Bloomberg Technology 10/30/2023
COLLIDE IN SILICON VALLEY AND EONS, THIS IS BLOOMBERG TECHNOLOGY WITH CAROLINE HYDE AND ED LUDLOW. CAROLINE: I'M CAROLINE HYDE IN NEW YORK. ED: I AM ED LUDLOW IN SAN FRANCISCO. CAROLINE: WE WILL TALK THE STATE OF FINTECH AND EARNINGS WITH THE CEO OF SOFI AS THE COMPANY RAISES ITS REVENUE FORECAST. ED: PRESIDENT BIDEN PLANS TO ISSUE A SWEEPING EXECUTIVE ORDER ON ARTIFICIAL INTELLIGENCE. WE WILL BRING DOWN THE DETAILS
AND THE IMPACT. CAROLINE: AND THE ALL-IMPORTANT APPLE EVENT OF THE YEAR, UNVEILING TWO NEW PROCESSORS. FIRST, LET'S CHECK IN ON MARKETS BECAUSE THERE IS A TUG-OF-WAR GOING ON, WHETHER IT IS GEOPOLITICS, QUESTIONS OF TECH. WE ARE SEEING MONEY MOVE INTO STOCK MARKETS TODAY, BENCHMARKS RALLYING OFF OF OVERSOLD TERRITORY PARTICULARLY AS GEOPOLITICS STILL DOES WELL. WE ARE SEEING CONCERNS ABOUT THE CONFLICT IN THE MIDDLE EAST. WE SEE PERHAPS A MOVE OUT OF SOME OF THE HAVENS OF CHOICE AND YIELDS PUSHING UP.
WE HAVE THE FED AND WHAT WE SEE FROM THE TREASURY IN TERMS OF BOND ISSUANCE. WE ARE LOOKING AT CREW JUST OFF BY 3.5%, REALLY PLAYING INTO ANXIETY WHEN IT COMES TO ISRAEL AND HAMAS. LET'S LOOK AT THE RISK ASSET OF CHOICE, CRYPTO. NOT MUCH VOLATILITY ON THE DAY.
WE ARE SEEING SUCH BUYING IN THE PREVIOUS WEEK AND LIQUIDITY HERE. WE ARE SEEING A LEVEL BEING SUSTAINED FOR NOW AS THE DOLLAR IS ON THE DOWNSIDE. ED: THREE SINGLE NAMES I AM WATCHING.
THE FIRST IS APPLE. ALSO AN EMPHASIS ON TRIPS. WE THINK THEY WILL UNVEIL THE M3 PROCESSOR. THEN WE CAN EARNINGS THURSDAY, BIG WEEK FOR APPLE.
META-UP 2.5%. WE WILL HAVE AN AD FREE, SUBSCRIPTION-BASED VERSION OF THE FACEBOOK APP AND INSTAGRAM. ONE INTERESTING NAME WE ARE WATCHING IS THE MAIN ONE OF THE SHOW. WE ARE DOWN 1.7% FOLLOWING THE OPEN. WE WERE UP ALMOST 15%. THAT IS A BIG SWING TO THE DOWNSIDE.
UPGRADING REVENUE GUIDANCE FOR THE YEAR, DEPOSITS TRIPLING FROM A YEAR AGO AND COMING IN AHEAD OF EXPECTATIONS WITH THIS IS AN INTERESTING STOCK REACTION. I'M PRETTY SURE OUR NEXT GUEST DOES NOT ALWAYS WANT TO TALK ABOUT STOCK REACTION. I'M SURE YOU WILL SAY WE DO NOT GO BY DAY BY DAY FLUCTUATIONS. WHAT YOU MAKE BY THE OPTIMISM WE HAVE ORIGINALLY SEEN AROUND THE NUMBERS AND WHAT YOU WANT TO SAY TO AN INVESTOR BASE? ANTHONY: WE ARE EXCITED ABOUT THE RESULTS WE DELIVER TODAY. THEY ARE EXTRAORDINARY IN A NUMBER OF WAYS AND POSITIVE ON THE OUTLOOK. THERE ARE FEW COMPANIES DRIVING DURABLE GROWTH OF THE WAY WE ARE PLUS 25% REVENUE GROWTH, REALLY STRONG MEMBER GROWTH. WE HAD A RECORD NUMBER OF NEW
MEMBERS ADDED AS WELL AS PRODUCTS, A TESTAMENT TO THE VALUE PROPOSITION WE ARE DELIVERING. PROFITABILITY CONTINUES TO IMPROVE. WE NOW HAVE ALL THREE OF OUR BUSINESS SEGMENTS PROFITABLE, THE LENDING PRODUCTS AS WELL AS TECH PLATFORMS AND NOW FINANCIAL SERVICES. 67% GROWTH FROM NON-LENDING. THAT WILL CONTINUE TO BE THE DRIVER OF GROWTH IN THE COMPANY AND WE GREW TANGIBLE VALUE OF ABOUT $170 MILLION, SO I FEEL WE ARE EXECUTING ACROSS THE BOARD ON GROWTH AND PROFITABILITY AND SHAREHOLDER VALUE. IT IS A MATTER OF TIME BEFORE THAT IS REFLECTED IN THE STOCK. ED: IT WAS INTERESTING TO LISTEN
TO YOU ON THE CALL. YOU TALKED UP THE NON-LENDING PARTS OF THE BUSINESS GOING INTO 2024. ARE THOSE GOING TO BE MORE OF A GROWTH DRIVER THAN THE LENDING BUSINESS? ANTHONY: CORRECT. THEIR ABSOLUTE GROWTH IN DOLLARS IS MEANINGFUL. THEY ARE PROFITABLE, WHICH MEANS WE CAN START INVESTING MORE IN THEM AND HAVE THEM GROW FASTER. THE WAY WE TALKED ABOUT IT ON
THE CALL IS I WOULD EXPECT TECH PLATFORMS AND FINANCIAL SERVICES TO BE THE DRIVER OF GROWTH AND LENDING TO BE ADDITIVE TO GROWTH , THE OPPOSITE OF WHAT HAPPENED SO FAR THIS YEAR. SOME OF YOUR TECHNOLOGY FOCUS PEERS ARE STRUGGLING. THEY HAVE GONE THROUGH JOB CUTS. I LOOK AT DEPOSITS TRIPLING FROM A YEAR AGO. WHAT IS THE DRIVER OF THAT
TRACTION? WHY ARE YOU ABLE TO PERFORM WHEN SIMILAR BUSINESS MODELS ARE NOT? ANTHONY: THE THING WE ARE BENEFITING FROM IS A GREAT DIVERSIFICATION BECAUSE OF OUR STRATEGY. OUR GOAL IS TO HELP OUR MEMBERS ON ALL THE MOST IMPORTANT DAYS OF THEIR LIVES AND ALL THE DAYS BETWEEN FROM A FINANCIAL PERSPECTIVE. THAT RESULT IN US HAVING NINE DIFFERENT BUSINESSES.
SOME DO WELL IN A HIGH RATE ENVIRONMENT AND OTHERS IN A LOW RATE ENVIRONMENT. RIGHT NOW THE STRUGGLE IS BEHIND OUR FLAGSHIP PRODUCT. WE GIVE YOU ALL THE GREAT FUNCTIONALITY THAT A DIGITAL OPERATOR CAN PROVIDE IN ADDITION TO ADDITIONAL BENEFITS LIKE TWO DAY EARLY PAYCHECK AND A UNIQUE INTEREST RATE, NO FEES, AND ABILITY TO GET A FREE CERTIFIED FINANCIAL PLANNER AND UP TO $2 MILLION OF INSURANCE. IT IS A UNIQUE PRODUCT. IT HAS HELPED US GROW AND WE SEE GREAT CROSS BUYING FROM THE PRODUCT AS WELL AS OTHERS.
SO THE DIVERSIFICATION WE HAVE IS HELPING BUSINESSES. THEN OF COURSE OUR INVESTMENT BUSINESS IS A GREAT CROSS BYPRODUCT. ONE THING A LOT OF INVESTORS DO NOT KNOW IS WE HAVE A THIRD BUSINESS LEVERAGING THE TECHNOLOGY WE USE TO BUILD SOPHIA FOR OTHER PARTNERS. THERE ARE ABOUT HUNDRED 35 MILLION ACCOUNTS THAT SIT ON TOP OF THAT TECHNOLOGY PLATFORM. WE TALK ABOUT IT AS THE FINTECH BECAUSE WE ENABLE 8 BILLION TRANSACTIONS A YEAR ACROSS THE PLATFORM. CAROLINE: LET'S TALK ABOUT THE
DIGITAL ASSISTANT. HOW MUCH HAS AI BEEN A DRIVER? ANTHONY: IT IS A SMALL PIECE. WE HAVE A PORTFOLIO OF PRODUCTS, ONE OF WHICH IS A CHATBOT FOR CUSTOMER SERVICE.
IT HELPS REDUCE TIME TO RESOLUTION. IT LEVERAGES AI IN ANSWERING QUESTIONS THAT MEMBERS HAVE. THEY LIKE THE PRODUCT AND IT IMPROVED SATISFACTION. IT IS A PRODUCT WE ARE OFFERING TO FINANCIAL INSTITUTIONS BUT ALSO TO PEOPLE THAT ARE NOT CURRENTLY USING OUR OTHER PRODUCTS. CAROLINE: WHAT YOU ARE ALSO
OFFERING IS IPO'S. THIS IS BEEN INTERESTING. WE HAVE HEARD AI RELATED STORIES . YOU ARE ON THE INSTACART DEAL. HOW MUCH WILL THE IPO PIPELINE BENEFIT YOU? ANTHONY: THE IPO PIPELINE HAS TWO BENEFITS. FIRST, IT IS A DIRECT REVENUE
STREAM, WHICH IS NOT THAT MEANINGFUL. WHAT IS MEANINGFUL AS THIS IS A UNIQUE PRODUCT THAT MAINSTREAM RETAIL INVESTORS DO NOT HAVE ACCESS TO. WE ARE GIVING THEM ACCESS TO IPO'S AT IPO PRICES AND THAT HELPS DRIVE MORE DESIRE TO BECOME A SOPHIA MEMBER AS WELL AS INCREASING OUR BUSINESS SO IT DRIVES THE BUSINESS IN A UNIQUE WAY. WE WANT TO GIVE MEMBERS AN OPPORTUNITY TO INVEST OVER THE LONG-TERM AND GIVE THEM MORE SELECTION. WE ARE WORKING ON ALTERNATIVE ASSET CLASSES. WE PIONEERED FRACTIONAL SHARERS AND OFFERED ETF'S SO WE ARE TRYING TO BE A ONE-STOP SHOP NOT JUST AS A COMPANY BUT WITHIN VERTICALS LIKE INVESTING.
ED: LAST WEEK, YOU SOLD $100 MILLION OF PERSONAL LOANS. WHO WAS THE BUYER? ANTHONY: WE DO NOT DISCLOSE INDIVIDUAL BUYERS. WE ARE PLEASED WITH DEMAND WE ARE SEEING FOR OUR ASSETS, ESPECIALLY WITH RATES HITTING A CEILING AND LIKELY COMING DOWN. WE HAVE BEEN ABLE TO PASS ON
HIGHER BENCHMARK RATES FOR LOANS AND PROVIDE ATTRACTIVE YIELDS, ESPECIALLY GIVEN THE FACT THAT WE HAVE CUSTOMERS WITH AN AVERAGE SCORE IN THE 750 RANGE AND HIGH YIELDS. WE HAVE HAD A NUMBER OF COUNTERPARTIES THAT WE ARE NOW MAKING PARTNERS. ONE WAS FOR A $100 MILLION DEAL THAT WERE -- WILL EVOLVE. WE FILED WITH BLACKROCK, SO A LOT MORE TO COME ON THE LOAN ASSET SIDE OF THE EQUATION. ED: SOFI CEO ANTHONY NOTO. COMING UP, PRESIDENT BIDEN LAST ISSUE A SWEEPING EXECUTIVE ORDER ON ARTIFICIAL INTELLIGENCE TODAY. WE WILL HAVE THE DETAILS NEXT.
THIS IS BLOOMBERG TECHNOLOGY. ♪ ED: LATER TODAY, PRESIDENT JOE BIDEN WILL SIGN AN EXECUTIVE ORDER ON ARTIFICIAL INTELLIGENCE REGULATION, HIS MOST SIGNIFICANT ACTION YET TO REIN IN THE EMERGING TECHNOLOGY. FOR MORE DETAILS, LET'S BRING IN A REPORTER. WHAT IS IN THIS EEO? THIS IS MORE SWEEPING THAN WE WERE EXPECTING WE THOUGHT IT WOULD JUST COVER HOW THE GOVERNMENT USES AI. THIS WILL HAVE WIDE REACHING
IMPACTS ON THE PRIVATE SECTOR AND THE BIGGEST TAKE AWAY IS THE WHITE HOUSE IS USING THE DEFENSE PRODUCTION ACT TO FORCE NATURE DEVELOPMENTS TO SUBMIT TO SAFETY TESTS. THEY WILL HAVE TO SUBMIT TO THOSE TO THE GOVERNMENT BEFORE THEY CAN BE USED FOR PUBLIC RELEASE. THIS IS ONLY POWERFUL SYSTEMS THAT ARE ABOVE A CERTAIN THRESHOLD AND THAT COULD POSE RISK TO NATIONAL SECURITY, ECONOMIC RISK, AND HAVE A BIG IMPACT ON COMPANIES LIKE AMAZON, GOOGLE. ANOTHER MAJOR TAKE AWAY THAT WILL BE FAMILIAR TO PEOPLE AT HOME IS THEY ARE INSTRUCTING THE COMMERCE DEPARTMENT TO START DEVELOPING TECHNOLOGY FOR WATERMARKING, SO WHEN YOU SEE THOSE DEEPFAKES THEY WANT THERE TO BE SOME SORT OF SIGNAL TO AMERICAN PEOPLE THAT THIS IS AUTHENTIC, THAT THIS IS A PIECE OF AI AND NOT DISINFORMATION OR MISINFORMATION. THOSE ARE THE BIGGEST TAKEAWAYS BUT IT WILL DEPEND ON AGENCIES TO ENFORCE THEM. CAROLINE: YOU MENTIONED THE WORD SIGNALING BUT THEY ARE SIGNALING TO COMPANIES AND THAT A LOT OF THE HEAVY LIFTING FALLS ON AGENCIES AGAIN. ABOUT 15 COMPANIES WILL BE AT
THE SIGNING. WHAT HAS THE REACTION REALLY BEEN? AKAYLA: IT LARGELY BUILDS OFF OF VOLUNTARY COMMITMENTS THAT 15 COMPANIES MADE THIS SUMMER, AMAZON, FACEBOOK, GOOGLE. THESE MAJOR TECHNOLOGY COMPANIES SIGNED ON TO COMMIT TO SOME OF THE THINGS IN THIS. WE WILL SEE THESE COMPANIES STANDING ALONGSIDE THE PRESIDENT AS HE SIGNS THIS, SIGNALING THEY WANT TO BE PART OF THIS PROCESS AND THEY COULD BE PREVENTING THEMSELVES MORE HARM DOWN THE LINE IF THEY SHOW NOW THAT THEY ARE WILLING TO COOPERATE AND PUT SAFEGUARDS ON THIS TYPE OF TECHNOLOGY. CAROLINE: THANK YOU. ALL THIS MEANS FOR CORPORATE AMERICA, LET'S TALK ABOUT IT MORE WITH THE SENIOR DIRECTOR FOR SOCIETY AND INTELLECTUAL PROPERTY.
YOU SERVED AS DIRECTOR OF RESEARCH ANALYSIS AT THE NATIONAL SECURITY COMMISSION ON ARTIFICIAL INTELLIGENCE AND ARE A PERFECT VOICE FROM THE PERSPECTIVE THAT THIS IS AMERICA TRYING TO SAY THEY ARE TAKING BIG STEPS THUS FAR IN TERMS OF PUTTING GUARDRAILS ON FUTURE DEVELOPMENT OF AI. DO YOU THINK THIS IS REALLY SHOWING THAT? THIS IS A HISTORIC MOMENT FOR OUR COUNTRY. AMERICA IS LEADING IN CUTTING EDGE FRONTIER AI MODELS AND NOW AI GOVERNANCE. IT IS A SIGNAL TO MASTERFULLY AND GLOBALLY THAT WE ARE COMMITTED TO AI GOVERNANCE AND NOT STIFLING INNOVATION. CAROLINE: SOME OF THE DIRECTIVES ARE NOT ENFORCEABLE. A LOT OF LIFTING WILL BE DONE BY THESE AGENCIES AND PERHAPS FURTHER LEGISLATION IS NEEDED TO COME FROM CONGRESS WHEN IT COMES TO PRIVACY.
DOES THIS HAVE REAL TEETH OR IS THIS MORE ABOUT SIGNAL? RAMA: I THINK IT IS BOTH. THIS IS A GREAT START. THE EO WILL HAVE TIMELINES ON WIND DEPARTMENTS AND AGENCIES NEED TO WORK AND IMPLEMENT THESE DIRECTIVES. THAT IS WHERE THE HARD WORK IS GOING TO STRIKE, WHEN WE ARE IMPLEMENTING AND ENFORCING THE DIRECTIVE.
ED: THE PRINCIPAL MECHANISM THE EXECUTIVE ORDER OUTLINES IS ANY COMPANY BUILDING A NEXT-GENERATION LANGUAGE MODEL AS OPPOSED TO ONE IN EXISTENCE HAS TO SUBMIT IT TO THE GOVERNMENT FOR A SAFETY REVIEW BEFORE IT IS PUT INTO THE PUBLIC DOMAIN. IS THAT AN EFFECTIVE TOOL TO MEET THE GOALS OF THIS ADMINISTRATION IN THE FIELD OF AI? RAMA: ABSOLUTELY. FIRST, WE NEED STANDARDS AND METRICS TO AUDIT AI SYSTEMS.
I EXPECT THE EXECUTIVE ORDER PUT OUT A DIRECTIVE TO COME UP WITH STANDARDS FOR AUDITING AI SYSTEMS BEFORE THEY ARE ADOPTED ACROSS DEPARTMENTS AND AGENCIES. I THINK IT WILL BE EFFECTIVE BUT WE HAVE A LOT OF WORK TO DO. ED: WHAT IS THE INTELLECTUAL-PROPERTY STORY HERE ? RAMA: AI WILL HAVE A LOT OF IMPLICATIONS ON EXISTING SYSTEMS LIKE OUR COPYRIGHT REGIMES AND FOR STANDARDS. SO I THINK AI IMPLICATIONS MEANS WE HAVE TO SEE WHAT IMPLICATIONS THIS HAS FOR OUR EXISTING REGIME AND OUR EXISTING LAWS TO SEE WHAT WE MAY NEED TO CHANGE, SAME FOR THE COPYRIGHT REGIME AND THERE ARE HARMS. WE DO NOT KNOW WHETHER INFORMATION IN THE DIGITAL DOMAIN IS REAL OR GENERATED BY AI OR AUTHENTIC. WE NEED SAFETY MECHANISMS TO
MAKE SURE WHEN INFORMATION IS GENERATED BY AI OR AI HAS BEEN USED THAT WE KNOW THAT THAT IS WHAT IS HAPPENING. CAROLINE: YOUR OWN PROJECT IS A FASCINATING ONE. THE IDEA IS WAYS IN WHICH YOU CAN STRENGTHEN AMERICA'S COMPETITIVENESS IN TECHNOLOGICAL DEVELOPMENT PARTICULARLY IN THE WORLD OF AI. HOW MUCH DO YOU THINK COMPETITIVENESS WILL BE FOSTERED OR STIFLED? WE ALSO NEED GUARDRAILS GLOBALLY. WE HAVE THE UA -- U.K. ABOUT TO HAVE ITS AI SUMMIT. WE'LL COMPETITIVENESS HAVE TO BE GIVEN UP FOR SAFETY? RAMA: WE NEED OUR PARTNERS AND ALLIES IN THIS COMPETITION.
WE CANNOT DO IT ALONE. THERE NEEDS TO BE ALIGNMENT WITH OUR EXISTING SAFEGUARDS ON TRUSTWORTHINESS, MAKING SURE THESE TECHNOLOGIES ARE RESPONSIBLE. SO OUR PARTNERS AND ALLIES NEED TO WORK TOGETHER TO MAKE SURE OUR GOVERNANCE MECHANISMS ALIGN SO WE HAVE MECHANISMS FOR DATA FLOWS. CAROLINE: PLEASE FINISH YOUR THOUGHT. RAMA: IN THAT SENSE, THERE IS HEALTHY COMPETITION, SO WE WANT EVERYONE TO OPERATE ACCORDING TO THE RULES OF THE ROAD. THAT IS WHEN WE CAN GET HEALTHY COMPETITION AND MAKE SURE WE ARE INNOVATING THE WAY WE WANT TO BE INNOVATING. CAROLINE: RAMA ELLURU, THANK YOU
FOR JOINING. COMING UP, CALIFORNIA GOVERNOR GAVIN NEWSOM WRAPS UP HIS CHINA TRIP WITH A TOUR OF TESLA'S FACTORY. ED: TESLA ON TRACK FOR ITS BIGGEST DROP IN A COUPLE WEEKS, LOWEST LEVEL SINCE MAY. PANASONIC INDICATING THROUGH THEIR FIRST LOSS IN THREE QUARTERS THAT THERE IS LACKLUSTER DEMAND TRANSLATING THROUGH TO SALE DEMAND BUT ALSO A BIG COMPETITOR IN THE CHINA MARKET HAVING STRONG FINANCIAL RESULTS THIS MONDAY, BOTH THOSE THINGS WEIGHING ON TESLA SHARES. THIS IS BLOOMBERG TECHNOLOGY. ♪ ED: CALIFORNIA GOVERNOR GAVIN NEWSOM WRAPPED UP HIS CHINA TOUR WITH A VISIT TO TESLA'S CHINESE FACTORY.
PLUS, PANASONIC'S AUTOMOTIVE BATTERIES OPERATIONS FELL TO THEIR FIRST LOSS IN THREE QUARTERS ON LACKLUSTER DEMAND FOR TESLA CARS. DEMAND SHIFTED TO TESLA MODELS PRICED BELOW THE $80,000 THRESHOLD, ELIGIBLE FOR TAX INCENTIVES, HOPING -- HURTING THE JAPANESE SUPPLIER'S PROFITABILITY. META-OFFER USERS FREE ACCESS TO FACEBOOK AND INSTAGRAM FOR A SUBSCRIPTION FEE AFTER COURTS BEGAN CRACKING DOWN ON THE WAY SOCIAL MEDIA COMPANIES TREAT DATA. THE SUBSCRIPTION WILL COST 99
EUROS A MONTH. CAROLINE: IN MANY WAYS, THAT IS RESPONDING TO EUROPEAN VIEWS ON CONTROL AND SOME STRENGTH IN THE MARKET THAT META HAS. THAT IS AN ONGOING NARRATIVE IN THE U.S.. GOOGLE'S CEO IS TESTIFYING IN THE COMPANY'S ANTITRUST TRIAL. THE STAR WITNESS IS GIVING TESTIMONY. THIS IS ABOUT PICHAI'S PUSH TO
TRY TO CONVINCE THAT THEY WERE DOING THIS NOT TO JUST NORMALIZE THE MARKET BUT WORRIED ABOUT A COMPETITIVE THREAT. THROUGHOUT THE TRIAL, AND WE ARE ON DAY 30 NOW, THE GOOGLE SIDE OF THE CASE IS JUST COMMENCING. WE ARE ABOUT MIDWAY THROUGH. HEAVY-DUTY PAYMENTS TO APPLE AND OTHERS FOR DEFAULT POSITION WILL BE ONE OF THE MAIN ISSUES.
THE GOVERNMENT SAYS THAT GOOGLE ILLEGALLY MONOPOLIZES SEARCH AND MAINTAINS HIS MONOPOLY THROUGH ILLEGAL MEANS. THE GOVERNMENT SAYS THOSE EXPENSE PAYMENTS TO AS MUCH AS $26 BILLION A YEAR BASICALLY FORECLOSE COMPETITION. EVERYBODY USES THE DEFAULT AND NO OTHER SEARCH ENGINE CAN BREATHE. GOOGLE SAYS WE ARE IN A COMPETITIVE WORLD AND WE NEED TO DO WHAT WE CAN OR WE ARE GOING TO BE YESTERDAY'S ROADKILL. THE CEO WILL LEAD ON THE LATTER SIDE OF THAT EQUATION. ED: WE HAVE KNOWN FOR A LONG
TIME THAT GOOGLE DOMINATES SEARCH. THE CORE OF WHAT HE IS TRYING TO ARGUE IS HOW CONSUMERS CONSUME TECHNOLOGY IS CHANGING AND THEREFORE THEY ARE A THREAT IN THAT MARKET POSITION. TODD: THERE ARE THREATS FROM PLACES LIKE THE SEARCH WITHIN AMAZON. WHO KNOWS WHAT OTHER SEARCHES ARE GOING TO POP UP AND POTENTIALLY UNDERMINE GOOGLE? WE KNOW FROM THE HISTORY OF TECH THERE IS ROADKILL THAT LOOKED BIG A LONG TIME AGO. I HEARD SOMETHING ABOUT MYSPACE ON RADIO YESTERDAY. THAT WAS BIG BACK IN EARLIER EONS AND DISAPPEARED RAPIDLY.
YOU NEVER KNOW. THEY SAY EVERYTHING THEY ARE DOING IS LEGAL AND JUSTIFIED. ED: THANK YOU. COMING UP, SHARES PLUNGE AFTER A COMPANY GAVE FORECAST THAT CAME IN BELOW ESTIMATES. WE WILL SPEAK WITH THE CEO NEXT.
THIS IS BLOOMBERG TECHNOLOGY. ♪ CAROLINE: WELCOME BACK TO "BLOOMBERG TECHNOLOGY." IAM CAROLINE HYDE IN NEW YORK. ED: I AM ED LUDLOW IN SAN FRANCISCO. WE WILL BE BRINGING YOU THE EUROPEAN MARKET CLOSE ON "BLOOMBERG TECHNOLOGY." THE BENCHMARK OF EQUITIES ACROSS
SEVEN EUROPEAN COUNTRIES STARTING THE WITH A MODEST .4% GAIN AFTER TWO STRAIGHT WEEKLY DECLINES. IF THERE IS ONE PIECE OF MOVEMENT IN EUROPEAN TRADING, IT IS BRENT, THE GLOBAL BENCHMARK TO OIL.
OF ALMOST 3% BECAUSE OF WHAT WE HAVE SEEN IN THE ISRAEL-HAMAS WAR AND THE ESCALATION OF MILITARY ACTIVITY OVER THE WEEKEND. THE OTHER THING IS THE EGO COMPONENT. WE GOT GDP DATA AND INFLATION DATA OUT OF GERMANY, BETTER THAN EXPECTED. SAW YIELDS PARE DECLINES AS A RESULT.
IN THE EURO STRENGTHENED AGAINST THE DOLLAR. THAT IS THE EUROPEAN PICTURE. FOR ONE WEEK ONLY. WE WILL BRING IT TO YOU DAILY. CAROLINE: WHAT A JOY IT IS QUITE TO BE THIS WEEK. CURRENTLY THE UNITED STATES IS SEEING A LITTLE BIT OF DESIRE TO BE GETTING BACK INTO THE UNSOLD NATURE OF THE NASDAQ AND THE S&P 500, COMING OFF THE HIGHS WHEN YOU ARE LOOKING OVERALL AT WHERE WE HAVE BEEN IN SOME OF THE BENCHMARKS. A LOT OF THIS IS SURROUNDING GEOPOLITICS AND CONFLICT IN THE MIDDLE EAST AND WHETHER OR NOT THERE WILL BE CONTAINED OR ESCALATED.
WE ARE SEEING A FEDERAL RESERVE FROM THE MACROECONOMIC PERSPECTIVE ON THE U.S. TREASURY . IF YOU ARE LOOKING AT THE BIG TECH PLAYERS, TESLA WEIGHING THAT DOWN ON ONE PARTICULAR SIDE. OFF BY 4.2%. A LOT OF THIS HAS TO DO WITH THE SIGNALS FROM PANASONIC, THE BATTERY PART OF THIS EQUATION.
THEY ARE SAYING THAT THEY ARE SEEING A LACKLUSTER DEMAND FOR THE MODEL X. THAT IS CRIMPING THEIR OWN SALES. WE ARE SEEING COMPETITION FROM BYD IN CHINA. BECAUSE OF THE NARRATIVE AROUND CHIPMAKERS, STOCKS DOWN. ONLY 4 PLAYERS IN THE GREEN IN THE SEMICONDUCTOR CHIP INDEX. ONE KEY PLAYER WE HAVE COMING UP COME OFF BY 2% ON THE DAY. ED: YOU WERE TALKING ABOUT
SHARES OF A SEMI CONNECTOR MANUFACTURER. DOW DOWN MORE THAN 19% COME ON TRACK FOR THE BIGGEST DROP SINCE MARCH 2020, THE STOCK AT ITS LOWEST LEVEL SINCE JANUARY THIS YEAR. HASSAN, THIS IS ABOUT THE OUTLOOK YOU GAVE FOR THE FOURTH QUARTER COMING IN BELOW EXPECTATIONS. I GUESS WHAT IS THE FOURTH-QUARTER OUTLOOK DICTATED BY? WHAT ARE YOU SEEING IN YOUR AND MARKETS ACCURATELY -- END MARKETS? WE HAVE ALWAYS KNOWN INDUSTRIAL COME WE HAVE OUTLINED THAT IN PRIOR QUARTERS, AND WE ADDED TO THAT THE SOFTNESS WE ARE SEEING FROM CUSTOMERS AS THEY THEY JUST THREW THE INVENTORY. THE INVENTORY IS REALLY RELATED TO THE IN DEMAND SOFTENING IN AUTOMOTIVE'S. YOU COUPLE THESE TWO WITH DEMAND
BEING IMPACTED BY INTEREST RATES AND YOU GIVE THE GUIDE THAT WE HAVE OUTLINED, SOFTER GUIDE THAN WE HAVE SEEN, WITH A SINGLE OUTLIER OF THE CUSTOMER WHICH IS ALSO DEMAND ON THE AUTOMOTIVE IN NORTH AMERICA. ED: HASSANE, IS THERE TANGIBLE IMPACT FROM THE STRIKES IN NORTH AMERICA? HASSANE: YOU ARE REFERRING TO THE UAW STRIKES? IT'S NOT REALLY -- THERE IS NO TANGIBLE IMPACT THAT WE CAN PINPOINT. BUT THE IMPACT ATTACK WOULD HAPPEN IN A QUARTER. IF THERE IS IMPACT, IT WILL BE THE OUTER QUARTER. GIVEN THE MACRO UNCERTAINTY WE
HAVE HAD, IT WILL NOT BE THE OUTLIER WE HAVE TO CONSIDER. CAROLINE: HASSANE, YOU HAVE OUTLINED ONE KEY PLAYER IN PARTICULAR. CAN YOU SAY WHO? HASSANE: NO, I WOULD RATHER NOT GET INTO CUSTOMER SPECIFICS. CAROLINE: CAN I ASK SPECIFICALLY ABOUT YOUR RELATIONSHIP WITH CHINESE MANUFACTURERS? YOU DO HAVE RELATIONSHIPS THERE.
GEOPOLITICS HAS BEEN TOUGH IN THAT ARENA TO SAY THE VERY LEAST. HOW DO YOU SEE YOUR ONGOING RELATIONSHIP WITH CHINA MORE BROADLY? HASSANE: I THINK OUR RELATIONSHIP WITH CHINESE OEM IS VERY POSITIVE. I TALKED ABOUT THE FACT THAT WE ARE ENGAGED WITH LONG-TERM AGREEMENTS WITH 4 OF THE TOP FIVE CHINA OEM'S. WE ALSO RENEWED OUR ENGAGEMENT
WITH NE-YO THAT EXTENDS TO THE END OF THE DECADE, 2031. THE RELATIONSHIP IS VERY POSITIVE. IT'S INCREMENTAL FOR US. THERE'S THE BACKDROP OF DEMAND IN CHINA. BUT DEMAND IS GOING UP IN CHINA.
DEMAND IS GOING UP IN EV'S WORLDWIDE. DEMAND IS INCREASING. IT IS INCREASING IN THE FOURTH QUARTER FOR US AND IN 2024, AND THAT RELATES TO SOME OF THE CHINA BUSINESS WE HAVE, WHICH HAS BEEN POSITIVE. WE CAME FROM A VERY SMALL REVENUE PENETRATION, AND THAT IS GOING TO BE INCREASING. ANY ADDITIONAL EV'S IN CHINA IS INCREMENTAL REVENUE FOR US. ED: I THINK ABOUT THE SEMI STORY, THE MAIN STAY OF IT, SO CLIENT -- SILICON BATTERY GOING INTO AUTO KIDS OR INDUSTRIALS. YOU HAVE PAINTED THIS BROAD
WEAKNESS. WITHIN THE UNIVERSE YOU SERVE, WHERE IS THE STRENGTH? ARE THERE INDUSTRIES BUBBLING -- GOBBLING UP SILICON CARBIDE CHIPS FAST AS THEY CAN? HASSANE: I WILL START WITH THE BIGGEST INDUSTRY, THE AUTOMOTIVE INDUSTRY, EV SPECIFICALLY. TANGENTIAL TO THAT, DRIVEN BY IT, ALSO A CONSEQUENCE, ENERGY INFRASTRUCTURE, WHETHER IT IS THE CHARGING STATIONS OR MORE IMPORTANTLY THE ENERGY STORAGE SYSTEMS TO COMPLEMENT THE GRID. THAT HAS BEEN A VERY POSITIVE AND STRONG DEMAND ENVIRONMENT FOR US IN THE INDUSTRIAL. INDUSTRIAL IN GENERAL HAS BEEN WEAK, SPECIFICALLY THE ENERGY INFRASTRUCTURE HAS BEEN A VERY POSITIVE, VERY STRONG, GOING OVER 50% GROWTH FOR US AND WILL CONTINUE TO DO SO FOR THE REMAINDER OF 2023 INTO 2024. THOSE TWO BIG TRENDS THAT HAVE
BEEN FUELING THE SILICON CARBIDE ADOPTION CAN STILL HERE AND STILL DRIVING ADOPTION. CAROLINE: AND YOU HAVE BEEN TRYING TO PAINT A PICTURE OF YOUR SUPPLY CHAIN AS WELL AS BEING ABLE TO FEED THAT SORT OF DEMAND AND TALKING WITH SOUTH KOREA AS WELL. WE ARE LOOKING AT CHARTS AS YOU SPEAK, HASSANE, AND THEY ARE PRETTY BRUTAL, TO BE PERFECTLY HONEST. COMPLETE LEG DOWN OVER THE LAST COUPLE DAYS. HOW DO YOU RESPOND TO THOSE
SELLING PRESSURES FROM THE INVESTOR BASE? HOW DO YOU MANAGE YOUR OWN TALENT POOL? HASSANE: I LOOK AT THE REACTION AS A MOMENTARY SHORT-TERM REACTION. IT IS NOT A REACTION THAT REFLECTS OUR LONG-TERM VIEW OF THE BUSINESS. WE WILL GET THROUGH IT. I THINK IT IS A BUYING OPPORTUNITY FOR A LOT OF THE LONG SHAREHOLDERS THAT WE HAVE.
EMPLOYEES SEE IT THE SAME WAY. FOR US INTERNALLY, AND EMPLOYEES ARE PUMPED UP. THEY ARE DELIVERING BEYOND OUR GOALS, SPECIFICALLY WE TALKED ABOUT SILICON CARBIDE. WE HAVE BEEN VERY BULLISH ABOUT THE MULTIYEAR OUTLOOK OF ELECTRIC VEHICLES. WE MAINTAIN THAT STRATEGIC AND POSITIVE YOU COUL\ HAVE SEE THE TALENT -- OUR EMPLOYEES SEE THE TALENT WE ARE RECRUITING CAN LEADERSHIP BEING BUILT, AND THAT IS WHAT WE ARE BASING OUR ENERGY ON. WHATEVER HAPPENS TODAY IS TEMPORARY.
WHETHER IT IS A DAY, WEEK, QUARTER, DOESN'T REALLY MATTER. WE DON'T MANAGE THE COMPANY QUARTER TO QUARTER OR WEEK ON WEEK. WE MANAGE IT LONG-TERM. THAT IS INVESTMENT SEVEN GOING. CAROLINE: WE THANK YOU FOR SPELLING THAT OUT FOR US. HASSANE EL-KHOURY, ONSEMI CEO, GREAT TO HAVE HIM WITH YOU. BROADCOM AND SOFTWARE MAKER VMWARE SAY THEIR MERGER IS ON TRACK TO CLOSE BEFORE THE NOVEMBER DEADLINE, DESPITE NOT RECEIVING APPROVAL FROM THE CHINESE REGULATORS. THE COMPANIES DO NOT DISCLOSE
HOW CLOSE THEY MAY BE, BUT THEY HAVE STATED "THERE IS NO LEGAL IMPEDIMENT IN CLOSING UNDER U.S. REGULATIONS." THE AGREEMENT BETWEEN THE CAMESA EXPIRES NOVEMBER 22, ED. ED: COMING UP ON "BLOOMBERG TECHNOLOGY," ALL ABOUT AI REGULATION BE IN THE SPOTLIGHT WE WILL SPEAK TO THE GENERAL PARTNER AT CRV NEXT, AND THAT A PROFESSOR IN THE COMPUTER SCIENCE DEPARTMENT AT STANFORD UNIVERSITY AND A BIG NAME THE WORLD OF AI. THIS IS "BLOOMBERG TECHNOLOGY." ♪ ♪ IT WOULD BE PREFERABLE TO HAVE A GLOBAL FRAMEWORK. WHAT WE HAVE DONE AROUND THE WHOLE QUESTION ON CLIMATE, WE COULD ACTUALLY APPLY TO HAVE AN INTERNATIONAL ENERGY ASSOCIATION ALSO FOR AI. GIVEN THE CONTEXT IN WHICH WE
ARE IN, IT WOULD BE VERY DIFFICULT TO ASSUME THAT IT IS GOING TO HAPPEN. ED: THAT WAS THE AXA CEO DISCUSSING CONCERNS RUN ARTIFICIAL INTELLIGENCE AND HOW TO REGULATE IT. TIME FOR OUR VC SPOTLIGHT, HOW YOU PLAY THE INVESTMENT FIELD GIVEN THOSE CONCERNS. JOINING US IS A GENERAL PARTNER AT CRV. WE HAD A LOOK AT THE BIDEN EXECUTIVE ORDER ON REGULATING AI. THE U.K. WILL CONSIDER THAT
TOMORROW. AND AT THE EARLY STAGE, SO MUCH WORK IS GOING ON TO DEVELOP THE TECHNOLOGY. WHERE DO YOU START? IT'S SO INTERESTING RIGHT NOW. THE REALITY IS WE HAVE BEEN INVESTING FOR 53 YEARS AND YOU START WITH THE PEOPLE.
CRV HAS TAKEN THE APPROACH THAT WE ARE INVESTING AT THE EARLIEST STAGES WITH PEOPLE IN BROAD MARKETS. IT IS VERY UNCLEAR WHERE THE MARKET'S GOING TO GO. IF YOU LIKE TODAY WITH THE BIDEN ADMINISTRATION AND THEIR EXECUTIVE ORDER AS WELL AS THE EU ACT, REMAINS TO BE SEEN WHERE IT COMES DOWN, WE ARE FINDING A DIFFERENT AREA TO START. MULTIPLE DIFFERENT AREAS. ED: THE MAIN MECHANISM OUTLINED IS A MAKER OF LARGE LANGUAGE MODELS, FUTURE GENERATIONS OF LARGE LANGUAGE MODELS, MUST RUN THEM BY THE GOVERNMENT AND LET THEM REVIEW THEM FOR SAFETY BEFORE OPENING UP TO THE PUBLIC. DOES THAT IMPACT HOW ATTRACTIVE A STARTUP THAT IS BUILDING ITS OWN FOUNDATION MODEL MAY BE AS AN INVESTMENT? JAMES: I THINK IT'S INTERESTING, WITH THE FIRMS THAT ARE MAKING THEIR OWN FOUNDATIONAL MODELS, OPENAI IN THE U.S., I STILL
BELIEVE THERE IS GOING TO BE HUGE OUTLIER COMPANIES IN THAT CATEGORY. I BELIEVE THAT OPENAI AS WELL AS OPEN-SOURCE SOFTWARE COMPANIES WILL BE VERY INTERESTING. THERE WILL BE REGULATION, BUT LIKE IT'S ECPA, COMPANIES THAT COME AROUND OUT OF THOSE. CAROLINE: SO WHERE TO ALLOCATE
IN THIS ENVIRONMENT, JAMES COME IF IT IS NOT THE BIG MAKERS, FOUNDATIONAL LAYERS? WHERE IS THE APPLICATION THAT YOU WANTED SO NECESSARY THAT IT WILL BE WALLED OFF AND THERE WILL BE ENOUGH BARRICADES FOR A COMPANY TO SURVIVE IN THAT? JAMES: I THINK THE APPLICATION LAYER, THERE WILL BE DIFFERENT AREAS PEOPLE CAN SURVIVE COME FROM. WE INVESTED IN A COMPANY THAT IS USING AI FOR FIELD SALES. THAT,, WHETHER IT IS DEVELOPED TOOLS, LOTS OF WAYS PEOPLE CAN BE SUCCESSFUL AND BUILD LARGE COMPANIES.
THESE COMPANIES ARE GROWING FASTER THAN ALMOST EVER BEFORE. IF YOU LOOK AT THE SPEED OPENAI IS GROWING THAT IS BEING PARALLELED WITH MANY OTHER COMPANIES AT THE EARLY STAGE. CAROLINE: AS A BRIT NOW IN AMERICA, FROM BIRMINGHAM, WE ARE LOOKING AT THE U.K. TRY TO SHOW OFF ITS PROWESS IN THE ERA OF AI. ARE ALL THE COMPANIES WERE INTERESTED IN THE WEST COAST? ARE THE INTERNATIONAL U.S.
PRIMARILY? JAMES: THAT'S A GREAT QUESTION. CRV HAS BEEN INVESTING ALL OVER THE WORLD FOR MOST OF ITS 53-YEAR PERIOD. WE HAVE INVESTED IN THE WEST COAST CAN BE STARTED IN THE EAST COAST. THAT WILL CONTINUE TO BE THE CASE.
OUR AI PORTFOLIO UNSURPRISINGLY IS VERY WEST COAST-HEAVY TODAY. BUT WITH TEAMS COMING OUT OF DEEP MIND IN LONDON CAN WHICH GOOGLE ACQUIRED, AS WELL AS TEAMS OUT OF ISRAEL, WE ARE SEEING GLOBAL TECHNICAL TALENT WILL BE IN AND AROUND AI APPLICATIONS AND INFRASTRUCTURE. YES, IT IS CURRENTLY VERY HEAVY ON THE WEST COAST, BUT WE WILL CONTINUE TO INVEST GLOBALLY. CAROLINE: JAMES GREEN OF CRV, WE THANK YOU FOR HIS EXPERTISE. THAT IS SOME OF THE PRIVATE TALENT. WHAT ABOUT THE TALENT FROM THE PUBLIC, PARTICULARLY UNIVERSITIES? JOINING US IS A PROFESSOR IN THE COMPUTER- SCIENCE DEPARTMENT AT STANFORD UNIVERSITY AND AUTHOR OF "THE WORLD SITE SEE -- "THE WORLDS I SEE." THIS WILL DO CURRENTLY SEE, ARE
USING ENOUGH OF THAT TALENT COMING OUT OF THE UNIVERSITY AT WHICH YOU SIT? ARE YOU WORRIED ABOUT THE MONEY NECESSARY TO FOSTER THAT TALENT? THANK YOU, CAROLINE AND ED, FOR INVITING ME HERE. WE ARE LOOKING AT EXTREMELY HIGH LEVEL OF EXCITEMENT OF STUDENTS MAJORING IN COMPUTER SCIENCE AND AI. AS FAST AS WE CAN TRAIN OUR STUDENTS, YES, THERE IS A HUGE AMOUNT OF EXCITEMENT AND TALENT GOING TO JUST GOING INTO THIS SPACE. BUT WHERE I SIT IS PUBLIC SECTOR, ACADEMIA, HIGHER EDUCATION. I DO THINK WE NEED A MUCH MORE
INVESTMENT AND RESOURCING TO MAKE SURE THE PUBLIC SECTOR DEVELOPMENT AND RESEARCH OF AI STAYS HEALTHY AS PART OF THE ECOSYSTEM AND, FRANKLY, PART OF THE INNOVATION ENGINE OF AMERICA. ED: DR. LI, YOU MET WITH PRESIDENT BIDEN AND SPOKE WITH HIM IN JUNE. HE IS DUE TO SIGNED INTO LAW HIS EXECUTIVE ORDER FOR AI STANDARDS THIS AFTERNOON. BASED ON THE FACT SHEET THAT HAS BEEN RELEASED AND BLOOMBERG'S REPORTING, WHICH YOU SHARED ON SOCIAL MEDIA, DID ANY OF THE PROPOSALS OR RECOMMENDATIONS YOU MADE TO PRESIDENT BIDEN AND UP TO BEING IN THE EXECUTIVE ORDER? FEI-FEI: YEAH, I AM DEFINITELY VERY EXCITED TO SEE ALL THE DETAILS THIS AFTERNOON.
BUT FROM THE FACT SHEET THAT I BRIEFLY READ, I AM EXCITED TO SEE THE LEVEL OF COMPREHENSIVENESS, MULTIFACETED, BROADER COVERAGE OF THIS EO, ESPECIALLY ABOUT THE NATIONAL AI RESEARCH RESOURCE, NARR PILOT PROGRAM,. WE AT THE INSTITUTE SPEARHEADED THIS EFFORT BACK IN MARCH 2020 WHEN WE WROTE AN OPEN LETTER TO MANY, MANY UNIVERSITY LEADERS ACROSS THE COUNTRY CAN MAKE THIS INTO A FIRST BILL UNDER THE TRUMP ADMINISTRATION, AND AFTER WORKING WITH BIDEN WHITE HOUSE AND NSF, NATIONAL SCIENCE FOUNDATION, FOR 20 OR SO MONTHS, WE ACTUALLY SUBMITTED A PLAN FOR NATIONAL AI RESEARCH RESOURCE THERE TO CONGRESS EARLIER THIS YEAR. SEEING IT BE PART OF THE FACT SHEET, PART OF THE PILOT PROGRAM OUT OF THIS EO, IS REALLY EXCITING, AND FRANKLY, WE ARE IN DIRE NEED IN PUBLIC SECTOR. OF COURSE THERE'S A LOT MORE
DETAILS TO BE SEEN, AND I REALLY LOOK FORWARD TO CONGRESS TAKING ACTION FOLLOWING THIS CE. O-- THIS EO. ED: DR. LI, YOU WANT MORE RESOURCES AND TO REBALANCE THE AI DEVELOPMENT BEING DONE IN THE PUBLIC SECTOR VIS-À-VIS INDUSTRY AND GOVERNMENT. WHY DO YOU WANT TO SEE THAT REBALANCING? FEI-FEI: ED, I THINK THIS IS REALLY IMPORTANT FOR AMERICA'S LEADERSHIP. AI IS SUCH CRITICAL TECHNOLOGY, IT IS A HORIZONTAL TECHNOLOGY THAT IS PROPELLING THE ENTIRETY OF OUR CLOAK, OUR HUMAN CIVILIZATION INTO THE NEXT CHAPTER. WE DEFINITELY NEED RESPONSIBLE DEVELOPMENT, AND AMERICA'S GLOBAL LEADERSHIP AND ITS FOUNDING DEMOCRATIC VALUES ARE CRITICAL TO HELP USHER IN THIS RESPONSIBLE TECHNOLOGY.
THIS IS WHY WE NEED THE PUBLIC SECTOR TO BE PART OF THE INNOVATION AS WE HAVE ALWAYS DONE WHETHER IT IS BIOTECH OR SPACE TECHNOLOGY OR COMPUTERS COME INTERNET. WE HAVE DONE THAT AS A COUNTRY AND WE NEEDED THAT FOR AI AS WELL. CAROLINE: YOU ARE THE GODMOTHER OF AI, AS MANY CALL YOU. THIS ISN'T JUST THE AI U.S. FIELD, IT IS A GLOBAL FIELD. FROM TOMORROW, WITH THE AI
DISCUSSIONS HAPPENING NOVEMBER 1 IN THE U.K., ARE YOU HOPEFUL THERE WILL BE GLOBAL GUARDRAILS? FEI-FEI: CAROLINE, I'M GOING TO REMAIN CAUTIOUSLY HOPEFUL. I REALLY WANT TO SEE ACTIONS. WE HAVE BEEN WORKING WITH GLOBAL PARTNERS, GOVERNMENTS, AS A NEUTRAL PUBLIC SECTOR INSTITUTE. WE SEE A LOT OF ENGAGEMENT FROM THAT POINT OF VIEW. I AM HOPEFUL.
WHAT MAKES ME MOST HOPEFUL IS THE YOUNG GENERATION NOW TAKING SO MUCH INTEREST IN THIS TECHNOLOGY NOT ONLY FROM THE TECH POINT OF VIEW, BUT FROM POLICY AND SOCIETY POINT OF VIEW. BUT I WANT TO SEE ACTUAL MEAT ON THE BONE, I WANT TO SEE ACTION, AND WE WANT TO BE PART OF THIS MOVEMENT IN USHERING IN A MULTILATERAL PARTNERSHIP WAY THIS TECHNOLOGY. ED: DR. FEI-FEI LI OF STANFORD UNIVERSITY, THANK YOU FOR YOUR TIME.
THIS IS "BLOOMBERG TECHNOLOGY. ♪ CAROLINE: IT'S APPLE'S FINAL EVENT OF THE YEAR TONIGHT, CAPITALIZING ON A COMPUTER MARKET RESURGENCE WHEN THE COMPANY UNVEILS TWO NEW PROCESSORS. MORE ON THE EVENT WE CALL SCARY FAST -- I'M THINKING SPEED HERE. SPEED INDEED.
MIXING A BIT OF HALLOWEEN, THIS IS THE FIRST TIME I CAN REMEMBER APPLE IS HOSTING AN EVENT AT 5:00 P.M. PACIFIC TIME, 8:00 HIM EASTERN TIME, AND IT IS ALL ABOUT THE MAC. NE MACBOOKW PROS AND THREE CH IPS.
THESE ARE GOING TO BE THERE FASTEST MAC CHIPS TODAY. -- TO DATE. FOR THOSE OF THE MARKET FOR A NEW MAC, FOR THOSE WHO LOVE THE SPEEDS, THIS EVENT IS PROBABLY FOR YOU. CAROLINE: CAN'T WAIT TO SEE WHAT THE HALLOWEEN VIBES ARE, TOO. MARK GURMAN ALWAYS THERE TO TELL US WHAT IS UP FOR THE COMPANY TELLS US.
THAT DOES IT FOR THIS EDITION OF "BLOOMBERG TECHNOLOGY," ED. ED: BIG THANKS TO EVERYONE IN THE AUDIENCE TUNING INTO THE PODCAST. FIND THE PODCAST ON ALL THE BLOOMBERG PLATFORMS, BUT ALSO ON APPLE, SPOTIFY, AND IHEART. WE KNOW A LOT OF YOU HAVE BEEN TUNING IN, SO THANK YOU FOR THAT. FROM NEW YORK CITY AND HERE IN SAN FRANCISCO, REALLY BIG WEEK AHEAD. THIS IS "BLOOMBERG TECHNOLOGY." ♪
2023-10-31 15:56
