Hedge Fund Exposure to Tech Hits Record High | Bloomberg Technology

Summary

この動画スクリプトでは、テクノロジー業界の最新動向が議論されています。ハイブリッドドライブトレインの開発や、AppleのApp Storeの法的勝利、YouTube CEOによるプラットフォーム拡大の計画などが取り上げられています。また、テクノロジー企業のIPO市場の現状やOpenAIのガバナンスに関する懸念、EUでのAI企業の動きも触れられています。さらに、Ring CEOのインタビューでは、企業の新しいミッションとビデオサービスの価値が語されています。

Takeaways

• 📈 テクノロジー関連のヘッジファンドの露出が最高記録に達しました。
• 🎥 YouTube CEOはビデオプラットフォームをさらに拡大する計画について語りました。
• 🚗 中国のEVメーカーBYDは1つのチャージで1200マイル以上走行可能なハイブリッド駆動システムを発表し、話題を集めています。
• 📉 市場は宏观的な状況に苦戦しており、NASDAQは下落しています。
• 📱 Appleはアプリストア料金の問題で中国の裁判所から訴訟を却下され、株価は上昇しています。
• 💡 大手テック企業のIPO市場への参入は、金利環境と政治的な問題により2025年に向けて先送りとなっています。
• 🔄 企業買収と民間投資からの資金調達が増加していますが、IPO市場への参入は控えめです。
• 🌐 YouTubeは世界最大のストリーミングプラットフォームとして認識され始めており、リブン収益も見込まれています。
• 🛡️ Ringの新しいミッションは、顧客との会話に基づいて安全保障からさらに広範な使用へと発展しました。
• 🗳️ アメリカのIPO市場は低迷していますが、企業は成長を続けており、将来的には市場への参入を見据えています。

Q & A

最近のテクノロジー投資の動向は何ですか？

テック企業へのホッジファンドの曝露が過去最高を記録しました。強力な業績報告により、特に「Magnificent Seven」はホッジファンドの総曝露のほぼ21％を占めていると報告されています。

YouTubeのCEOはビデオプラットフォームをさらに拡大する計画についてどのように述べていますか？

YouTubeのCEOは、プラットフォームがテレビ画面での視聴時間を超え、リビングルームのスクリーンで1億時間を超え、広告パートナーにとって重要な場所であると認識されていると語っています。

アメリカのIPO市場の現状はどのようなものですか？

現在、アメリカのIPO市場は静謐であり、企業は2025年に市場への期待を持ち、選ばれた企業は2024年に注目されていますが、IPO市場は今年は活発ではありません。

テクノロジー企業がIPOを選択する主な理由は何ですか？

テクノロジー企業がIPOを選択する最大の理由は、私有化されてからの数年間で獲得した機会によって、公開市場での株式取引を通じて財産を検証し、顧客の信頼を高めるためです。

AppleはApp Store料金の問題で中国の裁判所から勝訴しましたが、これはどのような意味を持っていますか？

Appleは中国の消費者がApp Storeの手数料と料金の問題で起こした訴訟を勝訴しましたが、これはAppleが世界中で増大する監査から一時的な猶予を得る意味があります。

OPENAIの元取締役がAIのガバナンスに関する懸念を表明していますが、これはどのような問題を指していますか？

OPENAIの元取締役は、AIのガバナンスに関する懸念を表明しており、製品のリリースや戦略に関する情報提供の不足、そしてSAM ALTMAN社長との間の信頼の欠如を指摘しています。

Deutsche BankのIPOに関する見解はどのようなものですか？

Deutsche BankのIPOに関する見解は、IPO市場は活発ではなく、企業は2025年に市場への期待を持っており、選ばれた企業は2024年に注目されていますが、IPO市場は今年は活発ではありません。

RINGの新しいミッションはどのようなものですか？

RINGの新しいミッションは、顧客と従業員との会話に基づいて安全保障に加えて、製品を使用して便利な機能、自宅へのアクセス、ペットを監視することでも多くの人々が使用していることを認識しました。

テクノロジー企業がIPOを選ばない主な理由は何ですか？

テクノロジー企業がIPOを選ばない主な理由は、規制の強化と、企業はより長い間私有化を続けることを選択することで、私有資本が増えるという利便性です。

テクノロジー企業がIPOを通じて獲得する主な利点は何ですか？

テクノロジー企業がIPOを通じて獲得する主な利点は、市場からの信頼を得ること、顧客の信頼を高めること、そして投資家にとっては市場からの退出の機会です。

テクノロジー企業がIPOを通じて獲得する主な利点はもう一つありますか？

はい、もう一つの主な利点は、企業がIPOを通じて獲得するリソースと資金を通じて、彼らの技術や事業を拡大し、市場での存在感を強化することができることです。

Outlines

00:00

📈 テクノロジー投資の動向と市場の現状

ジョー・マシエウはワシントンをバックに、カルーネ・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お届けするブ隆ムバーグテクノロジー。番組では、テクノロジーへの対冲ファンドの曝露が過去最高を記録したとされる一方で、市場は債券市場からの資金の供給に苦戦している。ナスダックは下落し、ヨーロッパのSTOXX 600は低下している。さらに、長-shortの利回りが4.62％と高水準にあることから、リスクアペタイトが低下している。暗号通貨市場も圧力を受けており、ビットコインは微小な下落を記録している。また、中国のEVメーカーBYDは新しいハイブリッド駆動システムを発表し、アメリカでの株式のリスト価格を押し上げた。一方、アップルはアップルストアの料金の問題で中国での訴訟から勝訴し、株価が上昇した。

05:02

🏢 テクノロジー企業上場と資金調達のトレンド

テクノロジー企業の上場と資金調達に関する議論が展開されている。現在市場には約500社のテック企業が上場しているが、そのうち30%成長しているのは30社未満とされている。投資者からのIPOへの需要はあるが、今年はレート環境と企業の見通しの影響で活動が少ない。2025年には市場への期待が高まっている。また、政治的な問題も2025年の楽観視に寄与しているとされている。企業は選挙サイクルを乗り越え、レートが下がると期待している。現在、プライベート企業として資金調達を行っている企業も多く、IPO市場ではなくプライベートでの少額株式の売却を通じて市場評価を得ている。

10:05

📺 YouTubeの成長戦略と未来の展望

YouTube CEOは企業の拡大計画とプラットフォームの未来について語った。YouTubeはユニークな存在であり、ソーシャルメディアや従来のメディアとは異なると語った。彼らは成長ストーリーの初期段階にあり、ミッションを果たし、皆に声を与え世界を見せると表明した。YouTubeは世界最大のストリーミングプラットフォームであり、Netflixに次ぐ人気がある。YouTubeはテレビ画面での視聴時間を超え、広告パートナーにとって魅力的なプラットフォームと認識されている。また、YouTubeは今後も創造者経済をサポートする多様な収益モデルを提供し続ける方針である。

15:06

🤖 OpenAIのガバナンスとAI技術の将来性

OpenAIの元取締役がボードが2022年のChatGPTの発売について事前に知らなかったと発言し、ガバナンスに関する議論が活発化している。Sam Altmanによる技術の商業化とボードとの間の不信任感や誤解が問題視されている。シリコンバレーでは、このような問題がどの程度存在するかが推測される。また、スカーレット・ヨハンソンの声を使ったことに関するOpenAIの対応も話題となっている。

20:09

📊 テクノロジー市場の動向と企業の戦略

テクノロジー市場の動向と企業の戦略について触れられた。特に注目されるのは、アマゾンのリングカメラの使用目的が安全保障からペットや自然とのつながりへと変化していること。これにより、アマゾンはNext-DoorとTikTokの間のハイブリッドのような形を目指していると語った。また、リングCEOは新しいミッションを発表し、ビデオサービスとしてのリングの価値を強調した。

25:10

💼 テクノロジー企業の上場と投資の課題

テクノロジー企業の上場と投資に関する議論が続いており、特に規制が企業の公開市場への参入を阻んでいると指摘されている。また、企業は長期にわたって非公開のままになり、私的な資本を集めることで市場への参入を避けているという。これにより、公開企業の数が減少し、若い革新的な企業が市場に出世するのを難しくしていると語った。

30:14

🛡️ セキュリティとプライバシーに関する法律問題

セキュリティとプライバシーに関する法律問題が提起された。マイクロソフトはAIシステムのトレーニングデータを入手するため、プライバシー法を侵害したと主張された訴訟を却下された。裁判官は弁護士の主張が長く繰り返しで散漫であると非難し、訴訟を棄却した。

35:17

🗳️ アメリカのIPO市場の現状と課題

アメリカのIPO市場の現状と課題について議論された。IPO市場の活性化がアメリカの革新への承诺に欠かせれず、それを無視することは集団的損失になるという意見が示された。規制が企業の公開市場への参入を阻んでいると指摘されており、特に2002年のサラベンズ＝オックスリー法が影響を与えていると語った。

40:18

📱 テクノロジー企業の偽の情報操作と対策

テクノロジー企業が偽の情報操作とその対策について触れている。メタは中国やロシアなどからの隠れた影響作戦に関連するFacebookアカウントを数百件削除したと発表した。AIツールを用いて虚偽情報を生成し、拡散しようとする動きを検出していると報告された。

Keywords

💡テクノロジー投資

テクノロジー投資とは、新しい技術やそれに関連する企業への投資を指します。ビデオでは、テクノロジーへのヘッジファンドの曝露が過去最高に達していると語られており、これは投資家がテクノロジー企業の成長と将来性に強い関心を寄せていることを示しています。

💡ヘッジファンド

ヘッジファンドは、投資ファンドの一種で、多角化とリスク管理を目的としています。ビデオではヘッジファンドがテクノロジー企業への投資を増やしていると触れられており、これは市場におけるテクノロジー企業への投資の人気と関心の高さを反映しています。

💡市場動向

市場動向とは、株式市場や債券市場などの金融市場における価格や需要の変化を指します。ビデオでは、市場がマクロ経済の状況に苦しんでいるとされ、特にナスダック市場が下落していると報告されています。これは経済全体の動向を理解する上で重要な指標となります。

💡EVメーカー

EVとは電気自動車のことで、EVメーカーとは電気自動車を製造する企業を指します。ビデオでは中国のEVメーカーであるBYDが新しいハイブリッド駆動システムを発表し、単一のチャージで1200マイル以上走行可能としていると紹介されています。これはEV技術の進歩とその企業のイノベーション能力を示す例です。

💡アップル

アップルは世界的なテクノロジー企業で、iPhoneやiPad、MacBookなど多くの製品を展開しています。ビデオではアップルがアプリストアの手数料に関する訴訟から勝訴し、株価が上昇したと報告されています。これは企業の法的勝利と市場への影響力を持つことを示しています。

💡ビットコイン

ビットコインは暗号通貨のひとつで、分散型の取引所を通じて取引されるデジタル通貨です。ビデオではビットコインが小幅下落しているとされており、これは暗号通貨市場の動向を反映しています。また、テクノロジー業界におけるデジタル資産の注目度を示す指標と言えるでしょう。

💡IPO

IPOとは、企業が初めて株式を公開して株式市場に上場することを指します。ビデオではIPO市場の動向が議論されており、特にテクノロジー企業がIPOを通じて資金を調達し、市場に参入している状況が触れられています。

💡テクノロジー企業

テクノロジー企業とは、ソフトウェア、ハードウェア、インターネットサービスなど、テクノロジー分野でビジネスを展開する企業を指します。ビデオではテクノロジー企業の成長とIPO活動、さらにはテクノロジー投資の動向が重要なトピックとして取り上げられています。

💡YouTube CEO

YouTubeのCEOとは、YouTube这家视频分享平台的最高経営責任者を指します。ビデオではYouTube CEOがプラットフォームをさらに拡大する計画について語り、これはデジタルメディア業界の発展とその企業のビジョンを理解する上で興味深いポイントです。

💡OPENAI

OPENAIは、人工知能技術の研究と開発を行う非営利組織です。ビデオではOPENAIの元取締役が組織とその指導者に関する批判を公表したとされており、これはAI業界におけるガバナンスと倫理に関する議論を引き起こす事件です。

Highlights

华盛顿的乔·马修与硅谷及其它地区的创新、金钱和权力的交汇处，共同探讨了Bloomberg Technology的议题。

对冲基金对科技股的敞口达到了创纪录的高位，这对科技投资的前景意味着什么？

YouTube CEO谈论了他扩大视频平台的计划。

Ring CEO在首次广播访谈中讨论了公司的使命声明。

市场正在挣扎，债券市场的供应方出现了大量的资金墙。

中国电动汽车制造商BYD宣布了一种混合动力系统，能够在单次充电下行驶超过1200英里。

苹果公司因中国法院驳回了关于App Store费用的案件而股价上涨。

大型科技公司目前的表现以及对冲基金的定位。

目前公开市场的增长投资机会并不存在，而IPO的需求仍然存在，但今年的活动并不多。

2025年被视为市场乐观的一年，部分原因是选举周期的结束和利率可能的下降。

私募活动在科技行业的增长，以及融资方面的变化。

联想与沙特阿拉伯的投资公司达成了一项安排，包括融资和在该国设立研发设施。

可转换债券市场的活跃度预计将增加，大型发行人通过可转换债券进行融资。

YouTube CEO讨论了YouTube作为世界上最大的流媒体平台的增长故事和使命。

OpenAI的前董事会成员批评公司及其领导层，指出公司在AI治理方面的担忧。

法国的Mistral AI作为欧洲的竞争对手，现在正着眼于美国市场。

Ring CEO讨论了公司的使命变更，以及如何通过新的产品和服务来扩展公司的业务范围。

Ring通过推出每月20美元的订阅服务，实现了盈利，并且正在投资计算机视觉和AI来增加其视频服务的价值。

Ring专注于其核心使命，即帮助人们了解家中或企业发生的事情，并提供访问权限。

Bloomberg Technology节目讨论了美国IPO市场的当前状况，以及对经济和创新的潜在影响。

苹果公司在中国赢得了关于App Store费用的法律战，这对公司在全球面临的审查具有重要意义。

Meta移除了与来自中国、俄罗斯等国的隐秘影响力行动相关的数百个Facebook账户，并使用AI工具来识别虚假信息。

Transcripts

I'M JOE MATHIEU IN WASHINGTON.

>> 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: WELCOME TO BLOOMBERG TECHNOLOGY.

I'M CAROLINE HYDE LIVE FROM NEW YORK.

>> I'M ED LUDLOW IN SAN FRANCISCO THIS IS BLOOMBERG

TECHNOLOGY. CAROLINE: LOOKING AT HEDGE FUND EXPOSURE

TO TECHNOLOGY HITTING A RECORD HIGH WHEN WE GET TO THE OUTLOOK

FOR TECH INVESTING.

>> PLUS WE HEAR FROM THE YOUTUBE CEO ON HIS PLANS TO

MAKE THE VIDEO PLATFORM EVEN BIGGER. CAROLINE:

WE SIT DOWN WITH THE CEO OF RING FOR FOR -- FOR HER FIRST

BROADCAST INTERVIEW AFTER A MISSION STATEMENT.

FIRST WE CHECK IN ON THESE MARKETS AND WE ARE STRUGGLING

WITH THE MACRO PICTURE RIGHT NOW.

WE ARE SEEING A WALL OF MONEY FROM THE SUPPLY SIDE TO THE

BOND MARKET WE HAVE A BIG OPTION FOR THE SEVEN YEAR DEBT.

AND REMEMBER AUCTION APPETITE WASN'T THAT GREAT FOR THE LAST

COUPLE OF DAYS SO WE SEE THE NASDAQ BEING PULLED DOWN.

THE STOXX 600 IN EUROPE DOWN, IT'S NOTABLE THERE BOUNCING OFF

THEIR LOWS. DOWN THREE TENSE OF A PERCENT.

IT'S REALLY OTHER INDUSTRY GROUPS UNDER PRESSURE TODAY.

THAT SEVEN YEAR YIELD KICKING UP 4.62 SEEING THE LONGER AND

SET OFF HARDER. I DON'T WANT TO GIVE US THE

RISK APPETITE WHEN IT COMES TO THE TECH WORLD.

CRYPTO UNDER PRESSURE A LITTLE BIT TODAY.

BITCOIN TO THE DOWNSIDE BUT NOT BY MUCH.

67,500 IS WHERE WE TRADE. FOR SOME CAUTIOUS SENTIMENT AT

THE MOMENT. ED: I'M LOOKING AT THE U.S.

LISTING SHARES OF THE EV MAKER BYD.

IT'S A PRETTY BIG STORY OUT OF CHINA.

THEY HAVE ANNOUNCED A HYBRID DRIVETRAIN THAT'S CAPABLE OF

DOING MORE THAN 1200 MILES OR 2000 KILOMETERS ON A SINGLE

CHARGE ON THE TANK. IT'S A HYBRID DRIVETRAIN AND

ITS CONTINUED TO BOOST THEIR U.S. LISTING SHARES.

IT'S GOT A LOT OF PEOPLE TALKING ON SOCIAL MEDIA.

LEARNING MORE ABOUT WHAT THEY ARE DOING.

THE OTHER BIG MOVER IN THE UNITED STATES IS APPLE.

APPLE BOUGHT MORE THAN A PERCENTAGE POINT FOR THIS

SESSION. W WDC INVITES WENT OUT. THE BIG NEWS IS ALSO OUT OF

CHINA, A COURT IN CHINA HAS DISMISSED THE CASE AGAINST

APPLE THE CONSUMER HAD BROUGHT ON THE ISSUE OF APP STORE FEES

AND COMMISSIONS AND INAPT FEES AND COMMISSION.

WE WILL GO TO BLOOMBERG'S MARK GURMAN.

IT MIGHT SOUND LIKE A FAMILIAR STORY BECAUSE IT'S HAPPENING IN

THE UNITED STATES THIS TIME THE CHINA SIDE OF THAT DISCUSSION.

CAROLINE: ALL OF THIS IN A PICTURE OF HOW

BIG TECH BEHEMOTHS HAVE BEEN PERFORMING AT THE MOMENT.

WE KNOW APPLE'S UNDER PRESSURE FOR THE LAST COUPLE OF MONTHS

REALLY BUT HEDGE FUNDS POSITIONING MORE BROADLY.

WE FIND A NEW RECORD HIGH. STRONG EARNINGS REPORT LAST

WEEK. GOT INTO GOLDMAN SACHS PRIME

BROKERAGE SAYING THE MAGNIFICENT SEVEN IS NOW

ACCOUNTING FOR CLOSE TO 21% OF HEDGE FUNDS TOTAL EXPOSURE.

A SENTIMENT CHECKED ON BIG TECH ALLOCATION AND COMPANIES GOING

PUBLIC. GLOBAL HEAD OF TECHNOLOGY

INVESTMENT IS WITH US. YOU HAVE SO MUCH WEALTH OF

EXPERIENCE AND EXPERTISE IN THE INVESTMENT BANKING MARKET.

IN PARTICULAR FOCUS YOU OF COMPANIES GOING PUBLIC GRADE

WHAT'S THE SENTIMENT OF ACCESS TO GROWTH COMPANIES IN THE U.S.

RIGHT NOW?

KRISTIN: IF YOU LOOK AT THE 500 OR SO

TECH COMPANIES PUBLIC RIGHT NOW THAT ARE TO BILLION DOLLAR CAP

-- MARKET CAP, THERE ARE LESS THAN 30 THAT HAVE GROWN 30% IN

THE LAST YEAR SO THE OPPORTUNITY TO INVEST IN GROWTH

ISN'T REALLY THERE IN THE PUBLIC MARKET.

THE BID FOR IPO'S IS THERE FROM THE INVESTOR SIDE BUT WE

HAVEN'T SEEN THAT TRANSLATE INTO MUCH ACTIVITY THIS YEAR

PARTIALLY BECAUSE OF THE RATE ENVIRONMENT AND CORPORATE'S ARE

LOOKING MORE TO 2025 AS A YEAR OF OPTIMISM IN THE MARKET.

>> WE HAD THAT CONTEXT OF THE DAY WITH YIELD PUSHING HIGHER

FOR LONGER.

WE SEE GERMAN BOND YIELDS PUSHING HIGHER, IT LOOKS LIKE

INFLATION IS HARD TO CURTAIL. IS IT JUST THE RATE

ENVIRONMENT, IS THERE ALSO POLITICAL ISSUES?

IS THAT WHY 2025 WILL BE THE YEAR TO COME? KRISTIN:

A LOT OF ISSUERS ARE SAYING 2025 YOU GET THROUGH THE

ELECTION CYCLE, WE GET TO A PLACE WHERE WE HOPEFULLY SEE

RATES, BACK DOWN. SO THERE ARE SOME ISSUERS

COMING OUT IN 2024 AND CERTAINLY GETTING A LOT OF

INTENTION -- ATTENTION FROM THE INVESTORS BUT THERE'S MORE

OPTIMISM. AND THAT'S TRUE FOR BOTH GROWTH

COMPANIES AND ALSO SUPER PROFITABLE BUSINESSES INSIDE

PRIVATE EQUITY. A LOT OF THE FIRMS ARE OPTING

TO DO PRIVATE MINORITY STAKE SALES TO ESTABLISH MARKS AND

GET LIQUIDITY INSTEAD OF GOING TO THE IPO MARKET THIS YEAR.

>> GOOD MORNING. I HEAR FROM A LOT OF FOUNDERS

AND CEOS, A LOT OF PEOPLE THAT ARE MUCH MORE MINDED TO DOING

SOME, AND DAY OR EVEN GOING PRIVATE PRE-WHY IS THAT?

>> TAKE PRIVATE ACTIVITIES INCREASED SIGNIFICANTLY WITH

SOME 50% IN THE TECH INDUSTRY FROM LAST YEAR.

PART OF THAT IS AN ACCEPTANCE OF WHERE WE ARE FROM A

VALUATION STANDPOINT. THE OTHER PART IS ON THE

FINANCING SIDE THE LAST COUPLE OF YEARS THE FINANCING FOR

THOSE HAVE BEEN DRIVEN BY THE DIRECT LENDERS IN THE PRIVATE

CREDIT MARKET. WE ARE STARTING TO SEE SOME OF

THE MORE TRADITIONAL FUNDING SOURCES IN THE BROADLY

SYNDICATED MARKET AVAILABLE AS WELL.

>> THAT CONVERTIBLE INTERESTING. ONE CASE STUDY OUT THIS MORNING

IS LENOVO DOING AN ARRANGEMENT WITH SAUDI ARABIA THROUGH ONE

OF ITS INVESTMENT FIRMS. ON VERY FAVORABLE TERMS BUT IT'S

ALSO A QUID PRO QUO WHERE THERE'S A FINANCING SIDE OF IT,

THAT LENOVO HAS TO SET UP AN R&D FACILITY IN THAT COUNTRY.

I'VE HEARD IT ELSEWHERE, SHAREHOLDER SELLING OUT THE

STOCK, BUYING UP CONVERTIBLE NOTES IN THE SAME NAME.

WHAT ARE YOU SEEING IN THAT MARKET? KRISTIN:

THAT MARKET I THINK WILL BE PRETTY ACTIVE THIS YEAR.

THERE'S A COUPLE OF INTERESTING THINGS THAT HAVE CHANGED WITH

THESE HIGHER FOR LONGER SENTIMENT, ONE IN PARTICULAR IS

WE ARE NOW SEEING ISSUERS REFINANCE FLOATING-RATE DEBT

WITH CONVERTIBLES AND THEY ARE SAVING UP TO 50% IN INTEREST

EXPENSE WITH PREMIUMS THAT ARE 100% SO IT MAKES A LOT OF SENSE

FOR SOMEONE -- SO MANY OF THESE LARGE-CAP ISSUERS.

ONE THING WE ARE SEEING IS LARGE CAP ISSUERS DOING A

CONVERT TO REPURCHASE SHARES AND SO I THINK THAT THE CONVERT

ACTIVITY WILL ONLY INCREASE MEANINGFULLY THIS YEAR IN THIS

ENVIRONMENT.

>> ISN'T IT INTERESTING AT A TIME WHEN MARKETS GO FROM

RECORD HIGH TO RECORD HIGH THERE'S LESS ACCESS TO GETTING

INTO THE PUBLIC MARKET AND SO MUCH OF THE ENTHUSIASM IS IN

THE PRIVATE MARKETS. THERE'S ALSO A LOT OF TALK

AROUND M&A. I'M CURIOUS OF WHAT YOUR

INTEREST IS GOING FORWARD.

>> THE TAKE PRIVATES WE TALKED ABOUT WE SEEN AN INCREASE IN

STRATEGIC ACTIVITY IN A MEANINGFUL WAY AND WILL SEE

THAT THROUGHOUT THE BALANCE OF THE YEAR.

SOME OF THE SMALLER, AND DAY THAT'S HAPPENING TENDS TO BE

SOME OF THESE EARLY STAGE AI TECHNOLOGY BUSINESSES BUT THEY

ARE SCALING RAPIDLY SO THAT COULD OVER THE NEXT 12 TO 18 OR

24 MONTHS MEAN MUCH LARGER SCALE, AND DAY AND ADDING TO

THIS ALREADY MASSIVE BACKLOG.

>> FOR ALL THE GROWTH STAGE TECHNOLOGY OUT THERE, THE

FOUNDERS OR STAFF, WHAT IS A GOOD REASON TO GO PUBLIC?

WHAT IS A GOOD MOTIVATION TO LIST YOUR COMPANY.

>> THE BIGGEST REASON RIGHT NOW IS LIQUIDITY BEING PRIVATE FOR

A NUMBER OF YEARS GETTING AN OPPORTUNITY TO START TO FIND

WEALTH IN THE PUBLIC TRADED STOCK.

OR TO VALIDATE THE TECHNOLOGY OR THE STAYING POWER OF A

PRIVATE COMPANY. SOME OPT TO GO PUBLIC BECAUSE

THE CUSTOMERS ARE WORRIED THEY WON'T BE AROUND WITH LONG-TERM

FUNDING. SO FROM A REPUTATIONAL STANDPOINT THEY WANT TO BE

PUBLIC AND THE LAST IS PROBABLY THE INVESTORS LOOKING FOR

LIQUIDITY AND AGAIN IN -- PRIVATE EQUITY I THINK THERE'LL

BE A NUMBER OF IPOS THAT COME OUT OVER THE NEXT COUPLE OF

YEARS BECAUSE WE HAVEN'T SEEN A LOT OF ACTIVITY OUT OF PRIVATE

EQUITY, BUT RIGHT NOW FOR THE MOST PART THEY ARE FINDING

LIQUIDITY IN THE PRIVATE MARKET MORE APPEALING.

THEN THE IPO MARKET ALTHOUGH WE ARE SEEING SOME ATTRACTIVE

ASSETS BECOMING PUBLIC ON A MORE LIMITED BASIS.

>> GLOBAL HEAD OF TECHNOLOGY INVESTMENT BANKING AT BARCLAYS,

TERRIFIC WAY TO START THE PROGRAM. WE WILL CONTINUE THE

CONVERSATION ON THE TECH IPO

LANDSCAPE WITH ERIC, REALLY INTERESTING CONVERSATION.

ANOTHER INTERESTING PERSON. COMING UP IN THE FIRST INSTANCE

WE WILL HEAR FROM THE YOUTUBE CEO ON THE COMPANY'S PLANS FOR

EXPANSION.

>> SOME SHARES IN THE PUBLICLY TRADED MARKET STILL AVAILABLE

SALESFORCE. UP ABOUT 6/10 OF 1% UNLIKE THE

REST OF THE MARKET WE ARE HIGHER AND ANTICIPATING THE

EARNINGS AFTER THE BELL, OF THE FISCAL FIRST-QUARTER EARNINGS.

HOW MUCH ARE WE ABLE TO SEE DATA CLOUD WHICH RBC HELPS

ORGANIZE DATA FOR ANALYTICS AND THE AI SPACE, A HOUSE THAT CAN

HELP WITH THEIR FOCUS ON MARGINS AS WELL.

THIS IS BLOOMBERG TECHNOLOGY.

>> HOW YOUTUBE BECAME MUST WATCH TV, THE LATEST EPISODE OF

THE CIRCUIT WHERE BLOOMBERG ORIGINALS HOST EMILY CHANG SITS

DOWN WITH YOUTUBE CEO ABOUT TRANSFORMING THE PLATFORM INTO

THE WORLD'S BIGGEST STREAMER. LISTEN TO THIS.

>> YOUTUBE IS REALLY ITS OWN SORT OF UNIQUE THING.

WE ARE NOT A SOCIAL MEDIA PLATFORM, WE ARE NOT

TRADITIONAL MEDIA IN THE SENSE WE ARE LINEAR TELEVISION.

WE ARE REALLY SORT OF OUR OWN THING AND IF WE LIVE UP TO THAT

VISION, WE THINK WE ARE REALLY STILL IN THE EARLY DAYS OF OUR

GROWTH STORY AND FULFILLING WHAT OUR MISSION IS WHICH IS TO

GIVE EVERYONE A VOICE AND SHOW THEM THE WORLD.

>> YOUTUBE IS NOW BY FAR THE BIGGEST STREAMER IN THE WORLD,

NETFLIX CLOSE BEHIND. AND THEN EVERYBODY ELSE DROPS

WAY DOWN. HULU, DISNEY, YOU DON'T GET THE

AWARDS OR THE CRITICAL ACCLAIM. WHAT MORE DOES YOUTUBE HAVE TO

PROVE?

>> I THINK YOUTUBE IS GETTING RECOGNIZED AS THE PLATFORM ON

TELEVISION SCREENS. WE SURPASSED ONE BILLION HOURS

OF WATCH TIMES ON LIVING ROOM SCREENS AND YOU MENTION THE

NIELSEN RATINGS, THAT IS SOMETHING THAT WHEN I SPEAK TO

OUR ADVERTISING PARTNERS AND THE BRANDS THAT LOOK TO BUILD

CONNECTIONS WITH CONSUMERS ON OUR PLATFORMS THEY RECOGNIZE

THAT AND THEY SEE IT AS A PLACE NOT JUST OF THIS BROAD REACH,

THE NUMBER ONE STREAMING PLATFORM HERE IN THE U.S., BUT

ALSO REACH THAT IS ENGAGED AND FROM A BRANDS PERSPECTIVE THAT

IS SOMETHING THEY ARE REALLY RECOGNIZING.

IT IS STILL THE EARLY DAYS OF THE JOURNEY BUT I START TO HEAR

THAT MORE AND MORE FROM OUR PARTNERS.

>> YOUTUBE IS PRINTING MONEY FOR GOOGLE.

WHERE WILL THE FUTURE REVENUE GROWTH, FROM, TALK TO US ABOUT

THAT STRATEGY AND HOW IT WILL PLAY IN.

>> IF YOU THINK ABOUT YOUTUBE TODAY COMPARED TO FIVE YEARS

AGO OR CERTAINLY 10 YEARS AGO THERE ARE AN ORDER OF MAGNITUDE

MORE CREATORS ON THE PLATFORM. WE HAVE A BREATH OF

MONETIZATION OFFERINGS TO SUPPORT THOSE CREATOR ECONOMY

NOT JUST ADS BUT SUBSCRIPTION BUSINESS, THAT WAS THE $15

BILLION SUBSCRIPTION BUSINESS ACROSS ALL OF GOOGLE BUT ALSO

DIRECT TO FAN FUNDING LIKE CHANNEL MEMBERSHIPS SO THERE IS

AN ENORMOUS AMOUNT OF SCALE AND COMPLEXITY IN THE ECOSYSTEM

THAT REQUIRES US TO RETHINK HOW WE WILL SUPPORT THAT GREATER

ECOSYSTEM.

>> THE YOUTUBE CEO ALONG WITH BLOOMBERG'S EMILY CHANG YOU CAN

CATCH THE FULL INTERVIEW TONIGHT AT 6:00 P.M.

RIGHT HERE ON BLOOMBERG TELEVISION. AII AND THE U.S.

MARKET. WE WILL HAVE ALL THE DETAILS

AND SOME >> BREAKING NEWS PRAYED >> RED HEADLINE ON THE

BLOOMBERG. ED:

PHP DOES NOT INTEND TO MAKE A FIRM OFFER, YOUR NUMBER BHP

WANTED ANGLO TO EXTEND THE DEADLINE THAT WOULD ALLOW TALKS

FOR A DEAL BUT THEY'VE ISSUED A STATEMENT SAYING THEY DO NOT

INTEND TO MAKE A FIRM OFFER. WE ARE READING THROUGH THE

STATEMENT BASICALLY BHP SAYING THEY ARE UNABLE TO REACH AN

AGREEMENT ON VIEWS IN RESPECT OF SOUTH AFRICAN REGULATORY

RISK AND ALSO THE COST OF THE DEAL.

THIS IS BLOOMBERG TECHNOLOGY.

CAROLINE: LET'S TALK ABOUT OPENAI.

A FORMER BOARD MEMBER OF OPENAI HAS ACTUALLY SAID THE BOARD

DIDN'T KNOW ABOUT THE ORIGINAL 2022 LAUNCH OF CHATGPT UNTIL

AFTERWARDS AND THEY ONLY FOUND OUT ABOUT IT ON TWITTER OR ACTS.

LET'S BRING IN SETH FOR MORE ON WHAT SEEMS TO BE MORE

DISCUSSION IN THE PRESS, I HAD ALREADY WRITTEN ABOUT SOME OF

THEIR WORRIES ABOUT AI GOVERNANCE. THIS KEEPS BUILDING.

>> A FORMER BOARD MEMBER WHO IS GOING ROGUE AT THIS MOMENT

REALLY BASHING THE COMPANY AND ITS CURRENT LEADERSHIP.

HERE IS THEIR BIGGEST BEST-KNOWN PRODUCT.

NO PREVIOUS AWARENESS, THERE'S A CAVEAT THERE.

WHEN THEY'RE RELEASED THIS PRODUCT IT WAS KIND OF A SLOW

BURN INITIALLY. PEOPLE DIDN'T KNOW IT WOULD BE

AS BIG, BUT THE BIGGER TAKE AWAY IS SHE'S GETTING AT THE

IDEA THERE IS A LONG SERIES OF TIMES WHERE THEY WERE

MISINFORMED, UNINFORMED OR FELT LIKE THEY WERE BEING

MANIPULATED BY SAM ALTMAN. AND FOR MONTHS NOW IT'S BEEN A

GUESSING GAME IN SILICON VALLEY. PRECIPITATED THE OUSTER LAST

YEAR THIS IS REALLY WHAT WE SEEN.

>> AS WE KNOW ARE NEVER WEEKEND OF THE OUSTER.

DIDN'T PICK UP THE PHONE, SHE DIDN'T HAVE MUCH TO SAY THEN IN

THE LAST 24 HOURS. SHE SAID QUITE A LOT TO SAY.

THE ISSUE IS THE RELATIONSHIP WITH SAM.

THIS IS SOMETHING SAM TOLD BLOOMBERG LAST YEAR.

>> YOU HAVE AN INCREDIBLE AMOUNT OF POWER AT THIS MOMENT

IN TIME. WHY SHOULD WE TRUST YOU?

>> YOU SHOULDN'T. I THINK AT THIS MOMENT IN TIME

PEOPLE DESERVE BASICALLY AS MUCH TIME ASKING QUESTIONS AS

THEY WANT AND I'M TRYING TO SHOW THEM THAT.

MORE THAN THAT, LIKE NO ONE PERSON SHOULD BE TRUSTED HERE.

I DON'T WANT THE SHARES PRAYED THE BOARD CAN FIRE ME.

I THINK THAT'S IMPORTANT.

>> AT ITS ROOT THE SAM ALTMAN PUSHING TO COMMERCIALIZE THE

TECHNOLOGY AND THERE'S DIFFERENT ITERATIONS OF THE

BOARD WHO SEEM UNAWARE, I DON'T REALLY KNOW WHERE TO GO NEXT

WITH THAT.

>> IT'S PRETTY REMARKABLE THERE'S BEEN A DRIP FROM HELEN

WHERE BECOME MORE COMFORTABLE IN PUBLIC ABOUT HER CONCERNS.

FOR MONTHS WE REALLY COULDN'T GET THAT.

WE HEARD THERE WAS A LONG SIMMERING BUILDUP OF MISTRUST

AND MISCOMMUNICATION AND HER LATEST STATEMENTS WERE SEEN.

>> THE CURRENT CONTEXT AS YOU CAN TRUST SAM WHEN IT COMES TO

DISCUSSIONS WITH CELEBRITIES. WHEN IT COMES TO THAT

ULTIMATELY IS WHAT PEOPLE ARE NOW REALIZING.

RIGHTLY OR WRONGLY WHAT WAS CAST INTO THE PUBLIC DISCOURSE

IS OF COURSE SCARLETT JOHANSSON AND THE CALLS AND WHAT TIME

THEY HAPPENED AND OPENAI TRYING TO LAY OUT THE ORDER OF

OCCURRENCE OF WHEN THEY DISCUSSED USING THE VOICE OF

SCARLETT JOHANSSON AND WHEN THEY TALK TO ACTRESSES BUT

THERE IS A FEELING OF DISTRUST.

>> FOR ALL THE TENSION THEY HAVE WITH BOARD MEMBERS NEVER

CROSS A FAMOUS ACTRESS. CAROLINE:

SETH, WE WILL SEE WHAT THE NEXT RESPONSES FROM OPENAI AMID ALL

OF THIS PRAYED WE THANK YOU FOR WALKING US THROUGH IT.

OPENAI HAS SOME COMPETITION. ONE OF THEM IS FROM FRANCIS

MISTRIAL AI WHICH LAUNCHED AS A EUROPEAN RIVAL.

BUT IT'S NOW EYEING THE UNITED STATES.

BLOOMBERG'S MARK BERGEN FOR MORE.

THEY ARE HIRING A KEY MEMBER.

>> SO THIS HAS BEEN A MAJOR HIGHER AND THIS IS ONE CLOSELY

WATCHED IN EUROPE AND THERE'S REALLY NO PRECEDENTS FOR

COMPANY ASIDE FROM MAYBE SPOTIFY HAVING THE GLOBAL

TECHNOLOGY SUCCESS IN EUROPE.

THERE'S REPORTS IN PROBABLY LESS THAN 14 MONTHS THEY'VE NOW

GONE FROM 02 COME BE WORTH 6 BILLION SO THERE'S A LOT OF

EXPECTATIONS AND PRETTY HIGH VALUATION THEY HAVE TO BE.

>> GIVE ME A SENSE OF THE SIZE AND SCALE.

WE WERE POURED ON THEM A LOT, THEY ARE LITTLE BIT SHY.

THEY'VE HAD REGULATORY FOCUSES IN EUROPE.

TELL ME ABOUT THE BASICS.

>> IT'S PRETTY SMALL. IT'S SOMETHING I THINK FROM MY

SENSE IS PROBABLY A TEAM OF AROUND 50 AT THIS POINT.

IT COULD BE BIGGER THAN THAT BUT THAT'S SORT OF THERE, OH IS

WE ARE LEANER BUILDING MORE

AGILE MODELS, THEY ARE OPEN SOURCE, AT THIS POINT THEY ARE

VERY CLOSE TO THE FRENCH GOVERNMENT IN THE SENSE THAT

ONE OF THE COFOUNDERS AND POLICY CHIEF IS THE PRIOR

FRENCH DIGITAL MINISTER, MACRON HAS TALKED ABOUT SUPPORTING

THEM LAST WEEK. HE HAD SOME INTERESTING

COMMENTS ABOUT HOW HE PREFER THEY WOULD GROW BIG ON THEIR

OWN AND REMAIN INDEPENDENT. THE SUBTEXT WAS DO NOT SELL TO

A BIG TECH AMERICA FIRM. ED:

TERRIFIC REPORTING OUT OF EUROPE, REALLY APPRECIATE IT.

COMING UP WE WILL BE JOINED BY THE RING CEO FOR HER PRIORITIES

FOR THE COMPANY AS ITS CEO ONE YEAR IN.

A QUICK CHECK ON SHARES OF TENCENT, U.S.

ADRS WE BRING THOSE UP. WEDNESDAY'S TRADE OVERNIGHT IN

ASIA DOWN 2.4%.

INTERESTING DATA ABOUT MARQUEE SALES PRAYED NOT AS STRONG A

SUMMIT HOPED. THIS IS BLOOMBERG TECHNOLOGY.

ED: WELCOME BACK TO BLOOMBERG TECHNOLOGY.

>> A QUICK CHECK ON YOUR MARKETS TODAY BECAUSE WE ARE

MORE, A BOND YIELDS RISING TRACKING SOME OF THE MARKETS

LOWER. THE NASDAQ AND THE NASDAQ 100

OUTPERFORMING KEY U.S. BENCHMARKS.

WE ARE LOWER ON THE BIG TECH BENCHMARK OF THE NASDAQ 100.

10 YEAR YIELD AND 30 YEAR YIELD ACROSS WE ARE SEEING COSTS

RISING AS WE HAVE ANOTHER BIG AUCTION.

WILL THERE BE NOT AS MUCH DEMAND AS WAS HOPED LIKE WE SAW

IN THE PREVIOUS TWO AUCTIONS. BITCOIN ON THE DOWNSIDE, A 7000.

MOVING ON AS WE TRY TO MARK THROUGH WHAT IS A SLIGHT

TEMPERING OF RISK APPETITE. THE STOCKS IS ONE THAT

UNDERPERFORMS. THE SEMICONDUCTOR INDEX OFF WITH

EVERY SINGLE CHIPMAKER DOWN BECAUSE THEY BEEN RALLYING SO

HARD. CERTAINLY THE CASE FOR MODERNA

OFF BY A MOST 5% WITH A HORRIBLE DAY YESTERDAY.

IT HAD A RECORD WINNING STREAK OF 10 STRAIGHT DAYS OF GAINS.

THIS IS A COMPANY INJECTING GENERATIVE AI THROUGHOUT ITS

FOCUS ON HEALTH CARE. LOOKING AT AMAZON ONE OF THE

OUTPERFORMER'S ON THE DAY. THE LITTLE HEADLINE THERE THAT

THEY ARE ONCE AGAIN IMPROVING EXPANDING THEIR PARTNERSHIP

DEAL WITH GERMANY'S SAP SO A KEY FOCUS THERE ON THE POWER OF

GENERATIVE AI COMING IN TO THAT MORE BROADLY.

>> FOR YEARS THE AMAZON UNIT TOUTED ITS CRIME-FIGHTING

FEATURES THANKS TO ITS SELLING THE LET HOMEOWNERS REMOTELY

MONITOR THEIR RESIDENCES BUT TODAY THE KIND OF FOOTAGE RING

USERS SHARE IS LESS ABOUT SUSPICIOUS ACTIVITY AND MORE

ABOUT PETS OR WILD ANIMAL SIGHTINGS AND WATER BALLOON

FIGHTS. IT'S ALL PART OF HOW RING IS

TRYING TO REINVENT ITSELF AIMING FOR A MASH-UP OF

SOMETHING BETWEEN NEXT-DOOR AND TIKTOK.

HERE TO DISCUSS THE LIE IS THE RING CEO.

THE FIRST SORT OF SIT DOWN INTERVIEW SINCE YOU'VE BEEN

CEO, YOU AND I MET ALMOST ONE YEAR TO THE DAY.

THE BEST PLACE TO START IS PROBABLY WHY A NEW MISSION.

WHAT PROMPTED YOU TO SAY RING HAS TO BE A DIFFERENT CAMPAIGN.

>> OUR NEW MISSION WAS PROMPTED BY LAST YEAR GOING OUT AND

TALKING TO CUSTOMERS AND OUR EMPLOYEES AND SEEING HOW PEOPLE

WERE USING OUR CAMERAS. ONE OF THE THINGS WE FOUND IS

WHILE OUR MISSION AROUND SAFETY AND SECURITY WAS STILL RELEVANT.

PEOPLE USE THESE TO FEEL SAFE AND SECURE.

THEY WERE ALSO USING THEM FOR

SO MUCH MORE, FOR CONVENIENCE, FOR PRESENCE AND CONTROL, HOW

BUSY IS MY SMALL BUSINESS. OR CONNECTION, PEOPLE LOVE TO

WATCH THEIR PETS WITH THEIR CAMERAS. AS WE WERE BUILDING NEW

PRODUCTS WE FOUND THE MISSION WAS LIMITING AND JUST TOO

NARROW. IT'S MORE EXPANSIVE FOR HOW

PEOPLE USE OUR PRODUCTS. ED: FULL DISCLOSURE, WE ARE A RING

FAMILY. WHEN MY FATHER-IN-LAW IS HERE

HE'S WORRIED ABOUT WHAT'S GOING ON IN SOCAL.

HE CONSULTS HIS PHONE TO CHECK IN.

THESE NEW AREAS, DO YOU SEE A MEANINGFUL SPLIT OR PROPORTION

ON WHAT SALES ARE DRIVEN BY SECURITY I GUESS -- GIVEN --

DRIVEN BY WHAT IS I GUESS SOCIAL INTERACTION.

>> A LOT OF WHY PEOPLE BUY IS THEY WANT TO BE CONNECTED TO

THEIR HOMES. THEY WANT TO SEE WHAT'S GOING

ON AND FEEL SAFE AND SECURE. WHAT THEY FIND IS THERE'S ANY

NUMBER OF CONVENIENCE FEATURES TO USING IT.

I WOULD SUSPECT WHAT YOUR FATHER SHOWS YOU IS NOT JUST

SECURITY AND SAFETY FEATURES BUT FUNNY THINGS THAT HAPPENED

AT HOME OR SURPRISING WHETHER OR ANY NUMBER OF THINGS THAT

MAKE YOU CONNECTED TO YOUR HOME OR SMALL BUSINESS. CAROLINE:

THAT IS ALLOWING YOU TO MAKE SOME REVENUE, A DRIVE $20 A

MONTH SUBSCRIPTION AND YOU'RE NOW AIMING AND HAVE ATTAINED

PROFITABILITY PRAYED IS THAT SUSTAINABLE? LIZ: I BELIEVE SO.

IT'S JUST THE BEGINNING OF SIGNIFICANT BUSINESS GROWTH.

WE GREW DOUBLE DIGITS IN CONTINUED GROWTH HERE

ESPECIALLY AS WE THINK ABOUT RING BEING A VIDEO SERVICE

COMPANY. WHEN PEOPLE TALK TO OTHER RING

CAMERAS NOT SHOWING YOU THAT IS ICONIC AS HER HARDWARE IS THEY

ARE SHOWING YOU VIDEO ON YOUR PHONE.

THAT VIDEO SERVICE IS VALUABLE AS WE INVEST IN COMPUTER VISION

AND AI TO MAKE IT MORE VALUABLE WE THINK BUSINESS WILL CONTINUE

TO BE PROFITABLE AND GROW.

>> YOUR EXPERTISE HAS BEEN IN THE WORLD OF CONNECTED CAMERAS,

WE HAVE A LOT OF BUSINESS EXPERTISE JOINING AND LEADING

RING. WAS NOW THE MOMENT TO TURN ON

THE MONEY PIPELINE OR IS IT MORE ABOUT WHERE AMAZON IS WITH

A FOCUS ON PROFITABILITY RATHER THAN GROWTH AT ALL COSTS? LIZ:

I'M NOT SURE I WOULD THINK ABOUT IT AS IS IT A BINARY

DECISION. THE BUSINESS IS HEALTHY THE

NATURAL COURSE OF THIS BUSINESS IS TO BE PROFITABLE BASED ON

THE SIZE OF THE BUSINESS AND CUSTOMER DEMAND AND THE VAST

MAJORITY OF OUR CUSTOMERS SUBSCRIBE TO OUR SCRIPTION

SERVICE. THAT'S A BIG DRIVER OF OUR

BUSINESS HEALTH.

>> IT'S AN INTERESTING TIME FOR THE SERVICES GROUP BROADLY.

HOW IS YOUR RELATIONSHIP WITH HIM AND HOW DO YOU WORK

TOGETHER BECAUSE IS A LOT OF INTERRUPT ABILITY ON THE AMAZON

ECOSYSTEM. LIZ: WE'VE WORKED TOGETHER BACK IN

MY DAYS AT MICROSOFT SO IT'S AWESOME TO HAVE HIM LEADING

DEVICES AND SERVICES FOR AMAZON. WE WORK TOGETHER TO ENSURE THAT

OUR PRODUCTS WORK TOGETHER AND SO MANY CUSTOMERS CONNECT THEIR

RING CAMERAS TO ALEXA AND ABOUT A THIRD OF OUR DOORBELL

CUSTOMERS IS AN ECHO DEVICE AS THERE CHINA.

>> IT IS COMPETITIVE.

I GET ADVERTISEMENTS FOR OTHER SIMILAR CAMERA-BASED TECHNOLOGY.

WHAT WOULD YOU SAY IS THE RING POINT OF DIFFERENTIATION.

WHAT ARE YOU DOING BETTER AT A HIGHER LEVEL THAN OTHERS?

>> I THINK IT'S A COMBINATION OF OUR SOFTWARE AND HARDWARE

BUT REALLY THE DIFFERENTIATION IS IN SOFTWARE.

THERE'S A LOT OF CAMERAS ON THE MARKET BUT WHAT MAKES THEM

UNIQUE IS REALLY HOW THE SOFTWARE TAKES ADVANTAGE OF THE

HARDWARE CAPABILITIES.

>> LOOKING AT THIS FOOTAGE IS HILARIOUS.

I'VE WATCHED MANY FRIENDS TRIED TO BE TERRIFIED OF OF A

SQUIRREL INSIDE THEIR HOUSE TO DO SOME SORT OF CAMERA.

YOU SEE OTHER PATHS AS WELL, THERE'S KEY IN HOME DELIVERY

SERVICES USING THESE SORTS OF TECHNOLOGIES FOR EFFICIENCY.

SIDEWALK WIRELESS NETWORK. YOU ARE NOT GOING INTO THE

WORLD OF THERMOSTATS AND OTHER CONNECTED AREAS IN YOUR

BUSINESS ARE YOU. BECAUSE FOR ME THAT'S A

DIFFERENTIATION GOOGLE OFFERS AT NEST. LIZ:

FOR RING SPECIFICALLY, WE ARE FOCUSED ON THIS NOTION OF

UNDERSTANDING WHAT'S GOING ON AT YOUR HOME OR BUSINESS AND

THEN PROVIDING ACCESS TO IT. ALTHOUGH THOSE PRODUCTS ARE

INTERESTING THEY DON'T FIT WITH OUR MISSION OF KEEPING PEOPLE

CLOSE TO WHAT IS IMPORTANT.

SO I THINK WE ARE FOCUSED ON THE RIGHT PRODUCTS THAT DO THAT

AND I THINK WE ARE PRETTY BUSY AND FULL JUST FULFILLING ON

THAT MISSION.

>> OUR DIRECTORS CAN BRING UP THAT FOOTAGE OF THE BEAR AGAIN.

I SEE THAT ALL THE TIME. I SEE IMAGES JUST LIKE THOSE.

SOMETHING FANTASTIC THAT I SEE THEM ON TIKTOK AND I SEE THEM

ON INSTAGRAM REELS, THAT'S WHERE THE CONTENT IS SHARED SO

HOW DO YOU DERIVE A BENEFIT FROM THE ENTHUSIASM OF THE

CUSTOMER WHO TAKES IT AND SHARES IT ELSEWHERE. LIZ:

WE LOVE OUR CUSTOMERS TO FEEL LIKE THEY GET VALUE OUT OF

THEIR PRODUCTS AND ONE OF THOSE IS BEING ABLE TO DOWNLOAD

VIDEOS AND SHARE THEM HOW THEY WOULD LIKE.

IT ALSO DRIVES AWARENESS OF THE PRODUCT SO PEOPLE WHO ARE NOT

YET RING CUSTOMERS SEE THOSE AND THINK I WANT TO MAKE SURE I

CAN STAY CONNECTED. ED:

IT'S LIKE MARKETING THROUGH SOCIAL AND IT'S LIKE OWNERSHIP

SPREADING THE WORD LIKE TESLA DOES WITH ITS EEEV'S.

JUST FANTASTIC TO FINALLY GET YOU ON THE SHOW ONE YEAR INTO

THE JOB, THANK YOU SO MUCH.

>> WHAT A GREAT CONVERSATION BUT IT'S TIME FOR TALKING TECH.

PAUL ROMA ISSUING A WARNING ABOUT ARTIFICIAL INTELLIGENCE.

ECONOMICS PROFESSOR AI MARKET RUN TO THE CRYPTO HYPE BUBBLE.

>> THERE'S WAY TOO MUCH CONFIDENCE ABOUT THE FUTURE

TRAJECTORY OF AI. I THINK THEY'RE AT RISK OF

MAKING A SERIOUS MISTAKE.

WE'VE BENEFITED FROM SCALING UP COMPUTE AND INGESTING DATA,

IT'S JUST MORE MACHINES AND CHIPS.

WHAT'S CAN HAPPEN IS WE WON'T HAVE ENOUGH DATA.

>> TALKING OF AI, THE ARMS OF ACCOUNTING FIRM PWC IS SET TO

START SELLING PRODUCTS. IT WOULD ALLOW THEM TO BECOME

THE FIRST RESELLER OF CHATGPT ENTERPRISE PRODUCTS TOWARDS

BUSINESS USE. THE TERMS OF THE DEAL WERE NOT

DISCLOSED. A LAWSUIT CHALLENGING WEB

SCRAPING PRACTICES OF OPENAI, HAS BEEN DISMISSED BY A JUDGE.

IT ACCUSED MICROSOFT OF VIOLIN PRIVACY LAWS BY STEALING DATA

TO TRAIN AI SYSTEMS AND THE JUDGE SLAMMED THE ATTORNEYS FOR

BEING EXCESSIVELY LONG AND MEANDERING CALLING IT

UNNECESSARY AND DISTRACTING. COMING UP WE WILL TALK ABOUT

THE STATE OF THE U.S. IPO MARKET.

THIS IS BLOOMBERG TECHNOLOGY.

THE YOUTUBE CEO ALONG WITH EMILY CHANG.

CHECK THE FULL EPISODE TONIGHT. THIS IS BLOOMBERG.

CAROLINE: WE TALKED ABOUT IT EARLIER, THE

LACK OF IPOS MARKET AND IN A RECENT OP-ED, ERIC ARGUES THE

NUMBER OF U.S. COMPANIES IS PLUMMETING.

BAD NEWS FOR THE COMPONENT OF THE ECONOMY SAYING EXIT

OPPORTUNITIES ARE CRITICAL TO THE PROMISE OF AMERICAN

INNOVATION AND NEGLECTING THEM WILL BE OUR COLLECTIVE

DETRIMENT. WE ARE PLEASED TO WELCOME TO

THE SHOW NOW ERIC. AS YOU WRITE THAT OUT AND NOW

THINKING ABOUT BROADENING OUT THE CONVERSATION YOU ARTICULATE

WHY IT'S BAD FOR WANNABE INVESTORS AND FOR FUTURE GROWTH

AND FINANCIAL BENEFITS TO MANY, BUT WHY IS THIS HAPPENING FROM

YOUR PERSPECTIVE?

>> IT'S HAPPENING MOSTLY DUE TO REGULATIONS.

THAT'S THE NUMBER ONE FACTOR. THE NUMBER TWO FACTOR IS THESE

COMPANIES ARE CHOOSING TO STAY PRIVATE LONGER BECAUSE IS MORE

PRIVATE CAPITAL. IT'S A BIT OF A CONUNDRUM

BECAUSE THIS CAPITAL IS EXPECTING AN EXIT AT SOME POINT

WHICH IS LIKELY TO BE THE PUBLIC MARKETS.

SO WE USED TO HAVE 8000 PUBLIC COMPANIES IN THE 90'S.

WE ARE DOWN TO LESS THAN 4000. AT THIS PACE WE WILL DOWN TO

2000 IN ANOTHER 20 YEARS. 2000 IS ABOUT THE SIZE OF THE

STOCK EXCHANGE WHICH WENT FROM 4000 TO 2000.

STOCK EXCHANGES ARE SHRINKING NOT IN TERMS OF VALUATIONS BUT

IN TERMS OF THE NUMBER OF PUBLIC COMPANIES.

MEANING THE REMAINING COMPANIES HAVE HIGHER AND HIGHER MARKET

CAPITALIZATIONS AND IT'S DIFFICULT FOR YOUNG INNOVATIVE

GROWING COMPANIES TO GO PUBLIC.

>> CAN WE THINK ABOUT THIS THROUGH THE LENS OF A CASE

STUDY IF YOU DON'T MIND. I THINK ABOUT ELON MUSK

INCORPORATED. HE IS DOCUMENTING THE

CHALLENGES OF BEING A PUBLIC COMPANY CEO OF TESLA AND IF I

COMPARISON YOU LOOK AT HIS

PRIVATE COMPANIES, SPACE X, THE, BE FORMERLY KNOWN AS

TWITTER. MANY WOULD ARGUE HE'S ABLE TO

INNOVATE WITH MORE FREEDOM BECAUSE HE IS FREE OF THE

RESPONSIBILITY OR SCRUTINY OR EVEN THE TRANSPARENCY REQUIRED

OF BEING A PUBLIC COMPANY. WHAT WOULD YOUR RESPONSE BE TO

THAT CASE STUDY AND LINE OF ARGUMENT?

ERIC: I WOULD SAY HE'S PRETTY DISTINCT AND REMARKABLE BY

HIMSELF AND HAS BEEN ABLE TO RAISE BILLIONS IN THE PRIVATE

MARKET FOR HIS COMPANIES AND STAY PRIVATE A LOT LONGER.

THIS IS NOT WITHIN THE REGION MOST PRIVATE COMPANIES.

MOST PRIVATE COMPANIES ARE ABLE TO RAISE IN THE TENS OF

MILLIONS OR HUNDREDS OF

MILLIONS AT MOST. BUT TO HAVE ACCESS TO A BILLION DOLLARS

WERE $2 BILLION IN CAPITALIZATION YOU NEED THE

PUBLIC MARKET FOR THIS. SO WHEN ELON'S COMPANIES GO

PUBLIC THEY ARE ALREADY READY SUBSTANTIAL COMPANIES.

THAT'S NOT THE NORM. WHAT WERE LOOKING FOR IS THE

ABILITY TO HAVE MARKET COMPANIES BE CAPITALIZED AT

AROUND ONE BILLION TO $5 BILLION THAT'S WITH HER MOST

KNOW IPOS AND THIS IS KIND OF THE POINT OF ENTRY.

LET'S TAKE THE EXAMPLE OF NVIDIA.

NVIDIA WENT PUBLIC IN THE LATE 1990'S AND THE MARKET CAP OF

ABOUT $600 BILLION PER -- 600 MILLION DOLLARS.

THE COMPANY IS WORTH THE MOST $3 TRILLION SO A REMARKABLE

RISE AND A LOT OF THE PUBLIC SHAREHOLDERS, THE PEOPLE WHO

WERE ABLE TO BUY THOSE SHARES IN THE EARLY DAYS CAP TO THEM

HAVE BECOME VERY RICH. THAT'S THE KIND OF MOMENTUM

THAT WE ARE LOOKING FOR. CAROLINE:

THEREFORE IF IT'S REGULATION THAT STIFLED IT, IS IT LESS

REGULATION THAT'S NEEDED AND HOW DO YOU PROTECT AN INVESTOR

BASE WITH LESS REGULATION? ERIC: IT'S -- THE TIPPING POINT

REALLY WAS THE ACTIVE 2002 -- ACT OF 2002.

SMALLER PUBLIC COMPANIES WERE FORCED TO EITHER DELIST OR

MERGE OR GO PRIVATE GIVEN THE BURDENS IMPOSED BY THAT

PARTICULAR ACT. SO THIS IN MY MIND NEEDS TO BE

REVIEWED. WE REALLY NEED ALL THESE

CONTROLS. WE ARE ASSUMING, WE ARE KIND OF

ASSUMING THEY WILL -- PEOPLE WHO GO PUBLIC HAVE SUMMING TO

HIDE.

WE NEED TO GO BACK TO A PLACE WHERE WE ARE ALLOWED THAT

FREEDOM. ED: I JUST WOULD PUSH BACK ON THAT

SLIGHTLY. ONE REASON IT IS SUCH A

PRIVILEGE TO HOST THIS SHOW WITH CAROLINE IS WE COME ACROSS

ALL KINDS OF FOUNDERS WHO DREAM OF TAKING THEIR TECHNOLOGY

STARTUP PUBLIC. BECAUSE OF THE PRESTIGE OR

BECAUSE IT GIVES THEIR STAFF LIQUIDITY.

YOU MAY BELONG -- IN MANY INSTANCES THAT THAT'S THE DREAM

AND IT IS STILL IN TACT. YOU ARE AN INVESTOR AND YOU ARE

PART OF THIS ECOSYSTEM DO NOT RECOGNIZE THAT STILL BEING PART

OF THE DREAM? ERIC: VERY MUCH SO.

IN SOME CASES IT'S THE ONLY DREAM. IT'S YOUR EXIT.

IF YOU LIST A TYPICAL COMPANY AND A PRIVATE PORTFOLIO, $100

MILLION IN THAT REVENUES, AS IT

GROWS 30% TO 50%, HAS EBITA OF $20 MILLION.

AND THEY WANT TO GO PUBLIC SO WHAT'S CAN HAPPEN?

IN THE COST OF GOING PUBLIC IT'S IN A COST THEM $30 MILLION

A YEAR. THAT'S OVER HALF. SO SUDDENLY THE VALUATION THEY

MIGHT COMMAND IN THE PUBLIC MARKET IS WAY LESS THAN IT

SHOULD BE AS A RESULT OF THIS. SO THERE'S PLENTY OF COMPANIES

IN THAT SITUATION WHO WOULD LIKE TO GO PUBLIC, THEIR

EMPLOYEES NEED THAT LIQUIDITY FOR THEIR OWN EQUITY.

IT'S NOT REALLY POSSIBLE FOR THEM TO DO SO.

ED: ERIC I CAN SAY WITH CERTAINTY

CAROLINE AND I BOTH THOROUGHLY ENJOYED THAT CONVERSATION.

THANK YOU FOR COMING ON THE PROGRAM.

APPLE WINNING A LEGAL BATTLE IN CHINA OVER ITS APP STORE FEES.

WE WILL GO TO MARK NEXT. THIS IS BLOOMBERG TECHNOLOGY.

ED: A CHINESE COURT DISMISSED A CASE FILED BY A LOCAL CONSUMER

AGAINST APPLE'S COMMISSION AND FEES FOR PURCHASES VIA ITS APP

STORE RENTING THE U.S. COMPANY SOME REPRIEVE AS IT

FACES GROWING SCRUTINY AROUND THE WORLD OVER ITS PRACTICES.

MARK GURMAN IS HERE WITH MORE PRIDE GIVE US THE DETAILS OF

THIS CASE AND WHY IT IS IMPORTANT? MARK:

A CONSUMER SUED APPLE LOCALLY OVER THE COMPANIES 30% OR UP TO

30% TAKE RATE ON APPLICATIONS. SAYING THIS STIFLES COMPETITION.

THIS IS THE SAME 30%, THE SAME SITUATION WE'VE SEEN IN THE

U.S., PLAYING OUT IN AUSTRALIA, OBVIOUSLY THE EUROPEAN UNION

HAS BEEN LARGELY AGAINST THIS. THIS IS A TIME WHERE APPLE NOT

A RARE WIN.

THEY HAVE BEEN FINED IN MANY PLACES PRAYED THEIR LOSING

PORTIONS OF LAWSUITS OVER THIS CUT. IT'S AT THE HEART OF A

CONTINUED BATTLE BETWEEN APPLE AND A JUDGE IN CALIFORNIA.

THIS IS SOMETHING APPLE IS LIKELY CAN HAVE TO SHAKE UP.

WE'VE SEEN APPLE THROUGHOUT THE CONCEPT OF 30% AS PART OF THE

DIGITAL MARKET IN THE EUROPEAN UNION AND OVER TIME I EXPECT

MORE SIGNIFICANT CHANGES TO THE APICAL -- THE APPLE REVENUE

SHARE AGREEMENTS IN THE U.S. AND ELSEWHERE AS THIS LEGAL

PRESSURE FROM CONSUMERS AND DEVELOPERS CONTINUES TO HEAT UP.

CAROLINE: WE THANK YOU SO MUCH. LET'S GO FROM APPLE TO META

BECAUSE THEY'VE JUST REMOVED HUNDREDS OF FACEBOOK ACCOUNTS

ASSOCIATED WITH COVERT INFLUENCE CAMPAIGNS FROM CHINA,

RUSSIA AND OTHER COMPANIES -- OTHER COUNTRIES.

USING AI TOOLS TO GENERATE DISINFORMATION.

THIS IS ACCORDING TO THE QUARTERLY THREAT REPORT.

I'M ASSUMING MAYBE THEY USED AI TO FIND THIS DISINFORMATION?

KURT: THEY USE AI AND ALGORITHMS TO

DETECT THIS STUFF AND DO IT AT THE PACE.

THEY HAVE BILLIONS OF PIECES OF CONTENT.

IT'S NOT SOMETHING THEY CAN NECESSARILY DO MANUALLY.

ONCE THINGS ARE DETECTED THEY CAN GO IN AND DO SOME

INVESTIGATING.

WE ARE SEEING A LITTLE BIT MORE GENERATIVE AI CONTENT THAT'S

BEING USED TO MISLEAD PEOPLE. IT'S SOMETHING WE GO INTO THE

2024 ALEXION. IMPORTANT SENATE RACES.

>> WHEN META FINDS THIS CONTENT, WHAT DID THEY DO IN

RESPONSE.

KURT:

THEIR GOAL IS TO BASICALLY WIPE OUT THESE GROUPS BEFORE THEY

GAIN ANY TRACTION.

AND SO MOST OF THE TIME WHEN THERE CELEBRATING THIS STUFF

BEFORE IT REACHES A HUGE AUDIENCE.

ULTIMATELY WE ARE TRYING TO FIND THESE GROUPS BEFORE THEY

REACH SOME KIND OF SCALE.

>> YOU GOT TO LABEL THIS AI GENERATED CONTENT.

THAT DOES IT FOR THIS BUSY EDITION OF BLOOMBERG TECHNOLOGY.

CAROLINE: THERE HAS BEEN -- ED: THERE HAS BEEN NO STOP.

I WILL NOT BE ON THE SHOW TOMORROW, I'M AWAY ON A TOP

SECRET MISSION. STAY TUNED. CHECK OUT THE POD, MANY OF YOU

DO ON THE WAY TO WORK. APPLE, SPOTIFY, I HEART AND WE

PUBLISH ON ALL THE BLOOMBERG PLATFORMS. CUE THE BEAUTIFUL

PICTURES, THIS IS BLOOMBERG TECHNOLOGY. ♪