Bloomberg Audio Studios, Podcasts, radio news.

Bloomberg Audio Studios, Podcasts, radio news.

From the heart of where innovation, money, and power co lie in Silicon Valley, Nbon.

From the heart of where innovation, money, and power co lie in Silicon Valley, Nbon.

This is Bloomberg Technology with Caroline Hyde and Ed luve.

This is Bloomberg Technology with Caroline Hyde and Ed luve.

Love live from New York and San Francisco. This is Bloomberg Technology coming up.

Love live from New York and San Francisco. This is Bloomberg Technology coming up.

For market coverage. We're tech back outperforming.

For market coverage. We're tech back outperforming.

As traders brace for a big week of eco data, and.

As traders brace for a big week of eco data, and.

We preview Elon Musk's interview with former President Donald Trump.

We preview Elon Musk's interview with former President Donald Trump.

Glas, we continue Ernie's coverage the CEO of Expedia.

Glas, we continue Ernie's coverage the CEO of Expedia.

We left Friday show with like this element of peril, where then as that one hundred could have gone either way. In the ended it closed up a few tens one, but that snapped four straight weeks of declines. Had it fallen, you would have had five straight weeks of declines, the worst run of weekly drops going back to maya, twenty twenty two, ittoking eco data, growth concerns, earnings, central banks around the world. It was a bit of a storm throughout the week with some volatility. Let's get more on the markets with Bloomberg's Isabelle Lee, and we can either start looking back at last week and asking Isabelle what happened, or we can look forward to this week where the market, particularly technology investors are looking at ECO data.

We left Friday show with like this element of peril, where then as that one hundred could have gone either way. In the ended it closed up a few tens one, but that snapped four straight weeks of declines. Had it fallen, you would have had five straight weeks of declines, the worst run of weekly drops going back to maya, twenty twenty two, ittoking eco data, growth concerns, earnings, central banks around the world. It was a bit of a storm throughout the week with some volatility. Let's get more on the markets with Bloomberg's Isabelle Lee, and we can either start looking back at last week and asking Isabelle what happened, or we can look forward to this week where the market, particularly technology investors are looking at ECO data.

I want to give a quick overview of markets because that they is still wild to me. Have the S and P falling around three percent, VIX jumping twenty three to sixty five, with the two year and ten year inverting bitcoin tank ym strengthen, so it was really a Monday meltdown, but everything after that seemed to regain its footing, and we have the S and P finishing flat on the week, and we really just have these investors who kind of paniced just slightly and really sold off all their thoughts, all the reversal trades we've been seeing reverse and the momentum trade fizzle.

I want to give a quick overview of markets because that they is still wild to me. Have the S and P falling around three percent, VIX jumping twenty three to sixty five, with the two year and ten year inverting bitcoin tank ym strengthen, so it was really a Monday meltdown, but everything after that seemed to regain its footing, and we have the S and P finishing flat on the week, and we really just have these investors who kind of paniced just slightly and really sold off all their thoughts, all the reversal trades we've been seeing reverse and the momentum trade fizzle.

But where do we go from here? This week?

But where do we go from here? This week?

We can expect a little bit more volatility because we're just going to see a slew of data and as we know, investors, really they're just each of these data very closely, more than any other time in history. We have on Tuesday, PPI, Wednesday CPI, Thursday industrial data, jobless claims, retail sales, and on Friday consumer sentiments.

We can expect a little bit more volatility because we're just going to see a slew of data and as we know, investors, really they're just each of these data very closely, more than any other time in history. We have on Tuesday, PPI, Wednesday CPI, Thursday industrial data, jobless claims, retail sales, and on Friday consumer sentiments.

So really it's just going to be a light week for.

So really it's just going to be a light week for.

US in as well, keeping a US focused, I mean, is also an international play of this, the Japanese and actually significantly weaker.

US in as well, keeping a US focused, I mean, is also an international play of this, the Japanese and actually significantly weaker.

On the day.

On the day.

But what I also caught my attention was one of the most read stories on the Bloomberg was talking about this slashing inequity exposure.

But what I also caught my attention was one of the most read stories on the Bloomberg was talking about this slashing inequity exposure.

We still have that feeling of.

We still have that feeling of.

Just trim just perhaps start to diversify that little bit more, having seen the volatility of last Monday.

Just trim just perhaps start to diversify that little bit more, having seen the volatility of last Monday.

That exactly caught my eye.

That exactly caught my eye.

Also, we have Deutsche back day Into data saying that investor slash equity allocations at the sharpest pace since the onset of the pandemic, and just three weeks before we are and we were at the ninety seventh percentile.

Also, we have Deutsche back day Into data saying that investor slash equity allocations at the sharpest pace since the onset of the pandemic, and just three weeks before we are and we were at the ninety seventh percentile.

So you really see the shift in sentiment.

So you really see the shift in sentiment.

It's just interesting how just three weeks ago investors were really kind of optimistic about the economy, about the soft landing, and now they're like, oh my gosh, the Fed took too long to cut rates. We're stuck in the mud, and we're seeing all this panic and we know how these things go. When they panic a little, it always overshoots. And it's summer volatility is like even the Vick spiking. Many were saying was really technical. It didn't really, It wasn't really indicative of the outright panic that we usually see when we associate these with a VIX. It's really more technical because we have light liquidity, stretch, sentiment shift and positioning. So it's really hard to read markets, especially during the summer when we all should be on vacation. But that's a thing. Investors are not liking tech. But here's another thing. The great rotation trade we saw when people were selling big tech stocks into small cap, well, now that has fizzled. We have last week traders really pulling out two point six billion from black Rock small cap ETF.

It's just interesting how just three weeks ago investors were really kind of optimistic about the economy, about the soft landing, and now they're like, oh my gosh, the Fed took too long to cut rates. We're stuck in the mud, and we're seeing all this panic and we know how these things go. When they panic a little, it always overshoots. And it's summer volatility is like even the Vick spiking. Many were saying was really technical. It didn't really, It wasn't really indicative of the outright panic that we usually see when we associate these with a VIX. It's really more technical because we have light liquidity, stretch, sentiment shift and positioning. So it's really hard to read markets, especially during the summer when we all should be on vacation. But that's a thing. Investors are not liking tech. But here's another thing. The great rotation trade we saw when people were selling big tech stocks into small cap, well, now that has fizzled. We have last week traders really pulling out two point six billion from black Rock small cap ETF.

So I don't know, maybe that was just a blip.

So I don't know, maybe that was just a blip.

Maybe investors are shifting again.

Maybe investors are shifting again.

It's really hard to read right now.

It's really hard to read right now.

Lin Begg's Isabel Lee across the markets in a deep way. I would also point out the biggest points moves the upside right now is in video and I want to bring in Daniel Newman the future from Group CEO new approach to research and advisory, And I don't know, I don't think it's premature to say. Nvidia reports August twenty eighth, and we just went through the ECO data and the impact of central banks. That's a big calendar item for everyone that watches this market. Good morning, ed, good.

Lin Begg's Isabel Lee across the markets in a deep way. I would also point out the biggest points moves the upside right now is in video and I want to bring in Daniel Newman the future from Group CEO new approach to research and advisory, And I don't know, I don't think it's premature to say. Nvidia reports August twenty eighth, and we just went through the ECO data and the impact of central banks. That's a big calendar item for everyone that watches this market. Good morning, ed, good.

To see you.

To see you.

Yes, I mean after the first wave of big tech, there isn't an earnings report that's more in the throes of everyone's hearts right now than what's going to happen with Nvidia. The AI bubble bears, as I like to call them, are looking for something to break. The announcement of some delays on Blackwell got a lot of excitement last week, but maybe was muted a little bit by everything that went on with the macroeconomy. And then on the other side of it, the bulls, they're listening to all these Capex reports, They're listening to what Zuck had to say, Sun, dar Osatia, all of these companies intending to spend big on Capex, and that tends to be a win for Nvidia.

Yes, I mean after the first wave of big tech, there isn't an earnings report that's more in the throes of everyone's hearts right now than what's going to happen with Nvidia. The AI bubble bears, as I like to call them, are looking for something to break. The announcement of some delays on Blackwell got a lot of excitement last week, but maybe was muted a little bit by everything that went on with the macroeconomy. And then on the other side of it, the bulls, they're listening to all these Capex reports, They're listening to what Zuck had to say, Sun, dar Osatia, all of these companies intending to spend big on Capex, and that tends to be a win for Nvidia.

So if you're looking at what's going on, you're.

So if you're looking at what's going on, you're.

Saying AI is booming on the capex side, on the investment and the infrastructure side.

Saying AI is booming on the capex side, on the investment and the infrastructure side.

But the bears that the bears are saying, well.

But the bears that the bears are saying, well.

How was that turning into practical use in the market, And that's created a big.

How was that turning into practical use in the market, And that's created a big.

Golf Okay, let's dwell on that big golf. Therefore, is it that if you're going to buy some of the volatility that we've seen of late, buy in some of the lower price points, you do it with what's already won the videos.

Golf Okay, let's dwell on that big golf. Therefore, is it that if you're going to buy some of the volatility that we've seen of late, buy in some of the lower price points, you do it with what's already won the videos.

You don't do it with a.

You don't do it with a.

Breadth that we might see of AI working in software.

Breadth that we might see of AI working in software.

And the like.

And the like.

Yeah, Caroline, I like to talk about this ingestion period that is going on with AI. It isn't going to happen over the next quarter or two where AI is going to be democratized and implemented into every enterprise. We're seeing small wins. We saw Palenteer had a great quarter. We saw service Now showed some really resilient results against some of the people betting against software. But we're also waiting to see strength from companies like SAP Oracle.

Yeah, Caroline, I like to talk about this ingestion period that is going on with AI. It isn't going to happen over the next quarter or two where AI is going to be democratized and implemented into every enterprise. We're seeing small wins. We saw Palenteer had a great quarter. We saw service Now showed some really resilient results against some of the people betting against software. But we're also waiting to see strength from companies like SAP Oracle.

IBM looked okay, these are the.

IBM looked okay, these are the.

Companies that are doing the implementations of AI. But if you're looking at this big spend, this predictable big spend that's going on, all the big tech, mega tech companies are basically saying, we don't want to be the blockbuster, the BlackBerry of the AI era. We're going to spend in advance Zuck did a perfect job on his earnings call and nobody flinched.

Companies that are doing the implementations of AI. But if you're looking at this big spend, this predictable big spend that's going on, all the big tech, mega tech companies are basically saying, we don't want to be the blockbuster, the BlackBerry of the AI era. We're going to spend in advance Zuck did a perfect job on his earnings call and nobody flinched.

Some of the other calls were met with a little bit more.

Some of the other calls were met with a little bit more.

Resistance because the justification of Capex wasn't as clear to the investors.

Resistance because the justification of Capex wasn't as clear to the investors.

The justification also of a fundamental change in policy from the Federal Reserve. How much does the broader macro backdrop paint a picture for whether you should be buying tech at the moment?

The justification also of a fundamental change in policy from the Federal Reserve. How much does the broader macro backdrop paint a picture for whether you should be buying tech at the moment?

Ded you know, you and I've had this discussion a few times on this show, Caroline, and I've said tech is incredibly deflationary. It's going to enable companies to do more with less resources. We've seen the job numbers in San Francisco go back to the pre pandemic levels, seeing cuts. We've heard about Cisco, Dell major cuts over the past few weeks, and this has been necessary.

Ded you know, you and I've had this discussion a few times on this show, Caroline, and I've said tech is incredibly deflationary. It's going to enable companies to do more with less resources. We've seen the job numbers in San Francisco go back to the pre pandemic levels, seeing cuts. We've heard about Cisco, Dell major cuts over the past few weeks, and this has been necessary.

But also these.

But also these.

Companies, the whisper conversations I'm having with CEOs is they believe AI will enable a.

Companies, the whisper conversations I'm having with CEOs is they believe AI will enable a.

Prune to grow strategy.

Prune to grow strategy.

They can make some cuts in their overhead and their cost and in their human capital in order to create scale and create worlth.

They can make some cuts in their overhead and their cost and in their human capital in order to create scale and create worlth.

So that is the opportunity.

So that is the opportunity.

At the same time, we are still waiting to see is the macroka You look at some of these credit numbers, you look at some of the loan default numbers, you look at some of the consumer confidence numbers. The market isn't that strong despite that, we're not in a recession. So we're balancing these couple of things. But tech is ultimately deflationary and ends up being a good bet for investors, especially long investors.

At the same time, we are still waiting to see is the macroka You look at some of these credit numbers, you look at some of the loan default numbers, you look at some of the consumer confidence numbers. The market isn't that strong despite that, we're not in a recession. So we're balancing these couple of things. But tech is ultimately deflationary and ends up being a good bet for investors, especially long investors.

Dan in tabulating headwinds and tailwinds. In which column does regulation sit for AI, it's.

Dan in tabulating headwinds and tailwinds. In which column does regulation sit for AI, it's.

A great one.

A great one.

I believe it is a headwind, but at I do believe, like every technological mega trend that we've had, regular will always be playing ketchup.

I believe it is a headwind, but at I do believe, like every technological mega trend that we've had, regular will always be playing ketchup.

They're going to be playing defense.

They're going to be playing defense.

I've had a number of conversations about what in Vidia's stature is written relation to regulation. We're hearing some of the concerns across Europe. In the US probes, of course, we saw what happened with Google last week. The regulators want the markets to understand that they're going to play a role, but at the same time, the US is very steadfast to stay in the lead on innovation. With that in mind, I think M and A is the area where regulators will be the most involved.

I've had a number of conversations about what in Vidia's stature is written relation to regulation. We're hearing some of the concerns across Europe. In the US probes, of course, we saw what happened with Google last week. The regulators want the markets to understand that they're going to play a role, but at the same time, the US is very steadfast to stay in the lead on innovation. With that in mind, I think M and A is the area where regulators will be the most involved.

They're going to make it.

They're going to make it.

Difficult for these mega cap companies, the Microsofts, the Googles now in videos Amazons to make acquisitions. We saw Microsoft sort of doing an interesting move on one of their most recent acquisitions, and that is going to play into this. They're going to be playing the cat and mouse game, but the regulators are going to have a really hard time at keeping up.

Difficult for these mega cap companies, the Microsofts, the Googles now in videos Amazons to make acquisitions. We saw Microsoft sort of doing an interesting move on one of their most recent acquisitions, and that is going to play into this. They're going to be playing the cat and mouse game, but the regulators are going to have a really hard time at keeping up.

Dianie Newman, great to have you on the Future and Group. We appreciate it. Meanwhile, coming up, look, Elomas will be sitting down with Donald Trump later today.

Dianie Newman, great to have you on the Future and Group. We appreciate it. Meanwhile, coming up, look, Elomas will be sitting down with Donald Trump later today.

We'll discuss what to except us next.

We'll discuss what to except us next.

This is the Bloombag Technology.

This is the Bloombag Technology.

Elil Musk and Donald Trump.

Elil Musk and Donald Trump.

Well, Le's lated to sit down for an interview this evening on X. It will be the first public interaction between the two men since the Tesla CEO endorsed the Republican nominee last month. Let's discuss at all with what to expect the Blue MENZ Kurt Wagner. So timing for us, what we anticipate in terms of subject matter.

Well, Le's lated to sit down for an interview this evening on X. It will be the first public interaction between the two men since the Tesla CEO endorsed the Republican nominee last month. Let's discuss at all with what to expect the Blue MENZ Kurt Wagner. So timing for us, what we anticipate in terms of subject matter.

Yeah, so this is scheduled to be at eight o'clock Eastern time, so you know, primetime if you will.

Yeah, so this is scheduled to be at eight o'clock Eastern time, so you know, primetime if you will.

In terms of what to predict.

In terms of what to predict.

I mean, these are two incredibly unpredictable people, as you both know. I imagine that you know, we'll hear President Trump go through some of his key points, especially the ones that we see Elon Musk continually tweeting about. That's you know, immigration, some of the social issues maybe around DEI trans rites, but certainly the economy.

I mean, these are two incredibly unpredictable people, as you both know. I imagine that you know, we'll hear President Trump go through some of his key points, especially the ones that we see Elon Musk continually tweeting about. That's you know, immigration, some of the social issues maybe around DEI trans rites, but certainly the economy.

Right.

Right.

I mean, this is one of the things that I.

I mean, this is one of the things that I.

Think President Trump talked about a lot in that Donald Trump excuse me, Elon Musk will matter it managed to him, of course, with TESLA and EVS and all the regulations around there. So again, as far as you can predict, I think those are pretty safe predictions, but with these two you just really never know where the conversation is going to go.

Think President Trump talked about a lot in that Donald Trump excuse me, Elon Musk will matter it managed to him, of course, with TESLA and EVS and all the regulations around there. So again, as far as you can predict, I think those are pretty safe predictions, but with these two you just really never know where the conversation is going to go.

Okay, So Musk has spoken about his attitude towards Trump. Let's reflect on that. Listen to this.

Okay, So Musk has spoken about his attitude towards Trump. Let's reflect on that. Listen to this.

I guess that there would be like some impact, but I think it would be devastating for OM editors and would slightly but long term probably actually helps TESLA.

I guess that there would be like some impact, but I think it would be devastating for OM editors and would slightly but long term probably actually helps TESLA.

My guess.

My guess.

Impact of TESLA hurts slightly competits his long term but then he's also got his Boeing cap on his SpaceX cap on NEURALI, et cetera. You know, you're right, he's unpredictable. Do we have any sense if they have common ground on some of the other Musk companies in.

Impact of TESLA hurts slightly competits his long term but then he's also got his Boeing cap on his SpaceX cap on NEURALI, et cetera. You know, you're right, he's unpredictable. Do we have any sense if they have common ground on some of the other Musk companies in.

Yeah, I mean, I think that clip sort of gives you a sense, right is like even Elon sees that there is a long term benefit here to having Trump in the White House. I think they aligned probably on crypto right. Donald Trump has sort of come out and been the pro cryptocurrency candidate here, which Elon may care about. I think, you know, the idea of when President Trump was in office, he cared about space, he cared about the Space force, this idea of protecting the country through space.

Yeah, I mean, I think that clip sort of gives you a sense, right is like even Elon sees that there is a long term benefit here to having Trump in the White House. I think they aligned probably on crypto right. Donald Trump has sort of come out and been the pro cryptocurrency candidate here, which Elon may care about. I think, you know, the idea of when President Trump was in office, he cared about space, he cared about the Space force, this idea of protecting the country through space.

Right.

Right.

Obviously, that's a huge part of Elon's portfolio. So I do think there are some areas here where these two overlap. I think there's also a benefit here, a mutual potential mutual benefit of simply getting the former president back onto X, where Elon is, you know, trying to drum up attention, trying to build a base. And I think that could be another side effect here of this conversation, and it will.

Obviously, that's a huge part of Elon's portfolio. So I do think there are some areas here where these two overlap. I think there's also a benefit here, a mutual potential mutual benefit of simply getting the former president back onto X, where Elon is, you know, trying to drum up attention, trying to build a base. And I think that could be another side effect here of this conversation, and it will.

Be interesting to see if X can handle it. All of those people tuning in Bloombers Kirt Wagner will get you back on to discuss later in the week, So trump attitude toward electric vehicles and charging is likely to come up during that conversation. After all, Musk is the head of the world's ev incumbent Tesla, and the former president talked about EV's at length in that interview of Bloomberg Business Week just a few weeks ago, suggesting the topic is also top of mind for him. Let's discuss with Terry O'Day, COO and co founder of in Charge Energy, which provides commercial fleet charging solutions. Terry, good morning to you. Is your industry waiting and bracing for this to be a guide of Trump policy on charging, infrastructure and evs well.

Be interesting to see if X can handle it. All of those people tuning in Bloombers Kirt Wagner will get you back on to discuss later in the week, So trump attitude toward electric vehicles and charging is likely to come up during that conversation. After all, Musk is the head of the world's ev incumbent Tesla, and the former president talked about EV's at length in that interview of Bloomberg Business Week just a few weeks ago, suggesting the topic is also top of mind for him. Let's discuss with Terry O'Day, COO and co founder of in Charge Energy, which provides commercial fleet charging solutions. Terry, good morning to you. Is your industry waiting and bracing for this to be a guide of Trump policy on charging, infrastructure and evs well.

I think that it's clear that Trump has staked out a position here, but what is also clear is that the march towards electrification in this country is inexorable. At this point, the total cost of owning an electric car or an electric truck is now lower than gasoline or diesel, and people are making decisions based on.

I think that it's clear that Trump has staked out a position here, but what is also clear is that the march towards electrification in this country is inexorable. At this point, the total cost of owning an electric car or an electric truck is now lower than gasoline or diesel, and people are making decisions based on.

That economic factor.

That economic factor.

So we think that the market will continue to mark forward and perhaps, as Musk said, this is a short term.

So we think that the market will continue to mark forward and perhaps, as Musk said, this is a short term.

Blip Okay, So, what, if anything, do you think could knock what has been, ultimately from a consumer standpoint, a stagnation in interest in evs.

Blip Okay, So, what, if anything, do you think could knock what has been, ultimately from a consumer standpoint, a stagnation in interest in evs.

What are you seeing from the business side of it? Is that not been the case?

What are you seeing from the business side of it? Is that not been the case?

Well, there is definitely a slowdown. I think there was a this past year. There was a glut of supply in the market for chargers and for vehicles and companies adjusting to their capital decisions. What we're beginning to see is thinking coming from some of our major customers like Pepsi and FedEx and ups and Walmart. They are planning multi year rollouts now of electric trucks and medium duty vehicles, and so we're doing the charging stations, planning their long term plans for their facilities, and they're making investments over a multi year calendar. That is, you know, very different than the political camelinner terry.

Well, there is definitely a slowdown. I think there was a this past year. There was a glut of supply in the market for chargers and for vehicles and companies adjusting to their capital decisions. What we're beginning to see is thinking coming from some of our major customers like Pepsi and FedEx and ups and Walmart. They are planning multi year rollouts now of electric trucks and medium duty vehicles, and so we're doing the charging stations, planning their long term plans for their facilities, and they're making investments over a multi year calendar. That is, you know, very different than the political camelinner terry.

The Biden administration gave Elon Musk and Tesla the cold shoulder, but focus on the IRA, which gave benefits to your industry. Right, how much do you want to see Trump gives some substance about how he'd handle funding an investment into EV infrastructure. Is it something that you kind of think is important to carry forward.

The Biden administration gave Elon Musk and Tesla the cold shoulder, but focus on the IRA, which gave benefits to your industry. Right, how much do you want to see Trump gives some substance about how he'd handle funding an investment into EV infrastructure. Is it something that you kind of think is important to carry forward.

Yeah, those infrastructure builds had a major impact on this industry. We have now school buses being deployed with school children being driven to schools this month in electric vehicles, in electric school buses. As a result of the Biden infrastructure built, we have additional investments coming for public charging stations across the US, and those investments should continue to come forward because that is what will enable consumers and fleets to feel comfortable driving these vehicles and making this choice in the long run.

Yeah, those infrastructure builds had a major impact on this industry. We have now school buses being deployed with school children being driven to schools this month in electric vehicles, in electric school buses. As a result of the Biden infrastructure built, we have additional investments coming for public charging stations across the US, and those investments should continue to come forward because that is what will enable consumers and fleets to feel comfortable driving these vehicles and making this choice in the long run.

But there's a politicization terry that's unavoidable of oil versus ev Is there any risk in your mind that it gets unwound?

But there's a politicization terry that's unavoidable of oil versus ev Is there any risk in your mind that it gets unwound?

It's definitely.

It's definitely.

This industry has been started in part by forward looking regulation and by these kinds of public investments. Commercial investments, as I suggest, are very important and our moving forward. The whole thing will continue to go faster if there is investment from the public sector and if these regulations continue.

This industry has been started in part by forward looking regulation and by these kinds of public investments. Commercial investments, as I suggest, are very important and our moving forward. The whole thing will continue to go faster if there is investment from the public sector and if these regulations continue.

So there is some real risk for sure Terry oday.

So there is some real risk for sure Terry oday.

Sure you'll be tuning in later to that X discussion. We thank you in charge, co founder COO. Meanwhile, let's just talk about re ride from a moment. Is a Chinese self driving automotive company. It's seeking to raise as much as four hundred forty million dollars in a US IPO and concurrent private placement too. It was granted approval last year by the Chinese Securities regulator for a US listing. It is offering six zero point four to five million American Depository shares, which would give we ride in market value of about five billion dollars at the top of its range. It's based on a US SEC filing. And what are you looking at?

Sure you'll be tuning in later to that X discussion. We thank you in charge, co founder COO. Meanwhile, let's just talk about re ride from a moment. Is a Chinese self driving automotive company. It's seeking to raise as much as four hundred forty million dollars in a US IPO and concurrent private placement too. It was granted approval last year by the Chinese Securities regulator for a US listing. It is offering six zero point four to five million American Depository shares, which would give we ride in market value of about five billion dollars at the top of its range. It's based on a US SEC filing. And what are you looking at?

Okay, let's get some more news stories in talking tech and first Up. India's Party Global has agreed to buy a major stake in BT Group. Barty is set to purchase a twenty four point five percent stake from shareholder Altese in a deal that would bolster the company's international expansion. The state gives the Indian firm a marquee holding in the United Kingdom. Plus film Studios have dropped its opposition to a California measure that would give actors more leeway over AI face usage. The measure would implement new legal safeguards for performer contracts in using digital replicas of voices and likeness. Lawmakers have until the end of this month to pass the measure before they adjourn, and it's a return to formula for Disney. The company announcing a slewer sequels over the weekend at its D twenty three event in Anaheim, California. This after re billion dollar box office successes from Inside Out, to and Deadpool and Wolverine. Movie slated for release include Moana two, Zutopia two, Incredibles three, Frozen, Free, Toy Story five. You get the idea. This is Bloomberg Technology.

Okay, let's get some more news stories in talking tech and first Up. India's Party Global has agreed to buy a major stake in BT Group. Barty is set to purchase a twenty four point five percent stake from shareholder Altese in a deal that would bolster the company's international expansion. The state gives the Indian firm a marquee holding in the United Kingdom. Plus film Studios have dropped its opposition to a California measure that would give actors more leeway over AI face usage. The measure would implement new legal safeguards for performer contracts in using digital replicas of voices and likeness. Lawmakers have until the end of this month to pass the measure before they adjourn, and it's a return to formula for Disney. The company announcing a slewer sequels over the weekend at its D twenty three event in Anaheim, California. This after re billion dollar box office successes from Inside Out, to and Deadpool and Wolverine. Movie slated for release include Moana two, Zutopia two, Incredibles three, Frozen, Free, Toy Story five. You get the idea. This is Bloomberg Technology.

A sad loss for the technology industry.

A sad loss for the technology industry.

Over the weekend.

Over the weekend.

Susan Widgetski has died after a two year battle with cancer at the age of fifty six. Wijetski was an early Google executive and longtime head of its.

Susan Widgetski has died after a two year battle with cancer at the age of fifty six. Wijetski was an early Google executive and longtime head of its.

YouTube video platform, who.

YouTube video platform, who.

Shaped how fortunes and fame are created on the Internet. Wijetski was one of just a few women at the top ranks of the tech industry.

Shaped how fortunes and fame are created on the Internet. Wijetski was one of just a few women at the top ranks of the tech industry.

Bloomberg's Mark Bergen.

Bloomberg's Mark Bergen.

Joins us to discuss her legacy.

Joins us to discuss her legacy.

And assender pitch I put it himself, she.

And assender pitch I put it himself, she.

Is as core to the history of Google as anyone.

Is as core to the history of Google as anyone.

It's really hard to get our arms.

It's really hard to get our arms.

Around really the extent of her impact there.

Around really the extent of her impact there.

Mark Yeah, it's absolutely. I mean, you know, it all starts with literally her garage, right. She kind of famously lent that out to Larry Page and Sergey Brinn and to nineteen ninety eight and they formed the company there. She joined shortly thereafter, was sort of this quiet presence.

Mark Yeah, it's absolutely. I mean, you know, it all starts with literally her garage, right. She kind of famously lent that out to Larry Page and Sergey Brinn and to nineteen ninety eight and they formed the company there. She joined shortly thereafter, was sort of this quiet presence.

You know.

You know.

I had sources that told me that kind of one of her nicknames inside the company was like the mini CEO, because there was this leadership that had She was one of these leaders that basically ran a lot of these operations and management for the founders were sort of famous for neglecting that at time, right they were sort of the visionaries and Eric Schmidt that that kind of came in as the adult, and she was responsible for building out a lot of its core advertising business, and that was one of the main reasons that she was brought over to YouTube in twenty fourteen.

I had sources that told me that kind of one of her nicknames inside the company was like the mini CEO, because there was this leadership that had She was one of these leaders that basically ran a lot of these operations and management for the founders were sort of famous for neglecting that at time, right they were sort of the visionaries and Eric Schmidt that that kind of came in as the adult, and she was responsible for building out a lot of its core advertising business, and that was one of the main reasons that she was brought over to YouTube in twenty fourteen.

Mark she announced plans to leave YouTube in February of twenty twenty three and talked about other projects focusing on her health. But I don't think at that time she or the company elaborated on why. The main point being that she had a profound impact on YouTube. You've written about it in your book. What are kind of the key action she took during her time as CEO and Alida there.

Mark she announced plans to leave YouTube in February of twenty twenty three and talked about other projects focusing on her health. But I don't think at that time she or the company elaborated on why. The main point being that she had a profound impact on YouTube. You've written about it in your book. What are kind of the key action she took during her time as CEO and Alida there.

Yeah, one of her key priorities was to really spotlight the creators. And I think even though this is eight years ago now to our ten years ago now and this idea just beak, this nascent idea of influencers of online creators, it still wasn't really proven as a business.

Yeah, one of her key priorities was to really spotlight the creators. And I think even though this is eight years ago now to our ten years ago now and this idea just beak, this nascent idea of influencers of online creators, it still wasn't really proven as a business.

And I think we can.

And I think we can.

Certainly say that's that's changed dramatically. Like one of their initial campaigns was actually kind of spotlight a lot of these home run creators. For a long time, YouTube tried to get celebrities to come onto the platform. I think the shift when we just keep took over was, hey, we have our own kind of a list style celebrities right here at these homegrown YouTube stars. Of course, as we've covered a lot, you know, that has its share problems, right the brand safety issues that she dealt with over the tenure. I think that the focus on advertising sort of her course strength has paid off in the extent of that YouTube is becoming this dominant advertising platform, you know, the the other areas that it's no longer to drop its plans to compete with Netflix in Amazon Prime. It's still kind of a YouTube music is a service, but it's nowhere close to Spotify, you know, I think her legacy is primarily going to be building out that what is still remains Google's core business. And at the time she took over there was there were still questions about.

Certainly say that's that's changed dramatically. Like one of their initial campaigns was actually kind of spotlight a lot of these home run creators. For a long time, YouTube tried to get celebrities to come onto the platform. I think the shift when we just keep took over was, hey, we have our own kind of a list style celebrities right here at these homegrown YouTube stars. Of course, as we've covered a lot, you know, that has its share problems, right the brand safety issues that she dealt with over the tenure. I think that the focus on advertising sort of her course strength has paid off in the extent of that YouTube is becoming this dominant advertising platform, you know, the the other areas that it's no longer to drop its plans to compete with Netflix in Amazon Prime. It's still kind of a YouTube music is a service, but it's nowhere close to Spotify, you know, I think her legacy is primarily going to be building out that what is still remains Google's core business. And at the time she took over there was there were still questions about.

You know, could YouTube turn a profit?

You know, could YouTube turn a profit?

And now it's obviously one of the key pillars of Google and Alphabet's growth.

And now it's obviously one of the key pillars of Google and Alphabet's growth.

Mark.

Mark.

While making a profound impact at Google, she made a profound impact for many women in technology, and I know that many have spoken about it the way she tried to show up as someone who had some sort of work life balance, dropping her kids at soccer in a minivan, taking that maternity leave, speaking out about it, Mark, But how else have colleagues have former people who've worked alongside her, sat on boards with her, thought about her and her loss, not.

While making a profound impact at Google, she made a profound impact for many women in technology, and I know that many have spoken about it the way she tried to show up as someone who had some sort of work life balance, dropping her kids at soccer in a minivan, taking that maternity leave, speaking out about it, Mark, But how else have colleagues have former people who've worked alongside her, sat on boards with her, thought about her and her loss, not.

Just taking in maternally.

Just taking in maternally.

But I think she's widely credited for actually forming it at Google. The founders didn't really think about that when they created the company, so it was the first one they actually write that policy and to take it. I think this is certainly that you know, women I've talked to there, this is quite clearly a strength of her leadership being out there very publicly.

But I think she's widely credited for actually forming it at Google. The founders didn't really think about that when they created the company, so it was the first one they actually write that policy and to take it. I think this is certainly that you know, women I've talked to there, this is quite clearly a strength of her leadership being out there very publicly.

As a mom.

As a mom.

You know, I think it's really interesting to contrast her with with Cheryl Sandberg and mursa mayor her peers that certainly had a much bigger public profile. I think Susan Wojiski, even from what I understand personally, didn't want that high, high public profile. And maybe for Google strategically it's it's actually been been quite important. I would argue like that that this is not like you know, Elon Musk and X, It's not like Mark Zuckerberg at Facebook. You don't have this one executive well known for this platform. I think that's maybe one of the reasons why, you know, YouTube has in many ways dodge some of the criticisms that other social.

You know, I think it's really interesting to contrast her with with Cheryl Sandberg and mursa mayor her peers that certainly had a much bigger public profile. I think Susan Wojiski, even from what I understand personally, didn't want that high, high public profile. And maybe for Google strategically it's it's actually been been quite important. I would argue like that that this is not like you know, Elon Musk and X, It's not like Mark Zuckerberg at Facebook. You don't have this one executive well known for this platform. I think that's maybe one of the reasons why, you know, YouTube has in many ways dodge some of the criticisms that other social.

Media sites have dealt with.

Media sites have dealt with.

You know, there's some people that come out and argue that's because Susan is more sort of a student, mature leadership, and perhaps it's also because she just had this this background role.

You know, there's some people that come out and argue that's because Susan is more sort of a student, mature leadership, and perhaps it's also because she just had this this background role.

She was not a public profile. Bloomberg's Mark Bergen, thank you, Susan Jiski was fifty six. Welcome back to Bluebery Technology Ed Ludlow here in San Francisco and Caroline hid.

She was not a public profile. Bloomberg's Mark Bergen, thank you, Susan Jiski was fifty six. Welcome back to Bluebery Technology Ed Ludlow here in San Francisco and Caroline hid.

In New York and looking at Intel down by some eight tens of percent. Look, they're actually postponing a very key event ed that I want to dive into because here is a name that got beaten up after its earnings.

In New York and looking at Intel down by some eight tens of percent. Look, they're actually postponing a very key event ed that I want to dive into because here is a name that got beaten up after its earnings.

They're having to cut cost.

They're having to cut cost.

Cut head count, and it's proving out and sort of culling their marketing spend as well.

Cut head count, and it's proving out and sort of culling their marketing spend as well.

What have you got on it?

What have you got on it?

Well, let's bring in Bloomberzi and King, who hopefully has answers. I mean, you and I have sort of wandered across the news roomto each other's desks and said, well, there's not a lot of good news to be had for Intel at the moment. This expo is not a major headline, but it continues the negativity really around the name.

Well, let's bring in Bloomberzi and King, who hopefully has answers. I mean, you and I have sort of wandered across the news roomto each other's desks and said, well, there's not a lot of good news to be had for Intel at the moment. This expo is not a major headline, but it continues the negativity really around the name.

Yeah, there are a couple of things we need to think about. Intel used to basically set the agenda for the whole of the computer industry with its conferences. Right now, what investors want is Intel, somebody from Intel to walk out on stage and say, hey, look at this new thing, to basically change the conversation, to get people excited about what they're doing. Again, if they're canceling events, how are they going.

Yeah, there are a couple of things we need to think about. Intel used to basically set the agenda for the whole of the computer industry with its conferences. Right now, what investors want is Intel, somebody from Intel to walk out on stage and say, hey, look at this new thing, to basically change the conversation, to get people excited about what they're doing. Again, if they're canceling events, how are they going.

To do that.

To do that.

Just talk about the relevance of this event, Ian, it was all about developers.

Just talk about the relevance of this event, Ian, it was all about developers.

How are they.

How are they.

Trying to stay well, earn back the reputation of leading the sector that they're so well known and rather than while playing catch up to in the names that are doing well, such as n Video.

Trying to stay well, earn back the reputation of leading the sector that they're so well known and rather than while playing catch up to in the names that are doing well, such as n Video.

Yeah, I mean, I think you already answered your question in the question. Unfortunately they're not right now. That's the problem. Yeah, you know, the the accelerators, which is the key AI market. That's what's leading in that crucial data center market for them. That's an Invidia story, it's not an Intel story. Intel has hundreds of millions of dollars of sales in that market. In Vidia has close to one hundred billion dollars of sales in that market. So right now they're nowhere, and we need to see something from them that changes that narrative and changes it quickly.

Yeah, I mean, I think you already answered your question in the question. Unfortunately they're not right now. That's the problem. Yeah, you know, the the accelerators, which is the key AI market. That's what's leading in that crucial data center market for them. That's an Invidia story, it's not an Intel story. Intel has hundreds of millions of dollars of sales in that market. In Vidia has close to one hundred billion dollars of sales in that market. So right now they're nowhere, and we need to see something from them that changes that narrative and changes it quickly.

I went back and checked the statement from Intel, because, believe it or not, Ian I was invited. I got to save the date for innovation. But the last line is please stay tuned for several exciting products and technology announcements coming this full So they're working on something in the meantime.

I went back and checked the statement from Intel, because, believe it or not, Ian I was invited. I got to save the date for innovation. But the last line is please stay tuned for several exciting products and technology announcements coming this full So they're working on something in the meantime.

Yeah, I mean what they're going to do is concentrate on some smaller events, other people's events, smaller events of themselves, to try to again draw attention back into what's going. But right now there's a real sense of like, come on, show us something anything, right, that's what people.

Yeah, I mean what they're going to do is concentrate on some smaller events, other people's events, smaller events of themselves, to try to again draw attention back into what's going. But right now there's a real sense of like, come on, show us something anything, right, that's what people.

Want in King always still on the money, We thank you so much.

Want in King always still on the money, We thank you so much.

Meanwhile, let's turn.

Meanwhile, let's turn.

To Apple now, because just a month out from the release of its iPhone sixteen, which is expected to keep sales.

To Apple now, because just a month out from the release of its iPhone sixteen, which is expected to keep sales.

Stable, but is it bringing major innovation.

Stable, but is it bringing major innovation.

Let's talk to Mark Gumman all about it, because he covered it in his weekly power On column. And ultimately, your argument is that we're not getting that much rich innovation coming from Apple at the moment, even though they can really talk up the AI side of things.

Let's talk to Mark Gumman all about it, because he covered it in his weekly power On column. And ultimately, your argument is that we're not getting that much rich innovation coming from Apple at the moment, even though they can really talk up the AI side of things.

The iPhone certainly will sell well this fall, right, They're probably going to produce between eighty and ninety million units, we've reported, but there's not going to be major growth over the prior year, or the year before that, or even the year before that. This is a company that is making essentially minor changes on an annual basis to their phones at this point, right, and that's going to continue with the sixteen line, you're going to see a new button, at least on the profhones that turns the phone more into a DSLR. You'll be able to lightly press it to auto focus and hard press it to take a picture, so that will be cool. But bigger changes will come next year, including a new slimmer iPhone seventeen model to replace the iPhone sixteen plus, as well as a new lower end iPhone se which could really boost sales in emerging markets.

The iPhone certainly will sell well this fall, right, They're probably going to produce between eighty and ninety million units, we've reported, but there's not going to be major growth over the prior year, or the year before that, or even the year before that. This is a company that is making essentially minor changes on an annual basis to their phones at this point, right, and that's going to continue with the sixteen line, you're going to see a new button, at least on the profhones that turns the phone more into a DSLR. You'll be able to lightly press it to auto focus and hard press it to take a picture, so that will be cool. But bigger changes will come next year, including a new slimmer iPhone seventeen model to replace the iPhone sixteen plus, as well as a new lower end iPhone se which could really boost sales in emerging markets.

Mark Bloombay Technology Senior producer Jackie Lopez doesn't allow props, so I'm just going to I'm gonna demo like this. It's a DSLR camera that I'm pretending to hold. That's it. That's the innovation they've come up with the iPhone sixteen generation. A button for the camera.

Mark Bloombay Technology Senior producer Jackie Lopez doesn't allow props, so I'm just going to I'm gonna demo like this. It's a DSLR camera that I'm pretending to hold. That's it. That's the innovation they've come up with the iPhone sixteen generation. A button for the camera.

Well, it's going to be a cool button, and I think a lot of the cool homemakers Samsung, Huawei, etc. You can expect them probably they're going to copy it down the road. It'll be a little bit of a gesture area, so you can swipe left to right, right to left to move between media modes and zoom.

Well, it's going to be a cool button, and I think a lot of the cool homemakers Samsung, Huawei, etc. You can expect them probably they're going to copy it down the road. It'll be a little bit of a gesture area, so you can swipe left to right, right to left to move between media modes and zoom.

In and out.

In and out.

There's also going to be larger screens on the Pro models, faster processors, and of course the big push is going to be around Apple Intelligence. Right now, only the Pro fifteen models support Apple Intelligence. Now all four iPhone models was for Apple Intelligence because they're adding additional memory and horsepower. So certainly that's going to be a significant deal there. But I personally don't think Apple Intelligence right now is something that you're going to see really boost sales. I think that's going to happen next year or the year after as people are making more upgrade decisions from older models.

There's also going to be larger screens on the Pro models, faster processors, and of course the big push is going to be around Apple Intelligence. Right now, only the Pro fifteen models support Apple Intelligence. Now all four iPhone models was for Apple Intelligence because they're adding additional memory and horsepower. So certainly that's going to be a significant deal there. But I personally don't think Apple Intelligence right now is something that you're going to see really boost sales. I think that's going to happen next year or the year after as people are making more upgrade decisions from older models.

They don't support it.

They don't support it.

My team are not happy with the demonstration that I gave, but we appreciate the reporting. A camera button on the next generation iPhone A cool button. Bloomos, Mark German, thank you very much. Like coming up on the show, we're going to take a look at IPO, trends, AI investing and much more with Mitchell Green from lead Edge Capital. That conversation coming up next. This is Bloomberg Technology.

My team are not happy with the demonstration that I gave, but we appreciate the reporting. A camera button on the next generation iPhone A cool button. Bloomos, Mark German, thank you very much. Like coming up on the show, we're going to take a look at IPO, trends, AI investing and much more with Mitchell Green from lead Edge Capital. That conversation coming up next. This is Bloomberg Technology.

So last week's market volatility has not yet deterred the handful of issue is working.

So last week's market volatility has not yet deterred the handful of issue is working.

On tender listings over in Europe.

On tender listings over in Europe.

I'm just say though top en pricing may prove Elusive Partners Group Holding is still weighing a launch of the IPO of German metering company Techem as soon as September. Joining others would be issuers eyeing this September window, like Polish retailers Upcurr and academic publishers Bring in Nature also all.

I'm just say though top en pricing may prove Elusive Partners Group Holding is still weighing a launch of the IPO of German metering company Techem as soon as September. Joining others would be issuers eyeing this September window, like Polish retailers Upcurr and academic publishers Bring in Nature also all.

Looking at second half listings. That's over in Europe.

Looking at second half listings. That's over in Europe.

But let's talk about US IPO the window if it's open or not, and really what's on track in terms of exits for the VC community. Mitchell Green, founder and managing partner of lead Edge Capital, joined us now for our VC spotlight And how you, Philly, you got any optimism around this window amid of political agenda that keeps things volatile to.

But let's talk about US IPO the window if it's open or not, and really what's on track in terms of exits for the VC community. Mitchell Green, founder and managing partner of lead Edge Capital, joined us now for our VC spotlight And how you, Philly, you got any optimism around this window amid of political agenda that keeps things volatile to.

Political agenda, there's no you know, policy things like that going crazy.

Political agenda, there's no you know, policy things like that going crazy.

But no, it's funny.

But no, it's funny.

Jeffery's put out a report about ten days ago saying that the IPO market was, you know, open and ready for business. And then the markets we joked internally maybe it was a week too early.

Jeffery's put out a report about ten days ago saying that the IPO market was, you know, open and ready for business. And then the markets we joked internally maybe it was a week too early.

They're being said.

They're being said.

If you look at how the IPO market is open, and if you look how the companies that have gone public Rubric and some Instacart and some of these other ones have traded, they've actually done remarkably well. But yet you wouldn't know that based on the volume, which is like almost dried up to next to nil. However, I think you need to step back in two thousand and six to two thousand and nine, when companies went public, they would raise, you know, one hundred to three hundred million dollars. Now, Microsoft in nineteen eighty eight or eighty seven prior raised forty million dollars. When those companies went public, they never raised money again. Now fast forward to twenty and twenty one, companies were private and raised one hundred to three hundred million dollars.

If you look at how the IPO market is open, and if you look how the companies that have gone public Rubric and some Instacart and some of these other ones have traded, they've actually done remarkably well. But yet you wouldn't know that based on the volume, which is like almost dried up to next to nil. However, I think you need to step back in two thousand and six to two thousand and nine, when companies went public, they would raise, you know, one hundred to three hundred million dollars. Now, Microsoft in nineteen eighty eight or eighty seven prior raised forty million dollars. When those companies went public, they never raised money again. Now fast forward to twenty and twenty one, companies were private and raised one hundred to three hundred million dollars.

So now fast forward.

So now fast forward.

A couple of years, and you basically have two types of companies. You have those you have great companies in those companies have hundreds of millions of dollars of cash, have hit their numbers, and they could go public tomorrow, and they would go public.

A couple of years, and you basically have two types of companies. You have those you have great companies in those companies have hundreds of millions of dollars of cash, have hit their numbers, and they could go public tomorrow, and they would go public.

At probably a reasonable valuation.

At probably a reasonable valuation.

Some would go higher than the twenty and twenty run round, some would be flat. But again, and then there's a whole class of companies that couldn't go public because they didn't have him performed.

Some would go higher than the twenty and twenty run round, some would be flat. But again, and then there's a whole class of companies that couldn't go public because they didn't have him performed.

But those that have could go public. They just why go public when you have three hundred million of cash?

But those that have could go public. They just why go public when you have three hundred million of cash?

I mean, but that was the same thing as Microsoft and Microsoft when public didn't need to raise money, but they needed a liquidity moment for the people that work there and to ultimately have the rigor of being a publicly traded company. So is that the same for the business models now?

I mean, but that was the same thing as Microsoft and Microsoft when public didn't need to raise money, but they needed a liquidity moment for the people that work there and to ultimately have the rigor of being a publicly traded company. So is that the same for the business models now?

I think what you're seeing is is it It will definitely make a more rigor. The whole process and you know of being public today is way more expensive and way more time consuming than it was twenty five thirty years plus years ago. So you're just seeing companies wait to be even bigger. The markets are totally changed. It was a world of active invest in, you know, individual stockpickers, more and more of the markets becoming passive ETFs.

I think what you're seeing is is it It will definitely make a more rigor. The whole process and you know of being public today is way more expensive and way more time consuming than it was twenty five thirty years plus years ago. So you're just seeing companies wait to be even bigger. The markets are totally changed. It was a world of active invest in, you know, individual stockpickers, more and more of the markets becoming passive ETFs.

If you're a sub five.

If you're a sub five.

Billion dollar market public company, it is not fun. You know, ask small cap guys who come in here. At some point, the sequoias, the light speeds, the benchmarks of the world will be telling these companies. Now, now they're three hundred million, don't go public. But at some point five six hundred and seven million revenue, they are going to say, listen, you need to go public. You need the liquidity for the best companies. We're just not seeing that right now at all.

Billion dollar market public company, it is not fun. You know, ask small cap guys who come in here. At some point, the sequoias, the light speeds, the benchmarks of the world will be telling these companies. Now, now they're three hundred million, don't go public. But at some point five six hundred and seven million revenue, they are going to say, listen, you need to go public. You need the liquidity for the best companies. We're just not seeing that right now at all.

Well, Mitchell, something that's different now probably is is more liquid secondaries markets. But it does seem to be a willingness of the private market to have a longest role support companies later into life. How would that impact the here and now of an IPO window.

Well, Mitchell, something that's different now probably is is more liquid secondaries markets. But it does seem to be a willingness of the private market to have a longest role support companies later into life. How would that impact the here and now of an IPO window.

Well, and I think that's a great thing you said, it's one hundred percent spot on. Without going into the details. We have a company in our portfolio. It's three hundred million of recurrent revenue, it's growing sixty plus percent a year, it has you know, two hundred and fifty to three hundred million dollars of cash. They have just completed a you know, several hundred million dollars secondary and.

Well, and I think that's a great thing you said, it's one hundred percent spot on. Without going into the details. We have a company in our portfolio. It's three hundred million of recurrent revenue, it's growing sixty plus percent a year, it has you know, two hundred and fifty to three hundred million dollars of cash. They have just completed a you know, several hundred million dollars secondary and.

From private investors.

From private investors.

That are you know, a flat to slightly up round from twenty twenty one. And they historically would have gone public, but instead the CEO and the board manager team, if we agree with is why go public and operates at three undred million Our public company a million dollar revenue company.

That are you know, a flat to slightly up round from twenty twenty one. And they historically would have gone public, but instead the CEO and the board manager team, if we agree with is why go public and operates at three undred million Our public company a million dollar revenue company.

Just continue building your business. You're in a giant space.

Just continue building your business. You're in a giant space.

Go public in a few years now when you're ready and the company is even larger, but so's by the way that is facilitated by large secondaries one hundred percent.

Go public in a few years now when you're ready and the company is even larger, but so's by the way that is facilitated by large secondaries one hundred percent.

We reflected earlier in the program about the volatility in public markets looking ahead with the outcome of November's election, cause a pause or an acceleration for an IPO window to your mind, Mitchell.

We reflected earlier in the program about the volatility in public markets looking ahead with the outcome of November's election, cause a pause or an acceleration for an IPO window to your mind, Mitchell.

It depends if you get more days like you know, the end current, you know, the end trade unwinding, the end carry trade, and things like you know last Monday.

It depends if you get more days like you know, the end current, you know, the end trade unwinding, the end carry trade, and things like you know last Monday.

Don't do you know good things for it?

Don't do you know good things for it?

You wouldn't have been one to price an IPO on Tuesday or Wednesday. I think things have settled down a little bit, but you never know, you know. I think things will get more volatible as you get into the election cycle. But I've learned not to try to pontificate on what politics are going to do to financial markets.

You wouldn't have been one to price an IPO on Tuesday or Wednesday. I think things have settled down a little bit, but you never know, you know. I think things will get more volatible as you get into the election cycle. But I've learned not to try to pontificate on what politics are going to do to financial markets.

But politics affects certain portfolio companies. You wrote a check to bite down't for example, how much do you worry about Chinese companies tapping US money.

But politics affects certain portfolio companies. You wrote a check to bite down't for example, how much do you worry about Chinese companies tapping US money.

And knew you were going there.

And knew you were going there.

The great thing, the White Dance, will at some point go public.

The great thing, the White Dance, will at some point go public.

No idea when it will be in Asia.

No idea when it will be in Asia.

It's not going to go in the US, people ask me, you know, you've made an investment. Don't you worry about their US business? Their US business is a very small part of the overall business. Frankly, I would love you know. It sounds crazy to hear me say like, but actually them, for some reason, if they got the US business got rid of, then they would be probably more likely to go public sooner. That being said, I think they should fight for it.

It's not going to go in the US, people ask me, you know, you've made an investment. Don't you worry about their US business? Their US business is a very small part of the overall business. Frankly, I would love you know. It sounds crazy to hear me say like, but actually them, for some reason, if they got the US business got rid of, then they would be probably more likely to go public sooner. That being said, I think they should fight for it.

I don't think the.

I don't think the.

US really has the right to just tell us, you know, tell companies you must shutter this business.

US really has the right to just tell us, you know, tell companies you must shutter this business.

You know, I can tell you this.

You know, I can tell you this.

You know what, two companies in America would love to see TikTok on Facebook and Snapchat. You can assure the lobbyists are all over that in Washington. And I think what's important to realize is that the Chinese have always wanted to build.

You know what, two companies in America would love to see TikTok on Facebook and Snapchat. You can assure the lobbyists are all over that in Washington. And I think what's important to realize is that the Chinese have always wanted to build.

A truly global business.

A truly global business.

They've wanted the Nike of the world, Nikey's and all these markets around the world. The Chinese have never built this kind of company. They finally have done it with TikTok, and I expect them to try.

They've wanted the Nike of the world, Nikey's and all these markets around the world. The Chinese have never built this kind of company. They finally have done it with TikTok, and I expect them to try.

To push that around the around the world. And I think the whole idea that they're.

To push that around the around the world. And I think the whole idea that they're.

Spying on us and trying to influence things, and I'm sorry, like Facebook doesn't try to influence things at all, you know, through the social media and things like that.

Spying on us and trying to influence things, and I'm sorry, like Facebook doesn't try to influence things at all, you know, through the social media and things like that.

So Mitchell Green, founder managing partner of lead Edge Capital, thank you very much. And crypto startups, by the way, also raise more money in the second quarter of this year, totally two point seven billion dollars, but they closed twelve point five percent fewer deals compared to the first quarter, mirroring a broader slow down seen in the digital asset world. Indeed, crypto market Bellwether the bitcoin fell thirteen percent in the second quarter and it's been little change so far this quarter.

So Mitchell Green, founder managing partner of lead Edge Capital, thank you very much. And crypto startups, by the way, also raise more money in the second quarter of this year, totally two point seven billion dollars, but they closed twelve point five percent fewer deals compared to the first quarter, mirroring a broader slow down seen in the digital asset world. Indeed, crypto market Bellwether the bitcoin fell thirteen percent in the second quarter and it's been little change so far this quarter.

Expedia, it posted better than expected second quarter results. However, the company did warn of like a softening and travel demand and the current quarter, and therefore it adjusted its expectations for the rest of the year. Dig into the details, expedia CEO is with us Ariane Goren and Arian you managed to.

Expedia, it posted better than expected second quarter results. However, the company did warn of like a softening and travel demand and the current quarter, and therefore it adjusted its expectations for the rest of the year. Dig into the details, expedia CEO is with us Ariane Goren and Arian you managed to.

Get the nuance because shares.

Get the nuance because shares.

Absolutely popped on the fact that you'd managed to do what you needed to do and delivered for the quarter that we were posting on, but then you downgraded for a second time.

Absolutely popped on the fact that you'd managed to do what you needed to do and delivered for the quarter that we were posting on, but then you downgraded for a second time.

What is the consumer telling you right now.

What is the consumer telling you right now.

Well, first, thank you for having me. We were very happy with our second quarter results. We saw an acceleration in our consumer business, which is what we were looking for, and then continued strength in our B to B segment and in advertising. But it's true as we look at the third quarter, we have seen some softness. It's been a few quarters in a row that air ticket prices have been coming down, that the price of car rental days have been coming down, and we just started seeing a bit of that also in the third quarter, So we're keeping an eye on it.

Well, first, thank you for having me. We were very happy with our second quarter results. We saw an acceleration in our consumer business, which is what we were looking for, and then continued strength in our B to B segment and in advertising. But it's true as we look at the third quarter, we have seen some softness. It's been a few quarters in a row that air ticket prices have been coming down, that the price of car rental days have been coming down, and we just started seeing a bit of that also in the third quarter, So we're keeping an eye on it.

Arian, good morning. It's ed in San Francisco. Away from the United States. It's been an incredible summer in Europe, the Euros football or soccer tournament, the Olympics. Why is that sort of a driven process not more of a confidence giver for you in your outlook?

Arian, good morning. It's ed in San Francisco. Away from the United States. It's been an incredible summer in Europe, the Euros football or soccer tournament, the Olympics. Why is that sort of a driven process not more of a confidence giver for you in your outlook?

Yeah, well, first of all, I would say events driven travel is a true trend, whether it's sports, whether it's concerts.

Yeah, well, first of all, I would say events driven travel is a true trend, whether it's sports, whether it's concerts.

You know, with Taylor Swift's concert tour in the.

You know, with Taylor Swift's concert tour in the.

Last year, you see that that really drives travel into destinations. So that certainly plays into our optimism. But again, you know, when we look at our forecast, we're looking at what's happening on pricing, what's happening in demand, and again in the long term, people certainly want to travel, which is what makes us sort of optimistic in the long.

Last year, you see that that really drives travel into destinations. So that certainly plays into our optimism. But again, you know, when we look at our forecast, we're looking at what's happening on pricing, what's happening in demand, and again in the long term, people certainly want to travel, which is what makes us sort of optimistic in the long.

Term, arian what's the technology story for you? If you're going to drive that outlook a little higher than you've already given. Is there a way you can more closely match what people are searching for maybe the budget conscious consumer as well, if the consumer is in real time pulling back.