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Single most idea technology edition. You think Caroline Hyder at Ludlow would show up today, but it is a big tech day. The Apple Soiree. By the time you listen to this, you'll probably know what he says about AI and new products. I would like to trade in the fourteen iPads under the living room couch, all separate. What a mess that is. Hope you're having your Apple purchases this summer, like the rest of US. Mark German here
in a bit right now. George Patterson with PGM. He's in quantitative finance in that, but also heavily in the physics out of MITBU and the jet Propulsion Lab now at PGM across the Hudson River holding Court and quantitative George Patterson on tech.
The US is rather interesting with tech, Yes, it is. It is rather unique. I don't know. I don't think we're going to be into a into a tail risk environment. I think, quite honestly, the fundamentals in the US are relatively strong, and I think we have a very good chance at a soft landing. You know, the reason we talk about some of these these words like skewness and krotosis is because at the end of the day, everything they taught you in college or graduate school about statistics
is a good place to start. But the real world is more complex, right. You can't model it as a normal distribution. You can't. You can't just worry about the me and the standard deviation. You have to worry about tales. And that's how you that's why we start talking about some of these concepts. So I don't think we're I don't think we're on the verge of a tail risk scenario right now, but you have to plan for these things.
A couple ideas here. I really can't say enough about reading TALEB in order. Fooled by Randomness is underappreciated. It is thin, it is highly readable. The book Fooled by Randomness was first effort, and then onto the Black Swan and others. There's just a broad language there that's so valuable,
as you heard from mister Patterson. And the other thing to do is take advantage out on LinkedIn of the work of Michael Mobison now at Morgan Stanley, who actually published I Believe Friday on portfolio concentration on the Magnificent Seven. But these ideas these strange words like curtosis and skewness are really really important in terms of shocks that we haven't seen recently, like corrections and bear markets and worse.
What a joy today before the Apple meeting to wake Mark German up early in la German is the Apple source. He is chief correspondent for Apple and technology for Bloomberg News. Absolutely definitive worldwide. A great conversation with him about this huge event of what we would and would not see from Tim Cook.
To pay Sam Altman to probably be there in the audience along with many others, but I don't anticipate him being in the event henote itself on stage with Tim Cook. I think that this OpenAI partnership, well, it's a huge positive for Apple. It's also a bit of an embarrassment for the company because that means they weren't able to get their own large language models up to snuff enough to do it on their own, necessitating the partnership.
Right.
I fully anticipate Apple to get to their own set of generative AI capabilities. It's not going to be this year, probably not going to be next year or the year after, but at some point they will need to move to their own set of generative AI capabilities. The question is
is this entirely a technology issue. I think the lack of technology is ninety percent of it, but there's that ten percent factor there where generative AI and these chatbox they still have what's called hallucinations, which is their fancy term for or funny term I guess for getting wrong information right. And if you're able to blame open ai
rather than yourself, that makes it a lot easier. So you're going to see lots of mess ups and lots of issues from open ai schop on on the iPhone, right, but no one's gonna blame Apple for it because everyone's going to know what's opening eye.
Mark Kerrman, there getting towards a big, big Apple event. I really can't emphasize enough the richness of what we see right now. I'm Bloomberg surveillance. The phrase that we invented this economics, finance, investment, and international relations. The shock of the political elections from Indie, I forgot about Mexico. Terry haynes A Pangaeea reminded me of the shock in Mexico. But what we saw over the weekend, the vote of the European people and there's all sorts of nuances there.
I should say thank you Stephen Carroll of Bloomberg Radio London. Just outstanding from Brussels this morning. But boy is it going to be an interesting interesting June to the debate of the presidents and on the conventions as well. On Apple Podcasts, I hope after the meeting today on Apple Podcasts, single best idea