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Now, let's get to a stock that is definitely really a company that's on our mind today.
Tim, Yeah, sure's Apple right now, hired by about three tenths of one percent. It's a company we uh one. We all hit on in the headlines yesterday when this Bloomberg exclusive crossed. We talked about it and talked about it and talked about it and what might be could be perhaps the next big thing in Apple. Carol, we're talking personal robots that maybe could follow you around the house. They do the long other things.
If they do work, I'm in all right. We wanted to know more. Back with us on at exclusive is Bloomberg News Chief technology correspondent Mark German. He's out there in our la be k. Mark so laid out for us what exactly is Apple exploring and how far along are they in this process?
Yeah, thank you both so much for having So let me take you back to twenty nineteen Doug Field, who now runs the electric vehicle division at Ford. He joins Apple to run its electric car project, and one secret team within the larger electric car group is a team dedicated to robotics devices. They were working on drones that essentially were silent. That was a really cool thing they looked at. They ended up mixing that and then they
were also looking at personal robotics. Now that took a back went to the back burner for many years, but now the company is seriously looking at personal robotics in the home. Two main devices that they've been looking at, one that originated many years ago is a tabletop device. It's essentially a gigantic ipadcted to a robotic arm, and it can follow the head movements of someone you're on a FaceTime call with. So if I nod my head or shake my head or laugh haha, right, the iPad display,
you can move on the robotic arm. Yes, iPad display will move on the robotic arm to mimic those movements. If I was on a FaceTime call with the other person, to make them feel like I'm, you know, maybe in the room with them, even though it is an iPad
mimicking my head. The other thing, perhaps more interesting, is the idea of a robot, a humanoid robot, even that can follow you around your home, can be a video conferencing telepresence device, and even one pie in the sky idea that maybe will never come to fruition or maybe a decade or two from now, could actually do chores for you, such as cleaning the dishes before you put the dishwasher.
Yes, yeah, I thinking Jetsons. That's what I'm thinking that robot.
I would I would argue that, you know, of all the things that you mentioned in terms of use cases, the one I think that would be most compelling to people would be an assistant around the house to actually help with those things that we have to do each and every day, like unloading the dishwasher, doing dishes, cooking.
And the like.
That seems to me, I mean, I don't want to dismiss anything that Apple's working on outright, but that seems to me pretty far fetched in years away. Here. What's the timeline that we're talking about here?
Well, One it is far fetched. Two, it may never happen. Three These are ideas that are being floated around. They're looking what is the technology landscape look like ten years from now. You see Tesla with Optimist Prime, you see other companies doing early explorations into the robot space, and so that's what they're doing.
Right.
These are research projects. These are not formal consumer product development processes. These are still in the very early infant research phases. So if these ever come to fruition, this could be a decade from now. Don't forget the length of the car project was really a decade long before they ended up killing it. They did make a lot of headway in the last couple of years or so, I'd say, so I think this is pipe dream stuff,
but certainly the market is interesting. What Apple's looking at and what it's exploring, and they're sort of planting a flag in the robotic space.
Now gotta say, Mark love my room to love that it cleans up the floors. I already talked to a digital home assistant like this just feels like from somebody I could see that if it really could do stuff, how people would adopt it. But it also I also wonder kind of about the cost of it and how expensive it would be.
I mean, I don't know.
I mean it could be anything. It could be ten thousand dollars, it could be twenty thousand dollars, right, I mean the robotics equipment to create a device that can be a human and act like a human, those things are going to be extraordinarily expensive. If the Apple headsets thirty five hundred dollars, the amount of technology that goes into this could be tens of thousands of dollars. Now, the thing to note here, I mean this is basically a semi diluted version of the engine they were working
on for the car. If you think about it as self driving car is the ultimate robot would be a robot that's not going to be on city streets. This is going to be a robot that's going to be in your home. And if you think about it, repurposing that technology at much lower stakes makes sense. Profit margins are different in the home versus on the road. The safety, more importantly, is very different. You're not at risk of this so called robot running someone over or getting you killed.
You're at risk of the robot running into your new chair and damaging maybe the bottom of your chair or a new couch or something.
That dogs dogs and cats, maybe Mark, until it starts throwing plates at you and it gets frustrated.
Hey.
Mark. The backdrop of this, though, of course, is looking for the next big revenue generator for Apple. And you write about this, and you write about the different products and how much revenue they've brought in based on the year that they were introduced. So talk a little bit about how Apple is looking for something to essentially augment revenue from the iPhone as iPhone sales slow down and people upgrade slower.
You know, I would say that Apple really only has one ecosystem today, It's the iPhone. Everything is built around the iPhone. I would argue even the Mac and the iPad are part of the iPhone universe. Right, You probably own a Mac and an iPad or a Vision Pro or whatnot because you own an iPhone. You can take out the word probably for the Apple Watch and AirPods because those really only work with the iPhone. So it's one hundred percent if you own an Apple Watch or
in AirPods, it's because you own an iPhone. All these Apple services that exist, Apple Music, Fitness Plus, Arcade, et cetera, it's because you own an iPhone. What they need to do is create subsequent ecosystems, new ecosystems.
They don't have one other than the iPhone, so they need to.
Find that the car would have been that. It's unclear what else could create its own ecosystem other than a car, and robots in the home could be the closest thing. And so that's why it's a particularly interesting area.
Hey, Mark, just thirty seconds here. How much of this is kind of part of their focus another focus at the company, which is artificial intelligence. This kind of what folds into this and plays into this a little bit.
Well, if you think about it, a robot is the ultimate expression in terms of hardware of artificial intelligence. A robot is an AI powered device. A self driving car would be an AI powered device. So if this comes to market, whether it's the tabletop device sooner or a personal robot fifteen years from now, those are AI devices, and those would essentially be the first from Apple.
Bottom line, though it may never happen. Ten seconds.
Bottom line, it may never happen, but it's interesting that they're looking at it. And I will say I do think maybe the personal robot may not happen, but there will be an Apple robotic based device happen in the next five to ten.
Years for sure.
Right, well, cool stuff as always, Bloomberg News Chief technology correspondent Markerman on his exclusive you can read more. Just head to the Bloomberg terminal or a Bloomberg dot com.
You're listening to the Bloomberg Business Week podcast. Catch us live weekday afternoons from two to five pm Eastern. Listen on Apple car Play and ed Brout Auto with a Bloomberg Business app, or watch us live on YouTube.
All right, ti, So when you think of Nvidia and Microsoft, definitely the poster childs when it comes to the AI frenzy, But as you know, there are many others that have been trying to scale AI for well over a decade,
so it might surprise you. Maybe not, but wireless carriers like Verizon, so the excitement over AI is happening at the same time as the rise of five G. So while this may surprise people, Verizons AI engines actually in just more than seventy billion data points off the network every single day, and that kind of massive volume does provide a big opportunity empowering AI models, but it also
comes with a host of challenges. So joining us. Now in the Bloomberg Interactive Broker Studio is Craig Silliman, president of Verizon Global Services, to chat with us on how the company is using AI, automation and robotics to tackle labor challenges. Thanks so much for joining us. It's great to have you here.
How are you?
Thanks, Jeess, great to be here, and Tim appreciate you inviting me.
We'll walk us through this when it comes to Verizon and sort of the parallels when it comes to what your company has been doing over the past decade in relation to AI and also five G and what this means really moving forward.
Yeah.
Absolutely, we As you mentioned, everyone right now is talking about generality of AI, right that's the thing hitting the headlines. But AI has been around for a long time, and we've been working with AI now for more than a decade. We have more than three dozen AI use cases in production in our customer service centers, in our stores, in our supply chain. So we've been working on this for a while. We continue to refine, we continue to improve it.
So as a customer of Verizon, whether it's I'm a FiOS customer, whether I use Rising for business, whether I use Arising, wireless. How am I seeing the manifestation of these investments in AI.
First, thank you. I hope you are customer tim so thank you for that.
Yes, yes, yes, thank you.
Well, keep it looking to win you over. You know you're going to see it in a number of ways where you may it may be transparent to you. In fact, if we do our job well, it will be transparent to you. What we're trying to do constantly is use AI to take work away from our employees that's more tedious or that's not high value add for you, the customer, so that they can focus on you. So we want our employees doing the things that humans do best and let the AI do things that they do best. Would
it be customer service at this point? Is a chat?
Absolutely?
So if you call it into our customer service reps today. In the background, we're going to have a number of AI use cases going on. First of all, we have intelligent call routing so that we know what you're calling in about and we can match you with an agent with the skill sets best match to serve your needs. Secondly, as you're talking to the agent, the AI is serving up in real time information for the agent about what they need to answer your So.
The AI is listening to my voice and sort of perhaps coming up with answers to questions that people who've spoken things similarly to whe I'm speaking have asked about.
That's exactly right. And if you think about the number of permutations, the number of devices we sell, the number of plans we have, there are hundreds of pages of material available to our customer service agents to answer your questions. We don't want them going through that while they're trying to listen to you, So the AI will get clear and synthesize it for the agent so they can get
very quickly to exactly the answer that you need. So what you're going to see as a customer is quicker time of response and more relevant answers to your questions.
So does this basically sidestep even if you have some maybe simple questions where you don't end up having to talk to a customer service rep and you can just use the AI to get the answers that you want.
Yeah, great question, justin And as we continue evolve the models, what we want to get to is that you can interact directly with We all have chatbots today, but we want to make those chatbots far more robust, so they give you a more relevant, relevant answer. Of course, once you're interacting directly with an AI as a customer, we have to make sure we get that right. We take
very seriously our responsibility to our customers. We all know the stories about AIS that have gone rogue, and so we do a lot of testing to make sure that we get that right before you're interacting directly with an AI.
We've talked to Earn Mark German a lot about he's chief technology correspondent here writes a lot about Apple breaks pretty much every big story about Apple about how a company like Apple is going to start using AI and handsets over I mean, look for asen wireler's a huge part of your business. How are you thinking about the hardware side of this, the side that you don't control, and what that means for your network when there is AI in our handsets used in real time.
Obviously, all of the device manufacturers are big partners of ours, so we're in constant conversation with what they have coming out. But more from our perspectives we think about the network.
There are a couple aspects of AI. First, just mentioned this stat we're ingesting seventy billion data points off the network every single day, and running those through analytics engines that we can not only do kind of descriptive analytics what's happened and diagnostic analytics of why did it happen, but predictive and prescriptive analytics what's going to happen next? Where do we see the growth of the network. Where do we need the engineers getting ahead of the builds.
We're using AI to make sure the network stays ahead of the usage, but we're also looking at use cases as all of us, as consumers use more and more AI, we expect that to drive further usage of the network.
Can you expand more about specifically the data points? When you're talking about seventy billion, where are you getting that data?
So every time you're walking around, driving around the streets, your device is constantly communicating with the network and what we're looking at there on an aggregated basis. It's not personal to you on it, but an aggregated basis.
Where we spend a lot of time at the office, you work way too much.
We're device. This is on an aggregated and anonymized basis. But the data session, how are you communicating with the tower. Are we seeing congestion? Are you seeing certain parts of the times of the day that certain cell sites are getting more congested so that our engineers can get out ahead of that and build out capacity things like that.
Are we seeing certain usage patterns that are driving changes in the network And we've seen that over the last couple of years changing usage patterns as through COVID drove a lot of that shifts from urban environments to more rural and that helps us get ahead of the build At.
The end of the day, Does any of this matter for customers serve customer acquisition for getting more people to sign up for Verizon.
Service, Absolutely, because customers are looking for reliability in their connection. We all live our lives on these devices, we run our businesses on these devices, so we're all looking to say how reliable is this? So our ability to get ahead of the bill to make sure we're meeting customer needs before you ever know that need is there will absolutely lead to customer acquisition.
What's the top question you get from customers related to this right now?
The top question is probably can you do away with customers service agents altogether and.
Just go to AI really get that they don't want to put it to people.
Well, actually it's a great question to but actually know they ask that more in a worried way. They're worried that we're going to move completely to AI, right, And so what we're saying is we really don't see that. We see AI as an assist to our employees, not a replacement. It makes them more effective. It lets them focus on the most rich human parts of their job.
And we think that'll be good for customers, because customers want someone with empathy who's listening to them, but who's assisted by all this great new technology.
I do not want the humans to be gotten rid of I promise you that, Craig Silliman, President of Rising Global Services. Here in our Bloomberg Interactive at Brokers Studios.
You're listening to the Bloomberg Business Week podcast. Listen live each weekday starting at two pm Eastern on Apple car Play and Androyd Auto with the Bloomberg Business App. You can also listen live on Amazon Alexa from our flagship New York station, Just Say Alexa Play Bloomberg eleven thirty Well.
Dave Calhoun took over in January of twenty twenty for ousted Boeing CEO Dennis Muhlenberg, who downplayed design defects that killed three hundred and forty six people when the maxis flowed software crashed two planes. Yet four years later, Calhoun is out. In addition to losing more than twenty three billion dollars during his four years as CEO, Boeing lost the trust of flyers, the patients of airline customers, and
the indulgence of regulators. As our next guest writes, now that Calhoun is leaving by year's end, Boeing has also lost the fiction that Calhoun was ever the right leader to fix the company, and over the long run, that could be a good thing. Peter Robinson is Projects and investigations reporter for Bloomberg News. He's also the author of the New York Times Business bestseller Flying Blind, The seven thirty seven max Tragedy and the Fall of Boeing. Peter
joins us here in the Bloomberg Interactive Broker's Studio. His story, by the Way, co written with Julie Johnson, and it's featured in the new issue of BusinessWeek magazine, available now on newsstands, on the Bloomberg Terminal and at bloomberg dot Com slash business Withek Peter. Good to see you here in New York. Usually you're out in Seattle, So awesome to have you here. This piece not just a great overview of Calhoun's failed time at Boeing, but also a
history of really where the problems at Boeing began. But what I want to talk about is that key decision back in twenty eleven when the company decided that instead of building a brand new airplane, what they were going to do is re engineer A seven thirty seven for the fourth time.
Yeah, it is a really key moment, and it's what set off what we're seeing now, which seems like a recent implosion. And Boeing really had this same choice even back in the nineteen nineties. At that time, Airbus had stolen a big order. And one of the things I write about in my book was a meeting that Boeing held, and it was a meeting at that time to say, should we, you know, should we match the A three twenty.
The E three twenty has some advancements in the cockpit that provide more more integrated electronic features to the pilots, and the cabin is wider, and Boeing said at the time, you know, I talked to one former executive Boeing, Gordon Bethune, who also ran Continental, and he recalled that he thought to himself, you know, maybe, you know, maybe we should get a jump on Airbus here and get ahead of this.
And he was leaning toward voting for an all new plane, but he knew that the manager of the seven thirty seven factory didn't want that. It's hard to update a factory. There's all these sunk costs and tooling, so he voted for, you know, doing an update at that time, and the vote was five to three. Boeing did an updated seven thirty seven, and then again, as you said, in twenty eleven, Americans stole this big order and Boeing faced the same choice.
It had just come out of a very expensive development project on the seven eighty seven and didn't have much appetite for an all new plane, and so it went with the updated seven thirty seven, which has not proved of sales success, you know, and that's an understatement against the airbus plane.
Walk us through that key decision back in twenty eleven and how we got to where we are now, there.
Were meetings held in the summer in Dallas secretly with Airbus execs and American Airlines execs, and they met at a hideaway hotel in Dallas where they didn't think that Boeing's on site sales rep would see them, and they successfully negotiated a big deal for a three twenties and that was a huge coup for Airbus because it was a takeaway for Airbus. They didn't at that time American
Airlines didn't have a three twenties. Boeing was surprised, I you know understand that, you know, the head of Boeing Commercial Airplanes was upset that his on site sales team didn't warn him about this, and Boeing had publicly said it didn't. You know, there was no pressure to do an all new plane. It could get to that. So Boeing reacted by making a short term decision which allowed to hold onto market share. And in the long run, as we're seeing it's it's cost Boeing quite substantially.
So we get here to twenty twenty four. By the end of the year, Calhoun will be out or perhaps sooner if they do come to an agreement. I guess the board has to decide on a new CEO to what extent is a new plane that would compete with the Airbus A three twenty in Boeing's future, something that's that's completely a brand new plane.
But Boeing had at one time, even late in Dennis Muhlenberg's tenure, Boeing had a plane called the new middle market airplane on its drawing board. It would go right after this center of the market, the bread and butter roots that a lot of us fly on. And it, you know, with the max crisis of the two crashes, pulled away from that. So really the debate now is between you know, continuing the same strategy, which is cut eventually return cash to shareholders, or invest in new products.
Boeing has really slowed its pace in product investment. So a number of analysts, one of them is Bank of America's Ron Epstein, says that it would be costly, but in the long run it would be beneficial for customers beneficial twenty dollars or more, and and but investors would hate it. But over the long run they're they're going to hate even more. Boeing steadily losing market shared air bus.
How does Boeing fix this.
The people that I've talked to say it really starts with fixing the culture to be more about collaboration. There's a real tension at Boeing between speed and efficiency, which has been a focus of their managers, who often come from the ge school of management and safety and doing things right. And many people have talked to say that Boeing in the old days had multiple layers, they had
multiple checkofs. Their were coordination that added costs, but there was a recognition that over the long run that would save money because it will be done right and you wouldn't have to go back into the airplane and fix things later.
Well, one of those executives from the Jack Welch school is of course Calhoun, Dave Calhoun. And one thing that was interesting to me and big takeaway from your piece that's in the new issue of Bloomberg BusinessWeek, is the difference in the way that he talked about regulators publicly and especially in recent months, versus what he did behind
the scenes. Can you talk a little bit about what you've learned about Dave Calhoun over the last four years and the way his management style was portrayed.
Yeah, I thought That was interesting to read as I was looking at the history of his statements on regulation versus what he said immediately after the crash. Immediately after the crash, he spoke to employees and encourage them to be very open with regulators. He said, I trust every step they'll take.
Is this the January This is after the Yeah Max crash.
He was on the board for the crashes, so this was after the panel. This was soon after the panel blow out in January at the seven thirty seven factory, and he pledged openness and trust of regulators. But over the years in his career he had said something very different.
He gave an interview that I mentioned in the story with Maria Bartiromo and Fox Business in twenty sixteen where he said of it was a conversation about government regulation and taxes with the theme that it was hammering business, and he said it's just not helpful. I view governance
in general is just slowing everything down. And there was also a meeting in November twenty twenty two and he talked about, you know, just the fact that and he was recognizing that Boeing was in a different moment and needed to be open with regulators. And he said, you know, let them, let them do all the discovery they need, no matter how inefficient you think it is. So it felt like he was revealing a bit of his thinking there.
When you think of the two biggest companies when it comes to aerospace, obviously you have Boeing, but then you have Airbus. Where's Airbus at this point as a competitor When you have the top.
Two there, Airbus has become what Boeing was when I first started covering aerospace in the late nineteen nineties. Airbus has sixty percent plus of the commercial market. It is in narrow bodies. As we talked about, you know, just
really you know, putting Boeing behind. I've you know, one analyst I've talked to you said that in a natural market, if Airbus wasn't constrained by delivery slots, the market share might be seventy five twenty five Airbus the A three twenties is just the preferred narrowbody at this point.
How damaging we have thirty seconds left? How damaging is this whole debacle to its customer which I remind everyone are the airlines not us.
The customers are suffering because they can't put on the extra flights they were looking for, so it's causing them.
Is having to do It's pretty wild.
Yeah, it's I mean, traffic is back, but the airplanes are not.
Hey, Peter, A great piece co written with Julie Johnson, who covers aerospace and airlines as well, and Boeing too. It's in the new issue of BusinessWeek magazine. It's available on newstands on the Bloomberg Terminal a at Bloomberg dot com slash BusinessWeek. Peter Robinson is Projects and investigations reporter for Bloomberg News. He's also the author of the New York Times Business bestseller Flying Blind be seven thirty seven, Max Tragedy and The Fall of Boeing.
M Marco.
A journal.
Now about you, let me drive?
Oh no, no, no, no, honey, please, I'll gravel.
I want to drive.
Life's champ time. This is the drive to the clothes trim. Think we'll drive out. Shout it on on Bloomberg Radio.
All right, Jessminton and Tim Stenovic heir the Bloomberg Interactive Broker Studio. With just under twenty minutes left to go before the closing bell. If you do quick check here on the s and P five hundred and the NASAC one hundred both down over one percent, So that would be the first time the S and P five hundred would see a decline of that magnitude tim in about a month. But I have to also point out just
down about two percent from its all time high. But who better to check in with the latest on the market movements here heading into the closing bell than Garghee Chowdery, chief investment in portfolio strategist for America's at black Rock, who's joining us on zoom in New York City. Thanks so much for joining us ahead of the closing bell here, break down what you think is sort of turning here in the last hour of trade and why we're seeing stocks give up their early gains from this morning.
Had that good afternoon, Tim and Jess, I think a couple of things that's booking investors out just a little bit. Number one, I think there was some hawkish comments out from a couple of Fed speakers, just this idea that the Fed may not need to go at all this year. I think that's certainly something just based on the timing of when the market turned. Number one. Number two in this I think is more important is the price action and oil prices obviously Brent crude make it going back
significantly moving significantly higher today. That is something that is adding a quote unquote fuel because there was already this concern around sticky inflation, and now, of course, if you do have oil prices continuing to turn meaningfully higher, if Middle East tensions continue to, you know, get even worse.
Investors are considering what that might mean for consumers, what that might mean for interest rates, and of course, as a result of those two, what that might mean for investment returns in the stock market.
Yeah, argue when that happened during our two o'clock hour on the program, we had Michael McKee on, and he made the point that well, one the Fed can't do much at if anything, about oil prices, and two they're much more interested in the second order effects of the way that they move, that a price increase in oil and energy would actually move throughout the economy and mess with their inflation goals of getting inflation down to two percent.
Is this move in energy in your opinion? Could this be a sustained move higher?
I think that's the really important question, right, So if this is a move that we experience and then we sort of come back down to levels that we have been in for the last quarter of twenty twenty three. I think that's fine, and that's certainly something that both the FED and the equity market will look through. But if this is something more pernicious, if we are getting back towards that or even if there's a fear of getting back towards that one hundred dollars price oil level,
that can be problematic for a couple of reasons. Look, of course, the FED looks at core PCE, we know that, but higher prices can make their way into core inflation as well, because, as we know, every type of good that you purchase or service that you've experienced, such as an airline ticket for example, has an embedded energy cost associated with it. So that is something that we have to consider. So the sustainability of this energy rally is important.
The second thing I think is pretty important is the strength of the consumer. So so far growth expectations in the US have been so immensely helpful for earnings growth as well as, of course, for how consumer sentiment has been and consumer sentiment is often driven by what consumers
are paying at the gas station. I think if that is something that continues to move higher, I think sentiment is going to be definitely driven, and how consumers feel about spending going into the second half of the year, especially if interest rates remain high, can be a concern. Now I will say that our our base case isn't for this to change the FED spot, but I think the risk has just risen.
You know, it's so interesting that you talk about sentiment because there's like it's so visceral going in pumping gas and you know, you know how much you're paying single time. So that's something that certainly the consumer pays attention to. Hey, I just want to jump in with a redhead crossing the Bloomberg terminal. Toma Bravo targeting a Toma Bravo targeting to raise about twenty billion dollars for its next flagship
buyout fund. According to people with knowledge of the matter, the Tech Focus firm discussing commitments to Toma Bravo fund XV one LP with potential investors. That's according to the people who ask not to be identified discussing confidential information.
Okay, Gargie, we're only about four trading days into the new quarter, but what are you advising your clients to buy and sell after we obviously saw a big rally around ten percent in the S and P five hundred in the first quarter.
Short thing, Jess, I think, you know, we just came out with our Q two outlook earlier this month. The focus there is for investors to focus on quality in their equity portfolios. So what do I mean by quality? We think that companies that have stable earnings growth, companies that have a lot of free cash flow, and most
importantly have low financial leverage. What are those companies that are going to Yeah, some of those well, some of those companies are the big tech names that you hear, some of them are in the healthcare sector, and some
of them are in the financial sector. It's really not about the sector or the industry, but it's really very very stock specific and focusing on you know, we think investors can access that through a tech qual which has some of those companies in it that have those earnings growth that are screened for higher earnings growth and stable and low financial leverage. So I think that's one way that investors can focus on for the remainder of twenty
twenty four. I also think that in a world where growth remains solid and inflation, though sticky, is still come continuing to come down, and the FED most likely cuts rates at least two times this year. In that world, you want to be focused on earning income within your
fixed income portfolio. So again, keeping where you own duration really matters, So keeping that interest rate sensitivity in that five year or shorter part of the curve, but earning income in higher quality parts of the fixed income market
also make a lot of sense. So I think, remain invested, remain up in quality, clip some coupon, focus on sectors like tech as well as you know, financials, if you want to look away from that growth area of the market and look at a little bit of the value areas that we think can still do well, and then clip some coupon in the fixed income markets. That's what we're telling investors to do right now.
We only have about forty five seconds left. But you mentioned financials, which does have not only big banks in regionals, but you do have fintech companies and insurers. We're within financials, do.
You like, Yeah, So what we're telling investors to do is actually stay again in the higher quality part of the financials market. So the ticker that we're recommending investors is IAI, but really focusing on those large banks and brokers where we think the impact of capitol markets reopening, the uh steepening of the yield cub all of that will come into play. So focus on communications services and quality and tech, but also bar well with financials, but up in quality.
Gargy, We're gonna have to leave it there. Thank you so much for joining us this afternoon. Gargi Chowdery, chief investment and portfolio strategist America's at black Rock, joining us from New York City.
This is the.
Bloomberg Business Week podcast, available Apple, Spotify, and anywhere else you get your podcast. Listen live weekday afternoons from two to five pm Eastern on Bloomberg dot com, the iHeartRadio app, tune In, and the Bloomberg Business App. You can also watch us live every weekday on YouTube and oh is on the Bloomberg terminal.
Mm hmm