Arm Files for its IPO, Zoom CFO on Earnings & Microsoft's Final Activision Push

From Marhart where Innovation, Money and Power Collie in Silicon Valley, NBN.

This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.

I'm Caroline Hyder Bloomberg's world headquarters.

In New York and Imed Ludlow in San Francisco. This is Bloomberg Technology.

Coming up armed files for its IPO, which is set to be one of the biggest of the year. We bring you the biggest takeaways from its filing.

Plus we talk earnings with the CFO of Zoom as analysts sour on long term growth for the video conferencing company.

And Microsoft pushes to get its activision deal done, finally.

Submitting a new bid to the CMA in the UK.

We'll discuss that and so much more throughout this hour, of course, including the macro environment we find ourselves the way in which tech has continued to outperform other benchmarks on the day, even in the face of rising yields. Once again, in the borrowing mark market, we're seeing the NASDA C cup just a quarter of percent. We've seen whipsawing coming from some key names. All eyes on video, of course, as we head towards the closing bell, the two year yield just top about a basis point.

And in fact, we're seeing a bit of a calmness.

In the bond market that has seen sustained pressure all eyes of course, not only on earnings coming this week for some big, big tech bellwethers, but Jay Powell come Friday, of course from Jackson Hole, what he says about the future of boring costs here in the US.

I'm looking and what's happening in China.

Interesting volatility in China's trading, the fact that we actually saw a pickup in buying, particularly on the CSI, and I'm looking at the crane shares, the kewbers. It's known basically some of the key et key internet names traded here in the US just holding on to gains for about a tenth of percent, but coming off of their highs.

Micro Yeah, there's a lot to get through this Tuesday earnings is a part of it. Zoom is off by nine tenths percent, but off session lows a slight adjustment higher for guidance on sales strengthen enterprise, but single digit declines are happening with individual customers small businesses that we're using the video platform from Zoom.

We will speak to the CFO.

Lots of questions from the street about well, what happens if the macro picture gets better and what are you guys going to do with your capital? Those are questions that we'll ask. As you pointed out, Activision and Microsoft is a big, big story. The concession from Microsoft is to allow another video games publisher, Ubisoft, to sell Activision's titles through cloud gaming markets globally. Will that be enough for the CMA to get the deal over the line?

And that is so much of where the narrative has been what this means for the broader market, But what does it mean in terms of the actual technology that is driving this name. Bloomberg's in King of forse have been all over not only the entire semiconductor space, but what arm brings to that space and in what struck you For many it was exposure to China.

But where did you get the narrative.

Of what this business actually does in the filing?

Yeah, I mean fundamentally, they're trying to reposition themselves as being a different, more evolved company from where they were when they were originally publicly traded and brought by a soft bank. And really, while it's not really appealing in the filings, what we're understanding is that the real sales pitch here is going to be focused on. Look, this is how important we are in the data center. We're more than just a mobile phone technology company.

The history of ARM is the provider of blueprints for smartphone processes that their designs led to energy efficiency you think about battery life on a cell phone crucial.

They also have the.

IP or the code that determines how a chip interacts with the software you want to run through it. This is a big publicity stunt, right, It's like saying to the world, we're here, we're ARM. But how does it help them move that company forward? Because automotive data center, it's not what they've done historically.

Yeah, I mean, you know they are spreading right. Their story has always been one of how quickly can we become as pervasive as we think we can be, And you know, that's really been a very strong story for them. Whether at the same time they're trying to do more

Chips, right, they use ARM as part of what they goes into the AWS offering. Thirty five hundred words were dedicated to China. Explain ARMS business exposure in China.

Well, I mean it's like many semiconductor companies in this country. It's China is the biggest market for chips. You want to be there. Whether at the same time, Washington is more and more concerned about China's capabilities in chips and is taking steps to limit what US or other companies outside of China can do inside China. So that's the conflict there, and that's why you saw the detailed discussions about these are the risks is what we have to think about.

A slowing mobile environment a China risk factor.

But to be fair, since twenty.

Fourteen, twenty fifteen, when I was back in London, I remember that ARM taking me to their headquarters I was in Cambridge. They were desperate to tell this whole Internet of things discussion point under Simon Segers at the time that it has been a narrative they've been trying to build as to how they are more than mobile. What are they in terms of soft Bank's pitch? Why would SoftBank not be wanting to sell into also this AI euphoria.

At the moment?

Are they wanting to perhaps keep hold of ARM a little bit longer in the near term?

Well, I mean the you, I mean where we're going to come to market earlier this year, and chip stocks were obviously not doing very well then, so I wouldn't read too much into the timing. I think SoftBank obviously needs a win given some of the other investments that it's made which haven't panned out. But in terms of the timing, and you mentioned the AI euphoria quite accurately, Caroline,

In video?

Half of in Video's sort of top line product is a processor based on ARM technology. So they have a play, and that's something that they'll be trying to, I think, pitch to investors more strongly.

Bloomberg's ian king, mister Chip we call him, and I take it from me, it's been a busy few days for him. Let's stick with the story and bringing Glen O'donnald Forrester Research director and vice president. Glenn just very simply, you've been through the filing. What was the main takeaway from you of what we learned about ARMS?

I poll it's it's it's trying to capitalize. As Ian pointed out, Uh, you know, with the AI craze going on right now, this is a good time to capitalize on that because even though with AI most of the talk is about in video, in video's process processors need CPUs a different kind of processor to to work properly. And you know it has licensed ARMS technology to you to give it that capability, but lots of other players have these ARMED designs and it's really the brains behind

And put ARM in the ecosystem. Who are the competitors, who are they managing to work with and against?

Well, the biggest competitor is the established Intel a m D base what we call X eighty six processors, and you know, just about every PC has an X eighty six processor, and most data center systems have X eighty six. These things are ubiquitous and they're not going to lose that ubiquity. However, ARM is going after a slice of that.

It's too small a world not to have a few frenemies, Glenn. But Ed, it's interesting, isn't it that even as we talk up this AI hype, even as we look towards in video after the bell, we did get numbers in the filing and quite clearly there is a slight slowdown being felt by ARM in this macro environment.

Yeah, you can't outrun your main business, which I think, Glenn. The numbers showed sales were down one percent in the period ending March of this year on the year. You know, what did that tell you about the health of their main business, principally the association with smartphone processes.

Well, smartphones are down, as we all know, and you know, the semiconductor stocks and companies have been suffering the economic slowdown has has had a a really strong impact on all of them. And you know, it hasn't been a good couple of quarters for these companies, but you know there is a turnaround in underway, and again it's fueled by all this AI stuff, most notably generative AI. And I've been through a number of AI waves that didn't

Glenn, I get it. You're you're a financial analyst, right.

We love to pour over the numbers that The thing I love about I POS is just hype, the story, the publicity. How important is it to your the world knows about ARM, that they hear about this big IPO of a company called ARM that they may never have heard.

Of Yeah, well they never have heard of it. Most people haven't. And you know, for the most part, they don't really make the chips, they license the technology. So you may have heard of Samsung, and of course you've heard of Apple and Qualcomm, all of these companies and of course Nvidia. All these companies are building their chips,

Planel Donald, finishing on an optimistic wrote, we thank you of Forrester Research. Zoom, of course, the video conferencing company we all know, reported second quarter results on boosted the outlook with a move beyond video calls of course about phones and the like, but let'stick into the future visibility

Sure?

So, we were really pleased with our q tube results. As you said, we beat both our top line revenue guidance as well as our profitability outlook, and we raise those numbers for the full year of f y twenty four, both top and bottom line guidance.

And what I.

Think people are looking for is long term growth which will be driven from the expansion of our platform, new products. Some of our newer products like Zoom Foam, which is our cloud PBX solution. Also Zoom Contact Center, which is only six quarters old and already has five hundred customers on it, and that is our natively built, fully modern

You know, Kelly, the Zoom story was really clear in the fiscal second quarter earnings gone right, So top line growth of ten percent overall, but sales to individuals and small businesses down four point three percent. Okay, So in other words, enterprise great, but the individual user every day you and I falling away. How permanent is that dynamic in that story for your company?

So the online segment of our business that you're referring to is about forty percent of our business today, and it is individuals like you and I that are using their product, but it's also small businesses, which is really important to remember. A lot of these customers buy online and we are continuing to expand the opportunity by adding more currencies in which we sell, adding more products to

Though. What about the euphoria that everyone wants to discuss that is AI.

How much are you trying to.

Lean into that for you're an investor base that wants to hear it, or how much are you trying to be realistic about what it adds to your product portfolio.

Yeah, so we think that AI is a really important strategic part of our product portfolio going forwards. We just hired xd Wong, for example, to lead that initiatives. We're thrilled to have him as part of our team, and Eric talked about it a little bit on the call yesterday. We have individual skews today that al already leverage a lot of AI. We have Zoom Virtual Agent, for example,

Kelly, there was a pretty strong reaction to news that Zoom was pushing its workforce back to the office. Many saw that with a sense of irony. Right, given the role that your technology played in the work from home era, was that severe reaction justified. You might be surprised that people were so surprised in their own mind that you have made that move.

Well, we believe that a structured hybrid approach is best for Zoom. We hear from our employees they want to be together for collaboration. So by structuring days in the office just two days in the office, by the way, it ensures that when they come to the office, they're going to see their colleagues, they're going to see their friends.

All right, Kelly Steckelberg, Zoom ZFO. Thank you for joining us so close after earnings Here Blue Technology coming up on the show, Microsoft looks to push its Activision deal over the finish line with a new proposal to the uk CMA.

We're gonna have those details next character and it.

Is earning season. They can fast. I want to shine a light on one that you might not automatically associate with technology, but you should. May sees of course owner a Bloomingdale's Blue Mercury, and of course the actual brand mass itself having its worst days. It's March twenty twenty two. The lowest it is January twenty twenty one.

This is a macro play.

This is a worry about the consumer, about a build up in delinquencies. But they are still focused very much on technology and on AI. Let's just have a quick look at how they're focusing on digital. This helped could really trim some of their inventory. They're pulling back by ten percent. They're still saying they've got more to go. Jeff Gonnette telling me on the phone, our aspirations in digital are quite high and we want it to be

Time for talking tech and first st up by Doo reporting revenue that rose by the most in more than a year. Sales jumped fifteen percent, which was a head of expectation. China's search leader is joining its tech peers in rediscovering growth as Beijing relaxes its grip on the private sector.

And Microsoft got.

A new chance at winning approval from UK regulators after the tech giants submitted a substantially different deal to the country's antitrust watchdog for its sixty nine billion dollar takeover of Activision Blizzard. The CMA will now owe and a new deal probe after Microsoft said it would give Ubisoft rights to distribute Activision games globally.

Carrect what a move.

Let's get more on that story. Microsoft and Activision with bloombags leaon Nylan and well, we were waiting to hear how they were perhaps going to appease the regulators in the UK.

And this won't take you by surprise.

Well, we had reported a little bit ago that they were looking at this potential move.

So what they're going to do.

Is they are divesting globally the cloud gaming rights to ubersoft. It'll be a non exclusive license in the EU, so that Microsoft is still abiding by the commitments that it made to European Commission any trust authorities. The CMA will now do sort of a redo of the probe to see if this resolves their concerns.

About cloud gaming.

The EU also said today that they may need to look at it again just to make sure that it still complies with all of the commitments Microsoft made to them.

We actually had an interview with the CMA chief, Sarah card Or on Bloomberg Radio earlier. This for me was the most tressing part of what she said. What we see with this new deal, and we have to test it carefully through our review, is that rather than Microsoft being able to control how those cloud streaming rights to use, that control will shift to an independent company. It's always been a battleground for the cloud right lea. This is what the CMA's bug bear has been.

Yeah, the CMA and the EU have been very focused on the cloud because they think that's sort of the next generation of gaming here, you know, right now, so much of stuff relates to consoles, whether you have an

Right, Bloombos Lea Niel out of DC.

The cloud it really was such a preoccupation Caroline, for both parties as well, because they tried so hard to point out to all regulators that it's now right in this moment teeny tiny, you know, and the whole point of the deal originally anyway, was mobile. Microsoft wanted Activision. We continue to chase this one. It's unbelievable, the drama behind macropism Activision.

Wellcome back to Blue Meg Technology. I'm Caroline Hyde in New York.

I Med Ludlow in San Francisco. It's going to quick check on the markets.

Karen, Now's that one hundred actually a little bit softer, down two tens to one percent. We're coming off the biggest jump on that tech heavy index in Monday session in more than three weeks. Tech had kind of turned a corner, and now we're treading water a little bit. Factors include, but are not admitted to what we're seeing in earnings, what we're seeing ahead of earnings, of course, Nvidia reports after the bell tomorrow, but also a few

Carrot Let's taken with crypto for a moment because Moonpay, it's a leading web three infrastructure provider's taking a kind of hands on interactive spotise to New York City's waterfront seaport neighborhood. I just got a little bit of a taste of what the experience would entail. Take a look New York, New York.

Who's here? What are they doing?

Are they working?

Are they visiting?

Are they coming back for more information?

Many would love, particularly owners of buildings and attractions, Well, could webs three.

Help with that?

That's what the South Street Seaport owner is banking on. How Hughes is working with Moonpey to gamify its real estate. The three months, there'll be a scavenger hunt where real and digital worlds collide. Find the purple pearls, scan the codes, and collect the cool New York City inspired digital tokens or NFTs if you.

Want to use the crypto jargon.

If you're collecting up, you'll be entered in for wheel life prizes think Hotels Days, concept ticket and they're like experiences you can use or perhaps sell on the secondary market thanks to the blockchain technology being used here. What does Howard Hughes get in return if you opt in and zip code and a great understanding of where you come from, how you move through its seaport, and crucially if you return.

So here's a case for crypto being used in the wild with a purpose and application.

Let's see how well people adopt it.

I stick into it. We welcome Munpe's co founder CEO of the program, Ivan Soto. Right, great to have you with us.

Ivan, thanks for having me.

So this is it, isn't it?

This is how web three, How crypto NFTs are applicable in our everyday life and applicable to companies.

Is that the proof point that you need at the moment in this mar market environment.

I mean, for us at Moonpey, we're all about bringing this technology mainstream, and for us, we have to leave with the experience. The experience needs to be so simple, so intuitive, so easy for people to understand.

In this case, it's really fun. It's a digital scavenger hunt.

You go to the seaport, You'll see these QR codes all around the seaport. There's ten of them. It's actually quite a challenging scavenger hunt. So I'm excited to see how people get on with it once you scan one of these things. What's really cool is behind the scenes we're using our technology, so we're actually setting up a wallet for each individual person. They're claiming one of these tokens, and then they get that prize every week, and that prize can be sold in the secondary market.

I mean I used it.

I automatically had what it formed and it was very seamless. I'm interested though that you're not at any point saying blockchain, web three, crypto. It's very much just use the tech and see what it's all about. How much you see in companies wanting to use and adopt nftscrypto. In this environment, how much you managing to scale a business?

Yeah, well, I think it's really analogous if you think about the Internet, right, so we don't really talk about the technical components of using social media or using the applications that you use in every single day, every day life.

It's very similar for blockchain.

We need to get to a place where we remove that jargon and we just really focus on the use cases. For us, we really believe the future of the digital economy will be powered by a number of these digital wallets. Our core business at moon Pay is making it easy for people to top up their digital wallets, and so first we've got to get people their digital law to begin with, and we think that's going to happen through working with brands, working with enterprises. Here we're working at

So there we have it, like in terms of real estate wanting to justify their rents. We're also hearing more and more kind of NFT's crypto. It's more becoming about loyalty in some way for companies as well. That seems to be some sort of proof point ed.

You know, I'm not surprised to see you out there in the real world engaging with the technology.

That's the space you know really well.

But to your point, Karen, what you were just outlining, Ivan, how much is this about education? Actually for the majority of the public out there, they're not competent in the area, all familiar, and they just need some basic help in understanding use cases why they should.

Be using it.

Yeah, I mean, I think it'll always starts with education. I think that's probably the most important thing that we think about. And how do we have that education in a way that's delivered in a really actually fun way where we're not actually opening up a textbook and learning about blockchain technology, we're actually out there in the wild, you know, scanning a QR code, but actually, wow, I'm

I mean, you've operated an NFT checkout since twenty twenty two. How is the market for NFTs right now? I feel like when Caroline and I discussed that market on the show of Late it's because values have come down in a shocking way, you know, justin Bieber is the example that we've inboard Eate, which we constantly bring up on this show.

Yeah, I mean from our perspective. We take a very long term view.

Right, this is a nasonassa class, and when I think about NFTs, they're more than just collectibles. There are new file format there are file formats to things that live natively on the blockchain. And so really, when we think about Moonpe, we're an infrastructure business. We want to be behind the scenes. We want to enable as much activity. When you look at the developers that have come into the space, we're actually up to ninety percent of developer activity since twenty twenty.

Interesting that you mentioned developers. What about talent more broadly? Ivan at the moment, are you actively hiring? We've understood at one point that maybe people were leaving the company. Was that because it was time that they wanted to have new opportunities where you're having to let.

Go of people.

So at Mompei, we operate with an operating principle of called Kaizen, which means change for the better in Japanese, and so we're continuously looking at our company making sure that we have the best people in every single seat. So we've actually remained flat as an organization. We've had people leave, we've had people come in, but you know, we're consistently building here for the long term. We really believe we are a player here to stay of the long term.

Do you need more money?

We just mentioned Justin Bieber as a pin up of who's lost money on NFTs. He's also a man who invested in you back in the day. Are you looking at raising more funds?

No, We're in a really good financial position.

You know.

We're going to continue to just continue to build and just continue to focus. We've actually managed to outperform the market by over thirty percent this year, even the market being down fifty percent.

So for us, that's really our benchmark.

We compare ourselves against the market, and we're taking a long term view that this market will grow.

I've a moon Paced partnership with Binance US, which is the American affiliate of Binance in the US. There are banks that have walked away from Binance US. They don't want to do business with them. Why are you doing a partnership there?

So we work with a range of partners Finance US. They have a infrastructure around wallets, right, so we can make it easy for them to top up their wallets. Moonpay we obviously perform KYC. We follow all the regulatory rules across every single jurisdiction which we operate, and so we can make it easy for people to top up their wallets. But we have a number of different partners including finance.

US banking partners, and more broadly just the environment. How is the regulatory environment to operate in the US At the moment, you're feeling like you're supported? Are you feeling like, gosh, shall we make sure that we're looking abroad to beefar par our presence a little bit more so Moonpay.

We're international business. We operate one hundred and sixty countries. United States obviously a very important jurisdiction for US. We operate here, we have money transmitters and the majority of the United States for US. We're continuing to work for actively with regulators. That's an incredibly important part of our business. We want to make sure that we can comply. I think we're going to a place where we're trying to

All right, I've been so to write co founder and see of Moonpay and also Carrow on the road to test your tech in real time.

Really appreciate that one. Thank you for your time.

Now coming up here on Bloomberg Technology, we're going to discuss the state of the venture capital industry with John Kayden, founder and managing partner of Torch Capital.

This is Bloomberg.

Technology time now for VC roundup and first up. Venture capital activity here in Canada.

Staged a rebound in the second quarter, ned by an artificial intelligence company in Toronto in particular that drew out money from Nvidia, plus Turkish startup get It.

Will come more than ten percent of its global workforce.

There's a rapid delivery service struggles with losses in more markets in which it operates. Meanwhile, also Global Africa's largest startup, that's flutter Wave, is pressing ahead with plans for initial public offering after making headway and resolving allegations of financial improprietary in Kenya so that it can access more and bigger international partners. That's all, according to the CEO.

ED those are your VC and startup headlines for more on the state Evnch Capital specifically looking at consumer tech, You're going to bring in John Keaden, founder and managing partner of Torch Capital, a leading consumer VC firm. The big news of the day John is ARM filing for its IPO, And while I won't ask you about ARMS specifically, I just wonder how much of a starting gun this is going to be for the tech IPO market broadly.

Well, we hope with There have been a few successful IPOs recently, and I think it's slowly starting to open back up. That said, I'm not convinced yet that this is the start of the rush. I think these are trickles and we'll see how things how things move. I mean, I think the economy is still very uneven. I think investors are still very and even both on the retail side and within the private side. So fingers crossed that

Course arm itself very much be to B John, You've got a lot of expertise in the B two C space. And interesting, I'm speaking with the CEO Macy's just a little bit earlier, how much concern there is lack of clarity on a consumer in the US right now? How are your consumer tech enabled businesses doing in this environment?

So I think you have to divide them.

We saw obviously a lot of froth around sort of traditional consumer tech companies using tech enablement. They went public, they got hammered, They weren't really probably public ready companies, even though they were funded like they were. I think real consumer tech is still always a massive opportunity because tech is constantly changing consumer behavior. I think we see

Interesting I was speaking of course with other keyvcs in this space, some who know an awful lot around the consumer as well. And when we're talking to companies around AI that before that there's froth at the moment in particular, and valuations have got too heady.

Are you feeling the same at the moment?

Absolutely agree with that. If we look back in history, you know, Google wasn't the first search engine, it wasn't the second search engine. It was like the tenth, eleventh, or twelfth. And we are at the very very beginning of the first inning with AI, and so trying to anoint winners and king makers is very challenging because we have no idea those will be the companies that get it right in the next three, five, ten years of where consumers are truly using it and what the commercialization is.

John Towards Capital was in the headlines earlier this year the Information reported you'd raise about two hundred million for a second fund. What's the status of that fund. We've been shopping yet with any of the funds raised.

Yeah, I think you know, last year we did very few deals. I mean, Torch, We've part of our thesis and how we operate is to be very focused and disciplined, which I think we did pretty well over the last two years in the froth around the whole tech arena. But right now we are seeing valuations come down, especially in early stage. We're seeing a lot of very smart

So we're very active in the space.

You know, at Day's point we've been talking a lot about on the show, is that in the first half of this year, fifty percent or more of all of the VC dollars going to an AI startup went to one in San Francisco. He talked about where the next generation in the world you operate is coming from. Is there any clear geographical divide and where you're investing and where new companies are being started.

I think it's free the question. Differently, I think it's all over. I think this company's basically Vancouver. We actually invest in another very exciting company Vancouver. We're seeing companies all over the country. It's not completely focused on San Francisco and New York. And I think between COVID and the ability to get talent and the commonality of remote work, amazing startups to be built all over the country, which

And John just to bring this sort of full circle, we started by discussing ARM and whether the IPO pipeline might be able to well start to flesh out a bit. But X is more broadly, are they just on icy and you're seeing that big companies are willing to start to make a bit of M and A as an exit choice.

They're on ice.

I think there has been a valuation you set. We are not near the bottom. I think growth companies and pre companies are much better at cutting costs and extending runway, so they haven't really hit the open market with new raises. We've seen some like Stripe and some others some of the biggest ones, but the true reach that hasn't happened. And I think both growth funds and M and A strategics are all just sort of waiting on the sidelines and saying not until we know we're hitting the bottom

We keep on waiting, John Kine, great tow has some time when you and tortch capital wait.

Thank you, thank you for having me.

Time today. Look at what the internet is talking about. In today's going viral letsco to Braun, the manager to music superstars, think Justin bieber Well, he's losing two key clients Ariana Grande, Demi Levado and Umyo Braun from Pretty famously embroiled in that feud with Taylor Swift when he purchased, of course, the master recordings of her first six studio album Zed that prompted her to go and re record them.

He's then since sold that entity.

In fact, he's made disposals to South Korean companies in particular. But it is fascinating that many are now trying to wonder as to whether there's love lost here. Apparently Demi Levato. Actually they're still good friends, according to the Internet.

It's what people are talking about.

But interesting that story just outlined could be one of the headlines potentially scrubbed from X That's right. According to reports, the social media platform previously known as Twitter is planning to remove headlines from news articles and other texts that shared on the platform. Bloomberg's ash accounts joins me on set.

Explain it to me.

Yeah, so it's exactly what you said, right.

If you post an article, the headline's not going to be there, so it's just going to be an image and then you'll have to, you know, whatever you want to post around it. But it's kind of a weird thing, right, Like there's going to be no headlines, no descriptions, just an image.

I thought this was supposed to be the global town square where people are free to share what they want.

I guess you can as long as it fits within the rules of X right, right within the rules and sort of the boundaries there.

But yeah, it's interesting change.

I mean, it'll make things look.

Very kind of like tiktoki, I guess, very visual, or like an Instagram. Whether it's good or bad, I think that we'll have to see.

And this is all about bringing eyeballs, right. It feels that all of these changes that perhaps seem odd to the lay consumer, it's all about trying to jup us to go back in there and use it more.

It's all about engagement, right if you think about people like pictures, and so Musk has been pretty vocal about wanting to do pictures and videos and sort of move that way. But the challenges that you lose a lot of context, right. You imagine, like an image, you don't know if it's an article, you don't know if someone just hosting a picture, and so you lose a lot of information there. And I think that's what's challenging. I think that's why people are sort of struggling with this idea.

And we wonder again how the advertisers are going to react to all of this. I'm sure lots of calls still coming. Linda yacroniz direction. We thank you, Asha Counts, great breakdown and fat ed You're back. We're back together.

But that's for this edition of Bloomberg Technology.

Yeah, massive week.

You know, we have our IPO news, we have earnings continuing with Nvidia in twenty four hours of time.

But good starts the week. Don't forget the podcast.

Wherever you get yours, Spotify, iHeart, and on the Bloomberg platforms New York and SF.

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