ANNOUNCER:
THIS IS BLOOMBERG TECHNOLOGY. ED: I'M IN SAN FRANCISCO.
CAROLINE HYDE IS OFF. THE LATEST ON TIKTOK ARGUING
THE U.S. DISREGARDING ITS NATIONAL
SECURITY PLANS. THE VISION FOR AN ERA OF
ARTIFICIAL SUPER INTELLIGENCE. CHAOS CONTINUES AMONG A
DEBILITATING CYBERATTACK UPENDING THE TRILLION-DOLLAR
MARKET. HAPPY FRIDAY. THIS IS OVER THE COURSE OF THE
WEEK. MARKET HOLIDAY IN THE U.S. ON WEDNESDAY.
THIS FRIDAY THE MARKET FACING $5.5 TRILLION OF DERIVATIVES
DUE TO EXPIRE, THE SO-CALLED TRIPLE WITCHING.
THAT'S HAVING AN IMPACT. THERE'S A CONVERSATION AROUND
VALUATIONS IN MEGA CAPS THAT

HAVE SEEN AN AI-DRIVEN RALLY.
WE WILL CONVERSE ABOUT APPLE. NVIDIA IS DOWN A COUPLE POINTS,
COMING OFF AN ASTONISHING RALLY. WE WILL TALK ABOUT BITCOIN,
NEARING THE ONE-MONTH LOW. WE WILL GO IN-HOUSE TO ASK KEY
QUESTIONS ON BITCOIN. TIKTOK AND ITS CHINESE PARENT
ARGUING THE U.S. GOVERNMENT COULD HAVE PUT MORE
OPTIONS ON THE TABLE AND TAKEN LESS RESTRICTIVE ACTION TO
ADDRESS NATIONAL SECURITY CONCERNS.
IT SAID CONGRESS DISREGARDED A 90-PAGE NATIONAL SECURITY
AGREEMENT MADE WITH THE FEDERAL GOVERNMENT, IN WHICH TIKTOK
ARGUES IT OFFERED MULTILAYERED SAFEGUARDS. MIKE, BASICALLY, WE OFFERED
LOTS OF OPTIONS AND SOLUTIONS. WE THINK WOULD HAVE SAFEGUARDED
U.S.

USER DATA AND THE ONLY OPTION CONGRESS GAVE WAS AN OUTRIGHT BAN. MIKE: THAT'S RIGHT. STEP BACK A MINUTE. THIS TIKTOK SAGA HAS BECOME A FOCUS OF ATTENTION IN WASHINGTON BECAUSE OF WHAT IT SYMBOLIZES. IT'S ABOUT THIS GEOPOLITICAL TENSION BETWEEN THE WORLD'S TWO LARGEST ECONOMIES AND THEIR VISION FOR GOVERNANCE. THE CONCERN IN WASHINGTON, THE CHINESE GOVERNMENT COULD HAVE ACCESS TO U.S. USER DATA THROUGH TIKTOK'S CHINESE PARENT COMPANY, WHO HAVE CLAIMED THEIR SET UP, THE SO-CALLED PROJECT TEXAS WHERE THEY INVESTED $2 MILLION TO TRY AND SET UP SOME SORT OF SHIELD AND FIREWALL TO KEEP U.S. DATA SECURE AND AWAY FROM ANY PURPORTED EYES IN BEIJING WAS NOT ENOUGH TO SATISFY U.S. LAWMAKERS.

THEY WERE AWARE OF THE PROPOSAL/PROJECT. SENATOR WARNER EXPRESSED SKEPTICISM FROM THE START THAT WOULD BE ADEQUATE TO SATISFY CONCERNS. ED: DIFFICULT FOR USERS OF TIKTOK AND IN THIS COUNTRY. THERE ARE 170 MILLION OR SO TO GET A SENSE OF WHERE WE ARE AT. AFTER THIS LEGISLATION WENT THROUGH CONGRESS, LEGAL CHALLENGES WERE BROUGHT BY TIKTOK, BY THE PARENT COMPANY, BY USERS THEMSELVES. WHEN THE COURT FILING HIT LAST NIGHT, THE DOJ SAID THE LEGISLATION ACCOUNTS FOR A LOT OF ISSUES WE WERE WORRIED ABOUT. A LONG PREAMBLE -- WHERE DO WE STAND? MIKE: WE ARE IN A TENNIS MATCH OF FILINGS. IT WAS TIKTOK'S VOLLEY YESTERDAY.

NOW WE ARE WAITING FOR THE JUSTICE DEPARTMENT TO RETURN THE SERVE. THEY FACE A JULY 26 DEADLINE TO RESPOND WITH THEIR OWN BRIEF. IN SEPTEMBER, WE EXPECT THE APPEALS COURT IN WASHINGTON TO HEAR THE CASE. THE COMPANY IS ASKING FOR A RULING BY DECEMBER 16, SO IF NEED BE, IT CAN GO TO THE SUPREME COURT FOR AN EMERGENCY INJUNCTION IF IT DOES NOT GET RELIEF AT THE APPEALS LEVEL. IT'S MOVING FAST, BUT SO MUCH OF IT IS IN COURT. IT WILL COME DOWN TO A HANDFUL OF JUDGES TO DECIDE WHETHER THE NATIONAL SECURITY CONCERNS RAISED BY CONGRESS OVERRIDE AND OVERWHELM ANY FREE SPEECH CONCERNS AND CONSIDERATIONS THE COMPANY IS RAISING AS PART OF ITS BID TO OVERTURN THE LAW. ED:

MIKE, THANK YOU.
ANOTHER STORY IN THE REALM. NEW YORK, FIRST STATE IN THE
NATION TO PLACE CURBS ON HOW SOCIAL MEDIA PLATFORMS PRESENT
CONTENT TO MINORS UNDER A MEASURE SIGNED BY THE GOVERNOR
YESTERDAY. PLATFORMS WILL NEED PARENTAL
CONSENT TO USE ALGORITHMIC FEEDS, NOTIFY UNDERAGE USERS
BETWEEN MIDNIGHT AND 6 A.M. ACCORDING TO THE BILL. ADAM, I WAS INTERESTED TO READ
THROUGH THE CONTENT OF THE BILL AND WHAT IT WILL PROVIDE FOR
BUT ALSO THE IDEA NEW YORK DID THIS FIRST. ADAM:
THERE IS CONCERN AMONG PARENTS ABOUT KIDS AND SOCIAL MEDIA.
UNDERSTANDABLE. UNFORTUNATELY, IN THIS CASE I
THINK THEY WENT AFTER THE WRONG TARGET, WHICH IS ALGORITHMS.
CRITICS HAVE FOCUSED ON

ALGORITHMIC FEEDS ARE BEING A
PROBLEM HERE. THE BILL BANS FEEDS IN SERVICES
BY DEFAULT FOR TEENAGERS UNLESS THEIR PARENTS OPT THEM IN.
THE PROBLEM IS CHRONOLOGICAL FEEDS ARE GOING TO BE A WORSE
EXPERIENCE FOR TEENAGERS. THEY ARE LIKELY TO SURFACE THE
LAST POST THAT MIGHT BE SCAMMING, HATE, OR HARASSMENT. ALGORITHMS ARE PROVIDING AN
IMPORTANT ROLE IN MAKING THESE FEEDS BETTER FOR TEENAGERS.
THEY ALLOW THEM TO CURATE IT. A SURVEY OF TEENAGERS TWO WEEKS
AGO SAID MOST TEENAGERS USE CURATION IN THEIR FEEDS.
THIS WILL DO AWAY WITH THAT COMPLETELY BY DEFAULT.
IT WAS WELL-INTENTIONED, BUT IT GOES AFTER THE WRONG TARGET.
IT IS LIKELY TO MAKE THE FEEDS

WORSE FOR TEENS. ED: CHAMBER OF PROGRESS IS AN INDUSTRY GROUP. YOUR WORK IS TO LOOK AT PUBLIC POLICY AND MAKE SURE IT IS IMPACTFUL TO SOCIETY IN A FAIR WAY. YOU THINK THEY WENT ABOUT THIS IN THE WRONG WAY. HOW WOULD YOU HAVE DONE IT DIFFERENTLY? ADAM: WHAT WE ARE STARTING TO SEE IS THIS WEEK IN CALIFORNIA, GOVERNOR NEWSOM TALKED ABOUT, SCHOOL SHOULD HAVE A BLANKET RULE AGAINST PHONES IN SCHOOL. THEY ARE PROVING A DISTRACTION. THERE ARE PROS AND CONS ABOUT A POLICY LIKE THAT. ONE THING IS THEY ARE NOT GETTING INVOLVED IN REGULATING PLATFORMS AT THE SPEECH LEVEL. NEW YORK IS NOT THE STATE, THE FIRST STATE TO DO A BILL RELATED TO SOCIAL MEDIA AND CONTENT. THEY'VE GONE ABOUT IT DIFFERENTLY.

ONE OF THE PROBLEMS ALL THESE LAWS HAVE FACED. THIS IS HAPPENING IN CALIFORNIA, ARKANSAS, AND OHIO. STATE LEGISLATORS SAY WE ARE NOT REGULATING CONTENT. WE ARE REGULATING DESIGN. THAT WAY, IT DOESN'T RUN AFOUL OF THE FIRST AMENDMENT. EVERY TIME COURTS HAVE SAID, THAT IS NOT TRUE. YOU ARE REGULATING SPEECH. I SUSPECT THE SAME WILL BE TRUE HERE. THIS BILL FEELS GREAT. BUT IT MIGHT INEVITABLY BE STRUCK DOWN IN COURT, AND WE WILL BE WHERE WE STARTED. I DON'T SEE LEGISLATORS SAYING HOW CAN WE APPROACH THIS IN A WAY THAT IS CONSTITUTION PROOF, LEGALLY SOUND. THEY'VE ASSERTED IT IS, BUT I DON'T THINK THIS WILL BE IN THE END. ED: THE LATEST ON TIKTOK THAT MIKE SHEPPARD WAS GIVING US FROM

D.C..
THIS IS NOT A NEW CONVERSATION. THE IDEA TIKTOK AND USERS HAVE
FRUSTRATIONS. THEY FEEL THEY PUT FORWARD TECHNOLOGICAL/POLICY
SOLUTIONS THAT WOULD HAVE ALLOWED TIKTOK TO CONTINUE TO
OPERATE IN THE COUNTRY. AND THEY FEEL THE ONLY OPTION THEY WERE
GIVEN BY CONGRESS WAS A BAN. WHAT DID YOU MAKE OF THE COURT
FILING LAST NIGHT? ADAM: WHAT TIKTOK IS TRYING TO DO IN
FILING IS THERE TRYING TO ADDRESS THE LEAST RESTRICTIVE
MEANS. IF YOU ARE CONCERNED ABOUT
TIKTOK AND CHINESE CONNECTIONS, IS THERE SOME OTHER WAY THE
GOVERNMENT COULD HAVE GONE ABOUT ADDRESSING THAT CONCERN
SHORT OF PASSING THE LAW IT DID? THAT IS WHAT PROJECT TEXAS IS
ABOUT. THAT IS LEGALLY RELEVANT.

IT'S A PRINCIPAL UNDER THE LAW.
I UNDERSTAND WHAT TIKTOK WAS DOING.
I'M CONCERNED ABOUT TIKTOK AND CHINESE CONTROL, BUT I
UNDERSTAND. I THINK IT'S A JUMP BALL.
WHETHER OR NOT TIKTOK SUCCEEDS IS TRULY A LEGAL JUMP BALL.
IT'S UNDERSTANDABLE TO ME THEY WOULD MAKE THE ARGUMENT. ED: WHAT IS THE CHAMBER A PROGRESS
POSITION ON WHETHER THEY SHOULD BE ABLE TO OPERATE IN THE U.S.?
ADAM: WE HAVEN'T TAKEN AN ORGANIZATIONAL POSITION.
I SHARE CONCERN. THIS IS UNPRECEDENTED WHERE AN
APP THAT IS SO POPULAR, FRANKLY, HAS THIS NEXUS AND IS OBLIGATED
TO ADVANCE THE CHINESE GOVERNMENT'S INTERESTS.
THAT'S ALWAYS BEEN A CONCERN.

MORE THAN THE DATA CONCERN, THE IDEA OF LOOKING AT RUSSIA INVADING UKRAINE. WHY DID WE ALLOW RT ON OUR CABLE SYSTEMS? I FEEL THE SAME WAY ABOUT THIS. ED: THANK YOU. INTENSE START TO FRIDAY. COMING UP, CITY INDEX. WE WILL BEGIN ON MARKETS. I MENTIONED VALUATIONS. HERE'S A NAME. PELLETIER DOWN 4.8%. BIGGEST DROP SINCE MAY 7. BRIAN WHITE SAYING IT HAS A GLUTTONOUS VALUATION. HE'S CONCERNED ABOUT SOFTWARE NAMES WITH A HIGHER MULTIPLE AND HE'S WORRIED ABOUT EARNINGS SEASON. THERE HAVE BEEN MOMENTUM BEHIND IT BECAUSE OF THE AI STORY. WE WILL CONTINUE THAT. THIS IS BLOOMBERG. ♪ ED: THE U.S. LISTED SHARES.

JAPANESE TRADING OVERNIGHT DOWN
THE MOST IN THREE MONTHS. MASAYOSHI'S SON PLEDGED TO
CREATE AI THAT IS THREE TIMES MORE POWERFUL THAN ANY HUMAN. HE ARGUED ARM'S TECHNOLOGY WILL
GO INTO ROBOTS. >> [SPEAKING JAPANESE] >> THAT MAY SOUND STRANGE, BUT I
THINK I WAS BORN TO REALIZE ASI. I AM SUPER SERIOUS ABOUT IT.
I THINK ASI WILL CONTINUE IN THE NEXT 10 YEARS.
IT WILL BE 10 TIMES SMARTER THAN HUMANS. ED: SOFTBANK'S JAPAN LISTED SHARES
ARE UP 60% THIS YEAR, AND THE NET ASSET VALUE OF ITS HOLDINGS
IS LARGELY ON ARM'S PERFORMANCE. ACTIVISTS ARE CIRCLING.
ELLIOTT HAS BUILT A STAKE OF MORE THAN $2 MILLION AND IS
CALLING FOR BUYBACKS.

SON BRUSHED OFF QUESTIONS AND PLEADED WITH INVESTORS TO ROOT FOR HIM AS HE CHASES HIS DREAM OF ARTIFICIAL SUPER INTELLIGENCE. FIONA, BUT WHAT WAS SO INTERESTING ABOUT THIS SPECTACLE ALMOST IN THE ANNUAL MEETING IS ALSO YOUR SHEETS ON WANTED TO TALK ABOUT -- MUSCLE YOSH -- MASAYOSHI SON TALKING ABOUT THIS. FIONA: IT ALMOST BRINGS ABOUT A CHANGE OF STRATEGY FOR SOFTBANK FROM THIS DEFENSIVE POSITION IT HAS HAD OVER THE PAST FEW YEARS TO A MORE OFFENSIVE POSITION. THIS AMBITIOUS VISION FROM SON ABOUT ASI AND THE FUTURE OF AI AND WHAT THAT MEANS FOR SOFTBANK. YOU CONNECTED AWAY FROM THE FACT THAT AT THE END OF THE DAY, INVESTORS WANT RETURNS. THEY'VE SEEN STRONG GAINS ON

THE SHARE PRICE.
WE'VE SEEN A 60% RALLY IN THE SHARE PRICE SO FAR THIS YEAR. THAT COMES ON THE BACK OF A
124% RALLY IN ARMS HOLDINGS. INVESTORS WANT TO SEE SHARE
BUYBACKS. THAT WILL BE USEFUL FOR THEM.
ALTHOUGH, THE SHARE PRICE GROWTH HAS BEEN STRONG. ED: IT'S HARD TO PICK OUT WHAT THE
PREVAILING FACTOR IS IN THE MARKET RIGHT NOW.
WE TALKED ABOUT THE CONCERN WITH VALUATIONS.
NVIDIA TRADING AT 45 TIMES 12-MONTH FORWARD EARNINGS.
WE WILL LOOK AT APPLE LATER. IF YOU TAKE SOFTBANK, LIKE MANY
INVESTORS, THERE SEEMS TO BE A WHOLEHEARTED BELIEF YOU HAVE TO
BE IN AI AT ALL LAYERS OF THE STACK AND IF NOT, YOU WILL BE
LEFT BEHIND. FIONA:

WE CANNOT GET AWAY FROM THIS IDEA. AI HAS DRIVEN SUCH A STRONG RALLY IN AI STOCKS, AND OBVIOUSLY THAT BLED OUT INTO RECORD HIGHS IN THE S&P AND THE NASDAQ THIS WEEK. AT THE END OF THE DAY, THERE MIGHT BE A SENSE, PERHAPS THE AI TRADE RIGHT NOW IS OVERHYPED. LONG-TERM, THAT'S NOT THE CASE. WE ARE OPENING THE DOOR TO THE REALIZATION AND UNDERSTANDING OF WHAT THE REAL WORLD APPLICATIONS OF AI ACTUALLY ARE. THAT'S WHAT'S SUPPORTING THE RALLY WE'VE SEEN. THERE ARE SUGGESTIONS THERE COULD BE SOME LEVEL OF LOFTY VALUATIONS INVOLVED HERE. AT THE END OF THE DAY, THE LONG-TERM CASE IS BULLISH ON AI. THAT IS SUPPORTING THE SHARE PRICE. OBVIOUSLY WE WILL HAVE PULLBACKS.

NO RALLY IS 100% HIGHER.
INVESTORS ARE IN ON THIS CASE. ED: NVIDIA IS DOWN 2% IN THE
SESSION, BUT OVER THE WEEK, WHERE IT BECAME THE WORLD'S
MOST VALUABLE COMPANY, IT IS DOWN A PERCENTAGE POINT.
IS THE RALLY OVER? FIONA: IT'S A SMALL MOVE LOWER AFTER
VERY STRONG MOVES HIGHER. THIS MONTH THEY ARE UP 16%.
IMPRESSIVE GAINS LAST WEEK. I DON'T THINK THE RALLY CAN
MAINTAIN THE SPEED IT HAS HAD BECAUSE IT HAS BEEN IMPRESSIVE.
THIS SHARE PRICE IS UP 170% THIS YEAR. THAT'S NOT MAINTAINABLE.
I DON'T THINK THAT'S TO SAY THE RALLY IS OVER.
WE CAN EXPECT IT TO SLOW TO A MORE SUSTAINABLE PACE GOING
FORWARD. ED: HAPPY FRIDAY. HAVE A FANTASTIC WEEKEND. FIONA:
THANK YOU. ED:

OPENAI MAKES ITS FIRST BIG, GENUINE ACQUISITION. THE DETAILS NEXT. THIS IS BLOOMBERG. ♪ ED: DONALD TRUMP APPEARED ON THE ALL IN PODCAST AFTER A MONTH OF TEASING. THEY COVERED A RANGE OF TOPICS INCLUDING REAL ESTATE, THE WAR IN UKRAINE, AND AI. TRUMP DEFENDED HIS TARIFF PROPOSAL, SAYING IT WOULD BE CRUCIAL TO KEEPING THE DOLLAR THE WORLD RESERVE CURRENCY. HUAWEI SAW SALES OF ITS SMARTPHONES CLIMB 72% IN THE FIRST FIVE MONTHS OF '24, GROWING THE NUMBER OF GADGETS TO OVER 900 MILLION. THIS UNDERSCORES HOW THE COMPANY IS TAKING ON APPLE IN THE CHINESE MARKET. ZEPTO IS PREPARING TO GO PUBLIC AFTER THEY DOUBLED THEIR

VALUATION FROM A FINANCING ROUND. THE COMPANY SAYS IT IS ON TRACK TO HANDLE $1 BILLION IN GOODS PER YEAR AND PLANS TO DOUBLE ITS WAREHOUSES TO 700 BY '25. CAR DEALERS ARE NOT THE ONLY ONES TO BE HIT BY RECENT ATTACKS. UNAUTHORIZED ACCESS WAS DETECTED ON A CLOUD DATABASE HOSTED BY SNOWFLAKE. LENDING TREE SHARES ARE DOWN AS THE COMPANY CONTINUES TO INVESTIGATE THE SCOPE OF THE HACK. OPENAI HAS BOUGHT ROXETTE, MARKING THE MOST SIGNIFICANT ACQUISITION TO DATE FOR THE COMPANY. THIS WAS INTERESTING. TERMS WEREN'T DISCLOSED. IT IS NEW AND NOVEL FOR OPENAI. >> THIS IS THE FIRST TIME THEY ARE ACQUIRING A COMPANY WHERE THEY ARE JUST TAKING IN THE TALENT BUT THEY ARE ACTUALLY

GOING TO INTEGRATE THE TECHNOLOGY AS WELL. 
ED: WHY DOES OPENAI NEED A COMPANY LIKE THEM? 
SHIRIN: OPENAI IS TRYING TO GROW THEIR CONSUMER AND ENTERPRISE BUSINESS. THEY HAVE EXPERIENCE WORKING WITH MAJOR CUSTOMERS ACROSS INDUSTRIES FROM FINANCE TO GAMING. ONE BIG ONE WAS JETBLUE. THEY WORK WITH CUSTOMER DATA TO HELP CUSTOMERS INDEX AND SEARCH THROUGH. IF YOU THINK ABOUT WHERE OPENAI IS TRYING TO GROW, IT MIGHT MAKE SENSE THEY WOULD ACQUIRE A COMPANY SPECIALIZED IN DEALING WITH THIS MORE DETAILED DATA TO HELP THEM BUILD THAT. 
ED: TREMENDOUSLY BUSY WEEK FOR YOU ACROSS THE AI BEAT. A LOT GOING ON. HAPPY FRIDAY TO YOU. HAVE A NICE WEEKEND. COMING UP, THE REASON

CYBERATTACKS ON CDK SOFTWARE WITH DIANA LEE. INCREDIBLE JOB BASICALLY WRAPPING UP THE PAST 48 HOURS EVENTS ON CDK, BUT WHAT DOES IT MEAN BIGGER PICTURE? IN A CYBERSECURITY CONTEXT? WHAT DOES IT MEAN FOR A MASSIVE INDUSTRY FOR THE BUYING AND SELLING OF VEHICLES? THIS IS BLOOMBERG. ♪ ED: WELCOME BACK TO BLOOMBERG TECHNOLOGY. I HAVE BEEN TALKING ABOUT VALUATIONS. THERE IS ONE CHART I SAW ON THE TERMINAL AND BLOOMBERG.COM I WANTED TO SHARE. APPLE TRADING AT AROUND 30 TIMES FORWARD EARNINGS. THERE HAS BEEN A RALLY IN APPLE SHARES, DRIVEN LARGELY BY ARTIFICIAL INTELLIGENCE, THE IDEA WE NOW HAVE'S A CLEAR

UNDERSTANDING OF APPLE'S - WE NOW HAVE A CLEAR UNDERSTANDING OF APPLE'S AI STRATEGY. IF YOU LOOK AT BLOOMBERG ESTIMATES FOR TOPLINE GROWTH, THERE IS SOME RECOVERY IN THE SECOND HALF OF 2024, LATER IN THE YEAR, BUT AS THE CHART BEHIND ME SHOWS CLEARLY, WHEN APPLE GETS TO A LEVEL OF TRADING AT 30 TIMES FORWARD EARNINGS, IT HISTORICALLY FIND IT HARD TO SUSTAIN THAT LEVEL. THIS IS A CONVERSATION HAPPENING QUITE A LOT ACROSS THE MEGA CAPS. WE KEEP REFERENCING NVIDIA TRADING AT 35 TIMES FORWARD EARNINGS. YOU WILL SAY LOOK AT TOPLINE GROWTH, THE TWO CANNOT COMPARE. I AM JUST SAYING THIS IS A CHART THAT HAS A LOT OF INVESTORS TALKING. WE ARE HAPPY TO SHARE IT WITH

YOU.
LET'S GET BACK TO CYBERSECURITY AND HACKS.
CHECKING IN ON SHARES OF AUTOMOTIVE COMPANIES, LOTS OF
THE CAR DEALERS, LOTS OF THE RETAILERS.
YOU CAN SEE SOME DOWNWARD PRESSURE SUSTAINED.
AUTONATION DOWN 0.5%. THERE IS A WARNING.
CDK IS THE COMPANY THAT BASICALLY OPERATES THE SOFTWARE
PLATFORM, AND THEY HAVE WARNED THEIR CUSTOMERS THAT THEIR
PLATFORM'S IS GOING TO BE DOWN FOR SEVERAL MORE DAYS.
IT IS CRIPPLING CAR DEALERS ACROSS THE UNITED STATES AMID A
CYBER ATTACK ON THE COMPANY, THE SECOND ROUND OF WHICH WAS
FELT THURSDAY. JOINING US OUT OF LONDON IS
BLOOMBERG'S CRAIG TRUDELL. YOUR JOINING US FROM LONDON.
THIS HACK WAS IN THE U.S. AND CANADA, BUT YOU HAVE BEEN
LEADING THE TEAM THAT HAS BEEN

COVERING THIS AROUND THE CLOCK.
THE IMPACT ON THIS INDUSTRY HAS BEEN VERY BIG.
WE HAVE A NEW STORY OUT ON THE TERMINAL. SUMMARIZE IT FOR US.
CRAIG: THIS CAME AT A REALLY
INOPPORTUNE TIME, DURING THE JUNETEENTH HOLIDAY.
FOR CAR DEALERS, A DAY WHEN A LOT OF THEIR CUSTOMERS OR
WOULD-BE CUSTOMERS HAVE MORE TIME TO GO THROUGH THE
RIGMAROLE OF BUYING A NEW CAR OR GETTING THEIR CURRENT
VEHICLE SERVICED. FOR THEIR SOFTWARE SYSTEM TO GO
DOWN HAS BEEN EXTREMELY DISRUPTIVE.
WE ALSO HAVE AN END OF QUARTER PUSH WE ARE IN THE MIDST OF,
WHICH RETAILERS WANT TO CLOSE DEALS BEFORE THE END OF THE
MONTH, BEFORE THE END OF THE QUARTER. THIS HAS BEEN A REALLY
DISRUPTIVE ATTACK, BECAUSE

THERE IS ONLY A HANDFUL OF
THESE COMPANIES THAT PROVIDE THESE DEALERSHIP MANAGEMENT
SYSTEMS. CDK IS ONE OF THE LEADING PROVIDERS OF,
SO FOR THEM TO GO DOWN AND NOT BE ABLE TO PROVIDE THOSE
SERVICES FOR THEIR MANY CUSTOMERS HAS REALLY THROWN A
WRENCH IN THINGS. WE ARE HEARING FROM DEALERS
ABOUT HAVING TO CLOSE DEALS WITH PEN AND PAPER, AS OPPOSED
TO GOING THROUGH THEIR COMPUTER SYSTEM.
IT ALREADY TAKES TIME TO CLOSE DEALS, AS WE KNOW.
EVEN IN THE YEAR 2024, IT IS NOT A SEAMLESS PROCESS.
THIS IS ONLY THROWING MORE OF A WRENCH IN THINGS. ED:
PEN AND PAPER. I DO NOT EVEN KNOW WHAT THAT IS
ANYMORE. CRAIG: STONE AGE IS -- STONE A GES,
YEAH. ED: THERE IS A SIDE OF, IF I AM IN
THE U.S.

AND CANADA AND AM PARTICIPATING
TO GET A NEW VEHICLE. WHAT ARE THE BRAND NAMES INVOLVED, THOSE
IMPACTED? I THINK I READ SUBARU AND MAYBE
TOTAL THAT. CRAIG: SUBARU AND TOYOTA, AT LEAST OUT
OF JAPAN, HAVE DOWNPLAYED THIS. WE ARE TOUCHING BASE WITH THEM
IN THE U.S. AND HEARD FROM THE LIKES OF
FORD, BMW. PAID ALL OF THOSE LAST FEW COMPANIES CONFIRMED
THEIR DEALERS USE CDK. THEY ARE NOT NECESSARILY BEING
PARTICULARLY FORTHCOMING ABOUT HOW MANY OF THEIR DEALERS ARE
BEING AFFECTED, BUT THIS IS A SUBSTANTIAL NUMBER, BECAUSE,
AGAIN, THIS IS A SLIVER OF THE AUTO RETAILING INDUSTRY, WHERE
THERE HAS BEEN A LOT OF

CONSOLIDATION OVER THE YEARS.
SO YOU ONLY HAVE A HANDFUL OF COMPANIES THAT ARE NOT
NECESSARILY HOUSEHOLD NAMES THAT PROVIDE THIS REALLY
IMPORTANT SORT OF TYPING THAT MAKES EVERYTHING WORK. SO WE HAVE HEARD, AGAIN, FROM
DEALERS ALSO TALKING ABOUT CHALLENGES WITH LINING UP
CREDIT, HAVING TO THEMSELVES MAKE JUDGMENTS AS TO WHETHER OR
NOT SOMEBODY IS WORTHY OF A LOAN BY COBBLING TOGETHER WHAT
INFORMATION THEY CAN. PARTS REPAIRS, NOT BEING ABLE
TO CONFIRM WHETHER OR NOT A PART IS AVAILABLE FOR A
CUSTOMER THAT HAS A CHEAP -- HAS A JEEP SITTING IN THE SHOP.
THIS IS CAUSING A MESS. IF YOU ARE A CONSUMER, THE
GENERAL TAKEAWAY IS, IF YOU ARE PLANNING TO GO TO A DEALERSHIP
THIS WEEKEND, MAYBE HOLD OFF ON

IT AND WAIT UNTIL THIS STORM PASSES. ED: BLOOMBERG'S GLOBAL CAR EDITOR CRAIG TRUDELL. GREAT TO HAVE YOU. LET'S BRING IN SOMEBODY WHO KNOWS THE AUTOMATED SPACE WELL. DIANA LEE IS THE CEO AND COFOUNDER OF CONSTELLATION SOFTWARE. YOU HAVE THREE DECADES OF EXPERIENCE IN THE WORLD OF CARS. WHAT CRAIG TRUDELL SET OUT IS THE TIMING OF THIS HACK IS BAD, BECAUSE THE INDUSTRY IS UNDER SO MUCH PRESSURE. WHAT ARE YOU HEARING FROM CLIENTS, CUSTOMERS, AND THOSE YOU WORK ALONGSIDE? DIANA: ABSOLUTELY. IT IS MASS CHAOS AT THIS POINT. I'VE BEEN IN THE AUTO INDUSTRY SINCE 1989, AND ALSO IN RETAIL AUTOMOTIVE. IN ALL OF THOSE YEARS, I HAVE

NEVER SEEN A DMS OPERATING SYSTEM DOWN. THE DEALER REQUIRES TO ACTUALLY RUN A DMS FOR SALES, SERVICE, PARTS. EVEN STOCKING FUNCTIONALITY. YOU CANNOT DO WITHOUT A DMS SYSTEM. IT IS A DISASTER. I THINK IT IS EVEN WORSE THAN COVID WHEN IT FIRST HAD THE DEALERSHIPS, BECAUSE YOU ARE NOT FUNCTIONING AT THIS POINT. ED: WHAT YOU JUST SAID REALLY JUMPS OUT AT ME, WORSE THAN COVID, THE IMPACT, BECAUSE I REMEMBER COVERING THAT. THAT WAS MY BEAT, MARCH 2020, WORKING FOR CRAIG, WHO WAS MY EDITOR. IF YOU ARE ADVISING CDK AND TELLING THEM WHAT TO DO TO MANAGE THIS FALLOUT, WHAT WOULD YOU SUGGEST? DIANA: I THINK IT IS PRINTING SERVICES, AT THIS POINT.

I KNOW THAT SOUNDS SO CRAZY,
BUT AT THIS POINT, NOBODY CAN ACTUALLY JUST HAVE A DMS POP UP
OVERNIGHT. OUR ONLY OTHER -- TWO OTHER DMS
PROVIDERS ARE REALLY KNOWN IN THE AUTOMOTIVE INDUSTRY,
TECHION AND REYNOLDS AND REYNOLDS.
THERE IS NO WAY EITHER ONE OF THOSE COMPANIES COULD START
UPLOADING ANY TYPE OF DMS SYSTEM FOR ANY DEALERS THAT ARE
DOWN. BUT PRINTING SERVICES IS WHAT
BASICALLY ANYBODY CAN DO RIGHT NOW, WHICH IS LOADING UP THE
PRINTING SERVICES TO ALLOW DEALERS TO BE ABLE TO HANDPRINT
CONTRACTS, AS WELL AS ALL THE REPAIR ORDERS THAT NEED TO
HAPPEN RIGHT NOW. SO WE ARE GOING BACK TO ANCIENT
STAGES RIGHT NOW, WHERE THIS IS WHAT WE NEED TO DO, IS PRINT.
ED:

WE JOKED WITH CRAIG ABOUT PEN AND PAPER, SOMETHING WE ALL DO LESSON THIS DAY AND HP. THERE IS A SERIOUS SIDE TO IT, THE CONSUMER AND CONSUMER PSYCHOLOGY. VERY HIGH INTEREST RATES, BUYING OR EVEN LEASING A VEHICLE IS YOUR BIGGEST FINANCIAL CONSIDERATION AFTER YOUR HOME, NORMALLY. AND WE HAVE NINE DAYS LEFT OF JUNE. DO YOU THINK THIS IS GOING TO HAVE A REALLY BIG IMPACT ON SALES IN THE SPRINT TO THE FINISH OF THE QUARTER? DIANA: IT IS ABSOLUTELY GOING TO. I THINK THE ONLY WAY A LOT OF THESE DEALERS CAN ACTUALLY SURVIVE RIGHT NOW IS IF THEY HAVE FRIENDS OF THEIRS THAT ALREADY HAVE A REYNOLDS OR TECHION SYSTEM, WHERE THEY CAN TELL THEM WHAT THE DEAL STRUCTURE NEEDS TO BE, SO THEY

CAN ACTUALLY PUT SOMETHING
TOGETHER, AT LEAST FAX IT TO THEM, EMAIL IT TO THEM.
AND YOU WILL HAVE TO HANDWRITE EVERY SINGLE CONTRACT AT THIS
POINT. BUT THE ONLY WAY, AND I THINK DEALERS ARE SUPER
INNOVATIVE -- THEY CALLED ME AND SAID, I'M LIMPING RIGHT
NOW. LIMPING. THESE ARE SOME OF THE BIGGEST
DEALERSHIPS IN THE COUNTRY THAT SELL 1500 UNITS A MONTH.
THEIR SERVICE DEPARTMENTS ARE LIMPING AT THIS POINT. BUT THEY ARE FIGHTERS.
THINK OF ALL THE EMPLOYEES WHO BASICALLY ARE ALSO UNDER FIRE.
BUT IF THE AUTO BUSINESS GOES DOWN, AND THIS IS WHY I REALLY
FIGHT FOR DEALERSHIPS ALL THE WAY ACROSS -- IT IS ALL THE
AMERICANS THAT WOULD ALSO BE

OUT OF JOBS IF WE ALWAYS GO
DIRECT TO CONSUMER PLANS. ED: SO LET'S DISCUSS MODERNIZING
THE -- I JUST LEASED A TESLA MODEL Y.
I TOOK THE WING MIRROR OFF. IT WAS FIXED THROUGH THE TESLA
APP. IS THAT SOMETHING THE INDUSTRY
SHOULD MOVE TOWARD? DIANA: I AM NOT A FAN OF THE TESLA
MODEL. I UNDERSTAND THIS IS A DIRECT
TO CONSUMER MODEL THAT MAKES IT EASIER FOR CUSTOMERS TO BUY
A VEHICLE -- THAT MAKES IT EASIER FOR CUSTOMERS TO BUY A
VEHICLE. ON THE OTHER HAND, THE TRADITIONAL AUTOMAKERS HAVE TO
IMPROVE THE CUSTOMER PROCESS, BUT WITHIN IT, THERE ARE SO
MANY PEOPLE THAT ACTUALLY SUPPORT THE AUTOMOTIVE MARKET.
THINK OF ALL THE FAMILIES AND

COMMUNITIES, AS WELL AS THE
LITTLE LEAGUES, ALL THE DIFFERENT TYPES OF CHARITIES,
WITHIN EVERY COMMUNITY THAT GETS SUPPORTED BY A LOCAL
DEALER. ALL OF THAT GOES DOWN IF
BASICALLY WE DECIDE WE WANT A DIRECT TO CONSUMER MODEL.
WHAT HAPPENS TO THE AMERICANS WHO WILL BE OUT OF JOBS RIGHT
NOW, IF EVERYTHING WENT STRAIGHT DIRECT TO CONSUMER? FOR ME, I REALLY DO BELIEVE IN
THAT COMMUNITY ATMOSPHERE, WHERE WE COME IN, WE GET TO
KNOW EACH OTHER, WE GET TO ACTUALLY SERVICE OUR VEHICLES,
WE GET TO KNOW THE PEOPLE WITHIN THE ORGANIZATION THAT
SUPPORT THOSE COMMUNITIES. SO I THINK THERE'S DIFFERENT
TYPES OF PEOPLE OUT THERE THAT PURCHASE VEHICLES, BUT THERE
ARE MANY TYPES OF CUSTOMERS OUT THERE. THEY MUST TEST DRIVE THE
VEHICLE, LOOK AT THE VEHICLE.

KNOW THE COLOR AND THE EXACT
MODEL THEY WANT BEFORE THEY ACTUALLY MAKE A PURCHASE, AND
THOSE ARE NOT IDEAL FOR CUSTOMERS THAT ARE DIRECT TO
CONSUMERS. ED: DIANA LEE FROM CONSOLATION
AGENCY, GREAT TO HAVE YOU -- CONSTELLATION AGENCY, GREAT TO
HAVE YOU BACK ON THE PROGRAM. COMING UP, WE WILL TALK ABOUT
INVESTING IN ARTIFICIAL INTELLIGENCE WITH SHARDUL SHAH,
AND PRIVATE MARKET FOCUS FOR A MINUTE. PODCAST. YOU CAN FIND ON APPLE
PODCASTS, SPOTIFY, I HEART, AND THE BLOOMBERG PLATFORMS. THIS
IS BLOOMBERG. >> ONE OF THE THINGS I REALLY
GET EXCITED ABOUT, BECAUSE I AM A LABOR ECONOMIST BY TRAINING,
AND I THINK A LOT ABOUT THE DISTRIBUTION OF OPPORTUNITIES
ACROSS THE NATION AND THE

WORLD, AND I THINK OF AI AS
POTENTIALLY BEING A GREAT LEVELER, LEVELING THE PLAYING
FIELD, DEMOCRATIZING THE EXPERTISE BY GIVING PEOPLE A
HAND UP OR A LEG UP IN TERMS OF STARTING. ED:
THAT WAS SAN FRANCISCO FED PRESIDENT MARY DALY WEIGHING IN
WITH HER THOUGHTS ON THE IMPACT OF ARTIFICIAL INTELLIGENCE.
I WANT TO GET MORE ON THAT SPACE WITH OUR VC SPOTLIGHT AND
BRING IN SHARDUL SHAH, A PARTNER AT INDEX VENTURES.
IT IS JUNE 21, AS I JUST LEARNED ON GOOGLE AND
WIKIPEDIA, A SUMMER SOLSTICE, THE OFFICIAL START OF SUMMER.
I WILL START THIS CONVERSATION BY ASKING YOU, ARE WE, IN THE
PRIVATE MARKETS, IN AN AI WINTER, AI SPRING, OR AI SUMMER?
SHARDUL: FIRST OFFSHARDUL:

THANK YOU VERY MUCH FOR HAVING
ME. IT DEFINITELY FEELS LIKE SUMMER.
THE SUN IS SHINING IN VENTURE LAND. NOT ONLY IN AI, BUT
OUTSIDE IT. AI IS DEFINITELY BRINGING A DRAFT AND A WINDFALL
TO DIFFERENT INDUSTRIES, INCLUDING CLOUD AND CYBER.
IT IS LED BY PUBLIC MARKET COMPANIES.
IF YOU LOOK AT A CLOUD DERIVATIVE, LIKE DATA DOG,
WHICH I SERVED ON THE BOARD OF FOR 10 YEARS, THEY ARE
DEFINITELY SEEING ACCELERATION THANKS TO THE CLOUD AND USE OF
AI, DRIVING INCREASED COMPUTE AND INCREASED USE OF DATA.
IN PRIVATE MARKETS, WE ARE DEFINITELY SEEING
MARKET-LEADING COMPANIES SEE ACCELERATION IN THEIR BUSINESS
THANKS TO AI. DEFINITELY, THE VC ENVIRONMENT
IS TALKING ABOUT AI. ED:

I WANT TO LOOK AT REAL ACTIVITY
IN THE PRIVATE MARKETS. YOU JUST MENTIONED THAT THE AI
SUMMER IS KIND OF LED BY PUBLIC NAMES.
THROUGHOUT THE HOUR, WE TALKED ABOUT THE CONCERN AROUND
VALUATIONS. BUT DEAL ACTIVITY IN THE
PRIVATE MARKET IS REALLY INTERESTING TO ME, GLOBALLY IN
ALL STAGES. I AM SEEING QUITE A LOT OF THE
GROWTH STAGE AS WELL. DO YOU SEE THAT, AND WHAT DO
YOU MAKE OF IT? SHARDUL: YOU ARE RIGHT.
WE ARE SEEING INCREASED ACTIVITY THIS YEAR ACROSS
GEOGRAPHIES, ACROSS STAGES. OUTSIDE OF AI, HALF OF THE
INVESTMENTS WE HAVE CONSIDERED AT INDEX THIS YEAR ARE IN
CATEGORIES INCLUDING GAMING, FINTECH, AND CYBERSECURITY, SO
THE SUN IS DEFINITELY SHINING.

OUTSIDE OF AI.
TO YOUR POINT, IT IS AT EVERY STAGE.
WE HAVE SEEN SEED INVESTMENTS, EARLY SERIES A INVESTMENTS, AS
WELL AS GROWTH OPPORTUNITIES IN AND OUT OF AI, SO DEAL ACTIVITY
HAS PICKED UP THIS YEAR. ED: YOU PUT A LOT OF EMPHASIS ON
CYBERSECURITY NAMES. WIZ IS ONE OF YOUR PORTFOLIO
COMPANIES. YOU ARE SIGNIFICANT IN THE CAP
TABLE OF THAT COMPANY. WHY? WHY IS CYBERSECURITY SUCH A
FOCUS? LOADS OF PEOPLE COME ON THIS
SHOW AND PUT FORWARD CYBERSECURITY AS THE AREA THERE
MOST EXCITED ABOUT GETTING A BOOST FROM AI. SHARDUL:
CYBERSECURITY IS ONE OF THE HOTTEST SECTORS INTACT, SO IT
IS NO SURPRISE HE HAD MANY GUESTS COME ON AND TALK ABOUT
IT. IF YOU STEP OUT -- BACK,

THERE'S ABOUT $250 BILLION IN MARKET CAP IN THE TOP FOUR SECURITY PUBLICLY TRADED COMPANIES. 10 YEARS AGO, THE TOP FOUR PROBABLY WERE PRESENTED LESS THAN $50 BILLION OF MARKET CAP. THEY ARE FORWARD DRIVER-SIDE DRIVEN THIS GROWTH. FIRST, WE ARE SEEING, EVERY SINGLE DAY, A NEW GLOBAL ATTACK. ON YOUR SHOW, YOU HAVE BEEN TALKING QUITE A BIT ABOUT CDK GLOBAL, WHICH IS JUST THE MOST RECENT EXAMPLE. SECOND, THE SEC NOW HAS DISCLOSURE REQUIREMENTS FOR A PUBLICLY TRADED COMPANY. THIRD, CHIEF SECURITY OFFICERS ARE UNDER SCRUTINY AND ARE BEING HELD ACCOUNTABLE FOR FRAUD. FOURTH, WE ARE SEEING HACKERS ACTUALLY TELL THE SEC WHEN THEY HAVE CREATED A MATERIAL BREACH. AS A CONSEQUENCE, WE ARE SEEING AN ENORMOUS AMOUNT OF ACTIVITY

IN PRIVATE MARKETS.
WE HAVE SEEN AN EXPLOSION OF STARTUPS.
THERE IS NOW OVER 10,000 COMPANIES THAT ARE TRYING TO
BUILD NEW BUSINESSES TO MEET THE NEEDS OF CUSTOMERS.
AT INDEX, WE FOCUS ON TWO PRIMARY THEMES.
ONE, OUR FOUNDERS THAT ARE OBSESSED WITH THE PROBLEMS OF
THEIR CUSTOMERS. SECOND, OUR FOUNDERS LOOKING TO
BUILD COHERENT FORMS TO MEET THE NEEDS OF ORGANIZATIONS.
JUST AS ONE EXAMPLE, TO YOUR POINT ON SUMMER, I FEEL LIKE
EVERY SINGLE -- EVERY SMALL AND MEDIUM BUSINESS IN THE WORLD
SHOULD HAVE INSURANCE. WITHOUT INSURANCE, IT IS LIKE
GOING TO THE BEACH WITHOUT SUNSCREEN.
YOU ARE BOUND TO GET BURNED WITH ENOUGH EXPOSURE.
SO WE INVESTED IN THE CATEGORY LEADING CYBER INSURANCE
COMPANY, COALITION, WHICH IS

ADDRESSING THE NEEDS OF SMALL
AND MEDIUM COMPANIES. ON THE OTHER HAND, ENTERPRISES
HAVE BEEN SERVED BY LARGE AND GROWING SECURITY COMPANIES FOR
OVER A DECADE. WHAT IS DIFFERENT NOW IS THE
REQUIREMENT FOR A COHERENT PLATFORM VERSUS A FRANKENSTEIN
THAT ACQUIRES THEIR WAY TO CREATING A COLLECTION OF
SOLUTIONS. THEREIN LIES WIZ, WHICH JUST
STARTED FOUR YEARS AGO, BUT HAS BECOME THE FASTEST-GROWING
SOFTWARE COMPANY OF ALL TIME BECAUSE OF A STRONG POINT OF
VIEW ON A PROJECT THAT MEETS THE NEED OF CUSTOMERS. ED:
A LACK OF CYBERSECURITY IS LIKE GOING TO THE BEACH WITHOUT
SUNSCREEN, WHICH, ON THIS, THE OFFICIAL SUMMER SOLSTICE IN THE
AI SUMMER WE ARE IN, IS AN INTERESTING POINT OF VIEW.
SHARDUL SHAH OF INDEX VENTURES.

GREAT TO HAVE YOU ON THE PROGRAM. COMING UP, WE HAVE NOT TALKED ABOUT IT MUCH SINCE THE TOP OF THE SHOW, BUT BITCOIN REACHING ITS LOWEST LEVEL SINCE MAY. WE ARE GOING IN-HOUSE WITH THIS ONE WITH BLOOMBERG INTELLIGENCE. THE RIGHT BACK. ED: BITCOIN SLUMPED TO A MORE THAN ONE-MONTH LOW WITH THIS YEAR'S RECORD-BREAKING RALLY SHOWING SIGNS OF FATIGUE. IN THE ABSENCE OF FRESH MARKET CATALYST. LET'S BREAK IT ALL DOWN. I AM TRYING TO THINK ABOUT WHAT IS GOING ON. IN THE MARKETS, GENERALLY SPEAKING, MAYBE SOME RISK APPETITES COME OFF THE TABLE. THERE IS THIS KIND OF CLOSE OR OPPOSITE CORRELATION WITH EQUITY MARKETS. THAT IS WHAT I'VE READ. WHAT IS YOUR ANALYSIS?

NO MATTER HOW YOU LOOK AT IT, THE APPETITE FOR BITCOIN EXPOSURE HAS SLUMPED. A LOT OF PEOPLE WERE TALKING ABOUT TRYING TO UNDERSTAND -- THE LAST FEW WEEKS, WE SAW BILLIONS FILE INTO THOSE GOING ETF'S. THE PRICE REALLY WAS NOT MOVING. A LOT OF IT WE THINK I TO DO WITH POTENTIALLY FUTURES TRADING. BASICALLY, ARBITRAGE TRADING WITH THE FUTURES MARKET. BUT THE LAST WEEK, THE LAST SEVEN TRADING DAYS, WE HAVE SEEN A TOTAL OF ABOUT ABOUT ONE BILLION DOLLARS FOR OUT OF THE ETF'S. RISK APPETITE HAS SLUMPED OFF. IF YOU LOOK AT THE ALT COINS, THOSE HAVE BEEN FAR WORSE THAN THE LIKES OF ETHEREUM AND BITCOIN. WHAT WE ARE PAYING ATTENTION TO IS WE ARE EXPECTING THOSE

ETHEREUM ETF'S TO GET APPROVAL FROM THE SEC. FINAL APPROVAL TO LAUNCH SOMETIME IN THE NEXT TWO WEEKS. I THINK THERE IS SOME KIND OF MALAISE IN THE MARKETS NOW. IT IS PRETTY STANDARD. EVERYONE IS USED TO THESE MASSIVE RUN-UPS, BUT ALSO, THERE ARE CORRECTIONS AND TURN-BACKS AT DIFFERENT TIMES. ED: THAT IS THE FUNCTIONING OF THE MARKETS. ONE HEADLINE THAT HIT LAST NIGHT WAS MICROSTRATEGY USE THE PROCEEDS TO BUY $786 BILLION - 786 MILLION DOLLARS OF BITCOIN. IT IS QUITE A LIQUID MARKET. CORRECT ME IF I AM WRONG, BUT DOES A HEADLINE LIKE THAT HAVE AN IMPACT ON THE MARKET AT LARGE? JAMES: IT USED TO. WHEN MICHAEL SEILER WAS ANNOUNCING THESE MASSIVE, MULTIMILLION-HUNDRED DOLLAR BUYS OF BITCOIN, IT WAS

IMPACTING THE MARKETS.
I THINK IT ALMOST SHOWS THE MATURITY OF THE MARKET, THAT
THEY FINISHED THIS CLOSING OF THOSE CONVERTS AND JUST DUMPED
$780 BILLION OR $780 MILLION OR SOMETHING INTO THE MARKET OVER
THE LAST WEEK OR SO. AND THE MARKET IS STILL DOWN
DECENTLY OFF ITS ALL-TIME HIGHS, ALMOST $10,000 OFF ITS
ALL-TIME HIGHS. IT JUST SHOWS THE LIQUIDITY AND
DEPTH OF THIS MARKET AS FAR AS I'M CONCERNED. ED:
BLOOMBERG INTELLIGENCE ANALYST JAMES SEYFFART. HAPPY FRIDAY.
THANK YOU. APPRECIATE THE BREAKDOWN.
THAT DOES IT FOR THIS EDITION OF BLOOMBERG TECHNOLOGY.
IT WAS A SHORT WEEK IN THE U.S.. WEDNESDAY WAS A HOLIDAY.
BUT A BUSY WEEK ALL THE SAME.

RECAP THE PODCASTS. GET INVOLVED IN THE POD. FIND IT ON APPLE, SPOTIFY, I HEART, AND THE TECH POD OF COURSE ON OUR BLOOMBERG PLATFORMS. GOOD TO BE BACK HERE IN SAN FRANCISCO WITH YOU. BIG COMING UP NEXT WEEK. AI, BITCOIN, SPACE? ALL OF THAT IS TO COME. THERE IS BEAUTIFUL SAN FRANCISCO. HAPPY FRIDAY. THIS IS BLOOMBERG TECHNOLOGY.

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