From the heart where innovation, money and power Collie in Silicon Valley, Nbon. This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.

From the heart where innovation, money and power Collie in Silicon Valley, Nbon. This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.

And Karine Hyde at Bloomgg's Worlds headquarters in New York, Man.

And Karine Hyde at Bloomgg's Worlds headquarters in New York, Man.

I'm Tim Stanevek in for Ed Ludlow. This is Bloomberg Technology.

I'm Tim Stanevek in for Ed Ludlow. This is Bloomberg Technology.

Coming up full reaction to Tesla's shareholder meeting as the majority do back Musk's fifty six billion dollar pay package.

Coming up full reaction to Tesla's shareholder meeting as the majority do back Musk's fifty six billion dollar pay package.

Well, it's Adobe share surging on the company's sales out look, how is AI driving demand?

Well, it's Adobe share surging on the company's sales out look, how is AI driving demand?

And we head to the G seven meeting in Italy as the Pope one's on artificial intelligence. But first let's checking on these markets. And it's a day where some lackluster economic data here in the US when it comes to consumer sentiment really dials in and wratchets up some of the risk on risk off concerns that we've got happening in Europe at the moment as we worry about the French political situation. Now as that flat we're holding up relatively well, just down by some three points. The S and P five hundred and fared a little bit worse, and we're seeing the cat forty absolutely slump at the moment. I'm a shame there can't bring you a percentage number on it. But in fact, we've wiped out about two hundred billion dollars worth of market capitalization throughout the week in France. That's basically the size of the Greek economy all gone. Why because we are worrying about the political situation about Macron, about what that might mean for France even in the EU. A lot being dissected in Europe at the moment, and indeed in the tic situation there too. I'm looking at euro just off by five tens of percent almost. Let's move on and have a look what's happening in the cryptosphere though, because look, it's not risk off everywhere, and actually we're seeing Bitcoin managing to steady at about four tens percent higher, small moves for a relatively volatile asset class, but we're still only at sixty nine hundred and thirty seven. Maybe a bit of a dial back in what has been never ending money moving into some of these ETFs. But tim what are you watching.

And we head to the G seven meeting in Italy as the Pope one's on artificial intelligence. But first let's checking on these markets. And it's a day where some lackluster economic data here in the US when it comes to consumer sentiment really dials in and wratchets up some of the risk on risk off concerns that we've got happening in Europe at the moment as we worry about the French political situation. Now as that flat we're holding up relatively well, just down by some three points. The S and P five hundred and fared a little bit worse, and we're seeing the cat forty absolutely slump at the moment. I'm a shame there can't bring you a percentage number on it. But in fact, we've wiped out about two hundred billion dollars worth of market capitalization throughout the week in France. That's basically the size of the Greek economy all gone. Why because we are worrying about the political situation about Macron, about what that might mean for France even in the EU. A lot being dissected in Europe at the moment, and indeed in the tic situation there too. I'm looking at euro just off by five tens of percent almost. Let's move on and have a look what's happening in the cryptosphere though, because look, it's not risk off everywhere, and actually we're seeing Bitcoin managing to steady at about four tens percent higher, small moves for a relatively volatile asset class, but we're still only at sixty nine hundred and thirty seven. Maybe a bit of a dial back in what has been never ending money moving into some of these ETFs. But tim what are you watching.

I'm watching shares of Adobe and there is no dial back going on it there. Look at the shares having their best day going all the way back to twenty twenty. This after the company did report earnings after the belt yesterday that said that they beat on the top line, they beat on the bottom line. They raised their profit forecast for the fiscal year as well. But it's this one metric that has everybody really excited. Digital Media net new annual recurring revenue projections for that part of the business did come in above estimates for their current quarter. We're going to have much more on Adobe coming up a little later in the program, and I do also want to check in on what's going on with shares of Tesla today because it is the day after that shareholder meeting and it is official that fifty six billion dollars pay package was approved by shareholders. We also saw the company shareholders vote on approving in corporation to the state of Texas from Delaware. That move actually already happening according to paperwork filed after the meeting. Also some board news coming out of the meeting. We saw Elon Musk's little brother, Kimball Musk, get reelected to the board James Murdoch as well. Still shares of Tech lower on the day today and down about twenty eight percent so far this year. Well, earlier today we heard from Ark invest Tasha Kini on that pay package.

I'm watching shares of Adobe and there is no dial back going on it there. Look at the shares having their best day going all the way back to twenty twenty. This after the company did report earnings after the belt yesterday that said that they beat on the top line, they beat on the bottom line. They raised their profit forecast for the fiscal year as well. But it's this one metric that has everybody really excited. Digital Media net new annual recurring revenue projections for that part of the business did come in above estimates for their current quarter. We're going to have much more on Adobe coming up a little later in the program, and I do also want to check in on what's going on with shares of Tesla today because it is the day after that shareholder meeting and it is official that fifty six billion dollars pay package was approved by shareholders. We also saw the company shareholders vote on approving in corporation to the state of Texas from Delaware. That move actually already happening according to paperwork filed after the meeting. Also some board news coming out of the meeting. We saw Elon Musk's little brother, Kimball Musk, get reelected to the board James Murdoch as well. Still shares of Tech lower on the day today and down about twenty eight percent so far this year. Well, earlier today we heard from Ark invest Tasha Kini on that pay package.

You have to look at the Tesla results here, right, I mean, when you're talking about the pay package, that the stock has risen over one thousand percent over that time period. So he's really delivered shareholder value.

You have to look at the Tesla results here, right, I mean, when you're talking about the pay package, that the stock has risen over one thousand percent over that time period. So he's really delivered shareholder value.

And I'm again so excited.

And I'm again so excited.

For the future because we're really on the cusp.

For the future because we're really on the cusp.

Of autonomous driving today.

Of autonomous driving today.

For more, let's bring in at Bloomberg's mask Chaff guineas here in our studios in New York. So Max, I want to start with that pay package look largely symbolic. We've talked about this a lot over the last couple of weeks, but seventy two percent approval, I mean, it's showing that Elon Musk has the support of shareholders absolutely.

For more, let's bring in at Bloomberg's mask Chaff guineas here in our studios in New York. So Max, I want to start with that pay package look largely symbolic. We've talked about this a lot over the last couple of weeks, but seventy two percent approval, I mean, it's showing that Elon Musk has the support of shareholders absolutely.

We know we've talked about all the challenges, all the craziness around Elon Musk, and at the end of the day, the difference in this vote versus the one that happened in twenty eighteen just one percentage point.

We know we've talked about all the challenges, all the craziness around Elon Musk, and at the end of the day, the difference in this vote versus the one that happened in twenty eighteen just one percentage point.

So it doesn't.

So it doesn't.

Appear that Elon Musk has lost some huge constituency of support. I do think the conditions have changed to some extent, and there are the you know, the reasons for concern remain. But certainly this was a victory lab for Elon Musk and he acted like it.

Appear that Elon Musk has lost some huge constituency of support. I do think the conditions have changed to some extent, and there are the you know, the reasons for concern remain. But certainly this was a victory lab for Elon Musk and he acted like it.

Hot down, I love you guys, is how he jumped onto stage, the krescendos of calling out his name. Over All, he was being playful throughout the entire event as well. He was very on Elon.

Hot down, I love you guys, is how he jumped onto stage, the krescendos of calling out his name. Over All, he was being playful throughout the entire event as well. He was very on Elon.

Look, this is a company that has a huge retail shareholder base. Elon is a business celebrity, and the annual meetings are always sort of rock star affairs. But it was maybe a tiny bit looser, and you did feel like maybe that there had been some stress building up within the company and that was suddenly released yesterday afternoon.

Look, this is a company that has a huge retail shareholder base. Elon is a business celebrity, and the annual meetings are always sort of rock star affairs. But it was maybe a tiny bit looser, and you did feel like maybe that there had been some stress building up within the company and that was suddenly released yesterday afternoon.

Okay, relieving of stress. But then he went back to the bread and butter that is autonomous, back to robotics. I just want to go back to what Tasha Kini was saying over at Ark Invested a little bit earlier. Let's just listen to what she had to say about FSD. I think this could have.

Okay, relieving of stress. But then he went back to the bread and butter that is autonomous, back to robotics. I just want to go back to what Tasha Kini was saying over at Ark Invested a little bit earlier. Let's just listen to what she had to say about FSD. I think this could have.

A very attractive margins, higher margins than the the current business model today which is mainly selling vehicles.

A very attractive margins, higher margins than the the current business model today which is mainly selling vehicles.

Okay, so is it reality?

Okay, so is it reality?

Well, I mean we heard and we heard Elon Musk echo this and in fact bring up Arc invest over and over again in that presentation. They just put out a huge, you know, prediction for their valuation. Elon Musk really likes it.

Well, I mean we heard and we heard Elon Musk echo this and in fact bring up Arc invest over and over again in that presentation. They just put out a huge, you know, prediction for their valuation. Elon Musk really likes it.

I think, yeah, I.

I think, yeah, I.

Think there is a question of what is reality. I suppose, you know, on one hand, Elon Musk going to say, Tesla fans bulls are going to say, we have the best driver assistance system on the market, and if you just follow the straight line, Elon Musk said this, if you just look at the trends towards autonomy, we're going to get there. On the other hand, there is no robotaxi today and there really is no way to get a robotaxi in the way that most people understand that word anytime soon. It's going to require massive regulatory overhaul and tons of technological breakthroughs that frankly are not there yet. And Elon Musk is counting on both of those things happening now. You know, who knows he has achieved a lot in his career, but this is a huge jump.

Think there is a question of what is reality. I suppose, you know, on one hand, Elon Musk going to say, Tesla fans bulls are going to say, we have the best driver assistance system on the market, and if you just follow the straight line, Elon Musk said this, if you just look at the trends towards autonomy, we're going to get there. On the other hand, there is no robotaxi today and there really is no way to get a robotaxi in the way that most people understand that word anytime soon. It's going to require massive regulatory overhaul and tons of technological breakthroughs that frankly are not there yet. And Elon Musk is counting on both of those things happening now. You know, who knows he has achieved a lot in his career, but this is a huge jump.

He referred to.

He referred to.

You know, we're not just writing a new chapter we're starting a new book, and look, starting a new book that is a challenge, that is not a given, and it is going to be a real trial for Tesla going forward.

You know, we're not just writing a new chapter we're starting a new book, and look, starting a new book that is a challenge, that is not a given, and it is going to be a real trial for Tesla going forward.

I'm wondering about new vehicles. In that book, there was this little tease where there were sort of silhouettes of vehicles under white sheets, and image of that appeared. I think one of those vehicles is in fact a very cheap EV that could compete globally with those ten thousand dollars Chinese evs.

I'm wondering about new vehicles. In that book, there was this little tease where there were sort of silhouettes of vehicles under white sheets, and image of that appeared. I think one of those vehicles is in fact a very cheap EV that could compete globally with those ten thousand dollars Chinese evs.

I mean, that is certainly what Tesla's investors, at least some investors would like to hear. And we saw kind of a panic earlier in the year when it appeared that Elon Musk was backing away from that. I don't think we should look at that slide and say that Elon Musk has a you know, twenty five thousand dollars EV in the near term. He brought this up in all sorts of ways. He talked about how hard it is to get to affordability, how difficult the car business is, and you know, of course he talked on and on and on about robotaxis. For him, I think at least right now, the affordable Tesla is the model three. He talked about how cheap it is with all their incentives with the when you consider the cost of gas and so on, and where they're really pushing towards is robotaxis and of course Optimists, which if you think a robotaxi is a fanciable product, you know optimis is you know.

I mean, that is certainly what Tesla's investors, at least some investors would like to hear. And we saw kind of a panic earlier in the year when it appeared that Elon Musk was backing away from that. I don't think we should look at that slide and say that Elon Musk has a you know, twenty five thousand dollars EV in the near term. He brought this up in all sorts of ways. He talked about how hard it is to get to affordability, how difficult the car business is, and you know, of course he talked on and on and on about robotaxis. For him, I think at least right now, the affordable Tesla is the model three. He talked about how cheap it is with all their incentives with the when you consider the cost of gas and so on, and where they're really pushing towards is robotaxis and of course Optimists, which if you think a robotaxi is a fanciable product, you know optimis is you know.

Sci fi or something sci fi? Well, he's pretty good at sci fi. Overall, we thank you Max Trafckin, absolutely brilliant to have you here to talk about some of the light moments within what is, of course was that AGM, but there were some serious moments and one of them was being voiced by Kristin Hull, CEO of Near Impact Capital, who was a co fighter of Proposal eight. Regarding and your reporting on anti harassment and discrimination efforts over at Tesla and Kristin, you're a renowned sort of activist investor. You go out there wanting to make impact. When you see this ultimate referendum endorsing Elon Musk and his board, do you feel you're having the impact?

Sci fi or something sci fi? Well, he's pretty good at sci fi. Overall, we thank you Max Trafckin, absolutely brilliant to have you here to talk about some of the light moments within what is, of course was that AGM, but there were some serious moments and one of them was being voiced by Kristin Hull, CEO of Near Impact Capital, who was a co fighter of Proposal eight. Regarding and your reporting on anti harassment and discrimination efforts over at Tesla and Kristin, you're a renowned sort of activist investor. You go out there wanting to make impact. When you see this ultimate referendum endorsing Elon Musk and his board, do you feel you're having the impact?

Hello On, thanks for having me today. You know this is a good question because we're here for the long game. We had been long term investors in Tesla, and we certainly see the promise both of the AI of the robotics, but certainly about revolutionary the entire automobile industry. And yet being at the meeting yesterday had us concerned about where investors are with this company.

Hello On, thanks for having me today. You know this is a good question because we're here for the long game. We had been long term investors in Tesla, and we certainly see the promise both of the AI of the robotics, but certainly about revolutionary the entire automobile industry. And yet being at the meeting yesterday had us concerned about where investors are with this company.

That proposal AD that Caroline just mentioned was voted down by shareholders yesterday. So I'm wondering where you go from here, given that you were one of the sponsors, one of the ones who brought that to the attention of shareholders. What's your next move, Kristen.

That proposal AD that Caroline just mentioned was voted down by shareholders yesterday. So I'm wondering where you go from here, given that you were one of the sponsors, one of the ones who brought that to the attention of shareholders. What's your next move, Kristen.

We know we don't have the numbers yet, and so I'll be really curious to see how many of the investors actually did support the board doing a report looking into how much the company is spending on discrimination and harassment issues. Of course, for this company, Elan said himself several times. You know, he is a pathological optimist. And to be that optimist and to get to the dreams and the promises he made to shareholders, he's need to have some really tough talent at that company. So to be able to hire and retain that top talent, they're going to need to spend some money and some time and attention on human capital management.

We know we don't have the numbers yet, and so I'll be really curious to see how many of the investors actually did support the board doing a report looking into how much the company is spending on discrimination and harassment issues. Of course, for this company, Elan said himself several times. You know, he is a pathological optimist. And to be that optimist and to get to the dreams and the promises he made to shareholders, he's need to have some really tough talent at that company. So to be able to hire and retain that top talent, they're going to need to spend some money and some time and attention on human capital management.

You say within that speech that you gave yesterday, you worry about the human capital management, the workforce management. Year over year, you're saying more harassment and discrimination allegations have emerged with few visible changes to Tesla's people management policies or practices. And in fact, Kristin, I just want to add to the fact that this comes in a context where we're not just talking about this with one company of Elon Musks. We're talking about it with others, just SpaceX and fired engineers there this week finding a lawsuit against Elon Musks for sexual harassment and for retaliation over in California. Kristin, how much is this a worry? Do you think?

You say within that speech that you gave yesterday, you worry about the human capital management, the workforce management. Year over year, you're saying more harassment and discrimination allegations have emerged with few visible changes to Tesla's people management policies or practices. And in fact, Kristin, I just want to add to the fact that this comes in a context where we're not just talking about this with one company of Elon Musks. We're talking about it with others, just SpaceX and fired engineers there this week finding a lawsuit against Elon Musks for sexual harassment and for retaliation over in California. Kristin, how much is this a worry? Do you think?

More broadly, this is a significant concern. There are thousands of employees that are coming forward. And this is, as you mentioned, this isn't across one company. You know, he is the leader of several companies. And he also said that they're writing a new book. Writing a new book is going to need a full time author, and when this author has so many cases of discrimination and harassment, investors can be concerned.

More broadly, this is a significant concern. There are thousands of employees that are coming forward. And this is, as you mentioned, this isn't across one company. You know, he is the leader of several companies. And he also said that they're writing a new book. Writing a new book is going to need a full time author, and when this author has so many cases of discrimination and harassment, investors can be concerned.

Can I just ask you to articulate you said thousands of employees are coming forward. Where is that data for all audience? Perhaps on seeing the thousands, but a hearing of the eight engineer here and the.

Can I just ask you to articulate you said thousands of employees are coming forward. Where is that data for all audience? Perhaps on seeing the thousands, but a hearing of the eight engineer here and the.

Likes that's right.

Likes that's right.

So TESLA is still using for s arbitration, which does silence. It's a concealment mechanism where many of the employees are silenced and are not able to bring to suit. However, many have gone to the State of California and now the State of California is suing Tesla for racial discrimination based on thousands of reports coming to the state.

So TESLA is still using for s arbitration, which does silence. It's a concealment mechanism where many of the employees are silenced and are not able to bring to suit. However, many have gone to the State of California and now the State of California is suing Tesla for racial discrimination based on thousands of reports coming to the state.

Some folks out there do argue that the idea of talent moving between companies is a benefit for Elon Musk. Check out what Tasha Kini said a little earlier on Bloomberg Surveillance.

Some folks out there do argue that the idea of talent moving between companies is a benefit for Elon Musk. Check out what Tasha Kini said a little earlier on Bloomberg Surveillance.

Kristen, it's great for talent acquisition. We've seen employees move in between his companies. You know, if you're the top AAI engineer in the world, you're not going to get bored working for Elon Musk.

Kristen, it's great for talent acquisition. We've seen employees move in between his companies. You know, if you're the top AAI engineer in the world, you're not going to get bored working for Elon Musk.

Again, Tasha Kiney of ARC invest earlier on Bloomberg Surveillance, Kristin, what do you make of what she said? Is there any indication to you that it's not beneficial for these employees to move between companies. That the idea of employees going from Neurolink to SpaceX to Tesla has not been a boon for the companies.

Again, Tasha Kiney of ARC invest earlier on Bloomberg Surveillance, Kristin, what do you make of what she said? Is there any indication to you that it's not beneficial for these employees to move between companies. That the idea of employees going from Neurolink to SpaceX to Tesla has not been a boon for the companies.

You know, I don't mind the cross pollination. Certainly, we want talent and we want well rounded employees. And yet what we're talking about here are sexual harassment and racial discrimination, and those employees are not moving from one company to another. Those are actually being boxed out and so their talent isn't rising to the top and they're not able to bring their full selves to the workforce. And that's where we're having issues because as we know, Tesla's been out in front for quite some time. However, much of the industry is poised to catch up and they this talent is moving to other other companies within the industry.

You know, I don't mind the cross pollination. Certainly, we want talent and we want well rounded employees. And yet what we're talking about here are sexual harassment and racial discrimination, and those employees are not moving from one company to another. Those are actually being boxed out and so their talent isn't rising to the top and they're not able to bring their full selves to the workforce. And that's where we're having issues because as we know, Tesla's been out in front for quite some time. However, much of the industry is poised to catch up and they this talent is moving to other other companies within the industry.

Christ And when you were on the program back in November with that in Caroline, you said you wanted to see Elon Musk step down. Do you still at least at Tesla, do you still want to see that?

Christ And when you were on the program back in November with that in Caroline, you said you wanted to see Elon Musk step down. Do you still at least at Tesla, do you still want to see that?

So where we're going with this is that we are looking for the board to put in management that really works. And so we saw yesterday at the shareholder meeting there's a lot of shareholders that really do love the CEO despite his shortcomings, So if we could manage around that. You know, there's no perfect CEO, and yet we do know that leadership comes from the top, and so we would like to see him either really recognize where the human capital management is missing and put that in place, or possibly go on to other projects.

So where we're going with this is that we are looking for the board to put in management that really works. And so we saw yesterday at the shareholder meeting there's a lot of shareholders that really do love the CEO despite his shortcomings, So if we could manage around that. You know, there's no perfect CEO, and yet we do know that leadership comes from the top, and so we would like to see him either really recognize where the human capital management is missing and put that in place, or possibly go on to other projects.

And Christen for those that yes voice that there's been a capital market capitalization erosion in the last six months, but ultimately back elon because he has contributed so much value to this business and ultimately to the US economy. Where do you go with the articulation of talent and money here?

And Christen for those that yes voice that there's been a capital market capitalization erosion in the last six months, but ultimately back elon because he has contributed so much value to this business and ultimately to the US economy. Where do you go with the articulation of talent and money here?

So he's a clear leader, right and in fact, some would say, given yesterday's following, that he's a guru, and many were attesting their love for this CEO. So no one can argue that Tesla has completely disrupted the automobile industry as we know it, particularly with the battery play and then really moving things off great as far as electrifying our economy. We want to give him that credit. And there's so much potential at this company that can be realized when we know that they are hiring top talent employees and that they can keep them, so we really are mindful that we want to see them working toward a place where discrimination, harassment don't happen at Tesla.

So he's a clear leader, right and in fact, some would say, given yesterday's following, that he's a guru, and many were attesting their love for this CEO. So no one can argue that Tesla has completely disrupted the automobile industry as we know it, particularly with the battery play and then really moving things off great as far as electrifying our economy. We want to give him that credit. And there's so much potential at this company that can be realized when we know that they are hiring top talent employees and that they can keep them, so we really are mindful that we want to see them working toward a place where discrimination, harassment don't happen at Tesla.

Kristin really appreciate you coming on and joining us post shareholder meeting. Kristin Hole of NIA Impact Capital, thanks so much. Was posting their biggest gain in more than four years after the company projected strong future sales for its creative products, suggesting customers are adopting the company's new AI based tools. Joining us now for more is Bloomberg's Brody Ford Brody? Is that a sigh of relief? I hear from investors saying, Okay, we're not as concerned as we thought we should be about competition from these upstarts and established organizations. Adobe is doing okay.

Kristin really appreciate you coming on and joining us post shareholder meeting. Kristin Hole of NIA Impact Capital, thanks so much. Was posting their biggest gain in more than four years after the company projected strong future sales for its creative products, suggesting customers are adopting the company's new AI based tools. Joining us now for more is Bloomberg's Brody Ford Brody? Is that a sigh of relief? I hear from investors saying, Okay, we're not as concerned as we thought we should be about competition from these upstarts and established organizations. Adobe is doing okay.

Yeah.

Yeah.

The question for.

The question for.

Our software in recent weeks has been are you an AI winner or an AI loser? And investors have whipsad on Adobe. I mean, I think they were down like twenty five percent on the year before the results, but yesterday evening they pretty much showed that, hey, people are sticking with our platform and they are beginning to pay for these AI tools. I mean, they introduce their family of models that have now been used nine billion times, right, I mean, it's not a ton of money from AI yet, but the indicators here are looking much better thanpated.

Our software in recent weeks has been are you an AI winner or an AI loser? And investors have whipsad on Adobe. I mean, I think they were down like twenty five percent on the year before the results, but yesterday evening they pretty much showed that, hey, people are sticking with our platform and they are beginning to pay for these AI tools. I mean, they introduce their family of models that have now been used nine billion times, right, I mean, it's not a ton of money from AI yet, but the indicators here are looking much better thanpated.

Still notable, though Adobe is still off by more than twelve percent year today. As you said, they've been under pressure coming into this. I'm looking at alyst recommendations thirty five say by, and in fact the price target is still well above where we're currently training. They see going out to about six hundred and thirteen by in the next twelve months. What gets us hed, Crody? What more proof do we need that they're able to generate revenue?

Still notable, though Adobe is still off by more than twelve percent year today. As you said, they've been under pressure coming into this. I'm looking at alyst recommendations thirty five say by, and in fact the price target is still well above where we're currently training. They see going out to about six hundred and thirteen by in the next twelve months. What gets us hed, Crody? What more proof do we need that they're able to generate revenue?

Well, So much investment in AI right now, as you all have reported, is in the hardware, in the infrastructure. At some point there have to be application uses for all this AI investment or it's you know, why were we doing it? The hope is that Adobe is one of those companies that has Photoshop, Illustrator, these applications used by millions of people, and that once folks are ready to start paying for AI, it's going to go to a company like a Dome. Of course, it could also go to a company like Canba, and that's where the barecase is Brody.

Well, So much investment in AI right now, as you all have reported, is in the hardware, in the infrastructure. At some point there have to be application uses for all this AI investment or it's you know, why were we doing it? The hope is that Adobe is one of those companies that has Photoshop, Illustrator, these applications used by millions of people, and that once folks are ready to start paying for AI, it's going to go to a company like a Dome. Of course, it could also go to a company like Canba, and that's where the barecase is Brody.

How important are these safeguards when it comes to copyright to Adobe's business. Is this the moat that Adobe has the idea that if you use its tools to generate images, those are quote unquote commercially safe.

How important are these safeguards when it comes to copyright to Adobe's business. Is this the moat that Adobe has the idea that if you use its tools to generate images, those are quote unquote commercially safe.

It certainly helps so, right, I mean that's a big part of their argument that hey, if you go use mid Journey, if you go use DOLLI, you might get sued and your SISO is going to be mad at you.

It certainly helps so, right, I mean that's a big part of their argument that hey, if you go use mid Journey, if you go use DOLLI, you might get sued and your SISO is going to be mad at you.

Right.

Right.

I think that whether or not folks are going to only stick with Adobe for this copyright concept, it's yet to be seen. I think what's a more compelling argument is that Adobe already has the applications we all know how to use. I mean, am I going to go learn a whole new program based on AI or am I going to click the new button in Photoshop that's going to help me generate something and it's not really disruptive to how I already did my work. To me and to many investors, that's the really compelling argument.

I think that whether or not folks are going to only stick with Adobe for this copyright concept, it's yet to be seen. I think what's a more compelling argument is that Adobe already has the applications we all know how to use. I mean, am I going to go learn a whole new program based on AI or am I going to click the new button in Photoshop that's going to help me generate something and it's not really disruptive to how I already did my work. To me and to many investors, that's the really compelling argument.

They have laziness love it ready for also.

They have laziness love it ready for also.

Precipses that I know how to use Photoshop with.

Precipses that I know how to use Photoshop with.

A I'm sure you could dust off some of those. Brody Ford will show us we.

A I'm sure you could dust off some of those. Brody Ford will show us we.

Ban c you.

Ban c you.

Meanwhile, coming up we head out to the G seven in Italy that the Pope has been urging world leaders to be cautious on artificial intelligence over there, Tim.

Meanwhile, coming up we head out to the G seven in Italy that the Pope has been urging world leaders to be cautious on artificial intelligence over there, Tim.

Yeah, and you're certainly watching shares of Vodaphone this morning, Caroline, because there's some news coming out of the UK.

Yeah, and you're certainly watching shares of Vodaphone this morning, Caroline, because there's some news coming out of the UK.

Yeah, keep keen eye on photophone. Telecom company look at selling off stakes in companies and stakes around the world that haven't been particularly optimal for them. This time, they're looking to sell an entire stake in an Indian tower company in block trades. We think it's going to happen as soon as next week. Could fetch up to two billion dollars Apple quarter percent for the UK Listic company is a bilybod technology time now for tech first Up, open ai has appointed retired US Army General Paul Lakasoni to hiss Bard of Directors now. Makasoni formerly led the National Security Agency and will join open AI's Safety and Security committee. That's as the company is looking to bolster at cybersecurity efforts to protect its technology. Meanwhile, recent documents reveal that London hospitals, well, they've known for years about a weakness that left them vulnerable to a recent cyber hack. Now Guy and St Thomas's NHS Foundation failed to meet UK Health Service data security standards, and it even acknowledged as recently as April that quote cybersecurity remained a high risk and Microsoft will it faced a public grilling on Capitol Hill because President Bradsmith was facing questions from the House Homeland Security Committee related to two reports that Microsoft failed to protect government emails when getting into the hands of Chinese hackers. Now, the tech giant pledged that it would overhaul its cyber defenses in response to the recent lapses.

Yeah, keep keen eye on photophone. Telecom company look at selling off stakes in companies and stakes around the world that haven't been particularly optimal for them. This time, they're looking to sell an entire stake in an Indian tower company in block trades. We think it's going to happen as soon as next week. Could fetch up to two billion dollars Apple quarter percent for the UK Listic company is a bilybod technology time now for tech first Up, open ai has appointed retired US Army General Paul Lakasoni to hiss Bard of Directors now. Makasoni formerly led the National Security Agency and will join open AI's Safety and Security committee. That's as the company is looking to bolster at cybersecurity efforts to protect its technology. Meanwhile, recent documents reveal that London hospitals, well, they've known for years about a weakness that left them vulnerable to a recent cyber hack. Now Guy and St Thomas's NHS Foundation failed to meet UK Health Service data security standards, and it even acknowledged as recently as April that quote cybersecurity remained a high risk and Microsoft will it faced a public grilling on Capitol Hill because President Bradsmith was facing questions from the House Homeland Security Committee related to two reports that Microsoft failed to protect government emails when getting into the hands of Chinese hackers. Now, the tech giant pledged that it would overhaul its cyber defenses in response to the recent lapses.

Teim Now talking of political discussions around technology, one has been underway at the G seven summit, with Proud a surprising voice to many. The Pope arrived at the conference today and expressed his concerns about AI. Bloomberg's Ari Hordern joins us with more from Italy. Right now, Henri Pope Francis becomes the first Pope to address the Group of Seven. What can you tell us about what he warned when it comes to AI?

Teim Now talking of political discussions around technology, one has been underway at the G seven summit, with Proud a surprising voice to many. The Pope arrived at the conference today and expressed his concerns about AI. Bloomberg's Ari Hordern joins us with more from Italy. Right now, Henri Pope Francis becomes the first Pope to address the Group of Seven. What can you tell us about what he warned when it comes to AI?

Well, a lot of fanfare around the Pope given the fact he's the first pontiff to ever address the G seven. Here in the southern Italy, in the region of Pulia, and it comes on the heels of the Pope calling for a treaty to regulate AI. He himself has been victim of AI generated imagers. So this is what he had to say to the leaders around the table.

Well, a lot of fanfare around the Pope given the fact he's the first pontiff to ever address the G seven. Here in the southern Italy, in the region of Pulia, and it comes on the heels of the Pope calling for a treaty to regulate AI. He himself has been victim of AI generated imagers. So this is what he had to say to the leaders around the table.

He said, AI is fascinating and terrible.

He said, AI is fascinating and terrible.

He talked about the fact that his first and foremost an instrument, but the benefits or negative consequences will depend on how it is used and how it is deployed. So we really wanted to make this case to G seven world leaders and what we know given the draft communicate that only Bloomberg has seen eyes on right now and the leader we'll release it later this evening. Is this they are going to say, they recognize the impact of AI and the military domain and the need for a framework for responsible development and use. We encourage more states to do so to ensure that military use of AI is responsibly responsible, complies with applicable international law, and enhances intentional security. The only real deliverable though we are getting, even though there's lots of talk about AI today at the second day of the G seventh summit, is really that they're just going to coordinate more together. But potentially this sets up potentially more work and what the Pope is calling for and has called for in the past, a global treaty.

He talked about the fact that his first and foremost an instrument, but the benefits or negative consequences will depend on how it is used and how it is deployed. So we really wanted to make this case to G seven world leaders and what we know given the draft communicate that only Bloomberg has seen eyes on right now and the leader we'll release it later this evening. Is this they are going to say, they recognize the impact of AI and the military domain and the need for a framework for responsible development and use. We encourage more states to do so to ensure that military use of AI is responsibly responsible, complies with applicable international law, and enhances intentional security. The only real deliverable though we are getting, even though there's lots of talk about AI today at the second day of the G seventh summit, is really that they're just going to coordinate more together. But potentially this sets up potentially more work and what the Pope is calling for and has called for in the past, a global treaty.

They're good at talking, and the policymaking sometimes a little slower, unless, of course, you're in the EU. I'm really talking of the EU. Much anxiety around France. I mean the markets selling off hard today and Macron was there anything regarding the French economy. I mean for us it's important from technology, but for everywhere else it's political.

They're good at talking, and the policymaking sometimes a little slower, unless, of course, you're in the EU. I'm really talking of the EU. Much anxiety around France. I mean the markets selling off hard today and Macron was there anything regarding the French economy. I mean for us it's important from technology, but for everywhere else it's political.

If you think Manuel MalCon had a bad day yesterday, he had a worse day waking up today after the news last night that these left wing parties are going to form a coalition in a block and they're coming out and talking about a manifesto and what they would do in terms of some of the reforms Emmanuel Macon has wanted to put in place and has been working on with the French economy. They're talking about lifting wages, they're talking about going back to a lower retirement age. You heard from the French finance minister today talking to local radio stations and friends. Really they're talking about how this is going to be very challenging, not just for the French economy. But this is going to be challenging for Emmanuel Macon. He's really going to be hit now when it comes from the left and the right squeezing him and he might have to pick someone from this left coalition to be his prime minister. And he came into this G seven really a weekend leader.

If you think Manuel MalCon had a bad day yesterday, he had a worse day waking up today after the news last night that these left wing parties are going to form a coalition in a block and they're coming out and talking about a manifesto and what they would do in terms of some of the reforms Emmanuel Macon has wanted to put in place and has been working on with the French economy. They're talking about lifting wages, they're talking about going back to a lower retirement age. You heard from the French finance minister today talking to local radio stations and friends. Really they're talking about how this is going to be very challenging, not just for the French economy. But this is going to be challenging for Emmanuel Macon. He's really going to be hit now when it comes from the left and the right squeezing him and he might have to pick someone from this left coalition to be his prime minister. And he came into this G seven really a weekend leader.

Amri Hoden, We thank you so much for coming live to us from Italy. Welcome back to bluemod Technology.

Amri Hoden, We thank you so much for coming live to us from Italy. Welcome back to bluemod Technology.

I'm Caroline Hyde and I'm Tim standerbeck in for a lad though.

I'm Caroline Hyde and I'm Tim standerbeck in for a lad though.

Meanwhile there you are on cam. Oh, let's just do a quick check on these markets, tens, because we're actually managing to bounce off of our lows, and it's that one hundred now gaining about a tenth of percent high. That the broader NAZAC index is still underwater by a tenth per percent. We're trying to digest and consumer sentiment that well falls again rather surprising the market inflation pressure store there for a consumer woes. Politically speaking, over in France, the market's just shut. We're down by two point seven percent on the CAC forty look not as low as it had been earlier in the training day. But this is an index that's wiped out tens of billions of dollars, the same a size as the economy of Greece over the course of the week because the political instability. Bitcoin though on a little bit by three ten percent, it's six eight hundred and ninety nine.

Meanwhile there you are on cam. Oh, let's just do a quick check on these markets, tens, because we're actually managing to bounce off of our lows, and it's that one hundred now gaining about a tenth of percent high. That the broader NAZAC index is still underwater by a tenth per percent. We're trying to digest and consumer sentiment that well falls again rather surprising the market inflation pressure store there for a consumer woes. Politically speaking, over in France, the market's just shut. We're down by two point seven percent on the CAC forty look not as low as it had been earlier in the training day. But this is an index that's wiped out tens of billions of dollars, the same a size as the economy of Greece over the course of the week because the political instability. Bitcoin though on a little bit by three ten percent, it's six eight hundred and ninety nine.

Move on.

Move on.

See how we're training on individual names this morning. And Adobe, I mean you've called it out time and time again. Tim absolute phenomenal move fourteen percent higher, best day since twenty twenty. We liked the adoption of Adobe AI products in the earnings. Tesla though perhaps rallies into the AGM and then falls after it after the relief that is Elon Musk getting the backing of shareholders. More broadly, maybe he won't be jumping ship and doing AI elsewhere anytime soon. We're down by one point seven percent, though after we digest also the Tesla moving to Texas for its corporate headquarters. We understand on semi interesting, off by more than four percent. This seminar conductor company. I mean a few woes. They're consolidating in terms of whether fabs are going to be but they're notably having to let go of some people about one thousand people overall, we're off by four percentage points. But we want to talk about another key corporate company, still private, but one that you might know and use well. All Eyes on Health, fun Tech and Apple's latest watch announcements of course came earlier in the week, but here's another company in the space that's seeing real momentum or a ring. We want to bring in the CEO, Tom Hale, because well, you've got some really strong numbers for us. How many people have been buying these rings? Who are buying these rings?

See how we're training on individual names this morning. And Adobe, I mean you've called it out time and time again. Tim absolute phenomenal move fourteen percent higher, best day since twenty twenty. We liked the adoption of Adobe AI products in the earnings. Tesla though perhaps rallies into the AGM and then falls after it after the relief that is Elon Musk getting the backing of shareholders. More broadly, maybe he won't be jumping ship and doing AI elsewhere anytime soon. We're down by one point seven percent, though after we digest also the Tesla moving to Texas for its corporate headquarters. We understand on semi interesting, off by more than four percent. This seminar conductor company. I mean a few woes. They're consolidating in terms of whether fabs are going to be but they're notably having to let go of some people about one thousand people overall, we're off by four percentage points. But we want to talk about another key corporate company, still private, but one that you might know and use well. All Eyes on Health, fun Tech and Apple's latest watch announcements of course came earlier in the week, but here's another company in the space that's seeing real momentum or a ring. We want to bring in the CEO, Tom Hale, because well, you've got some really strong numbers for us. How many people have been buying these rings? Who are buying these rings?

Tom, We're very proud today to announce that we've reached two point five million rings sold. We just hit that milestone a couple days ago. And the impact that we're having on millions of people's lives is I think just so inspiring for us.

Tom, We're very proud today to announce that we've reached two point five million rings sold. We just hit that milestone a couple days ago. And the impact that we're having on millions of people's lives is I think just so inspiring for us.

It's not just the high end.

It's not just the high end.

It's the CEOs and the people who are just getting their first job. It's men, it's women, it's old and young. It's people who are training for marathons, and people who are just trying to get out of bed today or managing a chronic illness. It's really amazing to see this movement taking off.

It's the CEOs and the people who are just getting their first job. It's men, it's women, it's old and young. It's people who are training for marathons, and people who are just trying to get out of bed today or managing a chronic illness. It's really amazing to see this movement taking off.

Dig a little is important.

Dig a little is important.

Tom dig A little deeper into the demographics here and help us understand in terms of men and women, the shift that you've seen who's buying the ring right now.

Tom dig A little deeper into the demographics here and help us understand in terms of men and women, the shift that you've seen who's buying the ring right now.

What's been most impressive to us over the last twelve months is this shift towards women. Women's health I think has been really a hot topic. I think there's a lot of history where women haven't been paid as much attention to by technology or the medical industry, and right now we're sort of hitting this sweet spot. In the last twelve months, we've seen our demographic shift dramatically towards women. Months ago, we were fifty five forty five male to female. Now we are almost sixty forty female to male. I think part of it it's a ring, but part of it is that women, I think, really have a real desire to take control of their health and we help them do that.

What's been most impressive to us over the last twelve months is this shift towards women. Women's health I think has been really a hot topic. I think there's a lot of history where women haven't been paid as much attention to by technology or the medical industry, and right now we're sort of hitting this sweet spot. In the last twelve months, we've seen our demographic shift dramatically towards women. Months ago, we were fifty five forty five male to female. Now we are almost sixty forty female to male. I think part of it it's a ring, but part of it is that women, I think, really have a real desire to take control of their health and we help them do that.

And Tom, actually the ring's working better for women now than when I originally purchased it. Like I was originally bored a ring by my husband because I wanted to be more aware of my own cycles, and initially it wasn't that great, But now it's actually really being incredibly predictive, and I'm interested from your perspective as to what you've done on the back end here, what DATAI using, How you able to interpret women's health that much better at the moment.

And Tom, actually the ring's working better for women now than when I originally purchased it. Like I was originally bored a ring by my husband because I wanted to be more aware of my own cycles, and initially it wasn't that great, But now it's actually really being incredibly predictive, and I'm interested from your perspective as to what you've done on the back end here, what DATAI using, How you able to interpret women's health that much better at the moment.

Well, so much of what's important to women is one where they are in their life. Are they at the beginning where they're worried about contraception or conception. Are they getting pregnant, are they in post post birth? Are they in perimenopause or menopause, that whole cycle. Actually, we've been investing in each one of those areas, most recently. The dynamic around temperature, which is one of the metrics that the or ring tracks, is really powerful for being predictive about a lot of things in a woman's life. It can predict when your cycle is going to come, what phase of your cycle in when you're maybe most fertile or maybe not fertile. It's a really powerful tool, and I think women really have welcomed the idea that they can have a lot of information, knowledge and education founded in the data of their own body.

Well, so much of what's important to women is one where they are in their life. Are they at the beginning where they're worried about contraception or conception. Are they getting pregnant, are they in post post birth? Are they in perimenopause or menopause, that whole cycle. Actually, we've been investing in each one of those areas, most recently. The dynamic around temperature, which is one of the metrics that the or ring tracks, is really powerful for being predictive about a lot of things in a woman's life. It can predict when your cycle is going to come, what phase of your cycle in when you're maybe most fertile or maybe not fertile. It's a really powerful tool, and I think women really have welcomed the idea that they can have a lot of information, knowledge and education founded in the data of their own body.

Hey, Tom, I think one thing that members have noticed is that you're able to add different measurements to the ring even after you buy it, without buying a new piece of hardware. For example, cardiovascular age was something I saw recently when I opened up the app as a new feature. There, what can you tell us about the product roadmap right now in terms of what new sensors will be turned on and what we can expect in the coming months and perhaps even year.

Hey, Tom, I think one thing that members have noticed is that you're able to add different measurements to the ring even after you buy it, without buying a new piece of hardware. For example, cardiovascular age was something I saw recently when I opened up the app as a new feature. There, what can you tell us about the product roadmap right now in terms of what new sensors will be turned on and what we can expect in the coming months and perhaps even year.

We've made a really lot of progress by investing in the software and activating the sensors that are already on your body. What's powerful about it is that it's collecting your data over a long period of time and looking for deviations in those data. So here's one example that's really interesting. We have a new feature. It's in beta.

We've made a really lot of progress by investing in the software and activating the sensors that are already on your body. What's powerful about it is that it's collecting your data over a long period of time and looking for deviations in those data. So here's one example that's really interesting. We have a new feature. It's in beta.

It's called symptom radar.

It's called symptom radar.

And what symptom radar does is two or three days before you actually get sick, it gives you signals that you might be getting sick and you might want to change your behavior, maybe you know, drink more fluids or take some rest, or try and avoid stress. And these kinds of features that are really more strictly speaking, health features as opposed to fitness features, are the kinds of things that people really find a ton of value. In cardiovascular age, honestly, it's motivated people dramatically if you learn that your cardiovascular system is older than it should be, older than you are with your chronological age. It really makes you get out of bed and work a little bit harder because you can see that metric move over time.

And what symptom radar does is two or three days before you actually get sick, it gives you signals that you might be getting sick and you might want to change your behavior, maybe you know, drink more fluids or take some rest, or try and avoid stress. And these kinds of features that are really more strictly speaking, health features as opposed to fitness features, are the kinds of things that people really find a ton of value. In cardiovascular age, honestly, it's motivated people dramatically if you learn that your cardiovascular system is older than it should be, older than you are with your chronological age. It really makes you get out of bed and work a little bit harder because you can see that metric move over time.

So, broadening the software.

So, broadening the software.

Solutions that we provide to people using the RING, we think is going to take us down the path of women's health, cardiovascular health, and I think ultimately when we want to look at all the things that are shortening people's lives, whether it's cardio, metabolic disease or other disease states that people are worried about or might cause some illness or death.

Solutions that we provide to people using the RING, we think is going to take us down the path of women's health, cardiovascular health, and I think ultimately when we want to look at all the things that are shortening people's lives, whether it's cardio, metabolic disease or other disease states that people are worried about or might cause some illness or death.

Well, your software company, and you're a hard way company, and you charge for both of them, what is the revenue breakdown right now between the software side and the hardware side? What portions of your overall yearly revenue comes from software now?

Well, your software company, and you're a hard way company, and you charge for both of them, what is the revenue breakdown right now between the software side and the hardware side? What portions of your overall yearly revenue comes from software now?

So we're pushing up on north to twenty percent is software revenue. And this is a pretty significant milestone for us. We introduce a subscription business model in twenty twenty one, and we have more than tripled our active subscription base since then. The reason for this is that people are so engaged. I mean, of course it's your own data. It's your own body, it's your own health. People are really invested in this, but the reality is it's an incredibly sticky application. People consult it three times a day on average. Out of any seven day period, eighty percent of our customers are looking at it five of those seven days. The ratio of daily active users over monthly active users is on par with social media. It's just a lot healthier than social media. So this engagement has really driven the software side of our business and it's increasing.

So we're pushing up on north to twenty percent is software revenue. And this is a pretty significant milestone for us. We introduce a subscription business model in twenty twenty one, and we have more than tripled our active subscription base since then. The reason for this is that people are so engaged. I mean, of course it's your own data. It's your own body, it's your own health. People are really invested in this, but the reality is it's an incredibly sticky application. People consult it three times a day on average. Out of any seven day period, eighty percent of our customers are looking at it five of those seven days. The ratio of daily active users over monthly active users is on par with social media. It's just a lot healthier than social media. So this engagement has really driven the software side of our business and it's increasing.

I just want to talk about engagement with your patents and IP and actually engagement with the courts a little bit, Tom, because we are seeing that actually you're pretty active when it comes to fighting for your own IP, and some companies feel that maybe they need you to make a preemptive strike. We've seen Samsung talking about launching a ring and ahead of it coming ready to the market, they've preemptively sued you because they're worried that you'd say that they've run a foul of some of your patents in some way, Tom, can you respond to the Samsung claims and indeed what you feel about trying to protect your IP?

I just want to talk about engagement with your patents and IP and actually engagement with the courts a little bit, Tom, because we are seeing that actually you're pretty active when it comes to fighting for your own IP, and some companies feel that maybe they need you to make a preemptive strike. We've seen Samsung talking about launching a ring and ahead of it coming ready to the market, they've preemptively sued you because they're worried that you'd say that they've run a foul of some of your patents in some way, Tom, can you respond to the Samsung claims and indeed what you feel about trying to protect your IP?

Well, I can't really comment broadly on active litigation. But here's what I can say.

Well, I can't really comment broadly on active litigation. But here's what I can say.

The law does not support.

The law does not support.

Samsung's position here, and quite frankly, we've already filed our motion to dismiss and I believe we're going.

Samsung's position here, and quite frankly, we've already filed our motion to dismiss and I believe we're going.

To prevail for a CEO. Tom, Hell, Tom, thanks for joining us. Really good to see you, and I just say I really.

To prevail for a CEO. Tom, Hell, Tom, thanks for joining us. Really good to see you, and I just say I really.

Loved the way. Also, when I have a glass of wine on a Friday or Saturday the next day, it says, don't worry about it. Everyone feels like these on a Saturday. Meanwhile, we've got you some break news and I just want to bring what's happening in Apple and the EU set for It's well, the first big tech company really to feel the ire of Europe under the new EU Digital law. We understand Brussels is set to charge Apple over allegedly stifling competition in its mobile app store. It's the first time that you regulators are really using these new digital rules the Digital Markets Act in particular to target a big tech company. Look not being factored in much the share price right now, but we're still off by some three tenths of a sentence.

Loved the way. Also, when I have a glass of wine on a Friday or Saturday the next day, it says, don't worry about it. Everyone feels like these on a Saturday. Meanwhile, we've got you some break news and I just want to bring what's happening in Apple and the EU set for It's well, the first big tech company really to feel the ire of Europe under the new EU Digital law. We understand Brussels is set to charge Apple over allegedly stifling competition in its mobile app store. It's the first time that you regulators are really using these new digital rules the Digital Markets Act in particular to target a big tech company. Look not being factored in much the share price right now, but we're still off by some three tenths of a sentence.

And well, of course, continue to bring you any developments or updates. Throughout the day on Bloomberg regarding this breaking news. Coming up, we are going to be joined by Carolyn Childers, the co founder and CEO of Chief, to talk about the state of women in leadership. This is Bloomberg.

And well, of course, continue to bring you any developments or updates. Throughout the day on Bloomberg regarding this breaking news. Coming up, we are going to be joined by Carolyn Childers, the co founder and CEO of Chief, to talk about the state of women in leadership. This is Bloomberg.

Let's talk about the c suite and diversity there. Women's representation in the C suite is actually fallen the first time in two decades, so latest from report, I have a non for profit fifty to fifty women on boards. Let's dive into why and actually a tech enabled solution as to how things might change a little. Karen Childers is with us, co founder and CEO of Chief. It's a network of senior women executives, in fact, the biggest network there is out there. And what's interesting is you're trying to shine a light on even if there is this DEI pushback audibly so coming from companies and boards. Maybe we're still seeing the work being done. But why are we seeing fewer women's on boards? For example?

Let's talk about the c suite and diversity there. Women's representation in the C suite is actually fallen the first time in two decades, so latest from report, I have a non for profit fifty to fifty women on boards. Let's dive into why and actually a tech enabled solution as to how things might change a little. Karen Childers is with us, co founder and CEO of Chief. It's a network of senior women executives, in fact, the biggest network there is out there. And what's interesting is you're trying to shine a light on even if there is this DEI pushback audibly so coming from companies and boards. Maybe we're still seeing the work being done. But why are we seeing fewer women's on boards? For example?

Yeah, we just recently published a study that talked about companies are still making the investment into diversity. Eighty percent of companies are still having the same, if not more investment into ensuring that they have great representation at all levels of leadership, but as you said, the numbers are not moving. So for the first time in over a decade, the number of women in the C suite has actually declined. And it's a number of factors which makes it so hard to find one silver bullet to actually change some of these representation numbers. It's everything from the glass cliff where women are so often put into positions where they're needing to do a turnaround of a business. It's everything from the real push to bring everybody back into the office, which we know has greater impact on women. And it's why something like Chief which is really focused on how do we give support and network in community to senior executive women to It's still going to be hard to be a senior executive, but at least it will be less lonely and be able to come together to really give each other support.

Yeah, we just recently published a study that talked about companies are still making the investment into diversity. Eighty percent of companies are still having the same, if not more investment into ensuring that they have great representation at all levels of leadership, but as you said, the numbers are not moving. So for the first time in over a decade, the number of women in the C suite has actually declined. And it's a number of factors which makes it so hard to find one silver bullet to actually change some of these representation numbers. It's everything from the glass cliff where women are so often put into positions where they're needing to do a turnaround of a business. It's everything from the real push to bring everybody back into the office, which we know has greater impact on women. And it's why something like Chief which is really focused on how do we give support and network in community to senior executive women to It's still going to be hard to be a senior executive, but at least it will be less lonely and be able to come together to really give each other support.

And let's talk about the support. You're offering sort of more customized membership packages here to ease some of the anxieties that each woman might have. Whether it's about executive coaching, maybe it's a little bit more about advisory, maybe it's about education once you're there in leadership, how do you it tune your to be the best leader you can be? How much you could be charging for this? How winning are women to spend on this?

And let's talk about the support. You're offering sort of more customized membership packages here to ease some of the anxieties that each woman might have. Whether it's about executive coaching, maybe it's a little bit more about advisory, maybe it's about education once you're there in leadership, how do you it tune your to be the best leader you can be? How much you could be charging for this? How winning are women to spend on this?

Yes, so we are largely sponsored by the companies, so the women go back into their organizations and get them to sponsor their membership into chief And if you think about what it costs to get a six month engagement with an executive coach, that can often be thirty thousand dollars for a senior executive. So our price points are anywhere from fifty nine hundred to up to eleven nine hundred for executive coaching. We started five years ago here in New York with just one hundred members. We've now grown to thousands of members across the US. And throughout that entire journey, we've been adapting as an organization to really understand what leaders need in this moment, and that changes every year from when we started to the pandemic, to all of the financial crises that we have seen, to the socioeconomic issues people are navigating. And so we recently just pivoted as a company to really give a number of different membership packages to our members that can really meet you where you are. So whether that is executive advisory where you meet with a peer group, your true peers that are going through everything that you're going through, to meet on a monthly basis, whether that be one on one coaching because there are times where you just need a little very focused time on you, or whether that be executive education specific things that you're looking to dive into.

Yes, so we are largely sponsored by the companies, so the women go back into their organizations and get them to sponsor their membership into chief And if you think about what it costs to get a six month engagement with an executive coach, that can often be thirty thousand dollars for a senior executive. So our price points are anywhere from fifty nine hundred to up to eleven nine hundred for executive coaching. We started five years ago here in New York with just one hundred members. We've now grown to thousands of members across the US. And throughout that entire journey, we've been adapting as an organization to really understand what leaders need in this moment, and that changes every year from when we started to the pandemic, to all of the financial crises that we have seen, to the socioeconomic issues people are navigating. And so we recently just pivoted as a company to really give a number of different membership packages to our members that can really meet you where you are. So whether that is executive advisory where you meet with a peer group, your true peers that are going through everything that you're going through, to meet on a monthly basis, whether that be one on one coaching because there are times where you just need a little very focused time on you, or whether that be executive education specific things that you're looking to dive into.

I'm wondering about the company sponsorship now, I'm in here. We're Bloomberg. We love numbers, we love the data. What happens if an individual who wants to join comes to you and says, you know, my company will not sponsor this. I need to go back to them with proof that this is a worthwhile investment, that it works. What data do you give them?

I'm wondering about the company sponsorship now, I'm in here. We're Bloomberg. We love numbers, we love the data. What happens if an individual who wants to join comes to you and says, you know, my company will not sponsor this. I need to go back to them with proof that this is a worthwhile investment, that it works. What data do you give them?

Yeah, there's a number of things that we look at. I think success metrics in something like this is hard because success is very different for every individual, and so we really look at how much does this really help change your leadership impact? How much do you believe you are a stronger, better leader because of your participation in chief? How much do you feel like you have built the connections that help you really navigate new areas that you need to look into. And those are the numbers that we give back to the organizations on top of the broader numbers of how important it is to drive diversity into your companies and what that does for you as an organization.

Yeah, there's a number of things that we look at. I think success metrics in something like this is hard because success is very different for every individual, and so we really look at how much does this really help change your leadership impact? How much do you believe you are a stronger, better leader because of your participation in chief? How much do you feel like you have built the connections that help you really navigate new areas that you need to look into. And those are the numbers that we give back to the organizations on top of the broader numbers of how important it is to drive diversity into your companies and what that does for you as an organization.

Okay, so talk numbers here in terms of companies that have not yet signed on, how will you get to one hundred percent participation within the Fortune one hundred, within the Fortune five hundred.

Okay, so talk numbers here in terms of companies that have not yet signed on, how will you get to one hundred percent participation within the Fortune one hundred, within the Fortune five hundred.

We actually have members in ten thousand different companies, So we actually have amazing sponsorship across all of these different organizations, and we continue to build those relationships again and again, but have already made a pretty significant impact into all of the different companies to be able to sponsor their members.

We actually have members in ten thousand different companies, So we actually have amazing sponsorship across all of these different organizations, and we continue to build those relationships again and again, but have already made a pretty significant impact into all of the different companies to be able to sponsor their members.

Have any companies pulled away as the pendulum on DEI is shifted.

Have any companies pulled away as the pendulum on DEI is shifted.

I think what we're seeing is that people are talking about the investment in DEI a lot less than they are actually pulling back on the investment.

I think what we're seeing is that people are talking about the investment in DEI a lot less than they are actually pulling back on the investment.

That's something that we noted. We did a whole show on it yesterday. I want to ask about your own capital. You raised a ton of money back in the heady days of twenty twenty two, and I wonder whether you need more. You have some big commitments from some very well known bench capitalists. But this is expensing opening club houses. You have a lot of them New York, Washington and the like, and indeed satisfying the needs of your membership.

That's something that we noted. We did a whole show on it yesterday. I want to ask about your own capital. You raised a ton of money back in the heady days of twenty twenty two, and I wonder whether you need more. You have some big commitments from some very well known bench capitalists. But this is expensing opening club houses. You have a lot of them New York, Washington and the like, and indeed satisfying the needs of your membership.

Yeah.

Yeah.

I think we are always wanting to continue to invest in our members and make sure that they are having the best experience in continuing to grow as leaders for Russell, a really strong business that doesn't need to go and raise capital.

I think we are always wanting to continue to invest in our members and make sure that they are having the best experience in continuing to grow as leaders for Russell, a really strong business that doesn't need to go and raise capital.

You're profitable.

You're profitable.

We are profitable.

We are profitable.

Yeah.

Yeah.

Yeah, to hear that, VCS very very cool.

Yeah, to hear that, VCS very very cool.

Maybe breaking a little news here tech Carolyn Childers, co founder and CEO of Chief, thanks so much for joining us today. Well, the highly anticipated launch of Ether ETFs could be coming as early as this summer, according to SEC chair Gary Gensler. Bloomberg's James Seyffert it joins us now with more James, how do you take Gensler's recent comments in terms of your own thinking when it comes to an actual launch date for these when will investors do you think have access to this at least according to Bloomberg Intelligence.

Maybe breaking a little news here tech Carolyn Childers, co founder and CEO of Chief, thanks so much for joining us today. Well, the highly anticipated launch of Ether ETFs could be coming as early as this summer, according to SEC chair Gary Gensler. Bloomberg's James Seyffert it joins us now with more James, how do you take Gensler's recent comments in terms of your own thinking when it comes to an actual launch date for these when will investors do you think have access to this at least according to Bloomberg Intelligence.

Yeah, I mean when these things were approved there was the end of May.

Yeah, I mean when these things were approved there was the end of May.

We basically said they'll be out probably by the end of the summer, possibly earlier, so our overall take has been.

We basically said they'll be out probably by the end of the summer, possibly earlier, so our overall take has been.

For a long time.

For a long time.

These things are likely to begin trading sometime this summer. We put the over under around the July fourth number. We thought it could happen by early July. There's a lot of overlap you can take from the launching of spot bitcoin ETFs and the launching of ethery and Futures ETFs. They had to go through like similar processes with these divisions at the SEC, so there is some new stuff here, specifically with spot Etheroryum. But we didn't think it would take as long as it took for spot Bitcoin, so just to put some number on it, Spot Bitcoin started in early October. They launched on January tenth, so that's a three month process, so we think it should take less than that. We think a lot of it is done, but based on what we're seeing right now, all these issuers submitted their documents for registration, this last step of the process to get these things approved by the SEC fully on May thirty first, and there hasn't been any movement as far as we can tell from the SEC.