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: I'M CAROLINE HYDE IN NEW YORK. THIS IS BLOOMBERG TECHNOLOGY. WE GO LIVE TO CALIFORNIA AS APPLE'S DEVELOPERS CONFERENCE KICKS OFF. WE SIT DOWN WITH THE DREAMWORKS FOUNDER JEFFREY KATZENBERG AS HIS VENTURE FIRM RAISES NEARLY HALF $1 BILLION FOR A NEW FUND. WE SIT DOWN WITH THE MOVIEPASS CO-FOUNDER TO DISCUSS THE NEW DOCUMENTARY ON THE COMPANY'S DRAMATIC RISE AND FALL. FIRST, LET'S CHECK IN ON THESE MARKETS. WE'VE A LOT TO DIGEST OVER IN EUROPE ANTICIPATING WHAT THE

FED DOES AND THE CPI PUSHES US.
FOR THE MACRO PERSPECTIVE, WE HAVE NEW ENTRANTS TO THE S&P 500. THEY'RE HELPING THE NASDAQ SUSTAIN, JUST UP 1/10 OF 1% ON THE KEY TECH BENCHMARK.
BONDS SELLING OFF ACROSS THE BOARD. U.S. YIELDS ALSO PUSHING UP AS WE HAVE SOME TREPIDATION AROUND WHICH TRAJECTORY THEY POINT US WEDNESDAY AND THURSDAY. EUROS UNDER PRESSURE, DOWN 6/10 OF A PERCENT. THIS IS ABOUT FRANCE, POLITICAL RISK, THE RIGHT GAINING MORE POWER WHEN IT COMES TO PARLIAMENT IN EUROPE. TRYING TO GAIN BACK THE NARRATIVE CALLING A KEY LEGISLATIVE VOTE.
LET'S LOOK AT WHAT'S HAPPENING IN TERMS OF INDIVIDUAL NAMES BECAUSE MICROSOFT WE WILL BUY.

RATING BACK ON THIS COMPANY.
SEEING FURTHER UPTAKE ON THE SHARE PRICES AROUND AI.
NVIDIA TURNING TO THE UPSIDE WOULD HAVE BEEN DOWN WHEN
TRADING FIRST STARTED IN A MUCH LOWER PRICE POINT.
1/10 OF THE PRICE POINT WE'VE SEEN ON FRIDAY.
WE HAVE THAT STOCK SPLIT WHERE WE CURRENTLY TRADE.
I'M LOOKING AT APPLE, OFF BY THREE QUARTERS OF A PERCENT.
ALL EYES ON WWDC. WHAT WILL WE GET IN APPLE IN
TERMS OF ITS AI FOCUS. JACKIE IS LIVE WITH US TO
DISCUSS WHAT WE WILL EXPECT. A WHOLE RAFT OF HOW AI IS GOING
TO BE INJECTED INTO THE SOFTWARE. EXPECTATIONS ARE REALLY HIGH.
TIM COOK IS GOING TO DELIVER A KEYNOTE ADDRESS WHICH WILL LAY
THE ARTIFICIAL INTELLIGENCE VISION.
THANKS TO REPORTING WE HAVE A

LITTLE BIT OF A PREVIEW, THE
FIRST BEING ITS AI SYSTEM CALLED APPLE INTELLIGENCE.
THIS IS WHERE WE WILL SEE SOME GENERATIVE ARTIFICIAL
INTELLIGENCE FEATURES BEING EMBEDDED ACROSS THE IPHONE,
IPAD, AND MAX WITH THAT NEW OPERATING SYSTEM UPGRADE.
THERE WILL ALSO BE A MAJOR ANNOUNCEMENT WITH OPENAI. THIS
IS THE TECHNOLOGY THAT POWERS CHATGPT, WHICH WILL BRING A
VERSION OF THE CHATBOT TO APPLE AND PERHAPS EVEN PROVIDE A
MAKEOVER FOR ITS CURRENT AI ASSISTANT.
THERE'S A LOT HANGING HERE, ESPECIALLY BECAUSE APPLE HAS
BEEN VIEWED AS SOMEWHAT OF A LAGGARD WHEN COMPARED TO TECH
PEERS LIKE MICROSOFT AND GOOGLE, WITH WHICH IT IS IN CONVERSATIONS
FOR ITS LARGE LANGUAGE MODEL TECHNOLOGY, GEMINI.
CAROLINE: THERE HAS BEEN A LOT IN
ANTICIPATION, MOST MARKEDLY IN

THE SHARE PRICE PUSHING HIGHER.
MARKET CAPITALIZATION BACK ON TOP FOR APPLE.
I'M INTERESTED WHETHER WE WILL BE ABLE TO STEAL THE NARRATIVE
BACK. HAVING PARTNERSHIPS GOOD IN THE
FIRST TO SHORT-TERM. JACKIE: APPLE ISN'T REALLY FOOLING
ANYONE HERE. IT IS SOMEWHAT BEHIND THE CURVE
AND THIS KEYNOTE ADDRESS WILL SHOW EXACTLY HOW IT INTENDS TO
BRING SOME OF THAT MOMENTUM BACK.
THINK ABOUT WHAT APPLE EXCELS AT.
DEVICES AND COUPLING THAT WITH CUTTING-EDGE SOFTWARE.
AI AND SPECIFICALLY GENERATIVE AI IS A WHOLE NEW VAULT
BASKETBALL GAME. SO HOW IT PLANS TO INTEGRATE AI
FEATURES ACROSS PRODUCTS LIKE AIRPODS, FOR EXAMPLE, OR EVEN
BRINGING IT INTO AUGMENTED REALITY DEVICES OR HOME
ROBOTICS, THAT WILL PROVIDE THE

LONGER-TERM PICTURE FOR HOW AI
WILL CHANGE APPLE'S FUTURE. CAROLINE: LOVE THE REPORTING. LET'S KEEP THIS CONVERSATION
GOING AND GET A FEEL FOR WHETHER THIS WILL SHIP MORE
PHONES. PRINCIPAL ANALYST A. LOPEZ,
RESEARCH. GREAT TO HAVE YOUR VOICE
BECAUSE THAT'S WHAT EVERYONE'S WONDERING. GRADE IS THE AI
ANNOUNCEMENT ENOUGH TO MAKE US UPGRADE OUR PHONES RIGHT NOW. ARCO, WHAT WE ARE SEEING IS THIS
HAS BEEN DRIVEN PRIMARILY BY AI FEATURES.
WE'VE SEEN THE CAMERA FEATURES COME INTO IT.
I DON'T THINK IT'S JUST SMARTPHONES WE ARE LOOKING AT,
EARLIER. WE ARE LOOKING AT THE OPPORTUNITY FOR APPLE TO INFUSE ARTIFICIAL INTELLIGENCE ACROSS THE STACK, INCLUDING
DIVISION PRO. WHICH, WHEN YOU LOOK AT THE AUGMENTED REALITY
VIRTUAL REALITY MARKET, WE HAVE.

A LONG WAY TO GO IN TERMS OF CUSTOMERS ADOPTING THIS IN DROVES. SO THIS GREAT OPPORTUNITY ACROSS THE STACK. I DON'T THINK ANYONE'S TALKED ABOUT THE OPPORTUNITY TO IMPROVE THE SERVICES LANDSCAPE WITH ARTIFICIAL INTELLIGENCE. OR WE ARE GOING TO SEE A LOT OF ACTIVITY WITH AI ACROSS THE PORTFOLIO, INCLUDING THE DEVELOPER LANDSCAPE. WE EXPECT THEM TO HAVE EASIER TO ACCESS SOFTWARE CODING TOOLS, USING GENERATIVE AI. CAROLINE: WE ARE MEANT TO BE SEEING THE DEVELOPERS EXCITED. HOW WILL SERVICES SHIFT? ARCO WHAT WE ARE SAYING RIGHT NOW IS SERVICES HAVE LOOKED THE SAME SINCE THE DAWN OF CABLE. WE GO IN, SELECT A PROGRAM, THERE'S A LOT OF POLE, NOT NECESSARILY ENOUGH PUSH OR RECOMMENDATIONS OR GUIDANCE SO

THERE'S A TERM AND THIS
OPPORTUNITY THERE. IN TERMS OF HOW TO MAKE THINGS MORE
DISCOVERABLE MOVING FORWARD. WE HAVEN'T TALKED A LOT ABOUT
HEALTH CARE. THERE'S A REAL OPPORTUNITY WITH
AI TO FUNDAMENTALLY CHANGE WHAT COULD HAPPEN IN SOME OF THE
SMARTWATCH APPS GOING FORWARD. I KNEW EVERYBODY SAID APPLE IS
BEHIND IN AI, BUT I WOULD LIKE TO POSE THE QUESTION: HOW MUCH
REVENUE THEY LOST BY QUOTE UNQUOTE BEING BEHIND.
IF YOU LOOK AT BILLY PERSON MAKING A TON OF MONEY ON AI, IT
IS NVIDIA. IF YOU'RE SELLING PICKS AND
SHOVELS, YOU'RE MAKING A LOT OF MONEY IN AI.
PEOPLE COMING UP WITH A STRATEGY TO GET CONSUMERS
EXCITED ABOUT THE TECHNOLOGY. CAROLINE:
YOU CAN ARGUE MICROSOFT IS

MAKING SOME REVENUE BY TEAMING
UP WITH OPENAI. HOW SHOULD THAT ONGOING
PARTNERSHIP LOOK LIKE IF WE DO SEE THE OPENAI-APPLE
CONVERGENCE HERE. ARCO, I THINK WE'VE SEEN ALL THE
CLOUD COMPUTING PROVIDERS TIE UP WITH FOUNDATION MODEL
COMPANIES, AND IT'S BEEN GOOD FOR THEM BECAUSE THE MONEY THAT
HAD TO INVEST DOESN'T MAKE ANY SENSE. I THINK IT'S THE SAME FOR
APPLE. THEY CAN TIE UP AND USE THE
FOUNDATION MODEL. SPRING, WE ARE SEEING A WIDE RANGE OF
INNOVATION THAT'S HAPPENED IN THE PAST TWO YEARS.
SO WE HAVE MANY MODELS. I EXPECT APPLE IN THE
LONGER-TERM TO BE AI ENGINE AGNOSTIC AND PUT IT AT ANY
FOUNDATION LEVEL. THE DIFFERENTIATION COMES FROM
NOT JUST USING THE LANGUAGE FROM GENERATIVE AI BUT PUTTING
THEIR OWN AI MODELS ON TOP OF

THAT. YOU WOULD BETTER BET APPLE IS BUILDING HIS OWN AI MODELS AS WELL. THE COMBINATION OF THESE TWO MEANS THOSE THAT ARE MORE PEDESTRIAN AND GENERIC IN NATURE FOR AI, THEY CAN OUTSOURCE TO A FOUNDATION MODEL COMPANY. THE THINGS THAT ARE MORE SPECIFIC TO APPLE PRODUCTS, THOSE ARE WHAT THEY WILL INVEST THEIR AI TALENT IN. CAROLINE: WE SEEN THIS TIME AND AGAIN WHERE THEY'RE WAITING FOR THEM TO ARTICULATE WHAT'S GOING ANY BETTER THAN FOR EXAMPLE HAVE ALREADY SAMSUNG HAS INFUSED GOOGLE AI WITHIN ITS HARDWARE. ARCO I THINK WHAT WE ARE LOOKING AT IS HOW WILL APPLE PROPOSE THE USE OF MULTIMODAL MODELS. EVERYONE SAYS APPLE IS BEHIND BUT THAT WAS ON THE BASIC GENERATIVE CHAT MODEL. WHAT WE SAW WITH GOOGLE I/O WAS A WAY TO THINK ABOUT HOW TO USE

AI IN TERMS OF ADDING VISION
AND IMAGERY AND GENERATING A WIDE RANGE OF THINGS, OR USING
IT TO SAY CHANGE A PROCESS AND SUGGEST HOW TO MAKE IT BETTER
IF IT WERE EVEN A PROCESSOR WORKFLOW.
I THINK THERE'S A TREMENDOUS OPPORTUNITY TO ISSUE THAT
ACROSS IT STACK. IT IS NOT ENOUGH TO JUST PLAY
OR A CHATBOT ON TOP OF YOUR SOFTWARE OR YOU WANT TO CREATE
A FUNDAMENTAL EXPERIENCE. THIS IS WHERE APPLE EXCELS IS
CREATING THAT EASIER EXPERIENCE. THEY'RE NOT FIRST TO MARKET
WITH A LOT OF THINGS BUT OF THE FIRST TO MAKE IT THE BEST TO
MARKET. CAROLINE: WE ARE SEEING SOME EXUBERANCE
BACK IN THE CAPITALIZATION. BACK OF THE $3 TRILLION HANDLE
NEARLY ECLIPSING THE RECORD HIGH WE SAW IN 2023.
DO YOU THINK IT WILL BE

REVENUE-GENERATING IN THE NEAR TERM FROM AN AI PERSPECTIVE? ARCO. I THINK -- >> I THINK IF YOU DON'T HAVE AN AI STACK AND YOUR PRODUCT, YOU WON'T BE ABLE TO SELL A PRODUCT IN 2024 AND BEYOND. SO IT WILL BE REVENUE-GENERATING. THE QUESTION IS HOW MUCH AND CANDID OUTSIZE THE COMPETITION. THIS IS STILL TO BE DETERMINED, BUT WE ARE OPTIMISTIC, SPENDING A LOT OF TIME THINKING ABOUT THIS. THEY COULD COME IN WITH A VERY SOLID SHOWING IN WHAT I WOULD CONSIDER THE THINGS THAT MATTER. I THINK FROM A TECHNICAL STANDPOINT, WE ALWAYS EXPECT APPLE TO BLOW THE DOORS OFF OF IT, BUT I THINK WE HAVE TO LOOK AT WOULD SOMEONE BE PLEASED WITH IT, AS OPPOSED TO WILL THIS REVOLUTIONIZE AND NAIL THAT.

PEOPLE WANTING TO USE AI BECAUSE DO SOMETHING MEANINGFUL FOR THEM. THEY WILL SELL A TON OF IPHONES, SMART WATCHES. THEY MAY EVEN SELL A FAIR AMOUNT PARTICULARLY IN THE ENTERPRISE MARKET. WE ARE OPTIMISTIC AND EXCITED TO SEE WHAT THEY SHOW US NEXT. THANK YOU FOR PUTTING US TOWARDS THAT EXCITEMENT. COMING UP, SOME SHAREHOLDERS AT TESLA KEY HIGHS THIS WEEK. THE VOTE ON THE PAY PACKAGE FOR ELON MUSK. WE HAVE THE LATEST ON WHAT WE CAN EXPECT FROM THE VOTE NEXT. LET'S SHINE A LIGHT ON THE MEME STOCK THAT WAS ALL THE RAGE ON FRIDAY. GAMESTOP NOW UNDER PRESSURE STILL BY MORE THAN 3.8%. SELLING MORE SHARES TRYING TO MAKE THE MOST ON THE HYPE WITHIN THE SHARE PRICE.

COLLIN SEBASTIAN SAYING THE RESULTS WE GOT ON FRIDAY. THE DISAPPOINTING RESULTS UNDERSCORE ONGOING CHALLENGES TO THE COMPANY'S RETAIL BUSINESS MODEL. THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: THE SUPREME COURT AGREED TO HEARING REQUEST TO KILL A LAWSUIT THAT ACCUSES THE SOCIAL MEDIA GIANT OF MISLEADING INVESTORS ABOUT THE SCANDAL INVOLVING CAMBRIDGE ANALYTIC UP. JOINING US NOW TO GO INTO WHY THIS IS MEANINGFUL IS MIKE SHEPPARD IN WASHINGTON. IT'S NOT JUST MEDA WHO WANTS THIS KILLED OFF BUT THE CHAMBER OF COMMERCE WANTS THIS HEARD BECAUSE THEY'RE WORRIED THERE'S A MISREADING OF WHAT'S HAPPENING WITH THE SEC AND A LOT OF LAWSUITS.

ARCO -- MICHAEL:
IT'S A 2 BILLION-DOLLAR POTENTIAL SETTLEMENT. BUT WHEN
YOU TALK TO OUR BLOOMBERG INTENTIONAL -- INTELLIGENCE
ANALYSTS, ARE CLOUDY HAS ANALYZED THIS AND FOUND IT COULD BE THAT
KIND OF A PAYOUT FOR THE COMPANY TO GRIEVE SHAREHOLDERS.
BUT THE STAKES ARE FAR WIDER. SINCE 2005, THE EXCERPT --
SECURITY AND EXCHANGE COMMISSIONS AS REQUIRED
COMPANIES TO DISCLOSE THE RISKS THAT COULD HAVE A MATERIAL
IMPACT ON SHARE PRICE. COULD BE INFORMATION AND WITH
THE SHAREHOLDERS IN THIS CASE ALLEGING FACEBOOK WAS TOO SLOW
IN DISCLOSING THOSE RISKS FROM THE CAMBRIDGE ANALYTIC EPISODE.
THE CHAMBER OF COMMERCE AND OTHERS WERE SAYING THOSE SAME
RULES HAVE BEEN TOO WIDELY.

APPLIED IN GENERATING A WHOLE
BUNCH OF FRIVOLOUS LAWSUITS, AND THEY HAVE SIDED WITH META IN
THIS CASE. >> INTERESTING TO GO BACK TO
JULY OF 2018 WHEN WE SAW THAT EROSION OF VALUE.
AS WE STARTED TO PERHAPS FRONT-RUN WOULD ULTIMATELY CAMBRIDGE
ANALYTICA AND THE REPORTING ON IT COULD MEAN FOR META.
THEIR ARGUMENT IS, WE COULD HAVE NEVER ANTICIPATED HOW BAD THIS
WOULD GET FROM A SHAREHOLDER PERSPECTIVE. MIKE: THEY ARE SAYING ALL OF THE
INFORMATION AND RISKS WERE OUT THERE ALREADY,
PUBLICLY BY THE GUARDIAN AND THE NEW YORK TIMES, SO THE
ELEMENT OF SURPRISE FOR SHAREHOLDERS WAS REALLY GONE, AT
LEAST AS FAR AS THIS EPISODE WAS CONCERNED.
AND THE CONCERN FROM THE

COMPANY IS BEING PUNISHED FOR SOMETHING THAT IS SO FAR BACK. AND MAYBE SINCE THEN, HAS BEEN WIPED OUT. IF YOU LOOK AT OTHER COMPANY SHARES, HAVE GAINED SINCE THEN THANKS TO ACQUISITION AND EXPANSION AND OTHER CHANGES. CAROLINE: SHAREHOLDERS SAY THEY HAD INADEQUATE DISCLOSURES. MIKE SHEPPARD, BRILLIANT. LET'S TALK ABOUT SOME OF THE SHAREHOLDERS. TESLA VOTING ON A $56 BILLION PAY PACKAGE FOR ELON MUSK. WHAT'S INTERESTING IS EVEN IF THIS GOES THROUGH, IT MIGHT NOT HELP ELON MUSK AT HIS $56 BILLION PAY PACKAGE. THIS WILL BE SETTLED IN DELAWARE COURT AND POSSIBLY IN TEXAS OR A FEDERAL COURT DEPENDING ON HOW ELON MUSK

RESPONDS. BUT WHAT TESLA IS TRYING TO DO IS CREATE. AS OUR COLLEAGUES HAVE WRITTEN IS TO CREATE A KIND OF WAY TO EXPLAIN THIS REPORT. THEY WILL SAY OR SHAREHOLDERS APPROVED IT IN 2018, AND THEY ARE APPROVING IT AGAIN, HOPEFULLY, AS FAR AS ELON MUSK IS CONCERNED, IN 2024. SO IT'S MORE ABOUT FORMING THE APPEAL RATHER THAN SOME KIND OF DEFINITIVE RESOLUTION TO THE CASE. ARCO -- CAROLINE: DOES ADVISING SHAREHOLDERS HASN'T BEEN GREAT. THEY'VE BEEN SAYING DON'T GO FOR THIS. MAX: THEY DON'T TYPICALLY BACK THESE PAY PACKAGES. WHAT'S INTERESTING IS YOU HAVE SOME MAJOR SHAREHOLDERS COMING OUT SAYING WE ARE AGAINST THIS. THE NORWEGIAN SOVEREIGN WEALTH

FUND SAID THEY WOULD VOTE AGAINST THIS PAY PACKAGE. THERE MIGHT BE SOME FURTHER NEGOTIATION BETWEEN NOW AND THURSDAY, BUT IN ANY CASE, THAT FUND IS A MAJOR SHAREHOLDER, A TOP 10 SHAREHOLDER. NORWAY IS ALSO A HUGE MARKET FOR TESLA, SO THAT SEEMS LIKE A CAUTION LIGHT FOR ELON MUSK RIGHT NOW. CAROLINE: ALL THE DETAILS ON TESLA. COMING, WE WILL SIT DOWN WITH THE COFOUNDER OF MOVIEPASS. WE WILL DISCUSS THE NEW DOCUMENTARY THAT REALLY HIGHLIGHTS THE RISE AND FALL OF THE COMPANY AND WHO IS ACTUALLY FOUNDING IT AND LEADING IT. THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: THERE IS A NEW DOCUMENTARY FROM MAX HIGHLIGHTING THE RISE AND FALL OF MOVIEPASS, THE SUBSCRIPTION APP THAT ALLOWS USERS TO GO TO AS MANY MOVIE

SHOWINGS A MONTH FOR A MONTHLY FEE. ALSO HIGHLIGHTING HOW THE FOUNDERS LOST CONTROL OF THE COMPANY. ONE OF THE FOUNDERS NOW UPFRONT VENTURES, YOUR SHARE VENTURES AS WELL TRYING TO RECLAIM THE NARRATIVE OF ALLOCATING MONEY AND CAPITAL TO MINORITY FOUNDERS IN PARTICULAR. MANY OUT THERE MIGHT GO YOU ARE THE CO-FOUNDER, I THOUGHT IT WAS MITCH, TED FARMS LOW, EDUCATE US. >> IT WAS A PROCESS, WE WANTED TO INNOVATE ON THE MODEL AND STARTED THE COMPANY IN 2011. WE RAISED A COUPLE ROUNDS OF CAPITAL BUT GOT TO A PLACE LIKE MANY ENTREPRENEURS WHERE WE STRUGGLED SO WE HAD TO RAISE SOME CAPITAL FROM FOLKS WE PROBABLY DID NOT KNOW AS WELL AS WE SHOULD.

AND ULTIMATELY, THEY WERE ABLE
TO INVEST QUITE A BIT OF MONEY IN THE COMPANY TO TAKE OVER THE
COMPANY, AND IT WAS QUITE AN EXPERIENCE.
YOU HAVE TO WATCH THE MOVIE TO GET ALL THE DETAILS. CAROLINE:
THE DOCUMENTARY DOES A GOOD BAIT-AND-SWITCH OF ALLOWING YOU
TO GO ALONG WITH YOUR OWN BIASES. I'M INTERESTED NOW AS TO WHAT
THE LEARNING OF THE OVERALL DOCUMENTARY IS BECAUSE YOU SAY
YOU STRUGGLED TO GET FUNDING LIKE MANY.
DO YOU THINK YOU ARE LESS LIKELY TO GET FUNDING BECAUSE
THE FACT YOU WERE BLACK? >> A LITTLE BIT, BUT I WAS
MINDFUL. I DID NOT WANT TO BE A BLACK
VERSUS WHITE THING. ALL ENTREPRENEURS STRUGGLE AT
SOME LEVEL RAISING CAPITAL. OUR EARLY INVESTORS WERE ALL
WHITE.

IT REALLY WASN'T EXACTLY THAT,
BUT ONE OF THE THINGS WE TALK ABOUT IS JUST THE IDEA.
SOMETIMES WE'RE RAISING CAPITAL, THE FIRST TIME, TO BLACK.
CO-FOUNDER FOR TRYING TO REIMAGINE AN INDUSTRY. SO THAT'S
HARD BY ITSELF. IT'S ALSO HARD WHEN YOU HAVE
THE EXTRA UNFAMILIARITY OF NOT INVESTING IN FOLKS LIKE US. >> YOUR OTHER CO-FOUNDER BOUGHT
THE BUSINESS AFTERWARDS AND RAISED ITS VALUE AND IS STILL
INNOVATING. YOUR PREMISE WAS RIGHT.
YOU JUST NEEDED THE MOVIE THEATERS NOT TO BUILD THEIR OWN
SUBSCRIPTIONS, WHICH THEY WENT AND DID.
THE ISSUE WAS ABOUT THE PRICE POINT.
WHAT YOU THINK ABOUT THE PRICE POINTS OF MOVIEGOING AND THE
WAY WE, WHICH WE SEE THE LANDSCAPE EVOLVING? >> IT FELT LIKE AN INEVITABLE
CHANGE IN THE MOVIE SPACE.

IT'S WHY CAME TO L.A.
TO BEGIN WITH BECAUSE SOME OF THIS INDUSTRY WAS SLOWER TO
INNOVATE, SO WE DID FEEL LIKE IT WAS INEVITABLE.
LIKE THE OPPORTUNITY TO BE A SWITZERLAND IN THE SPACE WAS
THE SWEET SPOT. OF COURSE, THE OPPORTUNITIES FOR
SILOS AND FOR FOLKS TO BE ABLE TO DO IT ON THEIR OWN, BUT WE
THOUGHT THE IDEA THERE COULD BE A COMMUNITY THAT TIED IT
TOGETHER THAT COULD BE SPECIAL. WE DID INNOVATE QUITE A BIT
MORE, A LOT MORE INDIVIDUAL PREYED IT'S BEEN A GREAT LESSON.
IT WAS A LONG TIME AGO WE STARTED THAT COMPANY.
MOVIES ARE PROBABLY MORE CENTRIC .
I'VE TURNED TO FOCUS ON HEALTH AND LONGEVITY, BUT STACY IS
MAKING A GO AT IT DOING A GREAT

JOB, AND HE'S TURNED THE COMPANY TO BE PROFITABLE AND FIGURE OUT A PRICING MODEL THAT WILL WORK LONG TERM. CAROLINE: HOW MUCH YOU THINK THERE'S AN ISSUE OF FOUNDERS VERSUS THE MONEY THEY RAISE. WHO HAS THE POWER WHEN THESE CONTRACTS ARE WRITTEN? >> IT EBBS AND FLOWS. THERE ARE TIMES IN THE FOUNDERS AND ENTREPRENEURS HAVE SIGNIFICANT AND MORE LEVERAGE BECAUSE THERE'S MORE CAPITAL THAN THERE ARE COMPANIES. SOMETIMES THE CAPITAL HAS MORE CONTROL OF THE POWER. ULTIMATELY IT'S A FOUNDER -- AS A FOUNDER AND INVESTOR, I TRY NOT TO THINK ABOUT THAT OR TAKE ADVANTAGE OF LEVERAGE IN A WAY THAT WILL BE UNFAIR. THE TIDE IS GOING TO CHANGE AT SOME POINT ANYWAY. I THINK WE ARE SEEING THAT PLAY

OUT NOW IS MARKETS ARE COMING BACK IN TERMS OF THE PRIVATE MARKETS, AND INVESTORS BECOME MORE AGGRESSIVE AGAIN. THE LEVERAGE IS STARTING TO SHIFT BACK AND FORTH AGAIN. CAROLINE: HOW ARE YOU SEEING THE ABILITY FOR YOURSELF TO WRITE CHECKS AND SEEING THINGS DIFFERENT FROM WHEN YOU WERE TRYING TO FUNDRAISE? >> I HAVE A VENTURE STUDIO AND A FUND, SO I LIKE BEING ON BOTH SIDES, SO TO SPEAK. I LIKE INVENTING, REIMAGINING NEW BUSINESSES. I ALSO LIKE SUPPORTING ENTREPRENEURS AND SUPPORTING ENTREPRENEURS WHO MAY NOT GET THAT OPPORTUNITY. I'M LOOKING FOR SOMETHING DIFFERENT IN MANY WAYS. I THINK IT'S CHANGING A LOT. I HOPE WE WILL SEE SOME OUTCOMES THAT PROVE THAT. THERE'S A TREMENDOUS AMOUNT OF

TALENT, AND WE ARE LOOKING AT OPENING THE APERTURE TO FIGURE OUT HOW TO GET MORE TALENTED OPERATORS, SCIENTISTS, INNOVATORS. I AM EXCITED ABOUT WHERE WE ARE GOING. THIS A LONG WAY TO GO, BUT I THINK WE'RE IN A GOOD PLACE. CAROLINE: I'M EXCITED ABOUT HAVING SOME OF THOSE FOUNDERS IN THE STUDIO, THE COMPANIES YOU BIRTH AND BUILD COMING ON THE SHOW. NOW LET'S, OF COURSE, BE THINKING. LATER TODAY WE WILL HEAR FROM THE CURRENT CEO OF MOVIE PASS. COMING UP, WE WILL GO BACK TO APPLE'S CONFERENCE AND WHAT TO EXPECT. CAROLINE WILL BE JOINING US. FROM NEW YORK AND OVER IN CUPERTINO, THIS IS BLOOMBERG TECHNOLOGY. ♪ CAROLINE: WELCOME BACK. A QUICK CHECK ON THESE MARKETS.

OVERALL PRESSURE ON THE MARKETS
FROM RISK AVERSION IN EUROPE, PUSHING HIGHER ON THE NASDAQ
100. MICROSOFT LEADING US HIGHER FROM A POINTS PERSPECTIVE. EUROPE ENDS ITS DAY TRADING.
WHAT A POLITICAL UPHEAVAL. A DAY OF TRADING IT HAS BEEN. PRAYED
CONCERNS ABOUT MACRON CALLING THAT LEGISLATIVE VOTE AND
YIELDS PUSHING UP. WE ARE LOOKING AT BITCOIN ABOUT
3/10 OF A PERCENT, STILL GATHERING A LITTLE BIT,
NEAR THAT RECORD HIGH. HAVE A LOOK AT WHAT'S HAPPENING
ON THE INDIVIDUAL MOVERS LOOKING AT NVIDIA.
WE ARE NOW UP MORE THAN A PERCENTAGE POINT HIGHER,
SELLING OFF INTO THAT MOVE ON THURSDAY AND FRIDAY,
CURRENTLY 1.5 POINTS HIGHER.

10% OF WHERE WE ARE TRADING
BACK ON FRIDAY. LOOKING AT APPLE, CURRENTLY
DOWN BY 7/10 OF A PERCENT. WE HAVE BUILT IN CRESCENDOED
MARKET CAPITALIZATION INTO TODAY, WHICH IS WWDC.
WE WANT TO UNDERSTAND WILL -- WHAT WE WILL BE GETTING FROM
APPLE. WE WANT TO BRING IN CARA LENA
FOR WHAT TO EXPECT. A WHOLE HOST IN THE WAY
DEVELOPERS WILL BE ABLE TO INNOVATE ACROSS APPLE WOULD
ALSO WHAT THE CONSUMER MIGHT WANT TO BUY A NEW PHONE FOR.
WHAT ARE YOU EXCITED FOR? CAROLINA:
ABSOLUTELY, I THINK YOU ARE SPOT ON IN TODAY BEING ABOUT
THE DEVELOPERS AND HOW THEY CAN LEVERAGE ARTIFICIAL
INTELLIGENCE TO DRIVE A MORE EXPERIENCED FURTHER
APPLICATIONS. BUT IT'S ABOUT THE CONSUMER AND
FOR APPLE, IT'S ALL ABOUT THE

HARDWARE, BRINGING VALUE BACK
TO THE HARDWARE. SO WE WANT TO STAY UP TO DATE AS A CONSUMER
PERSPECTIVE. TO ME, IT'S GOING TO BE ABOUT
EASE-OF-USE, ABOUT REALLY MASS-MARKET THINGS THAT THE
CONSUMER WANTS TO DO. MAYBE AROUND THE CAMERA IS
ALWAYS A BIG THING FOR CONSUMERS TODAY.
OR JUST THE EASE-OF-USE OF THE PHONE ITSELF.
THE PHONE GETS TO DO MORE AND MORE TODAY AND NAVIGATING.
CAROLINE: INTERESTING. YOU SAY THE PHOTO,
THE CAMERA. ARTIFICIAL INTELLIGENCE HAS
BEEN INTERLACED WITHIN APPLE PRODUCTS IN THE PHOTO PRODUCT
FOR A LONG TIME. GENERATIVE AI HAS BROUGHT ABOUT
THIS IDEA. APPLE IS BEHIND THE CURVE.
IS IT TRULY BEHIND THE CURVE? CAROLINA:
I THINK NO CONSUMER IS RUNNING

INTO A STORE TODAY, ASKING FOR GENERATIVE AI. FROM A STREET PERSPECTIVE, THERE IS A PERCEPTION APPLE HASN'T TALKED ENOUGH ABOUT IT AT ALL UP UNTIL NOW. BUT THE REALITY IS THERE A KIND OF AI'S. APPLE HAS BEEN FOR MACHINE LEARNING AND PERSPECTIVE INTO THE NEURAL ENGINE. SO THEY ARE NOT BEHIND FROM A TECHNOLOGY PERSPECTIVE PER SE, BUT WE WANT TO SEE IS OR WHAT THE STREET WANTS TO SEE IS MORE PROOF THAT THEY HAVE ALL THE INGREDIENTS IN PLACE TO DELIVER AND STAY IN PACE WITH THE MICROSOFT AND GOOGLE OF THE WORLD. CAROLINE: ALSO ALONG THOSE INGREDIENTS LAST. A SHORT TO MEDIUM-TERM. CARA LENA -- CAROLINA: IT'S THE FIRST TIME WE WOULD SEE APPLE REALLY BRINGING A NAME OBVIOUSLY COLLABORATING.

WITH GOOGLE FOR PARTS OF THEIR
SEARCH AND EVERYTHING ELSE. IT'S THE FIRST TIME WE WILL SEE
A NAME FOR A DELIVERY OF AN EXPERIENCE, AND I DO THINK THIS
IS MUCH MORE LONGER-TERM THAN SHORT-TERM. >> CREATIVE STRATEGIES IS IN
YOUR BUSINESSES' NAME, SO CAN YOU TELL US HOW APPLE WILL GET
CREATIVE IN THE WAY WE USE THE PHONE GOING FORWARD?
HOW WILL GENERATIVE AI CHANGE THE WAY THEY SHOW, CHOOSE THE
NEXT LATEST AND GREATEST SOFTWARE AND HARDWARE FROM
APPLE. CAROLINA:
THE THINGS THAT ALWAYS RESONATE WITH CONSUMERS ARE THINGS YOU
USE EVERY DAY. YOU THINK ABOUT THE BEAUTY OF
IMESSAGE MESSAGE. FOR A LOT OF PEOPLE, IT IS ABOUT SEAMLESS
EXPERIENCE IN COMMUNICATING, THE RICHNESS, AND THE WAY YOU
COMMUNICATE. EMOJIS WERE THAT THING THAT
APPLE GOT EVERYBODY EXCITED.

ABOUT WHEN THERE ARE RUMORS
ABOUT A NEW VERSION THAT WILL LEVERAGE GENERATIVE AI.
THINGS THAT I USE EVERY DAY THAT ARE GOING TO GET ME EVEN
MORE ENTRENCHED INTO THE ECOSYSTEM. APPLE IS TRYING TO DO
BECAUSE THAT ENGAGEMENT, THE EVERYDAY DEPENDENCY IS WHAT CAN
I GET CONSUMERS TO CONTINUE TO LOOK FOR THE NEXT DEVICE, THE
NEXT EXPERIENCE. CAROLINE: THIS INTERESTING LINE AND SOME
OF THE REPORTING BY MARK AND OTHERS THAT THEY CAN HAVE TO
SHIFT FROM WHAT IS A HARDWARE SOFTWARE SERVICES BUSINESS MORE
TO BEING A HARDWARE AI CLOUD COMPANY.
AND WHAT DOES THAT DISTINCTION MEAN? CAROLINA:
THE CLOUD PART IS GOOD TO BE IMPORTANT GOING FORWARD FOR
SURE BECAUSE FROM A GENERATIVE AI PERSPECTIVE, YOU DO NEED A
CLOUD COMPONENT. I THINK THAT IS END AND I DO
THINK GENERATIVE AI WILL BE

ACROSS THE EXPERIENCES FROM A
SOFTWARE PERSPECTIVE, AS WELL AS SERVICES PERSPECTIVE, IS A LOT
GENERATIVE AI CAN DO AS FAR AS MUSIC OR APPLE TV SHOWS,
RECOMMENDATIONS. THERE'S A LOT THERE. THE WHOLE
ECOSYSTEM CAN BENEFIT FROM, AND THE CLOUD WOULD BE A MEANS TO
DELIVER THAT. CAROLINE: ULTIMATELY, SAYING WE NEED TO
HEAR FROM THEM THAT THEY HAVE ALL THE BITS IN PLACE, THE
INFRASTRUCTURE NECESSARY TO LEVERAGE THIS NEW GENERATIVE AI
REALITY. WE WILL HIT, BUT HOW CLEAR DO YOU THINK IT WILL BE
ULTIMATELY REVENUE-GENERATING? HOW QUICKLY WILL THEY SEE THE
REWARDS FOR THESE INVESTMENTS? CAROLINA:
I WOULD THINK THE FIRST THING WE WILL SEE IS THE REPLACEMENT
CYCLE. THAT'S GOOD TO BE THE BIGGEST
WAY TO SEE RETURN ON INVESTMENT

FROM A REVENUE PERSPECTIVE,
OBVIOUSLY, WITH A LOT NECESSARY ON THE DEVICE, YOU ARGAN NEED
THE LATEST AND GREATEST ON THE DEVICE.
SO I THINK IT'S NATURAL TO THINK. IF YOU HAVE A PHONE THAT
IS THREE OR FOUR YEARS OLD, YOU WILL HAVE TO UPGRADE TO TAKE
ADVANTAGE OF THE NEW FEATURES THAT ARE COMING BASED ON
GENERATIVE AI. SO THE FIRST THING YOU'LL SEE IS THAT CYCLE
ACROSS DEVICES. YOU'VE SEEN THAT WITH THE M4
CHIP THAT WAS LAUNCHED JUST OVER A MONTH AGO. CAROLINE: WILL IT MAKE US BUY A VISION
PRO? CAROLINA: I DO NOT KNOW ABOUT THAT.
I THINK FOR NOW GENERATIVE AI IS ABOUT THE MASS-MARKET AND
EVERYDAY DEVICE. I THINK FOR VISION PRO, I'M SURE
WE WILL GET THERE. I DON'T KNOW IF IT'S
NECESSARILY THE PRIORITY TODAY.

I THINK IT'S MORE ABOUT WHAT WE
USE EVERY DAY, AND I THINK HISTORICALLY THAT'S
WHAT APPLE HAS ALWAYS DONE. IS TAKING FEATURES ARE MOMENTS, AND
IT'S AN EXAMPLE OF THINGS FROM A TECHNOLOGY PERSPECTIVE THAT
OTHERS ARE BROUGHT TO MARKET AND REALLY MADE THE MASS-MARKET
MOMENT. AND THAT'S WHAT WE ARE EXPECTING
TODAY. CAROLINE:
WAITING ON THE ALL-IMPORTANT WWDC KICKOFF.
WE THANK YOU FOR FRONT-RUNNING IT FOR US.
TIME TO GO TO TALKING TECH. MICROSOFT IS A CORE FEATURE IN
ITS AI BRANDED PCS WILL BE TURNED OFF WHEN IT SHIPS.
THE FEATURE CREATES A RECORD OF EVERYTHING USERS DO ON THE PC.
IT SET OFF ALARM BELLS FOR SECURITY RESEARCHERS, SAYING IT
COULD BE USED BY BAD ACTORS TO ACCESS AND SCOOP UPDATE UPGRADE
XBOX ANNOUNCE NEW ENTRIES INTO

ITS POPULAR GAMING FRANCHISES.
AT A SHOWCASE OVER THE WEEKEND, NEW TITLES FOR DOOM AND THE
GEARS OF WAR SERIES WERE ANNOUNCED.
THIS COMES AMID LAYOFFS OF 1,900 EMPLOYEES IN ITS GAMING
DIVISION. VOLVO CAR IS RECALLING NEARLY
72,000 FULLY ELECTRIC TX 30 DUE TO A SOFTWARE ISSUE.
THEY MAY HAVE AN ERROR THAT CAUSES THEM TO GO INTO TEST
MODE. NO OTHER MODELS WERE AFFECTED,
ACCORDING TO VOLVO, AND THERE'S BEEN NO RELATED ACCIDENTS OR
INJURIES REPORTED. COMING UP, JEFFREY KATZENBERG
RAISES NEARLY HALF $1 BILLION FOR HIS VENTURE FUND.
WE WILL TALK OF CONTENT CREATION. THIS IS PERHAPS ONE
OF THE MESSIEST DEALS OF ALL.

TIME, BUT IT FEELS PARAMOUNT.
GLOBAL IS CURRENTLY MOVING JUST ABOUT A PERCENTAGE POINT.
A FORMER MEDIA EXECUTIVE FROM WARNER MUSIC AND SEAGRAM IS
BACKED BY BAIN CAPITAL, POTENTIALLY TO BE BUYING
NATIONAL DEBTS. THE OVERALL PARENT COMPANY INSTEAD MAY BE
OF SKY DANCE. THIS IS ALL ABOUT THEM HAVING A
2 BILLION PLUS BID FOR THE COMPANY THAT CONTROLS PARAMOUNT.
WE CONTINUE TO WATCH. NATIONAL AMUSEMENTS, THE KEY ONE,
THEY ARE LOOKING TO PURCHASE. PRINT THIS IS BLOOMBERG
TECHNOLOGY. STEVE WOZNIAK JOINING.
THIS IS BLOOMBERG. THE INVESTMENT FIRM OF MEDIA
VETERAN JEFFREY KATZENBERG. JUST ANNOUNCED ITS RAYS NEARLY
HALF A BILLION DOLLARS FOR ITS

LATEST VENTURE FUND. WE ARE PLEASED TO WELCOME TO VC
SPOTLIGHT BOTH FOUNDING PARTNERS. I WANT TO ASK YOU FIRST, OF THE
PERSPECTIVE IS ON WHAT SECURITY MOST IMPORTANTLY, CYBER THREATS
OR ARTIFICIAL INTELLIGENCE. WHERE'S YOUR SWEET SPOT? >> YOU COVERED IT ALL, THAT'S
OUR SWEET SPOT. WHAT WE TRY TO DO IS KEEP YOU
AND YOUR FAMILY SAFE ONLINE. WE START WITH THE CONSUMER.
THAT'S MORE JEFFREY'S BACKGROUND AND MY BACKGROUND
COMES FROM HIS HOW TO APPLY NEW TECHNOLOGIES TO SOLVE PROBLEMS
FOR EACH OF US AT WORK. AND WHEN WE THINK ABOUT
CYBERSECURITY, ONE OF THE CRAZIER THINGS OF THE PAST
COUPLE DECADES IS YOU CAN THINK OF A GREAT INNOVATION THAT IS
DESIGNED TO PROTECT ALL OF US

AND THAT SEEMS SHOCKING AND TERRIBLE TO US. SO WE TRIED TO GO -- WE TRIED TO GO SOLVE THAT.
>> TRUFFLE HUNTING IS WHAT YOU DESCRIBE WHAT YOU'RE DOING. TALK ABOUT HOW THAT'S A SMALL AMOUNT OF INVESTMENTS BUT MORE IMPACTFUL.
>> I THINK THAT'S THE OPPORTUNITY THERE. THERE'S SO MUCH INCREDIBLE INNOVATION GOING ON. WE HAVE FOUND FOR US STAYING QUITE FOCUSED, PICKING A HANDFUL OF INVESTMENTS EACH YEAR AS WELL AS STARTING A COMPANY OURSELVES. WE'D LIKE TO BE BUILDERS AS WELL AS INVESTORS. SO DOING THOSE THINGS IN PARALLEL HAS PROVED TO BE QUITE SUCCESSFUL AND REWARDING FOR US. WE STARTED AS BUILDERS, WE FOUNDED COMPANIES OURSELVES. WE WANTED TO DO BOTH OF THOSE.

THINGS IN PARALLEL. I'M INTERESTED IN AS WE CAME OUT FROM WWDC WERE ABOUT TO ANTICIPATE APPLE'S UNVEILING. WHAT IS YOUR BIG BETS IS ONE PASSWORD. APPLE IS LOOKING TO TAKE THAT ON WITH ITS OWN ABILITY FOR STORING PASSWORDS. HOW MUCH DO YOU WORRY ABOUT COMPETITION IN THIS CYBER AREA? I USED TO WORRY A LOT ABOUT COMPETITION 15 YEARS AGO FROM BIG TECH PLATFORMS. STEVE JOBS LAST SPEECH, I'M GET A CHANGE AT ALL WITH ICLOUD. MY VIEW IS THAT THE BEST PRODUCT ULTIMATELY WINS. IN THE CASE OF ONE PASSWORD THEY BUILT AN AMAZING SOLUTION HELPING ACROSS CROSS-PLATFORM AND APPLE DEVICES, MICROSOFT DEVICES. AS LONG AS YOU STAY FOCUSED ON THE CUSTOMER, YOU WILL BE FINE AS AN ENTREPRENEUR. CAROLINE: MANY WOULD ASSOCIATE OF LATE

YOUR WORK WITH QUIBI, AND THAT
WAS A BIG BET AND A BUILDING THAT, AND ONE THAT DID NOT PAY
OFF. CONTENT IS TOUGH NOW, BUT HOW
HAS THAT BEEN TOUGH TO EXPLAIN TO THE LPS YOU BROUGHT OVER? >> I KNOW IT FEELS TO YOU LIKE
IT WAS YESTERDAY. IN FACT, IT WAS FOUR YEARS AGO.
IT WAS A MOONSHOT. THAT'S PART OF BEING AN
ENTREPRENEUR, IT'S PART OF BEING AN INVESTOR. IT'S A BALANCE OF THE TYPE OF
RISK BOARD YOU TAKE. CERTAINLY, THAT WAS A RISK, AND
OUR INVESTORS UNDERSTOOD IT. BUT DIGITAL MEDIA, IN GENERAL,
HAS TURNED OUT TO BE A VERY CHALLENGED AREA, BOTH FOR
CREATORS AND FOR INVESTORS, UNLESS YOU CONTROL THE PLATFORM
ITSELF. SO, FOUR YEARS AGO, WE PIVOTED
OUT OF DIGITAL MEDIA.

WE HAVE NO INVESTMENTS TODAY IN DIGITAL MEDIA. WE LOOK AT IT BECAUSE AS YOU WERE TALKING ABOUT IN YOUR EARLIER SEGMENTS, WITH THE INTRODUCTION OF AI, THIS CAN BE A SLEW OF NEW TYPES OF OPPORTUNITIES, NEW TYPES OF CONTENT. ULTIMATELY, A NEW AND INNOVATIVE PLATFORM IS COMING OUR WAY SOONER RATHER THAN LATER, AND WE WANT TO BE ON THE FOREFRONT OF THAT. BUT AS WE SIT HERE TODAY, OF THE OPPORTUNITY HAS NOT PRESENTED ITSELF. MORE IMPORTANTLY, FOR THE LAST THREE OR FOUR YEARS, OUR FOCUS IS 100% IN TECH AND AS WAS OUTLINED TO YOU PARTICULARLY CONSUMER TECH. CAROLINE: HOW HAS THE LP COHORT BEEN WILLING TO JUMP ONTO THIS NEW FUND RAISE? HAVE YOU GOT NEW LPS INTO THIS

FUND? IT'S VIRTUALLY ENTIRELY NEW FROM THE LP STANDPOINT. IT WAS ORIGINALLY SET UP AS A HOLDING COMPANY, SO THESE ARE FIRST TRADITIONAL FUNDS. WHAT I WOULD SAY IS SEVERAL OF OUR STRONGEST SUPPORTERS IN THE HOLDING COMPANY AGAIN BECAME OUR BIG SUPPORTERS IN THE NEW FUNDS. BUT AS YOU KNOW, IT'S BEEN A DIFFICULT FUNDRAISING ENVIRONMENT, AND WE ARE THRILLED WITH THE NEW PARTNERS WE HAVE, BUT WE UNDERSTAND WE ARE SETTING OUT TO BUILD THESE RELATIONSHIPS WITH FOLKS WHO DID NOT COME IN FOR THE LONG HAUL AND HOPE TO GET THEM IN THE FUTURE. CAROLINE: JUST ON EXITS AT THIS POINT, IT'S INTERESTING THAT WAS ONE OF YOUR BIG BETS, AND THAT EXIT UNWOUND DUE TO REGULATORY

ISSUES FROM ADOBE.
YOU'VE ALSO DONE EXIT WHERE YOU'VE TIED UP TWO OF YOUR OWN
HOME BUILD COMPANIES TOGETHER, AND WE'VE SEEN THE LIKES ALL
THE WAY BACK IN 2020. WHAT IS THE DIRECTION OF TRAVEL
FOR EXITS. IS IT IPO'S? >> WHEN YOU BUILD A GREAT
COMPANY, WOULD LIKE TO SEE A GO PUBLIC IN AN IDEAL SITUATION.
YOU WANT THEM TO RUN FOR MANY DECADES.
WELL, EXITS ARE TOP OF MIND IN A TRADITIONAL FUND. THE BEST
TECHNOLOGIES GET BUILT OVER MULTIPLE DECADES.
AND FROM OUR STANDPOINT, OUR AMBITION AND GOALS ARE TO BUILD
PREDICTIVE TECHNOLOGY COMPANIES. SO WE DON'T LOOK TO THE EXIT
PRIMARILY. WE LOOK TO BUILDING A GREAT
COMPANY. IF THAT COMES IN THE NEAR TERM,
OUR AMBITION IS TO BUILD THEM.

FOR THE LONG HAUL. CAROLINE:
EVERYONE KNOWS YOU FROM YOUR MEDIA EXPERTISE.
WHAT IS IT FROM YOUR MIND IS GOING ON WITH PARAMOUNT.
THE WALL STREET JOURNAL IS ARTICULATING BRONFMAN IS EYEING
A BID FOR NATIONAL AMUSEMENTS. IS THERE ANY HOPE FOR M&A IN
THE CONTENT CREATION SPACE? WILL THEY GET A DEAL THAT'S
GOOD FOR INVESTORS? >> THOSE ASSETS ARE SINGULAR,
THEY ARE UNIQUE, THEY ARE GENERATIONAL, AND THE REASON WHY
THERE IS SO MUCH FOCUS AND ATTENTION AROUND THEM IS
BECAUSE OF SCARCITY. RIGHT NOW TODAY, IT'S A PRETTY
COMPLICATED SET OF CIRCUMSTANCES THERE.
YOU HAVE REDSTONE, A CONTROLLING SHAREHOLDER. THEY'VE ACTUALLY
HAD A VERY DIFFICULT TIME OVER THE LAST YEAR OR TWO.
BUT MAKE NO MISTAKE ABOUT IT,

THESE ARE STILL VERY STRONG ASSETS, AND MAYBE THEY NEED TO BE RECONFIGURED AND REDEPLOYED IN A NEW AND MAYBE INNOVATIVE WAY. BUT FOUNDATION ONLY THE REASON THERE IS AS MUCH INTEREST IN THEM, THERE IS GOOD REASON FOR IT. CAROLINE: YOU WILL KNOW HAVING BEEN WITH WALT DISNEY STUDIOS, A BUILDING WITH LOWEST WITH DREAMWORKS. AND NOW CONSUMER CYBERSPACE. >> I WENT TO AN EARLY BREAKFAST AND RAN INTO BOB IGER AND BRIAN ROBBINS, ALL IN ONE ROOM AT ONE TIME. THE CURRENT PRESIDENT OF PARAMOUNT, JEFF SHELF ON REDBIRD, AND BOB IGER WHO'S WATCHING IT ALL. >> THAT FEELS LIKE A MOVIE SCRIPT. NEXT TIME, INVITE US TO THAT BREAKFAST. IT'S GREAT TO HAVE SOME TIME WITH YOU. THANK YOU. WE APPRECIATE BOTH OF YOU.

SPENDING TIME WITH US TODAY.
COMING UP, WE WILL GO BACK TO APPLE PARK WHERE WE AWAIT TIM
COOK'S KEYNOTE. WE ARE ON THAT NEXT FOR THIS IS BLOOMBERG
TECHNOLOGY. CAROLINE:
APPLE INTELLIGENCE, IT WILL BE ANNOUNCED AT WWDC. WE ARE ALMOST AN HOUR AND A
LITTLE OVER AWAY FROM EVENT -- THE EVENT KICKOFF.
WHAT ARE YOU EXPECTING IN TERMS OF FEATURES TO BE ANNOUNCED? >> WE HAVE A LOT TO GATHER FROM
MARK'S REPORTING. THE KEY THING WILL BE APPLE
INTELLIGENCE, THE NEW AI SYSTEM IT PLANS TO ROLLOUT IN THE
IPHONE, IPAD, AND MAC OS SYSTEMS, WHICH WILL GET AN UPGRADE.
THE REAL KEY WILL BE THE AI FEATURES EMBEDDED INSIDE. LET'S DRILL INTO SOME OF THOSE
BECAUSE THAT'S WHAT PEOPLE WANT.

TO KNOW PRECISELY WHAT WILL SHOW UP ON THE DEVICES. A BIG PART OF THIS WILL BE SUMMARIZING WEB ARTICLES, OTHER WEBPAGES, MAKING IT EASIER FOR YOU TO DISSECT THE INFORMATION. YOU'VE TO MAKE A FEW CLICKS ON YOUR PHONE TO GET TO. THINK ALSO YOUR MAIL APP. AUTO REPLY, THE THINGS GMAIL ALREADY HAS BUT APPLE IS CREATING ITS OWN VERSION OF IT. WE'LL ALSO GIVE VOICE MEMO TRANSCRIPTION, WHICH WILL COME IN HANDY FOR ME. THESE ARE JUST A FEW OF THE AI FEATURES WE WILL EXPECT TO SEE, BUT IT'S ALL PART OF A BROADER AI VISION TIM COOK WILL ADDRESS. OPENAI PARTNERSHIP PERHAPS? THAT IS THE BIG ONE PAID WHO CAN FORGET BECAUSE APPLE CANNOT DO THIS ON THEIR OWN. THEY NEED THE HELP OF OPENAI.

WHICH HAS THE POWERFUL CHATGPT
TECHNOLOGY. WE WILL SEE SOME KIND OF CHATBOT VERSION ALSO IN
APPLE'S NEW UPGRADE. BUT OF COURSE, THE QUESTION IS, WILL
THIS REALLY REVAMP THE THEORY IN THE WAY IT NEEDS TO.
IT'S KIND OF BEEN A DISAPPOINTMENT IN ITS ROLLOUT
NEARLY A DECADE AGO. SO HERE, WE WILL HAVE OPENAI TAKING THE
LEAD IN THAT WAY. APPLE INTELLIGENCE WILL ALSO
HAVE APPLE'S OWN AI TECHNOLOGY. BUT HERE, WE WILL WAIT TO SEE
HOW THIS PARTNERSHIP WILL UNFOLD. CAROLINE:
WE REALLY APPRECIATE IT. THAT DOES IT FOR THIS
ADDITIONAL BLOOMBERG TECHNOLOGY. STAY TUNED FOR ALL THIS, COME
OUT OF CUPERTINO. IF YOU MISS IT, CHECK OUT OUR

Apple's WWDC Showcases an AI Pivot | Bloomberg Technology

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Apple's WWDC Showcases an AI Pivot | Bloomberg Technology

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