DOJ's Apple Lawsuit and the IPO Ecosystem | Bloomberg Technology
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
📺 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。
📉 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。
🌐 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。
🤖 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。
🚗 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。
🌐 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。
💡 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
💡Regulatory Overhang
💡Reddit IPO
💡Antitrust Lawsuit
💡AI (Artificial Intelligence)
💡ETF (Exchange-Traded Fund)
💡Cloud Gaming
💡Cryptocurrency
💡Market Volatility
💡Investor Sentiment
💡Tech Ecosystem
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
ANNOUNCER: FROM THE HEART OF WHERE
INNOVATION, MONEY, AND POWER COLLIDE IN SILICON VALLEY AND
BEYOND, THIS IS "BLOOMBERG TECHNOLOGY,"
WITH CAROLINE HYDE AND ED LUDLOW.
CAROLINE: I'M CAROLINE HYDE AT BLOOMBERG’'S HEADQUARTERS IN
NEW YORK. ED: AND I'M ED LUDLOW IN SAN
FRANCISCO. THIS IS "BLOOMBERG TECHNOLOGY."
CAROLINE: WE WILL DISCUSS THE REGULATORY
OVER TED -- OVERHANG FOR APPLE. FULL ANALYSIS AHEAD. ED:
YOU WILL GET THE READ ON THE IPO ECOSYSTEM AFTER REDDIT WENT
PUBLIC THIS WEEK WITH STRONG DEBUTS. CAROLINE:
TALKING OF THE WEEK, BITCOIN SET FROM ONE OF ITS WORST WEEKS
OF THE YEAR AS ETF DEMAND SLOWS. WE'LL DISCUSS THAT IN SO MUCH
MORE THROUGHOUT THIS HOUR. IT IS HAPPY FRIDAY IN THE
CONTEXT OF ONE OF THE BEST WEEKS FOR THE OVERALL
BENCHMARKS IN THE UNITED STATES FOR THE ENTIRE YEAR.
THAT IS IF YOU ARE LONG THIS MARKET.
TODAY WE JUST PULLED BACK BY ABOUT .1%.
ON THE S&P WE HAVE HIT 20 RECORD HIGHS CULMINATING
YESTERDAY. WE ARE JUST DRAWING BREATH FOR
THE WEEKEND AND DEEP VOLUME IS PUSHING THAT LOWER.
HAVE A 10-YEAR YIELD DOWN BY FIVE BASIS POINTS.
ALL EYES ON SOME FED SPEAK WE GET TODAY.
JEROME POWELL NOT GIVING ANYMORE THIS MORNING, BUT
CERTAINLY WE ARE STILL THINKING THAT OVERALL WE ARE ON PACE FOR
THREE CUTS FOR THE REST OF THE YEAR.
I WILL SHINE A LIGHT ON WHAT IS HAPPENING IN CHINA.
WE DID HAVE SOME BIG MOVES IN THE U.N..
PULL BACK SIGNIFICANTLY VERSUS THE U.S. DOLLAR.
VERSUS THE CHINESE CURRENCIES. WHY? WE ARE SEEING CHINESE
POLICYMAKERS ALLOW A BIT OF WEAKENING IN THE CURRENCY AS
THEY SET THAT PEGGY LOWER -- PEG LOWER THAN ANTICIPATED.
HOW FAR WE HAVE COME, THE ETF VOLUMES DIALING BACK AND WE ARE
OFF A PERCENT FOR THE COURSE OF THE TRADING WEEK.
ED, WHAT ARE YOU LOOKING AT IN THE MICRO? ED: REDDIT.
WE ARE GOING TO TAKE A DAY-TWO LOOK AT REDDIT.
ON DAY ONE IT WAS A 48% JUMP FROM THE EARLY FOUR DOLLARS IPO
PRICE. THERE IS A LOT TO DISCUSS IF
YOU ZOOM OUT ABOUT THIS WEEK. WE'LL TALK ABOUT STERILE LABS
-- ASTERA LABS AS WELL.
IN THE CONVERSATION WE HAD WITH JEN WONG, WE KNOW YOU HAVE TO
GO BACK IN SIX MONTHS TIME AND SAY, HOW DID THEY DO?
THE STORY CONTINUES TO BE ELSEWHERE.
APPLE, DOJ, ANTITRUST LAWSUIT AGAINST THEM.
IN THURSDAY'S SESSION IT HAD A MATERIAL IMPACT ON THE STOCK.
YOU CAN SEE WE ARE SORT OF RECOVERING IN THE SESSION, BUT
I STILL THINK IT WAS NOTABLE THAT FINALLY THERE WAS A
HEADLINE ABOUT ANTITRUST RELATING TO APPLE AND THERE WAS
A CLEAR STOCK REACTION THURSDAY. WHAT HAPPENS NEXT IS THE BIG
QUESTION. IT'S BRING IN MARK GURMAN,
CHIEF CORRESPONDENT COVERING APPLE.
WHAT HAS CHANGED IN THE LAST 24 HOURS?
DO WE HAVE ANY SIGNALS FOR HOW APPLE IS GOING TO RESPOND? MARK:
READING TO THE LAWSUIT REVEALS A LOT.
THE DEPARTMENT OF JUSTICE HAD BEEN WORKING ON THE CASE FOR SO
LONG THAT I WOULD SAY ABOUT 60% TO 70% OF THEIR MAJOR POINTS
ARE THINGS THAT HAVE ALREADY BEEN RESOLVED.
APPLE DOESN'T BELIEVE, OF COURSE THEY WOULD SAY THIS,
THAT THE CASE HOLDS MUCH WATER. THEY DON'T BELIEVE THEY ARE A
MONOPOLY. THEY SEEM TO FIND IT PERPLEXING
THAT THE GOVERNMENT IS TRYING TO POSITION THEM AS A MONOPOLY,
WHEREAS THEY BELIEVE THEY ONLY HAVE 20% GLOBAL SMARTPHONE
MARKET SHARE. I THINK APPLE IS PREPARED FOR A
FIGHT HERE. I DOUBT THEY ARE GOING TO
SETTLE. THEY HAVE SETTLED IN SOME CASES
BUT I DON'T THINK TIM COOK HAS SHOWN A WILLINGNESS TO SETTLE.
I THINK APPLE BELIEVES, BASED ON MY READ OF THE LAWSUIT, I'M
NOT SEEING MUCH HARM TOWARD CONSUMERS.
I'M SEEING A LOT OF HARM TOWARD DEVELOPERS.
I'M SEEING HARM TOWARD PARTNERS AND SOME RIVALS.
BUT, AGAIN, HERE THEY ARE -- THEIR TOP FIVE ISSUES, A LACK
OF CLOUD GAMING SUPPORT, A LACK OF MESSAGE INTEROPERABILITY, A
LACK OF SUPER APPS, WHICH ARE THINGS LIKE WE CHAT, A LACK OF
SUPPORT FOR THIRD-PARTY SMART WATCHES TO THE SAME DEGREE AS
THE APPLE WATCH, AND A LACK OF SUPPORT FOR APPLE PAY, THE NFC
CHIP ON THIRD-PARTY APPLICATIONS.
I THINK IF THOSE FIVE ITEMS -- I WOULD SAY 3.5 OF THOSE ITEMS
HAVE ALREADY BEEN RESOLVED.
I EXPECT THE MESSAGES SITUATION AND NFC SITUATION TO BE
RESOLVED AS WELL. BUT TAKING A STEP BACK HERE,
DESPITE THAT I DON'T THINK THE DOJ IS MAKING GREAT ARGUMENTS,
GIVEN THE RESOLUTIONS ALREADY IN PLACE, YOU HAVE TO BE HONEST
HERE. A LOT OF THESE RESOLUTIONS ARE
IN PLACE BECAUSE APPLE HAS BEEN AFRAID OF THIS IMPENDING DOJ
LAWSUIT FOR SEVERAL YEARS. AND THEY KNEW THESE WERE WHERE
THEY WOULD BE ATTACKED, SO THEY KNEW THEY HAD TO FIX THEM.
IT IS JUST FOR SOME REASON APPLE INFLUENCING THE FIXES DID
NOT STOP THE DOJ FOR MOVING FORWARD ANYWAYS. CAROLINE:
THIS IS A GLOBAL COMPANY. TIM COOK, IN CHINA AT THE
MOMENT, SEEMINGLY ALL SMILES, AND SOME CONVERSATIONS
HAPPENING AROUND POTENTIAL GENERATIVE AI. AS EXPECTED.
THAT WAS WALL STREET JOURNAL REPORTING.
WHAT SEEMS TO BE AT STAKE IS A PHILOSOPHICAL DIFFERENCE.
PHILOSOPHY DRIVING APPLE AND THE WAY IN WHICH IT WANTS ITS
OWN ECOSYSTEM TO WORK, AND A PHILOSOPHY THAT SEEMS TO BE
CHANGING TECH AMONG REGULATORS. THEY ARE STILL LOOKING AT APPLE
AS A WHOLE, NOT INDIVIDUAL PLACES THEY ACT MONOPOLISTIC
WAY. -- MONOPOLISTICLY.
MARK: FULL COURSE TIM COOK IS GOING
TO BE ALL SMILES IN CHINA. CHINA IS A VERY IMPORTANT
MARKET, AND TIM COOK IS A POKER PLAYER.
HE'S NOT GOING TO SHOW HIS TRUE FEELINGS ABOUT THIS LAWSUIT.
CERTAINLY NOT IN FRONT OF THE PRESS AND IN A PUBLIC SETTING
AS CHINA IS THAT YOU KNOW, APPLE STOCK TOOK A BIG HIT
YESTERDAY. I COULD THINK OF 10 BETTER
REASONS TO SELL YOUR APPLE STOCK THAN WHAT IS IN THIS
LAWSUIT. APPLE WILL CERTAINLY HAVE TO
IMPLEMENT CHANGES. I WOULD IMAGINE THAT WHAT YOU
SAW IN THE EUROPEAN UNION REGARDING THE DIGITAL MARKET
CHANGES, OPENING UP THE NFC CHECK, YOU WERE GOING TO SEE A
LOT OF THOSE CHANGES OCCUR IN THE U.S., BUT OUT OF THINK THAT
IS GOING TO DO MUCH TO CHANGE THE FUNDAMENTAL SITUATION WITH
APPLE. THEY ARE MAKING A LOT OF MONEY
FROM THE APP STORE. THEY NEED TO FIGURE OUT A WAY
TO BRING IN NEXT BIG HARDWARE CATEGORY TO MARKET.
EVERYONE THOUGHT THAT WAS THE CAR. THAT IS PROBABLY WHAT COULD
HAVE ADDED 100 BILLION DOLLARS OR MORE TO APPLE'S BOTTOM LINE
ON AN ANNUAL BASIS. THAT IS WHAT COULD HAVE DOUBLED
APPLE'S MARKET CAP. THAT IS NO LONGER HAPPENING, SO
I THINK THE BIGGEST ISSUE IS NOT REGULATION, IT IS NOT HOW
THE APP STORE IS GOING TO BE IMPACTED, IT IS HOW APPLE IS
GOING TO CONTINUE TO GROW ITS HARDWARE BUSINESS.
75% OF APPLE REVENUE IS STILL HARDWARE.
FUNDAMENTALLY THEY ARE A HARDWARE COMPANY.
THEY NEED TO FIGURE OUT HOW THEY EXPAND THEIR.
IT IS ANOTHER IMPORTANT COMPONENT, AND THE NEED TO
FIGURE OUT THAT SITUATION TOO. CAROLINE:
MARK GURMAN, THANK YOU FOR BREAKING THAT DOWN.
WE WANT TO DELVE INTO THE OVERHANG FROM A REGULATORY
PERSPECTIVE A LITTLE BIT MORE AND THE NUANCES AROUND IT.
WILLIAM KOVACIC IS HERE. WILLIAM, TO THAT END, WE ALL
KNOW THAT THESE SORTS OF LEGAL WRANGLING'S ARE A DISTRACTION.
HOW MUCH IMPACT DO YOU THINK IT WILL HAVE ON A BUSINESS MODEL?
WILLIAM: I THINK THE DISTRACTION COMES
FROM THE NUMBER OF PEOPLE INSIDE THE COMPANY WHO HAVE TO
COMMIT TO SUPPORT THE LITIGATION.
DON'T KNOW WHAT THAT NUMBER IS, BUT THE EXPERIENCE IN OTHER
MAJOR CASES IS THAT THIS CAN BE A SIGNIFICANT DRAG ON THE
COMPANY. YOU HAVE THE INHIBITION THAT
COMES FROM THE PENDING LAWSUITS. PEOPLE -- COMPANIES DON'T WANT
TO PROVIDE AMMUNITION FOR PROSECUTORS.
IT MEANS THEY ARE NOT QUITE AS AGILE IN DEVELOPING BUSINESS
PROGRAMS. I REALIZE THESE ARE SOMEWHAT INTANGIBLE
CONSEQUENCES, BUT CUMULATIVELY WHEN YOU TAKE ALL OF THE
DEVELOPMENTS WE HAVE JUST BEEN TALKING ABOUT IN THE UNITED
STATES AND ABROAD, IT IS AN AVALANCHE OF REGULATORY
OVERSIGHT THAT HAS TO SAP THE CREATIVE ENERGY OF THE COMPANY.
ED: WE SOMETIMES TALK ABOUT ON THIS
PROGRAM REGULATING THROUGH THE COURTS.
NO, LEGAL ACTION TO GET A RESULT THAT IS THE BIGGER
PICTURE. IS THERE AN AVENUE WHERE APPLE
AND THE DOJ CAN WORK THIS OUT OUTSIDE OF COURT? WILLIAM:
I WOULD THINK THERE IS ALWAYS THE POSSIBILITY OF REACHING A
SOLUTION. THE SOLUTION, THOUGH, IS GOING
TO HAVE TO BE ONE THAT PERSUADES THE JUSTICE
DEPARTMENT THAT THE OVERALL AIM OF ANY SPECIFIC SETTLEMENT IS
NOT SUBJECT TO INVASION BY ADDITIONAL ADJUSTMENTS IN THE
BUSINESS MODEL. THEY WILL HAVE TO BE CONFIDENT
THAT THE SOLUTION IS ONE THAT CAN OVERSEE EFFECTIVELY.
THERE WOULD BE A WILLINGNESS TO DISCUSS SETTLEMENTS, A MAJOR
MESSAGE THAT HAS COME FROM THE AGENCIES IN THE U.S.
IN RECENT YEARS IS, A GREAT DEAL OF SKEPTICISM ABOUT THE
EFFICACY OF ANY SETTLEMENT ARRANGEMENTS, AND DOUBTS ABOUT
HOW READILY YOU CAN IMPLEMENT THEM AND BE EFFECTIVE. ED:
IN YOUR READING OF THE SUIT ITSELF, DO YOU THINK THE DOJ
HAS A POINT HERE? WILLIAM:
THEY DO HAVE A POINT, AND THE POINT IS ONE THAT, IN A SENSE,
INVOLVES A COLLECTION OF INTANGIBLE CONSIDERATIONS.
BUT THERE IS ANXIETY ABOUT THE POSSIBILITY THAT INCUMBENT
FIRMS THAT HAVE A SIGNIFICANT MARKET POSITION WILL, THROUGH A
VARIETY OF TACTICS, DIMINISH THE EMERGENCE OF ALTERNATIVE
TECHNOLOGIES IN NEW BUSINESS MODELS.
THAT CONCERN MIGHT BE THE FEELING THAT ANTITRUST LAW
FAILED IN THE LAST 30 YEARS TO DEAL EFFECTIVELY WITH THE
EMERGENCE OF NEW TECH. I BELIEVE A STATE OF MIND, A
PERSPECTIVE THAT HAS A TIGHT GRIP ON THE AGENCIES, IS THAT
THEY ARE NOT GOING TO ALLOW THE PERMISSIVENESS OF THE PAST TO
CONTINUE. IT MEANS THEY ARE GOING TO DIG
IN AND LOOK CAREFULLY AT ANYTHING THAT APPEARS TO BE AN
EFFORT BY AN INCUMBENT TO SEE THAT NEW TECHNOLOGIES, NEW
BUSINESS APPROACHES DO NOT EMERGE. CAROLINE:
THIS IS DOJ ACTION. WE HAVE SEEN FTC HAVE A SIMILAR
FOCUS. BUT SOMETIMES THIS IS POLITICAL.
IN AN ELECTION YEAR DOES THIS CONTINUE? WILLIAM:
I'M GOING TO GIVE YOU A BIT OF SPECULATION THAT I COULD NEVER
PROVE IN A RIGOROUS WAY, BUT I NOTICED PRESIDENT BIDEN'S
OPPONENT IN MANY INSTANCES HAS BEEN SKEPTICAL OF TECH.
THAT HAS BEEN FOCUSED IN PARTICULAR ON THE INFORMATION
SERVICES PLATFORMS INVOLVED IN ADVERTISING, INVOLVED IN SOCIAL
MESSAGING. BUT IT WAS DONALD TRUMP'S
JUSTICE DEPARTMENT THAT INITIATED THE GOOGLE SEARCH
MONOPOLIZATION CASE. IT WAS DONALD TRUMP'S THAT
TRADE COMMISSION THAT BEGAN THE LAWSUIT AGAINST META FOR ITS
ACQUISITION OF INSTAGRAM. IT COULD BE POSSIBLE THAT FOR
TECH, GIVEN THE WAY THEIR POLITICAL CONTRIBUTIONS GO,
GIVEN HIS CONCERN ABOUT THE ROLE THEY PLAYED IN HIS OWN
ELECTORAL PROCESS IN THE PAST, HE MAY LOOK AT THE FTC AND
DEPARTMENT OF JUSTICE AND SAY, KEEP UP THE GOOD WORK. CAROLINE:
IT WAS A TOUGH -- A TRUMPET DOJ THAT THIS WAS INITIATED AGAINST
APPLE IN 2019. LAMB CONVEY SUCH, THANK YOU.
-- WILLIAM KOVACIC KICK, THANK YOU.
WALL STREET BETS, YOU KNOW IT WELL.
FIND OUT HOW REDDIT'S IPO HAS AFFECTED THE USER BASE.
ED: THE FOURTH LARGEST IPO OF THE
YEAR, REDDIT, CLIMBED 48% ON ITS FIRST DAY OF TRADING
YESTERDAY AFTER PRICING AT THE TOP OF ITS MARKETED RANGE,
RAISING SEVEN HUNTER $48 MILLION.
LET'S BRING IN KATIE RUTH, WHO HAS LIVED AND BREATHED REDDIT'S
IPO THIS WEEK. I WOULD SAY THIS WENT WELL.
KATIE: DID THE FIRST DAY. RIGHT NOW IT IS TRADING DOWN,
ALTHOUGH IT TECHNICALLY IS WELL ABOVE THE IPO PRICE.
IT IS NOT REALLY MUCH ABOVE WHERE IT OPENED YESTERDAY.
I THINK THERE IS TWO NUMBERS TO WATCH.
IT IS THE $34, PRICE AT THE TOP OF THE RANGE.
THAT IS WHERE INSIDERS, THE INSTITUTIONAL INVESTORS THAT
HAVE BANKER CONNECTIONS, THAT IS WHERE THEY BOUGHT.
THEN SOME OF REDDIT'S TOP USERS WERE ABLE TO BUY AT THAT PRICE.
AND THEN THERE IS EVERYBODY ELSE, WHICH BOUGHT AT THAT $47
A SHARE WHERE IT OPENED YESTERDAY.
RIGHT NOW IT IS TRADING AT 47-ISH.IT DIPPED BELOW THAT
THIS MORNING. SOME PEOPLE COULD HAVE ALREADY
LOST MONEY ON REDDIT, BUT COMING YOU KNOW, MOST ARE
MAKING MONEY. CAROLINE: CERTAINLY LONG-TERM INVESTORS
HAVE CASHED IN HERE, POTENTIALLY.
I'M INTERESTED AS TO WHAT THIS MEANS FOR ONGOING IPO'S, WHAT
THIS MEANS MORE BROADLY FOR MONEY LEFT ON THE TABLE.
ONE IPOS TO DO WELL, BANKERS DO, BUT THE PEOPLE RAISING
MONEY DON'T WANT THEM TO FEEL THAT THEY COULD HAVE RAISED
MORE. KATIE:
THE MONEY LEFT ON THE TABLE IS AN INTERESTING ONE, WHERE THEY
COULD HAVE RAISED MORE MONEY AND HAD LESS OF A POP.
IT'S UNCLEAR WHETHER REDDIT ALLOWED FOR TOO MUCH OF A POP.
IT IS ALREADY TRADING LOWER TODAY AND WE WILL SEE WHAT
HAPPENS NEXT WEEK, BUT IT DEPENDS ON WHAT THEY ARE
OPTIMIZING FOR. IF THEY ARE OPTIMIZING FOR
RAISING MORE CASH THAN -- AND YOU WANT TO PRICE IT HIGH.
BUT YOU DON'T WANT TO MAKE A BAD FIRST IMPRESSION ON THE
STOCK MARKET BECAUSE IT CAN BE HARD TO RECOVER FROM THAT.
THAT IS THE ARGUMENT THE BANKERS WILL MAKE ABOUT WHY
THEY PRICE IT TO POP. THEY ALSO WANT THESE INSIDERS,
THESE LARGE ANCHOR INVESTORS TO KEEP BUYING MORE SHARES.
IN THIS IPO AND IPOS TO COME. THEY ARE NOT GOING TO TAKE THAT
RISK ON A NEW LISTING ON THE FIRST DAY UNLESS THEY FEEL THEY
ARE GETTING SOME SORT OF DISCOUNT. CAROLINE:
KATIE RUTH, GO GET SOME REST. WE THANK YOU SO MUCH.
BE -- YOU WILL BE BRACED FOR MORE IPO'S TO COME, I'M SURE.
WANT TO GET A TAKE ON HOW THE USERS ARE FEELING ABOUT THE
COMPANY'S IPO. WE KNOW THEY ARE A VOCAL BUNCH.
A REDDIT USER FOR MORE THAN 10 YEARS AND MODERATOR FOR WALL
STREET BETS, SPENDING THREE YEARS AS A HEAD MODERATOR JOINS
US NOW TO TELL US MORE. BASICALLY ABOUT REDDIT'S DEBUT,
HOW HAS YOUR COMMUNITY REACTED? HAVE YOU BEEN POSITIVE ON IT?
>> IT HAS BEEN A MIXED BAG. THERE IS A TON OF POSITIVITY, A
LOT OF PEOPLE EXCITED TO SHORT, BUY PUTS.
THEY ARE EXCITED FOR THE VOLATILITY. ED:
LAST WEEK ON THE SHOW WE REPORTED ON THE POST REDDIT
MADE ITSELF, SAYING WE ARE
GOING TO DO AN A.M.A., AND WE WILL SELECT THE MOST UPLOADED
POSTS.
-- UPVOTED POSTS.
THE MOST UPVOTED WAS, WHY ARE YOU EVEN GOING PUBLIC?
IT IS REDDIT IRONICALLY PUSHING THE MANAGEMENT TO THINK AGAIN.
NOOR: I THINK THIS IS A GREAT TIME
FOR REDDIT TO IPO. CERTAINLY THERE WAS TURMOIL
OVER THE PAST YEAR, BUT IF YOU LOOK AT WHAT CAME OUT OF THAT,
FROM A BUSINESS PERSPECTIVE IT HAS BEEN POSITIVE.
WE SAW WITH PROTESTS THAT PEOPLE FOUND REDDIT COMPLETELY
INDISPENSABLE. THERE WAS SO MUCH OPPORTUNITY
FOR A COMPETITOR TO TAKE REDDIT'S PLACE, AND NOTHING
CAME OUT OF IT. THIS GOES TO SHOW HOW DEEPLY
INGRAINED REDDIT IS IN THE ZEITGEIST AND THAT IT IS HERE
TO STAY. ED:
THERE ARE MANY REDDITORS AND MODERATORS THAT HAVE CONCERNS
ON REDDIT'S PLAN TO LICENSE USER AND PLATFORM DATA TO AI
COMPANIES TO USE IT TO TRAIN LLMS. WHAT IS YOUR POSITION ON
IT? NOOR: FROM A BUSINESS PERSPECTIVE IT
IS A RISK. THE FTC IS ALSO LOOKING INTO
THIS. BUT IT IS A HUGE OPPORTUNITY,
AND REDDIT OWNS SOMETHING THAT IS VERY SPECIAL FOR LLMS, AND
THAT IS REAL-TIME USER REACTIONS TO WHAT IS GOING ON
IN THE WORLD. IT IS SOMETHING I THINK NO
OTHER PLATFORM HAS.
SO, IT IS A GREAT OPPORTUNITY FOR REDDIT TO MAKE MONEY OFF OF
THAT, AND TURNED AROUND AND INVEST THAT MONEY IN IMPROVING
THE USER EXPERIENCE. CAROLINE: I WANT TO ASK ABOUT THE
EVOLUTION OF MODERATION. MANY WOULD SAY IN ANTICIPATION
OF THE IPO REDDIT REALLY GET AHEAD OF ENSURING THAT THIS
BECAME A SAFER SPACE TO BE ABLE TO COMMENT. DOES THAT STAND?
HAS ANYTHING BEEN LOST IN THE FOCUS OF NEEDING TO CLEAN UP
THE PLATFORM? NOOR: IT DEFINITELY LOST A LITTLE BIT
OF THE CHAOS AND GRIT HE WOULD HAVE SEEN 10, 15 YEARS AGO.
AND ALTHOUGH THAT DOES LOSE SOME OF ITS CHARM, I THINK IT
IS MORE REFLECTIVE OF THE STATE OF THE INTERNET RATHER THAN
REDDIT AS A PLATFORM ITSELF. WE ARE SEEING ALL PLATFORMS,
SOCIAL MEDIA PLATFORMS, SINCE
IN RESPONSE TO -- CENSOR IN RESPONSE TO GOVERNMENT LAWS PUT
IN PLACE ON HATE SPEECH AND OTHER TYPES OF SPEECH.
REDDIT IS MAINTAINING ITS POSITION AS THE FRONT PAGE OF
THE INTERNET, AND SIMPLY REFLECTING WHAT IS ON THE
INTERNET THROUGH THESE POLICY CHANGES. CAROLINE:
WALL STREET BETS WAS WHAT WE TALKED ABOUT DAY IN, DAY OUT IN
2021, 3 2022, NAMELY MADE AROUND GAMESTOP.
THE POWER THAT REDDITORS HAD IN THAT MOMENT.
WHAT DO YOU THINK THE POWER IS OF REDDITORS AROUND THE STOCK
ITSELF? NOOR: IT WILL BE INTERESTING TO SEE.
IT WILL BE INTERESTING TO SEE WHEN REDDITORS FEEL EMPOWERED,
THE ACTIONS THEY TAKE ON THE PLATFORM CAN MAKE A MEANINGFUL
IMPACT ON THE STOCK PRICE OF REDDIT ITSELF.
WITH THE GAMESTOP DEBACLE WE SAW OVER ONE BILLION PAGE VIEWS
IN A SHORT PERIOD OF TIME, IN A MONTH.
AND WE SAW THAT CONTINUED FOR SEVERAL MONTHS.
TO THINK THAT REDDITORS NOW, WHO MIGHT BE INVESTORS
THEMSELVES, CAN HAVE A POSITIVE IMPACT ON THE STOCK, AND DEEPEN
THEIR RELATIONSHIP WITH THE COMPANY AND WITH THE PLATFORM.
ED: WE JUST HAVE 30 SECONDS. FOR SOMEONE THAT HAS NO IDEA
WHAT REDDIT IS, WHAT IS YOUR PITCH FOR THEM TO GET ON THE
PLATFORM? NOOR: REDDIT IS A CITY THAT IS
INCREDIBLY DEEP, WITH COUNTLESS COMMUNITIES TO FILL EVERY NEED
THAT YOU KNEW OR DIDN'T KNOW THAT YOU ARE INTERESTED IN
LEARNING MORE ABOUT. IF YOU HAVE AN INTELLECTUAL
CURIOSITY THAT CANNOT BE SATISFIED, BUT IT IS THE PLACE
FOR YOU. ED: HEAD MODERATOR OF WALL STREET
THAT'S ON REDDIT. MODERATORS ARE VOLUNTEERS.
RIGHT TO HAVE YOU ON THE PROGRAM.
COMING UP, TESLA, REDUCING PRODUCTION AT ONE OF ITS
CHINESE PLANTS AS EB SALES GROWTH SLOWS.
WE ARE GOING TO BRING YOU THOSE STORIES NEXT.
THIS IS "BLOOMBERG TECHNOLOGY."
♪
CAROLINE: TIME NOW FOR TALKING TECH.
AS A SIGN THE COMPANY IS MAKING SOME HEADWAY IN ITS EFFORTS TO
FEND OFF A CHALLENGE IN CHINA'S MEAL DELIVERY ARENA.
SHARES IN THE COMPANY ARE UP AFTER LOSING HALF OF THEIR
VALUE IN 2023. HUAWEI AND A SECRETIVE
CHIPMAKING PARTNER HAVE FILED PATENTS FOR A LOW-TECH
POTENTIALLY EFFECTIVE WAY TO MAKE ADVANCED SEMI CONDUCTORS.
WE ARE TALKING ABOUT SURFER-LINED QUADRUPLE
PATTERNING.
IT IS RAISING THE PROCESS THAT CHINA COULD PRODUCE CHIPS,
DESPITE U.S. EFFORTS TO HALT ITS PROGRESS.
LASTLY, TESLA. IT HAS REDUCED PRODUCTION AT
ITS PLANTS OVER THERE AMID SLUGGISH GROWTH IN TV SALES.
-- EV SALES. THE COMPANY HAS INSTRUCTED
EMPLOYEES AT ITS SHANGHAI FACILITY TO LOWER PRODUCTION.
THAT IS TWO VEHICLES TESLA MAKES IN CHINA WORKING FIVE
DAYS A WEEK INSTEAD OF THE USUAL 6.5 DAYS.
ALL OF THIS ACCORDING TO SOURCES. ED:
COMING UP, WE HAVE LISTINGS FROM ASTERA LABS AND REDDIT
THIS WEEK. COULD THE IPO TIDE BE CHANGING?
RACHEL GOERING -- WE WILL SEE WHAT RACHEL GOERING IS
EXPECTING. THAT IS COMING UP NEXT.
NOW, BRITISH AUDIENCE, PAY ATTENTION. VODAFONE AND THREE'S
COMBINATION IS FACING A DEEP CHECK BY THE U.K.
COMPETITION MARKETS AUTHORITY, THE REGULATOR.
THEY ISSUED A STATEMENT SAYING THEY ARE CONCERNED AND DO NOT
BUY THE ARGUMENT FROM VODAFONE AND THREE THAT COMBINING THE
TWO WOULD MEAN BETTER DEALS FOR CUSTOMERS.
VODAFONE'S LONDON-LISTED CHAIR IS UP 1.8%, WITH LITTLE TO GO.
-- WITH A LITTLE TO GO. IT IS AN INTERESTING STORY
ABOUT CONSOLIDATION IN THAT MARKET. THIS IS BLOOMBERG.
♪
CAROLINE: WELCOME BACK TO "BLOOMBERG
TECHNOLOGY." I'M CAROLINE HYDE IN NEW YORK.
ED: I'M ED LUDLOW IN SAN FRANCISCO.
ON THE WEEK WE WERE AT ONE POINT HEADED FOR THE BEST WEEK
OF THE YEAR. ON SEVERAL MAJOR INDICES,
INCLUDING THE NASDAQ 100. IN FRIDAY'S SESSION WE ARE
COMPLETELY FLAK ON THE NET -- FLAT ON THE NASDAQ 100.
WHAT IT IS INTERESTING TO SEE THE MOMENTUM OF THE WEEK WHEN
YOU CONSIDER NOTHING AT ALL HAPPENED IN THE FED MEETING ON
WEDNESDAY, AND THEN ON THURSDAY APPLE, FOR OBVIOUS REASONS, WAS
THE BIGGEST POINTS DRAG ON THE NASDAQ 100 AND S&P 500.
WE ARE LITERALLY .2 PERCENT AWAY FROM THE NASDAQ BEING ON
TRACK FOR ITS BEST WEEK OF THE YEAR. LET'S SEE WHAT HAPPENS ALL
TOLD. ALSO INTO CASH IN TERMS OF WHAT
HAPPENS, THIS WEEK'S IPO. IT IS DOWN 1.5 PERCENT AFTER
JUMPING 48% ON DEBUT THURSDAY. ASTERA LABS IS UP FOR A THIRD
STRAIGHT SESSION, HAVING LISTED EARLIER IN THE WEEK.
BUT, AS YOU AND I KNOW, CAROLINE, LET'S HAVE A
CONVERSATION IN ONE MONTH OR THREE MONTHS OR SIX MONTHS AND
SEE HOW THESE STOCKS ARE FARING BECAUSE OF THE LESSONS WE
LEARNED IN SEPTEMBER WHEN WE HAD THAT WINDOW WITH ARM.IT HAS
BEEN MACRON INTERESTING CONDENSED IPO WINDOW THIS WEEK.
CAROLINE: I WAS JUST CHECKING ON THOSE
WERE -- ON THOSE, AND ARM IS WELL ABOVE.
LET'S TALK ABOUT THIS WHOLE NEW WAVE OF IPO NAMES.
REDDIT, ASTERA LABS DEBUTING THIS WEEK.
EITHER THAT IS GOING TO OPEN UP THE PIPELINE.
RACHEL GERRING IS HERE TO GET YOUR TAKE ON THE FEEL-GOOD
FACTOR RIGHT NOW. THUS FAR THESE COMPANIES HAVE
COME TO THE MARKET AND COME WELL.
IS THAT MEAN SUDDENLY THE OTHER NAMES WE HAVE BEEN WAITING FOR
ARE GOING TO BE GALVANIZED? RACHEL: IT DEFINITELY HELPS THE
MOMENTUM FOR WHAT WE ARE EXPECTING IN THE IPO MARKET,
THE PIPELINE WE ARE SEEING COME THROUGH.
AS YOU ALL WERE NOTING, THE POST-IPO PERFORMANCE OF THESE
COMPANIES, EVEN THE ONES BEFORE THEM, WILL CONTINUE SETTING THE
STAGE AND INFLUENCE WHAT WILL CONTINUE COMING TO MARKET OVER
THESE NEXT SEVERAL MONTHS AND THROUGHOUT THE REMAINDER OF 20.
WE GOT POSITIVE MOMENTUM. THE TRENDS ARE GOING THE RIGHT
WAY, BUT NOT WITHOUT ITS CHALLENGES.
WE ARE IN A POLITICAL ELECTION CYCLE THIS YEAR, SO THERE IS
GOING TO BE DYNAMICS EVERYONE IS GOING TO HAVE TO NAVIGATE.
CAROLINE: DYNAMICS BEING ALSO THAT THE
MARKET IS HUNGRY FOR A I NAMES. WHEN YOU ARE ADVISING THESE
COMPANIES, WHEN THEY ARE SAYING I WANT TO NAVIGATE LIQUIDITY
EVENTS, WANT TO ANALYZE THE MARKET, DO YOU THINK ABOUT
WHERE THEY NEED TO BE DINING OUT ON AI? RACHEL:
AI IS CERTAINLY SOMETHING DRAWING A LOT OF FOCUS,
INTEREST, PARTICULARLY FROM INVESTORS.
WHEN WE THINK ABOUT AI, I THINK ABOUT IT IN A FEW DIFFERENT
BUCKETS. YOU HAVE THE PURE PLAY AI
COMPANIES, THOSE DEVELOPING THE TECHNOLOGY.
THERE IS A LOT OF CONTINUED INTEREST IN THIS AREA,
PARTICULARLY IN THE PRIVATE FINANCING SPACE.
THESE COMPANIES ARE GENERALLY GETTING FUNDED.
WILL WE SEE A FLOOD OF IPOS FROM THEM OVER THE COMING
MONTHS AND YEAR? MAYBE NOT. THEY ARE GETTING THE FINANCING
THEY NEED. THEY ARE DEVELOPING THE
TECHNOLOGY. THEN I ALSO LOOK AT OTHER
COMPANIES AND HOW THEY ARE EMPLOYING AI WITHIN THEIR
COMPANIES, ELECTIVE TO THEIR STRATEGY.
WE ARE SEEING THAT PLAY OUT. WE ARE GOING TO CONTINUE, NOT
WITHOUT SKEPTICISM, FROM INVESTORS.
THEN YOU HAVE THAT BROADER ECOSYSTEM WE ARE SEEING RIGHT
NOW AND HOW YOU ARE CONTRIBUTING TO AI AND THAT
BROADER E -- THAT BROADER ECOSYSTEM. ED:
THIS IS EXACTLY WHAT I WAS WRITING ABOUT IN MY COLUMN THIS
MORNING, THAT REDDIT, FOR EXAMPLE, GOT ITS AI STORY RIGHT
GOING INTO THE IPO. THE DATA LICENSING BUSINESS.
WILL BE INTERESTING TO LEARN
FROM YOU IS WHAT IS MORE IMPORTANT, IN THE ROADSHOW YOU
SELL YOUR AI STORY, OR IS A MORE IMPORTANT THAT ACTUALLY
NOW A COMPANY LIKE REDDIT IS LISTED, THEY CAN PROVE THEY
HAVE AN AI BUSINESS AFTER THE FACT, THAT IT IS ACTUALLY REAL?
RACHEL: I THINK BOTH ARE CRITICAL, FOR
OBVIOUS REASONS. WHERE WE ARE SEEING, EVEN WHEN
YOU ARE PUTTING THAT INTO YOUR S S1, INVESTORS ASKING YOU TO
PROVE IT. IT IS NOT WRITING ABOUT THE
POSSIBILITY AND IDEA, BUT, WHAT HAVE YOU DONE EVEN UP TO THIS
POINT TO SHARE WITH INVESTORS HOW YOUR PROVING THIS OUT?
HOW YOU TRULY HAVE A STRONG PLAN THAT YOU ARE NOW EXECUTING
ON? AND THEN PROOF WILL BE IN THE
PUDDING. POST-IPO HOW YOU ARE CONTINUING
TO EXECUTE AND PERFORM. AS WE CONTINUE TO WATCH THE
PERFORMANCE OF THESE STOCKS, YOU KNOW, TWO MONTHS FROM NOW,
THREE MONTHS FROM NOW, THEY HAVE TO CONTINUE DEMONSTRATING
THAT PERFORMANCE AND STAYING GOOD ON THE COMMITMENTS THEY
MADE. ED:
HOW DO YOU ASSESS THIS WEEK'S IPO WINDOW?
I DON'T EVEN KNOW IF WE CALL IT WINDOW. VERSUS WHAT WE SAW IN
SEPTEMBER? RACHEL:
THIS IS TIMMY DEMONSTRATING, WE HAVE INVESTOR INTEREST AROUND
IPOS. THE COMPANY COMING TO MARKET
RIGHT NOW IS WHAT WE HAVE EXPECTED. THEY ARE LARGE.
THEY HAVE A NAME. THEY HAVE SOME HISTORY.
PERFORMANCE HISTORY BEHIND THEM AS WELL.
THE RISK PROFILE IS ONE OF AN APPETITE THAT IS ATTRACTING
INVESTORS AS THEY CONTINUE TO PERFORM. BELIEVE THAT OPENS UP
OPPORTUNITY FOR THE GROWTH-ORIENTED COMPANIES TO
COME TO MARKET AND HELP DRIVE SOME VALUATIONS OVER TIME.
BUT IT'S GOING TO BE A STEADY RECOVERY.
WE ARE NOT EXPECTING A BIG BALLOON, IF YOU WILL, OR A HUGE
SPIKE. A STEADY RECOVERY IS WHAT WE
HAVE CONTINUED TO EXPECT THROUGHOUT 2024 AS WE CONTINUE
TO SEE THE MARKET REBOUND. CAROLINE:
WHAT IS THE MOTIVATING FACTOR HERE?
REDDIT WANTED AN IPO FOR YEARS. IT IS A LIQUIDITY EVENT FOR
EMPLOYEES, BUT I'M SURE TIME FOR INVESTORS TO HAVE MONEY
BACK. WHAT IS DRIVING OTHER NAMES?
RACHEL: EVERYONE HAD THEIR FACTS AND
CIRCUMSTANCES. SOME ARE GOING TO BE ANCHORING
AROUND VALUATIONS, AND ARE THEY GETTING TO A VALUATION THEY ARE
EXPECTING LIQUIDITY FOR? FOR EMPLOYEES, FOR OTHER
FOUNDERS? A LOT OF P/E.
THEY HAVE BEEN HAVING SOME COMPANIES, THEY HAVE BEEN
HOLDING FOR QUITE SOME TIME. THEY WANT TO START ENTERING
BACK INTO THE M&A MARKET. AS WE SEE RATES COME DOWN
HOPEFULLY WILL -- HOPEFULLY WE WILL SEE M&A ACTIVITY.
I THINK THAT IS GOING TO START INFLUENCING SOME EXIT FROM THAT
STAGE AS WELL. CAROLINE: WE WANT TO THANK YOU.
RACHEL GERRING THERE ON THE IPO LANDSCAPE.
YOU WANT TO STICK WITH COMPANIES GOING PUBLIC.
NOT ALL OF THEM DO IPOS. SOME OF THEM DO SPAC'S.
DONALD TRUMP'S STARTUP HAVING VOTED TODAY ON WHETHER DIGITAL
WORLD ACQUISITION CAN PROCEED TAKING TRUMP MIDEA GROUP PUBLIC.
IT RUNS TRUE TO SOCIAL, THE PLATFORM.
IT HAS BEEN A LONG-DELAYED DEAL. IT HAS NOW PROVED A NUMBER OF
INSIDERS AND FORMER ASSOCIATES SUED TO BLOCK THE DEAL STAND TO
POCKET MILLIONS OF DOLLARS. ED: COMING UP, WE ARE GOING TO DIVE
INTO THE WORLD OF CLIMATE INVESTING, AI.
WHAT ON EARTH HAPPENED THIS WEEK IN IPOS.
ANYTHING AND EVERYTHING WE HAVE SPOKEN ABOUT THIS WEEK.
KIM-MAI CUTLER. REALLY LOOKING FOR TO THAT
CONVERSATION NEXT. THIS IS "BLOOMBERG TECHNOLOGY."
THIS IS BLOOMBERG.
>> THIS IS THE BLACKWELL GPU, OR GRAPHICS PROCESSING UNIT.
IT IS THE START OF TTC, NVIDIA'S ANNUAL DEVELOPERS
CONFERENCE.
THE B200 IS MORE POWERFUL THAN THE PRIOR AI ACCELERATOR.
COMPARED TO HOPPER, BLACKWELL OFFERS TWO .5 TIMES THE
PERFORMANCE FOR TRAINING LARGE LANGUAGE MODELS AND FIVE TIMES
PERFORMANCE FOR RUNNING THE MODEL, A PROCESS KNOWN AS
INFERENCE. VIDEO WILL OFFER BLACKWELL IN
VARIOUS FORMS. TWO BLACKWELL GPU'S AND ONE CPU IN
COMBINATION.
THEY GOING TO LIQUID-CALLED SYSTEMS LIKE THIS AND SHIPPED
TO CLOUD PROVIDERS FOR THEIR DATA CENTERS.
IT IS A MARKET THAT NVIDIA CEO SAYS WILL STARTED TO HUNT A
BILLION DOLLARS ANNUALLY AND GROW FROM THERE.
-- $200 BILLION ANNUALLY AND GROW FROM THERE.
GTC CROWDS CIRCLED AROUND A SINGLE DEMO RACK.
THE REAL THING SHORT -- STARTS SHIPPING IN LATE 2024. ED:
AMONG EVERYTHING ELSE, TTC -- GTC ENDED LAST NIGHT.
WHETHER YOU ARE AN AI FOUNDER OR AN INFRASTRUCTURE COMPANY,
NOW DOWN TO JENSEN LONG. THAT MIGHT -- JENSEN LONG.
CAROLINE: SHARE PRICES REAP THE BENEFIT
AS WELL. THOSE HE ANOINTED, THE SYNOPSIS.
SOME OF THESE COMPANIES MANAGING TO PUSH HIGHER BECAUSE
WE ARE STARTING TO SEE HOW THEY ARE ABLE TO TAP INTO THIS
ECOSYSTEM THAT BASICALLY IS THE DRIVING FORCE.
ED: AS WE HAVE BEEN SAYING, GET THE
AI STORY RIGHT. AI WAS ALSO A BIG PART OF THE
STORY YESTERDAY FOR REDDIT'S PUBLIC LISTING DAY.
INITIALIZED CAPITAL CELEBRATED THE IPO OF ITS PORTFOLIO
COMPANY, WHICH IS BANKING ON USING DATA TO BUILDERS OF LARGE
LANGUAGE MODELS TO FUEL REDDIT'S GROWTH.
LET'S BRING IN INITIALIZED CAPITAL PARTNER KIM-MAI CUTLER.
I WROTE IN MY COLUMN TODAY, REDDIT GOT THERE AI STORY RIGHT.
I THOUGHT IT WAS INTERESTING THEY WENT THERE WITH THAT.
WHAT DID YOU MAKE OF IT? KIM-MAI:
I THINK IT IS A TREMENDOUS DAY FOR THE WHOLE TEAM THERE, FOR
STEVE, FOR ALEXIS. YOU KNOW, THAT COMPANY IN
PARTICULAR HAS A LONG HISTORY AND CLOSE TIES WITH SAM ALTMAN,
WHO RUNS OPENAI. I THINK THAT RELATIONSHIP OVER
THE LAST DECADE OR MORE BENEFITED THEIR ABILITY TO RIDE
THIS WAVE AND REDDIT ITSELF IS AN INCREDIBLE PROPERTY.
I AM A MULTIPLE TIMES A DAY. A WEALTH OF INFORMATION THEY
HAVE AND ALL OF THE DIFFERENT SUBCOMMUNITIES AND THE WAY
PEOPLE TALK HONESTLY AND FREELY ABOUT WHAT THEY THINK, YOU
KNOW, IT IS AN INCREDIBLE DATA SOURCE. ED:
WHAT I FIND SO INTERESTING, PARTICULARLY IN DEPLOYED
CAPITAL, THE TYPES OF STARTUPS YOU INVEST IN, REDDIT IS AN
EXAMPLE OF WHERE DON'T NEED TO BE A BUILDER OF LARGE LEG WHICH
MODELS OR INFRASTRUCTURE PLAY TO BE A PARTICIPANT IN WHAT IS
HAPPENING IN AI. DO YOU HAVE ANY PARALLEL
EXAMPLES OF COMPANIES YOU THINK WILL BENEFIT FROM THE
INFRASTRUCTURE INVESTMENT HAPPENING? KIM-MAI:
I THINK FOR US, YOU KNOW, WE HAVE LONG DONE MANY DIFFERENT
DEALS THAT HAVE VERY SPECIFIC APPLICATIONS TO DIFFERENT
WORKFLOWS AND INDUSTRIES. FOR EXAMPLE, YOU COULD THINK
ABOUT THE HEALTH CARE USE CASE. HAVE A COMPANY THAT SUPPORTS
MEDICAL PROFESSIONALS AND DIAGNOSES.
WE HAVE ANOTHER COMPANY THAT SERVES AS AN AI COPILOT FOR
FINANCIAL COMPLIANCE. THERE IS ALL OF THESE DIFFERENT
SPECIFIC INDUSTRIES WITH SPECIFIC LEGAL REQUIREMENTS AND
WAYS THAT PEOPLE WORK THAT WILL NEED VERY HONED AND REFINED
APPLICATIONS OF THESE FOUNDATIONAL MODELS. CAROLINE:
IT IS A LONG WAY COMING FOR SOME OF THESE CHECKS YOU HAVE
MADE INTO THE GLASS HEALTH YOU MENTIONED, SOME OF THESE OTHER
AI-ADJACENT NAMES YOU HAVE INVESTED IN.
HOW ARE YOU THINKING ABOUT EXIT STRATEGY LONGER-TERM?
WHAT WAS INTERESTING ABOUT THIS WEEK WAS MICROSOFT BASICALLY
HIRING INFLECTION, ORIGINALLY OF DEEP MIND, HEADING IN.
IT FEELS LIKE BIG TECH JUGGERNAUTS ARE PARTNERING IN
INTERESTING WAYS. HOW BROAD DOES THAT GO FOR THE
ENTIRE ECOSYSTEM HERE? KIM-MAI: I THINK SOME OF THE
DEVELOPMENTS WE HAVE SEEN THIS WEEK ARE A REFLECTION OF
CONSOLIDATION IN PLAYERS IN THE FOUNDATIONAL MODEL MARKET.
OBVIOUSLY THERE ARE COMPANIES THAT ARE FAR AND AWAY HAVE
TREMENDOUS COMING, REVENUE RUN RATES. I'M THINKING CHATGPT AND
ANTHROPIC. AND THEN COMPANIES THAT ARE NOT
QUITE AT THAT LEVEL OR DON'T HAVE THE SAME LEVEL OF REVENUE
GROWTH OR HAVING TO MAKE DIFFERENT DECISIONS ABOUT WHAT
THEY NEED TO DO, GIVEN THE COST OF COMPUTE AND COST OF GOING
FORWARD.
I THINK AS A SEED STAGE INVESTOR WE HAVE COMPANIES WE
ARE WORKING WITH FOR, WE MIGHT BE WORKING WITH THEM FOR FIVE
TO 10 YEARS BEFORE WE GO PUBLIC. IF I LOOK AT SOME OF THE
EARLIER FINES, OUR PREVIOUS IPO IS INSTACART, HAVE JUST HAD A
VERY POSITIVE MOMENTUM OVER THE PAST SIX MONTHS TO A YEAR.
AND THEN GOING FORWARD WE ARE GOING TO HAVE COMPANIES THAT
PERHAPS YOU AND I WILL BE TALKING ABOUT IN 10 YEARS.
CAROLINE: WHAT HAS BEEN INTERESTING THIS
WEEK IN THE CONTEXT OF AI, WHETHER IT IS U.S.-CHINA
RELATIONS, THERE IS ALSO THE CONTEXT BROADLY OF WHERE THE
GOVERNMENT PLAYS WITH THIS. WE HAD THE BIG ANNOUNCEMENT
FROM INTEL, GETTING MORE SUBSIDIES, TO BE ABLE TO BE
BUILDING HERE. I KNOW THAT IS SOMETHING YOU
ARE THINKING A LOT ABOUT IN THE CONTEXT OF CLIMATE TECHNOLOGY
AS WELL. WE HAVE MONEY BEING PUSHED FROM
THE EV PERSPECTIVE THIS WEEK. TO PERHAPS ENHANCE ELECTRIC
VEHICLE MANUFACTURING HERE IN THE U.S.
WHEN YOU ARE THINKING ABOUT THE OPPORTUNITY OR ANOTHER WAY OF
INVESTING IN CLIMATE TECH, DOES THAT STICK? KIM-MAI: ABSOLUTELY.
THE IRA HAS PROVIDED A NUMBER OF CARROTS AND STICKS,
PREDOMINANTLY CARROTS THAT HAVE TREMENDOUSLY EXPAND THE MARKET
FOR SOME OF OUR COMPANIES. FOR EXAMPLE, HAVING MORE
PUNITIVE MEASURES AROUND METHANE EMISSIONS IS A REAL
BENEFIT TO OUR COMPANIES. USING SATELLITE IMAGERY TO
PINPOINT METHANE LEAKS FROM SPECIFIC FACILITIES.
THE INCENTIVES IN THE IRA AROUND REVENUE, GOVERNMENT
PURCHASES OF CARBON REMOVAL ARE HELPING TO MATURE THAT MARKET.
WE HAVE ANOTHER COMPANY IN SOUTHERN CALIFORNIA CALLED
CLARITY THAT IS DOING CARBON DIOXIDE REMOVAL WITH LOWER
ENERGY INTENSITY AND USAGE AND COSTS. ED:
RIGHT AT THE TOP OF YOUR BLOG POST YOU WERE TALKING ABOUT THE
CHIPS ACT. LOWER DOWN AT THE EARLY STAGE
IS THERE ANY BENEFIT FELT? THE INFLATION REDUCTION ACT?
KIM-MAI: THERE IS BENEFITS FOR BOTH, BUT
IF WE ARE TALKING ABOUT A LONG-TERM INVESTMENT IN THE
UNITED STATES' ABILITY AROUND MANUFACTURING AND DEEP ATTACK,
I THINK THAT IS BRINGING IN A
LOT OF TAX CREDITS AND TAX INCENTIVES AROUND FACILITIES IN
THIS COUNTRY. FOR EXAMPLE, TO REALLY GET
CARBON REMOVAL TO THE NEXT STAGE WE ARE GOING TO HAVE TO
SEE FACILITIES ALL OVER THE UNITED STATES, PARTICULARLY IN
THE SOUTHWEST, WHERE CLARITY IS LOOKING DO IT'S FIRST FACILITY.
THAT IS GOING TO CREATE JOBS FOR ALL KINDS OF AMERICANS. ED:
KIM-MAI CUTLER, GREAT TO HAVE YOU ON SET HERE IN SAN
FRANCISCO. WE WILL BE RIGHT BACK.
THIS IS "BLOOMBERG TECHNOLOGY."
>> I LOVE PLAYING CHESS. THIS IS ONE OF THE THINGS YOU
ALL HAVE ENABLED ME TO DO. SOMETHING THAT I WASN'T ABLE TO
REALLY DO MUCH THE LAST FEW YEARS, ESPECIALLY NOT LIKE THIS.
I HAVE USED A MOUSE STICK AND STUFF, NOW IT IS ALL BEING DONE
WITH MY BRAIN. CAROLINE: PART OF A LIVE STREAM WITH
NEURO-LINK'S FIRST PATIENT, SHOWING A QUADRIPLEGIC MAN, WHO
IS ABLE TO PLAY VIDEO GAMES AND ONLINE CHESS USING HIS MIND.
NEURAL LINK IS A BRAIN TECH STARTUP FOUNDED BY ELON MUSK.
THIS IMPLANT ALLOWS A PATIENT TO USE THEIR THOUGHTS TO
CONTROL THE COMPUTER. ED:
BITCOIN HAS PEELED BACK MORE THAN 10% FROM ITS ALL-TIME
HIGH, AND MAY BE HEADED FOR ONE OF ITS WORST WEEKS OF 2024.
THIS IS THE APPETITE FOR SPOT BITCOIN ETF SEEMS TO BE SLOWING
DOWN. BUT CO-CEO MIKE BELSHE JOINS US
NOW.
THAT WAS THE ENCZ -- BITGO CEO MIKE BELSHE JOINS US NOW. MIKE:
I DO NOT LIKE TO PREDICT PRICE, BUT I THINK WE ARE AT A GOOD
TIME. COURSE THERE IS SOME CONSOLIDATION.
IF YOU ARE NOT READY FOR MY 20% DROPS YOU ARE NOT READY FOR MY
600% INCREASES. BUT OVERALL WHAT WE ARE SEEING
IS CONSOLIDATION. THE ETF'S JUST LAUNCHED.
WE HAVE SEEN TREMENDOUS RUN-UP. A LITTLE BIT OF PULLBACK IS
HAPPENING, BUT ALL OF THE MACRO CLIMATE REMAINS EXTREMELY
BULLISH FOR BITCOIN. PRIMARILY DUE TO WHAT PEOPLE
KNOW ABOUT THE LONG TERM. WHAT WE CARE ABOUT MOST AT
BITGO. LONG-TERM MACRO LOOKS LIKE WE
ARE GOING TO BE SOLID. WITH HAVING A STATIC SUPPLY OF
BITCOIN, SOMETHING YOU CAN COUNT ON THAT DOESN'T GET
ERODED AND FIAT CURRENCY IS CONTINUING TO DO MASSIVE
CHANGES WITH DEBT AND DEFICITS AND NO SIGN OF CHANGE FOR THAT
FRONT. CAROLINE:
BITCOIN, POTENTIALLY ANOTHER UNDERPINNING OF PRICE, BUT WHO
HAS BEEN GETTING INTO THESE ETF'S?
MIKE: SO FAR I THINK IT HAS BEEN MOSTLY THE SMALLER TICKET SIZES.
MEMBER, INSTITUTIONS MOVE PRETTY GLACIALLY.
I THINK WE HAVE SEEN A WAVE OF RETAIL.
I THINK IT IS GETTING BIGGER, BUT THE INSTITUTIONS, YOU KNOW,
WE HAVE SEEN SOME SMALLER HEDGE FUNDS IN.
LARGER HEDGE FUNDS WILL COME IN. PENSIONS ARE COMING.
ENDOWMENTS ARE ALREADY HERE. NOW THAT WE HAVE AN ETF
AVAILABLE, WHICH IS THE DISTRIBUTION CHANNEL THAT MAKES
IT EASY FOR EVERYONE TO PARTICIPATE, IT TAKES A WHILE
TO GO THROUGH INVESTMENT COMMITTEES, BUT I THINK WE ARE
STARTING TO SEE THAT RUN-UP HAPPENED NOW ALL THROUGH THE
SUMMER. 80,000 BY MAY.
ED: THE CALENDAR ITEM, WHAT HAPPENS
DO YOU THINK? MIKE: THE HAVING IS AN INTERESTING
PATTERN PEOPLE LOOK AT. THE MOST INTERESTING PART IS
THE LONG-TERM MEANING OF THE HALF ING.
GOING HAS A MONETARY POLICY SET IN 2009, AND IT HAS REMAINED
COMPLETELY UNCHANGED. IT IS THE LONGEST-STANDING
UNCHANGED MONETARY POLICY IN THE HISTORY OF MANKIND.
THIS IS A DEMONSTRATION THAT BITCOIN HAS AN UNCHANGING
COMMITMENT TO THAT POLICY. HAVING THIS APPLIED DECREASE ON
A BLOCK BY BLOCK BASIS, WHICH MEANS WE SEE A LOWER RATE OF
INFLATION, SOME MEASURE AND HOW YOU COMPARE THAT TO OTHER
ASSETS , BITCOIN IS IN A VERY GOOD STATUS AS ONE OF THE MOST
STATIC SUPPLY ASSETS ON THE PLANET. CAROLINE:
MIKE BELSHE, IT HAS BEEN GREAT TO CATCH UP WITH YOU.
BITGO CEO, AS WE HAVE SEEN ONE OF THE WORST WEEKS FOR BITCOIN
THIS YEAR. THAT DOES IT FOR THIS EDITION
OF "BLOOMBERG TECHNOLOGY." ED: WHAT AN END TO THE WEEK.
CHECK OUT THE PODCAST. THE PLATFORMS ARE APPLE, SPOTIFY, I
HARD, AND WE PUBLISHED TO ALL OF OUR OWN PLATFORMS HERE AT
BLOOMBERG -- BLOOMBERG. FROM SAN FRANCISCO AND NEW YORK
CITY, THIS IS "BLOOMBERG TECHNOLOGY."
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