Thanks for joining us for this special holiday edition of Bloomberg Daybreak. I'm Nathan Hager. The US stock market is closed for the fourth of July. Coming up this hour, we have a high tech treat for you. If you've been invested in technology stocks this year, it has been
quite the rewarding twenty twenty three. The Nasdaq by far has been the best performer of the three major indexes this year, but can the rally in tech last We'll spend the entire hour looking at what's ahead for the sector, including the mania surrounding artificial intelligence, with two of the best on Wall Street. Gene Munster, the managing partner at Deepwater Asset Management, is with us along with wet Bush Securities senior equity analyst Dan Ives a tech roundtable for
the entire hour. Dan and Jean, it is great to have you both with us. Dan, I want to start with you because you got a lot of traction with the note last week on the outlook for tech stocks in the second half. Tell us more about why you think the AI frenzy is more than just type look.
And it's great to be here, you know, with you in Gene talking tech because in my opinion, it's a fourth Industrial revolution that's playing out in front of our eyes. We believe this is the start of a new tech bull market, and which is why we think second half of the year tech could be up fifteen, potentially twenty percent in a much broader rally because of what's happening from a growth perspective, I think it's ais tip of
the iceberg. We're seeing a stabilizing it spend environment, and I believe this is something in our opinion that's the only thing that's comparative is nineteen ninety five Internet moment in two thousand and seven Apple iPhone.
You know, it's been a similar view that we've heard from Don Fitzpatrick, the CEO of Soros Fund Management. She spoke with us about AI last month at the Bloomberg invest conference in New York. Here's what Don Fitzpatrick had to say.
It is clear that we're at the beginning of a megacycle in spending AI, and the real beneficiaries obviously are the applications, so you're SaaS companies and infrastructure, so it's it's cloud and your high performing chip companies.
Jane, let's bring you in on this. Is this the beginning of a tech megacycle.
It is, and there's going to be some ebbs and flows in terms of the stocks and the near term, but I think that it will ultimately meet, exceed, will comfortably exceed all of the hype. And the hype is just intense. I mean, this universal optimism around it seems hard to believe, but I think it is. There is substance behind it. I want to frame in a couple data points around that substance. At Microsoft's Developers Conference this year, they showed a demo of the new Windows operating system.
And when I saw the demo again, it was an animated demo. Wasn't live, but an animated demo. I thought, these features are probably going to be out in five years, and then they said it would be out later this year.
That never happens.
Usually. What happens is I think some is going to take two years and takes five years in this case, think it's going to take five in six months. And then you look at Nvidia's guide, it's dated. It's back when they reported their March quarter. They guide it for June.
I don't know, Dan, I don't know if you've ever seen a guide like that, but going from the street was looking for like ten percent sequential growth, they guide it to ninety or one hundred percent sequential growth like that doesn't happen, and exactly.
To your Genus always puts it, I think, just phenomenally. And it goes back to the Nvidia guidance. I'll call it the guidance heard around the world. Okay, that is really the start of what we're going to start to see. That's why, Nathan, when everyone does hype and and Gene, I know you've talked about this a bunch too, it's like it's not In other words, this is as real of a spending trend as I've ever seen in my career. That's why I view it is really the star of a new tech bull market.
Well, I got to ask you guys both because you mentioned this sort of having similarities to nineteen ninety five. Of course, it was just a few years after nineteen ninety five that we saw the nineteen ninety nine dot com bubble burst. I mean, what's the risk, either Dan Orgin that this huge spend that we've seen into the AI space in just the last few months ends up creating an asset bubble?
Yeah, I think what I come back to In nineteen ninety seven nineteen ninety eight, was a junior analyst at Piper Jaffrey and there was a company k Tel most of who don't know who Ktael is. They had a record subscription, eight track tapes, cassettes, who'd.
Vague memory dollar tell yeah, yeah.
And they announced they put a press release, so it came over the facts that said that they're going to start selling records online. Sock went from four to forty over like a four month period, and it was a company that didn't have any substance to it. I don't even know if they ever sold anything online. I think it was representative of hyping everywhere, and I think this is different. Yes, we see what's happened with Nvidia, and there is these AI stocks are up, the chip stocks are.
Up ninety percent this year.
Yeah, but to me, there is I like what you said there, Dan, The guidance heard around the world is that we weren't seeing that kind of guidance Back in two thousand. There was this ad spend that was kind of circulating. There's companies going public, they were getting money, they were spending with other internet companies, and so there was a little bit of a misleading positive sign back
around two thousand that ended up just drying up. This feels like there's much more substance, and it's much more narrow. It's not k tels aren't happening today.
Look, and Gene to his point, I believe the big thing here in Microsoft, we believe for every one hundred dollars of cloud spend, partners are talking about incremental twenty five or forty dollars of AI spend. That changes the whole paradigm of what Microsoft looks like in the next five seven years.
Speaking with Dan Ives of Wedbush Securities and Gene Munster, managing partner at Deepwater Asset Management. But to the point about how so many companies now when you'll listen to earnings calls, see the earnings reports, it seems like not a day goes by that we don't hear about one company after another just even mentioning AI in their reports, and it spikes the stock. What's the risk that we see so many companies talking about AI that they don't
necessarily have the bones to back it up. Geane, let's start with you.
I mean there is a risk, but I always compared to what happened twenty five years ago, and I think that it's much more limited. I think I was recently at a dinner in New York. There were twenty other investors in the room, and I asked how many were investing twenty five years ago the Internet bubble, and two people's hands went up, and that got me a little bit worried, like maybe we get a little we get a repeat of what happened. But I think it is Nathan.
I think that the bottom line is I think it's still limited that scope. I don't think every company is claiming there an AI company. Not every company has had an AI bid. Yes, the nasdacs up thirty two percent this year, but what happens when you have panemonium is when everything's up one hundred percent in six months, and so we just haven't seen that kind of across the board. It is good to remember, like what is the substance
of it? And I think that's where you get guys like Dan out there who have seen this so many times and can kind of parse between the hype and the substance when it comes to which companies are going to benefit of the long term.
So Dan is the substance just around in Nvidia and that call hurd around the world that you mentioned earlier, or is there more substance just beyond that major AI chip maker.
Oh. I think there's as much meat on the boone as I've seen of any tech and the last twenty years. And I could tell you the last six or eight weeks traveling the globe from Asia to Europe to US, what we've seen. This is something that alternate we believe could be eight to ten percent of budgets next year AI today it's less than one percent. And I think that's why we're spending all of our time, not just myself as a tech group, who are the second third
worth derivatives? That's what we're spending our time on.
Where do you see some of those second third, fourth derivatives? Gane?
I think, well, I think there's a first derivative that people aren't picking up on.
A couple of them.
Google is one that is not a consensus. At that dinner that I mentioned, had a survey before this was in a combination with Piper Sandler, and the survey that was done included which were the consensus AI stocks and Google was not on that consensus. List, which surprised me and when I asked about it, it's investors are still skeptical or concern that there's going to be a dip in their AD revenue and that this basic idea that they have a lot to lose. I think they have
a lot to gain potentially. I do believe that they're going to have a speed bump in their revenue as they shift to single results driven by AI. But I think Google, their twenty years of data, is going to create more informed search results even with AI, and I think that they, even though it's out, consider that a second derivative because I think investors are largely ignored. I think one of the companies is going to surprise people in the next twelve months about their AI performance.
Is Meta.
I think what they're doing is it's just pure adrenaline to advertisers to improve ad attribution, and I think it's going to invite more ad spending after what has happened with some of the changes the IDFA from what Apple's
put in place a year and a half ago. So I think those aren't aren't I think given the proper attention, as we deep water, we invest in both public and private companies, and so I can say where most of our attention is on the private side, it's looking at the chip architecture and the basic idea is right now video is running away with this and they but they're chips. Still it's expensive to train models right now. Open Ai trains their models about once every three weeks. It typically
takes about five million dollars to do it. So there needs to be new technologies to enable better chip architectures to bring down the cost of training.
We're going to keep up this conversation talk a little bit more about the applications for artificial intelligence as we continue this discussion with Gene Monster of Deepwater Asset Dan Ives of Webbush on this special edition of Bloomberg Daybreak with a focus on Tech. It is eighteen minutes past the hour. I'm Nathan Hager, and this is Bloomberg. Welcome back to the special edition of Bloomberg Daybreak. I'm Nathan Hager.
The US stock market is closed for the Independence Day holiday, and we continue our focus on tech now with Dan. I've senior equity strategistic web Bush Securities and Deepwater Asset Management managing partner Gene Munster. I want to pick up on this conversation we're having guys about the applications for artificial intelligence beyond so much of the investment that we've been seeing just over the last few months. Someone who's really gone all in on the innovation industry is Kathy
Wood of OARC Investment Management. Here's some of what she's had to say. When it comes to AI, many people.
Think it's just hardware and software stocks widely advertised. But Tesla, many people think, is an auto stock. We don't. We think it's much more than that. But we think it's one of the biggest AI opportunities out there.
I want to pick up with with you, Gene, because there has been this long running debate about whether Tesla is an auto company or a software company. But just to take the broader view some of what we've been talking about already, is there a case for AI to change the direction of other sectors, even outside of tech.
Definitely, I think Tesla's a outside of the typical companies that we talk about that are having an impact over the next six months. Tesla's clearly in a spot and the lines are are obvious where they're going to benefit and this around autonomy I've got a seven year old of a five year old, and I have a bet with my wife that they'll never drive. And I think that autonomy is a piece that obviously Tesla has been
more active around that. I think we're going to have a chat GPT moment around autonomy that in the next year where it's really going to leap forward. Humans shouldn't drive. There's more than thirty thousand people in the US lose their lives in car accidents. People are more distracted, and machines can help fix that. And I think AI is
an obvious opportunity and Tesla's a beneficiary. Not to mention the toy store with Optimus Prime don't have any of that my model, but it is an opportunity on just kind of I think a great example of things that Tesla does that no other car company would even touch.
Interesting thought to bring in the transformers of the autobots of the Decepticons. Are you know this idea that there's a dark side potentially to AI and the threat that it could potentially pose to society. But I want to pick up on what we're talking about in terms of automation and this idea that artificial intelligence could add to this. You know, key that Tesla is trying to crack here
when it comes to getting cars to drive on their own. Dan, I know you've been bullish on Tesla for a long time, but this has been something that not just Tesla, but a lot of car companies have really been struggling to get right.
Look, I mean FSD, that's that's ultimate, that's the golden goose, right, I mean for Tessa. I mean when you think about the AI story.
When when you think about ultimately autonomous, and there's Genes talking about I still think there's a chance ten years and that Jean's kids maybe you're driving a cyborgalk but you know, we'll see how that plays out. I think this is really what they need to crack, especially when it comes to the Delta Beta version for Tesla, I think they're way advanced. You got dam Aroro Wimo and that's the holy ground, and I do believe the next five six years we're going to get to autonomous.
That's much I think closer to what many think from skeptically that Tassa and others are going to get to. And that's why I think it's the biggest transformation to the auto industry during the last sixty years.
Yeah, they have transformative technology, something that really gets investors excited. But it raises the question about whether this technology that we hadn't been talking about even just a few months ago, is developing so quickly that it runs ahead of us. Gene, what are the risks to society from AI deep are?
We spent a lot of time thinking about this, and ultimately we have a view of where AI is going to impact us the next ten years, and I'd just start with I think humanity is still going to be around. I don't think this apocalyptic view that even Elon Musk has endorsed is anything close to reality. I think that this is another wave of innovation and efficiency that's going
to benefit humanity from just a lifestyle standpoint. But there will clearly be jobs lost, and I agree with consensus it's going to be kind of lower or maybe more customer support types of jobs. They go the way of being like a travel agent. Essentially, those will be replaced by a but I think other people with high paying jobs. I think there's still gonna be a lot of developers out there that will be assisting AI, and I think
those are going to be great jobs. I think another piece at decade for now with AI is that truth will be much more elusive, and I think that that potentially could cause some civil unrest. And recently was watching a quick video of a Russian soldier surrendering to a Ukrainian drone and we're debating it on our team, and the one person on our team felt that it was AI driven and it was just a fake And as we debated it, I recognized like there was like tension in.
The room, like is this real? Is it fake?
And I think it's just a microcosm of what we're going to see in the next decade. We're not going to know what's real and what's true. I think that's a problem related to AI. I think life expectancy is going to take a jump up. Look at the curve of the life expectancy curve over the last two hundred years, took a big jump up when they could start to do surgery, penicilla and things like that. But I think we're in another stage where life expectancy takes a leap forward.
And the last piece is we talked about a minute ago. I don't think cars, I don't think people will be driving cars in ten years.
That's kind of how I see it.
It is interesting Dan, the idea that you know, it's still relatively easy to see whether a deep fake is a fake, but it's getting a lot harder really quickly. What's your concern or is there a concern for you that artificial intelligence is going to make it tougher for a lot of people to know what's real and what's not.
Yeah, I'm look gene brings up I think great points. I think the thing that probably worries me the most when it comes to AI is and I think regulator You're starting to see at both Brussels as well as the belt Way. You know, does tech just get more and more powerful, right? I mean the stronger, stronger if you look from the chips to the software. I mean, even though it's going to be broader, you're going to have tech just getting that much more stronger. So that's
something where what does that ultimately lead to? And then I think the bigger issue is potential from a data perspective in terms of where AI is taken to make sure that there's guardrails in place, and I think that's something they're regulators, the White House, you know across the board, that's a worry because this is going one hundred miles an hour, and the concern is regulatory is going fifteen to twenty miles an hour, and how's that all going to play out?
And the thing is Congress doesn't exactly have the best track record when it comes to staying ahead of technology and putting regulations around it. But we've also heard from the likes of Sam Altman of open ai, the parent company of chat GPT, calling on Congress and other regulators to put guardrails around AI gene. What's your view on whether regulators can get it right when it comes to keeping artificial intelligence under control?
Totally agree with Dan.
I think that we need regulators, we need Washington to step in. What's the reality of them being able to actually regulate this, I think it's slim to none. I think they haven't been able to regulate basic social media over the past decade, and you know, they've been talking about breaking up big tech. I don't think it's for the good of the country, but that you know, basically hasn't happened, and so I think there's gonna be a lot of talker regulation. I would even point This is
Zuckerberg has talked, has asked for regulation. This is after the Cambridge Analytics tobaccle I forget what year that was, five years ago, and asking for more help and it's just hasn't happened. I love Dan's analogy there is that this is going one hundred miles an hour, and the regulars are going ten miles an hour, fifteen miles an hour, and that makes sense, and I just think that they're not going to be able to keep up.
Yeah, what about the tech sector more broadly? Could we start to see some attention beyond the prevailing narrative. Gina Martin Adams has been weighing in on that. She is the chief equity strategist at Bloomberg Intelligence. Here's some of what she has had to say about the outlook for tech beyond AI.
I think you'll see those gains broadened out to other segments of tech and some of this these defensive trades, which I would call Apple and Microsoft and the mega capstocks largely defensive trades the area of the market that investors go to, heiden while nothing else is working. Things are going to start to work a little bit better later this year and into twenty twenty four, and so I would expect tech to broaden out to more constituent gains across the board.
Dan, you're looking for more broad gains beyond the AI story.
I mean, that's exactly our thesis. I think earning season that we see for two Q, you're seeing a stabilizing it spending environment on enterprise. I think digital advertising is starting to stabilize as well, and especially when it comes to software. This is really what I view as a period where especially in areas like cybersecurity, cloud infrastructure, big data of course AI, which is really leading a lot of this. I think street numbers they rip the band
aid off. I think a lot of these numbers I wouldn't call it samdbag guide in but I think they're setting up for numbers to go higher. And in my opinion, this earning sea, I think the bears just go back into hibernation.
Work interesting. What about you, Gene, I mean the valuations have been eye popping this year. Can this kind of momentum continue?
I mean there's a saying that I have here, I want my cake and ice cream too, and.
I think that I think there's going to be a pullback.
But I also want to be very clear, I'm on board with this is going to be a great tech rally over the next year. So my general sense is that we've had some optimism around the market. More broadly, I think that what the Fed's doing, there's been some optimism. I just think that this earnings periods, there's going to be a natural cooling off. But that's getting cute, and I think ultimately you fast forward a year from now,
I think that these are going higher. I can say that we've been cautious with one of our funds and we've been just a pointing cash over the last month and will continue to do that through the summer, even though we think there's going to.
Be some pullbacks.
So but I think that nuance kind of misses the point. I agree with dyon that this is setting up to be just a wonderful year in tech. And as Dan said at the top, like these these waves come around. There's there's a wave every ten years in tech, there's a paradigm shift every twenty thirty years, and we're in a paradigm shift phase and that can boost things. I mean that that powered fifteen years a tech performance.
So I think my nuanced.
About this June quarter and whether it's going to do these tech stocks is decide the point. I think that a year from now things are going to be higher.
Think he's been a little bit too nuanced, Dan.
Not at all. Look, I think the way Jeane is always thought about tech stocks, I've just always been so impressed by because he's able to see the farest through the trees, whether it's Apple, whether it's Meta, whether it's others. And I think we are in one of those moments. We are in this fourth Industrial Revolution. That's why investors will fret about a quarter too. They'll be cautious like
they have this year. But I really believe tech starts to inflect higher second half of the year despite this poker game between the market and the Fed and you know, everyone watching the ten year. I think that you need to be macro aware, micro obsessed.
I love it. You know we're talking about performance. Ay. Then I got to ask a question here, Nathan, is that okay?
And I got to say when I was so excited to join Dan here, got so much respect for this man and what he's done for tech investors over the last twenty years. And I haven't had a chance to talk to him about Vision Pro, and I love your take Apple's vision Pro yep, Apple's Vision Pro.
Well, look my view on vision Pro, it's it's just the start of what I've view as a broader ecosystem that Apple's going to build, which we believe over next twelve eighteen months it's going to be its own form factor and eventually an AI app store that Apple's going to own. So I view Vision Pro as thirty five hundred the average investor views is obviously pricing. It's not about one hundred and fifty thousand units moving the needle because gene Knew is better than anyone pine in the world.
Two years from now, we believe that's fifteen hundred hours seventeen hundred, you'll start to see that demand continued to increase. But I believe the golden goose why Apple is playing chess and others are plane checkers. This is the start of we view as an AI app store for Apple.
I throw a little cold water on this because their price point on vision Pro was so huge when they first announced it, and it plays into this whole idea of augmented reality, the metaverse that got so much attention last year other than Vision Pro hasn't gotten much talk now that there's been so much focus on AI, is there still room for augmented reality the metaverse? In the Tech.
Story glad to hear Dan's take on it. My view is that investors are grossly underestimating what vision Pro and the future products around this family can do for Apple. And it's that is investors are just looking at what has happened over the past five years related to augment reality and virtual reality and the disappointments. And I think
that this device is spatial computing. It's different, and I think there is an opportunity for Apple to create a device that we spend one to three hours a day in and that can be ten plus percent of their overall revenue. I think most investors think this is going to be five percent of revenue. I think it can be more. If I was going to say where I could be wrong, I think that it could be much bigger.
It could be twenty percent. I mean, I think this is one of those devices that people won't fully appreciate until they've used it, and I think developers are going to get on board. I don't think it's great for humanity. I think because it's just such an immersive environment. Even though you see the outside world, that's still immersive. But Apple's going to build what I think is going to be a big business around vision pro and investors are going to get surprised in the.
Next few years. It's going to take a few years, but I think it's going to happen.
Another megacap stock we haven't talked much about is Amazon. Of course, they spent so much during the pandemic. They've been trying to get past that. Dan, what's your view on Amazon obviously one of the biggest megacap tech names out there.
Look, I think the biggest thing missing right now, and from an investador conversations, I'm sure Jeans had the time as well. They are behind when it comes to AI. I mean, if you look what Google and Currion have done, are queerly Nedella and Redman at the top of the mountain. I think from Amazon, it's really jazzy coming up with a defined AI strategy. I think cloud is ultimately going to be key from a some of the parts to
this stock moving higher. I had e commerce, you know, obviously comms have gotten tougher and they'll lapters, but This is really what I view from some of the parts about that cloud story monetizing in AI, because right now Nadella, he's starting to flex the muscles in Redmond. They're gaining more and more share. You're seeing it from Google as well. For the first time, they gotta They essentially have a cage match going on.
Winter comes to Cloud, another cage match besides Elon Musk and Mark Zuckerberg. Baby is Amazon getting a little bit too far ahead in terms of where it is in the cloud and maybe not paying as much attention to some of that competition Gene.
I think there's probably some like natural benefits. Their cloud business has been under so much pressure. If it just stabilizes, I think investors will view that as a positive. I'm not talking about the fundamentals. I'm talking about the stock here. They probably will get a bump with some of this AI spend and some of this AI infrastructure on their cloud business. Amazon is going to go through a transition.
This is a fundamental piece over the next five years, and it really is they're becoming more of a service provider to their own retail business and to other retailers. And they've talked more about kind of having opportunities for their fleet to our traditional brick and mortar to our
delivery and AWS is an example fulfilled by Amazon. I think that we're going to see this infrastructure kind of become a bigger part of the story, very similar to Apple is a products company and then the services became a bigger part. I think infrastructure is going to be a part of Amazon story over the next decade.
Gene Munster of Deepwater Asset Management, Dan Ives at web Bush Securities stay with us. We're going to take a last look at some of your best and worst tech stock picks for the rest of twenty twenty three, as a special high tech holiday edition of Bloomberg day Break continues. It's fifty minutes past the hour. I'm Nathan Haig, and this is Bloomberg. Welcome back to the special high Tech edition of Bloomberg Daybreak for the fourth of July holiday.
I'm Nathan Hagar. The US stock market is closed for Independence Day, and we are back with Dan Ives of Webbish Securities, the senior equity analysts there. Gene Munster, managing partner at Deepwater Asset Management, is with us as well. We want to close this out guys, little bit of a lightning round some of the best and worst performing tech stocks that you're looking at through the rest of
twenty twenty three. Geene, let's start with you. What do you think are going to be a couple of the standouts and maybe a couple of the laggards this year.
On the standout side, it's Google still not getting the.
Credit what they've done in AI.
Remember in twenty seventeen they said they're an AI first company of some of the smartest people on it. Yes, there's going to be some sort of a bump in the world related to their revenue, but I think we haven't even seen the beginning of what they're going to do in AI. So I put Google at the top, and then I would put just kind of a surprise, put Apple in there. I think vision Pro is one that is going to surprise investors over the next few years. And a third one, a much smaller one, is Zillo.
So Zillo is a it's a twelve billion dollar market cap, the zestiment is busted, the commer residential real estate market is massive, and they can use AI to finally fix the estimate. I think that's going to benefit Zillo and on the ones that we're a little bit more cautious on were investors in ubers. So we're negative on Lift. They've obviously had some problems. Don't want to pile on that, but I'll put Lift in that category.
Dan, I heard Gene mentioned Apple there, know how you feel about Apple? Is that on top of your list as well?
Well? I mean iView that as a table pounder. I mean, in my opinion, we see that going to a four trillion dollar mark cap by twenty five. Some of the parts services that's worth one point three trillion. Apple and Microsoft to me are the table pounders here, along with Tessa because of the growth themes that are going on for Cloud, Microsoft and the Della continues to be the core Cloud and AI name the names right now, if you looked up disaster in the dictionary, you'd see the
tickers Lift and Snap. Those are names under new circumstance, would I focus on despite maybe the stocks that have obviously sold off significant.
Interesting to hear Snap in that category given some of the continued difficulty we're seeing in the ad space as well. Just to take a little bit of a broader view here, we came into twenty twenty three, thinking that tech was going to have it tough. Obviously, that has not panned out in a big way. Gene, why do you think the downbeat view on tech that began this year didn't fail the material or did fail to materialize.
I think two things happen. One is Chat gpt fastest growing product ever. They've got a billion users after six months. Nothing's even come close to that, and I think that's reminded investors that innovation is alive and well with owning tech. And second is the investors saw that the rates are going to slow, the hikes are going to slow, doesn't matter if they go down, they just need to slow and stop. And I think that was the hammer that
was down on these tech stocks. And as soon as investors started to get comfort that they weren't going to go up in infinity, the stocks started to go higher.
Obviously, Dan, you've been bullish on tech for so long here, you've followed the sector for so many years. What is the biggest risk to your bull view on tech stocks as we look ahead to the rest of twenty twenty three.
I think it's more just geopolitical, you know. I think the China situation in terms of just what we see there from a supply chain, and you know, any sort of more noise between DC and Beijing, although that's offtening. Look, I think the FEDS weave the white flag despite all the tough talk this poker game, that they're essentially done eighth ninth inning. In my view, it is a green light to own tech, and I believe we're at the start of what's the next bullmarket in tech.
We'll leave it there. Thanks so much for joining us for the full hour here Gene Munster, managing partner in Deepwater Asset Management and web Bush Security Senior equity analyst Dan Ives giving us the view on tech stocks as we head into the rest of this twenty twenty three and a special thanks to you as well for being with us on this special edition of Bloomberg Daybreak. Hope you enjoyed the fourth of July holiday and stay with us.
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