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This is Bloomberg Technology with Caroline Hyde and Ed Ludlove.
I'm Karen hide A, Bloomberg's World Headquarters in New York. Ed Ludlow, He's off today. This is Bloomberg Technology coming.
Up in video.
CEO Jason Wang says the company plans to upgrade its AI accelerators every year.
We bring you the details.
From Taiwan as he steals the limelight from AMD's Lisa sou Plus, we sit down with the CEO of Qualcom to discuss aipc's that's all amid the Computer Text conference over in Taiwan that kicks off and game Stop shares surge and new as Roaring Kitty unveils one hundred and sixteen million dollar position in the company. Well, that is so much more ahead. But first it's checking on these markets. It is a macro picture. It is a slow down in manufacturing that actually helps send stocks to the upside.
And indeed, the borrowing market, the debt market ten year yeld carrying down by some nine basis points as some of the slowing in the economy seems to be good news for investors who want to see some ability for the FED to cut rates.
Of course, we have some big labour data later in the week.
Now is that coming off of its highs, we're up just a tenth of a percent. I want to shine a light on the parent company of the New York Stock Exchange here the Intercontinental Exchange off by three quarters a percent, actually hitting some of the lows of the day. That said, they seem to be having some technical glitches, as is currently being the technical phrase being used. But think of Berkshire, Hathaways, think of some of the stocks that have been impacted to the tune of a ninety
nine percent drop. Just for a few seconds. We're currently off by eighteen percent. Will bring you updates throughout the hour. Meanwhile, I want to shine a line on some of the individual names that are on the move today. And look, GameStop has been where it's at. At one point, pre market was up more than one hundred percent. Now are
up some thirty percent. As Roaring Kitty or deep value is is no one on Reddit took back to another form of social media, going on Reddit to post what seems to be one hundred and sixteen million dollar long position in game Stop, making him one of the top five holders of this name. The crowd goes world paramount up some seven percent as we understand that maybe we could be getting nearer that deal for sky Dance, as David Ellison offers a sweetened bid for some fifteen.
Dollars a share.
It's not at that level yet, so still some caution out there from investors and the socks off by half percentage point right now. AMD on the downside, but other chip names being galvanized by some of the announcements coming out of Taiwan. A big and a big set of announcements, but big key landmark focuses coming from both in Nvidio and indeed from AMD. The Computex trade show is fact underway.
All the chip makers, the heavy hitters are present and in video CEO Joseph Wang basically took the stage last night when he stole the show somewhat introducing new tools and software models.
Your future laptop, your future PC will become an AI. It'll be constantly helping you, assisting you in the background. The PC will also run applications that are enhanced by AI, and your PC will also host applications with digital humans that are AIS now.
He announced a Blackwell Ultra chip set to debut in twenty twenty five, and the next generation platform another one in development called Rubin in twenty twenty six. Meanwhile, the actual keynote of the event was meant to be MDCO Lisa Sue. She announced the company will speed up the rollout of new AI processes too. Let's get the details
of all of this bloombergs in. A woman is here to join us, and well, it felt as though Jensen Wang sort of organized himself an event a keynote speech, even though he was the keynote talker of the previous year. But it seems to be the pace of announcements that the investors like.
Absolutely yes, I think it's going to be even trickier for tech reporters and editors such as myself to keep track of all these code names and project names. We're already talking Blackwell, Ultra and Reuben, even though the twenty twenty four ships are still forthcoming, so we're really the roadmap keeps getting longer and longer, and amb to its credit, is also committing to annual refresh cycles.
Annual refresh seems to be what people want to see. What was it that maybe Lisa Sue lacked given the investors stop reaction that Jensen Wang is able to bring. Is it just that Nvidia is so dominant, particularly when it comes to day to them just right now?
Absolutely?
I mean, I think AMD is in a catch up position and Nvidia is the reigning leader in the AI space, and I don't know that that is changing anytime soon. I also think, interestingly, just on a personal note, this is a study in two different leadership styles. Huang is sort of seen as the embodiment of Nvidia itself, whereas Lisa Sue sort of surrounded herself by this really large collection of heavy hitter industry partners, from PC makers like HP and Lenovo to the Windows chief over at Microsoft.
And not to denigrate that approach at all, but it is as really interesting to observe two very different approaches.
Coming from two people who come from Taiwan, both speaking in Taiwan, in fact, are in some way related, which is an extraordinary thing to really consider the fact that Jensen Wang and Lisusu are vague cousins of one another.
But what they're trying to steal.
Is the limelight of artificial intelligence in the future. Is the AIPC managing to land.
Because that seemed to also be where Lisa su was shining.
I don't think just yet. And that's partly that they're not available, and partly that I don't think the companies involved can speak so clearly to what the software applications are exactly. So I think, rightfully or wrongly, it might seem to some people like a solution that's in need of a problem, and I don't know that that's going to be true in the long term.
But I do think you've got these chips.
They hold great promise. I don't think these software applications are as obvious. And meanwhile, I don't think Nvidia has to persuade anyone of the utility of its chips, whether the twenty twenty four chips, twenty twenty five, twenty six, etc.
And always naming these with code names of well very prominent scientists, often diverse scientists, people of.
Color with Blackwell or a female with Lubin.
I'm interested in who wins from both, and there are suppliers who serve both in VIDIA and indeed AMD.
With Taiwan Semi being the biggest, and actually their stock was up more this morning than even AMDs I noticed.
And the fact that also, I mean, are we worrying about bottlenecks, because this seems to be a real focus, particularly some of the higher focus on memory.
Nvidia did flick at that in their keynote yesterday, so I wouldn't say it's not a concern. I think it's been a strong concern, but in Nvidia is looking to assuage the public investors that memory won't be such a bottleneck going forward, particularly.
If they're able to keep on promising these updates coming in twenty twenty five and twenty six.
Great to have your take, Dana Welman.
Bear with all what's happening in Taiwan, but not quite all, because we want to focus on another chip name, Qualcom's processes when they're now powering Microsoft and Dell's new aipcs as part of the company's years long effort to grab a foothold basically in the PC market. Please to say, our own ed Ludlow caught up with the Qualcom CEO Cristiano I'm on ahead of speaking at a computext conference in Taiwan this week.
Just take a listen.
So people are going to be able to not only have the best performance, not only have the ai use cage, not having a very small and thin laptop, but they're going to have battery life for everything they need to do. You're going to leave your charger at home.
Christiano, from one technology nerd to another. When grandmothers all around the world go to the store and buy their first AIPC and they take it home and they try to plug in their print, will it work?
Of course you will. So one of the things that it's important to understand the journey that we have been on Microsoft is it's a fundamental shift from Microsoft changing Windows from x eighty six to an ARM instruction set and it's changing into an AIPC. And part of what we have been doing is to bring the ecosystem along. Is not only the printers, it is not only the
docking station, also the games. We've been working with Microsoft to have the top twelve hundred games optimized on the platform, and it's really about the future of the Windows ecosystem. So the thing to think about it is not only you'll be able to work for an old printer, but you'll be able to do things you were not able to do before with your old PC.
Christiana, we recognize the following that snap Dragon Exley has. You can go on any social media platform. I see it. But Intel still sort of dominates the traditional set sales channels for PC. They've got their name on all the shelves. You know, Clowd cooms in a different part of its history. But do you think you can take them on on those sales channels the marketing spend the R and D where they're quite entrenched.
Okay, So on the R and D I beg to differ. I think the performance leadership now is clearly within the Windows ecosystem and it's clearly worth accelete just looking on the CPU performance Orion's custom CPU developed by qualcoms the vested CPU out there for any personal computing, and then the NPU and EI engine it's only possible on a Qualcom platform. So I do beg to differ on the R and D. But let's just talk about the big question, which is it's a new market, it's a new channel
for Qualcom. And I'll tell you what is different this time. There are two aspects. One aspect is consumers are more savvy, and consumers actually come from a phone. Actually, your most important purchase decision I will think today is your smartphone, and you have another knowledge coming from the phone. So stop Snapdragon is not something new to you. But the
most important thing is exactly not that. Well, the most important thing when you usually see the incumbency position on PC is at the enterprise, but the enterprise actually has US and Microsoft one hundred percent aligne. Usually enterprises have been slower to adopt new version of Windows. But Microsoft actually is doing a great job with enterprises around the world to get them to embrace the Copilot in the Copilot Plus. So that's a big tailwind. The Microsoft is
driving the enterprises into the future of AIPC. That's great news for Qualcom and that builds on the incredible platform with the Snapdragon accellete.
Christiana, I'm on speaking with ED just last week. Up, we'll be joined by Kristin Smith, CEO Blockchain Association. We're going to be talking about crypto in the election, crypto in regulation.
This is Bluemoe technology. Let's just talk about.
Crypto and the lobby that is boosting its war Chester ahead of the US presidential and congressional elections in November Andreson Horowitz for example, Ripple another one that's just been announcing a donation of twenty five million dollars each that was just last week to the pro Cryptopac Fairshake, which aims to back candidates from both sides of the aisle will better represent the crypto industry's interests. Let's bring in someone who knows well what lobbying is like on the
hell right now, Christi Smith, CEO Blockchain Association. Look at your members, including the sectors, leading investors, and companies in Kristin, is the lobbying landing all it feels to me given the action last week, that suddenly members of Congress are aligning themselves more with crypto.
Yeah, no, great question, Caroline. I think it is clear that the month of May was a game changing month for the crypto industry. I think the industry has long felt that the SEC and other regulators really haven't been giving us a fair opportunity to work constructively to find the right kind of regulation, and the industry is upset.
And I think over what we've seen over the past couple of years, and really just mostly in the past few months and weeks is a continued investment into the tools that can help bring more crypto forward policy makers into power and also constructively work to get the right kind of policies. So we've seen a tremendous amount of investment in the fair Shake pack. I think that, as you noted some very large investments over the past week, that is the largest industry pack out there of any industries.
So obviously a wonderful tool for the industry. But I think more importantly what we're seeing is that individual crypto users are.
Following these issues.
Digital Currency Group did a poll with Harris X a couple of weeks ago that found one in five swing state voters consider crypto a major issue in the upcoming election, and I think what we're seeing is both at the presidential level and at the congressional level, that candidates and policymakers are seeing this and realizing that they need to be more responsive to working with a crypto industry to get better policy.
But Christen, how then do.
You push back on a discomfort? So basically you're buying a way to Congress listening to you, rather than it being coming from the users of crypto talking or wanting well.
It is coming also though from the users of crypto, right, it is sort of a one two punch here. I think we've got, you know, the industry that is willing to put the investment in. But as I was saying before, we have individual voters that are writing their members of Congress, that are looking on congressional and presidential websites to see
what does this candidate believe about crypto policy. You know, this is very unusual, right, Like we don't see bank customers going out and doing this, but we are seeing this in the crypto world. And it's because crypto is more than an industry. It is an ecosystem with users and creators and developers and a lot of independent people
contributing to these networks. So, you know, we're very excited about this sort of newfound political power, at least I know I am as somebody who has seen both sides of it. But I have been telling people, you know, we have now gotten to like base camp of Mount Everest, and we need to get to the top of the summit. We have a long way to go. It's a hard journey ahead of us, but we're certainly in a much better position than we were even a couple of weeks ago.
Is it a hot journey when it comes to the actual car and administration because we still had a veto, for example, coming from President Biden. When it comes to SAB one two one, can you just talk us through ultimately what SAB one to one was wanting to push for. It seemed to be well allowing wanting to allow more banks, institutional banks be able to offer crypto investments, but at the moment it's pretty costly for them to do so.
Yeah, yeah, no, I think I think you said it exactly right. So Staff Accounting Bulletin one twenty one was a piece of guidance that came out of the SEC
a couple of years ago. And what this is is it really puts in place an accounting policy that makes it impossible for banks to go into the business of custody and crypto you know, I think inherent in consumer protection is consumer choice, and we want to have more responsible institutions that have the ability to custody crypto assets, especially now that we not only have the spot Bitcoin of ETF, but we'll soon hopefully have an e ETF.
You know, we want to have more custodian options out there, and so Congress realized that this policy was passed without any public input. The GAO viewed it as a rule which gave Congress the ability to use a special Congressional Review Act process in order to try to undo that rule. Both the House and Senate, in a bipartisan manner, voted to repeal the SAB one twenty one guidance, but unfortunately
President Biden did sign that veto on Friday. So I think, you know, we've seen a lot of progress with the Biden administration and being a little bit more open minded towards working on crypto policy. But you know, without question, that veto was not received well within the crypto industry. In the crypto community, it's incredibly disappointing, and I still think we have some work to do with the administration.
We want to thank you Christ Smiths a Rock Chane Association, really talking about how politics is infusing itself with crypto or vice versa, and let's just stick on politics for a moment. What's happening over the United Kingdom.
Of course, he was.
A key proponent of Brexit, of Britten exiting the European Union. Nigel Farage is now saying that he will stand as a candidate in the United Kingdom election, which of course is being fast tracked to this summer as it stands, far says he'll stand in Clacton on the coast of Essex and ultimately he's standing for a candidate in the UK election, so wanting to once again become a member of Parliament as it stands, So who was of course a Brexit champion.
And we'll bring you more on that time now for talking tech.
First up, online fashion retailer Sheen is set to file for an IPO in London as soon as this week. According to a person familiar with the matter, The offering could value the company as much as sixty four billion dollars and could become one of the UK's biggest IPOs ever. Bloombernus reported in February that Sheen was actively looking at London after it judged it unlikely that the SEC would
approve in New York initial public offering. Meanwhile, shares a GameStop are surging after the redded account that fueled the twenty twenty one means stock Mania posted what appears to be one hundred and sixteen million dollar position in the retailer In a screenshot, the account operated by Keith Gill showed a stake of five million shares at twenty one dollars twenty seven a piece, positioning Gill at one of the company's five biggest investors.
Will have more on that later.
Meanwhile, shares a Paramount are trading higher. Bloomberg News has learned that the movie producer David Ellison's latest offer for Paramount Global includes an option for non voting shareholders to cash out on a portion of their stock for about fifteen dollars a share. The cash payout is the latest attempt by Ellison to basically sweeten the terms of a deal that he has faced opposition from some investors on.
The offer is.
Basically roughly twenty six percent premium to Friday's closing price and is only for some of the shares. For more on this story, were pleased to welcome Chris Palmery and look, is that why we haven't seen the shares immediately fling themselves two fifteen dollars for those known non voting ones.
What is still the caution around it?
Well, a people.
Aren't going to be able to sell all of their shares at that price and for the rest of the company. There's still a lot of uncertainties overall uncertainties about the media business. But we know some of the points about this deal, but we really don't know everything. But the big picture here is this amounts to a giant takeover of this storied company. David Ellison will control not just the controlling shares of the company, but the majority of
the stock and the business. Forty one years old, he's got a potentially long road ahead of him running this business. So that's kind of the big take here.
He's not doing it alone.
Redberg Capital there along with his father Larry Ellison of Oracle fame, that are putting up a lot of the cash here.
Chris, I'm interested in the long term.
Is that then Skydos gets folded into Paramount, some of the debt is paid off.
But what's the future of this business look like.
Well, that's kind of the next step that we've been asking. A lot of questions are of and we don't have answers entirely. We know that they're going to be making some changes. You know, there could be a deal for the Paramount Plus streaming service, a joint venture with Comcast or another streaming company. That's been a business that's losing a lot of money. You know, there could be some sales of other assets. That's something that has come up
quite a lot. But I'm sure this will be positioned as David Ellison and his partners investing in the future of the content of paramounts. So there will be a lot of talk about movies and TV shows, you know, many of which you know we're familiar with, and one still to come.
The holdouts, the value investors, the people who have been in this stock for a very long time and still need some persuading.
What are they worried about here.
Chris, massive dilution. So the Redstones are getting bought out at a premium. It might not has been as high as well as a while back, but it could be, you know, considerably higher than what this stock they have the voting A shares are trading at now, and so then everyone else will be able to get some of their money out, but are largely stuck with this business. They have even sort of less control over than they had before this deal was because Ellison will own so much of it.
We have to see with the suitetened off of how Aerial Investments Strom Lodgers responds to it how Mary Bally does as well. I'm interesting to see how this continues to unfold. But Chris pal Mary your team has been leading a charge. We thank you very much for the latest on paramount.
When Apple launched the new iPad Pro and May, one of the big questions was if the iPad can finally replace the laptop. After using it for about two weeks instead of primarily a map foot pro, I can confidently say that the new iPad can replace laptops for most people and many use cases. A big driver of that is the new Magic keyboard. It has a metal design but also a full function row and a bigger track pad, making it much more like a MacBook Air or a
MacBook Pro. The other thing is stage Manager. Apple over the past year or so has made major improvements to stage Manager, a new multitasking interface that lets you run multiple windows side by side and move them around on your iPad display. But Apple will need to take that to the next level, enable to support for more than four windows at once, as well as a speedier interface, plus expose a multitasking like features from the Mac in order to really make the iPad Pro a true Pro device.
The other thing a bigger screen. Well, thirteen inch displays might be enough for college students or people who are traveling, consumers who work from home, video editors, photographers, or people like myself won an even bigger display. For the iPad pro to really take off, it's going to need a combination of even better multitasking plus a sixteen inch version to match the MacBook Pro. I'm Mark Erman, this is power On.
Welcome back to Blue Mere Technology. I'm Karen had in New York. Let's check in on those markets.
They're doing well. If you're in tech, they have been managing to be higher than this.
We're coming off of our highs, but we're still up two tents of percent on the Nasdaq one hundred, and we're seeing some optimism around well. Some of the data coming from the US economy.
Not being quite as strong as we've seen.
Does that leave the Federal reserve room to cut rates later in the year. Manufacturing seems to be speaking to that today, two ten percent high in the NASDAK Big tech is leading the charge tenure yield down by nine basis points on the back of that manufacturing data. Bitcoin up some two two percent in fact, just showing a little bit of risk on sentiment around crypto today. Let's move on and to have a look at some of the individual movers. Look, we're just hearing from Mark German
all about Apple. We're up more than a percentage point. That's actually as Goldman SAX seems to be getting excited as well from its focus at WWDC. We're looking ahead to, of course, the announcements that Apple might make. We think AI is going to be largely one of them, interweaved within We're looking at In Video up more than three
percent as well. Maybe Johnson Huang steals the show from a keynote that was meant to come from the key Taiwanese Computechs event from Lisa Su of AMD, but in Video makes their own event and announces yet further developments and chips coming on an annual basis were up more than three percent GameStop of twenty six percent.
Why while they're surging.
After Keith Gill aka Roaring Kitty shared a post actually on Reddit, this time showing what appears to be one hundred and sixteen million dollar position in the company.
For more, let's bring in Bloomberg's Bailey Lipshaltz.
His actual handle is a slightly expletive ridden deep Value Bailey and what.
It seemed to show, Yeah, DFV is back and that is on Reddit, first time in almost three years posting
on Reddit showing that potentially massive stake. There's a lot of uncertainty and inability to verify if that position is in fact Keith Gillen, if it is in fact real, and the mean uncertainty around that is the fact that the last time he posted an update on that portfolio, last time checking in on the portfolio was worth about thirty four million dollars, so a humongous jump in terms of the actual value underlying that position, in addition to
the fact that there's some forty five million dollars potentially in cash. But nonetheless, it drove a flurry of trading
activity this morning. At one point the stock was at one hundred and five percent, opened up seventy five percent, but as you mentioned at the top, closer to twenty seven to thirty percent gain four game stop tracking some of the buying and selling on apps like Fidelity, that platform showing modest buying orders outpacing those to sell, so it doesn't really feel like that twenty twenty one craze where a number of investors were rushing in to buy it.
As you can see these stocks well below those all time highs back in twenty twenty one.
I'm looking at the biggest holders. That's the joy of the Bloomberg terminal. You can see who the biggest holder is of a name like GameStop, and of course it's ars Aventures. Rog Cohen have made his name and becoming the game Stop lead a de facto with chairmanship and the like. But we've got Vanguard, black Rock, State Street.
Where next? I mean, I love the story.
From a technology perspective because it's being driven to us via social media. Originally it was x when the first excitement brewed in May.
Now it turns to Reddit. I'm wondering when.
YouTube is going to come into play again, That's what I'm wondering, And I just off of a hunch.
It feels like with earnings and the company's AGM coming up in a few weeks, maybe Roring Kitty Keith Gill posts a YouTube video for the first time again in about three years, maybe that'll be the next driver.
Carol.
The main thing that stands out to me when I look at this stock and you look at the follow through this month compared to May that May Flurry really lasted two days, shares more than triple than a two day span, quickly gave back the bulk of those games. GameStop took advantage of that to sell shares to raise
cash through and at the market offering. The question is, with today opening up seventy five percent giving back the bulk of those games, can Rooring Kitty, can Keith Gill find a way to keep the momentum going into the earnings and whether this is going to be again a flash in the pan that lasts two days, does it last one day or does it return to YouTube and potentially kind of opening the floodgates bring back a number of those retail investors, just given how different the underlying
day dynamics are for the company, for short sellers, and for the world as a whole now compared to where it was at in early twenty twenty one.
Well for now, AMC, BlackBerry, some of the other companies doing very well off the back of it to Bailey Lipshalt's great to have you back on the show.
Thank you.
Meanwhile, let's talk about Tesla for a moment is issued a statement against the ISS views on.
Well his pay package, remember Elon Musks. That is after the proxy.
Advisor ISS urged shareholders to reject Elol Musk's pay package. Of course, it's been coming back from previous years for more. Let's bring in Bloomberg's Max Jack Jaffrikin. Look, there's a long statement. This is all regarding a twenty eighteen performance award that ended up being ginormous, but largely because the market capitalization of Tesla and the stock performance became phenomenal.
Yeah, So this award, as you say, five years ago, roughly was made with the idea that if Elon Musk were able to grow the market cap of Tesla by an enormous sum, he would get this gigantic paypacker. And you know, fifty six billion is the number you see thrown around. You know, at the time, these proxy advisor services, Glass Lewis which is another one, and ISS both advised against it.
Shareholders voted for it. Anyway.
The difference now, though, is that the gain in question has already happened. So you sort of have the board asking to pay Elon Musk even though the thing that he.
Was supposed to achieve has already been achieved.
And in that press release, a big part of Elon Musk's argument is like, hey, we had a deal.
It's not fair to go back on that deal.
And so he's sort of resorting to that, to this kind of basically like a moral point. And you have ISS and glass Lewis on the other hand saying, look, on one hand, this is an insane amount of money. It's too much money, even given the gain of the market cap, and also, you know, it's not clear that shareholders had enough information. And also again the gain has already been realized, so it's sort of a little bit hard to justify how to justify.
Meanwhile, the board and indeed Tesla seems to be trying to justify that IS has got a lot of things right by saying this is a mountainous market cap growth and the twenty eighteen continues to create a strong incentive.
For Elon overall.
But they say, technically ISS is getting something wrong with how the payment is being made. What do you make of I mean, ISS is going to respond, I suppose, So whether they're technically right or wrong.
Well, Tesla is engaged in what amounts to a marketing campaign.
So we're going to have a vote in ten days.
The vote is going to largely involve Elon Musk and his brother Kim Bulk are not going to be able to vote in this election or in this proxy vote.
And Tesla is campaigning.
You know, they're advertising, they're producing videos, and they're producing documents like this is press release. Probably more importantly, Elon Musk is tweeting about this all the time. And you see we've seen a lot of SEC filings that are essentially Elon Musk responding to various influencers sort of pro Tesla bulls, talking about this vote. So they're trying to reach you know, retail shareholders, which is the main of ownership of Tesla, And.
Apparently they've got to decide whether or not Elon was actually galvanized by this stock compensation.
The question is, well, you have like a fear among even Tesla bulls that if this pay package isn't approved that Elon Musk could just walk away. And that is something that Elon Musk himself has kind of helped stoke by saying, you know, hey, there's all this AI stuff, maybe I'll do it outside of Tesla maybe not. So you have this kind of a bit of a game of chicken, which is, on one hand, Elon is saying, I'm committed to Tesla. I love it, you know, it's
I care so much about it. On the other hand, he's making these threats, and there is this fear that if he walked away that would hurt the share price because so much of Tesla's, you know, investors, so much of what is about the company has to do with Elon Musk's, you know, essentially his cult of personality and his reputation as an innovator.
June thirteenth, we wait, we watch, and for the marketing ahead of it megs Max Chafkin.
We thank him.
Meanwhile, it has to talk about EV's in another way because Ford SEO Jim Farley says his company is just two years away from offering technology that will allow drivers to take their eyes off the road and the hands off the wheel. Caught up with Bloomberg's David Weston, just take a listen.
We're getting really close. In fact, we can do it now pretty regularly with a prototype, but doing it in a cost effective way is just the progress we're going to need to make.
To.
We have to build the electric architecture inside the company. We can't delegate it to our suppliers anymore. We need all the software code in the company to control the car.
But it's close.
Coming out New York Tech Week. It kicks off right here in the Big Apple. We'll speak to some of the key participants from the event that's next. Meanwhile, let's just keep an eye on some of the stocks that are on the move. Auto Desk want to shine a light on this software company's.
Higher to the tune of seven percent.
No financial statements will be restated or adjusted following the results of an investigation by the Boards Audit Committee. We understand the CFO has been reassigned after the internal accounting probe, but a weight is lifted.
This is Blouemoid Technology on New York Tech Week. It's back officially, kicking off today.
In the Big Apple with Industry Titans, VC's startups gathering throughout this week for events, panels, conversations, so much more. All week long on Bluebog Technology, We're going to be speaking with those founders, those investors, those executors to discuss the ecosystem right here in New York City. Why they choose to call NYC home and pleased to say we're joining now. By Julie Samuels, CEO of Tech NYC. Look, it is the organization representing New York's fast growing entrepreneurial
tech industry. You're also very much in the weeds of how we can support this, whether it's from self mentorship, whether it's from coming together as an industry, whether it's the government's role here. Why is New York City feeling like the place to build a startup right now?
Well, I think there's so many reasons. It feels reredibly optimistic here. That energy is palpable tech Week especially, but even without Tech Week here it feels amazing. I think a big part of that reason, honestly is people want to live in New York. People want to live in New York. We've seen that there's a lot of net migration here. About in recent data show is about fifteen percent of relocating tech workers actually come to New York City.
And because people want to be here, there's just an enormous amount of energy around what people are building, where they're plugging in, and we're seeing it at all ends of the spectrum. Huge companies, tiny startups, everything in between.
Yeah, I've been.
There's events coming from old school New York tech IBM what to be seen. Of course, currents still in modern day innovators but have been based in New York State for a long time.
But then there's the founders and.
The startups and the vcs that continue to come Andrews in a Horowitz, for example, putting their boots to the ground. I'm interested as to what people are building them from a startup perspective.
Is it all about autificial intelligence?
Hit too? So?
Artificial intelligence is obviously booming here. There's well over a thousand venture backed startups. They've raised something like twenty seven billion dollars collectively. That's just the AI startup kind of the AI segment of our startup ecosystem. But the thing about New York I think that is incredibly special is because every other industry is headquartered here or has their center of gravity here. What we see is startups building
in all of those segments. And that is that diversity of type of company is what really sets our New York tech sector apart in a way that I feel like is incredibly healthy.
A diversity of industry and problems and solutions. What about diversity of actual talent.
So obviously we have a lot of work to do there.
I will say New York is better on that than any other major city in the US. We have something like twenty twenty two percent of the workforce here is from underrepresented groups, which is significantly higher than in the Valley or in Boston. We obviously have a lot more work to do, but our tech community here is pretty engaged there. We partner with New york'sity public schools to get the kids in the students, you know, into the companies, meeting the right people. There's a huge push to teach
computer science in our schools. There's a huge push to work with nonprofits across the city to get more New Yorkers into the tech ecosystem. At the beginning, I talked about how we attract a lot of people who want to move here. We also need to make sure that New Yorkers who are born here and raised here have access to these jobs as well.
I mean, what is it that we have a new focus on Startup NYC. That seems to be a support system for what.
I've as founders.
We're working on a project at Tech NYICE the organization I run called Startup NYC, where we kind of put a little bit of scaffolding around some programming for some underrepresented founders founders building in some really interesting, maybe non traditional spaces. We don't put money into those startups, but what we do is we kind of help them with our network. We help them understand how to navigate this space. I mean tech and Yc's network is amazing. It pretty
much represents everyone in tech in New York. And what we do to these founders is say, hey, we're going to help you get access to those people, not just people in tech, but also the entire business sector here, which is their customers, their clients, their mentors going forward. And that to me is what's really exciting.
I'm sad aed isn't here because at the moment we're two women in New York, and of course we're going to say that New York's the best and amazing to build technology companies in. But San Francisco is doing a mighty fine job at ensuring you feel really reinvigorated around AI. In particular, Open AI is out there and still all the headquarters of the biggest technology companies in the.
US is West coast. Does it matter?
Ultimately?
You can all boats rise?
Do we have to have this y versus La versus West Coast?
Let me say this first of all, I think all boats have to rise. The technology jobs, however you define tech, these are the jobs of the future.
This is what the.
Economy, the world economy, looks like going forward.
So we need across the country, across.
The world, we need all boats to rise together. So I hear what you are saying, and I actually agree with you. I love New York. There are different versions for different people of how you want to build this. I think historically what we've seen is a lot of startups building kind of hard technology on the West Coast than they tend to expand here when they're ready to apply it, when they're ready to figure out how to make it profitable, who's going to buy the technology, what
it's going to look like in practice. So I think we'll see a lot of that happening here in New York. There's one other this is kind of maybe this is a little trie there's this little kind of saying I like or not saying, this is how I think of the difference between the Valley and New York. I used to live in the valley when I lived there, and it was great for a lot of reasons. When you live there, you meet a lot of tech people who
live in the valley. But when you're in New York, you meet a lot of New Yorkers who work in tech, and that I mean, that speaks to me and how I want.
To be in the world.
But again for everyone, you know, you should do it your own way.
The most risings to all the eventency going to many gates sales through this week, Julie Samuels with all the energy this Monday, Tech NY CEO, We thanker. Meanwhile, let's have a quick look at what's happening in New York or the New York Stock Exchange, no less because equities the New York Stock Exchange basically saying that technical issues have been resolved. Look, there was a glitch, shall we say, earlier that was hitting companies such as Berkshire Hathaway, some volatilities,
some halting that was happening. They now say that the technical issue has been resolved at the New York Stock Exchange parent company ICE. We want to continue our coverage of New York Tech Week, joining us on why he's building right.
Here in the city is Michael Charlotte.
Fire Blocks, the CEO five Blocks is actually.
Found in twenty nineteen.
It's a digital asset security platform that helps financial institutions protect digital assets from hackers from theft. Important problems you're solving, Why solve them?
From New York?
Thanks for having me here so great in the arc is the financial center globally, and it was really important for us to be as close as possible to the market basically where a lot of our clients are and our first design partners basically the first early adopters of our technology.
We're here in New York, So fintech makes total sense. You, of course, your previous company was purchased by Checkpoint.
And you've been building businesses for a long time.
You understand what is necessary an the ecosystem that's needed to be bred. What is it that's here that also supports you other than your client base.
Yeah, so actually it's a good point. With the previous company actually moved to San Francisco, and then Fireblocks we really started in New York, and really the main reason was first and foremost to be really close to the customers. When you're in San Francisco, and if you're doing a B to B startup, it's actually quite difficult to basically meet your customers where they are unless you're basically selling
directly to the tech sector. All the other sectors are either on the East Coast or somewhere in the Midwest. And the second component is that actually, if you want to have global rich and firebooks today is really a global company, New York is much easier. First of all, more people transit through New York and you can meet them over here. And second level, it's actually easier to fly to Europe or Middle East and so on.
Time zone is nice. I can imagine for sure. What about the talent base.
We were just talking about how people perhaps there's net immigration for people wanting to be in the tech sect, to work within the tech sect to come into New York.
Is it still tough to hire here.
It's tough, But I will actually argue that at least for us, it's easier to hire here than in other areas. And the main reason is that we really trying to find people that have this combination of technology and finance right because basically there are not that many people who run crypto or digital asses companies at scale, and in New York you find you can find really great leadership and individuals that they have deep expertise in finance and
I would say deep expertise in tech. Maybe slightly less than in SF or the Bay Area, but it's still enough. The combination is really crucial for US.
I can imagine also it's relatively helpful being BUTTONN Amtrak ride away from Washington. At the moment, crypto is being regalvanized in some ways by changes in legislation.
How is it affecting you?
Yeah, that's true. Actually been on that trend quite a few times in the last couple of years. To be fair, I think we've seen pretty decent momentum the US clearly globally. I think that this is probably the most important thing that we still seeing. The global regulatory landscape front running the US. We hope that it will start catching up towards the end of the year. The approval of the ETFs by the SEC was a big, very strong tailwinds for the industry and for US and actually bringing it
back to New York. I think that actually in New York, the New York, the FS, the New York Department of Financial Services. They've been probably one of the most thoughtful state regulators in the US that we've been working with closely for the last couple of years.
Okay, I'm glad that we're managing to interweave how politics, of course, is intersecting with crypto and indeed with New York.
Right here, Michael Shada, great to have some time with him, Fiblock CEO. Hope you come back.
We can talk really about the business and how it continues to grow. But meanwhile, look that does it. From this edition of Bloomberg Technology right here from New York.
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