DOJ's Apple Lawsuit and the IPO Ecosystem | Bloomberg Technology

Bloomberg Technology
22 Mar 202443:54

Summary

TLDR「Bloomberg Technology」では、Appleの規制問題、RedditのIPO成功、Bitcoinの価格変動、EV販売の遅い成長などが取り上げられました。また、AI技術の発展、CHIPS Actによる影響、Climate Investingの動向などにも触れられています。

Takeaways

  • 📉 Bitcoinは今年最悪の週のひとつとなり、ETF需要が減緩していると報じられています。
  • 💡 RedditのIPOは初日で48%の上昇を記録し、市場への期待が高まっています。
  • 📈 S&P 500は20回の新記録高を打ちましたが、週末に引き下がり的趋势があります。
  • 🔍 アメリカ司法部は、Appleに対する独占禁止法違反の訴訟を起こしました。
  • 🤖 AI技術は、現在および未来の成長を推進する重要な要素として注目されています。
  • 🚗 特斯拉は中国でのEV販売の成長が鈍化しているため、生産を減らしています。
  • 🌐 华为と秘密のチップメーカーパートナーが、低技術で高度な半導体を製造する方法の特許を出願しました。
  • 📊 政治選挙の周期の中で、IPO市場は投資家の関心を引き続けています。
  • 💬 英国の競争市場当局は、VodafoneとThreeの統合を深く調査しています。
  • 🌿 気候投資とAIの進展は、技術の発展と政策の支援によって前進しています。
  • 🔗 アメリカ政府は、チップ技術の投資を促進するために、法案を通過しました。

Q & A

  • どのようなトピックが「Bloomberg Technology」で議論されていますか?

    -「Bloomberg Technology」では、Appleの規制問題、RedditのIPO生態系、Bitcoinの価格動向、中国の通貨価値変化、そしてAppleがDOJの反独占訴訟にどのように対応するかなど、テクノロジー業界の最新動向が議論されています。

  • AppleはDOJの反独占訴訟に対してどのような立場を取っていますか?

    -Appleは、DOJの反独占訴訟に対して、自分が市場シェアを独占しているとは信じていないため、訴訟に対する反論を行う予定です。彼らは、規制机构が彼らを独占者として位置付けることに混乱を感じており、解決された主な問題についての60%から70%について訴訟書から明らかになっています。

  • Bitcoinの価格はどのように変動しましたか?

    -Bitcoinはその週の最高値から10%以上下落し、ETF需要が減少し、その週の最悪の週の一つとなる可能性があります。

  • RedditのIPOはどのくらいの成功を収めましたか??

    -RedditのIPOは最初の日で48%の上昇を記録し、発行価格の上限の範囲で資金を調達しました。しかし、その後の取引ではその価値を若干減少し、しかし依然としてIPO価格よりも高額になっています。

  • 中国の通貨価値はどのように変動しましたか?

    -中国の通貨価値は米国ドルに対して大幅に下落しました。これは中国の政策 Makerが予想よりも低いペグを設定したためです。

  • Teslaは中国での生産をどのように変動させましたか?

    -Teslaは中国での生産を減らしました。具体的には、上海の工場で働く車両の生産を5日/週から6.5日/週減らしました。これはEV販売の成長が遅れているためです。

  • AI技術が企業の成長戦略においてどの様に役立つか?

    -AI技術は企業の成長戦略において、データの解析、業務効率の向上、製品開発、カスタマーサービスの改善など様々な面で役立ちます。特に、RedditはAI技術を利用して、ユーザーとプラットフォームデータのライセンスをAI企業に提供することで、新たな収益源を生み出しています。

  • 現在のIPO市場の動向は何ですか?

    -現在のIPO市場は、RedditやAstera Labsなどの有名企業が好調な成績を収めているため、徐々に回復しています。ただし、政治的な選挙サイクルや市場の動向など、様々な要素が企業のIPOに影響を与える可能性があるため、今後の動向は注視が必要です。

  • Bitcoinの将来的な価値はどのように予測されますか?

    -Bitcoinの将来的な価値は、供給の制限と需要の增减によって影響されます。Bitcoinの供給は静的であり、マイニングによる生産量が減少するにつれ、通貨の価値は上昇する可能性があります。また、伝統的な金融システムに比べて、Bitcoinは中央集権的な政策の影響を受けにくいため、投資家にとって魅力的な選択肢となる可能性があります。

  • 企業がAI技術を導入する際にはどのような課題があるとされていますか?

    -企業がAI技術を導入する際には、データの質と量の確保、AI技術の適切な適用、法規制の対応、またAIの決定過程の透明性など、様々な課題があるとされています。特に、AI技術を用いてユーザーデータを分析する場合、プライバシー保護やデータセキュリティー上の課題が重要となります。

  • アメリカ政府はAI技術の発展をどう支援していますか?

    -アメリカ政府は、AI技術の発展を支援するために、CHIPS ActやIRA(Inflation Reduction Act)などの法案を通じて、税制上のインセンティブや資金支援を提供しています。これにより、米国国内の製造業とAI技術の研究開発が促進され、テクノロジーの成長を支持しています。

Outlines

00:00

📺 番組オープニングと番組内容の紹介

番組「Bloomberg Technology」のオープニングで、キャロライン・ハイドとエド・ラドロウがニューヨークとサンフランシスコから配信します。このエピソードでは、Appleの規制問題、RedditのIPO生態系、Bitcoinの価格動向などについて議論します。

05:02

📉 Appleの規制の影とRedditのIPO

AppleがDoJの反独占訴訟に対してどの様に対応するかについて、Mark Gurmanが解説します。また、RedditのIPO後、株価が早期に跳ね上がったものの、後に下落したことも触れています。さらに、AI技術の発展と規制の影は、今後のテック企業にどのような影響を与えるのでしょうか。

10:05

🌐 世界中の反応とIPOの市場動向

Katie Ruthは、RedditのIPO後、投資家やユーザーの反応について分析し、IPOの成功とその後の株価動向について考察します。また、将来のIPO市場の動向と、企業がどのようにIPOを活用するかについても話します。

15:14

🤖 AI技術の進化と市場への影響

Noor Amin-Khanは、RedditのIPOとAI技術の進化、そしてこれらが市場に与える影響について語ります。Redditがデータ ライセンシング事業を通じてAI技術を活用し、そのビジネスモデルがどのように機能するかを説明します。

20:18

🚗 電気自動車(EV)市場の動向とテスラの生産調整

テスラが中国の工場で生産量を調整したことを背景に、EV市場の成長と競争が変化しています。また、Huaweiが新しいチップ製造技術の特許を出申請したことで、中国がアメリカの規制から脱却し、自国の半導体生産を目指す可能性が報じられています。

25:21

🌐 イノベーションと市場の再編

Rachel Goerringは、最近のIPO活動と、それらが将来の市場動向に与える影響について解説します。特に、AI技術がどの様に企業や投資家に影響を与えているか、そしてどの種別のAI企業が注目されるかについて語ります。

30:22

💡 ビットコインの市場動向と将来の予測

BitGoのCEO、Mike Belsheは、ビットコインの市場動向、特にETFの登場以降の価格変動と、それに対応する投資家の反応について語ります。また、Bitcoinの減産スケジュールとその経済政策の意味、今後のBitcoinの展望についても詳しく説明します。

Mindmap

Keywords

💡Bitcoin

Bitcoinは、ブロックチェーン技術を使用する分散型の暗号通貨です。このトランザクションシステムは、中央集権的な金融機関の代わりに、ユーザーが直接取引を行うことができます。ビデオスクリプトでは、Bitcoinがその価格を再確認し、今年最悪の週の1つにつながる可能性があると述べています。また、BitcoinのETF(取引所株式ファンド)が成功していると報告されており、これは投資家にとって魅力的な投資先として位置付けられています。

💡Regulatory Overhang

Regulatory Overhangは、規制の不確定性や影響を受ける可能性が、企業のビジネスや市場評価に影響を与える状況を指します。ビデオスクリプトでは、Appleが直面している規制の影が触れられており、これには企業のビジネスモデルや成長戦略に大きな影響を及ぼす可能性があることが示されています。

💡Reddit IPO

Reddit IPOは、このソーシャルメディアプラットフォームが初めて株式を公開して売却し、株主になることを指します。RedditはそのIPOで約48%の上昇を遂げ、市場への期待が高まっています。IPOは企業が成長を追求し、新たな投資を受け入れるための重要なステップです。

💡Antitrust Lawsuit

Antitrust Lawsuitは、競争を妨害する行為に対する法律訴訟のことを指します。ビデオスクリプトでは、Appleがアメリカ合衆国司法部からの独占禁止法違反の訴訟を受けたことが触れられています。このような訴訟は、企業のビジネスプラクティスや市場の構造に大きな影響を与える可能性があります。

💡AI (Artificial Intelligence)

AIは、人工知能の略です。これは、コンピューターシステムが人間の思考や行動を模倣し、より複雑なタスクを実行できるようにする技術です。ビデオスクリプトでは、AIが健康ケアや金融規制などの特定の業界でのアプリケーションや、RedditがAIを用いて成長を促進する計画について言及されています。

💡ETF (Exchange-Traded Fund)

ETFは、株式市場で取引できるファンドで、多数の個別株式を含んでいます。ETFは、投資家が特定の市場セクターや投資戦略に投資する際に利用されることがあります。ビデオスクリプトでは、Bitcoin ETFの登場が注目されており、これはBitcoinへの投資をより容易にし、新たな投資家の参加を促進する可能性があります。

💡Cloud Gaming

Cloud Gamingは、クラウドコンピューティング技術を使用して、ゲームがサーバー上でストリーミングされるサービスです。これにより、ユーザーは高性能なゲームをプレイすることができ、ローカルのハードウェアの制限に縛られることはありません。ビデオスクリプトでは、Appleがクラウドゲーミングのサポートを提供していないことが問題視されています。

💡Cryptocurrency

暗号通貨は、暗号化されたデジタル通貨で、中央銀行や政府の管理を受けることなく、インターネット上での取引や投資に使用されます。Bitcoinはその一例で、ビデオスクリプトでは今年最悪の週を迎える可能性があることが述べられています。

💡Market Volatility

市場変動は、株式市場などの金融市場において、価格が急激に変動することを指します。この現象は、経済データ、政治イベント、市場心理などの多くの要因によって引き起こされます。ビデオスクリプトでは、Bitcoinの価格が急落したことや、Reddit株式の初日の値上がりが触れられており、これらは市場変動の一例です。

💡Investor Sentiment

投資家感度は、市場に参加する投資家の心理状態や市場に対する見方を指します。この感度は、市場の動向や投資家の取引行動に大きな影響を与えることがあります。ビデオスクリプトでは、BitcoinのETFの成功やRedditのIPOに対する投資家の反応が、投資家感度に関連する例として挙げられています。

💡Tech Ecosystem

テック生態系は、互いに関連している技術、企業、サービス、およびプラットフォームが集まり、一つの統合体を形成することを指します。これにより、企業は他の技術やサービスとの連携を通じて成長し、新たなビジネスモデルや製品を創造することができます。ビデオスクリプトでは、AIが特定の業界でのアプリケーションや、Redditがデータの活用を計画していることが、テック生態系の発展に関連していることが述べられています。

Highlights

Bloomberg Technology discusses the regulatory overhang for Apple.

Reddit's IPO ecosystem is analyzed following its strong debut.

Bitcoin experiences one of its worst weeks of the year due to slowing ETF demand.

The U.S. stock market has one of its best weeks of the year.

The 10-year yield falls by five basis points.

Jerome Powell does not give any further insights into the Fed's plans for the rest of the year.

Chinese policymakers allow a slight weakening of the currency.

Reddit's stock jumps 48% from its early four-dollar IPO price on day one.

Apple faces an antitrust lawsuit from the DOJ, which impacts its stock.

Mark Gurman, Chief Correspondent, shares insights on Apple's response to the lawsuit.

Tim Cook's visit to China and potential generative AI discussions are highlighted.

Reddit's IPO affects user base and community reactions.

Reddit's IPO raises questions about the company's data licensing business.

William Kovacic discusses the impact of legal actions on business models.

The possibility of Apple and the DOJ reaching a solution outside of court is explored.

Reddit's IPO performance sets the stage for future IPOs and market sentiment.

Astera Labs and Reddit's IPOs are analyzed for their potential impact on the market.

Tesla reduces production at its Chinese plants amid sluggish EV sales growth.

Huawei and a chipmaking partner file patents for a potentially effective way to make advanced semiconductors.

Vodafone and Three's combination faces a deep check by the UK Competition Markets Authority.

Transcripts

play00:09

ANNOUNCER: FROM THE HEART OF WHERE

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INNOVATION, MONEY, AND POWER COLLIDE IN SILICON VALLEY AND

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BEYOND, THIS IS "BLOOMBERG TECHNOLOGY,"

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WITH CAROLINE HYDE AND ED LUDLOW.

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CAROLINE: I'M CAROLINE HYDE AT BLOOMBERG’'S HEADQUARTERS IN

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NEW YORK. ED: AND I'M ED LUDLOW IN SAN

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FRANCISCO. THIS IS "BLOOMBERG TECHNOLOGY."

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CAROLINE: WE WILL DISCUSS THE REGULATORY

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OVER TED -- OVERHANG FOR APPLE. FULL ANALYSIS AHEAD. ED:

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YOU WILL GET THE READ ON THE IPO ECOSYSTEM AFTER REDDIT WENT

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PUBLIC THIS WEEK WITH STRONG DEBUTS. CAROLINE:

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TALKING OF THE WEEK, BITCOIN SET FROM ONE OF ITS WORST WEEKS

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OF THE YEAR AS ETF DEMAND SLOWS. WE'LL DISCUSS THAT IN SO MUCH

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MORE THROUGHOUT THIS HOUR. IT IS HAPPY FRIDAY IN THE

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CONTEXT OF ONE OF THE BEST WEEKS FOR THE OVERALL

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BENCHMARKS IN THE UNITED STATES FOR THE ENTIRE YEAR.

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THAT IS IF YOU ARE LONG THIS MARKET.

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TODAY WE JUST PULLED BACK BY ABOUT .1%.

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ON THE S&P WE HAVE HIT 20 RECORD HIGHS CULMINATING

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YESTERDAY. WE ARE JUST DRAWING BREATH FOR

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THE WEEKEND AND DEEP VOLUME IS PUSHING THAT LOWER.

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HAVE A 10-YEAR YIELD DOWN BY FIVE BASIS POINTS.

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ALL EYES ON SOME FED SPEAK WE GET TODAY.

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JEROME POWELL NOT GIVING ANYMORE THIS MORNING, BUT

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CERTAINLY WE ARE STILL THINKING THAT OVERALL WE ARE ON PACE FOR

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THREE CUTS FOR THE REST OF THE YEAR.

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I WILL SHINE A LIGHT ON WHAT IS HAPPENING IN CHINA.

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WE DID HAVE SOME BIG MOVES IN THE U.N..

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PULL BACK SIGNIFICANTLY VERSUS THE U.S. DOLLAR.

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VERSUS THE CHINESE CURRENCIES. WHY? WE ARE SEEING CHINESE

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POLICYMAKERS ALLOW A BIT OF WEAKENING IN THE CURRENCY AS

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THEY SET THAT PEGGY LOWER -- PEG LOWER THAN ANTICIPATED.

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HOW FAR WE HAVE COME, THE ETF VOLUMES DIALING BACK AND WE ARE

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OFF A PERCENT FOR THE COURSE OF THE TRADING WEEK.

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ED, WHAT ARE YOU LOOKING AT IN THE MICRO? ED: REDDIT.

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WE ARE GOING TO TAKE A DAY-TWO LOOK AT REDDIT.

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ON DAY ONE IT WAS A 48% JUMP FROM THE EARLY FOUR DOLLARS IPO

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PRICE. THERE IS A LOT TO DISCUSS IF

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YOU ZOOM OUT ABOUT THIS WEEK. WE'LL TALK ABOUT STERILE LABS

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-- ASTERA LABS AS WELL.

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IN THE CONVERSATION WE HAD WITH JEN WONG, WE KNOW YOU HAVE TO

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GO BACK IN SIX MONTHS TIME AND SAY, HOW DID THEY DO?

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THE STORY CONTINUES TO BE ELSEWHERE.

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APPLE, DOJ, ANTITRUST LAWSUIT AGAINST THEM.

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IN THURSDAY'S SESSION IT HAD A MATERIAL IMPACT ON THE STOCK.

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YOU CAN SEE WE ARE SORT OF RECOVERING IN THE SESSION, BUT

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I STILL THINK IT WAS NOTABLE THAT FINALLY THERE WAS A

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HEADLINE ABOUT ANTITRUST RELATING TO APPLE AND THERE WAS

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A CLEAR STOCK REACTION THURSDAY. WHAT HAPPENS NEXT IS THE BIG

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QUESTION. IT'S BRING IN MARK GURMAN,

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CHIEF CORRESPONDENT COVERING APPLE.

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WHAT HAS CHANGED IN THE LAST 24 HOURS?

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DO WE HAVE ANY SIGNALS FOR HOW APPLE IS GOING TO RESPOND? MARK:

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READING TO THE LAWSUIT REVEALS A LOT.

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THE DEPARTMENT OF JUSTICE HAD BEEN WORKING ON THE CASE FOR SO

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LONG THAT I WOULD SAY ABOUT 60% TO 70% OF THEIR MAJOR POINTS

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ARE THINGS THAT HAVE ALREADY BEEN RESOLVED.

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APPLE DOESN'T BELIEVE, OF COURSE THEY WOULD SAY THIS,

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THAT THE CASE HOLDS MUCH WATER. THEY DON'T BELIEVE THEY ARE A

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MONOPOLY. THEY SEEM TO FIND IT PERPLEXING

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THAT THE GOVERNMENT IS TRYING TO POSITION THEM AS A MONOPOLY,

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WHEREAS THEY BELIEVE THEY ONLY HAVE 20% GLOBAL SMARTPHONE

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MARKET SHARE. I THINK APPLE IS PREPARED FOR A

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FIGHT HERE. I DOUBT THEY ARE GOING TO

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SETTLE. THEY HAVE SETTLED IN SOME CASES

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BUT I DON'T THINK TIM COOK HAS SHOWN A WILLINGNESS TO SETTLE.

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I THINK APPLE BELIEVES, BASED ON MY READ OF THE LAWSUIT, I'M

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NOT SEEING MUCH HARM TOWARD CONSUMERS.

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I'M SEEING A LOT OF HARM TOWARD DEVELOPERS.

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I'M SEEING HARM TOWARD PARTNERS AND SOME RIVALS.

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BUT, AGAIN, HERE THEY ARE -- THEIR TOP FIVE ISSUES, A LACK

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OF CLOUD GAMING SUPPORT, A LACK OF MESSAGE INTEROPERABILITY, A

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LACK OF SUPER APPS, WHICH ARE THINGS LIKE WE CHAT, A LACK OF

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SUPPORT FOR THIRD-PARTY SMART WATCHES TO THE SAME DEGREE AS

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THE APPLE WATCH, AND A LACK OF SUPPORT FOR APPLE PAY, THE NFC

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CHIP ON THIRD-PARTY APPLICATIONS.

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I THINK IF THOSE FIVE ITEMS -- I WOULD SAY 3.5 OF THOSE ITEMS

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HAVE ALREADY BEEN RESOLVED.

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I EXPECT THE MESSAGES SITUATION AND NFC SITUATION TO BE

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RESOLVED AS WELL. BUT TAKING A STEP BACK HERE,

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DESPITE THAT I DON'T THINK THE DOJ IS MAKING GREAT ARGUMENTS,

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GIVEN THE RESOLUTIONS ALREADY IN PLACE, YOU HAVE TO BE HONEST

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HERE. A LOT OF THESE RESOLUTIONS ARE

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IN PLACE BECAUSE APPLE HAS BEEN AFRAID OF THIS IMPENDING DOJ

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LAWSUIT FOR SEVERAL YEARS. AND THEY KNEW THESE WERE WHERE

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THEY WOULD BE ATTACKED, SO THEY KNEW THEY HAD TO FIX THEM.

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IT IS JUST FOR SOME REASON APPLE INFLUENCING THE FIXES DID

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NOT STOP THE DOJ FOR MOVING FORWARD ANYWAYS. CAROLINE:

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THIS IS A GLOBAL COMPANY. TIM COOK, IN CHINA AT THE

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MOMENT, SEEMINGLY ALL SMILES, AND SOME CONVERSATIONS

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HAPPENING AROUND POTENTIAL GENERATIVE AI. AS EXPECTED.

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THAT WAS WALL STREET JOURNAL REPORTING.

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WHAT SEEMS TO BE AT STAKE IS A PHILOSOPHICAL DIFFERENCE.

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PHILOSOPHY DRIVING APPLE AND THE WAY IN WHICH IT WANTS ITS

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OWN ECOSYSTEM TO WORK, AND A PHILOSOPHY THAT SEEMS TO BE

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CHANGING TECH AMONG REGULATORS. THEY ARE STILL LOOKING AT APPLE

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AS A WHOLE, NOT INDIVIDUAL PLACES THEY ACT MONOPOLISTIC

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WAY. -- MONOPOLISTICLY.

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MARK: FULL COURSE TIM COOK IS GOING

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TO BE ALL SMILES IN CHINA. CHINA IS A VERY IMPORTANT

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MARKET, AND TIM COOK IS A POKER PLAYER.

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HE'S NOT GOING TO SHOW HIS TRUE FEELINGS ABOUT THIS LAWSUIT.

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CERTAINLY NOT IN FRONT OF THE PRESS AND IN A PUBLIC SETTING

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AS CHINA IS THAT YOU KNOW, APPLE STOCK TOOK A BIG HIT

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YESTERDAY. I COULD THINK OF 10 BETTER

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REASONS TO SELL YOUR APPLE STOCK THAN WHAT IS IN THIS

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LAWSUIT. APPLE WILL CERTAINLY HAVE TO

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IMPLEMENT CHANGES. I WOULD IMAGINE THAT WHAT YOU

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SAW IN THE EUROPEAN UNION REGARDING THE DIGITAL MARKET

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CHANGES, OPENING UP THE NFC CHECK, YOU WERE GOING TO SEE A

play06:50

LOT OF THOSE CHANGES OCCUR IN THE U.S., BUT OUT OF THINK THAT

play06:52

IS GOING TO DO MUCH TO CHANGE THE FUNDAMENTAL SITUATION WITH

play06:54

APPLE. THEY ARE MAKING A LOT OF MONEY

play06:56

FROM THE APP STORE. THEY NEED TO FIGURE OUT A WAY

play07:00

TO BRING IN NEXT BIG HARDWARE CATEGORY TO MARKET.

play07:04

EVERYONE THOUGHT THAT WAS THE CAR. THAT IS PROBABLY WHAT COULD

play07:08

HAVE ADDED 100 BILLION DOLLARS OR MORE TO APPLE'S BOTTOM LINE

play07:10

ON AN ANNUAL BASIS. THAT IS WHAT COULD HAVE DOUBLED

play07:14

APPLE'S MARKET CAP. THAT IS NO LONGER HAPPENING, SO

play07:19

I THINK THE BIGGEST ISSUE IS NOT REGULATION, IT IS NOT HOW

play07:22

THE APP STORE IS GOING TO BE IMPACTED, IT IS HOW APPLE IS

play07:26

GOING TO CONTINUE TO GROW ITS HARDWARE BUSINESS.

play07:29

75% OF APPLE REVENUE IS STILL HARDWARE.

play07:32

FUNDAMENTALLY THEY ARE A HARDWARE COMPANY.

play07:34

THEY NEED TO FIGURE OUT HOW THEY EXPAND THEIR.

play07:37

IT IS ANOTHER IMPORTANT COMPONENT, AND THE NEED TO

play07:40

FIGURE OUT THAT SITUATION TOO. CAROLINE:

play07:43

MARK GURMAN, THANK YOU FOR BREAKING THAT DOWN.

play07:45

WE WANT TO DELVE INTO THE OVERHANG FROM A REGULATORY

play07:47

PERSPECTIVE A LITTLE BIT MORE AND THE NUANCES AROUND IT.

play07:51

WILLIAM KOVACIC IS HERE. WILLIAM, TO THAT END, WE ALL

play07:59

KNOW THAT THESE SORTS OF LEGAL WRANGLING'S ARE A DISTRACTION.

play08:02

HOW MUCH IMPACT DO YOU THINK IT WILL HAVE ON A BUSINESS MODEL?

play08:05

WILLIAM: I THINK THE DISTRACTION COMES

play08:07

FROM THE NUMBER OF PEOPLE INSIDE THE COMPANY WHO HAVE TO

play08:10

COMMIT TO SUPPORT THE LITIGATION.

play08:14

DON'T KNOW WHAT THAT NUMBER IS, BUT THE EXPERIENCE IN OTHER

play08:17

MAJOR CASES IS THAT THIS CAN BE A SIGNIFICANT DRAG ON THE

play08:19

COMPANY. YOU HAVE THE INHIBITION THAT

play08:21

COMES FROM THE PENDING LAWSUITS. PEOPLE -- COMPANIES DON'T WANT

play08:25

TO PROVIDE AMMUNITION FOR PROSECUTORS.

play08:29

IT MEANS THEY ARE NOT QUITE AS AGILE IN DEVELOPING BUSINESS

play08:32

PROGRAMS. I REALIZE THESE ARE SOMEWHAT INTANGIBLE

play08:35

CONSEQUENCES, BUT CUMULATIVELY WHEN YOU TAKE ALL OF THE

play08:38

DEVELOPMENTS WE HAVE JUST BEEN TALKING ABOUT IN THE UNITED

play08:42

STATES AND ABROAD, IT IS AN AVALANCHE OF REGULATORY

play08:47

OVERSIGHT THAT HAS TO SAP THE CREATIVE ENERGY OF THE COMPANY.

play08:50

ED: WE SOMETIMES TALK ABOUT ON THIS

play08:53

PROGRAM REGULATING THROUGH THE COURTS.

play08:54

NO, LEGAL ACTION TO GET A RESULT THAT IS THE BIGGER

play08:59

PICTURE. IS THERE AN AVENUE WHERE APPLE

play09:02

AND THE DOJ CAN WORK THIS OUT OUTSIDE OF COURT? WILLIAM:

play09:06

I WOULD THINK THERE IS ALWAYS THE POSSIBILITY OF REACHING A

play09:09

SOLUTION. THE SOLUTION, THOUGH, IS GOING

play09:11

TO HAVE TO BE ONE THAT PERSUADES THE JUSTICE

play09:15

DEPARTMENT THAT THE OVERALL AIM OF ANY SPECIFIC SETTLEMENT IS

play09:18

NOT SUBJECT TO INVASION BY ADDITIONAL ADJUSTMENTS IN THE

play09:21

BUSINESS MODEL. THEY WILL HAVE TO BE CONFIDENT

play09:24

THAT THE SOLUTION IS ONE THAT CAN OVERSEE EFFECTIVELY.

play09:30

THERE WOULD BE A WILLINGNESS TO DISCUSS SETTLEMENTS, A MAJOR

play09:34

MESSAGE THAT HAS COME FROM THE AGENCIES IN THE U.S.

play09:37

IN RECENT YEARS IS, A GREAT DEAL OF SKEPTICISM ABOUT THE

play09:41

EFFICACY OF ANY SETTLEMENT ARRANGEMENTS, AND DOUBTS ABOUT

play09:42

HOW READILY YOU CAN IMPLEMENT THEM AND BE EFFECTIVE. ED:

play09:47

IN YOUR READING OF THE SUIT ITSELF, DO YOU THINK THE DOJ

play09:49

HAS A POINT HERE? WILLIAM:

play09:55

THEY DO HAVE A POINT, AND THE POINT IS ONE THAT, IN A SENSE,

play09:59

INVOLVES A COLLECTION OF INTANGIBLE CONSIDERATIONS.

play10:05

BUT THERE IS ANXIETY ABOUT THE POSSIBILITY THAT INCUMBENT

play10:06

FIRMS THAT HAVE A SIGNIFICANT MARKET POSITION WILL, THROUGH A

play10:11

VARIETY OF TACTICS, DIMINISH THE EMERGENCE OF ALTERNATIVE

play10:15

TECHNOLOGIES IN NEW BUSINESS MODELS.

play10:19

THAT CONCERN MIGHT BE THE FEELING THAT ANTITRUST LAW

play10:22

FAILED IN THE LAST 30 YEARS TO DEAL EFFECTIVELY WITH THE

play10:26

EMERGENCE OF NEW TECH. I BELIEVE A STATE OF MIND, A

play10:30

PERSPECTIVE THAT HAS A TIGHT GRIP ON THE AGENCIES, IS THAT

play10:33

THEY ARE NOT GOING TO ALLOW THE PERMISSIVENESS OF THE PAST TO

play10:35

CONTINUE. IT MEANS THEY ARE GOING TO DIG

play10:37

IN AND LOOK CAREFULLY AT ANYTHING THAT APPEARS TO BE AN

play10:45

EFFORT BY AN INCUMBENT TO SEE THAT NEW TECHNOLOGIES, NEW

play10:46

BUSINESS APPROACHES DO NOT EMERGE. CAROLINE:

play10:48

THIS IS DOJ ACTION. WE HAVE SEEN FTC HAVE A SIMILAR

play10:51

FOCUS. BUT SOMETIMES THIS IS POLITICAL.

play10:57

IN AN ELECTION YEAR DOES THIS CONTINUE? WILLIAM:

play11:02

I'M GOING TO GIVE YOU A BIT OF SPECULATION THAT I COULD NEVER

play11:08

PROVE IN A RIGOROUS WAY, BUT I NOTICED PRESIDENT BIDEN'S

play11:11

OPPONENT IN MANY INSTANCES HAS BEEN SKEPTICAL OF TECH.

play11:16

THAT HAS BEEN FOCUSED IN PARTICULAR ON THE INFORMATION

play11:20

SERVICES PLATFORMS INVOLVED IN ADVERTISING, INVOLVED IN SOCIAL

play11:24

MESSAGING. BUT IT WAS DONALD TRUMP'S

play11:28

JUSTICE DEPARTMENT THAT INITIATED THE GOOGLE SEARCH

play11:29

MONOPOLIZATION CASE. IT WAS DONALD TRUMP'S THAT

play11:32

TRADE COMMISSION THAT BEGAN THE LAWSUIT AGAINST META FOR ITS

play11:37

ACQUISITION OF INSTAGRAM. IT COULD BE POSSIBLE THAT FOR

play11:41

TECH, GIVEN THE WAY THEIR POLITICAL CONTRIBUTIONS GO,

play11:43

GIVEN HIS CONCERN ABOUT THE ROLE THEY PLAYED IN HIS OWN

play11:48

ELECTORAL PROCESS IN THE PAST, HE MAY LOOK AT THE FTC AND

play11:51

DEPARTMENT OF JUSTICE AND SAY, KEEP UP THE GOOD WORK. CAROLINE:

play11:57

IT WAS A TOUGH -- A TRUMPET DOJ THAT THIS WAS INITIATED AGAINST

play11:58

APPLE IN 2019. LAMB CONVEY SUCH, THANK YOU.

play12:03

-- WILLIAM KOVACIC KICK, THANK YOU.

play12:08

WALL STREET BETS, YOU KNOW IT WELL.

play12:12

FIND OUT HOW REDDIT'S IPO HAS AFFECTED THE USER BASE.

play12:29

ED: THE FOURTH LARGEST IPO OF THE

play12:32

YEAR, REDDIT, CLIMBED 48% ON ITS FIRST DAY OF TRADING

play12:36

YESTERDAY AFTER PRICING AT THE TOP OF ITS MARKETED RANGE,

play12:39

RAISING SEVEN HUNTER $48 MILLION.

play12:43

LET'S BRING IN KATIE RUTH, WHO HAS LIVED AND BREATHED REDDIT'S

play12:46

IPO THIS WEEK. I WOULD SAY THIS WENT WELL.

play12:51

KATIE: DID THE FIRST DAY. RIGHT NOW IT IS TRADING DOWN,

play12:56

ALTHOUGH IT TECHNICALLY IS WELL ABOVE THE IPO PRICE.

play13:00

IT IS NOT REALLY MUCH ABOVE WHERE IT OPENED YESTERDAY.

play13:02

I THINK THERE IS TWO NUMBERS TO WATCH.

play13:07

IT IS THE $34, PRICE AT THE TOP OF THE RANGE.

play13:11

THAT IS WHERE INSIDERS, THE INSTITUTIONAL INVESTORS THAT

play13:12

HAVE BANKER CONNECTIONS, THAT IS WHERE THEY BOUGHT.

play13:16

THEN SOME OF REDDIT'S TOP USERS WERE ABLE TO BUY AT THAT PRICE.

play13:18

AND THEN THERE IS EVERYBODY ELSE, WHICH BOUGHT AT THAT $47

play13:24

A SHARE WHERE IT OPENED YESTERDAY.

play13:27

RIGHT NOW IT IS TRADING AT 47-ISH.IT DIPPED BELOW THAT

play13:32

THIS MORNING. SOME PEOPLE COULD HAVE ALREADY

play13:34

LOST MONEY ON REDDIT, BUT COMING YOU KNOW, MOST ARE

play13:38

MAKING MONEY. CAROLINE: CERTAINLY LONG-TERM INVESTORS

play13:41

HAVE CASHED IN HERE, POTENTIALLY.

play13:43

I'M INTERESTED AS TO WHAT THIS MEANS FOR ONGOING IPO'S, WHAT

play13:46

THIS MEANS MORE BROADLY FOR MONEY LEFT ON THE TABLE.

play13:51

ONE IPOS TO DO WELL, BANKERS DO, BUT THE PEOPLE RAISING

play13:56

MONEY DON'T WANT THEM TO FEEL THAT THEY COULD HAVE RAISED

play14:01

MORE. KATIE:

play14:02

THE MONEY LEFT ON THE TABLE IS AN INTERESTING ONE, WHERE THEY

play14:03

COULD HAVE RAISED MORE MONEY AND HAD LESS OF A POP.

play14:10

IT'S UNCLEAR WHETHER REDDIT ALLOWED FOR TOO MUCH OF A POP.

play14:13

IT IS ALREADY TRADING LOWER TODAY AND WE WILL SEE WHAT

play14:16

HAPPENS NEXT WEEK, BUT IT DEPENDS ON WHAT THEY ARE

play14:18

OPTIMIZING FOR. IF THEY ARE OPTIMIZING FOR

play14:22

RAISING MORE CASH THAN -- AND YOU WANT TO PRICE IT HIGH.

play14:26

BUT YOU DON'T WANT TO MAKE A BAD FIRST IMPRESSION ON THE

play14:27

STOCK MARKET BECAUSE IT CAN BE HARD TO RECOVER FROM THAT.

play14:32

THAT IS THE ARGUMENT THE BANKERS WILL MAKE ABOUT WHY

play14:33

THEY PRICE IT TO POP. THEY ALSO WANT THESE INSIDERS,

play14:39

THESE LARGE ANCHOR INVESTORS TO KEEP BUYING MORE SHARES.

play14:45

IN THIS IPO AND IPOS TO COME. THEY ARE NOT GOING TO TAKE THAT

play14:50

RISK ON A NEW LISTING ON THE FIRST DAY UNLESS THEY FEEL THEY

play14:51

ARE GETTING SOME SORT OF DISCOUNT. CAROLINE:

play14:55

KATIE RUTH, GO GET SOME REST. WE THANK YOU SO MUCH.

play14:59

BE -- YOU WILL BE BRACED FOR MORE IPO'S TO COME, I'M SURE.

play15:03

WANT TO GET A TAKE ON HOW THE USERS ARE FEELING ABOUT THE

play15:04

COMPANY'S IPO. WE KNOW THEY ARE A VOCAL BUNCH.

play15:13

A REDDIT USER FOR MORE THAN 10 YEARS AND MODERATOR FOR WALL

play15:18

STREET BETS, SPENDING THREE YEARS AS A HEAD MODERATOR JOINS

play15:20

US NOW TO TELL US MORE. BASICALLY ABOUT REDDIT'S DEBUT,

play15:25

HOW HAS YOUR COMMUNITY REACTED? HAVE YOU BEEN POSITIVE ON IT?

play15:31

>> IT HAS BEEN A MIXED BAG. THERE IS A TON OF POSITIVITY, A

play15:39

LOT OF PEOPLE EXCITED TO SHORT, BUY PUTS.

play15:42

THEY ARE EXCITED FOR THE VOLATILITY. ED:

play15:47

LAST WEEK ON THE SHOW WE REPORTED ON THE POST REDDIT

play15:49

MADE ITSELF, SAYING WE ARE

play15:53

GOING TO DO AN A.M.A., AND WE WILL SELECT THE MOST UPLOADED

play16:01

POSTS.

play16:02

-- UPVOTED POSTS.

play16:08

THE MOST UPVOTED WAS, WHY ARE YOU EVEN GOING PUBLIC?

play16:11

IT IS REDDIT IRONICALLY PUSHING THE MANAGEMENT TO THINK AGAIN.

play16:19

NOOR: I THINK THIS IS A GREAT TIME

play16:20

FOR REDDIT TO IPO. CERTAINLY THERE WAS TURMOIL

play16:25

OVER THE PAST YEAR, BUT IF YOU LOOK AT WHAT CAME OUT OF THAT,

play16:27

FROM A BUSINESS PERSPECTIVE IT HAS BEEN POSITIVE.

play16:31

WE SAW WITH PROTESTS THAT PEOPLE FOUND REDDIT COMPLETELY

play16:35

INDISPENSABLE. THERE WAS SO MUCH OPPORTUNITY

play16:37

FOR A COMPETITOR TO TAKE REDDIT'S PLACE, AND NOTHING

play16:41

CAME OUT OF IT. THIS GOES TO SHOW HOW DEEPLY

play16:44

INGRAINED REDDIT IS IN THE ZEITGEIST AND THAT IT IS HERE

play16:51

TO STAY. ED:

play16:52

THERE ARE MANY REDDITORS AND MODERATORS THAT HAVE CONCERNS

play16:54

ON REDDIT'S PLAN TO LICENSE USER AND PLATFORM DATA TO AI

play16:58

COMPANIES TO USE IT TO TRAIN LLMS. WHAT IS YOUR POSITION ON

play17:02

IT? NOOR: FROM A BUSINESS PERSPECTIVE IT

play17:04

IS A RISK. THE FTC IS ALSO LOOKING INTO

play17:07

THIS. BUT IT IS A HUGE OPPORTUNITY,

play17:12

AND REDDIT OWNS SOMETHING THAT IS VERY SPECIAL FOR LLMS, AND

play17:17

THAT IS REAL-TIME USER REACTIONS TO WHAT IS GOING ON

play17:18

IN THE WORLD. IT IS SOMETHING I THINK NO

play17:20

OTHER PLATFORM HAS.

play17:26

SO, IT IS A GREAT OPPORTUNITY FOR REDDIT TO MAKE MONEY OFF OF

play17:29

THAT, AND TURNED AROUND AND INVEST THAT MONEY IN IMPROVING

play17:31

THE USER EXPERIENCE. CAROLINE: I WANT TO ASK ABOUT THE

play17:33

EVOLUTION OF MODERATION. MANY WOULD SAY IN ANTICIPATION

play17:40

OF THE IPO REDDIT REALLY GET AHEAD OF ENSURING THAT THIS

play17:42

BECAME A SAFER SPACE TO BE ABLE TO COMMENT. DOES THAT STAND?

play17:48

HAS ANYTHING BEEN LOST IN THE FOCUS OF NEEDING TO CLEAN UP

play17:53

THE PLATFORM? NOOR: IT DEFINITELY LOST A LITTLE BIT

play17:57

OF THE CHAOS AND GRIT HE WOULD HAVE SEEN 10, 15 YEARS AGO.

play18:02

AND ALTHOUGH THAT DOES LOSE SOME OF ITS CHARM, I THINK IT

play18:04

IS MORE REFLECTIVE OF THE STATE OF THE INTERNET RATHER THAN

play18:07

REDDIT AS A PLATFORM ITSELF. WE ARE SEEING ALL PLATFORMS,

play18:14

SOCIAL MEDIA PLATFORMS, SINCE

play18:20

IN RESPONSE TO -- CENSOR IN RESPONSE TO GOVERNMENT LAWS PUT

play18:22

IN PLACE ON HATE SPEECH AND OTHER TYPES OF SPEECH.

play18:26

REDDIT IS MAINTAINING ITS POSITION AS THE FRONT PAGE OF

play18:28

THE INTERNET, AND SIMPLY REFLECTING WHAT IS ON THE

play18:29

INTERNET THROUGH THESE POLICY CHANGES. CAROLINE:

play18:36

WALL STREET BETS WAS WHAT WE TALKED ABOUT DAY IN, DAY OUT IN

play18:43

2021, 3 2022, NAMELY MADE AROUND GAMESTOP.

play18:47

THE POWER THAT REDDITORS HAD IN THAT MOMENT.

play18:49

WHAT DO YOU THINK THE POWER IS OF REDDITORS AROUND THE STOCK

play18:50

ITSELF? NOOR: IT WILL BE INTERESTING TO SEE.

play18:56

IT WILL BE INTERESTING TO SEE WHEN REDDITORS FEEL EMPOWERED,

play18:59

THE ACTIONS THEY TAKE ON THE PLATFORM CAN MAKE A MEANINGFUL

play19:02

IMPACT ON THE STOCK PRICE OF REDDIT ITSELF.

play19:07

WITH THE GAMESTOP DEBACLE WE SAW OVER ONE BILLION PAGE VIEWS

play19:11

IN A SHORT PERIOD OF TIME, IN A MONTH.

play19:13

AND WE SAW THAT CONTINUED FOR SEVERAL MONTHS.

play19:17

TO THINK THAT REDDITORS NOW, WHO MIGHT BE INVESTORS

play19:20

THEMSELVES, CAN HAVE A POSITIVE IMPACT ON THE STOCK, AND DEEPEN

play19:23

THEIR RELATIONSHIP WITH THE COMPANY AND WITH THE PLATFORM.

play19:25

ED: WE JUST HAVE 30 SECONDS. FOR SOMEONE THAT HAS NO IDEA

play19:30

WHAT REDDIT IS, WHAT IS YOUR PITCH FOR THEM TO GET ON THE

play19:31

PLATFORM? NOOR: REDDIT IS A CITY THAT IS

play19:36

INCREDIBLY DEEP, WITH COUNTLESS COMMUNITIES TO FILL EVERY NEED

play19:41

THAT YOU KNEW OR DIDN'T KNOW THAT YOU ARE INTERESTED IN

play19:42

LEARNING MORE ABOUT. IF YOU HAVE AN INTELLECTUAL

play19:45

CURIOSITY THAT CANNOT BE SATISFIED, BUT IT IS THE PLACE

play19:49

FOR YOU. ED: HEAD MODERATOR OF WALL STREET

play19:51

THAT'S ON REDDIT. MODERATORS ARE VOLUNTEERS.

play19:57

RIGHT TO HAVE YOU ON THE PROGRAM.

play20:02

COMING UP, TESLA, REDUCING PRODUCTION AT ONE OF ITS

play20:04

CHINESE PLANTS AS EB SALES GROWTH SLOWS.

play20:09

WE ARE GOING TO BRING YOU THOSE STORIES NEXT.

play20:10

THIS IS "BLOOMBERG TECHNOLOGY."

play20:17

play20:33

CAROLINE: TIME NOW FOR TALKING TECH.

play20:40

AS A SIGN THE COMPANY IS MAKING SOME HEADWAY IN ITS EFFORTS TO

play20:45

FEND OFF A CHALLENGE IN CHINA'S MEAL DELIVERY ARENA.

play20:49

SHARES IN THE COMPANY ARE UP AFTER LOSING HALF OF THEIR

play20:50

VALUE IN 2023. HUAWEI AND A SECRETIVE

play20:54

CHIPMAKING PARTNER HAVE FILED PATENTS FOR A LOW-TECH

play20:58

POTENTIALLY EFFECTIVE WAY TO MAKE ADVANCED SEMI CONDUCTORS.

play21:03

WE ARE TALKING ABOUT SURFER-LINED QUADRUPLE

play21:08

PATTERNING.

play21:09

IT IS RAISING THE PROCESS THAT CHINA COULD PRODUCE CHIPS,

play21:11

DESPITE U.S. EFFORTS TO HALT ITS PROGRESS.

play21:13

LASTLY, TESLA. IT HAS REDUCED PRODUCTION AT

play21:17

ITS PLANTS OVER THERE AMID SLUGGISH GROWTH IN TV SALES.

play21:21

-- EV SALES. THE COMPANY HAS INSTRUCTED

play21:26

EMPLOYEES AT ITS SHANGHAI FACILITY TO LOWER PRODUCTION.

play21:29

THAT IS TWO VEHICLES TESLA MAKES IN CHINA WORKING FIVE

play21:34

DAYS A WEEK INSTEAD OF THE USUAL 6.5 DAYS.

play21:36

ALL OF THIS ACCORDING TO SOURCES. ED:

play21:39

COMING UP, WE HAVE LISTINGS FROM ASTERA LABS AND REDDIT

play21:44

THIS WEEK. COULD THE IPO TIDE BE CHANGING?

play21:48

RACHEL GOERING -- WE WILL SEE WHAT RACHEL GOERING IS

play21:51

EXPECTING. THAT IS COMING UP NEXT.

play21:53

NOW, BRITISH AUDIENCE, PAY ATTENTION. VODAFONE AND THREE'S

play22:01

COMBINATION IS FACING A DEEP CHECK BY THE U.K.

play22:04

COMPETITION MARKETS AUTHORITY, THE REGULATOR.

play22:05

THEY ISSUED A STATEMENT SAYING THEY ARE CONCERNED AND DO NOT

play22:12

BUY THE ARGUMENT FROM VODAFONE AND THREE THAT COMBINING THE

play22:13

TWO WOULD MEAN BETTER DEALS FOR CUSTOMERS.

play22:19

VODAFONE'S LONDON-LISTED CHAIR IS UP 1.8%, WITH LITTLE TO GO.

play22:24

-- WITH A LITTLE TO GO. IT IS AN INTERESTING STORY

play22:26

ABOUT CONSOLIDATION IN THAT MARKET. THIS IS BLOOMBERG.

play22:33

play23:06

CAROLINE: WELCOME BACK TO "BLOOMBERG

play23:08

TECHNOLOGY." I'M CAROLINE HYDE IN NEW YORK.

play23:12

ED: I'M ED LUDLOW IN SAN FRANCISCO.

play23:15

ON THE WEEK WE WERE AT ONE POINT HEADED FOR THE BEST WEEK

play23:16

OF THE YEAR. ON SEVERAL MAJOR INDICES,

play23:21

INCLUDING THE NASDAQ 100. IN FRIDAY'S SESSION WE ARE

play23:26

COMPLETELY FLAK ON THE NET -- FLAT ON THE NASDAQ 100.

play23:30

WHAT IT IS INTERESTING TO SEE THE MOMENTUM OF THE WEEK WHEN

play23:33

YOU CONSIDER NOTHING AT ALL HAPPENED IN THE FED MEETING ON

play23:37

WEDNESDAY, AND THEN ON THURSDAY APPLE, FOR OBVIOUS REASONS, WAS

play23:41

THE BIGGEST POINTS DRAG ON THE NASDAQ 100 AND S&P 500.

play23:46

WE ARE LITERALLY .2 PERCENT AWAY FROM THE NASDAQ BEING ON

play23:48

TRACK FOR ITS BEST WEEK OF THE YEAR. LET'S SEE WHAT HAPPENS ALL

play23:50

TOLD. ALSO INTO CASH IN TERMS OF WHAT

play23:55

HAPPENS, THIS WEEK'S IPO. IT IS DOWN 1.5 PERCENT AFTER

play24:03

JUMPING 48% ON DEBUT THURSDAY. ASTERA LABS IS UP FOR A THIRD

play24:07

STRAIGHT SESSION, HAVING LISTED EARLIER IN THE WEEK.

play24:11

BUT, AS YOU AND I KNOW, CAROLINE, LET'S HAVE A

play24:15

CONVERSATION IN ONE MONTH OR THREE MONTHS OR SIX MONTHS AND

play24:17

SEE HOW THESE STOCKS ARE FARING BECAUSE OF THE LESSONS WE

play24:19

LEARNED IN SEPTEMBER WHEN WE HAD THAT WINDOW WITH ARM.IT HAS

play24:24

BEEN MACRON INTERESTING CONDENSED IPO WINDOW THIS WEEK.

play24:27

CAROLINE: I WAS JUST CHECKING ON THOSE

play24:32

WERE -- ON THOSE, AND ARM IS WELL ABOVE.

play24:37

LET'S TALK ABOUT THIS WHOLE NEW WAVE OF IPO NAMES.

play24:42

REDDIT, ASTERA LABS DEBUTING THIS WEEK.

play24:46

EITHER THAT IS GOING TO OPEN UP THE PIPELINE.

play24:49

RACHEL GERRING IS HERE TO GET YOUR TAKE ON THE FEEL-GOOD

play24:52

FACTOR RIGHT NOW. THUS FAR THESE COMPANIES HAVE

play24:54

COME TO THE MARKET AND COME WELL.

play24:58

IS THAT MEAN SUDDENLY THE OTHER NAMES WE HAVE BEEN WAITING FOR

play24:59

ARE GOING TO BE GALVANIZED? RACHEL: IT DEFINITELY HELPS THE

play25:06

MOMENTUM FOR WHAT WE ARE EXPECTING IN THE IPO MARKET,

play25:08

THE PIPELINE WE ARE SEEING COME THROUGH.

play25:12

AS YOU ALL WERE NOTING, THE POST-IPO PERFORMANCE OF THESE

play25:15

COMPANIES, EVEN THE ONES BEFORE THEM, WILL CONTINUE SETTING THE

play25:21

STAGE AND INFLUENCE WHAT WILL CONTINUE COMING TO MARKET OVER

play25:23

THESE NEXT SEVERAL MONTHS AND THROUGHOUT THE REMAINDER OF 20.

play25:26

WE GOT POSITIVE MOMENTUM. THE TRENDS ARE GOING THE RIGHT

play25:30

WAY, BUT NOT WITHOUT ITS CHALLENGES.

play25:34

WE ARE IN A POLITICAL ELECTION CYCLE THIS YEAR, SO THERE IS

play25:38

GOING TO BE DYNAMICS EVERYONE IS GOING TO HAVE TO NAVIGATE.

play25:42

CAROLINE: DYNAMICS BEING ALSO THAT THE

play25:44

MARKET IS HUNGRY FOR A I NAMES. WHEN YOU ARE ADVISING THESE

play25:49

COMPANIES, WHEN THEY ARE SAYING I WANT TO NAVIGATE LIQUIDITY

play25:51

EVENTS, WANT TO ANALYZE THE MARKET, DO YOU THINK ABOUT

play25:54

WHERE THEY NEED TO BE DINING OUT ON AI? RACHEL:

play26:00

AI IS CERTAINLY SOMETHING DRAWING A LOT OF FOCUS,

play26:05

INTEREST, PARTICULARLY FROM INVESTORS.

play26:07

WHEN WE THINK ABOUT AI, I THINK ABOUT IT IN A FEW DIFFERENT

play26:10

BUCKETS. YOU HAVE THE PURE PLAY AI

play26:13

COMPANIES, THOSE DEVELOPING THE TECHNOLOGY.

play26:17

THERE IS A LOT OF CONTINUED INTEREST IN THIS AREA,

play26:19

PARTICULARLY IN THE PRIVATE FINANCING SPACE.

play26:22

THESE COMPANIES ARE GENERALLY GETTING FUNDED.

play26:23

WILL WE SEE A FLOOD OF IPOS FROM THEM OVER THE COMING

play26:26

MONTHS AND YEAR? MAYBE NOT. THEY ARE GETTING THE FINANCING

play26:29

THEY NEED. THEY ARE DEVELOPING THE

play26:33

TECHNOLOGY. THEN I ALSO LOOK AT OTHER

play26:37

COMPANIES AND HOW THEY ARE EMPLOYING AI WITHIN THEIR

play26:39

COMPANIES, ELECTIVE TO THEIR STRATEGY.

play26:43

WE ARE SEEING THAT PLAY OUT. WE ARE GOING TO CONTINUE, NOT

play26:46

WITHOUT SKEPTICISM, FROM INVESTORS.

play26:49

THEN YOU HAVE THAT BROADER ECOSYSTEM WE ARE SEEING RIGHT

play26:50

NOW AND HOW YOU ARE CONTRIBUTING TO AI AND THAT

play26:55

BROADER E -- THAT BROADER ECOSYSTEM. ED:

play26:59

THIS IS EXACTLY WHAT I WAS WRITING ABOUT IN MY COLUMN THIS

play27:02

MORNING, THAT REDDIT, FOR EXAMPLE, GOT ITS AI STORY RIGHT

play27:05

GOING INTO THE IPO. THE DATA LICENSING BUSINESS.

play27:09

WILL BE INTERESTING TO LEARN

play27:16

FROM YOU IS WHAT IS MORE IMPORTANT, IN THE ROADSHOW YOU

play27:20

SELL YOUR AI STORY, OR IS A MORE IMPORTANT THAT ACTUALLY

play27:23

NOW A COMPANY LIKE REDDIT IS LISTED, THEY CAN PROVE THEY

play27:27

HAVE AN AI BUSINESS AFTER THE FACT, THAT IT IS ACTUALLY REAL?

play27:29

RACHEL: I THINK BOTH ARE CRITICAL, FOR

play27:31

OBVIOUS REASONS. WHERE WE ARE SEEING, EVEN WHEN

play27:41

YOU ARE PUTTING THAT INTO YOUR S S1, INVESTORS ASKING YOU TO

play27:43

PROVE IT. IT IS NOT WRITING ABOUT THE

play27:48

POSSIBILITY AND IDEA, BUT, WHAT HAVE YOU DONE EVEN UP TO THIS

play27:52

POINT TO SHARE WITH INVESTORS HOW YOUR PROVING THIS OUT?

play27:56

HOW YOU TRULY HAVE A STRONG PLAN THAT YOU ARE NOW EXECUTING

play27:58

ON? AND THEN PROOF WILL BE IN THE

play27:59

PUDDING. POST-IPO HOW YOU ARE CONTINUING

play28:03

TO EXECUTE AND PERFORM. AS WE CONTINUE TO WATCH THE

play28:09

PERFORMANCE OF THESE STOCKS, YOU KNOW, TWO MONTHS FROM NOW,

play28:13

THREE MONTHS FROM NOW, THEY HAVE TO CONTINUE DEMONSTRATING

play28:15

THAT PERFORMANCE AND STAYING GOOD ON THE COMMITMENTS THEY

play28:20

MADE. ED:

play28:21

HOW DO YOU ASSESS THIS WEEK'S IPO WINDOW?

play28:25

I DON'T EVEN KNOW IF WE CALL IT WINDOW. VERSUS WHAT WE SAW IN

play28:31

SEPTEMBER? RACHEL:

play28:32

THIS IS TIMMY DEMONSTRATING, WE HAVE INVESTOR INTEREST AROUND

play28:34

IPOS. THE COMPANY COMING TO MARKET

play28:38

RIGHT NOW IS WHAT WE HAVE EXPECTED. THEY ARE LARGE.

play28:40

THEY HAVE A NAME. THEY HAVE SOME HISTORY.

play28:43

PERFORMANCE HISTORY BEHIND THEM AS WELL.

play28:47

THE RISK PROFILE IS ONE OF AN APPETITE THAT IS ATTRACTING

play28:51

INVESTORS AS THEY CONTINUE TO PERFORM. BELIEVE THAT OPENS UP

play28:56

OPPORTUNITY FOR THE GROWTH-ORIENTED COMPANIES TO

play28:59

COME TO MARKET AND HELP DRIVE SOME VALUATIONS OVER TIME.

play29:03

BUT IT'S GOING TO BE A STEADY RECOVERY.

play29:07

WE ARE NOT EXPECTING A BIG BALLOON, IF YOU WILL, OR A HUGE

play29:11

SPIKE. A STEADY RECOVERY IS WHAT WE

play29:15

HAVE CONTINUED TO EXPECT THROUGHOUT 2024 AS WE CONTINUE

play29:16

TO SEE THE MARKET REBOUND. CAROLINE:

play29:18

WHAT IS THE MOTIVATING FACTOR HERE?

play29:22

REDDIT WANTED AN IPO FOR YEARS. IT IS A LIQUIDITY EVENT FOR

play29:26

EMPLOYEES, BUT I'M SURE TIME FOR INVESTORS TO HAVE MONEY

play29:31

BACK. WHAT IS DRIVING OTHER NAMES?

play29:33

RACHEL: EVERYONE HAD THEIR FACTS AND

play29:36

CIRCUMSTANCES. SOME ARE GOING TO BE ANCHORING

play29:38

AROUND VALUATIONS, AND ARE THEY GETTING TO A VALUATION THEY ARE

play29:41

EXPECTING LIQUIDITY FOR? FOR EMPLOYEES, FOR OTHER

play29:43

FOUNDERS? A LOT OF P/E.

play29:50

THEY HAVE BEEN HAVING SOME COMPANIES, THEY HAVE BEEN

play29:51

HOLDING FOR QUITE SOME TIME. THEY WANT TO START ENTERING

play29:54

BACK INTO THE M&A MARKET. AS WE SEE RATES COME DOWN

play29:59

HOPEFULLY WILL -- HOPEFULLY WE WILL SEE M&A ACTIVITY.

play30:02

I THINK THAT IS GOING TO START INFLUENCING SOME EXIT FROM THAT

play30:06

STAGE AS WELL. CAROLINE: WE WANT TO THANK YOU.

play30:09

RACHEL GERRING THERE ON THE IPO LANDSCAPE.

play30:11

YOU WANT TO STICK WITH COMPANIES GOING PUBLIC.

play30:17

NOT ALL OF THEM DO IPOS. SOME OF THEM DO SPAC'S.

play30:22

DONALD TRUMP'S STARTUP HAVING VOTED TODAY ON WHETHER DIGITAL

play30:29

WORLD ACQUISITION CAN PROCEED TAKING TRUMP MIDEA GROUP PUBLIC.

play30:32

IT RUNS TRUE TO SOCIAL, THE PLATFORM.

play30:34

IT HAS BEEN A LONG-DELAYED DEAL. IT HAS NOW PROVED A NUMBER OF

play30:39

INSIDERS AND FORMER ASSOCIATES SUED TO BLOCK THE DEAL STAND TO

play30:42

POCKET MILLIONS OF DOLLARS. ED: COMING UP, WE ARE GOING TO DIVE

play30:49

INTO THE WORLD OF CLIMATE INVESTING, AI.

play30:51

WHAT ON EARTH HAPPENED THIS WEEK IN IPOS.

play30:56

ANYTHING AND EVERYTHING WE HAVE SPOKEN ABOUT THIS WEEK.

play30:58

KIM-MAI CUTLER. REALLY LOOKING FOR TO THAT

play31:00

CONVERSATION NEXT. THIS IS "BLOOMBERG TECHNOLOGY."

play31:06

THIS IS BLOOMBERG.

play31:21

>> THIS IS THE BLACKWELL GPU, OR GRAPHICS PROCESSING UNIT.

play31:29

IT IS THE START OF TTC, NVIDIA'S ANNUAL DEVELOPERS

play31:30

CONFERENCE.

play31:36

THE B200 IS MORE POWERFUL THAN THE PRIOR AI ACCELERATOR.

play31:44

COMPARED TO HOPPER, BLACKWELL OFFERS TWO .5 TIMES THE

play31:46

PERFORMANCE FOR TRAINING LARGE LANGUAGE MODELS AND FIVE TIMES

play31:50

PERFORMANCE FOR RUNNING THE MODEL, A PROCESS KNOWN AS

play31:55

INFERENCE. VIDEO WILL OFFER BLACKWELL IN

play31:59

VARIOUS FORMS. TWO BLACKWELL GPU'S AND ONE CPU IN

play32:04

COMBINATION.

play32:05

THEY GOING TO LIQUID-CALLED SYSTEMS LIKE THIS AND SHIPPED

play32:07

TO CLOUD PROVIDERS FOR THEIR DATA CENTERS.

play32:12

IT IS A MARKET THAT NVIDIA CEO SAYS WILL STARTED TO HUNT A

play32:13

BILLION DOLLARS ANNUALLY AND GROW FROM THERE.

play32:16

-- $200 BILLION ANNUALLY AND GROW FROM THERE.

play32:23

GTC CROWDS CIRCLED AROUND A SINGLE DEMO RACK.

play32:29

THE REAL THING SHORT -- STARTS SHIPPING IN LATE 2024. ED:

play32:37

AMONG EVERYTHING ELSE, TTC -- GTC ENDED LAST NIGHT.

play32:42

WHETHER YOU ARE AN AI FOUNDER OR AN INFRASTRUCTURE COMPANY,

play32:45

NOW DOWN TO JENSEN LONG. THAT MIGHT -- JENSEN LONG.

play32:51

CAROLINE: SHARE PRICES REAP THE BENEFIT

play32:55

AS WELL. THOSE HE ANOINTED, THE SYNOPSIS.

play32:59

SOME OF THESE COMPANIES MANAGING TO PUSH HIGHER BECAUSE

play33:01

WE ARE STARTING TO SEE HOW THEY ARE ABLE TO TAP INTO THIS

play33:05

ECOSYSTEM THAT BASICALLY IS THE DRIVING FORCE.

play33:13

ED: AS WE HAVE BEEN SAYING, GET THE

play33:15

AI STORY RIGHT. AI WAS ALSO A BIG PART OF THE

play33:20

STORY YESTERDAY FOR REDDIT'S PUBLIC LISTING DAY.

play33:25

INITIALIZED CAPITAL CELEBRATED THE IPO OF ITS PORTFOLIO

play33:28

COMPANY, WHICH IS BANKING ON USING DATA TO BUILDERS OF LARGE

play33:33

LANGUAGE MODELS TO FUEL REDDIT'S GROWTH.

play33:37

LET'S BRING IN INITIALIZED CAPITAL PARTNER KIM-MAI CUTLER.

play33:44

I WROTE IN MY COLUMN TODAY, REDDIT GOT THERE AI STORY RIGHT.

play33:46

I THOUGHT IT WAS INTERESTING THEY WENT THERE WITH THAT.

play33:48

WHAT DID YOU MAKE OF IT? KIM-MAI:

play33:52

I THINK IT IS A TREMENDOUS DAY FOR THE WHOLE TEAM THERE, FOR

play33:53

STEVE, FOR ALEXIS. YOU KNOW, THAT COMPANY IN

play33:58

PARTICULAR HAS A LONG HISTORY AND CLOSE TIES WITH SAM ALTMAN,

play34:02

WHO RUNS OPENAI. I THINK THAT RELATIONSHIP OVER

play34:06

THE LAST DECADE OR MORE BENEFITED THEIR ABILITY TO RIDE

play34:12

THIS WAVE AND REDDIT ITSELF IS AN INCREDIBLE PROPERTY.

play34:15

I AM A MULTIPLE TIMES A DAY. A WEALTH OF INFORMATION THEY

play34:19

HAVE AND ALL OF THE DIFFERENT SUBCOMMUNITIES AND THE WAY

play34:23

PEOPLE TALK HONESTLY AND FREELY ABOUT WHAT THEY THINK, YOU

play34:26

KNOW, IT IS AN INCREDIBLE DATA SOURCE. ED:

play34:33

WHAT I FIND SO INTERESTING, PARTICULARLY IN DEPLOYED

play34:35

CAPITAL, THE TYPES OF STARTUPS YOU INVEST IN, REDDIT IS AN

play34:39

EXAMPLE OF WHERE DON'T NEED TO BE A BUILDER OF LARGE LEG WHICH

play34:42

MODELS OR INFRASTRUCTURE PLAY TO BE A PARTICIPANT IN WHAT IS

play34:44

HAPPENING IN AI. DO YOU HAVE ANY PARALLEL

play34:48

EXAMPLES OF COMPANIES YOU THINK WILL BENEFIT FROM THE

play34:52

INFRASTRUCTURE INVESTMENT HAPPENING? KIM-MAI:

play34:54

I THINK FOR US, YOU KNOW, WE HAVE LONG DONE MANY DIFFERENT

play34:59

DEALS THAT HAVE VERY SPECIFIC APPLICATIONS TO DIFFERENT

play35:02

WORKFLOWS AND INDUSTRIES. FOR EXAMPLE, YOU COULD THINK

play35:04

ABOUT THE HEALTH CARE USE CASE. HAVE A COMPANY THAT SUPPORTS

play35:09

MEDICAL PROFESSIONALS AND DIAGNOSES.

play35:14

WE HAVE ANOTHER COMPANY THAT SERVES AS AN AI COPILOT FOR

play35:15

FINANCIAL COMPLIANCE. THERE IS ALL OF THESE DIFFERENT

play35:19

SPECIFIC INDUSTRIES WITH SPECIFIC LEGAL REQUIREMENTS AND

play35:26

WAYS THAT PEOPLE WORK THAT WILL NEED VERY HONED AND REFINED

play35:27

APPLICATIONS OF THESE FOUNDATIONAL MODELS. CAROLINE:

play35:32

IT IS A LONG WAY COMING FOR SOME OF THESE CHECKS YOU HAVE

play35:36

MADE INTO THE GLASS HEALTH YOU MENTIONED, SOME OF THESE OTHER

play35:38

AI-ADJACENT NAMES YOU HAVE INVESTED IN.

play35:42

HOW ARE YOU THINKING ABOUT EXIT STRATEGY LONGER-TERM?

play35:45

WHAT WAS INTERESTING ABOUT THIS WEEK WAS MICROSOFT BASICALLY

play35:51

HIRING INFLECTION, ORIGINALLY OF DEEP MIND, HEADING IN.

play35:55

IT FEELS LIKE BIG TECH JUGGERNAUTS ARE PARTNERING IN

play35:59

INTERESTING WAYS. HOW BROAD DOES THAT GO FOR THE

play36:03

ENTIRE ECOSYSTEM HERE? KIM-MAI: I THINK SOME OF THE

play36:10

DEVELOPMENTS WE HAVE SEEN THIS WEEK ARE A REFLECTION OF

play36:12

CONSOLIDATION IN PLAYERS IN THE FOUNDATIONAL MODEL MARKET.

play36:15

OBVIOUSLY THERE ARE COMPANIES THAT ARE FAR AND AWAY HAVE

play36:21

TREMENDOUS COMING, REVENUE RUN RATES. I'M THINKING CHATGPT AND

play36:24

ANTHROPIC. AND THEN COMPANIES THAT ARE NOT

play36:28

QUITE AT THAT LEVEL OR DON'T HAVE THE SAME LEVEL OF REVENUE

play36:31

GROWTH OR HAVING TO MAKE DIFFERENT DECISIONS ABOUT WHAT

play36:35

THEY NEED TO DO, GIVEN THE COST OF COMPUTE AND COST OF GOING

play36:36

FORWARD.

play36:42

I THINK AS A SEED STAGE INVESTOR WE HAVE COMPANIES WE

play36:45

ARE WORKING WITH FOR, WE MIGHT BE WORKING WITH THEM FOR FIVE

play36:48

TO 10 YEARS BEFORE WE GO PUBLIC. IF I LOOK AT SOME OF THE

play36:55

EARLIER FINES, OUR PREVIOUS IPO IS INSTACART, HAVE JUST HAD A

play37:02

VERY POSITIVE MOMENTUM OVER THE PAST SIX MONTHS TO A YEAR.

play37:06

AND THEN GOING FORWARD WE ARE GOING TO HAVE COMPANIES THAT

play37:08

PERHAPS YOU AND I WILL BE TALKING ABOUT IN 10 YEARS.

play37:11

CAROLINE: WHAT HAS BEEN INTERESTING THIS

play37:15

WEEK IN THE CONTEXT OF AI, WHETHER IT IS U.S.-CHINA

play37:19

RELATIONS, THERE IS ALSO THE CONTEXT BROADLY OF WHERE THE

play37:22

GOVERNMENT PLAYS WITH THIS. WE HAD THE BIG ANNOUNCEMENT

play37:24

FROM INTEL, GETTING MORE SUBSIDIES, TO BE ABLE TO BE

play37:27

BUILDING HERE. I KNOW THAT IS SOMETHING YOU

play37:29

ARE THINKING A LOT ABOUT IN THE CONTEXT OF CLIMATE TECHNOLOGY

play37:33

AS WELL. WE HAVE MONEY BEING PUSHED FROM

play37:35

THE EV PERSPECTIVE THIS WEEK. TO PERHAPS ENHANCE ELECTRIC

play37:41

VEHICLE MANUFACTURING HERE IN THE U.S.

play37:44

WHEN YOU ARE THINKING ABOUT THE OPPORTUNITY OR ANOTHER WAY OF

play37:47

INVESTING IN CLIMATE TECH, DOES THAT STICK? KIM-MAI: ABSOLUTELY.

play37:56

THE IRA HAS PROVIDED A NUMBER OF CARROTS AND STICKS,

play37:59

PREDOMINANTLY CARROTS THAT HAVE TREMENDOUSLY EXPAND THE MARKET

play38:00

FOR SOME OF OUR COMPANIES. FOR EXAMPLE, HAVING MORE

play38:04

PUNITIVE MEASURES AROUND METHANE EMISSIONS IS A REAL

play38:08

BENEFIT TO OUR COMPANIES. USING SATELLITE IMAGERY TO

play38:13

PINPOINT METHANE LEAKS FROM SPECIFIC FACILITIES.

play38:19

THE INCENTIVES IN THE IRA AROUND REVENUE, GOVERNMENT

play38:25

PURCHASES OF CARBON REMOVAL ARE HELPING TO MATURE THAT MARKET.

play38:29

WE HAVE ANOTHER COMPANY IN SOUTHERN CALIFORNIA CALLED

play38:33

CLARITY THAT IS DOING CARBON DIOXIDE REMOVAL WITH LOWER

play38:36

ENERGY INTENSITY AND USAGE AND COSTS. ED:

play38:41

RIGHT AT THE TOP OF YOUR BLOG POST YOU WERE TALKING ABOUT THE

play38:42

CHIPS ACT. LOWER DOWN AT THE EARLY STAGE

play38:50

IS THERE ANY BENEFIT FELT? THE INFLATION REDUCTION ACT?

play38:54

KIM-MAI: THERE IS BENEFITS FOR BOTH, BUT

play38:57

IF WE ARE TALKING ABOUT A LONG-TERM INVESTMENT IN THE

play39:04

UNITED STATES' ABILITY AROUND MANUFACTURING AND DEEP ATTACK,

play39:06

I THINK THAT IS BRINGING IN A

play39:09

LOT OF TAX CREDITS AND TAX INCENTIVES AROUND FACILITIES IN

play39:13

THIS COUNTRY. FOR EXAMPLE, TO REALLY GET

play39:16

CARBON REMOVAL TO THE NEXT STAGE WE ARE GOING TO HAVE TO

play39:19

SEE FACILITIES ALL OVER THE UNITED STATES, PARTICULARLY IN

play39:24

THE SOUTHWEST, WHERE CLARITY IS LOOKING DO IT'S FIRST FACILITY.

play39:32

THAT IS GOING TO CREATE JOBS FOR ALL KINDS OF AMERICANS. ED:

play39:36

KIM-MAI CUTLER, GREAT TO HAVE YOU ON SET HERE IN SAN

play39:37

FRANCISCO. WE WILL BE RIGHT BACK.

play39:39

THIS IS "BLOOMBERG TECHNOLOGY."

play39:55

>> I LOVE PLAYING CHESS. THIS IS ONE OF THE THINGS YOU

play39:58

ALL HAVE ENABLED ME TO DO. SOMETHING THAT I WASN'T ABLE TO

play40:05

REALLY DO MUCH THE LAST FEW YEARS, ESPECIALLY NOT LIKE THIS.

play40:10

I HAVE USED A MOUSE STICK AND STUFF, NOW IT IS ALL BEING DONE

play40:15

WITH MY BRAIN. CAROLINE: PART OF A LIVE STREAM WITH

play40:19

NEURO-LINK'S FIRST PATIENT, SHOWING A QUADRIPLEGIC MAN, WHO

play40:23

IS ABLE TO PLAY VIDEO GAMES AND ONLINE CHESS USING HIS MIND.

play40:28

NEURAL LINK IS A BRAIN TECH STARTUP FOUNDED BY ELON MUSK.

play40:31

THIS IMPLANT ALLOWS A PATIENT TO USE THEIR THOUGHTS TO

play40:36

CONTROL THE COMPUTER. ED:

play40:37

BITCOIN HAS PEELED BACK MORE THAN 10% FROM ITS ALL-TIME

play40:40

HIGH, AND MAY BE HEADED FOR ONE OF ITS WORST WEEKS OF 2024.

play40:43

THIS IS THE APPETITE FOR SPOT BITCOIN ETF SEEMS TO BE SLOWING

play40:45

DOWN. BUT CO-CEO MIKE BELSHE JOINS US

play40:46

NOW.

play40:53

THAT WAS THE ENCZ -- BITGO CEO MIKE BELSHE JOINS US NOW. MIKE:

play40:57

I DO NOT LIKE TO PREDICT PRICE, BUT I THINK WE ARE AT A GOOD

play41:02

TIME. COURSE THERE IS SOME CONSOLIDATION.

play41:04

IF YOU ARE NOT READY FOR MY 20% DROPS YOU ARE NOT READY FOR MY

play41:08

600% INCREASES. BUT OVERALL WHAT WE ARE SEEING

play41:09

IS CONSOLIDATION. THE ETF'S JUST LAUNCHED.

play41:14

WE HAVE SEEN TREMENDOUS RUN-UP. A LITTLE BIT OF PULLBACK IS

play41:17

HAPPENING, BUT ALL OF THE MACRO CLIMATE REMAINS EXTREMELY

play41:19

BULLISH FOR BITCOIN. PRIMARILY DUE TO WHAT PEOPLE

play41:22

KNOW ABOUT THE LONG TERM. WHAT WE CARE ABOUT MOST AT

play41:26

BITGO. LONG-TERM MACRO LOOKS LIKE WE

play41:29

ARE GOING TO BE SOLID. WITH HAVING A STATIC SUPPLY OF

play41:34

BITCOIN, SOMETHING YOU CAN COUNT ON THAT DOESN'T GET

play41:37

ERODED AND FIAT CURRENCY IS CONTINUING TO DO MASSIVE

play41:41

CHANGES WITH DEBT AND DEFICITS AND NO SIGN OF CHANGE FOR THAT

play41:42

FRONT. CAROLINE:

play41:49

BITCOIN, POTENTIALLY ANOTHER UNDERPINNING OF PRICE, BUT WHO

play41:50

HAS BEEN GETTING INTO THESE ETF'S?

play41:56

MIKE: SO FAR I THINK IT HAS BEEN MOSTLY THE SMALLER TICKET SIZES.

play42:01

MEMBER, INSTITUTIONS MOVE PRETTY GLACIALLY.

play42:06

I THINK WE HAVE SEEN A WAVE OF RETAIL.

play42:08

I THINK IT IS GETTING BIGGER, BUT THE INSTITUTIONS, YOU KNOW,

play42:11

WE HAVE SEEN SOME SMALLER HEDGE FUNDS IN.

play42:13

LARGER HEDGE FUNDS WILL COME IN. PENSIONS ARE COMING.

play42:16

ENDOWMENTS ARE ALREADY HERE. NOW THAT WE HAVE AN ETF

play42:22

AVAILABLE, WHICH IS THE DISTRIBUTION CHANNEL THAT MAKES

play42:26

IT EASY FOR EVERYONE TO PARTICIPATE, IT TAKES A WHILE

play42:28

TO GO THROUGH INVESTMENT COMMITTEES, BUT I THINK WE ARE

play42:29

STARTING TO SEE THAT RUN-UP HAPPENED NOW ALL THROUGH THE

play42:34

SUMMER. 80,000 BY MAY.

play42:36

ED: THE CALENDAR ITEM, WHAT HAPPENS

play42:37

DO YOU THINK? MIKE: THE HAVING IS AN INTERESTING

play42:42

PATTERN PEOPLE LOOK AT. THE MOST INTERESTING PART IS

play42:49

THE LONG-TERM MEANING OF THE HALF ING.

play42:54

GOING HAS A MONETARY POLICY SET IN 2009, AND IT HAS REMAINED

play42:58

COMPLETELY UNCHANGED. IT IS THE LONGEST-STANDING

play43:02

UNCHANGED MONETARY POLICY IN THE HISTORY OF MANKIND.

play43:05

THIS IS A DEMONSTRATION THAT BITCOIN HAS AN UNCHANGING

play43:07

COMMITMENT TO THAT POLICY. HAVING THIS APPLIED DECREASE ON

play43:12

A BLOCK BY BLOCK BASIS, WHICH MEANS WE SEE A LOWER RATE OF

play43:17

INFLATION, SOME MEASURE AND HOW YOU COMPARE THAT TO OTHER

play43:21

ASSETS , BITCOIN IS IN A VERY GOOD STATUS AS ONE OF THE MOST

play43:22

STATIC SUPPLY ASSETS ON THE PLANET. CAROLINE:

play43:27

MIKE BELSHE, IT HAS BEEN GREAT TO CATCH UP WITH YOU.

play43:33

BITGO CEO, AS WE HAVE SEEN ONE OF THE WORST WEEKS FOR BITCOIN

play43:34

THIS YEAR. THAT DOES IT FOR THIS EDITION

play43:35

OF "BLOOMBERG TECHNOLOGY." ED: WHAT AN END TO THE WEEK.

play43:43

CHECK OUT THE PODCAST. THE PLATFORMS ARE APPLE, SPOTIFY, I

play43:46

HARD, AND WE PUBLISHED TO ALL OF OUR OWN PLATFORMS HERE AT

play43:50

BLOOMBERG -- BLOOMBERG. FROM SAN FRANCISCO AND NEW YORK

play43:51

CITY, THIS IS "BLOOMBERG TECHNOLOGY."

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