Waabi Raises $200 Million for Autonomous Trucking

Waabi raises $200M for autonomous trucks, aiming for fully autonomous trucks by 2025.

### The Latest in Tech and Finance: Chip Stocks, US Semiconductor Subsidy Bill, and Point72's AI Fund
* 📈  Micron being the **best performer** on the NASDAQ 100 and NVIDIA's stock reaching **almost $3 trillion**.
* 🇺🇸  A new US bill seeks to ban companies that receive federal funding from buying Chinese tools for their US factories, impacting **semiconductor plants**.
* 💰  Point72, Steve Cohen's firm, is raising a **$1 billion fund** focused on AI, especially in **semiconductors and hardware**, with **long and short opportunities**.
* 💻  Tech stocks, particularly in the AI and chip sectors, are generally seen as a good investment due to the **ongoing technological advancements**.
* 🩺  AI is being increasingly used in healthcare to address challenges such as the nursing shortage, with **over half of healthcare leaders exploring AI for nursing operations**.
* 🏦  It's essential for investors to consider diversification and avoid **overconcentration in the tech sector**, given the potential risks such as **geopolitical issues and interest rate changes**.

### Waabi Raises $200M for Fully Autonomous Trucks by 2025; Apple's High-End Vision Headset Faces Production Halt
* 🚛  Waabi, an AI company, raises **$200 million** in an oversubscribed series led by Uber, with plans to deploy **fully autonomous trucks by 2025**, starting in **Texas**.
* 🧠  Waabi's single end-to-end AI system, which reasons like a human, allows the trucks to **generalize different situations on the road**, making them **safer than other solutions** in the industry.
* 🍏  Apple's next high-end vision headset faces production halt, with an employee and manufacturer continuing work on a **more affordable version with fewer features** before the end of 2025.
* 🇨🇳  ByteDance, the Chinese parent company of TikTok, is making a high-stakes bid to **overturn the potential ban** of its app imposed by U.S. lawmakers, following concerns about its **connections with the Chinese Communist Party**.
* 💸  Elon Musk's X is seeking to add **Venmo-like payment features** to its social media platform, envisioning users to **send money to friends, buy products and services**, and potentially **use it in physical stores**.

ANNOUNCER:
FROM THE HEART OF WHERE INNOVATION, MONEY, AND POWER
COLLIDE IN SILICON VALLEY AND BEYOND, THIS IS BLOOMBERG
TECHNOLOGY. CAROLINE:
THE BLOOMBERG TECHNOLOGY. COMING UP, INSIDERS CASH IN ON
THE RALLY AS THE STOCK PUSHES DEEPER INTO RECORD TERRITORY.
FULL CHIP COVERAGE AHEAD. PLUS, TIKTOK PARENT BYTEDANCE
EMBARKS ON A HIGH-STAKES BID TO OVERTURN THE LAW REQUIRING THEM
TO DIVEST OR BE BANNED. DETAILS TO COME.
MEANWHILE, STEVE COHEN’S POINT 72 LOOKS TO RAISE $1 BILLION
FOR A NEW FUND PICKING WINNERS AND LOSERS IN A.I.
WE’LL DISCUSS THAT AND SO MUCH MORE THROUGHOUT THIS HOUR.
FIRST, LET’S CHECK IN ON THESE

MARKETS AND LOOK A LITTLE BIT
OF A TEMPERATURE CHECK GOING ON WHEN IT COMES TO BIG TECH.
IS THERE TOO MUCH CONCENTRATION RISK? A BIT OF PROFIT-TAKING
HAPPENING ON THE DAY. IS THERE ONE TOO MANY
BANKRUPTCIES BEING FILED? WE’RE JUST DOWN ABOUT .1% AT
THE MOMENT WHEN WE’RE LOOKING AT THE NASDAQ. MORE BROADLY,
HOWEVER, THE S&P 500 NEAR OR AT RECORD TERRITORY AND WE’RE
GETTING A LITTLE BIT MORE LOOK AT THE STOCKS 600,
UP .6% AS WE DIGEST WHAT’S HAPPENING FROM A POLITICAL RISK
PERSPECTIVE OVER IN FRANCE. WE PUSH HIGHER.
WE’RE LOOKING AT A 20-YEAR YIELD, JUST DOWN TWO BASIS POINTS AS
WE ANTICIPATE A BIG SALE OF

20-YEAR TREASURIES COMING LATER TODAY. WE’VE ALSO GOT A LITTLE BIT OF A DIGESTION ON WHAT’S HAPPENING FROM ECONOMIC FRONT. INDUSTRIAL PRODUCTION LOOKING RELATIVELY SOUND AS RETAIL SALES PULL BACK A LITTLE BIT. MIXED PICTURE IN TERMS OF WHETHER OR NOT FEDERAL GOES MOVE ON AND LOOK AT WHAT INDIVIDUAL STOCKS ARE DOING. WE’VE GOT KEY NEWS OUT. WE’VE ANTICIPATED THIS MOVE. NOW WE LOOK AT HOW THEY’LL RESTRUCTURE OR PAY BACK THEIR DEBT. WE ARE ALSO LOOKING AT MICRON ON THE UP AND UP. BEST PERFORMER ON THE NASDAQ 100. ANALYSTS ONLY EXPECT GOOD NEWS COME FROM THEM. NVIDIA AS WELL PUSHING HIGHER UP. ALMOST 2%, JUST THE THREE TRILLION STOCK THAT CONTINUES.

TO GIVE. WE’RE ANTICIPATING SEEING SOME OF THOSE INSIDERS BUYING AND SELLING, AND WE’RE SEEING SALES HAPPENING WITH EXECUTIVES OFFLOADING SOME OF THOSE SHARES. WE WANT TO TALK ABOUT THE CHIP MARKET. WE WANT TO LOOK AT HOW MAYBE THEY’RE BEING IMPACTED BY GEOPOLITICAL RISKS. A NEW STORY OUT BY BLOOMBERG, A NEW BILL IS SEEKING TO BAN GOVERNMENT-FUNDED SEMICONDUCTOR PLANTS FROM USING CHINESE-MADE EQUIPMENT. HERE IS BLOOMBERG’S MACKENZIE HAWKINS, YOUR NEWS STORY JUST ARTICULATING HOW IF YOU’RE GOING TO BE GETTING SOME SUBSIDIES FROM THE U.S. GOVERNMENT, I’M AFRAID YOU CANNOT HAVE CHINA’S TECHNOLOGY WITHIN THAT.

>> THAT’S RIGHT. SO THE U.S. PASSED THIS MASSIVE SEMICONDUCTOR SUBSIDY PROGRAM COMING UP ON TWO YEARS AGO IN AUGUST, 2022. AND THE BIDEN ADMINISTRATION’S ABOUT 85% OF THE WAY THROUGH ALLOCATING SOME PRELIMINARY AWARDS FOR THE FUNDING. THAT INCLUDES $8.5 BILLION IN GRANTS TO INTEL, MORE THAN $6 BILLION IN GRANTS TO EACH OF TSMC, SAMSUNG, AND MICRON. AND LAWMAKERS ARE REALLY HEAVILY SCRUTINIZING THIS PROGRAM. THERE ARE ALREADY SOME GUARDRAILS ON HOW COMPANIES THAT RECEIVE FEDERAL FUNDING CAN PROCEED IN CHINA. THEY CAN’T HAVE SIGNIFICANT EXPANSIONS OF THEIR FACILITIES THERE. BUT LAWMAKERS ARE LOOKING AT CHINESE

EQUIPMENT THAT MIGHT WIND UP IN U.S. FACILITIES. THIS NEW BILL THAT WAS JUST INTRODUCED THIS MORNING WOULD SEEK TO BAN ANY COMPANIES THAT RECEIVE FEDERAL FUNDING FROM BUYING CHINESE TOOLS FOR THEIR U.S. FACTORIES. >> HOW REALISTIC IS IT THAT INTEL, THAT TSMC ARE RECEIVING, TAKING GOODS AND EQUIPMENT FROM CHINA AT THE MOMENT? THERE’S ALSO OTHER COUNTRIES LISTED IN YOUR STORY: RUSSIA, NORTH KOREA, IRAN, BUT REALLY CHINA’S THE ONE WE’RE MOST LIKELY TO SEE EQUIPMENT COME FROM. >> THAT’S RIGHT. SO IN EVERY SEMICONDUCTOR EXPORT CONTROL MEASURE SORT OF TARGETS A HANDFUL OF FOREIGN ADVERSARIES, BUT THIS REALLY IS ABOUT CHINA. IT’S A GREAT QUESTION. THE U.S., JAPAN, AND THE

NETHERLANDS DOMINATE THE SEMICONDUCTOR EQUIPMENT INDUSTRY WITH COMPANIES LIKE LAMB, APPLIED MATERIALS, ASML IN THE NETHERLANDS, AND TOKYO ELECTRON IN JAPAN. CHINESE EQUIPMENT MAKERS HAVE TAKEN A PRETTY SIGNIFICANT HIT OVER THE PAST COUPLE OF YEARS BECAUSE OF U.S.-LED EXPORT CONTROLS ON THEIR ABILITY TO GET HIGH-END SEMICONDUCTOR MANUFACTURING TOOLS AND THE CHIPS THEMSELVES. BUT THEY HAVE MADE SOME SIGNIFICANT PROGRESS AND THEY’RE BEGINNING TO PITCH U.S. COMPANIES ON USING THEIR TOOLS. SOME COMPANIES HAVE BEEN ENTERTAINING THOSE EARLY STAGE CONVERSATIONS, WE ARE TOLD, PERHAPS MORE AS A WAY TO IMPOSE SOME PRICING PRESSURE ON THE U.S. FIRMS THAT CURRENTLY SUPPLY THOSE.

BUT LAWMAKERS SEE THIS AS A GROWING THREAT, NOT JUST AT THE ADVANCED EDGE, BUT ALSO SOME TOOLS THAT ARE DESIGNED TO CREATE MORE OLDER GENERATION CHIPS. CAROLINE: WE KEEP AN EYE ON HOW GEOPOLITICS AFFECTS SOME OF THESE TECHNOLOGY COMPANIES AND ONES THAT ARE GETTING FEDERAL FUNDING. BRILLIANT STORY, THANK YOU VERY MUCH FOR BRINGING IT TO US. LOOK, CHIP STOCKS DO CONTINUE TO POWER HIGH TODAY. YOU’RE LOOKING AT THE STOCKS, FOR EXAMPLE, HITTING NEW HIGHS. WE’RE LOOKING AT MICRON OUTPERFORMING ON THE DAY. SHOULD YOU BE ALLOCATING INTO TECH RIGHT NOW WHEN WE’RE AT SUCH OVERSUPPORT LEVELS? ERIC FRIEDMAN IS THE MAN TO ASK. WE DO STILL HAVE THE ODD HEADWIND, WHETHER IT BE GEOPOLITICAL RISK, WHETHER IT’S

HAPPENING IN FRANCE OR IN THE
CHINA OR U.S., BUT IT DOESN’T SEEM TO BE
CRIMPING THE APPETITE OF BIG TECH AT THE MOMENT. >> I AGREE.
IT SEEMS LIKE THIS IS THE STORY THAT WE’RE HEARING CONSISTENTLY
ACROSS NOT JUST CORPORATE AMERICA, BUT ALSO GLOBAL
COMPANIES. WHICH IS, IF YOU WANT TO GET BIGGER, STRONGER,
FASTER, IT’S NOT SO MUCH A FOCUS ON LABOR, IT’S
A FOCUS ON TECHNOLOGY. AND TO YOUR POINT, IT HAS BEEN REALLY
CENTERED ON CHIPS AND LARGER INTEGRATED CHIP PROVIDERS.
SO THAT’S A SPACE THAT WE THINK IS BOUGHT ON WEAKNESS, AS
OPPOSED TO SOLD ON THESE LEVELS. AND PART OF THAT REASON IS THE
VERY CONSISTENT CAP X STORY WE’RE SEEING.
WE’VE LOOKED ACROSS THE GLOBE.

AND COMPANIES THAT ARE NOT JUST
IN THE TECHNOLOGY INDUSTRY, OF COURSE, BUT WHEN IT’S BANKS,
WHETHER IT’S HEALTH CARE PROVIDERS, THIS PUSH TOWARDS
WHAT A.I. AND OTHER BIG DATA SERVICES CAN
PROVIDE. WE THINK IS AN ONGOING THEME.
SO IT’S A SPACE THAT WE THINK, WE’RE BENCHMARK RELATIVE
INVESTORS. WE WANT TO BE AT LEAST NEUTRAL IF NOT OVERWEIGHT
THAT SPACE RIGHT NOW. CAROLINE: DON’T FIND THE TREND BUT
SOMETIMES MOMENTUM DOES COME TO A SCREECHING HALT.
IS THERE A WAY OF PROTECTING YOURSELF FROM THE DOWN SIDE? >> YEAH.
I THINK IT’S A GREAT POINT. ONE OF THE THINGS THAT YOU DID
A GREAT JOB ON THE PRIOR SEGMENT WAS THINKING ABOUT
PROTECTIONISM AND WE’VE GOT A

LOT OF DATA POINTS COMING UP.
WE’VE GOT THE JULY 4 ELECTION. WE’VE GOT THE CONSIDERATIONS
AROUND, OF COURSE, THE U.S. REPUBLICAN AND DEMOCRATIC
NATIONAL CONVENTIONS. WE’LL HOPEFULLY HEAR MORE
DEMONSTRATED POLICIES REGARDING REGULATION AND ALSO ON MORE
TECH SPECIFICS, IF YOU WILL. SO I THINK IT’S A SPACE WHERE
YOU CAN LIGHTEN UP, BUT WE WOULD NOT LIGHTEN UP BEYOND MARKET
WEIGHT. THAT’S A SPACE THAT, AGAIN, WE
THINK THAT TREND IS THERE. WHAT ARE SOME THINGS THAT COULD
CAUSE THAT TO GO OTT ERR AWAY? GEOPOLITICAL RISK IS ONE.
IF WE SEE IT CREEP HIGHER ON INTEREST RATES, WHICH IS NOT IN
OUR CURRENT FORECAST, BUT IF WE SEE NOT JUST THE FED BUT OTHER
GLOBAL CENTRAL BANKS PUSH OFF

RATE DECREASE, THAT’S SOMETHING
THAT COULD ALSO BE AN ISSUE FOR VALUATIONS ON THESE COMPANIES.
BUT AGAIN, IT’S A MARKET THAT HAS TO BE PROVEN, THAT NEEDS TO
BE SOLD, AS OPPOSED TO BE BOUGHT, WHICH WE THINK IS A GREAT PLACE
TO BE FOR INVESTORS RIGHT NOW. CAROLINE:
WHEN YOU ARE LOOKING AT THE BROADER BENCHMARKS AND YOU’RE
FOCUSING YOUR ALLOCATION AS US THIS, NEUTRAL, MAYBE A LITTLE
BIT OVERWEIGHT, AT WHAT POINT DO YOU SAY, OK, WE NEED TO
BROADEN -- DO YOU EVEN HAVE TO FACTOR THAT IN PARTICULARLY?
WHEN YOU’RE LOOKING TO DIVERSIFY, WHEN YOU’RE WORRIED
ABOUT CONCENTRATION RISK WHEN IT COMES TO THE A.I. BET? >> IT’S CRITICAL AS AN ASSET
ALLOCATOR TO THINK ABOUT THE

OVERCONCENTRATION. THE COMPLEXION OF THE S&P 500, THAT DOES GIVE US SOME CONCERN ABOUT HOW OVERWEIGHT, IF YOU WILL, ON A NORMALIZED BASIS, SOME OF THAT INDEX IS. BUT IF YOU LOOK ACROSS THE POND AGAIN, WE’RE BIG BELIEVERS IN EFA AS A LONG-TERM DIVERSIFIER, BUT THAT’S LARGELY A VALUE-ORIENTED INDEX. SO GIVEN THAT THERE IS SOME PARTICIPATION IN TECH AND GERMANY, AS WELL AS IN THE NETHERLANDS AND SPACE LIKE THAT, AND ALSO TO THE POINT MADE EARLIER ABOUT JAPAN, THERE’S A LOT OF FEEDSTOCK IMPLICATIONS OF THE CHIPS BACK AND FORTH FROM A POLITICAL STANDPOINT. THAT’S NOT JUST THE CHIP MAKERS. IT’S OBVIOUSLY THE DESIGNERS, IT’S OBVIOUSLY SOME OF THE INDIVIDUAL RENSES THAT GO INTO

THE CHIP MAKING PROCESS.
SO I THINK THE POINT IS THAT YOU WANT TO BE SMART. I THINK
FIRST AND FOREMOST ABOUT THE O.E.M.S. THEY AND SECOND THINK
-- O.E.M.’S AND SECONDLY THINK ABOUT THE ECOSYSTEM.
GENTLEMAN PASS IS A -- YOU CAN’T GET I THINK TOO BEARISH
ON THE SPACE RIGHT NOW. JUST GIVEN THE BACKLOG OF
DEMAND, WHICH WILL STILL BE THERE FOR SOME TIME. CAROLINE:
PERFECT PERSPECTIVE. ERIC FRIEDMAN OF THE U.S.
BANK, WE REALLY APPRECIATE YOUR TIME TODAY.
MEANWHILE COMING UP, GOING INTO THE A.I.
TRADE, STEVE COHEN’S POINT72 RAISING A NEW FUND TO PICK THE
WINNERS AND LOSERS OF ARTIFICIAL TENSION.
DISCUSSING THAT ONE NEXT. AND WHAT’S HAPPENING WITH APPLE.
INTERESTING REPORT COMING FROM

THE INFORMATION.
APPARENTLY, THEY’VE HALTED WORK ON THE NEXT HIGH-END VISION PRO
HEADSET. WE UNDERSTAND THAT AT LEAST ONE
SUPPLIER THAT WORKS ON THE NEXT HIGH-END VISION HEADSET HAS
BEEN HALTED, TOLD WHO HOLT. THIS COMING FROM THE
INFORMATION CURRENTLY DOWN BY .8%.
FEW FEATURES HAPPENING BEFORE THE END OF 2025.
THIS IS BLOOMBERG TECHNOLOGY. CAROLINE:
TIME NOW FOR TALKING TECH. THE TROUBLED E.V.
MAKER IS LISTING ASSETS BETWEEN $500 MILLION AND $1 BILLION IN
LIABILITIES BETWEEN $100 MILLION AND $500 MILLION.
THE FILING WHILE IT WORKS OUT A PLAN TO REPAY INVESTORS.
BEST BUY IS PREPARING FOR ONE OF ITS BIGGEST PRODUCT LAUNCHES
OF THE YEAR: A.I. COMPUTERS.

THE RETAILER IS TRAINING MORE THAN 30,000 EMPLOYEES TO SELL AND REPAIR P.C.’S EQUIPPED WITH MICROSOFT’S NEW CO-PILOT A.I. THAT GOES ON SALE TODAY. BEST BUY HAS EXCLUSIVE SALES RIGHTS TO MORE THAN 40% OF CO-PILOT P.C. MODELS. AND HUAWEI SAYS IT’S CONSIDERING CUTTING FEES ON IN-APP PURCHASES. ACCORDING TO PEOPLE FAMILIAR WITH THE MATTER, THE COMPANY IS WEIGHING A 20% COMMISSION FOR PAYMENTS MADE VIA THE MOBILE STORES. THAT UNDERCUTS APPLE AND AFL BET’S 30% FEES. SEEKING TO RAISE $1 BILLION FOR A HEDGE FUND FOCUSED ON ARTIFICIAL INTELLIGENCE. STORY BEING BROKEN. TELLS BUT THIS NEW FUND.

A BIG CHUNK OF CHANGE, $1
BILLION. >> IT IS, AND FOR A
SECTOR-SPECIFIC FUND, WE HAVEN’T SEEN POINT72 COME OUT WITH A
SECTOR-SPECIFIC HEDGE FUND EITHER. THE SECTOR THEY’VE CHOSEN IS A.I., ESPECIALLY LOOKING AT
SEMICONDUCTORS AND HARDWARE, AND SO THEY’RE RAISING THIS
BILLION -- THEY’RE RAISING $1 BILLION FOR THE FUND, WHICH IS A
PRETTY SIZABLE FUND, BUT THE FIRM AS A WHOLE IS $34 BILLION,
SO STILL NOT AS BIG -- WHOLE IS $34 BILLION. CAROLINE:
IT’S NOTABLE WHEN WE GET A FIRST FUND IN MORE THAN A
DECADE. WHY IS STEVE COHEN PURSUING
THIS AVENUE? BECAUSE IT’S GOING TO HAVE LONG
POSITIONS BUT ALSO SHORT TOO.

>> PRECISELY.
HE’S QUITE BULLISH ON A.I. HE THINKS THAT IT’S GOING TO BE
TRANSFORMATIVE. IT WILL CHANGE THE WAY
COMPANIES WORK, HOW THEY MAKE MONEY,
HOW MUCH MONEY THEY MAKE. HE THINKS THAT THE OPPORTUNITY
CAN BE OVER THE LONGER TERM, AND SO YOU MIGHT SEE BIG WINNERS,
YOU MIGHT SEE BIG LOSERS. SO THERE’S LONG AND SHORT
OPPORTUNITIES HERE, AND HE THINKS THAT THIS IS THE BEST
TIME TO BE INVESTING, AND SO IT MAKES SENSE THAT HE WOULD
LAUNCH THIS KIND OF A FUND. CAROLINE:
THE NOTS JUST HIM MAKING THE INVESTMENT DECISIONS HERE. >> NO. HE HAS A P.M.
THAT’S GOING TO FOCUS ON THE TECH SPACE.
STEVE WILL BE OVERLOOKING AND OVERSEEING THE FIRP AND FUND,
BUT WHAT’S INTERESTING HERE IS

THAT THIS IS A NEW HEDGE FUND
VEHICLE THAT THEY’VE DECIDED TO CREATE FOR THESE INVESTMENTS.
AND TYPICALLY, THEY HAVE THEIR MAIN HEDGE FUND THAT DOES
INVESTING IN STOCKS, AND THEY DO MACROTRADES, AND IT’S MORE
MARKET-NEUTRAL. THIS FUND WILL BE MORE FLEXIBLE.
IT WILL BE MORE LONG-BIASED IF THEY SEE OPPORTUNITY.
IT WILL FOCUS ON THAT ONE SPACE. IT’S AN INTERESTING MOVE THAT
HE CHOSE TO CREATE A NEW VEHICLE FOR THESE INVESTMENTS
VERSUS JUST PUTTING IT IN THE MAIN FUND. CAROLINE:
NOT AFRAID TO MAKE BETS WHEN IT COMES TO TECHNOLOGY BUT HAS
USED HIS OWN MONEY WHEN IT COMES TO THE V.C.
AREA, BUT THERE HAVE BEEN OTHER AREAS WHERE THEY’VE LOOKED TO
IMPROVE THINGS. >> YES. SO THEY HAVE A VENTURE
INVESTMENTS TOO.

THEY HAVE A UNIT THAT MAKES INVESTMENTS ONLY FOR STEVE’S MONEY.
THEY HAVE A SEPARATE UNIT THAT MAKES INVESTMENTS FOR VENTURE
AND PRIVATE EQUITY FOR OUTSIDE CAPITAL.
SO YOU’RE SEEING THIS FIRM THAT BACK IN THE DAY WAS JUST OLD
SCHOOL HEDGE FUNDS, LONG-SHORT. REALLY PUSHING TO NEW AREAS.
GOING MORE INTO VENTURE AND PRIVATE AND PUSHING INTO
MACRO. AS THEY’VE BEEN EXPANDING THAT UNIT AND NOW PUSHING INTO
A.I. CAROLINE: AND USING GENERATIVE A.I. THANK YOU.
THE REAL WORLD IMPACT A.I. IS HAVING ON HEALTH CARE.
THAT’S NEXT. MEANWHILE, LOOK AT SNOW FLAKE.
WE UNDERSTAND THAT THERE WAS INDEED A HACK THAT OCCURRED TO
SOME OF SNOW FLAKE’S OWN CUSTOMERS.
NOW WE UNDERSTAND THAT THE

HACKERS ARE NOW DEMANDING AS
MUCH AS $5 MILLION FROM THOSE PARTICULAR CLIENTS.
AS MANY AS 10 COMPANIES WERE BREACHED IN CAMPAIGN THAT
TARGETED SNOACT CUSTOMERS IN -- KNOW?
FLAKE CUSTOMERS IN PARTICULAR. THIS IS BLOOMBERG TECHNOLOGY. ♪ CAROLINE:
TIME FOR OUR WEEKLY SECTION. TODAY WE’RE LOOKING AT A.I.’S
IMPACT ON HEALTH CARE AND HOW IT MIGHT EVEN ALEAVE CREATE
SOIM OF THE -- ALLEVIATE SOME OF THE BURNOUT OF NURSE, HELP
WITH THE SHORTAGES THERE. BASED ON NEW DATA FROM
INCREDIBLE HEALTH. HERE FOR MORE IS C.E.O.
AND CO-FOUNDER OF INCREDIBLE HEALTH.
WE WANT TO TALK TO YOU ABOUT HOW ULTIMATELY YOU’RE SEEING A
REAL WORRYING TREND HERE.

THERE’S GOING TO BE A HUGE
SHORTAGE OF NURSES. CAN TECHNOLOGY HELP IN ANY WAY? >> ABSOLUTELY.
SO IN OUR MOST RECENT STUDY, 90% OF HEALTH CARE EXECUTIVES
THINK THE NURSING SHORTAGE IS GOING TO WORSEN IN FUTURE YEARS.
SO THE WAY WE SEE THE ROLE OF A.I.
IS THAT IT CAN HAVE AN IMPACT IN INCREASING OPPORTUNITIES FOR
NURSES AND OTHER HEALTH CARE WORKERS TOO.
WE’VE EXPERIENCED IT OURSELVES. OUR PLATFORM IS USED BY OVER $1
MILLION U.S. NURSES AND BY OVER 1 -- ONE
MILLION U.S. NURSES AND HOSPITALS.
WE’VE IMPROVED THE A.I. FEATURES THAT HAVE BENEFITED
THESE WORKERS AS WELL. FOR EXAMPLE, WE’RE NOW USING
A.I. IN WHAT WE CALL OUR RESUME

WIZARD, WHICH ENABLES NURSES TO CREATE RESUMES USING A.I., AND WE ENABLE HOSPITALS TO SEND OUT MESSAGES TO NURSES USING GENERATIVE A.I., WHICH HAS LED TO A 20% INCREASE IN INTERVIEW REQUESTS BEING ACCEPTED. CAROLINE: CAN TOTALLY SEE HOW IT’S MAKING NURSE INTERVIEWING REQUESTS THAT MUCH EASIER. TELL US HOW HEALTH CARE PROVIDERS, THE HOSPITALS YOU WORK WITH THEMSELVES, ARE PERHAPS USING GENERATIVE A.I. AND MIGHT BE ABLE TO ALLEVIATE SOME OF THE BURNOUT, STRESS, WORK FOR THE NURSES THEY EMPLOY. >> ABSOLUTELY. SO IN OUR RECENT STUDY THAT’S JUST PUBLISHED TODAY, OVER HALF OF HEALTH CARE LEADERS ARE EXPLORING TECHNOLOGIES THAT USE ARTIFICIAL INTELLIGENCE FOR

NURSING OPERATIONS. PRIMARILY, THEY’RE LOOKING AT USING IT FOR SCHEDULING AND ADMINISTRATIVE PROCESSES. WE’RE SEEING A LOT LESS, LESS THAN 10% BEING USED -- USING IT FOR RECOMMENDATIONS AND PATIENT CARE. AND THE REASON THAT THEY’RE FOCUSED ON THIS TECHNOLOGY IS BECAUSE BURNOUT IS THE TOP REASON WHY NURSES ARE LEAVING THE WORKFORCE AND WHY THEY HAVE SUCH HIGH TURNOVER OF OVER 20% ANNUALLY. IN HOSPITALS TOO. SO THIS IS AN URGENT ISSUE TO ALLEVIATE THE WORKFORCE AND A.I. IS A POTENTIAL FOR DOING THAT. CAROLINE: I CAN IMAGINE THAT ACTUALLY IN YEARS TO COME GENTLEMAN ARE A TIRVEG. A.I. MIGHT HELP WITH THE MENTAL HEALTH BURDENS THAT NURSES FEEL.

TOO. >> ABSOLUTELY.
SO, THERE’S SEVERAL THINGS NURSES ARE GOING THROUGH RIGHT
NOW. FIRST OF ALL, THEY’RE VERY DISSATISFIED WITH THE RATIOS OF
PATIENTS THEY NEED TO TAKE CARE OF. THEY’RE TAKING CARE OF MORE
PATIENTS THAN USUAL -- PATIENTS THAN USUAL, AND THE HEALTH CARE
EXECUTIVES ACKNOWLEDGE THAT AS WELL.
THEY’RE ALSO DISSATISFIED WITH THE NURSE TO PATIENT RATIOS AT
THEIR HOSPITALS. WE’RE ALSO SEEING BURNOUT AND
STRESS BE THE NUMBER ONE REASON FOR TURNOVER, AND THEN FINALLY,
WE’RE SEEING AN INCREASE IN WORKPLACE VIOLENCE.
SO, OVER THE LAST YEAR, THERE’S BEEN AN INCREASE IN VERBAL AND
PHYSICAL ASSAULT FROM PATIENTS.

OR PATIENTS’ FAMILIES ON NURSES,
AND SO FOR ALL THESE REASONS, THESE ARE HIGH-PRIORITY TOPICS
THAT HEALTHCARE EXECUTIVES ARE TRYING TO TACKLE WITH
TECHNOLOGY LIKE A.I., BUT ALSO MORE TRADITIONAL
METHODS, INCLUDING SALARY INCREASES,
INCREASING FLEXIBLE SCHEDULING, AND IMPROVING THESE NURSE-TO-PATIENT RATIOS. CAROLINE: HOW QUICKLY YOU HAVE BEEN ABLE
TO INCREASE THE SKILL SET OF YOUR OWN EMPLOYEES, TO ADOPT
GENERATIVE A.I., TO MAKE YOUR PRODUCT EVEN BETTER? >> WE HAVE A FANTASTIC PRODUCT
AND ENGINEERING TEAM HERE AT INCREDIBLE HEALTH, AND SINCE
CHAT GPT LAUNCHED, THEY’VE BEEN EXCITED TO USE THAT TECHNOLOGY.
WE DO USE -- WE USE CO-PILOT, FOR EXAMPLE, WHEN WRITING CODE,
AND THEN WE’VE ALSO IMPLEMENTED

A.I.
In a whole range of features that benefits our users too.
So we’re big believers in that technology,
and the impact it can have on our users in a beneficial way,
especially when it comes to expanding opportunities for
health care workers.
Caroline: Your headquartered in San
Francisco, where I’m sure the conversation
every other second is around generative A.I. or A. IMPT.
How is that differing with the global workforce that you
employ or help employ within hospitals?
How does it affect your own talent pool and how expensive
it is? >> As far as the actual
incredible health marketplace itself, we have over one
million U.S. nurses and 1500 hospitals here
in the SOWS where we operate --

IN THE U.S.
SO WE OPERATE IN MOST OF THE COUNTRY. SO WE’VE ACTUALLY SEEN
THE UPTICK IN ADOPTION OF A.I. TO BE QUITE RAPID THROUGHOUT THE ENTIRE COUNTRY.
NOT JUST FOCUSED IN THE BAY AREA. THEN ALSO WE OPERATE OUR
COMPANY FULLY REMOTE. SO HAVE AN ENGINEERING TEAM AND
A PRODUCT TEASE SPREAD ACROSS THE COUNTRY -- TEAM THAT’S
SPREAD ACROSS THE COUNTRY AS WELL.
WE’VE SEEN THE ADOPTION AND INTEREST IN A.I. BE NATIONAL.
IT’S WIDESPREAD. CAROLINE: HOW DO YOU USE IT?
ON A DAILY BASIS? >> PERSONALLY? CAROLINE: YEAH. >> I’VE USED CHAT GPT PRETTY
CONSISTENTLY WHEN IT COMES TO IMPROVING WRITTEN
COMMUNICATIONS, WHETHER IT’S TO

CUSTOMERS.
IT HELPS SORT OF EDIT SOME OF MY MARKETING COPY AS WELL.
I DEFINITELY HAVE PERSONALLY USED IT DAY TO DAY IN WORK TOO.
CAROLINE: DON’T WE ALL. THANK YOU SO MUCH.
C.E.O., CO-FOUNDER OF INCREDIBLE HEALTH, JUST TALKING
US THROUGH HOW GENERATIVE A.I. MIGHT CHANGE THE GAME FOR
NURSES GOING FORWARD. MEANWHILE, SPEAKING OF
ARTIFICIAL INTELLIGENCE, NVIDIA INSIDERS HAVE SOLE SHARES WORTH
MORE THAN $700 MILLION THIS YEAR ALONE AS THE STOCK
CONTINUES TO PUSH DEEPER INTO RECORD TERRITORY.
NOW AMID THE UNRELENTING DEMAND FOR ITS CHIPS, COMPANY
EXECUTIVES AND DIRECTORS HAVE UNLOADED ABOUT 770,000 NVIDIA
SHARES SO FAR. THAT’S THE MOST SINCE THE FIRST
SIX MONTHS OF 2023 WHEN ABOUT

848,000 SHARES WERE SOLD.
NOW COMING UP, BLOOMBERG’S JAMIE JOINS US TO TAKE A LOOK
AT HIGH STAKES BID AT BYTEDANCE AS IT’S TRYING TO OVERTURN THE
POTENTIAL BAN ON TIKTOK AND WHAT DISCLOSE DISCLOSURES IT
WANTS TO SEE. AND A QUICK LOOK AT WHAT’S
HAPPENING IN THE U.S. CREDITORS ARE TRYING TO BAN
TOGETHER TO ENSURE THEY’RE WORKING AS ONE.
THEY DON’T WANT TO HAVE ANY CREDITOR BRAWLS OR FALL OUT.
THEY WANT A PACT TO AVOID EXACTLY THAT.
THEY’RE GOING TO BE SIGNING A COOPERATION AGREEMENT AMID
CONCERNS THAT THE COMPANY COULD MOVE ASSETS AWAY FROM THEIR
REACH. ACCORDING TO PEOPLE WITH KNOWLEDGE OF THE MATTER.
NOW, IT CAN INITIALLY LOST

ABOUT 18 MONTHS.
THIS IS -- THOSE CREDITORS IN EUROPE HAVE DONE SIMILAR THINGS
WHEN IT COMES TO ALTICE FRANCE. A LOOK AT WHAT’S HAPPENING IN
APPLE AS WELL. THERE HAS BEEN SOME REPORTS
COMING FROM THE INFORMATION TODAY THAT APPLE’S INFORMED AT
LEAST ONE SUPPLIER THAT WORK ON ITS NEXT HIGH-END VISION
HEADSET HAVE BEEN HALTED. NOW A REPORT SAYING THAT THE
EMPLOYEE AND MANUFACTURER THAT MAKES THE KEY COMPONENTS FOR
THE VISION PRO IS BEING CITED HERE, REMAINS AT WORK ON A MORE
AFFORDABLE VISION PRODUCT WITH FEWER FEATURES BEFORE THE END
OF 2025. FROM NEW YORK, THIS IS
BLOOMBERG TECHNOLOGY. ♪ CAROLINE:
WELCOME BACK TO BLOOMBERG TECHNOLOGY.
MAYBE A LITTLE BIT OF PROFIT

TAKING COMING IN BIG TECH AT
THE MOMENT. WE’RE SEEING ALSO SOME MIXED
ECONOMIC REPORTS COMING IN THE UNITED STATES.
RETAIL SALES JUST SLOWING A LITTLE BIT.
ARE WE HAVING A SLIGHT WEAKNESS IN THE CONSUMER HERE IN THE
UNITED STATES? EVEN THOUGH INDUSTRIAL
PRODUCTION DID LOOK BETTER TODAY.
WE’RE ALSO ANTICIPATING WHAT THE FEDERAL RESERVE DOES. MANY
TALK COMING FROM THE FED SAYING MAYBE JUST ONE AND DONE IN
TERMS OF RATE CUTS THIS YEAR. WE’VE SEEN THE NASDAQ 100 OFF
BY 0.2%. EUROPE GETTING A BIT OF A REPRIEVE AT THE END OF TRADING.
UP 0.66%. BITCOIN UNDER PRESSURE. OFF BY
ALMOST 3%. MAYBE THAT’S MORE OF A TRYING
TO RATIONALIZE WHERE RATE CUTS

DO GO FOR THIS YEAR.
FEWER OF THEM, MAYBE RISK ASSETS P ARE A LITTLE BIT.
THE INDEX OVERALL DOING WELL TODAY.
CHIP COMPANIES, JUST THINK OF MICRON, ON THE UP AND UP.
ONLY GOOD NEWS COMING FROM THIS PARTICULAR COMPANY.
I’M LOOKING AT WHAT ISN'T PERFORMING WELL.
E.V.’S, IF IS KER, -- FISKER FILES FOR BANKRUPTCY.
IT’S THE SECOND TIME THAT HENRICH FISKER, THE MAN WHO
DESIGNED SOME REAL SUPERCARS, NOW SEES ONCE AGAIN ANOTHER ONE
OF HIS COMPANY HAVINGS TO FILE FOR BANKRUPTCY, TRYING TO
PROTECT HIMSELF FROM CREDITORS. OFF BY 48%.
IT DOES DRAG OTHER E.V. MAKERS DOWN.
TESLA OFF BY MORE THAN 2% TODAY. WE’RE GOING TO FLIP GEARS AND
THINK ABOUT A PRIVATELY HELD

COMPANY THAT HAS BEEN LONG IN THE HEADLIGHTS OF REGULATION HERE IN THE U.S. I’M TALKING ABOUT THE CHINESE COMPANY BYTEDANCE, PARENT COMPANY TIKTOK, OF COURSE. AND IT’S ENTERING A HIGH-STAKES BID TO OVERTURN THE POTENTIAL BAN OF ITS APP IMPOSED BY U.S. LAWMAKERS. TO TALK US THROUGH HOW THEY ARE LOOKING TO DO THAT IS JAMIE, JOINING US WITH MORE. THIS IS INTERESTING. BECAUSE MUCH OF THE MOVES MADE BY U.S. CONGRESS WAS BECAUSE THEY’D HAD SOME CLOSED-DOOR MEETINGS THAT MADE THEM REALLY WORRIED ABOUT TIKTOK. >> WE’VE LEARNED A COUPLE OF DIFFERENT THINGS THAT SOME OF THE LAWMAKERS HAVE DISCUSSED, INCLUDING THE -- SORT OF THE

REVELATION THAT THERE WAS AN
OVERLAP BETWEEN PEOPLE ON THE BOARD OF BYTEDANCE AND THEIR
CONNECTIONS WITH THE CHINESE COMMUNIST PARTY.
SOMETHING THAT THE C.E.O. OF TIKTOK TOLD HEARINGS ON THE
HILL THAT THERE SIMPLY WAS NO CONNECTION WITH THE CHINESE
COMMUNIST PARTY. THERE WERE CERTAIN ELEMENTS AND
EVENTS THAT HAPPENED OVER THE COURSE OF THE LAST YEAR THAT
TOOK MOST OF THE LAWMAKERS WHO WERE LUKEWARM ON LEGISLATION
FROM NOT VOTING FOR IT TO CONVINCING THEM THAT THAT WAS
THE ONLY MEANS NECESSARY AND THAT’S ONE OF THE THINGS THAT
WE ARE LOOKING AT IN THIS SPACE. CAROLINE:
WHAT WE UNDERSTAND, BYTEDANCE AND TIKTOK AND EXECUTORS ARE
PUSHING FOR MORE INFORMATION TO

BE DIVULGED TO THE GREATER
PUBLIC. THUS FAR, THEY’VE SAID THE RISKS
CITED BY LAWMAKERS ARE HYPOTHETICAL. >> RIGHT. AND IT’S VERY
INTERESTING BECAUSE THE LAWMAKERS HAVE SAID, LOOK, THE
BURDEN OF THE PROOF IS ON TIKTOK ITSELF.
THEY’RE THE ONES WHO HAVE TO SHOW THAT THEY’RE NOT A
NATIONAL RISK TO SECURITY CONCERN.
THERE’S PLENTY OF EVIDENCE OUT THERE FROM NOT JUST WITH
CONGRESS AND THINGS THAT HAVE BEEN SORT OF SPOKEN ABOUT AND
REPORTED IN CONGRESS, BUT THERE HAVE BEEN REPORTS AND RESEARCH
AND FINDINGS DONE IN OTHER PLACES AROUND THE WORLD,
AUSTRALIAN PARLIAMENT, FOR EXAMPLE, THAT HAVE BASICALLY
DISPLAYED THE SORT OF NATIONAL SECURITY CONCERNS THAT LAWMAKERS HAVE REFERRED TO.

ONE OF THE THINGS THAT IS AN ISSUE, THOUGH, IS IF THE D.O.J. DECIDES TO PUT FORWARD INFORMATION THAT MIGHT BE CLASSIFIED, THEY’D HAVE TO DO THAT IN A CLOSED SETTING. IF THAT INFORMATION IS GOING TO BE RELEASED TO THE PUBLIC OR AT LEAST SUBMITTED PUBLICLY IN A LAWSUIT AGAINST -- IN RESPONSE TO THE LAWSUIT, IT WOULD NEED TO BE REDACTED FOR, IN TERMS OF MAKING SURE THAT ELEMENTS LIKE SOURCING AND METHODS OF OBTAINING THAT INFORMATION WERE NOT INCLUDED IN THE DETAILS. BUT AGAIN, IT’S REALLY THE LAWMAKERS HAVE SAID, THIS IS AN ACT OF CONGRESS. IT’S UP TO TIKTOK TO PROVE THEIR CASE RATHER THAN THE LAWMAKERS AND THE GOVERNMENT HAVING TO PROVE WHAT TIKTOK IS ALLEGING ABOUT THE SPECULATIVE

NATURE OF THE NATIONAL SECURITY CONCERNS. CAROLINE: I CAN’T IMAGINE, AND INDEED, AS QUOTED IN YOUR STORY, A LAW PROFESSOR SAYING IT’S INCONCEIVABLE THAT A COURT WOULD FORCE THEM TO RELEASE ANYTHING, GIVEN IT IS SUCH HIGHLY SENSITIVE DATA TAKEN BY -- LOOKED AND FOUND BY THE UNITED STATES. BUT I’M INTERESTED IN JUST THE TYPING OF ALL THIS. IT FEELS AS THOUGH WE’RE GETTING THIS PACE OF DISCUSSION ONCE AGAIN BECAUSE JUNE 20 IS WHEN WE NEED TO HEAR FROM BYTEDANCE ABOUT TIKTOK. >> THAT’S RIGHT. IN A MATTER OF DAYS, WE’RE GOING TO HAVE, AT LEAST FROM TIKTOK, THEY’RE GOING TO LAY OUT THEIR CASE ENTIRELY, AS WE KNOW THAT THEY HAVE SAID THAT THE LAW WAS

UNCONSTITUTIONAL. THAT IT
IMPACTS THE FREEDOM OF SPEECH OF ITS 170 MILLION USERS IN THE
U.S. AND AS YOU SAID, THE LEGAL EXPERT THAT WE QUOTED IN OUR
STORY SAYS THAT IF THAT WERE REALLY THE CASE, IT WOULD BE
ABOUT EVERY PLATFORM, NOT JUST TIKTOK. BUT THERE ARE OTHER
PLATFORMS. SO FREEDOM OF SPEECH IS ESSENTIALLY PROTECTED.
IT’S ALSO WORTH NOTING THAT TIKTOK IS FUNDING THE LEGAL
CASES OF SEVERAL USERS WHO ARE ALSO TRYING TO CHALLENGE THE
LEGISLATION. SO IT’S GOING TO BE REALLY
INTERESTING. BUT I THINK WHAT’S REALLY
IMPORTANT HERE IS THAT TIKTOK HAS A GLOBAL AUDIENCE OF OVER A
BILLION USERS, AND THEY’RE FIGHTING INCREDIBLY HARD TO
HANG ONTO THESE 170 MILLION

USERS IN THE U.S., AND I THINK THAT IN AND OF ITSELF IS WORTH EXPLORING. CAROLINE: GREAT TO HAVE YOU ON THE SHOW. THANKS FOR BREAKING IT ALL DOWN, WHETHER IT COMES TO TIKTOK. COMING UP, WE’RE GOING TO BE JOINED BY THE C.E.O. OF WAHBY TO TALK ABOUT HOW A NEW FUNDING ROUND FOR THE DRIVERLESS TRUCKING COMPANY IS REALLY SHINING A LIGHT ON THE TECHNOLOGY THEY HAVE AND HOW QUICKLY WE DO SEE AUTOMATED TRUCKS ON THE ROAD. THIS IS BLOOMBERG TECHNOLOGY. ♪ ASSOCIATES C.E.O., DAVE MCCORMICK. THIS IS BLOOMBERG. ♪ CAROLINE: WAABI IS A COMPANY WORKING ON APPLICATIONS OF GENERATIVE A.I. TO THE PHYSICAL WORLD.

TODAY, IT’S ANNOUNCED A HUGE RAISE OF $200 MILLION AND AN OVERSUBSCRIBED SERIES. THAT BY UBER AND WITH PARTICIPATION FROM THE LIKES OF NVIDIA, VOLVO, WHO’S WHO OF CORPORATE VMPT C. -- V.C. WE’RE JOINED NOW BY THE CO-FOUNDER AND C.E.O. TELL US ABOUT FULLY AUTONOMOUS TRUCKS BY 2025. THAT FEELS REALLY BOLD TO ME. >> YEAH, YEAH, IT’S BOLD, BUT AT THE SAME TIME, IT’S SOMETHING THAT -- [INDISCERNIBLE] -- WE ARE ABLE TO GO SO MUCH FASTER AND SO MUCH MORE CAPITAL-EFFICIENT COMPARED TO THE REST OF THE INDUSTRY. TODAY, WE HAVE TRUCKS IN TEXAS.

WITH A SAFETY DRIVER, AND WE ARE
ON THE VERGE OF ENABLING OF DEPLOYING WITHOUT A HUMAN.
WE’RE VERY EXCITED. CAROLINE: TELL US ABOUT ULTIMATELY WHAT
THE DIFFERENCE IS THAT YOU HAVE PIONEERED.
I UNDERSTAND IT’S A SINGLE END-TO-END A.I.
SYSTEM THAT BASICALLY HAS A HUMAN-LIKE REASONING.
WHY IS THAT SO IMPORTANT FOR AUTONOMOUS TRUCKS? >> YEAH, SO YOU SPEND THE LAST
TWO DECADES REALLY INVENTING TECHNOLOGY, A.I.
TECHNOLOGY TO THIS IDEA OF A SINGLE A.
IMPT SYSTEM THAT IS ABLE TO -- A SINGLE A.I.
SYSTEM THAT IS ABLE TO REASON LIKE A HUMAN DOES SO IT CAN
REALLY GENERALIZE DIFFERENT SITUATIONS THAT MIGHT HAPPEN ON
THE ROAD BECAUSE YOU’LL NEVER

BE ABLE TO OBSERVE EVERYTHING
PRIOR TO DEPLOYMENT. THIS IS REMARKABLE IN TERMS OF
SAFETY COMPARED TO ANYTHING ELSE THAT WE HAVE SEEN IN THE
INDUSTRY. SO ONE WAY TO THINK ABOUT IT IS
THAT WE HAVE THIS SYSTEM THAT CAN BE -- [INDISCERNIBLE]
-- AND THEN USES THOSE BE A STRAKSES TO -- ABSTRACTIONS.
WHAT ARE THE THINGS IT CAN DO? WHAT IS THE BEST MANEUVER?
IT’S MUCH MORE SAFER AND EFFICIENT THAN ANYTHING WE’VE SEEN BEFORE AND IT’S SAFE.
CAROLINE: AS YOU MENTIONED, YOU’VE BEEN
BASICALLY AT THE FOREFRONT OF A.I.
AND APPLICATIONS IN THE REAL WORLD FOR TWO DECADES.
YOU APPLIED SOME OF THAT KNOW-HOW TO UBER, AND YOU’RE NOW
ALREADY SORT OF WORKING ALONGSIDE UBER WHEN IT COMES TO
TRIALING AUTONOMOUS ON THE

ROADS OF TEXAS.
WHAT GETS YOU FROM TRIAL, ERROR, TO ACTUALLY FUNCTIONING BY 2025?
DOES REGULATION HAVE TO CHANGE? >> THE REGULATORY FRAMEWORK,
PARTICULARLY IN TEXAS, WHERE WE’RE GOING TO LAUNCH, ENABLES US
TO DEPLOY THIS TECHNOLOGY, AND WE ARE WORKING WITH ALL THE
REGULATORY BODIES REALLY ON A DAY-TO-DAY BASIS SO THEY CAN
UNDERSTAND OUR TECHNOLOGY WITH THE TRUST. AND FOR THE FIRST
TIME, WE HAVE THE ABILITY TO REALLY MAKE A MUCH MORE ROBUST
SAFETY CASE COMPARED TO THE REST OF THE INDUSTRY, WHICH IS --
REST OF THE INDUSTRY, WHICH IS TRYING TO CRANK UP MILES IN
ORDER TO HAVE A WAY TO PROVE SAFETY.
BUT THAT’S NOT SUFFICIENT. IF YOU LOOK AT THE HIGHWAYS, A
SEVERE INJURY WILL HAPPEN EVERY

-- [INDISCERNIBLE] -- MILES AND -- [INDISCERNIBLE] -- SOMETHING DIFFERENT. THANKS TO OUR A.I. SIMULATOR, WE HAVE A WAY TO PROVE SAFETY IN A SCIENTIFIC, MATHEMATICAL WAY. THAT’S SOMETHING THAT THE REGULATORS FREELY APPRECIATE. AS FINALLY HAVING THE ABILITY TO REALLY SACRIFICE SYSTEMS IN A MUCH BETTER WAY THAN INDUSTRIES TODAY. SO THEY’RE VERY EXCITED ABOUT WHAT WE ARE BUILDING AND WE BRING THEM ALONGSIDE AND BUILD TRUST FROM DAY ONE. CAROLINE: WHEN EVERYONE’S TRYING TO POKE HOLES IN ELON MUSK’S IDEA OF ROBO TAXIS COMING IN A YEAR OR SO, THE AUGUST THE 8 DATE HOT IN MANY INVESTORS’ MINDS, DO YOU THINK THAT CAN BE A REALITY

AND WE CAN BE SEEING AUTONOMOUS VEHICLES MORE BROADLY, WHETHER IT’S TRUCKING OR CARS OR ROBO TAXIS BY 2025? >> I WOULD SAY THAT WE WILL SEE. THE OPERATORS YOU SEE IN THE INDUSTRY TODAY FOR LEVEL TWO, LEVEL THREE, WHICH IS NOT FULLY YOU AEN AUTONOMOUS SYSTEMS, THEY ARE BLACK BOX INFRASTRUCTURES. [INDISCERNIBLE] -- THEY REQUIRE MASSIVE AMOUNT OF DATA ON COMPUTER TO BE TRAINED. AND IT’S NOT SUSTAINABLE EITHER. THE PREVIOUS GENERATION OF TECHNOLOGY, WE NEED SOMETHING BETTER AND THAT’S WHAT WE HAVE WITH THE NEW GENERATION OF FOUNDATIONAL MODELS. THEY ARE PURPOSED FOR THE PHYSICAL WORLD, YOU CAN REREALLY DEPLOY TECHNOLOGY IN A WAY THAT HAS SUPER HUMAN CAPABILITIES. WE WOULD SEE IN THE NEXT

MONTHS, YEARS TO COME, THAT.
WHAT IS VERY CLEAR IS THAT SELF-DRIVING IS GOING TO
HAPPEN, AND THE SCALE WILLING HAPPEN FIRST IN TRUCKING.
[INDISCERNIBLE] -- ALL THOSE DIFFERENT USE
CASES WILL BE SOMETHING WE WILL TARGET IN THE FUTURE. CAROLINE:
GOT A BIG INFUSION OF STRATEGIC CAPITAL TO GET YOU THERE.
THANK YOU SO MUCH FOR TALKING US THROUGH WHAT WAABI HAS IN
STORE FOR US. LET’S STAY IN THE WORLD OF
PROMISING A.I. APPLICATIONS AND WHERE STARTUPS
ARE GETTING INVOLVED BECAUSE RED POINT VENTURES JUST
UNVEILED ITS COMPREHENSIVE LIST OF THE NEXT 100 PROMISING
PRIVATE COMPANIES IN CLOUD INFRASTRUCTURE. GUESS WHAT. A.I.
HAS A BIG ROLE TO PLAY. MANAGING DIRECTOR AT RED POINT
IS WITH US.

JUST DIG THROUGH SOME OF THE COMPANIES HERE. WHAT ARE THE BROAD TRENDS OF THE OPPORTUNITIES LOOKING TO BEGAN VALUIZE A.I. RIGHT NOW? >> WHAT WE’RE SEEING IS THAT A.I. IS PERMEATING EVERY ASPECT OF OUR LIVES ALREADY. AND THIS IS REALLY JUST DAY ZERO. IF YOU LOOK ACROSS THESE COMPANIES AND THEIR GROWTH TRAJECTORIES, WHAT YOU’RE SEE SOMETHING WE’RE SEEING INCREDIBLY ALMOST UNPRECEDENTED LEVELS OF GROWTH AS PEOPLE HARNESS THE TREND AND THE DEMAND IN THE MARKET FOR A.I. WE’RE SEEING REVENUE RAMP MORE QUICKLY THAN EVER BEFORE. COMPANIES LIKE MODUL THAT ARE HELPING COMPANIES PUT A.I. INTO PRODUCTION AND BUILD APPS THAT RUN ON TOP OF IT ARE ABLE TO GROW INCREDIBLY QUICKLY AND

WHAT’S MOST EXCITING TO ME IS
THIS IS JUST THE BEGINNING. CAROLINE:
I THINK THAT’S EXACTLY IT. FOR MANY, IT’S BEEN, WHERE IS THE
VALUE GOING TO LIE? FOR NOW, PICKS AND SHOVELS,
INFRASTRUCTURE, THE ACTUAL CHIPS, THE HARDWARE THAT YOU
NEED TO BUILD THESE LARGE MODELS. THEN YOU’RE SAYING IT’S
COMPANIES THAT HELP YOU APPLY TO BUILD APPLICATIONS THAT ARE
BUILDING A REVENUE. WHERE ELSE ARE WE STARTING TO
SEE STARTUPS BUILD THE NEXT LAYER OF OPPORTUNITY? >> OH, ACROSS THE BOARD.
THERE’S A COMPANY, FOR EXAMPLE, CALLED NORM.AI THAT’S HELPING
TURN HUNDREDS OF THOUSANDS OF REGULATORY RULES INTO AUTOMATED
A.I. COMPLIANCE AGENTS THAT CAN HELP
FINANCIAL INSTITUTIONS BETTER

COMPLY WITH THE REGULATIONS IN
PLACE, AND THE WORK IS SO INSURMOUNTABLE THAT YOU
COULDN’T DO IT BEFORE WITHOUT A.I.
SO, YES, OF COURSE, IT STARTS WITH THE PICKS AND SHOVELS, BUT
WE’RE ALREADY SEEING A.I. START TO MOVE UP THE
APPLICATION STACK IN CATEGORIES LIKE COMPLIANCE,
INSURANCE, FINANCIAL SERVICES. CAROLINE:
ARE THERE ALREADY TOO MANY STARTUPS?
WE HAD SOMEONE SAYING, I’M GETTING CALLS, 10, MORE THAN A
WEEK, OF COMPANIES NEEDING TO SELL THEMSELVES TO ME BECAUSE
THEY CAN’T KEEP GROWING, THEY DON’T HAVE THE MONEY. >> THAT’S ABSOLUTELY THE CASE.
WHENEVER YOU HAVE SUCH AN INCREDIBLE PLATFORM SHIFT LIKE
THIS, THERE ARE A LOT OF VENTURE DOLLARS THAT GO INTO
IT, A LOT OF OPTIMISM.

THERE’S AN EXPLOSION OF COMPANIES. AND OBVIOUSLY, THAT’S NOT SUSTAINABLE. BUT THIS IS ALSO PART OF A HEALTHY ECOSYSTEM, RIGHT? WE HAVE ALL THESE BRILLIANT FOUNDERS THAT ARE COMING OUT OF EXISTING INCUMBENT COMPANIES TO TRY TO BUILD SOMETHING NEW. AND THEY WON’T ALL BE SUCCESSFUL, BUT WE LEARN A LITTLE BIT EVERY TIME. AND SOME OF THESE COMPANIES WILL OF COURSE GET ACQUIRED INTO LARGER INSTITUTIONS. AND THEN PEOPLE WILL BRING THEIR OWN LEARNINGS AND INNOVATIONS INTO THOSE. AND THAT’S THE CYCLE OF STARTUPS THAT WE’VE SEEN IN EVERY OTHER PLATFORM SHIFT BEFORE. SO I THINK THIS IS A GOOD THING, EVEN IF TEMPORARILY A LITTLE PAINFUL FOR SOME. CAROLINE: WHAT’S INTERESTING IS WE WERE JUST TALKING WITH WAABI AND

THEY’VE GOT TO DEAL WITH UBER.
UBER AND THESE COMPANIES THAT CAME INTO EXISTENCE, DISRUPTED,
AND STAYED INDEPENDENT IN THE PREVIOUS WAVE OF MOVE TO MOBILE.
NOW, WE SEE THESE WEIRD DEALS GOING ON, INFLEXION GOING INTO
MICROSOFT, SORT OF RELATIONSHIPS BUILT BETWEEN
OPEN A.I. AND EVERY OTHER COMPANY.
WHAT SORT OF COMPANIES WILL END UP EXISTING OR WILL THEY ALL BE
BOUGHT OUT ORDEALS DONE WITH INCUMBENTS? >> SURE.
I DON’T HAVE A CRYSTAL BALL, AND I THINK IT’S REALLY IMPORTANT
TO CALL OUT THAT WE’RE STILL CLIMBING THE HYPE CYCLE, SO
THERE’S A LONG TIME TO COME WHERE WE’LL SEE A LOT OF
EVOLUTION, JUST LIKE WE SAW IN THE SHIFT TO MOBILE.
YOU MENTIONED ALL THESE

COMPANIES, AND THEY ALL CAME SEVERAL YEARS AFTER MOBILE PHONES AND THE SMARTPHONE REALLY CAME OUT. SO, WE’RE GOING TO SEE THE IPSA THING, I THINK, WITH A.I. WE’RE GOING TO, OF COURSE, SEE A TON OF M & A. OF COURSE, ALL EYES ARE ALSO ON REGULATORS TO SEE WHAT’S ALLOWED TO HAPPEN. AND I THINK YOU TAKE THE CASE OF INFLEXION IN SOME OF THESE OTHER -- I’LL CALL THEM CREATIVE DEAL STRUCTURES THAT PROBABLY HAD TO BE PUT IN PLACE BECAUSE OF FEAR OF REGULATORS. BUT THE INCUMBENTS KNOW THAT THEY NEED TO HARNESS THIS TECHNOLOGY. THEY NEED TO FORGE RELATIONSHIPS WITH THESE UP-AND-COMERS IN ORDER TO REMAIN RELEVANT OVER TIME. SO, YES, WE’RE GOING TO SEE SOME GENERATIONAL COMPANIES.

THAT ARE GETTING FORMED RIGHT
NOW, JUST LIKE WE HAVE IN PREVIOUS PLATFORM SHIFTS.
WE’RE ALSO GOING TO SEE A LOT OF VERY INTERESTING AND
EXCITING ALLIANCES BETWEEN STARTUPS AND INCUMBENTS COME.
WE’RE GOING TO SEE A LOT OF M & A TO COME AS WELL.
SOME OF THE GREATEST COMPANIES OF THE NEXT 20 YEARS HAVEN’T
EVEN BEEN STARTED GETTING BUILT YET. CAROLINE:
NOT EVEN ON THE LIST YOU BRING US.
WE THANK YOU FOR DOING THE HARD WORK, FOR FINDING SOME OF THOSE
100 HOT ONES ALREADY. MANAGING DIRECTOR AT RED POINT.
WE THANK YOU. MEANWHILE, COMING UP, X MAKES A
PAYMENT PLAY. DETAILS BEHIND THE COMPANY’S
AMBITION TO TAKE ON THE LIKES OF EVVENMO. THAT’S NEXT.
TALKING OF PAYMENTS.

WE UNDERSTAND APPLE IS SHUTTING DOWN ITS PAY LATER PROGRAM, WHICH LETS CUSTOMERS MAKE PAYMENTS ON AN INSTALLMENT PLAN BASIS. THEY'RE MAKING RETREATS FROM EFFORTS. A LOT OF NEWS AROUND APPLE TODAY. THIS IS BLOOMBERG TECHNOLOGY. ♪ ♪ CAROLINE: THE EVERYTHING APP. WE'RE BACK THERE. ELON MUSK'S X. TO DO THAT, NEEDS TO PERHAPS ADD PAYMENT NETWORKS INTO ITS SOCIAL MEDIA PLATFORM. ACCORDING TO DOCUMENTS SUBMITTED TO STATE REGULATORS, THE COMPANY IS LOOKING TO PERHAPS ADD EVENT EMPLOYEE-LIKE PAYMENT FEATURES -- VENMO-LIKE PAYMENT FEATURES ON X. 350 PAGES OF DOCUMENTS WHEN IT COMES TO EMAILS RELATED TO MONEY TRANSMITTER APPLICATIONS MADE IN VARIOUS STATES NATION. WHAT HAVE WE LEARNED FROM HOW PAYMENTS WILL BE INTERWEAVED TO

X? As you mentioned, went through a lot of documents. We talked to state regulators because one of the things X had to do to allow payments is being we lated in all 50 states. So we found --ing we lated in all 50 states. So we found that Elon Musk owns 75% of X Holdings, the company that then owns 100% of X. We found out X’s revenue over the last year. They made about $1.48 billion in revenue, which is down 40% from the year before Musk bought Twitter. So details like that and then of course more details on how they actually plan to implement the payments aspect and how that’s going to feed into an everything app. Caroline:

LET’S TALK ABOUT THE PAYMENTS
PART IN PARTICULAR, BECAUSE THAT’S HIS ROOTS, RIGHT?
THAT’S WHERE HE FIRST CAME FROM, ONE OF THE PAYPAL MAFIA AS HE
WAS -- PAYPAL MAFIA AS HE WAS KNOWN.
WHAT DOES HE ENVISION US USING PAYMENTS FOR AND HOW ON THE
PLATFORM? >> HE ENVISIONED IT JUST LIKE
VENMO, AS I THINK YOU MENTIONED EARLIER.
IF YOU THINK ABOUT BEING ABLE TO SEND MONEY TO FRIENDS AND
THEN BEING ABLE TO SEND THAT MONEY BACK TO YOUR BANK
ACCOUNT, THAT MIGHT LOOK LIKE PRODUCTS AND SERVICES THAT YOU
BUY THROUGH X. MAYBE EVEN IN THE FUTURE, IT
COULD BE SOME OF MUSK’S OTHER COMPANIES.
AND THEN THERE’S A VISION OF ACTUALLY BEING ABLE TO USE IT
IN A WAY LIKE APPLE PAY, WHERE YOU GO INTO A PHYSICAL STORE
AND YOU CAN BUY GOODS.

SO IT LOOKS LIKE ALL OF THOSE THINGS NOT ONE AND AS YOU MENTIONED -- THINGS NOT ONE AND AS YOU MENTIONED -- THINGS TOGETHER IN ONE AND AS YOU MENTIONED, THAT’S IMPORTANT. IF I WANT TO BUY A PRODUCT, I HAVE TO HAVE A WAY TO SEND MONEY. IT’S REALLY A LYNCHPIN OF THAT PLAN TO REALLY BE ABLE TO DO EVERYTHING IN ONE PLACE. CAROLINE: HE NEEDS THE STATES TO SIGN OFF ON IT. BUT HE ALSO NEEDS PARTNERS, I ASSUME. THEY’RE NOT BUILDING THIS ALL FROM THE GROUND UP. THEY ALREADY HAVE RELATIONSHIPS WITH OTHER PLAYERS IN THE FIELD. WHAT MORE DO THEY NEED TO BUILD HERE? >> ABSOLUTELY. THEY NEED THOSE PARTNERSHIPS, YOU CAN IMAGINE THEY OUTLINED SOME DOCUMENTS AS WELL THAT

THEY MIGHT EVEN LOOK AT PARTNERING WITH OTHER PEOPLE BEYOND.
THERE MAY BE OTHER PAYMENT PROCESSORS, OBVIOUSLY BANKS,
THEY’RE BANKING WITH CITIBANK RIGHT NOW.
AND IF THEY’RE GOING TO SELL GOODS AND SERVICES, THEY MIGHT
WANT TO HAVE PARTNERSHIPS WITH RETAILERS, AND THEY MIGHT EVEN
WANT TO HAVE CONVERSATIONS WITH ADVERTISERS.
IF ADVERTISERS WANT TO PUT AN AD FOR THEIR PRODUCT AND
SOMEONE CAN CLICK ON THAT AD AND THEN GO DIRECTLY TO THE
PURCHASE PROCESS. ALL THOSE SORTS -- PURCHASING
PROCESSES, ALL THOSE SORTS OF THINGS ARE OPPORTUNITIES FOR
THEM TO GET MORE PEOPLE BUYING GOODS AND SERVICES AND SENDING
MONEY. CAROLINE: CRYPTO-RELATED? >> NO CRYPTO.
WHICH IS SORT OF SURPRISING.

IT MIGHT BE BECAUSE OF SOME OF
THE REGULATORY HURDLES WITH THAT.
YOU MIGHT HAVE TO GO THROUGH SOME ADDITIONAL STEPS.
BUT X TOLD REGULATORS IT HAS NO PLANS TO DO CRYPTO AT THIS TIME,
EVEN THOUGH WE KNOW THAT MUSK HAS BEEN A HUGE FAN. CAROLINE:
HAVE TO HOLD OUT FOR A LITTLE WHILE LONGER.
GREAT PIECE OF REPORTING. A WHOLE TROVE OF EMAILS AND
DOCUMENTS. WE APPRECIATE YOU SCRAPING
THROUGH THEN. MEANWHILE, THAT DOES IT FOR
THIS EDITION OF BLOOMBERG TECHNOLOGY.
CHECK OUT OUR PODCAST, YOU’LL FIND IT ON THE TERMINAL AS WELL
AS ON APPLE, SPOTIFY AND IHOP. FROM NEW YORK, THIS IS
BLOOMBERG TECHNOLOGY. ♪ FL

Nvidia's Rally and TikTok's Divest-or-Ban Bid | Bloomberg Technology

Welcome to the Bloomberg Technology YouTube channel. Subscribe for original series and mini-docs on game-changing technologies, profiles on innovators, live conversations with experts, and breaking technology news & analysis from Bloomberg TV.

Bloomberg Technology

Insiders are cashing in on the stock rally, while TikTok's parent company is challenging a law requiring divestment.

Steve Cohen's Point 72 is looking to raise $1 billion for a new fund focused on A.

A new bill is being introduced to ban companies from using Chinese-made equipment in U.

semiconductor plants if they receive federal funding.

The Impact of Geopolitics on the Semiconductor Industry

Netherlands and Japan dominate the semiconductor equipment industry, while Chinese makers have faced challenges due to US-led export controls.

Some US companies are considering using Chinese tools, potentially imposing pricing pressure on the current suppliers.

Despite geopolitical risks, the focus on technology, especially in the chip sector, remains strong, leading to a neutral or overweight recommendation for investors.

Steve Cohen's Point72 is launching a $1 billion hedge fund focused on artificial intelligence and hardware.

The fund will have long and short positions, as Cohen is bullish on the transformative potential of A.

and believes it is the best time to invest.

Cohen's pursuit of this avenue is driven by his confidence in the long-term opportunities of A.

and its potential to significantly impact companies.

New Flexible Hedge Fund for Tech Investments

A hedge fund firm is creating a new, more flexible vehicle for technology investments, separate from its main fund.

The firm is expanding into venture and private equity, as well as pushing into macro and AI, showing a shift from its traditional long-short hedge fund approach.

The use of generative AI is impacting healthcare by alleviating nurse shortages and burnout, with over half of healthcare leaders exploring AI for nursing operations.

Challenges Faced by Nurses and the Impact of A.

Nurses are experiencing dissatisfaction with patient ratios, leading to burnout and increased workplace violence, which healthcare executives are addressing through technology and traditional methods.

Incredible Health, a healthcare workforce management company, is rapidly adopting A.

technology to benefit healthcare workers nationwide, not just in the Bay Area.

The CEO of Incredible Health personally uses Chat GPT for written communications and marketing copy, highlighting the widespread use of A.

Apple has reportedly stopped the work on its next high-end VR headset and is now focusing on a more affordable version with fewer features.

The company is facing challenges with its supplier and is now aiming to release the new VR product before the end of 2025.

are concerned about the potential national security risks of TikTok and are pushing for more information to be disclosed to the public, as they believe the burden of proof is on the company to show that they are not a threat.

The lawmakers' worries have been influenced by the connections between ByteDance's board members and the Chinese Communist Party, leading to a shift in their stance on legislation regarding TikTok.

TikTok's Legal Battle Over National Security Concerns

The Department of Justice would have to share classified information in a closed setting, but it would need to be redacted for public release.

TikTok is set to present its case against the U.

government's legislation, claiming it impacts the freedom of speech for its 170 million users.

The company is also funding the legal cases of several users to challenge the legislation, as it fights to retain its U.

The Impact of AI on Autonomous Vehicles and Cloud Infrastructure

Waabi's AI technology is set to revolutionize the safety and efficiency of autonomous vehicles, with a focus on building trust with regulators.

The deployment of AI in autonomous vehicles is expected to happen at scale, particularly in trucking, with the potential to surpass the capabilities of current black box infrastructures.

Red Point Ventures unveils a comprehensive list of the next 100 promising private companies in cloud infrastructure, highlighting the unprecedented growth and revenue ramp in the AI market.

Startups are focusing on AI application in various industries such as compliance, insurance, and financial services, moving beyond just infrastructure and hardware.

The influx of venture dollars and optimism has led to an explosion of startups in the AI space, causing some temporary challenges, but ultimately contributing to a healthy ecosystem.

The future of AI startups will likely involve a mix of generational companies, alliances with incumbents, and a significant amount of mergers and acquisitions, shaping the next 20 years of technological innovation.

Apple is discontinuing its pay later program, retreating from this initiative.

Elon Musk's company, X, is planning to incorporate Venmo-like payment features into its social media platform, with a vision of integrating payments for products, services, and potentially even in-store purchases.

The company X, owned 75% by Elon Musk, is seeking to implement payment features similar to Venmo, allowing users to send money to friends, make purchases, and potentially use it for in-store transactions, with no current plans for cryptocurrency involvement.

The plan also involves partnerships with payment processors, banks, retailers, and advertisers to expand the use of the payment system.

The revenue of X Holdings, the parent company of X, has been revealed to be around $1.

48 billion, showing a 40% decrease from the previous year.