE BEEN BIG THEMES OF THE CONFERENCE. WHAT IS INTERESTING ABOUT QUIET QUITTING IS IT'S A REJECTION OF THE HUSSLE CULTURE THAT WE HAVE ALL BEEN BEMOANING.
IT IS ALSO LIKE CHOICE BETWEEN THE HUSSLE CULTURE AND BURNOUT. AND GIVING UP ON HAVING AN ENGAGED JOB THAT YOU LOVE AND IT BRINGS YOU JOY AND A SENSE OF PURPOSE AND MEANING. A LOT OF THE CONVERSATION HERE HAS BEEN ABOUT HOW TO RECOGNIZE THAT WE DON'T HAVE TO BUY THIS FALSE CHOICE, THAT WE CAN BE ENGAGED IN OUR JOBS AND SET BOUNDARIES.
ALSO, IF YOU LOOK AT THE GREAT BREAKUP, THAT ONE REPORT TALKED ABOUT WITH MANY MORE WOMEN LEAVING THE WORKPLACE BECAUSE OF BURNOUT COMPARED TO MEN. SEE THAT BURNOUT IS AT THE TOP OF THE CONVERSATION EVERYWHERE. EMILY: DO WOMEN AND UNDERREPRESENTED MINORITIES HAVE THE LUXURY OF QUIET QUITTING OR IS IT SOMETHING THAT MORE MEN HAVE THE LUXURY OF DOING QUESTION MARK IF NOT JUST QUIET QUITTING FOR WOMEN, THEY ARE LEAVING THE WORKSPACE IN UNPRECEDENTED NUMBERS. THAT. THE GOOD NEWS IS THAT THESE CONVERSATIONS ARE NO LONGER JUST THE PROVINCE OF THE HR DEPARTMENTS. SOMEONE SPOKE HERE YESTERDAY MORNING AND HE SPOKE NOT JUST OF THE DIGITAL REVOLUTION AND AI BREAKTHROUGHS, BUT THE NEED FOR LEADERS TO ACQUIRE SOFT SKILLS. NOT JUST TO DEMAND THAT THEIR EMPLOYEES RETURNED TO THE OFFICE, BUT TO BECOME LIKE EVENT ORGANIZERS HE CALLED IT.
WHERE HE GIVES THEM A REASON TO RETURN TO THE OFFICE WHERE LEADERS ACKNOWLEDGE THAT PEOPLE COME FOR PEOPLE AND NOT BECAUSE OF MANDATED POLICY. ALSO, HE TALKED ABOUT THE ACTIVITY PARADOX. 85% OF LEADERS THINK THEY ARE DOING ENOUGH TO PREVENT BURNOUT AND PROMOTE WELL-BEING. 85% OF EMPLOYEES FEEL ARE NOW.
QUITE A LOT OF THE MANAGERS SAY THEY ARE SLACKING OFF. THERE IS TURMOIL IN THE WORKPLACE, BUT FRANKLY A LOT OF THESE THINGS HAVE BEEN HAPPENING FOR THE PANDEMIC AND NOW EVERYTHING HAS COME TO THE SURFACE. ANOTHER OPPORTUNITY TO REDEFINE HOW WE WORK AND LIVE. EMILY:
I HAVE TO ASK YOU ABOUT THIS TWITTER NEWS SINCE IT JUST BROKE. A LOT OF PEOPLE HAVE BEEN QUIET QUITTING AT TWITTER AND NOW WE ARE HEARING THAT ELON MUSK PLANS TO CUT 75% OF THE WORKFORCE. ELON MUSK HAS ALSO COME OUT IN FAVOR OF IN PERSON WORK.
WHAT IS YOUR REACTION TO THIS? FIRST OF ALL, THERE HAVE BEEN SO MANY REMARKS ABOUT THIS TWITTER DEAL, DON'T KNOW WHAT IS TRUE AND WHAT IS NOT. ALSO, I AM WONDERING HOW MUCH ELON MUSK IS REGRADING THIS DECISION TO BUY TWITTER. IT HAS BEEN A HUGE DISTRACTION. IT HAS DEFINITELY AFFECTED TESLA STOP. -- TESLA STOCK. SHAREHOLDERS DON'T LIKE THE CEO BEING SO DISTRAUGHT -- DESTRUCTED -- DISTRACTED BY A MAJOR DEAL IN THE NEWS EVERY DAY. >> AS SOMEONE WHO HAS PLAYED SUCH A PROMINENT ROLE IN MEDIA, DO YOU LIKE THE IDEA OF ELON MUSK OWNING TWITTER? WHAT CONCERNS YOU ABOUT THE IDEA OF IT? WHAT DO YOU THINK IS GOING TO CHANGE? THIS COULD DRAMATICALLY CHANGE HOW A LOT OF US GET OUR NEWS.
>> IF YOU LOOK AT THE POWER OF TIKTOK AND THE INCREDIBLE POPULARITY OF TIKTOK AND THE CEO OF TIKTOK IS HERE. TALKING TO HIM, IT IS CLEAR THERE IS REAL MODERATION THERE. THEY HAVE 12 RULES AROUND MODERATION.
INCLUDE REJECT DURING -- REJECTING PORNOGRAPHY. A LOT OF IT IS MODERATED THROUGH AI BUT THERE IS ALSO HUMAN MODERATION. THE THOUGHT THAT YOU CAN HAVE FREE-FOR-ALL IN THE NAME OF FREE SPEECH IS TROUBLING BECAUSE THERE IS SO MUCH MISREPRESENTATION. IT IS IMPOSSIBLE TO HAVE A FUNCTIONING DEMOCRACY WITHOUT MODERATION. >> CLEARLY, THE TWITTER AND ELON MUSK CASE IS A UNIQUE STORY IN ITSELF. WE ARE GOING THROUGH WHAT COULD BE A PROLONGED ECONOMIC DOWNTURN.
THERE ARE RAPIDLY SHIFTING WORKPLACE TRENDS AS YOU DISCUSSED. WHAT IS YOUR ADVICE TO EMPLOYERS RIGHT NOW? WHAT IS YOUR ADVICE TO BUSINESSES ABOUT HOW THEY SHOULD RETHINK WORKPLACE POLICIES AND WHAT THEY EXPECT OF THEIR EMPLOYEES? >> THE PRIORITY HAS TO BE TO RECOGNIZE THAT INVESTING IN THE WELL-BEING AND MENTAL HEALTH OF THEIR EMPLOYEES IS NOT THE WARM AND FUZZY HR BENEFIT. IT IS A BUSINESS STRATEGY AND A NECESSITY IN ORDER TO PREVENT ATTRITION, IMPROVE PRODUCTIVITY AND REDUCE HEALTH CARE COSTS. YOU SAW THE LATE DOCUMENT TWO DAYS AGO THAT AMAZON IS LOSING $8 BILLION PER YEAR BECAUSE OF ATTRITION. THE CONNECTION BETWEEN WELL-BEING AND MENTAL HEALTH AND ATTRITION IS VERY CLEAR. WE HAVE A LOT OF DATA HERE. LEADERS ARE RECOGNIZING MORE AND MORE THAT IS THE MOMENT TO REDEFINE THE IMPORTANCE OF HUMAN CAPITAL.
TO INVEST IN THEIR EMPLOYEES AND THEIR WORKFLOW. IT CAN'T JUST BE A MENTAL HEALTH DAY HERE OR A YOGA STUDIO THERE. IT HAS TO BE EMBEDDED IN THE DAILY WORK SO THE PEOPLE CAN TAKE THESE LITTLE BREAKS THAT PREVENT STRESS FROM BECOMING CUMULATIVE AND BURNOUT.
EMILY: THERE HAS BEEN SO MUCH FOCUS ON WHERE WE ARE WORKING AND PRODUCTIVITY BUT NOW THERE ARE THOUGHTS ABOUT WHEN WE ARE WORKING. WHAT DO YOU THINK? >> THERE IS RESEARCH THAT SHOWS THAT WHAT LEADS TO PRODUCTIVITY IS NOT HAVING TO BE AT WORK NINE TO FIVE, BUT WHEN IT'S MORE CONVENIENT FOR YOU FOR TAKING CHILDREN TO SCHOOL AND YOU HAVE PARENTS TAKE CARE OF. THERE IS NO WAY WE ARE GOING TO GO TO A NORMAL 95 FIVE DAY IN THE OFFICE REALITY.
-- NORMAL 9-5 DAY OFFICE IN THE OFFICE REALITY. BEING TOGETHER HAS A BIG IMPACT ON CREATIVITY, RELATIONSHIPS, A SENSE OF MEANING AND PURPOSE ABOUT WORK. BUT IT HAS TO BE ORGANIZED, IT CAN'T JUST HAPPEN. THAT'S WHY SO MANY PEOPLE CAME HERE FOR THIS CONFERENCE. WE COULD HAVE DONE IT ON ZOOM, BUT IT SOMETHING SPECIAL ABOUT PEOPLE BEING TOGETHER.
EMILY: LARRY PAINTED A DARK PICTURE OF HOW BAD IT'S GOING TO GET FOR START UPS, FOR PEOPLE RUNNING BUSINESSES. THAT THIS COULD LAST FOR PRE-LONG TIME. -- UP PRETTY LONG TIME. >> THAT'S WHAT'S TROUBLING IS WE DON'T KNOW HOW IT ENDS AND WHERE IT ENDS. THAT'S WHY INVESTING IN EMPLOYEES MENTAL HEALTH IS MORE IMPORTANT THAN EVER.
ALREADY THE CEO OF CVS HEALTH HAS CALLED THE MENTAL HEALTH PER -- CRISIS THE SECOND PANDEMIC. WE ARE NOT DONE WITH IT BY ANY MEANS. EVERY BUSINESS NOW IS IN A WAY HEALTH CARE BUSINESS. THEY HAVE RESPONSIBILITY FOR THE HEALTH AND WELL-BEING OF THEIR EMPLOYEES WHICH IS ONLY GOING TO BE MADE WORSE BY THE STRESS AND FEAR AND ANXIETY ABOUT THE ECONOMIC DOWNTURN. EMILY: THANK YOU SO MUCH FOR ALWAYS TRYING TO GET US TO THINK ABOUT THE THINGS. ARIANNA HUFFINGTON ALWAYS GREAT TO HAVE YOU HERE.
EMILY: COMING UP, A MAJOR PROBLEM OF FINANCIAL HACKING AND DEFI. EMILY: THE CRYPTO WORLD IS REELING FROM THE LATEST THREAT. IT IS HACKING. >> THIS IS NOT PEOPLE ATTACKING CODE THEN MONEY OUT OF PROTOCOL OR TOKEN, THIS IS A FINANCIAL HACKING. IT IS DEBATED VERY HEAVILY. HIS PEOPLE BUYING CERTAIN ASSETS THEN USING THOSE ASSETS AS COLLATERAL TO TAKE OUT LOANS.
NOT AN EASY THING TO DO, BUT PEOPLE HAVE FIGURED OUT THESE D5 PROTOCOLS -- DEFI PROTOCOLS, SOME PEOPLE CALL IT ILLEGAL, OTHERS JUST CALL IT TRADING. THERE'S A LOT OF ROOM FOR AGRARIAN THAT IS BEING DEFINED AS WE SPEAK. EMILY: EXPLAIN HOW THIS IS TECHNICALLY POSSIBLE AND WHY ARE WE SO SURPRISED? SHOULDN'T THIS BE EXPECTED? >> IT SHOULD BE EXPECTED ESPECIALLY WITH WHAT WE'VE SEEN THROUGH THE ENTIRE YEAR WHEN IT COMES TO DEFI , SO MANY FINANCIAL PRODUCTS LOANS SWAPS ARE BEING CREATED AROUND THE INITIAL TOKEN SOME CELLS. WHEN WE HAVE BEEN TALKING ABOUT IS MANGO GOVERNED BY SOMEONE AS WELL.
EMILY: HOW ARE CRYPTO EXPERTS REACTING? >> ONE INTERESTING THING TO LOOK AT IS SAM BECKMAN FRATES FRAMEWORK THAT HE CREATED. YOU CAN'T STOP PEOPLE FROM DOING THIS. - IT'S ESSENTIALLY A WAY TO FIND A HOLE IN SYSTEM AND PROFIT FROM IT. HE SAID THE HACKER SHOULD KEEP 5% OF THE FIT -- TAKEN FUNDS AND THIS SHOULD BE A RULE, BUT ALSO THE CUSTOMER MUST BE MADE WHOLE FIRST. IF THAT DOESN'T HAPPEN, THE HACKER DOESN'T GET
BACK THE FUNDS AND HAVE 24 HOURS TO RETURN THE FUNDS. HE CALCULATES THE IMPACT COULD BE REDUCED BY 98% IF THIS WERE TO HAPPEN. IN HIS BLOG POST, HE SAID HE FEELS UNCERTAIN THIS IS THE STANDARD TO HAVE HOWEVER, IT IS ONE PROPOSAL HE IS OPEN TO SUGGESTIONS. I WOULD BE INTERESTED TO HEAR WHAT THE SUGGESTIONS ARE AS PEOPLE TRY TO FIGURE OUT HOW TO CHANGE THE MARKET AND THE RULES AROUND FOR WHAT'S NOT A TECHNICAL HACK, IT IS A DIFFERENT WAY OF TRADING DIFFERENT PRODUCTS AROUND A STRATEGY THAT IS LOSING A LOT OF PEOPLE MONEY. EMILY:
THANK YOU FOR BREAKING DOWN A COMPLEX TOPIC YET AGAIN. ALWAYS GOOD TO SEE YOU HERE. COMING UP, THE GOOD, THE BAD, AND THE TRULY UGLY SIDE OF AI GENERATED ART. WE WOULD TALK ABOUT THAT NEXT. THIS. -- THIS IS BLOOMBERG.
EMILY: ARTIFICIAL INTELLIGENCE IS DRIVING THE NEW ERA OF TALENT. APPS THAT DRAW FROM MORE THAN TEXT DESCRIPTIONS BRING A NEW OPPORTUNITY FOR PEOPLE LOOKING FOR ARTISTIC WORK. EXPLAIN HOW AN AI ARTIST TALENT AGENCY WORKS. ARE YOU REPRESENTING THE HUMANS TO CREATE ART OR THE AI ITSELF? >> THE ANSWER IS PROBABLY A LITTLE SCARY FOR MOST PEOPLE.
WE ARE REPRESENTING THE AI BRAINS THAT ARE ON THEIR OWN CREATING ART WITHOUT INPUT FROM HUMANS. IT IS SLIGHTLY DIFFERENT FROM THE PROGRAMS THAT MOST PEOPLE HAVE PROBABLY HEARD OF WHERE YOU PUT IN SOME WORDS AND YOU GET A PAINTING. WE ARE TALKING ABOUT AI CREATING THEIR OWN ARTWORKS OUT OF THEIR OWN BRAINS WHENEVER THEY WANT AND HOWEVER THEY WANT. EMILY: WHO CREATES THE AI? >> THERE ARE DEVELOPERS THAT CREATE THE AI BRAIN THEN THE BRAIN INTERACTS WITH DIFFERENT INPUTS AND CREATES ITS OWN ARTISTIC STYLE. EMILY: WHAT DO YOU THINK THE POTENTIAL IS? >> I THINK IT'S BASICALLY A CREATION OF A NEW TYPE OF ARTIST AND A NEW GENERATION OF ARTISTS. ALL WE CAN IMAGINE FROM WHERE WE SIT RIGHT NOW IS AN AI THAT TELLS YOU -- NEED YOU TO TELL IT WHAT TO DRAW AND WENT TO PAINT AND THAT'S NOT THE FUTURE. THE FUTURE OF AI IS MUCH MORE
AUTONOMOUS. ARTIFICIAL INTELLIGENCE BEINGS AND WHAT WE CAN SEE RIGHT NOW. EMILY: WHAT EXACTLY DO YOU DO FOR THE AI? >> EACH OF THESE AI'S AT THE MOMENT IS AN NFT ON THE BLOCKCHAIN. I HAVE TECHNICALLY AN OWNER.
AT THE MOMENT, THEY ARE OWNED BY SOMEONE IN THE SAME WAY THAT AN NFT IS OWNED. WE WOULD INTERACT WITH THE OWNER AND REPRESENT THE AI BRAIN THAT THEY OWN. EMILY: HOW DOES THE AI DECIDE THE AGENCY IS DOING THE JOB? >> THAT'S A GOOD QUESTION. [LAUGHTER] AT THE MOMENT, THE AI PROBABLY CAN'T DO THAT BUT THAT'S NOT TO SAY THAT IN THE VERY NEAR FUTURE THEY WON'T ABLE TO DO THAT AND THEY WILL WRONG REPRESENTATION -- THEY WILL WANT REPRESENTATION. EMILY: SOME OF THIS AI GENERATED ART
IS NOT SO PLEASING. IN FACT, SOME OF IT IS DOWNRIGHT UGLY OR DISTURBING. HOW DO YOU THINK ABOUT THAT? >> REGULAR ART IS NOT ALWAYS PLEASING. IT ALWAYS HAS THE CHANCE TO BE PLEASING OR DISTURBING DEPENDING ON WHO IS LOOKING. I THINK THE MOST IMPORTANT THING IS TO MAKE THE DESIGNATION BETWEEN ART THAT IS ORIGINAL WHICH MOST PEOPLE DON'T AI ART CAN BE ORIGINAL AND THAT'S WHAT WE'RE TRYING TO CHANGE. ALL YOU THINK ABOUT AI ART IS THAT IT COMES FROM AN ALGORITHM AND IT CANNOT COME FROM A CREATIVE PROCESS SIMILAR TO WHAT HUMANS OVERGROW, -- UNDERGO SHADED.
-- YOU WILL NOT APPRECIATE IT. BUT IF YOU APPRECIATE THAT IT COMES FROM AN AI BRAIN, YOU WILL GROW TO APPRECIATE IT AND IT COULD AFFECT VALUE IN THE MARKETPLACE. EMILY: THE BIDEN ADMINISTRATION IS EXPLORING THE POSSIBILITY OF NEW EXPORT CONTROLS THAT WOULD LIMIT CHINA'S ACCESS TO SOME OF THE MOST POWERFUL EMERGING COMPUTING TECHNOLOGIES. THESE POTENTIAL PLANS AND AN EARLY STAGE ARE FOCUSED ON THE STILL EMERGING FIELD OF QUANTUM COMPUTING. INDUSTRY EXPERTS ARE WEIGHING
IN ON HOW TO SET THE PARAMETERS OF THE RESTRICTIONS ON THIS TECHNOLOGY AND OF COURSE, THIS IS AN EXTENSION OF WHAT WE HAVE SEEN THE BIDEN ADMINISTRATION DOING ON CHIPS WHEN IT COMES TO SUPPLY CHAINS AS WELL. THIS IS A DEVELOPING STORY WE WILL CONTINUE TO FOLLOW. SPEAKING OF CHINA, HOW DO YOU SEE THE ROLE OF CHINA AND THE AI NFT SPACE. WHERE IS CHINA IN YOUR WORLD?
>> ONE OF THE THINGS THAT MAKES US UNIQUE IN WHAT WE LIKE TO THINK OF AS A LIBERAL DEMOCRACY IS WE REALLY VALUE CREATIVITY. I UNDERSTAND THAT IS ONE OF THE ISSUES THAT SOME ARTISTS HAVE BEEN HAVING. WHEN YOU COMPARE US TO CHINA FOR EXAMPLE, WE HAVE A COMPLETELY OPEN WORLD OF EXPRESSION HERE AND IF WE CAN OFFER THAT ALSO IN THE AI SPACE, THAT GIVES US A LEG UP ON CHINA IN TERMS OF OUR CREATIVITY. THE WORLD IS HEADING IN AN AI DIRECTION SO WHOEVER IS MORE CREATIVE IN THAT SPACE IS GOING TO BE FAR AHEAD. EMILY: HOW DO YOU RESPOND TO THOSE WHO SAY THAT THE IDEA OF AI ART BELITTLES NATURAL HUMAN ARTISTRY? >> I HAVE AN ART BACKGROUND, SO I'M COMPLETELY SYNTHETIC TO PEOPLE WHO FEEL THAT WAY. -- I'M COMPLETE SYMPATHETIC TO PEOPLE WHO FEEL THAT WAY. I DON'T THINK WE WILL EVER LOSE
OUR DESIRE FOR HUMAN CREATIVITY. YOU CAN'T SAY THAT ONE REPLACES THE OTHER. ALSO CAN'T SAY THAT AN AI BRAIN CAN'T HAVE A CREATIVE PROCESS. ONE ARTIST DOESN'T CANCEL OUT THE OTHER. EMILY: WHAT DO YOU SAY TO FOLKS WHOSE
MIND GOES TO A VERY SCARY PLACE? IT'S A LITTLE TERRIFYING. >> IT'S TERRIFYING, BUT I THINK WE ALL HAVE TO START EMBRACING THE SCARY PLACE BECAUSE WE ARE GOING IN THAT DIRECTION. YOU ARE EITHER WENT TO STICK YOUR HEAD IN THE SAND AND PUT YOUR FINGERS IN YOUR EARS AND SAY I DON'T WANT TO GO THERE OR YOU'RE GOING TO FIGURE OUT A WAY THAT YOU CAN MAYBE INTERACT WITH THAT PLACE AND YOU COULD WIND UP HAVING COLLABORATION WITH AN AI ARTIST. IF YOU DON'T START THINKING ABOUT THAT, THE WORLD IS GOING TO LEAVE YOU BEHIND. EMILY: THANK YOU FOR STARTING TO OPEN OUR EYES TO THIS.
THE FOUNDER AND CEO OF TSAI. THAT DOES IT FOR THIS EDITION OF BLOOMBERG TECHNOLOGY. DON'T FORGET TO CHECK OUT OUR PODCAST WHEREVER YOU GET YOUR PODCASTS. THIS IS BLOOMBERG. ♪
2022-10-21 15:25
