>> from the heart of where innovation, money and power combined in silicon valley and beyond, this is bric technology with caroline hyde and ed ludlow. caroline: i am caroline hyde in new york. ed: i am at in san francisco this is bloomberg technology. caroline: this has been the year of nvidia. it set for its best year in over a decade, can it maintain

through 2024. ed: a judge has said that elon musk must testify and then s.e.c. pro. caroline: the u.s. might be to blame, how gm, ford and tesla contribute to the tv setback. we still digest the days after the federal reserve where u.s. constraints are coming. new york fed chair williams putting a damper on the traveling of rates. the 10 year is holding steady but we did dive below that 4% number so there is the view that interest rates are not coming into the lower side of things. when you look at crypto, we have

seen a topsy-turvy ride. we are back down to 40 1000, 800. what do you have on the micro? ed: we will have a big focus on electric vehicles outlook for next year because is changing. test site is -- tesla is higher by .5, gm is cutting workers but what do these stocks have in common with the top three as they are all on track for weekly gains. in gm's case that's the best run since 2014. there has been so much negative news with the data about revised outlooks. crews being in trouble, the tesla autopilot recall this

week. if you extrapolate out they have been on a tear and they are on their longest and best streaks in decades. nvidia is the big focus for the market with the gain over 230% year over date. there was a block trade of more than over a billion dollars and it seems to be having an impact on the market. 236% gain year to date. the question is, what happens if nvidia stops in its momentum holds? caroline: would it, kotek, should it. a lot of money is under management. a lot of working through decades with money and exuberance intact.

are the valuations for names like nvidia rational? >> they certainly discount and one of the things we are seeing is competition to nvidia. when a company has an 85% monopoly and they saw their profits go up seven times in the year, facing a trillion dollar market opportunity we should expect opportunity. so far, when we think it what intel have done from a hardware perspective it looks pleasing. nvidia has quite a competitive note in terms of software developer tools and etc.. there is a lot to go for in gin ai, don't be so quick to put down these valuations. ed: we have covered that competition on the program in the last two weeks starting from amb, you have intel talking

about gaudi three. do you just pick one of those names and go with that or do you need to have all three in the portfolio? nancy: you will need to see how this evolves. neither of these chips are out yet. if you're bringing -- building chips, it is still nvidia. nvidia has things on the horizon. area aggressive product launch as we had into 24 and 25. their software ecosystem, cuda's superpower nvidia. caroline: moving away from the ships and then who was building

the models is been all about microsoft. starting with alphabet, do we need to broaden our perspective there? how we see generative ai? nancy: i think there was a lot of criticism of gemini which was google's launch around latency issues. put that aside, it misses the point. what we saw with google was multimodal. it had inference, encoding, all at once. it gives you a future model. when you see that silly thing with the guitar and duck you need to think about the financial services, and health care, industrial sector. this is absolutely huge. may be 26, 27, 28 will look at the mouse, the keyboard? are those things?

they might seem prehistoric because he'll be able to interact with the computer and a completely different way and the coding language will be english. a lot of interesting applications. ed: we are thoroughly love this conversation. earlier in your career you focused on company debt. are you conscious of what is happening upstream with what companies may benefit from picks and shovels and development and r&d. nancy: we have investments in public and private markets and on the private side i want to share with you a snippet from our private equity managers talking about buyouts. every single one of their companies is using generative ai in some form and seeing productivity enhancements of 30,

40%. that is in private equity buyout. on the venture side, our managers are reporting enormously interesting application, disruptive market bottles, horizontal and vertical uses of generative ai. there is so much more to come. we are aware of what's happening with the infrastructure layer but once we get into 24, 25 expect a whole host of disruptive business models and business applications. we will go to work in this will be embedded in business processes and we are still early in that journey. caroline: when you are thinking about allocating in the global cio of 67 billion, why do you go private versus public? where has the pain been felt already? nancy: everything we do is

customize to client so it has to meet their return, risk, liquidity preference because private equity comes with the longer-term. it is appropriate to have a foot in the public and private market. the public markets, 30% of the index is seven companies. concentrated and correlated to those stocks but we think the other 493 represent good value. you are able to play a whole host of different parts of the economy, different parts of companies, disrupt the company's core businesses. there are 40,000 private companies in the states today. we have 1500 public companies. for clients where it is appropriate we like both public and private markets and we

believe the long-term return from private equity, by outgrowth and venture can be substantial. caroline: it's so great to have you on nancy. nancy curtin. coming up, elon musk ai dominance, could overtake chatgpt? that's bloomberg technology. ♪

♪ caroline: the elon musk platform could be a contender for chatbot dominance.

perhaps it is outperformance in the area of real-time news. how is it going? >> when this thing first launched no one took it seriously. the promotion was that it was a reverent, profane. the highlighted post were bad jokes about how many bbs were being born. no one was willing to pay $16 for a premium account. we saw that it was good for real-time use. an x has cracked down on that use of data so it's unique at this point. so when we ask it to summarize climate debates and to or partnership debates it was more accurate in real time than chatgpt. ed: i asked a very basic question on gronk and quach has

a contemporaries update. mike data was relevant but it doesn't get it all right because when i asked them to tell us about bloomberg technology it said that emily chang was still the host. the point is that this was about how recent the data it is trained on. >> i'm kicking myself that i didn't ask it those questions. there is a arms race going on right now not just how chatbots perform day-to-day but how they can answer questions in real time. it's so central to google and microsoft to service real-time information and if you're built on a social media platforms you have a better shot of that but they are servicing content that may not be as authoritative.

ed: as we saw in that clip, quach for the world. elon musk must testify to his text messages ahead of the by last year. the judge is basically saying, if you can't sort out getting together and talking then i will intervene. >> the judge made it pretty clear she would wait in the favor of the sec to enforce their subpoena. it is very rare to get a no on the subpoena and it's rare for them to sue and is even more

rare for the sec to lose enforcing a subpoena. caroline: he does feel that he has answered a lot of questions, is there any context to this where we have seen people have to come in and give evidence time and time again? >> there are a lot of instances in sec investigations where they ask a lot of questions. this is one of a number into his companies go back to his purchase of twitter when he bought a large stake when the company was private. earlier this year, they did their investigation and they have to ask a whole lot of people and ask him more questions. the sec said he played catch me if you can and play fast and

loose with the location, date and they got sick of it. it is fairly normal for them to go back to what they would think is a key witness, the ceo that bought the company eventually and ask him more questions as they do their investigation. caroline: musk is calling it harassment according to a filing. thank you so much for the background on that. coming up, regulators taking aim at influencers when it comes to the paid post. what can be done to address the problem? this is bloomberg technology. ♪

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multilingual company that can speak in 10 languages. they create superpowers -- computers, the company no longer has access to use individual

-- caroline: there has been a warning issued to beverages on violations of the ftc act on the social post on instagram they are not adequately releasing their payment. if it contains artificial sweeteners or sugar-containing products. to discuss this and what regulation could be coming their way. the ftc, what were influencers doing? they seem to be doing #ad but that's not enough. nancy: they said it wasn't enough even if you had a sponsor

disclaimer because it wasn't clear who the sponsor was. typically a brand product will appear in this case they were talking about sugars, aspartame, and they said they don't know who the sponsor's and you have to tell them. caroline: more disclosure on whether a beverage company is behind your post of what led you to do the post. how is the ftc able to keep track of this? how will it be monitored is it up to individual consumers? or will they adopt pieces of ai for this kind of program? mary: i could see the ftc adopting ai to scour social media for post. s. typically, the ftc will pay

attention if consumers are complaining a lot of times it will be a media report and in this case it was the washington post that said they were not properly disclosing. what does the ftc address this? in canada they had a penalty offense authorities so they could assign penalties if there are future issues. caroline: they will say comply

with the ftc guides. but it also highlights important provisions for influencers like clear disclosures and explain what they mean. periodically review what your viewers are posting to make sure they're doing it right. if they are not doing it right, warned them and ultimately don't use them anymore if they insist on posting without proper disclosure. caroline: the ftc has been picky and they're trying to wrap their hands around relationships between openai, microsoft and the way consumers will be protected in this new age of artificial intelligence. how are you looking at that as a new area of focus and concern? mary: there is an opportunity for responsible businesses to get ahead of regulation and come

together and exercise self-regulation. establish clear standards with monitoring and public reporting and comply with the standards, industry has a good idea of what the government is looking for and it will take some time for there to be legislation or regulation and there is a good opportunity for businesses to show leadership by engaging in robust self-regulation with accountability. there has to be a third party to hold them accountable to comply with standards. we don't want companies to grade their own homework so we need a third party. mary: where at the moment have companies turn to for the compliance? mary: bbd, we are a nonprofit that promotes marketplace trust by providing independent,

third-party and accountability programs in all different sorts of industry. advertising, privacy, and we released protocols for the ethical use of ai for hiring and recruiting. we worked with a dozen large employers to come up with principles to use ai ethically to promote inclusion in the workplace. knowing that eventually government will regulate but until then businesses should be regulating ahead of that. caroline: new york in many ways regulating ai. bbd representative mary. ed: the future of eden not that bright. we have some great bloomberg etf data on egg revisions to ev

demand in 2024. from san francisco and new york city, this is bloomberg technology. ♪ i don't want you to move. i'm gonna miss you so much.

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caroline: welcome back to bloomberg technology i am caroline hyde in new york. ed: you know that magic moment i promised you in the market it didn't happen but it's happening today. there are so many superlatives, the eighth straight week of gains in the nasdaq, going back to july 2021. a lot of moves in the technology sector, there are a few names

driving that nvidia being one. some of them is in some corners of the technology sector are of the specific. that is why we're looking so close at ev makers. tesla is on their six straight week of ev gains. but the news flow has been so negative. they're cutting 1300 jobs in michigan, relating to ev's at the orion plant, chevy volt was where electric pickups were coming for 2025. tesla saw a pilot recall, not any slowdowns behind these names. in the outlook for next year, it doesn't look bright. caroline: the ev outlook is not where it was six months ago.

this overarching take away from the market outlook. three companies that are worth bearing in mind for culpability. gm, ford, tesla. let's dig into the statistics. why is some of the exuberant dialing back the demand for ev's? >> this is a different case for these three companies where you can put gm and ford together, they are lacking in ambition and execution. they are dialing back their ambitions because they set these really ambitious targets for ev sales but they have not come to pass. there has been some self-inflicted wounds and mistakes they have made with gm struggling to update their

program. the forward trying to get its lightning out of the market quickly. and tesla has been carrying the water for the industry in the u.s. in terms of really dominating the market from an ev perspective. we are at a point now where they have not refresh the lineup enough to where the model y has been out since 2020, the model three since 2017, 2018. the cyber truck is not going to be a high-volume model for them. where's the growth going to come from when you have had some impressive sales of these models but they are showing their age? ed: if the u.s. are responsible for those revisions because

around the world there is a different picture. what should we expect from the ev market globally? craig: they are still dialing but globally as well. the u.s. is where the brunt of reductions are coming from but you are seeing a little bit of dialing back in europe. that is partly to do with the fact that vw are having execution issues. more so related to their software and their ev as opposed to the ev themselves having problems with batteries and whatnot. you have seen some pulling back a production plans for vw. in china even, a market that is dominated on the global stage. some concerns about the overall strength of the economy in china or lack thereof, that maybe he

is putting a damper on the outlook for 2024 and causing them to get more conservative about how they approach i share. ed: in the chart that we just showed, that they expect the first 5 million quarter by the end of 2024. there is some hope there. there is more to talk about and let's keep the conversation going with the executive and the voxel automotive that published their annual forecast today. explain your forecast for next year. >> our forecasted as we have gone from this rosy forecast to reality. for a bigger picture, we don't anticipate overall car sales to go up all that much. maybe 2000, 3000 units. we anticipate the ev market will

increase. we think it will be around 10% of the market, it was ready percent this year. market, it was ready percent this year. as an overall market it has stabilized. working have to start really selling ev not just expect people to order them. caroline: give us your expertise on a marketing device for this company. is it about getting over the worry that you won't find the charging unit when you need it and not being able to make the miles. it is a more about price point? not seeing the urgency to switch over? michelle: we are not over any of it. the u.s. is a lot bigger than some of the smaller european nation so we don't have this expansive ev charging infrastructure. it is stronger in certain places than others.

that is still a huge concern and that has to be overcome if working to have massive ev adaption. price isn't an issue although we are seeing nice incentives on navies. there will be more discounting, about 10 years ago they were $10,000 more than they are now. we will see less expensive ev's coming into the market. we are now going to the mainstream buyer andwe --

we are going to immediately start retooling for the electric pickup trucks but they have postponed that a little bit. they have pushed out work back into the future. they are eliminating the chevrolet camaro which may come back in a different form. we knew about those. at the ford lightning plan, they had expanded the plant but probably got to ambitious and some execution problems.

so they have had to scale back. they have mounting inventory of the lightning. caroline: we are always so grateful to get your expertise on this. we thank you michelle krebs. coming up, we will be speaking to pear vc and why they are building big. this is bloomberg technology. ♪ ♪

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ed: pear vc and menlo park is

owning a new space home to aspiring entrepreneurs. this is a big commitment, i imagine a big financial commitment to a space that can be home to founders. >> it's a 30,000 square-foot office, 225 desks and 20 conference rooms. we will feature host, conferences and platforms for learners to grow. our very first office was oper end in 2013. we hosted many students there and many startups including new

companies. it is a strategy for us to not the heart of the startups it's easy to see that entities are leaving san francisco. ed: it's a classic san francisco story. you only need to go down to the coffee shop to see people working together. if you have this large body of people in your doors you get the right of first refusal. >> if you want to be the first investor, you wouldn't believe how many calls we got from incredible entrepreneurs who want to be at the office of were very excited about it. caroline: you have a you have e

founders circle how are you laying the caroline: doordash, other companies that have gone public. how many people are still

leaving and how many people still want to build? >> i have never seen such an ecosystem as we have seen today. i actually think the recent development and generative ai will allow developers to bring products fosters a give feedback from customers. the product cycle is a lot faster than before and i think people will be coming back to san francisco from new york and austin because no one wants to miss the ai revolution. the mixed wave of public companies intact are less than 5-7 years old. i see some of the companies that have reached 20 million less than six months. it's mind-boggling how quickly they have grown. thus in large part due to

ai. caroline: hopefully we will start to see some new young ipos. meanwhile, andreessen horowitz plans to back political candidates who support optimistic technology enabled future opposed to misguided regulation. they did not specify who will go into donations. coming up, $101 million award for antiaging research. the latest on the foundation peter diamandis is next. ♪

ed: willy wonka was first place with $45 million in ticket sales. aquaman and the last kingdom

follows next friday and then, the color purple a remake of the 1985 original movie opus on christmas day. but on december 22 netflix is out with rebel moon. caroline: we all know that you will be in your pajamas watching rebel moon. let's talk about a nonprofit that funds scientific research. 101,000,002 antiaging research. i am pleased to welcome peter diamantis. he joins us now, talk to us about, this isn't just a quest to be forever young

but an economic reality that the pressure of aging has become gargantuan. peter: aging is heading our economy has people growing older. while we've extended are lifespan we have not extended our health span. this isn't only the largest x prize ever, we have rolled out 400 million in incentive competitions. not a something done years ago but asking teams to achieve a goal in the first person to achieve it wins. it's 101 million funded by incredible benefactors. it is asking teams to reverse the ravages of aging. the team that wins this has to demonstrate that delivered within one year can give you

your muscular strength, cognitive clarity and immune function that you had at least 10 years ago and as many as 20 years ago. we are trying to restore functions so those last 20 years all right your p capability. i think we can go further but we are setting a target that's vivacious but achievable. ed: which winner do you think is had the biggest impact on a specific piece of technology? peter: we have launched 400 million in competition and our first one was the 10 million i'm sorry for space flight. it lit the fuse. i want to travel to space and i want to travel and live longer so i can get to the moon. but it change the rules and

regulations for space flight. brought n and ignited a billion-dollar industry. we have had x prizes for reinventing how we teach kids in the middle of africa. we had 100 million for pulling eco-tons of carbon out of the atmosphere. we launched an x prize for wildfires in california. it's insane that we fight fires the same way we did 20, 50 years ago. this is an x prize to put it out autonomously. there is no bigger gift than 20 years of additional health. it's a big business market. ed: i was there in new mexico when richard branson went out. the time to get there between

the time it was issued. peter: it's incredible. our work begins when the prize is one. when someone is demonstrating a minimally viable product how do you turn it into an industry? it is taken 20 years to get commercial space flight going. but something is different now. the reason we are doing this 101 million health scan prize is that smaller teams using generative ai, using crisper, gene therapy and cellular medicine. we announced this in riyadh, saudi arabia and we have 150 teams competing thus far. my goal is we will get north of 500 teams or 1000 teams.

caroline: you said that you analysis in the middle east. where are you seeing the hunger to fix this problem? peter: we are seeing this around the world. we typically get competitors from 50 countries around the world, and this competition is showing us where we are going to be in the next 7, 8 years. there are things you can do right now to keep yourself healthy and young until you get there. that is the reason i wrote my book longevity. also a reason i started sound of life. diagnostic companies with advanced therapeutics. you can find out if there's anything going inside of your body that you need to know about because you can do something about it. because there's always something to do about it. caroline: thank you for your

time a pleasure to have you. that does this for this edition of bloomberg technology. ed: a big week on the podcast. from san francisco and new york city, this is bloomberg technology. ♪ the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything.

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