From the heart where innovation, money and power Collie in Silicon Vallet NBN.

From the heart where innovation, money and power Collie in Silicon Vallet NBN.

This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.

This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.

Live from San Francisco and New York. This is Bloomberg Technology coming up at and T. It reveals a massive new cyber attack.

Live from San Francisco and New York. This is Bloomberg Technology coming up at and T. It reveals a massive new cyber attack.

Details ahead, and we'll bring you the details on Tesla's Robotaxi on veil delay plus.

Details ahead, and we'll bring you the details on Tesla's Robotaxi on veil delay plus.

Amazon and General Catalyst. They bet on an AI robotics startup. But first, Ed, what have you got on the AT and T hack?

Amazon and General Catalyst. They bet on an AI robotics startup. But first, Ed, what have you got on the AT and T hack?

Yeah, this is our big breaking technology news story this Friday morning. AT and T, in a regulatory filing has disclosed a major hack of customer data. It relates to basically all of their cell phone customers for a period of time in twenty twenty two to the beginning of May to the end of October. It is a broad spectrum of customer data. But right now the belief is that that data that has been obtained by malicious actors is not publicly available. We're actually way off session lows on the sock down seven tenths of a percent. We had been down kind of the most in about a month. You know, it's kind of hard to gauge situation. I think the main point is that we're still assessing, Caroline, the vulnerability of that customer data. But the context, I think is that this is a big hack. This is something that and it's different from a hack a year ago, which we already talked about.

Yeah, this is our big breaking technology news story this Friday morning. AT and T, in a regulatory filing has disclosed a major hack of customer data. It relates to basically all of their cell phone customers for a period of time in twenty twenty two to the beginning of May to the end of October. It is a broad spectrum of customer data. But right now the belief is that that data that has been obtained by malicious actors is not publicly available. We're actually way off session lows on the sock down seven tenths of a percent. We had been down kind of the most in about a month. You know, it's kind of hard to gauge situation. I think the main point is that we're still assessing, Caroline, the vulnerability of that customer data. But the context, I think is that this is a big hack. This is something that and it's different from a hack a year ago, which we already talked about.

Well said, the context is this has happened quite recently. Before we get straight to John Butler of Bloomberg Intelligence on the hack. As Ed mentioned, John AT and T has said it currently doesn't believe that the data is publicly available. What is the damage.

Well said, the context is this has happened quite recently. Before we get straight to John Butler of Bloomberg Intelligence on the hack. As Ed mentioned, John AT and T has said it currently doesn't believe that the data is publicly available. What is the damage.

Well, I think the damage for eight and two could be to their brand image in the nearer term. The one thing I'd say, Caroline, when you think about it is think of all the hacks that have happened with Fortune five hundred companies over the past year. It's become quite common, and so I think from a consumer standpoint, people maybe more whole hum about it than they would have been, say, five years ago, are given how common hacks have become. Having said that, this is bad news for AT and T in the sense that, as Ed just mentioned, it's the second big hack announced in less than a year.

Well, I think the damage for eight and two could be to their brand image in the nearer term. The one thing I'd say, Caroline, when you think about it is think of all the hacks that have happened with Fortune five hundred companies over the past year. It's become quite common, and so I think from a consumer standpoint, people maybe more whole hum about it than they would have been, say, five years ago, are given how common hacks have become. Having said that, this is bad news for AT and T in the sense that, as Ed just mentioned, it's the second big hack announced in less than a year.

I want to bring some of the latest News. We've got John to you and our audience just before we came on air. To be expected, but we started to hear from regulatory agencies and bodies, and AT and T had already said they were in touch with law enforcement. But the FBI says it's been contacted by AT and T about this. The FCC is investigating the massive hack of AT and T customer data. The question is what is the vulnerability to AT and T. What is the risk to the company from this point.

I want to bring some of the latest News. We've got John to you and our audience just before we came on air. To be expected, but we started to hear from regulatory agencies and bodies, and AT and T had already said they were in touch with law enforcement. But the FBI says it's been contacted by AT and T about this. The FCC is investigating the massive hack of AT and T customer data. The question is what is the vulnerability to AT and T. What is the risk to the company from this point.

So I think regulators are going to look into how it's handling its data.

So I think regulators are going to look into how it's handling its data.

So to be clear, this.

So to be clear, this.

Hack was not on AT and t's network. It's to be clear, it's network was not breached. It was housing data with a third party cloud provider. So it generates massive amounts of data through call logs.

Hack was not on AT and t's network. It's to be clear, it's network was not breached. It was housing data with a third party cloud provider. So it generates massive amounts of data through call logs.

Right when you.

Right when you.

Call someone, it logs your number and the number being called. That's the type of data that was stored on, as Bloomberg reported, Snowflake's data platform, and that's where the breach was. So I think data regulators or telecom regulators are going to look into data storage practices, and of course AT and T will be open to potentially consumer lawsuits from this.

Call someone, it logs your number and the number being called. That's the type of data that was stored on, as Bloomberg reported, Snowflake's data platform, and that's where the breach was. So I think data regulators or telecom regulators are going to look into data storage practices, and of course AT and T will be open to potentially consumer lawsuits from this.

To that point. We reached out to Snowflake as well, John and the company saying we have not identified evidence suggesting this activity was caused by vulnerability misconfigurational breach of snowflakes platform. Is there any read across to more broadly, how companies like AT and T do work with third parties.

To that point. We reached out to Snowflake as well, John and the company saying we have not identified evidence suggesting this activity was caused by vulnerability misconfigurational breach of snowflakes platform. Is there any read across to more broadly, how companies like AT and T do work with third parties.

So I think, like a lot of Fortune five hundred companies, a lot of data now is moving into cloud storage because it just isn't practical in the age of data to store everything on premise. So I'm sure AT and T is going to do a reevaluation of its vendors. I'm sure a lot of companies do that routinely. And for Snowflake, I think they are probably having spoken with our analyst here who covers the company, They're probably going to lean much more heavily into securing their platform and augmenting the level of security around the data that's housed on the Snowflake network.

So I think, like a lot of Fortune five hundred companies, a lot of data now is moving into cloud storage because it just isn't practical in the age of data to store everything on premise. So I'm sure AT and T is going to do a reevaluation of its vendors. I'm sure a lot of companies do that routinely. And for Snowflake, I think they are probably having spoken with our analyst here who covers the company, They're probably going to lean much more heavily into securing their platform and augmenting the level of security around the data that's housed on the Snowflake network.

John Butler, I've bing meg Intelligence. Thanks for breaking all down for us. We appreciate it. Meanwhile, we follow on from an incredible scoop from our own ed Ludlow and Dana Hull yesterday than Tesla has been of course, delaying that roll out, that unrailing of its robotax that was set for August the eighth by a couple of months. Now we're down on a two day basis, but we have recovered somewhat on the trading today, Dan ivesand police to say managing director senior ecty analyst at Wembush joined for more and you put out a note very quickly on this reporting saying the delay did not change ultimately your bullish call on Tesla. Why not.

John Butler, I've bing meg Intelligence. Thanks for breaking all down for us. We appreciate it. Meanwhile, we follow on from an incredible scoop from our own ed Ludlow and Dana Hull yesterday than Tesla has been of course, delaying that roll out, that unrailing of its robotax that was set for August the eighth by a couple of months. Now we're down on a two day basis, but we have recovered somewhat on the trading today, Dan ivesand police to say managing director senior ecty analyst at Wembush joined for more and you put out a note very quickly on this reporting saying the delay did not change ultimately your bullish call on Tesla. Why not.

Look, I mean, it's two months when we're not talking nine months a year. You'd rather than be what I view as kind of a jaw dropper event, and that's what really needs to happen in terms in October. And obviously the delay is not what you want to see. So no one's popping champagne when you hear that there's gonna be deayed. You know, congrats to Ed and Dana on the story. But in terms of the AI story FSD, the next phase of Tesla that's unchanged. That's why, in our opinion, this is just more an air pocket period to get on to what I view as gold at the end of the rainbow.

Look, I mean, it's two months when we're not talking nine months a year. You'd rather than be what I view as kind of a jaw dropper event, and that's what really needs to happen in terms in October. And obviously the delay is not what you want to see. So no one's popping champagne when you hear that there's gonna be deayed. You know, congrats to Ed and Dana on the story. But in terms of the AI story FSD, the next phase of Tesla that's unchanged. That's why, in our opinion, this is just more an air pocket period to get on to what I view as gold at the end of the rainbow.

Let's talk about some of the calls at the end of the Rainbow ed. I mean we had seen a run up in Tesla's stock previous week, up twenty seven percent. We did see a fall yesterday.

Let's talk about some of the calls at the end of the Rainbow ed. I mean we had seen a run up in Tesla's stock previous week, up twenty seven percent. We did see a fall yesterday.

Yeah, and look what really surprised me overnight was all of the retail investor community are very publicly on x saying to Elon Musk, like, can you confirm this? Can you confirm this? Like Bloomberg stands by its reporting, and we always reach out to Elon Musk and any other avenue at Tesla to ask for comment and verify. But Dan, what was it then? I know that you remain bullish on Tesla, But when I said you were coming on the show, a lot of folks in that community were saying, we'll explain that the eight point four percent drop that happened in Thursday session. Is that just because the run up in the stock that preceded it, or is it because of genuine concern?

Yeah, and look what really surprised me overnight was all of the retail investor community are very publicly on x saying to Elon Musk, like, can you confirm this? Can you confirm this? Like Bloomberg stands by its reporting, and we always reach out to Elon Musk and any other avenue at Tesla to ask for comment and verify. But Dan, what was it then? I know that you remain bullish on Tesla, But when I said you were coming on the show, a lot of folks in that community were saying, we'll explain that the eight point four percent drop that happened in Thursday session. Is that just because the run up in the stock that preceded it, or is it because of genuine concern?

No, I think it's more the run up.

No, I think it's more the run up.

Book.

Book.

This is going to be an historical day, whether a dated or TENAID or whatever day it's going to be in October. While anticipation going in here, and in my opinion, Tessa's more of an AI robotics play than just an auto company and investors, they don't like the lease because then it feeds into that narrative. And obviously the Bears, you know, they focus on in terms of empty promises. And I think it's important, and this is the most important thing that when they have this event in October, it doesn't disappoint. It shows the path for robotaxies, shows our time, as shows the AI vision and monization two months away. That's arounding our relative to where we see longer term. As we've said, I think the AI story alone is worth a trillion dollars for Tessa.

This is going to be an historical day, whether a dated or TENAID or whatever day it's going to be in October. While anticipation going in here, and in my opinion, Tessa's more of an AI robotics play than just an auto company and investors, they don't like the lease because then it feeds into that narrative. And obviously the Bears, you know, they focus on in terms of empty promises. And I think it's important, and this is the most important thing that when they have this event in October, it doesn't disappoint. It shows the path for robotaxies, shows our time, as shows the AI vision and monization two months away. That's arounding our relative to where we see longer term. As we've said, I think the AI story alone is worth a trillion dollars for Tessa.

Mister Ives, we always appreciate having you on this program going back technology. You are unwaveringly bullish on everything, and we just show you a graphic with your coverage right all the stocks that you are across thirty buys, three holds and zero cells. So again I kind of think, Caroline, what would it take to make mister Ives a little more cautious on Tesla White? What is it that he would see that would make him rethink it's cool?

Mister Ives, we always appreciate having you on this program going back technology. You are unwaveringly bullish on everything, and we just show you a graphic with your coverage right all the stocks that you are across thirty buys, three holds and zero cells. So again I kind of think, Caroline, what would it take to make mister Ives a little more cautious on Tesla White? What is it that he would see that would make him rethink it's cool?

Carra, I don't know, Yeah, I mean what i'd say to that point, Look, we've talked. I mean, for the last almost twenty five years. I mean really pound the table on tech and of course we've had bad calls in there as well, but our view, especially where we are in the last decade, but especially the last what I called eighteen months, this AI revolutions just starting. So when I look at Tesla and what would make us negative. We talked about a quarter or two ago that must need to step it up right in terms of adult in the point I think, and.

Carra, I don't know, Yeah, I mean what i'd say to that point, Look, we've talked. I mean, for the last almost twenty five years. I mean really pound the table on tech and of course we've had bad calls in there as well, but our view, especially where we are in the last decade, but especially the last what I called eighteen months, this AI revolutions just starting. So when I look at Tesla and what would make us negative. We talked about a quarter or two ago that must need to step it up right in terms of adult in the point I think, and.

I think he did that.

I think he did that.

I think deliveries was important for two Q and I think you know, you saw a lot of the Bears going back into their kids for that. But you need to continue to see demand stabilization, no more major price cuts and October you gotta deliver in terms of this next phase of the store.

I think deliveries was important for two Q and I think you know, you saw a lot of the Bears going back into their kids for that. But you need to continue to see demand stabilization, no more major price cuts and October you gotta deliver in terms of this next phase of the store.

In terms of ROBOTAXI, I'm really interested by the today that you're like, this is an AI robotics play. More broadly, that's certainly what we've heard from Elon. Apple suddenly has got on the AI bandwagon as well. They're also talking up production at least for their suppliers. That's what we reported yesterday. How are you feeling about the AI play for that big company that you're also an outperformance, and we've.

In terms of ROBOTAXI, I'm really interested by the today that you're like, this is an AI robotics play. More broadly, that's certainly what we've heard from Elon. Apple suddenly has got on the AI bandwagon as well. They're also talking up production at least for their suppliers. That's what we reported yesterday. How are you feeling about the AI play for that big company that you're also an outperformance, and we've.

Talked the consumer AI revolution goes through Apple. So when you think about WWDC and I'll compare it a little to maybe a Robotaxiday, that was a historical day, and I think that's where investors started to recognize the keys to that kingdom is Apple. And we've talked about a huge part of what I think not just the valuation, but catalyzing this next upgrade cycle is going to be Apple intelligence and AI and that just speaks to a broader view and tech and we see with Google, Amazon, of course in the Dell and Microsoft and godfather of AI, Jens in a video, Dan.

Talked the consumer AI revolution goes through Apple. So when you think about WWDC and I'll compare it a little to maybe a Robotaxiday, that was a historical day, and I think that's where investors started to recognize the keys to that kingdom is Apple. And we've talked about a huge part of what I think not just the valuation, but catalyzing this next upgrade cycle is going to be Apple intelligence and AI and that just speaks to a broader view and tech and we see with Google, Amazon, of course in the Dell and Microsoft and godfather of AI, Jens in a video, Dan.

I want to just remind you specific points to our audience that we reported. One is that part of the Robotaxi delay was because I think Elon Musk wanted more to show. We said via sources that they wanted to have more prototypes, but they also had some design rethink. And in the same moment, Uber and Lyft jumped five percent in the session. What did that tell you about how seriously investors in the market take Tesla in basically an app based ride hailing platform that Tesla might introduce.

I want to just remind you specific points to our audience that we reported. One is that part of the Robotaxi delay was because I think Elon Musk wanted more to show. We said via sources that they wanted to have more prototypes, but they also had some design rethink. And in the same moment, Uber and Lyft jumped five percent in the session. What did that tell you about how seriously investors in the market take Tesla in basically an app based ride hailing platform that Tesla might introduce.

Yeah, and I also i'd say, I mean you get in England when and that scoop it was a good day for a world war right, And I think when you when you talk about the AI piece, yeah, I mean I think there's worries about this fleet and what that could ultimately look like for Uber and WEPT. So that negative for Tasos views the paths of Uber and WEPT. I don't view a zero some game. I think some of the negative specific when Uber is overdone in terms of what this is going to mean from a robotaxi fleet perspective. And I ultimately believe that something where they're going to have partnerships as well Tessa when it comes to Ride shair but three five years from them, I mean there's going to be a decent percentage, whether it's ten percent or twenty percent, that that Ride Shairing will not have a driver.

Yeah, and I also i'd say, I mean you get in England when and that scoop it was a good day for a world war right, And I think when you when you talk about the AI piece, yeah, I mean I think there's worries about this fleet and what that could ultimately look like for Uber and WEPT. So that negative for Tasos views the paths of Uber and WEPT. I don't view a zero some game. I think some of the negative specific when Uber is overdone in terms of what this is going to mean from a robotaxi fleet perspective. And I ultimately believe that something where they're going to have partnerships as well Tessa when it comes to Ride shair but three five years from them, I mean there's going to be a decent percentage, whether it's ten percent or twenty percent, that that Ride Shairing will not have a driver.

Be interesting to see if way most still in that conversation as well, Dan ives of Webbush, thank you, Happy Friday, Grateful to have you on set.

Be interesting to see if way most still in that conversation as well, Dan ives of Webbush, thank you, Happy Friday, Grateful to have you on set.

It's got a bit of a macro picture right now. In the markets, there is risk on for tech names. The NASDAT goes higher more than one point two percent, volumes higher on this benchmark as well, and that is perhaps we get a feel good music coming back in when we're looking at consumer expectations for inflation dialing down to two point nine percent. Yes, US producer prices were climbing a little, but actually if you dig into the personal consumption expenditship price IndX, that didn't look bad two yr yels they four. We're seeing actually Europe on fire stock markets more broadly around the world doing well, albeit maybe summon age your sell off Japan intervening once again. But we want to get to the macro pics and what it means the tech stocks on a Rathbun's with us cioc bused investment advisory services and look, this tech market has been what's dragged us higher on a Can it continue to do so?

It's got a bit of a macro picture right now. In the markets, there is risk on for tech names. The NASDAT goes higher more than one point two percent, volumes higher on this benchmark as well, and that is perhaps we get a feel good music coming back in when we're looking at consumer expectations for inflation dialing down to two point nine percent. Yes, US producer prices were climbing a little, but actually if you dig into the personal consumption expenditship price IndX, that didn't look bad two yr yels they four. We're seeing actually Europe on fire stock markets more broadly around the world doing well, albeit maybe summon age your sell off Japan intervening once again. But we want to get to the macro pics and what it means the tech stocks on a Rathbun's with us cioc bused investment advisory services and look, this tech market has been what's dragged us higher on a Can it continue to do so?

I think it can. And here's why.

I think it can. And here's why.

There are some weaknesses in the economy, as we've been talking about I think for the last month or so. And when there are weaknesses, there's bound to be cost reduction and cost management as well as margin pressure. So if you look at it from that perspective, the cyclical areas of the markets are going to continue to be pressured. What does that mean for tech sucks. We have believed that the tech stock rally has not just been an AI phenomenon, it is also a quality phenomenon. So when you have tech sucks running, really the companies that are at the MAC seven companies that have given us more than fifty percent your year earnings growth in Q one, there's a reason to be in those stocks other than AI. You continue to see economic pressure, we think there's more room for quality stocks to do well.

There are some weaknesses in the economy, as we've been talking about I think for the last month or so. And when there are weaknesses, there's bound to be cost reduction and cost management as well as margin pressure. So if you look at it from that perspective, the cyclical areas of the markets are going to continue to be pressured. What does that mean for tech sucks. We have believed that the tech stock rally has not just been an AI phenomenon, it is also a quality phenomenon. So when you have tech sucks running, really the companies that are at the MAC seven companies that have given us more than fifty percent your year earnings growth in Q one, there's a reason to be in those stocks other than AI. You continue to see economic pressure, we think there's more room for quality stocks to do well.

And a single session a market does not make. But I found yesterday very interesting, you know, the moment that Dana and I and Caroline reported that the Tesla news it clearly had an impact on the index level, and we all reflected that it was the worst performer on the S and P five hundred and the NASDAT one hundred, But the biggest points drags were in Nvidia and other names relating to aib it on the software side, like Microsoft. I think is there a lesson to be taken from that in yesterday's session.

And a single session a market does not make. But I found yesterday very interesting, you know, the moment that Dana and I and Caroline reported that the Tesla news it clearly had an impact on the index level, and we all reflected that it was the worst performer on the S and P five hundred and the NASDAT one hundred, But the biggest points drags were in Nvidia and other names relating to aib it on the software side, like Microsoft. I think is there a lesson to be taken from that in yesterday's session.

Well, I think the lesson is that investors had been flocking to them because they're heavy, heavy with flush with cash, little debt, and that is the place to be.

Well, I think the lesson is that investors had been flocking to them because they're heavy, heavy with flush with cash, little debt, and that is the place to be.

And when the FED is it lowers interest rates, as.

And when the FED is it lowers interest rates, as.

The CPI number seemed to suggest yesterday, we're going to have a rotation into more cyclical areas that had been really pressured downward. And so I think the lesson yesterday it was a confirmation for me actually that a lot of the reasons for the Tech Magnificent seven going up had also been quality, and that the reason for believing that Max seven can continue to do well.

The CPI number seemed to suggest yesterday, we're going to have a rotation into more cyclical areas that had been really pressured downward. And so I think the lesson yesterday it was a confirmation for me actually that a lot of the reasons for the Tech Magnificent seven going up had also been quality, and that the reason for believing that Max seven can continue to do well.

Going forward. It was a confirmation.

Going forward. It was a confirmation.

Well, therein lies the question of earnings and proof of fundamentals. The banks today not looking good, Anna, but all eyes continue to be Netflix as they come first. But then some of the Max seven, as you mentioned, can they support the valuations with the earnings growth that manufacturing in.

Well, therein lies the question of earnings and proof of fundamentals. The banks today not looking good, Anna, but all eyes continue to be Netflix as they come first. But then some of the Max seven, as you mentioned, can they support the valuations with the earnings growth that manufacturing in.

Yeah, the valuation component is the sticking point.

Yeah, the valuation component is the sticking point.

The question is how much of the valuation is reflective of earnings, how much of it is reflective of AI, and how much of it is just investors flocking to quality.

The question is how much of the valuation is reflective of earnings, how much of it is reflective of AI, and how much of it is just investors flocking to quality.

And that's very difficult to tease out.

And that's very difficult to tease out.

On the AI component, It's like, how do you even price hope because frankly, I mean, we are seeing AI kind of filtering into the consumer life through I guess rufus was in use today to fetch, you know, information from Amazon, but we still don't know exactly how it's going to be expressed in the productivity component the labor market. So that is the sticking point and that's why we're pretty much balanced in terms of our investing.

On the AI component, It's like, how do you even price hope because frankly, I mean, we are seeing AI kind of filtering into the consumer life through I guess rufus was in use today to fetch, you know, information from Amazon, but we still don't know exactly how it's going to be expressed in the productivity component the labor market. So that is the sticking point and that's why we're pretty much balanced in terms of our investing.

We're very, very diversified. When the market seem to.

We're very, very diversified. When the market seem to.

Be irrational irrational, we write it and then we rebalance it taking the gains, and that has been our strategy year today.

Be irrational irrational, we write it and then we rebalance it taking the gains, and that has been our strategy year today.

Anna, the world was watching last night in the context of NATO summit, press conferences, and a US presidential election. If you are an investor operating in the technology sector, do you look at it as well and think about what might happen to the areas you put money depending on the outcome in November.

Anna, the world was watching last night in the context of NATO summit, press conferences, and a US presidential election. If you are an investor operating in the technology sector, do you look at it as well and think about what might happen to the areas you put money depending on the outcome in November.

Well, so, the big threat I think to big tech is regulation. And I know there's been a lot of talk about one party rule in Washington, and that's really it's way too early, but I think there is a fear of that. If we do have a one party rule, it's not so much just about the White House, right, It's about passing of laws. And if that's the case, then it changes the landscape for not only tech but definitely for AI because there's a lot of fear around it. So I would say that that's the uncertainty that is facing us in the future.

Well, so, the big threat I think to big tech is regulation. And I know there's been a lot of talk about one party rule in Washington, and that's really it's way too early, but I think there is a fear of that. If we do have a one party rule, it's not so much just about the White House, right, It's about passing of laws. And if that's the case, then it changes the landscape for not only tech but definitely for AI because there's a lot of fear around it. So I would say that that's the uncertainty that is facing us in the future.

Anna Rathband, COEO of CBIZ Investment Advisory Services, Thank you very much. Now, coming up on Bloomberg Technology, there are growing calls on the Hill for a probe into Microsoft's AI deal with the Amorati company G forty two. We have some more details next, this is Blomberg Technology.

Anna Rathband, COEO of CBIZ Investment Advisory Services, Thank you very much. Now, coming up on Bloomberg Technology, there are growing calls on the Hill for a probe into Microsoft's AI deal with the Amorati company G forty two. We have some more details next, this is Blomberg Technology.

Now ken you Republican lawmakers. They are now calling for a formal intelligence probe into the outing AI partnership between Microsoft and Abadabai from G forty two, with a focus on the emeranti companies ties to China. That's bring abey Meg's Mackenzie Halkins. We've had murmurings, wiries, now it's more formal. What is key the risk here of them?

Now ken you Republican lawmakers. They are now calling for a formal intelligence probe into the outing AI partnership between Microsoft and Abadabai from G forty two, with a focus on the emeranti companies ties to China. That's bring abey Meg's Mackenzie Halkins. We've had murmurings, wiries, now it's more formal. What is key the risk here of them?

So we have yesterday House Foreig Affairs Committee Chairman Mike McCall and the chairman of the China Select Committee calling for a formal Biden Administration intelligence probe into this partnership between Microsoft and G forty two, This deal which has Microsoft investing one and a half billion dollars in the hottest AI startup in the Gulf has attracted a lot of scrutiny in Washington on issues ranging from human rights to the risk of sensitive American type being diverted to China. And folks in Congress have been frustrated for a long time about what they see as a lack of transparency from the Biden administration. They haven't gotten a comprehensive briefing, and they're now saying it's not enough for the US government to be working on sort of general frameworks behind closed doors. They want to see the intelligence community prepare a formal assessment and evaluate all of the national security risks that they've identified.

So we have yesterday House Foreig Affairs Committee Chairman Mike McCall and the chairman of the China Select Committee calling for a formal Biden Administration intelligence probe into this partnership between Microsoft and G forty two, This deal which has Microsoft investing one and a half billion dollars in the hottest AI startup in the Gulf has attracted a lot of scrutiny in Washington on issues ranging from human rights to the risk of sensitive American type being diverted to China. And folks in Congress have been frustrated for a long time about what they see as a lack of transparency from the Biden administration. They haven't gotten a comprehensive briefing, and they're now saying it's not enough for the US government to be working on sort of general frameworks behind closed doors. They want to see the intelligence community prepare a formal assessment and evaluate all of the national security risks that they've identified.

Mackenzie, you and I've been through a similar story together with CATL, the Chinese battery maker and its relationships with US auto makers, and it was kind of the China Hawks that were doing this in DC. How analogous is this G forty two and Microsoft.

Mackenzie, you and I've been through a similar story together with CATL, the Chinese battery maker and its relationships with US auto makers, and it was kind of the China Hawks that were doing this in DC. How analogous is this G forty two and Microsoft.

Tie So we're looking at two different types of investments. The CTL thing that you mentioned has a partnership between CTL and Ford for a battery plant in Michigan, but it's not actually a direct investment by Ford into a Chinese company. And in G forty two's cases, is a Chinese company. The concern actually is that if the US allows sensitive American technology everything from AI model weights to the Nvidia H one hundred ships that would be necessary to actually stand up a data center that China would be able to use G forty two, and the UAE as a country as a backdoor to access technology that the US has cut China off from. So these are sort of different situations, but a similar tide of concern in Washington that's been consistent over the past couple of years that any deal between a US company and a Chinese company, or a company with links to sanction of Chinese companies, poses an inherent national security risk.

Tie So we're looking at two different types of investments. The CTL thing that you mentioned has a partnership between CTL and Ford for a battery plant in Michigan, but it's not actually a direct investment by Ford into a Chinese company. And in G forty two's cases, is a Chinese company. The concern actually is that if the US allows sensitive American technology everything from AI model weights to the Nvidia H one hundred ships that would be necessary to actually stand up a data center that China would be able to use G forty two, and the UAE as a country as a backdoor to access technology that the US has cut China off from. So these are sort of different situations, but a similar tide of concern in Washington that's been consistent over the past couple of years that any deal between a US company and a Chinese company, or a company with links to sanction of Chinese companies, poses an inherent national security risk.

Bloomberg's Mackenzie Hawkins always on it really appreciate your reporting. This Friday, thank you. Open Ai has come up with a set of five levels to track its progress toward building AI software capable without performing humans. It's the startup's latest effort to help people better understand its thinking about safety and the future of AI. Bloomberg Rachel Mets is here with the details. I saw you put this out last night on social media, and I think for like the everyday person right through to investors and AI industry participants. This is kind of a set of codified rules that might be helpful. What are they So?

Bloomberg's Mackenzie Hawkins always on it really appreciate your reporting. This Friday, thank you. Open Ai has come up with a set of five levels to track its progress toward building AI software capable without performing humans. It's the startup's latest effort to help people better understand its thinking about safety and the future of AI. Bloomberg Rachel Mets is here with the details. I saw you put this out last night on social media, and I think for like the everyday person right through to investors and AI industry participants. This is kind of a set of codified rules that might be helpful. What are they So?

The company has these five levels, and they also told employees that they believe they're on level one, which is chatbots similar to GPT, which is probably their most popular product. There are sort of on the cost between level one and level two, which they call reasoners. This would be machines that have more of the reasoning type capabilities similar to what humans today can only do They put this out in part because they want people to be a little bit more aware of how they're thinking about this process of trying to build artificial general intelligence, which has long been the company's stated goal.

The company has these five levels, and they also told employees that they believe they're on level one, which is chatbots similar to GPT, which is probably their most popular product. There are sort of on the cost between level one and level two, which they call reasoners. This would be machines that have more of the reasoning type capabilities similar to what humans today can only do They put this out in part because they want people to be a little bit more aware of how they're thinking about this process of trying to build artificial general intelligence, which has long been the company's stated goal.

Whether or not they will get there is another story.

Whether or not they will get there is another story.

But they've been working on this for quite a long time, and.

But they've been working on this for quite a long time, and.

Rachel and to that point, Somemman himself have said maybe we get to AGI in the next decade. Hasn't been any whisperings of ultimately how far along how quickly we could get to the ultimate level five.

Rachel and to that point, Somemman himself have said maybe we get to AGI in the next decade. Hasn't been any whisperings of ultimately how far along how quickly we could get to the ultimate level five.

I mean, I think everybody has a different opinion on this. I mean, one of the things we have to think about is like this is a very rough draft in progress thing that they're working on here as as they were very clear about saying, and they're going to be taking feedback from a lot of different kinds of people. But nobody can really agree on what it even would mean to have artificial general intelligence AI that can outperform humans or do a lot of the things do all the things that humans stay can currently do. So maybe we need to work on that to you know, figure out what do we mean when we talk about that, like what would that look like?

I mean, I think everybody has a different opinion on this. I mean, one of the things we have to think about is like this is a very rough draft in progress thing that they're working on here as as they were very clear about saying, and they're going to be taking feedback from a lot of different kinds of people. But nobody can really agree on what it even would mean to have artificial general intelligence AI that can outperform humans or do a lot of the things do all the things that humans stay can currently do. So maybe we need to work on that to you know, figure out what do we mean when we talk about that, like what would that look like?

Bloomberg Rachel mets all over trying to gauge the risks that is to artificial intelligence. I'll come back to Bluembag technology.

Bloomberg Rachel mets all over trying to gauge the risks that is to artificial intelligence. I'll come back to Bluembag technology.

I'm Caroline Hide in New York and I met Lolo in San Francisco, and I'm looking at the markets really quick. Caro, I think the story this Friday is very much like fed BET's cut rate, something like that's going on. We're looking at economic data. But the conversation we had early in the show about also thinking valuation, what's having the election is at play? Now's that one hundred one point two percent, Tessa's a really interesting component of that. Right rebounded from its biggest drop since January twenty fourth on Thursday. It's now up three point four percent. Generally there is a risk on attitude and the ev names others like Ribban and Lucid are caught up in that. I've also been thinking a little bit about bitcoin, you know, we do say it's kind of our go to risk asset from time to time. Not a lot going on over the course of the week. It's a weekly gain of one point six percent, But at fifty eight thousand US dollars per token, we're trading at a level that we were kind of at in February and March before the steeper climb tied to the approval of spot bitcoin ETFs, and I just don't see a lot in the moment out there. A lot of our audience will say, well, we poddle, you know, we're all about the long term, but we do a little check on it, and then maybe it's back to being a risk asset along with everything else in a risk on environment. I don't know.

I'm Caroline Hide in New York and I met Lolo in San Francisco, and I'm looking at the markets really quick. Caro, I think the story this Friday is very much like fed BET's cut rate, something like that's going on. We're looking at economic data. But the conversation we had early in the show about also thinking valuation, what's having the election is at play? Now's that one hundred one point two percent, Tessa's a really interesting component of that. Right rebounded from its biggest drop since January twenty fourth on Thursday. It's now up three point four percent. Generally there is a risk on attitude and the ev names others like Ribban and Lucid are caught up in that. I've also been thinking a little bit about bitcoin, you know, we do say it's kind of our go to risk asset from time to time. Not a lot going on over the course of the week. It's a weekly gain of one point six percent, But at fifty eight thousand US dollars per token, we're trading at a level that we were kind of at in February and March before the steeper climb tied to the approval of spot bitcoin ETFs, and I just don't see a lot in the moment out there. A lot of our audience will say, well, we poddle, you know, we're all about the long term, but we do a little check on it, and then maybe it's back to being a risk asset along with everything else in a risk on environment. I don't know.

Well, if you don't know, we've got someone to ask. Thomas Perfumo is with us had a strategy at cracking and Thomas, look, there's been a lot of supply side issues weighing at least sentiment wise, worries about the Manox issuance coming back, giving back bar and German government moving things around within wallets. But fundamentally, what is our next catalyst? Is it the ETHTF if and as and when it comes.

Well, if you don't know, we've got someone to ask. Thomas Perfumo is with us had a strategy at cracking and Thomas, look, there's been a lot of supply side issues weighing at least sentiment wise, worries about the Manox issuance coming back, giving back bar and German government moving things around within wallets. But fundamentally, what is our next catalyst? Is it the ETHTF if and as and when it comes.

Yeah, So I think in the short run, I'd say there's about four big catalysts in the second half that I'm looking out for. So broadly speaking, risk assets, we're talking about the macro economy. So Canada, Europe already cutting interest rates. Question is one, is the fay're going to do it and to what degree are they going to do it? With crypto specifically, the ethere METF launch is a big deal that brings a lot of attention on crypto. Again, it brings a lot of capital flows. It's a rising tide lifts all both story. Looking forward, US election sets the tone for policymaking and the legislative agenda for the next four years. And then beyond that, you know, I think it's just the ongoing trend of adoption a bitcoin global engagement, with exchange traded products like the UK and Hong Kong launching their own, as well as increased access to crypto ETFs here in the US, and then actually Tomas mentions an election here in the US something we've been thinking a lot about and the impact on crypto.

Yeah, So I think in the short run, I'd say there's about four big catalysts in the second half that I'm looking out for. So broadly speaking, risk assets, we're talking about the macro economy. So Canada, Europe already cutting interest rates. Question is one, is the fay're going to do it and to what degree are they going to do it? With crypto specifically, the ethere METF launch is a big deal that brings a lot of attention on crypto. Again, it brings a lot of capital flows. It's a rising tide lifts all both story. Looking forward, US election sets the tone for policymaking and the legislative agenda for the next four years. And then beyond that, you know, I think it's just the ongoing trend of adoption a bitcoin global engagement, with exchange traded products like the UK and Hong Kong launching their own, as well as increased access to crypto ETFs here in the US, and then actually Tomas mentions an election here in the US something we've been thinking a lot about and the impact on crypto.

Right ed, Yeah, I mean one of the things I reported Tomas was this idea that vivid Ramaswami had acted as like an intermediary between Elon Musk and Donald Trump, former President Trump, and one of the areas that they found a renewed common ground was on crypto. So I wanted to ask if Kraken kind of has a scenario or game plan for the either case in this election, what happens in crypto markets if it's Biden, or what happens if it's Trump, or you know, after last night, we may ask if it's a different Democratic nominee. We don't know.

Right ed, Yeah, I mean one of the things I reported Tomas was this idea that vivid Ramaswami had acted as like an intermediary between Elon Musk and Donald Trump, former President Trump, and one of the areas that they found a renewed common ground was on crypto. So I wanted to ask if Kraken kind of has a scenario or game plan for the either case in this election, what happens in crypto markets if it's Biden, or what happens if it's Trump, or you know, after last night, we may ask if it's a different Democratic nominee. We don't know.

Yeah, I'm not an expert on the political spectrum here, but I will say that when it comes to the US specifically, it's really about legislative action and develop link clarity for this industry. And when I think about the issues that we've seen this year, the progress we've made, it's really been a late progress along the Congress where they've passed two bills more recently Fit twenty one in SAB one two to one, And what interesting there is. It showcases some of the bipartisan support that's emerging for crypto legislation in the Congress at least, And so even though you've hit barriers at the executive level, still good progress going forward. I think, of course, the Republican side of things seems to be more pro crypto, more progressive in that sense. Trump going to Big Nationale in a couple of weeks, so we'll see how it plays out.

Yeah, I'm not an expert on the political spectrum here, but I will say that when it comes to the US specifically, it's really about legislative action and develop link clarity for this industry. And when I think about the issues that we've seen this year, the progress we've made, it's really been a late progress along the Congress where they've passed two bills more recently Fit twenty one in SAB one two to one, And what interesting there is. It showcases some of the bipartisan support that's emerging for crypto legislation in the Congress at least, And so even though you've hit barriers at the executive level, still good progress going forward. I think, of course, the Republican side of things seems to be more pro crypto, more progressive in that sense. Trump going to Big Nationale in a couple of weeks, so we'll see how it plays out.

Tamas can I make a hard pivot to football or for our American audience soccer. Regular views of this show will know I'm obsessed, and so I note the partnership with Atletico The thing I've always thought about Alertico Madrid is they have a massive following in Latin America, even though they may be the smaller of the clubs in the city of Madrid. Just explain why you did that.

Tamas can I make a hard pivot to football or for our American audience soccer. Regular views of this show will know I'm obsessed, and so I note the partnership with Atletico The thing I've always thought about Alertico Madrid is they have a massive following in Latin America, even though they may be the smaller of the clubs in the city of Madrid. Just explain why you did that.

Sure, so I'll try to keep this short, But Kraigman was founded in twenty eleven with this ambitious vision to be the most trusted and secure place to buy crypto anywhere in the world. And when you think about our thirteen year legacy pioneering things like proof of reserves, audits, things like being a day one supporter for a theear and when it launched, being a day one supporter for saking, when Tezos launched this concept, and even today making crypto accessible to the world.

Sure, so I'll try to keep this short, But Kraigman was founded in twenty eleven with this ambitious vision to be the most trusted and secure place to buy crypto anywhere in the world. And when you think about our thirteen year legacy pioneering things like proof of reserves, audits, things like being a day one supporter for a theear and when it launched, being a day one supporter for saking, when Tezos launched this concept, and even today making crypto accessible to the world.

Now we feel like we've earned the.

Now we feel like we've earned the.

Right to boast about this legacy being in the market for thirteen years, but it's only in the last year that we've really started to bring our brand out into the world. So things like our F one partnership with Williams Racing, or even this new partnership with Atltico Madrid, one of the most iconic football teams in Spain. And so I think it's really just a showcase that we're trying to get crack and known globally in a place that we have already operated for a number of years. And so we're really proud of everything that we're doing now.

Right to boast about this legacy being in the market for thirteen years, but it's only in the last year that we've really started to bring our brand out into the world. So things like our F one partnership with Williams Racing, or even this new partnership with Atltico Madrid, one of the most iconic football teams in Spain. And so I think it's really just a showcase that we're trying to get crack and known globally in a place that we have already operated for a number of years. And so we're really proud of everything that we're doing now.

Marketing Tomas to an audience that you want to come and use the product, but also maybe is marketing to an investor base that eventually you go public into Is that something that you're lying in terms of this market.

Marketing Tomas to an audience that you want to come and use the product, but also maybe is marketing to an investor base that eventually you go public into Is that something that you're lying in terms of this market.

I got nothing propriety to share here, but I will say our missions to accelerate the adoption of crypto strategic paths available to make that happen is something we're going to be exploring.

I got nothing propriety to share here, but I will say our missions to accelerate the adoption of crypto strategic paths available to make that happen is something we're going to be exploring.

And we pause the numbers. We look at a fifty eight thousand handle on a bitcoin, and we've been looking at what the old coins have been doing in the mean coin rush that we've seen. But ultimately, are we still seeing money move into the overall ecosystem for the second half of the year or do we trade where we're currently at? Do you think so?

And we pause the numbers. We look at a fifty eight thousand handle on a bitcoin, and we've been looking at what the old coins have been doing in the mean coin rush that we've seen. But ultimately, are we still seeing money move into the overall ecosystem for the second half of the year or do we trade where we're currently at? Do you think so?

I think a lot of it hinges on the ETHEREMTF and the launch of that, So a lot of the market sentiment is trying to gauge what kind of capital inflows do we see from that event in general? So from what I've been able to gauge, I think the market is pricing in something along the lines of seven hundred and fifty million to a billion dollars of net inflows into a theem METF products on a monthly basis, and so if we start to match that, I think that creates positive support for the industry. If we surpassed that, note that bitcoin was at a pace of north of two and a half billion, that's where you start thinking about maybe Ethereum tests all time highs in the mid four thousand range and again rising thigh lift our boats. One last note here is when I look at the prior all time high back in March for bitcoin, that's what I'm calling a quiet peak. We didn't see similar levels of extreme volatility or similar levels of unpreceded volatility of sign ups on our platform to suggest that you really had peak momentum of lots of people, tens of millions, hundreds of millions of people coming into the industry for the first time.

I think a lot of it hinges on the ETHEREMTF and the launch of that, So a lot of the market sentiment is trying to gauge what kind of capital inflows do we see from that event in general? So from what I've been able to gauge, I think the market is pricing in something along the lines of seven hundred and fifty million to a billion dollars of net inflows into a theem METF products on a monthly basis, and so if we start to match that, I think that creates positive support for the industry. If we surpassed that, note that bitcoin was at a pace of north of two and a half billion, that's where you start thinking about maybe Ethereum tests all time highs in the mid four thousand range and again rising thigh lift our boats. One last note here is when I look at the prior all time high back in March for bitcoin, that's what I'm calling a quiet peak. We didn't see similar levels of extreme volatility or similar levels of unpreceded volatility of sign ups on our platform to suggest that you really had peak momentum of lots of people, tens of millions, hundreds of millions of people coming into the industry for the first time.

Hundreds of millions. Tomaskov, Humo, we thank you had a strategy at Kraken and what are you as you looking at so some.

Hundreds of millions. Tomaskov, Humo, we thank you had a strategy at Kraken and what are you as you looking at so some.

Of the other big news stories in today's Talking Tech. First up, a rare failure for SpaceX. The company's Falcon nine rocket deployed twenty Starlink satellites but into the wrong orbit. In a post on, X CEO Elon Musk said a portion of the upper engine failed for unknown reasons. SpaceX has said it made contact with five of the satellites and will attempt to reposition them using the attached thrusters. Within the last hour at the FAA's announced it will require a probe into that File nine failure. But I would say that's largely procedural. Soft Bank strengthens its chip investments. The Japanese investor acquired UK semiconductor startup Graph Corps. The companies set to operate as a soft Bank subsidiary and will keep its management team. The financial terms of that deal were not disclosed, and Samsung is facing more walkouts, this time at one of the company's most advanced AI memory chip plants. Several hundred workers joined the protests on Thursday and Friday. As the campaign for higher wages continue. Union leaders have told Bloomberg they're targeting smaller but important complexes in the hopes of amping up pressure.

Of the other big news stories in today's Talking Tech. First up, a rare failure for SpaceX. The company's Falcon nine rocket deployed twenty Starlink satellites but into the wrong orbit. In a post on, X CEO Elon Musk said a portion of the upper engine failed for unknown reasons. SpaceX has said it made contact with five of the satellites and will attempt to reposition them using the attached thrusters. Within the last hour at the FAA's announced it will require a probe into that File nine failure. But I would say that's largely procedural. Soft Bank strengthens its chip investments. The Japanese investor acquired UK semiconductor startup Graph Corps. The companies set to operate as a soft Bank subsidiary and will keep its management team. The financial terms of that deal were not disclosed, and Samsung is facing more walkouts, this time at one of the company's most advanced AI memory chip plants. Several hundred workers joined the protests on Thursday and Friday. As the campaign for higher wages continue. Union leaders have told Bloomberg they're targeting smaller but important complexes in the hopes of amping up pressure.

Caroline fascinating. Meanwhile, stay global with the Russian story now waging war under the sea. This question has been emerging after a worrying pattern of missing underwater cables. Who most Jordan Robertson has a story.

Caroline fascinating. Meanwhile, stay global with the Russian story now waging war under the sea. This question has been emerging after a worrying pattern of missing underwater cables. Who most Jordan Robertson has a story.

In twenty twenty one, an unexplained incident occurred off the coast of Norway. An important undersea data cable had been damaged, and no one could explain.

In twenty twenty one, an unexplained incident occurred off the coast of Norway. An important undersea data cable had been damaged, and no one could explain.

Why something was obviously seriously wrong. Nothing worked anymore, no instruments, no sensors. Where the cable was supposed to be there was no cable.

Why something was obviously seriously wrong. Nothing worked anymore, no instruments, no sensors. Where the cable was supposed to be there was no cable.

You just see mayhem at.

You just see mayhem at.

The bottom of the world's oceans line essential network of data cables. They stretched hundreds of thousands of miles around the world.

The bottom of the world's oceans line essential network of data cables. They stretched hundreds of thousands of miles around the world.

Information flow, communications, banking system, financial communications. It's a vast network and it's extremely vulnerable.

Information flow, communications, banking system, financial communications. It's a vast network and it's extremely vulnerable.

Damage to any of them could be catastrophic.

Damage to any of them could be catastrophic.

It could spread a panic, disrupt the normal functioning of states.

It could spread a panic, disrupt the normal functioning of states.

In the last few years, there have actually been a whole series of incidents involving undersea cables. These may not be freak accidents. They may actually be a sign of something more sinister sabotage.

In the last few years, there have actually been a whole series of incidents involving undersea cables. These may not be freak accidents. They may actually be a sign of something more sinister sabotage.

That was epic and that was Bloomberg Jordan robertson who you can catch the full story from on Bloomberg dot com, and there's also a much longer video report on the issue. All right, coming up, we're going to be joined by the CEO of Standard Box on the company's fresh series B round and how they're going to use the new funds. That's next. This is Bloomberg Technology.

That was epic and that was Bloomberg Jordan robertson who you can catch the full story from on Bloomberg dot com, and there's also a much longer video report on the issue. All right, coming up, we're going to be joined by the CEO of Standard Box on the company's fresh series B round and how they're going to use the new funds. That's next. This is Bloomberg Technology.

Let's talk about robotics. AI robotics, the startup Standard Bots. It's raised sixty three million dollars over a series of deals, with a majority of the funding hall which has not previously been reported, coming in at thirty nine million dollars Series B round led by General Catalyst, the participation from some key strategics, Amazon Industrial Innovation Fund and Samsung. Next here from Standardbot CEO and then Ben. Great to have you here.

Let's talk about robotics. AI robotics, the startup Standard Bots. It's raised sixty three million dollars over a series of deals, with a majority of the funding hall which has not previously been reported, coming in at thirty nine million dollars Series B round led by General Catalyst, the participation from some key strategics, Amazon Industrial Innovation Fund and Samsung. Next here from Standardbot CEO and then Ben. Great to have you here.

Thank you for having me.

Thank you for having me.

How quickly did it come about, Kim?

How quickly did it come about, Kim?

Really quickly.

Really quickly.

Jerald Carlos actually preempted around. So I think it shows the how hot air and robotics is at the moment.

Jerald Carlos actually preempted around. So I think it shows the how hot air and robotics is at the moment.

Okay, is this feel like slowly, slowly all at once? Because I'm pretty sure you've been at this for quite a while and already you've had your ro palms in companies.

Okay, is this feel like slowly, slowly all at once? Because I'm pretty sure you've been at this for quite a while and already you've had your ro palms in companies.

That's exactly right.

That's exactly right.

I think it's I think it's a really it's a moment in time where we realize this is happening.

I think it's I think it's a really it's a moment in time where we realize this is happening.

Evan, I am really grateful to have you on the show. I want to go into those strategics. You know, we've done a lot on this program about Amazon robotics in the warehouse Samsung, Like, I guess, is the opportunity down the line in the manufacturing context, what are you kind of hoping for there?

Evan, I am really grateful to have you on the show. I want to go into those strategics. You know, we've done a lot on this program about Amazon robotics in the warehouse Samsung, Like, I guess, is the opportunity down the line in the manufacturing context, what are you kind of hoping for there?

Yeah, so we realized a few years ago we can make an American made robot that's easier to use, more affordable, and most importantly, capable of performing many more tasks than other robots out there. Most robots today they have this rigid programming that's it's sort of like code, something resembles code. And so we're focused on this new paradigm where you just demonstrate the task you want the robots perform, and then it can learn how to perform that from the demonstration autonomously.

Yeah, so we realized a few years ago we can make an American made robot that's easier to use, more affordable, and most importantly, capable of performing many more tasks than other robots out there. Most robots today they have this rigid programming that's it's sort of like code, something resembles code. And so we're focused on this new paradigm where you just demonstrate the task you want the robots perform, and then it can learn how to perform that from the demonstration autonomously.

So we're just showing some pictures of the technology we're talking about. We're not talking about humanoid robots. We're talking about cutting edge of robotic arms. Essentially, why is yours better than the rest? We've had some similar things on the show. Evan, Yeah, I.

So we're just showing some pictures of the technology we're talking about. We're not talking about humanoid robots. We're talking about cutting edge of robotic arms. Essentially, why is yours better than the rest? We've had some similar things on the show. Evan, Yeah, I.

Think we don't need to create legs in a torso to make a huge impact. So our approach is we make a device and this device it's sort of like scissors, but it can grip instead of cutting, and you can show show how to assemble something, show how to prepare food, what have you, and it learns from that demonstration.

Think we don't need to create legs in a torso to make a huge impact. So our approach is we make a device and this device it's sort of like scissors, but it can grip instead of cutting, and you can show show how to assemble something, show how to prepare food, what have you, and it learns from that demonstration.

And we think our approach with this device.

And we think our approach with this device.

It's a much quicker way to market than the humanoids, and it's going to make a really big impact and we can take it to market this year. We already are with with some really big customers.

It's a much quicker way to market than the humanoids, and it's going to make a really big impact and we can take it to market this year. We already are with with some really big customers.

Look, how hard is this What sort of academic affiliations you having to have? How much are you having to push forward an innovation with the funding that you've got. This is now about hiring talent? Is it about expanding here in New York?

Look, how hard is this What sort of academic affiliations you having to have? How much are you having to push forward an innovation with the funding that you've got. This is now about hiring talent? Is it about expanding here in New York?

Yeah, it's definitely it's it's definitely hard. We've got an amazing team, so they really get all the credit. But we've hired from places like Cruise, Waimo, Rivian, Meta, so we've got the best of the best on the team. We really think this can make a really big impact in the world, So that drives our team.

Yeah, it's definitely it's it's definitely hard. We've got an amazing team, so they really get all the credit. But we've hired from places like Cruise, Waimo, Rivian, Meta, so we've got the best of the best on the team. We really think this can make a really big impact in the world, So that drives our team.

And it's a lot of fun too.

And it's a lot of fun too.

So I mean sped out the mission here because many who are working in manufacturing might be like, well, that's my job. So ultimately, what is the net positive outcome that you want from this business that drives all the people to want to leave Rivian and other key companies to come to you.

So I mean sped out the mission here because many who are working in manufacturing might be like, well, that's my job. So ultimately, what is the net positive outcome that you want from this business that drives all the people to want to leave Rivian and other key companies to come to you.

Yeah.

Yeah.

Actually, we have industry stats show over the next few years a shortage of two million workers, so there's it's not so much replacing jobs as we have this huge shortage, and we really think that, you know, most of the products we buy are not made in the US, or many of them aren't, and so if we can bring back manufacturing that actually h jobs and it's better for national security, it's better for the environment to produce where we use the items, and these kinds of productivity boosts, they really lower the cost of food and other items for people who can't afford them the most. So we think it's really important work.

Actually, we have industry stats show over the next few years a shortage of two million workers, so there's it's not so much replacing jobs as we have this huge shortage, and we really think that, you know, most of the products we buy are not made in the US, or many of them aren't, and so if we can bring back manufacturing that actually h jobs and it's better for national security, it's better for the environment to produce where we use the items, and these kinds of productivity boosts, they really lower the cost of food and other items for people who can't afford them the most. So we think it's really important work.

They're can have a large positive impact.

They're can have a large positive impact.

And you know, there's a huge shortage right now in job so I think people can can can rest assured.

And you know, there's a huge shortage right now in job so I think people can can can rest assured.

I've listened to Jensen Wong talk about the biggest opportunities to be unlocked by what's happening in large language models and robotics is front and center for him. What I find interesting is your scale and your your location in New York, So it talks me about building the company. Talent is the money you've raised enough walk us through the roadmap of the next couple of years.

I've listened to Jensen Wong talk about the biggest opportunities to be unlocked by what's happening in large language models and robotics is front and center for him. What I find interesting is your scale and your your location in New York, So it talks me about building the company. Talent is the money you've raised enough walk us through the roadmap of the next couple of years.

Yeah, we're we're bringing this to market this year in a big way. Talent is is I think this is like a really really fun other than being a TV anchor like you had. This is one of the most fun things you can work on right now in tech. So so it hasn't been that hard to attract amazing talent, and I think the mission oriented focus of the company helps to attract amazing talent as well. But we're going to continue to need amazing people. We've doubled our team in the last twelve months. Our robot orders have gone up twenty x in the last year, so we're really experiencing a lot of growth. We're trying to hire to handle the growth and the orders, and we're very excited about the future.

Yeah, we're we're bringing this to market this year in a big way. Talent is is I think this is like a really really fun other than being a TV anchor like you had. This is one of the most fun things you can work on right now in tech. So so it hasn't been that hard to attract amazing talent, and I think the mission oriented focus of the company helps to attract amazing talent as well. But we're going to continue to need amazing people. We've doubled our team in the last twelve months. Our robot orders have gone up twenty x in the last year, so we're really experiencing a lot of growth. We're trying to hire to handle the growth and the orders, and we're very excited about the future.

Evan Bid, CEO Standard Box. Great to have you on the show.

Evan Bid, CEO Standard Box. Great to have you on the show.

We just want to turn our attention to what President Biden is saying on the platform X just a few moments ago, he's posted that six weeks ago, I laid out a comprehensive framework for how to achieve a CEASEPAR and bring hostages home. Course talking about Israel Hamas, there's still work to do in these complex issues, but that framework is now agreed by both Israel and Hamas, and he says he's making progress and interesting use of course of the social media platform.

We just want to turn our attention to what President Biden is saying on the platform X just a few moments ago, he's posted that six weeks ago, I laid out a comprehensive framework for how to achieve a CEASEPAR and bring hostages home. Course talking about Israel Hamas, there's still work to do in these complex issues, but that framework is now agreed by both Israel and Hamas, and he says he's making progress and interesting use of course of the social media platform.

Yeah, there's been a big development this morning with in its relationship with the European Union. The European Union or the Commissioner has basically said that X is the first breacher of the Digital Services Act. I want to bring in Bloomberg's Kurt Wagner, who also has a column out today about Ex's video ambitions, that Kurt, you will have seen the ping pong on X in the last hour between Mask, Margaret ves Tierre Berton they explain what's happening please.

Yeah, there's been a big development this morning with in its relationship with the European Union. The European Union or the Commissioner has basically said that X is the first breacher of the Digital Services Act. I want to bring in Bloomberg's Kurt Wagner, who also has a column out today about Ex's video ambitions, that Kurt, you will have seen the ping pong on X in the last hour between Mask, Margaret ves Tierre Berton they explain what's happening please.

Yeah, I actually haven't seen it this morning.

Yeah, I actually haven't seen it this morning.

Ed.

Ed.

I'm sorry to but you know, obviously there's Ex's doing a lot with the check marks. That was the big issue that Must started when he took over that he was saying, hey, you know, this is something that I'm going to charge for versus something I'm going to give away for free. I imagine you know that there's some issues with how they're doling these things out to people. And obviously they'd run a foul of some EU regulations before, so it doesn't surprise me that they're running into this again.

I'm sorry to but you know, obviously there's Ex's doing a lot with the check marks. That was the big issue that Must started when he took over that he was saying, hey, you know, this is something that I'm going to charge for versus something I'm going to give away for free. I imagine you know that there's some issues with how they're doling these things out to people. And obviously they'd run a foul of some EU regulations before, so it doesn't surprise me that they're running into this again.

Yeah, I mean across the board though, this is something that it al must wants to be able to be bringing backgrounds, bringing back the talk of driving forward revenue and people's confidence. How is he doing that with video at the moment?

Yeah, I mean across the board though, this is something that it al must wants to be able to be bringing backgrounds, bringing back the talk of driving forward revenue and people's confidence. How is he doing that with video at the moment?

Cerve?

Cerve?

Yeah, well you may remember that at CEES a few months ago, they said that they were going to really push into this high quality, professionally produced video shows, and they announced a bunch of partners, you know, Don Lemon, Tulcy Gabbert, Jim Rome, And there was this big idea that X was going to sort of be like a second TV, right you would watch these highly produced things on your phone. Well, six months later, a lot of this just hasn't materialized. You know, we've talked about what happened with Don Lemon that shows fizzled out, Tulcy Gabbard has not posted any show as yet. Jim Rome is posting shows, but I watched yesterday there were no ads running alongside these shows. So it just feels like this big push, this big cell to rebrand X as this video destination, in my opinion, seems to really be struggling right now. Six months into this process.

Yeah, well you may remember that at CEES a few months ago, they said that they were going to really push into this high quality, professionally produced video shows, and they announced a bunch of partners, you know, Don Lemon, Tulcy Gabbert, Jim Rome, And there was this big idea that X was going to sort of be like a second TV, right you would watch these highly produced things on your phone. Well, six months later, a lot of this just hasn't materialized. You know, we've talked about what happened with Don Lemon that shows fizzled out, Tulcy Gabbard has not posted any show as yet. Jim Rome is posting shows, but I watched yesterday there were no ads running alongside these shows. So it just feels like this big push, this big cell to rebrand X as this video destination, in my opinion, seems to really be struggling right now. Six months into this process.

The question is Eyebels right, So elon really emphasis on emphasises this data point of user seconds, how many seconds user ivles are on the platform. If you go to a tweet, you see the tweet views, and if you posted the video you get separate data. Is there any confidence from advertisers that it is actually being watched if you put video content to the platform.

The question is Eyebels right, So elon really emphasis on emphasises this data point of user seconds, how many seconds user ivles are on the platform. If you go to a tweet, you see the tweet views, and if you posted the video you get separate data. Is there any confidence from advertisers that it is actually being watched if you put video content to the platform.

Yeah, I mean this debate between views and you know someone actually sitting there and consuming it has made a big issue for years, and not just on x right. We've talked about this with Meta before Instagram as well, and so I think the issue and what I put in the column this morning, what I heard from a source is that part of the reason these shows aren't really getting made is that they are having issues with advertiser demand, right, And if people are sitting there throwing money at you, those projects usually get made. But the fact that they're not seeing that interest from advertisers is sort of a sign that, you know, the views probably aren't there, right, because advertisers are going to want to go where they can get eyeballs. So I don't know the specific numbers behind this, but usually ed as you know, if there's an audience, there are advertisers that want to reach them, and the fact that there's not that interest right now is sort of a telling sign.