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tv   Bloomberg Technology  Bloomberg  April 2, 2024 11:00am-12:00pm EDT

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announcer: this is "bloomberg technology" with caroline hyde and ed ludlow. ♪ caroline: time caroline hyde in new york. ed: i'm side-by-side this week. this is bloomberg technology. caroline: tesla drops after deliveries fell way short of expectations. rivian beat estimates. ed: plus, the outlook for technology stocks after apple
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posted one of its worst quarters relative to the s&p in over a decade. caroline: we will take the pulse of the ipo market as rubrics ipo filing shows growing revenue but still losses. we are having the worst day in about a month on the key benchmarks. tech under pressure. we see once again a fear of the fact that the u.s. economy is too strong. the federal reserve will not be cutting rates as anticipated the federal reserve will not be cutting rates as anticipated. more frothy your names -- we will see a pullback in some of the more frothier names. bitcoin under pressure. we see the inflows dial back from the crucial spot etf's. there is one stock you are watching. ed: tesla deliveries missed expectations. that's an understatement. deliveries, 388,000 in the quarter gone.
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the biggest myths against bloomberg consensus on record. where did we get this analysis wrong? the stock is down around 5% in the session. premarket had fallen as much as 7%. what are the factors that are happening here? i want to bring in stephanie valdez streaty at cox automotive. tesla says this is supply-side related. three factors. they diverted shipment because of the situation in the red sea, paused production in berlin because of what they call an arson attack, and relaunched a model in fremont that impacted the production run. why did that impact deliveries to this extent? stephanie: thank you so much. tesla is the news today. we forecasted we will see decline in q1 for tesla. if you look at they have two models, the y and the s carrying them forward but no big products recently.
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hopefully with the roadster in 2026 that will help them. new product really drives sales. for tesla they are in the in between wave that they mentioned where they had high-volume products and awaiting to launch this new one that will be more affordable, which the industry really needs. tesla has a lot of work ahead of it. when they have the earnings call it will be important for them to really lay out what the plan is to execute on that. caroline: love how you're going on the demand side of the equation. you focus predominately on the u.s. we talk a lot about some of the competition coming from chinese makers. d.c. shall me -- you see a new ev were on the first day of sales it looks as though bookings are north of 90,000. when you look at the u.s. demand-side how much is the competition an issue forward? was it really the lack of a new product that is the driver here? stephanie: i think it is the competition. last year was a record year.
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this quarter we are expecting 15% year-over-year. tesla -- we are expecting a 3.2% year-over-year growth. there is some other brands that will see significant increase in q1. the results will come in and the next week so we will have that for the report. some of the other products that will be popular are creating more competition for tesla. i think that will continue. tesla is having to compete with these other brands that are offering different styling, product, range, and competing with the tesla model. that will be a driving factor for tesla going forward. ed: i will recap the numbers. tesla's first quarter deliveries were 386,810. the estimate was 449,000. i was one of the people that leased the model y and the penultimate day of the quarter. i did so because the incentives on offer from the federal tax
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credit and those that tesla did of its own accord which is too good to pass up. then on april 1, tesla raised prices. they said they were going to do that. what got me thinking that we have the first quarter number print is, is there market anymore and this country for a $40,000 to $50,000 ev? it seems like that is gone and everyone is waiting for the $25,000 ev to finally materialize. stephanie: you hit on it. if you think about ev adoption, research shows price is one of the major barriers with infrastructure. at the end of february the average ev was $52,000. if you look at back two years ago the price was about $70,000. it's expensive. affordability is key to adoption. we will need more of those vehicles that are at that are at
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different price points. as we see more used ev's into the market that might accommodate some of that price point here. ed: rivian beat expectations of production and deliveries, although this set the bar low for the quarter. what do you make of a name like rivian? they offer the box eeev americans love. they like big cars but it seems like a niche player. stephanie: any of these new entrants into the market are struggling with cash, trying to build up their brand. we don't have any ice vehicle to support that. the unveiling of the r2 created a lot of energy for the brand and it will be key if they are going to execute on that. the are2 -- r2 will be critical for more affordable volumes and being able to turn a profit over the long-term. rivian is on a good path. r2 helped ignite some of that
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excitement about the brand. caroline: we talk about the incentives offered from a federal perspective. the biggest competition is a hybrid. we are still worried about infrastructure. ed: great question. stephanie: we will continue to see if gas hybrids increase in sale. if you think about a gas hybrid there is nothing different. is the same experience as driving an ice vehicle. you have to worry about charging or infrastructure. it's a good gateway as we try to navigate to full electrification. we will probably see more plug-in hybrids as well since that is a good gateway as well. ed: is policy support working in this country? stephanie: i think it is. you think about the incentives. $7,500. with the changes in the regulation it has helped with adoption. one of the things that changed
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with the point-of-purchase now you get that $7,500, that's also attractive. i think the incentives are confusing and some consumers are not aware of them. it's confusing for what is eligible and what isn't. there needs to be more education around ev's, around incentives, the value of an ev. what is it like to drive in ev? the total cost of operation as well. we have a lot of work ahead. in january, whatever key messages was for ev, it will be a year or more. we will see more bumps. we will see more incentives, more price cuts, but also the industry build more sales muscle and sell these ev's to the next wave of adoption. caroline: more transparency please. stephanie valdez streaty, thank you so much. coming up, erika klauer will be joining us. we will deep dive on what's happening in the broader markets
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today with the big chip selloff. ed: you mentioned xiomi. by close of play on friday having unveiled this new ev, they had 89,000 orders. 90,000. i'm sure it is bigger now. really curiously there's a lot of evidence that in the chinese market consumers were putting down the refundable deposit and then canceling just for the prestige of saying i ordered a xiami and then did not follow through with it. this is bloomberg technology. ♪
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ed: we took another bite out of the apple in the first quarter. shears coming up the air force quarterly performance relative to the s&p 500 index in over a decade, with a comedy raising within $300 billion in market value in 2024. the 12% drop since the start of the year is paying offer short-sellers, incentive to unwind their bets. now could be the time to buy the dip. that's according to technical analyst to argue apple is flirting with levels where bottom feeding could come soon. apple looking cheap to some of the other mega cap tech names on a relative term. the key support level is 106 $25 per share. will that be enough to entice you dip buyers. if you are, hit me up on x, social media, you know me. caroline: let's go broader than apple and see what's been helping meet the charge on the foreign benchmark and what is putting away a little bit. erika klauer is with us.
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welcome back to the show. while apple has been having some tough times let's focus on the super micro computer up 240%. nvidia up 79 percent. you are a holder of chip names. people have questioned how far they have run. do they have further to go? erika: we always take a longer term view and that remains very constructive. we looked over three to five years and we see extraordinary opportunities for penetration of ai. that is broadening out in its applicability in the district. we are still very constructive. caroline: does that mean you take money off the table from the winners we have seen, the nvidias i have mentioned and into industry groups of benefit from ai or do you have to do both? erika: you have to do both. there are the core experts in compute led by nvidia which i believe is a core holding to own for a long time, and also
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advanced micro devices. the existence of parallel computer, accelerated compute is creating opportunities throughout the various industries. whether it is industry, other semiconductor companies, health care. we are looking at a broad-based of opportunities for these companies to address. ed: it's been interesting for probably two years speaking with investors who are basically ripping off the paneling of a server design and learning what's going into it. now a name like macron is starting to get credit at gtc. he was slapping michael dell on the back and saying if you need a server, this is the guy. is that your kind of approach? how the compute gets built in its entirety and then work out the component providers and invest in those? erika: this is such a great question. on the one hand the very essence of compute, how it's done has changed. the demand for memory.
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the demand created for disturbing power, generating power, dealing with power, thermal envelopes are all changing and that's creating extraordinary opportunities on the infrastructure side of the business that we are very interested in. on the other side the actual advent of accelerated compute has applicability to everyone from smart cities to health care applications. we are looking at drug discovery, medical imaging, sequencing as being enabled by the advent of accelerated compute. ed: we lead you to it but we are talking about markets and the tailwind that is ai. we are not talking about rates. not talking about concerns of global economic strength. not talking about geopolitical headwinds. why? erika: the interesting thing to think about is that this technology is disruptive to literally every single industry. while there are always going to be cyclical concerns, whether it
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is one specific geographic region slowing down or perhaps pressure of inflation or interest rates, at the end of the day what we are seeing is literally every single industry being disrupted by the advent of ai. i think that discussion happens not in a vacuum but it probably drowns out to a certain extent some of the more macro concerns. caroline: we just mentioned geopolitical tensions. i want to weave in the ongoing geopolitics it is the china and u.s. because effects.the chip names -- president xi jinping and president biden have held phone talks. no real details on the phone talks and what indeed was discussed. china's official news agency reporting that president xi has spoken with president biden of late.
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we know in that context is the fact that the u.s. has been limiting sales of u.s. chips to china, worried about the up occasion of technology in china. has that worried or in any way changed your opinion on how much to go into these names that are exposed to china, nvidia being one of them? erika: those u.s. companies that sell equipment to make chips have also been banned from selling their most advanced equipment into china. i think at the end of the day what that does is it forces semiconductor companies to look for locations outside of taiwan, outside of china to build. what we have seen is an unprecedented demand of government support to build more semiconductor plans. that's a great tailwind for equipment for years and years to come. on top of that the semiconductor chips themselves are becoming more semiconductor equipment intensive. this is a long time tailwind for the industry going forward. on the semiconductor side what
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we are finding is that where there is a will there's a way. people want to have the compute. it may take place in different geographic regions with the ultimate necessity is driving the demand for beyond what we thought for a month ago. ed: caroline and i have no prom talking about semiconductors all they long but there are other things. we will talk about the rubrik ipo later in the program. how do you feel about software, cybersecurity. there must be opportunity beyond the gpu and a combination of cpu and gpu. erika: there's extorting opportunity for apps to take advantage of this compute. basically, what we are seeing is a scramble, and incredible innovation on the software side to be able to analyze the data. being able to sort through huge amounts of data and make sense of it so companies can understand consumer patterns. the progression of certain drug
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-- certain diseases. even modeling how drugs may behave as they are developing them. the software is very critical in this process. not to mention the cybersecurity is absolutely an essential part of this. this is at the core the -- whatever company's best assets. the intellectual property must be protected and that is why cybersecurity is seeing such a strong backdrop of demand. ed: protect the data at all cost. erika klauer, great to have you back in the program. rubrik , the cloud and data security startup which is backed by microsoft has filed for an ipo. we will have those details next. markets please. caroline: going back to what we could talk about, semiconductors, this being semiconductor index at every single name is in the red today.
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even favored amd off by three pointy percent, the worst day since mid-march on this particular index. this is "bloomberg technology." ♪ tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh you know what's brilliant? boring. think about it. boring is the unsung catalyst for bold. what straps bold to a rocket and hurtles it into space? boring does. great job astro-persons. over. boring is the jumping off point
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caroline: time for talking tech. elon musk's starlink claims is relative high-speed internet and italy is being instructed by telecom italia. the possible repercussions for services across nothing europe and north africa. the u.s. is asking south korea to adopt restrictions on semiconductor technology exports to china similar to those washington has already implement it. it's another sign the biden administration is trying to thwart'beijings chip ambitions. japan has approved 3.9 billion
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dollars in subsidies to chip venture rapidus. the economy minister said the additional funding will help them by chipmaking equipment and develop advanced back in chipmaking processes. ed: what a name. catching up in chips in is called rapidus. rubrik , the cloud and data secured he startup backed by microsoft filing for an ipo. the size and price of the plant share sale to be disclosed in a later filing. the person that broke the story joins us now. this is based in palo alto well known, backed by microsoft. the banks tell us the size and scope of this one. katie: sure. we have been looking into this one for a while. they were supposed to go public last fall and then they delayed it. it broke that the filing was coming any day now and it came.
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this is one that is backed by lightspeed and greylock. they both were the top shareholders in the filing. they are backed by microsoft. there's a lot of interest in this one. it's only the second enterprise software company to go public since 2021. we had clavio and now we have rubrik. this one is different. this is data security. they have large enterprise clients. clients like goldman sachs. they also have public-sector clients like the state of utah. they have a pretty wide list of clients. they will be testing to see how things are. caroline: the market has to digest the fact that it is still lossmaking. katie: it is losing money but as jason left in, atop -- jason lefkin pointed out on twitter, is arr is growing, the annual
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growing revenue. this is a metric investors care about because it suggests the customers are renewing their contracts and they will continue to get more customers. they have a high retention rate. depending on what you look at, profitability, no, they are not profitable. they're overall revenue is growing pretty slowly. arr is up significantly. caroline: katie, thank you for some of the devil in the detail they got released last night. coming up we will speak to a venture backed firm offering a dividend. why they are paying out to investors right now. ed: also paying out at the moment is trump media and technology. shares up 6.5%. they were lower in premarket. they felt when anyone percent yesterday. -- fell 21% yesterday.
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it gives you a sense of size of truth social, the reality, and the impact on former president donald trump's net worth. it seems small. caroline: his net worth is down by about $1 billion. the fact that the company is worth more than $6 billion, i can do what read it but the user amount -- they have been reticent to give us how many people are signing up. it's about 9 million across the platform. reddit has 267 million people month income a month out. what's interesting is how heavily shorted it is. spacs are always volatile. 14% of the free flow is shorted. ed: is it subscription or add based? we will talk about in the years to come. right now the stock is higher 6%. this is "bloomberg technology." ♪
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caroline: welcome back to bloomberg technology. ed: i know new york city the story of the markets is strong economic data around the world pushing us to believe center beds all around in the world will keep rates elevated for longer. you see bitcoin participating in the risk off mode alongside the nasdaq 100. the individual story all day has been tesla down 5.5 percent, having a big points drag on the major indices including the s&p 500. frankly, it was the worst
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delivery smith for tesla on record relative to consensus. you have to go to the end of 2022 for the last time they delivered vehicles in that three hundred 50,000 market. it was a 38 six. this time murphy and it's also lower their way to meet expectations. all in all higher rates the story around the world of technology now. caroline: bloomberg has confirmed with the white house that president xi jinping of china and president biden of the united states had a phone call that has concluded. it is the first time they have spoken directly since when they met in california in november. there is a list of things they could be talking about. there will be a lot about cyber, ai and progress being made on discussions around fentanyl in particular. the president was expected to urge more efforts to combat fentanyl and its encroachment into the u.s.. china's cooperation is being
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sought on geopolitical concerns. the ukrainian war, middle east turmoil in particular. we understand after these reticular communications this is what is being discussed and what is being focused on. we will have a long view in a moment as to what exactly was being discussed on the ai and cyber front not to mention chips. now let's return to an interesting story from an investor perspective. donotpay inc is an artificial intelligence company offering online legal services, one of the first private act venture companies to pay dividends to shareholders because it is profitable. what else will what do with its money? it has more money then it raised from vc names. let's talk about it with joshua browder the donotpay inc ceo. why give money back to investors? i feel like that's unknown in the world of vc. you backed companies. joshua: i think investors and employees are tired of money-losing companies. we are in a time where ai means
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you can build big businesses with few staff. we only have seven employees and seven contractors, but hundreds of thousands of paying customers. we want to build a big business. we also realize that the purpose of a company is to do well by its stakeholders and it is nice to give money back to our earliest believers. ed: what does that look like? give me the size and scope on the different -- dividends. joshua: our q1 dividend was in the mid-seven-figure range. donotpay inc has raised $24 million in total. that is a sizable portion of what we have raised that we have in profits every year. we are not resting on our lawyers -- resting on our laurels. sam altman said there can be a billion-dollar company with one employee. we aren't close to that yet. we have seven employees.
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with ai you see companies like k larna, replacing 60% of the customer service workload with ai, companies like majority where they have hundreds of millions in revenue and only 20 employees. that is what we are aspiring to be. caroline: you mentioned sam altman. how is do not pay built when you are using ai to negotiate contracts and money for users, are you underpinned by openai? are you exhausted? joshua: will use openai. i started a company seven years ago when i got a bunch of parking tickets and i realized that if you know the right things to say you can use templates to get out of them. in the ai era we can build more exciting products. i am exciting about ai build negotiation, which we just launched. we have robot logins for people's utility accounts and start chatting for big companies. their companies use ai. we use ai. the two ai chat to negotiate.
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ed: you have been coming on the show a little while now. you aren't a lawyer. the original premise of donotpay inc was to use an automated service to challenge everything from parking fines to build disputes. how is the business growing? give me volume, numbers around bills that have been successfully negotiated on donotpay inc. how many of your proceedings have gone onwards to court, for example? joshua: donotpay inc is all about helping people jump through hoops they do not have time to jump through. no one has time to wait on hold for four hours to save $12. in a lot of the cases the squeaky wheel gets the grace and they don't go to court. we just send the letters to the companies and you get the refund. we have won over a million cases for our customers over the last seven years. ed: dr. breaking news. president xi of china and
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present by the end of the united states had a phone call that has concluded. they spoke tuesday. the first one-on-one communication since meeting in california last november. enda curran is in washington dc with the details. there was an element of the conversation about the technology sector. what is the most know about the conversation? enda: it is their first one-on-one since november with the white house briefing suggesting it is a progress check in. the main points from our colleagues at the white house is that they spoke about the counter narcotics trade, the topic of fentanyl, central to both presidents. then there was a broader discussion around china's role in stability in the middle east, using its leverage their and china's role when it comes to the war in ukraine. the broader point of the call speaks to the idea that both sides are continuing to try to
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stabilize relations. there are areas of cooperation. in ai, for example. the focus of the detail so far seem to have been on security and the counter narcotics trade. caroline: there is a list of things they could have talked about that would perhaps have more ramification on the economy as well. they are working to find at least security and guardrails around ai. at the moment, we were talking about how the u.s. is leaning on south korea to stop them exporting so much chip equipment and technology to china. how much is technology at the heart of this conversation or not? enda: it is very much the elephant in the room. the call is about stabilizing relations but that does not mean that competitive, strategic asia has gone away. the point is export controls, investment controls, the rates for the u.s. to get back in the game in terms of chip production and ev reduction and everything
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else. none of that has been changed or will be changed by this phone call or any other. it is about basic communication. it was only one year ago that there were no communications between the two governments. after the balloon incident. it is about getting basic guardrails in place. treasury secretary janet yellen is among the officials going to beijing. no major projects -- progress from this. technology rate story has not changed, it's about keeping things even keel. caroline: thank you for bringing us the latest on the xi jinping biden conversation. coming up, we go to the private sector world. atomico partner laura connell joins us with real expertise in artificial intelligence. this is bloomberg technology. this is bloomberg technology. wealth-changing question --
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get your business online in minutes with godaddy airo ed: you are looking at a live shot of the principal room. coming up bloomberg crypto. in the next hour. you don't want to miss it. this is bloomberg.
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gathered about $2.2 billion for its latest vc funded but it was well short of its $6 billion target. it is the smallest fundraising call in roughly a decade according to bloomberg sources. bloomberg's hema parmar broke that story. when i think about the raises they have done they had no problem in the past but they did this time. hema: it is a difficult fundraising environment but it's a pivot from the way we think of geithner global. in the past there fundraiser was nearly $13 billion. every fund has been bigger than the one before. this is the first time a geithner fund has not -- a tiger fun has not raised more than its
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predecessor. caroline: pop this comes in the context of bets that went bad. hema: yes. a lot of environments, venture funds have been failing markdowns. when it comes to allocators to the funds in some ways their hands are tied because private equity was slowed to give back distribution so they have fewer dollars to put to work. venture has been challenging, as you are well aware. it has been a tough first phase. ed: you mean the fundraising environment generally for all forms -- firms. this story was well read. you get insight into what is happening at tiger global. there its insider money, lps that are external, pressure from outside. give us the juicy gossip. hema: when we look at the history of the fast -- past few funds tiger has the raised insiders have given about 10% of the assets. with this fund insiders are
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forking up about 20% of internal assets. 20% of funds raised assets. this means the money they have raised from outside investors is less than $2 billion. they are putting up more of their own cash. typically, tiger insiders make up the biggest investors traditionally at her most of their funds. caroline: it is about aligning your end goals i am sure. hema parmar, area scoop came out late yesterday and we are pleased she joined us. let's stick with venture funding, how hard it is, where the money is being allocated if you have already raised. vc spotlight time with laura connell partner at atomico. you have been allocating some of your money. you recently led a $58 million series a c funding for a telehealth company. it is about cognitive behavioral therapy to treat addiction. it is interesting you come on in a moment where we heard about a conversation at the highest levels between president xi jinping and president biden about fentanyl.
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so emotive and high on our political agenda and held agenda for many. why is telehealh a good thing to back? laura: it is a huge mode event hot topic going into the u.s. elections. quite rightly create substance use management is an area that continues to be poorly served. one thing we spent time figuring out was the right type of solution. we found it with our team. we backed an exceptional team of initially, a clinician lead team founded in the u.k. that relocated to the u.s. that set out to address broad-based substance use disorder management, anything from tobacco and alcohol to open we always -- to opioids. we found the optimal solution was a combination of cbt and digital content with medication assisted treatment. the most important thing is for it to be clinically evaluated with clear roi.
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at least one individual in every american family is currently suffering from some sort of addiction. 70% of those individuals are still in the workforce. 10% of the total workforce self-reports a substance use disorder or addiction mend only 1% of the total workforce currently has access to clinically validated treatments. numbers are shocking. the total estimated direct cost of substance use disorders is around $35 billion in the u.s., only the direct cost in terms of incremental health care costs. to say we are in urgent need of better solutions is an understatement. caroline: it's interesting you are finding this particular case to want to back. you are someone with a lot of expertise in the field of allocating towards artificial intelligence, the hot topic at the moment. i am interested, what was the competitive landscape to allocate to a company like pelago or any company now? are you finding there is a tougher time to be writing
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checks? is there too much competition? laura: yes. it has been interesting to watch the market, to be out of the market particularly over the last couple years. i think we can safely say there has been a lot of later stage capital, be it corporate, venture investors, or, perhaps, nonspecialists venture investors including family offices that were very active in the market in 21 early 22 that have cured out. it's not to say competition has decreased. the reduction in capital supply has also been met by a smaller pool of very high quality companies coming to market. a lot of companies that have perhaps struggled more not coming to market to avoid getting priced. for very high quality opportunities it is still very competitive, as it should be. i think it is no bad thing for investors to be show their work and the kind of funding they can provide. the last thing to say about that is given that the cost of capital has increased to the extent it has the last couple years, you have firms that can
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help founders avoid mistakes and that understand the shortcuts. you have growth accelerating teams or big operating platforms and expertise with very meaningful and criminal cost saving or revenue uplift we can provide with less burn. i think an all-around more discriminating market in principle. of course, there are a few areas where the hike is notable, as you have discussed several times in your show today. ed: how do you discern height --hype from real? i have gone to hackathons. did you do that with pelago? laura: pelago is an example of having deep expertise in a given sector. here we have a team of explanations with medical knowledge and expertise that can combine that with commercial and technical sophistication. the more general question you are asking is around how we get
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comfortable in ai in a market moving as quickly. and we have a really deep will of technical talent and experts we lean on to help us stay up to date so we are moving in our understanding at least as quickly as the best founders. that is one of the tough challenges in the market. there is so much noise. i think that the best defense against a is really just to be having the humility to know that often, people i'd investors can grossly overestimate near-term performance and overestimate -- underestimate long-term value creation. we lean on investors and have a big dose of humility as we invest. ed: what's the direction of travel? are you chasing potential portfolio companies or is your desk out high with pitch decks? laura: the best part of the drop is speaking to exceptional founders trying to build incredible companies.
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we still get a huge amount of inbound and that is related best part of my day. there are two parts. of the job that we stay focused on. one is staying as close as we can to founders we have backed an to be true partners to them. that requires a lot of time and commitment, particularly in astutely macro environment. of course we are constantly sourcing, constantly speaking to people we think will be the next leaders in whatever market we are operating in. caroline: atomico born out of the wealth from skype. a pinup in the european area. the companies you're backing qamar the european-based? the telehealth company moved to the u.s.? laura: one thing we do as a firm is police every year the state of the european tech report, the industry-standard report for all activity in european tech. take something like ai.
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it is really a paradigm shift in technology. and around 33% of total funding last year in ai ml went to european-based companies. we believe in the european opportunity. that was the genesis of our founding with nicholas and sturm sounded atomico it was on the premise that great founders can come from anywhere. we expect an extraordinary generation of european-based founders. we are focused on europe as a home-court advantage and also recognize we want to keep the optionality to invest on a global basis well. ed: great to have some time with you atomico partner laura connell. flipped an online marketplace featuring product review videos made by shoppers raised $144 million in fresh funding as it seeks to take on the like of amazon in tiktok. this funding round brings flips the valuation to $1.05 billion
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including $50 million of investment from advertising software form. caroline: we talk about that lawsuit next. this is bloomberg technology. 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
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nah. sinking putts? the only thing sinking is my savings... there's the kid's braces and my parents to care for. i'm gonna caddy forever. with empower, i get all my financial questions answered, so i don't have to worry. empower. what's next. how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now. you know what's brilliant? boring. think about it. boring is the unsung catalyst for bold. what straps bold to a rocket and hurtles it into space? boring does. great job astro-persons. over. boring is the jumping off point for all the un-boring things we do. boring makes vacations happen, early retirements possible, and startups start up. because it's smart, dependable, and steady. all words you want from your bank.
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taking chances is for skateboarding... and gas station sushi. not banking. that's why pnc bank strives to be boring with your money. the pragmatic, calculated kind of boring. moving to boca? boooring. that was a dolphin, right? it's simple really, for nearly 160 years, pnc bank has had one goal: to be brilliantly boring with your money so you can be happily fulfilled with your life... which is pretty un-boring if you think about it. thank you, boring.
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caroline: going viral, google says it will delete millions of records of user browsing activities part of a section of a class-action lawsuit that alleged it tracked people without their knowledge filed back in 2020. it said the company tracked people using incognito browsing mode that lets users turn off data collection when using the chrome browser. other google tools scoop the data up anyhow. a google spokesperson said they are pleased to settle the lawsuit that they always believed was meritless. ed: the other story is what is happening with disney. disney looks set to conclude a showdown over the composition of its board. the wall street journal reported overnight a company is leading in its proxy battle against billionaire activist investor nelson peltz was around 50% of votes counted. an investor can change their rotate in a time. the latest name got the backing
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of the force from george lucas and jamie dimon. it's blackrock. they have a 4.2% stake, almost $10 million of disney stock. caroline: t. rowe price another canine. that is not without some key names betting on the other of things. wanting to see peltz coming to the border the other previous cfo. it could all go to the wire. what about long-term succession planning from bob iger? if he loses this battle, we saw posts join the board. will he stick around. that is a key question about considering succession. ed: if peltz is successful, which looks unlikely at this stage, how does it change anything? caroline: we will see overall how the votes at up and if i get anymore ads asking me to do so i will go completely stir crazy. that does that for this edition of bloomberg technology. ed: recap the show on the
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podcast. a big show a heavy ev theme and global politics on apple, spotify, and all bloomberg platforms. from new york city this week this is bloomberg technology.
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sonali: live from bloomberg had quarters i am sonali basak. tim: i am tim stenovec. welcome to bloomberg crypto. sonali: corn and other tokens on the decline to start the second quarter after a historic run brought on by etf demand. tim: sam bankman-fried's 25 year sentence is potentially just the beginning for others on trial including executives like caroline ellison

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