From Bahart where Innovation, Money and Power Collie in Silicon Valley, NBN. This is Bloomberg Technology with Caroline Hyde and Ed lud Love.

From Bahart where Innovation, Money and Power Collie in Silicon Valley, NBN. This is Bloomberg Technology with Caroline Hyde and Ed lud Love.

I'm Caroline heinep Rumberg's Worldhie quarters in New York, and I'm Ed Ludlow in San Francisco.

I'm Caroline heinep Rumberg's Worldhie quarters in New York, and I'm Ed Ludlow in San Francisco.

This is Bloomberg Technology and Ed ces.

This is Bloomberg Technology and Ed ces.

It kicks off from Las Vegas and Video. It's already unveiling new chips at the annual Tech event. Details ahead on the company's AI ambitions.

It kicks off from Las Vegas and Video. It's already unveiling new chips at the annual Tech event. Details ahead on the company's AI ambitions.

And the Elon Musk's reported drug use is a new headache for the boards of Tesla and SpaceX. We discuss the legal risks and Musk's response.

And the Elon Musk's reported drug use is a new headache for the boards of Tesla and SpaceX. We discuss the legal risks and Musk's response.

Us Instacart, it will begin showing advertisements on its high tech shopping carts in the latest addition to the company's growing ad business. Our exclusive interview with the CEO como the.

Us Instacart, it will begin showing advertisements on its high tech shopping carts in the latest addition to the company's growing ad business. Our exclusive interview with the CEO como the.

Wall Street Journal reporting some historic drug use by Elon Musk, according to anonymous sources, that is worrying board members and staff at Tesla and SpaceX. Bloomberg's Max Chafkin, who's a member of the Elon Musk Inc. Pod, is going to come on and break down what is a very complicated story If Tesla is the proxy for elon Musk sentiment, it is hired by six tens of one percent. Really big movement in semiconductors. Look particularly at Nvidia up almost five percent, but semiconductors broadly having a pretty good morning. You know, the socks was pretty downtrodden in the final trading days of twenty twenty three. It's somewhat of a rebound, but in the last hour some news. Nvidia announced new products to help the personal computer industry lower consumers with AIPCS, which will let gamers, designers, and other computer users make better use of AI on personal machines. I want to bring in bloombergs Ian King, who's been tracking the keynote at CEES and the details. What are these chips that we're talking about in.

Wall Street Journal reporting some historic drug use by Elon Musk, according to anonymous sources, that is worrying board members and staff at Tesla and SpaceX. Bloomberg's Max Chafkin, who's a member of the Elon Musk Inc. Pod, is going to come on and break down what is a very complicated story If Tesla is the proxy for elon Musk sentiment, it is hired by six tens of one percent. Really big movement in semiconductors. Look particularly at Nvidia up almost five percent, but semiconductors broadly having a pretty good morning. You know, the socks was pretty downtrodden in the final trading days of twenty twenty three. It's somewhat of a rebound, but in the last hour some news. Nvidia announced new products to help the personal computer industry lower consumers with AIPCS, which will let gamers, designers, and other computer users make better use of AI on personal machines. I want to bring in bloombergs Ian King, who's been tracking the keynote at CEES and the details. What are these chips that we're talking about in.

Yeah, I mean these are real, just updates to its existing range of chips. What it's done is put in a few more new components that are going to help with the AI processing, some new cores, some better memory bandwidth, and it's also adjust the prices, made the prices a little bit more attractive as well.

Yeah, I mean these are real, just updates to its existing range of chips. What it's done is put in a few more new components that are going to help with the AI processing, some new cores, some better memory bandwidth, and it's also adjust the prices, made the prices a little bit more attractive as well.

Just an update in Yet, the stock rally is hard. We're back at a all time high for in video shares best days since August the twenty first, twenty twenty three. Is it just that we needed a moon music shift? Is it just because AI actually is everything to this particular company?

Just an update in Yet, the stock rally is hard. We're back at a all time high for in video shares best days since August the twenty first, twenty twenty three. Is it just that we needed a moon music shift? Is it just because AI actually is everything to this particular company?

Well, I mean, clearly, I think the last thing you said is the answer there. Clearly AI has been an enormous benefit for this company. Already, it's proved materially that this is real, that this is about actual sales and actual deployment. Again, in video comes out here and says, hey, don't forget about us. This AIPC, that Intel, that AMD has been talking about. We can do this too, and actually we think we're better than they are, so again likely to press the right kind of button with investors, and we're seeing that reaction.

Well, I mean, clearly, I think the last thing you said is the answer there. Clearly AI has been an enormous benefit for this company. Already, it's proved materially that this is real, that this is about actual sales and actual deployment. Again, in video comes out here and says, hey, don't forget about us. This AIPC, that Intel, that AMD has been talking about. We can do this too, and actually we think we're better than they are, so again likely to press the right kind of button with investors, and we're seeing that reaction.

It's interesting the timing though. It's a ces keynote adjacent CES because it's virtual. I'm about to get on a plane and go to Vegas hopefully. The story within video was the H one hundred. You know, a GPU that goes into a server design, that goes into a data center, you build your large language models. This seems like in video reminding everyone, hey, we're actually pretty good at PC. Is it going to be important business?

It's interesting the timing though. It's a ces keynote adjacent CES because it's virtual. I'm about to get on a plane and go to Vegas hopefully. The story within video was the H one hundred. You know, a GPU that goes into a server design, that goes into a data center, you build your large language models. This seems like in video reminding everyone, hey, we're actually pretty good at PC. Is it going to be important business?

For them.

For them.

I mean up until about a year ago, it was their biggest It was the one thing we talked about. G Force was their main product.

I mean up until about a year ago, it was their biggest It was the one thing we talked about. G Force was their main product.

The PC was what they were.

The PC was what they were.

That's where the volume is right, So it isn't going to stay an important business for them right now, all the profits, all of the major games are from the data center. But yeah, of course they used to open CS every year with Hey, this bright, new shiny thing, and this is them reminding people, hey, we're still here as well. You really need to pay attention to us this market.

That's where the volume is right, So it isn't going to stay an important business for them right now, all the profits, all of the major games are from the data center. But yeah, of course they used to open CS every year with Hey, this bright, new shiny thing, and this is them reminding people, hey, we're still here as well. You really need to pay attention to us this market.

Maybe I'm reading too much into it. I mean last year, part of the story among many was kind of Jensen Kuang the leather jacket wearing next Elon musk type. Maybe today all days we won't make that comparison. But their momentum hasn't really stopped. You know, the stock is boring, I think it. Karen mentioned a fresh record high. What is the story from Nvidia going into twenty twenty four.

Maybe I'm reading too much into it. I mean last year, part of the story among many was kind of Jensen Kuang the leather jacket wearing next Elon musk type. Maybe today all days we won't make that comparison. But their momentum hasn't really stopped. You know, the stock is boring, I think it. Karen mentioned a fresh record high. What is the story from Nvidia going into twenty twenty four.

I mean, they have a whole host of new products, which we saw some of announced today and Jensen said, look, we are actually going to speed up the cadence of new products that we announce. The story is will that cadence keep them ahead of what Intel, what AMD and everybody else says they're going to do in that space. Can they keep themselves that must have technology provider for that particular area.

I mean, they have a whole host of new products, which we saw some of announced today and Jensen said, look, we are actually going to speed up the cadence of new products that we announce. The story is will that cadence keep them ahead of what Intel, what AMD and everybody else says they're going to do in that space. Can they keep themselves that must have technology provider for that particular area.

We see it one more than a trillion dollar valuations. That stands one point two seven trillion dollar market caps. So for now, investors still remain. Ever, please with Nvidia inking, we thank you so much for breaking down what they're saying ahead of CES, and let's just stick with the overall value of generative AI, not just the individual companies, but the economy more broadly and how it's going to be interweaved into basically every single industry group. Paul dog As he does that with US EX Center Chief Technology and Innovation Officer. And Paul, you've done the numbers, you've crunched them. I want to go into how you get the numbers, but talk to us to what the overall economic impact AI, generative AI you think is going to have.

We see it one more than a trillion dollar valuations. That stands one point two seven trillion dollar market caps. So for now, investors still remain. Ever, please with Nvidia inking, we thank you so much for breaking down what they're saying ahead of CES, and let's just stick with the overall value of generative AI, not just the individual companies, but the economy more broadly and how it's going to be interweaved into basically every single industry group. Paul dog As he does that with US EX Center Chief Technology and Innovation Officer. And Paul, you've done the numbers, you've crunched them. I want to go into how you get the numbers, but talk to us to what the overall economic impact AI, generative AI you think is going to have.

Well, well, I come to you hear from our Las Vegas and CES which you were just talking about, where AI is the theme here and as you said, our role in this is we help companies deploy technology solutions and generate AI clearly is the hot ticket right now.

Well, well, I come to you hear from our Las Vegas and CES which you were just talking about, where AI is the theme here and as you said, our role in this is we help companies deploy technology solutions and generate AI clearly is the hot ticket right now.

Ninety five percent.

Ninety five percent.

Of executives tell us they're going to increase spending on technology as they go into twenty twenty four, and ninety seven percent of executives believe generative AI is transformative for the business that they're doing. And based on the research that we've done, we see that impact forty four percent of all of the working hours across industries globally, and that adds up to about eight to ten trillion dollars of economic value over the next several years as companies adopt generative AI.

Of executives tell us they're going to increase spending on technology as they go into twenty twenty four, and ninety seven percent of executives believe generative AI is transformative for the business that they're doing. And based on the research that we've done, we see that impact forty four percent of all of the working hours across industries globally, and that adds up to about eight to ten trillion dollars of economic value over the next several years as companies adopt generative AI.

So it's a big impact.

So it's a big impact.

I believe of all the waves I've tracked over my career, all the technology waves, and this is a very much of a wave driven industry, as you know, this is the biggest one I believe in terms of the transformation that it will drive for us as individuals, in terms of how we work and live, and in terms of businesses and how they and how they drive their technology.

I believe of all the waves I've tracked over my career, all the technology waves, and this is a very much of a wave driven industry, as you know, this is the biggest one I believe in terms of the transformation that it will drive for us as individuals, in terms of how we work and live, and in terms of businesses and how they and how they drive their technology.

Eight to ten trillion. How does that assert itself? What sort of value are you seeing is that by freeing up individuals? Is it about ability to preserve the bottom line for companies doing more and less? What is it that drives that money.

Eight to ten trillion. How does that assert itself? What sort of value are you seeing is that by freeing up individuals? Is it about ability to preserve the bottom line for companies doing more and less? What is it that drives that money.

Well, it's an exciting thing about the generative AI and the technology we're seeing now, the related technologies. We talk about this as an inflection point in the nature of technology. Technology has been it's been kind of the nuts and bolts and the plumbing, you know, the cloud and PCs and such, has been about the infrastructure. GENERATAI is about human capability. It's about looking in the mirror and seeing technology that does things kind of like what we do, and that's why it's so transformative.

Well, it's an exciting thing about the generative AI and the technology we're seeing now, the related technologies. We talk about this as an inflection point in the nature of technology. Technology has been it's been kind of the nuts and bolts and the plumbing, you know, the cloud and PCs and such, has been about the infrastructure. GENERATAI is about human capability. It's about looking in the mirror and seeing technology that does things kind of like what we do, and that's why it's so transformative.

So yes, it's about productivity.

So yes, it's about productivity.

As you said, we believe it does drive tremendous productivity. For example, in a large telecommunications organization we applied generative AI and customer service drove thirty percent productivity and sixty percent increase in customer satisfaction as a result. So it's about productivity and the outcomes as well. But the interesting thing about generative AI is also can drive creativity and new ways of doing things. We're using it in our digital agency business that we call Centre Song to create new advertising campaigns, more creative, more personalized than what you could have done before. And one final really unexpected maybe benefit of generative AI.

As you said, we believe it does drive tremendous productivity. For example, in a large telecommunications organization we applied generative AI and customer service drove thirty percent productivity and sixty percent increase in customer satisfaction as a result. So it's about productivity and the outcomes as well. But the interesting thing about generative AI is also can drive creativity and new ways of doing things. We're using it in our digital agency business that we call Centre Song to create new advertising campaigns, more creative, more personalized than what you could have done before. And one final really unexpected maybe benefit of generative AI.

Is a benefit for the individual.

Is a benefit for the individual.

We did an implementation for our sales organization and accenture a pilot of Generali how Well. One of the interesting findings was, yes it produced better results, Yes it produced better productivity, but it also increased people's satisfaction and their feeling of balance and the work they were doing because it took away some of the tasks they didn't want to do. There's a lot in this, and it's the early stages, but a lot for us to understand as we look toward how we're going to drive that big value.

We did an implementation for our sales organization and accenture a pilot of Generali how Well. One of the interesting findings was, yes it produced better results, Yes it produced better productivity, but it also increased people's satisfaction and their feeling of balance and the work they were doing because it took away some of the tasks they didn't want to do. There's a lot in this, and it's the early stages, but a lot for us to understand as we look toward how we're going to drive that big value.

And so that sort of goes counterweight to some of the anxiety I think that have been across many an industry group, but I also think consultants and lawyers about what it really means about white collar jobs in the future. Paul, do you think them will erode jobs?

And so that sort of goes counterweight to some of the anxiety I think that have been across many an industry group, but I also think consultants and lawyers about what it really means about white collar jobs in the future. Paul, do you think them will erode jobs?

Well, you know, I think there's it's going to change jobs. That's the way to think about it. It's not about AI taking over our jobs. And I think we've gotten that narrative wrong. There's been a lot of fear about AI coming for all the jobs, and I think that's kind of backwards. I think this is about how we can enhance what we as people do in how in how we do things, and we talk about things like human.

Well, you know, I think there's it's going to change jobs. That's the way to think about it. It's not about AI taking over our jobs. And I think we've gotten that narrative wrong. There's been a lot of fear about AI coming for all the jobs, and I think that's kind of backwards. I think this is about how we can enhance what we as people do in how in how we do things, and we talk about things like human.

In the loop on jobs. Again, that's backwards.

In the loop on jobs. Again, that's backwards.

It's really about more about how can a person have a wing and help them be more productive. So I think the key thing is how do you bring along your workforce.

It's really about more about how can a person have a wing and help them be more productive. So I think the key thing is how do you bring along your workforce.

That they're able to use these new tools.

That they're able to use these new tools.

How does that customer service agent I talked about do their new job. In another example, in the energy industry, we've deployed generative AI as a worker safety assistant to help people do their work more safely, more cognizant of regulations and policy as well as their own personal safety. And these types of things are going to help people and make jobs more interesting. And in fact, one of one piece of data from research that we're releasing right now talks about the fact that ninety five percent of workers are actually excited about how generative AI can change the nature of the work that they're doing.

How does that customer service agent I talked about do their new job. In another example, in the energy industry, we've deployed generative AI as a worker safety assistant to help people do their work more safely, more cognizant of regulations and policy as well as their own personal safety. And these types of things are going to help people and make jobs more interesting. And in fact, one of one piece of data from research that we're releasing right now talks about the fact that ninety five percent of workers are actually excited about how generative AI can change the nature of the work that they're doing.

Paul, you're a tech guy.

Paul, you're a tech guy.

I'm jumping on a plane very soon to head out to Vegas to join you. AI is clearly the overarching theme across the keynotes, the exhibitors, whatever. But that's across healthcare, auto motive, software, consumer electronics, big box retail markets. Of the speakers, give me just one example the thing that you think has the most substance coming out of CEES this year.

I'm jumping on a plane very soon to head out to Vegas to join you. AI is clearly the overarching theme across the keynotes, the exhibitors, whatever. But that's across healthcare, auto motive, software, consumer electronics, big box retail markets. Of the speakers, give me just one example the thing that you think has the most substance coming out of CEES this year.

Well, I think the thing that's really exciting is is I think the shift from a year of experimentation and education around AI to moving into twenty twenty four as the year when companies look to drive value at scale with it. That's why you see the senior executives from Walmart, from best Buy, from Siemens and other companies, from Eccentric and other.

Well, I think the thing that's really exciting is is I think the shift from a year of experimentation and education around AI to moving into twenty twenty four as the year when companies look to drive value at scale with it. That's why you see the senior executives from Walmart, from best Buy, from Siemens and other companies, from Eccentric and other.

Companies talking here.

Companies talking here.

And it's about that shift to value and driving the value. And that's where I think you're going to start to see, is you CES really at the convergence showing thousands of companies and new innovations around these technologies and organizations understanding how they use that to transform. And I think that's the real interesting point we're at with CES this year.

And it's about that shift to value and driving the value. And that's where I think you're going to start to see, is you CES really at the convergence showing thousands of companies and new innovations around these technologies and organizations understanding how they use that to transform. And I think that's the real interesting point we're at with CES this year.

All Right, I see you out there, Paul Dotos at Accentia, Thank you for your time, Cara, what.

All Right, I see you out there, Paul Dotos at Accentia, Thank you for your time, Cara, what.

You got well?

You got well?

Coming up? Instacrat expanding its ad business with high tech shopping cartsass of course going to be available to be interacting with it ces, I'm sure. Meanwhile, let's just look at the shares of what's happening with Apple as well. We know it's key when it comes to driving the points move on some of these key benchmarks. Interestingly, a bit of a bounce back on Apple today. We're at one point eight percent. Of course, now's that more broadly on the higher side. Vision pro it goes on sale February second. Now, but remember Bloomberg Intelligence out with a great piece just saying, look, the addition that you're going to get in sales increase one point seventy five billion dollars to be added to an annual revenue. Well, that's not nearly enough to make up for some of the consumer weakness going on in China. And that's what Jeffreys highlights today. Jeffrey's out with a note saying they see that in December sales in China fell some thirty percent according to their numbers. Fascinating. We continue to digest. This is Bloomberg Technology in sicart. We'll show advertisements on the high tech shopping carts that it currently sells the grocery stores. The latest edition to the company is growing ads business and a sign of investment in products outside of grocery delivery. I sat down for an exclusive conversation about it with Fiji Simum. Take a listen.

Coming up? Instacrat expanding its ad business with high tech shopping cartsass of course going to be available to be interacting with it ces, I'm sure. Meanwhile, let's just look at the shares of what's happening with Apple as well. We know it's key when it comes to driving the points move on some of these key benchmarks. Interestingly, a bit of a bounce back on Apple today. We're at one point eight percent. Of course, now's that more broadly on the higher side. Vision pro it goes on sale February second. Now, but remember Bloomberg Intelligence out with a great piece just saying, look, the addition that you're going to get in sales increase one point seventy five billion dollars to be added to an annual revenue. Well, that's not nearly enough to make up for some of the consumer weakness going on in China. And that's what Jeffreys highlights today. Jeffrey's out with a note saying they see that in December sales in China fell some thirty percent according to their numbers. Fascinating. We continue to digest. This is Bloomberg Technology in sicart. We'll show advertisements on the high tech shopping carts that it currently sells the grocery stores. The latest edition to the company is growing ads business and a sign of investment in products outside of grocery delivery. I sat down for an exclusive conversation about it with Fiji Simum. Take a listen.

We have a lot of interest from retailers.

We have a lot of interest from retailers.

Now you can see Caper cards deployed at Kroger, Wake Firm, Good Food, Holding, Sobse, Schnarks, and many more from Santa Monica all the way to Manhattan. And we think in four we're going to have thousands of carts deployed. And the reason they're really excited to deploy these carts in store is because customers love them.

Now you can see Caper cards deployed at Kroger, Wake Firm, Good Food, Holding, Sobse, Schnarks, and many more from Santa Monica all the way to Manhattan. And we think in four we're going to have thousands of carts deployed. And the reason they're really excited to deploy these carts in store is because customers love them.

We have a net promote or score of.

We have a net promote or score of.

Above seventy, which is very high, and we hear over and over from customers how fun the shopping journey becomes when you're using the cards, and how convenient it is. So we really believe it's going to be the future of grocery shopping.

Above seventy, which is very high, and we hear over and over from customers how fun the shopping journey becomes when you're using the cards, and how convenient it is. So we really believe it's going to be the future of grocery shopping.

Future for US shopping. How international can this get you? Of course, someone who is French and I know that Caper was already having exposure to Spain and to France, for example.

Future for US shopping. How international can this get you? Of course, someone who is French and I know that Caper was already having exposure to Spain and to France, for example.

We certainly want to make that something that goes international as well. We're very focused on the US because that's obviously your core market, but we do have interest from international retailers as well, so we're bullish on the international strategy as well.

We certainly want to make that something that goes international as well. We're very focused on the US because that's obviously your core market, but we do have interest from international retailers as well, so we're bullish on the international strategy as well.

And all of this paint the picture for the direction of travel for Instacart, because is this trying to ensure that you're not just purely an online play for retailers consumers, but also you've really managed to draw in higher margins through advertising. How much you're trying to broaden out what instacart really is to an investor and indeed, of course the retailer and a consumer.

And all of this paint the picture for the direction of travel for Instacart, because is this trying to ensure that you're not just purely an online play for retailers consumers, but also you've really managed to draw in higher margins through advertising. How much you're trying to broaden out what instacart really is to an investor and indeed, of course the retailer and a consumer.

Well, when I joined Instacart, to me, was obvious that we weren't just or three delivery AUP. We were already a company that was building technology to help retailers with this big digital transformation happening, and we were doing that primarily through e commerce obviously, and so we skip up we're really expanding into building technologies for the store because what we believe is that customers are not going to shop just online of just in stalls.

Well, when I joined Instacart, to me, was obvious that we weren't just or three delivery AUP. We were already a company that was building technology to help retailers with this big digital transformation happening, and we were doing that primarily through e commerce obviously, and so we skip up we're really expanding into building technologies for the store because what we believe is that customers are not going to shop just online of just in stalls.

They are going to shop omni channels.

They are going to shop omni channels.

And the retailers who really create the best, most similar omni channel experience all the retailers that are going to gain an edge, and instagrat is giving them this edge, and.

And the retailers who really create the best, most similar omni channel experience all the retailers that are going to gain an edge, and instagrat is giving them this edge, and.

Does it give you an edge versus who analysts might say are your competitors. There is worry from some analysts that Uber, door Dash are going to eaten on some of your market share, that Amazon and Walmart are so good at omni channel as well. How does this carve you a niche?

Does it give you an edge versus who analysts might say are your competitors. There is worry from some analysts that Uber, door Dash are going to eaten on some of your market share, that Amazon and Walmart are so good at omni channel as well. How does this carve you a niche?

Well, we already are very clear category leader in grocery and in grocery delivery, and here like this, this launch really proves that we have a completely different strategy from these players. Our strategy is to enable retailers with all of the technologies they need to run their business, and that applies online and that's why we have you know, the vast majority of retailers already on our platform, well above any competitor, but also now helping them with their store and helping them with creating a new revenue line for them because as we launch advertising on keeper cars, we are sharing revenue with retailers and therefore you know, helping them grow their business both online and in store. That's a completely different strategy from some of the marketplace you mentioned, where these marketplaces are really just about growing their marketplace and in fact, in some cases even competing with retailers. We don't do that with labor retailers.

Well, we already are very clear category leader in grocery and in grocery delivery, and here like this, this launch really proves that we have a completely different strategy from these players. Our strategy is to enable retailers with all of the technologies they need to run their business, and that applies online and that's why we have you know, the vast majority of retailers already on our platform, well above any competitor, but also now helping them with their store and helping them with creating a new revenue line for them because as we launch advertising on keeper cars, we are sharing revenue with retailers and therefore you know, helping them grow their business both online and in store. That's a completely different strategy from some of the marketplace you mentioned, where these marketplaces are really just about growing their marketplace and in fact, in some cases even competing with retailers. We don't do that with labor retailers.

Fijisima of instacar and Instacar or Maple Barrows, however, we want to discuss it carding out two point three percent on the trading day at the moment and our explicit conversation with the CEO.

Fijisima of instacar and Instacar or Maple Barrows, however, we want to discuss it carding out two point three percent on the trading day at the moment and our explicit conversation with the CEO.

That okay, it's time for talking tech. And first up in the news Sony planning to call off its ten billion dollar merger pact of its India unit was Z Entertainment that according to sources, the move caps two years of drama and delay in creating a ten billion dollar media giant, and the standoff has been over whether Z's CEO would eventually lead the merged entity. And Microsoft has picked longtime executive d Templeton to join open AI's board as a non voting observer. That according to Bloomberg sources, Templeton has worked at Microsoft for more than twenty five years and it's the company's vice president for Technology and Research, Partnerships and Operations. Plus Elon Musk's reported drug use by the Wall Street Journal is worrying Tesla and SpaceX's board. Members of Wall Street Journal cited anonymous sources and witnesses. Now they've got a big decision whether to do anything about it with Elon Musk and the financial or legal risk the reporting could pose to those companies.

That okay, it's time for talking tech. And first up in the news Sony planning to call off its ten billion dollar merger pact of its India unit was Z Entertainment that according to sources, the move caps two years of drama and delay in creating a ten billion dollar media giant, and the standoff has been over whether Z's CEO would eventually lead the merged entity. And Microsoft has picked longtime executive d Templeton to join open AI's board as a non voting observer. That according to Bloomberg sources, Templeton has worked at Microsoft for more than twenty five years and it's the company's vice president for Technology and Research, Partnerships and Operations. Plus Elon Musk's reported drug use by the Wall Street Journal is worrying Tesla and SpaceX's board. Members of Wall Street Journal cited anonymous sources and witnesses. Now they've got a big decision whether to do anything about it with Elon Musk and the financial or legal risk the reporting could pose to those companies.

Carroc dive deeper into that story, pretty serious allegations, and again this quandary left for the board members, as you say, ed, and it's a familiar on what to do, if anything about Mask, about legal financial repercussions of course, and what it means for his companies that he manages. Well, we're pleased to have an expert with us, Max Chafkin, business economist and one of the members of Elon Inc. Podcast which has taken Broombay by storm. Look reports by the journal that Musk has been using LSD, cocaine, ecstasy, psychedelic mushrooms, often at private parties. You know, Musk himself has come out on his own social media platform, what do you say? What did you make?

Carroc dive deeper into that story, pretty serious allegations, and again this quandary left for the board members, as you say, ed, and it's a familiar on what to do, if anything about Mask, about legal financial repercussions of course, and what it means for his companies that he manages. Well, we're pleased to have an expert with us, Max Chafkin, business economist and one of the members of Elon Inc. Podcast which has taken Broombay by storm. Look reports by the journal that Musk has been using LSD, cocaine, ecstasy, psychedelic mushrooms, often at private parties. You know, Musk himself has come out on his own social media platform, what do you say? What did you make?

Well, he's he's sort of swung in various directions. At some times he said, well, whatever I'm taking, I should continue taking it, basically pointing to the performance and also the fact that a lot of this stuff, or at least some of it, has happened more or less in the open you know, he smoked marijuana on Joe Rogan's podcast. He has said he has a prescription for ketamine, which is, you know, a party drug. He said he's using it, you know, to treat depression. But he's also said that SpaceX has been required to drug test him as part of the Joe Rogan fallout thing, and he said he's never failed a drug test. So he's sort of essentially saying, number one, this is overblown. Number two, the companies are doing great, so you know, what's the big deal.

Well, he's he's sort of swung in various directions. At some times he said, well, whatever I'm taking, I should continue taking it, basically pointing to the performance and also the fact that a lot of this stuff, or at least some of it, has happened more or less in the open you know, he smoked marijuana on Joe Rogan's podcast. He has said he has a prescription for ketamine, which is, you know, a party drug. He said he's using it, you know, to treat depression. But he's also said that SpaceX has been required to drug test him as part of the Joe Rogan fallout thing, and he said he's never failed a drug test. So he's sort of essentially saying, number one, this is overblown. Number two, the companies are doing great, so you know, what's the big deal.

The thing is that either the Wall Street Journal report is accurate, right Max, its cites anonymous sources, or it's not. And this was the post that caught my eye. Elon must saying that following that Joe Rogan appearance twenty eighteen, at NASA's request, he agreed to random drug testing of a period of three years. We've asked the comment from NASA and from SpaceX, but if the drug testing took place, we'd have more to go on with this story.

The thing is that either the Wall Street Journal report is accurate, right Max, its cites anonymous sources, or it's not. And this was the post that caught my eye. Elon must saying that following that Joe Rogan appearance twenty eighteen, at NASA's request, he agreed to random drug testing of a period of three years. We've asked the comment from NASA and from SpaceX, but if the drug testing took place, we'd have more to go on with this story.

Yeah, I mean, the Journal's article mentions the fact that he was drug tested. It also notes that, you know, some of the drugs they're talking about are not traditionally at least according to the Wall Street Journal, in that kind of drug test, So we're talking about psychedelics, that is the allegation, in addition to some of the things Caroline just mentioned. So again it's not totally clear what he would be testing positive for. And I don't think it's hugely surprising that he's been drug tested, because of course a lot of government contractors drug test employees.

Yeah, I mean, the Journal's article mentions the fact that he was drug tested. It also notes that, you know, some of the drugs they're talking about are not traditionally at least according to the Wall Street Journal, in that kind of drug test, So we're talking about psychedelics, that is the allegation, in addition to some of the things Caroline just mentioned. So again it's not totally clear what he would be testing positive for. And I don't think it's hugely surprising that he's been drug tested, because of course a lot of government contractors drug test employees.

Less than a minute max. But this comes down to ultimately a board who's some warrior just too close to him.

Less than a minute max. But this comes down to ultimately a board who's some warrior just too close to him.

Well, I think with Elon Musk, you know, there's the conversation around drug tests, and then there's the bigger conversation around sort of the erratic behavior, and sometimes we're talking about drugs. I think what we're really speaking about is the fact that he tweets weird stuff sometimes in the.

Well, I think with Elon Musk, you know, there's the conversation around drug tests, and then there's the bigger conversation around sort of the erratic behavior, and sometimes we're talking about drugs. I think what we're really speaking about is the fact that he tweets weird stuff sometimes in the.

Middle of the night.

Middle of the night.

And I think in general, as long as the companies have done well, boards have been okay with it, investors have been okay with it.

And I think in general, as long as the companies have done well, boards have been okay with it, investors have been okay with it.

And the real question is.

And the real question is.

When Tesla or SpaceX or one of these other companies hits a rough patch, what happens then I think that will be if and when that happens, that will be when.

When Tesla or SpaceX or one of these other companies hits a rough patch, what happens then I think that will be if and when that happens, that will be when.

The rubber needs a road and it's not concerning tester investors right now with the stock in positive territy, blion Bergs Max Chafkin, thank you very much. Welcome back to Bloomberg Technology. Ed love loow here in San Francisco.

The rubber needs a road and it's not concerning tester investors right now with the stock in positive territy, blion Bergs Max Chafkin, thank you very much. Welcome back to Bloomberg Technology. Ed love loow here in San Francisco.

ALN hired in New York. Let's get you a check on these markets, because we're back in rally mode for the day, at least in certainly across tech, but across the broader indices today bit of an everything rally across the United States. And I'm going to the individual names first and foremost. So let's stick into what's happening in video. Of course, this is at a record high, leading the charge in terms of points being added to the Nasdaq and the Nasdaq one hundred video launches, well, should we just say updates. It's AIPC chips and the market likest ahead of CEES. We're up more than four percent, so a new record high for a video. Look at what's happening in the world of Twilio though, also riding high, and this is as it's co founder Jeff Railson is having to move stage left. Basically he's having to step down from the company and back off because many had felt that he's really too synonymous with just spending too much and not really focusing on non profitability. But his right hand man for the past few years is basically taking over, so many questioning whether that really is going to exert any sort of change in leadership. This is, of course, activist investors at play when it comes to Twilio Apple. On the upside as well, after it would have been five straight days of losses, Apple managed to regain some ground, vision pro goes and sell February. The second also extraordinary story regarding the iPhone and how that's been entangled with the disaster on that Boeing seventy seven Max nine. We'll dig into that a little bit later, but notable on a day that Jeffrey's analysts are saying like they could be seeing a sell off in terms of revenue, in terms of consumer demand lacking by thirty percent year on year in China. So we dig into all of that in a moment, but let's look at some of the big benchmarks and what's happening in terms of overall mood music. Because ed we are riding high, and that's that one hundred one point three percent not happening in China though, the Golden Dragon inex of course, this being the Nazda Golden Dragon. On the downside, despite more ammunition being fed into the Chinese economy in terms of well, the overall amount of money that banks have to hold, their ability to lend eased up but not helping so far. And Bitcoin we end there up two point four percent. We're back above forty five thousand dollars. As we anticipate the spot Bitcoin ETF being signed off.

ALN hired in New York. Let's get you a check on these markets, because we're back in rally mode for the day, at least in certainly across tech, but across the broader indices today bit of an everything rally across the United States. And I'm going to the individual names first and foremost. So let's stick into what's happening in video. Of course, this is at a record high, leading the charge in terms of points being added to the Nasdaq and the Nasdaq one hundred video launches, well, should we just say updates. It's AIPC chips and the market likest ahead of CEES. We're up more than four percent, so a new record high for a video. Look at what's happening in the world of Twilio though, also riding high, and this is as it's co founder Jeff Railson is having to move stage left. Basically he's having to step down from the company and back off because many had felt that he's really too synonymous with just spending too much and not really focusing on non profitability. But his right hand man for the past few years is basically taking over, so many questioning whether that really is going to exert any sort of change in leadership. This is, of course, activist investors at play when it comes to Twilio Apple. On the upside as well, after it would have been five straight days of losses, Apple managed to regain some ground, vision pro goes and sell February. The second also extraordinary story regarding the iPhone and how that's been entangled with the disaster on that Boeing seventy seven Max nine. We'll dig into that a little bit later, but notable on a day that Jeffrey's analysts are saying like they could be seeing a sell off in terms of revenue, in terms of consumer demand lacking by thirty percent year on year in China. So we dig into all of that in a moment, but let's look at some of the big benchmarks and what's happening in terms of overall mood music. Because ed we are riding high, and that's that one hundred one point three percent not happening in China though, the Golden Dragon inex of course, this being the Nazda Golden Dragon. On the downside, despite more ammunition being fed into the Chinese economy in terms of well, the overall amount of money that banks have to hold, their ability to lend eased up but not helping so far. And Bitcoin we end there up two point four percent. We're back above forty five thousand dollars. As we anticipate the spot Bitcoin ETF being signed off.

Do we think ed Bitcoin spot ETF watched day? I don't know what day. It's been months, black Rock Arc, several other perspective issuers of ETFs filed amended forms this morning and what's seen by analysts as a final push to offer the investment products. Joining us now is Sunny Singh, co founder and CEO of Bluega. Blueger offers software tools that allow users to manage their crypto portfolio but also use new crypto products. You are watching this closely. It will impact your business and your world. That news the updated forms, we have more information on fee structure which we can dig into. It seems like the weight might soon be over.

Do we think ed Bitcoin spot ETF watched day? I don't know what day. It's been months, black Rock Arc, several other perspective issuers of ETFs filed amended forms this morning and what's seen by analysts as a final push to offer the investment products. Joining us now is Sunny Singh, co founder and CEO of Bluega. Blueger offers software tools that allow users to manage their crypto portfolio but also use new crypto products. You are watching this closely. It will impact your business and your world. That news the updated forms, we have more information on fee structure which we can dig into. It seems like the weight might soon be over.

Yeah, I mean we've been waiting for five years, so I think we're getting close. Whether or not they approve it this Wednesday or in the next three or sixty days, it's going to happen.

Yeah, I mean we've been waiting for five years, so I think we're getting close. Whether or not they approve it this Wednesday or in the next three or sixty days, it's going to happen.

The question is then when does it go live? Does sec the way the.

The question is then when does it go live? Does sec the way the.

S one funds and all that stuff, I don't think so I think they're kind of back against the wall.

S one funds and all that stuff, I don't think so I think they're kind of back against the wall.

So I think they're in a given and.

So I think they're in a given and.

You'll see an ETF goal live Q one, Q two maybe. But the big question Gains I think, is going to do and say, okay, we'll give your bitcoin ETF, but we're not going to give you as ethereum and all those ones. He's already said that we think, you know, bitcoin is definitely not a security, but all the other ones we think are security.

You'll see an ETF goal live Q one, Q two maybe. But the big question Gains I think, is going to do and say, okay, we'll give your bitcoin ETF, but we're not going to give you as ethereum and all those ones. He's already said that we think, you know, bitcoin is definitely not a security, but all the other ones we think are security.

So he's not going to give it on those ones. We think you've been waiting five years. I've been waiting slightly less. Howro would point out there are others in the market that have been waiting much longer than five years. The other kind of data that we're getting now is the proposed fee structure. So if you think about Bluega and your customers accessing, what is a new product in the market, Why is the fee structure or fee proposed by the issuers important.

So he's not going to give it on those ones. We think you've been waiting five years. I've been waiting slightly less. Howro would point out there are others in the market that have been waiting much longer than five years. The other kind of data that we're getting now is the proposed fee structure. So if you think about Bluega and your customers accessing, what is a new product in the market, Why is the fee structure or fee proposed by the issuers important.

Yeah, I think I don't think the fees are going to be ask super as important as people think, right, So I think like big pension funds like Kalpers and all them are going to probably go with the black rock and nutritional bigger ones as well. It's a smaller retail people who already had access to GBTC, which has had much higher feeso than like a bit wise we'll propose and all that kind of stuff. So I think the more retail investors will go off to the smaller fee ones, where the black Rocks and the bigger ones will get the higher big institutional investors.

Yeah, I think I don't think the fees are going to be ask super as important as people think, right, So I think like big pension funds like Kalpers and all them are going to probably go with the black rock and nutritional bigger ones as well. It's a smaller retail people who already had access to GBTC, which has had much higher feeso than like a bit wise we'll propose and all that kind of stuff. So I think the more retail investors will go off to the smaller fee ones, where the black Rocks and the bigger ones will get the higher big institutional investors.

Actually, and what's interesting is many would say they don't want to make kingmakers is to perhaps what happened with the futures ETF prior times. They're trying to ensure that, well, this is gonna be a bit of a race to marketing. I would have thought to ensure that you get your name out there associated with a spot bitcoin ETF. But all of this attracts how much money, Sonny, have you put much research to it? How much of a change does this make to the ability to interact with bitcoin.

Actually, and what's interesting is many would say they don't want to make kingmakers is to perhaps what happened with the futures ETF prior times. They're trying to ensure that, well, this is gonna be a bit of a race to marketing. I would have thought to ensure that you get your name out there associated with a spot bitcoin ETF. But all of this attracts how much money, Sonny, have you put much research to it? How much of a change does this make to the ability to interact with bitcoin.

It's going to be pretty exciting.

It's going to be pretty exciting.

And everyone relates back to what happened with the gold ETF when it was launched and all that, right, and if you do the same comparisons, you're going to see huge buying pressure that could happen in the crypto space. And again you're going to see institutional family office things like that, they're not going to put ten percent of their money into these bitcoin ETFs, but maybeer point five one percent, two percent, which is a lot when you think about it in perspective. And again, there's only nineteen million bitcoin in existence, it's a finite supply, right, and with the having coming in April, you're going to start having an increasing supplying pressure with an increased buying pressure unlike what we've never seen before in crypto, along with lower interest rates.

And everyone relates back to what happened with the gold ETF when it was launched and all that, right, and if you do the same comparisons, you're going to see huge buying pressure that could happen in the crypto space. And again you're going to see institutional family office things like that, they're not going to put ten percent of their money into these bitcoin ETFs, but maybeer point five one percent, two percent, which is a lot when you think about it in perspective. And again, there's only nineteen million bitcoin in existence, it's a finite supply, right, and with the having coming in April, you're going to start having an increasing supplying pressure with an increased buying pressure unlike what we've never seen before in crypto, along with lower interest rates.

Maybe by the end of the year, you really have a perfect storm.

Maybe by the end of the year, you really have a perfect storm.

Is what we think could be a price catalyst to get bitcoin over one hundred thousand by the end of the year.

Is what we think could be a price catalyst to get bitcoin over one hundred thousand by the end of the year.

What's so interesting is when you read between the lines, it feels like Gary Gensler really does not want to do this. He just put out a tweet, well, a post, a thread of posts and this time really talking about how investments in crypto assets could also can be exceptionally risky and off a volatile and number of major platforms and crypto assets have become insolvent and or lost value. Investments in crypto assets continue to be subject to significant risk. I mean, he's doing this through clenched teeth. If he does it at all, sunny, what if it doesn't happen on January the tenth, But what if we don't, we're not able to trade it immediately.

What's so interesting is when you read between the lines, it feels like Gary Gensler really does not want to do this. He just put out a tweet, well, a post, a thread of posts and this time really talking about how investments in crypto assets could also can be exceptionally risky and off a volatile and number of major platforms and crypto assets have become insolvent and or lost value. Investments in crypto assets continue to be subject to significant risk. I mean, he's doing this through clenched teeth. If he does it at all, sunny, what if it doesn't happen on January the tenth, But what if we don't, we're not able to trade it immediately.

Yeah, So again, I think it will happen the next thirty sixty days. But a bigger question is when does it go live? And how long can he delay it from going live? And I think, you know, April May June time frame is realistic for it to be live.

Yeah, So again, I think it will happen the next thirty sixty days. But a bigger question is when does it go live? And how long can he delay it from going live? And I think, you know, April May June time frame is realistic for it to be live.

I think past that he.

I think past that he.

Runs legal risk and all that, and I think again, in his mind, he's going to the compromise, like I'm going to give you the bitcoin ETF, but I'm not going to give you soana ethereum kran Exedger. We'll deal with all that next year, and then the crypto community will be happy, just in the bitcoin win out the door for the ETF.

Runs legal risk and all that, and I think again, in his mind, he's going to the compromise, like I'm going to give you the bitcoin ETF, but I'm not going to give you soana ethereum kran Exedger. We'll deal with all that next year, and then the crypto community will be happy, just in the bitcoin win out the door for the ETF.

Sonny, you mentioned the harving as a key event future catalyst for bitcoin in twenty twenty four. Many other guests last week also referenced that, And my question is what is your kind of big picture bitcoin cool for twenty twenty four. Because we started this conversation a few weeks ago with the absolute belief that what was driving the trading in bitcoin or the price activity was anticipation of spot ETF. Actually there's plenty of evidence that there's a lot more to it than that.

Sonny, you mentioned the harving as a key event future catalyst for bitcoin in twenty twenty four. Many other guests last week also referenced that, And my question is what is your kind of big picture bitcoin cool for twenty twenty four. Because we started this conversation a few weeks ago with the absolute belief that what was driving the trading in bitcoin or the price activity was anticipation of spot ETF. Actually there's plenty of evidence that there's a lot more to it than that.

Yep.

Yep.

I think the having is actually a bigger catalyst to that, and so they're having alone would normally propel bitcoin to an all time high, probably each in the four years it happens, right, And what happens is in April when the having happens, and normally the dug event nothing happens.

I think the having is actually a bigger catalyst to that, and so they're having alone would normally propel bitcoin to an all time high, probably each in the four years it happens, right, And what happens is in April when the having happens, and normally the dug event nothing happens.

The price actually goes down a little bit.

The price actually goes down a little bit.

And then six months later when you really see as it's stilled through the system, the effects of it, right, and combine that with the bitcoin ETF, we think again, the price would you go from forty five fifty thousand three months from now and six months from now to one hundred real fast? Once it gets the sixty, we think the it's queen slate to one hundred and when it hits one hundred thousand for bitcoin, it becomes a two trillion dollar market cap currency and then the media and all that the frenzy will be huge by the end of the year.

And then six months later when you really see as it's stilled through the system, the effects of it, right, and combine that with the bitcoin ETF, we think again, the price would you go from forty five fifty thousand three months from now and six months from now to one hundred real fast? Once it gets the sixty, we think the it's queen slate to one hundred and when it hits one hundred thousand for bitcoin, it becomes a two trillion dollar market cap currency and then the media and all that the frenzy will be huge by the end of the year.

So again we think Q.

So again we think Q.

Three, Q four, you're going to see a lot of excitement the price of bitcoin. Q two under having not so much.

Three, Q four, you're going to see a lot of excitement the price of bitcoin. Q two under having not so much.

Beluuga, You're you're saying that you're cunning through the noise, basically helping people understand which projects are the ones, the safest products to be and interacting with investing in Ultimately bitcoin is that an investment, a store of value? Many want to see for crypto purpose, real deployment, a change, fixing a problem. When does that actually become more nuanced or clear to an investor base.

Beluuga, You're you're saying that you're cunning through the noise, basically helping people understand which projects are the ones, the safest products to be and interacting with investing in Ultimately bitcoin is that an investment, a store of value? Many want to see for crypto purpose, real deployment, a change, fixing a problem. When does that actually become more nuanced or clear to an investor base.

Yeah, that's what we're hoping.

Yeah, that's what we're hoping.

We hope end of the year we start seeing more payments, products, lending products, taking products. Again, we believe the mission of bitcoin and crypto is not just buy and hold. It's buy and hold, stake, play, earned use, lend, pay, etc. There's a lot of things that can be done with bitcoin besides the speculation, as well as crypto in general. We're seeing the launch of web three games happen, crypto payments, crypto lending products. So there is again there's four hundred million people in the warld of crypto and only about ten percent our power users.

We hope end of the year we start seeing more payments, products, lending products, taking products. Again, we believe the mission of bitcoin and crypto is not just buy and hold. It's buy and hold, stake, play, earned use, lend, pay, etc. There's a lot of things that can be done with bitcoin besides the speculation, as well as crypto in general. We're seeing the launch of web three games happen, crypto payments, crypto lending products. So there is again there's four hundred million people in the warld of crypto and only about ten percent our power users.

Doing things besides just buy and holding.

Doing things besides just buy and holding.

I'll go up with weiogle is to get the other ninety three hundred and fifty million to start using crypto in the right way.

I'll go up with weiogle is to get the other ninety three hundred and fifty million to start using crypto in the right way.

There's a much more out there than just buy and hold.

There's a much more out there than just buy and hold.

Sunny saying, going to have some time with you co found a CEO of Beluga. Stay well. Meanwhile, coming up, look, we'll have all the latest in the world of health tech. This is of course, it's the JP Morgan Health Conference. It kicks off in San Francisco. But then we've got something else to look out for ahead of it.

Sunny saying, going to have some time with you co found a CEO of Beluga. Stay well. Meanwhile, coming up, look, we'll have all the latest in the world of health tech. This is of course, it's the JP Morgan Health Conference. It kicks off in San Francisco. But then we've got something else to look out for ahead of it.

Yeah, some news crossing in the last few minutes. Du Lingo, the language learning software company, is cutting ten percent of its contractor workforce, a spokesperson telling Bloomberg that ten percent of contractors were off boarded because the company wants to focus more work on AI driving its development and growth. Nine billion dollar market cap company. No sharp reaction in trading to those headlines. The stock was already up the now three point eight percent higher. This is Bloomberg Technology, all right. There's been a lot of M and A news in the world of biotech today, with Harpoon Therapeutics near a deal to be acquired by drug maker Merck and Co. At about seven hundred million dollar value. Meanwhile, Johnson and Johnson will pay two billion dollars in cash to acquire Ambricks buy a Farmer gaining a developer of widely sought therapies that target tumors with lethal drugs. I want to break it all down with VJ Pandey found a founding general partner of Nderies and Horowitz by a health tech group. Interesting timing is jphit Morgan's healthcare conference. The annual one is on here in SF. I've covered a few of those. You've been to a few of those. It is interesting though that there is some m and a here in call it biopharmer biotech healthcare. What's your kind of tea leave read of that?

Yeah, some news crossing in the last few minutes. Du Lingo, the language learning software company, is cutting ten percent of its contractor workforce, a spokesperson telling Bloomberg that ten percent of contractors were off boarded because the company wants to focus more work on AI driving its development and growth. Nine billion dollar market cap company. No sharp reaction in trading to those headlines. The stock was already up the now three point eight percent higher. This is Bloomberg Technology, all right. There's been a lot of M and A news in the world of biotech today, with Harpoon Therapeutics near a deal to be acquired by drug maker Merck and Co. At about seven hundred million dollar value. Meanwhile, Johnson and Johnson will pay two billion dollars in cash to acquire Ambricks buy a Farmer gaining a developer of widely sought therapies that target tumors with lethal drugs. I want to break it all down with VJ Pandey found a founding general partner of Nderies and Horowitz by a health tech group. Interesting timing is jphit Morgan's healthcare conference. The annual one is on here in SF. I've covered a few of those. You've been to a few of those. It is interesting though that there is some m and a here in call it biopharmer biotech healthcare. What's your kind of tea leave read of that?

Yeah, Well it's GPM, right, so there's going to be fireworks. That's what we're all kind of looking for, you know, sort of in the inside baseball. Clearly the ideal window has been closed for a while or it has been barely open, and so M and A will be a natural consequence of that. And so I think we were starting to see a little bit that this year, probably maybe a little more than last year. But I think probably the big, big sort of fireworks come maybe in a year.

Yeah, Well it's GPM, right, so there's going to be fireworks. That's what we're all kind of looking for, you know, sort of in the inside baseball. Clearly the ideal window has been closed for a while or it has been barely open, and so M and A will be a natural consequence of that. And so I think we were starting to see a little bit that this year, probably maybe a little more than last year. But I think probably the big, big sort of fireworks come maybe in a year.

Right. My experience of JP Morgan's Healthcare Conference is kind of similar to CS other tech conferences, and that it's the one time of the year where everyone's in one place. Yes, you can take a lot of meetings. I call it speed dating. But you raise an interesting point. M and A is one other exit strategy for a VC like you. You look at your portfolio right now in twenty twenty four d you see some exit opportunity down that route.

Right. My experience of JP Morgan's Healthcare Conference is kind of similar to CS other tech conferences, and that it's the one time of the year where everyone's in one place. Yes, you can take a lot of meetings. I call it speed dating. But you raise an interesting point. M and A is one other exit strategy for a VC like you. You look at your portfolio right now in twenty twenty four d you see some exit opportunity down that route.

Yeah, I mean, I mean A. But also the IPA window may open. I think interest rates may go down. We expect that. So maybe by the end of the year Q two, Q three, Q four, that window may be open. I think people are preparing for that. The market has to be there.

Yeah, I mean, I mean A. But also the IPA window may open. I think interest rates may go down. We expect that. So maybe by the end of the year Q two, Q three, Q four, that window may be open. I think people are preparing for that. The market has to be there.

Of course, you think people are, you know people are.

Of course, you think people are, you know people are.

I've seen that people.

I've seen that people.

Are good little prodding that and at vj AI has been almost what dictated the companies that couldn't get out the gate. Last year, a lot of them had AI within their very business model, or they tried to amp up the fact that it was a player on AI as well as also profitability. But is AI going to be a dictator of which biotech companies come forward or is it actually just been solving a real problem with profitability as it stands.

Are good little prodding that and at vj AI has been almost what dictated the companies that couldn't get out the gate. Last year, a lot of them had AI within their very business model, or they tried to amp up the fact that it was a player on AI as well as also profitability. But is AI going to be a dictator of which biotech companies come forward or is it actually just been solving a real problem with profitability as it stands.

So right now?

So right now?

The thing about AI is that I think last year was the year where AI was really further developed, and this year is where it really starts to get implemented, both in life sciences and healthcare more broadly. And that's something that incumbents would love to do, but it's hard. It's really fundamentally changing the way that company works, and so startups will be a way to do that. And that's been the history of all technological revolutions.

The thing about AI is that I think last year was the year where AI was really further developed, and this year is where it really starts to get implemented, both in life sciences and healthcare more broadly. And that's something that incumbents would love to do, but it's hard. It's really fundamentally changing the way that company works, and so startups will be a way to do that. And that's been the history of all technological revolutions.

What's interesting is many on the more optimistic side of use and practicality and necessity of AI talk up the impact on healthcare as a real reason that we shouldn't hold back innovation here for fear of it being a step too far and we shouldn't regulate it for real perspective. How is that ongoing conversation going generative AI and the impact on healthcare being safe.

What's interesting is many on the more optimistic side of use and practicality and necessity of AI talk up the impact on healthcare as a real reason that we shouldn't hold back innovation here for fear of it being a step too far and we shouldn't regulate it for real perspective. How is that ongoing conversation going generative AI and the impact on healthcare being safe.

Well, you know, I don't think it's a question about not regulating it, because healthcare and life sciences are already regulated, right, So the question is do we need any more regulation? And given the challenges that we're facing in terms of curing diseases treating patients, the opportunity here is for really fundingly advance our space, and we already have a regulatory framework to make sure that can be done safely.

Well, you know, I don't think it's a question about not regulating it, because healthcare and life sciences are already regulated, right, So the question is do we need any more regulation? And given the challenges that we're facing in terms of curing diseases treating patients, the opportunity here is for really fundingly advance our space, and we already have a regulatory framework to make sure that can be done safely.

One of the big stories toward the end of the year Karen and I covered with Crisper and the developments there. For example, we refer to health tech biotech as a blanket term, but within that there is so much And I wondered if you have a clear area of excitement for twenty twenty four, a very specific technology or issue that you think will be challenged or tackled.

One of the big stories toward the end of the year Karen and I covered with Crisper and the developments there. For example, we refer to health tech biotech as a blanket term, but within that there is so much And I wondered if you have a clear area of excitement for twenty twenty four, a very specific technology or issue that you think will be challenged or tackled.

Yeah, I think.

Yeah, I think.

You know, we've talked about AI, and I think what's happening right now is that AI is coming to bear at a time where biology also is fundamentally changing. Biology is becoming much more of an engineering discipline, and Crisper is one example of that, but there's many examples, especially with all these new modalities and so a combination of being able to engineer biology and gather huge amounts of data is coming at the same time that we have AI to use that data. That combination is something that I think we're going to see as the sort of key power of pushing this industry for the next decade.

You know, we've talked about AI, and I think what's happening right now is that AI is coming to bear at a time where biology also is fundamentally changing. Biology is becoming much more of an engineering discipline, and Crisper is one example of that, but there's many examples, especially with all these new modalities and so a combination of being able to engineer biology and gather huge amounts of data is coming at the same time that we have AI to use that data. That combination is something that I think we're going to see as the sort of key power of pushing this industry for the next decade.

Bench captalysts are long term, long duration investors have long time horizons. But what's your strategy for twenty twenty four? What types of company will you invest in?

Bench captalysts are long term, long duration investors have long time horizons. But what's your strategy for twenty twenty four? What types of company will you invest in?

Yeah, so I think we're going to see some advances in AI. But actually the reality is that even if AI doesn't advance any more than is to date, the implementation of AI is going to change our field. That we're moving from an area where it's sort of bespoken artis into a true industrial revolution, and that industrialization is a huge change itself. And so the implementation of AI is going to dominate twenty four and we're looking to see not just who can innovate in the space, but who can actually.

Yeah, so I think we're going to see some advances in AI. But actually the reality is that even if AI doesn't advance any more than is to date, the implementation of AI is going to change our field. That we're moving from an area where it's sort of bespoken artis into a true industrial revolution, and that industrialization is a huge change itself. And so the implementation of AI is going to dominate twenty four and we're looking to see not just who can innovate in the space, but who can actually.

Put it to work.

Put it to work.

And to that point, you think of a portfolio company like a benchling, which is ultimately allowing R and D to be shared stop some of the limitations and in the paperwork and individual siloed particular labs have and an ability to actually share your learnings and drive it forward. When you are looking at your portfolio companies, have they done enough, do you think, in this environment to ensure that they're focusing on growth, not at any cost, but the right cost.

And to that point, you think of a portfolio company like a benchling, which is ultimately allowing R and D to be shared stop some of the limitations and in the paperwork and individual siloed particular labs have and an ability to actually share your learnings and drive it forward. When you are looking at your portfolio companies, have they done enough, do you think, in this environment to ensure that they're focusing on growth, not at any cost, but the right cost.

Yeah.

Yeah.

I think the growth is something where it's always a key part of a startup, but I think right now the opportunity is that a lot of these startups in life sciences and healthcare have been on a different curve, and I think as they become tech companies and AI is a very natural way for them to become a tech company, the growth will come along for the ride. And that's actually probably the excitement here is that typically we don't think of healthcare as a tech problem, and as people start to refocus and think of it in that way, we're going to have advances that will come.

I think the growth is something where it's always a key part of a startup, but I think right now the opportunity is that a lot of these startups in life sciences and healthcare have been on a different curve, and I think as they become tech companies and AI is a very natural way for them to become a tech company, the growth will come along for the ride. And that's actually probably the excitement here is that typically we don't think of healthcare as a tech problem, and as people start to refocus and think of it in that way, we're going to have advances that will come.

Much more rapidly. J.

Much more rapidly. J.

Pande, I hope you'll come on when we do we'll get all those advances. We thank you so much for setting us up for of course that. JP Morgan Conference general partner over Andresen Horowitz. Great to have you on the show. Going viral and extraordinary story of how Apple's promise for sturdy iPhones may have been kept after one was reportedly found intact after falling sixteen thousand free from that Alaska Airlines flight twelve eighty two this weekend. Now, according to a user post on x, the phone was in airplane mode and still had hours of battery life remaining. Now, Flight twelve eighty two was forced to turn by minutes after takeoff from Portland, Oregon, when a fuselage panel blew off the plane and sucked shirts and clearly phones out and luckily no people head.

Pande, I hope you'll come on when we do we'll get all those advances. We thank you so much for setting us up for of course that. JP Morgan Conference general partner over Andresen Horowitz. Great to have you on the show. Going viral and extraordinary story of how Apple's promise for sturdy iPhones may have been kept after one was reportedly found intact after falling sixteen thousand free from that Alaska Airlines flight twelve eighty two this weekend. Now, according to a user post on x, the phone was in airplane mode and still had hours of battery life remaining. Now, Flight twelve eighty two was forced to turn by minutes after takeoff from Portland, Oregon, when a fuselage panel blew off the plane and sucked shirts and clearly phones out and luckily no people head.

Let's stick with high altitude CARRA and get a different take on tech in aviation because United Launch Alliance's long awaited Vulcan rocket headed into space after launching from Florida's Cape canaverl early this morning. About fifty minutes after liftoff, the rocket deployed a robotic lunar lander, and if all goes well with the mission, it could be the first privately made lander to successfully land on the Moon.

Let's stick with high altitude CARRA and get a different take on tech in aviation because United Launch Alliance's long awaited Vulcan rocket headed into space after launching from Florida's Cape canaverl early this morning. About fifty minutes after liftoff, the rocket deployed a robotic lunar lander, and if all goes well with the mission, it could be the first privately made lander to successfully land on the Moon.

Karen mean, while coming back down to Earth, let's look at Twilio shares. Actually, well, they're doing well on the back of what is the founder Jeff Lawson stepping down a CEO giving up his board seat. Even now this we are going to dig into with Brody Ford joining us for more, because investors clearly wanted this, they have been pushing for. This is an activist who found their moment because Jeff Lawson as founder finally gave up voting rights right right.

Karen mean, while coming back down to Earth, let's look at Twilio shares. Actually, well, they're doing well on the back of what is the founder Jeff Lawson stepping down a CEO giving up his board seat. Even now this we are going to dig into with Brody Ford joining us for more, because investors clearly wanted this, they have been pushing for. This is an activist who found their moment because Jeff Lawson as founder finally gave up voting rights right right.

Yeah, when you start a company, oftentimes you have these really high powered shares. Jeff started this company in two thousand and eight and those shares expired last year.