Disney's Cost Cuts and China Tech

From Mahard where Innovation of money and power Collie in Silicon Valley NBN.

This is Bloomberg Technology with Caroline Hyde and Ed.

Ludlow Amed Ludlow in San Francisco. Caroline hides off today. This is Bloomberg Technology and water show we have for you. Disney's capital spending and production costs coming in lower than projected and saving three billion dollars for the entertainment company.

Will bring you all the details.

Plus, President Biden imposes limits on US investments in China. Meanwhile, Ali Baba returns to growth across all the main divisions, defying China's economic turbulence.

What this all means for the Chinese tech.

Sector Finally, will take a deeper look at the Supreme Court ruling in the epic case siding with Apple. At least for now, the single day we're watching in the earning story is Disney, so many stories within it, raising prices for streaming basically really outperforming the loss on the streaming business much narrower than forecasts five hundred and twelve million.

But this is the Eiger effect.

Cost discipline and cost cutting is work. The headline spending this year will be twenty seven billion dollars for content principally instead of the thirty billion they normally spend.

That is something the market reacted to.

As lot, as well as some of the financial forecasts they gave going forward. Let's get to our Media and Entertainment editor Chris Powmery, who joins us from La Chris Cost Discipline. Iiger the market likes it. What were some of the other key takeaways from that Disney print.

Well, the the big headliners. Yeah, they've implemented as big cost cutting effort. It's dovetailing with the writers and actors strike, so they're saving money on production there. And you know the resistant general feeling on Maaster. These companies were ill

You mentioned the lost half a billion dollars five hundred and twelve million on the streaming business in the quarter a year ago it was one billion, and I think the executives have guided us to seven hundred and fifty million. We're still obsessed with subscribe account So Disney Plus subscribers overall fell seven point four percent right in the course had gone. But the main story there is Disney Plus hot Star explains to what's what happened?

Well, they lost the streaming rights to India Premier Cricket League, which was a big deal, big source of subscriber growth in India and a couple other countries, and so that is really you know, you're seeing the impact of that now for a few quarters, just a dramatic decrease and subscribers locally there.

Hey, Chris, what did Igo and co say about the writers and actors strike and how that's going to impact the content s late.

It was mord into the three billion dollars in content reduction, so they didn't specify it how much was due to the strikes as opposed to just an overall reduction in spending that they've been implementing. But it's a significant enough number and we've seen these similar numbers from all the.

Big media companies in recent weeks.

Billions of dollars collectively in savings as they don't have to make new TV shows and films right now, All.

Right, Bloomberg's Media entertainment editor, Chris Palmery. The other big piece of news is Disney raising streaming prices right there, it's a twenty seven percent hike for the ad free version of Disney Plus it goes from fourteen to fourteen dollars a month from eleven. Really interesting, the story of Disney keeping up with Netflix in that sense. Let's keep a conversation going ross Gerba, president and CEO and co

Russ?

I think the main point is exactly what you guys have been focused on, is right sizing the amount of spending that's being done in Hollywood with the actual revenue coming in from direct to consumer sources. So you know, they started out really in a race for subscribers. I'm

Russ.

Just for the benefit of our audience, I'm looking on the Bloomberg terminal. Gerbak Kawasaki has around one hundred and fifty thousand Disney shares as of June thirtieth, So.

You've got skin in the game.

You're a big EIGA fan, right, has your perception of him and his job changed based on what you heard last night.

Not that his job has changed. He has a very challenging job, but he's got the help that I was hoping and praying he would with Kevin Mayer and Tom SAgs. You know, I know Kevin Maher and I am always impressed by his aggressiveness, his connections, his ability to get projects done in Hollywood.

And I see, you know, Iiger.

Making a move on Candle Media and bringing these executives back in the fold. And the big news about ESPN getting into the gambling business.

With Penn Gaming.

You know, they kicked port Nooy out and they added ESPN and this is a huge win for ESPN, not only with new revenue streams, but getting out to the consumers in a meaningful way and ultimately building a standalone sports app that could rival any app out there. So there are some exciting things out there, but ultimately Eiger needs to focus on content.

They need good movies. That really is the fuel of.

Disney and that's really what I think Iigers really, you know, main goal is besides just cutting costs, but improving content.

There's like two competing forces here where they're trying to have cost discipline but you know, and reduce content spending.

But the content slate is impacted because of the strikes. People want good stuff to watch.

So how does Disney get the balance right making sure they've got things that get eyeballs without overspending.

Well, unfortunately, the movie business is very you know, hit and miss and somewhat random, and there's no real formula for success.

As we've seen over the years.

Disney's had a great run over its long term in finding tremendous talent. So what's happening now with the strike, And we're hoping that the strike ends at the end of summer, once everybody's done with their vacations realize they need to make money again. So I do think that the strike will end soon and we won't see too much of a hiccup. But there's been so much content made over the last two years. None of us have

There's international content.

They are even green lighting independent projects right now. They're over one hundred productions that were green lighted by SAG even during the strike, and some of them are for big streamers like Apple TV.

So the strike is really just posturing in the industry.

After having just an amazingly profitable period of time, now these companies need to make money. It's a bad time for a strike, and they're going to cut costs into what's necessary to right size their businesses. So it's a changing time and We're seeing it in technology, and we're seeing it now in entertainment.

As we write size in the post pandemic era.

Michael Morris, an analyst at Guggenheim who covers the company, asked for on the call, what are the chances of a big technology company buying Disney? And I said, I'm not gonna I'm not gonna comment about that, but the rumor, the idea has been there for so long.

What do you think about that?

US? Well, I think if Apple had, you know, the I didn't.

Well, I think if they did, they would have bought Netflix in the day, they would have bought Tesla in the day. And they've had several attempts at Disney, and they certainly should take this opportunity right now, but they're not going to. So Apple isn't that company, and they're wholly focused on Vision pro. I think the one to look at is really Amazon and Google. I do think the future of entertainment is very much going to be led by tech giants, not traditional media companies.

And so as we see.

This transition, you know, there's a very high likelihood that somebody might bid for all or parts of Disney. That said, I think the company is fine the way it is, and they just need to you know, fix the problems they have, which are fixable, and the stock has tremendous value in my mind for long term investors, despite you know, it's poor performance over the last two years.

If you look at the ten years.

Before it, it's been a phenomenal performer under Eiger. So we've had a big step back, but I think it's an opportunity for investors. In my fun GK it's a top holding for us. It's in the top fifteen holdings for US. And I'm you know, a long term investor in Disney and I'm not, you know, planning on changing that really quick.

On the tech perspective, Disney was talking about how they have the technology to assess password sharing and that you know, going into the next fiscal year would be more of a priority. That was a factor for Netflix and its earnings. How do you think about password sharing in the context of Disney plus Well.

I was surprised how successful Netflix was in getting users to sign up in the password sharing and having little backlash, as I thought possibly they could have some pretty severe backlash and lose subscribers because of it. But in in hindsight. If the content's good, people will pay for it. And that's the bottom line, you know, sort of the debate over you know, will people pay for X and will people pay for social media platforms versus paying for entertainment

All right, ros Gerba, President, CEO and co founder of Gerber Kawasaki with the Disney reaction, thank you very much. Coming up here on Bloomberg Technology, what President Biden's executive order means for China tech and the US tech sector. We're going to talk about that and more with Joannetheny Advises Capital Management.

That's coming up next. This is Bloomberg.

President Joe acted in executive order yesterday placing stringent restrictions on specific US investments in China's sensitive tech sectors, for example, Chips, quantum Tech, and select AI systems. This is part of a push to restrict the company's ability to develop next generation military and surveillance technologies that could potentially threaten US national security.

That is the news.

Let's bring in Joan Fini, partner and portfolio manager at Advisor's Capital Management.

You know you're an investor.

With a global view, but we also know you as somebody with a long history with the chip sector. The chip sector a target of this Biden initiatives. What's your reaction to the executive order?

First of all, you.

Know, this is yet another move by the US government over the last many years, spanning administrations, to try to limit the flow of technology to China.

You know, for many years we basically gave our technology away by looking the other way when China was acquiring technology through dubious means, through trade relations, through manufacturing operations in China. And now you know with the previous administration in this one, the professionals within those departments are trying to curtail that and.

This is yet another way so by.

Restricting venture capitalist's ability to make new investments in China and private equity ability to make new investments in China. The hope isn't so much that the deprivation of that bit of capital, that bit of money will really slow China innovation. It's more the stopping of those people providing help to those companies. So it's really the technology transfer,

You make a good point that's so relevant to the Bloomberg Technology or audience that this is essentially a restriction on private capital investment VC private equity. But as a public market investor, does it sound were the attractiveness of any of the Chinese ADRs that trade on US exchanges?

Well, there are a lot of reasons to be concerned about specific Chinese ADRs.

You know, we recognize.

That the political tension between the US and China is not likely to ease anytime soon, and that does help to guide the sorts of investments we're willing to make in China in other parts of Asia.

But it doesn't discourage us entirely.

You know, our international group is on the ground looking for ideas there.

You know, in our balance strategy, which I'm responsible for, we.

Still like Taiwan semi Conductor despite the political risks that we obviously acknowledge are out there because Taiwan Semi serves the global demand for semiconductors, and they're at the forefront through at the leading.

Edge of advanced manufacturing, and they.

Serve so many US designers of chips and they're an integral part of that, from Nvidia.

To A and D to Broadcom and others.

Yeah, later in the show, we're going to act you talk a little bit about Tokyo Electron, which is a Japanese chip gear maker equipment maker, but they're getting a lot of demand from China because at the same time, China is trying to react to this, right, So think about some of the names we're interested in. In Vidia has circumvented the other US restrictions on technic knowlogy export by producing a lower power GPU.

What is your.

Perspective on how US technology names who want to do business in China can get around some of these executive orders.

Yeah, so for a while, I think US companies like Nvidia, AMD, Cisco and others will continue to be able to sell into China. But as Invidia has done, they'll have to sell less capable chips than the leading is that they've got to sell elsewhere in the world.

And as you saw not just what.

Tokyo Electron said about the continued demand for equipment are into China, because you know, China is going to want to build and it's going to continue to build up its own semiconductor manufactur string capabilities, encouraged in part by all these restrictions not just from the US but from

And it's pretty clear that China.

Is going to be making its own investments in design capabilities, in manufacturing capabilities, and a lot of the people they have on staff right at Smith and at other locations in the design world as well as manufacturing have been trained in the US and have worked for US companies, so they have a lot of knowledge.

To work with.

Joan All told on any metric or scale you like, what is your assessment on the warmthful health of the US China relationship.

Where do we stand?

Oh, well, on a scale of one to ten, one being least healthy, I'd say we're around a three right now.

I mean, it is not a good place because of our goals in the.

US to prevent China from you know, creating military capabilities that would be a threat to US are essentially in conflict with China's goals and that level of tension.

You know, I'm not a military a political.

Expert, but I don't see that level of tension easy from everything I've read, that's not going to really get any better. Can we cooperate on fronts outside of those sensitive areas, Yes, obviously, and we should, you know, hope for the sake of our companies and our consumers, by the way, who benefit from getting cheaper goods out of China, that the restrictions don't spread beyond those essential areas.

Where the US finds, you know, it's needed for our security, and clearly that's the case.

I mean, what Nvidia continues to sell, Look at what other companies can take you to be able to sell, whether it's Tokyo Electron or Applyed Materials or KOA or LAMB Research.

Right, there's still plenty of opportunity in China.

It's just a bit narrower now, a bit lower margin now than it was before.

The US China relationship on a three out of ten on the Juan Feeni Advisors Capital Management Scale.

Thank you so much for your time.

Going to catch up here on Bloomberg Technology.

Time for talking tech.

Chinese chip makers are speeding up investments in mature semiconductor equipment as the US and its allies Titan Export controls to.

Cut Asia's tech edge.

Asia's biggest semiconductor gear maker is seeing extremely strong investment in China quote and is winning new customers there. That all according to the name Tokyo Electron and its CEO.

And something else we're tracking is Ali.

Barber returning to growth across all its main divisions, defying China's economic turbulence. This a first step forward to a long or comeback after more than a year of malaise. China's online shopping leader reported a better than expected fourteen percent rise in revenues during a quarter when the world's number two economy struggle to gain momentum after years of COVID zero restriction shares up more than five percent in US trading today.

Those are the US listed ADRs. Let's head to Space three two one release release release.

That's the first set of private tourism passengers embarking on the ride of a lifetime two out of space on Virgin Galactic's second commercial spaceflight, joining us now.

Bloomberg News reporter on.

All Things Space, Lauren grush Hey seventh successful launch. Finally, twenty years later, Virgin Galactic gets some tourists into space.

Give us the details.

Yeah, I mean, if you think about it, really has been leading to this moment.

I know I probably said that during their last flight, but this is the one that sent private pain space tourists to space, and that is ultimately why Virgin Galactic was founded in the first place, nearly twenty years ago. In fact, one of the passengers on today's flight, John Goodwin, has been waiting almost two decades, He's had his ticket that long, and he finally got to make good on that promise that Virgin Galactic made for him all.

Those years ago.

So this is why it was such a big moment. It's capping off nearly two decades of development for the company, and from here on out it's going to be monthly flights of these paying space tourists hereafter.

So there's some things we have to clarify here. Originally ticket prices were two hundred and fifty thousand dollars, right, they closed them while they basically put a pause on operations. When they reopened they rose to four hundred and fifty.

Thousand on board.

We had three essentially customer tourist astronauts, but two of them were.

Not paying customers.

Right.

They won these tickets in a charity draw.

Yes, that's correct.

Only John was really the that was one of the early.

Ticket holders, and he competed at the nineteen seventy two Olympics. The big question is what happens next. What do we know about the cadence of launches now the last one was in June one today?

How do they get going?

So the ideal goal is to do monthly launches from.

Here on out.

So we should see one of these flights with you know, six passengers on board, two pilots for passengers go into space. I think for the foreseeable future, Virgin Galactic wants to have a support astronaut on board, so someone from within the company to kind of guide the passengers along. But you know, if on these flights we should should see about three ticket holders, you know, get to finally fulfill their dream of seeing space.

And that's a big deal because.

As far as we're aware, the company has a backlog of eight hundred customers that have been holding onto tickets, some for many years.

Bloomberg Space Correspondent Lauren Grush, thank you very much. Welcome back to Bloomberg Technology. Ed Ludlow here in San Francisco. Apple is a key name that we're watching in the markets. We're actually basically treading water now completely flat on the stock it did fall twenty four hours ago. And you'll remember the headline broke during Bloomberg Technology that in the context of Apple, the US Supreme Court is allowing the iPhone maker to keep its app store payment rules in

Remember the context here.

The ninth US Circuit Court of Appeals had sided with Epic and said that Apple's app store rules contravened California competition law. What the Supreme Court is doing simply here is intervening, saying for the time being, Epic's request, which was to immediately allow users to be redirected other stores, has been rejected.

Apple is expected.

To appeal the original decision later in the year, but if the judges won't hear it, then then it's size of Epic. Anyway, We've got to discuss what this means for epics prospects of enforcing the original rule. And bring in Sarah o'lamb. She's a senior fellow at the Tech Policy Institute.

That was a lot.

It's a difficult one to explain, Sarah. But at a high level, what does the Supreme Court intervention mean at this stage?

Sure?

So, Justice Kagan denied an application by Epic to overturn the Ninth Circuit stay on the District Court's order, pending Apple's petition for Sercchi orri to the Supreme Court this fall. As you said, so, basically, the Federal Appellate Court said that Apple doesn't need to lift yet it's anti steering provisions. Basically, the buttons, external leans or other calls to action that direct customers to alternative purchasing mechanisms in their app store.

So just to remind our audience, the Appeals Court has put its decision on hold so that Apple has time to file a Supreme Court appeal later in the year.

But the ruling only.

Kicks in if the Justices refuse to hear the case.

So it's complicated.

What is the Tech Policy Institute's kind of big picture stance on this battle and the idea at the heart of it.

Well, what's interesting is that it's about this state law, California's unfair competition law, and it's focused only on the anti steering provisions. Basically, can other app stores put links and buttons in Apple's app store to say, user, you can click this link to go to another store to buyer in app purchases. That's what we're talking about here. There are other items that are in Actually another trial with Epic versus Google coming up this fall, and so

The technology story here is about developers and the app store. Do you see any merit in kind of Apple's argument, which in summary essentially is that it is a relief to developers. You know, Apple feel like they're giving a lot of business and visibility opportunity with the rules such as they are.

Yes, well, I think, I mean personally, I think it makes sense that Apple would say on their own app store that we don't want links to other app stores that are competing with us, and so on that point, it makes sense that a store wouldn't want to be able to promote other stores in their own store. So that's what it is that issue here. There are other claims in other lawsuits, and actually there are the two other claims that Epic made at trial were denied were failed.

Well, that's what I want to ask you next. You know, we love having you on the show, Sarah. You have such a deep knowledge in the area. But I appreciate you don't have a crystal ball, right, But what do you think will be the outcome if the Justices choose not to hear the Supreme appeal? What are the other avenues that either party can go down?

Well, so it's sounded like we'll have to wait and see what Apple files in their serciari appeal, But it sounded like they they will raise questions about, you know, ken a ruling on a state law effect by a federal court affect broadly parties outside of the lawsuit. So that'll be an interesting question to ask when it comes

Sarah, this is epics response to the Supreme decision twenty four hours ago. The result will be to inge not only Epic, but innumerable consumers and other app developers for a significant period of time. Just very quickly, in the thirty seconds we have left. What do your response I suppose to Epic's position on this, Well.

My question for them would be, you know, how can you measure injury? And so they have to prove losses and that's a counterfactual.

It's not clear to.

Me that there would be a lot of losses. I mean, people know that they can go outside of different stores to reach Fortnite and Epic content. They can go to Epics app store themselves, and so it's a matter of discovering what that number is, having experts weigh in, and doing some economic analysis.

Sarah Olam, Senior fellow at the Tech Policy Institute, thank you for coming here on Bloomberg Technology, reacting what's been a big story in the last twenty four hours. Alright, coming up here on Bloomberg Technology. Is it a good time to expand your investments outside of the US. That has been the question of this program. We're going to talk all things from the venture capital perspective in the domestic, US and abroad with Christine Zi, CEO of five hundred Global.

That's coming up next. This is Bloomberg.

You know, amid the flood of big tech layoffs, it's becoming harder than ever to try and enter y Combinator, the famous Silicon Valley startup accelerator where Airbnb, Coinbase, and Reddit all got their start. Bloomberg Original's host and executive producer Emily Chang sat down with y Combinator CEO Gary tan to talk about the state of tech markets and venture capital have listened.

We're seeing tens of thousands of people getting laid off from tech companies.

How does this play out?

I think a lot of large companies started treating their employee base almost as a place to park resources and almost as a competitive moat versus the other giants. And when I think about the amount of talent that was sort of locked up in cushy jobs that you could have been actually out there in the market making new technology, pushing things forward. I'm hoping a lot of them actually come over to startups and they realize, oh, this is what it's like to run fast again.

What's your advice for these workers who are getting laid off. It does sound a little trite to just say it's time to build, right it Sure it does.

I mean I think some of it is like a take stock right, Like getting much more connected to the problems out there, I think will lead to just a lot more direct access to I mean, building equity, building businesses that really matter.

Well, speaking of equity, for years, tech workers have been paid in stock and that was sort of you know, the ticket, You're taking a risk on this company. It could be worth ero or it could you know, be worth millions. Right, we're seeing kind of the dark side of RSUs are getting paid in stock.

Now.

Do you think that's still the way it should work.

In Silicon Valley?

I mean that's some of the magic of startups. I think this is about labor being able to access actual capital, and this is like one of the most direct and most awesome versions of it. Some of the bad behavior we saw from startup founders was trying to reach for that billion dollar valuation because they wanted the headline out there saying that they're a unicorn now. But that comes at a cost, right, the focus on valuation and getting

So what do you think needs to change?

I think some of it is already happening, right. You know, the revaluation of startups right now is starting and it will continue. People are going to be a lot more mindful about do I really need to do that fifty to two hundred million dollar rays.

That was why Combinator CEO Gary Tam watch more of the circuit with Emily Chang tonight ten pm Eastern Time on Bloomberg Television, or if you're a modern day person, stream it at eight pm Eastern on Bloomberg Originals. Let's stick with the venture capital story now, and for today's VC Spotlight, let's bring in Christine's side. She's the founding partner and CEO of five hundred Global, a multi stage venture capital firm two point five billion dollars in assets

Well, thanks so much Ed for having me, and it really makes me reflect back to the early days of five hundred. We just celebrated our thirteenth anniversary a couple of weeks ago, so go back to twenty ten, very different era in Silicon Valley and technology and venture capital.

Our focus has.

Largely been investing US and globally, and for US that really means what we've actually referred to as the rise economies, So twenty five of what we see as the largest fastest growing economies in markets like Indonesia, Malaysia, Turkey, Mexico, and so forth, and we've seen great opportunities there.

At the heart of the Biden story, though, is the merits and benefits of investing in US tech versus international markets. So some of those countries you listed, what is it about them that makes them as attractive as a venture back, investment into a founder or even a largest startups you're at multi stage right, yes.

Well, early on we began investing both in the US Silicon Valley but outside of the US. Since twenty ten and today our portfolio is more than twenty eight hundred companies, about half of that portfolio is non US, specifically in those rise economies that I mentioned, like in Indonesia or Mexico or Turkey or so forth. What we have seen early on is that these are very large economies, fast growing from both population growth as well as GDB growth.

Christine, you sound very busy, I mean, and I mean that kindly. Here on VC Spotlight, you know, we have a number of vcs that are sort of narrowly focused on early stage or growth stage, or the firm might have one early stage fund, one growth stage fund, but within geographic narrow focus twenty eight hundred portfolio companies, eighty countries, multi stage just from an industry respective, how do you manage that as a firm well.

You know, from the early days, a lot of that vision was really to find great opportunities great founders in all corners of the world. Because of that bet we took, and our roots are certainly in early stage, and that

Showed some of your port photo companies a moment Ago, Canva, get Lab, Credit, Calm, and the names that jump out. The story of twenty twenty three, though, has been ours ficial intelligence. Are you focused on AI native companies or more AI adjacent startups that kind of want to jump in and gain benefit from the tool of generative AI or a large language model.

It's definitely not never a dull moment, especially as it relates to AI and against the stark backdrop of the macro markets and valuations falling and funding dropping. But for us, because we have our roots in investing in a larger number of companies across a number of sectors, one of the big benefits of that, and really an advantage for us, is to be able to spot what we see our emerging innovation not just in the US, but in all

Valley story or just a US story.

It's really a global story.

Oftentimes, what we've seen in the early days is that certain business models will start in the US and then we see them happen in other parts of the world. But for AI, it really is happening in parallel in many different markets.

Christine si Founding Partners, CEO of five hundred global twenty eight hundred portfolio companies in eighty countries. That is global reach here on VC Spotlight. So look, online dating can be just as tough as dating in person, from ghosting and harassment to chats that don't lead to dates. Now AI chatbots could help solve that issue, at least that's what a number of these startups are saying.

Here.

To unpack more is Bloomberg's ear Nakano and you've been reporting on this and specific apps that are tool to help in dating, But what's the big picture story here? What are the apps purporting to be able to do?

Yeah, so my colleague Kiln Punder and I we downloaded three relatively new apps that are marketed to be AI driven. So this is beyond the machine learning that you see in traditional dating apps like Tinder and Hinge, and these apps are marketed to rid the inefficiencies that you see in the dating world. These are things like ghosting and ghosting, which is when your matches ignore you, and inefficient matches that are just.

Not they're not good.

Right, So I actually met my wife on a dating app, but it was me doing the work the conversation.

Right.

Some of the functionality of the technology is to mimic you or to do things on your behalf. Just explain how it works and you actually tested it out.

Yeah, absolutely so. Teaser AI, which is the app that gets rid of the small talk, essentially jumps to the part where your chatbot talks to your match, so they have full license over your conversations and they will break the ice with quirky conversations. But to our extent, we found out that a lot of them were false facts about ourselves.

One debate for the industry broadly is the cost of dating apps. You know, it was the one that I used was free, but there's a premium element as well. Do these AI driven apps cost What are the fees involved?

Yeah, so they're free for the most part, but like other traditional dating apps, there's a free subscription and the premium subscription, and the premium features include things like better matches, more matches, or finding out why people didn't like you, which is a mystery to a lot of people. And these range from four to sixty dollars a month.

I think that the bit that we got hung up on is the mimicking and flirting bit.

Is it realistic?

The experience that the AI generated content does it come across as a human.

So we found that they were very very awkward. Sometimes the a I would send pictures avatar pictures of themselves which are very awkwardly posed, so I wouldn't think that they were you know, there was a human behind it. But some people seem to really like it. And there's also a breakup Buddy app which will help you guide through your heel and self journey when a robot breaks your heart.

All right, Bloomberg's Area and Nikano, this is AI irl right here.

On Bloomberg Technology. Unfortunately, that does it for this edition of Bloombog Technology.

Tune in Friday tomorrow.

We're going to be joined by Kyle Vott, the CEO of driverless car company Cruise. A lot of news coming out in the self driving space in recent weeks new markets. We're still kind of waiting for the real deal, something we've talked about here on this program. It has been a mega week. We're just four days in. Earnings have been a big part of the story, so don't forget that. You can recap everything we've talked about on the show, a big emphasis on Biden's executive order when it comes

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