>> from the heart of where innovation, power and money collide in silica i -- collide in silicon valley and beyond this is bloomberg technology with caroline hyde and ed ludlow. ed: i am ed ludlow in san francisco and caroline hyde is at bloomberg invest. coming full ev coverage. rivian and vw form a partnership. plus the supreme court clears

the way for the white house communicating freely with social media companies to seek the removal of what officials see as misinformation. we go live to our bloomberg invest submit where heavy weights across the financial industry breakdown the most pressing issues facing investors. right here and right now let us get to our top story, a deal between rivian automotive and volkswagen. the share is taking off. they were even higher tuesday night. rivian as it stands is trading at its highest level since february. if it closes at this level it will be the biggest gain one day on record that i would caution following the ipo. we did see swings in excess of 50% and it did not close near those levels. this is a company i have covered closely and i did not see this one coming. basically in the first instance volkswagen will invest $1 billion into rivian in the form

of an unstructured note through september 1 of this year and then commit to investing one billion dollars and 2025, and 2026. we do not know where the share price will be. improve -- in return they get access to rivian's technology the software and some elements of the drivetrain. this is a big one. let's get into detail with stephanie, the director of industry. a quick disclaimer, cox enterprise which is the parent company is an investor in rivian and the ceo of the office as a member of the rivian board of directors. we have stephanie here for her expertise on these companies and this industry. so let us start with the basics, your reaction to the deal. stephanie: and i think you hit it when you said this was

unexpected and it is making waves through the industry. it is a huge breakthrough moment as we have been following rivian also and although they have made good progress in the market with their products and customer experience, being profitable is a big issue. this investment will really help them get on the road to profitability as they try to launch the r2, which is critical for them in terms of a affordability in the marketplace and the segment with more volume. this is a huge moment and i think for vw as well. having access to that technology and the opportunities for global expansion is really going to be a positive for both. ed: when the news broke i took a few phone calls and what was so interesting was that very quickly a few folks close to rivian and elsewhere in the industry pointed out to me that

volkswagen's software strategy has not gone that well. they formed the unit and the platform, and i am told they face major issues. how much do you think this is bull's wagon reacting to that versus actually an acknowledgment that rivian is good at software? stephanie: i think it is volkswagen acknowledging that rivian has this cutting edge technology that will help them. i even think broader about the chinese automakers and the penetration they have had and the technology. i think this will help vw not only in the north american market but globally as well. they saw this is something that will help their brand and really help them scale faster and more efficiently. ed: i have to be honest. rivian's track record in joint

ventures is not good. i have been covering this company from the moment that rj was on stage and revealed to the world that he had a pickup and suv. within three or four years after, the four -- ford invested 500 million and they plan to build a lincoln together and they scrapped it. they plan to build a joint venture and scrapped it. the mercedes relationship lost its three months. how much of a cautionary tale is that for volkswagen? stephanie: they need to be cautious and make sure that they -- that the strategic goals are aligned. your point it is going to be a bumpy road but i think they are very focused on making sure they are aligned and you mentioned about some of the leaders. it is definitely a risk that they need to closely follow and make sure that they are aligned. ed: you and i spoke about market

share. rivian will come to market with the r2 and will be competitive for existing models like the model y, but at the same time tesla is ceding market share in north america and other markets as more models join the market. how are you tracking that and how do you see that going? stephanie: customers like new product and r with rivian having the 2 or 3, like tesla not really having think -- having anything but the cyber truck and no timeline for the more affordable vehicle, tesla has more competition, not only with rivian but other banks as well -- but with others as well. i think tesla will need to get product into the market to maintain the share that they have for many years. ed: further 12 months through

may, tesla sold 618,000 electric vehicles in the united states. all of the other manufacturers combined sold 597,000. at some point we expect that to cross. but the question it raises is one that rj has argued about over many years. he says this is not an issue of interest rates necessarily or tepid consumer appetite towards the ev, he argues we need more models. more models on the market the better it will be. do you share that thesis? stephanie: i think we need more models but more affordable ones. we need to have more affordable models. price is the top barrier. and as we have more affordable models in the marketplace that will help. so i agree with that. more models but more affordable will be critical.

ed: cast your eye to the future, what happens to rivian? stephanie: i am betting on them. they have a lot of brand equity. i think the vw partnership has a lot of great potential. and i think the collaboration can really evolve this whole software vehicle technology. i think it is promising. but like you just mentioned they need to be careful that strategic goals are aligned and they are lockstep. ed: i just appreciate your insight, not just to rivian and vw which caught us to surprise but the industry at large as well. thank you. let us turn to breaking news coming out in the last half hour. the supreme court cleared the biden administration to communicate freely with social media companies and an election year roach -- which bolsters the government's ability to seek

removal as what officials see as misinformation. i want to bring in kailey leinz. i saw the headline cross and i have just read the intro and i am trying to understand the mechanics and bigger picture. explain it to me. kailey: technically this is a win for the white house. it leaves the door open for them to communicate freely about content that they see as misinformation that could be harmful to the public. this started with questions amount -- around activity with social media companies and trying to control information related to the covid-19 election -- covid 19 pandemic. they said that they overstepped the bounds for the right to free speech. in this ruling the majority of the opinion written by amy coney barrett does not talk about the merits of the case. it is about standing. they argue that the plaintiffs which included two states and a handful of residents did not

have the standing to be bringing the case because they could not demonstrate that they were directly injured by the defendants which in this case is the biden administration. this is similar to the mifepristone ruling where they did not actually decide definitively on access to the abortion pill, just the individuals and people who brought the case did not have standing which is why they ruled in favor. it leaves the door open for this question to still be raised in the future technically by plaintiffs who might have a more firm ground to stand on. ed: there is an interesting case on what happens next. the administration could go out and engage with the company is and talk to them freely which is the top line of the story. whether they do or not remains to be seen because in october there was a temporary halt per the court's and it is an election year. what does biden and company do? kailey: we are just going to have to wait and see because

this will be viewed through a political lens. there is a huge conservative thought in which the three ultraconservative justices that dissented, thomas alito and gorsuch feel that they might be violating free speech and might be restricting the speech of the conservatives. we see this trickling through american politics all the way up to the presumptive nominee donald trump. these decisions for the ministration to engage with social media companies about what content can be seen by people is very much politically tinged. it is not just about what the administration does social media companies do. we are still waiting on a ruling this term from the supreme court so it should come within the next several days on laws in the states of texas and florida that restrict the ability of social media companies themselves to police misinformation and the court has yet to rule on that question. ed: kailey leinz, the cohost of

balance of power. i watch and you should as well. coming up, we will be joined by jack banners, to discuss the launch of the global bitcoin app in my home country, the united kingdom. i am taking a look at shares of nvidia. actually softer, down 2.7 percent. let us call it a roller coaster ride. down three days with a technical killer -- technical correction. we rebounded and we are down again. there is the annual general meeting taking place straight after this program. usually it is not a news event and not that closely followed. i wonder if this time it might well be. i will be on hand as well ian king. ♪

if your business needs a new application then developers will have to write code. a lot of code. if an application needs to be modernized

then you'll need time, resources... and caffeine. if this sounds daunting then use watsonx code assistant ai designed to multiply developer productivity so you can generate code quickly. let's create a more modern foundation for business, with watsonx code assistant. ibm. let's create.

ed: time for talking tech. cme readies for trading via the cloud and google will work to fill out a new network that will move futures and options trading to the cloud. the two firms will develop new facilities next to the existing data centers with construction do to start later this year. less softbank's start with sounder health care -- founder health care on where to harness ai for the health sector. one company who is expected to bring up is tempest ai that is backed by softbank that analyzes medical data. south korean chipmakers are about to get a financial boost.

the country is going to inject $90 million in support to build out the semiconductor industry starting in july. eligible firms can tap the program at the lowest rates as countries worldwide are moving to make chips locally due to global supply chain concerns. those are some of the new stories we are following. i want to get to crypto. strike is now launching in the united kingdom. delighted to say that the ceo jack manners joins us now on bloomberg technology. i found this interesting. without boring you with that, i moved to america six years ago. at that time when i was covering technology london in particular i would say and the consumer base was much more focused on fintech and crypto. six years on you guys have made the move, why? jack: simply put we view bitcoin as a paradigm shift. i think that bitcoin is the

first time humans have come across perfect money as we know it and the world needs a global bitcoin company to provide financial services to adopt it. i think it is the most successful global and most performance bitcoin business. we do not focus on 1000 other crypto we just make sure that people have an amazing experience. that is why. people in the u.k. need bitcoin. come on. ed: if you think about strike as a platform or app you can buy and sell bitcoin and make payments and their other functionality is. is there a specific use case that you think people in the united kingdom will use most? was it -- was there a clear demand for a specific function. jack: bitcoin is the best performing asset in the history of our species so people want the best experience.

that is our baseline and that is why we have been on such a tear, everybody wants our product. where we are in the buyer could cycle this upcoming election is that people need to buy it. new capital will come into the asset class. i think bitcoin will land between 250,000 to $1 million between the next 12 months or so. so that is the highest volume product we have, people who call us to say i need this thing, can you help? ed: one of the headwinds and challenges especially -- that you have outlined before is regulation. and oversight. you -- we have focused on the u.k. and that is just one market in the hundred or so you operate in. what was that experience like launching in the u.k. and having to work with post-brexit regulators who, as you discussed in the show, have tried to be

strong, right? particularly on newer areas of technologies? jack: you know why? i think everyone can agree regulators and us there is a lot of work to do and efficiencies that we can all make. the fact that we are bitcoin only was huge. no one is diligencing if we are making our own tokens. i build and sell the most honest performance of money in the history of our species. it is a very moral and integral business. other businesses are retracting for markets and being sued from regulate -- by regulators, we are not. that is because we are built on principle. i founded this business because i think that bitcoin will change the world and i wanted to help. without context it was fine and we are pleased with the launch. ed: really quickly. we never talked about strike as a company. will you be employing people in

the u.k. have you got yourself a nice office? what does it look like? jack: strike is growing a lot. we do not take this approach where we have two businesses, we have the operating company and treasury business. we buy as much bitcoin as we probably chant -- profitably can. we sweep those profits into bitcoin. over 90% of our treasury is in bitcoin. the cost of capital is against bitcoin so we only deploy into things we think could outcompete bitcoin. that is at an average over the last 10 years. we are delicate but strike is a monster and we will keep pouring capital into it as long as people keep needing bitcoin and us. ed: we appreciate your time. coming up next, we will be joined by richard robinson, the ceo of robin ai to discuss the new product line in the new legal ai race.

a quick look at shares of apple up more than 2% and upgrade. simple argument is the upgrade to buy from neutral, they see apple as having the potential for its privacy focus in apple intelligence. the right back. ♪ do you want to close out? should i? normally i'd hold. but... taking the gains is smart here, right? feel more confident with stock ratings from j.p. morgan analysts in the chase app. when you've got a decision to make... the answer is j.p. morgan wealth management. 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. 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. for nearly 160 years, pnc bank has been brilliantly boring so you can be happily fulfilled... which is pretty un-boring if you think about it.

ed: time for the weekly ai in action segment. we are looking at the field of legal -- legal ai. robin ai automates much of the due diligence process that is is what -- that is involved in m&a. the company announced the robin ai reports. we are delighted to welcome back the ceo richard robinson. you and i discussed this in the past. i went to law school, a family

of attorneys and thankfully i did not become one. i get the point of robin ai. let us start with the new product line, the reports element. what is it and why do you feel the need to bring it out? richard: when i was a lawyer one of the most painful thing i had to do which is working through hundreds and hundreds of contracts trying to summarize those agreements for our clients. people want to know what is inside all of these documents before they do a transaction. unfortunately we have never had technology to help us. so we employ armies of associates through the night, week in and out to basically go through the documents line by line looking for risks that they can report. and so we said why cant we build something that uses ai to do that for us? that is accessed -- essentially what that does for us. ed: the field of legal ai is

widely discussed. we recognize a two horse race. you have an association with anthropic and we have another legal ai that is closely aligned to openai and i think they have made it an equity investment. are we going to win that race? richard: of course, we are legal ai for business and harvey and openai is focused on law firms. we think that is interesting but motivates us is trying to help companies like bloomberg, general electric or pwc, helping them do their work faster, unleashing them to grow in ways that they cannot today because of the absence of the right technology, managing legal risks is time-consuming and expensive. if we use tools like that we have customers saying 90% of the time. ed: how many transactions have robin and ott -- robin ai facilitated? richard: we have been doing this

for nearly five years. we suppor m&a transactions, about 1000 a month already. for some of the biggest companies, for five of the fortune five hundred, seven of the top 100 fund. we have been working with business since 2019, to help them use ai to accelerate deals. and working with anthropic has helped us expand the reach and focus. ed: it is great to have you back on the program and keeping us up-to-date. thank you. coming up, micron is out and we have the details on what to expect. plus getting a bit hands-on with some of the tech and looking at shares of paramount. headline out this morning, the discussion about paramount looking at global options and partnerships for streaming services. the saga continues about the future of paramount, the assets

and ownership. for now the stock is down 1.3%. it is a story that will continue to track because from an m&a perspective or a streamer perspective it is something that our audience cares about. a lot more to come. this is bloomberg. ♪ is it me... or is work not working? at least, not the way it could work. your people are buried in busy work. and you might be thinking... can ai make it all work? it can. on the servicenow platform, ai transforms your entire business. because when your people work better, everything works better. so, let's get to work. idris elba works here? mm-hmm. ya, he's super nice.

her uncle's unhappy. i'm sensing an idunderlying issue.re? it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for.

ed: we got hands-on with the nvidia ai accelerator. this little one is important. the high-bandwidth memory chip is used to power a i workloads. the tech as revolutionary as it allows for high-speed data transfers and more capacity in producing ai. production -- production is complex but it's right for micron and other players. smaller than a penny, key to

training ella -- mlm's. the more data that you can serve up, the better the model gets. each layer is three gigabytes. together you get 24 gigabytes. in the ai context it solves for the memory wall. to train the mlm behind cap gpt, as it increases and releases higher performance chips, the memory demands also increase. this year they released a higher capacity chip that stacks 12 layers at 36 gigabytes of memory and they look identical when placed side-by-side. each layer is thinner without taking up more physical space. the next in our series forgetting hands-on with semi

conductors. micron is scheduled to release its third-quarter results after the market close today. big focus on the wednesday ai story for topline growth. here with expectations is james silverman. we focused on high-bandwidth memory, and that is where the street is looking as well? james: certainly. investors will be looking at expectations for micron in fiscal 24 and looking at calendar 2025. micron management has what we think is a reasonable goal for hbm by 2025. ed: historically, memory is a highly cyclical and almost commoditized piece of technology . does ai change that? in the context of gp use, we talked about the addressable market next financial growth

cuts. james: it's different, you don't have the same commodity expectations like we would typically see with memory markets. this is definitely a secular trend that is really being driven by ai and in terms of capacity, there are supply constraints right now. they are getting margin in the -- advantages right now that are relative. as it continues to grow for revenue that should lead to margin expansion for suppliers. ed: i'm interested in how much the ceo gives us a look into the future. when it goes to the accelerator, you've got blackwell and maybe it will tell us how much money they make and i'm interested in the landscape.

if samsung is high-bandwidth memory, where does it sit in this competitive field? james: sk hynix has been the leader. they have been the sole supplier to the nvidia h 100 chip. as we look at 100, micron seems to have gained a decent amount of share into the black while chip as well. that's not their only opportunity. they can continue to gain share in other accelerators. amd is one example. they all require high-bandwidth memory. ed: there are other flash memories, what are those areas that are important to the micron business? james: staying on the topic of ai, they still have products related to ai growth.

enterprise, it's all related to ai revenue. generally speaking, the market looks a lot healthier. as we think about supply constraints into next year, we are expecting pricing to continue to increase for non-ai related products for micron. ed: what's the topline growth number this evening? james: above the growth range for guidance and earnings. as revenue increases throughout the year it could lead to revisions across the street for this year and into potentially next year as well. ed: you are new to the show, but we are grateful to have you. what else are you working on in the field of memory right now? it's a big coverage area and we

have talked about how historically it behaves like a commodity in a global industry. ed: we've done the market -- james: we have done a market forecast and we are continuously tracking and looking at it, but for non-ai related products we are looking at what capacity will look like this year and next year to understand supply demand balance. that's work we are continuously looking at in terms of demand for company products. ed: as you can tell, i can talk about memory market all day long . bloomberg invest is underway. let's get to the live event. caroline hyde is sitting down with rebecca lynch. -- >> with bloomberg's caroline hyde. ♪

caroline: we have two people at either end of the spectrum, here, when it comes from private going into public investing, and i want to launch right in about what it's like to be writing checks at either end. late stage rounds, ipo's, maybe recently gone public companies. rebecca, with you, you are in the series a. kick us off. is it competitive? rebecca: for how we approach the market, we have a lot of runway in front of us. we spent a lot of time on the core investments. genai, who has heard of that? caroline: never heard of it. [laughter] rebecca: so many interesting

opportunities from founders in the past. they have done this with multiple. it's all back to pre-21 levels that you have to know what you're looking for no void. caroline: looking at the lucas approach right now, coming out of soros to raise your own fund. already in core we've, one of the ai pinups. was that a hassle to get into? how competitive visit? nick: the onus is on investors to do something other than just write a check. for us it came down to our ability to help them tell their story in a way that would resonate as they transition. ed: pr job -- caroline: that's the pr job. [laughter] nick: it was an exceptional asset and we were humbled to partner with them but it did require investors to hone and clearly articulate the value prop. ed: we already -- caroline: we

already brought up genai, but if it company is at the upper ends of the public markets, does generative ai have to be in the story? does it have to be a genai story? nick: i think that companies with a credible ai story are in a different situation when it comes to ipo demand. if you look at deals this year, two come to mind. read it and sterile labs, march ipo's, it was a pure play ai narrative and read it was a complementary narrative, up 60% to 80%. irrespective of whether or not you have a edible ai story, if you are a ceo or a founder thinking about going public two years, three years, the things that really matter, identifying

partners that you can see yourselves growing with, building a robust finance function and identify the kpi's that will identify going forward. there will always be public demand for businesses with durable growth. ed: -- caroline: does it also ring true in the series a, series b space, rebecca? how much are you looking at public valuations and then down a rounding at and allowing them to grow into those valuations? rebecca: for our companies, we are early growth. when the companies have a product that we can get our hands on, what we are good at is helping them scale and go to market. like a strategic consultant. companies now, the experienced ceos more than ever are looking

at investors that can be a partner with them to help them gently go through the process, right? it's important for founders to tell us that they need to know where they would land the plane if they had to. early on, what would it mean to be profitable? what others in the ecosystem would we need to partner with early? we encourage founders to go out and do that years before the word ipo even comes in and to really think outside of their existing company and think strategically. caroline: on that note, how often are those partnerships becoming m&a opportunities rather than going public with ipo? rebecca: it almost always comes from partnership, almost never from a cold start sale process last year it was bought by thomson reuters. still the most robust implementation of gpt for that

exists. they did that with partnership opportunities with all of those players who have been in that space for a decade with the sandbox of gpt for july 22. it comes from these strategic outreach motions that they did. thomson reuters, we knew that because of the partnerships they had done in the system. caroline: we have seen novel partnerships and m&a. cool weavers, they are attempting to acquire assets at the moment, but looking at the large language model plays, openai with relationships with microsoft and others, you are seeing anthropic being funded by google and amazon. then you get hi-res in the inflection. rebecca: i think they call that ai money laundering, right? nick: she said it, not me.

[laughter] rebecca: there were some articles out there about that that were pretty interesting. nick: on aggregate, it's about how integral they are to either scale forms with and to end solutions and capabilities for their customers. as it relates to inflection and microsoft, it speaks to the regulatory i met, right? that was positioned and structured as a license for the model. you are seeing a pickup in yield terms, regulatory brain freeze and the like. it's going to be harder to do big m&a. rebecca: we saw that with thomson reuters coming out before saying that ai would

disrupt their entire business. they didn't -- they acquire case tax who had had those of their own users. they needed the experience and platform going forward. i think that we will see more tech m&a for that reason from these very big players. caroline: interesting. let's use case text as a case study. he wrote that check into thousand 16. this was an overnight success. it feels like generative ai, there's a fight to get into these companies with valuations that feel so extreme. how are you rationalizing ai opportunities? rebecca: it's a good question. we were one of the first investors in siri and we have had a number of outcomes including figure eight, lumen are. it feels like it came out overnight, right? really, the algorithm started in

2017 and the companies best positioned to take advantage of gpt for, it was in the place of legal counsel edit had to be the bleeding edge, because you were writing texts, right? they had access to all of that. it was evolution over time but gigi -- gpt for was leica -- 4 was like a light switch as they tried to pass the bar with gpt five in the best they could get it to do was 30% score. pathetic. california, the average was 58. when they put gpt4 against it, it was better over a short amount of time. i think that we saw the step change incredibly suddenly and the best position for them to take advantage of it was steve ridge and momentum and they

could pick up the technology and plug it in to their existing system customer base rapidly. caroline: it was a light switch for many market valuations. nvidia, day in day out, it was that one trillion when we started the year, it was a phenomenal rate of growth. have you seen equivalents of this, nick? what was the market capitalization growth? nick: if you zoom out and put it into context, 2012 to 2021, on the back of low rates you had u.s. vc investment growth as painful in 2020 one. more unicorns were created in 2021 than in the prior five years combined. there are a number of companies that have been over capitalized, if you will, at a different cause of capital.

half of them were last raised when rates were below 1%. those valuations can persist as long as it permits. good data recently suggested half of the unicorns in the u.s. will need to raise by december, so i think it is a question of when, not if. caroline: rebecca, are they the right ones to be betting, if they are running out of cash with valuations that need to be downgraded? who are you looking at that is in the public market in the last round they raised that? rebecca: i'm sorry, yeah, companies in that situation, right, are going to face one of two consequences. three, unfortunately. they take their medicine and they take it massive down. hopefully they are on board with

complete recapitalization. that's one option with 30% of company fundraising in the later stage down by the inside led. otherwise they are doing that is much bigger. they do it like an set of equity financing disclosure they do a safe note or a bridge of some sort with capital going into it and taking the form of equity. the other option is they sell the company to a public company. the problem with that is companies have incredibly high burn rates, typically. not ours, we try to manage that well, we have seen this show a couple of times, but companies not going to acquire, burning $5

million per month, some of them still are the third option, the least favorable, disclosure where they quietly go away. caroline: a big company cannot quietly go away. rebecca: no, convoys went to zero overnight. caroline: what we might see are these going public is slightly different valuations than previous. we have seen that. instacart all of that and people might question how well they have traded since, but i'm interested in how much you see the opportunity for companies to make the bold step to decide to go public and become a publicly traded company with all of that scrutiny that goes with it. nick: there are certainly pros and cons to it. it's a long road. i don't think that an ipo is the end by itself. it's a milestone on a multiyear journey end of success will be

proven in the public markets as they execute. there has been a very acute if not myopic focus on headline valuations. but i think that slowly you are starting to see people reorient value expectations and recalibrate. caroline: how long do you stay after a company goes public? nick: it's hard to generalize, but we like to think in terms of years and not quarters. duration is a competitive advantage for us, competitive advantage for ceos trying to build something enduring. caroline: how painful is that? i'm going to bring up a relatively interesting case study of yours. you made your name on some incredible bets with soros, one of them being rivian. it's a good day for rivian, they did a deal with beat -- vw, but it was painful in the interim. how long did you understand that

you had to stay with it for the long term and it was not an overnight success? nick: look, you will find out what type of investors you have when things are not going well. i think that the smart ceos, the right founders appreciate the value of staying power. there will be missteps, inevitably. execution fall. but i think the onus is on those companies to communicate in a way where they are straightforward and clear, transparent. that is what being a public company ceo in cfo entails. rebecca: and part of your staying power is about knowing the market well and being informed about how you see it and that is important for any investor. for a coo to really find an investor that knows that space and does their own work and goes out and talks to the consumers of the product is so important and so few investors actually do that, but that is what builds

conviction for us, early or later stage, we could often sell earlier or we have to make the choice. case tex, figure eight, gabby, future visor, we had term sheets to finance it. the question was -- do we financing and keep going or do we sell and is this price the right price? that is a question that you can only answer if you do the work. just like when you are a public market investor. we see the bad behavior, now, of investors that were like tourists who came in and thought it was just throwing in some money and cooking, right? it's not, it takes a lot of work and you have to really enjoy the job. ed: talk -- caroline: we've only got a couple of minutes, but i have a couple of minutes for audience participation in a poll. what did you think about this texas exchange that caused -- i think citadel was behind it,

other key players. could the newly announced tec six stock exchange potentially compete? use your qr code. get voting. could we see market share moves southwest? should we welcome the competition? it's interesting, a few companies, big, privately run companies and publicly run companies are moving to texas. elon musk seems to be behind a lot of them and he might be the one taking them public over there. is it good to have competition in the exchange space as well as competition that goes public? nick: innovation, markets, venues, structures, it's good for investors. it's healthy for companies. what is interesting about the texas stock exchange is twofold. one, it's an attempt to go public on private companies but it speaks to the onerous burdens of being a public company from a regulatory standpoint on the

nasdaq or nyse. caroline: and sometimes you need the safety net there. interesting, i think we have a few new yorkers in the mood -- in the room. 40% say not a chance that their company will move to texas to go public. but as we wind up this conversation i want you both to give a piece of advice to those looking at doing their due diligence and wanting to get into either the private space or companies that are about to ipo, what do diligence should they be doing, making sure that they are not tourists? rebecca: you have to talk to the customers. you have to understand why the customer, consumer, enterprise, is using that product and what the go to market motion truly is. caroline: it might be easier for one of those rivian or instacart consumers. you are out there sort of crossing the ts, what would

your advice be around the story you are about to tell? nick: everything is downstream of competitive advantage. it's true for investors and companies, your confidence, sticking to that. the onus is on investors to do it. you don't have an edge should you participate. caroline: keep bringing your edges to bloomberg, keep coming across our boat -- band width in our platforms. it's been a joy to be before you today. thank you for your participation, we love it. rebecca, nick, thank you very much indeed. ed: let's get back very quickly and check on shares of rivian. we paired much of that incredible gain after the up to $5 million deal of jv formation with volkswagen, giving

volkswagen access to rivian software in tech. that's a two day chart. shares trading at their highest levels since february. of course this stock had a clematis decline since the november 2021 ipo. we will continue to track it. that does it for this edition of bloomberg technology, but this friday we have vivek ramaswamy joining me here following the presidential debates. this is interesting. i have reported that he was an intermediary, a conduit between elon musk re-engaging with former president donald trump. i'm going to ask him about that and ask him about his ambitions for a position in government, should former president trump gain reelection. this was a pretty big show we had today. we went really big on the rivian story and had fantastic guests.

but we also do recap the podcast on the terminal, online, apple, spotify, i heart and the bloomberg platforms. what a week it has been. stay with us, this is "bloomberg technology."

sonali: live from our world headquarters in new york, welcome to "bloomberg crypto." we are just one day away from the u.s. presidential debate between joe biden and donald trump. today we will focus on the increasing role of crypto in the presidential race. tim: in a moment you will hear