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This is Bloomberg Business Week Daily reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy, plus global business, finance and tech news as it happens. The Bloomberg Business Weekdaily Podcast with Carol Masser and Tim Steneveek on Bloomberg Radio.

This is Bloomberg Business Week Daily reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy, plus global business, finance and tech news as it happens. The Bloomberg Business Weekdaily Podcast with Carol Masser and Tim Steneveek on Bloomberg Radio.

Cory've actually in positive territory now just around forty dollars fifty five cents a share, so up about one percent. We're going to keep an eye on this one and we're going to get into it a little bit more deeply in just a moment. First up, though, as Charlie mentioned, you heard, stocks are down overall bonds up following today's batch of US economic data that showed to pick up an inflation, weaker than estimated spending and the latest update to the Atlanta Fed GDP now pointing to a negative growth in the first quarter, even after adjusting for gold imports. It was revised lower to down point five percent from up point two percent previously. After day's weaker than expected spending data, we needed to do an economic round up.

Cory've actually in positive territory now just around forty dollars fifty five cents a share, so up about one percent. We're going to keep an eye on this one and we're going to get into it a little bit more deeply in just a moment. First up, though, as Charlie mentioned, you heard, stocks are down overall bonds up following today's batch of US economic data that showed to pick up an inflation, weaker than estimated spending and the latest update to the Atlanta Fed GDP now pointing to a negative growth in the first quarter, even after adjusting for gold imports. It was revised lower to down point five percent from up point two percent previously. After day's weaker than expected spending data, we needed to do an economic round up.

So we got the guy with us to help us with that. That's Bloomberg News International Economics and Policy Corus.

So we got the guy with us to help us with that. That's Bloomberg News International Economics and Policy Corus.

Mia'm a cowboy to do the economic ground up. Well Dallas, No, I'm sorry, Dallas people would be They wouldn't like that.

Mia'm a cowboy to do the economic ground up. Well Dallas, No, I'm sorry, Dallas people would be They wouldn't like that.

I was thinking of your Boston Red Sox.

I was thinking of your Boston Red Sox.

Right, Yes, they're in Dallas or they won last night.

Right, Yes, they're in Dallas or they won last night.

So okay, good, that's what we care about.

So okay, good, that's what we care about.

Okay, do we have a problem, Uh, well, now you can use the NASA thing, Houston.

Okay, do we have a problem, Uh, well, now you can use the NASA thing, Houston.

We're trying to get there, Mike, do we have a problem.

We're trying to get there, Mike, do we have a problem.

We have black clouds on the horizon. Put it that way. We don't know if the storm is going to actually hit, or if it does, how bad it's going to be. But definitely we saw we saw weakness in spending. The spending that we did get up four tenths for the month after three tenths decline in January basically was in durable goods. So you get the impression that people were pulling forward purchases trying to get ahead of tariffs, which is probably also the story that we saw in the Michigan sentiment numbers today. With this was the final update. We normally just talk about the preliminary and that doesn't usually move much, but this time we saw a drop in the headline number and drop in expectations of fairly strong to fifty two six from fifty four to two. So people think there's going to be a problem six months from now, and you can see that reflected in the inflation expectations numbers.

We have black clouds on the horizon. Put it that way. We don't know if the storm is going to actually hit, or if it does, how bad it's going to be. But definitely we saw we saw weakness in spending. The spending that we did get up four tenths for the month after three tenths decline in January basically was in durable goods. So you get the impression that people were pulling forward purchases trying to get ahead of tariffs, which is probably also the story that we saw in the Michigan sentiment numbers today. With this was the final update. We normally just talk about the preliminary and that doesn't usually move much, but this time we saw a drop in the headline number and drop in expectations of fairly strong to fifty two six from fifty four to two. So people think there's going to be a problem six months from now, and you can see that reflected in the inflation expectations numbers.

Which was the most important data point that we got this morning. Which one's the one moving the markets right now.

Which was the most important data point that we got this morning. Which one's the one moving the markets right now.

It's probably the inflation ones.

It's probably the inflation ones.

But that's interesting because when those came out, we didn't see I mean, when the market opened, didn't seem like the market moved a lot. The equity market at least didn't move a lot un till ten.

But that's interesting because when those came out, we didn't see I mean, when the market opened, didn't seem like the market moved a lot. The equity market at least didn't move a lot un till ten.

Well, everybody, well, that's that's what I mean. The inflation expectations number, not the inflation numbers. We got basically what was expected with the PCEE, because that's that's an indicator, that's the way it's put together. Economists can forecast it pretty accurately. And it was only off by a tenth in the core on a year over year basis, So it was the inflation expectations numbers on a one year basis. People think inflation this year is going to be five percent, and five to ten year inflation is will be four point one percent. These are significant moves, and you know, I wouldn't think the Fed is terrified, but they're keeping an eye on this. They don't want inflation expectation.

Well, everybody, well, that's that's what I mean. The inflation expectations number, not the inflation numbers. We got basically what was expected with the PCEE, because that's that's an indicator, that's the way it's put together. Economists can forecast it pretty accurately. And it was only off by a tenth in the core on a year over year basis, So it was the inflation expectations numbers on a one year basis. People think inflation this year is going to be five percent, and five to ten year inflation is will be four point one percent. These are significant moves, and you know, I wouldn't think the Fed is terrified, but they're keeping an eye on this. They don't want inflation expectation.

Mister Mike, can there be five percent inflation?

Mister Mike, can there be five percent inflation?

Oh? Sure, this is only the highest level since twenty twenty two. Remember we had nine percent inflation. And that's part of the thing here is that people think this is possible because they saw it happened, and so now the idea is, you know, we're going to get tariffs. It's going to be a tax on everything we buy that's imported, and so people are thinking, well, I'm going to be paying more. And the more I hear about it, the worse it sounds. Especially you know, you've got Donald Trump saying twenty five tariff on important cars, right, and a lot of the American cars we buy come from Canada and Mexico. The American marks put it that way.

Oh? Sure, this is only the highest level since twenty twenty two. Remember we had nine percent inflation. And that's part of the thing here is that people think this is possible because they saw it happened, and so now the idea is, you know, we're going to get tariffs. It's going to be a tax on everything we buy that's imported, and so people are thinking, well, I'm going to be paying more. And the more I hear about it, the worse it sounds. Especially you know, you've got Donald Trump saying twenty five tariff on important cars, right, and a lot of the American cars we buy come from Canada and Mexico. The American marks put it that way.

Is that what is attributing to higher inflation expectations? Is it just tariffs?

Is that what is attributing to higher inflation expectations? Is it just tariffs?

It's basically tariffs. We haven't seen any real inflation news in the actual inflation figures that would move people's expectations. In general, inflation has been coming down. It's gotten stuck a little bit, but it's not moved up significantly. So you've got to be looking at the headlines for what's going on.

It's basically tariffs. We haven't seen any real inflation news in the actual inflation figures that would move people's expectations. In general, inflation has been coming down. It's gotten stuck a little bit, but it's not moved up significantly. So you've got to be looking at the headlines for what's going on.

You know, One thing I do wonder is how quickly do we start to see the actual tariff impact in economic data points. I thought I heard something this morning on surveillance. It's it takes a few months for it to work its way in. So when will we start to because right now a lot of it is sentiment right, concerns about things. But when the reality hits and we see those prices, like, when will we see that?

You know, One thing I do wonder is how quickly do we start to see the actual tariff impact in economic data points. I thought I heard something this morning on surveillance. It's it takes a few months for it to work its way in. So when will we start to because right now a lot of it is sentiment right, concerns about things. But when the reality hits and we see those prices, like, when will we see that?

Well, I would look forward sometime in the summer. You get the tariffs on automobiles. Dealers generally have about two months worth of inventory in their lots on a rough basis, so they'll sell through those, and then when you start to get replacement for those, the costs will have to go up. The same thing with the other tariffs is going to put on next week. We don't exactly know what they're going to be, but supposing puts on tariffs on fruits and vegetables from Mexico, depending on when those tariffs become effective deals start to see those sooner than you would other things. And then there's the intermediate goods, the stuff that goes into other stuff that comes into the country, and that'll just depend on how soon it gets put in and how soon those things get go on sale.

Well, I would look forward sometime in the summer. You get the tariffs on automobiles. Dealers generally have about two months worth of inventory in their lots on a rough basis, so they'll sell through those, and then when you start to get replacement for those, the costs will have to go up. The same thing with the other tariffs is going to put on next week. We don't exactly know what they're going to be, but supposing puts on tariffs on fruits and vegetables from Mexico, depending on when those tariffs become effective deals start to see those sooner than you would other things. And then there's the intermediate goods, the stuff that goes into other stuff that comes into the country, and that'll just depend on how soon it gets put in and how soon those things get go on sale.

All Right, we got to leave it there.

All Right, we got to leave it there.

That is certainly though, something that investors are keeping an eye on all of that. Economic Mike, thanks so much, have a great week. And Bloomberg News International Economics and Policy correspondent Michael McKee. So that is the key economic news you need to know, and that is certainly impacting today's trade. We've got another big indicator of market health here in the United States.

That is certainly though, something that investors are keeping an eye on all of that. Economic Mike, thanks so much, have a great week. And Bloomberg News International Economics and Policy correspondent Michael McKee. So that is the key economic news you need to know, and that is certainly impacting today's trade. We've got another big indicator of market health here in the United States.

And that takes us to the highly anticipated IPO of the Nvidia backed core Weave Corey've shares opened up at thirty nine dollars. It was two and a half percent below the IPO price, up two percent though right now, just in the last nine minutes or so, Carol, Yeah, they went from the red to the green. The offering did raise one and a half billion dollars thirty seven and a half million shares priced at forty dollars a piece. The deal was downsize though from an initial plan of forty nine million shares. Who is said to have bought the shares also super interesting. So let's get into all of that and more with the dynamic deal of Bloomberg News US IPO and Deals reporter Ryan Gould and Bloomberg News Equities reporter Bailly Lipschultz here in the studio. Bailey on the price action. Why did we see the reversal here?

And that takes us to the highly anticipated IPO of the Nvidia backed core Weave Corey've shares opened up at thirty nine dollars. It was two and a half percent below the IPO price, up two percent though right now, just in the last nine minutes or so, Carol, Yeah, they went from the red to the green. The offering did raise one and a half billion dollars thirty seven and a half million shares priced at forty dollars a piece. The deal was downsize though from an initial plan of forty nine million shares. Who is said to have bought the shares also super interesting. So let's get into all of that and more with the dynamic deal of Bloomberg News US IPO and Deals reporter Ryan Gould and Bloomberg News Equities reporter Bailly Lipschultz here in the studio. Bailey on the price action. Why did we see the reversal here?

Probably bankers utilized in the green shoes, so especially with the deal like this, so you kind of use the shares with the thing with it. When you do an IPO, you sell a bunch of shares and then banks can buy other shares at the IPO price. So typically the whole mechanism operates to basically give some form of balance with the deal. So I was talking a few bankers away from.

Probably bankers utilized in the green shoes, so especially with the deal like this, so you kind of use the shares with the thing with it. When you do an IPO, you sell a bunch of shares and then banks can buy other shares at the IPO price. So typically the whole mechanism operates to basically give some form of balance with the deal. So I was talking a few bankers away from.

Its orchestrated to make it's orchestrated.

Its orchestrated to make it's orchestrated.

I mean, don't ask Bill Ackman about it, he has some pretty strong thoughts on it. But I was talking to a banker away from the deal and he was basically saying, when you see a deal like this, where so much of the book, as we've reported, has been allocated to a handful of investors.

I mean, don't ask Bill Ackman about it, he has some pretty strong thoughts on it. But I was talking to a banker away from the deal and he was basically saying, when you see a deal like this, where so much of the book, as we've reported, has been allocated to a handful of investors.

People will get jittery.

People will get jittery.

So if you see the stock dropping in your hedge fund who bought this to make a quick buck, you want to get out as quick as you can. And then the banks will wait for that kind of rush of volume help stabilize the price, and then that can set up for you know, down two and a half to up two and a half, but still marginal.

So if you see the stock dropping in your hedge fund who bought this to make a quick buck, you want to get out as quick as you can. And then the banks will wait for that kind of rush of volume help stabilize the price, and then that can set up for you know, down two and a half to up two and a half, but still marginal.

Is that not normal?

Is that not normal?

To have what half of the book allocated to the three largest investors.

To have what half of the book allocated to the three largest investors.

That is tighter than I can think of in recent memory. We normally will have some deals that are they call him klubby. But as we reported half the book to three investors, so seven hundred and fifty million dollars of stock chopped up. And then if you look even further at our reporting, top fifteen to ninety percent of the deal, so very tightly allocated to almost friends of Morgan Stanley, if you will, all.

That is tighter than I can think of in recent memory. We normally will have some deals that are they call him klubby. But as we reported half the book to three investors, so seven hundred and fifty million dollars of stock chopped up. And then if you look even further at our reporting, top fifteen to ninety percent of the deal, so very tightly allocated to almost friends of Morgan Stanley, if you will, all.

Right, klubby friends, all that good stuff. Having said that Ryan, going into this it was downsize, so we had reduced expectations going into it based on that, and we are now showing a little bit of a gain. Is this a good debut, a bad debut?

Right, klubby friends, all that good stuff. Having said that Ryan, going into this it was downsize, so we had reduced expectations going into it based on that, and we are now showing a little bit of a gain. Is this a good debut, a bad debut?

Or neutral?

Or neutral?

I think it's probably slightly I don't know, have to be that person, but I think it is still slightly too early. Let's see where we are at for because I think, you know, to the Green Shoe Point shore. But I was also talking to Mark Linchrato this morning the sea of Cooley, and you know, he was quite quick to point out aside, you know, away from the noise that we've seen this week in markets, and you know, just given where the nasdeck is in the smp IS today, cooleyve is not like most other tech companies that some of these investors you know, would be putting orders in for. I mean, his his view is that quite capital intensive. It is just based on the business model of Corey. Even so, his view in telling me this morning on the phone, was that investors are going to take some time to actually get their heads around how we do things, and you know, it's going to be a little bit of a process. So I think you could probably see some volatility for a period. And you know, I mean we're at you know, forty ninety one now it is conspicuously in that forty dollars area.

I think it's probably slightly I don't know, have to be that person, but I think it is still slightly too early. Let's see where we are at for because I think, you know, to the Green Shoe Point shore. But I was also talking to Mark Linchrato this morning the sea of Cooley, and you know, he was quite quick to point out aside, you know, away from the noise that we've seen this week in markets, and you know, just given where the nasdeck is in the smp IS today, cooleyve is not like most other tech companies that some of these investors you know, would be putting orders in for. I mean, his his view is that quite capital intensive. It is just based on the business model of Corey. Even so, his view in telling me this morning on the phone, was that investors are going to take some time to actually get their heads around how we do things, and you know, it's going to be a little bit of a process. So I think you could probably see some volatility for a period. And you know, I mean we're at you know, forty ninety one now it is conspicuously in that forty dollars area.

You know, the price there isn't it just CEO speak.

You know, the price there isn't it just CEO speak.

I don't, like, know, how how should we we're smart here at you like, how don't we read that?

I don't, like, know, how how should we we're smart here at you like, how don't we read that?

You know?

You know?

And I put that to him, and you know, I think there's there's a lot going on. I mean, you've obviously got the Microsoft headline this week, which we spoke about yesterday. But then at the same time, the biggest customer it is, Yeah, and you would have to imagine in there among that sort of you know, taking fifty percent of the book too, I'm sure, in and around that area. And you know, I actually put it to Michael in for this morning, around sort of the Nvidio angle and you know, again away from some of the noise. He said that without in video and without the other twenty seven investors, this IPO would have got over the line.

And I put that to him, and you know, I think there's there's a lot going on. I mean, you've obviously got the Microsoft headline this week, which we spoke about yesterday. But then at the same time, the biggest customer it is, Yeah, and you would have to imagine in there among that sort of you know, taking fifty percent of the book too, I'm sure, in and around that area. And you know, I actually put it to Michael in for this morning, around sort of the Nvidio angle and you know, again away from some of the noise. He said that without in video and without the other twenty seven investors, this IPO would have got over the line.

Interesting, how did they do it then?

Interesting, how did they do it then?

Or is it because they knew they had those backstops?

Or is it because they knew they had those backstops?

I think, you know, for a company like Cole, we've that the thesiss is quite clear. It's just it becomes it's a valuation mechanism right now if you're an investor, because I think, you know, the free cash flow is very good. I mean, people are generally quite comfortable with the leverage, but it's always coming back to sort of some of the concerns around the customer concentration. And you know, they're quite quick to point out that the open a Eye contract that they agreed, you know, quite recently almost twelve million dollars is a boon, and you know it is. But at the same time, you're still faced with seventy seven percent of me your revenue one paper, coming from essentially two customers. So regardless of what sector you're in, whether you're AI or otherwise, people are going to look at that and think is that okay for us?

I think, you know, for a company like Cole, we've that the thesiss is quite clear. It's just it becomes it's a valuation mechanism right now if you're an investor, because I think, you know, the free cash flow is very good. I mean, people are generally quite comfortable with the leverage, but it's always coming back to sort of some of the concerns around the customer concentration. And you know, they're quite quick to point out that the open a Eye contract that they agreed, you know, quite recently almost twelve million dollars is a boon, and you know it is. But at the same time, you're still faced with seventy seven percent of me your revenue one paper, coming from essentially two customers. So regardless of what sector you're in, whether you're AI or otherwise, people are going to look at that and think is that okay for us?

And you take a view, right, yeah, Billie. Even though this is a little bit different of an IPO, it's certainly a canary in the coal mine or some sort of bell weather for other companies that are on the sidelines right now thinking about going public. What's at stake here?

And you take a view, right, yeah, Billie. Even though this is a little bit different of an IPO, it's certainly a canary in the coal mine or some sort of bell weather for other companies that are on the sidelines right now thinking about going public. What's at stake here?

A lot, but also not a lot, okay?

A lot, but also not a lot, okay?

So it put it this way.

So it put it this way.

The biggest side, the biggest IPO of the year was Venture Global, similar downsize, cut the book by about forty percent, priced poorly, traded, poorly down north of fifty seven percent. When I talk to bankers and investors, they're vocal, they were vocal.

The biggest side, the biggest IPO of the year was Venture Global, similar downsize, cut the book by about forty percent, priced poorly, traded, poorly down north of fifty seven percent. When I talk to bankers and investors, they're vocal, they were vocal.

This is a one off. We're not worried about it.

This is a one off. We're not worried about it.

This deal comes out talking to bankers yesterday, We're not too worried about it. But it begs the question when will.

This deal comes out talking to bankers yesterday, We're not too worried about it. But it begs the question when will.

People be worried about it?

People be worried about it?

Because when you have six of the ten largest US IPOs year to date trading below offer, you can point to the market being down as much as you want, but at the end of the day, people.

Because when you have six of the ten largest US IPOs year to date trading below offer, you can point to the market being down as much as you want, but at the end of the day, people.

Buy IPOs to outperform the market.

Buy IPOs to outperform the market.

If you're not getting a day one pop or even a month later outperformance, that starts to make people second guess, why am I going to allocate resources to a private company that I've maybe met once or twice when I can buy your direct peers at a discount, and that's kind of what's been playing out.

If you're not getting a day one pop or even a month later outperformance, that starts to make people second guess, why am I going to allocate resources to a private company that I've maybe met once or twice when I can buy your direct peers at a discount, and that's kind of what's been playing out.

It also makes me wonder, you know, at Bloomberg Investors Share, I talk with the president of the New York Stock Exchange Land Martinet, and the expectations were that this was going to be a better year for m and a for IPOs highly anticipated with Corewave and some others that were substantial in terms of their size. So I'm just kind of wondering, is there something systemic going on in the IPO market or is it just once again, you know, because right, give us some context in terms of the last few years.

It also makes me wonder, you know, at Bloomberg Investors Share, I talk with the president of the New York Stock Exchange Land Martinet, and the expectations were that this was going to be a better year for m and a for IPOs highly anticipated with Corewave and some others that were substantial in terms of their size. So I'm just kind of wondering, is there something systemic going on in the IPO market or is it just once again, you know, because right, give us some context in terms of the last few years.

So we're in entering now the fourth year of very lackluster IPO offerings. So Ever since the market really got shut late twenty one early twenty twenty two, you've had dribs and drabs.

So we're in entering now the fourth year of very lackluster IPO offerings. So Ever since the market really got shut late twenty one early twenty twenty two, you've had dribs and drabs.

Arm has been terrific.

Arm has been terrific.

Reddit has performed outside of the pullback, all things considered, quite well. But when we've had three years of bankers and CEOs pointing towards the market not being there even though we're at all time highs, now you're dealing with a market pulling back. A number of companies, early investors maybe saying, hey, we penciled in twenty twenty five, we need to get this on the ice. And when you interview, when you when Bloomberg investors playing out the vix was back above twenty, we're back above twenty again. That's where people on the banking side look at as a Okay, maybe we should rethink this, or we need to be more diligent with how we price these deals and how we communicate to investors. But there's as you mentioned, since March fourteenth, market's been choppy Klarna, stub Hub, e, Toro, and Integrity Insurance have all flipped public.

Reddit has performed outside of the pullback, all things considered, quite well. But when we've had three years of bankers and CEOs pointing towards the market not being there even though we're at all time highs, now you're dealing with a market pulling back. A number of companies, early investors maybe saying, hey, we penciled in twenty twenty five, we need to get this on the ice. And when you interview, when you when Bloomberg investors playing out the vix was back above twenty, we're back above twenty again. That's where people on the banking side look at as a Okay, maybe we should rethink this, or we need to be more diligent with how we price these deals and how we communicate to investors. But there's as you mentioned, since March fourteenth, market's been choppy Klarna, stub Hub, e, Toro, and Integrity Insurance have all flipped public.

So they've opened the door to going up.

So they've opened the door to going up.

But go ahead, Ryan, Yeah, now just jump in and say, I think it points to a wider question that's going on between investors large, you know, tier one investors in the banks around you know, what is the true quality of most companies trying to go public these days and how much of a discount is necessary to get them over the line. I mean, we've talked a lot about I think, you know, on the desks only abount, the nature of the ip of discount. It has narrowed, you know, in recent years, but is there an idea that it could start to widen again given some of the price pressure that we're seeing in some of these debuts.

But go ahead, Ryan, Yeah, now just jump in and say, I think it points to a wider question that's going on between investors large, you know, tier one investors in the banks around you know, what is the true quality of most companies trying to go public these days and how much of a discount is necessary to get them over the line. I mean, we've talked a lot about I think, you know, on the desks only abount, the nature of the ip of discount. It has narrowed, you know, in recent years, but is there an idea that it could start to widen again given some of the price pressure that we're seeing in some of these debuts.

I also think about, you know, this is something I know you guys cover and we talk about Tim and I the private markets and just again there's so much cash out there.

I also think about, you know, this is something I know you guys cover and we talk about Tim and I the private markets and just again there's so much cash out there.

I mean, how how old is Core Weave.

I mean, how how old is Core Weave.

It's been around for I think twenty seventeen.

It's been around for I think twenty seventeen.

It's a younger company, all right, because we have seen a lot of companies that are able to stay private for a lot longer.

It's a younger company, all right, because we have seen a lot of companies that are able to stay private for a lot longer.

I mean, look at Clona.

I mean, look at Clona.

Right, we talked about the other day.

Right, we talked about the other day.

Iah, this is like a company that's almost as old as Facebook. Yeah, it's wild.

Iah, this is like a company that's almost as old as Facebook. Yeah, it's wild.

Yeah, so it's it's kind of interesting. All right, So then what's the Outlok. We got just about a minute or so left. I mean, Ryan, how are you thinking about this today and maybe what's to come.

Yeah, so it's it's kind of interesting. All right, So then what's the Outlok. We got just about a minute or so left. I mean, Ryan, how are you thinking about this today and maybe what's to come.

Or what are you hearing from?

Or what are you hearing from?

Yeah, I mean you know a street.

Yeah, I mean you know a street.

I think the point on private private captain in general is a prescient one because you know, there is someone I was speaking to this morning who was away from the from this deal that we're talking about today, and they're kind of saying, you know, our IPO is again being seen as sort of the last resort, you know, as opposed to a sign of strength. And you know, what does it mean for those who look to go And you know Clana could in theory go as soon as next week.

I think the point on private private captain in general is a prescient one because you know, there is someone I was speaking to this morning who was away from the from this deal that we're talking about today, and they're kind of saying, you know, our IPO is again being seen as sort of the last resort, you know, as opposed to a sign of strength. And you know, what does it mean for those who look to go And you know Clana could in theory go as soon as next week.

But are they well Bailey mentioned all these companies that in the last few weeks have flipped to go in public. How much can they actually delay? Just in the last half thirty seconds that we have There's.

But are they well Bailey mentioned all these companies that in the last few weeks have flipped to go in public. How much can they actually delay? Just in the last half thirty seconds that we have There's.

No rule, so technically you can be on file for as long as you want.

No rule, so technically you can be on file for as long as you want.

You just pay lawyers to Ryan's point, Clarna, the earliest they could launch a roadshow would be Monday, so that's what we'll be watching. But again, tariff days next week, and who knows what's going to go well.

You just pay lawyers to Ryan's point, Clarna, the earliest they could launch a roadshow would be Monday, so that's what we'll be watching. But again, tariff days next week, and who knows what's going to go well.

Hopefully for your sake for the weekend, I hope that doesn't happen.

Hopefully for your sake for the weekend, I hope that doesn't happen.

Get a break, Get a break, everybody.

Get a break, Get a break, everybody.

Right now, Core weave just up a hair so it's above forty, but it was just below forty a moment ago.

Right now, Core weave just up a hair so it's above forty, but it was just below forty a moment ago.

Guys, Thank you so much.

Guys, Thank you so much.

Bloomberg News Usipo and Deals Report, Ryan Gould and Bloomberg News Equities reporter Bailey Lipschultz.

Bloomberg News Usipo and Deals Report, Ryan Gould and Bloomberg News Equities reporter Bailey Lipschultz.

You're listening to the Bloomberg Business Week podcast. Catch us live weekday afternoons from two to five pm Eastern. Listen on Apple CarPlay and Android Auto with the Bloomberg Business app, or watch us live on YouTube.

You're listening to the Bloomberg Business Week podcast. Catch us live weekday afternoons from two to five pm Eastern. Listen on Apple CarPlay and Android Auto with the Bloomberg Business app, or watch us live on YouTube.

Literally stock Actually the last segment we were talking about the Core reeve ipo and that is Reddit.

Literally stock Actually the last segment we were talking about the Core reeve ipo and that is Reddit.

It's also on our radar today.

It's also on our radar today.

The gloomy sentiment around the company has failed to dissipate after it shares fell fifty percent from a February high. With volatile technology stocks under pressure, a little perspective, as we like to do here at Bloomberg. Stock is up about two hundred and nine percent from its IPO tim just about one year ago.

The gloomy sentiment around the company has failed to dissipate after it shares fell fifty percent from a February high. With volatile technology stocks under pressure, a little perspective, as we like to do here at Bloomberg. Stock is up about two hundred and nine percent from its IPO tim just about one year ago.

Okay, with the trade concerns and the outlook for the social media platform. Here with us as Bloomberg News acuaby's reporter Karmen Ryanikese, she joins us here in the Bloomberg Business Week studio. What happened? I mean, it had a great IPO, great debut, and at the end of the year things were looking really good.

Okay, with the trade concerns and the outlook for the social media platform. Here with us as Bloomberg News acuaby's reporter Karmen Ryanikese, she joins us here in the Bloomberg Business Week studio. What happened? I mean, it had a great IPO, great debut, and at the end of the year things were looking really good.

Tim spends a lot of time on it.

Tim spends a lot of time on it.

Yeah, I actually spent so much time on it that you know, they do the like the Spotify rap thing. Everybody does the Spotify rap thing. Reddit had one and they showed me like the data, like how much time I spent on it. And my reaction to that was deleting the app from my phone because I was like, I'm wasting my life with this.

Yeah, I actually spent so much time on it that you know, they do the like the Spotify rap thing. Everybody does the Spotify rap thing. Reddit had one and they showed me like the data, like how much time I spent on it. And my reaction to that was deleting the app from my phone because I was like, I'm wasting my life with this.

They're sending you a hat a T shirt.

They're sending you a hat a T shirt.

Especially Enough about me though, Karmen, Yes, what's going on?

Especially Enough about me though, Karmen, Yes, what's going on?

Reddit had a huge run up. It was a great IPO, great performance. Last year, got really swept up in the AI wave that we saw across you know, the entire technology space. For the most part, and then in the beginning of this year, it's it's fourth quarter report felt like just fell just a little bit short of user figures. There was a change in the Google Out algorithm that sort of hit its US users. That actually seems to have abated. But what's happened on the other side is that it's gotten really weighed down in this overall tech momentum trade that where we've seen so much volatility. I mean, even today you can see the nasdas down more than two and a half percent, and some of these heavy highest flyers are really just getting dragged down. And so Reddit is a really good example of a stock where there is so much bullish sentiment. There's you know, a ton of excitement I think for use with AI, like we're saying, large language models usage with Reddit, a lot of the train.

Reddit had a huge run up. It was a great IPO, great performance. Last year, got really swept up in the AI wave that we saw across you know, the entire technology space. For the most part, and then in the beginning of this year, it's it's fourth quarter report felt like just fell just a little bit short of user figures. There was a change in the Google Out algorithm that sort of hit its US users. That actually seems to have abated. But what's happened on the other side is that it's gotten really weighed down in this overall tech momentum trade that where we've seen so much volatility. I mean, even today you can see the nasdas down more than two and a half percent, and some of these heavy highest flyers are really just getting dragged down. And so Reddit is a really good example of a stock where there is so much bullish sentiment. There's you know, a ton of excitement I think for use with AI, like we're saying, large language models usage with Reddit, a lot of the train.

Using the data. So people have answered a lot of questions on Reddit, a lot of experts. That's what's great about Reddit. Reddit has then sold the data to the LLLM companies exactly and they train their lms using that data.

Using the data. So people have answered a lot of questions on Reddit, a lot of experts. That's what's great about Reddit. Reddit has then sold the data to the LLLM companies exactly and they train their lms using that data.

Exactly, and there's a you know, bulls also point out that there's a lot of growth potential markets here for Reddit, especially outside of us. So it really is a good example of a stock that's just gotten really hit, And there are other examples as well.

Exactly, and there's a you know, bulls also point out that there's a lot of growth potential markets here for Reddit, especially outside of us. So it really is a good example of a stock that's just gotten really hit, And there are other examples as well.

So fifteen buys seven holds three Cells. If I look at the Bloomberg in terms of analysts coverage, still a lot of buys on the stock.

So fifteen buys seven holds three Cells. If I look at the Bloomberg in terms of analysts coverage, still a lot of buys on the stock.

Are animalsts though getting.

Are animalsts though getting.

More negative on it, or do they still like the fundamental story but just think it's the tech malaise?

More negative on it, or do they still like the fundamental story but just think it's the tech malaise?

What is it?

What is it?

Yeah, so there was one downgrade late recently or an analysts that initiated at Cell after the Google algorithm okay switch, But other than that, honestly, analysts have maybe tweaked their price targets a little bit, but they've maintained their by ratings. They think that there's a long term monetization story here, that there is a lot of growth I had for Reddit.

Yeah, so there was one downgrade late recently or an analysts that initiated at Cell after the Google algorithm okay switch, But other than that, honestly, analysts have maybe tweaked their price targets a little bit, but they've maintained their by ratings. They think that there's a long term monetization story here, that there is a lot of growth I had for Reddit.

The one thing that I.

The one thing that I.

Also think is interesting here is and again like the entire sort of tech momentum, I think people are a little bit hesitant of where to buy the dip or trying to call a dip, just seeing that there could be so much more room on the downside for a lot of these stocks that have really just cut the wind taken out of their sales.

Also think is interesting here is and again like the entire sort of tech momentum, I think people are a little bit hesitant of where to buy the dip or trying to call a dip, just seeing that there could be so much more room on the downside for a lot of these stocks that have really just cut the wind taken out of their sales.

I would say, like fourteen percent of the float is still short, so there is still some negative sentiment out there that it could go for sure.

I would say, like fourteen percent of the float is still short, so there is still some negative sentiment out there that it could go for sure.

Yeah, I don't understand why Google would change its algorithm to show less of this because people and the cover of Business Week, of the upcoming issue of Business Week is about what Google's doing in the face of the rise of AI and how people's search habits are changing and how Google's dealing with that. And one thing that the article mentions is that people started to change the way they search by adding Reddit to the end of their Google search, so it would then show Reddit results because Reddit results were so useful. It seems nuts to me that Google would change its algorithm and not show Reddit results with the same you know, at the same place.

Yeah, I don't understand why Google would change its algorithm to show less of this because people and the cover of Business Week, of the upcoming issue of Business Week is about what Google's doing in the face of the rise of AI and how people's search habits are changing and how Google's dealing with that. And one thing that the article mentions is that people started to change the way they search by adding Reddit to the end of their Google search, so it would then show Reddit results because Reddit results were so useful. It seems nuts to me that Google would change its algorithm and not show Reddit results with the same you know, at the same place.

I mean, you make such a good point. I think there is sort of a sentiment out there that, I mean, Google is going to lose some search right because of AI. And the thing I will say is like they do change their algorithm on occasion. This is not like a new thing. So it's something that for Reddit at least hopefully has abated. It's something that they're used.

I mean, you make such a good point. I think there is sort of a sentiment out there that, I mean, Google is going to lose some search right because of AI. And the thing I will say is like they do change their algorithm on occasion. This is not like a new thing. So it's something that for Reddit at least hopefully has abated. It's something that they're used.

To dealing with.

To dealing with.

But Ruby's one to watch it is really interesting.

But Ruby's one to watch it is really interesting.

Yeah, definitely, and as we said, still way above its IPO price, but it's certainly been under pressure. Good stuff, Thank you so much, Carmen Rhinikeshy's Bloomberg News Equities reporter.

Yeah, definitely, and as we said, still way above its IPO price, but it's certainly been under pressure. Good stuff, Thank you so much, Carmen Rhinikeshy's Bloomberg News Equities reporter.

This is the Bloomberg Business Week Podcast. Listen live each weekday starting at two pm Eastern on Applecarflay and Android Auto with the Bloomberg Business App. You can also listen live on Amazon Alexa from our flagship New York station, Just say Alexa play Bloomberg eleven thirty.

This is the Bloomberg Business Week Podcast. Listen live each weekday starting at two pm Eastern on Applecarflay and Android Auto with the Bloomberg Business App. You can also listen live on Amazon Alexa from our flagship New York station, Just say Alexa play Bloomberg eleven thirty.

I still love because we're kind of cool about a lot of things.

I still love because we're kind of cool about a lot of things.

We're so chilling cool.

We're so chilling cool.

Give us a quiz, Tim and I and man it gets so competitive, all right, Politics, economics, geopolitics, markets, business culture, luxury sports.

Give us a quiz, Tim and I and man it gets so competitive, all right, Politics, economics, geopolitics, markets, business culture, luxury sports.

We love all of it, don't we.

We love all of it, don't we.

Yeah, we also love a Bloomberg quiz, A new one launching today here to tell us about the Bloomberg Appointed News Quiz is a big friend of the show, Really, Sam, we can say family. Yeah. Former editor of Bloomberg BusinessWeek magazine, Joel Webber, He's head of Bloomberg, explains he's here in our Bloomberg BusinessWeek studio. We love quizzes. We love games. I like beating Carol, I like winning. Pointed is different, though, Joel, this is not just like you know, what do you know? You've got to know and be confident in what you know.

Yeah, we also love a Bloomberg quiz, A new one launching today here to tell us about the Bloomberg Appointed News Quiz is a big friend of the show, Really, Sam, we can say family. Yeah. Former editor of Bloomberg BusinessWeek magazine, Joel Webber, He's head of Bloomberg, explains he's here in our Bloomberg BusinessWeek studio. We love quizzes. We love games. I like beating Carol, I like winning. Pointed is different, though, Joel, this is not just like you know, what do you know? You've got to know and be confident in what you know.

So thanks for having me. Great to be back in the studio with you both.

So thanks for having me. Great to be back in the studio with you both.

I love that you all are this competitive, and this is what we know about our people.

I love that you all are this competitive, and this is what we know about our people.

Our people are highly competitive.

Our people are highly competitive.

We see that every day, and we wanted to give our you know, super fans and even you know, people who've never interacted with us a way of playing right.

We see that every day, and we wanted to give our you know, super fans and even you know, people who've never interacted with us a way of playing right.

We have so many verbs that we do.

We have so many verbs that we do.

We do, watch, read, listen, why not play that's pointed So Bloomberg dot com slash pointed will drop you into the game news quiz ten witty questions every single week, written by a trivia master, so this is not your normal news quiz. And then on top of that, we've made the gameplay really distinct.

We do, watch, read, listen, why not play that's pointed So Bloomberg dot com slash pointed will drop you into the game news quiz ten witty questions every single week, written by a trivia master, so this is not your normal news quiz. And then on top of that, we've made the gameplay really distinct.

Do you like to.

Do you like to.

Gamble if this is gambling? I like to gamble.

Gamble if this is gambling? I like to gamble.

There's gambling, but you know the stakes.

There's gambling, but you know the stakes.

Are relatively Yeah, money process, So you're gonna wage your points when you play, and then you can use leverages to either amplify your score or hedge.

Are relatively Yeah, money process, So you're gonna wage your points when you play, and then you can use leverages to either amplify your score or hedge.

If you're not so short, how come there's only three though opportunity to do that because you got.

If you're not so short, how come there's only three though opportunity to do that because you got.

To use them strategically.

To use them strategically.

I wanted the more.

I wanted the more.

Okay, so see, I'm curious. What was your score? That's good, it's above average, thank you.

Okay, so see, I'm curious. What was your score? That's good, it's above average, thank you.

I got one fifteen or no, I got one ten. Sebastian got one fifteen. Yeah, Carol one and Sebastia.

I got one fifteen or no, I got one ten. Sebastian got one fifteen. Yeah, Carol one and Sebastia.

Get one fifteen. Our producers, Elizabeth, what did you get?

Get one fifteen. Our producers, Elizabeth, what did you get?

Double digits? Not the triple digits, That's what I'll say. So we'll see it is it's only the higher the score.

Double digits? Not the triple digits, That's what I'll say. So we'll see it is it's only the higher the score.

So the high score is one ninety. If you play this game perfectly, you get one ninety. The thing about this game that's unique is you can also end up with one ninety negative. Right, we will lose will Docu points if you get your answers wrong. So yeah, I knew all the answers, and I knew exactly how to play the game, and it was to test that we could do it. Wait, so did you get there's a number of people who have played and.

So the high score is one ninety. If you play this game perfectly, you get one ninety. The thing about this game that's unique is you can also end up with one ninety negative. Right, we will lose will Docu points if you get your answers wrong. So yeah, I knew all the answers, and I knew exactly how to play the game, and it was to test that we could do it. Wait, so did you get there's a number of people who have played and.

Aced it so far, so it's happening.

Aced it so far, so it's happening.

So is it basically like if you pick a category and go all in and then leverage.

So is it basically like if you pick a category and go all in and then leverage.

That one is that how.

That one is that how.

You still learn how to play the game.

You still learn how to play the game.

There's the times that's how you play okay, and so we're we're eager to see everyone scores. You get an awesome little readout at the end that shows how you played, and then the game is free to play. Uh if you register on Bloomberg dot com, you'll get a little readout that shows how you compare to everybody else. We're going to kick this off on Thursday nights from the US, and it's going to be opened through the weekend. This is part of you know, the company's the Bloomberg Weekend, so it's.

There's the times that's how you play okay, and so we're we're eager to see everyone scores. You get an awesome little readout at the end that shows how you played, and then the game is free to play. Uh if you register on Bloomberg dot com, you'll get a little readout that shows how you compare to everybody else. We're going to kick this off on Thursday nights from the US, and it's going to be opened through the weekend. This is part of you know, the company's the Bloomberg Weekend, so it's.

More of a lean back experience. We want you to take your time, be thoughtful, make sure that you actually process.

More of a lean back experience. We want you to take your time, be thoughtful, make sure that you actually process.

The little hidden clues we've you know, scattered across the questions for you.

The little hidden clues we've you know, scattered across the questions for you.

I think people understand the leverage portion of it within the game, but before you actually play the game, you have to know what you know that week. So you're essentially given what ten categories you're gonna wager. It could be politics, it could be technology, it could be IPOs, you could be bankruptcies, and you got to think about what you know for that week.

I think people understand the leverage portion of it within the game, but before you actually play the game, you have to know what you know that week. So you're essentially given what ten categories you're gonna wager. It could be politics, it could be technology, it could be IPOs, you could be bankruptcies, and you got to think about what you know for that week.

And you're gonna have a little slighter Then you wait the category, so you have how many what's the antie that.

And you're gonna have a little slighter Then you wait the category, so you have how many what's the antie that.

You have to you have ten categories. You can go down to five and up to thirty.

You have to you have ten categories. You can go down to five and up to thirty.

Right, so you got a wager whatever you want to put on the line there.

Right, so you got a wager whatever you want to put on the line there.

Okay, Yeah, so that's why it's going to add up to one hundred.

Okay, Yeah, so that's why it's going to add up to one hundred.

And then when you get to a point that you get the teas of the question, that's when you can use your leverages.

And then when you get to a point that you get the teas of the question, that's when you can use your leverages.

It's really fun.

It's really fun.

It was really fun, and I agree with Tim, like there's a lot of quizzes where you've got to be fast. That's part of like getting a higher score, and it was nice to have some time to kind of play with it.

It was really fun, and I agree with Tim, like there's a lot of quizzes where you've got to be fast. That's part of like getting a higher score, and it was nice to have some time to kind of play with it.

What we've cracked here is it's not testing whether or not you read your push alert, as most of us probably did that or scan the headline. It's how confident you are in your answer, and that we think is a really uniquely Bloomberg thing.

What we've cracked here is it's not testing whether or not you read your push alert, as most of us probably did that or scan the headline. It's how confident you are in your answer, and that we think is a really uniquely Bloomberg thing.

We're excited to explore more in this category.

We're excited to explore more in this category.

This is a new category for us, and we're really you know, wanting to prioritize you know, little habit forming experiences.

This is a new category for us, and we're really you know, wanting to prioritize you know, little habit forming experiences.

Like is there a lot of discussion that goes on beyond like what the questions are going to be, like is there something that happens during the week.

Like is there a lot of discussion that goes on beyond like what the questions are going to be, like is there something that happens during the week.

And you're like, of these questions.

And you're like, of these questions.

We've been doing rough draft after rough draft to make sure we get it right.

We've been doing rough draft after rough draft to make sure we get it right.

And you know, this week, maybe.

And you know, this week, maybe.

There was a certain messaging app that was in the news, like maybe maybe one question about that. It's a pretty good way to get people to start buying and challenge each other.

There was a certain messaging app that was in the news, like maybe maybe one question about that. It's a pretty good way to get people to start buying and challenge each other.

I got that one right.

I got that one right.

By the way, there is another Dare I say another quiz that comes out on Thursday, right, and it's.

By the way, there is another Dare I say another quiz that comes out on Thursday, right, and it's.

Always in terminal users, right, big fans.

Always in terminal users, right, big fans.

But we do but we will be like during the week like, oh, that's going to be on the Bloomberg quiz. And I have a feeling we're going to do the same thing with this one.

But we do but we will be like during the week like, oh, that's going to be on the Bloomberg quiz. And I have a feeling we're going to do the same thing with this one.

Yeap dirt And look, they satisfied different niches like when is very terminal centric and you play it for speed and see how you can compare. And we're bring a little bit more strategic.

Yeap dirt And look, they satisfied different niches like when is very terminal centric and you play it for speed and see how you can compare. And we're bring a little bit more strategic.

With what we're doing on Bloomberg dot Com.

With what we're doing on Bloomberg dot Com.

I love it.

I love it.

Joel Webber, good to have you here the head of Joints and Games. Can you come about more of course we can do this every Friday, all right, and don't look at the answers for next week. Oh so then you can actually take the.

Joel Webber, good to have you here the head of Joints and Games. Can you come about more of course we can do this every Friday, all right, and don't look at the answers for next week. Oh so then you can actually take the.

In a real way job.

In a real way job.

Come on this job. If I didn't do it before, say a little advantage.

Come on this job. If I didn't do it before, say a little advantage.

You are listening to the Bloomberg Business Week podcast. Catch US live weekday afternoons from two to five pm Eastern Listen on Apple CarPlay and the Android Auto with the Bloomberg Business app, or watch US Live on YouTube.

You are listening to the Bloomberg Business Week podcast. Catch US live weekday afternoons from two to five pm Eastern Listen on Apple CarPlay and the Android Auto with the Bloomberg Business app, or watch US Live on YouTube.

Well an update from or on the war in Ukraine, and I should say an exclusive yesterday from our team at Bloomberg News. The US and pushing for a deal that would give it control over major future infrastructure and mineral investments in Ukraine, potentially gaining a veto over any role for Kiev's other allies. This agreement would grant the US first claim on profits transferred into a special reconstruction investment fund that would be controlled by Washington, and would require Ukraine Carol to pay for all US military and economic support provided. Since the start of the war.

Well an update from or on the war in Ukraine, and I should say an exclusive yesterday from our team at Bloomberg News. The US and pushing for a deal that would give it control over major future infrastructure and mineral investments in Ukraine, potentially gaining a veto over any role for Kiev's other allies. This agreement would grant the US first claim on profits transferred into a special reconstruction investment fund that would be controlled by Washington, and would require Ukraine Carol to pay for all US military and economic support provided. Since the start of the war.

Andy Kurtzik has kept a close eye on everything happening in Ukraine.

Andy Kurtzik has kept a close eye on everything happening in Ukraine.

It makes sense.

It makes sense.

He's the founder and chief executive officer of just answer, which matches you with experts such as doctors, lawyers, and mechanics and more who can answer your question. He has more than three hundred employees in Ukraine. He joins us from San Francisco, the Bay Area on this Friday. Andy, nice to have you back with us. How are you and how is your team in Ukraine?

He's the founder and chief executive officer of just answer, which matches you with experts such as doctors, lawyers, and mechanics and more who can answer your question. He has more than three hundred employees in Ukraine. He joins us from San Francisco, the Bay Area on this Friday. Andy, nice to have you back with us. How are you and how is your team in Ukraine?

I'm doing fine, thanks, Carol and Tam happy to be here. And yeah, it's tough in Ukraine and its situation has changed dramatically over the last few years.

I'm doing fine, thanks, Carol and Tam happy to be here. And yeah, it's tough in Ukraine and its situation has changed dramatically over the last few years.

Well, you know, Carol asks how your team is doing, and it's a complicated question because you have more than three hundred people there. But since we last spoke to you, has the team had to take breaks to go and actually fight in the war. How has that worked?

Well, you know, Carol asks how your team is doing, and it's a complicated question because you have more than three hundred people there. But since we last spoke to you, has the team had to take breaks to go and actually fight in the war. How has that worked?

Yeah, I mean our people are getting drafted and they are going to fight in a war. It's a it's a You know that this war is a meat grinder and it is killing lots of people on both sides, and they need to keep keep bringing in more people to fight the war, and that includes our employees.

Yeah, I mean our people are getting drafted and they are going to fight in a war. It's a it's a You know that this war is a meat grinder and it is killing lots of people on both sides, and they need to keep keep bringing in more people to fight the war, and that includes our employees.

Including Andy, those who work for you. Have have you lost any members of your team?

Including Andy, those who work for you. Have have you lost any members of your team?

We have, we have It's it's tragic. We have lost members of our team. A wonderful guy that I worked with closely was killed. It's a tragedy.

We have, we have It's it's tragic. We have lost members of our team. A wonderful guy that I worked with closely was killed. It's a tragedy.

I'm so sorry to hear that. It's that's absolutely awful. As I mentioned, it had has been a few years since we spoke to you. We spoke to you right at the beginning of the war. Certainly a lot has changed, including a presidential administration. How have you been watching the way that the US has shifted its view in this administration on how to support Ukraine and end the war.

I'm so sorry to hear that. It's that's absolutely awful. As I mentioned, it had has been a few years since we spoke to you. We spoke to you right at the beginning of the war. Certainly a lot has changed, including a presidential administration. How have you been watching the way that the US has shifted its view in this administration on how to support Ukraine and end the war.

I mean, it is, it's a it's a complete one shift recently with the Trump administration's approach compared to the Biden administration's approach to Ukraine. It is. It is quite a lot of uncertainty right now and a lot of fear and concern in Ukraine for what might happen.

I mean, it is, it's a it's a complete one shift recently with the Trump administration's approach compared to the Biden administration's approach to Ukraine. It is. It is quite a lot of uncertainty right now and a lot of fear and concern in Ukraine for what might happen.

One thing that we spoke about when we last spoke was the talent in Ukraine, especially on the computer science, programming engineering side. For years, American companies have tapped into the talent there, uh for jobs that have been hard to fill here in the US. A lot of companies decided not necessarily to continue with their operations in Ukraine as a result of the war. You did, though you kept your team intact. Explain the reasoning there.

One thing that we spoke about when we last spoke was the talent in Ukraine, especially on the computer science, programming engineering side. For years, American companies have tapped into the talent there, uh for jobs that have been hard to fill here in the US. A lot of companies decided not necessarily to continue with their operations in Ukraine as a result of the war. You did, though you kept your team intact. Explain the reasoning there.

Yeah, so supporting Ukraine is incredibly strategic for us. I mean, these are bright, talented, hard working folks and you know, they they help they be. Without them, we would be able to to be where we are today as a company. And so we really doubled down on supporting them. And it's it's both well smart from a business perspective, but also I think beyond that, it's it's strategic from a global perspective. We're investing in the future of democracy and the future, i think a future innovative partner in Europe.

Yeah, so supporting Ukraine is incredibly strategic for us. I mean, these are bright, talented, hard working folks and you know, they they help they be. Without them, we would be able to to be where we are today as a company. And so we really doubled down on supporting them. And it's it's both well smart from a business perspective, but also I think beyond that, it's it's strategic from a global perspective. We're investing in the future of democracy and the future, i think a future innovative partner in Europe.

What did you make of when Tim you know, kicked off the introduction to you, you know, talked about, you know, the negotiations that are going on US involvement looking for control over major future infrastructure mineral investments in Ukraine.

What did you make of when Tim you know, kicked off the introduction to you, you know, talked about, you know, the negotiations that are going on US involvement looking for control over major future infrastructure mineral investments in Ukraine.

How do you read that?

How do you read that?

I mean, it's it's it's it feels like it's gone from UH an incredibly strategic perspective on you know, the world democracy and really thinking about the future of all of our allies and encouraging democracy to more of a negotiation and a business transaction, and you know that's difficult to watch.

I mean, it's it's it's it feels like it's gone from UH an incredibly strategic perspective on you know, the world democracy and really thinking about the future of all of our allies and encouraging democracy to more of a negotiation and a business transaction, and you know that's difficult to watch.

Is it also difficult to watch?

Is it also difficult to watch?

And I think about some of the optics that some have mentioned, certainly during the inauguration of President Trump second time around, of very prominent members of the US tech community, And I am curious what you are hearing from some of your peers or others in the tech community about.

And I think about some of the optics that some have mentioned, certainly during the inauguration of President Trump second time around, of very prominent members of the US tech community, And I am curious what you are hearing from some of your peers or others in the tech community about.

The lack of support.

The lack of support.

That might be coming from some very prominent individuals who could maybe help you help Ukraine in terms of the future.

That might be coming from some very prominent individuals who could maybe help you help Ukraine in terms of the future.

Yeah, that has.

Yeah, that has.

Been difficult to watch as well. You know, a couple of years ago, the whole world was on ukraine side, and everybody was rooting for them, supporting them and encouraging their fight for democracy, which is really a fight for us, and it is. It has been disheartening to watch that evaporate over time, and many of those same leaders that were staunchly in favor of Ukraine and out there promoting, you know, Ukraine's democracy, are now quite silent on the topic. And so you know, that's exactly why I feel it's crucial for me to speak up. You know, this fight isn't over. Ukraine's struggle for freedom is a marathon, not a Sprint, and I believe the tech community, known for its innovation, should be standing up and persevering with Ukraine to help them them win. So my message to my peers is stay engaged. This is good for not just your business, but it's good for the world.

Been difficult to watch as well. You know, a couple of years ago, the whole world was on ukraine side, and everybody was rooting for them, supporting them and encouraging their fight for democracy, which is really a fight for us, and it is. It has been disheartening to watch that evaporate over time, and many of those same leaders that were staunchly in favor of Ukraine and out there promoting, you know, Ukraine's democracy, are now quite silent on the topic. And so you know, that's exactly why I feel it's crucial for me to speak up. You know, this fight isn't over. Ukraine's struggle for freedom is a marathon, not a Sprint, and I believe the tech community, known for its innovation, should be standing up and persevering with Ukraine to help them them win. So my message to my peers is stay engaged. This is good for not just your business, but it's good for the world.

What hope do you have that you can get the support that you need from Europe itself? Because I think there are some who would say, Okay, this is in you know, the European Union, it's their backyard. You know they should be stepping up more.

What hope do you have that you can get the support that you need from Europe itself? Because I think there are some who would say, Okay, this is in you know, the European Union, it's their backyard. You know they should be stepping up more.

Are they?

Are they?

What are you seeing in terms of support from other European nations in terms of this this ongoing war now and it's third year.

What are you seeing in terms of support from other European nations in terms of this this ongoing war now and it's third year.

So this is an incredibly strategic battle for the whole world, for democracies everywhere. So it is about not just the US, It's about Europe as well. And I am seeing positive signs that Europe is stepping up more and doing more to fill the void that the US has been expanding in terms of the support. So I am hopeful that Europe will step up more and do more.

So this is an incredibly strategic battle for the whole world, for democracies everywhere. So it is about not just the US, It's about Europe as well. And I am seeing positive signs that Europe is stepping up more and doing more to fill the void that the US has been expanding in terms of the support. So I am hopeful that Europe will step up more and do more.

Andy, I want to shift just in the last couple of minutes that we have to talking about the business, just answer and get a business update from you while we have you, I'm curious how you're incorporating AI, something that we're spending a good portion of our lives using and talking about at this point. How are you incorporating it into just Answer? Thank you.

Andy, I want to shift just in the last couple of minutes that we have to talking about the business, just answer and get a business update from you while we have you, I'm curious how you're incorporating AI, something that we're spending a good portion of our lives using and talking about at this point. How are you incorporating it into just Answer? Thank you.

That's a great question.

That's a great question.

We love AI.

We love AI.

We've been using AI for about twelve years a very important way. So the way that AI works a just answer is that we think about the professional services experience going to see a doctor or a lawyer, or a mechanic or an accountant or a veterinarian, and we essentially took that entire process apart and reassembled it in an AI first way twelve years ago, so that everything in that customer journey except for the human answer, is automated using AI. The intake, the triage, the follow up. So everything you can imagine is automated using AI, except for the human expert answer. And so that's really driven a lot of growth for our business.