FROM THE HEART OF WHERE
INNOVATION, MONEY, AND POWER COLLIDE, THIS IS BLOOMBERG
TECHNOLOGY WITH CAROLINE HYDE AND ED LUDLOW. CAROLINE: I'M CAROLINE HYDE. ED:
I'M ED LUDLOW IN SAN FRANCISCO. THIS IS BLOOMBERG TECHNOLOGY.
CAROLINE: WE BRING YOU THE LATEST IN
MARKETS AS NVIDIA STRUGGLES. WE WILL TALK MACRO AND MICRO.
ED: THE LATEST FROM WASHINGTON AS
THE SUPREME COURT SENDS SOCIAL MEDIA LAWS BACK TO LOWER COURT.
CAROLINE: QUALCOMM IS THE NEW SPONSORSHIP
ON THE FRONT OF SHIRT FOR MANCHESTER UNITED.
FIRST, WE CHECK IN ON MARKETS. WE ARE STRUGGLING FOR DIRECTION.
WE START THE NEW HALF OF THE YEAR, AND WE ARE UP ABOUT 0.1%
ON THE NASDAQ. MORE BROADLY, BUT

IT SEEMS TO BE THE BOND MARKET DICTATING. YIELDS PUSH HIGHER, SOME EIGHT BASIS POINTS. READ THAT AS YOU WILL. WORRIES ABOUT WHAT IS HAPPENING IN THE UNITED STATES IN TERMS OF FISCAL SPENDING. COMING WHO RUNS THE COUNTRY POST NOVEMBER? AND HAS THE POLITICAL RISK BEEN A RELIEF OVER IN FRANCE? THE CAC 40 RISING AS WE SEE A PUSH TO CURTAIL THE MOST RIGHT-WING OF POLICIES THAT COULD BE ENACTED IN FRANCE. AS MANY RUSHED TO SEE WHAT HAPPENS IN THE SECOND ROUND OF VOTING. LET'S HAVE A LOOK AT WHAT IS HAPPENING IN TERMS OF CRYPTO. WE ARE UP 1.4%. A BIT OF A RISK ON ATTITUDE IN TERMS OF BITCOIN. WHAT ARE YOU WATCHING ONE OF THE MICRO? ED:

LET'S START WITH IN VIDEO --
NVIDIA. REUTERS CITING SOURCES THAT
FRENCH ANTITRUST REGULATORS ARE GETTING READY TO CHARGE NVIDIA
OVER ANTICOMPETITIVE PRACTICES. YOU REMEMBER THOSE DAWN RAIDS
IN THE FRENCH OFFICES IN SEPTEMBER.
THE STOCK IS OFF SESSION LOWS AND BROADLY SPEAKING, CHIP
STOCKS ARE LOWER ANYWAY. THERE HAS BEEN SELLING ACROSS
THE PHILADELPHIA SEMICONDUCTOR INDEX. WE WILL GO TO CRAIG TRUDELL TO
PREVIEW NUMBERS. THEN THERE IS THE QUALCOMM
MANCHESTER UNITED FRONT OF SHIRT SPONSORSHIP TIE UP.
IT SAYS SNAPDRAGON. WE WILL SHOW IT TO YOU.
BY THE WAY, IT IS JULY 1. HAPPY THIRD QUARTER TO YOU,
CAROLINE. HAPPY SECOND HALF OF THE YEAR.
THIS IS THE S&P 500.

AT THE START OF THE YEAR, THE S&P 500 IS UP ABOUT 14%. WHERE THE S&P 500 HAS RISEN BY DOUBLE DIGITS IN THE FIRST HALF OF THE YEAR, MORE OFTEN THAN NOT, IT HAS GONE ON TO HAVE PRETTY BIG GAINS IN THE SECOND HALF OF THE YEAR. WHAT HAPPENS NEXT? THIS CHART WOULD INDICATE THAT WE CONTINUE TO CLIMB HIGHER. DO WE? WHO KNOWS? CAROLINE: THERE IS SOMEONE WHO MIGHT WELL KNOW, AND THAT IS NANCY. YOU ARE SUCH A VOICE FOR US WHEN IT COMES TO ARTIFICIAL INTELLIGENCE. I'M CURIOUS AS TO WHETHER YOU THINK THE SECOND HALF WILL BODE WELL IF YOU ARE LONG SOME OF THESE NAMES LIKE NVIDIA AND THE CHIP STOCKS? NANCY: TREES DON'T GROW TO THE SKY, SO WE NEED TO RECOGNIZE THAT

THESE STOCKS HAVE RUN A LOT
ALREADY. NVIDIA HAS A LOT OF NEW PRODUCT
DEVELOPMENT. WE HAVE BLACKWELL COMING IN IN
2025. THERE IS QUITE A LOT OF PRODUCT
DEVELOPMENT. NVIDIA DOES ENJOY A COMPETITIVE
MOAT IN TERMS OF SOFTWARE AND HARDWARE.
I THINK WE ARE JUST BEGINNING IN THE PURCHASE OF THESE GPU
CHIPS FROM GOVERNMENT AND OTHER SECTORS LIKE HEALTH
CARE, THE AUTOMOTIVE SECTOR. SO LOOK, AT THE END OF THE DAY,
WHEN THE STOCK HAS RISEN 150%, THERE CAN ALWAYS BE A PULLBACK,
BUT I WOULD SAY WE ARE STILL PRETTY EARLY INNINGS ON THE
NVIDIA STORY. ED: WE HAVE DONE A LOT OF ANOTHER
SHOW OF LAID -- LATE ABOUT HOW DIFFICULT IT IS FOR THE SELL
SIDE TO FORECAST TOPLINE GROWTH.

YOU ARE IN THE CAMP OF PEOPLE
THAT SAYS GENAI IS GOING TO CHANGE EVERYTHING, BUT IT IS
NOT YET PRICED IN. WHICH SECTORS IS IT NOT YET
PRICED IN FOR? WHERE IS THAT NOT BEING
REFLECTED? NANCY: I THINK GIVEN WHAT WE HAVE SEEN
IN THE FIRST AND SECOND QUARTER, AND PARTICULARLY THE
UNITED STATES, THE SECOND QUARTER ALL LED BY THE
MAGNIFICENT FIVE, APPLE AND TESLA OBVIOUSLY LAGGED A BIT,
BUT IT WAS TECH, TECH, AND TECH. I WOULD SAY GENAI HAS BEEN
PRICED INTO A CERTAIN EXTENT TO THOSE STOCKS, BUT I THINK THE
INTERESTING THING IS GENAI IS VALUE ADDED ACROSS EVERY SECTOR
OF THE ECONOMY. OR AT LEAST THAT IS WHAT WE
THINK.

THEREFORE, LOOKING AHEAD, WE THINK GENAI AND ITS IMPLICATIONS FOR INNOVATION, COST SAVINGS, PRODUCTIVITY IMPROVEMENTS IN OTHER PARTS OF THE ECONOMY IS NOT YET PRICED IN. OUR VIEW IS THAT EARNINGS GROWTH WILL BROADEN AND DEEPEN AS THE YEAR PROGRESSES. WE THINK THAT WILL LEAD TO A BROADENING IN MARKET PARTICIPATION. MANY OF OUR MANAGERS, WE ARE OPEN ARCHITECTURE, HAVE BEEN REDUCING TECHNOLOGY TO THE BENEFIT OF OTHER SECTORS OF THE ECONOMY THAT WILL BENEFIT FROM GENAI, BUT ALSO WE THINK WILL SEE AN ACCELERATION IN EARNINGS GROWTH AS THE YEAR PROGRESSES AND, FRANKLY, TRADED WHEN A MORE ATTRACTIVE VALUATION. CAROLINE:

REALLY IMPORTANT WHEN IT COMES
TO PUBLICLY TRADED EQUITIES. WE CAN GO CROSS ASSET WITH YOU
AS WELL. TO PRIVATE ASSETS AND NONPUBLIC
COMPANIES. WE RECENTLY HAD A LOOK AT THE
PARTNERSHIP WITH PRIVATE COMPANIES FROM AN EQUITY
PERSPECTIVE. YOU ARE LOOKING AT IT FROM A
DEPTH PERSPECTIVE AS WELL. WHERE SHOULD ONE BE ALLOCATING
INTO TECHNOLOGY OR MORE BROADLY? NANCY:
IN TECHNOLOGY AND MORE BROADLY, LET'S TAKE PRIVATE CREDIT BY
WAY OF EXAMPLE. WE THINK IT IS SUPER
INTERESTING BECAUSE THERE IS A RETRENCHMENT HAPPENING ON THE
PART OF THE BANKS. YOU ALSO HAD THE STRESS TESTS
LAST WEEK. BANKS NEED MORE CAPITAL.
BASIL THREE WILL BE PUNITIVE IN TERMS OF CAPITAL REQUIREMENTS.
THERE IS MORE TO MARKET

PRESSURES ON BANK BALANCE SHEETS. SMALL TO MEDIUM-SIZED BANKS, COMMERCIAL BANKS THAT HAVE VERY HIGH EXPOSURE TO COMMERCIAL REAL ESTATE SECTOR HAVE BEEN WITHDRAWING FROM LENDING. NOT TO MENTION, FUNDING COSTS GOING UP. SO WHAT IS HAPPENING HERE? BANKS ARE RETRENCHING FROM LENDING, BUT MARQUIS CREDIT NAMES ARE COMING IN AND FILLING THE VOID. WE INITIALLY INVESTED IN PRIVATE LENDING, DIRECT LENDING STRATEGIES. MORE RECENTLY, WE ARE EVOLVING AND MOVING INTO ASSET-BACKED LENDING STRATEGIES. THESE ARE ALMOST INVESTMENT GRADE OR IN ANOTHER NAME INVESTMENT GRADE, SENIOR SECURED, HIGH UP IN THE CAPITAL STRUCTURE. DIRECT LENDING IS ABOUT A 2%

PREMIUM TO HIGH-YIELD, WHEREAS
ASSET-BACKED LENDING IS ABOUT 4% PREMIUM TO HIGH-YIELD.
THESE ARE BEING OFFERED TO WEALTH CHANNELS IN SEMI-LIQUID
FORM, SO IS NOT HUGELY DE-LIQUID AS WELL. ED:
HOW IS THE PRESIDENTIAL ELECTION IN THE UNITED STATES
GOING TO IMPACT THE TECHNOLOGY SECTOR? NANCY:
THE PRESIDENTIAL ELECTION IN THE UNITED STATES GOT RATHER
ENTERTAINING LAST THURSDAY IN A SORT OF CRINGE WAY, DARE I SAY.
WE HAVE A LONG WAY TO GO HERE BEFORE WE KNOW WHETHER EITHER
CANDIDATE OR OBVIOUSLY IF THERE IS A REPLACEMENT FOR BIDEN
REMAINS TO BE SEEN. BUT I THINK TECH COMPANIES
REMAIN STRONG. NEITHER CANDIDATE IS ANTI-TECH.
THEY BOTH RECOGNIZE THIS IS A

SIGNIFICANT COMPETITIVE ADVANTAGE TO THE UNITED STATES. I DON'T SEE IRA FOR THE CHIPS ACT BEING ROLLED BACK IN -- UNDER EITHER CANDIDATE. THESE ARE ALL IMPORTANT SUPPORTS FOR THE TECH SECTOR THAT AN ADDITION TO THE FACT THAT THESE TECHNOLOGY COMPANIES ARE SPENDING HUGE AMOUNTS ON GENAI. 200 BILLION DOLLARS, THE FOUR LARGEST TECH COMPANIES. NVIDIA'S REVENUE. WE THINK THAT CONTINUES IRRESPECTIVE OF WHO WINS THE ELECTION. THIS IS A SECTOR THAT IS NOT REALLY IMPACTED BY THE ELECTION. THIS IS A REAL SECULAR TREND HERE. ED: NANCY CURTIN, JUST INCREDIBLE BREADTH OF CONVERSATION, THANK YOU. LET'S TURN BACK TO BREAKING NEWS OUT OF WASHINGTON IN THE LAST HOUR. THE SUPREME COURT OUT WITH

MULTIPLE DECISIONS THIS MORNING. LET'S START WITH THE RULING ON IMMUNITY ON PRESIDENT TRUMP. KAILEY LEINZ JOINING US. YOU HAD TO PROCESS A LOT OF INFORMATION IN A SHORT PERIOD OF TIME. THE IMMUNITY DECISION PLEASE. KAILEY: IT IS A PARTIAL WIN FOR DONALD TRUMP AND A PARTIAL LOSS. WHAT THE SUPREME COURT HAS RULED IS THAT DONALD TRUMP IS IMMUNE FROM PROSECUTION FOR OFFICIAL ACTS THAT HE TOOK WHILE IN OFFICE, BUT NOT FOR UNOFFICIAL ACTS. THIS COURT IN A 6-3 RULING, THE CONSERVATIVES RULING IN THE MAJORITY, HAS SENT THIS DOWN BACK TO LOWER COURTS. ESPECIALLY THE CASE RELATED TO 2020 ELECTION SUBVERSION IN WASHINGTON. IT WILL BE UP TO THE LOWER COURTS TO DECIDE WHICH IS AN WHICH IS NOT AN OFFICIAL ACT.

THIS SETS A PRECEDENT FOR FUTURE
PRESIDENTS OF THE UNITED STATES. IT ALSO EFFECTIVELY MAKES SURE
THIS CASE WILL NOT GO TO TRIAL BEFORE THE ELECTION IN NOVEMBER.
THE JUDGE HAS SAID THE PARTIES WILL HAVE AT LEAST THREE MONTHS
TO PREPARE FOR A TRIAL, AND ALL OF THIS OFFICIAL VERSUS
UNOFFICIAL MATTER WILL HAVE TO BE SORTED OUT AS WELL.
THIS DOES PROVIDE A WIN TO DONALD TRUMP IN DELAYING THAT
TRIAL TO A POINT WHERE IT LIKELY WILL NOT HAPPEN UNTIL VOTERS
MAKE THEIR CHOICE IN NOVEMBER. DONALD TRUMP HAS SPOKEN ON THIS
TODAY, CALLING IT A BIG WIN FOR OUR CONSTITUTION AND DEMOCRACY,
AND SAID HE IS PROUD TO BE AN AMERICAN ON TRUTH SOCIAL.
CAROLINE:

YOU ARE BUSY. THE LOWER COURTS ARE BUSY. THE LOWER COURTS WILL BE BUSY THINKING ABOUT SOCIAL MEDIA AS WELL. IN TEXAS AND FLORIDA. KAILEY: THIS IS AN INTERESTING AND COMPLICATED OPINION THE COURT HANDED DOWN. THEY RELATED TO THESE LAWS RESTRICTING SOCIAL MEDIA COMPANIES' ABILITY TO RESTRICT CONTENT ON THEIR PLATFORM. WHAT THE COURT HAS RULED IS THAT THOSE COURTS NEED TO RELOOK AT THE FIRST AMENDMENT QUESTION HERE, WHICH OF COURSE IS REALLY THE CRUX OF THIS CASE. WHAT DOES AND DOES NOT VIOLATE THE FIRST AMENDMENT RIGHTS GIVEN BY THE U.S. CONSTITUTION? THEY ARE KICKING THE CAN BACK DOWN, NOT MAKING A DECISIVE RULING. JUST AS THEY DID IN A SEPARATE SOCIAL MEDIA CASE EARLIER THIS TERM, IN WHICH THEY HANDED A

WIN TO THE BIDEN ADMINISTRATION.
IN THAT DECISION, WHILE IT WAS A WIN FOR THE ADMINISTRATION,
THEY JUST SAID THE DEFENDANTS LACKED THE LEGAL STANDING TO
BRING THE CASE. BOTH IN THIS CASE TODAY AND
THAT OTHER SOCIAL MEDIA RELATED CASE, THEY ARE NOT RULING ON OF
THE MERITS, ON THAT KEY FIRST AMENDMENT QUESTION.
THE COURT HASN'T RULED ON THOSE THINGS.
IT IS JUST TELLING OTHER COURTS THEY NEED TO DO SO. CAROLINE:
YOU ALWAYS BREAK IT DOWN SO ELOQUENTLY. THANK YOU.
A LOT TO DIGEST. COMING UP, WE WILL TURN OUR ATTENTION TO THE
SHARING OF YOUR CARS. THE CEO OF TURO HAS BEEN ADDED
IT FOR A WHILE. ED: SOME QUICK BREAKING NEWS. THE SOFTWARE PLATFORM THAT
SUPPORTS CAR AUTO DEALERS SAYS IT SEES THAT SYSTEMS BEING
RESTORED BY EARLY JULY 4.

THIS IS A PLATFORM THAT IS FRONT AND BACK OFFICE FOR CAR DEALERS AND WAS SUBJECT TO A HACK. JULY 4 IS A KEY SALES PERIOD IN THE UNITED STATES FOR CARS, ALONG WITH MEMORIAL DAY AND LABOR DAY. THE SYSTEMS WILL BE RESTORED BY JULY 4, AND THAT IS WHAT WE ARE WATCHING. ED: LET'S TALK ABOUT TECHNOLOGY, TRAVEL, AND THE TRANSPORTATION INDUSTRY AND HOW TURO IS TRYING TO DISRUPT IT. THE COMPANY RECENTLY SHARED OVER 70 PRODUCT UPDATES, AIMING TO MAKE THE RENTAL CAR EXPERIENCE SMOOTHER FOR CONSUMERS. HERE WITH MORE, THE CEO, ANDRE HADDAD. SO, NORMALLY YOU WOULD SAY, I'M GOING TO GO TO A CERTAIN PLACE AND I KNOW THE DATE I'M GOING

AND THEN I'M GOING TO TRY TO BOOK A RENTAL CAR. YOU HAVE DECIDED ONE OF THE THINGS YOU WANT TO CHANGE IS THAT PROCESS. YOU WANT TO PICK THE CAR AND THEN WORK OUT THE LOCATION AND DATE LATER. EXPLAIN HOW THAT IS GOING TO WORK. ANDRE: FIRST OF ALL, THANKS FOR HAVING MEET ONE THE SHOW. WE ARE VERY EXCITED ABOUT WHAT WE ARE CALLING OUR LIMITLESS SEARCH CAPABILITIES. TO GIVE YOU CONTEXT, THE BUSINESS HAS GROWN QUITE A BIT OVER THE LAST FEW YEARS AND WE HAVE OVER 370,000 ACTIVE LISTINGS ACROSS MAKES AND MODELS. MANY OF OUR CUSTOMERS HAVE BEEN ASKING US, IT IS GREAT WE CAN SEARCH BY DESTINATION AND DATE AS IF I'M ALREADY KEEN ON GOING ON A TRIP AND I KNOW MY DATES AND DESTINATION, BUT I WOULD LIKE YOU TO SHOW ME ALL THE

GREAT CARS YOU'VE GOT. ED.
IT IS MORE EXPERIENTIAL. TAKE A LUXURY CAR, TRY AND EV
OR SOMETHING LIKE THAT. ANDRE: EXACTLY.
WE HAVE REACHED A CRITICAL MASS IN ALL OF OUR MARKETS WHERE WE
CAN LAUNCH THIS CAPABILITY. NOW, IF YOU ARE LOOKING TO
EXPERIENCE THAT CYBER TRUCK OR IF YOU WANT TO MAYBE TEST DRIVE
A RIVIAN BEFORE YOU BUY IT, YOU CAN ACTUALLY FIND THESE ALL
ACROSS THE COUNTRY AND THEN YOU CAN DECIDE WHERE TO GO IN ORDER
TO DO THAT. CAROLINE: IT'S INTERESTING YOU BRING UP
CYBER TRUCK AND IT IS INTERESTING AT THIS MOMENT YOU
ARE PUTTING OUT A NOTE TRYING TO DESCRIBE WHAT THE FUTURE OF
TRANSPORT LOOKS LIKE. YOU HAVE REALLY ARTICULATED HOW
TURO HAS BEEN THROUGH THE HIGHS

AND THE LOWS AND THE MACRO HEADWINDS OF COVID, AND EVERYONE WANTING TO GET BACK INTO REVENGE SPENDING. WE ARE LOOKING AT ROBOTAXIS. HOW WOULD TURO SURVIVE THAT PIVOT IN THE FUTURE? ANDRE: YOU ARE RIGHT, IT HAS BEEN QUITE THE ROLLER COASTER FOR TRAVEL AND TRANSPORTATION. COVID HIT IN 2020. THEN OF COURSE THERE WAS THE COLLAPSE OF BIG RENTAL IN 2020, 2021. THE RETURN OF TRAVEL, REVENGE TRAVEL. THE AUTOMOTIVE INDUSTRY HAS BEEN CHANGING QUITE A BIT. THERE HAS BEEN TREMENDOUS INFLATION IN THE COST OF CAR OWNERSHIP AND CAR INSURANCE RECENTLY. WITHIN THAT ROLLER COASTER OF A RIDE OVER THE LAST THREE YEARS,

WE ARE VERY PLEASED WITH OUR PERFORMANCE AS A COMPANY. WE HAVE INCREASED REVENUE OVER 400% TO $880 MILLION IN 2023. WE HAVE INCREASED THE REACH OF OUR COMMUNITY, SO WE ARE VERY PLEASED WITH OUR PERFORMANCE. BUT IT IS NOT THE END OF THE DISRUPTION. THE DISRUPTION CONTINUES IN THE SPACE, AND WE ARE EXCITED TO BE PART OF THIS NEW CLASS OF COMPANIES THAT ARE HELPING EVOLVE THE TRANSPORTATION AND TRAVEL INDUSTRIES. WE THINK AUTONOMY IS A GREAT THING FOR THE INDUSTRY. WE SEE THE FUTURE WHERE WE HAVE A LOT OF THESE RIDE-HAILING SHORT TRIPS BEING DELIVERED BY AUTONOMOUS SERVICES. OUR BUSINESS IS MUCH MORE RELATED TO MUCH LONGER TRIPS. OUR USERS TEND TO BOOK A CAR FOR 4.5 DAYS ON AVERAGE.

THEY DRIVE ALMOST 200 MILES A DAY. THIS IS A SEGMENT THAT I THINK IS INDEPENDENT OF THE EVOLUTION OF ROBOTAXIS. ED: IF YOU LOOK AT THIRD-PARTY DATA, YOU ARE THE BIGGER PLAYER OF 22, MAYBE THREE. THERE ARE SOME OTHERS OUT THERE. YOU HAVE TALKED ABOUT HOW MUCH THE BUSINESS HAS RAMPED UP. AS IS TRADITION ON BLOOMBERG TECHNOLOGY WHEN A FOUNDER OR CEO COMES IN, HOW IS GOING PUBLIC GOING? ANDRE: I THOUGHT WE WOULD TALK ABOUT THE 70 PRODUCT RELEASES TODAY. [LAUGHTER] ED: IT ALL POINTS TO THE IDEA THAT THERE IS A LOT OF MOMENTUM AND INTEREST. ANDRE: WE ARE READY TO GO PUBLIC. WE HAVE UPDATED A FEW TIMES ALREADY OVER THE LAST FEW YEARS. BUT AS YOU KNOW, THE FINANCIAL

MARKETS HAVE NOT BEEN VERY KEEN
ON IPO'S OVER THE LAST COUPLE OF YEARS.
AS SOON AS THAT CHANGES, I THINK WE WILL BE READY. ED:
I HAVE BEEN A USER OF TURO, NOT JUST IN THE UNITED STATES, BUT
ELSEWHERE AS WELL. IT IS THAT EXPERIENCE, BUT I
THINK I WILL TRY OUT NEXT. WE WILL BRING YOU THE LATEST
UPDATE FOR THE APTOS SACCA. YOU ARE LOOKING AT ANOTHER
NAME, CAROLINE. CAROLINE: I'M LOOKING AT A FRENCH
BILLIONAIRE EYEING A LATIN AMERICAN TELCO COMPANY.
IT IS FLAT ON THE DAY, BUT HE HAS OFFERED TO BUY OUT THE
OTHER SHAREHOLDERS IN A DEAL VALUED AT ABOUT $4.1 BILLION,
$24 A SHARE. THIS IS BLOOMBERG TECHNOLOGY. ED: IT IS TIME FOR TALKING TAX.
BRIDGEWATER TURNS TO MACHINE

LEARNING.
THEY ARE SET TO DEBUT A NEW FUND THAT WILL USE AI AS THE
PRIMARY BASIS OF ITS DECISION-MAKING.
THE FUND WILL DEBUT WITH $2 BILLION OF CAPITAL STARTING
TODAY AND WILL UTILIZE MODELS FROM OPENAI AND PERPLEXITY,
AMONG OTHERS. JAPAN'S H3 ROCKET TAKES LIGHT
AGAIN. THE JAPAN AEROSPACE EXPLORATION
AGENCY SAW A SUCCESSFUL LAUNCH, WHICH CARRIED A SATELLITE
TOWARD LOW EARTH ORBIT. IT IS THEIR SECOND LAUNCH WITH
NO CREW ON BOARD. THE FLIGHT COMES AFTER NUMEROUS
BLUNDERS AND DELAYS FOR THE AGENCY, INCLUDING AN EXPLOSION
OF ITS SMALLER EPSILON ROCKET IN 2022.
AMAZON CALLS FOR AN AI START-UP. THEY HAVE HIRED EMPLOYEES IN A
MOVE THAT BOLSTERS A

DEVELOPMENT OF ADVANCED AI THAT
CAN THINK LIKE A HUMAN. AMAZON WILL USE THE DEPTH TACK
TO DEVELOP A PRODUCT THAT HELPS AUTOMATE SOFTWARE WORKFLOWS.
CAROLINE: VERY INTERESTING. LET'S GO TO FRANCE BECAUSE
FOLLOWING A MONTHS-LONG BATTLE OVER THE FUTURE OF THE I.T.
FIRM ATOS, ONCE HAILED AS THE RISING STAR OF THE TECH
INDUSTRY. IN THE COMPANY, CREDITORS ARE SET TO TAKE
CONTROL OF THE COMPANY. YOU LOOK AT THE COMPANY FROM A
STRESS DEBT PERSPECTIVE. BOY, WAS IT STRESSED.
CREDITORS ARE GOING TO BE THE SAVIOR. >> IT HAS BEEN A MONTHS-LONG
NEGOTIATION. THE COMPANY STARTED TO DISCUSS
THE SITUATION WITH CREDITORS IN FEBRUARY.
IT IS JULY ALREADY AND WE

FINALLY, HAVE AN AGREEMENT IN PRINCIPLE, AND NOW IT IS ABOUT OTHER CREDITORS JOINING THIS DEAL. ED: LATER IN THE SHOW, WE ARE GOING TO TALK ABOUT UEFA 2024, OF WHICH IT IS ONE OF THE MAIN SPONSORS. THIS HAS BEEN A WILD BATTLE. THIS HAS BEEN A DIFFICULT AND ONGOING SITUATION. READ EVEN OUR PRODUCER WAS LIKE, WHEN DOES THIS END? WE HAVE BEEN COVERING THIS FOR A WHILE. IS THERE A LINE OF SIGHT FOR WHAT HAPPENS NEXT? >> THE RESTRUCTURING SHOULD BE WRAPPED UP BY THE END OF THE YEAR. WHAT HAPPENS NEXT ONCE THE COMPANY HAS ENOUGH CREDITORS AGREEING TO THIS, THEY START A COURT PROCESS. THEY ASK THE COURT IN FRANCE TO START, WHICH ALLOWS THE COMPANY TO GET THE DEAL APPROVED. THAT SHOULD HAPPEN BY THE END

OF THE YEAR.
CAROLINE: LOOKING AT THE DEAL, EQUITY, ZILCH, ZERO, GOES TO NOTHING. 2.9 BILLION EUROS TURNED INTO EQUITY. 1.6 BILLION EUROS OF NEW DEBT. PERHAPS LOOKING AT THE DEAL TO SELL PART OF ATOS TO THE FRENCH GOVERNMENT.
>> THE ARGUMENT IS THAT CREDITORS LIKE THE COMPANY A LOT, AND THEY ARGUE THAT THEY WILL SELL IT TO THE FRENCH GOVERNMENT IF IT MAKES SENSE. OTHERWISE, THEY ARE HAPPY TO KEEP IT. THEY DON'T HAVE ANY INTENTION TO MOVE THE HEADQUARTERS FROM FRANCE. IT WILL STILL BE A FRENCH COMPANY, EVEN THOUGH THE REVENUE, 90% OF IT, IS OUTSIDE OF FRANCE. BUT THEY PLAN TO STICK TO IT BEING A FRENCH COMPANY.

THAT IS ONE OF THE THINGS THAT
THEY DIDN'T LIKE. THEY DIDN'T WANT TO SPLIT THE
COMPANY. SO THE PLAN FOR THEM IS WE WILL
SELL OPERATIONS IF IT MAKES SENSE, OR WE ARE HAPPY TO KEEP
IT TOGETHER. CAROLINE: WALKING US THROUGH WHAT HAS
BEEN A LONG FALLOUT AT ALL, STILL SOME T'S TO CROSS.
TESLA EXPECTS ANOTHER QUARTER OF WEEK SALES. ED: WELCOME BACK TO BLOOMBERG
TECHNOLOGY. ED LUDLOW IN SAN FRANCISCO.
CAROLINE: CAROLINE HYDE IN NEW YORK.
WE ARE BEING WHIPSAWED BY POLITICAL ACTS IN FRANCE AND
THE UNITED STATES. YIELDS HAVE BEEN FLESHING --
PUSHING HIGHER. THE NASDAQ 100 UP ABOUT 0.1% TO
START OFF THE BEGINNING OF THE

NEW SECOND HALF OF THE YEAR.
WE ARE UP JUST 0.1%. WE HAVE THE CAC 40 UP ONE POINT
3% AS WE CLOSED TRADE IN EUROPE. WE ARE SEEING SOME SIGNS OF
RELIEF AFTER THE FIRST ROUND OF VOTING.
WE ARE CURRENTLY UP 1.3%. THE DOLLAR PICKED UP STEAM,
PERHAPS ON SOME OF THE POLITICAL ANXIETY IN THE UNITED
STATES. LOOKING AT THE INDIVIDUAL
MOVERS, A TOPSY-TURVY DAY FOR THE CHIPMAKER.
WE WERE DRAGGING ON THE BIG BENCHMARKS, EVEN AS WE GET A REPORT SAYING
WE WILL GET AN ANTITRUST CHARGE COMING FROM FRANCE.
WE ARE MANAGING TO BE RESILIENT. SHE WE OFF BY 5.9%,
A ROLLER COASTER RIDE FOR THIS PARTICULAR NAME. THIS IS ALL ABOUT KEITH GILL,
THIS IS ABOUT RYAN COHEN NOT

ONLY BEING THE LEADER OF GAMESTOP, THE COFOUNDER OF CHEWY, TO BIG LONG IS COMING,
BUT NOT ENOUGH TO STABILIZE THE STOCK ON THE LONGER TERM.
YOU HAVE SEEN RECORD SALES COMING FROM THIS PARTICULAR
COMPANY, HYBRID AND EV'S DOING PARTICULARLY WELL.
YOU WERE LOOKING AT EV'S A LITTLE BIT MORE. ED:
I'M LOOKING AT TESLA UP 6% IN THE SESSION.
THAT IS THE FIFTH STRAIGHT DAY OF GAINS.
THAT IS ITS BEST WINNING STREAK IN ALMOST A YEAR.
THE COMPANY IS EXPECTED TO POST A DROP IN QUARTERLY DELIVERIES. I'M LOOKING AT THE MARKETS.
ONE OF THE LOGICS APPEARS TO BE THAT THE DOMESTIC IS SHOWING
REALLY STRONG DATA. TESLA DOES WELL EVEN OVERALL.
WE EXPECT THIS CONTINUED

DECELERATION IN GROWTH. >> ALSO MAY BE CHALK THIS UP TO
HAVE KEITH GILL IS BACK IN THE HEADLINES. MAYBE ONE OF THE
ULTIMATE MEME STOCKS IS BENEFITING FROM MEME-Y-NESS. ONE ANALYST AFTER ANOTHER HAS
DIALED BACK EXPECTATIONS FOR THIS QUARTER'S DELIVERY.
WE DO SEE MONTHLY WHOLESALE DATA OUT OF CHINA THAT HAS NOT
BEEN STRONG FOR TESLA IN THE FIRST COUPLE OF MONTHS OF THIS
QUARTER. I THINK THE LIKELIHOOD OF A
SURPRISE LAST MONTH THAT RESCUES THE QUARTER FOR THE
COMPANY SEEMS FAIRLY REMOTE. IT REALLY IS A HEAD SCRATCHER. I THINK JUST BEYOND THE
PRESENCE OF A BULLY AND SOME RETAIL INVESTORS ALWAYS LOOKING
AHEAD TO THE ROBOTAXI THAT IS

COMING OUT IN THAT UNVEILING IN
AUGUST. CAROLINE: IT FEELS LIKE INVESTORS WANT TO
GO LONG-TERM. WE ARE RUNNING OUT OF EXCUSES.
YOU HAVE A GREAT STORY TALKING ABOUT 441,000 EV'S BEING SOLD
FOR THE SECOND QUARTER. YOU CAN'T BLAME MIDDLE EASTERN
SUPPLY CHAIN DISRUPTIONS ANYMORE. >> THE COMPANY HAS POINTED, HE
DID POINT TO THINGS IN THE FIRST QUARTER THAT REALLY
AFFECTED THE PRODUCTION SIDE. IT WAS RELUCTANT TO SPEAK TO
DEMAND ISSUES. THAT HAS BEEN ELON MUSK'S MO.
FOR YEARS, HE WAS PROVEN RIGHT THAT HE HAD PLENTY OF DEMAND TO
WORK WITH AND THAT WAS NOT THE COMPANY'S PROBLEM.
WE SEE MORE AND MORE EVIDENCE BY THE DAY THAT THIS IS A
COMPANY THAT DOES HAVE DEMAND

ISSUES AND A TIRED LINEUP AT
THIS POINT, AND HAS A LOT MORE COMPETITION TO CONTEND WITH.
IT IS STILL THE CASE THAT THE MODEL Y DOES INCREDIBLE VOLUME,
BUT IT IS TOUGH TO BUILD ON A YEAR WHEN THAT WAS THE
BEST-SELLING VEHICLE IN THE WORLD, AND IT HAS ONLY GOTTEN
ANOTHER YEAR OLDER. THIS WAS A VEHICLE THAT DEBUTED
IN 2020. GENERALLY AROUND THIS TIME, YOU
SEE A REFRESH, WHICH ELON MUSK HAS RULED OUT.
WHAT THE COMPANY DOES TO TOUCH OFF THE NEXT ERA OF GROWTH
REMAINS TO BE SEEN BECAUSE I THINK THE EXPECTATION IS THAT
THE ROBOTAXI IS MORE OF AN IDEA AS OPPOSED TO THE HERE AND NOW.
ED: FUNDAMENTALS TOMORROW. THANK YOU SO MUCH.
COMING UP, WE WILL DIG INTO THE

PRIVATE SIDE OF THE MARKET. WE WILL DISCUSS CURRENT TRENDS
AND ARE WE OUT OF THE WOODS? ARE WE BACK TO ALL RISK ON FOUR
CEOS RIGHT NOW? WE ARE TALKING THE STATE OF THE
SOFTWARE ECONOMY. ED: I HAVE SOME DRAMA, I HAVE SOME
ACTIVIST DRAMA. TAKE A LOOK AT MOSSIMO HEALTH
TECH WEARABLES. THERE WAS A REGULATORY FILING
WHERE THE CEO OF THE COMPANY IS SAYING THAT IF AN ACTIVIST
TAKES CONTROL AND TRIES TO REMOVE THE CEO, THE COO SAYS, I
WILL RESIGN. AS THE HEADLINE SHOWS, A LOT OF
THE STAFF SEEMED TO AGREE WITH THAT POSITION.
A DROP OF 7.8% IS THE BIGGEST DECLINE OF THE WEEK.
WE HAVE ANOTHER ACTIVIST SITUATION ON OUR HANDS AND ON
THIS PROGRAM, WE LIKE TO TRACK

THOSE. STAY WITH US. APPLE, SPOTIFY, AND I HEART.
THIS IS BLOOMBERG. CAROLINE: LET'S TALK ARTIFICIAL
INTELLIGENCE. K HEALTH HAS RAISED $50 MILLION.
IT PROVIDES PATIENTS WITH A CHATBOT TO MAKE PRIMARY CARE
MORE ACCESSIBLE. THE COMPANY'S VALUATION IS
AROUND $900 MILLION. THE CEO JOINS US NOW. I LOVE THE PEACE THAT WE HAVE
BASICALLY SAYING, I'M SO DONE WITH THE HYPE AROUND AI, AND I
WANT TO SEE COMPANIES USING IT TO FIX A WORLD PROBLEM.
IT SAYS YOU ARE DOING IT. HOW ARE YOU DOING IT? >> WE DECIDED TO FOCUS ON A BIG
PROBLEM CALLED PRIMARY CARE. PEOPLE HAVE CHRONIC CONDITIONS,
THEY HAVE PREVENTATIVE NEEDS, AND THEY HAVE ACUTE CARE.
WE BUILD SOFTWARE TO ALLOW YOU

TO ENGAGE WITH PATIENTS AND
WITH YOUR ELECTRONIC MEDICAL RECORDS, AND IT ALLOWS DOCTORS
TO FOCUS ON MAKING THE DECISIONS AND ENGAGING WITH
PATIENTS. THAT IS REALLY TOUGH TO DO.
YOU NEED TO BUILD A LOT OF INTELLIGENCE INTO THE SYSTEM. YOU NEED TO ALLOW THEM TO
INTEGRATE AI. SO WE CAN MANAGE YOU REMOTELY
WITH PRIMARY CARE, BUT ALSO INTEGRATE YOU INTO SPECIALIST
TEST LABS. CAROLINE: PEOPLE WILL RECOGNIZE YOU
BECAUSE YOU ARE THE CO-CEO OF IWX. YOU HAVE TAKEN COMPANIES
PUBLIC. I'M INTERESTED IN THIS PARTICULAR PROBLEM YOU ARE
TRYING TO SOLVE. HOW ARE YOU MEASURING SUCCESS
OTHER THAN BEING ABLE TO RAISE FUNDS? >> THAT IS THE GREAT QUESTION.
THE MAIN FOCUS NEEDS TO BE ON

BETTER QUALITY. EVERYBODY ALWAYS COMPLAINS ABOUT HEALTH CARE. WE ARE LOOKING AT QUALITY, CAN WE MAKE THE DOCTOR'S LIFE EASIER? IMAGINE HAVING THIS REALLY SMART RESIDENT WHO PREPARED EVERYTHING. NOW THE DOCTOR CAN COME IN AND CAN FOCUS ON THE PATIENT. YOU ARE SAVING AND LOT OF TIME. THEN THERE IS ALSO ACCESS. WE PROVIDED 24/7, JUST LIKE YOU WOULD WANT TO GET. WE NEED TO PROVIDE YOU PERSONALIZED MEDICINE. ED: CRITICALLY, THE POINT WITH K HEALTH IS THAT THE DIAGNOSIS, TREATMENT, OR THAT SPECIALISTS IS STILL DETERMINED BY A HUMAN BEING, BUT ARE YOU ABLE TO SHARE ABOUT ANY DATA ABOUT THE SUCCESS RATES OF TREATMENT BY USING THE PLATFORM AND HAVING A MEANS FOR A DOCTOR TO SAY THIS IS THE PATIENT BEFORE ME, THIS

IS WHAT WE ARE GOING TO DO? WE CAN SEE EVERYTHING ANONYMOUSLY THAT THE DOCTOR DOES, AND WE CAN LEARN FROM IT. NEW THINGS CAN HAPPEN. SOMETIMES THE DOCTOR CHANGES THE DIAGNOSIS. DOCTORS MAKE DIAGNOSIS AND TREATMENT DECISIONS. WE HAVE THE NUANCE AND INSIGHTS. AND THEN WE HAVE THE LOOK-BACK ABILITY TO SEE PATIENTS REGULARLY. WHEN YOU WORK AT CEDARS-SINAI, YOU ARE GETTING PRIMARY CARE LIKE ANYWHERE ELSE. YOU CAN MANAGE THIS DIRECTLY. ANYTHING ELSE, NOW YOU HAVE MUCH MORE CONVENIENCE. ED: THE K HEALTH CEO. IT IS AN INTERESTING CASE STUDY. WE ARE HEARING IT MORE OFTEN. LET'S DISCUSS TRENDS IN THE WORLD OF VENTURE CAPITAL. THE MACRO ENVIRONMENT IMPACT ON STARTUPS AND A LOT MORE.

IT SEEMS A STRANGE PLACE TO START, BUT QUITE A LOT HAS CHANGED SINCE YOU WERE LAST ON THE PROGRAM. THE ECONOMY HAS CHANGED, AND WE ARE BRACING FOR A PRESIDENTIAL ELECTION. HOW ARE THINGS GOING? >> IT HAS BEEN A ROUGH COUPLE OF YEARS FOR STARTUPS. IT IS THE TRUTH. IT HAS BEEN A ROUGH COUPLE OF YEARS. THERE HAVE BEEN A LOT OF STARTUP SHUTDOWNS, LAYOFFS. ED: YOU HAVE BEEN PENDING YOUR THOUGHTS. POSTING THOUGHT PIECES. WE HAVE TAKEN ONE FROM LINKEDIN. NO MATTER HOW BLEAK THINGS MIGHT SEEM, YOU BELIEVE IT IS TIME TO FIGHT BACK IF YOU ARE A STARTUP OR FOUNDER. >> I FIRMLY BELIEVE THE WINDS ARE SHIFTING AND TO THE ECONOMY

IS GETTING BETTER.
THEY CANNOT WAIT FOR ECONOMIC DATA FROM 12 MONTHS AGO TO GROW
A LITTLE FASTER, HIRE MORE PEOPLE.
RIGHT NOW IS THE PERFECT TIME. CAROLINE:
YOU WERE CALLING FOR A MASS EXTINCTION EVENT. HOW WAS THE MASS EXTINCTION?
DID IT BEAR IN THE WAY YOU THOUGHT IT WOULD?
DID COMPANIES MANAGE TO SUCCEED AND MUDDLE THROUGH MORE THAN
YOU ANTICIPATED? >> I THINK THE PIECE RESONATED WITH THE FOUNDERS AND THE
ECOSYSTEM. IF YOU LOOK AT THE DATA FROM
THE PAST COUPLE OF YEARS, START UP SHUTDOWNS ARE UP. LAYOFFS ARE A HUGE MULTIPLE.
IT HAS BEEN A START EXTINCTION EVENT OUT THERE. CAROLINE: SOME COMPANIES HAVE MANAGED TO
SELL THEMSELVES. WHAT IS INTERESTING AS WE ARE
HEARING MORE AND MORE IN THE AI

SPHERE THAT COMPANIES ARE LOOKING FOR MERGERS. ARE YOU SEEING THAT AMONG YOUR PORTFOLIO COMPANIES? THAT THEY ARE ABLE TO BY OTHERS AND WE ARE SEEING MORE M&A WITHIN THE PRIVATE MARKETS? >> M&A FEELS LIKE IT IS BEGINNING TO WARM UP. THE BIG ACQUIRERS SEEM TO BE PUTTING OUT FEELERS, STARTING CONVERSATIONS FOR THE FIRST TIME IN A WHILE. I THINK THAT IS BECAUSE START UP EXPECTATIONS ARE MORE REASONABLE THAN THEY WERE DURING THAT ZERO INTEREST RATE ENVIRONMENT. STOCK PRICES ARE BACK UP SO THEY ARE FEELING MORE CONFIDENT ABOUT WIRING SMALLER STARTUPS THAT ARE PROBABLY NOT PROFITABLE. NOW THEY HAVE A REAL REASON TO MAKE ACQUISITIONS, WHICH IS AI. THERE IS THIS PLATFORM SHIFT THEY KNOW THEY NEED TO BE PART

OF. ED:
READING YOUR WORK, I'M GOING TO CHANNEL MY INNER TOM KEENE,
LONG TIME ANCHOR. BASICALLY BETWEEN 2020 AND 2023,
YOU ONLY HAVE GOOD THINGS IN FRONT OF YOU. >> IF YOU CAN HAVE MONEY AND A
GOOD BUSINESS DURING A DOWNTURN, IT IS THE BEST TIME
TO BUILD, BUT FOUNDERS SOMETIMES LOSE TRACK OF WHERE
WE ARE. YOU GET SO USED TO BEING IN A
DOWN ECONOMY, AND THAT IS WHAT IT IS ALL ABOUT.
THE ECONOMY IS BETTER. DON'T GO TO THE EXTREMES OF
BURNING WAY TOO MUCH AND BEING EFFICIENT.
LET'S THINK ABOUT OFFENSE AGAIN BECAUSE START-UPS NEED TO BE ON
OFFENSE. IF YOU ARE NOT, SOMEBODY ELSE
IS. CAROLINE: WE THANK YOU FOR COMING BACK ON.
MEANWHILE COMING UP, WE WILL

TALK ABOUT HOW TECH COMPANIES
ARE GOING ON THE OFFENSE WHEN IT COMES TO EUROPEAN FOOTBALL.
WE HAVE ALL THE DETAILS NEXT. MEANWHILE, WATCHING SHARES OF
META AT THE MOMENT. THE EU SAYING, NOT GOOD ENOUGH.
THEY ARE SAYING THAT THE DIGITAL MARKETS ACTIVE ONCE
AGAIN IS SORT OF BEING PUSHED AGAINST BY META.
THEY ARE SAYING THEY ARE FORCING MILLIONS OF USERS
ACROSS THE EU TO PAY OR CONSENT. THEY ARE GIVING A WARNING ABOUT
SUBSCRIPTION MODELS FOR AD-FREE SERVICES ON INSTAGRAM AND
FACEBOOK. THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: LET'S TALK CHIPS. PLANNING TO INVEST $75 BILLION
BY SK HYNIX. THE GROUP SAYS ABOUT 80% OF THE
SUM WILL BE ALLOCATED TO INVESTING IN YOUR FAVORITE,
HIGH-BANDWIDTH MEMORY CHIPS.

WHAT ARE YOU LOOKING AT? ED:
QUALCOMM HAS BECOME THE NEW FRONT OF SHIRT SPONSOR FOR
MANCHESTER UNITED FOOTBALL CLUB. THE COMPANY'S LATEST ATTEMPT TO
BOOST AWARENESS OF ITS SNAPDRAGON RANDOM IN CONSUMERS
AMID A BROADER PUSH INTO PERSONAL COMPUTING.
HERE TO NOT ONLY DISCUSS THIS MASSIVE COMMERCIAL DEAL, BUT
ALSO TO ILLUSTRATE AND DEMONSTRATE IT IS BLOOMBERG'S
OWEN KING WHO LEADS OUR SEMI CONDUCTOR COVERAGE AND JUST SO
HAPPENS TO BE A MANCHESTER UNITED FAN. THERE IT IS.
YOU KNOW, IT IS SOMETHING THAT YOU DIDN'T THINK YOU WOULD EVER
SEE, BUT FOR QUALCOMM THIS IS A BIG DEAL. >> THIS IS NOT EVEN JUST THE
COMPANY NAME, THIS IS THEIR BRAND, THIS IS THEM TRYING TO
DO SOMETHING THEY HAVE BEEN

TRYING TO DO FOR 10 YEARS AND
NOT MAKING A LOT OF PROGRESS. THEY ARE SAYING, THIS IS HOW
COMMITTED WE ARE. THIS IS A VERY BIG BRAND
OBVIOUSLY. CAROLINE: HOW MUCH MONEY ARE WE TALKING? >> NEITHER SIDE WILL TELL US,
BUT WE HAVE A REPORT SAYING ABOUT $75 MILLION A YEAR AND IT
IS PROBABLY GOING TO STRETCH OVER FIVE YEARS. ED:
I WILL TRY TO GET THIS. THERE WE GO.
THE POINT IS IS THAT IT IS A CHIP, IT IS A SEMI CONDUCTOR
THAT QUALCOMM HAS PUT INTO SMARTPHONES.
THERE IS AN AI STORY NOW. THERE IS A CULT FOLLOWING.
EXPLAIN THE NEXT DATA WERE -- ITERATION. >> THEY HAVE BEEN TRYING TO GET
THEIR CHIPS INTO LAPTOPS. THEY ARE SAYING NEW AI SOFTWARE
WILL HELP THEM TO DO IT.

THE GIANT ELEPHANT IN THE ROOM. LIKE A MANCHESTER UNITED IN THE 1990'S, IS INTEL. INTEL HAS DOMINATED THE MARKET, NOT ONLY WITH THEIR PRODUCTS, BUT WITH THEIR BRAND. ANYONE TRYING TO GET INTO THE LAPTOPS HAS TO TAKE ON THE BRAND. ON THIS IS WHAT CALL -- QUALCOMM IS TRYING TO DO. CAROLINE: JUST THAT WORD TAKES ME BACK TO THE BECKHAM DOCUMENTARY. THEY HAD SOMETHING TO DO WITH THE MARKETING OF ALL OF THIS. HOW MANY OF ALL OF THESE TECH NAMES OR U.S. TECH NAMES ARE GOING INTO SPORTS LIKE THIS? HOW MUCH DO YOU SEE CHIPS MORE BROADLY GETTING INTO THE WORLD OF ALL? IT IS AN INGREDIENT BRAND. IT HAS ALWAYS BEEN A ONE STEP BACK. INTEL WERE THE ONES THAT REALLY BROKE THAT WITH THE CAMPAIGN THAT PUSHED THE IDEA THAT YOU

DON'T BUY SOMETHING FOR THE COMPANY THAT MAKES IT. YOU BUY SOMETHING BECAUSE OF WHAT IS INSIDE OF IT. ALL IS TRYING TO MAKE THAT NEXT STEP. WE HAVE SEEN OTHER COMPANIES FLIRT WITH THIS, BUT THIS IS THE BIGGEST EFFORT YOU HAVE SEEN SO FAR TO GET A CONTENT BRAND IN FRONT OF REAL CONSUMERS. ED: SAYING THAT ONE PREMIER LEAGUE HOME GAME WILL HAVE THE SAME VALUE IN SPENDING AS A SUPER BOWL AD. INCREDIBLE REPORTING, THANK YOU. [LAUGHTER] I JUST GOT BACK FROM VACATION AND IN THE MIDST OF CELEBRATIONS AROUND THE UEFA FOOTBALL TOURNAMENT, SOMETHING ELSE IS PART OF THE LANDSCAPE, CHINESE TELECOM COMPANIES BEING SPONSORS. IT IS IN THIS ERA OF INCREASING

TECH COMPETITION BETWEEN THE
U.S. AND CHINA. I WAS SO SURPRISED TO
SEE THESE NAMES SO PRESENT ON THE FOOTBALL BROADCAST FROM THE
BBC, ITV, AND EUROPE. WHAT DO YOU MAKE OF THAT?
CAROLINE: PREVIOUSLY, IT WAS CRYPTO NAMES,
ALL SPONSORING SHIRTS. NOW IT IS CHIPS AND CHINESE
E-COMMERCE. JUST THE AMOUNT THEY ARE
SPENDING, HOW MUCH DO THEY NEED TO BUILD ON THE DOWNLOADS? ED:
THIS IS DEFINITELY ABOUT GOING AFTER THE EUROPEAN MARKET.
THE INTERESTING ONE IS TIMU. THEY SAW A MASSIVE SURGE IN
DOWNLOADS OF THEIR APP AND ACTIVITY IN THE MARKET. BYD, THE DOOR IS CLOSED IN THE
UNITED STATES. THERE IS A LOT FOR ME TO --THEM
TO PLAY FOR. CAROLINE:

WHICH GAMES WERE YOU SHOUTING
AT THE TV IN A BAR OR PUB OR AT HOME? ED:
THAT IS WHAT IS SO ASTONISHING. WHEN I GOT BACK, FOX SPORTS HAS
THE RIGHTS TO THE EUROS HERE AND YOU CAN STILL SEE THEM
THROUGH THAT AS WELL, SO IT IS EVERYWHERE. CAROLINE: WE DO IT ALL HERE ON BLOOMBERG
TECHNOLOGY, PARTICULARLY SPORTS AND TECH.
WE DIDN'T GET TO TALK ABOUT TECH. ED:
INCREDIBLE AMOUNT OF BREAKING NEWS, SO THERE IS A LOT TO
RECAP. DO SO ON THE PODCAST. YOU KNOW
WHERE TO FIND IT.

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