THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: I AM CAROLINE HYDE.
ED: I AM ED LUDLOW. CAROLINE:
PARAMOUNT OFFICIALLY AGREES TO A DEAL WITH SKY DANCE, WHICH
SHARES AMONG THE INDUSTRIES MOST TRAUMATIC ACQUISITIONS.
WE HAVE DETAILS. ED: WE ASSESS THE IMPACT FROM
ELECTIONS IN THE U.K. AND FRANCE ON THE TECHNOLOGY
SECTOR. CAROLINE: RAISING MONEY, CONVERSATION
WITH THE CEO OF HEBBIA.AI. FIRST, LET'S CHECK IN THE
MARKETS. ONGOING POLITICAL VOLATILITY IN
THE U.S., FRANCE. WE GET A SHOCK REACTION IN TERMS OF WHAT THE
NATIONAL RALLY COMING IN THIRD AND THE NASDAQ HOLDING ONTO
GAINS. THE CAC 40 HAD BEEN HIGHER IN
THE DAY'S TRADING AND NOT

FALLING BACK TOWARD THE CLOSE
AS PEOPLE TRY TO GET A -- TOWARD THE CLOSE.
THE POUND AFTER ITS POLITICAL CLARITY THAT WE GOT AT THE END
OF LAST WEEK, HE REMAINS THE BEST PERFORMER FROM A G10
PERSPECTIVE. THE DOLLAR IS A LITTLE LOWER.
CHAIR OF THE FED JAY POWELL TUESDAY AND WEDNESDAY.
WHAT THAT MEANS FOR BITCOIN. IT IS MORE ABOUT WHAT IS
HAPPENING WITH THE SUPPLY WOULD PERHAPS THE GERMAN STATES
SETTING OFF SOME OF ITS HOLDINGS IN BITCOIN.
ALL ABOUT SOME OF THOSE MOVING AVERAGES AND WHERE THE
TECHNICALS POINT US. WHAT ARE YOU WATCHING? ED:
FOUR QUICK MOVERS. LUCID BRINGING UP THE REAR.
2100 PRODUCED, 2400 OR JUST SHY

DELIVERED TO CUSTOMERS, BOOSTING THE STOCK. STILL LOW-VOLUME, BUT THAT WAS A RECORD FOR THE COMPANY. LOOKING AT TESLA. GREAT STORY ON THE TERMINAL IN THE LAST 24 HOURS ABOUT IF YOU ARE A HEDGE FUND THAT WAS SHORT TESLA AHEAD OF LAST WEEK'S QUARTERLY DELIVERIES FOR THEM, THEN YOU GOT BURNED BECAUSE THE BIG RUN-UP IN THE STOCK WE HAVE HAD FOLLOWING DELIVERIES. INTEL AND NVIDIA. INTEL WAS 6% HIGHER, ON TRACK FOR THE BIGGEST JUMP APRIL. PRETTY DECENT RUN RIGHT NOW. MOST OF NVIDIA HAS CAUGHT UP AS PART OF THAT. OUR TOP STORY IS PARAMOUNT. PARAMOUNT SHARES LOWER. WE GET A COMBINATION, FINALLY, WITH SKY DANCE. IT IS A COMPLICATED DEAL. THE TERMS AND PLAYERS ARE COMPLICATED.

DOWN 2% OFF SESSION LOWS.
CAROLINE: PEOPLE CLEARLY QUESTIONING THIS
DEAL. LET'S GET TO IT WITH LUCAS SHAW
BUSY THIS WEEKEND. WHAT DOES THE DEAL SPELL OUT? >> DAVID ELLISON GETS HIS WAY.
HE WILL ACQUIRE REDSTONE HOLDING COMPANY AND PARAMOUNT
WILL MERGE WITH SKY DANCE, WHICH IS THE ACQUISITION SINCE
PARAMOUNT IS A LARGER COMPANY, BUT SINCE IT IS THIS GUIDANCE
TEAM TAKING OVER AND SEEN AS A MERGER.
THEN HE TRIES TO TURNAROUND PARAMOUNT.
IT IS BEEN A MEDIA COMPANY THAT HAS BEEN IN DECLINE FOR SEVERAL
YEARS NOW. THEY HAD A CALL WITH INVESTORS
THIS RUNNING WERE DAVID ELLISON AND HIS DEPUTY AND SOME OTHER
MEMBERS OF HIS TEAM EXPLAIN WHY THEY THINK THEY CAN HAVE MORE
LUCK WITH THAT. ED:

WE EXPLAIN IN THE NEWS STORY
ABOUT THE BACKGROUND, THE SAGA. IT IS
IT IS WORTH EXPLAINING WHO IS DAVID ELLISON AND WHAT IS
GUIDANCE? THEY ARE A BIG NAME BEHIND SOME
BIG THINGS. >> THERE WAS A PORTION OF THE
CALL THAT STARTED WITH THAT. WHERE YOU GUYS KNOW A LOT ABOUT
PARAMOUNT AND YOU PROBABLY DON'T KNOW AS MUCH ABOUT SKY
DANCE. DAVID ELLISON FIRST GOT KNOWN
TO PEOPLE BECAUSE OF HIS FATHER, LARRY ELLISON, WHO WAS ONE OF
THE RICHEST PEOPLE IN THE WORLD THANKS TO THE ORACLE.
LARRY'S TWO KIDS, DAVID AND MEGAN, BOTH GOT INTO HOLLYWOOD
AROUND THE SAME TIME PRODUCING MOVIES.
MEGAN MADE ART-HOUSE MOVIES. PEOPLE LOVED HER BECAUSE SHE
WAS BANKROLLING THESE BIG FILMMAKERS.
FINANCIALLY, IT WAS A RUINOUS

PLAN. DAVID WENT IN THE OPPOSITE
DIRECTION. WHERE HE MADE THE BIG COMMERCIAL MOVIES AND HAS
WORKED WITH PARAMOUNT FOR MORE THAN A DECADE BECAUSE HE IS A
FINANCIER AND PRODUCER ON THE MISSION IMPOSSIBLE
MOVIES AND MANY OF THE BIGGEST FILMS AND FRANCHISES AT
PARAMOUNT. AND USED HIS SUCCESS WITH THOSE EARLY MOVIES TO
BUILD A LARGER ENTERPRISE, CERTAINLY NOT AS BIG AS
PARAMOUNT, BUT HE MAKES TELEVISION SHOWS, ANIMATED
MOVIES, PARTNERSHIP WITH THE NFL TO MAKE SPORTS PROGRAMMING,
VIDEO GAME BUSINESS. SKY DANCE IS ONE OF THE LARGER
INDEPENDENT STUDIOS OUT THERE. ED:
THE TEAM DID A GOOD JOB GOING THROUGH THE MINUTIA OF THE DEAL
BECAUSE IT IS COMPLICATED. THE NUMBERS.

IT SEEMS LIKE A LOT OF CASH HAS TO BE INJECTED INTO PARAMOUNT. I AM TRYING TO UNDERSTAND WHY. IS IT THEY NEED TO HAVE A REVAMP? >> I THINK PART OF THE PITCH DAVID ELLISON AND JERRY, ONE OF HIS INVESTMENT. WE ARE GOING TO VISCOUNT AND MOSTLY KEEP THE STRATEGIC ASSET SIX SHOT -- REALISTIC SHOT. IT HAS A DECENT AMOUNT OF DEBT RELATIVE TO EARNINGS. IT DOES NOT HAVE AS MANY RESOURCES. IT IS A MUCH SMALLER COMPANY THEN DISNEY OR EVEN A COMPANY LIKE WARNER BROS. DISCOVERY. SON O -- SOME OF THAT IS THERE'S ONLY SO MUCH MONEY THAT CAN BE PUT IN. IT IS A COMPLICATED DEAL BECAUSE ELLISON AND HIS BACKERS PUTTING MONEY INTO BY NATIONAL AMUSEMENTS AND THEN THE DEAL WITH PARAMOUNT BUT THEY ARE INVESTING ADDITIONAL CAPITAL.

AND DOING SOME TRICKY STUFF.
TRYING TO ALLOW REGULAR SHAREHOLDERS TO FEEL LIKE
THEY'RE NOT GETTING SCREWED IN THE DEAL.
IN THE INITIAL PROPOSAL, A LOT OF PEOPLE FELT LIKE IT WAS A
GOOD DEAL FOR SHERRY REDSTONE, BUT LESS GOOD FOR OTHER
SHAREHOLDERS. THAT IS ONE OF THE REASONS WHY
THIS HAS BEEN DRAWN UP. CAROLINE:
TO BE SPECIFIC, NON-REDSTONE VOTING SHAREHOLDERS CAN GET $23
A SHARE. LUCAS SHAW BREAKING IT DOWN.
WE ARE GOING TO GET INTO THE NITTY-GRITTY OF ULTIMATELY WHY
PERHAPS SHAREHOLDERS AREN'T BUYING THIS DEAL TODAY.
JOHN KLINE. WE CAN TALK ABOUT THE VISION
AND THE AI PROPOSITION AND THE TECHNOLOGY IN A MOMENT, BUT I'M
INTERESTED AS TO WHETHER SHARES

ARE SELLING OFF AND PERHAPS WHY.
THESE NONVOTING SHAREHOLDERS DON'T LIKE IT, DON'T THINK IT
WILL GO THROUGH? >> THERE IS ALL THIS
UNCERTAINTY STILL. IT HAS BEEN A MESSY DEAL
GETTING ACROSS THE FINISH LINE. THERE IS STILL A CHANCE OF
ANOTHER PARTY COMING IN. THEY HAVE A SHOPPING PERIOD,
WHERE, WHO KNOWS? LARRY DILLARD COULD JUMP IN OR
EDWARD IS SAID TO BE INTERESTED. UNCERTAINTY CAUSES THAT SORT OF
PHENOMENON. THEY HAVE TO MAKE SURE --
INVESTORS HAVE TO MAKE SURE THIS IS GOING TO HAPPEN.
CAROLINE: WE CONTINUE TO QUESTION FROM
WHETHER IT WILL GO THROUGH AND ULTIMATELY WHETHER WILL GET THE
DEAL DONE. IF IT DOES GET DONE, WHAT ARE
THE POSITIVES FROM YOUR

PERSPECTIVE?
WE GO TO YOU ON YOUR KENAI ON TECHNOLOGY. >> EVERYBODY'S TALKING ABOUT
DAVID ELLISON, BUT LET'S NOT FORGET JEFF SCHELL, WHO IS A
PHENOMENAL RATER. HE WILL COME IN AND GET HIS
HANDS ON PARTS OF THIS BUSINESS, AND HE IS FIRST RATE. IN TERMS OF THE BLOCKING,
OPERATIONAL INITIATIVES, AND EFFORTS THAT HAVE TO GO INTO
IT, THEY'VE GOT A FANTASTIC OPERATOR THERE. IN ELLISON, THEY HAVE A
VISIONARY, ENTHUSIASTIC OWNER, WHICH IS A HUGE PLUS BECAUSE IT
MEANS WILL PUT EFFORT AND MONEY INTO THINGS. ELLISON TALKED TODAY ABOUT
RE-EMPHASIZING THEIR CORE COMPETENCY AND STORYTELLING.
HE ALSO TALKED ABOUT BRINGING THEM UP TO SPEED ON TECHNOLOGY.
THOSE ARE TWO WORTHWHILE GOALS.

WHEN YOU TALK ABOUT STORYTELLING TODAY, YOU'VE GOT TO BE LOOKING AT YOUTUBE. YOUTUBE HAS CHANGED THE DEFINITION OF WHAT POWERFUL STORYTELLING IS BECAUSE HUNDREDS OF MILLIONS OF PEOPLE A WEEK COME THERE AND WATCH SHORT FORM VIDEO THEY LOVE. AS LUCAS WAS SAYING COME ELLISON HAS MADE HIS NAME WITH THE PREMIUM LIKE BUSTER-TYPE TITLES. -- LIKE BUSTER-TYPE TITLES. IT WILL REQUIRE A SHIFT IN MINDSET TO UNDERSTAND EVEN IF YOU ARE IN THE MOVIE BUSINESS, YOU CAN'T ACT NOR THE FACT -- IGNORE THE FACT THAT YOUTUBE IS WATCHED BY MORE PEOPLE THAN ANYTHING ELSE ANYWHERE. THAT WILL BE A MINDSET CHALLENGE FOR THEM. NOT IMPOSSIBLE TO ACHIEVE, BUT A CHALLENGE. ED:

WHAT DO THEY DO WITH THE 8
BILLION TO EMULATE THAT SUCCESS? >> WHEN YOU TALK ABOUT
TECHNOLOGY, YOU'RE TALKING ABOUT DIRECT TO CONSUMER.
THAT IS WHAT DOMINATES ALL MEDIA TODAY. WHETHER YOU ARE
MAKING HOLLYWOOD BLOCKBUSTERS, MOST OF WHICH ARE WATCHED ON A
SMALL SCREEN IN YOUR HOME. AND TECHNOLOGY MEANS AI AND
DIRECT TO CONSUMER. AND THOSE FIT TOGETHER.
THE AI OF IT ALL ALSO IMPACTS THE STORYTELLING.
BECAUSE YOU CAN DO DIFFERENT, LESS EXPENSIVE PROGRAMMING
USING AI NOW, AND THAT IS ONLY GOING TO BECOME EVEN MORE
POWERFUL BY NEXT WEEK, LET ALONE NEXT YEAR, WHEN THIS DEAL
FINALLY COMES THROUGH. HE WILL BE LOOKING FOR COST
SAVINGS. AND THEN THEY'RE GOING TO PUT
MONEY BEHIND SOME SORT OF

CONTENT INITIATIVES POWERED BY TECHNOLOGY. THAT WOULD BE A SMART THING TO DO. HAVING RUN AN AI PLATFORM, APPLE ACQUIRED, THERE IS A LOT OF COMPLEXITY IN AI BUT A LOT OF UPSIDE WITH IT AS WELL. CAROLINE: WE THANK YOU SO MUCH FOR ALL THE EXPERTISE, JOHN KLINE. COMING UP, WE WILL BE JOINED BY SEEMA SHAH. CHIP STOCKS TRYING TO PULL THE MARKET HIGHER BUT FAILING DOES FAR. ED: A STORY OUT OF GERMANY I SPOTTED SUNDAY, STOCK DOWN ON DELIVERY HERO. THEY DISCLOSED THEY MIGHT FACE UP TO A 400 MILLION EURO FINE OVER ANTITRUST PRACTICES. THE STOCK HAD BEEN DOWN AS MUCH AS 18% BUT HAS PAIRED SOME OF THAT DECLINE AND DELIVERY SAYING IT IS GOING TO COOPERATE

WITH EUROPEAN COMMISSION.
STAY WITH US. THIS IS BLOOMBERG. ♪ CAROLINE:
STOCKS KICKING OFF THE WEEK BACK AT ALL-TIME HIGHS,
LED BY CHIP STOCKS IN PARTICULAR. DELVING INTO THESE MARKETS,
SEEMA SHAH. NVIDIA, INTEL, SOME OF THE CHIP
STOCKS PLAYING A KEY PART ONCE AGAIN.
IS THIS THE ONGOING NARRATIVE? >> IT CERTAINLY SEEMS TO BE THE
CASE. WHEN WE CAME INTO THE YEAR, THE
EXPECTATION THIS WOULD LOOK VERY DIFFERENT THAN 2023, THAT
YOU WOULD HAVE A BROADER SET OF RALLIES NOT JUST FOCUS ON THE
BIG TECH COMPANIES. AND THEN FAST FORWARD SIX MONTHS AND THIS YEAR SO MUCH LIKE 2023 WHERE
THE MEGA CAPS ARE STILL CARRYING THE MARKET.
I THINK THE ONE SLIGHT

DIFFERENCE FOR THE SECOND HALF
OF THE YEAR IS WHERE THE MEGA CAPS FIRMS EXPECT TO CONTINUE
TO DO REALLY WELL. WE ARE EXPECTING TO SEE THAT RISK
APPETITE AND EARLY DELIVERY BROADLY ON THE TECH COMPANIES.
YOU SEE OTHER COMPANIES JOINING IN WITH POSITIVE NEWS. ED:
I AM JUST BACK FOR LIKE A CLASSIC JULY 4 LONG WEEKEND IN
THE U.S. WHERE WE SIT AROUND THE TABLE
AND PEOPLE SAY, HEY, HAVE YOU SEEN NVIDIA?
THEN THEY BRING UP INTEREST RATES, AND THEY BRING UP THE
ELECTION. THE FIRST THING -- FAIR THING
TO SAY, EVERYONE IS ASKING, WHAT IS THE THING RIGHT NOW
THAT IS THE MAIN DRIVER, OR IS IT A COMBINATION OF ALL THREE? >> SO I THINK AT THE MOMENT,
FOR EQUITY MARKETS IN GENERAL, CLEARLY, THE MAJOR DRIVER IS
THE MEGA CAPS.

NVIDIA, MAX 7. THEY CONTINUE TO BE THOSE MAJOR FOUNDATIONS FOR THE EQUITY MARKET RALLY. AT THE SAME TIME, YOU ARE STILL SEEING SOME KIND OF OPTIMISM INTO THE MARKET WITH THE EXPECTATIONS FOR FED RATE CUTS, WHICH WE WOULD AGREE WITH. WITH THE U.S. ELECTION ADDING VOLATILITY, BUT WE DON'T THINK THAT WILL BE SUSTAINED MUCH BEYOND THE ELECTION. SO NOT SOMETHING WE CONTINUE TO BE WORRIED ABOUT. CAROLINE: GO GLOBAL. WE KNOW YOU CAN. THE U.K. JUST HAD ELECTIONS, FRANCE IS STILL TRYING TO WORK IT OUT. YES, WE HAVE THAT ANXIETY. IS THE U.S. TO PLAY FOR EQUITIES AND FOR BONDS? >> THE ELECTION UNCERTAINTY YOU SEE UNFOLD IN EUROPE HAS BEEN

SOMEWHAT DAMAGING.
WHEN WE THINK ABOUT EUROPE, INVESTORS, FOR THE FIRST TIME IN
YEARS, STARTED TO GET REALLY INTERESTED IN SEASONAL EARNINGS
DELIVERS, SLIGHT CYCLICAL UPTICK. WHAT YOU SEE NOW IS THE
POLITICAL TURMOIL SEEMS TO UNRAVEL SOME OF THE OPTIMISM
THAT HAD BEEN FEEDING THROUGH. NOW WE ARE LOOKING TO THE U.S..
THE U.S. HAS ITS OWN ELECTION VOLATILITY
IN THE LAST COUPLE OF WEEKS, AND WE EXPECT THAT TO CONTINUE
THROUGH NOVEMBER. BUT WHEN YOU LOOK OVER, NOT JUST
FOCUSING ON THE NEXT SIX MONTHS, BUT TAKING MORE OF A LONG-TERM
PERSPECTIVE, THAT BULL RUN YOU SEE FOR THE U.S.,
THAT IS BUILT ON THE TECHNOLOGY COMPANIES, WE THINK THAT WILL
STILL BE SUSTAINED.

OF COURSE, THERE ARE OPPORTUNITIES ELSEWHERE. IT MAKES SENSE TO DIVERSIFY AND TRY TO GET EXPOSURE TO OTHER MARKETS. BUT AS A FOUNDATIONAL ELEMENT OF A PORTFOLIO, WE THINK THE U.S. IS THE ONE THAT REALLY DESERVES THE POINTS. ED: SEEMA SHAH, GOOD TO CATCH UP. COMING UP, LEADERS CONVERGE IN WASHINGTON FOR THE NATO SUMMIT THIS WEEK. A LIKELY HOT TOPIC, AI'S GLOBAL IMPACT. NAVRINA SINGH JOINS US NEXT. THIS IS BLOOMBERG. ♪ ED: PRESIDENT BIDEN SAYS HE IS DETERMINED TO REMAIN IN THE U.S. PRESIDENTIAL RACE, CHALLENGING DISSENTERS TO END TALK OF HIS REMOVAL FROM THE BALLOT. THE PRESIDENT WROTE -- I'M

FIRMLY COMMITTED TO RUNNING
THIS RACE TO THE END AND BEATING DONALD TRUMP.
LESS THAN FIVE MONTHS UNTIL THE PRESIDENTIAL ELECTIONS.
LET'S DISCUSS WHERE THE CANDIDATES STAND ON AI IN THE
FUTURE OF AI REGULATION WITH NAVRINA SINGH OF CREDO AI, A
PLATFORM THAT STREAMLINES RESPONSIBLE AI ADOPTION BY
AUTOMATING AI OVERSIGHT. ALSO SERVES ON THE BIDEN
ADMINISTRATION NATIONAL AI ADVISORY COMMITTEE.
WELCOME BACK TO THE PROGRAM. I WANT TO START WITH A
DIFFICULT QUESTION. WE HAD VIVID RAMASWAMY AND HE
SAID, WHEN TRUMP WAS IN OFFICE, THIS WASN'T HAPPENING.
BIDEN HAS BEEN THROUGH SEVERAL YEARS OF THIS AI THING, BUT
DOES BIDEN HAVE A FIRM GRASP ON

IT TO YOUR MIND? >> THANK YOU SO MUCH FOR HAVING
ME. THERE'S A LOT UP IN THE AIR, ESPECIALLY WITH THE UPCOMING
ELECTIONS. ONE OF THE CORE THINGS WE HAVE
FOUND IN THE PAST TWO YEARS IS THE POLICYMAKERS HAVE TAKEN A
VERY PROACTIVE STAND IN UNDERSTANDING ARTIFICIAL
INTELLIGENCE, BUT ALSO HOW TO PUT GUARDRAILS AROUND IT SO WE
CAN ENSURE RESPONSIBLE USE. I WOULD SAY WHAT WE ARE SEEING,
ESPECIALLY STAKEHOLDERS IN GOVERNMENT, HAVE DONE A GREAT
JOB AT LEAST TRYING TO UNDERSTAND. ARE THEY EXPERTS?
NO, AND THAT IS WHERE WE COME IN AS AN INDUSTRY TO MAKE SURE THERE IS THIS PUBLIC-PARTNER --
PUBLIC-PRIVATE PARTNERSHIP. THE GLOBAL REGULATION.
WE BRING YOU ON ALSO BECAUSE

OVER IN WASHINGTON, THERE'S A NATO SUMMIT COMING UP, AS IF BIDEN WASN'T BUSY ENOUGH ALREADY. I AM INTERESTED IN YOUR PERSPECTIVE ON WHETHER WE ARE SEEING A GLOBAL NARRATIVE FORM, WESTERN GLOBAL NARRATIVE ON GOVERNANCE OF AI? >> THIS IS A PIVOTAL WEEK IN D.C., PRIMARILY BECAUSE DATA IS CELEBRATING 75 YEARS OF BRINGING TOGETHER HEADS OF STATES AND GOVERNMENTS. CAROLINE, AS I TELL, IT IS THE ONLY CONSTANT IS CHANGE AND AI THIS YEAR. WE ARE EXPECTING TO SEE NOT ONLY DEBATE AND DISCUSSION ON WHAT IS ARTIFICIAL INTELLIGENCE AND NATIONAL SECURITY AND DEFENSE ON A GLOBAL SCALE, BUT MORE IMPORTANTLY, IS RESPONSIBLE USE? IT HAS BEEN FASCINATING TO SEE

NATO SINCE 2021 HAS SOMETHING CALLED PRINCIPLES OF RESPONSIBLE USE. THEY HAVE ENGAGED WITH THE INDUSTRY, INCLUDING CREDO AI, WHICH IS IN AI GOVERNANCE AND RISK MANAGEMENT AND COMPLIANCE PLATFORM THAT HELPS ORGANIZATIONS DELIVER ON THE GOALS OF RESPONSIBLE AI. WHAT WE ARE GOING TO SEE COMING OUT OF THE NATO SUMMIT IS NOT ONLY GOING TO BE OUR BELIEF -- OUR BELIEF IS NOT ONLY ATTENTION TO ARTIFICIAL INTELLIGENCE, BUT MORE INTERNATIONAL COOPERATION ON STANDARDS AND EVALUATIONS. ED: I FIND THIS FASCINATING. NATO IS A COALITION OF 32 MEMBER STATES. WITHIN THAT, THE UNITED STATES IS PROBABLY THE MARKET LEADER IN DEVELOPING LARGELY WHICH MODELS, GENERATIVE AI, STRONG PLACE IN FRANCE, THE UNITED

KINGDOM.
HOW DO THEY AGREE ON ANYTHING WHEN IT COMES TO A SET OF RULES,
GIVEN THE CROSS-JURISDICTIONAL ASSEMBLY OF THAT GROUP? >> THIS WORK HAS COMMOTION FOR
YEARS. IT IS NOT A QUESTION, AND DISCUSSION HAPPENING RIGHT NOW.
ESPECIALLY FOR THE PAST 4.5 YEARS, AND I'VE BEEN ON THE
ADVISORY COMMISSION NOW FOR ALMOST TWO YEARS, THERE'S BEEN
A VERY STRONG INTERNATIONAL COOPERATION ON WHAT IS GOOD
ARTIFICIAL INTELLIGENCE GOVERNANCE AND STANDARDS ACROSS
ARTIFICIAL INTELLIGENCE LOOK LIKE. IN AUGUST, EUROPE'S FIRST ARTIFICIAL INTELLIGENCE ASKED
THE -- ACT GOES INTO EFFECT. IT IS FOCUSED ON AI RISK BUT
ALSO RIGHTS OF CITIZENS. WE ARE SEEING ACROSS THE NATO
ALLIES A LOT OF DISCUSSION, BUT

ALSO COLLABORATION AND UNDERSTANDING ON HOW PARAMOUNT IT IS TO FOCUS ON ARTIFICIAL INTELLIGENCE RISKS, FOR MAKING SURE IT SERVES THE CITIZENS OF ALL THESE NATIONS. THERE HAS ALREADY BEEN A LOT OF CONSENSUS, I BELIEVE, IN COMING UP WITH THE RIGHT FRAMEWORKS FOR GUARDRAILS. CAROLINE: WHENEVER I POST ANYTHING ON GUARDRAILS, ON PROTECTION, COME ON, GOVERNANCE OF ARTIFICIAL INTELLIGENCE, ON LINKEDIN OR WHEREVER ELSE I'M THROWING MY IDEAS, I GET SO MUCH FIGHT BACKS, AND YOU CAN'T EVEN USE A WORD LIKE GUARD RAIL WHEN IT COMES TO ARTIFICIAL INTELLIGENCE. WHAT IS YOUR RESPONSE? >> I THINK CYNICS ARE WHAT DRIVES INNOVATION FORWARD, IS

WHAT I WOULD SAY.
ONE OF THE BIG NARRATIVE SHIFTS WE HAVE SEEN IN THE PAST FEW
YEARS, ESPECIALLY CREDO AI CREATED THE WORD AI GOVERNANCE,
AND THE SHIFT WE HAVE SEEN IS GOVERNANCE IS NOT A BARRIER TO
AI INNOVATION. IT IS BECOMING A CRITICAL WILL COMPONENT IN MAKING SURE AI ACTUALLY WORKS FOR THE BUSINESSES I AM INVESTING IN IT. IF YOU LOOK AT THE PAST EARNING
CALLS FROM MOST OF THE ORGANIZATIONS, WHETHER IT IS
META-, MICROSOFT, ADOBE, AND OTHERS, THERE'S BEEN ONE
MASSIVE FOCUS ON INVESTMENT IN ARTIFICIAL INTELLIGENCE.
AS OF LAST WEEK, THE FINANCIAL REPORTING'S ALSO INCLUDE AI
RISKS AND MAKING SURE THERE ARE RIGHT GOVERNANCE STRUCTURES
DONE ONLY AT THE BUSINESS LEVEL.

BUT AT THE AI SYSTEMS LEVEL,
THE NARRATIVE I WAS A HAS SHIFTED, AND ALSO THE
INVESTMENTS IS SHIFTING FROM AI ADOPTION TO NOW MAKING SURE
RESPONSIBLE AI ADOPTION IS PARAMOUNT TO BUSINESS SUCCESS.
CAROLINE: ALWAYS GREAT TO HAVE YOU IN THE
BUILDING, NAVRINA SINGH, CREDO AI CEO.
COMING UP, YOU'RE GOING TO DISCUSS THE IMPACT OF ONE KEY
AI LEADER, FRANCE, BUT THE ELECTIONS HAVE JUST BEEN
INFLUENCING THE STARTUP SCENE THERE AND INDEED IN THE U.K.
WE HAVE HAD THE ELECTIONS, AND WHAT DOES THAT MEAN FOR
TECHNOLOGY? JULIAN DAVID OF TECHUK TO
DISCUSS THE RECENT CLEAR MAJORITY WILL REFLECT THE TECH
SECTOR. ED: IN THE MARKETS, SERVICE SHARES
UNDER PRESSURE, DOWN.

GUGGENHEIM CUTTING TO SELL.
BASICALLY SAYING THEY HAVE A VALUATION CONCERN.
WE'VE BEEN TALKING A LOT MORE ABOUT SERVICE IN THE AI
CONTACTS. YOU REMEMBER THE CONVERSATION
WITH BILL MCDERMOTT IN VEGAS, CLOSELY ALIGNING HIMSELF WITH
MR. DELL AND MR. JENSEN ON NVIDIA. STAY WITH US.
THIS IS BLOOMBERG. ♪ CAROLINE:
WELCOME BACK TO BLOOMBERG TECHNOLOGY. ED:
WHAT ARE YOU SEEING IN THE MARKETS RIGHT NOW? CAROLINE:
VOLATILITY. TO BE EXPECTED. WE ARE UP, RECORD HIGHS ONCE
AGAIN. WE TRIED TO FLIP INTO THE RED,
BUT THE NASDAQ IS BACK ON TOP ONCE AGAIN.
I'M LOOKING AT CAC 40, MORE AFFECTED BY POLITICS AT THIS
MOMENT.

CLEARLY, WORRIES ABOUT WHAT
FRANCE IS ABLE TO ACHIEVE, AND WE WILL DIG INTO THAT IN A
MOMENT. IT IS AFFECTING STOCKS A BIT.
BITCOIN OFF BY 1.5%. THIS IS MORE ON THE SUPPLY SIDE
ISSUE. LET'S MOVE ON TO LOOK AT
INDIVIDUAL COMPANIES. CHIP STOCKS, BENCHMARKS RISING
HIGHER. NVIDIA DOING VERY WELL. ALSO INTEL IS DOING INCREDIBLY
WELL. SOME OF THESE COMPANIES MANY
FEEL HAVE BEEN LEFT OUT OF THE AI TRADE START TO PLAY IN AND
GET AHEAD OF ANY SHORT SQUEEZE. SUPER MICRO COMPUTER IS ONE OF
THOSE COME UP MORE THAN 8% ON THE DAY. META ON THE DOWNSIDE.
IT RALLIED HARD ON FRIDAY. PROFIT TAKEN HAPPENING AS WE
GET RED BUSH AND OTHER KEY

NAMES SAYING, LOOK, UPGRADE
YOUR PRICE TARGETS. WE ARE SEEING BERNSTEIN PUTTING
OUT A THOUGHTFUL NOTE SAYING, MAYBE WE HAVE META NOT
PERFORMING WELL IF TRUMP CAME TO POWER.
LET'S 12 MORE ON THE POLITICAL LANDSCAPE.
-- LET'S 12 MORE ON POLITICAL LANDSCAPE. ED:
FRANCE HEADED INTO A SHOCK TO FEED FOR MARINE LE PEN
FAR-RIGHT IN SUNDAY'S ELECTION. LEFT-WING ALLIES WILL BE THE
BIGGEST GROUP, DIVIDED PARLIAMENT HAS NO CLEAR
MAJORITY. HERE TO DISCUSS, THERE IS AN AI
START OF ECOSYSTEM CONVERSATION TO BE HAD HERE, OLIVER.
LET'S START WITH WHERE DO WE STAND AND WHAT WILL BE
PROTRACTED COALITION BUILDING AND POLITICAL BARGAINING OVER
THE COMING WEEKS?

THAT'S RIGHT. PROTRACTED BARGAINING IN A NATION THAT IS NOT REALLY ACCUSTOMED TO THAT SORT OF THING. A PRESIDENTIAL SYSTEM WHERE GENERALLY YOU HAVE SOME KIND OF MAJORITY WITHIN THE PARLIAMENT, THE PRESIDENT APPOINTS THE PRIME MINISTER, AND YOU MOVE ALONG. UNPRECEDENTED FOR THE PRESIDENT AS MACRON DID YOU DISSOLVE THE PARLIAMENT AND CALL FOR THE SNAP ELECTIONS. THE FEAR WAS THE FAR-RIGHT WOULD SWEEP. THAT IS NOT THE STORY WE HAVE TODAY. IT IS NOT ANY SIMPLER. YET THE LEFT COALITION THAT IS COMPOSED OF PEOPLE WITH VERY DIFFERENT VIEWS ON THE POLITICAL SPECTRUM. THE VERY FAR LEFT IS AMONG THEM. NONE HAVE AN OUTRIGHT MAJORITY SO THERE WILL BE A LOT OF DISCUSSIONS.

THE PRIME MINISTER TENDERED HIS RESIGNATION, AND MACRON REFUSED. HE WILL BE THERE AT LEAST A COUPLE MORE WEEKS. NO CLEAR PATH TO HAVE THIS GOVERNMENT GETS FORMED. CAROLINE: WHAT IS CORPORATE FRANCE'S REACTION? INTERESTINGLY, A LOT OF BIG INTERNATIONAL BUSINESSES WITHIN THE CAC 40. WHAT HAS BEEN THE DOMESTIC VIEWPOINT? >> LISTEN, THIS IS NOT EVEN CLOSE TO THE WORST-CASE SCENARIO FOR BUSINESS AND MARKETS. THIS GRIDLOCK SITUATION, THOUGH NOT IDEAL, FALLS SHORT OF THE OTHER ISSUES YOU WOULD HAVE HAD. THERE IS A GREAT CONSCIOUSNESS WITHIN FRANCE AND ACROSS EUROPE, PARTICULARLY WITH THE FAR-RIGHT RISING AS IT IS ABOUT THE QUESTION OF IMMIGRATION AND PARTICULARLY IN FRANCE ON MY HOME COUNTRY WHERE I LIVE IN

GERMANY, A QUESTION OF WHERE IS
THE LABOR? THERE IS NOT THE LABOR IN THE
MARKET TO BUILD THE BUSINESSES THAT PEOPLE NEED TO BE BUILDING.
A LOT OF THE POLICYMAKERS AND THE MAINSTREAM POLITICS YOU THE
ANSWER IS IMMIGRATION. THOUGH THE FAR-RIGHT DID NOT
SWEEP THE ELECTIONS, LET US NOT FAIL TO MENTION THEY ARE THE
NUMBER ONE PARTY RIGHT NOW IN FRENCH PARLIAMENT.
THEY HAVE SET A RECORD. IN TERMS OF CREATING A STABLE
ENVIRONMENT FOR BUSINESS, THIS IS NOT AN IDEAL OUTCOME THOUGH
IT FALLS SOMEWHAT SHORT OF THE WORST CASE SCENARIO. ED:
LET'S FOCUS AT A MICROLEVEL ON THE TECH SECTOR.
THIS IMMIGRATION CENTER POINT IS NOT UNIQUE TO FRANCE.
THERE IS A DEBATE AROUND TALENT AND BEING ABLE TO BRING TALENT
INTO A MARKET WHERE FRANCE SEES

ITSELF AS AN AI LEADER, FOR EXAMPLE. WHAT DO THE START OF LEVEL CONVERSATIONS TELL YOU ABOUT THE OUTCOME OF THIS ELECTION? >> ABSOLUTELY. IT WANTS TO BE A NIBBLE ECONOMY. THAT IS SORT OF WHAT MACRON PROMISE WHEN HE CAME INTO POWER, TO MAKE THE ECONOMY A LITTLE MORE DYNAMIC. HOME TO ONE OF THE GREAT AI HUBS WITHIN EUROPE. WHERE THERE ARE NOT A GREAT MANY OF THESE LEADERS TO CHOOSE FROM. THIS IS COMING AT A MOMENT WHEN EUROPE IS IN A SLOW BURNING KIND OF EXISTENTIAL CRISIS IN TERMS OF ITS OWN COMPETITIVENESS. THEY WORRY A DIFFERENT LEVEL, BUT AT THE EU LEVEL, HOW DO YOU BOOST FRENCH COMPETITIVENESS AT A TIME WHEN YOU SEE GLOBAL

BLOCS FRAGMENTED WITH THE UNITED STATES INFLATION REDUCTION ACT, CHIPS ACT, CHINA THAT IS DOING A LOT OF HELPING OF ITS OWN BUSINESSES AND DOMESTIC ECONOMIC POLICY. WHERE DOES THAT LEAVE EUROPE? ONE OF THE SITUATIONS MACRON PUTS FORWARD IS MORE ROBUST UNION TO GET THAT CAPITAL FLOWING ACROSS BORDERS. WHEN YOU HAVE MACRON THIS POWER TAKEN OUT FROM UNDER HIM, IT MAKES IT HARDER TO MOVE FORWARD WITH THAT, PARTICULARLY WHEN YOU HAVE THE FAR-RIGHT AND FAR LEFT AND NEITHER OF WHOM ARE REALLY BIG FANS OF A BIGGER AND STRONGER EUROPE. CAROLINE: OLIVER COOK, WE APPRECIATE YOU STAYING IN PARIS WITH US ON WHAT IS BEEN A LONG WEEKEND OF COVERAGE. THANK YOU. IT IS NOT THE ONLY POLITICAL

STORY.
WE HAVE TO GET TO THE U.K. AND DISCUSS THE RECENT
ELECTIONS THERE AS THE NEW PRIME MINISTER CURSED HIM. A
FOCUS IS ON EACH -- CURSED ARMOR FOCUSES KERI STARMER.
WHAT DOES THE INVESTMENT LANDSCAPE LOOK LIKE FOR
TECHNOLOGY NOW FROM A GOVERNMENT PERSPECTIVE? >> IT IS INTERESTING.
THE TECH SECTOR IN THE U.K. IS A SUCCESS STORY ALREADY, HAS
ALREADY GROWN 25% OVER THE LAST 10 YEARS.
INVESTMENT IS COMING IN AND NOW 150 BILLION POUNDS TO THE WHOLE
ECONOMY. THE STARTING POINT IS THAT A
GREAT PLACE. WHAT WAS INTERESTING, TODAY I
WAS AT THE NEW CHANCELLOR -- FIRST FEMALE CHANCELLOR, BY THE
WAY, GIVING A SPEECH ABOUT WHAT IS THE MACRO GROWTH, HOW THEY
GOING TO GO ABOUT IT?

IT WAS VERY MUCH ABOUT CHANGING PLANNING. IT WAS ABOUT INVESTMENT, REFORM. ED: CONVERSATIONS I'VE HAD WITH THE TECH INDUSTRY OVER THE WEEKEND -- GOOD MORNING FROM SAN FRANCISCO -- IS THERE BIG ON HOPE IN THE U.K. BASED ON THE KERI STARMER GOVERNMENT. I WENT BACK AND READ THE LABOR MANIFESTO AND THEY WRITE ABOUT AI, FOSTERING A AI INDUSTRY. ONE COMPLAINT IS THEY DON'T EXPLAIN HOW THEY'RE GOING TO DO THAT, PARTICULARLY WHEN IT COMES TO GETTING DATA CENTERS BUILT, TALENT ON THE GROUND. >> REALLY INTERESTING. THIS MORNING AS AN ILLUSTRATION OF THE NEW POWERS TO DO WITH PLANNING, THE DEBITED PRIME MINISTER WAS THERE AS WELL -- DEPUTY PRIME MINISTER WAS THERE

AS WELL, RACHEL RAINES SAID SHE HAS TWO DATA CENTERS THAT WERE TURNED DOWN BY THE PREVIOUS GOVERNMENT. THAT IS QUITE AN INDICATOR OF THEM TREATING THE TECH SECTOR -- THERE IS MORE TO DO. WE WANT THEM TO STATE HOW THEY'RE GOING TO USE AI. THERE ARE SOME GOOD INDICATORS. HOW THEY WILL USE IT TO REFORM HEALTH PROVISION, ACROSS EDUCATION, SKILLS, AND CONTINUE TO LOOK AT HOW WE BRING IN MORE TECH INVESTMENT. THAT IS ANOTHER MEETING HAPPENING TOMORROW MORNING. A LOT OF IT IS ABOUT TECH. CAROLINE: IT SHOULD BE ABOUT TECH BECAUSE DESPITE SO-CALLED TURMOIL, WORRY ABOUT BREXIT, WE STILL HAVE A NOTABLE AMOUNT OF UNICORNS IN THE UNITED KINGDOM.

THE KEY QUESTION FOR ME HAS TO
BE TALENT, AND WHETHER OR NOT IT IS GOING TO GET ANY EASIER TO
GET TALENT FROM ARE BROUGHT INTO THE U.K.
IF THAT IS NECESSARY FOR THE ECOSYSTEM. >> WE NEED WORLD-CLASS TALENT.
THAT IS HOW TECH THRIVES. WE ALSO NEED TO GROW OUR OWN
TALENT. THE OTHER THING THAT WAS INTERESTING IS A MUCH MORE
FLEXIBLE APPROACH TO THE FRIENDSHIP LEVY, WHICH
BUSINESSES HAVE BEEN COMPLAINING ABOUT FOR MANY
YEARS. TO SAY, OK, HOW DO WE GET MORE
FLEXIBLE USE OF SKILLS? HOW TICKET RETURN -- HOW DO WE
GET RETURN? SOMETHING WE ARE VERY
PASSIONATE ABOUT. I THINK WE ARE IN GOOD SHAPE
FOR THIS. YES, THE ARGUMENT ABOUT
MIGRATION. I HEARD YOU TALKING.

BUT WE LIVE IN A CITRUS GOVERNMENT, AND I THINK THE ESSENTIAL WHOLE APPROACH IS ONE THAT SAYS GET THE SKILLS WE NEED. WE LIVE IN A CENTRIST GOVERNMENT, AND I THINK THE ESSENTIAL APPROACH IS ONE THAT SAYS GET THE SKILLS WE NEED. ED: YOU HAVE BASICALLY EMBOLDENED LABOR MAYOR IN PARTNERSHIP WITH A LABOUR GOVERNMENT WHO HAS TALKED ABOUT EVOLVING MORE POWER TO THE MAYOR'S OFFICE. DO YOU THINK THAT BRIGHTENS THE PROSPECTS FOR THAT CITY? >> YES, I DO. I ALSO THINK -- HOW TO SAY THIS. A LOT OF TALK WAS ABOUT GROWING IN THE U.K. -- ED: IT WAS, FORMERLY. >> SEEMINGLY NOT TALKING ABOUT CONTINUE TO GROW LONDON COME AS IF LONDON -- I THINK THAT WOULD CHANGE DOWN.

THAT DOES SEEM TO BE THE CASE. WE ARE CERTAINLY THINKING. THE VIEW OF LONDON. I MEAN, ELON MUSK WAS TALKING ABOUT THE FACT. APART FROM THE BAY AREA, LONDON IS THE NEXT BIGGEST CENTER FOR AI TALENT ALREADY. SO THOSE KINDS OF THINGS ARE WORKING FOR US. IF YOU PUT THAT TOGETHER WITH AN ACTIVE STRATEGY, A REAL FOCUS ON SKILLS, AND THERE IS AN INVESTMENT CONFERENCE -- AS I SAID, WE WERE SAYING, HOW DO WE GET SOME OF THE PEOPLE WHO WANT TO INVEST TO LOOK AT THE U.K. IT IS STABLE, VERY TECH FRIENDLY, HAS LOTS OF TALENT, AND SOME REALLY GREAT INDUSTRIES THROUGHOUT THE CITY. ED: JULIAN DAVID, TECHUK, FRESH REACTION TO A BUSY WEEKEND OF GOVERNMENT FORMING.

A STORY WE HAVE BEEN WATCHING OVERNIGHT TURNING TO SAMSUNG, THOUSANDS OF WORKERS HAVE WALKED OFF THE JOB TODAY, STAGING A RALLY TO DEMAND BETTER PAY. IT IS THE BIGGEST ORGANIZED LABOR ACTION IN THE SOUTH KOREAN COMPANY'S HISTORY. OVER PAID VACATION TIME COLLAPSE LAST MONTH. STRIKE AIMS TO DRIVE HOME THEIR DEMANDS BY DISRUPTING PRODUCTION AT ONE OF THE COMPANY'S MOST ADVANCED CHIP FACILITIES. CAROLINE: COMING UP, WE ARE GOING TO BE JOINED BY THE CEO OF AN AI STARTED HEBBIA. THAT IS NEXT. THIS IS BLOOMBERG. ♪ CAROLINE: HEBBIA HANDLES PRETTY COMPLEX MULTISTEP QUESTIONS. RAISED $130 MILLION. HERE TO DISCUSS HOW THE COMPANY WILL USE THOSE FUNDS, HEBBIA

FOUNDER GEORGE SIVULKA.
NEW YORK-BASED COMPANY. YOU'RE LOOKING TO RAISE FUNDS
TO WHAT? HOW DO YOU BUILD UP WHAT YOU'RE
CURRENTLY BUILDING? >> THANK YOU FOR HAVING ME.
A REALLY IMPORTANT THING TO UNDERSTAND ABOUT WHAT HEBBIA
DOES AND WHO WE ARE IS SOMETHING BROADER ABOUT THE
LARGER AI LANDSCAPE. WE FUNDAMENTALLY THINK THERE IS
A PROBLEM IN AI RIGHT NOW. YOU HAVE THOUSANDS OF COMPANIES
GOING OUT AND BUILDING CHATBOTS OR SEARCH ENGINES OR THINGS
THAT ARE GREAT AT ONE-OFF TASKS BUT AT THE END OF THE DAY, THE
WAY WE WORK IS MUCH MORE COMPLEX. HEBBIA'S BUILDING AND HAS BUILT
AN AI ANALYST WHICH IS AMAZING AT DOING A VARIETY OF COMPLEX
TASKS.

IT UNDERSTANDS THE WAY WE WORK,
BREAKS IT DOWN TO SINGLE STEPS, AND CAN EXECUTE COMPLEX WORK
END-TO-END. CAROLINE: THE PROBLEM IS, WE ARE GETTING
HYPED ABOUT AI AGENTS, BUT VERY LITTLE CAN BE DONE. >> THAT'S TRUE.
THE LAST YEAR WAS A YEAR OF EXPERIMENTATION, BUT THIS YEAR
PEOPLE ARE TRYING TO GET SERIOUS VALUE AND QUANTIFIABLE
VALUE OUT OF THESE AI SYSTEMS. IT IS HARD TO FIND UNLESS YOU
HAVE THINGS THAT CAN DO MORE COMPLEX WORK. ALSO, A CHATBOT CAN
REWRITE AN EMAIL OR HELP YOUR KIDS CHEAT ON THEIR HOMEWORK,
BUT AT THE END OF THE DAY, WHAT WE HAVE TO DO IS CREATE AI
AGENTS THAT CAN DO COMPLEX DATA, CAN TACKLE THE INTERESTING
PARTS OF WHAT WE DO. ED: GEORGE, I HAVE BEEN READING
ABOUT WHAT YOU BUILD.

WHEN I THINK OF MY OWN DAY-TO-DAY WORKFLOW, IF I'M USING SLACKWARE GOOGLE DRIVE, I'M INTERACTING WITH FILES IN MULTIPLE MEDIUMS: TEXT AND DOCUMENTS, BUT ALSO VIDEO, AUDIO. OFTEN, I WANT TO FIND THINGS ACROSS ALL OF THEM. HOW DIFFICULT WAS THAT TO BUILD SOMETHING THAT CAN WORK ACROSS MULTIPLE MEDIUMS AND SEARCH ACROSS THEM COMMONLY? >> YOU ARE SEEING A TREND IN AI RIGHT NOW WHERE A LOT OF THE THINGS THAT PEOPLE ARE BUILDING, A LOT OF THE RESEARCH PEOPLE ARE UNDERGOING IS ALL AROUND EMBRACING MULTIMODALITY. HEBBIA IS MODEL AGNOSTIC. PART OF THE BENEFIT THAT HEBBIA PROVIDES IS THE MINUTE THE MULTIMODAL'S ARE RELEASED OR ANYTHING NEW HAPPENS IN AI, CAN LEVERAGE IT IN AN EASY.

UNDERSTANDABLE WAY.
WHEN MULTIMODAL MODELS CAME OUT, HEBBIA IS ONE OF THE FIRST
PLACES. WERE LEADING FINANCIAL FIRMS, ASSET MANAGERS, FORTUNE
100 COMPANIES ENDED UP USING THOSE MODELS IN PRODUCTION FOR
LIFE. QUANTIFIABLE USE CASES THAT TRUE VALUE. ED:
BLOOMBERG HAS REPORTED THIS DEAL VALUES AROUND $700 MILLION.
TELL ME ABOUT HOW QUICKLY OF SCALED THE BUSINESS SIDE OF THE
COMPANY. YOUR SALES, YOUR OPERATIONS AND
HOW BIG A CHALLENGE THAT HAS BEEN. >> ONE OF THE REALLY EXCITING
THINGS ABOUT HEBBIA IS HOW FAST WE HAVE GROWN.
WE WORK WITH OVER ONE THIRD OF THE TOP 50 LARGEST ASSET
MANAGERS BY AUM. WE ARE PLANNING ON CONTINUING
TO GROW, TO USE THIS FUNDING TO

BECOME A DEFECTIVE LEADER IN GENERATIVE AI. ALSO, GOING OUT TO A VARIETY OF VERTICALS LIKE THE LEGAL VERTICAL WHERE WE HAVE A VARIETY OF NEW CUSTOMERS AND REALLY LARGE FORTUNE 500 COMPANIES I PREVIOUSLY MENTIONED. AT THE END OF THE DAY, WE ARE COMING OF 18 MONTHS OF WHERE WE GREW 15X AND OUR REVENUE. OUR HEADCOUNT QUINTUPLED OVER THE LAST YEAR. I DON'T THINK YOU COULD BE A MORE EXCITING TIME TO BE BUILDING AN AI COMPANY RIGHT HERE IN NEW YORK. ED: GEORGE SIVULKA, THANK YOU FOR YOUR TIME HERE ON BLOOMBERG TECHNOLOGY. COMING UP, COULD THE CRYPTO BULL RUN BE SLOWING DOWN? WE WILL DISCUSS BITCOIN'S OUTLOOK AFTER ITS ALL-TIME PEAK.

IN THE FIRST QUARTER, COMING UP NEXT. THIS IS BLOOMBERG. ♪ ED:
AS APPLE APPROACHES THE DECADE ANNIVERSARY OF THE DEBUT OF THE ORIGINAL APPLE WATCH, THE COMPANY IS PREPARING MAJOR UPDATES TO ITS SMARTWATCH LINE FOR LATER THIS YEAR. APPLE IS WORKING ON AN APPLE WATCH SERIES 10 AND APPLE WATCH ULTRA THREE, AS WELL AS A THIRD-GENERATION VERSION OF THE APPLE WATCH SE. THE BIGGEST CHANGES TO THE APPLE WATCH LINE THIS YEAR WILL BE COMING TO THE SERIES 10. FOR THE FIRST TIME IN SEVERAL YEARS, APPLE IS PLANNING TO MAKE THE APPLE WATCH QUITE A BIT LARGER. IT IS PLANNING TO INCREASE THE SCREEN SIZE ON THE SERIES MODELS FOR THE FIRST TIME SINCE THE SERIES 7 LAUNCHED IN 2021. THE NEW SERIES 10 HIGH-INVERSION WILL COME WITH THE DISPLAY THAT APPROACHES THE

SCREEN SIZE OF THE APPLE WATCH
ULTRA. IT IS PLANNING AN UPDATE TO THE
ULTRA, BUT THAT WILL RETAIN THE SAME DESIGN THAT LAUNCHED IN
2022. BUT THE SERIES 10 AND THE ULTRA
THREE WILL GET A NEW PROCESSOR. THAT WILL BE A BIG FOCUS OF THE
COMPANY'S INTRODUCTION. THERE'S GOING TO BE A NEW S
APPLE. THE COMPANY IS CONSIDERING TO A
PLASTIC CASE IN ORDER TO BRING DOWN THE COST AND BETTER
COMPETE WITH LOWERING SMARTWATCHES FROM SAMSUNG AND
OTHER PROVIDERS. CAROLINE:
LET'S TALK ABOUT MICROSOFT IS ORDERING HIS CHINA-BASED
EMPLOYEES TO SWAP ANDROIDS FOR IPHONES.
IN AN INTERNAL MEMO, WORKERS WILL BE REQUIRED TO USE ONLY
APPLE DEVICES TO IDENTIFY IDENTITIES ON WORK COMPUTERS.
THE MOVE IS SAID TO IMPACT

HUNDREDS OF WORKERS ACROSS MAINLAND CHINA ARE MEANT TO ENSURE STAFF USE THE MICROSOFT AUTHENTICATOR WHEN LOGGING IN. BITCOIN IS DOWN SLIGHTLY TODAY, FUELING CONCERNS THAT MAYBE THIS CRYPTO BULL RUN THAT STARTED LAST YEAR IS WAITING FURTHER. BITCOIN THAT STARTED LAST YEAR IS WAN FURTHERING. YOU HAVE THE 8 BILLION WORTH OF BITCOIN, A SIZABLE CHUNK THAT IS BEING REPAID TO CREDITORS HERE ABOUT A DECADE AFTER THE BANKRUPTCY. TALK ABOUT HOW MUCH PRESSURE THIS HAS PUT OFF THE MARKET AFTER THE INITIAL EXUBERANCE OF THOSE BITCOINS. BUT ETF'S IN THE UNITED STATES STARTED. YOU NOW HAVE BITCOIN PLUNGING BELOW THAT 56,000 DOLLAR LEVEL. REMEMBER, THAT IS ALMOST 24% OFF THE HIGH WE SAW A LITTLE

EARLIER THIS YEAR. WHEN YOU HAVE THE SUPPLY OVERHANG COMPOUNDED BY, LET'S SAY, THE LACK OF EXCITEMENT AROUND THE ASSET CLASS RIGHT NOW, YOU DO HAVE A TOUGH SUMMER FOR THE CRYPTOCURRENCY, PARTICULARLY WHEN YOU THINK ABOUT OTHER CATALYSTS THAT SHOULD HAVE BEEN MORE EXCITING. THINK IN A THEORY HIM SPOT ETF WAS TO -- ETHERIUM SPOT ETF. >ED: IT IS MONDAY BUT SAYS IN THE STORY IF THIS DECLINE CARRIES THROUGH SUNDAY LIKE SEVEN DAYS FROM NOW, IT WILL BE FIVE STRAIGHT WEEKS OF DECLINES. WHO STARTS A WEEK SAYING THAT? WHAT OTHER DATA ARE WE LOOKING AT? ETF OUTFLOWS? >> IT IS INTERESTING. ONE THING I HAVE, MANY PEOPLE WHO INVEST IN BITCOIN HAVE OTHERS.

THEY WAKE UP IN OAK. MY GOD, BITCOIN IS DOWN ANOTHER 6%. YOUR POINT, IT IS BEEN WEEKS WHERE WE HAVEN'T REALLY SEEN THE STRONG BIT IN THE MARKET, AND SOME SIGNIFICANT FORCES WHEN IT COMES TO SELLING ALSO. WHAT IS A HARDER STRUGGLE TO FIND IS WHAT THAT NEXT CATALYST IS. WHAT IS THE NEXT MARKET MOMENT FOR BITCOIN. WHEN ARE PEOPLE GOING TO GET ENERGIZED ABOUT WHERE THIS GOES NEXT? IF YOU TALK TO MOST PEOPLE IN THE CRYPTO MARKET, THEY TAKE A MACRO VIEW. THIS IDEA U.S. FISCAL SPENDING, FOR EXAMPLE, WILL BE A BIGGER CATALYST FOR BITCOIN. WHAT DOES THAT DRAW INTERESTED IN THE NEAR-TERM INTO THE ASSET?

ED: GREAT DADDY ON THE SHOW.
THANK YOU. THAT DOES IT FOR THIS EDITION
OF BLOOMBERG TECHNOLOGY. PROGRAMMING NOTE: THERE IS NO
BLOOMBERG TECHNOLOGY FOR THE NEXT COUPLE OF DAYS.
BLOOMBERG OPENING INTEREST WILL BE CARRYING FED SHALL -- WILL BE
CARRYING CHAIRMAN POWELL'S TESTIMONY. THIS IS BLOOMBERG.

Paramount and Skydance's Deal, European Elections' Impact on Tech

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