From Marhart.

From Marhart.

We're Innovation of Money and Power Collie in Silicon Valley, NBN. This is Bloomberg Technology with Caroline Hyde and Ed Ludlove.

We're Innovation of Money and Power Collie in Silicon Valley, NBN. This is Bloomberg Technology with Caroline Hyde and Ed Ludlove.

I'm Caroline Hyde of Bloomberg's world headquarters in New York, and I'm Ed Ludlow in San Francisco.

I'm Caroline Hyde of Bloomberg's world headquarters in New York, and I'm Ed Ludlow in San Francisco.

This has been their technology coming up.

This has been their technology coming up.

Full earning's coverage ahead as we break down results from Google, Microsoft and Snap Plus.

Full earning's coverage ahead as we break down results from Google, Microsoft and Snap Plus.

We'll preview what we can expect from Meta after the bell. Today we get a little look at the Quest three headset.

We'll preview what we can expect from Meta after the bell. Today we get a little look at the Quest three headset.

And later in the hour we will have a conversation with the CEO of Qualcom as a chip Verm unveils a new processor to take on the likes of Apple and Intel. But first let's check in on these markets. And we're seeing my voice warming up as we start the show. The Nasdaq on the downside end of the moment, we're up by one point eight percent. This is as we see, of course, well some numbers coming out Google to the points. I know you'll get into the nittiqritty of the earnings. That just sink some of that well buoyancy that we've been seeing in some of the tech names of late a big tech on the downside is yield to push higher as well. This is actually your categorical sort of bear steepening going on at the moment. We actually see the yields that a long end of the curve, the tens the thirties really selling off more yields up some eight nine basis points. We've got a big five year auction coming up. We're down at like four point nine to one, so not off. We're still not those highs ahead of five percent, but still we're seeing some sell off in the bond market, and I'm looking at Bitcoin continuing to rally. We're up three and a half percent. But break down the individual micromoves at the moment.

And later in the hour we will have a conversation with the CEO of Qualcom as a chip Verm unveils a new processor to take on the likes of Apple and Intel. But first let's check in on these markets. And we're seeing my voice warming up as we start the show. The Nasdaq on the downside end of the moment, we're up by one point eight percent. This is as we see, of course, well some numbers coming out Google to the points. I know you'll get into the nittiqritty of the earnings. That just sink some of that well buoyancy that we've been seeing in some of the tech names of late a big tech on the downside is yield to push higher as well. This is actually your categorical sort of bear steepening going on at the moment. We actually see the yields that a long end of the curve, the tens the thirties really selling off more yields up some eight nine basis points. We've got a big five year auction coming up. We're down at like four point nine to one, so not off. We're still not those highs ahead of five percent, but still we're seeing some sell off in the bond market, and I'm looking at Bitcoin continuing to rally. We're up three and a half percent. But break down the individual micromoves at the moment.

Ed, Yeah, I mean we are in it.

Ed, Yeah, I mean we are in it.

This is earnings, and earnings matter again, not just if you're an investor, but you get a good lens into the end markets, particularly in all kinds of consumer electronics and electronics broadly. That's why I look at Texas Instruments gave a revenue forecast which suggests that actually those end markets are not recovering at the pace that we'd hope. Texas Instrument makes all kinds of semiconductors that go into all kinds of things. The big ones last night were Microsoft and Google. It was a tale of two clouds. Mega growth on the cloud side for Microsoft, powered by the hype around AI, but Google Cloud miss estimates all its other segments beat but Google Cloud missed. And we will get into that in just a moment. And as you said after the bell, you then have Meta and Snap. It's interesting to look at how they trade and the structure of this week because oftentimes Alphabet will report earnings first. That gives us a lens into the advertising industry resilience and stability in search and YouTube, but there is concern in Snap and Meta, both down more than two percent. We will also get the hardware story of Meta. How did Quest three go down on the mixed reality side? How much is it committed to spending on its metaverse vision alongside working in AI. So much going on, Let's digest it all and bring in Daniel Newman, the Future and Group CEO, And I think let's start on those kind of cloud names, the taiale of two cloud And I ask a simple question, why can Microsoft Azual grow and Corporate Cloud grow but Google Cloud platform not grow in the same way.

This is earnings, and earnings matter again, not just if you're an investor, but you get a good lens into the end markets, particularly in all kinds of consumer electronics and electronics broadly. That's why I look at Texas Instruments gave a revenue forecast which suggests that actually those end markets are not recovering at the pace that we'd hope. Texas Instrument makes all kinds of semiconductors that go into all kinds of things. The big ones last night were Microsoft and Google. It was a tale of two clouds. Mega growth on the cloud side for Microsoft, powered by the hype around AI, but Google Cloud miss estimates all its other segments beat but Google Cloud missed. And we will get into that in just a moment. And as you said after the bell, you then have Meta and Snap. It's interesting to look at how they trade and the structure of this week because oftentimes Alphabet will report earnings first. That gives us a lens into the advertising industry resilience and stability in search and YouTube, but there is concern in Snap and Meta, both down more than two percent. We will also get the hardware story of Meta. How did Quest three go down on the mixed reality side? How much is it committed to spending on its metaverse vision alongside working in AI. So much going on, Let's digest it all and bring in Daniel Newman, the Future and Group CEO, And I think let's start on those kind of cloud names, the taiale of two cloud And I ask a simple question, why can Microsoft Azual grow and Corporate Cloud grow but Google Cloud platform not grow in the same way.

Well, I think It's a bit of a tale of good and great. Right now, the market wants great. We know the macroeconomic environment is complicated, with interest rates still very sticky, we know that inflation is still here, and people want blowout results if they're going.

Well, I think It's a bit of a tale of good and great. Right now, the market wants great. We know the macroeconomic environment is complicated, with interest rates still very sticky, we know that inflation is still here, and people want blowout results if they're going.

To send those buy signals. I'm not as bearish on Google.

To send those buy signals. I'm not as bearish on Google.

I've looked at the technology, I've seen the adoption, I've talked to its customers, and twenty two percent growth isn't terrible. The company missed by twenty million dollars. Having said that, Microsoft returned to a faster pace of growth, and it wasn't just the faster pace of growth of Azure. And what I think it really was was the company's ability to explain how AI is driving revenue, how much Azure was being driven three percent versus two percent the.

I've looked at the technology, I've seen the adoption, I've talked to its customers, and twenty two percent growth isn't terrible. The company missed by twenty million dollars. Having said that, Microsoft returned to a faster pace of growth, and it wasn't just the faster pace of growth of Azure. And what I think it really was was the company's ability to explain how AI is driving revenue, how much Azure was being driven three percent versus two percent the.

Thirty dollars ahead.

Thirty dollars ahead.

The company's done a magnificent job of explaining its AI strategy and how AI is going to drive top line revenue. I just don't think Google's story was as compelling there. But I'm not as bearish on Google Cloud. There's so much cloud growth to come, and our forecasts at Future of our Intelligence forecasts say cloud is where it's going to happen, and I still think the.

The company's done a magnificent job of explaining its AI strategy and how AI is going to drive top line revenue. I just don't think Google's story was as compelling there. But I'm not as bearish on Google Cloud. There's so much cloud growth to come, and our forecasts at Future of our Intelligence forecasts say cloud is where it's going to happen, and I still think the.

War is on a danue.

War is on a danue.

I spiked rief Parat, who is now the president, chief investment officer, and CFO, and she gave me a very short answer, customer, cost optimization is what accounted for that cloud number?

I spiked rief Parat, who is now the president, chief investment officer, and CFO, and she gave me a very short answer, customer, cost optimization is what accounted for that cloud number?

What does that mean to your mind?

What does that mean to your mind?

Well, so, right now, as I suggested, the macro is still complicated and businesses are still sort of weighing invest and grow, maybe go a little bit slower. We know that the opportunity around AI is very bullish, and companies see productivity gains, they see the opportunities to create efficiencies. But we're also still hearing about companies laye people off. They're weighing how quickly can we make an investment in AI and how quickly can we see a return? And are we looking to ten x productivity through the investment in these capabilities or are we potentially looking to optimize and reduce our cost structures. And until we see a little bit more stability in the macro environment, I think companies are going to be a little bit more cautious. So this is where Microsoft kind of stood out, and it looked across their portfolio it wasn't the same Like in Microsoft, everyone's just go, go go, but I don't necessarily know that that's true across the board.

Well, so, right now, as I suggested, the macro is still complicated and businesses are still sort of weighing invest and grow, maybe go a little bit slower. We know that the opportunity around AI is very bullish, and companies see productivity gains, they see the opportunities to create efficiencies. But we're also still hearing about companies laye people off. They're weighing how quickly can we make an investment in AI and how quickly can we see a return? And are we looking to ten x productivity through the investment in these capabilities or are we potentially looking to optimize and reduce our cost structures. And until we see a little bit more stability in the macro environment, I think companies are going to be a little bit more cautious. So this is where Microsoft kind of stood out, and it looked across their portfolio it wasn't the same Like in Microsoft, everyone's just go, go go, but I don't necessarily know that that's true across the board.

Okay, interesting that you're saying, Still the macro picture is mixed. Drill into what really Microsoft was showing that it's in the right markets at the right time.

Okay, interesting that you're saying, Still the macro picture is mixed. Drill into what really Microsoft was showing that it's in the right markets at the right time.

I think they have told the story longer. They have their numbers and their metrics well defined. We're talking about specifically being able to bear into what part of the business. I mean, you're talking about maybe a one to two percent depending on the currency adjustment on a year over year growth basis, But it was master growth than Google twenty two versus upper twenties, and so everyone's saying, Ooh, Google bad, Microsoft good. I actually think the weight went to the company being able to explain its Azure growth and the AI impact.

I think they have told the story longer. They have their numbers and their metrics well defined. We're talking about specifically being able to bear into what part of the business. I mean, you're talking about maybe a one to two percent depending on the currency adjustment on a year over year growth basis, But it was master growth than Google twenty two versus upper twenties, and so everyone's saying, Ooh, Google bad, Microsoft good. I actually think the weight went to the company being able to explain its Azure growth and the AI impact.

Of it three percent versus two percent.

Of it three percent versus two percent.

Meaning more and more of the revenue in Azure is related to the company's AI. And then over the last quarter, it's been able to talk about its AIPC concepts. It's been able to talk about it's thirty dollars per head for Copilot, five dollars per head for being enterprise search.

Meaning more and more of the revenue in Azure is related to the company's AI. And then over the last quarter, it's been able to talk about its AIPC concepts. It's been able to talk about it's thirty dollars per head for Copilot, five dollars per head for being enterprise search.

With Copilot.

With Copilot.

These capabilities are very easy for someone to plug into a spreadsheet and say, where's the growth going to come from the TAM expansion. And if Microsoft keeps going and getting their story out better, it puts all the other cloud players at a disadvantage. So that's why I said, it's not a tale of good and bad, but it is a tale of okay, good and great. And Microsoft did a great job of explaining their AI story.

These capabilities are very easy for someone to plug into a spreadsheet and say, where's the growth going to come from the TAM expansion. And if Microsoft keeps going and getting their story out better, it puts all the other cloud players at a disadvantage. So that's why I said, it's not a tale of good and bad, but it is a tale of okay, good and great. And Microsoft did a great job of explaining their AI story.

You did a great job explaining it to us. We thank you, Dan and Newman A feature and group of course, all things alphabet Microsoft. Let's turn to Snap because well this is kind of a macro picture for us as well. And but please to welcome Jasmin Emberg, a principle analyst in Insider Intelligence. You lead coverage for social media for Creator Economy, and well, Snap actually managing to initially rally on the fact that its numbers looked better than expected. But is this fragile or is this showing actually a return to growth when it comes to markets?

You did a great job explaining it to us. We thank you, Dan and Newman A feature and group of course, all things alphabet Microsoft. Let's turn to Snap because well this is kind of a macro picture for us as well. And but please to welcome Jasmin Emberg, a principle analyst in Insider Intelligence. You lead coverage for social media for Creator Economy, and well, Snap actually managing to initially rally on the fact that its numbers looked better than expected. But is this fragile or is this showing actually a return to growth when it comes to markets?

Well, I look, the revenue growth in Q three was certainly good news for investors and others who've been wondering whether Snap has what it takes to turn its ad business around. I think there are some worries and some concerns, specifically around the impact of the Israel Hama's war on its ad business in Q four, which Snap itself warned about. Q four tends to be a quarter that is more heavily weighted towards brand advertising. Brands tend to be more risk averse, so it's possible that there will be some impact on it. But I think in three months from now, we also have to remember that Snap is on a good path and if it can continue this momentum, it will end the year in a better place than where it began.

Well, I look, the revenue growth in Q three was certainly good news for investors and others who've been wondering whether Snap has what it takes to turn its ad business around. I think there are some worries and some concerns, specifically around the impact of the Israel Hama's war on its ad business in Q four, which Snap itself warned about. Q four tends to be a quarter that is more heavily weighted towards brand advertising. Brands tend to be more risk averse, so it's possible that there will be some impact on it. But I think in three months from now, we also have to remember that Snap is on a good path and if it can continue this momentum, it will end the year in a better place than where it began.

I'm interested as to where it's invested. We were just talking about how Microsoft got itself in the right place at the right time around AI, and Snap was really innovating in that space, but it didn't pay off. How are we seeing those innovations eventually looking to reap some reward.

I'm interested as to where it's invested. We were just talking about how Microsoft got itself in the right place at the right time around AI, and Snap was really innovating in that space, but it didn't pay off. How are we seeing those innovations eventually looking to reap some reward.

Well, I think AI is where Snap needs to be innovating right now, and it's definitely made some moves in that direction. At the end of Q three, it's shuttered it's ares areas, excuse me, it's ar licensing division, which when I saw the technology was really promising. But I think with the focus being on AI right now. Those investments were becoming really difficult to maintain and to justify it for the company.

Well, I think AI is where Snap needs to be innovating right now, and it's definitely made some moves in that direction. At the end of Q three, it's shuttered it's ares areas, excuse me, it's ar licensing division, which when I saw the technology was really promising. But I think with the focus being on AI right now. Those investments were becoming really difficult to maintain and to justify it for the company.

So the big one after the bell is Meta. And you heard me say at the top of the program, jazmind it. You know the shares are lower. I think folks look at Alphabet and think broadly about advertising, and then they think about Meta. But the meta story got so complicated metaverse or no metaverse? Then AI, and then the bread and butter is ads. What are you expecting?

So the big one after the bell is Meta. And you heard me say at the top of the program, jazmind it. You know the shares are lower. I think folks look at Alphabet and think broadly about advertising, and then they think about Meta. But the meta story got so complicated metaverse or no metaverse? Then AI, and then the bread and butter is ads. What are you expecting?

Well, in terms of the ad business, there is a lot to like about Meta right now. You know, it started its rebound already in Q two, and internally we're predicting more of the same this quarter. I'll be looking to see more about Real's monetization, which we know is monetizing at a better rate right now. I'm also curious to hear more about the subscription service that it's potentially rolling out in Europe, as well as Threads monetization. We've seen maybe perhaps a little bit of an uptick and engagement on that platform. At least Meta is trying to drive more usage there, so be curious to see how those things start playing out.

Well, in terms of the ad business, there is a lot to like about Meta right now. You know, it started its rebound already in Q two, and internally we're predicting more of the same this quarter. I'll be looking to see more about Real's monetization, which we know is monetizing at a better rate right now. I'm also curious to hear more about the subscription service that it's potentially rolling out in Europe, as well as Threads monetization. We've seen maybe perhaps a little bit of an uptick and engagement on that platform. At least Meta is trying to drive more usage there, so be curious to see how those things start playing out.

All right, Jasmine Enberg of Insider Intelligence. Great to have you on the program. Let's stick with meta Its first truly mixed reality headset, The Quest three is available and the expectation is we'll be talking about it at earnings after the bell.

All right, Jasmine Enberg of Insider Intelligence. Great to have you on the program. Let's stick with meta Its first truly mixed reality headset, The Quest three is available and the expectation is we'll be talking about it at earnings after the bell.

I've got hands on check this out.

I've got hands on check this out.

Meta's Quest three, the latest mixed reality had set, is lighter and thinner than Quest two, but with similar video game style wireless controllers. Launching apps and games is smoother with improved graphics. That's partly down to an updated processor, a second generation Qualcomm Snapdragon.

Meta's Quest three, the latest mixed reality had set, is lighter and thinner than Quest two, but with similar video game style wireless controllers. Launching apps and games is smoother with improved graphics. That's partly down to an updated processor, a second generation Qualcomm Snapdragon.

XR two chip.

XR two chip.

The five hundred dollars Quest three allows you to switch between augmented reality and virtual reality modes. You can play games, exercise, and explore virtual galaxies. Augmented reality is powered by dual colour pass through cameras. This game projects puffians you have to catch against the backdrop of the real world around you. The virtual world you can explore in the Quest three also have higher resolution. More games are coming. Metas partnered with Microsoft to bring Xbox Cloud Gaming to the device in December. I also got quite a workout boxing in full virtual reality. We also tested the latest Meta smart glasses, made in partnership with RayBan Metas upgraded the tech with a twelve megapixel camera and five microphones. The glasses can take photos, record video, and start a live stream through voice control. A static led light indicates a photo being taken, flashing light means a video is being captured. The glasses also come equipped with Meta AI, the company's AI assistant. Hey Meta, take a photo. You can send content directly from the glasses to a friend via a Messenger or WhatsApp, and live stream video to Instagram or Facebook.

The five hundred dollars Quest three allows you to switch between augmented reality and virtual reality modes. You can play games, exercise, and explore virtual galaxies. Augmented reality is powered by dual colour pass through cameras. This game projects puffians you have to catch against the backdrop of the real world around you. The virtual world you can explore in the Quest three also have higher resolution. More games are coming. Metas partnered with Microsoft to bring Xbox Cloud Gaming to the device in December. I also got quite a workout boxing in full virtual reality. We also tested the latest Meta smart glasses, made in partnership with RayBan Metas upgraded the tech with a twelve megapixel camera and five microphones. The glasses can take photos, record video, and start a live stream through voice control. A static led light indicates a photo being taken, flashing light means a video is being captured. The glasses also come equipped with Meta AI, the company's AI assistant. Hey Meta, take a photo. You can send content directly from the glasses to a friend via a Messenger or WhatsApp, and live stream video to Instagram or Facebook.

We've all been affected in it one way or another. Families, friends, fertility treatments. They're often very expensive and in some areas actually inaccessible. As why startups like Geya they aim to prioritize inclusivity for its customers. In fact, the company was launched in twenty twenty two and it's raised already twenty three million dollars. Has also been featured on Bloomberg's UK's list of startups to watch. Tell us a little bit more. Let's see Art's chief of staff over at Gaya and can you just explain a little bit about in at innovative model here? How are you enabling basically any partnership to be able to look at accessing IBF. Yeah, absolutely so.

We've all been affected in it one way or another. Families, friends, fertility treatments. They're often very expensive and in some areas actually inaccessible. As why startups like Geya they aim to prioritize inclusivity for its customers. In fact, the company was launched in twenty twenty two and it's raised already twenty three million dollars. Has also been featured on Bloomberg's UK's list of startups to watch. Tell us a little bit more. Let's see Art's chief of staff over at Gaya and can you just explain a little bit about in at innovative model here? How are you enabling basically any partnership to be able to look at accessing IBF. Yeah, absolutely so.

Guya was really born out of our founder and nadows like experience with IVF and he first hand went through five IVF cycles, four failed rounds, and he just realized how broken the system really was, and the first thing he wanted to improve was access because he saw the financial gamble that people take. You have to save up all this money upfront in order to go through treatment. And so what we've done at Gia's we've basically created the most affordable way to start and protect your treatment. So people will pay Gaya a small protection fee to start treatment, and then GIA pays the clinics and takes care of the whole administrative burden that goes on, you know, behind the scenes, like paying invoices and all of that, and the member just focuses on going through treatment and they pay Guya back in monthly installments if and when they have a child, and if they don't have a child, they have nothing more to pay.

Guya was really born out of our founder and nadows like experience with IVF and he first hand went through five IVF cycles, four failed rounds, and he just realized how broken the system really was, and the first thing he wanted to improve was access because he saw the financial gamble that people take. You have to save up all this money upfront in order to go through treatment. And so what we've done at Gia's we've basically created the most affordable way to start and protect your treatment. So people will pay Gaya a small protection fee to start treatment, and then GIA pays the clinics and takes care of the whole administrative burden that goes on, you know, behind the scenes, like paying invoices and all of that, and the member just focuses on going through treatment and they pay Guya back in monthly installments if and when they have a child, and if they don't have a child, they have nothing more to pay.

So, but how do you take on that financial burden if after desperately sad several rounds, they decided are they inevitably believe realized they can't have a chance.

So, but how do you take on that financial burden if after desperately sad several rounds, they decided are they inevitably believe realized they can't have a chance.

How does guya take on that pund Yeah, So we actually have insurers who underwrite the risk for us. So we've built a model based on you know, million data points from clinical data sets of all the IVF outcomes since the early nineties, and so we predict our members' chances of success over a certain number of rounds, and our underwriters take.

How does guya take on that pund Yeah, So we actually have insurers who underwrite the risk for us. So we've built a model based on you know, million data points from clinical data sets of all the IVF outcomes since the early nineties, and so we predict our members' chances of success over a certain number of rounds, and our underwriters take.

On that risk. So how innovative was this story to be able to tell to vcs? How easy was it to convince and to raise money or not? As case maybe, so.

On that risk. So how innovative was this story to be able to tell to vcs? How easy was it to convince and to raise money or not? As case maybe, so.

I think it was quite difficult, and especially actually, you know, at first, to convince the underwriters this is like a new model. And so we feel very lucky to have been backed by three incredible underwriters who really understood and worked with us to build this product from the ground up. And we're also incredibly lucky to have vcs who really understand the space and you know, didn't dismiss it as a more niche sort of you know, woman's health topic and really understood like how big and important the topic was. And so we feel very lucky with our backers. Our underwriters are.

I think it was quite difficult, and especially actually, you know, at first, to convince the underwriters this is like a new model. And so we feel very lucky to have been backed by three incredible underwriters who really understood and worked with us to build this product from the ground up. And we're also incredibly lucky to have vcs who really understand the space and you know, didn't dismiss it as a more niche sort of you know, woman's health topic and really understood like how big and important the topic was. And so we feel very lucky with our backers. Our underwriters are.

Not our vcs, and it's notable that you know, might be labeled femtech, but male founder and IVF problems are also male and female in many ways. And I mean I'm sat here today because of IVF. So this is a long term set of data points you can lean on how easy or difficult was it to access that data?

Not our vcs, and it's notable that you know, might be labeled femtech, but male founder and IVF problems are also male and female in many ways. And I mean I'm sat here today because of IVF. So this is a long term set of data points you can lean on how easy or difficult was it to access that data?

So you have to do sort of an application with a research you know, assistant who's helping us get access to it. And we've done a huge amount of research, you know, looking into whether it be AMI effects it, whether you should have BEMI cutoff points, age cut off points to really also increase access in that manner, and so you have to put an application to access it. And we you know, we get data from our partner clinics and all anonymous, but we work hard to get data to make sure we're increasing access.

So you have to do sort of an application with a research you know, assistant who's helping us get access to it. And we've done a huge amount of research, you know, looking into whether it be AMI effects it, whether you should have BEMI cutoff points, age cut off points to really also increase access in that manner, and so you have to put an application to access it. And we you know, we get data from our partner clinics and all anonymous, but we work hard to get data to make sure we're increasing access.

Is it all British data or a UK based company? Are you learned to go geographically wider?

Is it all British data or a UK based company? Are you learned to go geographically wider?

Yeah, we're currently based in the UK, but definitely also operate in Spain and Greece because there's a lot of IVF tourism to these countries and then we are looking to expand to more markets, So more news on that early next year.

Yeah, we're currently based in the UK, but definitely also operate in Spain and Greece because there's a lot of IVF tourism to these countries and then we are looking to expand to more markets, So more news on that early next year.

And how different is it accessing different markets in different ways in which IVF is offered and functions and indeed access to data in different geographies.

And how different is it accessing different markets in different ways in which IVF is offered and functions and indeed access to data in different geographies.

Yeah, it's a good question. I mean, so in a lot of countries, you know, you have different funding by the states. Some countries are better than others. UK, like sixty five percent of IVF cycles are paid out of pocket. US is another high private pay market, and so you know, you do have to look at what exists in these market before before entering. In terms of getting access to data, it's about like working with our partners, working with researchers. The good thing about IVF is that it does have outcome data from since IVF started and then you know in the seventies, nineteen seventy eight. Yeah, exactly, So we do have all that outcome data that we have access to and that we that we can use in order to improve our models.

Yeah, it's a good question. I mean, so in a lot of countries, you know, you have different funding by the states. Some countries are better than others. UK, like sixty five percent of IVF cycles are paid out of pocket. US is another high private pay market, and so you know, you do have to look at what exists in these market before before entering. In terms of getting access to data, it's about like working with our partners, working with researchers. The good thing about IVF is that it does have outcome data from since IVF started and then you know in the seventies, nineteen seventy eight. Yeah, exactly, So we do have all that outcome data that we have access to and that we that we can use in order to improve our models.

And I'm pretty sure AI is going to be being pretty useful as well. Alexia, it's great to have some time with you. Thank you, of course, featured on our Startups to Watch list here in the UK, Alexia.

And I'm pretty sure AI is going to be being pretty useful as well. Alexia, it's great to have some time with you. Thank you, of course, featured on our Startups to Watch list here in the UK, Alexia.

Arts of Gaya. Time now for talking tech.

Arts of Gaya. Time now for talking tech.

First up, the Chinese government calling it's proven to fox con quote normal law enforcement Chinese state media announced this weekend that government regulators are conducting tax audits and reviewing land use of fox Con. Fox Con says it will work with authorities. Meanwhile, Japan is aiming to secure an additional ten billion dollars in subsidies for two semiconductor projects. More than half will be set aside for a second TSMC factory in southwestern Japan. The new factory is expected to make nanometer logic chips. Plus Apple Well, It's set to revamp its TV app as part of an effort to become well a larger player in the streaming world. Changes include discontinuing apps on the Apple TV set top box and let users buy and rent movies and shows. We'll also remove the movie and TV show sections from the iTunes store app and for more. Let's dig into this scoop one and only Mark German, and it's plenty talked about across online at the moment. Today, Mark just tell us a little bit about how they think these changes will help them compete.

First up, the Chinese government calling it's proven to fox con quote normal law enforcement Chinese state media announced this weekend that government regulators are conducting tax audits and reviewing land use of fox Con. Fox Con says it will work with authorities. Meanwhile, Japan is aiming to secure an additional ten billion dollars in subsidies for two semiconductor projects. More than half will be set aside for a second TSMC factory in southwestern Japan. The new factory is expected to make nanometer logic chips. Plus Apple Well, It's set to revamp its TV app as part of an effort to become well a larger player in the streaming world. Changes include discontinuing apps on the Apple TV set top box and let users buy and rent movies and shows. We'll also remove the movie and TV show sections from the iTunes store app and for more. Let's dig into this scoop one and only Mark German, and it's plenty talked about across online at the moment. Today, Mark just tell us a little bit about how they think these changes will help them compete.

Yeah, this is a pretty big upgrade coming to the TV app on the Apple TV. They're adding a new sidebar and a new interface that makes it look more like Netflix. The current TV app, if anyone has used it on the Apple TV is not very intuitive. The idea is to aggregate content from a number of sources. TV Plus, which by the way, Apple announced this morning, is getting a price increase from seven dollars a month to ten dollars a month, and I'm sure we'll talk more about that over the course of the day. It integrates from there apps like ESPN, Amazon Prime Live News.

Yeah, this is a pretty big upgrade coming to the TV app on the Apple TV. They're adding a new sidebar and a new interface that makes it look more like Netflix. The current TV app, if anyone has used it on the Apple TV is not very intuitive. The idea is to aggregate content from a number of sources. TV Plus, which by the way, Apple announced this morning, is getting a price increase from seven dollars a month to ten dollars a month, and I'm sure we'll talk more about that over the course of the day. It integrates from there apps like ESPN, Amazon Prime Live News.

Other live sports networks, but.

Other live sports networks, but.

It's a little confusing to navigate, so this is designed to simplify it. They're also going to be removing the iTunes Movie and iTunes TV Show apps from the Apple TV and from the iTunes Store app on iOS. The reason they're doing that is you can already buy that content in the TV app, and they want to push anyone looking to watch video on their devices to the TV app. Obviously that's the center of their video strategy. Now that's where you can sign up for these subscriptions, both Apple TV channel add ons plus the now ten dollars a month TV Plus service.

It's a little confusing to navigate, so this is designed to simplify it. They're also going to be removing the iTunes Movie and iTunes TV Show apps from the Apple TV and from the iTunes Store app on iOS. The reason they're doing that is you can already buy that content in the TV app, and they want to push anyone looking to watch video on their devices to the TV app. Obviously that's the center of their video strategy. Now that's where you can sign up for these subscriptions, both Apple TV channel add ons plus the now ten dollars a month TV Plus service.

You're right that we'll talk about it.

You're right that we'll talk about it.

The breaking news of the day is that Apple is raised prices marked across basically all of it services where the price increases and why really, Yeah, so.

The breaking news of the day is that Apple is raised prices marked across basically all of it services where the price increases and why really, Yeah, so.

Going from seven a month to ten a month for Apple TV Plus. Now over the past year they've doubled the price because they increased it from five to seven dollars a month October last year, so now ten dollars a month for Apple TV plus Apple Music that price increase from ten to eleven dollars last year. That remains, but Newsplus is going from ten dollars a month to thirteen dollars per month, and Apple Arcade is going from five dollars a month to seven dollars a month now. These increases come as they've expanded the content offerings in both Apple Arcade as well as Apple TV Plus. Apple tv Plus is getting more shows very frequently. There have been hits lately. Obviously, everyone's been talking about the Scorsese.

Going from seven a month to ten a month for Apple TV Plus. Now over the past year they've doubled the price because they increased it from five to seven dollars a month October last year, so now ten dollars a month for Apple TV plus Apple Music that price increase from ten to eleven dollars last year. That remains, but Newsplus is going from ten dollars a month to thirteen dollars per month, and Apple Arcade is going from five dollars a month to seven dollars a month now. These increases come as they've expanded the content offerings in both Apple Arcade as well as Apple TV Plus. Apple tv Plus is getting more shows very frequently. There have been hits lately. Obviously, everyone's been talking about the Scorsese.

Movie on there.

Movie on there.

Apple Arcade, they've doubled the amount of games they've had on there since they launched it at five dollars a month in twenty nineteen. News Plus they need more revenue to pay publishers more money. Right, publishers are even losing money or not making so much money on Newsplus, so hopefully publishers are now going to get an increased revenue share because of this, rather than the money going into Apple's pocket. In terms of their other services, Apple one bundles those who went up quite significantly as well to incorporate those price increases. But Fitness Plus and iCloud.

Apple Arcade, they've doubled the amount of games they've had on there since they launched it at five dollars a month in twenty nineteen. News Plus they need more revenue to pay publishers more money. Right, publishers are even losing money or not making so much money on Newsplus, so hopefully publishers are now going to get an increased revenue share because of this, rather than the money going into Apple's pocket. In terms of their other services, Apple one bundles those who went up quite significantly as well to incorporate those price increases. But Fitness Plus and iCloud.

Stay the same.

Stay the same.

I think that's Mark German and all things Apple. Thank you.

I think that's Mark German and all things Apple. Thank you.

Also out across the Bloomberg universe, Ruin is the first documentary by Bloomberg originals that dives into the collapse of FTX, as narrated by Bloomberg journalists and some of the central players in the rise of these assets.

Also out across the Bloomberg universe, Ruin is the first documentary by Bloomberg originals that dives into the collapse of FTX, as narrated by Bloomberg journalists and some of the central players in the rise of these assets.

Here's a sneak preview of the film.

Here's a sneak preview of the film.

I don't think he even had almost a conception at some points that it was wrong or right.

I don't think he even had almost a conception at some points that it was wrong or right.

I think he just had the mentality that he has to win.

I think he just had the mentality that he has to win.

It was almost like trying to explain like business ethics one O one to a baby.

It was almost like trying to explain like business ethics one O one to a baby.

Sama has basically become a villain in everyone's minds.

Sama has basically become a villain in everyone's minds.

This committee will not stop until we uncover the bull through behind the collapse of FTX. Will this be the last of its kind?

This committee will not stop until we uncover the bull through behind the collapse of FTX. Will this be the last of its kind?

No, this is the nature of happened was and get.

No, this is the nature of happened was and get.

Over joining us with more Bloomberg's Max Chafkin, and my goodness, what a project to be involved and tell us about it.

Over joining us with more Bloomberg's Max Chafkin, and my goodness, what a project to be involved and tell us about it.

Yeah, I mean, and it's it's continuing on. I mean, we we just learned hours ago that we'll get testimony from Sam Bankman Freed in the trial. You know, this is has been a year of just crazy news, a time in which Sam Bankman Freed went from being you know, seen as as one of the members of the establishment, you know, the one of the youngest billionaires ever to being potentially facing a life sentence and we could you know, get a verdict as as early as next week, if not the week after. So so really a lot happening here in Crypto and a real reckoning after you know, years of really serious growth.

Yeah, I mean, and it's it's continuing on. I mean, we we just learned hours ago that we'll get testimony from Sam Bankman Freed in the trial. You know, this is has been a year of just crazy news, a time in which Sam Bankman Freed went from being you know, seen as as one of the members of the establishment, you know, the one of the youngest billionaires ever to being potentially facing a life sentence and we could you know, get a verdict as as early as next week, if not the week after. So so really a lot happening here in Crypto and a real reckoning after you know, years of really serious growth.

And there was always sort of more and more extraordinary parts to this story, shocking anecdotes. What took you most by surprise, Max, when you were really deep diving into this making, I mean.

And there was always sort of more and more extraordinary parts to this story, shocking anecdotes. What took you most by surprise, Max, when you were really deep diving into this making, I mean.

To me, the most surprising thing here was just the way that Sam Bankmin Freed, of course, sort of talked his way into this amazing position, this position where he was in the room with famous venture capitalists and politicians and celebrities and Tom Brady and so on. And he essentially attempted the same strategy on the way down right. We saw him talking giving these kind of bizarre, meandering interviews in the month, weeks and months after FTX had gone bankrupt. And again I think we're going to see kind of a crescendo of that when he takes the stand.

To me, the most surprising thing here was just the way that Sam Bankmin Freed, of course, sort of talked his way into this amazing position, this position where he was in the room with famous venture capitalists and politicians and celebrities and Tom Brady and so on. And he essentially attempted the same strategy on the way down right. We saw him talking giving these kind of bizarre, meandering interviews in the month, weeks and months after FTX had gone bankrupt. And again I think we're going to see kind of a crescendo of that when he takes the stand.

This is somebody who.

This is somebody who.

Has you know, been able to wrap a lot of people around his finger and watching that all unravel again staggering.

Has you know, been able to wrap a lot of people around his finger and watching that all unravel again staggering.

Moos mats Chefkin, thank you very much and ruin money, ego and deception at FTX as Wednesday at eight pm New York time here on Bloomberg Television, Welcome back to Bloomberg Technology. Ed Ludlow here in San Francisco.

Moos mats Chefkin, thank you very much and ruin money, ego and deception at FTX as Wednesday at eight pm New York time here on Bloomberg Television, Welcome back to Bloomberg Technology. Ed Ludlow here in San Francisco.

And I'm Karen Hyed right here in London. And in fact we want to be talking a little bit more about the world of the UK VC. In the UK it's VC spotlight. Just two months ago, Silicon Valley firm IVP, born in the nineteen eighties, took a leap across the pond, opening office right here in London. Nearly twenty years after it first aver actually started investing in Europe as a sphere. Ivp's Alex Lim joins us now to discuss what has been well. I decided boots on ground mentality like, why did you decide, having already had some big hits UiPath, you've been in Supercell, why did you need to be here to access European talent a bit more?

And I'm Karen Hyed right here in London. And in fact we want to be talking a little bit more about the world of the UK VC. In the UK it's VC spotlight. Just two months ago, Silicon Valley firm IVP, born in the nineteen eighties, took a leap across the pond, opening office right here in London. Nearly twenty years after it first aver actually started investing in Europe as a sphere. Ivp's Alex Lim joins us now to discuss what has been well. I decided boots on ground mentality like, why did you decide, having already had some big hits UiPath, you've been in Supercell, why did you need to be here to access European talent a bit more?

Yeah.

Yeah.

Absolutely, we've had some great successes in Europe over the years. We have been fortunate to be backers of companies like Wys and Supercell, UiPath, and that gives us increased confidence in the region that there will be more entrepreneurs that come up and build global businesses out of Europe. As it pertains to opening an office here in London, we want to be really close to the founders that we back. We often serve on the boards of the companies we invest in, and so having that close relationship where we're just a time zone or a short flight away from the founders we work with is really important to our strategy.

Absolutely, we've had some great successes in Europe over the years. We have been fortunate to be backers of companies like Wys and Supercell, UiPath, and that gives us increased confidence in the region that there will be more entrepreneurs that come up and build global businesses out of Europe. As it pertains to opening an office here in London, we want to be really close to the founders that we back. We often serve on the boards of the companies we invest in, and so having that close relationship where we're just a time zone or a short flight away from the founders we work with is really important to our strategy.

I think also what's happening the sense of being close we're now though, are we ever hitting a tipping point where you think of some of the companies you're already backed that have shown exits, that have had liquidity events, that have therefore probably see people leave the companies and start building their own. Are you seeing that flywheel of like UiPath, but now you've decided to go build your own new startup?

I think also what's happening the sense of being close we're now though, are we ever hitting a tipping point where you think of some of the companies you're already backed that have shown exits, that have had liquidity events, that have therefore probably see people leave the companies and start building their own. Are you seeing that flywheel of like UiPath, but now you've decided to go build your own new startup?

Absolutely.

Absolutely.

UiPath is spinning out a couple of great companies right now, which we're actively tracking, and I think there'll be more and more entrepreneurs technical people that come out of these companies and decide that entrepreneurship is their next career career path. We travel all over Europe. We've actually been since opening the office in August in eight different cities, so we're trying to find these entrepreneurs wherever they are, and they do come out of different places, not just the major tech hubs like Berlin, Paris and London.

UiPath is spinning out a couple of great companies right now, which we're actively tracking, and I think there'll be more and more entrepreneurs technical people that come out of these companies and decide that entrepreneurship is their next career career path. We travel all over Europe. We've actually been since opening the office in August in eight different cities, so we're trying to find these entrepreneurs wherever they are, and they do come out of different places, not just the major tech hubs like Berlin, Paris and London.

What's interesting is today, of all days, you're seeing one key fintech player listed in France. Worldline absolutely pummeled, largely the idiosyncratic some of it, but also an economic perspective that Germany is about to hit recession. It's an interesting time to be wanting to plowing into Europe at the moment. How has that economic macro backdrop affected some of the companies to support.

What's interesting is today, of all days, you're seeing one key fintech player listed in France. Worldline absolutely pummeled, largely the idiosyncratic some of it, but also an economic perspective that Germany is about to hit recession. It's an interesting time to be wanting to plowing into Europe at the moment. How has that economic macro backdrop affected some of the companies to support.

We think a lot about the technology ecosystem and the markets that we serve, and so you can think of back to twenty twenty two, there was a reset in the equity markets for public technology stocks that has affected technology all across our region.

We think a lot about the technology ecosystem and the markets that we serve, and so you can think of back to twenty twenty two, there was a reset in the equity markets for public technology stocks that has affected technology all across our region.

In Europe.

In Europe.

There is more and more realization that we might be entering a recessionary environment, so our entrepreneurs are starting to prepare for that.

There is more and more realization that we might be entering a recessionary environment, so our entrepreneurs are starting to prepare for that.

That said, a lot.

That said, a lot.

Of our companies actually do well in recessionary environments. They are increasing productivity for businesses or providing valuable services to consumers, so that we do think there are some counter cyclical companies within our portfolio.

Of our companies actually do well in recessionary environments. They are increasing productivity for businesses or providing valuable services to consumers, so that we do think there are some counter cyclical companies within our portfolio.

Alex is, good to see you.

Alex is, good to see you.

Your business partner, Eric was on the show with us in August when you announced you'd open a London office. The next day, he jumped on a plane and moved his life to London. And I guess I want to know what you've been up to since you know. What is it like in London? Are there hackathons and mixers and drinks and you're making friends with all of the people you've been working with long distance on rounds.

Your business partner, Eric was on the show with us in August when you announced you'd open a London office. The next day, he jumped on a plane and moved his life to London. And I guess I want to know what you've been up to since you know. What is it like in London? Are there hackathons and mixers and drinks and you're making friends with all of the people you've been working with long distance on rounds.

With Yeah, we're definitely getting out into the ecosystem. An important part of our business is to get out into the regions that we serve and meet the great founders, the great entrepreneurs, and then also venture backers. Each of these cities around Europe have local seed investors that we love to partner with because usually we're coming in as a second or third round of investment, so we're out there on planes making sure that we're face to face with those people, and it's definitely a huge priority for us. We're also have a large portfolio within Europe already, so we're traveling to these cities to go to board meetings. You're going to Paris to see pigment, or to Germany to see deep l There's a lot of different reasons why we get out into the region, and I think that's a real positive for us.

With Yeah, we're definitely getting out into the ecosystem. An important part of our business is to get out into the regions that we serve and meet the great founders, the great entrepreneurs, and then also venture backers. Each of these cities around Europe have local seed investors that we love to partner with because usually we're coming in as a second or third round of investment, so we're out there on planes making sure that we're face to face with those people, and it's definitely a huge priority for us. We're also have a large portfolio within Europe already, so we're traveling to these cities to go to board meetings. You're going to Paris to see pigment, or to Germany to see deep l There's a lot of different reasons why we get out into the region, and I think that's a real positive for us.

Alex Is there the variety of technology in Europe that we have here in the Silicon Valley in the Bay Area, across software, hardware, everything that's happening in AI, you have the same things to pick from.

Alex Is there the variety of technology in Europe that we have here in the Silicon Valley in the Bay Area, across software, hardware, everything that's happening in AI, you have the same things to pick from.

Yeah, there's a huge variety, and it's funny that in individual cities there are different areas of expertise. Obviously London with the strong backing of financial services and great talent you have in that area. We back a lot of fintech companies here. So an example would be a Vault, which we backed earlier this year. They're a financial technology company working on account to account payments or see on, which is in the fraud verification space. But then you travel other places and you see different pockets of talent. One area that I'm really excited about right now is Paris and France. They have such strong AI talent and so we're seeing more and more companies come out of that ecosystem that we're trying to back.

Yeah, there's a huge variety, and it's funny that in individual cities there are different areas of expertise. Obviously London with the strong backing of financial services and great talent you have in that area. We back a lot of fintech companies here. So an example would be a Vault, which we backed earlier this year. They're a financial technology company working on account to account payments or see on, which is in the fraud verification space. But then you travel other places and you see different pockets of talent. One area that I'm really excited about right now is Paris and France. They have such strong AI talent and so we're seeing more and more companies come out of that ecosystem that we're trying to back.

Great universities both UK, France and Europe. More broadly, alex though you put a very sort of positive spin on it. A macro environment that's challenging, but founders that are able to be sort of counters already preparing. But we hear more and more that there are a load of unicorns or a load of high valuations that are going to have to recalibrate. When is that reckoning going to happen? It feels like keeps being pushed off and pushed off, and special financing deals done in murkier corners.

Great universities both UK, France and Europe. More broadly, alex though you put a very sort of positive spin on it. A macro environment that's challenging, but founders that are able to be sort of counters already preparing. But we hear more and more that there are a load of unicorns or a load of high valuations that are going to have to recalibrate. When is that reckoning going to happen? It feels like keeps being pushed off and pushed off, and special financing deals done in murkier corners.

One thing we track very closely is the IPO market. That's a key barometer for the health of our business. IVP has had over one hundred and thirty companies go public over its history, but twenty twenty two and twenty twenty three there have been less of those offerings. You saw the recent offerings in Clavio, Instacart, and arm extremely high quality companies going public.

One thing we track very closely is the IPO market. That's a key barometer for the health of our business. IVP has had over one hundred and thirty companies go public over its history, but twenty twenty two and twenty twenty three there have been less of those offerings. You saw the recent offerings in Clavio, Instacart, and arm extremely high quality companies going public.

And actually that's.

And actually that's.

Giving some confidence to the portfolio companies that we have, and three or four of those companies are already starting to prepare their documents to go public in twenty twenty four. So I think you could see more companies going flipping from private to public, and that'd be a great thing for venture overall.

Giving some confidence to the portfolio companies that we have, and three or four of those companies are already starting to prepare their documents to go public in twenty twenty four. So I think you could see more companies going flipping from private to public, and that'd be a great thing for venture overall.

Arm men public in America, That's true the frustration of the London soop exchange. Will companies that you're backing, Pigment in France and like choose to go in public in their own European markets or will they always be attracted to American liquidity.

Arm men public in America, That's true the frustration of the London soop exchange. Will companies that you're backing, Pigment in France and like choose to go in public in their own European markets or will they always be attracted to American liquidity.

If a company is going public right now, I think the Nasdaq on a nice is.

If a company is going public right now, I think the Nasdaq on a nice is.

The right place to go public.

The right place to go public.

They should.

They should.

The markets are deeper there, there's a more a deeper understanding of technology and the value that technology can bring. However, we are hopeful and we want to be part of this change here in London. That know, more and more companies will go public here in London and around Europe. It's great for the ecosystem if you can keep the listings here. We'd love to see reforms that help that few more deliveries.

The markets are deeper there, there's a more a deeper understanding of technology and the value that technology can bring. However, we are hopeful and we want to be part of this change here in London. That know, more and more companies will go public here in London and around Europe. It's great for the ecosystem if you can keep the listings here. We'd love to see reforms that help that few more deliveries.

Like I was chatting with Willshoe yesterday, Alex Lam so great to have some time with you of ivp femail and we've got some interesting conversation coming from you.

Like I was chatting with Willshoe yesterday, Alex Lam so great to have some time with you of ivp femail and we've got some interesting conversation coming from you.

Yeah, let's go from London, Planet Earth to Space. United Launch Alliance is on track. I'm told to launch Vulcan in December. It's high energy rocket that it hopes can compete with Falcon Heavy SpaceX's heavy launch system. Tory Bruno, who's the Ulaco, visited us in New York and we talked about how reliant Ula has been on Jeff Bezos and Blue Origin have a listen.

Yeah, let's go from London, Planet Earth to Space. United Launch Alliance is on track. I'm told to launch Vulcan in December. It's high energy rocket that it hopes can compete with Falcon Heavy SpaceX's heavy launch system. Tory Bruno, who's the Ulaco, visited us in New York and we talked about how reliant Ula has been on Jeff Bezos and Blue Origin have a listen.

Well, it took a little bit longer to develop this rocket engine. It is the largest engine of that fuel type to be successfully put together, and that just took a little while longer. Now that the engine is developed and qualified, we love it. Great performance. It's going to be an awesome workhorse for us in terms of the Ukraine situation, we weren't really affected that would have affected the retiring Atlas five with its RD one to eighty rocket engine. But I had anticipated ahead of time not that Ukraine would be invaded, but that the relationship with Russia was on a downward trend.

Well, it took a little bit longer to develop this rocket engine. It is the largest engine of that fuel type to be successfully put together, and that just took a little while longer. Now that the engine is developed and qualified, we love it. Great performance. It's going to be an awesome workhorse for us in terms of the Ukraine situation, we weren't really affected that would have affected the retiring Atlas five with its RD one to eighty rocket engine. But I had anticipated ahead of time not that Ukraine would be invaded, but that the relationship with Russia was on a downward trend.

And once our.

And once our.

Future was clear, I ordered ahead and received all of the RD one eighties I would ever need to fly out atlyss Now I have them in a warehouse in Alabama and have just been flying them as I need them.

Future was clear, I ordered ahead and received all of the RD one eighties I would ever need to fly out atlyss Now I have them in a warehouse in Alabama and have just been flying them as I need them.

Blue Origin is itself also going under some change, some transitions and new leadership, but the kind of constant is Jeff Bezos, and I wondered what your relationship with Jeff is.

Blue Origin is itself also going under some change, some transitions and new leadership, but the kind of constant is Jeff Bezos, and I wondered what your relationship with Jeff is.

Like, Oh, very constructive. You know, it's a teeming arrangement. You know, your major suppliers are always really your strategic partners, and that's especially true for us because our big suppliers invest in our rocket and in their product along with us. Jeff is no different.

Like, Oh, very constructive. You know, it's a teeming arrangement. You know, your major suppliers are always really your strategic partners, and that's especially true for us because our big suppliers invest in our rocket and in their product along with us. Jeff is no different.

I was speaking to him just a.

I was speaking to him just a.

Few days ago as we were working together to help them ramp up their production rate for our eventual needs, and like I said, we love the engine and I think we're going to have a bright future together.

Few days ago as we were working together to help them ramp up their production rate for our eventual needs, and like I said, we love the engine and I think we're going to have a bright future together.

That's interesting. Do you find Jeff to kind of be hands on?

That's interesting. Do you find Jeff to kind of be hands on?

Is he somebody that you can phone and sort of talk at a high level engine nearing basis with or is he kind of more strategic in how he deals.

Is he somebody that you can phone and sort of talk at a high level engine nearing basis with or is he kind of more strategic in how he deals.

With you guys?

With you guys?

Well, I think he is a very strategic person obviously, but I will tell you he's a very good engineer and he is not afraid to dive down into the details. You know, you might find it amusing that, you know, we nerds get together and we love to talk about propulsion technology, and I find Jeff very easy to discuss those issues with. He's fast, he picks them up, and he's.

Well, I think he is a very strategic person obviously, but I will tell you he's a very good engineer and he is not afraid to dive down into the details. You know, you might find it amusing that, you know, we nerds get together and we love to talk about propulsion technology, and I find Jeff very easy to discuss those issues with. He's fast, he picks them up, and he's.

A good teammate.

A good teammate.

He'll work with you to, you know, get through the technical challenges of doing this sort of innovative in new work.

He'll work with you to, you know, get through the technical challenges of doing this sort of innovative in new work.

Talking rocket so self described nerd Tory Bruno U la Ceo, Caroline ed you are.

Talking rocket so self described nerd Tory Bruno U la Ceo, Caroline ed you are.

A self described nerd, and I'm pretty sure that they welcome you with open arms in those conversations. You'd love to be in them, I'm sure. Meanwhile, then let's get a check on these markets quickly, because nerding out on what's happening in public markets not a particular great day for the Nasdaq. We're off by one point eight percent on big tech at the moment. You know why, it's all about an earnings concern that we're not quite living up to the hype when it comes to Alphabet for example. Maybe that's dragging down the index more broadly five year yield as well, probably putting paid to some of the risk exuberance as the yields back up on the long end. Interesting in chips, We're going to be having a deep dive on chips that you're going to talk us through in a minute, ED. Or by three percent on the socks as we see TI Texas instruments not living up to expectations on earnings. Move on to some of the individual movers because interesting takes Microsoft course does do well on its earnings and Microsoft outperforms, but I've also been looking what's the world a PayPal? And overall look at what happened to this European fintech player. Worldline off by fifty nine percent as they call out a recession over in Germany.

A self described nerd, and I'm pretty sure that they welcome you with open arms in those conversations. You'd love to be in them, I'm sure. Meanwhile, then let's get a check on these markets quickly, because nerding out on what's happening in public markets not a particular great day for the Nasdaq. We're off by one point eight percent on big tech at the moment. You know why, it's all about an earnings concern that we're not quite living up to the hype when it comes to Alphabet for example. Maybe that's dragging down the index more broadly five year yield as well, probably putting paid to some of the risk exuberance as the yields back up on the long end. Interesting in chips, We're going to be having a deep dive on chips that you're going to talk us through in a minute, ED. Or by three percent on the socks as we see TI Texas instruments not living up to expectations on earnings. Move on to some of the individual movers because interesting takes Microsoft course does do well on its earnings and Microsoft outperforms, but I've also been looking what's the world a PayPal? And overall look at what happened to this European fintech player. Worldline off by fifty nine percent as they call out a recession over in Germany.

ED.

ED.

Yeah, we are going to be talking chips coming up on the show. We're going to speak to the CEO of Qualcom Cristiano Ammon as the company unveils it's super Dragon X processor. This is a week about PCCPUS. This is Bloomberg Technology.

Yeah, we are going to be talking chips coming up on the show. We're going to speak to the CEO of Qualcom Cristiano Ammon as the company unveils it's super Dragon X processor. This is a week about PCCPUS. This is Bloomberg Technology.

Welcome to our Bloomberg.

Welcome to our Bloomberg.

TV and radio audience worldwide. Qualcom is stepping up its efforts to break into the personal computer market by unveiling a new laptop processor designed to outperform rival products from Intel and Apple. Joining us to discuss the new snap Dragon X is Christiano. I'mon Qualcom CEO and you join us from Maui at the snap Dragon Summit. Christiano, The question that I hear over and over again, be it from your investors or be it from the millions of snap Dragon users and fans around the world, is how is this fundamentally going to change the operation and functioning of a personal computer?

TV and radio audience worldwide. Qualcom is stepping up its efforts to break into the personal computer market by unveiling a new laptop processor designed to outperform rival products from Intel and Apple. Joining us to discuss the new snap Dragon X is Christiano. I'mon Qualcom CEO and you join us from Maui at the snap Dragon Summit. Christiano, The question that I hear over and over again, be it from your investors or be it from the millions of snap Dragon users and fans around the world, is how is this fundamentally going to change the operation and functioning of a personal computer?

Oh?

Oh?

Yes, that's the reason we're very excited about what we're doing. And I think the endorsement we get from Microsoft, I think the presence of Microsoft in our event as well. We have been working to build the next generation computing device for the Windows ecosystem. Come with where we see the conversions between the mobile and the PC. It comes at a time that users want more mobility and more performance and the whole experience becomes an AI experience, and I think that's what we did with the.

Yes, that's the reason we're very excited about what we're doing. And I think the endorsement we get from Microsoft, I think the presence of Microsoft in our event as well. We have been working to build the next generation computing device for the Windows ecosystem. Come with where we see the conversions between the mobile and the PC. It comes at a time that users want more mobility and more performance and the whole experience becomes an AI experience, and I think that's what we did with the.

Snapdragon x Elite announcement.

Snapdragon x Elite announcement.

First of all, we're incredibly proud and especially as we've been talking the welcome is changing from a communications company to a connected processor company.

First of all, we're incredibly proud and especially as we've been talking the welcome is changing from a communications company to a connected processor company.

We just unveiled the fastest CPU.

We just unveiled the fastest CPU.

Of any mobile computing device, of any laptop in the world, fastest CPU in terms of performance.

Of any mobile computing device, of any laptop in the world, fastest CPU in terms of performance.

We have the device here, people, we test it.

We have the device here, people, we test it.

That's going to allow for you to have a lot more performance for day applications, but also to have a lot of AI on the device.

That's going to allow for you to have a lot more performance for day applications, but also to have a lot of AI on the device.

Christiana.

Christiana.

We were submitted dozens of questions from our audience, including snap Dragon insiders on Discord for example, and actually a reoccurring question was how the latest generation CPU can handle specific AI functions like Microsoft Copilot.

We were submitted dozens of questions from our audience, including snap Dragon insiders on Discord for example, and actually a reoccurring question was how the latest generation CPU can handle specific AI functions like Microsoft Copilot.

For example on device. Can you give us any insight.

For example on device. Can you give us any insight.

That absolutely so.

That absolutely so.

What is interesting about what we've done with this processor not only has the fastest CPU for your everyday tasks and gaming and all of those things, but it has a separate engine and that is a unique differentiation from pocom.

What is interesting about what we've done with this processor not only has the fastest CPU for your everyday tasks and gaming and all of those things, but it has a separate engine and that is a unique differentiation from pocom.

It's called the NPU.

It's called the NPU.

And it's about allowing your AI to run pervasively and always running on the device.

And it's about allowing your AI to run pervasively and always running on the device.

So the copilot will be always running on the device.

So the copilot will be always running on the device.

To assist you with every task. And the NPU is the biggest that you can performance you can find in the device. Just as an example, we can run large models of thirteen billion parameters natively on the device, and we show that we have been partnered with all the major ecosystem investing on AI from Microsoft to Meta to Google Go and many other companies and having all of those models running natively on the device.

To assist you with every task. And the NPU is the biggest that you can performance you can find in the device. Just as an example, we can run large models of thirteen billion parameters natively on the device, and we show that we have been partnered with all the major ecosystem investing on AI from Microsoft to Meta to Google Go and many other companies and having all of those models running natively on the device.

It's a fascinating moment in terms of competition. Cristiano as well, it has been a couple of days ago reports in Video is going to be challenging the space as well with its own ARM based processes for PCs. You've got Apple of course showing its prowess in the area. How do you set yourself apart from what is going to be a real rushed and PC area.

It's a fascinating moment in terms of competition. Cristiano as well, it has been a couple of days ago reports in Video is going to be challenging the space as well with its own ARM based processes for PCs. You've got Apple of course showing its prowess in the area. How do you set yourself apart from what is going to be a real rushed and PC area.

I actually think the announcements to happen, especially the Vida announcement, is one of the best things that could have happened.

I actually think the announcements to happen, especially the Vida announcement, is one of the best things that could have happened.

For our efforts in the PC.

For our efforts in the PC.

We have been talking for a while since we embark on this journey with Microsoft that the PC market is moving to an ARMED compatible away from the x eighty six into an ARM compatible instruction set.

We have been talking for a while since we embark on this journey with Microsoft that the PC market is moving to an ARMED compatible away from the x eighty six into an ARM compatible instruction set.

The Nvidia announcement is.

The Nvidia announcement is.

Devalidation that that is the new market and that is the new tam for welcoming. It comes at a perfect time that we have been diversifying the company in looking for new opportunities and in market for technology, and we had started on this journey for at least the past three to four years I think twenty four.

Devalidation that that is the new market and that is the new tam for welcoming. It comes at a perfect time that we have been diversifying the company in looking for new opportunities and in market for technology, and we had started on this journey for at least the past three to four years I think twenty four.

With the new Windows and I Windows AI that comes to fruition.

With the new Windows and I Windows AI that comes to fruition.

It starts to be at the end of the twenty twenty four material for Qualcom.

It starts to be at the end of the twenty twenty four material for Qualcom.

So we're really excited about that.

So we're really excited about that.