Trump's Indictment and Accenture's Generative AI Outlook

pause in developing the disruptive technology. Plus Huawei posting its first profit drop in a decade as US sanctions forced the China tech giant to invest in R and D. We discuss with Huawei chief security officer Andy Purdy. Let's bring you these markets when it comes to the technology sector. In the last day of what's been a constructive quarter.

You look at the NAZAC one hundred by a percentage point ending this quarter higher, best quarter back since the second quarter of twenty twenty, second best quarter of the decade.

Similar performance in the semiconductors. You look at the SOX, the Philadelphia Semiconductor Index Okay, four tenths of a percent higher, but actually again the best quarter for that index going back to June of twenty twenty, yield kind of pulling back a little bit three point five percent on the ten year risk on generally speaking, in bitcoin is certainly a part of that story. The main headlines are around former President Trump and his indictment, how that's playing out

in the tech sector and in the equity markets. These are special purpose acquisition companies or spacks. Digital World up six and a half percent. This is the spack that's due to take true social public The idea here that the market's talking about is that the indictment of former President Trump puts a spotlight on more conservative social media platforms. Those more conservative social media platforms, including Rumble, for example, a video platform, are seeing money flowing to them in

the equity markets this Friday. Let's get the specifics of what's happening from Laura Davison out in Washington, DC. Laura, where do we stand with the indictment of former President Trump. Well, he could be arraigned as soon as Tuesday of next week. You know, this is something that you know, people have been waiting for ever since Trump said recently that he

could be arrested. But this, really, this announcement yesterday really took everyone by surprise, including trumpsall and lawyers, who weren't really expecting this to come and and certainly not expecting an arraignment next week. But you know, this is going to look very similar to any other type of arraignment that would happen in New York. Trump is going to have to get fingerprinted, to have his mugshot take and

have to sit in the basement of the courthouse in Manhattan. Laura, have we heard from former President Trump on any of these platforms. Yes, he's been on true social really you know, going you know, a full force as he has known for, you know, his really bombastic language. In some cases. You know, some have suggested that he's almost seen mainly trying to start a riot, saying that we protest in the streets. There's increased security in Manhattan. This could really potentially be

a problem for Trump. You know, it would not be unprecedented for judges to say that he can't go to social media platforms to try to incite violence or anything else. Blombosloy Davison out of DC, thank you. Let's stick with the conversation and more on Trump's influence throughout social media accounts. Jennifer Greigel, Syracuse University Assistant Professor of Communications. We started this program talking about investors buying in two stocks related

to more conservative social media platforms. What's your interpretation of that reaction. Well, if we can look at history for a second, Trump wouldn't be the first ex president to the face of trial. We had Roosevelt actually here in Syracuse and back in the day early nineteen hundred and it true an intense media spectacle. Okay, So I don't know if people are focusing on these, you know, fringe platforms.

I think they're missing the point that the people aren't just going to be talking about this and following this on social media. There will be legitimate media's interest. They'll want to read the news. So this could bring a spectacle like you would see with the OJ Simpson and things like that. Right, So, I think Trump knows how to manipulate the media too, and all eyes will be on that trial. It's if it reaches that point. Jennifer's point out, what is a first right a first former

president to be indicted? But I hear your point on the news cycle. Twitter wants to be the place where the new cycle plays out. Do you think that's why it used to be? It used to be the place more where the news cycle, yeah, played out. But you know, I still think that that the platform is fundamentally changed since Must took it over. You still don't have the same type of user base there that used to see

a lot of academics and journal as. Sure some people are out there still, but not like he used to. So people may follow more of the details, you know, almost like a reality TV show there, But I don't think the same types of influential media folks are on Twitter like they used to be. How strong a landscape two conservative voices have in social media right now? How strong are those conservative specific platforms. I think we need to look at it more collectively as those who are

in power. I know there's a lot of attention on you know, what, is Trump trying to cause a riot, but he's also an ex president. I think we need to focus a lot more on the sitting president, on those in Congress, and again that crosses political parties, right and looking at the influence that they're exerting. Now. It's not just like is their voice being amplified more on

this platform or that. But look at what's happening with TikTok okay in the ability to influence a potentially shutter that app here in the United States, and that is monumental and we are really not talking about that enough. So that's that's influence, and it cuts across you know, conservative to you know, right left. It's a collaborative effort as I see it right now between the White House hand Congress. So I'd be focused more on that if

I was looking at investments, Jennifer. Have the risks to social media and use of social media changed since Trump left office? Yeah? I think again nothing has really changed when it comes to how presidents are using social If anything, you know, maybe they're exerting more influence on regulation and the ability to maybe shutter apps as I mentioned before. But like we have to keep in mind that censorship will look different here in the United States, and also

just the increasing use of government social media. I just think that we need to to really address that as a country, not just here in the United States but around the world. So for me, it's a public We really want these platforms and our media environment to function and be safe regardless of po's in power. And and I really don't think that that risk has gone away under Biden or potentially future presidents, regardless of their party.

So maybe some people are comfortable with, you know, kind of democrats steering some of the policy around social media right now, but we have to remember that they may not always be in power. So you really want your social media platforms, your media environment to be a healthy one that is just good for the public, good for discourse, good for democracy. And still I still see that that's right here today, Professor Jennifer Geigel of Syracuse, thank you

for your time. Now. Sticking with social media, TikTok isn't the only social media company under bike Dance that's gone viral. US downloads of Lemonade are surging. It's a content sharing plat form similar to TikTok, but focusing on longer form lifestyle videos. Think of it as a mix of Instagram and Pinterest, but information about the app is murky. However, regulatory filings and various media reports suggest it is owned

by Bike Dance. Eliminates ties with the Chinese company may expose it to similar scrutiny faced by the TikTok in the United States. I think there are different ways of viewing what we're asking for. I think the idea that you know, the CEOs of Microsoft and Google and deep Mind are going to read this and say, oh, sorry, yeah, you're right, we completely messed up, and we'll definitely stop

right now. I don't think that's going to happen, but I hope that it at least begins a serious conversation about what would be necessary to develop systems that we can have confidence in. And there's two parts to that, right, Could we develop ways of testing the systems that we already have so that we can show that they do not present risks, that they will not help people to commit suicide and so go on, Or we change the way we design the system so that we can do that.

And I actually think the latter is probably more likely. I would also say that legislators the European Union, for example, are close to passing the AI Act, which would require these kinds of steps as a matter of law, so that you could not put systems on the market unless

you could satisfy the regulators that they were safe. That was Stuart Russell, Berkeley Computer Science professor an AI expern He was one of the signatories of the petition calling for a halt to AI development, and that's where I want to go more about generative AI the kinds of opportunities that it opens up in the world of technology.

Paul Doughty, Excentious Technology Group, Chief executive, author of two books on the impact of AI and machine learning, particularly on jobs and work, Human Machine and his most recent one, Radically Human, How new technology is transforming business and shaping our future. Paul, welcome to the program. You heard there what Professor Russell had to say, The findings of your report about the outlook for AI contrast with what the industry is calling for right now. Yeah, I know, Stuart, Well,

it's great to hear us comments. We do some work together in a deep respect for Stuart and hiss views. You know. Look, I think the open letter an AI was I think important attention to a real issue, which is getting serious dialog around the applications of AI and really responsible AI. You know, I would say that if an organization or a company is implementing AI and you don't have responsible AI policy and approach, is simply irresponsible.

So I think this call to attention around how the impact the technology is having, guarding against bias, ensuring accuracy, looking at intellectual property, and all these issues are really important. But I don't think a pause is a step we need.

I think what we need is more transparency and dialogue and more companies take steps you know that we've been working on for four or five years, which is actually having training policies, compliance programs and the like in our company and companies that we work with to make sure organizations aren't taking the right steps with artificial intelligence. You're plugged into hundreds, if not thousands of tech companies globally. Is a six month pause feasible? Can anyone actually make

that happen? Now? I don't think it's the right You know, the pause is the right way to think about this is there's tremendous innovation and progress happening, and I think, you know, there's I think there's approaches, many approaches and plays to look at how we use the technology in

the appropriate way. So I think the right thing to do is to keep is to keep the experimentation, keep the innovation going, but increase the dialogue around you know, the gardriels that we need to have some place on some of the topics that I mentioned earlier. So that's

the approach we advocate. We're working you know, with many organizations around the world, including some of the ones you mentioned, on putting the right gardials in place as we move forward, but we think the innovation experimentation actually helps contribute to that dialogue. The conclusion of your report and your survey is that AI is going to spark a pretty large wave of innovation right next generation technologies. How though, how

does that manifest itself? AI really unleashes kind of a next level of capability for organizations, that's the way to

think about it. And we had a launch of our annual Vision Report yesterday and on the launch we heard from everything from one hundred and twenty five year old company to a twenty five year old, you know, AI startup founder about the implications that it has on business, and ninety eight percent of executives in the research that we've done talk about the fact that they're going to invest in and believe generative AI in particularly will have a big impact on their organization and the impact that

it will have its allowing organizations to do new things they couldn't do before. It's new new levels of creative capability powered by the foundation models that you hear about. It's new ways for work to be done, new ways to empower people, and essentially in essence, to give workers

superpowers to do new things and work. You know, it expanded things with copilot type of capability powered by genderative AI, and I think it really creates a great opportunity for individuals to use technology in a different way and for businesses to look at how they how they make these big advances and how they compete, differentiate and grow. Well, that's got someone else's view on where we are in the AI cycle. This is what the Stability AI CEO had say in the last twenty four hours. This is

bigger than five G or self driving. Cause we've had others on the show that say what's happening in artificial intelligence is akin from the shift to mobile for example. You are a technologist to agree with any of those statements. Yeah, What I've said is is that I believe what we're seeing now with foundation models and large language models is one of the three biggest innovations I've seen in my

multi decade career working in technology. The first was when I used one of the first browsers and saw the potential and part of the Internet. The second was when I saw it the first iPhone come out and realize the power bringing that kind of access and technology of

billions of people around the world in them. When I dove in with the foundation models and large language models of the transformer technology and saw the creative power that it had and the power to allow humans workers, you know, people to interact with technology at a whole new level. I think it is that type of breakthrough. Poul Accentia, your own company is laying off nineteen thousand staff across technology mass layoffs. What is your assessment of the reasons

why layoffs are happening. Well, you know, we announced you know, really record growth in our business. We had record sales and the results that we just announced, you know, thirty five you know, at one point thirty five deals of over one hundred million dollars of war around technology, driven by a lot of what's happening with companies need to reinvent faster by applying technology. So we see and we

see continued robust and strowing demand for technology. What we announced was really something we do every year in terms of looking at Howard positioned with talent for the growth that we have going forward. And the only difference this time is we we took a proactive step to get fit for what we see coming. But this is you know, kind of in the realm of what we do every year.

And we think, you know, the market going forward, especially with somebody's dot technology companies needing this technology to operate more resiliently in the carpulicated world that they upbreading is going to continue. Drive now to maim all right, Paul Doherty, Accentires Technology Group Chief executive, Thank you, coming up, Uber going more and more green, how it's intensifying its efforts

to electrify the vehicles on its network. And now as that one hundred, we've said it best quarter going back to the second quarter of twenty twenty, actually the second best quarter of the decade for this tech heavy index. Interesting story on Bloomberg about how insiders though are some of the sellers of technology shares, certainly worth checking out. This is Bloomberg time for talking tech. Alib and JD dot Com have begun preparations for a trio of the

year's biggest Chinese debuts. Ali Baba's logistics firm Kanyell has kicked off discussions with banks for what may become the first of several IPOs by units of the e commerce giant, and on Thursday, two JD subsidiaries filed for first time share sales in Hong Kong. Those three listings could raise about five billion dollars between them, according to sources and Bloomberg reporting that Tesla is looking to build a battery plant in the US, which would likely be a controversial

arrangement with China's dominant electric vehicle battery maker. Tesla discussed plans involving the company CATL with White House officials over the past few days. Sources told myself and colleagues Gabby Coppola and Jen Jacobs that this has been going on for a couple of months now now. Speaking of evs, Uber also has some news as Earth Month Fast approaches. Today, BP Pols and Uber announced a new global mobility initiative. The idea get the drivers in to the stations to

charge their vehicles, joining us on the program now. Adam gramis the Uber's gloable head of sustainability policy. Interesting play. Everyone wants to drive electric, Everyone wants to ride electric. Is this for the drivers or ultimately is this for the riders? Yes, good morning. First Uber wants to lead the ride share industry to an all electric, zero emission future.

How are we going to do that? We made a pledge to reach one hundred percent of rides in evs and micromobility by twenty thirty in the US, Canada, and Europe and everywhere we operate globally by twenty forty. How do we do that? Working with drivers, helping them make the switch, working with consumers, make it easy, push a button, get a clean ride. And finally transparency because we need accountability and we know that we don't just earn it.

This play is all about helping drivers, meeting drivers where they're at. When we talk to drivers, they say their top two concerns are the EV cost in EV charging. That's why this deal is so important. We're making deals like this with energy companies around the world. This deal with BP Pulse helps make it so that we can reach more drivers where they are in mini drivers today or at the pub. So on that point, a lot of drivers watch this program, so we ask them, what's

holding you back from electrifying? These are the results. You can see them on the screen over there. Cost of evs fifty percent, respondents, lack of charging forty three percent. In San Francisco, it's pretty easy to get an electrified ride. Other cities it's not to Actually, drives need a bit more financial help than just offering the infrastructure. This corroborates with what we hear from drivers as well. These top barriers.

For US, it's finding ways to leverage our marketplace, to leverage our scale, to find new ways to bring tools for drivers, supply for drivers through partnerships, and new innovations to make it easier to find the charging. For instance, just this week we expanded Comfort Electric. Comfort Electric is a push a button get an EV and not just in EV. You can get a premium EV, a Tesla, a Pulse, our Forward mark E. These are vehicles people want as evs, but there are also cars that people

want to be And let's think about this blistically. What percentage of the total ride chef fleet in the US or globally is currently electric. Last year, we quadrupled the number of active drivers who are using evs on Uber in the US, Canada, and Europe to forty thousand. We're operating the largest all electric ridehail fleet outside of China. It's very exciting. In the US, we're seeing drivers switch to evs five to eight times faster than the general

population if you compared to say EV registrations. And what we're seeing is that drivers on Uber in some markets like California and some markets like London are going even faster ten fifteen percent of miles served. So for this forward, I don't think any money changed hands between Uber and BP on this transaction money. What is your dollar commitment to driving this initiative. Ubers made a commitment to make eight hundred million in total resources available to drivers to

help bing the switch. We talked about it at the beginning right driver's face a financial hurdle to get into evs. So we've made a commitment to eight hundred million dollars to make it available to drivers by twenty twenty five to help hundreds of thousands make the switch in the US that takes the form of a dollar trip in center from Uber. Disagreement with BP creates a global framework where we can create local besloke offerings right at meat

drivers where they're at and tailor to the local market. Conditions. All right, Adam grammis Uber, global head of sustainability Policy here in San Francisco, Welcome back to Bloomberg Technology, ourmed lovelow in San Francisco. Huawei posted is first annual profit decline in more than a decade after years of US sanctions have all but obliterated the smartphone arm of the business and compelled the Chinese telecom gearmaker to wratch it up Research spending his talk about the outlook for Huawei

is chief security Officer Andy Purdy. Andy, this is the direct results of US sanctions on your financials. That's right. It's great to be back on your show, and we're joining the new new time slot. Yeah. This is a major impact of the last couple of years, particularly decimating our consumer business, causing a drop of thirty billion in

a year. But we are work through this. Our business is stabilized and our operations are steady, and we're leveraging our partnerships five G to business and our research and development historic numbers, and we see a path forward and that we are heartened and determined to move forward with a tremendous emphasis on innovation and partnership. Andy, what is your hope for the net result of spending on R

and D to get out of the impacts of sanctions. Well, what we're seeing is working closely with partners finding new kinds of technological capabilities that can be enabled by five G and other technologies, so that when you look at ports and mining and healthcare manufacturing, it's clear that these R and D investments are going to help strengthen operations, create greater funding, greater efficiency, and it's going to drive increases in gross domestic product in those countries that do

it and those businesses that do it. So we're also doing some hardcore research on some of the major problems in science, such as Shannon's a limit the amount of error free data that can pass through its channel. Because we have to start getting ready for five point five G and the amount of uplinking downlike capabilities, it's going to be necessary. It's going to be a gigantic problem that the hard truth of science may limit the benefits

of unless we can overcome some of those hurdles. What's happening in Maitland, China is Ishuawei's push into five G for companies that are in China. How's that going and can you replicate what you're doing in that field outside

of China and other jurisdictions. Well, I just got back from the mobile to Congress, one of the largest conferences in the world in Barcelona in late February early Mark, so I had an opportunity to talk to a lot of customers, a lot of partners, represented a number of governments around the world, talking about and sharing lessons learned about what are the use cases for these technologies, Where

can carriers, where can enterprise benefits? The benefit to most from these new technologies to increase efficiency, reduce the carbon footprint, and bring new capabilities for monetization to carriers and to customers. And it's an exciting story. And frankly, as an American, i'nheartened that the investments we're seeing in the United States look to going to be increasing the amount of real five G between now and twenty twenty five. So the at and ts and Verizons and t mobiles of the

world are investing heavily. So hopefully America is going to learn some lessons and going to drive forward with some important progress in these areas as well. Because it's not just about making money, although it's important, it's about supporting small and medium enterprises and bringing a greater quality of life to our citizens and our There is changes a foot within Huawei. Mang Yuanjo takes the rotating chair position

starting next week, I believe. How does that impact management structure, how Huawei is rum what's her grip on this technology company right now? Well, it's an interesting situation and it's highlighted again. But I think with Huawei two and a half years and this concept of having a rotating chairman coming in every six months, the structure of the company, the organization of the company is not dependent on the particular individual that's the rotating chairman. We have these structures,

we have these processes, we have these compliance systems. All those things are in place. So the particular tone, the particular priorities of the rotating chair can have an influence, but the company is organized in a way that this creates continuity and stability. Andy, there's a lot of focus right now in Huawei's activities within the chip space semiconductors, a lot especially on the software and design side. How

is that going? Is it actually a material path to circumventing what the US is trying to do in terms of chip controls. Well, frankly, we're kind of at a position of new normal. We're not looking back on those things that we can't do. We know that certain aspects of the uncertainty looking forward we can't control. And frankly, as an American, I'm heartened by the fact that the

US is investing in ship manufacturing. When I look at the efforts around the world to make up for the sanctions, you know, I'm a little concerned about the potential impact on American jobs of the American suma conductor industry, and they're not allowed to sell and continue to not be allowed to sell nonsensitive chips to Huawei and other companies.

But while it's going to be fine, I'm kind of concerned about the future for the United States and some of the things we aren't doing to improve our competitiveness. We saw China respond retaliate overnight, launching a cybersecurity review of Micron to specific case. But what's your interpretation of

China's action there? Well, from my perspective with a somewhat of a cybersecurity and privacy background, given the nature of the cybersecurity threats in the last couple of years, it's been demonstrated, and there's not enough emphasis that in the solar wins of microstoft exchange server attacks that so called trusted suppliers are violated. So regarding cybersecurity and privacy, it's not about what company it is, it's not about what country it is. We have to have measures in place

that are objective providing assurance. There need to be transparency, and there need to be accountability for companies and governments and individuals to do the right thing from a cybersecurity perspective and to protect their data privacy, because we're not doing nearly enough to protect data privacy in the United States. Huawei's USA chief security of Sandy Petty always grateful for your time and for answering the tough questions. Thank you.

Let's stick with the world of chips, with Japan saying it will expand restrictions on exports of twenty three types of leading edge chipmaking technology. Tokyo's move follows months of lobbying by the US to get Japan to come on board in tightening shipments of semiconductor tools to China. Japan and the Netherlands had agreed in principle to join the US, but a sort to chart a middle road between the

two superpowers. Coming up, we're going to talk about the state of fundraising in Silicon Valley following svb's collapse with the CEO of Portage Adam Feleski, and again recap last day of the quarter, last day of March. This is where we stand year to day, a very different picture in the banking sector. Can trust that with technology this is the impact of svb's collapse among regional banks and other financials year to day the complete opposite of what

we see. Frankly in the technology sector. This is bloomberg. The digitalization and decoganization is eating up another larger share of GMP, and if you want an invest in growth, that's where you want to be. The dollar value going into climate related venture plateauing between twenty twenty one and twenty twenty two, driven entirely by the decrease in the

growth rounds in Europe. It's largely isolated in the UK, where sv IT was important, But I think it's interesting to see that there's been an explosion in venture that particularly last year. So I do expect to see a change in underwriting policies around what profile of companies can get debt and on what terms relative to what we were seeing in the past. For us, we're looking at how can we support our startups so that they don't have to continuously get into that kind of heydnastic silicon

value treadmill of raising more and more corporate equity. I think founders have woken up to the reality that taking on more money at higher terms doesn't necessarily play to their benefit in the long run. Just some of the Bench Capital guests throughout the week on the program, Let's get a rap of all things VC and deals bringing Bloombers Katie Ruth. You forget it seems a lifetime ago. It was this week that First Citizens stepped in and took some of the SVB. This is what some of

the venture community wanted. Yes, so they found a home for Silicon Valley Bank. It's in North Carolina, so pretty far from Silicon Valley, but at least you know, Silicon Valley Bank will live on. I've talked to some vcs who are cautiously optimistic about this. They don't know what the strategy will be for Silicon Valley Bank under First Citizens. They're hoping that, you know, it will be more of

the same. They like Silicon Valley Bank. Before you know, the bank had good ventor debt terms and they're hoping that will continue. Yeah, the big story is Ali Baba spinning off units in Nabadabbi. They're IPOs, a tech IPOs back. I don't know if they're back, but it's good to see a little bit of activity here. I mean, obviously was super quiet on the IPO fright by Ali Baba is you know, splitting into six different businesses so that they can focus on their core business and bring value

to shareholders as separate units. And so the logistics unit which handles a delivery could go public before the end of the year in Hong Kong. I don't know that we're about to see a florry of IPOs and the new year term in the US, but certainly, you know we are seeing some spinoffs. The big tech IPO of last year was Intel spinning up Mobili Katie stay with us joining us now for a bit more on the

benched side. Adam Fleski Portage CEO Portage Capital Solutions delivering flexible equity, capital and strategic resources help public and private later stage fintech in financial services business Adam, it's been hell of a week, to be honest with you, but just give me your broad strokes reaction to the saving of SVB in part well, let me start with saying that the market was really tight even before for this event. You know, there was really two factors at play. One

was the broader private markets. We're starting to see challenges given the setback in public markets and the privates catching up to the valuation compressions that were happening there, and therefore private companies were really avoiding coming to market. And that was compounded by the fact that gps themselves were starting to get concerned about raising capital and their next

funds and were slowing down their pacings. So the market was becoming very tight and actually relatively quiet, and many of these companies were using their their venture death facilities to extend their runways so that they could avoid potentially coming into a market that where scarcity was high. And this is just obviously exacerbated you know, those factors, and now we've got a situation where, you know, a lot of companies are going to be in a tighter window.

We call it the fundraising gauntlets of the fall, because they have potentially less flexibility than they Well, at any Adam, it's good that you it's good that you're with us because you can run that gaunt the icon. I'm not a vench capitalist. We're talking a lot about last day of the quarter and as that one hundreds going nuts, semiconductor index going nuts. When you're trying to benchmark your private company portfolio companies against what you're saying in public markets,

why are those two competing ideas right now? Well, one, the public markets and multiples fell a lot faster and harder than the private markets. The private markets are are really just catching up. I think, you know, at the later stage, we're starting to see a flattening between the premium the private premium as you go further down the

maturity curve into earlier stage. You know, the public and private markets always have a little bit of different equilibrium, but but I would say at the later stage, we're starting to see a little bit more balanced between the two. Adam, I want to ask you a little bit about structured equity.

I know your firm has some experience with that. Are you finding right now that a lot of these unicorns, or you know, some of the largely highly valued companies would rather save face and take new money at difficult terms rather than doing a down round. Look, it's not just a question for the management team, it's it's a question for all stakeholders. The you know, the management teams just one component. Their investor base is another. Obviously, it's

a debate that these stakeholders have to have. I think it's a structured actually solution like that that we have on the offer does offer flexibility on valuation versus potentially a preferred security with some seniority and governance right, and everyone just has to weigh what are the different levers that construct the best outcome for both the company itself and the investor. And I think a structured equity solution

just has more flexibility. If all you can do as investor is offer a preferred security or a common security, then you're going to be much more sensitive to the valuation. So are you guys busy right now? Are you finding that a lot of companies are about to raise more money? It's unbelievably busy. You know, in the last four months, we've entered into over two hundred NDAs at this point, you know our selection, we just close our first deal, so one deal versus two hundred companies that we've we've

dug into is a small conversion rate. We expect that type of ratio to continue. So it's a really interesting opportunity and great time to deploy capital. U And and I think, you know, some people may think it's adversarial between stakeholders and US as capital and seeking a solution. It's quite different. I think everyone understands the market. Um, you know, if if the company performs, we're all aligned and the downside protections we see won't be necessary and

it's a win win for everyone. So um, you know, it's it's a very positive and quite frankly right now, an energizing market because we're having so many interesting conversations with great companies. Right hey, Adam, it sounds then that you at least are not staring into this kind of post SVB B A base deploying Capit's aware, as Fisher intelligence fintech, where are the opportunities. So we're very focused

fund always have been for the last seven years. So everything we do is fintech, mostly banking, insurance and wealth management. There's opportunities in all of those verticals. I would say my insurance being down the most has some balance sheet intensity. We're seeing some great opportunities plays that are more balance sheet intensive or consumer facing. There's a lot of people that are concerned about the resilience, resiliency of the consumer

and access to capital. We've got a lot of experience in both and we can price that risk. And as you say, if you've got capital and you can underwrite the risk, it's an amazing time to be in the market. Adam Volaskia Portage, bloom Bows, Katie Roof both with me. Thank you for your time. So in today's Going Viral, we're diving into the world of Hollywood and why are

your favorite video games now turning into motion pictures. Take Tetris, for example, the addictive puzzle game from the nineteen eighties, or wasn't around then. It is part of Apple's for a in a tinsel Town. It takes viewers behind the scenes in the bowl over distribution rights to the game, part business biopic, part cold war spy thriller. The nearly two hour film is almost certainly the best ever made

about international copyright negotiations. The smartphonemaker ramping up to spend over one billion a year on films for theaters and streaming, keeping most of its focus on movies that appeal to adult audiences. Speaking of games, by the way, Dungeons and Dragons new owner Hasbro has big ambitions for the fantasy

role playing game. Bloomberg's Felix Gillette has the scoop on the game that's staging a comeback on the even but its fiftieth birthday, Dungeons and Dragons has never been more popular. The granddaddy of fantasy role playing games is currently enjoying a cultural renaissance, thanks in part to its prominent depiction and Netflix's hit series The Stranger Things. D and D has minted a new generation of dicelinging fans, D and D theme podcasts, twitch shows, and D and D influencers

on YouTube and TikTok. While a few games have enjoyed the kind of multigenerational influences D and D, the corresponding business has often struggled over the years to live up to its potential, leaving in its wake not great fortunes, but instead a long legacy of infighting, litigation, and squandered opportunities. So night, we begin with a story about make believe adventure and real life violence and what some critics fear is a connection between the two in a game called

Dungeons and Dragons. Throughout the nineteen eighties, evangelical Christian groups frequently accused D and D, with its spells of magic or neat beastiaries and horned deities, as being a plaything of the devil, making it difficult for the game's owners to turn it into a family friendly mainstream brand. Now, Hasbro, the giant toy company that owns D and D, is hoping that the business side of the game can finally

catch up with its cultural prowess. Over the next year, Hasbro will be unleashing some major D and D brand extensions, aiming to rake in more money from D and d's swelling fan base. The streaming service Paramount Plus is currently

developing a live action D and D series. In August, Balder's Gate three, the latest sequel in a popular series of video games based on D and D, is scheduled to go on sale, and sometime next year, Hasbro's expected to release one D and D, the next iteration of the classic game, this time with a whole new suite

of digital enhancements. Most importantly on March thirty first, Hasbro's E one Studio and Paramount will be releasing Dungeons and Dragons Honor among Thieves, a big budget CGI Layden Hollywood spectacle. For the D and D movie to succeed, it not only has to produce big numbers in spring, but also spawn the kind of long living entertainment franchise that Hasbro

has enjoyed with Transforms. Since two thousand and seven, the six Transformer films based on its Warrior Car toys have generated close to five billion dollars in theater ticket sense. Hasbro hopes that this time around, D and D fans will embreecee the movie and everything else coming down the pipeline. If they do, after fifty years, D and D may finally live up to its business potential. All right, thanks

to Bloomberg's Felix to Let for that report. I know for you dungeon masters and halflings out there, it's a big Friday night You've got ahead of the movie theater that does it. For this edition of Bloomberg Technology catch us in an hour. I'm going to be doing a Twitter spaces and all things AI. It has been an astonishing week for the world of ours, Fishal Intelligence, and our very own Rachel Mets is going to be up

with me. Lots to recap in the show, so to check out the podcast wherever you get your podcasts, Apple, Spotify, iHeart and of course on all the Bloomberg platforms. It is the last day of March. It is the last day at the Quarter Technology absolutely jumping first three months of this year, so much more to go. This is Bloomberg