Biden's TSMC Tour and Apple's Electric Car

Robin hood through retirement. Why the investing app is rolling out an i RA a feature for users will discuss that and user activity in the wake of the tech stock downturn with the chief brokerage officer. When first we're looking very closely what's happening in the Arizona Desert, the v I P list that's gathered there to witness the unveiling of T S M C S plans for the future to onshore manufacturing semi conductors, where that didn't help

stocks at all. You look across the Philadelphia Semiconductor Index, all of those names that are president at that event involved are actually with some of the biggest percentage decliners and points drags on the socks. But generally speaking, as I look across the cull side, they're pretty optimistic. Optimistic. Care about what this means for the sector and domestic manufacturing going forward. What's the costs though, that's the key

question for me ed, What about the substies? How much does end up being an economic benefit to the US in general. We just heard from President Biden and indeed some key CEO such as Apples leader Tim Cook, they were at that new plant that you speak of, t SMCS plant in Arizona, and of course we expect the company to now be announcing a cool forty billion dollars in terms of US based investment, and it plans to build, of course, the second facility. Here's some't what Tim Cook

told the crowd. As many of you know, we work with tears m C to manufacture the chips that helped power our products all over the world, and we look forward to expanding this work in the years to come as t s MC forms new and deeper roots in America. When you stop and think about it, it's extraordinary what chip technology can achieve, and now, thanks to the hard work of so many people, these chips can be proudly

stamped made in America. There was a big pr event in king our Chief Sinnekin and residents some places say joins US. Now the lineup of Britsk as ever bigger and I want your take care because what are this numbers that stood out to me was actually from a global production perspective, this is pretty small for t SMC. How big a deal is this actually for the US and for supply chains? I mean, it really depends on

how you slice it. If you slice it in the terms you just gave, it's not really that big at all. This is a relatively modest size plant t SMC. Of course it's going to grow, but even if it grows to you know, the published full potential, we're looking at way less than ten percent of T S M T S overall production. And therefore it's it's it's a start, and that's probably the best way to describe it in terms of distributing that supply chain and bringing it back

to the US. A start, A start, of course that takes years to build and then produce. But talk to us a little bit about therefore we think the overall supply chain looks like in the US, how much we start to see this creep expan. Is TSMC going to be joined by others? We know that Intel and local providers are also beefing up production, but how much will we see a reduction in well dependence on Taiwan and China.

I mean, there's a there's a huge set of pushes and pulls going on right now, and obviously what's going on in Arizona is the latest example. Arguably that the most poignant example. Tim Cook, who is the CEO of Apple for arguably the greatest reason is that he's really good at supply of that supply chain management. He understands that process. He understands how the electronics world works better than anybody else. Why is he there, wisely to sue there?

Why is General lying? They're they're there because they want greater diversity in their supply chain. But that's not necessarily what TSMC wants. T SMC wants more efficiency. The way to have plans to be more efficient is to have them in the same place. There's a lot of pushing pulls here, and then of course you've got geopolitics slid on top of that as well. Ian we're talking about a gathering of the great and good of global technology in a tiny patch of desert in the state of Arizona.

But there's also a technology story that this what they're building, they're actually all told ends up being obsolete versus what Taiwan's doing. A t s MC is doing in Taiwan, Can you explain to us the difference between the initial plant doing four nanometer doing three n anime and what that means in the greater scheme of things. Yeah, again, back to the geo politics and back to the push and pull. Originally, this plant was going to be five an anime, which is two or three generations out of

date by the time it comes online. Taiwanese got pushed by Apple, by Nvidia, and all of the big customers. Come on, we want more than this, we want leaning edge. So they pushed it a little bit further forward, but it's still not going to be cutting edge because, as we understand it, ts and sees under pressure from their own government not to stray too far from the nest. They, you know, the government of Taiwan want that island to retain its its status as the premier location for semi

conducted production in the world. So again we've got the pushes and pools going on there, bloombergs Ian King, thank you very much. So let's stick with it, and we're joined by Interest CEO Jennifer Bisigley. Interest uses software to help companies manage their supply chains and business relationships global. I think it's also fair to say you have about twenty five years of experience in globe supply chains assessing

risk in the economy. You heard there what Caroline I and I were discussing with the in Is this a significant step forward to onshore domestic production here in the United States. Well, I think it's the great first step as Ian just mentioned. I think it solves two of the big areas where the investments are happening in supply chain. One is around manufacturing and logistics, which is where you see the establishments of plants in country near shoring frenshuring um.

The second one is labor. You're gonna have a lot of jobs that come out of this, a lot of reskilling of labor, and that's been a large gap for the supply chain as well. On that point, President Biden, as we know, is there in Arizona. He's actually been speaking in the last hours. So let's take a listen

to what he had to say. Folks. As we see here in Phoenix, the United States is a top destination for companies across the globe looking to make investments because we have a world class, highly skilled, committed workforce, union labor, world class skilled workforce. Is this a game changer for

the United States role in global semiconductor manufacturing? From that perspective, I do think again, we were a big manufacturing entity back in the World War One world War two, and it left and you see a large part of that coming back, and there was a cry from the consumers, and I think that's what you saw Tim Cook another speaking to today. So again, all of this is a start. We're going to really have to see how it shakes out.

I can tell you that the CEOs that we work with that are very focused on the transparency of the extended supply chain, are not just concerned about the finished goods manufacturing, which is what's happening in Arizona right now, but also where are the raw materials coming from? And those are some of the geopolitical concerns and pinch points that Ian King was just talking about. And of course this is geopolitics abound whether it's China, US. We also

think of Europe and the implications of Russia, Ukraine. Net of course INTERROS does some great studies. You of course use artificial intelligence weaving within your reports, but I'm looking at you resilience report for example. Just talk to us about how the US is faring right now with its own resiliency when it comes to global supply chains visa

v the UK, Islands, Europe, some other key countries. Well, I think globally, over the last three years, we really figured out that we designed our supply chains to be very fragile, very brittle, brittle and very just in time. And you hear about that a lot. And so whether it be the US, UK trying to unhook from China, Taiwan, trying to unhook from other places, Ukraine, Russia, we all really need to understand what countries and what suppliers were tied to and reliant on, and can we near shore

Rea shore, do we have alternative sources? Right now here in the U s we're feeling shocks almost once a quarter, to the tune of a hundred and eighty two million dollars every time. Businesses simply can't remain profitable when that keeps happening, Jennifer, what we want to always bring our audience is WASS the investment of tunity, And it seems to me like there is quite a big one hand.

Whether or not of course the USC s it is an investment in subsidies, whether some of the internal US tech companies invest in themselves in terms of R and D. But for you, what are you seeing in terms of the CEO as you talk to and investing in their own supply chains the technology that might be able to help it. Yes, there's four big lines of investments happening right now. The first is, as we were just talking about,

is really around labor. How do I retrain people so I can have that skilled workforce to support the throughput that I need to create from a supply chain. The second is really around manufacturing those finished goods like you're seeing with the semiconductors right now, or logistics lines. The third is really where in terrorists fits. And this is really understanding the transparency and mapping and monitoring that global

supply chain. So when the hits happen, when the interruption occurs, how do I preempt that so I can continue to operate. And the fourth and the one that we are seeing our customers really pull us into and see eos every time I have a conversation or asking how do I get closer to my suppliers to collaborate so that we can actually make our supply chain more resilient. Together, Jennifer,

it's been great having some time with you. Thank you, Thank you to our CEO, Jennifer Bisgnin there, Bloomberg has learned Apple plans to release a one hundred thousand dollar car just a little later than expected. The iPhone maker has scaled back ambitious plans for its electric vehicle, but postponed the car'st target launched date to that according to sources, Bloomberg's Mark German broke that story and joins us. Now, Mark,

what are the key details of what you've reported? So the biggest new detail we have is that Apple has scaled back from a level five to a level four car. Now,

what does that mean? The original approach that Apple have been working on for the past couple of years was a fully autonomous car with no steering wheel, no pedals, essentially downgrading or maybe upgrading the driver to a passenger, someone who could basically chill acts in the car while it's driving, right, But they've downgraded that's the level four.

Now what does that mean. That means you're going to get full autonomous, full self driving functionality, but only in certain areas, that being at least to start freeways and highways. So the idea of this Apple car operating on city streets, complex roads, or an inclement weather like snow or rain, that's not going to happen, at least in the near term after the launch, but maybe eventually as they expand it. The other detail, of course, is that delay you mentioned.

They had been most previous, most recently targeting a launch in sometime. That's now about just talk to us as to why. I mean, we can all imagine what a herculean task this is to pivot from phones to cause the injection of efficiency, and indeed R and D there must be needed. But just why the delay here? So the delay is mostly because they have a fundamental shift going on with the project. Right, A lot of the interior, the underlying mechanics, the software, A lot of redesigning and

re architecting needs to go on. Now for that fundamental shift from a level five to a level four. In terms of what's taking Apple so long on this car, Well, one thing is they still need a partner, right, They need a partner to develop the underlying what is called in the industry as a skateboard. Right, that's the base of the car, that's the steering and wheel system, that's the parts that connect to the steering wheel, underlying electronics,

parts of the drive train, and of course the battery. Right. Drive trains are very important to this. Battery is obviously an ev very important to this. So you need to do that. But then let's talk about the self driving technology, full level five autonomous driving. That's a dream and I personally don't think and clearly Apple agrees that's something that's going to be realized any time in the near term. I think it's going to be at least twenty thirty years,

if not even in our lifetime. Where you get full five or you can plug in where you're going and know you're going to get there safely with no issue. That's certainly a trend we're saying. You know, from legacy Auto right through to startups, you've been a busy man. The other big story from Apple today is about the app store they've basically overhauled pricing. What's the news there. Yeah, so Apple is trying to make the app Store a

bit more interesting to developers, right. They do these little incremental pushes to show developers why the thirty percent fee or the fift fee in some cases is worthwhile. They want to show developers why the app Store will remain the best store for developers. Now. Today the app Store is the only way to get apps, but there are potential reasons, and there's some site to say that there maybe alternatives in the future where the sideloading, different rules

created by governments, the upcoming regulations in Europe. So they have to keep improving the app Store to make it more interesting to developers in terms of the news today. Really two things when they're expanding pricing, So before they went from forty nine cents to a thousand dollars, now they're going from nine cents to ten thousand dollars. Those tiers above a thousand, those have to get approval from Apple before you can price an app or subscription at

that price. Right. They don't want someone creating a video player for ten grand. Uh. The other thing is is now you're going to have easier ways to convert taxes and currency fluctuations will be easier to handle globally as well, given the app stores available in nearly two countries. Mark Scoop after Scoop, Well, thank you for making the time to come and bring them on the television to Mark

m and as always our apple man. Meanwhile coming up, Well, the self proclaimed crypto capital in Miami is now filled with pretty unwelcome reminders of the f t X empire, but some true relievers they still have faith in the digital currency doting. We're going to discuss that next. This is Blomberg. I think for us, crypto was the slingshot in the David and Goliath story, right if if, if we are competing with someone who is bigger and stronger,

we have to be smarter. So that was our hack on how we were going to become prominent in a increasingly technological world, an ecosystem. Couple of months ago, the Miami Mayor Frances Suarez on the city's push into crypto. But what was supposed to be kind of the hotspot for digital assets is now the site of trash bags full of f t X freebees. It's an amazing story, is doing brilliantly on Bloomberg today, on dot com and on the terminal. We want to bring in there for

the Miami Bureau Chief of Blomberg Chief Philip Marquez. Philip, talk to us about what is occurring during the glitz, the glamor of what was happening in art bars all over in Miami. There were some trash bags, there were some freebes f t X that were quietly being handed out. Just talk to us about what's been being built, which was meant to be a celebration of Solana and its

ecosystem and instead sort of a bit of a hit it. Well, I'd still what I tell you is that the Miami Croups of community is trying to move on the Miami Way, So it's trying to get the party going as fast as it can. After ft X and after the whole same bank Refertein, trying to leave that behind in the Salona spaces, I think, which is very symbolical of what happens. That Salona Embassy was supposed to be store and an education space for the blockchain Salana, and it had the

first ever f X launch. So when the whole left X to baccle happened. They had to basically get rid of a lot of FEX related stuff. They had hundreds of T shirts, they had a Magnus Carlton signed poster for an FTX event, they had Miamiat jerseys, and all of that was hurried to the store in the back that I and another reporter, a Mandagordon, were happy enough to stumble upon and report on, which we think it was very symbolical of the way they're trying to leave

everything about that behind Salana Embassy. It's over in the Windward area, which is also marrier of Miami. Just tell us a little bit about we heard there from of course the Miami mayor previously the focus that the building of this community that was meant to be based upon crypto, and in many ways the Miami heat Stadium is clearly evidence of that. Ft X abound with its money poured into the space, and now perhaps even that we're trying to take that back off the stadium, I'm interested in

what therefore the mayor does now. Are they still all focused on crypto? Are they pivoting somewhat? Is traditional finance TRADIFI coming back to play. So basically, I think the mayor story has made a joke that I think it's it helps explains a little bit of the mood. When we asked him which name he would like to see up in the sailing next, he jokingly said, Citadel, which is the heating for our house? Can We've been founded.

So I guess a lot of the hopes now hinge on the fact that traditional finance firms will be able to take up a little bit of the slack that crypto brought in and still keep the whole Walter it South moved to Miami momentum going on, there are some opportunities.

I guess it's one way to look at it. You think about NBA Miami Heat, you think about the kind of I guess sorrow among some of the parties that for them, it's over what is the community doing to kind of make the city the broader area long term and mainstay for the crypto community. And I guess the venture capitalists that back it, well, I'd say part of the answer is party. So it's I think a very

Miami answer. But I think they're trying to show that there's more to the community than just f jacks and some big mon freed that they're artists with the n F to crowd that they're actually go way above and beyond what I have to ex represented. So I think the last week on Mark Basil, what we saw were like several ralling cries in a way of come to Miami,

the community is here, let's do it it. I think they're trying to separate what they call a bad actor from the technology and kind of like keep the technology going. Obviously there's a lot of difficulty in doing that because the funding is an a much scared for. But I think that's what they're trying to do in the city, trying to make sure that Miami is still hub the talents here, that the community is here, and that it's way larger than some Bagma Food and FTX thanks to

Bloomberg's Miami bureau chief Felipe Markets there. I mean carry for me, the crypto community is something that we we go to social media's talk about. Right. It reminds me a lot about the meme stock movement that kind of went before it. These are not your institutional, legacy Wall Street names. They're everyday people who are kind of flooding on mass somewhere else too. As he said, party whoa

they camp party, sell the Bitcoin conference. Apparently Ed it's inviting to celebrate Bitcoin Winter in Miami and apparently can get well passed for six thousand dollars partying aside, there are still people who want to build in the space. All right, well I'll put it on the calendar. Welcome back to blue Bow Technology and Caroline Hyde in New York alongside Ed Ludlow is out in San Francisco. And let's talk about robin Hood for a moment, because it

is hoping to keep users through retirement. The app, popular with young traders, is offering it's twenty two million users in IRA a option with a one match now. Robin Hood says this is the first of its kind for a brokerage. Our pleased to welcome. Steve Kirk is robin Hood's chief brokerage officer. Plenty of experience across the space. And what before we get onto the fact that the markets have been falling, it's been a more tumultuous time for users on robin Hood. Why now introduce this sort

of a product? How a human? How we shifting our perspective on trading on a day to day manner to trying to save for the long haul. Hair. Yes, and first of all, it's so nice to be here, thanks for having me. Um, it's really if you, if you think about it, it's the next evolution of the journey for the twenty three million young, diverse customers that robin

Hood has brought into the marketplace. And Um, they're at a point now where they want us to grow with them, and growing with them means UM, putting forth something in the offering that helps them and it sends them to save on their retirement journey. And that's the launch of robin Hood Retirement, which, as as you said, the first

of its first and only match for a retirement. Your entire career, you've been really focused on making investing basically accessible, whether it's over a TV, and now with the robin Hood, are you worried at this moment where we see fools in the market led by technology stocks for example, that we are so focused on that that puts off the people who enter the market during and as they stayed at home during COVID, they're going to be put off

from building wealth from looking in a long time respective it. No, I actually, Caroline, I would actually say the opposite. Um, if you think about it. UM, Really, a lot of the customers here are an average age of about thirty two years old. Of them have never had a brokerage account before. So the importance of starting very early to save for retirement, UM, college kids, home, all the things that are critical. UM needs to start early. And by

incenting them and providing a match, UM, it's it. It helps them in that journey because that I think they all understand the compounding that happens over time when you begin that journey early. I'd say that one other element that makes it a really good time to start is here we sit with the markets sort of as you said,

moving up and down. UM time has been in his stork historic returns have told us, you know, if you invest for the long term and over the course of the last fifty years, UM, you will be rewarded if you just stay the course. And weren't sending people to do that, Steve, I know you only announced this very early on Tuesday morning, but what was the response then?

You know, I'm thinking about what Caroline asked you. Is the user base of robin Hood sort of flooding in and saying, you know, I'm in my mid twenties and thirties. I'm going to make prudent financial decisions. Do you see what I'm saying? Is that user base going to be using this in large volumes to start with? Well, as as you pointed out, we rolled it out this morning. Um, we have a wait list in there are three three

people on that wait list already. UM, we're rolling people off of the wait list and they're starting to open those accounts. We've rolled seven thousand people off that wait list. I think the reason why they're finding it's an appealing offering in the retirement space is because of the changing nature of the workforce. And what I mean by that is of the workers in America in the gig economy and that's growing at a sevent clip according to Pew.

And of those they're looking for solutions. Sent said, we need a solution that is tailored to our retirement needs, not to ones of some people that have full time employment or maybe are working part time. And this accomplishes that for them because it's an ongoing match. It's not a one time matt It matches over the course of their investing journey. Steve kar and I is, you know, we want to get into the markets, but we're still trying to make sense of the fullout from f t

X and and Sam Bankman Freed. Our understanding is the SPF held a state in robin Hood. In Hood, the TEKA through an entity with is not yet fallen into bankruptcy. Are you able to tell us whether any of the bankruptcy team or lawyers have been in touch with Robin heard about that. We have not had them in touch with us. Again, they think of it as another shareholder. You know, we have a lot of shareholders and they make investments in us. We don't really we're not actively

involved in that. They are free to do that as they will, and we haven't really had many interactions with any of the bankruptcy attorneys. You'll like the point person for broker dealers. You're also, I'm sure fully aware of what the retail investor is currently feeling about using robin Hood. How are you How are those conversations going? How secure do people feel, particularly in the crypto offerings that you have? Yeah? Actually, uh so, we are regulated. We have been a regulated entity. Um,

we have nineteen crypto coin assets. We do not have hundreds of crypto coin assets. We've done this in a real, really safety first manner and made sure that we've been as compliant as can be. So we're a net recipient of of volumes and deposits as a result of that. But I would also say, um, what the fallout is a blemish for the industry as a whole, so we do not view it as a positive thing UM. But we are definitely not intertwined and have no connectivity to

either FTX or the counter parties. There hasn't changed the way which a're on folding products, like the fact that you're now focusing on people coming to your platform to save the measured focus. Are you thinking about moving away from crypto related offerings or is still the line up the product rollout exactly how it would have always looked. Well, I would say, um, it's not. The focus didn't change in a rapid manner. We've been working on the retirement

offering for over a year. This has been a focus UM and something we've been working on for quite some time. UM. With respect to what we roll out, it's really driven by our customers and what they're interested in. There are still people who are big believers in the crypto space, albeit in in a different manner, and so we're going to provide them with what they want UM going forward. But as I said, we've been, we've been. We have not been a firm that has been UM. You know,

we've been doing it as as regulatorily compliant as we can. Steve, thank you for spending some time talking us through it. Steve Quirk s course Robin Herd, chief brokerage officer, say well, meanwhile, well we're going to move on to some key news surrounding a few stories of matter today. Some have been swirling talk us. Yes, so a Monday, Meta said it might remove news posts from Facebook and Instagram. That's if Congress passes a new bill that would empower smaller news

outlets snoop negotiate compensation from tech companies. The building question is the Journalism Competition and Preservation Act, and it's backers want it done before the end of this year. Meta argues that the bill disregards the value that it's social media platforms provide to amplify the reach of news pieces

you see in those timelines. Meanwhile, of course, Meta shares also falling six point eight percent Tuesday, the most sens late October that after a report by The Wall Street Journal that privacy regulators at the European Union are ruling the Facebook parents should not require users to agree to personalized ads based on their online activity. We're talking about

targeted ads. Of course, Meta can appeal the decision, but if it's upheld, it can make it a lot more difficult for ad based platforms like Meta to show users targeted ads, which is based on essentially, Caroline, what they're clicking on, the types of content that they're currently viewing. A lot currently being involved with Meta and a lot. We've got to go back to an end revolving crypto. We've just been talking about it with of course Steve Quirk over at Robin Hood. Let's delve into it with

Crack and CEO. Next, Dave Ripley talking of crypto regulation, of layoffs, of proof of reserves, how is this space changing? Stit with us for it as a Bloomberg. Now, let's talk about the UK for a moment, because it's reportedly finalizing new rules to regulate the cryptocurrency sector now, according to the Financial Times, that includes guidelines on dealing with the collapse of companies, for example, and restrictions on product advertising.

Now right, here in the US, the FTC is also following a suit also investigating crypto ferns over possible misconduct through advertisements for example. Now, remember back in March the UK regulators sent warning some one of fifty companies of a misleading crypto advertisements. And that's after Cracking and coin based ads were deemed misleading by the advertising authority months before. One of talk about the future of regulation, the future of restructuring in the space. So much more pleased to

welcome to the show, Crack and CEO Dave Ripley. Dave, it is wonderful to have you here, and there is so much to talk about in the space. Just first and foremost talk about the new regulation that's being unfolded in the UK, particularly when it comes to adverts. And you've of course had some concerns there. You've been singled out in the UK alongside coin Mason some other companies to do with perhaps misleading ads. How ways changed at

the moment. Yeah, So with regard to advertisement in the space, honestly, in a way we describe Cracking as approach to all things crypto is about responsible yet ambitious about the space. And you know we're actually regulated in the UK. We have an MTF license there and we work closely with the f c A uh and we have for quite some time, and so, uh, you know, we think, uh, you know, there there's a role for regulation, no doubt in crypto, just the same as other other financial services.

And we work closely with regulators and and alterans both in the UK and the US. And in a way you've sort of been trying to self regulate, should I call it the talk of proof of reserves, the order you've been doing on yourselves. You've also been taken to Twitter and indeed so has Jesse been talking about at length the business models, the managing of margin risk for example,

particularly key concerned following ft x is fallout. How are you looking to change your well transparency at least even if it's not the way in which you're doing businesses right now? Yeah, this is this is exactly it as I mentioned. I mean, we're we look to be a you know, ambitious yet responsible player in the in the space. And you know, the f t X this is truly a travesty for for customers and everyone that that was exposed to to f t X and Sam Bankman freed,

I mean, he's nothing but a fraud ster. And uh, you know, we frankly have no place for these types of people in the cryptocurrency space. Approachect crack and takes absolutely we are we look to be both you know, ends parent with our customers, but also really invest deeply in security as well. And proof of reserves is a great example. We've done conducted this proof of reserves uh dating back some time and we conducted to this year already.

It's a way for us to work with a third party auditor to validate both the customer liabilities and the reserves the assets that we hold on behalf of customers to back those liabilities, and also allows the customers a way to go and ensure that their own balances were included in the audit by going directly to the auditors.

So we're really market leaders on this, uh, on this approach, and you know, frankly, we've seen a lot other peers, uh, you know, start to um start to follow cracking, following our footsteps, particularly following all the failures that we've we've seen recently with with companies that don't take the same approaches as cracking. Dave, I believe you referenced the word

frauds to that. With regards to SPF, I just want to point out that while a number of regulatory bodies or agencies and looking into f t X and SPF, he has not yet been charged with any sort of fraud. So we just want to state that you've been impacted by the volatility and fallout associated with f t X, though you know you announced layoffs. I believe it at the end of November. What has the impact your business been. Yes, Look,

the the crypto industry has definitely slowed down. We've seen, uh, you know, we saw fantastic growth uh in the later part of last year and throughout the earlier part of this year. But it's true that the market has definitely slowed down. So we um we have taken steps to again, you know, we're take them make the responsible choices for the industry and bring our our expenses in line with with revenues and ensure that you know, we're there for

the long term. You know, the company has been around for a decade, over a decade actually, and we intend to be a round for many decades to come as well. Dave, I'll just point again that was your opinions on on SPF and no charges have been brought against him to do with fraud. Another big voice in your world all I guess tangentially linked to your world is Jamie Diamond. He is called crypto tokens a pet rock. What's your

response to that. Yeah, I think it's just an example of someone that uh doesn't have a good grounding and understanding of technology, uh and probably not a very good understanding and innovation either. UM. It could also be you know, uh, you know, in incentives to um, you know, saying negative things about cryptocurrency as well. It could be a combination

of of a lot of these different things. But you know, inevitably, when I find someone that's uh, you know that negative on cryptocurrency, it's it's either due to lack of understanding and information or you know, frankly an incentive that that put them at odds with with cryptocurrency. So, UM, we of course don't agree with that. You know, he's clearly clearly wrong on all fronts with regard to the potential

for the technology and what it actually means. I mean, to be fair, he said, decentralized finance and blockchain are real and so a new technology, so we like the underlying technology. He's just often sort of been a cynic, shall we say, of the assets in the tradeable way. I'm interested, Dave, the people who, yes, deep synics of the space, like Larry Fink, but actually players who have embraced it wholeheartedly. Mike novograts, for example, saying that many

players are going to be wiped out by this. Do you agree with that? What sort of number of players are left standing here? Yeah, it's a good point, and frankly, I don't know the specific numbers, but you know, it's clear there's going to be more contagion from from f t X. It's not entirely clear you know how many or who who is going to be impacted. We of

course know that, you know, Genesis froze withdrawals. Recently, Black five cited impact directly from FTX, and is you know, moving forward with you know they've already shut down with drawals, and so you know the potential for more more companies to be impacted by this contagion. This kind of circular leverage out there significant. I mean, fortunately Cracking is not one of them. We're not impacted by this contagion. And don't carry counterparty risk, uh, to you know, to any

of these other crypto companies. David. There's a lot of blame being thrown around. There's the joy of hindsight, of course, and people feeling that, Yeah, largely it's perhaps one bad player here. Maybe the media is in some way to blame. And we're looking internally at ourselves. You look at well, the blame of vcs, the money that was just swirling, the lack of corporate governance. What from your perspective, is actually changing in that respect? What do you think the

money the deep pockets are asking themselves right now? And what about the corporate governance and companies such as yourself and now is being asked off? Yeah, so a number of different things. I mean hopefully this is in fact something that uh, you know, for investors, for customers, for individuals, that the silver lining here is that they are going to ask for for questions. You know, what we talk about is, hey, let's let's talk about proof not promises.

And that's why we we have our our proof of reserves and that's why we we we make the information transparent to our to our customers in a in a detailed way. And so we hope that, you know, everyone in the cryptocurrency space, frankly financial services generally, uh, you know, ask these types of questions. Um, you know, another silver lining of this, uh, you know these events here is

self custody. Right, it's a bitcoin and cryptocurrencies are the first time ever that there's been a way where you can actually hold securely hold and store your own assets and digital assets. And that's one of the fantastic things about a cryptocurrency and self custody is on the following uh, following these events, we see, you know, the blockchain itself

is transparent. You can see that many many individuals companies are moving their assets to their own self custody, which is a fantastic things something that we've always been a supporter for. So I think there there is some silver lining here hopefully, Um, you know, the good players such as cracking. Um, you know, individuals will start to ask the questions that they should be asking of their their third parties and and potentially even looked to self custody

on their own as well. All right, Kracking's incoming CEO, I guess Dave Ripley, thank you very much, time for going viral now and there's concerns around trackers like air tags. Apple has been sued by two women who say that air tags make it easy for stalkers to monitor victims. Attacks are meant for tracking personal possessions, of course, backpacks, keys, bikes, but put the advocates have warned, and police reports are verified. Air tax can also be used to track people without

consent now. According to the lawsuit, and ex boyfriend of one of the women planting an air tag in the wheelwell of her calm was able to find out where she moved to avoid his harassment. The other woman said her estranged husband track their movements by placing the air tag in a child's backpack. Apple advertise the air tags as stalk approof when it was released in one shortening the time for notifications and learniting people of an unregistered air tag if it's moving with you. See more on

social media for that ad. This is Blomberg