Bloomberg Audio Studios, Podcasts, radio news. This is the Bloomberg Surveillance Podcast. I'm Tom Keene along with Paul Sweeney. Join us each day for insight from the best in economics, finance, investment, and international relations. You can also watch the show live on YouTube. Visit the Bloomberg Podcast channel on YouTube to see the show weekday mornings from seven to ten am
Eastern from our global headquarters in New York City. Subscribe to the podcast on Apple, Spotify, or anywhere else you listen, and always I'm Bloomberg Radio, the Bloomberg Terminal, and the Bloomberg Business App. It's been a great honor to know him, his public commitment to the United States from coming out of San Diego. Is a young buck out of Annapolis. James Travetus joins us now and addmirl and of course
his work Carlisle is noted Emeralds Tavitas. I want to get down to the granular because I don't think enough of the granulars talked. Somebody has to pay for a Magura V five drone so it can sink a modestized ship of the Russian Navy. Is Washington saying to Ukraine as a generalization that we're not going to pay for a Magura V five drone or whatever so that we can assist you.
Yeah, that's the message being delivered to Kiev right now. It's immensely frustrating to anybody who cares about the security of the country. Tom And it's not just drones, it's artillery shells, it's eight tacums long range missiles, it's getting the F sixteens onto the battlefield. All of that, we are failing the cause of freedom. Final thought, it's sixty billion dollars. That's okay an amount of money. Our defense
budget is nine hundred billion dollars. So for five percent of our defense budget we break the Russian armed forces defeat Vladimir Putin. There's a business show that sounds like a pretty good ROI to me.
How close are we to lend lease or before lend Lea's nineteen thirty eight, nineteen thirty nine, we're basically isolationists. America said we don't want to participate at that time in a European war. Is this just nothing more than an isolationist debate of a global America?
I think it is.
It feels eerily like the nineteen thirties. Go back and read the first volume of Winston Churchill's magisterial six volume set the Second World War. It's called The Gathering Storm. That's what it feels like.
To me, and it feels like to me folks if you want to read it, particularly the kids out there. Warren Remembrance Hermann Valuk, which is just shocking on nineteen thirty eight, is a fiction. Paul jump in here, withever.
Admiral, can you give us, based upon your sourcing kind of the latest on the battlefield in Ukraine today?
I can no surprise as supplies dwindle to the Ukrainians. It puts real lift in the Russian armed forces, so they're moving forward. It's not yet the end of the road for Ukraine, but you can feel the wind behind the sales of Vladimir Putin. And by the way, it's all connected to his arrogance, his impunity and killing Alexander Navalni over the last few days. All of this is
giving real lyft on the battlefield to the Russians. We better get this military aid to the Ukrainians or we're going to see more losses and the hole that's being dug will be much harder to get out of, Admiral.
I think most students of history take away that boy. The Russian people, the Russian army can take un told amounts of pain and time. Is there any sense that Russia will bend here at all other than you know, I guess superior military.
I think it's going to require a continued significant aid from the West.
And yes, Russians can take a lot of pain.
Go back and read One Day in the Life of Ivan Denisovich by the Nobel Laureate Alexander Solzanis.
It's someone in goolag.
These are tough people, and Putin is a tough long range player, but his soldiers are dying.
In the hundreds of thousands.
Hundreds of thousands of young men have departed the country Russia to avoid the draft long term. It's not a good hand of cards. We just need to keep our foot on the accelerator.
James Trevitis with US the former NATO Supreme Commander program Note here the new Foreign Affairs magazine is extraordinary. Neil Ferguson, the and controversial historian, with a definitive essay there on just what the Edmund was talking about. Which is the detent the new kind of theme that's out there of a Kissinger realist policy versus whatever the new policy is
that we're making up as we go. I want to go to our conversation Admiral on Bloomberg surveillance moments ago with a member of the Biden administration, and John Farrell asked the money question, what about India? I have hockey stick charts of exports from Kazakhstan in India into Russia. What is our political and military leverage with mister Mody as he faces a new election.
First, let's let him get through his election. You know, nine hundred million people literally are going to go to the polls and vote in India.
I think he'll win a strong, strong poll.
Then he'll come back with real confidence in his third term. I think that's when we can go to him off stage and say, what will it take? Can we pull you away from this support line you are providing to Russia?
You're right, Tom, India is the key.
China is going to continue to support Putin. India is the swing vote here we need to focus on.
Okay, I'm going to go there, folks. You're gonna rip up the scripture with James Trubus. Ramatana Guoh's, a definitive Gandhi biographer, has a blistering essay here begging the United States to impart its policy over to India. Is they actually become somewhat dominant with the struggling China. Do we have any military presence over there, Admiral? Do we exist in the Indian Sea of the South whatever this ocean is there from South Africa Durban on the way over to Indonesia.
Yeah, Tom, that would be the Indian Ocean, the largest ocean.
That's why I will you were on the boat and I was driving the taxicab.
So we have a strong level of presence there because we sail through it both from the Pacific side and from the Red Sea side into the Arabian Gulf. We could do a lot more militarily with the Indians and the Indian military. I assure you would like to come more into focus with the United States by more of our systems. For decades they've been reliant on Russia. That's
another piece of this. If we can insert US military cooperation with our Indian colleagues, I think we would go a long way toward pulling India in our direction.
Ada, Well, let's pivot slightly to the Middle East. Boy, talk about another challenging situation there. What is your most up to date view of how this is playing out as likely to play out over the coming weeks.
Humanitarian crisis most obviously hostages on top of it, that is going to continue to fester for probably two to three more months while the Israelis fully consolidate control. They're trying to reduce collateral damage. They're succeeding somewhat in doing so. That frame is going to freeze in two to three months, than a peacekeeping force will come in. Things will de
accelerate at that point. The one I'm watching from an investment perspective are the attacks the Red Sea the potential effective closure of the Suez Canal by the Hoothys.
We're going to need to put.
More military missiles on targets ashore in order to stop that and keep the global commerce open.
Those are the two main things I'm watching.
Are you surprised that maybe we haven't had more success in that area in gaining greater control over the Red Sea and its shipping lanes.
I'm not surprised, simply because Iran continues to refuel, recharge, organize, training and equip. The houthis right now, we're striking Kuthy targets ashore.
If Iran does not get the.
Message to cease and desist, we're going to have to start going after Iranian maritime targets, their ships, their warships, their platforms. I hope we don't get there, but that message has to get to Tayron. It's not going to get solved in Yemen, Edmirald, with.
Great respect to the British, their ships can't get out of the harbor. I mean, I'm not going to mince words. And we have a prime Minister out of Southampton with all that heritage, our pride going and this goes to the Admirals Book of Stravetas. I'm so sorry. Remind me of the name of your book where you line up ten admirals in a row.
It's called Sailing True North.
Sailing True North. Rickover sail True North because he had a budget. Zoom, weall sail True North because he had a budget. Does our present navy have a budget? Are we going to be stuck in Southampton or Portsmouth like the British Navy? Yeah?
On a scale that runs from the British challenges you're talking about, which are very real, to a fully sourced US Navy that can undertake its global mission. We're about three quarters of the way to where we should be, meaning we have about three hundred warships. I'll put it in really round numbers. We need about three hundred and fifty warships that would match what China has. China has
the largest fleet in the world. If you ask me, as an admiral, which fleet would I rather have in a fight, I'd still take the American fleet because of our experience, our nuclear carriers, our submarine technology.
But that edge we have is dwindling.
Tom.
We need to put emphasis on the maritime because everything we've talked about goes back to the sea and the oceans and the ability to keep global commerce moving.
And that's the subject of a recent column of yours. Admiral. Russia's new threat is under not in space. Can you explain that.
Yeah, we had a week where we were all shocked to hear from the intelligence community that Russia's thinking about putting a nuclear weapon in space.
That would be bad. They haven't done it yet. They don't really have that technology.
Yet what they do have is the ability to disrupt underwater cables that carry the entire Internet. Only five hundred cables carried the entire global Internet, all the commerce ten trillion transactions a day.
Those are vulnerable targets on the bottom of the sea. Russia could go after them today.
I have to end with a delicate question in given his public service for all Americans, whatever their political persuasion, it's delicate. Should the Secretary of Defense Admiral's so ill? Should he resign?
He should do what his health demands. If he has the health and the vigor to act as Secretary of Defense. Lloyd Austin, a contemporary of mine, he should remain in office as long as his health permits.
James Trevitis, thank you so much. Can't say enough about Leader's bookshelf. It's just one of my favorite favorite books. I'll put that out here in the blur today is well the former Supreme NATO commander. Just a terrific brief there joining us now the tennis player from Princeton, Andrew Howsby here on the economics of the moments of a small French trin do you get, Andrew? I'm going to cut to the chase. Forget about the b MP Perry By US Open tickets. Are you over in Paris at
the best tennis court in the world. Are you watching out of the BMP perry By box the French Open with a just gorgeous green that they have.
Unfortunately, Tom, I'm not but certainly missing out on that experience right now.
It's great. I wandered into the courts one day when I was like fifteen years old. It's like magical, It's like surreal. Would be of us in Carl Ricadonna, Andrew Husby with us this morning. Andrew, Paul and I have completely ignored the parlor game. Give us an update on what you believe this FED would do?
Sure well, thanks Tom So. At the moment, we think this is a FED and we're hearing it in the FED speak we've seen really since the December meeting, this is a FED that is very cautious about cutting too early here coming into this year. Think about the narrative. A lot of folks were thinking we might get a cut as soon as March, maybe even January, but the narrative is really shifted here. Our team did not subscribe
to the March cut view. Yes, we had been up until last year, been up until last week rather been in the May camp. But we do think the January CPI report, along with the accumulation of stronger data, really does make us think that the Fed is going to move even a bit later than that. So we think ultimately it will be a June cut and a shallower path this year of cuts than we had previously envisioned.
We see about one hundred basis points of cuts this year as the FED kind of eyes again the stronger inflation backdrop and most importantly, a stronger economic growth backdrop, which you know, there's an argument to be made that stronger growth itself can be disinflationary if the supply side is coming back, but it's hard to bet too strongly on that. So we think in that environment, the FED stays pretty cautious.
Here.
Well, what's so important here, folks, is the overlay of stimulus. Are we through the stimulus? Because I've had whispers this week. You know, I'm sorry, Andrew, we're distracted with Nvidia. I apologize, but with it, and Andrew, are we beyond the stimulus? I'm not so sure.
It doesn't feel like it's all fully run off, whether you're thinking about the excess savings built up over the pandemic, Yes, a lot of that is run down, but you look at the after effects on say the equity market, there's a tendant wealth effect still coming through there. And as we're looking ahead to you know, just again where deficits are,
they're still high. And as we come look ahead to the election, you're still looking at potential catalysts that could catalyze a more expansionary fiscal policy after the election too. So all of that suggests, you know, it certainly hasn't all run out just yet.
Hey, Andrew, I think since the January inflation data, the CPI and a PPI data came out, we've actually had some people come into the studio and say, hey, you have to have in your scenario analysis a scenario where the Fed actually hikes rates this year. What do you think about that?
Yeah, so, certainly at the moment, you know, we're thinking that sort of a scenario involves the just staying on hold for longer unless we really think that the so called neutral rate in the economy is really substantially higher and really remains substantially higher for this year next year. You know, it still feels as though policy is restrictive. We're seeing it in the data flow. We're seeing it,
certainly in the inflation data itself. Inflation has come down pretty substantially, so it tells us that things are moving in the right direction. But certainly, you know, could the Fed hike again. You can entertain scenarios, but that's far from our base case at the moment. Again, we're focused on duration at the current level, not added hikes.
So how about the one of the aspects of this economy that continues to amaze me as the labor market. How strong the labor market remains. Some are saying that the Fed really needs to see the unemployment rate, you know, maybe move above four percent, maybe four and a half percent. How are you guys thinking about this US labor market.
Yeah, it's been surprised both in terms of the strength we saw in the last two jobs reports, are seeing job growth above three hundred thousand a month, and it's also surprising in that some of the revisions we've seen kind of reshape the path. So not only is recent job growth stronger, but it was stronger at the end of last year, and that's meant more income more spending
and the like. Now the question for us, you know, when you look at factors like labor supply, we've seen a pretty substantial rebound in labor supply, and recently even the CBO had come out with a report saying, actually the labor force potential labor force is actually potentially much larger on account of immigration and the like. So you know,
to us it says strong job growth. It's in part a function of businesses being a bit more confident as recession risk has faded, as the risk of further FED hikes has faded, so there's an incentive to potentially hire a bit more here.
Yeah, go ahead, Well, I mean to go ahead, but the research node is extraordinary. I mean the ricodonic, you know, the concision of what Husby's doing with Rick and Donna and the team over there is extraordinary. Into the weekend, Andrew, what's the item of inflation that we need to think about when you sort out X number of components? What's the one year watching into March?
So at the moment, you know, I know it's been a refrain for some time now, but it is really that services number x X. Housing. We've seen a lot of progress on goods. We expect that to continue through the first part of this year. But we think that there is a relationship between labor slack and that core services component of inflation, and in the January report that was quite strong pointing to you know, there may be
some quirks here. It's the start of the year, businesses reset prices and the like, so we'll need to see a few more reports here to really be thinking about a dramatically different outlook here. But it really is services prices for us.
I can't sign up about this. Interhusby, thank you so much, don't be a stranger with BMV Pery, their senior US economist with our question for Global Wall Street. This is the conversation of the day gene Monster with us across the next half hour. I can't say enough about his
work from Piper Jeffrey long ago. It was research that made you stop, and we're thrilled that he could join us today from deep Water Asset Management Gene I quote from pre pandemic, pre pandemic capex Microsoft fifteen billion, twenty one, twenty three, twenty eight thirty five and they're going to buy from Nvidia enough where we've got a modeled CAPEX out fourteen months, fifteen months of forty five billion dollars. Do you have a vision of how that money spent,
the efficacy of it, the safety of it. For our listeners and viewers, this global capex off Nvidia.
Topic time, and it's not just Microsoft, it's Google, it's Apple. They haven't said as much. Meta has said this thirty percent. That's kind of the benchmark. Thirty percent increase, and they compute. And so when we think about this these layers of AI, there's two parts of the question. One is what does the ramp look like? And this is a thirty percent
step up. If you look at Jensen Wong's comments from Nvidia this week, he talked about the chip, the GPU market being several hundred billion dollars over the next few years. It's about one hundred billion dollars today. So that kind of plays along this trajectory of twenty five percent growth. I think what your listeners should take away here is that there is a significant investment, a massive investment going
on from these hyperscalers, these big tech companies. This is the first of four waves of investment that will probably last a decade and as far as what it means for our lives. I think it's going to be the most profound change, much more than what the Internet was last time we spoke about this. The spectrum that I have in terms of how to think about AI relative to our lives, I put a spectrum of zero one
hundred electricities one hundred. The PC was a twenty mobile, twenty five Internet fifty and AI's ninety nine, and it would be one hundred if not for needing electricity. So it's a big This is a big deal, and I'm I think that your listeners just take away that the significance of this change is going to be more profound than the Internet.
Jane. I want to frame this as something maybe we understand, unlike experts like you. I think of all the other compatriots and tech dana ives and such, and that is. There was the Model T, which was like, okay, well that's a fad, and then in nineteen twenty seven, nineteen thirty ish, the Model A showed up and Alfred Sloan was over at GM trying to make magic happen, and it was like, whoa wait, this automobile is going to be a real deal. It's actually going to work. Where
are we within that continuum? Are we looking at AI as a fad? Are we to the model A, Are we to the Ford F one fifty pickup truck where it's entrenched. AI is entrenched in society.
So from the impact of society right now, it's a model T and it is we're just still scratching the surface. And just to put some context on that, is that most of that spend when we see this just breath taking change in vidious business. And I want to just take a pause for a moment and put how breathtaking of a change this is. In Vidia's business for the previous three quarters before the AI lift off was down in averages seventeen percent per quarter. This business was in
the toilet. And it has now since the three quarters that it's taken a step up. It is up two hundred percent on average per quarter. And so what we're seeing is this dramatic step up. And when we think about most of that spend, and the vast majority of it has been related to those hyperscalers building the Model T. It's related to but there has been an important data point that Jensen Wong talked about in the Nvidia call
is a forty percent. They now believe of this, their current sales of chips are going to power our currently powering inference. Inference is what comes out of the model when you go into JGPT and put in a prompt and you get something back out. That's something that you get back out is called an inference. And so what that means is that it's actually people are actually using this. This is not big tech spending a bunch of money
to build something that they hope people will come. This is big tech recognizing that the behavior is already there. Even though it's nascent, it is still it's taking off
in concert, in lockstep with what their investment is. And so when I think about we're going to go from the Model T to the F one fifty to the cyber truck and about three to five years, and I think when you put that type of a scope and scale, most of the commentary I hear is this, this is an video led rally, and this is are we getting bubble ish? We're not even close to bubble. Bubble is when the market trades at one hundred times earnings, we're at twenty eight times.
Paul Microsoft four hundred and fifteen dollars. For sure.
It's been another great way to play. Jenda. I have to admit here in cocktail parties, I definitely use your kind of spectrum thing. They're talking about electricity where AI fits in. I give you full credit though.
I want you to know but appreciate that. Yeah, thank you, Paul.
It works. It really takes people's breathway to just give it some context. So, Gene, I want to talk about a competition here. When are the AMDs of the world or the other chip makers going to step up and be real competitive here? Maybe even maybe some of the customers like an Apple saying hey, we can build our own chips. Talk to us about how you think competition is going to evolve.
So look for competition to start to have a meaningful end packed at least on in Nvidia's business, probably in two to three years. And specifically as we think about AMD, they're actually getting some traction. They're actually putting a significant
effort into GPUs. Intel has just started that, but it's still just too nascent, and we're talking about low single digit percent market share of GPUs AMDs kind of around that ten percent in videas around eighty five percent, and so what it is the most important point to your question is it's not just about what the absolute market share is today, it's about what the trend in the
market share is. Is AMD going to gain share? And my expectations is over the next couple of years, in Vidia's market share is probably going to be seventy percent or above. They may lose a little bit, they'll lose probably most of it to AMD, but it's still going to be huge share in what is a quickly growing market. Beyond that, three to five years, that's when things start to get more difficult. And I believe that AMB is going higher. I believe eventually three to five years it's
going to hit the wall because of what you talked about. Ultimately, these hyper scalers are going to back off. One of the benefits that Nvidia has here is that they will lose business to the hyperscalers and they come out with their own chips, but it's unlikely those hyperscalers sell their chips to third parties. And if you think about these four waves of AI, there's still three more waves that need to be powered by publicly available GPUs, like in video Paul to.
Frame in VIDIAT four hundred and the quiet of November last year to surge now to eight twenty, up nicely from yesterday. All this is critical, folks, It's only two point six standard deviations. That goes to mister Munster's comments that the exuberance really isn't there technically like you'd think given the light in the uproar.
Exactly so.
But Invindia at its core a gene it's a chip company, and what I've learned I'm not a tech honist, but what I've learned from reading tech research is that's a really cyclical business. So once I sell a chip to a customer, it's not like a software as a service where they're going to get me recurring red. That's kind of it for a while. So is there a tail end to this thing?
There is?
That's why you see that I think three to five years is that in video is going to hit the wall. There's going to be a very dark day. We're going to have this boom and bust I wanted to highlight kind of that scar tissue in terms of what their business has done before because of that dynamic that you talked about, and that eventually will come the question isn't not. I see the question more as what's the duration of this run? And I would come back to those four
pillars just to recap. We're currently in right now the infrastructure build phase. Then we're going to go to applications that's like co pilots service now Salesforce, and then it's going to be heavy industry doing General of AI and the lastly countries with sovereigny I. And so there's I think that yes, there once everybody's full, but it's it's we're still got a long way to go before we get full with these chips.
We're with Gene Monster of deep Water and it is a great thrill I think a harsh Over and Slot genius to have at Piper of Minnesota. Good morning to all of you listening up at Piper, Jeffrey Country and Gene Muster. It's like the Muppets thing. One of these teams is not playing like the other teams or whatever the Muppets song is. I got Microsoft up at Vidia up the whole thing, and Apple's given me no love at all. I mean, you know, Harsh has a neutral
on it over at Piper. Whither Apple are they under a pressure to do something given the tech nirvana of the last three months.
Yeah, yes, excruciating pressure. Of course, Tim Cook did not utter those two letters in all of twenty twenty three. He did proactively talk about AI for the first time and their December earnings call. I think that was a marked moment, and they're going to have something to say about AI, he said this year. Most likely that's going to be in June at their developer conference, and most likely they will announce a foundation model. These are really
the core engines that always applications are built on. So Apple is the big challenge with Apple is they haven't grown for the past six quarters basically as a flat business if you kind of average it all out, and they haven't said anything about AI, and I think that they're in a great place to surprise people on AI this year.
Let's surprise people Paul, and Paul's has been leading on this. He's been screaming about this his first gray hair. Paul free cash flow seventy billion is now one hundred and thirteen revenue two hundred and seventy four million is four hundred and thirteen million from the pandemic. And the answer here is their minting profit as mister Munter says, they're not growing.
I know, and so I you know, how about a dividend for some folks here a meaningful dividend, But that's not in Tim Cook's wheelhouse. Hey, you know, Gene. One of the things I'm looking for as this AI sector industrymania kind of continues to evolve is kind of the bell Weather IPO and I know at deep Water, you guys see lots of early stage companies here, and I'm looking for like an AOL America Online was for the consumer internet search. We identified with Google Social, we identified
with Facebook. Do you think there's going to be an AI company come public that just blows everybody away.
Yes, we're really excited about that. I think that's probably a year two years away. But we're going to see a cast of foundational AI companies. These are not companies benefiting from AI. If you think about where AI sits like with inside Microsoft or what it will be in Apple or Meta, it's a small piece of it. But these companies are entirely their companies. Like hugging Face, this
is an open platform for AI models. Many of you haven't heard of them, and I think that there's other companies like Androw, which uses a lot of AI with defense, and then this is going to be the one. Potentially, I think this will be the biggest surprise relative to up and comers and will be one of these megacap tech companies. Is x dot ai Elon's company, and what he did is this is I put this in the category of he's eighty percent genius, twenty percent luckiest man
on Earth. The Twitter purchase, you know this X dot ai one's about twenty percent of that. They will use that data, which is the world's best data when it comes to real time intention that is critical data. They'll use that to inform and build X dot ai foundation model, and that is a massive opportunity. The message that Elon's had he refers to this as a truth seeking AI.
There's been some comical things that have gone on and the image generation AI space relative to Google this week, which sets this X dot ai up for a massive opportunity. I believe this will hands down be Elon's greatest source of wealth.
X dot ai.
He's currently based on Bloomberg. He's he's worth two hundred and ten billion dollars today. X dot ai I believe will be a public company in the next three years, and I think it's going to be one of those megacap AI company.
That's good stuff. I mean, again Elon in the seemingly in the nexus of everything of interest out there, all right, So talk to When I see a market grow like this is growing, and I see a mania around a certain situation like AI, I guess in the back of my mind, I also think, June gene boy, it just feels like Washington is going to feel like it needs to get involved here in regulating some of this. What do you think, how do you think Washington views AI and is that a risk?
It's a risk.
I mean, Washington has a genuine view that big tech, of course needs to be regulated. The AI conversation has more layers to it, of course, because of the national security piece to it. Is when you think about national defense, whether it's intelligence gathering, whether it's how some of these systems work, whether it's just how our countries GDP evolves powered by AI. Having a sovereign a strong AI, a
strong tech is something that benefits the government. So when I think about government regulation over the past five years relative to big tech, it has been things around like the app store, or engagement around Instagram. They've been about Microsoft buying Activision. These things are petty compared to what is at stake when it comes to I think that ultimately that significance is going to benefit big tech.
Gene. One final question, completely unfair. Let's go back to Piper Jeffrey's single best buy buy holds SOE with Jeane Munster. Can you acquire shares of Nvidia this morning?
Yes, I think Nvidia is going to go higher. I think that if I based on my expectations, This is not investment advice.
This is just how I see it.
I think that this should appreciate at about fifteen percent a year for the next two to three years. I don't think we're going to have this massive growth, but I think this continues just to march higher based on all the things we're talking about.
Most if you believe in AI.
Believe it's as big as I believe it is, in Vidia is going higher.
This is the class act. Most people Paul would have avoided their question. Yep, Genemunster nailed it. I honored to have you for a half hour. Beyond this historic week, this historic Thursday, and that we've seen gene monster with deep water daily headlines. I'll look at the front page as Lisa Matteo ave Lisia.
Now it's pretty good.
I never took French. All right, So we're starting with the Wall Street Journal. This is an interesting story because it's saying Meta knew about parents exploiting their own children with new paid subscription tools, and they did nothing about it. Now, this is disturbing on so many levels. First of all, the parents, these are parent managed accounts. They're using subscription feature to sell exclusive content. Their daughters wearing bikinis, wearing lear tards, no nudity, but it was sold to an
audience that's overwhelmingly male. Some expressed central interest in the children and their comments and posts. So the parents knew what was going on. Teams inside Meta, they started raising alarms about this. They tried to warn Meta. Meta's response is that they built this automated system to prevent it from happening, but.
It just didn't work.
So this is just crazy on so many different levels.
Yeah, starting with the parents. Yeah, yeah, that's where it's got to go.
All right, what else, So we've heard about the returning to the moon right for the first time, all Right, this one is another piece of history. It was college students. The lander actually took a selfie as it landed. It was made by graduate students. This camera from every Riddle Aeronautical University in Daytona beachiev in Florida. And that is actually the alma mater of Intuitive Machine CEO.
So that's the connection to.
The school aerospace program, the aerospace the aerospace program.
Yeah, it took him like four years to make it. And so it's this little box ejected from the lane and it was and it worked and they took the picture. And what's crazy is that a lot of the graduate students who did this, they weren't alive when you know, the first landing happened.
I don't think we were taking selfie me as I recall with our Instamatic or whatever we had, the Kodak, it was.
It was something. And you know, I remember, I literally remember the day up in Rochester when Hasselblad won the contract to be the camera that the astronauts carried around. That was a dark day. They were looking for the instematic to be going. That didn't quite work out. What else do you have?
Uh, this is the financial times we were talking about the luxury market yesterday. So it says the LVMH is trying to Hollywood to promote a lot of their brands.
It's a new venture.
It's called twenty two Montaigne.
My French accent is not as well as chilling. I I Killed Yeah, Brooklyn Brooklyn.
That's a YouTube channel, but it's.
A collaboration with them and super connector Shoot. So this is this company that connects brands to production companies. So they want to start doing advertising, product placement, original products, TV film and you've kind of seen it. Remember Breakfast with Tiffany's. You've seen it there, Well that's first s a Gucci, you've seen it.
You walked by Tiffany's and there's the Audrey window and I think up second or third four John's got the Audrey dress. Guess what, Beyonce, he's driving the ship. I mean, the r No family is doing what you're saying.
And this will be overseen by twe Arnaut, who is the eldest son the founder Bernard. So it's probably Bernard saying I got to give my son something something.
So they have a whole bunch of the sons and the daughter runs Christian dear, can I do a TV shout out this weekend?
Yes, the new Look.
Can't say enough about on Apple TV. It's about all that Lisa Matteo's talking about, folks, about Coco Chanel and Christian Dior, and it's shocking how they hated each other. And it was all in the background of the nineteen forties, in the nineteen fifties. So it's just a whole run.
I gotta check it out.
Great, they'll wear bow tyes. Is that it? Or you're done on more?
But you have to get to the vision pro users. Okay, So yesterday from the San Diego Police, they are putting out a warning. They're saying, don't use them when you're crossing the street because apparently people are doing that.
Yeah, and they're getting run over.
It's dangerous.
And they posted a video. They're just warning people. They say, keep the virtual experiences on.
The sidewalk, folks. But you've seen it.
You've seen that. You've seen pictures of people job driving with the vision goggles on.
I I don't know how that works.
Very dangerous.
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