FROM THE HEART OF WHERE INNOVATION, POWER AND MONEY COLLIDE IN SILICON VALLEY AND BEYOND. THIS IS BLOOMBERG TECHNOLOGY WITH CAROLINE HYDE AND ED LUDLOW. ED: I AM ED LUDLOW IN SAN FRANCISCO AND CAROLINE HYDE IS AT BLOOMBERG INVEST. COMING FULL EV COVERAGE. RIVIAN AND VW FORM A PARTNERSHIP. PLUS, THE SUPREME COURT CLEARS THE WAY FOR THE WHITE HOUSE COMMUNICATING FREELY WITH SOCIAL MEDIA COMPANIES TO SEEK THE REMOVAL OF WHAT OFFICIALS SEE AS MISINFORMATION. WE GO LIVE TO OUR BLOOMBERG INVEST SUMMIT WHERE HEAVYWEIGHTS ACROSS THE FINANCIAL INDUSTRY BREAK DOWN THE MOST PRESSING ISSUES FACING INVESTORS.

RIGHT HERE AND RIGHT NOW, LET US
GET TO OUR TOP STORY: A DEAL BETWEEN RIVIAN AUTOMOTIVE AND
VOLKSWAGEN. THE SHARE IS TAKING OFF.
THEY WERE EVEN HIGHER TUESDAY NIGHT.
RIVIAN, AS IT STANDS, IS TRADING AT ITS HIGHEST LEVEL SINCE
FEBRUARY. IF IT CLOSES AT THIS LEVEL, IT
WILL BE THE BIGGEST GAIN ONE DAY ON RECORD. THAT I WOULD
CAUTION FOLLOWING THE IPO. WE DID SEE SWINGS IN EXCESS OF
50%, AND IT DID NOT CLOSE NEAR THOSE LEVELS.
THIS IS A COMPANY I HAVE COVERED CLOSELY, AND I DID NOT
SEE THIS ONE COMING. BASICALLY, IN THE FIRST INSTANCE,
VOLKSWAGEN WILL INVEST $1 BILLION INTO RIVIAN IN THE FORM
OF AN UNSTRUCTURED NOTE THROUGH SEPTEMBER 1 OF THIS YEAR AND
THEN COMMIT TO INVESTING ONE

BILLION DOLLARS AND 2025, AND 2026. WE DO NOT KNOW WHERE THE SHARE PRICE WILL BE. IMPROVE -- IN RETURN, THEY GET ACCESS TO RIVIAN'S TECHNOLOGY, THE SOFTWARE, AND SOME ELEMENTS OF THE DRIVETRAIN. THIS IS A BIG ONE. LET'S GET INTO DETAIL WITH STEPHANIE, THE DIRECTOR OF INDUSTRY. A QUICK DISCLAIMER, COX ENTERPRISE, WHICH IS THE PARENT COMPANY, IS AN INVESTOR IN RIVIAN, AND THE CEO OF THE OFFICE AS A MEMBER OF THE RIVIAN BOARD OF DIRECTORS. WE HAVE STEPHANIE HERE FOR HER EXPERTISE ON THESE COMPANIES AND THIS INDUSTRY. SO LET US START WITH THE BASICS, YOUR REACTION TO THE DEAL. STEPHANIE: AND I THINK YOU HIT IT WHEN YOU SAID THIS WAS UNEXPECTED AND IT

IS MAKING WAVES THROUGH THE
INDUSTRY. IT IS A HUGE BREAKTHROUGH
MOMENT. AS WE HAVE BEEN FOLLOWING RIVIAN, ALSO, AND
ALTHOUGH THEY HAVE MADE GOOD PROGRESS IN THE MARKET WITH
THEIR PRODUCTS AND CUSTOMER EXPERIENCE, BEING PROFITABLE IS
A BIG ISSUE. THIS INVESTMENT WILL REALLY
HELP THEM GET ON THE ROAD TO PROFITABILITY, AS THEY TRY TO
LAUNCH THE R2, WHICH IS CRITICAL FOR THEM IN TERMS OF
AFFORDABILITY IN THE MARKETPLACE AND THE SEGMENT
WITH MORE VOLUME. THIS IS A HUGE MOMENT, AND I
THINK FOR VW AS WELL. HAVING ACCESS TO THAT
TECHNOLOGY AND THE OPPORTUNITIES FOR GLOBAL
EXPANSION IS REALLY GOING TO BE A POSITIVE FOR BOTH. ED:
WHEN THE NEWS BROKE, I TOOK A FEW PHONE CALLS, AND WHAT WAS SO
INTERESTING WAS THAT VERY

QUICKLY, A FEW FOLKS CLOSE TO RIVIAN AND ELSEWHERE IN THE INDUSTRY POINTED OUT TO ME THAT VOLKSWAGEN'S SOFTWARE STRATEGY HAS NOT GONE THAT WELL. THEY FORMED THE UNIT AND THE PLATFORM, AND I AM TOLD THEY FACE MAJOR ISSUES. HOW MUCH DO YOU THINK THIS IS BULL'S WAGON REACTING TO THAT VERSUS ACTUALLY AN ACKNOWLEDGMENT THAT RIVIAN IS GOOD AT SOFTWARE? STEPHANIE: I THINK IT IS VOLKSWAGEN ACKNOWLEDGING THAT RIVIAN HAS THIS CUTTING-EDGE TECHNOLOGY THAT WILL HELP THEM. I EVEN THINK BROADER ABOUT THE CHINESE AUTOMAKERS AND THE PENETRATION THEY HAVE HAD AND THE TECHNOLOGY. I THINK THIS WILL HELP VW NOT ONLY IN THE NORTH AMERICAN MARKET BUT GLOBALLY AS WELL. THEY SAW THIS IS SOMETHING THAT

WILL HELP THEIR BRAND AND REALLY HELP THEM SCALE FASTER AND MORE EFFICIENTLY. ED: I HAVE TO BE HONEST. RIVIAN'S TRACK RECORD IN JOINT VENTURES IS NOT GOOD. I HAVE BEEN COVERING THIS COMPANY FROM THE MOMENT THAT RJ WAS ON STAGE AND REVEALED TO THE WORLD THAT HE HAD A PICKUP AND SUV. WITHIN THREE OR FOUR YEARS AFTER, THE FOUR -- FORD INVESTED 500 MILLION AND THEY PLAN TO BUILD A LINCOLN TOGETHER AND THEY SCRAPPED IT. THEY PLAN TO BUILD A JOINT VENTURE AND SCRAPPED IT. THE MERCEDES RELATIONSHIP LOST ITS THREE MONTHS. HOW MUCH OF A CAUTIONARY TALE IS THAT FOR VOLKSWAGEN? STEPHANIE: THEY NEED TO BE CAUTIOUS AND MAKE SURE THAT THEY -- THAT THE STRATEGIC GOALS ARE ALIGNED. YOUR POINT IT IS GOING TO BE A

BUMPY ROAD, BUT I THINK THEY ARE VERY FOCUSED ON MAKING SURE THEY ARE ALIGNED. AND YOU MENTIONED ABOUT SOME OF THE LEADERS. IT IS DEFINITELY A RISK THAT THEY NEED TO CLOSELY FOLLOW AND MAKE SURE THAT THEY ARE ALIGNED. ED: YOU AND I SPOKE ABOUT MARKET SHARE. RIVIAN WILL COME TO MARKET WITH THE R2 AND WILL BE COMPETITIVE FOR EXISTING MODELS LIKE THE MODEL Y, BUT AT THE SAME TIME TESLA IS CEDING MARKET SHARE IN NORTH AMERICA AND OTHER MARKETS AS MORE MODELS JOIN THE MARKET. HOW ARE YOU TRACKING THAT AND HOW DO YOU SEE THAT GOING? STEPHANIE: CUSTOMERS LIKE NEW PRODUCT AND R WITH RIVIAN HAVING THE 2 OR 3, LIKE TESLA NOT REALLY HAVING THINK -- HAVING ANYTHING BUT THE CYBER TRUCK AND NO TIMELINE.

FOR THE MORE AFFORDABLE VEHICLE, TESLA HAS MORE COMPETITION, NOT ONLY WITH RIVIAN, BUT OTHER BRANDS AS WELL -- BUT WITH OTHERS AS WELL. I THINK TESLA WILL NEED TO GET PRODUCT INTO THE MARKET TO MAINTAIN THE SHARE THAT THEY HAVE FOR MANY YEARS. ED: FURTHER 12 MONTHS THROUGH MAY, TESLA SOLD 618,000 ELECTRIC VEHICLES IN THE UNITED STATES. ALL OF THE OTHER MANUFACTURERS COMBINED SOLD 597,000. AT SOME POINT, WE EXPECT THAT TO CROSS. BUT THE QUESTION IT RAISES IS ONE THAT RJ HAS ARGUED ABOUT OVER MANY YEARS. HE SAYS THIS IS NOT AN ISSUE OF INTEREST RATES NECESSARILY OR TEPID CONSUMER APPETITE TOWARDS THE EV, HE ARGUES WE NEED MORE MODELS. MORE MODELS ON THE MARKET, THE BETTER IT WILL BE.

DO YOU SHARE THAT THESIS?
STEPHANIE: I THINK WE NEED MORE MODELS, BUT MORE AFFORDABLE ONES. WE NEED TO HAVE MORE AFFORDABLE MODELS. PRICE IS THE TOP BARRIER.
AND AS WE HAVE MORE AFFORDABLE MODELS IN THE MARKETPLACE, THAT WILL HELP. SO I AGREE WITH THAT. MORE MODELS, BUT MORE AFFORDABLE, WILL BE CRITICAL. ED: CAST YOUR EYE TO THE FUTURE. WHAT HAPPENS TO RIVIAN? STEPHANIE: I AM BETTING ON THEM. THEY HAVE A LOT OF BRAND EQUITY. I THINK THE VW PARTNERSHIP HAS A LOT OF GREAT POTENTIAL. AND I THINK THE COLLABORATION CAN REALLY EVOLVE THIS WHOLE SOFTWARE VEHICLE TECHNOLOGY. I THINK IT IS PROMISING. BUT LIKE YOU JUST MENTIONED, THEY NEED TO BE CAREFUL THAT STRATEGIC GOALS ARE ALIGNED AND THEY ARE LOCKSTEP. ED:

I JUST APPRECIATE YOUR INSIGHT,
NOT JUST TO RIVIAN AND VW, WHICH CAUGHT US TO SURPRISE, BUT THE
INDUSTRY AT LARGE AS WELL. THANK YOU.
LET US TURN TO BREAKING NEWS COMING OUT IN THE LAST HALF
HOUR. THE SUPREME COURT CLEARED THE
BIDEN ADMINISTRATION TO COMMUNICATE FREELY WITH SOCIAL
MEDIA COMPANIES AND AN ELECTION YEAR ROACH, WHICH BOLSTERS
THE GOVERNMENT'S ABILITY TO SEEK REMOVAL AS WHAT OFFICIALS
SEE AS MISINFORMATION. I WANT TO BRING IN KAILEY LEINZ.
I SAW THE HEADLINE CROSS AND I HAVE JUST READ THE INTRO, AND I
AM TRYING TO UNDERSTAND THE MECHANICS AND BIGGER PICTURE.
EXPLAIN IT TO ME. KAILEY: TECHNICALLY, THIS IS A WIN FOR
THE WHITE HOUSE.

IT LEAVES THE DOOR OPEN FOR THEM TO COMMUNICATE FREELY ABOUT CONTENT THAT THEY SEE AS MISINFORMATION THAT COULD BE HARMFUL TO THE PUBLIC. THIS STARTED WITH QUESTIONS AMOUNT -- AROUND ACTIVITY WITH SOCIAL MEDIA COMPANIES AND TRYING TO CONTROL INFORMATION RELATED TO THE COVID-19 ELECTION -- COVID-19 PANDEMIC. THEY SAID THAT THEY OVERSTEPPED THE BOUNDS FOR THE RIGHT TO FREE SPEECH. IN THIS RULING, THE MAJORITY OF THE OPINION WRITTEN BY AMY CONEY BARRETT DOES NOT TALK ABOUT THE MERITS OF THE CASE. IT IS ABOUT STANDING. THEY ARGUE THAT THE PLAINTIFFS, WHICH INCLUDED TWO STATES AND A HANDFUL OF RESIDENTS, DID NOT HAVE THE STANDING TO BE BRINGING THE CASE BECAUSE THEY COULD NOT DEMONSTRATE THAT THEY WERE DIRECTLY INJURED BY THE

DEFENDANTS, WHICH IN THIS CASE,
IS THE BIDEN ADMINISTRATION. THIS IS SIMILAR TO THE
MIFEPRISTONE RULING, WHERE THEY DID NOT ACTUALLY DECIDE
DEFINITIVELY ON ACCESS TO THE ABORTION PILL, JUST THE
INDIVIDUALS AND PEOPLE WHO BROUGHT THE CASE DID NOT HAVE
STANDING, WHICH IS WHY THEY RULED IN FAVOR.
IT LEAVES THE DOOR OPEN FOR THIS QUESTION TO STILL BE
RAISED IN THE FUTURE, TECHNICALLY, BY PLAINTIFFS WHO
MIGHT HAVE A MORE FIRM GROUND TO STAND ON. ED: THERE IS AN INTERESTING CASE ON
WHAT HAPPENS NEXT. THE ADMINISTRATION COULD GO OUT
AND ENGAGE WITH THE COMPANY IS AND TALK TO THEM FREELY, WHICH
IS THE TOP LINE OF THE STORY. WHETHER THEY DO OR NOT REMAINS
TO BE SEEN, BECAUSE IN OCTOBER

THERE WAS A TEMPORARY HALT PER THE COURT'S AND IT IS AN ELECTION YEAR. WHAT DOES BIDEN AND COMPANY DO? KAILEY: WE ARE JUST GOING TO HAVE TO WAIT AND SEE BECAUSE THIS WILL BE VIEWED THROUGH A POLITICAL LENS. THERE IS A HUGE CONSERVATIVE THOUGHT IN WHICH THE THREE ULTRACONSERVATIVE JUSTICES THAT DISSENTED, THOMAS ALITO, AND GORSUCH, FEEL THAT THEY MIGHT BE VIOLATING FREE SPEECH AND MIGHT BE RESTRICTING THE SPEECH OF THE CONSERVATIVES. WE SEE THIS TRICKLING THROUGH AMERICAN POLITICS ALL THE WAY UP TO THE PRESUMPTIVE NOMINEE DONALD TRUMP. THESE DECISIONS FOR THE MINISTRATION TO ENGAGE WITH SOCIAL MEDIA COMPANIES ABOUT WHAT CONTENT CAN BE SEEN BY PEOPLE IS VERY MUCH POLITICALLY

TINGED. IT IS NOT JUST ABOUT WHAT THE
ADMINISTRATION DOES. SOCIAL MEDIA COMPANIES DO.
WE ARE STILL WAITING ON A RULING THIS TERM FROM THE
SUPREME COURT, SO IT SHOULD COME WITHIN THE NEXT SEVERAL DAYS ON
LAWS IN THE STATES OF TEXAS AND FLORIDA THAT RESTRICT THE
ABILITY OF SOCIAL MEDIA COMPANIES THEMSELVES TO POLICE
MISINFORMATION, AND THE COURT HAS YET TO RULE ON THAT
QUESTION. ED: KAILEY LEINZ, THE CO-HOST OF
BALANCE OF POWER. I WATCH, AND YOU SHOULD AS WELL. COMING UP, WE WILL BE JOINED BY
JACK BANNERS, TO DISCUSS THE LAUNCH OF THE GLOBAL BITCOIN
APP IN MY HOME COUNTRY, THE UNITED KINGDOM.
I AM TAKING A LOOK AT SHARES OF NVIDIA. ACTUALLY SOFTER, DOWN 2.7
PERCENT.

LET US CALL IT A ROLLER COASTER RIDE. DOWN THREE DAYS WITH A TECHNICAL KILLER -- TECHNICAL CORRECTION. WE REBOUNDED, AND WE ARE DOWN AGAIN. THERE IS THE ANNUAL GENERAL MEETING TAKING PLACE STRAIGHT AFTER THIS PROGRAM. USUALLY, IT IS NOT A NEWS EVENT AND NOT THAT CLOSELY FOLLOWED. I WONDER IF THIS TIME IT MIGHT WELL BE. I WILL BE ON HAND AS WELL, IAN KING. ED: TIME FOR TALKING TECH. CME READIES FOR TRADING VIA THE CLOUD, AND GOOGLE WILL WORK TO FILL OUT A NEW NETWORK THAT WILL MOVE FUTURES AND OPTIONS TRADING TO THE CLOUD. THE TWO FIRMS WILL DEVELOP NEW FACILITIES NEXT TO THE EXISTING DATA CENTERS, WITH CONSTRUCTION DO TO START LATER THIS YEAR. LESS SOFTBANK'S START WITH SOUNDER HEALTH CARE -- FOUNDER

HEALTH CARE ON WHERE TO HARNESS AI FOR THE HEALTH SECTOR. ONE COMPANY WHO IS EXPECTED TO BRING UP IS TEMPEST AI THAT IS BACKED BY SOFTBANK THAT ANALYZES MEDICAL DATA. SOUTH KOREAN CHIPMAKERS ARE ABOUT TO GET A FINANCIAL BOOST. THE COUNTRY IS GOING TO INJECT $90 MILLION IN SUPPORT TO BUILD OUT THE SEMICONDUCTOR INDUSTRY STARTING IN JULY. ELIGIBLE FIRMS CAN TAP THE PROGRAM AT THE LOWEST RATES AS COUNTRIES WORLDWIDE ARE MOVING TO MAKE CHIPS LOCALLY DUE TO GLOBAL SUPPLY CHAIN CONCERNS. THOSE ARE SOME OF THE NEW STORIES WE ARE FOLLOWING. I WANT TO GET TO CRYPTO. STRIKE IS NOW LAUNCHING IN THE UNITED KINGDOM. DELIGHTED TO SAY THAT THE CEO JACK MANNERS JOINS US NOW ON

BLOOMBERG TECHNOLOGY.
I FOUND THIS INTERESTING. WITHOUT BORING YOU WITH THAT, I
MOVED TO AMERICA SIX YEARS AGO. AT THAT TIME, WHEN I WAS
COVERING TECHNOLOGY LONDON IN PARTICULAR, I WOULD SAY, AND THE
CONSUMER BASE WAS MUCH MORE FOCUSED ON FINTECH AND CRYPTO.
SIX YEARS ON, YOU GUYS HAVE MADE THE MOVE, WHY? JACK:
SIMPLY PUT, WE VIEW BITCOIN AS A PARADIGM SHIFT.
I THINK THAT BITCOIN IS THE FIRST TIME HUMANS HAVE COME
ACROSS PERFECT MONEY AS WE KNOW IT, AND THE WORLD NEEDS A GLOBAL
BITCOIN COMPANY TO PROVIDE FINANCIAL SERVICES TO ADOPT IT.
I THINK IT IS THE MOST SUCCESSFUL GLOBAL AND MOST
PERFORMANCE BITCOIN BUSINESS. WE DO NOT FOCUS ON 1000 OTHER
CRYPTO, WE JUST MAKE SURE THAT PEOPLE HAVE AN AMAZING
EXPERIENCE. THAT IS WHY.

PEOPLE IN THE U.K. NEED BITCOIN.
COME ON. ED: IF YOU THINK ABOUT STRIKE AS A
PLATFORM OR APP, YOU CAN BUY AND SELL BITCOIN AND MAKE PAYMENTS,
AND THEIR OTHER FUNCTIONALITY IS. IS THERE A SPECIFIC USE CASE
THAT YOU THINK PEOPLE IN THE UNITED KINGDOM WILL USE MOST?
WAS IT -- WAS THERE A CLEAR DEMAND FOR A SPECIFIC FUNCTION.
JACK: BITCOIN IS THE BEST PERFORMING
ASSET IN THE HISTORY OF OUR SPECIES, SO PEOPLE WANT THE BEST
EXPERIENCE. THAT IS OUR BASELINE, AND THAT
IS WHY WE HAVE BEEN ON SUCH A TEAR, EVERYBODY WANTS OUR
PRODUCT. WHERE WE ARE IN THE BUYER COULD
CYCLE, THIS UPCOMING ELECTION IS THAT PEOPLE NEED TO BUY IT.
NEW CAPITAL WILL COME INTO THE ASSET CLASS.
I THINK BITCOIN WILL LAND BETWEEN 250,000 TO $1 MILLION
BETWEEN THE NEXT 12 MONTHS OR

SO.
SO, THAT IS THE HIGHEST VOLUME PRODUCT WE HAVE. PEOPLE WHO
CALL US TO SAY, I NEED THIS THING, CAN YOU HELP? ED:
ONE OF THE HEADWINDS AND CHALLENGES, ESPECIALLY -- THAT
YOU HAVE OUTLINED BEFORE, IS REGULATION AND OVERSIGHT.
YOU -- WE HAVE FOCUSED ON THE U.K.
AND THAT IS JUST ONE MARKET IN THE HUNDRED OR SO YOU OPERATE
IN. WHAT WAS THAT EXPERIENCE LIKE
LAUNCHING IN THE U.K. AND HAVING TO WORK WITH
POST-BREXIT REGULATORS WHO, AS YOU DISCUSSED IN THE SHOW, HAVE
TRIED TO BE STRONG, RIGHT? PARTICULARLY ON NEWER AREAS OF
TECHNOLOGIES? JACK: YOU KNOW WHY?
I THINK EVERYONE CAN AGREE REGULATORS AND US, THERE IS A
LOT OF WORK TO DO AND EFFICIENCIES THAT WE CAN ALL
MAKE.

THE FACT THAT WE ARE BITCOIN
ONLY WAS HUGE. NO ONE IS DILIGENCING IF WE ARE
MAKING OUR OWN TOKENS. I BUILD AND SELL THE MOST
HONEST PERFORMANCE OF MONEY IN THE HISTORY OF OUR SPECIES.
IT IS A VERY MORAL AND INTEGRAL BUSINESS.
OTHER BUSINESSES ARE RETRACTING FOR MARKETS AND BEING SUED FROM
REGULATE -- BY REGULATORS, WE ARE NOT.
THAT IS BECAUSE WE ARE BUILT ON PRINCIPLE.
I FOUNDED THIS BUSINESS BECAUSE I THINK THAT BITCOIN WILL
CHANGE THE WORLD AND I WANTED TO HELP.
WITHOUT CONTEXT IT WAS FINE AND WE ARE PLEASED WITH THE LAUNCH.
ED: REALLY QUICKLY. WE NEVER TALKED ABOUT STRIKE AS
A COMPANY. WILL YOU BE EMPLOYING PEOPLE IN
THE U.K. HAVE YOU GOT YOURSELF A NICE
OFFICE? WHAT DOES IT LOOK LIKE?

JACK: STRIKE IS GROWING A LOT.
WE DO NOT TAKE THIS APPROACH WHERE WE HAVE TWO BUSINESSES.
WE HAVE THE OPERATING COMPANY AND TREASURY BUSINESS.
WE BUY AS MUCH BITCOIN AS WE PROBABLY CHANT -- PROFITABLY.
CAN. WE SWEEP THOSE PROFITS INTO BITCOIN.
OVER 90% OF OUR TREASURY IS IN BITCOIN.
THE COST OF CAPITAL IS AGAINST BITCOIN, SO WE ONLY DEPLOY INTO.
THINGS WE THINK COULD OUTCOMPETE BITCOIN.
THAT IS AT AN AVERAGE OVER THE LAST 10 YEARS.
WE ARE DELICATE, BUT STRIKE IS A MONSTER, AND WE WILL KEEP.
POURING CAPITAL INTO IT AS LONG AS PEOPLE KEEP NEEDING BITCOIN.
AND US. ED: WE APPRECIATE YOUR TIME. COMING UP NEXT, WE WILL BE.
JOINED BY RICHARD ROBINSON, THE CEO OF ROBIN AI TO DISCUSS THE.
NEW PRODUCT LINE IN THE NEW.

LEGAL AI RACE.
A QUICK LOOK AT SHARES OF APPLE UP MORE THAN 2% AND UPGRADE.
SIMPLE ARGUMENT IS THE UPGRADE TO BUY FROM NEUTRAL. THEY SEE
APPLE AS HAVING THE POTENTIAL FOR ITS PRIVACY FOCUS IN APPLE
INTELLIGENCE. THE RIGHT BACK. ED: TIME FOR THE WEEKLY AI IN
ACTION SEGMENT. WE ARE LOOKING AT THE FIELD OF
LEGAL -- LEGAL AI. ROBIN AI AUTOMATES MUCH OF THE
DUE DILIGENCE PROCESS THAT IS INVOLVED IN
M&A. THE COMPANY ANNOUNCED THE ROBIN
AI REPORTS. WE ARE DELIGHTED TO WELCOME
BACK THE CEO RICHARD ROBINSON. YOU AND I DISCUSSED THIS IN THE
PAST. I WENT TO LAW SCHOOL, A FAMILY OF ATTORNEYS, AND
THANKFULLY I DID NOT BECOME ONE.

I GET THE POINT OF ROBIN AI.
LET US START WITH THE NEW PRODUCT LINE: THE REPORTS
ELEMENT. WHAT IS IT, AND WHY DO YOU FEEL
THE NEED TO BRING IT OUT? RICHARD:
WHEN I WAS A LAWYER, ONE OF THE MOST PAINFUL THINGS I HAD TO DO
WAS WORKING THROUGH HUNDREDS AND HUNDREDS OF
CONTRACTS, TRYING TO SUMMARIZE THOSE AGREEMENTS FOR OUR
CLIENTS. PEOPLE WANT TO KNOW WHAT IS
INSIDE ALL OF THESE DOCUMENTS BEFORE THEY DO A TRANSACTION.
UNFORTUNATELY, WE HAVE NEVER HAD TECHNOLOGY TO HELP US.
SO, WE EMPLOY ARMIES OF ASSOCIATES THROUGH THE NIGHT,
WEEK IN AND OUT, TO BASICALLY GO THROUGH THE DOCUMENTS LINE BY
LINE, LOOKING FOR RISKS THAT THEY CAN REPORT.
AND SO, WE SAID, WHY CAN'T WE

BUILD SOMETHING THAT USES AI TO DO THAT FOR US? THAT IS ACCESSED -- ESSENTIALLY WHAT THAT DOES FOR US. ED: THE FIELD OF LEGAL AI IS WIDELY DISCUSSED. WE RECOGNIZE A TWO-HORSE RACE. YOU HAVE AN ASSOCIATION WITH ANTHROPIC AND WE HAVE ANOTHER LEGAL AI THAT IS CLOSELY ALIGNED TO OPENAI AND I THINK THEY HAVE MADE IT AN EQUITY INVESTMENT. ARE WE GOING TO WIN THAT RACE? RICHARD: OF COURSE, WE ARE LEGAL AI FOR BUSINESS AND HARVEY AND OPENAI IS FOCUSED ON LAW FIRMS. WE THINK THAT IS INTERESTING BUT MOTIVATES US IS TRYING TO HELP COMPANIES LIKE BLOOMBERG, GENERAL ELECTRIC OR PWC, HELPING THEM DO THEIR WORK FASTER, UNLEASHING THEM TO GROW

IN WAYS THAT THEY CANNOT TODAY.
BECAUSE OF THE ABSENCE OF THE RIGHT TECHNOLOGY, MANAGING
LEGAL RISKS IS TIME-CONSUMING AND EXPENSIVE.
IF WE USE TOOLS LIKE THAT, WE HAVE CUSTOMERS SAYING 90% OF
THE TIME. ED: HOW MANY TRANSACTIONS HAVE
ROBIN AND OTT -- ROBIN AI FACILITATED? RICHARD:
WE HAVE BEEN DOING THIS FOR NEARLY FIVE YEARS.
WE SUPPORT M&A TRANSACTIONS, ABOUT 1000 A MONTH ALREADY.
FOR SOME OF THE BIGGEST COMPANIES, FOR FIVE OF THE
FORTUNE FIVE HUNDRED, SEVEN OF THE TOP 100 FUND. WE HAVE BEEN WORKING WITH
BUSINESS SINCE 2019, TO HELP THEM USE AI TO ACCELERATE DEALS,
AND WORKING WITH ANTHROPIC HAS HELPED US EXPAND THE REACH AND
FOCUS. ED:

IT IS GREAT TO HAVE YOU BACK ON THE PROGRAM AND KEEPING US UP-TO-DATE. THANK YOU. COMING UP, MICRON IS OUT AND WE HAVE THE DETAILS ON WHAT TO EXPECT. PLUS GETTING A BIT HANDS-ON WITH SOME OF THE TECH AND LOOKING AT SHARES OF PARAMOUNT. HEADLINE OUT THIS MORNING, THE DISCUSSION ABOUT PARAMOUNT LOOKING AT GLOBAL OPTIONS AND PARTNERSHIPS FOR STREAMING SERVICES. THE SAGA CONTINUES ABOUT THE FUTURE OF PARAMOUNT, THE ASSETS AND OWNERSHIP. FOR NOW, THE STOCK IS DOWN 1.3%. IT IS A STORY THAT WILL CONTINUE TO TRACK BECAUSE FROM AN M&A PERSPECTIVE OR A STREAMER PERSPECTIVE, IT IS SOMETHING THAT OUR AUDIENCE CARES ABOUT. A LOT MORE TO COME. ED: WE GOT HANDS-ON WITH THE NVIDIA

AI ACCELERATOR.
THIS LITTLE ONE IS IMPORTANT. THE HIGH-BANDWIDTH MEMORY CHIP
IS USED TO POWER AI WORKLOADS. THE TECH IS AS REVOLUTIONARY AS IT
ALLOWS FOR HIGH-SPEED DATA TRANSFERS AND MORE CAPACITY IN
PRODUCING AI. PRODUCTION -- PRODUCTION IS
COMPLEX, BUT IT'S RIGHT FOR MICRON AND OTHER PLAYERS.
SMALLER THAN A PENNY, KEY TO TRAINING ELLA -- MLM'S.
THE MORE DATA THAT YOU CAN SERVE UP, THE BETTER THE MODEL
GETS. EACH LAYER IS THREE GIGABYTES.
TOGETHER, YOU GET 24 GIGABYTES. IN THE AI CONTEXT, IT SOLVES FOR
THE MEMORY WALL. TO TRAIN THE MLM BEHIND CAP
GPT, AS IT INCREASES AND RELEASES HIGHER PERFORMANCE
CHIPS, THE MEMORY DEMANDS ALSO INCREASE.
THIS YEAR, THEY RELEASED A

HIGHER CAPACITY CHIP THAT STACKS 12 LAYERS AT 36 GIGABYTES OF MEMORY, AND THEY LOOK IDENTICAL WHEN PLACED SIDE-BY-SIDE. EACH LAYER IS THINNER WITHOUT TAKING UP MORE PHYSICAL SPACE. THE NEXT IN OUR SERIES FOR GETTING HANDS-ON WITH SEMI CONDUCTORS. MICRON IS SCHEDULED TO RELEASE ITS THIRD-QUARTER RESULTS AFTER THE MARKET CLOSE TODAY. BIG FOCUS ON THE WEDNESDAY AI STORY FOR TOPLINE GROWTH. HERE WITH EXPECTATIONS IS JAMES SILVERMAN. WE FOCUSED ON HIGH-BANDWIDTH MEMORY, AND THAT IS WHERE THE STREET IS LOOKING AS WELL? JAMES: CERTAINLY. INVESTORS WILL BE LOOKING AT EXPECTATIONS FOR MICRON IN FISCAL 24 AND LOOKING AT CALENDAR 2025. MICRON MANAGEMENT HAS WHAT WE

THINK IS A REASONABLE GOAL FOR
HBM BY 2025. ED: HISTORICALLY, MEMORY IS A
HIGHLY CYCLICAL AND ALMOST COMMODITIZED PIECE OF
TECHNOLOGY. DOES AI CHANGE THAT?
IN THE CONTEXT OF GP USE, WE TALKED ABOUT THE ADDRESSABLE
MARKET NEXT FINANCIAL GROWTH CUTS. JAMES:
IT'S DIFFERENT. YOU DON'T HAVE THE SAME COMMODITY EXPECTATIONS
LIKE WE WOULD TYPICALLY SEE WITH MEMORY MARKETS.
THIS IS DEFINITELY A SECULAR TREND THAT IS REALLY BEING
DRIVEN BY AI. AND IN TERMS OF CAPACITY, THERE ARE SUPPLY
CONSTRAINTS RIGHT NOW. THEY ARE GETTING MARGIN IN THE
ADVANTAGES RIGHT NOW THAT ARE RELATIVE.
AS IT CONTINUES TO GROW FOR REVENUE, THAT SHOULD LEAD TO
MARGIN EXPANSION FOR SUPPLIERS.

ED:
I'M INTERESTED IN HOW MUCH THE CEO GIVES US A LOOK INTO THE
FUTURE. WHEN IT GOES TO THE ACCELERATOR, YOU'VE GOT
BLACKWELL, AND MAYBE IT WILL TELL US HOW MUCH MONEY THEY
MAKE. I'M INTERESTED IN THE LANDSCAPE.
IF SAMSUNG IS HIGH-BANDWIDTH MEMORY, WHERE DOES IT SIT IN
THIS COMPETITIVE FIELD? JAMES: SK HYNIX HAS BEEN THE LEADER.
THEY HAVE BEEN THE SOLE SUPPLIER TO THE NVIDIA H 100
CHIP. AS WE LOOK AT 100, MICRON SEEMS
TO HAVE GAINED A DECENT AMOUNT OF SHARE INTO THE BLACK WHILE
CHIP AS WELL. THAT'S NOT THEIR ONLY
OPPORTUNITY. THEY CAN CONTINUE TO GAIN SHARE
IN OTHER ACCELERATORS. AMD IS ONE EXAMPLE. THEY ALL REQUIRE HIGH-BANDWIDTH
MEMORY. ED: THERE ARE OTHER FLASH MEMORIES,
WHAT ARE THOSE AREAS THAT ARE

IMPORTANT TO THE MICRON
BUSINESS? JAMES: STAYING ON THE TOPIC OF AI,
THEY STILL HAVE PRODUCTS RELATED TO AI GROWTH. ENTERPRISE. IT'S ALL RELATED TO
AI REVENUE. GENERALLY SPEAKING, THE MARKET
LOOKS A LOT HEALTHIER. AS WE THINK ABOUT SUPPLY
CONSTRAINTS INTO NEXT YEAR, WE ARE EXPECTING PRICING TO
CONTINUE TO INCREASE FOR NON-AI RELATED PRODUCTS FOR MICRON. ED: WHAT'S THE TOPLINE GROWTH
NUMBER THIS EVENING? JAMES: ABOVE THE GROWTH RANGE FOR
GUIDANCE AND EARNINGS. AS REVENUE INCREASES THROUGHOUT
THE YEAR, IT COULD LEAD TO REVISIONS ACROSS THE STREET FOR
THIS YEAR AND INTO POTENTIALLY NEXT YEAR AS WELL. ED:
YOU ARE NEW TO THE SHOW, BUT WE ARE GRATEFUL TO HAVE YOU.
WHAT ELSE ARE YOU WORKING ON IN

THE FIELD OF MEMORY RIGHT NOW?
IT'S A BIG COVERAGE AREA, AND WE HAVE TALKED ABOUT HOW
HISTORICALLY IT BEHAVES LIKE A COMMODITY IN A GLOBAL INDUSTRY.
ED: WE'VE DONE THE MARKET -- JAMES:
WE HAVE DONE A MARKET FORECAST, AND WE ARE CONTINUOUSLY
TRACKING AND LOOKING AT IT. BUT FOR NON-AI RELATED PRODUCTS, WE
ARE LOOKING AT WHAT CAPACITY WILL LOOK LIKE THIS YEAR AND
NEXT YEAR TO UNDERSTAND SUPPLY DEMAND BALANCE.
THAT'S WORK WE ARE CONTINUOUSLY LOOKING AT IN TERMS OF DEMAND
FOR COMPANY PRODUCTS. ED: AS YOU CAN TELL, I CAN TALK
ABOUT MEMORY MARKET ALL DAY LONG.
BLOOMBERG INVEST IS UNDERWAY. LET'S GET TO THE LIVE EVENT.
CAROLINE HYDE IS SITTING DOWN WITH REBECCA LYNCH.

-- >> WITH BLOOMBERG'S CAROLINE HYDE. ♪ CAROLINE: WE HAVE TWO PEOPLE AT EITHER END OF THE SPECTRUM HERE WHEN IT COMES FROM PRIVATE GOING INTO PUBLIC INVESTING, AND I WANT TO LAUNCH RIGHT IN ABOUT WHAT IT'S LIKE TO BE WRITING CHECKS AT EITHER END. LATE STAGE ROUNDS, IPO'S, MAYBE RECENTLY GONE PUBLIC COMPANIES. REBECCA, WITH YOU, YOU ARE IN THE SERIES A. KICK US OFF. IS IT COMPETITIVE? REBECCA: FOR HOW WE APPROACH THE MARKET, WE HAVE A LOT OF RUNWAY IN FRONT OF US. WE SPENT A LOT OF TIME ON THE CORE INVESTMENTS. GENAI, WHO HAS HEARD OF THAT? CAROLINE: NEVER HEARD OF IT. [LAUGHTER] REBECCA: SO MANY INTERESTING

OPPORTUNITIES FROM FOUNDERS IN THE PAST. THEY HAVE DONE THIS WITH MULTIPLE. IT'S ALL BACK TO PRE-21 LEVELS.
THAT YOU HAVE TO KNOW WHAT YOU'RE LOOKING FOR NO VOID.
CAROLINE: LOOKING AT THE LUCAS APPROACH RIGHT NOW, COMING OUT OF SOROS TO RAISE YOUR OWN FUND.
ALREADY IN CORE WE'VE, ONE OF THE AI PINUPS.
WAS THAT A HASSLE TO GET INTO? HOW COMPETITIVE VISIT? NICK:
THE ONUS IS ON INVESTORS TO DO SOMETHING OTHER THAN JUST WRITE A CHECK. FOR US IT CAME DOWN TO OUR ABILITY TO HELP THEM TELL THEIR STORY IN A WAY THAT WOULD RESONATE AS THEY TRANSITION. ED: PR JOB -- CAROLINE:
THAT'S THE PR JOB. [LAUGHTER] NICK:
IT WAS AN EXCEPTIONAL ASSET AND

WE WERE HUMBLED TO PARTNER WITH THEM, BUT IT DID REQUIRE INVESTORS TO HONE AND CLEARLY ARTICULATE THE VALUE PROP. ED: WE ALREADY -- CAROLINE: WE ALREADY BROUGHT UP GENAI, BUT IF IT COMPANY IS AT THE UPPER ENDS OF THE PUBLIC MARKETS, DOES GENERATIVE AI HAVE TO BE IN THE STORY? DOES IT HAVE TO BE A GENAI STORY? NICK: I THINK THAT COMPANIES WITH A CREDIBLE AI STORY ARE IN A DIFFERENT SITUATION WHEN IT COMES TO IPO DEMAND. IF YOU LOOK AT DEALS THIS YEAR, TWO COME TO MIND. READ IT AND STERILE LABS, MARCH IPO'S, IT WAS A PURE PLAY AI NARRATIVE AND READ IT WAS A COMPLEMENTARY NARRATIVE, UP 60% TO 80%. IRRESPECTIVE OF WHETHER OR NOT

YOU HAVE AN EDIBLE AI STORY. IF YOU ARE A CEO OR A FOUNDER THINKING ABOUT GOING PUBLIC TWO YEARS, THREE YEARS, THE THINGS THAT REALLY MATTER, IDENTIFYING PARTNERS THAT YOU CAN SEE YOURSELVES GROWING WITH, BUILDING A ROBUST FINANCE FUNCTION, AND IDENTIFYING THE KPI'S THAT WILL IDENTIFY GOING FORWARD. THERE WILL ALWAYS BE PUBLIC DEMAND FOR BUSINESSES WITH DURABLE GROWTH. ED: -- CAROLINE: DOES IT ALSO RING TRUE IN THE SERIES A, SERIES B SPACE, REBECCA? HOW MUCH ARE YOU LOOKING AT PUBLIC VALUATIONS AND THEN DOWN A ROUNDING AT AND ALLOWING THEM TO GROW INTO THOSE VALUATIONS? REBECCA: FOR OUR COMPANIES, WE ARE EARLY GROWTH. WHEN THE COMPANIES HAVE A PRODUCT THAT WE CAN GET OUR

HANDS-ON, WHAT WE ARE GOOD AT
IS HELPING THEM SCALE AND GO TO MARKET.
LIKE A STRATEGIC CONSULTANT. COMPANIES NOW, THE EXPERIENCED
CEOS MORE THAN EVER ARE LOOKING AT INVESTORS THAT CAN BE A
PARTNER WITH THEM TO HELP THEM GENTLY GO THROUGH THE PROCESS,
RIGHT? IT'S IMPORTANT FOR FOUNDERS TO
TELL US THAT THEY NEED TO KNOW WHERE THEY WOULD LAND THE PLANE
IF THEY HAD TO. EARLY ON, WHAT WOULD IT MEAN TO
BE PROFITABLE? WHAT OTHERS IN THE ECOSYSTEM
WOULD WE NEED TO PARTNER WITH EARLY?
WE ENCOURAGE FOUNDERS TO GO OUT AND DO THAT YEARS BEFORE THE
WORD IPO EVEN COMES IN AND TO REALLY THINK OUTSIDE OF THEIR
EXISTING COMPANY AND THINK STRATEGICALLY. CAROLINE:
ON THAT NOTE, HOW OFTEN ARE THOSE PARTNERSHIPS BECOMING M&A
OPPORTUNITIES RATHER THAN GOING

PUBLIC WITH IPO? REBECCA: IT ALMOST ALWAYS COMES FROM
PARTNERSHIP, ALMOST NEVER FROM A COLD START SALE PROCESS. LAST
YEAR IT WAS BOUGHT BY THOMSON REUTERS. STILL THE MOST ROBUST
IMPLEMENTATION OF GPT FOR THAT EXISTS. THEY DID THAT WITH PARTNERSHIP
OPPORTUNITIES WITH ALL OF THOSE PLAYERS WHO HAVE BEEN IN THAT
SPACE FOR A DECADE WITH THE SANDBOX OF GPT FOR JULY 22.
IT COMES FROM THESE STRATEGIC OUTREACH MOTIONS THAT THEY DID.
THOMSON REUTERS, WE KNEW THAT BECAUSE OF THE PARTNERSHIPS
THEY HAD DONE IN THE SYSTEM. CAROLINE:
WE HAVE SEEN NOVEL PARTNERSHIPS AND M&A. COOL WEAVERS, THEY ARE ATTEMPTING TO ACQUIRE ASSETS AT
THE MOMENT, BUT LOOKING AT THE

LARGE LANGUAGE MODEL PLAYS,
OPENAI. WITH RELATIONSHIPS WITH MICROSOFT AND OTHERS, YOU ARE
SEEING ANTHROPIC BEING FUNDED BY GOOGLE AND AMAZON.
THEN YOU GET HI-RES IN THE INFLECTION. REBECCA:
I THINK THEY CALL THAT AI MONEY LAUNDERING, RIGHT? NICK:
SHE SAID IT, NOT ME. [LAUGHTER] REBECCA:
THERE WERE SOME ARTICLES OUT THERE ABOUT THAT THAT WERE
PRETTY INTERESTING. NICK:
ON AGGREGATE, IT'S ABOUT HOW INTEGRAL THEY ARE TO EITHER
SCALE FORMS WITH AND TO END SOLUTIONS AND CAPABILITIES FOR
THEIR CUSTOMERS. AS IT RELATES TO INFLECTION AND
MICROSOFT, IT SPEAKS TO THE REGULATORY I MET, RIGHT?
THAT WAS POSITIONED AND STRUCTURED AS A LICENSE FOR THE
MODEL. YOU ARE SEEING A PICKUP IN
YIELD TERMS, REGULATORY BRAIN.

FREEZE AND THE LIKE.
IT'S GOING TO BE HARDER TO DO BIG M&A. REBECCA:
WE SAW THAT WITH THOMSON REUTERS COMING OUT BEFORE,
SAYING THAT AI WOULD DISRUPT THEIR ENTIRE BUSINESS.
THEY DIDN'T -- THEY ACQUIRE CASE TEXT WHO HAD HAD THOSE OF
THEIR OWN USERS. THEY NEEDED THE EXPERIENCE AND
PLATFORM GOING FORWARD. I THINK THAT WE WILL SEE MORE
TECH M&A FOR THAT REASON FROM THESE VERY BIG PLAYERS.
CAROLINE: INTERESTING. LET'S USE CASE TEXT AS A CASE
STUDY. HE WROTE THAT CHECK INTO THOUSAND 16.
THIS WAS AN OVERNIGHT SUCCESS. IT FEELS LIKE GENERATIVE AI,
THERE'S A FIGHT TO GET INTO THESE COMPANIES WITH VALUATIONS
THAT FEEL SO EXTREME. HOW ARE YOU RATIONALIZING AI
OPPORTUNITIES? REBECCA:

IT'S A GOOD QUESTION.
WE WERE ONE OF THE FIRST INVESTORS IN SIRI, AND WE HAVE
HAD A NUMBER OF OUTCOMES, INCLUDING FIGURE EIGHT AND LUMEN
ARE. IT FEELS LIKE IT CAME OUT OVERNIGHT, RIGHT?
REALLY, THE ALGORITHM STARTED IN 2017, AND THE COMPANIES BEST
POSITIONED TO TAKE ADVANTAGE OF GPT FOR IT WAS IN THE PLACE OF
LEGAL COUNSEL. EDIT HAD TO BE THE BLEEDING EDGE, BECAUSE YOU
WERE WRITING TEXTS, RIGHT? THEY HAD ACCESS TO ALL OF THAT.
IT WAS EVOLUTION OVER TIME, BUT GIGI -- GPT FOR WAS LEICA -- 4
WAS LIKE A LIGHT SWITCH. AS THEY TRIED TO PASS THE BAR WITH GPT
FIVE, IN THE BEST THEY COULD GET IT TO DO WAS 30% SCORE.
PATHETIC. CALIFORNIA, THE AVERAGE WAS 58.

WHEN THEY PUT GPT-4 AGAINST IT,
IT WAS BETTER OVER A SHORT AMOUNT OF TIME.
I THINK THAT WE SAW THE STEP CHANGE INCREDIBLY SUDDENLY, AND
THE BEST POSITION FOR THEM TO TAKE ADVANTAGE OF IT WAS STEVE
RIDGE AND MOMENTUM, AND THEY COULD PICK UP THE TECHNOLOGY
AND PLUG IT INTO THEIR EXISTING SYSTEM, CUSTOMER BASE,
RAPIDLY. CAROLINE: IT WAS A LIGHT SWITCH FOR MANY
MARKET VALUATIONS. NVIDIA, DAY IN DAY OUT, IT WAS
THAT ONE TRILLION. WHEN WE STARTED THE YEAR, IT WAS A
PHENOMENAL RATE OF GROWTH. HAVE YOU SEEN EQUIVALENTS OF
THIS, NICK? WHAT WAS THE MARKET CAPITALIZATION GROWTH? NICK: IF YOU ZOOM OUT AND PUT IT INTO
CONTEXT, 2012 TO 2021, ON THE

BACK OF LOW RATES, YOU HAD U.S. VC INVESTMENT GROWTH AS PAINFUL.
IN 2020, ONE MORE UNICORNS WERE CREATED IN 2021 THAN IN THE PRIOR FIVE YEARS COMBINED.
THERE ARE A NUMBER OF COMPANIES THAT HAVE BEEN OVER-CAPITALIZED, IF YOU WILL, AT A DIFFERENT CAUSE OF CAPITAL. HALF OF THEM WERE LAST RAISED WHEN RATES WERE BELOW 1%. THOSE VALUATIONS CAN PERSIST AS LONG AS IT PERMITS. GOOD DATA RECENTLY SUGGESTED HALF OF THE UNICORNS IN THE U.S. WILL NEED TO RAISE BY DECEMBER, SO I THINK IT IS A QUESTION OF WHEN, NOT IF. CAROLINE: REBECCA, ARE THEY THE RIGHT ONES TO BE BETTING, IF THEY ARE RUNNING OUT OF CASH WITH VALUATIONS THAT NEED TO BE

DOWNGRADED? WHO ARE YOU LOOKING AT THAT IS IN THE PUBLIC MARKET IN THE LAST ROUND THEY RAISED THAT? REBECCA: I'M SORRY, YEAH, COMPANIES IN THAT SITUATION, RIGHT, ARE GOING TO FACE ONE OF TWO CONSEQUENCES. THREE, UNFORTUNATELY. THEY TAKE THEIR MEDICINE AND THEY TAKE IT MASSIVE DOWN. HOPEFULLY THEY ARE ON BOARD WITH COMPLETE RECAPITALIZATION. THAT'S ONE OPTION WITH 30% OF COMPANY FUNDRAISING IN THE LATER STAGE DOWN BY THE INSIDE LED. OTHERWISE THEY ARE DOING THAT IS MUCH BIGGER. THEY DO IT LIKE AN SET OF EQUITY FINANCING DISCLOSURE. THEY DO A SAFE NOTE OR A BRIDGE OF SOME SORT WITH CAPITAL GOING INTO IT AND TAKING THE FORM OF EQUITY.

THE OTHER OPTION IS THEY SELL THE COMPANY TO A PUBLIC COMPANY. THE PROBLEM WITH THAT IS COMPANIES HAVE INCREDIBLY HIGH BURN RATES, TYPICALLY. NOT OURS. WE TRY TO MANAGE THAT WELL. WE HAVE SEEN THIS SHOW A COUPLE OF TIMES, BUT COMPANIES NOT GOING TO ACQUIRE, BURNING $5 MILLION PER MONTH. SOME OF THEM STILL ARE THE THIRD OPTION, THE LEAST FAVORABLE, DISCLOSURE WHERE THEY QUIETLY GO AWAY. 
CAROLINE: A BIG COMPANY CANNOT QUIETLY GO AWAY. 
REBECCA: NO. CONVOYS WENT TO ZERO OVERNIGHT. 
CAROLINE: WHAT WE MIGHT SEE ARE THESE GOING PUBLIC IS SLIGHTLY DIFFERENT VALUATIONS THAN PREVIOUS. WE HAVE SEEN THAT. INSTACART ALL OF THAT AND PEOPLE MIGHT QUESTION HOW WELL

THEY HAVE TRADED SINCE, BUT I'M
INTERESTED IN HOW MUCH YOU SEE THE OPPORTUNITY FOR COMPANIES
TO MAKE THE BOLD STEP TO DECIDE TO GO PUBLIC AND BECOME A
PUBLICLY TRADED COMPANY WITH ALL OF THAT SCRUTINY THAT GOES
WITH IT. NICK: THERE ARE CERTAINLY PROS AND
CONS TO IT. IT'S A LONG ROAD. I DON'T THINK THAT AN IPO IS
THE END BY ITSELF. IT'S A MILESTONE ON A MULTIYEAR
JOURNEY. END OF SUCCESS WILL BE PROVEN IN THE PUBLIC MARKETS AS
THEY EXECUTE. THERE HAS BEEN A VERY ACUTE IF
NOT MYOPIC FOCUS ON HEADLINE VALUATIONS.
BUT I THINK THAT SLOWLY YOU ARE STARTING TO SEE PEOPLE REORIENT
VALUE EXPECTATIONS AND RECALIBRATE. CAROLINE:
HOW LONG DO YOU STAY AFTER A COMPANY GOES PUBLIC? NICK:
IT'S HARD TO GENERALIZE, BUT WE

LIKE TO THINK IN TERMS OF YEARS
AND NOT QUARTERS. DURATION IS A COMPETITIVE
ADVANTAGE FOR US. COMPETITIVE ADVANTAGE FOR CEOS TRYING TO
BUILD SOMETHING ENDURING. CAROLINE: HOW PAINFUL IS THAT?
I'M GOING TO BRING UP A RELATIVELY INTERESTING CASE
STUDY OF YOURS. YOU MADE YOUR NAME ON SOME
INCREDIBLE BETS WITH SOROS, ONE OF THEM BEING RIVIAN.
IT'S A GOOD DAY FOR RIVIAN. THEY DID A DEAL WITH BEAT --
VW, BUT IT WAS PAINFUL IN THE INTERIM.
HOW LONG DID YOU UNDERSTAND THAT YOU HAD TO STAY WITH IT
FOR THE LONG TERM AND IT WAS NOT AN OVERNIGHT SUCCESS? NICK:
LOOK, YOU WILL FIND OUT WHAT TYPE OF INVESTORS YOU HAVE WHEN
THINGS ARE NOT GOING WELL.

I THINK THAT THE SMART CEOS,
THE RIGHT FOUNDERS, APPRECIATE THE VALUE OF STAYING POWER.
THERE WILL BE MISSTEPS, INEVITABLY. EXECUTION FALLS.
BUT I THINK THE ONUS IS ON THOSE COMPANIES TO COMMUNICATE
IN A WAY WHERE THEY ARE STRAIGHTFORWARD AND CLEAR,
TRANSPARENT. THAT IS WHAT BEING A PUBLIC
COMPANY CEO AND CFO ENTAILS. REBECCA:
AND PART OF YOUR STAYING POWER IS ABOUT KNOWING THE MARKET
WELL AND BEING INFORMED ABOUT HOW YOU SEE IT, AND THAT IS
IMPORTANT FOR ANY INVESTOR. FOR A COO TO REALLY FIND AN
INVESTOR THAT KNOWS THAT SPACE AND DOES THEIR OWN WORK AND
GOES OUT AND TALKS TO THE CONSUMERS OF THE PRODUCT IS SO
IMPORTANT, AND SO FEW INVESTORS ACTUALLY DO THAT, BUT THAT IS
WHAT BUILDS CONVICTION FOR US.

EARLY OR LATER STAGE, WE COULD
OFTEN SELL EARLIER, OR WE HAVE TO MAKE THE CHOICE.
CASE TEX, FIGURE EIGHT, GABBY, FUTURE VISOR, WE HAD TERM
SHEETS TO FINANCE IT. THE QUESTION WAS: DO WE
FINANCE AND KEEP GOING, OR DO WE SELL, AND IS THIS PRICE THE
RIGHT PRICE? THAT IS A QUESTION THAT YOU CAN
ONLY ANSWER IF YOU DO THE WORK, JUST LIKE WHEN YOU ARE A PUBLIC
MARKET INVESTOR. WE SEE THE BAD BEHAVIOR. NOW,
OF INVESTORS THAT WERE LIKE TOURISTS WHO CAME IN AND
THOUGHT IT WAS JUST THROWING IN SOME MONEY AND COOKING, RIGHT?
IT'S NOT. IT TAKES A LOT OF WORK, AND YOU HAVE TO REALLY
ENJOY THE JOB. ED: TALK -- CAROLINE:
WE'VE ONLY GOT A COUPLE OF

MINUTES, BUT I HAVE A COUPLE OF
MINUTES FOR AUDIENCE PARTICIPATION IN A POLL.
WHAT DID YOU THINK ABOUT THIS TEXAS EXCHANGE THAT CAUSED -- I
THINK CITADEL WAS BEHIND IT, OTHER KEY PLAYERS.
COULD THE NEWLY ANNOUNCED TEC SIX STOCK EXCHANGE POTENTIALLY
COMPETE? USE YOUR QR CODE. GET VOTING.
COULD WE SEE MARKET SHARE MOVES SOUTHWEST? SHOULD WE WELCOME THE
COMPETITION? IT'S INTERESTING, A FEW
COMPANIES, BIG, PRIVATELY RUN COMPANIES AND PUBLICLY RUN
COMPANIES ARE MOVING TO TEXAS. ELON MUSK SEEMS TO BE BEHIND A
LOT OF THEM AND HE MIGHT BE THE ONE TAKING THEM PUBLIC OVER
THERE. IS IT GOOD TO HAVE COMPETITION
IN THE EXCHANGE SPACE AS WELL

AS COMPETITION THAT GOES PUBLIC?
NICK: INNOVATION, MARKETS, VENUES,
STRUCTURES. IT'S GOOD FOR INVESTORS.
IT'S HEALTHY FOR COMPANIES. WHAT IS INTERESTING ABOUT THE
TEXAS STOCK EXCHANGE IS TWOFOLD. ONE, IT'S AN ATTEMPT TO GO
PUBLIC ON PRIVATE COMPANIES, BUT IT SPEAKS TO THE ONEROUS
BURDENS OF BEING A PUBLIC COMPANY FROM A REGULATORY
STANDPOINT ON THE NASDAQ OR NYSE. CAROLINE:
AND SOMETIMES YOU NEED THE SAFETY NET THERE.
INTERESTING. I THINK WE HAVE A FEW NEW YORKERS IN THE MOOD --
IN THE ROOM. 40% SAY NOT A CHANCE THAT THEIR
COMPANY WILL MOVE TO TEXAS TO GO PUBLIC.
BUT AS WE WIND UP THIS CONVERSATION, I WANT YOU BOTH TO
GIVE A PIECE OF ADVICE TO THOSE.

LOOKING AT DOING THEIR DUE DILIGENCE, AND WANTING TO GET INTO EITHER THE PRIVATE SPACE OR COMPANIES THAT ARE ABOUT TO IPO, WHAT DUE DILIGENCE SHOULD THEY BE DOING, MAKING SURE THAT THEY ARE NOT TOURISTS? REBECCA: YOU HAVE TO TALK TO THE CUSTOMERS. YOU HAVE TO UNDERSTAND WHY THE CUSTOMER, CONSUMER, ENTERPRISE, IS USING THAT PRODUCT, AND WHAT THE GO-TO-MARKET MOTION TRULY IS. CAROLINE: IT MIGHT BE EASIER FOR ONE OF THOSE RIVIAN OR INSTACART CONSUMERS. YOU ARE OUT THERE SORT OF CROSSING THE TS, CRO. WHAT WOULD YOUR ADVICE BE AROUND THE STORY YOU ARE ABOUT TO TELL? NICK: EVERYTHING IS DOWNSTREAM OF COMPETITIVE ADVANTAGE. IT'S TRUE FOR INVESTORS AND COMPANIES, YOUR CONFIDENCE, STICKING TO THAT.

THE ONUS IS ON INVESTORS TO DO
IT. YOU DON'T HAVE AN EDGE SHOULD
YOU PARTICIPATE. CAROLINE: KEEP BRINGING YOUR EDGES TO
BLOOMBERG, KEEP COMING ACROSS OUR BOAT - BAND WIDTH IN OUR
PLATFORMS. IT'S BEEN A JOY TO BE BEFORE YOU TODAY.
THANK YOU FOR YOUR PARTICIPATION, WE LOVE IT.
REBECCA, NICK, THANK YOU VERY MUCH INDEED. ED:
LET'S GET BACK VERY QUICKLY AND CHECK ON SHARES OF RIVIAN.
WE PAIRED MUCH OF THAT INCREDIBLE GAIN AFTER THE UP TO
$5 MILLION DEAL OF JV FORMATION WITH VOLKSWAGEN, GIVING
VOLKSWAGEN ACCESS TO RIVIAN SOFTWARE IN TECH.
THAT'S A TWO DAY CHART. SHARES TRADING AT THEIR HIGHEST
LEVELS SINCE FEBRUARY.

OF COURSE, THIS STOCK HAD A CLEMATIS DECLINE SINCE THE NOVEMBER 2021 IPO. WE WILL CONTINUE TO TRACK IT. THAT DOES IT FOR THIS EDITION OF BLOOMBERG TECHNOLOGY, BUT THIS FRIDAY WE HAVE VIVEK RAMASWAMY JOINING ME HERE FOLLOWING THE PRESIDENTIAL DEBATES. THIS IS INTERESTING. I HAVE REPORTED THAT HE WAS AN INTERMEDIARY, A CONDUIT BETWEEN ELON MUSK RE-ENGAGING WITH FORMER PRESIDENT DONALD TRUMP. I'M GOING TO ASK HIM ABOUT THAT AND ASK HIM ABOUT HIS AMBITIONS FOR A POSITION IN GOVERNMENT, SHOULD FORMER PRESIDENT TRUMP GAIN REELECTION. THIS WAS A PRETTY BIG SHOW WE HAD TODAY. WE WENT REALLY BIG ON THE RIVIAN STORY AND HAD FANTASTIC GUESTS. BUT WE ALSO DO RECAP THE

PODCAST ON THE TERMINAL,
ONLINE, APPLE, SPOTIFY, I HEART, AND THE BLOOMBERG PLATFORMS.
WHAT A WEEK IT HAS BEEN. STAY WITH US. THIS IS
BLOOMBERG TECHNOLOGY.

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