>> this is bloomberg technology with caroline hyde and ed ludlow. >> i am ed ludlow. killing hyde is off today. coming up, rethinking any ipo in new york with its sights set on london as the fast fashion company faces hurdles in the u.s.. nvidia's supercomputer is hobbled in florida by laws

preventing top town it from ever sitting foot in the state. we will bring you reporting from the ground. la raises $30 million as it looks to providepse gen z users. we will discuss that. we are coming out of the tail end of earnings season for the technology sector and headfirst into a week where economic data is front and center. there has been choppy trading, currently up .2%. yields have been creeping higher. prepared to back our expectations for what the fed willow want to do with the rate cut. the 10 year yield, 4.28%. bitcoin at just below $57,000 per token. significant because that took the global market to $2 trillion in market cap total. i will show you that chart later on.

the crescendo of the week, 24 hours time when we get pce data because it will inform what the market thinks the fed is going to do and higher rates, we know how that effects the tech sector. single names we are watching, zoom up 4.7%. have been much higher. religiously strong outlook but they did share buyback. a sweetener that investors like. nvidia hit pause on its rally, softer at .2%. we are going to bring you a key story in florida. google is rebounding, up .3%. there are concerns about gemini and the image generator side. we are going to go to one analyst who has put those concerns at the center. those are some names -- now traits -- now names that are already trading. fast fashion company shein is considering listing overseas.

it is headquartered in singapore and is considering listing in london. shein is working on his application for the u.s. which remains its preferred location. reporting with maurice bloomberg's -- good afternoon. this could be big for london's market. >> this could be huge for london's market. london's market has been hard-hit. the economy has slowed but the drop in london listings has been really stuck, just under $1 million was raised all through 2023. a deal of this size, a look at shea listing like shein could be the booze the market has been waiting for. ed: can london even support an

ipo of this size? we know what the wonders -- we know the numbers shein might looking at. ipo back to martin in september, is the investor base there to back a london-based ipo? swetha that is the -- swetha: that is the billions of dollars question. that is what people say is holding london back. there is not appetite here for fast-growing young companies that have unproven business models. shein is doing very well but there are problems. where it comes from, ethically, and how it should be valued. more broadly, there are questions about how london manages value companies. this is the idea that they don't value growth as highly as their

u.s. counterparts which is why we have seen a lot of british bought tech companies using new york over london. ed: ised: the ipo to watch this year. great to catch up with you. staying with these out of the u.k., sony's playstation known for the sing star series, as well as module -- multiple virtual reality games, was shot down. sony laying off my hundred employees accounting for a percent of its figure game division. it will affect game makers across three of its most successful subsidiaries, insomniac, naughty dog, and guerrilla. the news comes after the company reported it would be cutting projections for its playstation 5 console. the head of playstation studio said the company has also decided to cancel several games

in development. let's turn to none other than nvidia. florida governor ron desantis initially predicted a supercomputer bankrolled by chris makowski at the university of florida would be a magnet for ai talent. almost four years later, desantis's anti-china stance is preventing some of the most highly skilled and researchers from ever setting foot in state. joining us is michael smith, what a story it is, one of the most read on all bloomberg platforms. there is a supercomputer in florida, and includes nvidia backing and tech, but that computer is not getting the computer scientists it needs to support it. michael: that is basically it. last year, governor desantis as part of his campaign backed and

supported a law that prohibits state universities in florida from hiring graduate students, phd students, from china, iran, and five other countries of concern. they basically cannot bring them over to study and perform research in any field, including ai. that has put a hamper on what the university of florida's. a few years ago they built the hyper gator ai, the fastest supercomputer on a college campus. chris who is an alumnus basically paid for it in conjunction with nvidia. they got his amazing 70 men dollars computer but they have a shortage of top -- $70 million

computer but they have a shortage of top talent to take care of it. that is putting a hamper on what they want to do. ed: nvidia declined to comment for your story but i did speak with nvidia's ceo two weeks ago and on the issue of china, this is what he had to say. >> we have to comply with american policies. whatever the rules and regulations are, we will number one comply with that. the u.s. would love to see us be a successful country you'd one of the pillars of nashville -- national security. ed: for nvidia side is clear, we comply with the rules and regulations with the country and they want america to be the most competitive source of ai talent in operation. go to ron desantis's side, what is the concern they have in letting in talent overseas

working in the field of artificial intelligence? michael: ron desantis has made this a big talking point. he says you have to worry about chinese interests purchasing land, for example, or getting access to technology via universities. because they might be. spying on the behalf of the chinese government and selling secrets. the law he passed cover all those areas. a big focus is the university side. they passed this side -- this law saying major restrictions on bringing in talent researchers from china. he is latching on to something that happened in the u.s. and other countries. for example, the trump administration issued a

proclamation that order the state department to reject the visa of any aspiring phd student from china and several other countries who were suspected of having any ties with the military or the government in china. they have been doing that and the biden administration has continued that. they rejected almost 2000 students not allowed to get thesis to be phd researchers in the technology fields. the four a lot is the most draconian because it puts an end to processors -- professors bringing in talent from iran and china. last year, just the university of florida brought 1000 students from the seven countries of concern, principally china listed in this law.

last year they brought in 1000. this year, zero. if they talk to professors, they say this is hampering their ability to do cutting-edge research. ed: michael smith with a very important reporting. coming up, google says it will soon be pausing the image generating feature from its gemini suite of tools. this is something that has been endlessly discussed. ebay reports after the market close. the street is zeroed in on a gross merchandise volume. it is an interesting story because they see ebay having success in the u.s. but there is worry about their international business. this is one we talk about less but we will be watching after the close. this is "bloomberg technology." ♪

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ed: time for some news. alibaba leading the largest single financing round for a chinese ai startup. $1 billion founding round is the latest in sizable investments that suggests e-commerce find is deploying capital in the hunt for growth. mugshot ai is among the better-known startups developing generative ai in china hoping to match the likes of openai and google. a startup that uses artificial intelligence and sensors to map the underground closed a $105 billion -- $105 million funding

round. established in june 2021, the company makes underground maps used by the largest utility, energy, transportation companies. intense ai has raised in a funding ground to develop ai that can detect and help fix potential hazards in the workplace. the company says it can save lives and reduce economic losses from millions of accidents. the new york-based's startup financing takes total funding to $90 million. let's stick with the big story. google plans to bring back its ai feature that generates images of people in "the next couple of weeks" according to the top ai executive. gemini's image generator has been positive since last week due to criticism over inaccurate historical depictions of race. a recent note says "the issue

for the stock is not the debate itself, it is the perception of truth behind the brand." here to explain that quote is the man behind the research, then -- the research, ben. what you are referring to is the debate happening on social media, all kinds of people weighing in on the risk of google getting it wrong. is that right? ben: yeah. you want to make sure they don't have a bud light moment. we are not sure. i don't want to weigh in on the merits of work they did with the debate, it is just simple when you need part of the population and they believe you not be a source of truth, that is not good for business. they did that.

they need to fix it and they need to start getting these lunches tighter. you cannot put out a product that is not ready and shows ideology. we are believe you are a once-in-a-lifetime crossroads research is going to handoff to ai features and if they are not a source of trust, that is a big deal. we are surprised investors are even taking it this calmly. ed: when you cover this talk, i am assuming historically you focus on it as an advertising business. we are going to show google's response to what is happening. how have you had to adapt your modeling and analysis of this company given the shift in focus to artificial intelligence? ben: we do the best we can.

there is not any guidance from the company which is their style, click the issue here, you seen they believe 25% of personal search is going away in a few years to be cannibalized by ai search. not really sure how they got there. what we do know is a church should change due to ai -- search should change due to ai. google has already told you that where it is kind of a hybrid. we think there are upstarts that are good to get a good look from a lot of younger consumers. it may change their habits as we enter the ai world. ed: one individual paying close attention to the gemini situation is elon musk. he has posted a lot on his platform in the last 48 hours. "given that gemini ai would be at the heart of every google product and youtube, this is extreme the alarming."

it speaks to the point you have made. how big of a risk factor is it to alphabet that elon musk is clearly focused on this and keeping it in the public consciousness? ben: it is not good. elon musk, as it is chronicled on what he could be upset with what happened when the model asked questions about him instead of unsavory gentlemen. the issue is elon musk does have a big microphone. i don't to weigh in on the merits of the debate were what was potentially done. -- were what was potentially done, but they are in a trust of information and that has been rattled. elon musk has a big microphone. with his platform of x with the control stage which he controls.

-- platform of x which he controls. the average consumer does not know the difference between a lot of different products. they see lack of truth in one thing, they think there might be a lack of truth in another thing. ed: ben reitzes, google regarding today. coming up, and aai offering that helps streamline code navigation and comprehension available $39 per user per month. we speak to github's ceo. this is "bloomberg technology." ♪ investment opportunities are everywhere you turn. but at t. rowe price, we're letting curiosity light the way.

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ed: today github, an ai developer platform is making

copilot enterprise available to every organization for $39 per user per month. ba offering is personalized for each organization making it possible to streamline code navigation and comprehension. here with more, thomas dohmke. if you already this coder like me or a veteran -- a novice coder like me or a veteran, this is a helpful navigation. i guess you are targeting those two different end markets. thomas: what we have seen is companies no longer just look at digital transformation, they're looking into the ai transformation. copilot started it all by giving developers ai based auto suggestions. with copilot enterprise, it can be customized to all of the internal knowledge of an organization. imagine you are a new development bloomberg, it is your first day, you can ask copilot how things are done.

all of the institutional knowledge at your fingertips. ed: part of this and similar tools is the predictive nature. you're writing a line of code and the rest is auto completed. what is the performance and competence level of your technology vis-a-vis a veteran coder who could write it themselves? thomas: it depends on what you're doing yourself. a lot of developers are learning to use copilot while typing code. if you do it in a certain way, you get a better suggestion, better answer. developers increase the proficiency level as they are using copilot. bear getting more productive, up to 55% in case studies we have seen and we are seeing the developers actually being more fulfilled, more happy. ed: microsoft was pretty stoked

about a version of copilot. do you think $39 a month will see the enterprise version gaining traction? ed: absolutely -- thomas: absolutely. we have over 50,000 organizations on boarded to copilot, more than 1.3 million paid users. we see a lot of excitement from all kind of industries would it is no longer just equal startups and take companies, it is pharmaceutical companies, automotive companies, a lot of financial institutions. we see tremendous excitement there. we received feedback from companies like for, as shopify telling us the collaboration is getting better if copilot knows about what is happening within the company. ed: bloomberg reported this month apple is looking to do something simple -- similar with

x code. what do you make of that? this is becoming a battleground, the use of generative ai within the writing of code. thomas: as a developer, this is the most exciting era i have seen over the last 30 years. we have all these companies working to make developers more productive, to have them focus on the things they love doing and have ai help them with the things they don't like to do. the amount of code developers have managed today is so big. we need to bring the effort down of doing all of this work, maintaining all this legacy code. could that last until the 1960's with cobalt and other languages that are still running in our system? is exciting to see the innovation and we hope we stay at the forefront of this. ed: it is going to make hackat hons interesting.

thank you. canada introduces an online safety law to hold social media companies accountable for harmful c we will bring you the next. this bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh

>> i don't>> want my daughters wasting time thinking about what they look like. fashion has done a terrible job of reinforcing an unrealistic

beauty ideal, so the premise of the brand was to say we are going to make clothes for all women. ed: welcome back to bloomberg technology. you can see behind me microsoft down around point 5%, but it does make it the biggest points drag on the nasdaq 100. a lot reporting for the last 12 months about microsoft efforts in ai but this story seems to be the investment into nai startup is facing scrutiny in the e.u. a day after the company announced a strategic partnership that includes making the startup's latest ai models available to customers of microsoft. i want to go out to london.

we know clearly the relationship between microsoft and openai, so now they are making a relationship with mistral and the you wants to look at it. what do we know? >> we know the numbers are different, so microsoft is up to about 13 billion dollars in openai, the largest financial backer and partner for a number of years. the mistral partnership includes a $15 million investment, so -- 15 million euros. so pretty small relative to their share in openai. for both sides, this makes them the second company after openai to have their language models available for customers on microsoft's cloud, so this is -- they are french. so far, they have been relegated

to europe, but this gives them a bigger potential to have a global reach. microsoft can go out to regulators and say, we are not just tied to openai. we have a partnership with this french and european championship using open source, one of the things microsoft has talked but champion -- about championing recently. ed: she explained we are going to look at the entire industry for ai and understand what is happening and i think back to how things normally go in europe. they look at things all the time. our understanding is the commission got a copy of the agreement between the two parties. what happens next? do they face a serious probe or problem? >> probably more pressure on microsoft's end, a probe around

their partnership with openai. they are the poster child for what has happened with the relationship between these big tech companies cannot microsoft, google, amazon, intel, making substantial investments into ai companies. on the flipside, that comes with a strings attached where they are going to be using in this case microsoft cloud. google investments are going back and using their cloud and that is what regulators have been talking about, unpacking these relationships. going forward, mistral is in an interesting position because they have been this champion in france making the argument that europe needs a strong openai player, so in europe scrutinizing a company like mistral will not be the same as going after big tech companies in the u.s.. ed: in canada, prime minister

sir -- prime minister justin trudeau's government introduced an online safety label and trying to compel net companies to actively regulate and remove harmful content. with us to discuss is the managing director of the international association of privacy professionals. we have been talking about this in recent weeks. it is happening all over the world. in the u.s., we are in an election cycle where we are worried about moderation of content online. first, your reaction to what canada has done and how effective you think it will be? >> i think it is another in a series of countries thinking about the implications of online harm especially for children, so we have seen this play out in the u.s. context with conversations and really matching what is happening in the european context.

i think it is a positive step forward. these are commitment that were made a long time ago by the trudeau government, so happy to see this joins other online bills internationally but also to match the digital implementation act in canada. ed: the internet is the internet. it is everywhere. it is global. it is now in space. every day come out are talking about a different country. do you think everyone should just get together and have a common set of rules or is that a naive position to take? >> i do not think so. i think that is the question now by a lot of international organizations like the g7 and world economic forum, really thinking about their position and how we think about digital implications and rules for digital services in a combined

way. one of the challenges is the different trade-offs in values you have between different nations, but you also have things like data transfer issues . all of this is going to play out in international space. it remains to be seen. ed: for tech companies, there is a policy consideration and technology consideration. is there any one social media company you think is doing a good job of their own bullish and to moderate content? >> we are a policy neutral organization, so i will not speak to one organization over the other, but i think we can start to see some best practices emerging in different use cases where we are thing about rules

around children's safety meant making sure there are certain types of parental controls in place, making sure we are seeing where alerts are being provided with the amount of time a child has been online or anybody has been online, giving you alerts directly, so these are some of the emerging trends we are seeing and they are coming from a variety of different companies. it is not to say that that makes one company more proficient in that space over another. the whole community is learning together, policymakers and industry players that have these research capacities in their organizations. ed: ashley casav -- casovan, great to have your time. we will speak to a new firm just coming out of stealth.

a managing partner joins us next. let's stick with ai. every day, ai all the time. here are two names we touch on every so often, sound hound ai and big bear ai, both up big time, 23% for bigbear. bigbear has its agm today. i doubt that is the causal link drive get higher and soundhound is among the most discussed on reddit forums but these have behaved like meme stocks as well as being caught up in the hype cycle we have seen for ai related names in equity markets, but two big movers this tuesday. we will be right back. this is bloomberg technology. ♪

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ed: quick update. the global crypto total market cap is now at $2 trillion, driven basically by the rally in bitcoin, surging around 12% in the last seven days or so, trading near that high level of december 2021. if you look right in the far right-hand side of your screen, $2 trillion of total market cap for all digital tokens as tracked by coinmarketcap.com. let's stick with digital assets and zero in on an fts -- nft's, which went from being touted as the edge of the digital frontier to the punch line for the most recent crypto bust, but they are staging an unlikely comeback.

you write with such fun about this, but it is true. we went from all the craze, crazy dollar values, to memes and jokes about people that had bought in. what is the data tell you now? >> the big question is can they match bitcoin's price rise? we are seeing the overall upward trend in terms of total volume for nft sales, but it has been bumpy, so there are questions of what nft's are good for and start up founders are doubling down on gaming, finance, and art as the main areas that we can use an fts in. ed: we just showed that chart. it is astonishing. what happened in december? you had a weird 2023, quiet summer, and then december the market becomes alive again. >> we know there was a lot of optimism over the expected

approval of the bitcoin etf, which did happen in january, and there are these nft like objects based on the bitcoin blockchain. we saw huge sales during the fall as people were getting wrapped up about bitcoin, so we have seen optimism about bitcoin and excitement about the etf bleed over into the nft market. ed: gaming is a big part of the story. >> a lot of startups, including the creator of a collection, are doubling down on gaming. they see this as a way to bring mainstream audiences into crypto and create games that are fun to play but also have blockchain in the background. ed: bloomberg's hannah miller. let's get to today's spotlight and bring in a firm just coming out of stealth, which grants itself as a founder led and backed early stage venture firm

investing at the intersection of tech and retail and consumer tech. it has invested in 19 companies to date him a ranging from $100,000 to over $3 million per company. antigen partner julie gudish krieger joins me from new york. this is an interesting concept. all the time we have startup founders on the show that have come out of stealth. they work behind the scenes for a year, raise money discreetly, and then say, this is what we do. you are a venture firm coming out of stealth. why so discrete? >> we are launching an app which is a members only network that allows founders and operators and tech enthusiasts to back leading start ups within saas and alongside mobile capital

venture firms. as founders backing founders, we know it takes a village and we know to get a company to the scale you need to succeed and exit that village is supercharged by having operators that have been in the trenches themselves and know how to roll up their sleeves and support. that is the village we want our founders to have and we are launching pari pass to create the most -- a founder support with operators that can put in as little as $10,000. ed: it takes a village, but there is an element of exclusivity because it is members only. julie: the members only piece is because we want to make sure we are supercharging the value added tables, so focusing first on letting on founders, operators, people that can add a terminus meant to value because if we are writing a million

dollar check into a company and it is 20 people behind the scenes writing checks, sometimes historically, we want to those people to be able to be highly value add, to have a network if a company wants to speak to a brand or navigate the right equity package research and higher. that village been operators themselves ends up being impactful for the success of these companies. ed: a kind of phenomenon we have covered in the last 12 months is the appetite of the everyday investor cut let's call them retail investors, to get into growth stage companies like spacex and openai. there was suddenly a turnaround in what is normally an illiquid market and i wonder if through pari passu you think you will see the same engagement at the early stage where people that traditionally cannot or will not invest in startups through

venture funds now can. julie: part of the bottleneck is if you want to invest in a venture fund typically it is a $2000 a month check, so a lot who are still building with cashmore in the form of equity, they are not able to participate in that mechanism so pari passu is opening the doors to allow those operators to be able to invest in an accessible access point but building a highly curated ecosystem. ed: i said you're going to invest at the intersection of basically everything, but is there one main area you are excited about? we have 30 seconds. julie: we have a pretty unfair advantage in terms of e-commerce sass. we have lived many lives in that ecosystem. my partners sold the largest

agency in that space, so you think but having access, that is what you want on your table but i spent the better part of two decades in the venture and founder ecosystem alongside my partners, so the deep relationships that you can only forge over that amount of time give us access to some of the most highly competitive deals in venture. ed: pari passu ventures managing partner julie gudish krieger. a new social media app is taking gen z i storm. it is a platform that takes users back in time, inspired by the experience of using disposable cameras. you can take photos on the app with a vintage feel. you just have to wait a few hours until they develop. we will have the co-founder on with us to talk about what that means. we are getting breaking news moving markets.

according to cnbc, warner bros. discovery and paramount have ended merger discussions. we saw a knee-jerk reaction in both stocks, more significant to the downside on paramount. both now trading up around 1% higher. we will continue to track that reporting through the day. this is bloomberg technology. ♪ st going to happen. you have to make it. and if you want a successful business, all it takes is an idea, and now becomes the future where you grew a dream into a reality. the all new godaddy airo. put your business online in minutes with the power of ai. how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options.

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ed: lapse has raised $30 million in its series a funding round. it allows users to take photos with a vintage feel they cannot be seen for a few hours, until they develop. these new funds allow the app to expand engineering and implement community led product updates. delighted to say that the cofounder joints me now. this is an interesting concept. you do not just take a photo and use basically a filter that gives it a vintage feel. your platform makes the user wait a number of hours to replicate the film develop and process. explain it. >> that is right. one of the things that makes it different from the way you take photos under native camera is closely mimic not just the

aesthetic but also experience, the feeling of using a disposable or film camera. we find that, not just in terms of the way the photos look with the ability to keep you in the moment -- often when you take a photo, you are doing something exciting you want to live as fully as you can. our users appreciate that feeling. ed: you have a good runway now because he raised $30 million, but will this be an ad based platform or subscription based? >> it is too early to say at the moment. we have early hypotheses that we will not monetize through ads, but we are now focused on building the best possible user experience and scaling that to his many users as we can. we have seen with additional platforms that monetization tends to come later in the lifecycle. with new investors we have brought on, they have invested in social platforms and seen

that journey so they are behind us in terms of understanding that monetization comes later. ed: i'm interested in lapse's growth. are you see engagement through android or ios? geographically, where do you think you will be strong? >> today, the app is only on ios. we are strong in the u.s., so most of our users are in the u.s., but we have some in the u.k. and canada. for us, the focus is in the u.s. and we see a strong bias toward gen z and female users, which tend to be early adopter cohorts for new social platforms. it is encouraging to see those are the users organically using the platform. ed: i want to go to who you think you are competing with. you are making the user wait. i assume the technology does not require you to wait.

you are doing it as a feature that puts you on a collision course with instagram, snap? dan: exactly and the user's native camera as well. we actually see ourselves first as a camera app. we believe if we -- we are able to own the top content capture for users and the other things that can come off the back of that, like the journaling and curating and highlights, all of that is downstream from the capture, so we are focused on providing the best possible capture experience for users. one of the biggest competitors to us is the user's native camera on their phone. ed: lapse cofounder dan silverton, thank you for your time. that does it for this edition of bloomberg technology. check out the podcast online summa on -- soon on the terminal

and on spotify. there is a big week of economic data impacting these markets. tune in. this is bloomberg technology. ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh

♪ ♪ >> live from bloomberg world headquarters in new york, i am sonali wasik. kailey: and from our studios in washington, dc, i am kaylee lines. welcome to "bloomberg crypto." sonali: bitcoin is rising to the highest level in more than two years, hovering around $57,000 amid persistent investor and, including some of the bot another 3000 coins. kailey: we will talk about the