Ubisoft's Potential Buyout: Tencent and Founders' Strategy

Ubisoft's stock surges as Tencent considers a buyout amid the company's recent struggles and significant market value loss.

### Major Developments in Tech: Ubisoft, EU Tariffs, and Meta's AI Innovations
* 🎮 Ubisoft's stock is surging as reports suggest Tencent and the Guillemot family are considering **taking the company private**, following a significant decline in its market value this year.
* 📈 The European Union has voted to impose tariffs of **up to 45%** on Chinese electric vehicles, a move aimed at **bolstering local manufacturing** and addressing concerns over **unfair subsidies**.
* 🤖 Meta has announced plans to integrate an **AI video generator** into its apps next year, as the company continues to focus heavily on **AI innovations** under Mark Zuckerberg's leadership.
* 💼 The labor market in the U.S. is showing strong hiring trends, with job growth **surpassing estimates**, although concerns remain about the impact of AI on tech job losses.
* 📊 Despite the positive job report, analysts caution that the tech sector is still facing challenges, and the Federal Reserve's **rate-cutting decisions** will **significantly influence market dynamics**.
* 🌍 The discussion around AI's role in society is growing, with investors optimistic about its potential to **create abundance** but wary of regulatory hurdles that could **stifle innovation**.
* 🚗 Rivian has cut its production outlook due to undisclosed supply chain issues, highlighting **ongoing challenges within the electric vehicle industry**.
* ✈ Toyota has increased its investment in aviation technology, signaling a **commitment to innovation** in the sector as it partners with emerging companies to **enhance safety and reliability** in air travel.

>> FROM THE HEART OF WHERE INNOVATION, MONEY, AND POWER COLLIDE, IN SILICON VALLEY AND BEYOND, THIS IS BLOOMBERG TECHNOLOGY, WITH CAROLINE HYDE AND ED LUDLOW. CAROLINE: LIVE FROM NEW YORK AND SAN FRANCISCO, THIS IS BLOOMBERG TECHNOLOGY. COMING UP, UBISOFT JUMPS ON BIOT REPORTS AS TENCENT AND ITS FOUNDERS ARE TAKING THE ASSASSINS CREED MAKER PRIVATE. ED: THE E.U. VOTES TO PUT TARIFFS UP TO 45% ON CHINESE ELECTRIC VEHICLES. CAROLINE: META UNVEILED AN AI VIDEO GENERATOR AS ITS AI PUSH PUTS ZUCKERBERG IN THE SECOND RICHEST POSITION. FIRST, OUR TOP STOCK STORY. ED: FRENCH VIDEOGAME MAKER UBISOFT, IN THE 30 MINUTES LEFT IN

TRADING IN PARIS, ON TRACK FOR ITS BIGGEST ONE-DAY JUMP ON RECORD, BLOOMBERG REPORTING IN THE LAST 90 MINUTES, ACCORDING TO SOURCES, THAT TENCENT, THE CHINESE TECHNOLOGY COMPANY, AND THE FOUNDING FAMILY BEHIND UBISOFT, THE FRENCH VIDEOGAME MAKER, ARE CONSIDERING A BUYOUT OF THE COMPANY. THERE ARE A NUMBER OF FACTORS BEHIND THAT. LET'S GET RIGHT OUT TO OUR PARIS BUREAU AND -- THIS IS ABOUT STABILIZING UBISOFT. WHAT'S ON THE TABLE HERE? >> EXACTLY. IT IS A REFLECTION THAT THE BIGGEST INVESTORS IN UBISOFT, THE GUILLEMOT FAMILY, AND SHAREHOLDER TENCENT, ARE HAVING AT THE MOMENT, BECAUSE THAT FOLLOWS A ROUGH TIME FOR THE COMPANY.

THEY ISSUED A PROFIT WARNING RECENTLY. THEY HAVE BEEN DISAPPOINTED BY THE RECENT RELEASE OF AN IMPORTANT GAME, THE STAR WARS GAME, AND THE DELAYED AND ANOTHER IMPORTANT GAME, ASSASSINS CREED SHADOWS, TO NEXT YEAR. THE COMPANY HAS LOST HALF ITS MARKET VALUE THIS YEAR, SO THERE ARE ALSO ACTIVIST INVESTORS ASKING TO EITHER TAKE PRIVATE OR SALE OF THE COMPANY, SO THIS IS ALL HAPPENING IN THIS CONTEXT. ONE OF THE OPTIONS THEY CONSIDERED, AS WE REPORT, ACCORDING TO OUR SOURCES, IS TO TAKE PRIVATE, JOINT TAKE PRIVATE COME OF THE COMPANY. ARE ALSO OTHER OPTIONS BEING CONSIDERED THAT ARE ON THE TABLE. CAROLINE: ULTIMATELY, TENCENT IS AN INTERESTING NAME. WE KNOW THEY ARE ALREADY AN INVESTOR, ALONGSIDE THE

GUILLEMOT FAMILY, BUT WHAT CHINESE INVESTORS BE ABLE TO GET THEIR HANDS ON A PRIZED FRENCH INVESTOR? BENOIT: THEY ARE IN A CLOSED COLLABORATION WITH THE GUILLEMOT FAMILY. THEY MADE A DEAL TWO YEARS AGO AND INVESTED IN THE FAMILY HOLDING. THERE ARE FIVE GUILLEMOT BROTHERS, AND THE EXTENDED FAMILY. TENCENT ALREADY BOOKED LESS THAN HALF OF THEIR FAMILY -- ALREADY BOUGHT LESS THAN HALF OF THEIR FAMILY HOLDING. TENCENT HAS BEEN INVESTING IN EUROPEAN VIDEOGAMES COMPANY. UBISOFT IS INTERESTING FOR THEM, BECAUSE OF THE IP'S THEY HAVE, ASSASSINS CREED, A HUGELY POPULAR GAME. UBISOFT HAS BEEN DEVELOPING A MOBILE VERSION OF THE GAME, ESPECIALLY FOR THE CHINESE

MARKET, AND RAYMAN, RABBIDS. THEY'RE CLOSE TO THE GUILLEMOT. -- IT WAS AN IMPORTANT INVESTMENT FOR THEM, AND THEY ARE FIGURING OUT THE SITUATION. ED: SO YVES GUILLEMOT IS THE CEO OF UBISOFT. AND SO MANY PEOPLE WATCHING BLOOMBERG TECHNOLOGY WOULD HAVE GROWN UP PLAYING RAYMAN. BUT I DON'T UNDERSTAND THAT. HE'S THE CEO, THE FAMILY IS PART OF THE BUYOUT. EXPLAIN THE BASICS OF HOW THE COMPANY IS STRUCTURED AND THE GOVERNANCE. BENOIT: THE GUILLEMOT BROTHERS FOUNDED UBISOFT ALMOST 30 YEARS AGO -- 40 YEARS AGO AND ARE STILL IN CONTROL OF THE COMPANY. THE FIVE BROTHERS AT THE BOARD OF THE COMPANY, BUT YVES GUILLEMOT IS NOW 64. THEY MADE THAT DEAL WITH

TENCENT TO SORT OF PROTECT THE COMPANY FROM BUYOUTS IN 2022. AT LEAST IT WAS SEEN AS SUCH BY ANALYSTS. IT'S SORT OF LIMITING WHAT TENCENT CAN DO. THERE ARE DIFFERENT TIMELINES, BUT TENCENT CANNOT HAVE A BIGGER THAN 10% STAKE, FOR EXAMPLE. THE GUILLEMOT FAMILY STILL HAS THE MAJORITY OF THE VOTING RIGHTS. TENCENT HAS NO VETO VOTING RIGHTS. IT WAS REALLY A DEAL THAT WAS SEEN AS KILLING SPECULATION AROUND THE COMPANY, BUT OBVIOUSLY, TIMES HAVE CHANGED RECENTLY, AND THEY WONDER IF IT WILL BE A GOOD MOMENT TO MAKE THAT MOVE. CAROLINE: THANK YOU. BENOIT BERTHELOT THERE. LET'S HAVE A QUICK CHECK ON THESE MARKETS, BECAUSE UBISOFT

MOVING A LOT, BUT THE MARKET STEADILY HIGHER AFTER WHAT WAS A BLOWOUT JOBS REPORT. WE JUST SEE -- WE'VE JUST SEEN U.S. HIRING TOP ALL ESTIMATES. PEOPLE DIALING BACK THE RATE CUT BETS ON THE FEDERAL RESERVE. THE NASDAQ MANAGING TO BE UP 0.8%. THE BOND MARKET IS WHERE THE BIG MOVE IS PAY LET'S GO TO CBIZ CHIEF INVESTMENT ANNA RATHBUN. THIS JOB MARKET ON FIRE. DO WE STILL SUPPORT TECH INVESTMENTS? ANNA: GOOD MORNING. LABOR MARKET IS ON FIRE, BUT WE HAVE TO REMEMBER IT IS ONE MONTH RELEASE. WE CAN TAKE IT AT FACE VALUE, BECAUSE IT IS GREAT, AND LET'S CELEBRATE IT, BUT WE CANNOT EXTRAPOLATE IT TOO FAR,

BECAUSE, IN TOTALITY, THERE ARE DEFINITELY WEAKNESSES. I BELIEVE REUTERS CAME OUT WITH SOME REPORT, THE CHALLENGERS REPORT, ABOUT LOSING TECH JOBS. DOES THAT MEAN I DON'T SUPPORT TECH INVESTMENTS? NO. I THINK PART OF THE TECH JOBS LOST IS CORRECTION ON OVER HIRING FOR AI. THIS IS HAPPENING ALL OVER THE WORLD, ESPECIALLY WITH SAMSUNG COMING OUT WITH SOME LAYOFF ANNOUNCEMENTS. TECH INVESTMENTS I WOULD STILL SUPPORT, BECAUSE I KNOW A LOT OF PEOPLE THINK IT IS A BUBBLE, BUT IT IS SUPPOSED TO BE A BUBBLE WHEN YOU HAVE SOMETHING THIS INNOVATIVE. THIS IS PAR FOR THE COURSE. IT IS WORTH IT TO GO ALONG FOR THE RIDE. IN THE SHORT TERM, I UNDERSTAND

THE CONCERN, BUT LONG-TERM, STILL AN INVESTMENT. CAROLINE: LET'S JUST WELL ON THAT FOR A MOMENT IN TERMS OF THE OVERALL DATA. I THINK IT WAS -- WHAT WAS IT, ED, THE CHALLENGER DATA SHOWING HALF OF ALL THE TECH LAYOFFS -- AND TECH LAYOFFS HAVE BEEN BEHIND MOST OF THE LAUGHS THIS YEAR -- HALF OF THEM ARE BECAUSE OF ARTIFICIAL INTELLIGENCE. ED: AND THERE IS A DIFFERENCE -- WE HAVE TO DISTINGUISH BETWEEN LAYOFFS THAT ARE ANNOUNCED AND LAYOFFS AND ACTED. I WANT TO SPEND A SECOND ON THE MOMENT, HOW WILD JOBS DATA IS ON SOCIAL MEDIA IN PARTICULAR. I DO NOT KNOW WHAT YOUR LIFE IS LIKE BEFORE COMING ON BLOOMBERG TECHNOLOGY, BUT YOU WOULD THINK THIS IS A ONCE IN A LIFETIME MOMENT IF

YOU GO ON X, BLOOMBERG'S JOE WEISENTHAL GOING THIS IS WHAT WE WAKE UP FOR AND WHY WE GO ON SOCIAL MEDIA -- CAROLINE: I MEAN, HE DOES THAT EVERY SINGLE JOB STREET. ED: EXACTLY. IF YOU'RE A TECHNOLOGY INVESTOR, IS THAT WHAT IT IS REALLY LIKE WHEN YOU GET ECONOMIC DATA LIKE THIS? ANNA: YOU KNOW, MAYBE, MAYBE NOT. IT'S NOT LIKE THAT FOR ME. WE ARE LONG-TERM INVESTORS. IT IS EXCITING AND I DO ALREADY IS A BAIT AND SOME OF THE EXCITEMENT IN THE SHORT-TERM, BUT AGAIN, IF I AM LOOKING AT AI, I AM LOOKING AT THE LONG-TERM POTENTIAL. THIS ONE JOB NUMBER IS NOT GOING TO DO ANYTHING FOR ME. SO YES AND NO. I DO PARTICIPATE, BUT IT DOES NOT AFFECT WHAT I DO. CAROLINE:

IF IT DOESN'T AFFECT WHAT YOU'RE UP TO, LET'S THINK ABOUT WHAT IT AFFECTS IN TERMS OF MARKET SENTIMENT FOR BIG TECH AND THE OPPORTUNITY TO SEE CONSOLIDATION. WE'VE SEEN THEMES OF M&A, WEB OUT OF DIRE NEED AND DISTRESS, LIKE WHAT WE SAW IN THE PAY-TV DEALS EARLIER THIS WEEK. WE NOW HEAR OF REPORTS THAT COMPANIES THAT HAVE BEEN REALLY BEATEN UP FROM A MARKET CAP PERSPECTIVE ARE BEING EYED TO TAKE PRIVATE. IS THAT SOMETHING WE WILL SEE EVEN AS RATES COME DOWN? ANNA: THE RATES HAVE TO COME DOWN CONSIDERABLY. TALKING ABOUT THE JOB MARKET TODAY, THERE'S A LOT OF FEAR, AND I THINK THE MARKET'S REPRICING ITSELF FROM A 50 BASIS POINT TOTAL WITH THE REST OF THE YEAR TO 75.

IT IS GOING TO MATTER HOW FAR WE GO DOWN. THE FED SHOULD STILL CUT, BECAUSE I DO NOT THINK THE M&A MARKET CAN BE HEALTHY AT THIS RATE. THERE'S A LOT OF LIQUIDITY, PEOPLE SAY, BUT THERE IS LIQUIDITY FOR CERTAIN PEOPLE, NOT ENOUGH LIQUIDITY FOR OTHERS. IT'S NOT LIKE -- YOU CAN'T PAINT WITH A SINGLE BRUSH HERE. FOR THE MARKET TO BE HEALTHY AGAIN, FOR THERE TO BE A HEALTHY LEVEL OF M&A ACTIVITY, ESPECIALLY IN THE IPO MARKET, THE FED HAS TO CONTINUE CUTTING, AND I DO NOT THINK TODAY'S JOBS NUMBER WILL CHANGE THE COURSE OF WHAT THE FED HAS STARTED. ED: WE MUST LOOK FORWARD TO THE REST OF THE YEAR, WHERE WE HAVE A PRESIDENTIAL ELECTION HERE IN THE UNITED STATES. DOES THAT IMPACT THE TECHNOLOGY

INVESTOR, EVEN IF YOU ARE A LONG-TERM INVESTOR, WHEN YOU TAKE INTO ACCOUNT POLICY, ANTITRUST, REGULATION IN THIS COUNTRY? ANNA: YEAH, I WOULD WATCH FOR ONE PARTY RULE, BECAUSE ANY LAW THAT IS PASSED THROUGH CONGRESS, THERE IS A LOT OF FEAR ABOUT AI. WHAT WE SAW IN CALIFORNIA ABOUT -- AND HE BECAME A FREE SPEECH ISSUE, BUT THERE ARE A LOT OF THESE FEARS ABOUT, YOU KNOW, WHAT CAN BE PASSED THROUGH IN TERMS OF FAKES AND AI, ETC. THESE THINGS, IF WE DO NOT DO IT RIGHT, IT CAN TURN INTO SOMETHING THAT CAN BE A REGULATION THAT CAN ACTUALLY HINDER INNOVATION. IT DOES NOT MATTER WHICH PARTY IT IS, BUT CERTAINLY, IF YOU HAVE ONE PARTY RULE, IT WOULD DEFINITELY INCREASE THE

PROBABILITY OF SOMETHING LIKE THAT GETTING PAST. -- PASSED. CAROLINE: CBIZ CHIEF INVESTMENT OFFICER, ANNA RATHBUN, THANK YOU FOR YOUR TIME. THE E.U. PREPARING FOR TARIFFS UP TO 45% ON CHINESE MADE ELECTRIC VEHICLES. ED, WHAT ARE YOU LOOKING AT? ED: I AM LOOKING AT EV'S AS WELL, RIVIAN HAS CUT PRODUCTION OUTLOOK TO 47,000 FROM 49,000. IT HAD BEEN 57,000. WHY? A SPECIFIC SUPPLY CHAIN ISSUE THEY ARE NOT DISCLOSING THAT BECAME MORE ACUTE IN RECENT WEEKS. THAT'S THEIR TWO CONSUMER MODELS AND THE VAN THEY MAKE FOR AMAZON. IF YOU ARE A RIVIAN EMPLOYEE OUT THERE AND KNOW SOMETHING, PHONE ME. A LOT OF PEOPLE WANT TO KNOW

WHAT IS GOING ON HERE. IT'S A RIVIAN PROBLEM RATHER THAN AN INDUSTRY PROBLEM. ED: THE EUROPEAN UNION VOTED TO IMPOSE TARIFFS AS HIGH AS 45% ON ELECTRIC VEHICLES FROM CHINA. HERE'S HOW THE EUROPEAN COMMISSION SPOKESPERSON EXPLAINED THE REASONING. >> WE DO NOT, AND WE NEVER HAVE WANTED TO COME IMPOSE TARIFFS FOR THE SAKE OF IMPOSING TARIFFS. WHAT WE WANT IS TO REMOVE THE INTERIOR SUBSIDIZE ASIAN, THE EFFECT OF THE DASHING LIGHT THE INJURIOUS -- THE INJURIOUS SUBSIDIZATION, THE EFFECT OF THE INJURIOUS SUBSIDIZATION IDENTIFIED. ED: LET'S DISCUSS WITH TRANSPORT AND ENVIRONMENT SENIOR DIRECTOR JULIA POLISCANOVA.

UP TO 45% TARIFF ON CHINESE-BUILT AND IMPORTED ELECTRIC VEHICLES. YOUR REACTION AND ANALYSIS OF THAT NUMBER. JULIA: OVERALL, WE DO THAT TODAY IS A GOOD DAY FOR EUROPEAN INDUSTRIAL POLICY. IT MEANS THERE IS ONE SINGLE VISION, IT MEANS WE ARE SERIOUS ABOUT TRYING TO CREATE THE BUSINESS CASE FOR LOCAL MANUFACTURING IN EUROPE. WE BELIEVE THAT AND I CAN ALREADY SEE IN SOME OF THE DATA THAT SOME OF THE CHINESE COMPANIES WILL BE DOING REALLY WELL, THEY HAVE A GOOD PRODUCT. THEY WOULD RATHER PRODUCE IT HERE THAN IMPORT FROM CHINA. CAROLINE: I PUSH BACK ON THE ONE SINGLE VISION A LITTLE BIT, SIMPLY BECAUSE WHEN YOU LOOK AT HOW THE VOTE WENT OUT, YES, 10 CAME OUT AND SUPPORTED THEM, FRANCE

AMONG THEM, BUT 12 ABSTAINED, AND A WHOLE NUMBER VOTED AGAINST, INCLUDING GERMANY. HOW MUCH THE HIND SCENES WORK IS THERE TO IRON THIS OUT THAT THEY DO NOT NEED TO BE IMPOSED? JULIA: ULTIMATELY, GIVEN THE AMOUNT OF PRESSURE THERE HAS BEEN, AND THE FACT THAT THE LARGEST EUROPEAN COUNTRY VOTED AGAINST, GIVEN ALL THIS, THE FACT THAT TARIFFS WENT THROUGH ACTUALLY MEANS THAT, BEHIND THE SCENES, THERE MUST IN AGREEMENT THAT, EVEN THOUGH WE CONTINUE NEGOTIATING, WE ARE GOING WITH THE TARIFFS. IT MEANS EUROPE DID DECIDE THAT THE CASE FOR LOCAL MANUFACTURING IS MORE IMPORTANT THAN THE RISK OF RETALIATION FROM CHINA. ED: TRANSPORT AND ENVIRONMENT CALL

THEMSELVES THE LEADING ADVOCATES FOR CLEAN ENERGY AND TRANSPORT IN EUROPE. THIS MORNING, YOU PUBLISHED RESEARCH THAT BASICALLY SAID THESE TARIFFS ALONE WILL NOT SAVE THE EV INDUSTRY IN EUROPE. IF THERE IS NOT A REFOCUS, I THINK IT IS FAIR TO SAY, ON BROADER CO2 TARGETS AND OTHER CLIMATE TARGETS. WHAT ALSO IS IT YOUR CALLING TO BE DONE ALONGSIDE THE IMPOSITION OF THESE TARIFFS? JULIA: TARIFFS ONLY MAKE SENSE IN TANDEM WITH BROADER, STRONGER CLIMATE POLICY, THAT WOULD PUSH CARMAKERS TO ACTUALLY MANUFACTURE, LOCALLY, AFFORDABLE ELECTRICAL VEHICLES. WE NEED ON SHORT BATTERY MANUFACTURING, FOR EXAMPLE. THE BATTERY IMPORT TARIFFS IN EUROPE IS 1% WALL OF LOCAL COMPANIES ARE STRUGGLING.

WE NEED TO RAMP UP SHORT -- CHARGING STATIONS, MAKING IT EASIER FOR PEOPLE TO CHARGE, SIMPLY BY THE WAY WE CONNECT TO THE GRID. THERE ARE A NUMBER OF MEASURES THAT HAVE TO COME TOGETHER, AND ALONGSIDE THEM, TARIFFS HELP BECAUSE THEY GIVE A CHANCE TO THE EUROPEAN ELECTRIC VEHICLE INDUSTRY. CAROLINE: WHAT'S INTERESTING IS, ULTIMATELY, LOCAL ANALYSTS IN CHINA ARE SAYING THIS WILL HAVE A MINOR IMPACT ON THE CHINESE THE NAMES. WHEN ALL TAKEN IN ITS TOTALITY, ITS MARKET SHARE IS NOT THAT DIFFICULT TO EUROPE, SO HOW IMPACTFUL WILL THIS BE ON IMPORTS FROM BYD? JULIA: ACTUALLY, WE SEE THAT, TODAY, GIVEN THAT THE U.S. MARKET IS CLOSE TO CHINESE MANUFACTURERS, AND GIVEN THE

HUGE OVERSUPPLY AND OVER CAPACITY THERE. THE EUROPEAN MARKET IS VERY IMPORTANT. SOME DATA SHOWS UP 60 PERCENT OF ALL GLOBAL EV EXPORTS FROM CHINA GO TO EUROPE, THE E.U., BUT ALSO THE U.K. AND NORWAY. IT IS A SIGNIFICANT MARKET FEAR. THAT IS WHY EUROPE SHOULD NOT BE SO SCARED OF RETALIATION, BUT CHINA ALSO NEEDS EUROPE. THEY IT WE WILL SEE THE CHINESE BRANDS IN EUROPE, BUT THEY WILL MANUFACTURE HERE, BUILD BATTERIES HERE, AND HOPEFULLY, WE, THE EUROPEANS, BENEFIT FROM THEM. CAROLINE: WE REALLY APPRECIATE YOU STICKING ON THE STORY THROUGHOUT FOR US, TRANSPORT AND ENVIRONMENT SENIOR DIRECTOR, JULIA POLISCANOVA. SHANGHAI'S CSI 300 AND

CONTINUES TO SURGE. INVESTORS SEE GOVERNMENT STIMULUS CREATING AN OPPORTUNITY. BLOOMBERG'S ISABEL LI, 26% IN 10 DAYS. IS IT GOING TO CONTINUE? >> WE ARE SEEING A WAVE OF BUYING WE HAVE NOT SEEN BEFORE. WE HAVE ECONOMISTS CAPITULATING, BLACKROCK BUYING IN, AFTER BEING A LONG BEAR. BUT -- IS SAYING THIS RALLY WILL BE FLEETING. OTHERS ARE SAYING IT IS LIKE THE 2015 BEAR CRASH. WE HAVE GOLDMAN SACHS SAYING, OBVIOUSLY, THIS INCREASES THE OPTIMISM IN THE MARKET, BUT THERE REMAINS A QUESTION WHETHER BEIJING WILL ACTUALLY MOMENT ANY OF THE STIMULUS. THEY WILL GET BACK FROM THE GOLDEN WEEK HOLIDAY NEXT

TUESDAY, SO THAT IS THE DETERMINANT. ED: WHERE DOES CHINA'S TECHNOLOGY SECTOR FIT WITHIN THIS NARRATIVE? WE HAVE BEEN TOUCHING ON IT WITH YOU THIS WEEK, BECAUSE IS THERE U.S. INVESTOR INTEREST AND SOME OF THOSE NAMES? WHAT DOES THE SAME KIND OF BROADER PHILOSOPHY APPLY? ISABELLE: THE CHINESE TECH SECTOR IS LIKE THE U.S. TECH SECTOR. IT IS A LITTLE INDEPENDENT. THE CHINESE GOVERNMENT APPROACHES THAT SEGMENT VERY DIFFERENTLY. IN JUST THE LAST COUPLE OF YEARS, THEY HAVE DOUBLED DOWN ON IT, THEN THE EAST ON IT. THAT IS WHY YOU SEE THIS KIND OF OPTIMISM. IT IS REALLY THE WHOLE ECONOMY. THEY ARE TRYING TO BOOST THE SENTIMENT, AND THIS IS WHY HAPPENED BEFORE THE HOLIDAY.

THEY HAVE A TENDENCY TO DO THAT. SO THEY FEEL GOOD, WITH DATA FROM CITY GROUP SAYING SPENDING IS ROBUST. OVERALL, THIS SEEMS TO BE MORE OF A COORDINATED MEASURE, AND THERE IS BUY-IN FROM THE GOVERNMENT. THIS IS WHY BANKS LIKE WOMAN SACKS ARE SAYING MAYBE THIS IS DIFFERENT, BUT IT REMAINS TO BE SEEN. FOR NOW, ETF HAVING THEIR BEST GLOBAL FLOWS, AND WE HAVE A LOT OF THAT COMING FROM ETF'S LINT CHINA -- LINKED TO CHINA. ED: BLOOMBERG'S ISABELLE LEE. REALLY APPRECIATE IT. THANK YOU. COMING UP, META MAKES MOVIE MAGIC WITH AI. MORE ON THE COMPANY'S INTEGRATION OF AI INTO THEIR APPS, NEXT, AND A LITTLE MORE THAT LITTLE HIPPO ON YOUR SCREEN.

THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: META. IT'S ANNOUNCED IT WILL START TO INTEGRATE AN AI MOVIE GENERATOR, SIMILAR TO OPENAI'S DALL-E, INTO APPS SOMETIME NEXT YEAR. BLOOMBERG'S KURT WAGNER JOINS US. AGAIN, THE FOCUS ON AI HAS BEEN RELENTLESS AT META. KURT: IT HAS BEEN, IT HAS BEEN THE STORY FOR MARK ZUCKERBERG AND META. THEY HAVE THE AI-POWERED SMART GLASSES, NOW VIDEO, GENERATED AI, PRODUCT. THIS HAS BEEN A STEADY STREAM OF UPDATES FROM THEM THAT IS NOT A COINCIDENCE. THIS HAS BEEN WHAT MARK ZUCKERBERG HAS BEEN TALKING ABOUT FOR A LONG TIME NOW, NOW WE ARE SEEING SOME OF THE RESULT OF ALL THAT TALK. ED: IT IS A STEADY STREAM, AND IT IS INTERESTING.

YOU AND I SPENT TWO DAYS AT META LAST WEEK, AND THIS WAS NOT SHOWN TO US, AND THEY HAVE IT OUT THIS MORNING. WHY WOULD AFFECT ON HIS THEY ARE DOING ALL THINGS WITH OPEN-SOURCE BEING FRONT AND CENTER. YOU HAVE CONSUMER-FACING TECHNOLOGY, WHICH YOU CAN ACCESS THROUGH THE RAY-BANS OR THE APPLICATION, THEN THERE IS THE MORE ENTERPRISE AND INDUSTRY-LEADING STUFF. WHERE DOES THE VIDEO TECH FIT IN? ARE THEY GOING AFTER DEVELOPERS, FOR EXAMPLE? KURT: THE IDEA IS TO EVENTUALLY MAKE THIS A CONSUMER MODEL. THE HOPE IS THAT PEOPLE MAKE MORE VIDEO, EDIT MORE OF THEIR VIDEOS TO MAKE IT MORE FUN AND DIFFERENT, AND INCREASED SHARING. AT THE SAME TIME, THEY ARE GETTING THIS IN THE HANDS OF SOME FILMMAKERS -- THEY WOULD

NOT TELL US WHICH ONES, BUT THEY SAY THEY ARE SORT OF PARTNERING WITH THE FILM INDUSTRY, BECAUSE THEY WANT THIS TO BE A COMPLEMENTARY THING. THE LAST THING THEY WANT IS TO BE SEEN GOING AFTER THE MOVIE HOUSES OR BEING A THREAT TO THEM. THEY WANT TO WORK WITH THEM. IT IS SOMETHING THEY ARE TRYING TO GET IN THE HANDS OF PEOPLE WHO DO THIS FOR A LIVING. CAROLINE: THEY HAVE ALSO GOT TO BE WORRIED ABOUT FAKE IMAGES AND ULTIMATELY HOW THEY SHOW THIS AS AI. KURT: YEAH, AND THIS IS A BIG REASON THEY HAVE NOT ROLLED OUT IN THE PRODUCT JUST YET. THEY ARE STILL FIGURING OUT SOME OF THE SAFETY ELEMENTS. PART OF A FEATURE HERE IS YOU COULD UPLOAD A PICTURE OF

YOURSELF AND SAY MAKE ME INTO THIS MOVIE, OR PUT ME INTO THIS MOVIE, AND IT WILL DO IT. YOU CAN IMAGINE THE CONSEQUENCES IF YOU'RE UPLOADING PITCHERS OR SOMEONE ELSE AND PUTTING THEM IN COMPROMISING OR INAPPROPRIATE SITUATIONS. THEY ARE TRYING TO FIGURE OUT THE SAFETY ELEMENTS OF THIS AS THEY ARE GOING. IT IS A GOOD SIGN THEY HAVE NOT ROLLED IT OUT BROADLY IF THEY HAVE NOT FIGURED THAT OUT YET, SO WE WILL TAKE THAT AS, PERHAPS, META GROWING UP A BIT FROM YEARS PAST. ED: GO TO MY INSTAGRAM HAD I USE THAT TOOL OF UPLOADING MYSELF AND MAKING SOMETHING FROM IT. BLOOMBERG'S KURT WAGNER. THANK YOU VERY MUCH. COMING UP, A DEEP DIVE INTO OPENAI, ITS FOUNDING TEAM, OR

WHAT IS LEFT OF IT. HE ALSO TOOK A LOOK AT MARKETS. IT IS AN INTERESTING DAY. WE WERE HAVING A GIGGLE ABOUT IT IN THE CONTEXT OF THE JOBS DATA, BUT YOU HAVE TO KIND OF TAKE THE MARKETS REACTION, THE NASDAQ SLIGHTLY UNDERPERFORMING, 0.4%, THE S&P 500 FLAT, THE U.S. 10-YEAR YIELD 3.9556%. CAROLINE: ALL ABOUT THE BONDS. THIS IS BLOOMBERG TECHNOLOGY. 10 SENT 10 TEPB 10 CAROLINE: WELCOME BACK TO BLOOMBERG TECHNOLOGY: WE WILL CHECK OUT THE MARKETS BECAUSE IF YOU CROSSED YOUR MIND WITH THE GEOPOLITICAL TENSIONS AND SELLOFF TUESDAY WE HAD A BOUNCE BACK BUT STILL LOWER ON THE FIVE TRADING DAYS AND WE HAVE THE MEGA JOB TODAY. WE MANAGED TO STAND A LITTLE

BUYING EVEN THOUGH WE DIAL BACK ON THE RATE CUT. LEADING FROM A POINTS PERSPECTIVE IS TEST WILL EVEN THOUGH THE E.U. IS VOTING A TARIFF ON CERTAIN CHINESE CAR MAKERS. TESLA MAKES SOME CARS IN CHINA BUT THINK THERE’S A BIT OF A RELIEF RALLY. WE ARE LOOKING AT UBISOFT UP 32% TRADED IN THE U.S. HIGHER IN FRANCE, POTENTIALLY A PRIVATE TICKET FROM THE GUILLEMOT FAMILY AND REPORTED PRODUCTION BEEN CUT B BACK. ED: ANOTHER NAME LOOKING AT OUR COUNTRY IS ORIGIN, ROBIN HOOD EXPLORING AN ENTRY INTO THE BRITISH MARKET AS IT HUNTS FOR GROWTH BEYOND THE UNITED STATES. A FEW MONTHS AGO IN ROLLED OUT COMMISSION FREE TRADING FOR

MORE THAN 6-LISTED STOCKS FOR U.K. BUT NOW CONSIDERING ADDING U.K. STOCKS. HERE IS MORE ABOUT THE EXPANSION. >> THE FIRST PRIORITY IS MAKING ALL THE GREAT FUNCTIONALITY THAT WE WERE KNOWN FOR IN THE U.S. AVAILABLE TO U.K. CUSTOMERS SO MARGIN INVESTING COMING IN THE COMING WEEKS. THERE’S A HUGE DEMAND FOR OPTIONS ON U.S. EQUITIES BECAUSE THAT IS HARD TO COME BY HERE IN THE U.K. MARKET. WE FEEL LIKE WE CAN DIFFERENTIATE WITH U.S. OFFERINGS BUT WE’RE LOOKING AT MULTI-CURRENCY WALLET AND LONDON STOCK EXCHANGE. >> WHAT TIME FRAME? MANAGER IN A COUPLE OF WEEKS AND EVERY COUPLE OF MONTHS SOMETHING MORE? >> THAT IS THE IDEA. WE HAVE A LONG BACKLOG OF

THINGS AND WE ARE CONTINUING TO BUILD NEW THINGS. WE HAVE TACKED A LITTLE BIT ABOUT NEW ASSET CLASSES THAT ARE LIKELY GOING TO COME TO THE U.S. LIKE FUTURES TRADING. BUT WE THINK ROBIN HOOD CAN OFFER A DIFFERENTIATED SERVICE FOR U.K. INVESTORS THAT WANT EXPOSURE TO BROADER MARKETS. CAROLINE: THE U.S. IS LEADING THE CHARGE IN DEPLOYMENT OF ARTIFICIAL INTELLIGENCE. IT WAS SAID A PLAYBOOK IS BEING APPLIED IN ASIA PACIFIC BUT IT IS A CLEAR ELEMENT FOR GROWTH. >> U.S. IS DEFINITELY AT LEAST FROM OUR PERSPECTIVE WELL AHEAD IN TERMS OF DEPLOYMENT OF AI BUT IT TRY IT QUANTIFY IT IS ABOUT A TKPWOEG TO 40 GIGAWATTS.

THE EUROPEAN IS ABOUT SECTION B GIGA WATT STAND CHINA IS ON A SIMILAR TRAJECTORY SO THE SCALE IS DIFFERENT 2010 THE U.S. AND OTHER MARKETS. ED: YOU CAN GET MORE OF THAT INTERVIEW AND AMID GROWING DEMAND ON WALL STREET WELCOME AT 6:00 P.M. EASTERN TIME. THE DATA CENTER HURDLE IS NOT THE ONLY CHALLENGE TO DEPLOYMENT OF AI. SOMETIMES IT IS INTERNAL STRUGGLES IN THE AI. THE START-UP ALSO BEEN ROYAL -- ROILED AND WERE OF THE ORIGINAL BRAIN TRUST. IT BEARS LITTLE TO THE ULTIMATE SELF-AND THEY ARE CONCENTRATING POWER. WE HAVE THE DEEP DIVE. A PICTURE SAYS A THOUSAND WORDS IS THE MOST APPROPRIATE IDIOM. IF YOU PUT THE PICTURES OF THE FACES OF PEOPLE THAT STARTED

OPEN AI YOU CROSS THOSE THAT ARE GONE AND THOSE LEFT. IT IS JUST THREE PEOPLE AND WITHIN IS ON A SPWAB BAT CONFIDENTIAL. WHAT HAVE YOU LEARNED? >> THERE WERE A LOT OF PEOPLE AT THE START, 11 OF THEM AND NOW WE’RE DOWN TO SORT OF THREE, TWO ACTIVELY WORKING AT THE COMPANY, SAM AND ONE IS CURRENTLY ON LEAVE UNTIL THE END OF THE YEAR. THEY HAVE CHANGED OVER A LOT OF PEOPLE AND A LOT OF PEOPLE HAVE LEFT AND THEY HAVE EXPANDED THE NUMBER IN THE SUITE. I WANTED TO LOOK AT HOW THINGS HAVE CHANGED AND WHERE ALL THE POWER IS GOING IN THIS COMPANY. CAROLINE: DOES THE POWER RESIDING IN FEWER HANDS MEAN THEY ARE ABLE TO INNOVATE FASTER? BECAUSE IT DOESN’T FEEL LIKE ANYTHING HAS BEEN STOPPED IN

TERMS OF THE TIDAL WAVE OF NEW AI. >> A LOT OF CHANGE INTERNALLY AND FROM THE OUTSIDE LOOKING IN THE PAST YEAR SINCE THE C.E.O. WAS BRIEFLY HOUSED THEN RETURNED. THEY HAVE A LOT OF STAFF CHANGEOVER AND NUMBER OF EMPLOYEES IS MORE THAN DOUBLE TO ABOUT 1700 AT THIS POINT. YOU SEE THESE CHANGES AND MORE PEOPLE ARE REPORTING TO SAM, HE SAID THAT PUBLICLY. THERE’S A BIT OF A FLATTENING OF THE ORGANIZATION AND THEY ARE PUSHING OUT PRODUCTS ONE AFTER THE OTHER. THERE WAS ONE YESTERDAY ACTUALLY. THEY KEEP COMING. THERE’S AN INTERNAL CONSOLIDATION AND POWER AND IT SHOWS THE COMPANY IS REALLY TRYING IT MOVE TOWARD MAKING MORE MONEY, BECOMING A LARGER COMPANY AND MORE OF A CORPORATE

TECHNOLOGY COMPANY. CAROLINE: WE APPRECIATE THAT. COMING UP, WE'LL BE JOINED ABOUT THE OPEN AI'S SPWPBL CHANGES AND MASTER FUNDING ROUND AND FUTURE IMPACT ON SOCIETY. THIS IS BLOOMBERG TECHNOLOGY. YOU DON'T WANT TO MISS IT. THIS IS BLOOMBERG. ED: OPEN AI JUST CLOSED THE LATEST ROUND AND WE'RE JOINED BY THE FOUNDER, WHICH HAS A HISTORY WITH OPEN AI, WROTE THE FIRST CHECK INTO OPEN AI AND IS PARTICIPATING IN THIS ROUND. THAT IS WHERE I WANT TO START. WE HAVE DISCUSSED MANY TIMES YOU WROTE THE FIRST CHECK INTO OPEN AI. WHFRLS THE -- WHAT WAS THE RATIONALE IN PERSONING THIS TIME AND WHY IT IS HISTORIC? >> I'M PRETTY OPTIMISTIC ABOUT THE IMPACT THAT IT CAN HAVE IN

ALL PARTS OF SOCIETY. IT IS VERY LARGE THE NEXT 10 OR 15 YEARS SO IF YOU ARE A LONG-TERM INVESTOR AS I AM IT MAKES SENSE. ED: YOU HAVE A FIDUCIARY DUTY TO YOUR L.P.’ AND YOU ARE A LONG-TERM INVESTOR AND I ALWAYS PUT ON SOCIAL MEDIA THAT YOU’RE COMING ON THE SHOW AND MANY IN THE AUDIENCE SAYS DOES HE SENSE THAT AN I.P.O. IS COMING FOR OPEN AI SO HE’S GOTTEN INTO THIS ROUND? >> WE HAVE NOT DISCUSSED AN IDEAL STRUCTURE TODAY. CAROLINE: LET’S TALK ABOUT THAT STRUCTURE. HAVE YOU DISCUSSED BEING FOR MORE PROFIT. >> WE HAVE POSSIBLY DISCUSSED CHANGING THE STRUCTURE AND THAT IS PROBABLY ALL I CAN SAY. I THINK IT IS A GOOD IDEA FOR THIS COMPANY TO BE SEPTEMBER, IT RAISE MORE MONEY WHEN NEEDED.

I THINK THE WAY OF OPEN AI IS OVER THE LAST TWO YEARS WITH YEARS OF RAPID GROWTH INTO TWO YEARS. WHEN YOU HAVE THAT KIND OF GROWTH FROM ALMOST NO REVENUE TO BILLIONS OF REVENUE, YOU WANT TO BE SET UP AND YOU WILL NEED TO CONSUME CAPITAL, SPECIAL IN DATA CENTERS, ET CETERA. SO, THE PERSPECTIVE YOU SHOULD TAKE IS 20 YEARS OF GROWTH IN A NORMAL START-UP IN TWO YEARS IN RIGHT-HAND GROWTH. YOU WOULD SAY, EXPECT IT, SEE CHANGES. CAROLINE: INTERNAL AS WELL. HOW DID YOU FEEL ABOUT THE FUNDING TEAM? YOU FIRST INVESTED IN IS VERY DIFFERENT APART FROM SAM? >> I THINK THE TEAM LOOKS DIFFERENT, BUT IT IS A VERY STRONG TECHNICAL TEAM AND IT IS STREAMLINING IT FOR RAPID.

MOVEMENT. AS YOU KNOW, THE COMPANY HAS BEEN PRODUCING PRODUCTS AT A BLITZKRIEG KIND OF PACE. VERY FEW COMPANIES HAVE BEEN ABLE TO KEEP UP WITH THE PRODUCTS THE COMPANY HAS. I THINK THE CAN HE IS IT BEAT THE COMPETITION, NOT WORRY ABOUT OTHERS. AND FRANKLY GROW REVENUE RAPIDLY. ED: LAST MONTH YOU WROTE IN YOUR BLOG A PIECE TITLED A.I. DISTOPIA OR AOU TONE WHY. YOU SEE A PATH IT A.I. UNLOCKING WEALTH THAT IS BASICALLY HELD BY LESS THAN A BILLION PEOPLE BEING EXTENDED IT NEARLY IT SEVEN OR EIGHT BILLION PERFORMANCE THROUGH AI. THE BIT THAT FEELS MISSING FROM THE FEES I FELT IS HOW DOES OPEN AI GET THERE. YOU ARE VERY FOCUS ON OPEN AI AS A LEADER GETTING HUMAN

ACCESS TO ARTIFICIAL INTELLIGENCE TECHNOLOGY. >> WHAT I SPOKE TO IN THE SPEECH IS AI AND ADDRESSED SOME OF THE DYSTOPIAN THINGS AND I THEY TALK ABOUT THE ABUNDANCE IT CAN BOROUGH AND IS THE FREIGHT EGG TOO MANY FOR CREATING ABUNDANCE AND CREATING A MORE WELL-OFF SOCIETY. THE COMPANY THAT WINS IN AI WILL LEAD THIS RACE, I SUSPECT MORE THAN ONE PLAYER WILL BE PARTICIPATING SO IT IS NOT JUST OPENAI BUT I’M BULLISH WE ARE WORKING ON PRODUCT SO I’M BULLISH ABOUT US BEING ONE OF THE LEADERS. CAROLINE: TO BE A LEADER DO YOU THINK SAM SHOULD TAKE EQUITY HIMSELF IN THE COMPANY? >> THAT IS FOR SAM TO DECIDE. I DO THINK HE DESERVES TO DECIDE BUT THAT IS NOT HIS

HIGHEST PRIORITY. ED:IA IS YOUR ASSESSMENT SO FAR OF SARAH FRIAR. MY UNDERSTANDING IS THAT SHE PREPARED A PRETTY STRAIGHTFORWARD PRESENTATION THAT TRIED TO EDUCATE THOSE THAT DIDN’T HAVE AS CLEAR AN UNDERSTANDING OF THE PATH AND BUSINESS MODEL, AND A LOT OF INVESTORS GOT IT AND SAID WE ARE ON BOARD. WHAT IS YOUR REACTION TO HER AND TO THAT? >> I HAVE KNOWN SARAH A LONG TIME, AND I WAS ON THE BOARD WHEN SHE WAS THE KRFPLT C.F.O. SO YOU ARE EXACTLY RIGHT, SHE PREPARED A CRISP PRESENTATION, IT WAS STRAIGHTFORWARD: HERE IS WHERE WE’RE TODAY, HERE IS WHERE WE EXPECT IT TO BE A YEAR FROM NOW. MUCH MORE THAN THAT IS NOT THAT PREDICTABLE. AND IT WAS COMPELLING. CAROLINE:

YOU SAID YOU WHAT ABOUT THE ONLY ONE BUT YOU WANT TO BE THE LEADING PLAYER. IS THAT SOMETHING YOU WANT TO SEE IN SUCH A DOCUMENT? >> THIS IS PRETTY NORMAL. IT ISN’T A REQUIREMENT. IT IS NOT A COMMITMENT. IT IS A MUTUAL UNDERSTANDING AND WE OPERATE A LOT ON TRUST. SO, INVESTORS COMMITTED TO OPENAI IS PRETTY NORMAL PARTICULARLY AT THIS SCHEDULE. ED: I WOULD LIKE TO TALK ABOUT TECHNOLOGY. EVERY DAY I HAVE A CONVERSATION WITH TALKING IN RAY BAN AND SOMETIMES MY WIFE LOOKS AT ME BAFFLED AND ALL MY COLLEAGUES HERE AND I SAY WHEN DO YOU THINK THE TIPPING POINT IS. THE LARGE BODY OF PEOPLE UNDERSTAND HOW THEY ARE SUPPOSED TO USE THIS DAILY OR BELIEVE THAT THEY SHOULD BE USING IT DAILY.

>> WITH THE EMAIL DRESS ON MY CONSIDERED IN THE 1980’S, THEY LAUGHED AT ME. SO, IT WOULD HAVE SEEMED CHANGE 10 YEARS AGO, SO PEOPLE DO ADJUST, SOME PEOPLE ADJUST FAST ARE. I THINK THE QUESTION IS YOU HAVE TO ASK, IS IT EXTREMELY USEFUL TO ME. IT IS GENERALLY USEFUL TO ME VERY BROADLY. EVEN MY TESLA DRIVING IS INCREDIBLY VALUABLE, SO THAT IS ALL AI. SO, FOCUS ON WHAT IS USEFUL, AND IT WILL SPREAD, AND IT IS USEFUL TO MORE PEOPLE. CAROLINE: QUICK LAST WITH IS YOUR FAVORITE THING. >> IT WAS EXTREMELY USEFUL IN THINGS THIS WERE BEING SENT TO ME AND USED IT TO DESIGN MY GARDEN. THERE WE GO. WE APPRECIATE IT.

COMING UP, THEY GET A BOOST FROM TOYOTA. CAROLINE: JAPANESE OUGHT MAKER TOYOTA VIN ESSENGUE IN AVIATION BY $500 MILLION, INCREASING IT TO $894 MILLION. YOU HAVE HAD A BUSY FEW DAYS. YOU ARE PUTTING YOUR AIRCRAFT IN GRAND CENTRAL IN NEW YORK TO UNDERSTAND HOW IT WORKS. WHAT DOES THE TOYOTA PARTNERSHIP BRING YOU? WHAT ARE THEY DOING WITH YOU? >> THEY HAVE BEEN WITH US SEVEN YEARS NOW, FIRST TOYOTA VENTURES, THEN THE MOTOR CORPORATION. AND WHEN THEY DID THE INVESTMENT IN 2019, THEY SENT ENGINEERS WORKING WITH OUR TEAM IN CALIFORNIA. LAST YEAR AWAY AGREED TO A PARTS SUPPLY AGREEMENT WHERE TOYOTA IS MAKING HIGH-QUALITY PARTS FOR OUR CHARACTERISTIC, PARTS FOR THE MOTORS AND

BATTERY SYSTEM. NOW WITH THIS NEXT INVESTMENT, THEY ARE LEANING IN MORE. ONE OF THE CAN HE THINGS WE’VE THIS DREAM OF MAKING THIS SOMETHING ACCESSIBLE TO EVERYONE, AND TOYOTA IS KNOWN FOR MAKING INCREDIBLE CARS WITH SPECTACULAR RELIABILITY AND SAFETY. CAROLINE: BUT WHY WON’T THE CHAIRMAN GET IN ONE? W WHAT ARE YOU DOING TO CONVINCE HIM THIS IS A SAFE WAY IT TRAVEL? >> HE IS EXCITED ABOUT THAT. HE ASKS ME EVERY TIME I MEET WHEN CAN I GET IN AND FLY. OK. WHY I’M SUPER INTERESTED IN THE FUTURE OF THIS INDUSTRY. I THINK NEXT MONTHER READY TO -- DID YOU SEE IT SUPERSEDING THE UNITED STATES? >> WE SEE FROM REGULATE DOCTORS AROUND THE WORLD.

THIS MORNING YOU HEARD THE F.A.A. ADMINISTRATOR SAY THAT HE EXPECTED CERTIFICATION AS EARLY AS NEXT YEAR AND THAT THIS TECHNOLOGY WAS GOING TO HAVE AS LARGE AN IMPACT AS CELL PHONES AND AUTOMOBILES HAVE HAD ON OUR LIVES. SO HAVING THAT FROM JAPAN IS A DREAM COME TRUE. I HAVE BEEN WORKING ON THIS FOR MORE THAN 15 YEARS AND THE MOMENTUM HAS NEVER BEEN GREATER. ED: TOYOTA WILL DO LITHIUM ION OUT OF GREENSBORO, NORTH CAROLINA. WILL YOU BUY FROM THEM? >> THOSE INVESTMENTS ARE SPECTACULAR AND INVESTMENTS IN BAT RESPECT ARE PHENOMENAL. THEY HAVE BEEN INVESTING IN HYDROGEN PROPULSION WHICH IS THE NEXT AGE FOR AVIATION PROPULSION. SO WE COULD NOT DREAM OF A BETTER SUPPLIER THAN

TOYOTA. AND LAST NIGHT WE HAD THE UBER E.C.O. IN GRAND CENTRAL STATION WITH US, AND IT IS SPECTACULAR TO HAVE THE NUMBER WITHIN AUTOMOTIVE COMPANY AND RIDE HIRING AND DEALT CAN ONE OF OR INVESTORS. THEY ARE CONTINUING IT DELIVER DAY AFTER DAY, AND IT IS WONDERFUL TO HAVEN CONSIDERABLE PARTNERS. CAROLINE: I ASK AGAIN, WHEN WILL I BE IN IT? >> WE BROUGHT IT TO NEW YORK THIS PERSIST FALL AND SHOWED THE COMMUNITY NOT JUST HOW FAST AND HOW QUIET IT IS. THAT IS CRITICAL IT OPENING UP NEW TAKEOFF AND LANDING. SO WE’RE WORKING WITH THE PORT AUTHORITY TO GET PERMITS AT J.F.K., WILL GUARD WHY, NEWARK AND BUILD THE BEST IN CLASS EXPERIENCES AND PROVIDING TRIPS IT UP STATE NEW YORK AND

Ubisoft Jumps on Buyout Reports, EU Tariffs on China EVs | Bloomberg Technology

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Ubisoft's Potential Buyout and Market Struggles

Ubisoft's stock is experiencing its biggest one-day jump on record due to reports of a potential buyout by Tencent and the founding family.

The company's recent struggles, including a profit warning and game delays, have led to a significant loss in market value this year.

Tencent, already a key investor, is in a close collaboration with the Guillemot family, who have been controlling Ubisoft since its founding.

Impact of Strong Job Market on Tech Investments

job market is performing exceptionally well, leading to a reassessment of rate cut bets on the Federal Reserve.

Despite recent tech job losses, the investment in tech is still supported due to the industry's innovative nature and the need for correction after over-hiring.

The Federal Reserve's rate cuts are crucial for a healthy M&A market and IPO activity, and today's strong job numbers are not expected to change the Fed's course.

Impact of Policy and Regulation on Innovation and Electric Vehicles

One-party rule raises concerns about potential regulations hindering innovation, particularly in AI and technology.

The European Union is imposing tariffs of up to 45% on Chinese-made electric vehicles to promote local manufacturing.

The effectiveness of these tariffs in saving the EV industry in Europe is questioned, and a broader climate policy is needed to support local production and affordable electric vehicles.

Charging Stations and the Impact of Chinese EVs in Europe

There is a need to increase charging stations and improve connections to the grid for electric vehicles in Europe.

Chinese manufacturers play a significant role in the global EV market, with 60% of their exports going to Europe.

The Chinese brands are expected to manufacture and build batteries in Europe, benefiting both regions.

Meta is focusing on a consumer model for its new video technology, aiming to increase video creation and sharing.

They are partnering with filmmakers to complement the film industry rather than compete with it.

The rollout of the product is being delayed due to safety concerns related to the use of AI and image manipulation.

Robinhood's Expansion and OpenAI's Evolution

Robinhood aims to offer a differentiated service for UK investors, while also exploring new asset classes like futures trading.

The US is leading in AI deployment, with a significant power shift within OpenAI's leadership.

OpenAI has experienced a major staff change, with a focus on internal consolidation and rapid product launches, while also discussing a potential change in its structure for more profit.

OpenAI has experienced unprecedented growth, transitioning from minimal revenue to billions in just two years.

The company's strong technical team is focused on rapid product development, aiming to lead the AI race and extend wealth distribution globally.

The importance of AI's usefulness in daily life is highlighted as a key factor in its widespread adoption.

Toyota is increasing its investment in the aviation company to $894 million, building on a seven-year partnership.

The collaboration includes Toyota providing high-quality parts for the company's aircraft and motor systems.

The aviation company is working towards making its services accessible to everyone and is focused on obtaining permits for takeoff and landing at major New York airports.