Markets Tumble, Chip Makers See Low Demand

in a particularly tough position plush. Chipmakers warn of a major industry slowdown, sending tech shares even though we're the biggest names from a m D to Samsung and Micron are all saying the same thing. Demand is tumbling. Gonna have more on that in a moment. And Facebook is sending its own warning to users you may have been hacked. Meta says one million user logins may have instolen compromised. Later this hour, we're gonna talk to Meta security policy director.

Chip makers warning weekly that demand is faltering, this as they face surging shipping and materials costs, and in the latest sign of trouble, Samsung and a m D reporting these disappointing results. Bloomberg's Ian King, our residentship expert with US. Now, So Ian didn't we know demand was bad? Why are we seeing such a strong reaction here? Absolutely? Right. We've had companies going out there for a while and I was saying, yeah, things things are getting bad. We've got

a lot of infantry. What happened yesterday provoked unless to be writing with thoughts with expletives in the headlines. I mean, it was really bad for ame d and ED actually sold something a bit short. Yes, it's the biggest memoryship maker, but it's also the world's biggest hip maker. Company like that comes out and says, yeah, things are actually bad. It's it's not just bad, but it's way worse than we thought. So that's kind of recalibrating people's expectations. They're

no longer just looking for the bottom. They're back to worrying about how about get it meantime, and you've got the White House adding new restrictions on China's access to US chip technology. Is that making things worse here? Absolutely? That's a that's an ongoing concern because this isn't just one isolated incident. This is like an incremental set of increases of intensification in this dispute between the world's two largest economies. And you know, if you're an investor out there,

you're thinking, well, what's going to happen next? And the trend within these you know, so called security related national security related measures is to intensify, is to broaden them, and that's going to place greater restrictions on chipmakers that want to do business in China. Talk to us a little bit more about what's behind these new rules from

Washington and how you expect these two evolve. Well, just to give you an example, we had a story out earlier this week which had that Huawei, which is a company that we know, a Chinese company that's been on this sort of entity list in the US for a long time, being cut off from US technology, it's actually taking steps to work around that. So obviously there is

a concern in Washington. There are a lot of Washington who are saying, look, we need to get tougher, We need to do more and more to really choke off China's ability. That just being better than China and technology isn't good enough. We have to make sure that we freeze China's technology and where multiple generations ahead and as while driving this, So how do you think this is going to impact the ongoing relationship between the US and

China as it pertains to chips. Yeah, I mean, we haven't seen any reaction from Beijing yet, and I've heard people say we're surprised that Beijing has been so restrained so far. Fundly, China is the largest market for semiconductors. If you're a US company, if you're a European company in the industry, you have to be there. You have to have those sales revenue to fuel your investing in

innovation to stay ahead. So it's a it's a very difficult situation for Washington to sort of navigate that fine line between cutting off China from what it doesn't want it to have and also keeping the money flowing and keeping US companies having the R and D edge and staying on the leading edge in terms of the technical ability. All Right, Ian King, who has of course covered the chip industry for a couple of decades, and thank you

um for your expert insights today. Appreciate it. Meantime, Tesla's all electric Chuck will roll out before the end of the year. In a tweet, Elon Musk said production has begun and the first deliveries will had to PepsiCo December one. The Big Rig was first unveiled November, but the launch delayed many times due to battery cell shortages and a

decision to focus on consumer models. As we discussed at the top of the show, was a brutal day on Wall Street after the September jobs report, the NASDAC one plunging more than four percent as more severe fed rate hikes are priced into the markets. Chip makers got crushed after manufacturers warned of an industry wide slowdown and demand. I want to bring in Sara const managing director at Cleo Capital. So, Sarah, how alarming are these warnings from

chip makers in your view? I mean, the only chips right now, anyone wants our potato, right, Like, this is not good for chip makers. Uh, there's twin pressures here, right, Certainly the weekend consumer demand for things like PCs, but also you know, the increasing restrictions around selling to China mean that a massive market is largely off limits. And so that's also going to cause problems for the hardware companies because you know, they're the ones who aren't buying

the chips, so they're not selling hardware. And I think Apple's you know, lowered forecast for for some of the models of its new iPhone is sort of an early indicator of the trouble to come. So when you look at other areas of technology, you know, their social media, there's advertising, their streaming, you know, where do you see other potential problem areas everywhere? Uh, you know, I think that that it's just gonna be a tough you know quarter.

I think that that advertising. You know, we're seeing a slump based on the waning consumer demand. So you know, Google, Pinterest, Snap, Meta, they're all probably going to be in for a tough holiday season. And you know, most of the rallies right now in tech, they're not based on fundamentals. And and the reality is that the fact show a really bleak picture for all of these really high price, often unprofitable companies that just have flown so high over the last

few years. And even now when their stock prices are coming down, you look at you know, their their pe ratios, they're still insane. The you're just still really expensive companies. So how much more tech volatility are you preparing for? Like a, are you preparing for this downturn to last a good long time? Uh, yeah, I am a bear

preparing for a long cold wind. Her Um. I think it's there's just not a lot to be bullish about right now in the US, you know, with the FEDS very hawkish stance even today about inflation, and you know, the right the rate hikes are going to continue until the moral improves, and that's probably not till mid delayed twenty three, and then globally things are just way worse.

Right we are the bright spot right now globally. Uh you know, the UK is in is in chaos, you know, Russia, China, all of the problems that global central banks are having because of the US dollar strength right now, there's just a lot of problems and I think you have to

batten down the hatches, you know. I'm a fan of selling rallies right now if you can get out with a profit on something and and just buying the dips really carefully, Like if you're passionate about a core business and see a reasonable pe ratio and it's a historic low for the company, maybe consider buying. But I'm not even looking at like the fifty two week or year

to date right now numbers. I'm looking at the five year charts and saying is this company you know where it was before covid or is it still priced way higher because of the bumpet got during the pandemic? So how is this impacting your strategy and and other venture capitalist strategy. I mean we've been talking about all this dry powder that's probably stacking up on the sidelines with nowhere to go. Yeah, So you know, I think M and A is the new I p O for companies.

I think right now startups are are less focused on an I p O. You know, we saw that a lot of those tech I p o s aren't working. Um, you know posh marks exit from the public markets was was a big piece of that. You know, the Peloton ceo flat out saying that you know, six more months and they're gonna sell out and and you know go private. Is it's a good indicator that that's staying public as

an unprofitable tech company right now is just tough. So I think that we're going to see a lot more late stage M and A activity and less bell ringing. And you know, when it comes to the dry powder, vcs have a lot of it, but they're sitting on it. You know what I'm hearing from my peers at top doctile funds, they're spending more time in Monday meetings triaging their current portfolios than they are looking at new deals.

Then this is in large part because these you know, these new deals founders are still asking for prices from vcs who are very much in a recession mindset. And I think until vcs can get into deals at prices that better reflect this moment, a lot of my peers are just sitting on the sideline and focusing on following on the companies they're already on boards of. We're likely

to have a tough time in the coming months. So talking about light stage M and I gotta ask your thoughts on the latest in the elon Musk Twitter saga Twitter, you know, holding Musk to the terms of the deal, you know, at the price, not accepting anything lower, Musk saying okay, I'll go through. I say, you know, what's your take on what's happening here, whether or not this

deal is actually gonna happen. I mean, so many embarrassing text messages, just so many, that's Saudie hac level in Parrasine tech messages, right, And I think that the whole situation is just getting to a point where, you know, Ellen's displaying what seems to be a rare moment of accepting reality and saying, look, I agreed to buy it, so now I'm going to have to buy it, and you know, I think that that's the best outcome for shareholders.

Will that be the best outcome for Twitter users, for Twitter employees, I don't know, but at this point it looks like that's what's going to happen, all right. Sarah Kunst, Managing Director, clayo Capital love having you here, Sarah, Thank you so much for joining us on this volatile Friday afternoon. Okay, coming up, Disney and DraftKings and Bloomberg report about a DraftKings ESPN deal in the works send shares higher. But how does the family brand embrace sports gambling? Talk about

that next? This is Bloomberg. ESPN is nearing a large new partnership with sports betting firm Draft Kings, a deal which would pave the way for the media giant to capitalize on the growing wave of legalized sports betting. Shares of DraftKings spike this afternoon on this Bloomberg report. Disney already has a stake in draft Kings here to discuss our Bloomberg deals, Reporter Crystal Z. So, what do we

know about this agreement, Crystal? So, so far all we know is that there is an intention for a large partnership between draft Kings and ESPN, which is owned by Disney. But how exactly is this deal going to be structured, how is it going to be paid? We so we

don't have much detail on it. But it would be a really really big step for ESPN to really take advantage of that, legalizing sports betting in almost half of the country now, and it will be a real cultural shock for ESPN because Disney has this really wholesome um image that they have and getting into sports betting it's actually a really really big st Now there's been speculation about an acquisition. Is this a step in that direction or no? So because of that cultural difference, um, it

will right now, we're not hearing about outright acquisition. So in order to do that, so Drafting here is the license holder for sports betting, So if THESPN really want to get into it in a really really big way, it would make sense for them to buy. And also note that Draft Kings stock price of trading around sixteen dollars, but it's high. In March last year was around so you could say that it's a really really cheap buy.

But for Disney shareholder to get over that wholesomeness reputation of Disney, it will still be a big leap, and we're not sure if that's uh, if they're ready to make that step. Yes, So actually a lot of analysts have dismissed the m and A speculation, but we shall see. What about when it comes to, you know, other sports scambling platforms More broadly, I feel like I've heard about draft, We've heard some draft kings m N a UM specular

relation for a couple of years. So Draft king is in a really really competitive space and they are constantly at war with UM places like fanjuel, and they're all offering these really really cheap discount or even giving UM users free money just to get on their platform. So there is a lot of room for consolidation. And with this partnership with ESPN, even how it looks like it will still be unclear. It could really emerge looking like

a new platform. It could look like an ESPN platform, or it could look like an extra button on the existing ESPN app so it could probably look like it would look more crowded, um than than less. But you're right, like there could be more deals. Draft Kings hasn't been public for that long. They only go in public through respect a year ish ago, so whether they are ready to take on a big deal it's also um waiting

to be seen. And you know, obviously the stock price not doing too well for them to sell equity would also be really challenging. So there will be consolidation in the space. We just don't know who are buying who is selling it. And what's your take on the pace of M and A and I p o s through the end of the year, given this is your beat and we've where you know, we just had a guest

who said she's bundling up for a long cold winter. Yeah, she was just saying, how I M and A is a new ip here, right, and that was absolutely true. We haven't really seen many many I p o s and usually this time post Labor Day pre Thanksgiving has historically been the most popular time for I p O

and we haven't really seen any of them. And um, there's always been speculation about you know, there have been one or two companies that could still go public this year, and it's been quiet, and you know M and A. It's also em and is coming back in some way. But financing has been extremely challenging. And if you look at technology that are growthing, uh and not really generating cash flow, those are not things that investors are liking

right now. So all know, if you're a growth company that are looking to I p O or doing M and A, it's still a really, really tough environment. So um A lot of dealmakers are saying that we should probably expect you're making to come back in three even the second quarter and even the first quarter, and all that would be market dependent obviously, so we will will continue to tract to all right, the second quarter of

we'll looking towards that. Bloomberg's Crystal Z thank you so much for staffing by and as we talk about media companies looking for ways to cash in as more US states legalized sports betting, Bloomberg The lineup with Damien sass Hour and Kaylee Lines continues the conversation tonight, seven pm New York Time. You don't want to miss it. Welcome back to Bloomb're technology and Emily changing in San Francisco.

Let's get back to the markets and the big story of the week, Ellen and his Twitter takeover potentially not a done deal yet. Are at Ludlow has been looking a little deeper here at what's the latest that we know? Yeah, well, Friday was unusual when and so far there was absolutely no news about the deal at all, which was a massive relief for me and you because we haven't slept

for four days. But you would look at this monster jump in Twitter shares from Tuesday when we had that disclosure that Elon Musk had gone back to Twitter and back to the original offer fifty tents a share. But in the four sessions that have followed, the stock has trickled lower again because there are concerns about the financing element of this deal, how likely it is to happen.

And we still continue to look at the spread. Right, if we bring up the spread chart, this is the gap between that fifty four dollar twenty cents per share offer and the current share price, and again it has noticeably come down in recent sessions. The latest is, you know, m is that Judge Kathleen St. Jude mccormicker of Delaware Chancery Court has suspended, paused the trial until October and told the two sides that they need to close the deal by five pm on October. If they do not,

then we're heading to trial in November. And the market is trying to pass what's actually happening behind the scenes. In the broader context of market. It's a really interesting stock to watch, is of course, Tesla. Tesla just had its worst week since March of March. And it's not just the idea that Elon Musk might have to sell Tesla shares in order to fund some of the financing to buy Twitter, but also this idea that there's key man risk that will be distracted if he runs a

third company on top of Tesla and SpaceX. But the gap between the SMP performance and Tesla, it's been a real drag on a points basis for that broader index. And it's not just, of course, the news cycle. Tesla does trade at higher multiple and so is vulnerable to the narrative around higher rates. But you know so much going on at work here. You and I are not going to Delaware on October seventeenth, But on a daily basis, we continue to track this deal all right, I'd love

hope you get some sleep this weekend. Well, you might have received an alert from Meta today saying you may have logged onto Facebook from a malicious app. What does that mean? Well, Matter has reported more than four hundred credential theft malware apps to Google and Apple targeting mobile users devices to steal their Facebook log and information. The apps were disguised as things like photo editors, mobile games, health trackers, and they can target more than just Facebook accounts.

For more on this, metas director of Threat Disruption, David Agranovich joins me. Now, David, thank you so much for joining us so talk to us about these apps, what happened, and how people can protect themselves. Thanks so much for having me, Emily, and appreciate the opportunity to talk about this report. Today, we released some research into four hundred malicious mobile applications. They were designed to steal Facebook log

and information. And the apps were listed on the Google Play Store on Apple's App Store, and they would disguise themselves as a variety of different things VPN services, business apps, mobile games, different utilities for your phone to try and trick people into downloading them. How do you know if you've been affected, like, how can you tell? So? Because these applications are available on the open Internet, it's no

single company can protect people alone. We also know that these scammers constantly adapt to detection UM by app stores, by researchers now here. We reported our findings to Apple into Google, and as far as we know, all of these applications have been taken down. But we also are sending notifications to users on our platform who may have

been impacted by these applications. UM. Those notifications will include some steps that people can take to protect their accounts more effectively, as well as some tips for how to spot these types of applications elsewhere on the Internet. Why are you doing this now? I mean surely this has happened before, right, So, our teams have been investigating this type of malicious application activity for years. We're always looking

for malware or other efforts to steal people's credentials. UM, but this particular p s A is the first time we're releasing one of these kind of public service announcements.

And the idea is that in addition to working to get these apps taken down, providing tools for people to identify those apps, we felt it was important for people to have tips that they can use both to keep themselves safer on our platform and also to stay safe across the internet, so that they know what to look for if someone is trying to target them with an application like this. Now, you also worked at the U. S. Government, You led efforts to address foreign interference in democratic systems

and elections. We've got a midterm election coming up. What are you most concerned about and how ready do you think META is this time? So whenever there's an election,

we know we have to stay vigilant. Our teams are continuing to monitor for any kind of threats on the on our platform, and a good example of this would be just last week, we released a report into two influence operations, one from Russia one from China, um that we caught very early, but in that report we included a bunch of information about what they were doing, what we had found, who we believe was behind the activity, and in that case, like we did with the malicious

apps investing Asian today, we shared information with our partners across the industry, with the U. S. Government, and with a public to make sure people knew what to expect what we were seeing um I spoke with Francis Hogan earlier this week, the Facebook whistle blower, and she raised some concerns about safety and security in social media, and she used an interesting metaphor, take a listen to this. Right now, we can't see behind the curtain of social media.

We were able to push for safety features and cars were found in the partner of transportation, you know, reducing the fatality from automobile automobile accents by effectively three and a half times because we could actually control cars, you know, we can crash test them. Right now, we can't do any of those things for social media. We can't crash test it, we can't confirm how it could be safer, so we don't know what to demand. What do you think of her thought there and do you think more

regulation would help? So I think that the security area that my team focuses on is an area where we've We've worked very hard to be transparent about our work. We've reported on more than a hundred and fifty coordinated in authentic behavior influence operations over the last several years that originated from more than fifty different countries that operated to more than thirty different languages. We've reported on on a cyber espionage activity, hacking activity, both related to our

platform and more broadly across the Internet. I do think that there's always more work to be done in the security space, but I think that the more important work here is that we are sharing information with our industry partners, that we're sharing with governments were appropriate, and really importantly, that we're sharing with the public, that we're publicizing these reports, publicizing our findings, enabling the research into these types of

behaviors not just on our platform but across the Internet in general. There's also some, you know, been some broader questions lately about how much Meta is investing in not just English language platforms. Obviously, you've got you know, tens of thousands of people of people working on trust and safety around the world. What can you tell us about how much of that investment is focused on on languages

other than English. So our security work is global. Um As I mentioned, we've taken down more than fifty of these of these coordinated in authentic behavior operations around the world. Those operations operated for more than fifty different countries in more than thirty different languages, and so we're making sure that We're protecting people on our platform wherever they happen

to be, from threats wherever they may happen to originate. Again, there's always more work to be done here, but by focusing on on violating behaviors and threats across the platform, we can do our of most to key people safe. I know in the security world there's always something keeping folks up at night. What's keeping you up at night? Right now, we are laser focused on protecting elections around the world. Of course, the U S midterms coming up

pretty soon, the Brazil elections that just happened. Our teams are constantly monitoring for security threats related to those elections, as well as broader global potential threats. This is probably a conversation we can also have after the mid terms about what we end up seeing. All right, I would like that David Igranovich, met Director of Threat Disruption. Thank you for stopping by. All right, Coming up, our next guest just raised eleven million dollars despite the worst crypto

downturn in years. We're gonna talk about growing demand for crypto accounting software. Next. This is Gloomberg, So I'm now for crypto reporting. Today We're focusing on crypto accounting. After tactics eleven million dollar funding around lead by x t X Bloomberg, Shonali Bosik is in New York. Sheanale table. Thank you so much, Emily. We're going to bring in tactic founder and CEO and ask you because it's such an interesting thing to see another company raised money in

this crypto downturn. But with so much volatility and crypto mark it's your clients must have a hard time here in terms of getting a handle on what it's worth and how to account for it. So what is the biggest challenge your clients are facing here amid the volatility not just among Bitcoin but all sorts of Web three assets.

I think it's just the fragmentation of activity. We're seeing people use different blockchains across different wallets and different currencies, and it's just very difficult to get a holistic view of the digital asset ecosystem. Well, it's interesting because it's not just to your point digital assets. Currencies are also fluctuating like crazy. So I mean, how does that kind of compound the issues here? Is it harder now to account for cryptocurrencies than it had been even a year ago?

For some reasons. I don't know that it's inherently more difficult. I think it's inherently more important though, given the increased regulatory scrutiny in the space. Well the regulatory scrutiny also, I mean rules have changed, and you've seen other companies like micro Strategy really mold to the accounting here of crypto when it comes to bitcoin, So how might the rules keep on changing That will make it different for firms to have to mold to what the regulators ask

of them. I think what we're seeing actually is a lot of activity in tech companies. So venture capital firms remain extremely bullish on the potential applications of blockchain technology, and that translates to more capital for tech companies. Now we're seeing venture capital cool across all sectors and especially in the crypto space. But venture firms still have a

lot of committed capital to deploy. They're definitely slowing the pace there, but that means they're looking much more closely at financials of crypto companies before they continue to fund them. And right now, the landscape is so complicated and fragmented that without automation and tools like tactic, it's increasingly difficult for these companies to survive. Okay, So that's interesting because you yourself obviously just we're kind of in the market

here when it came to fundraising. What are vcs asking firms in the crypto worlds here to get more comfort of what's going on there? I think they want to a clear review of financials, the same way they would for any traditional company. And right now, with a lot of that revenue or a lot of that spend is coming in the form of a token, it's much more difficult to track than it is an ordinary US dollar.

So if it's in the form of a token, I'm wondering, even for yourself, how are you taking money from clients? How has your business been impacted in the crypto winter. So we actually operate almost entirely in traditional US dollars and and continue to use traditional products in that space, and that's actually the way the bulk of our clients operate for the post part. So we uh, we admittedly

continue to live in a fiat world. A private company is going to pay for their office space to pay their employee salaries in US dollars, but token spend and various cryptocurrencies are going to be an increasing part of their of their balance sheets as digital asset adoption continues. Now,

when you're looking at crypto, you're talking about tokens. You already had kind of mentioned here the difficulties when it comes to accounting for them, But what about other assets and f t s, other types of Web three assets. How do you think about dows in this world when it comes to staying accountable to shareholders and regulators. I think that's an extremely difficult question right now to answer, and it's going to be unfolding in the next several months.

How we govern something that is theoretically decentralized and isn't incorporated the way traditional companies, And you know, it's interesting. Another thing that makes this even possible is your work with other companies like coin base and custodians like that. How much do you see your work growing with custody solutions, both on the crypto side, if you will, and the

traditional finance side. I think custody solutions are going to be absolutely crucial here, and that's why we're so excited to be backed by FTX as a leader in the space. We're back by coin base as well, because we acknowledge that there are going to be a lot of players in the ecosystem. Even though there's a longer term view of a lot of players in the ecosystem, the reality

is it's a tough market now. And so if that's the case, I know you said that you upbridden FIAT, but how do you navigate your business through a time when clients are also having a time tough time. I think we're very lucky to work with people who have long term time horizons. So consumer demand has admittedly cooled for digital assets like n f T, s UM as well as various tokens. Many retail investors who lost money

or we're definitely staying away from cryptocurrency. However, if you look at financial institutions that have much longer time horizons, they're thinking five to ten years out. They have not abandoned cryptocurrency as an asset class. Well and Joska, thank you so much for your time. That is a tactic founder and CEO, thank you for walking this through the plan here Emily, it's back to you, Shanali, thank you.

Carmakers and tech companies around the globe are facing the prospect of an energy crisis and volatility in chip supply, those pressures will continue. According to the Attack and EV components Giant Bosh, Stephan her Tongue, the top executive at Bosh, Folks with our own blood Low Cridy Gupta and Guy Johnson on the European Clothes take a lesson. We're fighting

against that, that supply shortage. So what we will see is even if the demand is slowing, and even if some parts of production is probably reallocated, there is still an over high demand and that will last four months. So even if we see recessive motions in the whole entire environment the automotive industry, especially in the car side, we remain relatively stable for a certain amount of time. Give me some granularity in the supply chain. Where are

the pain points still present? Where are things improving, and especially when we think about energy and input costs, where are you still fighting that supply chain inflation. Well, the real problem with the supply chain is still with the semi conductors, and that is special semi conductors which are used for a motive. So these are lots, are large structures.

We're not talking about this and below, but rather a hundred n or ninety or lowest is probably about fourty or twenty three for the controllers we use, so that still is short. Even if we see that slowing down in the mobile phone market which unlocks capacity and semiconductors, automotive supply will still be let's say, at least reasonable constraint. Even for the next year. There will not be a

complete free speech, right. There will be always a bit of restrainment, So there's always some fight for the components. The energy part is definitely also a risk for those parts of supply chain which are on the row material side energy intensive. So here's for us more supplier question. Where we are with our partners in tight control where things going. What is unenterpricing, and obviously that makes things

not cheaper, it makes it more expensive. Well, what do you make of the President Biden's big push to create some of this manufacturing capacity right here in the United States. It's a plan that's going to last at least a decade to really get fully operational. What is that something at your positioning for or preparing for. Well, that resonates very much with us, right because we are if you see us very strong in Europe, we're also reasonably strong

in Asia. But we see ourselves underrepresented here. We are here since ninety six. In the North America. We are strong, but we should be much stronger. So that resonates very well and very happy that this policy comes into place. We are expanding, we are growing, We're buying companies, were investing. We just announced an investment in Enders and that we will announced further investments in our facilities. We invest in Mexico, We expand into new companies. We buy like Hydroforce. We

just bought that, which perfectly fits to us. So definitely, the North American space, especially USA, is a big opportunity for us. This is the day that we were getting news some Tesla on the fact that it's going to be producing trucks, and we're starting to see those Tesla planning to deliver semi trucks to Pepsi. They unveiled them a while ago, but they're now starting to potentially look

to deliver them. Stephan, do you think that the auto industry, the truck industry will broadly though, has been too focused on a treat technology Now, it's both right, that's so interesting in the automotive and mobility world. Anything is right. At the same time, you have to go heavily for electrification also, and trucks especially. There are some medium sized trucks, so also some heavy trucks if they go in only

short ranges where you need electrified trucks. Other machinery you don't want the electrification because the batteries are just too heavy, right, you can't use it. You don't have the electricity infrastructure where you have a too long range necessary or you drive over the whole day, which also may be a problem there. So I would say yes, everything right, we just have to see how which technology finds which application,

and that's what we have the market for. Stephen Hardtungue, there Bosh chair of the management board, with our own bloodlog I Johnson and critically Dea. And that does it for this edition of Bloomberg Technology. You can stay with Bloomberg Television tonight. We've got the lineup coming up with Damien Sassaur and Kaylee Lines. They talk about how media companies are looking to make a profit off the legalization of sports betting. Seven p m. Easter and don't forget

check out our podcast wherever you get your podcasts. I'm Emily Changing San Francisco. Have a wonderful weekend. Everyone, this Gloomberg