Tesla's Strong Earnings, Nvidia's Partnership in India

From Mahard where Innovation, Money and power Collie in Silicon Vallet NBN.

This is Bloomberg Technology with Caroline Hyde and Ed loved Love.

Live from New York and San Francisco. This is Bloomberg Technology coming up. Tesla shares spike on surprisingly strong earnings and lofty sales goals on twenty twenty five, and.

Nvidia announces a new partnership in India. More on its plans in the new massive market.

That's an exclusive interview with Greenlight Capital's David Einhorn. The first a focus on our top story, Ed.

Yeah, Tesla shares of the ev maker absolutely surgeon. In fact, if this seventeen percent gain holds, it puts Tesla on track for its biggest single day jump. Going back to March of twenty twenty one, So in the quarter there was a lot that investors liked. Profit was ahead of expectations. Part of that was sales of FSD software, part of it was regulatory credits. But they're also just lowering the

His best guess is ed his testa CEO El Musk on his growth expectations in the next year.

I do want to give some some rough estimate, which they think twenty to thirty percent vehicle growth next year, you know, notwithstanding negative external events.

Craigs Truell joins us Now from London, tell us are these estimates lofty goals likely to be achieved?

They're very lafty.

I would agree with that assessment.

I think, you know, we can't necessarily rule out the possibility that this is a company that won't actually increase deliveries this year, so you know, I think part of part of the reason for this rally was Musk's optimism that they will have a slight increase and this twenty

You know, slight growth was the call for twenty twenty four. And if you do the math, like our colleagues at Bloomberg and he F did, they're going to have to deliver five hundred and fourteen thousand vehicles ish in the last three months of this year, which would be a record.

What do we learn Craig, Yeah, the robo taxi event was sort of concepts of a plan, and this was a plan plan right where we we got a better indication of of, you know, plans for putting together a ride hailing offering that would actually deploy next year in California and Texas. It was a little unclear to me what exactly, you know, Tesla needs from the state of

Must said he'd be shocked if he didn't get those state regulatory approvals. And as you can see on the screen when we sent those headlines, Uber and lift stock fell in after hours. They continue to be under pressure in the context of some competition in Ryde hailing to come Bloombo's creatudow in London, thank you very much. Let's get this cell side reaction and bring in William Stein.

Around AI that Tesla's doing.

There was something that jumped out at me in the ten Q that the CFO also mentioned, which was in the quarter gone and Tesla recognized more than three hundred million dollars worth of FSD revenues now take that and tell me the story it gives you.

Yeah, the story gives me is that they released FSD on the cyber truck, So for cars that they've been selling for a little while, they can suddenly recognize the revenue that they've already been paid for that technology that they've already delivered and continued to deliver. So that's great, And you know, look, I think FSD is an amazing technology.

It does not work in the sense.

That you can actually run it without a driver, and that continues to be a problem no matter what the ten Q says.

This is a real problem for the company.

Have you seen any improvements, William since last ye were on to talk about some of those failings within FSD.

Yeah.

So we've reviewed three different versions of this.

I think the I Forget, which was the last time I was on your show to discuss it, but certainly this version twelve dot five, which is I think the latest one that's broadly available to consumers, this is still one that doesn't work.

Have there been improvements?

Certainly they mostly relate to the feel of the car in that it feels more human like, less herky jerky. But along with that, I think there have been some documented cases of rolling through stop signs, another let's say, minor driving infractions that are more human like, but maybe not exactly what one is shooting for for a driverless car in terms of trying to maximize the safety.

Okay, not only William, does he need to improve on the technology. Therefore, it seems like you're still saying despite the improvements, and what's so notable is they need the regulatory approvals.

This is where you drill in the extraordinary nature.

Of one Elon Musk, because he's not only the CEO of Tesla, but he's also potentially going to have a political role and FSD regulation coming ed.

Yeah, So, William, what I wrote about last night was Musk did not cite the election directly, and he did not name Donald Trump. But what he did say was that if there's going to be a Department of Government efficiency, he would like to work on nationwide or federal level rules for the deployment of autonomous technology on US roads, which is as close to commenting on the election as I think you could get in the context of an earnings call. What did you make of those comments?

Well, I think he's just.

Making some fairly logical comments about what would be the simplest, most logical way to pardon me, to regulate this technology, and at the federal level means you have one hurdl to clear instead of fifty individual ones. I don't interpret that as some super partisan view of the world. It's just something that would make his life easier, in the life of Tesla easier.

That's that's all I take.

That at worth looking at chez uber and Lyft again right, because the news for me that jumped out was this confidence that next year Tesla will offer some form of ride hailing in Texas and California. You've critiqued FSD. My question to you is, based on those headlines that came out on ride hailing, are you better understanding the jump from FSD in consumer cars to this proprietary ride haling service in the future.

Oh so, a couple of things.

First of all, I have a colleague that covers those ride healing stocks. I don't, but you know, I think what should be relatively clear is these issues. A ride healing service and full autonomy are not the same thing. They are fairly separate. You know, this company could turn on this ride healing service, you know, assuming they get

With William the amount that they need to spend, I mean whether or not they ten on that switch or not, and of course that ultimately means whether you have a driver at the wheel or not. I'm interested as to whether you think the upgrade what is it to an eleven billion capex spend is what needs to be invested right now.

By the business.

Oh well, this is not a huge difference. Right in the prior quarter they guided this number to ten billion. Now he's saying eleven wasn't a whole lot different from our model. We have a similar capex number next year. I think in a way, the you know, this might be a sort of off the run remark, but I think The biggest winner out of this topic is in Nvidia.

This is a big investment in Vidia.

These are that this training capability does not come from their internal D one chip or their Dojo computer. It's going to be spent at least in the near term, at least for the next year, more spending within video.

Wellenstein great to have your take.

Managing director and Senia analyst at Trust Securities has turned our attention to a different set of earnings. IBM shares, as you'll see now off by six percent, having its worst day since April twenty twenty four, show to slow down in the numbers in consulting revenue that came out after the bell Wednesday, even though software sales look they

Held back by that right now because of what.

William was just saying, costs, costs and ensuring that data and security is ready. However, here's what he said about optimism for next year. Twenty twenty five is going to be a good year despite headwinds. People want to scale and adapt their technology. Quite bullish and what twenty twenty five will look like for enterprise.

Tech ed Okay, coming up on the program from Elon Musk influence on Technology to some more about his impact on politics. An important conversation and piece of reporting coming up next. This has been bog technology.

We just want to check on some other earnings for you because shares are moving to the higher side significantly, so if T Mobile service now both at record highs. Of course, these are stories that we get on the back of T Mobile seeing strong results hit its highest interday level on record, because basically they are one of third collar results that beat expectations.

They're raising their full year subscribers as well.

Service now this is a story of AI out of intelligence adoption as well.

They're rallying to record on yet.

Also strong results after the bell and they're seeing a third called results that beat expectations, and they're giving a pretty strong outlook as well.

And what have we got.

We're going to go to a Bloomberg data deep dive into Elon Musk's online presence ahead of the US election. According to a large scale Bloomberg analysis, the billionaire owner has been spreading debunped theories of undocumented voters, swaying the US election and growing his influence in the process, making him the biggest promoter of anti immigrant conspiracies on X, the social media platform he owns. I want to bring in Bloomberg Sarah Fryar, who's the editor that leads our

What is it that we report through.

That dense body of data.

Well, it was really interesting finding actually that we have seen mus on the campaign trail with Trump talk about these anti immigrant theories he has he's been promoting the idea that Democrats are shipping in immigrants to vote for them.

So this is a very serious finding in my opinion.

And the findings are serious in the nature in which you got them. You ran machine learning model basically on posts to identify the subjects he was most often citing and talking about. Thirteen hundred of Musk posts in twenty twenty four really revolving around this issue, and I just want to get to the facts, therefore, Sarah, of what actually happens, because the facts are that non citizen voting is incredibly rare.

It's incredibly rarre. Non citizens cannot vote for president, that is not a thing. There is a very diffficult path to citizenship in the US. So this idea that he has been talking about is just not based in reality or any history that we know of. And this is this is something that we didn't just talk about in terms of the data. Our reporters went on the ground

Danger of those immigrants.

They went to Butler, Pennsylvania during a rally where Trump and Muck were speaking together and talked to a different kind of victim, those who believe the misinformation that they are being told. So this is this is something that isn't just happening on the Internet. It isn't just happening on x It is happening in the daily lives of Americans right now with election just a few days away.

This is dates of journalism, and the team does a great job in explaining the methodology and also chronology of what happened. But I have to ask Sarah if have we heard from Elon Musk or X actually about our reporting and how they feel about it.

We haven't heard from USK X or Elon Musk, but we did hear from the Trump campaign and they doubled down. They said Elon Musk is not wrong.

You know, they.

Repeated some of the mids information that Musk has endorsed on X.

And one more thing I'd point out from the data often it's not Musk himself saying these things. He will often quote, tweet or just put a little emoji response to something. But with his following that upwards of two hundred million strong, he has incredible influence. He's actually the top influencer on the platform that he owns and has a lot of influence over the algorithm thereof. We also found that often his posts do not get backcheck from

Go read the full piece. Extraordinary, Sarah Frar, We thank you now. Microsoft co founder Bill Gates also has his eyes on the approaching US election. He spoke with Bloomberg editor in chief John Micklethwaite about the role of innovation in addressing the world's most pressing challenges. That was over at Bloomberg and New Economy at E twenty in South

Just take a listen.

We will suffer overall, welfare will improve lass as. Not only will if you have put teiff on, of course, other people will put tariff.

On as well.

And the economic dynamism and speed of innovation will be significant, significantly slow.

Just to push you on that dynamism point. You know, it's very easy to make the argument that this means higher prices for consumers. But this issue of dynamism, the sort of you've been involved in entrepreneurship, these things most of your life have less foreign competition, less foreign goods that must have an impact on it. I know it's back to a creed you've believed in, but in practice is that argument possible to make devices?

Well, we should find articulate politicians who can make the case if you take most of the industries I think about, like you know, inventing a new drug, or writing a new piece of software, or birthing a new climate technology, you have these gigantic fixed costs, and the fact that you can do that work and then sell it on a global basis means that everybody's getting you faster innovation

That was Microsoft co founder Bill Gates along with Bloomberg editor in chief John Mechlfwaite, it's.

Time for talking tech and first start.

Troubled it company Atos said its financial restructuring plan has been approved by a French commercial court, paving the way for creditors to take control. Under the plan, Atos will receive one point six to one point eight billion dollars of new money beginning in twenty twenty five, plus Shares of sk Heinix clining to a two month high this after the company posted record quarterly profit and revenue, a reflection of strong demand for its memory chips used in

CEO Jensen One.

Has struck a deal with Asia's richest man, Maukeshambani to build out a new data center using Nvidia's Blackworld.

Here's CEO Jenson Wong.

In order to lead an artificial intelligence you need to have AI model technology that India has. You need to have data, massive quantities of data and using the last thing you need is AI infrastructure. And we're announcing that that reliance and in video or partnering to build AI infrastructure here in India.

Let's get more on that story New magazine.

King joins us, how significant is in Video's presence already in India?

In yeah, I mean they've had Obviously, India has been a long term source of very good engineering and math talent, so there's been a lot of software efforts that they've been there for decades. But in terms of it being an end business for them, an n market for them, it's not particularly significant yet.

Just quickly, you and I've reported a lot. Jensen want to spend a lot of time in the last year trying to do deals at the nation state level. I know this one's kind of different, but talk to me about the strategy selling things outside of America.

Yeah, I mean, this is part of his world tour, right. He's in India now, He's going to Japan next and I'm sure there are going to be other of these events scheduled around the world. He's trying to basically spread the use of his technology away from the concentration in the big cloud providers and get everybody involved. And this is the big push.

It continues to be a wild week in semiconductors. TSMC is top of mind. They identified a client that was funding chips to Huawei and acted on it after a Bloomberg report. Any update, what do we know?

Yeah, I mean, there's been a lot of speculation about what was going on, a lot of reports and that we've seen, and finally TSMC of command and said, Yep, we found a customer who wasn't the customer we thought they were. They were supplying to Uawei and obviously that's illegal, so we've cut them off. We don't know exactly how that happened. We have to assume that there will be their investigations of that that the US government will look at that seriously, because this is something I don't want.

I have a feeding that story has more room to run in King, We thank you so much. Coming up, we've got a great conversation. You don't want to miss it. Greenlight Capital's David Einholm, this is boom Bag technology.

We want to now welcome our Bloomberg radio and television audiences right now, I'm Shanali Bassik.

Now.

Bloomberg LP, the parent company of Bloomberg Television, is working with the robin Hood Foundation for a staff picking competition for ten thousand dollars that will go to charity in order to fight poverty in New York. You pick a long and a short investment and you can register through Monday, October twenty eighth.

You can sign up at Robinhood dot org.

The competition is for charitable purposes only and does not constitute financial or investment advice. For more about the competition and his own investment choices, we are joined now by David Einhorn of green Light Capital, and perhaps first talk about this program for a minute. Pick a ticker. You have a sensorially gamified charity. Why did you guys do it this way? You're closely involved with the Robin Hood Foundation, and what do you expect out of the program?

Yeah, we just thought it would be a little bit of a fun thing to do in conjunction with the annual investor conference that's been going on for eleven or twelve years. The idea is is anybody who wants to participate and donate ten thousand dollars, pick along, pick a short, see how it does over the next six months, and whoever wins can gets to choose which Robinhood supported organization get gets the chunk of the money.

Now, did you participate? Are you picking it on a long and a short for this game?

One hundred percent? Of course?

What are they?

Well, I'm not the shorts.

People are allowed to keep confidential, and I'm going to keep mind confidential. But I'm going to pick Peloton, which is the stock that I pitched yesterday at the Robin Good Conference.

Now, talk a little more about that, because from what I understand, you came dressed in full gear to make this a pitch to the audience there. What is it about Peloton that you like?

Right now? I understand that you said.

That it's undervalued, But what's the catalyst?

Is it M and A or something else that you're looking at.

Well, I think there's a lot to like with Peloton.

They have a large customer base that hays forty four dollars a month and is extremely engaged. Bride's and average thirteen times a month and has very very low attrition. So most subscription type models like this trade a really high valuations. Peloton has suffered over the last number of years because they thought they were going to be a

To turn around.

This is certainly the type of company that there's a number of larger companies I think that would be very interested in owning this if it came down to that.

David, I also want you to weigh in over here.

It's interesting as we speak right now, Testla had come out with earnings. Over the last twenty four hours, the stock is up more than nineteen percent at the moment. It's been a stock that you have been short before. Wondering what you think about this stock at this evaluation here and whether you would ever go short again.

Yeah, we don't really comment on our positions anymore, and we stopped doing that a few years ago. And so whether Tesla is a shorter potential short, it's not something that I'm going to discuss.

Can you speak to the valuation as it stands now and how it fits into the broader story around stock market valuations right.

Now now, I'm really not going to go anywhere near that.

So let's talk about valuations more generally, because of course, the AI trade in general has been a very hot one I'm wondering if you think that if some of these stocks have gone too far, and how you're playing the AI trade.

Well, you know, the thing is is we don't have to, you know, bet against things that seem like they're expensive when there's so much excitement around them. So these stocks are very high. There's a lot of enthusiasm. There's been

Pay for things to want to chase those things.

We do have a couple of companies that you know, maybe have options on AI coming our direction. So for example, we own HP which makes PCs, and PCs are due for a regular replacement cycle because a lot we're bought after COVID in twenty twenty and twenty twenty one, and we could have a better than normal cycle if if AIPCS turn out to d a thing, but definitely trace about ten times earnings, pase a three and something percent dividend they're spending one hundred percent of recashlow returning it

You know, I totally understand that you don't want to talk about individual short wagers. However, will you kind of explain the thinking around short investing right now? There are a lot of people who feel very burned in the way that markets have really melted up in a large way. What does the environment for shorting look like to you, and what are the kind of parameters that you think around.

Yeah, we're actually having a pretty decent year in our short book, particularly considering how the market has gone up. We made a change a couple of years ago in response to sort of the meme stuff, and what we basically figured out is that the right tail for your best short ideas has changed.

So it used to be.

I'd want to put the most money and whatever I thought my best idea is, But your best idea is probably something that you think is going to go to zero,

While we're talking about volatility as well, I know you this year had written two investors basically saying that it doesn't really matter who would win the election when it comes down to the markets more directly.

But I am still really.

Curious about how you're thinking about the election less than two weeks away. Uncertainty around how long it will take to know what the votes really come out to be at the end of the day. How do you think about that uncertainty and investing around it.

Yeah, Look, I don't know how to handicap, but the only real protect projection I'm going to make about the election is it's going to be held on November fifth and beyond that, it's really hard to know.

The election seems to be very close.

And you know, I don't know whether we'll have a winner anytime soon. I don't know whether either candidate is preparing to concede if it's a close election.

So we'll just have to kind of see how that plays.

I'm taking a relatively conservative posture into the election. I view this as a potentially uncertain event.

Is there anything that could take off after the election? We hear over and over that investors are taking a risk off tone before that time.

So what starts to take off after Well, I.

Think if you have a clear winner and it's you know, in the country, it's clear what direction the country is going to go, I'm confident that investors will chase whatever's perceived to be a beneficiary of whichever candidate that happens to be.

I want to get your macro view on this as well, because a lot of people are worried about the direction of inflation. You saw the ten year really a trail higher in recent days. Some people think it's a Trump trade. What do you think about the direction of travel for bonds? The macro markets more largely on the heels of this election.

Yeah, Look, I think that I think we're in We moved from a secular deflation for many many years into secular inflation, and we've had a you know, a reduction in inflation from the peak from a.

Couple of years ago.

But I think a lot of that is kind of run its course, and so there's a decent chance we should have inflation re accelerate, probably as soon as the next inflation reading. As far as I can tell, there's still rents that have to flow through, Commodity prices are getting stronger, and I think there's some other indications, you know, labor prices still going up. You see what's going on for example with the Boeing strike. These these wage increases

We're running about three percent.

So for that three percent growth and we've got you know, at least two and a half and maybe rising inflation from there, and that's nominal GDP of five and a half plus. It's hard to see why treasury bonds that you know, four percent are a little bit better than that our mispriced, or why rates should come down from that.

Another that I know that you have had on David, it's fair to call you a gold bug. We've seen gold hit record highs this year, and I'm wondering how much further you think it'll go and why.

Well I think that I think that gold.

Look, we've been long gold for about you know, fifteen years, so there's nothing new about me saying something interesting about gold.

But I think just to the point I was just making right.

If we have the FED, it seems dependent on trying to reduce interest rates, even as inflation you know, maybe bottoming and about to reaccelerate, that should be pretty good for golds, and I think you're beginning to see that in the price of gold, and gold has had a really strong year.

It's been a big help to us.

Last question for you before I let you go. There's been a lot of conversation about how you've been thinking about value investing, whether the industry has died or not, But a lot of people are looking to get back into that value trade, particularly that Russell two thousand value trade.

What advice would you give then, Well.

I think with so many professional value investors no longer practicing their trade or having assets to manage, there's just a lot less competition, and so you can find some pretty exciting values in companies that are less talked about or less exciting than the ones that everyone wants to you know, you know, comment on every day that traded, you know, fancy mostly multiples. You have a real bifurcated market, and we can find companies that are paying large dividends and buying.

Back lots of stock.

We're going to make a good return just from the company giving us the money, and we don't really care whether what other investors do.

David, we got to leave it hit there.

Of course, that is David Einhorn Greenlight Capital talking about his favorite long pick.

Right now. We thank you very much for your time. Back to you.

We mentioned Ali Bassek, Thank you very much. In CEO, Ryan Roslansky says that even if you don't change your job, your job will change due to AI. He sat down with Bloomberg's has Lean that I'm in for an episode of Insight, where he talks about the platform's growth, the impact of AI on career search and development, encountering misinformation ahead of the US election.

Listen to this.

A couple of trends that we see right now, are you know, across the board, just just the need for you know, people to really upskill in what they're doing. AI skills but also human skills I think are really on high demand across the board. For the first time on LinkedIn, we're seeing a lot of growth outside of kind of the core knowledge worker, and that's especially happening in India and Indonesia, So small business owners, freelancers are

Right now, there's a lot.

Of focus on the US election and perhaps AI generated misinformation.

How are you countering that on your platform. So a large extent, you know, LinkedIn exists as a platform to create economic opportunity. What you share on LinkedIn is attached to your real identity, you know, your resume online, so we don't face a lot of the issues that a lot of other platforms may face where there's not real identity. But to the extent that you know, we still have a lot of the same you know, trust in place across the board. You know, through AI and human review,

LinkedIn CEO Ran Raslanski along with Heslinda Imin. And meanwhile, Ireland's Data Protection Commission has actually just fined LinkedIn three hundred and ten million euros that's three.

Hundred and thirty five million US dollars for.

Illegally processing the personal data of users within the EU to deliver targeted advertising. In a statement, Deputy Commissioner Graham Doyle called it quote a clear and serious violation of data subjects fundamental right to data protection LinkedIn said the case relates to claims from twenty eighteen and believes it is now in compliance with data regulation.

This is what Tesla shares look like right now, are almost nineteen percent of session highs, but as it stands on track for the biggest single day jump since March of twenty twenty one. They beat expectations in the quarter and a lot of this is about the business of selling evs to consumers. Really big goals for next year and they're getting more.

Profitable at doing it.

Let's talk to Jessin a cool Well, head of insights at Edmunds, and I want to start with this idea that they see growth in the automotive business of twenty to thirty percent next year.

Really interesting.

What did you make of that and does your research and math support it well?

That indicates if they have a high volume model coming.

I mean in this market right now, I don't think any other car company is projecting.

That type of growth.

So they have high expectations for this lower cost electric vehicle, whether it's the three or the Y that's low cost. But yeah, that does not track with where the auto industry is heading. So of course, with Elon Muskus, promises. You never know exactly what that timeline is and if they'll actually hit those markers. But I mean, I think those sales growth projections have to indicate an incremental volume model for Tesla.

So if the math doesn't seem to quite add up for what they need to achieve this quarter that we're in, point us forward to next year as well, when we see a play of catch up and ultimately what price point they have to come in at for that up to thirty percent growth. Where is the demand from real perspective.

Yeah, So the interesting thing about his comments is the way he describes as a car market, and he's done this on pass calls.

It feels like he assumes.

That everybody out there is a very pragmatic fire He says things like if we hit the right price and the demand is infinite, something like that. He's talked about people are looking at costs per mile, and that's not the way people, especially in the United States, buy cars. I mean, if that was the case, we would not

I think that is probably the biggest question I have for.

Them really next year, because people like to see new things. They don't like to see the same old thing that they've seen, but now just cheaper. If you want that, you can probably go get.

A used one.

I mean it's not new, but you know it's it's in that price range.

If you're just joining us on Bluebot Technology test. The shares are up almost nineteen percent. The S and P five hundred is down a little bit at ten five percent. Here's a fun stat for everyone. The previous biggest gain Tesla's ever posted on a day where the S and P five hundred was down was seven and a half percent. That's the state of play now and we're up nineteen percent. And Jessica, A big part of it is this autonomous future.

I don't think it's for everybody at this point in time. I think people like the idea of a vehicle driving itself.

I mean, who who want who doesn't want that?

Time bag, But we're talking about the next few years and are people really ready for it. I think you're going to have a group of people that are they like it, But I think you're gonna have a lot of opposition as well, people that feel like they're on the roads being subjected to these vehicles that they didn't ask for. So I think getting the public ready is a really big hurdle that we're not really talking about.

We're talking about the technology and the regulatory and all of that.

I mean, that has to be solved, but also these are going to be in our streets, and I think there's gonna be a lot of concern out there if we don't start talking about how this all works.

Okay, And regulation is actually something that Musk himself was talking about potentially being able to push forward if he does indeed get a role in the next administration. A lot of ifs within that. Jessica, just go back to the facts of this quarter we're currently in. Do you believe that the targets were outlined on the call will be made for this current court, let alone the thirty percent being looked out for next year.

I mean, it seems likely.

It seems like this quarter will probably see some sort of increase in sales overall. We know that, you know, we've had a FED cut or interest rates are a little bit a little bit easier. And then also Tesla has been pretty aggressive with their incentives, so the fact that they are offering.

Good deals out there is helpful.

And then also when you just think about new vehicles in general, I mean a new Evil release.

Is the best deal.

So I think that that is working in their favor, but it's not as nessarily going to make you know, these massive sales jumps out they're anticipating next year.

Jessica, Tesla wants to change the relationship of an individual with cars.

You know, I have a Tesla model. Why I believe Caro also has a Tesla. We both use FSD.

But in the future that Tesla sees we don't necessarily own our own cars, and if we do, we submit them to a fleet when we're not using them in the same way we might put homes on Airbnb. You cover this industry, how are you going to cover it going forward?

I mean, yeah, that's a big question, Like in terms of personal ownership, do we own these vehicles? Because I do think that there are a group of people that they want their own vehicles.

They're not going to fleet it out.

They don't want their vehicle coming back in whatever state that it's going to come out in ten hours when they need to use it again.

But there are.

People that will use this, and I think that this is going to be a you know, a real income differentiator of people that have their own vehicles and people that can get around and they're not having to worry about a monthly payment or insurance which has gone up so much recently just in the past year alone, and everything that is associated with car ownership. So it's definitely going to change, but I feel like it's going to be a bit slower than I feel like what we're promised.

Just a cold well kind of insights of Edmunds. Great having you, thank you.

That does it. For this addition, I'm blie big technology.

Ed Yeah, big focus on Testa's earnings and a lot to recap on the podcast. You know where to find it online and on the Bloomberg platform. Shout out the team in New York and here in SSEF. This is Bloomberg Technology