From Mahard where Innovation of Money and Power colle in Silicon Valley, NBN.
This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.
I'm Caroline Hyde at Blomberg's World headquarters in New.
York and I'm Ed Ludlow in San Francisco. This is Bloomberg Technology coming up.
Former Ali Baba heavyweights return to the company as the technology giant prepares for its six way restructuring and spin off. Will it stand? We discussed with Brian Wong himself of previously at Ali Baba, an author of the Tao of Ali Baba.
Plus we'll discuss AI regulation and investing in the technology as President Biden prepares to meet with leaders here in California this week, and.
We'll bring you updates on the missing titan submarine as search as a race to find the diving vessel with five people aboard that when missing on an expedition to view the Titanic shipwreckord There.
Is one big technology story in the world and it is Ali Barba. A shake up in Ali Barba management overnight. You can see what it's doing to the ADRs down five percent. That's the biggest decline in around a month. What we see is Daniel Jung moves out of the CEO role. He will head the cloud unit. Then you have Jozai moving from being executive vice chair to being
chairman of the board. And they bring in Eddie Wu who's basically led the core e commerce units and now he becomes the CEO in this kind of split structure. Lot's happening here is Ali Barba thinks about a complete restructuring and hiving off of various businesses.
Caraen, it really is one to be watching. We've got to dig in more with Wow, someone who's served for a long time at the business has written about it. Bran Wang and Plica says with us, author of The Tower of Ali Baba, he was in fact the fifty second employee to join the Ali Baba Group. Real focus on globalization, very close relationship with that of Jack Maher.
And what's so interesting is well, when you look at the analysts reviewing these moves, they feel as though the spirit of Jack Maher is here, his lieutenants for years come back. What do you think the signal is here?
Brian, Yeah, I do think. Well, first of all, it's great to be with all of you and thank you
for having me. I think this decision is really an important one and also a strong signal to the market but also to the company that yes, it's back to the roots of Ali Baba, the culture, the original sort of drivers of what motivates the business and bringing in those who really have a strong understanding of where that all started and also individuals who contributed to building what the company is today from the very start.
Brian, how closely did you work with Josiah Edi Wu and Daniel Jung during your time at Ali Baba.
Well, Joe is actually the individual who hired me back in nineteen ninety nine, and Jack I served as a special assistant for globalization for a number of years. Daniel I've known since the time he joined. So all of these individuals our people, and Eddie Wu as well.
Eddie has been there from the start. He's one of the co founders of the company.
He actually worked with Jack before Jack even started Ali Baba when he was at the company at China Page's Jack's first internet company. So I've known all these individuals during my time at the company.
Let's dig in bron Therefore, with Eddie in particular, he moves really to a focus to leadership. What do you think at this moment we will be seeing from a CEO when we are still thinking of the restructuring of this business. Does that still stand as it had been outlined by Daniel previously.
Yeah, obviously I think the decision to split the company in six parts remains the plan.
The question is who would need the.
Holding company Ali Baba Group, which now is more of an investment holding company than an operation operational comp company. Eddie brings a number of strengths to the company today in the leadership role. Obviously, he has a very strong technology background. He's played the CTO role or tech technology sort of leader for companies ranging from Alibaba dot Com to Ali pay Ali Mama, which was the key driver for the AD system for Talbo back in the day.
He's run all of these and also served on the boards of companies like Ali Health.
But he also has a strong business acumen.
I mean to be able to construct this AD network under Ali Mama and serve as general manager.
He also during his time has done investments.
He has his own fund that he set up in twenty fifteen, so he's he's seen virtually every angle of the business. But also not just in China, but he's also seen the world outside of China from a technology standpoint, from a business standpoint, I think Eddie has really gained the skill that are required for a CEO in this sort of role, and at the same time he brings an understanding of Ali Baba's culture, which is so important in terms of the longevity of the business.
Yeah, Brian woe coming to us from Shanghai, Caroline fifty second employee at Ali Baba, I find Daniel Jung the most interesting. He gets to take the lead of the crown jewel, the cloud business. Do we read that as a demotion, Brian?
I would actually see that as a vote of confidence. I think that any individual who would be the CEO and chairman of the most important business within this sort of organization and try and run the holding company at the same time is a superhuman and probably it's an inhuman task to expect them to do both. I think Daniel himself had suggested that he really focus on the most important.
Operations, that being Ali Cloud and you know, managing that business to success.
He's done that, improved he could do that in the other businesses that he's run, so I.
Would not look at it as a demotion. I would look at it as a vote of confidence and.
Allowing Daniel to really help the company take what is most important forward and become successful, particularly when they're spinning out the company.
Of those three individuals who can navigate the political landscape of China most capably.
Well, you know, I think that in today's market, what's really important is being able.
To build a business amidst a changing regulatory environment.
I think that requires skill.
And competency and understanding the technology, but also being able to kind of work within the system. And I think that's going to be a group effort, not one individual, but probably a team as a whole that has.
Expertise in understanding different aspects of the fact is involved.
And I think Eddie, as I mentioned, has a collection of those skills. But I think this also comes into play where where the larger organization will assist in guiding and also the six business unit heads, each of them will be responsible for the individual units, and each of those industries has unique regulatory considerations.
Let's focus in on the man who hired you, Joe Side, because he really understands the relationship between the US and China. Many know him here more aphably as the Brooklyn Nets owner, as an owner of some significant real estate here in New York City brand And I'm interested as to what he does his relationship with investors, but also his relationship navigating political and geopolitics at large when it comes to the tensions between the US and China.
Yeah, I think Joe as chairman is a fantastic choice. He's a consummate investor. That's where his or sort of original sort of you know focus was prior to Ali Baba. But he's also a trained lawyer who has an understanding of good governance and you know, how to navigate these regulatory systems. And he's, like you mentioned international, you know, he's educated in the United States, worked you know, all over the world, and he has the sensitivity and understanding
of how to kind of balance these things. I think in a chairman role, that's exactly what an organization is big as Ali Baba needs, and one that has international aspirations. You know, he's in a very good position given his background and skills to kind of play that role and really help bridge the company from China to the world and vice versa, the world to China.
Brian wog Or for of the Tao of Ali Baba Ali Baba, employee number fifty two live from Shanghai.
Thank you so much for your time.
Now coming out, we get to that other big story AI regulation. President Biden's in town here in San francisc go meeting execs and academics from the field of artificial intelligence.
We'll discuss next.
This is Bloomberg, President Biding heading to California for a meeting with business leaders and experts on artificial intelligence. As later today here in San Francisco. The meeting comes is his administration pushes companies to develop new security and privacy safeguards for the technology. For more spring in Bloomberg's and Edgerson in Washington, we have another meeting. We had one six weeks ago, hosted by Vice President Harris. We had
some frameworks in the interim. Does this mean we might get some concrete rules from this administration on the field of AI.
Well, concrete rules are going to be up to Congress. So what this administration has been very good at is kind of gathering information like the President is doing today, you know, talking to industry leaders, talking to the companies, talking to civil society and trying to understand what we hear all the time in Washington, risks and opportunities associated with AI. And we've seen that in the framework from the National Institute of Standards and Technology, from the White
House's very own Bill of Rights on AI. So you see how they're kind of using this information to frame the policies they're putting out. But this is all guiding documents. It's going to in order to pass binding rules that will obligate the companies to certain practices. That's going to be up to Congress.
And what's interesting is sort of the agitation over AI regulation in many ways has the ghost of social media policy really in it. And I'm interested as to how much Congress, lawmakers, regulators have got up that hill of really what artificial intelligence is, how in ways in which it perhaps poses risks and indeed might be regulated.
Really that is so true.
I mean, you definitely see lawmakers kind of haunted by the ghosts of social media failures where they haven't been able to pass even the most basic underlying data privacy standard at.
The federal level.
And the Senators will be the first to say that we haven't even done the most basic necessary to regulate the Internet.
Since nineteen ninety six.
So there is this kind of defeat US attitude going into discussions about AI technology and where they are now is really at the education phase.
You know.
Senate Majority Leader Chuck Schumer has scheduled three briefings for this summer to just explain to lawmakers what AI is, where we are, the race of the innovation race, and how it could we be used in military settings. So we're really just still in this kind of information gathering phase a lawmakers try to get a grasp on this new technology.
Anna Edgerton, thank you for bringing us sort of some of the sticking points for Congress and the White House. Let's talk about ltificial intelligence a little bit more. Soft Bank in particular, the found mss.
On Well's company is in the position to win, he says, the race to master AI, thanks to of course of dollars a tech investment, some of which some would say have gone a little sour.
In fact, Soft bangaling won't be deterred by a few short term losses. He says, we will rule the world in the end. Fighting talk, Let's talk about if you can ever rule the world, and thus far, who's been ruling it in terms of investment. Hillary Fish is with US senior research analyst Technology Software at Clearbridge.
You know, it's great to.
Have you here in the studio and the height cycle is clear. Everyone's getting into various AI related names from an investment thesis. How much you're thinking about future regulation within that investment opportunity.
Sure, thanks, Caroline, It's so good to be here, thinks said, it's a really terrific question.
We think about it quite a bit.
We're very early in the stages of discovering what regulation will look like and how that will impact the sector. However, I think in this particular case, there's going to be quite a bit of help to the government provided to the government by the companies that are actually the major providers AI services and products Microsoft for one, Open Ai for another, in conjunction with Microsoft, or big proponents for
government regulation. So I think you're going to see a somewhat symbiotics situation between commercial and government entities in terms of bringing proper, appropriate and.
Effect of regulation to AI.
But of course it's a global question, and as Masioshi son of soft Bag, saying, we're going to rule the world in terms of AI, I mean, a large part of his investment is in Armholdings, a UK company. Like all of these things are global in nature. Is there sort of a race that's going on or is us the dominant force? Does it matter from your investment thesis perspective, I would.
Say there is a race going on, and I would say that's going to form part of how that guides regulation in terms of how it oversees AI's development. But at the end of the day, a regulation is global in nature as well as we're seeing in a variety of instances. So I think we'll see the various governing bodies come together to figure out how how to oversee AI, at least in terms of Western nations, and then we'll see who's leading.
In the end.
Hillary, good morning from San Francisco. Good Afsen into you in New York. Does your research point you to any single one name or couple of names that you think are best positioned to win this AI race?
It's another great question, ed.
I think we think they are going to be a variety of names who benefit. We are early on in the process, and so far, clearly Nvidia and Microsoft have stood out in terms of AI leaders positioning their product lines early on for embedding AI services throughout and capitalizing on the AI opportunity. But there are a variety of them who are going to benefit up and down the chain.
And I think what it comes down to is if a company has a unique and important data set, if they're embedded in their customers customers processes and workflows, and if they're equipped to actually help customers deploy in a
safe and efficient manner, they should win. And this is going to involve all hyperscale platforms, including clearly Microsoft, Amazon because of its incumbency in corporate networks, Google because of its deep history, and AIML and also Oracle, who has an interesting place on AI.
Hillary.
We actually talk about Oracle much less than any of those names on this program Blombow Technology, and it has just also hit a fresh record high. So play that scenario out for us. Why is Oracle kind of a winner in this AI debate?
Well, Oracle has re architected its cloud, offering its infrastructure cloud as a next generation cloud, taking many of the best practices that the original cloud providers learned during their process, and it has a unique take on how it's architectur that infrastructure with some i'd call it network heavy capabilities, which should actually be quite valuable in because I think we're going to have a period of proliferation of need of base infrastructure build out to accommodate the very high
data volumes that AI will bring to us. I think Oracle will be well equipped to handle that along with Microsoft and others. And Oracle also recently announced some important AI partnerships with an LLM model company called Cohere and with Nvideo, which I think will bring big dividends to them over time. So there are a more recent but important emerging beneficiary.
I mean, not many people want to talk about how expensive everything is, and we won't want to talk about how expensive stalks are. We don't want to talk about how expensive it is to run these large language models, the amount of GPUs everyone's having to be buying. All these companies pricing it right at the moment that seemed to be making it up as they go on.
Well, it's such an interesting question.
They're thinking quite a bit about how to price it, and we're starting to see emerging and pricing coming out in the marketplace.
I think so far.
They're doing a good job in terms of pricing for AI enabled services is actually quite high. In the case of APIs on Azure op ai, they were multiples of what a traditional AAPI would be to actually access marry the data with the models and AI enabled applications or priced anywhere from thirty to eighty plus percent what a traditional application would be. But there's real value in them because of the productivity benefits which will.
Accrue to the users.
So at the end of the day, I think they're starting to do a good job of providing the opportunity for profit as well as revenue. Acceleration is due to the uptake of as a result of the uptake of AI. Similarly, Salesforce just introduced their pricing of their AI enabled applications last week and those applications are going to have a perceipt component.
As well as a usage component.
I think you're going to see more and more creative models around AI, and where there are productivity benefits to be cornered, customers will pay for them.
Hilly Fresh clear Bridge just deep research in AI. Time for talking tech. First up, the can Lines International Festival of Creativity is underway, and while it usually attracts the most influential executives in advertising and platforms. Two Notebaule names will not be in attendance. Elon Musk and Twitter's new CEO, Linda Yakarino this is the social network works to win
back spending on the platform. However, on Tuesday, Twitter announced that it will explore solutions from companies that specialize in tracking the quality of ads and sticking with Musk, according to sources, he's likely to meet with India's Prime Minister Arendramodi today on a visit to the US. The private meeting is expected to take place early evening in New York. Who comes after Tesla and India revived dialogue in May
following a year long standoff. Plus, Germany will funk a finance a subsidy package worth ten point nine billion dollars for a planned Intel facility in Magdeburg via it's Special Climate and Transformation Fund that, according to people, formil of the plans for more. Let's bring in Bloomberg's Aggie Cantrell out in Berlin. Aggie, what's the latest on this one?
Yes?
So this this investment of billion ten billion euros in subsidies from the German government is going to be also brought forward by thirty billion thirty billion euros as a direct investment, the largest foreign direct investment in Germany's history from any company. And Intel is going to be putting forward thirty billion euros of its own money into this investment.
And that is also critical because actually this is a project that has been a long time in the works and it was put on pause because Intel said the costs were getting too high. Originally they committed to seventeen billion dollars with subsidies of seventeen billion euros was six point eight billion euros in subsidies from the German government, and they went back to the negotiation table this year because they were saying that it is costing them too much.
Economic headwinds are hitting the company and so they needed more in terms subsidies. This is a question as well for how much Germany is willing to front for these companies to onshore a lot of this chip production.
Aggie, great round about. Thank you, Aggie Cantrell Baron Berlin for.
US, Welcome back to Bloomberg Technology. I'm Ed Lovelow in San.
Francisco, and I'm Caroline Hider, New Yord.
Let's stick with the geopolitical. US Secretary of State Anthony Blincoln says he expects to see more communications between Washington and Beijing following his visit to China, where he did meet with President Jijingping. He spoke about it at a press conference in London.
The relationship and the communication between the two leaders, between President Biden and President she is most important of all. That's why they've had a number of communications and meetings to date, and that's why I expect you'll see more of that in the time ahead.
There's a lot to go over in the context of foreign relations. Also the regulatory angle to all of this that ties in, of course artificial intelligence and joining us now for more is Andrew Bradford, professor at Columbia Law School and author of the upcoming book Digital Empires, The Global Battle to Regulate Technology, coming out this September. Professor Bradford, thank you for your time. I think we start with technology at the heart of what's happening between the US
and China. What do you make of mister b Lincoln's visit to China and what it may or may not have achieved.
So thank you Ed for having me here.
And obviously it's a good sign that at least the US and China are talking, but the gaps between the two, the interest and the ideologies surrounding technology.
Are very part to bridge.
So there are fundamental differences, for instance, when it comes to AI. So first there's an AI race, the battle for technological supremacy, but there's also a battle on how we should think about building digital societies by deploying AI.
So the US and the EU are very concern of China's use of AI for digital surveillance and also the exportation of those surveillance technologies around the world that then increases China's influence and pushes the world towards potentially create a digital authoritarianism.
So that is certainly one tension.
The other tension is how to regulate and protect people in their own communities at a time where you also don't want to stifle innovation as usual. It feels like the EU is getting their first in terms of thinking about and processing actual regulation. We're anticipating the AI Act later this week. I mean, can you bring us up to speed with just how aggressive they are about not only regulating the application of AI, but the underlying models the building of artificial intelligence too.
So that is exactly right, Caroline so as expected, the EU is ahead of the game and much more willing than the US to regulate AI. So the EO wants to also be ahead and try to make sure that innovation takes place. But there are some really deep concerns about how the AI potentially has harmful implications, how it might compromise the fundamental rights, how it might then have
an adverse effect on democracy. So the EO has now moved along with a very ambitious I'm not sure if I use the word aggressive, but very ambitious AI Act. It was approved by the European Parliament this past week and it's now up for a negotiations between the key legislators, the Council and the Parliament and the Commission, and potentially we might see that law be finalized by the end
of the year. But the big challenge, as you noted, was that when we were already far along in the legislative process, the CHAT, GPT and generative AI really to the center stage in the conversations, and the legislative template wasn't exactly designed for the kind of technology that generative AI represents, so that the focus was really that we look at how risky the application of the AI is
and then we adjust the regulatory applications accordingly. But obviously these large language models can be used in very risky settings or then in completely safe settings. And that is now going to be one of the main conversations that will be I believe, dominating the last steps in this legislative process. But there will be a legislation forthcoming, and the generative AI will not get a free pass.
I mean, and you and I are Europeans, even though maybe it's not part of the EU. But Professor Bravn wrote before the current book that's about to come up about the Brussels effect, about the fact that Brussels getting their first in times of regulation does set the standard, doesn't I just think of GDPR.
Yeah, I spent many years in Brussels, Professor. It always starts at a lower level. Twenty eighteen, the Expert Group starts its work on AI. By comparison, your President Biden flying into town this afternoon to San Francisco hosting a meeting with these industry leaders. Which pathway is more effective to getting actual oversight of the technology.
So I think whether there is an effective pathway that would exclude the governments of the tech company so I
don't see that one way exclusively can necessarily work. But the Europeans certainly are convinced that any governance of the AI needs to be entrenched in legislation, in rule of law, in democratic governance, and we certainly need to have transparency and accountability so that we can have a democratic conversation on how these companies are developing their models, how we are deploying AI, so that it's consistent with our laws
and values. But at the same time, even the EU is painfully aware of the challenges ahead the EU in trying to legislate and to implement effectively this legislation, and for that it does need the partnership of tech companies.
So I was encouraged to see.
That even now, when we don't yet have the AI Act in force, the Europeans and Americans are having a conversation together with the tech industry trying to come up with the kind of code of conduct that we already have some guardrails that we all agree upon. And hopefully that dialogue will then continue as the eel's legislative process moves forward, and.
We'll see if that dialogue in any way starts to drift between China and the US and Europe as well. Ernie Bradford, fascinating comeback pieceing. We thank you, professor at Columbia Law School. And we're coming up from FTX Ventures to Menlo Ventures. Partner Amy Wu tries us to talk about her big move, where she's investing, and how the consumer and AI are and twining moment. This is bringing back It's that time BC Spotlight and I'm very pleased
to welcome to the show today. Amy Wu, you know, of course, a former head of Ftxpensures and as of last week, partner at Menlo Ventures, planning the flag of one of Silicon Valley's oldest bench firms right here in New York City, although ironically today Amy are over there on the West Coast, and I'm interested therefore your thesis where you're looking for founders, what kind of companies or where you want them to be based.
Yeah, I recently started at Menlo Ventures, very excited, and I'm going to be covering consumer and gaming investments over here. Is actually you know, Menlo doubling down and consumer investments, interestingly, at a time when a lot of funds for the last few years have been rotating out of the category. And and so you know, whether blockchain or non blockchain ar VR, you know, it's a it's it's constantly an area with new platforms and an innovation, new customer and user experiences.
So I'm really excited to be focused on the space.
I guess Amy, it takes me to the why be the GP for consumer and gaming. I'm assuming there will be crossover in your previous work looking at blockchain. You know, but I think about video games, as we know on this program, video games is life. I think about collectibles in games, tokens, things that you buy, security around that, and blockchain technology is that kind of how you're thinking.
It's one of the areas.
So I would say that, you know, if you look at the history of consumer and gaming investing, particularly consumer investing, it's been driven new experiences have been driven.
By platform shifts. And I would say that, you know, mobile was the last very large one.
A lot of the you know, most you know, interesting companies of like the last ten years.
So if you look at Uber and in Airbnb, et cetera, I.
Really were created with you know, technology and innovations and mobile. Uh, Bloching is a promising you know, platform shift I would say.
And still early.
There's been companies experimenting on you know, on chain, but I think you know, it's said to be seen in terms of mainstream adoption, and of course, you know, everyone is very excited about the promises of Jenny I right now as well.
I think about your background, because Menlo is a different firm and you firm, you know, reflecting on what's happened in recent years, how much of the conversation with Menlo was about what happened to FTX ventures. Was it sort of any kind of barrier to moving forward working with them?
The short answer is no, I think that you know they they know that you know myself, and to be honest, like most employees, uh, you know, unfortunately we're we're misled by the founder and and so most of our conversation frankly was in terms of what I will be covering and uh in my thesis areas for the future.
You were actually only there for ten months. What do you feel you've learned from the experience? An emotional one, I'm sure, and one of great hurt. But how ultimately do you feel you will do business differently post FT extensions?
You know, I've been I've been a venture investor for a long time. You know, I previously spent a few years at lf Speed and before that at Insight, and so in terms of being an investor, you know, I haven't lost any passion for that. Uh and uh and you know, excited to continue working with great founders and and I think you know, there's been a lot of
learnings from FTX. I mean, first and foremost, it was a very fast growing company that did real revenues and uh and you know profits in the years that it was in operation. But I think, you know, there's a lot of uncertainty and tech and in you.
Know, none of us really expected that to happen.
What's interesting is we find ourselves in a new AI hype cycle. It feels like Crypto was the hype cycle previously. AI is the new one, and you of course were there within. Some of the savvy investments being made with FTX Adventures was Yuga Labs, I think Aboard eight Yacht Club and just how that sort of became the number one NFT. Anyone could really think of Sober Studios, the webinary platform to build your own games. Are you thinking
this feels like a hype cycle? Again, how do you make sure you have long term investments in the world of artificial intelligence and where that value rises Right now.
It's a really great question.
I mean, AI has been a technology and development for decades at this point, and it certainly had its iPhone moment, I would saying the last fall with the with the launch of chat GBT, and so you know, when I was at Less, we had long time been invested in investing in AI, and Millow has also been as well well, and so I would say that really the investment cycle continues.
You know, with with jen AI, there is uh sort of new surface area I would say in terms of both increasing productivity of workers for example artists and gaming, but then also in terms of defining a new way that people interact with computers and also you know converse with computers, which is really interesting and has a lot of ramifications.
And consumer experiences.
So those are all areas, Those are all areas that will be really really interesting.
To track.
Amy within video games?
Are you interested in startups and companies that that want to use generative AI progress on the content side? Where's the opportunity in gaming?
So a lot of tech actually I think originates from gaming as a use case and the concepts of I would say, like two areas of a lot of intense interests, which is procedure generation of content and games. And also uh, you know, nvcs or interactions with bought players in the game has actually been you know, in development for for a couple of decades with the first Yablo game, you know, with MMOs and uh. And so it's a concept that I would say gaming founders and gamers know quite well.
And and as such, you know, they're both sort of wary about the hype cycle right now and gen Ai investing and the promises of that, but also very very keen to I would say, experiment with the technology.
And at a higher level, I.
Think that you know, in these gaming studios have always been uh disadvantage compared to incumbent large gaming companies when it comes to budget, in in in sort of game design, marketing, et cetera.
And so if gen Ai tooling is able to help, I.
Would say, like, you know, augment what they are able to create from a content perspective at cheaper costs than levels of playing ground. I think it allows a lot more games to be a release of a really high quality and that's a that's a net plus for players.
I love that your your mind went to non player characters. There's a lot of discussion around how let's just make games better and more challenging and dream up worlds to play in. Gotta gotta are gonna get too involved in this video game chat. Got to get to your take on consumer You kind of start this conversation saying you're kind of pivoting into something that others have pulled back on.
Is there a risk there?
So there's two things that are someone thinking has well. The first is if you look.
At you know, just the Nasdaq and S and P, you know, some of the largest market cap companies or consumer tech companies. On the other hand, you know, if you look at the last i would say six seven years or there hasn't been a lot of I would say very large consumer tech companies that were newly founded that has reached you know the scale Facebook and Amazon
and others. And I think one of the reasons is because you know, incumbents were founded with pretty deep network effects that are very difficult, and they have massive distribution, and it's difficult for a new company to compete, and so it remains to be seen whether you know, jen Ai as a platform in new technology is going to actually, you know, benefit incumbents.
More or new startups.
And I generally believe that for a new consumer tech company, you really need a dream about a very new surface of consumer experience to compete against incumbents.
Otherwise it's it's pretty difficult even today.
All right, Menlo Benures partner Amy will thank you so much for your time in telling us about your new role, Caroline pivoting to another story a little bit AI related, Bloomberg's reporting that Spotify is bringing out a premium tier dubbed Sue Premium internally. According to sources, there will be an element that includes Hi Fi audio, not doing much though to support the shares down to percentage points or so.
It's taken over the web. A submersible carrying five people to tour the wreck of this Titanic on the Atlantic seabed, missing on Sunday, and extensive rescue operations are still underway. Bloombog's John Gilterson joins us, John, what is the latest on this search?
Well, the latest on the search is that there are more aircraft being dispatched to the region that are capable of searching below the surface. They've explored a lot of the surface with radar, with other search capabilities, but they haven't found any sign of it. So now they're looking deeper under the surface for this missing submersible.
Has this happened before and could there be a chance that satellite starlink is reconnected in some way?
I mean, I suppose there could be a chance. The craft itself has between seventy and ninety six hours of oxygen from when it went down. We're now more than forty eight hours into it, so the clock is definitely ticking.
I mean, that's the key thing is, like.
Can they locate this craft if it's still you know, a viable craft and bring the people back up to the surface and you have to unscrew.
All the.
Port from the outside.
Those people inside, even if they floated at the top, couldn't open it themselves.
John, A big part of this story is who is inside the submersible. That's why so many people are talking about it online on social media.
Who this crew is?
Yeah, well it's a really you know, interesting international group. There's a guy named Hamish Harding who's a jet aircraft broker from He's from the UK, but he lives in Dubai. He also flew on Jeff Bezos's Blue Origin trip once. He's, you know, big explorer guy, the head of the company that runs this diver Oceangate expeditions. His name is Stockton Rush. He's like a pilot of this crew. There's a Frenchman Paul Enri Narjalais, who is like under sea explorer guy.
And then there's a couple of two people from Pakistan, a father and son, Shizada and Suleiman Daoud, who are a prominent wealthy Pakistani family.
It's a story we're going to continue to track. We thank you for taking some time out to join us on television. Sean Girlson, thank you. And let's note that the Coast Guard is scheduled to hold a press briefing involved the search efforts said in just a few minutes from now over in Boston. Meanwhile, and that does it for this addition of technology.
Yeah, a lots of recap from the show. Global technology stories from around the world. Check out the podcast Apple, Spotify, iHeart and on Bloomberg from New York and here in San Francisco.
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