>> “BLOOMBERG TECH”
IS LIVE FROM COAST-TO-COAST WITH CAROLINE HYDE IN NEW YORK
AND ED LUDLOW IN SAN FRANCISCO. CAROLINE:
THIS IS “BLOOMBERG TECH.” META FINALIZES AN INVESTMENT IN
SCALE AI. THE CEO IS PUMPING UP AGI
EFFORTS. AGO BE SALES OUTLOOK TOPS
ESTIMATES BUT NOT ENOUGH TO CALL INVESTORS’ CONCERNED THAT
IT IS LOSING THE AI RACE. AND STABLECOIN PLANS PUTS
PRESSURE ON VISA AND MASTERCARD WE SPEAK WITH THE CEO CRYPTO
FIRM CIRCLE. THERE IS A CLEAR GEOPOLITICAL
RISK FOR INVESTORS. WITH AGO WHAT THE ISRAELI
ATTACKS MEAN FOR THE SEARCH FOR SAFETY.
IDIOSYNCRATIC NEWS WITHIN THE BENCHMARK, BUT BITCOIN NOT YOUR
SAVIOR OF CHOICE AT THE MOMENT, NOT THE AREA TO GO FOR SAFETY
CONCURRENTLY OFF BY .9% ON BITCOIN.
I LOOK AT THE INDIVIDUAL MEMBERS.
WE’VE GOT TO LOOK AT TECH NEWS ALL ABOUT META. ANOTHER HIRE, THIS ONE COSTING
MORE THAN 4 BILLION. OFF BY .5%, BUT GENERALLY THE
MARKET LIKE THE MOVE, SPENDING ON THE FUTURE OF AGI.
LET’S GET TO IT WITH KURT WAGNER, WHO IS BREAKING THE
STORY STEP-BY-STEP. YOU BROUGHT UP THIS IDEA THAT
ALEXANDER WANG WAS GOING TO BE PART OF THIS CRUCIAL TEAM THAT
MARK ZUCKERBERG IS FORMING. THIS SEEMS TO BE ANOTHER
EXAMPLE OF A HIGHER BY A BIG TECH COMPANY. >> AS YOU MENTIONED, THERE THE
4.3 BILLION INVESTMENT. ALEXANDER WANG IS JOINING META,
SO ARE THE OTHER EMPLOYEES FROM SCALE AI.
WHILE META IS A 49% STAKEHOLDER IN SCALE, IT IS TAKING THE CEO
OVER TO META. A A LOT OF PEOPLE ARE VIEWING
THIS AS AN EXPENSIVE HIRE. SCALE IS STILL GOING TO BE
OPERATING INDEPENDENTLY AND GOING TO HAVE AN INTERIM CEO.
BUT GIVEN THE TALENT MOVING FROM SCALE TO META, THIS IS AN
EXPENSIVE TELLING AND SOMETHING THAT — EXPENSIVE TALENTS GRAB
AND SOMETHING WE HAVE SEEN FROM MARK ZUCKERBERG BEFORE AND
SOMETHING HE IS FOCUSED ON AI RIGHT NOW. CAROLINE: WE HAVE SEEN IT FROM OTHER TECH
COMPANIES, THE FACT THAT YOU SKIRT ANY REGULATORY OVERSIGHT,
PARTICULARLY WHEN META’S IN THE FRONT LINE OF THE FTC
INVESTIGATION, MICROSOFT WITH INFECTION, AMAZON, GOOGLE WITH
CHARACTER AI. WHAT DOES THE SHOW ABOUT THE
ANXIETY THAT MARK ZUCKERBERG HAS RIGHT NOW MEKURT:
PART OF THE MOMENTUM. HE FELT THEY WERE BEHIND.
WE HAD A STORY ABOUT HIM BUILDING THIS SUPER INTELLIGENT
AI TEAM, AND I WAS MOTIVATED BY THE FACT THAT THE LAUNCH BACK
IN APRIL WAS UNDERWHELMING AND HE FELT META WITH NOT KEEPING
PACE THE WAY THEY SHOULD. THERE IS REAL PARANOIA THERE.
THIS IS A CLASSIC MARKET LIKE A BIRD MOVED FROM TO GET
INCREDIBLY IN THE WEEDS ON SOMETHING — CLASSIC MARK
ZUCKERBERG MOVE FOR HIM TO GET INCREDIBLY IN THE WEEDS ON
SOMETHING HE FEELS THE COMPANY’S LACKING AND IT GETS
TO THE LACK OF TALENT IN THE AI SPACE.
THE FACT THAT THEY ARE WILLING TO SPEND THIS MUCH ON FOLKS
SHOWS THAT IT IS A COMPETITIVE PLACE HIRING PEOPLE.
IT IS GOING TO GET TIGHTER AS EVERYONE PICKS THE START OF
THEIR BACKING. CAROLINE: THEY WILL WORK WITH SCALE AI,
HELMED BY THE PREVIOUS STRATEGY OFFICER WHO BECOMES THE CEO.
TALK TO US ABOUT WHAT ALEXANDER WANG BRINGS IN PARTICULAR.
HE HAS A GOOD WAY OF NETWORKING PARTICULAR THE ON CAPITOL HILL.
KURT: I’VE BEEN TOLD BY SEVERAL FOLKS
OVER THE LAST WEEK THAT MARK ZUCKERBERG THINKS ALEXANDER
WANG IS THE BEST GUY. HE THINKS HE IS SO TALENTED, HE
IS SUPER BULLISH ON THIS GUY. I BELIEVE HE IS JUST 28 YEARS
OLD. YOU ARE RIGHT, HE BRINGS A GREAT NETWORK.
EVERYONE I TALKED TO SAYS THIS GUY EVERYBODY IN THE AI SPACE
AND HE KNOWS FOLKS ON CAPITOL HILL.
THIS IS A TIME WHEN META AND MARK ZUCKERBERG ARE TRYING TO
BUILD RELATIONSHIPS WITH THE TRUMP ADMINISTRATION.
WE HAVE SEEN THEM ANNOUNCED PLANS TO PARTNER ON POTENTIAL
MILITARY TECH. IT IS A BIT OF A NEW DIRECTION
FOR THIS COMPANY TRYING TO GET INTO GOVERNMENT CONTRACTS.
I THINK ALEXANDER WANG BRINGS SOME OF THAT CONNECTIVITY TO
META AND MARK ZUCKERBERG. IN ADDITION TO THE AI
EXPERIENCE, THIS IS SOMEONE WHO MIGHT BE ABLE TO HELP THEM OUT
RELATIONSHIPWISE. CAROLINE: SO FAR INVESTORS HAVE TRUSTED
THE STEERAGE OF MARK ZUCKERBERG. SIGNIFICANT A PERFORMANCE OF
18%. CHRIS BECKER ON ALL THINGS —
KURT WAGNER ON ALL THINGS META. JOINING US, HE MANAGES $45.6
BILLION IN ASSETS. JUST FOCUS ON THE AI TRADE AND
IS RUSHED TO SPEND BY THE HYPERSCALERS, OF WHICH META IS
NOW ONE. WHAT DO YOU MAKE OF THIS HIRE? >> WE THINK WITHOUT A DOUBT
THAT AI IS TRANSMISSION AND ANYONE WHO DISAGREES HAS NOT
BEEN USING IT — IS TRANSFORMATIONAL AND ANYONE WHO
DISAGREES HAS NOT BEEN USING PROPERLY.
WE ARE THINKING BETWEEN THE CONNECTION BETWEEN
TRANSFORMATIONAL TECHNOLOGY AND WHAT IT LEADS TO AN TERMS OF
INVESTMENT OPPORTUNITIES HISTORY IS LITTERED WITH
EXAMPLES OF GREAT TECHNOLOGY THAT WAS NOT A GOOD INVESTMENT.
GUTENBERG INVENTED THE PRINTING PRESS BUT DIED OF POVERTY.
RAILROAD BONDS WERE POOR INVESTMENTS. WE ARE NOT SEEING A LOT OF PURE
PLAYS IN AI IN THE PUBLIC MARKETS, BUT IF INVESTORS ARE
TURNING TO PRIVATE MARKETS THERE MAY BE MORE PLENTIFUL
WITH OPPORTUNITIES. THERE ARE GOING TO BE WINNERS
AND LOSERS IN THE SPACE BUT WE ARE IN THE EARLY STAGES.
CAROLINE: HOW ARE INVESTORS GETTING
ACCESS TO THE PRIVATE MARKETS IN THIS AREA?
ARE THEY LOOKING MUCH ACCESS VC LIQUIDITY IN SOME WHITE?
— SOME WAY? MIKE: WE THINK IT IS A CULMINATION OF
GETTING DIRECT EXPOSURE TO THOSE BUILDING THE SOFTWARE AND
BUILDING THE AI TOOLS BUT ALSO SOME SORT OF ANCILLARY
PROVIDERS THAT CAN HELP ON THE MARGINS CAN WHETHER IT IS
DELIVERING THE HARDWARE ON THE TECH OR THE DATA CENTERS THAT
CAN HELP FACILITATE ALL OF THIS. THE BEST SOLUTION IS A
COMBINATION OF THE TWO. DON’T WANT TO PUT ALL OF YOUR
BETS ON ONE SIDE OF THE TRADE HERE AND END UP MISSING THE
BIGGER BENEFICIARIES THAT WERE A LITTLE UNINTUITIVE AS YOU ARE
THINKING. IN REAL TIME. CAROLINE:
YOU SEE PEOPLE TRYING TO BET ON THE ENERGY STACK, HARDWARE OR
SOFTWARE STACK. FROM AN EQUITY PERSPECTIVE ARE
THEY GOING TO THE BOND MARKET, TOO? MIKE: A LITTLE BIT OF BOTH.
EQUITY MARKETS ARE A LITTLE SEXIER FROM THAT PERSPECTIVE
WILL DATA CENTERS HAVE BEEN GREAT PERFORMERS OVER THE LAST
FEW YEARS AND EXPECTATIONS THERE WILL BE A BIG ENERGY SINK
TO USE THESE MODELS AT SCALE. WE HAVE SEEN A LITTLE BIT OF
PUSHBACK GIVEN SOME OF THE OPPORTUNITIES COMING OUT OF
DEEPSEEK, WHERE THEY WERE ABLE TO DO THINGS A LITTLE MORE
EFFICIENTLY AND PULL BACK ON THOSE EXPECTATIONS.
BUT IT IS A LITTLE BIT OF BOTH ON BOTH SIDES OF THE CAPITAL
MARKETS, STOCKS AND BONDS, WHERE THERE IS GOING TO BE
OPPORTUNITIES DRIVEN BY TECHNOLOGICAL INNOVATION.
CAROLINE: I LIKE THAT YOU BRING THAT UP,
BECAUSE IT WAS QUITE RECENTLY THAT WE WERE ALL PANICKING
AROUND WHETHER YOU NEEDED THIS SCALE OF INVESTMENT, NEEDED THE
SCALE OF INFRASTRUCTURE BECAUSE OF DEEPSEEK.
I FEEL THAT HAS BEEN PUT TO BED. YOU LOOK AT ORACLE’S NUMBERS
THIS WEEK AND YOU THINK OF THE ANXIETY AROUND SUPPLY.
THAT IS WHAT THE NATURE OF THE STORY HAS BEEN.
PEOPLE CAN’T BUILD IT FAST ENOUGH.
IS THAT WHERE WE ARE BACK TO IN TERMS OF THE MARKET PSYCHE?
MIKE: TO SOME EXTENT. OVER THE LAST YEAR OR SO
PERHAPS PRE-DEEPSEEK THERE WERE CONCERNS THERE WASN’T ENOUGH
ENERGY TO GO AROUND AND THAT SOME OF THE DATA CENTERS WOULD
HAVE TO BUILD OUT ALTERNATE THE SENATE — ALTERNATIVE ENERGY
SOURCES, MAYBE FLIRTING WITH NUCLEAR.
IT FALLS INTO THE HISTORICAL PRECEDENT WHERE YOU HAVE
BREAKTHROUGH TECHNOLOGY, IT OFTEN SEEMS LIKE THERE IS A LOT
OF START UP COSTS TO BREAK THROUGH AND GET THE TECHNOLOGY
WORKING AT SCALE. INNOVATION IS A BEAUTIFUL THING
AND FINDING WAYS TO DO THINGS MORE EFFECTIVELY AND
EFFICIENTLY ALWAYS SEEMS TO OCCUR.
THAT IS HAPPENING IN REAL TIME THIS YEAR AND WE COULD CONTINUE
TO EXPECT THAT TO UNFOLD OVER THE YEARS I HAD.
FINDING BETTER WAYS TO BUILD IT AND BUILD A BETTER MOUSETRAP.
CAROLINE: WHAT ABOUT THE MOUSETRAP, IS IT
ALL ABOUT THE UNITED STATES? ARE YOU LOOKING AT OTHER
OPPORTUNITIES? ARE INVESTORS WANTING TO GET
OUT TO EUROPE AND ASIA? MIKE: THERE IS THIS THEORY THAT U.S.
EXCEPTIONALISM IN AI WAS AN UNCRACK ABOUT T– UNCRACKABLE
THEME, AND THERE ARE FISSURES INTO THAT THEME THIS YEAR.
YOU HAVE COUNTRIES THAT ARE DOING WHAT YOU INCENTIVIZE
DOMESTIC DEVELOPMENT OF THESE TECHNOLOGIES.
IT IS HAPPENING IN THE UAE AND EUROPEAN UNION, MANY PARTS OF
ASIA. THEY’RE TRYING TO BUILD OUT
THIS TECHNOLOGY. IS THE U.S. GOING TO HAVE A MONOPOLY ON
THIS TECHNOLOGY FOR THE FORESEEABLE FUTURE?
IT REMAINS UNSEEN. THERE IS QUITE A FEW PLAYERS
EMERGING IN THIS MARKET THAT COULD END UP SHARING MARKET
SHARE ON THIS. CAROLINE: G 40 MAKING INROADS INTO EUROPE
AND THE U.K.. JENSEN HUANG MAKING DEALS.
WE HAVE GONE GLOBAL, AND TODAY IS A GLOBAL DAY IN NATURE, HOW
PEOPLE ARE FEELING ABOUT POTENTIAL INCREASED TENSIONS IN
THE MIDDLE EAST, MAYBE EVEN MORE. HOW ARE YOU SHOWER YOUR
INVESTORS RESPONDING TO THAT AT THIS MOMENT? MIKE:
WE ARE CAUTIONING INVESTORS NOT TO REACT TOO QUICKLY TO ONGOING
TO POLITICAL CONFLICT. WE ARE FOLLOWING A PRETTY
STANDARD GEOPOLITICAL BLUEPRINT WHERE MARKETS ARE REACTING TO
THE UNCERTAINTY THAT DIDN’T EXIST A FEW HOURS AGO.
IN GENERAL MARKETS TENDED TO SEE THROUGH THIS TYPE OF THING,
ESPECIALLY FOR THE COUNTRIES THAT ARE NOT DIRECTLY INVOLVED.
THIS TIME AROUND INFLATION IS GOING TO BE IMPORTANT TO WATCH.
IF ENERGY INFRASTRUCTURE IN THE REGION STARTS TO COME IN THE
CROSSHAIRS, FIGURATIVELY OR EVEN LITERALLY SPEAKING, THAT
COULD HAVE POTENTIAL INFLATIONARY IMPACT FOR ENERGY,
WHICH IS NOT JUST AN INPUT COST, DIRECT INPUT COST FOR
CONSUMERS, BUT FOR A LOT OF THE GOODS THEY CONSUME ALSO CONSUME
ENERGY. WE’RE LOOKING AT THAT PRETTY
CLOSELY AS WELL AS THE SHIPPING LANES THROUGH THE REGION, WHICH
CAN BE IMPORTANT FOR GLOBAL TRADE.
THOSE ARE REALLY IMPORTANT WATCH OVER THE WEEKEND.
CAROLINE: MIKE REYNOLDS, WE HOPE YOU GET
SOME REST OVER THE WEEKEND. VICE PRESIDENT OF INVESTMENT
STRATEGY AND GLENN MEET, WE APPRECIATE THE TIME.
LET’S DISCUSS THE KEY STORY, ISRAEL WATCHING MULTIPLE
STRIKES ACROSS IRAN, KILLING TOP MILITARY OFFICIALS.
PRESIDENT TRUMP URGING IRAN TO ACCEPT A NUCLEAR DEAL IN AN
EFFORT TO AVOID FURTHER ATTACKS. I VOWING TO CONTINUE IT — IRAN
VOWING TO CONTINUE ITS NUCLEAR PROGRAM DESPITE THE STRIKES .
JOINING US BASED IN LONDON THIS WEEK, YOU ARE USUALLY IN THE
MIDDLE EAST. WE ARE GETTING AN OFFICIAL TELLING BLOOMBERG NEWS
THAT WE ARE STILL SEEING TALKED LIKELY TO BE CONDUCTED BETWEEN
THE UNITED STATES AND IRAN. >> YES, PERHAPS.
THERE IS A FOR DE-ESCALATION AS THE SIXTH ROUND OF TALKS ARE
SLATED TO TAKE PLACE IN OMAN THIS WEEKEND.
GIVEN THE EVENTS OF THE LAST 24 HOURS, THE POSSIBILITY OF THOSE
HAPPENING WAS THROWN INTO DOUBT, BUT WHAT WE HAVE SEEN
JUST AS A RECAP IS THE MOST SIGNIFICANT ATTACK ON IRAN
GOING BACK TO THE 1880’S. WHAT ISRAEL DID IN THE LAST 14
HOURS SUPERSEDES ALL OF THE EVENTS THAT HAPPENED LAST YEAR
GROWTH IN APRIL AND IN OCTOBER. AND REALLY CONSTITUTES A MAJOR
BLOW TO IRAN NOT JUST IN TERMS OF THE FACT THAT ISRAEL WENT
AFTER SPECIFIC NUCLEAR FACILITIES, AND EVEN THOUGH NO
RADIATION HAS BEEN RECORDED FROM THOSE FACILITIES, WHAT
THEY DID SUCCEED AT DOING IS TAKING A SENIOR IRGC,
REVOLUTIONARY GUARD COMMANDERS. THE CHIEF OF STAFF OF THE ARMED
FORCES, SOME OF THESE PEOPLE ARE KEY MASTERMINDS BEHIND THE
ATTACKS THAT HAD BEEN CONDUCTED ON ISRAEL IN THE LAST YEAR.
ALSO ON THE ARAMCO FACILITIES IN SAUDI ARABIA IN 2019.
SOME OF THE KEY PLAYERS HAVE BEEN TAKEN OUT WITH AT — WITH
THESE STRIKES. IRAN HAS VOWED HARSH
RETALIATION. ALREADY THEY FIRED 100 DRONES
DIRECTED TOWARDS ISRAEL. THOSE WERE INTERCEPTED, BUT THE
QUESTION FROM HERE ONWARDS IS HOW MANY MORE BALLISTIC
MISSILES THEY ARE LOOKING TO SEND TOWARDS ISRAEL AND WHETHER
OR NOT THIS WILL ENCAPSULATE OTHER PROXIES IN THE REGION AS
WELL. WHETHER THE LIKES OF HEZBOLLAH,
HOUTHIS, AND HAMAS MAY GET INVOLVED, AND WHETHER OR NOT
THE INTERNATIONAL COMMUNITY LOOKED TO DE-ESCALATE FROM THIS
POINT ONWARDS. TO YOUR POINT, U.S.
PLAYS A SIGNIFICANT ROLE BECAUSE OF THE POSSIBILITY OF
FURTHERING OF THE NUCLEAR DISCUSSIONS.
LET’S SEE WHETHER IRAN ACTUALLY DOES COME TO THE TABLE IN GOOD
FAITH. CAROLINE: JOUMANNA BERCETCHE, WE REALLY
APPRECIATE YOUR TIME TODAY. COMING UP, WE GO BACK TO TECH.
APPLE SETS A NEW TARGET FOR A REVAMPED SIRI.
THIS IS “BLOOMBERG TECH.” ♪ CAROLINE:
APPLE SAID TO BE TARGETING A NEW INTERNAL DATE, SPRING 2026,
FOR ITS REVAMPED SIRI AFTER MULTIPLE DELAYS.
LET’S GET TO MARK GURMAN WITH MORE. IT WAS BUT THIS WEEK THAT DEBBIE WDC LEFT US HANGING ON
SIRI, AND YOU BRING US CLARITY. >> THEY DID NOT TALK ABOUT SIRI
PRETTY MUCH AT ALL AT WWDC OTHER THAN TO SAY THEY ARE
STILL DELAYED AND WILL BE ARRIVING IN THE COMING YEAR.
I LOOKED INTO IT, AND THE NEW LAUNCH TIMEFRAME IS LIKELY
GOING TO BE PART OF WHAT IS KNOWN AS IOS 26.4, AND THAT IS
SCHEDULED FOR SPRING TIME NEXT YEAR, AROUND MARCH, APRIL. THIS WILL DELIVER THE DELAYED
SIRI FEATURES, WITH AN AI OVERHAUL FOR THE VOICE
ASSISTANT ANNOUNCED IN JUNE 2024.
THE THREE MAIN FEATURES ARE THE ABILITY TO TAP INTO YOUR
PERSONAL DATA TO FULFILL SIRI QUERIES. IF I ASK A QUESTION SUCH AS
WHAT IS THE VIDEO I SENT CAROLYN LAST WEEK, IT WOULD BE
ABLE TO PULL UP THAT VIDEO OR PODCAST OR SONG.
IF I WANTED TO GET ANALYSIS OF SOMETHING ON MY SCREEN USING
SIRI, HE COULD DO THAT AS WELL. AND IT HAS PRECISE CONTROL OF
APPLICATIONS. I COULD SAY PULL UP THIS PHOTO
OF CAROLINE AND EDIT IT AND SEND IT TO HER AS WELL AS A FEW
OTHER PEOPLE IN OUR GROUP CHAT. THOSE ARE IMPRESSIVE AND BIG
FEATURES. ALL DELAYED, COMING ABOUT NINE
MONTHS FROM NOW. CAROLINE: I’M WAITING FOR THAT PHOTO,
MARK, PUT IT ON OUR GROUP CHAT. REMIND US WHAT THE PROBLEM HAS
BEEN HERE. WHY HAS IT BEEN SO DIFFICULT TO
INTEGRATE WITH SIRI? MET APPLE DEATH MARK:
APPLE HAS BEEN FACING SERIOUS INTEGRATION PROBLEMS. APPLE HAD
TO SPLIT SIRI INTO TWO BRAINS. THE FIRST BRAIN, THE MORE BASIC
ONE, HAS TO DO WITH FEATURES LIKE ALARMS, PHONE CALLS.
THEN THEY BUILT A SECOND BRAIN MORE BASED ON LARGE LANGUAGE
MODELS AT THE CORE OF MODERN AI FOR THE MORE ADVANCED FEATURES
I TALKED ABOUT. BUT MAKING ONE SIRI THAT HAS
TWO BRAINS COMBINED TO DO TWO DIFFERENT SETS OF ACTIONS HAD
COMPATIBILITY PROBLEMS IN REAL-WORLD VIEWS.
IT DIDN’T WORK PROPERLY UP TO A THIRD OF THE TIME, WHICH IS A
LOT BASED ON HOW MUCH USAGE OF THESE THINGS ARE GOING TO GET.
WHAT APPLE IS DOING IS REBUILDING THE UNDERLYING SIRI
ARCHITECTURE TO F1 BRAIN BASED ON THE NEWARK-GENERATION TAKE
— NEWER-GENERATION TECHNOLOGY. OBVIOUSLY IT IS GOING TO TAKE
MORE TIME TO PUT TOGETHER. CAROLINE:
BRILLIANT STORYTELLING. MARK GURMAN, THANK YOU SO MUCH
FOR THE BREAKING NEWS AS WELL. LET’S TURN OUR ATTENTION TO
ADOBE. SHARES UNDER PRESSURE AFTER THE
COMPANY GAVE OURSELVES OUTLOOK THAT WAS PRETTY GOOD BUT FAILED
TO CALM INVESTORS CONCERNED ABOUT THE ABILITY ON AI
STARTUPS. SHARES ARE UP EVEN THOUGH THEY
B EAT AND RAISED. >> ADOBE IS A POSTER CHILD OF A
COMPANY THAT WAS A LEADER IN THEIR INDUSTRY FOR YEARS AND
NOBODY COULD TOUCH THEM. THE QUESTION IS, AI IS COMING,
A LOT OF THESE APPS ARE LIGHTWEIGHT, CHEAPER, DOES
ADOBE STAY RELEVANT. INVESTORS ARE NOT CONVINCED.
THEY ARE DOWN 10% THE LAST YEAR, DOWN FURTHER TODAY.
IT IS ALL BECAUSE THE AI DISRUPTION ANXIETIES. CAROLINE:
MIDJOURNEY, FOR EXAMPLE. SORA MAKING INROADS WHEN IT
COMES TO THE VIDEO SIDE. FIREFLY HAS BEEN GETTING SOME
USEFUL 2.4 BILLION CONTENTS MADE? BRODY:
IT’S BEEN GETTING USED, BUT WHEN I WAS GROWING UP, IF YOU
WANTED TO BE A COOL, CREATIVE PERSON, YOU HAD TO FIND A COPY
OF PHOTOSHOP SOMEWHERE. IT’S NOT THAT WAY ANYMORE.
IF YOU TALK TO PEOPLE WHO ARE YOUNG AND MAKING CUTTING-EDGE
ART, THEY ARE USING MIDJOURNEYS, GOOGLE’S VIA.
WHEN YOU HAVE A CIO WORRIED ABOUT CYBERSECURITY, THEY ARE
BUYING ADOBE. THE NEXT GENERATION, WHERE IS
THE MIND SHARE GOING? CAROLINE: WHAT IS INTERESTING IS THEY TRY
TO WIN THE IP BATTLE CAN WE GOT YOU COVERED, YOU DON’T NEED TO
WORRY, WE WILL EVEN PAY OUT IF WE FIND THE IMAGES YOU ARE
CREATING ARE BASED ON SOME OTHER IP FOR SOME PEOPLE AREN’T
WORRIED ABOUT THAT SO MUCH ANYMORE? BRODY: WE SAW DISNEY SUING MIDJOURNEY
A COUPLE DAYS AGO AND I’M SURE THE CIO OF OUR COMPANY AND
OTHERS WILL NOT CREATE A COMPANY TO BE SUED BY DISNEY.
THE ANXIETY AROUND SCRAPING DATA TO BUILD MODELS, IS THAT
GOING TO BE OK? IT SEEMS LIKE A LOT OF BUYERS
AT THIS POINT OUR SUITE AGAINST IT. — ARE SWAYED AGAINST IT.
CAROLINE: A LOT OF CONVINCING TO DO.
AMD MAKING IT NOTE IT CAN CATCH UP IN THE AI ACCELERATOR IS.
ALSO NOT CONVINCI INVESTORSNG, THOUGH.
THIS IS “BLOOMBERG TECH.” ♪ CAROLINE:
THE AMD CEO SAID HER COMPANY’S LATEST AI PROCESSES CAN PROVIDE
NVIDIA CHIPS. THIS IS AS THE COMPANY AIMS TO
PLAY CATCH UP WITH NVIDIA AND AIX ALERT IS WITH ITS NEW
PRODUCT. “BLOOMBERG INTELLIGENCE”
ANALYST THIS WITH US. WILL IT BE FAST ENOUGH TO START
WINNING MORE MARKET SHARE? >> IF YOU LOOK AT THE
ANNOUNCEMENT IN ISOLATION, THERE WERE MANY POSITIVES. THE CUSTOMER ADOPTION IS
BROADENIN. SOME OF THE NEW NAMES, THE DEAL
WITH ORACLE, THE LARGEST 355 DEAL SO FAR, WILL SHOW RESULTS
IN THE SECOND HALF, THESE WERE SURPRISINGLY POSITIVE.
THESE HAVE BEEN TRADITIONALLY NVIDIA ONLY HOUSES.
THEM GETTING TO CUSTOMERS IS A PRETTY BIG DEAL.
THEY SHOW PROGRESS ON THE HARDWARE WITH THE ANNOUNCEMENT
OF THE ROADMAP AND SERVER RACK AND MORE IMPORTANT, THE
SOFTWARE, WHICH THEY BEEN LACKING ON — LAGGING ON AS A
LAST YEAR. THE COMBINATION ALSO CONTINUES
TO SPEED AHEAD AND THEY HAVE HAD A HEAD START. CAROLINE:
THEY HAVE, AND BOY, DOES EVERYONE RELENTLESSLY COMPARE
THEM TO JENSEN’S POWERHOUSE. THE RAMP-UP IN 2026 IS A KEY
INFLICTION POINT FOR POTENTIAL SHARE GAIN.
IN A WAY, DO THEY NEED IT? IN MANY WAYS THE ISSUE FOR
NVIDIA IS A SUPPLY-SIDE ISSUE, THEY CAN’T MAKE THEM FAST
ENOUGH IS THERE ONLY SO MUCH MARKET FOR THEM TO TAKE? KUNJAN:
WHY IT IS AN INFLECTION POINT IS WHEN YOU THINK OF THE
CURRENT COMBINATION OF THE PLAYGROUND, IT IS ALL ABOUT
SERVER, LEVEL NOT ABOUT CHIPS ANYMORE. AMD IS NOT THERE.
THIS WILL BE THE FIRST ITERATION USING THE ACQUISITION
TALENT THAT THEY ACQUIRED AN EXPERTISE WHERE THEY CAN
COMPETE HEAD-TO-HEAD WITH NVIDIA.
NVIDIA DOESN’T — ASSUMING NVIDIA DOESN’T MOVE FORWARD
ANOTHER YEAR. THAT IS WHAT THEY ARE MISSING,
BIG CLUSTER-LEVEL GP SOLUTION. CAROLINE:
WHAT IS INTERESTING IS ARE THEY ALSO STILL FIGHTING FOR THE
TRADING SIDE OF THE EQUATION? WE ARE DOMINATING ABOUT THE
INFERENCE AND THERE ARE POWERFUL STARTUPS COMING INTO
THAT SPACE TRYING TO TAKE MARKET SHARE, TOO. KUNJAN:
I THINK THEY ARE LEADING BY COMPETING IN INFERENCE BECAUSE
THAT IS WHERE THEY HAVE THE EDGE GIVEN THE EFFORT APPLE
HIGHER MEMORY BANDWIDTH AND LOWER PCO.
THEY ARE GETTING IN CUSTOMER DOORS THROUGH INFERENCE AND
ONCE THEY GAIN A LITTLE MORE SHARE, YOU CAN STILL TRY THIS
FOR CREATING AND THAT IS HOW THEY ARE INCREASING THE SHARE.
WE LIKE THE INFERENCE PLAY. GOING FORWARD, WE EXPECTED TO
GROW FASTER. TRAINING WILL BE A BIG CHUNK
STILL, THERE WILL BE A BROADER CUSTOMER BASE. CAROLINE:
BLOOMBERG INTELLIGENCE ANALYST KUNJAN SOBHANI, SO GOOD TO GET
YOUR ANALYSIS. THE CEO OF CIRCLE JOINS US TO
EXPEND WHAT HE THINKS PASSING THE GENIUS ACT SHOULD BE A
NO-BRAINER. HIS COMPANY IS ALL ABOUT
STABLECOINS. THIS IS “BLOOMBERG TECH.” ♪ CAROLINE:
WELCOME BACK TO “BLOOMBERG TECHNOLOGY.”
LET’S CHECK ON THE MARKET. WE ARE CONSUMED BY GEOPOLITICS
TODAY. ANXIETY AROUND THE MIDDLE EAST
AFTER ISRAEL’S ATTACK ON IRAN. WE SEE THE RISK AVERSION AT
PLAY. ORACLE UP 5%, A NEW RECORD HIGH
AFTER THEY POSTED EARNINGS EARLIER IN THE WEEK SAYING THAT
THEY WILL BE GETTING 70% GAIN IN CLOUD INFRASTRUCTURE.
ADOBE DOWN 5%. HAVE A LOOK AT WHAT IS
HAPPENING IN THE WORLD OF CRYPTO.
BITCOIN IS NOT ACTUALLY PLAYING OUT AS A HAVEN STAY.
STILL AT 105,000. IT IS DOWN BY 0.3 PERCENT.
LET’S TALK MORE BROADLY ABOUT THE MOVEMENT IN CRYPTO AND
STABLECOINS. THIS AS THE SENATE BANS THE
PASSAGE OF AN ACT THAT WOULD REGULATE STABLECOINS INTO MORE
MAINSTREAM FINANCE. VISA AND MASTERCARD DOWN BY 4%
AND 5% BECAUSE OF REPORTS BY THE WALL STREET JOURNAL THAT
AMAZON AND WALMART ARE STUDYING THEIR OWN STABLECOINS.
DOES THIS CUT OUT THE MIDDLEMAN? WE WILL SPEAK TO ONE
BENEFICIARY OF ALL OF THIS LEGISLATION, THE MOVE TOWARD
STABLE COIN BEING DIGITAL PAYMENT IS CIRCLE WITH JEREMY
ALLAIRE. THIS REPORT THAT WE SEE AMAZON
AND WALMART GALVANIZING TO HAVE THEIR OWN STABLECOINS, HOW
QUICKLY CADET DEBT UP INTO VISA AND MASTERCARD? JEREMY: IF YOU ARE A MAJOR TECHNOLOGY
COMPANY OR A MAJOR COMMERCE FIRM OR A MAJOR FINANCIAL
INSTITUTION, WHEN YOU GET LEGAL CERTAINTY THAT STABLE COIN
MONEY IS A NEW FORM OF ELECTRONIC MONEY THAT IS
AVAILABLE TO THE GLOBAL FINANCIAL SYSTEM, YOU WILL PAY
ATTENTION. OBVIOUSLY YOU WILL LOOK AT THE
TECHNOLOGY. I THINK THE CONCLUSION THAT A
LOT OF MAJOR FIRMS ARE REACHING IS THAT THIS IS THE NEW MONEY
LAYER OF THE INTERNET. IT PROVIDES TREMENDOUS
TECHNOLOGY TO INNOVATE BEYOND WHAT WE HAVE BEEN ABLE TO
INNOVATE WITH MONEY BEFORE. IT OFFERS TOURNAMENT’S BENEFITS
ULTIMATELY TO THESE FIRMS BOTTOM LINES.
IT IS A TECHNOLOGY THAT IS READY.
IT IS A TECHNOLOGY WITH THE GENIUS ACT WHICH YOU REFER TO
WHICH GETS LEGAL CERTAINTY TO UTILIZE AT SCALE.
IT IS NOT SURPRISING AT ALL FROM MY PERSPECTIVE.
IT IS A TREMENDOUS OPPORTUNITY. AS THE WORLD CONNECTS TO THIS
NEW FORM OF CURRENCY ON THE INTERNET. CAROLINE:
IS IT NOT SURPRISING BECAUSE THEY ARE COMING TO YOU TO BUILD
THE INFRASTRUCTURE? HOW MUCH WOULD USDC AND WHAT
THEY DO BE THE REASON FOR ADOPTING CIRCLE? JEREMY:
WE SEE MAJOR PAYMENTS COMPANIES, MAJOR FINANCIAL
INSTITUTIONS AND WE WORK WITH SOME OF THE BIGGEST HOUSEHOLD
NAMES. EVEN JUST YESTERDAY WE SAW
SHOPIFY ANNOUNCE THEY ARE MAKING USDC PAYMENTS A DEFAULT
OPTION AUTOMATICALLY FOR EVERY MERCHANT ON THEIR PLATFORM IN
THE U.S. AND EUROPE. THAT IS ONE MILLION MERCHANTS.
CAROLINE: A PAYPAL BUTTON AND A USDC
BUTTON THAT WILL BE THERE BY DEFAULT. JEREMY:
NOT ONLY THAT, BUT THEY WILL BE OFFERING MERCHANTS HALF A
PERCENT CASH BACK TO THE MERCHANT.
THEY WILL COMPENSATE MERCHANT, WHICH IS INCREDIBLE.
I THINK YOU ARE SEEING PLATFORMS LIKE THIS ADOPTING
USDC. AS THE OPERATOR OF THE WORLD’S
LARGEST REGULATED STABLE COIN NETWORK IN THE WORLD, WE ARE
REALLY A MARKET-NEUTRAL INFRASTRUCTURE.
WE DO NOT COMPETE FOR CONSUMERS. WE WANT TO WORK FOR EVERYBODY
TO TAKE ADVANTAGE OF THIS BREAKTHROUGH TECHNOLOGY
INNOVATION. CAROLINE: THE BREAKTHROUGH COMES WITH THE
REGULATORY SUPPORT. WHEN DO YOU EXPECT THE GENIUS
ACT TO COME INTO PLAY? JEREMY: YESTERDAY THE GENIUS ACT PASSED
A CRITICAL VOTE WITH A SUPER MAJORITY, BIPARTISAN.
THAT PUTS IT ON A PATH TO PASS THE SENATE ON TUESDAY NEXT WEEK.
CAROLINE: WE PREVIOUSLY DID HEAR FROM TIM
SCOTT. HE HAS BEEN LEADING THE CHARGE
ON CRYPTO BROADLY. HE HAS BEEN SPEAKING TO
BLOOMBERG ABOUT THE OPPORTUNITIES AROUND STABLE
COIN AND LEADING THE CHARGE IN THE U.S.
AS A KEY REPRESENTATIVE. TAKE A LISTEN. >> WITH THE BIPARTISAN GENIUS
ACT, WE CAN DO MORE THAN JUST PASS A BILL.
WE CAN DELIVER RESULTS FOR THE AMERICAN PEOPLE.
WE CAN BRING CLARITY TO A SECTOR THAT HAS BEEN CLOUDED BY
UNCERTAINTY AND WE CAN MAKE IT KNOWN
, THE UNITED STATES WILL LEAD, NOT FOLLOW IN THE DIGITAL ASSET
REVOLUTION. CAROLINE: THE CHAIRMAN OF THE SENATE
BANKING COMMITTEE, AN IMPORTANT VOICE.
WHAT IS INTERESTING ABOUT TIM SCOTT IS HE IS PUSHING US
TOWARD WHERE WE GO WITH BROADER CRYPTO ADOPTION. WE GET THE GENIUS ACT BUT WHAT
OTHER CLARITY ASKED DOES THIS CALL?
HOW MUCH FURTHER WILL THAT TAKE THE INDUSTRY? JEREMY:
THERE’S THIS CREDIBLE — INCREDIBLE INNOVATION OF
DIGITAL ASSETS AND DIGITAL TOKENS AND WE NEED CLARITY ON
WHAT THESE ARE, HOW YOU CAN OFFER THEM, HOW THEY CAN BE
USED, THE PLATFORMS WHERE THEY NEED TO BE REGISTERED OR
REGULATED AND WHERE THERE ARE CLEAR RULES FOR ISSUERS.
I THINK THE CLARITY ACT IS ESSENTIAL.
I THINK IT IS A VERY STRONG PIECE OF LEGISLATION.
I KNOW THERE IS MORE WORK TO DO ON THAT IN THE SENATE.
THE COMBINATION OF THE GENIUS ACT AND THE CLARITY ACT
ULTIMATELY CREATES AN INCREDIBLE ENVIRONMENT FOR A
RULES-BASED SYSTEM IN THE UNITED STATES, COMPETITIVE
ENVIRONMENT. I BELIEVE IT ACCOMPLISHES THE
OBJECTIVE OF MAKING THE UNITED STATES THE CAPITAL OF THIS NEW
FORM OF TECHNOLOGY INNOVATION. IT IS A GREAT OPPORTUNITY FOR
AMERICAN COMPANIES AS WELL. CAROLINE:
BRIEFLY, IT HAS BEEN A GOOD TIME TO GO PUBLIC.
YOUR SHARES HAVE SOARED SINCE THEY FIRST STARTED TRADING LAST
WEEK. HOW’S IT GOING? JEREMY: WE ARE EXCITED TO BE A PUBLIC
COMPANY. IT IS CRITICAL FROM OUR PERSPECTIVE TO JUST ENHANCE THE
TRUST TRANSPARENCY, GOOD GOVERNANCE WE ARE KNOWN FOR.
IN PARTICULAR AT THIS MOMENT WHEN WE ARE GETTING THIS LEGAL
CLARITY AROUND THE WORLD ON STABLE COIN MONEY, IN
PARTICULAR , AS YOU SAID, THESE MAJOR COMPANIES ARE LOOKING AT
THIS. WE THINK BEING A PUBLIC COMPANY
WILL SERVE US WELL WORKING WITH LEADING INSTITUTIONS OF THE
WORLD. FROM THAT PERSPECTIVE, WE ARE
REALLY PLEASED AND EXCITED TO BUILD TREMENDOUS PARTNERSHIPS
AROUND THE WORLD. CAROLINE: WHEN YOU SINK SOME OF THOSE
PARTNERSHIPS, YOU CAN COME BACK AND TALK ABOUT IT. .
JEREMY ALLAIRE, THANK YOU. SUNDEEP PEECHU IS GOING TO BE
JOINING US NEXT OF FELICIS VENTURES.
THIS IS “BLOOMBERG TECH.” IT IS TIME FOR TALKING TECH.
CHINESE AUTHORITIES HAVE RELEASED GUIDELINES ON THE
TRANSMISSION OF CAR DATA FROM OVERSEAS VEHICLES.
IT COULD BENEFIT TESLA AND AUTONOMOUS DRIVING FEATURES.
IT MARKS THE FIRST TIME BEIJING HAS CLARIFIED ITS STANCE ON
DATA GENERATED AND EXPORTED FROM CHINA.
ABU DHABI’S G 42 IS PLANNING TO LAUNCH A EUROPEAN UNIT WHERE IT
WILL DEPLOY A SOLUTION FOR THE PRIVATE SECTOR PARTNERING WITH
GOVERNMENT. THE ANNOUNCEMENT COMES AS THE
CEO OF NVIDIA FORECAST A TENFOLD INCREASE IN EUROPE’S AI
COMPUTING INDEX OVER THE NEXT TWO YEARS.
GAMESTOP, THE COMPANY’S FUTURE COULD BE IN TRADING CARDS.
SPORTS CARS AND POKEMON CARDS. GAMESTOP’S COLLECTIBLES
BUSINESS MADE UP 29% OF REVENUE AND THE COMPANY IS PLANNING TO
ADD MORE STORES THAT WILL OFFER TRADING CARD VALUATION SERVICES.
TIME FOR TODAY’S VC SPOTLIGHT. FELICIS HAS ANNOUNCED A $900
MILLION FUND, THE LARGEST EVER TO DATE.
THE MANAGING PARTNER IS JOINING IS NOW. SUNNY, TELL ME WHO THE LPS ARE.
SUNDEEP: IT IS WONDERFUL TO BE HERE.
IT IS A VERY EXCITING WEEK. WE HAVE RAISED OUR LARGEST FUND
YET FOR MOSTLY U.S. INSTITUTIONS THAT HAVE BEEN
SUPER PROUD — THAT WE ARE SUPER PROUD TO TAKE MONEY FROM.
UNIVERSITY ENDOWMENTS THAT ARE ALL DOING GREAT THINGS IN THE
WORLD AND WE ARE PROUD TO BE IN BUSINESS WITH THEM AND TO
MULTIPLY THEIR MONEY AND HAVE IT GO BACK TO SOME GREAT CAUSES.
CAROLINE: I AM REALLY INTERESTED MORE
BROADLY IN WHERE YOU GET TO PUT THE MONEY.
IT SOUNDS AS THOUGH YOU WILL BE IN GENERATIVE AI.
IT WILL BE THE INFRASTRUCTURE LAYER.
THAT FEELS LIKE A CROWDED SPACE THAT MANY COMPANIES ARE
DEPENDING ON. SUNDEEP: JUST TO TAKE A STEP BACK. FELICIS WAS ACTUALLY BORN IN
THE 2010S. OUR FIRST INSTITUTIONAL FUND
WAS BORN DURING THE TECH SUPER CYCLE.
WE ARE FORTUNATE WE FOUND SOME AMAZING BUSINESSES AS PART OF
THAT. HOUSEHOLD NAMES LIKE SHOPIFY,
CAN THE — CANVA. WE ARE IN ANOTHER EXCITING
SUPER CYCLE. THERE IS A LOT OF EXCITEMENT.
IN THE PAST TWO YEARS TWO THIRDS OF INVESTMENTS HAVE BEEN
IN AI COMPANIES. WE ARE PLAYING VERY MUCH INTO
THE AI SUPER CYCLE. HOUSEHOLD NAMES THAT GO PUBLIC
AND BUILD THE INFRASTRUCTURE AS WELL AS THE APPLICATION STACK.
CAROLINE: WE HAD A VENTURES PARTNER ON
YESTERDAY THAT WAS TELLING US IN CERTAIN AREAS THE VALUATIONS
ALMOST FEEL LIKE 2021. IS THAT WHAT IS HAPPENING?
HOW ARE YOU GETTING IN AT A DECENT PRICE POINT? SUNDEEP:
VALUATIONS CONTINUED TO BE MARKET-DRIVEN.
WE ARE NOT THE ONLY ONES EXCITED ABOUT AI.
IF YOU TAKE A STEP BACK THE REASON WHY EVERYONE IS EXCITED
IS IF YOU LOOK AT THE BROAD ARC OF TECH HISTORY, IT IS REALLY
GOOD AT PROVIDING PRODUCTS AND SERVICES THAT ARE PREVIOUSLY
EXPENSIVE OR INACCESSIBLE EXCEPT FOR A VERY FEW AND
DEMOCRATIZING THAT TO THE MASSES.
A GREAT EXAMPLE OF THIS IN THE LAST TECH CYCLE IS COMPANIES
LIKE CANVA. YOU HAVE SOMETHING LIKE SHOPIFY.
UNIONS HAVE BECOME ENTREPRENEURS BECAUSE OF
SHOPIFY — MILLIONS HAVE BECOME ENTREPRENEURS BECAUSE OF
SHOPIFY. YOU TAKE THAT FORWARD AND THINK
ABOUT WHAT AI CAN DO FOR US. EVERY HOUSEHOLD.
THINK ABOUT HOW MANY TIMES WE KEEP TALKING ABOUT I WISH I HAD
A PRIVATE TUTOR FOR MY KIDS, A THERAPIST. THEY ARE SO
EXPENSIVE. EVERY SESSION IS EXPENSIVE.
THEY ARE HARD TO FIND. THINK OF THE LABOR THAT GOES
INTO HOUSEHOLD SERVICES. IF YOU MOVE THAT TO BUSINESSES,
YOU HAVE THE THINGS THAT ARE AVAILABLE TO SENIOR MANAGEMENT
LIKE AN EXECUTIVE ASSISTANT OR EXECUTIVE COACH THAT ARE NOT
AVAILABLE TO EVERYONE ELSE. AI IS EXPANDING THE SURFACE OF
SOFTWARE SO DRASTICALLY. THINK ABOUT THIS, CAROLINE.
JUST 42% OF WORLD GDP SPENT ON SOFTWARE.
AI IS SO DRASTICALLY CHANGING THE SURFACE OF AI SOFTWARE,
THOSE NUMBERS IN 10 YEARS WILL BE DIFFERENT FOR EACH ONE OF US.
NONE OF US WILL DISAGREE THAT THE NUMBER WILL GO UP
DRASTICALLY. CAROLINE: BRIEFLY, YOU HAVE HAD SOME
SUPERB ACCESS TO SHOPIFY AND YOU ARE WITH SOME OF THE
HOTTEST NAMES WHEN I THINK ABOUT RUNWAY AND CANVA.
HOW MUCH PRESSURE HAVE YOU SEEN FROM LPS?
HOW QUICKLY DO YOU THINK THE DOORS CAN REMAIN OPEN? SUNDEEP:
FOR THE VERY BEST COMPANIES, LIKE CANVA, THEIR SHARES CAN
TRADE EVERY DAY. THEY DON’T HAVE TO RAISE
PRIMARY MONEY. THEY HAVE BEEN PROFITABLE FOR
SO LONG. SECONDARY MARKETS ALSO ALWAYS
HAVE THE ABILITY TO STEP BACK IF YOU WANT.
WE HAVE DONE THAT FOR LPS AND GIVEN THEM DISTRIBUTION.
MANY OTHER FIRMS HAVE DONE THAT. I AM NOT WORRIED ABOUT THAT.
ONE OF THE THINGS TO THINK ABOUT IS THAT GIVEN THIS YOU —
NEW AI TECH CYCLE, HUNDREDS OF BILLIONS OF DOLLARS WILL BE
ALLOCATED TO NEW PRODUCTS AND SERVICES OF AI.
OUR JOB IS TO FIND THOSE BUSINESSES FOR THE LPS AND FIND
THE NEXT CANVA AND SHOPIFY BEFORE THEY ARE OBVIOUS.
CAROLINE: SUNDEEP PEECHU, THANK YOU FOR
BRINGING IT. FELICIS ON THE NEW FUNDS.
COMING UP, AI’S IMPACTS TO THE WORKFORCE.
WHY THERE COULD BE INCREASING GENDER GAPS.
SHUBHI RAO WILL BE JOINING US, CEO OF UPLEVYL.
THIS IS “BLOOMBERG TECH.” CAROLINE:
GRINDR’S POPULARITY HAS GROWN GLOBALLY.
SHARES ARE UP 33% TO DATE. WE SPOKE WITH THE CEO ABOUT THE
ROLE AI IS PLAYING AND HOW THEY HANDLE PRIVACY IN THE AGE OF AI.
>> AT GRINDR PRIVACY IS PARAMOUNT BECAUSE WE HAVE THIS
IN COUNTRIES WHERE IT IS ILLEGAL TO BE GAY OR AREAS
WHERE IT MIGHT BE ILLEGAL. YOU STILL CANNOT REALLY BE
YOURSELF. PROTECTING THEM IS REALLY
CRUCIAL. WE DON’T ASK FOR A LOT OF
INFORMATION. WHEN USERS JOIN THE APP, WE
DON’T REQUIRE A PHOTO. WE TRY TO BE AS MINIMAL AS WE
CAN IN THAT REGARD BECAUSE PRIVACY IS SO IMPORTANT TO
USERS. FROM THERE, THE OTHER REALLY
CRITICAL THING FOR US IS TO KEEP ALL THE DATA ON GRINDR. WE
WORK WITH AMAZON’S BEDROCK SERVICE WHICH IS A VIRTUAL
PRIVATE SPACE THAT ALLOWS US TO KEEP EVERYTHING ON OUR END.
IT DOES NOT STAY WITH ANYBODY ELSE.
OUR DATA DOES NOT TRAIN WITH ANYONE ELSE’S MODELS.
THAT IS VERY HELPFUL OBVIOUSLY. THE OTHER DAY IS WE TAKE
OPEN-SOURCE MODELS AND PUT THEM INTO OUR SYSTEM AND TRAIN THEM
TO BE MORE GAY. THAT IS ALSO QUITE INTERESTING
BECAUSE THAT IS PUSHING US CLOSER TO THE FRONT TIER OF
WHAT IS HAPPENING IN AI BUT NO ONE ELSE IS DOING ANYTHING WITH
IT. WE CAN PROVIDE SOME USEFUL INSIGHTS FOR OUR USERS THROUGH
THAT. CAROLINE: GRINDER CEO GEORGE ARISON.
ASKING COMPANIES TO DISCLOSE WHEN ARTIFICIAL INTELLIGENCE
CONTRIBUTION TO MASS LAYOFFS. OFFICIALS ARE LOOKING TO
POSSIBLY REGULATE AI. THE IMPACT ON THE WORK FORCE
COULD HAVE AN UNEVEN EFFECT BETWEEN MEN AND WOMEN.
SHUBHI RAO IS WITH US, THE FOUNDER AND CEO OF UPLEVYL, AN
AI PLATFORM DESIGNED TO ACCELERATE WOMEN IN THE
WORKFORCE. SHE IS ALSO AN ENGINEER, FORMER
TECH EXECUTIVE. IS THERE GOING TO BE AN UNEQUAL
IMPACT OF GENERATIVE AI’S USE ON THE WORKFORCE? SHUBHI: WHEN YOU LOOK AT WHAT IS
HAPPENING IN THE — AND WHERE THE APPLICATIONS TODAY ARE, IT
IS ABOUT AUTOMATING JOBS THAT ARE LARGELY HELD BY WOMEN.
IT JUST SO HAPPENS THAT THOSE JOBS TEND TO BE MORE
ADMINISTRATIVE IN NATURE AND PERFECT WILL BE RIPE FOR
AUTOMATION. IT WILL BE INTERESTING TO SEE
WHAT THE DATA SHOWS, ESPECIALLY IF THIS DOES BECOME LEGISLATION
IN NEW YORK. HOW IT IMPACTS WOMEN AND
DISPROPORTIONATELY THAT IMPACT THEN CREATES BROADER INEQUITIES.
CAROLINE: HOW IS YOUR TECHNOLOGY TRYING
TO PLAY A COUNTER BOSS HERE? SHUBHI:
IF WE TAKE A STEP BACK AND THINK ABOUT TODAY HOW THE
MODELS ARE BEING TRAINED FROM A GENERATIVE AI PERSPECTIVE,
THOSE LARGE MODELS WHETHER IT IS AI MODELS OR GEMINI OR
CLOUD, HAVE BEEN TRAINED LARGELY FROM DATA FROM THE
INTERNET. WHEN YOU LOOK AT WHAT IS THE
DATA ON THE INTERNET, THE LARGE SWATHS OF DATA ARE WIKIPEDIA,
READ IT — REDDIT. POPULAR DATA SETS WHICH TEND TO
BE HIGHLY MALE DOMINANT. THEN YOU LOOK AT THE OTHER DATA
SETS WHETHER THAT’S RELATED TO ACADEMIC PAPERS, PUBLICATIONS AROUND BUSINESS, BOOKS AND USE
CASES, HEALTHCARE WHERE UP UNTIL RECENTLY WOMEN WERE NOT
EVEN INCLUDED IN THOSE CLINICAL DATA SETS.
REALLY THERE IS NOT A LOT AROUND CAREGIVING, UNPAID LABOR.
WHEN YOU LOOK AT WHAT THAT DATA SET HIGHLY REPRESENT OR
OVERREPRESENTED MEN THAN IT DOES WOMEN.
THAT IS THE BASIS OF THE TRAINING DATA SETS FOR THE
MAJORITY OF THE MODELS TODAY. WHAT WE ARE TRYING TO DO AT
UPLEVYL IS CREATE THE WORLD’S LARGEST GENDER DATA SET SO THAT
THIS GENDER DATA SET ACTUALLY REPRESENTS WOMEN, WHAT
CONTEXTUALLY FROM AN EXPERIENCE PERSPECTIVE, UNDERSTANDS
WOMEN’S CHALLENGES AROUND CAREER, HEALTH, WEALTH AND MORE
IMPORTANTLY, CAN BE THAT COUNTERFORCE WHEREBY IN THEORY
SOMEDAY WE COULD LINK THOSE DATA SETS AND HAVE THAT GENDER
EQUALITY ACROSS BROADER TRAINING SET. CAROLINE:
IT IS INTERESTING WE WERE HEARING FROM THE GRINDR CEO SAY
THAT THEY ARE TRAINING THEIR LARGE LANGUAGE MODELS TO BE
MORE GAY. FROM THE PERSPECTIVE THAT YOU
START TO CONTACT THE BIAS WITHIN THE APPLICATIONS THAT
COME FROM THE LARGE LANGUAGE MODELS. BUT WHAT ABOUT ONSET BIAS ABOUT
WOMEN AND — ON SAID BIAS ABOUT WOMEN?
ARE WE BEING INVITED INTO THE WORKFORCE AT THE SAME LEVEL AS
MEN? SHUBHI: THIS IS A DISTURBING NUMBER
THAT I KEEP SEEING WHERE IT FEELS LIKE THE GAP WAS MAYBE 20
PERCENTAGE POINTS BETWEEN MEN ADOPTING, AND I AM TALKING
GENERALLY. GENERATIVE AI TOOLS VERSUS
WOMEN, PART OF THAT HAS TO DO IF WE LOOK AT BROADER ADOPTION OF WOMEN IN TERMS OF BIG TECH,
YES, WOMEN MIGHT BE ON THOSE PLATFORMS, BUT ARE NOT NEARLY
AS ACTIVE IN TERMS OF POSTING, SHARING COMMENTS, REACTING THAN
MEN ARE. WHY IS THAT? WHEN YOU LOOK AT A LOT OF THESE
PLATFORMS, THERE HAS BEEN A MASS EXODUS OF WOMEN BECAUSE OF
MISOGYNY, NARCISSISM, SEXUALIZATION, ETC.
THERE WAS AN INHERENT ISSUE THAT WE HAVE AROUND TRUSTING
TECH. THAT IS LEADING INTO ALSO USING
THESE GENERATIVE AI. BIG PART OF THAT IS CAN I TRUST
THIS. OR — CAROLINE:
IS IT GETTING BETTER? SHUBHI: IT IS NOT GETTING BETTER.
IT IS ACTUALLY WIDENING. MEN ARE ADOPTING IT FASTER.
CAROLINE: WHAT TO DO? RECENT TO SEE UPLEVYL GOING IN
THERE AND BUILDING THESE CONNECTIONS.
SO GOOD TO HAVE YOU, THE UPLEVYL FOUNDER AND CEO SHUBHI
RAO. THAT DOES IT FOR THIS EDITION
OF “BLOOMBERG TECHNOLOGY.” JOIN US ON THE TERMINAL.
FOR THOSE ONLINE ON APPLE, SPOTIFY, THIS IS “BLOOMBERG
TECH.”